UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBERSeptember 30, 20222023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                 TO                 
Commission File Number: 000-55931
blackstone logo.jpg 
Blackstone Real Estate Income Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland81-0696966
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York,,NY10154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 583-5000
Securities registered pursuant to Section 12(b) of the Act: None
Title of each class Trading
Symbol(s)
 Name of each exchange on which registered
     
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer 
   
Non-accelerated filer Smaller reporting company 
      
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of November 14, 2022,13, 2023, the issuer had the following shares outstanding: 1,600,913,5881,511,561,162 shares of Class S common stock, 2,404,161,3922,474,961,257 shares of Class I common stock, 74,044,04261,784,228 shares of Class T common stock, and 421,959,619157,276,086 shares of Class D common stock, 2,035,492 shares of Class C common stock, and 0 shares of Class F common stock.




TABLE OF CONTENTS
 
PART I.
ITEM 1.
 
Condensed Consolidated Balance Sheets as of September 30, 20222023 and December 31, 20212022
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 20222023 and 20212022
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 20222023 and 20212022
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.





PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
 September 30, 2022December 31, 2021
Assets  
Investments in real estate, net$98,793,106 $66,941,653 
Investments in unconsolidated entities (includes $4,781,292 and $1,613,646 at fair value
    as of September 30, 2022 and December 31, 2021, respectively)
9,242,357 5,501,305 
Investments in real estate debt8,081,409 6,970,606 
Real estate loans held by consolidated securitization vehicles, at fair value17,390,941 17,055,986 
Cash and cash equivalents1,676,732 989,674 
Restricted cash1,524,831 2,428,907 
Other assets8,193,276 6,450,733 
Total assets$144,902,652 $106,338,864 
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net$63,540,348 $41,327,388 
Secured financings of investments in real estate debt5,050,044 4,706,632 
Senior obligations of consolidated securitization vehicles, at fair value15,600,814 15,030,653 
Unsecured revolving credit facilities and term loans826,923 — 
Due to affiliates2,173,512 1,309,447 
Other liabilities5,100,720 4,184,148 
Total liabilities92,292,361 66,558,268 
Commitments and contingencies— — 
Redeemable non-controlling interests586,795 750,670 
Equity
Common stock — Class S shares, $0.01 par value per share, 3,000,000 shares authorized; 1,588,546 and 1,254,348 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively15,885 12,543 
Common stock — Class I shares, $0.01 par value per share, 6,000,000 shares authorized; 2,446,025 and 2,086,631 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively24,460 20,865 
Common stock — Class T shares, $0.01 par value per share, 500,000 shares authorized; 73,224 and 57,287 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively732 573 
Common stock — Class D shares, $0.01 par value per share, 500,000 shares authorized; 415,535 and 291,087 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively4,155 2,911 
Additional paid-in capital53,782,051 42,249,094 
Accumulated other comprehensive income (loss)364,749 (9,569)
Accumulated deficit and cumulative distributions(7,871,239)(5,631,014)
Total stockholders’ equity46,320,793 36,645,403 
Non-controlling interests attributable to third party joint ventures4,206,552 1,744,256 
Non-controlling interests attributable to BREIT OP unitholders1,496,151 640,267 
Total equity52,023,496 39,029,926 
Total liabilities and equity$144,902,652 $106,338,864 


 September 30, 2023December 31, 2022
Assets  
Investments in real estate, net$91,995,010 $98,149,492 
Investments in unconsolidated entities (includes $4,394,410 and $4,947,251 at fair value
    as of September 30, 2023 and December 31, 2022, respectively)
8,015,282 9,369,402 
Investments in real estate debt7,116,237 8,001,703 
Real estate loans held by consolidated securitization vehicles, at fair value16,598,558 17,030,387 
Cash and cash equivalents1,931,616 1,281,292 
Restricted cash735,897 973,200 
Other assets8,343,163 7,881,948 
Total assets$134,735,763 $142,687,424 
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net$60,823,630 $64,962,703 
Secured financings of investments in real estate debt4,614,044 4,966,685 
Senior obligations of consolidated securitization vehicles, at fair value14,994,033 15,288,598 
Unsecured revolving credit facilities and term loans1,126,923 1,126,923 
Due to affiliates1,086,005 1,676,308 
Other liabilities4,504,283 3,912,033 
Total liabilities87,148,918 91,933,250 
Commitments and contingencies— — 
Redeemable non-controlling interests206,452 553,423 
Equity
Common stock — Class S shares, $0.01 par value per share, 3,000,000 shares authorized; 1,525,500 and 1,597,414 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively15,255 15,974 
Common stock — Class I shares, $0.01 par value per share, 6,000,000 shares authorized; 2,516,715 and 2,394,737 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively25,167 23,947 
Common stock — Class T shares, $0.01 par value per share, 500,000 shares authorized; 63,163 and 72,599 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively632 726 
Common stock — Class D shares, $0.01 par value per share, 1,500,000 shares authorized; 158,761 and 421,428 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively1,588 4,214 
Common stock — Class C shares, $0.01 par value per share, 500,000 shares authorized; 2,035 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively20 — 
Additional paid-in capital50,494,814 53,212,494 
Accumulated other comprehensive income595,333 393,928 
Accumulated deficit and cumulative distributions(10,540,304)(9,196,019)
Total stockholders’ equity40,592,505 44,455,264 
Non-controlling interests attributable to third party joint ventures4,316,000 4,278,895 
Non-controlling interests attributable to BREIT OP unitholders2,471,888 1,466,592 
Total equity47,380,393 50,200,751 
Total liabilities and equity$134,735,763 $142,687,424 
See accompanying notes to condensed consolidated financial statements.
1


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212023202220232022
RevenuesRevenuesRevenues
Rental revenueRental revenue$1,825,984 $808,098 $4,578,797 $2,141,823 Rental revenue$1,925,827 $1,825,984 $5,858,533 $4,578,797 
Hospitality revenueHospitality revenue193,141 127,507 538,038 288,310 Hospitality revenue145,837 193,141 564,802 538,038 
Other revenueOther revenue109,785 43,704 254,141 92,814 Other revenue115,569 109,785 324,893 254,141 
Total revenuesTotal revenues2,128,910 979,309 5,370,976 2,522,947 Total revenues2,187,233 2,128,910 6,748,228 5,370,976 
ExpensesExpensesExpenses
Rental property operatingRental property operating850,599 314,017 2,067,185 799,707 Rental property operating958,571 850,599 2,747,770 2,067,185 
Hospitality operatingHospitality operating137,345 92,280 376,620 223,053 Hospitality operating103,585 137,345 384,997 376,620 
General and administrativeGeneral and administrative13,223 7,106 38,082 21,855 General and administrative16,960 13,223 51,258 38,082 
Management feeManagement fee219,778 122,866 621,556 288,144 Management fee209,297 219,778 643,800 621,556 
Performance participation allocationPerformance participation allocation194,361 449,822 817,527 892,410 Performance participation allocation— 194,361 — 817,527 
Impairment of investments in real estateImpairment of investments in real estate60,952 — 178,667 — 
Depreciation and amortizationDepreciation and amortization1,127,701 482,045 3,001,101 1,282,053 Depreciation and amortization928,863 1,127,701 2,915,884 3,001,101 
Total expensesTotal expenses2,543,007 1,468,136 6,922,071 3,507,222 Total expenses2,278,228 2,543,007 6,922,376 6,922,071 
Other income (expense)Other income (expense)Other income (expense)
(Loss) income from unconsolidated entities(Loss) income from unconsolidated entities(73,009)78,445 51,502 183,155 (Loss) income from unconsolidated entities(153,656)(73,009)380,968 51,502 
Income (loss) from investments in real estate debtIncome (loss) from investments in real estate debt86,493 59,567 (73,257)344,440 Income (loss) from investments in real estate debt192,145 30,319 580,948 (217,454)
Change in net assets of consolidated securitization vehiclesChange in net assets of consolidated securitization vehicles(8,798)23,485 (68,407)94,546 Change in net assets of consolidated securitization vehicles53,244 (8,798)145,183 (68,407)
Income from equity securities and interest rate derivatives1,158,717 178,212 2,049,697 412,571 
Net gain (loss) on dispositions of real estate317,981 (9,586)740,395 13,216 
Income from interest rate derivativesIncome from interest rate derivatives410,655 1,244,256 257,068 2,634,100 
Net gain on dispositions of real estateNet gain on dispositions of real estate985,189 317,981 1,775,016 740,395 
Interest expense(703,203)(204,444)(1,483,991)(567,252)
Interest expense, netInterest expense, net(808,169)(695,047)(2,336,050)(1,469,020)
Loss on extinguishment of debtLoss on extinguishment of debt(3,266)(3,372)(10,665)(9,545)Loss on extinguishment of debt(26,484)(3,266)(35,025)(10,665)
Other expenseOther expense(15,939)(634)(23,787)(1,708)Other expense(45,302)(53,460)(60,844)(478,964)
Total other income (expense)Total other income (expense)758,976 121,673 1,181,487 469,423 Total other income (expense)607,622 758,976 707,264 1,181,487 
Net income (loss)Net income (loss)$344,879 $(367,154)$(369,608)$(514,852)Net income (loss)$516,627 $344,879 $533,116 $(369,608)
Net loss attributable to non-controlling interests in third party joint venturesNet loss attributable to non-controlling interests in third party joint ventures$43,549 $5,472 $119,151 $5,149 Net loss attributable to non-controlling interests in third party joint ventures$100,087 $43,549 $243,700 $119,151 
Net (income) loss attributable to non-controlling interests in BREIT OP unit holdersNet (income) loss attributable to non-controlling interests in BREIT OP unit holders(16,261)4,393 1,946 $6,129 Net (income) loss attributable to non-controlling interests in BREIT OP unit holders(28,420)(16,261)(34,643)1,946 
Net income (loss) attributable to BREIT stockholdersNet income (loss) attributable to BREIT stockholders$372,167 $(357,289)$(248,511)$(503,574)Net income (loss) attributable to BREIT stockholders$588,294 $372,167 $742,173 $(248,511)
Net income (loss) per share of common stock — basic and dilutedNet income (loss) per share of common stock — basic and diluted$0.08 $(0.12)$(0.06)$(0.21)Net income (loss) per share of common stock — basic and diluted$0.14 $0.08 $0.16 $(0.06)
Weighted-average shares of common stock outstanding, basic and dilutedWeighted-average shares of common stock outstanding, basic and diluted4,484,761 2,873,453 4,291,557 2,379,158 Weighted-average shares of common stock outstanding, basic and diluted4,307,884 4,484,761 4,498,411 4,291,557 
 


See accompanying notes to condensed consolidated financial statements.

2


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income (loss)$344,879 $(367,154)$(369,608)$(514,852)
Other comprehensive income (loss):
Foreign currency translation losses, net(59,893)(8,643)(100,902)(8,643)
Unrealized gain on derivatives428,857 — 428,857 — 
Unrealized gain on derivatives from unconsolidated entities122,466 — 149,348 — 
Other comprehensive income (loss)491,430 (8,643)477,303 (8,643)
Comprehensive income (loss)836,309 (375,797)107,695 (523,495)
Comprehensive (income) loss attributable to non-controlling interests in third party joint ventures(49,272)5,472 26,330 5,149 
Comprehensive (income) loss attributable to non-controlling interests in BREIT OP unit holders(26,425)4,393 (8,218)6,129 
Comprehensive income (loss) attributable to BREIT stockholders$760,612 $(365,932)$125,807 $(512,217)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income (loss)$516,627 $344,879 $533,116 $(369,608)
Other comprehensive income:
Foreign currency translation losses, net(26,342)(59,893)(754)(100,902)
Unrealized gain on derivatives141,370 428,857 162,127 428,857 
Unrealized gain on derivatives from unconsolidated entities87,780 122,466 85,569 149,348 
Other comprehensive income202,808 491,430 246,942 477,303 
Comprehensive income719,435 836,309 780,058 107,695 
Comprehensive loss (income) attributable to non-controlling interests in third party joint ventures69,964 (49,272)206,919 26,330 
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP unit holders(35,385)(26,425)(43,399)(8,218)
Comprehensive income attributable to BREIT stockholders$754,014 $760,612 $943,578 $125,807 



See accompanying notes to condensed consolidated financial statements.
3


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in thousands, except per share data)
Par ValueAccumulated
Other Comprehensive (Loss) Income
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at June 30, 2022$15,438 $24,322 $722 $3,894 $52,620,021 $(23,696)$(7,548,460)$45,092,241 $1,764,988 $1,384,396 $48,241,625 
Common stock issued602 1,684 19 286 3,954,743 — — 3,957,334 — — 3,957,334 
Offering costs— — — — (92,760)— — (92,760)— — (92,760)
Distribution reinvestment83 133 23 363,704 — — 363,947 — — 363,947 
Common stock/units repurchased(238)(1,727)(13)(48)(3,050,522)— — (3,052,548)— (2,452)(3,055,000)
Amortization of compensation awards— 48 — — 4,757 — — 4,805 — 4,287 9,092 
Net income ($2,462 allocated to redeemable non‑controlling interests)— — — — — — 372,167 372,167 (43,627)13,877 342,417 
Other comprehensive income— — — — — 388,445 — 388,445 92,821 10,164 491,430 
Distributions declared on common stock ($0.1677 gross per share)— — — — — — (694,946)(694,946)— — (694,946)
Contributions from non-controlling interests— — — — — — — — 2,417,521 105,980 2,523,501 
Distributions to and redemptions of non-controlling interests— — — — (18,394)— — (18,394)(25,151)(20,101)(63,646)
Allocation to redeemable non-controlling interests— — — — 502 — — 502 — — 502 
Balance at September 30, 2022$15,885 $24,460 $732 $4,155 $53,782,051 $364,749 $(7,871,239)$46,320,793 $4,206,552 $1,496,151 $52,023,496 
Par ValueAccumulated
Other Comprehensive Income
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at June 30, 2023$15,577 $27,017 $665 $1,638 $20 $53,737,893 $429,613 $(10,461,657)$43,750,766 $4,167,173 $1,518,353 $49,436,292 
Common stock issued (transferred)63 36 (18)— 416,881 — — 416,963 — — 416,963 
Reduction in accrual for offering costs, net— — — — — 41,344 — — 41,344 — — 41,344 
Distribution reinvestment75 121 — 305,524 — — 305,732 — — 305,732 
Common stock/units repurchased(460)(2,195)(19)(59)— (4,026,831)— — (4,029,564)— (113,134)(4,142,698)
Amortization of compensation awards— 188 — — — 18,571 — — 18,759 — 1,717 20,476 
Net income (loss) ($1,476 of net loss  allocated to redeemable non‑controlling interests)— — — — — — — 588,294 588,294 (98,621)28,430 518,103 
Other comprehensive income ($79 of other comprehensive loss allocated to redeemable non‑controlling interests)— — — — — — 165,720 — 165,720 30,204 6,963 202,887 
Distributions declared on common stock
($0.1672 gross per share)
— — — — — — — (666,941)(666,941)— — (666,941)
Contributions from non-controlling interests— — — — — (17,098)— — (17,098)238,470 1,061,230 1,282,602 
Distributions to and redemptions of non-controlling interests— — — — — (7)— — (7)(21,226)(31,671)(52,904)
Allocation to redeemable non-controlling interests— — — — — 18,537 — — 18,537 — — 18,537 
Balance at September 30, 2023$15,255 $25,167 $632 $1,588 $20 $50,494,814 $595,333 $(10,540,304)$40,592,505 $4,316,000 $2,471,888 $47,380,393 
Par ValueAccumulated
Other Comprehensive Loss
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Par ValueAccumulated
Other Comprehensive Loss
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at June 30, 2021$9,218 $13,262 $502 $1,815 $26,842,197 $— $(4,008,476)$22,858,518 $153,817 $250,150 $23,262,485 
Balance at June 30, 2022Balance at June 30, 2022$15,438 $24,322 $722 $3,894 $52,620,021 $(23,696)$(7,548,460)$45,092,241 $1,764,988 $1,384,396 $48,241,625 
Common stock issuedCommon stock issued1,561 3,639 37 612 7,446,347 — — 7,452,196 — — 7,452,196 Common stock issued602 1,684 19 286 3,954,743 — — 3,957,334 — — 3,957,334 
Offering costsOffering costs— — — — (249,159)— — (249,159)— — (249,159)Offering costs— — — — (92,760)— — (92,760)— — (92,760)
Distribution reinvestmentDistribution reinvestment65 83 13 211,879 — — 212,043 — — 212,043 Distribution reinvestment83 133 23 363,704 — — 363,947 — — 363,947 
Common stock/units repurchasedCommon stock/units repurchased(29)(123)(3)(5)(205,990)— — (206,150)— — (206,150)Common stock/units repurchased(238)(1,727)(13)(48)(3,050,522)— — (3,052,548)— (2,452)(3,055,000)
Amortization of compensation awardsAmortization of compensation awards— — — 151 — — 153 — 1,177 1,330 Amortization of compensation awards— 48 — — 4,757 — — 4,805 — 4,287 9,092 
Net loss ($382 allocated to redeemable non‑controlling interests)— — — — — — (357,289)(357,289)(5,092)(4,391)(366,772)
Other comprehensive loss— — — — — (8,643)— (8,643)— — (8,643)
Distributions declared on common stock ($0.1637 gross per share)— — — — — — (438,422)(438,422)— — (438,422)
Net income (loss) ($2,462 allocated to redeemable non‑controlling interests)Net income (loss) ($2,462 allocated to redeemable non‑controlling interests)— — — — — — 372,167 372,167 (43,627)13,877 342,417 
Other comprehensive incomeOther comprehensive income— — — — — 388,445 — 388,445 92,821 10,164 491,430 
Distributions declared on common stock
($0.1677 gross per share)
Distributions declared on common stock
($0.1677 gross per share)
— — — — — — (694,946)(694,946)— — (694,946)
Contributions from non-controlling interestsContributions from non-controlling interests— — — — — — — — 603,165 167,946 771,111 Contributions from non-controlling interests— — — — — — — — 2,417,521 105,980 2,523,501 
Distributions to and redemptions of non-controlling interestsDistributions to and redemptions of non-controlling interests— — — — — — — — (3,695)(5,280)(8,975)Distributions to and redemptions of non-controlling interests— — — — (18,394)— — (18,394)(25,151)(20,101)(63,646)
Allocation to redeemable non-controlling interestsAllocation to redeemable non-controlling interests— — — — (24,843)— — (24,843)— — (24,843)Allocation to redeemable non-controlling interests— — — — 502 — — 502 — — 502 
Balance at September 30, 2021$10,815 $16,863 $539 $2,435 $34,020,582 $(8,643)$(4,804,187)$29,238,404 $748,195 $409,602 $30,396,201 
Balance at September 30, 2022Balance at September 30, 2022$15,885 $24,460 $732 $4,155 $53,782,051 $364,749 $(7,871,239)$46,320,793 $4,206,552 $1,496,151 $52,023,496 



See accompanying notes to condensed consolidated financial statements.

4


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in thousands, except per share data)
 Par Value Accumulated
Other Comprehensive (Loss) Income
Accumulated
Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
 
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Balance at December 31, 2021$12,543 $20,865 $573 $2,911 $42,249,094 $(9,569)$(5,631,014)$36,645,403 $1,744,256 $640,267 $39,029,926 
Common stock issued3,576 7,304 173 1,277 18,272,093 — — 18,284,423 — — 18,284,423 
Offering costs— — — — (599,518)— — (599,518)— — (599,518)
Distribution reinvestment237 378 12 62 1,018,673 — — 1,019,362 — — 1,019,362 
Common stock/units repurchased(471)(4,231)(26)(95)(7,176,065)— — (7,180,888)— (20,168)(7,201,056)
Amortization of compensation awards— 144 — — 14,261 — — 14,405 — 14,372 28,777 
Net loss ($2,060 allocated to redeemable non‑controlling interests)— — — — — — (248,511)(248,511)(116,560)(2,477)(367,548)
Other comprehensive income— — — — — 374,318 — 374,318 92,821 10,164 477,303 
Distributions declared on common stock ($0.5010 gross per share)— — — — — — (1,991,714)(1,991,714)— — (1,991,714)
Contributions from non-controlling interests— — — — — — — — 2,642,723 908,443 3,551,166 
Distributions to and redemptions of non-controlling interests— — — — 49,354 — — 49,354 (156,688)(54,450)(161,784)
Allocation to redeemable non-controlling interests— — — — (45,841)— — (45,841)— — (45,841)
Balance at September 30, 2022$15,885 $24,460 $732 $4,155 $53,782,051 $364,749 $(7,871,239)$46,320,793 $4,206,552 $1,496,151 $52,023,496 
 Par Value Accumulated
Other Comprehensive Income
Accumulated
Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
 
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Balance at December 31, 2022$15,974 $23,947 $726 $4,214 $— $53,212,494 $393,928 $(9,196,019)$44,455,264 $4,278,895 $1,466,592 $50,200,751 
Common stock issued (transferred)265 6,229 (47)(2,414)20 6,518,690 — — 6,522,743 — — 6,522,743 
Reduction in accrual for offering costs, net— — — — — 411,537 — — 411,537 — — 411,537 
Distribution reinvestment231 387 12 38 — 980,529 — — 981,197 — — 981,197 
Common stock/units repurchased(1,215)(5,721)(59)(250)— (10,637,971)— — (10,645,216)— (325,567)(10,970,783)
Amortization of compensation awards— 325 — — — 32,150 — — 32,475 — 6,639 39,114 
Net income (loss) ($2,239 of net loss allocated to redeemable non‑controlling interests)— — — — — — — 742,173 742,173 (239,777)32,959 535,355 
Other comprehensive income ($224 of other comprehensive income allocated to redeemable non‑controlling interests)— — — — — — 201,405 — 201,405 36,784 8,529 246,718 
Distributions declared on common stock
($0.4999 gross per share)
— — — — — — — (2,086,458)(2,086,458)— — (2,086,458)
Contributions from non-controlling interests— — — — — (17,098)— — (17,098)367,322 1,358,566 1,708,790 
Distributions to and redemptions of non-controlling interests— — — — — (2,422)— — (2,422)(127,224)(75,830)(205,476)
Allocation to redeemable non-controlling interests— — — — — (3,095)— — (3,095)— — (3,095)
Balance at September 30, 2023$15,255 $25,167 $632 $1,588 $20 $50,494,814 $595,333 $(10,540,304)$40,592,505 $4,316,000 $2,471,888 $47,380,393 
 
Par Value Accumulated
Other Comprehensive Loss
Accumulated Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
  Par Value Accumulated
Other Comprehensive Loss
Accumulated Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
 
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Balance at December 31, 2020$7,029 $9,270 $459 $1,241 $19,059,045 — $(3,224,318)$15,852,726 $143,253 $187,972 $16,183,951 
Balance at December 31, 2021Balance at December 31, 2021$12,543 $20,865 $573 $2,911 $42,249,094 (9,569)$(5,631,014)$36,645,403 $1,744,256 $640,267 $39,029,926 
Common stock issuedCommon stock issued3,741 8,010 81 1,178 15,957,649 — — 15,970,659 — — 15,970,659 Common stock issued3,576 7,304 173 1,277 18,272,093 — — 18,284,423 — — 18,284,423 
Offering costsOffering costs— — — — (540,776)— — (540,776)— — (540,776)Offering costs— — — — (599,518)— — (599,518)— — (599,518)
Distribution reinvestmentDistribution reinvestment183 208 10 34 535,004 — — 535,439 — — 535,439 Distribution reinvestment237 378 12 62 1,018,673 — — 1,019,362 — — 1,019,362 
Common stock/units repurchasedCommon stock/units repurchased(138)(629)(11)(18)(956,242)— — (957,038)(129)(1,450)(958,617)Common stock/units repurchased(471)(4,231)(26)(95)(7,176,065)— — (7,180,888)— (20,168)(7,201,056)
Amortization of compensation awardsAmortization of compensation awards— — — 395 — — 399 — 3,046 3,445 Amortization of compensation awards— 144 — — 14,261 — — 14,405 — 14,372 28,777 
Net loss ($920 allocated to redeemable non-controlling interests)— — — — — — (503,574)(503,574)(4,233)(6,125)(513,932)
Net loss ($2,060 allocated to redeemable non-controlling interests)Net loss ($2,060 allocated to redeemable non-controlling interests)— — — — — — (248,511)(248,511)(116,560)(2,477)(367,548)
Other comprehensive lossOther comprehensive loss— — — — — (8,643)— (8,643)— — (8,643)Other comprehensive loss— — — — — 374,318 — 374,318 92,821 10,164 477,303 
Distributions declared on common stock ($0.4852 gross per share)— — — — — — (1,076,295)(1,076,295)— — (1,076,295)
Distributions declared on common stock ($0.5010 gross per share)Distributions declared on common stock ($0.5010 gross per share)— — — — — — (1,991,714)(1,991,714)— — (1,991,714)
Contributions from non-controlling interestsContributions from non-controlling interests— — — — — — — — 619,991 240,412 860,403 Contributions from non-controlling interests— — — — — — — — 2,642,723 908,443 3,551,166 
Distributions to and redemptions of non-controlling interestsDistributions to and redemptions of non-controlling interests— — — — — — — — (10,687)(14,253)(24,940)Distributions to and redemptions of non-controlling interests— — — — 49,354 — — 49,354 (156,688)(54,450)(161,784)
Allocation to redeemable non-controlling interestsAllocation to redeemable non-controlling interests— — — — (34,493)— — (34,493)— — (34,493)Allocation to redeemable non-controlling interests— — — — (45,841)— — (45,841)— — (45,841)
Balance at September 30, 2021$10,815 $16,863 $539 $2,435 $34,020,582 $(8,643)$(4,804,187)$29,238,404 $748,195 $409,602 $30,396,201 
Balance at September 30, 2022Balance at September 30, 2022$15,885 $24,460 $732 $4,155 $53,782,051 $364,749 $(7,871,239)$46,320,793 $4,206,552 $1,496,151 $52,023,496 
 


See accompanying notes to condensed consolidated financial statements.
5


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended September 30, Nine Months Ended September 30,
20222021 20232022
Cash flows from operating activities:Cash flows from operating activities:  Cash flows from operating activities:  
Net loss$(369,608)$(514,852)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net income (loss)Net income (loss)$533,116 $(369,608)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Management feeManagement fee621,556 288,144 Management fee643,800 621,556 
Performance participation allocationPerformance participation allocation817,527 892,410 Performance participation allocation— 817,527 
Impairment of investments in real estateImpairment of investments in real estate178,667 — 
Depreciation and amortizationDepreciation and amortization3,001,101 1,282,053 Depreciation and amortization2,915,884 3,001,101 
Net gain on dispositions of real estateNet gain on dispositions of real estate(740,395)(13,216)Net gain on dispositions of real estate(1,775,016)(740,395)
Loss on extinguishment of debtLoss on extinguishment of debt10,665 9,545 Loss on extinguishment of debt35,025 10,665 
Unrealized gain on changes in fair value of financial instruments(1,105,459)(668,503)
Realized (gain) loss on sale of real estate-related equity securities(376,046)23,285 
Unrealized gain on fair value of financial instrumentsUnrealized gain on fair value of financial instruments(94,233)(1,105,459)
Realized gain on sale of real estate-related equity securitiesRealized gain on sale of real estate-related equity securities— (376,046)
Income from unconsolidated entitiesIncome from unconsolidated entities(51,502)(183,155)Income from unconsolidated entities(380,968)(51,502)
Distributions of earnings from unconsolidated entitiesDistributions of earnings from unconsolidated entities176,551 84,315 Distributions of earnings from unconsolidated entities231,043 176,551 
Other itemsOther items42,993 (44,694)Other items(60,905)42,993 
Change in assets and liabilities:Change in assets and liabilities:Change in assets and liabilities:
(Increase) decrease in other assets(440,254)(166,966)
Increase in other assetsIncrease in other assets(241,153)(440,254)
Increase (decrease) in due to affiliatesIncrease (decrease) in due to affiliates(1,267)(1,109)Increase (decrease) in due to affiliates4,877 (1,267)
Increase (decrease) in other liabilities612,118 203,156 
Increase in other liabilitiesIncrease in other liabilities145,647 612,118 
Net cash provided by operating activitiesNet cash provided by operating activities2,197,980 1,190,413 Net cash provided by operating activities2,135,784 2,197,980 
Cash flows from investing activities:Cash flows from investing activities:Cash flows from investing activities:
Proceeds from principal repayments of interest rate contract receivablesProceeds from principal repayments of interest rate contract receivables15,282 — 
Acquisitions of real estateAcquisitions of real estate(30,474,609)(9,932,224)Acquisitions of real estate(37,208)(30,474,609)
Capital improvements to real estateCapital improvements to real estate(843,665)(348,139)Capital improvements to real estate(1,063,852)(843,665)
Proceeds from disposition of real estateProceeds from disposition of real estate2,119,196 194,575 Proceeds from disposition of real estate6,259,374 2,119,196 
Refunds of (pre-acquisition costs/deposits)23,988 (593,566)
Refunds of pre-acquisition costs/depositsRefunds of pre-acquisition costs/deposits17,362 23,988 
Investment in unconsolidated entitiesInvestment in unconsolidated entities(3,803,054)(3,336,486)Investment in unconsolidated entities(335,837)(3,803,054)
Return of capital from unconsolidated entities24,103 — 
Dispositions of and return of capital from unconsolidated entitiesDispositions of and return of capital from unconsolidated entities1,834,827 24,103 
Proceeds from consolidation of previously unconsolidated entitiesProceeds from consolidation of previously unconsolidated entities20,863 — 
Purchase of investments in real estate debtPurchase of investments in real estate debt(4,321,394)(3,058,345)Purchase of investments in real estate debt(147,913)(4,321,394)
Proceeds from sale/repayment of investments in real estate debtProceeds from sale/repayment of investments in real estate debt2,321,166 1,051,377 Proceeds from sale/repayment of investments in real estate debt1,100,455 2,321,166 
Purchase of real estate-related equity securitiesPurchase of real estate-related equity securities(1,195,329)(1,738,385)Purchase of real estate-related equity securities(376)(1,195,329)
Proceeds from sale of real estate-related equity securitiesProceeds from sale of real estate-related equity securities3,363,576 — Proceeds from sale of real estate-related equity securities— 3,363,576 
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles1,512,094 5,231 
Proceeds from settlement of derivative contracts103,047 — 
Collateral posted under derivative contracts(14,286)— 
Net cash used in investing activities(31,185,167)(17,755,962)
Proceeds from repayments of real estate loans held by consolidated securitization vehiclesProceeds from repayments of real estate loans held by consolidated securitization vehicles536,601 1,512,094 
(Payments on) proceeds from settlement of derivative contracts(Payments on) proceeds from settlement of derivative contracts(7,092)103,047 
Collateral released (posted) under derivative contractsCollateral released (posted) under derivative contracts9,824 (14,286)
Other investing activitiesOther investing activities3,543 — 
Net cash provided by (used in) investing activitiesNet cash provided by (used in) investing activities8,205,853 (31,185,167)
Cash flows from financing activities:Cash flows from financing activities:Cash flows from financing activities:
Proceeds from issuance of common stock15,795,341 15,183,976 
Offering costs paid(212,556)(118,997)
Subscriptions received in advance577,014 1,720,934 
Repurchase of common stock(6,411,085)(843,042)
Repurchase of management fee shares— (172,230)
Borrowings under mortgage notes, secured term loans, and secured revolving credit facilitiesBorrowings under mortgage notes, secured term loans, and secured revolving credit facilities30,074,150 7,614,710 Borrowings under mortgage notes, secured term loans, and secured revolving credit facilities5,975,427 30,074,150 
Repayments of mortgage notes, secured term loans, and secured revolving credit facilitiesRepayments of mortgage notes, secured term loans, and secured revolving credit facilities(11,944,541)(4,966,542)Repayments of mortgage notes, secured term loans, and secured revolving credit facilities(10,137,675)(11,944,541)
Borrowings under secured financings of investments in real estate debtBorrowings under secured financings of investments in real estate debt1,909,892 916,684 Borrowings under secured financings of investments in real estate debt238,812 1,909,892 
Repayments of secured financings of investments in real estate debtRepayments of secured financings of investments in real estate debt(1,504,130)(275,980)Repayments of secured financings of investments in real estate debt(590,670)(1,504,130)
Borrowings under affiliate unsecured revolving credit facility— 950,000 
Repayments of affiliate unsecured revolving credit facility— (950,000)
Borrowings under unsecured revolving credit facilities and term loansBorrowings under unsecured revolving credit facilities and term loans— 1,442,308 
Repayments of unsecured revolving credit facilities and term loansRepayments of unsecured revolving credit facilities and term loans(615,385)(160,000)Repayments of unsecured revolving credit facilities and term loans— (615,385)
Borrowings under unsecured revolving credit facilities and term loans1,442,308 160,000 
Payment of deferred financing costsPayment of deferred financing costs(387,711)(51,696)Payment of deferred financing costs(46,752)(387,711)
Redemption of redeemable non-controlling interest(26,639)(111,949)
Sales of senior obligations of consolidated securitization vehiclesSales of senior obligations of consolidated securitization vehicles115,677 96,639 
Repayments of senior obligations of consolidated securitization vehiclesRepayments of senior obligations of consolidated securitization vehicles(479,505)(1,332,679)
Proceeds from issuance of common stockProceeds from issuance of common stock5,797,468 15,795,341 
Subscriptions received in advanceSubscriptions received in advance41,167 577,014 
Offering costs paidOffering costs paid(181,077)(212,556)
DistributionsDistributions(1,112,589)(925,610)
Repurchase of common stockRepurchase of common stock(9,334,191)(6,411,085)
Repurchase of management fee sharesRepurchase of management fee shares(833,127)— 
Contributions of proceeds from repurchase of management fee shares to non-controlling interests in BREIT OPContributions of proceeds from repurchase of management fee shares to non-controlling interests in BREIT OP833,127 — 
Contributions from redeemable non-controlling interestContributions from redeemable non-controlling interest351 — 
Distributions to and redemption of redeemable non-controlling interestDistributions to and redemption of redeemable non-controlling interest(3,929)(26,639)
Redemption of affiliate service provider incentive compensation awardsRedemption of affiliate service provider incentive compensation awards(143)(1,083)Redemption of affiliate service provider incentive compensation awards(215)(143)
Contributions from non-controlling interestsContributions from non-controlling interests2,409,497 637,158 Contributions from non-controlling interests259,191 2,409,497 
Distributions to and redemptions of non-controlling interestsDistributions to and redemptions of non-controlling interests(163,663)(19,876)Distributions to and redemptions of non-controlling interests(467,370)(163,663)
Distributions(925,610)(474,565)
Borrowings of senior obligations of consolidated securitization vehicles96,639 118,908 
Repayment of senior obligations of consolidated securitization vehicles(1,332,679)(5,231)
Net cash provided by financing activities28,780,699 19,151,179 
Net cash (used in) provided by financing activitiesNet cash (used in) provided by financing activities(9,925,880)28,780,699 
Net change in cash and cash equivalents and restricted cashNet change in cash and cash equivalents and restricted cash(206,488)2,585,630 Net change in cash and cash equivalents and restricted cash415,757 (206,488)
Cash and cash equivalents and restricted cash, beginning of period3,418,581 1,044,523 
Effects of currency translation on cash, cash equivalents and restricted cash(10,530)935 
Cash and cash equivalents and restricted cash, end of period$3,201,563 $3,631,088 
Cash, cash equivalents and restricted cash, beginning of yearCash, cash equivalents and restricted cash, beginning of year2,254,492 3,418,581 
Effects of foreign currency translation on cash, cash equivalents and restricted cashEffects of foreign currency translation on cash, cash equivalents and restricted cash(2,736)(10,530)
Cash, cash equivalents and restricted cash, end of yearCash, cash equivalents and restricted cash, end of year$2,667,513 $3,201,563 
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalentsCash and cash equivalents$1,676,732 $1,560,719 Cash and cash equivalents$1,931,616 $1,676,732 
Restricted cashRestricted cash1,524,831 2,070,369 Restricted cash735,897 1,524,831 
Total cash and cash equivalents and restricted cash$3,201,563 $3,631,088 
Total cash, cash equivalents and restricted cashTotal cash, cash equivalents and restricted cash$2,667,513 $3,201,563 
6


Non-cash investing and financing activities:Non-cash investing and financing activities:  Non-cash investing and financing activities:  
Assumption of mortgage notes in conjunction with acquisitions of real estateAssumption of mortgage notes in conjunction with acquisitions of real estate$4,116,086 $2,353,084 Assumption of mortgage notes in conjunction with acquisitions of real estate$— $4,116,086 
Assumption of other assets and liabilities in conjunction with acquisitions of real estateAssumption of other assets and liabilities in conjunction with acquisitions of real estate$186,217 $51,824 Assumption of other assets and liabilities in conjunction with acquisitions of real estate$— $186,217 
Issuance of BREIT OP units as consideration for acquisitions of real estate$203,700 $165,746 
Assumption of other liabilities in conjunction with acquisitions of investments in unconsolidated entities$— $9,435 
Recognition of financing lease liability$— $16,855 
Issuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interestsIssuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interests$— $203,700 
Accrued pre-acquisition costsAccrued pre-acquisition costs$15 $8,797 Accrued pre-acquisition costs$— $15 
Accrued capital expenditures and acquisition related costsAccrued capital expenditures and acquisition related costs$22,645 $18,276 Accrued capital expenditures and acquisition related costs$— $22,645 
Acquired non-controlling interestsAcquired non-controlling interests$521,868 $— Acquired non-controlling interests$— $521,868 
Accrued distributionsAccrued distributions$51,043 $67,264 Accrued distributions$— $51,043 
Accrued stockholder servicing fee due to affiliate$392,325 $423,471 
Change in accrued stockholder servicing fee due to affiliateChange in accrued stockholder servicing fee due to affiliate$(592,499)$392,325 
Redeemable non-controlling interest issued as settlement of performance participation allocationRedeemable non-controlling interest issued as settlement of performance participation allocation$360,504 $192,648 Redeemable non-controlling interest issued as settlement of performance participation allocation$— $360,504 
Exchange of redeemable non-controlling interest for Class I shares$128,205 $12,246 
Issuance of non-controlling interests for payment of management feesIssuance of non-controlling interests for payment of management fees$211,176 $— 
Issuance of class I shares for payment of management feeIssuance of class I shares for payment of management fee$435,305 $604,017 
Exchange of redeemable non-controlling interest for Class I or Class C sharesExchange of redeemable non-controlling interest for Class I or Class C shares$65,304 $128,205 
Exchange of redeemable non-controlling interest for Class I or Class B unitsExchange of redeemable non-controlling interest for Class I or Class B units$440,116 $68,453 Exchange of redeemable non-controlling interest for Class I or Class B units$278,990 $440,116 
Allocation to redeemable non-controlling interestAllocation to redeemable non-controlling interest$45,841 $34,493 Allocation to redeemable non-controlling interest$3,095 $45,841 
Distribution reinvestmentDistribution reinvestment$1,019,362 $535,439 Distribution reinvestment$981,197 $1,019,362 
Accrued common stock repurchases$872,155 $75,308 
Accrued repurchasesAccrued repurchases$649,897 $872,155 
Mortgage payable proceeds in escrowMortgage payable proceeds in escrow$91,147 $— Mortgage payable proceeds in escrow$— $91,147 
Investment in single family homes risk retention securities$117,073 $— 
Payable for unsettled investments in real estate debt$— $236,686 
Investment in single family rental homes risk retention securitiesInvestment in single family rental homes risk retention securities$— $117,073 
Receivable for unsettled investments in real estate debtReceivable for unsettled investments in real estate debt$31,993 $5,233 Receivable for unsettled investments in real estate debt$— $31,993 
Net gain on buyout of non-controlling interest$53,383 $— 
Net increase in additional paid-in capital resulting from purchases of non-controlling interestNet increase in additional paid-in capital resulting from purchases of non-controlling interest$6,707 $53,383 
Interest rate contract receivables resulting from terminated interest rate derivative assetsInterest rate contract receivables resulting from terminated interest rate derivative assets$321,771 $— 
Insurance receivable for involuntary conversionInsurance receivable for involuntary conversion$26,785 $— 
Consolidation of securitization vehiclesConsolidation of securitization vehicles$2,348,079 $5,889,628 Consolidation of securitization vehicles$— $2,348,079 
Deconsolidation of securitization vehicles$— $(758,500)
Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:
Investments in real estate, netInvestments in real estate, net$335,092 $— 
Other assetsOther assets$(9,031)$— 
Mortgage notes, netMortgage notes, net$(126,233)$— 
Other liabilitiesOther liabilities$(22,444)$— 
Non-controlling interests attributable to third party joint venturesNon-controlling interests attributable to third party joint ventures$(109,568)$— 



See accompanying notes to condensed consolidated financial statements.

