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Blackstone REIT Fulfilled 88% of January Repurchase Requests

Blackstone Real Estate Income Trust Inc. – a publicly registered non-traded real estate investment trust sponsored by private equity giant The Blackstone Group (NYSE: BX) – reported that over the last 15 months of proration, it had returned $15.5 billion of liquidity in “a deliberate and thoughtful way,” and stockholders had been substantially redeemed in just over four months on average.

“Since inception seven years ago, BREIT has delivered an 11% annualized net return for investors, 2x publicly traded REITs, and outperformed non-traded REIT peers by ~600bps in 2023,” reported BREIT in a letter to stockholders.

In January 2024, BREIT received $1.3 billion in requests under the repurchase plan. This represents about an 18% increase from the previous month, December 2023. In accordance with their repurchase plan, BREIT is fulfilling approximately $1.1 billion, which is equal to 2% of NAV and represents 88% of the shares submitted for repurchase.

“We are pleased to report that BREIT fulfilled 88% of repurchase requests in January, which is the highest payout percentage since proration began and essentially clears all repurchase requests. Repurchase requests are down nearly 80% since the January 2023 peak, the trendline of repurchase activity has declined meaningfully over the last several months, and we believe the outlook is favorable,” reported BREIT.

The company cited the continued meaningful drop in inflation and interest rates, which, if sustained, “should be a long-term positive for real estate values.”


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