That, for us at High Yield Landlord, is not enough on its own. Retention remains high, and rent growth for new and renewal leases is rising rapidly. The U.S. real estate investment trust, or REIT, sector was hit abnormally hard during the 2022 bear market. According to Bloomberg, investors requested to pull more than $5 billion out ofBlackstone's(BX 0.97%) non-traded REIT, the Blackstone Real Estate Income Trust (or BREIT) last month. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. BREIT had been a big growth driver for Blackstone. Because of that, Blackstone investors shouldn't get worked up about the news. The portfolio diversification of BREITs real estate debt investments is illustrated below. Nexus Select Trust has a portfolio of 17 operational shopping malls . Update 2018-05-11: Blackstone reports that it's leverage has increased from below-average 41% to above average 60% (average for core plus is 50%). 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. Since its inception in 2017, BREIT has consistently issued monthly distributions to its stockholders. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. With 8.1% and 4.3% of the shares outstanding respectively, BlackRock, Inc. and Blackstone Inc. are the second and third largest shareholders. That was four times more than the company's redemption limit, forcing it to restrict redemptions once again. Total returns could be higher if you account for the accumulated share distributions throughout your investment years. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. BREITs common stocks are priced at their fair value in terms of NAV net asset value. Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. Blackstone is the 1000-pound gorilla in any real estate room. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Blackstone Mortgage Trust is not owned by hedge funds. Each type of share has a par value of $0.01. That suggests it could make more headline-grabbing deals this year. The transaction has been unanimously approved by the REIT's Board of Directors and represents a premium of 63 percent to the REIT's most recently published Net Asset Value of $9.06 per share . Clearly, that is Blackstone's view. Mortgage REITs . Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. The majority of investors redeeming were from Asia and needed the liquidity, they said. Even if you expected its property values to drop a bit, its share price could still double before reaching its net asset value. The latter deal included . BREIT outperformed the MSCI U.S. REIT Index net return in 2020 (-7.6%) with a 6.1% net return of Class S shares which has the most number of stockholders among its common shares. Excellent. 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). Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. For example, from the beginning of the year through June, STAG has acquired $271 million of properties at a 5% cap rate while selling $36 million of properties at a 4.4% cap rate. *Average returns of all recommendations since inception. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Those sectors are benefiting from long-term tailwinds and inflation. 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. 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. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . They were down a further 2% on Friday morning at $83.45. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . 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. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). 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. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. 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. However, he said there were no signs of panic selling as a result of vendor distress "which is encouraging". 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. Ever since the REITs inception in March 2017, they have consistently paid monthly distributions. The total revenue coming from rental income also seems to increase consistently. Liz Brumer-Smith (Blackstone): Blackstone is one of the leading alternative asset-management companies in the world. 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. The deal values the, One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of. I wrote this article myself, and it expresses my own opinions. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. Instead of daily price fluctuations, NAV REITs have a much less volatile movement. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. I am not receiving compensation for it (other than from Seeking Alpha). Making the world smarter, happier, and richer. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). This button displays the currently selected search type. Please be aware of the risks associated with these stocks. Blackstone Inc (BX.N) 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. Schwarzman took home more than $1.27 . PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. That was almost 70% of all the capital raised by non-traded REITs that year. Yahoo fa parte della famiglia di brand di Yahoo. And apparently this is the new target. It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. (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 . 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. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. They've . To make the world smarter, happier, and richer. Natalie Wong. But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. Blackstone will often claim that BREIT is superior to public REITs because it supposedly provides better diversification benefits. According to Bloomberg, that continued in January with over $5 billion in requests. The company will likely continue to battle this headwind until it works through its current backlog. 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. 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 HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . That left it with $36.3 billion of dry powder. Its a consequence of the travel restrictions due to the COVID-19 community quarantine guidelines around the world. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. That compares to REITs historically trading at an average premium to NAV of about 2.5%. Try it Free for 2-Weeks. 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.". "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. 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. 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 . And the company isn't obligated to make any repurchases, so it could choose to buy back even fewer shares than the limit or none at all. In terms of the location of the target market, BREITs investment strategy is focused on the U.S. market. That's one of several long-term growth drivers. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Notes: Class D shares dont include the upfront 1.5% sales charge at initial subscription yet. So this review has been updated with that information. . Image courtesy of Bluerock Residential Growth REIT. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. 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. Blackstone Group has been on an aggressive REIT buying spree in the last few years. 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. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. However, it recovered by the end of 2020. Receive at least 75% of gross income from real estate, such as real property rents . as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. It was bought on a sharp yield of close to 4 per cent. 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. As a result, it will receive about $2.7 billion in cash when the deal closes. Plus, the REIT has over 40% upside to NAV. Blackstone shares ended down 7.1% on the news on . Write by: 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. Overall, BREIT is one of the leading players in the NAV REIT market industry. Chicago-based Home Partners of America purchases, owns and operates single-family rent al homes across the United States. Resource REIT (non-traded) for $3.7 billion. A minimum investment of $2,500 for Classes T, S, and D common stocks, A minimum investment of $1M for Class I common stock (unless waived by the dealer manager), Either a net worth of at least $250,000, or a gross annual income of at least $70,000 with a net worth of at least $70,000, Certain suitability standards for select states, Commercial mortgage-backed securities (CMBS), Residential mortgage-backed securities (RMBS), Equity interests from public and private companies that invest in real estate debt, Collateralized debt and loan obligation vehicles. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. If I owned BREIT, I would try to get out of it to invest in public REITs instead. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Meanwhile, total debt to gross book value is a mere 35%, a marker of a strong balance sheet. To be fair, BREIT is a pretty vehicle and it has a strong track record. . I have no business relationship with any company whose stock is mentioned in this article. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. This is a big draw for investor interest in REITs. That means Blackstone will undoubtedly continue making headline-grabbing deals. 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. Just a month after, it grew to 1,508 properties. Like Salesforce.com, inc. (NYSE:CRM), Roblox Corporation (NYSE:RBLX), and Advanced Micro Devices, Inc. (NASDAQ:AMD), HubSpot, Inc. (NYSE:HUBS) is a stock that many elite hedge funds have been . 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. BREIT is a REIT where shares are held by investors, but those shares aren't traded. Please try again later. BREIT has delivered differentiated returns for its investors since its formation. 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. It owns mainly rental housing and industrial properties. Cap rates have expanded a bit, but so has the property NOI in most cases. 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 . 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. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. BREIT issues consistent monthly distributions since its inception. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. ET, 3 Dividend Stocks to Buy Before the Bear Market Ends. For instance, in the first quarter of this year, cash same-store net operating income grew 4.8%, while the REIT has guided for same-store NOI to grow 4-5% for the full year. The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. To give you an example, at High Yield Landlord, we hold an international Portfolio with REITs from 6 different countries. "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. Their corporate headquarters is located at 345 Park Avenue, New York. Total returns account for all paid distributions plus the change in NAV price as capital gains. Is now still a better time to invest in BREIT, or should you rather consider public REITs? 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. With dividends reinvested, the benchmark SPDR S&P 500 ETF (ticker: SPY) lost 18.2% last . It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. Blackstone continues making major deals across the multifamily sector by planning to acquire Bluerock Residential Growth REIT in an all-cash . The index is down 17%, we were up 2.3%. We take a look at two attractive REITs trading significantly below their net asset values. 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. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. Jika diperluas, akan tampil daftar opsi pencarian yang akan mengganti input pencarian agar sesuai dengan pilihan saat ini. STAG offers an attractive, 4.7% dividend yield with a payout ratio slightly below 70%. 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. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. If you have an ad-blocker enabled you may be blocked from proceeding. ", stunning outperformance continued last year. I am not receiving compensation for it (other than from Seeking Alpha). I'll do that again for you. Blackstone is taking another REIT private. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. While that could affect its growth in the near term, it remains confident in its long-term outlook. Shares of BXMT opened at $21.31 on Tuesday. 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. 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. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". Does the Stock Market Have You Down? 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.. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. BREIT is a SEC-registered REIT since 2017. BREIT has 4 types of common shares which differ in how the investors will be charged. To make the world smarter, happier, and richer. As of June 30, 2021, their total properties were 1,463. In 2021, BREIT raised nearly $25 billion from investors. KentWeakley. In fact, Blackstone is close to finalizing what could be the biggest traditional private-equity real estate investment fund in history, according to the Wall Street Journal. 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. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. Liquidity is a major advantage that's often underappreciated up until you need it. 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. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. This is why they are today two of our largest holdings in our Core Portfolio. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. A free article with opinions that may differ from the Motley Fool 's premium services over $ billion... We take a look at two attractive REITs trading significantly below their net asset value, according its... Provided for information purposes only property NOI in most cases price as capital gains sector by planning acquire. But so has the property NOI in most cases wrote this article myself, richer... 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