Blackstone Real Estate Income Trust

Monthly Performance
February 2020
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

BREIT – Performance Dashboard

($ millions, except for shares & share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Performance
Share Price (Composite) $10.89 $10.92 $10.95 $11.03 $11.07 $11.19 $11.30 $11.38 $11.40 $11.43 $11.44 $11.47 $11.41
MTD Return (Composite) 0.8% 0.7% 0.7% 1.2% 0.8% 1.5% 1.4% 1.1% 0.6% 0.8% 0.5% 0.7% (0.1%)
YTD Annualized (Composite) 10.4% 9.9% 9.5% 10.7% 10.5% 11.8% 12.5% 12.7% 12.3% 12.1% 11.6% 8.4% 3.7%
ITD Annualized Return (Composite)(1) 9.0% 9.0% 9.0% 9.2% 9.2% 9.5% 9.8% 9.9% 9.8% 9.8% 9.7% 9.7% 9.4%
ITD Net IRR (Total) 8.9% 9.0% 9.0% 9.5% 9.6% 10.4% 11.0% 11.3% 11.0% 10.9% 10.6% 10.4% 9.4%
ITD Annualized Benchmark Returns - RMS 5.9% 7.4% 7.0% 6.6% 6.9% 7.2% 8.3% 9.1% 9.4% 8.6% 8.1% 8.2% 5.2%
Yield & Coverage
Distribution (Total) $24 $25 $28 $31 $34 $37 $40 $45 $48 $52 $56 $63 $71
Distribution Per Share (Composite) $0.047 $0.048 $0.048 $0.048 $0.048 $0.048 $0.049 $0.049 $0.049 $0.049 $0.049 $0.049 $0.049
Annualized Distribution Yield (Composite) 5.2% 5.3% 5.3% 5.3% 5.2% 5.2% 5.2% 5.2% 5.2% 5.1% 5.2% 5.2% 5.2%
Annualized FAD Yield (Composite)(2) 5.3% 5.6% 5.1% 4.9% 5.3% 5.0% 4.1% 4.8% 5.3% 5.3% 3.8% 5.3% 5.7%
MTD FAD Coverage (Total) 101% 107% 97% 93% 101% 96% 79% 93% 103% 103% 75% 102% 111%
TTM FAD Coverage (Total) 97% 98% 98% 97% 98% 98% 96% 95% 95% 96% 94% 95% 97%
MTD AFFO Coverage (Total) 101% 108% 95% 91% 100% 101% 87% 95% 101% 101% 89% 99% 107%
TTM AFFO Coverage (Total) 95% 97% 97% 96% 97% 97% 96% 96% 96% 97% 97% 97% 98%
Appreciation
Real Estate Investments MTM $32 $37 $32 $97 $69 $131 $163 $101 $44 $53 $50 $56 $78
Real Estate Debt Investments MTM(3) 11 9 5 0 11 6 (1) 2 2 (1) (1) 15 (9)
Liabilities MTM (9) (14) 0 (11) (22) (7) (26) 13 0 13 3 (1) (156)
FAD Coverage 0 2 (1) (2) 0 (2) (8) (3) 1 2 (14) 1 8
BX Fees & Promote (12) (13) (14) (21) (18) (28) (29) (29) (23) (27) (24) (31) (2)
JV/Portco Promote & O+O (1) (3) (4) (7) (7) (7) (8) (7) (3) 0 (1) (1) (3)
Total Appreciation $20 $18 $18 $57 $32 $93 $91 $77 $22 $40 $12 $39 ($84)
Total Shares Outstanding 499 529 581 647 709 761 821 918 984 1,062 1,145 1,272 1,436
Appreciation Per Share(4) $0.04 $0.03 $0.03 $0.09 $0.04 $0.12 $0.11 $0.08 $0.02 $0.04 $0.01 $0.03 ($0.06)
% MTD Annualized Share Price Appreciation(5) 4.2% 3.4% 3.1% 9.5% 4.3% 13.1% 11.2% 8.3% 2.0% 3.9% 1.0% 3.2% (6.2%)
% ITD Annualized Share Price Appreciation 4.1% 4.1% 4.1% 4.3% 4.4% 4.7% 5.0% 5.1% 5.0% 5.0% 4.9% 4.9% 4.5%
TTM Net Appreciation Walk (at 100%)
Funds Available for Distribution $198 $215 $230 $247 $268 $290 $306 $329 $357 $391 $418 $459 $514
(-) Distribution (204) (219) (235) (254) (274) (296) (319) (346) (376) (407) (442) (482) (529)
FAD Shortfall ($6) ($4) ($5) ($7) ($6) ($6) ($13) ($18) ($19) ($16) ($25) ($23) ($16)
(-) BX Management Fees (49) (53) (57) (61) (66) (71) (77) (84) (91) (99) (108) (118) (129)
(-) BX Incentive Fees (46) (50) (53) (64) (70) (85) (100) (114) (120) (130) (141) (150) (128)
Performance Before Appreciation ($101) ($107) ($116) ($132) ($142) ($163) ($191) ($216) ($230) ($246) ($274) ($291) ($273)
(+) Mark-to-Market Appreciation 84 100 119 172 193 275 362 434 445 479 529 543 431
Net Appreciation ($18) ($7) $3 $40 $51 $112 $171 $218 $215 $233 $255 $252 $159

*Publicly disclosed on website or fact card

(1) ITD returns are annualized using the simple method inception through April ‘19 and compound method from May ‘19 forward
(2) (FAD per share / prior month composite share price) x 12
(3) Net of hedges Blackstone 2
(4) Total appreciation / total shares outstanding
(5) (Month-over-month composite share price appreciation) x 12
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

BREIT – Performance Dashboard (cont’d)

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Fundraising
Wirehouse $180 $238 $311 $280 $379 $302 $345 $404 $402 $479 $519 $566 $517
IWM/RIA 48 80 86 89 94 104 97 101 89 107 127 105 121
Other 8 1 0 2 3 11 2 38 9 19 13 29 20
BREIT-O – – 177 340 181 145 230 536 220 226 305 655 1,198
DRIP 14 15 16 17 18 19 21 22 23 25 26 28 31
Subscriptions (Total) $251 $334 $590 $727 $675 $581 $695 $1,100 $744 $855 $991 $1,384 $1,887
Third Party Repurchases (13) (9) (8) (8) (9) (9) (11) (12) (11) (12) (11) (22) (17)
BX Repurchases (5) (5) (28) (6) 0 0 (23) 0 0 0 (42) (80) (0)
Repurchases (Total) ($19) ($14) ($37) ($15) ($9) ($9) ($34) ($12) ($11) ($12) ($53) ($102) ($17)
% Investors in DRIP 63% 62% 63% 61% 62% 61% 61% 59% 58% 57% 57% 56% 55%
% Domestic Control 98% 98% 95% 91% 89% 88% 86% 82% 81% 81% 80% 77% 72%
GAV & NAV @ Share
Real Estate Investments GAV $12,023 $12,175 $13,290 $14,227 $15,466 $15,964 $16,323 $22,713 $23,302 $27,910 $28,595 $29,152 $32,242
Real Estate Debt Investments GAV(1) 2,375 2,384 2,492 2,979 3,454 3,440 3,552 3,791 4,099 4,206 4,520 4,806 4,888
Unrestricted Cash 78 146 92 143 150 100 112 155 184 204 201 180 150
Restricted Cash 53 62 60 66 73 89 98 105 109 124 116 119 118
Total GAV $14,528 $14,768 $15,933 $17,415 $19,143 $19,593 $20,085 $26,763 $27,694 $32,444 $33,432 $34,257 $37,397
Property & Corporate Debt (7,228) (7,108) (7,597) (8,171) (8,556) (8,841) (8,615) (13,243) (13,247) (16,878) (16,836) (16,482) (19,681)
Securities Debt (1,783) (1,781) (1,802) (1,875) (2,447) (2,003) (1,921) (2,646) (2,887) (3,028) (3,092) (2,635) (2,638)
Adjustment to Equity Method Value – – – – – – – – – – – – 1,493
Other Assets/Liabilities, Net (89) (107) (174) (231) (295) (229) (277) (428) (346) (402) (403) (548) (183)
* Total NAV $5,428 $5,772 $6,361 $7,138 $7,845 $8,520 $9,272 $10,446 $11,213 $12,137 $13,101 $14,592 $16,390

GAV $14,528 $14,768 $15,933 $17,415 $19,143 $19,593 $20,085 $26,763 $27,694 $32,444 $33,432 $34,257 $37,397
(-) Securities Debt (1,783) (1,781) (1,802) (1,875) (2,447) (2,003) (1,921) (2,646) (2,887) (3,028) (3,092) (2,635) (2,638)
(-) Cash (131) (208) (151) (209) (223) (189) (210) (259) (293) (328) (317) (299) (267)
Other(2) 18 20 19 19 24 29 44 61 61 47 44 51 64
* Total Asset Value(3) $12,630 $12,798 $14,000 $15,350 $16,496 $17,430 $17,998 $23,919 $24,574 $29,136 $30,067 $31,375 $34,557

* Real Estate Investments Allocation 84% 84% 84% 83% 82% 82% 82% 86% 85% 87% 86% 86% 87%
* Real Estate Debt Investments Allocation 16% 16% 16% 17% 18% 18% 18% 14% 15% 13% 14% 14% 13%

*Publicly disclosed on website or fact card

(1) Net of hedges Blackstone 3
(2) Comprised of gross-up for debt securities hedges & current and prior month’s non-recurring capex
(3) Total asset value is measured as the gross asset value of real estate investments (at share), plus the equity in our real estate debt investments
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

BREIT – Performance Dashboard (cont’d)

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Leverage
* Leverage Ratio(1) 56% 54% 53% 52% 51% 50% 47% 54% 53% 57% 55% 52% 51%
Leverage Ratio (with Repo) 62% 60% 59% 58% 57% 55% 52% 59% 58% 61% 59% 55% 55%
W.A. Interest Rate 4.0% 4.1% 4.1% 4.0% 4.0% 4.0% 4.0% 3.7% 3.6% 3.6% 3.6% 3.6% 3.5%
W.A. Maturity ex. Repo 5.3 6.1 6.0 6.0 5.9 5.9 6.0 6.2 6.2 6.7 6.7 6.7 6.9
W.A. Maturity of Repo 1.3 1.2 1.2 1.1 0.8 1.0 0.9 0.7 0.6 0.8 0.7 0.8 1.0
W.A. Maturity w/ Repo 4.5 5.1 5.1 5.1 4.7 5.0 5.1 5.3 5.2 5.8 5.8 5.9 6.2
% Fixed/Matched 78% 80% 78% 79% 77% 77% 79% 72% 74% 75% 76% 77% 74%
Liquidity
2 Quarters of Max Redemptions (10% of NAV) $485 $485 $485 $577 $577 $784 $784 $784 $1,045 $1,045 $1,045 $1,310 $1,310
Repo Margin Call (11% MTM Decline(2) @ 75% LTC) 77 78 84 111 138 137 144 157 174 180 198 211 321
Less: Repo Margin Posted – – – – – – – – – – – – –
Repo Deleveraging (25% on 1-6 mo. Repo) – – – – – – – – – – – – –
IRS Margin Call (ME DV01 x 75bps Change in Rates) – – – – – – – – – – – – –
Currency Forward FX Change (10% MTM) – – – – – – – – – – – – –
Minimum Liquidity 562 563 569 688 715 922 928 941 1,219 1,225 1,243 1,521 1,631
% of NAV 10% 10% 9% 10% 9% 11% 10% 9% 11% 10% 9% 10% 10%
Months of Subscriptions (3) 2.6x 2.4x 1.9x 1.5x 1.5x 1.3x 1.3x 2.4x 1.9x 1.8x 2.2x 1.5x 1.1x

MTD Low-Point
Total Revolving Capacity $1,204 $1,204 $1,287 $1,387 $1,467 $1,734 $1,749 $2,782 $2,782 $2,782 $2,782 $3,087 $3,114
Used Revolving Capacity (496) (308) (750) (780) (708) (790) (154) (1,229) (969) (1,523) (1,502) (892) (1,175)
NAV Line Letters of Credit – – – – – – (30) (30) (30) (30) (30) (30) (30)
Available Revolving Capacity $708 $896 $537 $607 $759 $944 $1,565 $1,524 $1,784 $1,229 $1,250 $2,165 $1,909
OP Unrestricted Cash 16 71 8 4 65 4 3 66 12 19 18 5 14
Total Immediate Liquidity (RVLR + Cash) $724 $966 $544 $610 $824 $947 $1,568 $1,590 $1,796 $1,248 $1,268 $2,171 $1,924
Proceeds from Unencumbered RE (65% LTC) 132 306 493 860 799 1,209 972 278 508 475 475 150 1,005
Proceeds from Unencumbered Sec (75% LTC) 0 0 0 0 0 9 104 55 1 0 0 644 846
Net Refi/Paydown on Existing RE Debt – – – – – – – – – – – – –
Net Proceeds from Asset Sales – – – – – – – – – – – – –
Total Gross Liquidity $857 $1,272 $1,037 $1,470 $1,623 $2,165 $2,644 $1,923 $2,304 $1,723 $1,743 $2,965 $3,776
% of NAV 16% 22% 16% 21% 21% 25% 29% 18% 21% 14% 13% 20% 23%

*Publicly disclosed on website or fact card

(1) Leverage ratio = (Property & Corporate debt – Restricted & Unrestricted Cash) / Real Estate Investments GAV at the greater of FV or cost + Real Estate Debt Investments NAV excl.
Unsettled trades Blackstone 4
(2) MTM Decline shown is most recent. Historical MTM declines are Stress 3 Scenarios assumed for most closely corresponding Liquids Risk Meetings
(3) (Total revolving capacity – minimum required liquidity) / T3M average subscriptions
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Real Estate – Performance Dashboard

(In millions, where applicable) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Portfolio Statistics
* Number of Properties 490 491 544 614 652 662 683 1,022 1,030 1,045 1,054 1,097 1,153
* Occupancy (ex. Hotels, Net Lease) 95% 95% 94% 93% 94% 94% 94% 94% 94% 94% 94% 94% 94%
% Sourced Proprietary ITD(1) 70% 70% 73% 72% 70% 70% 69% 75% 74% 78% 79% 78% 79%
Significant Deal Threshold – – – – – – – – – – – – –
Allocation
Geographic Allocation
* West 37% 38% 39% 38% 38% 38% 38% 32% 33% 43% 42% 43% 42%
* South 40% 40% 38% 40% 39% 38% 38% 38% 38% 32% 32% 32% 32%
* East 15% 15% 14% 13% 15% 15% 16% 18% 17% 15% 15% 16% 15%
* Midwest 8% 8% 9% 9% 8% 9% 8% 12% 12% 10% 10% 10% 11%
Market Concentration
% Top 10 MSAs 31% 31% 29% 30% 31% 31% 32% 34% 34% 28% 29% 29% 29%
% Top 30 MSAs 74% 73% 74% 75% 76% 77% 76% 74% 75% 78% 79% 78% 78%
% Top 50 MSAs 85% 84% 85% 85% 86% 86% 86% 85% 85% 87% 88% 87% 88%
Deployment
(+) $ RE Investments MTD $914 $106 $1,074 $825 $1,207 $362 $215 $6,279 $529 $4,524 $626 $484 $4,476
(-) $ RE Investments Dispositions MTD(2) – – – – (44) – (30) – – – (5) (4) –
(+) $ RE Debt Investments MTD 28 22 205 627 472 29 116 251 420 196 499 313 112
GAV Deployed $942 $128 $1,279 $1,451 $1,635 $392 $302 $6,530 $949 $4,720 $1,120 $793 $4,588
(-) $ RE / Corporate Financings MTD(3) (713) 120 (489) (575) (384) (285) 227 (4,629) (4) (3,631) 42 354 (3,199)
(-) $ Real Estate Debt Investments Debt(4) (39) 2 (20) (74) (572) 444 83 (726) (241) (140) (65) 458 (3)
Net Deployment MTD $190 $250 $770 $803 $679 $550 $611 $1,176 $705 $949 $1,097 $1,604 $1,386
# Real Estate Investments MTD(5) 2 1 10 6 9 3 2 6 5 7 5 2 5
# Real Estate Debt Investments Trades MTD 16 11 27 37 33 17 20 13 27 11 15 12 13

