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

• Net loss attributable to stockholders for 2024: $890.5M; for 2023: $691.8M, primarily due to real estate depreciation and amortization.

• FAD for 2024: $1.2B; for 2023: $1.7B.

• Portfolio as of March 31, 2025: 4,568 properties and 62,428 single-family rental homes, 94% occupancy, concentrated in rental housing, industrial, and data centers.

• Leverage ratio target is ~60%; actual debt as of March 31, 2025: $65.7B.

Use of proceeds and capital allocation

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

• Distributions are generally paid from cash flow from operations, but may also be funded from borrowings, asset sales, offering proceeds, or fee deferrals.