Blackstone Real Estate Income Trust (BSTT) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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		653,497,937
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		847,695,707
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		106,976,165
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,940,025

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 28,939,611	$ 26,326,868
Investments in unconsolidated entities	811,827
Investments in real estate debt	4,649,372	4,523,260
Cash and cash equivalents	263,067	204,269
Restricted cash	459,819	905,433
Other assets	1,504,803	1,079,993
Total assets	36,628,499	33,039,823
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	17,846,882	16,929,659
Secured financings on investments in real estate debt	2,369,685	3,092,137
Due to affiliates	613,055	690,143
Accounts payable, accrued expenses, and other liabilities	1,207,711	1,692,087
Total liabilities	22,037,333	22,404,026
Commitments and contingencies
Redeemable non-controlling interests	21,653	21,149
Equity
Preferred stock, $0.01 par value per share, 100,000 shares authorized; no shares issued and outstanding as of June 30, 2020 and December 31, 2019
Additional paid-in capital	16,952,056	11,716,721
Accumulated deficit and cumulative distributions	(2,749,989)	(1,422,885)
Total stockholders' equity	14,218,061	10,305,132
Non-controlling interests attributable to third party joint ventures	159,459	157,795
Non-controlling interests attributable to BREIT OP unitholders	191,993	151,721
Total equity	14,569,513	10,614,648
Total liabilities and equity	36,628,499	33,039,823
Class S Shares [Member]
Equity
Common stock value	6,322	5,308
Class T Shares [Member]
Equity
Common stock value	440	398
Class D Shares [Member]
Equity
Common stock value	1,032	847
Class I Shares [Member]
Equity
Common stock value	$ 8,200	$ 4,743

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	1,600,140,000	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	632,208,000	530,813,000
Common stock, shares outstanding	632,208,000	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	820,813,000	474,279,000
Common stock, shares outstanding	820,813,000	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	43,957,000	39,767,000
Common stock, shares outstanding	43,957,000	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	103,162,000	84,657,000
Common stock, shares outstanding	103,162,000	84,657,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 592,747,000	$ 354,308,000	$ 1,267,629,000	$ 651,399,000
Expenses
Operating expenses	231,558,000	164,408,000	499,252,000	303,539,000
General and administrative	6,913,000	4,878,000	13,595,000	8,059,000
Management fee	53,423,000	22,487,000	102,925,000	39,664,000
Performance participation allocation	0	29,898,000	0	50,061,000
Impairment of investments in real estate	6,126,000		6,126,000	0
Depreciation and amortization	347,352,000	161,854,000	676,157,000	301,333,000
Total expenses	645,372,000	383,525,000	1,298,055,000	702,656,000
Other income (expense)
Income from unconsolidated entities	25,336,000		38,605,000
Income (loss) from investments in real estate debt	492,889,000	51,784,000	(523,258,000)	113,467,000
Net gains on dispositions of real estate		29,686,000	371,000	29,686,000
Interest income	233,000	303,000	1,980,000	497,000
Interest expense	(176,579,000)	(103,279,000)	(365,083,000)	(194,866,000)
Loss on extinguishment of debt			(1,237,000)	0
Other income (expense)	29,078,000	(2,061,000)	(19,770,000)	(407,000)
Total other income (expense)	370,957,000	(23,567,000)	(868,392,000)	(51,623,000)
Net income (loss)	318,332,000	(52,784,000)	(898,818,000)	(102,880,000)
Net loss attributable to non-controlling interests in third party joint ventures	966,000	970,000	1,203,000	3,006,000
Net (income) loss attributable to non-controlling interests in BREIT OP	(4,859,000)	1,110,000	11,967,000	2,324,000
Net income (loss) attributable to BREIT stockholders	$ 314,439,000	$ (50,704,000)	$ (885,648,000)	$ (97,550,000)
Net income (loss) per share of common stock — basic and diluted	$ 0.20	$ (0.08)	$ (0.59)	$ (0.17)
Weighted-average shares of common stock outstanding, basic and diluted	1,585,584	631,745	1,492,549	560,647
Rental [Member]
Revenues
Total revenues	$ 553,717,000	$ 247,672,000	$ 1,085,812,000	$ 459,869,000
Expenses
Operating expenses	187,035,000	101,211,000	355,423,000	189,022,000
Hotel [Member]
Revenues
Total revenues	21,781,000	94,351,000	149,253,000	169,617,000
Expenses
Operating expenses	44,523,000	63,197,000	143,829,000	114,517,000
Other Revenue [Member]
Revenues
Total revenues	$ 17,249,000	$ 12,285,000	$ 32,564,000	$ 21,913,000

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	2,811,230		1,024	1,231	89	221	2,808,665		2,811,230
Offering costs	(153,874)						(153,874)		(153,874)
Distribution reinvestment	93,894		52	25	4	5	93,808		93,894
Common stock/units repurchased	(105,667)		(34)	(55)	(7)	(1)	(105,500)		(105,597)		(70)
Amortization of restricted stock grants/compensation awards	1,200			2			198		200		1,000
Net income (loss)	(102,529)							(97,550)	(97,550)	(3,006)	(1,973)
Distributions declared on common stock	(160,413)							(160,413)	(160,413)
Contributions from non-controlling interests	87,406									45,943	41,463
Distributions to non-controlling interests	(8,385)									(4,804)	(3,581)
Allocation to redeemable non-controlling interests	(1,441)						(1,441)		(1,441)
Ending Balance at Jun. 30, 2019	6,376,375		3,812	2,286	319	529	6,969,300	(845,511)	6,130,735	113,725	131,915
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
Beginning 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
Common stock issued	1,967,111		610	986	51	146	1,965,318		1,967,111
Offering costs	(103,027)						(103,027)		(103,027)
Distribution reinvestment	51,860		28	14	2	3	51,813		51,860
Common stock/units repurchased	(60,157)		(16)	(37)	(1)	(1)	(60,032)		(60,087)		(70)
Amortization of restricted stock grants/compensation awards	600			1			99		100		500
Net income (loss)	(52,710)							(50,704)	(50,704)	(970)	(1,036)
Distributions declared on common stock	(90,871)							(90,871)	(90,871)
Contributions from non-controlling interests	77,798									41,049	36,749
Distributions to non-controlling interests	(5,572)									(3,527)	(2,045)
Allocation to redeemable non-controlling interests	(361)						(361)		(361)
Ending Balance at Jun. 30, 2019	6,376,375		3,812	2,286	319	529	6,969,300	(845,511)	6,130,735	113,725	131,915
Beginning 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	5,951,825		1,243	3,713	60	214	5,946,595		5,951,825
Offering costs	(126,380)						(126,380)		(126,380)
Distribution reinvestment	228,166		99	88	6	15	227,958		228,166
Common stock/units repurchased	(815,231)		(328)	(346)	(24)	(44)	(812,734)		(813,476)		(1,755)
Amortization of restricted stock grants/compensation awards	1,200			2			198		200		1,000
Net income (loss)	(897,808)							(885,648)	(885,648)	(208)	(11,952)
Distributions declared on common stock	(441,456)							(441,456)	(441,456)
Contributions from non-controlling interests	71,064									11,171	59,893
Distributions to non-controlling interests	(16,213)									(9,299)	(6,914)
Allocation to redeemable non-controlling interests	(302)	$ 300					(302)		(302)
Ending Balance at Jun. 30, 2020	14,569,513		6,322	8,200	440	1,032	16,952,056	(2,749,989)	14,218,061	159,459	191,993
Beginning 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
Common stock issued	876,568		258	474	12	73	875,751		876,568
Offering costs	(28,581)						(28,581)		(28,581)
Distribution reinvestment	123,244		54	51	3	8	123,128		123,244
Common stock/units repurchased	(299,009)		(101)	(156)	(14)	(13)	(297,305)		(297,589)		(1,420)
Amortization of restricted stock grants/compensation awards	600			1			99		100		500
Net income (loss)	318,642							314,439	314,439	(651)	4,854
Distributions declared on common stock	(234,382)							(234,382)	(234,382)
Contributions from non-controlling interests	3,173									1,916	1,257
Distributions to non-controlling interests	(6,550)									(3,111)	(3,439)
Allocation to redeemable non-controlling interests	206	$ (200)					206		206
Ending Balance at Jun. 30, 2020	$ 14,569,513		$ 6,322	$ 8,200	$ 440	$ 1,032	$ 16,952,056	$ (2,749,989)	$ 14,218,061	$ 159,459	$ 191,993

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Distributions declared on common stock per share	$ 0.1577	$ 0.1588	$ 0.3169	$ 0.3170
Net loss allocated to redeemable non-controlling interest	$ 310	$ 74	$ 1,010	$ 351

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (898,818,000)	$ (102,880,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	102,925,000	39,664,000
Performance participation allocation	0	50,061,000
Depreciation and amortization	676,157,000	301,333,000
Impairment of investments in real estate	6,126,000	0
Net gains on dispositions of real estate	(371,000)	(29,686,000)
Loss on extinguishment of debt	1,237,000	0
Unrealized (gain) loss on changes in fair value of financial instruments	648,455,000	(45,492,000)
Income from unconsolidated entities	(38,605,000)	0
Distributions from unconsolidated entities	35,091,000	0
Other items	(23,964,000)	3,677,000
Change in assets and liabilities:
(Increase) / decrease in other assets	(36,825,000)	(37,401,000)
Increase / (decrease) in due to affiliates	5,775,000	(709,000)
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	7,612,000	14,902,000
Net cash provided by operating activities	484,795,000	193,469,000
Cash flows from investing activities:
Acquisitions of real estate	(2,939,159,000)	(3,763,487,000)
Capital improvements to real estate	(144,293,000)	(67,091,000)
Proceeds from disposition of real estate	4,488,000	44,293,000
Pre-acquisition costs	(11,671,000)	(3,407,000)
Investment in unconsolidated entities	(808,312,000)	0
Purchase of investments in real estate debt	(874,326,000)	(1,296,050,000)
Proceeds from settlement of investments in real estate debt	200,533,000	276,205,000
Purchase of real estate-related equity securities	(463,695,000)	0
Sale of real estate-related equity securities	102,932,000	0
Net cash used in investing activities	(4,933,503,000)	(4,809,537,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,047,278,000	2,596,552,000
Offering costs paid	(48,008,000)	(33,045,000)
Subscriptions received in advance	175,886,000	402,493,000
Repurchase of common stock	(720,157,000)	(53,638,000)
Repurchase of management fee shares	(76,631,000)	(49,871,000)
Redemption of redeemable non-controlling interest	(83,625,000)	(25,407,000)
Redemption of affiliate service provider incentive compensation awards	(1,755,000)	(70,000)
Borrowings from mortgage notes, term loans, and secured revolving credit facilities	6,108,651,000	4,111,058,000
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(5,400,290,000)	(2,942,083,000)
Borrowings under repurchase agreements	1,490,542,000	927,475,000
Settlement of repurchase agreements	(2,216,689,000)	(194,064,000)
Borrowings from affiliate line of credit	175,000,000	1,466,000,000
Repayments on affiliate line of credit	(175,000,000)	(1,466,000,000)
Borrowings from unsecured credit facilities	130,000,000	240,000,000
Repayments on unsecured credit facilities	(130,000,000)	0
Payment of deferred financing costs	(31,354,000)	(22,839,000)
Contributions from non-controlling interests	22,017,000	43,443,000
Distributions to non-controlling interests	(14,251,000)	(8,778,000)
Distributions	(189,722,000)	(53,941,000)
Net cash provided by financing activities	4,061,892,000	4,937,285,000
Net change in cash and cash equivalents and restricted cash	(386,816,000)	321,217,000
Cash and cash equivalents and restricted cash, beginning of period	1,109,702,000	306,613,000
Cash and cash equivalents and restricted cash, end of period	722,886,000	627,830,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	263,067,000	150,062,000
Restricted cash	459,819,000	477,768,000
Cash and cash equivalents and restricted cash, end of period	722,886,000	627,830,000
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	224,123,000	385,450,000
Assumption of other liabilities in conjunction with acquisitions of real estate	1,482,000	25,847,000
Issuance of BREIT OP units as consideration for acquisitions of real estate		36,749,000
Recognition of financing lease liability		56,008,000
Accrued pre-acquisition costs		1,217,000
Contributions from non-controlling interests		2,520,000
Accrued capital expenditures and acquisition related costs	6,920,000	3,406,000
Accrued distributions	23,814,000	12,783,000
Accrued stockholder servicing fee due to affiliate	79,593,000	121,421,000
Redeemable non-controlling interest issued as settlement of performance participation allocation	141,396,000	37,484,000
Allocation to redeemable non-controlling interest	302,000	1,441,000
Distribution reinvestment	228,166,000	93,894,000
Accrued common stock repurchases	52,096,000	2,088,000
Accrued common stock repurchases due to affiliate	17,762,000	0
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards		4,714,000
Payable for investments in real estate debt	1,487,000	129,317,000
Class I Shares [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	9,228,000	11,620,000
Class B Units [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 48,543,000	$ 0

