Starwood Real Estate Income Trust Inc.
11/12/2026 | Press release | Distributed by Public on 11/12/2026 11:22
Quarterly Report for Quarter Ending SEPTEMBER 30, 2026 (Form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References herein to "Starwood Real Estate Income Trust, Inc.," "Company," "we," "us," or "our" refer to Starwood Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on March 20, 2026 and elsewhere in this Quarterly Report on Form 10-Q. We do not undertake to revise or update any forward-looking statements.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements about our business, including, in particular, statements about our plans, strategies and objectives. Forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds for repurchases, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control.
Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
You should carefully review Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
We were formed on June 22, 2017 as a Maryland corporation to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. Our portfolio is principally comprised of properties located in the United States and is diversified on a global basis through investments in properties outside of the United States, with a focus on Europe. To a lesser extent, we also invest in real estate debt, including loans secured by real estate and real estate-related securities. We are an externally advised, perpetual-life REIT. We own all or substantially all of our assets through the Operating Partnership, of which we are the sole general partner. We and the Operating Partnership are externally managed by the Advisor.
Our board of directors has at all times oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to an advisory agreement among the Advisor, the Operating Partnership and us (the "Advisory Agreement"), we have delegated to the Advisor the authority to source, evaluate and monitor our investment opportunities and make decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our board of directors.
We have elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income (determined without regard to our net capital gain and dividends-paid deduction) to stockholders and maintain our qualification as a REIT.
Public Offerings
On December 27, 2017, we commenced our initial public offering of up to $5.0 billion in shares of our common stock. On June 2, 2021, our initial public offering terminated and we commenced our follow-on public offering of up to $10.0 billion in shares of common stock. On August 10, 2022, the follow-on public offering terminated and we commenced our third public offering of up to $18.0 billion in shares of common stock.
On February 4, 2026, our third public offering terminated, and we commenced our fourth public offering of up to $10.0 billion in shares of common stock, consisting of up to $9.5 billion in shares in our primary offering and up to $0.5 billion in shares pursuant to our distribution reinvestment plan. We intend to continue selling shares in our fourth public offering on a monthly basis.
As of November 12, 2026, we had received net proceeds of $14.3 billion from the sale of our common stock through our public offerings. We have contributed the net proceeds from our public offerings to the Operating Partnership in exchange for a corresponding number of Class T, Class S, Class D and Class I units. The Operating Partnership has primarily used the net proceeds to make investments in real estate and real estate debt as further described below under "Portfolio."
DST Program
In April 2024, we, through the Operating Partnership, commenced the DST Program to issue and sell up to a maximum aggregate offering amount of $1.0 billion of DST Interests in specific DSTs holding one or more DST Properties. These DST Interests will be issued and sold to "accredited investors," as that term is defined under Regulation D promulgated by the SEC under the Securities Act, in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act (the "DST Offerings").
Under the DST Program, each DST Property may be sourced from our real properties or from third parties, which will be held in a DST and are leased-back to a wholly owned subsidiary of the Operating Partnership on a long-term basis through January 2, 2031, unless sooner terminated pursuant to master lease agreements. Each master lease agreement will be guaranteed by the Operating Partnership, which will retain a fair market value option (the "FMV Option"), giving it the right, but not the obligation, to acquire the DST Interests in the applicable DST from the investors in exchange for Operating Partnership units or cash, at the Operating Partnership's discretion. Such FMV Option shall be exercisable any time after two years from the closing of the applicable DST Offering. The Operating Partnership, in its sole and absolute discretion, may assign its rights in the FMV Option to a subsidiary, an affiliate, a successor entity to the Operating Partnership or the acquiror of a majority of the Operating Partnership's assets. After a one-year holding period, investors who acquire Operating Partnership units pursuant to the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their Operating Partnership units for, at our sole discretion, shares of our common stock, cash, or a combination of both.
We expect that the DST Program will give us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking like-kind replacement properties to complete tax-deferred exchange transactions under Section 1031 of the Code. Affiliates of the Advisor are expected to receive fees in connection with the sale of the DST Interests and the management of the DSTs. We intend to use the net offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, reduce our borrowings, repay indebtedness, fund the repurchase of shares of all classes of our common stock under our share repurchase plan and for other corporate purposes.
As of September 30, 2026, we have raised approximately $66.2 million in gross offering proceeds through the DST Program.
Investment Objectives
Our investment objectives are to invest in assets that will enable us to:
•
provide current income in the form of regular, stable cash distributions to achieve an attractive distribution yield;
•
preserve and protect invested capital;
•
realize appreciation in NAV from proactive investment management and asset management; and
•
provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate with lower volatility than publicly traded real estate companies.
We cannot assure you that we will achieve our investment objectives. See Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
Recent Developments
Portfolio Update
During the third quarter of 2026, we continued implementing our action plan to strengthen our financial position, improve liquidity and position the portfolio for long-term performance. While higher interest rates are creating additional challenges for real estate valuations and financing costs, we made progress in reducing leverage, extending debt maturities and advancing initiatives to improve property-level cash flow.
On August 3, 2026, we closed on our $1.02 billion strategic partnership with Apollo Global Management, pursuant to which Apollo acquired a 41.5% non-controlling interest in a newly formed joint venture that indirectly owns approximately 120 of our affordable housing properties. We retained a 58.5% ownership interest, full operational control of the properties and a call option to repurchase Apollo's interest between the fifth and 10th anniversary of the closing date, subject to the terms of the transaction. The transaction was completed at the current net asset value of the contributed portfolio. We used the proceeds to repay a significant portion of our corporate lines of credit, replacing borrowing with long-term equity capital and reducing near-term interest expense. Our leverage declined from 58% as of June 30, 2026 to 54% as of September 30, 2026.
We also completed a five-year extension of our corporate lines of credit and approximately $1.3 billion of property-level mortgage refinancings during the quarter. We have now substantially addressed the maturity wave of 2026 and 2027, with approximately $7.4 billion of refinancings completed since early last year (excluding the corporate lines of credit), which has reduced refinancing risk and enhanced our financial flexibility.
During the quarter, our NAV per share declined 1.8%. A modest decline in property values, primarily within our market-rate multifamily portfolio, contributed to the results. However, the larger drivers of negative performance were lower property cash flow, higher interest expense due to the movement in rates, and costs associated with refinancing property debt and the revolver. These refinancings incurred costs during the quarter but extended our debt maturities and reduced refinancing risk. Including distributions, the total return for Class I shares was (0.6)% for the quarter and (0.2)% for the nine months ended September 30, 2026.
Operationally, occupancy remained strong at 93% across the portfolio, and we saw improvement in several key leasing indicators. Our affordable housing portfolio continued to benefit from sustained demand and rents below alternative housing options. We also began implementing the 2026 maximum allowable rents and continued initiatives to reduce bad debt and improve economic occupancy. These initiatives are expected to deliver benefits gradually, with the full impact anticipated to take 12 months or longer to realize.
In our market-rate multifamily portfolio, combined new and renewal lease trade-outs increased to 0.9%, compared with 0.2% in the second quarter and (0.9)% in the first quarter. Although new-lease trade-outs remained negative, the improvement in combined leasing results extended across more of our markets. We believe declining new supply and continued demand for rental housing support the prospect of further improvement, although the timing and pace of rent growth remain uncertain.
Our industrial portfolio also made progress, with several significant leases increasing occupancy from 90% to 94%. Across our U.S. industrial portfolio, new and renewal leases signed through September 30, 2026 achieved a 38% releasing spread. In-place rents remained approximately 12% below market rents, providing an opportunity for additional income growth as leases expire.
We remain focused on improving property cash flow through stronger resident credit underwriting, reduced turnover, lower insurance and other operating costs, and investments in technology. We continue to closely monitor the interest rate environment and its implications for the portfolio. While challenges remain, we believe our balance sheet progress, improving leasing trends and ongoing operating initiatives better position the portfolio for the long term.
Our share repurchase program remains suspended to preserve liquidity and protect the long-term value of the portfolio for all stockholders. We intend to reinstate the program when we believe it can be done in a sustainable manner and in the best interests of all stockholders.
