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 November 30, 2020.
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 November 30, 2020.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.48. Last month, Class S shares had a monthly net asset value of approximately $11.36 each.
Class I shares, which have a net asset value per share of approximately $11.44, 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 $11.33.
Class T shares have a per share NAV of approximately $11.27 and are available through brokerage and transaction-based accounts. Last month, Class T shares had a per share NAV of $11.16.
Class D shares have a net asset value per share of nearly $11.31 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 $11.20.
Blackstone REIT noted that the NAV per share increase was driven by increases in the value of its industrial assets reflecting the continued acceleration of e-commerce demand. The REIT recently purchased a $358 million portfolio of industrial assets totaling 2.1 million square feet from Iron Mountain, a firm focused on storage and information management services.
“BREIT continues to maintain substantial liquidity ($3.6 billion as of December 15, 2020), modest leverage (45 percent loan-to-value as of November 30, 2020) and a robust pipeline of identified transactions ($4.2 billion as of November 30, 2020). In addition, we currently estimate that 97 percent to 100 percent of distributions for the year ended December 31, 2020 will be characterized as return of capital for federal income tax purposes,” the REIT stated in an SEC filing.
Investment bank Robert A. Stanger & Company recently reported that Blackstone REIT marked a major milestone in November with nearly $20.4 billion in cumulative fundraising, the most money ever raised by a single non-traded REIT.
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-December 2020, had received $9.6 billion in investor proceeds.
As of November 30, 2020, the REIT owned a property portfolio valued at $34.8 billion and had positions in real estate-related securities and loans totaling $4.7 billion. The company invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.
