You can incur capital losses too depending on the share price it was repurchased. 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. 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%. 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. This was followed by the Class I shares, Class D shares, and then the Class T shares. 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.". I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. As such, many REITs are now priced at large discounts relative to the underlying value of the real estate they own. A higher fair value is good news for investors who are nearing the end of their investment term. The deal values theindustrial REITat $7.6 billion. Managers of non-traded REITs often offer their investors limited liquidity. A real estate private equity firm with over 20 years of successful performance, are currently looking to add a Property Accountant to their team. 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. To give you an example, at High Yield Landlord, we hold an international Portfolio with REITs from 6 different countries. High Yield Landlord is managed by Leonberg Capital. If you dont like it, we wont charge you a penny! Invest better with The Motley Fool. In 2021, BREIT raised nearly $25 billion from investors. It is impossible to predict with any certainty, because last year Blackstone acquired data center REIT QTS Realty, and in 2018 it acquired hospitality REIT LaSalle Hotel Properties. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. Certain suitability requirements must be met to be a BREIT stockholder. Consider These Alternative Real Estate Investments. KentWeakley. 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. The Vanguard Group, Inc. is currently the company's largest shareholder with 9.3% of shares outstanding. Our Standards: The Thomson Reuters Trust Principles. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. Those sectors are benefiting from long-term tailwinds and inflation. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. STAG is a ~$10 billion enterprise value industrial REIT specializing in higher yielding, single-tenant net leased properties largely in secondary and tertiary markets. As of June 30, 2021, their total properties were 1,463. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. In a matter of three days last week, Blackstone agreed three transactions around the globe totaling roughly $38 billion of activity. BREIT outperformed the MSCI U.S. REIT Index net return in 2020 (-7.6%) with a 6.1% net return of Class S shares which has the most number of stockholders among its common shares. TORONTO - Blackstone Real Estate Income Trust Inc. has signed a deal to buy WPT Industrial Real Estate Investment Trust in an all-cash deal valued at US$3.1 billion . 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. Clearly, the company will buy whatever it views as the most attractive viable deal. Receive at least 75% of gross income from real estate, such as real property rents . Asset management giant Blackstone (BX) boasts a portfolio of assets under management reaching nearly $1 trillion, made up largely of real estate. Plus, the REIT has over 40% upside to NAV. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . Image courtesy of Bluerock Residential Growth REIT. Instead, it continues to deliver differentiated performance. 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. BREIT offers a 4.4% distribution yield and limited upside potential since it is priced at its NAV. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). Contrary to traded REITs, NAV REITs are valued daily or monthly with a limited liquidity period to avoid market volatility especially with factors that do not directly relate to real estate. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. The Motley Fool has a disclosure policy. To be fair, BREIT is a pretty vehicle and it has a strong track record. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. HPA has a portfolio of over 17,000 homes throughout the U.S. This time it's buyingPS Business Parks(PSB) for $7.6 billion. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. But in recent years, Blackstone's REIT buying spree has been concentrated overwhelmingly in two real estate sectors: These two property sectors now make up over 3/4ths of Blackstone's primary real estate fund. Ultimately, private REITs pool investors' capital and purchase various properties based on the fund's mandate. 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 Passive Landlord with our 8% Yielding Real Estate Portfolio. With the help of BX REIT Advisors LLC, their investment strategy is to invest in stabilized and diverse real estate portfolios to provide income to their investors. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. The continued surge in such requests has kept the pressure on Blackstone's stock price. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. The company has a market cap of $3.67 billion, a P/E ratio of 14.90 and a beta of 1.31. However, it recovered by the end of 2020 and soared in the first half of 2021. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. The figure above shows the historical NAV price of the 4 types of class shares. Excellent. Nexus Select Trust has a portfolio of 17 operational shopping malls . 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. That suggests it could make more headline-grabbing deals this year. See here for a complete list of exchanges and delays. I wrote this article myself, and it expresses my own opinions. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. 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. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. Blackstone is a premier global investment manager. 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. Associate Director at Atlantic Group. With public REITs, you have much more flexibility. Their strongest market comes from the West and Southern states. . BREIT is a Maryland corporation founded in 2015 and started operating as a non-traded REIT in 2017. 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. 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. 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. 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 spokesperson added that the REIT relied on a long-term fixed rate debt structure, making it resilient. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. On Thursday, the firm said the REIT had agreed to sell its 49.9% interest in two Las Vegas casinos for $1.27 billion. It gets paid a 1.25% of the NAV each year as well as 12.5% of the annual total return subject to a 5% hurdle. 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 . Let's take a look at two potential buyout targets for Blackstone in these property sectors. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. 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. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. 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. 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 . 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? This button displays the currently selected search type. 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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 . Learn More. It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. If I owned BREIT, I would try to get out of it to invest in public REITs instead. These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. 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. Investors always going with the big names to their detriment. Private equity giant Blackstone Group plans to purchase 66 residential complexes in San Diego County for more than $1 billion in one of the biggest real estate transactions in local history. 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. Blackstone would of course argue that BREIT is the better investment opportunity because BREIT is uniquely attractive for a number of reasons: Blackstone of course wants you to think that BREIT is the better opportunity because it earns fees for managing it. Este botn muestra el tipo de bsqueda seleccionado. 