$SWDS

Starwood Real Estate Income Trust, Inc.

CIK:0001711929|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 397,954,000	$ 394,535,000	$ 790,234,000	$ 794,800,000
Expenses
Property operating	165,147,000	166,879,000	325,266,000	337,984,000
General and administrative	9,634,000	9,027,000	19,873,000	18,681,000
Management fees	20,073,000	22,178,000	40,500,000	44,944,000
Performance participation allocation	0	0	0	0
Depreciation and amortization	177,347,000	173,654,000	354,993,000	346,504,000
Total expenses	372,201,000	371,738,000	740,632,000	748,113,000
Other expense
Loss from unconsolidated real estate ventures	(2,876,000)	(4,525,000)	(5,803,000)	(6,354,000)
Income from investment in real estate debt, net	22,225,000	18,494,000	42,368,000	38,130,000
Net (loss) gain on dispositions of real estate	(958,000)	14,087,000	(1,023,000)	23,777,000
Interest expense	(182,826,000)	(150,891,000)	(355,143,000)	(303,118,000)
Loss on extinguishment of debt	(1,775,000)	0	(4,131,000)	0
Other (expense) income, net	(12,569,000)	(105,292,000)	1,236,000	(192,026,000)
Total other expense	(178,779,000)	(228,127,000)	(322,496,000)	(439,591,000)
Net loss	(153,026,000)	(205,330,000)	(272,894,000)	(392,904,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	937,000	1,204,000	1,848,000	2,283,000
Net loss attributable to non-controlling interests in Operating Partnership	7,853,000	10,229,000	13,956,000	19,544,000
Net loss attributable to stockholders	$ (144,236,000)	$ (193,897,000)	$ (257,090,000)	$ (371,077,000)
Net loss per share of common stock, basic	$ (0.37)	$ (0.49)	$ (0.66)	$ (0.93)
Net loss per share of common stock, diluted	$ (0.37)	$ (0.49)	$ (0.66)	$ (0.93)
Weighted-average shares of common stock outstanding, basic	387,210,745	399,564,483	388,413,005	400,276,392
Weighted-average shares of common stock outstanding, diluted	387,210,745	399,564,483	388,413,005	400,276,392
Comprehensive loss:
Net loss	$ (153,026,000)	$ (205,330,000)	$ (272,894,000)	$ (392,904,000)
Other comprehensive (loss) income item:
Foreign currency translation adjustments	(2,982,000)	47,535,000	(11,684,000)	69,743,000
Other comprehensive (loss) income	(2,982,000)	47,535,000	(11,684,000)	69,743,000
Comprehensive loss	(156,008,000)	(157,795,000)	(284,578,000)	(323,161,000)
Rental revenue
Revenues
Total revenues	390,016,000	386,801,000	775,730,000	780,851,000
Other revenue
Revenues
Total revenues	$ 7,938,000	$ 7,734,000	$ 14,504,000	$ 13,949,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (272,894,000)	$ (392,904,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	40,500,000	44,944,000
Performance participation allocation	0	0
Depreciation and amortization	354,993,000	346,504,000
Amortization of deferred financing costs	12,438,000	17,258,000
Straight-line rent amortization	(2,460,000)	(3,102,000)
Deferred income amortization	(10,859,000)	(10,907,000)
Unrealized (gain) loss on changes in fair value of financial instruments	(24,661,000)	213,922,000
Foreign currency gain	(14,912,000)	(20,769,000)
Loss on extinguishment of debt	4,131,000	0
Amortization of restricted stock grants	420,000	420,000
Net loss (gain) on dispositions of investments in real estate	1,023,000	(23,777,000)
Loss from unconsolidated real estate ventures	5,803,000	6,354,000
Distributions of earnings from unconsolidated real estate ventures	6,796,000	14,441,000
Realized loss (gain) on derivative instruments	36,860,000	(1,445,000)
Other items	(4,141,000)	(2,123,000)
Change in assets and liabilities
Decrease in other assets	13,556,000	23,715,000
Increase (decrease) in due to affiliates	565,000	(3,003,000)
Increase (decrease) in other liabilities	13,094,000	(11,836,000)
Net cash provided by operating activities	160,252,000	197,692,000
Cash flows from investing activities
Proceeds from dispositions of real estate	332,000	1,179,815,000
Capital improvements to real estate	(53,136,000)	(67,894,000)
Return of capital from unconsolidated real estate ventures	0	77,842,000
Proceeds from paydown of principal and settlement of investment in real estate debt	2,385,000	0
Purchase of derivative instruments	(7,126,000)	(6,692,000)
Proceeds from derivative contracts	27,678,000	30,005,000
Net cash (used in) provided by investing activities	(29,867,000)	1,213,076,000
Cash flows from financing activities
Proceeds from issuance of common stock, net	5,875,000	24,689,000
Offering costs paid	(16,655,000)	(17,940,000)
Subscriptions received in advance	0	1,251,000
Repurchases of common stock	(185,480,000)	(202,132,000)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit	2,062,366,000	216,510,000
Repayments of mortgage notes, secured credit facilities and unsecured line of credit	(1,806,435,000)	(1,386,311,000)
Borrowings under secured financings on investment in real estate debt	0	290,332,000
Repayments under secured financings on investment in real estate debt	0	(245,590,000)
Payment of deferred financing costs	(17,793,000)	0
Contributions from non-controlling interests	11,196,000	21,560,000
Distributions to non-controlling interests	(2,351,000)	(4,152,000)
Distributions	(158,543,000)	(169,828,000)
Net cash used in financing activities	(107,820,000)	(1,471,611,000)
Effect of exchange rate changes	538,000	3,346,000
Net change in cash and cash equivalents and restricted cash	23,103,000	(57,497,000)
Cash and cash equivalents and restricted cash, beginning of the year	425,260,000	522,934,000
Cash and cash equivalents and restricted cash, end of the period	448,363,000	465,437,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	207,304,000	240,173,000
Restricted cash	241,059,000	225,264,000
Total cash and cash equivalents and restricted cash	448,363,000	465,437,000
Supplemental disclosure of cash flow information:
Cash paid for interest	370,145,000	405,174,000
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(822,000)	(673,000)
Issuance of Class I shares for payment of management fee	40,730,000	45,270,000
Accrued distributions	28,874,000	40,562,000
Distribution reinvestment	58,316,000	73,926,000
Allocation to redeemable non-controlling interests	15,801,000	16,034,000
Deferred transaction offering costs	3,988,000	0
Accrued capital expenditures	$ 1,086,000	$ 2,945,000

