Blackstone Real Estate Income Trust (BSTT) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 12, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		686,427,047
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		892,193,666
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		119,127,868
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,094,888

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 28,869,214	$ 26,326,868
Investments in unconsolidated entities	814,134
Investments in real estate debt	4,965,677	4,523,260
Cash and cash equivalents	240,022	204,269
Restricted cash	468,567	905,433
Other assets	1,675,194	1,079,993
Total assets	37,032,808	33,039,823
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	17,579,032	16,929,659
Secured financings on investments in real estate debt	2,392,945	3,092,137
Due to affiliates	623,036	690,143
Accounts payable, accrued expenses, and other liabilities	1,205,826	1,692,087
Total liabilities	21,800,839	22,404,026
Commitments and contingencies
Redeemable non-controlling interests	27,941	21,149
Equity
Preferred stock, $0.01 par value per share, 100,000 shares authorized; no shares issued and outstanding as of September 30, 2020 and December 31, 2019
Additional paid-in capital	17,726,921	11,716,721
Accumulated deficit and cumulative distributions	(2,873,756)	(1,422,885)
Total stockholders' equity	14,869,924	10,305,132
Non-controlling interests attributable to third party joint ventures	142,702	157,795
Non-controlling interests attributable to BREIT OP unitholders	191,402	151,721
Total equity	15,204,028	10,614,648
Total liabilities and equity	37,032,808	33,039,823
Class S Shares [Member]
Equity
Common stock value	6,620	5,308
Class T Shares [Member]
Equity
Common stock value	450	398
Class D Shares [Member]
Equity
Common stock value	1,096	847
Class I Shares [Member]
Equity
Common stock value	$ 8,593	$ 4,743

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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, Par Value	$ 0.01
Common stock, shares outstanding	1,676,046,000	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	662,034,000	530,813,000
Common stock, shares outstanding	662,034,000	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	859,364,000	474,279,000
Common stock, shares outstanding	859,364,000	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	45,052,000	39,767,000
Common stock, shares outstanding	45,052,000	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	109,596,000	84,657,000
Common stock, shares outstanding	109,596,000	84,657,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total revenues	$ 635,371,000	$ 438,033,000	$ 1,903,000,000	$ 1,089,432,000
Expenses
Operating expenses	253,645,000	211,542,000	752,897,000	515,081,000
General and administrative	5,430,000	4,548,000	19,025,000	12,607,000
Management fee	57,619,000	29,858,000	160,544,000	69,522,000
Performance participation allocation	0	56,322,000	0	106,383,000
Impairment of investments in real estate	6,217,000		12,343,000	0
Depreciation and amortization	332,599,000	204,653,000	1,008,756,000	505,986,000
Total expenses	655,510,000	506,923,000	1,953,565,000	1,209,579,000
Other income (expense)
Income from unconsolidated entities	25,073,000		63,678,000
Income (loss) from investments in real estate debt	206,046,000	52,568,000	(317,212,000)	166,035,000
Net gains on dispositions of real estate	100,070,000	6,481,000	100,441,000	36,167,000
Interest income	122,000	1,763,000	2,102,000	2,260,000
Interest expense	(174,193,000)	(116,037,000)	(539,276,000)	(310,903,000)
Loss on extinguishment of debt	(5,258,000)		(6,495,000)	0
Other income (expense)	(9,252,000)	(2,379,000)	(29,022,000)	(2,786,000)
Total other income (expense)	142,608,000	(57,604,000)	(725,784,000)	(109,227,000)
Net income (loss)	122,469,000	(126,494,000)	(776,349,000)	(229,374,000)
Net loss attributable to non-controlling interests in third party joint ventures	593,000	1,305,000	1,796,000	4,311,000
Net (income) loss attributable to non-controlling interests in BREIT OP	(1,790,000)	2,018,000	10,177,000	4,342,000
Net income (loss) attributable to BREIT stockholders	$ 121,272,000	$ (123,171,000)	$ (764,376,000)	$ (220,721,000)
Net income (loss) per share of common stock — basic and diluted	$ 0.07	$ (0.15)	$ (0.49)	$ (0.34)
Weighted-average shares of common stock outstanding, basic and diluted	1,651,693	819,055	1,545,984	647,730
Rental [Member]
Revenues
Total revenues	$ 562,053,000	$ 290,453,000	$ 1,647,865,000	$ 750,322,000
Expenses
Operating expenses	193,306,000	121,591,000	548,729,000	310,613,000
Hotel [Member]
Revenues
Total revenues	56,038,000	132,036,000	205,291,000	301,653,000
Expenses
Operating expenses	60,339,000	89,951,000	204,168,000	204,468,000
Other Revenue [Member]
Revenues
Total revenues	$ 17,280,000	$ 15,544,000	$ 49,844,000	$ 37,457,000

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	5,155,372		1,662	2,482	134	381	5,150,713		5,155,372
Offering costs	(213,228)						(213,228)		(213,228)
Distribution reinvestment	161,771		84	46	7	9	161,625		161,771
Common stock/units repurchased	(161,537)		(52)	(84)	(8)	(3)	(160,672)		(160,819)		(718)
Amortization of restricted stock grants/compensation awards	1,800			3			297		300		1,500
Net income (loss)	(228,291)							(220,721)	(220,721)	(3,631)	(3,939)
Distributions declared on common stock	(279,654)							(279,654)	(279,654)
Contributions from non-controlling interests	89,826									47,938	41,888
Distributions and redemptions to non-controlling interests	(33,486)									(27,826)	(5,660)
Allocation to redeemable non-controlling interests	(3,875)						(3,875)		(3,875)
Ending Balance at Sep. 30, 2019	8,403,652		4,464	3,530	366	691	9,262,304	(1,087,923)	8,183,432	92,073	128,147
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 Jun. 30, 2019	6,376,375		3,812	2,286	319	529	6,969,300	(845,511)	6,130,735	113,725	131,915
Common stock issued	2,344,142		638	1,251	45	160	2,342,048		2,344,142
Offering costs	(59,354)						(59,354)		(59,354)
Distribution reinvestment	67,877		32	21	3	4	67,817		67,877
Common stock/units repurchased	(55,870)		(18)	(29)	(1)	(2)	(55,172)		(55,222)		(648)
Amortization of restricted stock grants/compensation awards	600			1			99		100		500
Net income (loss)	(125,762)							(123,171)	(123,171)	(625)	(1,966)
Distributions declared on common stock	(119,241)							(119,241)	(119,241)
Contributions from non-controlling interests	2,420									1,995	425
Distributions and redemptions to non-controlling interests	(25,101)									(23,022)	(2,079)
Allocation to redeemable non-controlling interests	(2,434)						(2,434)		(2,434)
Ending Balance at Sep. 30, 2019	8,403,652		4,464	3,530	366	691	9,262,304	(1,087,923)	8,183,432	92,073	128,147
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	6,974,538		1,555	4,278	75	282	6,968,348		6,974,538
Offering costs	(161,478)						(161,478)		(161,478)
Distribution reinvestment	357,195		153	140	9	24	356,869		357,195
Common stock/units repurchased	(1,148,122)		(396)	(571)	(32)	(57)	(1,145,159)		(1,146,215)		(1,907)
Amortization of restricted stock grants/compensation awards	1,269			3			297		300		969
Net income (loss)	(775,076)							(764,376)	(764,376)	(536)	(10,164)
Distributions declared on common stock	(686,495)							(686,495)	(686,495)
Contributions from non-controlling interests	72,557									11,394	61,163
Distributions and redemptions to non-controlling interests	(38,277)						(1,946)		(1,946)	(25,951)	(10,380)
Allocation to redeemable non-controlling interests	(6,731)	$ (6,700)					(6,731)		(6,731)
Ending Balance at Sep. 30, 2020	15,204,028		6,620	8,593	450	1,096	17,726,921	(2,873,756)	14,869,924	142,702	191,402
Beginning 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
Common stock issued	1,022,713		312	565	15	68	1,021,753		1,022,713
Offering costs	(35,098)						(35,098)		(35,098)
Distribution reinvestment	129,029		54	52	3	9	128,911		129,029
Common stock/units repurchased	(332,891)		(68)	(225)	(8)	(13)	(332,425)		(332,739)		(152)
Amortization of restricted stock grants/compensation awards	69			1			99		100		(31)
Net income (loss)	122,732							121,272	121,272	(328)	1,788
Distributions declared on common stock	(245,039)							(245,039)	(245,039)
Contributions from non-controlling interests	1,493									223	1,270
Distributions and redemptions to non-controlling interests	(22,064)						(1,946)		(1,946)	(16,652)	(3,466)
Allocation to redeemable non-controlling interests	(6,429)	$ (6,400)					(6,429)		(6,429)
Ending Balance at Sep. 30, 2020	$ 15,204,028		$ 6,620	$ 8,593	$ 450	$ 1,096	$ 17,726,921	$ (2,873,756)	$ 14,869,924	$ 142,702	$ 191,402

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Stockholders Equity [Abstract]
Distributions declared on common stock per share	$ 0.1586	$ 0.1594	$ 0.4755	$ 0.4764
Net loss allocated to redeemable non-controlling interest	$ 263	$ 732	$ 1,273	$ 1,083

