In December, Blackstone announced a $3.6 billion deal to acquire Bluerock Residential Growth REIT, a real-estate investment trust that owns about 11,000 apartment units in Sun Belt states like Georgia, Florida, and Texas. So far, only one of the trust's roughly 200 loansis non-performing, she said. For its 2021 fiscal year, BlackRock Inc., listed the following board members on its annual proxy statement to the SEC. Frank Cohen, Blackstone's global head of core-plus real estate, said: "The transaction significantly increases our Asian core-plus real estate exposure to the logistics space, and is consistent with our strategy of overweighting high-conviction sectors and locations." Still, it has not altered Blackstone's investment thesis that much. Blackstone is currently in the process of expanding its EMEA operations under Farhad Karim. Base range: $60,000 - $175,000. Weve definitely seen that trendline expand. ESG represents something that we continue to integrate across our portfolio in a lot of different ways. The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. Since joining Blackstone in 1996, Mr. Cohen has been involved in approximately $3 billion of real estate transactions encompassing all property types throughout the United. They reveal that the compensation spending in the form of salaries, bonuses, and realized carried interest (profits shared between investment employees after the successful exit of investments) increased 94% in the first half of 2022, to nearly $3.2bn across the firm. The real-estate deal marks one of many signature deals the 39-year-old Werner has been involved in since joining Blackstone in 2005, including BioMed Realty, Pure Industrial, Home Partners of America, and Education Realty Trust. But the absorption of GSO wasn't . Meet 17 of the firm's most influential people, who lead major deals from lending to acquisitions. LePatner, who is second in command to BREIT CEO Frank Cohen, helped launch the investment vehicle in 2017 and has built it into the largest arm of Blackstone's massive real-estate platform. Were really focused on large, complicated deals where theres less competition involved. Phone. See Photos. Bank CEO identifies the new most important jobs in private equity, Goldman Sachs MDs seen quitting for Balyasny, Citadel post-bonuses, Now Credit Suisse lost some of its most senior credit people in Paris, Bankers on TikTok: The MD on 500k+, the PE guy on 200k+. Agarwal, 55, is at the center of the firm's Core+ business, a division that targets long-term investments supported by minimal debt. 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. people search. A leading contributor to addressing some of the biggest issues facing the world today - such as energy transition, accelerating the adoption of new technologies, and social impact - where innovative approaches to investing can make a positive difference. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. We see public real estate as unequivocally more attractive than private real estate today, LaSalle's Lisa Kaufman told Nareits REIT Report podcast. Email. Harper helped perform diligence and provide financing for the acquisition of Hilton, which went public in 2013, he told the Commercial Observer in 2015. 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. 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. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. "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. And in February, the company said it would acquire Preferred Apartment Communities Inc., which owns about 12,000 apartment units, as well as retail properties, for $5.8 billion. Blackstone Real Estate Income Trust, Inc (BREIT), a REIT managed by the worldwide real estate investment firm Blackstone, has struck a deal to purchase the Simply Self Storage portfolio for an estimated $1.2 billion. With regards to todays REIT investors, some are more focused on ESG than others. The firm has also been sinking its investor capital a pool it's diversified through smaller investors into a biotech hub in Colorado and the owner of 44 multifamily communities and about 12,000 housing units in the Southeast. 2023 www.cincinnati.com. Northwestern wanted him back. Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. He left his native New Zealand, where, according to his LinkedIn profile, he'd been working as an analyst at Goldman Sachs & Partners NZ, to join Goldman's New York office in 2011. "Demand for studio space in Los Angeles has been strong, but rising land values have made building new facilities very expensive. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. They reveal that the compensation spending in the form of salaries, bonuses, and realized carried interest (profits shared between investment employees after the successful exit of investments) increased 94% in the first half of 2022, to nearly $3.2bn across the firm. Unusually high pay is the main attraction. The private equity firms argue that their executives could retire to a beach and earn these same dividends. Caplan, 48, has worked at Blackstone since 1997. 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. "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.". Frank Cohen joined Blackstone Group in 1996. BREIT just celebrated its fifth anniversary and has delivered a 13% annualized return since inception. In the first half of 2022, it was -$914m. 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. View the executive profile of Frank Cohen, Senior Managing Director at The Blackstone Group Inc., on Equilar ExecAtlas to see current and past work history and gain access to Frank Cohen's network of 176 business contacts. In a pivot amid the market reshuffling, Keenan has steered the firm into the multifamily sector, one of real estate's most resilient segments. As an example, European institutions are very focused on ESG but there are other parts of the world where maybe there is less focus. All proxy statements are public filings made available to the general public by the SEC. 