Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Company operates in eight reportable segments: Multifamily, Industrial, Net Lease, Hospitality, Self Storage, Retail, and Office properties and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment.

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

	March 31, 2021		December 31, 2020
Multifamily	$	13,634,258	$	13,701,615
Industrial		12,303,484		11,498,912
Net Lease		5,220,444		5,199,651
Hospitality		2,343,162		2,196,429
Self Storage		1,553,799		1,593,430
Retail		695,539		700,045
Office		452,944		447,630
Investments in Real Estate Debt		4,990,532		4,763,309
Other (Corporate)		1,584,603		582,994
Total assets	$	42,778,765	$	40,684,015

The following table details the financial results by segment for the three months ended March 31, 2021 ($ in thousands):

																						Investments in
							Net						Self									Real Estate
	Multifamily			Industrial			Lease			Hospitality			Storage			Retail			Office			Debt		Total
Revenues:
Rental revenue	$	288,453		$	226,760		$	82,795		$	—		$	30,975		$	14,430		$	9,503		$	—	$	652,916
Hospitality revenue		—			—			—			58,143			—			—			—			—		58,143
Other revenue		14,064			3,850			—			1,676			1,996			757			53			—		22,396
Total revenues		302,517			230,610			82,795			59,819			32,971			15,187			9,556			—		733,455
Expenses:
Rental property operating		139,941			73,872			221			—			15,708			4,909			3,054			—		237,705
Hospitality operating		—			—			—			55,680			—			—			—			—		55,680
Total expenses		139,941			73,872			221			55,680			15,708			4,909			3,054			—		293,385
Income from unconsolidated entities		—			9,335			25,347			—			—			—			—			—		34,682
Income from investments in real estate debt		—			—			—			—			—			—			—			239,361		239,361
Income from investments in equity securities		56,053			21,642			8,878			—			—			—			4,538			—		91,111
Segment net operating income (loss)	$	218,629		$	187,715		$	116,799		$	4,139		$	17,263		$	10,278		$	11,040		$	239,361	$	805,224
Depreciation and amortization	$	(168,043	)	$	(131,895	)	$	(28,499	)	$	(22,706	)	$	(37,751	)	$	(7,610	)	$	(3,883	)	$	—	$	(400,387	)
General and administrative																								$	(6,960	)
Management fee																									(73,095	)
Performance participation allocation																									(143,215	)
Net gain on dispositions of real estate																									15,430
Interest income																									86
Interest expense																									(181,618	)
Loss on extinguishment of debt																									(3,416	)
Other income (expense)																									16,835
Net income																								$	28,884
Net income attributable to non-controlling interests in third party joint ventures																								$	(59	)
Net income attributable to non-controlling interests in BREIT OP																									(353	)
Net income attributable to BREIT stockholders																								$	28,472

The following table details the financial results by segment for the three months ended March 31, 2020 ($ in thousands):

	Multifamily			Industrial			Net Lease			Hospitality			Self Storage			Retail			Office			Investments in Real Estate Debt			Total
Revenues:
Rental revenue	$	227,119		$	201,397		$	82,795		$	—		$	3,564		$	14,243		$	2,977		$	—		$	532,095
Hospitality revenue		—			—			—			127,472			—			—			—			—			127,472
Other revenue		12,085			841			—			1,574			447			278			90			—			15,315
Total revenues		239,204			202,238			82,795			129,046			4,011			14,521			3,067			—			674,882
Expenses:
Rental property operating		104,560			57,170			101			—			2,102			3,420			1,035			—			168,388
Hospitality operating		—			—						99,306			—			—			—			—			99,306
Total expenses		104,560			57,170			101			99,306			2,102			3,420			1,035			—			267,694
Income from unconsolidated entities		—			—			13,269			—			—			—			—			—			13,269
Income (loss) from investments in real estate debt		—			—			—			—			—			—			—			(1,016,147	)		(1,016,147	)
Income (loss) from investments in equity securities		(8,890	)		10,063			(31,897	)		—			—			—			(3,218	)		—			(33,942	)
Segment net operating income	$	125,754		$	155,131		$	64,066		$	29,740		$	1,909		$	11,101		$	(1,186	)	$	(1,016,147	)	$	(629,632	)
Depreciation and amortization	$	(127,326	)	$	(138,124	)	$	(28,155	)	$	(22,793	)	$	(2,229	)	$	(8,635	)	$	(1,543	)	$	—		$	(328,805	)
General and administrative																										(6,682	)
Management fee																										(49,502	)
Performance participation allocation																										—
Net gains on dispositions of real estate																										371
Interest income																										1,747
Interest expense																										(188,504	)
Loss on extinguishment of debt																										(1,237	)
Other income (expense)																										(14,906	)
Net loss																									$	(1,217,150	)
Net loss attributable to non-controlling interests in third party joint ventures																									$	237
Net loss attributable to non-controlling interests in BREIT OP																										16,826
Net loss attributable to BREIT stockholders																									$	(1,200,087	)