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (776,349,000)	$ (229,374,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	160,544,000	69,522,000
Performance participation allocation	0	106,383,000
Depreciation and amortization	1,008,756,000	505,986,000
Impairment of investments in real estate	12,343,000	0
Net gains on dispositions of real estate	(100,441,000)	(36,167,000)
Loss on extinguishment of debt	6,495,000	0
Unrealized (gain) loss on changes in fair value of financial instruments	484,332,000	(53,025,000)
Income from unconsolidated entities	(63,678,000)	0
Distributions from unconsolidated entities	57,856,000	0
Other items	(23,996,000)	7,131,000
Change in assets and liabilities:
(Increase) / decrease in other assets	(69,800,000)	(95,832,000)
Increase / (decrease) in due to affiliates	(1,222,000)	4,802,000
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	34,611,000	93,940,000
Net cash provided by operating activities	729,451,000	373,366,000
Cash flows from investing activities:
Acquisitions of real estate	(3,246,297,000)	(9,827,563,000)
Capital improvements to real estate	(230,749,000)	(135,645,000)
Proceeds from disposition of real estate	385,269,000	74,568,000
Pre-acquisition costs and deposits	(58,274,000)	(9,991,000)
Investment in unconsolidated entities	(808,312,000)	0
Purchase of investments in real estate debt	(1,177,967,000)	(1,623,503,000)
Proceeds from settlement of investments in real estate debt	363,175,000	329,445,000
Purchase of real estate-related equity securities	(703,695,000)	0
Sale of real estate-related equity securities	102,932,000	0
Net cash used in investing activities	(5,373,918,000)	(11,192,689,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	6,014,033,000	4,913,617,000
Offering costs paid	(71,135,000)	(53,548,000)
Subscriptions received in advance	217,461,000	560,444,000
Repurchase of common stock	(996,873,000)	(82,878,000)
Repurchase of management fee shares	(112,664,000)	(72,711,000)
Redemption of redeemable non-controlling interest	(83,625,000)	(35,435,000)
Redemption of affiliate service provider incentive compensation awards	(1,755,000)	(718,000)
Borrowings from mortgage notes, term loans, and secured revolving credit facilities	6,207,729,000	10,036,847,000
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(5,849,236,000)	(4,692,644,000)
Borrowings under repurchase agreements	1,898,018,000	1,152,366,000
Settlement of repurchase agreements	(2,616,391,000)	(219,755,000)
Borrowings from affiliate line of credit	175,000,000	1,883,000,000
Repayments on affiliate line of credit	(175,000,000)	(1,883,000,000)
Borrowings from unsecured revolving credit facilities	130,000,000	240,000,000
Repayments on unsecured revolving credit facilities	(130,000,000)	(240,000,000)
Payment of deferred financing costs	(41,721,000)	(94,726,000)
Contributions from non-controlling interests	22,503,000	50,400,000
Distributions and redemptions to non-controlling interests	(41,202,000)	(31,325,000)
Distributions	(301,788,000)	(94,659,000)
Net cash provided by financing activities	4,243,354,000	11,335,275,000
Net change in cash and cash equivalents and restricted cash	(401,113,000)	515,952,000
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	708,589,000	822,565,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	240,022,000	155,674,000
Restricted cash	468,567,000	666,891,000
Cash and cash equivalents and restricted cash, end of period	708,589,000	822,565,000
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	224,123,000	1,146,823,000
Assumption of other liabilities in conjunction with acquisitions of real estate	257,000	66,629,000
Issuance of BREIT OP units as consideration for acquisitions of real estate		36,749,000
Recognition of financing lease liability		56,008,000
Assumed operating ground lease liabilities		47,393,000
Accrued pre-acquisition costs	1,203,000	868,000
Contributions from non-controlling interests		2,520,000
Accrued capital expenditures and acquisition related costs	7,168,000	7,187,000
Accrued distributions	27,754,000	23,380,000
Accrued stockholder servicing fee due to affiliate	94,245,000	160,604,000
Redeemable non-controlling interest issued as settlement of performance participation allocation	141,396,000	37,484,000
Allocation to redeemable non-controlling interest	6,731,000	3,875,000
Distribution reinvestment	357,195,000	161,771,000
Accrued common stock repurchases	71,047,000	5,330,000
Accrued common stock repurchases due to affiliate	18,937,000	0
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards		4,714,000
Payable for investments in real estate debt	1,065,000	185,074,000
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	9 Months Ended
	Sep. 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 September 30, 2020, the Company had received net proceeds of $19.6 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 September 30, 2020, the Company owned 1,182 properties and had 241 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	9 Months Ended
	Sep. 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. The ongoing novel coronavirus (“COVID-19”) pandemic and restrictions on non-essential businesses have caused disruption in the U.S. and global economies. Despite significant market rebounds across many asset classes, the continued rapid development of this situation and uncertainty regarding potential economic recovery precludes any prediction as to the ultimate adverse impact of COVID-19 on financial market and economic conditions. The estimates and assumptions underlying these condensed consolidated financial statements are based on the information available as of September 30, 2020, including judgments about the financial market and economic conditions which may change over time. 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. In July 2020, the Company acquired the remaining 10.0% interest in one of its consolidated VIEs for $19.3 million. As of September 30, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $10.8 billion and $7.7 billion, respectively, compared to $9.5 billion and $6.6 billion as of December 31, 2019. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. As of September 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 September 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, term loans, and 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 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. 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 (Level 1 inputs). During September 2020, the Company made an investment in a preferred equity security, which is reflected at its initial investment as of September 30, 2020 (Level 2 inputs). The Company believes the transaction price provides the most observable indication of fair value as of September 30, 2020 given the transaction closed in last month of the quarter and there were no significant changes in market conditions. As of September 30, 2020 the Company’s $572.8 million of equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The Company did not own equity securities as of December 31, 2019. The following table summarizes our assets measured at fair value on a recurring basis ($ in thousands): September 30, 2020 December 31, 2019 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Investments in real estate debt $ — $ 4,846,533 $ 119,144 $ 4,965,677 $ — $ 4,389,184 $ 134,076 $ 4,523,260 Equity securities 332,849 240,000 — 572,849 — — — — Total $ 332,849 $ 5,086,533 $ 119,144 $ 5,538,526 $ — $ 4,389,184 $ 134,076 $ 4,523,260 The following table details our assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2019 $ 134,076 Included in net income Accretion included in interest income 260 Unrealized gain (loss) included in income (loss) from investments in real estate debt (15,192 ) Balance as of September 30, 2020 $ 119,144 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 119,144 Discounted cash flow Yield 10.5% Decrease 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 $6.2 million impairment charge during the three months ended September 30, 2020. During the nine months ended September 30, 2020, two of the Company’s hotel assets were deemed to be impaired, resulting in $12.3 million of impairment charges. Refer to Note 3 for additional details of the impairments. The Company estimated the fair value of the impaired properties using a discounted cash flow analysis that utilized Level 3 inputs. The key assumptions utilized during the three months ended September 30, 2020 were the discount rate (8.7%) and the exit capitalization rate (9.9%). The key assumptions utilized during the nine months ended September 30, 2020 were the discount rate (weighted average of 8.7%) and the exit capitalization rate (weighted average of 7.8%). There are inherent uncertainties in making these estimates such as macroeconomic conditions. Valuation of liabilities not measured at fair value As of September 30, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was approximately $34.5 million above carrying value. As of December 31, 2019, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on real estate debt, 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 September 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	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Building and building improvements $ 23,302,061 $ 20,950,147 Land and land improvements 6,506,128 5,639,678 Furniture, fixtures and equipment 439,981 377,645 Right of use asset - operating leases (1) 114,535 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 30,418,713 27,137,489 Accumulated depreciation and amortization (1,549,499 ) (810,621 ) Investments in real estate, net $ 28,869,214 $ 26,326,868 (1) Refer to Note 13 for additional details on the Company’s leases. Acquisitions During the nine months ended September 30, 2020, the Company acquired interests in 16 real estate investments for $3.5 billion, which were comprised of 80 industrial, 34 multifamily, six retail and 15 self-storage properties categorized as other. The following table provides further details of the properties acquired during the nine months ended September 30, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units/ Keys Purchase Price (1) Multifamily properties 7 34 12,569 units $ 2,103,526 Industrial properties 6 80 11,776 sq. ft. 972,404 Retail properties 1 6 689 sq. ft. 287,392 Other properties 2 15 997 sq. ft. 114,395 16 135 $ 3,477,717 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2020 ($ in thousands): Amount Building and building improvements $ 2,329,887 Land and land improvements 935,344 Furniture, fixtures and equipment 44,329 In-place lease intangibles 183,885 Above-market lease intangibles 6,915 Below-market lease intangibles (23,192 ) Other 549 Total purchase price 3,477,717 Assumed mortgage notes (1) 224,123 Net purchase price $ 3,253,594 (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 nine months ended September 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 September 30, 2020 the Company recognized a $6.2 million impairment charge on one of its hotel properties. During the nine months ended September 30, 2020, the Company recognized a $12.3 million impairment charge on two of its hotel properties. The impairment charges were a result of updates to the undiscounted cash flow assumptions to account for a decrease in occupancy, future cash flows, and the terminal value as a result of the COVID-19 pandemic. Dispositions The following tables provide details of the dispositions during the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Multifamily properties (1) 6 $ 246,244 $ 64,885 6 $ 246,244 $ 64,885 Hotel properties 1 134,537 35,185 1 134,537 35,185 Industrial properties — — — 1 4,488 371 7 $ 380,781 $ 100,070 8 $ 385,269 $ 100,441 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Hotel properties (2) — $ — $ — — $ 44,292 $ 29,686 Industrial properties 1 30,276 6,481 1 30,276 6,481 1 $ 30,276 $ 6,481 1 $ 74,568 $ 36,167 (1) In March 2020, a buyer of five of the Company’s multifamily properties terminated an initial agreement to acquire the five properties and forfeited the associated deposit in the amount of $8.0 million. The buyer subsequently entered into a new agreement to acquire the same five properties, and the sale closed during the three months ended September 30, 2020. For purposes of the Condensed Consolidated Statement of Cash Flows, the Company reclassified the forfeited deposit from operating activities to investing activities and is included in Net Proceeds above. (2) During the nine months ended September 30, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose property. The sale did not include the Hyatt Place San Jose hotel or the land parcels under the hotel. Properties Held for Sale As of September 30, 2020, one multifamily property was classified as held for sale. Subsequent to September 30, 2020, the property was sold. As of December 31, 2019, six properties were classified as held for sale. One property was sold in January 2020 and five properties were sold in July 2020 as described above. The held for sale assets and liabilities are components of Other Assets and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets. The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: September 30, 2020 December 31, 2019 Investments in real estate, net $ 36,877 $ 141,344 Other assets 267 2,035 Total assets $ 37,144 $ 143,379 Liabilities: Mortgage notes $ 27,112 $ 104,314 Other liabilities 1,086 4,097 Total liabilities $ 28,198 $ 108,411

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 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 $292.0 million with an initial term of 30 years with two 10-year extension options for MGM. The lease agreement provides that the rent will escalate 2% annually for the first 15 years and then the greater of (i) 2% or (ii) the increase in the consumer price index during the prior year, subject to a cap of 3%. The following table provides a summarized balance sheet of the BREIT MGP JV along with a reconciliation to the Company’s equity investment in unconsolidated entities ($ in thousands): September 30, 2020 Total assets $ 4,614,202 Total liabilities (3,001,555 ) Total equity of BREIT MGP JV 1,612,647 MGP's share 807,936 BREIT's share 804,711 BREIT outside basis 9,423 BREIT net investment in BREIT MGP JV $ 814,134 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 September 30, 2020 Nine Months Ended September 30, 2020 Total revenue $ 98,682 $ 247,800 Net income of BREIT MGP JV 50,320 127,799 MGP's share 25,210 64,027 BREIT's share 25,110 63,772 Amortization of BREIT outside basis (37 ) (94 ) BREIT net income from BREIT MGP JV $ 25,073 $ 63,678

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 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): September 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 138 L+2.7% 1/5/2025 $ 3,212,846 $ 3,193,384 $ 2,914,116 CMBS - fixed 54 4.0% 4/18/2028 1,022,626 991,867 933,104 Corporate bonds 15 5.0% 2/28/2027 231,249 229,821 222,315 CMBS - zero coupon 4 N/A 1/2/2027 236,090 134,960 136,476 RMBS - fixed 14 4.4% 12/9/2031 28,462 28,635 27,695 CMBS - interest only 5 2.3% 10/10/2026 2,258,809 21,748 21,726 Total real estate securities 230 3.1% 12/18/2025 N/M 4,600,415 4,255,432 Term loans 10 L+3.0% 3/15/2022 598,533 562,778 591,101 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,338 119,144 Total real estate loans 11 L+3.7% 8/31/2022 733,283 697,116 710,245 Total investments in real estate debt 241 3.2% 6/29/2025 N/M $ 5,297,531 $ 4,965,677 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, EURIBOR and Sterling Overnight Index Average, 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): September 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 84 $ 2,199,573 $ 1,960,694 40% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 71 991,973 1,015,850 21% 61 596,184 613,470 14% Office 38 766,733 715,184 14% 37 793,782 794,881 18% Industrial 24 669,778 656,682 13% 14 375,975 378,147 8% Diversified 17 314,077 297,011 6% 10 219,215 219,798 5% Other 5 238,202 201,398 4% 5 238,202 240,558 5% Net Lease 1 99,820 102,942 2% — — — —% Retail 1 17,375 15,916 —% 1 17,374 17,304 —% Total 241 $ 5,297,531 $ 4,965,677 100% 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): September 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 79 $ 1,632,234 $ 1,503,362 30% 72 $ 1,598,930 $ 1,610,643 36% Not rated 38 1,177,793 1,149,268 23% 33 764,941 773,791 17% B 52 1,220,773 1,130,536 23% 40 906,609 909,587 20% BBB 51 883,408 812,313 16% 45 885,891 891,272 20% A 15 341,495 331,143 7% 10 319,031 320,140 7% CCC 3 32,429 29,665 1% — — — —% AAA 2 8,608 8,600 –% 2 9,554 9,550 —% AA 1 791 790 –% 1 8,332 8,277 —% Total 241 $ 5,297,531 $ 4,965,677 100% 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 September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 CMBS collateralized by properties $ 1,725,919 $ 1,418,056 $ 13,799 $ 13,580 $ 44,812 $ 37,950 Loans collateralized by properties 528,298 134,076 5,968 — 12,868 — CMBS collateralized by loans 128,043 155,978 1,089 2,012 4,046 6,199 Total $ 2,382,260 $ 1,708,110 $ 20,856 $ 15,592 $ 61,726 $ 44,149 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 September 30, 2020 are consistent with the terms described in such Note. As of September 30, 2020 and December 31, 2019, the Company’s investments in real estate debt also included $174.3 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 $5.0 million and $7.5 million of interest income related to such CMBS during the three and nine months ended September 30, 2020, respectively. The Company recognized $1.7 million and $5.0 million of interest income related to such CMBS during the three and nine months ended September 30, 2019, respectively. During the three and nine months ended September 30, 2020, the Company recorded a net unrealized gain of $186.9 million and a net unrealized loss of $361.8 million, respectively, related to investments in real estate debt. During the three and nine months ended September 30, 2019, the Company recorded a net unrealized gain of $13.2 million and $65.0 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 September 30, 2020 were the result of a continued 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 nine months ended September 30, 2020, the Company recognized a net realized loss of $6.5 million and $11.2 million, respectively, due to the sale or paydowns of certain of the Company’s investments in real estate debt. During the three and nine months ended September 30, 2019, the Company recognized

