World's Largest Landlord Loses Another $3B In Market Value

Jon Gray
DO NOT USE

2016 kicked off with a bout of economic turmoil following a disastrous Q4 for private equity giant Blackstone, which saw profits drop by 70% in Q4 '15.

(Not that it stopped Blackstone from making deals; it closed the year strong with nearly $20B in transactions.)

Still, the recovery hasn't been rosy for the world's largest landlord. Since the drop, its stock has dropped even further, chopping $3B off the company's market cap.

"Blackstone stock, as I have referenced, has been under severe pressure and the alternative asset management group has been one of the hardest hit in terms of stock price declines," CEO Steve Schwarzman said on an earnings call. "Despite this I have every confidence in our firm and our current position."

And the company could be preparing for a recession, something experts have been predicting.

Over the past two years, the company's head of real estate, Jon Gray (pictured), has engineered a series of deals, selling off tens of billions in real estate—including the latest $6.5B deal for Strategic Hotels and Resorts, which bolstered China's Anbang Insurance's growing portfolio of US trophy assets.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Data Center Energy Bill Stalls In Congress As Opponents Say It Lacked 'Real Teeth'

Kroenke Announces $135M Renovation For Denver's Ball Arena

Iconic Jersey Shore Property Hits The Market For $85M As Redevelopment Play

FedEx's Consolidation Plan Puts $3B Of CMBS Debt In Crosshairs

FBI Opens Investigation Into Multifamily Investor Lurin Capital

DWS Plans Liquidation Of Nontraded REIT After Heightened Redemption Activity

Bisnow's 2026 DEI Data Series

Lincoln Property's New Pennsylvania Head On What Types Of Deals He's Targeting

America's Data Centers Are Running Out Of People Who Know How To Run Them

Why Data Centers Crave Simplicity As Operations Grow More Complex

Blackstone Looks To Secondary Market To Cash Out Investors In $11B Fund

CalSTRS Plans $5B In New CRE Investments