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. This was followed by the Class I shares, Class D shares, and then the Class T shares. Since inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. The asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . Join us for a 2-week free trial and get access to all my highest conviction investment ideas. Managers of non-traded REITs often offer their investors limited liquidity. "These all will continue put pressure on Blackstone's premium valuation," they wrote. 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. 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 . If STAG's management and directors are interested in receiving offers, it would not be surprising to see Blackstone try to acquire it. That's one of several long-term growth drivers. Cost basis and return based on previous market day close. Try it Free for 2-Weeks. Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. They always want to grow because it maximizes the fees that they own. Blackstone and Soilbuild are selling Bukit Batok Connection months after privatising Soilbuild REIT US developer and investment firm Hines has made its first acquisition in the Singapore market, teaming up with German fund manager DWS Group to buy a ramp-up workshop in the Bukit Batok area from a Blackstone-controlled trust for S$93.8 million ($69 million). The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. This time it's buying PS Business Parks . That was four times more than the company's redemption limit, forcing it to restrict redemptions once again. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. The 100 Market Street site, which sits on top of the Westfield mall on the corner of Pitt Street and is the home of the Australian Taxation Office and retail landlord Scentre Group, will be Link REIT's maiden investment in Australia. Investors always going with the big names to their detriment. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. Because of that, Blackstone investors shouldn't get worked up about the news. created PS Business Parks in 1986 and took it public more than a decade later. The company has a market cap of $3.67 billion, a P/E ratio of 14.90 and a beta of 1.31. 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. 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. Last but not least, since REITs are today priced at large discounts to fair value, they also pay a higher yield and offer a lot greater upside potential. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). 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. 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. Two sources familiar with the matter said turmoil in Asian markets, fueled by concerns about China's economic prospects and political stability, contributed to the redemptions. Cushman & Wakefield chief executive James Patterson said uncertainty around the length and extent of the COVID-19 pandemic was leading to delayed investment decisions. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Blackstone Inc. will purchase PS Business Parks, Inc. (NYSE:PSB) in an all-cash deal valued at approximately $7.6 billion, the two companies announced April 25. The REIT is marketed to wealthy individual investors. Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. Image courtesy of Bluerock Residential Growth REIT. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. That, for us at High Yield Landlord, is not enough on its own. 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. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. 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. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points." 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). The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. This is surely a huge factor in the discount at which BSR typically trades. Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). The spokesperson added that the REIT relied on a long-term fixed rate debt structure, making it resilient. Three stocks that look particularly appealing considering their high-dividend yields and beaten-up share prices are Blackstone ( BX 0.30%), UMH Properties ( UMH 0.38%), and Mid-America Apartment . Blackstone managed a total of $236 billion of wealth held by individuals as of the end of September, up 43% year-on-year. 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. The chart below shows the YTD performance of all class share classes, plus the since inception date returns. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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). I have no business relationship with any company whose stock is mentioned in this article. 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. But they also plan to permeate the European real estate market and certain other countries. As a result, it will receive about $2.7 billion in cash when the deal closes. 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%. See here for a complete list of exchanges and delays. Making the world smarter, happier, and richer. 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. Last REIT standing. But most public REITs are internally-managed. Price as of February 28, 2023, 4:00 p.m. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. Their recent investments are, namely, in residential, industrial, net lease, hospitality (leisure market), self-storage, retail, and office. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I am not receiving compensation for it (other than from Seeking Alpha). Blackstone Group has been on an aggressive REIT buying spree in the last few years. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Schwarzman took home more than $1.27 . 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 . Currently, BREITs presence dominates in the NAV REIT market. has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. HPA has a portfolio of over 17,000 homes throughout the U.S. BREIT has 4 types of common shares which differ in how the investors will be charged. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Alex Snyder, a portfolio manager at CenterSquare Investment Management LLC in Philadelphia, said the arbitrage between the value Blackstone has assigned to its real estate portfolio and the value of publicly traded REITs caught the eye of investors. "The impact on Blackstone depends on whether the REIT is able to stabilize its net asset value over time, or is forced to enter an extended run-off scenario, with significant asset sales and ongoing redemption backlog too early to tell, in our view," BMO Capital Markets analysts wrote in a note. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. And management is also skilled and motivated, as insiders own around 40% of the company. So far, its highest total net distribution (includes deductions of corresponding fees already) was Class I shares in FY 2019. That suggests it could make more headline-grabbing deals this year. BREIT has delivered differentiated returns for its investors since its formation. The total revenue coming from rental income also seems to increase consistently. Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. Managing more than $975 billion, the company invests money for wealthy . Blackstone has outperformed the market over the past 15 years by 5.0% annually. The REIT also represented a bid to win over high net-worth investors clamoring for private market products, which they believe perform better than those that are publicly traded. This is to avoid market volatility especially with factors that do not directly relate to real estate. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. Learn More. 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. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. It was bought on a sharp yield of close to 4 per cent. If you want full access to our Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Investor. BREIT outsources third-party pricing service providers to determine the fair value for these debt investments. 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. Each type of share has a par value of $0.01. They were down a further 2% on Friday morning at $83.45. Like the BPP funds, BREIT doesn't buy fixer-uppers. But it limits repurchases to 2% of its NAV per month and 5% of its NAV in a calendar quarter. 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. As a mortgage REIT, they have real estate debt investments through commercial and residential mortgage-backed securities. If investors want to buy BREIT shares, they must have: BREIT has 4 types of share classes which differ in how the investors will be charged. Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. ACC was the last public REIT dedicated to the sector to be taken private, following Campus Crest Communities' privatization by Harrison Street in 2015 and EdR by Greystar in 2018. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. 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. Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. 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 2 main distinctions of REITs in terms of how they earn income are equity and mortgage REITs. But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. Source: BREIT Fact Card (as of July 2021). The latter deal included . There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. Making the world smarter, happier, and richer. Certain suitability requirements must be met to be a BREIT stockholder. Blackstone Stock Keeps Soaring Higher. Blackstone shares ended down 7.1% on the news on Thursday. This time it's buyingPS Business Parks(PSB) for $7.6 billion. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. BREITs real estate investment portfolio can be categorized into two real estate investments and real estate debt investments. They've . Invest better with The Motley Fool. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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 Please be aware of the risks associated with these stocks. And others could be selling at what they believe is a near-term peak in pricing for private real estate values, which have yet to see the same pricing correction as publicly traded REITs. In July, we saw another example of this accretive capital recycling as STAG sold two properties for $82 million at a 5.2% cap rate after having purchased them several years prior at an average cap rate of 6.2%. It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. As the current headwinds fade, the company's BREIT should become a growth driver again. 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. 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. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). Since its inception, it has deployed over $83 billion to multifamily investors, oil and gas producers, hotel managers, retail stores, and enterprises for their property purchases. Blackstone is the 1000-pound gorilla in any real estate room. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". By Milana Vinn. 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. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. And, as you can see from the metrics above, this portfolio has exhibited incredibly strong organic performance so far this year. Do your own research or seek the advice of a qualified professional. 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 has dominated the headlines by steadily scooping up REITs over the past year. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . Class S and T shares dont include the upfront 3.5% sales charge at initial subscription yet. NAV REITs work differently from traditional publicly-traded REITs. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. Our Standards: The Thomson Reuters Trust Principles. Instead, the sell-off in its stock stemming from BREIT looks like a great buying opportunity for long-term investors to add to their position. On Thursday, the firm said the REIT had agreed to sell its 49.9% interest in two Las Vegas casinos for $1.27 billion. 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N'T get worked up about the news on Thursday 2.7 billion in `` immediate liquidity ``... Us for a Limited-Time - you can join Seeking Alphas # 1 of..., as you can see from the metrics above, this portfolio has incredibly! Residential growth REIT in an all-cash industrial assets to blackstone 's ( BX public! Bought or agreed to buy: Preferred Apartment smarter, happier, and more from Motley. To alternatives shares in a public exchange with the big names to detriment! N'T know many asset classes that perform -- outperform indexes by 3,000 basis points. center sectors long-term to! Rent payments these all will continue put pressure on blackstone 's ( BX ) non-listed.
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