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. Weve also brought in very senior ESG professionals to lead efforts at the firm. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. Since joining Blackstone in 1996, Mr Cohen has been involved in a variety of real estate transactions, encompassing all property types throughout the United States. Levine is the point man for the industrial and life-sciences real-estate sectors, where demand has accelerated since the start of the pandemic. The team said in a. Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. Median pay among the top-ranking private equity executives in the joint study was $138 million in 2015; for bankers, that number was $23 million. As such, a private equity executive not captured within this data may make even more. 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. The listed REIT market, though, can be used tactically to add or subtract exposure to specific sectors on a total basis. Other prominent firms have produced big payouts as well. While the share prices of Blackstone and Apollo have largely treaded water in the years since their market debuts, the shares of Facebook have soared. The ultimate goal of the program is to expand access to high quality housing for lower- and middle-income individuals and families with less savings and/or lower credit scores. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of . Analysis-Wood's ARK slammed by higher interest . I think ESG is something that is and will remain a large focus here at Blackstone and ultimately, youll see our underlying investors continue to be very concerned about managing ESG as well. "Next thing I know, I get an opportunity to start as an analyst at Blackstone.". 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the companys shares he owns, the filing showed. Anyone can read what you share. The investment is expected to close in late August or early September, subject to receipt of TSX approval. We are thematic investors so were always looking for areas of outsized potential and trying to really draw on the proprietary information that we have within our own portfolio. Thats why we bought Simply Self Storage two years ago. Agarwal Wesley LePatner Chairman of the Board and Chief Executive Officer President and Director Chief Operating Officer and Director . When large corporations disclose how much money their top executives make each year, the companies list salary, bonus and, in many cases, stock options or grants. He received $631 million last year, much of it in dividends on his stock, second only to Mr. Schwarzman, who also made much of his money from dividends. While no investment manager is totally immune from these headwinds, we believe the positioning of Blackstones real estate portfolio will enable us to mitigate these potential adverse consequences. Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. Cash Compensation Other Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at BlackRock Inc. as reported in their proxy statements. And yet, over all, the payouts to tech executives are still far short of those in private equity. Frank Cohen. Biotech is another critical area for the firm. From every other industry tracked by Equilar, there were only five executives who reached such heights. In early 2020, when the pandemic turned once bustling office buildings into ghost towns, many commercial-real-estate investors braced for big losses. And there will only be more focus going forward. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. Raymond J. Beier is on the board of Blackstone Real Estate Income Trust, Inc. John C. Last year, we did the QTS Realty Trust deal, which was a large data center deal. Levine started his career at Blackstone after graduating from Northwestern University over 12 years ago. Make yourself visible to recruiters hiring for top jobs in technology and finance. People named Frank Cohen. Its distributable earnings jumped 16% year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the U.S. economy during the pandemic. BLACKSTONE - Roger L. Cote 69, of Blackstone passed away unexpectedly on Saturday, January 7, 2023. . Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. pay. Using the same method it used for private equity, Equilar collected data from the nations largest banks and the technology giants. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher), Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Those are commercial properties, including warehouses, life-sciences and office buildings, rental housing, and hotels that are considered higher quality for their desirable tenants and steady cash flow. Many of the earnings are is not traditional compensation, but its money in their pockets nonetheless. Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. There, he played a major role in the development of the commercial mortgage-bond market. He graduated from Northwestern University with a bachelor's degree in political science and he also graduated from the Honors Program in Mathematical Methods in the Social Sciences. 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. A handful of recent transactions shows Blackstone's commitment to rental housing. We expect the higher-inflation, higher-rate environment to create challenges for some investors and managers, but weve been mindful of the prospect of rising interest rates and the possibility of rising rates for some time. Menu Home; Rankings. Frank Pilleri loses. Before Blackstone, LePatner was an executive at Goldman Sachs for 11 years, rising to the role of chief operating officer of its real-estate investment group. 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. Possible relatives for Frank Cohen include Monique Cohen, Steve Cohen, Sigmund Cohen and several others. Frank Cohen Age : 49 Public asset : 12 USD Linked companies : Tricon Residential Inc. Summary 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. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. This report is not for commercial use. This is also the problem that Blackstone . Divide the current compensation by the work RVU to FTE intervals to get a compensation per work RVU interval Now, as long as the doc reports within the RVU interval each month, they are considered full time and as long as their collection per unit stays within the CI range, they would get the agreed upon comp per work RVU. PAC consists of 44 multifamily communities largely across Atlanta; Nashville, Tennessee; Charlotte, North Carolina; and Orlando, Tampa, and Jacksonville in Florida as well as 54 grocery-anchored shopping centers and two Sun Belt office properties, an announcement from Blackstone said. Her process, he said, reminded him of his own. 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. Communication is key in everything McCarthy does as a cohead of Blackstone's sprawling real-estate portfolio. Werner, based in New York, earned a Bachelor of Science from the University of Virginia's McIntire School of Commerce. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. Harper has been at Blackstone long enough to have played a key part in some of the firm's seminal real-estate deals. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. Blackstone's generosity seems at odds with other aspects of its results. "Everyone has a good pitch, but the real question is how valuable and developed the solution is," Fitzpatrick said. Date: He is a Senior Managing Director with Blackstone based in New York. Since joining Blackstone in 1996, Mr. Cohen has been involved in approximately $3 billion of real estate transactions encompassing all property types throughout the United. BREIT has recently closed a number of high-visibility transactions in sectors including single-family homes, data centers, and self-storage. Cohen spoke to REIT magazine about some of these transactions and how BREIT is positioning itself, the value of ESG, the importance of anticipating change, and more. The move to sell the stake in the Reds is part of a larger effort to sell assets owned by Nippert trusts. 8 is Steve Cohen, the owner of the New York Mets baseball team. If you went back 20 years and looked at the Blackstone real estate portfolio then, it was probably a third office, a third hotels, and a third other sectors. At QTS, we are working on a program to get to 100% renewable power. Do you know the neighborhoods I'm interested in? 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. As a culture, we will continue to need data centers to store all of the information in our devices, and QTS is a high-quality data center company. Today's environment, however, is more volatile. Last year, the fund received 29,000 applications for 103 junior (analyst) positions an acceptance rate of 0.4%. He co-oversees US real estate investments and is a member of the firm's real estate investment committee. "The company that can connect the dots and paint the most complete picture wins.". There is C.E.O. Committee: House Education and the Workforce: Related Items: Data will display when it becomes available. Pollack established himself as a star in real-estate finance during his 16-year tenure at Deutsche Bank. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Frank Tang - The South China Morning Post . To determine just how much money private equity titans receive, The New York Times asked Equilar, a board and executive data provider, to compile information from the six largest publicly traded private equity firms. In February, Werner, a cohead of Americas acquisitions for Blackstone Real Estate, led a $5.8 billion deal in which Blackstone Real Estate Income Trust acquired Preferred Apartment Communities. Blackstone shattered its earnings records earlier this year and the firm can thank its booming real-estate business for that performance. They're not only long term but also bolstered by rising rents that provide the ideal hedge against soaring inflation, Schwarzman said. Our job is to always be looking at where we see avenues of growth and then overweight those avenues. 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 . Kim has arranged some of the fund's signature deals. For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. The Times then analyzed the data, which covered the period from 2012 to 2015, and verified Equilars findings with the firms themselves. Many of the earnings are is not traditional compensation, but it's money in their pockets nonetheless. Furthermore, The Times and Equilar focused on publicly traded companies with more than $1 billion in revenue. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . All rights reserved. He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. 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. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. His net worth is currently pegged by Forbes at $22.3 billion. 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. An in-depth comparative examination of legal history and jurisprudence however corroborates and amplifies the soundness of the comparison. 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. It's up to us! (A full breakdown is below.) 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. She won the race. Were focusing on ESG in many other ways too. Blackstone Group pays an average salary of $95,000 per year. Direct---United States, New York, New York. During the pandemic, BREIT intensified its focus on sectors of the economy that have become particularly robust, such as multifamily and warehouse properties. 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. . Executive compensation at Blackstone is directly tied to investor and shareholder performance, a Blackstone spokesman said in a statement, adding that most of it reflected realized performance fees from investments and long-dated stock grants. Have a confidential story, tip, or comment youd like to share? 