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 July 31, 2022.
Class S shares had an NAV per share of $15.00, compared to $14.98 the previous month. The total return for Class S shares in July 2022 was 0.4 percent (not annualized).
Class I shares had an NAV per share of $15.00, compared to $14.98 the previous month. The total return for Class I shares was 0.5 percent.
Class T shares had an NAV per share of $14.78, compared to $14.76 the previous month. The total return for Class T shares was 0.4 percent.
Class D shares had an NAV per share of $14.69, compared to $14.67 the previous month. The total return was 0.5 percent.
“We believe BREIT remains well positioned in the current environment, with 77 percent of its portfolio in the rental housing and industrial sectors. Fundamentals in these two sectors remain strong and are supported by secular growth tailwinds. Sharp increases in home prices and higher mortgage rates are fueling demand for rental housing, and e-commerce and the realignment of supply chains continues to drive demand for warehouses. BREIT’s portfolio also benefits from having shorter duration leases and lower exposure to input costs,” the company said in an SEC filing.
Earlier this month, the REIT purchased all outstanding shares of American Campus Communities, a publicly traded REIT and the largest owner, manager and developer of student housing communities in the United States, for approximately $13 billion.
Investments in real estate increased from $104.4 billion in June to $105.6 billion in July, while investments in real estate debt decreased slightly from $10.7 billion to $10.4 billion. Investments in unconsolidated entities increased from $9.8 billion in June to $10.2 billion in July.
Cash and cash equivalents increased from $2.3 billion to $3.5 billion, restricted cash hovered around $2.1 billion, and other assets decreased from $4.3 billion to $3.2 billion, month-over-month.
Mortgage notes, term loans and revolving credit facilities increased from ($52.2 billion) in June to ($53.5 billion) in July. Secured financings on investments in real estate debt decreased from ($5.4 billion) to ($5.2 billion).
Subscriptions received in advance remained relatively unchanged at ($1.0 billion), and other liabilities decreased slightly from ($3.8 billion) to ($3.7 billion). The company had 4.58 billion shares outstanding as of July 31, 2022, compared to nearly 4.57 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised approximately $60 billion in three public offerings as of June 2022. The currently offering has raised $6.6 billion, and as of July 31, 2022, its aggregate NAV was $68.6 billion.