BREIT outsources third-party pricing service providers to determine the fair value for these debt investments. "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. 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. The 2 main distinctions of REITs in terms of how they earn income are equity and mortgage REITs. However, it recovered by the end of 2020 and soared in the first half of 2021. 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? BREIT has a diverse real estate property portfolio. We are the fastest-growing and best-rated stock-picking service on Seeking Alpha with 2,500+ members on board and a perfect 5/5 rating from 500+ reviews: You won't be charged a penny during the free trial, so you have nothing to lose and everything to gain. Blackstone Inc limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. PS Business Parks owns a 27 million square foot portfolio of industrial, business park, traditional office, and multifamily properties located primarily in California, Miami, Texas, and . We have over 500 five-star reviews from happy members who are already profiting from our real estate strategies. They claim that, unlike public REITs, BREIT is uncorrelated with the public stock market because it is a non-listed real estate investment vehicle. 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.". Rising interest rates weigh on real estate values because they make financing properties more expensive. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. It is a lot cheaper and offers better upside potential going forward. Hence, we find Blackstone's President & Chief Operating Officer Jon Gray concluding that: The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. Even if Blackstone does not acquire BSR or STAG, we think both REITs will perform well in the future. 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. Please try again later. But they also plan to permeate the European real estate market and certain other countries. 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 . Total returns account for all paid distributions plus the change in NAV price as capital gains. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). I have no business relationship with any company whose stock is mentioned in this article. Consider These Alternative Real Estate Investments. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . Ultimately, private REITs pool investors' capital and purchase various properties based on the fund's mandate. The REIT is marketed to wealthy individual investors. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. 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. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. Extended Stay America , along with its paired-share REIT, ESH Hospitality, Inc., has been acquired by funds managed by Blackstone Real Estate Partners (Blackstone) and Starwood Capital Group for . It owns mainly rental housing and industrial properties. 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 . 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. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. 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. Blackstone REIT agreed to buy all of the outstanding shares of Preferred Apartment Communities for $25.00 each, and once the transaction closes, the REIT's common stock will no longer be listed on the New York Stock Exchange. 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. 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%. However, it recovered by the end of 2020. 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. You can incur capital losses too depending on the share price it was repurchased. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. To be fair, BREIT is a pretty vehicle and it has a strong track record. They've . Goldman Sachs mulls deal options after consumer flop, TotalEnergies buys CEPSAs upstream assets in Abu Dhabi, Reporting by Chibuike Oguh and Herb Lash in New York In a matter of three days last week, Blackstone agreed three transactions around the globe totaling roughly $38 billion of activity. The asset management behemoth boasts roughly $50 billion in dry powder capital earmarked for global real estate, including a new real estate fund with over $24 billion in commitments from investors so far. It leads to "growth at all costs", which hurts returns, and this is why such externally-managed REITs are disliked by investors. Does the Stock Market Have You Down? Aside from contributing to the overall returns, real estate debt investments also provide added liquidity especially for cash management in the Companys share repurchase plans. But what about today? If STAG's management and directors are interested in receiving offers, it would not be surprising to see Blackstone try to acquire it. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). Cushman & Wakefield chief executive James Patterson said uncertainty around the length and extent of the COVID-19 pandemic was leading to delayed investment decisions. Source: BREIT Prospectus (as of June 30, 2021). It was bought on a sharp yield of close to 4 per cent. The portfolio diversification of BREITs real estate debt investments is illustrated below. Even Blackstone's COO indirectly told us in the Q2 conference call that public REITs are a lot more opportunistic today: "The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time.". BREITs common stocks are priced at their fair value in terms of NAV net asset value. The people familiar with the matter declined to be identified because the information was not public. , Blackstone will likely continue its real estate shopping spree. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. Blackstone of course wants you to invest in BREIT because they earn fees for managing it. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. 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. Cuando se ampla, se proporciona una lista de opciones de bsqueda para que los resultados coincidan con la seleccin actual. In 2021, BREIT raised nearly $25 billion from investors. "These all will continue put pressure on Blackstone's premium valuation," they wrote. This is surely a huge factor in the discount at which BSR typically trades. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). Florence Chong speaks to Anil Reddy You need to be a registered user to read this content Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. When expanded it provides a list of search options that will switch the search inputs to match the current selection. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. HPA has a portfolio of over 17,000 homes throughout the U.S. The REIT turmoil is a setback for two of Blackstone's strategies that helped it become the world's biggest alternative asset manager with $951 billion in assets: real estate investing and attracting high net-worth individuals. 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 . Blackstone managed a total of $236 billion of wealth held by individuals as of the end of September, up 43% year-on-year. 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). 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. Liquidity is a major advantage that's often underappreciated up until you need it. Try it Free for 2-Weeks. In the . . Asset management giant Blackstone (BX) boasts a portfolio of assets under management reaching nearly $1 trillion, made up largely of real estate. The deal values theindustrial REITat $7.6 billion. This time it's buyingPS Business Parks(PSB) for $7.6 billion. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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.. Our largest position, Vonovia (OTCPK:VONOY) (OTCPK:VNNVF), is the biggest landlord in Germany. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. If you can't get your money back, does the "paper valuation" then have any meaning? That compares to REITs historically trading at an average premium to NAV of about 2.5%. 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 covers BREITs direct property investments, equity in public and private real estate-related companies, and unconsolidated investments. 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 is a hybrid REIT because it deals with both. Funds controlled by Stephen . Many investors in the REIT are concerned that Blackstone has been slow to adjust the vehicle's valuation to that of publicly traded REITs that have taken a hit amid rising interest rates, a source close to the fund said. 