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Performance

as of , 2018

Portfolio Snapshot1

Asset Allocation

Property Type2

Geography

PORTFOLIO HIGHLIGHTS

Total asset value3$Billion
Net asset value (NAV)$Billion
Number of properties 
Leverage ratio4%
Inception date 

PERFORMANCE SUMMARY (NET OF FEES)

Total Returns5

 MonthlyYTDITD6
Class I%%%
 MonthlyYTDITD6
Class D (No Sales Load)%%%
Class D (With Sales Load)*%%%
* Assumes payment of the full upfront 1.5% sales charge at initial subscription.
 MonthlyYTDITD6
Class S (No Sales Load)%%%
Class S (With Sales Load)*%%%
* Assumes payment of the full upfront 3.5% sales charge at initial subscription.
 MonthlyYTDITD6
Class T (No Sales Load)%%%
Class T (With Sales Load)*%%%
* Assumes payment of the full upfront 3.5% sales charge at initial subscription.
Note: Past performance is historical and not a guarantee of future results

annualized Distribution Rate7

  
Class I%
  
Class D%
  
Class S%
  
Class T%

Monthly NAV

 NAV Per Share
Class I$
 NAV Per Share
Class D$
 NAV Per Share
Class S$
 NAV Per Share
Class T$

Summary of Returns by share class

Class IJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
20170.10%0.20%0.31%0.66%1.81%1.41%0.78%1.37%1.05%0.87%0.60%1.04%10.66%
20181.02%0.83%0.53%0.81%0.65%0.76%0.79%0.76%0.70%0.76%N/AN/A7.87%
Class D*JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2017N/AN/AN/AN/A1.82%1.52%0.42%1.38%0.69%0.81%0.50%1.02%8.44%
20180.96%0.77%0.53%0.78%0.62%0.69%0.77%0.73%0.68%0.74%N/AN/A7.52%
* Does not assume payment of the full upfront 1.5% sales charge at initial subscription for D
** Does not assume payment of the full upfront 3.5% sales charge at initial subscription for S and T
Class S**JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
20170.00%0.20%0.25%0.55%1.73%1.49%0.68%1.29%0.98%0.80%0.53%0.96%9.86%
20180.97%0.77%0.49%0.73%0.59%0.70%0.73%0.70%0.64%0.69%N/AN/A7.24%
* Does not assume payment of the full upfront 1.5% sales charge at initial subscription for D
** Does not assume payment of the full upfront 3.5% sales charge at initial subscription for S and T
Class T**JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2017N/AN/AN/AN/AN/A1.66%0.95%1.03%0.77%0.72%0.49%0.96%6.77%
20180.91%0.71%0.49%0.73%0.57%0.69%0.73%0.70%0.63%0.69%N/AN/A7.06%
* Does not assume payment of the full upfront 1.5% sales charge at initial subscription for D
** Does not assume payment of the full upfront 3.5% sales charge at initial subscription for S and T

Download the Fact Card

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Prospectus (pdf)
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How to Invest

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Existing Investors

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Data is as of , 2018. Past performance does not guarantee future results. Financial data is estimated and unaudited.

  1. “Property Type” and “Geography” weightings are measured as the total asset value of each category against the total asset value of all real estate properties; “Asset Allocation” is measured as the total asset value of each category against the total asset value of the invested assets which includes both real estate properties and real estate debt securities. Totals may not sum due to rounding.
  2. Multifamily includes other types of rental housing such as manufactured and student housing.
  3. Total asset value is measured as the gross asset value of real estate assets (based on fair value) plus the total fair value of real estate-related securities as well as the addition of any other assets (including cash or any other cash equivalents).
  4. Leverage is measured on gross real estate assets (calculated using the greater of fair market value and cost of gross real estate assets, including equity in our securities portfolio), inclusive of property-level and entity-level debt net of cash, but excluding debt on our securities portfolio. The leverage ratio would be higher if debt on our securities portfolio is taken into account.
  5. Returns shown reflect 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. 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 is historical and not a guarantee of future results. Class T, Class S and Class D shares listed as (With Sales Load) reflect the returns after the maximum up-front selling commission and dealer manager fees. Class T, Class S and Class D shares listed as (No Sales Load) exclude up-front selling commissions and dealer manager fees. The inception dates for the Class I, S, D and T shares are January 1, 2017, January 1, 2017, May 1, 2017, and June 1, 2017, respectively. The returns have been prepared using unaudited data and valuations of the underlying investments in BREIT’s portfolio, which are estimates of fair value and form the basis for BREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. For more information on fees and expenses, please see Offering Highlights on the About BREIT page.
  6. Inception to date (“ITD”) returns for BREIT are annualized. Returns are annualized by multiplying the ITD return by twelve months divided by the number of months outstanding for the applicable share class. The inception date for each of the Class I and Class S shares was January 1, 2017. The inception date for Class D and Class T Shares was May 1, 2017 and June 1, 2017, respectively.
  7. 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. 100% of these distributions were funded from cash flows from operations.

This is neither an offer to sell nor a solicitation of an offer to buy the securities describes herein, and must be read in conjunction with the prospectus in order to understand fully all of the implications and risks of the offering to which this sales and advertising literature relates. A copy of the prospectus must be made available to you in connection with this offering, and is available at www.breit.com

Summary of Risk Factors

Blackstone Real Estate Income Trust, Inc. (“BREIT”) is a non-traded REIT that seeks to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income. 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 Blackstone Real Estate Income Trust. Some of these risks include but are not limited to the following:

  • Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan 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 may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our board of directors may modify, suspend or terminate our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • The purchase and repurchase price per share for each class of common stock will vary and will generally equal our prior month’s net asset value (“NAV”) per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month’s NAV per share in cases where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior month.
  • We have no employees and are dependent on BX REIT Advisors L.L.C. (the “Advisor”) to conduct our operations. The Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone accounts, the allocation of time of its investment professionals and the substantial fees that we will pay to the Advisor.
  • On acquiring shares, you will experience immediate dilution in the net tangible book value of your investment.
  • There are limits on the ownership and transferability of our shares.
  • 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 The Blackstone Group L.P. (together with its affiliates, “Blackstone”). Use of the name by other parties or the termination of our trademark license agreement may harm our business.
  • While BREIT’s investment strategy is to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income to investors, an investment in BREIT is not an investment in fixed income. Fixed income has material differences from an investment in a non-traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.
  • 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.
  • 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 the investments to adverse economic factors.
  • Investing in commercial real estate assets involves certain risks, including but not limited to: 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.

BREIT will directly own private real estate assets. Any references to “private real estate” and “direct ownership” are referring to the BREIT strategy. Individual investors will own shares of common stock in BREIT as opposed to direct ownership of private, non-traded real estate assets.

Numerical data is approximate and as of September 30, 2018. The words “we”, “us”, and “our” refer to Blackstone Real Estate Income Trust, Inc., together with its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the “Operating Partnership”), a Delaware limited partnership of which we are the general partner, unless the context requires otherwise. Numerical data relating to Blackstone includes activities of Blackstone Real Estate’s public and private portfolio companies (unless otherwise noted).