DJ SWEF: April 2022 NAV
Starwood European Real Estate Finance Ltd (SWEF) SWEF: April 2022 NAV 20-May-2022 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------------------------------------------------------- Starwood European Real Estate Finance Limited (the "Company") (Ticker: "SWEF")
Net Asset Value, 30 April 2022
This announcement contains price sensitive information.
As at the close of business on 30 April 2022 the unaudited net asset value (NAV) of the Company's Ordinary Shares was 102.33p (31 March 2022: 103.13p). The 30 April NAV is stated after the dividend declared (of 1.375 p per share) by the Board on 22 April 2022. The ex-dividend date is 5 May 2022 and the payment date is 27 May 2022. Please refer to the Reconciliation of NAV per share movements below for more information.
Net Asset Value in total
Loans advanced GBP412.6m Financial assets at fair value through profit or loss GBP10.4m Cash and cash equivalents GBP9.6m Borrowing facilities (including accrued interest) (GBP8.5m) Dividend declared but not yet paid (GBP5.6m) Other net assets/(liabilities) (GBP0.1m) Net assets GBP418.4m
Capital amounts drawn as at 30 April 2022 and amounts committed but undrawn as at 30 April 2022 is shown below.
Local Currency Sterling (2)
Amounts drawn GBPm (1) GBP233.5m GBP233.5m
Amounts drawn EURm (1) EUR210.2m GBP176.3m
GBP409.8m
Committed but undrawn Loans GBPm GBP32.3m GBP32.3m
Committed but undrawn Loans EURm EUR7.9m GBP6.6m
GBP38.9m
(1) The balances shown corresponds to cash advanced.
(2) Euro amounts drawn and commitments converted at the month end spot rate.
The difference between amounts drawn in the table above and "Loans advanced" in the first table is accrued income.
Reconciliation of NAV per share movements (calendar year to date):
January 2022 February 2022 March April 2022
2022
NAV at the beginning of period 103.09 102.02 102.77 103.13
Operating Income available to distribute (3) 0.46 0.44 0.46 0.48
Realised FX gains / losses not distributable (4) 0.00 0.00 0.78 0.00
Unrealised FX gains / losses (5) (0.15) 0.31 (0.88) 0.10
Dividends declared (6) (1.38) 0.00 (0.00) (1.38)
NAV at the end of the period 102.02 102.77 103.13 102.33
(3) Operating Income available to distribute comprises loan income recognised in the period less the cost of debt facilities utilised by the Group and operating costs incurred. The Operating Income available to distribute also includes any realised foreign exchange gains or losses upon settlement of hedges, except those described in note 4.
(4) On occasion, the Group may realise a gain or loss on the roll forward of a hedge if it becomes necessary to extend a capital hedge beyond the initial anticipated loan term. If this situation arises the Group will separate the realised FX gain or loss from other realised FX gains or losses and not consider it available to distribute (or as a reduction in distributable profits). The FX gain or loss will only be considered part of distributable reserves when the rolled hedge matures or is settled and the final net gain or loss on the capital hedges can be determined.
(5) Unrealised foreign exchange gain/losses relate to the net impact of changes in the valuation of foreign exchange hedges and the sterling equivalent value of Euro loan investments (using the applicable month end rate). Mis-matches between the hedge valuations and the loan investments may occur depending on the shape of the forward FX curve and this causes some movement in the NAV. These unrealised FX gains / losses are not considered part of distributable reserves.
(6) Dividend declared is the dividend declared by the Board during the period.
All figures herein are published based on current information, estimates and judgements. Enquiries:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
T: +44 203 5303 630
E: starwood@apexfs.com
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ISIN: GG00B79WC100 Category Code: NAV TIDM: SWEF LEI Code: 5493004YMVUQ9Z7JGZ50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 162963 EQS News ID: 1357153 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
May 20, 2022 02:00 ET (06:00 GMT)
