Exceptionally High Standards for the Benefit of Our Residents

~$14B

invested to create and improve our residential properties globally since 2014

6,900+

residential portfolio company employees globally

100M+

global pensioners who benefit from our investment results

Focusing on Resident Experience

~3X

increase in StuyTown’s Net Promoter Score since our investment

~20%

increase in reported resident satisfaction rates across our US multifamily investments compared to the prior ownership¹

39K+

repairs completed at our San Diego housing portfolio since acquisition in August 2021²

Case Study: Improving Communities in San Diego

We are leaders in protecting tenants, preserving affordability and improving properties.

We aim to be leaders in protecting residents, and during the pandemic, Blackstone recognized that many were experiencing extreme hardship. We believe we are the only major landlord in the US that did not evict a single resident for non-payment during 2+ years of the pandemic. Prior to the pandemic, we had an eviction rate in the US that was less than half the historical national average.³

We are a large owner of affordable housing in the US. In our US Low-Income Housing Tax Credit (LIHTC) portfolio, we intend to extend affordability beyond when government programs expire, ensuring thousands of homes across the country remain affordable.

Blackstone aims to be part of the solution to the imbalance between supply and demand for housing. We add to the supply of high-quality, professionally managed rental housing with single-family, multifamily and student housing, and are working to develop new housing stock in the communities where people want to live.

In the News

January 8, 2024

April Housing and Dominium Team on Colorado Development

April 13, 2023

Blackstone Provides $31M for Phoenix Seniors Affordable Housing Development

November 14, 2022

Blackstone Backed For-profit Tops List on New Affordable Home Delivery

October 24, 2022

Blackstone Partners With Dominium on Phoenix Affordable Housing Development

January 31, 2022

Blackstone to Spend $1 Billion Offering Tenants Reduced Rents through new Home Partners of America Program

September 7, 2022

Affordable Housing Finance: April Housing Takes Key Steps in its First Months

May 14, 2022

Martin Luther King III: Keep building affordable housing to bring American Dream closer for all

February 23, 2022

Bloomberg: Blackstone Forms New Company for Push into Affordable Apartments

March 11, 2021

Inside Housing: For-profit Sage Raises £280M through First ESG Bond

Unlocking Pathways to Homeownership

Home Partners provides residents with a path to homeownership by buying homes of their choosing and leasing the homes back to them with transparency and optionality during a multi-year purchase period. Home Partners’ residents have a median FICO score of 650 compared to 770 for the median US homebuyer.^*

In 2022, HPA launched the Choice Lease Program offering below market rents and paths to homeownership for many who would otherwise not be able to access the housing market.

$1B

Choice Lease Program to help address housing affordability challenges for low-to-moderate income residents

~10%

below market rental rates for the Choice Lease Program

253%+

increase in staffing dedicated to serving residents**

$560M

invested to improve home quality for the benefit of our residents**

*As of February 2024. Note: current residents’ FICO scores reflect 82% of current residents as HPA switched to TransUnion’s ResidentScore beginning September 15, 2023.

**Since Blackstone’s acquisition.

Protecting and Creating Affordable Housing

STUYTOWN

We have completely transformed StuyTown by preserving 5,000 units as affordable housing and investing $425M+ in improvements across the property.

9,600

solar panels added, the largest private multifamily rooftop solar project in the US at the time of installation

65%

reduction in average work order completion time since 2015

APRIL HOUSING

April Housing provides affordable housing solutions to create great resident experiences. Additionally, a key pillar of April’s mission is to preserve the affordability of their existing portfolio.

80%+

of units serve residents who earn less than 60% of area median income

$500M+

committed to improving and maintaining asset quality

4,100+

number of affordable housing units in Texas, Ohio, and Nebraska that April Housing is on track to renovate in the first year of its tax credit resyndication program

$116M+

invested to develop nearly 800 new affordable housing units in Denver and Phoenix in partnership with Dominium

Improving Workforce Housing in San Diego

We have placed an extraordinary focus on property management and the resident experience for working families in apartments across San Diego.

In accordance with California’s rent stabilization law, AB 1482, we provide residents with transparency around rent increases.

39K+

repairs completed since acquisition in August 2021²

$100M+

invested in property improvements*

+20%

increase in full-time property staff*

+30%

increase in resident satisfaction**

*Since Blackstone’s acquisition.

**Since Blackstone’s acquisition. Based on Google Reviews at San Diego properties and calculated using a weighted average by unit count through Dec. 31, 2023.

Investing in Student Housing

In 2022, we made a $12.8 billion strategic acquisition of American Campus Communities, the largest U.S. student housing owner/operator.

145 properties

$281M

invested to contribute to new, high-quality student housing supply*

0.16 mi

average distance to campus**

*Includes projects completed, pending and currently under construction since Blackstone’s acquisition.

**Represents average distance for off-campus assets weighted by number of beds.

Portfolio Spotlights

April Housing

April Housing is a leading provider of solutions and capital for the creation and preservation of high-quality affordable housing throughout the United States.

