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 April 30, 2022.
Class S shares have an NAV per share of approximately $14.96, compared to the previous month’s valuation of $14.82 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.97, compared to $14.82 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 $14.75, compared to $14.62 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 $14.66 each, compared to $14.53 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.
“We believe [Blackstone] REIT’s portfolio is well positioned in the current environment of inflation and rising interest rates. The portfolio is oriented towards income-generating real estate concentrated in areas of high conviction with strong fundamentals,” the company said in a filing with the Securities and Exchange Commission. “[The] REIT is 79 percent weighted to residential and industrial, sectors we believe present favorable supply/demand dynamics.”
The REIT noted that rising replacement costs are further constraining new supply and may support “increased pricing power for existing assets.” Replacement costs for industrial and residential assets have increased 126 percent and 27 percent, respectively since 2019., the company added.
Investments in real estate increased from $87.4 billion in March to $89.8 billion in April, while investments in real estate debt decreased from $9.9 billion to $9.6 billion. Investments in unconsolidated entities increased from $7 billion in March to $8.5 billion in April.
Cash and cash equivalents increased from $3.8 billion to nearly $4 billion, restricted cash decreased from $2.8 billion to $2.5 billion, and other assets decreased from $5.3 billion to $5 billion.
Mortgage notes, term loans and revolving credit facilities increased from ($41.2 billion) in March to ($41.6 billion). Secured financings on investments in real estate debt increased from roughly ($4.6 billion) to ($4.7 billion).
Subscriptions received in advance decreased from ($1.8 billion) to ($1.5 billion), and other liabilities increased from ($2.3 billion) to ($2.8 billion). The company had nearly 4.4 billion shares outstanding as of April 30, 2022, compared to nearly 4.3 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $53.9 billion in three public offerings as of March 2022. The currently offering has raised $3.4 billion, and as of April 30, 2022, its aggregate NAV was $66.3 billion.