*Publicly disclosed on website or fact card

(1) Includes off market & not broadly marketed real estate
(2) Net of closing costs
(3) MoM change in value of RE / Corporate Debt Blackstone 5
(4) MoM change in value of Real Estate Debt Investment Debt
(5) Secondary closings are included in the investment count
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Real Estate – Performance Dashboard (cont’d)

(In millions, where applicable) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Apartments Performance
* % of RE GAV 42% 42% 44% 46% 46% 47% 47% 35% 35% 31% 31% 31% 33%
* Units 28,301 28,301 32,140 34,853 38,046 39,102 39,346 39,908 41,858 43,496 45,552 45,553 53,988
Occupancy 82% 86% 94% 93% 93% 94% 94% 94% 94% 94% 94% 94% 94%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up $10 $17 $13 $12 $23 $115 $108 $80 $20 $4 $17 $43 $121
Cap Rate 5.1% 5.2% 5.1% 5.1% 5.1% 5.1% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 4.9%
ITD Unlevered Net IRR 8.4% 8.4% 8.4% 8.3% 8.4% 9.7% 10.6% 11.2% 10.9% 10.5% 10.3% 10.3% 10.9%
% Unlevered IRR Appreciation 38% 39% 39% 37% 39% 48% 53% 55% 55% 53% 53% 53% 56%
% Unlevered IRR Income 62% 61% 61% 63% 61% 52% 47% 45% 45% 47% 47% 47% 44%
Student Housing Performance
* % of RE GAV 10% 10% 9% 8% 8% 7% 7% 5% 5% 4% 4% 4% 4%
* Beds 10,604 10,604 10,604 10,604 10,610 10,610 10,610 10,610 10,676 10,676 10,676 10,676 10,676
Occupancy 98% 97% 97% 97% 95% 93% 93% 94% 96% 97% 97% 97% 97%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up $3 $1 $3 $0 $2 $3 $3 $0 ($0) $0 $0 ($8) $1
Cap Rate 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.1% 5.0% 5.0% 5.0% 5.0% 5.0%
ITD Unlevered Net IRR 9.5% 8.8% 8.7% 8.2% 8.2% 8.1% 8.0% 7.7% 7.4% 7.2% 7.0% 6.3% 6.3%
% Unlevered IRR Appreciation 40% 37% 38% 35% 35% 36% 37% 35% 34% 33% 32% 25% 24%
% Unlevered IRR Income 60% 63% 62% 65% 65% 64% 63% 65% 66% 67% 68% 75% 76%
Manufactured Housing Performance
* % of RE GAV 2% 2% 2% 2% 2% 2% 2% 2% 2% 1% 1% 1% 1%
* Sites 4,303 3,799 5,376 5,376 5,377 6,368 6,372 6,372 6,372 6,372 6,373 6,373 6,373
Occupancy 87% 91% 89% 87% 83% 82% 81% 82% 82% 84% 85% 87% 88%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up $0 $1 $0 $1 $1 $1 $1 $1 $1 $1 $2 $0 $3
Cap Rate 5.1% 5.1% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2% 4.9% 4.9%
ITD Unlevered Net IRR 6.9% 7.6% 7.5% 7.6% 7.5% 7.6% 7.5% 7.6% 7.4% 7.6% 7.4% 7.3% 7.6%
% Unlevered IRR Appreciation 30% 34% 32% 32% 34% 36% 36% 37% 39% 40% 43% 41% 44%
% Unlevered IRR Income 70% 66% 68% 68% 66% 64% 64% 63% 61% 60% 57% 59% 56%

*Publicly disclosed on website or fact card Blackstone 6

Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Real Estate – Performance Dashboard (cont’d)

(In millions, where applicable) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Industrial Performance
* % of RE GAV 34% 34% 33% 33% 32% 32% 31% 48% 46% 39% 39% 39% 37%
* Square Feet (in millions) 51 51 54 57 59 59 58 126 126 126 127 130 137
Occupancy 95% 94% 94% 94% 95% 95% 95% 95% 95% 94% 95% 94% 94%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up $20 $17 $21 $85 $32 $16 $57 $22 $12 $45 $31 $7 $38
Cap Rate 5.6% 5.5% 5.6% 5.5% 5.5% 5.5% 5.4% 5.4% 5.2% 5.2% 5.2% 5.2% 5.2%
ITD Unlevered Net IRR 9.6% 9.6% 9.7% 11.2% 11.4% 11.2% 11.7% 11.6% 10.9% 10.8% 10.5% 10.1% 10.0%
% Unlevered IRR Appreciation 45% 45% 47% 55% 55% 55% 57% 57% 55% 54% 53% 52% 51%
% Unlevered IRR Income 55% 55% 53% 45% 45% 45% 43% 43% 45% 46% 47% 48% 49%
Hospitality Performance
* % of RE GAV 10% 11% 10% 9% 10% 11% 11% 9% 9% 8% 8% 8% 7%
* Keys 4,135 4,587 4,587 4,587 7,142 7,778 7,778 9,041 9,043 9,966 9,966 9,966 9,966
Occupancy 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 78% 78% 78%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up ($1) $1 ($6) ($1) $10 ($5) ($7) ($2) $8 $1 ($1) $6 ($80)
EBITDA Multiple 11.7x 11.7x 11.8x 11.8x 10.9x 11.1x 10.9x 10.9x 10.8x 10.8x 11.1x 11.2x 18.3x
ITD Unlevered Net IRR 11.2% 11.3% 10.6% 10.3% 11.1% 10.8% 10.1% 10.0% 10.5% 10.2% 9.7% 9.8% 6.8%
% Unlevered IRR Appreciation 30% 28% 21% 18% 23% 18% 13% 11% 13% 13% 12% 14% (28%)
% Unlevered IRR Income 70% 72% 79% 82% 77% 82% 87% 89% 87% 87% 88% 86% 128%
Retail Performance
* % of RE GAV 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 3% 2%
* Square Feet (in millions) 1 1 1 1 1 1 1 1 1 1 1 2 2
Occupancy(1) 89% 89% 89% 89% 93% 98% 98% 98% 99% 99% 96% 95% 95%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up $0 $0 $0 $0 $1 $0 $1 $0 $3 $1 $1 $2 $2
Cap Rate 5.7% 5.7% 5.7% 5.7% 5.8% 5.8% 5.9% 5.9% 5.9% 6.0% 6.0% 5.9% 5.6%
ITD Unlevered Net IRR 2.8% 2.9% 3.2% 3.4% 3.8% 4.0% 4.3% 4.5% 5.3% 5.5% 5.6% 6.3% 6.6%
% Unlevered IRR Appreciation (103%) (93%) (74%) (65%) (45%) (38%) (28%) (22%) (3%) (0%) 4% 12% 16%
% Unlevered IRR Income 203% 193% 174% 165% 145% 138% 128% 122% 103% 100% 96% 88% 84%

*Publicly disclosed on website or fact card Blackstone 7

(1) Excludes Emory Point – Retail & 55 West – Retail, both are included in Multifamily for public reporting purposes
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Real Estate – Performance Dashboard (cont’d)

