v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in eight reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Retail, Data Centers, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that GAAP Segment Income (Loss) is the key performance metric that is most consistent with the amounts included in its condensed consolidated financial statements and captures the unique operating characteristics of each segment to enable its chief operating decision maker to assess performance and allocate resources.
Prior to May 2026, the Company operated in nine reportable segments, including Self Storage. Following the sale of all remaining Self Storage properties in May 2026, the segment was removed from reportable segments, with results included in continuing operations for all periods presented. Please refer to Note 1 for additional information.
The following table details the total assets by segment ($ in thousands):
June 30, 2026December 31, 2025
Rental Housing$50,336,887 $52,515,012 
Industrial14,741,883 15,895,162 
Net Lease7,973,242 7,983,266 
Office2,598,518 2,771,839 
Hospitality2,323,393 2,409,014 
Retail1,912,199 1,960,373 
Data Centers1,796,237 1,827,636 
Self Storage (1)
— 691,931 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value7,800,346 11,039,213 
Other (Corporate)1,271,152 1,510,062 
Total assets$90,753,857 $98,603,508 
(1) During the three months ended June 30, 2026, the Company exited the self storage segment as a result of the sale of all remaining properties in May of 2026.
The following table details the financial results by segment for the three months ended June 30, 2026 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitalityRetail
Data Centers
Self
Storage(1)
Investments in
Real Estate
Debt(2)
Total
Revenues:
Rental revenue$1,066,971 $298,853 $150,385 $40,697 $— $48,910 $15,579 $7,710 $— $1,629,105 
Hospitality revenue— — — — 145,475 — — — — 145,475 
Other revenue76,942 2,962 1,323 2,364 — 1,034 7 1,415 — 86,047 
Total revenues1,143,913 301,815 151,708 43,061 145,475 49,944 15,586 9,125 — 1,860,627 
Expenses:
Rental property operating615,363 103,977 1,942 14,822 — 20,788 3,562 3,497 — 763,951 
Hospitality operating— — — — 97,650 — — — — 97,650 
Total expenses615,363 103,977 1,942 14,822 97,650 20,788 3,562 3,497 — 861,601 
(Loss) income from unconsolidated entities(11,172)5,255 70 8,630 (605)764 22,730 — — 25,672 
Income from investments in real estate debt— — — — — — — — 82,767 82,767 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 9,217 9,217 
GAAP segment income$517,378 $203,093 $149,836 $36,869 $47,220 $29,920 $34,754 $5,628 $91,984 $1,116,682 
Depreciation and amortization$(484,746)$(140,540)$(49,556)$(20,163)$(22,548)$(16,733)$(5,484)$(2,741)$— $(742,511)
General and administrative(18,109)
Management fee(176,615)
Performance participation allocation(243,066)
Impairment of investments in real estate(99,250)
Loss from interest rate derivatives(56,333)
Net gain on dispositions of real estate393,297 
Interest expense, net
(604,639)
Loss on extinguishment of debt(24,453)
Other expense
(11,188)
Net loss$(466,185)
Net loss attributable to non-controlling interests in consolidated subsidiaries$24,100 
Net loss attributable to non-controlling interests in BREIT OP
40,663 
Net loss attributable to BREIT stockholders
$(401,422)
(1)Includes the financial results for the Self Storage properties through disposition in May 2026.
(2)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the three months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitality
Retail
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 consolidated subsidiaries$40,124 
Net loss attributable to non-controlling interests in BREIT OP
40,381 
Net loss attributable to BREIT stockholders
$(488,478)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the six months ended June 30, 2026 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data Centers
Self
Storage(1)
Investments in
Real Estate
Debt(2)
Total
Revenues:
Rental revenue$2,195,056 $615,277 $300,769 $82,216 $— $100,429 $31,397 $25,215 $— $3,350,359 
Hospitality revenue— — — — 281,662 — — — — 281,662 
Other revenue148,049 6,193 2,790 4,710 — 1,896 7 2,627 — 166,272 
Total revenues2,343,105 621,470 303,559 86,926 281,662 102,325 31,404 27,842 — 3,798,293 
Expenses:
Rental property operating1,238,668 225,428 4,019 29,286 — 43,250 7,239 12,163 — 1,560,053 
Hospitality operating— — — — 192,128 — — — — 192,128 
Total expenses1,238,668 225,428 4,019 29,286 192,128 43,250 7,239 12,163 — 1,752,181 
(Loss) income from unconsolidated entities(25,612)284 217 14,079 (4,124)1,213 (2,547)— — (16,490)
Income from investments in real estate debt— — — — — — — — 160,443 160,443 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 26,243 26,243 
GAAP segment income$1,078,825 $396,326 $299,757 $71,719 $85,410 $60,288 $21,618 $15,679 $186,686 $2,216,308 
Depreciation and amortization$(979,760)$(284,115)$(99,111)$(40,801)$(44,569)$(33,897)$(11,133)$(9,614)$— $(1,503,000)
General and administrative(32,554)
Management fee(348,840)
Performance participation allocation(399,772)
Impairment of investments in real estate(234,467)
Loss from interest rate derivatives(46,040)
Net gain on dispositions of real estate855,832 
Interest expense, net
(1,300,099)
Loss on extinguishment of debt(37,330)
Other expense
(21,746)
Net loss
$(851,708)
Net loss attributable to non-controlling interests in consolidated subsidiaries$18,531 
Net loss attributable to non-controlling interests in BREIT OP
74,297 
Net loss attributable to BREIT stockholders
$(758,880)
(1)Includes the financial results for the Self Storage properties through disposition in May 2026.
(2)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the six months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data CentersSelf
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 consolidated subsidiaries$60,252 
Net loss attributable to non-controlling interests in BREIT OP
163,400 
Net loss attributable to BREIT stockholders$(2,185,115)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.