Blackstone's CRE Income Jumps 88% Y-O-Y

NEW YORK CITY-Blackstone Real Estate Partners has long been one of the Blackstone Group‘s strongest performers, and BREP’s success in the second quarter was a key factor in the hedge fund giant’s stellar Q2 results as announced Thursday morning. BREP’s economic net income increased 88% year over year to $371 million, powering a more than threefold gain Y-O-Y in ENI to $703 million for Blackstone on the whole.

“In the second quarter, Blackstone doubled revenues and tripled earnings compared to a year ago, as good returns in every one of our businesses drove higher performance fees,” Stephen A. Schwarzman, Blackstone’s chairman and CEO, says in a statement. “Robust realizations allowed us to generate significant returns for our fund investors and higher distributable earnings for our unitholders. These past three quarters have been the highest in distributable earnings since Blackstone went public six years ago.”