Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 13, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BLACKSTONE REAL ESTATE INCOME TRUST, INC. | |
Entity Central Index Key | 1,662,972 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Class S Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 264,325,644 | |
Class I Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 101,121,737 | |
Class D Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,458,057 | |
Class T Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,737,694 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Investments in real estate, net | $ 9,040,454 | $ 3,406,555 |
Investments in real estate-related securities | 2,029,334 | 915,742 |
Cash and cash equivalents | 75,529 | 31,166 |
Restricted cash | 223,368 | 126,563 |
Other assets | 358,489 | 145,282 |
Total assets | 11,727,174 | 4,625,308 |
Liabilities and Equity | ||
Mortgage notes, term loans, and revolving credit facilities, net | 6,170,104 | 2,111,291 |
Repurchase agreements | 1,541,715 | 682,848 |
Affiliate line of credit | 5,374 | |
Due to affiliates | 248,261 | 133,071 |
Accounts payable, accrued expenses, and other liabilities | 446,323 | 182,835 |
Total liabilities | 8,406,403 | 3,115,419 |
Commitments and contingencies | ||
Redeemable non-controlling interest | 9,258 | 250 |
Equity | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares issued and outstanding as of September 30, 2018 and December 31, 2017 | ||
Additional paid-in capital | 3,600,257 | 1,616,720 |
Accumulated deficit and cumulative distributions | (403,211) | (132,633) |
Total stockholders' equity | 3,200,724 | 1,485,791 |
Non-controlling interests | 110,789 | 23,848 |
Total equity | 3,311,513 | 1,509,639 |
Total liabilities and equity | 11,727,174 | 4,625,308 |
Class S Shares [Member] | ||
Equity | ||
Common stock value | 2,373 | 1,301 |
Class T Shares [Member] | ||
Equity | ||
Common stock value | 192 | 56 |
Class D Shares [Member] | ||
Equity | ||
Common stock value | 242 | 40 |
Class I Shares [Member] | ||
Equity | ||
Common stock value | $ 871 | $ 307 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 outstanding | 367,751,000 | 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 | 237,262,632 | 130,085,145 |
Common stock, shares outstanding | 237,262,632 | 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 | 19,227,318 | 5,624,614 |
Common stock, shares outstanding | 19,227,318 | 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 | 24,178,629 | 3,955,114 |
Common stock, shares outstanding | 24,178,629 | 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 | 87,082,488 | 30,719,160 |
Common stock, shares outstanding | 87,082,488 | 30,719,160 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Total revenues | $ 200,162 | $ 48,904 | $ 462,072 | $ 79,687 |
Expenses | ||||
Operating expenses | 90,605 | 22,606 | 205,811 | 35,249 |
General and administrative | 3,027 | 1,716 | 7,973 | 5,969 |
Management fee | 11,823 | 3,712 | 28,073 | 3,712 |
Performance participation allocation | 12,447 | 5,711 | 29,796 | 10,952 |
Depreciation and amortization | 103,758 | 40,359 | 262,708 | 65,145 |
Total expenses | 221,660 | 74,104 | 534,361 | 121,027 |
Other income (expense) | ||||
Income from real estate-related securities | 28,647 | 4,026 | 59,279 | 7,435 |
Interest income | 82 | 36 | 280 | 418 |
Interest expense | (65,711) | (10,866) | (146,943) | (16,413) |
Other income (expense) | (283) | 157 | (672) | 85 |
Total other income (expense) | (37,265) | (6,647) | (88,056) | (8,475) |
Net loss | (58,763) | (31,847) | (160,345) | (49,815) |
Net loss attributable to non-controlling interests | 1,096 | 122 | 4,648 | 122 |
Net loss attributable to BREIT stockholders | $ (57,667) | $ (31,725) | $ (155,697) | $ (49,693) |
Net loss per share of common stock — basic and diluted | $ (0.17) | $ (0.28) | $ (0.57) | $ (0.66) |
Weighted-average shares of common stock outstanding, basic and diluted | 342,351,542 | 112,585,463 | 274,226,898 | 75,771,929 |
Rental [Member] | ||||
Revenues | ||||
Total revenues | $ 134,567 | $ 33,599 | $ 323,334 | $ 55,727 |
Expenses | ||||
Operating expenses | 63,783 | 15,938 | 153,853 | 25,632 |
Tenant Reimbursement Income [Member] | ||||
Revenues | ||||
Total revenues | 18,271 | 3,230 | 42,879 | 5,503 |
Hotel [Member] | ||||
Revenues | ||||
Total revenues | 40,000 | 9,874 | 79,017 | 15,048 |
Expenses | ||||
Operating expenses | 26,822 | 6,668 | 51,958 | 9,617 |
Other Revenue [Member] | ||||
Revenues | ||||
Total revenues | $ 7,324 | $ 2,201 | $ 16,842 | $ 3,409 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements 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 | 1,264,053 | $ 978 | $ 22 | $ 12 | $ 230 | 1,262,811 | 1,264,053 | ||
Offering costs | (98,938) | (98,938) | (98,938) | ||||||
Distribution reinvestment | 13,494 | 10 | 3 | 13,481 | 13,494 | ||||
Common stock repurchased | (187) | (187) | (187) | ||||||
Amortization of restricted stock grants | 77 | 77 | 77 | ||||||
Net loss | (49,815) | (49,693) | (49,693) | $ (122) | |||||
Distributions declared on common stock | (25,321) | (25,321) | (25,321) | ||||||
Contributions from non-controlling interests | 8,978 | 8,978 | |||||||
Ending Balance at Sep. 30, 2017 | 1,112,426 | 988 | 22 | 12 | 233 | 1,177,444 | (75,129) | 1,103,570 | 8,856 |
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 | 2,082,218 | 1,045 | 134 | 201 | 560 | 2,080,278 | 2,082,218 | ||
Offering costs | (131,288) | (131,288) | (131,288) | ||||||
Distribution reinvestment | 66,898 | 42 | 2 | 3 | 15 | 66,836 | 66,898 | ||
Common stock repurchased | (30,603) | (15) | (2) | (11) | (30,575) | (30,603) | |||
Amortization of restricted stock grants | 112 | 112 | 112 | ||||||
Net loss | (160,345) | ||||||||
Net loss ($786 allocated to redeemable non-controlling interest) | (159,559) | (155,697) | (155,697) | (3,862) | |||||
Distributions declared on common stock | (114,881) | (114,881) | (114,881) | ||||||
Contributions from non-controlling interests | 80,216 | 80,216 | |||||||
Acquired non-controlling interests | 12,802 | 12,802 | |||||||
Distributions to non-controlling interests | (2,215) | (2,215) | |||||||
Allocation to redeemable non-controlling interests | (1,826) | (1,826) | (1,826) | ||||||
Ending Balance at Sep. 30, 2018 | $ 3,311,513 | $ 2,373 | $ 192 | $ 242 | $ 871 | $ 3,600,257 | $ (403,211) | $ 3,200,724 | $ 110,789 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Net Loss allocated to redeemable non-controlling interest | $ 786 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||
Net loss | $ (58,763) | $ (31,847) | $ (160,345) | $ (49,815) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Management fee | 11,823 | 3,712 | 28,073 | 3,712 | |
Performance participation allocation | 12,447 | 5,711 | 29,796 | 10,952 | $ 17,000 |
Performance participation allocation | 10,952 | ||||
Depreciation and amortization | 103,758 | 40,359 | 262,708 | 65,145 | |
Unrealized gain on changes in fair value of financial instruments | (8,761) | (993) | |||
Other items | (880) | (20) | |||
Change in assets and liabilities: | |||||
(Increase) / decrease in other assets | (53,117) | (10,824) | |||
Increase / (decrease) in due to affiliates | 234 | 3,859 | |||
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities | 81,340 | 22,244 | |||
Net cash provided by operating activities | 179,048 | 44,260 | |||
Cash flows from investing activities: | |||||
Acquisitions of real estate | (5,693,880) | (2,245,885) | |||
Capital improvements to real estate | (59,071) | (3,290) | |||
Pre-acquisition costs | (9,201) | ||||
Purchase of real estate-related securities | (1,227,708) | (660,151) | |||
Proceeds from settlement of real estate-related securities | 124,396 | 16,596 | |||
Net cash used in investing activities | (6,856,263) | (2,901,931) | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock | 1,948,928 | 1,264,053 | |||
Offering costs paid | (31,316) | (15,388) | |||
Subscriptions received in advance | 180,425 | 98,435 | |||
Repurchase of common stock | (19,259) | (187) | |||
Redemption of redeemable non-controlling interest | (8,400) | 0 | |||
Borrowings from mortgage notes, term loans, and revolving credit facilities | 5,632,422 | 1,055,913 | |||
Repayments from mortgage notes, term loans, and revolving credit facilities | (1,737,931) | 0 | |||
Borrowings under repurchase agreements | 954,892 | 491,026 | |||
Settlement of repurchase agreements | (96,025) | (12,571) | |||
Borrowings from affiliate line of credit | 1,135,900 | 617,650 | |||
Repayments on affiliate line of credit | (1,141,150) | (495,150) | |||
Payment of deferred financing costs | (39,468) | (12,384) | |||
Contributions from non-controlling interests | 80,216 | 8,978 | |||
Distributions to non-controlling interests | (2,776) | 0 | |||
Distributions | (38,075) | (6,203) | |||
Net cash provided by financing activities | 6,818,383 | 2,994,172 | |||
Net change in cash and cash equivalents and restricted cash | 141,168 | 136,501 | |||
Cash and cash equivalents and restricted cash, beginning of period | 157,729 | 200 | 200 | ||
Cash and cash equivalents and restricted cash, end of period | 298,897 | 136,701 | 298,897 | 136,701 | 157,729 |
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets: | |||||
Cash and cash equivalents | 75,529 | 30,820 | 75,529 | 30,820 | 31,166 |
Restricted cash | 223,368 | 105,881 | 223,368 | 105,881 | 126,563 |
Cash and cash equivalents and restricted cash, end of period | $ 298,897 | $ 136,701 | 298,897 | 136,701 | $ 157,729 |
Non-cash investing and financing activities: | |||||
Assumption of mortgage notes in conjunction with acquisitions of real estate | 197,290 | 107,369 | |||
Assumption of other liabilities in conjunction with acquisitions of real estate | 51,094 | 17,093 | |||
Acquired non-controlling interests | 12,802 | 0 | |||
Accrued capital expenditures and acquisition related costs | 3,985 | 314 | |||
Accrued pre-acquisition costs | 61 | 905 | |||
Accrued distributions | 9,952 | 5,624 | |||
Accrued stockholder servicing fee due to affiliate | 101,124 | 75,998 | |||
Accrued offering costs due to affiliate | 7,552 | ||||
Redeemable non-controlling interest issued as settlement of performance participation allocation | 16,974 | 0 | |||
Allocation to redeemable non-controlling interest | 1,826 | 0 | |||
Distribution reinvestment | 66,899 | 13,494 | |||
Accrued common stock repurchases | $ 11,344 | $ 152 |
Organization and Business Purpo
Organization and Business Purpose | 9 Months Ended |
Sep. 30, 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 September 30, 2018, the Company had received net proceeds of $3.8 billion from selling an aggregate of 367,532,939 shares of the Company’s common stock (consisting of 238,809,136 Class S shares, 19,250,630 Class T shares, 24,293,198 Class D shares, and 85,179,975 Class I shares). The Company intends to continue selling shares on a monthly basis. As of September 30, 2018, the Company owned 49 investments in real estate and had 93 positions in real estate-related securities. The Company currently operates in five reportable segments: Multifamily, Industrial, Hotel, and Retail Properties, and Real Estate-Related Securities. Multifamily includes various forms of rental housing including apartments, student housing and manufactured housing. Financial results by segment are reported in Note 13 — Segment Reporting. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed 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 condensed 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 condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed 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 condensed 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 condensed 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 September 30, 2018, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $2.7 billion and $1.9 billion, respectively, compared to $947.9 million and $645.5 million as of December 31, 2017. Such amounts are included on the Company’s Condensed 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 September 30, 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 September 30, 2018 and December 31, 2017, the Company’s $2.0 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 September 30, 2018, the Company’s investments in real estate-related securities consisted of commercial mortgage-backed securities (“CMBS”), which are mortgage-related fixed income securities and corporate debt of real estate-related companies (together with CMBS, “Real Estate-Related Securities”). The Company generally determines the fair value of its Real Estate-Related Securities 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 securities such as Real Estate-Related Securities generally 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 September 30, 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 $25.2 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 rates 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 the pronouncement did not have a material impact on the Company’s condensed 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 July 2018, the FASB issued ASU 2018-11 which 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. Under the new leasing standard, lessor accounting remains substantially the same as current GAAP. As such, the Company does not anticipate a material impact to its condensed consolidated financial statements from a lessor standpoint. 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. As of September 30, 2018, the undiscounted future minimum lease payments due under the Company’s long-term ground leases totaled $467.1 million. The Company is currently evaluating any further potential impact of this pronouncement on the Company’s condensed consolidated financial statements from a lessee standpoint. |
Investments in Real Estate
