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Blackstone Real Estate Income Trust (BREIT)
INSTITUTIONAL-QUALITY REAL ESTATE FOR INCOME-FOCUSED INVESTORS1
Class SClass TClass DClass I
as of August 31, 2023
10.8%
Annualized Inception to Date Return2
3.7%
Annualized Distribution Rate3
$14.88
October Transaction Price4
as of August 31, 2023
11.2%
Annualized Inception to Date Return2
3.7%
Annualized Distribution Rate3
$14.66
October Transaction Price4
as of August 31, 2023
11.7%
Annualized Inception to Date Return2
4.4%
Annualized Distribution Rate3
$14.56
October Transaction Price4
as of August 31, 2023
11.8%
Annualized Inception to Date Return2
4.5%
Annualized Distribution Rate3
$14.89
October Transaction Price4
Open Announcement Bar
BREIT STOCKHOLDER EVENT | NOVEMBER 1ST AT 11AM ET
Join us for an update on BREIT’s performance and positioning.
Register NOW
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WHERE YOU INVEST MATTERS
Not all real estate is created equal. We believe BREIT’s focus on rental
housing, industrial and data centers (~80%) in fast-growing Sunbelt markets,
with no exposure to commodity office and malls, has driven performance.5,6,7
Why BREIT NOW?
VIew breit’s pORTFOLIO
* For Stockholders
HIGHLIGHTS FROM BREIT’S STOCKHOLDER EVENT
Highlights from BREIT’s Stockholder Event
* For Stockholders
Q2 2023 UPDATE FOR STOCKHOLDERS
Q2 2023 Update for Stockholders
* For Stockholders
DECLINING NEW SUPPLY
Declining New Supply
* For Stockholders
THE FINANCIAL TIMES ON BREIT’S PUSH INTO DATA CENTERS*
The Financial Times on BREIT’s Push into Data Centers*
stop animationstop
slide 2 of 4
THE FT ON BREIT’S PUSH INTO DATA CENTERS*
Blackstone believes AI is a once-in-a-generation engine for future growth in
data centers.
Read FT article
HIGHLIGHTS FROM BREIT’S STOCKHOLDER EVENT
Featuring Jon Gray, Nadeem Meghji, Joan Solotar and Chad Williams, CEO of QTS
Data Centers.
WATCh now
Q2 2023 UPDATE FOR STOCKHOLDERS
Learn how BREIT’s high-quality portfolio contributed to BREIT’s Q2 performance.
Read now
DECLINING NEW SUPPLY
Limited new construction supports pricing power for BREIT’s existing real estate
assets.
learn more
THE FT ON BREIT’S PUSH INTO DATA CENTERS*
Blackstone believes AI is a once-in-a-generation engine for future growth in
data centers.
Read FT article
HIGHLIGHTS FROM BREIT’S STOCKHOLDER EVENT
Featuring Jon Gray, Nadeem Meghji, Joan Solotar and Chad Williams, CEO of QTS
Data Centers.
WATCh now
*This article was published by the Financial Times on July 30, 2023. For
purposes of clarification, please see footnote 8 below.
ACCESS THE POWER OF BLACKSTONE REAL ESTATE
BREIT provides individuals access to Blackstone Real Estate, the world’s largest
commercial real estate owner with a 30+ year proven track record of success
across market cycles.9
We are high conviction, thematic investors focused on growth sectors.
ACCESS THE POWER OF BLACKSTONE REAL ESTATE
BREIT provides individuals access to Blackstone Real Estate, the world’s largest
commercial real estate owner with a 30+ year proven track record of success
across market cycles.9
We are high conviction, thematic investors focused on growth sectors.
~80%
of our portfolio is composed of rental housing, industrial and data
center assets5
OUR APPROACH DRIVES OUR PERFORMANCE
BREIT’s portfolio of income-generating real estate is ~70% concentrated in the
fast-growing South and West; ~80% focused on the top performing rental housing,
industrial and data center sectors; and benefits from ~90% fixed-rate
financing.5,6,10
Learn More
--------------------------------------------------------------------------------
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.
BREIT OFFERS STRONG CASH FLOW GROWTH POTENTIAL
Outsized cash flow growth has powered performance in the current environment.11
Learn more about BREIT’s strong positioning.
BREIT YTD Same Property NOI
vs. Inflation
Year-over-Year Growth Comparison11
Created with Highcharts 8.2.2InflationBREIT YTD Same Property NOI
3%
7%+
▲2x
> BREIT’s high-quality, thematic portfolio has generated strong cash flow growth
> powering returns for investors.
>
> Jonathan Gray
>
> President and Chief Operating Officer of Blackstone
BREIT’S PERFORMANCE
BREIT has delivered strong long-term returns and consistent distributions since
inception.12
View Here
--------------------------------------------------------------------------------
CONTACT US
Learn How
Represents BREIT’s view of the current market environment as of the date
appearing in this material only. Past performance does not guarantee future
results. Financial information is approximate and as of August 31, 2023, unless
otherwise noted. The words “we”, “us”, and “our” refer to BREIT, together with
its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the
“Operating Partnership”), 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. Our NAV is generally equal to the fair value of our
assets less outstanding liabilities, calculated in accordance with our valuation
guidelines. 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 incorrect. 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 June 30, 2023, our total
equity under GAAP, excluding non-controlling third-party JV interests, was $45.3
billion and our NAV was $67.8 billion. As of June 30, 2023, our NAV per share
was $14.68, $14.45, $14.36 and $14.69 for Class S, Class T, Class D and Class I
shares, respectively, and GAAP equity per share/unit was $9.80. GAAP equity
accounts for net income as calculated under GAAP, and we have incurred $160.1
million in net income, excluding net losses attributable to non-controlling
interests in third-party JV interests, for the six months ended June 30, 2023.
Our net income (loss) 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 June 30, 2023,
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.
1. “Institutional-quality” refers to BREIT’s real estate portfolio and not the
terms of the offering. Individual investors should be aware that
institutional investors generally have different criteria when making
investment decisions.
2. Inception to date (“ITD”) returns for BREIT are annualized consistent with
the IPA Practice Guideline 2018. The inception dates for the Class S, T, D
and I shares are January 1, 2017, June 1, 2017, May 1, 2017 and January 1,
2017, respectively. ITD returns for all share classes were as follows:
Class S shares (no sales load) 10.8%; Class S shares (with sales load)
10.3%; Class T shares (no sales load) 11.2%; Class T shares (with sales
load) 10.6%; Class D shares (no sales load) 11.7%; Class D shares (with
sales load) 11.4%; Class I shares 11.8%. The foregoing reflects the percent
change in the NAV per share from the beginning of the applicable period,
plus the amount of any distribution per share declared in the period.
Return information is not a measure used under GAAP. BREIT has incurred
$160.1 million in net income, excluding net losses attributable to
non-controlling interests in third-party JV interests, for the six months
ended June 30, 2023. Additional information about our net income (loss) as
calculated under GAAP is included in our annual and interim financial
statements. All returns shown assume reinvestment of distributions pursuant
to BREIT’s distribution reinvestment plan, are derived from unaudited
financial information, and are net of all BREIT expenses, including general
and administrative expenses, transaction-related expenses, management fees,
performance participation allocation, and share class-specific fees, but
exclude the impact of early repurchase deductions on the repurchase of
shares that have been outstanding for less than one year. Past performance
is not necessarily indicative of future results. Class S, Class T and Class
D shares listed as (with sales load) reflect the returns after the maximum
upfront selling commission and dealer manager fees. Class S, Class T and
Class D shares listed as (no sales load) exclude upfront selling
commissions and dealer manager fees. With sales load returns assume payment
of the maximum upfront sales charge at initial subscription (3.5% for Class
S and Class T shares; 1.5% for Class D shares). The sales charge for Class
D shares became effective May 1, 2018. Please refer to “NAV Calculation and
Reconciliation” above for additional information on our determination of
NAV.
3. Reflects the current month’s distribution annualized and divided by the
prior month’s net asset value, which is inclusive of all fees and expenses.
