Blackstone BREIT Posts 3% Gain in Same Property NOI

Despite a year-end net loss, Blackstone's real estate trust emphasizes stable operating income from core assets.

January 29, 2026

Preliminary results point to underlying stability

Blackstone Real Estate Income Trust (BREIT) just released its preliminary numbers for 2025—and at a glance, the headline might raise eyebrows: a net loss of $3.5 to $3.7 billion. But behind that headline is a clearer picture of what’s actually happening in the portfolio. Same property net operating income (NOI), the number that reflects real-world operating performance, climbed approximately 3% year-over-year.

BREIT uses same property NOI to track how stabilized properties are performing—ignoring one-off events like acquisitions, dispositions, and development projects that can cloud comparability. By focusing on assets held throughout the full year and already considered stabilized, this metric helps investors see through the noise.

That 3% gain came in despite market headwinds. On a same property basis, NOI is expected to land between $4.61 billion and $4.84 billion for the year ended December 31, 2025. That’s an improvement from $4.61 billion in 2024. And while the company’s GAAP net loss reflects items like depreciation, interest expenses, and performance allocations, none of those affect how the properties are operating on the ground.

GAAP net loss reconciled with core operational performance

The reconciliation between net loss and same property NOI underscores that gap. Roughly $3.3 billion in depreciation, $3.1 billion in net interest expense, and $1.5 billion in property sale gains were all stripped out to calculate core NOI. Performance fees, impairment charges, and other non-property costs were also excluded, along with results from real estate debt investments and consolidated securitization vehicles.

BREIT’s estimates are unaudited, and the final numbers may shift once the books are closed. But the takeaway is consistent: despite headline losses, the underlying portfolio continued to generate income—and grow it.

BREIT’s full audited results will be released in its annual report. In the meantime, same property NOI provides a real-time view of where things stand for the properties that form the core of the strategy.