Blackstone brings institutionalcaliber private real estate to income-focused individuals

Size: px
Start display at page:

Download "Blackstone brings institutionalcaliber private real estate to income-focused individuals"

Transcription

1 Blackstone brings institutionalcaliber private real estate to income-focused individuals THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN, AND MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING TO WHICH THIS SALES AND ADVERTISING LITERATURE RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING, AND IS AVAILABLE AT Blackstone Advisory Partners L.P., Dealer Manager / Member FINRA

2 SUMMARY OF RISK FACTORS Blackstone Real Estate Income Trust, Inc. ( BREIT ) is a non-traded REIT that seeks to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income. This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in Blackstone Real Estate Income Trust. Some of these risks include but are not limited to the following: BREIT has a limited operating history and there is no assurance that we will achieve our investment objectives. This is a blind pool offering. We have only made limited investments to date and you will not have the opportunity to evaluate our future investments before we make them. Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our board of directors may modify, suspend or terminate our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. The purchase and repurchase price per share for each class of common stock will vary and will generally equal our prior month s net asset value ( NAV ) per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month s NAV per share in cases where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior month. We have no employees and are dependent on BX REIT Advisors L.L.C. (the Advisor ) to conduct our operations. The Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone accounts, the allocation of time of its investment professionals and the substantial fees that we will pay to the Advisor. This is a best efforts offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected. On acquiring shares, you will experience immediate dilution in the net tangible book value of your investment. There are limits on the ownership and transferability of our shares. If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease. We do not own the Blackstone name, but we are permitted to use it as part of our corporate name pursuant to a trademark license agreement with an affiliate of The Blackstone Group L.P. (together with its affiliates, Blackstone ). Use of the name by other parties or the termination of our trademark license agreement may harm our business. While BREIT s investment strategy is to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income to investors, an investment in BREIT is not an investment in fixed income. Fixed income has material differences from an investment in a non-traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment. We intend to qualify as a REIT for U.S. federal income tax purposes beginning with our taxable year ending December 31, However, if we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease. The acquisition of investment properties may be financed in substantial part by borrowing, which increases our exposure to loss. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors. Investing in commercial real estate assets involves certain risks, including but not limited to: tenants inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market. BREIT will directly own private real estate assets. Any references to private real estate and direct ownership is referring to the BREIT strategy. Individual investors will own shares of common stock in BREIT as opposed to direct ownership of private, non-traded real estate assets. Numerical data is approximate and as of December 31, The words we, us, and our refer to Blackstone Real Estate Income Trust, Inc., together with its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the Operating Partnership ), a Delaware limited partnership of which we are the general partner, unless the context requires otherwise. Numerical data relating to Blackstone includes activities of Blackstone Real Estate s public and private portfolio companies (unless otherwise noted). IMPORTANT DISCLOSURE ABOUT OTHER BLACKSTONE REAL ESTATE FUNDS This sales material includes information related to prior investments Blackstone Real Estate has made, in which BREIT will not have any interest. Prospective investors should note that the investment programs, objectives, leverage policies and strategies of Blackstone s opportunistic real estate private equity funds (the Opportunistic Real Estate Equity Funds ), the Blackstone real estate debt funds (the Real Estate Debt Funds ), and core+ real estate private equity funds (the Core+ Real Estate Equity Funds ) are substantially different from the investment program and objectives of BREIT, despite each strategy focusing on making real estate-related investments. Specifically, the Opportunistic Real Estate Equity Funds invest in opportunistic real estate and real estate-related assets globally (which often are undermanaged assets and with higher potential for equity appreciation), the Real Estate Debt Funds primarily make real estate-related debt investments on an opportunistic basis and globally, and the Core+ Real Estate Equity Funds invest in core+ real estate and real estate-related assets globally (which are generally substantially stabilized assets generating relatively stable cash flow, with a focus on office, multifamily, industrial and retail assets in major U.S. markets), whereas BREIT will generally target primarily stabilized income-oriented commercial real estate in the United States and to a lesser extent real estate-related securities. The information provided herein regarding the Opportunistic Real Estate Equity Funds, the Real Estate Debt Funds, and the Core+ Real Estate Equity Funds is, therefore, provided solely for background purposes. FORWARD-LOOKING STATEMENT DISCLOSURE This sales material contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as may, will, seek, expect, intend, anticipate, estimate, believe, continue or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forwardlooking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. You should carefully review the Risk Factors section of our prospectus for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This sales material must be read in conjunction with the prospectus in order to fully understand all the implications and risks of the offering of securities to which it relates. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

3 Blackstone Real Estate Income Trust (BREIT) Blackstone Real Estate Income Trust (BREIT) provides individual investors with access to Blackstone s leading institutional real estate investment platform. BREIT seeks to directly own stabilized income-generating U.S. commercial real estate across the key property types, including multifamily, industrial, retail, hotel, healthcare and office. Jon Gr ay P r e s i d e n t & C h i e f O p e r a t i n g O f f i c e r, B l a c k s t o n e Why invest? 1 Leading Real Estate Platform Alignment of Interests Incomedriven Appreciation Potential Diversified across Property Types Lower Volatility 2 1. Please refer to pages 2 3 for more information on these offering features. 2. BREIT s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as are the share prices of publicly traded REITs. The value of BREIT s underlying investments may fluctuate and may be worth less than BREIT initially paid for them. Although BREIT s share price is subject to less volatility, BREIT shares are significantly less liquid than shares of a publicly traded REIT, and are not immune to fluctuations. 1

4 What is BREIT? Shifting the paradigm for non-traded REITs Leading Real Estate Platform BREIT gives individual investors access to Blackstone s leading institutional real estate platform with proven real estate experience and prominent U.S. presence. Income-driven 1 BREIT will directly own stabilized U.S. commercial real estate assets which have historically delivered attractive and consistent rental income to investors. Diversified 2 BREIT will invest across property types and active sector selection may help drive higher returns. Alignment of Interests 3 BREIT s advisor is compensated via management fees and a performance participation allocation based on total return.breit s advisor does not receive acquisition, disposition, financing or development fees. Appreciation Potential 4 BREIT s proactive asset management may drive higher rents and property values helping to generate capital appreciation for investors. Lower Volatility 5 BREIT is a non-traded vehicle which means the value of our shares is more closely tied to real estate fundamentals as opposed to public equities. 1. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner, an affiliate of Blackstone), and we have no limits on the amounts we may pay from such sources. 2. There is no guarantee that BREIT will be diversified. Diversification does not eliminate risk or guarantee a profit. 3. Blackstone will also face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone accounts, the allocation of time of its investment professionals and the substantial fees that we will pay to Blackstone. 4. There can be no assurance that BREIT will achieve its objective or avoid losses. 5. BREIT s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as are the share prices of publicly traded REITs. The value of BREIT s underlying investments may fluctuate and may be worth less than BREIT initially paid for them. Although BREIT s share price is subject to less volatility, BREIT shares are significantly less liquid than shares of a publicly traded REIT, and are not immune to fluctuations. 2

5 Diversified portfolio concentrated in high growth markets 1 Total Asset Value $ 4.8B Number of Properties Occupancy 3 93% Seattle/ Portland 5% Northern California 5% Las Vegas 13% Chicago 5% Other U.S. Markets 21% Phoenix 7% Dallas 13% Atlanta 12% Florida 20% By Property Type 1 70% 18% Multifamily Industrial 8% Hospitality 3% Retail As of December 31, Geography and property type weightings are measured as the fair value of each category against the total fair value of all real estate properties. Geographies shown on the map represent markets totaling greater than or equal to 5% of fair value. Totals may not sum due to rounding. 2. This number reflects real estate property investments only and does not include investments in debt securities. 3. Occupancy is weighted by the total value of all real estate properties, excluding hospitality investments. 3