Q3 2026 Highlights
Operating Results:
•
Declared monthly net distributions totaling $86.8 million for the three months ended September 30, 2026. The details of the average annualized distribution rates and total returns are shown in the following table:
|
Class T |
Class S |
Class D |
Class I |
|
|
Shares |
Shares |
Shares |
Shares |
|
|
Average Annualized Distribution Rate |
3.9% |
3.9% |
4.6% |
4.8% |
|
Annualized Year-to-Date Total Return, without upfront selling commissions and dealer manager fees |
(1.1%) |
(1.1%) |
(0.5%) |
(0.2%) |
|
Annualized Inception-to-Date Total Return, without upfront selling commissions and dealer manager fees |
4.1% |
4.1% |
4.5% |
4.9% |
|
Annualized Inception-to-Date Total Return, assuming full upfront selling commissions and dealer manager fees |
3.7% |
3.6% |
4.3% |
N/A |
Financing Activity:
•
Closed on a $1.02 billion investment by Apollo in the Affordable Housing Portfolio Joint Venture and used the proceeds to repay approximately $876.0 million of borrowings under our lines of credit and retire our senior secured revolving credit facility. Extended approximately $1.35 billion of line of credit commitments on a secured basis through August 2031, including a one-year extension option at our discretion.
•
Refinanced and closed an aggregate of $1.2 billion in property-level financing.
Portfolio
Summary of Portfolio
The following chart outlines the percentage of our assets across investments in real estate and our investment in a real estate loan based on fair value as of September 30, 2026:
The following charts further describe the composition of our investments in real estate and our investment in a real estate loan based on fair value as of September 30, 2026:
(1)
Investments in real estate includes our direct property investments and our unconsolidated investments. Our investment in a real estate loan includes our term loan.
(2)
Includes our direct property investments, our unconsolidated investments and our investment in a term loan.
(3)
Geography weighting includes our term loan. Geography weighting is measured as the asset value of real estate properties, unconsolidated real estate ventures, and our investment in a real estate loan for each geographical category against the total value of all (i) real estate properties, (ii) unconsolidated real estate ventures, and (iii) our investment in a real estate loan.
Investments in Real Estate
The following table provides a summary of our portfolio as of September 30, 2026 ($ in thousands):
|
Segment |
Number of |
Sq. Feet |
Occupancy |
Gross Asset Value (2) |
Segment |
Percentage of |
||||||||||
|
Multifamily |
63,233 units |
95% |
$ |
15,361,900 |
$ |
888,215 |
75% |
|||||||||
|
Industrial |
15.79 sq. ft. |
90% |
2,700,094 |
118,838 |
10% |
|||||||||||
|
Office |
3.90 sq. ft. |
91% |
1,525,519 |
123,375 |
10% |
|||||||||||
|
Other Properties(3)(4) |
N/A (5) |
N/A |
933,000 |
56,317 |
5% |
|||||||||||
|
Total |
$ |
20,520,513 |
$ |
1,186,745 |
100% |
|||||||||||
(1)
The occupancy rate for our multifamily investments is defined as the number of leased units divided by the total unit count as of September 30, 2026. The occupancy rate for our industrial and office investments is defined as all leased square footage divided by the total available square footage as of September 30, 2026.
(2)
Based on fair value as of September 30, 2026.
(3)
Includes a 100% interest in a subsidiary with 19 single-family rental units and a 95% interest in a consolidated joint venture with 858 single-family rental units. These are excluded from the number of consolidated properties count.
(4)
Excludes our investments in unconsolidated real estate ventures.
(5)
Includes approximately 2.3 million sq. ft. across our self-storage, medical office and retail properties, 150 keys at our consolidated hospitality property and 877 single-family rental units.
Average Effective Annual Base Rents
The following table provides a summary of the average effective annual base rents across our portfolio as of September 30, 2026:
|
Property Type |
Average Effective Annual |
||||
|
Multifamily(1) |
$ |
18,325 |
|||
|
Industrial(2) |
$ |
8.71 |
|||
|
Office(2) |
$ |
33.81 |
|||
(1)
For multifamily properties, average effective annual base rent per leased unit represents the annualized base rent for the nine months ended September 30, 2026. The average effective annual base rent includes the effects of rent concessions and abatements and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.
(2)
For industrial and office properties, average effective annual base rent represents the annualized base rent per leased square foot for the nine months ended September 30, 2026. The average effective annual base rent includes the effects of rent concessions and abatements and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.
The following table provides information regarding our portfolio of real estate properties as of September 30, 2026:
|
Segment and Investment |
Number of |
Location |
Acquisition |
Ownership |
Sq. Feet |
Occupancy(2) |
||||||||
|
Multifamily: |
||||||||||||||
|
Florida Affordable Multifamily Portfolio(3) |
Jacksonville/Naples, FL |
January 2019 |
59% |
1,150 |
94% |
|||||||||
|
Phoenix Property |
Mesa, AZ |
January 2019 |
100% |
256 |
95% |
|||||||||
|
Columbus Multifamily |
Columbus, OH |
October 2019 |
96% |
516 |
94% |
|||||||||
|
Cascades Apartments(4) |
Charlotte, NC |
October 2019 |
45% |
570 |
94% |
|||||||||
|
Exchange on Erwin |
Durham, NC |
November 2019 |
100% |
265 |
97% |
|||||||||
|
Avida Apartments |
Salt Lake City, UT |
December 2019 |
100% |
400 |
93% |
|||||||||
|
Southeast Affordable Housing Portfolio(3) |
Various |
Various 2020 |
59% |
4,384 |
93% |
|||||||||
|
Florida Affordable Housing Portfolio II(3) |
Jacksonville, FL |
October 2020 |
59% |
958 |
94% |
|||||||||
|
Mid-Atlantic Affordable Housing Portfolio(3) |
Various |
October 2020 |
59% |
3,660 |
96% |
|||||||||
|
Kalina Way(4) |
Salt Lake City, UT |
December 2020 |
45% |
264 |
95% |
|||||||||
|
Southeast Affordable Housing Portfolio II(3) |
DC, FL, GA, MD, SC, VA |
May 2021 |
59% |
1,642 |
96% |
|||||||||
|
Azalea Multifamily Portfolio |
TX, FL, NC, MD, TN, GA |
June/July 2021 |
100% |
4,548 |
95% |
|||||||||
|
Keystone Castle Hills |
Dallas, TX |
July 2021 |
100% |
690 |
95% |
|||||||||
|
Greater Boston Affordable Portfolio |
Boston, MA |
August/September 2021 |
98% |
842 |
95% |
|||||||||
|
Columbus Preferred Portfolio |
Columbus, OH |
September 2021 |
96% |
400 |
97% |
|||||||||
|
The Palmer Dadeland |
Dadeland, FL |
September 2021 |
100% |
844 |
96% |
|||||||||
|
Seven Springs Apartments |
Burlington, MA |
September 2021 |
100% |
331 |
95% |
|||||||||
|
Maison's Landing |
Taylorsville, UT |
September 2021 |
100% |
492 |
95% |
|||||||||
|
Sawyer Flats |
Gaithersburg, MD |
October 2021 |
100% |
648 |
97% |
|||||||||
|
Raleigh Multifamily Portfolio |
Raleigh, NC |
November 2021 |
95% |
2,291 |
95% |
|||||||||
|
SEG Multifamily Portfolio |
Various |
November 2021 |
100% |
14,066 |
94% |
|||||||||
|
South Florida Multifamily Portfolio |
Various |
November 2021 |
95% |
1,150 |
96% |
|||||||||
|
Florida Affordable Housing Portfolio III(3) |
Various |
November 2021 |
59% |
2,660 |
95% |
|||||||||
|
Central Park Portfolio |
Denver, CO |
December 2021 |
100% |
1,444 |
94% |
|||||||||
|
National Affordable Housing Portfolio(3) |
Various |
December 2021 |
59% |
3,264 |
94% |
|||||||||
|
Phoenix Affordable Housing Portfolio(3) |
Phoenix, AZ |
April/May 2022 |
59% |
1,462 |
92% |
|||||||||
|
Mid-Atlantic Affordable Housing Portfolio II(3) |
DC, GA |
April 2022 |
59% |
1,449 |
93% |
|||||||||
|
Texas and North Carolina Multifamily Portfolio |
TX, NC |
April/June 2022 |
95% |
1,601 |
93% |
|||||||||
|
Summit Multifamily Portfolio |
Various |
May/June 2022 |
100% |
8,612 |
94% |
|||||||||
|
Florida Affordable Housing Portfolio IV(5) |
Various, FL |
June/July 2022 |
100% |
2,054 |
93% |
|||||||||
|
Blue Multifamily Portfolio |