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. As of June 30,
2023, 100% of inception to date distributions were funded from cash flows
from operations.
4. The share class information represents the transaction price for each share
class of our common stock for subscriptions accepted as of October 1, 2023
(and repurchases as of September 30, 2023). The purchase price of our
common stock for each share class equals the transaction price of such
class, plus applicable upfront selling commissions and dealer manager fees.
The repurchase price for each share class equals the transaction price of
such class. The transaction price presented is rounded to two decimal
places.
5. “Property Sector” weighting is measured as the asset value of real estate
investments for each sector category (Rental Housing, Industrial, Net
Lease, Data Centers, Self Storage, Hospitality, Retail, Office) divided by
the total asset value of all real estate investments, excluding the value
of any third-party interests in such real estate investments (“Real Estate
TAV”). The following sectors each have subsectors comprising over 1.0% of
Real Estate TAV. Rental Housing: multifamily (35%, including affordable
housing, which accounts for 8%), student housing (11%), single family
rental housing (8%) and manufactured housing (1%); Industrial: warehouses
(23%); and Hospitality: select service hotels (2%). Please see the
prospectus for more information on BREIT’s investments. Sunbelt refers to
~70% concentration in the South and West regions. “Region Concentration”
represents regions as defined by National Council of Real Estate Investment
Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of
real estate properties and unconsolidated property investments for each
regional category (South, West, East, Midwest, Non-U.S.) divided by the
total asset value of all (i) real estate properties, excluding the value of
any third-party interests in such real estate properties, and (ii)
unconsolidated property investments.
6. “Fast-growing” reflects population growth comparison between the South and
West regions versus the rest of the United States as defined by NCREIF.
Population growth reflects U.S. Bureau of Economic Analysis, as of June 30,
2023, which can be found at
https://apps.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=4.
Represents 5-year compounded annual growth rate of population from
mid-quarter Q1 2018 to mid-quarter Q1 2023. Top performing sectors reflects
FTSE Nareit data and represents performance of residential, industrial and
data center publicly traded REITs since BREIT’s inception, as of June 30,
2023. The FTSE Nareit US Real Estate Index Series is a comprehensive family
of REIT-focused indexes that span the commercial real estate industry,
providing market participants with a range of tools to benchmark and
analyze exposure to real estate across the US economy at both a broad
industry-wide level and on a sector-by-sector basis. The source materials
can be found at
https://www.reit.com/sites/default/files/returns/Industrial.xls, https://www.reit.com/sites/default/files/returns/Apartments.xls and https://www.reit.com/sites/default/files/returns/DataCenters.xls.
While BREIT generally seeks to acquire real estate properties located in
growth markets, certain properties may not be located in such markets.
Although a market may be a growth market as of the date of this material,
demographics and trends may change and investors are cautioned on relying
upon the data presented as there is no guarantee that historical trends
will continue or that BREIT could benefit from such trends. See “Important
Disclosures Information-Trends”.
7. Commodity office refers to the Class B and C office sector. As of August
31, 2023, the Class A office sector accounted for 2% of BREIT’s real estate
asset value.
8. BREIT participated in the acquisition of QTS alongside other
Blackstone-managed investment vehicles. BREIT’s ownership interest at
acquisition (August 31, 2021) was 33% ($3.2 billion purchase price at
share). As of June 30, 2023, BREIT’s ownership interest in QTS was 33.5%
and the QTS investment accounted for 3.2% of BREIT’s real estate asset
value. As of July 24, 2023, BREIT has sold or is in contract to sell over
$10 billion of real estate assets since September 1, 2022 at a 3% average
premium to carrying values. The sales have generated over $2.25 billion in
profits. Blackstone has committed $1 billion in recent years for data
center and infrastructure developments. There can be no assurance that any
commitments or pending but not yet closed transactions will occur or close
as expected or at all. Please see Strategic Asset Dispositions and other
materials available under For Stockholders and Literature for additional
details and important disclosure information.
