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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Starwood Property Trust, Inc. and Subsidiaries
Schedule III—Real Estate and Accumulated Depreciation
December 31, 2021
(Dollars in thousands)

Costs
Initial CostCapitalizedGross Amounts Carried at
Property Type /
to CompanySubsequent to
December 31, 2021
AccumulatedAcquisition
Geographic Location
EncumbrancesLandPropertyAcquisition(1)LandPropertyTotalDepreciation(3)Date
Aggregated Properties
Hotel - U.S., Midwest (1 property)
$— $—$5,565$1,109$— $6,674$6,674$(3,373)Feb-18
Medical office - U.S., Midwest (7 properties)
78,0482,76497,7971,6972,76499,494102,258(15,882)Dec-16
Medical office - U.S., North East (7 properties)
191,66111,283176,99614711,283177,143188,426(27,119)Dec-16
Medical office - U.S., South East (6 properties)
107,2527,930117,7401,0087,930118,748126,678(19,050)Dec-16
Medical office - U.S., South West (8 properties)
125,34515,921126,8421,28915,921128,131144,052(21,992)Dec-16
Medical office - U.S., West (6 properties)
97,69413,415107,84587813,415108,723122,138(19,763)Dec-16
Mixed Use - U.S., West (1 property)
8,6671,00314,3239551,00315,27816,281(2,592)Feb-16
Multifamily - U.S., South East (1 property)
7,5221,2847,1896291,2847,8189,102(922)Aug-19
Office - U.S., North East (1 property)
18,9587,25010,6148,2967,25018,91026,160(4,286)May-18
Office - U.S., South East (1 property)
24,4334,87916,8622,8084,87919,67224,551(6,976)Oct-16
Office - U.S., West (1 property)
——4,2618,391—12,65212,652(4,170)Oct-17
Retail - U.S., Mid Atlantic (1 property)
18,0006,4326,31513,3086,43219,62326,055(4,518)Mar-16
Retail - U.S., Midwest (7 properties)
79,12424,384109,4451,40324,384110,848135,232(17,490)Nov-15 to Sep-17
Retail - U.S., North East (1 property)
11,39747212,26063247212,89113,363(2,817)Nov-15
Retail - U.S., South East (5 properties)
43,30221,35360,61860221,35361,22082,573(8,069)Sep-16 to Sep-17
Retail - U.S., South West (6 properties)
76,11237,25478,57913337,25478,711115,965(13,289)Oct-14 to Sep-17
Retail - U.S., West (2 properties)
33,00018,63336,794—18,63336,79455,427(5,414)Sep-17
Self-storage - U.S., North East (1 property)
14,5002,20211,4983702,20211,86814,070(2,051)Dec-15
Industrial - U.S., South East (2 properties)
50,0008,99010,2762,8338,99013,10922,099(1,684)Mar-19 to Apr-19
Residential - U.S., North East (1 property)
——104,088——104,088104,088— Oct-20 to Apr-21
$985,015$185,449$1,115,907$46,488$185,449$1,162,395$1,347,844(2)$(181,457)
__________________________________________
Notes to Schedule III:

(1)No material costs subsequent to acquisition were capitalized to land.

(2)The aggregate cost for federal income tax purposes is $1.5 billion.

(3)Depreciation is computed based upon estimated useful lives as described in Note 7 to the Consolidated Financial Statements.
The following schedule presents our real estate activity during the years ended December 31, 2021, 2020 and 2019 (in thousands):

2021
2020
2019
Beginning balance, January 1$2,573,296$2,490,630$2,972,803
Additions during the year:
Acquisitions (1)— —8,472
Acquisitions through foreclosure and other transfers28,843 75,24527,416
Improvements24,390 25,16430,865
Contingent consideration issued—1,5762,877
Total additions53,233 101,985 69,630
Deductions during the year:
Costs of real estate sold(55,945) (19,319)(535,417)
Reclassification of multifamily properties (2)(1,222,740)— — 
Foreign currency translation—— (15,702)
Other— — (684)
Total deductions(1,278,685) (19,319) (551,803)
Ending balance, December 31$1,347,844$2,573,296$2,490,630
__________________________________________
(1)Refer to Note 17 to the Consolidated Financial Statements for a discussion of property acquisitions from related parties.
(2)Refer to Notes 2, 7 and 8 to the Consolidated Financial Statements for a discussion of the reclassification of our multifamily properties upon establishment of the Woodstar Fund which, as an investment company under GAAP, is required to present its investments at fair value on an unconsolidated basis. The net investment in the multifamily properties is now reflected within “Investments of consolidated affordable housing fund, at fair value” in our consolidated balance sheet.

The following schedule presents activity within accumulated depreciation during the years ended December 31, 2021, 2020 and 2019 (in thousands):

2021
2020
2019
Beginning balance, January 1$302,143 $224,190 $187,913 
Depreciation expense72,299 81,610 92,024 
Reclassification of multifamily properties (1)
(186,716)— — 
Disposition/write-offs(6,269)(3,657)(54,260)
Foreign currency translation— — (1,487)
Ending balance, December 31$181,457 $302,143 $224,190 
__________________________________________
(1)Refer to Notes 2, 7 and 8 to the Consolidated Financial Statements for a discussion of the reclassification of our multifamily properties upon establishment of the Woodstar Fund which, as an investment company under GAAP, is required to present its investments at fair value on an unconsolidated basis. The net investment in the multifamily properties is now reflected within “Investments of consolidated affordable housing fund, at fair value” in our consolidated balance sheet.