San Antonio, TX |
August 2022 |
100% |
320 |
92% |
|||||||||
|
Total Multifamily |
63,233 |
|||||||||||||
|
Industrial: |
||||||||||||||
|
Airport Logistics Park |
Nashville, TN |
September 2020 |
100% |
0.40 |
100% |
|||||||||
|
Marshfield Industrial Portfolio |
Baltimore, MD |
October 2020 |
100% |
1.33 |
76% |
|||||||||
|
Denver/Boulder Industrial Portfolio |
Denver, CO |
April 2021 |
100% |
1.68 |
100% |
|||||||||
|
Reno Logistics Portfolio |
Reno, NV |
May 2021 |
100% |
3.04 |
85% |
|||||||||
|
Northern Italy Industrial Portfolio |
Northern Italy |
August 2021 |
100% |
0.75 |
100% |
|||||||||
|
Southwest Light Industrial Portfolio |
AZ, NV |
September 2021 |
100% |
2.48 |
92% |
|||||||||
|
Norway Logistics Portfolio |
Oslo, Norway |
February 2022 |
100% |
0.38 |
100% |
|||||||||
|
Verona Oppeano |
Verona, Italy |
June 2022 |
100% |
2.64 |
94% |
|||||||||
|
Denmark Logistics Portfolio |
Eastern Denmark |
June 2022 |
100% |
1.97 |
100% |
|||||||||
|
Belgioioso Logistics |
Greater Milan, Italy |
August 2022 |
100% |
1.12 |
100% |
|||||||||
|
Total Industrial |
15.79 |
|||||||||||||
|
Office: |
||||||||||||||
|
Florida Office Portfolio |
Jacksonville, FL |
May 2019 |
97% |
1.27 |
83% |
|||||||||
|
Columbus Office Portfolio |
Columbus, OH |
October 2019 |
96% |
0.32 |
63% |
|||||||||
|
Nashville Office |
Nashville, TN |
February 2020 |
100% |
0.36 |
93% |
|||||||||
|
60 State Street |
Boston, MA |
March 2020 |
100% |
0.91 |
90% |
|||||||||
|
Stonebridge |
Atlanta, GA |
February 2021 |
100% |
0.46 |
95% |
|||||||||
|
M Campus |
Paris, France |
December 2021 |
100% |
0.24 |
100% |
|||||||||
|
Barcelona Mediacomplex |
Barcelona, Spain |
June 2022 |
100% |
0.34 |
97% |
|||||||||
|
Total Office |
3.90 |
|||||||||||||
|
Segment and Investment |
Number of |
Location |
Acquisition |
Ownership |
Sq. Feet |
Occupancy(2) |
||||||||
|
Other Properties: |
||||||||||||||
|
U.S. Select Service Portfolio |
Boulder, CO |
January 2019 |
100% |
150 |
66% |
|||||||||
|
Fort Lauderdale Hotel (7) |
Fort Lauderdale, FL |
March 2019 |
43% |
236 |
68% |
|||||||||
|
Exchange on Erwin - Commercial |
Durham, NC |
November 2019 |
100% |
0.10 |
100% |
|||||||||
|
Barlow |
Chevy Chase, MD |
March 2020 |
100% |
0.29 |
86% |
|||||||||
|
Single-Family Rental Joint Venture |
N/A |
Various |
Various |
95% |
858 |
94% |
||||||||
|
Sun Belt Single-Family Rental Portfolio |
N/A |
Various |
December 2021 |
100% |
19 |
90% |
||||||||
|
Morningstar Self-Storage Joint Venture |
Various |
December 2021/March 2022 |
95% |
1.94 |
84% |
|||||||||
|
Extended Stay Portfolio (7) |
Various |
July 2022 |
45% |
24,802 |
84% |
|||||||||
|
Total Other Properties |
N/A (6) |
|||||||||||||
|
Total Investment Properties |
||||||||||||||
(1)
Certain of the joint venture agreements entered into by us provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments, other than the Affordable Housing Portfolio Joint Venture (see footnote 3 below), are consolidated by us and any profits interest due to the other partner will be reported within non-controlling interests in consolidated joint ventures on our Condensed Consolidated Balance Sheets. The table also includes two investments (196 total properties) owned by two unconsolidated real estate ventures.
(2)
The occupancy rate for our multifamily and certain other properties, including single-family rental investments, is defined as the number of leased units divided by the total unit count as of September 30, 2026. The occupancy rate for our industrial and office investments is defined as all leased square footage divided by the total available square footage as of September 30, 2026. The occupancy rate for our other investments, including self-storage investments, is defined as all leased square footage divided by the total available square footage as well as the trailing 12 month average occupancy for hospitality and extended stay investments for the period ended September 30, 2026.
(3)
Properties owned by the Affordable Housing Portfolio Joint Venture, in which we hold a 58.5% equity interest and Apollo holds a 41.5% equity interest. We consolidate the Affordable Housing Portfolio Joint Venture and retain operational control. Apollo is entitled to distributions in accordance with the Affordable Housing Portfolio Joint Venture agreement, and its interest is presented as redeemable non-controlling interest on our Condensed Consolidated Balance Sheets. Refer to Note 11 - "Equity and Redeemable Non-controlling Interests" and Note 13 - "Variable Interest Entities" in the notes to our condensed consolidated financial statements for additional details.
(4)
Held through our DST Program as of September 30, 2026. These properties have been consolidated on our Condensed Consolidated Balance Sheets. Any profit interest due to the third-party investors in the DST Program are reported within non-controlling interests in consolidated joint ventures on our Condensed Consolidated Balance Sheets.
(5)
Properties are wholly owned by us. Cash flows from these properties are transferred to the Affordable Housing Portfolio Joint Venture in accordance with its operating agreement. Refer to Note 14 - "Commitments and Contingencies" in the notes to our condensed consolidated financial statements for additional details.
(6)
Includes approximately 2.3 million sq. ft. across our self-storage, medical office and retail properties, 25,188 keys at our hospitality and extended stay properties and 877 single-family rental units.
(7)
Investment in unconsolidated real estate venture.
Impairment of Investments in Real Estate
Management reviews its consolidated real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties are considered on an undiscounted basis to determine whether an asset has been impaired, our strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If our strategy
changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material to our results. If we determine that an impairment has occurred, the affected assets must be reduced to their fair value.
During the three and nine months ended September 30, 2026, we did not recognize any impairments on our investments in real estate. During the three and nine months ended September 30, 2025, we recognized a $5.1 million impairment charge on one hospitality property.
Impairment of Investments in Unconsolidated Real Estate Ventures
Management reviews its investments in unconsolidated joint ventures for impairment each quarter and will record impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions.
During the three and nine months ended September 30, 2026 and 2025, we did not recognize any impairments on our investments in unconsolidated real estate ventures.
Investment in Real Estate Debt
The following table details our investment in real estate debt as of September 30, 2026 ($ in thousands):
|
September 30, 2026 |
||||||||||||||
|
Type of Security/Loan |
Number of Positions |
Coupon (1) |
Maturity Date (2) |
Cost Basis |
Fair Value |
|||||||||
|
Term loan |
BBSY + 4.75% |
June 2030 |
$ |
954,492 |
$ |
952,762 |
||||||||
|
Total investment in real estate debt |
BBSY + 4.75% |
June 2030 |
$ |
954,492 |
$ |
952,762 |
||||||||
(1)
The symbol "BBSY" refers to the relevant benchmark rate, which is three-month BBSY.
(2)
Maturity date is based on the fully extended maturity date of the underlying collateral.
During June 2022, we provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of Australia's largest hotel and casino company. The loan is in the amount of AUD 1,377 million and has an initial term of five years, with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. During June 2025, we extended the loan term by three years to June 2030. During the nine months ended September 30, 2026, we received principal repayments of $2.4 million on our investment in real estate debt. During the three months ended September 30, 2026, we did not receive any principal repayments on our investment in real estate debt.
