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 March 31, 2022.
Class S shares have an NAV per share of approximately $14.82, compared to the previous month’s valuation of $14.64 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.82, compared to $14.64 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 $14.62, compared to $14.44 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 $14.53 each, compared to $14.35 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] continues to deliver strong returns amidst volatile equity and bond markets,” the company said in a filing with the Securities and Exchange Commission. “We believe [Blackstone REIT’s] portfolio is well positioned in the current environment of inflation and rising interest rates. The portfolio is oriented towards income-generating real estate concentrated in areas of high conviction with strong fundamentals.” The REIT’s portfolio is 80 percent weighted to the residential and industrial sectors.
Investments in real estate increased from $85.3 billion in February to $87.4 billion in March, while investments in real estate debt increased from $9.3 billion to $9.9 billion. Investments in unconsolidated entities increased from $6.4 billion in February to $7 billion in March.
Cash and cash equivalents increased from $1.5 billion to $3.8 billion, restricted cash increased from $2.6 billion to $2.8 billion, and other assets decreased from $5.5 billion to $5.3 billion.
Mortgage notes, term loans and revolving credit facilities decreased from nearly ($40.2 billion) in February to ($41.2 billion). Secured financings on investments in real estate debt increased from ($4.5 billion) to ($4.6 billion).
Subscriptions received in advance remained flat at around ($1.8 billion), and other liabilities increased from ($1.8 billion) to ($2.3 billion). The company had nearly 4.3 billion shares outstanding as of March 31, 2022, compared to nearly 4.1 billion the previous month.
In other recent news, Blackstone REIT, along with other Blackstone affiliates, agreed to purchase all outstanding shares of student housing REIT, American Campus Communities (NYSE: ACC), in an all-cash transaction valued at approximately $12.8 billion.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $51.5 billion in three public offerings as of February 2022. The currently offering has raised $1.9 billion, and as of March 31, 2022, its aggregate NAV was $63.3 billion.