June 4, 2024 11:11 AM
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Joe.Zidle@Blackstone.com
Investing Before the All-Clear
Investment insights and market analysis from Blackstone's Pattern Recognition series.
See the latest Pattern Recognition post ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ View in web browser Pattern Recognition Insights from the World’s Largest Alternative Asset Manager June 4, 2024 Investing Befo
June 4, 2024 11:11 AM
-
Joe.Zidle@Blackstone.com
Investing Before the All-Clear
Investment insights and market analysis from Blackstone's Pattern Recognition series.
See the latest Pattern Recognition post ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ View in web browser Pattern Recognition Insights from the World’s Largest Alternative Asset Manager June 4, 2024 Investing Befo
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</style></head><body width="100%" style="margin:0"><center style="width:100%; background:#f2f2f2"><div style="display:none; font-size:1px; line-height:1px; max-height:0px; max-width:0px; opacity:0; overflow:hidden; font-family:Arial,sans-serif">See the latest Pattern Recognition post</div><div bgcolor="#f2f2f2" style="max-width:640px; margin:0"><table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; text-align:center; background-color:#FFFFFF"><tbody><tr style="display:none"><td align="center" bgcolor="#FFFFFF" cellpadding="0" width="100%" style="display:none; font-size:0px; line-height:0px; max-height:0px; max-width:0px; opacity:0; overflow:hidden">͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ </td></tr><tr><td align="center" bgcolor="#ffffff" cellpadding="8px 30px 10px 30px;" class="greyu" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:13px; line-height:16px; color:#000000; font-weight:400; margin:0; padding:15px 30px 10px 30px; 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padding:20px 0px 30px 0px; margin:0; background-color:#000000"> </td></tr></tbody></table></td></tr></tbody></table></div><div><table bgcolor="#000000" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; border:0; background-color:#000000"><tbody><tr style=""><td align="left" cellpadding="20px 30px 20px 30px" class="heading-top pad-mob" valign="middle" style="font-family:Georgia,serif; font-size:50px; line-height:60px; color:#ffffff; padding:20px 30px 20px 30px">Pattern Recognition</td></tr><tr style=""><td align="left" cellpadding="0px 30px 40px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:18px; line-height:28px; color:#ffffff; font-weight:500; padding:0px 30px 40px 30px; margin:0">Insights from the World’s Largest Alternative Asset Manager</td></tr></tbody></table></div><div><table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; border:0; background-color:#FFFFFF"><tbody><tr style=""><td align="left" cellpadding="40px 30px 0px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:14px; line-height:18px; color:#000000; font-weight:500; padding:40px 30px 0px 30px; margin:0">June 4, 2024</td></tr><tr style=""><td align="left" cellpadding="20px 30px 20px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Georgia,serif; font-size:32px; line-height:38px; color:#000000; font-weight:500; padding:20px 30px 20px 30px; margin:0">Investing Before the All-Clear</td></tr><tr class="" style=""><td align="left" cellpadding="0px 30px 20px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:18px; line-height:28px; color:#000000; font-weight:500; padding:0px 30px 20px 30px; margin:0"><ul style="margin-top:10px"><li style="margin-top:0px">If you look at the real estate cycle coming out of the GFC, <strong>values bottomed well before market sentiment suggests</strong>.</li><li style="margin-top:8px">While headlines remained negative for years, <strong>values were actually improving</strong>.</li><li style="margin-top:8px"><strong>We are focused on the long view, not the rear view</strong> – deploying capital in an opportunity-rich environment, much like today.</li></ul></td></tr></tbody></table></div><div><table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; border:0; background-color:#FFFFFF"><tbody><tr style=""><td align="left" cellpadding="0px 30px 20px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:14px; line-height:20px; color:#000000; font-weight:500; padding:0px 30px 10px 30px; margin:0"><h3>Commercial Real Estate Values Through the GFC<sup>1</sup></h3>Indexed, June 2007 = 100</td></tr><tr style=""><td align="left" cellpadding="20px 30px 20px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; padding:20px 30px 20px 30px; margin:0"><table cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:580px"><tbody><tr style=""><td align="left" cellpadding="0" class="responsive_image" valign="top" width="100%" style="max-width:580px; padding:0; margin:0"><a href="#" style="text-decoration:none"><img alt="Blackstone" border="0" height="451" src="https://www3.blackstone.com/l/1037233/2024-06-04/5vt7d7/1037233/1717515591CImbHyzH/PR_IBA_544x450_v4.png" width="545" style="width:545px; height:451px; border-width:0px; border-style:solid"></a></td></tr></tbody></table></td></tr><tr style=""><td align="left" cellpadding="0px 30px 20px 30px" class="columnwrap pad-mob" valign="top" width="100%" style="max-width:640px; font-family:Arial,sans-serif; font-size:14px; line-height:20px; color:#000000; font-weight:500; padding:0px 30px 10px 30px; margin:0">Note: Represents Blackstone’s view of the current market environment as of the date appearing in this material only. There can be no assurance that the trends described herein will continue or not reverse.</td></tr></tbody></table></div><div><table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; border:0; background-color:#ffffff"><tbody><tr style=""><td align="left" cellpadding="38px 30px 40px 30px" class="pad-mob" width="100%" style="max-width:580px; font-family:Arial,sans-serif; color:#000000; font-weight:400; padding:38px 30px 40px 30px; margin:0"><div role="separator" style="font-size:2px; line-height:2px; height:2px; margin-top:1px; background:#fff; border-top:1px solid #000; max-width:580px"> </div></td></tr></tbody></table></div><div><table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%" style="max-width:640px; border:0; background-color:#FFFFFF"><tbody><tr style=""><td align="left" bgcolor="#FFFFFF" border="0" cellpadding="30px 30px 0px 30px" class="columnwrap pad-mob" dir="rtl" valign="top" style="max-width:580px; 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