Condensed Consolidated Balance Sheets (Unaudited)
$ in Thousands, $ in Millions

Jun. 30, 2026

USD ($)

Dec. 31, 2025

USD ($)

Assets

Investments in real estate, net

$ 16,605,904

$ 16,929,132

Investment in real estate debt

948,779

915,431

Investments in unconsolidated real estate ventures

281,793

294,392

Cash and cash equivalents

207,304

200,806

Restricted cash

241,059

224,454

Other assets

319,717

353,647

Total assets

18,604,556

18,917,862

Liabilities and Equity

Mortgage notes and secured credit facilities, net

^[1]

12,020,099

11,957,210

Secured financings on investment in real estate debt, net

572,391

550,951

Unsecured line of credit

1,550,000

1,373,000

Other liabilities

436,558

433,156

Subscriptions received in advance

145

Due to affiliates

219,583

235,809

Total liabilities

14,798,631

14,550,271

Commitments and contingencies

Redeemable non-controlling interests

390,121

399,101

Equity

Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025

Additional paid-in capital

8,606,880

8,702,558

Accumulated other comprehensive income (loss)

10,815

22,499

Accumulated deficit and cumulative distributions

(5,294,957)

(4,842,847)

Total stockholders’ equity

3,326,618

3,886,130

Non-controlling interests in consolidated joint ventures

89,186

82,360

Total equity

3,415,804

3,968,490

Total liabilities and equity

18,604,556

18,917,862

Equity

Equity

1,727

1,756

Common Stock Class D

Equity

Common stock value

243

247

Common Stock Class I

Equity

Common stock value

$ 1,865

$ 1,869

[1]	The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.