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 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 June 30, 2020, the Company had received net proceeds of $18.5 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 June 30, 2020, the Company owned 1,171 properties and had 217 positions in real estate debt investments. The Company currently operates in eight reportable segments: Multifamily, Industrial, 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 4 – Investments in Unconsolidated Entities. Financial results by segment are reported in Note 14 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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, has spread to every state in the United States, and continues to spread. 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 limiting operations of non-essential offices, retail centers, hotels and other businesses. Such actions have created disruption in global supply chains, increased rates of unemployment, and adversely impacted many industries. The outbreak could have a continued adverse impact on economic and market conditions and has triggered 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 June 30, 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 June 30, 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 June 30, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $11.3 billion and $8.0 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 June 30, 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 4 for additional details on the Company’s investments in unconsolidated entities. The Company reclassified dead deal costs, which primarily consisted of a forfeited investment deposit, during the three months ended March 31, 2020, from General and Administrative Expenses to Other Income (Expense) on the Condensed Consolidated Statements of Operations. Such reclassification had no effect on Total Revenues or Net Loss on the Condensed Consolidated Statements of Operations or classification in the Condensed Consolidated Statements of Cash Flows. 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 June 30, 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 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 June 30, 2020 and December 31, 2019, the Company’s $4.6 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 June 30, 2020 the Company’s $348.3 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 assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event of change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. As part of the Company’s quarterly impairment review procedures, one of the Company’s hotel assets was deemed to be impaired, resulting in a $6.1 million impairment charge during the three months ended June 30, 2020. Refer to Note 3 for additional details of the impairment. The Company estimated the fair value of the impaired property using a discounted cash flow analysis that utilized Level 3 inputs. The key assumptions were the discount rate (8.7%) and the exit capitalization rate (5.7%). There are inherent uncertainties in making these estimates such as macroeconomic conditions. Valuation of liabilities not measured at fair value As of June 30, 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 $89.6 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 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. In accordance with the Lease Modification Q&A, the Company has made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of June 30, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Investments in Real Estate	3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2020 December 31, 2019 Building and building improvements $ 23,146,835 $ 20,950,147 Land and land improvements 6,486,661 5,639,678 Furniture, fixtures and equipment 441,627 377,645 Right of use asset - operating leases (1) 114,535 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 30,245,666 27,137,489 Accumulated depreciation and amortization (1,306,055 ) (810,621 ) Investments in real estate, net $ 28,939,611 $ 26,326,868 (1) Refer to Note 13 for additional details on the Company’s leases. Acquisitions During the six months ended June 30, 2020, the Company acquired interests in 12 real estate investments for $3.2 billion, which were comprised of 77 industrial, 32 multifamily, six retail and two self-storage properties categorized as other. The following table provides further details of the properties acquired during the six months ended June 30, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units/ Keys Purchase Price (1) Multifamily properties 6 32 12,110 units $ 2,019,239 Industrial properties 4 77 11,129 sq. ft. 849,599 Retail properties 1 6 689 sq. ft. 287,392 Other properties 1 2 111 sq. ft. 13,236 12 117 $ 3,169,466 (1) Purchase price is inclusive of acquisition related costs. The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2020 ($ in thousands): Amount Building and building improvements $ 2,127,042 Land and land improvements 843,275 Furniture, fixtures and equipment 42,364 In-place lease intangibles 169,515 Above-market lease intangibles 6,915 Below-market lease intangibles (20,194 ) Other 549 Total purchase price 3,169,466 Assumed mortgage notes (1) 224,123 Net purchase price $ 2,945,343 (1) Refer to Note 6 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles of the properties acquired during the six months ended June 30, 2020 were three, seven and four years, respectively. Impairment The Company reviews its real estate investments for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the undiscounted cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the fair value of the investment. During the three months ended June 30, 2020, the Company recognized a $6.1 million impairment charge on one of its hotel properties. The impairment charge was a result of updates to the undiscounted cash flow assumptions to account for a decrease in occupancy and future cash flows as a result of the COVID-19 pandemic. 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 Gains on Dispositions of Real Estate on the Company’s Condensed Consolidated Statements of Operations. On June 6, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose Downtown property to a third party. The sale included a four story, 261 space, parking structure and land parcel. The sale did not include the attached Hyatt Place San Jose Downtown hotel or the additional land parcels under the hotel. Net proceeds from the sale were $44.3 million, which resulted in a realized gain of $29.7 million recorded as Net Gains on Dispositions of Real Estate on the Company’s Condensed Consolidated Statements of Operations. Properties Held for Sale As of June 30, 2020, five multifamily properties were classified as held for sale. Such properties were sold in July 2020 for $170.0 million resulting in a net gain of $32.3 million. As of December 31, 2019, six properties were classified as held for sale. One property was sold in January 2020 as disclosed above. The held for sale assets and liabilities are components of Other Assets and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets. The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: June 30, 2020 December 31, 2019 Investments in real estate, net $ 135,296 $ 141,344 Other assets 1,405 2,035 Total assets $ 136,701 $ 143,379 Liabilities: Mortgage notes $ 102,718 $ 104,314 Other liabilities 2,715 4,097 Total liabilities $ 105,433 $ 108,411

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	4. 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 $292.0 million with an initial term of 30 years with two 10-year extension options for MGM. The lease agreement provides that the rent will escalate 2% annually for the first 15 years and then the greater of (i) 2% or (ii) the increase in the consumer price index during the prior year, subject to a cap of 3%. As of June 30, 2020, the Company did not consolidate the joint venture. The following table provides a summarized balance sheet of the BREIT MGP JV along with a reconciliation to the Company’s equity investment in unconsolidated entities ($ in thousands): June 30, 2020 Total assets $ 4,609,419 Total liabilities (3,001,469 ) Total equity of BREIT MGP JV 1,607,950 MGP's share 805,583 BREIT's share 802,367 BREIT outside basis 9,460 BREIT net investment in BREIT MGP JV $ 811,827 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 June 30, 2020 Six Months Ended June 30, 2020 Total revenue $ 98,681 $ 149,118 Net income of BREIT MGP JV 50,847 77,479 MGP's share 25,474 38,817 BREIT's share 25,373 38,662 Amortization of BREIT outside basis (37 ) (57 ) BREIT net income from BREIT MGP JV $ 25,336 $ 38,605

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2020
Investment In Real Estate And Loans [Abstract]
Investments in Real Estate Debt	5. Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): June 30, 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 125 L+2.7% 2/5/2025 $ 3,130,665 $ 3,121,193 $ 2,723,768 CMBS - fixed 50 4.1% 8/19/2027 912,705 889,144 795,728 Corporate bonds 13 5.1% 1/2/2027 252,492 251,713 237,723 CMBS - zero coupon 4 N/A 1/30/2027 236,090 132,318 138,741 RMBS - fixed 10 4.4% 12/6/2031 26,141 26,315 24,084 CMBS - interest only 5 2.3% 10/1/2026 2,259,760 21,691 21,680 Total real estate securities 207 3.1% 11/5/2025 N/M 4,442,374 3,941,724 Term loans 9 L+3.0% 3/11/2022 604,158 591,497 591,264 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,251 116,384 Total real estate loans 10 L+3.7% 8/24/2022 738,908 725,748 707,648 Total investments in real estate debt 217 3.2% 5/11/2025 N/M $ 5,168,122 $ 4,649,372 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+2.7% 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 securities 195 4.2% 10/15/2025 N/M 4,185,744 4,216,055 Term loans 7 L+2.9% 8/30/2024 175,239 173,466 173,129 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,078 134,076 Total real estate loans 8 L+4.6% 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 relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR and EURIBOR, as applicable to each security and loan. (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): June 30, 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 76 $ 2,201,498 $ 1,872,878 41% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 66 983,314 983,030 21% 61 596,184 613,470 14% Office 38 779,106 701,185 15% 37 793,782 794,881 18% Industrial 18 636,938 597,508 13% 14 375,975 378,147 8% Diversified 13 311,689 284,412 6% 10 219,215 219,798 5% Other 5 238,202 194,729 4% 5 238,202 240,558 5% Retail 1 17,375 15,630 —% 1 17,374 17,304 —% Total 217 $ 5,168,122 $ 4,649,372 100% 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): June 30, 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 77 $ 1,618,201 $ 1,424,508 31% 72 $ 1,598,930 $ 1,610,643 36% Not rated 37 1,181,728 1,120,701 24% 33 764,941 773,791 17% B 43 1,179,950 1,047,446 23% 40 906,609 909,587 20% BBB 46 838,409 739,296 16% 45 885,891 891,272 20% A 8 304,669 278,945 6% 10 319,031 320,140 7% CCC 3 35,624 28,941 —% — — — —% AAA 2 8,713 8,708 —% 2 9,554 9,550 —% AA 1 828 827 —% 1 8,332 8,277 —% Total 217 $ 5,168,122 $ 4,649,372 100% 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 June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 CMBS collateralized by properties $ 1,485,509 $ 1,418,056 $ 14,197 $ 12,290 $ 31,013 $ 24,370 Loans collateralized by properties 509,919 134,076 3,683 — 6,900 — CMBS collateralized by loans 132,640 155,978 1,369 2,090 2,957 4,187 Total $ 2,128,068 $ 1,708,110 $ 19,249 $ 14,380 $ 40,870 $ 28,557 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 June 30, 2020 are consistent with the terms described in such Note. As of June 30, 2020 and December 31, 2019, the Company’s investments in real estate debt also included $166.7 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 $2.5 million and $5.1 million of interest income related to such CMBS during the three and six months ended June 30, 2020, respectively. The Company recognized $1.7 million and $3.3 million of interest income related to such CMBS during the three and six months ended June 30, 2019, respectively. During the three and six months ended June 30, 2020, the Company recorded a net unrealized gain of $466.4 million and a net unrealized loss of $548.7 million, respectively, related to investments in real estate debt. During the three and six months ended June 30, 2019, the Company recorded a net unrealized gain of $20.8 million and $51.8 million, respectively, related to investments in real estate debt. Such unrealized gains and losses were recorded as a component of Income from Investments in Real Estate Debt on the Company’s Condensed Consolidated Statements of Operations. The unrealized gains recognized during the three months ended June 30, 2020 were the result of a partial recovery in pricing across the Company’s real estate debt portfolio from the significant declines in March 2020. 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 and six months ended June 30, 2020, the Company recognized a net realized loss of $5.0 million and $4.7 million, respectively, due to the sale or paydowns of certain of the Company’s investments in real estate debt. During the three and six months ended June 30, 2019, the Company sold two CMBS positions for approximately the cost basis of such securities.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	6. 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) Maximum Facility Size June 30, 2020 December 31, 2019 Fixed rate loans: Fixed rate mortgages 3.8% 7/8/2027 N/A $ 12,758,220 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.8% 7/8/2027 12,758,220 12,620,595 Variable rate loans: Floating rate mortgages L+1.8% 1/25/2026 N/A 3,288,657 1,826,435 Variable rate term loans L+1.7% 2/11/2024 N/A 1,639,495 1,533,561 Variable rate secured revolving credit facilities L+1.5% 10/9/2026 $ 2,339,495 150,000 1,063,837 Variable rate mezzanine loans L+4.3% 4/9/2025 N/A 142,200 — Total variable rate loans L+1.8% 6/14/2025 5,220,352 4,423,833 Total loans secured by the Company's properties 3.3% 12/1/2026 17,978,572 17,044,428 Premium on assumed debt, net 10,056 10,794 Deferred financing costs, net (141,746 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 17,846,882 $ 16,929,659 (1) The term “L” refers to the one-month LIBOR. (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 June 30, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 8,948 2021 49,102 2022 553,686 2023 495,687 2024 3,027,908 2025 3,675,156 Thereafter 10,168,085 Total $ 17,978,572 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 pursuant to certain of the executed mortgage notes, term loans, and secured revolving credit facilities agreements. These covenants require the Company, to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of June 30, 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.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2020
Disclosure Of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	7. Secured Financings on Investments in Real Estate Debt 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 and may require us to provide additional margin in the form of cash, securities or other forms of collateral should the market value of the pledged collateral decline. 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. During April 2020, the Company entered into an asset-specific Total Return Swap (“TRS”) and sale of a financial asset, collectively accounted for as a secured financing with Deutsche Bank (the “DB Secured Financing”) in the amount of $252.7 million. The DB Secured Financing is secured by one of the Company’s term loans and bears interest equal to the three-month EURIBOR plus 1.80% per annum. Additionally, as part of the DB Secured Financing, the Company is responsible for providing in cash, the equivalent of any decline in value on the underlying collateral. The following tables are a summary of the Company’s secured financings on investments in real estate debt ($ in thousands): June 30, 2020 Indebtedness Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 3/17/2021 CMBS/Corporate bonds $ 1,689,690 $ 1,171,687 None Barclays MRA 9/29/2021 CMBS 1,088,259 750,000 None DB Secured Financing 4/2/2022 Term Loan 393,535 252,727 None Citi MRA 2/23/2021 CMBS/RMBS 300,248 195,271 None $ 3,471,732 $ 2,369,685 December 31, 2019 Indebtedness 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 June 30, 2020, the Company rolled its repurchase agreement contracts expiring in July 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 secured financings was 1.5% (L+1.4%) and 3.0% (L + 1.3%) as of June 30, 2020 and December 31, 2019, respectively. The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR and EURIBOR, as applicable to each secured financing.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	8. 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 2.5%. As of June 30, 2020, the capacity of the unsecured line of credit was $1.3 billion. As of June 30, 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 June 30, 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 June 30, 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): June 30, 2020 December 31, 2019 Accrued stockholder servicing fee (1) $ 558,132 $ 478,539 Accrued management fee 18,207 13,873 Accrued affiliate service provider expenses 11,629 6,037 Advanced organization and offering costs 5,113 6,136 Performance participation allocation — 141,396 Other 19,974 44,162 Total $ 613,055 $ 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 and six months ended June 30, 2020, the Company incurred management fees of $53.4 million and $102.9 million, respectively. During the three and six months ended June 30, 2019, the Company incurred management fees of $22.5 million and $39.7 million, respectively. During the six months ended June 30, 2020 and 2019, the Company issued 7,822,791 and 2,870,390, respectively, unregistered Class I shares to the Adviser as payment for management fees. The Company also had a payable of $18.2 million and $13.9 million related to the management fees as of June 30, 2020 and December 31, 2019, respectively, which is included in Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. During July 2020, the Adviser was issued 1,700,028 unregistered Class I shares as payment for the $18.2 million management fees accrued as of June 30, 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. During the six months ended June 30, 2020, the Adviser submitted 4,985,753 Class I shares for repurchase resulting in a total repurchase of $52.3 million. During the six months ended June 30, 2019, the Adviser submitted 4,574,431 Class I shares for repurchase resulting in a total repurchase of $49.9 million. 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 June 30, 2020, the total unrecognized compensation cost relating to the portfolio company incentive compensation awards was $5.0 million and is expected to be recognized over a period of 2.5 years from June 30, 2020. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following tables detail the amounts incurred for affiliate service providers during the three and six months ended June 30, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 13,691 $ 3,112 $ 260 $ 285 $ 39 $ 1,000 LivCor, L.L.C. 6,689 4,398 77 13 701 563 BRE Hotels and Resorts LLC 4,326 1,087 156 194 — — ShopCore Properties TRS Management LLC 1,356 299 7 8 — — Revantage Corporate Services, L.L.C. 469 274 — — — — Equity Office Management, L.L.C. 150 — — — — — Gateway Industrial Properties L.L.C. — 429 — — — — Total $ 26,681 $ 9,599 $ 500 $ 500 $ 740 $ 1,563 Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 26,022 $ 3,112 $ 521 $ 285 $ 553 $ 1,000 LivCor, L.L.C. 12,324 8,426 154 154 1,761 921 BRE Hotels and Resorts LLC 7,649 1,741 312 312 — — ShopCore Properties TRS Management LLC 2,121 701 13 13 315 15 Revantage Corporate Services, L.L.C. 957 533 — — — — Equity Office Management, L.L.C. 295 — — — — — Gateway Industrial Properties L.L.C. — 2,524 — 236 — 27 Total $ 49,368 $ 17,037 $ 1,000 $ 1,000 $ 2,629 $ 1,963 Affiliate service provider expenses and 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. Total return is defined as distributions paid or accrued plus the change in NAV. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in cash or Class I units of BREIT OP, at the election of the Special Limited Partner. During the three and six months ended June 30, 2020, the Company recognized no Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations as the performance hurdle of 5% was not achieved as of June 30, 2020. During the three and six months ended June 30, 2019, the Company recognized $29.9 million and $50.1 million, respectively, of Performance Participation Allocation expense as the performance hurdle was achieved as of June 30, 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 June 30, 2020, Blackstone and its employees, including the Company’s executive officers, continue to own an aggregate of $174.3 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 June 30, 2020, and December 31, 2019, the Company had $17.8 million and $42.1 million, respectively, of accrued repurchases of Class I shares due to the Adviser. Additionally, as of June 30, 2020 and December 31, 2019, the Adviser had advanced $2.2 million and $2.0 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Affiliate Title Service Provider During the six months ended June 30, 2020, the Company paid Lexington National Land Services $2.4 million for title services related to 15 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 June 30, 2020 and December 31, 2019, the Company had a receivable of $3.9 million and $3.6 million, respectively, from Livcor, L.L.C. and such amounts are included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 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): June 30, 2020 December 31, 2019 Real estate intangibles, net $ 669,006 $ 665,342 Equity securities 348,261 — Held for sale assets 136,701 143,379 Receivables 115,377 101,106 Straight-line rent receivable 99,963 38,287 Deferred leasing costs, net 37,381 28,792 Prepaid expenses 32,997 28,334 Deferred financing costs, net 26,988 28,494 Pre-acquisition costs 782 9,861 Other 37,347 36,398 Total $ 1,504,803 $ 1,079,993 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): June 30, 2020 December 31, 2019 Subscriptions received in advance $ 175,886 $ 796,729 Intangible liabilities, net 139,501 136,954 Real estate taxes payable 130,246 100,767 Accounts payable and accrued expenses 113,341 126,565 Held for sale liabilities 105,433 108,411 Right of use lease liability - operating leases 84,250 82,880 Distribution payable 80,024 56,210 Prepaid rental income 76,265 87,479 Right of use lease liability - financing leases 57,245 56,758 Repurchases payable 52,096 11,021 Tenant security deposits 50,023 46,533 Accrued interest expense 47,105 50,279 Other 96,296 31,501 Total $ 1,207,711 $ 1,692,087

