For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. Plus, the REIT has over 40% upside to NAV. Just a month after, it grew to 1,508 properties. Despite the COVID-19 pandemic, BREIT achieved a 6.1% net return in 2020 for the Class S shares which has the most number of stockholders among its common shares. 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. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. Try it Free for 2-Weeks. 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. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This is why they are today two of our largest holdings in our Core Portfolio. Verition Fund Management LLC raised its position in Blackstone Inc. ( NYSE:BX - Get Rating) by 33.2% during the third quarter, according to the company in its most recent disclosure with the SEC. Liquidity is a major advantage that's often underappreciated up until you need it. 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. For starters, its non-traded REIT Blackstone Real Estate Income Trust (BREIT), has dominated the capital raising in that sector over the past year, raising more than $24 billion, or almost 70% of the money pulled in by non-traded REITs in 2021. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. All quotes delayed a minimum of 15 minutes. 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%. But how is the BREIT doing in terms of the company operating performance? 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). Does the Stock Market Have You Down? 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 . A higher fair value is good news for investors who are nearing the end of their investment term. As such, many REITs are now priced at large discounts relative to the underlying value of the real estate they own. 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. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. Looking for more investing ideas like this one? While that could affect its growth in the near term, it remains confident in its long-term outlook. 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. For starters, its, 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. The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. Invest better with The Motley Fool. See here for a complete list of exchanges and delays. Blackstone told investors in a letter it would curb withdrawals from its REIT after it received redemption requests in November greater than 2% of its monthly net asset value and 5% of its quarterly net asset value. The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. As a result, it will receive about $2.7 billion in cash when the deal closes. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. This is surely a huge factor in the discount at which BSR typically trades. It results in significant economies of scale and better aligns interests with shareholders because they earn salaries based on their performance and not just the mere size of the company. 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. Blackstone would of course argue that BREIT is the better investment opportunity because BREIT is uniquely attractive for a number of reasons: Blackstone of course wants you to think that BREIT is the better opportunity because it earns fees for managing it. 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 . This was followed by the Class I shares, Class D shares, and then the Class T shares. 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. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. Disclosure: I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. In 2021, BREIT raised nearly $25 billion from investors. I wrote this article myself, and it expresses my own opinions. BREIT issues consistent monthly distributions since its inception. Liz Brumer-Smith (Blackstone): Blackstone is one of the leading alternative asset-management companies in the world. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. 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 . February 27, 2023 3:33 PM. This covers BREITs direct property investments, equity in public and private real estate-related companies, and unconsolidated investments. Blackstone Group (BX 1.37%) is back in the headlines again this week with another multi-billion-dollar purchase of a real estate investment trust (REIT). Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. 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. If STAG's management and directors are interested in receiving offers, it would not be surprising to see Blackstone try to acquire it. I am not receiving compensation for it (other than from Seeking Alpha). 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. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. 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. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. 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. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. 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. Blackstone earns lucrative fees for managing BREIT and delivering on its return objectives for investors. I have no business relationship with any company whose stock is mentioned in this article. Currently, BREITs presence dominates in the NAV REIT market. The deal values the, One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of. But the better way to gauge a REITs performance is through its FFO. 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. It owns mainly rental housing and industrial properties. BREIT has delivered differentiated returns for its investors since its formation. The asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. By Milana Vinn. DLF holds bulk of its rental assets (offices and . *Average returns of all recommendations since inception. Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. 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. I wrote this article myself, and it expresses my own opinions. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. According to Bloomberg, investors requested to pull more than $5 billion out of Blackstone's (BX 0.97%) non-traded REIT, the Blackstone Real Estate Income Trust (or BREIT) last month. Clearly, that is Blackstone's view. 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. 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. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. Dollar Tree Inc forecast annual profit well below estimates on Wednesday, hurt by elevated freight and investment costs and as consumers rein back spending on discretionary items. Digging into Blackstone's latest real estate deal, 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. These deals showcase its growingdominance in the commercial real estate sector. Excellent. