BREIT 2017 Annual Report

F-5 Blackstone Real Estate Income Trust, Inc. Consolidated Statement of Changes in Equity (in thousands) Par Value Accumulated Common Common Common Common Additional Deficit and Total Non- Stock Stock Stock Stock Paid-in Cumulative Stockholders' controlling Total Class S Class T Class D Class I Capital Distributions Equity Interests Equity Balance at March 2, 2016 (Date of Initial Capitalization) $ — $ — $ — $ — $ 200 $ — $ 200 $ — $ 200 Net loss — — — — — (115) (115) — (115) Balance at December 31, 2016 $ — $ — $ — $ — $ 200 $ (115) $ 85 $ — $ 85 Common stock issued 1,283 56 40 302 1,724,274 — 1,725,955 — 1,725,955 Offering costs — — — — (132,691) — (132,691) — (132,691) Distribution reinvestment 18 — — 6 25,503 — 25,527 — 25,527 Common stock repurchased — — — (1) (668) — (669) — (669) Amortization of restricted stock grants — — — — 102 — 102 — 102 Net loss — — — — — (86,258) (86,258) (1,292) (87,550) Distributions declared on common stock — — — — — (46,260) (46,260) — (46,260) Contributions from non-controlling interests — — — — — — — 25,336 25,336 Distributions from non-controlling interests — — — — — — — (196) (196) Balance at December 31, 2017 $ 1,301 $ 56 $ 40 $ 307 $ 1,616,720 $ (132,633) $ 1,485,791 $ 23,848 $ 1,509,639 See accompanying notes to consolidated financial statements.