Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

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 estate^‑related 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	)