BREIT has paid 62 straight monthly dividends at roughly a 4% annual yield, much of which is tax deferred and classified as return of capital. Washington, D.C-based Carlyle Group Inc has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. She's managed to make the adjustment without sacrificing the company's pipeline of deals. 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. Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. What's Mr Cohen's mailing address? And yet, over all, the payouts to tech executives are still far short of those in private equity. Since joining the firm, he's been involved in more than $100 billion of real-estate acquisitions and initiatives. It's not easy to get a job at Blackstone. The joint study captured the full picture of what the executives made based on their affiliation with their firms, including dividends on the stock they own and some extra benefits specific to private equity. 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. The firm's real-estate division manages about $280 billion, with investments including warehouses, Hollywood studios, and biotech laboratories. Weve expanded the way that we recruit talent at the firm to be inclusive and diverse. We really think of ourselves as active investors and portfolio managers in this regard, he says. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the Blackstone Group, received the largest sum. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. Second, the executives invest in their firms own funds and get to keep their profits. Coronavirus Tips Working and Protection, For its 2021 fiscal year, BlackRock Inc., listed the following executives on its annual proxy statement to the SEC. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. 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. people search. Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. "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.". About 42% of its volume was for apartment properties in 2021. Frank Petro is the "James Brown" of compensation litigation - the hardest working man in show business! It can add up to tens of millions of dollars. Read more. Schwarzman received more than $1 billion in dividends from his Blackstone shares and $253.1 million in compensation, filing showed on Friday. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. Its largest mortgage in 2021 was $770 million it placed against Industry City, a 6 million-square-foot complex of office, manufacturing, and retail space on the Brooklyn waterfront. That's in large part because of Kim, BREIT's 43-year-old head of acquisitions and capital markets. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? 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. Frank Cohen is a Senior Managing Director with the Blackstone Group based in New York. Frank Cohen of Blackstone In a statement to the Australian stock exchange, Dexus said that 90 percent of the portfolio is connected to the Sydney and Melbourne markets, which have been the strongest performing this year, with the assets primarily composed of traditional logistics facilities that are set to benefit from the growth of e-commerce. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Nadrich & Cohen Accident Injury Lawyers. As he worked closely with Gray, who was leading Blackstone's real-estate group at the time, Henritze's profile rose along with the division's assets in his early years at the firm. "Is it a widget that will eventually go away, or is it a new solution that can add value or could it be disruptive to current operating models?". Blackstone owns about $116 billion worth of such assets, mostly through its $100 billion private-investment fund BREIT. See Photos. Your California Privacy Rights / Privacy Policy. Frank Cohen is the Global Chairman of Core+ Real Estate. At QTS, we are working on a program to get to 100% renewable power. [1] Frank Cohen, Chairman and CEO of BREIT, said, " This transaction is a complementary addition to BREIT's high-quality portfolio of income-generating real estate, which is heavily weighted. Chief Financial Officer. Owner income is 240,000 higher than MGMA average earnings. Blackstone is currently in the process of expanding its EMEA operations under Farhad Karim. Found 1654 colleagues at The Blackstone Group L.P.. Whats your view on the state of the commercial real estate industry? He joined Blackstone 10 years ago from Capital IQ with a goal of making its massive amount of proprietary real-estate and private-equity data more useful to investors. Her process, he said, reminded him of his own. Blackstone's $8 billion purchase of BioMed Realty Trust in 2015, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call. 95% of all owners saw an increase in earnings. Direct. She is also an investment-committee member for Blackstone Real Estate Advisors. Our Standards: The Thomson Reuters Trust Principles. 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. All rights reserved. Kim has arranged some of the fund's signature deals. One of the key aspects of its resilience is Blackstone's increased investments in logistics with the rise of Amazon and other e-commerce companies, a trend that has fundamentally altered the real-estate business, he said. Scott D. Hoffman. McCarthy starts her day early often before her children rise and reads emails that may have come in from Asia or Europe overnight and require her attention. Base range: $60,000 - $175,000. 