Blackstone Real Estate Income Trust (BSTT) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 11, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		189,759,390
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,217,575
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,402,143
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,250,755

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Investments in real estate, net	$ 5,390,674	$ 3,406,555
Investments in real estate-related securities	1,061,465	915,742
Cash and cash equivalents	51,034	31,166
Restricted cash	182,634	126,563
Other assets	260,069	145,282
Total assets	6,945,876	4,625,308
Liabilities and Equity
Mortgage notes, term loans, and revolving credit facilities, net	3,654,397	2,111,291
Repurchase agreements	810,278	682,848
Affiliate line of credit		5,374
Due to affiliates	153,170	133,071
Accounts payable, accrued expenses, and other liabilities	302,519	182,835
Total liabilities	4,920,364	3,115,419
Commitments and contingencies
Redeemable non-controlling interest	17,479	250
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares issued and outstanding as of March 31, 2018 and December 31, 2017
Additional paid-in capital	2,185,832	1,616,720
Accumulated deficit and cumulative distributions	(208,565)	(132,633)
Total stockholders' equity	1,979,542	1,485,791
Non-controlling interests	28,491	23,848
Total equity	2,008,033	1,509,639
Total liabilities and equity	6,945,876	4,625,308
Class S Shares [Member]
Equity
Common stock value	1,636	1,301
Class T Shares [Member]
Equity
Common stock value	98	56
Class D Shares [Member]
Equity
Common stock value	68	40
Class I Shares [Member]
Equity
Common stock value	$ 473	$ 307

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares issued	227,489,044
Common stock, shares outstanding	227,489,000	170,384,000
Class S Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	163,554,503	130,085,145
Common stock, shares outstanding	163,554,503	130,085,145
Class T Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	9,759,108	5,624,614
Common stock, shares outstanding	9,759,108	5,624,614
Class D Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	6,840,379	3,955,114
Common stock, shares outstanding	6,840,379	3,955,114
Class I Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	47,335,054	30,719,160
Common stock, shares outstanding	47,335,054	30,719,160

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental revenue	$ 78,513	$ 898
Tenant reimbursement income	9,048	67
Hotel revenue	17,821	1,426
Other revenue	4,302	53
Total revenues	109,684	2,444
Expenses
Rental property operating	38,618	305
Hotel operating	11,614	840
General and administrative	2,045	2,686
Management fee	6,969	0
Performance participation allocation	7,873	0
Depreciation and amortization	74,124	1,090
Total expenses	141,243	4,921
Other income (expense)
Income from real estate-related securities	13,235	866
Interest income	77	265
Interest expense	(31,391)
Other income		79
Total other (expense) income	(18,079)	1,210
Net loss	(49,638)	(1,267)
Net loss attributable to non-controlling interests	2,090
Net loss attributable to BREIT stockholders	$ (47,548)	$ (1,267)
Net loss per share of common stock — basic and diluted	$ (0.23)	$ (0.03)
Weighted-average shares of common stock outstanding, basic and diluted	206,104,310	37,307,094
Gross distributions declared per share of common stock	$ 0.16	$ 0.04

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock [Member]Class S Shares [Member]	Common Stock [Member]Class T Shares [Member]	Common Stock [Member]Class D Shares [Member]	Common Stock [Member]Class I Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit and Cumulative Distributions [Member]	Total Stockholders' Equity [Member]	Non-controlling Interests [Member]
Beginning Balance at Dec. 31, 2016	$ 85					$ 200	$ (115)	$ 85
Common stock issued	482,761	$ 400			$ 77	482,284		482,761
Offering costs	(41,398)					(41,398)		(41,398)
Amortization of restricted stock grants	23					23		23
Net loss	(1,267)						(1,267)	(1,267)
Distributions declared on common stock	(1,319)						(1,319)	(1,319)
Ending Balance at Mar. 31, 2017	438,885	400			77	441,109	(2,701)	438,885
Beginning Balance at Dec. 31, 2017	1,509,639	1,301	$ 56	$ 40	307	1,616,720	(132,633)	1,485,791	$ 23,848
Common stock issued	593,701	325	42	28	163	593,143		593,701
Offering costs	(37,361)					(37,361)		(37,361)
Distribution reinvestment	16,497	11			4	16,482		16,497
Common stock repurchased	(2,296)	(1)			(1)	(2,294)		(2,296)
Amortization of restricted stock grants	25					25		25
Net loss	(49,638)
Net loss ($374 allocated to redeemable non-controlling interest)	(49,264)						(47,548)	(47,548)	(1,716)
Distributions declared on common stock	(28,384)						(28,384)	(28,384)
Contributions from non-controlling interests	6,940								6,940
Distributions to non-controlling interests	(581)								(581)
Allocation to redeemable non-controlling interests	(883)					(883)		(883)
Ending Balance at Mar. 31, 2018	$ 2,008,033	$ 1,636	$ 98	$ 68	$ 473	$ 2,185,832	$ (208,565)	$ 1,979,542	$ 28,491

Consolidated Statement of Chan6

Consolidated Statement of Changes in Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Statement Of Stockholders Equity [Abstract]
Net Loss allocated to redeemable non-controlling interest	$ 374

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (49,638)	$ (1,267)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	6,969	0
Performance participation allocation	7,873	0	$ 17,000
Depreciation and amortization	74,124	1,090
Unrealized gain on changes in fair value of financial instruments	(1,789)	(725)
Other items	813	1
Change in assets and liabilities:
(Increase) / decrease in other assets	(14,876)	(765)
Increase / (decrease) in due to affiliates	(455)	1,883
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	18,469	1,356
Net cash provided by operating activities	41,490	1,573
Cash flows from investing activities:
Acquisitions of real estate	(2,029,571)	(159,842)
Capital improvements to real estate	(6,086)	(15)
Pre-acquisition costs	(555)	(607)
Purchase of real estate-related securities	(259,553)	(132,396)
Proceeds from settlement of real estate-related securities	115,619	0
Net cash used in investing activities	(2,180,146)	(292,860)
Cash flows from financing activities:
Proceeds from issuance of common stock	479,821	482,761
Offering costs paid	(7,979)	(5,868)
Subscriptions received in advance	150,213	103,717
Repurchase of common stock	(1,260)	0
Borrowings from mortgage notes, term loans, and revolving credit facilities	1,821,620	0
Repayments from mortgage notes, term loans, and revolving credit facilities	(336,100)	0
Borrowings under repurchase agreements	216,987	0
Settlement of repurchase agreements	(89,557)	0
Borrowings from affiliate line of credit	206,500	0
Repayments on affiliate line of credit	(211,750)	0
Payment of deferred financing costs	(11,180)	(32)
Contributions from non-controlling interests	6,940	0
Distributions to non-controlling interests	(581)	0
Distributions	(9,079)	0
Net cash provided by financing activities	2,214,595	580,578
Net change in cash and cash equivalents and restricted cash	75,939	289,291
Cash and cash equivalents and restricted cash, beginning of period	157,729	200	200
Cash and cash equivalents and restricted cash, end of period	233,668	289,491	157,729
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	51,034	185,749	31,166
Restricted cash	182,634	103,742	126,563
Cash and cash equivalents and restricted cash, end of period	233,668	289,491	$ 157,729
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	67,140	0
Assumption of other liabilities in conjunction with acquisitions of real estate	33,456	658
Accrued capital expenditures and acquisition related costs	1,063	173
Accrued pre-acquisition costs	807	1,509
Accrued distributions	2,808	1,319
Accrued stockholder servicing fee due to affiliate	28,868	29,621
Accrued offering costs due to affiliate	508	5,909
Redeemable non-controlling interest issued as settlement for performance participation allocation	16,974	0
Allocation to redeemable non-controlling interest	883	0
Distribution reinvestment	16,497	0
Accrued common stock repurchases	$ 1,036	$ 0

