John C. The private equity firms argue that their executives could retire to a beach and earn these same dividends. Gain knowledge on investment and development in tier-one countries, growing economies, and emerging markets around the world. Were not building enough and especially not enough affordable housing. Chief Financial Officer. 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. Other proptechs that have appealed to Blackstone are the property-management-software provider Yardi and the lease-management-software company VTS. Read more. In addition, clearly our goal is to be good investors and provide solid returns for those who invest in our real estate funds. Despite the firm having to restructure Hilton's debt after the 2007 housing crisis, Blackstone hung on to the hotel chain long enough to chalk up one of its most profitable private-equity investments. 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. We have chosen to focus our practice exclusively in the . What are some of the success factors youve seen in investing? (Reuters) - Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. 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. 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. Before joining Blackstone, Johnson cofounded a boutique commercial-real-estate finance company and worked at Lehman Brothers' commercial-real-estate group. "We're always thinking about: Do we have the right leadership in place? It's up to us! 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. This goes back to the global financial crisis in the late 2000s. In November, he was named the global head of Blackstone's structured-finance group, a newly created unit that combines the firm's real-estate-debt business with its other asset-backed lending. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. Blackstone Group pays an average salary of $95,000 per year. Nadrich & Cohen Accident Injury Lawyers. 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. "I'm making progress on that," he said. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Frank Cohen is a Senior Managing Director with the Blackstone Group based in New York. "The company that can connect the dots and paint the most complete picture wins.". 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. Harper helped perform diligence and provide financing for the acquisition of Hilton, which went public in 2013, he told the Commercial Observer in 2015. 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. 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. Direct---United States, New York, New York. Take Blackstone's investment in the hotel giant Hilton Worldwide in 2007. 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. All quotes delayed a minimum of 15 minutes. He co-oversees US real estate investments and is a member of the firm's real estate investment committee. 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. CALL NOW: (559) 241-0411. Kim has arranged some of the fund's signature deals. See Photos. He is a graduate of the College of the Holy Cross. Cohen, a fourth-generation Cincinnatian, graduated from Seven Hills School in 1991. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. In her first year as CEO of the $5.3 billion public-debt firm Blackstone Mortgage Trust, Keenan is already battling one of the most volatile real-estate markets since her first investment-banking job at Lehman Brothers during the financial crisis. Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. There are currently 19 investors in the team, according to the Cincinnati Reds' website. "Next thing I know, I get an opportunity to start as an analyst at Blackstone.". The information shown here is a reporting of information included in the company's proxy statement. At QTS, we are working on a program to get to 100% renewable power. Well never be solely focused on one sector or another. Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. Frank Cohen bought the share. Even as inflation and interest rates rise, Blackstone's leaders remain bullish on the vast portfolio they have expanded over the past two decades. 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. Frank Tang - The South China Morning Post . In an inflationary, rising rate environment, multiples tend not to increase so the importance of owning things where cash flow will grow is super important. "The crisis created an unprecedented investment environment, which is all you can ever ask for as you launch a new business," he said. Blackstone Real Estate Income Trust, Inc. BREIT recently agreed to spend $1 billion to acquire single family homes and help address housing affordability challenges as part of its Choice Lease program in the U.S. What impact do you expect this to have on the current housing market? ESG is definitely a global theme. BlackRock Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. As investors and as corporate citizens, were very focused on ESG as well. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? 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 is to always be looking at where we see avenues of growth and then overweight those avenues. Of course, very few do. Frank Cohen. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. That's in large part because of Kim, BREIT's 43-year-old head of acquisitions and capital markets. It almost doubled Blackstone's square footage in its Link Logistics warehouse platform, which Levine helped create earlier in 2019. However, the Wall Street Journal points out that this portfolio increased by 13.8% last year. For us, this is an opportunity to make a great investment all the way around. All told, the 33-year-old Levine has been involved in over $100 billion worth of real-estate transactions since 2010. 8 is Steve Cohen, the owner of the New York Mets baseball team. The biggest issue is that we dont have enough of it, plain and simple. Frank Cohen Award-winning journalist, experienced editor, food & wine writer, restaurant critic, restaurant consultant, fine wine sales specialist Hamden, CT CT Dish, +13 more Cornell University,. Strategic connections and expert insights into global investment markets Tackling geopolitical issues and harnessing real estate growth opportunities. Were focusing on ESG in many other ways too. He has also been responsible for many of Blackstone's other office . Blackstone announced its second quarter results today. Steven Cohen. There is C.E.O. Have a confidential story, tip, or comment youd like to share? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Henritze recalled telling his friend. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? But the absorption of GSO wasn't . Phone. 3003 N Blackstone Ave. Suite 206. "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. Address. 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. Mr. Frank Cohen serves as Senior Managing Director, Real Estate & Global Head of Core+ Real Estate at Blackstone. Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. If there were any missteps over the past five years, what were they and what did you learn from those experiences? Date: Mary Ann Betsch. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. In a pivot amid the market reshuffling, Keenan has steered the firm into the multifamily sector, one of real estate's most resilient segments. 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. In terms of listed REITs, the share price is not always reflective of the underlying real estate value. "One signature of our culture is that we are highly connected, highly communicative," McCarthy said. Office demand has plummeted, but the firm believes it should still hold a major place in its book of business. Scott D. Hoffman. "Demand for studio space in Los Angeles has been strong, but rising land values have made building new facilities very expensive. Caplan, 48, has worked at Blackstone since 1997. It's not easy to get a job at Blackstone.. Blackstone announced its second quarter results today. 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. In 2014, Commercial Observer named him the most important person in commercial-real-estate finance. He also earned $125.5 million in executive compensation. 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. He is a senior managing director with Blackstone in New York and the Global Head of Core+ Real Estate and a member of the Blackstone Real Estate investment committee. She won the race. 2.2. 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. People named Frank Cohen. "We've been investing for several years in life-science office buildings where these companies do their work and have their labs," Caplan said. And since he joined Blackstone in 2016, those relationships have borne billions of dollars in fruit for the private-equity firm. In 2015, he collected just under $800 million, up from $689 million the year before. Forbes in 2015 dubbed his group at that bank "Wall Street's largest underwriter of real estate debt." CEO of Financial Advisory. United States Navy. We added a self-storage platform because it benefits from high tenant retention and low capital expenditure. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. "Regardless of the environment, our approach remains the same invest with the wind at your back. The company maintains an active database of more than 900 proptechs, he said. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Email. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) She is also an investment-committee member for Blackstone Real Estate Advisors. You may also find the annual proxy statement by going directly to the company's website. See Photos. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. BlackRock Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Frank Cohen has been chairman and the CEO of BREIT since July 2016. Log In. Together with publicly available data, the proprietary information has also been key to staying ahead of trends. Then there is private equity C.E.O. Instead, he is in charge of Blackstone's technology needs and participates in the firm's venture-capital-style investments. The Cincinnati Reds' newest owner is a top official from a New York-based global private equity and advisory firm. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. 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. BLACKSTONE - Roger L. Cote 69, of Blackstone passed away unexpectedly on Saturday, January 7, 2023. . An associated email addresses for Frank Cohen are life***@ole.com , dan***@usa.com and more. Frank Cohen Global Head of Core+ Real Estate Frank Cohen is a Senior Managing Director in the Real Estate Group and the Global Head of Core+ Real Estate. 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. Total Equityaggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. It is worth noting some limitations of the data. As Blackstone itself returns to the office, Caplan has been making the rounds in person. 1. Frank Cohen, BREIT chairman and CEO, says the REIT is constantly looking at new investment alternatives. The charts on this page feature a breakdown of the total annual pay for the top executives at Blackstone Inc. as reported in their proxy statements. Fresno, CA 93703. Blackstone owns about $116 billion worth of such assets, mostly through its $100 billion private-investment fund BREIT. COHEN, FRANK SHORT HILLS, NJ 07078: Blackstone Real Estate/Blackstone Real Estate/Senior Managing Director: $50,000: 12/20/2019: P: UNITE THE COUNTRY: COHEN . Blackstone has the largest real estate platform in the world with $326 billion in investor capital under management (as of December 31, 2022). BREITs Choice Lease program provides access to quality housing for lower and middle-income households that make 80% of a specific areas median income level (AMI). 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Theres always going to be uncertainty and volatility. For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. 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. Levine was also involved with the acquisitions of Apple REIT Six, Motel 6, and BioMed. What makes LePatner's tenure at Blackstone more remarkable is that its core strategy was a nascent investment category when she joined the firm in 2014. 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. 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. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. 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. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. people search. As someone who was good at what I did in my line of work, you just know when you are dealing with someone who is hard working, knows what they are doing, and is well prepared. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . Blackstone doesn't disclose how many people it employs on a quarterly basis, but it's understood to have nearly 4,000 people. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Frank Cohen. Both are very stable asset classes. We are currently several million units shy of where we need to be. 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. 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. Copyright Nareit 2023. she said. And there will only be more focus going forward. 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. Eventually it will unless its offensive or libelous (in which case it wont. Of that amount, only $350,000 was his annual salary. 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,. Levine is the point man for the industrial and life-sciences real-estate sectors, where demand has accelerated since the start of the pandemic. 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. And yet, over all, the payouts to tech executives are still far short of those in private equity. Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. The team said in a Tuesday news release that it approved approved the sale Friday. Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. BREIT 3 All figures are approximate and as of March 31, 2020, unless otherwise indicated. Contact:sbutcher@efinancialcareers.comin the first instance. 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. He is also the Chairman and CEO of Blackstone Real Estate Income Trust. Ive been at Blackstone since 1996 and the one consistent thing I have seen when investing real estate capital is that uncertainty and volatility is just part of investing. 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