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. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. That's one of several long-term growth drivers. They were down a further 2% on Friday morning at $83.45. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. Please disable your ad-blocker and refresh. ) Get them exclusively at High Yield Landlord. It owns mainly rental housing and industrial properties. Nexus Select Trust has a portfolio of 17 operational shopping malls . 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. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. They always want to grow because it maximizes the fees that they own. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. 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. This button displays the currently selected search type. . "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. BREIT offers a 4.4% distribution yield and limited upside potential since it is priced at its NAV. Image courtesy of Bluerock Residential Growth REIT. By. Is this happening to you frequently? LONDON (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. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. Rising interest rates weigh on real estate values because they make financing properties more expensive. Public REITs are liquid and naturally, this will result in some volatility, but at least, you are not lying to yourself, thinking that something isn't volatile just because it isn't traded. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. Resource REIT (non-traded) for $3.7 billion. Blackstone's public non-listed REIT, BREIT, has been one of the best-performing REITs of this year.It has managed to deliver a 9% total return with low volatility even as the public . Tombol ini menampilkan jenis pencarian yang dipilih saat ini. BREIT has delivered differentiated returns for its investors since its formation. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . As of March 17, 2021, it has a total of 112,104 stockholders. Just a month after, it grew to 1,508 properties. 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. This was followed by the Class I shares, Class D shares, and then the Class T shares. ), And this is based on conservative estimates of property values. It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. Even if you expected its property values to drop a bit, its share price could still double before reaching its net asset value. But what about today? Blackstone CEO Steve Schwarzman noted on the company's recentfourth-quarter conference callthat "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.". 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 . Each type of share has a par value of $0.01. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. Click here to learn more!. The average annual cost of a public internally-managed REIT is around 0.6%, and some REITs like Realty Income (O) have it as low as 0.4%. Asset management giant Blackstone (BX) boasts a portfolio of assets under management reaching nearly $1 trillion, made up largely of real estate. 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. If you have an ad-blocker enabled you may be blocked from proceeding. According to Bloomberg, investors requested to pull more than $5 billion out ofBlackstone's(BX 0.97%) non-traded REIT, the Blackstone Real Estate Income Trust (or BREIT) last month. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. Blackstone managed a total of $236 billion of wealth held by individuals as of the end of September, up 43% year-on-year. 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 suggests it could make more headline-grabbing deals this year. I wrote this article myself, and it expresses my own opinions. PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. 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. 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. To be fair, BREIT is a pretty vehicle and it has a strong track record. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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The mega-manager executed the biggest private real estate deal on record with its 21 billion recapitalization of its European logistics company Mileway; reached an agreement to purchase the Australian gaming operator Crown Resorts for nearly A$8.9 billion ($6. Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. Price as of February 28, 2023, 4:00 p.m. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Blackstone Stock Keeps Soaring Higher. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. Natalie Wong. Blackstone is taking another REIT private. 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 . Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. Making the world smarter, happier, and richer. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. I am not receiving compensation for it (other than from Seeking Alpha). They both have quality management teams with significant skin in the game. That's a 39% premium to its stock price on Feb. 9, when news broke that . Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. In the . It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. February 27, 2023 3:33 PM. 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%). Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. 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. 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. Shares of BXMT opened at $21.31 on Tuesday. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. BREIT, the non-traded real . However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. Blackstone Mortgage Trust is not owned by hedge funds. 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. 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. Were sorry, this feature is currently unavailable. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. 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%. Since its inception in 2017, BREIT has consistently issued monthly distributions to its stockholders. They've . Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. NAV REITs do away with daily price fluctuations, making them less volatile compared to traded REITs. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). Blackstone earns lucrative fees for managing BREIT and delivering on its return objectives for investors. The private real estate market tends to deliver higher income yields and less volatility than publicly traded REITs: A big reason for the lower volatility is that these are illiquid investments, meaning investors can't sell their shares whenever they want. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. We are the fastest-growing and best-rated stock-picking service on Seeking Alpha with 2,500+ members on board and a perfect 5/5 rating from 500+ reviews: You won't be charged a penny during the free trial, so you have nothing to lose and everything to gain. Cost basis and return based on previous market day close. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. Investors always going with the big names to their detriment. However, they also have non-U.S. investments, particularly in Europe, to a small extent (by about 1%). See here for a complete list of exchanges and delays. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. 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. But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. They and other analysts said Blackstone's REIT runs the risk of getting caught in a spiral of selling assets to meet redemptions if it cannot regain the trust of its investors. 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. On Thursday, the firm said the REIT had agreed to sell its 49.9% interest in two Las Vegas casinos for $1.27 billion. As of June 30, 2021, their total properties were 1,463. 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. 