Investments in Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Investments in Real Estate | 3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2018 December 31, 2017 Building and building improvements $ 7,329,190 $ 2,815,348 Land and land improvements 1,738,731 574,253 Furniture, fixtures and equipment 164,618 64,080 Total 9,232,539 3,453,681 Accumulated depreciation (192,085 ) (47,126 ) Investments in real estate, net $ 9,040,454 $ 3,406,555 During the nine months ended September 30, 2018, the Company acquired interests in 23 real estate investments, which were comprised of 155 industrial, 70 multifamily, 10 hotel and one retail property. The following table provides further details of the properties acquired during the nine months ended September 30, 2018 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Segment Acquisition Date Purchase Price (2) Aston Multifamily Portfolio (3) 90% 8 Various (4) Multifamily Jan. 2018 $ 141,743 Kraft Chicago Industrial Portfolio 100% 3 Aurora, IL Industrial Jan. 2018 151,365 Canyon Industrial Portfolio 100% 146 Various (5) Industrial Mar. 2018 1,837,213 The Boulevard 100% 1 Phoenix, AZ Multifamily April 2018 48,392 Highroads MH 99% 3 Phoenix, AZ Multifamily April 2018 18,637 Blue Hills Multifamily 100% 1 Boston, MA Multifamily May 2018 131,747 Wave Multifamily Portfolio 100% 6 Various (6) Multifamily May 2018 423,135 ACG III Multifamily 95% 2 Gresham, OR & Turlock, CA Multifamily May 2018 96,182 Carroll Florida Multifamily 100% 2 Jacksonville & Orlando, FL Multifamily May 2018 116,832 HP Cold Storage Industrial Portfolio 100% 6 Various (7) Industrial May 2018 253,082 Henderson Select-Service 2-Pack 100% 2 Henderson, NV Hotel May 2018 36,260 Orlando Select-Service 2-Pack 100% 2 Orlando, FL Hotel May 2018 48,862 Solis at Flamingo 95% 1 Las Vegas, NV Multifamily June 2018 72,560 Evergreen Minari MH 99% 2 Phoenix, AZ Multifamily June 2018 8,614 Southwest MH 99% 14 Various (8) Multifamily June 2018 176,194 Velaire at Aspera 100% 1 Phoenix, AZ Multifamily July 2018 64,573 Hidden Springs MH 99% 1 Desert Hot Springs, CA Multifamily July 2018 17,122 SVPAC MH 99% 2 Phoenix, AZ Multifamily July 2018 14,278 Coyote Multifamily Portfolio 100% 6 Phoenix, AZ Multifamily Aug. 2018 311,813 Corporex Select Service Portfolio 100% 5 Various (9) Hotel Aug. 2018 117,869 JW Marriott San Antonio Hill Country Resort 100% 1 San Antonio, TX Hotel Aug. 2018 604,323 Vista Center 100% 1 Miami, FL Retail Aug. 2018 34,738 EdR Student Housing Portfolio 95% 20 Various (10) Multifamily Sept. 2018 1,230,857 236 $ 5,956,391 (1) Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests. (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: Dallas/Fort Worth, TX (48% of units), Austin/San Antonio, TX (35%), Louisville, KY (9%), and Nashville, TN (8%). (5) The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago, IL (19% of sq. ft.), Dallas, TX (15%), Indianapolis, IN (11%), Baltimore/Washington, D.C. (9%), and Columbus, OH (7%). (6) The Wave Multifamily Portfolio is located in five markets: Sacramento, CA (28% of units), Las Vegas, NV (22%), Greater Seattle, WA (29%), Spokane, WA (14%), and Portland, OR (7%). (7) The HP Cold Storage Industrial Portfolio is located in four markets: Stockton, CA (52% of sq. ft.), Atlanta, GA (24%), Baltimore, MD (18%), and Austin, TX (6%). (8) Southwest MH is located in three markets: Phoenix, AZ (86% of sites), San Diego, CA (11%), and Palm Desert, CA (3%). (9) The Corporex Select Service Portfolio is located in five markets: Phoenix, AZ (24% of keys), Reno, NV (23%), Salt Lake City, UT (20%), Sonoma, CA (17%), and Tampa, FL (16%). (10) The EdR Student Housing Portfolio consists of 10,610 beds primarily concentrated at Penn State University (15% of beds), University of Arizona (10%), University of Virginia (8%), Arizona State University (8%) and Virginia Tech (8%). The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2018 ($ in thousands): Canyon Industrial Portfolio EdR Student Housing Portfolio JW Marriott San Antonio Hill Country Resort Wave Multifamily Portfolio All Other Total Building $ 1,362,916 $ 1,034,732 $ 474,529 $ 323,954 $ 1,270,880 $ 4,467,011 Land and land improvements 376,762 138,249 84,218 82,686 480,079 1,161,994 Furniture, fixtures and equipment — 11,072 39,979 5,252 31,745 88,048 In-place lease intangibles 109,031 51,583 597 11,243 87,257 259,711 Above-market lease intangibles 8,459 — — — 3,465 11,924 Below-market lease intangibles (19,955 ) (122 ) — — (13,044 ) (33,121 ) Above-market — (4,657 ) — — — (4,657 ) Other — — 5,000 — 481 5,481 Total purchase price 1,837,213 1,230,857 604,323 423,135 1,860,863 5,956,391 Assumed mortgage notes (1) — 46,070 — — 151,220 197,290 Non-controlling interest — 12,802 — — — 12,802 Net purchase price $ 1,837,213 $ 1,171,985 $ 604,323 $ 423,135 $ 1,709,643 $ 5,746,299 (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, below-market lease intangibles and above-market ground lease intangibles of the properties acquired during the nine months ended September 30, 2018 were three, five, seven and 86 years, respectively. |
Intangibles
Intangibles | 9 Months Ended |
Sep. 30, 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): September 30, 2018 December 31, 2017 Intangible assets: In-place lease intangibles $ 303,410 $ 131,833 Below-market ground lease intangibles 4,623 4,623 Above-market lease intangibles 18,541 6,670 Prepaid ground lease rent 16,114 16,114 Other 5,676 676 Total intangible assets 348,364 159,916 Accumulated amortization: In-place lease amortization (74,130 ) (45,160 ) Below-market ground lease amortization (142 ) (85 ) Above-market lease amortization (3,627 ) (600 ) Prepaid ground lease rent amortization (321 ) (151 ) Other (203 ) (76 ) Total accumulated amortization (78,423 ) (46,072 ) Intangible assets, net $ 269,941 $ 113,844 Intangible liabilities: Below-market lease intangibles $ 47,911 $ 14,920 Above-market ground lease intangibles 4,657 — Total intangible liabilities 52,568 14,920 Accumulated amortization: Below-market lease amortization (8,219 ) (1,764 ) Above-market ground lease amortization (2 ) — Total accumulated amortization (8,221 ) (1,764 ) Intangible liabilities, net $ 44,347 $ 13,156 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 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 Above-market Ground Lease Intangibles 2018 (remaining) $ 56,077 $ 20 $ 1,143 $ 57 $ (2,562 ) $ (14 ) 2019 68,165 79 4,160 227 (9,235 ) (54 ) 2020 33,156 79 3,223 227 (7,353 ) (54 ) 2021 25,390 79 2,631 227 (5,602 ) (54 ) 2022 18,615 79 2,024 227 (4,396 ) (54 ) Thereafter 27,877 4,145 1,733 14,828 (10,544 ) (4,425 ) $ 229,280 $ 4,481 $ 14,914 $ 15,793 $ (39,692 ) $ (4,655 ) |
Investments in Real Estate-Rela
Investments in Real Estate-Related Securities | 9 Months Ended |
Sep. 30, 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 Securities, which were exclusively CMBS with the exception of one corporate bond position ($ in thousands): September 30, 2018 Number of Positions Credit Rating (1) Collateral (2) Weighted Average Coupon (3) Weighted Average Maturity Date (4) Face Amount Cost Basis Fair Value 38 BB (5) Hospitality, Office, Multifamily, Retail L+2.70% 9/11/2024 $ 949,082 $ 947,436 $ 953,583 20 B Hospitality, Office, Multifamily, Retail L+3.57% 9/16/2024 494,296 493,032 496,036 24 BBB Hospitality, Office, Multifamily, Industrial, Retail L+2.15% 10/7/2024 486,858 486,362 488,141 9 (6) Other Multifamily, Hospitality L+1.22% 5/27/2026 138,127 83,925 84,127 2 (7) Other Multifamily N/A 5/25/2028 N/A 7,448 7,447 93 $ 2,068,363 $ 2,018,203 $ 2,029,334 December 31, 2017 Number of Positions Credit Rating (1) Collateral (2) Weighted Average Coupon (3) Weighted Average Maturity Date (4) Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Multifamily, Retail L+3.21% 12/18/2022 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Multifamily L+4.05% 1/27/2024 284,371 284,127 285,037 9 BBB Hospitality, Office, Multifamily, Industrial, Retail L+2.28% 5/11/2022 194,013 193,838 194,549 3 Other Multifamily 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 September 30, 2018 and December 31, 2017, were either not ratable or have not been submitted to rating agencies. (2) Multifamily Real Estate-Related Securities are collateralized by various forms of rental housing including single-family homes and apartments. (3) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of September 30, 2018 and December 31, 2017, one-month LIBOR was equal to 2.3% and 1.6%, respectively. (4) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. (5) Includes one corporate bond position with a fair value of $54.0 million. (6) Includes one zero coupon position. Excluding the zero coupon position, the weighted average coupon was L+2.20%. (7) Includes two interest-only positions with a total notional amount of $1.2 billion. The Company’s investments in Real Estate-Related Securities included CMBS collateralized by properties owned by Blackstone-advised investment vehicles and CMBS collateralized by loans originated or acquired by a Blackstone-advised investment vehicle. The following table details the Company’s affiliate CMBS positions ($ in thousands): Cost Basis Interest Income September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 2018 2017 CMBS collateralized by properties $ 847,605 $ 559,616 $ 10,617 $ 2,486 $ 26,412 $ 3,673 CMBS collateralized by a loan 166,108 63,533 1,910 650 3,358 653 Total $ 1,013,713 $ 623,149 $ 12,527 $ 3,136 $ 29,770 $ 4,326 During the nine months ended September 30, 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 Condensed Consolidated Statement of Operations. 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 September 30, 2018 are consistent with the terms described in such Note. During the three and nine months ended September 30, 2018, the Company recorded unrealized gains of $4.9 million and $8.8 million, respectively, and an unrealized loss of $0.6 million and an unrealized gain of $1.0 million during the three and nine months ended September 30, 2017, respectively, as a component of Income from Real Estate-Related Securities on the Company’s Condensed Consolidated Statements of Operations. The Company did not sell any Real Estate-Related Securities during the three and nine months ended September 30, 2018 and 2017. |
Mortgage Notes, Term Loans, and
Mortgage Notes, Term Loans, and Revolving Credit Facilities | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Notes, Term Loans, and Revolving Credit Facilities | 6. Mortgage Notes, Term Loans, and Revolving Credit Facilities The following table is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size September 30, 2018 December 31, 2017 Fixed rate loans Fixed rate mortgages 4.02% 11/17/2025 N/A $ 4,285,301 $ 1,468,294 Canyon Industrial Portfolio Mezzanine Loan 5.85% 4/5/2025 N/A 200,000 — Total fixed rate loans 4.10% 11/7/2025 4,485,301 1,468,294 Variable rate loans Floating rate mortgages L+1.62% 10/4/2026 N/A 591,235 63,600 BAML Industrial Term Loan (4) L+1.75% 6/1/2022 N/A 236,000 186,000 BAML Revolving Credit Facility (4) L+1.75% 6/1/2022 $ 236,000 127,000 186,000 Citi JW San Antonio Revolving Credit Facility L+1.70% 9/9/2023 202,500 202,500 — Citi JW San Antonio Term Loan L+1.70% 9/9/2023 N/A 202,500 — Citi Revolving Credit Facility (5) L+1.88% 10/26/2020 300,000 171,200 178,831 Capital One Term Loan (6) L+1.60% 12/12/2022 N/A 101,000 22,500 Capital One Revolving Credit Facility (6) L+1.60% 12/12/2022 101,000 101,000 20,600 Total variable rate loans 3.95% 2/6/2024 1,732,435 657,531 Total loans secured by the Company's properties 4.06% 5/13/2025 6,217,736 2,125,825 Deferred financing costs, net (49,363 ) (16,075 ) Premium on assumed debt, net 1,731 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 6,170,104 $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of September 30, 2018 and December 31, 2017, one-month LIBOR was equal to 2.3% 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) As of September 30, 2018, the Citi Revolving Credit Facility is secured by certain of the Company’s multifamily investments and as of December 31, 2017, certain of the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by certain 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 September 30, 2018 ($ in thousands): Year Amount 2018 (remaining) $ 802 2019 18,049 2020 204,998 2021 6,052 2022 639,140 Thereafter 5,348,695 Total $ 6,217,736 |
Repurchase Agreements
Repurchase Agreements | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Repurchase Agreements | 7. Repurchase Agreements On June 29, 2018, the Company entered into a master repurchase agreement with Barclays Bank PLC (the “Barclays MRA”) providing the Company with financing secured by the Company’s investments in Real Estate-Related Securities. The Barclays MRA has a maximum facility size of $750.0 million and repurchase agreements under the Barclays MRA have longer dated maturity compared to our other counterparties. The initial maturity date of the repurchase agreements under the Barclays MRA is September 29, 2021. The terms of the Barclays MRA contain specific spread and advance rate provisions based on the rating of the underlying CMBS. Additionally, during the nine months ended September 30, 2018, the Company has entered into repurchase agreements with Morgan Stanley Bank, N.A. (the “MS MRA”) and HSBC Bank USA, National Association (the “HSBC MRA”). Previously, the Company 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 $2.0 billion of investments in Real Estate-Related Securities. The terms of the Citi MRA, RBC MRA, BAML MRA, MS MRA, and HSBC MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time. The following tables are a summary of the Company’s repurchase agreements ($ in thousands): September 30, 2018 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions RBC MRA L+1.27% 4/23/2019 CMBS (4) $ 773,216 $ 625,913 None Barclays MRA L+1.72% 9/29/2021 CMBS 513,231 384,764 None Citi MRA L+1.21% 10/25/2018 CMBS 504,364 377,915 None BAML MRA L+1.06% 10/15/2018 CMBS 105,903 80,687 None MS MRA L+0.96% 10/15/2018 CMBS 86,304 72,436 None $ 1,983,018 $ 1,541,715 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 MRA 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 September 30, 2018 and December 31, 2017, one-month LIBOR was 2.3% and 1.6%, respectively, and three-month LIBOR was equal to 2.4% and 1.7%, respectively. (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in October 2018 into new one month contracts. (3) Represents the fair value of the Company’s investments in Real Estate-Related Securities that serve as collateral. (4) As of September 30, 2018, the security interests pledged under the RBC MRA include one corporate bond. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 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): September 30, 2018 December 31, 2017 Real estate intangibles, net $ 269,941 $ 113,844 Receivables 38,354 7,386 Prepaid expenses 12,739 3,267 Straight-line rent receivable 8,398 2,045 Pre-acquisition costs 6,134 6,588 Deferred leasing costs, net 6,049 1,193 Deferred financing costs, net 5,736 5,248 Other 11,138 5,711 Total $ 358,489 $ 145,282 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): September 30, 2018 December 31, 2017 Subscriptions received in advance $ 180,425 $ 107,576 Real estate taxes payable 61,223 13,202 Accounts payable and accrued expenses 52,285 13,169 Intangible liabilities, net 44,347 13,156 Prepaid rental income 22,109 5,381 Tenant security deposits 20,018 8,107 Distribution payable 17,670 7,716 Accrued interest expense 16,410 8,072 Other 31,836 6,456 Total $ 446,323 $ 182,835 |
