Description of Blackstone Real Estate Income Trust's Business Segments
The registrant's reportable segments include Rental Housing, Industrial, Data Centers, Net Lease, Office, Hospitality, Retail, Self Storage, and Investments in Real Estate Debt. Rental Housing comprises multifamily properties as well as student, affordable, manufactured, single-family rental housing, and senior living. The Net Lease segment includes real estate assets such as The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and the company’s unconsolidated investment in a Net Lease platform. Through BREIT OP, the company initiated the DST Program to issue and sell beneficial interests in Delaware statutory trusts holding real properties via private offerings exempt from registration. Each DST Property is held in a separate DST and leased to a wholly-owned subsidiary of BREIT OP under a master lease agreement. BREIT OP is responsible for subleasing and operating costs, guarantees the master lease, and retains a fair market value purchase option to acquire DST Interests from investors. After a one-year holding period, investors may require BREIT OP to redeem their units for shares, cash, or a combination thereof.
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