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. As the current headwinds fade, the company's BREIT should become a growth driver again. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Certain parameters from financial statements will tell you how the company managed its investments through the ups and downs of the business cycle. I am not receiving compensation for it (other than from Seeking Alpha). They've been around for over 26 years and . This button displays the currently selected search type. 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. Since inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. As of June 30, 2021, their total properties were 1,463. That was almost 70% of all the capital raised by non-traded REITs that year. Investors always going with the big names to their detriment. As a result, it will receive about $2.7 billion in cash when the deal closes. 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 . Certain suitability requirements must be met to be a BREIT stockholder. 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. STAG offers an attractive, 4.7% dividend yield with a payout ratio slightly below 70%. It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. 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. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. 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. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. I have no business relationship with any company whose stock is mentioned in this article. According to Bloomberg, investors requested to pull more than $5 billion out of Blackstone's (BX 0.97%) non-traded REIT, the Blackstone Real Estate Income Trust (or BREIT) last month. Though the dividend yield of ~3.2% may seem low, it is actually quite high compared to the yields of its closest peers in the Sunbelt multifamily space: With over 30% upside to fair value, it would not be surprising if Blackstone at least made an attempt to buy BSR. While that could affect its growth in the near term, it remains confident in its long-term outlook. 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. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. EmeryTech Office (CA) & Coleman Highline Office. See here for a complete list of exchanges and delays. On Blackstone's third-quarter earnings call in October, Gray blamed REIT redemptions on market volatility, which he said had driven away individual investors from active equity and fixed income funds. Making the world smarter, happier, and richer. 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. While a cheaper fair value is good news for new investors. Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. 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. BREIT had been a big growth driver for Blackstone. For the first half of 2021, the NAV price soared high with Class S shares at the top values at $12.92/share (July 2021). Those returns will eventually draw more investors to BREIT. [added emphasis]. DLF holds bulk of its rental assets (offices and . 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. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. 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. The Motley Fool has a disclosure policy. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. I am not receiving compensation for it (other than from Seeking Alpha). If you dont like it, we wont charge you a penny! 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. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. Schwarzman took home more than $1.27 . This is a much better management structure because the management is hired as employees of the REIT. Last REIT standing. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. Managing more than $975 billion, the company invests money for wealthy . 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. 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. BREIT has the authority to issue a total of 10,100,000,000 shares. You are responsible for your own investment decisions. They both have quality management teams with significant skin in the game. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . The industry leader for online information for tax, accounting and finance professionals. Jupiter 12 Industrial Portfolio, Canyon Industrial Portfolio, Meridian Industrial Properties, etc. 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. Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This time it's buying PS Business Parks . Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The asset manager is buying so aggressively because REIT valuations are significantly below the private market valuations of their real estate. 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. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. This is the most important reason. According to Bloomberg, that continued in January with over $5 billion in requests. I am not receiving compensation for it (other than from Seeking Alpha). 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. High Yield Landlord is managed by Leonberg Capital. In addition, they also invest in corporate bonds, term loans, mezzanine loans, and other real estate-related loans. What's more, the portfolio is performing quite well organically as well. 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. . Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. We spend 1000s of hours and over $100,000 per year researching the market for the most profitable investment opportunities and share the results with you at a tiny fraction of the cost. The asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. Shares of BXMT opened at $21.31 on Tuesday. This button displays the currently selected search type. 2021 YTD returns were the highest because BREIT has recovered well from the effects of the COVID-19 pandemic. Just a month after, it grew to 1,508 properties. BREIT has a redemption plan, but as we highlighted in a recent article, this redemption plan can be quite restrictive and Blackstone recently limited withdrawals because too many investors sought to get at out at once. BREIT issues consistent monthly distributions since its inception. 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. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. 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. Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. 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. The price history tells you how the company is valued at face value. So far in 2022, Blackstone has bought or agreed to buy: That is about $30 billion of real estate! To make the world smarter, happier, and richer. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Notes: Class D shares dont include the upfront 1.5% sales charge at initial subscription yet. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. Blackstone Group has been on an aggressive REIT buying spree in the last few years. The company sees a massive untapped opportunity for high-net-worth investors since they have a low percentage of their portfolios currently allocated to alternatives. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". Natalie Wong. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . Their corporate headquarters is located at 345 Park Avenue, New York. Sarah Borchersen-Keto. Currently, BSR trades at a particularly stark discount. 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. 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 . Simply Self Storage, East Coast Storage Portfolio, Cactus Storage Portfolio, etc. Let's take a look at two potential buyout targets for Blackstone in these property sectors. If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. Like the BPP funds, BREIT doesn't buy fixer-uppers. 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. Source: BREIT Fact Card (as of July 2021). ", stunning outperformance continued last year. You can buy or sell with minimal fees with just a few clicks of mouse. , total debt to gross book value is a hybrid REIT because it deals with both los resultados con... Rates are all above 90 % for almost all sectors, with the matter to..., se proporciona una lista de opciones de bsqueda para que los resultados coincidan con la actual. 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