Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q1 2025
Starwood Real Estate Income Trust (SWDR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Starwood Real Estate Income Trust (SWDR) reported revenue of $400M for the first quarter 2025 (Q1 2025), -6% from a year earlier and -4% from the quarter before. Operating margin was 61.7%, net loss $188M (46.9% of revenue).
Starwood Real Estate Income Trust, Q1 2025: revenue $400M (-6% year over year), operating margin 61.7%, net loss $188M, operating cash flow $85.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $400M | -4% | -6% |
| Operating profit | $247M | -7% | — |
| Net earnings | −$188M | — | — |
| Operating cash flow | $85.2M | +11% | -28% |
| Free cash flow | $53.3M | +204% | -38% |
What changed
Revenue was $400.3M in Q1 2025, down 6% year over year and down 4% from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue lost $19.0M year over year (down 5%), 80% of the total change.
Operating profit was $247.0M, a 61.7% margin (down 4.5 points year over year). Total costs grew 7% against a revenue fall of 6%. The quarter ended with a net loss of $187.6M, wider than the previous quarter's $148.6M loss. Minority interests bore $10.4M of it: to shareholders the quarter was a loss of $177.2M. Net interest and other expense of $434.9M was the main reason.
Operating cash flow was $85.2M (down 28% year over year). Non-cash charges added back $172.8M of depreciation and amortization. Working capital and other items added $100.0M. Capital expenditures of $31.9M left free cash flow of $53.3M.
Questions
What was Starwood Real Estate Income Trust's revenue in the first quarter 2025?
Starwood Real Estate Income Trust (SWDR) reported revenue of $400M for the first quarter 2025 (Q1 2025), -6% from a year earlier and -4% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the first quarter 2025?
Operating profit was $247M (61.7% of revenue) and net loss $188M.
Source: Starwood Real Estate Income Trust 10-Q on SEC EDGAR.