BREIT Appoints Wesley LePatner CEO
Blackstone Real Estate Income Trust (BREIT) has announced a significant leadership change. Wesley LePatner, the current Chief Operating Officer, will become BREIT's Chief Executive Officer on January 1, 2025. She will succeed Frank Cohen, who plans to retire from Blackstone at year-end after nearly 30 years with the company. Cohen will remain Chairman of BREIT's Board of Directors.
LePatner, who joined Blackstone in 2014, has been integral to BREIT's success, having helped conceive, build, and operationalize the strategy as COO and a Board member. BREIT's portfolio is over 85% concentrated in data centers, industrial, and rental housing sectors, which are benefiting from megatrends. Since its inception over seven and a half years ago, BREIT has delivered a 10% annualized net return on Class I, outperforming publicly traded REITs by approximately 2x.
Blackstone Real Estate Income Trust (BREIT) ha annunciato un cambiamento significativo nella leadership. Wesley LePatner, l'attuale Chief Operating Officer, diventerà Chief Executive Officer di BREIT il 1 gennaio 2025. Sostituirà Frank Cohen, che prevede di andare in pensione dalla Blackstone alla fine dell'anno dopo quasi 30 anni nell'azienda. Cohen rimarrà Presidente del Consiglio di Amministrazione di BREIT.
LePatner, che è entrata in Blackstone nel 2014, è stata fondamentale per il successo di BREIT, avendo contribuito a concepire, costruire e attuare la strategia come COO e membro del Consiglio. Il portafoglio di BREIT è composto per oltre l'85% da centri dati, settore industriale e alloggi in affitto, che beneficiano delle megatendenze. Dalla sua creazione oltre sette anni e mezzo fa, BREIT ha offerto un ritorno netto annualizzato del 10% sulla Classe I, superando i REIT quotati pubblicamente di circa 2 volte.
Blackstone Real Estate Income Trust (BREIT) ha anunciado un cambio significativo en el liderazgo. Wesley LePatner, la actual Directora de Operaciones, se convertirá en Directora Ejecutiva de BREIT el 1 de enero de 2025. Ella sucederá a Frank Cohen, quien planea retirarse de Blackstone a finales de año tras casi 30 años en la empresa. Cohen seguirá siendo Presidente de la Junta de Directores de BREIT.
LePatner, quien se unió a Blackstone en 2014, ha sido fundamental para el éxito de BREIT, ayudando a concebir, construir y operacionalizar la estrategia como COO y miembro de la Junta. El portafolio de BREIT está compuesto en más del 85% por sectores de centros de datos, industrial y vivienda en alquiler, que se benefician de las megatendencias. Desde su creación hace más de siete años y medio, BREIT ha entregado un retorno neto anualizado del 10% en la Clase I, superando a los REIT cotizados públicamente por aproximadamente 2 veces.
블랙스톤 리얼에스테이트 인컴 트러스트(BREIT)는 중요한 리더십 변화를 발표했습니다. 웨슬리 레파트너 현재 COO가 2025년 1월 1일부로 BREIT의 CEO가 됩니다. 그녀는 생애 30년을 블랙스톤에서 보낸 프랭크 코헨을 후임합니다. 코헨은 BREIT 이사회 회장직은 유지합니다.
2014년 블랙스톤에 합류한 레파트너는 COO와 이사로서 전략을 구상하고 구축하며 운영하는 데 중요한 역할을 했습니다. BREIT의 포트폴리오는 데이터 센터, 산업, 임대 주택 부문에 85% 이상 집중되어 있으며, 이는 메가트렌드의 혜택을 보고 있습니다. BREIT은 7년 반 이상의 기간 동안 클래스 I에서 연평균 10%의 순수 수익률을 제공하며, 상장된 REITs를 약 2배 초과 이익을 보였습니다.
Blackstone Real Estate Income Trust (BREIT) a annoncé un changement de leadership significatif. Wesley LePatner, l'actuelle Directrice des opérations, deviendra Directrice générale de BREIT le 1er janvier 2025. Elle succédera à Frank Cohen, qui prévoit de prendre sa retraite chez Blackstone à la fin de l'année après près de 30 ans au sein de l'entreprise. Cohen restera Président du Conseil d'administration de BREIT.
