Company Quick10K Filing
Blackstone Real Estate Income Trust
Price-0.00 EPS-0
Shares905 P/E0
MCap-0 P/FCF-0
Net Debt12,545 EBIT-35
TEV12,545 TEV/EBIT-357
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-03-24
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-14
10-K 2017-12-31 Filed 2018-03-19
10-Q 2017-12-31 Filed 2018-05-11
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-22
10-Q 2016-09-30 Filed 2016-11-14
8-K 2020-06-17
8-K 2020-05-29
8-K 2020-04-29
8-K 2020-04-15
8-K 2020-03-31
8-K 2020-03-30
8-K 2020-03-16
8-K 2020-02-27
8-K 2020-02-13
8-K 2020-01-30
8-K 2019-12-30
8-K 2019-11-27
8-K 2019-11-15
8-K 2019-10-30
8-K 2019-10-15
8-K 2019-09-27
8-K 2019-09-26
8-K 2019-08-29
8-K 2019-08-15
8-K 2019-07-30
8-K 2019-07-22
8-K 2019-06-27
8-K 2019-06-02
8-K 2019-05-30
8-K 2019-04-29
8-K 2019-03-28
8-K 2019-03-13
8-K 2019-02-27
8-K 2019-01-30
8-K 2018-12-28
8-K 2018-11-29
8-K 2018-10-30
8-K 2018-09-27
8-K 2018-08-30
8-K 2018-07-30
8-K 2018-07-27
8-K 2018-06-28
8-K 2018-06-11
8-K 2018-05-30
8-K 2018-05-01
8-K 2018-04-27
8-K 2018-03-28
8-K 2018-03-09
8-K 2018-02-27
8-K 2018-01-30

BREIT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.1 breit-ex31_1031.htm
EX-31.1 breit-ex311_6.htm
EX-31.2 breit-ex312_9.htm
EX-32.1 breit-ex321_7.htm
EX-32.2 breit-ex322_8.htm

Blackstone Real Estate Income Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602015201620182020
Assets, Equity
0.50.40.20.1-0.1-0.22016201720182020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02015201620182020
Ops, Inv, Fin

10-Q 1 breit-10q_20200331.htm 10-Q breit-10q_20200331.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                  TO                 

Commission File Number: 000-55931

 

 

Blackstone Real Estate Income Trust, Inc.

(Exact name of Registrant as specified in its charter)

 

 

 

 

Maryland

81-0696966

(State or other jurisdiction of

incorporation or organization)

345 Park Avenue

New York, NY

(Address of principal executive offices)

(I.R.S. Employer

Identification No.)

 

10154

(Zip Code)

Registrant’s telephone number, including area code: (212) 583-5000

 


Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    Yes       No  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of May 15, 2020, the issuer had the following shares outstanding: 628,957,103 shares of Class S common stock, 813,407,202 shares of Class I common stock, 44,880,370 shares of Class T common stock, and 101,746,152 shares of Class D common stock.

 

 


TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

ITEM 1.

FINANCIAL STATEMENTS

1

 

 

 

 

Condensed Consolidated Financial Statements (Unaudited):

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

1

 

 

 

 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019

2

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2020 and 2019

3

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

4

 

 

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

24

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

45

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

45

 

 

 

PART II.

OTHER INFORMATION

46

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

46

 

 

 

ITEM 1A.

RISK FACTORS

46

 

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

47

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

48

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

48

 

 

 

ITEM 5.

OTHER INFORMATION

48

 

 

 

ITEM 6.

EXHIBITS

49

 

 

 

SIGNATURES

50

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments in real estate, net

 

$

28,811,356

 

 

$

26,326,868

 

Investments in unconsolidated entities

 

 

809,452

 

 

 

 

Investments in real estate debt

 

 

4,293,600

 

 

 

4,523,260

 

Cash and cash equivalents

 

 

738,553

 

 

 

204,269

 

Restricted cash

 

 

948,610

 

 

 

905,433

 

Other assets

 

 

1,462,134

 

 

 

1,079,993

 

Total assets

 

$

37,063,705

 

 

$

33,039,823

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Mortgage notes, term loans, and secured revolving credit facilities, net

 

$

18,093,242

 

 

$

16,929,659

 

Repurchase agreements

 

 

2,516,313

 

 

 

3,092,137

 

Unsecured revolving credit facilities

 

 

 

 

 

 

Due to affiliates

 

 

581,487

 

 

 

690,143

 

Accounts payable, accrued expenses, and other liabilities

 

 

2,034,575

 

 

 

1,692,087

 

Total liabilities

 

 

23,225,617

 

 

 

22,404,026

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable non-controlling interests

 

 

22,486

 

 

 

21,149

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 100,000 shares authorized; no shares issued

   and outstanding as of March 31, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock — Class S shares, $0.01 par value per share, 3,000,000 shares authorized;

   611,149 and 530,813 shares issued and outstanding as of March 31, 2020 and

   December 31, 2019, respectively

 

 

6,111

 

 

 

5,308

 

Common stock — Class I shares, $0.01 par value per share, 6,000,000 shares authorized;

