
	September 30, 2025		December 31, 2024
Building and building improvements	$	68,879,246	$	72,126,536
Land and land improvements	15,659,440		16,406,385
Furniture, fixtures and equipment	2,375,163		2,389,177
Right of use asset - operating leases(1)	1,044,326		1,050,921
Right of use asset - financing leases(1)	72,862		72,862
Total	88,031,037		92,045,881
Accumulated depreciation and amortization	(12,115,964)		(10,587,946)
Investments in real estate, net	$	75,915,073	$	81,457,935


		Three Months Ended					Nine Months Ended
	September 30, 2025		September 30, 2025
Segments		Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)		24	$	1,132,691	$	157,680	61	$	3,179,985	$	402,001
Industrial properties		17	553,281		171,642		67	1,392,053		520,584
Retail properties		1	30,245		3,207		4	74,708		9,295
Hospitality properties		3	20,170		354		4	38,650		1,306


Total		45	$	1,736,387	$	332,883	136	$	4,685,396	$	933,186


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

Rental Housing properties(2)(3)		52	$	3,534,145	$	951,410	106	$	4,736,946	$	1,028,656

Industrial properties		3	97,714		12,868		34	789,863		198,309
Retail properties		3	90,778		16,168		13	278,422		35,925
Hospitality properties		2	43,657		8,524		2	43,657		8,524
Total		60	$	3,766,294	$	988,970	155	$	5,848,888	$	1,271,414

(1)For the three months ended September 30, 2025, net gain includes gains of $354.2 million and losses of $21.3 million. For the nine months ended September 30, 2025, net gain includes gains of $979.6 million and losses of $46.4 million. For the three months ended September 30, 2024, net gain includes gains of $1.0 billion and losses of $18.2 million. For the nine months ended September 30, 2024, net gain includes gains of $1.3 billion and losses of $49.4 million.

(3)For the three and nine months ended September 30, 2024, net proceeds includes a $200.0 million preferred interest investment retained upon the sale of 19 student housing properties.

For the three months and nine months ended September 30, 2025, the Company disposed of nine and 13 properties, respectively, alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $125.7 million and $203.7 million, respectively. 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 September 30, 2025, 33 properties in the industrial segment, 23 properties in the rental housing 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:	September 30, 2025
Investments in real estate, net	$	787,815
Other assets	11,092
Total assets	$	798,907

Liabilities:
Mortgage loans, net	$	587,483
Other liabilities	22,637
Total liabilities	$	610,120

During the three months ended September 30, 2025, the Company recognized an aggregate $27.4 million of impairment charges including (i) $13.4 million related to one rental housing property, one industrial property and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $14.0 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 nine months ended September 30, 2025, the Company recognized an aggregate $368.8 million of impairment charges including (i) $285.5 million related to 19 rental housing properties, three industrial properties, two hospitality properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $83.3 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 September 30, 2024, the Company recognized an aggregate $48.6 million of impairment charges including (i) $20.9 million related to two rental housing properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $27.7 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 nine months ended September 30, 2024, the Company recognized an aggregate $232.3 million of impairment charges including (i) $133.0 million related to seven rental housing properties, one industrial property and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $99.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.