Blackstone’s Unloaded Real Estate Boosts Quarterly Profits
Blackstone just experienced its second-biggest quarter for real estate sales since its inception, with major deals like the sale of Strategic Hotels & Resorts to Anbang Insurance boosting the firm’s income.
The NYC private equity giant reported a $312.9M profit for the period ended Sept. 30, or 47 cents a share, a big jump from last year’s $254.7M loss, MarketWatch reports. Blackstone realized $7.2B from its sale of Strategic Hotels & Resorts alone, helping bump up the firm’s net income to $687M and exceeding estimates of analysts polled by FactSet.
But Blackstone isn’t alone in its success. Carlyle Group and KKR reported quarterly results earlier this week, with Carlyle’s buyout funds appreciating 3% while KKR’s gained 5.8% over the same period. Blackstone’s private equity portfolio rose 3% during the quarter. [MW]