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☆ Blackstone says the real-estate market is bottoming. Here are 7 ways it's getting ahead of the situation.
▼ + stars: | 2024-05-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. We found the firm has been spending on distressed real estate, such as its purchase of loans from the FDIC after the failure of Signature Bank, as well as investments in buzzy real estate, like data centers. In a January earnings call, Blackstone president Jonathan Gray announced that commercial real estate, which recently suffered its biggest price declines in half a century, could soon hit bottom. "While it will take time, we can see the pillars of a real estate recovery coming into place." Here are the 7 recent real estate and real-estate-adjacent deals that show how Blackstone is trying to get ahead of the CRE bottom in chronological order.

Persons: Jon Gray, Blackstone, Gray, Jonathan Gray Organizations: Business, Signature Bank

☆ How real estate's pain could be Wall Street's gain as Blackstone, Goldman, and others dive back in.
▼ + stars: | 2024-03-19 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +12 min

That's not to say predictions of a commercial real estate rebound are a sure bet. Here are four signs that support Gray's prediction that the commercial real estate market may be bottoming. (New York Community Bank had previously purchased $2.7 billion in Signature's loans and deposits, but not the real estate loans.) According to David Seifert, partner at private equity real estate firm Velocis, there are some sweet deals to be had in secondary sales of private-equity funds tied to real estate. The road aheadWhere Gray sees signs of bottoming, others think commercial real estate has much further to fall.

Persons: Warren Buffett, Buffett, Paul Getty, Getty, Steve Mnuchin —, Blackstone, Mnuchin, Donald Trump's, George Soros, John Paulson, It's, Jonathan Gray, Jim Garman, That's, Barry Sternlicht, Gray, Tracy Chen, Chen, BGO, secondaries There's, Ares, Brian King, King, David Seifert, Seifert, Velocis, Goldman Sachs, Dan McNamara, McNamara, Scott Rechler, wallop, Janet Yellen, Rechler, there's Organizations: Business, Goldman, Reuters, Starwood, Brandywine Global, Federal Reserve, . Bank, New York Community Bank, FDIC, Signature Bank, Community Bank, Fund Management, Community Preservation, New, Commercial Observer, Blackstone, Homes, Digital Realty, Polpo, RXR Locations: Blackstone, , New York, New York, BREIT, Real, Velocis

☆ These stocks are a way for regular investors to buy the private credit boom, Morgan Stanley says
▼ + stars: | 2024-02-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Private credit firms can help companies raise money more quickly and with more flexibility than traditional lenders. Many everyday investors can't buy into big private credit funds, but they can get exposure to the space through the stocks of some of the biggest private lenders. Hamilton still sees upside in buying private credit firms, especially one stock. "Our credit and insurance teams had a remarkable year in 2023, with gross returns of 16.4% in the private credit strategies and 13% in liquid credit. There are also private credit firms that trade outside of the U.S., for investors who are able to buy stocks in foreign markets.

Persons: Matthew Bass, Morgan Stanley, Bruce Hamilton, Hamilton, Blackstone, Jonathan Gray, Morgan Stanley's Organizations: Federal Reserve, Companies, Apollo Global Management, APO, KKR, Intermediate Capital Group Locations: Preqin, U.S

☆ The Key Issues for Business in a Likely Trump-Biden Rematch
▼ + stars: | 2024-01-27 | by ( Sarah Kessler | Vivienne Walt | ) www.nytimes.com time to read: +1 min

After beating Nikki Haley in New Hampshire on Tuesday, Donald Trump reaffirmed his position as the leading candidate to win the Republican nomination. That has business leaders facing the possibility of another Trump presidency, and their investors trying to figure out what it could mean for their bottom lines. During Blackstone’s quarterly earnings call on Thursday, an analyst wanted to know if uncertainty over who would win a likely Biden-Trump matchup could freeze deal flow. (“At the end of the day, do you think he’s going to be more interested in attacking the A.C.A. or something else?” he said of a potential Trump presidency.

Persons: Nikki Haley, Donald Trump, Trump, ”, Jonathan Gray, Ralph Andretta, Jeff Arnold, “, Lori Esposito Murray Organizations: Republican, Biden, Trump, Economic Development, Conference Board Locations: New Hampshire

☆ Blackstone is gearing up for a real-estate buying spree. Here are the types of properties it's eyeing.
▼ + stars: | 2024-01-25 | by ( Kaja Whitehouse | Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Blackstone sees a light at the end of the tunnel for the troubled commercial real estate market — and the private equity giant is not waiting for things to settle down before it starts picking winners. "While it will take time, we can see the pillars of a real estate recovery coming into place." Gray noted that the firm made three major real estate transactions in the past two months, including its $3.5 billion deal to take Canadian real estate firm Tricon Residential private. He said the company sees further buying opportunities in residential real estate, including single-family rentals and multi-family rentals. The Tricon transaction, he said, was focused on single-family homes for rent: "That space, because of the shortage of single-family homes, has been much stronger."

Persons: Blackstone, Jonathan Gray, Gray, we've Organizations: Business, Signature Bank, Savings, Loans, Invitation Homes

Here are 6 signals investment bankers are watching as they pray for an M&A rebound in 2024. By contrast, activity from private equity firms "was off almost 40%," he said. In 2021, private equity firms transacted $1.5 trillion across 2,869 deals, according to Dealogic. Last year, private equity M&A made up 40% of total activity, according to Goldman Sachs. AI companies, many of which are only now being formed, need to mature, and the winners and losers need to come into focus, bankers said.

Persons: Wall, LSEG, Goldman Sachs, Vito Sperduto, Sperduto, we've, Stephan Feldgoise, Hess, Anthony J, Carfang, Cash, Goldman, Goldman's Feldgoise, Feldgoise, Mark Sorrell, I'm, Harold M, Lambert, Jerome Powell, Greg McBride, McBride, Jonathan Gray, dealmaking, Gray, Rob Chisholm, Chisholm Organizations: Fed, London Stock Exchange, Business, RBC Capital Markets, Conference Board, Conference, Federal, Goldman, Federal Reserve, Private, Bankers, DOJ, FTC, Federal Reserve Board, Bankrate, of Labor Statistics, Cisco, LSEG, Qatalyst Partners, Citi, & $ Locations: LSEG, Ukraine

☆ Get ready for 'AI factories'
▼ + stars: | 2023-10-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Nvidia is expanding its partnership with Foxconn to build data centers called "AI factories." The aim is for the AI factories to enable development of robots, self-driving cars, and generative AI services. AdvertisementAdvertisementCountries like the US are seeing a factory boom — and so-called "AI factories" could follow. "And the data centers that produce it are AI factories." The announcement of the AI factories comes as major technology companies like Microsoft invest billions into AI-efforts like building new data centers in an effort to cash in on the generative AI hype.

Persons: Foxconn, —, Jensen Huang, Huang, Foxconn didn't, Jonathan Gray, Blackstone Organizations: Nvidia, Service, Foxconn, Hon, Reuters, Microsoft, Research, University of Massachusetts Locations: Taipei, San Francisco and New York, Sweden, Netherlands

The AI boom has triggered a surge in spending on data centers. The AI boom has supercharged a wave of spending on data centers. AdvertisementAdvertisementThe data center boom is set to double or triple the amount of energy consumed by these data centers. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume.

Persons: —, ChatGPT, it's, Jonathan Gray, Cowen, Marc Ganzi, Shaolei Ren, Tom Keane, Keane, Bernstein, Mark Moerdler, Jahi, Matt McCollister, Pena Popo, Blackstone, Karla Moran, Moran Organizations: Service, McKinsey, Nvidia, UC Riverside, Microsoft, Washington, Getty, Lincoln Property Company, Harrison Street, Google, Meta, Amazon, Blackstone, Income Trust, QTS Realty Trust, Amazon Web Services, AP, Phoenix Locations: America, Rural America, Loudoun Meadows, Aldie , VA, Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Washington, DC, Virginia, New York City, Salt

The meeting was scheduled for hours after Zelenskiy addressed the United Nations Security Council about Russia's invasion and its consequences. Ukraine has tried to lock in financial support from business leaders to help rebuild the country. A spokesperson for Zelenskiy and Ukraine's mission to the United Nations in New York did not immediately respond to a request for comment. Since the start of the war, Ackman's foundation has donated roughly $24 million to support Ukraine, a person familiar with the numbers said. Before the meeting in New York, the White House appealed to Congress to approve billions of additional dollars of support for Ukraine.

