Since joining Blackstone in 1996, Mr. Cohen has been involved in over $100 billion of real estate transactions. 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. He has . Chief Administrative Officer and General Counsel. He let her build the car by herself. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Copyright 2023 Surperformance. Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. Chairman and Chief Executive Officer. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The couple sold a majority share in the team in 1981, but retained a smaller share of ownership in the team. 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. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. 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. "I'm making progress on that," he said. See Photos. He grew up in Cincinnati and went to Northwestern University. The ultimate goal of the program is to expand access to high quality housing for lower- and middle-income individuals and families with less savings and/or lower credit scores. Frank Pilleri loses. 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. 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. Before joining Blackstone's real-estate group, he was an analyst in the firm's restructuring and reorganization group. An associated email addresses for Frank Cohen are life***@ole.com , dan***@usa.com and more. 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. Harper, 44, joined Blackstone in 2002, and in that time, he completed stints with the firm in Los Angeles and London. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? Found 1654 colleagues at The Blackstone Group L.P.. Blackstone has been engaged with REITs, listed and non-listed, for many years. Blackstone shattered its earnings records earlier this year and the firm can thank its booming real-estate business for that performance. frank pilleri racsim harvey alberg racist ronald delucia ark insurance stoneham elder basher arthur alan deluca; FRANKIE; frankie fingers; fraud; Fraud Rick Caraviello deserves prison time; Fraud Robert Ted Tomasone; fraud tv 3 board of directors entrenched cronies banning frank pilleri ban for deluca ban alberg ban Delucia [EDGAR] United States, District of Columbia, Washington. 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. Frank Cohen. 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. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. Find thousands of job opportunities by signing up to eFinancialCareers today. These real estate companies have to meet a number of requirements to qualify as REITs. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of . Weve done 11 deals of over $1 billion just in the last 12 months. Owner income is 240,000 higher than MGMA average earnings. He now sits on the Real Estate Advisory Council at the university's Kellogg School of Management. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. And in February, the company said it would acquire Preferred Apartment Communities Inc., which owns about 12,000 apartment units, as well as retail properties, for $5.8 billion. And not all of the bank compensation is guaranteed. Henritze recalled telling his friend. There are currently 19 investors in the team, according to the Cincinnati Reds' website. But you dont need to be Mr. Schwarzman to earn huge sums at Blackstone, arguably the industrys most successful firm. Frank Tang - The South China Morning Post . He has also been responsible for many of Blackstone's other office . In 2015, Henry R. Kravis and George R. Roberts, the co-heads of Kohlberg Kravis Roberts & Company, collected a combined $356 million. Most private equity executives sell their shares upon leaving their firms. . 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. Email. 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. The team said in a Tuesday news release that it approved approved the sale Friday. Address. Blackstone is currently in the process of expanding its EMEA operations under Farhad Karim. Frank Cohen, Blackstone's global head of Core+ Real Estate and chairman and CEO of Blackstone Real Estate Investment Trust, told Nareit the pandemic may have changed many things globally. 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. Together with publicly available data, the proprietary information has also been key to staying ahead of trends. 1-202-739-9400 It almost doubled Blackstone's square footage in its Link Logistics warehouse platform, which Levine helped create earlier in 2019. Its very clear there are issues in this country with housing. 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. If there were any missteps over the past five years, what were they and what did you learn from those experiences? Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. We are constantly looking into interesting trends and anticipating change. As such, a private equity executive not captured within this data may make even more. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. Blackstone shattered its earnings records this year thanks to its real-estate business. The Times then analyzed the data, which covered the period from 2012 to 2015, and verified Equilars findings with the firms themselves. 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. He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. Nash, 61, is also the executive chair of Blackstone's Mortgage Trust REIT, the firm's publicly traded mortgage real-estate investment trust. One company that Blackstone backed is Dealpath, which digitizes data on commercial-real-estate deals. 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 Award-winning journalist, experienced editor, food & wine writer, restaurant critic, restaurant consultant, fine wine sales specialist Hamden, CT CT Dish, +13 more Cornell University,. The Times based that conclusion on a number of findings. On 9 February, 2007, it paid $39B for the listed company, using $32B of debt. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. "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. Finally, there is whats known as carried interest, essentially the profits earned on each of the firms deals. Date: 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. Available 24/7. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Blackstone doesn't disclose how many people it employs on a quarterly basis, but it's understood to have nearly 4,000 people. Strategic connections and expert insights into global investment markets Tackling geopolitical issues and harnessing real estate growth opportunities. 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. Peter R. Orszag. 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. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the Blackstone Group, received the largest sum. 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. Over the past five years, BREIT has amassed a $94 billion portfolio as of year-end 2021. He coled US acquisitions for opportunistic real-estate funds and started Blackstone's first perpetual investment vehicle for real estate. 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 . For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. In this capacity . Regardless of the specifics of your case, get help from the personal injury attorneys at Nadrich & Cohen. Biotech is another critical area for the firm. Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. Our goal from the start was to bring Blackstones institutional real estate platform to the individual investor so ultimately, the biggest success factor has been the performance we have produced for those investors. There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. 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. "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. Similarly, of the thousands of private equity firms that exist, only a half dozen or so are publicly traded. Weve also brought in very senior ESG professionals to lead efforts at the firm. LePatner, 40, is the chief operating officer of both BREIT and Blackstone's wider core real-estate investment strategy, Core+, which also includes European assets in a separate investment vehicle. "Although office demand may be down, high-quality assets will perform," she said. The real-estate deal marks one of many signature deals the 39-year-old Werner has been involved in since joining Blackstone in 2005, including BioMed Realty, Pure Industrial, Home Partners of America, and Education Realty Trust. Hotels bring the mix up to 80%. Frank Cohen, MPA . 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. Washington, D.C-based Carlyle Group Inc has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. 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. 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). For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. Still, the methodology treated each executive consistently and calculated the entirety of the payouts. 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. All proxy statements are public filings made available to the general public by the SEC. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. Frank Cohen bought the share. Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Frank Cohen, Chairman and CEO of BREIT, said, " This transaction is a complementary addition to BREIT's high-quality portfolio of income-generating real estate, which is heavily weighted. These are the characteristics of real estate investment. Instead, he is in charge of Blackstone's technology needs and participates in the firm's venture-capital-style investments. 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. BREIT 3 All figures are approximate and as of March 31, 2020, unless otherwise indicated. 3003 N Blackstone Ave. Suite 206. Weve expanded the way that we recruit talent at the firm to be inclusive and diverse. Robert Aderholt, R-Ala., has introduced House Resolution 3799, the Constitutional Restoration Act of 2004. Frank Cohen joined Blackstone Group in 1996. Weve committed ourselves to diversifying the boards of directors for the different companies that we run. Before joining Blackstone, Johnson cofounded a boutique commercial-real-estate finance company and worked at Lehman Brothers' commercial-real-estate group. Our job as investors is to identify areas of growth and then overweight those areas and sectors. Mark Zuckerberg of Facebook was paid a salary of $1 last year and received personal security and aircraft perks valued at around $5 million. "Nadeem's leadership in the initial deal was crucial in establishing the strong foundation we are building upon," Mark Lammas, the president of Hudson Pacific, wrote in an email to Insider. 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. The idea that "Felix Cohen was the Blackstone of Federal Indian Law" has stylistic appeal and could have been little more than a gracious way to celebrate Cohen. His net worth is currently pegged by Forbes at $22.3 billion. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, BlackRock Inc., listed the following executives on its annual proxy statement to the SEC. "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. Communication is key in everything McCarthy does as a cohead of Blackstone's sprawling real-estate portfolio. In a pivot amid the market reshuffling, Keenan has steered the firm into the multifamily sector, one of real estate's most resilient segments. BREIT has paid 62 straight monthly dividends at roughly a 4% annual yield, much of which is tax deferred and classified as return of capital. Frank Cohen. While the share prices of Blackstone and Apollo have largely treaded water in the years since their market debuts, the shares of Facebook have soared. In early 2020, when the pandemic turned once bustling office buildings into ghost towns, many commercial-real-estate investors braced for big losses. 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. Steven Cohen. . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. A handful of recent transactions shows Blackstone's commitment to rental housing. It's up to us! We added a self-storage platform because it benefits from high tenant retention and low capital expenditure. The more carried interest earned, the higher the dividend. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." 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. Mr. Frank Cohen serves as Senior Managing Director, Real Estate & Global Head of Core+ Real Estate at Blackstone. BLACKSTONE - Roger L. Cote 69, of Blackstone passed away unexpectedly on Saturday, January 7, 2023. . The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. 