Agarwal, a Blackstone company lifer, is focused on what may be one of the firm's biggest real-estate initiatives to date. While he's very involved in debt investing, he also sits on the investment committee for Blackstone's equity-investing team and is chair of the board of Blackstone Real Estate Income Fund. Steven Cohen. 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. 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. Blackstone has raised more than $50 billion in its Blackstone Real Estate Income Trust over the past five years, it announced in January. 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. 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. Mark Zuckerberg of Facebook was paid a salary of $1 last year and received personal security and aircraft perks valued at around $5 million. Meet 17 of the firm's most influential people, who lead major deals from lending to acquisitions. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. 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. 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,. Eventually it will unless its offensive or libelous (in which case it wont. The investment is expected to close in late August or early September, subject to receipt of TSX approval. ESG is definitely a global theme. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. 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. These apartments are located in the Southeast and the Southwestmarkets that are dynamically growing. 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. Carried interest is taxed at a long-term capital-gains rate that is roughly half the ordinary income rate for the nations highest earners. Levine was also involved with the acquisitions of Apple REIT Six, Motel 6, and BioMed. And since he joined Blackstone in 2016, those relationships have borne billions of dollars in fruit for the private-equity firm. Date: 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. Test Drive ZoomInfo's Directories Browse Directories. As investors and as corporate citizens, were very focused on ESG as well. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Before his current role, Pollack led Blackstone Real Estate Debt Strategies, or BREDS, which he helped grow from roughly $10 billion in assets under management when he started at the firm to $26 billion as of the second quarter of 2020. Theres always going to be uncertainty and volatility. More data has been produced in the last two years than in all of human history before that time. For example, in our nearly $300 billion real estate business, approximately 80% of the equity portfolio is in sectors such as industrial and multifamily where rents in the U.S. are growing significantly in excess of the rate of inflation. "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.". Anyone can read what you share. Find thousands of job opportunities by signing up to eFinancialCareers today. 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. Now, McCarthy said the firm was looking to add talent at portfolio companies. 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. They're not only long term but also bolstered by rising rents that provide the ideal hedge against soaring inflation, Schwarzman said. Total Equityaggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Instead, he is in charge of Blackstone's technology needs and participates in the firm's venture-capital-style investments. Last year, the fund received 29,000 applications for 103 junior (analyst) positions an acceptance rate of 0.4%. Frank Cohen, Blackstone's global head of core-plus real estate, said: "The transaction significantly increases our Asian core-plus real estate exposure to the logistics space, and is consistent with our strategy of overweighting high-conviction sectors and locations." Blackstone Inc.annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Her process, he said, reminded him of his own. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. It's not easy to get a job at Blackstone.. Blackstone announced its second quarter results today. Whats your view on the state of the commercial real estate industry? 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. As a result, BREIT is steering most of its capital to logistics and residential properties, he said. In the first half of 2021 this was $2.2bn. 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. Coronavirus Tips Working and Protection, For its 2020 fiscal year, Blackstone Inc., listed the following executives on its annual proxy statement to the SEC. United States Navy. He received no bonus. Frank Cohen. We definitely see an ESG component to the Choice Lease platform because were expanding access to high quality housing for many different types of families, not just the well-to-do. But the absorption of GSO wasn't . While realized carried interest on investments that have already been exited is booming, unrealized carried interest on investments that have yet to be exited is not. At QTS, we are working on a program to get to 100% renewable power. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. In June of that year, Blackstone purchased a 49% stake in Hudson Pacific Properties' Hollywood Media Portfolio, a 2.2 million-square-foot portfolio of film studios and Class A office buildings in Los Angeles, anchored by Netflix and Disney. Green asset-backed securities (ABS) made . "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?". 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. Many of the earnings are is not traditional compensation, but its money in their pockets nonetheless. 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. "It's about pattern recognition," Fitzpatrick, 39, told Insider. 2. This has informed our investing approach as we have concentrated our deployment towards assets where revenue can grow faster than inflationary pressures. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. In 2018, the investment firm sold 15.8 million shares in the hotel chain for a tidy $14 billion profit, Bloomberg reported at the time. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. See Photos. "Next thing I know, I get an opportunity to start as an analyst at Blackstone.". Blackstone announced its second quarter results today. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Weve expanded the way that we recruit talent at the firm to be inclusive and diverse. 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. 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. If Blackstone is doing any sort of real-estate-debt deal, Nash probably has something to do with it. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. In Agarwal, Blackstone has tapped one of its most experienced operators to craft its Core+ efforts. All rights reserved. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. If there were any missteps over the past five years, what were they and what did you learn from those experiences? 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. 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. All quotes delayed a minimum of 15 minutes. He is a graduate of the College of the Holy Cross. See Photos. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. people search. Over the past five years, BREIT has amassed a $94 billion portfolio as of year-end 2021. Nash, 61, is also the executive chair of Blackstone's Mortgage Trust REIT, the firm's publicly traded mortgage real-estate investment trust. There is C.E.O. handles workers' compensation , personal injury litigation, and Social Security disability claims, covering Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Monmouth, Ocean, and Salem counties. Schwarzman has stopped being at the forefront of every investment decision at Blackstone for several years, but he remains a prominent. Agarwal, 55, is at the center of the firm's Core+ business, a division that targets long-term investments supported by minimal debt. At $600 million, the Cincinnati Reds are ranked No. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. The team said in a. 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. 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. 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. He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. Its distributable earnings jumped 16% year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the U.S. economy during the pandemic. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. 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. What's Mr Cohen's mailing address? Blackstone Group pays an average salary of $95,000 per year. What are some of the success factors youve seen in investing? BREIT has recently closed a number of high-visibility transactions in sectors including single-family homes, data centers, and self-storage. 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. The way we think about it is that there are two things that increase prices for assetsrising cash flows and rising multiples. The listed REIT market, though, can be used tactically to add or subtract exposure to specific sectors on a total basis. 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 For its 2021 fiscal year, BlackRock Inc., listed the following CEO pay ratio data on its annual proxy statement to the SEC. "One signature of our culture is that we are highly connected, highly communicative," McCarthy 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. See Photos. 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. 1-202-739-9401 (fax). 2023 www.cincinnati.com. Log In. 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. Still, it has not altered Blackstone's investment thesis that much. We really think of ourselves as active investors and portfolio managers in this regard, he says. Blackstone recently announced an anchor $10 million contribution to the New York State COVID-19 . You may also find the annual proxy statement by going directly to the company's website. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The information shown here is a reporting of information included in the company's proxy statement. Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. Frank Cohen A.J. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? The top executives of private equity firms often earn a cut of these profits. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." Insider spoke with some of its top brass about the trends affecting their business and outlined who's who at one of real estate's biggest asset managers. 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. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. Other proptechs that have appealed to Blackstone are the property-management-software provider Yardi and the lease-management-software company VTS. But not Meghji, who went looking for opportunities and spotted a sector that was still buzzing. Blackstone Inc. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Boston New York City Houston Chicago Los Angeles Atlanta. But you dont need to be Mr. Schwarzman to earn huge sums at Blackstone, arguably the industrys most successful firm. Levine is the point man for the industrial and life-sciences real-estate sectors, where demand has accelerated since the start of the pandemic. Phone. Inflation is rising, and interest rates are going in the other direction. We see this program as providing an opportunity to drive value for our investors through meeting a community need. Ares Management, however, includes both the amount of personal capital invested and the profits made on those investments. He grew up in Cincinnati and went to Northwestern University. "Everyone has a good pitch, but the real question is how valuable and developed the solution is," Fitzpatrick 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. "Core+ was, for all intents and purposes, a startup." Personal. The more carried interest earned, the higher the dividend. 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. All rights reserved. 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. The issuance of residential mortgage-backed securities (RMBS) resumed in August, following a break in the previous two months. He now sits on the Real Estate Advisory Council at the university's Kellogg School of Management. 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. A source with knowledge of the deal told The Enquirer Cohen acquired a less than 5 percent stake in the team. September 2005 Frank Cohen is a Managing Director of The Blackstone Group. 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. Click here to create a profile on eFinancialCareers. The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Read more. "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. All proxy statements are public filings made available to the general public by the SEC. Million contribution to the general public by the SEC in the team stopped being the... Property-Management-Software provider Yardi and the frank cohen blackstone compensation that are dynamically growing of Management a sector was! Personal capital invested and the Southwestmarkets that are dynamically growing software engineering, which may reflect the technical that... Signing up to eFinancialCareers today and Bonuses remains a prominent BREIT has recently closed a number of high-visibility in! 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