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Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Total Assets and Financial Results by Segment
The following table details the total assets by segment ($ in thousands):
 June 30, 2025December 31, 2024
Rental Housing$55,816,287 $58,567,894 
Industrial17,182,149 17,771,159 
Net Lease8,005,793 8,029,195 
Office2,807,157 2,759,646 
Hospitality2,575,302 2,696,612 
Retail2,022,286 2,119,705 
Data Centers1,841,163 2,442,748 
Self Storage705,197 714,617 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value16,566,057 18,801,660 
Other (Corporate)1,482,547 2,335,005 
Total assets$109,003,938 $116,238,241 
The following table details the financial results by segment for the three months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitalityRetail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:
Rental revenue$1,170,522 $323,289 $150,385 $43,379 $— $51,589 $13,504 $17,992 $— $1,770,660 
Hospitality revenue— — — — 139,199 — — — — 139,199 
Other revenue81,944 2,311 — 1,925 192 907 19 1,224 — 88,522 
Total revenues1,252,466 325,600 150,385 45,304 139,391 52,496 13,523 19,216 — 1,998,381 
Expenses:
Rental property operating670,569 109,291 655 16,797 — 19,682 2,993 8,838 — 828,825 
Hospitality operating— — — — 97,968 — — — — 97,968 
Total expenses670,569 109,291 655 16,797 97,968 19,682 2,993 8,838 — 926,793 
(Loss) Income from unconsolidated entities(5,416)126,185 (106)5,649 (2,278)(1,133)(95,910)— — 26,991 
Income from investments in real estate debt— — — — — — — — 133,654 133,654 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 38,207 38,207 
GAAP segment income (loss)$576,481 $342,494 $149,624 $34,156 $39,145 $31,681 $(85,380)$10,378 $171,861 $1,270,440 
Depreciation and amortization$(520,797)$(162,066)$(49,556)$(21,696)$(22,989)$(19,259)$(5,546)$(6,742)$— $(808,651)
General and administrative(16,886)
Management fee(166,892)
Performance participation allocation(88,824)
Impairment of investments in real estate(171,113)
Loss from interest rate derivatives
(236,097)
Net gain on dispositions of real estate464,394 
Interest expense, net
(777,766)
Loss on extinguishment of debt(25,360)
Other expense
(12,228)
Net loss$(568,983)
Net loss attributable to non-controlling interests in third party joint ventures$40,124 
Net loss attributable to non-controlling interests in BREIT OP
40,381 
Net loss attributable to BREIT stockholders
$(488,478)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:
Rental revenue$1,276,380 $356,620 $150,384 $42,733 $— $55,491 $13,356 $17,580 $— $1,912,544 
Hospitality revenue— — — — 150,129 — — — — 150,129 
Other revenue85,375 5,212 — 2,698 — 1,194 — 1,395 — 95,874 
Total revenues1,361,755 361,832 150,384 45,431 150,129 56,685 13,356 18,975 — 2,158,547 
Expenses:
Rental property operating732,169 119,108 660 15,643 — 23,533 2,594 9,004 — 902,711 
Hospitality operating— — — — 101,969 — — — — 101,969 
Total expenses732,169 119,108 660 15,643 101,969 23,533 2,594 9,004 — 1,004,680 
(Loss) income from unconsolidated entities(5,513)(30,452)— 7,743 (800)(580)(8,396)— — (37,998)
Income from investments in real estate debt
— — — — — — — — 157,075 157,075 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 41,013 41,013 
Income from investments in equity securities(2)
4,509 — — — — — — — — 4,509 
GAAP Segment net income$628,582 $212,272 $149,724 $37,531 $47,360 $32,572 $2,366 $9,971 $198,088 $1,318,466 
Depreciation and amortization$(570,934)$(183,749)$(51,878)$(23,060)$(22,990)$(24,529)$(5,541)$(6,653)$— $(889,334)
General and administrative(17,950)
Management fee(180,655)
Performance participation allocation104,966 
Impairment of investments in real estate(118,044)
Loss from interest rate derivatives(52,637)
Net gain on dispositions of real estate175,890 
Interest expense, net
(857,855)
Loss on extinguishment of debt(21,404)
Other expense(2)
(43,450)
Net loss
$(582,007)
Net loss attributable to non-controlling interests in third party joint ventures$37,386 
Net loss attributable to non-controlling interests in BREIT OP
26,122 
Net loss attributable to BREIT stockholders
$(518,499)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
(2)Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.8 million of net unrealized/realized gain related to equity securities.
