Blackstone Real Estate Income Trust (BSTT) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 15, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Blackstone Real Estate Income Trust, Inc.
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-55931
Entity Tax Identification Number	81-0696966
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	583-5000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		628,957,103
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		813,407,202
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		101,746,152
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,880,370

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 28,811,356	$ 26,326,868
Investments in unconsolidated entities	809,452
Investments in real estate debt	4,293,600	4,523,260
Cash and cash equivalents	738,553	204,269
Restricted cash	948,610	905,433
Other assets	1,462,134	1,079,993
Total assets	37,063,705	33,039,823
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	18,093,242	16,929,659
Repurchase agreements	2,516,313	3,092,137
Due to affiliates	581,487	690,143
Accounts payable, accrued expenses, and other liabilities	2,034,575	1,692,087
Total liabilities	23,225,617	22,404,026
Commitments and contingencies
Redeemable non-controlling interests	22,486	21,149
Equity
Preferred stock, $0.01 par value per share, 100,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019
Additional paid-in capital	16,278,758	11,716,721
Accumulated deficit and cumulative distributions	(2,830,046)	(1,422,885)
Total stockholders' equity	13,464,056	10,305,132
Non-controlling interests attributable to third party joint ventures	161,305	157,795
Non-controlling interests attributable to BREIT OP unitholders	190,241	151,721
Total equity	13,815,602	10,614,648
Total liabilities and equity	37,063,705	33,039,823
Class S Shares [Member]
Equity
Common stock value	6,111	5,308
Class T Shares [Member]
Equity
Common stock value	439	398
Class D Shares [Member]
Equity
Common stock value	964	847
Class I Shares [Member]
Equity
Common stock value	$ 7,830	$ 4,743

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	1,535,245,000	1,129,516,000
Class S Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	611,149,000	530,813,000
Common stock, shares outstanding	611,149,000	530,813,000
Class I Shares [Member]
Common Stock, Par Value	$ 0.01	$ 0.01
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, shares issued	783,816,000	474,279,000
Common stock, shares outstanding	783,816,000	474,279,000
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	43,898,000	39,767,000
Common stock, shares outstanding	43,898,000	39,767,000
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	96,382,000	84,657,000
Common stock, shares outstanding	96,382,000	84,657,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 674,882	$ 297,091
Expenses
Operating expenses	267,694	139,131
General and administrative	27,910	3,181
Management fee	49,502	17,177
Performance participation allocation	0	20,163
Depreciation and amortization	328,805	139,479
Total expenses	673,911	319,131
Other income (expense)
Income from unconsolidated entities	13,269
Income (loss) from investments in real estate debt	(1,016,147)	61,683
Net gain on disposition of real estate	371	0
Interest income	1,747	194
Interest expense	(188,504)	(91,587)
Loss on extinguishment of debt	(1,237)	0
Other income (expense)	(27,620)	1,654
Total other income (expense)	(1,218,121)	(28,056)
Net loss	(1,217,150)	(50,096)
Net loss attributable to non-controlling interests in third party joint ventures	237	2,036
Net loss attributable to non-controlling interests in BREIT OP	16,826	1,214
Net loss attributable to BREIT stockholders	$ (1,200,087)	$ (46,846)
Net loss per share of common stock — basic and diluted	$ (0.86)	$ (0.10)
Weighted-average shares of common stock outstanding, basic and diluted	1,399,514	488,760
Rental [Member]
Revenues
Total revenues	$ 532,095	$ 212,197
Expenses
Operating expenses	168,388	87,811
Hotel [Member]
Revenues
Total revenues	127,472	75,266
Expenses
Operating expenses	99,306	51,320
Other Revenue [Member]
Revenues
Total revenues	$ 15,315	$ 9,628

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Third Party Joint Ventures [Member]	Common Stock [Member]Class S Shares [Member]	Common Stock [Member]Class I Shares [Member]	Common Stock [Member]Class T Shares [Member]	Common Stock [Member]Class D Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit and Cumulative Distributions [Member]	Total Stockholders' Equity [Member]	Non-controlling Interests [Member]Third Party Joint Ventures [Member]	Non-controlling Interests [Member]BREIT OP Unitholders [Member]
Beginning Balance at Dec. 31, 2018	$ 3,914,954		$ 2,770	$ 1,083	$ 233	$ 304	$ 4,327,444	$ (587,548)	$ 3,744,286	$ 75,592	$ 95,076
Common stock issued	844,119		414	245	38	75	843,347		844,119
Offering costs	(50,847)						(50,847)		(50,847)
Distribution reinvestment	42,034		24	11	2	2	41,995		42,034
Common stock/units repurchased	(45,510)		(18)	(18)	(6)		(45,468)		(45,510)
Amortization of restricted stock grants/compensation awards	600			1			99		100		500
Net loss	(49,819)							(46,846)	(46,846)	(2,036)	(937)
Distributions declared on common stock	(69,542)							(69,542)	(69,542)
Contributions from non-controlling interests	9,608									4,894	4,714
Distributions to non-controlling interests	(2,813)									(1,277)	(1,536)
Allocation to redeemable non-controlling interests	(1,080)						(1,080)		(1,080)
Ending Balance at Mar. 31, 2019	4,591,704		3,190	1,322	267	381	5,115,490	(703,936)	4,416,714	77,173	97,817
Beginning Balance at Dec. 31, 2018	3,914,954		2,770	1,083	233	304	4,327,444	(587,548)	3,744,286	75,592	95,076
Ending Balance at Dec. 31, 2019	10,614,648		5,308	4,743	398	847	11,716,721	(1,422,885)	10,305,132	157,795	151,721
Common stock issued	5,075,257		985	3,239	48	141	5,070,844		5,075,257
Offering costs	(97,799)						(97,799)		(97,799)
Distribution reinvestment	104,922		45	37	3	7	104,830		104,922
Common stock/units repurchased	(516,222)		(227)	(190)	(10)	(31)	(515,429)		(515,887)		(335)
Amortization of restricted stock grants/compensation awards	600			1			99		100		500
Net loss	(1,216,450)							(1,200,087)	(1,200,087)	443	(16,806)
Distributions declared on common stock	(207,074)							(207,074)	(207,074)
Contributions from non-controlling interests	67,891									9,255	58,636
Distributions to non-controlling interests	(9,663)									(6,188)	(3,475)
Allocation to redeemable non-controlling interests	(508)	$ (500)					(508)		(508)
Ending Balance at Mar. 31, 2020	$ 13,815,602		$ 6,111	$ 7,830	$ 439	$ 964	$ 16,278,758	$ (2,830,046)	$ 13,464,056	$ 161,305	$ 190,241

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Distributions declared on common stock per share	$ 0.1592	$ 0.1582
Net loss allocated to redeemable non-controlling interest	$ 700	$ 277

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (1,217,150)	$ (50,096)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	49,502	17,177
Performance participation allocation	0	20,163
Depreciation and amortization	328,805	139,479
Gain on disposition of real estate	(371)	0
Loss on extinguishment of debt	1,237	0
Unrealized (gain) loss on changes in fair value of financial instruments	1,104,394	(30,003)
Income from unconsolidated entities	(13,269)	0
Distributions from unconsolidated entities	12,131	0
Other items	(1,683)	1,477
Change in assets and liabilities:
(Increase) / decrease in other assets	(70,385)	(26,092)
Increase / (decrease) in due to affiliates	3,590	(981)
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	12,238	1,912
Net cash provided by operating activities	209,039	73,036
Cash flows from investing activities:
Acquisitions of real estate	(2,573,147)	(735,508)
Capital improvements to real estate	(70,648)	(32,672)
Proceeds from disposition of real estate	4,488	0
Pre-acquisition costs	(23,791)	0
Investment in unconsolidated entities	(808,312)	0
Purchase of investments in real estate debt	(485,663)	(124,258)
Proceeds from settlement of investments in real estate debt	87,271	28,948
Purchase of real estate-related equity securities	(372,293)	0
Net cash used in investing activities	(4,242,095)	(863,490)
Cash flows from financing activities:
Proceeds from issuance of common stock	4,232,000	649,725
Offering costs paid	(27,823)	(14,134)
Subscriptions received in advance	290,535	423,943
Repurchase of common stock	(46,624)	(38,427)
Repurchase of management fee shares	(42,132)	0
Redemption of redeemable non-controlling interest	(83,625)	(4,314)
Redemption of affiliate service provider incentive compensation awards	(335)	0
Borrowings from mortgage notes, term loans, and secured revolving credit facilities	4,551,680	896,861
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(3,591,784)	(823,483)
Borrowings under repurchase agreements	45,541	82,045
Settlement of repurchase agreements	(618,147)	(14,619)
Borrowings from affiliate line of credit	125,000	0
Repayments on affiliate line of credit	(125,000)	0
Borrowings from unsecured credit facilities	130,000	0
Repayments on unsecured credit facilities	(130,000)	0
Payment of deferred financing costs	(19,894)	(8,343)
Contributions from non-controlling interests	10,953	2,374
Distributions to non-controlling interests	(8,342)	(3,158)
Distributions	(81,486)	(23,773)
Net cash provided by financing activities	4,610,517	1,124,697
Net change in cash and cash equivalents and restricted cash	577,461	334,243
Cash and cash equivalents and restricted cash, beginning of period	1,109,702	306,613
Cash and cash equivalents and restricted cash, end of period	1,687,163	640,856
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	738,553	152,756
Restricted cash	948,610	488,100
Cash and cash equivalents and restricted cash, end of period	1,687,163	640,856
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	109,069	291,618
Assumption of other liabilities in conjunction with acquisitions of real estate	2,416	4,527
Recognition of financing lease liability		56,008
Accrued pre-acquisition costs	803	0
Contributions from non-controlling interests		2,520
Accrued capital expenditures and acquisition related costs	3,363	4,362
Accrued distributions	21,103	3,839
Accrued stockholder servicing fee due to affiliate	70,409	36,936
Redeemable non-controlling interest issued as settlement of performance participation allocation	141,396	37,484
Allocation to redeemable non-controlling interest	508	1,080
Distribution reinvestment	104,922	42,034
Accrued common stock repurchases	427,259	5,046
Accrued common stock repurchases due to affiliate		2,037
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards		4,714
Payable for investments in real estate debt	389,878	0
Class I Shares [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	9,228	11,620
Class B Units [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 48,543	$ 0

