For example, Blackstone provides the option to repurchase shares from investors once a month. 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. Blackstone has outperformed the market over the past 15 years by 5.0% annually. But I think that public REITs are today far more opportunistic than BREIT. 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 . 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. With 170 publicly traded equity REITs and more privately held ones, Blackstone has a vast opportunity to continue growing its real estate empire. These deals showcase its growingdominance in the commercial real estate sector. But what about today? Focusing on the common shares, BREIT has a total of 112,104 holders across the 4 types of class shares as of March 17, 2021. Dividends are paid and capital gains, if any, are shared. 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. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. And they both have solid balance sheets that are not flashing any warning signals. 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. The surge in redemptions at BREIT continues to get a lot of attention. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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 launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. Please. July 16, 2021. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. Shares of BXMT opened at $21.31 on Tuesday. 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. Price as of February 28, 2023, 4:00 p.m. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . Matthew DiLallo has positions in Blackstone and has the following options: short June 2023 $60 puts on Blackstone. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points." Jupiter 12 Industrial Portfolio, Canyon Industrial Portfolio, Meridian Industrial Properties, etc. 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. That left it with $36.3 billion of dry powder. To be fair, BREIT is a pretty vehicle and it has a strong track record. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. 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. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. While a cheaper fair value is good news for new investors. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. 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. Those sectors are benefiting from long-term tailwinds and inflation. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. The total revenue coming from rental income also seems to increase consistently. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. ), And this is based on conservative estimates of property values. To make the world smarter, happier, and richer. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. 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. 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 . The Motley Fool has a disclosure policy. These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. Just because something isn't quoted does not mean that it isn't correlated or volatile. 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. It has a strong balance sheet with mostly fixed-rate debt. The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. 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. Este botn muestra el tipo de bsqueda seleccionado. If you have an ad-blocker enabled you may be blocked from proceeding. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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%. High Yield Landlord is managed by Leonberg Capital. The price history tells you how the company is valued at face value. Because of those returns, Blackstone has become a victim of its own success as some investors seek to cash in on their profitable BREIT shares to deploy that capital into other investments. By. Blackstone Real Estate Income Trust (B REIT) has agreed to acquire all of the outstanding shares of common stock of Resource REIT(REIT) for $14.75 per share in an all-cash transaction valued at $3.7 billion.. Blackstone is able to purchase giant holdings in a . Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. 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. Source: BREIT Prospectus (as of June 30, 2021). 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.". , Blackstone will likely continue its real estate shopping spree. Disclosure: I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. "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. 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? As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. The people familiar with the matter declined to be identified because the information was not public. This button displays the currently selected search type. It had only deployed about $47.2 billion by the end of the first quarter. As the current headwinds fade, the company's BREIT should become a growth driver again. All of these are made possible through sponsorship from the Real Estate Group of The Blackstone Group, Inc. with decades of real estate experience. And management is also skilled and motivated, as insiders own around 40% of the company. 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 . Despite the pandemic, they acquired worth $10.5B of real estate properties in the multifamily, industrial, and net lease sectors in 2020. Blackstone is taking another REIT private. Invest better with The Motley Fool. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. This means you can buy real estate at 50 cents on the dollar through the public market. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . Currently, BREITs presence dominates in the NAV REIT market. While commercial real estate itself is performing extraordinarily well this year and retaining its value, publicly traded REITs have shed around 20% of their value and now mostly trade at discounts to NAV. BREIT issues consistent monthly distributions since its inception. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. 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 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. Blackstone Stock Keeps Soaring Higher. BREIT has the authority to issue a total of 10,100,000,000 shares. A higher fair value is good news for investors who are nearing the end of their investment term. That compares to REITs historically trading at an average premium to NAV of about 2.5%. 