Blackstone Real Estate Income Trust (BSTT) 10-K 22 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Mar. 22, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
Entity Central Index Key	1,662,972
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			40,507,678
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			7,242,452
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Mar. 02, 2016
Assets
Cash and cash equivalents	$ 200,000	$ 200,000
Total assets	200,000	200,000
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	29,375
Due to affiliate	85,448
Total liabilities	114,823
Equity
Preferred stock, $0.01 par value per share, 100,000,000 and 0 shares authorized at December 31, 2016 and March 2, 2016, respectively, and none issued and outstanding
Additional paid-in capital	199,800	199,800
Accumulated deficit	(114,823)
Total equity	85,177	200,000
Total liabilities and equity	200,000	200,000
Common Class General [Member]
Equity
Common stock value		200
Total equity		200
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
Total equity	$ 200

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Mar. 02, 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 Class General [Member]
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

Consolidated Statement of Opera

Consolidated Statement of Operations	10 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares
Revenues
Total revenues	$ 0
Expenses
General and administrative expenses	114,823
Total expenses	114,823
Net loss	$ (114,823)
Net loss per share, basic and diluted | $ / shares	$ (5.74)
Weighted average shares outstanding of Class I common stock, basic and diluted | shares	20,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 10 months ended Dec. 31, 2016 - USD ($)	Total	Common Class General [Member]	Class I Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Mar. 02, 2016	$ 200,000	$ 200		$ 199,800
Conversion of common stock to class I shares of common stock		$ (200)	$ 200
Net loss	(114,823)				$ (114,823)
Ending Balance at Dec. 31, 2016	$ 85,177		$ 200	$ 199,800	$ (114,823)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows	10 Months Ended
	Dec. 31, 2016USD ($)
Cash flows from operating activities
Net loss	$ (114,823)
Adjustments to reconcile net loss to net cash provided by operating activities
Accounts payable, accrued expenses, and other liabilities	29,375
Due to affiliate	85,448
Net cash provided by operating activities	0
Cash flows from investing activities
Net cash used in investing activities	0
Cash flows from financing activities
Net cash provided by financing activities	0
Cash and cash equivalents at the beginning of the period	200,000
Cash and cash equivalents at the end of the period	$ 200,000

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 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 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. 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. Substantially all of the Company’s business will be conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”), an affiliate of Blackstone. As of December 31, 2016, the Company had neither purchased nor contracted to purchase any investments.