7


Blackstone Real Estate Income Trust, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. Organization and Business Purpose
Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized income-generating commercial real estate in the United States. ToStates and, to a lesser extent, the Company invests outside the U.S. andUnited States. The Company to a lesser extent invests in real estate debt.debt investments. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly-owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
The Company registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in March 2022 (the “Current Offering”). As of September 30, 2022,2023, the Company had received aggregate net proceeds of $63.6$73.5 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. The Company intends to sell any combination of four classes ofits Class S, I, T and D shares of its common stock, with a dollar value up to the maximum aggregate amount of the Current Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The Company intends to continue selling shares on a monthly basis.
As of September 30, 2022,2023, the Company owned 5,2064,895 properties and 28,16528,490 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”), and The Cosmopolitan of Las Vegas (the “Cosmopolitan”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture. Any additional unconsolidated interests are included in the respective property segment as further described in Note 4 — Investments in Unconsolidated Entities.. Financial results by segment are reported in Note 16 — Segment Reporting.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the Company’s condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 20212022 filed with the SEC.
The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in income from equity securities and interest expenserate derivatives of $0.1$37.5 million and $0.3$455.2 million for the three and nine months ended September 30, 20212022, respectively, have been reclassified to income from equity securities and interest rate derivativesother expense to conform to the current period presentation.

Additionally, certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in other income (expense)(loss) from investments in real estate debt of $178.0 million and $413.0$56.2 million for the three and nine months ended September 30, 20212022 have been reclassified to income from equity securitiesinterest rate derivatives and interest expense, net in the amounts of $48.0 million and $8.2 million, respectively, to conform to the current period presentation. For the nine months ended September 30, 2022, certain amounts included in income (loss) from investments in real estate debt of $144.2 million have been reclassified to income from interest rate derivatives and interest expense, net in the amounts of $129.2 million and $15.0 million, respectively, to conform to the current period presentation.
8


Principles of Consolidation
The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means.
When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, other comprehensive income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. Refer to Note 4 — Investments in Unconsolidated Entities for additional details on the Company’s investments in unconsolidated entities.
BREIT OP and each of the Company’s joint ventures are considered to be a VIE or VOE. The Company consolidates these entities, excluding certain equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans.
For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is also reported within non-controlling interests.
When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses.
The Company owns Controlling Class Securities (defined below)certain subordinate securities in certain CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these Controlling Class Securitiessubordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities,subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP.
As of September 30, 2022,2023, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $50.9 billion and $37.6 billion, respectively, compared to $45.8$52.1 billion and $32.7$37.8 billion, respectively, as of December 31, 2021.2022. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets.
Adjustment to Prior Period Financial Statements
In connection with the preparation of the Company’s condensed consolidated financial statements for the period ended June 30, 2022, the Company determined that it should have consolidated certain securitization vehicles in previously issued financial statements. These consolidations result from certain subordinate securities that the Company owns in CMBS securitizations (such securities, “Controlling Class Securities”), as part of its portfolio of investments in real estate debt. These Controlling Class Securities typically give the Company the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Under GAAP, the presence of such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities, require the Company to consolidate these securitizations, which are considered VIEs.
See Principles of Consolidation section above for further discussion of VIEs. As discussed further below, consolidation of these securitizations results in (i) a gross presentation of the Company’s Condensed Consolidated Balance Sheets, (ii) the reclassification of the change in net assets of the securitization vehicles on the Company’s Condensed Consolidated Statements of Operations, and (iii) the gross presentation of securitization vehicles on the Company's Condensed Consolidated Statements of Cash Flows, but has no impact on the economic exposure or performance of the Company.
9


The consolidation of these securitizations results in the inclusion of the underlying collateral loans as assets on the Company’s Condensed Consolidated Balance Sheets and the inclusion of the senior CMBS positions owned by third-parties as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, the change in net assets of the consolidated securitization vehicles during a given period is presented separately on the Company’s Condensed Consolidated Statements of Operations, whereas it was previously included in income from investments in real estate debt. The Company’s Condensed Consolidated Statements of Cash Flows includes the consolidation of the securitization vehicles as a non-cash item, the subsequent repayments of consolidated loans and related CMBS positions are presented on a gross basis, and the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles are reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows.
Further, the assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. Accordingly, while consolidation of the securitizations increases the gross presentation of the Company’s Condensed Consolidated Balance Sheets, it does not change the economic exposure or performance of the Company, which remains limited to that of the actual CMBS securities that it holds directly and not the consolidated securitized loans.
The following tables detail the immaterial adjustments to the Company’s previously issued condensed consolidated financial statements to reflect the consolidation of these securitizations at such time, which presentation is comparable to the Company’s condensed consolidated financial statements as of September 30, 2022.

The following table details the adjustments to the Company's Condensed Consolidated Balance Sheets ($ in thousands):
December 31, 2021
As ReportedAdjustmentAs Adjusted
Assets
     Investments in real estate debt$8,995,939 $(2,025,333)$6,970,606 
     Real estate loans held by consolidated securitization vehicles, at fair value— 17,055,986 17,055,986 
          Total assets91,308,211 15,030,653 106,338,864 
Liabilities and Equity
Senior obligations of consolidated securitization vehicles, at fair value— 15,030,653 15,030,653 
          Total liabilities51,527,615 15,030,653 66,558,268 
Equity
         Total equity$39,029,926 $— $39,029,926 

The following table details the adjustments to the Company's Condensed Consolidated Statements of Operations ($ in thousands):
Three Months Ended September 30, 2021
As ReportedAdjustmentAs Adjusted
Other income (expense)
     Income from investments in real estate debt$83,052 $(23,485)$59,567 
     Change in net assets of consolidated securitization vehicles— 23,485 23,485 
     Total other income (expense)121,673 — 121,673 
Net Loss$(367,154)$— $(367,154)

10


Nine Months Ended September 30, 2021
As ReportedAdjustmentAs Adjusted
Other income (expense)
     Income from investments in real estate debt$438,986 $(94,546)$344,440 
     Change in net assets of consolidated securitization vehicles— 94,546 94,546 
     Total other income (expense)469,423 — 469,423 
Net Loss$(514,852)$— $(514,852)

The following table details the adjustments to the Company's Condensed Consolidated Statements of Cash Flows ($ in thousands):
Nine Months Ended September 30, 2021
As ReportedAdjustmentAs Adjusted
Cash flows from investing activities:
Proceeds from sale/repayment of investments in real estate debt$1,170,285 $(118,908)$1,051,377 
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles— 5,231 5,231 
Net cash used in investing activities(17,642,285)(113,677)(17,755,962)
Cash flows from financing activities:
Borrowings of senior obligations of consolidated securitization vehicles— 118,908 118,908 
Repayment of senior obligations of consolidated securitization vehicles— (5,231)(5,231)
Net cash provided by financing activities19,037,502 113,677 19,151,179 
Non-cash investing and financing activities:
Consolidation of securitization vehicles$— $5,889,628 $5,889,628 
Deconsolidation of securitization vehicles$— $(758,500)$(758,500)
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Consolidated Securitization Vehicles

The Company consolidates certain CMBS securitizations within its financial statements. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, the changes in fair value of these positions include the interest income and interest expense associated with such CMBS VIEs. Management does not consider the separate presentation of the components of fair value changes to be relevant, and has elected to present these items in the aggregate as “Change in net assets of consolidated securitization vehicles” on the Company’s Condensed Consolidated Statements of Operations. The residual difference between the fair value of the consolidated securitization’s assets and liabilities represents the Company’s beneficial interest in such vehicles. The Company’s Condensed Consolidated Statements of Cash Flows includes (i) the consolidation of the securitization vehicles as a non-cash item, (ii) the subsequent repayments of consolidated loans and related CMBS positions presented on a gross basis, and (iii) the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows.
11


Fair Value Measurements
Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:
Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.
Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.
9


Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.
Valuation of assets and liabilities measured at fair value
The Company’s investments in real estate debt are reported at fair value. As of September 30, 20222023 and December 31, 2021,2022, the Company’s investments in real estate debt, directly or indirectly, consisted of CMBScommercial mortgage backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available.
In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable.
Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company generally engages third party service providers to perform valuations for such investments. The service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt.
The Company has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets.
The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of September 30, 2022 (Level 2 inputs). In determining the fair value of its preferred equity security, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company’srate (Level 2 inputs). To determine the fair value of an investment in a private real estate company, is reflected at its fair value as of September 30, 2022 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. Themetrics (Level 3 inputs). As of both September 30, 2023 and December 31, 2022, the Company’s equity securities arewere recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets.
12


The resulting unrealized and realized gains and losses from investments in equity securities of public and private real estate-related companies are recorded as a component of Other Income from Equity Securities and Interest Rate Derivatives(Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2023, the Company recognized $38.4 million and $15.0 million of net unrealized loss, respectively, on its investments in equity securities. During the three and nine months ended September 30, 2022, the Company recognized $42.1 million and $494.6 million, respectively, of net unrealized/realized losses, respectively,gains on its investments in equity securities. During the three and nine months ended September 30, 2021, the Company recognized $154.8 million and $379.6 million of unrealized gains, respectively, on its investments in equity securities.

10


The Company has elected the FVO for 11certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments.investments in unconsolidated entities. To determine the fair value of the real estate assets of the equity method investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, and exit capitalization rate.rate and multiples of comparable companies. The Company determinesutilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the equity method investmentinvestments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield.weighted average cost of debt. Additionally, the Company considers current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investmentinvestments in unconsolidated entities at fair value. The inputs used in determining the Company’s equity method investments in unconsolidated entities carried at fair value are considered Level 3. The Company discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and exit capitalization rate as key Level 3 inputs.
The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company’sCompany's foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):
September 30, 2022December 31, 2021September 30, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:Assets:Assets:
Investments in real estate debtInvestments in real estate debt$— $6,685,192 $1,396,217 $8,081,409 $— $5,730,269 $1,240,337 $6,970,606 Investments in real estate debt$— $5,877,440 $1,238,797 $7,116,237 $— $6,460,520 $1,541,183 $8,001,703 
Real estate loans held by consolidated securitization vehicles, at fair valueReal estate loans held by consolidated securitization vehicles, at fair value— 17,390,941 — 17,390,941 — 16,590,050 465,936 17,055,986 Real estate loans held by consolidated securitization vehicles, at fair value— 16,598,558 — 16,598,558 — 17,030,387 — 17,030,387 
Equity securities(1)Equity securities(1)111,417 276,800 224,408 612,625 2,558,952 442,300 224,408 3,225,660 Equity securities(1)50,611 240,099 224,408 515,118 52,512 253,199 224,408 530,119 
Investments in unconsolidated entitiesInvestments in unconsolidated entities— — 4,781,292 4,781,292 — — 1,613,646 1,613,646 Investments in unconsolidated entities— — 4,394,410 4,394,410 — — 4,947,251 4,947,251 
Interest rate and foreign currency hedging derivatives(1)
Interest rate and foreign currency hedging derivatives(1)
— 3,106,268 — 3,106,268 — 41,453 — 41,453 
Interest rate and foreign currency hedging derivatives(1)
— 3,135,186 — 3,135,186 — 3,033,595 — 3,033,595 
TotalTotal$111,417 $27,459,201 $6,401,917 $33,972,535 $2,558,952 $22,804,072 $3,544,327 $28,907,351 Total$50,611 $25,851,283 $5,857,615 $31,759,509 $52,512 $26,777,701 $6,712,842 $33,543,055 
Liabilities:Liabilities:Liabilities:
Senior obligations of consolidated securitization vehicles, at fair valueSenior obligations of consolidated securitization vehicles, at fair value$— $15,600,814 $— $15,600,814 $— $14,545,992 $484,661 $15,030,653 Senior obligations of consolidated securitization vehicles, at fair value$— $14,994,033 $— $14,994,033 $— $15,288,598 $— $15,288,598 
Interest rate and foreign currency hedging derivatives(2)
Interest rate and foreign currency hedging derivatives(2)
— 23,250 — 23,250 — 45,597 — 45,597 
Interest rate and foreign currency hedging derivatives(2)
— 22,579 — 22,579 — 50,557 — 50,557 
TotalTotal$— $15,624,064 $— $15,624,064 $— $14,591,589 $484,661 $15,076,250 Total$— $15,016,612 $— $15,016,612 $— $15,339,155 $— $15,339,155 
(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
1311


The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):
Investments in
Real Estate Debt
Equity SecuritiesInvestments in
Unconsolidated Entities
Real estate loans held by consolidated securitization vehicles,
 at fair value
Senior obligation of consolidated securitization vehicles, at fair valueTotal
Balance as of December 31 2021$1,240,337 $224,408 $1,613,646 $465,936 $484,661 $4,028,988 
Purchases1,077,582 — 3,051,135 — — 4,128,717 
Sales and repayments(887,614)— — — — (887,614)
Distributions received— — (57,741)— — (57,741)
Included in net income
Income from unconsolidated entities measured at fair value— — 174,252 — — 174,252 
Realized loss included in income (loss) from investments in real estate debt(65,340)— — — — (65,340)
Unrealized gain included in income (loss) from
     investments in real estate debt
31,252 — — — — 31,252 
Transfers out of Level 3— — — (465,936)(484,661)(950,597)
Balance as of September 30, 2022$1,396,217 $224,408 $4,781,292 $— $— $6,401,917 
Investments in
Real Estate Debt
Equity SecuritiesInvestments in
Unconsolidated Entities
Total Assets
Balance as of December 31, 2022$1,541,183 $224,408 $4,947,251 $6,712,842 
Purchases and contributions38,255 — 45,147 83,402 
Sales and repayments(385,898)— (546,960)(932,858)
Distributions received— — (80,533)(80,533)
Included in net income
Income from unconsolidated entities measured at fair value— — 29,505 29,505 
Realized income included in income from investments in real estate debt2,080 — — 2,080 
Unrealized gain included in income from
     investments in real estate debt
43,177 — — 43,177 
Balance as of September 30, 2023$1,238,797 $224,408 $4,394,410 $5,857,615 
The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):
September 30, 2022
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate debt$1,396,217 Discounted cash flowMarket Yield8.4%Decrease
Equity securities$224,408 Market comparableEnterprise Value/
Forward EBITDA Multiple
21.1xIncrease
Investments in unconsolidated entities$4,240,037 Discounted cash flowDiscount Rate6.4%Decrease
Exit Capitalization Rate5.1%Decrease
 Weighted Average Cost of Capital6.4%Decrease
$541,255 Market comparableLTM EBITDA Multiple11.8xIncrease
 December 31, 2021
 Fair ValueValuation TechniqueUnobservable InputWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate debt$1,240,337 Discounted cash flowMarket Yield5.2%Decrease
Equity securities$224,408 Market comparableEnterprise Value/
Forward EBITDA Multiple
21.1xIncrease
Investments in unconsolidated entities$1,613,646 Discounted cash flowDiscount Rate5.9%Decrease
Exit Capitalization Rate4.6%Decrease
Weighted Average Cost of Capital9.1%Decrease
Real estate loans held by consolidated securitization vehicles, at fair value$465,936 Third Party Price
Measurement Alternative(1)
N/AIncrease
Liabilities
Senior obligation of consolidated securitization vehicles, at fair value$484,661 Third Party PriceSingle Broker QuoteN/AIncrease
(1)The Company has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets.
September 30, 2023
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$1,238,797 Yield methodMarket yield10.2%Decrease
Equity securities$224,408 Market comparable
Enterprise value/
stabilized EBITDA
18.5xIncrease
Investments in unconsolidated entities$3,702,148 Discounted cash flowWeighted average cost of capital7.6%Decrease
Exit capitalization rate5.2%Decrease
$692,262 Discounted cash flowDiscount rate11.1%Decrease
Exit multiple22.0xIncrease
 December 31, 2022
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$1,541,183 Yield methodMarket yield9.6%Decrease
Equity securities$224,408 Market comparable
Enterprise value/
stabilized EBITDA
18.5xIncrease
Investments in unconsolidated entities$4,399,935 Discounted cash flowWeighted average cost of capital6.7%Decrease
Exit capitalization rate4.9%Decrease
$547,316 Market comparableLTM EBITDA multiple10.8xIncrease
1412


Valuation of assets measured at fair value on a nonrecurring basis
Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter andor when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable.

During the three months ended September 30, 2023, the Company recognized impairments in the aggregate of $61.0 million related to seven affordable housing properties and to a lesser extent single family rental homes. The impairments were the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term. The fair value of such real estate investments was $124.3 million as of September 30, 2023, and was estimated utilizing a discounted cash flow method. The significant unobservable inputs utilized in the analysis were the discount rate (Level 3), which ranged from 6.3% to 9.0%, and the exit capitalization rate (Level 3), which ranged from 4.3% to 12.6%.
During the nine months ended September 30, 2023, the Company recognized impairments in the aggregate amount of $178.7 million including (i) $166.2 million related to one office property, 19 affordable housing properties, and to a lesser extent, single family rental homes, as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term, and (ii) $12.5 million related to its held-for-sale real estate investments where their carrying amount exceeded fair value, less estimated closing costs. Refer to Note 3 for additional details of the impairments.
Valuation of liabilities not measured at fair value
As of September 30, 2023 and December 31, 2022, the fair value of the Company’s mortgage notes, secured term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.5 billion and term loans was $1.3$1.4 billion, respectively, below carrying value. As of December 31, 2021, the fair value of the Company’s mortgage notes, secured term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities and term loans was $108.6 million above carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.
Stock-Based Compensation
The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), and April Housing, and American Campus Communities (“ACC”), all of which are indirect, wholly-ownedconsolidated subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basisgraded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three to four years. The vesting conditions that are based on the Company achieving of certain returns over a stated hurdle amount are considered market conditions. The achievement of returns over the stated hurdle amounts, which affect the quantity of awards that vest, is considered a performance condition. If the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the service periods, as adjusted for forfeitures. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable. During the three months ended September 30, 2023, the Company accelerated awards of certain employees as part of its disposition of Simply Self Storage. Refer to Note 10 for additional information on the awards issued to certain employees of the affiliate portfolio companies.
The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, and April Housing and ACC ($ in thousands):
   September 30, 2022 December 31, 2022For the Nine Months Ended September 30, 2023September 30, 2023
Plan YearPlan YearUnrecognized Compensation Cost as of December 31, 2021Value of Awards IssuedAmortization of Compensation Cost for the Nine Months Ended September 30, 2022Unrecognized Compensation CostRemaining Amortization PeriodPlan YearUnrecognized Compensation CostForfeiture of unvested awardsValue of Awards IssuedAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
20212021$3,425 $— $(1,048)$2,377 2.3 years2021$2,042 $— $— $(2,042)$— 0.0 years
20222022— 34,705 (12,813)21,892 2.3 years202220,811 (1,865)— (8,818)10,128 2.2 years
20232023— — 22,217 (5,201)17,016 2.4 years
TotalTotal$3,425 $34,705 $(13,861)$24,269 Total$22,853 $(1,865)$22,217 $(16,061)$27,144 
13


Recent Accounting Pronouncements

In March 2020, the FASB issued ASUAccounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, “IBORs”,“IBORs,” to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022,2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. TheDuring the three months ended June 30, 2023, the Company has not adopted any of the optional expedients or exceptions as of September 30, 2022, but will continue to evaluate the possibleASU 2020-04. The adoption of any such expedients or exceptions duringASU 2020-04 did not have a material impact on the effective period as circumstances evolve.Company’s consolidated financial statements.
1514


3. Investments in Real Estate
Investments in real estate, net consisted of the following ($ in thousands):
September 30, 2022December 31, 2021September 30, 2023December 31, 2022
Building and building improvementsBuilding and building improvements$81,881,136 $53,954,920 Building and building improvements$78,380,084 $81,914,789 
Land and land improvementsLand and land improvements18,613,494 14,652,913 Land and land improvements17,911,600 18,635,672 
Furniture, fixtures and equipmentFurniture, fixtures and equipment2,195,635 963,686 Furniture, fixtures and equipment2,282,006 2,301,683 
Right of use asset - operating leases(1)
Right of use asset - operating leases(1)
1,094,980 461,186 
Right of use asset - operating leases(1)
1,098,178 1,090,782 
Right of use asset - financing leases(1)
Right of use asset - financing leases(1)
72,862 72,862 
Right of use asset - financing leases(1)
72,862 72,872 
TotalTotal103,858,107 70,105,567 Total99,744,730 104,015,798 
Accumulated depreciation and amortizationAccumulated depreciation and amortization(5,065,001)(3,163,914)Accumulated depreciation and amortization(7,749,720)(5,866,306)
Investments in real estate, netInvestments in real estate, net$98,793,106 $66,941,653 Investments in real estate, net$91,995,010 $98,149,492 
(1)Refer to Note 15 for additional details on the Company’s leases.

Acquisitions
The following table details the properties acquired during
During the nine months ended September 30, 2022 ($ in thousands):
Segments
Purchase Price(1)
Number of TransactionsNumber of PropertiesSq. Ft. (in thousands)/Units/Keys
Rental Housing properties(2)(3)
$26,969,749 1626871,843 units
Net Lease properties4,026,768 116,901 sq. ft.
Office properties(3)
1,794,583 482,693 sq. ft.
Retail properties(3)
1,097,412 515,598 sq. ft.
Self storage properties542,335 6342,913 sq. ft.
Hospitality properties436,232 161,258 keys
Data center properties331,184 13792 sq. ft.
Industrial properties218,360 3131,666 sq. ft.
$35,416,623 32384
(1)Purchase price is inclusive of acquisition-related costs.
(2)Purchase price includes 5,0012023, the Company acquired 99 wholly-owned single family rental homes that are not included in the number of properties.
(3)Purchase price for the acquisition of Preferred Apartment Communities (“PAC”) includes 45as well as one rental housing properties, 51 retail properties and 3 office properties. The acquisition of PAC is included asland parcel for a single transaction in the number of transactions column for Rental Housing properties.

16


The following table details thetotal purchase price allocation for the properties acquired duringof $37.2 million. The Company allocated $26.5 million to building and building improvements and $10.7 million to land and land improvements. During the nine months ended September 30, 2022 ($ in thousands):
Amount
Building and building improvements$28,975,907 
Land and land improvements4,331,092 
Furniture, fixtures and equipment738,927 
In-place lease intangibles914,868 
Above-market lease intangibles15,994 
Below-market lease intangibles(121,927)
Right of use asset - operating leases632,831 
Right of use lease liability- operating leases(460,678)
Customer relationships197,000 
Trade name intangibles89,000 
Other103,609 
Total purchase price35,416,623 
Assumed debt(1)
4,116,086 
Net purchase price$31,300,537 
(1)Refer to Note 7 for additional details on the Company’s debt, which includes mortgage notes, secured term loans, and secured revolving credit facilities.
The weighted-average amortization periods for the2023, there were no acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles of the properties acquired during the nine months ended September 30, 2022 were three, six, and 11 years, respectively.intangibles.
Dispositions
The following table details the dispositions during the periods set forth below ($ in thousands):
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
SegmentsSegmentsNumber of PropertiesNet ProceedsNet GainNumber of PropertiesNet ProceedsNet GainSegmentsNumber of PropertiesNet Proceeds
Net Gain (Loss)(1)
Number of PropertiesNet Proceeds
Net Gain (Loss)(1)
Rental Housing properties(1)
24$699,521 $231,985 46$1,470,697 $500,351 
Self Storage propertiesSelf Storage properties128$2,146,669 $697,055 128$2,146,669 $697,055 
Rental Housing properties(2)
Rental Housing properties(2)
20875,505 232,719 932,295,309 628,779 
Hospitality propertiesHospitality properties7152,156 34,135 141,066,793 345,246 
Industrial propertiesIndustrial properties23183,586 85,996 58648,499 240,044 Industrial properties239,624 22,136 14473,649 97,699 
47$883,107 $317,981 104$2,119,196 $740,395 
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
SegmentsNumber of PropertiesNet ProceedsNet LossNumber of PropertiesNet ProceedsNet Gain
Rental Housing properties4$99,598 $(9,586)9$194,575 $13,216 
4$99,598 $(9,586)9$194,575 $13,216 
Retail propertiesRetail properties— — 4104,450 7,093 
Office propertiesOffice properties1172,504 (856)1172,504 (856)
TotalTotal158$3,386,458 $985,189 254$6,259,374 $1,775,016 
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
24$699,521 $231,985 46$1,470,697 $500,351 
Industrial properties23183,586 85,996 58648,499 240,044 
Total47$883,107 $317,981 104$2,119,196 $740,395 
(1)Net proceeds andFor the three months ended September 30, 2023, net gain include 119(loss) includes gains of $989.1 million and 404 single family rental homes sold duringlosses of $3.9 million. For the nine months ended September 30, 2023, net gain (loss) includes gains of $1.8 billion and losses of $48.0 million. For the three months ended September 30, 2022, net gain includes gains of $321.7 million and losses of $3.7 million. For the nine months ended September 30, 2022, respectively, that are not included in thenet gain includes gains of $765.5 million and losses of $25.1 million.
(2)The number of properties.properties excludes single family rental homes sold.
1715


Properties Held for SaleHeld-for-Sale
As of September 30, 2022, seven properties in the Self Storage segment, four2023, 16 properties in the Rental Housing segment, three properties in the Industrial segment and twosix properties in the Hospitality segment and one property in the Retail segment were classified as held for sale.held-for-sale. The held for saleheld-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.
The following table details the assets and liabilities of the Company’s properties classified as held for saleheld-for-sale ($ in thousands):
Assets:September 30, 20222023
Investments in real estate, net$346,380695,057 
Other assets6,31915,377 
Total assets$352,699710,434 
Liabilities:
Mortgage notes, net$100,014409,280 
Other liabilities9,27417,639 
Total liabilities$109,288426,919 
Impairment
The Company reviews its real estate investments for impairment each quarter and when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the expected undiscounted future cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the estimated fair value of the investment. During the three months ended September 30, 2023, the Company recognized impairments in the aggregate amount of $61.0 million related to seven affordable housing properties, and to a lesser extent, single family rental homes. The impairments were the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term.
During the nine months ended September 30, 20222023, the Company recognized impairments in the aggregate amount of $178.7 million including (i) $166.2 million related to one office property, 19 affordable housing properties, and 2021,to a lesser extent, single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $12.5 million related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs.
The Company did not recognize any impairment charge.charges during the three or nine months ended September 30, 2022.
1816


4. Investments in Unconsolidated Entities
The Company holds investments in joint ventures that it accounts for under the equity method of accounting or the fair value option, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. Refer to Note 2 for additional details.
The following tables detailsdetail the Company’s equity investments in unconsolidated entities ($ in thousands):
September 30, 2022September 30, 2023
Investment in Joint VentureInvestment in Joint VentureSegmentNumber of Joint VenturesNumber of PropertiesOwnership
Interest
Historical Cost/Fair ValueInvestment in Joint VentureSegmentNumber of Joint VenturesNumber of PropertiesOwnership
Interest
Book Value
Unconsolidated entities at historical cost:
Unconsolidated entities carried at historical cost:Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
QTS Data Centers(1)
Data Centers16335.7%$1,688,315 
QTS Data Centers(1)
Data Centers18335.7%$1,840,328 
MGM Grand & Mandalay BayNet Lease1249.9%825,756 
Rental Housing investments(2)
Rental Housing investments(2)
Rental Housing929212.2% - 52.0%1,308,199 
Rental Housing investments(2)
Rental Housing555012.2% - 52.0%1,138,004 
Hospitality investmentHospitality investmentHospitality119630.0%305,710 
Industrial investments(3)
Industrial investments(3)
Industrial65610.0% - 55.0%224,531 
Industrial investments(3)
Industrial35610.1% - 22.4%240,318 
Retail investmentsRetail investmentsRetail2750.0%99,608 Retail investmentsRetail2750.0%96,512 
Hospitality investmentHospitality119630.0%314,656 
Total unconsolidated entities at historical cost1034164,461,065 
Unconsolidated entities at fair value:
Total unconsolidated entities carried at historical costTotal unconsolidated entities carried at historical cost623923,620,872 
Unconsolidated entities carried at fair value:Unconsolidated entities carried at fair value:
Industrial investments(4)
Industrial investments(4)
Industrial92,1477.9% - 85.0%3,605,638 
Industrial investments(4)
Industrial112,09812.4% - 85.0%3,192,741 
Data Center investments(5)
Data Center investments(5)
Data Centers1N/A12.4%692,262 
Office investmentsOffice investmentsOffice1149.0%514,192 Office investmentsOffice1149.0%509,407 
Data Center investments(5)
Data Centers1N/A12.4%661,462 
Total unconsolidated entities at fair value112,1484,781,292 
Total unconsolidated entities carried at
fair value
Total unconsolidated entities carried at
fair value
132,0994,394,410 
TotalTotal1142,564$9,242,357 Total752,491$8,015,282 
(1)The Company along with certain Blackstone-managed investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”).
(2)Includes 10,739 wholly-owned10,681 single family rental homes, that are not included in the number of properties.
(3)Includes $224.5$240.3 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles.
(4)Includes $2.7$2.3 billion from investments in fourthree joint ventures formed by the Company and certain Blackstone-managed investment vehicles.
(5)Includes $661.5$692.3 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles.
December 31, 2021
Investment in Joint VentureSegmentNumber of Joint VenturesNumber of PropertiesOwnership
Interest
Historical Cost/Fair Value
Unconsolidated entities at historical cost:
QTS Data Centers(1)
Data Centers14835.7%$1,394,359 
MGM Grand & Mandalay BayNet Lease1249.9%822,736 
Rental Housing investments(2)
Rental Housing13012512.2% - 52.0%1,074,832 
Industrial investments(3)
Industrial75110.0% - 55.0%497,491 
Retail investmentsRetail1650.0%98,241 
Total unconsolidated entities at historical cost1402323,887,659 
Unconsolidated entities at fair value:
Industrial investments(4)
Industrial74857.9% - 85.0%1,613,646 
Total unconsolidated entities at fair value74851,613,646 
Total147717$5,501,305 





17


December 31, 2022
Investment in Joint VentureSegmentNumber of Joint VenturesNumber of PropertiesOwnership
Interest
Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
Data Centers16235.7%$1,657,778 
Rental Housing investments(2)
Rental Housing928712.2% - 52.0%1,275,365 
MGM Grand & Mandalay BayNet Lease1249.9%834,148 
Hospitality investmentHospitality119630.0%314,006 
Industrial investments(3)
Industrial35610.0% - 55.0%242,883 
Retail investmentsRetail2750.0%97,971 
Total unconsolidated entities carried at historical cost1004104,422,151 
Unconsolidated entities at carried at fair value:
Industrial investments(4)
Industrial122,1357.9% - 85.0%3,751,864 
Data Center investments(5)
Data Centers1N/A12.4%674,411 
Office investmentsOffice1149.0%520,976 
Total unconsolidated entities carried at
fair value
142,1364,947,251 
Total1142,546$9,369,402 

(1)The Company along with certain Blackstone-managed investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”).
(2)Includes 9,77410,767 wholly-owned single family rental homes, that are not included in the number of properties.
(3)Includes $255.7$242.9 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles.
(4)Includes $1.0$2.8 billion from investments in threefour joint ventures formed by the Company and certain Blackstone-managed investment vehicles.
19


(5)
Includes $674.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles.

The following table details the Company’s income from unconsolidated entities ($ in thousands):
For the Three Months Ended September 30,
BREIT Income (Loss) from Unconsolidated EntitiesSegmentOwnership
Interest
20222021
Unconsolidated entities at historical cost:
QTS Data CentersData Centers35.7%$(47,758)$(17,020)
MGM Grand & Mandalay BayNet Lease49.9%24,976 24,914 
Rental Housing investmentsRental Housing12.2% - 52.0%(9,039)(8,615)
Industrial investmentsIndustrial10.0% - 55.0%(983)212 
Retail investmentsRetail50.0%(630)— 
Hospitality investmentHospitality30.0%3,846 — 
Total unconsolidated entities at historical cost(29,588)(509)
Unconsolidated entities at fair value:
Industrial investmentsIndustrial7.9% - 85.0%(21,357)78,954 
Office investmentsOffice49.0%(22,025)— 
Data Center investmentsData Centers12.4%(39)— 
Total unconsolidated entities at fair value(43,421)78,954 
Total$(73,009)$78,445 
For the Nine Months Ended September 30,For the Three Months Ended September 30,
BREIT Income (Loss) from Unconsolidated EntitiesBREIT Income (Loss) from Unconsolidated EntitiesSegmentOwnership
Interest
20222021BREIT Income (Loss) from Unconsolidated EntitiesSegmentOwnership
Interest
20232022
Unconsolidated entities at historical cost:Unconsolidated entities at historical cost:Unconsolidated entities at historical cost:
QTS Data CentersQTS Data CentersData Centers35.7%$(133,574)$(17,020)QTS Data CentersData Centers35.7%$2,057 $(47,758)
Rental Housing investmentsRental Housing investmentsRental Housing12.2% - 52.0%(10,320)(9,039)
MGM Grand & Mandalay BayMGM Grand & Mandalay BayNet Lease49.9%75,350 75,396 MGM Grand & Mandalay BayNet Lease49.9%— 24,976 
Rental Housing investmentsRental Housing12.2% - 52.0%(66,237)(8,615)
Hospitality investmentHospitality investmentHospitality30.0%(2,032)3,846 
Industrial investmentsIndustrial investmentsIndustrial10.0% - 55.0%(1,645)212 Industrial investmentsIndustrial10.1% - 22.4%(3,557)(983)
Retail investmentsRetail investmentsRetail50.0%(489)— Retail investmentsRetail50.0%873 (630)
Hospitality investmentHospitality30.0%3,846 — 
Total unconsolidated entities at historical costTotal unconsolidated entities at historical cost(122,749)49,973 Total unconsolidated entities at historical cost(12,979)(29,588)
Unconsolidated entities at fair value:Unconsolidated entities at fair value:Unconsolidated entities at fair value:
Industrial investmentsIndustrial investmentsIndustrial7.9% - 85.0%178,857 133,182 Industrial investmentsIndustrial12.4% - 85.0%(154,177)(21,357)
Data Center investmentsData Center investmentsData Centers12.4%(3,084)(39)
Office investmentsOffice investmentsOffice49.0%(5,239)— Office investmentsOffice49.0%16,584 (22,025)
Data Center investmentsData Centers12.4%633 — 
Total unconsolidated entities at fair valueTotal unconsolidated entities at fair value174,251 133,182 Total unconsolidated entities at fair value(140,677)(43,421)
TotalTotal$51,502 $183,155 Total$(153,656)$(73,009)
2018


For the Nine Months Ended September 30,
BREIT Income (Loss) from Unconsolidated EntitiesSegmentOwnership
Interest
20232022
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers35.7%$(46,462)$(133,574)
Rental Housing investmentsRental Housing12.2% - 52.0%(25,467)(66,237)
MGM Grand & Mandalay Bay(1)
Net Lease49.9%432,528 75,350 
Hospitality investmentHospitality30.0%(2,746)3,846 
Industrial investmentsIndustrial10.1% - 22.4%(9,492)(1,645)
Retail investmentsRetail50.0%498 (489)
Total unconsolidated entities carried at historical cost348,859 (122,749)
Unconsolidated entities carried at fair value:
Industrial investments(2)
Industrial7.9% - 85.0%29,267 178,857 
Data Center investmentsData Centers12.4%351 633 
Office investmentsOffice49.0%2,491 (5,239)
Total unconsolidated entities carried at fair value32,109 174,251 
Total$380,968 $51,502 
(1)On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million.
(2)On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million.
19


5. Investments in Real Estate Debt
The following tables detail the Company’s investments in real estate debt ($ in thousands):
September 30, 2022September 30, 2023
Type of Security/Loan(1)
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
CMBS(4)
L+3.8%12/4/2029$6,610,663 $6,615,851 $6,138,573 
CMBS(4)
+4.0%10/30/2032$5,862,925 $5,865,031 $5,410,067 
RMBSRMBS4.2%8/20/2053405,746 394,216 321,377 RMBS4.5%2/11/2056382,544 371,416 270,721 
Corporate bondsCorporate bonds4.9%8/12/2030155,877 160,768 130,547 Corporate bonds4.9%3/16/203189,494 100,074 85,735 
Total real estate securitiesTotal real estate securities6.2%2/4/20317,172,286 7,170,835 6,590,497 Total real estate securities8.7%11/24/20336,334,963 6,336,521 5,766,523 
Commercial real estate loansCommercial real estate loansL+5.4%6/11/20261,324,784 1,344,725 1,306,438 Commercial real estate loans+5.8%10/11/20261,185,605 1,197,232 1,189,418 
Other investments(5)
Other investments(5)
3.7%7/25/2029215,749 188,255 184,474 
Other investments(5)
5.7%9/21/2029194,030 169,304 160,296 
Total investments in real estate debtTotal investments in real estate debt6.4%4/22/2030$8,712,819 $8,703,815 $8,081,409 Total investments in real estate debt8.8%8/12/2032$7,714,598 $7,703,057 $7,116,237 
December 31, 2021 December 31, 2022
Type of Security/Loan(1)
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
CMBS(4)
L+3.5%8/8/2033$5,097,318 $5,068,099 $5,029,942 
CMBS(4)
+3.9%12/10/2032$6,474,823 $6,473,296 $5,943,403 
RMBSRMBS3.9%5/24/2061147,170 146,023 144,691 RMBS+4.4%1/21/2053404,953 393,511 292,516 
Corporate bondsCorporate bonds4.8%12/10/2028135,950 135,952 136,469 Corporate bonds4.9%3/17/2031115,980 126,052 105,558 
Total real estate securitiesTotal real estate securities3.6%3/29/20345,380,438 5,350,074 5,311,102 Total real estate securities7.0%11/4/20336,995,756 6,992,859 6,341,477 
Commercial real estate loansCommercial real estate loansL+4.4%1/19/20251,474,617 1,473,807 1,460,716 Commercial real estate loans+5.5%7/17/20261,489,296 1,499,691 1,483,358 
Other investments(5)
Other investments(5)
3.7%7/25/2029227,958 198,909 198,788 
Other investments(5)
5.7%9/21/2029209,746 183,017 176,868 
Total investments in real estate debtTotal investments in real estate debt3.7%3/7/2032$7,083,013 $7,022,790 $6,970,606 Total investments in real estate debt7.4%5/25/2032$8,694,798 $8,675,567 $8,001,703 

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)The term “L”symbol “+” refers to the relevant floating benchmark rates, which include USD LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of September 30, 2022 and December 31, 2021, the Company had interest rate swaps outstanding with a notional value of $1.4 billion and $1.1 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates.
(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Face amount excludes interest-only securities with a notional amount of $1.2$0.6 billion and $1.1 billion as of September 30, 20222023 and December 31, 2021,2022, respectively. In addition, CMBS includes zero-coupon securities of $6.3 million as of September 30, 2022. There were no such securities as of December 31, 2021.
(5)Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
2120


The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):
 September 30, 2022December 31, 2021
Collateral(1)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
Industrial$2,703,979 $2,514,293 31%$2,597,948 $2,573,935 37%
Rental Housing(2)
2,025,335 1,863,436 23%1,250,446 1,261,455 18%
Hospitality1,947,869 1,823,395 23%1,866,683 1,848,015 27%
Net Lease983,222 948,398 12%8,885 8,779 –%
Office555,235 484,746 6%546,548 527,148 8%
Other360,895 335,952 4%331,169 328,745 5%
Diversified127,280 111,189 1%403,737 405,569 5%
Retail— — —%17,374 16,960 –%
Total$8,703,815 $8,081,409 100%$7,022,790 $6,970,606 100%
 September 30, 2023December 31, 2022
Collateral(1)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
Industrial$2,571,524 $2,435,041 35%$2,681,299 $2,483,592 32%
Rental Housing(2)
1,977,861 1,803,952 25%2,119,282 1,940,795 24%
Hospitality1,346,640 1,286,026 18%1,884,353 1,768,090 22%
Net Lease974,902 951,021 13%983,374 947,368 12%
Office426,990 261,600 4%552,016 439,938 5%
Other311,459 299,994 4%360,903 339,609 4%
Diversified93,681 78,603 1%94,340 82,311 1%
Total$7,703,057 $7,116,237 100%$8,675,567 $8,001,703 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.
The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):
September 30, 2022December 31, 2021 September 30, 2023December 31, 2022
Credit Rating(1)
Credit Rating(1)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
Credit Rating(1)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
AA107,141 99,886 1%127,118 125,420 2%A$91,761 $88,668 1%$91,809 $86,055 1%
BBBBBB1,074,011 1,026,771 13%340,326 337,509 5%BBB1,037,969 989,616 14%1,077,419 1,024,908 13%
BBBB1,939,342 1,760,316 22%1,446,160 1,441,879 21%BB1,601,279 1,427,345 20%1,858,101 1,659,281 21%
BB1,674,824 1,513,338 19%1,459,218 1,436,271 21%B1,320,416 1,164,402 16%1,609,017 1,424,940 18%
CCCCCC24,338 18,935 —%24,338 24,242 —%CCC50,965 35,250 —%40,486 33,225 —%
Private commercial real estate loansPrivate commercial real estate loans1,506,317 1,466,549 18%1,598,701 1,585,738 23%Private commercial real estate loans1,366,537 1,349,714 19%1,682,708 1,660,226 21%
Not rated(2)
Not rated(2)
2,377,842 2,195,614 27%2,026,929 2,019,547 28%
Not rated(2)
2,234,130 2,061,242 30%2,316,027 2,113,068 26%
TotalTotal$8,703,815 $8,081,409 100%$7,022,790 $6,970,606 100%Total$7,703,057 $7,116,237 100%$8,675,567 $8,001,703 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)As of September 30, 2022,2023, not rated positions have a weighted-average LTV at origination of 64.1% and64%, are primarily composed of 61.0%63% industrial and 29.2%29% rental housing assets, and includesinclude interest-only securities with a fair value of $24.0$9.7 million.
2221


The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest income$141,622 $44,625 $313,922 $117,438 
Unrealized (loss) gain(133,199)(30,073)(581,760)121,044 
Realized (loss) gain(23,627)13,510 (104,984)28,007 
Total$(15,204)$28,062 $(372,822)$266,489 
Income from interest rate swaps and other derivatives79,268 25,789 250,060 65,141 
Income from secured financings of investments in real estate debt(1)
24,011 8,505 62,354 17,324 
Other loss(1,582)(2,789)(12,849)(4,514)
Total income (loss) from investments in real estate debt$86,493 $59,567 $(73,257)$344,440 
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest income$176,464 $141,622 $531,489 $313,922 
Unrealized gain (loss)23,458 (133,199)90,820 (581,760)
Realized loss(24,134)(23,627)(41,492)(104,984)
Total175,788 (15,204)580,817 (372,822)
Net realized and unrealized gain on derivatives8,185 23,094 1,068 105,863 
Net realized and unrealized gain on secured financings of investments in real estate debt9,409 24,011 782 62,354 
Other expense(1,237)(1,582)(1,719)(12,849)
Total income (loss) from investments in real estate debt$192,145 $30,319 $580,948 $(217,454)
(1)Represents unrealized and realized gains.
The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands):
Fair ValueIncome (Loss) Fair ValueIncome (Loss)
  Three Months Ended September 30,Nine Months Ended September 30,   Three Months Ended September 30,Nine Months Ended September 30,
September 30, 2022December 31, 20212022202120222021 September 30, 2023December 31, 20222023202220232022
CMBSCMBS$1,777,102 $3,099,694 $1,594 $4,680 $(129,181)$101,626 CMBS$1,548,807 $1,683,765 $39,088 $1,594 $113,676 $(129,181)
Commercial real estate loansCommercial real estate loans832,721 556,571 308 (7,795)(11,221)(11,895)Commercial real estate loans574,862 835,846 12,309 308 80,492 (11,221)
TotalTotal$2,609,823 $3,656,265 $1,902 $(3,115)$(140,402)$89,731 Total$2,123,669 $2,519,611 $51,397 $1,902 $194,168 $(140,402)
The Company acquired such affiliated CMBS from third-parties on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgoThe Company has forgone all non-economic rights (includingunder these CMBS, including voting rights) in such CMBS asrights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, underlying, or have an interest in a different part of the capital structure related toof such CMBS.
The Company acquired Commercialcommercial real estate loans to borrowers that are partially owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company's involvement.
As of September 30, 20222023 and December 31, 2021,2022, the Company’s investments in real estate debt also included $1.9$2.0 billion and $1.4$1.9 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. The Company recognized $5.8$69.3 million and $82.3 million of loss related to such CMBS during the three and nine months ended September 30, 2022, respectively. The Company recognized $7.0 million and $28.5$190.4 million of income related to such CMBS during the three and nine months ended September 30, 2021,2023, respectively.
For additional information regarding The Company recognized $5.8 million and $82.3 million of losses related to such CMBS during the Company’s investments in affiliated real estate debt, see Note 5 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the yearthree and nine months ended December 31, 2021. The terms and conditions of such affiliated real estate debt held as of September 30, 2022, are consistent with the terms described in such Note.
respectively.

