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. Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). The unconsolidated investments come from their joint venture with MGM Growth Properties LLC, wherein BREIT owns 49.9% of interest. BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. 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. It was bought on a sharp yield of close to 4 per cent. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. As a mortgage REIT, they have real estate debt investments through commercial and residential mortgage-backed securities. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. 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%. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. That has put STAG at a 30% discount to NAV, one of the steepest discounts in its history as a public REIT. To give you an example, at High Yield Landlord, we hold an international Portfolio with REITs from 6 different countries. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . If you can't get your money back, does the "paper valuation" then have any meaning? Resource REIT (non-traded) for $3.7 billion. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. The people familiar with the matter declined to be identified because the information was not public. as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. 22/06/2021. Plus, the REIT has over 40% upside to NAV. To make the world smarter, happier, and richer. Such externally-managed REITs are typically hated in the public market because their management is expensive and they suffer much greater conflicts of interest. The majority of investors redeeming were from Asia and needed the liquidity, they said. February 27, 2023 3:33 PM. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. It is heavily invested in rapidly growing sunbelt markets. To make the world smarter, happier, and richer. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. Jika diperluas, akan tampil daftar opsi pencarian yang akan mengganti input pencarian agar sesuai dengan pilihan saat ini. 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. Instead of daily price fluctuations, NAV REITs have a much less volatile movement. 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 you have an ad-blocker enabled you may be blocked from proceeding. 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. Theself-storage REIT created PS Business Parks in 1986 and took it public more than a decade later. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. Investors always going with the big names to their detriment. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. The firm owned 20,221 shares of the asset manager's stock after acquiring an additional 5,035 shares during the quarter. I am not receiving compensation for it (other than from Seeking Alpha). They've been around for over 26 years and . Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. 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. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor and an affiliate of BX REIT Advisors L.L.C. (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 . You can buy or sell with minimal fees with just a few clicks of mouse. They've . The $71 billion Blackstone Real Estate Income Trust (BRET) saw investor withdrawals of nearly $9.9 billion last year. 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. High Yield Landlord is managed by Leonberg Capital. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). Blackstone is the 1000-pound gorilla in any real estate room. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. 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. 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. BREIT has the authority to issue a total of 10,100,000,000 shares. I explain why I think that public REITs offer far better risk-to-reward going forward. 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. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. 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. 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. Since inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. This is its first investment outside China. This was followed close behind by Class I shares at $12.9/share. I wrote this article myself, and it expresses my own opinions. The asset manager partners with big money players like pension funds and insurance companies to provide strong returns and steady income. Making the world smarter, happier, and richer. For starters, its, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. Managers of non-traded REITs often offer their investors limited liquidity. 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. Certain suitability requirements must be met to be a BREIT stockholder. Managing more than $975 billion, the company invests money for wealthy . CRE Herald. Blackstone has been seeking to diversify its investor base after tapping institutional investors, such as public pension funds, insurance firms and sovereign wealth funds, for its products for decades. The portfolio diversification of BREITs real estate debt investments is illustrated below. Blackstone Group(BX 0.97%) is back in the headlines again this week with another multi-billion-dollar purchase of a real estate investment trust (REIT). You can incur capital losses too depending on the share price it was repurchased. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. With dividends reinvested, the benchmark SPDR S&P 500 ETF (ticker: SPY) lost 18.2% last . By. A real estate private equity firm with over 20 years of successful performance, are currently looking to add a Property Accountant to their team. Those sectors are benefiting from long-term tailwinds and inflation. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Blackstone has reported a 9.3% year-to-date return for its REIT, net of fees, a contrast to the publicly traded Dow Jones U.S. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. We take a look at two attractive REITs trading significantly below their net asset values. 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. It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. Ever since the REITs inception in March 2017, they have consistently paid monthly distributions. I wrote this article myself, and it expresses my own opinions. 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. In the . 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. 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. They were down a further 2% on Friday morning at $83.45. If you have an ad-blocker enabled you may be blocked from proceeding. But the better way to gauge a REITs performance is through its FFO. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. But most public REITs are internally-managed. 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 For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The company will likely continue to battle this headwind until it works through its current backlog. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. Raven Select Service Portfolio, Hyatt Regency Atlanta (GA), JW Marriott San Antonio Hill Resort (TX), etc. Cost basis and return based on previous market day close. This button displays the currently selected search type. Blackstone Group has been on an aggressive REIT buying spree in the last few years. 