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2017. The Company invests primarily in stabilized income-oriented commercial real estate in the United States and to a lesser extent, 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.P. (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 is 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. 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 four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. As of March 31, 2018, the Company had received net proceeds of $2.3 billion from selling an aggregate of 227,489,044 shares of the Company’s common stock (consisting of 163,554,503 Class S shares, 9,759,108 Class T shares, 6,840,379 Class D shares, and 47,335,054 Class I shares). The Company intends to continue selling shares on a monthly basis. As of March 31, 2018, the Company owned 30 investments in real estate and had 51 positions in real estate-related debt securities. The Company currently operates in five reportable segments: Residential, Industrial, Hotel, and Retail Properties, and Real Estate-Related Securities. Financial results by segment are reported in Note 13 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation 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 condensed 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 statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to aggregate certain financial statement line items in the Company’s consolidated statements of operations and consolidated statements of cash flows. Such reclassifications had no effect on net loss or previously reported totals or subtotals in the consolidated statements of cash flows. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates partially owned entities, in which it has a controlling financial interest. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of March 31, 2018, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $1.1 billion and $725.6 million, respectively, compared to $947.9 million and $645.5 million as of December 31, 2017. Such amounts are included on the Company’s Consolidated Balance Sheets. 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. Restricted Cash As of March 31, 2018 and December 31, 2017, Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of March 31, 2018 and December 31, 2017, the Company’s $1.1 billion and $915.7 million, respectively, of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at fair value. As of March 31, 2018, the Company’s investments in real estate-related securities consisted of commercial mortgage-backed securities (“CMBS”), which are mortgage-related fixed income securities. Mortgage-related securities are usually issued as separate tranches, or classes, of securities within each deal. The Company generally determines the fair value of its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as CMBS usually consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. As of March 31, 2018, the fair value of the Company’s mortgage notes, term loans, and revolving credit facilities, repurchase agreements, and affiliate line of credit was approximately $10.2 million below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using the appropriate discount rate. Additionally, the Company considers current market rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company adopted ASU 2014-09 in the first quarter of 2018 and it did not have a material impact on the Company’s consolidated financial statements. 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. In March 2018, the FASB approved an amendment to the new Leases standard that allows a practical expedient for lessors from separating lease and non-lease components. 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 the Company’s consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard, lessor accounting remains substantially the same as current GAAP. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on the Company’s consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Investments in Real Estate	3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2018 December 31, 2017 Building and building improvements $ 4,396,881 $ 2,815,348 Land and land improvements 1,006,925 574,253 Furniture, fixtures and equipment 67,779 64,080 Total 5,471,585 3,453,681 Accumulated depreciation (80,911 ) (47,126 ) Investments in real estate, net $ 5,390,674 $ 3,406,555 During the three months ended March 31, 2018, the Company acquired interests in three real estate investments, which were comprised of 149 industrial and eight residential properties. The following table provides further details of the properties acquired during the three months ended March 31, 2018 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Purchase Price (2) Aston Multifamily Portfolio (3) 90% 8 Various (4) Residential Jan. 2018 $ 141,743 Kraft Chicago Industrial Portfolio 100% 3 Aurora, IL Industrial Jan. 2018 151,365 Canyon Industrial Portfolio (5) 100% 146 Various (5) Industrial Mar. 2018 1,837,061 157 $ 2,130,169 (1) Certain of the investments made by BREIT provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. (2) Purchase price is inclusive of acquisition related costs. (3) The Aston Multifamily Portfolio closed in two stages and the final eight properties closed in January 2018. The first closing in November 2017 included 12 properties. (4) The Aston Multifamily Portfolio is located in four markets: Austin/San Antonio, Texas (49% of units), Dallas/Fort Worth, Texas (25%), Nashville, Tennessee (22%) and Louisville, Kentucky (4%). (5) The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago (18% of March 2018 base rent), Dallas (13%), Baltimore/Washington, D.C. (12%), Los Angeles/Inland Empire (8%), South/Central Florida (7%), New Jersey (7%), and Denver (6%). The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2018 ($ in thousands): Canyon Industrial Portfolio All Other Total Building and building improvements $ 1,362,764 $ 214,026 $ 1,576,790 Land and land improvements 376,762 55,325 432,087 Furniture, fixtures and equipment — 1,920 1,920 In-place lease intangibles 109,031 20,369 129,400 Above-market lease intangibles 8,459 3,122 11,581 Below-market lease intangibles (19,955 ) (1,654 ) (21,609 ) Total purchase price 1,837,061 293,108 2,130,169 Assumed mortgage notes (1) — 67,140 67,140 Net purchase price $ 1,837,061 $ 225,968 $ 2,063,029 (1) Refer to Note 6 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles of the properties acquired during the three months ended March 31, 2018 were 5 years.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2018 December 31, 2017 Intangible assets: In-place lease intangibles $ 230,761 $ 131,833 Below-market ground lease intangibles 4,623 4,623 Above-market lease intangibles 18,251 6,670 Prepaid ground lease rent 16,114 16,114 Other 676 676 Total intangible assets 270,425 159,916 Accumulated amortization: In-place lease amortization (54,936 ) (45,160 ) Below-market ground lease amortization (103 ) (85 ) Above-market lease amortization (1,266 ) (600 ) Prepaid ground lease rent amortization (208 ) (151 ) Other (119 ) (76 ) Total accumulated amortization (56,632 ) (46,072 ) Intangible assets, net $ 213,793 $ 113,844 Intangible liabilities: Below-market lease intangibles $ 36,529 $ 14,920 Accumulated amortization (3,053 ) (1,764 ) Intangible liabilities, net $ 33,476 $ 13,156 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2018 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2018 (remaining) $ 53,876 $ 59 $ 3,469 $ 171 $ (7,103 ) 2019 37,398 79 4,088 227 (8,007 ) 2020 27,799 79 3,156 227 (6,128 ) 2021 20,503 79 2,563 227 (4,389 ) 2022 14,437 79 1,992 227 (3,182 ) Thereafter 21,812 4,145 1,717 14,827 (4,667 ) $ 175,825 $ 4,520 $ 16,985 $ 15,906 $ (33,476 )

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2018
Investments Schedule [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following tables detail the Company’s investments in real estate-related debt securities, which are exclusively CMBS ($ in thousands): March 31, 2018 Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 21 BB Residential, Hospitality, Office, Industrial, Retail L+3.05% 2/24/2034 $ 484,163 $ 483,617 $ 485,254 13 B Hospitality, Office, Residential, Retail L+3.76% 6/9/2035 391,062 390,138 391,915 11 BBB Hospitality, Office, Residential L+2.19% 11/1/2033 151,778 151,741 152,423 6 Other Residential L+2.28% 2/6/2026 31,814 31,814 31,873 51 $ 1,058,817 $ 1,057,310 $ 1,061,465 December 31, 2017 Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Residential, Retail L+3.21% 2/1/2033 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Residential L+4.05% 6/27/2034 284,371 284,127 285,037 9 BBB Office, Hospitality, Residential, Industrial, Retail L+2.28% 8/17/2032 194,013 193,838 194,549 3 Other Residential L+2.50% 9/15/2026 11,749 11,749 11,737 37 $ 913,903 $ 913,372 $ 915,742 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. Other consists of investments that, as of March 31, 2018 and December 31, 2017, were either not ratable or have not been submitted to rating agencies. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of March 31, 2018 and December 31, 2017, three-month LIBOR was equal to 2.3% and 1.7%, respectively. The Company’s investments in real estate-related securities included CMBS collateralized by properties owned by Blackstone-advised investment vehicles and CMBS collateralized by a loan originated by a Blackstone-advised investment vehicle. The following table details the Company’s affiliate CMBS positions ($ in thousands): As of March 31, 2018 As of December 31, 2017 Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cost Basis Cost Basis Interest Income Interest Income CMBS collateralized by properties $ 596,945 $ 559,616 $ 7,024 $ 25 CMBS collateralized by a loan 63,533 63,533 686 — Total $ 660,478 $ 623,149 $ 7,710 $ 25 For additional information regarding the Company’s investments in affiliated CMBS, see Note 5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The terms and conditions of such affiliated CMBS held as of March 31, 2018 are consistent with the terms described in such Note. During the three months ended March 31, 2018, the borrower paid off three of the Company’s CMBS with a total cost basis of $115.6 million collateralized by a property owned by a Blackstone-advised investment vehicle, which did not result in a gain or loss on the Company’s Consolidated Statement of Operations. During the three months ended March 31, 2018 and 2017, the Company recorded an unrealized gain of $1.8 million and $0.7 million, respectively, as a component of Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. The Company did not sell any real estate-related debt securities during the three months ended March 31, 2018 and 2017.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Revolving Credit Facilities	6. Mortgage Notes, Term Loans, and Revolving Credit Facilities The following table is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size March 31, 2018 December 31, 2017 Fixed rate loans Fixed rate mortgages 3.92% 2/19/2025 N/A $ 2,720,955 $ 1,468,294 Canyon Industrial Portfolio Mezzanine Loan 5.85% 4/5/2025 N/A 200,000 — Total fixed rate loans 4.06% 2/22/2025 2,920,955 1,468,294 Variable rate loans BAML Industrial Term Loan (4) L+2.00% 6/1/2022 N/A 236,000 186,000 BAML Revolving Credit Facility (4) L+2.00% 6/1/2022 $ 236,000 236,000 186,000 Citi Revolving Credit Facility (5) L+2.25% 10/26/2020 300,000 178,831 178,831 Floating rate mortgage L+2.18% 5/9/2022 N/A 63,600 63,600 Capital One Term Loan (6) L+1.80% 12/12/2022 N/A 22,500 22,500 Capital One Revolving Credit Facility (6) L+1.80% 12/12/2022 20,600 20,600 20,600 Total variable rate loans 3.95% 1/23/2022 757,531 657,531 Total loans secured by the Company’s properties 4.03% 7/5/2024 3,678,486 2,125,825 Deferred financing costs, net (25,583 ) (16,075 ) Premium on assumed debt, net 1,494 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 3,654,397 $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of March 31, 2018 and December 31, 2017, one-month LIBOR was equal to 1.9% and 1.6%, respectively. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. In addition, the majority of the Company’s loans are interest only except for certain loans with amortization provisions after a certain period of time. (4) The BAML Industrial Term Loan and BAML Revolving Credit Facility are secured by certain of the Company’s industrial assets. (5) The Citi Revolving Credit Facility is secured by the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by one of the Company’s industrial assets. The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and revolving credit facilities as of March 31, 2018 ($ in thousands): Year Amount 2018 (remaining) $ 1,911 2019 16,921 2020 196,665 2021 5,029 2022 588,168 Thereafter 2,869,792 Total $ 3,678,486

