Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Investor Presentation (May 2015)
24 slides from Blackstone Mortgage Trust's investor presentation, May 7, 2015
Slide 1: Blackstone Mortgage Trust May 2015
Exhibit 99.1 Exhibit May 201599.1
Slide 2: Forward-Looking Statements
Forward-Looking This Blackstone identify “plans,” Additionally, are on www.sec.gov. obligation We and BXMT’s conditions facility that relating as including achieved the excludes 1Information indicative Form or section cost refer in BXMT presentation will our isto of these “estimates,” 8-K to potenti
Slide 3: Blackstone Mortgage Trust Overview and GE Portfolio Acquisition
Blackstone acquires Portfolio Large Acquisition We billion Superior Significant Advantage Commercial borrower Property Market senior Over portfolio Structured Our a) 2capital Total are senior $9 scale participation of managed leading portfolio billion senior sourcing, transaction financing weighted
Slide 4: Superior Blackstone Equity and Debt Platform
Superior Blackstone Equity $84 254 Rated Global Funds BREP Opportunistic $15.8B open-ended fund 3Based billion professionals capitalization(a) /on Funds VIII Debt Europe Approved fund Real BXMT’s AUM BREP Real under €6.6B Fund Opportunistic Estate Asia Estate $9 72 Special Europe management Strategy
Slide 5: Superior Blackstone Real Estate Platform
Superior Blackstone Office Square Hotel Multifamily 4Retail 284k 165M 103M Feet Real Real Largest 45k Most One Estate Estate Major of active operator the Platform has investor largest investor proprietary globally owners globally since Keys insight, in 2011 Units U.S. Square long standing Feet exper
Slide 6: Seasoned Global Real Estate Debt Team
Seasoned Jonathan Global BREDS Michael Executive CIO Stephen CEO SMD Origination Capital 26 5Robert Professionals Blackstone &Blackstone Tim Head Markets President Plavin Investment Nash Gray Management Chairman Asset Christopher ofJohn Real /Real 10 Real Investor Legal Professionals Committee Schre
Slide 7: Real Estate Economic Feedback Loop
Real Estate Economic Liquidity Economy Capital Positive 6Confidence Feedback and Recovering conditions Market Growing fundamentals Technicals Overview are sustaining inReturning the commercial a favorable Loop Improving real commercial estate market real estate are generally market in balance
Slide 8: Limited New Supply in U.S. Real Estate Market
Real‘00 Limited U.S. Completions (Office, 2.0% 2.5% 3.0% 3.5% ‘99 0.0% 0.5% 1.0% 1.5% 7Sources: Aggregate Estate $14,681 ‘01 Industrial, new REIS ‘02 Market supply ($& ‘03 Construction inFederal billions) and Overview ‘04 coupled Retail ‘05Reserve $17,710 ‘06 with U.S. Sectors) ‘07modest GDP Economi
Slide 9: U.S. Real Estate Debt Markets
Real Debt U.S. ($ (Office, Life Other $1,594 CMBS $60 $120 Issuers 1Q 8Source: in2Q $420 CRE Estate billions) markets $300 3Q $240 Institutions U.S. PREA Industrial, GSEs Debt 4Q Market Depository $557 are ($ Projected Compendium Holders Companies innormalizing; $180 and $0 billions) Overview Retail
Slide 10: Target Loan Investments
TargetTypically Loan Collateral higher, Fees 9Prepayment Size Investments scaled First $50 12to million 1.0% to mortgages risk 24 origination Term months to $500 on 3 to of stabilized million 5spread fee years andmaintenance Amortization or 0.25% transitional to 0.50% Typically assets extension Prop
Slide 11: Sample Loan: SFO Airport Hotels
Sample $130 72% Diverse Loan 10 LTV; million upsized Transaction: demand $200k floating by drivers $30 perSFO million key rate, including Airport first 15mortgage months Hotels airportafter loan traffic origination secured and SF/Silicon byand the refi Westin Valley calland protection business aLoft
Slide 12: Sample Loan: 401 North Michigan Avenue
