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 September 30, 2021.
Class S shares have an NAV per share of approximately $13.51, compared to the previous month’s valuation of $13.22 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $13.50, compared to $13.20 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 $13.32, compared to $13.02 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 $13.26 each, compared to $12.99 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 price movement reflects “broad-based increases” in the value of assets across its portfolio, particularly its residential, industrial and residential properties.
“We continue to identify differentiated opportunities to acquire high-quality, income-generating assets in growth markets,” the company said in a filing with the Securities and Exchange Commission.
Blackstone REIT indicated that on September 24, 2021, it agreed to purchase an industrial portfolio from Cabot Properties Inc. for $2.3 billion, consisting of 102 assets located in “established industrial markets” throughout the U.S.
The REIT recently registered its third follow-on offering comprised of $24 billion in Class T, Class S, Class D and Class I shares of common stock and $6 billion in distribution reinvestment plan shares.
Investments in real estate increased from $53.4 billion in August to $55.8 billion in September, while investments in real estate debt increased from $6.6 billion to $6.9 billion. Investments in unconsolidated entities increased from $4.3 billion in August to $4.5 billion in September. Cash and cash equivalents increased from $685 million in August to $1.6 billion, restricted cash decreased from $2.3 billion to nearly $2.1 billion, and other assets increased from $3.7 billion to nearly $4.1 billion.
Mortgage notes, term loans and revolving credit facilities increased from ($24.8 billion) in August to ($25.1 billion) in September. Secured financings on investments in real estate debt decreased from nearly ($3 billion) to ($2.8 billion) month-over-month.
Subscriptions received in advance decreased from ($1.9 billion) August to ($1.7 billion) in September, and other liabilities increased from ($1.1 billion) to ($1.3 billion). The company had 3.1 billion shares outstanding as of September 30, 2021, compared to 2.9 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $35.6 billion in three public offerings as of August 2021. The REIT has raised $10.9 billion in the current offering, as of mid-October. As of September 30, 2021, the REIT’s aggregate NAV was $41.9 billion.