Persons: Ken Griffin, Mike Blake, Volodymyr Zelenskiy, Zelenskiy, JPMorgan Chase, Bill Ackman, Jonathan Gray, Robert Kraft, Henry Kissinger, Eric Schmidt, Mike Bloomberg, Barry Sternlicht, Mary Callahan Erdoes, Vince LaPadula, Whitney Tilson, Griffin, Howard Buffett, Warren, Svea Herbst, Bayliss, Lananh Nguyen, Andrea Shalal, Michelle Nichols, Megan Davies, Grant McCool Organizations: Citadel, Milken, Global Conference, REUTERS, United Nations Security Council, JPMorgan, Blackstone Group, New England Patriots football team, United, State, Google, United Nations, Griffin's Citadel, Ackman's Pershing, Capital Management, Ukraine, Fox News, Svea, Thomson Locations: Beverly Hills , California, U.S, New York, Ukraine, United States

☆ Blackstone's data center gamble
▼ + stars: | 2023-08-28 | by ( Daniel Geiger | Rebecca Ungarino | ) www.businessinsider.com time to read: +12 min

The firm has recently touted its data center investments amid the artificial intelligence boom. Blackstone's push into data centers comes with its own set of challenges and questions. "You might not own apartment buildings in 10 years, but the largest data center company in the world." Meghji said in the company's video that interest from data center users in QTS data centers had doubled "since ChatGPT came out." Gerber said he had recently discussed data center investments with Blackstone representatives and has confidence in the strategy.

Persons: Blackstone, —, Glenn Schorr, Schorr, outflows, Stephen Tuckwood, Tuckwood, Jonathan Gray, Gray, Jeenah, Chad Williams, BREIT, they're, Patrick Davitt, QTS, Nadeem Meghji, Meghji, ChatGPT, Matthew Barakat, Prince William County, redemptions, Selwyn Gerber, Gerber, Matt Malone Organizations: Blackstone, Income Trust, QTS Realty Trust, Evercore, Wealth Management, Reuters, Autonomous Research, Blackstone Infrastructure Partners, McKinsey, AP, Starwood, MSCI's, Los, RVW, Opto Investments, FS Investments Locations: California, BREIT, QTS, Americas, CBRE, Manassas , Virginia, Prince William, Virginia, Brookfield, Los Angeles, Bellagio, Las Vegas

☆ Meet your new neighbor: A data center powering the AI boom
▼ + stars: | 2023-07-21 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

The growth could put data centers in competition with local populations for space and resources. As my colleague Dan Geiger reports today in an excellent story on a data center development boom, the AI explosion has triggered a surge in investment in these warehouse-like complexes. For example, DataBank, a data center provider backed by investment firm DigitalBridge, is putting smaller data centers in the suburbs of "tier two and tier three cities," CEO Marc Ganzi told my colleague Ellen Thomas. Unlike e-commerce warehouses, these data centers don't add a bunch of traffic to the roads, and they're pretty quiet. As a result of limited generation capacity in places like Arizona and northern Virginia, these data centers are popping up anywhere where the local utilities can support them.

Persons: tony, Dan Geiger, Jonathan Gray, Blackstone, Marc Ganzi, Ellen Thomas Organizations: Morning, APS Locations: Ohio, Georgia, Virginia, Loudoun Meadows, Aldie , Virginia, Texas, Nevada, Utah, Phoenix, Atlanta, Reno, Arizona, Southwest

☆ Across rural America, data center development booms as investors race to cater to artificial intelligence
▼ + stars: | 2023-07-21 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Data center development is booming and AI is expected to stoke already growing demand. Demand is sapping power grids in major markets and pushing data center development across the US. The project's neighbors include Google, Meta, Microsoft, and Amazon – all of whom have similar plans, or are already underway with major data center projects. The message came after a torrid period of growth by the data center industry in that region. Wes Swenson, Nova's CEO, said the Reno region was becoming increasingly popular for data center development because of its access to power.

Persons: Matt McCollister, Martin Peck, Lincoln Rackhouse, Peck, Blackstone, Jonathan Gray, Drew Angerer, Bard, Gray, Pat Lynch, Robbie Sovie, Sovie, Georgia Power, Skybox, Rob Morris, Morris, George Frey, Novva, Wes Swenson, Nova's, Swenson, CBRE, Lynch Organizations: stoke, Lincoln Property Company, Harrison Street, Google, Meta, Microsoft, Amazon, Lincoln, Carrier, QTS, Dominion Energy, Dominion, Washington DC, APS, QuadReal, Georgia, Reuters, Data Centers, CIM Group Locations: Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Virginia, Loudoun County, Washington, Arizona, Southwest, Lithia Springs , Georgia, Atlanta, Vancouver, Hutto , Texas, Austin, Eagle Mountain , Utah, Reno , Nevada, Storey County, Reno, Silicon, Salt Lake City, West Jordan , Utah, CBRE

☆ U.S. banks sink on concerns about office real estate loans
▼ + stars: | 2023-05-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

Investors worried about potential losses among banks from office real estate loans after comments from executives, including Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf and Blackstone President Jonathan Gray at a Sanford C Bernstein investor conference. Meanwhile, Blackstone's Gray talked about "unprecedented weakness" in older office buildings while noting that this segment currently makes up less than 2% of company's equity portfolio in real estate. Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey said "continued concern over loans made to the office market," was hurting bank stocks broadly on Wednesday, citing the Wells Fargo comments. "The implication is that there are those that will suffer even if Wells Fargo is diversified enough," Meckler said. KeyCorp, down 5.5%, was the biggest decliner in the S&P bank index, and Zions was next, down 4.9%.

