BREIT Reports Data Center Growth; Total NAV Slips 1.76% Month-Over-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), had a total aggregate NAV of approximately $53.97 billion as of Dec. 31, 2024, a decrease of 1.76% month-over-month.

BREIT said it continues to actively develop new data centers through its QTS platform. As of Dec. 31, 2024, these data center developments were 100% pre-leased in substantially all cases to investment grade tenants, and upon completion will generate aggregate incremental annual revenues for BREIT of $864 million in their first year of operation. All such revenues are under triple net lease arrangements where tenants are generally responsible for property operating expenses, or leases where tenants are responsible for the vast majority of property operating expenses.

The transaction price for each class of common stock for subscriptions accepted as of Feb. 1, 2025 (and repurchases as of Jan. 31, 2025) is as follows:

Class S shares had a NAV per share of $13.7075, compared to $13.9104 per share the previous month, an approximately 1.46% decrease.

Class I shares had a NAV per share of $13.7133, compared to $13.9196 per share the previous month, an approximately 1.48% decrease.

Class T shares had a NAV per share of $13.4809, compared to $13.6843 per share the previous month, an approximately 1.49% decrease.

Class D shares had a NAV per share of $13.3892, compared to $13.5916 per share the previous month, an approximately 1.49% decrease.

Class C shares had a NAV per share of $15.0145, compared to $15.1793 per share the previous month, an approximately 1.09% decrease.

Additionally, the REIT said that 96% of distributions for the year ended Dec. 31 were characterized as return of capital for federal income tax purposes.

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 Jan. 23, BREIT had issued and sold in the offering roughly 900.92 million shares of its common stock in the primary offering for total proceeds of $13.3 billion and approximately 207.08 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $3 billion. As of the end of 2024, it had 3.94 billion outstanding shares.

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