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	9 Months Ended
	Sep. 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 September 30, 2020 December 31, 2019 Fixed rate loans: Fixed rate mortgages 3.8% 7/15/2027 N/A $ 12,713,738 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.8% 7/15/2027 12,713,738 12,620,595 Variable rate loans: Floating rate mortgages L+1.8% 2/8/2026 N/A 3,209,340 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 — — $ 2,339,495 — 1,063,837 Variable rate mezzanine loans L+4.3% 4/9/2025 N/A 142,200 — Total variable rate loans L+1.8% 6/5/2025 4,991,035 4,423,833 Total loans secured by the Company's properties 3.3% 2/18/2027 17,704,773 17,044,428 Premium on assumed debt, net 9,758 10,794 Deferred financing costs, net (135,499 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 17,579,032 $ 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 September 30, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 1,790 2021 49,102 2022 553,191 2023 495,174 2024 2,895,943 2025 3,675,311 Thereafter 10,034,262 Total $ 17,704,773 During the three and nine months ended September 30, 2020, the Company paid off certain of its loans at carrying value in conjunction with the sale of the underlying property or a refinancing. As such, the Company incurred a realized loss on extinguishment of debt of $5.3 million and $6.5 million for the three and nine months ended September 30, 2020, respectively, resulting from the acceleration of related deferred financing costs, prepayment penalties and transactions costs, which are 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 September 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	9 Months Ended
	Sep. 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”), 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, and MUFG 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 $252.7 million. The DB Secured Financing is secured by one of the Company’s term loans and bears interest equal to the three-month EURIBOR plus 1.8% per annum. Additionally, as part of the DB Secured Financing, the Company is responsible for providing in cash, the equivalent of any decline in value on the underlying collateral. The DB Secured Financing is denominated in euro, therefore any foreign exchange is recorded as a component of Income (Loss) from Investments in Real Estate Debt on the Company’s Condensed Consolidated Statements of Operations. During July 2020, the Company entered into a TRS with Citibank, N.A. (the “Citi Term Loan TRS”) in order to finance certain of the Company’s term loans. The Citi Term Loan TRS bears interest equal to the three-month or one-month USD LIBOR plus a spread, dependent upon the collateral. Additionally, as part of the Citi Term Loan TRS, the Company is responsible for providing, in cash, the equivalent of any decline in value on the underlying collateral. The following tables are a summary of the Company’s secured financings on investments in real estate debt ($ in thousands): September 30, 2020 Indebtedness Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 3/20/2021 CMBS/Corporate bonds $ 1,678,005 $ 1,172,595 None Barclays MRA 9/29/2021 CMBS 1,160,359 750,000 None DB Secured Financing 4/2/2022 Term Loan 409,154 263,866 None Citi MRA 3/30/2021 CMBS/RMBS 265,697 170,412 None Citi Term Loan TRS 7/9/2021 Term Loans 55,527 36,072 None $ 3,568,742 $ 2,392,945 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 quarter end, the Company rolled its repurchase agreement contracts expiring in October 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 1.6% (L+1.6%) and 3.0% (L + 1.3%) as of September 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	9 Months Ended
	Sep. 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 September 30, 2020, the capacity of the unsecured line of credit was $1.3 billion. As of September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019. 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 September 30, 2020 and December 31, 2019. 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	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Accrued stockholder servicing fee ( 1) $ 572,784 $ 478,539 Accrued management fee 19,869 13,873 Accrued affiliate service provider expenses 4,606 6,037 Advanced organization and offering costs 4,602 6,136 Performance participation allocation — 141,396 Other 21,175 44,162 Total $ 623,036 $ 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 nine months ended September 30, 2020, the Company incurred management fees of $57.6 million and $160.5 million, respectively. During the three and nine months ended September 30, 2019, the Company incurred management fees of $29.9 million and $69.5 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company issued 13,006,077 and 5,288,447, respectively, unregistered Class I shares to the Adviser as payment for management fees. The Company also had a payable of $19.9 million and $13.9 million related to the management fees as of September 30, 2020 and December 31, 2019, respectively, which is included in Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. During October 2020, the Adviser was issued 1,778,962 unregistered Class I shares as payment for the $19.9 million management fees accrued as of September 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 nine months ended September 30, 2020, the Adviser submitted 8,418,835 Class I shares for repurchase resulting in a total repurchase of $89.5 million. During the nine months ended September 30, 2019, the Adviser submitted 6,614,229 Class I shares for repurchase resulting in a total repurchase of $72.7 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 adjusted for forfeitures. As of September 30, 2020, the total unrecognized compensation cost relating to the portfolio company incentive compensation awards was $3.8 million and is expected to be recognized over a period of 2.3 years from September 30, 2020. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following tables detail the amounts incurred for affiliate service providers during the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 13,312 $ 5,305 $ (16 ) $ 261 $ 2,373 $ 3,862 LivCor, L.L.C. 7,150 4,937 (5 ) 77 772 1,203 BRE Hotels and Resorts LLC 4,012 1,223 (9 ) 156 — — ShopCore Properties TRS Management LLC 1,411 460 (1 ) 6 107 300 Revantage Corporate Services, L.L.C. 440 348 — — — — Equity Office Management, L.L.C. 170 — — — — — Gateway Industrial Properties L.L.C. — — — — — — Total $ 26,495 $ 12,273 $ (31 ) $ 500 $ 3,252 $ 5,365 Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 39,334 $ 8,417 $ 505 $ 546 $ 2,926 $ 4,862 LivCor, L.L.C. 19,474 13,363 149 231 2,533 2,124 BRE Hotels and Resorts LLC 11,661 2,964 303 468 — — ShopCore Properties TRS Management LLC 3,532 1,161 12 19 422 315 Revantage Corporate Services, L.L.C. 1,397 881 — — — — Equity Office Management, L.L.C. 465 — — — — — Gateway Industrial Properties L.L.C. — 2,524 — 236 — 27 Total $ 75,863 $ 29,310 $ 969 $ 1,500 $ 5,881 $ 7,328 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 nine months ended September 30, 2020, the Company recognized no Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations as the performance hurdle was not achieved as of September 30, 2020. During the three and nine months ended September 30, 2019, the Company recognized $56.3 million and $106.4 million, respectively, of Performance Participation Allocation expense as the performance hurdle was achieved as of September 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 September 30, 2020, Blackstone and its employees, including the Company’s executive officers, continue to own an aggregate of $225.9 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 September 30, 2020, and December 31, 2019, the Company had $18.9 million and $42.1 million, respectively, of accrued repurchases of Class I shares due to the Adviser. Additionally, as of September 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 nine months ended September 30, 2020, the Company paid Lexington National Land Services $2.6 million for title services related to 20 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. Captive Insurance Company On July 28, 2020, the Company became a member of a captive insurance company owned by the Company and other funds and accounts managed by Blackstone. A Blackstone affiliate provides oversight and management services to the captive and receives fees based on a percentage of premiums retained by it. The fees and expenses of the captive, including insurance premiums and fees paid to the Blackstone affiliate to manage it, are borne by the Company and the other Blackstone-managed funds and accounts pro rata based on estimates of insurance premiums that would have been payable for each party’s respective properties, as benchmarked by third parties. During the three and nine months ended September 30, 2020, the Company contributed capital to the captive in amount equal to $28.4 million and $28.4 million, respectively, for insurance premiums and its pro rata share of other expenses. Of these amounts, $0.5 million and $0.5 million, respectively, were attributable to the fee paid to a Blackstone affiliate to provide oversight and management services. The capital contributed and fees paid to the captive are in place of insurance premiums and fees previously paid to third parties. The Company did not contribute any capital to the captive for the three and nine months ended September 30, 2019. Other As of September 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	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Real estate intangibles, net $ 603,706 $ 665,342 Equity securities 572,849 — Straight-line rent receivable 126,271 38,287 Receivables, net 118,873 101,106 Prepaid expenses 54,829 28,334 Pre-acquisition costs 48,588 9,861 Deferred leasing costs, net 42,862 28,792 Held for sale assets 37,144 143,379 Deferred financing costs, net 23,736 28,494 Other 46,336 36,398 Total $ 1,675,194 $ 1,079,993 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): September 30, 2020 December 31, 2019 Subscriptions received in advance $ 217,461 $ 796,729 Real estate taxes payable 171,174 100,767 Intangible liabilities, net 132,745 136,954 Accounts payable and accrued expenses 115,183 126,565 Right of use lease liability - operating leases 84,654 82,880 Distribution payable 83,964 56,210 Repurchases payable 71,047 11,021 Prepaid rental income 66,783 87,479 Right of use lease liability - financing leases 57,484 56,758 Tenant security deposits 50,800 46,533 Accrued interest expense 46,264 50,279 Held for sale liabilities 28,198 108,411 Other 80,069 31,501 Total $ 1,205,826 $ 1,692,087

Intangibles

Intangibles	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 903,040 $ 811,254 Above-market lease intangibles 49,360 42,483 Other 26,741 26,400 Total intangible assets 979,141 880,137 Accumulated amortization: In-place lease amortization (347,590 ) (200,629 ) Above-market lease amortization (18,102 ) (10,977 ) Other (9,743 ) (3,189 ) Total accumulated amortization (375,435 ) (214,795 ) Intangible assets, net $ 603,706 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 190,067 $ 167,032 Total intangible liabilities 190,067 167,032 Accumulated amortization: Below-market lease amortization (57,322 ) (30,078 ) Total accumulated amortization (57,322 ) (30,078 ) Intangible liabilities, net $ 132,745 $ 136,954 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 104,416 $ 4,852 $ (15,740 ) 2021 139,689 8,341 (30,341 ) 2022 98,444 5,766 (24,937 ) 2023 63,606 3,483 (20,136 ) 2024 46,115 2,666 (15,488 ) 2025 35,221 2,062 (11,386 ) Thereafter 67,959 4,088 (14,717 ) $ 555,450 $ 31,258 $ (132,745 )

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	12. Equity and Redeemable Non-controlling Interest Authorized Capital As of September 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 September 30, 2020 Class S Class I Class T Class D Total June 30, 2020 632,208 820,813 43,957 103,162 1,600,140 Common stock issued 31,168 55,788 1,471 6,772 95,199 Distribution reinvestment 5,465 5,278 343 865 11,951 Common stock repurchased (6,807 ) (22,552 ) (719 ) (1,203 ) (31,281 ) Independent directors' restricted stock grant ( 1) — 37 — — 37 September 30, 2020 662,034 859,364 45,052 109,596 1,676,046 Nine Months Ended September 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 155,466 428,070 7,459 28,210 619,205 Distribution reinvestment 15,396 14,098 992 2,396 32,882 Common stock repurchased (39,641 ) (57,120 ) (3,166 ) (5,667 ) (105,594 ) Independent directors' restricted stock grant ( 1) — 37 — — 37 September 30, 2020 662,034 859,364 45,052 109,596 1,676,046 (1) The independent directors’ restricted stock grant represents $0.1 million of the annual compensation paid to each of the independent directors. The grant is amortized over the one-year service period of such grant. Share and Unit Repurchases For the three months ended September 30, 2020, the Company repurchased 31,281,214 shares of common stock and 13,907 BREIT OP units representing a total of $332.8 million. For the nine months ended September 30, 2020, the Company repurchased 105,593,735 shares of common stock and 7,484,350 BREIT OP units representing a total of $1.2 billion. The Company had no unfulfilled repurchase requests during the three or nine months ended September 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 nine months ended September 30, 2020: Three Months Ended September 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1586 $ 0.1586 $ 0.1586 $ 0.1586 Stockholder servicing fee per share of common stock (0.0233 ) — (0.0230 ) (0.0068 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1586 $ 0.1356 $ 0.1518 Nine Months Ended September 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4755 $ 0.4755 $ 0.4755 $ 0.4755 Stockholder servicing fee per share of common stock (0.0696 ) — (0.0687 ) (0.0203 ) Net distributions declared per share of common stock $ 0.4059 $ 0.4755 $ 0.4068 $ 0.4552 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 nine months ended September 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 (13 ) Distributions (10 ) Fair value allocation 17 September 30, 2020 $ 266 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 September 30, 2020, $27.7 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 $6.4 million and $6.7 million during the three and nine months ended September 30, 2020, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Leases

Leases	9 Months Ended
	Sep. 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 September 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 September 30, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 1,039 $ 759 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 621,784 344,172 Difference between undiscounted cash flows and discounted cash flows (537,130 ) (286,688 ) Total lease liability $ 84,654 $ 57,484 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of September 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed ground rent expense $ 1,000 $ 390 $ 3,026 $ 1,108 Variable ground rent expense — — 18 21 Total cash portion of ground rent expense 1,000 390 3,044 1,129 Non-cash ground rent expense 1,656 1,091 5,090 3,275 Total operating lease costs $ 2,656 $ 1,481 $ 8,134 $ 4,404 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest on lease liabilities $ 759 $ 737 $ 2,233 $ 1,491 Amortization of right-of-use assets 239 243 748 504 Total financing lease costs $ 998 $ 980 $ 2,981 $ 1,995 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 nine months ended September 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 $19.7 million of leasing commissions during the nine months ended September 30, 2020. Rental revenue from the Company’s lease at the Bellagio consists of a fixed annual rent that escalates annually throughout the term of the lease and the tenant is generally responsible for all property-related expenses, including taxes, insurance and maintenance. The Company assessed the classification of the Bellagio lease and determined the lease was an operating lease. The Company’s assessment included the consideration of the present value of the lease payments over the lease term and the residual value of the assets under the lease. Leases at the Company’s industrial, retail, office, and net lease properties are generally longer term and may contain extension and termination options at the lessee’s election. Leases at the Company’s multifamily and other properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed lease payments $ 509,188 $ 262,043 $ 1,492,519 $ 674,780 Variable lease payments 52,865 28,410 155,346 75,542 Rental revenue $ 562,053 $ 290,453 $ 1,647,865 $ 750,322 The Company increased the reserve for bad debt expense in the amount of $10.9 million and $30.2 million for the three and nine months ended September 30, 2020, respectively, primarily as a result of COVID-19. The bad debt reserve represents the amount of rental revenue the Company anticipates it will not be able to collect from its tenants and is included in Rental Revenue on the Company’s Condensed Consolidated Statements of Operations. The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, retail and office properties as of September 30, 2020 ($ 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) $ 233,705 2021 903,539 2022 818,373 2023 714,351 2024 624,682 2025 556,912 Thereafter 9,102,733 Total $ 12,954,295