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2018
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements	7. Repurchase Agreements The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), and Bank of America Merrill Lynch (the “BAML MRA”) to provide the Company with additional financing capacity secured by the Company’s $1.1 billion of investments in real estate-related securities. The terms of the Citi MRA, RBC MRA, and BAML MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time. The following tables are a summary of the Company’s repurchase agreements ($ in thousands): March 31, 2018 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 9/6/2018 CMBS $ 620,122 $ 458,335 None RBC MRA L+1.46% 11/3/2018 CMBS 415,098 331,123 None BAML L+1.12% 5/9/2018 CMBS 26,245 20,820 None $ 1,061,465 $ 810,278 December 31, 2017 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 8/23/2018 CMBS $ 694,808 $ 512,975 None RBC MRA L+1.54% 11/24/2018 CMBS 194,918 150,238 None BAML L+1.16% 2/9/2018 CMBS 26,016 19,635 None $ 915,742 $ 682,848 (1) The term “L” refers to the one-month or three-month LIBOR. As of March 31, 2018 and December 31, 2017, one-month LIBOR was 1.9% and 1.6%, respectively, and three-month LIBOR was equal to 2.3% and 1.7%, respectively. (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in April and May 2018 into new one month contracts. (3) Represents the fair value of the Company’s investments in real estate-related securities.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Other Assets and Other Liabilities	8. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): March 31, 2018 December 31, 2017 Real estate intangibles, net $ 213,793 $ 113,844 Receivables 17,015 7,386 Prepaid expenses 8,566 3,267 Pre-acquisition costs 6,335 6,588 Deferred financing costs, net 5,454 5,248 Straight-line rent receivable 3,134 2,045 Deferred leasing commissions, net 1,384 1,193 Other 4,388 5,711 Total $ 260,069 $ 145,282 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2018 December 31, 2017 Subscriptions received in advance $ 150,213 $ 107,576 Intangible liabilities, net 33,476 13,156 Accounts payable and accrued expenses 20,876 13,202 Real estate taxes payable 25,989 13,169 Tenant security deposits 14,477 8,107 Prepaid rental income 13,700 5,381 Distribution payable 10,782 7,716 Accrued interest expense 9,448 8,072 Other 23,558 6,456 Total $ 302,519 $ 182,835

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	9. Equity and Redeemable Non-controlling Interest Common Stock As of March 31, 2018, the Company had sold 227.5 million shares of its common stock in the Offering for aggregate net proceeds of $2.3 billion. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three months ended March 31, 2018 Class S Class T Class D Class I Total December 31, 2017 130,085 5,625 3,955 30,719 170,384 Common stock issued 32,511 4,089 2,843 16,324 55,767 Distribution reinvestment 1,104 46 42 362 1,554 Common stock repurchased (145 ) (1 ) — (70 ) (216 ) March 31, 2018 163,555 9,759 6,840 47,335 227,489 Share Repurchase Plan The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. For the three months ended March 31, 2018, the Company repurchased 216,087 shares of common stock representing a total of $2.3 million. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2018. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2018 ($ in thousands, except share and per share data): Class S Class T Class D Class I Aggregate gross distributions declared per share of common stock $ 0.1552 $ 0.1552 $ 0.1552 $ 0.1552 Stockholder servicing fee per share of common stock (0.0223 ) (0.0220 ) (0.0065 ) — Net distributions declared per share of common stock $ 0.1329 $ 0.1332 $ 0.1487 $ 0.1552 Redeemable Non-controlling Interest During 2017, the Special Limited Partner earned a performance participation allocation in the amount of $17.0 million. On January 1, 2018 the Company issued 1.6 million Class I units in BREIT OP to the Special Limited Partner as payment for the 2017 performance participation allocation based on the Company’s Net Asset Value at December 31, 2017. Because the Special Limited Partner has the ability to redeem these units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The Redeemable Non-controlling Interest is recorded at the greater of the carrying amount, adjusted for their share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. As the redemption value was greater than the adjusted carrying value at March 31, 2018, the Company recorded an allocation adjustment of $0.9 million between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Management Fee and Performance Participation Allocation The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of common stock, or BREIT OP units. The Adviser has elected to receive the management fee in shares of the Company’s common stock to date. During the three months ended March 31, 2018, the Company incurred a management fee of $7.0 million. The Company issued 413,466 unregistered Class I shares to the Adviser as payment for such management fee and also had a payable of $2.6 million related to management fees as of March 31, 2018, which is included in Due to Affiliates on the Company’s Consolidated Balance Sheets. During April 2018, the Adviser was issued 240,867 unregistered Class I shares as payment for the $2.6 million management fee accrued as of March 31, 2018. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. In accordance with the advisory agreement between the Company, BREIT OP and the Adviser, the Adviser waived management fees for the period January 1, 2017 to June 30, 2017, as such no management fee was incurred during the three months ended March 31, 2017. Additionally, the Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return to its capital account. During the three months ended March 31, 2018, the Company recognized $7.9 million of Performance Participation Allocation Expense in the Company’s Consolidated Statement of Operations as the participation hurdle was achieved as of March 31, 2018. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): March 31, 2018 December 31, 2017 Accrued stockholder servicing fee (1) $ 130,944 $ 102,076 Advanced organization and offering costs 9,652 10,160 Performance participation allocation 7,873 16,974 Accrued management fee 2,569 1,904 Accrued affiliate service provider expenses 1,113 1,485 Advanced expenses 1,019 472 Total $ 153,170 $ 133,071 (1) The Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of March 31, 2018, the Company accrued $130.9 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Accrued affiliate service provider expenses During the three months ended March 31, 2018 and 2017, the Company incurred expenses to affiliated service providers for services incurred in connection with its investments as well as any amounts the Company capitalized for transaction support services provided. Such amounts are included in the Company’s Consolidated Statements of Operations and Consolidated Balance Sheets, respectively. For further details on the Company’s relationships with the below affiliated service providers, see Note 11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The following table details the expenses incurred as well as any capitalized transaction costs ($ in thousands): Affiliate Service Provider Expenses Capitalized Transaction Support Fees (1) For the Three Months Ended March 31, For the Three Months Ended March 31, 2018 2017 2018 2017 LivCor, LLC $ 1,143 $ — $ — $ — Gateway Industrial Properties L.L.C. 405 — 179 — ShopCore Properties TRS Management LLC 240 — — — BRE Hotels and Resorts LLC 147 5 — — Equity Office Management, L.L.C. — 10 — — Total $ 1,935 $ 15 $ 179 $ — (1) Transaction support fees were capitalized to Investments in Real Estate on the Company’s Consolidated Balance Sheets. Beginning January 1, 2018, the Company engaged Gateway Industrial Properties L.L.C., a portfolio company owned by a Blackstone-advised fund, to provide the services that Equity Office Management, L.L.C. had previously provided to the Company’s industrial properties. For further detail on these affiliate relationships, see Note 11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. During the three months ended March 31, 2018, the Company has not paid or accrued any incentive fees to its affiliated service providers. Other During the three months ended March 31, 2018, the Company paid Lexington National Land Services $0.2 million for title services related to one investment and such costs were capitalized to Investments in Real Estate on the Company’s Consolidated Balance Sheet. For additional information regarding this affiliate relationship, see Note 11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of March 31, 2018 and December 31, 2017, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Five Year Minimum Rental Paymen

Five Year Minimum Rental Payments	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Five Year Minimum Rental Payments	12. Five Year Minimum Rental Payments The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s residential investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 (remaining) $ 114,781 2019 144,139 2020 126,244 2021 105,184 2022 83,726 Thereafter 179,433 Total $ 753,507