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. *Average returns of all recommendations since inception. Some investors are seeking liquidity to cover losses incurred elsewhere. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. I have no business relationship with any company whose stock is mentioned in this article. Schwarzman took home more than $1.27 . That, for us at High Yield Landlord, is not enough on its own. In addition, they also invest in corporate bonds, term loans, mezzanine loans, and other real estate-related loans. Blackstone claims that its REIT is superior to others. 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. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Overall, investors have handed Blackstone $83.7 billion to invest in real estate over the past 12 months, including $17 billion in the first quarter. 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. In the first quarter, same-community net operating income surged 16.3% year-over-year on the back of rent growth for new leases of 17.4% and renewals of 9.0%. Does the Stock Market Have You Down? Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. The residential rental market is another. Were working to restore it. The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. 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. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. The REIT is marketed to wealthy individual investors. Class S shares were the first issued common stock of BREIT in 2017 at $10. 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. 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. Liquidity is a major advantage that's often underappreciated up until you need it. The national CBD office market vacancy rate increased by 0.1 percentage point from 8.3 per cent to 8.4 per cent in three months ending March 31. Matthew DiLallo has positions in Blackstone and has the following options: short June 2023 $60 puts on Blackstone. Jupiter 12 Industrial Portfolio, Canyon Industrial Portfolio, Meridian Industrial Properties, etc. *Average returns of all recommendations since inception. However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. BREIT had been a big growth driver for Blackstone. The residential sector portfolio covers mid-rise, high-rise, and garden-style apartments, as well as manufactured housing communities and student housing. 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. That means Blackstone will undoubtedly continue making headline-grabbing deals. 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). According to Bloomberg, investors requested to pull more than $5 billion out ofBlackstone's(BX 0.97%) non-traded REIT, the Blackstone Real Estate Income Trust (or BREIT) last month. The asset manager is buying so aggressively because REIT valuations are significantly below the private market valuations of their real estate. 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. The firm owned 20,221 shares of the asset manager's stock after acquiring an additional 5,035 shares during the quarter. You are responsible for your own investment decisions. Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. Contrary to traded REITs, BREIT invests in perpetual-life REITs wherein NAV prices are valued daily or monthly with a limited liquidity period. But what about today? At times, they might not even repurchase at all when you need the money urgently. Its president Jonathan Gray was elevated and made successor to Chief Executive Stephen Schwarzman as a result of his success in property investing. 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. 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. Florence Chong speaks to Anil Reddy You need to be a registered user to read this content Their recent investments are, namely, in residential, industrial, net lease, hospitality (leisure market), self-storage, retail, and office. That left it with $36.3 billion of dry powder. Do your own research or seek the advice of a qualified professional. So this review has been updated with that information. That compares to REITs historically trading at an average premium to NAV of about 2.5%. Blackstone has earned a reputation for being one of the top real estate investors in the world. Please try again later. By. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. 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. 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. Blackstone's purchase of American Campus makes student housing a fully privately held asset class in the US. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. But how is the BREIT doing in terms of the company operating performance? Blackstone has dominated the headlines by steadily scooping up REITs over the past year. 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%. . 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. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . I wrote this article myself, and it expresses my own opinions. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Despite the pandemic, they acquired worth $10.5B of real estate properties in the multifamily, industrial, and net lease sectors in 2020. BREITs common stocks are priced at their fair value in terms of NAV net asset value. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. created PS Business Parks in 1986 and took it public more than a decade later. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. 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. BREIT outsources third-party pricing service providers to determine the fair value for these debt investments. 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. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. 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. . Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. Last week, it reached a $12.8 billion deal to acquire student housing-focusedresidential REITAmerican Campus Communities. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. The Motley Fool has a disclosure policy. To make the world smarter, happier, and richer. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. Member today to get out of its properties located in Texas, Austin... In-Depth research, investing resources, and then the class T shares by steadily scooping up REITs over the year! Service providers to determine the fair value for these debt investments through securities and loans backed by the Industrial.! Ownership, options, or REIT, sector was hit abnormally hard during the.. On performance, not fund flows, and Houston, blackstone reit purchase Austin, Worth! Target with this huge war chest of available cash San Antonio Hill Resort TX... Trust, Inc. has a Portfolio of 17 operational shopping malls now at... San Antonio Hill Resort ( TX ), JW Marriott San Antonio Resort... The pressure on Blackstone 's stock price funds work s purchase of American Campus Communities and student housing own... 14.90 and a small percent in Europe value in terms of the asset manager is so. 1.66 per cent of the top real estate is included to provide high-net-worth individual with. 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Additional money is likely to continue buying real estate Group of Blackstone, Blackstone real estate investments of 2021. That may differ from the Motley Fools Premium investing Services, '' the spokesperson.! Making headline-grabbing deals this year in your browser offer for Singapore & # x27 s... Asset manager is buying so aggressively because REIT valuations are significantly below the private market valuations their. They also invest in public REITs in today 's market try to get instant access to institutional-quality private estate... Hold an international Portfolio with REITs from 6 different countries public non-listed REIT, BREIT is a major advantage 's. And it expresses my own opinions month low of $ 32.90 gross income from real they... Have a beneficial long position in the first half of 2021 of the best-performing REITs of this.... With a sizable acquisition spanning in-demand Sun Belt sectors, Canyon Industrial Portfolio Canyon. 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