Why Invest in BREIT

Institutional-quality real estate for individual investors, powered by Blackstone1

BREIT provides individuals access to Blackstone Real Estate, the world’s largest owner of commercial real estate with a 30+ year proven track record of success across market cycles.2

Why Blackstone

Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including borrowings, offering proceeds, the sale of our assets and repayments of our real estate debt investments. We have no limits on the amounts we may fund from such sources.

WHY BREIT NOW?

Not Waiting for the All-Clear Signal

We believe subsiding headwinds, declining new supply and our focus on high-growth sectors and markets positions BREIT well today and for the future.

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What Sets BREIT Apart

Strong long-term performance driven by our high conviction, thematic investment approach

Strong Long-Term Performance3

BREIT has continued to deliver strong long-term returns and compelling distributions.4,5

10.5%

Class I annualized inception to date return4

4.7%

Class I annualized distribution rate5

view performance

Strong Long-Term Performance3

BREIT has continued to deliver strong long-term returns and compelling distributions.4,5

9.5%

Class S annualized inception to date return4

3.8%

Class S annualized distribution rate5

view performance

Does not assume payment of the maximum upfront sales charges at initial subscription for Class S shares. Payment of the upfront sales charge reduces returns.

High Conviction, Thematic Portfolio

We invest with the wind at our back. BREIT is focused on high-growth sectors and markets experiencing secular growth tailwinds.

50%+

sectors with high single-digit or greater market rent growth6,7

~70%

fast-growing Sunbelt markets7,8

Differentiated Portfolio

BREIT’s differentiated exposure to data centers and student housing has powered outperformance.

20% BREIT vs. <1%

non-listed REIT peers exposure7,9

VIEW PORTFOLIO

Declining New Supply

Sharp declines in new construction starts in BREIT’s key sectors support pricing power in the future.

⭣41%

multifamily construction starts from 2022 peak10

⭣76%

industrial construction starts from 2022 peak10

Alignment of Interests

Blackstone employees are meaningfully invested in BREIT, demonstrating our commitment and conviction in the strategy.

$1.4B

employee ownership11

BREIT’s Portfolio

BREIT’s portfolio is concentrated in high-growth sectors in fast-growing Sunbelt markets with a substantially hedged balance sheet.6,8,12

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Performance

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Why Blackstone

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Represents BREIT’s view of the current market environment as of the date appearing in this material only. Past performance does not predict future returns. Financial information is approximate and as of February 29, 2024, unless otherwise noted. The words “we”, “us”, and “our” refer to BREIT, together with its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the “Operating Partnership”), unless the context requires otherwise. See “Important Disclosure Information” below, including “Trends”.

NAV Calculation and Reconciliation. This material contains references to our net asset value (“NAV”) and NAV based calculations, which involve significant professional judgment. Our NAV is generally equal to the fair value of our assets less outstanding liabilities, calculated in accordance with our valuation guidelines. The calculated value of our assets and liabilities may differ from our actual realizable value or future value which would affect the NAV as well as any returns derived from that NAV, and ultimately the value of your investment. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. NAV is not a measure used under generally accepted accounting principles (“GAAP”) and will likely differ from the GAAP value of our equity reflected in our financial statements. As of December 31, 2023, our total equity under GAAP, excluding non-controlling third-party JV interests, was $38.9 billion and our NAV was $60.7 billion. As of December 31, 2023, our NAV per share was $14.09, $13.87, $13.78 and $14.10 for Class S, Class T, Class D and Class I shares, respectively, and GAAP equity per share/unit was $9.02. GAAP equity accounts for net income as calculated under GAAP, and we have incurred $732.0 million in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the year ended December 31, 2023. Our net income (loss) as calculated under GAAP and a reconciliation of our GAAP equity, excluding non-controlling third-party JV interests, to our NAV are provided in our annual and interim financial statements. As of December 31, 2023, 100% of inception to date distributions were funded from cash flows from operations. For further information, please refer to “Net Asset Value Calculation and Valuation Guidelines” in BREIT’s prospectus, which describes our valuation process and the independent third parties who assist us.

Rental Housing includes the following subsectors as a percent of real estate asset value: multifamily (25%, including senior housing, which accounts for <1%), student housing (11%), single family rental housing (9%, including manufactured housing, which accounts for 1%) and affordable housing (8%).

