BREIT 2018 Proxy Statement

Blackstone Real Estate Income Trust, Inc. 345 Park Avenue, 42nd Floor New York, New York 10154 March 20, 2018 Dear Stockholders: You are cordially invited to attend the 2018 Annual Meeting of Stockholders of Blackstone Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), which will be held at 5:00 p.m., Eastern Daylight Time, on Monday, June 11, 2018, at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017. At the Annual Meeting, stockholders will be asked to consider and vote upon: • the election of seven director nominees listed in the Proxy Statement; • the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the year ending December 31, 2018; and • such other business as may properly come before the Annual Meeting and any adjournments or postponements thereof. Details concerning those matters to come before stockholders at the Annual Meeting are described in this Proxy Statement. Management and the Board of Directors unanimously recommend that you vote FOR all nominees for directors listed in the Proxy Statement and FOR the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for 2018. It is important that your shares be represented at the Annual Meeting and voted in accordance with your wishes. Whether or not you plan to attend the meeting, we urge you to complete a proxy as promptly as possible — by Internet, telephone or mail — so that your shares will be voted at the Annual Meeting. This will not limit your right to vote in person or to attend the meeting. IMPORTANT NOTICE REGARDING AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 11, 2018: Our Proxy Statement, form of proxy card and 2017 Annual Report to stockholders are also available at www.proxydocs.com/BREIT , and can be accessed by using the 12-digit control number and following the instructions located on the enclosed proxy card. On behalf of the Board of Directors and management, I thank you for your continuing support. Sincerely, /s/ Frank Cohen Frank Cohen Chairman of the Board and Chief Executive Officer