Persons: Andrew Kelly, Wells, Charlie Scharf, Blackstone, Jonathan Gray, Sanford C, Wells Fargo's Scharf, Blackstone's Gray, Gray, Bernstein, Rick Meckler, Meckler, Morgan Stanley, Goldman Sachs, Zions, Sinéad Carew, Mehnaz Yasmin, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Banks, Investors, Buyers, Cherry Lane Investments, Citigroup, JPMorgan Chase &, Bank of America, Citizens Financial, Western Alliance Bancorp, PacWest Bancorp, Comerica, PNC Financial Services, Fifth Third Bancorp, Federal Deposit Insurance Corporation, Thomson Locations: Manhattan , New York City, U.S, New Vernon , New Jersey, New York, Bengaluru

☆ Premarket stocks: Is Big Oil running out of gas?
▼ + stars: | 2023-04-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. What’s happening: Brutally high oil and gas prices were the talk of the town last year and one of the largest contributing factors to sky-high inflation. That’s bad news for automobile drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. Blackstone is feeling the commercial real estate slumpThe ongoing commercial real estate slowdown has a new victim: Blackstone. Profits from the sale of commercial real estate assets fell 54% to $4.4 billion, down from $9.5 billion last year.

☆ Blackstone is in talks to help regional banks with lending
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

NEW YORK, April 20 (Reuters) - Blackstone Inc (BX.N), the biggest manager of private equity and real estate assets, said on Thursday it was discussing partnerships with U.S. regional banks to help them with constraints in areas such as car loans and home improvement financing. "As regional banks experienced outflows of deposits, we are seeing real-time opportunities to partner with them at scale," Blackstone President Jonathan Gray said on the firm's first-quarter earnings call. "The regional banks generally play a very large role in home improvement loans, auto loans and equipment finance. He did not identify the banks Blackstone is speaking to. The firm has shifted its focus in real estate to resilient sectors such as logistics and rental housing.

Blackstone has been exercising its right to block investor withdrawals from BREIT since November last year after requests exceeded a preset 5% of the net asset value of the fund. BREIT fulfilled withdrawal requests of $666 million in March, representing only 15% of the $4.5 billion in total redemption requests for the month, the firm said in a letter to investors. Total redemption requests for March were 15% higher than the approximately $3.9 billion demanded by investors in February but 16% lower than the $5.3 billion Blackstone received in January. The level of withdrawal requests is expected to normalize over time as Blackstone works through its backlog, Blackstone President Jonathan Gray said during an analyst earnings call in January. Blackstone shares were down 3.7% to $84.6 per share, in line with the broader market, which was also trading lower.

☆ Blackstone blocked investor withdrawals from $71 billion REIT in February
▼ + stars: | 2023-03-01 | by ( Chibuike Oguh | ) www.reuters.com time to read: +1 min

NEW YORK, March 1 (Reuters) - Blackstone Inc (BX.N) said on Wednesday it had blocked investors from cashing out their investments at its $71 billion real estate income trust (BREIT), as the private equity firm continues to grapple with a flurry of redemption requests. BREIT said it fulfilled redemption requests of $1.4 billion in February, which represents only 35% of the approximately $3.9 billion in total withdrawal requests for the month, the firm said in a letter to investors. Total BREIT redemption requests had reached approximately $5.3 billion in January, which is 26% lower than the amount received in February, the firm said. Blackstone expects to continue dealing with investor redemptions because some BREIT investors are making larger withdrawal requests in anticipation of a reduction in its size, its President Jonathan Gray told an earnings call last month. Reporting by Chibuike Oguh in New York; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone says India top Asian market, eyes infra investments
▼ + stars: | 2023-02-14 | by ( M. Sriram | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 14 (Reuters) - India will continue to be Blackstone Inc's (BX.N) biggest market in Asia and the private equity giant may consider infrastructure investments there in the future, a top company executive said on Tuesday. Blackstone said it manages assets worth $50 billion in India, including in private equity and real estate. Private equity deals in India totalled $32 billion last year, a 27% drop from 2021. Even as Blackstone remains bullish on India, Gray said more certainty around tax and capital market laws will help increase foreign investments in India. China's share in Asia's total private equity deal value dropped to 28% in 2022 from 41% in 2021, the data showed.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ Blackstone REIT blocks investor withdrawals in January
▼ + stars: | 2023-02-01 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