Equity and Redeemable Non-contr
Equity and Redeemable Non-controlling Interest | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Equity and Redeemable Non-controlling Interest | 9. Equity and Redeemable Non-controlling Interest Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Nine Months Ended September 30, 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 104,482 13,387 20,084 55,983 193,936 Distribution reinvestment 4,217 238 255 1,537 6,247 Common stock repurchased (1,521 ) (23 ) (115 ) (1,194 ) (2,853 ) Independent directors' restricted stock grant (1) — — — 37 37 September 30, 2018 237,263 19,227 24,179 87,082 367,751 (1) The independent directors’ restricted stock grant represents $0.1 million of the annual compensation paid to each of the independent directors. The grant is amortized over the one-year service period of such grant. 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. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify, suspend or terminate the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and the best interest of its stockholders. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. For the nine months ended September 30, 2018, the Company repurchased 2,853,188 shares of common stock representing a total of $30.6 million. The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2018. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. The following table details the aggregate distributions declared for each applicable class of common stock for the nine months ended September 30, 2018 ($ 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 $ 0.4699 $ 0.4699 $ 0.4699 $ 0.4699 Stockholder servicing fee per share of common stock (0.0683 ) (0.0672 ) (0.0199 ) — Net distributions declared per share of common stock $ 0.4016 $ 0.4027 $ 0.4500 $ 0.4699 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 (“NAV”) at December 31, 2017. In June 2018, the Special Limited Partner redeemed 0.8 million Class I units in BREIT OP for $8.4 million based on the NAV of the Class I units at May 31, 2018. As of September 30, 2018, Blackstone and its employees, including the Company’s executive officers, continue to own an aggregate of $57.4 million worth of shares of the Company and Class I units of BREIT OP. Because the Special Limited Partner has the ability to redeem its Class I 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 Condensed 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 September 30, 2018, the Company recorded an allocation adjustment of $1.8 million between Additional Paid-in Capital and Redeemable Non-controlling Interest. Non-controlling Interests The following table summarizes the components of non-controlling interests ($ in thousands): September 30, 2018 December 31, 2017 Non-controlling interests attributable to third party joint ventures $ 61,664 $ 23,848 Non-controlling interests attributable to Class B Units 49,125 — Non-controlling interests $ 110,789 $ 23,848 On July 27, 2018, the Company entered into an Amended and Restated Limited Partnership Agreement (the “A&R OP Agreement”) for BREIT OP. The A&R OP Agreement amended the limited partnership agreement governing BREIT OP to provide for a new class of units (“Class B Units”) of BREIT OP, among other changes. Class B Units are available to certain suitable investors in private placements generally utilizing a “draw-down” structure. Class B Units are sold at their NAV per unit, which will equal the NAV per Class I unit of BREIT OP and will generally correspond to the NAV per share of the Company’s Class I shares. Class B Units are subject to the same fees and expenses of Class I Units and do not have any preferential rights relative to the Company’s interest in BREIT OP, nor are they exchangeable for any shares of the Company’s common stock. Holders of the Class B Units have a right to redeem their units for cash in a manner similar to the ability of the Company’s stockholders to have their shares repurchased under the Company’s share repurchase plan. Class B Unit redemptions are subject to similar limitations as share repurchases under the Company’s share repurchase plan, namely the early repurchase deduction and caps on monthly and quarterly repurchases (calculated on an aggregate basis with shares of the Company’s common stock submitted for repurchase for the applicable period). The redemption rights of the Class B unitholders do not affect the terms of the Company’s share repurchase plan. Class B Units have the same limited voting rights as the other BREIT OP units and such rights do not affect the Company’s exclusive power, as general partner of BREIT OP, to manage and conduct the business of BREIT OP. During the three months ended September 30, 2018, BREIT OP received $50.0 million in Class B Units subscriptions from a Blackstone-advised entity. As of September 30, 2018, there were 4,646,441 Class B Units outstanding. The total commitment made by the Blackstone-advised entity was $100.0 million and the remaining $50.0 million commitment was funded subsequent to September 30, 2018. Class B Units subscriptions are recorded as a component of Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2018, the Company incurred management fees of $11.8 million and $28.1 million, respectively. The Company issued 2,220,262 unregistered Class I shares to the Adviser as payment for such management fee and also had a payable of $4.3 million related to management fees as of September 30, 2018, which is included in Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. During October 2018, the Adviser was issued 393,894 unregistered Class I shares as payment for the $4.3 million management fee accrued as of September 30, 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 the management fee incurred for both the three and nine months ended September 30, 2017 was $3.7 million. During September 2018, the Company repurchased 700,298 Class I shares previously issued to the Adviser as payment for the Company’s management fee. The shares were repurchased at the then current transaction price resulting in a total repurchase of $7.6 million. 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 and nine months ended September 30, 2018, the Company recognized $12.4 million and $29.8 million, respectively, of Performance Participation Allocation Expense in the Company’s Condensed Consolidated Statements of Operations as the participation hurdle was achieved as of September 30, 2018. During the three and nine months ended September 30, 2017, the Company recognized $5.7 million and $11.0 million, respectively, of Performance Participation Allocation Expense as the participation hurdle was achieved as of September 30, 2017. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): September 30, 2018 December 31, 2017 Accrued stockholder servicing fee (1) $ 203,199 $ 102,076 Performance participation allocation 29,796 16,974 Advanced organization and offering costs 8,693 10,160 Accrued management fee 4,265 1,904 Accrued affiliate service provider expenses 1,579 1,485 Advanced expenses 729 472 Total $ 248,261 $ 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 September 30, 2018, the Company accrued $203.2 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers Accrued affiliate service provider expenses Beginning January 1, 2018, the Company engaged Gateway Industrial Properties L.L.C., a portfolio company owned by a Blackstone-advised fund, to provide the services that Equity Office Management, L.L.C. had previously provided to the Company’s industrial properties. Additionally, beginning April 1, 2018, the Company engaged Revantage Corporate Services, LLC, a portfolio company owned by a Blackstone-advised fund, to provide corporate support services (including, without limitation, accounting, legal, tax, treasury, as applicable), and transaction support services to certain of the Company’s investments directly. For further details on the Company’s relationships with its affiliated service providers, see Note 11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The following table details the amounts incurred for such providers during the three and nine months ended September 30, 2018 and 2017 ($ in thousands). Such amounts are included in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively. Affiliate Service Provider Expenses Affiliate Service Provider Expenses Capitalized Transaction Support Fees (1) For the Three Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 2018 2017 LivCor, L.L.C. $ 1,995 $ 394 $ 5,186 $ 464 $ 145 $ 600 Gateway Industrial Properties L.L.C. 1,336 — 2,414 — 196 — ShopCore Properties TRS Management LLC 470 72 968 142 — — BRE Hotels and Resorts LLC 260 38 578 53 — — Equity Office Management, L.L.C. — 286 — 757 — 20 Revantage Corporate Services, L.L.C. 69 — 69 — 9 — Total $ 4,130 $ 790 $ 9,215 $ 1,416 $ 350 $ 620 (1) Transaction support fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2018, the Company has not paid or accrued any incentive fees to its affiliated service providers. Other During the three and nine months ended September 30, 2018, the Company paid Lexington National Land Services $3.1 million and $3.7 million, respectively, for title services related to 13 investments and such costs were capitalized to Investments in Real Estate or recorded as deferred financing costs which is a reduction to Mortgage Notes, Term Loans, and Revolving Credit Facilities on the Company’s Condensed Consolidated Balance Sheet. For additional information regarding this affiliate relationship, see Note 11 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies As of September 30, 2018 and December 31, 2017, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. Three of the Company's investments in real estate include ground lease obligations with varying maturity dates through 2104. The Company recognizes ground rent expense on a straight-line basis as a component of Rental Property Operating or Hotel Operating expense on the Company's condensed consolidated statement of operations. The following table details the Company's ground lease payment obligations subsequent to September 30, 2018 ($ in thousands): Year Future Commitments 2018 (remaining) $ 350 2019 1,410 2020 1,445 2021 1,481 2022 1,518 Thereafter 460,905 Total $ 467,109 |
Five Year Minimum Rental Paymen
Five Year Minimum Rental Payments | 9 Months Ended |
Sep. 30, 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 multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 (remaining) $ 43,810 2019 171,760 2020 153,760 2021 133,045 2022 106,053 Thereafter 237,722 Total $ 846,150 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting The Company operates in five reportable segments: Multifamily 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 a key performance metric that captures the operating performance of each segment. The following table sets forth the total assets by segment ($ in thousands): September 30, 2018 December 31, 2017 Multifamily $ 5,379,132 $ 2,567,735 Industrial 2,876,939 636,900 Hotel 1,125,262 281,242 Retail 138,091 103,138 Real Estate-Related Securities 2,040,501 918,975 Other (Corporate) 167,249 117,318 Total assets $ 11,727,174 $ 4,625,308 The following table sets forth the financial results by segment for the three months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 88,799 $ 43,719 $ — $ 2,049 $ — $ 134,567 Tenant reimbursement income 5,049 12,746 — 476 — 18,271 Hotel revenue — — 40,000 — — 40,000 Other revenue 6,337 165 781 41 — 7,324 Total revenues 100,185 56,630 40,781 2,566 — 200,162 Expenses: Rental property operating 46,196 16,818 — 769 — 63,783 Hotel operating — — 26,822 — — 26,822 Total expenses 46,196 16,818 26,822 769 — 90,605 Income from real estate-related securities — — — — 28,647 28,647 Segment net operating income $ 53,989 $ 39,812 $ 13,959 $ 1,797 $ 28,647 $ 138,204 Depreciation and amortization $ 62,929 $ 31,966 $ 7,633 $ 1,230 $ — $ 103,758 Other income (expense): General and administrative (3,027 ) Management fee (11,823 ) Performance participation allocation (12,447 ) Interest income 82 Interest expense (65,711 ) Other income (expense) (283 ) Net loss $ (58,763 ) Net loss attributable to non-controlling interests $ 1,096 Net loss attributable to BREIT stockholders $ (57,667 ) The following table sets forth the financial results by segment for the three months ended September 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 24,911 $ 7,737 $ — $ 951 $ — $ 33,599 Tenant reimbursement income 964 2,036 — 230 — 3,230 Hotel revenue — — 9,874 — — 9,874 Other revenue 2,182 7 — 12 — 2,201 Total revenues 28,057 9,780 9,874 1,193 — 48,904 Expenses: Rental property operating 12,588 3,029 — 321 — 15,938 Hotel operating — — 6,668 — — 6,668 Total expenses 12,588 3,029 6,668 321 — 22,606 Income from real estate-related securities — — — — 4,026 4,026 Segment net operating income $ 15,469 $ 6,751 $ 3,206 $ 872 $ 4,026 $ 30,324 Depreciation and amortization $ 32,606 $ 5,408 $ 1,862 $ 483 $ — $ 40,359 Other income (expense): General and administrative (1,716 ) Management fee (3,712 ) Performance participation allocation (5,711 ) Interest income 36 Interest expense (10,866 ) Other income (expense) 157 Net loss $ (31,847 ) Net loss attributable to non-controlling interests $ 122 Net loss attributable to BREIT stockholders $ (31,725 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 213,512 $ 104,206 $ — $ 5,616 $ — $ 323,334 Tenant reimbursement income 11,463 30,095 — 1,321 — 42,879 Hotel revenue — — 79,017 — — 79,017 Other revenue 15,637 343 781 81 — 16,842 Total revenues 240,612 134,644 79,798 7,018 — 462,072 Expenses: Rental property operating 112,775 38,681 — 2,397 — 153,853 Hotel operating — — 51,958 — — 51,958 Total expenses 112,775 38,681 51,958 2,397 — 205,811 Income from real estate-related securities — — — — 59,279 59,279 Segment net operating income $ 127,837 $ 95,963 $ 27,840 $ 4,621 $ 59,279 $ 315,540 Depreciation and amortization $ 166,983 $ 77,786 $ 14,643 $ 3,296 $ — $ 262,708 Other income (expense): General and administrative (7,973 ) Management fee (28,073 ) Performance participation allocation (29,796 ) Interest income 280 Interest expense (146,943 ) Other income (expense) (672 ) Net loss $ (160,345 ) Net loss attributable to non-controlling interests $ 4,648 Net loss attributable to BREIT stockholders $ (155,697 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 39,466 $ 14,357 $ — $ 1,904 $ — $ 55,727 Tenant reimbursement income 1,472 3,703 — 328 — 5,503 Hotel revenue — — 15,048 — — 15,048 Other revenue 3,385 6 — 18 — 3,409 Total revenues 44,323 18,066 15,048 2,250 — 79,687 Expenses: Rental property operating 19,473 5,664 — 495 — 25,632 Hotel operating — — 9,617 — — 9,617 Total expenses 19,473 5,664 9,617 495 — 35,249 Income from real estate-related securities — — — — 7,435 7,435 Segment net operating income $ 24,850 $ 12,402 $ 5,431 $ 1,755 $ 7,435 $ 51,873 Depreciation and amortization $ 51,205 $ 9,852 $ 3,119 $ 969 $ — $ 65,145 Other income (expense): General and administrative (5,969 ) Management fee (3,712 ) Performance participation allocation (10,952 ) Interest income 418 Interest expense (16,413 ) Other income (expense) 85 Net loss $ (49,815 ) Net loss attributable to non-controlling interests $ 122 Net loss attributable to BREIT stockholders $ (49,693 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Acquisitions Subsequent to September 30, 2018, the Company acquired an aggregate of $993.1 million of real estate, exclusive of closing costs, across three separate transactions. Subsequent to September 30, 2018, the Company acquired an aggregate of $222.7 million of Real Estate-Related Securities. Status of the Offering As of November 13, 2018, the Company had sold an aggregate of 415,835,450 shares of its common stock (consisting of 266,113,175 Class S shares, 21,790,145 Class T shares, 28,572,626 Class D shares, and 99,359,504 Class I shares) in the Offering resulting in net proceeds of $4.3 billion to the Company as payment for such shares. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed 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 condensed 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 condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed 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 condensed 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 condensed 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 September 30, 2018, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $2.7 billion and $1.9 billion, respectively, compared to $947.9 million and $645.5 million as of December 31, 2017. Such amounts are included on the Company’s Condensed 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 September 30, 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 September 30, 2018 and December 31, 2017, the Company’s $2.0 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 September 30, 2018, the Company’s investments in real estate-related securities consisted of commercial mortgage-backed securities (“CMBS”), which are mortgage-related fixed income securities and corporate debt of real estate-related companies (together with CMBS, “Real Estate-Related Securities”). The Company generally determines the fair value of its Real Estate-Related Securities 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 securities such as Real Estate-Related Securities generally 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 September 30, 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 $25.2 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 rates 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 the pronouncement did not have a material impact on the Company’s condensed 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 July 2018, the FASB issued ASU 2018-11 which 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. Under the new leasing standard, lessor accounting remains substantially the same as current GAAP. As such, the Company does not anticipate a material impact to its condensed consolidated financial statements from a lessor standpoint. 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. As of September 30, 2018, the undiscounted future minimum lease payments due under the Company’s long-term ground leases totaled $467.1 million. The Company is currently evaluating any further potential impact of this pronouncement on the Company’s condensed consolidated financial statements from a lessee standpoint. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Schedule of Investments in Real Estate, Net | Investments in real estate, net consisted of the following ($ in thousands): September 30, 2018 December 31, 2017 Building and building improvements $ 7,329,190 $ 2,815,348 Land and land improvements 1,738,731 574,253 Furniture, fixtures and equipment 164,618 64,080 Total 9,232,539 3,453,681 Accumulated depreciation (192,085 ) (47,126 ) Investments in real estate, net $ 9,040,454 $ 3,406,555 |
Schedule of Details of Properties Acquired | The following table provides further details of the properties acquired during the nine months ended September 30, 2018 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Segment Acquisition Date Purchase Price (2) Aston Multifamily Portfolio (3) 90% 8 Various (4) Multifamily Jan. 2018 $ 141,743 Kraft Chicago Industrial Portfolio 100% 3 Aurora, IL Industrial Jan. 2018 151,365 Canyon Industrial Portfolio 100% 146 Various (5) Industrial Mar. 2018 1,837,213 The Boulevard 100% 1 Phoenix, AZ Multifamily April 2018 48,392 Highroads MH 99% 3 Phoenix, AZ Multifamily April 2018 18,637 Blue Hills Multifamily 100% 1 Boston, MA Multifamily May 2018 131,747 Wave Multifamily Portfolio 100% 6 Various (6) Multifamily May 2018 423,135 ACG III Multifamily 95% 2 Gresham, OR & Turlock, CA Multifamily May 2018 96,182 Carroll Florida Multifamily 100% 2 Jacksonville & Orlando, FL Multifamily May 2018 116,832 HP Cold Storage Industrial Portfolio 100% 6 Various (7) Industrial May 2018 253,082 Henderson Select-Service 2-Pack 100% 2 Henderson, NV Hotel May 2018 36,260 Orlando Select-Service 2-Pack 100% 2 Orlando, FL Hotel May 2018 48,862 Solis at Flamingo 95% 1 Las Vegas, NV Multifamily June 2018 72,560 Evergreen Minari MH 99% 2 Phoenix, AZ Multifamily June 2018 8,614 Southwest MH 99% 14 Various (8) Multifamily June 2018 176,194 Velaire at Aspera 100% 1 Phoenix, AZ Multifamily July 2018 64,573 Hidden Springs MH 99% 1 Desert Hot Springs, CA Multifamily July 2018 17,122 SVPAC MH 99% 2 Phoenix, AZ Multifamily July 2018 14,278 Coyote Multifamily Portfolio 100% 6 Phoenix, AZ Multifamily Aug. 2018 311,813 Corporex Select Service Portfolio 100% 5 Various (9) Hotel Aug. 2018 117,869 JW Marriott San Antonio Hill Country Resort 100% 1 San Antonio, TX Hotel Aug. 2018 604,323 Vista Center 100% 1 Miami, FL Retail Aug. 2018 34,738 EdR Student Housing Portfolio 95% 20 Various (10) Multifamily Sept. 2018 1,230,857 236 $ 5,956,391 (1) Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests. (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: Dallas/Fort Worth, TX (48% of units), Austin/San Antonio, TX (35%), Louisville, KY (9%), and Nashville, TN (8%). (5) The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago, IL (19% of sq. ft.), Dallas, TX (15%), Indianapolis, IN (11%), Baltimore/Washington, D.C. (9%), and Columbus, OH (7%). (6) The Wave Multifamily Portfolio is located in five markets: Sacramento, CA (28% of units), Las Vegas, NV (22%), Greater Seattle, WA (29%), Spokane, WA (14%), and Portland, OR (7%). (7) The HP Cold Storage Industrial Portfolio is located in four markets: Stockton, CA (52% of sq. ft.), Atlanta, GA (24%), Baltimore, MD (18%), and Austin, TX (6%). (8) Southwest MH is located in three markets: Phoenix, AZ (86% of sites), San Diego, CA (11%), and Palm Desert, CA (3%). (9) The Corporex Select Service Portfolio is located in five markets: Phoenix, AZ (24% of keys), Reno, NV (23%), Salt Lake City, UT (20%), Sonoma, CA (17%), and Tampa, FL (16%). (10) The EdR Student Housing Portfolio consists of 10,610 beds primarily concentrated at Penn State University (15% of beds), University of Arizona (10%), University of Virginia (8%), Arizona State University (8%) and Virginia Tech (8%). |
Schedule of Purchase Price Allocation of Properties | The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2018 ($ in thousands): Canyon Industrial Portfolio EdR Student Housing Portfolio JW Marriott San Antonio Hill Country Resort Wave Multifamily Portfolio All Other Total Building $ 1,362,916 $ 1,034,732 $ 474,529 $ 323,954 $ 1,270,880 $ 4,467,011 Land and land improvements 376,762 138,249 84,218 82,686 480,079 1,161,994 Furniture, fixtures and equipment — 11,072 39,979 5,252 31,745 88,048 In-place lease intangibles 109,031 51,583 597 11,243 87,257 259,711 Above-market lease intangibles 8,459 — — — 3,465 11,924 Below-market lease intangibles (19,955 ) (122 ) — — (13,044 ) (33,121 ) Above-market — (4,657 ) — — — (4,657 ) Other — — 5,000 — 481 5,481 Total purchase price 1,837,213 1,230,857 604,323 423,135 1,860,863 5,956,391 Assumed mortgage notes (1) — 46,070 — — 151,220 197,290 Non-controlling interest — 12,802 — — — 12,802 Net purchase price $ 1,837,213 $ 1,171,985 $ 604,323 $ 423,135 $ 1,709,643 $ 5,746,299 (1) Refer to Note 6 for additional details on the Company’s mortgage notes. |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, 2018 December 31, 2017 Intangible assets: In-place lease intangibles $ 303,410 $ 131,833 Below-market ground lease intangibles 4,623 4,623 Above-market lease intangibles 18,541 6,670 Prepaid ground lease rent 16,114 16,114 Other 5,676 676 Total intangible assets 348,364 159,916 Accumulated amortization: In-place lease amortization (74,130 ) (45,160 ) Below-market ground lease amortization (142 ) (85 ) Above-market lease amortization (3,627 ) (600 ) Prepaid ground lease rent amortization (321 ) (151 ) Other (203 ) (76 ) Total accumulated amortization (78,423 ) (46,072 ) Intangible assets, net $ 269,941 $ 113,844 Intangible liabilities: Below-market lease intangibles $ 47,911 $ 14,920 Above-market ground lease intangibles 4,657 — Total intangible liabilities 52,568 14,920 Accumulated amortization: Below-market lease amortization (8,219 ) (1,764 ) Above-market ground lease amortization (2 ) — Total accumulated amortization (8,221 ) (1,764 ) Intangible liabilities, net $ 44,347 $ 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 September 30, 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 Above-market Ground Lease Intangibles 2018 (remaining) $ 56,077 $ 20 $ 1,143 $ 57 $ (2,562 ) $ (14 ) 2019 68,165 79 4,160 227 (9,235 ) (54 ) 2020 33,156 79 3,223 227 (7,353 ) (54 ) 2021 25,390 79 2,631 227 (5,602 ) (54 ) 2022 18,615 79 2,024 227 (4,396 ) (54 ) Thereafter 27,877 4,145 1,733 14,828 (10,544 ) (4,425 ) $ 229,280 $ 4,481 $ 14,914 $ 15,793 $ (39,692 ) $ (4,655 ) |
Investments in Real Estate-Re_2
Investments in Real Estate-Related Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments Schedule [Abstract] | |
Summary of Investments in CMBS | The following tables detail the Company’s investments in Real Estate-Related Securities, which were exclusively CMBS with the exception of one corporate bond position ($ in thousands): September 30, 2018 Number of Positions Credit Rating (1) Collateral (2) Weighted Average Coupon (3) Weighted Average Maturity Date (4) Face Amount Cost Basis Fair Value 38 BB (5) Hospitality, Office, Multifamily, Retail L+2.70% 9/11/2024 $ 949,082 $ 947,436 $ 953,583 20 B Hospitality, Office, Multifamily, Retail L+3.57% 9/16/2024 494,296 493,032 496,036 24 BBB Hospitality, Office, Multifamily, Industrial, Retail L+2.15% 10/7/2024 486,858 486,362 488,141 9 (6) Other Multifamily, Hospitality L+1.22% 5/27/2026 138,127 83,925 84,127 2 (7) Other Multifamily N/A 5/25/2028 N/A 7,448 7,447 93 $ 2,068,363 $ 2,018,203 $ 2,029,334 December 31, 2017 Number of Positions Credit Rating (1) Collateral (2) Weighted Average Coupon (3) Weighted Average Maturity Date (4) Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Multifamily, Retail L+3.21% 12/18/2022 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Multifamily L+4.05% 1/27/2024 284,371 284,127 285,037 9 BBB Hospitality, Office, Multifamily, Industrial, Retail L+2.28% 5/11/2022 194,013 193,838 194,549 3 Other Multifamily 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 September 30, 2018 and December 31, 2017, were either not ratable or have not been submitted to rating agencies. (2) Multifamily Real Estate-Related Securities are collateralized by various forms of rental housing including single-family homes and apartments. (3) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of September 30, 2018 and December 31, 2017, one-month LIBOR was equal to 2.3% and 1.6%, respectively. (4) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. (5) Includes one corporate bond position with a fair value of $54.0 million. (6) Includes one zero coupon position. Excluding the zero coupon position, the weighted average coupon was L+2.20%. (7) Includes two interest-only positions with a total notional amount of $1.2 billion. |
Schedule of Company's Affiliate CMBS Positions | The following table details the Company’s affiliate CMBS positions ($ in thousands): Cost Basis Interest Income September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 2018 2017 CMBS collateralized by properties $ 847,605 $ 559,616 $ 10,617 $ 2,486 $ 26,412 $ 3,673 CMBS collateralized by a loan 166,108 63,533 1,910 650 3,358 653 Total $ 1,013,713 $ 623,149 $ 12,527 $ 3,136 $ 29,770 $ 4,326 |
Mortgage Notes, Term Loans, a_2