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	11. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 947,570 $ 811,254 Above-market lease intangibles 49,374 42,483 Other 26,400 26,400 Total intangible assets 1,023,344 880,137 Accumulated amortization: In-place lease amortization (330,876 ) (200,629 ) Above-market lease amortization (15,715 ) (10,977 ) Other (7,747 ) (3,189 ) Total accumulated amortization (354,338 ) (214,795 ) Intangible assets, net $ 669,006 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 187,081 $ 167,032 Total intangible liabilities 187,081 167,032 Accumulated amortization: Below-market lease amortization (47,580 ) (30,078 ) Total accumulated amortization (47,580 ) (30,078 ) Intangible liabilities, net $ 139,501 $ 136,954 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 158,031 $ 5,894 $ (21,330 ) 2021 149,522 9,226 (32,103 ) 2022 99,404 6,038 (24,581 ) 2023 62,413 3,360 (19,790 ) 2024 46,367 2,767 (15,413 ) 2025 35,925 2,079 (11,775 ) Thereafter 65,032 4,295 (14,509 ) $ 616,694 $ 33,659 $ (139,501 )

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	12. Equity and Redeemable Non-controlling Interest Authorized Capital As of June 30, 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 tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2020 Class S Class I Class T Class D Total March 31, 2020 611,149 783,816 43,898 96,382 1,535,245 Common stock issued 25,770 47,450 1,177 7,329 81,726 Distribution reinvestment 5,433 5,132 352 844 11,761 Common stock repurchased (10,144 ) (15,585 ) (1,470 ) (1,393 ) (28,592 ) June 30, 2020 632,208 820,813 43,957 103,162 1,600,140 Six Months Ended June 30, 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 124,298 372,282 5,988 21,438 524,006 Distribution reinvestment 9,931 8,820 649 1,531 20,931 Common stock repurchased (32,834 ) (34,568 ) (2,447 ) (4,464 ) (74,313 ) June 30, 2020 632,208 820,813 43,957 103,162 1,600,140 Share and Unit Repurchases For the three months ended June 30, 2020, the Company repurchased 28,591,683 shares of common stock and 136,023 BREIT OP units representing a total of $299.1 million. For the six months ended June 30, 2020, the Company repurchased 74,312,521 shares of common stock and 7,470,443 BREIT OP units representing a total of $898.9 million. The Company had no unfulfilled repurchase requests during the three or six months ended June 30, 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 tables detail the aggregate distributions declared for each applicable class of common stock for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1577 $ 0.1577 $ 0.1577 $ 0.1577 Stockholder servicing fee per share of common stock (0.0224 ) — (0.0221 ) (0.0065 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1577 $ 0.1356 $ 0.1512 Six Months Ended June 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3169 $ 0.3169 $ 0.3169 $ 0.3169 Stockholder servicing fee per share of common stock (0.0463 ) — (0.0457 ) (0.0135 ) Net distributions declared per share of common stock $ 0.2706 $ 0.3169 $ 0.2712 $ 0.3034 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 9 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 six months ended June 30, 2020 ($ in thousands): Amount 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 (15 ) Distributions (6 ) Fair value allocation 4 June 30, 2020 $ 255 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 June 30, 2020, $21.4 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. Accordingly, the Company recorded an allocation adjustment of $0.2 million and $(0.3) million during the three and six months ended June 30, 2020, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 1,991 $ 1,518 2021 3,982 3,081 2022 4,093 3,174 2023 4,132 3,269 2024 4,183 3,367 2025 4,423 3,468 Thereafter 599,932 327,054 Total undiscounted future lease payments 622,736 344,931 Difference between undiscounted cash flows and discounted cash flows (538,486 ) (287,686 ) Total lease liability $ 84,250 $ 57,245 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed ground rent expense $ 1,014 $ 359 $ 2,026 $ 718 Variable ground rent expense 1 3 18 21 Total cash portion of ground rent expense 1,015 362 2,044 739 Non-cash ground rent expense 1,691 1,092 3,434 2,184 Total operating lease costs $ 2,706 $ 1,454 $ 5,478 $ 2,923 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest on lease liabilities $ 737 $ 739 $ 1,474 $ 754 Amortization of right-of-use assets 257 261 509 261 Total financing lease costs $ 994 $ 1,000 $ 1,983 $ 1,015 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 six months ended June 30, 2020, the Company changed its presentation for the payment of leasing commissions in the Condensed Consolidated Statement of Cash Flows to 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 $12.4 million of leasing commissions during the six months ended June 30, 2020. Rental revenue from the Company’s lease at the Bellagio consists of a fixed annual rent that escalates annually throughout the term of the lease and the tenant is generally responsible for all property-related expenses, including taxes, insurance and maintenance. The Company assessed the classification of the Bellagio lease and determined the lease was an operating lease. The Company’s assessment included the consideration of the present value of the lease payments over the lease term and the residual value of the assets under the lease. Leases at the Company’s industrial, retail, office, and net lease properties are generally longer term and may contain extension and termination options at the lessee’s election. Leases at the Company’s multifamily and other properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed lease payments $ 506,046 $ 223,882 $ 983,331 $ 412,737 Variable lease payments 47,671 23,790 102,481 47,132 Rental revenue $ 553,717 $ 247,672 $ 1,085,812 $ 459,869 As a result of COVID-19, the Company increased the reserve for bad debt expense in the amount of $16.3 million for the three months ended June 30, 2020. The bad debt reserve represents the amount of rental revenue the Company anticipates it will not be able to collect from its tenants. The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, retail and office properties as of June 30, 2020 ($ 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) $ 604,117 2021 846,801 2022 755,552 2023 655,273 2024 574,971 2025 527,166 Thereafter 9,051,241 Total $ 13,015,121

