v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in eight reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Data Centers, Retail, 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):
September 30, 2026December 31, 2025
Rental Housing$48,400,784 $52,515,012 
Industrial14,656,582 15,895,162 
Net Lease7,970,135 7,983,266 
Office2,523,286 2,771,839 
Hospitality2,301,460 2,409,014 
Data Centers2,296,918 1,827,636 
Retail1,911,427 1,960,373 
Self Storage (1)
— 691,931 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value7,651,516 11,039,213 
Other (Corporate)1,223,694 1,510,062 
Total assets$88,935,802 $98,603,508 
(1) The Company exited the self storage segment as a result of the sale of all remaining properties in May of 2026.
The following table details the financial results by segment for the three months ended September 30, 2026 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitality
Data Centers
Retail
Investments in
Real Estate
Debt(1)
Total
Revenues:
Rental revenue$1,012,733 $302,546 $150,384 $39,517 $— $17,913 $50,519 $— $1,573,612 
Hospitality revenue— — — — 132,949 — — — 132,949 
Other revenue79,101 2,499 1,493 2,049 — — 721 — 85,863 
Total revenues1,091,834 305,045 151,877 41,566 132,949 17,913 51,240 — 1,792,424 
Expenses:
Rental property operating629,180 108,343 2,327 12,919 — 4,171 20,895 — 777,835 
Hospitality operating— — — — 94,443 — — — 94,443 
Total expenses629,180 108,343 2,327 12,919 94,443 4,171 20,895 — 872,278 
(Loss) income from unconsolidated entities(11,500)35,135 445 5,399 (1,974)447,484 626 — 475,615 
Income from investments in real estate debt— — — — — — — 60,098 60,098 
Changes in net assets of consolidated securitization vehicles— — — — — — — 10,593 10,593 
GAAP segment income$451,154 $231,837 $149,995 $34,046 $36,532 $461,226 $30,971 $70,691 $1,466,452 
Depreciation and amortization$(468,453)$(139,983)$(49,555)$(19,853)$(21,895)$(5,402)$(16,634)$— $(721,775)
General and administrative(12,674)
Management fee(181,275)
Performance participation allocation(163,016)
Impairment of investments in real estate(496,681)
Income from interest rate derivatives
119,469 
Net gain on dispositions of real estate366,087 
Interest expense, net
(676,137)
Gain on extinguishment of debt17,607 
Other expense
(14,182)
Net loss$(296,125)
Net loss attributable to non-controlling interests in consolidated subsidiaries$117,175 
Net loss attributable to non-controlling interests in BREIT OP
18,060 
Net loss attributable to BREIT stockholders
$(160,890)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the three months ended September 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitalityData Centers
Retail
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:
Rental revenue$1,122,936 $321,059 $150,384 $42,741 $— $13,300 $50,338 $18,385 $— $1,719,143 
Hospitality revenue— — — — 123,399 — — — — 123,399 
Other revenue90,591 2,757 — 5,222 — — 989 1,343 — 100,902 
Total revenues1,213,527 323,816 150,384 47,963 123,399 13,300 51,327 19,728 — 1,943,444 
Expenses:
Rental property operating665,652 113,878 552 14,964 — 2,796 20,468 9,499 — 827,809 
Hospitality operating— — — — 89,125 — — — — 89,125 
Total expenses665,652 113,878 552 14,964 89,125 2,796 20,468 9,499 — 916,934 
(Loss) income from unconsolidated entities(12,990)(54,950)(123)8,629 (2,643)(87,322)(393)— — (149,792)
Income from investments in real estate debt
— — — — — — — — 142,396 142,396 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 18,613 18,613 
GAAP segment income (loss)$534,885 $154,988 $149,709 $41,628 $31,631 $(76,818)$30,466 $10,229 $161,009 $1,037,727 
Depreciation and amortization$(504,176)$(159,828)$(49,555)$(21,401)$(22,247)$(5,546)$(18,897)$(6,825)$— $(788,475)
General and administrative(17,958)
Management fee(166,757)
Performance participation allocation(124,029)
Impairment of investments in real estate(27,386)
Loss from interest rate derivatives(159,269)
Net gain on dispositions of real estate332,883 
Interest expense, net
(768,735)
Loss on extinguishment of debt(17,186)
Other expense
(14,332)
