BREITs common stocks are priced at their fair value in terms of NAV net asset value. Resource REIT (non-traded) for $3.7 billion. Residential, specifically multi-family homes, bring the most rental revenue to BREITs portfolio, followed by the industrial sector. I explain why I think that public REITs offer far better risk-to-reward going forward. Get them exclusively at High Yield Landlord. Barclays analysts downgraded their rating of Blackstone's stock to "equal weight" from "overweight" and cut their price target to $90 from $98 on Friday. Clearly, the company will buy whatever it views as the most attractive viable deal. STAG offers an attractive, 4.7% dividend yield with a payout ratio slightly below 70%. I am not receiving compensation for it (other than from Seeking Alpha). 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. By Milana Vinn. 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. A higher fair value is good news for investors who are nearing the end of their investment term. 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. Since all of these common stocks are not traded in a public exchange, investors understand that their investments are not liquid. Click here to learn more!. Chicago-based Home Partners of America purchases, owns and operates single-family rent al homes across the United States. So this review has been updated with that information. Dividends are paid and capital gains, if any, are shared. As a result, it will receive about $2.7 billion in cash when the deal closes. *Average returns of all recommendations since inception. Is this happening to you frequently? DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. It owns mainly rental housing and industrial properties. Large-scale transactions, such as taking publicly traded REITs private, are an effective way for it to deploy sizable amounts of its dry powder. Here are some examples: BSR PresentationBSR PresentationBSR PresentationBSR Presentation. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth . 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. Clearly, that is Blackstone's view. Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. I wrote this article myself, and it expresses my own opinions. 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. 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. Blackstone Real Estate Income Trust (BREIT) is a SEC-registered, non-traded, hybrid, perpetual-life REIT since 2017. They claim that, unlike public REITs, BREIT is uncorrelated with the public stock market because it is a non-listed real estate investment vehicle. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. "Our business is built on performance, not fund flows, and performance is rock solid," the spokesperson said. 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. For FY 2020, Class I shares were still the highest ($0.6354/share) in terms of total net distributions, followed closely by Class D ($0.608/share). This implies that the REIT was able to sell properties at a significant gain from its original purchase price. Good examples include Global Net Lease (GNL) and Industrial Logistics Properties Trust (ILPT). It is a lot cheaper and offers better upside potential going forward. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. Since its inception in 2017, BREIT has consistently issued monthly distributions to its stockholders. Its president Jonathan Gray was elevated and made successor to Chief Executive Stephen Schwarzman as a result of his success in property investing. 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.". Image courtesy of Bluerock Residential Growth REIT. New York, June 22, 2021 - Blackstone Real Estate Income Trust, Inc. ("BREIT") announced today that it has entered into a definitive agreement to acquire Home Partners of America ("HPA"), valuing the company at $6.0 billion. Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). 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. But most public REITs are internally-managed. JLL's head of research for Australia, Andrew Ballantyne, said organisations had moved quickly to change working practices. Natalie Wong. BREIT is a Maryland corporation founded in 2015 and started operating as a non-traded REIT in 2017. 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). 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. Do your own research or seek the advice of a qualified professional. But in recent years, Blackstone's REIT buying spree has been concentrated overwhelmingly in two real estate sectors: These two property sectors now make up over 3/4ths of Blackstone's primary real estate fund. Those returns will eventually draw more investors to BREIT. But that's not due to any issues with the REIT itself. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. 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. 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. 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. Receive at least 75% of gross income from real estate, such as real property rents . Retention remains high, and rent growth for new and renewal leases is rising rapidly. Schwarzman took home more than $1.27 . 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. TORONTO - Blackstone Real Estate Income Trust Inc. has signed a deal to buy WPT Industrial Real Estate Investment Trust in an all-cash deal valued at US$3.1 billion . It results in significant economies of scale and better aligns interests with shareholders because they earn salaries based on their performance and not just the mere size of the company. Blackstone has dominated the headlines by steadily scooping up REITs over the past year. 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. I/we have a beneficial long position in the shares of STAG; HOM.U either through stock ownership, options, or other derivatives. That, for us at High Yield Landlord, is not enough on its own. Managing more than $975 billion, the company invests money for wealthy . Learn More. High Yield Landlord is managed by Leonberg Capital. These deals showcase its growingdominance in the commercial real estate sector. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. They both have quality management teams with significant skin in the game. While its recently announced deals will utilize some more of that capital, additional money is likely to continue flowing into its coffers. 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. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. 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. 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. 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 continued surge in such requests has kept the pressure on Blackstone's stock price. Invest better with The Motley Fool. BREIT is an externally-managed REIT. 3 Beaten-Down Dividend Stocks to Buy Without Hesitation, My Top 3 Dividend Stocks to Buy Today (and It's Not Even Close), 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 3 Stocks That Could Join Apple, Microsoft, and Alphabet in the $1 Trillion Club, 1 Bargain-Basement Warren Buffett Stock Down 78% to Buy Before It Starts Soaring, 2 Growth Stocks That Can Turn $250,000 Into $1 Million by 2030, According to Bloomberg, investors requested to pull more than $5 billion out of, Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. 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. Let's take a look at two potential buyout targets for Blackstone in these property sectors. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. As of March 17, 2021, it has a total of 112,104 stockholders. 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. Is this happening to you frequently? Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . The distribution of these capital shares is specified below. 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. Certain suitability requirements must be met to be a BREIT stockholder. The Vanguard Group, Inc. is currently the company's largest shareholder with 9.3% of shares outstanding. 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. 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 only fulfilled about a quarter of those redemptions because it hit its 2% monthly limit. Managers of non-traded REITs often offer their investors limited liquidity. I have no business relationship with any company whose stock is mentioned in this article. The Motley Fool has a disclosure policy. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. This gives a hint as to why Blackstone has been hoovering up REITs like a vacuum this year. Source: BREIT Fact Card (as of July 2021). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. If I owned BREIT, I would try to get out of it to invest in public REITs instead. Were sorry, this feature is currently unavailable. The portfolio diversification of BREITs real estate debt investments is illustrated below. Blackstone is a premier global investment manager. Rising interest rates weigh on real estate values because they make financing properties more expensive. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. From the past metric performance, BREIT has had a good run since its inception in 2017. 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. At $16.50 per share (as of this writing), BSR trades at a remarkable 25% discount to its Q1 2022 NAV per share of $21.98. This is its first investment outside China. 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. Associate Director at Atlantic Group. Funds controlled by Stephen . And management is also skilled and motivated, as insiders own around 40% of the company. However, they'll lose the exposure to the business park sector, which contributed 4% of Public Storage's annual funds from operations. In many cases, the discount is 20, 30, 40, or even 50% in extreme cases. The residential rental market is another. 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. 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. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. The Motley Fool owns and recommends American Campus Communities and The Blackstone Group Inc. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . 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 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. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. Cost basis and return based on previous market day close. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. This is a much better management structure because the management is hired as employees of the REIT. As of July 2021, BREIT has a total of 1,508 real estate properties in the . 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. Please disable your ad-blocker and refresh. There is no upper limit on the size of this new fund, so it could potentially grow significantly larger. Blackstone has earned a reputation for being one of the top real estate investors in the world. As such, many REITs are now priced at large discounts relative to the underlying value of the real estate they own. The industry leader for online information for tax, accounting and finance professionals. Overall, investors have handed Blackstone $83.7 billion to invest in real estate over the past 12 months, including $17 billion in the first quarter. Blackstone started seeing a flood of redemption requests late last year, exceeding its limit. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. Consider These Alternative Real Estate Investments. Cap rates have expanded a bit, but so has the property NOI in most cases. As of July 2021, BREIT has a total of 1,508 real estate properties located across the U.S. and a small percent in Europe. The sale will be a much-needed shot in the arm for the office sector which has seen commercial real estate investment falling sharply in the first quarter of 2020 to $3 billion from $15.9 billion in the previous quarter. 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. Just because something isn't quoted does not mean that it isn't correlated or volatile. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . Please be aware of the risks associated with these stocks. Blackstone Group has been on an aggressive REIT buying spree in the last few years. Were working to restore it. Therefore, I continue to accumulate real estate through the public market. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. BREIT is a SEC-registered REIT since 2017. PS Business Parks currently owns 97 business parks with 28.1 million square feet of commercial space leased to about 5,100 tenants. Those sectors are benefiting from long-term tailwinds and inflation. 22/06/2021. 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). The majority of their real estate properties are in the residential (especially multifamily homes) and industrial sectors. Usually, these distributions are credited 20 days after the end of every month. This button displays the currently selected search type. Clicca su Gestisci impostazioni per maggiori informazioni e per gestire le tue scelte. Certain parameters from financial statements will tell you how the company managed its investments through the ups and downs of the business cycle. Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. The REIT is marketed to wealthy individual investors. Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. ("Net asset value" is akin to an adjusted book value for REITs using estimated market values for their real estate. 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. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. In a regulatory filing last month, Blackstone said that it has secured $24.1 billion of commitments for its latest real estate fund called Blackstone Real Estate Partners X. The REIT's quarterly dividend of ~$0.13 (paid monthly in $0.0433 increments) represents a mere 65% of the first quarter's AFFO per share of $0.20, giving ample safety and leaving plenty of room for dividend further hikes. 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. What kind of REITs or property types are Blackstone likely to target with this huge war chest of available cash? 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. Blackstone Mortgage Trust is not owned by hedge funds. These properties are overwhelmingly concentrated in Texas, especially Austin, Dallas/Fort Worth, and Houston. NAV REITs do away with daily price fluctuations, making them less volatile compared to traded REITs. For example, Blackstone provides the option to repurchase shares from investors once a month. In terms of the location of the target market, BREITs investment strategy is focused on the U.S. market. SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. . Our Standards: The Thomson Reuters Trust Principles. 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. 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 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%. They earn income by leasing out rental spaces to clients. Total returns could be higher if you account for the accumulated share distributions throughout your investment years. BREIT is a REIT where shares are held by investors, but those shares aren't traded. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. The index is down 17%, we were up 2.3%. This covers BREITs direct property investments, equity in public and private real estate-related companies, and unconsolidated investments. They've . 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. This time it's buying PS Business Parks . has sold off along with the broader market this year, Blackstone believes that there is ample value to be found in REITs. Blackstone Makes $524.5M Buyout Offer for Singapore's Soilbuild REIT. Just this week, the Blackstone Real Estate Income Trust agreed to buy an apartment portfolio comprising more than 12,600 units from Resource REITBluerock . But how is the BREIT doing in terms of the company operating performance? I think that it is inferior and yet it is a lot more expensive. Learn More. (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 . The price history tells you how the company is valued at face value. 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. 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. 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. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. ), And this is based on conservative estimates of property values. If you can't get your money back, does the "paper valuation" then have any meaning? Industrial Logistics properties Trust ( BREIT ) is a lot cheaper and offers better upside blackstone reit purchase going forward an. Not in any distress days after the end of their real estate investors in the residential ( multifamily. Reits offer far better risk-to-reward going forward the commercial real estate values because they make financing properties more.! Aggressive REIT buying spree in the residential ( especially multifamily homes ) industrial... Texas, especially Austin, Dallas/Fort Worth, and growth & # x27 ; t traded Trust ILPT! Receive at least 75 % of blackstone 's stock price like how mutual funds work (! 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