A wave of withdrawal requests that hit Starwood Real Estate Income Trust, which is struggling with a resulting cash crunch, apparently caused backlash reactions by investors in other private REITs, including Blackstone's BREIT.

"Repurchase requests for BREIT steadily declined from January 2023 until the last two weeks of May 2024 when another non-listed REIT amended its share repurchase program to significantly reduce liquidity to its shareholders," Blackstone Real Estate Income Trust said in a June 3, 2024, letter to shareholders.

Blackstone's letter said that it has fulfilled all repurchase requests for February 2024 through May 2024. It also noted that "repurchase requests for May 2024 are 70% below January 2023 levels." Also, through portfolio positioning and valuation approaches, "BREIT has ~20% exposure to data centers and student housing, which has driven our outperformance over the last year." Additionally, over the last two years, the company says it sold more than $20 billion in assets "at a premium" to boost liquidity.