Home News Blackstone REIT Declares May 2021 Net Asset Value Per Share, Acquisition Update

Blackstone REIT Declares May 2021 Net Asset Value Per Share, Acquisition Update

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 May 31, 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 May 31, 2021.

Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $12.44. The previous month, Class S shares had a monthly NAV of approximately $12.13 each.

Class I shares, which have a net asset value per share of nearly $12.41, 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 $12.10.

Class T shares have a per share NAV of roughly $12.23 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.92.

Class D shares have a net asset value per share of nearly $12.24 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 $11.94.

The REIT noted that the price movement was driven by increases in the value of its industrial and multifamily properties. Shares were originally priced at $10.00 each.

“As the economic recovery continues to progress, we are encouraged by the strong performance of our real estate portfolio as a result of BREIT’s sector and market selection,” Blackstone REIT stated in a filing with the Securities and Exchange Commission. “In addition, we continue to identify differentiated opportunities to acquire high-quality, income-generating assets in growth markets and have deployed or committed $14 billion year-to-date.”

In May 2021, Blackstone REIT closed on the 361,000-square-foot Anthem Technology Center in Midtown Atlanta for $250 million. The property is 100 percent leased to Blue Cross Blue Shield Healthcare Plan of Georgia.

As reported by The DI Wire earlier this month, the REIT, along with other Blackstone-sponsored funds, agreed to purchase all of the outstanding shares of QTS Realty Trust (NYSE: QTS), a data center REIT, for approximately $10 billion, including the assumption of debt. The transaction is expected to close in the second half of the year.

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 ($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 April 30, 2021, the REIT owned a property portfolio valued at roughly $39.6 billion and had investments in real estate debt totaling nearly $5.4 billion. The REIT also had investments in unconsolidated entities totaling $1.3 billion. Cash and cash equivalents equaled $291 million, restricted cash totaled $1.6 billion, and other assets totaled nearly $1.6 billion. The REIT had ($19.6 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($899.6 million) in secured financings on investments in real estate debt. Subscriptions received in advance equaled ($1.5 billion), and other liabilities totaled ($776.2 million). The company had nearly 2.2 billion shares outstanding as of April 30, 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 $4.6 billion in the current offering, as of mid-June.

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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