Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Total Assets and Financial Results by Segment

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


	March 31, 2025		December 31, 2024
Rental Housing	$	57,347,994	$	58,567,894
Industrial	17,617,765		17,771,159
Net Lease	8,018,753		8,029,195
Office	2,761,156		2,759,646
Hospitality	2,618,679		2,696,612
Retail	2,055,233		2,119,705
Data Centers	1,585,297		2,442,748
Self Storage	710,981		714,617
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value	18,303,726		18,801,660
Other (Corporate)	1,911,634		2,335,005
Total assets	$	112,931,218	$	116,238,241

The following table details the financial results by segment for the three months ended March 31, 2025 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		Retail		Data Centers		Self Storage		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,221,705	$	334,857	$	150,384	$	42,557	$	—	$	51,760	$	13,743	$	17,383	$	—	$	1,832,389
Hospitality revenue	—		—		—		—		134,116		—		—		—		—		134,116
Other revenue	78,153		5,851		—		1,977		67		1,224		—		1,395		—		88,667
Total revenues	1,299,858		340,708		150,384		44,534		134,183		52,984		13,743		18,778		—		2,055,172
Expenses:
Rental property operating	691,293		120,435		688		15,163		—		20,341		3,084		7,946		—		858,950
Hospitality operating	—		—		—		—		94,139		—		—		—		—		94,139
Total expenses	691,293		120,435		688		15,163		94,139		20,341		3,084		7,946		—		953,089
(Loss) Income from unconsolidated entities	(22,027)		86,741		(291)		2,241		(2,788)		(1,421)		(827,470)		—		—		(765,015)
Income from investments in real estate debt	—		—		—		—		—		—		—		—		132,878		132,878
Changes in net assets of consolidated securitization vehicles	—		—		—		—		—		—		—		—		32,185		32,185

GAAP segment income (loss)	$	586,538	$	307,014	$	149,405	$	31,612	$	37,256	$	31,222	$	(816,811)	$	10,832	$	165,063	$	502,131

Depreciation and amortization	$	(533,959)	$	(166,126)	$	(49,555)	$	(21,245)	$	(22,964)	$	(21,040)	$	(5,546)	$	(6,664)	$	—	$	(827,099)

General and administrative																			(16,114)
Management fee																			(168,425)
Performance participation allocation																			(142,175)
Impairment of investments in real estate																			(170,258)
Loss from interest rate derivatives																			(362,662)
Net gain on dispositions of real estate																			135,909

Interest expense, net																			(765,796)
Loss on extinguishment of debt																			(11,514)
Other expense																			(13,781)
Net loss																			$	(1,839,784)
Net loss attributable to non-controlling interests in third party joint ventures																			$	20,128
Net loss attributable to non-controlling interests in BREIT OP																			123,019
Net loss attributable to BREIT stockholders																			$	(1,696,637)

The following table details the financial results by segment for the three months ended March 31, 2024 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		Retail		Data Centers		Self Storage		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,314,157	$	367,058	$	150,384	$	43,110	$	—	$	57,591	$	13,080	$	17,685	$	—	$	1,963,065
Hospitality revenue	—		—		—		—		133,177		—		—		—		—		133,177
Other revenue	83,429		3,830		—		2,439		—		1,497		—		1,477		—		92,672
Total revenues	1,397,586		370,888		150,384		45,549		133,177		59,088		13,080		19,162		—		2,188,914
Expenses:
Rental property operating	740,945		122,493		667		14,562		—		24,069		2,409		8,311		—		913,456
Hospitality operating	—		—		—		—		91,915		—		—		—		—		91,915
Total expenses	740,945		122,493		667		14,562		91,915		24,069		2,409		8,311		—		1,005,371
(Loss) income from unconsolidated entities	(8,611)		(22,823)		—		5,845		(4,305)		(1,148)		6,684		—		—		(24,358)
Income from investments in real estate debt	—		—		—		—		—		—		—		—		268,193		268,193
Changes in net assets of consolidated securitization vehicles	—		—		—		—		—		—		—		—		75,413		75,413
Income from investments in equity securities(1)	56,972		—		—		—		—		—		—		—		—		56,972
GAAP segment income	$	705,002	$	225,572	$	149,717	$	36,832	$	36,957	$	33,871	$	17,355	$	10,851	$	343,606	$	1,559,763

Depreciation and amortization	$	(586,190)	$	(188,018)	$	(51,878)	$	(24,688)	$	(22,676)	$	(27,609)	$	(5,541)	$	(6,608)	$	—	$	(913,208)

General and administrative																			(16,350)
Management fee																			(187,121)
Impairment of investments in real estate																			(65,714)
Income from interest rate derivatives																			315,199
Performance participation allocation																			(104,966)
Net gain on dispositions of real estate																			106,554

Interest expense, net																			(831,715)
Loss on extinguishment of debt																			(30,648)
Other expense(1)																			(1,864)
Net loss																			$	(170,070)
Net loss attributable to non-controlling interests in third party joint ventures																			$	31,673
Net loss attributable to non-controlling interests in BREIT OP																			5,384
Net loss attributable to BREIT stockholders																			$	(133,013)

(1) Included within Other Income (Expense) on the Condensed Consolidated Statements of Operations is $55.0 million of net unrealized/ realized gain related to equity securities.