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 December 30, 2021.
Class S shares have an NAV per share of approximately $14.30, compared to the previous month’s valuation of $14.07 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.30, compared to $14.06 per share the previous month. Class I shares are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members.
Class T shares have a per share NAV of nearly $14.11, compared to $13.88 the previous month. Class T shares are available through brokerage and transaction-based accounts.
Class D shares have a net asset value per share of $14.03 each, compared to $13.80 the previous month. Class D shares 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.
Blackstone REIT indicated that the NAV increase was due to “broad-based increases” in asset values, particularly among its residential and industrial properties.
Investments in real estate increased from $65.5 billion in November to $83.5 billion in December, while investments in real estate debt increased from $8.5 billion to $9 billion. Investments in unconsolidated entities increased slightly $5.9 billion in November to $6.0 billion in December.
Cash and cash equivalents decreased from $2.6 billion to $989.7 million, restricted cash increased from $1.9 billion to $2.4 billion, and other assets decreased from $4.7 billion to $4.5 billion.
Mortgage notes, term loans and revolving credit facilities increased from ($31.1 billion) in November to ($41.7 billion) in December. Secured financings on investments in real estate debt increased from ($4.3 billion) to ($4.7 billion) month-over-month.
Subscriptions received in advance increased from ($1.5 billion) in November to nearly ($1.8 billion) in December, and other liabilities increased from ($1.3 billion) to ($1.9 billion). The company had close to 3.8 billion shares outstanding as of December 31, 2021, compared to nearly 3.4 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $40.6 billion in three public offerings as of October 2021. The REIT has raised $16.9 billion in the current offering, as of mid-January 2022. As of December 31, 2021, its aggregate NAV was $54.1 billion.