Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

(Dollars in thousands)

							Costs
			Initial Cost				Capitalized		Gross Amounts Carried at
Property Type /			to Company				Subsequent to		December 31, 2023							Accumulated		Acquisition
Geographic Location	Encumbrances		Land		Property		Acquisition(1)		Land		Property		Total			Depreciation(3)		Date
Aggregated Properties
Hotel - U.S., Midwest (1 property)	$	—	$	—	$	5,565	$	1,812	$	—	$	7,377	$	7,377		$	(4,732)	Feb-18
Industrial - U.S., South East (1 property)	—		813		—		—		813		—		813			—		Mar-19
Medical office - U.S., Midwest (7 properties)	78,048		2,764		97,797		10,209		2,764		108,006		110,770			(21,885)		Dec-16
Medical office - U.S., North East (7 properties)	191,661		11,283		176,996		249		11,283		177,245		188,528			(37,744)		Dec-16
Medical office - U.S., South East (6 properties)	107,252		7,930		117,678		2,102		7,930		119,780		127,710			(26,506)		Dec-16
Medical office - U.S., South West (8 properties)	125,345		15,921		126,842		4,179		15,921		131,021		146,942			(30,121)		Dec-16
Medical office - U.S., West (6 properties)	97,694		13,415		107,845		3,832		13,415		111,677		125,092			(27,332)		Dec-16
Mixed Use - U.S., West (1 property)	8,667		1,003		14,323		1,472		1,003		15,795		16,798			(3,618)		Feb-16
Multifamily - U.S., West (1 property)	30,503		12,402		48,454		—		12,402		48,454		60,856			(77)		Dec-23
Office - U.S., North East (1 property)	18,255		7,250		10,614		8,807		7,250		19,421		26,671			(7,601)		May-18
Office - U.S., South West (1 property)	87,750		32,867		79,661		—		23,177		59,281		82,458			(7,369)		May-22
Office - U.S., West (2 properties)	116,637		65,363		183,731		8,643		40,045		122,858		162,903			(7,049)		Oct-17 to Dec-22
Residential - U.S., North East (1 property)	—		—		93,547		14,703		—		108,251		108,251			—		Oct-20 to Apr-21
Retail - U.S., Midwest (8 properties)	78,745		27,307		143,251		1,450		27,307		144,701		172,008			(25,928)		Nov-15 to May-23
Retail - U.S., South East (4 properties)	42,200		19,995		59,949		—		19,995		59,949		79,944			(11,076)		Sep-17
Retail - U.S., South West (5 properties)	62,186		33,272		64,461		220		33,272		64,681		97,953			(14,190)		Sep-15 to Sep-17
Retail - U.S., West (2 properties)	33,000		18,633		36,794		—		18,633		36,794		55,427			(7,952)		Sep-17
	$	1,077,943	$	270,218	$	1,367,508	$	57,678	$	235,210	$	1,335,291	$	1,570,501	(2)	$	(233,180)

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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 $1.8 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, 2023, 2022 and 2021 (in thousands):

	2023		2022		2021
Beginning balance, January 1	$	1,659,495	$	1,347,844	$	2,573,296
Additions during the year:
Acquisitions through foreclosure and other transfers	97,585		357,360		28,843
Improvements	22,669		20,931		24,390
Total additions	120,254		378,291		53,233
Deductions during the year:
Costs of real estate sold	(84,309)		(66,578)		(55,945)
Reclassification of multifamily properties (1)	—		—		(1,222,740)
Impairments	(124,902)		—		—
Other	(37)		(62)		—
Total deductions	(209,248)		(66,640)		(1,278,685)
Ending balance, December 31	$	1,570,501	$	1,659,495	$	1,347,844

The following schedule presents activity within accumulated depreciation during the years ended December 31, 2023, 2022 and 2021 (in thousands):

	2023		2022		2021
Beginning balance, January 1	$	209,509	$	181,457	$	302,143
Depreciation expense	40,858		40,006		72,299
Reclassification of multifamily properties (1)	—		—		(186,716)
Disposition/write-offs	(17,187)		(11,954)		(6,269)
Ending balance, December 31	$	233,180	$	209,509	$	181,457

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(1)Refer to Notes 2 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 sheets.