XML 109 R91.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Reporting - Schedule of Financial Results by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Total revenues $ 2,055,172 $ 2,188,914
Expenses:    
Total expenses 953,089 1,005,371
(Loss) Income from unconsolidated entities (765,015) (24,358)
Income from investments in real estate debt 132,878 268,193
Change in net assets of consolidated securitization vehicles 32,185 75,413
Income from investments in equity securities   56,972
GAAP segment income (loss) 502,131 1,559,763
Depreciation and amortization (827,099) (913,208)
General and administrative (16,114) (16,350)
Management fee (168,425) (187,121)
Performance participation allocation (142,175) (104,966)
Impairment of investments in real estate (170,258) (65,714)
(Loss) income from interest rate derivatives (362,662) 315,199
Net gain on dispositions of real estate 135,909 106,554
Interest expense, net (765,796) (831,715)
Loss on extinguishment of debt (11,514) (30,648)
Other expense (13,781) (1,864)
Net loss (1,839,784) (170,070)
Net loss attributable to non-controlling interests in third party joint ventures 20,128 31,673
Net loss attributable to non-controlling interests in BREIT OP 123,019 5,384
Net loss attributable to BREIT stockholders (1,696,637) (133,013)
Net realized and unrealized gain (loss) on equity securities   55,000
Rental Housing    
Revenues:    
Total revenues 1,299,858 1,397,586
Expenses:    
Total expenses 691,293 740,945
(Loss) Income from unconsolidated entities (22,027) (8,611)
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   56,972
GAAP segment income (loss) 586,538 705,002
Depreciation and amortization (533,959) (586,190)
Industrial    
Revenues:    
Total revenues 340,708 370,888
Expenses:    
Total expenses 120,435 122,493
(Loss) Income from unconsolidated entities 86,741 (22,823)
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 307,014 225,572
Depreciation and amortization (166,126) (188,018)
Net Lease    
Revenues:    
Total revenues 150,384 150,384
Expenses:    
Total expenses 688 667
(Loss) Income from unconsolidated entities (291) 0
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 149,405 149,717
Depreciation and amortization (49,555) (51,878)
Office    
Revenues:    
Total revenues 44,534 45,549
Expenses:    
Total expenses 15,163 14,562
(Loss) Income from unconsolidated entities 2,241 5,845
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 31,612 36,832
Depreciation and amortization (21,245) (24,688)
Hospitality    
Revenues:    
Total revenues 134,183 133,177
Expenses:    
Total expenses 94,139 91,915
(Loss) Income from unconsolidated entities (2,788) (4,305)
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 37,256 36,957
Depreciation and amortization (22,964) (22,676)
Retail    
Revenues:    
Total revenues 52,984 59,088
Expenses:    
Total expenses 20,341 24,069
(Loss) Income from unconsolidated entities (1,421) (1,148)
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 31,222 33,871
Depreciation and amortization (21,040) (27,609)
Data Centers    
Revenues:    
Total revenues 13,743 13,080
Expenses:    
Total expenses 3,084 2,409
(Loss) Income from unconsolidated entities (827,470) 6,684
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) (816,811) 17,355
Depreciation and amortization (5,546) (5,541)
Self Storage    
Revenues:    
Total revenues 18,778 19,162
Expenses:    
Total expenses 7,946 8,311
(Loss) Income from unconsolidated entities 0 0
Income from investments in real estate debt 0 0
Change in net assets of consolidated securitization vehicles 0 0
Income from investments in equity securities   0
GAAP segment income (loss) 10,832 10,851
Depreciation and amortization (6,664) (6,608)
Investments in Real Estate Debt    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
(Loss) Income from unconsolidated entities 0 0
Income from investments in real estate debt 132,878 268,193
Change in net assets of consolidated securitization vehicles 32,185 75,413
Income from investments in equity securities   0
GAAP segment income (loss) 165,063 343,606
Depreciation and amortization 0 0
Rental revenue    
Revenues:    
Total revenues 1,832,389 1,963,065
Expenses:    
Total expenses 858,950 913,456
Rental revenue | Rental Housing    
Revenues:    
Total revenues 1,221,705 1,314,157
Expenses:    
Total expenses 691,293 740,945
Rental revenue | Industrial    
Revenues:    
Total revenues 334,857 367,058
Expenses:    
Total expenses 120,435 122,493
Rental revenue | Net Lease    
Revenues:    
Total revenues 150,384 150,384
Expenses:    
Total expenses 688 667
Rental revenue | Office    
Revenues:    
Total revenues 42,557 43,110
Expenses:    
Total expenses 15,163 14,562
Rental revenue | Hospitality    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Rental revenue | Retail    
Revenues:    
Total revenues 51,760 57,591
Expenses:    
Total expenses 20,341 24,069
Rental revenue | Data Centers    
Revenues:    
Total revenues 13,743 13,080
Expenses:    
Total expenses 3,084 2,409
Rental revenue | Self Storage    
Revenues:    
Total revenues 17,383 17,685
Expenses:    
Total expenses 7,946 8,311
Rental revenue | Investments in Real Estate Debt    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality    
Revenues:    
Total revenues 134,116 133,177
Expenses:    
Total expenses 94,139 91,915
Hospitality | Rental Housing    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Industrial    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Net Lease    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Office    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Hospitality    
Revenues:    
Total revenues 134,116 133,177
Expenses:    
Total expenses 94,139 91,915
Hospitality | Retail    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Data Centers    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Self Storage    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Hospitality | Investments in Real Estate Debt    
Revenues:    
Total revenues 0 0
Expenses:    
Total expenses 0 0
Other revenue    
Revenues:    
Total revenues 88,667 92,672
Other revenue | Rental Housing    
Revenues:    
Total revenues 78,153 83,429
Other revenue | Industrial    
Revenues:    
Total revenues 5,851 3,830
Other revenue | Net Lease    
Revenues:    
Total revenues 0 0
Other revenue | Office    
Revenues:    
Total revenues 1,977 2,439
Other revenue | Hospitality    
Revenues:    
Total revenues 67 0
Other revenue | Retail    
Revenues:    
Total revenues 1,224 1,497
Other revenue | Data Centers    
Revenues:    
Total revenues 0 0
Other revenue | Self Storage    
Revenues:    
Total revenues 1,395 1,477
Other revenue | Investments in Real Estate Debt    
Revenues:    
Total revenues $ 0 $ 0