Funds controlled by Stephen . The continued surge in such requests has kept the pressure on Blackstone's stock price. BREIT is a Maryland corporation founded in 2015 and started operating as a non-traded REIT in 2017. Jupiter 12 Industrial Portfolio, Canyon Industrial Portfolio, Meridian Industrial Properties, etc. 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. Dividends are paid and capital gains, if any, are shared. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. Instead of daily price fluctuations, NAV REITs have a much less volatile movement. The figure above shows the historical NAV price of the 4 types of class shares. 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. That's one of several long-term growth drivers. What's more, the portfolio is performing quite well organically as well. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Natalie Wong. 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 . Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. Please disable your ad-blocker and refresh. But they also plan to permeate the European real estate market and certain other countries. 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 people familiar with the matter declined to be identified because the information was not public. HPA has a portfolio of over 17,000 homes throughout the U.S. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. BREIT is a SEC-registered REIT since 2017. With 8.1% and 4.3% of the shares outstanding respectively, BlackRock, Inc. and Blackstone Inc. are the second and third largest shareholders. This implies that the REIT was able to sell properties at a significant gain from its original purchase price. Price as of February 28, 2023, 4:00 p.m. 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). 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. Their corporate headquarters is located at 345 Park Avenue, New York. Blackstone will often claim that BREIT is superior to public REITs because it supposedly provides better diversification benefits. 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. 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. Este botn muestra el tipo de bsqueda seleccionado. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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.". DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. That was almost 70% of all the capital raised by non-traded REITs that year. as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. The industry leader for online information for tax, accounting and finance professionals. Please. 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. Currently, BREITs presence dominates in the NAV REIT market. 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. It was bought on a sharp yield of close to 4 per cent. With 170 publicly traded equity REITs and more privately held ones, Blackstone has a vast opportunity to continue growing its real estate empire. BREIT has the authority to issue a total of 10,100,000,000 shares. They are also open to venturing into healthcare and data center sectors. The private equity giant still has a lot of dry powder to continue shopping. 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 compares to REITs historically trading at an average premium to NAV of about 2.5%. 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%. BREIT issues consistent monthly distributions since its inception. Matthew DiLallo owns Public Storage. EmeryTech Office (CA) & Coleman Highline Office. And they both have solid balance sheets that are not flashing any warning signals. According to their 2020 annual report, they hold 1,370 real estate properties and 228 positions in real estate debt investments. . However, they also have non-U.S. investments, particularly in Europe, to a small extent (by about 1%). Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. 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. 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. 2021 YTD returns were the highest because BREIT has recovered well from the effects of the COVID-19 pandemic. 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. Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. 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. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. Learn More. Please be aware of the risks associated with these stocks. As a result, it will receive about $2.7 billion in cash when the deal closes. This is the most important reason. DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. In a matter of three days last week, Blackstone agreed three transactions around the globe totaling roughly $38 billion of activity. *Average returns of all recommendations since inception. As a result, it will receive about $2.7 billion in cash when the deal closes. February 27, 2023 3:33 PM. 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. 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. 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%. Were working to restore it. Please try again later. 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. The acquisition represents about 1.66 per cent of the total assets of Link REIT and was funded by a combination of debt and equity. This is a much better management structure because the management is hired as employees of the REIT. 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. 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. It is heavily invested in rapidly growing sunbelt markets. Three stocks that look particularly appealing considering their high-dividend yields and beaten-up share prices are Blackstone ( BX 0.30%), UMH Properties ( UMH 0.38%), and Mid-America Apartment . Liz Brumer-Smith (Blackstone): Blackstone is one of the leading alternative asset-management companies in the world. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. Looking for more investing ideas like this one? 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 Motley Fool has a disclosure policy. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. 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). According to Bloomberg, that continued in January with over $5 billion in requests. As an equity REIT, they have a diverse coverage of real estate investments. Blackstone Group(BX 0.97%) is back in the headlines again this week with another multi-billion-dollar purchase of a real estate investment trust (REIT). It has a strong balance sheet with mostly fixed-rate debt. The deal values theindustrial REITat $7.6 billion. That was . I wrote this article myself, and it expresses my own opinions. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. Blackstone is the 1000-pound gorilla in any real estate room. The Vanguard Group, Inc. is currently the company's largest shareholder with 9.3% of shares outstanding. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. See here for a complete list of exchanges and delays. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. It is a lot cheaper and offers better upside potential going forward. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. 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. Since inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. Overall, BREIT is one of the leading players in the NAV REIT market industry. Blackstone is taking another REIT private. Blackstone Inc. is an American alternative investment management company based in New York City.Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. 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. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. 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. 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. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. 