6 Why Blackstone? BREIT is sponsored by one of the world s preeminent real estate investors $115B investor capital under management Leading U.S. presence across the key property types Proven real estate experience 1 67K multifamily units 42M industrial square feet Opportunistic Equity Real Estate Debt Core+ Equity 139K hotel keys 37M retail square feet over 27 years of real estate investing Data as of December 31, With respect to all references to Blackstone s prior operating history, please see the Summary of Risk Factors and the additional information at the beginning of this sales material. Neither the Opportunistic Real Estate Equity Funds, Real Estate Debt Funds or Core+ Real Estate Equity Funds share BREIT s investment objective of investing primarily in stabilized income-oriented commercial real estate in the United States with a primary objective of providing current income in the form of regular, stable cash distributions to achieve an attractive dividend yield. Specifically, the Opportunistic Real Estate Equity Funds invest in opportunistic real estate and real estate-related assets globally (which often are undermanaged assets and with higher potential for equity appreciation) and the Core+ Real Estate Equity Funds invest in core+ real estate and real estate-related assets globally (which are generally substantially stabilized assets generating relatively stable cash flow), with a focus on office, multifamily, industrial and retail assets in major U.S. markets. The Real Estate Debt Funds primarily make real estate-related debt investments on an opportunistic basis and globally. 4

7 Global business with continuity in approach, people and process Generating consistent returns requires a differentiated view and conviction Identify opportunity Pursue in scale Maximize value Insight Scale Real-time proprietary data from Blackstone s portfolio Source, diligence and execute large, complex transactions 450+ professionals globally 1 investment committee Note: Represents the Blackstone Real Estate business. For a description of BREIT s strategy and investments, visit 5

8 Why commercial real estate? Diversifying with commercial real estate may create a more efficient portfolio Fixed income Total U.S. Debt Outstanding $41 trillion 1 Real estate U.S. Commercial Real Estate Marketplace $16 trillion 2 Equities Total U.S. Stock Market Capitalization $30 trillion 1 Potential income from tenant rents Potential appreciation from increased property values Yield-oriented Capital appreciation-oriented Market capitalizations as of December 31, 2017, unless otherwise noted. There is no assurance that real estate investments will achieve capital appreciation or provide regular, stable distributions. Potential Portfolio Benefits 3 Based on historical analysis, the inclusion of commercial real estate in a traditional portfolio of stocks and bonds has added modestly to returns while reducing overall volatility. Returns and Volatility ( , Annualized) 3 6.8% RETURN 9.2% VOLATILITY FIXED INCOME 40% EQUITIES 60% 7.1% RETURN 8.6% VOLATILITY FIXED INCOME 35% COMMERCIAL RE 10% EQUITIES 55% 1. Source: The World Bank, Securities Industry and Financial Markets Association (SIFMA), December 31, Source: Green Street Advisors, December 31, Source: Morningstar Direct, NCREIF. 20-year period ending December 31, Portfolios with and without commercial real estate are hypothetical and this is not a recommendation of how to allocate a portfolio. Returns and Volatility presented are on an annualized basis. Past performance does not guarantee future results. The indices presented represent investments that have material differences from an investment in a non-traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety guarantees or insurance, fees and expenses, liquidity and tax treatment. Commercial real estate is represented by the NCREIF Open-End Diversified Core (ODCE) Index and reflects the returns of diversified, private core, open-end funds that invest in private real estate. NCREIF ODCE quotes returns including leverage and fund expenses, but excluding management and advisory fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Returns net of management and advisory fees would be materially lower. An investment in BREIT is different from the NCREIF ODCE, which is not an investable index. Equities are represented by the total return of the S&P 500 Index, including dividends (S&P 500 Index) and are subject to market risk. Fixed Income is represented by the Barclays US Aggregate Bond Index and are subject to credit risk. The S&P 500 Index and the Barclays US Aggregate Bond Index are meant to illustrate general market performance; it is not possible to invest directly in an index. BREIT shares are significantly less liquid 6 than fixed income and equities. See page 12 for a description of each index.

9 A distinctive source of income Historical yield comparison Average Annual Yield 5.1% 4.0% Income derived from commercial real estate has exceeded that from other asset classes. 2.4% The majority of total return comes from income. 0.4% Commercial real estate Investmentgrade bonds Equities T-Bills Real Estate Income and Inflation 2 Indexed, 1995= Real estate net operating income U.S. CPI Commercial real estate income has increased faster than inflation over the past 20+ years. Growth in real estate income was driven by a number of factors, including market rent growth and rent escalation clauses. Bonds generally have fixed coupons. 100 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 1. As of December 31, Source: Morningstar Direct, NCREIF. Past performance does not guarantee future results. An investment in BREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment. BREIT s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as is the price of investment-grade bonds, equities or T-bills. Although BREIT s share price is subject to less volatility, BREIT shares are significantly less liquid than these asset classes, and are not immune to fluctuations. Commercial real estate is not traded on an exchange and will have less liquidity and price transparency. The value of commercial real estate may fluctuate and may be worth less than was initially paid for it. Commercial real estate is represented by the NCREIF Open-End Diversified Core (ODCE) Index, which is an equal weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. NCREIF ODCE represents the broad-based commercial real estate market, with its income returns based on net operating income after debt service; distributions from BREIT are not guaranteed and may be sourced from non-income items including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. While funds used in this benchmark have characteristics that differ from BREIT (including differing management fees and leverage), BREIT s management feels that the NCREIF ODCE is an appropriate and accepted index for the purpose of evaluating the historic yields of direct real estate funds. Investors cannot invest in this index. Comparisons shown are for illustrative purposes only and do not represent specific investments. BREIT has the ability to utilize higher leverage than is allowed for the funds in the NCREIF ODCE, which could increase BREIT s volatility relative to the index. Additionally, an investment in BREIT is subject to certain fees that are not contemplated in the NCREIF ODCE, which is not an investable index. Stocks are represented by the dividend yield of the S&P 500 Index. The S&P 500 Index is a widely used barometer of U.S. stock market performance; the key risk of the S&P 500 Index is the volatility that comes with exposure to the stock market. Investment-grade bonds are represented by bond yield to maturity of the Barclays US Aggregate Bond Index. Investment grade bonds provide broad exposure to U.S. investment grade bonds including government bonds. Increases in interest rates may cause the price of bonds to decrease. Corporate bonds are subject to credit risk. T-bills are represented by the BofAML 3 Month T-Bill Index and are subject to interest rate risk. Treasury Bills are guaranteed as to the timely payment of principal and interest. Indices are meant to illustrate general market performance; it is not possible to invest directly in an index. An investment in investment grade bonds and T-bills is generally considered to be a less risky investment than commercial real estate. See page 12 for further descriptions regarding each index. 2. As of December 31, Source: Green Street Advisors, Bureau of Labor Statistics. Net operating income (NOI) growth represents the average NOI growth by year across the apartment, industrial, mall, office and strip retail sectors. The Consumer Price Index (CPI) measures changes in the prices paid by urban consumers for a representative basket of goods and services. Past performance is no guarantee of future results. NOI may not be correlated to or continue to keep pace with inflation. 7