Mortgage Notes, Term Loans, and Revolving Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2018 December 31, 2017 Fixed rate loans Fixed rate mortgages 4.02% 11/17/2025 N/A $ 4,285,301 $ 1,468,294 Canyon Industrial Portfolio Mezzanine Loan 5.85% 4/5/2025 N/A 200,000 — Total fixed rate loans 4.10% 11/7/2025 4,485,301 1,468,294 Variable rate loans Floating rate mortgages L+1.62% 10/4/2026 N/A 591,235 63,600 BAML Industrial Term Loan (4) L+1.75% 6/1/2022 N/A 236,000 186,000 BAML Revolving Credit Facility (4) L+1.75% 6/1/2022 $ 236,000 127,000 186,000 Citi JW San Antonio Revolving Credit Facility L+1.70% 9/9/2023 202,500 202,500 — Citi JW San Antonio Term Loan L+1.70% 9/9/2023 N/A 202,500 — Citi Revolving Credit Facility (5) L+1.88% 10/26/2020 300,000 171,200 178,831 Capital One Term Loan (6) L+1.60% 12/12/2022 N/A 101,000 22,500 Capital One Revolving Credit Facility (6) L+1.60% 12/12/2022 101,000 101,000 20,600 Total variable rate loans 3.95% 2/6/2024 1,732,435 657,531 Total loans secured by the Company's properties 4.06% 5/13/2025 6,217,736 2,125,825 Deferred financing costs, net (49,363 ) (16,075 ) Premium on assumed debt, net 1,731 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 6,170,104 $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of September 30, 2018 and December 31, 2017, one-month LIBOR was equal to 2.3% 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) As of September 30, 2018, the Citi Revolving Credit Facility is secured by certain of the Company’s multifamily investments and as of December 31, 2017, certain of the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by certain 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 September 30, 2018 ($ in thousands): Year Amount 2018 (remaining) $ 802 2019 18,049 2020 204,998 2021 6,052 2022 639,140 Thereafter 5,348,695 Total $ 6,217,736 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Summary of Repurchase Agreements | The following tables are a summary of the Company’s repurchase agreements ($ in thousands): September 30, 2018 Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions RBC MRA L+1.27% 4/23/2019 CMBS (4) $ 773,216 $ 625,913 None Barclays MRA L+1.72% 9/29/2021 CMBS 513,231 384,764 None Citi MRA L+1.21% 10/25/2018 CMBS 504,364 377,915 None BAML MRA L+1.06% 10/15/2018 CMBS 105,903 80,687 None MS MRA L+0.96% 10/15/2018 CMBS 86,304 72,436 None $ 1,983,018 $ 1,541,715 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 MRA 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 September 30, 2018 and December 31, 2017, one-month LIBOR was 2.3% and 1.6%, respectively, and three-month LIBOR was equal to 2.4% and 1.7%, respectively. (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in October 2018 into new one month contracts. (3) Represents the fair value of the Company’s investments in Real Estate-Related Securities that serve as collateral. (4) As of September 30, 2018, the security interests pledged under the RBC MRA include one corporate bond. |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Components of Other Assets | The following table summarizes the components of other assets ($ in thousands): September 30, 2018 December 31, 2017 Real estate intangibles, net $ 269,941 $ 113,844 Receivables 38,354 7,386 Prepaid expenses 12,739 3,267 Straight-line rent receivable 8,398 2,045 Pre-acquisition costs 6,134 6,588 Deferred leasing costs, net 6,049 1,193 Deferred financing costs, net 5,736 5,248 Other 11,138 5,711 Total $ 358,489 $ 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): September 30, 2018 December 31, 2017 Subscriptions received in advance $ 180,425 $ 107,576 Real estate taxes payable 61,223 13,202 Accounts payable and accrued expenses 52,285 13,169 Intangible liabilities, net 44,347 13,156 Prepaid rental income 22,109 5,381 Tenant security deposits 20,018 8,107 Distribution payable 17,670 7,716 Accrued interest expense 16,410 8,072 Other 31,836 6,456 Total $ 446,323 $ 182,835 |
Equity and Redeemable Non-con_2
Equity and Redeemable Non-controlling Interest (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Company's Outstanding Shares of Common Stock | The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Nine Months Ended September 30, 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 104,482 13,387 20,084 55,983 193,936 Distribution reinvestment 4,217 238 255 1,537 6,247 Common stock repurchased (1,521 ) (23 ) (115 ) (1,194 ) (2,853 ) Independent directors' restricted stock grant (1) — — — 37 37 September 30, 2018 237,263 19,227 24,179 87,082 367,751 (1) The independent directors’ restricted stock grant represents $0.1 million of the annual compensation paid to each of the independent directors. The grant is amortized over the one-year service period of such grant. |
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock | The following table details the aggregate distributions declared for each applicable class of common stock for the nine months ended September 30, 2018 ($ 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 $ 0.4699 $ 0.4699 $ 0.4699 $ 0.4699 Stockholder servicing fee per share of common stock (0.0683 ) (0.0672 ) (0.0199 ) — Net distributions declared per share of common stock $ 0.4016 $ 0.4027 $ 0.4500 $ 0.4699 |
Summary of Components of Non-controlling Interests | The following table summarizes the components of non-controlling interests ($ in thousands): September 30, 2018 December 31, 2017 Non-controlling interests attributable to third party joint ventures $ 61,664 $ 23,848 Non-controlling interests attributable to Class B Units 49,125 — Non-controlling interests $ 110,789 $ 23,848 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Summary of Components of Due to Affiliates | The following table details the components of due to affiliates ($ in thousands): September 30, 2018 December 31, 2017 Accrued stockholder servicing fee (1) $ 203,199 $ 102,076 Performance participation allocation 29,796 16,974 Advanced organization and offering costs 8,693 10,160 Accrued management fee 4,265 1,904 Accrued affiliate service provider expenses 1,579 1,485 Advanced expenses 729 472 Total $ 248,261 $ 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 September 30, 2018, the Company accrued $203.2 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers |
Schedule of Expenses Incurred and Capitalized Transaction Costs | The following table details the amounts incurred for such providers during the three and nine months ended September 30, 2018 and 2017 ($ in thousands). Such amounts are included in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively. Affiliate Service Provider Expenses Affiliate Service Provider Expenses Capitalized Transaction Support Fees (1) For the Three Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 2018 2017 LivCor, L.L.C. $ 1,995 $ 394 $ 5,186 $ 464 $ 145 $ 600 Gateway Industrial Properties L.L.C. 1,336 — 2,414 — 196 — ShopCore Properties TRS Management LLC 470 72 968 142 — — BRE Hotels and Resorts LLC 260 38 578 53 — — Equity Office Management, L.L.C. — 286 — 757 — 20 Revantage Corporate Services, L.L.C. 69 — 69 — 9 — Total $ 4,130 $ 790 $ 9,215 $ 1,416 $ 350 $ 620 (1) Transaction support fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Ground Lease Payment Obligations | The following table details the Company's ground lease payment obligations subsequent to September 30, 2018 ($ in thousands): Year Future Commitments 2018 (remaining) $ 350 2019 1,410 2020 1,445 2021 1,481 2022 1,518 Thereafter 460,905 Total $ 467,109 |
Five Year Minimum Rental Paym_2
Five Year Minimum Rental Payments (Tables) | 9 Months Ended |
Sep. 30, 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 multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 (remaining) $ 43,810 2019 171,760 2020 153,760 2021 133,045 2022 106,053 Thereafter 237,722 Total $ 846,150 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, 2018 December 31, 2017 Multifamily $ 5,379,132 $ 2,567,735 Industrial 2,876,939 636,900 Hotel 1,125,262 281,242 Retail 138,091 103,138 Real Estate-Related Securities 2,040,501 918,975 Other (Corporate) 167,249 117,318 Total assets $ 11,727,174 $ 4,625,308 The following table sets forth the financial results by segment for the three months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 88,799 $ 43,719 $ — $ 2,049 $ — $ 134,567 Tenant reimbursement income 5,049 12,746 — 476 — 18,271 Hotel revenue — — 40,000 — — 40,000 Other revenue 6,337 165 781 41 — 7,324 Total revenues 100,185 56,630 40,781 2,566 — 200,162 Expenses: Rental property operating 46,196 16,818 — 769 — 63,783 Hotel operating — — 26,822 — — 26,822 Total expenses 46,196 16,818 26,822 769 — 90,605 Income from real estate-related securities — — — — 28,647 28,647 Segment net operating income $ 53,989 $ 39,812 $ 13,959 $ 1,797 $ 28,647 $ 138,204 Depreciation and amortization $ 62,929 $ 31,966 $ 7,633 $ 1,230 $ — $ 103,758 Other income (expense): General and administrative (3,027 ) Management fee (11,823 ) Performance participation allocation (12,447 ) Interest income 82 Interest expense (65,711 ) Other income (expense) (283 ) Net loss $ (58,763 ) Net loss attributable to non-controlling interests $ 1,096 Net loss attributable to BREIT stockholders $ (57,667 ) The following table sets forth the financial results by segment for the three months ended September 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 24,911 $ 7,737 $ — $ 951 $ — $ 33,599 Tenant reimbursement income 964 2,036 — 230 — 3,230 Hotel revenue — — 9,874 — — 9,874 Other revenue 2,182 7 — 12 — 2,201 Total revenues 28,057 9,780 9,874 1,193 — 48,904 Expenses: Rental property operating 12,588 3,029 — 321 — 15,938 Hotel operating — — 6,668 — — 6,668 Total expenses 12,588 3,029 6,668 321 — 22,606 Income from real estate-related securities — — — — 4,026 4,026 Segment net operating income $ 15,469 $ 6,751 $ 3,206 $ 872 $ 4,026 $ 30,324 Depreciation and amortization $ 32,606 $ 5,408 $ 1,862 $ 483 $ — $ 40,359 Other income (expense): General and administrative (1,716 ) Management fee (3,712 ) Performance participation allocation (5,711 ) Interest income 36 Interest expense (10,866 ) Other income (expense) 157 Net loss $ (31,847 ) Net loss attributable to non-controlling interests $ 122 Net loss attributable to BREIT stockholders $ (31,725 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2018 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 213,512 $ 104,206 $ — $ 5,616 $ — $ 323,334 Tenant reimbursement income 11,463 30,095 — 1,321 — 42,879 Hotel revenue — — 79,017 — — 79,017 Other revenue 15,637 343 781 81 — 16,842 Total revenues 240,612 134,644 79,798 7,018 — 462,072 Expenses: Rental property operating 112,775 38,681 — 2,397 — 153,853 Hotel operating — — 51,958 — — 51,958 Total expenses 112,775 38,681 51,958 2,397 — 205,811 Income from real estate-related securities — — — — 59,279 59,279 Segment net operating income $ 127,837 $ 95,963 $ 27,840 $ 4,621 $ 59,279 $ 315,540 Depreciation and amortization $ 166,983 $ 77,786 $ 14,643 $ 3,296 $ — $ 262,708 Other income (expense): General and administrative (7,973 ) Management fee (28,073 ) Performance participation allocation (29,796 ) Interest income 280 Interest expense (146,943 ) Other income (expense) (672 ) Net loss $ (160,345 ) Net loss attributable to non-controlling interests $ 4,648 Net loss attributable to BREIT stockholders $ (155,697 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 39,466 $ 14,357 $ — $ 1,904 $ — $ 55,727 Tenant reimbursement income 1,472 3,703 — 328 — 5,503 Hotel revenue — — 15,048 — — 15,048 Other revenue 3,385 6 — 18 — 3,409 Total revenues 44,323 18,066 15,048 2,250 — 79,687 Expenses: Rental property operating 19,473 5,664 — 495 — 25,632 Hotel operating — — 9,617 — — 9,617 Total expenses 19,473 5,664 9,617 495 — 35,249 Income from real estate-related securities — — — — 7,435 7,435 Segment net operating income $ 24,850 $ 12,402 $ 5,431 $ 1,755 $ 7,435 $ 51,873 Depreciation and amortization $ 51,205 $ 9,852 $ 3,119 $ 969 $ — $ 65,145 Other income (expense): General and administrative (5,969 ) Management fee (3,712 ) Performance participation allocation (10,952 ) Interest income 418 Interest expense (16,413 ) Other income (expense) 85 Net loss $ (49,815 ) Net loss attributable to non-controlling interests $ 122 Net loss attributable to BREIT stockholders $ (49,693 ) |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($)InvestmentPositionSegmentshares | |
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 | $ | $ 3,800,000,000 |
Common stock, shares issued | 367,532,939 |
Number of real estate investments | Investment | 49 |
Number of reportable segments | Segment | 5 |
Real Estate-Related Securities [Member] | |
Organization and business activities. | |
Number of positions | Position | 93 |
Class S Shares [Member] | |
Organization and business activities. | |
Common stock, shares issued | 238,809,136 |
Class T Shares [Member] | |
Organization and business activities. | |
Common stock, shares issued | 19,250,630 |
Class D Shares [Member] | |
Organization and business activities. | |
Common stock, shares issued | 24,293,198 |
Class I Shares [Member] | |
Organization and business activities. | |
Common stock, shares issued | 85,179,975 |
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 Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Significant Of Accounting Policies [Line Items] | ||
Assets excluding BREIT OP | $ 2,700,000 | $ 947,900 |
Liabilities excluding BREIT OP | 1,900,000 | 645,500 |
Subscriptions received in advance, common stock | 155,400 | 107,600 |
Investments in real estate-related securities | 2,029,334 | 915,742 |
Undiscounted future minimum lease payments due | 467,100 | |
Level 2 [Member] | ||
Significant Of Accounting Policies [Line Items] | ||
Investments in real estate-related securities | 2,000,000 | $ 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 | $ 25,200 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investments Schedule [Abstract] | ||
Building and building improvements | $ 7,329,190 | $ 2,815,348 |
Land and land improvements | 1,738,731 | 574,253 |
Furniture, fixtures and equipment | 164,618 | 64,080 |
Total | 9,232,539 | 3,453,681 |
Accumulated depreciation | (192,085) | (47,126) |
Investments in real estate, net | $ 9,040,454 | $ 3,406,555 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018InvestmentProperty | |
Real Estate Properties [Line Items] | |
Number of real estate investments acquired | Investment | 23 |
Number of real estate properties acquired | 236 |
In-place Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 3 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 | 7 years |
Above-Market Ground Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 86 years |
Industrial [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 155 |
Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 70 |
Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 10 |
