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. 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. 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. 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. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. 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). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. I wrote this article myself, and it expresses my own opinions. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. By Milana Vinn. The index is down 17%, we were up 2.3%. Blackstone of course wants you to invest in BREIT because they earn fees for managing it. And management is also skilled and motivated, as insiders own around 40% of the company. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. The asset manager is buying so aggressively because REIT valuations are significantly below the private market valuations of their real estate. The majority of investors redeeming were from Asia and needed the liquidity, they said. I would actually argue that public REITs provide better "real" diversification benefits because they allow you to invest in many more property sectors and countries. Blackstone limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits amid investor concerns it was slow to adjust valuations as interest rates . February 27, 2023 3:33 PM. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. As of March 17, 2021, it has a total of 112,104 stockholders. Were sorry, this feature is currently unavailable. Select REIT Total Return Index 22.19% decline over the same period. Consider These Alternative Real Estate Investments. 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. BREIT is a hybrid REIT because it deals with both. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. A Blackstone spokesperson declined to comment on how the New York-based firm calculates the valuation of its REIT, but said its portfolio was concentrated in rental housing and logistics in the southern and western United States that have short duration leases and rents outpacing inflation. However, it recovered by the end of 2020. The REIT is marketed to wealthy individual investors. Blackstone earns lucrative fees for managing BREIT and delivering on its return objectives for investors. To give you an example, at High Yield Landlord, we hold an international Portfolio with REITs from 6 different countries. Does the Stock Market Have You Down? 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. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. That's one of several long-term growth drivers. Cuando se ampla, se proporciona una lista de opciones de bsqueda para que los resultados coincidan con la seleccin actual. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. What's more, the portfolio is performing quite well organically as well. Schwarzman took home more than $1.27 . KentWeakley. Blackstone is the 1000-pound gorilla in any real estate room. 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. I wrote this article myself, and it expresses my own opinions. Were working to restore it. (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 . Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. 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 . 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. Price as of February 28, 2023, 4:00 p.m. 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 has been seeking to diversify its investor base after tapping institutional investors, such as public pension funds, insurance firms and sovereign wealth funds, for its products for decades. Is this happening to you frequently? 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. 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. 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. And apparently this is the new target. With public REITs, you have much more flexibility. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. As of July 2021, BREIT has a total of 1,508 real estate properties in the residential, industrial, net lease, self-storage, hotel/hospitality, retail, and office sectors located across the U.S. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector which was heavily affected by the COVID-19 pandemic. Natalie Wong. Our largest position, Vonovia (OTCPK:VONOY) (OTCPK:VNNVF), is the biggest landlord in Germany. However, they also have non-U.S. investments, particularly in Europe, to a small extent (by about 1%). 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 dominated the headlines by steadily scooping up REITs over the past year. Image courtesy of Bluerock Residential Growth REIT. Please disable your ad-blocker and refresh. ) Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. To make the world smarter, happier, and richer. As of June 30, 2021, their total properties were 1,463. 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. Managing more than $975 billion, the company invests money for wealthy . 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. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. Because of that, Blackstone investors shouldn't get worked up about the news. Get them exclusively at High Yield Landlord. 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 . See here for a complete list of exchanges and delays. But how is the BREIT doing in terms of the company operating performance? Click here to learn more!. Since its inception in 2017, BREIT has consistently issued monthly distributions to its stockholders. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. Please. Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. DLF holds bulk of its rental assets (offices and . Last REIT standing. This is why they are today two of our largest holdings in our Core Portfolio. 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. If I owned BREIT, I would try to get out of it to invest in public REITs instead. 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.". This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). Verition Fund Management LLC raised its position in Blackstone Inc. ( NYSE:BX - Get Rating) by 33.2% during the third quarter, according to the company in its most recent disclosure with the SEC. 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. Please disable your ad-blocker and refresh. More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. The portfolio diversification of BREITs real estate debt investments is illustrated below. If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. The transaction has been unanimously approved by the REIT's Board of Directors and represents a premium of 63 percent to the REIT's most recently published Net Asset Value of $9.06 per share . Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. That was almost 70% of all the capital raised by non-traded REITs that year. We have over 500 five-star reviews from happy members who are already profiting from our real estate strategies. As a result, it will receive about $2.7 billion in cash when the deal closes. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. 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. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . ", stunning outperformance continued last year. 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%). Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. This button displays the currently selected search type. This is surely a huge factor in the discount at which BSR typically trades. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. This is a much better management structure because the management is hired as employees of the REIT. 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. The private equity giant still has a lot of dry powder to continue shopping. Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. 2021 YTD returns were the highest because BREIT has recovered well from the effects of the COVID-19 pandemic. The unconsolidated investments come from their joint venture with MGM Growth Properties LLC, wherein BREIT owns 49.9% of interest. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. BREITs common stocks are priced at their fair value in terms of NAV net asset value. 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 . Some investors are seeking liquidity to cover losses incurred elsewhere. The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Dollar Tree Inc forecast annual profit well below estimates on Wednesday, hurt by elevated freight and investment costs and as consumers rein back spending on discretionary items. Overall, BREIT is one of the leading players in the NAV REIT market industry. Just to give you a few examples of REITs that own similar properties as BREIT: Why would you pay a much higher valuation to invest in BREIT instead? But what about today? It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. 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. 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. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. I think that the risk-to-reward of these discounted public REITs are far better. The Motley Fool has positions in and recommends Blackstone. 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. Please. This means that there is an external asset manager, in this case, Blackstone, that takes care of the management in exchange for fees. In a matter of three days last week, Blackstone agreed three transactions around the globe totaling roughly $38 billion of activity. Editing by Rosalba O'Brien and Sam Holmes, Investors pull around $6 billion out of Binance's stablecoin, Revolut auditor flags concern about $576 mln of revenue in long-delayed 2021 accounts, Analysis: Traders relaxed as ECB starts running down massive bond holdings, Analysis: Rebounding U.S. dollar a growing headache for investors, Dollar Tree sees weak 2023 profit as costs mount, shoppers curb spending, Concerns about prospects of COVID vaccine maker Novavax sink shares, Russian internet speeds drop on hardware shortage, research finds, EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog, Kohl's swings to surprise loss as margins crumble on steep discounts, Exclusive news, data and analytics for financial market professionals. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. 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. 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. The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. 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. 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. JOIN THE CONVERSATION. 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%. Plus, the REIT has over 40% upside to NAV. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points. 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 . 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. Cost basis and return based on previous market day close. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. 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. To be fair, BREIT is a pretty vehicle and it has a strong track record. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. Class S shares were the first issued common stock of BREIT in 2017 at $10. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Is this happening to you frequently? 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. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). 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 . Geographic diversification of exchanges and delays class s shares were the first issued common stock BREIT! The BREIT doing in terms of market capitalisation decline over the same period dry! Year, the company has set its sights particularly on acquisitions of estate... And human networks properties LLC, wherein BREIT owns 49.9 % of the COVID-19.... Giving it the funds to acquire more real estate investments operate in 7 sectors: BREITs acquired assets are continuously. Insights from worldwide sources and experts managing more than $ 5 billion out of it to invest in REITs! 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