The following table details the financial results by segment for the six months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:         
Rental revenue$2,392,227 $658,146 $300,769 $85,936 $— $103,349 $27,247 $35,375 $— $3,603,049 
Hospitality revenue— — — — 273,315 — — — — 273,315 
Other revenue160,097 8,162 — 3,902 259 2,131 19 2,619 — 177,189 
Total revenues2,552,324 666,308 300,769 89,838 273,574 105,480 27,266 37,994 — 4,053,553 
Expenses:
Rental property operating1,361,862 229,726 1,343 31,960 — 40,023 6,077 16,784 — 1,687,775 
Hospitality operating— — — — 192,107 — — — — 192,107 
Total expenses1,361,862 229,726 1,343 31,960 192,107 40,023 6,077 16,784 — 1,879,882 
(Loss) Income from unconsolidated entities(27,443)212,926 (397)7,890 (5,066)(2,554)(923,380)— — (738,024)
Income from investments in real estate debt— — — — — — — — 266,532 266,532 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 70,392 70,392 
GAAP segment income (loss)$1,163,019 $649,508 $299,029 $65,768 $76,401 $62,903 $(902,191)$21,210 $336,924 $1,772,571 
Depreciation and amortization$(1,054,756)$(328,192)$(99,111)$(42,941)$(45,953)$(40,299)$(11,092)$(13,406)$— $(1,635,750)
General and administrative(33,000)
Management fee(335,317)
Performance participation allocation(230,999)
Impairment of investments in real estate(341,371)
Loss from interest rate derivatives
(598,759)
Net gain on dispositions of real estate600,303 
Interest expense, net
(1,543,562)
Loss on extinguishment of debt(36,874)
Other expense
(26,009)
Net loss
$(2,408,767)
Net loss attributable to non-controlling interests in third party joint ventures$60,252 
Net loss attributable to non-controlling interests in BREIT OP
163,400 
Net loss attributable to BREIT stockholders
$(2,185,115)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands):
 Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:         
Rental revenue$2,590,537 $723,678 $300,769 $85,842 $— $113,082 $26,436 $35,265 $— $3,875,609 
Hospitality revenue— — — — 283,306 — — — — 283,306 
Other revenue168,805 9,042 — 5,137 — 2,690 — 2,872 — 188,546 
Total revenues2,759,342 732,720 300,769 90,979 283,306 115,772 26,436 38,137 — 4,347,461 
Expenses:
Rental property operating1,473,115 241,602 1,326 30,205 — 47,601 5,003 17,315 — 1,816,167 
Hospitality operating— — — — 193,884 — — — — 193,884 
Total expenses1,473,115 241,602 1,326 30,205 193,884 47,601 5,003 17,315 — 2,010,051 
(Loss) income from unconsolidated entities(14,124)(53,276)— 13,588 (5,105)(1,728)(1,711)— — (62,356)
Income from investments in real estate debt— — — — — — — — 425,268 425,268 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 116,426 116,426 
Income from investments in equity securities(2)
61,482 — — — — — — — — 61,482 
GAAP segment income$1,333,585 $437,842 $299,443 $74,362 $84,317 $66,443 $19,722 $20,822 $541,694 $2,878,230 
Depreciation and amortization$(1,157,124)$(371,767)$(103,756)$(47,748)$(45,666)$(52,138)$(11,082)$(13,261)$— $(1,802,542)
General and administrative(34,300)
Management fee(367,776)
Impairment of investments in real estate(183,758)
Income from interest rate derivatives
262,562 
Net gain on dispositions of real estate282,444 
Interest expense, net
(1,689,570)
Loss on extinguishment of debt
(52,052)
Other expense(1)
(45,315)
Net loss$(752,077)
Net loss attributable to non-controlling interests in third party joint ventures$69,059 
Net loss attributable to non-controlling interests in BREIT OP
31,506 
Net loss attributable to BREIT stockholders$(651,512)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
(2)Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities.