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 May 31, 2022.
Class S shares have an NAV per share of approximately $14.98, compared to the previous month’s valuation of $14.96 per share. Class S are purchased through brokerage and transaction-based accounts.
Class I shares have a net asset value per share of nearly $14.98, compared to $14.97 per share the previous month. Class I shares are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members.
Class T shares have a per share NAV of nearly $14.76, compared to $14.75 the previous month. Class T shares are available through brokerage and transaction-based accounts.
Class D shares have a net asset value per share of $14.67 each, compared to $14.66 the previous month. Class D shares 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.
“[Blackstone REIT’s] portfolio is 77 percent concentrated in residential and industrial, the best performing sectors in recent years supported by exceptional fundamentals and secular growth tailwinds, and has generated outsized cash flow growth, with +16 percent same property net operating income growth year-over-year. Our portfolio’s rents in these high conviction sectors remain below current market rents and have short duration leases, enabling [Blackstone REIT] to increase revenue as leases expire…,” the company said in a filing with the Securities and Exchange Commission.
Blackstone REIT’s portfolio is 96 percent occupied.
Investments in real estate increased from $89.8 billion in April to $97.9 billion in May, while investments in real estate debt increased from $9.6 billion to $11.1 billion. Investments in unconsolidated entities increased from $8.5 billion in April to $9.7 billion in May.
Cash and cash equivalents decreased from nearly $4 billion to $2.9 billion, restricted cash remained flat at $2.5 billion, and other assets decreased from $5 billion to $4.3 billion.
Mortgage notes, term loans and revolving credit facilities increased from ($41.6 billion) in April to ($47.7 billion) in May. Secured financings on investments in real estate debt increased slightly from ($4.7 billion) to ($4.8 billion).
Subscriptions received in advance remained unchanged at ($1.5 billion), and other liabilities increased from ($2.8 billion) to ($4 billion). The company had nearly 4.5 billion shares outstanding as of May 31, 2022, compared to nearly 4.4 billion the previous month.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $53.9 billion in three public offerings as of March 2022. The currently offering has raised $4.8 billion, and as of May 31, 2022, its aggregate NAV was $67.5 billion.