Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Investor Presentation (August 2016)
21 slides from Blackstone Mortgage Trust's investor presentation, August 2016
Slide 1: Blackstone Mortgage Trust August 2016
Mortgage Trust August 2016
Slide 2: Forward-Looking Statements and Other Matters
Forward-Looking Statements and Other Matters This presentation contains 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, Inc. (“BXMT”) c
Slide 3: BXMT Overview
BXMT Overview Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a REIT that originates senior commercial mortgage loans in North America and Europe Affiliation with BX, largest real estate Superior Sponsorship private equity business in the world Attractive current income, conservative Senior Lend
Slide 4: Superior Real Estate Platform
To Be Updated Superior Real Estate Platform Blackstone Real Estate has proprietary insight, long standing expertise and superior access to deal flow Office 72M Largest owner in U.S.(a) Square Feet Retail 135M Most active investor since 2011(b) Square Feet Hotel 254k Largest owner in the U.S. Keys
Slide 5: Superior Real Estate Platform: Debt and Equity Platform
Superior Real Estate Platform Blackstone Real Estate is a premier debt and equity investment and asset management platform Investor Capital Under Management BREP Asia BREP 6% Europe BPP $14 billion AUM 20% 13% 108 professionals $103B BREDS BREDS BREDS Blackstone Drawdown Liquid 13% Mortgage Trust
Slide 6: Superior Real Estate Platform: One Integrated Platform
Superior Real Estate Platform 380+ people, 10 offices, 3 business units but one fully integrated real estate platform Blackstone Advantage Regular Meetings Single Perspective Global Business Weekly • 43% of RE partners have international experience • Partners’ Meeting • Global ICMs 1 Global Real E
Slide 7: Superior Real Estate Platform: BREDS Investment Committee
Superior Real Estate Platform Blackstone’s unique investment process is complemented by fully-integrated corporate infrastructure BREDS Investment Committee Jonathan Gray Stephen Plavin Jonathan Pollack Global Head of Real Estate CEO & President of BXMT Global Head of BREDS Member of Blackstone Bo
Slide 8: Commercial Real Estate Fundamentals
Commercial Real Estate Fundamentals Real estate continues to benefit from limited supply and moderate growth U.S. Construction Completions(a) U.S. Public REIT NOI(b) Office, Retail, and Industrial Sectors Same Store NOI Growth Q1’16 3% 6% 5.8% 5% 4% New Completions as % of Inventory 2% Down 3% 59%
Slide 9: Commercial Real Estate Debt Market
Commercial Real Estate Debt Market CMBS issuance forecasted to decline in 2016 U.S. CRE Debt Holders Global CMBS Issuance ($ in billions) ($ in billions) (Office, Industrial, and Retail Sectors) (Office, Industrial, and Retail Sectors) $400 U.S CMBS Issuers Depository $350 Institutions $566 $300 G
Slide 10: Target Investments
Target Investments Loan Size $50 million to $500 million Collateral First mortgages on stabilized or transitional assets Property Type All commercial property types Geographies North America and Europe Loan to Value Last dollar 50% to 80% Rate LIBOR + 3.75% and higher, scaled to risk Term 3 to 5 yea
Slide 11: Sample Transaction: SFO Airport Hotels
Sample Transaction: SFO Airport Hotels $130 million floating rate, first mortgage loan secured by the Westin and aLoft SFO Airport hotels • 72% LTV; $200k per key • Diverse demand drivers including airport traffic and SF/Silicon Valley business overflow Loan upsized by $30 million 15 months afte
Slide 12: Sample Transaction: North Michigan Avenue
Sample Transaction: 401 North Michigan Avenue $190 million floating rate, first mortgage loan secured by 401 North Michigan Avenue in Chicago • Well located class A office building undergoing value-enhancing repositioning; 70% LTV • Initial funding of $145 million with $45 million future funding c
Slide 13: Sample Transaction: Woolworth Building
Sample Transaction: Woolworth Building $320 million floating rate, first mortgage loan secured by the Woolworth Building, an iconic office tower located in Downtown Manhattan • Adjacent to City Hall with convenient access to transportation hubs • 789k sf, including 12k sf of retail; 68% LTV Blac
Slide 14: Sample Transaction: Aldwych House
Sample Transaction: Aldwych House £78 million floating rate, first mortgage loan secured by Aldwych House in central London • Well located 162k sf prime office building undergoing £28.0 million, value-enhancing, refurbishment • 50% LTV Transaction sourced through existing Blackstone relationship
Slide 15: Portfolio Diversification
Portfolio Diversification BXMT’s $10.2 billion portfolio is diversified by collateral property type and geographic location London properties represent 3% of the total loan portfolio, with a wtd. avg. origination LTV of 54% Geographic Diversification (Principal Balance, % of Total) CAN Average L
Slide 16: Portfolio Credit Quality
Portfolio Credit Quality BXMT’s senior loan portfolio is 100% performing, with no defaulted or impaired loans ($ in millions) Origination Loan-to-Value(a) Risk Rating Distribution(b) (Principal Balance, Dollars in Millions) (Principal Balance, Dollars in Millions) $2,500 $4,500 Weighted Avg Weight
Slide 17: Financing
Financing BXMT has developed $10.7 billion of market leading financing capacity with an emphasis on efficiency and stability ($ in billions) • Seven cross collateralized, bilateral credit agreements • Revolving credit facilities provide for efficient liquidity management and all- Revolving in pric
Slide 18: Illustrative Loan Economics
Illustrative Loan Economics BXMT’s senior loans are supported by significant owner’s equity Prudent use of balance sheet leverage drives attractive risk adjusted returns for BXMT stockholders LTV Capital Structure $ Cum. Illustrative Loan Economics(a) Whole Loan Yield(b) L + 4.00% Leverage: Cred
Slide 19: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 76% of BXMT’s loan portfolio and related secured financings(a) Portfolio Fixed vs. Floating Portfolio Income Sensitivity to USD LIBOR (% of Principal Balance) (Annual Dollars of Net In
Slide 20: BXMT Investor Base
BXMT Investor Base Blackstone and Blackstone employees combined are BXMT’s largest shareholder BXMT Ownership Equity Research Coverage (a) BX 7% 9 research analysts publish on BXMT Retail all with “Buy” ratings(b) 19% Institutional 74% $29.83 consensus stock price target 8.3% dividend yield
Slide 21: Mortgage Trust
Mortgage Trust
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