BREIT 2017 Annual Report

F-25 S chedule III—Real Estate and Accumulated Depreciation as of December 31, 2017 ($ in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Multifamily properties: Sonora Canyon Apartments $ 26,455 $ 9,358 $ 30,007 $ 94 $ 279 $ 9,452 $ 30,286 $ 39,738 $ (1,052) 1985 2017 (1) TA Multifamily Portfolio: 55 West 63,600 10,030 97,652 42 1,531 10,072 99,183 109,255 (2,480) 2010 2017 (1) Addison Keller Springs Apartments 36,140 9,382 37,786 36 281 9,418 38,067 47,485 (922) 2013 2017 (1) Estates at Park 43,225 11,567 57,128 138 175 11,705 57,303 69,008 (1,449) 2004 2017 (1) San Merano 69,777 24,422 73,818 31 219 24,453 74,037 98,490 (1,844) 2003 2017 (1) The Preserve at Osprey Lake 41,340 10,899 42,850 206 837 11,105 43,687 54,792 (1,060) 1997 2017 (1) West End at City Center 20,767 2,156 28,655 54 435 2,210 29,090 31,300 (703) 2009 2017 (1) Emory Point 130,000 — 171,709 29 280 29 171,989 172,018 (4,189) 2013 2017 (1) Nevada West Multifamily: Dream 37,783 4,745 47,195 17 211 4,762 47,406 52,168 (1,062) 2015 2017 (1) South West 37,487 6,071 46,952 7 157 6,078 47,109 53,187 (1,072) 2016 2017 (1) Union 46,110 6,593 51,158 1 179 6,594 51,337 57,931 (1,140) 2016 2017 (1) Mountain Gate & Trails Multifamily: Mountain Gate 33,704 6,632 37,909 94 215 6,726 38,124 44,850 (703) 2010 2017 (1) Mountain Trails 26,281 5,569 29,208 86 189 5,655 29,397 35,052 (559) 2010 2017 (1) Elysian West Multifamily 75,400 17,565 80,840 27 27 17,592 80,867 98,459 (1,395) 2016 2017 (1) Gilbert Multifamily: Redstone at SanTan Village 40,484 16,491 53,056 2 3 16,493 53,059 69,552 (708) 2014 2017 (1) Vistara at SanTan Village 48,129 15,574 54,663 2 — 15,576 54,663 70,239 (583) 2017 2017 (1) Harbor 5 Multifamily: Abbey at Vista Ridge 32,338 6,903 36,616 28 41 6,931 36,657 43,588 (465) 2002 2017 (1) Fieldcrest 13,860 4,507 13,216 1 19 4,508 13,235 17,743 (186) 1985 2017 (1) Tall Timbers 17,990 4,873 18,919 25 20 4,898 18,939 23,837 (248) 1985 2017 (1) The Tallows 20,510 6,053 20,934 27 82 6,080 21,016 27,096 (267) 1983 2017 (1) Villas at Waterchase 18,573 5,693 18,762 242 156 5,935 18,918 24,853 (233) 1982 2017 (1) Domain & GreenVue Multifamily: Domain at Midtown Park 47,600 16,678 47,939 4 5 16,682 47,944 64,626 (533) 2016 2017 (1) GreenVue — 11,754 49,788 3 16 11,757 49,804 61,561 (542) 2015 2017 (1) ACG II Multifamily: Brooks Landing 24,500 2,740 33,738 1 14 2,741 33,752 36,493 (332) 2005 2017 (1) Sterling Pointe 18,900 3,344 30,331 1 5 3,345 30,336 33,681 (302) 2007 2017 (1) Woodland 23,485 3,940 27,206 1 18 3,941 27,224 31,165 (297) 2012 2017 (1) Highlands 27,715 10,679 28,170 3 13 10,682 28,183 38,865 (256) 2006 2017 (1)