blackstone real estate income trust (breit) real estate...blackstone real estate income trust, inc....

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Blackstone Real Estate Income Trust (BREIT) Blackstone Advisory Partners L.P., Dealer Manager / Member FINRA

November 2018

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, and must be read in conjunction with the prospectus in order to

understand fully all of the implications and risks of the offering to which this sales and advertising literature relates. A COPY OF THE PROSPECTUS MUST BE

MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING, AND IS AVAILABLE AT WWW.BREIT.COM

http://hosted.rightprospectus.com/Blackstone/SinglePDF.aspx

Blackstone

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Highly Confidential & Trade Secret

1

Important Disclosure Information

SUMMARY OF RISK FACTORS

Blackstone Real Estate Income Trust, Inc. (BREIT) is a non-traded REIT that seeks to invest in stabilized

commercial real estate properties diversified by sector with a focus on providing current income. 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 Blackstone Real Estate Income Trust. Some of these risks include but are

not limited to the following:

Since there is no public trading market for shares of our common stock, repurchase of shares by us

will likely be the only way to dispose of your shares. Our share repurchase plan 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 may choose to repurchase only some, or even

none, of the shares that have been requested to be repurchased in any particular month in our

discretion. In addition, repurchases will be subject to available liquidity and other significant

restrictions. Further, our board of directors may modify, suspend or terminate our share repurchase

plan if it deems such action to be in our best interest and the best interest of our stockholders. As a

result, our shares should be considered as having only limited liquidity and at times may be illiquid.

We cannot guarantee that we will make distributions, and if we do we may fund such distributions

from sources other than cash flow from operations, 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.

The purchase and repurchase price per share for each class of common stock will vary and will

generally equal our prior month’s net asset value (“NAV”) per share, as determined monthly, plus

applicable upfront selling commissions and dealer manager fees. We may offer shares at a price that

we believe reflects the NAV per share of such stock more appropriately than the prior month’s

NAV per share in cases where we believe there has been a material change (positive or negative) to

our NAV per share since the end of the prior month.

We have no employees and are dependent on BX REIT Advisors L.L.C. (the “Advisor”) to conduct

our operations. The Advisor will 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 the Advisor.

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 The Blackstone Group L.P. (together

with its affiliates, “Blackstone”). Use of the name by other parties or the termination of our

trademark license agreement may harm our business.

While BREIT’s investment strategy is to invest in stabilized commercial real estate properties

diversified by sector with a focus on providing current income to investors, an investment in BREIT

is not an investment in fixed income. Fixed income has material differences from an investment in a

non-traded REIT, including those related to vehicle structure, investment objectives and restrictions,

risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax

treatment.

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.

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 the investments to adverse economic factors.

Investing in commercial real estate assets involves certain risks, including but not limited to: 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.

BREIT will directly own private real estate assets. Any references to “private real estate” and “direct

ownership” is referring to the BREIT strategy. Individual investors will own shares of common

stock in BREIT as opposed to direct ownership of private, non-traded real estate assets.

Numerical data is approximate and as of September 30, 2018. The words “we”, “us”, and “our” refer to

Blackstone Real Estate Income Trust, Inc., together with its consolidated subsidiaries, including BREIT

Operating Partnership L.P. (the “Operating Partnership”), a Delaware limited partnership of which we are

the general partner, unless the context requires otherwise. Numerical data relating to Blackstone includes

activities of Blackstone Real Estate’s public and private portfolio companies (unless otherwise noted).

IMPORTANT DISCLOSURE ABOUT OTHER BLACKSTONE REAL ESTATE FUNDS

This sales material includes information related to prior investments Blackstone Real Estate has made, in

which BREIT will not have any interest. Prospective investors should note that the investment programs,

objectives, leverage policies and strategies of Blackstone’s opportunistic real estate private equity funds

(the “Opportunistic Real Estate Private Equity Funds”), the Blackstone real estate debt funds (the “Real

Estate Debt Funds”), and core+ real estate private equity funds (the “Core+ Real Estate Private Equity

Funds”) are substantially different from the investment program and objectives of BREIT, despite each

strategy focusing on making real estate-related investments.

