BREIT 2018 Proxy Statement

What is the required vote for approval of each proposal? Proposal 1: Election of seven director nominees listed herein. The affirmative vote of a majority of the shares entitled to vote that are present in person or by proxy at the Annual Meeting is required for the election of each nominee for director. Abstentions and broker non-votes will have the effect of a vote against the nominees. Proposal 2: Ratification of the appointment of Deloitte & Touche LLP (“Deloitte”) as our independent registered public accounting firm the year ending December 31, 2018. A majority of the votes cast at the Annual Meeting in person or by proxy is required for the auditor ratification proposal. Abstentions, if any, will not affect the outcome of this proposal. Your shares may be voted on for this proposal if they are held in the name of a brokerage firm even if you do not provide the brokerage firm with voting instructions. How does the Board of Directors recommend that I vote? Our Board of Directors recommends that you vote your shares as follows: • FOR the election of each of the seven director nominees listed herein; and • FOR the ratification of the appointment of Deloitte as our independent registered public accounting firm for the year ending December 31, 2018. Who can vote? Holders of record of our shares of common stock as of the close of business on March 15, 2018 (the “Record Date”) will be entitled to vote at the Annual Meeting. As of the Record Date, there were 163,218,275 Class S Shares (“Class S”), 9,741,552 Class T Shares (“Class T”), 6,823,284 Class D Shares (“Class D”), and 47,020,960 Class I Shares (“Class I”) of common stock issued and outstanding for a total of 226,804,071 shares of our common stock issued and outstanding. You are entitled to one vote for each share you held as of the Record Date. How do I vote if I am a registered stockholder? If you are a registered stockholder (that is, if your shares are registered on our records in your name and not in the name of your broker or nominee), you may authorize a proxy to vote your shares in any of the following ways described below, or in person by attending the Annual Meeting: • via the Internet by going to www.proxydocs.com/BREIT and following the on-screen directions. Please have your proxy card in hand when accessing the website, as it contains a 12-digit control number required to record your voting instructions via the Internet; • by phone by calling the number listed on the proxy card, (866) 286-3108 , and following the recorded instructions. You will need the 12-digit control number included on your proxy card in order to record your voting instructions by telephone; or • by mail by marking, signing, dating and returning the enclosed proxy card. If you authorize a proxy by telephone or Internet, you do not need to mail your proxy card. See the attached proxy card for more instructions on how to vote your shares. All proxies that are properly executed and received by our Secretary prior to the Annual Meeting, and are not revoked, will be voted at the Annual Meeting. Even if you plan to attend the Annual Meeting in person, we urge you to return your proxy card or submit a proxy by telephone or via the Internet to assure the representation of your shares at the Annual Meeting. 2