Capitalization

Capitalization	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Capitalization	2. Capitalization 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. As of December 31, 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 $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of the four classes of shares of its common stock, with a dollar value up to the maximum aggregate offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. The terms of the Offering required the Company to deposit all subscription proceeds in an escrow with UMB Bank, N.A., as escrow agent, until the Company received subscriptions aggregating at least $150 million in shares of the Company’s common stock (excluding shares purchased by Blackstone, its affiliates and the Company’s directors and officers), in any combination of share classes. As of January 1, 2017, the Company had satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of such date, the Company issued and sold 27,859,345 shares of the Company’s common stock (consisting of 23,763,345 Class S shares and 4,096,000 Class I shares; no Class T or Class D shares were issued or sold as of such date) in the Offering and the escrow agent released net proceeds of $279 million to the Company as payment for such shares. The Company intends to continue selling shares in the Offering on a monthly basis. Until the release of proceeds from escrow, the per share purchase price for shares of the Company’s common stock in its primary offering was $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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated in consolidation. 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 December 31, 2016 and March 2, 2016 (Date of Initial Capitalization). 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, 2017, the year in which the proceeds from the Offering were released from escrow. 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. Organization and Offering Expenses The Adviser has agreed to advance organization 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 December 31, 2017, the day before the first anniversary of the date on which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of December 31, 2016, the Adviser and its affiliates had incurred organization and offering expenses on the Company’s behalf of $7.1 million. These organization and offering expenses are not recorded in the accompanying consolidated balance sheets because such costs were not the Company’s liability until January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. Organization 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 by the Company. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheets. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Maine, Maryland, New Jersey and Ohio investors and clients of certain participating broker-dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan) 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 and clients of certain participating broker-dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan 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. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the overall impact and adoption method that will be used for the implementation. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on its consolidated financial statements from both a lessor and lessee standpoint. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” which clarifies the definition of a business and provide a framework to determine if an asset or group of assets to be acquired is not a business. The standard clarifies that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. ASU 2017-01 is effective beginning after December 15, 2017, however, the Company has elected to early adopt the standard as of January 1, 2017. The Company anticipates a majority of its real estate acquisitions will qualify as asset acquisitions under the new guidance, resulting in acquisition costs for such acquisitions being capitalized rather than expensed.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions During the period March 2, 2016 (Date of Initial Capitalization) through December 31, 2016, the Adviser advanced $85,448 of expenses on the Company’s behalf for legal, accounting, and other corporate services. Such amount is reflected as Due to Affiliate on the consolidated balance sheet as of December 31, 2016. 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 through June 30, 2017, which is six months following the date the proceeds from the Offering were released from escrow. The Special Limited Partner will hold a performance participation interest in 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. The Special Limited Partner had not earned a performance participation interest as of December 31, 2016. In addition, Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, will serve as the dealer manager for the Offering pursuant to an agreement (the “Dealer Manager Agreement”) with the Company in connection with the Offering. 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, and 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 received and all or a portion of the 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% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). At the end of such month, such Class T share, Class S share or Class D share (and any shares issued under the Company’s distribution reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as 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. 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 Company retains certain of the Adviser’s affiliates, from time to time, for services relating to the Company’s investments or its operations, which may include property management, leasing services, corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures), construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. As of December 31, 2016 and March 2, 2016, the Company had not retained an affiliate of the Adviser for any such services.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Economic Dependency	5. Economic Dependency The Company is 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	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies As of December 31, 2016 and March 2, 2016 (Date of Initial Capitalization), the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	7. Quarterly Financial Information (Unaudited) The following table presents the Company’s quarterly results: Quarter Ended Quarter Ended Quarter Ended For the period Total revenues $ — $ — $ — $ — General and administrative expenses (114,823 ) — — — Net loss $ (114,823 ) $ — $ — $ — Net loss per share, basic and diluted $ (5.74 ) $ — $ — $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events As disclosed in Note 2, as of January 1, 2017, the Company had received subscriptions in excess of $150 million and released such proceeds from escrow. As of March 22, 2017, the Company has sold an aggregate of 47,750,130 shares of its common stock (consisting of 40,507,678 Class S shares and 7,242,452 Class I shares; no Class T or Class D shares were issued or sold as of such date) in the Offering resulting in net proceeds of $477 million to the Company as payment for such shares. On January 20, 2017, the Company acquired the Hyatt Place UC Davis (the “UC Davis Hotel”) from an unaffiliated third party, for $32.2 million, exclusive of closing costs. The hotel has a total of 127 rooms, was constructed in 2010 and