Blackstone Real Estate Income Trust

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.

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

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

• Non-traded REIT
• Commercial real estate
• Income-producing properties
• Real estate investment trust
• Private real estate

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered major acquisition and core portfolio holding.

• Resource REIT, Inc.major acquisitionOthers · 24 January 2022BREIT 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 acquisitionOthers · 9 August 2021BREIT 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 holdingOthers · 1 January 2021BREIT 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

Broad 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

• Xx.com/blackstonereit

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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