Blackstone, the world’s biggest landlord, with $159 billion of real estate assets under management, announced that it will convert to a corporation from a publicly traded partnership. It is expected to be effective July 1, 2019.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder said, “I am pleased to announce the compelling next step in Blackstone’s evolution as a public company: the firm’s conversion to a corporation. Blackstone has established itself as one of the leading public companies in the world, with robust long-term revenue and earnings growth and one of the most powerful brands in financial services. We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time.”
Steve Schwarzman and President & COO Jon Gray also discussed Blackstone’s conversion to a corporation, significant growth since its IPO to more than half a trillion dollars in assets under management, and strong financial performance in the video.
Commenting on first quarter results, Steve Schwarzman continued: “In terms of results, the power of the Blackstone franchise was again demonstrated by our first-quarter performance. Our funds delivered attractive returns for our limited partners, as they have for over thirty years, helping us capture $43 billion of capital inflows in the quarter and a record $126 billion over the last twelve months. Blackstone’s Total Assets Under Management now exceed half a trillion dollars, at $512 billion, up 14% year over year.”
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For more information on these announcements, please visit the following links: (1) Investor Presentation on Blackstone’s Conversion to a Corporation; (2) Blackstone’s First Quarter 2019 Results.
