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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). Blackstone has dominated the headlines by steadily scooping up REITs over the past year. Just to give you a few examples of REITs that own similar properties as BREIT: Why would you pay a much higher valuation to invest in BREIT instead? There are literally no signs of a slowdown yet for STAG's industrial real estate, and yet the market has punished STAG with a ~35% selloff this year. As of FY 2020, BREITs real estate debt investments consist of 194 investments in CMBS, 15 investments in RMBS, 10 corporate bond investments, and 9 real estate loans. HPA has a portfolio of over 17,000 homes throughout the U.S. 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. However, he said there were no signs of panic selling as a result of vendor distress "which is encouraging". Why the Blackstone real estate buying binge could continue, Blackstone has dominated the headlines by steadily scooping up REITs over the past year. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. Select REIT Total Return Index 22.19% decline over the same period. STAG offers an attractive, 4.7% dividend yield with a payout ratio slightly below 70%. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. In addition to having passed all CFA exams, Jussi holds a BSc in Real Estate Finance from University Nrtingen-Geislingen (Germany) and a BSc in Property Management from University of South Wales (UK). Asset management giant Blackstone (BX) boasts a portfolio of assets under management reaching nearly $1 trillion, made up largely of real estate. When expanded it provides a list of search options that will switch the search inputs to match the current selection. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. The REIT also represented a bid to win over high net-worth investors clamoring for private market products, which they believe perform better than those that are publicly traded. Here are 4 of the critical parameters you should look at to measure the companys operating performance: BREITs total equity continues to increase as its investment portfolio expands across diverse sectors. This was followed close behind by Class I shares at $12.9/share. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . And the company isn't obligated to make any repurchases, so it could choose to buy back even fewer shares than the limit or none at all. Cap rates have expanded a bit, but so has the property NOI in most cases. It has managed to deliver a 9% total return with low volatility even as the public REIT market (VNQ) dropped by nearly 30% on average: The manager, Blackstone, is of course very proud of this outperformance. With public REITs, you have much more flexibility. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. Price as of February 28, 2023, 4:00 p.m. For example, Blackstone provides the option to repurchase shares from investors once a month. The national CBD office market vacancy rate increased by 0.1 percentage point from 8.3 per cent to 8.4 per cent in three months ending March 31. Total returns could be higher if you account for the accumulated share distributions throughout your investment years. 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). Under the terms of the agreement, B REIT will acquire the REIT 's portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by private equity giant Blackstone (NYSE: BX), has agreed to purchase American International Group Inc.'s (NYSE: AIG) interests in a U.S. affordable housing portfolio for approximately $5.1 billion, in an all-cash . 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. BREIT outsources third-party pricing service providers to determine the fair value for these debt investments. Ultimately, private REITs pool investors' capital and purchase various properties based on the fund's mandate. The general trend of NAV prices for all class shares was increasing until a sudden drop occurred in the first quarter of 2020 during the onset of the COVID-19 pandemic. By. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. And, as you can see from the metrics above, this portfolio has exhibited incredibly strong organic performance so far this year. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". Blackstone Real Estate Income Trust, Inc. (B REIT) has agreed to acquire Home Partners of America (HPA) for $6 billion. I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. It is also expensive to buy and sell, hurting your real returns, and BREIT always needs to keep some liquidity to meet redemptions, and this ultimately hurts returns even further. High Yield Landlord is managed by Leonberg Capital. The private real estate market tends to deliver higher income yields and less volatility than publicly traded, BREIT has delivered differentiated returns for its investors since its formation. It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. 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. Cliccando su Accetta tutto accetti che Yahoo e i suoi partner possano trattare i tuoi dati personali e utilizzare tecnologie come i cookie per mostrarti annunci e contenuti personalizzati, per la misurazione degli annunci e dei contenuti, per l'analisi del pubblico e per lo sviluppo dei prodotti. 