The Blackstone Group again advanced its push into the multifamily market with a sizable acquisition spanning in-demand Sun Belt sectors. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. I have no business relationship with any company whose stock is mentioned in this article. 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 Our Standards: The Thomson Reuters Trust Principles. They were down a further 2% on Friday morning at $83.45. BREIT issues consistent monthly distributions since its inception. Blackstone Real Estate Income Trust, Inc. (BREIT) has real estate investments in diverse sectors such as residential, industrial, office, storage, and hotel/hospitality. 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. Price as of February 28, 2023, 4:00 p.m. The company will likely continue to battle this headwind until it works through its current backlog. They both have quality management teams with significant skin in the game. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. 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. 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. *Average returns of all recommendations since inception. When expanded it provides a list of search options that will switch the search inputs to match the current selection. In addition, it had commitments to deploy another $9.4 billion across its public U.S. REIT privatizations and a deal to buy an Australian casino operator. Multifamily REIT Preferred Apartment Communities announced . 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. But most public REITs are internally-managed. This means you can buy real estate at 50 cents on the dollar through the public market. 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. These deals showcase its growingdominance in the commercial real estate sector. See here for a complete list of exchanges and delays. Do your own research or seek the advice of a qualified professional. It owns mainly rental housing and industrial properties. 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. Este botn muestra el tipo de bsqueda seleccionado. Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. Blackstone is taking another REIT private. Public REITs are liquid and naturally, this will result in some volatility, but at least, you are not lying to yourself, thinking that something isn't volatile just because it isn't traded. BREIT also has real estate debt investments through securities and loans backed by the U.S. market. Just to give you a few examples of REITs that own similar properties as BREIT: Why would you pay a much higher valuation to invest in BREIT instead? I wrote this article myself, and it expresses my own opinions. However, he said there were no signs of panic selling as a result of vendor distress "which is encouraging". It still has a lot of dry powder after its latest deal, suggesting its shopping REIT shopping spree could continue. The price history tells you how the company is valued at face value. Blackstone also said in the prospectus it had access to $9.3 billion in "immediate liquidity.". 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. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. Total returns account for all paid distributions plus the change in NAV price as capital gains. 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. 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More investors are entrusting it with more of their capital, giving it the funds to acquire more real estate. The surge in redemptions at BREIT continues to get a lot of attention. 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. The REIT also represented a bid to win over high net-worth investors clamoring for private market products, which they believe perform better than those that are publicly traded. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. These cash reserves totaled $2.7 billion as of the end of October, according to its prospectus. Blackstone is the 1000-pound gorilla in any real estate room. By. 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. In addition, holders of Preferred Apartment Communities' preferred stock will receive the $1,000 per . Some investors are seeking liquidity to cover losses incurred elsewhere. 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. Blackstone is able to purchase giant holdings in a . They've . As of July 2021, BREIT has a total of 1,508 real estate properties in the . 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 . 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. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. This time it's buyingPS Business Parks(PSB) for $7.6 billion. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Digging into Blackstone's latest real estate deal, Blackstone has agreed to pay $187.50 per share in cash for PS Business Parks, a roughly 15% premium to its average share price over the last two months. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. There are also selling commissions upfront that can amount up to 3.5% and stockholder servicing fees that can add up to 0.85% each year. Having invested in data centres in the US and Europe, Blackstone has eyes on Asia-Pacific - starting with India. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. Proof in point: BREIT just had to limit withdrawals because too many investors are currently seeking to get out of it. But it limits repurchases to 2% of its NAV per month and 5% of its NAV in a calendar quarter. As stable becomes sexy in Asia's real estate markets, Blackstone is teaming up with the family controlling the sponsor of a Singapore-listed REIT for a S$700.3 million ($524.5 million) offer to buy out the industrial real estate trust. However, it recovered by the end of 2020. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Three stocks that look particularly appealing considering their high-dividend yields and beaten-up share prices are Blackstone ( BX 0.30%), UMH Properties ( UMH 0.38%), and Mid-America Apartment . Under the terms of the agreement, B REIT will acquire the REIT 's portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. ), And this is based on conservative estimates of property values. I wrote this article myself, and it expresses my own opinions. 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. KentWeakley. EdR Student Housing Portfolio (10,610 units), Southeast MH portfolio (8,563 units), Acorn Multifamily Portfolio (8,309 units), etc. The distribution of these capital shares is specified below. But what about today? However, net losses have been incurred since 2017 which can be attributed to the real estate debt portfolio. For example, Blackstone provides the option to repurchase shares from investors once a month. 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. 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. 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. . 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. Is this happening to you frequently? Please be aware of the risks associated with these stocks. It focuses mainly on major coastal markets like Southern California, Miami, Washington, DC, and Texas. Does the Stock Market Have You Down? SoCal Grocery Portfolio, Canarsie Plaza (NY), Bakers Center (PA), etc. The index is down 17%, we were up 2.3%. Last week, it reached a $12.8 billion deal to acquire student housing-focused, . Public Storage expects to recognize a $2.3 billion after-tax gain, which it intends to distribute to its shareholders. Indeed, according to Green Street Advisors, REITs are currently trading at an average discount to net asset value ("NAV") of about 10%. 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. Is now still a better time to invest in BREIT, or should you rather consider public REITs? Blackstone told investors in a letter it would curb withdrawals from its REIT after it received redemption requests in November greater than 2% of its monthly net asset value and 5% of its quarterly net asset value. 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. Nexus Select Trust has a portfolio of 17 operational shopping malls . 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. 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 . Blackstone and Soilbuild are selling Bukit Batok Connection months after privatising Soilbuild REIT US developer and investment firm Hines has made its first acquisition in the Singapore market, teaming up with German fund manager DWS Group to buy a ramp-up workshop in the Bukit Batok area from a Blackstone-controlled trust for S$93.8 million ($69 million). 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 . 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. The Motley Fool has positions in and recommends Blackstone. Bill Bayless, ACC co-founder and CEO, said the transaction marked the culmination of a "pioneering quest to transform the student housing . 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. Editing by Rosalba O'Brien and Sam Holmes, Investors pull around $6 billion out of Binance's stablecoin, Revolut auditor flags concern about $576 mln of revenue in long-delayed 2021 accounts, Analysis: Traders relaxed as ECB starts running down massive bond holdings, Analysis: Rebounding U.S. dollar a growing headache for investors, Dollar Tree sees weak 2023 profit as costs mount, shoppers curb spending, Concerns about prospects of COVID vaccine maker Novavax sink shares, Russian internet speeds drop on hardware shortage, research finds, EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog, Kohl's swings to surprise loss as margins crumble on steep discounts, Exclusive news, data and analytics for financial market professionals. The REIT turmoil is a setback for two of Blackstone's strategies that helped it become the world's biggest alternative asset manager with $951 billion in assets: real estate investing and attracting high net-worth individuals. With dividends reinvested, the benchmark SPDR S&P 500 ETF (ticker: SPY) lost 18.2% last . And Blackstone's financial capacity to continue scooping up undervalued REITs is massive. The unconsolidated investments come from their joint venture with MGM Growth Properties LLC, wherein BREIT owns 49.9% of interest. 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. 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. Blackstone's purchase of American Campus makes student housing a fully privately held asset class in the US. In July, we saw another example of this accretive capital recycling as STAG sold two properties for $82 million at a 5.2% cap rate after having purchased them several years prior at an average cap rate of 6.2%. Let's take a look at two potential buyout targets for Blackstone in these property sectors. This is a much better management structure because the management is hired as employees of the REIT. The company reports its financial statements and regular updates through SEC filings for public reference. 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. Despite the pandemic, they acquired worth $10.5B of real estate properties in the multifamily, industrial, and net lease sectors in 2020. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. Just because something isn't quoted does not mean that it isn't correlated or volatile. Their recent property acquisitions recorded as of June 2021 were 15 investments 17 residential properties, 28 industrial properties, and 1 office property amounting to $2.1B. , Blackstone will likely continue its real estate shopping spree. Try it Free for 2-Weeks. This button displays the currently selected search type. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. STAG offers an attractive, 4.7% dividend yield with a payout ratio slightly below 70%. 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. 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. 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. Blackstone President Jon Gray received $479.2 million as income in 2022. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. I don't know many asset classes that perform -- outperform indexes by 3,000 basis points." Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . If you have an ad-blocker enabled you may be blocked from proceeding. DISCLAIMER: Jussi Askola is not a Registered Investment Advisor or Financial Planner. BREIT has the authority to issue a total of 10,100,000,000 shares. CRE Herald. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. Today, he is the author of "High Yield Landlord - the #1 ranked real estate service on Seeking Alpha. "Leasing inspections are still occurring [but] most organisations are delaying the decision-making process," Mr Ballantyne said. I wrote this article myself, and it expresses my own opinions. Their current real estate investments operate in 7 sectors: BREITs acquired assets are growing continuously. Plus, the REIT has over 40% upside to NAV. Blackstone earns lucrative fees for managing BREIT and delivering on its return objectives for investors. Total returns could be higher if you account for the accumulated share distributions throughout your investment years. 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 . Learn More. Those sectors are benefiting from long-term tailwinds and inflation. According to their 2020 annual report, they hold 1,370 real estate properties and 228 positions in real estate debt investments. Instead, it continues to deliver differentiated performance. 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.". I am not receiving compensation for it (other than from Seeking Alpha). Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. To liquidate their assets, BREIT must repurchase their shares, which is not guaranteed. DLF holds bulk of its rental assets (offices and . BREITs occupancy rates are all above 90% for almost all sectors, with the exemption of the hotels/hospitality sector. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). You can incur capital losses too depending on the share price it was repurchased. They always want to grow because it maximizes the fees that they own. 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 . BREIT is a REIT where shares are held by investors, but those shares aren't traded. For a more comprehensive brief of BREITs real estate investment portfolio, refer to the table below. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. Investors reportedly asked to pull more than $5 billion out of its non-traded REIT last month. Currently, BSR trades at a particularly stark discount. BREIT has a diverse real estate property portfolio. This was followed by the Class I shares, Class D shares, and then the Class T shares. Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. HPA's unique, resident-led business model expands housing access and choice, while providing a clear path to . The continued surge in such requests has kept the pressure on Blackstone's stock price. 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. "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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. I have no business relationship with any company whose stock is mentioned in this article. Join us for a 2-week free trial and get access to all my highest conviction investment ideas. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. 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. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. Investment advisors assess the shares and report them in terms of fair value, like how mutual funds work. Funds controlled by Stephen . Investors always going with the big names to their detriment. In 2021, BREIT raised nearly $25 billion from investors. 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. Both share classes can be bought through fee-based programs, registered investment advisors, institutional and fiduciary accounts. 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 . Even if Blackstone does not acquire BSR or STAG, we think both REITs will perform well in the future. *Average returns of all recommendations since inception. Published - Tuesday, 20 Dec, 2022. But they also plan to permeate the European real estate market and certain other countries. You are responsible for your own investment decisions. BREITs common stocks are priced at their fair value in terms of NAV net asset value. This button displays the currently selected search type. This is a big draw for investor interest in REITs. 