Blackstone Real Estate Income Trust (BREIT) investor relations material

Executive summary

• Declared $590.8 million in net distributions for Q1 2026, with annualized distribution rates ranging from 3.8% to 4.7% across share classes.

• Sold 64 properties for $2.0 billion in net proceeds, recognized $327.3 million in net realized gains after impairments.

• Deployed $2.4 billion into data center developments, all 100% pre-leased to investment grade tenants.

• Raised $1.2 billion from share sales and repurchased $1.3 billion of shares and units, fulfilling all repurchase requests.

Financial highlights

• Q1 2026 net loss attributable to stockholders was $357.5 million, a significant improvement from a $1.7 billion loss in Q1 2025.

• Total revenues were $1.94 billion, down from $2.06 billion year-over-year, mainly due to property dispositions.

• Net gain on dispositions of real estate was $462.5 million, up $326.6 million from Q1 2025.

• Same Property NOI increased 3% to $1.25 billion, driven by higher base rental revenue and occupancy.

• FFO was $147.8 million, AFFO $346.7 million, and FAD $327.4 million for Q1 2026.

Outlook and guidance

• Portfolio remains concentrated in growth markets, with 97% in real estate and 3% in real estate debt.

• Management expects sufficient liquidity with $7.2 billion available as of May 2026 and moderate leverage at 46%.

• Continued focus on data centers, rental housing, and industrial sectors, with ongoing share repurchases and capital deployment.