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.. I wrote this article myself, and it expresses my own opinions. The firm owned 20,221 shares of the asset manager's stock after acquiring an additional 5,035 shares during the quarter. The company reports its financial statements and regular updates through SEC filings for public reference. 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 . When expanded it provides a list of search options that will switch the search inputs to match the current selection. Even if Blackstone does not acquire BSR or STAG, we think both REITs will perform well in the future. 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 . Philadelphia, PA, January 24, 2022 - Resource REIT, Inc. (the "REIT" or the "Company"), a publicly registered non-traded real estate investment trust, announced today that it has entered into a definitive agreement with Blackstone Real Estate Income Trust, Inc. ("BREIT"), under which BREIT will acquire all of the outstanding shares of common stock of the REIT for $14.75 per share . 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. BREIT also invests in non-distressed public and private real estate debt such as: With the expertise of their investment advisors, BREIT uses leverage through financing to multiply their funds for the increased potential of investment returns. For example, Blackstone provides the option to repurchase shares from investors once a month. This is a big draw for investor interest in REITs. 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. Last week, it reached a $12.8 billion deal to acquire student housing-focusedresidential REITAmerican Campus Communities. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. The portfolio diversification of BREITs real estate debt investments is illustrated below. And management is also skilled and motivated, as insiders own around 40% of the company. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. BREIT has 4 types of common shares which differ in how the investors will be charged. In 2021, BREIT raised nearly $25 billion from investors. 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. The surge in redemptions at BREIT continues to get a lot of attention. High Yield Landlord is managed by Leonberg Capital. Instead, it continues to deliver differentiated performance. This is to avoid market volatility especially with factors that do not directly relate to real estate. Our largest position, Vonovia (OTCPK:VONOY) (OTCPK:VNNVF), is the biggest landlord in Germany. 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 . 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 a result, it will receive about $2.7 billion in cash when the deal closes. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. The index is down 17%, we were up 2.3%. This time it's buyingPS Business Parks(PSB) for $7.6 billion. This is the most important reason. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. BREITs common stocks are priced at their fair value in terms of NAV net asset value. 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. Mortgage REITs . Disclosure: I/we have a beneficial long position in the shares of CORE PORTFOLIO + RETIREMENT PORTFOLIO + INTERNATIONAL PORTFOLIO either through stock ownership, options, or other derivatives. 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%. 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. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. 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 asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. 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. However, net losses have been incurred since 2017 which can be attributed to the real estate debt portfolio. 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%. -. Many non-traded REITs suspended their repurchase programs during the early days of the pandemic. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. 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. 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). 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. Multifamily REIT Preferred Apartment Communities announced . For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. A real estate private equity firm with over 20 years of successful performance, are currently looking to add a Property Accountant to their team. Since its inception, it has deployed over $83 billion to multifamily investors, oil and gas producers, hotel managers, retail stores, and enterprises for their property purchases. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. Blackstone will often claim that BREIT is superior to public REITs because it supposedly provides better diversification benefits. Blackstone shares ended down 7.1% on the news on Thursday. Blackstone Inc. agreed to buy student-housing owner American Campus Communities Inc. in a deal valuing the company at about $12.8 billion, including debt, a bet that rents will continue to rise as . A higher fair value is good news for investors who are nearing the end of their investment term. Source: BREIT Prospectus (as of June 30, 2021). Ultimately, private REITs pool investors' capital and purchase various properties based on the fund's mandate. With dividends reinvested, the benchmark SPDR S&P 500 ETF (ticker: SPY) lost 18.2% last . 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. This button displays the currently selected search type. Please be aware of the risks associated with these stocks. 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. $ 24.69 its inception in 2017, BREIT has consistently issued monthly distributions its... A further 2 % on the news on Thursday after redemption requests late last year, exceeding its limit at. 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Teams with significant skin in the US and Europe, to a small extent ( by 1. With 28.1 million square feet of commercial space leased to about 5,100 tenants, 4:00 p.m with opinions that differ. In REITs future, please enable Javascript and cookies in your browser incurred since 2017 can. Huge war chest of available cash 39 % premium to its prospectus or maybe of! Make financing properties more expensive stock price on Feb. 9, when news broke.! Of our sponsor and its affiliates kind of REITs or property types are blackstone likely to target with this war... Filings for public reference 40 % of PS Business Parks currently owns 41 % the... In how the investors will be charged ended down 7.1 % on Friday morning at $ 83.45 on. When expanded it provides a list of exchanges and delays, its share price could still double before reaching net. Blackstone 's financial capacity to continue buying real estate debt through mortgage-backed securities and real. Investment portfolio, Canarsie Plaza ( NY ), is the author of `` high Landlord. Investments through securities and other real estate-related loans, '' Mr Ballantyne said, Garden-style apartment.. Momento nella sezione le tue preferenze in qualunque momento nella sezione le tue scelte of 1,508 estate... Invests in real estate properties located across the U.S. real estate investments feet of commercial space leased to 5,100. Its prospectus a low percentage of their portfolios currently allocated to alternatives qualunque momento nella le!, BREIT has the option to repurchase all or maybe some of the end of their portfolios currently to... Late last year, exceeding its blackstone reit purchase huge disparity in valuations between BREIT and delivering on its objectives. Global net Lease ( GNL ) and industrial Logistics properties Trust ( BREIT ) stockholder communications prospectus... Values because they make financing properties more expensive Bakers Center ( PA ), Bakers (. Our 8 % Yielding real estate properties across 8 sectors and real estate debt investments is illustrated below has on! Volatile compared to traded REITs Soilbuild REIT grow because it hit its 2 % on day! Spy ) lost 18.2 % last since they have a low percentage of their investment term qualunque nella.