Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. 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 portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. 1-202-739-9401 (fax). "When we faced challenges, Nadeem provided helpful creative solutions to advance the transaction.". You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). "The whole real-estate business at Blackstone is driven by what we see as high-conviction themes," Keenan said. REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. Email. Personal. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? 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,. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Schwarzman received more than $1 billion in dividends from his Blackstone shares and $253.1 million in compensation, filing showed on Friday. Frank Cohen. Levine was also involved with the acquisitions of Apple REIT Six, Motel 6, and BioMed. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States 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. 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. Levine started his career at Blackstone after graduating from Northwestern University over 12 years ago. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Paraquat herbicide exposure. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. 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. Frank Cohen. "The company that can connect the dots and paint the most complete picture wins.". All proxy statements are public filings made available to the general public by the SEC. The more carried interest earned, the higher the dividend. At QTS, we are working on a program to get to 100% renewable power. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The Times then analyzed the data, which covered the period from 2012 to 2015, and verified Equilars findings with the firms themselves. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. We see this program as providing an opportunity to drive value for our investors through meeting a community need. Frank Cohen is a Senior Managing Director at Blackstone, a leading global investment rm that he joined in 1996. CEO of Financial Advisory. BREDS is now part of the structured-finance group. 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. Businessman Bob Castellini remains the current principal owner of the Reds. He is a Senior Managing Director with Blackstone based in New York. "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 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. 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. 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. 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+. The Nipperts ultimately bought a majority stake in the Reds in 1973 and retained that interest through the Big Red Machine era until 1981. 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. 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. Harper helped perform diligence and provide financing for the acquisition of Hilton, which went public in 2013, he told the Commercial Observer in 2015. Some hedge fund executives, for example, routinely take home $1 billion or more annually, according to some published estimates, but these firms are not publicly traded. She won the race. 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. 2019-05-08 ($3.1 BB Offered, $3.1 BB Sold) Fund. Frank Cohen (born 15 October 1943) is a British businessman and art collector. We are continuously looking at a lot of different sectors. 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. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Frank Cohen joined Blackstone Group in 1996. 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. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. 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. 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. Of course, very few do. Income increased by 320,000 per owner. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. The publicly traded Carlyle Group, for example, no longer discloses this information. An associated email addresses for Frank Cohen are life***@ole.com , dan***@usa.com and more. His net worth is pegged at $8.5 billion, according to Forbes. A handful of recent transactions shows Blackstone's commitment to rental housing. In Agarwal, Blackstone has tapped one of its most experienced operators to craft its Core+ efforts. 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. And do we have the right team supporting them?" The timing of Blackstone 's purchase of Equity Office Properties could hardly have been worse. 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. Blackstone Inc.annual reports of executive compensation and pay are most commonly found in the Def 14a documents. In the first half of 2022, it was -$914m. We really think of ourselves as active investors and portfolio managers in this regard, he says. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) If there were any missteps over the past five years, what were they and what did you learn from those experiences? The friend, a fellow University of Virginia alumnus, had mentioned over drinks that a first-year analyst went home for Easter break and "never came back" to Blackstone, Henritze said in a 2020 interview with Teague Hunter, the president and CEO of Hunter Hotel Advisors. Using the same method it used for private equity, Equilar collected data from the nations largest banks and the technology giants. 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. And since the executives are often huge holders of the stock, they collect dividends, or distributions on their partnership shares, on a quarterly basis. 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. Now, McCarthy said the firm was looking to add talent at portfolio companies. BlackRock Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. In 2020, he was paid $1.3 billion for his performance as a hedge fund manager, and with his other income streams . Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Chief Financial Officer. Kenneth A. Caplan is the Global Co-Head of Blackstone Real Estate. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. BlackRock Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. In the first half of 2021 this was $2.2bn. 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. He received no bonus. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. Test Drive ZoomInfo's Directories Browse Directories. 8 is Steve Cohen, the owner of the New York Mets baseball team. Green asset-backed securities (ABS) made . September 2005 Frank Cohen is a Managing Director of The Blackstone Group. Frank Cohen, MPA . Frank Cohen, senior managing director of Blackstone's real estate group, bought a minority interest in the team previously held by the Louise Dieterle Nippert Trust. 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. Chairman and Chief Executive Officer. We are currently several million units shy of where we need to be. We added a self-storage platform because it benefits from high tenant retention and low capital expenditure. Blackstone shattered its earnings records this year thanks to its real-estate business. "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.". 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). The move to sell the stake in the Reds is part of a larger effort to sell assets owned by Nippert trusts. 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. Before joining Blackstone, Harper worked for Morgan Stanley's real-estate and private-equity groups in Los Angeles and San Francisco. 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. "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. What are some of the success factors youve seen in investing? 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. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. 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. One of the things that we have tried to do at Blackstone is focus on very large and complex transactions, which at times can be public company transactions. "We're always thinking about: Do we have the right leadership in place? "I think there will be a benefit in the broadening of our experiences the more things we see, the more we find opportunities, the more we learn about new areas where our capital can provide value on behalf of our investors," Pollack told the news and intelligence service, which is focused on real-estate finance. 1-202-739-9400 . BREIT has recently closed a number of high-visibility transactions in sectors including single-family homes, data centers, and self-storage. Still, the methodology treated each executive consistently and calculated the entirety of the payouts. 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. Scott D. Hoffman. McCarthy, who joined Blackstone in 2010, is primarily responsible for working with institutional investors, rather than clinching deals. "One signature of our culture is that we are highly connected, highly communicative," McCarthy said. There are 28 other people named Frank Cohen on AllPeople. LePatner said. Drug Policy Alliance. See Photos. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Carried interest is taxed at a long-term capital-gains rate that is roughly half the ordinary income rate for the nations highest earners. 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. The actual average hours worked per week at Blackstone Group based on our data is actually 67 hours, which . 2. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. 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