← Blackstone Real Estate Income Trust
The business behind the dividend
| Measure | BSTT | Median | Formula |
|---|---|---|---|
| Return on equity | -17.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.28bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.07bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 50.7% | 15.0% | Operating income ÷ revenue |
| Net margin | -41.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.87x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.44x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -17.0% | -3.3% | -1.9% | -2.0% | -2.2% | -5.4% | -3.9% | -7.5% | -5.8% | -3.9% |
| Return on capital employed | 5.4% | 6.3% | 6.1% | 3.4% | 4.8% | 4.4% | 4.1% | 4.1% | 2.9% | 4.4% |
| Operating margin | 50.7% | 63.3% | 66.8% | 48.6% | — | 61.6% | 66.7% | 60.6% | 65.9% | 63.3% |
| Net margin | -41.2% | -10.4% | -7.7% | -11.6% | -21.8% | -33.4% | -23.8% | -38.9% | -54.6% | -23.8% |
| Debt to equity | 2.87x | 2.14x | 1.70x | 1.46x | 1.13x | 1.26x | 1.64x | 1.82x | 1.42x | 1.64x |