2322


6. Consolidated Securitization Vehicles

The Company has acquired the Controlling Class Securitiescontrolling class securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations.
The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands):
September 30, 2022September 30, 2023
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehiclesReal estate loans held by consolidated securitization vehicles293$17,887,497 $17,390,941 4.1%3/16/2025Real estate loans held by consolidated securitization vehicles292$16,990,837 $16,598,558 6.3 %6/25/2025
Senior obligations of consolidated securitization vehiclesSenior obligations of consolidated securitization vehicles2315,883,564 15,600,814 3.7%9/5/2025Senior obligations of consolidated securitization vehicles2215,210,828 14,994,033 6.1 %9/15/2025
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehiclesReal estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles23$2,003,933 $1,790,127 5.2%4/21/2025Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles22$1,780,009 $1,604,525 7.8 %4/16/2025

December 31, 2021December 31, 2022
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehiclesReal estate loans held by consolidated securitization vehicles173$16,873,465 $17,055,986 2.4%10/2/2024Real estate loans held by consolidated securitization vehicles292$17,527,441 $17,030,387 5.1 %3/24/2025
Senior obligations of consolidated securitization vehiclesSenior obligations of consolidated securitization vehicles2214,780,036 15,030,653 2.1%3/14/2025Senior obligations of consolidated securitization vehicles2215,565,671 15,288,598 4.9 %10/18/2025
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehiclesReal estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles22$2,093,429 $2,025,333 3.6%11/01/2024Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles22$1,961,770 $1,741,789 6.6 %5/6/2025

(1)The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitized debt obligation.securitization vehicle.
(2)Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.


24
23


7. Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities
The following table details the mortgage notes, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands):
September 30, 2022Principal Balance Outstanding September 30, 2023Principal Balance Outstanding
IndebtednessIndebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date (2)(3)
Maximum
Facility Size
September 30, 2022December 31, 2021Indebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date (2)(3)
Maximum
Facility Size
September 30, 2023December 31, 2022
Fixed rate loans:Fixed rate loans:     Fixed rate loans:     
Fixed rate mortgages(4)
Fixed rate mortgages(4)
3.6%12/12/2028N/A$24,661,911 $19,086,525 
Fixed rate mortgages(4)
3.7%1/21/2029N/A$24,083,698 $25,152,361 
Variable rate loans:Variable rate loans:Variable rate loans:
Variable rate mortgages and secured term loansVariable rate mortgages and secured term loansL+2.4%12/28/2026N/A34,496,854 20,075,465 Variable rate mortgages and secured term loans+2.5%3/22/2027N/A32,302,207 34,141,570 
Variable rate secured revolving credit facilities(5)
L+1.6%4/19/2026$4,450,000 1,250,020 1,614,550 
Variable rate warehouse facilities(5)
Variable rate warehouse facilities(5)
+2.0%10/8/2025$4,388,249 3,603,386 3,728,340 
Variable rate secured revolving credit facilities(6)
Variable rate secured revolving credit facilities(6)
+1.6%12/24/2025$3,863,432 1,382,749 2,608,778 
Variable rate warehouse facilities(6)
L+1.9%10/7/2025$4,157,147 3,787,846 794,141 
Total variable rate loansTotal variable rate loansL+2.3%11/7/202639,534,720 22,484,156 Total variable rate loans+2.4%1/13/202737,288,342 40,478,688 
Total loans secured by real estateTotal loans secured by real estate4.7%8/28/202764,196,631 41,570,681 Total loans secured by real estate6.1%10/30/202761,372,040 65,631,049 
(Discount) premium on assumed debt, net(Discount) premium on assumed debt, net(123,523)68,706 (Discount) premium on assumed debt, net(119,454)(121,435)
Deferred financing costs, netDeferred financing costs, net(532,760)(311,999)Deferred financing costs, net(428,956)(546,911)
Mortgage notes, secured term loans, and secured revolving credit facilities, netMortgage notes, secured term loans, and secured revolving credit facilities, net$63,540,348 $41,327,388 Mortgage notes, secured term loans, and secured revolving credit facilities, net$60,823,630 $64,962,703 
(1)The term “L”“+” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, CDOR, and one-month CDOREURIBOR as applicable to each loan. As of September 30, 2022, we have2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $30.9$32.4 billion and interest rate caps with an aggregate notional balance of $14.4$16.2 billion that mitigate ourits exposure to potential future interest rates increaserate increases under ourits floating-rate debt. Total weighted average interest rate does not include the impact of derivatives.
(2)Weighted average maturity assumes maximum maturity date, (includingincluding any extensions),extensions, where the Company, at its sole discretion, has one or more extension options.
(3)The majority of the Company’s mortgages contain yield or spread maintenance provisions.
(4)Includes $368.4$340.5 million and $396.3$364.5 million of loans related to our investmentinvestments in affordable housing properties as of September 30, 20222023 and December 31, 2021,2022, respectively. Such loans are generally withfrom municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.
(5)Additional borrowings under the Company's variable rate secured revolving creditwarehouse facilities require additional collateral, which are immediately available.subject to lender approval.
(6)Additional borrowings under the Company's variable rate warehousesecured revolving credit facilities require additional collateral, which are subject to lender approval.immediately available.
The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of September 30, 20222023 ($ in thousands):
YearYearAmountYearAmount
2022 (remaining)$42,206 
20231,070,843 
2023 (remaining)2023 (remaining)$300,032 
202420244,371,845 20243,830,408 
202520259,422,769 20258,316,006 
2026202617,037,215 202615,863,343 
2027202718,467,250 202718,272,493 
202820283,602,444 
ThereafterThereafter13,784,503 Thereafter11,187,314 
TotalTotal$64,196,631 Total$61,372,040 
 
The Company repaid certain of its loans in conjunction with the sale or a refinancing of the underlying propertyproperties and incurred an aggregate realized net loss on extinguishment of debt of $26.5 million and $35.0 million for the three and nine months ended September 30, 2023, respectively. The Company incurred a net realized loss on extinguishment of debt of $3.3 million and $10.7 million respectively, for the three and nine months ended September 30, 2022. The Company incurred a net realized loss on extinguishment of debt of $3.4 million and $9.5 million, respectively, for the three and nine months ended September 30, 2021. Gains on extinguishment of debt2022, respectively. Such losses primarily resulted primarily from the acceleration of mortgage premiums and losses on extinguishment of debt resulted primarily from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.
2524


The Company is subject to various financial and operational covenants under certain of its mortgage notes, secured term loans, and secured revolving credit facility agreements. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of September 30, 2022,2023, the Company believes it was in compliance with all of its loan covenants that could result in a default under such agreements, and with respect to the other financial ratio-based covenants, the Company has provided limited guarantees to allow the applicable collateral real estate to continue to distribute their cash flow to the Company.covenants.
8. Secured Financings of Investments in Real Estate Debt
The Company has entered into master repurchase agreements and other financing agreements secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of thesuch financed investments decline. 
The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands):
September 30, 2022 September 30, 2023
Collateral TypeCollateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity DateCollateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity Date
CMBSCMBS$4,432,998 $7,325,645 L+1.2%9/12/2023CMBS$4,207,759 $6,878,910 +1.4%7/2/2024
RMBSRMBS380,157 510,208 L+1.2%9/21/2023RMBS199,281 272,824 +1.3%6/23/2024
Commercial real estate loansCommercial real estate loans141,901 218,310 L+1.9%4/2/2024Commercial real estate loans144,887 224,454 +1.9%3/22/2024
Corporate bondsCorporate bonds94,988 129,557 L+1.1%8/29/2023Corporate bonds62,117 85,735 +1.2%7/29/2024
$5,050,044 $8,183,720 L+1.2%$4,614,044 $7,461,923 +1.4%
December 31, 2021 December 31, 2022
Collateral TypeCollateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity DateCollateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity Date
CMBSCMBS$4,308,015 $6,604,524 L+0.9%1/20/2023CMBS$4,482,728 $7,447,672 +1.3%12/27/2023
Commercial real estate loansCommercial real estate loans224,510 345,400 L+1.8%4/2/2022Commercial real estate loans220,694 294,337 +1.1%11/18/2023
Corporate bondsCorporate bonds90,578 135,355 L+0.8%11/17/2022Corporate bonds163,547 259,224 +1.9%3/23/2024
RMBSRMBS83,529 125,967 L+0.9%12/31/2022RMBS99,716 137,084 +1.1%10/5/2023
$4,706,632 $7,211,246 L+1.0%$4,966,685 $8,138,317 +1.3%
(1)Represents the fair value of the Company’s investments in real estate debt that serve as collateral.
(2)The term “L”“+” refers to the relevant floating benchmark rates, which include USD LIBOR,SOFR, EURIBOR, SOFR and SONIA, as applicable to each secured financing. As of September 30, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.8 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.
9. Unsecured Revolving Credit Facilities and Term Loans
The Company is party to an unsecured line of credit facilities with multiple banks. The credit facility expires on February 21, 2025 andfacilities have a weighted average maturity date of November 29, 2024, which may be extended for one year. Interest under the credit facility is determined based onyear, and an interest rate of SOFR plus 2.5%+2.5%. As of both September 30, 2023 and December 31, 2022, the maximum capacity of the unsecured line of credit facilities was $4.6$5.6 billion. As of September 30, 2022, the Company had a $180.0 million letter of credit outstanding, which reduced the line of credit capacity of the unsecured credit facility. No such letter of credit was outstanding as of December 31, 2021. There were no outstanding borrowings on the line ofunder its unsecured credit facilities as of September 30, 20222023 and December 31, 2021.2022.
The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (“Lender”(the “Lender”). The Line of Credit expires on January 22, 2023,24, 2024, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third-party lender, or, if no such rate is available, LIBOR plus 2.5%SOFR +2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser,external manager, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of September 30, 20222023 and December 31, 2021,2022, the Company had no outstanding balanceborrowings under the Line of Credit. Please refer to the Line of Credit filed as an exhibit to the Company's Annual Report on Form 10-K for its detailed terms and conditions.
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The Company is party to an unsecured term loanloans with multiple banks. The term loan expires on July 22, 2025loans have a weighted average maturity date of January 30, 2026 and may be extended for one year. Interest under the term loan is determined based onan interest rate of SOFR plus 2.5%+2.5%. As of both September 30, 2023 and December 31, 2022, the aggregate outstanding balance of the unsecured term loanloans was $826.9 million.$1.1 billion.
10. Related Party Transactions
Due to Affiliates
The following table details the components of due to affiliates ($ in thousands): 
September 30, 2022December 31, 2021September 30, 2023December 31, 2022
Accrued stockholder servicing feeAccrued stockholder servicing fee$1,627,916 $1,235,592 Accrued stockholder servicing fee$995,679 $1,588,178 
Performance participation allocationPerformance participation allocation457,023 — Performance participation allocation— — 
Accrued management feeAccrued management fee74,145 56,607 Accrued management fee68,963 71,644 
Accrued affiliate service provider expensesAccrued affiliate service provider expenses12,428 12,880 Accrued affiliate service provider expenses19,850 14,975 
Advanced organization and offering costs511 2,045 
OtherOther1,489 2,323 Other1,513 1,511 
TotalTotal$2,173,512 $1,309,447 Total$1,086,005 $1,676,308 
Accrued Stockholder Servicing Fee
The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P. (the “Dealer Manager”), a registered broker dealer affiliated with the Adviser, for Class S, Class T, and Class D shares, up to the 8.75% of gross proceeds limit, at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shareshares as part of its continuous public offering, that provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee, and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers.
Performance Participation Allocation
The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return. Total return is defined as distributions paid or accrued plus the change in the Company’s Net Asset Value (“NAV”), adjusted for subscriptions and repurchases. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other BREIT OP unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately measured on a calendar year basis and will be paid quarterly in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. To date, the Special Limited Partner has always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense.
Effective March 4, 2022, following the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner will behas been entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end Performance Allocationsperformance allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end Performance Allocationsperformance allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash.

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During the three and nine months ended September 30, 2022,2023, the Company recognized $194.4 million and $817.5 million, respectively, of Performance Participation Allocationdid not recognize any performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. For the year ended December 31, 2022, the full year performance participation allocation was less than the previously distributed Quarterly Allocations resulting in a Quarterly Shortfall amount of $74.9 million. Such Quarterly Shortfall amount is recorded as a receivable from the Special Limited Partner and included as a component of Other Assets on the Company's Condensed Consolidated Balance Sheets. Beginning January 1, 2023, interest on the Quarterly Shortfall began accruing at a 5% annual rate, compounded quarterly. During the three and nine months ended September 30, 2021,2023, the Company recognized $449.8accrued interest income of $1.0 million and $892.4$2.9 million, respectively, of Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations. The Company issued 24.2 million Class I units in BREIT OPrelated to the Special Limited Partner as payment for $360.5 million of previously accrued performance participation allocation for the nine months ended September 30, 2022. The remaining $457.0 million of the performance participation allocation expense relating to the nine months ended September 30, 2022, is recorded as a liability within Due to Affiliates on the Condensed Consolidated Balance Sheets. Subsequent to September 30, 2022, the Company issued 7.5 million Class I units in BREIT OP to the Special Limited Partner based on the NAV per Class I unit as of September 30, 2022, as partial payment for $112.7 million of the performance participation allocation. At the election of the Special Limited Partner, each Class I unit is redeemable for cash or Class I shares (on a one-for-one basis).
On December 31, 2021, the Company issued 96.4 million Class I units in BREIT OP to the Special Limited Partner as payment of the 2021 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Also on December 31, 2021, and immediately following (i) the issuance of the Class I units and (ii) the record time for the December 2021 distributions on the Company’s Class I shares, 55.2 million Class I units in BREIT OP were exchanged for 55.2 million unregistered Class I shares in the Company. In January 2022, subsequent to the issuance of the Class I shares and Class I units, 4.7 million of such Class I units were exchanged for 4.7 million Class B units, 37.8 million of such Class I shares and 1.9 million of such Class I units were redeemed for $566.6 million, and 9.0 million of such units were exchanged for 9.0 million unregistered Class I shares in the Company.
In January 2021, the Company issued 15.5 million Class I units and 1.1 million Class B units in BREIT OP to the Special Limited Partner as payment of the 2020 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Subsequent to the issuance of the Class I units and Class B units, 9.7 million of such units were redeemed for $111.9 million, and 1.1 million of such units were exchanged for unregistered Class I shares in the Company.Quarterly Shortfall amount.
As of November 14, 2022,13, 2023, Blackstone owned an aggregate $2.3 billion of shares of the Company and itsunits of BREIT OP. In addition, Blackstone employees, including the Company’s executive officers, owned sharesan aggregate $1.6 billion of common stockshares of the Company and Class I and Class B units of BREIT OP in an aggregate amount of $2.5 billion (based on the NAV per share/unit as of September 30, 2022).OP.
Accrued Management Fee
The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, certain classes of shares of the Company’s common stock, or certain classes of BREIT OP units. To date,As of September 30, 2023, the Adviser has elected to receive the management fee in shares of the Company’s common stock and units of BREIT OP, resulting in a non-cash expense. During the three and nine months ended September 30, 2023, the Company incurred management fees of $209.3 million and $643.8 million, respectively. During the three and nine months ended September 30, 2022, the Company incurred management fees of $219.8 million and $621.6 million, respectively. During the three and nine months ended September 30, 2021, the Company incurred management fees of $122.9 million and $288.1 million, respectively.
During the nine months ended September 30, 2022 and 2021,2023, the Company issued 36.8 million and 19.624.8 million unregistered Class I shares respectively,and 14.3 million units of BREIT OP to the Adviser as payment for management fees. During the nine months ended September 30, 2022, the Company issued 36.8 million unregistered Class I shares to the Adviser as payment for management fees. On July 31, 2023, 56.7 million Class I shares previously issued for the management fee were exchanged for 56.7 million Class B units of BREIT OP. The Company also had a payable of $74.1$69.0 million and $56.6$71.6 million related to the management fees as of September 30, 20222023 and December 31, 2021,2022, respectively. During October 2022,2023, the Adviser was issued 4.94.7 million unregistered Class I sharesunits of BREIT OP as payment for the management fees accrued as of September 30, 2022.2023. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per shareshare/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the nine months ended September 30, 2023 and 2022. During the nine months ended September 30, 2021, the Adviser submitted 10.4 million Class I shares for repurchase by the Company, for a total repurchase amount of $121.4 million.
Accrued affiliate service provider expenses and incentive compensation awards
The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. For further details on the Company’s relationships with its affiliated service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
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The Company has engaged BPP MFNY Employer LLC (“Beam Living”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s multifamily properties in New York City.
The following table details the amounts incurred for affiliate service providers ($ in thousands):
Affiliate Service
Provider Expenses
Amortization of
Affiliate Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Affiliate Service
Provider Expenses
Amortization of
Affiliate Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
202220212022202120222021202320222023202220232022
Link Industrial Properties LLCLink Industrial Properties LLC$18,892 $16,363 $2,002 $394 $341 $458 Link Industrial Properties LLC$30,807 $18,892 $5,968 $2,002 $330 $341 
LivCor, LLCLivCor, LLC20,681 9,651 1,861 441 44 2,227 LivCor, LLC24,974 20,681 5,928 1,861 1,670 44 
ShopCore Properties TRS Management LLCShopCore Properties TRS Management LLC9,862 4,272 210 110 258 — 
Revantage Corporate Services, LLCRevantage Corporate Services, LLC4,547 899 — — 1,271 Revantage Corporate Services, LLC7,827 4,547 176 — — 
BRE Hotels and Resorts LLCBRE Hotels and Resorts LLC3,532 2,794 249 119 231 — BRE Hotels and Resorts LLC3,844 3,532 292 249 — 231 
ShopCore Properties TRS Management LLC4,272 1,471 110 15 — 171 
Equity Office Management, LLCEquity Office Management, LLC2,069 500 44 65 75 — 
Beam LivingBeam Living1,821 — — — — — Beam Living748 1,821 (649)— — — 
Equity Office Management, LLC500 418 65 — — 
Longview Senior Housing Advisors, LLCLongview Senior Housing Advisors, LLC446 — — — — — Longview Senior Housing Advisors, LLC490 446 — — — — 
TotalTotal$54,691 $31,596 $4,287 $976 $616 $4,127 Total$80,621 $54,691 $11,969 $4,287 $2,333 $616 
Affiliate Service
Provider Expenses
Amortization of
Affiliate Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Affiliate Service
Provider Expenses
Amortization of
Affiliate Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
202320222023202220232022
202220212022202120222021
Link Industrial Properties LLCLink Industrial Properties LLC$62,778 $48,322 $6,690 $999 $2,579 $1,276 Link Industrial Properties LLC$92,138 $62,778 $9,672 $6,690 $1,010 $2,579 
LivCor, LLCLivCor, LLC55,774 30,569 6,296 1,138 3,358 4,302 LivCor, LLC75,172 55,774 9,973 6,296 7,092 3,358 
ShopCore Properties TRS Management LLCShopCore Properties TRS Management LLC26,327 10,438 450 360 923 1,213 
Revantage Corporate Services, LLCRevantage Corporate Services, LLC15,477 2,278 — — — 1,271 Revantage Corporate Services, LLC20,034 15,477 270 — — — 
BRE Hotels and Resorts LLCBRE Hotels and Resorts LLC11,913 8,237 812 246 231 — BRE Hotels and Resorts LLC12,967 11,913 555 812 — 231 
ShopCore Properties TRS Management LLC10,438 4,366 360 40 1,213 253 
Equity Office Management, LLCEquity Office Management, LLC4,420 1,515 150 214 104 230 
Beam LivingBeam Living1,821 — — — 59 — Beam Living1,930 1,821 (511)— — 59 
Equity Office Management, LLC1,515 1,382 214 23 230 — 
Longview Senior Housing Advisors, LLCLongview Senior Housing Advisors, LLC1,316 — — — — — Longview Senior Housing Advisors, LLC1,572 1,316 — — — — 
TotalTotal$161,032 $95,154 $14,372 $2,446 $7,670 $7,102 Total$234,560 $161,032 $20,559 $14,372 $9,129 $7,670 
Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating and Hospitality Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from these arrangements. For further details on the Company’s relationships with its affiliated service providers, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
The Company issues incentive compensation awards to certain employees of affiliate portfolio company service providers that entitles them to receive an allocationproviders. Such awards vest over the life of the Company’s total returnawards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over a certain hurdle amount,the applicable vesting period of each award, based on the value of the awards on their grant date, as determined by the Company.adjusted for forfeitures. The awards are subject to service periods ranging from three to four years. The vesting conditionconditions that isare based on the Company achieving of certain returns over a stated hurdle amount isare considered a market condition.conditions. The achievement of total returns over the stated hurdle amount,amounts, which affectsaffect the quantity of awards that vest, is considered a performance condition. If the Company determines it is considered probable that the performance conditionconditions will be met, these awards arethe value of the award will be amortized over the four-year service period,periods, as adjusted for forfeitures. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable. As of September 30, 2022,2023, the Company has determined it is probable that the performance condition will be met for certain awards and has amortized the value of such awards over the applicable service period. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. During the three and nine months ended September 30, 2022, the Company amortized $4.3 million and $14.4 million, respectively, of affiliate service provider incentive compensation awards. During the three and nine months ended September 30, 2021, the Company amortized $1.0 million and $2.4 million, respectively, of affiliate service provider incentive compensation awards.
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The following table details the incentive compensation awards ($ in thousands):
   September 30, 2022 December 31, 2022For the Nine Months Ended September 30, 2023September 30, 2023
Plan YearPlan YearUnrecognized Compensation Cost as of December 31, 2021Value of Awards IssuedAmortization of Compensation Cost for the Nine Months Ended September 30, 2022Unrecognized Compensation CostRemaining Amortization PeriodPlan YearUnrecognized Compensation CostForfeiture of unvested awardsValue of Awards IssuedAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2019$1,520 $— $(1,104)$416 0.3 years
2020— — — — 
2021202137,201 — (8,580)28,621 2.3 years2021$23,161 $(2,946)$— $(6,639)$13,576 1.3 years
20222022— 25,000 (4,688)20,312 3.3 years202224,889 (4,014)— (5,442)15,433 2.1 years
20232023— — 41,715 (10,428)31,287 2.6 years
$38,721 $25,000 $(14,372)$49,349  $48,050 $(6,960)$41,715 $(22,509)$60,296 
Other
As of both September 30, 20222023 and December 31, 2021,2022, the Adviser had advanced $1.5 million and $2.3 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties.
Such expenses are reimbursed by the Company to the Advisor in the ordinary course.
Affiliate Title Service Provider
Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third parties.third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third partythird-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the CompanyCompany.
During the nine months ended September 30, 2022,2023, the Company paid LNLS $26.8$6.5 million for title services related to 4546 investments and such costs were either (i) capitalized to Investmentsincluded in Real Estatecalculating net gain on dispositions of real estate on the Condensed Consolidated Statements of Operations or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities on the Condensed Consolidated Balance Sheets.
Captive Insurance Company
During the three and nine months ended September 30, 2022,2023, the Company contributed $8.7$163.9 million and $90.3$167.2 million, respectively, of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $0.2$3.2 million and $1.8$3.3 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. The capital contributed and fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies, and are equivalent or less than the rate third-party insurance companies would charge for such services. companies.
During the three and nine months ended September 30, 2021,2022, the Company contributed $5.3$8.7 million and $49.5$90.3 million, respectively, of capital to the captive insurance company. Of these amounts, $0.1$0.2 million and $0.9$1.8 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company.
Other
As of December 31, 2021,2022, the Company had a receivable of $3.9$6.0 million, from LivCor L.L.C. and such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2022,2023, there was no such receivable.
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11. Other Assets and Other Liabilities
The following table details the components of other assets ($ in thousands):
September 30, 2022December 31, 2021September 30, 2023December 31, 2022
Interest rate and foreign currency hedging derivatives(1)Interest rate and foreign currency hedging derivatives(1)$3,106,268 $41,453 Interest rate and foreign currency hedging derivatives(1)$3,441,675 $3,033,595 
Real estate intangibles, netReal estate intangibles, net1,857,432 1,487,436 Real estate intangibles, net1,192,715 1,624,212 
Receivables, netReceivables, net810,132 381,201 Receivables, net822,717 821,309 
Held-for-sale assetsHeld-for-sale assets710,434 380,267 
Straight-line rent receivableStraight-line rent receivable618,444 454,989 
Equity securitiesEquity securities612,625 3,225,660 Equity securities515,118 530,119 
Straight-line rent receivable409,032 275,200 
Held for sale assets352,699 196,244 
Single family rental homes risk retention securitiesSingle family rental homes risk retention securities300,718 233,525 Single family rental homes risk retention securities300,718 300,718 
Prepaid expensesPrepaid expenses195,983 151,188 Prepaid expenses212,794 146,568 
Deferred leasing costs, netDeferred leasing costs, net135,794 121,230 
Due from affiliate(2)
Due from affiliate(2)
77,699 74,857 
Deferred financing costs, netDeferred financing costs, net112,463 51,535 Deferred financing costs, net74,840 103,049 
Deferred leasing costs, net111,897 84,990 
Pre-acquisition costs92,278 153,659 
OtherOther231,749 168,642 Other240,215 291,035 
TotalTotal$8,193,276 $6,450,733 Total$8,343,163 $7,881,948 
(1)This includes $306.5 million and $0.0 million of legal form interest rate swaps that are accounted for as loan receivables as of September 30, 2023 and December 31, 2022, respectively.
(2)Refer to the Performance Participation Allocation section of Note 10 for additional information.
The following table details the components of other liabilities ($ in thousands): 
September 30, 2022December 31, 2021September 30, 2023December 31, 2022
Right of use lease liability - operating leasesRight of use lease liability - operating leases$643,271 $638,830 
Stock repurchases payableStock repurchases payable$872,155 $100,540 Stock repurchases payable649,897 151,959 
Right of use lease liability - operating leases643,286 180,453 
Accounts payable and accrued expensesAccounts payable and accrued expenses535,778 470,335 
Real estate taxes payableReal estate taxes payable493,376 350,757 
Liabilities related to held-for-sale assetsLiabilities related to held-for-sale assets426,919 275,052 
Accrued interest expenseAccrued interest expense407,365 395,459 
Intangible liabilities, netIntangible liabilities, net262,964 330,432 
Tenant security depositsTenant security deposits233,464 237,891 
Distribution payableDistribution payable230,612 238,297 
Prepaid rental incomePrepaid rental income190,834 188,450 
Right of use lease liability - financing leasesRight of use lease liability - financing leases77,950 77,008 
Securitized debt obligations, netSecuritized debt obligations, net57,128 123,628 
Subscriptions received in advanceSubscriptions received in advance577,014 1,746,910 Subscriptions received in advance41,167 208,632 
Real estate taxes payable506,636 211,063 
Accounts payable and accrued expenses505,444 265,754 
Intangible liabilities, net348,791 288,643 
Accrued interest expense337,381 215,757 
Distribution payable241,186 190,143 
Tenant security deposits235,027 172,308 
Prepaid rental income190,254 125,250 
Securitized debt obligations, net188,172 200,953 
Held for sale liabilities109,288 114,377 
Right of use lease liability - financing leases76,694 75,730 
Interest rate and foreign currency hedging derivativesInterest rate and foreign currency hedging derivatives23,250 45,597 Interest rate and foreign currency hedging derivatives22,579 50,557 
OtherOther246,142 250,670 Other230,979 174,746 
TotalTotal$5,100,720 $4,184,148 Total$4,504,283 $3,912,033 


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12. Intangibles
The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):
September 30, 2022December 31, 2021 September 30, 2023December 31, 2022
Intangible assetsIntangible assets  Intangible assets  
In-place lease intangiblesIn-place lease intangibles$2,260,852 $1,920,331 In-place lease intangibles$1,682,574 $2,022,087 
Indefinite life intangiblesIndefinite life intangibles193,182 104,182 Indefinite life intangibles184,082 193,182 
Above-market lease intangiblesAbove-market lease intangibles72,479 60,383 Above-market lease intangibles63,155 71,952 
Other intangiblesOther intangibles370,635 69,634 Other intangibles373,737 371,631 
Total intangible assetsTotal intangible assets2,897,148 2,154,530 Total intangible assets2,303,548 2,658,852 
Accumulated amortizationAccumulated amortizationAccumulated amortization
In-place lease amortizationIn-place lease amortization(982,696)(628,163)In-place lease amortization(1,011,222)(971,988)
Above-market lease amortizationAbove-market lease amortization(29,111)(22,993)Above-market lease amortization(32,142)(31,419)
Other intangibles amortizationOther intangibles amortization(27,909)(15,938)Other intangibles amortization(67,469)(31,233)
Total accumulated amortizationTotal accumulated amortization(1,039,716)(667,094)Total accumulated amortization(1,110,833)(1,034,640)
Intangible assets, netIntangible assets, net$1,857,432 $1,487,436 Intangible assets, net$1,192,715 $1,624,212 
Intangible liabilitiesIntangible liabilitiesIntangible liabilities
Below-market lease intangiblesBelow-market lease intangibles$478,157 $377,132 Below-market lease intangibles$450,783 $476,186 
Total intangible liabilitiesTotal intangible liabilities478,157 377,132 Total intangible liabilities450,783 476,186 
Accumulated amortizationAccumulated amortizationAccumulated amortization
Below-market lease amortizationBelow-market lease amortization(129,366)(88,489)Below-market lease amortization(187,819)(145,754)
Total accumulated amortizationTotal accumulated amortization(129,366)(88,489)Total accumulated amortization(187,819)(145,754)
Intangible liabilities, netIntangible liabilities, net$348,791 $288,643 Intangible liabilities, net$262,964 $330,432 
The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 20222023 is as follows ($ in thousands):
In-place Lease
Intangibles
Above-market
Lease Intangibles
Other IntangiblesBelow-market
Lease Intangibles
In-place Lease
Intangibles
Above-market
Lease Intangibles
Other IntangiblesBelow-market
Lease Intangibles
2022 (remaining)$230,054 $3,010 $10,007 $(18,650)
2023387,749 9,771 39,487 (70,573)
2023 (remaining)2023 (remaining)$49,461 $1,960 $9,935 $(16,191)
20242024171,369 7,887 35,858 (58,723)2024163,297 7,304 36,365 (56,913)
20252025128,332 6,324 33,278 (48,368)2025124,926 6,054 33,790 (46,714)
2026202698,790 5,030 32,202 (38,258)202694,761 4,661 32,538 (36,745)
2027202770,162 3,490 30,139 (26,731)202766,146 3,397 30,478 (25,877)
2028202851,116 2,374 28,675 (19,746)
ThereafterThereafter191,700 7,856 161,755 (87,488)Thereafter121,645 5,263 134,487 (60,778)
$1,278,156 $43,368 $342,726 $(348,791) $671,352 $31,013 $306,268 $(262,964)
3231


13. Derivatives
The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 - “Derivatives and Hedging”.Hedging." Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks.
The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.
Interest Rate Contracts
Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps and caps, and may also include interest rate caps, options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The Company useshas the right of offset for certain derivatives, to presentand presents them net on the financial statements.

The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands):
 September 30, 2022
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest Rate Swaps - Property debt20$7,455,985 2.6%LIBOR, SOFR6.3
Derivatives not designated as hedging instruments
Interest Rate Caps - Property debt104$14,352,391 4.0%LIBOR, SOFR0.8
Interest Rate Swaps - Property debt45$23,430,590 1.9%LIBOR, SOFR, EURIBOR7.5
Interest Rate Swaps - Investments in real estate debt64$1,418,960 1.4%LIBOR, SOFR4.4
 December 31, 2021
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives not designated as hedging instruments
Interest Rate Swaps - Property debt22$9,500,000 1.3%LIBOR7.0
Interest Rate Swaps - Investments in real estate debt54$1,076,210 1.0%LIBOR4.8

 September 30, 2023
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps - property debt21$6,387,423 2.6%LIBOR, SOFR4.8
Derivatives not designated as hedging instruments
Interest rate caps - property debt15516,173,194 4.5%LIBOR, SOFR0.5
Interest rate swaps - property debt5126,015,600 2.0%LIBOR, SOFR, EURIBOR4.8
Interest rate swaps - secured financings of investments in real estate debt29819,065 2.3%LIBOR, SOFR5.6
Total$43,007,859 
 December 31, 2022
Interest Rate DerivativesNumber of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps - property debt20$7,417,852 2.6%LIBOR, SOFR6.1
Derivatives not designated as hedging instruments
Interest rate caps - property debt13514,147,947 4.1%LIBOR, SOFR0.8
Interest rate swaps - property debt5025,015,600 2.0%LIBOR, SOFR, EURIBOR7.3
Interest rate swaps - secured financings of investments in real estate debt611,392,960 1.4%LIBOR, SOFR4.1
Total$40,556,507 








32


Foreign Currency Forward Contracts

Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. 

The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands):
 September 30, 2022December 31, 2021
Foreign Currency Forward ContractsNumber of InstrumentsNotional AmountNumber of InstrumentsNotional Amount
Buy USD / Sell EUR Forward11151,752 10552,513 
Buy USD / Sell GBP Forward10£36,495 7£267,368 
Buy EUR / Sell USD Forward— 15,978 
Buy GBP / Sell USD Forward£— 3£15,396 
33


 September 30, 2023December 31, 2022
Foreign Currency Forward ContractsNumber of InstrumentsNotional AmountNumber of InstrumentsNotional Amount
Buy USD / Sell EUR Forward9141,212 14160,206 
Buy USD / Sell GBP Forward12£59,616 12£132,563 
Buy GBP / Sell USD Forward1£2,340 £— 
Valuation and Financial Statement Impact
The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):
Fair Value of Derivatives
in an Asset(1) Position
Fair Value of Derivatives
in a Liability(2) Position
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Derivatives designated as hedging instruments
Interest rate derivatives$430,308 $— $— $— 
Total Derivatives designated as hedging instruments430,308 — — — 
Derivatives not designated as hedging instruments
Interest rate derivatives2,663,869 41,123 23,250 38,062 
Foreign currency forward contracts12,091 330 — 7,535 
Total Derivatives not designated as hedging instruments2,675,960 41,453 23,250 45,597 
Total Interest rate and foreign currency hedging derivatives$3,106,268 $41,453 $23,250 $45,597 
Fair Value of Derivatives
in an Asset(1) Position
Fair Value of Derivatives
in a Liability(2) Position
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Derivatives designated as hedging instruments
Interest rate swaps - property debt$473,611 $409,260 $— $— 
Total derivatives designated as hedging instruments473,611 409,260 — — 
Derivatives not designated as hedging instruments
Interest rate caps - property debt(3)
79,039 183,392 22,579 36,173 
Interest rate swaps - property debt2,495,718 2,310,511 — — 
Interest rate swaps - secured financings of investments in real estate debt79,064 130,181 — — 
Foreign currency forward contracts7,754 251 — 14,384 
Total derivatives not designated as hedging instruments2,661,575 2,624,335 22,579 50,557 
Total interest rate and foreign currency hedging derivatives$3,135,186 $3,033,595 $22,579 $50,557 
(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
(3)Includes interest rate caps presented on a net basis with an aggregate fair value of $214.1 million and $237.7 million as of September 30, 2023 and December 31, 2022, respectively.








