Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

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

	June 30, 2020		December 31, 2019
Multifamily	$	11,537,484	$	9,695,916
Industrial		11,188,957		10,564,172
Net lease		5,059,427		4,271,196
Hotel		2,357,585		2,427,554
Retail		714,678		419,198
Office		133,277		138,912
Other properties		155,485		145,411
Investments in real estate debt		5,254,130		4,565,385
Other (Corporate)		227,476		812,079
Total assets	$	36,628,499	$	33,039,823

The following table sets forth the financial results by segment for the three months ended June 30, 2020 ($ in thousands):

																						Investments in
							Net												Other			Real Estate
	Multifamily			Industrial			Lease			Hotel			Retail			Office			Properties			Debt		Total
Revenues:
Rental revenue	$	241,793		$	209,583		$	82,794		$	—		$	12,679		$	2,971		$	3,897		$	—	$	553,717
Hotel revenue		—			—			—			21,781			—			—			—			—		21,781
Other revenue		14,007			1,157			—			1,263			228			130			464			—		17,249
Total revenues		255,800			210,740			82,794			23,044			12,907			3,101			4,361			—		592,747
Expenses:
Rental property operating		115,236			64,048			13			—			4,331			1,066			2,341			—		187,035
Hotel operating		—			—			—			44,523			—			—			—			—		44,523
Total expenses		115,236			64,048			13			44,523			4,331			1,066			2,341			—		231,558
Income from unconsolidated entities		—			—			25,336			—			—			—			—			—		25,336
Income from investments in real estate debt		—			—			—			—			—			—			—			492,889		492,889
Segment net operating income (loss)	$	140,564		$	146,692		$	108,117		$	(21,479	)	$	8,576		$	2,035		$	2,020		$	492,889	$	879,414

Depreciation and amortization	$	(145,595	)	$	(138,798	)	$	(29,040	)	$	(22,753	)	$	(8,174	)	$	(1,540	)	$	(1,452	)	$	—	$	(347,352	)

General and administrative																									(6,913	)
Management fee																									(53,423	)
Performance participation allocation																									—
Impairment of investments in real estate																									(6,126	)
Net gains on dispositions of real estate																									—
Interest income																									233
Interest expense																									(176,579	)
Loss on extinguishment of debt																									—
Other income (expense)																									29,078
Net income																								$	318,332
Net loss attributable to non-controlling interests in third party joint ventures																								$	966
Net income attributable to non-controlling interests in BREIT OP																									(4,859	)
Net income attributable to BREIT stockholders																								$	314,439

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

	Multifamily			Industrial			Hotel			Retail			Investments in Real Estate Debt		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 (loss) from investments in real estate debt		—			—			—			—			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	)
Net gains on dispositions 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 six months ended June 30, 2020 ($ in thousands):

																						Investments in
							Net												Other			Real Estate
	Multifamily			Industrial			Lease			Hotel			Retail			Office			Properties			Debt			Total
Revenues:
Rental revenue	$	468,912		$	410,980		$	165,589		$	—		$	26,922		$	5,948		$	7,461		$	—		$	1,085,812
Hotel revenue		—			—			—			149,253			—			—			—			—			149,253
Other revenue		26,092			1,998			—			2,837			506			220			911			—			32,564
Total revenues		495,004			412,978			165,589			152,090			27,428			6,168			8,372			—			1,267,629
Expenses:
Rental property operating		219,796			121,218			114			—			7,751			2,101			4,443			—			355,423
Hotel operating		—			—						143,829			—			—			—			—			143,829
Total expenses		219,796			121,218			114			143,829			7,751			2,101			4,443			—			499,252
Income from unconsolidated entities		—			—			38,605			—			—			—			—			—			38,605
Income (loss) from investments in real estate debt		—			—			—			—			—			—			—			(523,258	)		(523,258	)
Segment net operating income (loss)	$	275,208		$	291,760		$	204,080		$	8,261		$	19,677		$	4,067		$	3,929		$	(523,258	)	$	283,724

Depreciation and amortization	$	(272,921	)	$	(276,922	)	$	(57,195	)	$	(45,546	)	$	(16,809	)	$	(3,083	)	$	(3,681	)	$	—		$	(676,157	)

General and administrative																										(13,595	)
Management fee																										(102,925	)
Performance participation allocation																										—
Impairment of investments in real estate																										(6,126	)
Net gains on dispositions of real estate																										371
Interest income																										1,980
Interest expense																										(365,083	)
Loss on extinguishment of debt																										(1,237	)
Other income (expense)																										(19,770	)
Net loss																									$	(898,818	)
Net loss attributable to non-controlling interests in third party joint ventures																									$	1,203
Net loss attributable to non-controlling interests in BREIT OP																										11,967
Net loss attributable to BREIT stockholders																									$	(885,648	)

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

	Multifamily			Industrial			Hotel			Retail			Investments in Real Estate Debt		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 (loss) from investments in real estate debt		—			—			—			—			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	)
Net gains on dispositions 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	)