Same property NOI rises ~3% at Blackstone REIT (BSTT) in Q1 2026

Rhea-AI Filing Summary

Blackstone Real Estate Income Trust, Inc. announced preliminary estimated same property net operating income (NOI) for the three months ended March 31, 2026, expecting an increase of approximately 3% from the same period in 2025.

Preliminary estimated GAAP net loss for the quarter is in a range from $375,804k to $395,076k, reconciled to preliminary estimated same property NOI attributable to BREIT stockholders between $1,221,002k and $1,283,619k, compared with actual same property NOI of $1,215,798k in 2025.

The company highlights NOI as a non-GAAP measure focused on property-level performance, excluding items such as depreciation, impairments, corporate costs, interest expense and gains on real estate sales, and notes that these figures are unaudited and subject to potentially material adjustments.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Key Figures

Preliminary GAAP net loss low: $375,804k Preliminary GAAP net loss high: $395,076k Same property NOI 2026 low: $1,221,002k +5 more

8 metrics

Preliminary GAAP net loss low $375,804k Three months ended March 31, 2026, estimated low

Preliminary GAAP net loss high $395,076k Three months ended March 31, 2026, estimated high

Same property NOI 2026 low $1,221,002k Same property NOI attributable to BREIT stockholders, Q1 2026 estimated low

Same property NOI 2026 high $1,283,619k Same property NOI attributable to BREIT stockholders, Q1 2026 estimated high

Same property NOI 2025 actual $1,215,798k Same property NOI attributable to BREIT stockholders, Q1 2025 actual

Management fee $172,225k Adjustment in reconciliation to same property NOI, Q1 2026

Performance participation allocation $156,706k Adjustment in reconciliation to same property NOI, Q1 2026

Depreciation and amortization $741,477k–$779,501k Adjustment range in reconciliation to same property NOI, Q1 2026

Key Terms

same property net operating income, non-Generally Accepted Accounting Principles (GAAP), consolidated securitization vehicles, performance participation allocation, +2 more

6 terms

same property net operating income financial

"announced preliminary estimated unaudited same property net operating income (“NOI”) for the three months ended March 31, 2026"

Same property net operating income is the total earnings generated from a group of buildings or properties, measured over a specific period, that have been owned continuously without any changes such as buying new properties or selling existing ones. It helps investors see how well these properties are performing on their own, without the influence of new acquisitions or disposals. This measure provides a clear view of the steady income growth or decline from existing assets.

non-Generally Accepted Accounting Principles (GAAP) financial

"NOI is a supplemental non-Generally Accepted Accounting Principles ("GAAP") measure of the Company’s property operating results"

consolidated securitization vehicles financial

"change in net assets of consolidated securitization vehicles"

performance participation allocation financial

"Performance participation allocation | 156,706 | 156,706 | 142,175"

portfolio-level corporate costs financial

"Portfolio-level corporate costs | 153,769 | 161,655 | 168,966"

stabilization financial

"We define stabilization for the property as the earlier of (i) achieving 90% occupancy, (ii) 12 months after receiving a certificate of occupancy"

Stabilization is when market participants, often the banks that managed a securities offering, buy or support a stock to prevent its price from falling sharply after the share sale. It matters to investors because such actions can temporarily keep the market price higher and reduce short-term volatility, giving buyers and sellers time to find a natural market level; think of it like a safety net put under a newly released product to stop an abrupt drop in demand.

Earnings Snapshot

Same property NOI attributable to BREIT stockholders: $1,221,002k–$1,283,619k

three months ended March 31, 2026

Same property NOI attributable to BREIT stockholders $1,221,002k–$1,283,619k approximately +3% year over year

GAAP net loss $375,804k–$395,076k

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Understanding 8-K Material Events →

0001662972FALSE00016629722026-04-222026-04-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2026

Blackstone Real Estate Income Trust, Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland

000-55931

81-0696966

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS. Employer Identification No.)

345 Park Avenue

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code:

(212) 583-5000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class Trading Symbol(s) Name of each exchange on which registered

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

Certain Preliminary Estimated Unaudited Financial Results for the Three Months ended March 31, 2026

On April 22, 2026, Blackstone Real Estate Income Trust, Inc., a Maryland corporation ("BREIT" or the “Company”), announced preliminary estimated unaudited same property net operating income (“NOI”) for the three months ended March 31, 2026. Based upon preliminary estimated financial results, the Company expects same property NOI for the three months ended March 31, 2026 to have increased approximately 3% from the same period in the prior year (based on the midpoint of the preliminary estimated range of same property NOI). This data is not a comprehensive statement of the Company’s financial results for the three months ended March 31, 2026, and the Company’s actual results may differ materially from this preliminary estimated data.

NOI is a supplemental non-Generally Accepted Accounting Principles ("GAAP") measure of the Company’s property operating results that the Company believes is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at the Company’s real estate. The Company defines NOI as operating revenues less operating expenses, which exclude (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, (v) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (vi) lease termination fees, (vii) portfolio-level corporate costs, (viii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fee, (c) performance participation allocation, (d) incentive compensation awards, (e) income from investments in real estate debt, (f) change in net assets of consolidated securitization vehicles, (g) loss from interest rate derivatives, (h) net gain on dispositions of real estate, (i) interest expense, net (j) loss on extinguishment of debt, (k) other income (expense), (l) buyout costs and (ix) similar adjustments for NOI attributable to non-controlling interests and unconsolidated entities.

