Blackstone Real Estate Income Trust Inc

breit.com

What Do They Do?

Leases rental housing, industrial space and data centers to tenants, and offers lodging and food-and-beverage services to hospitality customers.

How Do They Make Money?

Tenants pay rent and reimburse property costs under leases, while hospitality revenue comes from occupied rooms and food-and-beverage services when provided.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Rental revenue Recurring	89% FY2022: 86%	Recurring
Hospitality Usage-based	6.5% FY2022: 9.4%	Usage-based
Other revenue	4.7% FY2022: 4.7%

Who Are Their Customers?

Tenants occupy leased space at its rental housing and commercial properties; hospitality customers use its rooms and food-and-beverage services.

Do Revenues Turn Into Profits?

No. It lost $3.3B in FY2025.

Operating income, FY2025

51% of revenue

▼ −25% vs FY2024 ($5.4B, 63%)

Net income, FY2025

−41% of revenue

▲ +269% (Loss) vs FY2024 (−$890.5M, −10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −7%; vs $2B in Q2 FY2025
Net income: ▼ −18% (Loss); vs −$488.5M in Q2 FY2025

Rental revenue share of revenue vs 88.6% in Q2 FY2025

Growing. Revenue grew 2.2x in 4 years, from $3.7B in FY2021 to $8B in FY2025, about 21% a year.

Data center portfolio focus The earlier report describes rental housing, industrial and net lease as the main portfolio focus, with data centers secondary; the latest describes data centers alongside rental housing and industrial as a main focus.

Revenue over time

Rental revenue Hospitality Other revenue

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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