33


The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands):
Type of DerivativeRealized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedThree Months Ended September 30,
20222021
Included in Net Income (Loss)
Interest Rate Swap – Property debtUnrealized gain(1)$1,095,372 $7,995 
Interest Rate Caps – Property debtUnrealized gain(1)99,786 — 
Interest Rate Swap – Investments in real estate debtRealized gain (loss)(2)7,479 (77)
Interest Rate Swap – Investments in real estate debtUnrealized gain(2)48,018 7,017 
Foreign Currency Forward ContractRealized gain(2)20,686 335 
Foreign Currency Forward ContractUnrealized gain(2)3,086 18,514 
   1,274,427 33,784 
Included in Other Comprehensive Income
Interest Rate Swap – Property debtUnrealized gain428,857 — 
Total$1,703,284 $33,784 
Type of DerivativeRealized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedNine Months Ended September 30,
20222021
Included in Net Income (Loss)
Interest Rate Swap – Property debtUnrealized gain (loss)(1)$2,345,437 $(2,151)
Interest Rate Caps – Property debtUnrealized gain(1)163,890 — 
Interest Rate Swap – Investments in real estate debtRealized gain (loss)(2)17,805 (15,041)
Interest Rate Swap – Investments in real estate debtUnrealized gain(2)129,227 49,947 
Foreign Currency Forward ContractRealized gain (loss)(2)83,669 (8,244)
Foreign Currency Forward ContractUnrealized gain(2)19,359 38,479 
2,759,387 62,990 
Included in Other Comprehensive Income
Interest Rate Swap – Property debtUnrealized gain428,857 — 
Total$3,188,244 $62,990 
Type of DerivativeRealized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedThree Months Ended September 30,
20232022
Included in Net Income (Loss)
Interest rate swap – property debtUnrealized gain(1)$105,398 $1,095,372 
Interest rate swap – property debtRealized gain(1)318,596 — 
Interest rate caps – property debtUnrealized (loss) gain(1)(31,802)99,786 
Interest rate swap – secured financings of investments in real estate debtUnrealized gain(1)18,463 48,018 
Interest rate swaps – secured financings of investments in real estate debtRealized gain(2)— 7,479 
Foreign currency forward contractRealized (loss) gain(3)(3,725)20,686 
Foreign currency forward contractUnrealized gain(3)11,910 3,086 
   $418,840 $1,274,427 
Included in Other Comprehensive Income
Interest rate swap – property debt(4)
Unrealized gain141,370 428,857 
Total$560,210 $1,703,284 
Type of DerivativeRealized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedNine Months Ended September 30,
20232022
Included in Net Income (Loss)
Interest rate swap – property debtUnrealized gain(1)$94,150 $2,345,437 
Interest rate swap – property debtRealized gain(1)318,596 — 
Interest rate caps – property debtUnrealized (loss) gain(1)(104,574)163,890 
Interest rate swaps – secured financings of investments in real estate debtUnrealized (loss) gain(1)(51,104)129,227 
Interest rate swaps – secured financings of investments in real estate debtRealized gain(2)69,405 17,805 
Foreign currency forward contractRealized (loss) gain(3)(20,819)83,669 
Foreign currency forward contractUnrealized gain(3)21,887 19,359 
Total$327,541 $2,759,387 
Included in Other Comprehensive Income
Interest rate swap – property debt(4)
Unrealized gain162,127 428,857 
Total$489,668 $3,188,244 
(1)Included in Income from Equity Securities and Interest Rate Derivatives in the Company'sCompany’s Condensed Consolidated Statements of Operations.
(2)Included in Interest Expense, Net in the Company’s Condensed Consolidated Statements of Operations.
(3)Included in Income (Loss) from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations.

(4)
During the three and nine months ended September 30, 2023, net gain of $48.9 million and $124.2 million, respectively, was reclassified from accumulated other comprehensive income into net income.
34


Credit-Risk Related Contingent Features
The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions.
As of September 30, 2022,2023, the Company posted collateral of $19.4$24.0 million with two of its counterparties as required under the derivative contracts. As of December 31, 2021,2022, the Company was in a net liability position with onetwo of its derivative counterparties and posted collateral of $5.1$47.6 million under the derivative contract.
3534


14. Equity and Redeemable Non-controlling Interest
Authorized Capital
As of September 30, 2022,2023, the Company had the authority to issue 10,100,000,00012,100,000,000 shares, consisting of the following:
Number of Shares
(in thousands)
Par Value Number of Shares
(in thousands)
Par Value Per Share
Preferred StockPreferred Stock100,000 $0.01 Preferred Stock100,000 $0.01 
Class S SharesClass S Shares3,000,000 $0.01 Class S Shares3,000,000 $0.01 
Class I SharesClass I Shares6,000,000 $0.01 Class I Shares6,000,000 $0.01 
Class T SharesClass T Shares500,000 $0.01 Class T Shares500,000 $0.01 
Class D SharesClass D Shares500,000 $0.01 Class D Shares1,500,000 $0.01 
Class C SharesClass C Shares500,000 $0.01 
Class F SharesClass F Shares500,000 $0.01 
TotalTotal10,100,000 Total12,100,000 
Common Stock
The following table details the movement in the Company’s outstanding shares of common stock (in thousands):
 Three Months Ended September 30, 2022
 Class SClass IClass TClass DTotal
June 30, 20221,543,834 2,433,206 72,177 389,370 4,438,587 
Common stock issued60,279 173,149 1,888 28,609 263,925 
Distribution reinvestment8,268 13,262 435 2,311 24,276 
Common stock repurchased(23,835)(173,640)(1,276)(4,755)(203,506)
Independent directors' restricted stock grant(1)
— 48 — — 48 
September 30, 20221,588,546 2,446,025 73,224 415,535 4,523,330 
Nine Months Ended September 30, 2022
Class SClass IClass TClass DTotal
December 31, 20211,254,348 2,086,631 57,287 291,087 3,689,353 
Common stock issued357,708 745,681 17,240 127,653 1,248,282 
Distribution reinvestment23,663 37,745 1,204 6,254 68,866 
Common stock repurchased(47,173)(424,080)(2,507)(9,459)(483,219)
Independent directors' restricted stock grant(1)
— 48 — — 48 
September 30, 20221,588,546 2,446,025 73,224 415,535 4,523,330 
 Three Months Ended September 30, 2023
 Class SClass IClass TClass DClass CTotal
June 30, 20231,557,725 2,701,636 66,486 163,774 2,035 4,491,656 
Common stock issued (converted)(1)
6,329 22,376 (1,816)147 — 27,036 
Distribution reinvestment7,441 12,118 378 758 — 20,695 
Common stock repurchased(2)
(45,995)(219,464)(1,885)(5,918)— (273,262)
Independent directors’ restricted stock grant(3)
— 49 — — — 49 
September 30, 20231,525,500 2,516,715 63,163 158,761 2,035 4,266,174 
Nine Months Ended September 30, 2023
Class SClass IClass TClass DClass CTotal
December 31, 20221,597,414 2,394,737 72,599 421,428 — 4,486,178 
Common stock issued (converted)(1)
26,542 655,293 (4,729)(241,416)2,035 437,725 
Distribution reinvestment23,064 38,741 1,205 3,767 — 66,777 
Common stock repurchased(2)
(121,520)(572,105)(5,912)(25,018)— (724,555)
Independent directors’ restricted stock grant(3)
— 49 — — — 49 
September 30, 20231,525,500 2,516,715 63,163 158,761 2,035 4,266,174 
(1)Includes conversion of shares from Class T and Class D to Class I during the nine months ended September 30, 2023.
(2)Includes 56.7 million Class I shares, previously issued for the management fee, and exchanged for an equivalent amount of Class B units of BREIT OP.
(3)The independent directors’ restricted stock grant for the three months and nine months ended September 30, 20222023 represents $0.1 million of the annual compensation paid to each of the independent directors. The cost of each grant is amortized over the one-year service period for each grant.
As of January 1, 2023, the Regents of the University of California (“UC Investments”), subscribed for an aggregate 268.9 million Class I shares for a total purchase price of $4.0 billion. The investment was made at the Company’s January 1, 2023 public offering price with fees and terms consistent with existing stockholders. In connection with this investment, a subsidiary of Blackstone entered into a long-term strategic venture with UC Investments.
35


Blackstone contributed $1.0 billion of its current holdings in the Company as part of the strategic venture, which provides a waterfall structure with UC Investments receiving a 11.25% minimum annualized net return on its investment in the Company (supported by a pledge of Blackstone’s contribution) and upside from its investment. In exchange, Blackstone will be entitled to receive an incremental 5% cash promote payment from UC Investments on any returns received in excess of the specified minimum, in addition to the existing management and incentive fees borne by all holders of Class I shares of the Company. The pledge will also extend to any appreciation and dividends received by Blackstone in respect of the contributed $1.0 billion. After January 2028, the parties have the option to request repurchase of their investments ratably over two years (a minimum average 6-year hold) and any such request will be subject to the terms of our share repurchase plan, as defined below, or policy with Respect to Repurchase of Adviser Class I Shares, dated as of March 10, 2021, as applicable.
On March 1, 2023, UC Investments subscribed for an additional 33.9 million Class I shares for a total purchase price of $500.0 million. This investment was made at the Company’s March 1, 2023 public offering price with fees and terms consistent with existing stockholders. Blackstone contributed an incremental $125.0 million of its current holdings in the Company on the same terms described above.
Share and Unit Repurchases
The Company has adopted a Share Repurchase Plan (the “Repurchase Plan”), which is approved and administered by the Company’s board of directors, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. The Repurchase Plan will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. In the event that the Company receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions.
Should repurchase requests, in the board of directors’ judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the board of directors otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under the Repurchase Plan), or none at all. Further, the Company’s board of directors may make exceptions to, modify, or suspend the Company’s Repurchase Plan (including to make exceptions to the repurchase limitations, or repurchase less shares than such repurchase limitations) if it deems such action to be in the Company’s best interest and the best interest of its stockholders. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Repurchase Plan, as applicable.
For the three months ended September 30, 2022,2023, the Company repurchased 203.5216.5 million shares of common stock and 0.27.7 million units of BREIT OP units for a total of $3.1 billion and $2.5 million, respectively.$3.3 billion. For the nine months ended September 30, 2022,2023, the Company repurchased 483.2667.8 million shares of common stock and 3.222.2 million units of BREIT OP units for a total of $7.2 billion$10.1 billion. During the months ended July 31, 2023, August 31, 2023, and $46.8 million, respectively. TheSeptember 30, 2023, the Company had no unfulfilledreceived repurchase requests duringthat exceeded the nineapplicable repurchase limits under the Company’s Repurchase Plan. For the months ended July 31, 2023, August 31, 2023, and September 30, 2022.2023, in accordance with the Repurchase Plan, the Company fulfilled repurchases equal to 2.0%, 2.0% and 1.0% of NAV, or 34%, 43% and 29% of repurchase requests, respectively.
For each of the three months ended March 31, 2023 and June 30, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company’s Repurchase Plan.
Distributions
The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code.
Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV.
36


The following table details the aggregate distributions declared for each applicable class of common stock:
 Three Months Ended September 30, 2023
 Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.1672 $0.1672 $0.1672 $0.1672 
Stockholder servicing fee per share of common stock(0.0319)— (0.0314)(0.0092)
Net distributions declared per share of common stock$0.1353 $0.1672 $0.1358 $0.1580 
Nine Months Ended September 30, 2023
Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.4999 $0.4999 $0.4999 $0.4999 
Stockholder servicing fee per share of common stock(0.0940)— (0.0924)(0.0271)
Net distributions declared per share of common stock$0.4059 $0.4999 $0.4075 $0.4728 
 Three Months Ended September 30, 2022
 Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.1677 $0.1677 $0.1677 $0.1677 
Stockholder servicing fee per share of common stock(0.0324)— (0.0320)(0.0094)
Net distributions declared per share of common stock$0.1353 $0.1677 $0.1357 $0.1583 
Nine Months Ended September 30, 2022
Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.5010 $0.5010 $0.5010 $0.5010 
Stockholder servicing fee per share of common stock(0.0951)— (0.0937)(0.0274)
Net distributions declared per share of common stock$0.4059 $0.5010 $0.4073 $0.4736 

Redeemable Non-controlling Interest
In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets.
The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the nine months ended September 30, 20222023 and 20212022 ($ in thousands):
 
Nine Months Ended September 30,Nine Months Ended September 30,
20222021 20232022
Balance at the beginning of the yearBalance at the beginning of the year$589,900 $274 Balance at the beginning of the year$344,145 $589,900 
Settlement of current year performance participation allocationSettlement of current year performance participation allocation360,504 — Settlement of current year performance participation allocation— 360,504 
Settlement of prior year performance participation allocation— 192,648 
RepurchasesRepurchases(26,639)(111,949)Repurchases— (26,639)
Conversion to Class I and Class B unitsConversion to Class I and Class B units(436,992)(68,453)Conversion to Class I and Class B units(278,990)(436,992)
Conversion to Class I shares(128,205)(12,246)
Conversion to Class I and Class C sharesConversion to Class I and Class C shares(65,304)(128,205)
GAAP income allocationGAAP income allocation531 (4)GAAP income allocation1,923 531 
DistributionsDistributions(6,732)(12)Distributions(1,308)(6,732)
Fair value allocationFair value allocation11,810 62 Fair value allocation(102)11,810 
Ending balanceEnding balance$364,177 $320 Ending balance$364 $364,177 
In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of September 30, 20222023 and December 31, 2021, $222.62022, $206.1 million and $160.8$209.3 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets.
The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional Paid-in Capital and Redeemable Non-controlling Interest of $18.5 million and $3.1 million during the three and nine months ended September 30, 2023, respectively, and $0.5 million and $45.8 million during the three and nine months ended September 30, 2022, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.respectively.
37


15. Leases
Lessor
The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, industrial, net lease, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, data centers, retail, and office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only.
Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. Both of theThe Company's net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were botheach operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets.
Leases at the Company’s industrial, net lease, data centers, retail, and office properties are generally longer term (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the CPI index. Leases at the Company’s rental housing and self storage properties are short term in nature, generally not greater than 12 months in length.
The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30, Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2023202220232022
Fixed lease paymentsFixed lease payments$1,716,020 $737,811 $4,286,984 $1,944,920 Fixed lease payments$1,804,577 $1,716,020 $5,499,152 $4,286,984 
Variable lease paymentsVariable lease payments109,964 70,287 291,813 196,903 Variable lease payments121,250 109,964 359,381 291,813 
Rental revenueRental revenue$1,825,984 $808,098 $4,578,797 $2,141,823 Rental revenue$1,925,827 $1,825,984 $5,858,533 $4,578,797 
The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 20222023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included.
YearYearFuture Minimum RentsYearFuture Minimum Rents
2022 (remaining)$409,643 
20231,632,880 
2023 (remaining)2023 (remaining)$454,964 
202420241,517,634 20241,794,907 
202520251,388,319 20251,673,430 
202620261,266,497 20261,523,207 
202720271,080,999 20271,312,781 
202820281,097,988 
ThereafterThereafter16,219,813 Thereafter15,719,306 
TotalTotal$23,515,785 Total$23,576,583 
38


Lessee
Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of September 30, 2022,2023, the Company had 9598 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options.
38


The following table details the future lease payments due under the Company’s ground leases as of September 30, 20222023 ($ in thousands):
 Operating
Leases
Financing
Leases
2022 (remaining)$7,362 $1,024 
202336,676 4,150 
202437,381 4,266 
202537,997 4,385 
202638,162 4,507 
202738,602 4,633 
Thereafter2,634,867 564,141 
Total undiscounted future lease payments2,831,047 587,106 
Difference between undiscounted cash flows and discounted cash flows(2,187,761)(510,412)
Total lease liability$643,286 $76,694 
 Operating
Leases
Financing
Leases
2023 (remaining)$9,235 $1,053 
202437,089 4,266 
202537,753 4,385 
202637,920 4,507 
202738,320 4,633 
202838,674 4,763 
Thereafter2,590,648 559,373 
Total undiscounted future lease payments2,789,639 582,980 
Difference between undiscounted cash flows and discounted cash flows(2,146,368)(505,030)
Total lease liability$643,271 $77,950 
The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of September 30, 2022,2023, the weighted average remaining lease term of the Company’s operating leases and financing leases was 6160 years and 7978 years, respectively.
Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. OneThree of the Company’s ground leases contains a variable component based on a percentage of revenue.
The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30, Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2023202220232022
Fixed ground rent expenseFixed ground rent expense$5,009 $1,031 $9,542 $3,078 Fixed ground rent expense$6,543 $5,009 $14,391 $9,542 
Variable ground rent expenseVariable ground rent expense2,418 2,428 31 Variable ground rent expense2,729 2,418 15,554 2,428 
Total cash portion of ground rent expenseTotal cash portion of ground rent expense7,427 1,036 11,970 3,109 Total cash portion of ground rent expense9,272 7,427 29,945 11,970 
Straight-line ground rent expenseStraight-line ground rent expense2,170 1,636 8,240 4,926 Straight-line ground rent expense2,546 2,170 13,469 8,240 
Total operating lease costsTotal operating lease costs$9,597 $2,672 $20,210 $8,035 Total operating lease costs$11,818 $9,597 $43,414 $20,210 
The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30, Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2023202220232022
Interest on lease liabilitiesInterest on lease liabilities$1,021 $889 $3,014 $2,407 Interest on lease liabilities$1,050 $1,021 $3,098 $3,014 
Amortization of right-of-use assetsAmortization of right-of-use assets313 322 967 821 Amortization of right-of-use assets304 313 943 967 
Total financing lease costsTotal financing lease costs$1,334 $1,211 $3,981 $3,228 Total financing lease costs$1,354 $1,334 $4,041 $3,981 
39


16. Segment Reporting
The Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office properties, 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 Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment.
39


The following table details the total assets by segment ($ in thousands):
September 30, 2022December 31, 2021 September 30, 2023December 31, 2022
Rental HousingRental Housing$69,463,501 $44,167,486 Rental Housing$65,910,125 $68,464,413 
IndustrialIndustrial21,754,674 20,898,801 Industrial20,368,711 21,624,736 
Net LeaseNet Lease9,030,633 5,219,519 Net Lease8,144,138 9,011,326 
Data CentersData Centers3,380,631 3,203,585 
HospitalityHospitality3,789,933 3,084,271 Hospitality3,003,918 3,768,473 
OfficeOffice3,278,535 1,232,392 Office2,946,855 3,293,163 
Data Centers3,219,793 1,905,660 
RetailRetail2,748,383 1,689,575 Retail2,544,667 2,722,839 
Self StorageSelf Storage2,341,529 1,886,376 Self Storage749,800 2,247,351 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair ValueInvestments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value28,376,890 24,221,005 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value23,940,400 25,363,546 
Other (Corporate)Other (Corporate)898,781 2,033,779 Other (Corporate)3,746,518 2,987,992 
Total assetsTotal assets$144,902,652 $106,338,864 Total assets$134,735,763 $142,687,424 

40


The following table details the financial results by segment for the three months ended September 30, 20222023 ($ in thousands):
Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
TotalRental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
Total
Revenues:Revenues:Revenues:
Rental revenueRental revenue$1,157,326 $343,401 $150,384 $— $43,028 $12,836 $60,478 $58,531 $— $1,825,984 Rental revenue$1,257,638 $351,055 $150,384 $— $46,589 $12,838 $58,350 $48,973 $— $1,925,827 
Hospitality revenueHospitality revenue— — — 193,141 — — — — — 193,141 Hospitality revenue— — — 145,837 — — — — — 145,837 
Other revenueOther revenue89,100 8,435 — 3,101 4,386 — 1,113 3,650 — 109,785 Other revenue102,478 6,476 — — 1,966 — 1,083 3,566 — 115,569 
Total revenuesTotal revenues1,246,426 351,836 150,384 196,242 47,414 12,836 61,591 62,181 — 2,128,910 Total revenues1,360,116 357,531 150,384 145,837 48,555 12,838 59,433 52,539 — 2,187,233 
Expenses:Expenses:Expenses:
Rental property operatingRental property operating679,947 104,140 513 — 13,427 1,839 22,174 28,559 — 850,599 Rental property operating774,713 113,575 480 — 15,068 2,278 26,369 26,088 — 958,571 
Hospitality operatingHospitality operating— — — 137,345 — — — — — 137,345 Hospitality operating— — — 103,585 — — — — — 103,585 
Total expensesTotal expenses679,947 104,140 513 137,345 13,427 1,839 22,174 28,559 — 987,944 Total expenses774,713 113,575 480 103,585 15,068 2,278 26,369 26,088 — 1,062,156 
(Loss) income from unconsolidated entities(Loss) income from unconsolidated entities(9,039)(22,340)24,976 3,846 (22,025)(47,797)(630)— — (73,009)(Loss) income from unconsolidated entities(10,320)(157,735)— (2,032)16,585 (1,027)873 — — (153,656)
Income from investments in real estate debtIncome from investments in real estate debt— — — — — — — — 86,493 86,493 Income from investments in real estate debt— — — — — — — — 192,145 192,145 
Changes in net assets of consolidated securitization vehiclesChanges in net assets of consolidated securitization vehicles— — — — — — — — (8,798)(8,798)Changes in net assets of consolidated securitization vehicles— — — — — — — — 53,244 53,244 
(Loss) income from investments in equity securities(1)
(37,704)6,173 — — (6,147)— — — — (37,678)
Segment net operating income (loss)$519,736 $231,529 $174,847 $62,743 $5,815 $(36,800)$38,787 $33,622 $77,695 $1,107,974 
Loss from investments in equity securities(1)
Loss from investments in equity securities(1)
(34,700)— — — — — — — — (34,700)
Segment net operating incomeSegment net operating income$540,383 $86,221 $149,904 $40,220 $50,072 $9,533 $33,937 $26,451 $245,389 $1,182,110 
Depreciation and amortizationDepreciation and amortization$(728,237)$(195,442)$(51,878)$(31,833)$(22,945)$(6,970)$(55,939)$(34,457)$— $(1,127,701)Depreciation and amortization$(585,907)$(191,877)$(51,878)$(23,166)$(23,335)$(5,535)$(32,841)$(14,324)$— $(928,863)
General and administrativeGeneral and administrative$(13,223)General and administrative(16,960)
Management feeManagement fee(219,778)Management fee(209,297)
Performance participation allocation(194,361)
Income from interest rate derivatives(1)
1,196,395 
Impairment of investments in real estateImpairment of investments in real estate(60,952)
Income from interest rate derivativesIncome from interest rate derivatives410,655 
Net gain on dispositions of real estateNet gain on dispositions of real estate317,981 Net gain on dispositions of real estate985,189 
Interest expense(703,203)
Interest expense, netInterest expense, net(808,169)
Loss on extinguishment of debtLoss on extinguishment of debt(3,266)Loss on extinguishment of debt(26,484)
Other expenseOther expense(15,939)Other expense(10,602)
Net incomeNet income$344,879 Net income$516,627 
Net loss attributable to non-controlling interests in third party joint venturesNet loss attributable to non-controlling interests in third party joint ventures$43,549 Net loss attributable to non-controlling interests in third party joint ventures$100,087 
Net income attributable to non-controlling interests in BREIT OPNet income attributable to non-controlling interests in BREIT OP(16,261)Net income attributable to non-controlling interests in BREIT OP(28,420)
Net income attributable to BREIT stockholdersNet income attributable to BREIT stockholders$372,167 Net income attributable to BREIT stockholders$588,294 
(1) Included within income from equity securities and interest rate derivativesOther Expense on the Condensed Consolidated Statements of Operations is $42.1$38.4 million of net unrealized/realizedunrealized loss related to such equity securities.
4041


The following table details the financial results by segment for the three months ended September 30, 20212022 ($ in thousands):
Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
TotalRental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
Total
Revenues:Revenues:Revenues:
Rental revenueRental revenue$416,749 $235,917 $82,795 $— $12,453 $8,128 $15,527 $36,529 $— $808,098 Rental revenue$1,157,326 $343,401 $150,384 $— $43,028 $12,836 $60,478 $58,531 $— $1,825,984 
Hospitality revenueHospitality revenue— — — 127,507 — — — — — 127,507 Hospitality revenue— — — 193,141 — — — — — 193,141 
Other revenueOther revenue36,195 1,825 — 2,632 117 — 332 2,603 — 43,704 Other revenue89,100 8,435 — 3,101 4,386 — 1,113 3,650 — 109,785 
Total revenuesTotal revenues452,944 237,742 82,795 130,139 12,570 8,128 15,859 39,132 — 979,309 Total revenues1,246,426 351,836 150,384 196,242 47,414 12,836 61,591 62,181 — 2,128,910 
Expenses:Expenses:Expenses:
Rental property operatingRental property operating219,456 69,157 440 — 2,706 1,061 4,767 16,430 — 314,017 Rental property operating679,947 104,140 513 — 13,427 1,839 22,174 28,559 — 850,599 
Hospitality operatingHospitality operating— — — 92,280 — — — — — 92,280 Hospitality operating— — — 137,345 — — — — — 137,345 
Total expensesTotal expenses219,456 69,157 440 92,280 2,706 1,061 4,767 16,430 — 406,297 Total expenses679,947 104,140 513 137,345 13,427 1,839 22,174 28,559 — 987,944 
(Loss) Income from unconsolidated entities(Loss) Income from unconsolidated entities(8,615)79,166 24,914 — — (17,020)— — — 78,445 (Loss) Income from unconsolidated entities(9,039)(22,340)24,976 3,846 (22,025)(47,797)(630)— — (73,009)
Income from investments in real estate debtIncome from investments in real estate debt— — — — — — — — 59,567 59,567 Income from investments in real estate debt— — — — — — — — 30,319 30,319 
Changes in net assets of consolidated securitization vehiclesChanges in net assets of consolidated securitization vehicles— — — — — — — — 23,485 23,485 Changes in net assets of consolidated securitization vehicles— — — — — — — — (8,798)(8,798)
Income (loss) from investments in equity securities(1)
148,553 15,573 10,761 — (23,046)— — — — 151,841 
Segment net operating income$373,426 $263,324 $118,030 $37,859 $(13,182)$(9,953)$11,092 $22,702 $83,052 $886,350 
(Loss) income from investments in equity securities(1)
(Loss) income from investments in equity securities(1)
(37,704)6,173 — — (6,147)— — — — (37,678)
Segment net operating income (loss)Segment net operating income (loss)$519,736 $231,529 $174,847 $62,743 $5,815 $(36,800)$38,787 $33,622 $21,521 $1,051,800 
Depreciation and amortizationDepreciation and amortization$(249,438)$(133,243)$(28,637)$(22,928)$(6,260)$(3,878)$(6,973)$(30,688)$— $(482,045)Depreciation and amortization$(728,237)$(195,442)$(51,878)$(31,833)$(22,945)$(6,970)$(55,939)$(34,457)$— $(1,127,701)
General and administrativeGeneral and administrative$(7,106)General and administrative(13,223)
Management feeManagement fee(122,866)Management fee(219,778)
Performance participation allocationPerformance participation allocation(449,822)Performance participation allocation(194,361)
Income from interest rate derivatives(1)
Income from interest rate derivatives(1)
26,371 
Income from interest rate derivatives(1)
1,244,256 
Net loss on dispositions of real estate(9,586)
Net gain on dispositions of real estateNet gain on dispositions of real estate317,981 
Interest expense(204,444)
Interest expense, netInterest expense, net(695,047)
Loss on extinguishment of debtLoss on extinguishment of debt(3,372)Loss on extinguishment of debt(3,266)
Other expenseOther expense(634)Other expense(15,782)
Net lossNet loss$(367,154)Net loss$344,879 
Net loss attributable to non-controlling interests in third party joint venturesNet loss attributable to non-controlling interests in third party joint ventures$5,472 Net loss attributable to non-controlling interests in third party joint ventures$43,549 
Net loss attributable to non-controlling interests in BREIT OP4,393 
Net income attributable to non-controlling interests in BREIT OPNet income attributable to non-controlling interests in BREIT OP(16,261)
Net loss attributable to BREIT stockholdersNet loss attributable to BREIT stockholders$(357,289)Net loss attributable to BREIT stockholders$372,167 
(1) Included within income from equity securities and interest rate derivativesOther Expense on the Condensed Consolidated Statements of Operations is $154.8$42.1 million unrealized gainof net unrealized/realized loss related to such equity securities.
4142


The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands):
Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
Total
Revenues:         
Rental revenue$3,838,602 $1,051,836 $451,153 $— $142,878 $38,524 $176,221 $159,319 $— $5,858,533 
Hospitality revenue— — — 564,802 — — — — — 564,802 
Other revenue278,164 19,506 — 7,686 5,747 — 3,330 10,460 — 324,893 
Total revenues4,116,766 1,071,342 451,153 572,488 148,625 38,524 179,551 169,779 — 6,748,228 
Expenses:
Rental property operating2,200,319 338,505 1,724 — 43,269 7,016 75,668 81,269 — 2,747,770 
Hospitality operating— — — 384,997 — — — — — 384,997 
Total expenses2,200,319 338,505 1,724 384,997 43,269 7,016 75,668 81,269 — 3,132,767 
(Loss) income from unconsolidated entities(25,467)19,774 432,528 (2,746)2,492 (46,111)498 — — 380,968 
Income from investments in real estate debt— — — — — — — — 580,948 580,948 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 145,183 145,183 
Loss from investments in equity securities(1)
(3,763)— — — — — — — — (3,763)
Segment net operating income (loss)$1,887,217 $752,611 $881,957 $184,745 $107,848 $(14,603)$104,381 $88,510 $726,131 $4,718,797 
Depreciation and amortization$(1,849,657)$(576,401)$(155,634)$(88,199)$(73,239)$(16,558)$(106,044)$(50,152)$— $(2,915,884)
General and administrative(51,258)
Management fee(643,800)
Impairment of investments in real estate(178,667)
Income from interest rate derivatives257,068 
Net gain on dispositions of real estate1,775,016 
Interest expense, net(2,336,050)
Loss on extinguishment of debt(35,025)
Other expense(57,081)
Net income$533,116 
Net loss attributable to non-controlling interests in third party joint ventures$243,700 
Net income attributable to non-controlling interests in BREIT OP(34,643)
Net income attributable to BREIT stockholders$742,173 
(1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $15.0 million of net unrealized loss related to equity securities.


43


The following table details the financial results by segment for the nine months ended September 30, 2022 ($ in thousands):
Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate
Debt
Total Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate Debt
Total
Revenues:Revenues:         Revenues:         
Rental revenueRental revenue$2,800,611 $1,022,959 $349,405 $— $88,103 $32,263 $127,438 $158,018 $— $4,578,797 Rental revenue$2,800,611 $1,022,959 $349,405 $— $88,103 $32,263 $127,438 $158,018 $— $4,578,797 
Hospitality revenueHospitality revenue— — — 538,038 — — — — — 538,038 Hospitality revenue— — — 538,038 — — — — — 538,038 
Other revenueOther revenue203,330 20,805 — 10,136 6,591 — 2,220 11,059 — 254,141 Other revenue203,330 20,805 — 10,136 6,591 — 2,220 11,059 — 254,141 
Total revenuesTotal revenues3,003,941 1,043,764 349,405 548,174 94,694 32,263 129,658 169,077 — 5,370,976 Total revenues3,003,941 1,043,764 349,405 548,174 94,694 32,263 129,658 169,077 — 5,370,976 
Expenses:Expenses:Expenses:
Rental property operatingRental property operating1,587,211 325,378 1,119 — 26,259 5,001 45,967 76,250 — 2,067,185 Rental property operating1,587,211 325,378 1,119 — 26,259 5,001 45,967 76,250 — 2,067,185 
Hospitality operatingHospitality operating— — — 376,620 — — — — — 376,620 Hospitality operating— — — 376,620 — — — — — 376,620 
Total expensesTotal expenses1,587,211 325,378 1,119 376,620 26,259 5,001 45,967 76,250 — 2,443,805 Total expenses1,587,211 325,378 1,119 376,620 26,259 5,001 45,967 76,250 — 2,443,805 
(Loss) income from unconsolidated entities(66,238)177,212 75,349 3,846 (5,238)(132,940)(489)— — 51,502 
(Loss) Income from unconsolidated entities(Loss) Income from unconsolidated entities(66,238)177,212 75,349 3,846 (5,238)(132,940)(489)— — 51,502 
Loss from investments in real estate debtLoss from investments in real estate debt— — — — — — — — (73,257)(73,257)Loss from investments in real estate debt— — — — — — — — (217,454)(217,454)
Changes in net assets of consolidated securitization vehiclesChanges in net assets of consolidated securitization vehicles— — — — — — — — (68,407)(68,407)Changes in net assets of consolidated securitization vehicles— — — — — — — — (68,407)(68,407)
(Loss) income from investments in equity securities(1)
(Loss) income from investments in equity securities(1)
(320,387)(47,969)27,334 — (113,756)— — — — (454,778)
(Loss) income from investments in equity securities(1)
(320,387)(47,969)27,334 — (113,756)— — — — (454,778)
Segment net operating income (loss)Segment net operating income (loss)$1,030,105 $847,629 $450,969 $175,400 $(50,559)$(105,678)$83,202 $92,827 $(141,664)$2,382,231 Segment net operating income (loss)$1,030,105 $847,629 $450,969 $175,400 $(50,559)$(105,678)$83,202 $92,827 $(285,861)$2,238,034 
Depreciation and amortizationDepreciation and amortization$(1,903,579)$(608,513)$(120,768)$(86,667)$(46,017)$(14,085)$(122,013)$(99,459)$— $(3,001,101)Depreciation and amortization$(1,903,579)$(608,513)$(120,768)$(86,667)$(46,017)$(14,085)$(122,013)$(99,459)$— $(3,001,101)
General and administrativeGeneral and administrative$(38,082)General and administrative(38,082)
Management feeManagement fee(621,556)Management fee(621,556)
Performance participation allocationPerformance participation allocation(817,527)Performance participation allocation(817,527)
Income from interest rate derivatives(1)
Income from interest rate derivatives(1)
2,504,475 
Income from interest rate derivatives(1)
2,634,100 
Net gain on dispositions of real estateNet gain on dispositions of real estate740,395 Net gain on dispositions of real estate740,395 
Interest expense(1,483,991)
Interest expense, netInterest expense, net(1,469,020)
Loss on extinguishment of debtLoss on extinguishment of debt(10,665)Loss on extinguishment of debt(10,665)
Other expenseOther expense(23,787)Other expense(24,186)
Net lossNet loss$(369,608)Net loss$(369,608)
Net loss attributable to non-controlling interests in third party joint venturesNet loss attributable to non-controlling interests in third party joint ventures$119,151 Net loss attributable to non-controlling interests in third party joint ventures$119,151 
Net income attributable to non-controlling interests in BREIT OP1,946 
Net loss attributable to non-controlling interests in BREIT OPNet loss attributable to non-controlling interests in BREIT OP1,946 
Net loss attributable to BREIT stockholdersNet loss attributable to BREIT stockholders$(248,511)Net loss attributable to BREIT stockholders$(248,511)
(1) Included within income from equity securities and interest rate derivativesOther Expense on the Condensed Consolidated Statements of Operations is $494.6 million netof unrealized/realized loss related to such equity securities.


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The following table details the financial results by segment for the nine months ended September 30, 2021 ($ in thousands):
 Rental HousingIndustrialNet
Lease
HospitalityOfficeData CentersRetailSelf
Storage
Investments in
Real Estate Debt
Total
Revenues:         
Rental revenue$1,007,297 $687,164 $248,384 $— $32,628 $20,549 $44,624 $101,177 $— $2,141,823 
Hospitality revenue— — — 288,310 — — — — — 288,310 
Other revenue68,735 7,819 — 7,626 328 — 1,546 6,760 — 92,814 
Total revenues1,076,032 694,983 248,384 295,936 32,956 20,549 46,170 107,937 — 2,522,947 
Expenses:
Rental property operating510,039 213,306 910 — 8,784 2,975 14,302 49,391 — 799,707 
Hospitality operating— — — 223,053 — — — — — 223,053 
Total expenses510,039 213,306 910 223,053 8,784 2,975 14,302 49,391 — 1,022,760 
(Loss) Income from unconsolidated entities(8,615)133,394 75,396 — — (17,020)— — — 183,155 
Income from investments in real estate debt— — — — — — — — 344,440 344,440 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 94,546 94,546 
Income (loss) from investments in equity securities(1)
300,048 70,984 41,724 — (16,164)— — — — 396,592 
Segment net operating income$857,426 $686,055 $364,594 $72,883 $8,008 $554 $31,868 $58,546 $438,986 $2,518,920 
Depreciation and amortization$(585,424)$(396,737)$(85,773)$(68,504)$(15,027)$(8,928)$(21,158)$(100,502)$— $(1,282,053)
General and administrative(21,855)
Management fee(288,144)
Performance participation allocation(892,410)
Income from interest rate derivatives(1)
15,979 
Net gain on dispositions of real estate13,216 
Interest expense(567,252)
Loss on extinguishment of debt(9,545)
Other expense(1,708)
Net loss$(514,852)
Net loss attributable to non-controlling interests in third party joint ventures$5,149 
Net loss attributable to non-controlling interests in BREIT OP6,129 
Net loss attributable to BREIT stockholders$(503,574)
(1) Included within income from equity securities and interest rate derivatives on the Condensed Consolidated Statements of Operations is $379.6 million unrealized gain related to such equity securities.
17. Commitments and Contingencies
Litigation  
From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 20222023 and December 31, 2021,2022, the Company was not involved in any material legal proceedings.
18. Subsequent Events
The Bellagio Sale of Interest
On October 3, 2023, the Company sold a 23% common equity interest in a joint venture that owns a 95% interest in the Bellagio for $300.0 million. The Company also sold a preferred equity interest in the joint venture for $650.0 million. The Company controls the joint venture and will therefore continue to consolidate its investment in the Bellagio. The aggregate $950.0 million common and preferred equity interests will be included in the Company's total equity as non-controlling interests.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References herein to “Blackstone Real Estate Income Trust,” “BREIT,” the “Company,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q.
Forward-Looking Statements
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “identified”“identify” or other similar words or the negatives thereof. These may include our financial projections and estimates and their underlying assumptions, statements about plans, objectives, intentions and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, and statements with respect to acquisitions, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertainsubject to various risks and uncertainties. Accordingly, there are or maywill be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors also include but are not limited to those described under the section entitled “Risk Factors” in our prospectus and our Annual Report on form 10-K for the year ended December 31, 2021,2022, and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or our prospectus and other filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
Overview
BREIT investsWe invest primarily in stabilized income-generating commercial real estate in the United States. ToStates and to a lesser extent, we mayoutside the United States. We also, to a lesser extent, invest in real estate outside the U.S. and in real estate debt.debt investments. We are the sole general partner and majority limited partner of BREIT Operating Partnership L.P. (“BREIT OP”), a Delaware limited partnership, and we own substantially all of our assets through BREIT OP. We are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone Inc. (“Blackstone”), a leading investment manager. We currently operate our business in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office Properties, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable, and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”), and The Cosmopolitan of Las Vegas (the “Cosmopolitan”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture.. Additional unconsolidated interests are included in the respective property segment.
BREIT is a non-listed, perpetual life real estate investment trust (“REIT”) that qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) for U.S. federal income tax. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.
As of November 14, 2022,13, 2023, we had received net proceeds of $65.9$73.9 billion from the sale of 5.25.8 billion shares of our common stock in our continuous public offering and private offerings. We contributed the net proceeds to BREIT OP in exchange for a corresponding number of Class S, Class I, Class T, Class D and Class DC units. BREIT OP has primarily used the net proceeds to make investments in real estate and real estate debt and for other general corporate purposes (including to fund repurchase requests under our share repurchase plan from time to time) as further described below under “Investment Portfolio.” We intend to continue selling shares of our common stock on a monthly basis through our continuous public offering and private offerings.
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Recent Developments
The Company’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S.United States and, to a lesser extent, elsewhere in the world.

InDuring the third quarter of 2022,three months ended September 30, 2023, global markets continued to experience significant volatility, driven by concerns over persistent inflation, rising interest rates, slowing economic growth and geopolitical uncertainty. Inflation persisted at multi-decade highsRecent events affecting bank institutions have also contributed to volatility in many major economies aroundglobal markets and diminished liquidity and credit availability in the world, promptingmarket broadly.

Continued inflation has prompted central banks to pursuetake monetary policy tightening actions, that are likely to continue to create headwinds to economic growth. Continued global supply chain disruption, including due to recurrent COVID-19 restrictions and the ongoing war between Russia and Ukraine, are also contributing to mounting inflationary pressure.

