This was followed by the Class I shares, Class D shares, and then the Class T shares. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. "These all will continue put pressure on Blackstone's premium valuation," they wrote. By Milana Vinn. 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. So this review has been updated with that information. 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. Even if Blackstone does not acquire BSR or STAG, we think both REITs will perform well in the future. I am not receiving compensation for it (other than from Seeking Alpha). Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. From the past metric performance, BREIT has had a good run since its inception in 2017. Write by: See here for a complete list of exchanges and delays. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. (Reuters) - Cvent Holding Corp, a U.S. software provider that facilitates in-person and virtual meetings, has rejected a $3.9 billion acquisition offer from buyout firm Blackstone . 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. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. I wrote this article myself, and it expresses my own opinions. But the better way to gauge a REITs performance is through its FFO. That was four times more than the company's redemption limit, forcing it to restrict redemptions once again. This means you can buy real estate at 50 cents on the dollar through the public market. The private equity giant still has a lot of dry powder to continue shopping. Blackstone is a premier global investment manager. I wrote this article myself, and it expresses my own opinions. 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. KentWeakley. 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. Invest better with The Motley Fool. 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. as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. Invest better with The Motley Fool. 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. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . 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. . 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. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Two sources familiar with the matter said turmoil in Asian markets, fueled by concerns about China's economic prospects and political stability, contributed to the redemptions. A minimum investment of $2,500 for Classes T, S, and D common stocks, A minimum investment of $1M for Class I common stock (unless waived by the dealer manager), Either a net worth of at least $250,000, or a gross annual income of at least $70,000 with a net worth of at least $70,000, Certain suitability standards for select states, Commercial mortgage-backed securities (CMBS), Residential mortgage-backed securities (RMBS), Equity interests from public and private companies that invest in real estate debt, Collateralized debt and loan obligation vehicles. So far, its highest total net distribution (includes deductions of corresponding fees already) was Class I shares in FY 2019. Plus, the REIT has over 40% upside to NAV. 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. And apparently this is the new target. Does the Stock Market Have You Down? However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. These deals showcase its growingdominance in the commercial real estate sector. Currently, Blackstone has a market capitalization of $66.78 billion. I think that it is inferior and yet it is a lot more expensive. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. But what about today? And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. 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. 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. created PS Business Parks in 1986 and took it public more than a decade later. Were working to restore it. 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. Blackstone Real Estate Income Trust Inc. agreed to buy Resource REIT Inc. in a deal valued at $3.7 billion, expanding its bet on U.S. rental housing. 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). 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 Blackstone has earned a reputation for being one of the top real estate investors in the world. Matthew DiLallo has positions in Blackstone and has the following options: short June 2023 $60 puts on Blackstone. The company has a market cap of $3.67 billion, a P/E ratio of 14.90 and a beta of 1.31. 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. 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. 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. Managers of non-traded REITs often offer their investors limited liquidity. Receive at least 75% of gross income from real estate, such as real property rents . *Average returns of all recommendations since inception. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . What's more, the portfolio is performing quite well organically as well. New York, June 22, 2021 - Blackstone Real Estate Income Trust, Inc. ("BREIT") announced today that it has entered into a definitive agreement to acquire Home Partners of America ("HPA"), valuing the company at $6.0 billion. Yahoo fa parte della famiglia di brand di Yahoo. Notes: Class D shares dont include the upfront 1.5% sales charge at initial subscription yet. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. 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 sale will be a much-needed shot in the arm for the office sector which has seen commercial real estate investment falling sharply in the first quarter of 2020 to $3 billion from $15.9 billion in the previous quarter. BREIT issues consistent monthly distributions since its inception. Class S shares were the first issued common stock of BREIT in 2017 at $10. 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. Image courtesy of Bluerock Residential Growth REIT. Last week, it reached a $12.8 billion deal to acquire student housing-focused, . 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. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. You can buy or sell with minimal fees with just a few clicks of mouse. Funds controlled by Stephen . 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). 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 . 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. As the current headwinds fade, the company's BREIT should become a growth driver again. DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. 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. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. In addition, it had commitments to deploy another $9.4 billion across its public U.S. REIT privatizations and a deal to buy an Australian casino operator. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. 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. 