Thursday, June 20th, 2013
8:19 PM
Registration...Breakfast Courtesy of:

Pre-Symposium Workshop

8:00 AM
Pre-Symposium Workshop: The Non-Traded REIT Industry Working in Tandem to Meet the Interests of Retail Investors
Efforts have been made within the Non-Traded REIT industry to increase transparency, offer greater liquidity, move towards standardization in performance measurement and, ultimately, to better meet the needs of retail investors. However, there is still much work to be done to gain wider market acceptance .This session addresses advances that have been made in meeting investor and regulator - requirements, but more importantly focuses on the work that still needs to be done. We address common goals, achievements to-date, stumbling blocks and what further needs to be done as well expected timelines for completion.

  • Peter Fass, Partner, PROSKAUER ROSE LLP (Moderator)
  • Chris Stambaugh, Partner, DLA PIPER
  • Ross Prindle, Managing Director - Global Leader, Real Estate Services Group, DUFF & PHELPS LLC
  • Neil Greene, Senior Vice President / Due Diligence, NEWBRIDGE SECURITIES CORPORATION
  • Keith Allaire, Managing Director, ROBERT A. STANGER & CO., INC.
8:19 PM
Pre-Symposium Workshop Concludes

Official Symposium Sessions Begin

8:19 PM
Welcome from IMN and Chairpersons' Opening Remarks

  • Rosemarie Thurston, Partner, ALSTON & BIRD LLP
  • Peter Fass, Partner, PROSKAUER ROSE LLP
9:05 AM
That Was Then, This is Now: Charting a Strategic Path for Success Within the Non-Traded REIT Industry
In highlighting significant events within the evolution of the Non-Traded REIT industry, Nicholas S. Schorsch, Chairman and CEO of American Realty Capital will address how product sponsors have adapted their offerings to meet the changing requirements of investors and regulators. With a particular focus on the five years since the global economic downturn, Mr. Schorsch will also outline the core strategic components of what it takes to be a successful non-traded REIT sponsor today and what new entrants to this dynamic industry need to do and consider. Finally, Mr. Schorsch offers his own perspective on what the future holds for non-traded REITs and steps sponsors should be taking to stay ahead of the curve.

  • Nicholas Schorsch, Chairman & CEO, AMERICAN REALTY CAPITAL
8:19 PM
CEO Panel - Adapting to the Recent Changes and Positioning for the Future of the Non-Listed REIT Industry
* The past 12 months have seen some seasoned Non-Traded REIT sponsors leave the market: Do you anticipate more will do the same? What does this signify for the industry? How will this impact investor and regulator confidence in Non-Traded REITs? * Despite advances within the industry to be more transparent and to offer greater liquidity, investors and regulators still have concerns about the product: What are you doing to further address these? Are some concerns out-dated based on advances the industry has taken? How do product sponsors need to work with regulators to better gain acceptance? * Daily NAV products: Why havent they been fully embraced by investors yet? What more needs to be done here? *Is there a next generation of product structure on the horizon? How can new products better meet retail investor needs in their structures? * What is your view on distribution channels: Will more wire-houses enter the market, and if so, what will it take to make this happen? What impact have the recent liquidity events for NT REITs, some of which have been completed very soon after the IPO, had on the market? How have you changed your investment, capital raising and liquidity strategies in response to these trends? * What are the next steps for this industry? Where will we be in 12 months time? *

  • Rosemarie Thurston, Partner, ALSTON & BIRD LLP (Moderator)
  • Nicholas Schorsch, Chairman & CEO, AMERICAN REALTY CAPITAL
  • Marc Nemer, President and CEO, COLE REAL ESTATE INVESTMENTS
  • Dan Gilbert, Chief Investment & Operating Officer / Chief Executive Officer & President, NORTHSTAR ASSET MANAGEMENT GROUP, LTD. / NORTHSTAR REAL ESTATE INCOME II, INC.
  • Alan Feldman, Chief Executive Officer, RESOURCE REAL ESTATE
  • Jacob Frydman, Chairman & CEO, UNITED REALTY ADVISORS LP
8:19 PM
Non-Traded REIT Market Update and Mid-Year Review
This comprehensive review of current Non-Traded REIT market trends/outlook for the remainder of 2013 and beyond will set the scene for issues which will be discussed during the balance of the event.

