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BREIT – BLACKSTONE REAL ESTATE INCOME TRUST
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LITERATURE
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ADDITIONAL MATERIALS
* BELLAGIO NET LEASE CASE STUDY
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MATERIALS REQUEST
Financial advisors, digital materials may be ordered through the below link.
Individual investors, please contact your financial advisor for more information
on investing in BREIT.
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WHY BREIT
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WHY BREIT
FREQUENTLY ASKED QUESTIONS
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FREQUENTLY ASKED QUESTIONS
Past performance does not guarantee future results. Financial information is
approximate and as of April 30, 2022, unless otherwise noted. The words “we”,
“us”, and “our” refer to BREIT, together with its consolidated subsidiaries,
including BREIT Operating Partnership L.P., unless the context requires
otherwise.
NAV Calculation and Reconciliation. This material contains references to our net
asset value (“NAV”) and NAV-based calculations, which involve significant
professional judgment. The calculated value of our assets and liabilities may
differ from our actual realizable value or future value which would affect the
NAV as well as any returns derived from that NAV, and ultimately the value of
your investment. As return information is calculated based on NAV, return
information presented will be impacted should the assumptions on which NAV was
determined prove to be different. NAV is not a measure used under generally
accepted accounting principles (“GAAP”) and will likely differ from the GAAP
value of our equity reflected in our financial statements. As of March 31, 2022,
our total equity under GAAP, excluding non-controlling third-party JV interests,
was $43.8 billion and our NAV was $63.3 billion. As of March 31, 2022, our NAV
per share was $14.82, $14.62, $14.53 and $14.82 for Class S, Class T, Class D
and Class I shares, respectively, and GAAP equity per share/unit was $10.24.
GAAP equity accounts for net losses as calculated under GAAP, and we have
incurred $95.9 million in net losses, excluding net losses attributable to
non-controlling interests in third-party JV interests, for the three months
ended March 31, 2022. Our net losses as calculated under GAAP and a
reconciliation of our GAAP equity, excluding non-controlling third-party JV
interests, to our NAV are provided in our annual and interim financial
statements. As of March 31, 2022, 100% of inception to date distributions were
funded from cash flows from operations. For further information, please refer to
“Net Asset Value Calculation and Valuation Guidelines” in BREIT’s prospectus,
which describes our valuation process and the independent third parties who
assist us.
--------------------------------------------------------------------------------
SUMMARY OF RISK FACTORS
BREIT is a non-listed REIT that invests primarily in stabilized
income-generating commercial real estate investments across asset classes in the
United States and, to a lesser extent, real estate debt investments, with a
focus on current income. We may invest to a lesser extent in countries outside
of the U.S. This investment involves a high degree of risk. You should purchase
these securities only if you can afford the complete loss of your investment.
You should read the prospectus carefully for a description of the risks
associated with an investment in BREIT. These risks include, but are not limited
to, the following:
* There is no public trading market for our common stock and repurchase of
shares by us will likely be the only way to dispose of your shares. We are
not obligated to repurchase any shares under our share repurchase plan and
may choose to repurchase only some, or even none, of the shares that have
been requested to be repurchased. In addition, repurchases will be subject to
available liquidity and other significant restrictions. Further, our board of
directors may make exceptions to, modify or suspend our share repurchase
plan. As a result, our shares should be considered as having only limited
liquidity and at times may be illiquid.
* Distributions are not guaranteed and may be funded from sources other than
cash flow from operations, including borrowings, offering proceeds, the sale
of our assets and repayments of our real estate debt investments. We have no
limits on the amounts we may fund from such sources.
* The purchase and repurchase price for shares of our common stock are
generally based on our prior month’s net asset value (“NAV”) and are not
based on any public trading market. While there will be independent annual
appraisals of our properties, the appraisal of properties is inherently
subjective, and our NAV may not accurately reflect the actual price at which
our properties could be liquidated on any given day. The NAV per share, if
calculated as of the date on which you make your subscription request or
repurchase request, may be significantly different than the transaction price
you pay or the repurchase price you receive. Certain of our investments or
liabilities are subject to high levels of volatility from time to time and
could change in value significantly between the end of the prior month as of
which our NAV is determined and the date that you acquire or repurchase our
shares, however the prior month’s NAV per share will generally continue to be
used as the offering price per share and repurchase price per share.
* We are dependent on BX REIT Advisors L.L.C. (the “Adviser”) to conduct our
operations. The Adviser will face conflicts of interest as a result of, among
other things, the allocation of investment opportunities among us and Other
Blackstone Accounts (as defined in BREIT’s prospectus), the allocation of
time of its investment professionals and the substantial fees that we will
pay to the Adviser.
* On acquiring shares, you will experience immediate dilution in the net
tangible book value of your investment.
* There are limits on the ownership and transferability of our shares.
* If we fail to qualify as a REIT and no relief provisions apply, our NAV and
cash available for distribution to our stockholders could materially
decrease.
* We do not own the Blackstone name, but we are permitted to use it as part of
our corporate name pursuant to a trademark license agreement with an
affiliate of Blackstone Inc. (together with its affiliates, “Blackstone”).
Use of the name by other parties or the termination of our trademark license
agreement may harm our business.
Certain countries have been susceptible to epidemics which may be designated as
pandemics by world health authorities, most recently COVID-19. The outbreak of
such epidemics, together with any resulting restrictions on travel or
quarantines imposed, has had and may in the future have a negative impact on the
economy and business activity globally (including in the countries in which
BREIT invests), and thereby may adversely affect the performance of BREIT’s
investments. Furthermore, the rapid development of epidemics could preclude
prediction as to their ultimate adverse impact on economic and market
conditions, and, as a result, presents material uncertainty and risk with
respect to BREIT and the performance of its investments. For further information
on the impact of COVID-19 on BREIT, please refer to “Risk Factors—The current
outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in
the U.S. and global economy and has had an adverse impact on our performance and
results of operations” in BREIT’s prospectus.
