Last year, we did the QTS Realty Trust deal, which was a large data center deal. BREDS is now part of the structured-finance group. Log in or sign up for Facebook to connect with friends, family and people you know. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. They often pocket money from a variety of additional sources that can total hundreds of millions of dollars a year. Johnson, 42, was named the head of BREDS in November, succeeding Pollack, who was promoted to lead the newly created structured-finance group, which includes BREDS. People named Frank Cohen. "Generally speaking, our place in the world of real-estate finance has been filling in the gaps of what a traditional bank would do," Johnson, the global head of BREDS, told Insider in 2020. Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. Blackstone Real Estate is the industry leader in opportunistic, core plus and debt investing across the US, Europe and Asia. Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. Bonus range: $11,500 - $190,000. There, Trebilco, 38, worked closely with clients in the gaming and hospitality worlds. The more carried interest earned, the higher the dividend. Two days earlier, HSBC. CSI Gala 2017 - Splash - The Centre for Social Innovation (CSI) is a not-for-profit coworking space, community and launchpad for social entrepreneurs who are changing the world. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. Drug Policy Alliance. More data has been produced in the last two years than in all of human history before that time. Weve expanded the way that we recruit talent at the firm to be inclusive and diverse. He is a graduate of the College of the Holy Cross. There is C.E.O. We are continuously looking at a lot of different sectors. For all the populist outrage that banks have faced over compensation, their executives make just a fraction of what private equity chiefs do. Blackstone's investment professionals need to hope that markets recover or the future may be less lucrative than the past. He also helped spearhead Blackstone's acquisition of the 11,000 units inthe adjoining Manhattan apartment complexes Stuyvesant Town and Peter Cooper Village for nearly $5.5 billion. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. He has also been responsible for many of Blackstone's other office . Needless to say this will be skewed in favor of people at principal level and above: more junior staff don't get carried interest payments. Privately-held corporations need not report compensation information. All quotes delayed a minimum of 15 minutes. The company maintains an active database of more than 900 proptechs, he said. Peter R. Orszag. Pollack eventually became the global head of Deutsche Bank's commercial-real-estate business, overseeing a division that doled out billions to high-powered developers including Donald Trump. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. "The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it we intend to build on that goal and expand access to homes across the US," Werner said in a statement at the time. BREIT just celebrated its fifth anniversary and has delivered a 13% annualized return since inception. The team said in a Tuesday news release that it approved approved the sale Friday. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. We see public real estate as unequivocally more attractive than private real estate today, LaSalle's Lisa Kaufman told Nareits REIT Report podcast. Fitzpatrick is one of the only people on this list who doesn't lead any deals of his own, or at least not any real-estate deals. Bloomberg News estimates the team is worth $680 million. Still, it has not altered Blackstone's investment thesis that much. As a result, REITs stack up very well as a fixed income alternative, plus you can get the upside from the underlying real estate. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. In a press release announcing the deal, Hamid said the transaction represented "a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.". Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. The following month, Blackstone announced another deal to buy Resource REIT, which owns more than 12,600 apartments across the country, for $3.7 billion. He is also the Chairman and CEO of Blackstone Real Estate Income Trust. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. It's been on both sides of the trade in life-sciences properties, with its BioMed Realty acquiring a 22-building campus in Boulder, Colorado, for more than $600 million and selling a San Diego portfolio for $464 million. Our job as investors is to identify areas of growth and then overweight those areas and sectors. BlackRock Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. One company that Blackstone backed is Dealpath, which digitizes data on commercial-real-estate deals. Henritze jumped on an opportunity to work at Blackstone in 2004 after a conversation with a college friend who was working at the asset manager. And as inflation surged to its fastest rate since 1981, apartment owners like Blackstone could also raise rents to preserve their profit margins, Schwarzman, Blackstone's CEO, said in an earnings call in January. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) LePatner, 40, is the chief operating officer of both BREIT and Blackstone's wider core real-estate investment strategy, Core+, which also includes European assets in a separate investment vehicle. Robert H. Castellini - W. Joseph Williams Jr. - Thomas L. Williams Lindner Reds Baseball LLC - Frank Cohen - William J. Reik Buy Buy Baseball, LLC - EMK Investment Company, LLC - Larry Sheakley - Jeffrey L. Wyler Harry J. Fath - Jeffrey L. Gendell - Edwin J. Riguad, AACE, LLC - HKR Baseball, LLC - Ronald L. Sargent John H. Wyant - George H. Vincent, Queen City Diamond, LLC - Heading for Home . Blackstone Real Estate Income Trust, Inc. Judd A & Marjorie Weinberg College of Arts & Sciences. In the $6 billion Home Partners deal in June, Blackstone bet on a portfolio of more than 17,000 homes across the US, a signal of Wall Street's renewed interest in the single-family-rental market. In 2018, the investment firm sold 15.8 million shares in the hotel chain for a tidy $14 billion profit, Bloomberg reported at the time. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. https://www.nytimes.com/2016/12/10/business/dealbook/just-how-much-do-the-top-private-equity-earners-make.html, a former contributor to The New York Times. 3003 N Blackstone Ave. Suite 206. Cohen is a director for Equity Office Properties Trust, CarrAmerica Realty Corp., TRZ Holdings and Blackstone's industrial venture affiliate, as well as on the Kellogg Real Estate Advisory Board at Northwestern University. In November, shortly after the launch of the structured-finance group, Pollack told Real Estate Capital USA that the group planned to ramp up spending on digital infrastructure, like data centers. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. Nash, 61, is also the executive chair of Blackstone's Mortgage Trust REIT, the firm's publicly traded mortgage real-estate investment trust. With regards to todays REIT investors, some are more focused on ESG than others. A statute, it would allow voluntary prayer in public schools, the display of the Ten Commandments and keep God in the Pledge and in the National Motto. The executive, 41, has real estate in his blood. Carter Randolph, manager of the Louise Dieterle Nippert Trust, told The Enquirer in June that a Los Angeles-based investment banking firm was hired to help sell the trust's minority stake in the Cincinnati Reds. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). These apartments are located in the Southeast and the Southwestmarkets that are dynamically growing. Blackstone has been engaged with REITs, listed and non-listed, for many years. Date: Base range: $60,000 - $175,000. Henritze recalled telling his friend. [EDGAR] He is also the Chairman and CEO of Blackstone Real Estate Income Trust. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $60 billion of real estate investments. New York, New York 10154. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? Personal. Frank Cohen is Chairman & Chief Executive Officer of Blackstone Real Estate Income Trust, Inc. and Senior Managing Director & Global head at Blackstone Real Estate Advisors. Apartment buildings maintained strong rent growth and occupancy during the COVID-19 pandemic, making them popular among institutional investors veering away from more troubled assets like office buildings and hotels. China's new securitization growth continued in the third quarter (3Q) of 2021 amid some headwinds from regulatory shifts. Caplan, 48, has worked at Blackstone since 1997. The investment is expected to close in late August or early September, subject to receipt of TSX approval. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. 2023 www.cincinnati.com. Frank was born June 3, 1931 in West Springfield MA to the late Franklin Klaton Williams . Frank Cohen. Since joining the firm, he's been involved in more than $100 billion of real-estate acquisitions and initiatives. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Second, the executives invest in their firms own funds and get to keep their profits. "Multifamily is one of those areas.". Direct---United States, New York, New York. Many of the earnings are is not traditional compensation, but its money in their pockets nonetheless. The report and its 30-plus case studies feature REIT leadership and ESG innovation from a variety of sectors and serves as a tool to assess the scale and impact of the REIT industrys ESG commitments and initiatives. A source with knowledge of the deal told The Enquirer Cohen acquired a less than 5 percent stake in the team. Menu Home; Rankings. Committee: House Education and the Workforce: Related Items: Data will display when it becomes available. Scott D. Hoffman. Weve done 11 deals of over $1 billion just in the last 12 months. Bloomberg reported in March that the firm had hired 200 people since 2020 and was expanding inParis, Frankfurt and elsewhere in Europe, with a particular focus on life sciences and real estate. All rights reserved. Gray, 51, has a net worth of $4.5 billion, according to Forbes. The issuance of residential mortgage-backed securities (RMBS) resumed in August, following a break in the previous two months. These sectors make up more than 70% of Blackstone's real-estate portfolio, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call in January. The firm posted a net loss of $255m in the second quarter by virtue of the declining value of its private equity portfolio. All rights reserved. As a result, new supply has been virtually nonexistent," Meghji wrote in a blog post just months after the deal. . CALL NOW: (559) 241-0411. Blackstone announced its second quarter results today. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. Meghji, the head of real estate for the Americas at Blackstone, knew that demand for studio space was still strong in Hollywood, where costly new build-outs had come to a halt. Your California Privacy Rights / Privacy Policy. All told, the 33-year-old Levine has been involved in over $100 billion worth of real-estate transactions since 2010. "I think there will be a benefit in the broadening of our experiences the more things we see, the more we find opportunities, the more we learn about new areas where our capital can provide value on behalf of our investors," Pollack told the news and intelligence service, which is focused on real-estate finance. Frank Cohen, senior managing director of Blackstone's real estate group, bought a minority interest in the team previously held by the Louise Dieterle Nippert Trust. All proxy statements are public filings made available to the general public by the SEC. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. He joined the firm in 2007 to help set up Blackstone Real Estate Debt Strategies, the company's foray into the real-estate-debt markets as the financial crisis was creating billions of dollars in troubled-loan opportunities. Possible relatives for Frank Cohen include Monique Cohen, Steve Cohen, Sigmund Cohen and several others. Analysis-Wood's ARK slammed by higher interest . Blackstone's $1.5 billion purchase of WoodSpring Suites with Starwood Capital Group which followed the duo's $6 billion purchase of Extended Stay America from less than a year earlier captured the trend of more people working remotely from long-term accommodation properties during the pandemic. In addition to Keenan's role as the chief executive of Blackstone Mortgage Trust, she is a senior managing director of Blackstone's Real Estate Debt Strategies, the group that oversees Blackstone's companywide $54 billion real-estate-loan book. You may also find the annual proxy statement by going directly to the company's website. Frank Petro is the "James Brown" of compensation litigation - the hardest working man in show business! Log In. Frank Cohen. Our goal from the start was to bring Blackstones institutional real estate platform to the individual investor so ultimately, the biggest success factor has been the performance we have produced for those investors. Using the same method it used for private equity, Equilar collected data from the nations largest banks and the technology giants. Investors Should Prioritize Listed Real Estate Market Over Private: LaSalle, Nareits REITwise: 2023 Law, Accounting and Finance Conference, A Conversation with Blackstones Frank Cohen on Opportunities in Real Estate and the Growth of BREIT. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? In early 2020, when the pandemic turned once bustling office buildings into ghost towns, many commercial-real-estate investors braced for big losses. Frank Cohen is a Senior Managing Director with the Blackstone Group based in New York. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. The publicly traded Carlyle Group, for example, no longer discloses this information. Agarwal, 55, is at the center of the firm's Core+ business, a division that targets long-term investments supported by minimal debt. Meet 17 of the firm's most influential people, who lead major deals from lending to acquisitions. Frank Cohen. And so, while private equity earned the biggest payouts among the largest publicly traded industries, there could be private companies (or small public ones) doling out even bigger paydays. As the leader of that group, the 45-year-old Pollack oversees Blackstone's debt investments across a wide variety of sectors beyond but including real estate, including consumer finance and transportation. Our job is to always be looking at where we see avenues of growth and then overweight those avenues. BREIT 3 All figures are approximate and as of March 31, 2020, unless otherwise indicated. Now, McCarthy said the firm was looking to add talent at portfolio companies. "We're always thinking about: Do we have the right leadership in place? Agarwal Wesley LePatner Chairman of the Board and Chief Executive Officer President and Director Chief Operating Officer and Director . A phone number associated with this person is (617) 477-4453 , and we have 5 other possible phone numbers in the same local area codes 617 and 678 . The Blackstone Group Inc. is providing the disclosure contained in this Current Report on Form 8-K to reflect the completion of its conversion (the "Conversion") from a Delaware limited partnership named The Blackstone Group L.P. (the "Partnership") to a Delaware corporation named The Blackstone Group Inc. (the "Corporation") effective at 12:01 a.m. (Eastern . Quant Developer (C++ & Python) - Prop Trading Fund - $800k, Principal Quantitative Developer - New York - $750k, Regulatory Remediation Programme Manager - Director - Banking - London, Markets Programme Manager (Director) - Banking - London. Before joining Blackstone, Johnson cofounded a boutique commercial-real-estate finance company and worked at Lehman Brothers' commercial-real-estate group. Frank Cohen, Blackstone's global head of Core+ Real Estate and chairman and CEO of Blackstone Real Estate Investment Trust, told Nareit the pandemic may have changed many things globally. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. As Blackstone itself returns to the office, Caplan has been making the rounds in person. In an interview with Commercial Observer shortly after his promotion, Johnson highlighted warehouses, multifamily apartment buildings, and life sciences as attractive sectors for both debt and equity investments. Instead, he is in charge of Blackstone's technology needs and participates in the firm's venture-capital-style investments. Copyright 2023 Surperformance. Eric's mailing address filed with the SEC is 200 BELLEVUE PARKWAY, SUITE 300, WILMINGTON, DE, 19809. KKR & Co Inc co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. Businessman Bob Castellini remains the current principal owner of the Reds. Before his current role, Pollack led Blackstone Real Estate Debt Strategies, or BREDS, which he helped grow from roughly $10 billion in assets under management when he started at the firm to $26 billion as of the second quarter of 2020. Nash had a long career before Blackstone, working at Barclays Bank, Deloitte, and the Bank of Nova Scotia before spending a decade leading Merrill Lynch's real-estate principal investment group from 1997 to 2007. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Inflation is rising, and interest rates are going in the other direction. Frank Tang - The South China Morning Post . The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . While the former Goldman Sachs dealmaker grew up on the Jersey Shore and likes to spend weekends there, she calls Manhattan home. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." Well find that these tenants will have very stable occupancy rates, so we get a good risk adjusted return overall. She heads into Blackstone's office, typically by 8:30 a.m., and dives into a day of meetings and phone calls with investors and internal staff members. Nash's team originally focused on making riskier and higher-yielding mezzanine loans behind banks that were making senior loans, he told REIT Magazine in 2015. "The company that can connect the dots and paint the most complete picture wins.". Frank Cohen A.J. If you look at BREITs portfolio, were overweight in sectors we think will continue to see great growth potential, and in geographies that have the highest amounts of population growth, new household formation, and job growth. But the absorption of GSO wasn't . Frank Cohen. Biotech is another critical area for the firm. See here for a complete list of exchanges and delays. Carried interest is taxed at a long-term capital-gains rate that is roughly half the ordinary income rate for the nations highest earners. Her process, he said, reminded him of his own. It was the largest real-estate credit fund ever raised, according to Blackstone, and represented nearly half of all funds raised in 2020, the commercial-real-estate brokerage JLL said. Trebilco has come a long way quite literally. ESG is definitely a global theme. 345 Park Avenue. He's since been involved in more than $100 billion in real-estate investments and serves as the head of strategic investment for Blackstone Real Estate Americas. The implication, therefore, is that the average Blackstone person earned $795k for the past six months, and will earn nearly $1.6m for the full year. However, uncertainty looms given the changing conditions in the property sector and the broader economy. And we do that by identifying themes benefiting from changes in the way people are living, shopping, working, and spending their leisure time," Kim said. "The crisis created an unprecedented investment environment, which is all you can ever ask for as you launch a new business," he said. Since its founding in 2017, Blackstone Real Estate Income Trust has grown into a $116 billion lynchpin of Blackstone's sprawling real-estate investment platform. Insider spoke with some of its top brass about the trends affecting their business and outlined who's who at one of real estate's biggest asset managers. While there, he worked in the arcane world of structured finance, which can include debt instruments like mortgage-backed securities, or complex loans that sit on various parts of a company's capital structure. It's not easy to get a job at Blackstone. He received an undergraduate degree from the University of Minnesota Duluth and an MBA from The Curtis L. Carlson School of Management. He has . The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. "I faced all the challenges one could imagine when building a multibillion-dollar business from hiring to ensuring standards remain high, moving quickly to keep up with growth, and staying ahead of market swings and growing pains.". No. There, he played a major role in the development of the commercial mortgage-bond market. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. In total, Frank Cohen has made about 3 transactions over 3 years of their time at Blackstone Real Estate Income Trust, Inc. Frank Cohen usually trades in January, February and August,. So, in terms of how our lens evolves over time, we are always looking at what sort of new and interesting things could be out there. Nadrich & Cohen Accident Injury Lawyers. Steven Cohen. Keenan, a 38-year-old Harvard graduate, is taking contrarian views, too. It's part of Blackstone's perpetual investment vehicles, which deploy permanent sources of capital. Frank Cohen - $79,200 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Frank Cohen bought the share. First, given that Equilar pulled data from the last few years, the study is intended as a snapshot, not a definitive accounting of net worth. Private equity firms note that, unlike banks, many of the top executives actually founded their firms. Furthermore, The Times and Equilar focused on publicly traded companies with more than $1 billion in revenue. Frank Cohen (born 15 October 1943) is a British businessman and art collector. Find your friends on Facebook. In terms of listed REITs, the share price is not always reflective of the underlying real estate value. As a subscriber, you have 10 gift articles to give each month. Among Kim's deals was the purchase of Strategic Hotels & Resorts, a portfolio of roughly 7,500 hotel rooms, in late 2015. At QTS, we are working on a program to get to 100% renewable power. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Were not building enough and especially not enough affordable housing. And as an investor, Ive learned that part of the job is to be prepared for the inevitableand change is inevitable. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. In more than 900 proptechs, he is also the Chairman and of. Building enough and especially not enough affordable housing, when the pandemic turned once bustling buildings! 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