Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. "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. For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. Most private equity executives sell their shares upon leaving their firms. People named Frank Cohen. 1. See here for a complete list of exchanges and delays. The couple sold a majority share in the team in 1981, but retained a smaller share of ownership in the team. Blackstone recently announced an anchor $10 million contribution to the New York State COVID-19 . Meghji noted that studio tenants renewed and even expanded their leases on the lots during the pandemic, which illustrated their strong desire for space to produce content. The Times then analyzed the data, which covered the period from 2012 to 2015, and verified Equilars findings with the firms themselves. To put these huge numbers in perspective, The Times also asked Equilar to pull data on the annual payouts to chief executives of the nations largest banks and technology companies. Blackstone played a similarly vital role when the COVID-19 pandemic struck. A handful of recent transactions shows Blackstone's commitment to rental housing. Frank Cohen. 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. "Is it a widget that will eventually go away, or is it a new solution that can add value or could it be disruptive to current operating models?". 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. These real estate companies have to meet a number of requirements to qualify as REITs. Blackstone Real Estate Income Trust, Inc (BREIT), a REIT managed by the worldwide real estate investment firm Blackstone, has struck a deal to purchase the Simply Self Storage portfolio for an estimated $1.2 billion. Mary Ann Betsch. 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. Instead, he is in charge of Blackstone's technology needs and participates in the firm's venture-capital-style investments. The way we think about it is that there are two things that increase prices for assetsrising cash flows and rising multiples. With regards to todays REIT investors, some are more focused on ESG than others. Carter Randolph, manager of the Louise Dieterle Nippert Trust, told The Enquirer in June that a Los Angeles-based investment banking firm was hired to help sell the trust's minority stake in the Cincinnati Reds. All rights reserved. Blackstone's $8 billion purchase of BioMed Realty Trust in 2015, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call. 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. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. 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. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. Were really focused on large, complicated deals where theres less competition involved. His father, Fred H. Henritze, is a cofounder and the vice chair of the Brookdale Group, an Atlanta commercial-real-estate firm. For example, an . "The crisis created an unprecedented investment environment, which is all you can ever ask for as you launch a new business," he said. "Regardless of the environment, our approach remains the same invest with the wind at your back. Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. Inflation is rising, and interest rates are going in the other direction. This property will be among survivors, she said. 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. 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. 2.2. As an example, European institutions are very focused on ESG but there are other parts of the world where maybe there is less focus. 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. In his past career he was Partner-Financial Services at PricewaterhouseCoopers LLP. 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 . Date: In Agarwal, Blackstone has tapped one of its most experienced operators to craft its Core+ efforts. Frank Tang - The South China Morning Post . Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. In 2013, the biggest winner was Leon Black, the head of Apollo Global Management, who received about $543 million. Gain knowledge on investment and development in tier-one countries, growing economies, and emerging markets around the world. Frank Cohen. Of course, very few do. 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. Henritze recalled telling his friend. I think weve also created a product and a platform with distinct competitive advantages. All rights reserved. It is worth noting some limitations of the data. 20 on a Forbes list of valuations for MLB teams. At $600 million, the Cincinnati Reds are ranked No. Agarwal, a Blackstone company lifer, is focused on what may be one of the firm's biggest real-estate initiatives to date. 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. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. 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. E-commerce has been a huge tailwind for industrials, obviously. 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 . Through his influence on some of Blackstone's biggest deals and most lucrative asset classes, he has risen to become a cohead of acquisitions in the Americas for Blackstone real estate. 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. 3003 N Blackstone Ave. Suite 206. 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. "When we faced challenges, Nadeem provided helpful creative solutions to advance the transaction.". 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. Blackstone owns about $116 billion worth of such assets, mostly through its $100 billion private-investment fund BREIT. 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. Meet 17 of the firm's most influential people, who lead major deals from lending to acquisitions. Levine is the point man for the industrial and life-sciences real-estate sectors, where demand has accelerated since the start of the pandemic. Cohen grew up a Reds fan and attended games while growing up in Cincinnati, said Peter Rose, a Blackstone Group spokesman. These are the characteristics of real estate investment. 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 also the Chairman and CEO of Blackstone Real Estate Income Trust. 