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). We do not believe it is a good idea to buy a REIT simply because it looks like an attractive buyout prospect for big-money asset managers and private real estate funds. To make the world smarter, happier, and richer. The Motley Fool has a disclosure policy. However, it recovered by the end of 2020 and soared in the first half of 2021. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. BREIT has a diverse real estate property portfolio. 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. . While commercial real estate itself is performing extraordinarily well this year and retaining its value, publicly traded REITs have shed around 20% of their value and now mostly trade at discounts to NAV. 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. Its president Jonathan Gray was elevated and made successor to Chief Executive Stephen Schwarzman as a result of his success in property investing. 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. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . A real estate private equity firm with over 20 years of successful performance, are currently looking to add a Property Accountant to their team. Blackstone has outperformed the market over the past 15 years by 5.0% annually. Matthew DiLallo owns Public Storage. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. Source: BREIT Fact Card (as of July 2021). I think that the risk-to-reward of these discounted public REITs are far better. Dividends are paid and capital gains, if any, are shared. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. Nexus Select Trust has a portfolio of 17 operational shopping malls . What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? 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. As an equity REIT, they have a diverse coverage of real estate investments. Blackstone Real Estate Income Trust, Inc. (BREIT) has real estate investments in diverse sectors such as residential, industrial, office, storage, and hotel/hospitality. All quotes delayed a minimum of 15 minutes. Contrary to traded REITs, BREIT invests in perpetual-life REITs wherein NAV prices are valued daily or monthly with a limited liquidity period. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). This is the most important reason. 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. To get back to Vonovia: it is priced at a 7% dividend yield and just 1/3 of the value of its real estate, net of debt. This is why they are today two of our largest holdings in our Core Portfolio. Were sorry, this feature is currently unavailable. This kind of discount would imply either that BSR's property portfolio is sub-par, that its management is unskilled or conflicted, or that its balance sheet is weak, none of which are the case. But they also plan to permeate the European real estate market and certain other countries. They earn income by leasing out rental spaces to clients. 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. Jika diperluas, akan tampil daftar opsi pencarian yang akan mengganti input pencarian agar sesuai dengan pilihan saat ini. BREIT is an externally-managed REIT. If you can't get your money back, does the "paper valuation" then have any meaning? However, it recovered by the end of 2020. 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 . That left it with $36.3 billion of dry powder. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. BREIT should trade at a lower valuation than public REITs given that it is illiquid, externally managed, and lacks specialization, but against all odds, it is today priced at a large premium. The chart below shows the YTD performance of all class share classes, plus the since inception date returns. 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. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. Since its inception in 2017, BREIT has consistently issued monthly distributions to its stockholders. It was bought on a sharp yield of close to 4 per cent. 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. For example, Blackstone provides the option to repurchase shares from investors once a month. The trust's managers said last month they were reviewing options after receiving an unsolicited expression of interest to buy out all its stapled securities. Thatstunning outperformance continued last year as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . 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. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. Source: BREIT Prospectus (as of June 30, 2021). 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. 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. The Motley Fool has positions in and recommends Blackstone. 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 . 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. 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. Clearly, the company will buy whatever it views as the most attractive viable deal. Multifamily REIT Preferred Apartment Communities announced . I explain why I think that public REITs offer far better risk-to-reward going forward. ), And this is based on conservative estimates of property values. 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 . Florence Chong speaks to Anil Reddy You need to be a registered user to read this content 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. That was almost 70% of all the capital raised by non-traded REITs that year. The deal values theindustrial REITat $7.6 billion. This is a big draw for investor interest in REITs. In a regulatory filing last month, Blackstone said that it has secured $24.1 billion of commitments for its latest real estate fund called Blackstone Real Estate Partners X. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. The stockholder distribution across the class shares is shown below. Price as of February 28, 2023, 4:00 p.m. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. 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. 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. Each type of share has a par value of $0.01. 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. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. HPA has a portfolio of over 17,000 homes throughout the U.S. 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. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. 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 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. CRE Herald. Click here to learn more!. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. "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. Even if you expected its property values to drop a bit, its share price could still double before reaching its net asset value. 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