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting The Company operates in eight reportable segments: Multifamily, Industrial, Net Lease, Hotel, Retail, Office, and 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): June 30, 2020 December 31, 2019 Multifamily $ 11,537,484 $ 9,695,916 Industrial 11,188,957 10,564,172 Net lease 5,059,427 4,271,196 Hotel 2,357,585 2,427,554 Retail 714,678 419,198 Office 133,277 138,912 Other properties 155,485 145,411 Investments in real estate debt 5,254,130 4,565,385 Other (Corporate) 227,476 812,079 Total assets $ 36,628,499 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended June 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 241,793 $ 209,583 $ 82,794 $ — $ 12,679 $ 2,971 $ 3,897 $ — $ 553,717 Hotel revenue — — — 21,781 — — — — 21,781 Other revenue 14,007 1,157 — 1,263 228 130 464 — 17,249 Total revenues 255,800 210,740 82,794 23,044 12,907 3,101 4,361 — 592,747 Expenses: Rental property operating 115,236 64,048 13 — 4,331 1,066 2,341 — 187,035 Hotel operating — — — 44,523 — — — — 44,523 Total expenses 115,236 64,048 13 44,523 4,331 1,066 2,341 — 231,558 Income from unconsolidated entities — — 25,336 — — — — — 25,336 Income from investments in real estate debt — — — — — — — 492,889 492,889 Segment net operating income (loss) $ 140,564 $ 146,692 $ 108,117 $ (21,479 ) $ 8,576 $ 2,035 $ 2,020 $ 492,889 $ 879,414 Depreciation and amortization $ (145,595 ) $ (138,798 ) $ (29,040 ) $ (22,753 ) $ (8,174 ) $ (1,540 ) $ (1,452 ) $ — $ (347,352 ) General and administrative (6,913 ) Management fee (53,423 ) Performance participation allocation — Impairment of investments in real estate (6,126 ) Net gains on dispositions of real estate — Interest income 233 Interest expense (176,579 ) Loss on extinguishment of debt — Other income (expense) 29,078 Net income $ 318,332 Net loss attributable to non-controlling interests in third party joint ventures $ 966 Net income attributable to non-controlling interests in BREIT OP (4,859 ) Net income attributable to BREIT stockholders $ 314,439 The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 159,243 $ 85,368 $ — $ 3,061 $ — $ 247,672 Hotel revenue — — 94,351 — — 94,351 Other revenue 9,038 95 3,075 77 — 12,285 Total revenues 168,281 85,463 97,426 3,138 — 354,308 Expenses: Rental property operating 73,772 26,196 — 1,243 — 101,211 Hotel operating — — 63,197 — — 63,197 Total expenses 73,772 26,196 63,197 1,243 — 164,408 Income (loss) from investments in real estate debt — — — — 51,784 51,784 Segment net operating income $ 94,509 $ 59,267 $ 34,229 $ 1,895 $ 51,784 $ 241,684 Depreciation and amortization $ (96,631 ) $ (47,403 ) $ (16,257 ) $ (1,563 ) $ — $ (161,854 ) General and administrative (4,878 ) Management fee (22,487 ) Performance participation allocation (29,898 ) Net gains on dispositions of real estate 29,686 Interest income 303 Interest expense (103,279 ) Other income (expense) (2,061 ) Net loss $ (52,784 ) Net loss attributable to non-controlling interests in third party joint ventures $ 970 Net loss attributable to non-controlling interests in BREIT OP 1,110 Net loss attributable to BREIT stockholders $ (50,704 ) The following table sets forth the financial results by segment for the six months ended June 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 468,912 $ 410,980 $ 165,589 $ — $ 26,922 $ 5,948 $ 7,461 $ — $ 1,085,812 Hotel revenue — — — 149,253 — — — — 149,253 Other revenue 26,092 1,998 — 2,837 506 220 911 — 32,564 Total revenues 495,004 412,978 165,589 152,090 27,428 6,168 8,372 — 1,267,629 Expenses: Rental property operating 219,796 121,218 114 — 7,751 2,101 4,443 — 355,423 Hotel operating — — 143,829 — — — — 143,829 Total expenses 219,796 121,218 114 143,829 7,751 2,101 4,443 — 499,252 Income from unconsolidated entities — — 38,605 — — — — — 38,605 Income (loss) from investments in real estate debt — — — — — — — (523,258 ) (523,258 ) Segment net operating income (loss) $ 275,208 $ 291,760 $ 204,080 $ 8,261 $ 19,677 $ 4,067 $ 3,929 $ (523,258 ) $ 283,724 Depreciation and amortization $ (272,921 ) $ (276,922 ) $ (57,195 ) $ (45,546 ) $ (16,809 ) $ (3,083 ) $ (3,681 ) $ — $ (676,157 ) General and administrative (13,595 ) Management fee (102,925 ) Performance participation allocation — Impairment of investments in real estate (6,126 ) Net gains on dispositions of real estate 371 Interest income 1,980 Interest expense (365,083 ) Loss on extinguishment of debt (1,237 ) Other income (expense) (19,770 ) Net loss $ (898,818 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,203 Net loss attributable to non-controlling interests in BREIT OP 11,967 Net loss attributable to BREIT stockholders $ (885,648 ) The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 287,141 $ 166,669 $ — $ 6,059 $ — $ 459,869 Hotel revenue — — 169,617 — — 169,617 Other revenue 16,649 312 4,802 150 — 21,913 Total revenues 303,790 166,981 174,419 6,209 — 651,399 Expenses: Rental property operating 135,596 51,057 — 2,369 — 189,022 Hotel operating — — 114,517 — — 114,517 Total expenses 135,596 51,057 114,517 2,369 — 303,539 Income (loss) from investments in real estate debt — — — — 113,467 113,467 Segment net operating income $ 168,194 $ 115,924 $ 59,902 $ 3,840 $ 113,467 $ 461,327 Depreciation and amortization $ (175,165 ) $ (92,425 ) $ (30,683 ) $ (3,060 ) $ — $ (301,333 ) General and administrative (8,059 ) Management fee (39,664 ) Performance participation allocation (50,061 ) Net gains on dispositions of real estate 29,686 Interest income 497 Interest expense (194,866 ) Other income (expense) (407 ) Net loss $ (102,880 ) Net loss attributable to non-controlling interests in third party joint ventures $ 3,006 Net loss attributable to non-controlling interests in BREIT OP 2,324 Net loss attributable to BREIT stockholders $ (97,550 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Acquisitions Subsequent to June 30, 2020, the Company acquired an aggregate of $72.0 million of real estate, exclusive of closing costs, across two separate transactions. Subsequent to June 30, 2020, the Company purchased an aggregate of $167.2 million of investments in real estate debt. Proceeds from the Issuance of Common Stock Subsequent to June 30, 2020, the Company had received net proceeds of $677.6 million from the issuance of its common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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, has spread to every state in the United States, and continues to spread. 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 limiting operations of non-essential offices, retail centers, hotels and other businesses. Such actions have created disruption in global supply chains, increased rates of unemployment, and adversely impacted many industries. The outbreak could have a continued adverse impact on economic and market conditions and has triggered 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 June 30, 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 June 30, 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 June 30, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $11.3 billion and $8.0 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 June 30, 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 4 for additional details on the Company’s investments in unconsolidated entities. The Company reclassified dead deal costs, which primarily consisted of a forfeited investment deposit, during the three months ended March 31, 2020, from General and Administrative Expenses to Other Income (Expense) on the Condensed Consolidated Statements of Operations. Such reclassification had no effect on Total Revenues or Net Loss on the Condensed Consolidated Statements of Operations or classification in the Condensed Consolidated Statements of Cash Flows.
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 June 30, 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 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 June 30, 2020 and December 31, 2019, the Company’s $4.6 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 June 30, 2020 the Company’s $348.3 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 assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event of change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. As part of the Company’s quarterly impairment review procedures, one of the Company’s hotel assets was deemed to be impaired, resulting in a $6.1 million impairment charge during the three months ended June 30, 2020. Refer to Note 3 for additional details of the impairment. The Company estimated the fair value of the impaired property using a discounted cash flow analysis that utilized Level 3 inputs. The key assumptions were the discount rate (8.7%) and the exit capitalization rate (5.7%). There are inherent uncertainties in making these estimates such as macroeconomic conditions. Valuation of liabilities not measured at fair value As of June 30, 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 $89.6 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 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. In accordance with the Lease Modification Q&A, the Company has made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of June 30, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2020 December 31, 2019 Building and building improvements $ 23,146,835 $ 20,950,147 Land and land improvements 6,486,661 5,639,678 Furniture, fixtures and equipment 441,627 377,645 Right of use asset - operating leases (1) 114,535 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 30,245,666 27,137,489 Accumulated depreciation and amortization (1,306,055 ) (810,621 ) Investments in real estate, net $ 28,939,611 $ 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 six months ended June 30, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units/ Keys Purchase Price (1) Multifamily properties 6 32 12,110 units $ 2,019,239 Industrial properties 4 77 11,129 sq. ft. 849,599 Retail properties 1 6 689 sq. ft. 287,392 Other properties 1 2 111 sq. ft. 13,236 12 117 $ 3,169,466 (1) 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 six months ended June 30, 2020 ($ in thousands): Amount Building and building improvements $ 2,127,042 Land and land improvements 843,275 Furniture, fixtures and equipment 42,364 In-place lease intangibles 169,515 Above-market lease intangibles 6,915 Below-market lease intangibles (20,194 ) Other 549 Total purchase price 3,169,466 Assumed mortgage notes (1) 224,123 Net purchase price $ 2,945,343 (1) Refer to Note 6 for additional details on the Company’s mortgage notes.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: June 30, 2020 December 31, 2019 Investments in real estate, net $ 135,296 $ 141,344 Other assets 1,405 2,035 Total assets $ 136,701 $ 143,379 Liabilities: Mortgage notes $ 102,718 $ 104,314 Other liabilities 2,715 4,097 Total liabilities $ 105,433 $ 108,411

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2020 Total assets $ 4,609,419 Total liabilities (3,001,469 ) Total equity of BREIT MGP JV 1,607,950 MGP's share 805,583 BREIT's share 802,367 BREIT outside basis 9,460 BREIT net investment in BREIT MGP JV $ 811,827 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 June 30, 2020 Six Months Ended June 30, 2020 Total revenue $ 98,681 $ 149,118 Net income of BREIT MGP JV 50,847 77,479 MGP's share 25,474 38,817 BREIT's share 25,373 38,662 Amortization of BREIT outside basis (37 ) (57 ) BREIT net income from BREIT MGP JV $ 25,336 $ 38,605

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 125 L+2.7% 2/5/2025 $ 3,130,665 $ 3,121,193 $ 2,723,768 CMBS - fixed 50 4.1% 8/19/2027 912,705 889,144 795,728 Corporate bonds 13 5.1% 1/2/2027 252,492 251,713 237,723 CMBS - zero coupon 4 N/A 1/30/2027 236,090 132,318 138,741 RMBS - fixed 10 4.4% 12/6/2031 26,141 26,315 24,084 CMBS - interest only 5 2.3% 10/1/2026 2,259,760 21,691 21,680 Total real estate securities 207 3.1% 11/5/2025 N/M 4,442,374 3,941,724 Term loans 9 L+3.0% 3/11/2022 604,158 591,497 591,264 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,251 116,384 Total real estate loans 10 L+3.7% 8/24/2022 738,908 725,748 707,648 Total investments in real estate debt 217 3.2% 5/11/2025 N/M $ 5,168,122 $ 4,649,372 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+2.7% 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 securities 195 4.2% 10/15/2025 N/M 4,185,744 4,216,055 Term loans 7 L+2.9% 8/30/2024 175,239 173,466 173,129 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,078 134,076 Total real estate loans 8 L+4.6% 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 relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR and EURIBOR, as applicable to each security and loan. (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): June 30, 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 76 $ 2,201,498 $ 1,872,878 41% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 66 983,314 983,030 21% 61 596,184 613,470 14% Office 38 779,106 701,185 15% 37 793,782 794,881 18% Industrial 18 636,938 597,508 13% 14 375,975 378,147 8% Diversified 13 311,689 284,412 6% 10 219,215 219,798 5% Other 5 238,202 194,729 4% 5 238,202 240,558 5% Retail 1 17,375 15,630 —% 1 17,374 17,304 —% Total 217 $ 5,168,122 $ 4,649,372 100% 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): June 30, 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 77 $ 1,618,201 $ 1,424,508 31% 72 $ 1,598,930 $ 1,610,643 36% Not rated 37 1,181,728 1,120,701 24% 33 764,941 773,791 17% B 43 1,179,950 1,047,446 23% 40 906,609 909,587 20% BBB 46 838,409 739,296 16% 45 885,891 891,272 20% A 8 304,669 278,945 6% 10 319,031 320,140 7% CCC 3 35,624 28,941 —% — — — —% AAA 2 8,713 8,708 —% 2 9,554 9,550 —% AA 1 828 827 —% 1 8,332 8,277 —% Total 217 $ 5,168,122 $ 4,649,372 100% 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 June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 CMBS collateralized by properties $ 1,485,509 $ 1,418,056 $ 14,197 $ 12,290 $ 31,013 $ 24,370 Loans collateralized by properties 509,919 134,076 3,683 — 6,900 — CMBS collateralized by loans 132,640 155,978 1,369 2,090 2,957 4,187 Total $ 2,128,068 $ 1,708,110 $ 19,249 $ 14,380 $ 40,870 $ 28,557

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 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) Maximum Facility Size June 30, 2020 December 31, 2019 Fixed rate loans: Fixed rate mortgages 3.8% 7/8/2027 N/A $ 12,758,220 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.8% 7/8/2027 12,758,220 12,620,595 Variable rate loans: Floating rate mortgages L+1.8% 1/25/2026 N/A 3,288,657 1,826,435 Variable rate term loans L+1.7% 2/11/2024 N/A 1,639,495 1,533,561 Variable rate secured revolving credit facilities L+1.5% 10/9/2026 $ 2,339,495 150,000 1,063,837 Variable rate mezzanine loans L+4.3% 4/9/2025 N/A 142,200 — Total variable rate loans L+1.8% 6/14/2025 5,220,352 4,423,833 Total loans secured by the Company's properties 3.3% 12/1/2026 17,978,572 17,044,428 Premium on assumed debt, net 10,056 10,794 Deferred financing costs, net (141,746 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 17,846,882 $ 16,929,659 (1) The term “L” refers to the one-month LIBOR. (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 June 30, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 8,948 2021 49,102 2022 553,686 2023 495,687 2024 3,027,908 2025 3,675,156 Thereafter 10,168,085 Total $ 17,978,572

