
	September 30, 2026		December 31, 2025
Building and building improvements	$	63,650,621	$	67,814,096
Land and land improvements	13,464,058		15,171,113
Furniture, fixtures and equipment	2,422,750		2,409,651
Right of use asset - operating leases(1)	1,039,403		1,039,403
Right of use asset - financing leases(1)	72,862		72,862
Total	80,649,694		86,507,125
Accumulated depreciation and amortization	(13,682,946)		(12,573,252)
Investments in real estate, net	$	66,966,748	$	73,933,873

During the nine months ended September 30, 2026, the Company acquired two rental housing land parcels for a total purchase price of $10.3 million, which was allocated to land and land improvements. There were no acquisitions during the nine months ended September 30, 2025.


		Three Months Ended			Nine Months Ended
	September 30, 2026		September 30, 2026
Segments				Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)				65	$	1,738,842	$	278,986	111	$	3,551,966	$	491,426
Industrial properties				9	175,821		87,101		71	1,523,737		538,803
Office properties				1	49,836		—		3	88,892		792

Self Storage properties				—	—		—		79	852,277		177,305
Retail properties				—	—		—		1	34,390		13,593
Total				75	$	1,964,499	$	366,087	265	$	6,051,262	$	1,221,919


		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

(1)For the three months ended September 30, 2026, net gain includes gains of $387.1 million and losses of $21.0 million. For the nine months ended September 30, 2026, net gain includes gains of $1.3 billion and losses of $0.1 billion. 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 and nine months ended September 30, 2026, the Company disposed of eight and 50 properties, respectively, alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $137.3 million and $1.0 billion, respectively. For the three 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, 2026, eight properties in the rental housing segment, one property in the industrial 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.

During the three months ended September 30, 2026, the Company recognized an aggregate $496.7 million of impairment charges including (i) $453.7 million related to held and used real estate investments consisting of 13 rental housing properties, one office property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, and (ii) $43.0 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, 2026, the Company recognized an aggregate $731.1 million of impairment charges including (i) $621.9 million related to held and used real estate investments consisting of 22 rental housing properties, five hospitality properties, one office 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) $109.2 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, 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.