Blackstone REIT Declares Monthly NAV Per Share, Reports $2.1 Billion Multifamily Acquisition
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 November 30, 2021.
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 November 30, 2021.
Class S shares have an NAV per share of approximately $14.07, compared to the previous month’s valuation of $13.91 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.06, compared to $13.90 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 $13.88, compared to $13.71 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 $13.80 each, compared to $13.65 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 the value of assets, particularly its residential and industrial properties. In addition, the REIT said that it continues to leverage its scale to invest in large, complex transactions where they believe there is less competition and better pricing.
The REIT reported that last week it purchased the Roman 2.0 Multifamily Portfolio, a portfolio of 20 newly built multifamily properties with 6,341 units, for $2.1 billion. “The portfolio consists of primarily suburban, garden-style properties concentrated in growth markets in the Western and Southern U.S., which have been benefitting from strong fundamentals and outsized population growth,” the company said in a filing with the Securities and Exchange Commission.
In November, the REIT purchased an industrial portfolio of 102 assets from Cabot Properties Inc. for $2.3 billion.
Investments in real estate increased from $61.1 billion in October to $65.5 billion in November, while investments in real estate debt increased from $7.7 billion to $8.5 billion. Investments in unconsolidated entities increased from $5 billion in October to $5.9 billion in November.
Cash and cash equivalents increased from $830.2 million to $2.6 billion, restricted cash decreased remained flat at $1.9 billion, and other assets increased from $4.6 billion to $4.7 billion.
Mortgage notes, term loans and revolving credit facilities increased from ($26.8 billion) in October to ($31.1 billion) in November. Secured financings on investments in real estate debt increased from nearly ($3.2 billion) to ($4.3 billion) month-over-month.
Subscriptions received in advance decreased from ($1.6 billion) in October to ($1.5 billion) in November, and other liabilities decreased from ($1.9 billion) to ($1.3 billion). The company had close to 3.4 billion shares outstanding as of November 30, 2021, compared to nearly 3.3 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 $15.1 billion in the current offering, as of mid-December. As of November 30, 2021, its aggregate NAV was $48.4 billion.
