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Use Caution With Private REITs Like Blackstone’s BREIT - Is Now a Good Time to Invest in REITs?
2022/12/14
Money For the Rest of Us
D
David Stein
David Stein：本期节目讨论了私人房地产投资信托基金（REIT），特别是Blackstone的BREIT，以及现在是否适合投资REIT。节目指出，私人REIT与公共REIT的主要区别在于流动性。私人REIT的流动性较低，因为投资者退出需要通过发起人（例如Blackstone）进行，并且通常有限制，例如BREIT每月最多赎回2%，每季度最多赎回5%。
BREIT规模庞大，资产管理费率高，其优异表现得益于其资产配置，主要投资于租赁住房和工业地产。然而，私人REIT的净资产价值（NAV）评估存在滞后性，而公共REIT的市场价格每日更新，这导致了私人REIT的价值可能滞后于市场预期。
许多BREIT投资者试图在房地产估值下调前退出，导致Blackstone限制了赎回额度。这并非BREIT独有的现象，其他非交易私人REIT也面临大量赎回。利率上升导致房地产市场面临压力，包括融资难度增加和债务服务成本上升，这使得私人REIT的净资产价值可能被下调。
节目分析了公共REIT和私人REIT的优劣，并建议投资者根据自身情况和风险承受能力选择投资工具。现在不是投资私人REIT的好时机，因为政府债券收益率较高，而私人房地产价值可能下调。公共REIT虽然也面临下行压力，但其流动性更好，投资者可以根据自身情况选择。
Deep Dive
This chapter introduces public and private REITs, highlighting the differences in liquidity and regulation. It emphasizes the high fees associated with private REITs like Blackstone's BREIT and the risks involved in their illiquidity.
- Public REITs are registered with security regulators and trade on stock exchanges, offering high liquidity.
- Private REITs are not registered, bought directly from the sponsor, and have limited liquidity.
- Blackstone's BREIT has high asset management fees (1.25% + 12.5% of profits above a 5% hurdle rate), significantly higher than public REIT ETFs (0.04% - 0.12%).
- BREIT's illiquidity is a major risk, with redemption limits of 2% per month and 5% per quarter.
Shownotes Transcript