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2020
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”) invests primarily in stabilized income-oriented commercial real estate in the United States and, to a lesser extent, in real estate debt. 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 Inc. (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”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager, which serves as the Company’s sponsor. 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. As of March 31, 2020, the Company had received net proceeds of $17.5 billion from selling shares in the Offering, as defined below, and selling unregistered shares of the Company’s common stock. The Company had registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock (the “Initial Offering”) and accepted gross offering proceeds of $4.9 billion during the period January 1, 2017 to January 1, 2019. As of March 31, 2020, the Company owned 1,158 properties and had 215 positions in real estate debt investments. The Company currently operates in eight reportable segments: Industrial, Multifamily, Net Lease, Hotel, Retail, Office and Other Properties, and Investments in Real Estate Debt. Multifamily includes various forms of rental housing including apartments, student housing and manufactured housing. Other Properties includes self-storage properties. Net Lease includes the real estate assets of The Bellagio Las Vegas (“Bellagio”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture, as further described in Note 5 – Investments in Unconsolidated Entities. Financial results by segment are reported in Note 14 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019 filed with the SEC. 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading and operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, increasing rates of unemployment, and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying the GAAP condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2020, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates. 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. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. 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, excluding its equity method investment, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of March 31, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $11.0 billion and $7.7 billion, respectively, compared to $9.5 billion and $6.6 billion as of December 31, 2019. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. As of March 31, 2020, the Company’s investment in the joint venture which owns the real estate of the MGM Grand and Mandalay Bay is not consolidated. Refer to Note 5 for additional details on the Company’s investments in unconsolidated entities. Fair Value Measurements 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 actively 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. Valuation of assets measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2020 and December 31, 2019, the Company’s investments in real estate debt consisted of commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), which are mortgage-related fixed income securities, corporate bonds, and term private mezzanine loans of real estate-related companies. The Company generally determines the fair value of its investments in real estate debt by generally 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 debt 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. Certain of the Company’s investments in real estate debt, such as mortgages or mezzanine loans, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. As of March 31, 2020 and December 31, 2019, the Company’s $4.3 billion and $4.5 billion, respectively, of investments in real estate debt were classified as Level 2. The Company’s investments in equity securities of public real estate-related companies are classified as trading securities and reported at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades. As of March 31, 2020 the Company’s $335.2 million of equity securities were classified as Level 1 and recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The Company did not own equity securities as of December 31, 2019. Valuation of liabilities not measured at fair value As of March 31, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, repurchase agreements, and unsecured revolving credit facilities was approximately $66.0 million below carrying value. As of December 31, 2019, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, repurchase agreements, and unsecured revolving credit facilities was approximately $54.9 million above 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 Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 (“Topic 842”) addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief to avoid performing a lease by lease analysis for the lease concessions that (i) were granted as relief due to the COVID-19 pandemic and (ii) result in the cash flows remaining to be substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. It is not possible at this time to accurately project the nature or extent of any such possible concessions.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Investments in Real Estate	3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 23,002,579 $ 20,950,147 Land and land improvements 6,268,518 5,639,678 Furniture, fixtures and equipment 432,501 377,645 Right of use asset - operating leases (1) 114,011 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 29,873,617 27,137,489 Accumulated depreciation and amortization (1,062,261 ) (810,621 ) Investments in real estate, net $ 28,811,356 $ 26,326,868 (1) Refer to Note 13 for additional details on the Company’s leases. During the three months ended March 31, 2020, the Company acquired interests in 10 real estate investments for $2.7 billion, which were comprised of 74 industrial, 22 multifamily, six retail and two self-storage properties categorized as other. The following table provides further details of the properties acquired during the three months ended March 31, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units (1) Purchase Price (2) Multifamily properties 4 22 8,979 units $ 1,614,455 Industrial properties 4 74 10,340 sq. ft. 772,744 Retail properties 1 6 689 sq. ft. 287,392 Other properties 1 2 111 sq. ft. 13,236 10 104 $ 2,687,827 (1) Multifamily includes various forms of rental housing such as apartments, student housing and manufactured housing. Multifamily units include manufactured housing sites and student housing beds. (2) Purchase price is inclusive of acquisition related costs. The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2020 ($ in thousands): Building and building improvements $ 1,909,143 Land and land improvements 597,823 Furniture, fixtures and equipment 38,441 In-place lease intangibles 155,556 Above-market lease intangibles 6,448 Below-market lease intangibles (19,584 ) Other — Total purchase price 2,687,827 Assumed mortgage notes (1) 109,069 Net purchase price $ 2,578,758 (1) Refer to Note 7 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles of the properties acquired during the three months ended March 31, 2020 were four, eight and four years, respectively. Impairment If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in impairment charges in the future. Certain investments within the Company’s portfolio, specifically its hotel assets, are more susceptible to future impairment considerations due to the significant declines in occupancy as a result of extended closures and uncertainty around future cash flows. The Company can provide no assurance that material impairment charges with respect to the Company’s investments in real estate and unconsolidated entities will not occur during the remaining quarters in 2020 or future periods. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether any impairment charges are warranted. Dispositions On January 30, 2020, the Company sold a 61,000 square foot industrial property. Net proceeds from the sale were $4.5 million, which resulted in a realized gain of $0.4 million recorded as Net Gain on Dispositions of Real Estate on the Company’s Condensed Consolidated Statements of Operations. Properties Held for Sale As of March 31, 2020, the Company did not have any properties classified as held for sale. As of December 31, 2019, six properties were classified as held for sale. Subsequent to December 31, 2019, five of the properties were no longer classified as held for sale as the purchase and sale agreement was terminated during the three months ended March 31, 2020. During the first quarter of 2020, the carrying value of the five properties was adjusted for any depreciation expense that would have been recognized while the properties were classified as held for sale. Upon termination of the purchase and sale agreement, the buyer forfeited an $8.0 million deposit, which the Company recorded as a component of Other Income (Expense) on the Company's Condensed Consolidated Statements of Operations.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 960,565 $ 811,254 Above-market lease intangibles 48,910 42,483 Other 26,400 26,400 Total intangible assets 1,035,875 880,137 Accumulated amortization: In-place lease amortization (269,790 ) (200,629 ) Above-market lease amortization (13,299 ) (10,977 ) Other (5,467 ) (3,189 ) Total accumulated amortization (288,556 ) (214,795 ) Intangible assets, net $ 747,319 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 186,583 $ 167,032 Total intangible liabilities 186,583 167,032 Accumulated amortization: Below-market lease amortization (38,868 ) (30,078 ) Total accumulated amortization (38,868 ) (30,078 ) Intangible liabilities, net $ 147,715 $ 136,954 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 218,586 $ 7,748 $ (28,347 ) 2021 149,473 8,414 (31,403 ) 2022 103,255 6,283 (24,674 ) 2023 69,714 3,746 (20,120 ) 2024 47,255 2,795 (15,506 ) 2025 35,649 2,087 (10,793 ) Thereafter 66,843 4,538 (16,872 ) $ 690,775 $ 35,611 $ (147,715 )

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	5. Investments in Unconsolidated Entities On February 14, 2020, the Company closed a transaction to form a new joint venture with MGM Growth Properties LLC (“MGP”) to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion (the “BREIT MGP JV”). MGP owns 50.1% of the joint venture, and the Company owns 49.9%. At closing, the joint venture entered into a long-term triple net master lease agreement with MGM Resorts International (“MGM”), which provides the joint venture with a full corporate guarantee of rent payments by MGM. The lease has an initial annual rent of $292 million with an initial term of 30 years with two 10-year extension options for MGM. The lease agreement provides that the rent will escalate 2% annually for the first 15 years and then the greater of (i) 2% or (ii) the increase in the consumer price index during the prior year, subject to a cap of 3%. As of March 31, 2020, the Company did not consolidate the joint venture. The following table provides a summarized balance sheet of the BREIT MGP JV along with a reconciliation to the Company’s equity investment in unconsolidated entities ($ in thousands): March 31, 2020 Total assets $ 4,604,815 Total liabilities (3,001,698 ) Total equity of BREIT MGP JV 1,603,117 MGP's share 803,162 BREIT's share 799,955 BREIT outside basis 9,497 BREIT net investment in BREIT MGP JV $ 809,452 The following table provides summarized operating data of the BREIT MGP JV along with a reconciliation to the Company’s income from unconsolidated entities ($ in thousands): Three Months Ended March 31, 2020 Total revenue $ 50,437 Net income of BREIT MGP JV 26,632 MGP's share 13,343 BREIT's share 13,289 Amortization of BREIT outside basis (20 ) BREIT net income from BREIT MGP JV $ 13,269

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2020
Investment In Real Estate And Loans [Abstract]
Investments in Real Estate Debt	6. Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): March 31, 2020 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount/ Notional (3) Cost Basis Fair Value CMBS - floating 126 L+2.67% 1/8/2025 $ 3,173,417 $ 3,166,335 $ 2,484,986 CMBS - fixed 49 4.1% 8/11/2027 912,585 888,815 703,616 Corporate bonds 14 5.1% 12/21/2026 321,135 320,283 268,006 CMBS - zero coupon 4 N/A 12/22/2026 236,090 129,747 113,272 CMBS - interest only 5 2.3% 9/27/2026 2,260,622 22,595 22,645 RMBS - fixed 7 4.4% 6/24/2027 23,094 23,284 18,569 Total real estate securities 205 3.7% 10/3/2025 N/M 4,551,059 3,611,094 Term loans 9 L+3.05% 8/13/2022 601,384 595,329 558,331 Mezzanine loans 1 L+6.86% 12/15/2024 134,750 134,166 124,175 Total real estate loans 10 L+3.74% 1/15/2023 736,134 729,495 682,506 Total investments in real estate debt 215 3.8% 4/28/2025 N/M $ 5,280,554 $ 4,293,600 December 31, 2019 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount/ Notional (3) Cost Basis Fair Value CMBS - floating 122 L+2.70% 1/29/2025 $ 2,907,080 $ 2,899,556 $ 2,906,952 CMBS - fixed 43 4.2% 6/26/2027 850,738 829,403 831,970 Corporate bonds 12 5.2% 2/16/2027 276,302 276,496 288,111 CMBS - zero coupon 4 N/A 12/30/2026 236,090 127,219 136,027 RMBS - fixed 9 4.3% 7/9/2028 29,315 29,506 29,448 CMBS - interest only 5 2.3% 10/2/2026 2,261,480 23,564 23,547 Total real estate-related securities 195 4.2% 10/15/2025 N/M 4,185,744 4,216,055 Term loans 7 L+2.87% 8/30/2024 175,239 173,466 173,129 Mezzanine loans 1 L+6.86% 12/15/2024 134,750 134,078 134,076 Total real estate-related loans 8 L+4.61% 10/16/2024 309,989 307,544 307,205 Total investments in real estate debt 203 4.4% 9/21/2025 N/M $ 4,493,288 $ 4,523,260 (1) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of March 31, 2020, one-month LIBOR was equal to 1.0%. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument or, in the case of CMBS and RMBS, the underlying collateral. (3) Represents notional amount for interest only positions. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2020 December 31, 2019 Collateral (1) Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Hospitality 79 $ 2,294,583 $ 1,756,235 41% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 63 992,258 904,837 21% 61 596,184 613,470 14% Office 36 778,295 611,103 14% 37 793,782 794,881 18% Industrial 18 636,999 539,733 13% 14 375,975 378,147 8% Diversified 13 322,842 279,319 7% 10 219,215 219,798 5% Other 5 238,202 186,696 4% 5 238,202 240,558 5% Retail 1 17,375 15,677 —% 1 17,374 17,304 —% Total 215 $ 5,280,554 $ 4,293,600 100% 203 $ 4,493,288 $ 4,523,260 100% (1) Multifamily investments in real estate debt are collateralized by various forms of rental housing including single-family homes and apartments. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): March 31, 2020 December 31, 2019 Credit Rating Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Number of Positions Cost Basis Fair Value Percentage Based on Fair Value BB 79 $ 1,731,406 $ 1,348,367 32% 72 $ 1,598,930 $ 1,610,643 36% Not rated 37 1,189,696 1,080,105 25% 33 764,941 773,791 17% B 42 1,167,645 884,841 21% 40 906,609 909,587 20% BBB 44 854,041 687,650 16% 45 885,891 891,272 20% A 9 316,561 273,595 6% 10 319,031 320,140 7% CCC 1 11,281 9,125 —% — — — —% AAA 2 9,065 9,058 —% 2 9,554 9,550 —% AA 1 859 859 —% 1 8,332 8,277 —% Total 215 $ 5,280,554 $ 4,293,600 100% 203 $ 4,493,288 $ 4,523,260 100% The Company’s investments in real estate debt included CMBS and loans collateralized by properties owned by Blackstone-advised investment vehicles and CMBS collateralized by loans originated or acquired by Blackstone-advised investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value Interest Income March 31 December 31, Three Months Ended March 31, 2020 2019 2020 2019 CMBS collateralized by properties $ 1,321,631 $ 1,418,056 $ 16,816 $ 12,426 Loans collateralized by properties 124,175 134,076 3,217 — CMBS collateralized by a loan 121,865 155,978 1,588 2,097 Total $ 1,567,671 $ 1,708,110 $ 21,621 $ 14,523 For additional information regarding the Company’s investments in affiliated CMBS, see Note 5 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The terms and conditions of such affiliated CMBS held as of March 31, 2020 are consistent with the terms described in such Note. As of March 31, 2020 and December 31, 2019, the Company’s investments in real estate debt also included $143.8 million and $186.8 million, respectively, of CMBS collateralized by pools of commercial real estate debt, a portion of which included certain of the Company’s mortgage notes. The Company recognized $2.6 million and $1.3 million of interest income related to such CMBS during the three months ended March 31, 2020 and 2019, respectively. During the three months ended March 31, 2020 and 2019, the Company recorded a net unrealized loss of $1.0 billion and unrealized gain of $31.0 million, respectively, related to investments in real estate debt as a component of Income from Investments in Real Estate Debt on the Company’s Condensed Consolidated Statements of Operations. The COVID-19 pandemic caused significant market pricing and liquidity dislocation in March 2020, causing a broad-based market decline impacting the unrealized value of certain of the Company’s investments in real estate debt. During the three months ended March 31, 2020, and 2019 the Company recognized a net realized gain of $328 thousand and $12 thousand, respectively, due to the sale or paydowns of certain of the Company’s investments in real estate debt.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	7. Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities The following table is a summary of the mortgage notes, term loans, and secured 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)(3) Maximum Facility Size March 31, 2020 December 31, 2019 Fixed rate Fixed rate mortgages 3.79% 2/25/2027 N/A $ 12,610,316 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.79% 2/25/2027 12,610,316 12,620,595 Variable rate Floating rate mortgages L+1.71% 8/12/2025 N/A 1,909,189 1,826,435 Variable rate term loans L+1.47% 7/3/2024 N/A 2,511,964 1,533,561 Variable rate secured revolving credit facilities L+1.52% 3/18/2025 $ 2,263,964 1,186,854 1,063,837 Total variable rate loans L+1.56% 1/11/2025 5,608,007 4,423,833 Total loans secured by the Company's properties 3.48% 9/1/2026 18,218,323 17,044,428 Premium on assumed debt, net 11,683 10,794 Deferred financing costs, net (136,764 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 18,093,242 $ 16,929,659 (1) The term “L” refers to the one-month LIBOR. As of March 31, 2020, one-month LIBOR was equal to 1.0%. (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. The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of March 31, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 74,101 2021 49,824 2022 550,073 2023 696,914 2024 3,678,279 2025 3,671,942 Thereafter 9,497,190 Total $ 18,218,323 On March 9, 2020, the Company paid off the mezzanine loan collateralized by certain of the Company’s industrial properties at carrying value. As such, the amortization of related deferred financing costs was accelerated resulting in a realized loss of $0.9 million recorded on the Company’s Condensed Consolidated Statements of Operations. The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to the executed mortgage notes, term loans, and secured revolving credit facilities agreements. These covenants require the Company, to maintain certain financial ratios, including leverage, fixed charge coverage, and debt service coverage, among others. As of March 31, 2020, the Company believes it was in compliance with all of its loan covenants. The Company’s continued compliance with these covenants depends on many factors and could be impacted by current or future economic conditions associated with the COVID-19 pandemic.

