Performance

As of April 30, 2021

Performance

ITD Annualized Return1

10.38%

Annualized Distribution Rate2

5.40%

NAV Per Share

$12.10

Total Returns3

ClassMonthlyYTDITD1
Class I2.14%6.60%10.38%

Note: Past performance is historical and not a guarantee of future results.

Portfolio Snapshot4

Investment Allocation

Property Type5

Geography

Portfolio Highlights

Total Asset Value6$46.0 Billion
Net Asset Value (NAV)7$26.4 Billion
Leverage Ratio841%
Number of Properties91,451
Occupancy1094%
Inception DateJanuary 2017

Monthly Total Returns

Class IJanFebMarAprMayJunJulAugSepOctNovDecYTD
20211.42%1.50%1.38%2.14%6.60%
20200.73%-0.06%-8.11%0.60%1.43%2.05%0.84%2.17%2.69%1.90%1.48%1.45%6.92%
20190.99%0.83%0.77%0.72%1.28%0.85%1.58%1.42%1.17%0.64%0.79%0.55%12.22%
20181.02%0.83%0.53%0.81%0.65%0.76%0.79%0.76%0.70%0.76%0.53%-0.10%8.33%
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%

Historical NAV Per Share7

Class IJanFebMarAprMayJunJulAugSepOctNovDec
2021$11.67$11.79$11.90$12.10
2020$11.48$11.42$10.44$10.45$10.55$10.71$10.75$10.93$11.17$11.33$11.44$11.55
2019$10.85$10.89$10.92$10.95$11.04$11.08$11.20$11.30$11.38$11.40$11.44$11.45
2018$10.62$10.66$10.66$10.70$10.72$10.74$10.78$10.81$10.83$10.86$10.86$10.80
2017$10.01$10.03$10.02$10.05$10.19$10.28$10.31$10.40$10.46$10.50$10.51$10.57

ITD Annualized Return1

10.44%

Annualized Distribution Rate2

5.22%

NAV Per Share

$11.94

Total Returns3

ClassMonthlyYTDITD1
Class D (No Sales Load)2.09%6.39%10.44%
Class D (With Sales Load)*0.58%4.82%10.03%

* Assumes payment of the full upfront 1.5% sales charge at initial subscription.
Note: Past performance is historical and not a guarantee of future results.

Portfolio Snapshot4

Investment Allocation

Property Type5

Geography

Portfolio Highlights

Total Asset Value6$46.0 Billion
Net Asset Value (NAV)7$26.4 Billion
Leverage Ratio841%
Number of Properties91,451
Occupancy1094%
Inception DateJanuary 2017

Monthly Total Returns

Class D*JanFebMarAprMayJunJulAugSepOctNovDecYTD
20211.37%1.45%1.33%2.09%6.39%
20200.71%-0.08%-8.12%0.91%1.41%2.02%0.80%2.14%2.66%1.81%1.43%1.41%6.85%
20190.98%0.81%0.74%0.73%1.25%0.77%1.54%1.36%1.12%0.61%0.77%0.52%11.80%
20180.96%0.77%0.53%0.78%0.62%0.69%0.77%0.73%0.68%0.74%0.51%-0.12%7.93%
2017N/AN/AN/AN/A1.82%1.52%0.42%1.38%0.69%0.81%0.50%1.02%8.44%

* 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

Historical NAV Per Share7

Class DJanFebMarAprMayJunJulAugSepOctNovDec
2021$11.53$11.64$11.75$11.94
2020$11.33$11.27$10.31$10.35$10.44$10.60$10.64$10.82$11.05$11.20$11.31$11.42
2019$10.74$10.77$10.80$10.83$10.91$10.95$11.07$11.17$11.24$11.26$11.29$11.30
2018$10.52$10.55$10.56$10.59$10.61$10.63$10.66$10.69$10.71$10.74$10.75$10.68
2017N/AN/AN/AN/A$10.16$10.26$10.26$10.35$10.38$10.41$10.41$10.47

ITD Annualized Return1

9.51%

Annualized Distribution Rate2

4.54%

NAV Per Share

$12.13

Total Returns3

ClassMonthlyYTDITD1
Class S (No Sales Load)2.06%6.25%9.51%
Class S (With Sales Load)*-1.39%2.66%8.64%

* 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

Portfolio Snapshot4

Investment Allocation

Property Type5

Geography

Portfolio Highlights

Total Asset Value6$46.0 Billion
Net Asset Value (NAV)7$26.4 Billion
Leverage Ratio841%
Number of Properties91,451
Occupancy1094%
Inception DateJanuary 2017

Monthly Total Returns

Class S**JanFebMarAprMayJunJulAugSepOctNovDecYTD
20211.35%1.42%1.29%2.06%6.25%
20200.66%-0.13%-8.16%0.61%1.36%1.98%0.76%2.09%2.61%1.82%1.40%1.38%6.07%
20190.91%0.77%0.70%0.68%1.20%0.77%1.50%1.33%1.09%0.56%0.72%0.47%11.26%
20180.97%0.77%0.49%0.73%0.59%0.70%0.73%0.70%0.64%0.69%0.47%-0.17%7.56%
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%

* 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

Historical NAV Per Share7

Class SJanFebMarAprMayJunJulAugSepOctNovDec
2021$11.70$11.82$11.93$12.13
2020$11.50$11.44$10.46$10.48$10.58$10.74$10.78$10.96$11.20$11.36$11.48$11.59
2019$10.88$10.91$10.95$10.98$11.06$11.10$11.22$11.33$11.41$11.43$11.46$11.47
2018$10.63$10.67$10.68$10.71$10.73$10.76$10.80$10.83$10.85$10.88$10.89$10.82
2017$10.00$10.02$10.02$10.05$10.18$10.29$10.32$10.41$10.47$10.51$10.52$10.58

ITD Annualized Return1

9.80%

Annualized Distribution Rate2

4.63%

NAV Per Share

$11.92

Total Returns3

ClassMonthlyYTDITD1
Class T (No Sales Load)2.09%6.36%9.80%
Class T (With Sales Load)*-1.36%2.76%8.84%

* 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.

Portfolio Snapshot4

Investment Allocation

Property Type5

Geography

Portfolio Highlights

Total Asset Value6$46.0 Billion
Net Asset Value (NAV)7$26.4 Billion
Leverage Ratio841%
Number of Properties91,451
Occupancy1094%
Inception DateJanuary 2017

Monthly Total Returns

Class T**JanFebMarAprMayJunJulAugSepOctNovDecYTD
20211.36%1.44%1.33%2.09%6.36%
20200.66%-0.13%-8.17%0.72%1.36%1.98%0.77%2.09%2.62%1.83%1.41%1.39%6.25%
20190.91%0.77%0.70%0.67%1.20%0.78%1.50%1.34%1.11%0.58%0.72%0.48%11.31%
20180.91%0.71%0.49%0.73%0.57%0.69%0.73%0.70%0.63%0.69%0.47%-0.17%7.37%
2017N/AN/AN/AN/AN/A1.66%0.95%1.03%0.77%0.72%0.49%0.96%6.77%

* 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

Historical NAV Per Share7

Class TJanFebMarAprMayJunJulAugSepOctNovDec
2021$11.49$11.61$11.72$11.92
2020$11.29$11.23$10.27$10.30$10.39$10.56$10.59$10.77$11.00$11.16$11.27$11.38
2019$10.68$10.72$10.75$10.78$10.86$10.90$11.02$11.12$11.20$11.22$11.26$11.26
2018$10.47$10.50$10.51$10.54$10.55$10.58$10.61$10.64$10.66$10.69$10.70$10.63
2017N/AN/AN/AN/AN/A$10.17$10.23$10.29$10.32$10.35$10.36$10.42


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Additional information regarding our operations is available in our annual and interim financial statements filed with the U.S. Securities and Exchange Commission (“SEC”). Investors should review this information in its entirety prior to making an investment decision.