Retail [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 1 |
Investments in Real Estate - _2
Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)Property | |
Real Estate Properties [Line Items] | |
Number of Properties | 236 |
Purchase Price | $ | $ 5,956,391 |
Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 70 |
Industrial [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 155 |
Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 10 |
Retail [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 1 |
Various [Member] | Multifamily [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] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 6 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 423,135 |
Various [Member] | Multifamily [Member] | Southwest MH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 99.00% |
Number of Properties | 14 |
Acquisition Date | Jun. 30, 2018 |
Purchase Price | $ | $ 176,194 |
Various [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 95.00% |
Number of Properties | 20 |
Acquisition Date | Sep. 30, 2018 |
Purchase Price | $ | $ 1,230,857 |
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 | $ | $ 1,837,213 |
Various [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 6 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 253,082 |
Various [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 5 |
Acquisition Date | Aug. 31, 2018 |
Purchase Price | $ | $ 117,869 |
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 |
Phoenix, AZ [Member] | Multifamily [Member] | The Boulevard [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Apr. 30, 2018 |
Purchase Price | $ | $ 48,392 |
Phoenix, AZ [Member] | Multifamily [Member] | Highroads MH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 99.00% |
Number of Properties | 3 |
Acquisition Date | Apr. 30, 2018 |
Purchase Price | $ | $ 18,637 |
Phoenix, AZ [Member] | Multifamily [Member] | Evergreen Minari MH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 99.00% |
Number of Properties | 2 |
Acquisition Date | Jun. 30, 2018 |
Purchase Price | $ | $ 8,614 |
Phoenix, AZ [Member] | Multifamily [Member] | Velaire At Aspera [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Jul. 31, 2018 |
Purchase Price | $ | $ 64,573 |
Phoenix, AZ [Member] | Multifamily [Member] | SVPAC MH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 99.00% |
Number of Properties | 2 |
Acquisition Date | Jul. 31, 2018 |
Purchase Price | $ | $ 14,278 |
Phoenix, AZ [Member] | Multifamily [Member] | Coyote Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 6 |
Acquisition Date | Aug. 31, 2018 |
Purchase Price | $ | $ 311,813 |
Boston, MA [Member] | Multifamily [Member] | Blue Hills Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 131,747 |
Gresham, OR & Turlock, CA [Member] | Multifamily [Member] | ACG III Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 95.00% |
Number of Properties | 2 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 96,182 |
Jacksonville & Orlando, FL [Member] | Multifamily [Member] | Carroll Florida Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 116,832 |
Henderson, NV [Member] | Hotel [Member] | Henderson Select-Service 2-Pack [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 36,260 |
Orlando, FL [Member] | Hotel [Member] | Orlando Select-Service 2-Pack [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | May 31, 2018 |
Purchase Price | $ | $ 48,862 |
Las Vegas, NV [Member] | Multifamily [Member] | Solis at Flamingo [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 95.00% |
Number of Properties | 1 |
Acquisition Date | Jun. 30, 2018 |
Purchase Price | $ | $ 72,560 |
Desert Hot Springs, CA [Member] | Multifamily [Member] | Hidden Springs MH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 99.00% |
Number of Properties | 1 |
Acquisition Date | Jul. 31, 2018 |
Purchase Price | $ | $ 17,122 |
San Antonio, TX [Member] | Hotel [Member] | JW Marriott San Antonio Hill Country Resort [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Aug. 31, 2018 |
Purchase Price | $ | $ 604,323 |
Miami FL [Member] | Retail [Member] | Vista Center [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Aug. 31, 2018 |
Purchase Price | $ | $ 34,738 |
Investments in Real Estate - _3
Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) (Parenthetical) | 1 Months Ended | ||
Jan. 31, 2018Property | Nov. 30, 2017Property | Sep. 30, 2018PropertyBed | |
Real Estate Properties [Line Items] | |||
Number of Properties | 236 | ||
Multifamily [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 70 | ||
Industrial [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 155 | ||
Hotel [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 10 | ||
Penn State University [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 15.00% | ||
University of Arizona [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 10.00% | ||
University of Virginia [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 8.00% | ||
Arizona State University [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 8.00% | ||
Virginia Tech [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 8.00% | ||
Various [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties closed | 8 | 12 | |
Number of Properties | 8 | ||
Various [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 6 | ||
Various [Member] | Multifamily [Member] | Southwest MH [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 14 | ||
Various [Member] | Multifamily [Member] | EdR Student Housing Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 20 | ||
Number of beds | Bed | 10,610 | ||
Various [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 146 | ||
Various [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 6 | ||
Various [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Properties | 5 | ||
Dallas/Fort Worth, TX [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 48.00% | ||
Austin/San Antonio, TX [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 35.00% | ||
Louisville, KY [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 9.00% | ||
Nashville, TN [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 8.00% | ||
Chicago, IL [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 19.00% | ||
Dallas, TX [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 15.00% | ||
Indianapolis, IN [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 11.00% | ||
Baltimore/Washington, D.C. [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 9.00% | ||
Columbus, OH [Member] | Industrial [Member] | Canyon Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 7.00% | ||
Sacramento, CA [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 28.00% | ||
Las Vegas, NV [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 22.00% | ||
Greater Seattle, WA [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 29.00% | ||
Spokane, WA [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 14.00% | ||
Portland, OR [Member] | Multifamily [Member] | Wave Multifamily Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 7.00% | ||
Stockton, CA [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 52.00% | ||
Atlanta, GA [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 24.00% | ||
Baltimore, MD [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 18.00% | ||
Austin, TX [Member] | Industrial [Member] | HP Cold Storage Industrial Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 6.00% | ||
Phoenix, AZ [Member] | Multifamily [Member] | Southwest MH [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 86.00% | ||
Phoenix, AZ [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 24.00% | ||
Reno, NV [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 23.00% | ||
San Diego, CA [member] | Multifamily [Member] | Southwest MH [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 11.00% | ||
Salt Lake City, UT [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 20.00% | ||
Palm Desert, CA [Member] | Multifamily [Member] | Southwest MH [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 3.00% | ||
Sonoma, CA [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 17.00% | ||
Tampa, FL [Member] | Hotel [Member] | Corporex Select Service Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of leased property | 16.00% |
Investments in Real Estate - _4
Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Real Estate Properties [Line Items] | |
Building and building improvements | $ 4,467,011 |
Land and land improvements | 1,161,994 |
Furniture, fixtures and equipment | 88,048 |
In-place lease intangibles | 259,711 |
Above-market lease intangibles | 11,924 |
Below-market lease intangibles | (33,121) |
Above-market ground lease intangible | (4,657) |
Other | 5,481 |
Total purchase price | 5,956,391 |
Assumed mortgage notes | 197,290 |
Non-controlling interest | 12,802 |
Net purchase price | 5,746,299 |
Canyon Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 1,362,916 |
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 | 1,837,213 |
Net purchase price | 1,837,213 |
EdR Student Housing Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 1,034,732 |
Land and land improvements | 138,249 |
Furniture, fixtures and equipment | 11,072 |
In-place lease intangibles | 51,583 |
Below-market lease intangibles | (122) |
Above-market ground lease intangible | (4,657) |
Total purchase price | 1,230,857 |
Assumed mortgage notes | 46,070 |
Non-controlling interest | 12,802 |
Net purchase price | 1,171,985 |
JW Marriott San Antonio Hill Country Resort [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 474,529 |
Land and land improvements | 84,218 |
Furniture, fixtures and equipment | 39,979 |
In-place lease intangibles | 597 |
Other | 5,000 |
Total purchase price | 604,323 |
Net purchase price | 604,323 |
Wave Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 323,954 |
Land and land improvements | 82,686 |
Furniture, fixtures and equipment | 5,252 |
In-place lease intangibles | 11,243 |
Total purchase price | 423,135 |
Net purchase price | 423,135 |
All Other [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 1,270,880 |
Land and land improvements | 480,079 |
Furniture, fixtures and equipment | 31,745 |
In-place lease intangibles | 87,257 |
Above-market lease intangibles | 3,465 |
Below-market lease intangibles | (13,044) |
Other | 481 |
Total purchase price | 1,860,863 |
Assumed mortgage notes | 151,220 |
Net purchase price | $ 1,709,643 |
Intangibles - Gross Carrying Am
Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Intangible assets: | ||
Total intangible assets | $ 348,364 | $ 159,916 |
Accumulated amortization: | ||
Total accumulated amortization | (78,423) | (46,072) |
Intangible assets, net | 269,941 | 113,844 |
Intangible liabilities: | ||
Below-market lease intangibles | 47,911 | 14,920 |
Above-market ground lease intangibles | 4,657 | |
Total intangible liabilities | 52,568 | 14,920 |
Accumulated amortization: | ||
Below-market lease amortization | (8,219) | (1,764) |
Above-market ground lease amortization | (2) | |
Total accumulated amortization | (8,221) | (1,764) |
Intangible liabilities, net | 44,347 | 13,156 |
In-place Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 303,410 | 131,833 |
Accumulated amortization: | ||
Total accumulated amortization | (74,130) | (45,160) |
Intangible assets, net | 229,280 | |
Below-market Ground Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 4,623 | 4,623 |
Accumulated amortization: | ||
Total accumulated amortization | (142) | (85) |
Intangible assets, net | 4,481 | |
Above-market Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 18,541 | 6,670 |
Accumulated amortization: | ||
Total accumulated amortization | (3,627) | (600) |
Intangible assets, net | 14,914 | |
Prepaid Ground Lease Rent [Member] | ||
Intangible assets: | ||
Total intangible assets | 16,114 | 16,114 |
Accumulated amortization: | ||
Total accumulated amortization | (321) | (151) |
Other Intangible Assets | ||
Intangible assets: | ||
Total intangible assets | 5,676 | 676 |
Accumulated amortization: | ||
Total accumulated amortization | $ (203) | $ (76) |
Intangibles - Estimated Future
Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Intangible assets, net | $ 269,941 | $ 113,844 |
Below-market Lease Intangibles, 2018 | (2,562) | |
Below-market Lease Intangibles, 2019 | (9,235) | |
Below-market Lease Intangibles, 2020 | (7,353) | |
Below-market Lease Intangibles, 2021 | (5,602) | |
Below-market Lease Intangibles, 2022 | (4,396) | |
Below-market Lease Intangibles, Thereafter | (10,544) | |
Below-market Lease Intangibles, Total | (39,692) | |
Above-market Ground Lease Intangibles, 2018 | (14) | |
Above-market Ground Lease Intangibles, 2019 | (54) | |
Above-market Ground Lease Intangibles, 2020 | (54) | |
Above-market Ground Lease Intangibles, 2021 | (54) | |
Above-market Ground Lease Intangibles, 2022 | (54) | |
Above-market Ground Lease Intangibles, Thereafter | (4,425) | |
Above-market Ground Lease Intangibles, Total | (4,655) | |
In-place Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2018 (remaining) | 56,077 | |
2,019 | 68,165 | |
2,020 | 33,156 | |
2,021 | 25,390 | |
2,022 | 18,615 | |
Thereafter | 27,877 | |
Intangible assets, net | 229,280 | |
Below-market Ground Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2018 (remaining) | 20 | |
2,019 | 79 | |
2,020 | 79 | |
2,021 | 79 | |
2,022 | 79 | |
Thereafter | 4,145 | |
Intangible assets, net | 4,481 | |
Above-market Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2018 (remaining) | 1,143 | |
2,019 | 4,160 | |
2,020 | 3,223 | |
2,021 | 2,631 | |
2,022 | 2,024 | |
Thereafter | 1,733 | |
Intangible assets, net | 14,914 | |
Prepaid Ground Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2018 (remaining) | 57 | |
2,019 | 227 | |
2,020 | 227 | |
2,021 | 227 | |
2,022 | 227 | |
Thereafter | 14,828 | |
Intangible assets, net | $ 15,793 |
Investments in Real Estate-Re_3
Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)Position | Dec. 31, 2017USD ($)Position | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Cost Basis | $ 1,013,713 | $ 623,149 |
Fair Value | $ 2,029,334 | $ 915,742 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of Positions | Position | 93 | 37 |
Face Amount | $ 2,068,363 | $ 913,903 |
Cost Basis | 2,018,203 | 913,372 |
Fair Value | $ 2,029,334 | $ 915,742 |
Multifamily, Hospitality [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 | May 27, 2026 | |