9. World’s largest owner of commercial real estate based on estimated market
value per Real Capital Analytics, as of June 30, 2023. A copy of the source
materials of such data will be provided upon request. Blackstone is a
premier global investment manager. The real estate group of Blackstone,
Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors
L.L.C. (the “Adviser”). Information regarding Blackstone and Blackstone
Real Estate is included to provide information regarding the experience of
our sponsor and its affiliates. An investment in BREIT is not an investment
in our sponsor or Blackstone as BREIT is a separate and distinct legal
entity.
10. As of June 30, 2023. The percentage of fixed-rate financing is measured by
dividing (i) the sum of our consolidated fixed-rate debt, secured
financings on investments in real estate debt, and the outstanding notional
principal amount of corporate and consolidated interest rate swaps, by (ii)
total consolidated debt outstanding.
11. As of June 30, 2023. CPI reflects U.S. Bureau of Labor Statistics data,
which can be found at https://fred.stlouisfed.org/series/CPIAUCSL, and
represents the Consumer Price Index, which measures year-over-year changes
in the prices paid by all urban consumers for a basket of goods and
services consisting of all items in U.S. city average, not seasonally
adjusted. Rent growth may not be correlated to or keep pace with inflation
and may slow as inflation slows. NOI may not be correlated to or continue
to keep pace with inflation. BREIT same property cash flow growth refers to
BREIT’s year-over-year same property NOI growth for the six months ended
June 30, 2023. See “Important Disclosure Information–Same Property NOI
Growth”.
12. Distributions are not guaranteed and may be funded from sources other than
cash flow from operations, including, without limitation, borrowings, the
sale of our assets, repayments of our real estate debt investments, return
of capital or offering proceeds, and advances or the deferral of fees and
expenses. We have no limits on the amounts we may fund from such sources. A
portion of REIT ordinary income distributions may be tax deferred given the
ability to characterize ordinary income as Return of Capital (“ROC”). ROC
distributions reduce the stockholder’s tax basis in the year the
distribution is received, and generally defer taxes on that portion until
the stockholder’s stock is sold via redemption. Upon redemption, the
investor may be subject to higher capital gains taxes as a result of a
lower cost basis due to the return of capital distributions. Certain
non-cash deductions, such as depreciation and amortization, lower the
taxable income for REIT distributions. Investors should be aware that a
REIT’s ROC percentage may vary significantly in a given year and, as a
result, the impact of the tax law may vary significantly from year to year.
BREIT’s return of capital in 2019, 2020, 2021 and 2022 was 90%, 100%, 92%
and 94%, respectively. This content should not be relied upon or considered
as tax advice. Investors should consult their own tax advisors in order to
understand any applicable tax consequences of an investment. Prospective
investors should note that the tax treatment of each investor, and of any
investment, depends on individual circumstances and may be subject to
change in the future. See “Important Disclosure Information–Tax
Information”.
--------------------------------------------------------------------------------
IMPORTANT DISCLOSURE INFORMATION
Alternative investments often are speculative, typically have higher fees than
traditional investments, often include a high degree of risk and are appropriate
only for eligible, long-term investors who are willing to forgo liquidity and
put capital at risk for an indefinite period of time. They may be highly
illiquid and can engage in leverage and other speculative practices that may
increase volatility and risk of loss.
Alternative investments involve complex tax structures, tax inefficient
investing, and delays in distributing important tax information. Individual
funds have specific risks related to their investment programs that will vary
from fund to fund. Investors should consult their own tax and legal advisors as
Dealers generally do not provide tax or legal advice. REITs are generally not
taxed at the corporate level to the extent they distribute all of their taxable
income in the form of dividends. Ordinary income dividends are taxed at
individual tax rates and distributions may be subject to state tax. Each
investor’s tax considerations are different and consulting a tax advisor is
recommended. Any of the data provided herein should not be construed as
investment, tax, accounting or legal advice.
Interests in alternative investment products are distributed by the applicable
Dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations
of such Dealer or any of its affiliates, and (3) are not guaranteed by such
Dealer and its affiliates. Each Dealer is a registered broker-dealer, not a
bank.
