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.". Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? The team said in a Tuesday news release that it approved approved the sale Friday. Trebilco has come a long way quite literally. Communication is key in everything McCarthy does as a cohead of Blackstone's sprawling real-estate portfolio. 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. Gray, 51, has a net worth of $4.5 billion, according to Forbes. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. All rights reserved. Office demand has plummeted, but the firm believes it should still hold a major place in its book of business. About 42% of its volume was for apartment properties in 2021. 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. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Even as inflation and interest rates rise, Blackstone's leaders remain bullish on the vast portfolio they have expanded over the past two decades. This is why The Times also asked Equilar to collect data from tech firms, since they, too, often have founders at the helm. See Photos. See Photos. During the pandemic, BREIT intensified its focus on sectors of the economy that have become particularly robust, such as multifamily and warehouse properties. Coronavirus Tips Working and Protection, For its 2021 fiscal year, BlackRock Inc., listed the following executives on its annual proxy statement to the SEC. In addition to conventional salary and executive compensation, private equity chieftains make their money in three ways: First, private equity firms typically issue dividend-paying shares to their investors. Another of Levine's most influential deals was the acquisition of the 179 million-square-feet of warehouse space from GLP for $18.7 billion in 2019, which was the largest private-real-estate transaction at the time and preceded the explosive demand the sector would experience a year later. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. There is C.E.O. 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. Other visits to follow shortly after and as other countries in Asia reopen to travel.". Of that amount, only $350,000 was his annual salary. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. He has . Thorough reviews have been conducted to assure this data accurately reflects disclosures. The investment is expected to close in late August or early September, subject to receipt of TSX approval. He let her build the car by herself. He is a Senior Managing Director with Blackstone based in New York. 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. See Photos. While the former Goldman Sachs dealmaker grew up on the Jersey Shore and likes to spend weekends there, she calls Manhattan home. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. The top executives of private equity firms often earn a cut of these profits. Kenneth M. Jacobs. The couple sold a majority share in the team in 1981, but retained a smaller share of ownership in the team. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. 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. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. 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. In the first half of 2021 this was $2.2bn. 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. Direct. See here for a complete list of exchanges and delays. Both are very stable asset classes. Were really focused on large, complicated deals where theres less competition involved. 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. Its very clear there are issues in this country with housing. And at some shops, executives collect a higher dividend than is awarded to ordinary shareholders. Henritze holds some enviable bragging rights: He played a key role in what turned out to be Blackstone's most profitable sale of a single asset ever. 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. Nash, 61, is also the executive chair of Blackstone's Mortgage Trust REIT, the firm's publicly traded mortgage real-estate investment trust. 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. Levine started his career at Blackstone after graduating from Northwestern University over 12 years ago. His father, Fred H. Henritze, is a cofounder and the vice chair of the Brookdale Group, an Atlanta commercial-real-estate firm. He is a graduate of the College of the Holy Cross. Raymond J. Beier is on the board of Blackstone Real Estate Income Trust, Inc. As investors and as corporate citizens, were very focused on ESG as well. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. BREIT 3 All figures are approximate and as of March 31, 2020, unless otherwise indicated. "We're always thinking about: Do we have the right leadership in place? Cohen, a fourth-generation Cincinnatian, graduated from Seven Hills School in 1991. 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. Weve definitely seen that trendline expand. In 2020, he was paid $1.3 billion for his performance as a hedge fund manager, and with his other income streams . 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. Pollack established himself as a star in real-estate finance during his 16-year tenure at Deutsche Bank. Frank Cohen is the Global Chairman of Core+ Real Estate. Copyright Nareit 2023. Strategic connections and expert insights into global investment markets Tackling geopolitical issues and harnessing real estate growth opportunities. We see public real estate as unequivocally more attractive than private real estate today, LaSalle's Lisa Kaufman told Nareits REIT Report podcast. 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. pay. In Agarwal, Blackstone has tapped one of its most experienced operators to craft its Core+ efforts. So far, only one of the trust's roughly 200 loansis non-performing, she said. This report is not for commercial use. 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. It's not easy to get a job at Blackstone. 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. 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. Analysis-Wood's ARK slammed by higher interest . 