Blackstone Real Estate Income Trust (BREIT) investor relations material

Executive summary

• Declared $597.7 million in net distributions for Q2 2026, with annualized distribution rates ranging from 3.8% to 4.6% across share classes and year-to-date total returns up to 5.7%.

• Sold 20 rental housing, 79 self storage, and 27 industrial properties for $2.1 billion net proceeds, exiting the self storage segment.

• Deployed $3.3 billion into data center development, all pre-leased to investment grade tenants.

• Portfolio as of June 30, 2026: 4,530 properties and 63,081 single family rental homes, with 97% in real estate and 3% in real estate debt.

Financial highlights

• Q2 2026 total revenues: $1.86 billion, down from $2.00 billion in Q2 2025, mainly due to property dispositions.

• Net loss attributable to stockholders: $(401.4) million for Q2 2026, improved from $(488.5) million in Q2 2025.

• Six months ended June 30, 2026: total revenues $3.80 billion, net loss $(758.9) million, both improved year-over-year.

• Same Property NOI for Q2 2026 increased 3% year-over-year to $1.21 billion, driven by higher base rental and hospitality revenues.

• FFO for Q2 2026: $121.8 million; AFFO: $381.2 million; FAD: $349.3 million.

Outlook and guidance

• Management expects continued portfolio growth in rental housing, industrial, and data centers, with a focus on high-occupancy, income-generating assets.

• Liquidity remains strong at $8.6 billion as of August 2026, supporting ongoing operations and capital needs.