Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020		December 31, 2019
Multifamily	$	11,421,928	$	9,695,916
Industrial		11,199,187		10,564,172
Net lease		5,054,612		4,271,196
Hotel		2,227,264		2,427,554
Retail		707,605		419,198
Office		132,303		138,912
Other properties		257,458		145,411
Investments in real estate debt		5,723,230		4,565,385
Other (Corporate)		309,221		812,079
Total assets	$	37,032,808	$	33,039,823

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

																						Investments in
							Net												Other			Real Estate
	Multifamily			Industrial			Lease			Hotel			Retail			Office			Properties			Debt		Total
Revenues:
Rental revenue	$	244,691		$	213,302		$	82,795		$	—		$	13,594		$	3,130		$	4,541		$	—	$	562,053
Hotel revenue		—			—			—			56,038			—			—			—			—		56,038
Other revenue		13,026			1,479			—			1,738			255			96			686			—		17,280
Total revenues		257,717			214,781			82,795			57,776			13,849			3,226			5,227			—		635,371
Expenses:
Rental property operating		122,266			62,002			156			—			5,163			1,101			2,618			—		193,306
Hotel operating		—			—			—			60,339			—			—			—			—		60,339
Total expenses		122,266			62,002			156			60,339			5,163			1,101			2,618			—		253,645
Income from unconsolidated entities		—			—			25,073			—			—			—			—			—		25,073
Income from investments in real estate debt		—			—			—			—			—			—			—			206,046		206,046
Segment net operating income (loss)	$	135,451		$	152,779		$	107,712		$	(2,563	)	$	8,686		$	2,125		$	2,609		$	206,046	$	612,845
Depreciation and amortization	$	(133,696	)	$	(135,978	)	$	(28,667	)	$	(22,296	)	$	(7,978	)	$	(1,588	)	$	(2,396	)	$	—	$	(332,599	)
General and administrative																									(5,430	)
Management fee																									(57,619	)
Performance participation allocation																									—
Impairment of investments in real estate																									(6,217	)
Net gains on dispositions of real estate																									100,070
Interest income																									122
Interest expense																									(174,193	)
Loss on extinguishment of debt																									(5,258	)
Other income (expense)																									(9,252	)
Net income																								$	122,469
Net loss attributable to non-controlling interests in third party joint ventures																								$	593
Net income attributable to non-controlling interests in BREIT OP																									(1,790	)
Net income attributable to BREIT stockholders																								$	121,272

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			Investments in Real Estate Debt		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 (loss) from investments in real estate debt		—			—			—			—			—			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	)
Net gains on dispositions 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 nine months ended September 30, 2020 ($ in thousands):

																						Investments in
							Net												Other			Real Estate
	Multifamily			Industrial			Lease			Hotel			Retail			Office			Properties			Debt			Total
Revenues:
Rental revenue	$	713,603		$	624,282		$	248,384		$	—		$	40,516		$	9,078		$	12,002		$	—		$	1,647,865
Hotel revenue		—			—			—			205,291			—			—			—			—			205,291
Other revenue		39,118			3,477			—			4,575			761			316			1,597			—			49,844
Total revenues		752,721			627,759			248,384			209,866			41,277			9,394			13,599			—			1,903,000
Expenses:
Rental property operating		342,062			183,220			270			—			12,914			3,202			7,061			—			548,729
Hotel operating		—			—						204,168			—			—			—			—			204,168
Total expenses		342,062			183,220			270			204,168			12,914			3,202			7,061			—			752,897
Income from unconsolidated entities		—			—			63,678			—			—			—			—			—			63,678
Income (loss) from investments in real estate debt		—			—			—			—			—			—			—			(317,212	)		(317,212	)
Segment net operating income (loss)	$	410,659		$	444,539		$	311,792		$	5,698		$	28,363		$	6,192		$	6,538		$	(317,212	)	$	896,569
Depreciation and amortization	$	(406,617	)	$	(412,900	)	$	(85,862	)	$	(67,842	)	$	(24,787	)	$	(4,671	)	$	(6,077	)	$	—		$	(1,008,756	)
General and administrative																										(19,025	)
Management fee																										(160,544	)
Performance participation allocation																										—
Impairment of investments in real estate																										(12,343	)
Net gains on dispositions of real estate																										100,441
Interest income																										2,102
Interest expense																										(539,276	)
Loss on extinguishment of debt																										(6,495	)
Other income (expense)																										(29,022	)
Net loss																									$	(776,349	)
Net loss attributable to non-controlling interests in third party joint ventures																									$	1,796
Net loss attributable to non-controlling interests in BREIT OP																										10,177
Net loss attributable to BREIT stockholders																									$	(764,376	)

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