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After a long period of time left US offices empty, Black stone The President of the Council of Europe Jon Gray sees the sector as grown for new bets. His real estate DEALAKERS is preparing to participate in a powerful signal in a 50-storey building in the Midtown Manhattan, the strongest signal, which is still lined for a rebound.
Executors, which are trading the company’s commercial mortgage confidence, this time went badly with old office loans. Blackstone Mortgage Trust Inc. Departual owe of more than $ 1 billion, mainly in the quarter of the last year.
And the reit, known for the trade, BXMT – a $ 17 billion book is still a problem with more than $ 1 billion. Restoration of real estate is a reminder of uneven and stopping.
“BXMT CEO Katie Keenan, the 13-year Blackstone veteran, in the announcement of the analysts last month,” BXMT CEO Katie Keenan said the first-year loss was just a loss of the first-year loss. came from knowing he didn’t know.
BXMT shares ended in February last year, about 50% of the pandemic peak, which cost about $ 2 billion before returning. This is 1.1 trillion dollars, but the health of the lender is a small part of a wider company mixed with each other with parts of black stone. For example, Australian game company Crown Resorts – for example, the world’s largest trading real estate owner – for example.
Blackstone stressed that offices are less than 2% of the US real estate capital portfolio. On the other hand, on the other hand, it was packed with office loans – over 50% of the portfolio – Covid-19 at the start of the pandem. By writing, paying the switches to payments and buildings, share about a third. More than half of the US office loans of the United States have been followed or impaired.
“It has been an analytical bxmt that has been analytical in the Green Street Real Estate Research Company,” Hard Hemnani, Green Hemnani, Green Street Real Estate Research Firm for about two years. “
Short Sellers like Carson Block Reit warned that he was swept in a melting owned. Block openly In late 2023, he reduced the bet and trust against the BCC and less than a year. The block did not respond to a request for comment on Bloomberg TV this week this week. Again, the block said that the short-term uncertainty is convinced for commercial real estate. Short positions in BXMT, according to the information compiled by the S & P Global, reduced about 8.4% of the last year or so far.
BXMT says they have lifted their luck as the restoration of real estate.
“One year ago, we said that this was the bottom of real estate values, and this is exactly what BXMT was reported. Trusting that it is aggressively progressing to place a record licenses close to new loans, and according to the statement, office loans are cashing. Last year, more than half of the payments in the past year comes from office loans.
Again, let investors work a little other than the best offices. Trust is working to sell a transitional loan commitment – in fact a bond of loans – forFor the first time since 2021. The bargain is mainly related to housing complexes, hospitality and industrial properties, previously connected to office buildings.
Blackstone’s real estate group has drowned in the major city areas in the big city of people familiar with the topic. Director General Steve Schwarzman, although only half of the buildings are occupied, the buildings may still be profitable.
However, several people predicted a large number of coveng-19 pandeme. According to Stijn Van Nieuwerberburgh, which is at the University of Graduate School of Columbia, it was more than 75% of the peaks for most buildings in New York.
And bxmt exposed a larger global office than peers. Blackstone unit was closed to loans concluded at the start of similar arms at the beginning of the portfolio of more than half Apollo Global Management Inc and Kkr & Co. Reported concentrations below 30%.
Analysts have questioned whether confidence should be more likely to make more for potential credit losses. According to the company, the company, the company has allocated about $ 734 million at the expense of close-term credit losses in late 2024. This is over $ 125 million at the end of 2021.
Green Street analyst Hemnani said that the trust losses of trust are still not large enough.
“We still think that their CECL reserves are not fully accounting for losses, which they can experience,” he said, referring to the accounting period for close-term credit losses. “But the gaps and resources between the cases we expect are narrowed very quickly.”
The statement said, “Confidence,” Our resolutions have taken a cautious approach to their reserves, which is more favorable for our reserves of our reserves.
In 2024, the values of the value of impaired loans were resolved.
Queens Warehouse
BXMT is trying to clear less pristine deals for the office market is slowly recovered. In New York, for example, Blackstone leased in an industrial section of the Queens in an industrial section of the Queens, in the Neat Processing Plant and Construction Suppliers, which is a $ 200 million loan with BXMT.
BXMT also appealed to some financial engineering to get the time of borrowers. Last year, confidence agreed to adopt a higher percentage of certain borrowers and to adopt cash payments in exchange for more payments. Some of the changes have the type of payment, that is, interest payments are delayed, and instead of this is a principal. Such maneuvers rarely have a good sign for the borrower. Again, these are a small part of the BXMT percentage – only 1% in one size – in one size – in one measure – a measure – rely on.
Rely more financial slope room itself received. Last year, the governors convinced the debt banks to prevent the BCA in their debts. He said the agreement was “usually standard” among the peers.
Blackstone’s wider real estate lending, Veteran Tim Johnson, managed by the 14-year company, passed some personnel changes. Mike Nash – was recognized by the company’s Hedge Foundation in 2021, which founded real estate debt and replies to complex training, and the recently stays on a retired BXMT board. Jonathan Pollack, former head of Blackstone’s real estate loan, left to be the President of Starwood Capital Group last year.
In a call for analysts last month, the BXMT took a strong picture of an enterprise in the ribaund mode. However, there are more things, unable to use more attractive rates that increase other corners of the credit market. He still sees some losers who plotted: the managers, an unnamed England office loan referred to a new impairment. The building represents less than 1% of its portfolio and is sitting in “Strong Subarcon in London.”
Investors appear in Sanguine. In the days following the latest freedom of profit, traders offered shares 5%. This is the 17% annual and peers.
And BXMT managers do not swear from offices for good. They simply saw Marquee agreements – in 2018, a $ 1.8 billion loan, a $ 1.8 billion loan, was fully paid for a manhattan skyscraper called Spiral.
“If we could make more deals like a spiral,” Keenan, CEO, during a profit, “BXMT, which is $ 2 billion, and in which quarter of the company, the aperture of the Office and it is very narrow and it will be extremely elective.”
This story was first displayed Fortune.com
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