Blackstone Real Estate Income Trust, Inc. 8-K

What Happened
Blackstone Real Estate Income Trust, Inc. (BREIT) filed an 8-K on January 29, 2026 (announced Jan. 28, 2026) with preliminary, unaudited results for the year ended December 31, 2025. BREIT said its same-property net operating income (NOI) for 2025 is expected to have increased approximately 3% versus 2024 (based on the midpoint of the preliminary range). The filing includes a reconciliation from GAAP net loss to same-property NOI and a table of preliminary figures. BREIT cautioned these are unaudited estimates and Deloitte & Touche LLP has not audited or reviewed them; final audited results may differ materially.

Key Details

• BREIT announced preliminary estimated same-property NOI increased about 3% year-over-year for 2025 (based on the midpoint of its preliminary range).
• The filing includes preliminary reconciliation figures showing same-property NOI attributable to BREIT stockholders reported in the filing at roughly $4.6 billion–$4.8 billion (preliminary range).
• The company disclosed preliminary GAAP net loss figures for the period and a full list of adjustments used to reconcile to NOI (e.g., depreciation, impairments, management fees, interest expense).
• All figures are unaudited and subject to change during the audit of the 2025 financial statements.

Why It Matters
Same-property NOI measures operating performance of properties (rents, occupancy, expenses) excluding the effects of acquisitions, dispositions and redevelopments; a reported ~3% increase suggests property-level operations were generally stronger in 2025 versus 2024. However, these are preliminary, unaudited estimates and BREIT warns they may change when audited financials are completed—investors should wait for the audited annual report/10-K for final, audited results.