Performance

CWREIT Performance

DATA AS OF AUGUST 31, 2022 UNLESS OTHERWISE NOTED

Class A shares are no longer available for sale in the primary offering. 

Performance Highlights(1)

ITD Average Annualized Return(2),(3)
Annualized Distribution Rate(4)
NAV Per Share
Class I*
30.21%
3.53%
$20.70
Class T*
29.41%
2.68%
$20.70
Class D*
6.59%
3.28%
$20.70
Class A
26.71%
3.53%
$20.70

* Classes I, T and D have been outstanding for less than one year with inception dates of 12/1/21 (I and T) and 5/2/22 (D). Therefore, inception-to-date returns have been de-annualized as recommended in the IPA Practice Guideline 2018.

Distributions are not guaranteed and may be funded from any source, without limitation, including cash flow from operations, asset sales, borrowings, offering proceeds, advance or deferral of fees, expense reimbursements or return of capital.

Total Returns Summary(1),(2)

Inception Date
Monthly
YTD
1 YR
3 YR
ITD(3)
Class I
12/1/21
0.30%
22.64%
N/A
N/A
30.21%
Class T
(No Sales Load)*ᶧ
12/1/21
0.23%
21.68%
N/A
N/A
29.41%
Class T
(With Sales Load)**ᶧ
12/1/21
-3.16%
17.84%
N/A
N/A
25.03%
Class D*ᶧ
5/2/22
0.28%
N/A
N/A
N/A
6.59%
Class A
12/18/18
0.30%
22.64%
66.59%
32.59%
26.71%

ᶧ Classes I, T and D have been outstanding for less than one year with an inception date of 12/1/21 (I and T) and 5/2/22 (D). Therefore, inception-to-date returns have been de-annualized as recommended in the IPA Practice Guideline 2018.

* Monthly and inception-to-date returns are net of ongoing annual distribution fees of 0.85% (T) and 0.25% (D).

** Monthly and inception-to-date returns are net of ongoing annual distribution fees of 0.85% and assume the full upfront Sales Load of 3.5% at initial subscription.

Monthly Total Returns by Share Class(1),(2)

Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
Class I
2022
6.84%
3.48%
3.70%
2.58%
3.04%
0.73%
0.19%
0.30%
22.64%
Class I
2021
2.42%
N/A
Class T*
2022
6.77%
3.41%
3.63%
2.51%
2.97%
0.66%
0.12%
0.23%
21.68%
Class T*
2021
2.34%
N/A
Class D*
2022
3.02%
0.71%
0.17%
0.28%
N/A
Class D*
2021
Class A
2022
6.84%
3.48%
3.70%
2.58%
3.04%
0.73%
0.19%
0.30%
22.64%
Class A
2021
8.91%
9.02%
6.72%
3.12%
20.47%
5.77%
4.01%
2.42%
N/A

* Monthly returns are net of ongoing annual distribution fees of 0.85% (T) and 0.25% (D).

Historical NAV Per Share(1)

Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Class I
2022
$18.41
$18.99
$19.63
$20.08
$20.63
$20.72
$20.70
$20.70
Class I
2021
$16.33
$16.93
$17.28
Class T
2022
$18.41
$18.99
$19.63
$20.08
$20.63
$20.72
$20.70
$20.70
Class T
2021
$16.33
$16.93
$17.28
Class D
2022
$19.63
$20.08
$20.63
$20.72
$20.70
$20.70
Class D
2021
Class A
2022
$18.41
$18.99
$19.63
$20.08
$20.63
$20.72
$20.70
$20.70
Class A
2021
$10.8315(5)
$10.85
$11.79
$12.54
$12.89
$15.48
$16.33
$16.93
$17.28

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

FOOTNOTES:

(1) NAV based calculations involve significant professional judgment. The calculated value of our assets and liabilities may differ from our actual realizable value or future value which would affect the NAV as well as any returns or distribution rate derived from that NAV, and ultimately the value of your investment. As return information and the annualized distribution rate is calculated based on NAV, return information and distribution rate presented will be impacted should the assumptions on which NAV was determined prove to be different. For further information, please refer to the “Net Asset Value Calculation and Valuation Guidelines” in CWREIT’s prospectus, which describe our valuation process and the independent third parties who assist us.

(2) Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to CWREIT’s distribution reinvestment plan during the time periods when distribution reinvestment was available, are derived from unaudited financial information and are net of all CWREIT expenses, including general and administrative expenses, transaction related expenses, management fees, performance participation allocation, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares. Past performance is historical and not a guarantee of future results. Cottonwood paid all organization and offering expenses in connection with the sale of Class A and Class TX shares.  As such, return information is the same for with and without sales load.  The returns have been prepared using unaudited data and valuations of the underlying investments in CWREIT’s portfolio, which are estimates of fair value and form the basis for CWREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. 

(3) Inception to date (“ITD”) returns for CWREIT are annualized consistent with the IPA Practice Guideline 2018. Please see Total Returns Summary for the inception date of each share class. ‘

(4) Reflects the current month’s distribution annualized and divided by the prior month’s NAV, which is inclusive of all fees and expenses. The amount of distributions CWREIT may make is uncertain, is not guaranteed, may be modified at the program’s discretion, and is subject to board approval. CWREIT may pay distributions from sources other than cash flow from operations including, without limitation, the sale of assets, borrowings or offering proceeds (including the return of principal amounts invested). The use of these sources for distributions would decrease the amount of cash CWREIT has available for new investments, repayment of debt, share repurchases and other corporate purposes, and could reduce your overall return and dilute the value of your investment in shares of CWREIT common stock.  For the three months ended March 31, 2022, and the year ended December 31, 2021, CWREIT paid aggregate distributions to common stockholders and limited partnership unitholders of $10.1 million and $20.2 million, including $9.6 million and $20.1 million of distributions paid in cash and $0.5 million and $0.1 million of distributions reinvested through our distribution reinvestment plan, respectively. CWREIT funded its total distributions paid during the three months ended March 31, 2022, which includes net cash distributions and distribution reinvestment by stockholders, with $10.1 million in offering proceeds from its ongoing public offering. CWREIT funded its total distributions paid for the year ended December 31, 2021, which includes net cash distributions and distributions reinvested by stockholders, with $11.0 million prior period cash provided by operating activities, $5.0 million from additional borrowings, and $4.0 million of offering proceeds from its ongoing public offering.

(5) Investments in multifamily operating properties, development properties and real-estate related structured investments are based on information as of April 30, 2021. All other components of NAV are as of May 7, 2021, which is the date CWREIT completed its merger with Cottonwood Residential II, Inc. and Cottonwood Residential O.P., LP.