Blackstone Real Estate Income Trust, Inc. (BREIT) reported a significant decline in its financial performance for the first quarter of 2025, with a net loss of $1.84 billion, compared to a net loss of $170 million in the same period last year. Total revenues decreased to $2.06 billion from $2.19 billion, primarily driven by a $130.7 million drop in rental revenue, which fell to $1.83 billion. The company attributed this decline to a decrease in revenues from properties that were sold during the year, despite a slight increase in same-property revenues.
In terms of expenses, BREIT's total expenses decreased marginally to $2.28 billion from $2.29 billion, with notable changes including a $54.5 million reduction in rental property operating expenses. However, the company recorded a substantial increase in impairment charges, which rose to $170.3 million from $65.7 million in the previous year, reflecting adjustments to the carrying value of certain properties. The loss from unconsolidated entities also surged to $765 million, largely due to unrealized losses related to interest rate derivatives and depreciation.
Operationally, BREIT maintained a diversified portfolio consisting of 4,568 properties and 62,428 single-family rental homes as of March 31, 2025. The company operates across nine segments, with rental housing making up 47% of its portfolio by fair value, followed by industrial properties at 24%. The geographic distribution of its assets is primarily concentrated in the South (37%) and West (29%) regions of the United States. The company reported a total asset value of approximately $112.93 billion, down from $116.24 billion at the end of 2024.
Looking ahead, BREIT raised $0.8 billion from the sale of shares during the quarter and repurchased $2.1 billion of its shares, fulfilling all repurchase requests. The company continues to focus on its liquidity position, which stood at $6.2 billion as of May 8, 2025, including cash and undrawn credit facilities. BREIT's management remains cautious about market conditions, particularly in light of ongoing global trade uncertainties and their potential impact on the commercial real estate market. The company plans to continue its monthly share offerings while managing its capital resources effectively to support its investment strategy.
About Blackstone Real Estate Income Trust, Inc.
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