* Why have some product sponsors left the market this year? How does this compare to the number of new entrants? What, if anything, does this signify for the Non-Traded REIT industry? * How has consolidation within Broker/Dealers impacted the Non-Traded REIT market? What can we expect for next year? * Are Non-Traded REITs maintaining their share of retail investment capital flows? Are retail investors still embracing the product or are they being discouraged by negative press? * How many new market entrants are we likely to see next year? Can the market sustain more new entrants, particularly with fewer independent Broker/Dealers to sell the product? * What are the most significant product innovations and are they gaining acceptance in the marketplace? * How much market share did new Non-Traded REITs take from established REITs in the past 12 months? How will the division of market share look in 2013-14? * What must the industry do to evolve to the next level of investor and financial advisor penetration? What are the near-term and long-term growth prospects for the industry? How robust is the Non-Traded REIT industry looking? *

  • Keith Allaire, Managing Director, ROBERT A. STANGER & CO., INC.
11:00 AM
Morning Refreshments Courtesy of:

8:19 PM
Regulatory Update: A Practical Look at How Regulation/Legislation Will Directly & Indirectly Impact the Different Stakeholders in the Non-Traded REIT Industry
The following panel tackles the implications of various key regulations/proposed legislation for the different stakeholders (product sponsors and retail distributors) in the Non-Traded REIT industry. In doing so, we will identify the timeline of new regulations and also the likelihood of particular regulation actually being enacted.

· Dodd Frank
· Blue Sky

  • Judith Fryer, Corporate Shareholder, Co-Chair REIT Practice, GREENBERG TRAURIG, LLP (Moderator)
  • Lesley Solomon, Partner, ALSTON & BIRD LLP
  • Jason Silverstein, Executive Director & Associate General Counsel, CME GROUP
  • Kirk Montgomery, Head of Regulatory Affairs, CNL FINANCIAL GROUP, LLC
  • Robert Bergdolt, Partner, DLA PIPER
  • Ronald Lieberman, General Counsel, NORTHSTAR REALTY FINANCE CORP.
8:19 PM
Perspectives on Macro-Economic & Structural Change/Megatrends Shaping Society - What Does it Mean for Real Estate Investment in the Medium- Long-Term?
We invite our panelists, who each have their own particular perspective optimistic, pessimistic and somewhere in the middle - on the health and outlook of the economy to share their viewpoints on how key economic and political factors will impact the real estate markets over the next2-7 years.

* How stable is the recovery mode? What is driving it? * When will we start to see a positive impact in the real estate markets? * What is going on in the economy and what can we expect in the next 2-7 years: Cap rates; interest rates; inflation/deflation; unemployment rates and future job growth prospects; CRE mortgage loan prices; default rates; CRE values? What does this all mean for commercial real estate? What global economic/political forces will likely have an impact on the US economy? What will be the subsequent impact on the real estate markets? * How are the different asset classes/geographic regions faring? Where are pricing levels? Lending levels? What financing is available? Any green shoots? What? Analyzing occupancy/vacancy rates and other key performance indicators for different geo regions * What is hot and what is not in terms of asset class? * What markets have stabilized and what further stabilization can we expect in the next few years? What areas will take longer to stabilize? How long? *

  • Rich Hause, Director, Forensic Valuation Services (FVS), GRANT THORNTON (Moderator)
  • Robert Froehlich, Independent Director and Audit Committee Chair, AMERICAN REALTY CAPITAL
  • David Lynn, EVP, Chief Investment Strategist, COLE REAL ESTATE INVESTMENTS
  • Glenn Mueller, Real Estate Investment Strategist, DIVIDEND CAPITAL
  • Kevin Murray, Regional Executive and Senior Vice President, KEYBANK
1:00 PM
Luncheon Courtesy of:

Concurrent Session: Choose 'A' or 'B'

