Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust (BREIT) is a non-traded REIT that provides individual and institutional investors access to Blackstone Real Estate's ~$56 billion portfolio of rental housing, industrial, and data center properties, primarily in U.S. Sunbelt markets.
- Company typePrivate
- Founded2017
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Blackstone Real Estate Income Trust does
Blackstone Real Estate Income Trust (BREIT) is a non-traded, Maryland-incorporated real estate investment trust launched in January 2017 as a wholly-owned subsidiary of Blackstone Inc. (NYSE: BX). BREIT provides individual and institutional investors access to Blackstone Real Estate's institutional-quality commercial real estate portfolio, with approximately $56 billion in net asset value as of May 31, 2026 and a concentrated portfolio of ~90% rental housing (multifamily, student housing, affordable housing, single family rental), industrial/logistics, and data centers, weighted ~65% to U.S. Sunbelt markets.
The company's product surface is built around NAV-based monthly share pricing across multiple share classes: Class I ($1,000,000 minimum for high-net-worth and fee-based advisors), Classes S-2/T-2/D-2 (retail), and the newly introduced Class L ($50 million) and Class L-2 ($250 million) premium institutional classes with reduced management fees. A Delaware Statutory Trust program targets 1031 exchange investors, and a reported publicly traded AI data center acquisition company is being developed. BREIT's underlying platform supports NAV calculation, share-class administration, distribution reinvestment, and investor reporting through dedicated financial advisor and investor portals.
BREIT generates revenue primarily through rental income from its diversified real estate portfolio, supplemented by management fees and performance participation allocations charged to shareholders, and capital gains from property realizations. Distribution is conducted exclusively through registered broker-dealers and financial advisors via Blackstone Securities Partners L.P. as Dealer Manager. Class I has delivered a 9.3% annualized inception-to-date return since January 2017 and 108+ months of consecutive distributions, with 100% return of capital in 2025 providing tax efficiency. BREIT accounts for over 50% of public capital raised in the nontraded REIT sector and is anchored by Blackstone Real Estate's 30+ year track record, 830+ professionals globally, and the proprietary QTS Data Centers platform acquired in 2021.
Blackstone Real Estate Income Trust firmographics
Firmographics- Name
- Blackstone Real Estate Income Trust
- Legal name
- Blackstone Real Estate Income Trust, Inc.
- Website
- https://breit.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Blackstone Real Estate Income Trust (BREIT) is a non-traded REIT that provides individual and institutional investors access to Blackstone Real Estate's ~$56 billion portfolio of rental housing, industrial, and data center properties, primarily in U.S. Sunbelt markets.
- Ownership category
- akta.pro rank
Blackstone Real Estate Income Trust industry classification
Industry- Product category
- Non-Traded REIT (Real Estate Investment Trust)
- NAICS
- Lessors of Real Estate (5311)
- SIC
- Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industries
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA), Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)
Keywords
Where Blackstone Real Estate Income Trust is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Blackstone Real Estate Income Trust business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Others
Revenue model
- Management Fees and Expenses: BREIT charges management fees, performance participation allocation, and share class-specific fees. All returns are net of all BREIT expenses including general and administrative expenses, transaction-related expenses, management fees, and performance participation allocation.
- Real Estate Rental Income: BREIT generates income through rental payments from tenants across its diversified real estate portfolio including multifamily, industrial, data centers, student housing, affordable housing, single family rental, net lease, retail, office, and hospitality properties.
- Capital Gains from Property Sales: Inception to date cash flows from operating activities along with net gains from investment realizations have funded 100% of distributions through December 31, 2025. BREIT has incurred $3.5 billion in net losses for year ended December 31, 2025 largely reflecting real estate depreciation and amortization.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Class I Shares - Institutional minimum $1,000,000 |
| Subscription | Monthly | Class S-2 / S Shares - Retail investor class |
| Subscription | Monthly | Class T-2 / T Shares - Retail investor class |
| Subscription | Monthly | Class D-2 / D Shares - Lower fee retail class |
| Subscription | Annual | Class L Shares - $50 million minimum institutional |
| Subscription | Annual | Class L-2 Shares - $250 million minimum institutional |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Blackstone Real Estate Income Trust product offering
Product offeringCore offering
BREIT is a non-traded Real Estate Investment Trust that invests in stabilized income-generating commercial real estate across rental housing (multifamily, student, affordable, single family rental), industrial/logistics, and data center sectors, with ~65% concentration in U.S. Sunbelt markets. The REIT offers multiple share classes (Class I, S-2, T-2, D-2 for individual investors; Class L and Class L-2 for institutional investors) plus a Delaware Statutory Trust program for 1031 exchange investors, generating returns through rental income, capital appreciation, and tax-advantaged monthly distributions priced at monthly NAV.