Same Property NOI Growth. Net Operating Income (“NOI”) is a supplemental
non-GAAP measure of our property operating results that we believe is meaningful
because it enables management to evaluate the impact of occupancy, rents,
leasing activity and other controllable property operating results at our real
estate. We define NOI as operating revenues less operating expenses, which
exclude (i) impairment of investments in real estate, (ii) depreciation and
amortization, (iii) straight-line rental income and expense, (iv) amortization
of above- and below-market lease intangibles, (v) lease termination fees, (vi)
property expenses not core to the operations of such properties, and (vii) other
non-property related revenue and expense items such as (a) general and
administrative expenses, (b) management fee paid to the Adviser, (c) performance
participation allocation paid to the Special Limited Partner, (d) incentive
compensation awards, (e) income (loss) from investments in real estate debt, (f)
change in net assets of consolidated securitization vehicles, (g) income from
interest rate derivatives, (h) net gain (loss) on dispositions of real estate,
(i) interest expense, (j) gain (loss) on extinguishment of debt, (k) other
income (expense), and (l) similar adjustments for NOI attributable to
non-controlling interests and unconsolidated entities. We evaluate our
consolidated results of operations on a same property basis, which allows us to
analyze our property operating results excluding acquisitions and dispositions
during the periods under comparison. Properties in our portfolio are considered
same property if they were owned for the full periods presented, otherwise they
are considered non-same property. Recently developed properties are not included
in same property results until the properties have achieved stabilization for
both full periods presented. We define stabilization for the property as the
earlier of (i) achieving 90% occupancy or (ii) 12 months after receiving a
certificate of occupancy. Properties held-for-sale, properties that are being
redeveloped, and interests in unconsolidated entities under contract for sale
with hard deposit or other factors ensuring the buyer’s performance are excluded
from same property results and are considered non-same property. We do not
consider our investments in the real estate debt segment or equity securities to
be same property. For more information, please refer to BREIT’s Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commission on August 11,
2023 and the prospectus. Additionally, please refer below for a reconciliation
of GAAP net income (loss) to same property NOI for the year to date periods
ended June 30, 2023 and 2022.
Select Images. The selected images of certain BREIT investments in this website
are provided for illustrative purposes only, are not representative of all BREIT
investments of a given property type and are not representative of BREIT’s
entire portfolio. It should not be assumed that BREIT’s investment in the
properties identified and discussed herein were or will be profitable. Please
refer to https://www.breit.com/properties for a complete list of BREIT’s real
estate investments (excluding equity in public and private real estate related
companies), including BREIT’s ownership interest in such investments.
Tax Information. The tax information herein is provided for informational
purposes only, is subject to material change, and should not be relied upon as a
guarantee or prediction of tax effects. This material also does not constitute
tax advice to, and should not be relied upon by, potential investors, who should
consult their own tax advisors regarding the matters discussed herein and the
tax consequences of an investment. A portion of REIT ordinary income
distributions may be tax deferred given the ability to characterize ordinary
income as Return of Capital (“ROC”). ROC distributions reduce the stockholder’s
tax basis in the year the distribution is received, and generally defer taxes on
that portion until the stockholder’s stock is sold via redemption. Upon
redemption, the investor may be subject to higher capital gains taxes as a
result of a lower cost basis due to the return of capital distributions. Certain
non-cash deductions, such as depreciation and amortization, lower the taxable
income for REIT distributions. Investors should be aware that a REIT’s ROC
percentage may vary significantly in a given year and, as a result, the impact
of the tax law may vary significantly from year to year. While we currently
believe that the estimations and assumptions referenced herein are reasonable
under the circumstances, there is no guarantee that the conditions upon which
such assumptions are based will materialize or are otherwise applicable. This
information does not constitute a forecast, and all assumptions herein are
subject to uncertainties, changes and other risks, any of which may cause the
relevant actual, financial and other results to be materially different from the
results expressed or implied by the information presented herein. No assurance,
representation or warranty is made by any person that any of the estimations
herein will be achieved, and no recipient of this example should rely on such
estimations. Investors may also be subject to net investment income taxes of
3.8% and/or state income tax in their state of residence which would lower the
after-tax rate of return received by the investor.