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2020
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements	8. Repurchase Agreements T he Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), Bank of America Merrill Lynch (the “BAML MRA”), Morgan Stanley Bank, N.A. (the “MS MRA”), MUFG Securities EMEA PLC (the “MUFG MRA”), HSBC Bank USA, National Association (the “HSBC MRA”), and Barclays Bank PLC (the “Barclays MRA”) to provide the Company with additional financing capacity secured by certain of the Company’s investments in real estate debt. The terms of the Citi MRA, RBC MRA, BAML MRA, MS MRA, MUFG 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 Barclays MRA has a maximum facility size of $750.0 million and repurchase agreements under the Barclays MRA have longer dated maturity compared to the Company’s other master repurchase agreements. Additionally, the Barclays MRA contains specific spread and advance rate provisions based on the rating of the underlying investments in real estate debt. The Company is in compliance with all financial covenants of the Barclays MRA. The following tables are a summary of the Company’s repurchase agreements ($ in thousands): March 31, 2020 Facility Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 1/31/2021 CMBS/Corporate bonds $ 1,577,125 $ 1,489,679 None Barclays MRA 9/29/2021 CMBS 794,856 750,000 None Citi MRA 3/30/2021 CMBS/RMBS 237,426 137,304 None MS MRA 6/13/2020 CMBS 80,588 78,309 None MUFG MRA 4/30/2020 CMBS 63,764 61,021 None $ 2,753,759 $ 2,516,313 December 31, 2019 Facility Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 6/23/2020 CMBS/Corporate bonds $ 1,980,951 $ 1,561,642 None Barclays MRA 9/29/2021 CMBS 981,652 750,000 None MS MRA 2/1/2020 CMBS 636,734 508,510 None Citi MRA 1/14/2020 CMBS/Corporate bonds 266,406 205,762 None MUFG MRA 4/30/2020 CMBS 86,332 62,561 None BAML MRA 1/24/2020 CMBS/Corporate bonds 4,807 3,662 None $ 3,956,882 $ 3,092,137 (1) Subsequent to March 31, 2020, the Company rolled its repurchase agreement contracts expiring in April and May 2020 into new contracts. (2) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. The weighted average interest rate of the Company’s repurchase agreements was 2.28% (L+1.34%) and 2.95% (L + 1.26%) as of March 31, 2020 and December 31, 2019, respectively. The term “L” refers to the one-month, three-month or six-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”).

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	9. Unsecured Revolving Credit Facilities The Company is party to an unsecured line of credit with multiple banks. The line of credit expires on February 22, 2023 and may be extended for one year. Interest under the line of credit is determined based on one-month U.S. dollar-denominated LIBOR plus 2.50%. As of March 31, 2020, the capacity of the unsecured line of credit was $1.3 billion. As of March 31, 2020, the Company had a $30.0 million letter of credit outstanding, which reduced the available capacity of the unsecured line of credit. There were no other outstanding borrowings on the line of credit as of March 31, 2020. The Company also maintains a $150.0 million unsecured line of credit with an affiliate of Blackstone of which there was no outstanding balance as of March 31, 2020. For additional information regarding the affiliate line of credit, see Note 8 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Other Assets and Other Liabilities	10. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): March 31, 2020 December 31, 2019 Real estate intangibles, net $ 747,319 $ 665,342 Equity securities 335,170 — Receivables 157,837 101,106 Straight-line rent receivable 69,073 38,287 Prepaid expenses 40,801 28,334 Deferred leasing costs, net 31,783 28,792 Deferred financing costs, net 29,209 28,494 Pre-acquisition costs 12,099 9,861 Held for sale assets — 143,379 Other 38,843 36,398 Total $ 1,462,134 $ 1,079,993 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2020 December 31, 2019 Repurchases payable $ 480,412 $ — Payable for investments in real estate debt 390,240 — Subscriptions received in advance 290,535 796,729 Intangible liabilities, net 147,715 136,954 Accounts payable and accrued expenses 133,203 126,565 Real estate taxes payable 105,555 100,767 Prepaid rental income 88,140 87,479 Right of use lease liability - operating leases 83,325 82,880 Distribution payable 77,313 56,210 Right of use lease liability - financing leases 57,010 56,758 Accrued interest expense 51,608 50,279 Tenant security deposits 51,035 46,533 Held for sale liabilities — 108,411 Other 78,484 42,522 Total $ 2,034,575 $ 1,692,087

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	11. Equity and Redeemable Non-controlling Interest Authorized Capital As of March 31, 2020, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended March 31, 2020 Class S Class I Class T Class D Total December 31, 2019 530,813 474,279 39,767 84,657 1,129,516 Common stock issued 98,528 324,832 4,811 14,109 442,280 Distribution reinvestment 4,498 3,688 297 687 9,170 Common stock repurchased (22,690 ) (18,983 ) (977 ) (3,071 ) (45,721 ) March 31, 2020 611,149 783,816 43,898 96,382 1,535,245 Share Repurchase Plan For the three months ended March 31, 2020, the Company repurchased 45,720,839 shares of common stock and 7,334,420 BREIT OP units representing a total of $599.8 million. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2020. 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. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2020: Class S Class I Class T Class D Gross distributions declared per share of common stock $ 0.1592 $ 0.1592 $ 0.1592 $ 0.1592 Stockholder servicing fee per share of common stock (0.0239 ) — (0.0236 ) (0.0070 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1592 $ 0.1356 $ 0.1522 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 12 for further details of the Special Limited Partner’s performance participation interest. 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 following table summarizes the redeemable non-controlling interest activity related to the Special Limited Partner for the three months ended March 31, 2020 ($ in thousands): December 31, 2019 $ 272 Settlement of 2019 performance participation allocation 141,396 Repurchases (83,625 ) Conversion to Class I and Class B units (48,543 ) Conversion to Class I shares (9,228 ) GAAP income allocation (20 ) Distributions (2 ) Fair value allocation — March 31, 2020 $ 250 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of March 31, 2020, $22.2 million related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets. The Redeemable Non-controlling Interests are recorded at the greater of their carrying amount, adjusted for their share of the allocation of income or loss and distributions, or their redemption value, which is equivalent to fair value, of such interests at the end of each measurement period. As the redemption value was greater than the adjusted carrying value for certain of the non-controlling interests at March 31, 2020, the Company recorded an allocation adjustment of $0.5 million between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): March 31, 2020 December 31, 2019 Accrued stockholder servicing fee (1) $ 548,948 $ 478,539 Accrued management fee 17,028 13,873 Accrued affiliate service provider expenses 7,746 6,037 Advanced organization and offering costs 5,625 6,136 Performance participation allocation — 141,396 Other 2,140 44,162 Total $ 581,487 $ 690,143 (1) Management Fee The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of common stock, or BREIT OP units. The Adviser has elected to receive the management fee in shares of the Company’s common stock to date. During the three months ended March 31, 2020 and 2019, the Company incurred management fees of $49.5 million and $17.2 million, respectively. During the three months ended March 31, 2020 and 2019, the Company issued 2,837,038 and 1,021,790, respectively, unregistered Class I shares to the Adviser as payment for management fees. The Company also had a payable of $17.0 million and $13.9 million related to the management fees as of March 31, 2020 and December 31, 2019, respectively, which is included in Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. During April 2020, the Adviser was issued 1,631,209 unregistered Class I shares as payment for the $17.0 million management fees accrued as of March 31, 2020. 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. Accrued affiliate service provider expenses and incentive compensation awards For further details on the Company’s relationships with its affiliated service providers, see Note 11 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The Company issued incentive compensation awards to certain employees of affiliate portfolio company service providers on January 1, 2020 that entitles them to receive an allocation of total return over a certain hurdle amount, as determined by the Company (the “2020 Awards”). The Company has determined the value of the 2020 Awards to be zero. Additionally, the Company issued similar incentive compensation awards to certain employees of affiliate portfolio company service providers on January 1, 2019 (the “2019 Awards”). The value of the 2019 Awards at January 1, 2019 was $8.0 million and will be amortized over the four year service period. As of March 31, 2020, the total unrecognized compensation cost relating to the portfolio company incentive compensation awards was $5.5 million and is expected to be recognized over a period of 2.8 years from March 31, 2020. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following table details the amounts incurred for affiliate service providers during the three months ended March 31, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 12,331 $ — $ 261 $ — $ 514 $ — LivCor, L.L.C. 5,635 4,028 77 141 1,060 358 BRE Hotels and Resorts 3,323 654 156 118 — — ShopCore Properties TRS Management L.L.C. 765 402 6 5 315 15 Revantage Corporate Services, L.L.C. 488 259 — — — — Equity Office Management, L.L.C 145 — — — — — Gateway Industrial Properties L.L.C. — 2,095 — 236 — 27 Total $ 22,687 $ 7,438 $ 500 $ 500 $ 1,889 $ 400 Affiliate service provider expenses and portfolio company incentive compensation awards are included as a component of Rental Property Operating and Hotel Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from the aforementioned arrangements. Performance Participation Allocation The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return to its capital account. During the three months ended March 31, 2020, the Company recognized no Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations as the performance hurdle was not achieved as of March 31, 2020. During the three months ended March 31, 2019, the Company recognized $20.2 million of Performance Participation Allocation expense as the performance hurdle was achieved as of March 31, 2019. In January 2020, the Company issued approximately 11.7 million Class I units and 0.7 million Class B units in BREIT OP to the Special Limited Partner as payment for the 2019 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2019. Subsequent to the Class I and Class B units being issued, 7.3 million of such units were redeemed for $83.6 million and 0.8 million of such units were exchanged for unregistered Class I shares in the Company. As of March 31, 2020, Blackstone and its employees, including the Company’s executive officers, continue to own an aggregate of $190.3 million worth of shares of the Company and Class I and Class B units in BREIT OP. The remaining Class I units held by the Special Limited Partner are included in Redeemable Non-Controlling Interest on the Company’s Condensed Consolidated Balance Sheets. Other As of March 31, 2020 and December 31, 2019, the Adviser had advanced $2.1 million and $2.0 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Additionally, as of March 31, 2020, the Company did not have any accrued repurchases of Class I shares due to the Adviser. As of December 31, 2019, the Company had $42.1 million of accrued repurchases of Class I shares due to the Adviser. Affiliate Title Service Provider During the three months ended March 31, 2020, the Company paid Lexington National Land Services $1.6 million for title services related to 9 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 Secured Revolving Credit Facilities on the Company’s Condensed Consolidated Balance Sheets. For additional information regarding this affiliate relationship, see Note 11 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Other As of March 31, 2020, the Company had a receivable of $3.9 million from Livcor, L.L.C. and such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2020, the Company had a receivable of $1.7 million from funds affiliated with the Company’s Adviser for post-closing settlements related to the Jupiter 12 Industrial Portfolio acquisition. Such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	13. Leases Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of March 31, 2020, the Company had 15 ground leases classified as operating and two ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and two of the Company’s operating leases contain renewal options for additional 99 and 10 year terms. The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 2,957 $ 2,255 2021 3,977 3,081 2022 4,088 3,174 2023 4,127 3,269 2024 4,180 3,367 2025 4,383 3,468 Thereafter 598,727 327,075 Total undiscounted future lease payments 622,439 345,689 Difference between undiscounted cash flows and discounted cash flows (539,114 ) (288,679 ) Total lease liability $ 83,325 $ 57,010 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of March 31, 2020, the weighted average remaining lease term of the Company’s operating leases and financing leases was 56 years and 76 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases fixed to an index or periodic fixed percentage escalations. One of the Company’s ground leases contains a variable component based on a percentage of revenue. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2020 2019 Fixed ground rent expense $ 1,012 $ 359 Variable ground rent expense 17 18 Total cash portion of ground rent expense 1,029 377 Non-cash ground rent expense 1,743 1,092 Total operating lease costs $ 2,772 $ 1,469 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2020 2019 Interest on lease liabilities $ 737 $ 15 Amortization of right-of-use assets 252 — Total financing lease costs $ 989 $ 15 Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, industrial, retail, office, net lease and other properties. Leases at the Company’s industrial, retail, and office properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial, retail, and office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s multifamily properties primarily consist of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. During the current period, the Company changed its presentation for the payment of leasing commissions in the Condensed Consolidated Statement of Cash Flows as investing activities from operating activities to better align with how the Company assesses its overall investments in its properties. The Company does not believe the change in presentation to be material as the Company had $5.6 million of leasing commissions during the three months ended March 31, 2020. Rental revenue from the Company’s lease at the Bellagio consists of a fixed annual rent that escalates annually throughout the term of the lease and the tenant is generally responsible for all property-related expenses, including taxes, insurance and maintenance. The Company assessed the classification of the Bellagio lease and determined the lease was an operating lease. The Company’s assessment included the consideration of the present value of the lease payments over the lease term and the residual value of the assets under the lease. Leases at the Company’s industrial, retail, office, and net lease properties are generally longer term and may contain extension and termination options at the lessee’s election. Leases at the Company’s multifamily and other properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended March 31, 2020 2019 Fixed lease payments $ 477,285 $ 188,855 Variable lease payments 54,810 23,342 Rental revenue $ 532,095 $ 212,197 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, retail and office properties as of March 31, 2020 ($ in thousands). Leases at the Company’s multifamily and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2020 (remaining) $ 679,206 2021 855,569 2022 766,079 2023 665,288 2024 579,580 2025 513,437 Thereafter 8,965,405 Total $ 13,024,564

