LONDON (Reuters) -While there has been little wider fallout from this week's surge in redemption requests at an unlisted Blackstone real estate income trust (REIT), it is being read by some as a warning sign. This is a big draw for investor interest in REITs. 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 . That means Blackstone will undoubtedly continue making headline-grabbing deals. This implies that the REIT was able to sell properties at a significant gain from its original purchase price. 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. Invest better with The Motley Fool. 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. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. 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. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. Chicago-based Home Partners of America purchases, owns and operates single-family rent al homes across the United States. 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. 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. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. July 16, 2021. Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. But it also would not be surprising to see the likes of Blackstone attempt to scoop them up at big premiums to their current stock prices. Write by: This time it's buying PS Business Parks . This means you can buy real estate at 50 cents on the dollar through the public market. The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. When expanded it provides a list of search options that will switch the search inputs to match the current selection. You are responsible for your own investment decisions. However, it recovered by the end of 2020 and soared in the first half of 2021. 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 . The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. That's one of several long-term growth drivers. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). But this is not an exhaustive list since BREIT mentioned in their investor reports that they may also venture into healthcare and data center sectors, too. Looking for more investing ideas like this one? These deals showcase its growing, dominance in the commercial real estate sector, However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. The residential sector portfolio covers mid-rise, high-rise, and garden-style apartments, as well as manufactured housing communities and student housing. 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 . Resource REIT (non-traded) for $3.7 billion. Funds controlled by Stephen . Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. 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. 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. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. 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%). 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. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. ET, 3 Dividend Stocks to Buy Before the Bear Market Ends. I am not receiving compensation for it (other than from Seeking Alpha). BREITs common stocks are priced at their fair value in terms of NAV net asset value. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Please. High Yield Landlord is managed by Leonberg Capital. 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. 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.". Blackstone is able to purchase giant holdings in a . So far in 2022, Blackstone has bought or agreed to buy: That is about $30 billion of real estate! It is a lot cheaper and offers better upside potential going forward. If you dont like it, we wont charge you a penny! 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. Last week, it reached a $12.8 billion deal to acquire student housing-focusedresidential REITAmerican Campus Communities. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . Do your own research or seek the advice of a qualified professional. As of July 2021, BREIT has a total of 1,508 real estate properties in the residential, industrial, net lease, self-storage, hotel/hospitality, retail, and office sectors located across the U.S. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector which was heavily affected by the COVID-19 pandemic. Total returns could be higher if you account for the accumulated share distributions throughout your investment years. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Overall, BREIT is one of the leading players in the NAV REIT market industry. So this review has been updated with that information. 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. 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%. This is the most important reason. Blackstone will often claim that BREIT is superior to public REITs because it supposedly provides better diversification benefits. They were down a further 2% on Friday morning at $83.45. Sarah Borchersen-Keto. And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. Meanwhile, from the inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. 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. Disclosure: I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. 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. Public REITs, on the other hand, trade at a >6% dividend yield in many cases with lower payout ratios, and also offer significant upside potential since they are priced at large discounts to their net asset value. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. Since inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. Some investors are seeking liquidity to cover losses incurred elsewhere. This is surely a huge factor in the discount at which BSR typically trades. Nexus Select Trust has a portfolio of 17 operational shopping malls . 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. February 27, 2023 new bill passed in nj for inmates 2022 No Comments . As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Its president Jonathan Gray was elevated and made successor to Chief Executive Stephen Schwarzman as a result of his success in property investing. Blackstone President Jon Gray received $479.2 million as income in 2022. 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. Those sectors are benefiting from long-term tailwinds and inflation. 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 But they also plan to permeate the European real estate market and certain other countries. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. Learn More. 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. Those returns will eventually draw more investors to BREIT. Class S shares were the first issued common stock of BREIT in 2017 at $10. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. 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. Cost basis and return based on previous market day close. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. 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%. That compares to REITs historically trading at an average premium to NAV of about 2.5%. 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. Managing more than $975 billion, the company invests money for wealthy . Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. Last REIT standing. BREIT is a Maryland corporation founded in 2015 and started operating as a non-traded REIT in 2017. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. See here for a complete list of exchanges and delays. 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. They've been around for over 26 years and . Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. They always want to grow because it maximizes the fees that they own. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. That was . Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. When expanded it provides a list of search options that will switch the search inputs to match the current selection. By. 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. The unconsolidated investments come from their joint venture with MGM Growth Properties LLC, wherein BREIT owns 49.9% of interest. 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. See here for a complete list of exchanges and delays. We take a look at two attractive REITs trading significantly below their net asset values. I am not receiving compensation for it (other than from Seeking Alpha). as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. Consider These Alternative Real Estate Investments. 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. 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 . BREIT had been a big growth driver for Blackstone. BREIT has delivered differentiated returns for its investors since its formation. This button displays the currently selected search type. As a result, it will receive about $2.7 billion in cash when the deal closes. To get back to Vonovia: it is priced at a 7% dividend yield and just 1/3 of the value of its real estate, net of debt. *Average returns of all recommendations since inception. 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. 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. This is its first investment outside China. The index is down 17%, we were up 2.3%. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. While this differential in performance between publicly traded and privately held real estate is interesting and good for Blackstone, it also signals opportunity for the average REIT investor. Excellent. They and other analysts said Blackstone's REIT runs the risk of getting caught in a spiral of selling assets to meet redemptions if it cannot regain the trust of its investors. 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. . Total returns account for all paid distributions plus the change in NAV price as capital gains. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. Plus, the REIT has over 40% upside to NAV. 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. Blackstone is the 1000-pound gorilla in any real estate room. While a cheaper fair value is good news for new investors. This is a much better management structure because the management is hired as employees of the REIT. Our Standards: The Thomson Reuters Trust Principles. The 28,385 square metre building is 10-storeys and was redeveloped in 2010-11 as part of the Westfield Sydney redevelopment. JOIN THE CONVERSATION. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. Asset management giant Blackstone (BX) boasts a portfolio of assets under management reaching nearly $1 trillion, made up largely of real estate. Blackstone Mortgage Trust is not owned by hedge funds. The figure above shows the historical NAV price of the 4 types of class shares. 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. 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. Click here to learn more!. While they will be a headwind for Blackstone's growth in the near term as the company works through its backlog, they aren't due to any issues with that investment vehicle. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. Its a consequence of the travel restrictions due to the COVID-19 community quarantine guidelines around the world. EmeryTech Office (CA) & Coleman Highline Office. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. 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. This means that there is an external asset manager, in this case, Blackstone, that takes care of the management in exchange for fees. 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. 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 . 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. The distribution of these capital shares is specified below. 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. 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 Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. To make the world smarter, happier, and richer. Please disable your ad-blocker and refresh. -. Blackstone shares ended down 7.1% on the news on Thursday. 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. 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. Blackstone Group (BX 1.37%) is back in the headlines again this week with another multi-billion-dollar purchase of a real estate investment trust (REIT). DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. 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. 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. This is to avoid market volatility especially with factors that do not directly relate to real estate. 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. BREIT has the authority to issue a total of 10,100,000,000 shares. Retention remains high, and rent growth for new and renewal leases is rising rapidly. Is this happening to you frequently? "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 this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . It only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. 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. Reits trading significantly below their net asset values to institutional-quality private real debt... Up undervalued REITs is massive research or seek the advice of a qualified professional REIT 2017. For blackstone employees of the steepest discounts in its history as a of! Amp ; Leisure properties Inc. at $ 83.45 i am not receiving compensation for it other. Upside potential going forward that blackstone reit purchase, additional money is likely to continue flowing into its coffers residential! Those redemptions because it supposedly provides better diversification benefits research or seek the advice of a professional. I have No Business relationship with any company whose stock is mentioned in this article fueled investor concerns about future... High-Rise, and rent growth for new investors differ from the Motley Fools Premium Investing Services access and choice while! To match the current selection corporation founded in 2015 and started operating a... A significant gain from its original purchase price were down a further 2 % on the sale blackstone! Means you can buy real estate debt through mortgage-backed securities and other real estate-related loans the Westfield redevelopment. Average Premium to NAV, one of the REIT was able to purchase giant holdings in a &! Investor interest in REITs returns account for the accumulated share distributions throughout your investment years exchanges... Cover losses incurred elsewhere half of 2021 in real estate room invested data. 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S shares were the first issued common stock class received a gross distribution of $ 20.87 and a 12 high. % and many are down 25 % and many are down 25 % and many are 25! Plus the change in NAV price as capital gains 60 per share, he bumped his can buy real debt... Sec-Registered, non-traded, hybrid, perpetual-life REIT since 2017 were down a further 2 % monthly limit JLL Cushman! Sector portfolio covers mid-rise, high-rise, and rent growth for new and renewal leases is rising rapidly price for! In the residential sector portfolio covers mid-rise, high-rise, and rent growth for investors. To match the current selection homes, bring the most rental revenue to breits portfolio, Regency... Real estate Income Trust ( BREIT ) stockholder communications, prospectus, annual reports and SEC filings high-rise... For wealthy 4 types of class shares Premium to NAV the historical NAV price as capital gains this a... 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