Product overview
Blackstone Real Estate Income Trust (BREIT) is a non-listed Real Estate Investment Trust that offers individual investors access to Blackstone Real Estate's commercial real estate portfolio. The product consists of the core BREIT platform with multiple share classes (Class I, S-2, T-2, D-2 currently offered in primary offering, plus premium Class L/L-2 for institutional investors), a Delaware Statutory Trust program for 1031 exchange investors, and the acquired QTS Data Centers subsidiary. BREIT focuses on rental housing (multifamily, student housing, affordable housing, single family rental), industrial/logistics, and data center sectors with approximately 65% concentration in Sunbelt markets. The product offers tax-advantaged distributions with 100% Return of Capital treatment in 2025, providing potential tax deferral benefits. Share classes differ by minimum investment requirements, fee structures, and sales loads.
Differentiator
Problem solved
Functional benefit
Products and services
- Blackstone Real Estate Income Trust (BREIT) A non-listed Real Estate Investment Trust (REIT) that provides individual and institutional investors access to Blackstone Real Estate's portfolio of stabilized commercial real estate investments, focusing on rental housing (multifamily, student housing, affordable housing, single family rental), industrial/logistics, and data center sectors with ~65% Sunbelt market concentration. Priced monthly at NAV with multiple share classes available.
- Class L and Class L-2 Premium Share Classes Premium institutional share classes for BREIT with $50 million (Class L) and $250 million (Class L-2) minimum investments, offering reduced management fees. First premium share class structure in the nontraded REIT industry, designed for institutional investors and family offices.
- Delaware Statutory Trust (DST) Program Tax-deferred property investment structure targeting 1031 exchange investors. Part of BREIT's strategy to capture capital from the growing DST market projected to reach $7.5 billion in 2025 equity raises by offering institutional-quality real estate through a tax-deferred structure.
Quantifiable outcome
- 9.3% Class I annualized ITD return since January 2017 vs 5.8% MSCI U.S. REIT Index and 3.5% NFI-ODCE
- +5 more outcomes
Companies that use Blackstone Real Estate Income Trust
Customer profileSegments3 records
Ideal customer profiles3 records
Blackstone Real Estate Income Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Blackstone Real Estate Income Trust partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered major acquisition and core portfolio holding.
- Resource REIT, Inc.major acquisitionBREIT completed acquisition of Resource REIT for approximately $3.7 billion including debt assumption. Portfolio of 42 multifamily apartment communities with over 12,600 units. Transaction received unanimous approval from Resource REIT's board and stockholders.
- WPT Industrial Real Estate Investment Trustmajor acquisitionBREIT announced acquisition of WPT Industrial Real Estate Investment Trust in US$3.1 billion all-cash transaction. WPT unitholders received US$22.00 per unit reflecting strong investor confidence in WPT's logistics portfolio. Deal subject to shareholder approval and regulatory conditions, expected to close late 2021.
- QTS Data Centerscore portfolio holdingBREIT acquired QTS Data Centers for $10 billion in 2021. As of March 2026, QTS represents 22.5% of BREIT's real estate asset value with BREIT owning 35% of QTS. QTS is the largest and fastest growing data center company globally. Leased capacity has grown 14x since acquisition.
Scale indicators18 records
Recent moves6 records
Expansion highlights6 records
Blackstone Real Estate Income Trust competitors and assessment
Company assessmentBroad incumbents
- Equinix (EQIX): Largest publicly traded data center REIT and the natural public-market comp for BREIT's QTS Data Centers holding (22.5% of BREIT's real estate value). Provides pricing and valuation reference for BREIT's largest single asset.
- Prologis (PLD): World's largest publicly traded industrial REIT, directly comparable to BREIT's ~21% industrial portfolio weighting. Serves as the public-market benchmark for BREIT's logistics holdings and competes for institutional real estate allocations.
- AvalonBay Communities (AVB): Large publicly traded multifamily REIT with significant Sunbelt exposure, directly comparable to BREIT's rental housing portfolio (multifamily 18%, plus student housing 8%, affordable housing 8%, single family rental 7%). Serves as the public-market performance benchmark for BREIT's multifamily holdings.
