BREIT’s 2025 Data Center Development Up 81% Over Previous Year
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Blackstone Inc. (NYSE: BX), reported accelerating momentum through late 2025, driven by a massive expansion into the data center sector. According to the company, BREIT delivered a 1.65% net return for the third quarter, bringing its year-to-date performance through October to 5.6%.
The company deployed $1.2 billion into data center development through its QTS platform in the third quarter of 2025 alone, bringing its total investment in the sector to $3.7 billion as of Sept. 30, 2025. This represented an 81% year-over-year increase from the $2 billion deployed as of Q3 2024. BREIT now oversees a $25 billion development pipeline that is fully pre-leased to global technology companies on 15-to-20-year terms.
The company also noted a significant recovery in investor confidence, with repurchase requests down 96% from their previous peak. According to BREIT, net flows are now approaching positive territory, supported by a 7.5% tax-equivalent distribution rate and ten consecutive months of positive performance.
In addition, BREIT reported an aggregate net asset value of approximately $53.5 billion as of Nov. 30, 2025, a 0.63% increase month-over-month.
The transaction price for each share of common stock for subscriptions as of Jan. 2, 2026 (and repurchases as of Dec. 31, 2025) was:
Class I shares had a NAV per share of $14.0148, compared to $13.9218 per share the previous month, approximately a 0.67% increase.
Class S shares had a NAV per share of $14.0055, compared to $13.9123 per share the previous month, a 0.67% increase.
Class S-2 shares had a NAV per share of $13.9621, compared to $13.8866 per share the previous month, approximately a 0.54% increase.
Class D shares had a NAV per share of $13.6703, compared to $13.5806 per share the previous month, approximately a 0.66% increase.
Class D-2 shares had a NAV per share of $13.6319, compared to $13.5564 per share the previous month, approximately a 0.56% increase.
Class T shares had a NAV per share of $13.7669, compared to $13.6763 per share the previous month, approximately a 0.66% increase.
Class T-2 shares had a NAV per share of $13.7452, compared to $13.6582 per share the previous month, approximately a 0.64% increase.
Class C shares had a NAV per share of $16.0272, compared to $15.8584 per share the previous month, approximately a 1.1% increase.
Also, BREIT estimated that 100% of distributions for 2025 will be characterized as return of capital for federal income tax purposes.
According to the company, it “remains exceptionally well-positioned.” It is roughly 90% concentrated in its highest conviction sectors of rental housing, industrial and data centers, and 65% concentrated in fast-growing Sunbelt markets, which benefit from higher population, job and wage growth compared to the rest of the country.
“Rental housing, which represents nearly half of BREIT’s portfolio, is strategically diversified across multifamily, single family, student and affordable housing, and designed to deliver sustained performance through market cycles,” according to the REIT.
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 Dec. 15, BREIT had issued and sold in the offering roughly 40.18 million shares of its common stock in the primary offering for total proceeds of $0.6 billion and approximately 20.32 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $0.3 billion. As of Nov. 30, it had nearly 3.82 billion outstanding shares.
Previously reported by AltsWire, the company reported a 3% increase in its same property net operating income for the nine months ended Sept. 30, 2025, compared to the same period in 2024.
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