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Repurchase Agreements [Abstract]
Summary of Secured Financings on Investments in Real Estate Debt	The following tables are a summary of the Company’s secured financings on investments in real estate debt ($ in thousands): June 30, 2020 Indebtedness Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 3/17/2021 CMBS/Corporate bonds $ 1,689,690 $ 1,171,687 None Barclays MRA 9/29/2021 CMBS 1,088,259 750,000 None DB Secured Financing 4/2/2022 Term Loan 393,535 252,727 None Citi MRA 2/23/2021 CMBS/RMBS 300,248 195,271 None $ 3,471,732 $ 2,369,685 December 31, 2019 Indebtedness 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 June 30, 2020, the Company rolled its repurchase agreement contracts expiring in July 2020 into new contracts. (2) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2020 December 31, 2019 Accrued stockholder servicing fee (1) $ 558,132 $ 478,539 Accrued management fee 18,207 13,873 Accrued affiliate service provider expenses 11,629 6,037 Advanced organization and offering costs 5,113 6,136 Performance participation allocation — 141,396 Other 19,974 44,162 Total $ 613,055 $ 690,143 (1)
Schedule of Related Party Expenses Incurred and Portfolio Company Incentive Compensation Awards and Capitalized Transaction Costs	The following tables detail the amounts incurred for affiliate service providers during the three and six months ended June 30, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 13,691 $ 3,112 $ 260 $ 285 $ 39 $ 1,000 LivCor, L.L.C. 6,689 4,398 77 13 701 563 BRE Hotels and Resorts LLC 4,326 1,087 156 194 — — ShopCore Properties TRS Management LLC 1,356 299 7 8 — — Revantage Corporate Services, L.L.C. 469 274 — — — — Equity Office Management, L.L.C. 150 — — — — — Gateway Industrial Properties L.L.C. — 429 — — — — Total $ 26,681 $ 9,599 $ 500 $ 500 $ 740 $ 1,563 Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 26,022 $ 3,112 $ 521 $ 285 $ 553 $ 1,000 LivCor, L.L.C. 12,324 8,426 154 154 1,761 921 BRE Hotels and Resorts LLC 7,649 1,741 312 312 — — ShopCore Properties TRS Management LLC 2,121 701 13 13 315 15 Revantage Corporate Services, L.L.C. 957 533 — — — — Equity Office Management, L.L.C. 295 — — — — — Gateway Industrial Properties L.L.C. — 2,524 — 236 — 27 Total $ 49,368 $ 17,037 $ 1,000 $ 1,000 $ 2,629 $ 1,963

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): June 30, 2020 December 31, 2019 Real estate intangibles, net $ 669,006 $ 665,342 Equity securities 348,261 — Held for sale assets 136,701 143,379 Receivables 115,377 101,106 Straight-line rent receivable 99,963 38,287 Deferred leasing costs, net 37,381 28,792 Prepaid expenses 32,997 28,334 Deferred financing costs, net 26,988 28,494 Pre-acquisition costs 782 9,861 Other 37,347 36,398 Total $ 1,504,803 $ 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): June 30, 2020 December 31, 2019 Subscriptions received in advance $ 175,886 $ 796,729 Intangible liabilities, net 139,501 136,954 Real estate taxes payable 130,246 100,767 Accounts payable and accrued expenses 113,341 126,565 Held for sale liabilities 105,433 108,411 Right of use lease liability - operating leases 84,250 82,880 Distribution payable 80,024 56,210 Prepaid rental income 76,265 87,479 Right of use lease liability - financing leases 57,245 56,758 Repurchases payable 52,096 11,021 Tenant security deposits 50,023 46,533 Accrued interest expense 47,105 50,279 Other 96,296 31,501 Total $ 1,207,711 $ 1,692,087

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 947,570 $ 811,254 Above-market lease intangibles 49,374 42,483 Other 26,400 26,400 Total intangible assets 1,023,344 880,137 Accumulated amortization: In-place lease amortization (330,876 ) (200,629 ) Above-market lease amortization (15,715 ) (10,977 ) Other (7,747 ) (3,189 ) Total accumulated amortization (354,338 ) (214,795 ) Intangible assets, net $ 669,006 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 187,081 $ 167,032 Total intangible liabilities 187,081 167,032 Accumulated amortization: Below-market lease amortization (47,580 ) (30,078 ) Total accumulated amortization (47,580 ) (30,078 ) Intangible liabilities, net $ 139,501 $ 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 June 30, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 158,031 $ 5,894 $ (21,330 ) 2021 149,522 9,226 (32,103 ) 2022 99,404 6,038 (24,581 ) 2023 62,413 3,360 (19,790 ) 2024 46,367 2,767 (15,413 ) 2025 35,925 2,079 (11,775 ) Thereafter 65,032 4,295 (14,509 ) $ 616,694 $ 33,659 $ (139,501 )

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 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 tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2020 Class S Class I Class T Class D Total March 31, 2020 611,149 783,816 43,898 96,382 1,535,245 Common stock issued 25,770 47,450 1,177 7,329 81,726 Distribution reinvestment 5,433 5,132 352 844 11,761 Common stock repurchased (10,144 ) (15,585 ) (1,470 ) (1,393 ) (28,592 ) June 30, 2020 632,208 820,813 43,957 103,162 1,600,140 Six Months Ended June 30, 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 124,298 372,282 5,988 21,438 524,006 Distribution reinvestment 9,931 8,820 649 1,531 20,931 Common stock repurchased (32,834 ) (34,568 ) (2,447 ) (4,464 ) (74,313 ) June 30, 2020 632,208 820,813 43,957 103,162 1,600,140
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following tables detail the aggregate distributions declared for each applicable class of common stock for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1577 $ 0.1577 $ 0.1577 $ 0.1577 Stockholder servicing fee per share of common stock (0.0224 ) — (0.0221 ) (0.0065 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1577 $ 0.1356 $ 0.1512 Six Months Ended June 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3169 $ 0.3169 $ 0.3169 $ 0.3169 Stockholder servicing fee per share of common stock (0.0463 ) — (0.0457 ) (0.0135 ) Net distributions declared per share of common stock $ 0.2706 $ 0.3169 $ 0.2712 $ 0.3034
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 six months ended June 30, 2020 ($ in thousands): Amount 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 (15 ) Distributions (6 ) Fair value allocation 4 June 30, 2020 $ 255

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 1,991 $ 1,518 2021 3,982 3,081 2022 4,093 3,174 2023 4,132 3,269 2024 4,183 3,367 2025 4,423 3,468 Thereafter 599,932 327,054 Total undiscounted future lease payments 622,736 344,931 Difference between undiscounted cash flows and discounted cash flows (538,486 ) (287,686 ) Total lease liability $ 84,250 $ 57,245
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed ground rent expense $ 1,014 $ 359 $ 2,026 $ 718 Variable ground rent expense 1 3 18 21 Total cash portion of ground rent expense 1,015 362 2,044 739 Non-cash ground rent expense 1,691 1,092 3,434 2,184 Total operating lease costs $ 2,706 $ 1,454 $ 5,478 $ 2,923 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest on lease liabilities $ 737 $ 739 $ 1,474 $ 754 Amortization of right-of-use assets 257 261 509 261 Total financing lease costs $ 994 $ 1,000 $ 1,983 $ 1,015
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed lease payments $ 506,046 $ 223,882 $ 983,331 $ 412,737 Variable lease payments 47,671 23,790 102,481 47,132 Rental revenue $ 553,717 $ 247,672 $ 1,085,812 $ 459,869
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 June 30, 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) $ 604,117 2021 846,801 2022 755,552 2023 655,273 2024 574,971 2025 527,166 Thereafter 9,051,241 Total $ 13,015,121

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2020 December 31, 2019 Multifamily $ 11,537,484 $ 9,695,916 Industrial 11,188,957 10,564,172 Net lease 5,059,427 4,271,196 Hotel 2,357,585 2,427,554 Retail 714,678 419,198 Office 133,277 138,912 Other properties 155,485 145,411 Investments in real estate debt 5,254,130 4,565,385 Other (Corporate) 227,476 812,079 Total assets $ 36,628,499 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended June 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 241,793 $ 209,583 $ 82,794 $ — $ 12,679 $ 2,971 $ 3,897 $ — $ 553,717 Hotel revenue — — — 21,781 — — — — 21,781 Other revenue 14,007 1,157 — 1,263 228 130 464 — 17,249 Total revenues 255,800 210,740 82,794 23,044 12,907 3,101 4,361 — 592,747 Expenses: Rental property operating 115,236 64,048 13 — 4,331 1,066 2,341 — 187,035 Hotel operating — — — 44,523 — — — — 44,523 Total expenses 115,236 64,048 13 44,523 4,331 1,066 2,341 — 231,558 Income from unconsolidated entities — — 25,336 — — — — — 25,336 Income from investments in real estate debt — — — — — — — 492,889 492,889 Segment net operating income (loss) $ 140,564 $ 146,692 $ 108,117 $ (21,479 ) $ 8,576 $ 2,035 $ 2,020 $ 492,889 $ 879,414 Depreciation and amortization $ (145,595 ) $ (138,798 ) $ (29,040 ) $ (22,753 ) $ (8,174 ) $ (1,540 ) $ (1,452 ) $ — $ (347,352 ) General and administrative (6,913 ) Management fee (53,423 ) Performance participation allocation — Impairment of investments in real estate (6,126 ) Net gains on dispositions of real estate — Interest income 233 Interest expense (176,579 ) Loss on extinguishment of debt — Other income (expense) 29,078 Net income $ 318,332 Net loss attributable to non-controlling interests in third party joint ventures $ 966 Net income attributable to non-controlling interests in BREIT OP (4,859 ) Net income attributable to BREIT stockholders $ 314,439 The following table sets forth the financial results by segment for the three months ended June 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 159,243 $ 85,368 $ — $ 3,061 $ — $ 247,672 Hotel revenue — — 94,351 — — 94,351 Other revenue 9,038 95 3,075 77 — 12,285 Total revenues 168,281 85,463 97,426 3,138 — 354,308 Expenses: Rental property operating 73,772 26,196 — 1,243 — 101,211 Hotel operating — — 63,197 — — 63,197 Total expenses 73,772 26,196 63,197 1,243 — 164,408 Income (loss) from investments in real estate debt — — — — 51,784 51,784 Segment net operating income $ 94,509 $ 59,267 $ 34,229 $ 1,895 $ 51,784 $ 241,684 Depreciation and amortization $ (96,631 ) $ (47,403 ) $ (16,257 ) $ (1,563 ) $ — $ (161,854 ) General and administrative (4,878 ) Management fee (22,487 ) Performance participation allocation (29,898 ) Net gains on dispositions of real estate 29,686 Interest income 303 Interest expense (103,279 ) Other income (expense) (2,061 ) Net loss $ (52,784 ) Net loss attributable to non-controlling interests in third party joint ventures $ 970 Net loss attributable to non-controlling interests in BREIT OP 1,110 Net loss attributable to BREIT stockholders $ (50,704 ) The following table sets forth the financial results by segment for the six months ended June 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 468,912 $ 410,980 $ 165,589 $ — $ 26,922 $ 5,948 $ 7,461 $ — $ 1,085,812 Hotel revenue — — — 149,253 — — — — 149,253 Other revenue 26,092 1,998 — 2,837 506 220 911 — 32,564 Total revenues 495,004 412,978 165,589 152,090 27,428 6,168 8,372 — 1,267,629 Expenses: Rental property operating 219,796 121,218 114 — 7,751 2,101 4,443 — 355,423 Hotel operating — — 143,829 — — — — 143,829 Total expenses 219,796 121,218 114 143,829 7,751 2,101 4,443 — 499,252 Income from unconsolidated entities — — 38,605 — — — — — 38,605 Income (loss) from investments in real estate debt — — — — — — — (523,258 ) (523,258 ) Segment net operating income (loss) $ 275,208 $ 291,760 $ 204,080 $ 8,261 $ 19,677 $ 4,067 $ 3,929 $ (523,258 ) $ 283,724 Depreciation and amortization $ (272,921 ) $ (276,922 ) $ (57,195 ) $ (45,546 ) $ (16,809 ) $ (3,083 ) $ (3,681 ) $ — $ (676,157 ) General and administrative (13,595 ) Management fee (102,925 ) Performance participation allocation — Impairment of investments in real estate (6,126 ) Net gains on dispositions of real estate 371 Interest income 1,980 Interest expense (365,083 ) Loss on extinguishment of debt (1,237 ) Other income (expense) (19,770 ) Net loss $ (898,818 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,203 Net loss attributable to non-controlling interests in BREIT OP 11,967 Net loss attributable to BREIT stockholders $ (885,648 ) The following table sets forth the financial results by segment for the six months ended June 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Investments in Real Estate Debt Total Revenues: Rental revenue $ 287,141 $ 166,669 $ — $ 6,059 $ — $ 459,869 Hotel revenue — — 169,617 — — 169,617 Other revenue 16,649 312 4,802 150 — 21,913 Total revenues 303,790 166,981 174,419 6,209 — 651,399 Expenses: Rental property operating 135,596 51,057 — 2,369 — 189,022 Hotel operating — — 114,517 — — 114,517 Total expenses 135,596 51,057 114,517 2,369 — 303,539 Income (loss) from investments in real estate debt — — — — 113,467 113,467 Segment net operating income $ 168,194 $ 115,924 $ 59,902 $ 3,840 $ 113,467 $ 461,327 Depreciation and amortization $ (175,165 ) $ (92,425 ) $ (30,683 ) $ (3,060 ) $ — $ (301,333 ) General and administrative (8,059 ) Management fee (39,664 ) Performance participation allocation (50,061 ) Net gains on dispositions of real estate 29,686 Interest income 497 Interest expense (194,866 ) Other income (expense) (407 ) Net loss $ (102,880 ) Net loss attributable to non-controlling interests in third party joint ventures $ 3,006 Net loss attributable to non-controlling interests in BREIT OP 2,324 Net loss attributable to BREIT stockholders $ (97,550 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	$ 18,500,000,000
Number of owned properties | Property	1,171
Number of reportable segments | Segment	8
Real Estate Debt Investments [Member]
Organization and business activities.
Number of positions | Position	217
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) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jul. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	$ 36,628,499	$ 36,628,499			$ 33,039,823
Liabilities excluding BREIT OP	22,037,333	22,037,333			22,404,026
Investments in equity securities	348,261	348,261
Impairment of investments in real estate	6,126	6,126	$ 0
Granted deferred rent	$ 99,963	$ 99,963			38,287
Subsequent Event [Member]
Significant Of Accounting Policies [Line Items]
Granted deferred rent				$ 6,100
Discount Rate [Member]
Significant Of Accounting Policies [Line Items]
Estimated fair value of impaired property, assumptions	0.087	0.087
Exit Capitalization Rate [Member]
Significant Of Accounting Policies [Line Items]
Estimated fair value of impaired property, assumptions	0.057	0.057
One Hotel Properties [Member]
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 6,100	$ 6,100
Level 2 [Member]
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	4,600,000	4,600,000			4,500,000
Level 1 [Member]
Significant Of Accounting Policies [Line Items]
Investments in equity securities	348,300	348,300
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	89,600	89,600			54,900
VIEs [Member]
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	11,300,000	11,300,000			9,500,000
Liabilities excluding BREIT OP	$ 8,000,000	$ 8,000,000			$ 6,600,000

