Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q1 2025
Blackstone Real Estate Income Trust (BSTT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), -6% from a year earlier and -2% from the quarter before. Operating margin was 24.4%, net loss $1.8B (89.5% of revenue).
Blackstone Real Estate Income Trust, Q1 2025: revenue $2.1B (-6% year over year), operating margin 24.4%, net loss $1.8B, operating cash flow $572M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | -2% | -6% |
| Operating profit | $502M | — | — |
| Net earnings | −$1.8B | — | — |
| Operating cash flow | $572M | +26% | +15% |
| Free cash flow | $359M | +139% | +42% |
What changed
Revenue was $2.1B in Q1 2025, down 6% year over year and down 2% from the previous quarter. Rental Housing Properties: was the largest line at 63% of revenue. Rental Housing Properties: lost $0.10B year over year (down 7%), 73% of the total change.
Operating profit was $0.50B, a 24.4% margin (down 46.8 points year over year). Total costs grew 147% against a revenue fall of 6%. The quarter ended with a net loss of $1.8B, after a profit of $0.38B the previous quarter. Minority interests bore $0.14B of it: to shareholders the quarter was a loss of $1.7B. Net interest and other expense of $2.3B was the main reason.
Operating cash flow was $0.57B (up 15% year over year). Non-cash charges added back $0.83B of depreciation and amortization. Working capital and other items added $1.6B. Capital expenditures of $0.21B left free cash flow of $0.36B.
Questions
What was Blackstone Real Estate Income Trust's revenue in the first quarter 2025?
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), -6% from a year earlier and -2% from the quarter before.
Was Blackstone Real Estate Income Trust profitable in the first quarter 2025?
Operating profit was $502M (24.4% of revenue) and net loss $1.8B.
Source: Blackstone Real Estate Income Trust 10-Q on SEC EDGAR.