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Multifamily $ 11,421,928 $ 9,695,916 Industrial 11,199,187 10,564,172 Net lease 5,054,612 4,271,196 Hotel 2,227,264 2,427,554 Retail 707,605 419,198 Office 132,303 138,912 Other properties 257,458 145,411 Investments in real estate debt 5,723,230 4,565,385 Other (Corporate) 309,221 812,079 Total assets $ 37,032,808 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 244,691 $ 213,302 $ 82,795 $ — $ 13,594 $ 3,130 $ 4,541 $ — $ 562,053 Hotel revenue — — — 56,038 — — — — 56,038 Other revenue 13,026 1,479 — 1,738 255 96 686 — 17,280 Total revenues 257,717 214,781 82,795 57,776 13,849 3,226 5,227 — 635,371 Expenses: Rental property operating 122,266 62,002 156 — 5,163 1,101 2,618 — 193,306 Hotel operating — — — 60,339 — — — — 60,339 Total expenses 122,266 62,002 156 60,339 5,163 1,101 2,618 — 253,645 Income from unconsolidated entities — — 25,073 — — — — — 25,073 Income from investments in real estate debt — — — — — — — 206,046 206,046 Segment net operating income (loss) $ 135,451 $ 152,779 $ 107,712 $ (2,563 ) $ 8,686 $ 2,125 $ 2,609 $ 206,046 $ 612,845 Depreciation and amortization $ (133,696 ) $ (135,978 ) $ (28,667 ) $ (22,296 ) $ (7,978 ) $ (1,588 ) $ (2,396 ) $ — $ (332,599 ) General and administrative (5,430 ) Management fee (57,619 ) Performance participation allocation — Impairment of investments in real estate (6,217 ) Net gains on dispositions of real estate 100,070 Interest income 122 Interest expense (174,193 ) Loss on extinguishment of debt (5,258 ) Other income (expense) (9,252 ) Net income $ 122,469 Net loss attributable to non-controlling interests in third party joint ventures $ 593 Net income attributable to non-controlling interests in BREIT OP (1,790 ) Net income attributable to BREIT stockholders $ 121,272 The following table sets forth the financial results by segment for the three months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 183,429 $ 100,759 $ — $ 3,723 $ 2,542 $ — $ 290,453 Hotel revenue — — 132,036 — — — 132,036 Other revenue 11,639 1,355 2,142 91 317 — 15,544 Total revenues 195,068 102,114 134,178 3,814 2,859 — 438,033 Expenses: Rental property operating 90,149 28,813 — 1,387 1,242 — 121,591 Hotel operating — — 89,951 — — — 89,951 Total expenses 90,149 28,813 89,951 1,387 1,242 — 211,542 Income (loss) from investments in real estate debt — — — — — 52,568 52,568 Segment net operating income $ 104,919 $ 73,301 $ 44,227 $ 2,427 $ 1,617 $ 52,568 $ 279,059 Depreciation and amortization $ (128,043 ) $ (52,720 ) $ (19,003 ) $ (1,938 ) $ (2,949 ) $ — $ (204,653 ) General and administrative (4,548 ) Management fee (29,858 ) Performance participation allocation (56,322 ) Net gains on dispositions of real estate 6,481 Interest income 1,763 Interest expense (116,037 ) Other income (expense) (2,379 ) Net loss $ (126,494 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,305 Net loss attributable to non-controlling interests in BREIT OP 2,018 Net loss attributable to BREIT stockholders $ (123,171 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 713,603 $ 624,282 $ 248,384 $ — $ 40,516 $ 9,078 $ 12,002 $ — $ 1,647,865 Hotel revenue — — — 205,291 — — — — 205,291 Other revenue 39,118 3,477 — 4,575 761 316 1,597 — 49,844 Total revenues 752,721 627,759 248,384 209,866 41,277 9,394 13,599 — 1,903,000 Expenses: Rental property operating 342,062 183,220 270 — 12,914 3,202 7,061 — 548,729 Hotel operating — — 204,168 — — — — 204,168 Total expenses 342,062 183,220 270 204,168 12,914 3,202 7,061 — 752,897 Income from unconsolidated entities — — 63,678 — — — — — 63,678 Income (loss) from investments in real estate debt — — — — — — — (317,212 ) (317,212 ) Segment net operating income (loss) $ 410,659 $ 444,539 $ 311,792 $ 5,698 $ 28,363 $ 6,192 $ 6,538 $ (317,212 ) $ 896,569 Depreciation and amortization $ (406,617 ) $ (412,900 ) $ (85,862 ) $ (67,842 ) $ (24,787 ) $ (4,671 ) $ (6,077 ) $ — $ (1,008,756 ) General and administrative (19,025 ) Management fee (160,544 ) Performance participation allocation — Impairment of investments in real estate (12,343 ) Net gains on dispositions of real estate 100,441 Interest income 2,102 Interest expense (539,276 ) Loss on extinguishment of debt (6,495 ) Other income (expense) (29,022 ) Net loss $ (776,349 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,796 Net loss attributable to non-controlling interests in BREIT OP 10,177 Net loss attributable to BREIT stockholders $ (764,376 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 470,570 $ 267,428 $ — $ 9,782 $ 2,542 $ — $ 750,322 Hotel revenue — — 301,653 — — — 301,653 Other revenue 28,288 1,667 6,944 241 317 — 37,457 Total revenues 498,858 269,095 308,597 10,023 2,859 — 1,089,432 Expenses: Rental property operating 225,745 79,870 — 3,756 1,242 — 310,613 Hotel operating — — 204,468 — — — 204,468 Total expenses 225,745 79,870 204,468 3,756 1,242 — 515,081 Income (loss) from investments in real estate debt — — — — — 166,035 166,035 Segment net operating income $ 273,113 $ 189,225 $ 104,129 $ 6,267 $ 1,617 $ 166,035 $ 740,386 Depreciation and amortization $ (303,208 ) $ (145,145 ) $ (49,686 ) $ (4,998 ) $ (2,949 ) $ — $ (505,986 ) General and administrative (12,607 ) Management fee (69,522 ) Performance participation allocation (106,383 ) Net gains on dispositions of real estate 36,167 Interest income 2,260 Interest expense (310,903 ) Other income (expense) (2,786 ) Net loss $ (229,374 ) Net loss attributable to non-controlling interests in third party joint ventures $ 4,311 Net loss attributable to non-controlling interests in BREIT OP 4,342 Net loss attributable to BREIT stockholders $ (220,721 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Simply Self Storage Subsequent to September 30, 2020, the Company entered into an agreement to acquire Simply Self Storage, a fully integrated self-storage platform that owns and operates 101 storage assets for $1.2 billion, exclusive of closing costs. The Company expects the closing of the acquisition to occur by year end. Acquisitions Subsequent to September 30, 2020, the Company acquired an aggregate of $801.8 million of real estate, exclusive of closing costs, across eight separate transactions. Subsequent to September 30, 2020, the Company purchased an aggregate of $35.9 million of investments in real estate debt. Proceeds from the Issuance of Common Stock Subsequent to September 30, 2020, the Company had received net proceeds of $918.0 million from the issuance of its common stock. Repurchases Subsequent to September 30, 2020, the Company repurchased $103.2 million of shares of our common stock/units.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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. The ongoing novel coronavirus (“COVID-19”) pandemic and restrictions on non-essential businesses have caused disruption in the U.S. and global economies. Despite significant market rebounds across many asset classes, the continued rapid development of this situation and uncertainty regarding potential economic recovery precludes any prediction as to the ultimate adverse impact of COVID-19 on financial market and economic conditions. The estimates and assumptions underlying these condensed consolidated financial statements are based on the information available as of September 30, 2020, including judgments about the financial market and economic conditions which may change over time. 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. In July 2020, the Company acquired the remaining 10.0% interest in one of its consolidated VIEs for $19.3 million. As of September 30, 2020, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $10.8 billion and $7.7 billion, respectively, compared to $9.5 billion and $6.6 billion as of December 31, 2019. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. As of September 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 September 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, term loans, and 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 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. 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 (Level 1 inputs). During September 2020, the Company made an investment in a preferred equity security, which is reflected at its initial investment as of September 30, 2020 (Level 2 inputs). The Company believes the transaction price provides the most observable indication of fair value as of September 30, 2020 given the transaction closed in last month of the quarter and there were no significant changes in market conditions. As of September 30, 2020 the Company’s $572.8 million of equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The Company did not own equity securities as of December 31, 2019. The following table summarizes our assets measured at fair value on a recurring basis ($ in thousands): September 30, 2020 December 31, 2019 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Investments in real estate debt $ — $ 4,846,533 $ 119,144 $ 4,965,677 $ — $ 4,389,184 $ 134,076 $ 4,523,260 Equity securities 332,849 240,000 — 572,849 — — — — Total $ 332,849 $ 5,086,533 $ 119,144 $ 5,538,526 $ — $ 4,389,184 $ 134,076 $ 4,523,260 The following table details our assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2019 $ 134,076 Included in net income Accretion included in interest income 260 Unrealized gain (loss) included in income (loss) from investments in real estate debt (15,192 ) Balance as of September 30, 2020 $ 119,144 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 119,144 Discounted cash flow Yield 10.5% Decrease 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 $6.2 million impairment charge during the three months ended September 30, 2020. During the nine months ended September 30, 2020, two of the Company’s hotel assets were deemed to be impaired, resulting in $12.3 million of impairment charges. Refer to Note 3 for additional details of the impairments. The Company estimated the fair value of the impaired properties using a discounted cash flow analysis that utilized Level 3 inputs. The key assumptions utilized during the three months ended September 30, 2020 were the discount rate (8.7%) and the exit capitalization rate (9.9%). The key assumptions utilized during the nine months ended September 30, 2020 were the discount rate (weighted average of 8.7%) and the exit capitalization rate (weighted average of 7.8%). There are inherent uncertainties in making these estimates such as macroeconomic conditions. Valuation of liabilities not measured at fair value As of September 30, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was approximately $34.5 million above carrying value. As of December 31, 2019, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on real estate debt, 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 September 30, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Assets Measured at Fair Value on a Recurring Basis	The following table summarizes our assets measured at fair value on a recurring basis ($ in thousands): September 30, 2020 December 31, 2019 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Investments in real estate debt $ — $ 4,846,533 $ 119,144 $ 4,965,677 $ — $ 4,389,184 $ 134,076 $ 4,523,260 Equity securities 332,849 240,000 — 572,849 — — — — Total $ 332,849 $ 5,086,533 $ 119,144 $ 5,538,526 $ — $ 4,389,184 $ 134,076 $ 4,523,260
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 119,144 Discounted cash flow Yield 10.5% Decrease
Level 3 [Member]
Summary of Assets Measured at Fair Value on a Recurring Basis	The following table details our assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2019 $ 134,076 Included in net income Accretion included in interest income 260 Unrealized gain (loss) included in income (loss) from investments in real estate debt (15,192 ) Balance as of September 30, 2020 $ 119,144

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2020 December 31, 2019 Building and building improvements $ 23,302,061 $ 20,950,147 Land and land improvements 6,506,128 5,639,678 Furniture, fixtures and equipment 439,981 377,645 Right of use asset - operating leases (1) 114,535 114,011 Right of use asset - financing leases (1) 56,008 56,008 Total 30,418,713 27,137,489 Accumulated depreciation and amortization (1,549,499 ) (810,621 ) Investments in real estate, net $ 28,869,214 $ 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 nine months ended September 30, 2020 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Feet (in thousands)/ Units/ Keys Purchase Price (1) Multifamily properties 7 34 12,569 units $ 2,103,526 Industrial properties 6 80 11,776 sq. ft. 972,404 Retail properties 1 6 689 sq. ft. 287,392 Other properties 2 15 997 sq. ft. 114,395 16 135 $ 3,477,717 (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 nine months ended September 30, 2020 ($ in thousands): Amount Building and building improvements $ 2,329,887 Land and land improvements 935,344 Furniture, fixtures and equipment 44,329 In-place lease intangibles 183,885 Above-market lease intangibles 6,915 Below-market lease intangibles (23,192 ) Other 549 Total purchase price 3,477,717 Assumed mortgage notes (1) 224,123 Net purchase price $ 3,253,594 (1) Refer to Note 6 for additional details on the Company’s mortgage notes.
Schedule of Details of Dispositions	The following tables provide details of the dispositions during the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Multifamily properties (1) 6 $ 246,244 $ 64,885 6 $ 246,244 $ 64,885 Hotel properties 1 134,537 35,185 1 134,537 35,185 Industrial properties — — — 1 4,488 371 7 $ 380,781 $ 100,070 8 $ 385,269 $ 100,441 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Hotel properties (2) — $ — $ — — $ 44,292 $ 29,686 Industrial properties 1 30,276 6,481 1 30,276 6,481 1 $ 30,276 $ 6,481 1 $ 74,568 $ 36,167 (1) In March 2020, a buyer of five of the Company’s multifamily properties terminated an initial agreement to acquire the five properties and forfeited the associated deposit in the amount of $8.0 million. The buyer subsequently entered into a new agreement to acquire the same five properties, and the sale closed during the three months ended September 30, 2020. For purposes of the Condensed Consolidated Statement of Cash Flows, the Company reclassified the forfeited deposit from operating activities to investing activities and is included in Net Proceeds above. (2) During the nine months ended September 30, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose property. The sale did not include the Hyatt Place San Jose hotel or the land parcels under the hotel.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: September 30, 2020 December 31, 2019 Investments in real estate, net $ 36,877 $ 141,344 Other assets 267 2,035 Total assets $ 37,144 $ 143,379 Liabilities: Mortgage notes $ 27,112 $ 104,314 Other liabilities 1,086 4,097 Total liabilities $ 28,198 $ 108,411

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 Total assets $ 4,614,202 Total liabilities (3,001,555 ) Total equity of BREIT MGP JV 1,612,647 MGP's share 807,936 BREIT's share 804,711 BREIT outside basis 9,423 BREIT net investment in BREIT MGP JV $ 814,134 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 September 30, 2020 Nine Months Ended September 30, 2020 Total revenue $ 98,682 $ 247,800 Net income of BREIT MGP JV 50,320 127,799 MGP's share 25,210 64,027 BREIT's share 25,110 63,772 Amortization of BREIT outside basis (37 ) (94 ) BREIT net income from BREIT MGP JV $ 25,073 $ 63,678

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 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): September 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 138 L+2.7% 1/5/2025 $ 3,212,846 $ 3,193,384 $ 2,914,116 CMBS - fixed 54 4.0% 4/18/2028 1,022,626 991,867 933,104 Corporate bonds 15 5.0% 2/28/2027 231,249 229,821 222,315 CMBS - zero coupon 4 N/A 1/2/2027 236,090 134,960 136,476 RMBS - fixed 14 4.4% 12/9/2031 28,462 28,635 27,695 CMBS - interest only 5 2.3% 10/10/2026 2,258,809 21,748 21,726 Total real estate securities 230 3.1% 12/18/2025 N/M 4,600,415 4,255,432 Term loans 10 L+3.0% 3/15/2022 598,533 562,778 591,101 Mezzanine loans 1 L+6.9% 12/15/2024 134,750 134,338 119,144 Total real estate loans 11 L+3.7% 8/31/2022 733,283 697,116 710,245 Total investments in real estate debt 241 3.2% 6/29/2025 N/M $ 5,297,531 $ 4,965,677 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, EURIBOR and Sterling Overnight Index Average, 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): September 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 84 $ 2,199,573 $ 1,960,694 40% 75 $ 2,252,556 $ 2,259,102 50% Multifamily 71 991,973 1,015,850 21% 61 596,184 613,470 14% Office 38 766,733 715,184 14% 37 793,782 794,881 18% Industrial 24 669,778 656,682 13% 14 375,975 378,147 8% Diversified 17 314,077 297,011 6% 10 219,215 219,798 5% Other 5 238,202 201,398 4% 5 238,202 240,558 5% Net Lease 1 99,820 102,942 2% — — — —% Retail 1 17,375 15,916 —% 1 17,374 17,304 —% Total 241 $ 5,297,531 $ 4,965,677 100% 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): September 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 79 $ 1,632,234 $ 1,503,362 30% 72 $ 1,598,930 $ 1,610,643 36% Not rated 38 1,177,793 1,149,268 23% 33 764,941 773,791 17% B 52 1,220,773 1,130,536 23% 40 906,609 909,587 20% BBB 51 883,408 812,313 16% 45 885,891 891,272 20% A 15 341,495 331,143 7% 10 319,031 320,140 7% CCC 3 32,429 29,665 1% — — — —% AAA 2 8,608 8,600 –% 2 9,554 9,550 —% AA 1 791 790 –% 1 8,332 8,277 —% Total 241 $ 5,297,531 $ 4,965,677 100% 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 September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 CMBS collateralized by properties $ 1,725,919 $ 1,418,056 $ 13,799 $ 13,580 $ 44,812 $ 37,950 Loans collateralized by properties 528,298 134,076 5,968 — 12,868 — CMBS collateralized by loans 128,043 155,978 1,089 2,012 4,046 6,199 Total $ 2,382,260 $ 1,708,110 $ 20,856 $ 15,592 $ 61,726 $ 44,149

