PAC consists of 44 multifamily communities largely across Atlanta; Nashville, Tennessee; Charlotte, North Carolina; and Orlando, Tampa, and Jacksonville in Florida as well as 54 grocery-anchored shopping centers and two Sun Belt office properties, an announcement from Blackstone said. He has . Weve expanded the way that we recruit talent at the firm to be inclusive and diverse. 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. Introductory Note . Core+ focuses on spaces like logistics, life-sciences offices, and residential real estate in big cities. 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. Eric's mailing address filed with the SEC is 200 BELLEVUE PARKWAY, SUITE 300, WILMINGTON, DE, 19809. Just How Much Do the Top Private Equity Earners Make? 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. 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. The resorts include indoor water parks, restaurants, and other recreational options which tapped Trebilco's experience in not just real estate but also hospitality and entertainment. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) 345 Park Avenue. See Photos. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. 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. Other proptechs that have appealed to Blackstone are the property-management-software provider Yardi and the lease-management-software company VTS. Since taking over the debt firm in June, Keenan has helped grow its book of loans to $24 billion a record sum. . 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. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. Just a few months later in 2016, he arranged for Blackstone to sell all but one of the hotel properties for $6.5 billion, which netted a quick $500 million profit. 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. Apollo Global Management Inc Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. 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. And one of its own, Jon Gray, has settled into his role as the president and chief operating officer of the firm, running firmwide meetings and seeking to connect the division with other parts of the company. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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 . 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. This is why The Times also asked Equilar to collect data from tech firms, since they, too, often have founders at the helm. "We've been investing for several years in life-science office buildings where these companies do their work and have their labs," Caplan said. Very often share prices are influenced by marginal capital flows, which can create a lot of volatility. His net worth is pegged at $8.5 billion, according to Forbes. "Multifamily is one of those areas.". 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. See Photos. Source. Were not building enough and especially not enough affordable housing. A handful of recent transactions shows Blackstone's commitment to rental housing. Levine was also involved with the acquisitions of Apple REIT Six, Motel 6, and BioMed. 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. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." He received no bonus. Frank Cohen, MPA . "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. Over the past five years, BREIT has amassed a $94 billion portfolio as of year-end 2021. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Then there is private equity C.E.O. Blackstone Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Whats your perspective on how investors can use them to complement or hedge an investment portfolio over other fixed income products? 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. I think weve also created a product and a platform with distinct competitive advantages. ESG is definitely a global theme. 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. 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. You may also find the annual proxy statement by going directly to the company's website. 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. Frank Pilleri loses. What are some of the success factors youve seen in investing? 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. 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. The Cincinnati Reds' newest owner is a top official from a New York-based global private equity and advisory firm. The information shown here is a reporting of information included in the company's proxy statement. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, BlackRock Inc., listed the following executives on its annual proxy statement to the SEC. It's not easy to get a job at Blackstone. Base range: $60,000 - $175,000. Agarwal, a Blackstone company lifer, is focused on what may be one of the firm's biggest real-estate initiatives to date. 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. 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. Trebilco has been responsible for about $20 billion worth of acquisitions across the real-estate and hospitality sectors. LePatner said. At QTS, we are working on a program to get to 100% renewable power. Blackstone played a similarly vital role when the COVID-19 pandemic struck. people search. This is also the problem that Blackstone . 1-202-739-9401 (fax). 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. Nash told his alma mater, New York University's Stern School of Business, that this was the perfect time to strike in commercial real estate. United States Navy. Possible relatives for Frank Cohen include Monique Cohen, Steve Cohen, Sigmund Cohen and several others. 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? This report is not for commercial use. 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. Blackstone's $8 billion purchase of BioMed Realty Trust in 2015, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call. The information shown here is a reporting of information included in the company's proxy statement. 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. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the 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.". Frank Cohen bought the share. Eventually it will unless its offensive or libelous (in which case it wont. What's Mr Cohen's mailing address? His net worth is currently pegged by Forbes at $22.3 billion. 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. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Together with publicly available data, the proprietary information has also been key to staying ahead of trends. "I'm making progress on that," he said. Income increased by 320,000 per owner. 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. 20 on a Forbes list of valuations for MLB teams. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. More data has been produced in the last two years than in all of human history before that time. As a result, BREIT is steering most of its capital to logistics and residential properties, he said. 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. 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. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. 2.2. He is a graduate of the College of the Holy Cross. 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. 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. Furthermore, The Times and Equilar focused on publicly traded companies with more than $1 billion in revenue. Pollack established himself as a star in real-estate finance during his 16-year tenure at Deutsche Bank. "We're always thinking about: Do we have the right leadership in place? Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. Investors bought a record $335 billion worth of US apartment buildings in 2021, more than double the amount in 2020, according to Real Capital Analytics, which analyzes commercial-real-estate data. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. All rights reserved. John C. "Although office demand may be down, high-quality assets will perform," she said. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. 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. The listed REIT market, though, can be used tactically to add or subtract exposure to specific sectors on a total basis. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. Analysis-Wood's ARK slammed by higher interest . Agarwal Wesley LePatner Chairman of the Board and Chief Executive Officer President and Director Chief Operating Officer and Director . In the first half of 2021 this was $2.2bn. There are currently 19 investors in the team, according to the Cincinnati Reds' website. The company manages $280 billion in real-estate investments from Hollywood studios to biotech labs. 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. 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. We believe being a good corporate citizen is central to that mission. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. 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 . Email. When banks tightened their lending standards after the 2008 financial crisis, Blackstone stepped in, providing debt to institutional investors and real-estate developers who found it difficult to get financing otherwise. He is the Global Chairman of Core+ Real Estate. "It's about pattern recognition," Fitzpatrick, 39, told Insider. But the absorption of GSO wasn't . 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. No. Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. Before joining Blackstone, Harper worked for Morgan Stanley's real-estate and private-equity groups in Los Angeles and San Francisco. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Carried interest is taxed at a long-term capital-gains rate that is roughly half the ordinary income rate for the nations highest earners. Still, it has not altered Blackstone's investment thesis that much. All rights reserved. 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. A guru of CMBS, or commercial mortgage-backed securities, Pollack was a key figure in financing hotel brands from Hilton to Motel 6 and New York City office skyscrapers including Worldwide Plaza, 300 Park Ave., and 1515 Broadway. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Enough and especially not enough affordable housing of recent transactions shows Blackstone 's $ 514 billion real-estate,... While for your comment to appear filed yearly with the acquisitions of Apple REIT Six, Motel,. 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