   783,816 and 474,279 shares issued and outstanding as of March 31, 2020 and

   December 31, 2019, respectively

 

 

7,830

 

 

 

4,743

 

Common stock — Class T shares, $0.01 par value per share, 500,000 shares authorized;

   43,898 and 39,767 shares issued and outstanding as of March 31, 2020 and

   December 31, 2019, respectively

 

 

439

 

 

 

398

 

Common stock — Class D shares, $0.01 par value per share, 500,000 shares authorized;

   96,382 and 84,657 shares issued and outstanding as of March 31, 2020 and

   December 31, 2019, respectively

 

 

964

 

 

 

847

 

Additional paid-in capital

 

 

16,278,758

 

 

 

11,716,721

 

Accumulated deficit and cumulative distributions

 

 

(2,830,046

)

 

 

(1,422,885

)

Total stockholders' equity

 

 

13,464,056

 

 

 

10,305,132

 

    Non-controlling interests attributable to third party joint ventures

 

 

161,305

 

 

 

157,795

 

    Non-controlling interests attributable to BREIT OP unitholders

 

 

190,241

 

 

 

151,721

 

Total equity

 

 

13,815,602

 

 

 

10,614,648

 

Total liabilities and equity

 

$

37,063,705

 

 

$

33,039,823

 

 

See accompanying notes to condensed consolidated financial statements.

1


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

Rental revenue

$

532,095

 

 

$

212,197

 

Hotel revenue

 

127,472

 

 

 

75,266

 

Other revenue

 

15,315

 

 

 

9,628

 

Total revenues

 

674,882

 

 

 

297,091

 

Expenses

 

 

 

 

 

 

 

Rental property operating

 

168,388

 

 

 

87,811

 

Hotel operating

 

99,306

 

 

 

51,320

 

General and administrative

 

27,910

 

 

 

3,181

 

Management fee

 

49,502

 

 

 

17,177

 

Performance participation allocation

 

 

 

 

20,163

 

Depreciation and amortization

 

328,805

 

 

 

139,479

 

Total expenses

 

673,911

 

 

 

319,131

 

Other income (expense)

 

 

 

 

 

 

 

Income from unconsolidated entities

 

13,269

 

 

 

 

Income (loss) from investments in real estate debt

 

(1,016,147

)

 

 

61,683

 

Net gain on disposition of real estate

 

371

 

 

 

 

Interest income

 

1,747

 

 

 

194

 

Interest expense

 

(188,504

)

 

 

(91,587

)

Loss on extinguishment of debt

 

(1,237

)

 

 

 

Other income (expense)

 

(27,620

)

 

 

1,654

 

Total other income (expense)

 

(1,218,121

)

 

 

(28,056

)

Net loss

$

(1,217,150

)

 

$

(50,096

)

Net loss attributable to non-controlling interests in third party joint ventures

$

237

 

 

$

2,036

 

Net loss attributable to non-controlling interests in BREIT OP

 

16,826

 

 

 

1,214

 

Net loss attributable to BREIT stockholders

$

(1,200,087

)

 

$

(46,846

)

Net loss per share of common stock — basic and diluted

$

(0.86

)

 

$

(0.10

)

Weighted-average shares of common stock outstanding, basic and diluted

 

1,399,514

 

 

 

488,760

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

controlling

 

 

controlling

 

 

 

 

 

 

 

Par Value

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Interests

 

 

Interests

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Additional

 

 

Deficit and

 

 

Total

 

 

Attributable

 

 

Attributable

 

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Cumulative

 

 

Stockholders'

 

 

to Third Party

 

 

to BREIT OP

 

 

Total

 

 

 

Class S

 

 

Class I

 

 

Class T

 

 

Class D

 

 

Capital

 

 

Distributions

 

 

Equity

 

 

Joint Ventures

 

 

Unitholders

 

 

Equity

 

Balance at December 31, 2019

 

$

5,308

 

 

$

4,743

 

 

$

398

 

 

$

847

 

 

$

11,716,721

 

 

$

(1,422,885

)

 

$

10,305,132

 

 

$

157,795

 

 

$

151,721

 

 

$

10,614,648

 

Common stock issued

 

 

985

 

 

 

3,239

 

 

 

48

 

 

 

141

 

 

 

5,070,844

 

 

 

 

 

 

5,075,257

 

 

 

 

 

 

 

 

 

5,075,257

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,799

)

 

 

 

 

 

(97,799

)

 

 

 

 

 

 

 

 

(97,799

)

Distribution reinvestment

 

 

45

 

 

 

37

 

 

 

3

 

 

 

7

 

 

 

104,830

 

 

 

 

 

 

104,922

 

 

 

 

 

 

 

 

 

104,922

 

Common stock/units repurchased

 

 

(227

)

 

 

(190

)

 

 

(10

)

 

 

(31

)

 

 

(515,429

)

 

 

 

 

 

(515,887

)

 

 

 

 

 

(335

)

 

 

(516,222

)

Amortization of compensation awards

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

99

 

 

 

 

 

 

100

 

 

 

 

 

 

500

 

 

 

600

 

Net loss ($700 allocated to redeemable non-controlling interests)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,200,087