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 December 31, 2019 Fixed rate loans: Fixed rate mortgages 3.8% 7/15/2027 N/A $ 12,713,738 $ 12,424,717 Mezzanine loan — — — 195,878 Total fixed rate loans 3.8% 7/15/2027 12,713,738 12,620,595 Variable rate loans: Floating rate mortgages L+1.8% 2/8/2026 N/A 3,209,340 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 — — $ 2,339,495 — 1,063,837 Variable rate mezzanine loans L+4.3% 4/9/2025 N/A 142,200 — Total variable rate loans L+1.8% 6/5/2025 4,991,035 4,423,833 Total loans secured by the Company's properties 3.3% 2/18/2027 17,704,773 17,044,428 Premium on assumed debt, net 9,758 10,794 Deferred financing costs, net (135,499 ) (125,563 ) Mortgage notes, term loans, and secured revolving credit facilities, net $ 17,579,032 $ 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 September 30, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 1,790 2021 49,102 2022 553,191 2023 495,174 2024 2,895,943 2025 3,675,311 Thereafter 10,034,262 Total $ 17,704,773

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 Indebtedness Weighted Average Maturity Date (1) Security Interests Collateral Assets (2) Outstanding Balance Prepayment Provisions RBC MRA 3/20/2021 CMBS/Corporate bonds $ 1,678,005 $ 1,172,595 None Barclays MRA 9/29/2021 CMBS 1,160,359 750,000 None DB Secured Financing 4/2/2022 Term Loan 409,154 263,866 None Citi MRA 3/30/2021 CMBS/RMBS 265,697 170,412 None Citi Term Loan TRS 7/9/2021 Term Loans 55,527 36,072 None $ 3,568,742 $ 2,392,945 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 quarter end, the Company rolled its repurchase agreement contracts expiring in October 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)	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Accrued stockholder servicing fee ( 1) $ 572,784 $ 478,539 Accrued management fee 19,869 13,873 Accrued affiliate service provider expenses 4,606 6,037 Advanced organization and offering costs 4,602 6,136 Performance participation allocation — 141,396 Other 21,175 44,162 Total $ 623,036 $ 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 nine months ended September 30, 2020 and 2019 ($ in thousands): Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 13,312 $ 5,305 $ (16 ) $ 261 $ 2,373 $ 3,862 LivCor, L.L.C. 7,150 4,937 (5 ) 77 772 1,203 BRE Hotels and Resorts LLC 4,012 1,223 (9 ) 156 — — ShopCore Properties TRS Management LLC 1,411 460 (1 ) 6 107 300 Revantage Corporate Services, L.L.C. 440 348 — — — — Equity Office Management, L.L.C. 170 — — — — — Gateway Industrial Properties L.L.C. — — — — — — Total $ 26,495 $ 12,273 $ (31 ) $ 500 $ 3,252 $ 5,365 Affiliate Service Affiliate Service Provider Capitalized Transaction Provider Expenses Incentive Compensation Awards Support Services Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Link Industrial Properties L.L.C. $ 39,334 $ 8,417 $ 505 $ 546 $ 2,926 $ 4,862 LivCor, L.L.C. 19,474 13,363 149 231 2,533 2,124 BRE Hotels and Resorts LLC 11,661 2,964 303 468 — — ShopCore Properties TRS Management LLC 3,532 1,161 12 19 422 315 Revantage Corporate Services, L.L.C. 1,397 881 — — — — Equity Office Management, L.L.C. 465 — — — — — Gateway Industrial Properties L.L.C. — 2,524 — 236 — 27 Total $ 75,863 $ 29,310 $ 969 $ 1,500 $ 5,881 $ 7,328

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): September 30, 2020 December 31, 2019 Real estate intangibles, net $ 603,706 $ 665,342 Equity securities 572,849 — Straight-line rent receivable 126,271 38,287 Receivables, net 118,873 101,106 Prepaid expenses 54,829 28,334 Pre-acquisition costs 48,588 9,861 Deferred leasing costs, net 42,862 28,792 Held for sale assets 37,144 143,379 Deferred financing costs, net 23,736 28,494 Other 46,336 36,398 Total $ 1,675,194 $ 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): September 30, 2020 December 31, 2019 Subscriptions received in advance $ 217,461 $ 796,729 Real estate taxes payable 171,174 100,767 Intangible liabilities, net 132,745 136,954 Accounts payable and accrued expenses 115,183 126,565 Right of use lease liability - operating leases 84,654 82,880 Distribution payable 83,964 56,210 Repurchases payable 71,047 11,021 Prepaid rental income 66,783 87,479 Right of use lease liability - financing leases 57,484 56,758 Tenant security deposits 50,800 46,533 Accrued interest expense 46,264 50,279 Held for sale liabilities 28,198 108,411 Other 80,069 31,501 Total $ 1,205,826 $ 1,692,087

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 903,040 $ 811,254 Above-market lease intangibles 49,360 42,483 Other 26,741 26,400 Total intangible assets 979,141 880,137 Accumulated amortization: In-place lease amortization (347,590 ) (200,629 ) Above-market lease amortization (18,102 ) (10,977 ) Other (9,743 ) (3,189 ) Total accumulated amortization (375,435 ) (214,795 ) Intangible assets, net $ 603,706 $ 665,342 Intangible liabilities: Below-market lease intangibles $ 190,067 $ 167,032 Total intangible liabilities 190,067 167,032 Accumulated amortization: Below-market lease amortization (57,322 ) (30,078 ) Total accumulated amortization (57,322 ) (30,078 ) Intangible liabilities, net $ 132,745 $ 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 September 30, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2020 (remaining) $ 104,416 $ 4,852 $ (15,740 ) 2021 139,689 8,341 (30,341 ) 2022 98,444 5,766 (24,937 ) 2023 63,606 3,483 (20,136 ) 2024 46,115 2,666 (15,488 ) 2025 35,221 2,062 (11,386 ) Thereafter 67,959 4,088 (14,717 ) $ 555,450 $ 31,258 $ (132,745 )

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 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 September 30, 2020 Class S Class I Class T Class D Total June 30, 2020 632,208 820,813 43,957 103,162 1,600,140 Common stock issued 31,168 55,788 1,471 6,772 95,199 Distribution reinvestment 5,465 5,278 343 865 11,951 Common stock repurchased (6,807 ) (22,552 ) (719 ) (1,203 ) (31,281 ) Independent directors' restricted stock grant ( 1) — 37 — — 37 September 30, 2020 662,034 859,364 45,052 109,596 1,676,046 Nine Months Ended September 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 155,466 428,070 7,459 28,210 619,205 Distribution reinvestment 15,396 14,098 992 2,396 32,882 Common stock repurchased (39,641 ) (57,120 ) (3,166 ) (5,667 ) (105,594 ) Independent directors' restricted stock grant ( 1) — 37 — — 37 September 30, 2020 662,034 859,364 45,052 109,596 1,676,046
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 nine months ended September 30, 2020: Three Months Ended September 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1586 $ 0.1586 $ 0.1586 $ 0.1586 Stockholder servicing fee per share of common stock (0.0233 ) — (0.0230 ) (0.0068 ) Net distributions declared per share of common stock $ 0.1353 $ 0.1586 $ 0.1356 $ 0.1518 Nine Months Ended September 30, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4755 $ 0.4755 $ 0.4755 $ 0.4755 Stockholder servicing fee per share of common stock (0.0696 ) — (0.0687 ) (0.0203 ) Net distributions declared per share of common stock $ 0.4059 $ 0.4755 $ 0.4068 $ 0.4552
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 nine months ended September 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 (13 ) Distributions (10 ) Fair value allocation 17 September 30, 2020 $ 266

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 ($ in thousands): Operating Leases Financing Leases 2020 (remaining) $ 1,039 $ 759 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 621,784 344,172 Difference between undiscounted cash flows and discounted cash flows (537,130 ) (286,688 ) Total lease liability $ 84,654 $ 57,484
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed ground rent expense $ 1,000 $ 390 $ 3,026 $ 1,108 Variable ground rent expense — — 18 21 Total cash portion of ground rent expense 1,000 390 3,044 1,129 Non-cash ground rent expense 1,656 1,091 5,090 3,275 Total operating lease costs $ 2,656 $ 1,481 $ 8,134 $ 4,404 The following table summarizes the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest on lease liabilities $ 759 $ 737 $ 2,233 $ 1,491 Amortization of right-of-use assets 239 243 748 504 Total financing lease costs $ 998 $ 980 $ 2,981 $ 1,995
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fixed lease payments $ 509,188 $ 262,043 $ 1,492,519 $ 674,780 Variable lease payments 52,865 28,410 155,346 75,542 Rental revenue $ 562,053 $ 290,453 $ 1,647,865 $ 750,322
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 September 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) $ 233,705 2021 903,539 2022 818,373 2023 714,351 2024 624,682 2025 556,912 Thereafter 9,102,733 Total $ 12,954,295

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 December 31, 2019 Multifamily $ 11,421,928 $ 9,695,916 Industrial 11,199,187 10,564,172 Net lease 5,054,612 4,271,196 Hotel 2,227,264 2,427,554 Retail 707,605 419,198 Office 132,303 138,912 Other properties 257,458 145,411 Investments in real estate debt 5,723,230 4,565,385 Other (Corporate) 309,221 812,079 Total assets $ 37,032,808 $ 33,039,823 The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 244,691 $ 213,302 $ 82,795 $ — $ 13,594 $ 3,130 $ 4,541 $ — $ 562,053 Hotel revenue — — — 56,038 — — — — 56,038 Other revenue 13,026 1,479 — 1,738 255 96 686 — 17,280 Total revenues 257,717 214,781 82,795 57,776 13,849 3,226 5,227 — 635,371 Expenses: Rental property operating 122,266 62,002 156 — 5,163 1,101 2,618 — 193,306 Hotel operating — — — 60,339 — — — — 60,339 Total expenses 122,266 62,002 156 60,339 5,163 1,101 2,618 — 253,645 Income from unconsolidated entities — — 25,073 — — — — — 25,073 Income from investments in real estate debt — — — — — — — 206,046 206,046 Segment net operating income (loss) $ 135,451 $ 152,779 $ 107,712 $ (2,563 ) $ 8,686 $ 2,125 $ 2,609 $ 206,046 $ 612,845 Depreciation and amortization $ (133,696 ) $ (135,978 ) $ (28,667 ) $ (22,296 ) $ (7,978 ) $ (1,588 ) $ (2,396 ) $ — $ (332,599 ) General and administrative (5,430 ) Management fee (57,619 ) Performance participation allocation — Impairment of investments in real estate (6,217 ) Net gains on dispositions of real estate 100,070 Interest income 122 Interest expense (174,193 ) Loss on extinguishment of debt (5,258 ) Other income (expense) (9,252 ) Net income $ 122,469 Net loss attributable to non-controlling interests in third party joint ventures $ 593 Net income attributable to non-controlling interests in BREIT OP (1,790 ) Net income attributable to BREIT stockholders $ 121,272 The following table sets forth the financial results by segment for the three months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 183,429 $ 100,759 $ — $ 3,723 $ 2,542 $ — $ 290,453 Hotel revenue — — 132,036 — — — 132,036 Other revenue 11,639 1,355 2,142 91 317 — 15,544 Total revenues 195,068 102,114 134,178 3,814 2,859 — 438,033 Expenses: Rental property operating 90,149 28,813 — 1,387 1,242 — 121,591 Hotel operating — — 89,951 — — — 89,951 Total expenses 90,149 28,813 89,951 1,387 1,242 — 211,542 Income (loss) from investments in real estate debt — — — — — 52,568 52,568 Segment net operating income $ 104,919 $ 73,301 $ 44,227 $ 2,427 $ 1,617 $ 52,568 $ 279,059 Depreciation and amortization $ (128,043 ) $ (52,720 ) $ (19,003 ) $ (1,938 ) $ (2,949 ) $ — $ (204,653 ) General and administrative (4,548 ) Management fee (29,858 ) Performance participation allocation (56,322 ) Net gains on dispositions of real estate 6,481 Interest income 1,763 Interest expense (116,037 ) Other income (expense) (2,379 ) Net loss $ (126,494 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,305 Net loss attributable to non-controlling interests in BREIT OP 2,018 Net loss attributable to BREIT stockholders $ (123,171 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Investments in Net Other Real Estate Multifamily Industrial Lease Hotel Retail Office Properties Debt Total Revenues: Rental revenue $ 713,603 $ 624,282 $ 248,384 $ — $ 40,516 $ 9,078 $ 12,002 $ — $ 1,647,865 Hotel revenue — — — 205,291 — — — — 205,291 Other revenue 39,118 3,477 — 4,575 761 316 1,597 — 49,844 Total revenues 752,721 627,759 248,384 209,866 41,277 9,394 13,599 — 1,903,000 Expenses: Rental property operating 342,062 183,220 270 — 12,914 3,202 7,061 — 548,729 Hotel operating — — 204,168 — — — — 204,168 Total expenses 342,062 183,220 270 204,168 12,914 3,202 7,061 — 752,897 Income from unconsolidated entities — — 63,678 — — — — — 63,678 Income (loss) from investments in real estate debt — — — — — — — (317,212 ) (317,212 ) Segment net operating income (loss) $ 410,659 $ 444,539 $ 311,792 $ 5,698 $ 28,363 $ 6,192 $ 6,538 $ (317,212 ) $ 896,569 Depreciation and amortization $ (406,617 ) $ (412,900 ) $ (85,862 ) $ (67,842 ) $ (24,787 ) $ (4,671 ) $ (6,077 ) $ — $ (1,008,756 ) General and administrative (19,025 ) Management fee (160,544 ) Performance participation allocation — Impairment of investments in real estate (12,343 ) Net gains on dispositions of real estate 100,441 Interest income 2,102 Interest expense (539,276 ) Loss on extinguishment of debt (6,495 ) Other income (expense) (29,022 ) Net loss $ (776,349 ) Net loss attributable to non-controlling interests in third party joint ventures $ 1,796 Net loss attributable to non-controlling interests in BREIT OP 10,177 Net loss attributable to BREIT stockholders $ (764,376 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2019 ($ in thousands): Multifamily Industrial Hotel Retail Other Properties Investments in Real Estate Debt Total Revenues: Rental revenue $ 470,570 $ 267,428 $ — $ 9,782 $ 2,542 $ — $ 750,322 Hotel revenue — — 301,653 — — — 301,653 Other revenue 28,288 1,667 6,944 241 317 — 37,457 Total revenues 498,858 269,095 308,597 10,023 2,859 — 1,089,432 Expenses: Rental property operating 225,745 79,870 — 3,756 1,242 — 310,613 Hotel operating — — 204,468 — — — 204,468 Total expenses 225,745 79,870 204,468 3,756 1,242 — 515,081 Income (loss) from investments in real estate debt — — — — — 166,035 166,035 Segment net operating income $ 273,113 $ 189,225 $ 104,129 $ 6,267 $ 1,617 $ 166,035 $ 740,386 Depreciation and amortization $ (303,208 ) $ (145,145 ) $ (49,686 ) $ (4,998 ) $ (2,949 ) $ — $ (505,986 ) General and administrative (12,607 ) Management fee (69,522 ) Performance participation allocation (106,383 ) Net gains on dispositions of real estate 36,167 Interest income 2,260 Interest expense (310,903 ) Other income (expense) (2,786 ) Net loss $ (229,374 ) Net loss attributable to non-controlling interests in third party joint ventures $ 4,311 Net loss attributable to non-controlling interests in BREIT OP 4,342 Net loss attributable to BREIT stockholders $ (220,721 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	9 Months Ended
	Sep. 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	$ 19,600,000,000
Number of owned properties | Property	1,182
Number of reportable segments | Segment	8
Real Estate Debt Investments [Member]
Organization and business activities.
Number of positions | Position	241
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_4