10 A better way to invest in commercial real estate? Attractive total returns with lower volatility Cumulative historical returns 1 Indexed, 2011= Public equities 247% Commercial real estate 213% Commercial real estate has exhibited 88% less volatility than public equities. 2 The property value of commercial real estate may fluctuate As of December 31, Source: Morningstar Direct, NCREIF. Past performance does not guarantee future results. An investment in BREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment. BREIT s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces as is the price of public equities. Although BREIT s share price is subject to less volatility, the value of real estate may fluctuate and may be worth less than was initially paid for it. BREIT shares are significantly less liquid than public equities, and are not immune to fluctuations. Commercial real estate is represented by the NCREIF ODCE and reflects the total returns of diversified, private core, open-end funds including leverage and fund expenses, but excluding management and advisory fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. While funds used in this benchmark have characteristics that differ from BREIT (including differing management fees and leverage), BREIT s management feels that the NCREIF ODCE is an appropriate and accepted index for the purpose of evaluating the total returns of direct real estate funds. Investors cannot invest in this index. Comparisons shown are for illustrative purposes only and do not represent specific investments. BREIT has the ability to utilize higher leverage than is allowed for the funds in the NCREIF ODCE, which could increase BREIT s volatility relative to the index. Additionally, an investment in BREIT is subject to certain fees that are not contemplated in the NCREIF ODCE. Public equities are represented by the S&P 500 Index. The S&P 500 Index is a widely used barometer of U.S. stock performance with broad sector representation, not just real estate; the key risk of the S&P 500 Index is the volatility that comes with exposure to the stock market. Commercial real estate values are based on appraisals, while public equities are based upon market prices. 2. Annualized standard deviation of the NCREIF ODCE relative to the S&P 500 Index for the 7-year period ending December 31,

11 The importance of diversification and sector selection 1 Commercial real estate sector returns Best performing sector Retail Hotel Retail Apartment Apartment Retail Retail Industrial Retail Industrial Industrial Return differential between best and worst sector Many REITs, public and non-traded, focus on a single property type. BREIT seeks to invest across property types. Diversification by asset class or among real estate sectors may help mitigate losses and result in steadier returns. 1. There is no guarantee that BREIT will be diversified. Diversification by asset class or among real estate sectors does not necessarily protect against losses. 2. Source: NCREIF Property Index, as of December 31, One basis point is equal to 1/100th of 1%. 9

12 What are the details? Offering highlights 1 KEY TERMS Product Structure Portfolio allocation Sponsor/Advisor Maximum offering Offering price 2 Subscriptions/NAV frequency BREIT is a non-traded REIT focused on investing in primarily stabilized commercial real estate properties diversified by sector with a focus on providing current income to investors Non-exchange traded, perpetual life real estate investment trust (REIT) Targeting at least 80% to properties and up to 20% to real estate debt securities, cash and/or cash equivalents The Blackstone Group L.P. / BX REIT Advisors L.L.C. $5 billion Generally equal to our prior month s NAV per share for such class as of the last calendar day of such month, plus applicable selling commissions and dealer manager fees Monthly purchases as of the first calendar day of each month; subscription requests must be received at least five business days prior to the first calendar day of the month NAV per share, which will generally be equal to our transaction price, will generally be available within 15 calendar days of month end Transaction price will be available on and in prospectus supplements. If the transaction price is not made available on or before the eighth business day before the first calendar day of the month, or a previously disclosed transaction price for that month is changed, then we will provide notice of such transaction to subscribing investors Distributions Monthly (not guaranteed, subject to board approval) 3 Minimum initial investment 4 $2,500 Suitability standards 4 Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability standards. See the prospectus for more information. UPFRONT ONGOING Share repurchase plan Tax reporting SHARE CLASS-SPECIFIC FEES Availability Monthly repurchases will be made at the transaction price, which is generally equal to our prior month s NAV Shares not held for at least one year will be repurchased at 95% of that month s transaction price Overall limit of 2% of NAV per month and 5% of NAV per calendar quarter Repurchase requests must be received in good order by the second to last business day of the applicable month We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion The share repurchase plan is subject to other limitations and our board may modify, suspend or terminate the plan Form 1099-DIV CLASS I CLASS D CLASS S CLASS T Through fee-based (wrap) programs, registered investment advisors, and other institutional and fiduciary accounts Through transactional/brokerage accounts Selling commissions 4 None None Up to 3.5% Up to 3.0% Dealer manager fee 4 None None None 0.50% Stockholder servicing fees 4 (per annum, payable monthly) ADVISOR FEES Management fee Performance participation allocation None 0.25% 0.85% 1.25% per annum of NAV, payable monthly 12.5% of the annual total return, subject to a 5% annual hurdle amount and a high water mark 0.65% financial advisor 0.20% dealer 1. Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in BREIT s prospectus. You should read the prospectus carefully prior to making an investment. 2. We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month s NAV per share, including by updating a previously disclosed offering price, in cases where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior month. 3. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner, an affiliate of Blackstone), and we have no limits on the amounts we may pay from such sources. 4.Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer BREIT at a higher minimum initial investment. With respect to Class T shares, the amount of upfront selling commissions and dealer manager fees may vary at select broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The financial advisor and dealer stockholder servicing fee for Class T shares may also vary at select broker-dealers, provided that the sum of such fees will always equal 0.85% per annum of the aggregate NAV. 10

13 Frequently asked questions Why do you think investors would benefit from an allocation to commercial real estate? The $16 trillion U.S. commercial real estate market 1 is the third largest asset class after the $41 trillion U.S. fixed income market and $30 trillion U.S. equities market. 2 Commercial real estate is a diverse sector spanning multiple geographies and asset types including office, hotels, multifamily (apartments), retail (shopping centers), and industrial (warehouses). Commercial real estate may offer the characteristics of both bonds (yield) and equities (capital appreciation). The asset class can provide a current income stream similar to fixed income through rents from properties, while also potentially generating capital appreciation through increases in property values. In addition, total returns from commercial real estate have historically exhibited low correlation relative to fixed income or equity investments. As a result, an allocation to real estate could result in higher returns for an investor s overall portfolio while potentially reducing volatility. Commercial real estate returns may also act as an inflation hedge, as values have historically risen with inflation and interest rates. Compared to equities and fixed income, commercial real estate offers less liquidity. What do you think is particularly interesting about the income characteristics of commercial real estate? Over the past twenty years, nearly 80% of the total return of commercial real estate has come from income, 3 which is generated by rents paid by tenants at properties. However, unlike fixed coupons from bonds, the income from real estate has historically outpaced inflation. In addition, bonds have principal payments that do not grow at maturity, while real estate may appreciate over time from higher rents as well as from economic expansion, employment growth, or population growth. An investment in fixed income differs significantly from non-traded REITs and fixed income is generally considered to be a less risky investment than commercial real estate. What are the key differences between listed and non-traded real estate investment trusts (REITs)? Publicly listed and non-traded REITs both provide access to a pool of real estate assets for individual investors and are governed by similar tax rules regulating REITs (e.g., requiring at least 90% payouts of income to shareholders). Both structures may provide compelling total returns with an emphasis on yield. One key difference is that publicly listed REITs trade on a securities exchange and offer the attraction of daily liquidity to investors. Non-traded REITs do not trade on a securities exchange, and therefore while the property values of non-traded or commercial real estate may fluctuate, they are somewhat insulated from the daily volatility of the public markets. What are the primary risks of investing in commercial real estate (non-traded REITs)? Like any investment product, BREIT may underperform relative to its stated investment objective; market cycles and real estate conditions could hinder performance over the course of any individual investor s time horizon; the lack of a public trading market for BREIT and limitations on its share repurchase plan will limit investment liquidity; BREIT will begin as a blind pool and grow its portfolio over time; there is no guarantee of distributions; REIT qualification risk; leverage risk. Please refer to Risk Factors in the prospectus for a more detailed explanation of associated risks. How is BREIT different from other non-traded REITs? BREIT is the first perpetual-life, monthly-nav, non-traded REIT in the marketplace. It brings institutional management by one of the world s largest commercial real estate investors to individual investors. It offers transparent and institutional fees that align interests lower upfront fees and no acquisition, disposition, development or financing fees. The Advisor instead is compensated based on performance; 1.25% management fee on net assets and 12.5% performance participation allocation on total return subject to a 5% hurdle amount and a high water mark. BREIT also offers share classes with low or no sales charges. In order to provide regular liquidity for share repurchases under its share repurchase program, BREIT targets allocating up to 20% of NAV to real estate debt securities, cash and/or cash equivalents. BREIT will seek to invest across asset types, including multifamily, office, hotels, retail, and industrial, with the intention of diversifying the portfolio. Note: Market capitalizations as of December 31, 2017, unless otherwise noted. There is no assurance that real estate investments will achieve capital appreciation or provide regular, stable distributions. 1. Green Street Advisors, December 31, The World Bank, Securities Industry and Financial Markets Association (SIFMA), December 31, NCREIF ODCE based on 10-year period ending December 31,