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. Read more. Frank Cohen. In addition, clearly our goal is to be good investors and provide solid returns for those who invest in our real estate funds. Blackstone played a similarly vital role when the COVID-19 pandemic struck. Peter R. Orszag. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. For us, this is an opportunity to make a great investment all the way around. See Photos. Frank Cohen - $79,200 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Regardless of the specifics of your case, get help from the personal injury attorneys at Nadrich & Cohen. "Then, I try to turn my focus to getting myself and my two daughters ready for our days and out the door," McCarthy said. 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. Contact info: cohen@blackstone.com, cohenf@blackstone.com, fcohen@blackstone.com Find more info on AllPeople about Frank Cohen and The Blackstone Group L.P., as well as people who work for similar businesses nearby, colleagues for other branches, and more people with a similar name. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. For 60 years, Nareit has led the U.S. REIT industry by ensuring its members best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. That's in large part because of Kim, BREIT's 43-year-old head of acquisitions and capital markets. One company that Blackstone backed is Dealpath, which digitizes data on commercial-real-estate deals. September 2005 Frank Cohen is a Managing Director of The Blackstone Group. 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. [1] 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. 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. 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. If there were any missteps over the past five years, what were they and what did you learn from those experiences? [EDGAR] There are 28 other people named Frank Cohen on AllPeople. Source. 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. people search. Trebilco's expertise also proved crucial to the $2.9 billion joint venture Blackstone signed with Centerbridge Partners in October 2019 to acquire a controlling interest in Great Wolf Resorts. We are committed to providing these families with an opportunity to initially rent a desirable home at a discounted rate thats 10% below the local market in most cases. Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. 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! "Hotels have been still in the recovery phase on the vacancy side," Caplan said, "but if you look at those other top three sectors, there are very low vacancy rates and very strong rental growth.". Nareits members are REITs and other real estate companies 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. 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. Introductory Note . 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. 1-202-739-9400 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. Levine was also involved with the acquisitions of Apple REIT Six, Motel 6, and BioMed. The information shown here is a reporting of information included in the company's proxy statement. 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. The actual average hours worked per week at Blackstone Group based on our data is actually 67 hours, which . A handful of recent transactions shows Blackstone's commitment to rental housing. Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. 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. There, he played a major role in the development of the commercial mortgage-bond market. Blackstone's generosity seems at odds with other aspects of its results. E-commerce has been a huge tailwind for industrials, obviously. These are the characteristics of real estate investment. 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. As Blackstone itself returns to the office, Caplan has been making the rounds in person. Lead Director. You may also find the annual proxy statement by going directly to the company's website. Chief Financial Officer. 1. Still, it has not altered Blackstone's investment thesis that much. 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. John C. Ares Management, however, includes both the amount of personal capital invested and the profits made on those investments. Hotels bring the mix up to 80%. Were not building enough and especially not enough affordable housing. 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,. 2.2. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. CALL NOW: (559) 241-0411. Meghji, 41, led the $1.65 billion deal. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. All told, the 33-year-old Levine has been involved in over $100 billion worth of real-estate transactions since 2010. Robert Aderholt, R-Ala., has introduced House Resolution 3799, the Constitutional Restoration Act of 2004. "Alternative lenders are looking to fill a gap that has widened dramatically during the economic crisis due to banks carefully managing their balance sheets and shifting to lower risk property deals with more certain cash flow profiles," Matt Duncan, the head of debt advisory in Australasia for JLL, said in an article on JLL's website. But the absorption of GSO wasn't . Businessman Bob Castellini remains the current principal owner of the Reds. However, uncertainty looms given the changing conditions in the property sector and the broader economy. 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. 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. She won the race. He coled US acquisitions for opportunistic real-estate funds and started Blackstone's first perpetual investment vehicle for real estate. Frank Pilleri loses. Frank Cohen (born 15 October 1943) is a British businessman and art collector. Our job is to always be looking at where we see avenues of growth and then overweight those avenues. CEO of Financial Advisory. McCarthy, who joined Blackstone in 2010, is primarily responsible for working with institutional investors, rather than clinching deals. 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. 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. 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. 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