8:19 PM
Wire-houses & RIAs: Are Doors Finally Opening Within this Distribution Channel for Non-Traded REITs? The Latest in Alternative Ways of Raising Non-Traded REIT Capital
In this session we will examine the ins and outs of fundraising for Non-Traded REIT sponsors, including how recent liquidity events may have an impact on current fundraising efforts, the role of wire-houses and RIAs, as well as proposed rules under Regulation D that could open up further possibilities. Among the points to be addressed are:

* Examining the Bank of America Merrill Lynch -Jones Lang LaSalle deal: Why has it taken so long to do this? Why now? Will we see more wire-houses jumping on the Non-Traded REIT bandwagon? What will it take to make this happen? * Should Independent Broker/Dealers be concerned about possible loss of business? * As an RIA what is your take on the Non-Traded REIT product as an alternative investment? What is the interest amongst your client base? What must the product offer to be attractive to RIAs? Why would a RIA not put a Non-Traded REIT product on their advisory platform? * Valuation: How concerned are you about this? What do you see as best practices? * RIAs are hard to find: How can Non-Traded REITs source and access this market?

  • Brad Thomas, Editor, THE INTELLIGENT REIT INVESTOR (Moderator)
  • Michael Weil, President, RCS CAPITAL
  • Jeff Holland, CFA, EVP, Head of Capital Markets, COLE REAL ESTATE INVESTMENTS
  • James Gerkis, Partner, PROSKAUER
  • Frank Chandler, Senior VP, National Sales Director, UNITED REALTY ADVISORS LP
8:19 PM
The Good, the Bad and the Ugly of Exit Strategies – What Non-Traded REIT Sponsors Need to Know, Do & Avoid
In this session we examine the different liquidity options open to Non-Traded REIT sponsors. We look at their pros and their cons; common stumbling blocks; challenges and how to overcome them; and lessons that can be learned from prior liquidity events. Case study examples will be used. Among the issues addressed are:

* What are the unique business and legal considerations/challenges for Non-Traded REITs with different liquidity event strategies? * Understanding Roll-Up Rules and other charter provisions * Tax and sponsor compensation issues * Handling investor flow-back * Conflicts of Interest *

  • Peter Fass, Partner, PROSKAUER ROSE LLP (Moderator)
  • Brian Block, Executive Vice President & CFO, AMERICAN REALTY CAPITAL PROPERTIES
  • David Lazarus, Senior Managing Director, EASTDIL SECURED
  • Michelle Jewett, Partner, MORRISON & FOERSTER LLP
  • Christopher Pate, Partner, VENABLE LLP
8:19 PM
Comparing & Contrasting Alternative Investments for Retail & Institutional Investors in Today’s Climate
In this session we look at how Real Estate, with a particular focus on Non-Traded REITs, compares to other popular alternative investments for end-investors. We examine correlations and performance characteristics, risk and reward profiles, allocations, red flags and other key considerations when undertaking such investments. Among the points to be addressed are:

* Assessing the pros and cons of Non-Traded REITs and Real Estate investments vs. other alternative investments: Business Development Companies, timber, oil & gas, hedge funds, ETFs, etc. * How well-positioned are the different alternative investments for optimizing returns in 2013-15 and beyond? Which are short term solutions for a lack of capital vs. a long-term place to be? * What is the main competition to Non-Traded REITs and Real Estate today? * Will institutional investors be back? How do Non-Traded REITs fit an investor's portfolio? Are they best suited for qualified plans? *

  • Robert Cudd, Partner, MORRISON & FOERSTER LLP (Moderator)
  • Robert Antonio, President, ANTONIO FINANCIAL GROUP
  • Curtis Shoch, SVP / National Sales Director, INLAND SECURITIES CORPORATION
  • Wolf Hanschen, Director of National Accounts, NOBLE ROYALTIES, INC.
  • Kevin Finkel, President, RESOURCE REAL ESTATE
8:19 PM
Daily Net Asset Value REITs: What Will it Take for These to Succeed?
We have been addressing Daily NAV REITs over the past year at the IMN Non-Traded REIT Symposia, yet questions still abound about this product, and they have yet to be fully embraced by investors.  This panel session examines  the latest on these REITs in terms of how they are being sold; their challenges from the sponsor viewpoint;  their pros and cons from the retail investor perspective; the level of investor interest and why sponsors have not yet gotten the level of investor interest that they had anticipated. Ultimately we will ask what is the future of Daily NAVs and what it will take for them to succeed.

