Home News Blackstone REIT Declares June 2021 Net Asset Value Per Share

Blackstone REIT Declares June 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 its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of June 30, 2021.

Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of June 30, 2021.

Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $12.63. The previous month, Class S shares had a monthly NAV of approximately $12.44 each.

Class I shares, which have a net asset value per share of nearly $12.61, 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 $12.41.

Class T shares have a per share NAV of roughly $12.43 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $12.23.

Class D shares have a net asset value per share of nearly $12.43 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 $12.24.

Blackstone REIT indicated that the share price increase was primarily attributable to increases in the value of its industrial and multifamily properties.

“We continue to identify differentiated opportunities to acquire high-quality, income-generating assets in growth markets and have invested or committed $30 billion year-to-date,” the company said in a filing with the Securities and Exchange Commission.

Last month, Blackstone REIT signed an agreement to purchase Home Partners of America, one of the largest owners of single‐family rental homes, in a deal valued at $6 billion.

More recently, the company announced an agreement to buy American International Group’s interests in a U.S. affordable housing portfolio for $5.1 billion, plus the assumption of debt.

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 2.3 billion shares outstanding as of May 31, 2021.

As of May 31, 2021, Blackstone REIT owned a property portfolio valued at roughly $41.2 billion and had investments in real estate debt totaling nearly $5.6 billion. The REIT also had investments in unconsolidated entities totaling $1.3 billion. Cash and cash equivalents equaled $686.9 million, restricted cash totaled $1.8 billion, and other assets totaled $1.7 billion. The REIT had ($16.7 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($514.5 million) in secured financings on investments in real estate debt. Subscriptions received in advance equaled nearly ($2.1 billion), and other liabilities totaled close to ($1.1 billion). The company had 2.5 billion shares outstanding as of May 31, 2021.

Blackstone Real Estate Income Trust launched in August 2016 and has raised $26.6 billion in three public offerings as of April 2021. The REIT raised $6.2 billion in the current offering, as of mid-July.

The company’s investment strategy is to purchase primarily stabilized, income-generating commercial real estate in the United States, and to a lesser extent, invest in real estate debt and other securities.

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