26 U.S.C. The following sectors each have subsectors comprising over 1.0% of Real Estate TAV. Key Points. 856, and its qualified real estate investment trust subsidiaries,as definedby section856(i)(2)of the Internal Revenue Code, 26 U.S.C. For financial advice relating to an investment in any Blackstone strategy or product, contact your own professional advisor. The REIT owns 42 multifamily properties across 13 states as of March 31, 2022. BREITs Q123 same property NOI growth of 9% is exceeding inflation.10. The purposes of this Supplement are as follows: to provide an update to BREIT's portfolio; to disclose the transaction price for each class of our common stock as of August 1, 2022; to disclose the calculation of our June 30, 2022 NAV per share for all share classes; Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Blackstone acquired BioMed Realty Trust, a publicly traded life science office REIT, in 2016, based on our belief in the long-term fundamentals of the life sciences sector, particularly in locations with top-tier educational and research institutions. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. Senate President Pro Tem Toni Atkins, a Democrat from San Diego, said so many affordable units under one corporations control is cause for major concern, especially if the company is raising rents. Blackstone is one of the largest property owners in the world, owning and. All rights to the trademarks and/or logos presented herein belong to their respective owners and Blackstones use hereof does not imply an affiliation with, or endorsement by, the owners of these logos. Im angry by that.. I only earn enough to pay the rent, and after that there is nothing left.. Blackstone Real Estate Income Fund Financial Highlights (For Shares Outstanding Throughout the Period) Year Ended 12/31/2020 Year Ended 12/31/2019 Year Ended 12/31/2018 Year Ended 12/31/2017 Year Ended 12/31/2016 Net Asset Value, Beginning of Period Income From Investment Operations: Net investment income(a) 33.70 11.95 31.42 42.34 36.10 The draw of investing in private real estate, Congress created REITs in 1960 to allow anyone to, . About Blackstone Real Estate Income Trust, Inc. . Blackstone bought her building and 65 others in San Diego County in 2021, becomingone of the regions biggest landlords and alarming lawmakers, affordable housing advocates and Balcazar. For Stockholders: Learn about BREIT's first quarter in our Q1 2023 Update. 02/07/2023. This strategy has paid off, enabling BREIT to cash in on above-average property value appreciation. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Another drawback is that investors usually pay a premium for, . We seek to utilize our global expertise and presence to generate attractive returns for our investors in any environment. We believe our real estate portfolio will continue to be well-positioned in a recovering economy as a result of BREITs thoughtful sector and geographic selection. The fund also has an excellent track record of delivering attractive total returns. The consolidation of property ownership is concerning, he said in an interview. Investors may also be subject to net investment income taxes of 3.8% and/or state income tax in their state of residence which would lower the after-tax rate of return received by the investor. We are not driving rents, Blackstone said. The Adviser will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Blackstone Accounts (as defined in BREITs prospectus), the allocation of time of its investment professionals and the substantial fees that we will pay to the Adviser. Blackstone Real Estate Income Trust (BREIT), 3-Year Annualized Return (No Sales Load)2, Not all real estate is created equal. Otherwise, we will assume you're OK to continue. Now, Blackstone is likely looking for a similar profit in the apartments market, Myklebust said, and owning a large portfolio in one region could give them enough leverage. While we currently believe that the estimations and assumptions referenced herein are reasonable under the circumstances, there is no guarantee that the conditions upon which such assumptions are based will materialize or are otherwise applicable. Individual funds have specific risks related to their investment programs that will vary from fund to fund. The Motley Fool recommends Brookfield Asset Management Inc. CL.A LV. The Central Index Key (CIK) for Blackstone Real Estate Income Trust, Inc. is 1662972. The transaction was announced on January 24, 2022. When will home prices come down? Whats next? Balcazar isnt the only tenant getting the squeeze from Blackstone, advocates say. ITD returns for all share classes were as follows: Class S shares (no sales load) 10.8%; Class S shares (with sales load) 10.2%; Class T shares (no sales load) 11.2%; Class T shares (with sales load) 10.5%; Class D shares (no sales load) 11.7%; Class D shares (with sales load) 11.4%; Class I shares 11.8%. Blackstone Real Estate Income Trust, Inc. is a perpetual-life, monthly NAV REIT that seeks to invest in stabilized income-generating U.S. commercial real estate across the key property . Everybody lives severely rent burdened. Sean Elo-Rivera, president of San Diegos City Council, recently introduced renter protections after a town hall with the Blackstone tenant union. THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED IN THE PROSPECTUS FOR THE OFFERING, AS AMENDED AND SUPPLEMENTED (THE PROSPECTUS). 2 Super Stocks Down 24% and 70% You'll Regret Not Buying on the Dip. ) Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including borrowings, offering proceeds, the sale of our assets and repayments of our real estate debt investments. Importantly, not one eviction for non-payment was carried out in November or December 2022, Blackstone said in its statement. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. Great Wolf Resorts is a premier owner and operator of family-oriented entertainment resorts with locations across the US. This material contains references to our net asset value (NAV) and NAV based calculations, which involve significant professional judgment. A shortage of housing is driving increased rents. Irades Gonzlez, a single mother of three, also protested in Sacramento. The percentage of fixed-rate financing is measured by dividing (i) the sum of our consolidated fixed-rate debt, secured financings on investments in real estate debt with matched underlying interest rate exposure, and the outstanding notional principal amount of corporate and consolidated interest rate swaps, by (ii) total consolidated debt outstanding. While touring the working-class neighborhoods she represents, Martnez drew parallels between the impending evictions and fallout from a short-lived 2006 ordinance that banned Escondido landlords from renting to undocumented immigrants. The portfolio benefits from robust tenant demand as continued e-commerce growth has driven an increased need for welllocated warehouses across Europe. Preferred Apartment Communities, Inc. to be Acquired by Blackstone Real Estate Income Trust All-Cash Transaction For $25 Per Share of Common Stock Valued at Approximately $5.8 Billion February 16 . Properties in our portfolio are considered same property if they were owned for the full periods presented, otherwise they are considered non-same property. For purposes of NAV we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares. Invest better with The Motley Fool. BREITs high-quality, thematic portfolio has generated strong cash flow growth powering returns for investors. That's led more individual investors to look for ways to add private real estate to their portfolios. KKR(KKR 2.29%) andBrookfield Asset Management(BN 1.64%) have launched non-traded REITs in the past year. This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust (BREIT) is authorized for distribution. Lila Miller, a 31-year-old food server who was working two jobs, said she was kicked out of the Blackstone-owned Vista Lane apartments in Chula Vista in November 2022, after she fell behind on rent because she was sick with COVID. Rental Housing: multifamily (36%, including affordable housing, which accounts for 9%), student housing (10%), single family rental housing (8%) and manufactured housing (1%); Industrial: warehouses (22%); and Hospitality: select service hotels (2%). We define NOI as operating revenues less operating expenses, which exclude (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, (v) lease termination fees, (vi) property expenses not core to the operations of such properties, and (vii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fee paid to the Adviser, (c) performance participation allocation paid to the Special Limited Partner, (d) incentive compensation awards, (e) income (loss) from investments in real estate debt, (f) change in net assets of consolidated securitization vehicles, (g) income from interest rate derivatives, (h) net gain (loss) on dispositions of real estate, (i) interest expense, (j) gain (loss) on extinguishment of debt, (k) other income (expense), and (l) similar adjustments for NOI attributable to non-controlling interests and unconsolidated entities. We are a global leader in real estate investing. Photo by Lauren Justice for Cal Matters. As of March 31, 2021, the Company has accrued under GAAP $683.5 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T and Class D shares sold. Theyre kicking everybody out, raising the rent so high that nobody can afford them, she said. BREIT has incurred $618.1 million in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the three months ended March 31, 2023. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. Blackstone created BREIT to address some issues with legacy non-traded REITs and provide individual investors with greater access to the private real estate market. Theyve perfected an approach to being able to make as much money as possible, Myklebust said. Martnez said she has been fielding phone calls from affected renters since last year. She doesnt want to move, or leave her son with someone else. Its not fair, Balcazar said. Financial information is approximate and as of April 30, 2023, unless otherwise noted. The tax information herein is provided for informational purposes only, is subject to material change, and should not be relied upon as a guarantee or prediction of tax effects. June 1 (Reuters) - Blackstone Inc said on Thursday that redemption requests related to its real estate fund decreased in May after the private equity firm faced a flurry of redemption requests in the past few months. During a two-year span, one of the companys key funds, the Blackstone Real Estate Income Trust, snapped up more than 200,000 housing units nationwide, most of them apartment buildings, according to The Private Equity Stakeholder Project. It also seeded Brookfield REIT with three more assets, bringing its total assets under management to nearly $1 billion. Meanwhile, they help provide even greaterportfolio diversificationbecause they reduce an investor's correlation to the stock market. Transactions or events have occurred since March 31, 2021 that could have a material impact on our NAV per share, upon which our transaction price is based. For office-specific contact information, please visitour offices page. Please refer to the prospectus for more information regarding state suitability standards and consult a financial professional for share class availability and appropriateness. At a sun-drenched rally in late April, Darlene Simpson protested against Blackstone from her wheelchair in the shade of the state Capitol. Our NAV is generally equal to the fair value of our assets less outstanding liabilities, calculated in accordance with our valuation guidelines. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on BREIT and its investments. The words "we", "us", and "our" refer to BREIT, together with its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the "Operating Partnership"), unless the context requires otherwise . Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. (Reporting by Mehnaz Yasmin in Bengaluru). They also typically have high minimum investment requirements. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Tax Information. Those features have made it a hit with investors, enabling Blackstone to cash in on growing individual investor demand for private real estate. 3-year and inception to date (ITD) returns for BREIT are annualized consistent with the IPA Practice Guideline 2018. Add To Watchlist. Three years later, Bay Area home prices 28% higher than at start of pandemic, Is the housing shortage overblown? For office-specific contact information, please visitour offices page. As of March 31, 2023, 100% of inception to date distributions were funded from cash flows from operations. To make the world smarter, happier, and richer. The protection expired in June 2022, though some California cities still are enforcing pandemic-era policies protecting renters from evictions. By selecting the relevant option, you certify that it accurately reflects your residency. Return information is not a measure used under GAAP. The transaction price presented is rounded to two decimal places. Learn More. Because of those benefits, private real estate investments have produced better risk-adjusted returns than public REITs over the last 20 years. About Resource REIT, Inc. Resource REIT, Inc. (the "REIT" or the "Company") is a self-managed real estate investment trust that owns a diverse portfolio of suburban apartment communities . Switchboard: +1 (212) 583-5000. At the end of the day, what this bet that Wall Streets making locally is, You guys will never fix your supply problem, and therefore what we own will go up in value, just like a diamond, he said. She and her son often survive on two-for-$7 burritos and expired food, she said. Past performance does not guarantee future results. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in BREIT may be increased. (CalMatters looked at current list rents for those same properties in May.). We believe we have the most favorable resident policies among any large landlord in the U.S., Blackstone said, including not making a single non-payment eviction for over two years during COVID. We are dedicated to the employees at all our portfolio companies and work to impart an incredible, people-focused culture in the communities in which we operate. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.breit.com and is made available on our toll-free, automated telephone line at (844) 702-1299. A detailed calculation of the NAV per share is set forth below. Lila Miller was never evicted and left her apartment by her own choice in December 2022. We believe Blackstones early inflation call enabled BREIT to be well-positioned and outperform in the current environment. There are currently more than 200 that trade publicly on majorstock exchanges, giving investors lots of options. I think theyre being greedy, Simpson said. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. The purposes of this Supplement are as follows: to provide an update to BREIT's portfolio; to disclose the transaction price for each class of our common stock as of June 1, 2023; We intend to continue selling shares in the Offering on a monthly basis. President and Chief Operating Officer of Blackstone. The repurchase price for each share class equals the transaction price of such class. It passed laws to create and preserve affordable housing and assist renters. As of March 31, 2023, our NAV per share was $14.58, $14.36, $14.27 and $14.59 for Class S, Class T, Class D and Class I shares, respectively, and GAAP equity per share/unit was $9.90. When asked by CalMatters, Blackstone said in a written statement that Balcazar would not be responsible for mold remediation. BREIT is a non-listed REIT that invests primarily in stabilized income-generating commercial real estate investments across asset classes in the United States and, to a lesser extent, real estate debt investments, with a focus on current income. Complete information about investing in shares of BREIT is available in the prospectus. Making the world smarter, happier, and richer. Meanwhile, they help provide even greater. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC acted as financial advisors to BREIT and Simpson Thacher & Bartlett LLP acted as legal counsel. Individual investors should be aware that institutional investors generally have different criteria when making investment decisions. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. Some lawmakers share their concerns. She moved back into the Shady Lane apartments in 2021. Please refer to https://www.breit.com/properties for a complete list of BREITs real estate investments (excluding equity in public and private real estate related companies), including BREITs ownership interest in such investments. They said were responsible because were not ventilating the unit, she said. Blackstone Real Estate Income Fund (the "Feeder Fund I"), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), is a continuously offered non-diversified, . They didnt care, she said of her apartment managers. That larger scale should help Brookfield REIT better compete with other offerings in the market. Several factors have drawn investors to BREIT over competing non-traded REITs. of our portfolio is composedof rental housing and industrialassets5, BREITs portfolio of income-generating real estate is ~70% concentrated in the fast-growing South and West; ~80% focused on the top performing rental housing and industrial sectors; and benefits from ~90% fixed-rate financing.5,6,9. All our property investments are appraised annually by third party appraisal firms in accordance with our valuation guidelines and such appraisals are reviewed by our independent valuation advisor. Our opportunistic business seeks to acquire undermanaged, well-located assets across the world. The Core+ Real Estate business also comprises strategies tailored for income-focused individual investors including, Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstones European yield-oriented strategy. 