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Building and building improvements	$ 23,146,835	$ 20,950,147
Land and land improvements	6,486,661	5,639,678
Furniture, fixtures and equipment	441,627	377,645
Right of use asset - operating leases	114,535	114,011
Right of use asset - financing leases	56,008	56,008
Total	30,245,666	27,137,489
Accumulated depreciation and amortization	(1,306,055)	(810,621)
Investments in real estate, net	$ 28,939,611	$ 26,326,868

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	Jan. 30, 2020USD ($)ft²	Jun. 06, 2019USD ($)StorySpace	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)PropertyInvestmentHotel	Jun. 30, 2019USD ($)	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of real estate investments acquired | Investment					12
Number of real estate properties acquired | Property			117		117
Impairment of investments in real estate			$ 6,126		$ 6,126	$ 0
Area of real estate property sold | ft²	61,000
Net proceeds from sale of property	$ 4,500
Net gains on disposition of real estate	$ 400			$ 29,686	$ 371	$ 29,686
Number of real estate properties classified as held for sale | Property			5		5		6
Proceeds from sale of property held for sale					$ 170,000
Net gain on sale of property held for sale					$ 32,300
Number of real estate properties sold | Property			1		1
Hyatt Place San Jose Downtown [Member]
Real Estate Properties [Line Items]
Net proceeds from sale of property		$ 44,300
Net gains on disposition of real estate		$ 29,700
Number of story | Story		4
Number of parking space | Space		261
One Hotel Properties [Member]
Real Estate Properties [Line Items]
Impairment of investments in real estate			$ 6,100		$ 6,100
Number of real estate property impaired | Hotel					1
In-place Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles					3 years
Above-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles					7 years
Below-market Lease Intangibles [Member]
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles					4 years
12 Real Estate Investments [Member]
Real Estate Properties [Line Items]
Payments to acquire real estate					$ 3,200,000
Industrial [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property			77		77
Multifamily [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property			32		32
Retail [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property			6		6
Self Storage [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property			2		2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)ft²Property
Real Estate Properties [Line Items]
Number of Transactions	12
Number of Properties | Property	117
Purchase Price (in thousands) | $	$ 3,169,466
Multifamily Properties
Real Estate Properties [Line Items]
Number of Transactions	6
Number of Properties | Property	32
Sq. Feet | ft²	12,110,000
Purchase Price (in thousands) | $	$ 2,019,239
Industrial [Member]
Real Estate Properties [Line Items]
Number of Transactions	4
Number of Properties | Property	77
Sq. Feet | ft²	11,129,000
Purchase Price (in thousands) | $	$ 849,599
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	Jun. 30, 2020USD ($)
Real Estate Investment Property At Cost [Abstract]
Building and building improvements	$ 2,127,042
Land and land improvements	843,275
Furniture, fixtures and equipment	42,364
In-place lease intangibles	169,515
Above-market lease intangibles	6,915
Below-market lease intangibles	(20,194)
Other	549
Total purchase price	3,169,466
Assumed mortgage notes	224,123
Net purchase price	$ 2,945,343

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Investments in real estate, net	$ 135,296	$ 141,344
Other assets	1,405	2,035
Total assets	136,701	143,379
Liabilities:
Mortgage notes	102,718	104,314
Other liabilities	2,715	4,097
Total liabilities	$ 105,433	$ 108,411

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Detail) $ in Thousands	Feb. 14, 2020USD ($)Option	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Initial annual rent		$ 553,717	$ 247,672	$ 1,085,812	$ 459,869
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) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Total assets	$ 36,628,499		$ 33,039,823
Total liabilities	(22,037,333)		(22,404,026)
Total equity	14,569,513	$ 13,815,602	$ 10,614,648	$ 6,376,375	$ 4,591,704	$ 3,914,954
Investments in unconsolidated entities	811,827
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	811,827
BREIT MGP JV [Member] | Equity Method Investment [Member]
Schedule Of Equity Method Investments [Line Items]
Total assets	4,609,419
Total liabilities	(3,001,469)
Total equity	1,607,950
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	802,367
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	9,460
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 805,583

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule Of Equity Method Investments [Line Items]
Net income	$ 318,332	$ (52,784)	$ (898,818)	$ (102,880)
Income from unconsolidated entities			38,605	$ 0
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Net income	50,847		77,479
Income from unconsolidated entities	25,336		38,605
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	25,373		38,662
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	(37)		(57)
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	25,474		38,817
BREIT MGP JV [Member] | Rental [Member]
Schedule Of Equity Method Investments [Line Items]
Total revenue	$ 98,681		$ 149,118

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	217	203
Weighted Average Coupon	3.20%	4.40%
Weighted Average Maturity Date	May 11, 2025	Sep. 21, 2025
Cost Basis	$ 5,168,122	$ 4,493,288
Fair Value	$ 4,649,372	$ 4,523,260
Total Real Estate Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	207	195
Weighted Average Coupon	3.10%	4.20%
Weighted Average Maturity Date	Nov. 5, 2025	Oct. 15, 2025
Cost Basis	$ 4,442,374	$ 4,185,744
Fair Value	$ 3,941,724	$ 4,216,055
Total Real Estate Loans [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	10	8
Weighted Average Maturity Date	Aug. 24, 2022	Oct. 16, 2024
Face Amount/ Notional	$ 738,908	$ 309,989
Cost Basis	725,748	307,544
Fair Value	$ 707,648	$ 307,205
Total Real Estate 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	3.70%	4.60%
Commercial Mortgage Backed Securities Floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	125	122
Weighted Average Maturity Date	Feb. 5, 2025	Jan. 29, 2025
Face Amount/ Notional	$ 3,130,665	$ 2,907,080
Cost Basis	3,121,193	2,899,556
Fair Value	$ 2,723,768	$ 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	2.70%	2.70%
Commercial Mortgage Backed Securities Fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	50	43
Weighted Average Coupon	4.10%	4.20%
Weighted Average Maturity Date	Aug. 19, 2027	Jun. 26, 2027
Face Amount/ Notional	$ 912,705	$ 850,738
Cost Basis	889,144	829,403
Fair Value	$ 795,728	$ 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	Oct. 1, 2026	Oct. 2, 2026
Face Amount/ Notional	$ 2,259,760	$ 2,261,480
Cost Basis	21,691	23,564
Fair Value	$ 21,680	$ 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	134,251	134,078
Fair Value	$ 116,384	$ 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	6.90%	6.90%
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	Jan. 30, 2027	Dec. 30, 2026
Face Amount/ Notional	$ 236,090	$ 236,090
Cost Basis	132,318	127,219
Fair Value	$ 138,741	$ 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	Mar. 11, 2022	Aug. 30, 2024
Face Amount/ Notional	$ 604,158	$ 175,239
Cost Basis	591,497	173,466
Fair Value	$ 591,264	$ 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	3.00%	2.90%
Residential Mortgage Backed Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	10	9
Weighted Average Coupon	4.40%	4.30%
Weighted Average Maturity Date	Dec. 6, 2031	Jul. 9, 2028
Face Amount/ Notional	$ 26,141	$ 29,315
Cost Basis	26,315	29,506
Fair Value	$ 24,084	$ 29,448
Corporate Bond [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	13	12
Weighted Average Coupon	5.10%	5.20%
Weighted Average Maturity Date	Jan. 2, 2027	Feb. 16, 2027
Face Amount/ Notional	$ 252,492	$ 276,302
Cost Basis	251,713	276,496
Fair Value	$ 237,723	$ 288,111

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Detail) $ in Thousands	Jun. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	217	203
Cost Basis	$ 5,168,122	$ 4,493,288
Fair Value	$ 4,649,372	$ 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	76	75
Cost Basis	$ 2,201,498	$ 2,252,556
Fair Value	$ 1,872,878	$ 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	66	61
Cost Basis	$ 983,314	$ 596,184
Fair Value	$ 983,030	$ 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	38	37
Cost Basis	$ 779,106	$ 793,782
Fair Value	$ 701,185	$ 794,881
Percentage Based on Fair Value	15.00%	18.00%
Industrial [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	18	14
Cost Basis	$ 636,938	$ 375,975
Fair Value	$ 597,508	$ 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	$ 311,689	$ 219,215
Fair Value	$ 284,412	$ 219,798
Percentage Based on Fair Value	6.00%	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	$ 194,729	$ 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	$ 15,630	$ 17,304

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Detail) $ in Thousands	Jun. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	217	203
Cost Basis	$ 5,168,122	$ 4,493,288
Fair Value	$ 4,649,372	$ 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	77	72
Cost Basis	$ 1,618,201	$ 1,598,930
Fair Value	$ 1,424,508	$ 1,610,643
Percentage Based on Fair Value	31.00%	36.00%
Non Rated [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	37	33
Cost Basis	$ 1,181,728	$ 764,941
Fair Value	$ 1,120,701	$ 773,791
Percentage Based on Fair Value	24.00%	17.00%
B Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	43	40
Cost Basis	$ 1,179,950	$ 906,609
Fair Value	$ 1,047,446	$ 909,587
Percentage Based on Fair Value	23.00%	20.00%
BBB Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	46	45
Cost Basis	$ 838,409	$ 885,891
Fair Value	$ 739,296	$ 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	8	10
Cost Basis	$ 304,669	$ 319,031
Fair Value	$ 278,945	$ 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	3
Cost Basis	$ 35,624
Fair Value	$ 28,941
AAA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	2	2
Cost Basis	$ 8,713	$ 9,554
Fair Value	$ 8,708	$ 9,550
AA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1	1
Cost Basis	$ 828	$ 8,332
Fair Value	$ 827	$ 8,277

