Blackstone REIT Declares Monthly Net Asset Value Per Share
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 shares of common stock, as of February 28, 2021.
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 February 28, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.82. The previous month, Class S shares had a monthly NAV of approximately $11.70 each.
Class I shares, which have a net asset value per share of nearly $11.79, 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 $11.67.
Class T shares have a per share NAV of roughly $11.62 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.49.
Class D shares have a net asset value per share of nearly $11.64 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. The previous month, Class D shares had a NAV per share of approximately $11.53.
Shares were originally priced at $10.00 each.
In a filing with the Securities and Exchange Commission, the company reported that the price movement was driven by increases in the value of its multifamily, industrial and net lease properties, of which 88 percent of REIT’s real estate portfolio is concentrated.
In February, Blackstone REIT purchased a fully leased $151 million portfolio of last-mile industrial assets totaling 1.1 million square feet in Chicago, further orienting its real estate portfolio toward the industrial sector.
Blackstone Real Estate Income Trust registered two offerings for a total of up to $17 billion in shares of common stock and accepted gross offering proceeds of $16.3 billion during the period January 1, 2017 to February 1, 2021. The REIT subsequently registered a follow-on offering of up to $24 billion in shares of common stock that was declared effective by the SEC in February 2021. As of March 17, 2021, the REIT raised $24.1 billion in investor equity.
As of February 28, 2021, the REIT owned a property portfolio valued at roughly $38.4 billion and had investments in real estate debt totaling nearly $4.8 billion. The company’s investment strategy is to purchase primarily stabilized, income-generating commercial real estate in the United States, and to a lesser extent, invest in real estate debt and other securities.