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	13. Segment Reporting The Company operates in five reportable segments: Residential properties, Industrial properties, Hotel properties, Retail properties, and Real Estate-Related Securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): March 31, 2018 December 31, 2017 Residential $ 2,674,960 $ 2,567,735 Industrial 2,657,117 636,900 Hotel 280,068 281,242 Retail 101,846 103,138 Real Estate-Related Securities 1,070,962 918,975 Other (Corporate) 160,923 117,318 Total assets $ 6,945,876 $ 4,625,308 The following table sets forth the financial results by segment for the three months ended March 31, 2018 ($ in thousands): Residential Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 57,783 $ 18,945 $ — $ 1,785 $ — $ 78,513 Tenant reimbursement income 2,960 5,656 — 432 — 9,048 Hotel revenue — — 17,821 — — 17,821 Other revenue 4,237 38 8 19 — 4,302 Total revenues 64,980 24,639 17,829 2,236 — 109,684 Expenses: Rental property operating 30,620 7,185 — 813 — 38,618 Hotel operating — — 11,614 — — 11,614 Total expenses 30,620 7,185 11,614 813 — 50,232 Income from real estate-related securities — — — — 13,235 13,235 Segment net operating income $ 34,360 $ 17,454 $ 6,215 $ 1,423 $ 13,235 $ 72,687 Depreciation and amortization $ 55,873 $ 13,998 $ 3,210 $ 1,043 $ — $ 74,124 Other income (expense): General and administrative (2,045 ) Management fee (6,969 ) Performance participation allocation (7,873 ) Interest income 77 Interest expense (31,391 ) Net loss $ (49,638 ) Net loss attributable to non-controlling interests 2,090 Net loss attributable to BREIT stockholders $ (47,548 ) The following table sets forth the financial results by segment for the three months ended March 31, 2017 ($ in thousands): Residential Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 520 $ 359 $ — $ 19 $ — $ 898 Tenant reimbursement income 25 42 — — — 67 Hotel revenue — — 1,426 — — 1,426 Other revenue 53 — — — — 53 Total revenues 598 401 1,426 19 — 2,444 Expenses: Rental property operating 218 86 — 1 — 305 Hotel operating — — 840 — — 840 Total segment expenses 218 86 840 1 — 1,145 Income from real estate-related securities — — — — 866 866 Segment net operating income $ 380 $ 315 $ 586 $ 18 $ 866 $ 2,165 Depreciation and amortization $ 358 $ 227 $ 495 $ 10 $ — $ 1,090 Other income (expense): General and administrative (2,686 ) Interest income 265 Other income 79 Net loss $ (1,267 ) Net loss attributable to non-controlling interests — Net loss attributable to BREIT stockholders $ (1,267 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Acquisitions Subsequent to March 31, 2018, the Company acquired an aggregate of $321.2 million, exclusive of closing costs, of real estate across three separate transactions. Subsequent to March 31, 2018, the Company purchased an aggregate of $213.1 million of real estate-related debt securities. Status of the Offering As of May 11, 2018, the Company had sold an aggregate of 271,629,863 shares of its common stock (consisting of 189,759,390 Class S shares, 13,250,755 Class T shares, 9,402,143 Class D shares, and 59,217,575 Class I shares) in the Offering resulting in net proceeds of $2.8 billion to the Company as payment for such shares.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 condensed 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 statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to aggregate certain financial statement line items in the Company’s consolidated statements of operations and consolidated statements of cash flows. Such reclassifications had no effect on net loss or previously reported totals or subtotals in the consolidated statements of cash flows. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates partially owned entities, in which it has a controlling financial interest. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of March 31, 2018, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $1.1 billion and $725.6 million, respectively, compared to $947.9 million and $645.5 million as of December 31, 2017. Such amounts are included on the Company’s Consolidated Balance Sheets. 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.
Restricted Cash	Restricted Cash As of March 31, 2018 and December 31, 2017,
Fair Value Measurement	Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of March 31, 2018 and December 31, 2017, the Company’s $1.1 billion and $915.7 million, respectively, of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at fair value. As of March 31, 2018, the Company’s investments in real estate-related securities consisted of commercial mortgage-backed securities (“CMBS”), which are mortgage-related fixed income securities. Mortgage-related securities are usually issued as separate tranches, or classes, of securities within each deal. The Company generally determines the fair value of its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as CMBS usually consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. As of March 31, 2018, the fair value of the Company’s mortgage notes, term loans, and revolving credit facilities, repurchase agreements, and affiliate line of credit was approximately $10.2 million below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using the appropriate discount rate. Additionally, the Company considers current market rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company adopted ASU 2014-09 in the first quarter of 2018 and it did not have a material impact on the Company’s consolidated financial statements. 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. In March 2018, the FASB approved an amendment to the new Leases standard that allows a practical expedient for lessors from separating lease and non-lease components. 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 the Company’s consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard, lessor accounting remains substantially the same as current GAAP. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on the Company’s consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2018 December 31, 2017 Building and building improvements $ 4,396,881 $ 2,815,348 Land and land improvements 1,006,925 574,253 Furniture, fixtures and equipment 67,779 64,080 Total 5,471,585 3,453,681 Accumulated depreciation (80,911 ) (47,126 ) Investments in real estate, net $ 5,390,674 $ 3,406,555
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the three months ended March 31, 2018 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Purchase Price (2) Aston Multifamily Portfolio (3) 90% 8 Various (4) Residential Jan. 2018 $ 141,743 Kraft Chicago Industrial Portfolio 100% 3 Aurora, IL Industrial Jan. 2018 151,365 Canyon Industrial Portfolio (5) 100% 146 Various (5) Industrial Mar. 2018 1,837,061 157 $ 2,130,169 (1) Certain of the investments made by BREIT provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. (2) Purchase price is inclusive of acquisition related costs. (3) The Aston Multifamily Portfolio closed in two stages and the final eight properties closed in January 2018. The first closing in November 2017 included 12 properties. (4) The Aston Multifamily Portfolio is located in four markets: Austin/San Antonio, Texas (49% of units), Dallas/Fort Worth, Texas (25%), Nashville, Tennessee (22%) and Louisville, Kentucky (4%). (5) The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago (18% of March 2018 base rent), Dallas (13%), Baltimore/Washington, D.C. (12%), Los Angeles/Inland Empire (8%), South/Central Florida (7%), New Jersey (7%), and Denver (6%).
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2018 ($ in thousands): Canyon Industrial Portfolio All Other Total Building and building improvements $ 1,362,764 $ 214,026 $ 1,576,790 Land and land improvements 376,762 55,325 432,087 Furniture, fixtures and equipment — 1,920 1,920 In-place lease intangibles 109,031 20,369 129,400 Above-market lease intangibles 8,459 3,122 11,581 Below-market lease intangibles (19,955 ) (1,654 ) (21,609 ) Total purchase price 1,837,061 293,108 2,130,169 Assumed mortgage notes (1) — 67,140 67,140 Net purchase price $ 1,837,061 $ 225,968 $ 2,063,029 (1) Refer to Note 6 for additional details on the Company’s mortgage notes.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2018 December 31, 2017 Intangible assets: In-place lease intangibles $ 230,761 $ 131,833 Below-market ground lease intangibles 4,623 4,623 Above-market lease intangibles 18,251 6,670 Prepaid ground lease rent 16,114 16,114 Other 676 676 Total intangible assets 270,425 159,916 Accumulated amortization: In-place lease amortization (54,936 ) (45,160 ) Below-market ground lease amortization (103 ) (85 ) Above-market lease amortization (1,266 ) (600 ) Prepaid ground lease rent amortization (208 ) (151 ) Other (119 ) (76 ) Total accumulated amortization (56,632 ) (46,072 ) Intangible assets, net $ 213,793 $ 113,844 Intangible liabilities: Below-market lease intangibles $ 36,529 $ 14,920 Accumulated amortization (3,053 ) (1,764 ) Intangible liabilities, net $ 33,476 $ 13,156
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2018 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2018 (remaining) $ 53,876 $ 59 $ 3,469 $ 171 $ (7,103 ) 2019 37,398 79 4,088 227 (8,007 ) 2020 27,799 79 3,156 227 (6,128 ) 2021 20,503 79 2,563 227 (4,389 ) 2022 14,437 79 1,992 227 (3,182 ) Thereafter 21,812 4,145 1,717 14,827 (4,667 ) $ 175,825 $ 4,520 $ 16,985 $ 15,906 $ (33,476 )

