Blue Owl Real Estate Net Lease Trust Reports $41.4 Million Share Sale
Blue Owl Real Estate Net Lease Trust expanded its investor base in August with a new equity raise.
August 21, 2025
Blue Owl Real Estate Net Lease Trust raised new capital in August while providing a detailed look at its portfolio and balance sheet.
The trust sold just over 4 million Class I common shares, generating $41.4 million in gross proceeds. The shares were priced based on net asset value at the end of July and placed through feeder vehicles designed for Class I investors.
Net Asset Value Snapshot
As of July 31, total net asset value stood at $6.44 billion. Class I shares carried a NAV of $10.33, with other share classes ranging from $10.14 to $10.35. Assets included:
- Over $3.3 billion in directly owned properties
- $1.05 billion in real estate debt
- $3.46 billion tied to affiliates
Liabilities from mortgages, unsecured notes, and other obligations reached more than $2.1 billion.
Portfolio Overview
The portfolio remains large and diverse. At the end of July, the trust held interests in 3,686 properties with an average lease term of 16 years. That included:
- 248 wholly owned assets
- 3,402 through STORE Capital
- 36 in other joint ventures
Including joint ventures, the portfolio’s gross asset value totaled $11.9 billion. The company carries a BBB credit rating.
Debt and Financing
Debt terms remain a point of stability. Nearly 91% of consolidated borrowings and 97% of total debt exposure, including joint ventures, were either fixed-rate or hedged. Average interest costs were 5.5% on consolidated debt and 6.4% across the broader portfolio. Loan-to-value ratios stood at 34.5% and 40.5% respectively.
With new equity raised and long-dated leases in place, the trust continues to scale its platform while keeping its financing structure disciplined.
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