Your 1031 DST Authority
Blackstone Real Estate Income Trust (BREIT)
Offering Overview
Blackstone's BREIT is a perpetual-life, non-traded REIT sponsored by Blackstone, with a 30+ year real estate track record and approximately $618 billion in global real estate portfolio value as of March 31, 2026.
Investment Highlights
- Diversified U.S. real estate portfolio with exposure to rental housing, logistics, data centers and other real estate sectors; aggregate NAV was $56.1 billion as of May 31, 2026.
- Perpetual-life non-traded REIT with monthly NAV/share pricing, multiple share classes and a continuous public offering; Class I shares are available to eligible investors.
- Class I historical annualized distribution rate was 4.7% as of March 31, 2026; distributions are historical, not guaranteed, and may be funded from sources other than operating cash flow.
- Institutional scale, diversified real estate exposure, monthly NAV pricing and Class I access without upfront selling commissions; current public offering cap is $60.0 billion.
- Non-traded liquidity, repurchase limits, leverage and valuation risk; distributions may be funded from borrowings, asset sales, return of capital or offering proceeds.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
BREIT is a REIT investment, not a Delaware statutory trust replacement-property offering; investors should confirm suitability and tax treatment with their advisors.
Pros
A perpetual-life non-traded REIT for eligible investors seeking diversified private-market real estate exposure and monthly NAV-based liquidity, subject to the offering documents and repurchase limits.
Cons
Class I minimum investment is $1,000,000 unless waived. Class I NAV per share was $14.4253 as of May 31, 2026.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 4.70% | 4.76% | −1.26% |
| Max Yield | 4.70% | 4.93% | −4.67% |
| 10-Yr Income Growth | 0.00% | 7.22% | −100.00% |
Benchmark reflects the average of comparable Diversified offerings. Differences are relative to the benchmark.
Offering Documents
About the Sponsor
Blackstone is the world's largest alternative asset manager, with roughly $1.3 trillion in total AUM and a real estate platform commanding about $319 billion of investor capital as of year-end 2025—an order of magnitude beyond any dedicated DST sponsor. Its retail real estate flagship, the Blackstone Real Estate Income Trust (BREIT), is a perpetual-life non-traded REIT carrying roughly $53 billion in NAV and concentrated in the secular winners of data centers, logistics and rental housing. With perpetual capital approaching 40% of the firm and a long-run track record on its largest BREIT share class near a 9.4% annualized return since inception, Blackstone offers institutional scale and sector positioning that define the high end of the market—though its 1031/DST activity is a small adjunct to a vast machine.
This page describes a specific Delaware Statutory Trust offering (Blackstone Real Estate Income Trust (BREIT)) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.