NEW YORK CITY—The Blackstone Group's real estate portfolio figured strongly in its record-setting third-quarter and year-to-date results, according to the asset-management and advisory firm's latest earnings report, issued Thursday. The real estate sector's record YTD total revenues and economic income of $2.1 billion and $1.3 billion, respectively, stem from “sustained strong operating fundamentals across all of the sub-sectors of Blackstone's global real estate portfolio,” the company says.

Across the Blackstone spectrum, Q3 and YTD has meant record earnings, distributions, assets under management and investment activity, according to Thursday's earnings report. “Long-term underlying growth fundamentals have never been stronger, as evidenced by the momentum in Blackstone's earnings, distributions, assets and investment activity,” says Stephen A. Schwarzman, the firm's chairman and founder.

Within real estate, Blackstone's opportunistic funds' carrying value appreciated 6.2% for Q3 and 28.1% over the year prior. These funds, according to Blackstone, significantly outperformed global markets “as demand for hospitality, office and logistics remained robust.”

Q3 also saw about $4.4 billion of dispositions, including the closing on a $2.1-billion sale of five Boston office towers to a group led by Toronto-based Oxford Properties Group. Over the past year, Blackstone has traded $16 billion worth of real estate assets globally.

All told, Q3 economic net income for Blackstone companywide was up 18% from the year prior to $758 million, or 66 cents per share. Analysts polled by Bloomberg had projected 71 cents per share. YTD ENI rose 47% year-over-year to $2.51 billion.

Separately, Blackstone on Wednesday announced the appointment of Bryce Blair as executive chairman and John Bartling as president and CEO of Invitation Homes. Both appointments are effective Nov. 3. Invitation Homes is the single-family rental platform Blackstone launched in 2012; thus far it has acquired and renovated 46,000 single-family homes across the US.

Blair was formerly board chairman and CEO at AvalonBay Communities, while Bartling comes to Blackstone from Ares Management LP, where he served as a senior partner and global co-head of real estate. Nick Gould, an Invitation Homes cofounder who has served as its CEO since '12, has been named vice chairman of the board.

Bill Stein, senior managing director and global head of asset management in Blackstone's real estate group, expresses confidence that Bartling will be “a strong addition to the management team we have put in place at Invitation Homes. With John as CEO and Bryce as executive chairman of the board they are well positioned to accelerate the execution of a long-term growth strategy for Invitation Homes that strengthens its position as the market leader in single-family rental homes.”

Since its inception more than 20 years ago, Blackstone's real estate platform has been a major driver of its exponential growth. Click here for Real Estate Forum's recent profile of the platform and key members of its investment committee.