14 Please note KEY TERM DEFINITIONS Performance participation allocation: The Special Limited Partner will hold a performance participation interest in the Operating Partnership that entitles it to receive an allocation from our Operating Partnership equal to 12.5% of the Total Return, subject to a 5% Hurdle Amount and a High Water Mark (each term as defined below), with a catch-up. Such allocation will be made annually and accrue monthly. Total Return for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on the Operating Partnership units outstanding at the end of such period since the beginning of the thencurrent calendar year plus (ii) the change in aggregate NAV of such units since the beginning of the year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Operating Partnership units, (y) any allocation/accrual to the performance participation interest and (z) applicable stockholder servicing fee expenses (including any payments made to us for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such units. Hurdle Amount for any period during a calendar year means that amount that results in a 5% annualized internal rate of return on the NAV of the Operating Partnership units outstanding at the beginning of the then-current calendar year and all Operating Partnership units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such units and all issuances of Operating Partnership units over year. Loss Carryforward Amount shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Special Limited Partner s performance participation. This is referred to as a High Water Mark. INDEX DEFINITIONS The Barclays US Aggregate Bond Index is an index of U.S. dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The NCREIF Open-End Diversified Core (ODCE) is a capitalization-weighted, gross of fees, time-weighted return index with an inception date of January 1, Published reports may also contain equal-weighted and net of fees information. Open-end Funds are generally defined as infinite-life vehicles consisting of multiple investors who have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption requests, thereby providing a degree of potential investment liquidity. The term Diversified Core Equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. The S&P 500 Total Return Index is a market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in U.S. dollars and include dividends. The Index is a proxy of the performance of the broad U.S. economy through changes in aggregate market value. CPI All Urban is a measure that examines the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country s population lives in highly populated areas, which represent close to 90% of the total population. BofAML 3 Month T-Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The NCREIF Property Index (NPI) is a quarterly time series composite total rate of return measure of investment performance of a very large pool of unleveraged individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors the great majority being pension funds. As such, all properties are held in a fiduciary environment. NCREIF data reflects the returns of a blended portfolio of institutional-quality real estate and does not reflect the use of leverage or the impact of management and advisory fees. Returns net of management and advisory fees would be materially lower. 12

15 ADDITIONAL IMPORTANT DISCLOSURES This material was not created by any third party registered broker-dealers or investment advisers who are distributing shares of BREIT (each a Dealer and collectively, the Dealers ). The Dealers have made no independent verification of the information provided and do not guarantee the accuracy or completeness of such information. This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors or prospective investors, as applicable, receiving this material) and is intended solely for the use of the persons to whom it has been delivered. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the prospectus and executed the subscription documents. The Dealers have not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable prospectus, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing. All expressions of opinion are subject to change without notice and are not intended to be a forecast of future events or results. Further, opinions expressed herein may differ from the opinions expressed by a Dealer and/or other businesses/affiliates of a Dealer. This is not a research report as defined by NASD Conduct Rule 2711 and was not prepared by the Research Departments of a Dealer or its affiliates. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Dealer does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable prospectus, are distributed by the applicable Dealer and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of such Dealer or any of its affiliates, (3) are not guaranteed by such Dealer and its affiliates, and (4) involve investment risks, including possible loss of principal. Each Dealer is a registered broker-dealer, not a bank. For more information, please contact your financial advisor. Or visit

16 Blackstone Advisory Partners L.P., Dealer Manager / Member FINRA BREIT

reit real estate income trust

reit real estate income trust reit real estate income trust THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SHARES OF THE OAKTREE REIT. AN OFFERING IS ONLY MADE BY PROSPECTUS, WHICH DESCRIBES MORE FULLY ALL OF

More information

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO.

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the

More information

RREEF Property Trust. Integrity I Experience I Insight. Not available for use in Ohio.

RREEF Property Trust. Integrity I Experience I Insight.  Not available for use in Ohio. RREEF Property Trust Integrity I Experience I Insight www.rreefpropertytrust.com Not available for use in Ohio. Properties pictured are owned by RREEF Property Trust. This material must be preceded or

More information

RREEF Property Trust. Integrity I Experience I Insight. For Use in Ohio only.

RREEF Property Trust. Integrity I Experience I Insight.   For Use in Ohio only. RREEF Property Trust Integrity I Experience I Insight www.rreefpropertytrust.com For Use in Ohio only. Properties pictured are owned by RREEF Property Trust. This material must be preceded or accompanied

More information

Access to Current Company Information on file with the SEC and Incorporated by Reference into the Prospectus.

Access to Current Company Information on file with the SEC and Incorporated by Reference into the Prospectus. RICH UNCLES REAL ESTATE INVESTMENT TRUST I Prospectus Supplement No. 2 dated August 16, 2018 to Third Amended and Restated Prospectus dated May 19, 2016 This Prospectus Supplement No. 2 ( Supplement )

More information

Exhibit Quarterly Update Q Non-listed, daily valued, perpetual life REIT. By Property Type. 14% Apartment. 24% Office.

Exhibit Quarterly Update Q Non-listed, daily valued, perpetual life REIT. By Property Type. 14% Apartment. 24% Office. Exhibit 99.1 Non-listed, daily valued, perpetual life REIT Quarterly Update Q1 2016 OFFERING JLL Income Property Trust (JLLIPT) is an institutionally managed, non-listed real estate investment trust (REIT).

More information

Black Creek Diversified Property Fund

Black Creek Diversified Property Fund Black Creek Diversified Property Fund Portfolio Summary THIRD QUARTER 2018 This information does not constitute an offer to sell nor a solicitation of an offer to buy securities sold by Black Creek Capital

More information

Cole Real Estate Income Strategy (Daily NAV), Inc.