  1. “Institutional-quality” refers to BREIT’s real estate portfolio and not the terms of the offering. Individual investors should be aware that institutional investors generally have different criteria when making investment decisions.
  2. World’s largest owner of commercial real estate based on estimated market value per Real Capital Analytics, as of December 31, 2023. A copy of the source materials of such data will be provided upon request. Blackstone is a premier global investment manager. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. (the “Adviser”). Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. An investment in BREIT is not an investment in our sponsor or Blackstone as BREIT is a separate and distinct legal entity.
  3. Performance returns reflect reinvested distributions and changes in the NAV per share. Additional share class specific fees may be paid with respect to Class S, T and D shares, which would lower returns. See www.breit.com/performance for growth of $100,000 since inception for each share class. The “Growth of $100k” chart does not assume payment of the maximum upfront sales charges at initial subscription for Class S, T and D shares. Payment of the upfront sales charge reduces returns. The maximum amount of upfront fees paid for an investment of $100,000 is $3,500, $3,500 and $1,500 for Class S, T and D shares, respectively. The $100,000 amount used in this illustration is hypothetical, was chosen arbitrarily and should in no way be interpreted as a recommended investment amount. Suitability rules for investors may apply, such as an investment limit in the issuer to 10% of such investor’s liquid net worth. Minimum initial investment for Class S, T and D shares is $2,500. Class I shares require a minimum investment of $1,000,000, unless waived. Class I shares are generally available only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating broker-dealers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers, among others. See the prospectus for more information. Before making an investment decision, prospective investors should consult with their investment adviser regarding their account type and classes of common stock they may be eligible to purchase.
  4. Inception to date (“ITD”) returns for BREIT are annualized consistent with the IPA Practice Guideline 2018. The inception dates for the Class S, T, D and I shares are January 1, 2017, June 1, 2017, May 1, 2017 and January 1, 2017, respectively. ITD returns for all share classes were as follows: Class S shares (no sales load) 9.5%; Class S shares (with sales load) 9.0%; Class T shares (no sales load) 9.7%; Class T shares (with sales load) 9.2%; Class D shares (no sales load) 10.3%; Class D shares (with sales load) 10.0%; Class I shares 10.5%. The foregoing reflects the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. Return information is not a measure used under GAAP. BREIT has incurred $732.0 million in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the year ended December 31, 2023. Additional information about our net income (loss) as calculated under GAAP is included in our annual and interim financial statements. All returns shown assume reinvestment of distributions pursuant to BREIT’s distribution reinvestment plan, are derived from unaudited financial information, and are net of all BREIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance participation allocation, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Past performance does not predict future returns. Class S, Class T and Class D shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees. Class S, Class T and Class D shares listed as (no sales load) exclude upfront selling commissions and dealer manager fees. With sales load returns assume payment of the maximum upfront sales charge at initial subscription (3.5% for Class S and Class T shares; 1.5% for Class D shares). The sales charge for Class D shares became effective May 1, 2018. Please refer to “NAV Calculation and Reconciliation” above for additional information on our determination of NAV.
  5. Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. We have no limits on the amounts we may fund from such sources. As of December 31, 2023, 100% of inception to date distributions were funded from cash flows from operations.
  6. 50%+ concentration refers to the industrial, student housing, data centers and affordable housing sectors, which accounted for 53% of BREIT’s real estate asset value. The selected BREIT investments herein are provided for illustrative purposes only, are not representative of all BREIT investments of a given property type and are not representative of BREIT’s entire portfolio. See www.breit.com/properties for the complete list of BREIT’s real estate investments (excluding equity in public and private real estate related companies). See “Important Disclosures Information—Market Rent Growth” and “—Trends”.
  7. “Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all real estate investments, excluding the value of any third-party interests in such real estate investments. Rental Housing includes the following subsectors as a percent of real estate asset value: multifamily (25%, including senior housing, which accounts for <1%), student housing (11%), single family rental housing (9%, including manufactured housing, which accounts for 1%) and affordable housing (8%). Please see the prospectus for more information on BREIT’s investments. Sunbelt refers to ~70% concentration in the South and West regions. “Region Concentration” represents regions as defined by the National Council of Real Estate Investment Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of real estate properties for each regional category divided by the asset value of all real estate properties, excluding the value of any third-party interests in such real estate properties. “Non-U.S.” reflects investments in Europe and Canada.
  8. “Fast-growing” reflects population growth comparison between the South and West regions versus the rest of the U.S. as defined by NCREIF. Population growth reflects U.S. Bureau of Economic Analysis, as of June 30, 2023, which can be found at https://apps.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=4. Represents 5-year compounded annual growth rate of population from mid-quarter Q1 2018 to mid-quarter Q1 2023. While BREIT generally seeks to acquire real estate properties located in growth markets, certain properties may not be located in such markets. Although a market may be a growth market as of the date of this material, demographics and trends may change and investors are cautioned on relying upon the data presented as there is no guarantee that historical trends will continue or that BREIT could benefit from such trends. See “Important Disclosures Information—Trends”.