The Company evaluates its consolidated results of operations on a same property basis, which allows the Company to analyze its property operating results excluding acquisitions and dispositions during the periods under comparison. Properties in the Company’s portfolio are considered same property if they were owned for the full periods presented, otherwise they are considered non-same property. Recently developed properties are not included in same property results until the properties have achieved stabilization for both full periods presented. We define stabilization for the property as the earlier of (i) achieving 90% occupancy, (ii) 12 months after receiving a certificate of occupancy, or (iii) for Data Centers 12 months after receiving a certificate of occupancy and greater than 50% of its critical IT capacity has been built. Certain assets are excluded from same property results and are considered non-same property, including (i) properties held-for-sale, (ii) properties that are being re-developed, (iii) properties identified for future sale, and (iv) interests in unconsolidated entities under contract for sale with hard deposit or other factors ensuring the buyer’s performance. The Company does not consider its investments in the real estate debt segment or equity securities to be same property.

Same property NOI assists in eliminating disparities in net income due to the acquisition, disposition, development, or redevelopment of properties during the periods presented, and therefore the Company believes it provides a meaningful performance measure for the comparison of the operating performance of the Company’s properties, which it believes is useful to investors. The Company’s same property NOI may not be comparable to that of other companies and should not be considered to be more relevant or accurate in evaluating the Company’s operating performance than the Company's GAAP net income (loss).

While the Company currently expects its results for the three months ended March 31, 2026 to be within the ranges set forth below, the review of the Company’s financial statements for the three months ended March 31, 2026 has not been completed. During the course of the Company’s preparation of its financial statements and related notes and the completion of the review for the three months ended March 31, 2026, additional adjustments to the preliminary estimated financial information presented below may be identified. Any such adjustments may be material. The Company’s independent registered public accounting firm, Deloitte & Touche LLP, has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial data, and, accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto.

The following table reconciles preliminary estimated GAAP net loss to preliminary estimated same property NOI for the three months ended March 31, 2026 and 2025 (Unaudited, $ in thousands):

			Three months ended March 31,
			2026												2025
			Estimated												Actual
			Low						High
Net loss			$	(375,804)					$	(395,076)					$	(1,839,784)
Adjustments to reconcile to same property NOI
Management fee			172,225						172,225						168,425
Performance participation allocation			156,706						156,706						142,175
Impairment of investments in real estate			131,837						138,597						170,258
Depreciation and amortization			741,477						779,501						827,099
Loss from unconsolidated entities			41,108						43,216						765,015
Income from investments in real estate debt			(75,734)						(79,618)						(132,878)
Change in net assets of consolidated securitization vehicles			(16,600)						(17,452)						(32,185)
(Income) loss from interest rate derivatives			(10,036)						(10,550)						362,662
Net gain on dispositions of real estate			(450,972)						(474,098)						(135,909)
Interest expense, net			678,074						712,847						765,796
Portfolio-level corporate costs			153,769						161,655						168,966
Other			2,357						19,348						11,085
NOI from unconsolidated entities			337,387						354,689						242,869
NOI attributable to non-controlling interests in consolidated subsidiaries and BREIT OP unit holders			(124,702)						(131,097)						(127,578)
NOI attributable to BREIT stockholders			1,361,092						1,430,893						1,356,016
Less: Non-same property NOI attributable to BREIT stockholders			140,090						147,274						140,218
Same property NOI attributable to BREIT stockholders			$	1,221,002					$	1,283,619					$	1,215,798

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Certain information contained in this Current Report on Form 8-K constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions and pre-leased but not yet occupied development properties. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in BREIT’s prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this website (or BREIT’s public filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLACKSTONE REAL ESTATE INCOME TRUST, INC.

Date: April 22, 2026

By:

/s/ Leon Volchyok

Name:

Leon Volchyok

Title:

Chief Legal Officer

FAQ

What preliminary financial result did Blackstone Real Estate Income Trust (BSTT) report?

Blackstone Real Estate Income Trust reported preliminary same property NOI for the quarter ended March 31, 2026, expecting about a 3% increase year over year. This non-GAAP measure focuses on property-level performance, excluding depreciation, corporate costs, interest and other non-property items.

How much is BSTT’s preliminary GAAP net loss for Q1 2026?

For the three months ended March 31, 2026, BSTT’s preliminary estimated GAAP net loss ranges from $375,804k to $395,076k. This loss is then adjusted for items like depreciation, impairments and fees to reconcile to preliminary same property NOI attributable to BREIT stockholders.

What are BSTT’s preliminary same property NOI figures for Q1 2026?

BSTT’s preliminary same property NOI attributable to BREIT stockholders for Q1 2026 is estimated between $1,221,002k and $1,283,619k. This compares to actual same property NOI of $1,215,798k for Q1 2025, supporting the company’s indication of roughly 3% year-over-year growth.

How does BSTT define net operating income (NOI) in this filing?

BSTT defines NOI as operating revenues less operating expenses, excluding items like impairments, depreciation, straight-line rent, corporate-level costs, interest expense, derivative results, gains on real estate sales and similar adjustments. It also adjusts for NOI from non-controlling interests and unconsolidated entities.

What does “same property” mean in BSTT’s NOI disclosure?

BSTT treats properties as “same property” when they are owned for both full periods compared and have reached stabilization, generally 90% occupancy or 12 months after certificate of occupancy. Properties held for sale, under redevelopment, identified for sale, or certain unconsolidated interests are excluded.

Are BSTT’s preliminary Q1 2026 results audited or final?

No, the Q1 2026 figures are preliminary, estimated and unaudited. BSTT states that its financial statement review is not complete and that additional adjustments, which could be material, may be identified. Deloitte & Touche LLP has not audited, reviewed or provided assurance on this preliminary data.

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