Blackstone's fourth-quarter earnings surge on strong asset sales [Reuters]
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Source: Reuters
Blackstone's fourth-quarter earnings surge on strong asset sales By Chibuike Oguh 2 Min Read NEW YORK (Reuters) - Blackstone Group Inc, the world’s largest manager of alternative assets, said on Wednesday its fourth-quarter distributable earnings rose 60% year-on-year driven by a surge in asset sales across its private equity and real estate business lines that was partly offset by compensation expenses. Distributable earnings - cash available for paying dividends to shareholders - totaled $1.46 billion, up from $914 million a year earlier. This translated into distributable earnings per share of $1.13, outperforming analysts’ average estimate of 89 cents, according to financial data provider Refinitiv. During the quarter, Blackstone completed the $14.6 billion sale of BioMed Realty Trust, America’s largest private owner of medical office buildings, and the divestment of its 36% shareholding in British insurer and annuity provider Rothesay Life. A sharp rise in investment income help
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