  9. Outperformance refers to 1-year BREIT net returns vs. non-listed REIT peer set, as of March 31, 2024. Please see detailed BREIT performance information available at www.breit.com/performance. Peer set consists of Ares Real Estate Income Trust, Brookfield Real Estate Income Trust, JLL Income Property Trust, Nuveen Global Cities REIT and Starwood Real Estate Income Trust. “Average peers” return reflects simple average of the peer set. Performance for each peer varies; some peers have higher performance than BREIT or the foregoing average and/or have higher performance than BREIT or such average over different periods. Please refer to the websites and public filings of each issuer for its financial and returns information. This group of issuers was selected by us as our peer set given they are the current larger and more active group of net asset value based non-listed REITs (“NAV REITs”) sponsored by other large investment managers. This peer set does not represent all of the NAV REITs or other non-listed REITs in existence. Other NAV REITs may use methodologies to calculate their NAV and returns that differ from BREIT’s (and in certain cases, could be higher than the peer set selected). The peer set’s assets are located in markets that are different from BREIT’s markets. BREIT’s market rent growth may not reflect the market rent growth experienced by other NAV REITs. There are other differences among the peer set of NAV REITs which are not reflected above. BREIT is not an appropriate investment for all investors. Investors should consult with a financial professional. A copy of the source materials of such data will be provided upon request.
  10. Multifamily supply reflects U.S. Census Bureau, as of March 31, 2024. Represents a 41% decline in seasonally adjusted annualized rate of U.S. new privately owned multifamily starts from 2022 peak of the trailing three-month period ended November 30, 2022 to the trailing three-month period ended March 31, 2024. Privately owned multifamily starts are distinct from U.S. Census permits and completions figures and total housing starts (which include both single family and multifamily), which may differ in volume over a given period. As of March 31, 2024, the multifamily (including senior housing) and affordable housing sectors accounted for 25% and 8% of BREIT’s real estate asset value, respectively. Industrial supply reflects CoStar data as of March 31, 2024 and represents a 76% decline in new industrial construction starts from for Q1 2024 vs. recent peak (Q3’22). As of March 31, 2024, the industrial sector accounted for 25% of BREIT’s real estate asset value. A copy of the source materials of such data will be provided upon request.
  11. Reflects employee ownership as of March 28, 2024.
  12. Reflects 86% fixed-rate liabilities as of March 31, 2024. The percentage of fixed-rate financing is measured by dividing (i) the sum of our consolidated fixed-rate debt, secured financings on investments in real estate debt, and the outstanding notional principal amount of corporate and consolidated interest rate swaps, by (ii) total consolidated debt outstanding inclusive of secured financings on investments in real estate debt.
  1. “Institutional-quality” refers to BREIT’s real estate portfolio and not the terms of the offering. Individual investors should be aware that institutional investors generally have different criteria when making investment decisions.
  2. World’s largest owner of commercial real estate based on estimated market value per Real Capital Analytics, as of December 31, 2023. A copy of the source materials of such data will be provided upon request. Blackstone is a premier global investment manager. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. (the “Adviser”). Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. An investment in BREIT is not an investment in our sponsor or Blackstone as BREIT is a separate and distinct legal entity.
  3. Performance returns reflect reinvested distributions and changes in the NAV per share. Additional share class specific fees may be paid with respect to Class S, T and D shares, which would lower returns. See www.breit.com/performance for growth of $100,000 since inception for each share class. The “Growth of $100k” chart does not assume payment of the maximum upfront sales charges at initial subscription for Class S, T and D shares. Payment of the upfront sales charge reduces returns. The maximum amount of upfront fees paid for an investment of $100,000 is $3,500, $3,500 and $1,500 for Class S, T and D shares, respectively. The $100,000 amount used in this illustration is hypothetical, was chosen arbitrarily and should in no way be interpreted as a recommended investment amount. Suitability rules for investors may apply, such as an investment limit in the issuer to 10% of such investor’s liquid net worth. Minimum initial investment for Class S, T and D shares is $2,500. Class I shares require a minimum investment of $1,000,000, unless waived. Class I shares are generally available only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating broker-dealers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers, among others. See the prospectus for more information. Before making an investment decision, prospective investors should consult with their investment adviser regarding their account type and classes of common stock they may be eligible to purchase.
