Blackstone Real Estate Income Trust (BSTT) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 14, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
Entity Central Index Key	1,662,972
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Assets
Cash and cash equivalents	$ 200,000	$ 200,000
Total assets	200,000	200,000
Liabilities and Equity
Total liabilities	0	0
Equity
Preferred stock, $0.01 par value per share, 100,000,000 and 0 shares authorized at September 30, 2016 and March 31, 2016, respectively, and none issued and outstanding
Common stock value		200
Additional paid-in capital	199,800	199,800
Total equity	200,000	200,000
Total liabilities and equity	200,000	200,000
Class T Shares [Member]
Equity
Common stock value
Class S Shares [Member]
Equity
Common stock value
Class D Shares [Member]
Equity
Common stock value
Class I Shares [Member]
Equity
Common stock value	$ 200

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Mar. 31, 2016
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	0
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	0	1,000,000
Common stock, shares issued	0	20,000
Common stock, shares outstanding	0	20,000
Class T Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class S Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class D Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class I Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	0
Common stock, shares issued	20,000	0
Common stock, shares outstanding	20,000	0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (the “Company”) was formed on November 16, 2015 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is the sole general partner of BREIT Operating Partnership L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of The Blackstone Group L.P. (together with its affiliates “Blackstone”), owns a special limited partner interest in BREIT OP. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and to a lesser extent, invest in real estate-related securities. Substantially all of the Company’s business will be conducted through BREIT OP, which as of September 30, 2016 had not commenced its principal operations. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”), an affiliate of Blackstone. The Company had neither purchased nor contracted to purchase any investments. The Adviser had not identified any real estate or real estate-related investments in which it is probable that the Company will invest.

Capitalization

Capitalization	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Capitalization	2. Capitalization As of September 30, 2016, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 500,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 500,000,000 $ 0.01 Total 2,100,000,000 The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5,000,000,000 in shares of common stock, consisting of up to $4,000,000,000 in shares in its primary offering and up to $1,000,000,000 in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. Until the release of proceeds from escrow, the per share purchase price for shares of the Company’s common stock in its primary offering will be $10.00 per share plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of common stock will vary and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. On March 2, 2016, the Company was capitalized with a $200,000 investment by the Adviser in exchange for 20,000 shares of the Company’s common stock. On August 15, 2016, the Company amended its charter and the 20,000 shares of common stock held by the Adviser were converted into 20,000 shares of Class I common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company. Separate consolidated statements of income, changes in equity, and cash flows have not been presented in the financial statements because the principal operations have not commenced. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statement are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statement as of March 31, 2016 included in the Company’s Prospectus filed with the SEC on October 17, 2016. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of September 30, 2016 and March 31, 2016. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31 for the year in which the proceeds from escrow are released. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Organizational and Offering Expenses The Adviser has agreed to advance organizational and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow for the Offering is released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following the first anniversary of the date the escrow for the Offering is released. As of September 30, 2016 and March 31, 2016, the Adviser and its affiliates have incurred organizational and offering expenses on the Company’s behalf of approximately $6.0 million and $2.2 million, respectively. These organizational and offering expenses are not recorded in the accompanying consolidated balance sheet because such costs are not the Company’s liability until the date the escrow for the Offering is released. When recorded by the Company, organizational expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheet. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Maine, Maryland, New Jersey and Ohio investors) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Maine, Maryland, New Jersey and Ohio investors will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions Pursuant to the advisory agreement between the Company and the Adviser, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. Certain affiliates of the Company, including the Adviser, will receive fees and compensation in connection with the ongoing management of the assets of the Company. The Adviser will be paid a management fee equal to 1.25% of NAV per annum, payable monthly. The management fee will be paid, at the Adviser’s election, in cash, shares of common stock, or BREIT OP units. The Adviser has agreed to waive its management fee for the first six months following the date the escrow for the Offering is released. The Special Limited Partner will hold a performance participation interest in the BREIT OP that entitles it to receive an allocation from BREIT OP equal to 12.5% of the annual Total Return, subject to a 5% annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the BREIT OP limited partnership agreement). Such allocation will be made annually and accrue monthly. In addition, Blackstone Advisory Partners L.P. (the “Dealer Manager”) will serve as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement (the “Dealer Manager Agreement”) with the Dealer Manager in connection with the Offering. Subject to the terms of the Dealer Manager Agreement, the Company’s obligations to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offering shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares). The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering. The Dealer Manager is entitled to receive selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager also receives a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the reallowance of the full amount of the selling commissions and stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share would exceed 8.75% of the gross proceeds from the sale of such share. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There will not be a stockholder servicing fee with respect to Class I shares. The Company may retain certain of the Adviser’s affiliates for services relating to the Company’s investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of September 30, 2016 and March 31, 2016, the Company has not retained an affiliate of the Adviser for any such services.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2016
Risks and Uncertainties [Abstract]
Economic Dependency	5. Economic Dependency The Company will be dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies As of September 30, 2016 and March 31, 2016, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Summary of Significant Accoun10

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company. Separate consolidated statements of income, changes in equity, and cash flows have not been presented in the financial statements because the principal operations have not commenced. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statement are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statement as of March 31, 2016 included in the Company’s Prospectus filed with the SEC on October 17, 2016. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of September 30, 2016 and March 31, 2016.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31 for the year in which the proceeds from escrow are released. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Organizational and Offering Expenses	Organizational and Offering Expenses The Adviser has agreed to advance organizational and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow for the Offering is released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following the first anniversary of the date the escrow for the Offering is released. As of September 30, 2016 and March 31, 2016, the Adviser and its affiliates have incurred organizational and offering expenses on the Company’s behalf of approximately $6.0 million and $2.2 million, respectively. These organizational and offering expenses are not recorded in the accompanying consolidated balance sheet because such costs are not the Company’s liability until the date the escrow for the Offering is released. When recorded by the Company, organizational expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheet.
Distribution Reinvestment Plan	Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Maine, Maryland, New Jersey and Ohio investors) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Maine, Maryland, New Jersey and Ohio investors will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.
Share Repurchases	Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan.

Capitalization (Tables)

Capitalization (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 30, 2016, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 500,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 500,000,000 $ 0.01 Total 2,100,000,000

Organization and Business Pur12

Organization and Business Purpose - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of formation	Nov. 16, 2015

Capitalization - Additional Inf

Capitalization - Additional Information (Detail) - USD ($)	Aug. 15, 2016	Mar. 02, 2016	Sep. 30, 2016
Equity [Line Items]
Common stock, shares authorized			2,100,000,000
Common stock, shares authorized, amount			$ 5,000,000,000
Adviser [Member]
Equity [Line Items]
Investment by Adviser		$ 200,000
Shares issued		20,000
Adviser [Member] | Class I Shares [Member]
Equity [Line Items]
Shares converted	20,000
IPO [Member]
Equity [Line Items]
Common stock, shares authorized, amount			$ 4,000,000,000
Common stock purchase price per share			$ 10
Distribution Reinvestment Plan [Member]
Equity [Line Items]
Common stock, shares authorized, amount			$ 1,000,000,000

Capitalization - Schedule of Co

Capitalization - Schedule of Company's Authorized Capital (Detail) - $ / shares	Sep. 30, 2016	Mar. 31, 2016
Class of Stock [Line Items]
Preferred Stock, Number of Shares, Authorized to issue	100,000,000	0
Common Stock, Number of Shares, Authorized to issue	0	1,000,000
Number of Shares, Authorized to issue, Total	2,100,000,000
Preferred Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Par Value	$ 0.01	$ 0.01
Class T Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	0
Common Stock, Par Value	$ 0.01	$ 0.01
Class S Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	0
Common Stock, Par Value	$ 0.01	$ 0.01
Class D Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	0
Common Stock, Par Value	$ 0.01	$ 0.01
Class I Shares [Member]
Class of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	0
Common Stock, Par Value	$ 0.01	$ 0.01

Summary of Significant Accoun15

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Significant Of Accounting Policies [Line Items]
Percentage of taxable income distributed to stockholders	90.00%
Adviser [Member]
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses	60 months
Organizational and offering expenses	$ 6	$ 2.2
Percentage of repurchase on aggregate NAV per month	2.00%
Percentage of repurchase on aggregate NAV per quarter	5.00%
Percentage of repurchase price on transaction price	95.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Adviser [Member]
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum	1.25%
Special Limited Partner [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return	12.50%
Percentage of annual hurdle amount	5.00%
Blackstone Advisory Partners L.P. [Member]
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share	8.75%
Blackstone Advisory Partners L.P. [Member] | Class T Shares [Member]
Related Party Transaction [Line Items]
Percentage of dealer manager fees on transaction price	0.50%
Percentage of stockholder servicing fee on NAV per annum	0.85%
Blackstone Advisory Partners L.P. [Member] | Class T Shares [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of selling commissions on transaction price	3.00%
Blackstone Advisory Partners L.P. [Member] | Class S Shares [Member]
Related Party Transaction [Line Items]
Percentage of stockholder servicing fee on NAV per annum	0.85%
Blackstone Advisory Partners L.P. [Member] | Class S Shares [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of selling commissions on transaction price	3.50%
Blackstone Advisory Partners L.P. [Member] | Class D Shares [Member]
Related Party Transaction [Line Items]
Percentage of stockholder servicing fee on NAV per annum	0.25%