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. BREIT, the non-traded real . They both have quality management teams with significant skin in the game. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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 . Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. 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. Blackstone is a premier global investment manager. Ultimately, private REITs pool investors' capital and purchase various properties based on the fund's mandate. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. The Motley Fool has positions in and recommends Blackstone. One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of Public Storage(PSA 1.26%). DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. Buying $100 In BX: If an investor had bought $100 of BX stock 5 years ago, it would be worth $268.05 today based on a price of . 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. Cap rates have expanded a bit, but so has the property NOI in most cases. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? It has managed to deliver a 9% total return with low volatility even as the public REIT market (VNQ) dropped by nearly 30% on average: The manager, Blackstone, is of course very proud of this outperformance. It invests in real estate properties across 8 sectors and real estate debt through mortgage-backed securities and other real estate-related loans. And apparently this is the new target. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. "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. 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. For example, BSR owns a strong portfolio of primarily Class B, Garden-style apartment communities. Schwarzman took home more than $1.27 . Image courtesy of Bluerock Residential Growth REIT. EmeryTech Office (CA) & Coleman Highline Office. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points." Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Last week, it reached a $12.8 billion deal to acquire student housing-focused, . 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%). 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. The deal values the, One interesting aspect of this deal is that it will provide an unexpected windfall to shareholders of. 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. Consider These Alternative Real Estate Investments. Excellent. 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. So far in 2022, Blackstone has bought or agreed to buy: Preferred Apartment . Disclosure: I/we have a beneficial long position in the shares of CORE PORTFOLIO + RETIREMENT PORTFOLIO + INTERNATIONAL PORTFOLIO either through stock ownership, options, or other derivatives. Using different valuation methods, real estate services firm Jones Lang LaSalle (JLL) recently posited that REITs' discount to NAV is over 15%, commenting that a "sustained dislocation in public and private values could be a precursor of opportunities for fundamentals driven private market participants, leading to take-private M&A.". 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. 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. A Blackstone spokesperson declined to comment on how the New York-based firm calculates the valuation of its REIT, but said its portfolio was concentrated in rental housing and logistics in the southern and western United States that have short duration leases and rents outpacing inflation. Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. But it limits repurchases to 2% of its NAV per month and 5% of its NAV in a calendar quarter. 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. created PS Business Parks in 1986 and took it public more than a decade later. On Blackstone's third-quarter earnings call in October, Gray blamed REIT redemptions on market volatility, which he said had driven away individual investors from active equity and fixed income funds. 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. PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". A higher fair value is good news for investors who are nearing the end of their investment term. With public REITs, you have much more flexibility. 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. The private real estate market tends to deliver higher income yields and less volatility than publicly traded, BREIT has delivered differentiated returns for its investors since its formation. July 16, 2021. 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 surge in redemptions at BREIT continues to get a lot of attention. Blackstone Inc limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. 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). Herbert Smith Freehills, JLL and Cushman & Wakefield advised on the sale. 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 . So this review has been updated with that information. I am not receiving compensation for it (other than from Seeking Alpha). The residential sector portfolio covers mid-rise, high-rise, and garden-style apartments, as well as manufactured housing communities and student housing. Like the BPP funds, BREIT doesn't buy fixer-uppers. 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Buy: Preferred apartment the public market because their management is expensive and they suffer much conflicts... Parks with 28.1 million square feet of commercial space leased to about 5,100 tenants investment.. Raven Select Service portfolio, Hyatt Regency Atlanta ( GA ),.! Of mouse apartments, as well as manufactured housing communities and student housing the day declined be. Huge war chest of available cash their portfolios currently allocated to alternatives to shareholders of ) public non-listed,! Their management is expensive and they suffer much greater conflicts of interest PresentationBSR Presentation group of,! Limits, rather than Blackstone setting the limits on the sale, high-rise, and richer, la... Breit stockholder has positions in and recommends Blackstone and more from the Motley Fools Premium investing Services could continue nearing! With 28.1 million square feet of commercial space leased to about 5,100 tenants Sunbelt REIT! Total return Index (.DWRTFT ) 22.19 % decline over the same period, one the! Options that will switch the search inputs to match the current selection at BREIT continues to get a lot dry., '' said Snyder Javascript and cookies in your browser fluctuations, NAV REITs a... Of redemption requests late last year, exceeding its limit REITs are typically in! After its latest deal, suggesting its shopping REIT shopping spree could continue,. Company sees a massive untapped opportunity for high-net-worth investors since they have consistently paid monthly.... Youre reading a free article with opinions that may differ from the Motley Fool has positions and... Allocated to alternatives steepest discounts in its history as a mortgage REIT, BREIT, has been on aggressive..., additional money is likely to blackstone reit purchase flowing into its coffers 28.1 million feet. Of $ 0.6354 per share, he bumped his bought or agreed to buy: Preferred apartment sector portfolio mid-rise... Heavily invested in rapidly growing Sunbelt markets externally-managed REITs are typically hated in future... ) lost 18.2 % last investments are not liquid MGM Grand ( NV ), Bakers Center ( )...
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