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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                  TO                 
Commission File Number: 000-55931
breit-20220930_g1.jpg 
Blackstone Real Estate Income Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland81-0696966
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York,NY10154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 583-5000
Securities registered pursuant to Section 12(b) of the Act: None
Title of each class Trading
Symbol(s)
 Name of each exchange on which registered
     
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer 
   
Non-accelerated filer Smaller reporting company 
      
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
As of November 14, 2022, the issuer had the following shares outstanding: 1,600,913,588 shares of Class S common stock, 2,404,161,392 shares of Class I common stock, 74,044,042 shares of Class T common stock, and 421,959,619 shares of Class D common stock.




TABLE OF CONTENTS
 
PART I.
ITEM 1.
 
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.





PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
 September 30, 2022December 31, 2021
Assets  
Investments in real estate, net$98,793,106 $66,941,653 
Investments in unconsolidated entities (includes $4,781,292 and $1,613,646 at fair value
    as of September 30, 2022 and December 31, 2021, respectively)
9,242,357 5,501,305 
Investments in real estate debt8,081,409 6,970,606 
Real estate loans held by consolidated securitization vehicles, at fair value17,390,941 17,055,986 
Cash and cash equivalents1,676,732 989,674 
Restricted cash1,524,831 2,428,907 
Other assets8,193,276 6,450,733 
Total assets$144,902,652 $106,338,864 
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net$63,540,348 $41,327,388 
Secured financings of investments in real estate debt5,050,044 4,706,632 
Senior obligations of consolidated securitization vehicles, at fair value15,600,814 15,030,653 
Unsecured revolving credit facilities and term loans826,923  
Due to affiliates2,173,512 1,309,447 
Other liabilities5,100,720 4,184,148 
Total liabilities92,292,361 66,558,268 
Commitments and contingencies  
Redeemable non-controlling interests586,795 750,670 
Equity
Common stock — Class S shares, $0.01 par value per share, 3,000,000 shares authorized; 1,588,546 and 1,254,348 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
15,885 12,543 
Common stock — Class I shares, $0.01 par value per share, 6,000,000 shares authorized; 2,446,025 and 2,086,631 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
24,460 20,865 
Common stock — Class T shares, $0.01 par value per share, 500,000 shares authorized; 73,224 and 57,287 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
732 573 
Common stock — Class D shares, $0.01 par value per share, 500,000 shares authorized; 415,535 and 291,087 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
4,155 2,911 
Additional paid-in capital53,782,051 42,249,094 
Accumulated other comprehensive income (loss)364,749 (9,569)
Accumulated deficit and cumulative distributions(7,871,239)(5,631,014)
Total stockholders’ equity46,320,793 36,645,403 
Non-controlling interests attributable to third party joint ventures4,206,552 1,744,256 
Non-controlling interests attributable to BREIT OP unitholders1,496,151 640,267 
Total equity52,023,496 39,029,926 
Total liabilities and equity$144,902,652 $106,338,864 


See accompanying notes to condensed consolidated financial statements.
1


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
Rental revenue$1,825,984 $808,098 $4,578,797 $2,141,823 
Hospitality revenue193,141 127,507 538,038 288,310 
Other revenue109,785 43,704 254,141 92,814 
Total revenues2,128,910 979,309 5,370,976 2,522,947 
Expenses
Rental property operating850,599 314,017 2,067,185 799,707 
Hospitality operating137,345 92,280 376,620 223,053 
General and administrative13,223 7,106 38,082 21,855 
Management fee219,778 122,866 621,556 288,144 
Performance participation allocation194,361 449,822 817,527 892,410 
Depreciation and amortization1,127,701 482,045 3,001,101 1,282,053 
Total expenses2,543,007 1,468,136 6,922,071 3,507,222 
Other income (expense)
(Loss) income from unconsolidated entities(73,009)78,445 51,502 183,155 
Income (loss) from investments in real estate debt86,493 59,567 (73,257)344,440 
Change in net assets of consolidated securitization vehicles(8,798)23,485 (68,407)94,546 
Income from equity securities and interest rate derivatives1,158,717 178,212 2,049,697 412,571 
Net gain (loss) on dispositions of real estate317,981 (9,586)740,395 13,216 
Interest expense(703,203)(204,444)(1,483,991)(567,252)
Loss on extinguishment of debt(3,266)(3,372)(10,665)(9,545)
Other expense(15,939)(634)(23,787)(1,708)
Total other income (expense)758,976 121,673 1,181,487 469,423 
Net income (loss)$344,879 $(367,154)$(369,608)$(514,852)
Net loss attributable to non-controlling interests in third party joint ventures$43,549 $5,472 $119,151 $5,149 
Net (income) loss attributable to non-controlling interests in BREIT OP unit holders(16,261)4,393 1,946 $6,129 
Net income (loss) attributable to BREIT stockholders$372,167 $(357,289)$(248,511)$(503,574)
Net income (loss) per share of common stock — basic and diluted$0.08 $(0.12)$(0.06)$(0.21)
Weighted-average shares of common stock outstanding, basic and diluted4,484,761 2,873,453 4,291,557 2,379,158 
 


See accompanying notes to condensed consolidated financial statements.