recently expanded in 2014. The UC Davis Hotel is subject to a ground lease with The Regents of The University of California, which owns the underlying land. The property is operated under the Hyatt brand name pursuant to a franchise agreement with an affiliate of Hyatt Hotels Corporation. The Company engaged WHM, a portfolio company controlled (but not owned) by a Blackstone-advised fund, to provide day to day operational and management services (including revenue management, accounting, legal and contract management, expense management, capital expenditure projects and transaction support services) for the UC Davis Hotel. The Company currently estimates the cost for such services to be approximately $200 per key per annum, plus actual costs allocated for transaction support services. On January 23, 2017, the Company entered into an unsecured, uncommitted line of credit up to a maximum amount of $250 million with Blackstone Holdings Finance Co. L.L.C. (“Lender”), an affiliate of Blackstone. The line of credit expires on January 23, 2018, subject to one-year extension options requiring Lender approval. The interest rate is the then-current rate offered by a third-party lender, or, if no such rate is available, LIBOR plus 2.25%. Each advance under the line of credit is repayable on the earliest of (i) the expiration of the line of credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). To the extent the Company has not repaid all loans and other obligations under the line of credit when repayment is required, the Company is obligated to apply the net cash proceeds from the Offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Company will be permitted to (x) make payments to fulfill any repurchase requests pursuant to the Company’s share repurchase plan, (y) use funds to close any acquisition of property which the Company committed to prior to receiving a demand notice and (z) make quarterly distributions to the Company’s stockholders at per share levels consistent with the immediately preceding fiscal quarter and as otherwise required for the Company to maintain its REIT status. On February 10, 2017, the Company acquired the Sonora Canyon Apartments (“Sonora Canyon”), a multifamily property, from an unaffiliated third party for $40.7 million, exclusive of closing costs. Sonora Canyon has a total of 388 units and is located in a suburb of Phoenix, Arizona. The Company engaged LivCor, a portfolio company owned by a Blackstone-advised fund, to provide day to day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, capital expenditure projects and transaction support services) for Sonora Canyon. The Company currently estimates the cost for such services to be approximately $300 per unit per annum, plus actual costs allocated for transaction support services. On February 16, 2017, the Company acquired the Stockton Industrial Park (“Stockton”), an industrial complex, from an unaffiliated third party for $32.5 million, exclusive of closing costs. Stockton has a total of approximately 878,000 square feet and is located in Stockton, California. The acquisition of Stockton was funded through proceeds from the Offering. The Company engaged EOM, a portfolio company owned by Blackstone-advised funds, to provide day to day operational and management services (including property management, leasing, construction management, accounting, legal and contract management, expense management, capital expenditure projects and transaction support services) for Stockton. The Company currently estimates the cost for such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new leases for leasing services, 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. The Company expects to set up a management incentive plan for each transaction for which it engages WHM, LivCor or EOM for certain senior executives of the applicable portfolio company. Neither Blackstone nor the Adviser receives any fees or incentive payments from agreements between the Company and such portfolio companies or their management teams. In March 2017, the Company purchased $116 million of commercial mortgage-backed securities issued by a trust sponsored by Goldman Sachs, and secured by a mortgage loan on the Willis Tower in Chicago, Illinois (“Willis Tower”) made to subsidiaries of a fund advised by Blackstone. The investment by Blackstone and its affiliates (including the Company) represented a 49% participation in several tranches of this $1.0 billion mortgage loan securitization. The Company acquired our minority participation from Goldman Sachs, Bank of America and Citibank in a fully subscribed offering on market terms negotiated by the majority third party investor. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in the Willis Tower CMBS as long as the subsidiaries of the Blackstone-advised fund own Willis Tower. During January and February 2017, the Company acquired two other CMBS positions for an aggregate of $17 million.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated in consolidation. 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 December 31, 2016 and March 2, 2016 (Date of Initial Capitalization).
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, 2017, the year in which the proceeds from the Offering were released from escrow. 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.
Organization and Offering Expenses	Organization and Offering Expenses The Adviser has agreed to advance organization 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 December 31, 2017, the day before the first anniversary of the date on which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of December 31, 2016, the Adviser and its affiliates had incurred organization and offering expenses on the Company’s behalf of $7.1 million. These organization and offering expenses are not recorded in the accompanying consolidated balance sheets because such costs were not the Company’s liability until January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. Organization 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 by the Company. Any amount due to the Adviser but not paid will be recognized as a liability on the consolidated balance sheets.
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 and clients of certain participating broker-dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan) 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 and clients of certain participating broker-dealers that do not permit automatic enrollment in the Company’s distribution reinvestment plan 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. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the overall impact and adoption method that will be used for the implementation. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on its consolidated financial statements from both a lessor and lessee standpoint. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” which clarifies the definition of a business and provide a framework to determine if an asset or group of assets to be acquired is not a business. The standard clarifies that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. ASU 2017-01 is effective beginning after December 15, 2017, however, the Company has elected to early adopt the standard as of January 1, 2017. The Company anticipates a majority of its real estate acquisitions will qualify as asset acquisitions under the new guidance, resulting in acquisition costs for such acquisitions being capitalized rather than expensed.

