BREIT Fulfills 100% of Repurchase Requests for Second Consecutive Month

Blackstone Real Estate Income Trust Inc. – a publicly registered non-traded real estate investment trust sponsored by private equity giant The Blackstone Group (NYSE: BX) – reported that it had fulfilled 100% of repurchase requests in March, modestly exceeding the 5% of net asset value quarterly limit by 0.1%.

BREIT reported that it received $799 million in repurchase requests, which was 17% lower than February 2024 and down 85% from the peak of $5.3 billion requested in January 2023. The $799 million was the lowest month of repurchase requests since April 2022. These trends allowed BREIT to clear February’s backlog of repurchase requests.

The company, like other perpetual non-traded REITs, offers investors an option for monthly partial liquidity, allowing investors to redeem their shares from the fund each month.

In a letter to investors, BREIT expressed belief that “commercial real estate is at an inflection point, with real estate values bottoming and improvements in the debt and transaction markets. Both long-term interest rates and borrowing spreads have come down meaningfully from their 2023 peaks which, if sustained, should be a long-term positive for real estate values.”

Since inception seven years ago, BREIT reports that it has delivered an annualized net return for investors of roughly 11%, more than double the return of publicly traded REITs over the same period.

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