Blackstone Inc. — Director's Dealing 2014

Apr 3, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Real Estate Income Fund (N/A)
CIK: 0001588807
Period of Report: 2014-04-01

Reporting Person: Blackstone Real Estate Income Advisors L.L.C. (Invst Adviser & its affiliates)
Reporting Person: Blackstone Real Estate Special Situations Advisors L.L.C. (Invst Adviser & its affiliates)
Reporting Person: Blackstone Holdings I L.P. (Invst Adviser & its affiliates)
Reporting Person: Blackstone Holdings I/II GP Inc (Invst Adviser & its affiliates)
Reporting Person: Blackstone Group L.P. (Invst Adviser & its affiliates)
Reporting Person: Blackstone Group Management L.L.C. (Invst Adviser & its affiliates)
Reporting Person: SCHWARZMAN STEPHEN A (Invst Adviser & its affiliates)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-01	Common Shares of Beneficial Interest	P	12500	$1000	Acquired	12600	Direct

Footnotes

F1: Blackstone Real Estate Special Situations Advisors L.L.C. is the sole member of Blackstone Real Estate Income Advisors L.L.C. Blackstone Holdings I L.P. is the managing member of Blackstone Real Estate Special Situations Advisors L.L.C. Blackstone Holdings I/II GP Inc. is the general partner of Blackstone Holdings I L.P. The Blackstone Group L.P. is the controlling shareholder of Blackstone Holdings I/II GP Inc. Blackstone Group Management L.L.C. is the general partner of The Blackstone Group L.P. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

F2: In addition, each of Michael Nash and Joshua Mason may have shared investment control with respect to the Common Shares.

F3: Information with respect to each of the Reporting Persons is given solely by such Reporting Persons, and no Reporting Person has responsibility for the accuracy of completeness of information supplied by another Reporting Person.

F4: Each of the Reporting Persons (other than Blackstone Real Estate Income Advisors L.L.C. to the extent it directly holds securities reported herein), disclaims beneficial ownership of the securities held by Blackstone Real Estate Income Advisors L.L.C., except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than Blackstone Real Estate Income Advisors L.L.C. to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.