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	$ 5,168,122		$ 5,168,122		$ 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	1,485,509		1,485,509		1,418,056
Interest Income	14,197	$ 12,290	31,013	$ 24,370
Loans Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	509,919		509,919		134,076
Interest Income	3,683		6,900
Commercial Mortgage Backed Securities Collateralized by Loans Originated by Blackstone-advised Investment Vehicle [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	132,640		132,640		155,978
Interest Income	1,369	2,090	2,957	4,187
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	2,128,068		2,128,068		$ 1,708,110
Interest Income	$ 19,249	$ 14,380	$ 40,870	$ 28,557

Investments in Real Estate De_7

Investments in Real Estate Debt - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)Security	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)Security	Dec. 31, 2019USD ($)
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	$ 5,168,122		$ 5,168,122		$ 4,493,288
Unrealized gain (loss) from investments in real estate debt	466,400	$ 20,800	(548,700)	$ 51,800
Realized gain (loss) from investments in real estate debt	(5,000)		(4,700)
Number of real estate related securities sold | Security		2		2
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt [Member]
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	166,700		166,700		$ 186,800
Interest income recorded	$ 2,500	$ 1,700	$ 5,100	$ 3,300

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 ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 17,978,572,000	$ 17,044,428,000
Premium on assumed debt, net	10,056,000	10,794,000
Deferred financing costs, net	(141,746,000)	(125,563,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	$ 17,846,882,000	16,929,659,000
Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.30%
Weighted Average Maturity Date	Dec. 1, 2026
Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 12,758,220,000	12,620,595,000
Fixed Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.80%
Weighted Average Maturity Date	Jul. 8, 2027
Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 5,220,352,000	4,423,833,000
Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 14, 2025
Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%
Mortgage Notes [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 12,758,220,000	12,424,717,000
Mortgage Notes [Member] | Fixed Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.80%
Weighted Average Maturity Date	Jul. 8, 2027
Mortgage Notes [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 3,288,657,000	1,826,435,000
Mortgage Notes [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jan. 25, 2026
Mortgage Notes [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%
Mezzanine Loan [Member] | Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding		195,878,000
Mezzanine Loan [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 142,200,000
Mezzanine Loan [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Apr. 9, 2025
Mezzanine Loan [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.30%
Term Loans [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 1,639,495,000	1,533,561,000
Term Loans [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Feb. 11, 2024
Term Loans [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.70%
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 2,339,495,000
Principal Balance Outstanding	$ 150,000,000	$ 1,063,837,000
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Oct. 9, 2026
Secured Revolving Credit Facility [Member] | Variable Rate Loans [Member] | One-Month LIBOR [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.50%

Mortgage Notes, Term Loans, a_4

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	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 8,948
2021	49,102
2022	553,686
2023	495,687
2024	3,027,908
2025	3,675,156
Thereafter	10,168,085
Total	$ 17,978,572	$ 17,044,428

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 09, 2020	Jun. 30, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Realized loss		$ (5)	$ (4.7)
Mezzanine Loan [Member]
Debt Instrument [Line Items]
Realized loss	$ (0.9)

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Additional Information (Detail) - USD ($)	1 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.50%	3.00%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.40%	1.30%
Barclays MRA [Member]
Debt Instrument [Line Items]
Maximum facility size		$ 750,000,000
DB Secured Financing [Member]
Debt Instrument [Line Items]
Maximum facility size	$ 252,700,000
DB Secured Financing [Member] | Three-month EURIBOR [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%

Secured Financings on Investm_4

Secured Financings on Investments in Real Estate Debt - Summary of Secured Financings on Investments in Real Estate Debt (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Maturity Date	May 11, 2025	Sep. 21, 2025
Collateral Assets	$ 3,471,732	$ 3,956,882
Outstanding Balance	$ 2,369,685	$ 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	$ 1,088,259	$ 981,652
Outstanding Balance	$ 750,000	$ 750,000
Prepayment Provisions	None	None
RBC MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Mar. 17, 2021	Jun. 23, 2020
Security Interests	CMBS/Corporate bonds	CMBS/Corporate bonds
Collateral Assets	$ 1,689,690	$ 1,980,951
Outstanding Balance	$ 1,171,687	$ 1,561,642
Prepayment Provisions	None	None
Citi MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Feb. 23, 2021	Jan. 14, 2020
Security Interests	CMBS/RMBS	CMBS/Corporate bonds
Collateral Assets	$ 300,248	$ 266,406
Outstanding Balance	$ 195,271	$ 205,762
Prepayment Provisions	None	None
DB Secured Financing [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Apr. 2, 2022
Security Interests	Term Loan
Collateral Assets	$ 393,535
Outstanding Balance	$ 252,727
Prepayment Provisions	None
MS MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date		Feb. 1, 2020
Security Interests		CMBS
Collateral Assets		$ 636,734
Outstanding Balance		$ 508,510
Prepayment Provisions		None
MUFG MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date		Apr. 30, 2020
Security Interests		CMBS
Collateral Assets		$ 86,332
Outstanding Balance		$ 62,561
Prepayment Provisions		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]	6 Months Ended
	Jun. 30, 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%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total components due to affiliates	$ 613,055	$ 690,143
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	558,132	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	18,207	13,873
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	5,113	6,136
Accrued Affiliate Service Provider Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	11,629	6,037
Other [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 19,974	$ 44,162

Related Party Transactions - _2

Related Party Transactions - Summary of Components of Due to Affiliates (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended		12 Months Ended
	Jul. 31, 2020shares	Jan. 31, 2020USD ($)shares	Jan. 31, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Investmentshares	Jun. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Total components due to affiliates				$ 613,055,000		$ 613,055,000		$ 690,143,000
Management fee				$ 53,423,000	$ 22,487,000	$ 102,925,000	$ 39,664,000
Stock repurchased | shares				28,592,000		74,313,000
Stock repurchased, value				$ 299,009,000	60,157,000	$ 815,231,000	105,667,000
Portfolio company incentive compensation awards			$ 8,000,000
Amortization period of grant			4 years
Unrecognized compensation cost relating to portfolio company incentive compensation awards				5,000,000		$ 5,000,000
Unrecognized compensation cost recognition period						2 years 6 months
Performance participation allocation return						$ (671,900,000)
Recognized liabilities for Performance Participation expense				0	$ 29,898,000	0	$ 50,061,000
Aggregate redeemable non- controlling interest shares and Class I units continue to own				$ 174,300,000		$ 174,300,000
Class I Shares [Member]
Related Party Transaction [Line Items]
Stock repurchased | shares				15,585,000		34,568,000
Adviser [Member]
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum						1.25%
Stock repurchased, value						$ 17,800,000		42,100,000
Special Limited Partner [Member]
Related Party Transaction [Line Items]
Percentage of annual hurdle amount						5.00%
Related party allocation percentage of annual total return						12.50%
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] | Class B Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares		700,000
Stock redeemed, shares | shares		7,300,000
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return						87.50%
LivCor L.L.C. [Member] | Other Assets [Member]
Related Party Transaction [Line Items]
Receivable from affiliates				$ 3,900,000		$ 3,900,000		3,600,000
LNLS [Member]
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments						$ 2,400,000
Number of Investments with Capitalized or Deferred Financing Costs | Investment						15
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				558,132,000		$ 558,132,000		478,539,000
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				5,113,000		5,113,000		6,136,000
Advanced Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				2,200,000		2,200,000		2,000,000
Accrued Management Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				18,207,000		18,207,000		13,873,000
Accrued Management Fee [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				$ 18,200,000		$ 18,200,000		$ 13,900,000
Management Fee [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares						7,822,791	2,870,390
Stock repurchased | shares						4,985,753	4,574,431
Stock repurchased, value						$ 52,300,000	$ 49,900,000
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares	1,700,028

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 26,681	$ 9,599	$ 49,368	$ 17,037
Affiliate Service Provider Incentive Compensation Awards	500	500	1,000	1,000
Capitalized Transaction Support Services	740	1,563	2,629	1,963
LivCor L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	6,689	4,398	12,324	8,426
Affiliate Service Provider Incentive Compensation Awards	77	13	154	154
Capitalized Transaction Support Services	701	563	1,761	921
Gateway Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses		429		2,524
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	1,356	299	2,121	701
Affiliate Service Provider Incentive Compensation Awards	7	8	13	13
Capitalized Transaction Support Services			315	15
Link Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	13,691	3,112	26,022	3,112
Affiliate Service Provider Incentive Compensation Awards	260	285	521	285
Capitalized Transaction Support Services	39	1,000	553	1,000
BRE Hotels And Resorts LLC [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	4,326	1,087	7,649	1,741
Affiliate Service Provider Incentive Compensation Awards	156	194	312	312
Revantage Corporate Services, L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	469	$ 274	957	$ 533
Equity Office Management, L.L.C [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 150		$ 295

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Assets [Abstract]
Real estate intangibles, net	$ 669,006	$ 665,342
Equity securities	348,261
Held for sale assets	136,701	143,379
Receivables	115,377	101,106
Straight-line rent receivable	99,963	38,287
Deferred leasing costs, net	37,381	28,792
Prepaid expenses	32,997	28,334
Deferred financing costs, net	26,988	28,494
Pre-acquisition costs	782	9,861
Other	37,347	36,398
Total	$ 1,504,803	$ 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	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Subscriptions received in advance	$ 175,886	$ 796,729
Intangible liabilities, net	139,501	136,954
Real estate taxes payable	130,246	100,767
Accounts payable and accrued expenses	113,341	126,565
Held for sale liabilities	105,433	108,411
Right of use lease liability - operating leases	84,250	82,880
Distribution payable	80,024	56,210
Prepaid rental income	76,265	87,479
Right of use lease liability - financing leases	57,245	56,758
Repurchases payable	52,096	11,021
Tenant security deposits	50,023	46,533
Accrued interest expense	47,105	50,279
Other	96,296	31,501
Total	$ 1,207,711	$ 1,692,087

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets	$ 1,023,344	$ 880,137
Accumulated amortization:
Total accumulated amortization	(354,338)	(214,795)
Intangible assets, net	669,006	665,342
Intangible liabilities:
Below-market lease intangibles	187,081	167,032
Total intangible liabilities	187,081	167,032
Accumulated amortization:
Below-market lease amortization	(47,580)	(30,078)
Total accumulated amortization	(47,580)	(30,078)
Intangible liabilities, net	139,501	136,954
In-place Lease Intangibles [Member]
Intangible assets:
Total intangible assets	947,570	811,254
Accumulated amortization:
Total accumulated amortization	(330,876)	(200,629)
Intangible assets, net	616,694
Above-market Lease Intangibles [Member]
Intangible assets:
Total intangible assets	49,374	42,483
Accumulated amortization:
Total accumulated amortization	(15,715)	(10,977)
Intangible assets, net	33,659
Other Intangible Assets [Member]
Intangible assets:
Total intangible assets	26,400	26,400
Accumulated amortization:
Total accumulated amortization	$ (7,747)	$ (3,189)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 669,006	$ 665,342
Below-market Lease Intangibles, 2020 (remaining)	(21,330)
Below-market Lease Intangibles, 2021	(32,103)
Below-market Lease Intangibles, 2022	(24,581)
Below-market Lease Intangibles, 2023	(19,790)
Below-market Lease Intangibles, 2024	(15,413)
Below-market Lease Intangibles, 2025	(11,775)
Below-market Lease Intangibles, Thereafter	(14,509)
Below-market Lease Intangibles, Total	(139,501)
In-place Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	158,031
2021	149,522
2022	99,404
2023	62,413
2024	46,367
2025	35,925
Thereafter	65,032
Intangible assets, net	616,694
Above-market Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	5,894
2021	9,226
2022	6,038
2023	3,360
2024	2,767
2025	2,079
Thereafter	4,295
Intangible assets, net	$ 33,659

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Equity [Line Items]
Number of Shares, Authorized to issue, Total	10,100,000,000		10,100,000,000
Common stock repurchased	28,591,683		74,312,521
BREIT OP units repurchased	136,023		7,470,443
Stock repurchased, value in operating partnership unit	$ 299,100		$ 898,900
Non-controlling interests attributable to third party joint ventures	159,459		159,459		$ 157,795
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	(206)	$ 361	302	$ 1,441
Third Party Joint Ventures [Member]
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	21,400		21,400
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	$ 200		$ (300)

