BREIT June Redemption Requests Lowest of Year

Blackstone Real Estate Income Trust Inc., a non-traded real estate investment trust sponsored by Blackstone Inc. (NYSE: BX), received redemption requests totaling $3.8 billion in June, which BREIT says is 29% lower than the peak in January 2023 and the lowest month of repurchase requests this year.

In accordance with its repurchase plan, BREIT fulfilled requests equal to 2% of NAV in each of April and May, leaving 1% of NAV eligible for repurchase in June. Accordingly, BREIT says the company is fulfilling approximately $628 million, which is equal to 1% of NAV and represents 17% of the shares submitted for repurchase.

The company noted that it has repurchased a total of $8.1 billion of common stock since proration began in November.

As previously reported by The DI Wire, Blackstone REIT, for the first time in its six-year history, began to limit fulfillment of redemption requests in November, after large amounts of repurchase requests from investors exceeded the 5% quarterly limit of the company’s net asset value.

In January, the REIT was bolstered by the announcement of a $4 billion investment from the University of California endowment, which was later increased by an additional $500 million investment.

Last week, multiple media reports began to circulate that BREIT is fielding offers for half its interest in the real estate of the Bellagio Hotel in Las Vegas, which the company acquired for $4.25 billion in a sale-leaseback transaction and joint venture with MGM Resorts International (NYSE: MGM).

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