Washington (CNN) A new report from The New York Times reveals that even as he was pitching himself as a wildly successful real estate developer and dealmaker, President Donald Trump's businesses lost more than $1 billion from 1985 to 1994.

Following the report, Trump defended his losses, suggesting in a tweet that it was all part of a "tax shelter" strategy that real estate developers commonly use to lower their taxable income. "Real estate developers in the 1980's & 1990's, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases."

"You always wanted to show losses for tax purposes....almost all real estate developers did," Trump tweeted, adding that "it was sport."

....you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job! — Donald J. Trump (@realDonaldTrump) May 8, 2019

FACTS FIRST: While depreciation is a completely legal and common way for real estate developers to lower their tax bills, Trump's use of the tax break to justify $1 billion in losses goes well beyond what could be considered normal.

Over the years, Trump has made no secret of his fondness for using depreciation as a way to lower his tax bill. As a private citizen in 1991, he lobbied Congress on the benefits of depreciation, and defended his use of the tax break in a presidential debate video ) in 2016.

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