- Thursday, June 1, 2017 This goes back to the global financial crisis in the late 2000s. "Everyone has a good pitch, but the real question is how valuable and developed the solution is," Fitzpatrick said. Roast my CV: Has dropping out ruined my chances in finance? Log In. 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. He is also the Chairman and CEO of Blackstone Real Estate Income Trust. Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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. 2023 www.cincinnati.com. It's part of Blackstone's perpetual investment vehicles, which deploy permanent sources of capital. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. Ares Management, however, includes both the amount of personal capital invested and the profits made on those investments. United States, District of Columbia, Washington. Bonus range: $11,500 - $190,000. That's in large part because of Kim, BREIT's 43-year-old head of acquisitions and capital markets. LePatner said. 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. 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 as an investor, Ive learned that part of the job is to be prepared for the inevitableand change is inevitable. 2019-05-08 ($3.1 BB Offered, $3.1 BB Sold) Fund. 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. He grew up in Cincinnati and went to Northwestern University. Regardless of the specifics of your case, get help from the personal injury attorneys at Nadrich & Cohen. 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. Frank Cohen. So, whether it was the tech bubble in 2000 or the financial crisis in 2008, or COVID in 2020, what Ive really learned is that you always have to be looking around corners and anticipating change. He has . Both are very stable asset classes. [1] 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). 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. 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. In November, shortly after the launch of the structured-finance group, Pollack told Real Estate Capital USA that the group planned to ramp up spending on digital infrastructure, like data centers. We are constantly looking into interesting trends and anticipating change. The implication, therefore, is that the average Blackstone person earned $795k for the past six months, and will earn nearly $1.6m for the full year. 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 . Still, the methodology treated each executive consistently and calculated the entirety of the payouts. "Regardless of the environment, our approach remains the same invest with the wind at your back. She's managed to make the adjustment without sacrificing the company's pipeline of deals. The team said in a Tuesday news release that it approved approved the sale Friday. Robert Aderholt, R-Ala., has introduced House Resolution 3799, the Constitutional Restoration Act of 2004. Engineman. 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. At $600 million, the Cincinnati Reds are ranked No. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 1. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. Last year, we did the QTS Realty Trust deal, which was a large data center deal. Then there is private equity C.E.O. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. BREIT just celebrated its fifth anniversary and has delivered a 13% annualized return since inception. Weve done 11 deals of over $1 billion just in the last 12 months. 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. It's not easy to get a job at Blackstone.. Blackstone announced its second quarter results today. 2.2. 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. 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. About 42% of its volume was for apartment properties in 2021. 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 company that can connect the dots and paint the most complete picture wins.". "Demand for studio space in Los Angeles has been strong, but rising land values have made building new facilities very expensive. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. He let her build the car by herself. 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. And yet, over all, the payouts to tech executives are still far short of those in private equity. 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. 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. or. Its operations have continued to grow throughout the pandemic, both by head count and by the size of its funds, according to interviews with the investment firm's leaders. 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. Bloomberg News estimates the team is worth $680 million. The more carried interest earned, the higher the dividend. It is worth noting some limitations of the data. As Blackstone itself returns to the office, Caplan has been making the rounds in person. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. John C. 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. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. 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. Chairman and Chief Executive Officer. 1. Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. 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 its launch in 2017, Blackstone Real Estate Income Trust, Inc. (BREIT) has offered individual investors access to high quality, income-generating real estate in sectors and markets with opportunities for growth. There is C.E.O. "When we faced challenges, Nadeem provided helpful creative solutions to advance the transaction.". It can add up to tens of millions of dollars. In 2015, he collected just under $800 million, up from $689 million the year before. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. 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. 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,. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $60 billion of real estate investments. 8 is Steve Cohen, the owner of the New York Mets baseball team. Contact:sbutcher@efinancialcareers.comin the first instance. All rights reserved. 2. However, the Wall Street Journal points out that this portfolio increased by 13.8% last year. Apartment buildings maintained strong rent growth and occupancy during the COVID-19 pandemic, making them popular among institutional investors veering away from more troubled assets like office buildings and hotels. 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. 95% of all owners saw an increase in earnings. Mr. Frank Cohen serves as Senior Managing Director, Real Estate & Global Head of Core+ Real Estate at Blackstone. Raymond J. Beier is on the board of Blackstone Real Estate Income Trust, Inc. 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. Keenan, a 38-year-old Harvard graduate, is taking contrarian views, too. 3003 N Blackstone Ave. Suite 206. Werner, based in New York, earned a Bachelor of Science from the University of Virginia's McIntire School of Commerce. Northwestern wanted him back. Most private equity executives sell their shares upon leaving their firms. We have chosen to focus our practice exclusively in the . "Core+ was, for all intents and purposes, a startup." These apartments are located in the Southeast and the Southwestmarkets that are dynamically growing. All rights reserved. The listed REIT market, though, can be used tactically to add or subtract exposure to specific sectors on a total basis. Even the publicly traded private equity firms do not disclose all the same information, particularly when it comes to profits on their own funds. 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 . Pollack established himself as a star in real-estate finance during his 16-year tenure at Deutsche Bank. 