Blackstone Real Estate Income Trust Provides Portfolio Update and November NAV
December 22, 2020
Portfolio Update from Blackstone Real Estate Income Trust “BREIT”
“For the month ended November 30, 2020, BREIT’s Class S NAV per share increased $0.12, from $11.36 as of October 31, 2020, to $11.48 as of November 30, 2020. This price movement was driven by increases in the value of our industrial assets reflecting the continued acceleration of e-commerce demand.”
“Overall, we continue to expect the path to a full economic recovery will be uneven and vary by sector. Resilient sectors with solid fundamentals, such as industrial and multifamily, continue to be well-positioned in the current environment. BREIT’s portfolio is oriented toward these sectors with 91% of its real estate portfolio concentrated in multifamily, industrial, and net lease. Rent collections for our multifamily, industrial, net lease, retail, and office properties were 1.9% below a typical month.”
“We continue to see increasing levels of transaction activity and recently completed several acquisitions of high-quality assets consistent with those in our existing portfolio. As an example, in December BREIT acquired a $358 million portfolio of high-quality, last-mile industrial assets totaling 2.1 million square feet from Iron Mountain, a global leader for storage and information management services. This transaction further orients BREIT’s real estate portfolio towards the industrial sector, one of BREIT’s highest conviction themes. BREIT continues to maintain substantial liquidity ($3.6 billion as of December 15, 2020), modest leverage (45% loan-to-value as of November 30, 2020), and a robust pipeline of identified transactions ($4.2 billion as of November 30, 2020). In addition, we currently estimate that 97% – 100% of distributions for the year ended December 31, 2020, will be characterized as return of capital for federal income tax purposes.”
Source: SEC
