Blackstone REIT Reports 9 Percent NOI Increase

Blackstone Real Estate Income Trust Inc., a non-traded real estate investment trust sponsored by Blackstone Group, announced preliminary first quarter net operating income results.

Based upon preliminary estimated financial results, BREIT expects same property NOI for the quarter ended March 31, 2023 to have increased approximately 9% from the same period in the prior year, based on the midpoint of the preliminary estimated range of same property NOI.

NOI is a supplemental non-generally accepted accounting principles measure of the BREIT’s property operating results that the company believes is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity and other controllable property operating results at the company’s real estate.

Currently, Blackstone REIT says the review of the company’s financial statements for the quarter ended March 31, 2023, has not been completed.

The company previously limited redemption requests after, for the first time in its six-year history, failing to fulfill all investor repurchase requests made in November 2022. It has continued to limit monthly redemption requests to 2% of NAV monthly and 5% quarterly, resulting is significant rejections of stockholder redemption requests.

Most recently, the $70 billion non-traded REIT announced the company received repurchase requests of $4.5 billion in March and fulfilled approximately $666 million, just 15% of the shares submitted for repurchase.

The company also updated its monthly NAV per share as Feb. 28, 2023.

Click here to visit The DI Wire directory page.