Lease Expirations
The following table details the expiring leases at our industrial, office and other properties by annualized base rent as of September 30, 2026 ($ in thousands). The table below excludes our multifamily and certain other properties, including single-family rental and self-storage properties, as substantially all leases at such properties expire within 12 months.
|
Industrial |
Office |
Other Properties |
Total |
|||||||||||||||||||||||||||||
|
Year |
Annualized |
% of Total |
Annualized |
% of Total |
Annualized |
% of Total |
Annualized |
% of Total |
||||||||||||||||||||||||
|
2026 |
$ |
11,479 |
4% |
$ |
2,403 |
1% |
$ |
123 |
0% |
$ |
14,005 |
5% |
||||||||||||||||||||
|
2027 |
26,476 |
8% |
8,069 |
3% |
1,298 |
0% |
35,843 |
11% |
||||||||||||||||||||||||
|
2028 |
24,407 |
8% |
13,742 |
4% |
1,234 |
0% |
39,383 |
12% |
||||||||||||||||||||||||
|
2029 |
19,904 |
6% |
7,763 |
2% |
2,645 |
1% |
30,312 |
9% |
||||||||||||||||||||||||
|
2030 |
20,361 |
6% |
19,371 |
6% |
1,736 |
1% |
41,468 |
13% |
||||||||||||||||||||||||
|
2031 |
13,079 |
4% |
34,087 |
11% |
860 |
0% |
48,026 |
15% |
||||||||||||||||||||||||
|
2032 |
10,601 |
3% |
11,679 |
4% |
4,490 |
2% |
26,770 |
9% |
||||||||||||||||||||||||
|
2033 |
11,292 |
4% |
14,739 |
5% |
2,535 |
1% |
28,566 |
10% |
||||||||||||||||||||||||
|
2034 |
2,914 |
1% |
6,814 |
2% |
434 |
0% |
10,162 |
3% |
||||||||||||||||||||||||
|
2035 |
307 |
0% |
2,317 |
1% |
492 |
0% |
3,116 |
1% |
||||||||||||||||||||||||
|
Thereafter |
4,191 |
2% |
24,828 |
8% |
7,253 |
2% |
36,272 |
12% |
||||||||||||||||||||||||
|
Total |
$ |
145,011 |
46% |
$ |
145,812 |
47% |
$ |
23,100 |
7% |
$ |
313,923 |
100% |
||||||||||||||||||||
(1)
Annualized base rent is determined from the annualized base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.
Certain operating leases contain early termination options that require advance notification and may include payment of penalty, which, in most cases, is substantial enough to be deemed economically disadvantageous by a tenant to exercise. As of September 30, 2026, approximately 1% of our industrial portfolio square footage and approximately 13% of our office portfolio square footage is subject to early termination provisions. Approximately 65% of our office portfolio that is subject to these early termination provisions has early termination dates prior to January 1, 2030.
During the nine months ended September 30, 2026, one tenant exercised early lease termination provisions, impacting 2,637 square feet across our industrial and office properties, which represents an insignificant percentage of our combined square footage owned across our industrial and office properties. During the year ended December 31, 2025, three tenants exercised early lease termination provisions, impacting 34,202 square feet across our industrial and office properties, which represents approximately 0.3% of our combined square footage owned across our industrial and office properties.
Results of Operations
The following table sets forth information regarding our consolidated results of operations ($ in thousands):
|
For the Three Months Ended September 30, |
2026 vs. 2025 |
||||||||||||||
|
2026 |
2025 |
$ |
|||||||||||||
|
Revenues |
|||||||||||||||
|
Rental revenue |
$ |
387,786 |
$ |
384,637 |
$ |
3,149 |
|||||||||
|
Other revenue |
8,725 |
9,313 |
(588 |
) |
|||||||||||
|
Total revenues |
396,511 |
393,950 |
2,561 |
||||||||||||
|
Expenses |
|||||||||||||||
|
Property operating |
174,159 |
172,369 |
1,790 |
||||||||||||
|
General and administrative |
9,018 |
10,289 |
(1,271 |
) |
|||||||||||
|
Management fees |
19,874 |
21,678 |
(1,804 |
) |
|||||||||||
|
Performance participation allocation |
- |
- |
- |
||||||||||||
|
Impairment of investments in real estate |
- |
5,123 |
(5,123 |
) |
|||||||||||
|
Depreciation and amortization |
176,852 |
178,267 |
(1,415 |
) |
|||||||||||
|
Total expenses |
379,903 |
387,726 |
(7,823 |
) |
|||||||||||
|
Other expense |
|||||||||||||||
|
Loss from unconsolidated real estate ventures |
(3,122 |
) |
(4,280 |
) |
1,158 |
||||||||||
|
Income from investment in real estate debt, net |
22,660 |
17,093 |
5,567 |
||||||||||||
|
Net loss on dispositions of real estate |
(15 |
) |
(3,239 |
) |
3,224 |
||||||||||
|
Interest expense |
(184,804 |
) |
(159,915 |
) |
(24,889 |
) |
|||||||||
|
Loss on extinguishment of debt |
(1,340 |
) |
(1,289 |
) |
(51 |
) |
|||||||||
|
Other income (expense), net |
19,345 |
(33,463 |
) |
52,808 |
|||||||||||
|
Total other expense |
(147,276 |
) |
(185,093 |
) |
37,817 |
||||||||||
|
Net loss |
(130,668 |
) |
(178,869 |
) |
48,201 |
||||||||||
|
Net loss attributable to non-controlling interests in consolidated joint ventures |
906 |
1,354 |
(448 |
) |
|||||||||||
|
Net loss attributable to redeemable non-controlling interests in Operating Partnership |
7,282 |
9,004 |
(1,722 |
) |
|||||||||||
|
Net income attributable to redeemable non-controlling interest in the Affordable Housing Portfolio Joint Venture |
(11,900 |
) |
- |
(11,900 |
) |
||||||||||
|
Net loss attributable to stockholders |
$ |
(134,380 |
) |
$ |
(168,511 |
) |
$ |
34,131 |
|||||||
Revenues
Rental revenue primarily consists of base rent arising from tenant leases at our multifamily, industrial, office and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. During the three months ended September 30, 2026 and 2025, rental revenue was $387.8 million and $384.6 million, respectively. The increase in rental revenue was driven by an increase in average rental rates for multifamily and industrial assets for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Other revenue primarily consists of revenue generated by our hospitality properties. Hospitality revenue consists primarily of room revenue. During the three months ended September 30, 2026 and 2025, other revenue was $8.7 million and $9.3 million, respectively, resulting in a year over year decrease of approximately $0.6 million, driven by a reduction in other revenue at our hospitality properties, partially offset by an increase in other revenue at our multifamily properties.
Expenses
Property operating expenses consist of the costs of ownership and operation of our real estate investments. Examples of property operating expenses include real estate taxes, insurance, utilities and repair and maintenance expenses. Property operating expenses also include general and administrative expenses unrelated to the operations of the properties. During the three months ended September 30, 2026 and 2025, property operating expenses were $174.2 million and $172.4 million, respectively. The increase was driven primarily by an increase in operating expenses at our multifamily properties.
General and administrative expenses are corporate-level expenses that relate mainly to our compliance and administration costs and consist primarily of legal fees, accounting fees, transfer agent fees and other professional fees. During the three months ended September 30, 2026, general and administrative expenses decreased $1.3 million compared to the three months ended September 30, 2025 primarily due to a reduction in professional services fee expenses.
Management fees are earned by our Advisor for providing services pursuant to the Advisory Agreement. During the three months ended September 30, 2026 and 2025, management fees were $19.9 million and $21.7 million, respectively. The decrease was primarily driven by the reduction in our average NAV from September 30, 2025 to September 30, 2026.
Performance participation allocation relates to allocations from the Operating Partnership to the Special Limited Partner based on the total return of the Operating Partnership. Total return is defined as distributions paid or accrued plus the change in NAV. The performance participation allocation is measured annually and any amount earned by the Special Limited Partner becomes payable as of December 31 of the applicable year. During the three months ended September 30, 2026 and 2025, there was no performance participation allocation as the return hurdle was not achieved.
During the three months ended September 30, 2026, we did not recognize any impairments on our investments in real estate. During the three months ended September 30, 2025, we recognized a $5.1 million impairment charge on one hospitality property.
Depreciation and amortization expenses are impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. During the three months ended September 30, 2026 and 2025, depreciation and amortization expenses were $176.9 million and $178.3 million, respectively. The decrease in depreciation expense was driven by a decrease in depreciation expense on our multifamily properties during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Other Expense
During the three months ended September 30, 2026 and 2025, loss from unconsolidated real estate ventures was ($3.1) million and ($4.3) million, respectively, driven by reduced interest expense on one of our unconsolidated real estate venture investments.