Face Amount | $ 138,127 | |
Cost Basis | 83,925 | |
Fair Value | $ 84,127 | |
Multifamily [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of Positions | Position | 2 | 3 |
Weighted Average Maturity Date | May 25, 2028 | Sep. 15, 2026 |
Face Amount | $ 11,749 | |
Cost Basis | $ 7,448 | 11,749 |
Fair Value | $ 7,447 | $ 11,737 |
One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Multifamily, Hospitality [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 1.22% | |
One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Multifamily [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 2.50% | |
BB Credit Rating [Member] | Hospitality, Office, Multifamily, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of Positions | Position | 38 | 15 |
Weighted Average Maturity Date | Sep. 11, 2024 | Dec. 18, 2022 |
Face Amount | $ 949,082 | $ 423,770 |
Cost Basis | 947,436 | 423,658 |
Fair Value | $ 953,583 | $ 424,419 |
BB Credit Rating [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Multifamily, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 2.70% | 3.21% |
BBB Credit Rating [Member] | Hospitality, Office, Multifamily, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of Positions | Position | 24 | 9 |
Weighted Average Maturity Date | Oct. 7, 2024 | May 11, 2022 |
Face Amount | $ 486,858 | $ 194,013 |
Cost Basis | 486,362 | 193,838 |
Fair Value | $ 488,141 | $ 194,549 |
BBB Credit Rating [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Multifamily, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 2.15% | 2.28% |
B Credit Rating [Member] | Hospitality, Office, Multifamily, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of Positions | Position | 20 | |
Weighted Average Maturity Date | Sep. 16, 2024 | |
Face Amount | $ 494,296 | |
Cost Basis | 493,032 | |
Fair Value | $ 496,036 | |
B Credit Rating [Member] | Hospitality, Office, Multifamily [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 | Jan. 27, 2024 | |
Face Amount | $ 284,371 | |
Cost Basis | 284,127 | |
Fair Value | $ 285,037 | |
B Credit Rating [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Multifamily, Retail [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 3.57% | |
B Credit Rating [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Hospitality, Office, Multifamily [Member] | Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Weighted Average Coupon | 4.05% |
Investments in Real Estate-Re_4
Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Parenthetical) (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)Position | Dec. 31, 2017USD ($) | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fair Value | $ 2,029,334 | $ 915,742 |
One-Month LIBOR [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Investment interest rate | 2.30% | 1.60% |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fair Value | $ 2,029,334 | $ 915,742 |
Commercial Mortgage Backed Securities [Member] | Multifamily [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fair Value | $ 7,447 | $ 11,737 |
Number of interest-only positions | Position | 2 | |
Notional amount of interest-only positions | $ 1,200,000 | |
Commercial Mortgage Backed Securities [Member] | Corporate Bond Securities [Member] | Hospitality, Office, Multifamily, Retail [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Number of corporate bond position | Position | 1 | |
Fair Value | $ 54,000 | |
Commercial Mortgage Backed Securities [Member] | One-Month LIBOR [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Investment interest rate | 2.30% | 1.60% |
Weighted average coupon position | Position | 1 | |
Weighted Average Coupon | 2.20% |
Investments in Real Estate-Re_5
Investments in Real Estate-Related Securities - Schedule of Company's Affiliate CMBS Positions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Cost Basis | $ 1,013,713 | $ 1,013,713 | $ 623,149 | ||
Interest Income | 12,527 | $ 3,136 | 29,770 | $ 4,326 | |
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 | 847,605 | 847,605 | 559,616 | ||
Interest Income | 10,617 | 2,486 | 26,412 | 3,673 | |
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 | 166,108 | 166,108 | $ 63,533 | ||
Interest Income | $ 1,910 | $ 650 | $ 3,358 | $ 653 |
Investments in Real Estate-Re_6
Investments in Real Estate-Related Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Investment | Sep. 30, 2017USD ($) | |
Investment [Line Items] | ||||
Realized gain (loss) on CMBS investment paid off | $ 28,647,000 | $ 4,026,000 | $ 59,279,000 | $ 7,435,000 |
Unrealized gain (loss) on investments in real estate related securities | 4,900,000 | (600,000) | 8,800,000 | 1,000,000 |
Securities sold | $ 0 | $ 0 | $ 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, a_3
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 ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.06% | |
Principal Balance Outstanding | $ 6,217,736,000 | $ 2,125,825,000 |
Deferred financing costs, net | (49,363,000) | (16,075,000) |
Premium on assumed debt, net | 1,731,000 | 1,541,000 |
Mortgage notes, term loans, and revolving credit facilities, net | 6,170,104,000 | 2,111,291,000 |
Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | 4,485,301,000 | 1,468,294,000 |
Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | $ 1,732,435,000 | $ 657,531,000 |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | May 13, 2025 | |
Weighted Average [Member] | Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.10% | |
Weighted Average Maturity Date | Nov. 7, 2025 | |
Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.95% | |
Weighted Average Maturity Date | Feb. 6, 2024 | |
One-Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.30% | 1.60% |
Mortgage Notes [Member] | Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | $ 4,285,301,000 | $ 1,468,294,000 |
Mortgage Notes [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | $ 591,235,000 | 63,600,000 |
Mortgage Notes [Member] | Weighted Average [Member] | Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.02% | |
Weighted Average Maturity Date | Nov. 17, 2025 | |
Mortgage Notes [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Oct. 4, 2026 | |
Mortgage Notes [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.62% | |
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 | 1.75% | |
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 | $ 127,000,000 | 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 | 1.75% | |
Citi Industrial Properties | Revolving Credit Facility [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Maximum Facility Size | $ 300,000,000 | |
Principal Balance Outstanding | $ 171,200,000 | 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 | 1.88% | |
Citi JW San Antonio [Member] | Term Loan [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | $ 202,500,000 | |
Citi JW San Antonio [Member] | Term Loan [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Sep. 9, 2023 | |
Citi JW San Antonio [Member] | Term Loan [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | |
Citi JW San Antonio [Member] | Revolving Credit Facility [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Maximum Facility Size | $ 202,500,000 | |
Principal Balance Outstanding | $ 202,500,000 | |
Citi JW San Antonio [Member] | Revolving Credit Facility [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Sep. 9, 2023 | |
Citi JW San Antonio [Member] | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | |
Capital One Industrial Properties [Member] | Term Loan [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance Outstanding | $ 101,000,000 | 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 | 1.60% | |
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Maximum Facility Size | $ 101,000,000 | |
Principal Balance Outstanding | $ 101,000,000 | $ 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 | 1.60% |
Mortgage Notes, Term Loans, a_4
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) | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt instrument, Interest rate | 4.06% | |
One-Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, Interest rate | 2.30% | 1.60% |
Mortgage Notes, Term Loans, a_5
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2018 (remaining) | $ 802 | |
2,019 | 18,049 | |
2,020 | 204,998 | |
2,021 | 6,052 | |
2,022 | 639,140 | |
Thereafter | 5,348,695 | |
Total | $ 6,217,736 | $ 2,125,825 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) | Jun. 29, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Additional financing capacity secured by investments in real estate-related securities | $ 2,029,334,000 | $ 915,742,000 | |
Commercial Mortgage Backed Securities [Member] | |||
Debt Instrument [Line Items] | |||
Additional financing capacity secured by investments in real estate-related securities | $ 2,029,334,000 | $ 915,742,000 | |
Barclays MRA [Member] | |||
Debt Instrument [Line Items] | |||
Maximum facility size | $ 750,000,000 | ||
Repurchase agreements initial maturity date | Sep. 29, 2021 |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Collateral Assets(3) | $ 1,983,018 | $ 915,742 |
Outstanding Balance | $ 1,541,715 | $ 682,848 |
Citi MRA [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Oct. 25, 2018 | Aug. 23, 2018 |
Security Interests | CMBS | CMBS |
Collateral Assets(3) | $ 504,364 | $ 694,808 |
Outstanding Balance | $ 377,915 | $ 512,975 |
Prepayment Provisions | None | None |
Citi MRA [Member] | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.21% | 1.57% |
RBC MRA [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Apr. 23, 2019 | Nov. 24, 2018 |
Security Interests | CMBS | CMBS |
Collateral Assets(3) | $ 773,216 | $ 194,918 |
Outstanding Balance | $ 625,913 | $ 150,238 |
Prepayment Provisions | None | None |
RBC MRA [Member] | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.27% | 1.54% |
Barclays MRA [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Sep. 29, 2021 | |
Security Interests | CMBS | |
Collateral Assets(3) | $ 513,231 | |
Outstanding Balance | $ 384,764 | |
Prepayment Provisions | None | |
Barclays MRA [Member] | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.72% | |
BAML MRA [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Oct. 15, 2018 | Feb. 9, 2018 |
Security Interests | CMBS | CMBS |
Collateral Assets(3) | $ 105,903 | $ 26,016 |
Outstanding Balance | $ 80,687 | $ 19,635 |
Prepayment Provisions | None | None |
BAML MRA [Member] | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.06% | 1.16% |
MS MRA [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Maturity Date | Oct. 15, 2018 | |
Security Interests | CMBS | |
Collateral Assets(3) | $ 86,304 | |
Outstanding Balance | $ 72,436 | |
Prepayment Provisions | None | |
MS MRA [Member] | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.96% |
Repurchase Agreements - Summa_2
Repurchase Agreements - Summary of Repurchase Agreements (Parenthetical) (Detail) - Bond | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
RBC MRA [Member] | ||
Debt Instrument [Line Items] | ||
Number of corporate bond | 1 | |
One-Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Investment interest rate | 2.30% | 1.60% |
Three-Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Investment interest rate | 2.40% | 1.70% |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Real estate intangibles, net | $ 269,941 | $ 113,844 |
Receivables | 38,354 | 7,386 |
Prepaid expenses | 12,739 | 3,267 |
Straight-line rent receivable | 8,398 | 2,045 |
Pre-acquisition costs | 6,134 | 6,588 |
Deferred leasing costs, net | 6,049 | 1,193 |
Deferred financing costs, net | 5,736 | 5,248 |
Other | 11,138 | 5,711 |
Total | $ 358,489 | $ 145,282 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Subscriptions received in advance | $ 180,425 | $ 107,576 |
Real estate taxes payable | 61,223 | 13,202 |
Accounts payable and accrued expenses | 52,285 | 13,169 |
Intangible liabilities, net | 44,347 | 13,156 |
Prepaid rental income | 22,109 | 5,381 |
Tenant security deposits | 20,018 | 8,107 |
Distribution payable | 17,670 | 7,716 |
Accrued interest expense | 16,410 | 8,072 |
Other | 31,836 | 6,456 |
Total | $ 446,323 | $ 182,835 |
Equity and Redeemable Non-con_3
Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Detail) | 9 Months Ended |
Sep. 30, 2018shares | |
Class of Stock [Line Items] | |
Beginning balance | 170,384,000 |
Common stock issued | 193,936,000 |
Distribution reinvestment | 6,247,000 |
Common stock repurchased | (2,853,000) |
Independent directors' restricted stock grant | 37,000 |
Ending balance | 367,751,000 |
Class S Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 130,085,145 |
Common stock issued | 104,482,000 |
Distribution reinvestment | 4,217,000 |
Common stock repurchased | (1,521,000) |
Ending balance | 237,262,632 |
Class T Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 5,624,614 |
Common stock issued | 13,387,000 |
Distribution reinvestment | 238,000 |
Common stock repurchased | (23,000) |
Ending balance | 19,227,318 |
Class D Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 3,955,114 |
Common stock issued | 20,084,000 |
Distribution reinvestment | 255,000 |
Common stock repurchased | (115,000) |
Ending balance | 24,178,629 |
Class I Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 30,719,160 |
Common stock issued | 55,983,000 |
Distribution reinvestment | 1,537,000 |
Common stock repurchased | (1,194,000) |
Independent directors' restricted stock grant | 37,000 |
Ending balance | 87,082,488 |
Equity and Redeemable Non-con_4
Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Parenthetical) (Detail) - Class I Shares [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Class of Stock [Line Items] | |
Independent directors' restricted stock grant, value | $ 0.1 |
Amoritzation period of grant | 1 year |
Equity and Redeemable Non-con_5
Equity and Redeemable Non-controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Nov. 14, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Equity [Line Items] | ||||||||
Common stock repurchased | 2,853,000 | |||||||
Common stock repurchased, value | $ 30,603 | $ 187 | ||||||
Recognized liabilities for Performance Participation expense | $ 12,447 | $ 5,711 | 29,796 | 10,952 | $ 17,000 | |||
Aggregate redeemable non- controlling interest shares and Class I units continue to own | 57,400 | 57,400 | ||||||