Sample $190 Well Initial Transaction 401 11 N. located million funding Michigan Transaction: sourced class floating of $145 A through office 401 rate, million North first building existing with mortgage Michigan undergoing $45 Blackstone million loan Avenue secured value-enhancing future relationshi
Slide 13: Sample Loan: The Westminster UES
Sample $181 150 Sponsored Westminster 12 unit million Transaction: multifamily byUES floating repeat BXMT Westminster rental rate, first building borrower mortgage UES undergoing thatloan specializes secured condominium in bydevelopment The Westminster conversion and 68% management apartment LTV bui
Slide 14: Sample Loan: Aldwych House
Sample £78 Well Transaction Aldwych 13 million located Transaction: House floating sourced 162k sfrate, through Aldwych prime first office existing mortgage House building Blackstone loan undergoing secured relationship by£28.0 Aldwych million, withHouse local value-enhancing, operating in centralpa
Slide 15: Balance Sheet and Core Earnings Growth
Balance BXMT’s Loan (Dollars $3,906 $4,429 $2,663 3Q Core Dividends Per 14 ‘13 share Earnings Portfolio $3,488 $2,000 4Q Sheet inloan $0.27 ‘13 Millions) origination and $0.28 $1,286 Growth 1Q$0.45 ‘14 Core $0.41 $4,943 2Q $0.48 Earnings activity ‘14 $0.43 $0.48 3Q $0.43 Growth has ‘14 $0.50 produce
Slide 16: Large Scale GE Portfolio Acquisition
Large In GE Blackstone Mortgage $5.0 Germany UK 2% 12% USA Geography Other 84% 6% 13% 4% Asset Hotel a) in Accordingly, 15 Total April, conjunction portfolio Canada Housing Retail Germany billion 7% Office USA Hotel Class Manufactured Scale portfolio BXMT 8% Europe Trust 12% 68% Blackstone 10% $4.4
Slide 17: Pro Forma Net Interest Income and Rate Sensitivity
BXMT’s The On Pro (Dollars Interest $0.24 $0.28 in Income Change $0.00 $0.03 0.08% to 16 $0.12 LIBOR aForma fixed-rate combined $0.01 0.18% Rates Share $0.08 Current of $5.0 floors Portfolio Net0.68% $0.19 $0.20 billion portion Interest basis, $0.04 for Net loans Pro 1.18% direct the of $0.08 Income
Slide 18: BXMT Financing
(a) BXMT Financing ($ Six Revolving Credit Term, No Non-revolving; Pricing 9Asset-Specific Financings Non-debt Term transactions incapital Year Total a) there 17 cross 1billions) and currency Facilities Closing canhas directly 5bps collateralized, structures: currency markets Revolving developed Fin
Slide 19: Illustrative Prudent Leverage and Loan Economics
Illustrative BXMT’s Prudent LTV Whole Advance Leverage: Credit $80 Net $20 66.7% Management $50 Imputed 100.0% a) aggregate Matters” addition capital 18 This Spread million Capital Facility $100 deployment Loan illustration $150 use to Core at Rate senior results. current Loan the 2.00% Equity of mi
Slide 20: Investment Highlights
Investment Superior Affiliation Strong $6.8 Attractive Commercial Focused Senior Large Average a) 19 Based billion Scale lending Origination loan Strategy Sponsorship onMarket with Highlights of BXMT’s Balance real size loans strategy BX estate of Opportunity Platform Real closed $83 Sheet May envir
Slide 21: Appendix: 1Q 2015 Earnings Release Excerpts
Appendix: 1Q 2015 Earnings Release Excerpts
Slide 22: First Quarter 2015 Core Earnings and Balance Sheet
FirstIncludes (Dollars Balance $4,943 Loan Net CT $31 Secured Convertible net Non-cash Equity G&A/other $35.4 (a) accrued $162 Legacy results Quarter Origination $31.8 and Interest expenses, Net financings in ($3.3) comp. Millions) $8.4 other(a) portfolio expenses notes, stockholders’ Core 2015 inco
Slide 23: Loan Portfolio Details
TheMaximum (Dollars Origination Date Loan Loans Total/Wtd. (a) (b) Includes following Loan Portfolio 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16-60 3/4/15 5/22/14 1/7/15 11/21/13 12/9/14 7/31/14 1/7/14 11/20/14 12/17/13 1/30/14 in 2/25/14 10/30/13 6/20/14 11/17/14 2/20/14 Type avg. Millions) Total (i) Va
Slide 24: Blackstone Mortgage Trust
Mortgage Trust
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