Thu, Oct. 1, 3:17 PM
- There's a disconnect and that creates opportunities for us," says Blackstone (BX -0.9%) global real estate chief Jon Gray, speaking about the gaping hole between the net asset values and stock prices for much of the REIT sector.
- Blackstone, of course, stepped right into that gap last month with an agreement to buy Strategic Hotels (NYSE:BEE) for $6B. The P-E giant also is reportedly sniffing around BioMed Realty Trust (BMR +1.4%).
- The iShares Dow Jones U.S. Real Estate ETF (NYSEARCA:IYR) is off about 15% since its 2015 peak in late January. How about the gap in Blackstone? It's stock is lower by about 30% since Memorial Day.
- Previously: Frustrated Schwarzman argues higher valuation for Blackstone (Sept. 4)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
RQI vs. ETF Alternatives
Invests at least 90% of its total assets in the securities of Real Estate Investment Trusts (REITs), including both common and preferred stock, so as to provide high current income and capital appreciation. All of the REITs in which the Fund invests must h
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