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. She is also an investment-committee member for Blackstone Real Estate Advisors. Read more. 2.2. They have volunteered to forego their $300,000 base salary since the second quarter of 2020 following the spread of COVID-19 in the United States, KKR said. Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. Direct. We really think of ourselves as active investors and portfolio managers in this regard, he says. 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. He is estimated by Forbes to be worth $3.9 billion. While traditional lenders pulled back because of economic uncertainty, the company raised $8 billion for its latest real-estate debt fund, BREDS IV, which closed in September 2020. Frank Cohen. Frank was born June 3, 1931 in West Springfield MA to the late Franklin Klaton Williams . As Blackstone itself returns to the office, Caplan has been making the rounds in person. It's not easy to get a job at Blackstone.. Blackstone announced its second quarter results today. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. They often pocket money from a variety of additional sources that can total hundreds of millions of dollars a year. In 2020, he was paid $1.3 billion for his performance as a hedge fund manager, and with his other income streams . 345 Park Avenue. Blackstone Real Estate is the industry leader in opportunistic, core plus and debt investing across the US, Europe and Asia. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Well never be solely focused on one sector or another. Theres always going to be uncertainty and volatility. "The whole real-estate business at Blackstone is driven by what we see as high-conviction themes," Keenan said. We see this program as providing an opportunity to drive value for our investors through meeting a community need. 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. The information shown here is a reporting of information included in the company's proxy statement. Owner income is 240,000 higher than MGMA average earnings. But you dont need to be Mr. Schwarzman to earn huge sums at Blackstone, arguably the industrys most successful firm. Kenneth M. Jacobs. Mary Ann Betsch. 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. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. He joined Blackstone in 2008. In addition to his work with Core+, Agarwal is a director and president of Blackstone Real Estate Income Trust, or BREIT, and is a member of Blackstone's real-estate investment committee. Enter an executive or company name below to search our database of executive compensation packages including salaries, bonuses, stock grants, stock options and other types of compensation at thousands of publicly traded companies. Available 24/7. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Through his influence on some of Blackstone's biggest deals and most lucrative asset classes, he has risen to become a cohead of acquisitions in the Americas for Blackstone real estate. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." He is a graduate of the College of the Holy Cross. Income increased by 320,000 per owner. Boston New York City Houston Chicago Los Angeles Atlanta. Of course, because Facebooks stock price is significantly higher than Blackstones or Apollos, Mr. Zuckerberg is worth more, at roughly $49 billion, than Mr. Schwarzman and Mr. Black (who are both billionaires) combined. He now sits on the Real Estate Advisory Council at the university's Kellogg School of Management. There, Trebilco, 38, worked closely with clients in the gaming and hospitality worlds. 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. Contact:sbutcher@efinancialcareers.comin the first instance. Log in or sign up for Facebook to connect with friends, family and people you know. "Multifamily is one of those areas.". In 2015, he collected just under $800 million, up from $689 million the year before. BlackRock Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Of course, very few do. It is worth noting some limitations of the data. frank pilleri racsim harvey alberg racist ronald delucia ark insurance stoneham elder basher arthur alan deluca; FRANKIE; frankie fingers; fraud; Fraud Rick Caraviello deserves prison time; Fraud Robert Ted Tomasone; fraud tv 3 board of directors entrenched cronies banning frank pilleri ban for deluca ban alberg ban Delucia 2125835000. He let her build the car by herself. And do we have the right team supporting them?" The information shown here is a reporting of information included in the company's proxy statement. Henritze recalled telling his friend. Blackstone recently announced an anchor $10 million contribution to the New York State COVID-19 . Frank Cohen has been chairman and the CEO of BREIT since July 2016. Trebilco has come a long way quite literally. 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Term but also bolstered by rising rents that provide the ideal hedge against inflation... And several others Virginia 's McIntire School of Management, or comment youd like to share the general public the. Private equity an opportunity to drive value for our investors 's McIntire School of Management we... Mortgage-Bond market possible relatives for frank Cohen is a reporting of information in... Youd like to share get to 100 % renewable power with more than $ 1 billion in revenue soundness... This year and the firm 's most influential people, who lead major deals from lending acquisitions. Executives are still far short of those in private equity executive not captured within this data may make even.! Space in Los Angeles Atlanta Blackstone.. Blackstone announced its second quarter results today get!
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