  4. Inception to date (“ITD”) returns for BREIT are annualized consistent with the IPA Practice Guideline 2018. The inception dates for the Class S, T, D and I shares are January 1, 2017, June 1, 2017, May 1, 2017 and January 1, 2017, respectively. ITD returns for all share classes were as follows: Class S shares (no sales load) 9.5%; Class S shares (with sales load) 9.0%; Class T shares (no sales load) 9.7%; Class T shares (with sales load) 9.2%; Class D shares (no sales load) 10.3%; Class D shares (with sales load) 10.0%; Class I shares 10.5%. The foregoing reflects the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. Return information is not a measure used under GAAP. BREIT has incurred $732.0 million in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the year ended December 31, 2023. Additional information about our net income (loss) as calculated under GAAP is included in our annual and interim financial statements. All returns shown assume reinvestment of distributions pursuant to BREIT’s distribution reinvestment plan, are derived from unaudited financial information, and are net of all BREIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance participation allocation, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Past performance does not predict future returns. Class S, Class T and Class D shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees. Class S, Class T and Class D shares listed as (no sales load) exclude upfront selling commissions and dealer manager fees. With sales load returns assume payment of the maximum upfront sales charge at initial subscription (3.5% for Class S and Class T shares; 1.5% for Class D shares). The sales charge for Class D shares became effective May 1, 2018. Please refer to “NAV Calculation and Reconciliation” above for additional information on our determination of NAV.
  5. Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. We have no limits on the amounts we may fund from such sources. As of December 31, 2023, 100% of inception to date distributions were funded from cash flows from operations.
  6. 50%+ concentration refers to the industrial, student housing, data centers and affordable housing sectors, which accounted for 53% of BREIT’s real estate asset value. The selected BREIT investments herein are provided for illustrative purposes only, are not representative of all BREIT investments of a given property type and are not representative of BREIT’s entire portfolio. See www.breit.com/properties for the complete list of BREIT’s real estate investments (excluding equity in public and private real estate related companies). See “Important Disclosures Information—Market Rent Growth” and “—Trends”.
  7. “Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all real estate investments, excluding the value of any third-party interests in such real estate investments. Rental Housing includes the following subsectors as a percent of real estate asset value: multifamily (25%, including senior housing, which accounts for <1%), student housing (11%), single family rental housing (9%, including manufactured housing, which accounts for 1%) and affordable housing (8%). Please see the prospectus for more information on BREIT’s investments. Sunbelt refers to ~70% concentration in the South and West regions. “Region Concentration” represents regions as defined by the National Council of Real Estate Investment Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of real estate properties for each regional category divided by the asset value of all real estate properties, excluding the value of any third-party interests in such real estate properties. “Non-U.S.” reflects investments in Europe and Canada.
  8. “Fast-growing” reflects population growth comparison between the South and West regions versus the rest of the U.S. as defined by NCREIF. Population growth reflects U.S. Bureau of Economic Analysis, as of June 30, 2023, which can be found at https://apps.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=4. Represents 5-year compounded annual growth rate of population from mid-quarter Q1 2018 to mid-quarter Q1 2023. While BREIT generally seeks to acquire real estate properties located in growth markets, certain properties may not be located in such markets. Although a market may be a growth market as of the date of this material, demographics and trends may change and investors are cautioned on relying upon the data presented as there is no guarantee that historical trends will continue or that BREIT could benefit from such trends. See “Important Disclosures Information—Trends”.
  9. Outperformance refers to 1-year BREIT net returns vs. non-listed REIT peer set, as of March 31, 2024. Please see detailed BREIT performance information available at www.breit.com/performance. Peer set consists of Ares Real Estate Income Trust, Brookfield Real Estate Income Trust, JLL Income Property Trust, Nuveen Global Cities REIT and Starwood Real Estate Income Trust. “Average peers” return reflects simple average of the peer set. Performance for each peer varies; some peers have higher performance than BREIT or the foregoing average and/or have higher performance than BREIT or such average over different periods. Please refer to the websites and public filings of each issuer for its financial and returns information. This group of issuers was selected by us as our peer set given they are the current larger and more active group of net asset value based non-listed REITs (“NAV REITs”) sponsored by other large investment managers. This peer set does not represent all of the NAV REITs or other non-listed REITs in existence. Other NAV REITs may use methodologies to calculate their NAV and returns that differ from BREIT’s (and in certain cases, could be higher than the peer set selected). The peer set’s assets are located in markets that are different from BREIT’s markets. BREIT’s market rent growth may not reflect the market rent growth experienced by other NAV REITs. There are other differences among the peer set of NAV REITs which are not reflected above. BREIT is not an appropriate investment for all investors. Investors should consult with a financial professional. A copy of the source materials of such data will be provided upon request.
  10. Multifamily supply reflects U.S. Census Bureau, as of March 31, 2024. Represents a 41% decline in seasonally adjusted annualized rate of U.S. new privately owned multifamily starts from 2022 peak of the trailing three-month period ended November 30, 2022 to the trailing three-month period ended March 31, 2024. Privately owned multifamily starts are distinct from U.S. Census permits and completions figures and total housing starts (which include both single family and multifamily), which may differ in volume over a given period. As of March 31, 2024, the multifamily (including senior housing) and affordable housing sectors accounted for 25% and 8% of BREIT’s real estate asset value, respectively. Industrial supply reflects CoStar data as of March 31, 2024 and represents a 76% decline in new industrial construction starts from for Q1 2024 vs. recent peak (Q3’22). As of March 31, 2024, the industrial sector accounted for 25% of BREIT’s real estate asset value. A copy of the source materials of such data will be provided upon request.
  11. Reflects employee ownership as of March 28, 2024.