(In millions, where applicable) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Office Performance
* % of RE GAV – – – – – – – – 1% 0% 0% 0% 0%
* Square Feet (in millions) – – – – – – – – 0.2 0.2 0.2 0.2 0.2
Occupancy – – – – – – – – 95% 95% 95% 95% 95%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up – – – – – – – – – $0 $0 $0 $0
Cap Rate – – – – – – – – – 5.1% 5.2% 5.2% 5.2%
ITD Unlevered Net IRR – – – – – – – – – 7.6% 7.8% 7.6% 7.3%
% Unlevered IRR Appreciation – – – – – – – – – 18% 35% 33% 31%
% Unlevered IRR Income – – – – – – – – – 82% 65% 67% 69%
Net Lease Performance
* % of RE GAV – – – – – – – – – 15% 14% 14% 16%
* Keys – – – – – – – – – 3,933 3,933 3,933 13,681
Occupancy – – – – – – – – – – – – –
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up – – – – – – – – – – – $1 ($9)
Cap Rate – – – – – – – – – – 5.7% 5.7% 5.8%
ITD Unlevered Net IRR – – – – – – – – – – – – –
% Unlevered IRR Appreciation – – – – – – – – – – – – –
% Unlevered IRR Income – – – – – – – – – – – – –
Other Performance
* % of RE GAV – – – – – – 1% 1% 1% 1% 1% 1% 0%
* Square Feet (in millions) – – – – – – 1 1 1 1 1 1 1
Occupancy – – – – – – 91% 89% 89% 88% 87% 86% 86%
YoY Same Store NOI Growth – – – – – – – – – – – – –
Write-Up – – – – – – $0 $0 $0 $0 $0 $4 $3
Cap Rate – – – – – – 5.4% 5.8% 5.7% 5.7% 5.7% 5.7% 5.6%
ITD Unlevered Net IRR – – – – – – – 16.7% 12.9% 11.3% 9.9% 15.2% 17.3%
% Unlevered IRR Appreciation – – – – – – – 15% 24% 26% 27% 54% 61%
% Unlevered IRR Income – – – – – – – 85% 76% 74% 73% 46% 39%

*Publicly disclosed on website or fact card Blackstone 8

I. Appendix - Share Class Detail
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Share Class Detail

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Share Count
# of Shares Sold ITD
Class I 123 132 158 199 229 255 286 353 391 430 474 558 684
Class S 302 319 338 357 381 399 422 446 469 500 531 562 593
Class D 35 38 42 46 53 59 64 69 73 78 85 89 94
Class T 25 27 29 30 32 34 35 37 37 39 40 41 43
OP Units 13 13 14 14 14 14 13 13 13 15 16 22 22
Total Shares 499 529 581 647 709 761 821 918 984 1,062 1,145 1,272 1,436
Average % Trail(1) – – – – – – – – – – – – –
Onshore Share Detail
Class I
* Share Price $10.89 $10.92 $10.95 $11.04 $11.08 $11.20 $11.30 $11.38 $11.40 $11.44 $11.45 $11.48 $11.42
* MTD Return 0.8% 0.8% 0.7% 1.3% 0.8% 1.6% 1.4% 1.2% 0.6% 0.8% 0.5% 0.7% (0.1%)
* YTD Return 1.8% 2.6% 3.4% 4.7% 5.6% 7.2% 8.8% 10.0% 10.7% 11.6% 12.2% 0.7% 0.7%
TTM Return 8.3% 8.6% 8.5% 9.1% 9.2% 10.1% 10.8% 11.3% 11.2% 11.5% 12.2% 11.9% 10.9%
* ITD Annualized Return(2) 10.2% 10.2% 10.2% 9.9% 9.9% 10.2% 10.5% 10.6% 10.5% 10.5% 10.4% 10.4% 10.1%
Class S
* Share Price $10.91 $10.95 $10.98 $11.06 $11.10 $11.22 $11.33 $11.41 $11.43 $11.46 $11.47 $11.50 $11.44
* MTD Return 0.8% 0.7% 0.7% 1.2% 0.8% 1.5% 1.3% 1.1% 0.6% 0.7% 0.5% 0.7% (0.1%)
* YTD Return 1.7% 2.4% 3.1% 4.3% 5.1% 6.7% 8.1% 9.3% 9.9% 10.7% 11.3% 0.7% 0.5%
TTM Return 7.5% 7.7% 7.7% 8.3% 8.4% 9.2% 9.9% 10.4% 10.3% 10.5% 11.3% 11.0% 10.0%
* ITD Annualized Return(2) 9.3% 9.3% 9.4% 9.1% 9.1% 9.4% 9.6% 9.8% 9.7% 9.7% 9.6% 9.5% 9.2%
Class D
* Share Price $10.77 $10.80 $10.83 $10.91 $10.95 $11.07 $11.17 $11.24 $11.26 $11.29 $11.30 $11.33 $11.27
* MTD Return 0.8% 0.7% 0.7% 1.2% 0.8% 1.5% 1.4% 1.1% 0.6% 0.8% 0.5% 0.7% (0.1%)
* YTD Return 1.8% 2.6% 3.3% 4.6% 5.4% 7.0% 8.5% 9.7% 10.4% 11.2% 11.8% 0.7% 0.6%
TTM Return 8.0% 8.2% 8.2% 8.8% 8.9% 9.8% 10.5% 10.9% 10.8% 11.1% 11.8% 11.5% 10.5%
* ITD Annualized Return(2) 10.4% 10.5% 10.5% 10.2% 10.2% 10.5% 10.8% 10.9% 10.8% 10.7% 10.6% 10.5% 10.2%
Class T
* Share Price $10.72 $10.75 $10.78 $10.86 $10.90 $11.02 $11.12 $11.20 $11.22 $11.26 $11.26 $11.29 $11.23
* MTD Return 0.8% 0.7% 0.7% 1.2% 0.8% 1.5% 1.3% 1.1% 0.6% 0.7% 0.5% 0.7% (0.1%)
* YTD Return 1.7% 2.4% 3.1% 4.3% 5.1% 6.7% 8.2% 9.3% 10.0% 10.8% 11.3% 0.7% 0.5%
TTM Return 7.4% 7.7% 7.6% 8.3% 8.4% 9.2% 9.9% 10.4% 10.3% 10.6% 11.3% 11.0% 10.0%
* ITD Annualized Return(2) 9.5% 9.5% 9.5% 9.4% 9.4% 9.8% 10.0% 10.2% 10.1% 10.0% 9.9% 9.8% 9.5%

*Publicly disclosed on website or fact card

(1) Total trail / NAV gross of trail & distributions Blackstone 10
(2) ITD returns are annualized using the simple method inception through April ‘19 and compound method from May ‘19 forward
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Share Class Detail

