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 institutional real estate expertise and scale.

• Investment strategy targets rental housing, industrial, net lease, hospitality, data centers, self storage, office, and retail assets, with selective real estate debt investments for income and liquidity.

• Utilizes an UPREIT structure, holding assets through an operating partnership, and offers multiple share classes with varying fee structures.

Financial performance and metrics

• As of December 31, 2023: $130.8 billion in total assets, including $91.1 billion in real estate, $6.8 billion in real estate debt, and $7.3 billion in unconsolidated entities.

• Portfolio: 4,834 properties and 28,324 single family rental homes, with 93% in real estate and 7% in real estate debt by fair value.

• 2023 net loss attributable to stockholders: $691.8 million, primarily due to non-cash depreciation; funds available for distribution (FAD): $1.7 billion.

• Distributions have been fully funded by operating cash flows to date.

Use of proceeds and capital allocation

• Net proceeds will be used to acquire real estate and real estate debt investments, reduce borrowings, repay indebtedness, and fund share repurchases.

• Distributions are generally paid from operating cash flow, but may also be funded from borrowings, asset sales, debt repayments, return of capital, or offering proceeds.