BREIT Projects 3% Same-Property NOI Growth Through Q3 2025
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Blackstone Inc. (NYSE: BX), announced preliminary estimated financial results, projecting an approximate 3% increase in its same property net operating income for the nine months ended Sept. 30, 2025, compared to the same period last year.
Same-property NOI gauges the operational health of properties owned and stabilized and specifically excluding the effects of acquisitions, dispositions, and newly developed assets. The measure is designed to reflect the organic cash flow growth driven by factors like occupancy rates, rent increases, and operational efficiency.
The 3% growth figure suggests that BREIT is achieving positive rental and expense management results on a comparable basis, despite broader market headwinds that may affect the real estate sector. The official report will confirm whether this same-property growth is consistent across the firm’s various sectors, which include rental housing, industrial, and data centers.
The company was careful to note that these figures are preliminary, estimated and unaudited, and the final, comprehensive financial results for the nine-month period ended Sept. 30 may differ materially. The REIT expects to publish its final Q3 2025 update on or around Nov. 7.
In addition, BREIT reported a total net asset value of approximately $53 billion as of Sept. 30, 2025, a minor increase of 0.03% month-over-month.
The NAV per share for each class of common stock as of the end of September was as follows:
Class I shares had a NAV per share of $13.8639, compared to $13.8281 per share the previous month, approximately a 0.26% increase.
Class S shares had a NAV per share of $13.8544, compared to $13.8187 per share the previous month, approximately a 0.26% increase.
*Class S-2 shares had a NAV per share of $13.8432.
Class D shares had a NAV per share of $13.5254, compared to $13.4918 per share the previous month, approximately a 0.25% increase.
*Class D-2 shares had a NAV per share of $13.5155.
Class T shares had a NAV per share of $13.6206, compared to $13.5863 per share the previous month, approximately a 0.25% increase.
*Class T-2 shares had a NAV per share of $13.6103.
Class C shares had a NAV per share of $15.73, compared to $15.6276 per share the previous month, approximately a 0.66% increase.
*There were no Class S-2, Class D-2, or Class T-2 shares of common stock outstanding as of Aug. 31, 2025, and the NAVs reported were identical to Class S, Class D, and Class T.
Additionally, the REIT declared gross distributions across asset classes of $0.0548 on Sept. 29, prior to stockholder servicing fees. The net distributions for each class of common stock will be payable to stockholders of record as of Sept. 30 and were paid out on or around Oct. 20.
Previously reported by AltsWire last month, Katie Keenan was appointed chief executive officer and a director of BREIT, which invests primarily in stabilized income-generating commercial real estate, as well as global head of the core+ real estate business for Blackstone.
BREIT is currently offering on a continuous basis up to $60 billion in shares of common stock, consisting of up to $48 billion in shares in its primary offering and up to $12 billion in shares pursuant to its distribution reinvestment plan. As of Oct. 22, BREIT had issued and sold in the offering roughly 16.53 million shares of its common stock in the primary offering for total proceeds of $0.2 billion and approximately 15.55 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $0.2 billion. As of Sept. 30, it had nearly 3.83 billion outstanding shares.
Click here to visit the AltsWire directory page.