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Offshore Feeder Detail
BREIT Offshore - I Class Distributing(1) (Upfront: n/a, Trail: n/a, Admin Fees: 0.2%)
Share Price – $1,000 $1,005 $1,013 $1,017 $1,028 $1,037 $1,045 $1,046 $1,050 $1,051 $1,053 $1,048
MTD Return – – 1.0% 1.2% 0.8% 1.5% 1.4% 1.1% 0.6% 0.7% 0.5% 0.7% (0.1%)
TTM Return – – 1.0% 2.2% 3.0% 4.6% 6.0% 7.2% 7.9% 8.7% 9.2% 9.9% 9.8%
ITD Annualized Return(2) – – 13.0% 14.3% 12.8% 14.5% 15.1% 15.0% 13.8% 13.3% 12.4% 12.0% 10.8%
Annualized Fund Level Fees – – 44 bps 44 bps 104 bps 52 bps 53 bps 52 bps 49 bps 51 bps 69 bps 65 bps 52 bps
BREIT Offshore - I Class Accumulating(1) (Upfront: n/a, Trail: n/a; Admin Fees: 0.2%)
Share Price – – – – – – – – $1,051 $1,059 $1,064 $1,071 $1,070
MTD Return – – – – – – – – 0.6% 0.7% 0.5% 0.7% (0.1%)
TTM Return – – – – – – – – 0.6% 1.3% 1.8% 2.5% 2.4%
ITD Annualized Return(2) – – – – – – – – 7.5% 8.5% 7.6% 7.8% 6.0%
Annualized Fund Level Fees – – – – – – – – 49 bps 51 bps 69 bps 65 bps 52 bps
BREIT Offshore - A Class Distributing(1) (Upfront: 1-3%, Trail: 0.5%, Admin Fees: 0.2%)
Share Price – – – – – – – – $1,046 $1,050 $1,051 $1,053 $1,048
MTD Return – – – – – – – – 0.6% 0.7% 0.4% 0.6% (0.1%)
TTM Return – – – – – – – – 0.6% 1.3% 1.7% 2.4% 2.2%
ITD Annualized Return(2) – – – – – – – – 7.0% 7.9% 7.1% 7.2% 5.5%
Annualized Fund Level Fees – – – – – – – – 99 bps 101 bps 119 bps 116 bps 102 bps
BREIT Offshore - A Class Accumulating(1) (Upfront: 1-3%, Trail: 0.5%; Admin Fees: 0.2%)
Share Price – – – – – – – – $1,050 $1,058 $1,063 $1,069 $1,068
MTD Return – – – – – – – – 0.6% 0.7% 0.4% 0.6% (0.1%)
TTM Return – – – – – – – – 0.6% 1.3% 1.7% 2.4% 2.2%
ITD Annualized Return(2) – – – – – – – – 7.0% 7.9% 7.1% 7.2% 5.5%
Annualized Fund Level Fees – – – – – – – – 99 bps 101 bps 119 bps 116 bps 102 bps
BREIT Class I to BREIT Offshore Bridge
Class I Return MTD – – – 1.3% 0.8% 1.6% 1.4% 1.2% 0.6% 0.8% 0.5% 0.7% (0.1%)
iCapital Fee – – – (0.017%) (0.017%) (0.017%) (0.017%) (0.017%) (0.017%) (0.017%) (0.017%) (0.017%) (0.017%)
Tax Accrual – – – – (0.051%) (0.018%) (0.018%) (0.018%) (0.018%) (0.016%) (0.027%) (0.028%) (0.022%)
Fund Level Expenses – – – (0.020%) (0.018%) (0.008%) (0.009%) (0.008%) (0.006%) (0.009%) (0.014%) (0.011%) (0.006%)
BREIT Offshore Class I MTD – – – 1.2% 0.8% 1.5% 1.4% 1.1% 0.6% 0.7% 0.5% 0.7% (0.1%)
Trail (Class A only) – – – – – – – – (0.042%) (0.042%) (0.042%) (0.042%) (0.042%)
BREIT Offshore Class A MTD – – – – – – – – 0.6% 0.7% 0.4% 0.6% (0.1%)

*Publicly disclosed on website or fact card Blackstone 11

(1) Institutional share class; BREIT-O not available before March 2019
(2) ITD returns are annualized using the simple method inception through April ‘19 and compound method from May ‘19 forward
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Share Class Detail

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Offshore Feeder Detail
Credit Suisse Feeder - B Class Distributing(1) (Upfront: <2.5%; Trail: n/a, Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,002 $1,003 $1,005 $1,000
MTD Return – – – – – – – – – 0.6% 0.5% 0.7% (0.1%)
TTM Return – – – – – – – – – 0.6% 1.1% 1.8% 1.7%
ITD Annualized Return(2) – – – – – – – – – 8.4% 7.2% 7.5% 5.3%
Annualized Fund Level Fees – – – – – – – – – 169 bps 64 bps 61 bps 55 bps
Credit Suisse Feeder - B Class Accumulating(1) (Upfront: <2.5%; Trail: n/a, Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,006 $1,011 $1,018 $1,017
MTD Return – – – – – – – – – 0.6% 0.5% 0.7% (0.1%)
TTM Return – – – – – – – – – 0.6% 1.1% 1.8% 1.7%
ITD Annualized Return(2) – – – – – – – – – 8.5% 7.2% 7.5% 5.3%
Annualized Fund Level Fees – – – – – – – – – 163 bps 64 bps 61 bps 55 bps
Credit Suisse Feeder - A Class Distributing(1) (Upfront: <2.5%; Trail: 0.5% Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,002 $1,002 $1,005 $1,000
MTD Return – – – – – – – – – 0.6% 0.5% 0.6% (0.1%)
TTM Return – – – – – – – – – 0.6% 1.1% 1.7% 1.6%
ITD Annualized Return(2) – – – – – – – – – 7.8% 6.6% 7.0% 4.8%
Annualized Fund Level Fees – – – – – – – – – 219 bps 114 bps 111 bps 105 bps
Credit Suisse Feeder - A Class Accumulating(1) (Upfront: <2.5%; Trail: 0.5% Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,006 $1,011 $1,017 $1,016
MTD Return – – – – – – – – – 0.6% 0.4% 0.6% (0.1%)
TTM Return – – – – – – – – – 0.6% 1.1% 1.7% 1.6%
ITD Annualized Return(2) – – – – – – – – – 7.9% 6.6% 7.0% 4.8%
Annualized Fund Level Fees – – – – – – – – – 214 bps 114 bps 111 bps 105 bps

*Publicly disclosed on website or fact card Blackstone 12

(1) Institutional share class; BREIT-O not available through Credit Suisse Feeder before November 2019
(2) ITD returns are annualized using the simple method inception through April ‘19 and compound method from May ‘19 forward
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Share Class Detail

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Offshore Feeder Detail
Morgan Stanley BREIT-O - A Class Distributing(1) (Upfront: <3%; Trail: 0.85%, Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,050 $1,051 $1,053 $1,048
MTD Return – – – – – – – – – 0.7% 0.4% 0.6% (0.2%)
TTM Return – – – – – – – – – 0.7% 1.1% 1.7% 1.5%
ITD Annualized Return(2) – – – – – – – – – 8.9% 6.9% 7.0% 4.8%
Annualized Fund Level Fees – – – – – – – – – 136 bps 154 bps 151 bps 137 bps
Morgan Stanley BREIT-O - A Class Accumulating(1) (Upfront: <3%; Trail: 0.85%, Admin Fees: 0.2%)
Share Price – – – – – – – – – $1,058 $1,062 $1,068 $1,067
MTD Return – – – – – – – – – 0.7% 0.4% 0.6% (0.2%)
TTM Return – – – – – – – – – 0.7% 1.1% 1.7% 1.5%
ITD Annualized Return(2) – – – – – – – – – 8.9% 6.9% 7.0% 4.8%
Annualized Fund Level Fees – – – – – – – – – 136 bps 154 bps 151 bps 137 bps
Morgan Stanley Asia - I Class (Upfront: 1-2%; Trail: n/a, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Morgan Stanley Asia - A Class (Upfront: 1-2%; Trail: 0.5%, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Morgan Stanley BREIT-O - I Class (Upfront: <3%; Trail: n/a, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –

*Publicly disclosed on website or fact card Blackstone 13

(1) Institutional share class; BREIT-O not available through Morgan Stanley before November 2019
(2) ITD returns are annualized using the simple method inception through April ‘19 and compound method from May ‘19 forward
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Share Class Detail