Cole Real Estate Income Strategy (Daily NAV), Inc. PROSPECTUS Cole Real Estate Income Strategy (Daily NAV), Inc. Maximum Offering of $4,000,000,000 of Wrap Shares, Advisor Shares and Institutional Shares of Common Stock Cole Real Estate Income Strategy

More information

Black Creek Diversified Property Fund

Black Creek Diversified Property Fund Black Creek Diversified Property Fund Portfolio Summary FOURTH QUARTER 2018 This information does not constitute an offer to sell nor a solicitation of an offer to buy securities sold by Black Creek Capital

More information

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing investors

More information

Black Creek Diversified Property Fund

Black Creek Diversified Property Fund Black Creek Diversified Property Fund Portfolio Summary AS OF SEPTEMBER 30, 2017 This information does not constitute an offer to sell nor a solicitation of an offer to buy securities sold by Black Creek

More information

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC PROSPECTUS DATED APRIL 18, 2017 VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC Limited Liability Company Shares of Beneficial Interest: Class F Shares (VCMRX) & Class I Shares (VCMIX) Versus

More information

A floating-rate portfolio that seeks to deliver attractive income

A floating-rate portfolio that seeks to deliver attractive income A floating-rate portfolio that seeks to deliver attractive income An investor should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. The prospectus

More information

STARWOOD REAL ESTATE INCOME TRUST, INC. (Exact name of Registrant as specified in Governing Instruments)

STARWOOD REAL ESTATE INCOME TRUST, INC. (Exact name of Registrant as specified in Governing Instruments) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD

More information

Rodin Global Property Trust, Inc.

Rodin Global Property Trust, Inc. Rodin Global Property Trust, Inc. A Publicly Registered, Non-Tr aded Real Estate Investment Trust* * We expect to elect to be taxed as a real estate investment trust ( REIT ) beginning in the taxable year

More information

20 YEARS FINANCIAL NEWS, 2016

20 YEARS FINANCIAL NEWS, 2016 We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Total Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing

More information

NEW YORK METRO REAL ESTATE. RXR Realty New York Regional Office. Leading the Way in New York Real Estate Investing

NEW YORK METRO REAL ESTATE. RXR Realty New York Regional Office. Leading the Way in New York Real Estate Investing / NEW YORK METRO REAL ESTATE RXR Realty New York Regional Office Leading the Way in New York Real Estate Investing Forward Looking Statements This sales material includes forward-looking statements that

More information

Income Focused Real Estate Investing

Income Focused Real Estate Investing Black Creek Diversified Property Fund Income Focused Real Estate Investing AS OF SEPTEMBER 30, 2017 This information does not constitute an offer to sell nor a solicitation of an offer to buy securities

More information

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize

20 YEARS CONSULTANCY OF THE LAST INVESTMENT. Mercer Investment Consulting s Achievement as sub-advisor for. We are proud to recognize We are proud to recognize Mercer Investment Consulting s Achievement as sub-advisor for Bluerock s Income+ Real Estate Fund INVESTMENT CONSULTANCY OF THE LAST 20 YEARS FINANCIAL NEWS, 2016 Providing investors

More information

INFINITY CORE ALTERNATIVE FUND PROSPECTUS

INFINITY CORE ALTERNATIVE FUND PROSPECTUS INFINITY CORE ALTERNATIVE FUND PROSPECTUS February 27, 2015 Infinity Core Alternative Fund (the Fund ) is a Maryland statutory trust registered under the Investment Company Act of 1940, as amended (the

More information

Portfolio update September 30, 2017

Portfolio update September 30, 2017 RREEF Property Trust Portfolio update September 30, 2017 RREEF Property Trust, Inc. ( RPT ) is a daily net asset value, non-listed real estate investment trust. RPT employs a diversified strategy that

More information

MVP REIT II, INC. $550,000,000 Maximum Offering

MVP REIT II, INC. $550,000,000 Maximum Offering MVP REIT II, INC. $550,000,000 Maximum Offering MVP REIT II, Inc. is a Maryland corporation that intends to invest in a portfolio of parking facilities located throughout the United States and Canada.

More information

Black Creek Industrial REIT IV Overview

Black Creek Industrial REIT IV Overview Black Creek Industrial REIT IV Overview A FOUNDATION OF THE GLOBAL LOGISTIC NETWORK This sales and advertising literature must be read in conjunction with the Black Creek Industrial REIT IV Inc. (BCI IV)

More information

Income Focused Real Estate Investing

Income Focused Real Estate Investing Black Creek Diversified Property Fund Income Focused Real Estate Investing FIRST QUARTER 2018 This information does not constitute an offer to sell nor a solicitation of an offer to buy securities sold

More information

Institutional Opportunities for Individual Investors

Institutional Opportunities for Individual Investors Institutional Opportunities for Individual Investors This is neither an offer to sell nor a solicitation of an offer to buy shares of KBS Real Estate Investment Trust III, Inc. ("KBS REIT III"); offering

More information

DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES

DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential

More information

Charbonneau Kennewick, WA. A Diversified Investment in Senior Housing

Charbonneau Kennewick, WA. A Diversified Investment in Senior Housing Charbonneau Kennewick, WA A Diversified Investment in Senior Housing Forward Looking Statements Investment Risks This sales material includes forward-looking statements that can be identified by the use

More information

STARWOOD REAL ESTATE INCOME TRUST, INC. (Exact name of Registrant as specified in Governing Instruments)

STARWOOD REAL ESTATE INCOME TRUST, INC. (Exact name of Registrant as specified in Governing Instruments) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD

More information

Fundrise Equity REIT, LLC (the Growth ereit )

Fundrise Equity REIT, LLC (the Growth ereit ) 253G2 1 tv476969_253g2.htm 253G2 Filed Pursuant to Rule 253(g)(2) File No. 024-10504 As filed with the Securities and Exchange Commission on October 20, 2017 OFFERING CIRCULAR Fundrise Equity REIT, LLC

More information

SUMMARY PROSPECTUS. May 1, 2018

SUMMARY PROSPECTUS. May 1, 2018 SUMMARY PROSPECTUS May 1, 2018 REMS REAL ESTATE INCOME 50/50 FUND INSTITUTIONAL SHARES (Ticker: RREIX) PLATFORM SHARES (Ticker: RREFX) Z SHARES (Ticker: RREZX) Before you invest, you may want to review

More information

Destinations INVESTOR GUIDE. Multi-asset class solutions to meet a range of investor needs. Dynamic portfolios constructed from mutual funds

Destinations INVESTOR GUIDE. Multi-asset class solutions to meet a range of investor needs. Dynamic portfolios constructed from mutual funds multi-asset class, dynamic portfolios are designed to deliver consistent returns over the long-term and help individuals stay invested. Risk-based portfolios INVESTOR GUIDE Income-focused portfolios CONSERVATIVE

More information

As filed with the Securities and Exchange Commission on September 13, 2017 OFFERING CIRCULAR. 1 st streit Office Inc.

