BREIT 2017 Annual Report

F-1 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Consolidated Financial Statements: Consolidated Balance Sheets as of December 31, 2017 and 2016 ...................................................................................................... F-3 Consolidated Statements of Operations for Year Ended December 31, 2017 and for the Period March 2, 2016 (date of initial capitalization) through December 31, 2016 ................................................................................................................................... F-4 Consolidated Statements of Changes in Equity for the Year Ended December 31, 2017 and for the Period March 2, 2016 (date of initial capitalization) through December 31, 2016 .................................................................................................................... F-5 Consolidated Statements of Cash Flows for Year Ended December 31, 2017 and for the Period March 2, 2016 (date of initial capitalization) through December 31, 2016 ................................................................................................................................... F-6 Notes to Consolidated Financial Statements ....................................................................................................................................... F-7