There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. "Everyone has a good pitch, but the real question is how valuable and developed the solution is," Fitzpatrick said. Click here to create a profile on eFinancialCareers. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. In this capacity . Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. Find your friends on Facebook. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Investors Should Prioritize Listed Real Estate Market Over Private: LaSalle, Nareits REITwise: 2023 Law, Accounting and Finance Conference, A Conversation with Blackstones Frank Cohen on Opportunities in Real Estate and the Growth of BREIT. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the. 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. 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. Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. BlackRock Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. 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. Since joining in 1992, he's notched more than $50 billion worth of investments for the private-equity fund's real-estate arm. 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. BREDS is now part of the structured-finance group. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Weve also brought in very senior ESG professionals to lead efforts at the firm. Frank Cohen of Blackstone In a statement to the Australian stock exchange, Dexus said that 90 percent of the portfolio is connected to the Sydney and Melbourne markets, which have been the strongest performing this year, with the assets primarily composed of traditional logistics facilities that are set to benefit from the growth of e-commerce. Keenan, a 38-year-old Harvard graduate, is taking contrarian views, too. Sr. Director,. He graduated from Northwestern University with a bachelor's degree in political science and he also graduated from the Honors Program in Mathematical Methods in the Social Sciences. When large corporations disclose how much money their top executives make each year, the companies list salary, bonus and, in many cases, stock options or grants. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. It is worth noting some limitations of the data. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Copyright Nareit 2023. As a subscriber, you have 10 gift articles to give each month. Frank Cohen joined Blackstone Group in 1996. Take Blackstone's investment in the hotel giant Hilton Worldwide in 2007. Peter R. Orszag. ESG represents something that we continue to integrate across our portfolio in a lot of different ways. 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. 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. They then will be provided a fixed rate option to purchase the home they are renting at below market rates every year. The information shown here is a reporting of information included in the company's proxy statement. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. Total Equityaggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. E-commerce has been a huge tailwind for industrials, obviously. 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. 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. For its 2020 fiscal year, Blackstone Inc., listed the following CEO pay ratio data 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. she said. In 2015, he collected just under $800 million, up from $689 million the year before. He has also been responsible for many of Blackstone's other office . The way we think about it is that there are two things that increase prices for assetsrising cash flows and rising multiples. We see public real estate as unequivocally more attractive than private real estate today, LaSalle's Lisa Kaufman told Nareits REIT Report podcast. What's Mr Cohen's mailing address? Top executives at the publicly traded private equity firms get all that, and a whole lot more. pay. 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. If you look at BREITs portfolio, were overweight in sectors we think will continue to see great growth potential, and in geographies that have the highest amounts of population growth, new household formation, and job growth. On 9 February, 2007, it paid $39B for the listed company, using $32B of debt. It's up to us! He joined Blackstone in 2008. Tell us more about BREITs recent acquisition of Philadelphia-based Resource REIT. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of . Log in or sign up for Facebook to connect with friends, family and people you know. In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. Mark Zuckerberg of Facebook was paid a salary of $1 last year and received personal security and aircraft perks valued at around $5 million. 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 First, given that Equilar pulled data from the last few years, the study is intended as a snapshot, not a definitive accounting of net worth. 1. Last year, the fund received 29,000 applications for 103 junior (analyst) positions an acceptance rate of 0.4%. He co-oversees US real estate investments and is a member of the firm's real estate investment committee. Nadrich & Cohen Accident Injury Lawyers. "There is also more opportunistic lending to be done in places that have seen temporary disruptions but have good long-term fundamentals, such as urban apartments and high-quality, new-build office," Johnson told the Observer. Do you know the neighborhoods I'm interested in? The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Agarwal, a Blackstone company lifer, is focused on what may be one of the firm's biggest real-estate initiatives to date. Frank Cohen. What are some of the success factors youve seen in investing? Read more. "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.". Frank was born June 3, 1931 in West Springfield MA to the late Franklin Klaton Williams . More data has been produced in the last two years than in all of human history before that time. The issuance of residential mortgage-backed securities (RMBS) resumed in August, following a break in the previous two months. United States, District of Columbia, Washington. The listed REIT market, though, can be used tactically to add or subtract exposure to specific sectors on a total basis. 