Starwood Real Estate Income Trust Inc (SWDR) is a non-traded real estate investment trust that acquires, owns, and manages a diversified portfolio of income-producing real estate assets across the United States and internationally. The trust generates revenue primarily through rental income from multifamily, industrial, and other property types, supplemented by returns from real estate debt investments. It is externally managed by an affiliate of Starwood Capital Group. As of December 31, 2025, the portfolio included 598 total investment properties, with the multifamily segment alone comprising 271 properties and 63,233 units. The trust reported a net asset value of $8.25 billion as of December 31, 2025, and posted a net loss attributable to stockholders of $691.6 million for the year ended December 31, 2025. Funds from operations attributable to stockholders were $43.8 million for FY2025, down from $171.9 million in FY2024. The trust offers multiple share classes, including Class T, Class S, Class D, and Class I, targeted at individual investors through wealth management channels.

Revenue model

Revenue is generated through rental income from owned properties across multifamily, industrial, hospitality, self-storage, single-family rental, and other real estate segments, plus returns from investments in real estate debt. The trust distributes monthly per-share distributions to stockholders across its four share classes.

Products and services

Multifamily apartment communities (271 properties, 63,233 units as of December 31, 2025), industrial properties, single-family rental units (878 units including consolidated joint ventures), self-storage facilities (Morningstar Self-Storage Joint Venture, 26 properties), hospitality properties including an extended stay portfolio (195 properties, 24,802 keys at 45% ownership interest), medical office, retail, and real estate debt investments including a term loan with a fair value of $915.4 million as of December 31, 2025.

Customers and end markets

End markets include residential renters in multifamily and single-family properties, commercial tenants in industrial and office properties, hotel guests in hospitality assets, and self-storage customers. Multifamily occupancy ranged from 89% to 98% across portfolios as of December 31, 2025. Industrial occupancy ranged from 76% to 100% as of December 31, 2025. The trust targets individual investors, including those in wealth management channels, through its non-traded REIT share structure.

Value-chain role

Non-traded REIT acquiring, owning, and managing real estate assets; externally advised by an affiliate of Starwood Capital Group. The trust relies on the advisor for asset selection, management oversight, and day-to-day operations. Property-level management is handled through operating subsidiaries and joint venture structures.

Geographic exposure

Primarily United States, with properties concentrated in Florida, Texas, North Carolina, Arizona, Colorado, Ohio, Maryland, Utah, Georgia, Virginia, South Carolina, Tennessee, Nevada, and Washington DC area. International exposure exists, evidenced by foreign currency translation adjustments in financial statements, though specific international markets are not detailed in the excerpts.

Source: SEC 10-K, filed 2026-03-20

Industry: Real Estate Investment Trusts