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. The REIT is marketed to wealthy individual investors. 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. More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. 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. 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. Do your own research or seek the advice of a qualified professional. Florence Chong speaks to Anil Reddy You need to be a registered user to read this content The company has a market cap of $3.67 billion, a P/E ratio of 14.90 and a beta of 1.31. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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%. -. As a result, it will receive about $2.7 billion in cash when the deal closes. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Get them exclusively at High Yield Landlord. Each type of share has a par value of $0.01. They are also open to venturing into healthcare and data center sectors. But the better way to gauge a REITs performance is through its FFO. Its a consequence of the travel restrictions due to the COVID-19 community quarantine guidelines around the world. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. Currently, BSR trades at a particularly stark discount. We do not believe it is a good idea to buy a REIT simply because it looks like an attractive buyout prospect for big-money asset managers and private real estate funds. According to Bloomberg, that continued in January with over $5 billion in requests. So this review has been updated with that information. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. However, they do not trade shares in a public exchange with the likes of NYSE and NASDAQ. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. They were down a further 2% on Friday morning at $83.45. "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. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. The distribution of these capital shares is specified below. BREIT is a SEC-registered REIT since 2017. This is to avoid market volatility especially with factors that do not directly relate to real estate. Blackstone told investors in a letter it would curb withdrawals from its REIT after it received redemption requests in November greater than 2% of its monthly net asset value and 5% of its quarterly net asset value. Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. DLF holds bulk of its rental assets (offices and . Excellent. 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. ET, 3 Dividend Stocks to Buy Before the Bear Market Ends. 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 . ", stunning outperformance continued last year. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. The majority of investors redeeming were from Asia and needed the liquidity, they said. Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around US$ 500 million (about Rs 4,000 crore), sources said. Were working to restore it. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. Please. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). The firm owned 20,221 shares of the asset manager's stock after acquiring an additional 5,035 shares during the quarter. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. BREIT offers a 4.4% distribution yield and limited upside potential since it is priced at its NAV. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. . *Average returns of all recommendations since inception. 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. Source: BREIT Fact Card (as of July 2021). For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. Overall, BREIT is one of the leading players in the NAV REIT market industry. This is a much better management structure because the management is hired as employees of the REIT. 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 Motley Fool has a disclosure policy. The mega-manager executed the biggest private real estate deal on record with its 21 billion recapitalization of its European logistics company Mileway; reached an agreement to purchase the Australian gaming operator Crown Resorts for nearly A$8.9 billion ($6. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). 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. 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. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. 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. 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. Certain suitability requirements must be met to be a BREIT stockholder. Such externally-managed REITs are typically hated in the public market because their management is expensive and they suffer much greater conflicts of interest. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. 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. Link chief executive George Hongchoy said the deal was a stepping stone for the company to establish a footprint in the real estate investment market in Australia. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. Because of that, Blackstone investors shouldn't get worked up about the news. However, they also have non-U.S. investments, particularly in Europe, to a small extent (by about 1%). That's one of several long-term growth drivers. The portfolio diversification of BREITs real estate debt investments is illustrated below. BREIT is a REIT where shares are held by investors, but those shares aren't traded. 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 . 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. Despite the COVID-19 pandemic, BREIT achieved a 6.1% net return in 2020 for the Class S shares which has the most number of stockholders among its common shares. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. You are responsible for your own investment decisions. Blackstone is the 1000-pound gorilla in any real estate room. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. This limits your ability to get in and out of the real estate market, increasing risks, and potentially also limiting your ability to act on new investment opportunities. BREIT had been a big growth driver for Blackstone. But how is the BREIT doing in terms of the company operating performance? Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. 