($ millions, except for share price) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Offshore Feeder Detail
Samsung - A Class (Upfront: <1%; Trail: 0.4%, Admin Fees: 0.53%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Samsung - C Class (Upfront: n/a; Trail: 0.9%, Admin Fees: 0.53%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Samsung - Cw Class (Upfront: n/a; Trail: n/a, Admin Fees: 0.53%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Nomura (Upfront: <3%; Trail: 0.63%, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Cathay United - Class I (Upfront: <3%; Trail: n/a, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –
Cathay United - Class A (Upfront: <3%; Trail: 0.5%, Admin Fees: 0.2%)
Share Price – – – – – – – – – – – – –
MTD Return – – – – – – – – – – – – –
TTM Return – – – – – – – – – – – – –
ITD Annualized Return – – – – – – – – – – – – –
Annualized Fund Level Fees – – – – – – – – – – – – –

Blackstone 14
II. Appendix - Distribution Analysis
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

Distribution vs. FAD Summary

February 2020

Class S Shares Class I Shares Class D Shares Class T Shares Total BREIT Shares Class B Units Deal OP Units Portco Promote Units SLP Units Total
Gross Distribution $ 31,313,770 $ 36,170,961 $ 4,979,422 $ 2,251,593 $ 74,715,747 $ 531,928 $ 311,659 $ 85,866 $ 1,258 $ 75,646,458
Shareholder Servicing Fee (4,555,317) - (203,667) (322,164) (5,081,148) - - - - (5,081,148)
Net Distribution $ 26,758,453 $ 36,170,961 $ 4,775,755 $ 1,929,429 $ 69,634,599 $ 531,928 $ 311,659 $ 85,866 $ 1,258 $ 70,565,311
FAD $ 76,899,519 $ 78,368,880
Shares 593,313,823 683,761,077 94,382,512 42,686,493 1,414,143,905 10,055,358 5,891,476 1,623,172 23,788 1,431,737,699
Gross Distribution Per Share $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529
February Net Distribution Per Share $ 0.0451 $ 0.0529 $ 0.0506 $ 0.0452 $ 0.0529 $ 0.0529 $ 0.0529 $ 0.0529
January 31 NAV Per Share $ 11.5029 $ 11.4776 $ 11.3311 $ 11.2933 $ 11.4776 $ 11.4776 $ 11.4776 $ 11.4776
Distribution Yield 4.70% 5.53% 5.36% 4.80% 5.53% 5.53% 5.53% 5.53%
FAD Yield 5.28% 6.05% 5.85% 5.28% 8.73% 8.73% 8.73% 8.73%

January Net Distribution Per Share $ 0.0451 $ 0.0534 $ 0.0510 $ 0.0452 $ 0.0534 $ 0.0534 $ 0.0534 $ 0.0534
FAD Per Share $ 0.0506 $ 0.0578 $ 0.0552 $ 0.0497 $ 0.0835 $ 0.0835 $ 0.0835 $ 0.0835
January NAV $ 6,464,490,908 $ 6,400,728,384 $ 1,013,157,121 $ 463,267,433 $ 123,100,532 $ 67,373,616 $ 18,784,093 $ 41,255,524

Blackstone 16
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

Detailed FAD Analysis
February 29, 2020

January Actuals February Actuals Difference % Change

Property income
Property EBITDA $ 126,379,460 $ 140,910,191 $ 14,530,731 11%
Corporate service fees (3,823,078) (4,840,165) (1,017,087) 27%
Net property income 122,556,382 136,070,026 13,513,644 86%

Securities income
Securities interest income 18,211,281 15,654,235 (2,557,046) (14%)
Loan Origination Interest Income - 2,199,326 2,199,326 n/m
Realized gain (loss) on securities 151,979 587,888 435,909 287%
Realized gain (loss) FX - 679,051 679,051 n/m
Repo interest expense (7,140,899) (6,292,555) 848,344 (12%)
Other liquids expenses (147,531) (162,732) (15,201) 10%
Net securities income 11,074,830 12,665,213 1,590,383 14%

Interest Income/(Expense)
Cash interest income 443,518 823,771 380,253 86%
Property interest expense (51,635,513) (51,829,428) (193,916) 0%
Amortization of loan costs (3,050,454) (3,052,751) (2,297) 0%
Net interest expense (54,242,448) (54,058,408) 184,040 (0%)

G&A
Altus fees (499,021) (539,021) (40,000) 8%
Administration fees - State Street (462,943) (462,943) - 0%
External audit (260,250) (320,250) (60,000) 23%
Transfer agent fees - DST (194,034) (246,113) (52,079) 27%
Tax fees (138,696) (138,696) - 0%
Legal fees (134,096) (58,321) 75,775 (57%)
Annual appraisal fees (111,000) (55,750) 55,250 (50%)
Director's insurance (40,317) (37,716) 2,601 (6%)
Dead deal costs (106,887) (33,894) 72,993 (68%)
Board of director fees (25,417) (28,830) (3,414) 13%
Internal audit (27,833) (27,833) 0 (0%)
Other (12,409) (11,608) 801 (6%)
Printing/SEC filings (5,894) (5,894) - 0%
Total G&A expenses (2,018,797) (1,966,869) 51,928 (3%)

Corporate state taxes (21,000) (75,000) (54,000) 257%

Management Fee (15,303,811) (17,169,409) (1,865,598) 12%

AFFO (@100%) $ 62,045,156 $ 75,465,552 $ 13,420,397 22%
Distributable income adjustments
Add back non-cash management fee 15,303,811 17,169,409 1,865,598 12%
Recurring capex (7,852,512) (7,917,994) (65,482) 1%
Shareholder Servicing Fees (5,207,256) (5,081,148) 126,109 (2%)
Add back realized gains/losses on securities (151,979) (587,888) (435,909) 287%
Add back realized gains/losses on FX - (679,051) (679,051) n/m
Net adjustments 2,092,064 2,903,328 811,264 39%

Funds available for distribution (@100%) $ 64,137,219 $ 78,368,880 $ 14,231,661 22%

Allocation of AFFO items to SLP, Class B, Portco promote and Deal OP units (1,065,085) (1,328,773) (263,689) 25%
Allocation of FAD items to SLP, Class B, Portco promote and Deal OP units (125,302) (140,588) (15,286) 12%
FAD attributable to BREIT $ 62,946,832 $ 76,899,519 $ 13,952,686 22%
Non-recurring capex (10,703,610) (15,300,543) (4,596,933) 43%

Total capex $ (18,556,122) $ (23,218,537) $ (4,662,415) 25%

Recurring Capex as a % of EBITDA 6.2% 5.6%

Total Capex as a % of EBITDA 14.7% 16.5%

Blackstone 17
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

January Actuals February Actuals Difference % Change
Highroads MH $ 82,564 $ 91,760 $ 9,196 11%
Evergreen Minari MH 32,966 33,744 778 2%
Southwest MH 898,783 719,319 (179,464) (20%)
Hidden Springs MH 69,854 39,580 (30,274) (43%)
SVPAC MH 56,135 51,632 (4,503) (8%)
Royal Vegas MH 35,427 46,971 11,544 33%
Riverest MH 28,419 25,022 (3,397) (12%)
Angler MH Portfolio 243,435 251,075 7,640 3%
Florida MH 4-Pack 159,639 200,481 40,842 26%
Impala 3-Pack 120,972 116,331 (4,641) (4%)

