Wed, Aug 14, 9:34 PM (153 days ago)
Starwood Real Estate Income Trust, Inc. reported a net loss of $145.7 million for Q2 2024, a significant increase compared to a loss of $32.2 million in Q2 2023. Total revenues decreased to $421.8 million from $451.6 million year-over-year, primarily due to asset sales impacting rental income. Rental revenues fell to $412.5 million, while other revenues dropped sharply by $6 million. Total expenses decreased by 27% to $406.3 million, largely due to a reduction in property operating costs and no impairment charges recognized in Q2 2024, contrasting with $105.3 million in Q2 2023. The company maintained a strong liquidity position with $0.6 billion available, including a new $150 million revolving credit facility. Cash flows from operating activities totaled $206.5 million, down from $261 million in the prior year. The share repurchase plan was amended to limit repurchases to 0.33% of NAV monthly and 1% quarterly. The company emphasized its focus on multifamily and industrial properties, which are performing well, and plans to navigate market uncertainties while enhancing its portfolio.