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Blackstone Real Estate Income Trust (BX-1.68%), Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $2,094,666,000 from $2,187,233,000 in the same quarter the previous year. This decrease is attributed to a reduction in rental and hospitality revenues.
Rental property operating expenses decreased to $938,025,000 from $958,571,000 in the same quarter of the previous year. Hospitality operating expenses also decreased to $97,870,000 from $103,585,000.
The company reported a net loss of $607,726,000 for the quarter, compared to a net income of $516,627,000 in the previous year, with the decline attributed to a significant loss from interest rate derivatives.
Net gain on dispositions of real estate was $988,970,000, slightly up from $985,189,000 in the previous year.
Interest expense, net, increased to $853,014,000 from $808,169,000, primarily due to incremental borrowings outstanding.
The company had a working capital of $35,172,967,000 as of September 30, 2024, down from $43,622,494,000 at the end of 2023.
The filing also details various financial agreements, including secured financings of investments in real estate debt and unsecured revolving credit facilities.
Blackstone Real Estate Income Trust does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its diversified portfolio, which includes rental housing, industrial, net lease, data centers, and other property types.
The filing identifies a decrease in net assets of consolidated securitization vehicles and a decrease in income from unconsolidated entities.
Blackstone Real Estate Income Trust remains committed to its investment strategy, focusing on stabilized, income-generating commercial real estate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BLACKSTONE REAL ESTATE INCOME TRUST quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.