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Blackstone REIT Updates Monthly NAV Per Share and Repurchase Plan

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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 Nov. 30, 2022, and it’s repurchase plan for the first quarter of 2023.

Class S shares had an NAV per share of $14.87, compared to $15.06 previous month. The total return for Class S shares in June 2022 was 0.9% (not annualized).

Class I shares had an NAV per share of $14.88, compared to $15.06 previous month. The total return for Class I shares was 0.9%.

Class T shares had an NAV per share of $14.65, compared to $14.84 previous month. The total return for Class T shares was 0.9%.

Class D shares had an NAV per share of $14.56, compared to $14.74 previous month. The total return was 0.9%.

[EDITOR’S NOTE: All dollar amounts are rounded to the nearest cent above.]

In October 2022, Blackstone fulfilled repurchase requests pursuant to their share repurchase plan of 2.7% of NAV, or approximately $1.8 billion. In November 2022, as The DI Wire reported that repurchase requests again exceeded the 2% monthly limit and 5% quarterly limit under their share repurchase plan, and they fulfilled repurchase requests up to the 2% of NAV monthly limit, or approximately $1.3 billion which represented approximately 43% of the total number of shares submitted for repurchase during the month.

According to Blackstone, approximately 0.3% of NAV is available for repurchase in December 2022, subject to the 5% limit under their share repurchase plan. The company claims that if they receive elevated repurchase requests in the first quarter of 2023, they intend to fulfill repurchases at the 2% monthly limit, subject to the 5% quarterly limit.

Investments in real estate increased from $117.7 billion in September to $117.9 billion in October, while investments in real estate debt remained at $9.8 billion. Investments in unconsolidated entities increased slightly from $11.0 billion in September to $11.2 billion in October.

Cash and cash equivalents decreased from $2.7 billion to $2.5 billion, restricted cash decreased from $1.2 billion to $1.1 billion, and other assets decreased from $6.2 billion to $5.3 billion.

Mortgage notes, term loans and revolving credit facilities decreased from ($63.7 billion) in October to ($65.2 billion) in November. Secured financings on investments in real estate debt remained flat at ($5.0 billion).

Subscriptions received in advance decreased from ($357.3 million) to ($299.0 million), and other liabilities increased from ($4.5 billion) to ($4.0 billion). The company had nearly 4.6 billion shares outstanding as of Nov. 30, 2022.

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 current offering has raised $6.6 billion, and as of Sept. 30, 2022, its aggregate NAV was $70.4 billion.

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