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting The Company operates in eight reportable segments: Multifamily properties, Industrial properties, Net Lease properties, Hotel properties, Retail properties, Office properties, Other properties and Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): March 31, 2020 December 31, 2019 Multifamily $ 11,228,620 $ 9,695,916 Industrial 11,224,128 10,564,172 Net lease 5,064,547 4,271,196 Hotel 2,403,242 2,427,554 Retail 720,052 419,198 Office 138,030 138,912 Other properties 156,939 145,411 Investments in real estate debt 5,339,232 4,565,385 Other (Corporate) 788,915 812,079 Total assets $ 37,063,705 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended March 31, 2020 ($ in thousands): Multifamily Industrial Net Lease Hotel Retail Office Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 227,119 $ 201,397 $ 82,795 $ — $ 14,243 $ 2,977 $ 3,564 $ — $ 532,095 Hotel revenue — — — 127,472 — — — — 127,472 Other revenue 12,085 841 — 1,574 278 90 447 — 15,315 Total revenues 239,204 202,238 82,795 129,046 14,521 3,067 4,011 — 674,882 Expenses: Rental property operating 104,560 57,170 101 — 3,420 1,035 2,102 — 168,388 Hotel operating — — — 99,306 — — — — 99,306 Total expenses 104,560 57,170 101 99,306 3,420 1,035 2,102 — 267,694 Income from unconsolidated entities — — 13,269 — — — — — 13,269 Income (loss) from investments in real estate debt — — — — — — — (1,016,147 ) (1,016,147 ) Segment net operating income (loss) $ 134,644 $ 145,068 $ 95,963 $ 29,740 $ 11,101 $ 2,032 $ 1,909 $ (1,016,147 ) $ (595,690 ) Depreciation and amortization $ (127,326 ) $ (138,124 ) $ (28,155 ) $ (22,793 ) $ (8,635 ) $ (1,543 ) $ (2,229 ) $ — $ (328,805 ) General and administrative (27,910 ) Management fee (49,502 ) Performance participation allocation — Net gain on disposition of real estate 371 Interest income 1,747 Interest expense (188,504 ) Loss on extinguishment of debt (1,237 ) Other income (expense) (27,620 ) Net loss $ (1,217,150 ) Net loss attributable to non-controlling interests in third party joint ventures $ 237 Net loss attributable to non-controlling interests in BREIT OP 16,826 Net loss attributable to BREIT stockholders $ (1,200,087 ) The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 127,898 $ 81,301 $ — $ 2,998 $ — $ 212,197 Hotel revenue — — 75,266 — — 75,266 Other revenue 7,611 217 1,727 73 — 9,628 Total revenues 135,509 81,518 76,993 3,071 — 297,091 Expenses: Rental property operating 61,824 24,861 — 1,126 — 87,811 Hotel operating — — 51,320 — — 51,320 Total expenses 61,824 24,861 51,320 1,126 — 139,131 Income (loss) from investments in real estate debt — — — — 61,683 61,683 Segment net operating income $ 73,685 $ 56,657 $ 25,673 $ 1,945 $ 61,683 $ 219,643 Depreciation and amortization $ (78,534 ) $ (45,022 ) $ (14,426 ) $ (1,497 ) $ — $ (139,479 ) General and administrative (3,181 ) Management fee (17,177 ) Performance participation allocation (20,163 ) Interest income 194 Interest expense (91,587 ) Other income (expense) 1,654 Net loss $ (50,096 ) Net loss attributable to non-controlling interests in third party joint ventures $ 2,036 Net loss attributable to non-controlling interests in BREIT OP 1,214 Net loss attributable to BREIT stockholders $ (46,846 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2020 and December 31, 2019, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Acquisitions Subsequent to March 31, 2020, the Company acquired an aggregate of $460.7 million of real estate, exclusive of closing costs, across three separate transactions. Proceeds from the Issuance of Common Stock Subsequent to March 31, 2020, the Company had received net proceeds of $691.9 million from the issuance of its common stock. Repurchases Subsequent to March 31, 2020, the Company repurchased $105.8 million of shares of our common stock/units.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 filed with the SEC. 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading and operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, increasing rates of unemployment, and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying the GAAP condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2020, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates. 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. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. 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, excluding its equity method investment, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of March 31, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $11.0 billion and $7.7 billion, respectively, compared to $9.5 billion and $6.6 billion as of December 31, 2019. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. As of March 31, 2020, the Company’s investment in the joint venture which owns the real estate of the MGM Grand and Mandalay Bay is not consolidated. Refer to Note 5 for additional details on the Company’s investments in unconsolidated entities.
Fair Value Measurements	Fair Value Measurements 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 actively 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. Valuation of assets measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2020 and December 31, 2019, the Company’s investments in real estate debt consisted of commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), which are mortgage-related fixed income securities, corporate bonds, and term private mezzanine loans of real estate-related companies. The Company generally determines the fair value of its investments in real estate debt by generally 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 debt 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. Certain of the Company’s investments in real estate debt, such as mortgages or mezzanine loans, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. As of March 31, 2020 and December 31, 2019, the Company’s $4.3 billion and $4.5 billion, respectively, of investments in real estate debt were classified as Level 2. The Company’s investments in equity securities of public real estate-related companies are classified as trading securities and reported at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades. As of March 31, 2020 the Company’s $335.2 million of equity securities were classified as Level 1 and recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The Company did not own equity securities as of December 31, 2019. Valuation of liabilities not measured at fair value As of March 31, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, repurchase agreements, and unsecured revolving credit facilities was approximately $66.0 million below carrying value. As of December 31, 2019, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, repurchase agreements, and unsecured revolving credit facilities was approximately $54.9 million above 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 Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 (“Topic 842”) addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief to avoid performing a lease by lease analysis for the lease concessions that (i) were granted as relief due to the COVID-19 pandemic and (ii) result in the cash flows remaining to be substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. It is not possible at this time to accurately project the nature or extent of any such possible concessions.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 23,002,579 $ 20,950,147 Land and land improvements 6,268,518 5,639,678 Furniture, fixtures and equipment 432,501 377,645 Right of use asset - operating leases (1) 114,011 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 29,873,617 27,137,489 Accumulated depreciation and amortization (1,062,261 ) (810,621 ) Investments in real estate, net $ 28,811,356 $ 26,326,868 (1) Refer to Note 13 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the three months ended March 31, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units (1) Purchase Price (2) Multifamily properties 4 22 8,979 units $ 1,614,455 Industrial properties 4 74 10,340 sq. ft. 772,744 Retail properties 1 6 689 sq. ft. 287,392 Other properties 1 2 111 sq. ft. 13,236 10 104 $ 2,687,827 (1) Multifamily includes various forms of rental housing such as apartments, student housing and manufactured housing. Multifamily units include manufactured housing sites and student housing beds. (2) Purchase price is inclusive of acquisition related costs.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2020 ($ in thousands): Building and building improvements $ 1,909,143 Land and land improvements 597,823 Furniture, fixtures and equipment 38,441 In-place lease intangibles 155,556 Above-market lease intangibles 6,448 Below-market lease intangibles (19,584 ) Other — Total purchase price 2,687,827 Assumed mortgage notes (1) 109,069 Net purchase price $ 2,578,758 (1) Refer to Note 7 for additional details on the Company’s mortgage notes.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 960,565 $ 811,254 Above-market lease intangibles 48,910 42,483 Other 26,400 26,400 Total intangible assets 1,035,875 880,137 Accumulated amortization: In-place lease amortization (269,790 ) (200,629 ) Above-market lease amortization (13,299 ) (10,977 ) Other (5,467 ) (3,189 ) Total accumulated amortization (288,556 ) (214,795 ) Intangible assets, net $ 747,319 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 186,583 $ 167,032 Total intangible liabilities 186,583 167,032 Accumulated amortization: Below-market lease amortization (38,868 ) (30,078 ) Total accumulated amortization (38,868 ) (30,078 ) Intangible liabilities, net $ 147,715 $ 136,954
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 218,586 $ 7,748 $ (28,347 ) 2021 149,473 8,414 (31,403 ) 2022 103,255 6,283 (24,674 ) 2023 69,714 3,746 (20,120 ) 2024 47,255 2,795 (15,506 ) 2025 35,649 2,087 (10,793 ) Thereafter 66,843 4,538 (16,872 ) $ 690,775 $ 35,611 $ (147,715 )

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summarized Financial Information of BREIT MGP JV with Reconciliation to Unconsolidated Entities	The following table provides a summarized balance sheet of the BREIT MGP JV along with a reconciliation to the Company’s equity investment in unconsolidated entities ($ in thousands): March 31, 2020 Total assets $ 4,604,815 Total liabilities (3,001,698 ) Total equity of BREIT MGP JV 1,603,117 MGP's share 803,162 BREIT's share 799,955 BREIT outside basis 9,497 BREIT net investment in BREIT MGP JV $ 809,452 The following table provides summarized operating data of the BREIT MGP JV along with a reconciliation to the Company’s income from unconsolidated entities ($ in thousands): Three Months Ended March 31, 2020 Total revenue $ 50,437 Net income of BREIT MGP JV 26,632 MGP's share 13,343 BREIT's share 13,289 Amortization of BREIT outside basis (20 ) BREIT net income from BREIT MGP JV $ 13,269

