Blackstone Real Estate Income Trust, Inc. (BREIT) reported a net loss of $890.5 million for the year ended December 31, 2024, compared to a net loss of $691.8 million in 2023. Total revenues for 2024 were $8.5 billion, a decrease of $403.4 million from 2023. This decrease was primarily driven by reductions in rental, hospitality, and other revenue, partially offset by a decrease in total expenses. The company declared monthly net distributions totaling $2.5 billion in 2024, with average annualized distribution rates ranging from 3.8% to 4.7% across different share classes.
Significant changes compared to the previous fiscal year include a decrease in total revenues, primarily due to real estate dispositions. The company sold $9 billion in properties, recognizing a net realized gain of $1.7 billion. This was partially offset by increases in Same Property revenues, which increased by $307.3 million. Impairments of investments in real estate increased by $146.1 million in 2024 compared to 2023, primarily due to updates to undiscounted cash flow assumptions and held-for-sale investments. The company also raised $3.4 billion from the sale of shares and units, while repurchasing $9.4 billion of shares and units from investors.
BREIT's investment portfolio as of December 31, 2024, consisted of 95% real estate investments and 5% real estate debt investments. The real estate portfolio comprised 4,569 properties and 62,907 single-family rental homes, primarily concentrated in rental housing (49% of fair value), industrial (25%), data centers (13%), and net lease (5%) properties. Geographic concentration was in the South (38%), West (29%), and East (20%). Investments in real estate debt included CMBS, RMBS, mortgage and mezzanine loans, and other real estate-related debt.
The company's liquidity as of March 6, 2025, totaled $6.2 billion, including undrawn revolving credit facilities, unrestricted cash, and expected proceeds from dispositions. Total indebtedness as of December 31, 2024, was $65.2 billion, consisting of loans secured by properties, secured financings of real estate debt investments, and unsecured revolving credit facilities and term loans. The company's leverage ratio was 49% as of December 31, 2024.
BREIT's outlook is not explicitly stated in the provided 10-K filing beyond the cautionary note regarding forward-looking statements and the risk factors discussed throughout the document. The filing emphasizes the inherent uncertainties and risks associated with real estate investments, market conditions, and the company's relationship with Blackstone and its affiliates. The company intends to continue selling shares of its common stock on a monthly basis.
About Blackstone Real Estate Income Trust, Inc.
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