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 Class S, Class I, Class D and Class T shares of common stock, as of March 31, 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 March 31, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.93. The previous month, Class S shares had a monthly NAV of approximately $11.82 each.
Class I shares, which have a net asset value per share of nearly $11.90, 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 $11.79.
Class T shares have a per share NAV of roughly $11.72 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.62.
Class D shares have a net asset value per share of nearly $11.75 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 $11.64.
The REIT noted that the price movement was driven by increases in the value of its multifamily and net lease properties. Shares were originally priced at $10.00 each.
“Though we continue to expect the path to a full economic recovery will be uneven and vary by sector, we are encouraged by the accelerating distribution of the COVID-19 vaccine and increasing demand in the hospitality sector as the economy re-opens,” the REIT stated in a filing with the Securities and Exchange Commission. “We believe our real estate portfolio will continue to be well-positioned in a recovering economy as a result of [Blackstone REIT’s] thoughtful sector and geographic selection.”
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 31, 2021, the REIT had received total net proceeds of $24.2 billion from selling shares through both the offering and in unregistered sales.
As of March 31, 2021, the REIT owned a property portfolio valued at roughly $38.6 billion and had investments in real estate debt totaling nearly $4.9 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.