856(i)(2 . The asking rent increases ranged from a 7% bump for a 1-bedroom in El Cajons Redwood Gardens to a 201% jump for the priciest 2-bedrooms at Bay Pointe in San Diegos Pacific Beach area. Oh man, I wonder how much their rent is going up, she said. (The range varied by apartment size.) OCC 2023-6. Gladys Balcazar shows a picture of her groceries that she purchased from GTM Discount General Store. Another drawback is that investors usually pay a premium forliquidity. These assumptions are determined by the Adviser, and reviewed by our independent valuation advisor. Stockholders, financial professionals and prospective investors should not rely solely upon the information presented when making an investment decision and should review the most recent prospectus, as supplemented, available atwww.breit.com. From October 1996 through April 2002, Mr. Callahan was Trustee, President and Chief Executive Officer of Equity Office Properties Trust (NYSE: EOP), a public U.S. real estate investment trust. PHILADELPHIA, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Resource REIT, Inc. (the "REIT" or the "Company"), a publicly registered non-traded real estate investment trust, announced today that it has. We outperform by concentrating our capital in our best ideas.. CalMatters higher education reporter Mikhail Zinshteyn contributed to this report. Properties held-for sale, properties that are being redeveloped, and interests in unconsolidated entities under contract for sale with hard deposit or other factors ensuring the buyers performance are excluded from same property results and are considered non-same property. Blackstone Real Estate Income Trust, Inc. is incorporated in Maryland and the fiscal year end is in 31 December. The sector continues to benefit from secular tailwinds including an aging population and acceleration in research & development spending. Same Property NOI Growth. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including borrowings, offering proceeds, the sale of our assets and repayments of our real estate debt investments. Update 2018-05-11: Blackstone reports that it's leverage has increased from below-average 41% to above average 60% (average for core plus is 50%). Though we continue to expect the path to a full economic recovery will be uneven and vary by sector, we are encouraged by the accelerating distribution of the COVID-19 vaccine and increasing demand in the hospitality sector as the economy re-opens. Multifamily includes student housing and manufactured housing. Private real estate investing has long been the playground of the ultra-rich. Adding to her stress were large swaths of dark mold outside her building, on walls and window ledges, climbing to a roofline. Our net losses as calculated under GAAP and a reconciliation of our GAAP equity, excluding non-controlling third-party JV interests, to our NAV are provided in our annual and interim financial statements. It also is lobbying state lawmakers to increase renter protections this year. The repurchase price for each share class equals the transaction price of such class. They've historically produced higher income yields, making them ideal for those seeking to generatepassive income. Then she showed a photo of expired food she bought at a discount during a recent shopping trip. Blackstone bought five Escondido apartment buildings totaling 636 units, county records show. We have no limits on the amounts we may fund from such sources. Trends. Consider These Alternative Real Estate Investments. The following supersedes and replaces the first paragraph in the section of the Prospectus titled ManagementCompensation of Directors and all other similar disclosure in the Prospectus: Effective as of the third quarter of 2021, we compensate each of our non-employee directors who are not affiliated with the Adviser or Blackstone with an annual retainer of $225,000, consisting of $80,000 cash and a $145,000 grant of restricted stock. Represents year-over-year same property NOI growth for the three months ended March 31, 2023. San Diegans who are paying their rent and abiding by their lease should not live in fear of eviction, Elo-Rivera said. By submitting this request, you consent to receive email from Blackstone. It should not be assumed that BREITs investment in the properties identified and discussed herein were or will be profitable. Additionally, the audit committee chairperson will receive an additional retainer of $15,000 and each chairperson of our other committees will receive an additional retainer of $10,000. 3-year refers to the thirty-six months prior to current month-end. Matthew DiLallo owns Brookfield Asset Management. Unlike many of our mom-and-pop property owners, who themselves may be trying to stay afloat in todays economy, Blackstone is a huge company, and should not be building its portfolio on the backs of working Californians, Atkins said. Blackstone Real Estate Income Trust, Inc., an externally managed by a subsidiary of Blackstone (NYSE:BX), has announced its acquisition of WPT Industrial Real Estate . to Purchase and Assume Deposits of Signature Bridge Bank, N.A. These risks include, but are not limited to, the following: Certain information contained in this material has been obtained from sources outside Blackstone, which in certain cases has not been updated through the date hereof. Blackstone President Jon Gray discusses slowing inflation, the commercial real estate landscape and more. Population growth reflects U.S. Bureau of Economic Analysis, as of June 22, 2022, which can be found at. 10 Must Reads for Real Estate Investors for the Weekend (June 2, 2023) REITs are seeking higher share prices by stepping up mergers and acquisitions, reported Bisnow. One of the biggest is exposure to, . We have a finite supply finite and insufficient supply that is being owned at a greater and greater percentage by a select number of entities.. In 2019, we acquired Network Rails U.K. commercial property estate, a high-quality portfolio of primarily infill railway arches, concentrated in central London around key transport hubs and launched The Arch Company to manage the portfolio. Our people are our advantage. Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the March 31, 2021 valuations, based on property types. Our Core+ business features stabilized real estate with a long investment horizon and moderate leverage, where we can unlock additional value through focused asset management. For years, they were the only ones with access to this market. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. Its annual dividend yield has been between 4% and 5% in recent years, higher than bonds and publicly traded REITs. For press inquiries, contact[emailprotected]. It hauled in a record $3.24 billion in November. 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 Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers. They cant afford to stay, and they cant afford to leave.. Brookfield took over the management of a portfolio of properties from its subsidiary Oaktree Capital Management to launch a non-traded REIT in November. California law banned many evictions during the pandemic. BREIT has delivered strong returns and consistent distributions since inception. But more needs to be done, she said. Simpson and hundreds of other protesters wore yellow T-shirts emblazoned with the logo of the Alliance of Californians for Community Empowerment Action, which helped organize the tenants union. Because California caps how much landlords can raise rents each year for current residents by 5% plus inflation or, at most, 10% housing advocates say large companies such as Blackstone will try to boost rents to that limit, hoping its high enough to compel current tenants to leave. Ordinary income dividends are taxed at individual tax rates and distributions may be subject to state tax. Post-acquisition, we also invest in the properties to improve them before selling the assets and returning capital to our limited partners. The Palmilla Apartment complex, a complex that city council member Consuelo Martinez was warning would start evicting tenants with outstanding rent balances. Investors should be aware that a REITs ROC percentage may vary significantly in a given year and, as a result, the impact of the tax law may vary significantly from year to year. However,Blackstone Group(BX 2.13%) has changed this game. Because of that, REIT stock prices often decline during a broad market sell-off. We do not consider our investments in the real estate debt segment or equity securities to be same property. We are high conviction, thematic investors focused on growth sectors. BREIT Q123 Same Property NOI vs. InflationYear-over-Year Growth Comparison11. Blackstone's success has led other private equity giants to enter the non-traded REIT market. Please refer to Net Asset Value Calculation and Valuation Guidelines in the Prospectus for how our NAV is determined. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values: Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, and Class D common stockholders, as well as partnership interests of BREIT Operating Partnership held by parties other than the Company. The Motley Fool owns and recommends Brookfield Asset Management and KKR. Here's a closer look at how Blackstone created a non-traded REIT behemoth. Rent consumes more than two-thirds of her income, leaving $280 a month for food, clothes and necessities. We believe these factors include but are not limited to those described under the section entitled Risk Factors in BREITs prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREITs periodic filings with the SEC, which are accessible on the SECs website at www.sec.gov. Inflation reflects U.S. Bureau of Labor Statistics data as of March 31, 2023, which can be found at, Represents year-over-year growth. A change in these assumptions would impact the calculation of the value of our property investments. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. 333-249070. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Simpson said she leads a tenant union of 73 Blackstone residents because of some family members experiences with poverty, including a granddaughter who lived in a car. That had a ripple effect on the local economy, she said, adding that Escondidos housing squeeze is related to historic, systemic discrimination against lower-income immigrants. In April, the company blocked withdrawals from its $70 billion real estate income trust for March. Switchboard:+1 (212) 583-5000. This information does not constitute a forecast, and all assumptions herein are subject to uncertainties, changes and other risks, any of which may cause the relevant actual, financial and other results to be materially different from the results expressed or implied by the information presented herein. People are severely rent burdened. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Stockholder servicing fees only apply to Class S, Class T and Class D shares. VOTE NOW. Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, and Class D common stockholders, as well as partnership interests of BREIT Operating Partnership held by parties other than the Company. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.

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