During the three months ended September 30, 2026 and 2025, income from investment in real estate debt, net was $22.7 million and $17.1 million, respectively, which consisted of interest income, realized losses, and unrealized gains and losses resulting from changes in the fair value of our real estate debt investments and related hedges. The increase was primarily attributable to an increase in interest income on our one floating-rate term loan investment.
During the three months ended September 30, 2026, we did not sell any investments in real estate. We recorded an insignificant amount of net losses on the retirement of certain furniture, fixtures and equipment in connection with capital improvement activities at certain of our properties. No proceeds were received in connection with these retirements. During the three months ended September 30, 2025, we recorded ($3.2) million of net losses from the disposition of 10 single-family rental units and other disposals of furniture, fixtures and equipment.
During the three months ended September 30, 2026 and 2025, interest expense was $184.8 million and $159.9 million, respectively, which primarily consisted of interest expense incurred on our mortgage notes, secured credit facilities, lines of credit and borrowings under our secured financing on investment in real estate debt. The increase was primarily driven by an increase in interest expense of $24.7 million on our mortgage notes during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
During the three months ended September 30, 2026, the loss on extinguishment of debt was ($1.3) million as a result of refinancing activities. During the three months ended September 30, 2025 the loss on extinguishment of debt was ($1.3) million as a result of refinancing activities.
During the three months ended September 30, 2026 and 2025, other income (expense), net was $19.3 million and ($33.5) million, respectively. These results were primarily driven by unrealized gains relating to the changes in the fair value of our interest rate caps and swaps of $46.2 million during the three months ended September 30, 2026, compared to unrealized losses of ($39.7) million during the three months ended September 30, 2025. These results were also driven by unrealized gains relating to the changes in the fair value of our foreign exchange market forwards of $2.1 million during the three months ended September 30, 2026, compared to unrealized gains of $1.9 million during the three months ended September 30, 2025. These results were partially offset by realized losses of ($27.0) million relating to the settlement of certain interest rate caps and swaps during the three months ended September 30, 2026, compared to $0.3 million of realized gains recognized during the three months ended September 30, 2025. The interest rate caps and swaps are used primarily to limit our interest rate payments on certain of our variable rate borrowings.
|
For the Nine Months Ended September 30, |
2026 vs. 2025 |
||||||||||||||
|
2026 |
2025 |
$ |
|||||||||||||
|
Revenues |
|||||||||||||||
|
Rental revenue |
$ |
1,163,516 |
$ |
1,165,488 |
$ |
(1,972 |
) |
||||||||
|
Other revenue |
23,229 |
23,262 |
(33 |
) |
|||||||||||
|
Total revenues |
1,186,745 |
1,188,750 |
(2,005 |
) |
|||||||||||
|
Expenses |
|||||||||||||||
|
Property operating |
499,425 |
510,353 |
(10,928 |
) |
|||||||||||
|
General and administrative |
28,891 |
28,970 |
(79 |
) |
|||||||||||
|
Management fees |
60,374 |
66,622 |
(6,248 |
) |
|||||||||||
|
Performance participation allocation |
- |
- |
- |
||||||||||||
|
Impairment of investments in real estate |
- |
5,123 |
(5,123 |
) |
|||||||||||
|
Depreciation and amortization |
531,845 |
524,771 |
7,074 |
||||||||||||
|
Total expenses |
1,120,535 |
1,135,839 |
(15,304 |
) |
|||||||||||
|
Other expense |
|||||||||||||||
|
Loss from unconsolidated real estate ventures |
(8,925 |
) |
(10,634 |
) |
1,709 |
||||||||||
|
Income from investment in real estate debt, net |
65,028 |
55,223 |
9,805 |
||||||||||||
|
Net (loss) gain on dispositions of real estate |
(1,038 |
) |
20,538 |
(21,576 |
) |
||||||||||
|
Interest expense |
(539,947 |
) |
(463,033 |
) |
(76,914 |
) |
|||||||||
|
Loss on extinguishment of debt |
(5,471 |
) |
(1,809 |
) |
(3,662 |
) |
|||||||||
|
Other income (expense), net |
20,581 |
(224,969 |
) |
245,550 |
|||||||||||
|
Total other expense |
(469,772 |
) |
(624,684 |
) |
154,912 |
||||||||||
|
Net loss |
(403,562 |
) |
(571,773 |
) |
168,211 |
||||||||||
|
Net loss attributable to non-controlling interests in consolidated joint ventures |
2,754 |
3,637 |
(883 |
) |
|||||||||||
|
Net loss attributable to redeemable non-controlling interests in Operating Partnership |
21,238 |
28,548 |
(7,310 |
) |
|||||||||||
|
Net income attributable to redeemable non-controlling interest in the Affordable Housing Portfolio Joint Venture |
(11,900 |
) |
- |
(11,900 |
) |
||||||||||
|
Net loss attributable to stockholders |
$ |
(391,470 |
) |
$ |
(539,588 |
) |
$ |
148,118 |
|||||||
Revenues
Rental revenue primarily consists of base rent arising from tenant leases at our multifamily, industrial, office and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. During the nine months ended September 30, 2026 and 2025, rental revenue was approximately $1.2 billion and approximately $1.2 billion, respectively. The decrease in rental revenue was driven by the impact of asset sales during the nine months ended September 30, 2025, offset by an increase in average rental rates for multifamily and industrial assets for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Other revenue primarily consists of revenue generated by our hospitality properties. Hospitality revenue consists primarily of room revenue. During the nine months ended September 30, 2026 and 2025, other revenue was $23.2 million and $23.3 million,
respectively, driven by a reduction in other revenue at our hospitality properties due to an asset sale during the nine months ended September 30, 2025, partially offset by an increase in other revenue at our multifamily properties.
Expenses
Property operating expenses consist of the costs of ownership and operation of our real estate investments. Examples of property operating expenses include real estate taxes, insurance, utilities and repair and maintenance expenses. Property operating expenses also include general and administrative expenses unrelated to the operations of the properties. During the nine months ended September 30, 2026 and 2025, property operating expenses were $499.4 million and $510.4 million, respectively. The decrease was driven primarily by the impact of asset sales during the nine months ended September 30, 2025.
General and administrative expenses are corporate-level expenses that relate mainly to our compliance and administration costs and consist primarily of legal fees, accounting fees, transfer agent fees and other professional fees. During the nine months ended September 30, 2026, general and administrative expenses decreased $0.1 million compared to the nine months ended September 30, 2025 primarily due a reduction in professional services expenses, partially offset by an increase in legal and other professional fee expenses associated with property-level refinancings.
Management fees are earned by our Advisor for providing services pursuant to the Advisory Agreement. During the nine months ended September 30, 2026 and 2025, management fees were $60.4 million and $66.6 million, respectively. The decrease was primarily driven by the reduction in our average NAV from September 30, 2025 to September 30, 2026.
Performance participation allocation relates to allocations from the Operating Partnership to the Special Limited Partner based on the total return of the Operating Partnership. Total return is defined as distributions paid or accrued plus the change in NAV. The performance participation allocation is measured annually and any amount earned by the Special Limited Partner becomes payable as of December 31 of the applicable year. During the nine months ended September 30, 2026 and 2025, there was no performance participation allocation as the return hurdle was not achieved.
During the nine months ended September 30, 2026, we did not recognize any impairments on our investments in real estate. During the nine months ended September 30, 2025, we recognized a $5.1 million impairment charge on one hospitality property.
Depreciation and amortization expenses are impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. During the nine months ended September 30, 2026 and 2025, depreciation and amortization expenses were $531.8 million and $524.8 million, respectively. The increase in depreciation expense was driven by an increase in depreciation expense on our multifamily properties during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Other Expense
During the nine months ended September 30, 2026 and 2025, loss from unconsolidated real estate ventures was ($8.9) million and ($10.6) million, respectively, driven by reduced interest expense on one of our unconsolidated real estate venture investments.
During the nine months ended September 30, 2026 and 2025, income from investment in real estate debt, net was $65.0 million and $55.2 million, respectively, which consisted of interest income, realized losses, and unrealized gains and losses resulting from changes in the fair value of our real estate debt investments and related hedges. The increase was primarily attributable to an increase in interest income on our one floating-rate term loan investment.