Investments in Real Estate-Re25

Investments in Real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Investments Schedule [Abstract]
Summary of Investments in CMBS	The following tables detail the Company’s investments in real estate-related debt securities, which are exclusively CMBS ($ in thousands): March 31, 2018 Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 21 BB Residential, Hospitality, Office, Industrial, Retail L+3.05% 2/24/2034 $ 484,163 $ 483,617 $ 485,254 13 B Hospitality, Office, Residential, Retail L+3.76% 6/9/2035 391,062 390,138 391,915 11 BBB Hospitality, Office, Residential L+2.19% 11/1/2033 151,778 151,741 152,423 6 Other Residential L+2.28% 2/6/2026 31,814 31,814 31,873 51 $ 1,058,817 $ 1,057,310 $ 1,061,465 December 31, 2017 Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Residential, Retail L+3.21% 2/1/2033 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Residential L+4.05% 6/27/2034 284,371 284,127 285,037 9 BBB Office, Hospitality, Residential, Industrial, Retail L+2.28% 8/17/2032 194,013 193,838 194,549 3 Other Residential L+2.50% 9/15/2026 11,749 11,749 11,737 37 $ 913,903 $ 913,372 $ 915,742 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. Other consists of investments that, as of March 31, 2018 and December 31, 2017, were either not ratable or have not been submitted to rating agencies. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of March 31, 2018 and December 31, 2017, three-month LIBOR was equal to 2.3% and 1.7%, respectively.
Schedule of Company's Affiliate CMBS Positions	The following table details the Company’s affiliate CMBS positions ($ in thousands): As of March 31, 2018 As of December 31, 2017 Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cost Basis Cost Basis Interest Income Interest Income CMBS collateralized by properties $ 596,945 $ 559,616 $ 7,024 $ 25 CMBS collateralized by a loan 63,533 63,533 686 — Total $ 660,478 $ 623,149 $ 7,710 $ 25

Mortgage Notes, Term Loans, a26

Mortgage Notes, Term Loans, and Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company’s Properties	The following table is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size March 31, 2018 December 31, 2017 Fixed rate loans Fixed rate mortgages 3.92% 2/19/2025 N/A $ 2,720,955 $ 1,468,294 Canyon Industrial Portfolio Mezzanine Loan 5.85% 4/5/2025 N/A 200,000 — Total fixed rate loans 4.06% 2/22/2025 2,920,955 1,468,294 Variable rate loans BAML Industrial Term Loan (4) L+2.00% 6/1/2022 N/A 236,000 186,000 BAML Revolving Credit Facility (4) L+2.00% 6/1/2022 $ 236,000 236,000 186,000 Citi Revolving Credit Facility (5) L+2.25% 10/26/2020 300,000 178,831 178,831 Floating rate mortgage L+2.18% 5/9/2022 N/A 63,600 63,600 Capital One Term Loan (6) L+1.80% 12/12/2022 N/A 22,500 22,500 Capital One Revolving Credit Facility (6) L+1.80% 12/12/2022 20,600 20,600 20,600 Total variable rate loans 3.95% 1/23/2022 757,531 657,531 Total loans secured by the Company’s properties 4.03% 7/5/2024 3,678,486 2,125,825 Deferred financing costs, net (25,583 ) (16,075 ) Premium on assumed debt, net 1,494 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 3,654,397 $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of March 31, 2018 and December 31, 2017, one-month LIBOR was equal to 1.9% and 1.6%, respectively. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. In addition, the majority of the Company’s loans are interest only except for certain loans with amortization provisions after a certain period of time. (4) The BAML Industrial Term Loan and BAML Revolving Credit Facility are secured by certain of the Company’s industrial assets. (5) The Citi Revolving Credit Facility is secured by the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by one of the Company’s industrial assets.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Revolving Credit Facilities	The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and revolving credit facilities as of March 31, 2018 ($ in thousands): Year Amount 2018 (remaining) $ 1,911 2019 16,921 2020 196,665 2021 5,029 2022 588,168 Thereafter 2,869,792 Total $ 3,678,486

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure Of Repurchase Agreements [Abstract]
Summary of Repurchase Agreements	The following tables are a summary of the Company’s repurchase agreements ($ in thousands): March 31, 2018 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 9/6/2018 CMBS $ 620,122 $ 458,335 None RBC MRA L+1.46% 11/3/2018 CMBS 415,098 331,123 None BAML L+1.12% 5/9/2018 CMBS 26,245 20,820 None $ 1,061,465 $ 810,278 December 31, 2017 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 8/23/2018 CMBS $ 694,808 $ 512,975 None RBC MRA L+1.54% 11/24/2018 CMBS 194,918 150,238 None BAML L+1.16% 2/9/2018 CMBS 26,016 19,635 None $ 915,742 $ 682,848 (1) The term “L” refers to the one-month or three-month LIBOR. As of March 31, 2018 and December 31, 2017, one-month LIBOR was 1.9% and 1.6%, respectively, and three-month LIBOR was equal to 2.3% and 1.7%, respectively. (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in April and May 2018 into new one month contracts. (3) Represents the fair value of the Company’s investments in real estate-related securities.

Other Assets and Other Liabil28

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): March 31, 2018 December 31, 2017 Real estate intangibles, net $ 213,793 $ 113,844 Receivables 17,015 7,386 Prepaid expenses 8,566 3,267 Pre-acquisition costs 6,335 6,588 Deferred financing costs, net 5,454 5,248 Straight-line rent receivable 3,134 2,045 Deferred leasing commissions, net 1,384 1,193 Other 4,388 5,711 Total $ 260,069 $ 145,282
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2018 December 31, 2017 Subscriptions received in advance $ 150,213 $ 107,576 Intangible liabilities, net 33,476 13,156 Accounts payable and accrued expenses 20,876 13,202 Real estate taxes payable 25,989 13,169 Tenant security deposits 14,477 8,107 Prepaid rental income 13,700 5,381 Distribution payable 10,782 7,716 Accrued interest expense 9,448 8,072 Other 23,558 6,456 Total $ 302,519 $ 182,835

Equity and Redeemable Non-con29

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Company's Outstanding Shares of Common Stock	As of March 31, 2018, the Company had sold 227.5 million shares of its common stock in the Offering for aggregate net proceeds of $2.3 billion. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three months ended March 31, 2018 Class S Class T Class D Class I Total December 31, 2017 130,085 5,625 3,955 30,719 170,384 Common stock issued 32,511 4,089 2,843 16,324 55,767 Distribution reinvestment 1,104 46 42 362 1,554 Common stock repurchased (145 ) (1 ) — (70 ) (216 ) March 31, 2018 163,555 9,759 6,840 47,335 227,489
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2018 ($ in thousands, except share and per share data): Class S Class T Class D Class I Aggregate gross distributions declared per share of common stock $ 0.1552 $ 0.1552 $ 0.1552 $ 0.1552 Stockholder servicing fee per share of common stock (0.0223 ) (0.0220 ) (0.0065 ) — Net distributions declared per share of common stock $ 0.1329 $ 0.1332 $ 0.1487 $ 0.1552

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): March 31, 2018 December 31, 2017 Accrued stockholder servicing fee (1) $ 130,944 $ 102,076 Advanced organization and offering costs 9,652 10,160 Performance participation allocation 7,873 16,974 Accrued management fee 2,569 1,904 Accrued affiliate service provider expenses 1,113 1,485 Advanced expenses 1,019 472 Total $ 153,170 $ 133,071 (1) The Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of March 31, 2018, the Company accrued $130.9 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers.
Schedule of Expenses Incurred and Capitalized Transaction Costs	The following table details the expenses incurred as well as any capitalized transaction costs ($ in thousands): Affiliate Service Provider Expenses Capitalized Transaction Support Fees (1) For the Three Months Ended March 31, For the Three Months Ended March 31, 2018 2017 2018 2017 LivCor, LLC $ 1,143 $ — $ — $ — Gateway Industrial Properties L.L.C. 405 — 179 — ShopCore Properties TRS Management LLC 240 — — — BRE Hotels and Resorts LLC 147 5 — — Equity Office Management, L.L.C. — 10 — — Total $ 1,935 $ 15 $ 179 $ — (1) Transaction support fees were capitalized to Investments in Real Estate on the Company’s Consolidated Balance Sheets.

