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Blackstone brings institutional-caliber private real estate to income-focused individuals

Blackstone Real Estate Income Trust (BREIT)

Leading institutional platform

Income-driven1

Lower volatility*

Appreciation potential3

Diversified4

Alignment of interests5

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*BREIT's per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as are the shares of public equities. The value of BREIT's underlying investments may fluctuate and may be worth less than BREIT initially paid for them. BREIT shares are significantly less liquid than shares of publicly traded equities and are not immune to fluctuations.

Hear Jon Gray, Global Head of Blackstone Real Estate, on the creation of BREIT.

Why Blackstone?

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Blackstone is one of the world’s largest alternative asset managers, with $368B investor capital under management. Blackstone Real Estate is a leading global commercial real estate platform with $102B investor capital under management.

Why Commercial Real Estate?

The Case for Investing →

Income derived from commercial real estate has exceeded that from other asset classes. 80% of total return comes from income. Index data are shown to illustrate characteristics of the broad-based commercial real estate market, and distributions from BREIT are not guaranteed and may be sourced from non-income items.

Recent Acquisition

Emory Point

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August 1, 2017 Transaction Price*

NAV Per Share

$10.28 Class I
$10.26 Class D
$10.29 Class S
$10.17 Class T

How to Invest

BREIT is available through select broker-dealers. Talk to your financial advisor today.

  1. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner, an affiliate of Blackstone), and we have no limits on the amounts we may pay from such sources.
  2. There can be no assurance that BREIT will achieve its objective or avoid losses.
  3. There is no guarantee that BREIT will be diversified. Diversification does not eliminate risk or guarantee a profit.
  4. Blackstone will also face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone accounts, the allocation of time of its investment professionals and the substantial fees that we will pay to Blackstone.
  5. As of December 31, 2016. Source: Morningstar Direct, NCREIF. Past performance does not guarantee future results. An investment in BREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment. BREIT’s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as is the price of investment-grade bonds, equities or T-bills. Although BREIT’s share price is subject to less volatility, BREIT shares are significantly less liquid than these asset classes, and are not immune to fluctuations. Commercial real estate is not traded on an exchange and will have less liquidity and price transparency. The value of commercial real estate may fluctuate and may be worth less than was initially paid for it. Commercial real estate is represented by the NCREIF Open-End Diversified Core (ODCE) Index, which is an equal weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. NCREIF ODCE represents the broad-based commercial real estate market, with its income returns based on net operating income after debt service; distributions from BREIT are not guaranteed and may be sourced from non-income items including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. While funds used in this benchmark have characteristics that differ from BREIT (including differing management fees and leverage), BREIT’s management feels that the NCREIF ODCE is an appropriate and accepted index for the purpose of evaluating the historic yields of direct real estate funds. Investors cannot invest in this index. Comparisons shown are for illustrative purposes only and do not represent specific investments. BREIT has the ability to utilize higher leverage than is allowed for the funds in the NCREIF ODCE, which could increase BREIT’s volatility relative to the index. Additionally, an investment in BREIT is subject to certain fees that are not contemplated in the NCREIF ODCE, which is not an investable index. Stocks are represented by the dividend yield of the S&P 500 Index. The S&P 500 Index is a widely used barometer of U.S. stock market performance; the key risk of the S&P 500 Index is the volatility that comes with exposure to the stock market. Investment-grade bonds are represented by bond yield to maturity of the Barclays US Aggregate Bond Index. Investment grade bonds provide broad exposure to U.S. investment grade bonds including government bonds. Increases in interest rates may cause the price of bonds to decrease. Corporate bonds are subject to credit risk. T-bills are represented by the BofAML 3 Month T-Bill Index and are subject to interest rate risk. Treasury Bills are guaranteed as to the timely payment of principal and interest. Indices are meant to illustrate general market performance; it is not possible to invest directly in an index. An investment in investment grade bonds and T-bills is generally considered to be a less risky investment than commercial real estate.
  6. As of December 31, 2016. Source: Green Street Advisors, Bureau of Labor Statistics. Net operating income growth represents the average NOI growth by year across the apartment, industrial, mall, office and strip retail sectors. The Consumer Price Index (CPI) measures changes in the prices paid by urban consumers for a representative basket of goods and services. Past performance is no guarantee of future results. Net operating income may not be correlated to or continue to keep pace with inflation.
  7. As of December 31, 2016. Source: Morningstar Direct, NCREIF. Past performance does not guarantee future results. An investment in BREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment. BREIT’s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as is the price of public equities. Although BREIT’s share price is subject to less volatility, the value of real estate may fluctuate and may be worth less than was initially paid for it. BREIT shares are significantly less liquid than public equities, and are not immune to fluctuations. Commercial real estate is represented by the NCREIF ODCE and reflects the total returns of diversified, private core, open-end funds including leverage and fund expenses, but excluding management and advisory fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. While funds used in this benchmark have characteristics that differ from BREIT (including differing management fees and leverage), BREIT’s management feels that the NCREIF ODCE is an appropriate and accepted index for the purpose of evaluating the total returns of direct real estate funds. Investors cannot invest in this index. Comparisons shown are for illustrative purposes only and do not represent specific investments. BREIT has the ability to utilize higher leverage than is allowed for the funds in the NCREIF ODCE, which could increase BREIT’s volatility relative to the index. Additionally, an investment in BREIT is subject to certain fees that are not contemplated in the NCREIF ODCE. Public equities are represented by the S&P 500 Index. The S&P 500 Index is a widely used barometer of U.S. stock performance with broad sector representation, not just real estate; the key risk of the S&P 500 Index is the volatility that comes with exposure to the stock market. Commercial real estate values are based on appraisals, while public equities are based upon market prices.
Please note

Key Term Definitions:

  • Performance participation allocation: The Special Limited Partner will hold a performance participation interest in the Operating Partnership that entitles it to receive an allocation from our Operating Partnership equal to 12.5% of the Total Return, subject to a 5% Hurdle Amount and a High Water Mark (each term as defined below), with a catch-up. Such allocation will be annually and accrue monthly.
  • The Barclays US Aggregate Bond index is an index of U.S. dollar denominated, investment-grade U.S. corporate government and mortgage-backed securities.

  • The NCREIF ODCE is a capitalization-weighted, gross of fees, time-weighted return index with an inception date of January 1, 1978. Published reports may also contain equal-weighted and net of fees information. Open-end Funds are generally defined as infinite-life vehicles consisting of multiple investors who have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption requests, thereby providing a degree of potential investment liquidity. The term Diversified Core Equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties.

  • The MSCI US REIT index is a market capitalization weighted benchmark that is comprised of equity REIT securities that belong to the MSCI US Investable Market 2500 Index. The index is designed to cover about two-thirds of the value of the entire U.S. REIT market. To be eligible for inclusion, REITs must have a market capitalization of at least $100 million, with enough shares and trading volume to be considered liquid.

  • BofAML 3 Month T-Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

  • The S&P 500 Index is a market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in USD and include dividends. The Index is a proxy of the performance of the broad U.S. economy through changes in aggregate market value. This is not a managed portfolio and does not reflect fees or expenses.