During the nine months ended September 30, 2026, we sold one single-family rental unit, generating total net cash proceeds, net of mortgage repayments, of approximately $0.1 million. We recorded net losses of ($1.0) million, consisting of losses on the retirement of certain furniture, fixtures and equipment in connection with capital improvement activities at certain of our properties and a net loss on the disposition of one single-family rental unit. No proceeds were received in connection with the furniture, fixtures and equipment retirements. During the nine months ended September 30, 2025, we recorded $20.5 million of net gains from the disposition of 43 industrial properties, 13 multifamily properties, one hospitality property, one retail property and 52 single-family rental units.
During the nine months ended September 30, 2026 and 2025, interest expense was $539.9 million and $463.0 million, respectively, which primarily consisted of interest expense incurred on our mortgage notes, secured credit facilities, lines of credit and borrowings under our secured financing on investment in real estate debt. The increase was primarily driven by an increase in interest expense of $66.7 million on our mortgage notes, an increase in interest expense of $3.6 million on our lines of credit, and an increase in interest expense of $4.3 million on borrowings under our secured financing on investment in real estate debt during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
During the nine months ended September 30, 2026, the loss on extinguishment of debt was ($5.5) million as a result of refinancing activities. During the nine months ended September 30, 2025 the loss on extinguishment of debt was ($1.8) million as a result of refinancing activities.
During the nine months ended September 30, 2026 and 2025, other income (expense), net was $20.6 million and ($225.0) million, respectively. These results were primarily driven by unrealized gains relating to the changes in the fair value of our interest rate caps and swaps of $67.4 million during the nine months ended September 30, 2026, compared to unrealized losses of ($156.8) million during the nine months ended September 30, 2025. These results were also driven by unrealized gains relating to the changes in the fair value of our foreign exchange market forwards of $5.6 million during the nine months ended September 30, 2026, compared to unrealized losses of ($93.8) million during the nine months ended September 30, 2025. These results were partially offset by realized losses of ($60.0) million relating to the settlement of certain interest rate caps and swaps during the nine months ended September 30, 2026, compared to $0.9 million of realized gains recognized during the nine months ended September 30, 2025. The interest rate caps and swaps are used primarily to limit our interest rate payments on certain of our variable rate borrowings.
Funds from Operations and Adjusted Funds from Operations
We believe funds from operations ("FFO") is a meaningful supplemental non-GAAP operating measure, which should be considered along with, but not as an alternative to, net loss as a measure of operating performance. Our consolidated financial statements are presented under historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of real estate investments will change over time based on market conditions and as such, depreciation under historical cost accounting may be less informative. FFO is a standard REIT industry metric defined by the National Association of Real Estate Investment Trusts ("Nareit").
FFO, as defined by Nareit and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) gains or losses from sales of depreciable real property, (ii) impairment write-downs on depreciable real property, (iii) plus real estate-related depreciation and amortization, (iv) net gains or losses from sales of real estate, and (v) similar adjustments for unconsolidated joint ventures.
We also believe that adjusted FFO ("AFFO") is a meaningful supplemental non-GAAP disclosure of our operating results. AFFO further adjusts FFO in order for our operating results to reflect the specific characteristics of our business by adjusting for items we believe are not related to our core operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income and expense, (ii) deferred income amortization, (iii) amortization of above- and below-market lease intangibles, net, (iv) amortization of mortgage premium / discount, (v) unrealized gains or losses from changes in the fair value of investment in real estate debt and other financial instruments, (vi) gains and losses resulting from foreign currency translations, (vii) amortization of restricted stock awards, (viii) non-cash performance participation allocation, even if repurchased by us, (ix) amortization of deferred financing costs, (x) gains or losses on extinguishment of debt, and (xi) similar adjustments for unconsolidated joint ventures. AFFO is not defined by Nareit and our calculation of AFFO may not be comparable to disclosures made by other REITs. FFO and AFFO attributable to stockholders are presented after income attributed to Apollo's redeemable non-controlling interest of $11.9 million for the three and nine months ended September 30, 2026.
The following table presents a reconciliation of GAAP net loss attributable to stockholders to FFO and AFFO ($ in thousands):
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
||||||||||||||
|
Net loss attributable to stockholders |
$ |
(134,380 |
) |
$ |
(168,511 |
) |
$ |
(391,470 |
) |
$ |
(539,588 |
) |
|||||
|
Adjustments to arrive at FFO: |
|||||||||||||||||
|
Real estate depreciation and amortization |
176,852 |
178,267 |
531,845 |
524,771 |
|||||||||||||
|
Impairment of investments in real estate |
- |
5,123 |
- |
5,123 |
|||||||||||||
|
Investment in unconsolidated real estate ventures - depreciation and amortization |
13,335 |
13,056 |
39,756 |
38,439 |
|||||||||||||
|
Net loss (gain) on dispositions of real estate |
15 |
3,239 |
1,038 |
(20,538 |
) |
||||||||||||
|
Amount attributable to non-controlling interests |
(1,217 |
) |
(1,264 |
) |
(3,637 |
) |
(3,775 |
) |
|||||||||
|
FFO attributable to stockholders |
54,605 |
29,910 |
177,532 |
4,432 |
|||||||||||||
|
Adjustments to arrive at AFFO: |
|||||||||||||||||
|
Straight-line rental expense (income) |
(3,460 |
) |
(1,432 |
) |
(5,920 |
) |
(4,534 |
) |
|||||||||
|
Deferred income amortization (1) |
(8,945 |
) |
(8,053 |
) |
(19,457 |
) |
(18,451 |
) |
|||||||||
|
Amortization of above- and below-market lease intangibles, net |
290 |
(137 |
) |
(57 |
) |
(646 |
) |
||||||||||
|
Unrealized losses (gains) from changes in the fair value of investment in real estate debt and other financial instruments |
(48,296 |
) |
39,781 |
(72,957 |
) |
253,703 |
|||||||||||
|
Foreign currency gain |
(1,173 |
) |
(3,987 |
) |
(16,085 |
) |
(24,756 |
) |
|||||||||
|
Non-cash performance participation allocation |
- |
- |
- |
- |
|||||||||||||
|
Amortization of deferred financing costs |
8,521 |
1,154 |
20,959 |
18,412 |
|||||||||||||
|
Amortization of restricted stock awards |
210 |
210 |
630 |
630 |
|||||||||||||
|
Loss on extinguishment of debt |
1,340 |
1,289 |
5,471 |
1,809 |
|||||||||||||
|
Amount attributable to non-controlling interests |
895 |
(400 |
) |
410 |
(1,299 |
) |
|||||||||||
|
AFFO attributable to stockholders |
$ |
3,987 |
$ |
58,335 |
$ |
90,526 |
$ |
229,300 |
|||||||||
(1)
Includes the amortization of mortgage premium / discount.
FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income (loss) or in evaluating our operating performance. In addition, FFO and AFFO should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO and AFFO are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders.
Net Asset Value
Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by the Advisor, our independent valuation advisor and third-party appraisal firms in connection with estimating the values of our assets and liabilities for purposes of our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm's-length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Our independent valuation advisor reviews our valuation guidelines and methodologies related to investments in real property with the Advisor and our board of directors at least annually. From time to time, our board of directors, including a majority of our independent directors, may adopt changes to the valuation guidelines if it (i) determines that such changes are likely to result in a more accurate reflection of NAV or a more efficient or less costly procedure for the determination of NAV without having a material adverse effect on the accuracy of such determination or (ii) otherwise reasonably believes a change is appropriate for the determination of NAV.
For more information on our NAV calculation and valuation guidelines, please refer to Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" in our Annual Report on Form 10-K for the year ended December 31, 2025. Please also refer to Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented, for additional disclosure relating to material trends or uncertainties that may impact our NAV and our business.