Specifically, the Opportunistic Real Estate Private Equity Funds invest in “opportunistic” real estate and

real estate-related assets globally (which often are undermanaged assets and with higher potential for

equity appreciation), the Real Estate Debt Funds primarily make real estate-related debt investments on an

opportunistic basis globally, the Core+ Real Estate Private Equity Funds invest in substantially stabilized

real estate across office, multifamily, industrial and retail sectors, with a focus on the major global markets

and total return, whereas BREIT is a publicly registered non-exchange traded perpetual life REIT that

generally targets primarily stabilized income-oriented commercial real estate across asset classes in the

United States and, to a lesser extent real estate-related securities, with a focus on current return. The

information provided herein regarding the Opportunistic Real Estate Private Equity Funds, the Real

Estate Debt Funds, and the Core+ Real Estate Private Equity Funds is, therefore, provided solely for

background purposes.

Blackstone

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2

Important Disclosure Information (Cont’d)

FORWARD-LOOKING STATEMENT DISCLOSURE

This sales material contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our

use of forward-looking terminology such as “may,” “will,” “seek,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include our plans and objectives for

future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these

statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and

many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could

be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that

expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a

representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

You should carefully review the “Risk Factors” section of our prospectus for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.

Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This sales material must be read in conjunction with the prospectus in order to fully understand all the implications and risks of the offering of securities to which it relates. This sales material is neither an offer to sell

nor a solicitation of an offer to buy securities. An offering is made only by the prospectus.

Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the

prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

ADDITIONAL IMPORTANT DISCLOSURES

This material was not created by any third party registered broker-dealers or investment advisers who are distributing shares of BREIT (each a “Dealer” and collectively, the “Dealers”). The Dealers have made no

independent verification of the information provided and do not guarantee the accuracy or completeness of such information.

This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors or prospective investors, as applicable, receiving this material) and is intended solely for the

use of the persons to whom it has been delivered.

The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments

mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the prospectus and executed the subscription documents. The Dealers have not

considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the

risks associated with the investment, as discussed in the applicable prospectus, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment

objectives and risk tolerance.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable 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 the volatility

and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

All expressions of opinion are subject to change without notice and are not intended to be a forecast of future events or results. Further, opinions expressed herein may differ from the opinions expressed by a Dealer

and/or other businesses/affiliates of a Dealer. This is not a “research report” as defined by NASD Conduct Rule 2711 and was not prepared by the Research Departments of a Dealer or its affiliates.

Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market.

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. Clients should consult their own tax and legal advisors as Dealer does not provide tax or legal advice.

Interests in alternative investment products are offered pursuant to the terms of the applicable prospectus, are distributed by the applicable Dealer and certain of its affiliates, and (1) are not FDIC-insured, (2) are not

deposits or other obligations of such Dealer or any of its affiliates, (3) are not guaranteed by such Dealer and its affiliates, and (4) involve investment risks, including possible loss of principal. Each Dealer is a

registered broker-dealer, not a bank.

“Global Investment Committee”. Blackstone has a centralized investment process. Generally, significant equity investments are evaluated by the Global Investment Committee and significant debt investments are

evaluated by the BREDS Investment Committee. Smaller investments are evaluated by subsets of each committee, as applicable.

Blackstone

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Select BREIT Investments

Canyon Industrial Portfolio Various, U.S.

Emory Point Atlanta, GA

EdR Student Housing Portfolio Various, U.S.

HP Cold Storage Industrial Portfolio Various, U.S.

Aston Multifamily Portfolio Various, U.S.

JW Marriott San Antonio Hill Country Resort & Spa San Antonio, TX

Note: The selected images of certain BREIT investments above 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 click here for a complete list of investments.

