Blackstone Mortgage Trust Beats Q1 Estimates, Enters Data-Center Lending
The mortgage REIT topped Wall Street targets to signal a pivot toward data-center loans alongside net-lease deals.
Overview
- Blackstone Mortgage Trust reported first-quarter distributable earnings of $0.49 per share, beating the $0.38 analyst consensus.
- The company posted a $6.3 million net loss after recording a $46 million impairment on a San Francisco hotel loan.
- Revenue came in at $159.4 million, rising 25.6% from a year ago and topping the $84.8 million forecast.
- BXMT closed $500 million of new investments and completed its first data-center loan on a fully leased asset in Northern Virginia.
- Management outlined about $1 billion of second-quarter loan originations and highlighted $192 million of Q1 net-lease investments with a $120 million pipeline.