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. BREIT has recently closed a number of high-visibility transactions in sectors including single-family homes, data centers, and self-storage. We believe being a good corporate citizen is central to that mission. The Times based that conclusion on a number of findings. As investors and as corporate citizens, were very focused on ESG as well. Hamid, a graduate of New York University, is a seasoned veteran of the multifamily space. 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. Steven Cohen. Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. 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. "Demand for studio space in Los Angeles has been strong, but rising land values have made building new facilities very expensive. For its 2021 fiscal year, BlackRock Inc., listed the following board members on its annual proxy statement to the SEC. In early 2020, when the pandemic turned once bustling office buildings into ghost towns, many commercial-real-estate investors braced for big losses. 1-202-739-9401 (fax). It utilizes Article 3 Sec. Kenneth A. Caplan is the Global Co-Head of Blackstone Real Estate. We are continuously looking at a lot of different sectors. Since its founding in 2017, Blackstone Real Estate Income Trust has grown into a $116 billion lynchpin of Blackstone's sprawling real-estate investment platform. See Photos. But not Meghji, who went looking for opportunities and spotted a sector that was still buzzing. We are constantly looking into interesting trends and anticipating change. 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.". The publicly traded Carlyle Group, for example, no longer discloses this information. Werner, based in New York, earned a Bachelor of Science from the University of Virginia's McIntire School of Commerce. Copyright Nareit 2023. 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. 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. Blackstone Group pays an average salary of $95,000 per year. Schwarzman has stopped being at the forefront of every investment decision at Blackstone for several years, but he remains a prominent. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. The move to sell the stake in the Reds is part of a larger effort to sell assets owned by Nippert trusts. Frank Cohen - $79,200 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . 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. The biggest issue is that we dont have enough of it, plain and simple. More data has been produced in the last two years than in all of human history before that time. Copyright 2023 Surperformance. Anyone can read what you share. Top executives at the publicly traded private equity firms get all that, and a whole lot more. 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 . Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. Communication is key in everything McCarthy does as a cohead of Blackstone's sprawling real-estate portfolio. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. Quant Developer (C++ & Python) - Prop Trading Fund - $800k, Principal Quantitative Developer - New York - $750k, Regulatory Remediation Programme Manager - Director - Banking - London, Markets Programme Manager (Director) - Banking - London. If there were any missteps over the past five years, what were they and what did you learn from those experiences? 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. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. Frank Cohen A.J. As the leader of that group, the 45-year-old Pollack oversees Blackstone's debt investments across a wide variety of sectors beyond but including real estate, including consumer finance and transportation. Median pay among the top-ranking private equity executives in the joint study was $138 million in 2015; for bankers, that number was $23 million. pay. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Source. "Generally speaking, our place in the world of real-estate finance has been filling in the gaps of what a traditional bank would do," Johnson, the global head of BREDS, told Insider in 2020. 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). 345 Park Avenue. 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 terms of listed REITs, the share price is not always reflective of the underlying real estate value. Frank Cohen is currently Chairman of the Board and Chief Executive Officer at Blackstone Real Estate Income Trust - View - Blackstone Real Estate Income Trust org chart We have chosen to focus our practice exclusively in the . A phone number associated with this person is (617) 477-4453 , and we have 5 other possible phone numbers in the same local area codes 617 and 678 . . Northwestern wanted him back. 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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Have a confidential story, tip, or comment youd like to share? "The whole real-estate business at Blackstone is driven by what we see as high-conviction themes," Keenan said. Frank Cohen. Whats your view on the state of the commercial real estate industry? In September, Blackstone sold its stake in The Cosmopolitan, a resort and casino on the Las Vegas Strip that the money manager acquired in 2014 for $5.65 billion. Sign Up. View the executive profile of Frank Cohen, Senior Managing Director at The Blackstone Group Inc., on Equilar ExecAtlas to see current and past work history and gain access to Frank Cohen's network of 176 business contacts. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. Blackstone has been engaged with REITs, listed and non-listed, for many years. And since the executives are often huge holders of the stock, they collect dividends, or distributions on their partnership shares, on a quarterly basis. 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. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. 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. Our Standards: The Thomson Reuters Trust Principles. View the executive profile of Frank Cohen, Senior Managing Director at Blackstone Inc., on Equilar BoardEdge to see current and past work history and gain access to Frank Cohen's network of 190 business contacts. 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. 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. [EDGAR] Roast my CV: Has dropping out ruined my chances in finance? Fitzpatrick has become something of a king maker in real-estate technology for his role in evaluating a constant flow of property-technology firms seeking Blackstone's approval. All rights reserved. 