As filed with the Securities and Exchange Commission on September 13, 2017 OFFERING CIRCULAR. 1 st streit Office Inc. As filed with the Securities and Exchange Commission on September 13, 2017 Filed Pursuant to Rule 253(g)(2) File No. 024-10716 OFFERING CIRCULAR 1 st streit Office Inc. Sponsored by Tryperion Partners,

More information

SUMMARY PROSPECTUS. May 1, 2018

SUMMARY PROSPECTUS. May 1, 2018 SUMMARY PROSPECTUS May 1, 2018 REMS INTERNATIONAL REAL ESTATE VALUE-OPPORTUNITY FUND INSTITUTIONAL SHARES (Ticker: REIFX) PLATFORM SHARES (Ticker: REIYX) Z SHARES (Ticker: REIZX).Before you invest, you

More information

CION Investment Corporation A Middle Market-Focused Business Development Company

CION Investment Corporation A Middle Market-Focused Business Development Company CION Investment Corporation A Middle Market-Focused Business Development Company This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made

More information

Q Performance Report

Q Performance Report Q1 2018 Performance Report Generated by: NASDAQ: TIPRX (A Shares) Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose

More information

NorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest

NorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest PROSPECTUS DATED MARCH 27, 2017 Shares (XNTFX) of Beneficial Interest Maximum Offering of 20,000,000 Common Shares NorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest NorthStar

More information

Exploring Complementary Investment Opportunities: Real Estate Investment Trusts

Exploring Complementary Investment Opportunities: Real Estate Investment Trusts Exploring Complementary Investment Opportunities: Real Estate Investment Trusts 1 Traditional Investments: Stocks Bonds Treasuries Annuities Common Alternative Investments: Real Estate Investment Trusts

More information

Blackstone Real Estate Income Trust, Inc.

Blackstone Real Estate Income Trust, Inc. 10-Q 1 d384961d10q.htm FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

More information

Wells Fargo & Company

Wells Fargo & Company AMENDED AND RESTATED PRICING SUPPLEMENT No. 420 dated April 21, 2014 (To Prospectus Supplement dated April 13, 2012 and Prospectus dated April 13, 2012) Wells Fargo & Company Medium-Term Notes, Series

More information

Maximum Offering of $2,300,000,000

Maximum Offering of $2,300,000,000 www.rreefpropertytrust.com Maximum Offering of $2,300,000,000 RREEF Property Trust, Inc. is a Maryland corporation formed to invest in a diversified portfolio of (i) high quality, income-producing commercial

More information

Annual Report. Buckeye Distribution Center Phoenix

Annual Report. Buckeye Distribution Center Phoenix Annual Report 2014 Buckeye Distribution Center Phoenix April 2015 Dear Stockholders: 2014 was another successful year of leasing, acquisition and development activity for Industrial Income Trust. Industrial

More information

See Types of Investments and Related Risks beginning on page 33 of this prospectus. (notes on following page)

See Types of Investments and Related Risks beginning on page 33 of this prospectus. (notes on following page) FS ENERGY TOTAL RETURN FUND Prospectus Class A: XFEAX; Class I: XFEYX; Class L: XFELX; Class M: XFEMX; and Class T: XFETX FS Energy Total Return Fund (the Fund ) is a Delaware statutory trust that is registered

More information

A LEADING ALTERNATIVE ASSET MANAGER

A LEADING ALTERNATIVE ASSET MANAGER A LEADING ALTERNATIVE ASSET MANAGER This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make

More information

Investors Diversified Realty, LLC ( IDR ) February 2015

Investors Diversified Realty, LLC ( IDR ) February 2015 Investors Diversified Realty, LLC ( IDR ) February 2015 Investors Diversified Realty, LLC ( IDR ) SEC Registered Investment Adviser exclusively focused on providing institutional investors a Multi-manager

More information

KOPERNIK GLOBAL ALL-CAP FUND Class A Shares: KGGAX Class I Shares: KGGIX

KOPERNIK GLOBAL ALL-CAP FUND Class A Shares: KGGAX Class I Shares: KGGIX The Advisors Inner Circle Fund II Prospectus dated March 1, 2019 KOPERNIK GLOBAL ALL-CAP FUND Class A Shares: KGGAX Class I Shares: KGGIX KOPERNIK INTERNATIONAL FUND Investor Class Shares: KGIRX (Formerly,

More information

An Active Manager s Take on REITs and Rising Rates

An Active Manager s Take on REITs and Rising Rates MANAGER INSIGHTS JULY 2018 PUBLIC SECURITIES GROUP i REAL ESTATE 3Q 2018 An Active Manager s Take on REITs and Rising Rates The rise of 10-Year U.S. Treasury yields from the lows of mid-2017 has left investors

More information

Cole Office & Industrial REIT (CCIT III), Inc.

Cole Office & Industrial REIT (CCIT III), Inc. PROSPECTUS Filed Pursuant to Rule 424(b)(3) Registration No. 333-209128 Cole Office & Industrial REIT (CCIT III), Inc. Maximum Offering of $3,500,000,000 in Shares of Common Stock Minimum Offering of $2,500,000

More information

PRICE TO PUBLIC (1) COMMISSIONS (2) PROCEEDS TO

PRICE TO PUBLIC (1) COMMISSIONS (2) PROCEEDS TO Co-sponsored by Colony NorthStar, Inc. and RXR Realty LLC $2,000,000,000 Maximum Offering NorthStar/RXR New York Metro Real Estate, Inc. is a Maryland corporation that intends to acquire a high-quality

More information

Total Income+ Real Estate Fund

Total Income+ Real Estate Fund PROSPECTUS Total Income+ Real Estate Fund Class A Shares (TIPRX) and Class C Shares (TIPPX) of Beneficial Interest $2,500 minimum purchase for regular accounts $1,000 minimum purchase for retirement accounts

More information

ANNUAL REPORT O Hare Distribution Center Chicago

ANNUAL REPORT O Hare Distribution Center Chicago ANNUAL REPORT 2014 O Hare Distribution Center Chicago April 2015 Dear Stockholders: We at Industrial Property Trust are excited about our 2014 achievements. We acquired our first industrial property in

More information

Domain Gateway Austin, TX. Not For Use In Ohio

Domain Gateway Austin, TX. Not For Use In Ohio Domain Gateway Austin, TX Not For Use In Ohio This is neither an offer to sell nor a solicitation of an offer to buy shares of KBS Real Estate Investment Trust III, Inc. ( KBS REIT III ); offering is only

More information

Morgan Stanley Maturity date: October 30, 2020 Underlying indices:

Morgan Stanley Maturity date: October 30, 2020 Underlying indices: October 2015 Preliminary Terms No. 597 Registration Statement No. 333-200365 Dated September 30, 2015 Filed pursuant to Rule 433 STRUCTURED INVESTMENTS Opportunities in U.S. Equities Trigger PLUS Based

More information

Personal Strategy Income Fund

Personal Strategy Income Fund SUMMARY PROSPECTUS PRSIX PPIPX Investor Class I Class October 1, 2017 T. Rowe Price Personal Strategy Income Fund A fund seeking primarily income through a diversified portfolio of stocks, bonds, and other

More information

STEADFAST APARTMENT REIT III, INC.

