BREIT 2017 Annual Report

F-18 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): December 31, 2017 December 31, 2016 Subscriptions received in advance $ 107,576 $ — Accounts payable and accrued expenses 13,202 — Real estate taxes payable 13,169 — Intangible liabilities, net 13,156 — Tenant security deposits 8,107 — Accrued interest expense 8,072 — Distribution payable 7,716 — Prepaid rental income 5,381 — Other 6,456 29 Total $ 182,835 $ 29 10. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class S shares, Class T shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting rights. As of December 31, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Total 2,100,000 Common Stock As of December 31, 2017, the Company had sold 170.4 million shares of its common stock in the Offering for aggregate net proceeds of $1.7 billion. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Year Ended December 31, 2017 Class S Class T Class D Class I Total Beginning balance — — — 20 20 Common stock issued 128,277 5,600 3,931 30,146 167,954 Distribution reinvestment 1,834 25 24 578 2,461 Common stock repurchased (26) — — (41) (67) Directors’ restricted stock grant (1) — — — 16 16 Ending balance 130,085 5,625 3,955 30,719 170,384 (1) The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant.