SWDR — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• 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 own a diversified, hard-to-replicate portfolio of 598 income-producing properties valued at approximately $22.4 billion with an approximate 94% occupancy as of March 31, 2026. The portfolio is concentrated in the fastest-growing regions of the country, with approximately 71% of our value allocate…

• The Company is among the largest owners of multifamily apartments in the United States, with more than 63,000 apartment units, including approximately 40,000 market-rate and 23,500 affordable housing units. Our portfolio is concentrated in the Sunbelt markets, including Texas and Florida, two states…

• Furthermore, approximately 75% of our multifamily assets are located in the eight states projected to add over one million young adults over the next five years, while the remaining 42 states are projected to lose nearly 900,000 young adults. At our NAV, approximate basis per unit in the market-rate…

• While rents of market-rate apartments have been relatively stagnant over the past few years due to the new supply, that is now rapidly diminishing (approximately 60-70% in some of our markets), occupancy has remained strong, underscoring healthy demand in our markets. Affordability for our tenants h…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• 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, consisting of up to $16.0 billion in shares in our primary offering and up to $2.0 billion in shares pursuant to our distribution reinvestment pla…

• Amid today’s economic uncertainty and stock market volatility, real estate offers tangible, income-generating assets with low correlation to public market fluctuations, making it an effective portfolio diversifier. The tariff events are likely to cause construction costs to increase, which makes own…

• We continue to prioritize generating liquidity for stockholders submitting share repurchase requests, while also staying focused on protecting and maximizing value for our stockholders who remain fully invested. This requires picking the right spots to generate liquidity as the markets continue to i…

• Please refer to Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on Form 10-Q for additional disclosure relating to material trends or uncertainties that may impact our business.

• Declared monthly net distributions totaling $121.0 million for the three months ended September 30, 2025. The details of the average annualized distribution rates and total returns are shown in the following table:

Text added vs the prior filing · source: 10-Q · 2026-05-11

• investment in real estate debt is not known, but a 10% change in the fair value of our investment in real estate debt may result in an unrealized gain or loss of $94.0 million.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• There is no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.

• There is no current public trading market for shares of our common stock, and we do not expect that such a market will ever develop. Therefore, repurchase of shares by us will likely be the only way for you to dispose of your shares. We repurchase shares at a price equal to the transaction price of …

• Your ability to have your shares repurchased through our share repurchase plan is limited to repurchases resulting from death or qualifying disability and for accounts having a balance below $5,000. We may choose to repurchase fewer shares than have been requested to be repurchased or no shares in o…

• Effective April 29, 2026, we amended our share repurchase plan 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 million per month; and (ii) r…

• In any particular month, we may choose to repurchase fewer shares than have been requested to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. We may repurchase fewer shares than have been requested to be repurchased due to lack of readily available fund…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarter ended March 31, 2026.

• Effective May 8, 2026, our board of directors adopted the Amended and Restated Independent Director Restricted Share Plan to increase the aggregate number of shares reserved and available for issuance pursuant to awards granted thereunder to 400,000.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• On November 11, 2025, we, the Operating Partnership and our Advisor entered into that certain Second Amended and Restated Advisory Agreement (the “Advisory Agreement”). The Advisory Agreement amends and restates the prior version of the agreement to, among other things, make certain updates requeste…

• On November 11, 2025, our board of directors appointed Nora Creedon, our Chief Executive Officer and President, to serve as a member of our board of directors.

• The appointment of Ms. Creedon was not made pursuant to any arrangement or understanding between her and any other person. Updated biographical information with respect to Ms. Creedon is set forth below:

• Nora Creedon, age 47, has served as our Chief Executive Officer and President since July 2025 and as a member of our board of directors since November 2025. Prior to her appointment as our Chief Executive Officer and President, Ms. Creedon was a Managing Director at Goldman Sachs in the private real…

• executive officer and President of Goldman Sachs Real Estate Income Trust, Inc. (“GS REIT”), a public, non-listed equity REIT. She also oversaw the real estate investments of the Exchange Fund series, which included approximately $4 billion of core real estate. Ms. Creedon served on the Global Real …