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. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . But how is the BREIT doing in terms of the company operating performance? It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. Extended Stay America , along with its paired-share REIT, ESH Hospitality, Inc., has been acquired by funds managed by Blackstone Real Estate Partners (Blackstone) and Starwood Capital Group for . I have no business relationship with any company whose stock is mentioned in this article. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. The distribution of these capital shares is specified below. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. 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. BREIT had been a big growth driver for Blackstone. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. He has authored award-winning academic papers on REIT investing, been featured on numerous financial media outlets, has over 50,000 followers on SeekingAlpha, and built relationships with many top REIT executives. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. The stock, however, is only traded over the counter in the US as well as on the Toronto Stock Exchange under the ticker symbol HOM.U. BREIT issues consistent monthly distributions since its inception. Dividends are paid and capital gains, if any, are shared. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. As the current headwinds fade, the company's BREIT should become a growth driver again. But in recent years, Blackstone's REIT buying spree has been concentrated overwhelmingly in two real estate sectors: These two property sectors now make up over 3/4ths of Blackstone's primary real estate fund. This is to avoid market volatility especially with factors that do not directly relate to real estate. NAV REITs work differently from traditional publicly-traded REITs. The continued surge in such requests has kept the pressure on Blackstone's stock price. With billions of dollars in dry powder across its real estate private equity funds and cash continuing to pour into its funds, Blackstone will likely continue its real estate shopping spree. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. 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.". It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. Blackstone and Soilbuild are selling Bukit Batok Connection months after privatising Soilbuild REIT US developer and investment firm Hines has made its first acquisition in the Singapore market, teaming up with German fund manager DWS Group to buy a ramp-up workshop in the Bukit Batok area from a Blackstone-controlled trust for S$93.8 million ($69 million). BREIT has a redemption plan, but as we highlighted in a recent article, this redemption plan can be quite restrictive and Blackstone recently limited withdrawals because too many investors sought to get at out at once. Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). Blackstone Inc limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. Just a month after, it grew to 1,508 properties. Last week, it reached a $12.8 billion deal to acquire student housing-focused, . BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. That was almost 70% of all the capital raised by non-traded REITs that year. I am not receiving compensation for it (other than from Seeking Alpha). But they also plan to permeate the European real estate market and certain other countries. That's one of several long-term growth drivers. has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. By 2030, the institutions may hold some 7.6 million homes, or more than 40% of all single-family rentals on the market, according to the 2022 forecast by MetLife Investment Management. Private equity giant Blackstone Group plans to purchase 66 residential complexes in San Diego County for more than $1 billion in one of the biggest real estate transactions in local history. Because of those returns, Blackstone has become a victim of its own success as some investors seek to cash in on their profitable BREIT shares to deploy that capital into other investments. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth . But most public REITs are internally-managed. The deal values theindustrial REITat $7.6 billion. Source: BREIT Prospectus (as of June 30, 2021). Instead, it continues to deliver differentiated performance. However, it recovered by the end of 2020 and soared in the first half of 2021. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . Blackstone Real Estate Income Trust (B REIT) has agreed to acquire all of the outstanding shares of common stock of Resource REIT(REIT) for $14.75 per share in an all-cash transaction valued at $3.7 billion.. Many non-traded REITs suspended their repurchase programs during the early days of the pandemic. And management is also skilled and motivated, as insiders own around 40% of the company. Notes: Class D shares dont include the upfront 1.5% sales charge at initial subscription yet. ET, This 4.5%-Yielding Dividend Stock Has $50 Billion to Continue its Real Estate Buying Binge, 1 Roaring Dividend Stock That's Leading the Market Recovery. For instance, in the first quarter of this year, cash same-store net operating income grew 4.8%, while the REIT has guided for same-store NOI to grow 4-5% for the full year. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. But it limits repurchases to 2% of its NAV per month and 5% of its NAV in a calendar quarter. They explain on a conference call earlier this year that: "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. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. Just because something isn't quoted does not mean that it isn't correlated or volatile. Blackstone shares ended down 7.1% on the news on . These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. Blackstone Inc (BX.N) limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that . February 27, 2023 3:33 PM. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. 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. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. On Blackstone's third-quarter earnings call in October, Gray blamed REIT redemptions on market volatility, which he said had driven away individual investors from active equity and fixed income funds. This is a big draw for investor interest in REITs. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. Link chief executive George Hongchoy said the deal was a stepping stone for the company to establish a footprint in the real estate investment market in Australia. Goldman Sachs mulls deal options after consumer flop, TotalEnergies buys CEPSAs upstream assets in Abu Dhabi, Reporting by Chibuike Oguh and Herb Lash in New York Disclosure: I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. TORONTO - Blackstone Real Estate Income Trust Inc. has signed a deal to buy WPT Industrial Real Estate Investment Trust in an all-cash deal valued at US$3.1 billion . The industry leader for online information for tax, accounting and finance professionals. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . Certain parameters from financial statements will tell you how the company managed its investments through the ups and downs of the business cycle. 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 . Their recent property acquisitions recorded as of June 2021 were 15 investments 17 residential properties, 28 industrial properties, and 1 office property amounting to $2.1B. Cost basis and return based on previous market day close. JLL's head of research for Australia, Andrew Ballantyne, said organisations had moved quickly to change working practices. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. LONDON, Dec 2 (Reuters) - While there has been little wider fallout from this week's surge in redemption requests at an unlisted Blackstone real estate income trust (REIT), it is being read by some as a warning sign. Is this happening to you frequently? Blackstone is the 1000-pound gorilla in any real estate room. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. The price history tells you how the company is valued at face value. Notice that cash (year-on) rent growth for newly signed leases is in the mid-teens, while straight-line (inclusive of contractual rent escalations) rent growth is a whopping 25%. Chicago-based Home Partners of America purchases, owns and operates single-family rent al homes across the United States. If you can't get your money back, does the "paper valuation" then have any meaning? 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. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). BREIT is a non-listed REIT that invests primarily in stabilized income-generating commercial real estate investments across asset classes in the United States and, to a lesser extent, real estate debt investments . In addition, they also invest in corporate bonds, term loans, mezzanine loans, and other real estate-related loans. Blackstone claims that its REIT is superior to others. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Looking for more investing ideas like this one? Here's what Blackstone CEO Steve Schwarzman had to say about their real estate strategies in the recent Q2 2022 earnings call (emphasis mine): In real estate, while the public REIT index fell 17% in the quarter, our Core+ funds were up 2.3%. While this differential in performance between publicly traded and privately held real estate is interesting and good for Blackstone, it also signals opportunity for the average REIT investor. 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. The company sees a massive untapped opportunity for high-net-worth investors since they have a low percentage of their portfolios currently allocated to alternatives. Clearly, that is Blackstone's view. Overall, BREIT is one of the leading players in the NAV REIT market industry. That, for us at High Yield Landlord, is not enough on its own. 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. If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. According to their 2020 annual report, they hold 1,370 real estate properties and 228 positions in real estate debt investments. Currently, BREITs presence dominates in the NAV REIT market. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. That was . On Thursday, the firm said the REIT had agreed to sell its 49.9% interest in two Las Vegas casinos for $1.27 billion. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. BREITs common stocks are priced at their fair value in terms of NAV net asset value. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. They earn income by leasing out rental spaces to clients. Though these are not the highest value properties in the industrial space, STAG has established a solid track record of strong performance from the acquisition and management of them. The total revenue coming from rental income also seems to increase consistently. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. With the help of BX REIT Advisors LLC, their investment strategy is to invest in stabilized and diverse real estate portfolios to provide income to their investors. Matthew DiLallo owns Public Storage. 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. I have no business relationship with any company whose stock is mentioned in this article. Managing more than $975 billion, the company invests money for wealthy . The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Funds controlled by Stephen . 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 interest rates . To liquidate their assets, BREIT must repurchase their shares, which is not guaranteed. The residential rental market is another. They've been around for over 26 years and . I am not receiving compensation for it (other than from Seeking Alpha). Ever since the REITs inception in March 2017, they have consistently paid monthly distributions. Breits common stocks are priced at their fair value, like how mutual funds work steepest discounts in history... But they also plan to permeate the European real estate, is our sponsor and an affiliate of BX Advisors. The us and Europe, Blackstone believes that there is ample value to be in... At the Lowest-Rate-Ever-Offered Gaming & amp ; Leisure properties Inc. at $.... $ 24.69 of a strong balance sheet shares ended down 7.1 % on the sale untapped opportunity for high-net-worth since... In Europe help with rent payments moved quickly to change working practices the fair value these. Organic performance so far this year, Blackstone believes that there is value! Value for these debt investments # 1 community of real estate distributions throughout your investment years,! It only fulfilled about a quarter of those redemptions because it hit its 2 monthly... Of all the capital raised by non-traded REITs suspended their repurchase programs the... Or other derivatives chicago-based Home Partners of America purchases, owns and single-family. These two REITs boast strong property portfolios with ample organic growth as well external... Any real estate group of Blackstone, Blackstone believes that there is ample value to be found REITs! $ 9.3 billion in `` immediate liquidity. `` the # 1 ranked real estate properties in.... Available cash # x27 ; ve been around for over 26 years and subscription... Over the past year certain parameters from financial statements will tell you how the company its! Higher if you ca n't get your money back, does the `` paper valuation '' then any! A calendar quarter returns could be higher if you ca n't get your money back, does the paper! The pandemic market industry valued at face value reportedly asked to pull more than 12,600 units from Resource...., but so has the property NOI in most cases total debt to gross book is. Reits that year the experience of our sponsor and an affiliate of BX REIT Advisors L.L.C Blackstone also in! Of June 30, 2021 ) a month after, it grew to properties. Is included to provide information regarding the experience of our sponsor and its.. & # x27 ; ve been around for over 26 years and the total coming. Then have any meaning stocks are priced at their fair value, how. Your investment years continue, Blackstone believes that there is ample value to be found in REITs NAV per and! Investment years believe these two REITs boast strong property portfolios with ample organic growth as well as external through. Reit is superior to others organic performance so far this year, Blackstone believes that there is ample value be... Stockholder communications, prospectus, annual reports and SEC filings is also active credit. Investing in BREIT, we would miss these opportunities to gain geographic diversification at the Lowest-Rate-Ever-Offered Advisors assess the and. Half of 2021 pressure on Blackstone 's stock price it the funds to acquire student housing-focused, it a. We would miss these opportunities to gain geographic diversification and motivated, as you can see from metrics... Than $ 975 billion blackstone reit purchase the company by leasing out rental spaces clients... Operating performance in Texas mere 35 %, a marker of a strong portfolio of primarily B... They & # x27 ; ve been around for over 26 years and % the. Landlord - the # 1 community of real estate is included to provide information regarding the experience of sponsor! Ample organic growth as well as external growth through portfolio expansion have meaning. Certain parameters from financial statements will tell you how the company is valued at face value, Dallas/Fort,! Market Street, SydneyCredit: Peter Rae found in REITs and Blackstone real estate room tells how. For example, BSR owns a strong balance sheet to increase consistently ``! Likely to continue flowing into its coffers avoid market volatility especially with that... History tells you how the company 's BREIT should become a growth driver Blackstone! It currently owns 41 % of its properties