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Investment In Real Estate And Loans [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): March 31, 2020 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount/ Notional (3) Cost Basis Fair Value CMBS - floating 126 L+2.67% 1/8/2025 $ 3,173,417 $ 3,166,335 $ 2,484,986 CMBS - fixed 49 4.1% 8/11/2027 912,585 888,815 703,616 Corporate bonds 14 5.1% 12/21/2026 321,135 320,283 268,006 CMBS - zero coupon 4 N/A 12/22/2026 236,090 129,747 113,272 CMBS - interest only 5 2.3% 9/27/2026 2,260,622 22,595 22,645 RMBS - fixed 7 4.4% 6/24/2027 23,094 23,284 18,569 Total real estate securities 205 3.7% 10/3/2025 N/M 4,551,059 3,611,094 Term loans 9 L+3.05% 8/13/2022 601,384 595,329 558,331 Mezzanine loans 1 L+6.86% 12/15/2024 134,750 134,166 124,175 Total real estate loans 10 L+3.74% 1/15/2023 736,134 729,495 682,506 Total investments in real estate debt 215 3.8% 4/28/2025 N/M $ 5,280,554 $ 4,293,600 December 31, 2019 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount/ Notional (3) Cost Basis Fair Value CMBS - floating 122 L+2.70% 1/29/2025 $ 2,907,080 $ 2,899,556 $ 2,906,952 CMBS - fixed 43 4.2% 6/26/2027 850,738 829,403 831,970 Corporate bonds 12 5.2% 2/16/2027 276,302 276,496 288,111 CMBS - zero coupon 4 N/A 12/30/2026 236,090 127,219 136,027 RMBS - fixed 9 4.3% 7/9/2028 29,315 29,506 29,448 CMBS - interest only 5 2.3% 10/2/2026 2,261,480 23,564 23,547 Total real estate-related securities 195 4.2% 10/15/2025 N/M 4,185,744 4,216,055 Term loans 7 L+2.87% 8/30/2024 175,239 173,466 173,129 Mezzanine loans 1 L+6.86% 12/15/2024 134,750 134,078 134,076 Total real estate-related loans 8 L+4.61% 10/16/2024 309,989 307,544 307,205 Total investments in real estate debt 203 4.4% 9/21/2025 N/M $ 4,493,288 $ 4,523,260 (1) The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of March 31, 2020, one-month LIBOR was equal to 1.0%. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument or, in the case of CMBS and RMBS, the underlying collateral. (3) Represents notional amount for interest only positions.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2020 December 31, 2019 Collateral (1) Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Hospitality 79 $ 2,294,583 $ 1,756,235 41% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 63 992,258 904,837 21% 61 596,184 613,470 14% Office 36 778,295 611,103 14% 37 793,782 794,881 18% Industrial 18 636,999 539,733 13% 14 375,975 378,147 8% Diversified 13 322,842 279,319 7% 10 219,215 219,798 5% Other 5 238,202 186,696 4% 5 238,202 240,558 5% Retail 1 17,375 15,677 —% 1 17,374 17,304 —% Total 215 $ 5,280,554 $ 4,293,600 100% 203 $ 4,493,288 $ 4,523,260 100% (1) Multifamily investments in real estate debt are collateralized by various forms of rental housing including single-family homes and apartments.
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): March 31, 2020 December 31, 2019 Credit Rating Number of Positions Cost Basis Fair Value Percentage Based on Fair Value Number of Positions Cost Basis Fair Value Percentage Based on Fair Value BB 79 $ 1,731,406 $ 1,348,367 32% 72 $ 1,598,930 $ 1,610,643 36% Not rated 37 1,189,696 1,080,105 25% 33 764,941 773,791 17% B 42 1,167,645 884,841 21% 40 906,609 909,587 20% BBB 44 854,041 687,650 16% 45 885,891 891,272 20% A 9 316,561 273,595 6% 10 319,031 320,140 7% CCC 1 11,281 9,125 —% — — — —% AAA 2 9,065 9,058 —% 2 9,554 9,550 —% AA 1 859 859 —% 1 8,332 8,277 —% Total 215 $ 5,280,554 $ 4,293,600 100% 203 $ 4,493,288 $ 4,523,260 100%
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value Interest Income March 31 December 31, Three Months Ended March 31, 2020 2019 2020 2019 CMBS collateralized by properties $ 1,321,631 $ 1,418,056 $ 16,816 $ 12,426 Loans collateralized by properties 124,175 134,076 3,217 — CMBS collateralized by a loan 121,865 155,978 1,588 2,097 Total $ 1,567,671 $ 1,708,110 $ 21,621 $ 14,523

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table is a summary of the mortgage notes, term loans, and secured 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)(3) Maximum Facility Size March 31, 2020 December 31, 2019 Fixed rate Fixed rate mortgages 3.79% 2/25/2027 N/A $ 12,610,316 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.79% 2/25/2027 12,610,316 12,620,595 Variable rate Floating rate mortgages L+1.71% 8/12/2025 N/A 1,909,189 1,826,435 Variable rate term loans L+1.47% 7/3/2024 N/A 2,511,964 1,533,561 Variable rate secured revolving credit facilities L+1.52% 3/18/2025 $ 2,263,964 1,186,854 1,063,837 Total variable rate loans L+1.56% 1/11/2025 5,608,007 4,423,833 Total loans secured by the Company's properties 3.48% 9/1/2026 18,218,323 17,044,428 Premium on assumed debt, net 11,683 10,794 Deferred financing costs, net (136,764 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 18,093,242 $ 16,929,659 (1) The term “L” refers to the one-month LIBOR. As of March 31, 2020, one-month LIBOR was equal to 1.0%. (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.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of March 31, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 74,101 2021 49,824 2022 550,073 2023 696,914 2024 3,678,279 2025 3,671,942 Thereafter 9,497,190 Total $ 18,218,323

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Repurchase Agreements [Abstract]
Summary of Repurchase Agreements	The following tables are a summary of the Company’s repurchase agreements ($ in thousands): March 31, 2020 Facility Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 1/31/2021 CMBS/Corporate bonds $ 1,577,125 $ 1,489,679 None Barclays MRA 9/29/2021 CMBS 794,856 750,000 None Citi MRA 3/30/2021 CMBS/RMBS 237,426 137,304 None MS MRA 6/13/2020 CMBS 80,588 78,309 None MUFG MRA 4/30/2020 CMBS 63,764 61,021 None $ 2,753,759 $ 2,516,313 December 31, 2019 Facility Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 6/23/2020 CMBS/Corporate bonds $ 1,980,951 $ 1,561,642 None Barclays MRA 9/29/2021 CMBS 981,652 750,000 None MS MRA 2/1/2020 CMBS 636,734 508,510 None Citi MRA 1/14/2020 CMBS/Corporate bonds 266,406 205,762 None MUFG MRA 4/30/2020 CMBS 86,332 62,561 None BAML MRA 1/24/2020 CMBS/Corporate bonds 4,807 3,662 None $ 3,956,882 $ 3,092,137 (1) Subsequent to March 31, 2020, the Company rolled its repurchase agreement contracts expiring in April and May 2020 into new contracts. (2) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. The weighted average interest rate of the Company’s repurchase agreements was 2.28% (L+1.34%) and 2.95% (L + 1.26%) as of March 31, 2020 and December 31, 2019, respectively. The term “L” refers to the one-month, three-month or six-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”).

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): March 31, 2020 December 31, 2019 Real estate intangibles, net $ 747,319 $ 665,342 Equity securities 335,170 — Receivables 157,837 101,106 Straight-line rent receivable 69,073 38,287 Prepaid expenses 40,801 28,334 Deferred leasing costs, net 31,783 28,792 Deferred financing costs, net 29,209 28,494 Pre-acquisition costs 12,099 9,861 Held for sale assets — 143,379 Other 38,843 36,398 Total $ 1,462,134 $ 1,079,993
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2020 December 31, 2019 Repurchases payable $ 480,412 $ — Payable for investments in real estate debt 390,240 — Subscriptions received in advance 290,535 796,729 Intangible liabilities, net 147,715 136,954 Accounts payable and accrued expenses 133,203 126,565 Real estate taxes payable 105,555 100,767 Prepaid rental income 88,140 87,479 Right of use lease liability - operating leases 83,325 82,880 Distribution payable 77,313 56,210 Right of use lease liability - financing leases 57,010 56,758 Accrued interest expense 51,608 50,279 Tenant security deposits 51,035 46,533 Held for sale liabilities — 108,411 Other 78,484 42,522 Total $ 2,034,575 $ 1,692,087

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2020, the Company had the authority to issue 10,100,000,000 shares, consisting of the following Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000
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): Three Months Ended March 31, 2020 Class S Class I Class T Class D Total December 31, 2019 530,813 474,279 39,767 84,657 1,129,516 Common stock issued 98,528 324,832 4,811 14,109 442,280 Distribution reinvestment 4,498 3,688 297 687 9,170 Common stock repurchased (22,690 ) (18,983 ) (977 ) (3,071 ) (45,721 ) March 31, 2020 611,149 783,816 43,898 96,382 1,535,245
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2020: Class S Class I Class T Class D Gross distributions declared per share of common stock $ 0.1592 $ 0.1592 $ 0.1592 $ 0.1592 Stockholder servicing fee per share of common stock (0.0239 ) — (0.0236 ) (0.0070 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1592 $ 0.1356 $ 0.1522
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table summarizes the redeemable non-controlling interest activity related to the Special Limited Partner for the three months ended March 31, 2020 ($ in thousands): December 31, 2019 $ 272 Settlement of 2019 performance participation allocation 141,396 Repurchases (83,625 ) Conversion to Class I and Class B units (48,543 ) Conversion to Class I shares (9,228 ) GAAP income allocation (20 ) Distributions (2 ) Fair value allocation — March 31, 2020 $ 250

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): March 31, 2020 December 31, 2019 Accrued stockholder servicing fee (1) $ 548,948 $ 478,539 Accrued management fee 17,028 13,873 Accrued affiliate service provider expenses 7,746 6,037 Advanced organization and offering costs 5,625 6,136 Performance participation allocation — 141,396 Other 2,140 44,162 Total $ 581,487 $ 690,143 (1)
Schedule of Related Party Expenses Incurred and Portfolio Company Incentive Compensation Awards and Capitalized Transaction Costs	The following table details the amounts incurred for affiliate service providers during the three months ended March 31, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 12,331 $ — $ 261 $ — $ 514 $ — LivCor, L.L.C. 5,635 4,028 77 141 1,060 358 BRE Hotels and Resorts 3,323 654 156 118 — — ShopCore Properties TRS Management L.L.C. 765 402 6 5 315 15 Revantage Corporate Services, L.L.C. 488 259 — — — — Equity Office Management, L.L.C 145 — — — — — Gateway Industrial Properties L.L.C. — 2,095 — 236 — 27 Total $ 22,687 $ 7,438 $ 500 $ 500 $ 1,889 $ 400

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Future Lease Payments Due Under Ground Leases	The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 2,957 $ 2,255 2021 3,977 3,081 2022 4,088 3,174 2023 4,127 3,269 2024 4,180 3,367 2025 4,383 3,468 Thereafter 598,727 327,075 Total undiscounted future lease payments 622,439 345,689 Difference between undiscounted cash flows and discounted cash flows (539,114 ) (288,679 ) Total lease liability $ 83,325 $ 57,010
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2020 2019 Fixed ground rent expense $ 1,012 $ 359 Variable ground rent expense 17 18 Total cash portion of ground rent expense 1,029 377 Non-cash ground rent expense 1,743 1,092 Total operating lease costs $ 2,772 $ 1,469 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2020 2019 Interest on lease liabilities $ 737 $ 15 Amortization of right-of-use assets 252 — Total financing lease costs $ 989 $ 15
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended March 31, 2020 2019 Fixed lease payments $ 477,285 $ 188,855 Variable lease payments 54,810 23,342 Rental revenue $ 532,095 $ 212,197
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, retail and office properties as of March 31, 2020 ($ in thousands). Leases at the Company’s multifamily and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2020 (remaining) $ 679,206 2021 855,569 2022 766,079 2023 665,288 2024 579,580 2025 513,437 Thereafter 8,965,405 Total $ 13,024,564