Capitalization (Tables)

Capitalization (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 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

Quarterly Financial Informati17

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table presents the Company’s quarterly results: Quarter Ended Quarter Ended Quarter Ended For the period Total revenues $ — $ — $ — $ — General and administrative expenses (114,823 ) — — — Net loss $ (114,823 ) $ — $ — $ — Net loss per share, basic and diluted $ (5.74 ) $ — $ — $ —

Organization and Business Pur18

Organization and Business Purpose - Additional Information (Detail)	10 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of formation	Nov. 16, 2015

Capitalization - Additional Inf

Capitalization - Additional Information (Detail) - USD ($)	Mar. 22, 2017	Jan. 01, 2017	Aug. 15, 2016	Mar. 02, 2016	Dec. 31, 2016
Equity [Line Items]
Number of Shares, Authorized to issue, Total					2,100,000,000
Common stock, shares authorized, amount					$ 5,000,000,000
Subsequent Event [Member]
Equity [Line Items]
Investment by Adviser	$ 477,000,000	$ 279,000,000
Aggregate subscriptions		$ 150,000,000
Common stock, shares issued	47,750,130	27,859,345
Class I Shares [Member]
Equity [Line Items]
Common stock, shares issued				0	20,000
Class I Shares [Member] | Subsequent Event [Member]
Equity [Line Items]
Common stock, shares issued	7,242,452	4,096,000
Class S Shares [Member]
Equity [Line Items]
Common stock, shares issued				0	0
Class S Shares [Member] | Subsequent Event [Member]
Equity [Line Items]
Common stock, shares issued	40,507,678	23,763,345
Class T Shares [Member]
Equity [Line Items]
Common stock, shares issued				0	0
Class T Shares [Member] | Subsequent Event [Member]
Equity [Line Items]
Common stock, shares issued	0	0
Class D Shares [Member]
Equity [Line Items]
Common stock, shares issued				0	0
Class D Shares [Member] | Subsequent Event [Member]
Equity [Line Items]
Common stock, shares issued	0	0
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	Dec. 31, 2016	Mar. 02, 2016
Class of Stock [Line Items]
Preferred Stock, Number of Shares, Authorized to issue	100,000,000	0
Number of Shares, Authorized to issue, Total	2,100,000,000
Preferred 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 Accoun21

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	10 Months Ended
	Dec. 31, 2016USD ($)
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	$ 7.1
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)	10 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Due to affiliate	$ 85,448
Adviser [Member]
Related Party Transaction [Line Items]
Due to affiliate	$ 85,448
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%

Quarterly Financial Informati23

Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			10 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 0	$ 0	$ 0	$ 0	$ 0
General and administrative expenses		(114,823)			(114,823)
Net loss		$ (114,823)			$ (114,823)
Net loss per share, basic and diluted		$ (5.74)			$ (5.74)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Mar. 22, 2017USD ($)shares	Feb. 16, 2017USD ($)ft²	Feb. 10, 2017USD ($)Unit	Jan. 23, 2017USD ($)	Jan. 20, 2017USD ($)Room	Jan. 01, 2017USD ($)shares	Mar. 31, 2017USD ($)	Feb. 28, 2017USD ($)Positions	Jan. 31, 2017USD ($)Positions$ / Unit$ / Key	Dec. 31, 2016shares	Mar. 02, 2016shares
Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares										0	0
Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares										20,000	0
Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares										0	0
Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares										0	0
Subsequent Event [Member]
Subsequent Event [Line Items]
Minimum offering proceeds | $						$ 150,000,000
Common stock, shares issued | shares	47,750,130					27,859,345
Proceeds from Issuance of Common Stock | $	$ 477,000,000					$ 279,000,000
Percentage of participation of tranches							49.00%
Subsequent Event [Member] | Commercial Mortgage Backed Securities [Member]
Subsequent Event [Line Items]
Purchase of mortgage backed securities | $							$ 116,000,000
Mortgage loan securitized | $							$ 1,000,000,000
Subsequent Event [Member] | Collateralized Mortgage Backed Securities [Member]
Subsequent Event [Line Items]
Purchase of mortgage backed securities | $								$ 17,000,000	$ 17,000,000
Number of collateralized mortgage backed securities acquired | Positions								2	2
Subsequent Event [Member] | Unsecured Line of Credit [Member]
Subsequent Event [Line Items]
Line of credit | $				$ 250,000,000
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Interest rate				2.25%
Subsequent Event [Member] | Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares	40,507,678					23,763,345
Subsequent Event [Member] | Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares	7,242,452					4,096,000
Subsequent Event [Member] | Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares	0					0
Subsequent Event [Member] | Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares	0					0
Subsequent Event [Member] | Hyatt Place UC Davis [Member]
Subsequent Event [Line Items]
Asset acquisition price | $					$ 32,200,000
Number of hotel rooms | Room					127
Operational and management services cost per key per annum | $ / Key									200
Subsequent Event [Member] | Sonora Canyon Apartments [Member]
Subsequent Event [Line Items]
Asset acquisition price | $			$ 40,700,000
Number of units | Unit			388
Operational and management services cost per unit | $ / Unit									300
Subsequent Event [Member] | Stockton Industrial Park [Member]
Subsequent Event [Line Items]
Asset acquisition price | $		$ 32,500,000
Number of square feet, approximation | ft²		878,000
Subsequent Event [Member] | EOM [Member] | Property Management Services [Member]
Subsequent Event [Line Items]
Percentage of operational and management services cost		3.00%
Subsequent Event [Member] | EOM [Member] | Leasing Services [Member]
Subsequent Event [Line Items]
Percentage of operational and management services cost		1.00%
Subsequent Event [Member] | EOM [Member] | Construction Management Services [Member]
Subsequent Event [Line Items]
Percentage of operational and management services cost		4.00%