---
schema_version: "secwatch.filing_event.v1"
accession: "0001662972-25-000062"
form_type: "8-K"
ticker: "BSTT"
cik: "0001662972"
company_name: "Blackstone Real Estate Income Trust, Inc."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T04:43:01.769548+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "medium"
source: SEC EDGAR
---

# BREIT Q1 2025 Class I net return +1.9%, same-property NOI growth estimated 4%

## Summary
- Q1 2025 Class I net return of +1.9%, best quarter since Q3 2023.
- Estimated same-property NOI growth of 4% year-over-year for Q1 2025.
- Since inception (Jan 2017), annualized Class I net return of 9.4%.
- Portfolio ~90% concentrated in rental housing, industrial, and data centers; QTS data center platform has $25B+ development pipeline 100% pre-leased.
- Market rents 12% above in-place rents across portfolio, providing embedded growth potential.

## SEC filing metadata
- accession: 0001662972-25-000062
- form_type: 8-K
- ticker: BSTT
- cik: 0001662972
- company_name: Blackstone Real Estate Income Trust, Inc.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: medium
- sec_items: 2.02, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1662972/000166297225000062/0001662972-25-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1662972/000166297225000062/breit-20250507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001662972-25-000062
- JSON: https://secwatch.observer/filing/0001662972-25-000062.json
- Plain text: https://secwatch.observer/filing/0001662972-25-000062.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.