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 31, 2019.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.47. Last month, Class S shares had a monthly net asset value of approximately $11.46 each.
Class I shares, which have a net asset value per share of approximately $11.45, are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members. Last month, Class I shares had a net asset value per share of nearly $11.44.
Class D shares have a net asset value per share of approximately $11.30 each and 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. Last month, Class D shares had a NAV per share of approximately $11.29.
Class T shares have a per share NAV of approximately $11.26 and are available through brokerage and transaction-based accounts. Last month, Class T shares had a per share NAV of $11.26.
In other company news, a joint venture between Blackstone REIT and publicly traded REIT, MGM Growth Properties LLC (NYSE: MGP), recently disclosed plans to buy the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, Blackstone REIT will purchase $150 million in MGM Growth Properties Class A shares.
Blackstone Real Estate Income Trust is a perpetual life, monthly NAV REIT that invests in stabilized income-oriented commercial real estate in the United States and real estate-related securities. The company is headquartered in New York City and externally managed by BX REIT Advisors, a subsidiary of Blackstone.
Blackstone Real Estate Income Trust originally registered $5 billion in shares and accepted gross offering proceeds of $4.9 billion from January 1, 2017 to January 1, 2019. The company later registered a $12 billion follow-on offering, and as of January 8, 2020, had received $5.7 billion in investor proceeds.
As of November 30 2019, the REIT owned a $28.5 billion property portfolio and had positions in real estate-related securities and loans totaling $4.2 billion. The company currently invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.