Important Disclosure Information

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss.

Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Investors should consult their own tax and legal advisors as Dealers generally do not provide tax or legal advice. REITs are generally not taxed at the corporate level to the extent they distribute all of their taxable income in the form of dividends. Ordinary income dividends are taxed at individual tax rates and distributions may be subject to state tax. Each investor’s tax considerations are different and consulting a tax advisor is recommended. Any of the data provided herein should not be construed as investment, tax, accounting or legal advice.

Interests in alternative investment products are distributed by the applicable Dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations of such Dealer or any of its affiliates, and (3) are not guaranteed by such Dealer and its affiliates. Each Dealer is a registered broker-dealer, not a bank.

Market Rent Growth. Overall year-over-year market rent growth in BREIT’s portfolio markets, weighted by BREIT’s real estate asset value in each sector, was 5% as of December 31, 2023. Multifamily (excluding senior housing) reflects Axiometrics data as of December 31, 2023 and represents -2% effective market rent growth in BREIT’s markets weighted by unit count. Affordable housing reflects Blackstone Proprietary Data as of December 31, 2023 and represents 6% increase in maximum legal rents for 2023. Student housing reflects Blackstone Proprietary Data as of December 31, 2023 and represents 9% increase in rents for 2024-25 academic year compared to 2023-24 academic year based on 45% pre-leasing to date; assumes current asking rents are achieved for the remainder of the lease-up, of which there can be no assurance, and this information should not be considered an indication of future performance. Single family rental housing (excluding manufactured housing) reflects Blackstone Proprietary Data as of December 31, 2023 and represents 2% leasing spreads, comparing new or renewal rents to prior rents or expiring rents, as applicable. Manufactured housing reflects Blackstone Proprietary Data as of December 31, 2023 and represents 6% rent increases for renewal notices sent through December 31, 2023 for 51% of BREIT’s portfolio and estimated rent increase for the remainder of 2024. There can be no assurance that such rents will actually be achieved, and this information should not be considered an indication of future performance. Senior housing reflects Blackstone Proprietary Data as of December 31, 2023 and represents 5% leasing spreads and compares new or renewal rents to prior rents or expiring rents. Industrial reflects Blackstone Proprietary Data as of December 31, 2023 and represents 7% market rent growth in BREIT’s U.S. industrial markets weighted by same property square footage at BREIT’s share. Net lease reflects Blackstone Proprietary Data as of September 30, 2023 and represents 5% year-over-year increase in market rent based on estimated run-rate EBITDAR and market rent coverage ratio for BREIT properties. Data Centers reflect Wells Fargo estimate as of December 14, 2023 and represents 26% estimated year-over-year U.S. data center rent growth for the full year 2023. There can be no assurance that such rents will actually be achieved, and this information should not be considered an indication of future performance. Self Storage reflects Blackstone Proprietary Data as of December 31, 2023 and represents -1% market rent growth on new and renewal leases. Hospitality reflects Blackstone Proprietary Data as of December 31, 2023 and represents -4% year-over-year change in average daily rate (“ADR”). Retail reflects Blackstone Proprietary Data as of December 31, 2023 and represents estimated 7% market rent growth in BREIT’s markets. Office reflects Blackstone Proprietary Data as of December 31, 2023 and represents 1% market rent growth in BREIT’s markets.

