BREIT 2017 Annual Report

74 Results of Operations The following table sets forth information regarding our consolidated results of operations ($ in thousands): For the Year Ended December 31, 2017 For the Period March 2, 2016 (date of initial capitalization) through December 31, 2016 Revenues Rental revenue $ 110,429 $ — Tenant reimbursement income 10,952 — Hotel revenue 29,916 — Other revenue 6,635 — Total revenues 157,932 — Expenses Rental property operating 51,115 — Hotel operating 20,417 — General and administrative 7,692 115 Management fee 8,867 — Performance participation allocation 16,974 — Depreciation and amortization 121,793 — Total expenses 226,858 115 Other income (expense) Income from real estate-related securities 17,749 — Interest income 454 — Interest expense (36,884) — Other income 57 — Total other (expense) income (18,624) — Net loss (87,550) (115) Net loss attributable to non-controlling interests 1,292 — Net loss attributable to BREIT stockholders $ (86,258) $ (115) From March 2, 2016 (date of our initial capitalization) through December 31, 2016, we had not commenced our principal operations and were focused on our formation and the registration of the Offering. We commenced selling shares in October 2016 and broke escrow as of January 1, 2017. Total Revenues During the year ended December 31, 2017, total revenues were $157.9 million driven primarily by Rental Revenue and Hotel Revenue from our 27 investments in real property. Rental Property and Hotel Operating Expenses During the year ended December 31, 2017, Rental Property and Hotel Operating Expenses were $71.5 million, driven primarily by our 27 investments in real property. General and Administrative Expenses During the year ended December 31, 2017, General and Administrative Expenses were $7.7 million, and consisted primarily of legal fees, accounting fees, transfer agent fees, other professional services fees, and expenses related to unconsummated acquisitions we are no longer pursuing. The $7.7 million of General and Administrative Expenses includes $1.8 million of organization costs incurred in conjunction with our formation. Such costs included legal fees, accounting fees, transfer agent fees, and other costs related to our formation. We do not expect to incur such costs in the future as our formation is complete and we have commenced principal operations. See Note 2 to our consolidated financial statements for further details on the accounting treatment of organization and offering costs.