It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. 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. 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. Cost basis and return based on previous market day close. 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. The sale was part of Blackstone's acquisition of the Scentre Group office portfolio in August 2019 and Link's financing was completed late last week. Select REIT Total Return Index 22.19% decline over the same period. 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. Clearly, that is Blackstone's view. 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). Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. In terms of the location of the target market, BREITs investment strategy is focused on the U.S. market. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. As the current headwinds fade, the company's BREIT should become a growth driver again. 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. Investors always going with the big names to their detriment. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. These deals showcase its growing, dominance in the commercial real estate sector, However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. [added emphasis]. It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. 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.". 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. This was followed close behind by Class I shares at $12.9/share. has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. 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. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. Blackstone of course wants you to invest in BREIT because they earn fees for managing it. Like the BPP funds, BREIT doesn't buy fixer-uppers. Currently, BREITs presence dominates in the NAV REIT market. PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. 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. Instead, it continues to deliver differentiated performance. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. Does the Stock Market Have You Down? I have no business relationship with any company whose stock is mentioned in this article. 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. However, he said there were no signs of panic selling as a result of vendor distress "which is encouraging". To be fair, BREIT is a pretty vehicle and it has a strong track record. 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%). "These all will continue put pressure on Blackstone's premium valuation," they wrote. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. 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 . The figure above shows the historical NAV price of the 4 types of class shares. 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. 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 . That means Blackstone will undoubtedly continue making headline-grabbing deals. As an equity REIT, they have a diverse coverage of real estate investments. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . It had only deployed about $47.2 billion by the end of the first quarter. 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. Blackstone Real Estate Income Trust, Inc. (B REIT) has agreed to acquire Home Partners of America (HPA) for $6 billion. 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. Last REIT standing. Just a month after, it grew to 1,508 properties. 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. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . Blackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive . I have no business relationship with any company whose stock is mentioned in this article. As of March 17, 2021, it has a total of 112,104 stockholders. This is a big draw for investor interest in REITs. The private equity giant still has a lot of dry powder to continue shopping. Do your own research or seek the advice of a qualified professional. The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. DLF holds bulk of its rental assets (offices and . BREIT has 4 types of common shares which differ in how the investors will be charged. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. 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. NAV REITs work differently from traditional publicly-traded REITs. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth . BREIT issues consistent monthly distributions since its inception. Please disable your ad-blocker and refresh. ) 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. You are responsible for your own investment decisions. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. I wrote this article myself, and it expresses my own opinions. 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. 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. Nexus Select Trust has a portfolio of 17 operational shopping malls . 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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. The $71 billion Blackstone Real Estate Income Trust (BRET) saw investor withdrawals of nearly $9.9 billion last year. If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. 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. It has a strong balance sheet with mostly fixed-rate debt. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. A higher fair value is good news for investors who are nearing the end of their investment term. The REIT also represented a bid to win over high net-worth investors clamoring for private market products, which they believe perform better than those that are publicly traded. The 28,385 square metre building is 10-storeys and was redeveloped in 2010-11 as part of the Westfield Sydney redevelopment. These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. Please. They have outperformed the MSCI U.S. REIT Index which generated only -7.6%. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. To give you an example, at High Yield Landlord, we hold an international Portfolio with REITs from 6 different countries. 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). I am not receiving compensation for it (other than from Seeking Alpha). Click here to learn more!. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. course argue that BREIT is the better investment opportunity because BREIT is uniquely attractive for a number of reasons: 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. However, they also have non-U.S. investments, particularly in Europe, to a small extent (by about 1%). BREIT has the authority to issue a total of 10,100,000,000 shares. Blackstone shares ended down 7.1% on the news on Thursday. Source: BREIT Prospectus (as of June 30, 2021). This means you can buy real estate at 50 cents on the dollar through the public market. The chart below shows the YTD performance of all class share classes, plus the since inception date returns. This button displays the currently selected search type. 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. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. Making the world smarter, happier, and richer. Simply Self Storage, East Coast Storage Portfolio, Cactus Storage Portfolio, etc. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. You are responsible for your own investment decisions. 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. 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. It is a lot cheaper and offers better upside potential going forward. High Yield Landlord is managed by Leonberg Capital. Is now still a better time to invest in BREIT, or should you rather consider public REITs? They always want to grow because it maximizes the fees that they own. The 100 Market Street site, which sits on top of the Westfield mall on the corner of Pitt Street and is the home of the Australian Taxation Office and retail landlord Scentre Group, will be Link REIT's maiden investment in Australia. 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. Dividends are paid and capital gains, if any, are shared. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. 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 . Let's take a look at two potential buyout targets for Blackstone in these property sectors. That was four times more than the company's redemption limit, forcing it to restrict redemptions once again. 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. Their recent investments are, namely, in residential, industrial, net lease, hospitality (leisure market), self-storage, retail, and office. But most public REITs are internally-managed. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. Were working to restore it. 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. . The people familiar with the matter declined to be identified because the information was not public. The company reports its financial statements and regular updates through SEC filings for public reference. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. They both have quality management teams with significant skin in the game. While commercial real estate itself is performing extraordinarily well this year and retaining its value, publicly traded REITs have shed around 20% of their value and now mostly trade at discounts to NAV. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. It was bought on a sharp yield of close to 4 per cent. This is its first investment outside China. Even if Blackstone does not acquire BSR or STAG, we think both REITs will perform well in the future. LONDON, Dec 2 (Reuters) - While there has been little wider fallout from this week's surge in redemption requests at an unlisted Blackstone real estate income trust (REIT), it is being read by some as a warning sign. They are also open to venturing into healthcare and data center sectors. . The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. BREIT outsources third-party pricing service providers to determine the fair value for these debt investments. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . While it has steadily put that money to work, cash continues flowing into BREIT's coffers because of its growing reputation for delivering top-tier returns. Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? JOIN THE CONVERSATION. 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. See here for a complete list of exchanges and delays. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. Is this happening to you frequently? I am not receiving compensation for it (other than from Seeking Alpha). 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. HPA has a portfolio of over 17,000 homes throughout the U.S. Usually, these distributions are credited 20 days after the end of every month. 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. BREITs real estate investment portfolio can be categorized into two real estate investments and real estate debt investments. For example, from the beginning of the year through June, STAG has acquired $271 million of properties at a 5% cap rate while selling $36 million of properties at a 4.4% cap rate. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Despite the pandemic, they acquired worth $10.5B of real estate properties in the multifamily, industrial, and net lease sectors in 2020. But what about today? If you have an ad-blocker enabled you may be blocked from proceeding. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. As a result, it will receive about $2.7 billion in cash when the deal closes. Receive at least 75% of gross income from real estate, such as real property rents . Blackstone managed a total of $236 billion of wealth held by individuals as of the end of September, up 43% year-on-year. The Motley Fool has a disclosure policy. To liquidate their assets, BREIT must repurchase their shares, which is not guaranteed. That's a 39% premium to its stock price on Feb. 9, when news broke that . Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . Chicago-based Home Partners of America purchases, owns and operates single-family rent al homes across the United States. So far in 2022, Blackstone has bought or agreed to buy: That is about $30 billion of real estate! 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. 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.". 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. So this review has been updated with that information. 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%. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. 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