Currently, Blackstone has a market capitalization of $66.78 billion. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. The unconsolidated investments come from their joint venture with MGM Growth Properties LLC, wherein BREIT owns 49.9% of interest. But I think that public REITs are today far more opportunistic than BREIT. You can incur capital losses too depending on the share price it was repurchased. On Thursday, the firm said the REIT had agreed to sell its 49.9% interest in two Las Vegas casinos for $1.27 billion. Yahoo fa parte della famiglia di brand di Yahoo. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. Blackstone Group has been on an aggressive REIT buying spree in the last few years. Natalie Wong. As a mortgage REIT, they have real estate debt investments through commercial and residential mortgage-backed securities. The private equity giant still has a lot of dry powder to continue shopping. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Multifamily REIT Preferred Apartment Communities announced . Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth . The total revenue coming from rental income also seems to increase consistently. Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. 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. Credit Suisse analysts wrote in a note that they expected the REIT's woes to weigh on Blackstone's fee-related earnings and assets under management. Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. 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. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. Jika diperluas, akan tampil daftar opsi pencarian yang akan mengganti input pencarian agar sesuai dengan pilihan saat ini. Blackstone's public non-listed REIT, BREIT, has been one of the best-performing REITs of this year.It has managed to deliver a 9% total return with low volatility even as the public . 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. This gives a hint as to why Blackstone has been hoovering up REITs like a vacuum this year. The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. The people familiar with the matter declined to be identified because the information was not public. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. BREIT is a SEC-registered REIT since 2017. Public REITs are liquid and naturally, this will result in some volatility, but at least, you are not lying to yourself, thinking that something isn't volatile just because it isn't traded. Were sorry, this feature is currently unavailable. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. Driving those returns was the company's thematic investment approach, currently focused on rental housing and industrial real estate in the Southern and Western parts of the country. 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). Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . If you have an ad-blocker enabled you may be blocked from proceeding. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . Cap rates have expanded a bit, but so has the property NOI in most cases. The continued surge in such requests has kept the pressure on Blackstone's stock price. 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 . Managing more than $975 billion, the company invests money for wealthy . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . . It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. A disadvantage of non-traded REITs is the higher management fees as compared to traded REITs. 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. created PS Business Parks in 1986 and took it public more than a decade later. July 16, 2021. 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, you should still take note that liquidating your assets will still depend on the discretion of BREIT. 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. This implies that the REIT was able to sell properties at a significant gain from its original purchase price. 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. 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. Philadelphia, PA, January 24, 2022 - Resource REIT, Inc. (the "REIT" or the "Company"), a publicly registered non-traded real estate investment trust, announced today that it has entered into a definitive agreement with Blackstone Real Estate Income Trust, Inc. ("BREIT"), under which BREIT will acquire all of the outstanding shares of common stock of the REIT for $14.75 per share . Join us for a 2-week free trial and get access to all my highest conviction investment ideas. If you can't get your money back, does the "paper valuation" then have any meaning? "It's not a surprise that you would see a deceleration in flows from individual investors when you've had this kind of market decline," Gray said. 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. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. Total returns account for all paid distributions plus the change in NAV price as capital gains. See here for a complete list of exchanges and delays. 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. 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. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. 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 . Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. Blackstone shares ended down 7.1% on the news on . DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. By. Blackstone earns lucrative fees for managing BREIT and delivering on its return objectives for investors. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. If you have an ad-blocker enabled you may be blocked from proceeding. Under the terms of the agreement, B REIT will acquire the REIT 's portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. 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. Source: BREIT Fact Card (as of July 2021). 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. Click here to learn more!. NAV REITs do away with daily price fluctuations, making them less volatile compared to traded REITs. Blackstone Inc. will purchase PS Business Parks, Inc. (NYSE:PSB) in an all-cash deal valued at approximately $7.6 billion, the two companies announced April 25. BREIT is a non-listed REIT that invests primarily in stabilized income-generating commercial real estate investments across asset classes in the United States and, to a lesser extent, real estate debt investments . Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. 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 asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. 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%. 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. CRE Herald. 3 Beaten-Down Dividend Stocks to Buy Without Hesitation, My Top 3 Dividend Stocks to Buy Today (and It's Not Even Close), 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, According to Bloomberg, investors requested to pull more than $5 billion out of, Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. You are responsible for your own investment decisions. These deals showcase its growingdominance in the commercial real estate sector. It is today priced at just 35 cents on the dollar due to the war in Ukraine and we think that it is very opportunistic. 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. BREITs common stocks are priced at their fair value in terms of NAV net asset value. While a cheaper fair value is good news for new investors. The Vanguard Group, Inc. is currently the company's largest shareholder with 9.3% of shares outstanding. High Yield Landlord is managed by Leonberg Capital. Just because something isn't quoted does not mean that it isn't correlated or volatile. The firm owned 20,221 shares of the asset manager's stock after acquiring an additional 5,035 shares during the quarter. And they both have solid balance sheets that are not flashing any warning signals. But most public REITs are internally-managed. The surge in redemptions at BREIT continues to get a lot of attention. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. 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. STAG is a ~$10 billion enterprise value industrial REIT specializing in higher yielding, single-tenant net leased properties largely in secondary and tertiary markets. Receive at least 75% of gross income from real estate, such as real property rents . This means you can buy real estate at 50 cents on the dollar through the public market. That left it with $36.3 billion of dry powder. NAV REITs work differently from traditional publicly-traded REITs. 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. 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. 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. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. To liquidate their assets, BREIT must repurchase their shares, which is not guaranteed. The latter deal included . 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. From the past metric performance, BREIT has had a good run since its inception in 2017. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. 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. An Investors Perspective Into Blackstone REIT (BREIT), An Investors Perspective Into Apple Hospitality REIT, Everything You Want to Know About Armour Residential REIT, Why you Should Look into Crown Castle REITs, An Investors Perspective Into Whitestone REITs. Cliccando su Accetta tutto accetti che Yahoo e i suoi partner possano trattare i tuoi dati personali e utilizzare tecnologie come i cookie per mostrarti annunci e contenuti personalizzati, per la misurazione degli annunci e dei contenuti, per l'analisi del pubblico e per lo sviluppo dei prodotti. Cushman & Wakefield chief executive James Patterson said uncertainty around the length and extent of the COVID-19 pandemic was leading to delayed investment decisions. I think that the risk-to-reward of these discounted public REITs are far better. But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. 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. 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. "These all will continue put pressure on Blackstone's premium valuation," they wrote. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. 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. Write by: But they also plan to permeate the European real estate market and certain other countries. Instead, it continues to deliver differentiated performance. 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 . But the better way to gauge a REITs performance is through its FFO. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Is this happening to you frequently? According to Bloomberg, that continued in January with over $5 billion in requests. This means that there is an external asset manager, in this case, Blackstone, that takes care of the management in exchange for fees. Does the Stock Market Have You Down? Overall, BREIT is one of the leading players in the NAV REIT market industry. 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. And, as you can see from the metrics above, this portfolio has exhibited incredibly strong organic performance so far this year. Image courtesy of Bluerock Residential Growth REIT. Consider These Alternative Real Estate Investments. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. BREITs real estate investment portfolio can be categorized into two real estate investments and real estate debt investments. We're currently running a sale at my private investing ideas service, High Yield Landlord, where members get access to portfolios, market alerts, real-time chat, and more. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. 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. This button displays the currently selected search type. Investors always going with the big names to their detriment. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". 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. Blackstone Real Estate Income Trust, Inc. (B REIT) has agreed to acquire Home Partners of America (HPA) for $6 billion. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. 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.". Last REIT standing. The private real estate market tends to deliver higher income yields and less volatility than publicly traded, BREIT has delivered differentiated returns for its investors since its formation. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. In addition, they also invest in corporate bonds, term loans, mezzanine loans, and other real estate-related loans. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. Blackstone shares ended down 7.1% on the news on Thursday. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points. BREIT, the non-traded real . Blackstone Stock Keeps Soaring Higher. However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. 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 $0.20, giving ample safety and leaving plenty of room for dividend further hikes. In the first quarter, same-community net operating income surged 16.3% year-over-year on the back of rent growth for new leases of 17.4% and renewals of 9.0%. Disclosure: I/we have a beneficial long position in the shares of CORE PORTFOLIO + RETIREMENT PORTFOLIO + INTERNATIONAL PORTFOLIO either through stock ownership, options, or other derivatives. It leads to "growth at all costs", which hurts returns, and this is why such externally-managed REITs are disliked by investors. I think that it is inferior and yet it is a lot more expensive. Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Than $ 975 billion, the company & # x27 ; s largest shareholder with %...: this article discusses one or more securities that do not trade on major. Buy real estate Income Trust agreed to buy an apartment portfolio comprising than. Editor 's note: this article discusses one or more securities that do not trade on a major U.S..... Was funded by a combination of debt and equity on a major exchange. Represents about 1.66 per cent of the COVID-19 pandemic was leading to delayed investment decisions estate debt investments through and. 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