Glen Bartley
About Glen Bartley
Glen Bartley, age 39, has been Chief Operating Officer of Blackstone Real Estate Income Trust, Inc. (BREIT) since March 2025 and is a Managing Director in Blackstone Real Estate. He previously focused on performance in office and lab office investments at Blackstone and spent 10 years at Goldman Sachs across acquisitions, asset management, and debt originations/restructurings. He holds a BE in Mechanical Engineering from Vanderbilt University and an MBA from Columbia Business School . BREIT is externally managed and does not disclose executive TSR or revenue/EBITDA growth metrics for individual officers; executive officers are compensated by Blackstone rather than by BREIT .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Real Estate | Managing Director; investment team focus on office and lab office | Joined July 2019 | Driving performance in office and lab office investments |
| Goldman Sachs | Real estate business (acquisitions, asset management, debt originations/restructurings) | 10 years | Broad execution across acquisitions, asset mgmt, and debt restructuring |
External Roles
No external board or committee roles disclosed for Bartley in the proxy or 8-K appointment .
Fixed Compensation
BREIT is externally managed by BX REIT Advisors L.L.C.; executive officers, including Bartley, receive compensation from Blackstone and not from BREIT. BREIT does not reimburse the Adviser for executive compensation and does not have employment agreements, pensions, perquisites, or severance/change-in-control payments for executive officers .
| Item | Disclosure |
|---|---|
| Base salary | Not paid by BREIT; executives compensated by Blackstone |
| Target bonus % | Not paid by BREIT; executives compensated by Blackstone |
| Actual bonus paid | Not paid by BREIT; executives compensated by Blackstone |
Performance Compensation
BREIT did not grant stock options or executive equity awards as of December 31, 2024; executives are paid by Blackstone. In August 2025 the Board amended and restated the 2022 Stock Incentive Plan and registered shares under the amended plan, but no specific Bartley grants are disclosed .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Executive incentive metrics | Not applicable at BREIT level; executives compensated by Blackstone | — | — | — | — |
Plan mechanics (A&R 2022 Stock Incentive Plan):
- Options: Exercise price ≥ 100% fair market value; nonqualified; max term 10 years; vesting per award; blackout extension provision .
- SARs: Strike ≥ 100% fair market value; max term 10 years; can be tandem with options; settlement in cash or shares .
- RSUs: Unfunded promise to deliver shares/cash/property subject to service and restrictions .
- Corporate transactions/change events: Committee may accelerate, provide exercise window (≤10 days), or cancel and pay vested award value; underwater options/SARs may be canceled without consideration; equitable adjustments for equity restructurings .
Equity Ownership & Alignment
- Security ownership table lists directors and named executive officers; Bartley is not individually listed, and his beneficial ownership is not separately disclosed. All current executive officers and directors as a group (14 persons) beneficially owned 3,510,613 Class I shares (<1% of 3,651,641,363 outstanding) as of March 28, 2025 . Blackstone employees, including executive officers, collectively owned approximately $1.3 billion of BREIT common stock and OP units as of March 28, 2025 .
- Insider trading policy: Covered persons must obtain Blackstone pre-clearance to trade Company securities; the Company does not have a hedging policy for officers, employees, and directors at this time .
- Director stock ownership guidelines: Non-employee directors must hold 5× annual cash retainer within five years; all non-employee directors are in compliance. No executive ownership guidelines disclosed .
| Item | Disclosure |
|---|---|
| Bartley total beneficial ownership | Not individually disclosed in Security Ownership table |
| Ownership % of outstanding | Not individually disclosed; group of 14 persons <1% |
| Vested vs unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed for Bartley; BREIT did not grant options as of YE 2024 |
| Pledging | No pledging disclosure; insider trading pre-clearance required |
| Hedging | No hedging policy at the Company level |
| Stock ownership guidelines (executives) | Not disclosed; director-only policy |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date | Appointed COO effective March 6, 2025 |
| Employment agreement | None; BREIT does not have employment agreements with executive officers |
| Severance provisions | None at BREIT; no severance or termination arrangements |
| Change-of-control economics | None at BREIT for executive officers; awards under A&R 2022 SIP may be adjusted/paid per plan if applicable |
| Clawback provisions | Not specified in proxy/S-8 excerpts; plan provides adjustment mechanisms but no explicit clawback disclosed in cited sections |
| Non-compete / non-solicit | Not disclosed for executive officers |
| Indemnification | Company has indemnification agreements with each director and officer, indemnifying to fullest extent under Maryland law, with expense advancement subject to conditions |
Governance and Compensation Committee Context
BREIT’s Compensation Committee is fully independent and oversees compensation matters to the extent BREIT directly awards compensation, but BREIT does not directly compensate its executive officers. The Committee engaged Ferguson Partners Consulting L.P. to review non-employee director compensation; Ferguson Partners was paid $30,000 in 2024 .
Related Party Economics and Alignment Context
- Advisory Agreement: Adviser receives a management fee equal to 1.25% of monthly NAV for specified share classes; $713.6 million in 2024, with OP units issued for fees and a $56.4 million payable at YE 2024 .
- Performance Participation: Special Limited Partner (Blackstone affiliate) is entitled to 12.5% of Total Return subject to 5% hurdle and high-water mark; quarterly accruals and shortfall mechanics disclosed, including 2022 and 2024 quarterly shortfall treatment . These economics drive overall BREIT incentives rather than individual officer pay .
Investment Implications
- Compensation alignment: Bartley’s compensation is at Blackstone, not BREIT; BREIT-level pay-for-performance analysis for Bartley is not possible from Company disclosures. This limits direct assessment of his salary/bonus/equity alignment with BREIT outcomes .
- Ownership and trading signals: No individual Section 16 ownership or Form 4 activity is disclosed for Bartley; the Security Ownership table does not list him individually. BREIT’s lack of a hedging policy and requirement for Blackstone pre-clearance are relevant for trading behavior but do not reveal selling pressure or pledging by Bartley .
- Retention risk: Absence of BREIT employment agreements or severance suggests flexibility at the Company level; however, executives are Blackstone employees, and retention dynamics are governed by Blackstone, not BREIT, with no Company-level severance/change-in-control obligations .
- Potential future equity linkage: The A&R 2022 Stock Incentive Plan adopted in August 2025 provides vehicles (RSUs, options, SARs) with standard market features and change-event treatments. No Bartley-specific grants are disclosed, but the plan could introduce Company-level equity alignment going forward .
Bottom line: BREIT’s externally managed structure means Bartley’s pay, incentives, and retention are determined at Blackstone, and BREIT does not disclose executive-level compensation metrics or individual ownership for Bartley. Investors should focus on Adviser economics (management fee, performance participation) and Board oversight, while monitoring future S-8 plan grants to see if Bartley’s alignment with BREIT outcomes increases via Company equity awards **[1662972_0001628280-25-015701_bstt-20250331.htm:30]** **[1662972_0001628280-25-015701_bstt-20250331.htm:34]** **[1662972_0001628280-25-015701_bstt-20250331.htm:35]** **[1662972_0001193125-25-250119_d12090ds8pos.htm:0]** **[1662972_0001193125-25-250108_d270961dex412.htm:0]**.