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 June 30, 2020.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $10.74. Last month, Class S shares had a monthly net asset value of approximately $10.58 each.
Class I shares, which have a net asset value per share of approximately $10.71, 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 $10.55.
Class D shares have a net asset value per share of nearly $10.61 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 $10.44.
Class T shares have a per share NAV of approximately $10.56 and are available through brokerage and transaction-based accounts. Last month, Class T shares had a per share NAV of $10.40.
The pre-pandemic NAVs per share for February 2020 were $11.44 per Class S share, $11.42 per Class I share, $11.27 per Class D share, and $11.23 per Class T share.
In a filing with the Securities and Exchange Commission, Blackstone REIT said that the increase in the valuation of its shares was driven by increases in the valuation of its industrial, multifamily and hospitality properties, mark-to-market increases in its real estate debt portfolio, and an execution of a binding agreement to opportunistically sell a select-service hotel at a significant mark up to its cost basis and prior carrying value.
In addition, rent collections for its multifamily, industrial, net lease, retail, and office properties in June were 2.3 percent below a typical month. The company noted that it continues to maintain substantial liquidity ($3.8 billion as of July 15, 2020) and modest leverage (49 percent loan-to-value as of June 30, 2020).
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 June 15, 2020, had received $7.9 billion in investor proceeds.
As of June 30, 2020, the REIT owned a property portfolio valued at $31.9 billion and had positions in real estate-related securities and loans totaling nearly $4.7 billion. The company currently invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.