3

https://www.breit.com/investments

Blackstone

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4

Blackstone Overview

Blackstone is committed to investment excellence across the alternatives spectrum

Note: As of September 30, 2018. Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Figures indicated above reflect assets under management for each business unit. Real Estate assets under management reflect “investor capital” which, as used herein, includes co-investments and Blackstone’s GP and side-by-side commitments, as applicable. Credit AUM is a combined figure that includes GSO Capital Partners (“GSO”), Harvest Fund Advisors (“Harvest”), and Blackstone Insurance Solutions (“BIS”) businesses.

Founded in 1985; went public in 2007

30+ year investment record

$457 billion of assets under management

One of the world’s largest alternative

investment managers

Private

Equity

$126B

Real

Estate

$120B

Credit

$131B Hedge Fund

Solutions

$80B

Blackstone

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Blackstone Real Estate Overview

Blackstone is one of the world’s preeminent real estate investors

Note: As of September 30, 2018. Represents the Blackstone Real Estate business. For a description of BREIT’s strategy and investments, visit www.breit.com. (1) Includes GP and side-by-side commitments, as applicable. (2) See “Global Investment Committee” in “Important Disclosure Information” on page 2.

Scale One of the largest owners, buyers, sellers

and financiers of real estate

Market

Knowledge Proprietary information advantage

Investment

Process Same people, same process

Execution Move with speed and certainty

through complex situations

Blackstone

Real Estate

$120B Investor Capital

Under Management(1)

500 Professionals

Globally

1

Global Investment

Committee(2)

Blackstone Real Estate Advantages

http://www.breit.com/





Blackstone

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6

Blackstone Real Estate U.S. Portfolio

Blackstone’s U.S. Real Estate portfolio provides proprietary insight and access

Note: All figures reflect Blackstone Real Estate U.S. holdings as of September 30, 2018. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. In addition to wholly-owned assets, figures include leased assets, collateral, assets managed through stakes in publicly-traded companies and assets owned through joint-ventures (reflected at 100%), as applicable. Multifamily includes other types of rental housing such as manufactured and student housing. The selected images above represent Blackstone’s U.S. Real Estate portfolio and are provided for illustrative purposes only. Properties depicted are owned by an affiliate of BREIT’s sponsor. BREIT does not own interests in the properties depicted above.

Multifamily 82k Units

Hospitality 132k Owned Keys

Retail 31M

Square Feet

Office 63M

Square Feet

Industrial 84M

Square Feet

Current U.S. Holdings

184 0 92 102 0 70 0 152 195 99 206 202 201 221 3 0 103 120

Blackstone 7


BREIT Executive Summary

Blackstone brings institutional real estate to income-focused investors

BREIT

Strategy

Structure &

Terms

• Target Investments: Stabilized, income-oriented commercial real estate assets

− Up to 20% in real estate debt securities and cash for liquidity purposes

• Sector Focus: Diversified across property types

• Geographic Focus: Top 50 U.S. markets(1)

• Structure: Non-listed, perpetual monthly-valued REIT

• Subscriptions and Distributions: Monthly(2)

• Liquidity: Monthly repurchases(3)

• Leverage: Modest(4)

• Tax Reporting: Form 1099 - DIV

(3) Overall limit of 2% of NAV per month and 5% of NAV per calendar quarter. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. See Offering Highlights for more detailed information.

(4) Leverage is measured on gross real estate assets (calculated using the greater of fair market value and cost of gross real estate assets, including equity in our securities portfolio), inclusive of property-level and entity-level debt net of cash, but excluding debt on our securities portfolio. Excludes effective leverage on liquid securities. NASAA policy limits up to 75% of total assets (300% of net assets), including leverage on liquid securities.

Note: Terms summarized herein represent some but not all investment terms, are for informational purposes and are qualified in their entirety by the more detailed information set forth in BREIT’s prospectus. You should read the prospectus carefully prior to making all investments.

(1) Represents BREIT’s target markets. Top 50 markets are comprised of the largest 50 metropolitan statistical areas by total population. U.S. Census Bureau, as of July 2017, released in May 2018. (2) 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.

