Blackstone REIT Posts 8.1% Gain in 2025, Rebounding on Data Center Surge
By Staff
Blackstone Real Estate Income Trust Inc., the world’s largest publicly registered non-traded real estate investment trust sponsored by private equity giant The Blackstone Group (NYSE: BX), delivered a total return of 8.1% in 2025, marking its strongest annual performance since 2022 and a significant rebound from the prior two years of lackluster returns. The performance was driven largely by BREIT’s expanding exposure to data centers, now a central component of its portfolio.
BREIT ended 2025 with more than $54 billion in assets under management, capping a year of consistent gains and its strongest annual performance since 2022. The fund posted a total return of 8.1% for the year, following a 2% gain in 2024 and a 0.5% loss in 2023. According to Blackstone, the fund has now recorded 12 consecutive months of positive returns.
Much of the momentum came from BREIT’s investment in QTS, Blackstone’s data center platform. In 2025, the fund deployed $3.7 billion into data center development through QTS – an 81% increase over the previous year. The company reported that these properties were 100% preleased, predominantly to investment-grade tenants.
QTS now represents 20% of BREIT’s portfolio and has positioned the fund to benefit from structural shifts in commercial real estate, particularly growing demand for artificial intelligence infrastructure and hyperscale cloud services. BREIT said it is now benefitting from both the broader recovery in real estate and “the powerful value creation in its data center platform.”
While BREIT outperformed most nontraded and public REIT peers in 2025 – the nontraded REIT industry averaged about 1.5% through Q3, and public REITs returned about 2.3% – its returns still lagged the S&P 500’s 17.9% total return for the year.
Blackstone has also resumed meeting full redemption requests since early 2024, following a period in 2022 and 2023 when heavy investor withdrawals and elevated interest rates prompted withdrawal limits. BREIT focuses 90% of its holdings in rental housing, industrial properties, and data centers, with 65% of assets located in Sun Belt markets.
Since its inception in January 2017, BREIT has delivered an annualized return of 9.3%, according to the firm.
Earlier this month, BREIT launched a temporary incentive program aimed to reward new and existing investors during the first quarter of 2026.
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