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Blackstone Mortgage Trust, Inc. (BXMT) is a prominent real estate finance company primarily engaged in the origination and acquisition of senior loans secured by commercial properties. Operating extensively across North America, Europe, and Australia, BXMT's asset portfolio predominantly consists of floating rate loans anchored by senior mortgages. The company focuses on high-value properties, including office spaces, hotels, and manufactured housing, with key assets located in prime regions such as New York, California, and the United Kingdom.
Managed by a subsidiary of The Blackstone Group, Blackstone Mortgage Trust leverages the extensive market data and insights provided by its parent entity. This relationship underpins its strategic operations and market decisions, enhancing its competitive edge. The company's primary source of revenue is interest income generated from its extensive loan portfolio.
In recent developments, Blackstone Mortgage Trust has continued to solidify its position in the market through strategic acquisitions and the origination of high-quality loans. The company’s robust financial health and strategic partnerships underscore its commitment to delivering sustainable growth and value to its shareholders.
BXMT's ongoing projects reflect its dedication to maintaining a diversified and resilient real estate portfolio, ensuring steady revenue streams and mitigating risks associated with market fluctuations. By focusing on prime commercial properties and leveraging the expertise of The Blackstone Group, Blackstone Mortgage Trust remains a key player in the real estate finance sector.
Equity Residential (NYSE: EQR) has agreed to acquire 11 apartment properties from Blackstone Real Estate strategies for approximately $964 million. The portfolio consists of 3,572 apartment units located in Atlanta, Dallas/Ft. Worth, and Denver. These properties, averaging eight years old, align with Equity Residential's expansion strategy in high-growth markets.
The transaction is expected to close in the third quarter of 2024, subject to customary conditions. Equity Residential aims to leverage its operating platform to unlock additional value from these properties. The company reaffirmed its earnings guidance provided in the Second Quarter 2024 Earnings Release.
This acquisition marks a significant step towards Equity Residential's goal of increasing its net operating income from these expansion markets. The deal also highlights the strong institutional demand for high-quality rental housing assets in attractive markets.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until August 2, 2024. The offer of Ps.40.50 per certificate for up to 100% of outstanding certificates represents a 27% premium over the December 4, 2023 price and a 10% premium to the June 7, 2024 closing price. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates.
Key points:
- Offer extended to August 2, 2024, at 14:00 Mexico City time
- Expected settlement date: August 9, 2024
- COFECE has unconditionally approved the tender offer
- No financing condition or additional approvals required
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 31, 2024. The offer of Ps.40.50 per certificate represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. COFECE has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The settlement date is expected to be August 7, 2024, unless extended. Blackstone Real Estate, with a track record of over 50 successful public company transactions, aims to provide immediate value to Terrafina's shareholders while avoiding potential tax consequences associated with competing exchange offers.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 29, 2024. The offer of Ps.40.50 per certificate represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. COFECE has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The expected settlement date is August 5, 2024, unless extended.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 25, 2024. The offer of Ps.40.50 per certificate for up to 100% of outstanding certificates represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024.
The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. The Mexican antitrust authority (COFECE) has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The expected settlement date is August 1, 2024, unless extended.
Blackstone Mortgage Trust (NYSE: BXMT) reported its Q2 2024 results, revealing a net loss of $61 million. Key financial metrics include:
- EPS: ($0.35)
- Distributable EPS: $0.49
- Distributable EPS prior to charge-offs: $0.56
- Dividends paid per basic share: $0.62
BXMT declared a Q3 2024 dividend of $0.47 per share, payable on October 15, 2024. The Board also authorized a $150 million share repurchase program. CEO Katie Keenan emphasized the company's strong liquidity, accelerating repayments, and emerging investment pipeline, positioning BXMT for accretive capital deployment in the current environment.
Blackstone Real Estate Partners X has finalized the privatization of Apartment Income REIT Corp. (AIRC) in a transaction valued at approximately $10 billion, including debt assumption. Shareholders of AIRC received $39.12 per share in cash. Financial advisors for Blackstone included BofA Securities, Barclays, BMO Capital Markets, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan, Morgan Stanley, SG Americas Securities, and Wells Fargo, with Simpson Thacher & Bartlett LLP as legal counsel. Citigroup Global Markets advised AIRC, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. The transaction was first announced on April 8, 2024.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina's real estate trust certificates to Ps.40.50 per certificate, up by Ps.1.00. This offer represents a 27% premium over the December 4, 2023 closing price and more than 10% over the June 7, 2024 price. The tender offer provides immediate value to shareholders, avoiding potential tax consequences from competing offers. The Mexican antitrust authority, COFECE, has approved the offer, which does not require financing conditions or additional approvals. The offer expires on July 24, 2024, with settlement expected by July 31, 2024, contingent upon acceptance by holders of at least 50% plus one of the outstanding certificates.
Blackstone Mortgage Trust (NYSE: BXMT) will release its second quarter 2024 earnings report on July 24, 2024, pre-market. The company will file its Form 10-Q and host a conference call at 9:00 a.m. ET the same day to discuss the results. Interested parties can register for the webcast through a provided link. A replay of the webcast will be available on the company's website approximately two hours after the event.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina real estate trust certificates to Ps.39.50 per certificate, up by Ps.1.00 from the initial offer. This offer represents a 24% premium over Terrafina's price on December 4, 2023, and an 8% premium over its price on June 7, 2024. The offer is the only all-cash tender offer available, providing immediate, substantial value with no tax consequences associated with exchange offers. The Comisión Federal de Competencia Económica (COFECE) has approved the offer unconditionally. The tender offer is valid until July 17, 2024, with a settlement date expected on July 24, 2024. Completion is contingent on acceptance by holders of at least 50% plus one of the outstanding Terrafina certificates.
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