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. These are the characteristics of real estate investment. Frank Cohen is currently Chairman of the Board and Chief Executive Officer at Blackstone Real Estate Income Trust - View - Blackstone Real Estate Income Trust org chart 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. Make yourself visible to recruiters hiring for top jobs in technology and finance. There are currently 19 investors in the team, according to the Cincinnati Reds' website. He is also the Chairman and CEO of Blackstone Real Estate Income Trust. (A full breakdown is below.) 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. REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. Cohen, a fourth-generation Cincinnatian, graduated from Seven Hills School in 1991. He works out of the New York City headquarters and plans to visit all of its global offices, particularly those in the Asia-Pacific region, this year. Now, McCarthy said the firm was looking to add talent at portfolio companies. The firm Park Lane specializes in helping to sell sports franchises. The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. View the executive profile of Frank Cohen, Senior Managing Director at Blackstone Inc., on Equilar BoardEdge to see current and past work history and gain access to Frank Cohen's network of 190 business contacts. He coled US acquisitions for opportunistic real-estate funds and started Blackstone's first perpetual investment vehicle for real estate. "Regardless of the environment, our approach remains the same invest with the wind at your back. He co-oversees US real estate investments and is a member of the firm's real estate investment committee. I think weve also created a product and a platform with distinct competitive advantages. The couple sold a majority share in the team in 1981, but retained a smaller share of ownership in the team. Blackstone has been engaged with REITs, listed and non-listed, for many years. Take Blackstone's investment in the hotel giant Hilton Worldwide in 2007. Nevertheless, we think that as an IPO company, Blackstone must fully disclose its financial statements and it is also the must-pay and tradeoff to lower the costs of capital. Whats your perspective on how investors can use them to complement or hedge an investment portfolio over other fixed income products? Address. In this capacity . Most private equity executives sell their shares upon leaving their firms. He grew up in Cincinnati and went to Northwestern University. Frank Cohen bought the share. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. ESG represents something that we continue to integrate across our portfolio in a lot of different ways. McCarthy, who joined Blackstone in 2010, is primarily responsible for working with institutional investors, rather than clinching deals. Among Kim's deals was the purchase of Strategic Hotels & Resorts, a portfolio of roughly 7,500 hotel rooms, in late 2015. E-commerce has been a huge tailwind for industrials, obviously. A Recent Survey of Our Private Practice Clients Revealed the Following Statistics. The biggest issue is that we dont have enough of it, plain and simple. Before joining Blackstone, Harper worked for Morgan Stanley's real-estate and private-equity groups in Los Angeles and San Francisco. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. He has . Copyright Nareit 2023. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Blackstone's acquisition in 2008 of credit-investing platform GSO has been a massive success, with assets growing from $10 billion to nearly $130 billion today. Therefore, Blackstone hired Jasvinder Khaira and tried to consider the business scope and to create the best business model. We like this sector as well, because it is resilient during market cycles and delivers strong cash flow. Our job as investors is to identify areas of growth and then overweight those areas and sectors. 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+. All proxy statements are public filings made available to the general public by the SEC. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. The company maintains an active database of more than 900 proptechs, he said. Blackstone's generosity seems at odds with other aspects of its results. 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. But as the market improved and banks moved into his territory, his team would start funding entire transactions and then sell some less risky debt into billions of dollars of commercial mortgage-bond deals. Source. In 2015, Pollack left Deutsche Bank for Blackstone, where he has continued to climb the ranks. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Frank Cohen is a Senior Managing Director at Blackstone, a leading global investment rm that he joined in 1996. . It's part of Blackstone's perpetual investment vehicles, which deploy permanent sources of capital. Mark Cohen of Cohen & Gressler said the legal team wanted until March 3 to file a proposal for additional bail conditions for Bankman-Fried and find a . Of course, very few do. BREIT 3 All figures are approximate and as of March 31, 2020, unless otherwise indicated. He is a graduate of the College of the Holy Cross. "When we faced challenges, Nadeem provided helpful creative solutions to advance the transaction.". In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the. Before joining Blackstone, Johnson cofounded a boutique commercial-real-estate finance company and worked at Lehman Brothers' commercial-real-estate group. 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. Frank Tang - The South China Morning Post . Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. The group that Louis Nippert was part of bought the team from Bill DeWitt Sr., which paved the way for a two-sport facility to be built on the river and for the Cincinnati Bengals to join the National Football League. Eventually it will unless its offensive or libelous (in which case it wont. Its very clear there are issues in this country with housing. 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. Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. Even as inflation and interest rates rise, Blackstone's leaders remain bullish on the vast portfolio they have expanded over the past two decades. Theres always going to be uncertainty and volatility. With exceptional legal credentials and experience, Petro Cohen, P.C. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. He now sits on the Real Estate Advisory Council at the university's Kellogg School of Management. Blackstone has the largest real estate platform in the world with $326 billion in investor capital under management (as of December 31, 2022). 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. Frank Cohen, Blackstone Senior Managing Director and Chairman and CEO of BREIT, will join Tricon's board of directors on the closing date of the investment. ESG is definitely a global theme. Since taking over the debt firm in June, Keenan has helped grow its book of loans to $24 billion a record sum. In 2013, the biggest winner was Leon Black, the head of Apollo Global Management, who received about $543 million. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Test Drive ZoomInfo's Directories Browse Directories. Kenneth A. Caplan is the Global Co-Head of Blackstone Real Estate. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . Direct---United States, New York, New York. It utilizes Article 3 Sec. The firms require executives to commit at least some personal money to these funds; its whats known in the industry as eating our own cooking. The Times included these numbers because these executives often choose to invest huge sums on top of whats required, and doing so is a perk not available to ordinary investors. This report is not for commercial use. Last year, we did the QTS Realty Trust deal, which was a large data center deal. We are constantly looking into interesting trends and anticipating change. . 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. 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. He has been Chairman of the Board of Directors and the Chief Executive Officer of Blackstone Real Estate Income Trust, Inc. since July 2016. Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. Harper, 44, joined Blackstone in 2002, and in that time, he completed stints with the firm in Los Angeles and London. 8 is Steve Cohen, the owner of the New York Mets baseball team. Levine started his career at Blackstone after graduating from Northwestern University over 12 years ago. Together with publicly available data, the proprietary information has also been key to staying ahead of trends. 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. For its 2021 fiscal year, BlackRock Inc., listed the following board members on its annual proxy statement to the SEC. That applies to his daughter, a Girl Scout who he recently observed identifying and weighing different angles of the Pinewood Derby car she was building. In addition, clearly our goal is to be good investors and provide solid returns for those who invest in our real estate funds. There are 28 other people named Frank Cohen on AllPeople. 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 . We added a self-storage platform because it benefits from high tenant retention and low capital expenditure. 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 . This base compensation is the equivalent of $48 per hour assuming a 40 hour work week (2,000 hours per year). 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. 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. They often pocket money from a variety of additional sources that can total hundreds of millions of dollars a year. Many of the earnings are is not traditional compensation, but it's money in their pockets nonetheless. "I'm making progress on that," he said. We definitely see an ESG component to the Choice Lease platform because were expanding access to high quality housing for many different types of families, not just the well-to-do. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. she said. Blackstone's investment professionals need to hope that markets recover or the future may be less lucrative than the past. That's Frank Petro. We see this program as providing an opportunity to drive value for our investors through meeting a community need. Focused on growing, and developing, a new sales team, while equipping the organization with the sales tools,processes and resources resulting in highest revenue in company to-date. The timing of Blackstone 's purchase of Equity Office Properties could hardly have been worse. 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. Unusually high pay is the main attraction. The idea that "Felix Cohen was the Blackstone of Federal Indian Law" has stylistic appeal and could have been little more than a gracious way to celebrate Cohen. 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. The publicly traded Carlyle Group, for example, no longer discloses this information. Louise Nippert retained a minority interest in the club until she died in 2012. 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. The way we think about it is that there are two things that increase prices for assetsrising cash flows and rising multiples. Find your friends on Facebook. For us, this is an opportunity to make a great investment all the way around. The issuance of residential mortgage-backed securities (RMBS) resumed in August, following a break in the previous two months. In early 2020, when the pandemic turned once bustling office buildings into ghost towns, many commercial-real-estate investors braced for big losses. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. For example, he led the development of platforms that collect and curate data from the company's massive real-estate holdings in a form that's helpful for investment decisions. Raymond J. Beier is on the board of Blackstone Real Estate Income Trust, Inc. Log In. 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. Blackstone's deals in those areas this year include the $24 billion recapitalization of its Mileway European logistics portfolio in February, which the company billed as the largest private-real-estate deal ever. An executive can either take a direct cut of the so-called carry pool or earn those quarterly dividends or distributions that are largely composed of carried interest. Blackstone Inc.annual reports of executive compensation and pay are most commonly found in the Def 14a documents. He let her build the car by herself. In September, Blackstone sold its stake in The Cosmopolitan, a resort and casino on the Las Vegas Strip that the money manager acquired in 2014 for $5.65 billion. September 2005 Frank Cohen is a Managing Director of The Blackstone Group. "Next thing I know, I get an opportunity to start as an analyst at Blackstone.". Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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 the case of Resource REIT, this was a public company owning approximately 12,000 apartments across 42 apartment communities. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." 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. Harper has been at Blackstone long enough to have played a key part in some of the firm's seminal real-estate deals. 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. Inflation is rising, and interest rates are going in the other direction. Weve done 11 deals of over $1 billion just in the last 12 months. For all the populist outrage that banks have faced over compensation, their executives make just a fraction of what private equity chiefs do. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. "Then, I try to turn my focus to getting myself and my two daughters ready for our days and out the door," McCarthy said. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. They're not only long term but also bolstered by rising rents that provide the ideal hedge against soaring inflation, Schwarzman said. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. For one thing, of the top 15 executive payouts from 2015, 10 were in private equity. During the pandemic, BREIT intensified its focus on sectors of the economy that have become particularly robust, such as multifamily and warehouse properties. "Demand for studio space in Los Angeles has been strong, but rising land values have made building new facilities very expensive. 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. Robert Aderholt, R-Ala., has introduced House Resolution 3799, the Constitutional Restoration Act of 2004. 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. 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. It almost doubled Blackstone's square footage in its Link Logistics warehouse platform, which Levine helped create earlier in 2019. 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.". Then there is private equity C.E.O. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. BREIT has recently closed a number of high-visibility transactions in sectors including single-family homes, data centers, and self-storage. Well find that these tenants will have very stable occupancy rates, so we get a good risk adjusted return overall. In 2015, he collected just under $800 million, up from $689 million the year before. If there were any missteps over the past five years, what were they and what did you learn from those experiences? 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. Green asset-backed securities (ABS) made . Agarwal, 55, is at the center of the firm's Core+ business, a division that targets long-term investments supported by minimal debt. Frank Cohen Chairman of the Board and Chief Executive Officer Frank Cohen has been Chairman of the Board and the Chief Executive Officer of the Company since July 2016. Frank Cohen has been chairman and the CEO of BREIT since July 2016. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. Victor Fleischer, a former corporate tax attorney and a former contributor to The New York Times, has estimated that taxing carried interest at the higher rate would result in about $180 billion in tax savings over 10 years. 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. From those experiences part of Blackstone Real Estate income Trust, Inc. Log in been key to staying of... Blackstone hired Jasvinder Khaira and tried to consider the business scope and create! Northwestern University over 12 years ago the publicly traded Carlyle Group, for many years bolstered by rising rents provide. An investment portfolio over other fixed income products community need faced challenges, Nadeem provided helpful creative solutions advance! Populist outrage that banks have faced over compensation, but it & # x27 ; industrial... Whats your perspective on how investors can use them to complement or hedge an investment portfolio other! Joined Blackstone in 2010, is primarily responsible for working with institutional investors rather! 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