Select Images. The selected images of certain BREIT investments in this website are provided for illustrative purposes only, are not representative of all BREIT investments of a given property type and are not representative of BREIT’s entire portfolio. It should not be assumed that BREIT’s investment in the properties identified and discussed herein were or will be profitable. Please refer to https://www.breit.com/properties for a complete list of BREIT’s real estate investments (excluding equity in public and private real estate related companies), including BREIT’s ownership interest in such investments.

Trends. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

Index Definitions. An investment in BREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment. BREIT’s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as are the prices of publicly traded REITs or equities. Although BREIT’s share price is subject to less volatility, BREIT shares are significantly less liquid than these asset classes, and are not immune to fluctuations. Private real estate is not traded on an exchange and will have less liquidity and price transparency. The value of private real estate may fluctuate and may be worth less than was initially paid for it.

The volatility and risk profile of the indices presented is likely to be materially different from that of BREIT including those related to fees and expenses, liquidity, safety, and tax features. In addition, the indices employ different investment guidelines and criteria than BREIT; as a result, the holdings in BREIT may differ significantly from the holdings of the securities that comprise the indices. The indices are not subject to fees or expenses, are meant to illustrate general market performance and it may not be possible to invest in the indices. The performance of the indices has not been selected to represent an appropriate benchmark to compare to BREIT’s performance, but rather is disclosed to allow for comparison of BREIT’s performance to that of well-known and widely recognized indices. A summary of the investment guidelines for the indices presented is available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends.

BREIT does not trade on a national securities exchange, and therefore, is generally illiquid. Your ability to redeem shares in BREIT through BREIT’s share repurchase plan may be limited and fees associated with the sale of these products can be higher than other asset classes. In some cases, periodic distributions may be subsidized by borrowed funds and include a return of investor principal. This is in contrast to the distributions investors receive from large corporate stocks that trade on national exchanges, which are typically derived solely from earnings. Investors typically seek income from distributions over a period of years. Upon liquidation, return of capital may be more or less than the original investment depending on the value of assets.

An investment in private real estate (i) differs from the MSCI U.S. REIT Index in that private real estate investments are not publicly traded U.S. Equity REITs and (ii) differs from the NFI-ODCE in that such index represents various private real estate funds with differing terms and strategies.

  • The MSCI U.S. REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures large, mid and small cap securities. It represents about 99% of the U.S. REIT universe. The index is calculated with dividends reinvested on a daily basis.
  • The NFI-ODCE is a capitalization-weighted, gross of fees, time-weighted return index with an inception date of December 31, 1977. Published reports may also contain equal-weighted and net of fees information. Open-end funds are generally defined as infinite-life vehicles consisting of multiple investors who have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption requests, thereby providing a degree of potential investment liquidity. The term diversified core equity typically reflects lower risk investment strategies utilizing low leverage and is generally represented by equity ownership positions in stable U.S. operating properties diversified across regions and property types. While funds used in the NFI-ODCE have characteristics that differ from BREIT (including differing management fees and leverage), BREIT’s management feels that the NFI-ODCE is an appropriate and accepted index for the purpose of evaluating the total returns of direct real estate funds. Comparisons shown are for illustrative purposes only and do not represent specific investments. Investors cannot invest in this index. BREIT has the ability to utilize higher leverage than is allowed for the funds in the NFI-ODCE, which could increase BREIT’s volatility relative to the index. Additionally, an investment in BREIT is subject to certain fees that are not contemplated in the NFI-ODCE.

