Home News Blackstone REIT Increases Offering Size

Blackstone REIT Increases Offering Size

Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by affiliates of private equity giant The Blackstone Group Inc., has amended its charter to increase the number of Class S and Class I shares of common stock it is authorized to issue.

Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by affiliates of private equity giant The Blackstone Group Inc., has amended its charter to increase the number of Class S and Class I shares of common stock it is authorized to issue.

Prior to the amendment, the REIT could issue 2.1 billion shares, consisting of 2 billion in common stock (500 million each of Class T, Class S, Class D, and Class I, as well as 100 million of preferred stock).

After the amendment, the REIT could issue 3.1 billion shares, consisting of 3 billion in common stock (500 million each of Class T and Class D, 1 billion each of Class S and Class I, and 100 million of preferred stock).

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.

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