Blackstone Real Estate Income Trust, Inc. (BREIT) reported a net loss attributable to stockholders of $3.3 billion for the year ended December 31, 2025, compared to a net loss of $890.5 million for the previous year. The company's total revenues were $7.96 billion, a decrease from $8.53 billion in 2024. This decrease in revenue was primarily driven by a reduction in rental and hospitality revenue, partially offset by an increase in other revenue. The company's portfolio consists primarily of rental housing, industrial, and data center properties, with a significant concentration in the South and West regions of the United States.
The company's financial performance was impacted by several factors, including a $356.8 million decrease in depreciation and amortization expense, offset by a $248.3 million increase in impairment of investments in real estate. The company also experienced a $786.1 million increase in loss from unconsolidated entities, primarily related to its QTS Data Centers investment. Despite the net loss, BREIT generated $1.1 billion in Funds Available for Distribution (FAD), a non-GAAP measure, indicating its ability to cover distributions.
Strategic developments during the year included $6.6 billion in proceeds from the sale of 119 rental housing properties, 116 industrial properties, four retail properties, and four hospitality properties. The company also deployed $5.8 billion into the development of data centers through its QTS platform, representing a 96% increase from the previous year. Additionally, BREIT acquired 177 net lease properties for $106.3 million through its Reliant Net Lease Platform. In November 2025, BREIT commenced a program to issue and sell beneficial interests in specific Delaware statutory trusts (DSTs) holding real properties through private offerings.
Key operational developments included maintaining a high occupancy rate of 94% across its real estate portfolio. The company's leverage ratio, measured as consolidated property-level and entity-level debt net of cash and loan-related restricted cash divided by the asset value of real estate investments plus the equity in settled real estate debt investments, was approximately 47% as of December 31, 2025. The company's outlook includes continuing to invest in stabilized, income-generating commercial real estate and real estate debt, while managing its capital structure and liquidity to meet repurchase requests and other obligations. The company's board of directors has the authority to modify or suspend the share repurchase plan if deemed in the best interest of stockholders.
About Blackstone Real Estate Income Trust, Inc.
Blackstone Real Estate Income Trust, Inc. (BREIT) is a non-listed real estate investment trust (REIT) focused on acquiring stabilized, income-generating commercial real estate across diverse U.S. asset classes, including rental housing, industrial, data centers, net lease, retail, office, hospitality, and self-storage. Managed by Blackstone’s real estate platform, BREIT targets income-focused investors seeking diversified real estate exposure with stable cash distributions and capital preservation through active asset management and leverage.
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