The following table provides a breakdown of the major components of our NAV as of September 30, 2026 ($ and shares/units in thousands):
|
Components of NAV |
September 30, 2026 |
|||
|
Investments in real estate |
$ |
20,907,043 |
||
|
Investment in real estate debt |
955,584 |
|||
|
Cash and cash equivalents |
193,491 |
|||
|
Restricted cash |
247,906 |
|||
|
Other assets |
215,317 |
|||
|
Debt obligations |
(11,771,357 |
) |
||
|
Secured financings on investment in real estate debt |
(573,350 |
) |
||
|
Subscriptions received in advance |
- |
|||
|
Other liabilities |
(1,144,377 |
) |
||
|
Performance participation accrual |
- |
|||
|
Management fee payable |
(6,587 |
) |
||
|
Accrued stockholder servicing fees(1) |
(2,497 |
) |
||
|
Non-controlling interests in consolidated joint ventures |
(1,154,396 |
) |
||
|
Net asset value |
$ |
7,866,777 |
||
|
Number of outstanding shares/units |
409,209 |
|||
__________
(1)
Stockholder servicing fees only apply to Class T, Class S, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S and Class D shares. As of September 30, 2026, we have accrued under GAAP $201.0 million of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S and Class D shares sold.
The following table provides a breakdown of our total NAV and NAV per share by share class as of September 30, 2026 ($ and shares/units in thousands, except per share/unit data):
|
NAV Per Share |
Class S |
Class T |
Class D |
Class I |
Third-party |
Total |
||||||||||||||||||
|
Net asset value |
$ |
3,336,532 |
$ |
85,589 |
$ |
461,132 |
$ |
3,600,442 |
$ |
383,082 |
$ |
7,866,777 |
||||||||||||
|
Number of outstanding shares/units |
172,543 |
4,425 |
24,370 |
187,881 |
19,990 |
409,209 |
||||||||||||||||||
|
NAV Per Share/Unit as of September 30, 2026 |
$ |
19.34 |
$ |
19.34 |
$ |
18.92 |
$ |
19.16 |
$ |
19.16 |
||||||||||||||
__________
(1)
Includes the Operating Partnership units held by the Special Limited Partner and other third parties.
Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the September 30, 2026 valuations, based on property types. Once we own more than one single-family, one self-storage and one extended stay investment, we will include the key assumptions for the property types.
|
Property Type |
Discount Rate |
Exit Capitalization |
||
|
Multifamily |
6.9% |
5.5% |
||
|
Industrial |
7.4% |
5.8% |
||
|
Office |
8.0% |
6.8% |
||
|
Other |
8.3% |
6.7% |
For quarter-end months, these assumptions are determined by the independent valuation advisor or third-party appraisers, as applicable, per the terms of our valuation guidelines. The Advisor reviews the assumptions from each of the appraisals. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:
|
Input |
Hypothetical |
Multifamily |
Industrial |
Office |
Other |
|||||
|
Discount Rate |
0.25% decrease |
+1.9% |
+1.9% |
+1.9% |
+1.9% |
|||||
|
(weighted average) |
0.25% increase |
(1.9)% |
(1.9)% |
(1.9)% |
(1.8)% |
|||||
|
Exit Capitalization Rate |
0.25% decrease |
+2.9% |
+2.8% |
+2.4% |
+2.3% |
|||||
|
(weighted average) |
0.25% increase |
(2.7)% |
(2.6)% |
(2.2)% |
(2.1)% |
The following table reconciles stockholders' equity from our Condensed Consolidated Balance Sheet to our NAV ($ in thousands):
|
Reconciliation of Stockholders' Equity to NAV |
September 30, 2026 |
||||
|
Total stockholders' equity under GAAP |
$ |
3,096,387 |
|||
|
Redeemable non-controlling interests attributable to Operating Partnership(1) |
383,082 |
||||
|
Total partners' capital of Operating Partnership under GAAP |
3,479,469 |
||||
|
Adjustments: |
|||||
|
Accrued stockholder servicing fee |
198,542 |
||||
|
Unrealized net real estate and real estate debt appreciation |
511,243 |
||||
|
Accumulated depreciation and amortization |
3,677,523 |
||||
|
NAV |
$ |
7,866,777 |
|||
__________
(1)
Excludes Redeemable non-controlling interest in the Affordable Housing Portfolio Joint Venture.
The following details the adjustments to reconcile stockholders' equity to our NAV:
•
Accrued stockholder servicing fee represents the accrual for the full cost of the stockholder servicing fee for Class T, Class S and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing fee payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold the Class T, Class S and Class D shares. Refer to Note 2 - "Summary of Significant Accounting Policies" to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025, for further details of the GAAP treatment regarding the stockholder servicing fee. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis.
•
Our investments in real estate are presented under historical cost in our condensed consolidated financial statements. Additionally, our mortgage notes, secured credit facilities, secured financings on investment in real estate debt and lines of credit ("Debt") are presented at their carrying value in our condensed consolidated financial statements. As such, any changes in the fair value of our Debt are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate and our Debt are recorded at fair value.
•
We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of determining our NAV.
Distributions
Since February 2019, we have declared monthly distributions for each class of our common stock, which are generally paid three business days after month-end. Each class of our common stock received the same gross distribution per share, which was an aggregate of $0.7725 per share for the nine months ended September 30, 2026. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the gross distribution per share and paid to the Dealer Manager. The table below details the net distribution for each of our share classes for the nine months ended September 30, 2026:
|
Class T |
Class S |
Class D |
Class I |
|||||||||||||
|
Shares |
Shares |
Shares |
Shares |
|||||||||||||
|
January 31, 2026 |
$ |
0.0890 |
$ |
0.0890 |
$ |
0.0993 |
$ |
0.1035 |
||||||||
|
February 28, 2026 |
0.0906 |
0.0904 |
0.0997 |
0.1035 |
||||||||||||
|
March 31, 2026 |
0.0892 |
0.0891 |
0.0994 |
0.1035 |
||||||||||||
|
April 30, 2026 |
0.0632 |
0.0632 |
0.0730 |
0.0770 |
||||||||||||
|
May 31, 2026 |
0.0628 |
0.0627 |
0.0729 |
0.0770 |
||||||||||||
|
June 30, 2026 |
0.0633 |
0.0632 |
0.0730 |
0.0770 |
||||||||||||
|
July 31, 2026 |
0.0628 |
0.0628 |
0.0729 |
0.0770 |
||||||||||||
|
August 31, 2026 |
0.0629 |
0.0629 |
0.0729 |
0.0770 |
||||||||||||
|
September 30, 2026 |
0.0635 |
0.0634 |
0.0731 |
0.0770 |
||||||||||||
|
Total |
$ |
0.6473 |
$ |
0.6467 |
$ |
0.7362 |
$ |
0.7725 |
||||||||
The following table summarizes our distributions declared on our common stock and Operating Partnership units held by parties other than us during the nine months ended September 30, 2026 and 2025 ($ in thousands):
|
For the Nine Months Ended |
For the Nine Months Ended |
||||||||||||||||
|
Amount |
% |
Amount |
% |
||||||||||||||
|
Distributions |
|||||||||||||||||
|
Payable in cash |
$ |
220,233 |
75 |
% |
$ |
262,782 |
72 |
% |
|||||||||
|
Reinvested in shares |
72,272 |
25 |
% |
101,854 |
28 |
% |
|||||||||||
|
Total distributions |
$ |
292,505 |
100 |
% |
$ |
364,636 |
100 |
% |
|||||||||
|
Sources of Distributions |
|||||||||||||||||
|
Cash flows from operating activities |
$ |
224,728 |
77 |
% |
$ |
334,881 |
92 |
% |
|||||||||
|
Cash flows from investing activities(1) |
4,406 |
2 |
% |
29,755 |
8 |
% |
|||||||||||
|
Offering proceeds(2) |
63,371 |
21 |
% |
- |
- |
% |
|||||||||||
|
Total sources of distributions |
$ |
292,505 |
100 |
% |
$ |
364,636 |
100 |
% |
|||||||||
|
Cash flows from operating activities |
$ |
235,517 |
$ |
296,282 |
|||||||||||||
|
Funds from operations(3) |
$ |
177,532 |
$ |
4,432 |
|||||||||||||
__________
(1)
Certain cash flows from interest rate derivatives, classified as cash flows from investing activities, have funded a portion of our distributions.
(2)
Offering proceeds represents distributions reinvested in shares of our common stock through our distribution reinvestment plan.
(3)
See "Funds from Operations and Adjusted Funds from Operations" above for a description of FFO and a reconciliation of GAAP net loss attributable to stockholders to FFO.