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table sets forth the total assets by segment ($ in thousands): March 31, 2020 December 31, 2019 Multifamily $ 11,228,620 $ 9,695,916 Industrial 11,224,128 10,564,172 Net lease 5,064,547 4,271,196 Hotel 2,403,242 2,427,554 Retail 720,052 419,198 Office 138,030 138,912 Other properties 156,939 145,411 Investments in real estate debt 5,339,232 4,565,385 Other (Corporate) 788,915 812,079 Total assets $ 37,063,705 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended March 31, 2020 ($ in thousands): Multifamily Industrial Net Lease Hotel Retail Office Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 227,119 $ 201,397 $ 82,795 $ — $ 14,243 $ 2,977 $ 3,564 $ — $ 532,095 Hotel revenue — — — 127,472 — — — — 127,472 Other revenue 12,085 841 — 1,574 278 90 447 — 15,315 Total revenues 239,204 202,238 82,795 129,046 14,521 3,067 4,011 — 674,882 Expenses: Rental property operating 104,560 57,170 101 — 3,420 1,035 2,102 — 168,388 Hotel operating — — — 99,306 — — — — 99,306 Total expenses 104,560 57,170 101 99,306 3,420 1,035 2,102 — 267,694 Income from unconsolidated entities — — 13,269 — — — — — 13,269 Income (loss) from investments in real estate debt — — — — — — — (1,016,147 ) (1,016,147 ) Segment net operating income (loss) $ 134,644 $ 145,068 $ 95,963 $ 29,740 $ 11,101 $ 2,032 $ 1,909 $ (1,016,147 ) $ (595,690 ) Depreciation and amortization $ (127,326 ) $ (138,124 ) $ (28,155 ) $ (22,793 ) $ (8,635 ) $ (1,543 ) $ (2,229 ) $ — $ (328,805 ) General and administrative (27,910 ) Management fee (49,502 ) Performance participation allocation — Net gain on disposition of real estate 371 Interest income 1,747 Interest expense (188,504 ) Loss on extinguishment of debt (1,237 ) Other income (expense) (27,620 ) Net loss $ (1,217,150 ) Net loss attributable to non-controlling interests in third party joint ventures $ 237 Net loss attributable to non-controlling interests in BREIT OP 16,826 Net loss attributable to BREIT stockholders $ (1,200,087 ) The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 127,898 $ 81,301 $ — $ 2,998 $ — $ 212,197 Hotel revenue — — 75,266 — — 75,266 Other revenue 7,611 217 1,727 73 — 9,628 Total revenues 135,509 81,518 76,993 3,071 — 297,091 Expenses: Rental property operating 61,824 24,861 — 1,126 — 87,811 Hotel operating — — 51,320 — — 51,320 Total expenses 61,824 24,861 51,320 1,126 — 139,131 Income (loss) from investments in real estate debt — — — — 61,683 61,683 Segment net operating income $ 73,685 $ 56,657 $ 25,673 $ 1,945 $ 61,683 $ 219,643 Depreciation and amortization $ (78,534 ) $ (45,022 ) $ (14,426 ) $ (1,497 ) $ — $ (139,479 ) General and administrative (3,181 ) Management fee (17,177 ) Performance participation allocation (20,163 ) Interest income 194 Interest expense (91,587 ) Other income (expense) 1,654 Net loss $ (50,096 ) Net loss attributable to non-controlling interests in third party joint ventures $ 2,036 Net loss attributable to non-controlling interests in BREIT OP 1,214 Net loss attributable to BREIT stockholders $ (46,846 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)PropertyPositionSegment
Organization and business activities.
Date of formation	Nov. 16, 2015
Common stock, shares authorized, amount	$ 5,000,000,000
Gross proceeds from offering	4,900,000,000
Net proceeds from issuance of common stock	$ 17,500,000,000
Number of owned properties | Property	1,158
Number of reportable segments | Segment	8
Real Estate Debt Investments [Member]
Organization and business activities.
Number of positions | Position	215
Follow On Offering [Member] | Maximum [Member]
Organization and business activities.
Common stock, shares authorized, amount	$ 12,000,000,000
IPO [Member] | Maximum [Member]
Organization and business activities.
Common stock, shares authorized, amount	10,000,000,000
Distribution Reinvestment Plan [Member] | Maximum [Member]
Organization and business activities.
Common stock, shares authorized, amount	$ 2,000,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	$ 37,063,705	$ 33,039,823
Liabilities excluding BREIT OP	23,225,617	22,404,026
Investments in equity securities	335,170
Level 2 [Member]
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	4,300,000	4,500,000
Level 1 [Member]
Significant Of Accounting Policies [Line Items]
Investments in equity securities	335,200
Level 3 [Member]
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, secured and unsecured revolving credit facilities, repurchase agreements, and affiliate line of credit	66,000	54,900
VIEs [Member]
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	11,000,000	9,500,000
Liabilities excluding BREIT OP	$ 7,700,000	$ 6,600,000

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Building and building improvements	$ 23,002,579	$ 20,950,147
Land and land improvements	6,268,518	5,639,678
Furniture, fixtures and equipment	432,501	377,645
Right of use asset - operating leases	114,011	114,011
Right of use asset - financing leases	56,008	56,008
Total	29,873,617	27,137,489
Accumulated depreciation and amortization	(1,062,261)	(810,621)
Investments in real estate, net	$ 28,811,356	$ 26,326,868

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	May 14, 2020USD ($)	Jan. 30, 2020USD ($)ft²	Mar. 31, 2020USD ($)PropertyInvestment	Apr. 01, 2020Property	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of real estate investments acquired | Investment			10
Number of real estate properties acquired			104
Area of real estate property sold | ft²		61,000
Net proceeds from sale of property | $		$ 4,500
Net gain on disposition of real estate | $		$ 400	$ 371
Number of real estate properties classified as held for sale			0		6
Other Income (Expense) [Member]
Real Estate Properties [Line Items]
Deposits forfeited by buyer | $			$ 8,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Payments to acquire real estate | $	$ 460,700
Number of real estate properties classified as held for sale				5
In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			4 years
Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			8 years
Below-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			4 years
10 Real Estate Investments [Member]
Real Estate Properties [Line Items]
Payments to acquire real estate | $			$ 2,700,000
Industrial [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired			74
Multifamily [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired			22
Retail [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired			6
Self Storage [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired			2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²Property
Real Estate Properties [Line Items]
Number of Transactions	10
Number of Properties | Property	104
Purchase Price (in thousands) | $	$ 2,687,827
Multifamily Properties
Real Estate Properties [Line Items]
Number of Transactions	4
Number of Properties | Property	22
Sq. Feet | ft²	8,979,000
Purchase Price (in thousands) | $	$ 1,614,455
Industrial [Member]
Real Estate Properties [Line Items]
Number of Transactions	4
Number of Properties | Property	74
Sq. Feet | ft²	10,340,000
Purchase Price (in thousands) | $	$ 772,744
Retail [Member]
Real Estate Properties [Line Items]
Number of Transactions	1
Number of Properties | Property	6
Sq. Feet | ft²	689,000
Purchase Price (in thousands) | $	$ 287,392
Other Properties [Member]
Real Estate Properties [Line Items]
Number of Transactions	1
Number of Properties | Property	2
Sq. Feet | ft²	111,000
Purchase Price (in thousands) | $	$ 13,236

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Real Estate Investment Property At Cost [Abstract]
Building and building improvements	$ 1,909,143
Land and land improvements	597,823
Furniture, fixtures and equipment	38,441
In-place lease intangibles	155,556
Above-market lease intangibles	6,448
Below-market lease intangibles	(19,584)
Total purchase price	2,687,827
Assumed mortgage notes	109,069
Net purchase price	$ 2,578,758

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets	$ 1,035,875	$ 880,137
Accumulated amortization:
Total accumulated amortization	(288,556)	(214,795)
Intangible assets, net	747,319	665,342
Intangible liabilities:
Below-market lease intangibles	186,583	167,032
Total intangible liabilities	186,583	167,032
Accumulated amortization:
Below-market lease amortization	(38,868)	(30,078)
Total accumulated amortization	(38,868)	(30,078)
Intangible liabilities, net	147,715	136,954
In-place Lease Intangibles [Member]
Intangible assets:
Total intangible assets	960,565	811,254
Accumulated amortization:
Total accumulated amortization	(269,790)	(200,629)
Intangible assets, net	690,775
Above-market Lease Intangibles [Member]
Intangible assets:
Total intangible assets	48,910	42,483
Accumulated amortization:
Total accumulated amortization	(13,299)	(10,977)
Intangible assets, net	35,611
Other Intangible Assets [Member]
Intangible assets:
Total intangible assets	26,400	26,400
Accumulated amortization:
Total accumulated amortization	$ (5,467)	$ (3,189)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 747,319	$ 665,342
Below-market Lease Intangibles, 2019	(28,347)
Below-market Lease Intangibles, 2020	(31,403)
Below-market Lease Intangibles, 2021	(24,674)
Below-market Lease Intangibles, 2022	(20,120)
Below-market Lease Intangibles, 2023	(15,506)
Below-market Lease Intangibles, 2024	(10,793)
Below-market Lease Intangibles, Thereafter	(16,872)
Below-market Lease Intangibles, Total	(147,715)
In-place Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	218,586
2021	149,473
2022	103,255
2023	69,714
2024	47,255
2025	35,649
Thereafter	66,843
Intangible assets, net	690,775
Above-market Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	7,748
2021	8,414
2022	6,283
2023	3,746
2024	2,795
2025	2,087
Thereafter	4,538
Intangible assets, net	$ 35,611

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Detail) $ in Thousands	Feb. 14, 2020USD ($)Option	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Initial annual rent		$ 532,095	$ 212,197
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	49.90%
MGM Growth Properties LLC [Member] | BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.10%
MGM Grand and Mandalay Bay [Member] | BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs	$ 4,600,000
Initial annual rent	$ 292,000
Initial term	30 years
Existence of option to extend	true
Number of options to extend | Option	2
Option to extend, extension term	10 years
Percentage rent will annually escalate	2.00%
Term rent will annually escalate	15 years
Percentage rent will annually escalate, cap	3.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summarized Balance Sheet with Reconciliation To Equity Investment In Unconsolidated Entities (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 809,452
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Total assets	4,604,815
Total liabilities	(3,001,698)
Total equity	1,603,117
Investments in unconsolidated entities	809,452
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	799,955
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	9,497
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 803,162

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summarized Operating Data With Reconciliation To Income From Unconsolidated Entities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	$ 13,269	$ 0
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Net income	26,632
Income from unconsolidated entities	13,269
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	13,289
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	(20)
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	13,343
BREIT MGP JV [Member] | Rental [Member]
Schedule Of Equity Method Investments [Line Items]
Total revenue	$ 50,437

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	215	203
Weighted Average Coupon	3.80%	4.40%
Weighted Average Maturity Date	Apr. 28, 2025	Sep. 21, 2025
Cost Basis	$ 5,280,554	$ 4,493,288
Fair Value	$ 4,293,600	$ 4,523,260
Total Real Estate Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	205	195
Weighted Average Coupon	3.70%	4.20%
Weighted Average Maturity Date	Oct. 3, 2025	Oct. 15, 2025
Cost Basis	$ 4,551,059	$ 4,185,744
Fair Value	$ 3,611,094	$ 4,216,055
Total Real Estate-Related Loans [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	10	8
Weighted Average Maturity Date	Jan. 15, 2023	Oct. 16, 2024
Face Amount/ Notional	$ 736,134	$ 309,989
Cost Basis	729,495	307,544
Fair Value	$ 682,506	$ 307,205
Total Real Estate-Related Loans [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.74%	4.61%
Commercial Mortgage Backed Securities Floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	126	122
Weighted Average Maturity Date	Jan. 8, 2025	Jan. 29, 2025
Face Amount/ Notional	$ 3,173,417	$ 2,907,080
Cost Basis	3,166,335	2,899,556
Fair Value	$ 2,484,986	$ 2,906,952
Commercial Mortgage Backed Securities Floating | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	2.67%	2.70%
Commercial Mortgage Backed Securities Fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	49	43
Weighted Average Coupon	4.10%	4.20%
Weighted Average Maturity Date	Aug. 11, 2027	Jun. 26, 2027
Face Amount/ Notional	$ 912,585	$ 850,738
Cost Basis	888,815	829,403
Fair Value	$ 703,616	$ 831,970
Commercial Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	5	5
Weighted Average Coupon	2.30%	2.30%
Weighted Average Maturity Date	Sep. 27, 2026	Oct. 2, 2026
Face Amount/ Notional	$ 2,260,622	$ 2,261,480
Cost Basis	22,595	23,564
Fair Value	$ 22,645	$ 23,547
Mezzanine Loan [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1	1
Weighted Average Maturity Date	Dec. 15, 2024	Dec. 15, 2024
Face Amount/ Notional	$ 134,750	$ 134,750
Cost Basis	134,166	134,078
Fair Value	$ 124,175	$ 134,076
Mezzanine Loan [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	6.86%	6.86%
Commercial Mortgage Backed Securities Zero Coupon [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	4	4
Weighted Average Maturity Date	Dec. 22, 2026	Dec. 30, 2026
Face Amount/ Notional	$ 236,090	$ 236,090
Cost Basis	129,747	127,219
Fair Value	$ 113,272	$ 136,027
Term Loans [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	9	7
Weighted Average Maturity Date	Aug. 13, 2022	Aug. 30, 2024
Face Amount/ Notional	$ 601,384	$ 175,239
Cost Basis	595,329	173,466
Fair Value	$ 558,331	$ 173,129
Term Loans [Member] | One-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Weighted Average Coupon	3.05%	2.87%
Residential Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	7	9
Weighted Average Coupon	4.40%	4.30%
Weighted Average Maturity Date	Jun. 24, 2027	Jul. 9, 2028
Face Amount/ Notional	$ 23,094	$ 29,315
Cost Basis	23,284	29,506
Fair Value	$ 18,569	$ 29,448
Corporate Bond [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	14	12
Weighted Average Coupon	5.10%	5.20%
Weighted Average Maturity Date	Dec. 21, 2026	Feb. 16, 2027
Face Amount/ Notional	$ 321,135	$ 276,302
Cost Basis	320,283	276,496
Fair Value	$ 268,006	$ 288,111

