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 September 30, 2019.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $11.41. Last month, Class S shares had a monthly net asset value of approximately $11.33 each.
Class I shares, which have a net asset value per share of approximately $11.38, 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 $11.30.
Class D shares have a net asset value per share of approximately $11.24 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 $11.17.
Class T shares have a per share NAV of approximately $11.20 and are available through brokerage and transaction-based accounts. Last month, Class T shares had a per share NAV of $11.12.
In other news, Blackstone REIT recently formed a joint venture with MGM Resorts International (NYSE: MGM) to buy The Bellagio Las Vegas for $4.25 billion in a sale-leaseback transaction.
Blackstone Real Estate Income Trust is a perpetual life, monthly NAV REIT that invests in stabilized income-oriented commercial real estate in the United States and real estate-related securities. The company is headquartered in New York City and externally managed by BX REIT Advisors, a subsidiary of Blackstone.
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 $12.0 billion follow-on offering. As of June 30, 2019, the company had received net proceeds of $6.8 billion from selling shares in both offerings.
As of the second quarter of 2019, the REIT owned 652 properties purchased for $14.3 billion and had 163 positions in real estate-related securities and loans totaling $3.5 billion. The company currently invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.