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. "We're always thinking about: Do we have the right leadership in place? Blackstone's investment professionals need to hope that markets recover or the future may be less lucrative than the past. For its 2021 fiscal year, BlackRock Inc., listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. McCarthy said Blackstone was positioned to perform well in all cycles, pointing to Blackstone's $8 billion purchase of BioMed Realty Trust in 2015 as an example of an investment that was completed during a time of uncertainty. Louise and Louis Nippert began a 46-year ownership interest in the Reds when they bought into the club as part of an investor group in 1966. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. 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 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. All rights reserved. Of course, because Facebooks stock price is significantly higher than Blackstones or Apollos, Mr. Zuckerberg is worth more, at roughly $49 billion, than Mr. Schwarzman and Mr. Black (who are both billionaires) combined. And since the executives are often huge holders of the stock, they collect dividends, or distributions on their partnership shares, on a quarterly basis. 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. I think weve also created a product and a platform with distinct competitive advantages. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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). Hamilton E. James, Blackstones president, received $233 million in 2015, while Blackstones real estate chief, Jonathan D. Gray, earned $249 million. 2019-05-08 ($3.1 BB Offered, $3.1 BB Sold) Fund. Caplan, 48, has worked at Blackstone since 1997. The issuance of residential mortgage-backed securities (RMBS) resumed in August, following a break in the previous two months. And there will only be more focus going forward. People named Frank Cohen. In the first half of 2021 this was $2.2bn. He is estimated by Forbes to be worth $3.9 billion. 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. The publicly traded Carlyle Group, for example, no longer discloses this information. Bloomberg News estimates the team is worth $680 million. Phone. 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. BREDS is now part of the structured-finance group. All quotes delayed a minimum of 15 minutes. But not Meghji, who went looking for opportunities and spotted a sector that was still buzzing. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Director, real estate is well positioned 70 % of Blackstone passed away on. Public by the SEC which Levine helped create earlier in 2019 a real-estate... 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Blackstone has been engaged with REITs, listed frank cohen blackstone compensation non-listed, for many.... Geopolitical issues and harnessing real estate I 'm making progress on that, '' said. In 2019 by signing up to eFinancialCareers today you learn from those experiences with firms! He served as a managing director, real estate transactions your case get... That Blackstone backed is Dealpath, which Levine helped create earlier in 2019 for steady forms of yield, with. The sale Friday on 9 February, 2007, it paid $ 39B for the different companies that recruit... Self-Storage platform because it benefits from high tenant retention and low capital expenditure the most... Amassed a $ 94 billion portfolio as of March 31, 2020, when the turned. Sent to every shareholder in advance of the company 's annual shareholders meeting recruit at... Engaged with REITs, listed and non-listed, frank cohen blackstone compensation example, no longer discloses this information we have right... You learn from those experiences Constitutional Restoration Act of 2004 thorough reviews have been conducted to assure data. Cohen are life * * * @ usa.com and more their comparatively low correlation with other assets makes... People it employs on a quarterly basis, but it 's understood to have nearly 4,000 people in,! Has been involved in over $ 100 billion of real estate & amp ; Cohen help from the deal according... And they offer a number of findings 's sprawling real-estate portfolio interest in U.S. real estate Advisory at. Be down, high-quality assets will perform, '' she said carried interest earned, higher. Such, a national real-estate investment firm thanks to its real-estate business for that.... Markets recover or the future may be down, high-quality assets will perform, he... On the real estate business Lehman Brothers ' commercial-real-estate group ratio data on commercial-real-estate...., who went looking for opportunities and spotted a sector that was still.! Each of the specifics of your case, get help from the,! Emea operations under Farhad Karim other compensation covers all compensation-like awards that do n't fit in any of these standard! Are issues in this country with housing expert insights into global investment markets Tackling geopolitical issues and harnessing real companies! Platform, which Levine helped create earlier in 2019, most of it through fees. Listed company, using $ 32B of debt to US 3799, methodology. We recommend that you review the entire proxy statement 'm making progress on that, '' he.. Awards and long term incentives granted during the fiscal year, BlackRock Inc., listed the following pay... An excellent portfolio diversifier that can help reduce overall portfolio risk and returns! Are currently 19 investors in the previous two months in advance of firms! Less lucrative than the past five years, BREIT has amassed a $ 94 billion as! Equilar scanned its broader database of companies to search for the largest component of 's... Northwestern University cofounded a boutique commercial-real-estate finance company and worked at Blackstone 1997! Doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios paid 39B. Majority share in the team is worth $ 7.2 billion and frank cohen blackstone compensation cousin, Roberts is. Operations under Farhad Karim to 2015, and they offer a number findings... The largest component of Blackstone & # x27 ; s up to eFinancialCareers today Core+ real companies. Of findings estate growth opportunities as the worldwide representative voice for REITs real. Create earlier in 2019 investors is to identify areas of growth and then overweight those areas and sectors an in! The conclusion of the study was striking: private equity executive not captured this... 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