4,784,702 5,392,587 607,885 13%

EdR Student Housing Portfolio
Sonora Canyon Apartments 240,672 266,985 26,313 11%
TA Multifamily Portfolio 2,155,843 2,173,391 17,548 1%
Emory Point 1,076,916 979,633 (97,283) (9%)
Nevada West Multifamily 901,478 931,311 29,833 3%
Mountain Gate & Trails Multifamily 442,435 463,136 20,701 5%
Elysian West Multifamily 445,026 471,269 26,243 6%
Gilbert Multifamily 621,330 684,111 62,781 10%
Harbor 5 Multifamily 760,420 834,345 73,925 10%
Domain & GreenVue Multifamily 501,191 519,212 18,021 4%
ACG II Multifamily 782,588 764,940 (17,648) (2%)
Olympus Multifamily 645,238 696,483 51,245 8%
Aston Multifamily Portfolio 2,432,967 2,447,463 14,496 1%
Amberglen West Multifamily 404,592 431,679 27,087 7%
Talavera and Flamingo Multifamily 572,461 593,773 21,312 4%
Signature at Kendall Multifamily 634,935 651,877 16,942 3%
Walden Pond & Montair Multifamily Portfolio 565,572 556,727 (8,845) (2%)
The Boulevard 265,723 258,530 (7,193) (3%)
Wave Multifamily Portfolio 1,958,784 2,006,125 47,341 2%
Blue Hills Multifamily 525,426 419,679 (105,747) (20%)
ACG III Multifamily 451,753 435,133 (16,620) (4%)
Carroll Florida Multifamily 535,616 555,968 20,352 4%
Solis at Flamingo 341,993 315,329 (26,664) (8%)
Velaire at Aspera 283,821 271,414 (12,407) (4%)
Coyote Multifamily Portfolio 1,521,483 1,447,935 (73,548) (5%)
Avanti Apartments 312,601 301,780 (10,821) (3%)
Gilbert Heritage Apartments 206,848 222,514 15,666 8%
Roman Multifamily Portfolio 3,370,463 3,808,678 438,215 13%
Raider Multifamily Portfolio 1,305,933 1,310,127 4,194 0%
Courtney Multifamily Portfolio 273,048 272,712 (336) (0%)
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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

January Actuals February Actuals Difference % Change
Citymark Multifamily Portfolio 404,863 409,938 5,075 1%
Elevation Plaza Del Rio 255,190 264,431 9,241 4%
Tri-Cities Multifamily Portfolio 311,819 305,860 (5,959) (2%)
Bridge II Multifamily Portfolio 1,875,307 1,844,684 (30,623) (2%)
Miami Doral 2-Pack 762,526 771,728 9,202 1%
Davis Multifamily 2-Pack 332,461 320,509 (11,952) (4%)
Slate Savannah 154,274 157,657 3,383 2%
Amara at MetroWest 259,289 321,810 62,521 24%
Colorado 3-Pack 832,570 858,964 26,394 3%
ACG IV Multifamily 554,928 536,637 (18,291) (3%)
San Valiente Multifamily 376,095 305,131 (70,964) (19%)
Edge Las Vegas 218,462 254,427 35,965 16%
Perimeter Multifamily 3-Pack 570,195 567,357 (2,838) (0%)
Anson at the Lakes 318,913 397,915 79,002 25%
Edgewater at the Cove 276,114 284,319 8,205 3%
Haven 124 at Eastlake Station 513,652 571,496 57,844 11%
Villages at McCullers Walk 296,580 202,711 (93,869) (32%)
Kennedy Wilson LV 4-Pack 887,550 873,247 (14,303) (2%)
Canopy at Citrus Park 278,849 237,424 (41,425) (15%)
Arches at Hidden Creek 345,345 383,315 37,970 11%
Evolve at Timber Creek 117,549 116,099 (1,450) (1%)
Charleston on 66 187,268 204,673 17,405 9%
Solis at Towne Center 192,351 202,175 9,824 5%
Terra Apartments 230,962 234,505 3,543 2%
Arium South 1,242,268 1,149,322 (92,946) (7%)
Residential same store subtotal 42,845,432 43,837,095 991,663 2%

Easton Gardens - 360,787 360,787 n/m

Project Acorn - 477,580 477,580 n/m
Residential non-same store subtotal - 838,367 838,367 n/m

MHC Hold Co. corporate service fees (60,185) (59,159) 1,026 (2%)
MF Hold Co. corporate service fees (1,871,390) (1,889,638) (18,248) 1%
Residential corporate service fees subtotal (1,931,575) (1,948,797) (17,222) 1%

Residential Total 40,913,857 42,726,665 1,812,808 4%

Stockton Industrial Park 196,883 183,830 (13,053) (7%)

HS Industrial Portfolio 2,035,049 1,980,057 (54,992) (3%)
Fairfield Industrial Portfolio 368,336 384,284 15,948 4%

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

January Actuals February Actuals Difference % Change
Southeast Industrial Portfolio 668,963 492,927 (176,036) (26%)
Kraft Chicago Industrial Portfolio 752,134 758,440 6,306 1%
Canyon Industrial Portfolio 8,392,842 7,462,328 (930,514) (11%)
HP Cold Storage Industrial Portfolio 1,138,421 1,418,844 280,423 25%
Meridian Industrial Portfolio 4,489,102 4,535,280 46,178 1%
Summit Industrial Portfolio 203,924 93,532 (110,392) (54%)
Stockton Distribution Center 455,437 460,334 4,897 1%
4500 Westport Drive 63,041 62,988 (53) (0%)
Morgan Savannah 125,419 127,152 1,733 1%
Minneapolis Industrial Portfolio 1,148,578 1,095,582 (52,996) (5%)
Atlanta Industrial Portfolio 1,036,718 596,334 (440,384) (42%)
Patriot Park 114,173 114,779 606 1%
Denali Industrial Portfolio 1,136,395 1,150,668 14,273 1%
20,607,384 22,316,654 1,709,270 8%
Jupiter Portfolio
D.C. Powered Shell Warehouse Portfolio 1,342,790 1,345,717 2,927 0%
2201 Main Street 135,605 118,664 (16,941) (12%)
Industrial same store subtotal 44,411,194 44,698,394 287,200 1%

Project Timber - 1,033,099 1,033,099 n/m

Centerpoint Midwest - 573,270 573,270 n/m
PanCal West Coast Portfolio - 52,934 52,934 n/m
Industrial non-same store subtotal - 1,659,303 1,659,303 n/m

Industrial Hold Co. corporate service fees (1,404,009) (2,373,753) (969,744) 69%

Industrial Total 43,007,185 43,983,944 976,759 2%

Hyatt Place UC Davis 113,641 191,727 78,086 69%

Hyatt Place San Jose Downtown 359,942 66,720 (293,222) (81%)
Florida Select-Service 4-Pack 599,624 876,154 276,530 46%
Hyatt House Downtown Atlanta 208,190 205,384 (2,806) (1%)
Boston/Worcester Select-Service 3-Pack (53,370) 240,546 293,916 (551%)
Orlando Select-Service 2-Pack 633,823 593,888 (39,935) (6%)
Henderson Select-Service 2-Pack 362,431 294,792 (67,639) (19%)
Corporex Select Service Portfolio 418,023 589,877 171,854 41%
JW Marriott San Antonio Hill Country Resort 3,608,555 6,414,688 2,806,133 78%
Hampton Inn & Suites Federal Way 173,295 233,764 60,469 35%
Staybridge Suites Reno 41,863 (1,727) (43,590) (104%)
Salt Lake City Select Service 3 pack 299,930 435,851 135,921 45%

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

January Actuals February Actuals Difference % Change
Courtyard Kona 1,236,995 1,139,011 (97,984) (8%)
Raven Select Service Portfolio 2,472,827 3,304,105 831,278 34%
Hyatt Regency Atlanta 3,726,771 3,637,206 (89,565) (2%)
Urban 2-Pack (58,161) 309,518 367,679 (632%)
RHW Portfolio 1,021,542 1,522,416 500,874 49%
Hotel Hold Co. taxes 714,595 (763,437) (1,478,032) (207%)
Hotel same store subtotal 15,880,516 19,290,483 3,409,967 21%

Hotel Hold Co. corporate service fees (379,868) (407,097) (27,229) n/m

Hotel Total 15,500,648 18,883,386 3,382,738 22%

Bakers Centre 263,852 297,462 33,610 13%

Plaza Del Sol retail 221,779 221,769 (10) (0%)
Vista Center 190,414 168,443 (21,971) (12%)
El Paseo Simi Valley 201,779 185,995 (15,784) (8%)
Towne Center East 297,811 367,400 69,589 23%
Emory Point - Retail 13,107 18,837 5,730 44%
Plaza Pacoima 248,669 258,685 10,016 4%
Canarsie Plaza 699,263 688,561 (10,702) (2%)
Retail same store subtotal 2,136,674 2,207,152 70,478 3%

