Blackstone REIT Declares May 2021 Net Asset Value Per Share, Acquisition Update
Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of May 31, 2021.
Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of May 31, 2021.
Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $12.44. The previous month, Class S shares had a monthly NAV of approximately $12.13 each.
Class I shares, which have a net asset value per share of nearly $12.41, are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members. The previous month, Class I shares had a NAV per share of nearly $12.10.
Class T shares have a per share NAV of roughly $12.23 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.92.
Class D shares have a net asset value per share of nearly $12.24 each and are sold through fee-based programs known as wrap accounts, and through participating broker-dealers, certain registered investment advisers, and through bank trust departments or other organizations. The previous month, Class D shares had a NAV per share of approximately $11.94.
The REIT noted that the price movement was driven by increases in the value of its industrial and multifamily properties. Shares were originally priced at $10.00 each.
“As the economic recovery continues to progress, we are encouraged by the strong performance of our real estate portfolio as a result of BREIT’s sector and market selection,” Blackstone REIT stated in a filing with the Securities and Exchange Commission. “In addition, we continue to identify differentiated opportunities to acquire high-quality, income-generating assets in growth markets and have deployed or committed $14 billion year-to-date.”
In May 2021, Blackstone REIT closed on the 361,000-square-foot Anthem Technology Center in Midtown Atlanta for $250 million. The property is 100 percent leased to Blue Cross Blue Shield Healthcare Plan of Georgia.
As reported by AltsWire earlier this month, the REIT, along with other Blackstone-sponsored funds, agreed to purchase all of the outstanding shares of QTS Realty Trust (NYSE: QTS), a data center REIT, for approximately $10 billion, including the assumption of debt. The transaction is expected to close in the second half of the year.
As of May 31, 2021, Blackstone REIT owned a property portfolio valued at roughly $41.2 billion and had investments in real estate debt totaling nearly $5.6 billion. The REIT also had investments in unconsolidated entities totaling $1.3 billion. Cash and cash equivalents equaled $686.9 million, restricted cash totaled $1.8 billion, and other assets totaled $1.7 billion. The REIT had ($16.7 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($514.5 million) in secured financings on investments in real estate debt. Subscriptions received in advance equaled ($1.6 billion), and other liabilities totaled ($760.2 million). The company had 2.3 billion shares outstanding as of May 31, 2021.
As of April 30, 2021, the REIT owned a property portfolio valued at roughly $39.6 billion and had investments in real estate debt totaling nearly $5.4 billion. The REIT also had investments in unconsolidated entities totaling $1.3 billion. Cash and cash equivalents equaled $291 million, restricted cash totaled $1.6 billion, and other assets totaled nearly $1.6 billion. The REIT had ($19.6 billion) in mortgage notes, term loans and revolving credit facilities, as well as ($899.6 million) in secured financings on investments in real estate debt. Subscriptions received in advance equaled ($1.5 billion), and other liabilities totaled ($776.2 million). The company had nearly 2.2 billion shares outstanding as of April 30, 2021.
Blackstone Real Estate Income Trust launched in August 2016 and has raised $26.6 billion in three public offerings as of April 2021. The REIT raised $4.6 billion in the current offering, as of mid-June.
The company’s investment strategy is to purchase primarily stabilized, income-generating commercial real estate in the United States, and to a lesser extent, invest in real estate debt and other securities.
