Blackstone's BREIT books $497 million in Q3 impairments as it sells rental housing and adds data centers

Blackstone Real Estate Income Trust recorded about $496.7 million in third-quarter impairments, up from $27.4 million a year earlier, covering 13 rental housing properties, one office building and some single-family rentals, Propmodo reported. During the quarter the nontraded REIT sold 65 rental housing properties, nine industrial assets and one office building for about $2 billion, realizing a $366.1 million gain. It also deployed $3.4 billion into preleased data center developments through QTS, and data centers now account for 29% of its real estate value, compared with a 17% multifamily weighting.