CG Carlyle Group Inc

Blackstone Group LP's third-quarter profit rose as its private equity, real estate and credit holdings appreciated, amid a strong period for global markets and big asset managers.

For the period ended Sept. 30, the New York private-equity firm reported a profit of $312.9 million, or 47 cents a share, versus a year-earlier loss of $254.7 million, or 40 cents a share.

Blackstone's economic net income, which includes changes in the value of unrealized investments, was $687 million, or 57 cents a share, versus a loss of $415.9 million, or 35 cents a share, a year earlier. The latest result exceeded the 48-cent average estimate of analysts polled by FactSet.

The results followed improved results earlier this week from peers Carlyle Group LP and KKR & Co. Blackstone's private-equity portfolio appreciated 3% during the quarter. Carlyle reported its buyout funds appreciated 3% during the period while KKR's gained 5.8%. Apollo Global Management LLC is due to report Friday.

Blackstone's real-estate business, the world's largest, had a big quarter for exits, realizing $7.2 billion from the sales of Strategic Hotels & Resorts Inc. to China's Anbang Insurance Group Co., a China retail business and the rest of its stake in shopping-center owner Brixmor Property Group Inc. It was the unit's second-biggest quarter for sales since its inception, Blackstone said.

Blackstone's distributable earnings, the portion of profits available to shareholders, fell to $593 million, or 48 cents a share, from $691.5 million, or 58 cents a share, in the prior year.

The firm said it would pay a 41-cent dividend for the quarter, down from 49 cents for the year-earlier period.

Blackstone's assets under management rose to $361 billion from $333.9 billion a year ago.

The firm's shares closed Wednesday at $25.38, down 13% so far this year.

Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com

(END) Dow Jones Newswires

October 27, 2016 08:05 ET (12:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.