Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of January 31, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.70. the previous month, Class S shares had a monthly NAV of approximately $11.59 each.
Class I shares, which have a net asset value per share of nearly $11.67, are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members. The previous month, Class I shares had a NAV per share of nearly $11.56.
Class T shares have a per share NAV of roughly $11.49 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.39.
Class D shares have a net asset value per share of nearly $11.53 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 $11.42.
Blackstone REIT indicated that the NAV per share increase was driven by increases in the value of its multifamily, industrial and net lease properties, as well as mark-to-market increases in its real estate debt portfolio. The company noted that 88 percent of its real estate portfolio is concentrated in multifamily, industrial and net lease.
In January, Blackstone REIT purchased a 60 percent stake in two industrial portfolios owned by LBA Logistics comprising $1.6 billion of gross value.
In addition, 100 percent of distributions for 2020 were characterized as return of capital for federal income tax purposes.
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 mid-January 2021, had received $10.2 billion in investor proceeds. The REIT’s second follow-on offering, for $24 billion in shares of common stock, was declared effective by the SEC last week.
As of January 31, 2021, the REIT owned a property portfolio valued at roughly $38 billion and had positions in real estate-related securities and loans totaling $4.6 billion. The company invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.