Trends. There can be no assurances that any of the trends described herein will
continue or will not reverse. Past events and trends do not imply, predict or
guarantee, and are not necessarily indicative of, future events or results.
--------------------------------------------------------------------------------
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 (“U.S.”) and, to a lesser extent, real estate debt investments,
with a focus on current income. We 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:
* Since there is no public trading market for our common stock, repurchase of
shares by us will likely be the only way to dispose of your shares. Our share
repurchase plan, which is approved and administered by our board of
directors, provides stockholders with the opportunity to request that we
repurchase their shares on a monthly basis, but we are not obligated to
repurchase any shares and our board of directors may determine to repurchase
only some, or even none, of the shares that have been requested to be
repurchased in any particular month in its discretion. In addition,
repurchases will be subject to available liquidity and other significant
restrictions, including repurchase limitations that have in the past been,
and may in the future be, exceeded, resulting in our repurchase of shares on
a pro rata basis. Further, our board of directors may, in certain
circumstances, 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, without limitation, borrowings, the
sale of our assets, repayments of our real estate debt investments, return of
capital or offering proceeds, and advances or the deferral of fees and
expenses. 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.
* We are dependent on BX REIT Advisors L.L.C. (the “Adviser”) to conduct our
operations, as well as the persons and firms the Adviser retains to provide
services on our behalf. 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, an investor will experience immediate dilution in the
net tangible book value of the investor’s investment.
* There are limits on the ownership and transferability of our shares.
* We intend to continue to qualify as a REIT for U.S. federal income tax
purposes. However, 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. (“Blackstone”). Use of the name by other parties
or the termination of our trademark license agreement may harm our business.
* The acquisition of investment properties may be financed in substantial part
by borrowing, which increases our exposure to loss. The use of leverage
involves a high degree of financial risk and will increase the exposure of
our investments to adverse economic factors such as rising interest rates,
downturns in the economy or deteriorations in the condition of our
investments.
* Investing in commercial real estate assets involves certain risks, including
but not limited to: adverse changes in values or operating results caused by
global and national economic and market conditions generally and by the local
economic conditions where our properties are located, including changes with
respect to rising vacancy rates or decreasing market rental rates; tenants’
inability to pay rent; increases in interest rates and lack of availability
of financing; tenant turnover and vacancies; and changes in supply of or
demand for similar properties in a given market.
* Our portfolio is currently concentrated in certain industries and
geographies, and, as a consequence, our aggregate return may be substantially
affected by adverse economic or business conditions affecting that particular
type of asset or geography.
* Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of
terrorism, public health issues like pandemics or epidemics (e.g., COVID-19),
recessions, or other economic, political and global macro factors and events
could lead to a substantial economic downturn or recession in the U.S. and
global economies and have a significant impact on BREIT and its investments.
The recovery from such downturns is uncertain and may last for an extended
period of time or result in significant volatility, and many of the risks
discussed herein associated with an investment in BREIT may be increased.
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
This website contains “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,” “identified,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates”, “confident,” “conviction” or other similar words or the negatives
thereof. These may include financial estimates and their underlying assumptions,
statements about plans, objectives, intentions, and expectations with respect to
positioning, including the impact of macroeconomic trends and market forces,
future operations, repurchases, acquisitions, future performance and statements
regarding identified but not yet closed acquisitions. Such forward-looking
statements are inherently subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in such
statements. We believe these factors include but are not limited to those
described under the section entitled “Risk Factors” in BREIT’s prospectus and
annual report for the most recent fiscal year, and any such updated factors
included in BREIT’s periodic filings with 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 public filings).
Except as otherwise required by federal securities laws, we undertake 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
SUPPLEMENTED (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.
The following table reconciles GAAP net income (loss) to same property NOI for
the six months ended June 30, 2023 and 2022 ($ in thousands). Same property NOI
growth for the six months ended June 30, 2023 was 7%+.
1. Included in rental property operating and hospitality operating expense on
our Condensed Consolidated Statements of Operations.
Note: See “Important Disclosure Information–Same Property NOI Growth”.
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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.
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