BREIT Early Data Reports 4% Increase in Same Property NOI for Q1 2024

Announcing preliminary same property net operating income for the first quarter of 2024, Blackstone Real Estate Income Trust Inc. expects same property NOI for the first three months to have increased approximately 4% from the same period in the prior year (based on the midpoint of the preliminary estimated range of same property NOI). Also, BREIT updated its monthly net asset values for its Class S, Class I, Class D, Class T, and Class C shares of common stock, for the month ended March 31.

BREIT, a publicly registered non-traded real estate investment trust, was careful to disclose that its initial NOI data is not a comprehensive statement of the company’s financial results and that BREIT’s actual results may differ materially from this preliminary estimated data. It expects to publish its Q1 2024 update for stockholders on or around April 30.

As previously reported by The DI Wire, BREIT fulfilled 100% of repurchase requests in March 2024 for the second consecutive month.

Its declared monthly NAV per share as of March 31, 2024, was as follows:

Class S shares had a NAV per share of $14.1788, compared to $14.1465 per share the previous month, a 0.23% increase.

Class I shares had a NAV per share of $14.187, compared to $14.1547 per share the previous month, a 0.23% increase.

Class T shares had a NAV per share of $13.9554, compared to $13.9243 per share the previous month, a 0.22% increase.

Class D shares had a NAV per share of $13.8632, compared to $13.8327 per share the previous month, a 0.22% increase.

Class C shares had a NAV per share of $15.0014, compared to $14.9085 per share the previous month, a 0.62% increase.

The above also represents the BREIT’s May 1, 2024, transaction price.

BREIT is currently offering on a continuous basis up to $60 billion in shares of common stock, consisting of up to $48 billion in shares in its primary offering and up to $12 billion in shares pursuant to its distribution reinvestment plan. As of April 17, 2024, BREIT had issued and sold in the offering more than 802.7 million shares of its common stock in the primary offering for total proceeds of $11.9 billion and more than 150.9 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $2.2 billion. As of March 31, 2024, its aggregate NAV was $59.3 billion, a month-over-month decrease of 0.34% ($59.5 billion).

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