Blackstone Real Estate Income Trust (BREIT) investor relations material

Executive summary

• Q3 revenue was $1.79B and net loss was $296M; net loss attributable to stockholders was $161M, versus $639M in Q3 2025.

• Same Property NOI rose 5% YoY in Q3 and 3% for 9M; higher impairment expense was partly offset by derivative gains, disposition gains and lower interest expense.

Financial highlights

• Q3 revenue declined to $1.79B from $1.94B; 9M revenue was $5.59B versus $6.00B, with dispositions driving lower rental revenue.

• Q3 net loss narrowed to $296M from $714M; 9M net loss narrowed to $1.15B from $3.12B.

• Q3 gains included $476M from unconsolidated entities, $119M from interest rate derivatives and $366M from real estate dispositions; impairment charges were $497M.

• 9M net gain on real estate dispositions was $1.22B; net interest expense was $1.98B, down from $2.31B in 9M 2025.

• Q3 diluted EPS was $(0.05) for most share classes; 9M diluted EPS was $(0.26), compared with $(0.79) in 9M 2025.

Outlook and guidance

• Liquidity totaled $8.4B at Nov. 5, 2026: $7.2B of undrawn revolving facilities and $1.2B of unrestricted cash; another $0.1B of disposition proceeds was expected under contract.

• Operating cash flow was $1.8B for 9M; additional potential liquidity sources include real estate debt investments valued at $4.9B and future share and unit offerings.