The fulfilled withdrawal requests also represents 2% of the net asset value of fund, the firm said. Blackstone began exercising its right to block investor withdrawals from BREIT from November last year after it received a deluge of requests that exceeded a preset 5% of the net asset value of the fund. Shares of Blackstone were down 2.4% to $93.59 in early afternoon trading on Wednesday. Last month, Blackstone announced that the University of California would invest $4 billion in BREIT shares after the firm committed $1 billion to backstop the university's returns in the fund. The university later increased its investment by another $500 million, bringing the total value of its BREIT shares to $4.5 billion.

☆ Blackstone's grand ambitions for attracting retail money faces a hiccup
▼ + stars: | 2022-12-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's also a key part of the firm's push to attract retail investors, Insider's Rebecca Ungarino reports. Bloomberg previously reported that both firm CEO Steve Schwarzman and President Jon Gray have each put $100 million of their own money into BREIT since July. But as nice as it is to have the bosses' money backing your fund, that's not the target audience. And while there is a lot of upside to attracting retail investors — its private wealth arm has quadrupled in size to $233 billion in assets in four years — there are risks, too. Click here to read more about the recent headwinds facing Blackstone's big bet to attract retail money.

Nonetheless, they fueled investor concerns about the future of the REIT, which makes up about 17% of Blackstone's earnings. "People are taking profits at the value Blackstone says their REIT shares are at," said Snyder. As a result, the REIT allowed investors in November to redeem $1.3 billion, equivalent to approximately 43% of investors' repurchase requests. Some analysts said Blackstone's REIT runs the risk of getting caught in a spiral of selling assets to meet redemptions if it cannot regain the trust of its investors. On Blackstone's third-quarter earnings call in October, Gray blamed REIT redemptions on market volatility, which he said had driven away individual investors from active equity and fixed income funds.

☆ From Apollo to DZ Bank, funds snap up bargains in UK pension scramble
▼ + stars: | 2022-11-18 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

REUTERS/Hannah McKay/File PhotoSummarySummary Companies Pension funds still need to raise cashCredit funds pick up bargains from pension fund salesSome credit funds already sitting on profitsLONDON, Nov 18 (Reuters) - Credit funds at Blackstone, Apollo, DZ Bank and Astra Asset Management picked up bargains from UK pension funds during their scramble for cash, and some say pension schemes are still offloading assets as pressures persist. Hedge funds and private equity firms have taken advantage of the forced sales to snap up deals - including certain portions of collateralised loan obligations (CLOs), securities that pension funds invest in. The credit funds are already sitting on juicy profits on some of these trades. This is because these pension funds must match their portfolios to what they will owe retired members. Even though the markets have calmed, some pension funds are still dealing with the implications," said Mody.

HONG KONG, Oct 31 (Reuters) - Hong Kong aims to restore its reputation as a global financial hub by playing host to a bevy of top Wall Street executives this week, defying critics who say a talent crunch and geopolitical tension will hobble its ambition. Alongside the main theme of "navigating through uncertainty", the summit is widely expected to focus on whether Hong Kong can remain a global financial centre after almost three years of border controls and pandemic restrictions. COVID-19 CONTROLSThe two-day summit, organised by the Hong Kong Monetary Authority (HKMA) - the de-facto central bank - has suffered at least two marquee participants dropping out after contracting COVID-19. Those who make it will look for reassurances of the city returning to pre-pandemic normalcy, making it easier for them to move talent to Hong Kong. Reporting by Scott Murdoch in Sydney and Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone's president, Jonathan Gray, says rental properties are still a smart investment as developers slash supply, keeping rents high
▼ + stars: | 2022-10-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Gray said this is good news for Blackstone, which has invested heavily in multifamily real estate. But as real estate isn't immune from the rising interest rates rocking most financial markets, multifamily investments that grew significantly last year are still facing headwinds. Jonathan Gray, Blackstone's president and chief operating officer, says there's no need to panic, though, given other economic factors now in play. He argued that demand for rental housing isn't going anywhere and that with supply further constrained, rents can continue to rise. Gray described rental properties as "beneficial" because it doesn't cost much to invest in them after they're built.

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