STEADFAST APARTMENT REIT III, INC. STEADFAST APARTMENT REIT III, INC. $1,300,000,000 Maximum Offering $2,000,000 Minimum Offering Steadfast Apartment REIT III, Inc. is a Maryland corporation formed on July 29, 2015 to own a diverse portfolio

More information

T. Rowe Price Global Allocation Fund

T. Rowe Price Global Allocation Fund T. Rowe Price Global Allocation Fund Supplement to Summary Prospectus and Prospectus Dated March 1, 2018 The fee table and hypothetical expenses table on pages 1 and 2 of the Prospectus and Summary Prospectus

More information

PROSPECTUS. 25,000,000 Shares of Beneficial Interest $2,500 minimum purchase May 1, 2017

PROSPECTUS. 25,000,000 Shares of Beneficial Interest $2,500 minimum purchase May 1, 2017 PROSPECTUS ShaRESPOST 100 FUnd 25,000,000 Shares of Beneficial Interest $2,500 minimum purchase May 1, 2017 SharesPost 100 Fund (the Fund, we, our or us ) is a Delaware statutory trust registered under

More information

IRONWOOD INSTITUTIONAL MULTI-STRATEGY FUND LLC. Limited Liability Company Interests

IRONWOOD INSTITUTIONAL MULTI-STRATEGY FUND LLC. Limited Liability Company Interests IRONWOOD INSTITUTIONAL MULTI-STRATEGY FUND LLC Limited Liability Company Interests Ironwood Institutional Multi-Strategy Fund LLC (the Fund ) is a Delaware limited liability company registered under the

More information

PROSPECTUS May 30, 2017

PROSPECTUS May 30, 2017 PROSPECTUS May 30, 2017 Epiphany FFV Fund Class A shares: EPVNX Class I shares: EPVCX Epiphany FFV Strategic Income Fund Class A shares: EPIAX Class I shares: EPICX This Prospectus provides important information

More information

VIVALDI OPPORTUNITIES FUND PROSPECTUS

VIVALDI OPPORTUNITIES FUND PROSPECTUS VIVALDI OPPORTUNITIES FUND PROSPECTUS September 14, 2017 The Vivaldi Opportunities Fund (the Fund ) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the Investment

More information

Callable Yield Notes Linked to the Lesser Performing of the S&P 500 Index and the Russell 2000 Index due March 3, 2017

Callable Yield Notes Linked to the Lesser Performing of the S&P 500 Index and the Russell 2000 Index due March 3, 2017 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities

More information

If the final share price of the worst performing underlying shares on the final valuation date is less than the applicable final barrier price,

If the final share price of the worst performing underlying shares on the final valuation date is less than the applicable final barrier price, The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission.

More information

SUMMARY PROSPECTUS. June 28, 2017

SUMMARY PROSPECTUS. June 28, 2017 SUMMARY PROSPECTUS June 28, 2017 REMS INTERNATIONAL REAL ESTATE VALUE-OPPORTUNITY FUND INSTITUTIONAL SHARES* (Ticker: REIFX) PLATFORM SHARES (Ticker: REIYX) Z SHARES (Ticker: REIZX) * Prior to June 28,

More information

Summary Prospectus. Investment Objective. Fees and Expenses of the Fund

Summary Prospectus. Investment Objective. Fees and Expenses of the Fund March 1, 2018 Summary Prospectus Calamos Phineus Long/Short Fund NASDAQ Symbol: CPLSX Class A CPCLX Class C CPLIX Class I CPLTX Class T Class T shares are not currently available for purchase. Before you

More information

Altegris/AACA Opportunistic Real Estate Fund

Altegris/AACA Opportunistic Real Estate Fund Altegris/AACA Opportunistic Real Estate Fund A: RAAAX C: RAACX I: RAAIX N: RAANX 1-877-772-5838 www.altegris.com Summary Prospectus May 1, 2018 Before you invest, you may want to review the Fund s prospectus,

More information

Maximum Offering of 250,000,000 Shares of Common Stock Minimum Offering of $1,000,000

Maximum Offering of 250,000,000 Shares of Common Stock Minimum Offering of $1,000,000 PROSPECTUS Maximum Offering of 250,000,000 Shares of Common Stock Minimum Offering of $1,000,000 We are a specialty finance company that invests primarily in the debt securities of private middle-market

More information

Third Avenue Funds Prospectus

Third Avenue Funds Prospectus Third Avenue Funds Prospectus March 1, 2018 Institutional Class Investor Class Z Class Third Avenue Value Fund TAVFX TVFVX TAVZX Third Avenue Small-Cap Value Fund TASCX TVSVX TASZX Third Avenue Real Estate

More information

A guide to investing in hedge funds

A guide to investing in hedge funds A guide to investing in hedge funds What you should know before you invest Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,

More information

MAXIMUM COMMISSIONS AND EXPENSES (2) PRICE TO PUBLIC (1)

MAXIMUM COMMISSIONS AND EXPENSES (2) PRICE TO PUBLIC (1) $2,000,000,000 Maximum Offering $2,000,000 Minimum Offering $2,000 Minimum Purchase Industrial Property Trust Inc. was formed in 2012 to make investments in income producing real estate assets consisting

More information

Rational Dividend Capture VA Fund (formerly, Catalyst Dividend Capture VA Fund)

Rational Dividend Capture VA Fund (formerly, Catalyst Dividend Capture VA Fund) Rational Dividend Capture VA Fund (formerly, Catalyst Dividend Capture VA Fund) Rational Insider Buying VA Fund (formerly, Catalyst Insider Buying VA Fund) PROSPECTUS MAY 1, 2017 This Prospectus provides

More information

A Guide To DEFINED FOCUSED DISCIPLINED

A Guide To DEFINED FOCUSED DISCIPLINED A Guide To F I R S T T R U S T U N I T I N V E S T M E N T T R U S T S DEFINED FOCUSED DISCIPLINED W H A T I S A U N I T I N V E S T M E N T T R U S T? U I T F E A T U R E S A unit investment trust or

More information

JPMorgan Insurance Trust Class 1 Shares

JPMorgan Insurance Trust Class 1 Shares Prospectus JPMorgan Insurance Trust Class 1 Shares May 1, 2017 JPMorgan Insurance Trust Core Bond Portfolio* * The Portfolio does not have an exchange ticker symbol. The Securities and Exchange Commission

More information

Rodin Global Property Trust, Inc.

Rodin Global Property Trust, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly

More information

STRUCTURED INVESTMENTS Opportunities in U.S. and International Equities

STRUCTURED INVESTMENTS Opportunities in U.S. and International Equities October 2014 Preliminary Pricing Supplement No. 1,645 Registration Statement No. 333-178081 Dated September 30, 2014 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. and International

More information

Triton Pacific Investment Corporation A Private Equity Business Development Company

Triton Pacific Investment Corporation A Private Equity Business Development Company Triton Pacific Investment Corporation A Private Equity Business Development Company Disclaimers and Risk Disclosure This is not an offer to sell nor a solicitation of an offer to buy the securities described

More information

CORNERCAP GROUP OF FUNDS CORNERCAP BALANCED FUND CORNERCAP SMALL-CAP VALUE FUND CORNERCAP LARGE/MID-CAP VALUE FUND

CORNERCAP GROUP OF FUNDS CORNERCAP BALANCED FUND CORNERCAP SMALL-CAP VALUE FUND CORNERCAP LARGE/MID-CAP VALUE FUND CORNERCAP GROUP OF FUNDS CORNERCAP BALANCED FUND CORNERCAP SMALL-CAP VALUE FUND CORNERCAP LARGE/MID-CAP VALUE FUND Supplement to the Statement of Additional Information Dated August 14, 2015 This Supplement

More information

NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS.

NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. PRICING SUPPLEMENT Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-208507 Dated January 27, 2017 Royal Bank of Canada Trigger Autocallable Contingent Yield Notes $3,556,500 Notes Linked

More information

January-----, 2017 Medium-Term Senior Notes, Series N

January-----, 2017 Medium-Term Senior Notes, Series N The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission.