On February 24, 2022, Russian troops began a full-scale invasion of Ukraine and,
as of the date of this material, the countries remain in active armed conflict.
Around the same time, the United States, the United Kingdom, the European Union,
and several other nations announced a broad array of new or expanded sanctions,
export controls, and other measures against Russia, Russia-backed separatist
regions in Ukraine, and certain banks, companies, government officials, and
other individuals in Russia and Belarus. The ongoing conflict and the rapidly
evolving measures in response could be expected to have a negative impact on the
economy and business activity globally (including in the countries in which
BREIT invests), and therefore could adversely affect the performance of BREIT’s
investments. The severity and duration of the conflict and its impact on global
economic and market conditions are impossible to predict, and as a result, could
present material uncertainty and risk with respect to BREIT and the performance
of its investments and operations, and the ability of BREIT to achieve its
investment objectives. Similar risks will exist to the extent that any
investments, service providers, vendors or certain other parties have material
operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding
areas.
Certain information contained in this material has been obtained from sources
outside Blackstone, which in certain cases has not been updated through the date
hereof. While such information is believed to be reliable for purposes used
herein, no representations are made as to the accuracy or completeness thereof
and none of Blackstone, its funds, nor any of their affiliates takes any
responsibility for, and has not independently verified, any such information.
This information involves a number of assumptions and limitations, and you are
cautioned not to give undue weight to these estimates.
Opinions expressed reflect the current opinions of BREIT as of the date
appearing in the materials only and are based on BREIT’s opinions of the current
market environment, which is subject to change. Stockholders, financial
professionals and prospective investors should not rely solely upon the
information presented when making an investment decision and should review the
most recent prospectus, as supplemented, available at www.breit.com. Certain
information contained in the materials discusses general market activity,
industry or sector trends, or other broad-based economic, market or political
conditions and should not be construed as research or investment advice.
All rights to the trademarks and/or logos presented herein belong to their
respective owners and Blackstone’s use hereof does not imply an affiliation
with, or endorsement by, the owners of these logos.
Clarity of text on this website may be affected by the size of the screen on
which it is displayed.
FORWARD-LOOKING STATEMENTS
Certain information contained in this communication constitutes “forward-looking
statements” within the meaning of the federal securities laws and the Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by the use of forward looking terminology, such as “outlook,”
“indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates”, “confident,” “conviction,” “identified” or the negative versions
of these words or other comparable words thereof. These may include financial
estimates and their underlying assumptions, statements about plans, objectives
and expectations with respect to future operations, statements regarding future
performance and statements regarding identified but not yet closed acquisitions.
Such forward-looking statements are inherently uncertain and there are or may be
important factors that could cause actual outcomes or results to differ
materially from those indicated in such statements. These factors include, but
are not limited to, those described under the section entitled “Risk Factors” in
BREIT’s prospectus, and any such updated factors included in its periodic
filings with the Securities and Exchange Commission (the “SEC”), which are
accessible on the SEC’s website at www.sec.gov. These factors should not be
construed as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this document (or BREIT’s prospectus
and other filings). Except as otherwise required by federal securities laws,
BREIT undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future developments or
otherwise.
Blackstone Securities Partners L.P. (“BSP”) is a broker-dealer whose purpose is
to distribute Blackstone managed or affiliated products. BSP provides services
to its Blackstone affiliates, not to investors in its funds, strategies or other
products. BSP does not make any recommendation regarding, and will not monitor,
any investment. As such, when BSP presents an investment strategy or product to
an investor, BSP does not collect the information necessary to determine—and BSP
does not engage in a determination regarding—whether an investment in the
strategy or product is in the best interests of, or is suitable for, the
investor. You should exercise your own judgment and/or consult with a
professional advisor to determine whether it is advisable for you to invest in
any Blackstone strategy or product. Please note that BSP may not provide the
kinds of financial services that you might expect from another financial
intermediary, such as overseeing any brokerage or similar account. For financial
advice relating to an investment in any Blackstone strategy or product, contact
your own professional advisor.
This website must be read in conjunction with BREIT’s prospectus in order to
fully understand all the implications and risks of an investment in BREIT.
Please refer to the prospectus for more information regarding state suitability
standards and consult a financial professional for share class availability and
appropriateness.
THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE
SECURITIES DESCRIBED IN THE PROSPECTUS FOR THE OFFERING, AS AMENDED AND
SUPPLEMENT (THE “PROSPECTUS”). THE OFFERING IS MADE ONLY BY THE PROSPECTUS AND
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY THE PROSPECTUS. NEITHER THE
SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER STATE SECURITIES REGULATOR HAS
APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THE PROSPECTUS IS
TRUTHFUL OR COMPLETE. IN ADDITION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK
HAS NOT PASSED ON OR ENDORSED THE MERITS OF THE OFFERING. ANY REPRESENTATION TO
THE CONTRARY IS UNLAWFUL.
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IMPORTANT NOTICE
This site and the materials herein are directed only to certain types of
investors and to persons in jurisdictions where Blackstone Real Estate Income
Trust (“BREIT”) is authorized for distribution.
Complete information about investing in shares of BREIT is available in the
prospectus. An investment in BREIT involves risks.
Download Prospectus
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United States resident or (b) I have otherwise received authorization from BREIT
or my broker-dealer/registered investment advisor to access the contents of this
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