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, proprietary data, and industry relationships.

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

• Utilizes a flexible UPREIT structure to facilitate property acquisitions and tax efficiency.

Financial performance and metrics

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

• 2023 net loss attributable to stockholders: $691.8M, largely due to non-cash real estate depreciation; FAD for 2023: $1.7B.

• 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.

• Distributions have been paid monthly since April 2017, funded primarily from operating cash flows.

Use of proceeds and capital allocation

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

• Policy is to pay distributions from operating cash flow, but may also use borrowings, asset sales, debt repayments, return of capital, or offering proceeds.