Data is as of April 30, 2021. Past performance does not guarantee future results. Financial data is estimated and unaudited.

  1. Inception to date (“ITD”) returns for BREIT are annualized consistent with the IPA Practice Guideline 2018. Please see footnote #3 below for the inception date of each share class.
  2. Reflects the current month’s distribution annualized and divided by the prior month’s NAV. NAV based calculations involve significant professional judgment. 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 different. For further information, please refer to the “Net Asset Value Calculation and Valuation Guidelines” in BREIT’s prospectus, which describe our valuation process and the independent third parties who assist us. As of March 31, 2021, 100% of inception to date distributions were funded from cash flows from operations.
  3. 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 S, Class D and Class T shares listed as (With Sales Load) reflect the returns after the maximum up-front selling commission and dealer management fees. Class S, Class D and Class T 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.
  4. “Investment Allocation” weighting is measured as the asset value of each investment category (real estate investments or real estate debt investments) against the total asset value of all investment categories, excluding the value of any third party interests in such assets. “Property Type” weighting is measured as the asset value of real estate investments for each sector category (Multifamily, Industrial, Net Lease, Hospitality, Retail, Office, Self Storage) against the total asset value of all real estate investments, excluding the value of any third party interests in such real estate investments. “Real estate investments” include our direct property investments, unconsolidated investments, and equity in public and private real estate-related companies. “Geography” weighting is measured as the asset value of real estate properties and unconsolidated investments for each geographical category (West, South, East, Midwest) against the total asset value of all (i) real estate properties, excluding the value of any third party interests in such real estate properties, and (ii) unconsolidated investments. A diversified portfolio does not eliminate risk or indicate a higher level of returns.
  5. Multifamily includes other types of rental housing such as manufactured and student housing.
  6. Total asset value is measured as (i) the asset value of real estate investments (based on fair value), excluding any third party interests in such real estate investments, plus (ii) the equity in our real estate debt investments measured at fair value (defined as the asset value of our real estate debt investments less the financing on such investments), but excluding any other assets (such as cash or any other cash equivalents). The total asset value would be higher if such amounts were included and the value of our real estate debt investments was not decreased by the financing on such investments.
  7. For additional information regarding NAV-based calculations and the limitations thereto, please see footnotes #2 and #3.
  8. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances will not be included as part of the calculation above. The leverage ratio would be higher if the indebtedness on our real estate debt investments and the pro rata share of debt within our unconsolidated investments were taken into account.
  9. Reflects real estate investments only, including unconsolidated properties, and does not include real estate debt investments.
  10. Occupancy is an important real estate metric because it measures the utilization of properties in the portfolio. Occupancy is weighted by the total value of all consolidated real estate properties, excluding our hospitality and net lease investments, and any third party interests in such properties. For our industrial, retail and office investments, occupancy includes all leased square footage as of the date indicated. For our apartment and student housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended on the date indicated. For our self storage and manufactured housing investments, the occupancy rate includes occupied square footage and occupied sites, respectively, as of the date indicated. The average occupancy rate for our hospitality investments was 38% for the twelve months ended March 31, 2021. Hospitality investments owned less than twelve months are excluded from the average occupancy rate calculation.

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

BREIT is a non-traded REIT that invests in primarily stabilized commercial real estate properties 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 BREIT. These risks include, but are not limited to, the following:

Certain countries have been susceptible to epidemics which may be designated as pandemics by world health authorities, most recently COVID-19. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the countries in which BREIT invests), and thereby is expected to adversely affect the performance of BREIT’s investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to BREIT and the performance of its investments. For further information on the impact of COVID-19 on BREIT, please refer to “Risk Factors—The current outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. and global economy and has had an adverse impact on our performance and results of operations” in BREIT’s prospectus.

Financial information is approximate and as of April 30, 2021. The words “we”, “us”, and “our” refer to BREIT, together with its consolidated subsidiaries, including BREIT Operating Partnership L.P., unless the context requires otherwise.