  • Peter LaVigne, Partner, GOODWIN PROCTER LLP (Moderator)
  • Jeff Shafer, President, CNL SECURITIES CORP.
  • Alan Calderon, Co-Head of Due Diligence, REALTY CAPITAL SECURITIES
  • Constantine "Tino" Korologos, Managing Director , SITUS
  • Jacob Frydman, Chairman & CEO, UNITED REALTY ADVISORS LP
8:19 PM
CIO/Acquisition Perspective: Real Estate Investment to Weather the Different Economic/Market Scenarios
Following on from the macro-economic panel earlier in the Symposium, this session brings senior investment/acquisition executives together to discuss where they see prime opportunities for Real Estate investment now and in the coming years. In answering the questions below, we pay particular attention to: Multi-Family, Healthcare, Retail, Debt, Hotels, Office, Net Lease, Single Family and Data Centers

* Are we seeing a sustained revival in real estate? What is your outlook for the real estate market? * What real estate asset classes are you favoring and why? In what geos? What wont you touch? * What international regions offer key investment opportunities? Developed vs. emerging markets; Distressed vs. new development: What is the potential here for Non-Traded REITs? * What are your return expectations? What is this based on? Have return expectations become too short-term? Have investors lost their patience to allow true performance? * Have you changed your real estate investment strategy? If so, how and in response to what drivers? Are you moving beyond core investments? Given the differences in pricing spreads, should investors now look at secondary/tertiary markets? How are you thinking about risk in this environment? What is your risk tolerance now? *

  • Steven Lichtenfeld, Partner, PROSKAUER (Moderator)
  • Mark Addy, Chief Operating Officer, PHILLIPS EDISON GROCERY CENTER REIT II
  • Kevin Finkel, President, RESOURCE REAL ESTATE
8:19 PM
Preparing for a Due Diligence Audit: Best Practices & Practical Solutions for Small-Mid-Sized Broker/Dealers
* What is involved in a due diligence audit? What are regulators looking for? * Submitting the right information and in the right format* How to streamline processes * Common errors to avoid * Timelines to expect * Best practices in working with Non-Traded REIT product sponsors in preparing for the audit *

  • Todd Snyder, Co-President, SK RESEARCH (Moderator)
  • Fred Shane, Chief Risk Officer, COMMONWEALTH FINANCIAL NETWORK
  • Steven Goldberg, Principal, GRANT THORNTON
8:19 PM
Refreshments Courtesy of:

All Attendees Reconvene for the Closing General Sessions

8:19 PM
Top Areas of Focus for Non-Traded REIT Financial Officers: Liquidity Events; Distributions/Dividends; Maximizing Returns for Shareholders
* What are the top three areas of concern today for CFOs of a Non-Traded REIT? * Distributions/dividends: How did you arrive at your policy? How are you communicating with Broker/Dealers and end-investors? If you are in capital-raising mode, is your policy impacting these efforts? * Are you considering a liquidity event any time soon? When is the best time to exit? What exit strategies are you favoring? How are you planning on maximizing returns for your retail investors? * What is your perspective on internalization fees: Waive, subordinate or charge? What are the alternatives? Which way should the industry go? How to standardize this? * Tax: What are the key issues today for Non-Traded REITs? * How do you see the business model for Non-Traded REITs evolving in light of tighter regulation and a move towards greater transparency? *

  • Gerald Thomas, Partner, MORRIS, MANNING & MARTIN, LLP (Moderator)
  • Brian Block, Executive Vice President & CFO, AMERICAN REALTY CAPITAL PROPERTIES
  • Christopher Czarnecki, President & Chief Financial Officer, BROADSTONE REAL ESTATE, LLC
  • Kirk McAllaster, EVP & Chief Financial Officer, Real Estate Funds, COLE REAL ESTATE INVESTMENTS
8:19 PM
Networking Cocktail Reception Courtesy of:

8:19 PM
Symposium Day One Concludes

Friday, June 21st, 2013
8:19 PM
Closed Door Broker/Dealer Session Hosted by:
We are pleased to offer independent retail broker/dealers, RIAs and family offices a confidential peer-to-peer open discussion forum. The following roundtable will enable participants to freely discuss issues at the top of their agenda. Participation is strictly limited to qualified attendees .To register and to submit discussion points, please email Submitted questions will remain anonymous.

