Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Summary of Total Assets and Financial Results by Segment

The following table sets forth the total assets by segment ($ in thousands):

	June 30, 2019		December 31, 2018
Multifamily	$	8,299,626	$	5,396,457
Industrial		4,686,239		3,966,796
Hotel		1,745,454		1,268,992
Retail		175,281		136,273
Real estate-related securities and loans		3,479,085		2,281,033
Other (Corporate)		476,402		187,607
Total assets	$	18,862,087	$	13,237,158

The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands):

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities and Loans		Total
Revenues:
Rental revenue	$	159,243	$	85,368	$	—	$	3,061	$	—	$	247,672
Hotel revenue		—		—		94,351		—		—		94,351
Other revenue		9,038		95		3,075		77		—		12,285
Total revenues		168,281		85,463		97,426		3,138		—		354,308
Expenses:
Rental property operating		73,772		26,196		—		1,243		—		101,211
Hotel operating		—		—		63,197		—		—		63,197
Total expenses		73,772		26,196		63,197		1,243		—		164,408
Income from real estate-related securities and loans		—		—		—		—		51,784		51,784
Segment net operating income	$	94,509	$	59,267	$	34,229	$	1,895	$	51,784	$	241,684
Depreciation and amortization	$	96,631	$	47,403	$	16,257	$	1,563	$	—	$	161,854
General and administrative												(4,878	)
Management fee												(22,487	)
Performance participation allocation												(29,898	)
Gain on disposition of real estate												29,686
Interest income												303
Interest expense												(103,279	)
Other income (expense)												(2,061	)
Net loss											$	(52,784	)
Net loss attributable to non-controlling interests in third party joint ventures											$	970
Net loss attributable to non-controlling interests in BREIT OP												1,110
Net loss attributable to BREIT stockholders											$	(50,704	)

The following table sets forth the financial results by segment for the three months ended June 30, 2018 ($ in thousands):

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities and Loans		Total
Revenues:
Rental revenue	$	70,384	$	53,235	$	—	$	2,195	$	—	$	125,814
Hotel revenue		—		—		21,196		—		—		21,196
Other revenue		5,047		140		8		21		—		5,216
Total revenues		75,431		53,375		21,204		2,216		—		152,226
Expenses:
Rental property operating		35,959		14,678		—		815		—		51,452
Hotel operating		—		—		13,522		—		—		13,522
Total expenses		35,959		14,678		13,522		815		—		64,974
Income from real estate-related securities and loans		—		—		—		—		17,397		17,397
Segment net operating income	$	39,472	$	38,697	$	7,682	$	1,401	$	17,397	$	104,649
Depreciation and amortization	$	48,181	$	31,822	$	3,800	$	1,023	$	—	$	84,826
General and administrative												(2,901	)
Management fee												(9,281	)
Performance participation allocation												(9,476	)
Interest income												121
Interest expense												(49,841	)
Other income (expense)												(389	)
Net loss											$	(51,944	)
Net loss attributable to non-controlling interests in third party joint ventures											$	1,217
Net loss attributable to non-controlling interests in BREIT OP												245
Net loss attributable to BREIT stockholders											$	(50,482	)

The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands):

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities and Loans		Total
Revenues:
Rental revenue	$	287,141	$	166,669	$	—	$	6,059	$	—	$	459,869
Hotel revenue		—		—		169,617		—		—		169,617
Other revenue		16,649		312		4,802		150		—		21,913
Total revenues		303,790		166,981		174,419		6,209		—		651,399
Expenses:
Rental property operating		135,596		51,057		—		2,369		—		189,022
Hotel operating		—		—		114,517		—		—		114,517
Total expenses		135,596		51,057		114,517		2,369		—		303,539
Income from real estate-related securities and loans		—		—		—		—		113,467		113,467
Segment net operating income	$	168,194	$	115,924	$	59,902	$	3,840	$	113,467	$	461,327
Depreciation and amortization	$	175,165	$	92,425	$	30,683	$	3,060	$	—	$	301,333
General and administrative												(8,059	)
Management fee												(39,664	)
Performance participation allocation												(50,061	)
Gain on disposition of real estate												29,686
Interest income												497
Interest expense												(194,866	)
Other income (expense)												(407	)
Net loss											$	(102,880	)
Net loss attributable to non-controlling interests in third party joint ventures											$	3,006
Net loss attributable to non-controlling interests in BREIT OP												2,324
Net loss attributable to BREIT stockholders											$	(97,550	)

The following table sets forth the financial results by segment for the six months ended June 30, 2018 ($ in thousands):

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities and Loans		Total
Revenues:
Rental revenue	$	131,127	$	77,836	$	—	$	4,412	$	—	$	213,375
Hotel revenue		—		—		39,017		—		—		39,017
Other revenue		9,284		178		16		40		—		9,518
Total revenues		140,411		78,014		39,033		4,452		—		261,910
Expenses:
Rental property operating		66,579		21,863		—		1,628		—		90,070
Hotel operating		—		—		25,136		—		—		25,136
Total expenses		66,579		21,863		25,136		1,628		—		115,206
Income from real estate-related securities and loans		—		—		—		—		30,632		30,632
Segment net operating income	$	73,832	$	56,151	$	13,897	$	2,824	$	30,632	$	177,336
Depreciation and amortization	$	104,054	$	45,820	$	7,010	$	2,066	$	—	$	158,950
General and administrative												(4,946	)
Management fee												(16,250	)
Performance participation allocation												(17,349	)
Interest income												198
Interest expense												(81,232	)
Other income (expense)												(389	)
Net loss											$	(101,582	)
Net loss attributable to non-controlling interests in third party joint ventures											$	2,930
Net loss attributable to non-controlling interests in BREIT OP												622
Net loss attributable to BREIT stockholders											$	(98,030	)