Headline economic measures were generally healthy in the third quarter. Inflation continues to rise and will likely cause the Federal Reserve to continue raising interest rates, which has created further uncertainty for the economy and for our stockholders. Additionally, rising interest rates and increasing costs and supply chain issues may dampen consumer spending and slow corporate profit growth, which may negatively impact equity values. While there is a debate among economists as to whether such factors, coupled with economic contraction in the U.S. in the first, second and third quarters of 2022, indicate that the U.S. has entered, or in the near term will enter, a recession, itIt remains difficult to predict the full impact of recent changesevents and any future changes in interest rates or inflation.
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Q3 20222023 Highlights
Operating Results:
Declared monthly net distributions totaling $694.9$666.9 million for the three months ended September 30, 2022.2023. The details of the average annualized distribution rates and total returns are shown in the following table:
Class SClass IClass TClass DClass SClass IClass TClass D
Average Annualized Distribution Rate(1)
Average Annualized Distribution Rate(1)
3.6%4.5%3.7%4.3%
Average Annualized Distribution Rate(1)
3.7%4.5%3.7%4.4%
Year-to-Date Total Return, without upfront selling commissions(2)
Year-to-Date Total Return, without upfront selling commissions(2)
8.5%9.3%8.4%8.9%
Year-to-Date Total Return, without upfront selling commissions(2)
2.7%3.3%2.7%3.1%
Year-to-Date Total Return, assuming maximum upfront selling commissions(2)
Year-to-Date Total Return, assuming maximum upfront selling commissions(2)
4.9%N/A4.8%7.3%
Year-to-Date Total Return, assuming maximum upfront selling commissions(2)
(0.8)%N/A(0.8)%1.6%
Inception-to-Date Total Return, without upfront selling commissions(2)
Inception-to-Date Total Return, without upfront selling commissions(2)
12.3%13.3%12.8%13.3%
Inception-to-Date Total Return, without upfront selling commissions(2)
10.7%11.6%11.0%11.5%
Inception-to-Date Total Return, assuming maximum upfront selling commissions(2)
Inception-to-Date Total Return, assuming maximum upfront selling commissions(2)
11.6%N/A12.1%13.0%
Inception-to-Date Total Return, assuming maximum upfront selling commissions(2)
10.1%N/A10.4%11.2%
Investment Activity:Investments:
Acquired 153Sold 128 self storage properties, 20 rental housing properties, sixseven hospitality properties, two industrial properties, and one office property across four transactions, as well as 1,695 wholly-owned single family homes, for a total purchase price of $15.3 billion during the three months ended September 30, 2022. The acquisitions are consistent with our strategy of acquiring diversified, income-producing real estate assets concentrated in high growth markets and included the following:
On August 9, 2022, the Company, through a joint venture with certain affiliates, acquired all outstanding shares of common stock of American Campus Communities (“ACC”), a publicly traded REIT and the largest owner, manager and developer of high-quality student housing communities in the United States, for $12.8 billion. The Company currently owns 69% of the joint venture.
Sold 24 rental housing and 23 industrial properties, as well as 119 single family rental homes, for total net proceeds of $0.9 billion and$3.4 billion. We recognized a net realized gain of $0.3 billion$985.1 million, net of the impairment recognized during the three months ended September 30, 2022.quarter, related to the disposition of such properties.
Included above is the sale of the Company’s wholly-owned interest in Simply Self Storage for net proceeds of $2.1 billion, resulting in a net realized gain of $697.1 million.
Capital and Financing Activity:
Raised $4.2$0.7 billion from the sale of shares of our common stock and through private offerings during the three months ended September 30, 2022.2023. Repurchased $3.1$3.3 billion of our shares of our common stockand units from third-party investors during the three months ended September 30, 2022.2023.
IncreasedRepaid $0.9 billion of property-level financings by $10.6 billion during the three months ended September 30, 2022.
Increased the capacity of the unsecured line of credit by $0.9 billion during the three months ended September 30, 2022
Closed on an $826.9 million unsecured term loan which expires on July 22, 2025 and may be extended for one year.2023.
Current Portfolio:
Our portfolio as of September 30, 20222023 consisted of investments in real estate (92%(93% based on fair value) and investments in real estate debt (8%(7%).
Our 5,2064,895 properties(3) as of September 30, 20222023 consisted primarily of Rental Housing (55%(53% based on fair value), Industrial (23%(25%), Data Centers (8%) and Net Lease (7%(6%), and our portfolio of real estate portfolio was primarily concentrated in the following regions: South (39%(37%), West (33%(31%) and East (17%(19%).
Our investments in real estate debt as of September 30, 20222023 consisted of a diversified portfolio of CMBS, RMBS, mortgage and mezzanine loans, and other real estate-related debt. For further details on credit rating and underlying real estate collateral, refer to “Investment Portfolio – Investments in Real Estate Debt.”
(1)The annualized distribution rate is calculated by averaging each of the three months'months’ annualized distribution, divided by the prior month’s net asset value, which is inclusive of all fees and expenses. The Company believes the annualized distribution rate is a useful measure of our overall investment performance.
(2)Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Total return for periods greater than one year are annualized. The Company believes total return is a useful measure of the overall investment performance of our shares.
(3)Excludes 28,16528,490 single family rental homes. Such single family rental homes are included in the fair value amounts.
Subsequent Event Highlights
The Bellagio Sale of Interest
On October 3, 2023, the Company sold a 23% common equity interest in a joint venture that owns a 95% interest in the Bellagio for $300.0 million. The Company also sold a preferred equity interest in the joint venture for $650.0 million. The Company controls the joint venture and will therefore continue to consolidate its investment in the Bellagio. The aggregate $950.0 million common and preferred equity interest will be included in the Company's total equity as non-controlling interests.
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Investment Portfolio
Portfolio Summary
The following chart allocates our investments in real estate and real estate debt based on fair value as of September 30, 2022:2023:
breit-20220930_g2.jpg155
Real Estate Investments
The following charts further describe the diversification of our investments in real estate based on fair value as of September 30, 2022:2023:
breit-20220930_g3.jpg303
breit-20220930_g4.jpg305
(1     Geographic weighting is measured as the asset value of real estate properties, excluding the value of any third-party interests in such real estate properties, and unconsolidated investments for each geographical category against the total asset value of (i) all real estate properties, excluding the value of any third-party interests in such real estate properties, and (ii) unconsolidated investments. Property type weighting is measured as the asset value of our real estate investments for each sector category against the total asset value of all real estate investments, excluding the value of any third party interests in such real estate investments.) “Real estate investments” includes our directinclude wholly-owned property investments, unconsolidatedBREIT’s share of property investments held through joint ventures and equity in public and private real estate-related companies. Real Estate Debt“Real estate debt” includes ourBREIT’s investments in CMBS, RMBS, mortgage loans, and other debt
47


secured by real estate and real estate related assets, and excludeexcludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated GAAPGenerally Accepted Accounting Principles (“GAAP”) Balance Sheet.Sheets. “Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all real estate investments, excluding the value of any third-party interests in such real estate investments. “Region Concentration” represents regions as defined by the National Council of Real Estate Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of our real estate properties for
48


each regional category divided by the asset value of all real estate properties, excluding the value of any third-party interests in such real estate properties. “Non-U.S.” reflects investments in Europe and Canada.

The following map identifies the top markets of our real estate portfolio composition based on fair value as of September 30, 2022:2023:

breit-20220930_g5.jpg

BREIT_FactCard_Refiling_v77_MAP (002).jpg
The select markets that are named represent allBREIT’s top 5 metropolitan statistical areas (“MSAs”) in the U.S. in which BREIT has at least a 2%by portfolio concentration. BREIT is invested in additional MSAs that are not named above. Shading reflects the concentration of all real estate properties and unconsolidated investments in each state. Other Markets includes 2% of BREIT's portfolio invested in non-U.S. assets, including in Europe and Canada. Weightingweighting. Portfolio weighting is measured as the asset value of real estate properties for each MSA divided by the total asset value of all real estate properties, excluding the value of any third-party interests in such real estate properties, and unconsolidated investments for each market against the total asset value of all (i) real estate properties, excluding the value of any third-party interestsinvestments. BREIT is invested in such real estate properties, and (ii) unconsolidated investments.additional MSAs that are not named above.
As of September 30, 2022,2023, we owned a diversified portfolio of 5,2064,895 properties and 28,16528,490 single family rental homes concentrated in growth markets consisting of income producing assets primarily focused in Rental Housing, Industrial, Data Centers and Net Lease properties, and to a lesser extent Data Centers, Self Storage, Hospitality, Retail, and Office properties.

4849


The following table provides a summary of our portfolio by segment as of September 30, 2022:2023:
SegmentSegment
Number of
Properties(1)
Sq. Feet (in
thousands)/
Units/Keys
Occupancy
Rate(2)
Average Effective
Annual Base Rent
Per Leased Square
Foot/Units/Keys(3)
Gross Asset
Value(4)
($ in thousands)
Segment
Revenue(5)
Percentage of Total RevenuesSegment
Number of
Properties(1)
Sq. Feet (in
thousands)/
Units/Keys
Occupancy
Rate(2)
Average Effective
Annual Base Rent
Per Leased Square
Foot/Units/Keys(3)
Gross Asset
Value(4)
($ in thousands)
Segment
Revenue(5)
($ in thousands)
Percentage of Total Revenues
Rental Housing(6)
Rental Housing(6)
1,259291,346 units94%$14,445$73,949,560 $3,017,983 53%
Rental Housing(6)
1,154275,229 units93%$15,053$71,306,088 $4,292,080 56%
IndustrialIndustrial3,284461,184 sq. ft.97%$5.4427,765,959 1,230,991 21%Industrial3,215447,384 sq. ft.97%$5.8827,037,165 1,357,012 18%
Net LeaseNet Lease431,650 sq. ft.100%N/A9,979,532 456,235 8%Net Lease215,409 sq. ft.100%N/A8,577,190 450,177 6%
Data CentersData Centers7712,047 sq. ft.100%$14.564,410,020 75,053 1%Data Centers9712,174 sq. ft.100%$14.806,684,931 323,751 4%
RetailRetail8010,855 sq. ft.96%$19.142,849,080 192,314 3%
HospitalityHospitality26837,314 keys70% $177.80/$123.453,727,356 556,954 10%Hospitality25334,589 keys73% $187.95/$137.452,812,404 662,649 8%
OfficeOffice145,164 sq. ft.99%$41.182,734,036 218,478 3%
Self StorageSelf Storage21516,922 sq. ft.92%$15.503,358,159 169,077 3%Self Storage805,221 sq. ft.89%$14.30953,485 169,779 2%
Office155,978 sq. ft.97%$36.713,132,767 89,456 2%
Retail8411,432 sq. ft.94%$18.172,956,688 135,590 2%
TotalTotal5,206$129,280,041 $5,731,339 100%Total4,895$122,954,379 $7,666,240 100%
 
(1)Includes properties owned by unconsolidated entities. Single family rental homes are accounted for in rental housing units and are not reflected in the number of properties.
(2)For our industrial, net lease, data center,centers, office and retail and office investments, occupancy includes all leased square footage as of September 30, 2022.2023. For our multifamily student housing and affordablestudent housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended September 30, 2022.2023. For our single family rental housing investments, the occupancy rate includes occupied homes for the three months ended September 30, 2022.2023. For our self storage, manufactured housing and senior living investments, the occupancy rate includes occupied square footage, occupied sites and occupied units, respectively, as of September 30, 2022.2023. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended September 30, 2022.2023. Hospitality investments owned less than 12 months are excluded.excluded from the average occupancy rate calculation. Unconsolidated investments are excluded from occupancy rate calculations.
(3)For industrial, data centers, net lease, manufactured housing, self storage, retail, and office properties, average effective annual base rent represents the annualized September 30, 2022 base rent per leased square foot or unit and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For multifamily and rental housing properties other than manufactured housing, average effective annual base rent represents the base rent for the three months ended September 30, 20222023 per leased unit, and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For manufactured housing, industrial, net lease, data centers, self storage, office, and retail properties, average effective annual base rent represents the annualized September 30, 2023 base rent per leased square foot or unit and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For hospitality properties, average effective annual base rent represents Average Daily Rate (“ADR”) and Revenue Per Available Room (“RevPAR”), respectively, for the 12 months ended September 30, 2022.2023. Hospitality investments owned less than 12 months are excluded from the ADR and RevPAR calculations. 
(4)Based on fair value as of September 30, 2022.2023.
(5)Segment revenue is presented for the nine months ended September 30, 2022. Rental Housing, Industrial, Net Lease, Data Centers, Office,2023 and Retail segment revenue includes income from unconsolidated entities, excluding our allocable share of depreciation expense from therevenues generated by unconsolidated entities.
(6)Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable, and single family rental housing, as well as senior living. Rental Housing units include multifamily units, affordable housing units, manufactured housing sites, student housing units, single family rental homes and senior living units.
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Real Estate
The following table provides information regarding our real estate portfolio as of September 30, 2022:2023:
Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
TA Multifamily Portfolio4VariousApril 2017100%1,744 units92%
Emory Point1Atlanta, GAMay 2017100%750 units96%
Nevada West Multifamily3Las Vegas, NVMay 2017100%972 units89%
Mountain Gate & Trails Multifamily2Las Vegas, NVJune 2017100%539 units92%
Elysian West Multifamily1Las Vegas, NVJuly 2017100%466 units90%
Gilbert Multifamily2Gilbert, AZSept. 201790%748 units93%
Domain & GreenVue Multifamily2Dallas, TXSept. 2017100%803 units94%
ACG II Multifamily3VariousSept. 201794%740 units92%
Olympus Multifamily3Jacksonville, FLNov. 201795%1,032 units92%
Amberglen West Multifamily1Hillsboro, ORNov. 2017100%396 units92%
Aston Multifamily Portfolio14VariousVarious100%3,145 units92%
Talavera and Flamingo Multifamily2Las Vegas, NVDec. 2017100%674 units86%
Walden Pond & Montair Multifamily Portfolio2Everett, WA & Thornton, CODec. 201795%636 units95%
Signature at Kendall Multifamily1Miami, FLDec. 2017100%546 units91%
Blue Hills Multifamily1Boston, MAMay 2018100%472 units93%
Wave Multifamily Portfolio5VariousMay 2018100%1,902 units92%
ACG III Multifamily2Gresham, OR & Turlock, CAMay 201895%475 units95%
Carroll Florida Multifamily2Jacksonville & Orlando, FLMay 2018100%716 units94%
Solis at Flamingo1Las Vegas, NVJune 201895%524 units87%
Velaire at Aspera1Phoenix, AZJuly 2018100%286 units93%
Coyote Multifamily Portfolio6Phoenix, AZAug. 2018100%1,752 units93%
Avanti Apartments1Las Vegas, NVDec. 2018100%414 units89%
Gilbert Heritage Apartments1Phoenix, AZFeb. 201990%256 units94%
Roman Multifamily Portfolio14VariousFeb. 2019100%3,743 units94%
Elevation Plaza Del Rio1Phoenix, AZApril 201990%333 units94%
Courtney at Universal Multifamily1Orlando, FLApril 2019100%355 units92%
Citymark Multifamily 2-Pack2Las Vegas, NV & Lithia Springs, GAApril 201995%608 units92%
Raider Multifamily Portfolio4Las Vegas, NVVarious100%1,514 units90%
Bridge II Multifamily Portfolio6VariousVarious100%2,363 units91%
Miami Doral 2-Pack2Miami, FLMay 2019100%720 units93%
Davis Multifamily 2-Pack2Raleigh, NC & Jacksonville, FLMay 2019100%454 units92%
Slate Savannah1Savannah, GAMay 201990%272 units96%
Amara at MetroWest1Orlando, FLMay 201995%411 units88%
Colorado 3-Pack3Denver & Fort Collins, COMay 2019100%855 units94%
Edge Las Vegas1Las Vegas, NVJune 201995%296 units91%
ACG IV Multifamily2Woodland, CA & Puyallup, WAJune 201995%606 units94%
Perimeter Multifamily 3-Pack3Atlanta, GAJune 2019100%691 units91%
Anson at the Lakes1Charlotte, NCJune 2019100%694 units92%
San Valiente Multifamily1Phoenix, AZJuly 201995%604 units91%
Edgewater at the Cove1Oregon City, ORAug. 2019100%244 units93%
Haven 124 Multifamily1Denver, COSept. 2019100%562 units93%
Villages at McCullers Walk Multifamily1Raleigh, NCOct. 2019100%412 units93%
Canopy at Citrus Park Multifamily1Largo, FLOct. 201990%318 units95%
Ridge Multifamily Portfolio4Las Vegas, NVOct. 201990%1,220 units89%
Charleston on 66th Multifamily1Tampa, FLNov. 201995%258 units90%
Evolve at Timber Creek Multifamily1Garner, NCNov. 2019100%304 units93%
Arches at Hidden Creek Multifamily1Chandler, AZNov. 201998%432 units89%
Terra Multifamily1Austin, TXDec. 2019100%372 units90%
Arium Multifamily Portfolio5VariousDec. 2019100%1,684 units92%
Easton Gardens Multifamily1Columbus, OHFeb. 202095%1,064 units94%
Acorn Multifamily Portfolio18VariousFeb. & May 202098%7,055 units93%
Indigo West Multifamily1Orlando, FLMarch 2020100%456 units90%
The Sixes Multifamily1Holly Springs, GASept. 2020100%340 units95%
Park & Market Multifamily1Raleigh, NCOct. 2020100%409 units95%
Cortland Lex Multifamily1Alpharetta, GAOct. 2020100%360 units94%
The Palmer Multifamily1Charlotte, NCOct. 202090%318 units94%
Grizzly Multifamily Portfolio2Atlanta, GA & Nashville, TNOct. & Nov. 2020100%767 units94%
Jaguar Multifamily Portfolio11VariousNov. & Dec. 2020100%3,788 units92%
Kansas City Multifamily Portfolio2Overland Park & Olathe, KSDec. 2020100%620 units93%
50


Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
The View at Woodstock Multifamily1Woodstock, GAJan. 2021100%320 units94%
Southeast Multifamily Portfolio2Lebanon, TN & Sanford, FLFeb. 202198%330 units94%
Cortona South Tampa Multifamily1Tampa, FLApril 2021100%300 units90%
Crest at Park Central Multifamily1Dallas, TXApril 2021100%387 units95%
Archer & Rosery Multifamily Portfolio2Acworth, GA & Largo, FLApril & May 2021100%539 units93%
Encore Tessera Multifamily1Phoenix, AZMay 202180%240 units92%
Acorn 2.0 Multifamily Portfolio18VariousVarious98%6,997 units87%
Vue at Centennial Multifamily1Las Vegas, NVJune 2021100%372 units92%
Charlotte Multifamily Portfolio3VariousJune & Aug. 2021100%876 units92%
Haven by Watermark Multifamily1Denver, COJune 2021100%206 units97%
Legacy North Multifamily1Plano, TXAug. 2021100%1,675 units93%
The Brooke Multifamily1Atlanta, GAAug. 2021100%537 units94%
One Boynton Multifamily1Boynton Beach, FLAug. 2021100%494 units89%
Falcon Landing Multifamily1Katy, TXAug. 202190%386 units95%
Town Lantana Multifamily1Lantana, FLSept. 202190%360 units93%
Ring Multifamily Portfolio12VariousSept. 2021100%3,030 units92%
Villages at Pecan Grove Multifamily1Holly Springs, NCNov. 2021100%336 units95%
Cielo Morrison Multifamily Portfolio2Charlotte, NCNov. 202190%419 units90%
FiveTwo at Highland Multifamily1Austin, TXNov. 202190%390 units95%
Roman 2.0 Multifamily Portfolio20VariousDec. 2021 & Jan. 2022100%6,342 units93%
Kapilina Beach Homes Multifamily1Ewa Beach, HIDec. 2021100%1,459 units88%
SeaTac Multifamily Portfolio2Edgewood & Everett, WADec. 202190%480 units94%
Villages at Raleigh Beach Multifamily1Raleigh, NCJan. 2022100%392 units94%
Raider 2.0 Multifamily Portfolio3Las Vegas & Henderson, NVMarch & April 2022100%1,390 units91%
Dallas Multifamily Portfolio2Irving & Fort Worth, TXApril 202290%759 units94%
Carlton at Bartram Park Multifamily1Jacksonville, FLApril 2022100%750 units94%
Overlook Multifamily Portfolio2Malden & Revere, MAApril 2022100%1,386 units95%
Harper Place at Bees Ferry Multifamily1Charleston, SCApril 2022100%195 units92%
Rapids Multifamily Portfolio42VariousMay 2022100%12,667 units93%
8 Spruce Street Multifamily1New York, NYMay 2022100%899 units94%
Pike Multifamily Portfolio(4)
46VariousJune 2022100%12,594 units96%
ACG V Multifamily2Stockton, CASept. 202295%449 units94%
Highroads MH2Phoenix, AZApril 201899.6%198 units97%
Evergreen Minari MH2Phoenix, AZJune 201899.6%115 units97%
Southwest MH12VariousJune 201899.6%2,568 units90%
Hidden Springs MH1Desert Hot Springs, CAJuly 201899.6%317 units86%
SVPAC MH2Phoenix, AZJuly 201899.6%233 units100%
Riverest MH1Tavares, FLDec. 201899.6%130 units97%
Angler MH Portfolio4Phoenix, AZApril 201999.6%770 units93%
Florida MH 4-Pack4VariousApril & July 201999.6%799 units94%
Impala MH3Phoenix & Chandler, AZJuly 201999.6%333 units99%
Clearwater MHC 2-Pack2Clearwater, FLMarch & Aug. 202099.6%207 units96%
Legacy MH Portfolio7VariousApril 202099.6%1,896 units92%
May Manor MH1Lakeland, FLJune 202099.6%297 units81%
Royal Oaks MH1Petaluma, CANov. 202099.6%94 units99%
Southeast MH Portfolio25VariousDec. 202099.6%6,333 units87%
Redwood Village MH1Santa Rosa, CAJuly 202199.6%67 units100%
Courtly Manor MH1Hialeah, FLOct. 202199.6%525 units100%
Crescent Valley MH1Newhall, CANov. 202199.6%85 units92%
EdR Student Housing Portfolio20VariousSept. 201895%3,460 units96%
Mercury 3100 Student Housing1Orlando, FLFeb. 2021100%228 units99%
Signal Student Housing Portfolio8VariousAug. 202196%1,749 units97%
Standard at Fort Collins Student Housing1Fort Collins, CONov. 202197%237 units100%
Intel Student Housing Portfolio4Reno, NVVarious98%805 units96%
Signal 2.0 Student Housing Portfolio2Buffalo, NY & Athens, GADec. 202197%366 units99%
Robin Student Housing Portfolio8VariousMarch 202298%1,703 units94%
Legacy on Rio Student Housing1Austin, TXMarch 202297%149 units100%
Mark at Tucson Student Housing1Mountain, AZApril 202297%154 units98%
Legacy at Baton Rouge Student Housing1Baton Rouge, LAMay 202297%300 units99%
American Campus Communities150VariousAug. 202269%36,545 units96%
Home Partners of America(5)
N/A(1)
VariousVarious
Various(5)
28,165 units97%
Quebec Independent Living Portfolio11Quebec, CanadaAug. 2021 & Aug. 202295%3,233 units86%
Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Rental Housing:
TA Multifamily Portfolio2Palm Beach Gardens, FL & Gurnee, ILApril 2017100%959 units94%
Emory Point1Atlanta, GAMay 2017100%750 units92%
Nevada West Multifamily3Las Vegas, NVMay 2017100%972 units93%
Mountain Gate & Trails Multifamily2Las Vegas, NVJune 2017100%539 units96%
Elysian West Multifamily1Las Vegas, NVJuly 2017100%466 units95%
Gilbert Multifamily2Gilbert, AZSept. 201790%748 units96%
Domain Multifamily1Dallas, TXSept. 2017100%395 units95%
ACG II Multifamily3VariousSept. 201794%740 units95%
Olympus Multifamily3Jacksonville, FLNov. 201795%1,032 units94%
Amberglen West Multifamily1Hillsboro, ORNov. 2017100%396 units95%
Aston Multifamily Portfolio6VariousVarious100%945 units94%
Talavera and Flamingo Multifamily2Las Vegas, NVDec. 2017100%674 units90%
Montair Multifamily1Thornton, CODec. 2017100%320 units90%
Signature at Kendall Multifamily2Miami, FLDec. 2017100%546 units93%
Blue Hills Multifamily1Boston, MAMay 2018100%472 units91%
Wave Multifamily Portfolio4VariousMay 2018100%1,728 units92%
ACG III Multifamily2Gresham, OR & Turlock, CAMay 201895%475 units94%
Carroll Florida Multifamily1Jacksonville & Orlando, FLMay 2018100%320 units94%
Solis at Flamingo1Las Vegas, NVJune 201895%524 units93%
Velaire at Aspera1Phoenix, AZJuly 2018100%286 units96%
Coyote Multifamily Portfolio6Phoenix, AZAug. 2018100%1,752 units93%
Avanti Apartments1Las Vegas, NVDec. 2018100%414 units93%
Gilbert Heritage Apartments1Phoenix, AZFeb. 201990%256 units95%
Roman Multifamily Portfolio11VariousFeb. 2019100%2,975 units93%
Elevation Plaza Del Rio1Phoenix, AZApril 201990%333 units94%
Courtney at Universal Multifamily1Orlando, FLApril 2019100%355 units93%
Citymark Multifamily 2-Pack2Las Vegas, NV & Lithia Springs, GAApril 201995%608 units93%
Raider Multifamily Portfolio4Las Vegas, NVVarious100%1,514 units93%
Bridge II Multifamily Portfolio6VariousVarious100%2,363 units88%
Miami Doral 2-Pack2Miami, FLMay 2019100%720 units93%
Davis Multifamily 2-Pack2Raleigh, NC & Jacksonville, FLMay 2019100%454 units94%
Slate Savannah1Savannah, GAMay 201990%272 units94%
Amara at MetroWest1Orlando, FLMay 201995%411 units93%
Colorado 3-Pack2Denver & Fort Collins, COMay 2019100%603 units93%
Edge Las Vegas1Las Vegas, NVJune 201995%296 units91%
ACG IV Multifamily2Woodland, CA & Puyallup, WAJune 201995%606 units93%
Perimeter Multifamily 3-Pack3Atlanta, GAJune 2019100%691 units86%
Anson at the Lakes1Charlotte, NCJune 2019100%694 units92%
San Valiente Multifamily1Phoenix, AZJuly 201995%604 units92%
Edgewater at the Cove1Oregon City, ORAug. 2019100%248 units90%
Haven 124 Multifamily1Denver, COSept. 2019100%562 units92%
Villages at McCullers Walk Multifamily1Raleigh, NCOct. 2019100%412 units95%
Canopy at Citrus Park Multifamily1Largo, FLOct. 201990%318 units96%
Ridge Multifamily Portfolio4Las Vegas, NVOct. 201990%1,220 units91%
Charleston on 66th Multifamily1Tampa, FLNov. 201995%258 units91%
Evolve at Timber Creek Multifamily1Garner, NCNov. 2019100%304 units93%
Arches at Hidden Creek Multifamily1Chandler, AZNov. 201998%432 units92%
Terra Multifamily1Austin, TXDec. 2019100%372 units93%
Arium Multifamily Portfolio4VariousDec. 2019100%1,284 units94%
Easton Gardens Multifamily1Columbus, OHFeb. 202095%1,064 units95%
Acorn Multifamily Portfolio17VariousFeb. & May 202098%6,839 units93%
Indigo West Multifamily1Orlando, FLMarch 2020100%456 units91%
The Sixes Multifamily1Holly Springs, GASept. 2020100%340 units92%
Park & Market Multifamily1Raleigh, NCOct. 2020100%409 units95%
Cortland Lex Multifamily1Alpharetta, GAOct. 2020100%360 units95%
The Palmer Multifamily1Charlotte, NCOct. 202090%318 units93%
Grizzly Multifamily Portfolio2Atlanta, GA & Nashville, TNOct. & Nov. 2020100%767 units94%
51


Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Ace Affordable Housing Portfolio(6)
599VariousDec. 2021
Various(6)
74,714 units97%
Florida Affordable Housing Portfolio43VariousVarious100%10,965 units97%
Palm Park Affordable Housing1Boynton Beach, FLMay 2022100%160 units99%
Total Rental Housing1,259291,346 units
Industrial:
HS Industrial Portfolio33VariousApril 2017100%5,573 sq. ft.97%
Fairfield Industrial Portfolio11Fairfield, NJSept. 2017100%578 sq. ft.99%
Southeast Industrial Portfolio5VariousNov. 2017100%1,927 sq. ft.100%
Kraft Chicago Industrial Portfolio3Aurora, ILJan. 2018100%1,693 sq. ft.100%
Canyon Industrial Portfolio138VariousMarch 2018100%20,154 sq. ft.98%
HP Cold Storage Industrial Portfolio6VariousMay 2018100%2,259 sq. ft.100%
Meridian Industrial Portfolio88VariousNov. 201899%11,582 sq. ft.99%
Stockton Distribution Center1Stockton, CADec. 2018100%987 sq. ft.100%
Summit Industrial Portfolio8Atlanta, GADec. 2018100%631 sq. ft.100%
4500 Westport Drive1Harrisburg, PAJan. 2019100%179 sq. ft.100%
Morgan Savannah1Savannah, GAApril 2019100%357 sq. ft.100%
Minneapolis Industrial Portfolio34Minneapolis, MNApril 2019100%2,459 sq. ft.95%
Atlanta Industrial Portfolio61Atlanta, GAMay 2019100%3,779 sq. ft.93%
Patriot Park Industrial Portfolio2Durham, NCSept. 2019100%323 sq. ft.100%
Denali Industrial Portfolio18VariousSept. 2019100%4,098 sq. ft.100%
Jupiter 12 Industrial Portfolio302VariousSept. 2019100%61,297 sq. ft.97%
2201 Main Street1San Diego, CAOct. 2019100%260 sq. ft.N/A
Triangle Industrial Portfolio24Greensboro, NCJan. 2020100%2,559 sq. ft.91%
Midwest Industrial Portfolio27VariousFeb. 2020100%5,940 sq. ft.94%
Pancal Industrial Portfolio12VariousFeb. & April 2020100%2,109 sq. ft.99%
Grainger Distribution Center1Jacksonville, FLMarch 2020100%297 sq. ft.100%
Diamond Industrial1Pico Rivera, CAAug. 2020100%243 sq. ft.100%
Inland Empire Industrial Portfolio2Etiwanda & Fontana, CASept. 2020100%404 sq. ft.100%
Shield Industrial Portfolio13VariousDec. 2020100%2,079 sq. ft.100%
7520 Georgetown Industrial1Indianapolis, INDec. 2020100%425 sq. ft.100%
WC Infill Industrial Portfolio(7)
19VariousJan. & Aug. 202185%2,927 sq. ft.N/A
Vault Industrial Portfolio(7)
35VariousJan. 202146%6,592 sq. ft.N/A
Chicago Infill Industrial Portfolio7VariousFeb. 2021100%1,058 sq. ft.100%
Greensboro Industrial Portfolio19VariousApril 2021100%2,068 sq. ft.94%
NW Corporate Center Industrial Portfolio3El Paso, TXJuly 2021100%692 sq. ft.100%
I-85 Southeast Industrial Portfolio4VariousJuly & Aug. 2021100%739 sq. ft.100%
Alaska Industrial Portfolio(7)
27Various UK July & Oct. 202122%8,720 sq. ft.N/A
Stephanie Industrial Portfolio2Henderson, NVSept. 2021100%338 sq. ft.100%
Capstone Industrial Portfolio2Brooklyn Park, MNSept. 2021100%219 sq. ft.86%
Winston Industrial Portfolio(8)
132VariousOct. 2021Various39,193 sq. ft.98%
Tempe Industrial Center1Tempe, AZOct. 2021100%175 sq. ft.100%
Procyon Distribution Center Industrial1Las Vegas, NVOct. 2021100%122 sq. ft.100%
Northborough Industrial Portfolio2Marlborough, MAOct. 2021100%600 sq. ft.100%
Coldplay Logistics Portfolio(7)
17Various GermanyOct. 202110%1,546 sq. ft.N/A
Canyon 2.0 Industrial Portfolio102VariousNov. 202199%15,218 sq. ft.98%
Tropical Sloane Las Vegas Industrial1Las Vegas, NVNov. 2021100%171 sq. ft.100%
Explorer Industrial Portfolio(7)
328VariousNov. 202112%70,499 sq. ft.N/A
Carrix Ports Portfolio(9)
N/AVariousNov. 20218%N/AN/A
Evergreen Industrial Portfolio(7)
12VariousDec. 202110%6,068 sq. ft.N/A
Maplewood Industrial14VariousDec. 2021100%3,169 sq. ft.100%
Meadowland Industrial Portfolio3Las Vegas, NVDec. 2021100%1,138 sq. ft.100%
Bulldog Industrial Portfolio7Suwanee, GADec. 2021100%512 sq. ft.100%
SLC NW Commerce Industrial3Salt Lake City, UTDec. 2021100%529 sq. ft.97%
Bluefin Industrial Portfolio(7)
70VariousDec. 202123%10,922 sq. ft.N/A
73 Business Center Industrial Portfolio1Greensboro, NCDec. 2021100%218 sq. ft.54%
Amhurst Industrial Portfolio8Waukegan, ILMarch 2022100%1,280 sq. ft.93%
Shoals Logistics Center Industrial1Austell, GAApril 2022100%254 sq. ft.N/A
Durham Commerce Center Industrial1Durham, NCApril 2022100%132 sq. ft.100%
Mileway Industrial Portfolio(7)
1,668VariousVarious16%153,893 sq. ft.N/A
Total Industrial3,284461,184 sq. ft.
Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Jaguar Multifamily Portfolio9VariousNov. & Dec. 2020100%3,014 units91%
Kansas City Multifamily Portfolio2Overland Park & Olathe, KSDec. 2020100%620 units95%
The View at Woodstock Multifamily1Woodstock, GAJan. 2021100%320 units92%
Cortona South Tampa Multifamily1Tampa, FLApril 2021100%300 units92%
Crest at Park Central Multifamily1Dallas, TXApril 2021100%387 units95%
Rosery Multifamily Portfolio1Largo, FLApril 2021100%224 units92%
Encore Tessera Multifamily1Phoenix, AZMay 202180%240 units95%
Acorn 2.0 Multifamily Portfolio16VariousVarious98%6,409 units93%
Vue at Centennial Multifamily1Las Vegas, NVJune 2021100%372 units95%
Charlotte Multifamily Portfolio3VariousJune & Aug. 2021100%876 units92%
Haven by Watermark Multifamily1Denver, COJune 2021100%206 units91%
Legacy North Multifamily1Plano, TXAug. 2021100%1,675 units96%
The Brooke Multifamily1Atlanta, GAAug. 2021100%537 units88%
One Boynton Multifamily1Boynton Beach, FLAug. 2021100%494 units92%
Town Lantana Multifamily1Lantana, FLSept. 202190%360 units95%
Ring Multifamily Portfolio12VariousSept. 2021100%3,030 units94%
Villages at Pecan Grove Multifamily1Holly Springs, NCNov. 2021100%336 units95%
Cielo Morrison Multifamily Portfolio2Charlotte, NCNov. 202190%419 units94%
FiveTwo at Highland Multifamily1Austin, TXNov. 202190%390 units93%
Roman 2.0 Multifamily Portfolio20VariousDec. 2021 & Jan. 2022100%6,342 units93%
Kapilina Beach Homes Multifamily1Ewa Beach, HIDec. 2021100%1,459 units87%
SeaTac Multifamily Portfolio2Edgewood & Everett, WADec. 202190%480 units90%
Villages at Raleigh Beach Multifamily1Raleigh, NCJan. 2022100%392 units92%
Raider 2.0 Multifamily Portfolio3Las Vegas & Henderson, NVMarch & April 2022100%1,390 units93%
Dallas Multifamily Portfolio2Irving & Fort Worth, TXApril 202290%759 units95%
Carlton at Bartram Park Multifamily1Jacksonville, FLApril 2022100%750 units92%
Overlook Multifamily Portfolio2Malden & Revere, MAApril 2022100%1,386 units93%
Harper Place at Bees Ferry Multifamily1Charleston, SCApril 2022100%195 units95%
Rapids Multifamily Portfolio37VariousMay 2022100%11,245 units92%
8 Spruce Street Multifamily1New York, NYMay 2022100%900 units95%
Pike Multifamily Portfolio(4)
46VariousJune 2022100%12,594 units93%
ACG V Multifamily2Stockton, CASept. 202295%449 units94%
Highroads MH2Phoenix, AZApril 201899.6%198 units96%
Evergreen Minari MH2Phoenix, AZJune 201899.6%115 units95%
Southwest MH10VariousJune 201899.6%2,249 units90%
Hidden Springs MH1Desert Hot Springs, CAJuly 201899.6%317 units86%
SVPAC MH2Phoenix, AZJuly 201899.6%233 units99%
Riverest MH1Tavares, FLDec. 201899.6%130 units97%
Angler MH Portfolio4Phoenix, AZApril 201999.6%770 units90%
Florida MH 4-Pack4VariousApril & July 201999.6%799 units94%
Impala MH3Phoenix & Chandler, AZJuly 201999.6%333 units97%
Clearwater MHC 2-Pack2Clearwater, FLMarch & Aug. 202099.6%207 units95%
Legacy MH Portfolio7VariousApril 202099.6%1,896 units90%
May Manor MH1Lakeland, FLJune 202099.6%297 units84%
Royal Oaks MH1Petaluma, CANov. 202099.6%94 units99%
Southeast MH Portfolio24VariousDec. 202099.6%6,176 units88%
Redwood Village MH1Santa Rosa, CAJuly 202199.6%67 units99%
Courtly Manor MH1Hialeah, FLOct. 202199.6%525 units100%
Crescent Valley MH1Newhall, CANov. 202199.6%85 units93%
EdR Student Housing Portfolio20VariousSept. 201895%3,460 units96%
Mercury 3100 Student Housing1Orlando, FLFeb. 2021100%228 units99%
Signal Student Housing Portfolio8VariousAug. 202196%1,749 units96%
Standard at Fort Collins Student Housing1Fort Collins, CONov. 202197%237 units97%
Intel Student Housing Portfolio4Reno, NVVarious98%805 units88%
Signal 2.0 Student Housing Portfolio2Buffalo, NY & Athens, GADec. 202197%366 units95%
Robin Student Housing Portfolio8VariousMarch 202298%1,703 units92%
Legacy on Rio Student Housing1Austin, TXMarch 202297%149 units94%
Mark at Tucson Student Housing1Mountain, AZApril 202297%154 units98%
Legacy at Baton Rouge Student Housing1Baton Rouge, LAMay 202297%300 units97%
American Campus Communities149VariousAug. 202269%35,813 units94%
Home Partners of America(5)
N/A(1)
VariousVarious
Various(5)
28,490 units91%
Quebec Independent Living Portfolio11Quebec, CanadaAug. 2021 & Aug. 2022100%3,233 units89%
52


Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Net Lease:
Bellagio Net Lease1Las Vegas, NVNov. 201995%8,507 sq. ft.100%
MGM Grand Net Lease(7)
1Las Vegas, NVFeb. 202049.9%6,917 sq. ft.N/A
Mandalay Bay Net Lease(7)
1Las Vegas, NVFeb. 202049.9%9,324 sq. ft.N/A
Cosmopolitan Net Lease1Las Vegas, NVMay 202280%6,902 sq. ft.100%
Total Net Lease431,650 sq. ft.
Data Centers:
D.C. Powered Shell Warehouse Portfolio9Ashburn & Manassas, VAJune & Dec. 201990%1,471 sq. ft.100%
Highpoint Powered Shell Portfolio2Sterling, VAJune 2021100%430 sq. ft.100%
QTS Data Centers(7)
63VariousAug. 202133.1%9,354 sq. ft.N/A
Atlantic Powered Shell Portfolio3Sterling, VAApril 2022100%792 sq. ft.100%
Phoenix Tower International(10)
N/AVariousMay 202212%N/AN/A
Total Data Centers7712,047 sq. ft.
Hospitality:
Hyatt Place UC Davis1Davis, CAJan. 2017100%127 keys72%
Hyatt Place San Jose Downtown1San Jose, CAJune 2017100%240 keys55%
Florida Select-Service 4-Pack4Tampa & Orlando, FLJuly 2017100%476 keys73%
Hyatt House Downtown Atlanta1Atlanta, GAAug. 2017100%150 keys68%
Boston/Worcester Select-Service 3-Pack3Boston & Worcester, MAOct. 2017100%374 keys74%
Henderson Select-Service 2-Pack2Henderson, NVMay 2018100%228 keys81%
Orlando Select-Service 2-Pack2Orlando, FLMay 2018100%254 keys87%
Corporex Select Service Portfolio5VariousAug. 2018100%601 keys75%
JW Marriott San Antonio Hill Country Resort1San Antonio, TXAug. 2018100%1,002 keys61%
Hampton Inn & Suites Federal Way1Seattle, WAOct. 2018100%142 keys74%
Staybridge Suites Reno1Reno, NVNov. 2018100%94 keys78%
Salt Lake City Select Service 3 Pack3Salt Lake City, UTNov. 201860%454 keys72%
Courtyard Kona1Kailua-Kona, HIMarch 2019100%455 keys77%
Raven Select Service Portfolio21VariousJune 2019100%2,555 keys70%
Urban 2-Pack1Chicago, ILJuly 2019100%337 keys54%
Hyatt Regency Atlanta1Atlanta, GASept. 2019100%1,260 keys58%
RHW Select Service Portfolio9VariousNov. 2019100%923 keys70%
Key West Select Service Portfolio4Key West, FLOct. 2021100%519 keys88%
Sunbelt Select Service Portfolio3VariousDec. 2021100%716 keys71%
HGI Austin University Select Service1Austin, TXDec. 2021100%214 keys52%
Sleep Extended Stay Hotel Portfolio(7)
196VariousJuly 202230%24,935 keysN/A
Halo Select Service Portfolio6VariousAug. 2022100%1,258 keys77%
Total Hospitality26837,314 keys
Self Storage:
East Coast Storage Portfolio21VariousAug. 201998%1,476 sq. ft.92%
Phoenix Storage 2-Pack2Phoenix, AZMarch 202098%111 sq. ft.90%
Cactus Storage Portfolio18VariousSept. & Oct. 202098%1,109 sq. ft.91%
Caltex Storage Portfolio4VariousNov. & Dec. 202098%241 sq. ft.91%
Simply Self Storage102VariousDec. 2020100%8,561 sq. ft.92%
Florida Self Storage Portfolio2Cocoa & Rockledge, FLDec. 202098%159 sq. ft.96%
Pace Storage Portfolio1Pace, FLDec. 202098%72 sq. ft.91%
American Harbor Self Storage1Dallas, TXAug. 2021100%67 sq. ft.95%
Flamingo Self Storage Portfolio6VariousVarious98%396 sq. ft.92%
Houston Self Storage Portfolio7VariousOct. 2021100%455 sq. ft.93%
Lone Star Self Storage Portfolio15VariousNov. 2021100%1,202 sq. ft.93%
Richmond Self Storage1Richmond, TXDec. 2021100%86 sq. ft.95%
CubeWise Self Storage1Fort Worth, TXDec. 2021100%74 sq. ft.94%
Benbrook Self Storage1Benbrook, TXMarch 2022100%88 sq. ft.91%
The Park Self Storage1Arlington, WAMarch 2022100%45 sq. ft.92%
Alpaca Self Storage Portfolio26VariousApril 202298%2,283 sq. ft.92%
Columbus Self Storage Portfolio4VariousApril 2022100%346 sq. ft.92%
Boxer Self Storage1Fort Mill, NCApril 2022100%64 sq. ft.90%
Native Self Storage1Stockton, CAApril 2022100%87 sq. ft.82%
Total Self Storage21516,922 sq. ft.
Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Ace Affordable Housing Portfolio(6)
528VariousDec. 2021
Various(6)
68,855 units95%
Florida Affordable Housing Portfolio43VariousVarious100%10,965 units97%
Palm Park Affordable Housing1Boynton Beach, FLMay 2022100%160 units98%
Wasatch 2-Pack2Spring Valley, CA & Midvale, UTOct. 2022100%350 units97%
Total Rental Housing1,154275,229 units
Industrial:
HS Industrial Portfolio33VariousApril 2017100%5,573 sq. ft.100%
Fairfield Industrial Portfolio11Fairfield, NJSept. 2017100%578 sq. ft.100%
Southeast Industrial Portfolio3VariousNov. 2017100%1,167 sq. ft.100%
Kraft Chicago Industrial Portfolio3Aurora, ILJan. 2018100%1,693 sq. ft.100%
Canyon Industrial Portfolio134VariousMarch 2018100%19,651 sq. ft.97%
HP Cold Storage Industrial Portfolio6VariousMay 2018100%2,259 sq. ft.100%
Meridian Industrial Portfolio86VariousNov. 201899%11,185 sq. ft.99%
Summit Industrial Portfolio8Atlanta, GADec. 2018100%631 sq. ft.95%
4500 Westport Drive1Harrisburg, PAJan. 2019100%179 sq. ft.100%
Minneapolis Industrial Portfolio34Minneapolis, MNApril 2019100%2,459 sq. ft.97%
Atlanta Industrial Portfolio61Atlanta, GAMay 2019100%3,779 sq. ft.97%
Patriot Park Industrial Portfolio2Durham, NCSept. 2019100%323 sq. ft.100%
Denali Industrial Portfolio18VariousSept. 2019100%4,098 sq. ft.99%
Jupiter 12 Industrial Portfolio292VariousSept. 2019100%57,655 sq. ft.97%
2201 Main Street1San Diego, CAOct. 2019100%260 sq. ft.N/A
Triangle Industrial Portfolio24Greensboro, NCJan. 2020100%2,559 sq. ft.95%
Midwest Industrial Portfolio27VariousFeb. 2020100%5,940 sq. ft.89%
Pancal Industrial Portfolio12VariousFeb. & April 2020100%2,109 sq. ft.99%
Grainger Distribution Center1Jacksonville, FLMarch 2020100%297 sq. ft.100%
Diamond Industrial1Pico Rivera, CAAug. 2020100%243 sq. ft.100%
Inland Empire Industrial Portfolio2Etiwanda & Fontana, CASept. 2020100%404 sq. ft.100%
Shield Industrial Portfolio13VariousDec. 2020100%2,079 sq. ft.100%
7520 Georgetown Industrial1Indianapolis, INDec. 2020100%425 sq. ft.100%
WC Infill Industrial Portfolio(7)
18VariousJan. & Aug. 202185%2,854 sq. ft.N/A
Vault Industrial Portfolio(7)
35VariousJan. 202146%6,592 sq. ft.N/A
Chicago Infill Industrial Portfolio7VariousFeb. 2021100%1,058 sq. ft.93%
Greensboro Industrial Portfolio19VariousApril 2021100%2,068 sq. ft.90%
NW Corporate Center Industrial Portfolio3El Paso, TXJuly 2021100%692 sq. ft.100%
I-85 Southeast Industrial Portfolio4VariousJuly & Aug. 2021100%739 sq. ft.100%
Alaska Industrial Portfolio(7)
27Various UK July & Oct. 202122%8,732 sq. ft.N/A
Stephanie Industrial Portfolio2Henderson, NVSept. 2021100%338 sq. ft.100%
Capstone Industrial Portfolio2Brooklyn Park, MNSept. 2021100%219 sq. ft.86%
Winston Industrial Portfolio(8)
131VariousOct. 2021Various34,939 sq. ft.98%
Tempe Industrial Center1Tempe, AZOct. 2021100%175 sq. ft.100%
Procyon Distribution Center Industrial1Las Vegas, NVOct. 2021100%122 sq. ft.100%
Northborough Industrial Portfolio2Marlborough, MAOct. 2021100%600 sq. ft.100%
Coldplay Logistics Portfolio(7)
17Various GermanyOct. 202110%1,546 sq. ft.N/A
Canyon 2.0 Industrial Portfolio102VariousNov. 202199%15,218 sq. ft.97%
Tropical Sloane Las Vegas Industrial1Las Vegas, NVNov. 2021100%171 sq. ft.100%
Explorer Industrial Portfolio(7)
327VariousNov. 202112%69,916 sq. ft.N/A
Evergreen Industrial Portfolio(7)
12Various EuropeDec. 202110%6,005 sq. ft.N/A
Maplewood Industrial14VariousDec. 2021100%3,169 sq. ft.100%
Meadowland Industrial Portfolio3Las Vegas, NVDec. 2021100%1,138 sq. ft.100%
Bulldog Industrial Portfolio7Suwanee, GADec. 2021100%512 sq. ft.99%
SLC NW Commerce Industrial3Salt Lake City, UTDec. 2021100%529 sq. ft.100%
Bluefin Industrial Portfolio(7)
68VariousDec. 202123%10,784 sq. ft.N/A
73 Business Center Industrial Portfolio1Greensboro, NCDec. 2021100%218 sq. ft.100%
Amhurst Industrial Portfolio8Waukegan, ILMarch 2022100%1,280 sq. ft.87%
Shoals Logistics Center Industrial1Austell, GAApril 2022100%254 sq. ft.N/A
Durham Commerce Center Industrial1Durham, NCApril 2022100%132 sq. ft.100%
Mileway Industrial Portfolio(7)
1,624Various EuropeVarious15%151,838 sq. ft.N/A
Total Industrial3,215447,384 sq. ft.
Net Lease:
Bellagio Net Lease1Las Vegas, NVNov. 201995%8,507 sq. ft.100%
53


Segment and InvestmentSegment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Cosmopolitan Net LeaseCosmopolitan Net Lease1Las Vegas, NVMay 202280%6,902 sq. ft.100%
Total Net LeaseTotal Net Lease215,409 sq. ft.
Data Centers:Data Centers:
D.C. Powered Shell Warehouse PortfolioD.C. Powered Shell Warehouse Portfolio9Ashburn & Manassas, VAJune & Dec. 201990%1,471 sq. ft.100%
Highpoint Powered Shell PortfolioHighpoint Powered Shell Portfolio2Sterling, VAJune 2021100%430 sq. ft.100%
QTS Data Centers(7)
QTS Data Centers(7)
83VariousAug. 202133.5%9,481 sq. ft.N/A
Atlantic Powered Shell PortfolioAtlantic Powered Shell Portfolio3Sterling, VAApril 2022100%792 sq. ft.100%
Phoenix Tower International(9)
Phoenix Tower International(9)
N/AVariousMay 202212%N/AN/A
Total Data CentersTotal Data Centers9712,174 sq. ft.
Retail:Retail:
Bakers CentreBakers Centre1Philadelphia, PAMarch 2017100%238 sq. ft.100%
Plaza Del Sol RetailPlaza Del Sol Retail1Burbank, CAOct. 2017100%166 sq. ft.92%
Vista CenterVista Center1Miami, FLAug. 2018100%89 sq. ft.98%
El Paseo Simi ValleyEl Paseo Simi Valley1Simi Valley, CAJune 2019100%197 sq. ft.93%
Towne Center EastTowne Center East1Signal Hill, CASept. 2019100%163 sq. ft.99%
Plaza PacoimaPlaza Pacoima1Pacoima, CAOct. 2019100%204 sq. ft.100%
Canarsie PlazaCanarsie Plaza1Brooklyn, NYDec. 2019100%274 sq. ft.98%
SoCal Grocery PortfolioSoCal Grocery Portfolio6VariousJan. 2020100%685 sq. ft.97%
Northeast Tower CenterNortheast Tower Center1Philadelphia, PAAug. 2021100%301 sq. ft.100%
Southeast Retail Portfolio(7)
Southeast Retail Portfolio(7)
6VariousOct. 202150%1,229 sq. ft.N/A
Bingo Retail PortfolioBingo Retail Portfolio12VariousDec. 2021100%2,150 sq. ft.98%
Pike Retail Portfolio(4)(10)
Pike Retail Portfolio(4)(10)
48VariousJune 2022Various5,158 sq. ft.94%
Total RetailTotal Retail8010,855 sq. ft.
Hospitality:Hospitality:
Hyatt Place UC DavisHyatt Place UC Davis1Davis, CAJan. 2017100%127 keys72%
Hyatt Place San Jose DowntownHyatt Place San Jose Downtown1San Jose, CAJune 2017100%240 keys59%
Florida Select-Service 4-PackFlorida Select-Service 4-Pack3Tampa & Orlando, FLJuly 2017100%348 keys78%
Hyatt House Downtown AtlantaHyatt House Downtown Atlanta1Atlanta, GAAug. 2017100%150 keys65%
Boston/Worcester Select-Service 3-PackBoston/Worcester Select-Service 3-Pack3Boston & Worcester, MAOct. 2017100%374 keys76%
Henderson Select-Service 2-PackHenderson Select-Service 2-Pack2Henderson, NVMay 2018100%228 keys84%
Orlando Select-Service 2-PackOrlando Select-Service 2-Pack2Orlando, FLMay 2018100%254 keys88%
Corporex Select Service PortfolioCorporex Select Service Portfolio2VariousAug. 2018100%225 keys81%
Hampton Inn & Suites Federal WayHampton Inn & Suites Federal Way1Seattle, WAOct. 2018100%142 keys68%
Salt Lake City Select Service 3 PackSalt Lake City Select Service 3 Pack3Salt Lake City, UTNov. 201860%454 keys73%
Courtyard KonaCourtyard Kona1Kailua-Kona, HIMarch 2019100%455 keys81%
Raven Select Service PortfolioRaven Select Service Portfolio14VariousJune 2019100%1,649 keys74%
Urban 2-PackUrban 2-Pack1Chicago, ILJuly 2019100%337 keys68%
Hyatt Regency AtlantaHyatt Regency Atlanta1Atlanta, GASept. 2019100%1,260 keys65%
RHW Select Service PortfolioRHW Select Service Portfolio6VariousNov. 2019100%557 keys73%
Key West Select Service PortfolioKey West Select Service Portfolio4Key West, FLOct. 2021100%519 keys84%
Sunbelt Select Service PortfolioSunbelt Select Service Portfolio3VariousDec. 2021100%716 keys73%
HGI Austin University Select ServiceHGI Austin University Select Service1Austin, TXDec. 2021100%214 keys66%
Sleep Extended Stay Hotel Portfolio(7)
Sleep Extended Stay Hotel Portfolio(7)
196VariousJuly 202230%24,937 keysN/A
Halo Select Service PortfolioHalo Select Service Portfolio7VariousAug. & Oct. 2022100%1,403 keys71%
Total HospitalityTotal Hospitality25334,589 keys
Office:Office:Office:
EmeryTech OfficeEmeryTech Office1Emeryville, CAOct. 2019100%228 sq. ft.95%EmeryTech Office1Emeryville, CAOct. 2019100%228 sq. ft.95%
Coleman Highline OfficeColeman Highline Office1San Jose, CAOct. 2020100%357 sq. ft.100%Coleman Highline Office1San Jose, CAOct. 2020100%357 sq. ft.100%
Atlanta Tech Center OfficeAtlanta Tech Center Office1Atlanta, GAMay 2021100%361 sq. ft.100%Atlanta Tech Center Office1Atlanta, GAMay 2021100%361 sq. ft.100%
Atlantic Complex OfficeAtlantic Complex Office3Toronto, CanadaNov. 202197%259 sq. ft.94%Atlantic Complex Office3Toronto, CanadaNov. 202197%259 sq. ft.99%
One Manhattan West(7)
One Manhattan West(7)
1New York, NYMarch 202249%2,081 sq. ft.N/A
One Manhattan West(7)
1New York, NYMarch 202249%2,081 sq. ft.N/A
One Culver OfficeOne Culver Office1Culver City, CAMarch 202290%373 sq. ft.100%One Culver Office1Culver City, CAMarch 202290%373 sq. ft.100%
Montreal Office PortfolioMontreal Office Portfolio2VariousMarch 202298%412 sq. ft.95%Montreal Office Portfolio2VariousMarch 202298%412 sq. ft.95%
Atlanta Tech Center 2.0 OfficeAtlanta Tech Center 2.0 Office1Atlanta, GAJune 202299%318 sq. ft.100%Atlanta Tech Center 2.0 Office1Atlanta, GAJune 2022100%318 sq. ft.100%
Pike Office Portfolio(4)
Pike Office Portfolio(4)
3VariousJune 2022100%1,072 sq. ft.95%
Pike Office Portfolio(4)
2VariousJune 2022100%258 sq. ft.100%
Adare OfficeAdare Office1Dublin, IrelandAug. 202275%517 sq. ft.100%Adare Office1Dublin, IrelandAug. 202275%517 sq. ft.100%
Total OfficeTotal Office155,978 sq. ft.Total Office145,164 sq. ft.
Retail:
Bakers Centre1Philadelphia, PAMarch 2017100%236 sq. ft.100%
Plaza Del Sol Retail1Burbank, CAOct. 2017100%166 sq. ft.82%
Vista Center1Miami, FLAug. 2018100%89 sq. ft.96%
El Paseo Simi Valley1Simi Valley, CAJune 2019100%197 sq. ft.90%
Towne Center East1Signal Hill, CASept. 2019100%163 sq. ft.99%
Plaza Pacoima1Pacoima, CAOct. 2019100%204 sq. ft.100%
Canarsie Plaza1Brooklyn, NYDec. 2019100%274 sq. ft.99%
SoCal Grocery Portfolio6VariousJan. 2020100%689 sq. ft.95%
Northeast Tower Center1Philadelphia, PAAug. 2021100%301 sq. ft.100%
Southeast Retail Portfolio(7)
6VariousOct. 202150%1,227 sq. ft.N/A
Bingo Retail Portfolio12VariousDec. 2021100%2,150 sq. ft.97%
Pike Retail Portfolio(4)(11)
52VariousJune 2022Various5,736 sq. ft.93%
Total Retail8411,432 sq. ft.
Total Investments in Real Estate5,206
54


Segment and Investment
Number of
Properties(1)
LocationAcquisition Date
Ownership Interest(2)
Sq. Feet (in thousands)/Units/Keys(1)
Occupancy Rate(3)
Self Storage:
East Coast Storage Portfolio21VariousAug. 201998%1,320 sq. ft.90%
Phoenix Storage 2-Pack2Phoenix, AZMarch 202098%111 sq. ft.90%
Cactus Storage Portfolio18VariousSept. & Oct. 202098%1,109 sq. ft.88%
Caltex Storage Portfolio4VariousNov. & Dec. 202098%241 sq. ft.88%
Florida Self Storage Portfolio2Cocoa & Rockledge, FLDec. 202098%157 sq. ft.91%
Pace Storage Portfolio1Pace, FLDec. 202098%71 sq. ft.91%
Flamingo Self Storage Portfolio6VariousVarious98%399 sq. ft.89%
Alpaca Self Storage Portfolio26VariousApril 202298%1,813 sq. ft.88%
Total Self Storage805,221 sq. ft.
Total Investments in Real Estate4,895
(1)Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable, and single family rental housing, as well as senior living. Rental Housing units include multifamily units, affordable housing units, manufactured housing sites, student housing units, single family rental homes and senior living units. Single family rental homes are accounted for in rental housing units and are not reflected in the number of properties.
(2)Certain of our joint venture agreements provide the seller or the other partner a profits interest based on achieving certain internal rate of return hurdles. Such investments are consolidated by us and any profits interest due to the other partners is reported within non-controlling interests. The table above also includes properties owned by unconsolidated entities.
(3)For our industrial, net lease, data center,centers, office and retail and office investments, occupancy includes all leased square footage as of September 30, 2022.2023. For our multifamily student housing and affordablestudent housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended September 30, 2022.2023. For our single family rental housing investments, the occupancy rate includes occupied homes for the three months ended September 30, 2022.2023. For our self storage, manufactured housing and senior living investments, the occupancy rate includes occupied square footage, occupied sites and occupied units, respectively, as of September 30, 2022.2023. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended September 30, 2022.2023. Hospitality investments owned less than 12 months are excluded. Occupancy is excluded for unconsolidated investments.from the average occupancy rate calculation. Unconsolidated investments are excluded from occupancy rate calculations.
(4)Represents acquisition of Preferred Apartment Communities Inc. (“PAC”).
(5)Includes a 100% interest in 17,42617,809 consolidated single family rental homes, a 44.2%44% interest in 8,9758,894 unconsolidated single family rental homes, and a 12.2%12% interest in 1,7641,787 unconsolidated single family rental homes.
(6)Includes various ownership interests in 510478 consolidated affordable housing units and 8950 unconsolidated affordable housing units.
(7)Investment is unconsolidated.
(8)Includes various ownership interests in 105 consolidated industrial properties and 2726 unconsolidated industrial properties.
(9)Consists of an unconsolidated joint venture formed by the Company and certain Blackstone-managed investment vehicles invested in a logisticswireless tower business.
(10)Consists of an unconsolidated joint venture formed by the Company and certain Blackstone-managed investment vehicles invested in a wireless tower business.
(11)Includes a47 wholly-owned interest in 51 consolidated retail properties and 50.0%a 50% interest in one unconsolidated retail property.
5455


Lease Expirations
The following schedule details the expiring leases at our consolidated industrial, net lease, data centers, retail, and office properties by annualized base rent and square footage as of September 30, 20222023 ($ and square feet data in thousands). The table below excludes our rental housing and self-storage properties as substantially all leases at such properties expire within 12 months:
YearYearNumber of
Expiring Leases
Annualized
Base Rent(1)
% of Total
Annualized Base
Rent Expiring
Square
Feet
% of Total Square
Feet Expiring
YearNumber of
Expiring Leases
Annualized
Base Rent(1)
% of Total
Annualized Base
Rent Expiring
Square
Feet
% of Total Square
Feet Expiring
2022 (remaining)175$32,359 2%5,450 3%
2023530121,940 7%20,877 10%
2023 (remaining)2023 (remaining)209$31,901 2%4,863 2%
20242024662176,358 10%31,389 15%2024716166,431 9%27,678 14%
20252025540128,710 8%21,154 10%2025704151,967 8%22,809 11%
20262026515167,809 10%30,894 15%2026720207,150 11%35,209 18%
20272027543189,408 11%30,779 15%2027700213,796 12%31,032 15%
20282028229108,443 6%18,283 9%2028599201,153 11%29,589 15%
2029202912882,577 5%10,207 5%2029219109,646 6%13,295 7%
2030203010186,105 5%9,671 5%2030137113,451 6%12,948 6%
203120316526,952 2%3,378 2%20319533,246 2%4,221 2%
203220324839,256 2%3,412 2%20326644,525 2%3,382 2%
ThereafterThereafter78528,704 32%18,227 9%Thereafter183567,344 31%16,668 8%
TotalTotal3,614$1,688,621 100%203,721 100%Total4,348$1,840,610 100%201,694 100%
(1)Annualized base rent is determined from the annualized base rent per leased square foot as of September 30, 20222023 and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization.
56


Investments in Real Estate Debt
The following charts further describe the diversification of our investments in real estate debt by credit rating and collateral type, based on fair value as of September 30, 2022:2023:
breit-20220930_g6.jpgbreit-20220930_g7.jpg
55


202203
(1)Includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated GAAP Balance Sheet.Sheets.
(2)Not rated positions have a weighted-average LTV at origination of 65.3% and64%, are primarily composed of 47.9%50% industrial and 44.2%43% rental housing assets, and includesinclude interest-only securities with a fair value of $44.8$27.0 million.
57


The following table details our investments in real estate debt as of September 30, 20222023 ($ in thousands):
September 30, 2022 September 30, 2023
Type of Security/Loan(1)
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
CMBS(4)
L+3.8%1/1/2031$8,869,329 $8,540,302 $7,928,701 
CMBS(4)
+4.0%7/27/2033$7,642,934 $7,571,006 $7,014,592 
RMBSRMBS4.2%8/20/2053405,746 394,216 321,377 RMBS4.5%2/11/2056382,544 371,416 270,721 
Corporate bondsCorporate bonds4.9%8/12/2030155,877 160,768 130,547 Corporate bonds4.9%3/16/203189,494 100,074 85,735 
Total real estate securitiesTotal real estate securities6.2%11/11/20319,430,952 9,095,286 8,380,625 Total real estate securities8.8%5/15/20348,114,972 8,042,496 7,371,048 
Commercial real estate loansCommercial real estate loansL+5.4%6/11/20261,324,784 1,344,725 1,306,438 Commercial real estate loans+5.8%10/11/20261,185,605 1,197,232 1,189,418 
Other investments(5)
Other investments(5)
3.7%7/25/2029215,749 188,255 184,474 
Other investments(5)
5.7%9/21/2029194,030 169,304 160,296 
Total investments in real estate debtTotal investments in real estate debt6.3%2/7/2031$10,971,485 $10,628,266 $9,871,537 Total investments in real estate debt8.9%4/1/2033$9,494,607 $9,409,032 $8,720,762 
(1)Includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and exclude the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated GAAP Balance Sheet.Sheets.
(2)The term “L”“+” refers to the relevant floating benchmark rates, which include USD LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and Commercialcommercial real estate loans are reflected as a spread over the relevant floating benchmark rates as of September 30, 20222023 for purposes of the weighted-averages. Weighted Average Couponaverage coupon for CMBS does not include zero-coupon securities. As of September 30, 2022,2023, we have interest rate swaps outstanding with a notional value of $1.4$0.8 billion that effectively converts a portion of our fixed rate investments in real estate debt to floating rates. Total weighted average coupon does not include the impact of such interest rate swaps or other derivatives.
(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Face amount excludes interest-only securities with a notional amount of $4.5$4.2 billion as of September 30, 2022.2023. In addition, CMBS includes zero-coupon securities of $215.1 million$0.4 billion as of September 30, 2022.2023.
(5)Includes an interest in an unconsolidated joint venture that holds investments in real estate securities.
5658


Results of Operations
The following table sets forth information regarding our consolidated results of operations for the three months ended September 30, 20222023 and 20212022 ($ in thousands, except per share data):
Three Months Ended September 30,Change Three Months Ended September 30,Change
20222021$ 20232022$
RevenuesRevenues  Revenues  
Rental revenueRental revenue$1,825,984 $808,098 $1,017,886 Rental revenue$1,925,827 $1,825,984 $99,843 
Hospitality revenueHospitality revenue193,141 127,507 65,634 Hospitality revenue145,837 193,141 (47,304)
Other revenueOther revenue109,785 43,704 66,081 Other revenue115,569 109,785 5,784 
Total revenuesTotal revenues2,128,910 979,309 1,149,601 Total revenues2,187,233 2,128,910 58,323 
ExpensesExpensesExpenses
Rental property operatingRental property operating850,599 314,017 536,582 Rental property operating958,571 850,599 107,972 
Hospitality operatingHospitality operating137,345 92,280 45,065 Hospitality operating103,585 137,345 (33,760)
General and administrativeGeneral and administrative13,223 7,106 6,117 General and administrative16,960 13,223 3,737 
Management feeManagement fee219,778 122,866 96,912 Management fee209,297 219,778 (10,481)
Performance participation allocationPerformance participation allocation194,361 449,822 (255,461)Performance participation allocation— 194,361 (194,361)
Impairment of investments in real estateImpairment of investments in real estate60,952 — 60,952 
Depreciation and amortizationDepreciation and amortization1,127,701 482,045 645,656 Depreciation and amortization928,863 1,127,701 (198,838)
Total expensesTotal expenses2,543,007 1,468,136 1,074,871 Total expenses2,278,228 2,543,007 (264,779)
Other income (expense)Other income (expense)Other income (expense)
(Loss) income from unconsolidated entities(73,009)78,445 (151,454)
Loss from unconsolidated entitiesLoss from unconsolidated entities(153,656)(73,009)(80,647)
Income from investments in real estate debtIncome from investments in real estate debt86,493 59,567 26,926 Income from investments in real estate debt192,145 30,319 161,826 
Change in net assets of consolidated securitization vehiclesChange in net assets of consolidated securitization vehicles(8,798)23,485 (32,283)Change in net assets of consolidated securitization vehicles53,244 (8,798)62,042 
Income from equity securities and interest rate derivatives1,158,717 178,212 980,505 
Net gain (loss) on dispositions of real estate317,981 (9,586)327,567 
Income from interest rate derivativesIncome from interest rate derivatives410,655 1,244,256 (833,601)
Net gain on dispositions of real estateNet gain on dispositions of real estate985,189 317,981 667,208 
Interest expense(703,203)(204,444)(498,759)
Interest expense, netInterest expense, net(808,169)(695,047)(113,122)
Loss on extinguishment of debtLoss on extinguishment of debt(3,266)(3,372)106 Loss on extinguishment of debt(26,484)(3,266)(23,218)
Other expense(15,939)(634)(15,305)
Other expense (income)Other expense (income)(45,302)(53,460)8,158 
Total other income (expense)Total other income (expense)758,976 121,673 637,303 Total other income (expense)607,622 758,976 (151,354)
Net income (loss)$344,879 $(367,154)$712,033 
Net incomeNet income$516,627 $344,879 $171,748 
Net loss attributable to non-controlling interests in third party joint venturesNet loss attributable to non-controlling interests in third party joint ventures$43,549 $5,472 $38,077 Net loss attributable to non-controlling interests in third party joint ventures$100,087 $43,549 $56,538 
Net (income) loss attributable to non-controlling interests in BREIT OP(16,261)4,393 (20,654)
Net income (loss) attributable to BREIT stockholders$372,167 $(357,289)$729,456 
Net income (loss) per share of common stock — basic and diluted$0.08 $(0.12)$0.20 
Net income attributable to non-controlling interests in BREIT OPNet income attributable to non-controlling interests in BREIT OP(28,420)(16,261)(12,159)
Net income attributable to BREIT stockholdersNet income attributable to BREIT stockholders$588,294 $372,167 $216,127 
Net income per share of common stock — basic and dilutedNet income per share of common stock — basic and diluted$0.14 $0.08 $0.06 
Rental Revenue
During the three months ended September 30, 2022,2023, rental revenue increased $1.0 billion$99.8 million as compared to the three months ended September 30, 2021.2022. The increase can primarily be attributed to a $55.3$71.6 million increase in same property revenues and a $962.7$28.2 million increase in non-same property revenues due to the real estate acquisitions we made from July 1, 20212022 to September 30, 2022.2023. See Same Property Results of Operations section for further details of the increase in same property revenues.
Hospitality Revenue
During the three months ended September 30, 2022,2023, hospitality revenue increased $65.6decreased $47.3 million as compared to the three months ended September 30, 2021.2022. The increasedecrease can primarily be attributed to a $29.7$48.8 million increase in same property revenues and a $35.9 million increasedecrease in non-same property revenues due to the real estate acquisitionsdispositions we made from July 1, 20212022 to September 30, 2022.2023, partially offset by a $1.5 million increase in same property revenues. See Same Property Results of Operations section for further details of the increase in same property revenues.
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Other Revenue
During the three months ended September 30, 2022, other revenue increased $66.1 million as compared to the three months ended September 30, 2021. The increase can primarily be attributed to a $2.9 million increase in same property revenues and a $63.2 million increase in non-same property revenues due to the real estate acquisitions we made from July 1, 2021 to September 30, 2022. See Same Property Results of Operations section for further details of the increase in same property revenues.
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Rental Property Operating Expenses
During the three months ended September 30, 2022, rental property operating expenses increased $536.6 million as compared to the three months ended September 30, 2021. The increase can primarily be attributed to a $21.8 million increase in same property operating expenses and a $514.8 million increase in non-same property operating expenses due to the real estate acquisitions we made from July 1, 2021 to September 30, 2022. See Same Property Results of Operations section for further details of the increase in same property operating expenses.
Hospitality Operating Expenses
During the three months ended September 30, 2022, hospitality operating expenses increased $45.1 million as compared to the three months ended September 30, 2021. The increase can primarily be attributed to a $21.5 million increase in same property operating expenses and a $23.6 million increase in non-same property expenses due to the real estate acquisitions we made from July 1, 2021 to September 30, 2022. See Same Property Results of Operations section for further details of the increase in same property hospitality operating expenses.
Management Fee
During the three months ended September 30, 2022, the management fee increased $96.9 million compared to the three months ended September 30, 2021. The increase was primarily due to the $28.5 billion increase in our NAV from September 30, 2021 to September 30, 2022.
Performance Participation Allocation
During the three months ended September 30, 2022, the performance participation allocation accrual decreased $255.5 million compared to the three months ended September 30, 2021. The decrease was primarily the result of a lower total return for the three months ended September 30, 2022 compared to the three months ended September 30, 2021.
Depreciation and Amortization
During the three months ended September 30, 2022, depreciation and amortization increased $645.7 million compared to the three months ended September 30, 2021. The increase was primarily driven by the impact of acquisitions we made from July 1, 2021 through September 30, 2022, partially offset by (i) the impact of disposition activity as well as (ii) the full amortization of certain intangible assets.
(Loss) Income from Unconsolidated Entities
During the three months ended September 30, 2022, loss from unconsolidated entities increased $151.5 million compared to the three months ended September 30, 2021. The increase was primarily attributable to a decrease in the fair value of unconsolidated entities of $227.0 million. This was partially offset by an increase of $75.5 million in income from unconsolidated entities.
Income from Investments in Real Estate Debt
During the three months ended September 30, 2022, income from our investments in real estate debt increased $26.9 million compared to the three months ended September 30, 2021. The increase was primarily due to an increase of $97.0 million in interest income and increase of $53.5 million in unrealized gains on derivatives. This was partially offset by an increase of $103.1 million in unrealized losses and an increase of $37.1 million in realized losses on investments in real estate debt.
Change in Net Assets of Consolidated Securitization Vehicles

During the three months ended September 30, 2022, the change in net assets of consolidated securitization vehicles decreased $32.3 million compared to the three months ended September 30, 2021. The decrease was primarily attributable to an increase of $40.8 million in unrealized losses on our net investments in these securitization vehicles and an increase of $4.8 million in realized losses on such investments. This was partially offset by an increase of $13.3 million in interest income from additional investments.
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Income from Equity Securities and Interest Rate Derivatives
During the three months ended September 30, 2022, income from equity securities and interest rate derivatives increased $1.0 billion compared to the three months ended September 30, 2021. The increase was primarily due to an increase of $1.2 billion of unrealized gains on our interest rate derivatives, partially offset by an increase of $0.2 billion of net realized/unrealized losses from equity securities.
Net Gain on Dispositions of Real Estate
During the three months ended September 30, 2022, net gain on dispositions of real estate increased $327.6 million compared to the three months ended September 30, 2021. During the three months ended September 30, 2022, we recorded $318.0 million of net gains from the disposition of 23 industrial properties and 143 rental housing properties, which included 119 single family rental homes, compared to $9.6 million of net loss from the disposition of 115 rental housing properties, which included 111 single family rental homes, during the three months ended September 30, 2021.
Interest Expense
During the three months ended September 30, 2022, interest expense increased $498.8 million compared to the three months ended September 30, 2021. The increase was primarily due to the growth in our real estate portfolio and investments in real estate debt and the related financing of such investments.
Other Expense
During the three months ended September 30, 2022, other expense increased $15.3 million compared to the three months ended September 30, 2021. The increase was primarily due to an increase of $8.9 million of incentive fees and $6.4 million of other miscellaneous expenses.
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The following table sets forth information regarding our consolidated results of operations for the nine months ended September 30, 2022 and 2021 ($ in thousands, except per share data):
 Nine Months Ended September 30,Change
 20222021$
Revenues   
Rental revenue$4,578,797 $2,141,823 $2,436,974 
Hospitality revenue538,038 288,310 249,728 
Other revenue254,141 92,814 161,327 
Total revenues5,370,976 2,522,947 2,848,029 
Expenses
Rental property operating2,067,185 799,707 1,267,478 
Hospitality operating376,620 223,053 153,567 
General and administrative38,082 21,855 16,227 
Management fee621,556 288,144 333,412 
Performance participation allocation817,527 892,410 (74,883)
Depreciation and amortization3,001,101 1,282,053 1,719,048 
Total expenses6,922,071 3,507,222 3,414,849 
Other income (expense)
Income from unconsolidated entities51,502 183,155 (131,653)
(Loss) income from investments in real estate debt(73,257)344,440 (417,697)
Change in net assets of consolidated securitization vehicles(68,407)94,546 (162,953)
Income from equity securities and interest rate derivatives2,049,697 412,571 1,637,126 
Net gain on dispositions of real estate740,395 13,216 727,179 
Interest expense(1,483,991)(567,252)(916,739)
Loss on extinguishment of debt(10,665)(9,545)(1,120)
Other expense(23,787)(1,708)(22,079)
Total other income1,181,487 469,423 712,064 
Net loss$(369,608)$(514,852)$145,244 
Net loss attributable to non-controlling interests in third party joint ventures$119,151 $5,149 $114,002 
Net loss attributable to non-controlling interests in BREIT OP1,946 6,129 (4,183)
Net loss attributable to BREIT stockholders$(248,511)$(503,574)$255,063 
Net loss per share of common stock — basic and diluted$(0.06)$(0.21)$0.15 
Rental Revenue
During the nine months ended September 30, 2022, rental revenue increased $2.4 billion as compared to the nine months ended September 30, 2021. The increase can primarily be attributed to a $0.1 billion increase in same property revenues and a $2.3 billion increase in non-same property revenues due to the real estate acquisitions we made from January 1, 2021 to September 30, 2022. See Same Property Results of Operations section for further details of the increase in same property revenues.
Hospitality Revenue
During the nine months ended September 30, 2022, hospitality revenue increased $249.7 million as compared to the nine months ended September 30, 2021. The increase can primarily be attributed to a $150.3 million increase in same property revenues and a $99.4 million increase in non-same property revenues due to the real estate acquisitions we made from January 1, 2021 to September 30, 2022. See Same Property Results of Operations section for further details of the increase in same property revenues.
Other Revenue
During the three months ended September 30, 2023, other revenue increased $5.8 million as compared to the three months ended September 30, 2022. The increase can primarily be attributed to a $6.5 million increase in same property revenues, partially offset by a $0.7 million decrease in non-same property revenues due to the real estate dispositions we made from July 1, 2022 to September 30, 2023. See Same Property Results of Operations section for further details of the increase in same property revenues.
Rental Property Operating Expenses
During the three months ended September 30, 2023, rental property operating expenses increased $108.0 million as compared to the three months ended September 30, 2022. The increase can primarily be attributed to a $40.8 million increase in same property operating expenses and a $67.2 million increase in non-same property operating expenses due to the real estate acquisitions we made from July 1, 2022 to September 30, 2023. See Same Property Results of Operations section for further details of the increase in same property operating expenses.
Hospitality Operating Expenses
During the three months ended September 30, 2023, hospitality operating expenses decreased $33.8 million as compared to the three months ended September 30, 2022. The decrease can primarily be attributed to a $37.0 million decrease in non-same property expenses due to the real estate dispositions we made from July 1, 2022 to September 30, 2023, partially offset by a $3.2 million increase in same property operating expenses. See Same Property Results of Operations section for further details of the increase in same property hospitality operating expenses.
Management Fee
During the three months ended September 30, 2023, the management fee decreased $10.5 million compared to the three months ended September 30, 2022. The decrease was due to a lower average NAV during the three months ended September 30, 2023 as compared to the three months ended September 30, 2022.
Performance Participation Allocation
During the three months ended September 30, 2023, the performance participation allocation expense decreased $194.4 million compared to the three months ended September 30, 2022. The decrease was primarily the result of a lower total return for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.
Impairment of Investments in Real Estate