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Parenthetical) (Detail)	Mar. 31, 2020
Commercial Mortgage Backed Securities [Member] | One-Month LIBOR [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investment interest rate	1.00%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Detail) $ in Thousands	Mar. 31, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	215	203
Cost Basis	$ 5,280,554	$ 4,493,288
Fair Value	$ 4,293,600	$ 4,523,260
Percentage Based on Fair Value	100.00%	100.00%
Hospitality [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	79	75
Cost Basis	$ 2,294,583	$ 2,252,556
Fair Value	$ 1,756,235	$ 2,259,102
Percentage Based on Fair Value	41.00%	50.00%
Multifamily [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	63	61
Cost Basis	$ 992,258	$ 596,184
Fair Value	$ 904,837	$ 613,470
Percentage Based on Fair Value	21.00%	14.00%
Office [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	36	37
Cost Basis	$ 778,295	$ 793,782
Fair Value	$ 611,103	$ 794,881
Percentage Based on Fair Value	14.00%	18.00%
Industrial [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	18	14
Cost Basis	$ 636,999	$ 375,975
Fair Value	$ 539,733	$ 378,147
Percentage Based on Fair Value	13.00%	8.00%
Diversified [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	13	10
Cost Basis	$ 322,842	$ 219,215
Fair Value	$ 279,319	$ 219,798
Percentage Based on Fair Value	7.00%	5.00%
Other [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	5	5
Cost Basis	$ 238,202	$ 238,202
Fair Value	$ 186,696	$ 240,558
Percentage Based on Fair Value	4.00%	5.00%
Retail [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1	1
Cost Basis	$ 17,375	$ 17,374
Fair Value	$ 15,677	$ 17,304

Investments in Real Estate De_6

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Detail) $ in Thousands	Mar. 31, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	215	203
Cost Basis	$ 5,280,554	$ 4,493,288
Fair Value	$ 4,293,600	$ 4,523,260
Percentage Based on Fair Value	100.00%	100.00%
BB Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	79	72
Cost Basis	$ 1,731,406	$ 1,598,930
Fair Value	$ 1,348,367	$ 1,610,643
Percentage Based on Fair Value	32.00%	36.00%
Non Rated [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	37	33
Cost Basis	$ 1,189,696	$ 764,941
Fair Value	$ 1,080,105	$ 773,791
Percentage Based on Fair Value	25.00%	17.00%
B Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	42	40
Cost Basis	$ 1,167,645	$ 906,609
Fair Value	$ 884,841	$ 909,587
Percentage Based on Fair Value	21.00%	20.00%
BBB Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	44	45
Cost Basis	$ 854,041	$ 885,891
Fair Value	$ 687,650	$ 891,272
Percentage Based on Fair Value	16.00%	20.00%
A Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	9	10
Cost Basis	$ 316,561	$ 319,031
Fair Value	$ 273,595	$ 320,140
Percentage Based on Fair Value	6.00%	7.00%
CCC Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1
Cost Basis	$ 11,281
Fair Value	$ 9,125
AAA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	2	2
Cost Basis	$ 9,065	$ 9,554
Fair Value	$ 9,058	$ 9,550
AA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1	1
Cost Basis	$ 859	$ 8,332
Fair Value	$ 859	$ 8,277

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	$ 5,280,554	$ 4,493,288
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	1,321,631	1,418,056
Interest Income	16,816	12,426
Loans Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	124,175	134,076
Interest Income	3,217
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	121,865	155,978
Interest Income	1,588	2,097
Commercial Mortgage Backed Securities Collateralized by Properties and Loans Owned by Blackstone-advised Investment Vehicles [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	1,567,671	1,708,110
Interest Income	$ 21,621	$ 14,523

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	$ 5,280,554		$ 4,493,288
Unrealized gain (loss) from investments in real estate debt	(1,000,000)	$ 31,000
Realized gain (loss) from investments in real estate debt	328	12
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt [Member]
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	143,800		$ 186,800
Interest income recorded	$ 2,600	$ 1,300

Mortgage Notes, Term Loans, a_3

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 18,218,323,000	$ 17,044,428,000
Premium on assumed debt, net	11,683,000	10,794,000
Deferred financing costs, net	(136,764,000)	(125,563,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	$ 18,093,242,000	16,929,659,000
Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.48%
Weighted Average Maturity Date	Sep. 1, 2026
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.00%
Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 12,610,316,000	12,620,595,000
Fixed Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.79%
Weighted Average Maturity Date	Feb. 25, 2027
Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 5,608,007,000	4,423,833,000
Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jan. 11, 2025
Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.56%
Mortgage Notes [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 12,610,316,000	12,424,717,000
Mortgage Notes [Member] | Fixed Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.79%
Weighted Average Maturity Date	Feb. 25, 2027
Mortgage Notes [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 1,909,189,000	1,826,435,000
Mortgage Notes [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Aug. 12, 2025
Mortgage Notes [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.71%
Mezzanine Loan [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding		195,878,000
Term Loans [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 2,511,964,000	1,533,561,000
Term Loans [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jul. 3, 2024
Term Loans [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.47%
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 2,263,964,000
Principal Balance Outstanding	$ 1,186,854,000	$ 1,063,837,000
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Mar. 18, 2025
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.52%

Mortgage Notes, Term Loans, a_4

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Parenthetical) (Detail)	Mar. 31, 2020
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, Interest rate	1.00%

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 74,101
2021	49,824
2022	550,073
2023	696,914
2024	3,678,279
2025	3,671,942
Thereafter	9,497,190
Total	$ 18,218,323	$ 17,044,428

Mortgage Notes, Term Loans, a_6

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 09, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Realized loss		$ 328	$ 12
Mezzanine Loan [Member]
Debt Instrument [Line Items]
Realized loss	$ (900)

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.28%	2.95%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.34%	1.26%
Barclays MRA [Member]
Debt Instrument [Line Items]
Maximum facility size	$ 750,000,000

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Maturity Date	Apr. 28, 2025	Sep. 21, 2025
Collateral Assets	$ 2,753,759	$ 3,956,882
Outstanding Balance	$ 2,516,313	$ 3,092,137
Barclays MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Sep. 29, 2021	Sep. 29, 2021
Security Interests	CMBS	CMBS
Collateral Assets	$ 794,856	$ 981,652
Outstanding Balance	$ 750,000	$ 750,000
Prepayment Provisions	None	None
RBC MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jan. 31, 2021	Jun. 23, 2020
Security Interests	CMBS/Corporate bonds	CMBS/Corporate bonds
Collateral Assets	$ 1,577,125	$ 1,980,951
Outstanding Balance	$ 1,489,679	$ 1,561,642
Prepayment Provisions	None	None
Citi MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Mar. 30, 2021	Jan. 14, 2020
Security Interests	CMBS/RMBS	CMBS/Corporate bonds
Collateral Assets	$ 237,426	$ 266,406
Outstanding Balance	$ 137,304	$ 205,762
Prepayment Provisions	None	None
MS MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 13, 2020	Feb. 1, 2020
Security Interests	CMBS	CMBS
Collateral Assets	$ 80,588	$ 636,734
Outstanding Balance	$ 78,309	$ 508,510
Prepayment Provisions	None	None
MUFG MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Apr. 30, 2020	Apr. 30, 2020
Security Interests	CMBS	CMBS
Collateral Assets	$ 63,764	$ 86,332
Outstanding Balance	$ 61,021	$ 62,561
Prepayment Provisions	None	None
BAML MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date		Jan. 24, 2020
Security Interests		CMBS/Corporate bonds
Collateral Assets		$ 4,807
Outstanding Balance		$ 3,662
Prepayment Provisions		None

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities - Additional Information (Detail) - Unsecured Line of Credit [Member]	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Line of credit	$ 1,300,000,000
Expiration date	Feb. 22, 2023
Line of credit amount outstanding	$ 30,000,000
Outstanding borrowings on line of credit	0
Affiliated [Member]
Debt Instrument [Line Items]
Line of credit	150,000,000
Line of credit amount outstanding	$ 0
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	2.50%

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Real estate intangibles, net	$ 747,319	$ 665,342
Equity securities	335,170
Receivables	157,837	101,106
Straight-line rent receivable	69,073	38,287
Prepaid expenses	40,801	28,334
Deferred leasing costs, net	31,783	28,792
Deferred financing costs, net	29,209	28,494
Pre-acquisition costs	12,099	9,861
Held for sale assets		143,379
Other	38,843	36,398
Total	$ 1,462,134	$ 1,079,993

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	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Repurchases payable	$ 480,412
Payable for investments in real estate debt	390,240
Subscriptions received in advance	290,535	$ 796,729
Intangible liabilities, net	147,715	136,954
Accounts payable and accrued expenses	133,203	126,565
Real estate taxes payable	105,555	100,767
Prepaid rental income	88,140	87,479
Right of use lease liability - operating leases	83,325	82,880
Distribution payable	77,313	56,210
Right of use lease liability - financing leases	57,010	56,758
Accrued interest expense	51,608	50,279
Tenant security deposits	51,035	46,533
Held for sale liabilities		108,411
Other	78,484	42,522
Total	$ 2,034,575	$ 1,692,087

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity [Line Items]
Number of Shares, Authorized to issue, Total	10,100,000,000
Common stock repurchased	45,720,839
BREIT OP units repurchased	7,334,420
Stock repurchased, value in operating partnership unit	$ 599,800
Non-controlling interests attributable to third party joint ventures	161,305		$ 157,795
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	508	$ 1,080
Third Party Joint Ventures [Member]
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	22,200
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	$ 500

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Detail) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred Stock, Number of Shares, Authorized to issue	100,000,000	100,000,000
Number of Shares, Authorized to issue, Total	10,100,000,000
Preferred Stock, Par Value	$ 0.01	$ 0.01
Class S Shares [Member]
Class Of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	3,000,000,000	3,000,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class I Shares [Member]
Class Of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	6,000,000,000	6,000,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class T Shares [Member]
Class Of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01
Class D Shares [Member]
Class Of Stock [Line Items]
Common Stock, Number of Shares, Authorized to issue	500,000,000	500,000,000
Common Stock, Par Value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Detail)	3 Months Ended
	Mar. 31, 2020shares
Class Of Stock [Line Items]
Beginning balance	1,129,516,000
Common stock issued	442,280,000
Distribution reinvestment	9,170,000
Common stock repurchased	(45,721,000)
Ending balance	1,535,245,000
Class S Shares [Member]
Class Of Stock [Line Items]
Beginning balance	530,813,000
Common stock issued	98,528,000
Distribution reinvestment	4,498,000
Common stock repurchased	(22,690,000)
Ending balance	611,149,000
Class I Shares [Member]
Class Of Stock [Line Items]
Beginning balance	474,279,000
Common stock issued	324,832,000
Distribution reinvestment	3,688,000
Common stock repurchased	(18,983,000)
Ending balance	783,816,000
Class T Shares [Member]
Class Of Stock [Line Items]
Beginning balance	39,767,000
Common stock issued	4,811,000
Distribution reinvestment	297,000
Common stock repurchased	(977,000)
Ending balance	43,898,000
Class D Shares [Member]
Class Of Stock [Line Items]
Beginning balance	84,657,000
Common stock issued	14,109,000
Distribution reinvestment	687,000
Common stock repurchased	(3,071,000)
Ending balance	96,382,000