More information

Credit Suisse AG ( Credit Suisse ), acting through its London branch

Credit Suisse AG ( Credit Suisse ), acting through its London branch The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting an offer

More information

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy REAL ESTATE DIVERSIFIED INCOME FUND A Professionally Managed, Diversified Interval Fund Strategy Resource Real Estate Diversified Income Fund Quarterly Performance Snapshot Resource Real Estate Diversified

More information

Important Information about Real Estate Investment Trusts (REITs)

Important Information about Real Estate Investment Trusts (REITs) Robert W. Baird & Co. Incorporated Important Information about Real Estate Investment Trusts (REITs) Baird has prepared this document to help you understand the characteristics and risks associated with

More information

July 28, Arizona ORCCII-BLUESKY

July 28, Arizona ORCCII-BLUESKY July 28, 2017 I. Shares of the common stock of Owl Rock Capital Corporation II, a Maryland corporation are eligible to be sold to the public by registered broker-dealers in the following jurisdictions:

More information

INDUSTRIAL INCOME TRUST INC. SUPPLEMENT NO. 1 DATED FEBRUARY 13, 2015 TO THE PROSPECTUS DATED MARCH 12, 2014

INDUSTRIAL INCOME TRUST INC. SUPPLEMENT NO. 1 DATED FEBRUARY 13, 2015 TO THE PROSPECTUS DATED MARCH 12, 2014 Filed pursuant to 424(b)(3) Registration No. 333-175340 INDUSTRIAL INCOME TRUST INC. SUPPLEMENT NO. 1 DATED FEBRUARY 13, 2015 TO THE PROSPECTUS DATED MARCH 12, 2014 This prospectus supplement (this Supplement

More information

Dana Family of Funds Dana Large Cap Equity Fund. Class N Shares DLCEX Class A Shares DLCAX Institutional Class Shares DLCIX

Dana Family of Funds Dana Large Cap Equity Fund. Class N Shares DLCEX Class A Shares DLCAX Institutional Class Shares DLCIX Dana Family of Funds Dana Large Cap Equity Fund Class N Shares DLCEX Class A Shares DLCAX Institutional Class Shares DLCIX PROSPECTUS February 28, 2015 Dana Investment Advisors, Inc. 15800 W. Bluemound

More information

MULTI-SELECT SECURITIES PUERTO RICO FUND

MULTI-SELECT SECURITIES PUERTO RICO FUND This Fund is offered exclusively to individuals whose principal residence is located within the Commonwealth of Puerto Rico and to persons, other than individuals, whose principal office and principal

More information

PROSPECTUS SUMMARY. The Fund

PROSPECTUS SUMMARY. The Fund The Total Income+ Real Estate Fund (the Fund ) is a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. The Securities and Exchange Commission

More information

Centaur Total Return Fund

Centaur Total Return Fund Centaur Total Return Fund Ticker Symbol TILDX Centaur Total Return Fund PROSPECTUS February 28, 2018 Investment Advisor Centaur Capital Partners, L.P. Southlake Town Square 1460 Main Street, Suite 234

More information

Certificates of Deposit Linked to the S&P 500 Index.

Certificates of Deposit Linked to the S&P 500 Index. Certificates of Deposit Linked to the S&P 500 Index Wells Fargo Bank, N.A. Terms Supplement dated September 20, 2013 to Disclosure Statement dated July 1, 2013 The certificates of deposit of Wells Fargo

More information

Wells Fargo & Company

Wells Fargo & Company PRICING SUPPLEMENT No. 284 dated February 15, 2013 (To Prospectus Supplement dated April 13, 2012 and Prospectus dated April 13, 2012) Wells Fargo & Company Medium-Term Notes, Series K Equity Linked Securities

More information

Trends in Retail and E-Commerce

Trends in Retail and E-Commerce Trends in Retail and E-Commerce INAV CCPT V This material must be read in conjunction with the prospectus in order to understand fully all of the implications and risks of the offering of securities to

More information

Alternative Investments

Alternative Investments Alternative Investments Tap into greater opportunity with U.S. Trust 03 Sophisticated solutions to help meet your needs. 04 Complete your financial strategy. 05 Ways to access alternative investments.

More information

Resource Credit Income Fund (the Fund )

Resource Credit Income Fund (the Fund ) Resource Credit Income Fund (the Fund ) Supplement No. 2 dated December 3, 2018 to the Prospectus dated February 1, 2018, as supplemented July 2, 2018 (the Prospectus ) Effec ve December 3, 2018: 1. In

More information

Myths & misconceptions

Myths & misconceptions ALTERNATIVE INVESTMENTS Myths & misconceptions Many investors mistakenly think of alternative investments as being only for ultra-high-net-worth individuals and institutions. However, due to a number of

More information

PROCEEDS TO COMPANY BEFORE PRICE TO

PROCEEDS TO COMPANY BEFORE PRICE TO $2,000,000,000 Maximum Offering $2,000,000 Minimum Offering $2,000 Minimum Purchase Industrial Property Trust Inc. was formed in 2012 to make investments in income producing real estate assets consisting

More information

Alternative Investments

Alternative Investments Alternative Investments Tap into greater opportunity with Merrill Lynch 03 More choice. More opportunity. 04 Enhance your financial strategy. 05 Ways to access alternative investments. 06 The Merrill Lynch

More information

PROSPECTUS Total Income+ Real Estate Fund

PROSPECTUS Total Income+ Real Estate Fund PROSPECTUS Total Income+ Real Estate Fund Class A Shares (TIPRX) of Beneficial Interest $2,500 minimum purchase for regular accounts $1,000 minimum purchase for retirement accounts The Total Income+ Real

More information

Wealth Management Perspectives

Wealth Management Perspectives Wealth Management Perspectives Covered Calls 1 Can Provide Downside Support CBOE S&P 500 Buy Write Index vs S&P 500 Dispersion of Returns Data as of June 1, 1989 to October 31, 2016 160 140 144 120 Count

More information

A Message from the President and Chair

A Message from the President and Chair A Message from the President and Chair Putnam Voyager Fund September 6, 2016 Dear Fellow Shareholder: We are sending this prospectus to you because you are a shareholder of Putnam Voyager Fund. The Board

More information

Lightstone Real Estate Income Trust Inc. Maximum Offering of 30,000,000 Common Shares Minimum Offering of 200,000 Common Shares

Lightstone Real Estate Income Trust Inc. Maximum Offering of 30,000,000 Common Shares Minimum Offering of 200,000 Common Shares Lightstone Real Estate Income Trust Inc. Maximum Offering of 30,000,000 Common Shares Minimum Offering of 200,000 Common Shares Lightstone Real Estate Income Trust Inc. is a newly organized Maryland corporation

More information

Reality Shares DIVS ETF DIVY (NYSE Arca, Inc.)

Reality Shares DIVS ETF DIVY (NYSE Arca, Inc.) Reality Shares DIVS ETF DIVY (NYSE Arca, Inc.) SUMMARY PROSPECTUS February 28, 2018 Before you invest in the Fund, as defined below, you may want to review the Fund s prospectus and statement of additional

More information

Table of Contents. Filed Pursuant to Rule 424(b)(3) Registration No PROSPECTUS

Table of Contents. Filed Pursuant to Rule 424(b)(3) Registration No PROSPECTUS Filed Pursuant to Rule 424(b)(3) Registration No. 333-215274 PROSPECTUS Cole Credit Property Trust V, Inc. Maximum Offering of $1,500,000,000 in Shares of Common Stock Cole Credit Property Trust V, Inc.

More information