Starwood Real Estate Income Trust, Inc. Consolidated Statements of Cash Flows (in thousands)
For the Year Ended December 31,
2024
2023
2022
Cash flows from operating activities Net loss
$
(724,208) $
(675,518) $
(65,927)
Adjustments to reconcile net loss to net cash provided by operating activities Management fees
105,356
153,411
167,100 102,348 848,943 37,573 (12,098) (13,295) — (505,658)
Performance participation allocation Impairment of investments in real estate Depreciation and amortization Amortization of deferred financing costs
—
—
150,392 742,220 22,252 (10,213) (22,572) 153,827 41,062
188,804 811,788 35,111 (13,181) (19,796) 349,941 (14,786) (289,818) 4,445 49,181 11,624 14,132 (71,584) 93 840
Straight-line rent amortization Deferred income amortization
Unrealized loss (gain) on changes in fair value of financial instruments
Foreign currency (gain) loss Loss on extinguishment of debt Amortization of restricted stock grants
49,536
—
313 894
840
Net gain on dispositions of investments in real estate Realized loss on sale of investments in real estate debt Realized loss on sale of real estate-related equity securities Loss from unconsolidated real estate ventures Distributions of earnings from unconsolidated real estate ventures
(87,108)
—
7,563
13,162 22,021 (12,189) 11,161
—
13,435 21,819 (26,947) 26,022 (1,994) 17,445 429,191
Other items
4,136
Change in assets and liabilities Decrease (increase) in other assets (Increase) decrease in due to affiliates
8,707 3,340 9,833
(105,356)
715
Increase in other liabilities
51,532 594,911
Net cash provided by operating activities
556,567
Cash flows from investing activities Acquisitions of real estate Proceeds from dispositions of real estate Capital improvements to real estate
—
—
(5,126,079)
443,158 (185,536)
2,179,605 (180,182)
—
(143,326) (470,181) (1,091,605) (85,653)
Contributions to investments in unconsolidated real estate ventures Origination and purchase of investments in real estate debt Purchase of real estate-related debt and equity securities
(113)
(126)
— —
— —
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities
641,299 (19,392) 35,121 914,537 100,127 (42,143)
180,195 (18,628) 70,856
372,974
Purchase of derivative instruments Proceeds from derivative contracts
—
57,176
Net cash provided by (used in) investing activities Cash flows from financing activities Proceeds from issuance of common stock, net
2,231,720
(6,486,694)
305,275 (54,404) 13,225
4,762,264 (75,639) (1,347,308) 4,017,869 (1,638,583) 40,221 644,128 (128,380) (64,252) 14,899 (2,291) (311,909) 5,911,019 —
Offering costs paid
Subscriptions received in advance Repurchases of common stock
1,113
(1,065,841) 1,257,514 (1,053,477)
(2,611,115) 2,371,482 (2,841,975)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit Repayments of mortgage notes, secured credit facilities and unsecured line of credit Repayments under secured financings on investments in real estate debt, short term, net Borrowings under secured financings on investments in real estate debt Repayments under secured financings on investments in real estate debt
— —
(5,469)
— —
(243,384) (17,752) 26,567 (2,310) (325,448) (1,365,034)
Payment of deferred financing costs Contributions from non-controlling interests Distributions to non-controlling interests
(1,688)
510
(13,572) (356,180) (3,193,911) (10,350) (415,974) 956,609
Distributions
Net cash (used in) provided by financing activities
Effect of exchange rate changes
3,605
(3,182) 16,054 940,555 956,609
Net change in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash, beginning of the year Cash and cash equivalents and restricted cash, end of the year Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: Cash and cash equivalents
(17,701) 540,635
$
522,934 $
540,635 $
$
281,512 $
294,984 $
643,516 313,093 956,609
Restricted cash
241,422
245,651
Total cash and cash equivalents and restricted cash
$
522,934 $
540,635 $
Supplemental disclosure of cash flow information: Cash paid for interest Non-cash investing and financing activities: Accrued stockholder servicing fees due to affiliate
$
965,385 $
913,268 $
442,971
$ $ $ $ $
(114) $
(62,323) $
171,464 267,030 190,459 162,190
Assumption of mortgage notes in conjunction with acquisitions of real estate Issuance of Operating Partnership units as consideration for acquisitions of real estate
— $ — $
— $ — $
Issuance of Class I shares for payment of management fee Exchange of redeemable non-controlling interest for Class I shares
108,503 $
157,094 $
1,144 $
— $
—
Redeemable non-controlling interest issued as settlement for performance participation allocation $
— $
102,348 $ 43,044 $ 207,385 $ 14,840 $
204,225 49,306 221,093 21,698 14,802
Accrued distributions Distribution reinvestment
$ $ $ $
40,612 $ 171,078 $ 37,157 $ 1,616 $
Allocation to redeemable non-controlling interests
Accrued capital expenditures
6,045 $
See accompanying notes to consolidated financial statements.
115
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