Liquidity and Capital Resources
Our primary sources of liquidity include cash and cash equivalents and available borrowings under our lines of credit. The following table summarizes amounts available under these sources as of September 30, 2026 ($ in thousands):
|
September 30, 2026 |
|||||
|
Cash and cash equivalents |
$ |
193,491 |
|||
|
Available borrowings on undrawn lines of credit |
842,000 |
||||
|
Total available liquidity and capital resources |
$ |
1,035,491 |
|||
Our primary needs for liquidity and capital resources are to fund our investments, to make distributions to our stockholders, to repurchase shares of our common stock pursuant to our share repurchase plan, to pay our offering and operating expenses and capital expenditures, to pay debt service on the outstanding indebtedness we incur, to repay principal on outstanding indebtedness as it comes due, and to make distributions to Apollo under the Affordable Housing Portfolio Joint Venture agreement and to fund any amounts we are required to pay to support Apollo's minimum annual yield. Our operating expenses include, among other things, fees and expenses related to managing our properties and other investments, the management fee we pay to the Advisor (to the extent the Advisor elects to receive the management fee in cash), the performance participation allocation that the Operating Partnership will pay to the Special Limited Partner (when earned and to the extent that the Special Limited Partner elects to receive the performance participation allocation in cash) and general corporate expenses. Since October 2022, share repurchase requests from our stockholders have exceeded the limits of our share repurchase plan. In April 2026, we amended our share repurchase plan to further limit repurchases and reduced distributions paid on our common stock.
Our cash needs for acquisitions and other investments will be funded primarily from the sale of shares of our common stock and through the assumption or incurrence of debt.
Other potential future sources of capital include secured or unsecured financings from banks or other lenders and proceeds from the sale of assets and our investment in real estate-related debt. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. From inception through September 30, 2026, our distributions have been primarily funded from cash flows from operating activities in addition to certain cash flows from interest rate derivatives, classified as cash flows from investing activities. In addition, for the nine months ended September 30, 2026 and 2025, we have repurchased approximately $0.2 billion and $0.3 billion in shares of our common stock under our share repurchase plan.
The following table is a summary of our indebtedness as of September 30, 2026 and December 31, 2025 ($ in thousands):
|
Principal Balance Outstanding(3) |
||||||||||||||||
|
Indebtedness |
Weighted |
Weighted |
Maximum |
September 30, |
December 31, |
|||||||||||
|
Fixed rate loans |
||||||||||||||||
|
Fixed rate mortgages |
3.42% |
January 2031 |
N/A |
$ |
3,155,079 |
$ |
3,167,322 |
|||||||||
|
Total fixed rate loans |
3,155,079 |
3,167,322 |
||||||||||||||
|
Variable rate loans |
||||||||||||||||
|
Floating rate mortgages |
B + 1.94% |
September 2031 |
N/A |
8,718,797 |
8,690,438 |
|||||||||||
|
Variable rate secured credit facility(4) |
B + 2.25% |
June 2027 |
$149,033 |
149,033 |
161,140 |
|||||||||||
|
Senior secured revolving credit facility(5) |
B + 2.50% |
See note below |
$150,000 |
- |
- |
|||||||||||
|
Total variable rate loans |
8,867,830 |
8,851,578 |
||||||||||||||
|
Total loans secured by the Company's |
12,022,909 |
12,018,900 |
||||||||||||||
|
Secured financings on investment in real estate debt |
B + 2.65% |
June 2030 |
$ |
573,350 |
573,350 |
550,951 |
||||||||||
|
Lines of credit(6) |
B + 2.50% |
August 2031(7) |
$ |
1,550,000 |
708,000 |
1,373,000 |
||||||||||
|
Total Indebtedness |
$ |
13,304,259 |
$ |
13,942,851 |
||||||||||||
__________
(1)
The symbol "B" refers to the relevant floating benchmark rates, which includes one-month SOFR, NYFED 30 day SOFR, three-month EURIBOR, three-month CIBOR and three-month BBSY, as applicable to each loan.
(2)
For loans where we, at our own discretion, have extension options, the maximum maturity date has been assumed.
(3)
The majority of our mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.
(4)
The repayment of the variable rate secured credit facility is guaranteed by the Operating Partnership.
(5)
On August 3, 2026, the senior secured revolving credit facility was repaid in full and retired.
(6)
The repayment of the lines of credit is guaranteed by us.
(7)
As part of the refinancing of the lines of credit, approximately $1.35 billion of commitments were extended to a new four-year-term, with a one-year extension at our election and converted from an unsecured to a secured basis (maturing in August 2031, including the one-year extension option). Approximately $200.0 million of the remaining unsecured commitments held by two existing lenders were not extended and mature in May 2027.
Effective April 29, 2026, we amended our share repurchase plan, beginning with repurchases submitted during the month of April 2026 such that (i) repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5.0 million per month; and (ii) repurchase requests for accounts having a balance below $5,000 will be repurchased in full to the extent there are available funds up to a limit of $5.0 million per month. As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.
Pursuant to the terms of the amended share repurchase plan described above, during the months of July, August, and September 2026, we accepted approximately $4.2 million, $5.1 million, and $3.7 million, respectively, of common stock under our share repurchase plan, which represented all repurchase requests for such period made upon the death or qualifying disability of a stockholder and for accounts having a balance below $5,000.
In August 2026, we formed a joint venture with funds managed by and affiliates of Apollo to which we contributed approximately 120 of our affordable housing properties and in which Apollo invested $1.02 billion. Consistent with the strategic capital plan described above for addressing our upcoming debt maturities, we used the proceeds to repay and refinance a portion of our indebtedness, including the repayment in full and retirement of our senior secured revolving credit facility and the repayment of approximately $876.0 million and refinancing of our lines of credit. Following the formation of the Affordable Housing Portfolio Joint Venture and the repayment and refinancing of our credit facilities, including the repayment in full and retirement of its senior secured revolving credit facility and the partial repayment and refinancing of its lines of credit, the Company has addressed a significant portion of its near-term maturities. Refer to Note 6 - "Mortgage Notes and Secured Credit Facilities," Note 8 - "Lines of Credit," Note 11 - "Equity and Redeemable Non-controlling Interests," and Note 13 - "Variable Interest Entities" for additional information.
In connection with the Affordable Housing Portfolio Joint Venture, we have agreed to support a minimum annual yield on Apollo's investment, which increases over time and to make certain other payments that increase the longer Apollo remains an investor. The
Company currently expects cash flows from the Affordable Housing Portfolio Joint Venture to be sufficient to satisfy the minimum yield. We have the right to acquire Apollo's interest beginning after the fifth anniversary of the closing of the transaction. Cash we distribute to Apollo and amounts we may be required to pay under these obligations will reduce the cash available to us. Refer to Note 11 - "Equity and Redeemable Non-controlling Interests" and Note 14 - "Commitments and Contingencies".
Cash Flows
The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):
|
For the Nine Months Ended |
|||||||||
|
September 30, 2026 |
September 30, 2025 |
||||||||
|
Cash flows provided by operating activities |
$ |
235,517 |
$ |
296,282 |
|||||
|
Cash flows (used in) provided by investing activities |
(65,895 |
) |
1,206,112 |
||||||
|
Cash flows used in financing activities |
(151,404 |
) |
(1,551,412 |
) |
|||||
|
Effect of exchange rate changes |
(2,081 |
) |
(409 |
) |
|||||
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
$ |
16,137 |
$ |
(49,427 |
) |
||||
Cash flows provided by operating activities decreased by approximately $60.8 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This decrease is primarily attributable to a reduction in property operating income as a result of asset sales during the nine months ended September 30, 2025.
Cash flows provided by investing activities decreased by approximately $1.3 billion during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to approximately $1.2 billion in proceeds from dispositions of real estate during the nine months ended September 30, 2025.
Cash flows used in financing activities decreased by approximately $1.4 billion during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The change was primarily driven by approximately $1.0 billion of net proceeds from the issuance of Apollo's interest in the Affordable Housing Portfolio Joint Venture and an increase in net borrowings of approximately $0.4 billion on our mortgage notes, senior secured revolving credit facility, and lines of credit during the nine months ended September 30, 2026.
Critical Accounting Policies
The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Refer to "Critical Accounting Policies", as reflected in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025, for further descriptions of such accounting policies.
Recent Accounting Pronouncements
See Note 2 - "Summary of Significant Accounting Policies" to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.
Off-Balance Sheet Arrangements
We have no existing off-balance sheet arrangements.
Starwood Real Estate Income Trust Inc. published this content on November 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 12, 2026 at 17:22 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]