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 February 28, 2022.
Class S shares have an NAV per share of approximately $14.64, compared to the previous month’s valuation of $14.53 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.64, compared to $14.53 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 $14.44, compared to $14.33 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 $14.35 each, compared to $14.25 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.
In February, Blackstone REIT announced its plan to purchase Preferred Apartment Communities (NYSE: APTS) for approximately $5.8 billion. The core portfolio includes 44 high-quality multifamily communities totaling approximately 12,000 units concentrated in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery-anchored retail assets comprising approximately 6 million square feet, located predominantly in Atlanta, Orlando, Nashville and Raleigh.
Investments in real estate increased from $84.7 billion in January to $85.3 billion in February, while investments in real estate debt increased slightly from $9.1 billion to $9.3 billion. Investments in unconsolidated entities increased from nearly $6.3 billion in January to $6.4 billion in February.
Cash and cash equivalents increased from $895.6 million to $1.5 billion, restricted cash remained flat at $2.6 billion, and other assets remained unchanged at $5.5 billion.
Mortgage notes, term loans and revolving credit facilities decreased from ($40.5 billion) in January to nearly ($40.2 billion) in February. Secured financings on investments in real estate debt decreased from ($4.7 billion) to ($4.5 billion).
Subscriptions received in advance decreased from ($1.9 billion) in January to ($1.8 billion), and other liabilities decreased from ($2.5 billion) to ($1.8 billion). The company had nearly 4.1 billion shares outstanding as of February 28, 2022, compared to nearly 3.9 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $48.5 billion in three public offerings as of January 2022. As of February 28, 2022, its aggregate NAV was $59.7 billion.