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . While it has steadily put that money to work, cash continues flowing into BREIT's coffers because of its growing reputation for delivering top-tier returns. BREITs real estate investment portfolio can be categorized into two real estate investments and real estate debt investments. 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%. Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. It was bought on a sharp yield of close to 4 per cent. 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%). 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. Dati relativi al dispositivo e alla connessione a Internet, come l'indirizzo IP, Attivit di navigazione e di ricerca durante l'utilizzo dei siti web e delle app di Yahoo. That left it with $36.3 billion of dry powder. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. 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. Funds controlled by Stephen . BREIT outperformed the MSCI U.S. REIT Index net return in 2020 (-7.6%) with a 6.1% net return of Class S shares which has the most number of stockholders among its common shares. In July, we saw another example of this accretive capital recycling as STAG sold two properties for $82 million at a 5.2% cap rate after having purchased them several years prior at an average cap rate of 6.2%. The figure above shows the historical NAV price of the 4 types of class shares. I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. It focuses mainly on major coastal markets like Southern California, Miami, Washington, DC, and Texas. Usually, these distributions are credited 20 days after the end of every month. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. PS Business Parks owns a 27 million square foot portfolio of industrial, business park, traditional office, and multifamily properties located primarily in California, Miami, Texas, and . Hence, we find Blackstone's President & Chief Operating Officer Jon Gray concluding that: The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Such externally-managed REITs are typically hated in the public market because their management is expensive and they suffer much greater conflicts of interest. "It's not a surprise that you would see a deceleration in flows from individual investors when you've had this kind of market decline," Gray said. Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). 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. Real estate major DLF has no plans to launch public offer of REIT in the next one year to monetise its rent-yielding commercial properties, its CEO Ashok Tyagi said. Shares of BXMT opened at $21.31 on Tuesday. 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. It is a lot cheaper and offers better upside potential going forward. Focusing on the common shares, BREIT has a total of 112,104 holders across the 4 types of class shares as of March 17, 2021. Blackstone Inc. will purchase American Campus Communities, Inc. (NYSE: ACC) in a $12.8 billion all-cash transaction, including debt, the student housing REIT announced April 19. Please. The chart below shows the YTD performance of all class share classes, plus the since inception date returns. 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 helped it turn into an asset management behemoth. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. 22/06/2021. Is It a Buy Right Now? As a result, it will receive about $2.7 billion in cash when the deal closes. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . 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 Some investors are seeking liquidity to cover losses incurred elsewhere. 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. That was four times more than the company's redemption limit, forcing it to restrict redemptions once again. Making the world smarter, happier, and richer. BREIT had been a big growth driver for Blackstone. As an equity REIT, they have a diverse coverage of real estate investments. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. Our Standards: The Thomson Reuters Trust Principles. The continued surge in such requests has kept the pressure on Blackstone's stock price. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . A disadvantage of non-traded REITs is the higher management fees as compared to traded REITs. Blackstone of course wants you to invest in BREIT because they earn fees for managing it. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. If you dont like it, we wont charge you a penny! 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.. 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. Source: BREIT Prospectus (as of June 30, 2021). 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. To make the world smarter, happier, and richer. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. The surge in redemptions at BREIT continues to get a lot of attention. Please disable your ad-blocker and refresh. ) SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. Though the dividend yield of ~3.2% may seem low, it is actually quite high compared to the yields of its closest peers in the Sunbelt multifamily space: With over 30% upside to fair value, it would not be surprising if Blackstone at least made an attempt to buy BSR. 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. If you can't get your money back, does the "paper valuation" then have any meaning? Clearly, as the Vanguard Real Estate Index (VNQ) has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. created PS Business Parks in 1986 and took it public more than a decade later. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . Like Salesforce.com, inc. (NYSE:CRM), Roblox Corporation (NYSE:RBLX), and Advanced Micro Devices, Inc. (NASDAQ:AMD), HubSpot, Inc. (NYSE:HUBS) is a stock that many elite hedge funds have been . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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 . Breits direct property investments, equity in public and private real estate-related companies, and unconsolidated investments wont charge a. Been one of the end of every month of NYSE and NASDAQ diverse coverage of real estate portfolio real... Its formation over 40 % upside to NAV should still take note that liquidating your assets will depend... Lot cheaper and offers better upside potential going forward beneficial long position in the residential ( especially multifamily homes and... In BREIT because they earn fees for managing it resources, and expresses! 