Starwood Real Estate Income Trust, Inc. Files 2023 Annual Report on Form 10-K

AI Summary

Starwood Real Estate Income Trust, Inc. (SWDR) filed a Annual Report (10-K) with the SEC on March 21, 2024. Starwood Real Estate Income Trust, Inc. (SWDR) filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company is incorporated in Maryland and operates under the Real Estate Investment Trusts industry. Its principal business address is located at 2340 Collins Avenue, Miami Beach, FL 33139. The filing was submitted on March 21, 2024.

Why It Matters

For investors and stakeholders tracking Starwood Real Estate Income Trust, Inc., this filing contains several important signals. This 10-K filing provides investors with crucial, audited financial data for the fiscal year 2023, enabling informed investment decisions. As a REIT, the company's performance is closely tied to real estate market conditions, making this annual report essential for understanding its portfolio health and future outlook.

Risk Assessment

Risk Level: — Starwood Real Estate Income Trust, Inc. shows moderate risk based on this filing. The filing is a standard 10-K for a REIT, which inherently carries market and operational risks associated with real estate investments. Specific financial figures and risk factors will determine the precise risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess the company's performance and potential risks for the upcoming fiscal year.

Key Players & Entities

• Starwood Real Estate Income Trust, Inc. (company) — Filer
• SWDR (company) — Ticker Symbol
• 20231231 (date) — Fiscal Year End
• 20240321 (date) — Filing Date
• 6798 (industry_code) — Standard Industrial Classification
• MD (state) — State of Incorporation
• 2340 Collins Avenue, Miami Beach, FL 33139 (address) — Business Address

FAQ

Industry Context

As a Real Estate Investment Trust (REIT), the company's operations and financial health are intrinsically linked to the performance of the real estate market, including property values, rental income, and interest rates.

Regulatory Implications

The filing adheres to SEC regulations for public companies, specifically the requirements for annual reports (Form 10-K) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full analysis of changes.

Key Financial Figures

• $0.01 — e of Each Class Class T Common Stock, $0.01 par value per share Class S Common St
• $5.0 billion — ed our initial public offering of up to $5.0 billion in shares of common stock. On June 2, 2
• $10.0 billion — ed a follow-on public offering of up to $10.0 billion in shares of common stock. On August 10
• $18.0 billion — nced our third public offering of up to $18.0 billion in shares of common stock, consisting o
• $16.0 billion — es of common stock, consisting of up to $16.0 billion in shares in our primary offering and u
• $2.0 billion — hares in our primary offering and up to $2.0 billion in shares pursuant to our distribution
• $13.9 billion — , 2024, we had received net proceeds of $13.9 billion from the sale of our common stock throu
• $1.0 billion — a maximum aggregate offering amount of $1.0 billion of beneficial interests (the "DST Inter
• $115 billion — te investment firms, with approximately $115 billion in assets under management as of Decemb

Filing Documents

• ck0001711929-20231231.htm (10-K) — 10452KB
• ck0001711929-ex4_2.htm (EX-4.2) — 100KB
• ck0001711929-ex21_1.htm (EX-21.1) — 686KB
• ck0001711929-ex31_1.htm (EX-31.1) — 12KB
• ck0001711929-ex31_2.htm (EX-31.2) — 13KB
• ck0001711929-ex32_1.htm (EX-32.1) — 7KB
• ck0001711929-ex32_2.htm (EX-32.2) — 7KB
• img83645681_0.jpg (GRAPHIC) — 21KB
• img84569202_0.jpg (GRAPHIC) — 21KB
• img92363577_0.jpg (GRAPHIC) — 70KB
• img92363577_1.jpg (GRAPHIC) — 19KB
• img92363577_2.jpg (GRAPHIC) — 18KB
• img92363577_3.jpg (GRAPHIC) — 18KB
• img92363577_4.jpg (GRAPHIC) — 14KB
• img165842994_0.jpg (GRAPHIC) — 62KB
• img166766515_0.jpg (GRAPHIC) — 62KB
• 0000950170-24-034645.txt ( ) — 39361KB
• ck0001711929-20231231.xsd (EX-101.SCH) — 3274KB
• ck0001711929-20231231_htm.xml (XML) — 10117KB

BUSINESS

BUSINESS 6 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 60 ITEM 1C. CYBERSECURITY 60 ITEM 2.

PROPERTIES

PROPERTIES 61 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 61 ITEM 4. MINE SAFETY DISCLOSURES 61 PART II . ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 62 ITEM 6. RESERVED 71 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 72 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 85 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 86 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 86 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 86 ITEM 9B. OTHER INFORMATION 87 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 87 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 88 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 92 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 94 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 95 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 102 PART IV. ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 104 ITEM 16. FORM 10-K SUMMARY 105

SIGNATURES

SIGNATURES 106 2 PART I. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements about our business, including, in particular, statements about our plans, strategies and objectives. Forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. Except as otherwise required by federal securities laws, we do n

B USINESS

ITEM 1. B USINESS References herein to "Starwood Real Estate Income Trust," "Company," "we," "us," or "our" refer to Starwood Real Estate Income Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. General Description of Business and Operations We were formed on June 22, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2019. We are organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. Our portfolio is principally comprised of properties located in the United States and is diversified on a global basis through investments in properties outside of the United States, with a focus on Europe. To a lesser extent, we also invest in real estate debt, including loans secured by real estate and real estate-related securities. We are the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). Starwood REIT Special Limited Partner, L.L.C. (the "Special Limited Partner"), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the "Sponsor"), owns a special limited partner interest in the Operating Partnership. Substantially all of our business is conducted through the Operating Partnership. We and the Operating Partnership are externally managed by the Advisor, an affiliate of the Sponsor. Our board of directors has at all times had oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure with respect to the Operating Partnership. Pursuant to an advisory agreement among the Advisor, the Operating Partnership and us (the "Advisory Agreement"), we have delegated to the Advisor the authority to source, evaluate and monitor our investment opportunitie

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View this 10-K filing on SEC EDGAR