
	June 30, 2025		December 31, 2024
Building and building improvements	$	70,128,229	$	72,126,536
Land and land improvements	15,964,471		16,406,385
Furniture, fixtures and equipment	2,365,153		2,389,177
Right of use asset - operating leases(1)	1,047,413		1,050,921
Right of use asset - financing leases(1)	72,862		72,862
Total	89,578,128		92,045,881
Accumulated depreciation and amortization	(11,671,939)		(10,587,946)
Investments in real estate, net	$	77,906,189	$	81,457,935


		Three Months Ended					Six Months Ended
	June 30, 2025		June 30, 2025
Segments		Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)		18	$	1,215,368	$	174,389	37	$	2,047,294	$	244,321
Industrial properties		42	706,483		287,720		50	838,772		348,942
Hospitality properties		1	18,480		952		1	18,480		952
Retail properties		1	15,532		1,333		3	44,463		6,088


Total		62	$	1,955,863	$	464,394	91	$	2,949,009	$	600,303


		Three Months Ended					Six Months Ended
	June 30, 2024		June 30, 2024
Segments		Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)

Rental Housing properties(2)		21	$	682,826	$	32,825	54	$	1,202,800	$	77,246

Industrial properties		17	366,269		121,900		31	692,150		185,441
Retail properties		9	161,105		21,165		10	187,644		19,757

Total		47	$	1,210,200	$	175,890	95	$	2,082,594	$	282,444

(1)For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million. For the three months ended June 30, 2024, net gain includes gains of $201.0 million and losses of $25.1 million. For the six months ended June 30, 2024, net gain includes gains of $313.6 million and losses of $31.2 million.

For the three months ended June 30, 2025, the Company disposed of four properties alongside other Blackstone-advised investment vehicles for a total sale price of $78.0 million attributable to BREIT. These transactions were conducted as either single or joint transactions alongside other Blackstone-advised investment vehicles and the terms for the Company and the other Blackstone-advised investment vehicles were substantially similar and the prices of each property were negotiated with a third-party buyer. A portion of these dispositions were structured as combined portfolio transactions where the Company and one or more other Blackstone advised investment vehicles were disposing of like-kind assets to a single buyer.

As of June 30, 2025, 13 properties in the rental housing segment, three properties in the hospitality segment, one property in the industrial segment, one property in the retail segment and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.


Assets:	June 30, 2025
Investments in real estate, net	$	745,770
Other assets	3,084
Total assets	$	748,854

Liabilities:
Mortgage loans, net	$	436,236
Other liabilities	16,043
Total liabilities	$	452,279

During the three months ended June 30, 2025, the Company recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to 11 rental housing properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2025, the Company recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to 18 rental housing properties, two hospitality properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended June 30, 2024, the Company recognized an aggregate $118.0 million of impairment charges including (i) $75.6 million related to two student housing properties, one industrial property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $42.4 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2024, the Company recognized an aggregate $183.8 million of impairment charges including (i) $112.1 million related to three student housing properties, two affordable housing properties, one industrial property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $71.7 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.