Blackstone Real Estate, a global leader in real estate investing, has announced significant leadership changes within its real estate business. Katie Keenan has been appointed CEO of Blackstone Real Estate Income Trust, Inc. (BREIT) and global head of the core+ real estate business, succeeding Wesley M. Lepatner. Keenan's appointment is effective immediately, and she brings extensive experience, having held various leadership positions since joining the firm in 2012.
Under Keenan's leadership, BREIT has seen strong performance, with a highly differentiated portfolio that has led to a 9.2% annualized net return on class I since inception over 8 and a half years ago, over 60% higher than the public REIT index on a cumulative basis. The portfolio is approximately 90% concentrated in sectors benefitting from long-term, secular megatrends, particularly data centers. Keenan expressed optimism about BREIT's positioning, stating that she looks forward to capitalizing on the ongoing real estate recovery, given the sharp decline in new supply, reduced cost of debt capital, and increased transaction activity.
At the same time, Tim Johnson has been appointed CEO of Blackstone Mortgage Trust, Inc. (BXMT), succeeding Keenan. Johnson, who has been actively involved in overseeing BXMT for over a decade, has deep expertise across Blackstone's commercial real estate credit investment strategies. Under his leadership, BXMT has seen significant momentum, including $2.6 billion in new investments last quarter and a nearly 20% year-to-date total return. The broader Blackstone Real Estate Debt Strategies (BREDS) platform, which includes BXMT, has deployed $38 billion since the beginning of 2024, indicating a high level of activity in capturing the real estate credit environment.
These leadership changes come amidst the backdrop of a highly active real estate credit environment, with Blackstone Real Estate having a deep bench of talented colleagues focused on delivering for its investors. The changes are effective November 10, 2025, and Blackstone Real Estate's global co-heads, Nadeem Meghji and Kathleen McCarthy, expressed confidence in the invaluable leadership and investing experience that Keenan and Johnson bring, expecting strong performance across both businesses. The market has reacted to these announcements by moving the company's shares -0.18% to a price of $19.415. Check out the company's full 8-K submission here.