Five Year Minimum Rental Paym31

Five Year Minimum Rental Payments (Tables)	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Schedule of Future Minimum Rental Income	The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s residential investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 (remaining) $ 114,781 2019 144,139 2020 126,244 2021 105,184 2022 83,726 Thereafter 179,433 Total $ 753,507

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table sets forth the total assets by segment ($ in thousands): March 31, 2018 December 31, 2017 Residential $ 2,674,960 $ 2,567,735 Industrial 2,657,117 636,900 Hotel 280,068 281,242 Retail 101,846 103,138 Real Estate-Related Securities 1,070,962 918,975 Other (Corporate) 160,923 117,318 Total assets $ 6,945,876 $ 4,625,308 The following table sets forth the financial results by segment for the three months ended March 31, 2018 ($ in thousands): Residential Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 57,783 $ 18,945 $ — $ 1,785 $ — $ 78,513 Tenant reimbursement income 2,960 5,656 — 432 — 9,048 Hotel revenue — — 17,821 — — 17,821 Other revenue 4,237 38 8 19 — 4,302 Total revenues 64,980 24,639 17,829 2,236 — 109,684 Expenses: Rental property operating 30,620 7,185 — 813 — 38,618 Hotel operating — — 11,614 — — 11,614 Total expenses 30,620 7,185 11,614 813 — 50,232 Income from real estate-related securities — — — — 13,235 13,235 Segment net operating income $ 34,360 $ 17,454 $ 6,215 $ 1,423 $ 13,235 $ 72,687 Depreciation and amortization $ 55,873 $ 13,998 $ 3,210 $ 1,043 $ — $ 74,124 Other income (expense): General and administrative (2,045 ) Management fee (6,969 ) Performance participation allocation (7,873 ) Interest income 77 Interest expense (31,391 ) Net loss $ (49,638 ) Net loss attributable to non-controlling interests 2,090 Net loss attributable to BREIT stockholders $ (47,548 ) The following table sets forth the financial results by segment for the three months ended March 31, 2017 ($ in thousands): Residential Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 520 $ 359 $ — $ 19 $ — $ 898 Tenant reimbursement income 25 42 — — — 67 Hotel revenue — — 1,426 — — 1,426 Other revenue 53 — — — — 53 Total revenues 598 401 1,426 19 — 2,444 Expenses: Rental property operating 218 86 — 1 — 305 Hotel operating — — 840 — — 840 Total segment expenses 218 86 840 1 — 1,145 Income from real estate-related securities — — — — 866 866 Segment net operating income $ 380 $ 315 $ 586 $ 18 $ 866 $ 2,165 Depreciation and amortization $ 358 $ 227 $ 495 $ 10 $ — $ 1,090 Other income (expense): General and administrative (2,686 ) Interest income 265 Other income 79 Net loss $ (1,267 ) Net loss attributable to non-controlling interests — Net loss attributable to BREIT stockholders $ (1,267 )

Organization and Business Pur33

Organization and Business Purpose - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018USD ($)InvestmentPositionSegmentshares	Dec. 31, 2017shares
Organization and business activities.
Date of formation	Nov. 16, 2015
Common stock, shares authorized, amount | $	$ 5,000,000,000
Net proceeds from issuance of common stock | $	$ 2,300,000,000
Common stock, shares issued	227,489,044
Number of real estate investments | Investment	30
Number of reportable segments | Segment	5
Real Estate-Related Debt Securities [Member]
Organization and business activities.
Number of positions | Position	51
Class S Shares [Member]
Organization and business activities.
Common stock, shares issued	163,554,503	130,085,145
Class T Shares [Member]
Organization and business activities.
Common stock, shares issued	9,759,108	5,624,614
Class D Shares [Member]
Organization and business activities.
Common stock, shares issued	6,840,379	3,955,114
Class I Shares [Member]
Organization and business activities.
Common stock, shares issued	47,335,054	30,719,160
IPO [Member]
Organization and business activities.
Common stock, shares authorized, amount | $	$ 4,000,000,000
Distribution Reinvestment Plan [Member]
Organization and business activities.
Common stock, shares authorized, amount | $	$ 1,000,000,000

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	$ 1,100,000	$ 947,900
Liabilities excluding BREIT OP	725,600	645,500
Subscriptions received in advance	150,213	107,576
Investments in real estate-related securities	1,061,465	915,742
Level 2 [Member]
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	1,100,000	$ 915,700
Level 3 [Member]
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, and revolving credit facilities, repurchase agreements, and affiliate line of credit	$ 10,200

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments Schedule [Abstract]
Building and building improvements	$ 4,396,881	$ 2,815,348
Land and land improvements	1,006,925	574,253
Furniture, fixtures and equipment	67,779	64,080
Total	5,471,585	3,453,681
Accumulated depreciation	(80,911)	(47,126)
Investments in real estate, net	$ 5,390,674	$ 3,406,555

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018InvestmentProperty
Real Estate Properties [Line Items]
Number of real estate investments acquired | Investment	3
Number of real estate properties acquired	157
In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	5 years
Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	5 years
Below-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	5 years
Industrial [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	149
Residential [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired	8

Investments in Real Estate - 37

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Property
Real Estate Properties [Line Items]
Number of Properties	157
Purchase Price | $	$ 2,130,169
Industrial [Member]
Real Estate Properties [Line Items]
Number of Properties	149
Various [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Ownership Interest	90.00%
Number of Properties	8
Acquisition Date	Jan. 31, 2018
Purchase Price | $	$ 141,743
Various [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	146
Acquisition Date	Mar. 31, 2018
Purchase Price | $	$ 1,837,061
Aurora, IL [Member] | Industrial [Member] | Kraft Chicago Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	3
Acquisition Date	Jan. 31, 2018
Purchase Price | $	$ 151,365

Investments in Real Estate - 38

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) (Parenthetical) - Property	1 Months Ended
	Jan. 31, 2018	Nov. 30, 2017	Mar. 31, 2018
Real Estate Properties [Line Items]
Number of Properties			157
Industrial [Member]
Real Estate Properties [Line Items]
Number of Properties			149
Various [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Number of properties closed	8	12
Various [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Number of Properties			8
Various [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Number of Properties			146
Austin/San Antonio, Texas [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			49.00%
Dallas/Fort Worth, Texas [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			25.00%
Nashville, Tennessee [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			22.00%
Louisville, Kentucky [Member] | Residential [Member] | Aston Multifamily Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			4.00%
Chicago [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			18.00%
Dallas [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			13.00%
Baltimore/Washington, D.C. [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			12.00%
Los Angeles/Inland Empire [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			8.00%
South/Central Florida [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			7.00%
New Jersey [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			7.00%
Denver [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Percentage of leased property			6.00%

Investments in Real Estate - 39

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 1,576,790
Land and land improvements	432,087
Furniture, fixtures and equipment	1,920
In-place lease intangibles	129,400
Above-market lease intangibles	11,581
Below-market lease intangibles	(21,609)
Total purchase price	2,130,169
Assumed mortgage notes	67,140
Net purchase price	2,063,029
Canyon Industrial Portfolio [Member]
Real Estate Properties [Line Items]
Building and building improvements	1,362,764
Land and land improvements	376,762
In-place lease intangibles	109,031
Above-market lease intangibles	8,459
Below-market lease intangibles	(19,955)
Total purchase price	1,837,061
Net purchase price	1,837,061
All Other [Member]
Real Estate Properties [Line Items]
Building and building improvements	214,026
Land and land improvements	55,325
Furniture, fixtures and equipment	1,920
In-place lease intangibles	20,369
Above-market lease intangibles	3,122
Below-market lease intangibles	(1,654)
Total purchase price	293,108
Assumed mortgage notes	67,140
Net purchase price	$ 225,968

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Intangible assets:
Total intangible assets	$ 270,425	$ 159,916
Accumulated amortization:
Total accumulated amortization	(56,632)	(46,072)
Intangible assets, net	213,793	113,844
Intangible liabilities:
Below-market lease intangibles	36,529	14,920
Accumulated amortization	(3,053)	(1,764)
Intangible liabilities, net	33,476	13,156
In-place Lease Intangibles [Member]
Intangible assets:
Total intangible assets	230,761	131,833
Accumulated amortization:
Total accumulated amortization	(54,936)	(45,160)
Intangible assets, net	175,825
Below-market Ground Lease Intangibles [Member]
Intangible assets:
Total intangible assets	4,623	4,623
Accumulated amortization:
Total accumulated amortization	(103)	(85)
Intangible assets, net	4,520
Above-market Lease Intangibles [Member]
Intangible assets:
Total intangible assets	18,251	6,670
Accumulated amortization:
Total accumulated amortization	(1,266)	(600)
Intangible assets, net	16,985
Prepaid Ground Lease Rent [Member]
Intangible assets:
Total intangible assets	16,114	16,114
Accumulated amortization:
Total accumulated amortization	(208)	(151)
Other Intangible Assets
Intangible assets:
Total intangible assets	676	676
Accumulated amortization:
Total accumulated amortization	$ (119)	$ (76)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 213,793	$ 113,844
Below-market Lease Intangibles, 2018	(7,103)
Below-market Lease Intangibles, 2019	(8,007)
Below-market Lease Intangibles, 2020	(6,128)
Below-market Lease Intangibles, 2021	(4,389)
Below-market Lease Intangibles, 2022	(3,182)
Below-market Lease Intangibles, Thereafter	(4,667)
Below-market Lease Intangibles, Total	(33,476)	$ (13,156)
In-place Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2018 (remaining)	53,876
2,019	37,398
2,020	27,799
2,021	20,503
2,022	14,437
Thereafter	21,812
Intangible assets, net	175,825
Below-market Ground Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2018 (remaining)	59
2,019	79
2,020	79
2,021	79
2,022	79
Thereafter	4,145
Intangible assets, net	4,520
Above-market Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2018 (remaining)	3,469
2,019	4,088
2,020	3,156
2,021	2,563
2,022	1,992
Thereafter	1,717
Intangible assets, net	16,985
Prepaid Ground Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2018 (remaining)	171
2,019	227
2,020	227
2,021	227
2,022	227
Thereafter	14,827
Intangible assets, net	$ 15,906