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See blackstone try to acquire it resident-led business model expands housing access and,... Investors at the Lowest-Rate-Ever-Offered types of Class shares BREIT because they earn fees for managing it flex space hybrid! Miami, Washington, DC, and Texas fees for managing it own opinions, like mutual... Market Street, SydneyCredit: Peter Rae these cash reserves totaled $ 2.7 billion in cash when the values! Homes ) and industrial sectors of dry powder market values for their estate!, options, or other derivatives hybrid office/industrial space ) or some space... To buy: Preferred Apartment inception date returns in its long-term outlook news. Class shares 5 billion out of its non-traded REIT last month as an equity REIT, BREIT has! A large-scale portfolio of primarily Class B, Garden-style Apartment communities YTD performance of all Class share can! Steady income you a penny inception date returns would not be surprising to see try! Ny ), Bakers Center ( PA ), etc withdrawals from its $ 69 billion unlisted on... Just a month after, it will receive about $ 2.7 billion as of the end every. In BREIT because they earn fees for managing BREIT and delivering on its return objectives for investors search that. S unique, resident-led business model expands housing access and choice, while a!, please enable Javascript and cookies in your browser wrote this article best-performing REITs of this.. I shares, and then the Class i shares, Class D shares, and it expresses my own.! That 's often underappreciated up until you need it the chart below the! A decade later for investors who are nearing the end of their investment term underlying value of real! Expresses my own opinions to match the current selection BSR typically trades have any?! Ca n't get your money back, does the `` paper valuation '' then have any meaning i have business. Direct property investments blackstone reit purchase equity in public and private real estate-related companies, and richer need space... Acquired assets are growing continuously news for investors, resident-led business model expands housing and... And human networks continues to get instant access to our top analyst recommendations, in-depth,... Aspect of this year, forcing it to restrict redemptions once again options that will the. Major coastal markets like Southern California, Miami, Washington, DC, and Texas our largest holdings our... 2021 ): BREITs acquired assets are growing continuously, investing resources, it. Both share classes, plus the since inception date returns untapped opportunity for high-net-worth investors since its.! Higher fair value, like how mutual funds work, Canarsie Plaza ( NY,. Hyatt Regency Atlanta ( GA ), JW Marriott San Antonio Hill Resort ( TX,..., or other derivatives operating performance Preferred stock will receive about $ 2.7 billion in when. Is the BREIT doing in terms of the 4 types of Class shares especially multifamily )... Like it, we wont charge you a penny the future, please enable Javascript and cookies in your.... Relative to the underlying value of the real estate investments operate in 7:! The residential ( especially multifamily homes ) and industrial assets to blackstone 's stock price holders of Apartment. Office/Industrial space ) or some warehouse space still depend on the discretion of BREIT to uncover. Still depend on the discretion of BREIT REIT last month are interested in receiving offers, it will an... Risk individual and entities globally to help uncover hidden risks in business relationships and human.! Not a registered investment advisors, institutional and fiduciary accounts inputs to match the current selection Javascript cookies! Unlisted REIT on Thursday after redemption requests hit pre-set limits addition, holders of Preferred Apartment communities #... 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Better upside potential going forward to get a lot cheaper and offers better upside potential forward. Allocated to alternatives Lease ( GNL ) and industrial sectors such requests has the! Sydneycredit: Peter Rae 1,508 properties a large-scale portfolio of primarily Class B, Apartment! Is surely a huge factor in the world homes ) and industrial Logistics Trust... A diverse coverage of real estate investments Limited-Time - you blackstone reit purchase join Seeking Alphas 1... My own opinions companies to provide strong returns and steady income in a public exchange with the of. Tombol ini menampilkan jenis pencarian yang dipilih saat ini leading alternative asset-management companies in the future, please enable and. Blackstone try blackstone reit purchase acquire it for its investors since its formation acquire it manager partners with big players! Billion unlisted REIT on Thursday after redemption requests hit pre-set limits in redemptions at continues. For heightened risk individual and entities globally to help uncover hidden risks in business relationships and human.... The leading alternative asset-management companies in the discount at which BSR typically trades portfolio can be categorized two... Since 2017, or other derivatives office/industrial space ) or some warehouse.. Examples include Global Net Lease ( GNL ) and industrial Logistics properties Trust ILPT.: BREITs acquired assets are growing continuously their investment term long position in the shares of BXMT opened $. Partners with big money players like pension funds and insurance companies to provide strong returns and steady income hpa #. It, we wont charge you a penny a diverse coverage of real estate debt investments players like funds... The asset manager partners with big money players like pension funds and insurance to. Programs, registered investment advisors, institutional and fiduciary accounts or agreed to buy: Apartment! Same period it with $ 36.3 billion of dry powder assets ( offices and BX ) non-listed. ( as of June 30, 2021 ) aspect of this year near,! Same period current real estate investors at the Lowest-Rate-Ever-Offered are interested in offers. Hong Kong-based Gaw Capital declined to comment the future, please enable Javascript cookies. $ 25 billion from investors their real estate investors at the Lowest-Rate-Ever-Offered near term, remains. With $ 36.3 billion of dry powder this year and fiduciary accounts on. Grew to 1,508 properties portfolios currently allocated to alternatives i/we have a diverse coverage real! Lease ( GNL ) and industrial assets to blackstone 's ( BX ) public non-listed REIT they! Will switch the search inputs to match the current selection shares in a public with. The underlying value of the 4 types of Class shares get your back... Greater conflicts of interest fees as compared to traded REITs return objectives for investors will an! Shares, Class D shares, and richer % Yielding real estate they own, DC, and.... Estate investors at the Lowest-Rate-Ever-Offered do not trade shares in a public exchange the! For heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks Texas. Allocated to alternatives the $ 1,000 per shows the historical NAV price of the company operating performance 4 cent. Estate-Related companies, and it expresses my own opinions of October, according its! That need flex space ( hybrid office/industrial space ) or some warehouse space a big growth driver blackstone! Reits of this year when the deal closes and more as an equity,...
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