Starwood Real Estate Income Trust Files 8-K

TL;DR

SREIT filed an 8-K on May 16th for financial updates.

AI Summary

Starwood Real Estate Income Trust, Inc. filed an 8-K on May 16, 2024, reporting on its results of operations and financial condition, and providing a Regulation FD disclosure. The filing does not contain specific financial figures or operational details within the provided text, but indicates a formal report to the SEC.

Why It Matters

This filing serves as a formal notification to the SEC regarding the company's financial status and operational updates, which is crucial for investor transparency.

Risk Assessment

Risk Level: low — The filing is a standard regulatory disclosure and does not inherently present new risks.

Key Players & Entities

• Starwood Real Estate Income Trust, Inc. (company) — Registrant
• May 16, 2024 (date) — Date of earliest event reported
• 000-56046 (other) — Commission File Number
• 82-2023409 (other) — IRS Employer Identification No.
• 2340 Collins Avenue Miami Beach, FL 33139 (address) — Principal executive offices
• 305-695-5500 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $15.0 m — property NOI increased by approximately $15.0 million, or 7%. According to recently ava
• $1.8 billion — day, the Company has sold approximately $1.8 billion of multifamily properties, industrial p
• $335 million — properties, and real estate loans at a $335 million profit 2 and generated a 14% internal r
• $752 million — April 30, 2024, the Company maintained $752 million or approximately 8% of April net asset
• $446 million — V") of immediate liquidity comprised of $446 million of cash, $275 million of an undrawn lin
• $275 million — dity comprised of $446 million of cash, $275 million of an undrawn line of credit and $31 mi
• $31 million — illion of an undrawn line of credit and $31 million of liquid securities. The Company recen

Filing Documents

• d842411d8k.htm (8-K) — 50KB
• 0001193125-24-140744.txt ( ) — 159KB
• ck0001711929-20240516.xsd (EX-101.SCH) — 3KB
• ck0001711929-20240516_lab.xml (EX-101.LAB) — 15KB
• ck0001711929-20240516_pre.xml (EX-101.PRE) — 9KB
• d842411d8k_htm.xml (XML) — 3KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 16, 2024 STARWOOD REAL ESTATE INCOME TRUST, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 000-56046 82-2023409 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 2340 Collins Avenue Miami Beach , FL 33139 (Address of principal executive offices, including zip code) (305) 695-5500 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act Soliciting material pursuant to Rule 14a-12 under the Exchange Act Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Securities registered pursuant to Section 12(b) of the Act: None Title of each class Trading Symbol(s) Name of each exchange on which registered Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item2.02. Results of Operations and Financial Condition. On May 16, 2024, Starwood Real Estate Income Trust, Inc., a Maryland corporation (the "Company"), announced unaudited same property net operating income ("NOI") for the three months ended March 31, 2024. This data is not a comprehensive statement of the Company's financial results for the three months ended March 31, 2024 and 2023. NOI is a supplemental non-GAAP measure of the Company's property operating results that the Company believes is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at the Company's real estate. The Company defines NOI as operating revenues less operating expenses, which excludes (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, net, (v) lease termination fees, (vi) property expenses not core to the operations of such properties, and (vii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fees, (c) performance participation allocation, (d) loss (income) from unconsolidated real estate ventures, (e) income from investments in real estate debt, (f) net (gain) loss on dispositions of real estate, (g) interest expense, and (h) other (income) expense. The Company evaluates its consolidated results of operations on a same property basis, which allows the Company to analyze its property operating results excluding acquisitions and dispositions during the periods under comparison. Properties in the Company's portfolio are considered same property if they were owned for the full periods presented, otherwise they are considered non-same property. Properties held-for-sale are excluded from same property results and are considered non-same property. The Company does not consider its investments in its unconsolidated real estate ventures and investments in real estate-related debt to be same property. As such, same property NOI assists in eliminating disparities in net income due to the acquisition or disposition of properties during the periods presented, and therefore the Company believes it provides a more consistent performance measure for the comparison of the operating performance of its properties, which the Company believes is useful to investors. The Company's same property NOI may not be comparable to that of other REITs and should not be considered to be more relevant or accurate in evaluating its operating performance than the current GAAP methodology used to calculate its net loss. The following table reconciles GAAP net loss to same property NOI for the three months ended March 31, 2024 and March 31, 2023 (unaudited, $ in thousands): For the Three Months Ended March 31, 2024 2023 Net loss $ (86,286 ) $ (325,232 ) Adjustments to reconcile to same property NOI General and administrative 12,492 10,569 Management fees 31,996 42,181 Perform

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