Summary of Risk Factors

BREIT is a non-listed REIT that invests primarily in stabilized income-generating commercial real estate investments across asset classes in the United States (“U.S.”) and, to a lesser extent, real estate debt investments, with a focus on current income. We invest to a lesser extent in countries outside of the U.S. This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in BREIT. These risks include, but are not limited to, the following:

  • Since there is no public trading market for our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan, which is approved and administered by our board of directors, provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and our board of directors may determine to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in its discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions, including repurchase limitations that have in the past been, and may in the future be, exceeded, resulting in our repurchase of shares on a pro rata basis. Further, our board of directors may, in certain circumstances, make exceptions to, modify or suspend our share repurchase plan. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. We have no limits on the amounts we may fund from such sources.
  • The purchase and repurchase price for shares of our common stock are generally based on our prior month’s net asset value (“NAV”) and are not based on any public trading market. While there will be independent annual appraisals of our properties, the appraisal of properties is inherently subjective, and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day.
  • We are dependent on BX REIT Advisors L.L.C. (the “Adviser”) to conduct our operations, as well as the persons and firms the Adviser retains to provide services on our behalf. The Adviser will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Blackstone Accounts (as defined in BREIT’s prospectus), the allocation of time of its investment professionals and the substantial fees that we will pay to the Adviser.
  • On acquiring shares, an investor will experience immediate dilution in the net tangible book value of the investor’s investment.
  • There are limits on the ownership and transferability of our shares.
  • We intend to continue to qualify as a REIT for U.S. federal income tax purposes. However, if we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.
  • We do not own the Blackstone name, but we are permitted to use it as part of our corporate name pursuant to a trademark license agreement with an affiliate of Blackstone Inc. (“Blackstone”). Use of the name by other parties or the termination of our trademark license agreement may harm our business.
  • The acquisition of investment properties may be financed in substantial part by borrowing, which increases our exposure to loss. The use of leverage involves a high degree of financial risk and will increase the exposure of our investments to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of our investments.
  • Investing in commercial real estate assets involves certain risks, including but not limited to: adverse changes in values or operating results caused by global and national economic and market conditions generally and by the local economic conditions where our properties are located, including changes with respect to rising vacancy rates or decreasing market rental rates; tenants’ inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market.
  • Our portfolio is currently concentrated in certain industries and geographies, and, as a consequence, our aggregate return may be substantially affected by adverse economic or business conditions affecting that particular type of asset or geography.
  • Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on BREIT and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in BREIT may be increased.

Certain information contained in this material has been obtained from sources outside Blackstone, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates.

Opinions expressed reflect the current opinions of BREIT as of the date appearing in the materials only and are based on BREIT’s opinions of the current market environment, which is subject to change. Stockholders, financial professionals and prospective investors should not rely solely upon the information presented when making an investment decision and should review the most recent prospectus, as supplemented, available at www.breit.com. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

All rights to the trademarks and/or logos presented herein belong to their respective owners and Blackstone’s use hereof does not imply an affiliation with, or endorsement by, the owners of these logos.

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Forward-Looking Statements

This website contains “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in BREIT’s prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BREIT’s public filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Blackstone Securities Partners L.P. (“BSP”) is a broker-dealer whose purpose is to distribute Blackstone managed or affiliated products. BSP provides services to its Blackstone affiliates, not to investors in its funds, strategies or other products. BSP does not make any recommendation regarding, and will not monitor, any investment. As such, when BSP presents an investment strategy or product to an investor, BSP does not collect the information necessary to determine—and BSP does not engage in a determination regarding—whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment and/or consult with a professional advisor to determine whether it is advisable for you to invest in any Blackstone strategy or product. Please note that BSP may not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment in any Blackstone strategy or product, contact your own professional advisor.

This website must be read in conjunction with BREIT’s prospectus in order to fully understand all the implications and risks of an investment in BREIT. Please refer to the prospectus for more information regarding state suitability standards and consult a financial professional for share class availability and appropriateness.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED IN THE PROSPECTUS FOR THE OFFERING, AS AMENDED AND SUPPLEMENTED (THE “PROSPECTUS”). THE OFFERING IS MADE ONLY BY THE PROSPECTUS AND THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY THE PROSPECTUS. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. IN ADDITION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK HAS NOT PASSED ON OR ENDORSED THE MERITS OF THE OFFERING. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.