SoCal Grocery Portfolio 577,257 1,228,480 651,223 n/m

Retail non-same store subtotal 577,257 1,228,480 651,223 -

Retail Holdings LLC corporate service fees (86,271) (82,295) 3,976 0%

Retail Total 2,627,660 3,353,337 725,677 28%

Emery Tech 545,550 512,424 (33,126) (6%)

Office same store subtotal 545,550 512,424 (33,126) (6%)

BREIT Office Holdings LLC corporate service fees (20,177) (27,055) (6,878) 34%

Office Total 525,373 485,369 (40,004) (8%)

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

January Actuals February Actuals Difference % Change
Project Dunes 19,333,527 19,346,373 (12,846) (0%)
Net Lease same-store Total 19,333,527 19,346,373 (12,846) (0%)

Project Windmill - 6,681,890 6,681,890 n/m

Net Lease non-same store subtotal - 6,681,890 6,681,890 n/m

Net Lease Total 19,333,527 26,028,263 6,669,044 34%

Royal Storage 649,310 610,230 (39,080) (6%)

Other same-store subtotal 649,310 610,230 (39,080) (6%)

BREIT Storage Holdings corporate service fees (1,178) (1,168) 10 (1%)

Other Total 648,132 609,062 (39,070) (6%)

Same store subtotal 125,802,203 130,502,151 4,674,256 4%

Non-same store subtotal 577,257 10,408,040 3,148,893 n/m
Corporate service fees (3,823,078) (4,840,165) (1,017,087) 27%
Total Property EBITDA $ 122,556,382 $ 136,070,026 $ 6,806,062 6%

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

Historical FAD vs Distribution Summary

February 29, 2020

Trailing 3M Trailing 12M

($ in thousands) Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 FAD FAD ITD FAD

AFFO $27,120 $26,433 $28,391 $34,177 $37,206 $34,467 $42,366 $48,751 $52,584 $50,266 $62,045 $75,466 $187,777 $519,272 $779,498
Add back non-cash management fee 6,069 6,694 7,521 8,272 8,999 9,806 11,054 11,870 12,850 13,873 15,304 17,169 46,346 129,481 192,115
Recurring CapEx (3,461) (3,312) (3,591) (4,684) (6,589) (8,865) (7,638) (5,280) (8,226) (12,401) (7,853) (7,918) (28,172) (79,818) (107,214)
Shareholder Servicing Fees (2,824) (2,909) (3,204) (3,336) (3,652) (3,895) (4,002) (4,346) (4,481) (4,917) (5,207) (5,081) (15,205) (47,854) (80,551)
Add back realized gains/losses on securities (5) 62 (62) 40 (250) 21 (30) (1,359) 302 (4,941) (152) (588) (5,681) (6,962) (6,995)
Add back realized gains/losses on FX – – – – (455) – – (6) 655 – – (679) (679) (485) (485)
FAD (@100%) $26,899 $26,968 $29,055 $34,469 $35,259 $31,534 $41,750 $49,630 $53,684 $41,880 $64,137 $78,369 $184,386 $513,634 $776,368

Gross Distribution (28,023) (30,680) (34,355) (37,479) (40,473) (43,698) (48,742) (52,514) (56,368) (61,126) (67,912) (75,646) (204,684) (577,016) (878,609)
Net Distribution ($25,199) ($27,771) ($31,151) ($34,143) ($36,821) ($39,803) ($44,741) ($48,168) ($51,887) ($56,210) ($62,705) ($70,565) ($189,480) ($529,164) ($798,060)

Variance $1,700 ($803) ($2,096) $326 ($1,562) ($8,269) ($2,991) $1,462 $1,797 ($14,330) $1,432 $7,804 ($5,094) ($15,530) ($21,692)

Allocation of AFFO items to SLP and Class B Units (628) (586) (597) (645) (668) (533) (580) (620) (786) (664) (1,065) (1,329) (3,058) (8,701) (12,087)
Allocation of FAD items to SLP and Class B Units (60) (76) (81) (69) (40) (15) (46) (67) (84) 46 (126) (141) (221) (759) (1,238)
FAD attributable to BREIT $ 26,211 $ 26,306 $ 28,377 $ 33,755 $ 34,551 $ 30,986 $ 41,124 $ 48,943 $ 52,814 $ 41,262 $ 62,946 $ 76,899 $ 181,107 $ 504,174 $ 763,043

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Appendix – Distribution Analysis

Detailed FAD Analysis - Actuals vs. Model
February 29, 2020

Model Projection February Actuals Difference % Change

Property income
Property EBITDA $ 130,029,142 $ 140,910,191 $ 10,881,050 8%
Corporate service fees (3,172,267) (4,840,165) (1,667,898) 53%
Net property income 126,856,875 136,070,026 9,213,151 7%

Securities income
Securities interest income 18,372,415 15,654,235 (2,718,180) (15%)
Realized gain (loss) on securities - 587,888 587,888 n/m
Realized gain (loss) FX - 679,051 679,051 n/m
Repo interest expense (7,182,184) (6,292,555) 889,629 (12%)
Other liquids expenses - (162,732) (162,732) n/m
Net securities income 11,190,231 10,465,887 (724,344) (6%)

Interest Income/(Expense)
Cash interest income 113,819 823,771 709,952 n/m
Property interest expense (51,759,946) (51,829,428) (69,482) 0%
Amortization of loan costs (1,220,306) (3,052,751) (1,832,446) 150%
Net interest expense (52,866,434) (54,058,408) (1,191,975) 2%

G&A (2,432,421) (1,966,869) 465,552 (19%)

Corporate state taxes (104,613) (75,000) 29,613 (28%)

Management Fee (15,358,864) (17,169,409) (1,810,545) 12%

AFFO (@100%) $ 67,284,774 $ 73,266,227 $ 5,981,452 9%
Distributable income adjustments
Non-cash management fee (add back) 15,358,864 17,169,409 1,810,545 12%
Recurring capex (10,429,160) (7,917,994) 2,511,166 (24%)
Servicing fees (5,346,126) (5,081,148) 264,978 n/m
Less realized gain on securities - (587,888) (587,888) n/m
Less realized gains/losses on FX - (679,051) (679,051) n/m
Total adjustments (416,422) 2,903,328 3,319,749 (797%)

Funds available for distribution (@100%) $ 66,868,352 $ 76,169,554 $ 9,301,202 14%

Non-recurring capex (2,000,000) (15,300,543) (13,300,543) n/m

Total capex $ (12,429,160) $ (23,218,536) $ (10,789,376) 87%

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IV. Purgatory
Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Purgatory

Possible additions Date requested

1 Final monthly valuation materials Dec-19
2 Monthly fact card & backup Dec-19
3 Key dates tracker Dec-19
4 Securities (swap notional) Feb-20
5 Tax (quarterly dashboard takeaways) Feb-20
6 Tax (REIT compliance) Feb-20
7 Liabilities covenants Feb-20
8 Corporate Model (buying power) Feb-20
9 Corporate Model (liquidity) Feb-20
10 Corporate Model (pipeline) Feb-20
11 Performance benchmarks (Stanger, ODCE) Feb-20
12 Maximum redemptions Mar-20
13 NAV Line Covenants Mar-20
Possible replacements
14 NAV reconciliation Nov-19
15 Returns 3-pager Nov-19
16 Monthly NAV/prosupp emails Dec-19
17 Monthly share count emails Dec-19
Items that will not be incorporated
18 Model FAD monthly variance tracking Dec-19
19 Prelim monthly valuation materials Dec-19
20 RE/Securities/Liabilities Updates Dec-19

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