BREIT 2017 Annual Report

F-6 Blackstone Real Estate Income Trust, Inc. Consolidated Statements of Cash Flows (in thousands) For the year ended December 31, 2017 For the Period March 2, 2016 (date of initial capitalization) through December 31, 2016 Cash flows from operating activities: Net loss $ (87,550) $ (115) Adjustments to reconcile net loss to net cash provided by operating activities: Management fee 8,867 — Performance participation allocation 16,974 — Depreciation and amortization 121,793 — Unrealized gain on changes in fair value of financial instruments (2,366) — Other items 228 — Change in assets and liabilities: (Increase) / decrease in other assets (19,002) — Increase / (decrease) in due to affiliates 3,833 86 Increase / (decrease) in accounts payable, accrued expenses, and other liabilities 29,508 29 Net cash provided by operating activities 72,285 — Cash flows from investing activities: Acquisitions of real estate (3,393,674) — Capital improvements to real estate (9,953) — Pre-acquisition costs (5,166) — Purchase of real estate-related securities (930,147) — Proceeds from settlement of real estate-related securities 16,596 — Net cash used in investing activities (4,322,344) — Cash flows from financing activities: Proceeds from issuance of common stock 1,718,992 — Offering costs paid (22,293) — Subscriptions received in advance 107,576 — Repurchase of common stock (669) — Borrowings from mortgage notes, term loans, and revolving credit facilities 2,174,030 — Repayments from mortgage notes, term loans, and revolving credit facilities (247,570) Borrowings under repurchase agreements 695,419 — Settlement of repurchase agreements (12,571) — Borrowings from affiliate line of credit 1,089,350 — Repayments on affiliate line of credit (1,084,100) — Payment of deferred financing costs (22,949) — Contributions from non-controlling interests 25,586 — Distributions to non-controlling interests (196) Distributions (13,017) — Net cash provided by financing activities 4,407,588 — Net change in cash and cash equivalents and restricted cash 157,529 — Cash and cash equivalents and restricted cash, beginning of period 200 200 Cash and cash equivalents and restricted cash, end of period $ 157,729 $ 200 Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: Cash and cash equivalents $ 31,166 $ 200 Restricted cash 126,563 — Total cash and cash equivalents and restricted cash $ 157,729 $ 200 Supplemental disclosures: Interest paid $ 27,073 $ — Non-cash investing and financing activities: Assumption of mortgage notes in conjunction with acquisitions of real estate $ 199,365 $ — Assumption of other liabilities in conjunction with acquisitions of real estate $ 23,008 $ — Accrued capital expenditures and acquisition related costs $ 687 $ — Accrued pre-acquisition costs $ 1,422 $ — Accrued distributions $ 7,716 $ — Accrued stockholder servicing fee due to affiliate $ 102,076 $ — Accrued offering costs due to affiliate $ 8,322 $ — Distribution reinvestment $ 25,527 $ —