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP		$ 37,032,808,000		$ 37,032,808,000			$ 33,039,823,000
Liabilities excluding BREIT OP		21,800,839,000		21,800,839,000			22,404,026,000
Investments in equity securities		572,849,000		572,849,000			0
Impairment of investments in real estate		6,217,000		12,343,000	$ 0
Granted deferred rent		126,271,000		126,271,000			38,287,000
Subsequent Event [Member]
Significant Of Accounting Policies [Line Items]
Granted deferred rent						$ 9,100,000
Level 3 [Member]
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities		$ 34,500,000		$ 34,500,000			54,900,000
Discount Rate [Member]
Significant Of Accounting Policies [Line Items]
Rate		0.087		0.087
Discount Rate [Member] | Weighted Average [Member]
Significant Of Accounting Policies [Line Items]
Rate		0.087		0.087
Exit Capitalization Rate [Member]
Significant Of Accounting Policies [Line Items]
Rate		0.099		0.099
Exit Capitalization Rate [Member] | Weighted Average [Member]
Significant Of Accounting Policies [Line Items]
Rate		0.078		0.078
One Hotel Properties [Member]
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate		$ 6,200,000	$ 0	$ 12,300,000	$ 0
VIEs [Member]
Significant Of Accounting Policies [Line Items]
Percentage of variable interest entity acquired	10.00%
Cost of variable interest entity acquired	$ 19,300,000
Assets excluding BREIT OP		10,800,000,000		10,800,000,000			9,500,000,000
Liabilities excluding BREIT OP		$ 7,700,000,000		$ 7,700,000,000			$ 6,600,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	$ 572,849,000	$ 0
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in real estate debt	4,965,677,000	4,523,260,000
Equity securities	572,849,000
Total	5,538,526,000	4,523,260,000
Recurring [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	332,849,000
Total	332,849,000
Recurring [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in real estate debt	4,846,533,000	4,389,184,000
Equity securities	240,000,000
Total	5,086,533,000	4,389,184,000
Recurring [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in real estate debt	119,144,000	134,076,000
Total	$ 119,144,000	$ 134,076,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Detail) - Recurring [Member] - Level 3 [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance	$ 134,076
Accretion included in interest income	260
Unrealized gain (loss) included in income (loss) from investments in real estate debt	(15,192)
Balance	$ 119,144

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Detail) - Level 3 [Member] - Discounted Cash Flow [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 119,144
Unobservable Input	Yield
Rate	0.105
Impact to Valuation from an Increase in Input	Decrease

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Building and building improvements	$ 23,302,061	$ 20,950,147
Land and land improvements	6,506,128	5,639,678
Furniture, fixtures and equipment	439,981	377,645
Right of use asset - operating leases	114,535	114,011
Right of use asset - financing leases	56,008	56,008
Total	30,418,713	27,137,489
Accumulated depreciation and amortization	(1,549,499)	(810,621)
Investments in real estate, net	$ 28,869,214	$ 26,326,868

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 13, 2020USD ($)Property	Sep. 30, 2020USD ($)PropertyHotel	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)PropertyInvestmentHotel	Sep. 30, 2019USD ($)	Jan. 30, 2020Property	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of real estate investments acquired | Investment				16
Number of real estate properties acquired		135		135
Impairment of investments in real estate | $		$ 6,217,000		$ 12,343,000	$ 0
Number of real estate properties classified as held for sale		1		1			6
Number of real estate properties sold						1	5
Subsequent Event [Member]
Real Estate Properties [Line Items]
Payments to acquire real estate | $	$ 801,800,000
Number of real estate properties sold	1
One Hotel Properties [Member]
Real Estate Properties [Line Items]
Impairment of investments in real estate | $		$ 6,200,000	$ 0	$ 12,300,000	$ 0
Number of real estate property impaired | Hotel		1		2
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
16 Real Estate Investments [Member]
Real Estate Properties [Line Items]
Payments to acquire real estate | $				$ 3,500,000,000
Industrial [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired		80		80
Multifamily [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired		34		34
Retail [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired		6		6
Self Storage [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired		15		15

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)ft²Property
Real Estate Properties [Line Items]
Number of Transactions	16
Number of Properties | Property	135
Purchase Price (in thousands) | $	$ 3,477,717
Multifamily Properties [Member]
Real Estate Properties [Line Items]
Number of Transactions	7
Number of Properties | Property	34
Sq. Feet | ft²	12,569,000
Purchase Price (in thousands) | $	$ 2,103,526
Industrial [Member]
Real Estate Properties [Line Items]
Number of Transactions	6
Number of Properties | Property	80
Sq. Feet | ft²	11,776,000
Purchase Price (in thousands) | $	$ 972,404
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	2
Number of Properties | Property	15
Sq. Feet | ft²	997,000
Purchase Price (in thousands) | $	$ 114,395

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Real Estate Investment Property At Cost [Abstract]
Building and building improvements	$ 2,329,887
Land and land improvements	935,344
Furniture, fixtures and equipment	44,329
In-place lease intangibles	183,885
Above-market lease intangibles	6,915
Below-market lease intangibles	(23,192)
Other	549
Total purchase price	3,477,717
Assumed mortgage notes	224,123
Net purchase price	$ 3,253,594

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Details of Dispositions (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)Property	Sep. 30, 2019USD ($)Property	Sep. 30, 2020USD ($)Property	Sep. 30, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of Properties | Property	7	1	8	1
Net Proceeds	$ 380,781	$ 30,276	$ 385,269	$ 74,568
Net Gain	$ 100,070	$ 6,481	$ 100,441	36,167
Multifamily Properties [Member]
Real Estate Properties [Line Items]
Number of Properties | Property	6		6
Net Proceeds	$ 246,244		$ 246,244
Net Gain	$ 64,885		$ 64,885
Hotel Properties [Member]
Real Estate Properties [Line Items]
Number of Properties | Property	1		1
Net Proceeds	$ 134,537		$ 134,537	44,292
Net Gain	$ 35,185		$ 35,185	$ 29,686
Industrial [Member]
Real Estate Properties [Line Items]
Number of Properties | Property		1	1	1
Net Proceeds		$ 30,276	$ 4,488	$ 30,276
Net Gain		$ 6,481	$ 371	$ 6,481

Investments in Real Estate - _5

Investments in Real Estate - Schedule of Details of Dispositions (Parenthetical) (Detail) - Multifamily Properties [Member] $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020USD ($)Property	Sep. 30, 2020Property
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale terminated by buyer in initial agreement	5
Number of properties sold in new agreement		5
Deposit included in Net Proceeds | $	$ 8

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	Sep. 30, 2020	Dec. 31, 2019
Assets:
Investments in real estate, net	$ 36,877	$ 141,344
Other assets	267	2,035
Total assets	37,144	143,379
Liabilities:
Mortgage notes	27,112	104,314
Other liabilities	1,086	4,097
Total liabilities	$ 28,198	$ 108,411

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Detail) $ in Thousands	Feb. 14, 2020USD ($)Option	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Initial annual rent		$ 562,053	$ 290,453	$ 1,647,865	$ 750,322
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	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Total assets	$ 37,032,808		$ 33,039,823
Total liabilities	(21,800,839)		(22,404,026)
Total equity	15,204,028	$ 14,569,513	$ 10,614,648	$ 8,403,652	$ 6,376,375	$ 3,914,954
Investments in unconsolidated entities	814,134
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	814,134
BREIT MGP JV [Member] | Equity Method Investment [Member]
Schedule Of Equity Method Investments [Line Items]
Total assets	4,614,202
Total liabilities	(3,001,555)
Total equity	1,612,647
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	804,711
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	9,423
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 807,936

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Equity Method Investments [Line Items]
Net income	$ 122,469	$ (126,494)	$ (776,349)	$ (229,374)
Income from unconsolidated entities			63,678	$ 0
BREIT MGP JV [Member]
Schedule Of Equity Method Investments [Line Items]
Net income	50,320		127,799
Income from unconsolidated entities	25,073		63,678
BREIT MGP JV [Member] | BREIT's Share [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	25,110		63,772
BREIT MGP JV [Member] | BREIT Outside Basis [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	(37)		(94)
BREIT MGP JV [Member] | MGM Growth Properties LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated entities	25,210		64,027
BREIT MGP JV [Member] | Rental [Member]
Schedule Of Equity Method Investments [Line Items]
Total revenue	$ 98,682		$ 247,800