Net loss
$(713,517)
Net loss attributable to non-controlling interests in consolidated subsidiaries$18,164 
Net loss attributable to non-controlling interests in BREIT OP
56,671 
Net loss attributable to BREIT stockholders
$(638,682)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the nine months ended September 30, 2026 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Data Centers
Retail
Self
Storage(1)
Investments in
Real Estate
Debt(2)
Total
Revenues:
Rental revenue$3,207,789 $917,823 $451,153 $121,733 $— $49,310 $150,948 $25,215 $— $4,923,971 
Hospitality revenue— — — — 414,611 — — — — 414,611 
Other revenue227,150 8,692 4,283 6,759 — 7 2,617 2,627 — 252,135 
Total revenues3,434,939 926,515 455,436 128,492 414,611 49,317 153,565 27,842 — 5,590,717 
Expenses:
Rental property operating1,867,848 333,771 6,346 42,205 — 11,410 64,145 12,163 — 2,337,888 
Hospitality operating— — — — 286,571 — — — — 286,571 
Total expenses1,867,848 333,771 6,346 42,205 286,571 11,410 64,145 12,163 — 2,624,459 
(Loss) income from unconsolidated entities(37,112)35,419 662 19,478 (6,098)444,937 1,839 — — 459,125 
Income from investments in real estate debt— — — — — — — — 220,541 220,541 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 36,836 36,836 
GAAP segment income$1,529,979 $628,163 $449,752 $105,765 $121,942 $482,844 $91,259 $15,679 $257,377 $3,682,760 
Depreciation and amortization$(1,448,213)$(424,098)$(148,666)$(60,654)$(66,464)$(16,535)$(50,531)$(9,614)$— $(2,224,775)
General and administrative(45,228)
Management fee(530,115)
Performance participation allocation(562,788)
Impairment of investments in real estate(731,148)
Income from interest rate derivatives
73,429 
Net gain on dispositions of real estate1,221,919 
Interest expense, net
(1,976,236)
Loss on extinguishment of debt(19,723)
Other expense
(35,928)
Net loss
$(1,147,833)
Net loss attributable to non-controlling interests in consolidated subsidiaries$135,706 
Net loss attributable to non-controlling interests in BREIT OP
92,357 
Net loss attributable to BREIT stockholders
$(919,770)
(1)Includes the financial results for the Self Storage properties through disposition in May 2026.
(2)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the nine months ended September 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Data Centers
Retail
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:
Rental revenue$3,515,163 $979,205 $451,153 $128,677 $— $40,547 $153,687 $53,760 $— $5,322,192 
Hospitality revenue— — — — 396,714 — — — — 396,714 
Other revenue250,688 10,919 — 9,124 259 19 3,120 3,962 — 278,091 
Total revenues3,765,851 990,124 451,153 137,801 396,973 40,566 156,807 57,722 — 5,996,997 
Expenses:
Rental property operating2,027,514 343,604 1,895 46,924 — 8,873 60,491 26,283 — 2,515,584 
Hospitality operating— — — — 281,232 — — — — 281,232 
Total expenses2,027,514 343,604 1,895 46,924 281,232 8,873 60,491 26,283 — 2,796,816 
(Loss) income from unconsolidated entities(40,433)157,976 (520)16,519 (7,709)(1,010,702)(2,947)— — (887,816)
Income from investments in real estate debt— — — — — — — — 408,928 408,928 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 89,005 89,005 
GAAP segment income (loss)$1,697,904 $804,496 $448,738 $107,396 $108,032 $(979,009)$93,369 $31,439 $497,933 $2,810,298 
Depreciation and amortization$(1,558,932)$(488,020)$(148,666)$(64,342)$(68,200)$(16,638)$(59,196)$(20,231)$— $(2,424,225)
General and administrative(50,958)
Management fee(502,074)
Performance participation allocation(355,028)
Impairment of investments in real estate(368,757)
Loss from interest rate derivatives
(758,028)
Net gain on dispositions of real estate933,186 
Interest expense, net
(2,312,297)
Loss on extinguishment of debt
(54,060)
Other expense(40,341)
Net loss$(3,122,284)
Net loss attributable to non-controlling interests in consolidated subsidiaries$78,416 
Net loss attributable to non-controlling interests in BREIT OP
220,071 
Net loss attributable to BREIT stockholders$(2,823,797)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.