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends Payable [Line Items]
Gross distributions declared per share of common stock	$ 0.1592	$ 0.1582
Class S Shares [Member]
Dividends Payable [Line Items]
Gross distributions declared per share of common stock	0.1592
Stockholder servicing fee per share of common stock	(0.0239)
Net distributions declared per share of common stock	0.1353
Class I Shares [Member]
Dividends Payable [Line Items]
Gross distributions declared per share of common stock	0.1592
Net distributions declared per share of common stock	0.1592
Class T Shares [Member]
Dividends Payable [Line Items]
Gross distributions declared per share of common stock	0.1592
Stockholder servicing fee per share of common stock	(0.0236)
Net distributions declared per share of common stock	0.1356
Class D Shares [Member]
Dividends Payable [Line Items]
Gross distributions declared per share of common stock	0.1592
Stockholder servicing fee per share of common stock	(0.0070)
Net distributions declared per share of common stock	$ 0.1522

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity Related to Special Limited Partner (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Redeemable Non-controlling Interest [Abstract]
December 31, 2019	$ 21,149
Settlement of 2019 performance participation allocation	141,396	$ 37,484
GAAP income allocation	(700)	$ (277)
March 31, 2020	22,486
Special Limited Partner [Member]
Redeemable Non-controlling Interest [Abstract]
December 31, 2019	272
Settlement of 2019 performance participation allocation	141,396
Repurchases	(83,625)
Conversion to Class I shares	(9,228)
GAAP income allocation	(20)
Distributions	(2)
March 31, 2020	250
Special Limited Partner [Member] | Common Class B [Member]
Redeemable Non-controlling Interest [Abstract]
Conversion to Class I shares	$ (48,543)

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total components due to affiliates	$ 581,487	$ 690,143
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	548,948	478,539
Performance Participation Allocation [Member]
Related Party Transaction [Line Items]
Total components due to affiliates		141,396
Accrued Management Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	17,028	13,873
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	5,625	6,136
Accrued Affiliate Service Provider Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	7,746	6,037
Other [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,140	$ 44,162

Related Party Transactions - _2

Related Party Transactions - Summary of Components of Due to Affiliates (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2020
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 - Ad

Related Party Transactions - Additional Information (Detail)	1 Months Ended			3 Months Ended		9 Months Ended	12 Months Ended
	Apr. 30, 2020shares	Jan. 31, 2020USD ($)shares	Jan. 31, 2019USD ($)	Mar. 31, 2020USD ($)Investmentshares	Mar. 31, 2019USD ($)shares	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Total components due to affiliates				$ 581,487,000			$ 690,143,000
Management fee				49,502,000	$ 17,177,000
Portfolio company incentive compensation awards			$ 8,000,000
Amoritzation period of grant			4 years
Unrecognized compensation cost relating to portfolio company incentive compensation awards						$ 5,500,000
Unrecognized compensation cost recognition period						2 years 9 months 18 days
Recognized liabilities for Performance Participation expense				0	20,163,000
Aggregate redeemable non- controlling interest shares and Class I units continue to own		$ 190,300
Stock repurchased, value				$ 516,222,000	$ 45,510,000
Adviser [Member]
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum				1.25%
Stock repurchased, value							42,100,000
Adviser [Member] | Other Assets [Member] | Jupiter 12 Industrial Portfolio [Member]
Related Party Transaction [Line Items]
Receivable from affiliates				$ 1,700,000
Special Limited Partner [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares		11,700,000
Stock redeemed, shares | shares		7,300,000
Stock redeemed, value		$ 83,600,000
Stock exchanged, shares | shares		800,000
Special Limited Partner [Member] | Common Class B [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares		700
Stock redeemed, shares | shares		7,300
LivCor L.L.C. [Member] | Other Assets [Member]
Related Party Transaction [Line Items]
Receivable from affiliates				3,900,000
LNLS [Member]
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments				$ 1,600,000
Number of Investments with Capitalized or Deferred Financing Costs | Investment				9
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				$ 548,948,000			478,539,000
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				5,625,000			6,136,000
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				2,100,000			2,000,000
Accrued Management Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				17,028,000			13,873,000
Accrued Management Fee [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				$ 17,000,000			$ 13,900,000
Management Fee [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares				2,837,038,000	1,021,790,000
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares	1,631,209,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Portfolio Company Incentive Compensation Awards and Capitalized Transaction Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 22,687	$ 7,438
Affiliate Service Provider Incentive Compensation Awards	500	500
Capitalized Transaction Support Services	1,889	400
LivCor L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	5,635	4,028
Affiliate Service Provider Incentive Compensation Awards	77	141
Capitalized Transaction Support Services	1,060	358
Gateway Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses		2,095
Affiliate Service Provider Incentive Compensation Awards		236
Capitalized Transaction Support Services		27
ShopCore Properties TRS Management L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	765	402
Affiliate Service Provider Incentive Compensation Awards	6	5
Capitalized Transaction Support Services	315	15
Link Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	12,331
Affiliate Service Provider Incentive Compensation Awards	261
Capitalized Transaction Support Services	514
BRE Hotels and Resorts [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	3,323	654
Affiliate Service Provider Incentive Compensation Awards	156	118
Revantage Corporate Services, L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	488	$ 259
Equity Office Management, L.L.C [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 145

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Lease
Lessee Lease Description [Line Items]
Number of ground leases under operating lease	15
Number of ground leases under finance lease	2
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease, weighted average remaining lease term	56 years
Finance lease, weighted average remaining lease term	76 years
Leasing commissions | $	$ 5.6
Minimum [Member]
Lessee Lease Description [Line Items]
Incremental borrowing rate	5.00%
Maximum [Member]
Lessee Lease Description [Line Items]
Incremental borrowing rate	7.00%
Ground Lease One Under Operating Lease [Member]
Lessee Lease Description [Line Items]
Lease renewal term	99 years
Ground Lease Two Under Operating Lease [Member]
Lessee Lease Description [Line Items]
Lease renewal term	10 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020 (remaining)	$ 2,957
2021	3,977
2022	4,088
2023	4,127
2024	4,180
2025	4,383
Thereafter	598,727
Total undiscounted future lease payments	622,439
Difference between undiscounted cash flows and discounted cash flows	(539,114)
Total lease liability	83,325	$ 82,880
Financing Leases
2020 (remaining)	2,255
2021	3,081
2022	3,174
2023	3,269
2024	3,367
2025	3,468
Thereafter	327,075
Total undiscounted future lease payments	345,689
Difference between undiscounted cash flows and discounted cash flows	(288,679)
Total lease liability	$ 57,010	$ 56,758

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Fixed ground rent expense	$ 1,012	$ 359
Variable ground rent expense	17	18
Total cash portion of ground rent expense	1,029	377
Non-cash ground rent expense	1,743	1,092
Total operating lease costs	$ 2,772	$ 1,469

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Interest on lease liabilities	$ 737	$ 15
Amortization of right-of-use assets	252
Total financing lease costs	$ 989	$ 15

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Leases Lease Income [Abstract]
Fixed lease payments	$ 477,285	$ 188,855
Variable lease payments	54,810	23,342
Rental revenue	$ 532,095	$ 212,197

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 (remaining)	$ 679,206
2021	855,569
2022	766,079
2023	665,288
2024	579,580
2025	513,437
Thereafter	8,965,405
Total	$ 13,024,564

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 37,063,705	$ 33,039,823
Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	11,228,620	9,695,916
Industrial [Member]
Segment Reporting Information [Line Items]
Total assets	11,224,128	10,564,172
Net Lease [Member]
Segment Reporting Information [Line Items]
Total assets	5,064,547	4,271,196
Hotel [Member]
Segment Reporting Information [Line Items]
Total assets	2,403,242	2,427,554
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	720,052	419,198
Other Properties [Member]
Segment Reporting Information [Line Items]
Total assets	156,939	145,411
Office [Member]
Segment Reporting Information [Line Items]
Total assets	138,030	138,912
Real Estate Debt [Member]
Segment Reporting Information [Line Items]
Total assets	5,339,232	4,565,385
Other (Corporate) [Member]
Segment Reporting Information [Line Items]
Total assets	$ 788,915	$ 812,079

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	Jan. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues		$ 674,882	$ 297,091
Expenses:
Total expenses		267,694	139,131
Income from unconsolidated entities		13,269
Income (loss) from investments in real estate debt		(1,016,147)	61,683
Segment net operating income (loss)		(595,690)	219,643
Depreciation and amortization		(328,805)	(139,479)
General and administrative		(27,910)	(3,181)
Management fee		(49,502)	(17,177)
Performance participation allocation		0	(20,163)
Net gain on disposition of real estate	$ 400	371
Interest income		1,747	194
Interest expense		(188,504)	(91,587)
Loss on extinguishment of debt		(1,237)	0
Other income (expense)		(27,620)	1,654
Net loss		(1,217,150)	(50,096)
Net loss attributable to non-controlling interests in third party joint ventures		237	2,036
Net loss attributable to non-controlling interests in BREIT OP		16,826	1,214
Net loss attributable to BREIT stockholders		(1,200,087)	(46,846)
Multifamily [Member]
Revenues:
Total revenues		239,204	135,509
Expenses:
Total expenses		104,560	61,824
Segment net operating income (loss)		134,644	73,685
Depreciation and amortization		(127,326)	(78,534)
Industrial [Member]
Revenues:
Total revenues		202,238	81,518
Expenses:
Total expenses		57,170	24,861
Segment net operating income (loss)		145,068	56,657
Depreciation and amortization		(138,124)	(45,022)
Net Lease [Member]
Revenues:
Total revenues		82,795
Expenses:
Total expenses		101
Income from unconsolidated entities		13,269
Segment net operating income (loss)		95,963
Depreciation and amortization		(28,155)
Hotel [Member]
Revenues:
Total revenues		129,046	76,993
Expenses:
Total expenses		99,306	51,320
Segment net operating income (loss)		29,740	25,673
Depreciation and amortization		(22,793)	(14,426)
Retail [Member]
Revenues:
Total revenues		14,521	3,071
Expenses:
Total expenses		3,420	1,126
Segment net operating income (loss)		11,101	1,945
Depreciation and amortization		(8,635)	(1,497)
Other Properties [Member]
Revenues:
Total revenues		4,011
Expenses:
Total expenses		2,102
Segment net operating income (loss)		1,909
Depreciation and amortization		(2,229)
Real Estate Debt [Member]
Expenses:
Income (loss) from investments in real estate debt		(1,016,147)	61,683
Segment net operating income (loss)		(1,016,147)	61,683
Office [Member]
Revenues:
Total revenues		3,067
Expenses:
Total expenses		1,035
Segment net operating income (loss)		2,032
Depreciation and amortization		(1,543)
Rental Property [Member]
Revenues:
Total revenues		532,095	212,197
Expenses:
Total expenses		168,388	87,811
Rental Property [Member] | Multifamily [Member]
Revenues:
Total revenues		227,119	127,898
Expenses:
Total expenses		104,560	61,824
Rental Property [Member] | Industrial [Member]
Revenues:
Total revenues		201,397	81,301
Expenses:
Total expenses		57,170	24,861
Rental Property [Member] | Net Lease [Member]
Revenues:
Total revenues		82,795
Expenses:
Total expenses		101
Rental Property [Member] | Retail [Member]
Revenues:
Total revenues		14,243	2,998
Expenses:
Total expenses		3,420	1,126
Rental Property [Member] | Other Properties [Member]
Revenues:
Total revenues		3,564
Expenses:
Total expenses		2,102
Rental Property [Member] | Office [Member]
Revenues:
Total revenues		2,977
Expenses:
Total expenses		1,035
Hotel [Member]
Revenues:
Total revenues		127,472	75,266
Expenses:
Total expenses		99,306	51,320
Hotel [Member] | Hotel [Member]
Revenues:
Total revenues		127,472	75,266
Expenses:
Total expenses		99,306	51,320
Other Revenue [Member]
Revenues:
Total revenues		15,315	9,628
Other Revenue [Member] | Multifamily [Member]
Revenues:
Total revenues		12,085	7,611
Other Revenue [Member] | Industrial [Member]
Revenues:
Total revenues		841	217
Other Revenue [Member] | Hotel [Member]
Revenues:
Total revenues		1,574	1,727
Other Revenue [Member] | Retail [Member]
Revenues:
Total revenues		278	$ 73
Other Revenue [Member] | Other Properties [Member]
Revenues:
Total revenues		447
Other Revenue [Member] | Office [Member]
Revenues:
Total revenues		$ 90

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	May 14, 2020USD ($)Transaction	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 4,232,000	$ 649,725
Repurchase of common stock/units		$ 46,624	$ 38,427
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs	$ 460,700
Number of separate transaction in real estate acquisition | Transaction	3
Proceeds from issuance of common stock	$ 691,900
Repurchase of common stock/units	$ 105,800