XML 38 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Reporting (Tables)
9 Months Ended
Sep. 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):

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Industrial

 

$

10,556,846

 

 

$

3,966,796

 

Multifamily

 

 

8,660,029

 

 

 

5,396,457

 

Hotel

 

 

2,262,602

 

 

 

1,268,992

 

Retail

 

 

233,819

 

 

 

136,273

 

Other Properties

 

 

150,308

 

 

 

 

Real estate-related securities and loans

 

 

3,835,460

 

 

 

2,281,033

 

Corporate

 

 

598,292

 

 

 

187,607

 

Total assets

 

$

26,297,356

 

 

$

13,237,158

 

 

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

 

 

 

Multifamily

 

Industrial

 

Hotel

 

Retail

 

Other Properties

 

Real Estate-

Related

Securities and Loans

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

183,429

 

$

100,759

 

$

 

$

3,723

 

$

2,542

 

$

 

$

290,453

 

Hotel revenue

 

 

 

 

 

 

132,036

 

 

 

 

 

 

 

 

132,036

 

Other revenue

 

 

11,639

 

 

1,355

 

 

2,142

 

 

91

 

 

317

 

 

 

 

15,544

 

Total revenues

 

 

195,068

 

 

102,114

 

 

134,178

 

 

3,814

 

 

2,859

 

 

 

 

438,033

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental property operating

 

 

90,149

 

 

28,813

 

 

 

 

1,387

 

 

1,242

 

 

 

 

121,591

 

Hotel operating

 

 

 

 

 

 

89,951

 

 

 

 

 

 

 

 

89,951

 

Total expenses

 

 

90,149

 

 

28,813

 

 

89,951

 

 

1,387

 

 

1,242

 

 

 

 

211,542

 

Income from real estate‑related securities and loans

 

 

 

 

 

 

 

 

 

 

 

52,568

 

 

52,568

 

Segment net operating income

 

$

104,919

 

$

73,301

 

$

44,227

 

$

2,427

 

$

1,617

 

$

52,568

 

$

279,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(128,043

)

$

(52,720

)

$

(19,003

)

$

(1,938

)

$

(2,949

)

$

 

$

(204,653

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,548

)

Management fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,858

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(56,322

)

Gain on disposition of real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,481

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,763

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(116,037

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,379

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(126,494

)

Net loss attributable to non-controlling interests in third party joint ventures

 

 

 

 

 

 

 

 

 

 

$

1,305

 

Net loss attributable to non-controlling interests in BREIT OP

 

 

 

 

 

 

 

 

 

 

 

2,018

 

Net loss attributable to BREIT stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(123,171

)

 

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

 

 

 

Multifamily

 

Industrial

 

Hotel

 

Retail

 

Other Properties

 

Real Estate-

Related

Securities

and Loans

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

93,848

 

$

56,465

 

$

 

$

2,525

 

$

 

$

 

$

152,838

 

Hotel revenue

 

 

 

 

 

 

40,000

 

 

 

 

 

 

 

 

40,000

 

Other revenue

 

 

6,337

 

 

165

 

 

781

 

 

41

 

 

 

 

 

 

7,324

 

Total revenues

 

 

100,185

 

 

56,630

 

 

40,781

 

 

2,566

 

 

 

 

 

 

200,162

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental property operating

 

 

46,196

 

 

16,818

 

 

 

 

769

 

 

 

 

 

 

63,783

 

Hotel operating

 

 

 

 

 

 

26,822

 

 

 

 

 

 

 

 

26,822

 

Total expenses

 

 

46,196

 

 

16,818

 

 

26,822

 

 

769

 

 

 

 

 

 

90,605

 

Income from real estate‑related securities and loans

 

 

 

 

 

 

 

 

 

 

 

28,647

 

 

28,647

 

Segment net operating income

 

$

53,989

 

$

39,812

 

$

13,959

 

$

1,797

 

$

 

$

28,647

 

$

138,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(62,929

)

$

(31,966

)

$

(7,633

)

$

(1,230

)

$

 

$

 

