Blackstone Real Estate Income Trust (BREIT) Q2 2024 earnings summary

Executive summary

• Declared $0.6 billion in net distributions for Q2 2024, with annualized distribution rates ranging from 3.8% to 4.7% depending on share class.

• Portfolio comprised 4,733 properties and 64,324 single family rental homes, with 94% in real estate and 6% in real estate debt by fair value.

• Sold 47 properties for $1.2 billion in net proceeds, recognized $57.9 million net realized gain after impairments.

• Formed a joint venture for the $3.5 billion acquisition of Tricon Residential, maintaining an 11.6% stake.

Financial highlights

• Q2 2024 net loss attributable to stockholders was $518.5 million, compared to net income of $754.9 million in Q2 2023.

• Total revenues for Q2 2024 were $2.16 billion, down from $2.27 billion year-over-year.

• Same Property NOI increased 5% year-over-year for both the quarter and six-month period, driven by higher base rental revenue and tenant reimbursements.

• FFO for Q2 2024 was $293.6 million, AFFO was $386.2 million, and FAD was $309.6 million.

• Net asset value (NAV) as of June 30, 2024 was $56.7 billion, with NAV per share ranging from $13.77 to $15.07 depending on share class.

Outlook and guidance

• Management expects continued focus on stabilized, income-generating real estate and diversified real estate debt.

• Ongoing monthly share sales and repurchases, with liquidity of $6.9 billion as of August 2024.