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 August 31, 2021.
Class S shares have an NAV per share of approximately $13.22, compared to the previous month’s valuation of $12.92 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $13.20, compared to $12.90 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 $13.02, compared to $12.72 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 $12.99 each, compared to $12.71 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 industrial and residential properties.
Investments in real estate increased from $49.7 billion in July to $53.4 billion in August, while investments in real estate debt increased from $6.4 billion to $6.6 billion. Investments in unconsolidated entities increased from nearly $2.2 billion in July to $4.3 billion in August. Cash and cash equivalents increased from $552 million in July to $685 million in August, restricted cash increased from $2.2 billion to nearly $2.3 billion, and other assets remained flat at $3.7 billion.
Mortgage notes, term loans and revolving credit facilities increased slightly from ($24.4 billion) in July to ($24.8 billion) in August. Secured financings on investments in real estate debt increased from ($1.1 billion) to nearly ($3 billion) month-over-month.
Subscriptions received in advance equaled ($1.9 billion) for both July and August, and other liabilities decreased from ($1.3 billion) to ($1.1 billion). The company had 2.9 billion shares outstanding as of August 31, 2021, compared to 2.7 billion the previous month.
In other recent news, Blackstone REIT, along with its affiliates Blackstone Infrastructure Partners and Blackstone Property Partners, purchased QTS Realty Trust, a data center REIT that owns more than 7 million square feet of space within North America and Europe. The Blackstone funds paid $78.00 per share in the all-cash transaction valued at approximately $10 billion, including the assumption of debt, of which Blackstone REIT’s share was approximately $3.2 billion.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $33.5 billion in three public offerings as of July 2021. The REIT has raised $9.4 billion in the current offering, as of mid-September. As of August 31, 2021, the REIT’s aggregate NAV was $38.3 billion.