LePatner, qui a rejoint Blackstone en 2014, a été essentielle au succès de BREIT, ayant contribué à concevoir, construire et mettre en œuvre la stratégie en tant que COO et membre du Conseil. Le portefeuille de BREIT est composé de plus de 85% de centres de données, d'industries et de logements locatifs, tirant parti des mégatendances. Depuis sa création il y a plus de sept ans et demi, BREIT a fourni un rendement net annualisé de 10% sur la classe I, surpassant les REIT cotés publiquement d'environ 2 fois.
Blackstone Real Estate Income Trust (BREIT) hat eine bedeutende Veränderung in der Führung angekündigt. Wesley LePatner, die aktuelle Chief Operating Officer, wird am 1. Januar 2025 Chief Executive Officer von BREIT. Sie wird Frank Cohen nachfolgen, der plant, Ende des Jahres nach fast 30 Jahren bei Blackstone in den Ruhestand zu treten. Cohen bleibt Vorsitzender des Vorstands von BREIT.
LePatner, die 2014 zu Blackstone kam, war entscheidend für den Erfolg von BREIT, indem sie als COO und Vorstandsmitglied dazu beigetragen hat, die Strategie zu konzipieren, aufzubauen und zu operationalisieren. Das Portfolio von BREIT ist zu über 85% in Rechenzentren, Industrie und Mietwohnungen konzentriert, die von Megatrends profitieren. Seit seiner Gründung vor über sieben Jahren hat BREIT eine jährliche Netto-Rendite von 10% bei Klasse I geliefert und damit die börsennotierten REITs um etwa das Doppelte übertroffen.
- Wesley LePatner, with extensive experience in BREIT's operations, is appointed as the new CEO
- BREIT's portfolio is strategically concentrated (85%) in high-growth sectors: data centers, industrial, and rental housing
- BREIT has delivered a 10% annualized net return on Class I since inception, outperforming publicly traded REITs by ~2x
- Frank Cohen will remain as Chairman of BREIT's Board of Directors, ensuring continuity in leadership
- Retirement of long-standing executive Frank Cohen may lead to potential disruption in leadership continuity
Frank Cohen to Retire at Year-End; Will Remain Chairman of BREIT Board
Kathleen McCarthy and Nadeem Meghji, Global Co-Heads of Blackstone Real Estate, said: “This announcement effectuates the next stage of BREIT’s long-planned succession. We are incredibly fortunate to have a colleague of Wesley’s caliber, who has been intimately involved with BREIT since inception. Wesley will seamlessly step in at a time when real estate values have begun to recover. Frank has been a valuable partner and mentor to all of us and we are incredibly grateful for his dedication to the business.”
Jon Gray, President & COO of Blackstone, said: “For almost 30 years, Frank has been a friend, partner and enormous contributor to the success of Blackstone Real Estate. We will all miss him. We are quite pleased he will continue as Chairman of BREIT. We are confident that Wesley will continue to drive exceptional performance through her tremendous talent and sector expertise. We couldn’t be prouder of how BREIT has delivered for investors since inception seven and a half years ago.”
Ms. LePatner joined Blackstone in 2014 to spearhead the creation of the Core+ business, including the launch of all three open-ended Core+ strategies (
Since joining Blackstone in 1996, Mr. Cohen has held a number of leadership positions in Blackstone Real Estate, including overseeing Americas Acquisitions, Global Head of Core+ Real Estate and Chairman and CEO of BREIT.
Ms. LePatner said: “I am honored to become CEO of BREIT. Its portfolio is over
Mr. Cohen said: “I want to express my deepest gratitude to Steve, Jon and the entire Blackstone team for creating the culture of excellence that has made this a first-rate place for our employees and investors alike. Wesley is a phenomenal leader and I look forward to seeing her continue to drive exceptional performance for BREIT’s investors.”
Since inception over seven and a half years ago, BREIT has delivered a
About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in BREIT’s prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BREIT’s public filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com
(212) 583-5395
Source: Blackstone Real Estate Income Trust, Inc.
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