)

 

 

(1,200,087

)

 

 

443

 

 

 

(16,806

)

 

 

(1,216,450

)

Distributions declared on common stock ($0.1592 gross per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(207,074

)

 

 

(207,074

)

 

 

 

 

 

 

 

 

(207,074

)

Contributions from non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,255

 

 

 

58,636

 

 

 

67,891

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,188

)

 

 

(3,475

)

 

 

(9,663

)

Allocation to redeemable non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(508

)

 

 

 

 

 

(508

)

 

 

 

 

 

 

 

 

(508

)

Balance at March 31, 2020

 

$

6,111

 

 

$

7,830

 

 

$

439

 

 

$

964

 

 

$

16,278,758

 

 

$

(2,830,046

)

 

$

13,464,056

 

 

$

161,305

 

 

$

190,241

 

 

$

13,815,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

controlling

 

 

controlling

 

 

 

 

 

 

 

Par Value

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Interests

 

 

Interests

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Additional

 

 

Deficit and

 

 

Total

 

 

Attributable

 

 

Attributable

 

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Cumulative

 

 

Stockholders'

 

 

to Third Party

 

 

to BREIT OP

 

 

Total

 

 

 

Class S

 

 

Class I

 

 

Class T

 

 

Class D

 

 

Capital

 

 

Distributions

 

 

Equity

 

 

Joint Ventures

 

 

Unitholders

 

 

Equity

 

Balance at December 31, 2018

 

$

2,770

 

 

$

1,083

 

 

$

233

 

 

$

304

 

 

$

4,327,444

 

 

$

(587,548

)

 

$

3,744,286

 

 

$

75,592

 

 

$

95,076

 

 

$

3,914,954

 

Common stock issued

 

 

414

 

 

 

245

 

 

 

38

 

 

 

75

 

 

 

843,347

 

 

 

 

 

 

844,119

 

 

 

 

 

 

 

 

 

844,119

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,847

)

 

 

 

 

 

(50,847

)

 

 

 

 

 

 

 

 

(50,847

)

Distribution reinvestment

 

 

24

 

 

 

11

 

 

 

2

 

 

 

2

 

 

 

41,995

 

 

 

 

 

 

42,034

 

 

 

 

 

 

 

 

 

42,034

 

Common stock repurchased

 

 

(18

)

 

 

(18

)

 

 

(6

)

 

 

 

 

 

(45,468

)

 

 

 

 

 

(45,510

)

 

 

 

 

 

 

 

 

(45,510

)

Amortization of restricted stock grant

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

99

 

 

 

 

 

 

100

 

 

 

 

 

 

500

 

 

 

600

 

Net loss ($277 allocated to redeemable non-controlling interest)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46,846

)

 

 

(46,846

)

 

 

(2,036

)

 

 

(937

)

 

 

(49,819

)

Distributions declared on common stock ($0.1582 gross per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,542

)

 

 

(69,542

)

 

 

 

 

 

 

 

 

(69,542

)

Contributions from non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,894

 

 

 

4,714

 

 

 

9,608

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,277

)

 

 

(1,536

)

 

 

(2,813

)

Allocation to redeemable non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,080

)

 

 

 

 

 

(1,080

)

 

 

 

 

 

 

 

 

(1,080

)

Balance at March 31, 2019

 

$

3,190

 

 

$

1,322

 

 

$

267

 

 

$

381

 

 

$

5,115,490

 

 

$

(703,936

)

 

$

4,416,714

 

 

$

77,173

 

 

$

97,817

 

 

$

4,591,704

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(1,217,150

)

 

$

(50,096

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Management fee

 

 

49,502

 

 

 

17,177

 

Performance participation allocation

 

 

 

 

 

20,163

 

Depreciation and amortization

 

 

328,805

 

 

 

139,479

 

Gain on disposition of real estate

 

 

(371

)

 

 

 

Loss on extinguishment of debt

 

 

1,237

 

 

 

 

Unrealized (gain) loss on changes in fair value of financial instruments

 

 

1,104,394

 

 

 

(30,003

)

Income from unconsolidated entities

 

 

(13,269

)

 

 

 

Distributions from unconsolidated entities

 

 

12,131

 

 

 

 

Other items

 

 

(1,683

)

 

 

1,477

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) / decrease in other assets

 

 

(70,385

)

 

 

(26,092

)

Increase / (decrease) in due to affiliates

 

 

3,590

 

 

 

(981

)

Increase / (decrease) in accounts payable, accrued expenses, and other liabilities

 

 

12,238

 

 

 

1,912

 

Net cash provided by operating activities

 

 

209,039

 

 

 

73,036

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisitions of real estate

 

 

(2,573,147

)

 

 

(735,508

)

Capital improvements to real estate

 

 

(70,648

)

 

 

(32,672

)

Proceeds from disposition of real estate

 

 

4,488

 

 

 

 

Pre-acquisition costs

 

 

(23,791

)

 

 

 

Investment in unconsolidated entities

 

 

(808,312

)

 

 

 

Purchase of investments in real estate debt

 

 

(485,663

)

 

 

(124,258

)