Investments in Real Estate-Re42

Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)Position	Dec. 31, 2017USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	$ 660,478	$ 623,149
Fair Value	$ 1,061,465	$ 915,742
Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	51	37
Face Amount	$ 1,058,817	$ 913,903
Cost Basis	1,057,310	913,372
Fair Value	$ 1,061,465	$ 915,742
Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	6	3
Weighted Average Maturity Date	Feb. 6, 2026	Sep. 15, 2026
Face Amount	$ 31,814	$ 11,749
Cost Basis	31,814	11,749
Fair Value	$ 31,873	$ 11,737
Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	2.28%	2.50%
BB Credit Rating [Member] | Residential, Hospitality, Office, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	21
Weighted Average Maturity Date	Feb. 24, 2034
Face Amount	$ 484,163
Cost Basis	483,617
Fair Value	$ 485,254
BB Credit Rating [Member] | Hospitality, Office, Residential, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		15
Weighted Average Maturity Date		Feb. 1, 2033
Face Amount		$ 423,770
Cost Basis		423,658
Fair Value		$ 424,419
BB Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Residential, Hospitality, Office, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.05%
BB Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Residential, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon		3.21%
BBB Credit Rating [Member] | Hospitality, Office, Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	11
Weighted Average Maturity Date	Nov. 1, 2033
Face Amount	$ 151,778
Cost Basis	151,741
Fair Value	$ 152,423
BBB Credit Rating [Member] | Office, Hospitality, Residential, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		9
Weighted Average Maturity Date		Aug. 17, 2032
Face Amount		$ 194,013
Cost Basis		193,838
Fair Value		$ 194,549
BBB Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	2.19%
BBB Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Office, Hospitality, Residential, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon		2.28%
B Credit Rating [Member] | Hospitality, Office, Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		10
Weighted Average Maturity Date		Jun. 27, 2034
Face Amount		$ 284,371
Cost Basis		284,127
Fair Value		$ 285,037
B Credit Rating [Member] | Hospitality, Office, Residential, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	13
Weighted Average Maturity Date	Jun. 9, 2035
Face Amount	$ 391,062
Cost Basis	390,138
Fair Value	$ 391,915
B Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Residential [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon		4.05%
B Credit Rating [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Residential, Retail [Member] | Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.76%

Investments in Real Estate-Re43

Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Commercial Mortgage Backed Securities [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investment interest rate	2.30%	1.70%

Investments in Real Estate-Re44

Investments in Real Estate-Related Securities - Schedule of Company's Affiliate CMBS Positions (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	$ 660,478		$ 623,149
Interest Income	7,710	$ 25
Commercial Mortgage Backed Securities Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	596,945		559,616
Interest Income	7,024	$ 25
Commercial Mortgage Backed Securities Collateralized by Loan Originated by Blackstone-advised Investment Vehicle [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	63,533		$ 63,533
Interest Income	$ 686

Investments in Real Estate-Re45

Investments in Real Estate-Related Securities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018USD ($)Investment	Mar. 31, 2017USD ($)
Investment [Line Items]
Realized gain (loss) on CMBS investment paid off	$ 13,235,000	$ 866,000
Unrealized gain on investments in real estate related securities	1,800,000	700,000
Securities sold	$ 0	$ 0
Commercial Mortgage Backed Securities Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Investment [Line Items]
Number of investments paid off | Investment	3
Cost of trading securities paid off	$ 115,600,000
Realized gain (loss) on CMBS investment paid off	$ 0

Mortgage Notes, Term Loans, a46

Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company's Properties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.03%
Principal Balance Outstanding	$ 3,678,486,000	$ 2,125,825,000
Deferred financing costs, net	(25,583,000)	(16,075,000)
Premium on assumed debt, net	1,494,000	1,541,000
Mortgage notes, term loans, and revolving credit facilities, net	3,654,397,000	2,111,291,000
Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	2,920,955,000	1,468,294,000
Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 757,531,000	$ 657,531,000
Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jul. 5, 2024
Weighted Average [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.06%
Weighted Average Maturity Date	Feb. 22, 2025
Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.95%
Weighted Average Maturity Date	Jan. 23, 2022
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.90%	1.60%
Mortgage Notes [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 2,720,955,000	$ 1,468,294,000
Mortgage Notes [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 63,600,000	63,600,000
Mortgage Notes [Member] | Weighted Average [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.92%
Weighted Average Maturity Date	Feb. 19, 2025
Mortgage Notes [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	May 9, 2022
Mortgage Notes [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.18%
Canyon Industrial Portfolio [Member] | Mezzanine Loan [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.85%
Principal Balance Outstanding	$ 200,000,000
Canyon Industrial Portfolio [Member] | Mezzanine Loan [Member] | Weighted Average [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Apr. 5, 2025
BAML Industrial Properties [Member] | Term Loan [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 236,000,000	186,000,000
BAML Industrial Properties [Member] | Term Loan [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 1, 2022
BAML Industrial Properties [Member] | Term Loan [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.00%
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 236,000,000
Principal Balance Outstanding	$ 236,000,000	186,000,000
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 1, 2022
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.00%
Citi Industrial Properties | Revolving Credit Facility [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 300,000,000
Principal Balance Outstanding	$ 178,831,000	178,831,000
Citi Industrial Properties | Revolving Credit Facility [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Oct. 26, 2020
Citi Industrial Properties | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.25%
Capital One Industrial Properties [Member] | Term Loan [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 22,500,000	22,500,000
Capital One Industrial Properties [Member] | Term Loan [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Dec. 12, 2022
Capital One Industrial Properties [Member] | Term Loan [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 20,600,000
Principal Balance Outstanding	$ 20,600,000	$ 20,600,000
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Dec. 12, 2022
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%

Mortgage Notes, Term Loans, a47

Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company's Properties (Parenthetical) (Details)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt instrument, Interest rate	4.03%
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, Interest rate	1.90%	1.60%

Mortgage Notes, Term Loans, a48

Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018 (remaining)	$ 1,911
2,019	16,921
2,020	196,665
2,021	5,029
2,022	588,168
Thereafter	2,869,792
Total	$ 3,678,486	$ 2,125,825

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Banking And Thrift [Abstract]
Additional financing capacity secured by investments in real estate-related securities	$ 1,061,465	$ 915,742

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Collateral Assets(3)	$ 1,061,465	$ 915,742
Outstanding Balance	$ 810,278	$ 682,848
Citi MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Sep. 6, 2018	Aug. 23, 2018
Security Interests	CMBS	CMBS
Collateral Assets(3)	$ 620,122	$ 694,808
Outstanding Balance	$ 458,335	$ 512,975
Prepayment Provisions	None	None
Citi MRA [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.57%	1.57%
RBC MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Nov. 3, 2018	Nov. 24, 2018
Security Interests	CMBS	CMBS
Collateral Assets(3)	$ 415,098	$ 194,918
Outstanding Balance	$ 331,123	$ 150,238
Prepayment Provisions	None	None
RBC MRA [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.46%	1.54%
BAML MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	May 9, 2018	Feb. 9, 2018
Security Interests	CMBS	CMBS
Collateral Assets(3)	$ 26,245	$ 26,016
Outstanding Balance	$ 20,820	$ 19,635
Prepayment Provisions	None	None
BAML MRA [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.12%	1.16%

Repurchase Agreements - Summa51

Repurchase Agreements - Summary of Repurchase Agreements (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Investment interest rate	1.90%	1.60%
Three-Month LIBOR [Member]
Debt Instrument [Line Items]
Investment interest rate	2.30%	1.70%

Other Assets and Other Liabil52

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Real estate intangibles, net	$ 213,793	$ 113,844
Receivables	17,015	7,386
Prepaid expenses	8,566	3,267
Pre-acquisition costs	6,335	6,588
Deferred financing costs, net	5,454	5,248
Straight-line rent receivable	3,134	2,045
Deferred leasing commissions, net	1,384	1,193
Other	4,388	5,711
Total	$ 260,069	$ 145,282