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. Nadrich & Cohen Accident Injury Lawyers. Schwarzman has stopped being at the forefront of every investment decision at Blackstone for several years, but he remains a prominent. 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. 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. In a pivot amid the market reshuffling, Keenan has steered the firm into the multifamily sector, one of real estate's most resilient segments. 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. Copyright Nareit 2023. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. "I was in Singapore and Sydney in March, and I am going to Mumbai and London in May. Many of the earnings are is not traditional compensation, but its money in their pockets nonetheless. Lead Director. While the former Goldman Sachs dealmaker grew up on the Jersey Shore and likes to spend weekends there, she calls Manhattan home. As a result, new supply has been virtually nonexistent," Meghji wrote in a blog post just months after the deal. For example, an . Copyright 2023 Surperformance. 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. . Frank Cohen - $79,200 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. Kenneth M. Jacobs. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the Blackstone Group, received the largest sum. Using the same method it used for private equity, Equilar collected data from the nations largest banks and the technology giants. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. 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. 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. 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. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. These are the characteristics of real estate investment. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. In this free webinar, Frank Cohen, Six Sigma Black Belt, statistician and data analyst, will cover key analytical issues and metrics that can be used to create a working and efficient compensation model based on Work RVUs, including ways to spot gaming and gain buy-in from physicians on revenue accountability. ESG is definitely a global theme. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mary Ann Betsch. Direct. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. At QTS, we are working on a program to get to 100% renewable power. These sectors make up more than 70% of Blackstone's real-estate portfolio, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call in January. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. What's Mr Cohen's mailing address? "Multifamily is one of those areas.". All quotes delayed a minimum of 15 minutes. Office demand has plummeted, but the firm believes it should still hold a major place in its book of 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. September 2005 Frank Cohen is a Managing Director of The Blackstone Group. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the. I think weve also created a product and a platform with distinct competitive advantages. Nash, 61, is also the executive chair of Blackstone's Mortgage Trust REIT, the firm's publicly traded mortgage real-estate investment trust. He is the Global Chairman of Core+ Real Estate. Theres always going to be uncertainty and volatility. This report is not for commercial use. Cohen, a fourth-generation Cincinnatian, graduated from Seven Hills School in 1991. Weve committed ourselves to diversifying the boards of directors for the different companies that we run. Nareits REITwise: 2023 Law, Accounting and Finance Conference offers a comprehensive educational program for legal, financial, tax and accounting operations within REITs and publicly traded real estate companies. Cohen grew up a Reds fan and attended games while growing up in Cincinnati, said Peter Rose, a Blackstone Group spokesman. Frank Cohen. In 2015, Pollack left Deutsche Bank for Blackstone, where he has continued to climb the ranks. 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+. 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, 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. 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. 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. For all the populist outrage that banks have faced over compensation, their executives make just a fraction of what private equity chiefs do. In private equity alone, there were eight executives who reaped more than $100 million. The company maintains an active database of more than 900 proptechs, he said. Before joining Blackstone's real-estate group, he was an analyst in the firm's restructuring and reorganization group. 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 . This base compensation is the equivalent of $48 per hour assuming a 40 hour work week (2,000 hours per year). A statute, it would allow voluntary prayer in public schools, the display of the Ten Commandments and keep God in the Pledge and in the National Motto. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. A handful of recent transactions shows Blackstone's commitment to rental housing. Analysis-Wood's ARK slammed by higher interest . From every other industry tracked by Equilar, there were only five executives who reached such heights. 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. 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. And as inflation surged to its fastest rate since 1981, apartment owners like Blackstone could also raise rents to preserve their profit margins, Schwarzman, Blackstone's CEO, said in an earnings call in January. Drug Policy Alliance. Insiders trading at Interdigital Inc. Over the last 15 years, insiders at Interdigital Inc have traded over $32,511,615 worth of Interdigital Inc stock and bought 20,578 units worth $753,211 . 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. He is frequently referred to as "the Saatchi of the North", in reference to the more famous art dealer Charles Saatchi. Unusually high pay is the main attraction. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. He has been Chairman of the Board of Directors and the Chief Executive Officer of Blackstone Real Estate Income Trust, Inc. since July 2016. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. 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. "Then, I try to turn my focus to getting myself and my two daughters ready for our days and out the door," McCarthy said. 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. 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. Just How Much Do the Top Private Equity Earners Make? And over the past 11 years, she said investors had sought higher returns in the real-estate industry during a low-interest-rate and low-inflation environment. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. Strategic connections and expert insights into global investment markets Tackling geopolitical issues and harnessing real estate growth opportunities. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. If Blackstone is doing any sort of real-estate-debt deal, Nash probably has something to do with it. Blackstone announced its second quarter results today. They're not only long term but also bolstered by rising rents that provide the ideal hedge against soaring inflation, Schwarzman said. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of . Join us at the stunning Canoe Studios in West Chelsea to celebrate #StartupsForGood and invest in the next generation of changemakers. With exceptional legal credentials and experience, Petro Cohen, P.C. Whats your perspective on how investors can use them to complement or hedge an investment portfolio over other fixed income products? Frank Cohen, MPA . CALL NOW: (559) 241-0411. "Although office demand may be down, high-quality assets will perform," she said. Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. 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