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Detail) - $ / shares	Jun. 30, 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) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Class Of Stock [Line Items]
Beginning balance	1,535,245,000	1,129,516,000
Common stock issued	81,726,000	524,006,000
Distribution reinvestment	11,761,000	20,931,000
Common stock repurchased	(28,592,000)	(74,313,000)
Ending balance	1,600,140,000	1,600,140,000
Class S Shares [Member]
Class Of Stock [Line Items]
Beginning balance	611,149,000	530,813,000
Common stock issued	25,770,000	124,298,000
Distribution reinvestment	5,433,000	9,931,000
Common stock repurchased	(10,144,000)	(32,834,000)
Ending balance	632,208,000	632,208,000
Class I Shares [Member]
Class Of Stock [Line Items]
Beginning balance	783,816,000	474,279,000
Common stock issued	47,450,000	372,282,000
Distribution reinvestment	5,132,000	8,820,000
Common stock repurchased	(15,585,000)	(34,568,000)
Ending balance	820,813,000	820,813,000
Class T Shares [Member]
Class Of Stock [Line Items]
Beginning balance	43,898,000	39,767,000
Common stock issued	1,177,000	5,988,000
Distribution reinvestment	352,000	649,000
Common stock repurchased	(1,470,000)	(2,447,000)
Ending balance	43,957,000	43,957,000
Class D Shares [Member]
Class Of Stock [Line Items]
Beginning balance	96,382,000	84,657,000
Common stock issued	7,329,000	21,438,000
Distribution reinvestment	844,000	1,531,000
Common stock repurchased	(1,393,000)	(4,464,000)
Ending balance	103,162,000	103,162,000

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.1577	$ 0.1588	$ 0.3169	$ 0.3170
Class S Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1577		0.3169
Stockholder servicing fee per share of common stock	(0.0224)		(0.0463)
Net distributions declared per share of common stock	0.1353		0.2706
Class I Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1577		0.3169
Net distributions declared per share of common stock	0.1577		0.3169
Class T Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1577		0.3169
Stockholder servicing fee per share of common stock	(0.0221)		(0.0457)
Net distributions declared per share of common stock	0.1356		0.2712
Class D Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1577		0.3169
Stockholder servicing fee per share of common stock	(0.0065)		(0.0135)
Net distributions declared per share of common stock	$ 0.1512		$ 0.3034

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Redeemable Non-controlling Interest [Abstract]
December 31, 2019			$ 21,149
Settlement of 2019 performance participation allocation			141,396	$ 37,484
GAAP income allocation	$ (310)	$ (74)	(1,010)	$ (351)
June 30, 2020	21,653		21,653
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			(15)
Distributions			(6)
Fair value allocation			4
June 30, 2020	$ 255		255
Special Limited Partner [Member] | Common Class B [Member]
Redeemable Non-controlling Interest [Abstract]
Conversion to Class I shares			$ (48,543)

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)Lease
Lessee Lease Description [Line Items]
Number of ground leases under operating lease | Lease		15
Number of ground leases under finance lease | Lease		2
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Operating lease, weighted average remaining lease term	56 years	56 years
Finance lease, weighted average remaining lease term	76 years	76 years
Leasing commissions | $		$ 12.4
Rental [Member]
Lessee Lease Description [Line Items]
Increased reserve for bad debt expense | $	$ 16.3
Minimum [Member]
Lessee Lease Description [Line Items]
Incremental borrowing rate	5.00%	5.00%
Maximum [Member]
Lessee Lease Description [Line Items]
Incremental borrowing rate	7.00%	7.00%
Ground Lease One Under Operating Lease [Member]
Lessee Lease Description [Line Items]
Lease renewal term	99 years	99 years
Ground Lease Two Under Operating Lease [Member]
Lessee Lease Description [Line Items]
Lease renewal term	10 years	10 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
2020 (remaining)	$ 1,991
2021	3,982
2022	4,093
2023	4,132
2024	4,183
2025	4,423
Thereafter	599,932
Total undiscounted future lease payments	622,736
Difference between undiscounted cash flows and discounted cash flows	(538,486)
Total lease liability	84,250	$ 82,880
Financing Leases
2020 (remaining)	1,518
2021	3,081
2022	3,174
2023	3,269
2024	3,367
2025	3,468
Thereafter	327,054
Total undiscounted future lease payments	344,931
Difference between undiscounted cash flows and discounted cash flows	(287,686)
Total lease liability	$ 57,245	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Fixed ground rent expense	$ 1,014	$ 359	$ 2,026	$ 718
Variable ground rent expense	1	3	18	21
Total cash portion of ground rent expense	1,015	362	2,044	739
Non-cash ground rent expense	1,691	1,092	3,434	2,184
Total operating lease costs	$ 2,706	$ 1,454	$ 5,478	$ 2,923

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Interest on lease liabilities	$ 737	$ 739	$ 1,474	$ 754
Amortization of right-of-use assets	257	261	509	261
Total financing lease costs	$ 994	$ 1,000	$ 1,983	$ 1,015

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Leases Lease Income [Abstract]
Fixed lease payments	$ 506,046	$ 223,882	$ 983,331	$ 412,737
Variable lease payments	47,671	23,790	102,481	47,132
Rental revenue	$ 553,717	$ 247,672	$ 1,085,812	$ 459,869

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (remaining)	$ 604,117
2021	846,801
2022	755,552
2023	655,273
2024	574,971
2025	527,166
Thereafter	9,051,241
Total	$ 13,015,121

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 36,628,499	$ 33,039,823
Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	11,537,484	9,695,916
Industrial [Member]
Segment Reporting Information [Line Items]
Total assets	11,188,957	10,564,172
Net Lease [Member]
Segment Reporting Information [Line Items]
Total assets	5,059,427	4,271,196
Hotel [Member]
Segment Reporting Information [Line Items]
Total assets	2,357,585	2,427,554
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	714,678	419,198
Other Properties [Member]
Segment Reporting Information [Line Items]
Total assets	155,485	145,411
Office [Member]
Segment Reporting Information [Line Items]
Total assets	133,277	138,912
Real Estate Debt [Member]
Segment Reporting Information [Line Items]
Total assets	5,254,130	4,565,385
Other (Corporate) [Member]
Segment Reporting Information [Line Items]
Total assets	$ 227,476	$ 812,079

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($)	Jan. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues		$ 592,747,000	$ 354,308,000	$ 1,267,629,000	$ 651,399,000
Expenses:
Total expenses		231,558,000	164,408,000	499,252,000	303,539,000
Income from unconsolidated entities		25,336,000		38,605,000
Income (loss) from investments in real estate debt		492,889,000	51,784,000	(523,258,000)	113,467,000
Segment net operating income (loss)		879,414,000	241,684,000	283,724,000	461,327,000
Depreciation and amortization		(347,352,000)	(161,854,000)	(676,157,000)	(301,333,000)
General and administrative		(6,913,000)	(4,878,000)	(13,595,000)	(8,059,000)
Management fee		(53,423,000)	(22,487,000)	(102,925,000)	(39,664,000)
Performance participation allocation		0	(29,898,000)	0	(50,061,000)
Impairment of investments in real estate		(6,126,000)		(6,126,000)	0
Net gains on disposition of real estate	$ 400,000		29,686,000	371,000	29,686,000
Interest income		233,000	303,000	1,980,000	497,000
Interest expense		(176,579,000)	(103,279,000)	(365,083,000)	(194,866,000)
Loss on extinguishment of debt				(1,237,000)	0
Other income (expense)		29,078,000	(2,061,000)	(19,770,000)	(407,000)
Net income (loss)		318,332,000	(52,784,000)	(898,818,000)	(102,880,000)
Net loss attributable to non-controlling interests in third party joint ventures		966,000	970,000	1,203,000	3,006,000
Net income attributable to non-controlling interests in BREIT OP		(4,859,000)	1,110,000	11,967,000	2,324,000
Net income (loss) attributable to BREIT stockholders		314,439,000	(50,704,000)	(885,648,000)	(97,550,000)
Multifamily [Member]
Revenues:
Total revenues		255,800,000	168,281,000	495,004,000	303,790,000
Expenses:
Total expenses		115,236,000	73,772,000	219,796,000	135,596,000
Segment net operating income (loss)		140,564,000	94,509,000	275,208,000	168,194,000
Depreciation and amortization		(145,595,000)	(96,631,000)	(272,921,000)	(175,165,000)
Industrial [Member]
Revenues:
Total revenues		210,740,000	85,463,000	412,978,000	166,981,000
Expenses:
Total expenses		64,048,000	26,196,000	121,218,000	51,057,000
Segment net operating income (loss)		146,692,000	59,267,000	291,760,000	115,924,000
Depreciation and amortization		(138,798,000)	(47,403,000)	(276,922,000)	(92,425,000)
Net Lease [Member]
Revenues:
Total revenues		82,794,000		165,589,000
Expenses:
Total expenses		13,000		114,000
Income from unconsolidated entities		25,336,000		38,605,000
Segment net operating income (loss)		108,117,000		204,080,000
Depreciation and amortization		(29,040,000)		(57,195,000)
Hotel [Member]
Revenues:
Total revenues		23,044,000	97,426,000	152,090,000	174,419,000
Expenses:
Total expenses		44,523,000	63,197,000	143,829,000	114,517,000
Segment net operating income (loss)		(21,479,000)	34,229,000	8,261,000	59,902,000
Depreciation and amortization		(22,753,000)	(16,257,000)	(45,546,000)	(30,683,000)
Retail [Member]
Revenues:
Total revenues		12,907,000	3,138,000	27,428,000	6,209,000
Expenses:
Total expenses		4,331,000	1,243,000	7,751,000	2,369,000
Segment net operating income (loss)		8,576,000	1,895,000	19,677,000	3,840,000
Depreciation and amortization		(8,174,000)	(1,563,000)	(16,809,000)	(3,060,000)
Other Properties [Member]
Revenues:
Total revenues		4,361,000		8,372,000
Expenses:
Total expenses		2,341,000		4,443,000
Segment net operating income (loss)		2,020,000		3,929,000
Depreciation and amortization		(1,452,000)		(3,681,000)
Real Estate Debt [Member]
Expenses:
Income (loss) from investments in real estate debt		492,889,000	51,784,000	(523,258,000)	113,467,000
Segment net operating income (loss)		492,889,000	51,784,000	(523,258,000)	113,467,000
Office [Member]
Revenues:
Total revenues		3,101,000		6,168,000
Expenses:
Total expenses		1,066,000		2,101,000
Segment net operating income (loss)		2,035,000		4,067,000
Depreciation and amortization		(1,540,000)		(3,083,000)
Rental Property [Member]
Revenues:
Total revenues		553,717,000	247,672,000	1,085,812,000	459,869,000
Expenses:
Total expenses		187,035,000	101,211,000	355,423,000	189,022,000
Rental Property [Member] | Multifamily [Member]
Revenues:
Total revenues		241,793,000	159,243,000	468,912,000	287,141,000
Expenses:
Total expenses		115,236,000	73,772,000	219,796,000	135,596,000
Rental Property [Member] | Industrial [Member]
Revenues:
Total revenues		209,583,000	85,368,000	410,980,000	166,669,000
Expenses:
Total expenses		64,048,000	26,196,000	121,218,000	51,057,000
Rental Property [Member] | Net Lease [Member]
Revenues:
Total revenues		82,794,000		165,589,000
Expenses:
Total expenses		13,000		114,000
Rental Property [Member] | Retail [Member]
Revenues:
Total revenues		12,679,000	3,061,000	26,922,000	6,059,000
Expenses:
Total expenses		4,331,000	1,243,000	7,751,000	2,369,000
Rental Property [Member] | Other Properties [Member]
Revenues:
Total revenues		3,897,000		7,461,000
Expenses:
Total expenses		2,341,000		4,443,000
Rental Property [Member] | Office [Member]
Revenues:
Total revenues		2,971,000		5,948,000
Expenses:
Total expenses		1,066,000		2,101,000
Hotel [Member]
Revenues:
Total revenues		21,781,000	94,351,000	149,253,000	169,617,000
Expenses:
Total expenses		44,523,000	63,197,000	143,829,000	114,517,000
Hotel [Member] | Hotel [Member]
Revenues:
Total revenues		21,781,000	94,351,000	149,253,000	169,617,000
Expenses:
Total expenses		44,523,000	63,197,000	143,829,000	114,517,000
Other Revenue [Member]
Revenues:
Total revenues		17,249,000	12,285,000	32,564,000	21,913,000
Other Revenue [Member] | Multifamily [Member]
Revenues:
Total revenues		14,007,000	9,038,000	26,092,000	16,649,000
Other Revenue [Member] | Industrial [Member]
Revenues:
Total revenues		1,157,000	95,000	1,998,000	312,000
Other Revenue [Member] | Hotel [Member]
Revenues:
Total revenues		1,263,000	3,075,000	2,837,000	4,802,000
Other Revenue [Member] | Retail [Member]
Revenues:
Total revenues		228,000	$ 77,000	506,000	$ 150,000
Other Revenue [Member] | Other Properties [Member]
Revenues:
Total revenues		464,000		911,000
Other Revenue [Member] | Office [Member]
Revenues:
Total revenues		$ 130,000		$ 220,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 13, 2020	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Aggregate payments to purchase investment in real estate debt		$ 874,326	$ 1,296,050
Proceeds from issuance of common stock		$ 5,047,278	$ 2,596,552
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs	$ 72,000
Aggregate payments to purchase investment in real estate debt	167,200
Proceeds from issuance of common stock	$ 677,600