Blackstone REIT Declares July 2021 Net Asset Value Per Share
Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated the monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of July 31, 2021.
Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated the monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of July 31, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $12.92. The previous month, Class S shares had a monthly NAV of approximately $12.63 each.
Class I shares, which have a net asset value per share of nearly $12.90, are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members. The previous month, Class I shares had a NAV per share of nearly $12.61.
Class T shares have a per share NAV of roughly $12.72 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $12.43.
Class D shares have a net asset value per share of nearly $12.71 each and are sold through fee-based programs known as wrap accounts, and through participating broker-dealers, certain registered investment advisers, and through bank trust departments or other organizations. The previous month, Class D shares had a NAV per share of approximately $12.43.
Blackstone REIT indicated that the NAV per share increase reflects increases in the value of assets across its portfolio, particularly among its industrial and residential properties.
As of July 31, 2021, Blackstone REIT owned a property portfolio valued at roughly $49.7 billion and had investments in real estate debt totaling $6.4 billion. The REIT also had investments in unconsolidated entities totaling nearly $2.2 billion. Cash and cash equivalents equaled $552 million, restricted cash totaled $2.2 billion, and other assets totaled $3.7 billion. The REIT had ($24.4 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($1.1 billion) in secured financings on investments in real estate debt. Subscriptions received in advance equaled ($1.9 billion), and other liabilities totaled ($1.3 billion). The company had 2.7 billion shares outstanding as of July 31, 2021.
As of June 30, 2021, Blackstone REIT owned a property portfolio valued at roughly $42.5 billion and had investments in real estate debt totaling $5.7 billion. The REIT also had investments in unconsolidated entities totaling nearly $1.4 billion. Cash and cash equivalents equaled $1.7 billion, restricted cash totaled $2.2 billion, and other assets totaled $2.2 billion. The REIT had ($19.7 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($350.6 million) in secured financings on investments in real estate debt. Subscriptions received in advance equaled ($1.6 billion), and other liabilities totaled ($760.2 million). The company had 2.5 billion shares outstanding as of June 30, 2021.
In other recent news, Blackstone REIT announced an agreement to purchase WPT Industrial Real Estate Investment Trust (TSX: WIR.U), a Canadian REIT that invests in distribution and logistics properties throughout the United States.
The REIT will acquire all of the outstanding units of WPT through a series of transactions for $22.00 per unit in an all-cash transaction valued at $3.1 billion including the assumption of debt. The transaction is expected to close in the fourth quarter of 2021.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $31.2 billion in three public offerings as of June 2021. The REIT raised $7.7 billion in the current offering, as of mid-August. As of July 31, 2021, the REIT’s aggregate NAV was $35 billion.