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. 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. 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. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? 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. In 2013, the biggest winner was Leon Black, the head of Apollo Global Management, who received about $543 million. He is estimated by Forbes to be worth $3.9 billion. Frank Cohen (born 15 October 1943) is a British businessman and art collector. No. ESG is definitely a global theme. Mr. Frank Cohen serves as Senior Managing Director, Real Estate & Global Head of Core+ Real Estate at Blackstone. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. "The crisis created an unprecedented investment environment, which is all you can ever ask for as you launch a new business," he said. And so, I think when you bring BREITs proprietary advantages together with Blackstones global institutional platform, this really resonates with our investors. Still, the methodology treated each executive consistently and calculated the entirety of the payouts. Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. Forbes in 2015 dubbed his group at that bank "Wall Street's largest underwriter of real estate debt." 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. If you have focused your search on specific areas, it is important to work with a real estate agent who knows that area well. Werner, based in New York, earned a Bachelor of Science from the University of Virginia's McIntire School of Commerce. And since the executives are often huge holders of the stock, they collect dividends, or distributions on their partnership shares, on a quarterly basis. "Can I send you my rsum?" 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). 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. And as an investor, Ive learned that part of the job is to be prepared for the inevitableand change is inevitable. Louise Nippert retained a minority interest in the club until she died in 2012. Coronavirus Tips Working and Protection, For its 2021 fiscal year, BlackRock Inc., listed the following executives on its annual proxy statement to the SEC. 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. 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. Even as inflation and interest rates rise, Blackstone's leaders remain bullish on the vast portfolio they have expanded over the past two decades. Test Drive ZoomInfo's Directories Browse Directories. The company maintains an active database of more than 900 proptechs, he said. 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. Biotech is another critical area for the firm. Frank Pilleri loses. 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. 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. 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. Kenneth M. Jacobs. Direct. And since he joined Blackstone in 2016, those relationships have borne billions of dollars in fruit for the private-equity firm. So, acquiring Resource REIT is very much in line with our strategy and fits nicely into the portfolio as well. 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. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. Blackstone shattered its earnings records this year thanks to its real-estate business. 2023 www.cincinnati.com. They're not only long term but also bolstered by rising rents that provide the ideal hedge against soaring inflation, Schwarzman said. 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). Were focusing on ESG in many other ways too. ESG is definitely a global theme. . For example, he led the development of platforms that collect and curate data from the company's massive real-estate holdings in a form that's helpful for investment decisions. Frank Cohen. Available 24/7. "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?". Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. He works out of the New York City headquarters and plans to visit all of its global offices, particularly those in the Asia-Pacific region, this year. They often pocket money from a variety of additional sources that can total hundreds of millions of dollars a year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Fitzpatrick has a background in software engineering, which may reflect the technical know-how that runs in his family. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. He has been Chairman of the Board of Directors and the Chief Executive Officer of Blackstone Real Estate Income Trust, Inc. since July 2016. Agarwal Wesley LePatner Chairman of the Board and Chief Executive Officer President and Director Chief Operating Officer and Director . "The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it we intend to build on that goal and expand access to homes across the US," Werner said in a statement at the time. He received an undergraduate degree from the University of Minnesota Duluth and an MBA from The Curtis L. Carlson School of Management. You may also find the annual proxy statement by going directly to the company's website. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Since joining Blackstone in 1996, Mr. Cohen has been involved in over $60 billion of real estate investments. As such, a private equity executive not captured within this data may make even more. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The Times then analyzed the data, which covered the period from 2012 to 2015, and verified Equilars findings with the firms themselves. Many of the earnings are is not traditional compensation, but its money in their pockets nonetheless. In London, he ran Blackstone's group for real-estate-debt strategies in Europe. Blackstone is currently in the process of expanding its EMEA operations under Farhad Karim. 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