U.S. Real Estate Investment Environment

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Blackstone

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2.0%

1.4%

Historical Average Today

1.6%

2.2%

2.9%

2016 2017 2018F

Real Estate Fundamentals

Strong economic growth paired with modest new supply

U.S. GDP Growth(1) U.S. New Construction(2)

Note: Represents Blackstone’s view of the current market environment as of the date appearing in this material only. Please refer to pages 1 and 2. There can be no assurance that the trends described herein will continue or not reverse.

(1) IMF World Economic Outlook, as of October 2018. (2) Citi Research, as of September 30, 2018. Total U.S. real estate new construction starts as a percent of aggregate supply for office, retail, industrial, multifamily and hotels. Historical average represents 1997-2006.

9

Down

29%

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Real Estate Investment Environment

Private real estate income is a potential hedge to inflation


(1) As of December 31, 2017. Green Street Advisors, Bureau of Labor Statistics. Net operating income (NOI) 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. NOI may not be correlated to or continue to keep pace with inflation.

10

Real Estate Income and Inflation(1)

Indexed, 1995=100

● Private real estate income has increased

faster than inflation over the past 20+ years

● Growth in real estate income was driven by

a number of factors, including market rent

growth and rent escalation clauses

100

125

150

175

200

'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17

Real Estate Net Operating Income U.S. CPI

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0.7%

1.7%

U.S. BREIT Markets

U.S. Real Estate Price Index by Sector(1)

Can’t Just “Buy the Index”

Sector and market selection critical in today’s environment


(1) Green Street Advisors, as of September 30, 2018. (2) U.S. Census Bureau, as of December 31, 2017, released in May 2018. (3) Represents BREIT markets that are greater than or equal to 1.5% of total asset value, as of September 30, 2018. Weighting is measured by total asset value of the aforementioned subset.

11

Population Growth 5-Yr CAGR(2)

U.S. vs. BREIT Markets

2.3x

(3)

Multifamily

Strip Center

Malls

Industrial

Office

Major Sectors

80

85

90

95

100

105

110

115

120

Apr'17 Aug'17 Dec'17 Apr'18 Aug'18Sep’18

BREIT Overview

12

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13

BREIT Portfolio Snapshot

Sector and market selection largely driving performance

Portfolio Overview – September 30, 2018

$12.2B Total Asset Value

95% Occupancy(1)

351 Properties(1)

Sector Allocation(2) Geographic Allocation(2)

Note: Estimated as of September 30, 2018. Totals may not sum due to rounding. Financial data is estimated and unaudited.

(1) Reflects real estate property investments only and does not include investments in debt securities. Occupancy is weighted by the total asset value of all real estate properties, excluding hospitality investments. Occupancy includes all leased square footage as of the date indicated.

(2) Geography and property type weightings are measured as the total asset value of each category against the total asset value of all real estate properties. Multifamily includes other types of rental housing such as manufactured and student housing.

Multifamily 56%

Industrial 31%

Hospitality 11%

Retail 2%

South 39%

West 37%

East 14%

Midwest 10%

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Note: Estimated as of September 30, 2018. Totals may not sum due to rounding. Past performance does not guarantee future results. Financial data is estimated and unaudited. (1) 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. 100% of these distributions were funded from cash flows from operations. All distribution rates

shown are historical. 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) Returns shown reflect 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. 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 historical and not a guarantee of future results. Class T, Class S and Class D shares listed as (With Sales Load) reflect the returns after the maximum up-front selling commission and dealer manager fees. Class T, Class S and Class D shares listed as (No Sales Load) exclude up-front selling commissions and dealer manager fees. The inception dates for the Class I, S, D and T shares are January 1, 2017, January 1, 2017, May 1, 2017, and June 1, 2017, respectively. The returns have been prepared using unaudited data and valuations of the underlying investments in BREIT’s portfolio, which are estimates of fair value and form the basis for BREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.

