Blackstone Real Estate Income Trust (BREIT) Registration filing summary

Company overview and business model

• Operates as a perpetual-life, non-listed REIT focused on stabilized, income-generating commercial real estate, primarily in the U.S., with some international exposure.

• Externally managed by an affiliate of a global investment manager, leveraging scale, data, and relationships for sourcing and managing assets.

• Investment strategy targets rental housing, industrial, data centers, net lease, hospitality, self storage, office, and retail sectors.

• Also invests selectively in real estate debt for income and liquidity management.

• Seeks to provide attractive current income, capital preservation, NAV appreciation, and private market exposure for long-term investors.

Financial performance and metrics

• As of March 31, 2025: $112.9B total assets, $80.1B real estate investments, $5.2B real estate debt investments, $6.0B in unconsolidated entities.

• Portfolio: 4,568 properties and 62,428 single-family rental homes, with 95% in real estate and 5% in real estate debt.

• Rental housing (47%), industrial (24%), and data centers (15%) are the largest sectors by value.

• Portfolio occupancy rates: rental housing 93%, industrial 92%, data centers 100%.

• Net loss attributable to stockholders for 2024: $890.5M; accumulated deficit: $4.9B, largely due to GAAP depreciation.

• FAD for 2024: $1.2B; for Q1 2025: $343M.

Use of proceeds and capital allocation

• Maximum offering: $60B ($48B primary, $12B distribution reinvestment plan).

• Net proceeds to be used for new investments, debt repayment, and share repurchases.

• Distributions may be funded from operations, borrowings, asset sales, or offering proceeds; no set limit on non-operating sources.