Other Assets and Other Liabil53

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables And Accruals [Abstract]
Subscriptions received in advance	$ 150,213	$ 107,576
Intangible liabilities, net	33,476	13,156
Accounts payable and accrued expenses	20,876	13,202
Real estate taxes payable	25,989	13,169
Tenant security deposits	14,477	8,107
Prepaid rental income	13,700	5,381
Distribution payable	10,782	7,716
Accrued interest expense	9,448	8,072
Other	23,558	6,456
Total	$ 302,519	$ 182,835

Equity and Redeemable Non-con54

Equity and Redeemable Non-controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Equity [Line Items]
Common stock, shares issued		227,489,044
Net proceeds from issuance of common stock		$ 2,300,000
Common stock repurchased		216,000
Common stock repurchased, value		$ 2,296
Recognized liabilities for Performance Participation expense		7,873	$ 0	$ 17,000
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest		$ 883
Special Limited Partner [Member]
Equity [Line Items]
Stock issued as payment for services	1,600,000
Share Repurchase Plan [Member]
Equity [Line Items]
Common stock repurchased		216,087
Common stock repurchased, value		$ 2,300

Equity and Redeemable Non-con55

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Detail)	3 Months Ended
	Mar. 31, 2018shares
Class of Stock [Line Items]
Beginning balance	170,384,000
Common stock issued	55,767,000
Distribution reinvestment	1,554,000
Common stock repurchased	(216,000)
Ending balance	227,489,000
Class S Shares [Member]
Class of Stock [Line Items]
Beginning balance	130,085,145
Common stock issued	32,511,000
Distribution reinvestment	1,104,000
Common stock repurchased	(145,000)
Ending balance	163,554,503
Class T Shares [Member]
Class of Stock [Line Items]
Beginning balance	5,624,614
Common stock issued	4,089,000
Distribution reinvestment	46,000
Common stock repurchased	(1,000)
Ending balance	9,759,108
Class D Shares [Member]
Class of Stock [Line Items]
Beginning balance	3,955,114
Common stock issued	2,843,000
Distribution reinvestment	42,000
Ending balance	6,840,379
Class I Shares [Member]
Class of Stock [Line Items]
Beginning balance	30,719,160
Common stock issued	16,324,000
Distribution reinvestment	362,000
Common stock repurchased	(70,000)
Ending balance	47,335,054

Equity and Redeemable Non-con56

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.16	$ 0.04
Class S Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1552
Stockholder servicing fee per share of common stock	(0.0223)
Net distributions declared per share of common stock	0.1329
Class T Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1552
Stockholder servicing fee per share of common stock	(0.0220)
Net distributions declared per share of common stock	0.1332
Class D Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1552
Stockholder servicing fee per share of common stock	(0.0065)
Net distributions declared per share of common stock	0.1487
Class I Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1552
Net distributions declared per share of common stock	$ 0.1552

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jan. 01, 2018shares	Apr. 30, 2018shares	Mar. 31, 2018USD ($)Investmentshares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Total components due to affiliates			$ 153,170,000		$ 133,071,000
Management fee			6,969,000	$ 0
Recognized liabilities for Performance Participation expense			$ 7,873,000	$ 0	17,000,000
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]
Stock issued as payment for services | shares	1,600,000
LNLS [Member]
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investment			$ 200,000
Number of Investments with Capitalized Costs | Investment			1
Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			$ 0
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			130,944,000		102,076,000
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			9,652,000		10,160,000
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			1,019,000		472,000
Accrued Management Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			2,569,000		$ 1,904,000
Accrued Management Fee [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Total components due to affiliates			$ 2,600,000
Management Fee [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares			413,466
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares		240,867

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total components due to affiliates	$ 153,170	$ 133,071
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	130,944	102,076
Performance Participation Allocation [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	7,873	16,974
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	9,652	10,160
Accrued Management Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	2,569	1,904
Accrued Affiliate Service Provider Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	1,113	1,485
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,019	$ 472

Related Party Transactions - 59

Related Party Transactions - Summary of Components of Due to Affiliates (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 153,170	$ 133,071
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Due to affiliates	130,944	$ 102,076
Accrued Stockholder Servicing Fee [Member] | Class S Shares, Class D Shares and Class T Shares [Member]
Related Party Transaction [Line Items]
Due to affiliates	$ 130,900
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%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Expenses Incurred and Capitalized Transaction Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 1,935	$ 15
Capitalized Transaction Support Fees	179
LivCor LLC [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	1,143
Gateway Industrial Properties L.L.C [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	405
Capitalized Transaction Support Fees	179
ShopCore Properties TRS Management LLC [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	240
BRE Hotels And Resorts LLC [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 147	5
Equity Office Management, L.L.C [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses		$ 10

Five Year Minimum Rental Paym61

Five Year Minimum Rental Payments - Schedule of Future Minimum Rental Income (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Leases [Abstract]
2018 (remaining)	$ 114,781
2,019	144,139
2,020	126,244
2,021	105,184
2,022	83,726
Thereafter	179,433
Total	$ 753,507

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 6,945,876	$ 4,625,308
Residential [Member]
Segment Reporting Information [Line Items]
Total assets	2,674,960	2,567,735
Industrial [Member]
Segment Reporting Information [Line Items]
Total assets	2,657,117	636,900
Hotel [Member]
Segment Reporting Information [Line Items]
Total assets	280,068	281,242
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	101,846	103,138
Real Estate-Related Securities [Member]
Segment Reporting Information [Line Items]
Total assets	1,070,962	918,975
Other (Corporate) [Member]
Segment Reporting Information [Line Items]
Total assets	$ 160,923	$ 117,318

Segment Reporting - Summary o64

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Rental revenue	$ 78,513	$ 898
Tenant reimbursement income	9,048	67
Hotel revenue	17,821	1,426
Other revenue	4,302	53
Total revenues	109,684	2,444
Expenses:
Rental property operating	38,618	305
Hotel operating	11,614	840
Total segment expenses	50,232	1,145
Income from real estate-related securities	13,235	866
Segment net operating income	72,687	2,165
Depreciation and amortization	74,124	1,090
Other income (expense):
General and administrative	(2,045)	(2,686)
Management fee	(6,969)	0
Performance participation allocation	(7,873)	0	$ (17,000)
Interest income	77	265
Interest expense	(31,391)
Other income		79
Net loss	(49,638)	(1,267)
Net loss attributable to non-controlling interests	2,090
Net loss attributable to BREIT stockholders	(47,548)	(1,267)
Residential [Member]
Revenues:
Rental revenue	57,783	520
Tenant reimbursement income	2,960	25
Other revenue	4,237	53
Total revenues	64,980	598
Expenses:
Rental property operating	30,620	218
Total segment expenses	30,620	218
Segment net operating income	34,360	380
Depreciation and amortization	55,873	358
Industrial [Member]
Revenues:
Rental revenue	18,945	359
Tenant reimbursement income	5,656	42
Other revenue	38
Total revenues	24,639	401
Expenses:
Rental property operating	7,185	86
Total segment expenses	7,185	86
Segment net operating income	17,454	315
Depreciation and amortization	13,998	227
Hotel [Member]
Revenues:
Hotel revenue	17,821	1,426
Other revenue	8
Total revenues	17,829	1,426
Expenses:
Hotel operating	11,614	840
Total segment expenses	11,614	840
Segment net operating income	6,215	586
Depreciation and amortization	3,210	495
Retail [Member]
Revenues:
Rental revenue	1,785	19
Tenant reimbursement income	432
Other revenue	19
Total revenues	2,236	19
Expenses:
Rental property operating	813	1
Total segment expenses	813	1
Segment net operating income	1,423	18
Depreciation and amortization	1,043	10
Real Estate-Related Securities [Member]
Expenses:
Income from real estate-related securities	13,235	866
Segment net operating income	$ 13,235	$ 866

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	May 11, 2018USD ($)shares	Apr. 01, 2018USD ($)Transaction	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2017shares
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs | $			$ 2,029,571	$ 159,842
Purchase of real estate-related debt securities | $			$ 259,553	132,396
Common stock, shares issued			227,489,044
Proceeds from issuance of common stock | $			$ 479,821	$ 482,761
Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued			163,554,503		130,085,145
Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued			47,335,054		30,719,160
Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued			6,840,379		3,955,114
Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued			9,759,108		5,624,614
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs | $		$ 321,200
Number of separate transaction in real estate acquisition | Transaction		3
Common stock, shares issued	271,629,863
Proceeds from issuance of common stock | $	$ 2,800,000
Subsequent Event [Member] | Class S Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	189,759,390
Subsequent Event [Member] | Class I Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	59,217,575
Subsequent Event [Member] | Class D Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	9,402,143
Subsequent Event [Member] | Class T Shares [Member]
Subsequent Event [Line Items]
Common stock, shares issued	13,250,755
Subsequent Event [Member] | Real Estate-Related Debt Securities [Member]
Subsequent Event [Line Items]
Purchase of real estate-related debt securities | $		$ 213,100