During the three months ended September 30, 2023, we recognized an impairment of $61.0 million related predominantly to seven affordable housing properties and to a lesser extent single family rental homes. The impairment was the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as we are considering a potential disposition of these investments in the near term. We did not recognize any impairment during the corresponding period in 2022.
Depreciation and Amortization
During the three months ended September 30, 2023, depreciation and amortization decreased $198.8 million compared to the three months ended September 30, 2022. The decrease was primarily driven by the impact of disposition activity from July 1, 2022 through September 30, 2023 and the full amortization of certain intangible assets.
Loss from Unconsolidated Entities
During the three months ended September 30, 2023, loss from unconsolidated entities increased $80.6 million compared to the three months ended September 30, 2022. The increase was primarily attributable to a decrease of $47.1 million of income from unconsolidated entities and a decrease of $33.5 million in the fair value of unconsolidated entities.
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Income from Investments in Real Estate Debt
During the three months ended September 30, 2023, income from investments in real estate debt increased $161.8 million compared to the three months ended September 30, 2022. For the three months ended September 30, 2023, we had net unrealized gains on our investments in real estate debt of $23.5 million and for the three months ended September 30, 2022, we had net unrealized losses on our investments in real estate debt of $133.2 million.
Change in Net Assets of Consolidated Securitization Vehicles
During the three months ended September 30, 2023, the change in net assets of consolidated securitization vehicles increased $62.0 million compared to the three months ended September 30, 2022. The increase was primarily attributable to an increase of $50.2 million in net unrealized/realized gains and an increase of $11.8 million in interest income due to an increase in floating rates on our net investments in these securitization vehicles.
Income from Interest Rate Derivatives
During the three months ended September 30, 2023, income from interest rate derivatives decreased $833.6 million compared to the three months ended September 30, 2022. The decrease was primarily attributable to a decrease in net unrealized/realized gains on derivatives.
Net Gain on Dispositions of Real Estate
During the three months ended September 30, 2023, net gain on dispositions of real estate increased $667.2 million compared to the three months ended September 30, 2022. During the three months ended September 30, 2023, we recorded $985.2 million of net gains from the disposition of 128 self storage properties, 20 rental housing properties, seven hospitality properties, two industrial properties and one office property. During the three months ended September 30, 2022, we recorded $318.0 million of net gain from the dispositions of 24 rental housing properties and 23 industrial properties. The number of properties excludes single family rental homes sold.
Interest Expense, Net
During the three months ended September 30, 2023, net interest expense increased $113.1 million compared to the three months ended September 30, 2022. The increase was primarily due to the incremental financing we obtained in connection with new investments as well as an increase in floating interest rates.
Other Expense
During the three months ended September 30, 2023, other income increased $8.2 million compared to the three months ended September 30, 2022. For the three months ended September 30, 2023, we had net unrealized losses on our investments in equity securities of $38.4 million and for the three months ended September 30, 2022, we had net unrealized/realized losses on our investments in equity securities of $42.1 million.
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The following table sets forth information regarding our consolidated results of operations for the nine months ended September 30, 2023 and 2022 ($ in thousands, except per share data):
 Nine Months Ended September 30,Change
 20232022$
Revenues   
Rental revenue$5,858,533 $4,578,797 $1,279,736 
Hospitality revenue564,802 538,038 26,764 
Other revenue324,893 254,141 70,752 
Total revenues6,748,228 5,370,976 1,377,252 
Expenses
Rental property operating2,747,770 2,067,185 680,585 
Hospitality operating384,997 376,620 8,377 
General and administrative51,258 38,082 13,176 
Management fee643,800 621,556 22,244 
Performance participation allocation— 817,527 (817,527)
Impairment of investments in real estate178,667 — 178,667 
Depreciation and amortization2,915,884 3,001,101 (85,217)
Total expenses6,922,376 6,922,071 305 
Other income (expense)
Income from unconsolidated entities380,968 51,502 329,466 
Income (loss) from investments in real estate debt580,948 (217,454)798,402 
Change in net assets of consolidated securitization vehicles145,183 (68,407)213,590 
Income from interest rate derivatives257,068 2,634,100 (2,377,032)
Net gain on dispositions of real estate1,775,016 740,395 1,034,621 
Interest expense, net(2,336,050)(1,469,020)(867,030)
Loss on extinguishment of debt(35,025)(10,665)(24,360)
Other expense(60,844)(478,964)418,120 
Total other income707,264 1,181,487 (474,223)
Net income (loss)$533,116 $(369,608)$902,724 
Net loss attributable to non-controlling interests in third party joint ventures$243,700 $119,151 $124,549 
Net (income) loss attributable to non-controlling interests in BREIT OP(34,643)1,946 (36,589)
Net income (loss) attributable to BREIT stockholders$742,173 $(248,511)$990,684 
Net income (loss) per share of common stock — basic and diluted$0.16 $(0.06)$0.22 
Rental Revenue
During the nine months ended September 30, 2023, rental revenue increased $1.3 billion as compared to the nine months ended September 30, 2022. The increase can primarily be attributed to a $0.2 billion increase in same property revenues and a $1.1 billion increase in non-same property revenues due to the real estate acquisitions we made from January 1, 2022 to September 30, 2023. See Same Property Results of Operations section for further details of the increase in same property revenues.
Hospitality Revenue
During the nine months ended September 30, 2023, hospitality revenue increased $26.8 million as compared to the nine months ended September 30, 2022. The increase can primarily be attributed to a $28.0 million increase in same property revenues, partially offset by a $1.2 million decrease in non-same property revenues due to the real estate dispositions we made from January 1, 2022 to September 30, 2023. See Same Property Results of Operations section for further details of the increase in same property revenues.
Other Revenue
During the nine months ended September 30, 2022,2023, other revenue increased $161.3$70.8 million as compared to the nine months ended September 30, 2021.2022. The increase can primarily be attributed to a $11.4$14.5 million increase in same property revenues and a $149.9$56.3 million increase in non-same property revenues due to the real estate acquisitions we made from January 1, 20212022 to September 30, 2022.2023. See Same Property Results of Operations section for further details of the increase in same property revenues.
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Rental Property Operating Expenses
During the nine months ended September 30, 2022,2023, rental property operating expenses increased $1.3 billion$680.6 million as compared to the nine months ended September 30, 2021.2022. The increase can primarily be attributed to a $35.4$83.5 million increase in same property operating expenses and a $1.2 billion$597.1 million increase in non-same property operating expenses due to the real estate acquisitions we made from January 1, 20212022 to September 30, 2022.2023. See Same Property Results of Operations section for further details of the increase in same property operating expenses.
Hospitality Operating Expenses
During the nine months ended September 30, 2022,2023, hospitality operating expenses increased $153.6$8.4 million as compared to the nine months ended September 30, 2021.2022. The increase can primarily be attributed to a $83.2$20.7 million increase in same property operating expenses, andpartially offset by a $70.4$12.3 million increasedecrease in non-same property expenses due to the real estate acquisitionsdispositions we made from January 1, 20212022 to September 30, 2022.2023. See Same Property Results of Operations section for further details of the increase in same property hospitality operating expenses.
Management Fee
During the nine months ended September 30, 2022,2023, the management fee increased $333.4$22.2 million compared to the nine months ended September 30, 2021.2022. The increase was primarily due to a higher average NAV during the $28.5 billion increase in our NAV fromnine months ended September 30, 20212023 as compared to the nine months ended September 30, 2022.
Performance Participation Allocation
During the nine months ended September 30, 2022,2023, the performance participation allocation expense decreased $74.9$817.5 million compared to the nine months ended September 30, 2021.2022. The decrease was primarily the result of a lower total return for the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022.
Impairment of Investments in Real Estate

During the nine months ended September 30, 2023, we recognized impairments in the aggregate amount of $178.7 million including (i) $166.2 million related to one office property, 19 affordable housing properties, and to a lesser extent single family rental homes, as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as we are considering a potential disposition of these investments in the near term and (ii) $12.5 million on certain held-for-sale real estate investments for which the carrying amount of such properties exceeded their fair value, less estimated closing costs. We did not recognize any impairment during the corresponding period in 2022.
Depreciation and Amortization
During the nine months ended September 30, 2022,2023, depreciation and amortization increased $1.7 billiondecreased $85.2 million compared to the nine months ended September 30, 2021.2022. The increasedecrease was primarily driven by the impact of acquisitions we madedisposition activity from January 1, 20212022 through September 30, 2022, partially offset by (i) the impact of disposition activity as well as (ii)2023 and the full amortization of certain intangible assets.
Income from Unconsolidated Entities
During the nine months ended September 30, 2022,2023, income from unconsolidated entities decreased $131.7increased $329.5 million compared to the nine months ended September 30, 2021.2022. The decreaseincrease was primarily attributable to an increase of $468.6 million due to a net realized gain on the sale of our interests in unconsolidated entities, partially offset by a decrease of $80.3 million in the fair value of $116.1unconsolidated entities and a decrease of $58.8 million and an increase of $15.5 million in the lossesincome from investments primarily attributable to depreciation and amortization.unconsolidated entities.
Income (Loss) Income from Investments in Real Estate Debt
During the nine months ended September 30, 2023, income from investments in real estate debt increased $798.4 million compared to the nine months ended September 30, 2022, (loss) income from. For the nine months ended September 30, 2023, we had net unrealized/realized gains on our investments in real estate debt decreasedof $49.3 million and for the nine months $417.7 millionended compared to the nine months ended September 30, 20212022. The decrease was primarily due to an increase of $702.8 million in unrealized losses and an increase of $133.0 million in , we had net unrealized/realized losses on our investments in real estate debt. This was partially offset by an increasedebt of $196.5 million in interest income and an increase of $185.0 million in unrealized gains on derivatives.$686.7 million.
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Change in net assetsNet Assets of consolidated securitization vehiclesConsolidated Securitization Vehicles
During the nine months ended September 30, 2022,2023, the change in net assets of consolidated securitization vehicles decreased $163.0increased $213.6 million compared to the nine months ended September 30, 2021.2022. The decreaseincrease was primarily attributable to an increase of $196.0$180.7 million in unrealized lossesnet unrealized/realized gains and an increase of $32.9 million in interest income due to an increase in floating rates on our net investments in these securitization vehicles and an increase of $11.7 million in realized losses on such investments. This was partially offset by an increase of $44.7 million in interest income from additional investments.
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vehicles.
Income from Equity Securities and Interest Rate Derivatives
During the nine months ended September 30, 2022,2023, income from equity securities and interest rate derivatives increased $1.6decreased $2.4 billion compared to the nine months ended September 30, 2021.2022. The increasedecrease was primarily dueattributable to an increase of $2.5 billion of unrealizeda decrease in net unrealized/realized gains on our interest rate derivatives, partially offset by an increase of $0.9 billion of net realized/unrealized losses from equity securities.derivatives.
Net Gain on Dispositions of Real Estate
During the nine months ended September 30, 2022,2023, net gain on dispositions of real estate increased $727.2 million$1.0 billion compared to the nine months ended September 30, 2021.2022. During the nine months ended September 30, 2023, we recorded $1.8 billion of net gains from the sale of 128 self storage properties, 93 rental housing properties, 14 hospitality properties, 14 industrial properties, four retail properties and one office property. During the nine months ended September 30, 2022, we recorded $740.4 million of net gains from the sale of 450 rental housing properties, which included 404 single family rental homes, and 58 industrial properties, compared to a $13.2 million$0.7 billion of net gain from the disposition of 12046 rental housing properties which included 111and 58 industrial properties. The number of properties excludes single family rental homes during the nine months ended September 30, 2021.sold.
Interest Expense, Net
During the nine months ended September 30, 2022,2023, net interest expense increased $916.7$867.0 million compared to the nine months ended September 30, 2021.2022. The increase was primarily due to the growthincremental financing we obtained in our real estate portfolio andconnection with new investments as well as an increase in real estate debt and the related financing of such investments.floating interest rates.
Other Expense
During the nine months ended September 30, 2022,2023, other expense increased $22.1decreased $418.1 million compared to the nine months ended September 30, 2021. The increase was primarily due to an increase2022. For the nine months ended September 30, 2023, we had net unrealized loss on our investments in equity securities of $8.9$15.0 million and for the nine months ended September 30, 2022, we had net unrealized/realized losses on our investments in equity securities of incentive fees, $3.3$494.6 million of abandoned deal costs and $9.9 million of other miscellaneous expenses..
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Same Property Results of Operations

Net Operating Income (“NOI”) is a supplemental non-Generally Accepted Accounting Principles ("GAAP")non-GAAP measure of our property operating results that we believe is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at our real estate. We define NOI as operating revenues less operating expenses, which exclude (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, (v) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (vi) lease termination fees, (vi)(vii) property expenses not core to the operations of such properties, and (vii)(viii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fee, (c) performance participation allocation, (d) incentive compensation awards, (e) income (loss) from investments in real estate debt, (f) change in net assets of consolidated securitization vehicles, (g) income from equity securities and interest rate derivatives, (h) net gain (loss) on dispositions of real estate, (i) interest expense, net, (j) gain (loss) on extinguishment of debt, (k) other income (expense), and (l) similar adjustments for NOI attributable to non-controlling interests and unconsolidated entities.

We evaluate our consolidated results of operations on a same property basis, which allows us to analyze our property operating results excluding acquisitions and dispositions during the periods under comparison. Properties in our portfolio are considered same property if they were owned for the full periods presented, otherwise they are considered non-same property. Recently developed properties are not included in same property results until the properties have achieved stabilization for both full periods presented. Properties heldWe define stabilization for sale and properties that are being re-developedthe property as the earlier of (i) achieving 90% occupancy or (ii) 12 months after receiving a certificate of occupancy. Certain assets are excluded from same property results and are considered non-same property.property, including (i) properties held-for-sale, (ii) properties that are being redeveloped, (iii) properties identified for future sale, and (iv) interests in unconsolidated entities under contract for sale with hard deposit or other factors ensuring the buyer’s performance. We do not consider our investments in the real estate debt segment or equity securities to be same property.

As such, sameSame property NOI assists in eliminating disparities in net income due to the acquisition, disposition, development, or redevelopment of properties during the periods presented, and therefore we believe it provides a more consistentmeaningful performance measure for the comparison of the operating performance of the Company’sour properties, which we believe is useful to investors. Our same property NOI may not be comparable to that of other REITs and should not be considered to be more relevant or accurate in evaluating our operating performance than the currentour GAAP methodology used to calculate our net income (loss).
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For the three months ended September 30, 20222023 and September 30, 2021,2022, our same property portfolio consisted of 260951 rental housing, 8613,107 industrial, threetwo net lease, 1119 data centers, 5644 hotel, 14280 self storage, 1379 retail, and three13 office properties.
In the first quarter of 2022, we updated our definition of NOI to exclude the impact of (i) straight-line rental income and expense, (ii) amortization of above- and below-market lease intangibles, (iii) lease termination fees, and (iv) property expenses not core to the operations of such properties, which are included in GAAP net income (loss). We do not consider these items to be directly attributable to our operations, and therefore have updated our definition of NOI to exclude such items. We also updated our calculation of same property NOI to include NOI from unconsolidated entities, once the unconsolidated entities have met the criteria to be included in same property NOI listed above, and exclude NOI attributable to non-controlling interests. Additionally, we updated our definition of stabilized occupancy for recently developed properties to be the earliest of (i) properties which have achieved 90% occupancy or (ii) 12 months after receiving a certificate of occupancy. We believe that these changes to our calculations of NOI and same property NOI result in metrics that better reflect our results of our operations. We believe this comparison provides a more relevant and informative representation of the changes to our same property results of operations over time.
63


The following table reconciles GAAP net loss to same property NOI for the three months ended September 30, 20222023 and September 30, 20212022 ($ in thousands):
Three Months Ended September 30,Change Three Months Ended September 30,Change
20222021$ 20232022$
Net income (loss)$344,879 $(367,154)$712,033 
Net incomeNet income$516,627 $344,879 $171,748 
Adjustments to reconcile to same property NOIAdjustments to reconcile to same property NOIAdjustments to reconcile to same property NOI
Depreciation and amortization1,127,701 482,045 645,656 
Straight-line rental income and expense(50,206)(23,126)(27,080)
Amortization of above- and below-market lease intangibles(16,500)(5,587)(10,913)
Lease termination fees(4,004)(526)(3,478)
Non-core property expenses144,024 42,934 101,090 
General and administrativeGeneral and administrative13,223 7,106 6,117 General and administrative16,960 13,223 3,737 
Management feeManagement fee219,778 122,866 96,912 Management fee209,297 219,778 (10,481)
Performance participation allocationPerformance participation allocation194,361 449,822 (255,461)Performance participation allocation— 194,361 (194,361)
Incentive compensation awards(1)
8,911 1,177 7,734 
Impairment of investments in real estateImpairment of investments in real estate60,952 — 60,952 
Depreciation and amortizationDepreciation and amortization928,863 1,127,701 (198,838)
Loss from unconsolidated entitiesLoss from unconsolidated entities153,656 73,009 80,647 
Income from investments in real estate debtIncome from investments in real estate debt(86,493)(59,567)(26,926)Income from investments in real estate debt(192,145)(30,319)(161,826)
Change in net assets of consolidated securitization vehiclesChange in net assets of consolidated securitization vehicles8,798 (23,485)32,283 Change in net assets of consolidated securitization vehicles(53,244)8,798 (62,042)
Income from equity securities and interest rate derivatives(1,158,717)(178,212)(980,505)
Net (gain) loss on dispositions of real estate(317,981)9,586 (327,567)
Interest expense703,203 204,444 498,759 
Income from interest rate derivativesIncome from interest rate derivatives(410,655)(1,244,256)833,601 
Net gain on dispositions of real estateNet gain on dispositions of real estate(985,189)(317,981)(667,208)
Interest expense, netInterest expense, net808,169 695,047 113,122 
Loss on extinguishment of debtLoss on extinguishment of debt3,266 3,372 (106)Loss on extinguishment of debt26,484 3,266 23,218 
Other expenseOther expense15,939 634 15,305 Other expense45,302 53,460 (8,158)
Loss (income) from unconsolidated entities73,009 (78,445)151,454 
Non-core property expensesNon-core property expenses171,314 144,024 27,290 
Incentive compensation awards(1)
Incentive compensation awards(1)
20,575 8,911 11,664 
Lease termination feesLease termination fees(1,321)(4,004)2,683 
Amortization of above- and below-market lease intangiblesAmortization of above- and below-market lease intangibles(17,016)(16,500)(516)
Straight-line rental income and expenseStraight-line rental income and expense(42,771)(50,206)7,435 
NOI from unconsolidated entitiesNOI from unconsolidated entities206,616 198,012 8,604 
NOI attributable to non-controlling interests in third party joint venturesNOI attributable to non-controlling interests in third party joint ventures(48,316)(12,773)(35,543)NOI attributable to non-controlling interests in third party joint ventures(100,176)(48,316)(51,860)
NOI from unconsolidated entities198,012 72,597 125,415 
NOI attributable to BREIT stockholdersNOI attributable to BREIT stockholders1,372,887 647,708 725,179 NOI attributable to BREIT stockholders1,362,298 1,372,887 (10,589)
Less: Non-same property NOI attributable to BREIT stockholdersLess: Non-same property NOI attributable to BREIT stockholders783,607 103,773 679,834 Less: Non-same property NOI attributable to BREIT stockholders265,118 318,781 (53,663)
Same property NOI attributable to BREIT stockholdersSame property NOI attributable to BREIT stockholders$589,280 $543,935 $45,345 Same property NOI attributable to BREIT stockholders$1,097,180 $1,054,106 $43,074 
(1) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.
The following table details the components of same property NOI for the three months ended September 30, 20222023 and September 30, 20212022 ($ in thousands):
Three Months Ended September 30,ChangeThree Months Ended September 30,Change
20222021$% 20232022$%
Same property NOISame property NOI    Same property NOI    
Rental revenueRental revenue$693,109 $637,826 $55,283 9%Rental revenue$1,486,077 $1,414,507 $71,570 5%
Hospitality revenueHospitality revenue155,520 125,784 29,736 24%Hospitality revenue110,801 109,315 1,486 1%
Other revenueOther revenue26,758 23,827 2,931 12%Other revenue58,990 52,510 6,480 12%
Total revenuesTotal revenues875,387 787,437 87,950 11%Total revenues1,655,868 1,576,332 79,536 5%
Rental property operatingRental property operating221,177 199,408 21,769 11%Rental property operating546,573 505,729 40,844 8%
Hospitality operatingHospitality operating104,657 83,119 21,538 26%Hospitality operating76,509 73,339 3,170 4%
Total expensesTotal expenses325,834 282,527 43,307 15%Total expenses623,082 579,068 44,014 8%
Same property NOI attributable to non-controlling interests in third party joint venturesSame property NOI attributable to non-controlling interests in third party joint ventures(8,876)(8,319)(557)7%Same property NOI attributable to non-controlling interests in third party joint ventures(52,321)(51,304)(1,017)2%
Consolidated same property NOI attributable to BREIT stockholdersConsolidated same property NOI attributable to BREIT stockholders540,677 496,591 44,086 9%Consolidated same property NOI attributable to BREIT stockholders980,465 945,960 34,505 4%
Same property NOI from unconsolidated entitiesSame property NOI from unconsolidated entities48,603 47,344 1,259 3%Same property NOI from unconsolidated entities116,715 108,146 8,569 8%
Same property NOI attributable to BREIT stockholdersSame property NOI attributable to BREIT stockholders$589,280 $543,935 $45,345 8%Same property NOI attributable to BREIT stockholders$1,097,180 $1,054,106 $43,074 4%
6466


Same Property – Rental Revenue
Same property rental revenue increased $55.3$71.6 million for the three months ended September 30, 20222023 compared to the three months ended September 30, 2021.2022. The increase was due to a $52.7$56.6 million increase in base rental revenue, and a $6.2$6.0 million increase in tenant reimbursement income. This was partially offset byincome, and a $3.6$9.0 million increasedecrease in our bad debt reserve. Our bad debt reserve represents the amount of rental revenue we anticipate we will not be able to collect from our tenants.
The following table details the changes in base rental revenue period over period ($ in thousands):
September 30, 2022 vs. September 30, 2021September 30, 2023 vs. September 30, 2022
Three Months Ended September 30,Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
Three Months Ended September 30,Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
2022202120232022
Rental HousingRental Housing$324,970 $289,707 $35,263 (1)%+14%Rental Housing$907,647 $871,238 $36,409 (1)%+5%
IndustrialIndustrial172,105 162,141 9,964 —%+6%Industrial251,099 234,510 16,589 —%+7%
Net LeaseNet Lease63,725 62,475 1,250 —%+2%Net Lease115,999 113,725 2,274 —%+2%
Self StorageSelf Storage39,702 34,240 5,462 (2)%+18%Self Storage18,172 18,468 (296)(3)%+2%
RetailRetail11,159 10,779 380 (1)%+4%Retail40,209 39,812 397 +2%(1)%
Data CentersData Centers6,552 6,412 140 —%+2%Data Centers9,954 9,790 164 —%+2%
OfficeOffice8,823 8,612 211 —%+2%Office23,894 22,847 1,047 +1%+4%
Total base rental revenueTotal base rental revenue$627,036 $574,366 $52,670 Total base rental revenue$1,366,974 $1,310,390 $56,584 
Same Property – Hospitality Revenue
Same property hospitality revenue increased $29.7$1.5 million for the three months ended September 30, 20222023 compared to the three months ended September 30, 2021.2022. ADR for the hotels in our same property portfolio increased to $178 from $160 to $176,$177, while occupancy increased 5%1% and RevPAR increased to $135 from $112 to $131$133 during the three months ended September 30, 20222023 compared to three months ended September 30, 2021.2022.
Same Property – Other Revenue
Same property other revenue increased $2.9$6.5 million for the three months ended September 30, 20222023 compared to the three months ended September 30, 2021.2022. The increase was primarily due to increased golf course revenues at our full service hotel in San Antonio, Texas and increased ancillary income at our rental housing and industrial properties during the three months ended September 30, 2022.2023.
Same Property – Rental Property Operating Expenses
Same property rental property operating expenses increased $21.8$40.8 million during the three months ended September 30, 2022,2023, compared to the three months ended September 30, 2021.2022. The increase in rental property operating expenses for the three months ended September 30, 20222023 was primarily the result of increased real estate taxes and general operating expenses at our rental housing properties.
Same Property – Hospitality Operating Expenses
Same property hospitality operating expenses increased $21.5$3.2 million during the three months ended September 30, 2022,2023, compared to the three months ended September 30, 2021.2022. The increase in hospitality operating expenses was primarily the result of increased operating expenses resulting from increased occupancy at our hotels during the three months ended September 30, 2022.2023.
Non-same Property NOI
Due to our substantial fundraising in 2022 and continued deployment of the net proceeds raised into new property acquisitions, non-same property NOI is not comparable period-over-period. We expect the non-same property NOI variance period-over-period to continue as we raise more proceeds from selling shares of our common stock and invest in additional new property acquisitions.

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For the nine months ended September 30, 20222023 and September 30, 2021,2022, our same property portfolio consisted of 222840 rental housing, 7841,519 industrial, threeone net lease, nine16 data centers, 5644 hotel, 10254 self storage, 1332 retail, and twosix office properties.
The following table reconciles GAAP net loss to same property NOI for the nine months ended September 30, 20222023 and 20212022 ($ in thousands):
Nine Months Ended September 30,Change Nine Months Ended September 30,Change
20222021$ 20232022$
Net loss$(369,608)$(514,852)$145,244 
Net income (loss)Net income (loss)$533,116 $(369,608)$902,724 
Adjustments to reconcile to same property NOIAdjustments to reconcile to same property NOIAdjustments to reconcile to same property NOI
Depreciation and amortization3,001,101 1,282,053 1,719,048 
Straight-line rental income and expense(117,187)(75,321)(41,866)
Amortization of above- and below-market lease intangibles(45,145)(18,051)(27,094)
Lease termination fees(5,651)(2,909)(2,742)
Non-core property expenses315,628 113,244 202,384 
General and administrativeGeneral and administrative38,082 21,855 16,227 General and administrative51,258 38,082 13,176 
Management feeManagement fee621,556 288,144 333,412 Management fee643,800 621,556 22,244 
Performance participation allocationPerformance participation allocation817,527 892,410 (74,883)Performance participation allocation— 817,527 (817,527)
Incentive compensation awards(1)
28,233 3,046 25,187 
Loss (income) from investments in real estate debt73,257 (344,440)417,697 
Impairment of investments in real estateImpairment of investments in real estate178,667 — 178,667 
Depreciation and amortizationDepreciation and amortization2,915,884 3,001,101 (85,217)
Income from unconsolidated entitiesIncome from unconsolidated entities(380,968)(51,502)(329,466)
(Income) loss from investments in real estate debt(Income) loss from investments in real estate debt(580,948)217,454 (798,402)
Change in net assets of consolidated securitization vehiclesChange in net assets of consolidated securitization vehicles68,407 (94,546)162,953 Change in net assets of consolidated securitization vehicles(145,183)68,407 (213,590)
Income from equity securities and interest rate derivatives(2,049,697)(412,571)(1,637,126)
Income from interest rate derivativesIncome from interest rate derivatives(257,068)(2,634,100)2,377,032 
Net gain on dispositions of real estateNet gain on dispositions of real estate(740,395)(13,216)(727,179)Net gain on dispositions of real estate(1,775,016)(740,395)(1,034,621)
Interest expense1,483,991 567,252 916,739 
Interest expense, netInterest expense, net2,336,050 1,469,020 867,030 
Loss on extinguishment of debtLoss on extinguishment of debt10,665 9,545 1,120 Loss on extinguishment of debt35,025 10,665 24,360 
Other expenseOther expense23,787 1,708 22,079 Other expense60,844 478,964 (418,120)
Income from unconsolidated entities(51,502)(183,155)131,653 
Non-core property expensesNon-core property expenses499,506 315,628 183,878 
Incentive compensation awards(1)
Incentive compensation awards(1)
34,461 28,233 6,228 
Lease termination feesLease termination fees(3,591)(5,651)2,060 
Amortization of above- and below-market lease intangiblesAmortization of above- and below-market lease intangibles(48,844)(45,145)(3,699)
Straight-line rental income and expenseStraight-line rental income and expense(131,528)(117,187)(14,341)
NOI from unconsolidated entitiesNOI from unconsolidated entities599,776 506,204 93,572 
NOI attributable to non-controlling interests in third party joint venturesNOI attributable to non-controlling interests in third party joint ventures(75,881)(28,487)(47,394)NOI attributable to non-controlling interests in third party joint ventures(321,221)(75,881)(245,340)
NOI from unconsolidated entities506,204 163,175 343,029 
NOI attributable to BREIT stockholdersNOI attributable to BREIT stockholders3,533,372 1,654,884 1,878,488 NOI attributable to BREIT stockholders4,244,020 3,533,372 710,648 
Less: Non-same property NOI attributable to BREIT stockholdersLess: Non-same property NOI attributable to BREIT stockholders1,945,945 250,968 1,694,977 Less: Non-same property NOI attributable to BREIT stockholders1,650,314 1,095,322 554,992 
Same property NOI attributable to BREIT stockholdersSame property NOI attributable to BREIT stockholders$1,587,427 $1,403,916 $183,511 Same property NOI attributable to BREIT stockholders$2,593,706 $2,438,050 $155,656 
(1) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.
The following table details the components of same property NOI for the nine months ended September 30, 20222023 and 20212022 ($ in thousands):
Nine Months Ended September 30,Change Nine Months Ended September 30,Change
20222021$% 20232022$%
Same property NOISame property NOI    Same property NOI    
Rental revenueRental revenue$1,852,485 $1,711,797 $140,688 8%Rental revenue$3,562,212 $3,352,167 $210,045 6%
Hospitality revenueHospitality revenue434,331 284,047 150,284 53%Hospitality revenue342,546 314,530 28,016 9%
Other revenueOther revenue72,181 60,824 11,357 19%Other revenue132,034 117,569 14,465 12%
Total revenuesTotal revenues2,358,997 2,056,668 302,329 15%Total revenues4,036,792 3,784,266 252,526 7%
Rental property operatingRental property operating569,341 533,946 35,395 7%Rental property operating1,307,291 1,223,781 83,510 7%
Hospitality operatingHospitality operating289,858 206,623 83,235 40%Hospitality operating224,946 204,216 20,730 10%
Total expensesTotal expenses859,199 740,569 118,630 16%Total expenses1,532,237 1,427,997 104,240 7%
Same property NOI attributable to non-controlling interests in third party joint venturesSame property NOI attributable to non-controlling interests in third party joint ventures(25,542)(23,110)(2,432)11%Same property NOI attributable to non-controlling interests in third party joint ventures(122,653)(118,957)(3,696)3%
Consolidated same property NOI attributable to BREIT stockholdersConsolidated same property NOI attributable to BREIT stockholders1,474,256 1,292,989 181,267 14%Consolidated same property NOI attributable to BREIT stockholders2,381,902 2,237,312 144,590 6%
Same property NOI from unconsolidated entitiesSame property NOI from unconsolidated entities113,171 110,927 2,244 2%Same property NOI from unconsolidated entities211,804 200,738 11,066 6%
Same property NOI attributable to BREIT stockholdersSame property NOI attributable to BREIT stockholders$1,587,427 $1,403,916 $183,511 13%Same property NOI attributable to BREIT stockholders$2,593,706 $2,438,050 $155,656 6%
6668


Same Property – Rental Revenue
Same property rental revenue increased $140.7$210.0 million for the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increase was due to a $138.2$173.0 million increase in base rental revenue, and a $15.5$27.2 million increase in tenant reimbursement income as a result of higher operating expenses. This was partially offset byexpenses, and a $13.0$9.8 million increasedecrease in our bad debt reserve. Our bad debt reserve represents the amount of rental revenue we anticipate we will not be able to collect from our tenants.
The following table details the changes in base rental revenue period over period ($ in thousands):
2022 vs. 20212023 vs. 2022
Nine Months Ended September 30,Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
Nine Months Ended September 30,Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
2022202120232022
Rental HousingRental Housing$844,078 $753,610 $90,468 (1)%+13%Rental Housing$2,175,653 $2,056,965 $118,688 (1)%+7%
IndustrialIndustrial493,398 463,103 30,295 +2%+5%Industrial733,172 685,791 47,381 (1)%+8%
Net LeaseNet Lease191,174 187,425 3,749 —%+2%Net Lease194,997 191,174 3,823 —%+2%
Self storage79,171 67,074 12,097 (2)%+20%
Self StorageSelf Storage35,999 35,189 810 (2)%+4%
RetailRetail33,120 32,132 988 —%+3%Retail72,075 70,966 1,109 —%+1%
Data centers14,300 13,986 314 —%+2%
Data CentersData Centers19,995 19,567 428 —%+2%
OfficeOffice17,592 17,259 333 —%+2%Office32,238 31,481 757 +1%+1%
Total base rental revenueTotal base rental revenue$1,672,833 $1,534,589 $138,244 Total base rental revenue$3,264,129 $3,091,133 $172,996 
 
Same Property – Hospitality Revenue
Same property hospitality revenue increased $150.3$28.0 million for the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. ADR for the hotels in our same property portfolio increased to $188 from $141 to $174$182 while occupancy increased 14%5% and RevPAR increased to $141 from $87 to $122$130 during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022.
Same Property – Other Revenue
Same property other revenue increased $11.4$14.5 million for the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increase was primarily due to increased golf course revenues at our full service hotel in San Antonio, Texas and increased ancillary income at our rental housing and industrial properties during the nine months ended September 30, 2022.2023.
Same Property – Rental Property Operating Expenses
Same property rental property operating expenses increased $35.4$83.5 million during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increase in rental property operating expenses for the nine months ended September 30, 20222023 was primarily the result of increased real estate taxes and general operating expenses at our rental housing properties.
Same Property – Hospitality Operating Expenses
Same property hospitality operating expenses increased $83.2$20.7 million during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increase in hospitality operating expenses was primarily the result of increased operating expenses resulting from increased occupancy at our hotels during the nine months ended September 30, 2022.2023.
6769


Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution
We believe funds from operations (“FFO”) is a meaningful non-GAAP supplemental measure of our operating results. Our condensed consolidated financial statements are presented using historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments have decreased over time. However, we believe that the value of our real estate investments will fluctuate over time based on market conditions and, as such, depreciation under historical cost accounting may be less informative as a measure of our performance. FFO is an operating measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) that is broadly used in the REIT industry. FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) depreciation and amortization, (ii) impairment of investments in real estate, (iii) net gains or losses from sales of real estate, (iv) net gains or losses from change in control, and (iv)(v) similar adjustments for non-controlling interests and unconsolidated entities.
We also believe that adjusted FFO (“AFFO”) is an additional meaningful non-GAAP supplemental measure of our operating results. AFFO further adjusts FFO to reflect the performance of our portfolio by adjusting for items we believe are not directly attributable to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income and expense, (ii) amortization of above- and below-market lease intangibles, (iii) amortization of mortgage premium/discount, (iv) unrealized (gains) losses from changes in fair value of financial instruments, (v) net forfeited investment deposits, (vi) amortization of restricted stock awards, (vii) the performance participation allocation to our Special Limited Partner or other incentive compensation awards that are based on our Net Asset Value, which includes unrealized gains and losses not recorded in GAAP net income (loss), and that are paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) gains or losses on extinguishment of debt, (iii) changes in fair value of financial instruments, (iv) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (v) straight-line rental income and expense, (vi) amortization of deferred financing costs, (vii) amortization of restricted stock awards, (viii) amortization of mortgage premium/discount, (ix) organization costs, (x) severance costs, (ix)(xi) net forfeited investment deposits, (xii) amortization of above- and below-market lease intangibles, (xiii) gain or loss on involuntary conversion, (x) amortization of deferred financing costs, (xi) losses (gains) on extinguishment of debt, and (xii)adding (xiv) proceeds from interest rate contract receivables, and (xv) similar adjustments for non-controlling interests and unconsolidated entities.
We also believe that funds available for distribution (“FAD”) is an additional meaningful non-GAAP supplemental measure of our operating results. FAD provides useful information for considering our operating results and certain other items relative to the amount of our distributions. Further, FAD is a metric, among others, that is considered by our board of directors and executive officers when determining the amount of our dividend to stockholders, and we believe is therefore meaningful to stockholders. FAD is calculated as AFFO adjusted for (i) management fees paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) realized losses (gains) on financial instruments, (iii) recurring tenant improvements, leasing commissions, and other capital expenditures, (iv)(iii) stockholder servicing fees paid during the period, (iv) realized gains or losses on financial instruments, and (v) similar adjustments for non-controlling interests and unconsolidated entities. FAD is not indicative of cash available to fund our cash needs and does not represent cash flows from operating activities in accordance with GAAP, as FAD is adjusted for stockholder servicing fees and recurring tenant improvements, leasing commission, and other capital expenditures, which are not considered when determining cash flows from operations. Furthermore, FAD excludes (i) adjustments for working capital items and (ii) amortization of discounts and premiums on investments in real estate debt. Cash flows from operating activities in accordance with GAAP would generally be adjusted for such items.
FFO, AFFO, and FAD should not be considered more relevant or accurate than GAAP net income (loss) in evaluating our operating performance. In addition, FFO, AFFO, and FAD should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO, AFFO, and FAD are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. In addition, our methodology for calculating AFFO and FAD may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported AFFO and FAD may not be comparable to the AFFO and FAD reported by other companies.
6870


The following table presents a reconciliation of net lossincome (loss) attributable to BREIT stockholders to FFO, AFFO and FAD attributable to BREIT stockholders ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2023202220232022
Net loss attributable to BREIT stockholders$372,167 $(357,289)$(248,511)$(503,574)
Net income (loss) attributable to BREIT stockholdersNet income (loss) attributable to BREIT stockholders$588,294 $372,167 $742,173 $(248,511)
Adjustments to arrive at FFO:Adjustments to arrive at FFO:Adjustments to arrive at FFO:
Depreciation and amortizationDepreciation and amortization1,224,323 528,631 3,309,963 1,349,590 Depreciation and amortization1,016,398 1,224,323 3,170,608 3,309,963 
Net (gain) loss on dispositions of real estate(314,930)13,920 (729,276)(8,882)
Impairment of investments in real estateImpairment of investments in real estate60,952 — 178,667 — 
Net gain on dispositions of real estateNet gain on dispositions of real estate(981,995)(314,930)(2,232,530)(729,276)
Net loss on change in controlNet loss on change in control— — 3,932 — 
Amount attributable to non-controlling interests for above adjustmentsAmount attributable to non-controlling interests for above adjustments(83,944)(19,575)(211,532)(39,545)Amount attributable to non-controlling interests for above adjustments(95,200)(83,944)(293,887)(211,532)
FFO attributable to BREIT stockholdersFFO attributable to BREIT stockholders1,197,616 165,687 2,120,644 797,589 FFO attributable to BREIT stockholders588,449 1,197,616 1,568,963 2,120,644 
Adjustments to arrive at AFFO:Adjustments to arrive at AFFO:Adjustments to arrive at AFFO:
Performance participation allocationPerformance participation allocation— 194,361 — 817,527 
Incentive compensation awardsIncentive compensation awards20,295 8,911 38,571 28,233 
Loss on extinguishment of debtLoss on extinguishment of debt26,484 3,266 35,025 10,665 
Changes in fair value of financial instruments(1)
Changes in fair value of financial instruments(1)
(6,348)(1,043,418)(97,433)(1,166,040)
Straight-line rental income and expenseStraight-line rental income and expense(75,613)(39,537)(176,408)(120,919)Straight-line rental income and expense(54,496)(75,613)(156,600)(176,408)
Amortization of deferred financing costsAmortization of deferred financing costs63,791 52,354 189,244 119,139 
Amortization of restricted stock awardsAmortization of restricted stock awards10,370 1,315 24,990 1,677 
Amortization of mortgage premium/discountAmortization of mortgage premium/discount5,831 5,698 19,460 2,404 
Organization costsOrganization costs1,011 — 2,513 — 
Severance costsSeverance costs1,669 22,172 5,800 22,172 
Net forfeited investment depositsNet forfeited investment deposits(550)— 8,630 — 
Amortization of above and below-market lease intangiblesAmortization of above and below-market lease intangibles(13,360)(4,624)(39,430)(15,081)Amortization of above and below-market lease intangibles(10,753)(13,360)(35,118)(39,430)
Amortization of mortgage premium/discount5,698 (489)2,404 (1,453)
Unrealized gains from changes in fair value of financial instruments(1)
(1,043,418)(248,930)(1,166,040)(786,453)
Amortization of restricted stock awards1,315 153 1,677 399 
Performance participation allocation194,361 449,822 817,527 892,410 
Severance costs22,172 — 22,172 — 
Incentive compensation awards8,911 1,177 28,233 3,046 
Amortization of deferred financing costs52,354 16,576 119,139 43,274 
Loss on extinguishment of debt3,266 3,372 10,665 9,545 
Proceeds from interest rate contract receivablesProceeds from interest rate contract receivables15,941 — 15,941 — 
Amount attributable to non-controlling interests for above adjustmentsAmount attributable to non-controlling interests for above adjustments33,080 (1,902)19,372 2,446 Amount attributable to non-controlling interests for above adjustments15,061 33,080 17,364 19,372 
AFFO attributable to BREIT stockholdersAFFO attributable to BREIT stockholders386,382 341,305 1,759,955 824,803 AFFO attributable to BREIT stockholders676,755 386,382 1,637,350 1,759,955 
Adjustments to arrive at FAD:Adjustments to arrive at FAD:Adjustments to arrive at FAD:
Management feeManagement fee219,778 122,866 621,556 288,144 Management fee209,297 219,778 643,800 621,556 
Recurring tenant improvements, leasing commissions, and other capital expenditures(1)
(138,776)(66,322)(330,102)(151,363)
Recurring tenant improvements, leasing commissions, and other capital expenditures(2)
Recurring tenant improvements, leasing commissions, and other capital expenditures(2)
(193,798)(138,776)(457,760)(330,102)
Stockholder servicing feesStockholder servicing fees(56,963)(32,381)(157,588)(78,735)Stockholder servicing fees(52,279)(56,963)(158,164)(157,588)
Realized losses (gains) on financial instruments(2)
56,308 (11,295)(400,352)2,408 
Realized (gains) losses on financial instruments(1)
Realized (gains) losses on financial instruments(1)
(287,176)56,308 (305,473)(400,352)
Amount attributable to non-controlling interests for above adjustmentsAmount attributable to non-controlling interests for above adjustments(5,771)(689)(1,389)(2,093)Amount attributable to non-controlling interests for above adjustments(4,481)(5,771)(12,122)(1,389)
FAD attributable to BREIT stockholdersFAD attributable to BREIT stockholders$460,958 $353,484 $1,492,080 $883,164 FAD attributable to BREIT stockholders$348,318 $460,958 $1,347,631 $1,492,080 