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest | 1,826 | |||||||
Contributions from non-controlling interests | $ 80,216 | $ 8,978 | ||||||
Special Limited Partner [Member] | ||||||||
Equity [Line Items] | ||||||||
Stock issued as payment for services | 1,600,000 | |||||||
Stock redeemed, shares | 800,000 | |||||||
Stock redeemed, value | $ 8,400 | |||||||
Blackstone-advised Entity [Member] | BREIT OP [Member] | Class B Units [Member] | ||||||||
Equity [Line Items] | ||||||||
Contributions from non-controlling interests | $ 50,000 | |||||||
Partnership units outstanding | 4,646,441 | 4,646,441 | ||||||
Total commitment to purchase partneship units | $ 100,000 | |||||||
Blackstone-advised Entity [Member] | BREIT OP [Member] | Class B Units [Member] | Subsequent Event [Member] | ||||||||
Equity [Line Items] | ||||||||
Contributions from non-controlling interests | $ 50,000 | |||||||
Share Repurchase Plan [Member] | ||||||||
Equity [Line Items] | ||||||||
Common stock repurchased | 2,853,188 | |||||||
Common stock repurchased, value | $ 30,600 |
Equity and Redeemable Non-con_6
Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Class S Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | $ 0.4699 |
Stockholder servicing fee per share of common stock | (0.0683) |
Net distributions declared per share of common stock | 0.4016 |
Class T Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.4699 |
Stockholder servicing fee per share of common stock | (0.0672) |
Net distributions declared per share of common stock | 0.4027 |
Class D Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.4699 |
Stockholder servicing fee per share of common stock | (0.0199) |
Net distributions declared per share of common stock | 0.4500 |
Class I Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.4699 |
Net distributions declared per share of common stock | $ 0.4699 |
Equity and Redeemable Non-con_7
Equity and Redeemable Non-controlling Interest - Summary of Components of Non-controlling Interests (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Noncontrolling Interest [Abstract] | ||
Non-controlling interests attributable to third party joint ventures | $ 61,664 | $ 23,848 |
Non-controlling interests attributable to Class B Units | 49,125 | |
Non-controlling interests | $ 110,789 | $ 23,848 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Jan. 01, 2018shares | Oct. 31, 2018shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2018USD ($)Investment | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Investmentshares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | $ 248,261,000 | $ 248,261,000 | $ 248,261,000 | $ 133,071,000 | ||||
Management fee | 11,823,000 | $ 3,712,000 | $ 28,073,000 | $ 3,712,000 | ||||
Stock repurchased | shares | 2,853,000 | |||||||
Stock repurchased, value | $ 30,603,000 | 187,000 | ||||||
Recognized liabilities for Performance Participation expense | 12,447,000 | $ 5,711,000 | $ 29,796,000 | $ 10,952,000 | 17,000,000 | |||
Class I Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock repurchased | shares | 1,194,000 | |||||||
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 investments | $ 3,100,000 | $ 3,700,000 | ||||||
Number of Investments with Capitalized Costs | Investment | 13 | 13 | ||||||
Accrued Liabilities [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | 0 | $ 0 | $ 0 | |||||
Accrued Stockholder Servicing Fee [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | 203,199,000 | 203,199,000 | 203,199,000 | 102,076,000 | ||||
Advanced Organization and Offering Costs [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | 8,693,000 | 8,693,000 | 8,693,000 | 10,160,000 | ||||
Advanced Expenses [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | 729,000 | 729,000 | 729,000 | 472,000 | ||||
Accrued Management Fee [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | 4,265,000 | 4,265,000 | 4,265,000 | $ 1,904,000 | ||||
Accrued Management Fee [Member] | Adviser [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total components due to affiliates | $ 4,300,000 | $ 4,300,000 | $ 4,300,000 | |||||
Management Fee [Member] | Adviser [Member] | Class I Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock issued as payment for services | shares | 2,220,262 | |||||||
Stock repurchased | shares | 700,298 | |||||||
Stock repurchased, value | $ 7,600,000 | |||||||
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock issued as payment for services | shares | 393,894 |
Related Party Transactions - Su
Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Total components due to affiliates | $ 248,261 | $ 133,071 |
Accrued Stockholder Servicing Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 203,199 | 102,076 |
Performance Participation Allocation [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 29,796 | 16,974 |
Advanced Organization and Offering Costs [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 8,693 | 10,160 |
Accrued Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 4,265 | 1,904 |
Accrued Affiliate Service Provider Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 1,579 | 1,485 |
Advanced Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | $ 729 | $ 472 |
Related Party Transactions - _2
Related Party Transactions - Summary of Components of Due to Affiliates (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 248,261 | $ 133,071 |
Accrued Stockholder Servicing Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 203,199 | $ 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 | $ 203,200 | |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | $ 4,130 | $ 790 | $ 9,215 | $ 1,416 |
Capitalized Transaction Support Fees | 350 | 620 | 350 | 620 |
LivCor LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 1,995 | 394 | 5,186 | 464 |
Capitalized Transaction Support Fees | 145 | 600 | 145 | 600 |
Gateway Industrial Properties L.L.C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 1,336 | 2,414 | ||
Capitalized Transaction Support Fees | 196 | 196 | ||
ShopCore Properties TRS Management LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 470 | 72 | 968 | 142 |
BRE Hotels And Resorts LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 260 | 38 | 578 | 53 |
Equity Office Management, L.L.C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 286 | 757 | ||
Capitalized Transaction Support Fees | $ 20 | $ 20 | ||
Revantage Corporate Services, L.L.C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Affiliate Service Provider Expenses | 69 | 69 | ||
Capitalized Transaction Support Fees | $ 9 | $ 9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Sep. 30, 2018Investment |
Commitments And Contingencies Disclosure [Abstract] | |
Number of real estate investments subject to ground leases | 3 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Ground Lease Payment Obligations (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2018 (remaining) | $ 350 |
2,019 | 1,410 |
2,020 | 1,445 |
2,021 | 1,481 |
2,022 | 1,518 |
Thereafter | 460,905 |
Total | $ 467,109 |
Five Year Minimum Rental Paym_3
Five Year Minimum Rental Payments - Schedule of Future Minimum Rental Income (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Leases [Abstract] | |
2018 (remaining) | $ 43,810 |
2,019 | 171,760 |
2,020 | 153,760 |
2,021 | 133,045 |
2,022 | 106,053 |
Thereafter | 237,722 |
Total | $ 846,150 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 11,727,174 | $ 4,625,308 |
Multifamily [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,379,132 | 2,567,735 |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,876,939 | 636,900 |
Hotel [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,125,262 | 281,242 |
Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 138,091 | 103,138 |
Real Estate-Related Securities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,040,501 | 918,975 |
Other (Corporate) [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 167,249 | $ 117,318 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Revenues: | |||||
Total revenues | $ 200,162 | $ 48,904 | $ 462,072 | $ 79,687 | |
Expenses: | |||||
Total expenses | 90,605 | 22,606 | 205,811 | 35,249 | |
Income from real estate-related securities | 28,647 | 4,026 | 59,279 | 7,435 | |
Segment net operating income | 138,204 | 30,324 | 315,540 | 51,873 | |
Depreciation and amortization | 103,758 | 40,359 | 262,708 | 65,145 | |
Other income (expense): | |||||
General and administrative | (3,027) | (1,716) | (7,973) | (5,969) | |
Management fee | (11,823) | (3,712) | (28,073) | (3,712) | |
Performance participation allocation | (12,447) | (5,711) | (29,796) | (10,952) | $ (17,000) |
Interest income | 82 | 36 | 280 | 418 | |
Interest expense | (65,711) | (10,866) | (146,943) | (16,413) | |
Other income (expense) | (283) | 157 | (672) | 85 | |
Net loss | (58,763) | (31,847) | (160,345) | (49,815) | |
Net loss attributable to non-controlling interests | 1,096 | 122 | 4,648 | 122 | |
Net loss attributable to BREIT stockholders | (57,667) | (31,725) | (155,697) | (49,693) | |
Rental Property [Member] | |||||
Revenues: | |||||
Total revenues | 134,567 | 33,599 | 323,334 | 55,727 | |
Expenses: | |||||
Total expenses | 63,783 | 15,938 | 153,853 | 25,632 | |
Tenant Reimbursement Income [Member] | |||||
Revenues: | |||||
Total revenues | 18,271 | 3,230 | 42,879 | 5,503 | |
Hotel [Member] | |||||
Revenues: | |||||
Total revenues | 40,000 | 9,874 | 79,017 | 15,048 | |
Expenses: | |||||
Total expenses | 26,822 | 6,668 | 51,958 | 9,617 | |
Other Revenue [Member] | |||||
Revenues: | |||||
Total revenues | 7,324 | 2,201 | 16,842 | 3,409 | |
Multifamily [Member] | |||||
Revenues: | |||||
Total revenues | 100,185 | 28,057 | 240,612 | 44,323 | |
Expenses: | |||||
Total expenses | 46,196 | 12,588 | 112,775 | 19,473 | |
Segment net operating income | 53,989 | 15,469 | 127,837 | 24,850 | |
Depreciation and amortization | 62,929 | 32,606 | 166,983 | 51,205 | |
Multifamily [Member] | Rental Property [Member] | |||||
Revenues: | |||||
Total revenues | 88,799 | 24,911 | 213,512 | 39,466 | |
Expenses: | |||||
Total expenses | 46,196 | 12,588 | 112,775 | 19,473 | |
Multifamily [Member] | Tenant Reimbursement Income [Member] | |||||
Revenues: | |||||
Total revenues | 5,049 | 964 | 11,463 | 1,472 | |
Multifamily [Member] | Other Revenue [Member] | |||||
Revenues: | |||||
Total revenues | 6,337 | 2,182 | 15,637 | 3,385 | |
Industrial [Member] | |||||
Revenues: | |||||
Total revenues | 56,630 | 9,780 | 134,644 | 18,066 | |
Expenses: | |||||
Total expenses | 16,818 | 3,029 | 38,681 | 5,664 | |
Segment net operating income | 39,812 | 6,751 | 95,963 | 12,402 | |
Depreciation and amortization | 31,966 | 5,408 | 77,786 | 9,852 | |
Industrial [Member] | Rental Property [Member] | |||||
Revenues: | |||||
Total revenues | 43,719 | 7,737 | 104,206 | 14,357 | |
Expenses: | |||||
Total expenses | 16,818 | 3,029 | 38,681 | 5,664 | |
Industrial [Member] | Tenant Reimbursement Income [Member] | |||||
Revenues: | |||||
Total revenues | 12,746 | 2,036 | 30,095 | 3,703 | |
Industrial [Member] | Other Revenue [Member] | |||||
Revenues: | |||||
Total revenues | 165 | 7 | 343 | 6 | |
Hotel [Member] | |||||
Revenues: | |||||
Total revenues | 40,781 | 9,874 | 79,798 | 15,048 | |
Expenses: | |||||
Total expenses | 26,822 | 6,668 | 51,958 | 9,617 | |
Segment net operating income | 13,959 | 3,206 | 27,840 | 5,431 | |
Depreciation and amortization | 7,633 | 1,862 | 14,643 | 3,119 | |
Hotel [Member] | Hotel [Member] | |||||
Revenues: | |||||
Total revenues | 40,000 | 9,874 | 79,017 | 15,048 | |
Expenses: | |||||
Total expenses | 26,822 | 6,668 | 51,958 | 9,617 | |
Hotel [Member] | Other Revenue [Member] | |||||
Revenues: | |||||
Total revenues | 781 | 781 | |||
Retail [Member] | |||||
Revenues: | |||||
Total revenues | 2,566 | 1,193 | 7,018 | 2,250 | |
Expenses: | |||||
Total expenses | 769 | 321 | 2,397 | 495 | |
Segment net operating income | 1,797 | 872 | 4,621 | 1,755 | |
Depreciation and amortization | 1,230 | 483 | 3,296 | 969 | |
Retail [Member] | Rental Property [Member] | |||||
Revenues: | |||||
Total revenues | 2,049 | 951 | 5,616 | 1,904 | |
Expenses: | |||||
Total expenses | 769 | 321 | 2,397 | 495 | |
Retail [Member] | Tenant Reimbursement Income [Member] | |||||
Revenues: | |||||
Total revenues | 476 | 230 | 1,321 | 328 | |
Retail [Member] | Other Revenue [Member] | |||||
Revenues: | |||||
Total revenues | 41 | 12 | 81 | 18 | |
Real Estate-Related Securities [Member] | |||||
Expenses: | |||||
Income from real estate-related securities | 28,647 | 4,026 | 59,279 | 7,435 | |
Segment net operating income | $ 28,647 | $ 4,026 | $ 59,279 | $ 7,435 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Nov. 13, 2018USD ($)shares | Oct. 01, 2018USD ($)Transaction | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($) | Dec. 31, 2017shares |
Subsequent Event [Line Items] | |||||
Aggregate payments to acquire real estate, exclusive of closing costs | $ | $ 5,693,880 | $ 2,245,885 | |||
Acquisition of real estate-related securities | $ | 1,227,708 | 660,151 | |||
Proceeds from issuance of common stock | $ | $ 1,948,928 | $ 1,264,053 | |||
Class S Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 237,262,632 | 130,085,145 | |||
Class I Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 87,082,488 | 30,719,160 | |||
Class D Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 24,178,629 | 3,955,114 | |||
Class T Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 19,227,318 | 5,624,614 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate payments to acquire real estate, exclusive of closing costs | $ | $ 993,100 | ||||
Number of separate transaction in real estate acquisition | Transaction | 3 | ||||
Common stock, shares issued | 415,835,450 | ||||
Proceeds from issuance of common stock | $ | $ 4,300,000 | ||||
Subsequent Event [Member] | Class S Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 266,113,175 | ||||
Subsequent Event [Member] | Class I Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 99,359,504 | ||||
Subsequent Event [Member] | Class D Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 28,572,626 | ||||
Subsequent Event [Member] | Class T Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 21,790,145 | ||||
Subsequent Event [Member] | Real Estate-Related Securities [Member] | |||||
Subsequent Event [Line Items] | |||||
Acquisition of real estate-related securities | $ | $ 222,700 |