Blackstone Real Estate Income Trust's Business Segments

Blackstone Real Estate Income Trust, Inc. (BREIT) is a Maryland corporation that primarily invests in stabilized, income-generating commercial real estate across multiple asset classes in the United States and, to a lesser extent, internationally. The company also invests to a lesser extent in real estate debt. BREIT operates through nine reportable segments: Rental Housing (including multifamily, manufactured, student, affordable, single-family rental housing, and senior living), Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office properties, and Investments in Real Estate Debt. BREIT is a non-listed, perpetual life real estate investment trust (REIT) that qualifies under the Internal Revenue Code and generally avoids U.S. federal income taxes by distributing all net taxable income to stockholders. As of February 27, 2026, BREIT had raised $80.2 billion from continuous public and private offerings of various classes of common stock and units of BREIT Operating Partnership L.P. (BREIT OP), through which it holds substantially all of its assets. The company is externally managed by an adviser, a subsidiary of Blackstone Inc., utilizing Blackstone's real estate platform and expertise. BREIT's investment objectives include providing current income, preserving capital, realizing appreciation in net asset value, and offering an alternative investment in private commercial real estate with lower volatility. In November 2025, BREIT commenced a Delaware Statutory Trust (DST) Program to issue beneficial interests in trusts holding real properties to accredited investors.

The registrant's reportable segments include Rental Housing, Industrial, Data Centers, Net Lease, Office, Hospitality, Retail, Self Storage, and Investments in Real Estate Debt. Rental Housing comprises multifamily properties as well as student, affordable, manufactured, single-family rental housing, and senior living. The Net Lease segment includes real estate assets such as The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and the company’s unconsolidated investment in a Net Lease platform. Through BREIT OP, the company initiated the DST Program to issue and sell beneficial interests in Delaware statutory trusts holding real properties via private offerings exempt from registration. Each DST Property is held in a separate DST and leased to a wholly-owned subsidiary of BREIT OP under a master lease agreement. BREIT OP is responsible for subleasing and operating costs, guarantees the master lease, and retains a fair market value purchase option to acquire DST Interests from investors. After a one-year holding period, investors may require BREIT OP to redeem their units for shares, cash, or a combination thereof.