Blackstone Real Estate Income Trust, Inc.

Blackstone Real Estate Income Trust, Inc. (BREIT) is a non-listed perpetual-life REIT that invests primarily in stabilized, income-generating commercial real estate. Its portfolio is built across multiple property types, including rental housing, industrial, data centers, net lease, hospitality, self storage, retail, office, and real estate debt. BREIT owns substantially all of its assets through BREIT Operating Partnership L.P. and is externally managed by a Blackstone affiliate, giving it access to Blackstone Real Estate’s sourcing, underwriting, and asset management platform. The company is designed to provide income-focused investors access to institutional real estate assets and current income from property cash flows and debt investments.

91,1 %

53,6 %

−41,2 %

−6,7 %

— Blackstone Real Estate Income Trust, Inc.
%
Core real estate equity85% Direct ownership interests in stabilized income-producing properties across multiple sectors.
Real estate debt investments15% Debt securities, mortgage loans, CMBS, RMBS, and other real-estate-backed credit investments.

BREIT’s investors are income-focused stockholders who want exposure to private real estate through a non-listed REIT...

  • Income-focused retail and wealth investorsprimary

    They buy BREIT shares to access diversified private real estate income and potential appreciation without directly owning properties.

  • Advisory and platform investorsprimary

    They use BREIT as a portfolio allocation to institutional real estate sourced and managed by Blackstone.

  • Tenant and operator basesecondary

    Residential, industrial, office, retail, hospitality, and data center tenants generate the rental and occupancy cash flows that support BREIT’s returns.

  • Credit investorssecondary

    They are exposed through BREIT’s real estate debt investments, which are used to generate current income and liquidity.

BREIT invests primarily in the United States, which is the core source of its property income and portfolio exposure...

  • •Primary exposure is to the United States
  • •Limited investments outside the United States
  • •Portfolio income depends on U.S. property market conditions
  • •International exposure is secondary and not the main earnings driver
  • •Geography matters because local rent, occupancy, and financing conditions drive returns

BREIT’s strategy is to acquire and hold stabilized, income-generating real estate at attractive prices using...

01
Source and acquire stabilized income-producing assetsshort-term

Stable cash-flowing properties fit the REIT’s income objective and reduce development risk.

02
Leverage Blackstone’s platform for underwriting and executionshort-term

Scale, relationships, and real-time market data improve deal access and pricing discipline.

03
Use real estate debt to enhance income and liquiditymedium-term

Debt investments can contribute current income and provide a liquidity source for repurchases and cash management.

04
Improve long-term asset value through sustainabilitymedium-term

Energy efficiency and decarbonization can support tenant demand, operating efficiency, and exit values.

BREIT is exposed to real estate market cycles, tenant demand shifts, interest-rate changes, and financing availability...

high

Real estate market cycle and valuation risk

Property values and NOI can decline when demand weakens, cap rates rise, or sector fundamentals deteriorate.

Scope
Direct exposure across all property sectors, especially office and hospitality
Materiality
high
high

Interest-rate and refinancing risk

Higher rates can reduce property values, increase borrowing costs, and pressure debt service coverage.

Scope
Portfolio leverage, securitization vehicles, and debt investments
Materiality
high
high

Cybersecurity and data privacy incidents

Unauthorized access could disrupt operations, compromise investor data, or create remediation costs.

Scope
Blackstone systems, BREIT, portfolio companies, and third-party service providers
Materiality
high
medium

Liquidity and repurchase risk

Non-listed REIT structures can face pressure when repurchase requests, debt repayments, and market stress coincide.

Scope
Share repurchase plan and cash management
Materiality
high
medium

External management dependence

BREIT relies on the Adviser for investment selection, asset management, and operational oversight.

Scope
Blackstone Real Estate platform
Materiality
medium
Fair value measurement of real estate and debt investments
Can materially change balance sheet values and gains/losses
Purchase price allocation for acquired properties
Affects reported depreciation expense and net income over time
FFO and non-GAAP performance measures
Important for comparing operating performance and distribution capacity
Consolidation of securitization vehicles and non-controlling interests
Can create volatility in revenue, financing cash flows, and leverage presentation

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: 11/08/2026