Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), reconvened its 2017 annual meeting of stockholders this week after adjourning twice to allow stockholders additional time to consider an amendment to the company’s charter.
Blackstone REIT stockholders overwhelmingly approved a charter amendment to change the calculation of the cap from a per share basis to a per account basis with respect to total upfront selling commissions, dealer manager fees and stockholder servicing fees.
The company said that the charter will be amended so that all Class T, Class S and Class D shares in a stockholder’s account will convert when the 8.75 percent (or in the case of the Class T shares, a lower limit may be set) of gross proceeds limit is reached with respect to all shares held in an account.
Blackstone Real Estate Income Trust is a $4 billion offering that plans to invest in stabilized income-oriented commercial real estate in the United States. The company is headquartered in New York City and externally managed by BX REIT Advisors., a subsidiary of Blackstone. Blackstone currently manages various private investment funds and one publicly-traded REIT. The REIT’s $1.5 billion portfolio consists of 10 properties, and as of July 13th, the company had raised more than $1 billion in investor equity.