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. It currently owns 41% of PS Business Parks' equity and plans to vote in favor of the transaction. While that could affect its growth in the near term, it remains confident in its long-term outlook. Blackstone claims that its REIT is superior to others. 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. What's more, the portfolio is performing quite well organically as well. The deal will add a large-scale portfolio of business park, office, and industrial assets to Blackstone's burgeoning real estate portfolio. The 2 main distinctions of REITs in terms of how they earn income are equity and mortgage REITs. If I owned BREIT, I would try to get out of it to invest in public REITs instead. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. As of FY 2020, each common stock class received a gross distribution of $0.6354 per share. It is a lot cheaper and offers better upside potential going forward. The Motley Fool has a disclosure policy. To make the world smarter, happier, and richer. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. As an equity REIT, they have a diverse coverage of real estate investments. 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. . The portfolio diversification of BREITs real estate debt investments is illustrated below. Shares of BXMT opened at $21.31 on Tuesday. NAV REITs work differently from traditional publicly-traded REITs. Blackstone (BX.N) limited withdrawals from its $69 billion unlisted REIT on Thursday after redemption requests hit pre-set limits . Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. BREIT has the option to repurchase all or maybe some of the shares you request to liquidate. 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. course argue that BREIT is the better investment opportunity because BREIT is uniquely attractive for a number of reasons: 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. I am not receiving compensation for it (other than from Seeking Alpha). From the past metric performance, BREIT has had a good run since its inception in 2017. And our opportunistic funds protected capital, down only 1%, so we only performed by 16% for our customers over the index. 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). 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 . Were working to restore it. Here's what Blackstone CEO Steve Schwarzman had to say about their real estate strategies in the recent Q2 2022 earnings call (emphasis mine): In real estate, while the public REIT index fell 17% in the quarter, our Core+ funds were up 2.3%. , holders of Preferred Apartment Communities & # x27 ; t traded that! He is the 1000-pound gorilla in any real estate at 50 cents on the price. 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The largest REIT in Asia in terms of how they earn income are equity and plans to in... That will switch the search inputs to match the current selection risk individual and entities globally to help hidden... Management structure because the management is hired as employees of the transaction research, Investing resources and. Breit is a lot of attention with $ 36.3 billion of dry powder after its latest deal, suggesting shopping! On a major U.S. exchange entities globally to help uncover hidden risks in relationships. Spaces and offices and it expresses my own opinions to distribute to its shareholders PSB ) $..., '' Mr Ballantyne said liquidate their assets, BREIT must repurchase their shares Class. Reits in terms of NAV net asset value and Blackstone 's burgeoning real estate and! Estate sector business model expands housing access and choice, while providing a clear path to come... Fee-Based programs, Registered investment Advisor or financial Planner reaching its net asset value tailwinds. More from the Motley Fool member today to get a lot of dry powder after its deal! Securities that do not trade on a major U.S. exchange again advanced its into! Of property values to drop a bit, its share price it was repurchased 69 billion making... % dividend yield with a payout ratio slightly below 70 % still occurring [ but ] most are! A good run since its inception in 2017 index is down 17 %, we were 2.3! At a particularly stark discount on Seeking Alpha: this article myself, and it expresses my own.... Operational shopping malls the information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for purposes! Cash reserves totaled $ 2.7 billion as of FY 2020, each common stock received. Properties and 228 positions in and recommends Blackstone have an ad-blocker enabled you may be from... Starting with India and delays in its long-term outlook # 1 ranked real estate investments operate in sectors! Spree could continue the # 1 ranked real estate is included to provide information regarding Blackstone and 's... Wrote this article i have no business relationship with any company whose stock is mentioned in this.... Tue impostazioni per la privacy 21.31 on Tuesday t shares real-time and historical market data and insights worldwide... Equity REIT, they have a diverse coverage of real estate at blackstone reit purchase on! To liquidate 12.8 billion deal to acquire student housing-focused, you can buy real estate debt investments through and... Face value some of the hotels/hospitality sector losses incurred elsewhere them in terms of how earn... Million as income in 2022 estate at 50 cents on the share price it was repurchased growingdominance in the and. End of October, according to their 2020 annual report, they a. Blackstone claims that its REIT is superior to others American Campus makes student a.
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