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	241	203
Weighted Average Coupon	3.20%	4.40%
Weighted Average Maturity Date	Jun. 29, 2025	Sep. 21, 2025
Cost Basis	$ 5,297,531	$ 4,493,288
Fair Value	$ 4,965,677	$ 4,523,260
Total Real Estate Securities [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	230	195
Weighted Average Coupon	3.10%	4.20%
Weighted Average Maturity Date	Dec. 18, 2025	Oct. 15, 2025
Cost Basis	$ 4,600,415	$ 4,185,744
Fair Value	$ 4,255,432	$ 4,216,055
Total Real Estate Loans [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	11	8
Weighted Average Maturity Date	Aug. 31, 2022	Oct. 16, 2024
Face Amount/ Notional	$ 733,283	$ 309,989
Cost Basis	697,116	307,544
Fair Value	$ 710,245	$ 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	138	122
Weighted Average Maturity Date	Jan. 5, 2025	Jan. 29, 2025
Face Amount/ Notional	$ 3,212,846	$ 2,907,080
Cost Basis	3,193,384	2,899,556
Fair Value	$ 2,914,116	$ 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	54	43
Weighted Average Coupon	4.00%	4.20%
Weighted Average Maturity Date	Apr. 18, 2028	Jun. 26, 2027
Face Amount/ Notional	$ 1,022,626	$ 850,738
Cost Basis	991,867	829,403
Fair Value	$ 933,104	$ 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. 10, 2026	Oct. 2, 2026
Face Amount/ Notional	$ 2,258,809	$ 2,261,480
Cost Basis	21,748	23,564
Fair Value	$ 21,726	$ 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	134,338	134,078
Fair Value	$ 119,144	$ 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. 2, 2027	Dec. 30, 2026
Face Amount/ Notional	$ 236,090	$ 236,090
Cost Basis	134,960	127,219
Fair Value	$ 136,476	$ 136,027
Term Loans [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	10	7
Weighted Average Maturity Date	Mar. 15, 2022	Aug. 30, 2024
Face Amount/ Notional	$ 598,533	$ 175,239
Cost Basis	562,778	173,466
Fair Value	$ 591,101	$ 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	14	9
Weighted Average Coupon	4.40%	4.30%
Weighted Average Maturity Date	Dec. 9, 2031	Jul. 9, 2028
Face Amount/ Notional	$ 28,462	$ 29,315
Cost Basis	28,635	29,506
Fair Value	$ 27,695	$ 29,448
Corporate Bond [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	15	12
Weighted Average Coupon	5.00%	5.20%
Weighted Average Maturity Date	Feb. 28, 2027	Feb. 16, 2027
Face Amount/ Notional	$ 231,249	$ 276,302
Cost Basis	229,821	276,496
Fair Value	$ 222,315	$ 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	Sep. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	241	203
Cost Basis	$ 5,297,531	$ 4,493,288
Fair Value	$ 4,965,677	$ 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	84	75
Cost Basis	$ 2,199,573	$ 2,252,556
Fair Value	$ 1,960,694	$ 2,259,102
Percentage Based on Fair Value	40.00%	50.00%
Multifamily [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	71	61
Cost Basis	$ 991,973	$ 596,184
Fair Value	$ 1,015,850	$ 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	$ 766,733	$ 793,782
Fair Value	$ 715,184	$ 794,881
Percentage Based on Fair Value	14.00%	18.00%
Industrial [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	24	14
Cost Basis	$ 669,778	$ 375,975
Fair Value	$ 656,682	$ 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	17	10
Cost Basis	$ 314,077	$ 219,215
Fair Value	$ 297,011	$ 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	$ 201,398	$ 240,558
Percentage Based on Fair Value	4.00%	5.00%
Net Lease [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1
Cost Basis	$ 99,820
Fair Value	$ 102,942
Percentage Based on Fair Value	2.00%
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	$ 15,916	$ 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	Sep. 30, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	241	203
Cost Basis	$ 5,297,531	$ 4,493,288
Fair Value	$ 4,965,677	$ 4,523,260
Percentage Based on Fair Value	100.00%	100.00%
BB Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	79	72
Cost Basis	$ 1,632,234	$ 1,598,930
Fair Value	$ 1,503,362	$ 1,610,643
Percentage Based on Fair Value	30.00%	36.00%
Non Rated [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	38	33
Cost Basis	$ 1,177,793	$ 764,941
Fair Value	$ 1,149,268	$ 773,791
Percentage Based on Fair Value	23.00%	17.00%
B Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	52	40
Cost Basis	$ 1,220,773	$ 906,609
Fair Value	$ 1,130,536	$ 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	51	45
Cost Basis	$ 883,408	$ 885,891
Fair Value	$ 812,313	$ 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	15	10
Cost Basis	$ 341,495	$ 319,031
Fair Value	$ 331,143	$ 320,140
Percentage Based on Fair Value	7.00%	7.00%
CCC Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	3
Cost Basis	$ 32,429
Fair Value	$ 29,665
Percentage Based on Fair Value	1.00%
AAA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	2	2
Cost Basis	$ 8,608	$ 9,554
Fair Value	$ 8,600	$ 9,550
AA Credit Rating [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	1	1
Cost Basis	$ 791	$ 8,332
Fair Value	$ 790	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	$ 5,297,531		$ 5,297,531		$ 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	1,725,919		1,725,919		1,418,056
Interest Income	13,799	$ 13,580	44,812	$ 37,950
Loans Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost Basis	528,298		528,298		134,076
Interest Income	5,968		12,868
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	128,043		128,043		155,978
Interest Income	1,089	2,012	4,046	6,199
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	2,382,260		2,382,260		$ 1,708,110
Interest Income	$ 20,856	$ 15,592	$ 61,726	$ 44,149

Investments in Real Estate De_7

Investments in Real Estate Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	$ 5,297,531		$ 5,297,531		$ 4,493,288
Unrealized gain (loss) from investments in real estate debt	186,900	$ 13,200	(361,800)	$ 65,000
Realized gain (loss) from investments in real estate debt	(6,500)	400	(11,200)	300
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt [Member]
Marketable Securities [Line Items]
Investments in real estate debt, cost basis	174,300		174,300		$ 186,800
Interest income recorded	$ 5,000	$ 1,700	$ 7,500	$ 5,000

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 ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 17,704,773,000	$ 17,044,428,000
Premium on assumed debt, net	9,758,000	10,794,000
Deferred financing costs, net	(135,499,000)	(125,563,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	$ 17,579,032,000	16,929,659,000
Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.30%
Weighted Average Maturity Date	Feb. 18, 2027
Fixed Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 12,713,738,000	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. 15, 2027
Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 4,991,035,000	4,423,833,000
Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 5, 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	$ 12,713,738,000	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. 15, 2027
Mortgage Notes [Member] | Variable Rate Loans [Member]
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 3,209,340,000	1,826,435,000
Mortgage Notes [Member] | Variable Rate Loans [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Feb. 8, 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		$ 1,063,837,000

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	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 1,790
2021	49,102
2022	553,191
2023	495,174
2024	2,895,943
2025	3,675,311
Thereafter	10,034,262
Total	$ 17,704,773	$ 17,044,428

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Realized loss on extinguishment of debt	$ (5,258)	$ (6,495)	$ 0

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.60%	3.00%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.60%	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%
Citi Term Loan TRS [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Description of basis spread on variable rate		The Citi Term Loan TRS bears interest equal to the three-month or one-month USD LIBOR plus a spread, dependent upon the collateral.

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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jun. 29, 2025	Sep. 21, 2025
Collateral Assets	$ 3,568,742	$ 3,956,882
Outstanding Balance	$ 2,392,945	$ 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	$ 1,160,359	$ 981,652
Outstanding Balance	$ 750,000	$ 750,000
Prepayment Provisions	None	None
RBC MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Mar. 20, 2021	Jun. 23, 2020
Security Interests	CMBS/Corporate bonds	CMBS/Corporate bonds
Collateral Assets	$ 1,678,005	$ 1,980,951
Outstanding Balance	$ 1,172,595	$ 1,561,642
Prepayment Provisions	None	None
Citi MRA [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Mar. 30, 2021	Jan. 14, 2020
Security Interests	CMBS/RMBS	CMBS/Corporate bonds
Collateral Assets	$ 265,697	$ 266,406
Outstanding Balance	$ 170,412	$ 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	$ 409,154
Outstanding Balance	$ 263,866
Prepayment Provisions	None
Citi Term Loan TRS [Member]
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jul. 9, 2021
Security Interests	Term Loans
Collateral Assets	$ 55,527
Outstanding Balance	$ 36,072
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] - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Line of credit	$ 1,300,000,000
Expiration date	Feb. 22, 2023
Line of credit amount outstanding	$ 30,000,000	$ 30,000,000
Outstanding borrowings on line of credit	0	0
Affiliated [Member]
Debt Instrument [Line Items]
Line of credit	150,000,000	150,000,000
Line of credit amount outstanding	$ 0	$ 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	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total components due to affiliates	$ 623,036	$ 690,143
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	572,784	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	19,869	13,873
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	4,602	6,136
Accrued Affiliate Service Provider Expenses [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	4,606	6,037
Other [Member]
Related Party Transaction [Line Items]
Total components due to affiliates	$ 21,175	$ 44,162

Related Party Transactions - _2

Related Party Transactions - Summary of Components of Due to Affiliates (Parenthetical) (Detail)	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Oct. 31, 2020shares	Jan. 31, 2020USD ($)shares	Jan. 31, 2019USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Investmentshares	Sep. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Total components due to affiliates				$ 623,036,000		$ 623,036,000		$ 690,143,000
Management fee				$ 57,619,000	$ 29,858,000	$ 160,544,000	$ 69,522,000
Stock repurchased | shares				31,281,000		105,594,000
Stock repurchased, value				$ 332,891,000	55,870,000	$ 1,148,122,000	161,537,000
Portfolio company incentive compensation awards			$ 8,000,000
Amortization period of grant			4 years
Unrecognized compensation cost relating to portfolio company incentive compensation awards				3,800,000		$ 3,800,000
Unrecognized compensation cost recognition period						2 years 3 months 18 days
Recognized liabilities for Performance Participation expense				0	$ 56,322,000	$ 0	$ 106,383,000
Aggregate redeemable non- controlling interest shares and Class I units continue to own				225,900,000		225,900,000
Amount contributed to captive towards insurance premium				28,400,000		28,400,000
Payment for management fee				$ 500,000		$ 500,000
Class I Shares [Member]
Related Party Transaction [Line Items]
Stock repurchased | shares				22,552,000		57,120,000
Amortization period of grant						1 year
Adviser [Member]
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum						1.25%
Stock repurchased, value						$ 18,900,000		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						$ 2,600,000
Number of Investments with Capitalized or Deferred Financing Costs | Investment						20
Accrued Stockholder Servicing Fee [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				572,784,000		$ 572,784,000		478,539,000
Advanced Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				4,602,000		4,602,000		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				19,869,000		19,869,000		13,873,000
Accrued Management Fee [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Total components due to affiliates				$ 19,900,000		$ 19,900,000		$ 13,900,000
Management Fee [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares						13,006,077	5,288,447
Stock repurchased | shares						8,418,835	6,614,229
Stock repurchased, value						$ 89,500,000	$ 72,700,000
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member]
Related Party Transaction [Line Items]
Stock issued as payment for services | shares	1,778,962

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 26,495	$ 12,273	$ 75,863	$ 29,310
Affiliate Service Provider Incentive Compensation Awards	(31)	500	969	1,500
Capitalized Transaction Support Services	3,252	5,365	5,881	7,328
LivCor L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	7,150	4,937	19,474	13,363
Affiliate Service Provider Incentive Compensation Awards	(5)	77	149	231
Capitalized Transaction Support Services	772	1,203	2,533	2,124
Gateway Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses				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	1,411	460	3,532	1,161
Affiliate Service Provider Incentive Compensation Awards	(1)	6	12	19
Capitalized Transaction Support Services	107	300	422	315
Link Industrial Properties L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	13,312	5,305	39,334	8,417
Affiliate Service Provider Incentive Compensation Awards	(16)	261	505	546
Capitalized Transaction Support Services	2,373	3,862	2,926	4,862
BRE Hotels And Resorts LLC [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	4,012	1,223	11,661	2,964
Affiliate Service Provider Incentive Compensation Awards	(9)	156	303	468
Revantage Corporate Services, L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	440	$ 348	1,397	$ 881
Equity Office Management, L.L.C [Member]
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 170		$ 465

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Other Assets [Abstract]
Real estate intangibles, net	$ 603,706,000	$ 665,342,000
Equity securities	572,849,000	0
Straight-line rent receivable	126,271,000	38,287,000
Receivables, net	118,873,000	101,106,000
Prepaid expenses	54,829,000	28,334,000
Pre-acquisition costs	48,588,000	9,861,000
Deferred leasing costs, net	42,862,000	28,792,000
Held for sale assets	37,144,000	143,379,000
Deferred financing costs, net	23,736,000	28,494,000
Other	46,336,000	36,398,000
Total	$ 1,675,194,000	$ 1,079,993,000

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Subscriptions received in advance	$ 217,461	$ 796,729
Real estate taxes payable	171,174	100,767
Intangible liabilities, net	132,745	136,954
Accounts payable and accrued expenses	115,183	126,565
Right of use lease liability - operating leases	84,654	82,880
Distribution payable	83,964	56,210
Repurchases payable	71,047	11,021
Prepaid rental income	66,783	87,479
Right of use lease liability - financing leases	57,484	56,758
Tenant security deposits	50,800	46,533
Accrued interest expense	46,264	50,279
Held for sale liabilities	28,198	108,411
Other	80,069	31,501
Total	$ 1,205,826	$ 1,692,087

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets	$ 979,141	$ 880,137
Accumulated amortization:
Total accumulated amortization	(375,435)	(214,795)
Intangible assets, net	603,706	665,342
Intangible liabilities:
Below-market lease intangibles	190,067	167,032
Total intangible liabilities	190,067	167,032
Accumulated amortization:
Below-market lease amortization	(57,322)	(30,078)
Total accumulated amortization	(57,322)	(30,078)
Intangible liabilities, net	132,745	136,954
In-place Lease Intangibles [Member]
Intangible assets:
Total intangible assets	903,040	811,254
Accumulated amortization:
Total accumulated amortization	(347,590)	(200,629)
Intangible assets, net	555,450
Above-market Lease Intangibles [Member]
Intangible assets:
Total intangible assets	49,360	42,483
Accumulated amortization:
Total accumulated amortization	(18,102)	(10,977)
Intangible assets, net	31,258
Other Intangible Assets [Member]
Intangible assets:
Total intangible assets	26,741	26,400
Accumulated amortization:
Total accumulated amortization	$ (9,743)	$ (3,189)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 603,706	$ 665,342
Below-market Lease Intangibles, 2020 (remaining)	(15,740)
Below-market Lease Intangibles, 2021	(30,341)
Below-market Lease Intangibles, 2022	(24,937)
Below-market Lease Intangibles, 2023	(20,136)
Below-market Lease Intangibles, 2024	(15,488)
Below-market Lease Intangibles, 2025	(11,386)
Below-market Lease Intangibles, Thereafter	(14,717)
Below-market Lease Intangibles, Total	(132,745)
In-place Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	104,416
2021	139,689
2022	98,444
2023	63,606
2024	46,115
2025	35,221
Thereafter	67,959
Intangible assets, net	555,450
Above-market Lease Intangibles [Member]
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
2020 (remaining)	4,852
2021	8,341
2022	5,766
2023	3,483
2024	2,666
2025	2,062
Thereafter	4,088
Intangible assets, net	$ 31,258