Others
- Blackstone Mortgage Trust (BXMT): Public mortgage REIT also externally managed by Blackstone (BREIT's parent). Not a direct equity REIT peer, but is part of Blackstone's broader real estate income platform, shares governance, and competes with BREIT for Blackstone-internal capital allocation decisions.
Direct peers
- Starwood Real Estate Income Trust (SREIT): Non-traded REIT sponsored by Starwood Capital Group, the closest direct competitor to BREIT in the nontraded, perpetual-life REIT space, targeting individual and institutional investors with stabilized commercial real estate exposure. Competes head-to-head with BREIT for broker-dealer distribution and high-net-worth capital.
- KBS Real Estate Investment Trust: Non-traded REIT sponsored by KBS Capital Advisors focused on institutional-quality commercial real estate for individual investors. Operates with a similar NAV-based pricing and broker-dealer distribution model as BREIT.
- Invesco Real Estate Income Fund: Non-traded REIT interval fund from Invesco providing individual investors exposure to income-producing real estate, competing with BREIT for advisor-led retail capital in the alternative real estate category.
- Apollo Diversified Real Estate Fund: Non-traded real estate fund from Apollo Global Management offering individual investors access to a diversified commercial real estate portfolio, structurally similar to BREIT. Targets the same broker-dealer and registered investment advisor channels for capital raising.
Emerging players
- BlueRock Residential Growth REIT: Smaller multifamily-focused REIT that operated in a similar non-traded/listed hybrid model before going private. Provides scale-comparison reference and a precedent for how smaller alternative real estate vehicles compete in BREIT's rental housing space.
- KKR Real Estate Finance Trust (KREF): Public mortgage REIT externally managed by KKR that occupies adjacent real estate capital markets space. While mortgage-focused rather than equity-focused like BREIT, it represents an alternative real estate income vehicle from a competing large alternative asset manager and serves a similar institutional/wealth management investor base.
Market position
Strengths1 record
Weaknesses5 records
Competitive moat7 records
Key risks6 records
Key highlights7 records
Customer concentration
Blackstone Real Estate Income Trust social profiles
Digital presenceBlackstone Real Estate Income Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Blackstone Real Estate Income Trust leadership team
Management profileNumber of profiles
Profiles14 records
Blackstone Real Estate Income Trust subsidiaries and ownership
Company hierarchySubsidiaries3 records
Blackstone Real Estate Income Trust funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Blackstone Real Estate Income Trust M&A and investment
M&A and investmentM&A6 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Blackstone Real Estate Income Trust
What does Blackstone Real Estate Income Trust do?
BREIT is a non-traded Real Estate Investment Trust that invests in stabilized income-generating commercial real estate across rental housing (multifamily, student, affordable, single family rental), industrial/logistics, and data center sectors, with ~65% concentration in U.S. Sunbelt markets. The REIT offers multiple share classes (Class I, S-2, T-2, D-2 for individual investors; Class L and Class L-2 for institutional investors) plus a Delaware Statutory Trust program for 1031 exchange investors, generating returns through rental income, capital appreciation, and tax-advantaged monthly distributions priced at monthly NAV.
Is Blackstone Real Estate Income Trust a public or private company?
Blackstone Real Estate Income Trust is a private company. It is classified as corporate owned and is currently operating.
When was Blackstone Real Estate Income Trust founded?
Blackstone Real Estate Income Trust was founded in 2017. It employs 51 to 100 people.
Where is Blackstone Real Estate Income Trust based?
Blackstone Real Estate Income Trust is headquartered in New York, United States, in the North America region.
How does Blackstone Real Estate Income Trust make money?
Three revenue lines are on record. Management Fees and Expenses are the primary driver. The others are real Estate Rental Income and capital Gains from Property Sales.
Who are Blackstone Real Estate Income Trust's main competitors?
Broad incumbents on record are Equinix (EQIX), Prologis (PLD) and AvalonBay Communities (AVB). Blackstone Mortgage Trust (BXMT) is listed as an others. Direct peers are Starwood Real Estate Income Trust (SREIT), KBS Real Estate Investment Trust, Invesco Real Estate Income Fund and Apollo Diversified Real Estate Fund. Emerging players are BlueRock Residential Growth REIT and KKR Real Estate Finance Trust (KREF).
Does Blackstone Real Estate Income Trust have an API?
No public API is recorded for Blackstone Real Estate Income Trust.
What industry is Blackstone Real Estate Income Trust in?
Blackstone Real Estate Income Trust's product category is Non-Traded REIT (Real Estate Investment Trust). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 5311 and its SIC code is 6798.