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Blackstone beats 4Q profit forecasts

NEW YORK – The Blackstone Group LP on Thursday reported fourth-quarter earnings of $1.26 billion.

The company owns Invitation Homes, a real estate investment trust that has bought 1,220 Mecklenburg County homes to hold as rentals since 2012, according to real estate information provider RealtyTrac.

The New York-based company said it had profit of 89 cents per share. Earnings, adjusted for non-recurring costs, came to $1.25 per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The private equity firm posted revenue of $2.14 billion in the period.

Blackstone shares have climbed roughly 9 percent since the beginning of the year. The stock has risen 18 percent in the last 12 months.

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