2


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income (loss)$344,879 $(367,154)$(369,608)$(514,852)
Other comprehensive income (loss):
Foreign currency translation losses, net(59,893)(8,643)(100,902)(8,643)
Unrealized gain on derivatives428,857  428,857  
Unrealized gain on derivatives from unconsolidated entities122,466  149,348  
Other comprehensive income (loss)491,430 (8,643)477,303 (8,643)
Comprehensive income (loss)836,309 (375,797)107,695 (523,495)
Comprehensive (income) loss attributable to non-controlling interests in third party joint ventures(49,272)5,472 26,330 5,149 
Comprehensive (income) loss attributable to non-controlling interests in BREIT OP unit holders(26,425)4,393 (8,218)6,129 
Comprehensive income (loss) attributable to BREIT stockholders$760,612 $(365,932)$125,807 $(512,217)



See accompanying notes to condensed consolidated financial statements.
3


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in thousands, except per share data)
Par ValueAccumulated
Other Comprehensive (Loss) Income
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at June 30, 2022$15,438 $24,322 $722 $3,894 $52,620,021 $(23,696)$(7,548,460)$45,092,241 $1,764,988 $1,384,396 $48,241,625 
Common stock issued602 1,684 19 286 3,954,743 — — 3,957,334 — — 3,957,334 
Offering costs— — — — (92,760)— — (92,760)— — (92,760)
Distribution reinvestment83 133 4 23 363,704 — — 363,947 — — 363,947 
Common stock/units repurchased(238)(1,727)(13)(48)(3,050,522)— — (3,052,548)— (2,452)(3,055,000)
Amortization of compensation awards— 48 — — 4,757 — — 4,805 — 4,287 9,092 
Net income ($2,462 allocated to redeemable non‑controlling interests)
— — — — — — 372,167 372,167 (43,627)13,877 342,417 
Other comprehensive income— — — — — 388,445 — 388,445 92,821 10,164 491,430 
Distributions declared on common stock ($0.1677 gross per share)
— — — — — — (694,946)(694,946)— — (694,946)
Contributions from non-controlling interests— — — — — — — — 2,417,521 105,980 2,523,501 
Distributions to and redemptions of non-controlling interests— — — — (18,394)— — (18,394)(25,151)(20,101)(63,646)
Allocation to redeemable non-controlling interests— — — — 502 — — 502 — — 502 
Balance at September 30, 2022$15,885 $24,460 $732 $4,155 $53,782,051 $364,749 $(7,871,239)$46,320,793 $4,206,552 $1,496,151 $52,023,496 
Par ValueAccumulated
Other Comprehensive Loss
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at June 30, 2021$9,218 $13,262 $502 $1,815 $26,842,197 $ $(4,008,476)$22,858,518 $153,817 $250,150 $23,262,485 
Common stock issued1,561 3,639 37 612 7,446,347 — — 7,452,196 — — 7,452,196 
Offering costs— — — — (249,159)— — (249,159)— — (249,159)
Distribution reinvestment65 83 3 13 211,879 — — 212,043 — — 212,043 
Common stock/units repurchased(29)(123)(3)(5)(205,990)— — (206,150)—  (206,150)
Amortization of compensation awards— 2 — — 151 — — 153 — 1,177 1,330 
Net loss ($382 allocated to redeemable non‑controlling interests)
— — — — — — (357,289)(357,289)(5,092)(4,391)(366,772)
Other comprehensive loss— — — — — (8,643)— (8,643)— — (8,643)
Distributions declared on common stock ($0.1637 gross per share)
— — — — — — (438,422)(438,422)— — (438,422)
Contributions from non-controlling interests— — — — — — — — 603,165 167,946 771,111 
Distributions to and redemptions of non-controlling interests— — — — — — — — (3,695)(5,280)(8,975)
Allocation to redeemable non-controlling interests— — — — (24,843)— — (24,843)