Blackstone Real Estate Income Trust (BREIT) Q3 2024 earnings summary

Executive summary

• Reported a net loss of $607.7 million for Q3 2024, compared to net income of $516.6 million in Q3 2023, driven by lower revenues, higher interest expense, and significant derivative losses.

• Portfolio comprised 4,675 properties and 63,688 single family rental homes, with 94% of assets in real estate and 6% in real estate debt as of September 30, 2024.

• Declared $0.6 billion in monthly net distributions for Q3 2024, maintaining a consistent distribution policy.

Financial highlights

• Total revenues for Q3 2024 were $2.09 billion, down from $2.19 billion in Q3 2023, primarily due to property dispositions.

• Net loss attributable to stockholders was $606.1 million for Q3 2024, or $(0.16) per share, versus net income of $588.3 million, or $0.14 per share, in Q3 2023.

• Adjusted Funds from Operations (AFFO) for Q3 2024 was $252.9 million, down from $676.8 million in Q3 2023.

• Same Property Net Operating Income (NOI) increased 5% year-over-year for both Q3 and the nine months ended September 30, 2024.

• Net asset value (NAV) as of September 30, 2024 was $55.2 billion, with NAV per share ranging from $13.61 to $15.09 depending on share class.

Outlook and guidance

• Management expects to continue monthly share sales and maintain a focus on stabilized, income-generating commercial real estate.

• Liquidity remains strong with $6.9 billion available as of November 7, 2024, including $5.1 billion in undrawn credit facilities.

• The company remains moderately leveraged at 49% and intends to use proceeds from asset sales and operating cash flows to fund distributions and repurchases.