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The materials above reflect the views of Blackstone Inc. (“Blackstone”) as of the date appearing in the materials. The words “we”, “us” and “our” in the materials refer to Blackstone, unless the context requires otherwise. The real estate group of Blackstone, Blackstone Real Estate, is BREIT’s sponsor and an affiliate of BX REIT Advisors L.L.C, BREIT’s adviser. An investment in BREIT is not an investment in BREIT’s sponsor or Blackstone as BREIT is a separate and distinct legal entity. The materials are provided for informational purposes only, and under no circumstances may any information contained in the materials be construed as investment advice or an offer to sell or a solicitation of an offer to purchase (or any marketing in connection thereof) any interest in any investment vehicles managed by Blackstone or its affiliates. Please note that Blackstone Real Estate manages various vehicles with generally distinct investment strategies, and certain market insights included in the materials may not be relevant to BREIT and should not be interpreted as the view of BREIT or as an indication of BREIT’s future positioning. The positioning of Blackstone’s global real estate portfolio is different from BREIT’s portfolio positioning, and certain investment examples described in the materials are owned by other vehicles managed by Blackstone Real Estate and by certain other third-party equity partners, and not BREIT.

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