UPDATE 4-Blackstone posts loss from IPO charges, shares off

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By Michael Flaherty

NEW YORK, Nov 12 (Reuters) - Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) on Monday reported a quarterly loss from charges and posted a 44 percent drop in real estate revenues, missing analysts' estimates and sending its shares down more than 6 percent.

Blackstone's results revealed how the subprime mortgage meltdown has hit the private equity industry -- and how investors and analysts still struggle to understand the firm's sprawling business.

Under a measure known as economic net income (ENI) after taxes, Blackstone earned a third-quarter profit of $234 million, or 21 cents a share, compared with $239.1 million, or 21 cents a share in the previous year.

Analysts polled by Reuters had expected ENI after taxes of 32 cents per share.

ENI is net income excluding income taxes, noncash charges related to vesting of equity-based compensation and amortization of intangible assets. Blackstone prefers to focus on ENI because of the huge payouts associated with its more than $4 billion IPO in June.

On a generally accepted accounting principles basis, Blackstone posted a net loss of $113.2 million, or 44 cents a share. That compares with net income of $372.5 million a year earlier.

The loss included $802.6 million of non-cash charges associated with compensation arising from IPO unit awards and the amortization of intangibles, Blackstone said.