(1)Recurring tenant improvements and leasing commissions are generally related to second-generation leases and other capital expenditures required to maintain our investments. Other capital expenditures exclude underwritten tenant improvements, leasing commissions and capital expenditures in conjunction with acquisitions and projects that we believe will enhance the value of our investments.
(2)Unrealized (gains) losses from changes in fair value of financial instruments primarily relates to mark-to-market changes on our investments in real estate debt, change in net assets of consolidated securitization vehicles, investments in equity securities, and derivatives. Realized (gains) losses on financial instruments primarily results from the sale of our investments in real estate debt investments inand equity securities, and derivatives.
(2)Recurring tenant improvements and leasing commissions are generally related to second-generation leases and other capital expenditures required to maintain our investments. Other capital expenditures exclude projects that we believe will enhance the value of our investments.
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Net Asset Value
WeOur board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by the Adviser in connection with our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm’s-length transaction between a willing buyer and a willing seller in possession of all material information about our investments.
The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities as described below and will likely differ from the book value of our equity reflected in our financial statements. As a public company, we are required to issue financial statements based on historical cost in accordance with GAAP. To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we have adopted a model, as explained below, that adjusts the value of our assets and liabilities from historical cost to fair value generally in accordance with the GAAP principles set forth in FASB Accounting Standards Codification Topic 820, Fair Value Measurements. The Adviser will calculate the fair value of our real estate properties monthly based in part on values provided by third-party independent appraisers and such calculation will be reviewed by an independent valuation advisor as further discussed below.
Because these fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires us to calculate NAV perin a certain way. As a result, other public REITs may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of, and certain adjustments made to, our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders’ equity or any other GAAP measure.
The following valuation methods are used for purposes of calculating the significant components of our NAV:
Consolidated properties are initially valued at cost, which we expect to represent fair value at the time of acquisition. Subsequently, consolidated properties are primarily valued using the discounted cash flow methodology (income approach), whereby a property’s value is calculated by discounting the estimated cash flows and the anticipated terminal value of the subject property by the assumed new buyer’s normalized weighted average cost of capital for the subject property. Consistent with industry practices, the income approach also incorporates subjective judgments regarding comparable rental and operating expense data, capitalization or discount rate, and projections of future rent and expenses based on appropriate evidence as well as the residual value of the asset as components in determining value. Other methodologies that may also be used to value properties include sales comparisons and replacement cost approaches. We believe the discount rate and exit capitalization rate are the key assumptions utilized in the discounted cash flow methodology. Below the tables that set forth our NAV calculation is a sensitivity analysis of the weighted average discount rates and exit capitalization rates for our property investments.
Investments in real estate debt consist of commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company engaged third party service providers, to perform valuations for such investments. The service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to the Fair Value Measurements section of Note 2 to our Consolidated Financial Statements for additional details on the Company’s investments in real estate debt.
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The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value.
Mortgage notes, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities are estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations.
NAV and NAV Per Share Calculation
Each share class will have an undivided interest in our assets and liabilities, other than class-specific stockholder servicing fees. In accordance with the valuation guidelines, our NAV per share for each class as of the last calendar day of each month is calculated using a process that have been approvedreflects several components, including the estimated fair value of (1) each of our properties, (2) our investments in real estate debt, (3) our investments in unconsolidated entities, (4) our mortgage notes, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities, and (5) our other assets and liabilities. At the end of each month, any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares (including OP units) based on each class’s relative percentage of the previous month’s aggregate NAV adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. Following the allocation of any change in NAV, each share class of NAV is reduced by the declared dividend and stockholder servicing fees, as applicable. The stockholder servicing fee is calculated as a percentage of each applicable class of shares’ NAV (Class S, Class T, and Class D). Class I and Class C shares are not subject to the stockholder servicing fee. NAV per share for each class is calculated by dividing such class’s NAV at the end of each month by the number of shares outstanding for that class at the end of such month.
Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for the Current Offering (as defined below) for further details on how our board of directors. NAV is determined.
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Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, Class D, and Class DC common stock, as well as the partnership interests of BREIT OP held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of September 30, 20222023 ($ and shares/units in thousands):
Components of NAVSeptember 30, 20222023
Investments in real estate$118,405,219111,589,088 
Investments in real estate debt(1)
9,871,5378,720,762 
Investments in unconsolidated entities10,874,82411,365,291 
Cash and cash equivalents1,677,9191,931,616 
Restricted cash1,524,831735,897 
Other assets6,094,4416,085,643 
Mortgage notes, term loans, and revolving credit facilities, net(63,130,054)(60,827,420)
Secured financings of investments in real estate debt(5,050,044)(4,614,044)
Subscriptions received in advance(577,014)(41,167)
Other liabilities(3,717,193)(3,503,597)
Accrued performance participation allocation(457,023)— 
Management fee payable(74,145)(68,963)
Accrued stockholder servicing fees(2)(1)
(18,855)(16,955)
Non-controlling interests in joint ventures(5,036,197)(5,392,369)
Net Asset Value$70,388,24665,963,782 
Number of outstanding shares/units(2)
4,669,3234,458,693 
 
(1)Includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and exclude the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Consolidated GAAP Balance Sheet.
(2)Stockholder servicing fees only apply to Class S, Class T, and Class D shares. See ReconciliationFor purposes of Stockholders’ Equity and BREIT OP Partners’ Capital to NAV, below for an explanationwe recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the difference betweenstockholder servicing fee as an offering cost at the $18.9 million accrued for purposestime we sell Class S, Class T and Class D shares. As of our NAV andSeptember 30, 2023, the $1.6 billionCompany has accrued under U.S. GAAP.GAAP $1.0 billion of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T and Class D shares sold. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid), to participating broker-dealers.
(2)As of September 30, 2023, no Class F shares/units were outstanding.
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 30, 20222023 ($ and shares/units in thousands, except per share/unit data):
NAV Per ShareNAV Per ShareClass S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
Third-party
Operating
Partnership
Units (1)
TotalNAV Per ShareClass S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
Class C Shares
Third-party
Operating
Partnership
Units (1)
Total
Monthly NAV$23,992,712 $36,955,255 $1,089,700 $6,144,874 $2,205,705 $70,388,246 
Net asset valueNet asset value$22,582,028 $37,279,195 $920,615 $2,299,074 $31,151 $2,851,719 $65,963,782 
Number of outstanding shares/units(2)Number of outstanding shares/units(2)1,588,546 2,446,025 73,224 415,535 145,993 4,669,323 Number of outstanding shares/units(2)1,525,500 2,516,715 63,163 158,761 2,035 192,519 4,458,693 
NAV Per Share/Unit as of September 30, 2022$15.1036 $15.1083 $14.8817 $14.7879 $15.1083 
NAV Per Share/Unit as of September 30, 2023NAV Per Share/Unit as of September 30, 2023$14.8031 $14.8127 $14.5752 $14.4814 $15.3038 $14.8127 
(1)Includes the partnership interests of BREIT OP held by theBREIT Special Limited Partner, Class B unitholders,unit holders, and other BREIT OP interests held by parties other than us.the Company.
(2)As of September 30, 2023, no Class F shares/units were outstanding.
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The following table details the weighted average discount rate and exit capitalization rate by property type, which are the key assumptions used in the discounted cash flow valuations as of September 30, 2022:2023:

Property TypeProperty TypeDiscount RateExit Capitalization RateProperty TypeDiscount RateExit Capitalization Rate
Rental HousingRental Housing6.8%5.4%Rental Housing7.0%5.5%
IndustrialIndustrial6.7%5.5%Industrial7.3%5.9%
Net LeaseNet Lease6.9%5.8%Net Lease7.2%5.7%
HospitalityHospitality9.4%9.0%Hospitality9.9%9.1%
Data CentersData Centers7.2%6.1%Data Centers7.4%6.2%
Self StorageSelf Storage7.1%5.6%Self Storage7.5%6.1%
OfficeOffice6.5%5.2%Office6.8%5.3%
RetailRetail7.0%5.9%Retail7.3%6.2%
These assumptions are determined by the Adviser, and reviewed by our independent valuation advisor. In addition, the valuations for our two largest sectors (rental housing and industrial) assume high single-digit net operating income growth in 2023 given our below market rents and short duration leases. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged,else equal, the changes listed below would result in the following effects on our investment values: 
InputInputHypothetical
Change
Rental Housing Investment
Values
Industrial
Investment
Values
Net Lease
Investment
Values
Hospitality
Investment
Values
Data Center Investment ValuesSelf Storage
Investment
Values
Office
Investment
Values
Retail
Investment
Values
InputHypothetical
Change
Rental Housing Investment
Values
Industrial
Investment
Values
Net Lease
Investment
Values
Hospitality
Investment
Values
Data Center Investment ValuesSelf Storage
Investment
Values
Office
Investment
Values
Retail
Investment
Values
Discount RateDiscount Rate0.25% decrease+1.9%+2.0%+1.8%+1.7%+1.3%+1.9%+1.9%+1.9%Discount Rate0.25% decrease+1.9%+2.0%+1.8%+1.7%+1.0%+1.8%+1.9%+1.9%
(weighted average)(weighted average)0.25% increase(1.9)%(1.9)%(1.8)%(1.6)%(1.2)%(1.8)%(1.9)%(1.8)%(weighted average)0.25% increase(1.9)%(1.9)%(1.8)%(1.6)%(0.7)%(1.8)%(1.9)%(1.8)%
Exit Capitalization RateExit Capitalization Rate0.25% decrease+3.1%+3.5%+2.5%+1.4%+1.6%+2.8%+3.7%+2.8%Exit Capitalization Rate0.25% decrease+3.0%+3.3%+2.7%+1.4%+1.1%+2.5%+3.5%+2.6%
(weighted average)(weighted average)0.25% increase(2.8)%(3.2)%(2.3)%(1.3)%(1.6)%(2.6)%(3.3)%(2.6)%(weighted average)0.25% increase(2.7)%(3.0)%(2.4)%(1.3)%(1.0)%(2.3)%(3.2)%(2.4)%
The following table reconciles stockholders’ equity and BREIT OP partners’ capital per our Condensed Consolidated Balance Sheets to our NAV ($ in thousands):
 September 30, 20222023
Stockholders’ equity$46,320,79340,592,505 
Non-controlling interests attributable to BREIT OP1,496,1512,471,888 
Redeemable non-controlling interest364,177364 
Total BREIT stockholders’ equity and BREIT OP partners’ capital of BREIT OP under GAAP48,181,12143,064,757 
Adjustments:
Accrued stockholder servicing feefees1,609,061978,724 
Organization and offering costs511 
Accrued affiliate incentive compensation awards(160,898)(46,520)
Accumulated depreciation and amortization under GAAP7,533,71210,518,399 
Unrealized net real estate and real estate debt appreciation13,224,73911,448,422 
NAV$70,388,24665,963,782 
The following details the adjustments to reconcile GAAP stockholders’ equity and total partners’ capital of BREIT OP to our NAV:
Accrued stockholder servicing fee representsfees represent the accrual for the cost of the stockholder servicing feefees for Class S, Class T, and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing feefees payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold the Class S, Class T, and Class D shares. Refer to Note 2 to theour condensed consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021 for further details of the GAAP treatment regarding the stockholder servicing fee.fees. For purposes of calculating NAV, we recognize the stockholder servicing feefees as a reduction of NAV on a monthly basis when such fee isfees are paid.
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The Adviser agreed to advance certain organization and offering costs on our behalf through December 31, 2017. Such costs are reimbursed to the Adviser on a pro-rata basis over a 60 month period beginning January 1, 2018. Under GAAP, organization costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For purposes of calculating NAV, such costs are recognized as a reduction to NAV as they are reimbursed ratably over the 60 month reimbursement period.
Under GAAP, the affiliate incentive compensation awards are valued as of grant date and compensation expense is recognized over the service period on a straight-line basis with an offset to equity, resulting in no impact to Stockholders’ Equity. For purposes of calculating NAV, we value the awards based on performance in the applicable period and deduct such value from NAV.
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We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of calculating our NAV. 
Our investments in real estate are presented at their depreciated cost basis in our GAAP condensed consolidated financial statements. Additionally, our mortgage notes, secured and unsecured term loans, secured and unsecured revolving credit facilities, and repurchase agreements (“Debt”(collectively, “Debt”) are presented at their amortized cost basis in our condensed consolidated GAAP financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our Debt are not included in our GAAP results. For purposes of calculating our NAV, our investments in real estate and our Debt are recorded at fair value.
Distributions
Beginning in March 2017, we have declared monthly distributions for each class of our common stock, which are generally paid 20 days after month-end. We have paid distributions consecutively each month since that time. Each class of our common stock received the same aggregate gross distribution of $0.5010$0.4999 per share for the nine months ended September 30, 2022.2023. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The table below details the net distribution for each of our share classes for the nine months ended September 30, 2022:2023: 
 Record DateClass S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
January 31, 2022$0.0451 $0.0556 $0.0452 $0.0526 
February 28, 20220.0451 0.0547 0.0453 0.0519 
March 31, 20220.0451 0.0559 0.0453 0.0528 
April 30, 20220.0451 0.0556 0.0452 0.0526 
May 31, 20220.0451 0.0559 0.0453 0.0528 
June 30, 20220.0451 0.0556 0.0453 0.0526 
July 31, 20220.0451 0.0559 0.0452 0.0528 
August 31, 20220.0451 0.0561 0.0453 0.0529 
September 30, 20220.0451 0.0557 0.0452 0.0526 
Total$0.4059 $0.5010 $0.4073 $0.4736 
 Record DateClass S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
January 31, 2023$0.0451 $0.0558 $0.0453 $0.0527 
February 28, 20230.0451 0.0548 0.0452 0.0520 
March 31, 20230.0451 0.0557 0.0453 0.0527 
April 30, 20230.0451 0.0553 0.0453 0.0524 
May 31, 20230.0451 0.0557 0.0453 0.0526 
June 30, 20230.0451 0.0554 0.0453 0.0524 
July 31, 20230.0451 0.0558 0.0453 0.0527 
August 31, 20230.0451 0.0559 0.0453 0.0528 
September 30, 20230.0451 0.0555 0.0452 0.0525 
Total$0.4059 $0.4999 $0.4075 $0.4728 
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The following tables summarize our distributions declared during the nine months ended September 30, 20222023 and 20212022 ($ in thousands):
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
AmountPercentageAmountPercentageAmountPercentageAmountPercentage
DistributionsDistributionsDistributions
Payable in cashPayable in cash$950,847 48 %$508,359 47 %Payable in cash$1,120,271 54 %$950,847 48 %
Reinvested in sharesReinvested in shares1,040,867 52 %567,936 53 %Reinvested in shares966,187 46 %1,040,867 52 %
Total distributionsTotal distributions$1,991,714 100 %$1,076,295 100 %Total distributions$2,086,458 100 %$1,991,714 100 %
Sources of DistributionsSources of DistributionsSources of Distributions
Cash flows from operating activities(1)
Cash flows from operating activities(1)
$1,991,714 100 %$1,076,295 100 %
Cash flows from operating activities(1)
$2,086,458 100 %$1,991,714 100 %
Net gains from investment realizationsNet gains from investment realizations— — — — Net gains from investment realizations— — — — 
IndebtednessIndebtedness— — — — Indebtedness— — — — 
Total sources of distributionsTotal sources of distributions$1,991,714 100 %$1,076,295 100 %Total sources of distributions$2,086,458 100 %$1,991,714 100 %
Cash flows from operating activitiesCash flows from operating activities$2,197,980 $1,190,413 Cash flows from operating activities$2,135,784 $2,197,980 
Funds from Operations(2)
Funds from Operations(2)
$2,120,644 $797,589 
Funds from Operations(2)
$1,568,963 $2,120,644 
Adjusted Funds from Operations(2)
Adjusted Funds from Operations(2)
$1,759,955 $824,803 
Adjusted Funds from Operations(2)
$1,637,350 $1,759,955 
Funds Available for Distribution(2)
Funds Available for Distribution(2)
$1,492,080 $883,164 
Funds Available for Distribution(2)
$1,347,631 $1,492,080 
 
(1)As of September 30, 2022, ourOur inception to date cash flows from operating activities funded 100% of our distributions.
(2)See “Funds from Operations and Adjusted Funds from Operations and Funds Available for Distribution” above for descriptions of Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), and Funds Available for Distribution (FAD), for reconciliations of them to GAAP net loss attributable to BREIT stockholders, and for considerations on how to review these metrics.


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Liquidity and Capital Resources
Liquidity
We believe we have sufficient liquidity to operate our business, with $9.3$9.7 billion of liquidity as of November 11, 2022.10, 2023. When we refer to theour liquidity, of the Company this includes amounts available under our undrawn revolving credit facilities (including the Line of Credit) of $7.9$8.6 billion as well as unrestricted cash and cash equivalents of $1.4$1.1 billion. We also generate incremental liquidity through our operating cash flows, which were $2.2$2.1 billion for the nine months ended September 30, 2022.2023. In addition, we remain moderately leveraged (46% as of September 30, 2022)2023) and can generate additional liquidity by incurringthrough additional indebtedness secured by our real estate and real estate debt investments, unsecured financings, and other forms of indebtedness. We may also generate incremental liquidity through the sale of our real estate debt investments, which were $9.9carried at their estimated fair value of $8.7 billion as of September 30, 2022.2023. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and debt-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances will not be included as part of the calculation above. Our leverage ratio would be higher if the indebtedness on our real estate debt investments and pro rata share of debt within our unconsolidated investments were taken into account. Before borrowing under the Line of Credit we generally access other indebtedness, which may be at a higher cost than under the Line of Credit.
In addition to our current liquidity, we obtain incremental liquidity through the sale of shares of our common stock in our continuous public offering and private offerings, from which we have received net proceeds of $65.9$73.9 billion as of the date of this filing.November 10, 2023.
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Capital Resources
As of September 30, 2022,2023, our indebtedness included loans secured by our properties, master repurchase agreements and other financing agreements secured by our investments in real estate debt, and unsecured revolving credit facilities and term loans.
The following table is a summary of our indebtedness as of September 30, 20222023 ($ in thousands):
September 30, 2022Principal Balance as ofSeptember 30, 2023Principal Balance as of
IndebtednessIndebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date(2)
Maximum
Facility
Size
September 30, 2022December 31, 2021Indebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date(2)
Maximum
Facility
Size
September 30, 2023December 31, 2022
Fixed rate loans secured by our properties:Fixed rate loans secured by our properties:Fixed rate loans secured by our properties:
Fixed rate mortgages(3)
Fixed rate mortgages(3)
3.6%12/12/2028N/A$24,661,911 $19,086,525 
Fixed rate mortgages(3)
3.7%1/21/2029N/A$24,083,698 $25,152,361 
Variable rate loans secured by our properties:Variable rate loans secured by our properties:Variable rate loans secured by our properties:
Variable rate mortgages and term loansVariable rate mortgages and term loansL+2.4%12/28/2026N/A34,496,854 20,075,465 Variable rate mortgages and term loans+2.5%3/22/2027N/A32,302,207 34,141,570 
Variable rate secured revolving credit facilities(4)
L+1.6%4/19/2026$4,450,000 1,250,020 1,614,550 
Variable rate warehouse facilities(4)
Variable rate warehouse facilities(4)
+2.0%10/8/2025$4,388,249 3,603,386 3,728,340 
Variable rate warehouse facilities(5)
L+1.9%10/7/2025$4,157,147 3,787,846 794,141 
Variable rate secured revolving credit facilities(5)
Variable rate secured revolving credit facilities(5)
+1.6%12/24/2025$3,863,432 1,382,749 2,608,778 
Total variable rate loansTotal variable rate loansL+2.3%11/7/202639,534,720 22,484,156 Total variable rate loans+2.4%1/13/202737,288,342 40,478,688 
Total loans secured by our propertiesTotal loans secured by our properties4.7%8/28/2027$64,196,631 $41,570,681 Total loans secured by our properties6.1%10/30/202761,372,040 65,631,049 
Secured financings of investments in real estate debt:Secured financings of investments in real estate debt:Secured financings of investments in real estate debt:
Secured financings of investments in real estate debt(6)
Secured financings of investments in real estate debt(6)
L+1.2%9/18/2023N/A5,050,044 4,706,632 
Secured financings of investments in real estate debt(6)
+1.4%6/28/2024N/A4,614,044 4,966,685 
Unsecured loans:Unsecured loans:Unsecured loans:
Unsecured term loanL+2.5%7/22/2025N/A826,923 — 
Unsecured variable rate revolving credit facilityL+2.5%2/21/2025$4,573,077 — — 
Unsecured term loansUnsecured term loans+2.5%1/30/2026N/A1,126,923 1,126,923 
Unsecured variable rate revolving credit facilitiesUnsecured variable rate revolving credit facilities+2.5%11/29/2025$5,623,077 — — 
Affiliate revolving credit facilityAffiliate revolving credit facilityL+2.5%1/22/202375,000 — — Affiliate revolving credit facility+2.5%1/24/202475,000 — — 
Total unsecured loansTotal unsecured loans$4,648,077 826,923 — Total unsecured loans$5,698,077 1,126,923 1,126,923 
Total indebtednessTotal indebtedness$70,073,598 $46,277,313 Total indebtedness$67,113,007 $71,724,657 

(1)The term “L”“+” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, CDOR, EURIBOR, and one-month CDOR,SONIA as applicable to each loan.loan or secured financing. As of September 30, 2022,2023, we havehad outstanding interest rate swaps with an aggregate notional balance of $30.9$33.2 billion and interest rate caps with an aggregate notional balance of $14.4$16.2 billion that mitigate our exposure to potential future interest rate increased under our floating-rate debt.
(2)Weighted average maturity assumes maximum maturity date, (includingincluding any extensions),extensions, where the Company, at its sole discretion, has one or more extension options.
(3)Includes $368.4$340.5 million and $396.3$364.5 million of loans related to our investmentinvestments in affordable housing properties as of September 30, 20222023 and December 31, 2021,2022, respectively. Such loans are generally withfrom municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.
(4)Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available.
(5)Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.
(6)(5)Weighted average interestAdditional borrowings under the Company's variable rate of L+1.2% reflects the spread over the relevant floating benchmark rates, which include USD LIBOR, EURIBOR, and SONIA, as applicable to each secured financing.revolving credit facilities are immediately available.

The table above excludes consolidated senior CMBS positions owned by third-parties, which are reflected in our condensed consolidated GAAP balance sheets, as these liabilities are non-recourse to us and can only be satisfied by repayment of the collateral loans underlying such securitizations.
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The following table is a summary of the impact of derivatives on our weighted average interest rate as of September 30, 2023:
September 30, 2023
Weighted average interest rate of loans secured by our properties6.1%
Impact of interest rate swaps, caps and other derivatives(2.0)%
Net weighted average interest rate of loans secured by our properties4.1%
We registered with the Securities and Exchange Commission (the “SEC”), an offering of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which we began using to offer shares of our common stock in March 2022 (the “Current Offering”).
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As of November 14, 2022,13, 2023, we have received net proceeds of $9.4$13.0 billion from selling an aggregate of 631.4875.7 million shares of our common stock in the Current Offering, including shares converted from operating partnership units by the Special Limited Partner (consisting of 242.3327.9 million Class S shares, 272.2410.4 million Class I shares, 14.517.9 million Class T shares, and 102.4119.5 million Class D shares).
Capital Uses
Our primaryDuring periods when we are selling more shares than we are repurchasing, we primarily use our capital needs are to acquire our investments, which we expectalso fund with other capital resources. During periods when we are repurchasing more shares than we are selling, we primarily use our capital to fund withrepurchases. In the third quarter of 2023, we received repurchase requests that exceeded the 2% monthly limit and 5% quarterly limit under our liquidityshare repurchase plan. Therefore, as a result of the aforementioned monthly and other capital resources.quarterly limits, our board of directors exercised its discretion to repurchase less than the full amount of shares requested in July 2023, August 2023 and September 2023. We continue to believe that our current liquidity position is sufficient to meet the needs of our expected investment activity.business.
In addition, we may have other funding obligations, which we expect to satisfy with the cash flows generated from our investments and our capital resources described above. Such obligations may include distributions to our stockholders, repurchase requests of shares of our common stock pursuant to our share repurchase plan, operating expenses, capital expenditures, repayment of indebtedness, and debt service on our outstanding indebtedness. Our operating expenses include, among other things, the management fee we pay to the Adviser and the performance participation allocation that BREIT OP pays to the Special Limited Partner, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partner elects to receive such payments in cash, or subsequently redeem shares or OP units previously issued to them. To date, the Adviser and the Special Limited Partner have both always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense.
Cash Flows
The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):
Nine Months Ended September 30, Nine Months Ended September 30,
20222021 20232022
Cash flows provided by operating activitiesCash flows provided by operating activities$2,197,980 $1,190,413 Cash flows provided by operating activities$2,135,784 $2,197,980 
Cash flows used in investing activities(31,185,167)(17,755,962)
Cash flows provided by financing activities28,780,699 19,151,179 
Cash flows provided by (used in) investing activitiesCash flows provided by (used in) investing activities8,205,853 (31,185,167)
Cash flows (used in) provided by financing activitiesCash flows (used in) provided by financing activities(9,925,880)28,780,699 
Net increase in cash and cash equivalents and restricted cashNet increase in cash and cash equivalents and restricted cash$(206,488)$2,585,630 Net increase in cash and cash equivalents and restricted cash$415,757 $(206,488)
Cash flows provided by operating activities increased $1.0 billiondecreased $62.2 million during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 20212022 due to increaseddecreased cash flows from the operations of our investments in real estate and income on our investments in real estate debt.
Cash flows used infrom investing activities increased $13.4$39.4 billion during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increase was primarily due to a net decrease of $30.4 billion in acquisitions of real estate, an increase of $21.0$4.1 billion in the acquisitionsproceeds from disposition of and capital improvements to real estate, a decrease of $3.5 billion in investment in unconsolidated entities, a net increase of $3.0 billion related to investments in real estate debt securities, and an increase of $0.5$1.8 billion in investments inreturn of capital from unconsolidated entities. This was partially offset by a net increasedecrease of $3.9$2.2 billion related to our investments in real estate-related equity securities, an increasea net decrease of $1.9$1.0 billion in proceeds from dispositions of real estate, an increase of $1.5 billion in proceeds from paydownsrepayments of real estate loans held by consolidated securitization vehicles, and a decreasean increase of $0.2 billion in pre-acquisition costs of $0.6 billion.capital improvements to real estate .
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Cash flows provided byfrom financing activities increased $9.6decreased $38.7 billion during the nine months ended September 30, 20222023 compared to the nine months ended September 30, 2021.2022. The increasedecrease was primarily due to a net decrease of $23.9 billion in borrowings, a decrease of $10.0 billion in proceeds from issuance of common stock, an increase of $16.1 billion in borrowings, an increase of $1.8 billion in contributions from non-controlling interests, and an increase of $0.5 billion from the issuance of our common stock. This was partially offset by an increase of $5.6$2.9 billion in repurchases of common stock, a netdecrease of $2.2 billion in contributions from non-controlling interests, a decrease of $0.5 billion in subscriptions received in advance, an increase of $1.3$0.3 billion in distributions to non-controlling interests and an increase of $0.2 billion in distributions. This was partially offset by a net decrease of $0.9 billion in repayments of senior obligations of consolidated securitization vehicles and a decrease of $1.1 billion in subscriptions received in advance, an increase of $0.5 billion in distributions, and an increase of $0.3 billion in payment of deferred financing costs.
Recent Accounting Pronouncements
See Note 2 — “Summary of Significant Accounting Policies” to our condensed consolidated financial statements in this quarterly report on Form 10-Q for a discussion concerning recent accounting pronouncements.
Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with GAAP. There have been no material changes to our Critical Accounting Policies described in our annual report on Form 10-K filed with the SEC on March 11, 2022.17, 2023.
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Commitments and Contingencies
The following table aggregates our contractual obligations and commitments with payments due subsequent to September 30, 20222023 ($ in thousands).
ObligationsObligationsTotalLess than
1 year
1-3 years3-5 yearsMore than
5 years
ObligationsTotalLess than
1 year
1-3 years3-5 yearsMore than
5 years
Indebtedness(1)
Indebtedness(1)
$85,231,051 $8,429,766 $19,549,294 $41,191,594 $16,060,397 
Indebtedness(1)
$80,031,718 $8,744,897 $21,211,780 $36,665,850 $13,409,191 
Ground leasesGround leases3,418,153 38,969 83,885 85,639 3,209,660 Ground leases3,372,619 41,376 84,388 86,135 3,160,720 
Organizational and offering costs511 511 — — — 
Other1,199 1,199 — — — 
TotalTotal$88,650,914 $8,470,445 $19,633,179 $41,277,233 $19,270,057 Total$83,404,337 $8,786,273 $21,296,168 $36,751,985 $16,569,911 
 
(1)The allocation of our indebtedness includes both principal and interest payments based on the fully extended maturity date and interest rates in effect at September 30, 2022.2023. The table above excludes consolidated senior CMBS positions owned by third-parties, as these liabilities are non-recourse to us and can only be satisfied by repayment of the collateral loans underlying such securitizations.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to interest rate risk with respect to our variable-rate indebtedness whereassuch that an increase in interest rates would directly result in higher net interest expense. We seek to manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financings with staggered maturities, and through interest rate hedging agreements to fix or cap a portionmajority of our variable rate debt. As of September 30, 2022,2023, the outstanding principal balance of our variable rate indebtedness was $45.4$43.0 billion and consisted of mortgage notes, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings on investments in real estate debt.
Certain of our mortgage notes, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings are variable rate and indexed to one-month U.S. Dollar denominated LIBOR, three-month U.S. Dollar denominated LIBOR, three-month GBP denominated LIBOR, three-month Euro denominated LIBOR, one-month CAD denominated LIBOR, three-month CAD denominated LIBOR, or 30-day Secured Overnight Financing Rate ("SOFR")SOFR, SONIA, EURIBOR, CDOR, and other similar benchmark rates (collectively, the “Reference Rates”). We have executed interest rate swaps with a notional amount of $30.9$33.2 billion and interest rate caps with an aggregate net notional balance of $14.4$16.2 billion as of September 30, 20222023 to hedge the risk of increasing interest rates. For the three and nine months endedAs of September 30, 2022,2023, we had an aggregate $10.7 billion net notional of interest rate caps with a 10% increase in eachstrike price below the applicable benchmark rate which, together with our $33.2 billion notional of interest rate swaps, effectively eliminates the Reference Ratesimpact that rising interest rates would have resultedon our net interest expense. Our exposure to interest rate risk may vary in increased interest expense of $8.1 millionfuture periods as the amount and $24.2 million, respectively, net of the impactterms of our interest rate swaps and caps.hedging agreements change over time as we implement our hedging program.

LIBOR and certain other floating rate benchmark indices to which our floating rate debt and other agreements are tied,
including, without limitation, the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Dollar Offered Rate (“CDOR”), or collectively, IBORs, arehave been the subject of recent national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association (“IBA”), ceased publication of all non-USD LIBOR and the one-week and two-month USD LIBOR and, as and previously announced, intends to cease publication of remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the U.S. This legislation establishes a uniform benchmark replacement process for financial contracts maturing after June 30, 2023 that do not contain clearly definedreform or practicable fallback provisions.replacement. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve.

The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, has identified SOFR, a newan index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. As of September 30, 2022, the2023, one-month term SOFR was 3.0% and one-month USD LIBOR was 3.1%5.3%. Additionally, market participants have transitioned from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators.

At this time, it As of September 30, 2023, substantially all of our floating rate debt has transitioned to the applicable replacement benchmark rate, or reference a benchmark rate that is not possibleexpected to predict how markets will respond to SOFR, SONIA, or other alternative reference rates as the transition away from USD LIBOR and GBP LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies in Europe and Canada have been reformed and rates such as EURIBOR and CDOR may persist as International Organization of Securities Commissions, or IOSCO, compliant reference rates moving forward. However, multi-rate environments may persist in these markets as regulators and working groups have suggested market participants adopt alternative reference rates.be replaced.

Refer to “Part I. Item 1A. Risk Factors — Risks Related to Debt Financing — Changes to, orWe may be adversely affected by the eliminationphasing out of LIBOR may adversely affect interest expense related to borrowings under our credit facilities and real estate-related investments”the London Interbank Offered Rate (“LIBOR”)” of our Annual Report on Form 10-K for the year ended December 31, 2021.2022.








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Investments in Real Estate Debt
As of September 30, 2022,2023, we held $9.9$8.7 billion of investments in real estate debt, which amount excludes the impact of consolidating the underlying loans that serve as collateral for certain securitizations on our Condensed Consolidated Balance Sheets. Our investments in real estate debt are primarily floating-rate and indexed to the Reference Rates, or SONIA, and as such, exposed to interest rate risk. Our net income will increase or decrease depending on interest rate movements. While we cannot predict factors that may or may not affect interest rates, a 10% increase or decrease in the Reference Rates and SONIA would have resulted in an increase or decrease to income from investments in real estate debt of $7.4$10.3 million and $22.1$30.8 million, respectively, for the three and nine months ended September 30, 2022, respectively, net of the impact of our interest rate swaps.2023.
We may also be exposed to market risk with respect to our investments in real estate debt due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investments in real estate debt by making investments in real estate debt backed by different types of collateral and varying credit ratings. The fair value of our investments may fluctuate, therefore the amount we will realize upon any sale of our investments in real estate debt is unknown. However, as of September 30, 2022,2023, a 10% change in the fair value of our investments in real estate debt would result in a change in the carrying value of our investments in real estate debt of $1.0$0.9 billion.
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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this quarterly report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”). Based upon this evaluation, our CEO and CFO have concluded that as of the end of the period covered by this report, our disclosure controls and procedures (a) were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) included, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls over Financial Reporting
There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this quarterly report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2022,2023, we were not involved in any material legal proceedings.
ITEM  1A. RISK FACTORS
For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 20212022 and under the heading “Risk Factors” in our prospectus dated February 25, 2022,April 18, 2023, as supplemented.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, AND USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Unregistered Sales of Equity Securities
During the threenine months ended September 30, 2022,2023, we sold equity securities that were not registered under the Securities Act. As described in Note 10 to our condensed consolidated financial statements, the Adviser is entitled to an annual management fee payable monthly in cash, shares of common stock, or BREIT OP Units, in each case at the Adviser'sAdviser’s election. For the three months ended September 30, 2022,2023, the Adviser elected to receive its management fee in Class I shares,B units of BREIT OP, and we issued 9.79.4 million unregistered Class I sharesB units of BREIT OP to the Adviser in satisfaction of the management fee for July 2022 and August 2022. Additionally, we issued 4.9 million unregistered Class I shares to the Adviser in October 2022 in satisfaction of the September 2022 management fee.
Beginning for the quarter ended March 31, 2022, the Special Limited Partner was entitled to a quarterly performance participation allocation. In April 2022, July 2022 and October 2022, we issued 16.1 million, 8.1 million and 7.5 million, respectively, Class I units in BREIT OP to the Special Limited Partner as payment for $473.2 million of the performance participation allocation. At the election of the Special Limited Partner, each Class I unit is exchangeable for cash or Class I shares (on a one-for-one basis). Each issuance to the Adviser and the Special Limited Partner was made pursuant to Section 4(a)(2) of the Securities Act.2023.
We have also sold Class I and Class C shares to feeder vehicles created primarily to hold Class I and Class C shares and offer indirect interests in such shares to non-U.S. persons. The offer and sale of Class I and Class C shares to the feeder vehicles was exempt from the registration provisions of the Securities Act, by virtue of Section 4(a)(2) and Regulation S thereunder. During the three months ended September 30, 2022,2023, we received $0.8 billion$71.4 million from selling 53.44.8 million unregistered Class I and Class C shares to such vehicles. We intend to use the net proceeds from such sales for the purposes set forth in the prospectus for our offering and in a manner within the investment guidelines approved by our board of directors, who serve as fiduciaries to our stockholders.
Share Repurchases 
Under our share repurchase plan, to the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the opening of the last calendar day of that month (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to our prior month’s NAV per share), except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price (an(the “Early Repurchase Deduction”) subject to certain limited exceptions. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.

The aggregate NAV of total repurchases of Class S shares, Class I shares, Class T shares, Class D shares, Class C and Class DF shares (including repurchases at certain non-U.S. investor vehiclesaccess funds primarily created to hold shares of the Company, but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited to no more than 2% of our aggregate NAV per month based on the aggregate NAV of the prior month and no more than 5% of our aggregate NAV per calendar quarter based on the average of the aggregate NAV per month over the prior three months. For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. In the third quarter of 2023, we received repurchase requests that exceeded the 2% monthly limit and 5% quarterly limit under our share repurchase plan. Therefore, as a result of the aforementioned monthly and quarterly limits, our board of directors exercised its discretion to repurchase less than the full amount of shares requested in July 2023, August 2023 and September 2023.

Should repurchase requests, in our board of directors’ judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should weour board of directors otherwise determinedetermines that investing our liquid assets in real properties or other investments rather than repurchasing our shares is in the best interests of the Company as a whole, then we may choose to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under our share repurchase plan), or none at all. Further, our board of directors maywill in certain circumstances, make exceptions to, modify and suspend our share repurchase plan (including to make exceptions to the repurchase limitations, or repurchase fewer shares than such repurchase limitations) if it deems such action to be in our best interests and the best interests of our stockholders. In the event that we determineour board of directors determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable.
If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.
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During the three months ended September 30, 2022,2023, we repurchased shares of our common stock in the following amounts, which represented all of the share repurchase requests received for the same period.amounts:
Month of:Total Number
of Shares
Repurchased
Repurchases as a Percentage of NAV(1)
Average
Price Paid
  per Share
Total Number of
Shares Repurchased
as Part of Publicly
Announced Plans
or Programs
Maximum Number of
Shares Pending
Repurchase Pursuant
to Publicly
Announced Plans
or Programs(2)
July 202292,287,2382.1 %$14.97 92,287,238 — 
August 202253,490,3161.2 %$14.98 53,490,316 — 
September 202257,728,7241.3 %$15.07 57,728,724 — 
Total203,506,278 4.6 %$14.92 203,506,278 
Month of:Total Number
of Shares
Repurchased
Average
Price Paid
  per Share
Total Number of
Shares Repurchased
as Part of Publicly
Announced Plans
or Programs
Repurchases as a Percentage of NAV(1)
Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Program(2)
July 202387,985,67414.6787,985,6742.0 %
August 202386,403,01814.8086,403,0182.0 %
September 202342,139,55214.8842,139,5521.0 %
Total216,528,244 $14.76 216,528,244 5.0 %
(1)Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month.
(2)AllFor the months ended July 31, 2023, August 31, 2023 and September 30, 2023, the Company received repurchase requests under ourthat exceeded both its monthly 2% of NAV and quarterly 5% of NAV limit. In accordance with the Company’s share repurchase plan, were satisfied.the Company fulfilled 34% of requested repurchases in July 2023, 43% of requested repurchases in August 2023, and 29% of requested repurchases in September 2023.

The Special Limited Partner continues to hold 24,104,43324,609 Class I units in BREIT OP. The redemption of Class I units and Class B units and shares held by the Adviser acquired as payment of the Adviser’s management fee are not subject to our share repurchase plan.
 
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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ITEM  5. OTHER INFORMATION
Not applicable.Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A., which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.
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ITEM 6. EXHIBITS
31.1* 
  
 
   
 
   
 
101.INS99.1*
101.INS+ Inline XBRL Instance Document
   
101.SCH101.SCH+ Inline XBRL Taxonomy Extension Schema Document
   
101.SCH101.CAL+ Inline XBRL Taxonomy Extension Calculation Linkbase Document
   
101.LAB101.LAB+ Inline XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE101.PRE+ Inline XBRL Taxonomy Extension Presentation Linkbase Document
   
101.DEF101.DEF+ Inline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
*Filed herewith.
+This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  BLACKSTONE REAL ESTATE INCOME TRUST, INC.
   
November 14, 202213, 2023 /s/ Frank Cohen
Date Frank Cohen
  Chief Executive Officer
  (Principal Executive Officer)
   
November 14, 202213, 2023 /s/ Anthony F. Marone, Jr.
Date Anthony F. Marone, Jr.
  Chief Financial Officer and Treasurer
  (Principal Financial Officer)
   
November 14, 202213, 2023 /s/ Paul Kolodziej
Date Paul Kolodziej
  Chief Accounting Officer
  (Principal Accounting Officer)

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