$

(103,758

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,027

)

Management fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,823

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,447

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,711

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(283

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(58,763

)

Net loss attributable to non-controlling interests in third party joint ventures

 

 

 

 

 

 

 

 

 

 

$

433

 

Net loss attributable to non-controlling interests in BREIT OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

663

 

Net loss attributable to BREIT stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(57,667

)

 

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

 

 

 

Multifamily

 

Industrial

 

Hotel

 

Retail

 

Other Properties

 

Real Estate-

Related

Securities and Loans

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

470,570

 

$

267,428

 

$

 

$

9,782

 

$

2,542

 

$

 

$

750,322

 

Hotel revenue

 

 

 

 

 

 

301,653

 

 

 

 

 

 

 

 

301,653

 

Other revenue

 

 

28,288

 

 

1,667

 

 

6,944

 

 

241

 

 

317

 

 

 

 

37,457

 

Total revenues

 

 

498,858

 

 

269,095

 

 

308,597

 

 

10,023

 

 

2,859

 

 

 

 

1,089,432

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental property operating

 

 

225,745

 

 

79,870

 

 

 

 

3,756

 

 

1,242

 

 

 

 

310,613

 

Hotel operating

 

 

 

 

 

 

204,468

 

 

 

 

 

 

 

 

204,468

 

Total expenses

 

 

225,745

 

 

79,870

 

 

204,468

 

 

3,756

 

 

1,242

 

 

 

 

515,081

 

Income from real estaterelated securities and loans

 

 

 

 

 

 

 

 

 

 

 

166,035

 

 

166,035

 

Segment net operating income

 

$

273,113

 

$

189,225

 

$

104,129

 

$

6,267

 

$

1,617

 

$

166,035

 

$

740,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(303,208

)

$

(145,145

)

$

(49,686

)

$

(4,998

)

$

(2,949

)

$

 

$

(505,986

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,607

)

Management fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,522

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106,383

)

Gain on disposition of real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,167

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,260

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(310,903

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,786

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(229,374

)

Net loss attributable to non-controlling interests in third party joint ventures

 

 

 

 

 

 

 

 

 

 

$

4,311

 

Net loss attributable to non-controlling interests in BREIT OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,342

 

Net loss attributable to BREIT stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(220,721

)

 

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

 

 

 

Multifamily

 

Industrial

 

Hotel

 

Retail

 

Other Properties

 

Real Estate-

Related

Securities and Loans

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

224,975

 

$

134,301

 

$

 

$

6,937

 

$

 

$

 

$

366,213

 

Hotel revenue

 

 

 

 

 

 

79,017

 

 

 

 

 

 

 

 

79,017

 

Other revenue

 

 

15,637

 

 

343

 

 

781

 

 

81

 

 

 

 

 

 

16,842

 

Total revenues

 

 

240,612

 

 

134,644

 

 

79,798

 

 

7,018

 

 

 

 

 

 

462,072

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental property operating

 

 

112,775

 

 

38,681

 

 

 

 

2,397

 

 

 

 

 

 

153,853

 

Hotel operating

 

 

 

 

 

 

51,958

 

 

 

 

 

 

 

 

51,958

 

Total expenses

 

 

112,775

 

 

38,681

 

 

51,958

 

 

2,397

 

 

 

 

 

 

205,811

 

Income from real estate‑related securities and loans

 

 

 

 

 

 

 

 

 

 

 

59,279

 

 

59,279

 

Segment net operating income

 

$

127,837

 

$

95,963

 

$

27,840

 

$

4,621

 

$

 

$

59,279

 

$

315,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(166,983

)

$

(77,786

)

$

(14,643

)

$

(3,296

)

$

 

$

 

$

(262,708

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,973

)

Management fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,073

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,796

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

280

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(146,943

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(672

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(160,345

)

Net loss attributable to non-controlling interests in third party joint ventures

 

 

 

 

 

 

 

 

 

 

$

3,054

 

Net loss attributable to non-controlling interests in BREIT OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,594

 

Net loss attributable to BREIT stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(155,697

)