Blackstone Real Estate Income Trust, Inc. (BREIT) reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. Total revenues for the three months decreased to $2,094.7 million, down from $2,187.2 million in the same period of 2023. For the nine months, revenues also fell to $6,442.1 million from $6,748.2 million year-over-year. The decline in revenue was primarily attributed to a decrease in rental income, particularly from non-same property revenues, which dropped by $142.3 million, although same property revenues saw a modest increase.

The company experienced a net loss of $(607.7 million) for the third quarter, a stark contrast to the net income of $516.6 million reported in the same quarter of the previous year. For the nine-month period, the net loss was $(1,359.8 million), compared to a net income of $533.1 million in 2023. This shift was largely driven by increased operating expenses and impairment charges, which totaled $232.3 million for the nine months, up from $178.7 million in the prior year.

Total assets as of September 30, 2024, were reported at $119.6 billion, a decrease from $130.8 billion at the end of 2023. Investments in real estate also declined, with net investments falling to $84.5 billion from $91.1 billion. The company’s total liabilities decreased slightly to $84.2 billion from $87.0 billion, while total stockholders’ equity dropped to $27.8 billion from $36.4 billion.

Strategically, BREIT has focused on managing its portfolio, which includes 4,675 properties and 63,688 single-family rental homes. The company did not make any new acquisitions during the nine months but reported significant dispositions, totaling $3.8 billion, which included 52 rental housing properties. The net gain from these dispositions was approximately $0.9 billion.

In terms of liquidity, BREIT maintained a robust position with $6.9 billion available as of November 7, 2024, including $5.1 billion in undrawn revolving credit facilities. The company also repurchased $1.7 billion of shares during the third quarter, fulfilling all repurchase requests, and reported a decrease in cash flows from operating activities to $1.6 billion for the nine months, down from $2.1 billion in 2023.

Overall, BREIT's financial performance reflects a challenging environment, with notable declines in revenue and profitability, alongside strategic asset management and liquidity maintenance efforts.