NEW YORK CITY-It’s been another big year for The Blackstone Group. The private equity giant tripled its real estate revenues in the second quarter of 2011 to $648.5 million, up from $208.5 million in Q2 2010, a new report from the firm shows. Companywide, Blackstone’s economic net income was $703.3 million in Q2 2011, a boost from $498 million in Q2 2010.

Chairman and CEO Stephen A. Schwarzman attributes Blackstone’s strong performance in Q2 based on its portfolio companies and real estate investments, despite the challenges present by slowing economic growth. “The carrying values of our investment funds continued to increase, and we once again reported our best quarterly earning since becoming a public company four years ago,” he says, in a statement.

In the real estate segment, ENI rose to $453.5 million in Q2 2011, compared to $121.4 million last year, which the company chalks up to improved operating performance and a drive in performance fees. Blackstone says the unrealized value and cumulative realized proceeds of the segment’s contributed carry funds represent 1.4 times investors’ original investment as of June 30, 2011.