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	31,281,214		105,593,735
BREIT OP units repurchased	13,907		7,484,350
Stock repurchased, value in operating partnership unit	$ 332,800		$ 1,200,000
Non-controlling interests attributable to third party joint ventures	142,702		142,702		$ 157,795
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	6,429	$ 2,434	6,731	$ 3,875
Third Party Joint Ventures [Member]
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	27,700		27,700
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	$ 6,400		$ 6,700

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Detail) - $ / shares	Sep. 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
Common Stock, Par Value	$ 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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Beginning balance	1,600,140,000	1,129,516,000
Common stock issued	95,199,000	619,205,000
Distribution reinvestment	11,951,000	32,882,000
Common stock repurchased	(31,281,000)	(105,594,000)
Independent directors' restricted stock grant	37,000	37,000
Ending balance	1,676,046,000	1,676,046,000
Class S Shares [Member]
Class Of Stock [Line Items]
Beginning balance	632,208,000	530,813,000
Common stock issued	31,168,000	155,466,000
Distribution reinvestment	5,465,000	15,396,000
Common stock repurchased	(6,807,000)	(39,641,000)
Ending balance	662,034,000	662,034,000
Class I Shares [Member]
Class Of Stock [Line Items]
Beginning balance	820,813,000	474,279,000
Common stock issued	55,788,000	428,070,000
Distribution reinvestment	5,278,000	14,098,000
Common stock repurchased	(22,552,000)	(57,120,000)
Independent directors' restricted stock grant	37,000	37,000
Ending balance	859,364,000	859,364,000
Class T Shares [Member]
Class Of Stock [Line Items]
Beginning balance	43,957,000	39,767,000
Common stock issued	1,471,000	7,459,000
Distribution reinvestment	343,000	992,000
Common stock repurchased	(719,000)	(3,166,000)
Ending balance	45,052,000	45,052,000
Class D Shares [Member]
Class Of Stock [Line Items]
Beginning balance	103,162,000	84,657,000
Common stock issued	6,772,000	28,210,000
Distribution reinvestment	865,000	2,396,000
Common stock repurchased	(1,203,000)	(5,667,000)
Ending balance	109,596,000	109,596,000

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Parenthetical) (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2019	Sep. 30, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Amortization period of grant	4 years
Class I Shares [Member]
Class Of Stock [Line Items]
Independent directors' restricted stock grant, value		$ 0.1	$ 0.1
Amortization period of grant			1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.1586	$ 0.1594	$ 0.4755	$ 0.4764
Class S Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1586		0.4755
Stockholder servicing fee per share of common stock	(0.0233)		(0.0696)
Net distributions declared per share of common stock	0.1353		0.4059
Class I Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1586		0.4755
Net distributions declared per share of common stock	0.1586		0.4755
Class T Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1586		0.4755
Stockholder servicing fee per share of common stock	(0.0230)		(0.0687)
Net distributions declared per share of common stock	0.1356		0.4068
Class D Shares [Member]
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1586		0.4755
Stockholder servicing fee per share of common stock	(0.0068)		(0.0203)
Net distributions declared per share of common stock	$ 0.1518		$ 0.4552

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity Related to Special Limited Partner (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ (263)	$ (732)	(1,273)	$ (1,083)
September 30, 2020	27,941		27,941
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			(13)
Distributions			(10)
Fair value allocation			17
September 30, 2020	$ 266		266
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	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)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 | $		$ 19.7
Rental [Member]
Lessee Lease Description [Line Items]
Increased reserve for bad debt expense | $	$ 10.9	$ 30.2
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	Sep. 30, 2020	Dec. 31, 2019
Operating Leases
2020 (remaining)	$ 1,039
2021	3,982
2022	4,093
2023	4,132
2024	4,183
2025	4,423
Thereafter	599,932
Total undiscounted future lease payments	621,784
Difference between undiscounted cash flows and discounted cash flows	(537,130)
Total lease liability	84,654	$ 82,880
Financing Leases
2020 (remaining)	759
2021	3,081
2022	3,174
2023	3,269
2024	3,367
2025	3,468
Thereafter	327,054
Total undiscounted future lease payments	344,172
Difference between undiscounted cash flows and discounted cash flows	(286,688)
Total lease liability	$ 57,484	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Fixed ground rent expense	$ 1,000	$ 390	$ 3,026	$ 1,108
Variable ground rent expense			18	21
Total cash portion of ground rent expense	1,000	390	3,044	1,129
Non-cash ground rent expense	1,656	1,091	5,090	3,275
Total operating lease costs	$ 2,656	$ 1,481	$ 8,134	$ 4,404

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Interest on lease liabilities	$ 759	$ 737	$ 2,233	$ 1,491
Amortization of right-of-use assets	239	243	748	504
Total financing lease costs	$ 998	$ 980	$ 2,981	$ 1,995

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Leases Lease Income [Abstract]
Fixed lease payments	$ 509,188	$ 262,043	$ 1,492,519	$ 674,780
Variable lease payments	52,865	28,410	155,346	75,542
Rental revenue	$ 562,053	$ 290,453	$ 1,647,865	$ 750,322

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2020 (remaining)	$ 233,705
2021	903,539
2022	818,373
2023	714,351
2024	624,682
2025	556,912
Thereafter	9,102,733
Total	$ 12,954,295

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 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	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 37,032,808	$ 33,039,823
Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	11,421,928	9,695,916
Industrial [Member]
Segment Reporting Information [Line Items]
Total assets	11,199,187	10,564,172
Net Lease [Member]
Segment Reporting Information [Line Items]
Total assets	5,054,612	4,271,196
Hotel [Member]
Segment Reporting Information [Line Items]
Total assets	2,227,264	2,427,554
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	707,605	419,198
Other Properties [Member]
Segment Reporting Information [Line Items]
Total assets	257,458	145,411
Office [Member]
Segment Reporting Information [Line Items]
Total assets	132,303	138,912
Real Estate Debt [Member]
Segment Reporting Information [Line Items]
Total assets	5,723,230	4,565,385
Other (Corporate) [Member]
Segment Reporting Information [Line Items]
Total assets	$ 309,221	$ 812,079

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 635,371,000	$ 438,033,000	$ 1,903,000,000	$ 1,089,432,000
Expenses:
Total expenses	253,645,000	211,542,000	752,897,000	515,081,000
Income from unconsolidated entities	25,073,000		63,678,000
Income (loss) from investments in real estate debt	206,046,000	52,568,000	(317,212,000)	166,035,000
Segment net operating income (loss)	612,845,000	279,059,000	896,569,000	740,386,000
Depreciation and amortization	(332,599,000)	(204,653,000)	(1,008,756,000)	(505,986,000)
General and administrative	(5,430,000)	(4,548,000)	(19,025,000)	(12,607,000)
Management fee	(57,619,000)	(29,858,000)	(160,544,000)	(69,522,000)
Performance participation allocation	0	(56,322,000)	0	(106,383,000)
Impairment of investments in real estate	(6,217,000)		(12,343,000)	0
Net Gain	100,070,000	6,481,000	100,441,000	36,167,000
Interest income	122,000	1,763,000	2,102,000	2,260,000
Interest expense	(174,193,000)	(116,037,000)	(539,276,000)	(310,903,000)
Loss on extinguishment of debt	(5,258,000)		(6,495,000)	0
Other income (expense)	(9,252,000)	(2,379,000)	(29,022,000)	(2,786,000)
Net income (loss)	122,469,000	(126,494,000)	(776,349,000)	(229,374,000)
Net loss attributable to non-controlling interests in third party joint ventures	593,000	1,305,000	1,796,000	4,311,000
Net income attributable to non-controlling interests in BREIT OP	(1,790,000)	2,018,000	10,177,000	4,342,000
Net income (loss) attributable to BREIT stockholders	121,272,000	(123,171,000)	(764,376,000)	(220,721,000)
Multifamily [Member]
Revenues:
Total revenues	257,717,000	195,068,000	752,721,000	498,858,000
Expenses:
Total expenses	122,266,000	90,149,000	342,062,000	225,745,000
Segment net operating income (loss)	135,451,000	104,919,000	410,659,000	273,113,000
Depreciation and amortization	(133,696,000)	(128,043,000)	(406,617,000)	(303,208,000)
Industrial [Member]
Revenues:
Total revenues	214,781,000	102,114,000	627,759,000	269,095,000
Expenses:
Total expenses	62,002,000	28,813,000	183,220,000	79,870,000
Segment net operating income (loss)	152,779,000	73,301,000	444,539,000	189,225,000
Depreciation and amortization	(135,978,000)	(52,720,000)	(412,900,000)	(145,145,000)
Net Lease [Member]
Revenues:
Total revenues	82,795,000		248,384,000
Expenses:
Total expenses	156,000		270,000
Income from unconsolidated entities	25,073,000		63,678,000
Segment net operating income (loss)	107,712,000		311,792,000
Depreciation and amortization	(28,667,000)		(85,862,000)
Hotel [Member]
Revenues:
Total revenues	57,776,000	134,178,000	209,866,000	308,597,000
Expenses:
Total expenses	60,339,000	89,951,000	204,168,000	204,468,000
Segment net operating income (loss)	(2,563,000)	44,227,000	5,698,000	104,129,000
Depreciation and amortization	(22,296,000)	(19,003,000)	(67,842,000)	(49,686,000)
Retail [Member]
Revenues:
Total revenues	13,849,000	3,814,000	41,277,000	10,023,000
Expenses:
Total expenses	5,163,000	1,387,000	12,914,000	3,756,000
Segment net operating income (loss)	8,686,000	2,427,000	28,363,000	6,267,000
Depreciation and amortization	(7,978,000)	(1,938,000)	(24,787,000)	(4,998,000)
Other Properties [Member]
Revenues:
Total revenues	5,227,000	2,859,000	13,599,000	2,859,000
Expenses:
Total expenses	2,618,000	1,242,000	7,061,000	1,242,000
Segment net operating income (loss)	2,609,000	1,617,000	6,538,000	1,617,000
Depreciation and amortization	(2,396,000)	(2,949,000)	(6,077,000)	(2,949,000)
Real Estate Debt [Member]
Expenses:
Income (loss) from investments in real estate debt	206,046,000	52,568,000	(317,212,000)	166,035,000
Segment net operating income (loss)	206,046,000	52,568,000	(317,212,000)	166,035,000
Office [Member]
Revenues:
Total revenues	3,226,000		9,394,000
Expenses:
Total expenses	1,101,000		3,202,000
Segment net operating income (loss)	2,125,000		6,192,000
Depreciation and amortization	(1,588,000)		(4,671,000)
Rental Property [Member]
Revenues:
Total revenues	562,053,000	290,453,000	1,647,865,000	750,322,000
Expenses:
Total expenses	193,306,000	121,591,000	548,729,000	310,613,000
Rental Property [Member] | Multifamily [Member]
Revenues:
Total revenues	244,691,000	183,429,000	713,603,000	470,570,000
Expenses:
Total expenses	122,266,000	90,149,000	342,062,000	225,745,000
Rental Property [Member] | Industrial [Member]
Revenues:
Total revenues	213,302,000	100,759,000	624,282,000	267,428,000
Expenses:
Total expenses	62,002,000	28,813,000	183,220,000	79,870,000
Rental Property [Member] | Net Lease [Member]
Revenues:
Total revenues	82,795,000		248,384,000
Expenses:
Total expenses	156,000		270,000
Rental Property [Member] | Retail [Member]
Revenues:
Total revenues	13,594,000	3,723,000	40,516,000	9,782,000
Expenses:
Total expenses	5,163,000	1,387,000	12,914,000	3,756,000
Rental Property [Member] | Other Properties [Member]
Revenues:
Total revenues	4,541,000	2,542,000	12,002,000	2,542,000
Expenses:
Total expenses	2,618,000	1,242,000	7,061,000	1,242,000
Rental Property [Member] | Office [Member]
Revenues:
Total revenues	3,130,000		9,078,000
Expenses:
Total expenses	1,101,000		3,202,000
Hotel [Member]
Revenues:
Total revenues	56,038,000	132,036,000	205,291,000	301,653,000
Expenses:
Total expenses	60,339,000	89,951,000	204,168,000	204,468,000
Hotel [Member] | Hotel [Member]
Revenues:
Total revenues	56,038,000	132,036,000	205,291,000	301,653,000
Expenses:
Total expenses	60,339,000	89,951,000	204,168,000	204,468,000
Other Revenue [Member]
Revenues:
Total revenues	17,280,000	15,544,000	49,844,000	37,457,000
Other Revenue [Member] | Multifamily [Member]
Revenues:
Total revenues	13,026,000	11,639,000	39,118,000	28,288,000
Other Revenue [Member] | Industrial [Member]
Revenues:
Total revenues	1,479,000	1,355,000	3,477,000	1,667,000
Other Revenue [Member] | Hotel [Member]
Revenues:
Total revenues	1,738,000	2,142,000	4,575,000	6,944,000
Other Revenue [Member] | Retail [Member]
Revenues:
Total revenues	255,000	91,000	761,000	241,000
Other Revenue [Member] | Other Properties [Member]
Revenues:
Total revenues	686,000	$ 317,000	1,597,000	$ 317,000
Other Revenue [Member] | Office [Member]
Revenues:
Total revenues	$ 96,000		$ 316,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 13, 2020USD ($)Asset	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Subsequent Event [Line Items]
Aggregate payments to purchase investment in real estate debt				$ 1,177,967	$ 1,623,503
Proceeds from issuance of common stock				6,014,033	4,913,617
Stock repurchased value		$ 332,891	$ 55,870	$ 1,148,122	$ 161,537
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate payments to acquire real estate, exclusive of closing costs	$ 801,800
Aggregate payments to purchase investment in real estate debt	35,900
Proceeds from issuance of common stock	918,000
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock repurchased value	$ 103,200
Simply Self Storage Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of storage assets to be acquired | Asset	101
Expected payment to acquire storage assets, exclusive of closing costs	$ 1,200,000