Starwood Real Estate Income Trust, Inc. Notes to Consolidated Financial Statements
3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands):
December 31, 2024
December 31, 2023
Building and building improvements Land and land improvements Furniture, fixtures and equipment Right-of-use asset - operating lease (1)
$ 16,614,464 $ 17,612,162
2,965,720 272,521 105,230 19,957,935 (2,127,681)
3,144,932 304,650 105,230 21,166,974 (1,586,616)
Total
Accumulated depreciation and amortization
Investments in real estate, net
$ 17,830,254 $ 19,580,358
(1) Refer to Note 14 for additional details on the Company’s leases. Asset Acquisitions The Company did not acquire any investments in real estate during the years ended December 31, 2024, 2023 and 2022. Asset Dispositions During the year ended December 31, 2024, the Company sold an aggregate of $0.3 billion of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $0.2 billion. During the year ended December 31, 2024, the Company recorded $87.1 million of net gains from the disposition of seven industrial properties, two hospitality properties, one net lease property, and 83 single-family rental units. During the year ended December 31, 2023, the Company sold an aggregate of $1.9 billion of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $775.9 million. During the year ended December 31, 2023, the Company recorded $289.8 million of net gains from the disposition of 10 multifamily properties, 33 industrial properties, three hospitality properties, 2,199 single-family rental units, and one net-lease property. During the year ended December 31, 2022, there were no dispositions of investments in real estate.
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