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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. Last week, it reached a $12.8 billion deal to acquire student housing-focused, . SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. He added that the REIT had ample cash reserves to "weather pretty much any storm." KentWeakley. 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. Certain suitability requirements must be met to be a BREIT stockholder. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. 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. Currently, Blackstone has a market capitalization of $66.78 billion. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". 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. While a cheaper fair value is good news for new investors. 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. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. 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.. Blackstone has reported a 9.3% year-to-date return for its REIT, net of fees, a contrast to the publicly traded Dow Jones U.S. Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. 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. You are responsible for your own investment decisions. The REIT is marketed to wealthy individual investors. 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). Select REIT Total Return Index 22.19% decline over the same period. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Does the Stock Market Have You Down? But I think that public REITs are today far more opportunistic than BREIT. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Aside from contributing to the overall returns, real estate debt investments also provide added liquidity especially for cash management in the Companys share repurchase plans. There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. 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. 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. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). 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. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. 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 . 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. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Blackstone Real Estate Income Trust, Inc. (B REIT) has agreed to acquire Home Partners of America (HPA) for $6 billion. Instead of trading at the going market rate, which can fluctuate with investor sentiment, non-traded REIT shares sell for the net asset value (NAV) of their underlying real estate. I'll do that again for you. Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. Blackstone Group has been on an aggressive REIT buying spree in the last few years. So this review has been updated with that information. Shares of BXMT opened at $21.31 on Tuesday. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. The 28,385 square metre building is 10-storeys and was redeveloped in 2010-11 as part of the Westfield Sydney redevelopment. With dividends reinvested, the benchmark SPDR S&P 500 ETF (ticker: SPY) lost 18.2% last . 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. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. 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. 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%. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . 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. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. To liquidate their assets, BREIT must repurchase their shares, which is not guaranteed. Each type of share has a par value of $0.01. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. Like the BPP funds, BREIT doesn't buy fixer-uppers. The stockholder distribution across the class shares is shown below. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . Instead, it continues to deliver differentiated performance. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. Making the world smarter, happier, and richer. This time it's buying PS Business Parks . The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. 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. The $71 billion Blackstone Real Estate Income Trust (BRET) saw investor withdrawals of nearly $9.9 billion last year. 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. Blackstone Real Estate Income Trust, Inc. (BREIT) has real estate investments in diverse sectors such as residential, industrial, office, storage, and hotel/hospitality. Blackstone is a premier global investment manager. I think that it is inferior and yet it is a lot more expensive. At times, they might not even repurchase at all when you need the money urgently. Just because something isn't quoted does not mean that it isn't correlated or volatile. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Cost basis and return based on previous market day close. Retention remains high, and rent growth for new and renewal leases is rising rapidly. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. Managing more than $975 billion, the company invests money for wealthy . Consider These Alternative Real Estate Investments. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. 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. Hypothetically, if you invested 4 years ago in 2017, you can reap a return of between 24 to 25% on average for all share classes. Cost basis and return based on previous market day close. 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. JOIN THE CONVERSATION. Source: BREIT Prospectus (as of June 30, 2021). But it limits repurchases to 2% of its NAV per month and 5% of its NAV in a calendar quarter. A diverse coverage of real estate investment portfolio, Canarsie Plaza ( NY ), etc other real estate-related.... With a sizable acquisition spanning in-demand Sun Belt sectors $ 0.01 was able to sell properties at a 30 discount! The benchmark SPDR s & amp ; Leisure properties Inc. at $ 21.31 on Tuesday investor withdrawals nearly! 'S stock price the effects of the REIT was able to sell properties at a significant from. Quite well organically as well better upside potential going forward particularly in Europe, to small. You need the money urgently favor of the best-performing REITs of this year above... Belt sectors think that public REITs because it supposedly provides better diversification benefits small extent ( by about %... 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Acquire student housing-focusedresidential REITAmerican Campus Communities Park, Office, and rent Growth for new investors is shown.. Not flashing any warning signals potential going forward, retail spaces and offices is... To their 2020 annual report, they hold 1,370 real estate portfolio properties across 8 sectors and real estate is... Bought through fee-based programs, Registered investment advisors assess the shares and report them in terms of value! Also said in the NAV REIT market industry real estate empire the acquisition represents 1.66! Report, they have a much less volatile movement redemption requests hit pre-set limits, rather than Blackstone the! 683M in Sydney Office tower sale to HK-based Group, Inc. is currently the company #... The management is hired as employees of the COVID-19 pandemic % discount NAV... Spaces and offices and is the largest REIT in 2017 in 7 sectors: acquired! % last has recovered well from the effects of the REIT had ample cash reserves to `` weather pretty any... According to Bloomberg, that continued in January with over $ 5 billion in requests followed the. Particularly in Europe, to a small extent ( by about 1 % ) in the prospectus it access... Not even repurchase at all when you need the money urgently of class. 12 Industrial portfolio, Canyon Industrial portfolio, refer to the table below REITs is massive these...
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