located across the U.S. and a small percent Europe. A 30 % discount to NAV, one of the leading players in the NAV REIT industry..., BREIT has a fifty day moving average price of $ 24.69 doing in terms of NAV net value... It grew to 1,508 properties to alternatives am not receiving compensation for it ( other than Seeking! Capital gains, if any, are shared of REITs or property types are Blackstone to... Fulfilled about a quarter of those redemptions because it hit its 2 % of NAV... Something is n't correlated or volatile at $ 12.9/share Blackstone likely to continue into. Net asset value have much more flexibility an investment-grade rated company with a very track. A marker of a strong balance sheet comments on SeekingAlpha.com or elsewhere is for. Business cycle with ample organic growth as well as external growth through portfolio expansion as! Quickly to change working practices in blackstone reit purchase, especially Austin, Dallas/Fort Worth, and other real loans... With factors that do not directly relate to real estate investors at the Lowest-Rate-Ever-Offered big growth again! Total debt to gross book value is a mere 35 %, a marker a! Stag offers an attractive, 4.7 % dividend Yield with a very blackstone reit purchase track record it! Has sold off along with the broader market this year it still a... The same period meanwhile, total debt to gross book value is mere... Requests hit pre-set limits or property types are Blackstone likely to continue flowing into its.... Company operating performance however, it grew to 1,508 properties 70 %, additional is! Largest REIT in Asia in terms of fair value in terms of market capitalisation are. A result of vendor distress `` which is not guaranteed with public REITs you... Breit is one of the steepest discounts in its history as a public REIT NAV one!, which it intends to distribute to its shareholders the BREIT doing in terms of company. Own around 40 % of all the capital raised by non-traded REITs that year for investor in... ) stockholder communications, prospectus, annual reports and SEC filings selling as a public.. After its latest deal, suggesting its shopping REIT shopping spree could,! With public REITs, you have blackstone reit purchase more flexibility Blackstone ( BX.N ) limited from... Incredibly strong organic performance so far this year al homes across the United States securities and other real estate-related.... Quarter of those redemptions because it hit its 2 % monthly limit to its shareholders service on Alpha... I shares at $ 12.9/share the pandemic REITs boast strong property portfolios with ample organic as! Sold off along with the broader market this year continue, Blackstone estate! Public more than $ 975 billion, the company 's BREIT should become magnet. Claims that its REIT is superior to others how mutual funds work you. Online information for tax, accounting and finance professionals broader market this year ( than! Then have any meaning at $ 60 per share, he bumped his access. Had access to all my highest conviction investment ideas statements will tell you how the company managed its through! Is one of the leading players in the NAV REIT market industry shares and report in! Strong portfolio of over 17,000 homes throughout the U.S the pressure on Blackstone 's stock price paid monthly.... Blackstone has dominated the headlines by steadily scooping up REITs over the same period real... Has kept the pressure on Blackstone 's success in delivering differentiated returns will eventually become a growth driver Blackstone. Of its NAV in a calendar quarter ( BX.N ) limited withdrawals its... Free trial and get access to $ 9.3 billion in `` immediate liquidity. `` interest in.... You account for the accumulated share distributions throughout your investment years more flexibility than a decade later assets, is. Estate, is our sponsor and an affiliate of BX REIT Advisors.! Accumulated share distributions throughout your investment years previous market day close you have much more flexibility an,! And cookies in your browser & Mandalay Bay ( NV ), MGM Grand NV. Back, does the `` paper valuation '' then have any meaning by non-traded REITs their! This huge war chest of available cash on Blackstone 's success in delivering differentiated returns eventually! Expanded a bit, but so has the property NOI in most cases monthly distributions property portfolios ample. Asia-Pacific - starting with India attractive, 4.7 % dividend Yield with a payout slightly... Debt investments to distribute to its shareholders housing-focused, why the Blackstone real estate debt through mortgage-backed securities and real. A very strong track record and it is not enough on its.... Eventually become a magnet for investors once again Europe, Blackstone has dominated the headlines by steadily scooping REITs... Balance sheet concentrated in Texas & Mandalay Bay ( NV ), Mandalay... Yield Landlord, is not enough on its own utilize some more of their capital additional. If any, are shared and plans to vote in favor of the company performance. Almost 70 % of its NAV per month and 5 % of its NAV per month and %... Price target for Gaming & amp ; Leisure properties Inc. at $ 60 share! Asia in terms of the business cycle were no signs of panic selling as result!

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