Blackstone Mortgage Trust Reports Third Quarter 2018 Results New York, October 23, 2018 : Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2018 results. Stephen D. Plavin, Chief Executive Officer, said, “This quarter’s outstanding results further demonstrate the strength and competiti ve advantage of the Blackstone Real Estate platform. The BXMT investment portfolio and capital base both experienced significant growth in the quarter and we continued to have 100% credit performance. ” Blackstone Mortgage Trust issued a full detailed presentation of its third quarter 2018 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call on Wednesday, October 24, 2018 at 10:00 a.m. ET to discuss third quarter 2018 results. The conference call can be accessed by dialing +1 (888) 268-4191 (U.S. domestic) or +1 (617) 597-5497 (international), with the passcode 245-054- 61# or by webcast at www.bxmt.com (listen only). For those unable to listen to the live broadcast, a recorded replay will be available on the c ompany’s website or by telephone beginning approximately two hours after the event. The replay call number is +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), with the passcode 146-276-79#. About Blackstone Mortgage Trust Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk- adjusted returns primarily through dividends generated from current income from our loan portfolio. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com. About Blackstone Blackstone (NYSE:BX) is one of the wo rld’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset manage ment businesses, with $457 billion in assets under management, _____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220
include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone. Forward-Looking Statements and Other Matters This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s current views wit h respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward -looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entit led “Risk Factors” in its Annual Report on Form 10 -K for the fiscal year ended December 31, 2017, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission (“SEC”) which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward ‐ looking statements that become untrue because of subsequent events or circumstances. Investor and Media Relations Contacts Weston Tucker Paula Chirhart Investor Relations Media Relations Blackstone Blackstone +1 (212) 583-5231 +1 (212) 583-5263 tucker@blackstone.com paula.chirhart@blackstone.com
Blackstone Mortgage Trust, Inc. Third Quarter 2018 Results October 23, 2018
BXMT Highlights BXMT generated 3Q EPS of $0.67 and Core EPS (a) of $0.75 through continued growth in its first mortgage origination business ($ in billions) Portfolio Growth (d) 7.5% 62% $13.8 +24% Dividend Yield (b) Loan-to-Value (c)(d) $11.1 100% 95% Performing Floating Rate (d) YE 2017 3Q'18 Information included in this presentation is as of or for the period ended September 30, 2018, unless otherwise indicated. Blackstone Mortgage Trust 1 (a) See Appendix for a definition and reconciliation to GAAP net income (b) Based on annualized dividend and BXMT closing price as of October 22, 2018 (c) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT (d) Includes $467 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest
Third Quarter 2018 Results EPS of $0.67 and Core Earnings (a) per share of $0.75 Earnings & Book value per share increased to $27.53, up 12% since 2013 re-IPO; paid $0.62 per Dividends share dividend $1.4 billion of originations in 3Q and record YTD originations of $7.2 billion, more than doubling 1Q-3Q 2017 volume Originations Continued international growth: originated $316 million of loans in Australia bringing YTD non-US originations to $1.9 billion Portfolio grew 24% YTD to $13.8 billion (b) Portfolio Composition 100% performing portfolio with a weighted average origination LTV (b)(c) of 62% Issued 8.2 million shares at 1.21x P/B, generating $270 million of gross proceeds and adding $0.38 to book value per share through accretive issuance levels Capitalization Grew credit capacity by $2.2 billion YTD and expanded multi-currency funding capabilities 95% of the portfolio (b) is floating rate Interest Rates Floating rate assets and matched liabilities support book value and earnings stability (a) See Appendix for a definition and reconciliation to GAAP net income Blackstone Mortgage Trust 2 (b) Includes $467 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest (c) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT
Earnings & Dividends 3Q GAAP EPS of $0.67 and Core Earnings (a) of $0.75 per share, $0.62 per share dividend equates to a 7.5% dividend yield (b) Earnings in excess of $0.62 quarterly dividend contributed to book value, which has grown 12% since 2013 re-IPO Book Value Per Share Growth TTM Core Earnings Per Share (c) Retained $0.40 Core Earnings +12% $27.53 $ 0.62 Quarterly Dividend $24.67 $2.48 Dividends Paid Re-IPO 3Q'18 116% 2Q'13 TTM Dividend Coverage (a) See Appendix for a definition and reconciliation to GAAP net income Blackstone Mortgage Trust 3 (b) Based on annualized dividend and BXMT closing price as of October 22, 2018 (c) TTM GAAP EPS was $2.49; retained Core Earnings refers to the amount of Core Earnings in excess of dividends paid for the periods presented
Originations Origination volume of $1.4 billion in 3Q; $7.2 billion YTD volume is more than double 1Q-3Q 2017 volume Blackstone Real Estate’s scale and reach provide opportunities to access attractive investments in a wide range of markets ($ in billions) Origination Volume YTD 2018 Origination Highlights $ 7.2 100% performing $0.3 +102% $1.6 100% floating rate $3.6 $0.1 59% LTV (a) $5.3 $3.5 $286 million average loan size (b) 1Q'17 - 3Q'17 1Q'18 - 3Q'18 North America Europe Australia (a) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT Blackstone Mortgage Trust 4 (b) Excludes loans originated in the Walker & Dunlop joint venture
Portfolio Composition $13.8 billion portfolio (a) (113 assets) secured by institutional quality real estate, with 54% in gateway markets High quality 100% performing portfolio with low weighted average LTV (a)(b) of 62% Major Market Focus (a) Collateral Diversification (a) Other 1% WA Condo 1% 2% CAN 8% Retail MA 2% 1% 2% Spanish Office OR 44% Assets 8% NY 25% 1% PA NV 1% $13.8B 2% IL CA 1% OH 6% 14% Multi 15% portfolio CO 1% MD DC 2% 1% NC 1% 1% TN AZ VA HI 6% 23% GA 5% 2% 1% TX Hotel 2% LA U.K. FL 6% 4% Weighted Average LTV (a)(b) BE 1% 62% AU 2% States that comprise less than 1% of total portfolio ES 8% (a) Includes $467 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest Blackstone Mortgage Trust 5 (b) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT
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