14

BREIT Performance

Generating attractive current and total returns

(3) Inception to date (“ITD”) returns for BREIT are annualized. Returns are annualized by multiplying the ITD return by twelve months, divided by the number of months outstanding for the applicable share class. Please see footnote 3 above for the inception date of each class.

(4) Assumes payment of the full upfront sales charge at initial subscription (1.5% for Class D shares; 3.5% for Class S and Class T shares).

Annualized Distribution Rate(1) Annualized Inception to Date Performance(2,3)

Class I 10.55%

Class D (No Sales Load) 11.11%

Class D (With Sales Load)(4) 9.90%

Class S (No Sales Load) 9.72%

Class S (With Sales Load)(4) 7.46%

Class T (No Sales Load) 10.15%

Class T (With Sales Load)(4) 7.27%

5.85%

5.67%

5.00%

5.10%

Class I Class D Class S Class T

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BREIT Investment Themes

High conviction thematic investment approach

Note: The above are examples of select investment themes that Blackstone pursues when making investment decisions. These examples do not represent all themes that Blackstone may pursue and Blackstone does not pursue all of these investment themes for a single fund. As of September 30, 2018, the Industrial and Multifamily sectors accounted for 87% of BREIT’s total asset value. Please refer to page 14 for a more detailed summary of BREIT’s Sector Allocation. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. See “Important Disclosure Information”. The selected images of certain BREIT investments above 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 click here for a complete list of investments.

15

Signature at Kendall Multifamily Miami, FL

Rental housing shortage

creating favorable fundamentals

Multifamily

Nevada West Multifamily Las Vegas, NV

E-commerce supporting

growing industrial demand

Industrial

HP Cold Storage Industrial Portfolio Various, U.S.

Canyon Industrial Portfolio Various, U.S.

https://www.breit.com/investments

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1,517

1,204

Historical Average 2018

16

BREIT Portfolio: Multifamily Sector

Housing undersupply supporting multifamily fundamentals

Note: As of September 30, 2018, unless otherwise indicated. Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Please refer to pages 1 and 2. The selected images of certain BREIT investments above 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.

(1) U.S. Census Bureau, as of September 30, 2018. 2018 represents September TTM. Historical average represents 1995-2004. (2) Multifamily includes other types of rental housing such as manufactured and student housing. Multifamily units include manufactured housing sites and student housing beds.

U.S. Housing Completions(1)

In Thousands

Down

21%

Multifamily Portfolio(2)

56% Share of BREIT’s

Real Estate Asset Value

38k

Units

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17

BREIT Portfolio: Industrial Sector

Industrial sector benefiting from continued e-commerce growth

Note: As of September 30, 2018, unless otherwise indicated. Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Please refer to pages 1 and 2. The selected images of certain BREIT investments above 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.

(1) E-commerce sales: Census Bureau, as of December 31, 2017. Vacancy: CBRE, as of September 30, 2018. 2017 represents Q3’18 data.

U.S. E-Commerce Sales and Industrial Vacancy(1) Industrial Portfolio

35M

Square Feet

31% Share of BREIT’s

Real Estate Asset Value

$260

$297

$339

$388

$448

6.9%

4.3%

2013 2014 2015 2016 2017

Sales (US$ in Billions) Vacancy Rate

Appendix

18

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19

Offering Highlights(1)

KEY TERMS

Product BREIT is a non-traded REIT focused on investing primarily in stabilized commercial real estate properties diversified by sector with a focus on providing

current income to investors

Structure Non-exchange traded, perpetual life real estate investment trust (REIT)

Portfolio allocation Targeting at least 80% to properties and up to 20% to real estate debt securities, cash and/or cash equivalents

Sponsor/advisor The Blackstone Group L.P. / BX REIT Advisors L.L.C.