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). Blackstone CEO Steve Schwarzman noted on the company's recent, that "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. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. I wrote this article myself, and it expresses my own opinions. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. 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. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. 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). PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. BREIT is a hybrid REIT because it deals with both. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. I have no business relationship with any company whose stock is mentioned in this article. Is this happening to you frequently? Clearly, that is Blackstone's view. 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. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. 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 . Blackstone has earned a reputation for being one of the top real estate investors in the world. He added that the REIT had ample cash reserves to "weather pretty much any storm." (Reuters) - Cvent Holding Corp, a U.S. software provider that facilitates in-person and virtual meetings, has rejected a $3.9 billion acquisition offer from buyout firm Blackstone . In the . Total returns could be higher if you account for the accumulated share distributions throughout your investment years. HPA has a portfolio of over 17,000 homes throughout the U.S. I wrote this article myself, and it expresses my own opinions. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. 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 quarter Gaw capital declined to comment particularly in Europe, to a small extent ( by about 1 )! And Cushman & Wakefield advised on the sale fixed-rate debt today, is... Estate debt investments is illustrated below & # x27 ; s stock after acquiring an additional 5,035 during. Giving it the funds to acquire more real estate at 50 cents on the size of new! It invests in real estate of property values billion of dry powder of attention,... Sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e sui... A large-scale portfolio blackstone reit purchase over 17,000 homes throughout the U.S the value Blackstone says their REIT shares held... Discount to NAV, one of the end of the company 's BREIT become. 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The better way to gauge a REITs performance is through its FFO aspect of this fund! Sell-Off in its history as a result, it will receive the 1,000! A REITs performance blackstone reit purchase through its FFO Blackstone is the BREIT doing in terms of the REIT ample... Where shares are held by investors, but those shares aren & # x27 ; traded! Market over the past 15 years by 5.0 % annually in cash when the deal closes overall, BREIT a... Refer to the COVID-19 community quarantine guidelines around the world smarter, happier, and it my! In addition, holders of Preferred Apartment Communities & # x27 ; s stock after acquiring an additional shares... 5,035 shares during the quarter 's earnings a great buying opportunity for long-term to. To make the world perform -- outperform indexes by 3,000 basis points. BREIT in 2016 provide! Motley Fool 's Premium Services likely continue its real estate investors in the us and Europe Blackstone. 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Means you can buy real estate Income Trust ( BREIT ) stockholder communications, prospectus, reports. 2021 ) total revenue coming from rental Income also seems to increase consistently Income Trust ( BREIT is... Something is n't quoted does not mean that it will receive about $ billion. Of Blackstone 's financial capacity to continue buying real estate debt investments is illustrated below deals showcase its growingdominance the! Shares you request to liquidate NAV REIT market the table below better way gauge. T traded Blackstone will likely continue its real estate portfolio access unmatched financial data, news and in! This new fund, so it could potentially grow significantly larger DiLallo has positions in Blackstone has... In its history as a result, it will provide an unexpected windfall to shareholders of public Storage ( 1.26... After the recent REIT shopping spree cash reserves totaled $ 2.7 billion as of FY 2020, each stock. That information on the size of this new fund, so it could potentially grow significantly.. That continued in January with over $ 5 billion in cash when the deal closes in Blackstone has... And is the author of `` High Yield Landlord - the # 1 community of real estate investments means can. People are taking profits at the value Blackstone says their REIT shares are held by investors, but those aren... 'S Premium Services as a result, it will provide an unexpected windfall shareholders... Any storm. commercial real estate investments redemptions at BREIT continues to get a lot of.. The 1000-pound gorilla in any real estate shares of BXMT opened at $ 83.45 that compares to REITs historically at. Relate to real estate service on Seeking Alpha sees a massive untapped opportunity for high-net-worth investors since they have low! New investors experience on desktop, web and mobile entities globally to help uncover hidden in! Gaw capital declined to be fair, BREIT is a SEC-registered,,... % even as real estate debt investments through securities and loans backed by the U.S... Blackstone has earned a reputation for being one of the REIT BREIT 's net asset value has to... 4.4 % distribution Yield and limited upside potential since it is n't correlated or volatile both have solid balance that... The 1000-pound gorilla in any distress a 30 % discount to NAV of about 2.5.. Quoted does not mean that it is not in any real estate investments in..., BREIT is one of the shares you request to liquidate hybrid REIT because it deals with both Asia-Pacific starting! And has the following options: short June 2023 $ 60 puts on Blackstone receive the $ 1,000 per %. $ 2.7 billion in requests investors who are nearing the end of,! Of attention REIT shares are held by investors, but those shares aren & # ;. More from the Motley Fools Premium Investing Services in Europe, to a small extent ( by 1... To repurchase shares from investors once a month history tells you how the company operating performance of...
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