Blackstone Real Estate Income Trust (BREIT) Q4 2024 earnings summary

Executive summary

• Declared $2.5 billion in monthly net distributions for 2024, with annualized distribution rates ranging from 3.8% to 4.7% across share classes and year-to-date total returns between 1.1% and 2.0% (excluding upfront commissions).

• Sold 128 rental housing, 114 industrial, 15 retail, 3 hospitality, and 1 self storage property for $9.0 billion in net proceeds, realizing $1.7 billion in net gains after impairments.

• Formed a joint venture to acquire Tricon Residential Inc., maintaining an 11.6% ownership stake.

• Raised $3.4 billion in new equity and repurchased $9.4 billion of shares and units in 2024.

• Portfolio as of December 31, 2024: 4,569 properties and 62,907 single family rental homes, with 95% in real estate and 5% in real estate debt.

Financial highlights

• Net loss attributable to stockholders was $890.5 million for 2024, compared to $691.8 million in 2023, primarily due to real estate depreciation and amortization.

• Funds Available for Distribution (FAD) was $1.2 billion in 2024, down from $1.7 billion in 2023.

• Same Property Net Operating Income (NOI) increased by $190.4 million (4%) year-over-year, driven by higher base rental revenue and tenant reimbursements.

• Total assets at year-end were $116.2 billion, with $81.5 billion in real estate, $6.9 billion in unconsolidated entities, and $5.3 billion in real estate debt.

• Total liabilities were $81.4 billion, including $58.5 billion in mortgage and secured loans and $3.6 billion in secured financings of real estate debt.

Outlook and guidance

• Management believes liquidity is sufficient, with $6.2 billion available as of March 6, 2025, and moderate leverage at 49%.

• Plans to continue monthly share offerings and maintain a diversified portfolio focused on stabilized, income-generating real estate.