Maximum offering $5 billion

Offering price(2) Generally equal to our prior month’s NAV per share for such class as of the last calendar day of such month, plus applicable selling commissions and dealer

manager fees

Subscriptions/NAV

frequency

• Monthly purchases as of the first calendar day of each month; subscription requests must be received at least five business days prior to the first calendar day

of the month

• NAV per share, which will generally be equal to our transaction price, will generally be available within 15 calendar days of month end

• Transaction price will be available on www.breit.com and in prospectus supplements. If the transaction price is not made available on or before the eighth

business day before the first calendar day of the month, or a previously disclosed transaction price for that month is changed, then we will provide notice of

such transaction to subscribing investors

Distributions Monthly (not guaranteed, subject to board approval)(3)

Minimum initial

investment(4) $2,500

Suitability standards(4) Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional

suitability standards. See the prospectus for more information.

Share repurchase plan

• Monthly repurchases will be made at the transaction price, which is generally equal to our prior month’s NAV

• Shares not held for at least one year will be repurchased at 95% of that month’s transaction price

• Overall limit of 2% of NAV per month and 5% of NAV per calendar quarter

• Repurchase requests must be received in good order by the second to last business day of the applicable month

• We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be

repurchased in any particular month in our discretion

• The share repurchase plan is subject to other limitations and our board may modify, suspend or terminate the plan

Tax reporting Form 1099-DIV

(1) Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in BREIT’s prospectus. You should read the prospectus carefully prior to making an investment. (2) We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month’s NAV per share, including by updating a previously disclosed offering price, in cases where we believe there

has been a material change (positive or negative) to our NAV per share since the end of the prior month. (3) 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.

(4) Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer BREIT at a higher minimum initial investment than $2,500. With respect to Class T shares, the amounts of upfront selling commissions and dealer manager fees may vary at select broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The financial advisor and dealer stockholder servicing fee for Class T shares may also vary at select broker-dealers, provided that the sum of such fees will always equal 0.85% per annum of the aggregate NAV of such shares.


Blackstone

0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70


20

ON

GO

ING

U

PF

RO

NT

SHARE CLASS-SPECIFIC FEES

CLASS I CLASS D CLASS S CLASS T

Availability Through fee-based (wrap) programs, registered investment advisors,

and other institutional and fiduciary accounts Through transactional/brokerage accounts

Selling commissions(2)

None Up to 1.5% Up to 3.5% Up to 3.0%

Dealer manager fee(2)

None None None 0.50%

Stockholder servicing fees(2)

(per annum, payable monthly) None 0.25% 0.85%

0.65% financial advisor

0.20% dealer

ADVISOR FEES

Management fee 1.25% per annum of NAV, payable monthly

Performance participation

allocation 12.5% of the annual total return, subject to a 5% annual hurdle amount and a high water mark

Offering Highlights(1) (Cont’d)

(1) Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in BREIT’s prospectus. You should read the prospectus carefully prior to making an investment.

(2) Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer BREIT at a higher minimum initial investment than $2,500. With respect to Class T shares, the amounts of upfront selling commissions and dealer manager fees may vary at select broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The financial advisor and dealer stockholder servicing fee for Class T shares may also vary at select broker-dealers, provided that the sum of such fees will always equal 0.85% per annum of the aggregate NAV of such shares.

Blackstone

0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70


21

Important Disclosure Information

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 made annually and accrue

monthly.

“Total Return” for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on the Operating Partnership units outstanding at the end

of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate NAV of such units since the beginning of the year, before giving effect to (x) changes resulting solely from

the proceeds of issuances of Operating Partnership units, (y) any allocation/accrual to the performance participation interest and (z) applicable stockholder servicing fee expenses (including any payments made

to us for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of units issued during the then-current calendar year

but (ii) exclude the proceeds from the initial issuance of such units.

“Hurdle Amount” for any period during a calendar year means that amount that results in a 5% annualized internal rate of return on the NAV of the Operating Partnership units outstanding at the beginning of

the then-current calendar year and all Operating Partnership units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid

(without duplication) on all such units and all issuances of Operating Partnership units over year.

“Loss Carryforward Amount” shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that

the Loss Carryforward Amount shall at no time be less than zero. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total

Return for purposes of the calculation of the Special Limited Partner’s performance participation. This is referred to as a “High Water Mark.”

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