LEARN MORE

Choice Lease by Home Partners

The Choice Lease program intends to deploy at least $1 billion to offer low-to-moderate-income families and historically under-represented communities rental rates that are ~10% below market and a customized path to home ownership.

Learn More

Sage Homes

Created in 2017 by Blackstone and Regis, Sage Homes is the largest provider of newly built affordable homes in England and has been for three years running—in 2021, 2022 and 2023—contributing to much needed supply. Blackstone has committed over £3.7 billion to enable Sage to deliver more than 14,500 new affordable homes, with another 8,000 in the pipeline to be delivered by 2030.

LEARN MORE

StuyTown

At StuyTown in New York City, we voluntarily preserved 5,000 units as affordable housing while investing more than $425M into the property.

LEARN MORE

The NEC Group

The NEC Group is a leading UK live events business with over 45 years of world-class expertise in venue and destination management. Working with Blackstone, the NEC group is set to provide 5,000 homes, transforming over 27 hectares of surface level car parking and surplus land.

LEARN MORE

American Campus Communities

Blackstone Core+ perpetual capital vehicles acquired American Campus Communities, the largest owner of student housing in the United States.

LEARN MORE

Resources

Our Approach to Rental Housing	PDF
Blackstone Rental Housing in Context	WEBPAGE
Blackstone Housing Principles	PDF

Note: All figures as of December 31, 2023, unless otherwise noted.

Based on Google Reviews at LivCor properties and calculated using a weighted average of reviews through January 31, 2024; includes properties with at least 5 Google Reviews before and after acquisition.
As of February 29, 2024.
Blackstone US eviction rate as of 2019 compared to historical national average as of 2016.

While Blackstone believes ESG factors can enhance long-term value, Blackstone does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their offering documents or other applicable governing documents. Any such considerations do not qualify Blackstone’s objectives to maximize risk-adjusted returns.

Exceptionally High Standards for the Benefit of Our Residents

~$14B

6,900+

100M+

Focusing on Resident Experience

~3X

increase in StuyTown’s Net Promoter Score since our investment

~20%

increase in reported resident satisfaction rates across our US multifamily investments compared to the prior ownership1

39K+

repairs completed at our San Diego housing portfolio since acquisition in August 20212

Case Study: Improving Communities in San Diego

We are leaders in protecting tenants, preserving affordability and improving properties.

Zero Evictions for Non-Payment Across US Housing Portfolio for 2+ Years

Preserving Affordable Housing

Adding to the Supply of Housing

In the News

January 8, 2024

April Housing and Dominium Team on Colorado Development

April 13, 2023

Blackstone Provides $31M for Phoenix Seniors Affordable Housing Development

November 14, 2022

Blackstone Backed For-profit Tops List on New Affordable Home Delivery

Load More News

Blackstone Partners With Dominium on Phoenix Affordable Housing Development

Blackstone to Spend $1 Billion Offering Tenants Reduced Rents through new Home Partners of America Program

Affordable Housing Finance: April Housing Takes Key Steps in its First Months

Martin Luther King III: Keep building affordable housing to bring American Dream closer for all

Bloomberg: Blackstone Forms New Company for Push into Affordable Apartments

Inside Housing: For-profit Sage Raises £280M through First ESG Bond

Principles in Action

Unlocking Pathways to Homeownership

$1B

Choice Lease Program to help address housing affordability challenges for low-to-moderate income residents

~10%

below market rental rates for the Choice Lease Program

253%+

increase in staffing dedicated to serving residents**

$560M

invested to improve home quality for the benefit of our residents**

Protecting and Creating Affordable Housing

STUYTOWN

9,600

solar panels added, the largest private multifamily rooftop solar project in the US at the time of installation

65%

reduction in average work order completion time since 2015

APRIL HOUSING

80%+

of units serve residents who earn less than 60% of area median income

$500M+

committed to improving and maintaining asset quality

4,100+

number of affordable housing units in Texas, Ohio, and Nebraska that April Housing is on track to renovate in the first year of its tax credit resyndication program

$116M+

invested to develop nearly 800 new affordable housing units in Denver and Phoenix in partnership with Dominium

Improving Workforce Housing in San Diego

39K+

repairs completed since acquisition in August 20212

$100M+

invested in property improvements*

+20%

increase in full-time property staff*

+30%

increase in resident satisfaction**

Investing in Student Housing

145

properties

$281M

invested to contribute to new, high-quality student housing supply*

0.16 mi

average distance to campus**

Portfolio Spotlights

April Housing

Choice Lease by Home Partners

Sage Homes

StuyTown

The NEC Group

American Campus Communities

Resources

“Beautiful place to grow up. I am very thankful we are given the opportunity [to have] a place to be safe – somewhere we can be at home and listened to.”

increase in reported resident satisfaction rates across our US multifamily investments compared to the prior ownership¹

repairs completed at our San Diego housing portfolio since acquisition in August 2021²

repairs completed since acquisition in August 2021²