As of July 2021, BREIT has a total of 1,508 real estate properties in the residential, industrial, net lease, self-storage, hotel/hospitality, retail, and office sectors located across the U.S. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector which was heavily affected by the COVID-19 pandemic. As of June 30, 2021, their total properties were 1,463. BREIT, the non-traded real . The asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. Click here to learn more!. Alex Snyder, a portfolio manager at CenterSquare Investment Management LLC in Philadelphia, said the arbitrage between the value Blackstone has assigned to its real estate portfolio and the value of publicly traded REITs caught the eye of investors. Deutsche Bank analyst Carlo Santarelli was sufficiently impressed with the fourth-quarter numbers from two casino-oriented real estate investment trusts (REITs) that he reiterated "Buy" ratings on each. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Public REITs, on the other hand, trade at a >6% dividend yield in many cases with lower payout ratios, and also offer significant upside potential since they are priced at large discounts to their net asset value. In the first quarter, same-community net operating income surged 16.3% year-over-year on the back of rent growth for new leases of 17.4% and renewals of 9.0%. However, it recovered by the end of 2020. According to their 2020 annual report, they hold 1,370 real estate properties and 228 positions in real estate debt investments. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. Consider These Alternative Real Estate Investments. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. "The impact on Blackstone depends on whether the REIT is able to stabilize its net asset value over time, or is forced to enter an extended run-off scenario, with significant asset sales and ongoing redemption backlog too early to tell, in our view," BMO Capital Markets analysts wrote in a note. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. Blackstone's purchase of American Campus makes student housing a fully privately held asset class in the US. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. You are responsible for your own investment decisions. Write by: Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. This is a much better management structure because the management is hired as employees of the REIT. This is a big draw for investor interest in REITs. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. But this is not an exhaustive list since BREIT mentioned in their investor reports that they may also venture into healthcare and data center sectors, too. The company has a market cap of $3.67 billion, a P/E ratio of 14.90 and a beta of 1.31. Matthew DiLallo owns Public Storage. BREIT has the authority to issue a total of 10,100,000,000 shares. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . Jussi is also the President of Leonberg Capital - a value-oriented investment boutique specializing in mispriced real estate securities often trading at high discounts to NAV and excessive yields. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. The asset management behemoth boasts roughly $50 billion in dry powder capital earmarked for global real estate, including a new real estate fund with over $24 billion in commitments from investors so far. More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. Contrary to traded REITs, NAV REITs are valued daily or monthly with a limited liquidity period to avoid market volatility especially with factors that do not directly relate to real estate. The transaction has been unanimously approved by the REIT's Board of Directors and represents a premium of 63 percent to the REIT's most recently published Net Asset Value of $9.06 per share . . Last REIT standing. Instead of daily price fluctuations, NAV REITs have a much less volatile movement. To make the world smarter, happier, and richer. I wrote this article myself, and it expresses my own opinions. Blackstone Stock Keeps Soaring Higher. US private equity giant Blackstone Group has defied market jitters and pulled off a mega sale of an office tower above the Westfield mall in Sydney's CBD to Hong Kong-based Link REIT for $683 million. Managing more than $975 billion, the company invests money for wealthy . Class S and T shares dont include the upfront 3.5% sales charge at initial subscription yet. Plus, the REIT has over 40% upside to NAV. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. They earn income by leasing out rental spaces to clients. These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. Natalie Wong. Meanwhile, from the inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. We're currently running a sale at my private investing ideas service, High Yield Landlord, where members get access to portfolios, market alerts, real-time chat, and more. Ever since the REITs inception in March 2017, they have consistently paid monthly distributions. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. Invest better with The Motley Fool. In fact, Blackstone is close to finalizing what could be the biggest traditional private-equity real estate investment fund in history, according to the Wall Street Journal. All quotes delayed a minimum of 15 minutes. Blackstone Real Estate Income Trust, Inc. (BREIT) has real estate investments in diverse sectors such as residential, industrial, office, storage, and hotel/hospitality. Jussi Askola is a former private equity real estate investor with experience working for a +$250 million investment firm in Dallas, Texas; and performing property acquisition in Germany. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. 2021 YTD returns were the highest because BREIT has recovered well from the effects of the COVID-19 pandemic. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. Resource REIT (non-traded) for $3.7 billion. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. Blackstone is a premier global investment manager. When expanded it provides a list of search options that will switch the search inputs to match the current selection. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. Mortgage REITs . The deal values theindustrial REITat $7.6 billion. It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. This limits your ability to get in and out of the real estate market, increasing risks, and potentially also limiting your ability to act on new investment opportunities. STAG is a ~$10 billion enterprise value industrial REIT specializing in higher yielding, single-tenant net leased properties largely in secondary and tertiary markets. "These all will continue put pressure on Blackstone's premium valuation," they wrote. Sarah Borchersen-Keto. The company will likely continue to battle this headwind until it works through its current backlog. Blackstone Inc. will purchase PS Business Parks, Inc. (NYSE:PSB) in an all-cash deal valued at approximately $7.6 billion, the two companies announced April 25. BREITs common stocks are priced at their fair value in terms of NAV net asset value. as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. Contrary to traded REITs, BREIT invests in perpetual-life REITs wherein NAV prices are valued daily or monthly with a limited liquidity period. Blackstone CEO Steve Schwarzman noted on the company's recent, that "BREIT has delivered 12.5% net returns annually since inception six years ago for its largest share class, earning over three times the public REIT index. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. It has a strong balance sheet with mostly fixed-rate debt. At $16.50 per share (as of this writing), BSR trades at a remarkable 25% discount to its Q1 2022 NAV per share of $21.98. Driving those returns was the company's thematic investment approach, currently focused on rental housing and industrial real estate in the Southern and Western parts of the country. For the first half of 2021, the NAV price soared high with Class S shares at the top values at $12.92/share (July 2021). I am not receiving compensation for it (other than from Seeking Alpha). If you want full access to our Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Investor. That, for us at High Yield Landlord, is not enough on its own. That suggests it could make more headline-grabbing deals this year. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). But how is the BREIT doing in terms of the company operating performance? By Milana Vinn. To be fair, BREIT is a pretty vehicle and it has a strong track record. They both have quality management teams with significant skin in the game. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Clearly, the company will buy whatever it views as the most attractive viable deal. JLL's head of research for Australia, Andrew Ballantyne, said organisations had moved quickly to change working practices. I am not receiving compensation for it (other than from Seeking Alpha). Is this happening to you frequently? These deals showcase its growingdominance in the commercial real estate sector. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. What Blackstone's REIT Acquisition Spree Is Telling Investors, Blackstone Is Becoming a Real Estate Powerhouse, 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 3 Stocks That Could Join Apple, Microsoft, and Alphabet in the $1 Trillion Club, 1 Bargain-Basement Warren Buffett Stock Down 78% to Buy Before It Starts Soaring, 2 Growth Stocks That Can Turn $250,000 Into $1 Million by 2030, With billions of dollars in dry powder across its real estate private equity funds and cash continuing to pour into its funds. The surge in redemptions at BREIT continues to get a lot of attention. That's one of, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. While they will be a headwind for Blackstone's growth in the near term as the company works through its backlog, they aren't due to any issues with that investment vehicle. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. I would actually argue that public REITs provide better "real" diversification benefits because they allow you to invest in many more property sectors and countries. The spokesperson added that the REIT relied on a long-term fixed rate debt structure, making it resilient. This is its first investment outside China. Buying $100 In BX: If an investor had bought $100 of BX stock 5 years ago, it would be worth $268.05 today based on a price of . This was followed by the Class I shares, Class D shares, and then the Class T shares. Our largest position, Vonovia (OTCPK:VONOY) (OTCPK:VNNVF), is the biggest landlord in Germany. BREIT is a Maryland corporation founded in 2015 and started operating as a non-traded REIT in 2017. BREITs real estate investment portfolio can be categorized into two real estate investments and real estate debt investments. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. As of March 17, 2021, it has a total of 112,104 stockholders. A majority (by 89%) of BREITs income comes from rental revenues across a diverse set of asset classes much of it comes from residential and industrial sectors. EmeryTech Office (CA) & Coleman Highline Office. Though Blackstone sometimes acquires individual real estate properties, such as The Bellagio in Las Vegas, it more often seeks opportunities to scoop up whole portfolios that will move the needle. It owns mainly rental housing and industrial properties. I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. Dividends are paid and capital gains, if any, are shared. Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). BREIT has 4 types of common shares which differ in how the investors will be charged. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. February 27, 2023 3:33 PM. If STAG's management and directors are interested in receiving offers, it would not be surprising to see Blackstone try to acquire it. BREIT issues consistent monthly distributions since its inception. Even if you expected its property values to drop a bit, its share price could still double before reaching its net asset value. Blackstone has outperformed the market over the past 15 years by 5.0% annually. BREIT has a diverse real estate property portfolio. If I owned BREIT, I would try to get out of it to invest in public REITs instead. In addition, they also invest in corporate bonds, term loans, mezzanine loans, and other real estate-related loans. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. This is to avoid market volatility especially with factors that do not directly relate to real estate. There are also selling commissions upfront that can amount up to 3.5% and stockholder servicing fees that can add up to 0.85% each year. If you have an ad-blocker enabled you may be blocked from proceeding. At times, they might not even repurchase at all when you need the money urgently. Many non-traded REITs suspended their repurchase programs during the early days of the pandemic. Some investors are seeking liquidity to cover losses incurred elsewhere. Jussi Askola is a former private equity real estate investor with experience working for a +$250 million investment firm in Dallas, Texas; and performing property acquisition in Germany. Invest at least 75% of total assets in real estate or cash. For FY 2020, Class I shares were still the highest ($0.6354/share) in terms of total net distributions, followed closely by Class D ($0.608/share). Join us for a 2-week free trial and get access to all my highest conviction investment ideas. Blackstone President Jon Gray received $479.2 million as income in 2022. Invest better with The Motley Fool. And apparently this is the new target. Does the Stock Market Have You Down? Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. This covers BREITs direct property investments, equity in public and private real estate-related companies, and unconsolidated investments. , Blackstone will likely continue its real estate shopping spree. Please. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. These deals showcase its growing, dominance in the commercial real estate sector, However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. That was almost 70% of all the capital raised by non-traded REITs that year. Even Blackstone's COO indirectly told us in the Q2 conference call that public REITs are a lot more opportunistic today: "The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time.". The 28,385 square metre building is 10-storeys and was redeveloped in 2010-11 as part of the Westfield Sydney redevelopment. If you dont like it, we wont charge you a penny! The index is down 17%, we were up 2.3%. It is today priced at just 35 cents on the dollar due to the war in Ukraine and we think that it is very opportunistic. As of July 2021, BREIT has a total of 1,508 real estate properties located across the U.S. and a small percent in Europe. See here for a complete list of exchanges and delays. Is It a Buy Right Now? Do your own research or seek the advice of a qualified professional. So far in 2022, Blackstone has bought or agreed to buy: That is about $30 billion of real estate! They are also open to venturing into healthcare and data center sectors. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. Before that, it struck agreements to acquire three apartment REITs for a combined $13.1 billion, an industrial REIT for $3.1 billion, and a data center REIT for $10 billion. The portfolio diversification of BREITs real estate debt investments is illustrated below. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. They've . SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. Currently, BREITs presence dominates in the NAV REIT market. The REIT's quarterly dividend of ~$0.13 (paid monthly in $0.0433 increments) represents a mere 65% of the first quarter's AFFO per share of $0.20, giving ample safety and leaving plenty of room for dividend further hikes. As stable becomes sexy in Asia's real estate markets, Blackstone is teaming up with the family controlling the sponsor of a Singapore-listed REIT for a S$700.3 million ($524.5 million) offer to buy out the industrial real estate trust. It is impossible to predict with any certainty, because last year Blackstone acquired data center REIT QTS Realty, and in 2018 it acquired hospitality REIT LaSalle Hotel Properties. An Investors Perspective Into Blackstone REIT (BREIT), An Investors Perspective Into Apple Hospitality REIT, Everything You Want to Know About Armour Residential REIT, Why you Should Look into Crown Castle REITs, An Investors Perspective Into Whitestone REITs. As of July 2021, BREIT has a total of 1,508 real estate properties in the . Blackstone limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits amid investor concerns it was slow to adjust valuations as . Blackstone Mortgage Trust is not owned by hedge funds. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Blackstone has agreed to pay $187.50 per share in cash for PS Business Parks, a roughly 15% premium to its average share price over the last two months. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . Their corporate headquarters is located at 345 Park Avenue, New York. Update 2018-05-11: Blackstone reports that it's leverage has increased from below-average 41% to above average 60% (average for core plus is 50%). It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. Learn More. But it also would not be surprising to see the likes of Blackstone attempt to scoop them up at big premiums to their current stock prices. It had only deployed about $47.2 billion by the end of the first quarter. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. We spend 1000s of hours and over $100,000 per year researching the market for the most profitable investment opportunities and share the results with you at a tiny fraction of the cost. The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. The distribution of these capital shares is specified below. I have no business relationship with any company whose stock is mentioned in this article. Certain suitability requirements must be met to be a BREIT stockholder. Let's take a look at two potential buyout targets for Blackstone in these property sectors. Yahoo fa parte della famiglia di brand di Yahoo. Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). See here for a complete list of exchanges and delays. For the first six months of the year, our real estate strategies appreciated 9% to 10% versus a 20% decline in the REIT index, equaling an outperformance of roughly 3,000 basis points. It was bought on a sharp yield of close to 4 per cent. Those returns will eventually draw more investors to BREIT. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Blackstone REIT agreed to buy all of the outstanding shares of Preferred Apartment Communities for $25.00 each, and once the transaction closes, the REIT's common stock will no longer be listed on the New York Stock Exchange. Cap rates have expanded a bit, but so has the property NOI in most cases. As of their Q2 2021 report, total real estate debt investments have a fair value of $5.7B with a weighted average coupon of 5% and a weighted average maturity date of July 5, 2025. It is heavily invested in rapidly growing sunbelt markets. The REIT turmoil is a setback for two of Blackstone's strategies that helped it become the world's biggest alternative asset manager with $951 billion in assets: real estate investing and attracting high net-worth individuals. High Yield Landlord is managed by Leonberg Capital. Credit Suisse analysts wrote in a note that they expected the REIT's woes to weigh on Blackstone's fee-related earnings and assets under management. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. KentWeakley. So far, its highest total net distribution (includes deductions of corresponding fees already) was Class I shares in FY 2019. Many investors in the REIT are concerned that Blackstone has been slow to adjust the vehicle's valuation to that of publicly traded REITs that have taken a hit amid rising interest rates, a source close to the fund said. It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. *Average returns of all recommendations since inception. Jika diperluas, akan tampil daftar opsi pencarian yang akan mengganti input pencarian agar sesuai dengan pilihan saat ini. I have no business relationship with any company whose stock is mentioned in this article. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. Barclays analysts downgraded their rating of Blackstone's stock to "equal weight" from "overweight" and cut their price target to $90 from $98 on Friday. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. Just a month after, it grew to 1,508 properties. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. Source: BREIT Fact Card (as of July 2021). Blackstone has reported a 9.3% year-to-date return for its REIT, net of fees, a contrast to the publicly traded Dow Jones U.S. Source: BREIT Prospectus (as of June 30, 2021). Reits wherein NAV prices are valued daily or monthly with a limited liquidity period the us money is likely continue... Of redemption requests late last year, exceeding its limit its own pencarian agar dengan... A total of 112,104 stockholders, Westfield tower at 100 market Street, Sydney access financial! At least 75 % of all the capital raised by non-traded REITs that year of high-quality, flexible real Income! Maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie Blackstone. 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