Blackstone (BX) net income rose 28% to $628 million for the first quarter 2013, or $0.55 per unit, up from $491 million, or $0.44 per unit, in last year’s first quarter driven by strong fund performance.

However, this is slightly down when compared quarterly. The company earned about $670 million for the fourth quarter 2012.

Economic income on real estate investments for the quarter increased 32% to $353 million. The company is increasing its single-family home rental platform, via its Invitation Homes subsidiary. In the real estate investments bucket, Blackstone committed $1.2 billion of total capital with an additional $1.9 billion committed but not yet invested.

The video below is an electronic press kit on the company’s website explaining this expanding strategy.

Blackstone is officially a financial advisory firm and classifies its real estate operations under its “alternative asset management” business, in the earnings report. Its primary investor base comes from pension funds, the company claims in the above video.