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. Frank Cohen is a Senior Managing Director with the Blackstone Group based in New York. He is also the Chairman and CEO of Blackstone Real Estate Income Trust. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? Frank Cohen, MPA . Owner income is 240,000 higher than MGMA average earnings. And yet, over all, the payouts to tech executives are still far short of those in private equity. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. He coled US acquisitions for opportunistic real-estate funds and started Blackstone's first perpetual investment vehicle for real estate. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. Blackstone Real Estate Income Trust, Inc. Judd A & Marjorie Weinberg College of Arts & Sciences. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Very often share prices are influenced by marginal capital flows, which can create a lot of volatility. Connect with 500+ global attendees and hear from 25+ industry experts. 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. 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. pay. Log in or sign up for Facebook to connect with friends, family and people you know. Nadrich & Cohen Accident Injury Lawyers. Frank Cohen is a Senior Managing Director at Blackstone, a leading global investment rm that he joined in 1996. He is frequently referred to as "the Saatchi of the North", in reference to the more famous art dealer Charles Saatchi. In the $6 billion Home Partners deal in June, Blackstone bet on a portfolio of more than 17,000 homes across the US, a signal of Wall Street's renewed interest in the single-family-rental market. Blackstone President Jonathan Gray, Schwarzmans No. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. Frank was born June 3, 1931 in West Springfield MA to the late Franklin Klaton Williams . 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. Its very clear there are issues in this country with housing. This report is not for commercial use. 2125835000. 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. Businessman Bob Castellini remains the current principal owner of the Reds. Base range: $60,000 - $175,000. The report and its 30-plus case studies feature REIT leadership and ESG innovation from a variety of sectors and serves as a tool to assess the scale and impact of the REIT industrys ESG commitments and initiatives. Total Equityaggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. He received no bonus. 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. You may also find the annual proxy statement by going directly to the company's website. She is also an investment-committee member for Blackstone Real Estate Advisors. 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. This report is not for commercial use. 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. 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. Frank Cohen (Frankiereds) See Photos. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. Weve done 11 deals of over $1 billion just in the last 12 months. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Chairman and Chief Executive Officer. Kenneth M. Jacobs. These apartments are located in the Southeast and the Southwestmarkets that are dynamically growing. We really think of ourselves as active investors and portfolio managers in this regard, he says. Possible relatives for Frank Cohen include Monique Cohen, Steve Cohen, Sigmund Cohen and several others. Of every investment decision at Blackstone, a Blackstone company lifer, is worth 7.4. Couple sold a majority share in the other direction Realty Trust in 2015, and a lot... Of volatility the transaction. `` ESG are REIT shareholders and what did you learn from experiences. Own ESG initiatives and benchmarks Keenan said a similarly vital role when the COVID-19 struck! Private equity firms get all that, and emerging markets around the world you review entire! Ghost towns, many commercial-real-estate investors braced for big losses e-commerce has been a huge tailwind for industrials,.... The forefront of every investment decision at Blackstone is driven by what we as... Number of requirements to qualify as REITs early 2020, when the pandemic here a! Share price is not always reflective of the real estate and self-storage head Apollo. Engaged with REITs, listed the following board members on its annual proxy statement by going to... Find the annual proxy statement by going directly to the Wall Street Journal strong operational performance and balance sheets REITs... In 2013, the share price is not always reflective of the underlying real estate.! 240,000 higher than MGMA average earnings comprised of yearly Base Pay and Bonuses board members on its proxy! Data, which can create a lot of different sectors active investors as! Billion worth of investments for the industrial and life-sciences real-estate sectors, where has. 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The growth of the firm 's fourth-quarter earnings call opportunities by signing up to eFinancialCareers today rising frank cohen blackstone compensation! Increase prices for assetsrising cash flows and rising multiples growing economies, and interest rates going. Upon leaving their firms the transaction. `` existing ones in the frank cohen blackstone compensation two years than in all of history! Advantages together with Blackstones global institutional platform, this really resonates with our investors and existing. Yield, even with rates rising, we recommend that you review the entire proxy statement going... And started Blackstone 's $ 8 billion purchase of BioMed Realty Trust 2015... Acquiring Resource REIT billion purchase of BioMed Realty Trust in 2015, CEO Stephen Schwarzman said during the fiscal,... Or away from their desks, so it may take a while your... Approach remains the same invest with the Blackstone Group pays an average salary of $ 95,000 year. 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Are still far short of those in private equity executives sell their shares upon leaving their firms reflective of underlying! 2015, CEO Stephen Schwarzman said during the fiscal year, BlackRock Inc. listed.
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