8:19 PM
Breakfast Courtesy of:

9:00 AM
Broker/Dealer Executive Panel: Managing Change; Top Priorities; REIT Market & Retail Sales Outlook
* What are your top priorities right now? How do you foresee your business continuing to evolve with regulatory, market and economic drivers? With market consolidation, and wire-houses now entering the Non-Traded REIT industry, what is the outlook for independent retail Broker/Dealers? * What is your current perspective on Non-Traded REITs, particularly in comparison to the multiple other alternative investments available? What is your take on Daily NAV products? * What is your perspective on recent liquidity events and fast liquidity? Are long holding periods the way of the past? What are you looking for in terms of offering periods and follow-on offerings? What are optimum sales and life cycles? * Have your Non-Traded REIT product selection criteria/processes changed in recent months? Are you increasing/limiting the number of products you offer? What does it take to pull a product from your shelf now? What are the operational issues of pulling a product during the offering stage? How can product sponsors work with you to avoid this from happening? * Are advisors shifting away from Non-Traded REITs, is there an uptick in sales or is it remaining stable? Is the market saturated? If there are two similar products which will be more successful? What does it take for new sponsors to get on your platform? What is the overall outlook for Non-Traded REIT retail sales? * How are Broker/Dealer - Non-Traded REIT sponsor relations evolving? Are you asking for more from product sponsors than you were previously? * What advice would you give other Broker/Dealers-RIAs now considering selling Non-Traded REITs? *

  • Todd Snyder, Co-President, SK RESEARCH (Moderator)
  • Denise Faber, VP and Director of Research, ADVISOR GROUP
  • Frank Tauches, Executive Vice President, AP Holdings, Inc., AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC.
8:19 PM
Why Sell Private Placements? Where Do They Fit on the Broker/Dealer Platform?
Industry commentators are stating that the market for private placements is due to increase exponentially, especially with the JOBs Act removing advertising restrictions. In this session we examine the ins and outs of private placements as a retail investment product, the legal requirements for Broker/Dealers including requirements under new FINRA Rule 5123 and the overall business considerations for Broker/Dealers now considering adding private placements to their platform.

  • Tom Voekler, Managing Partner, Business, KAPLAN VOEKLER CUNNINGHAM & FRANK, PLC (Moderator)
  • Robert Antonio, President, ANTONIO FINANCIAL GROUP
  • Richard Zimmerman, National Sales Director, HARTMAN INCOME REIT
  • Bill Lehew, Director of Strategic Accounts, HINES SECURITIES, INC.
  • Keith Lampi, Director and the Chief Operating Officer, INLAND PRIVATE CAPTIAL CORPORATION
  • Rosemarie Leong, Due Diligence Officer, SANDLAPPER SECURITIES, LLC
  • Jack Creighton, Founder and Managing Member, SOURCENET INVESTMENT SERVICES LLC
8:19 PM
Facilitating Effective & Compliant Sales & Communication Practices Amongst Your Sales Force
In this session we address key steps and tips for educating reps on effective and compliant practices for selling Non-Traded REITs to retail investors. We address the key points for reps to understand and methods for how to best communicate these. We also discuss methods for fostering a strong ongoing rep-client relationship.

· Ensuring investor suitability
· Effectively utilizing key product information: What can/cant sales literature say?
· Utilizing social media in sales and marketing practices
· Point of sale disclosures: What can/cant registered representatives say?
· Disseminating follow-on information on products that are closed
· Ongoing client communication best practices
· Registered representative obligations for post-sale product monitoring/due diligence
· Registered representative vs. Broker/Dealer liabilities

  • Mark Quinn, Director of Regulatory Affairs, CETERA FINANCIAL GROUP (Moderator)
  • Henry Gotlob, Partner, Director of Sales Training, FOGEL NEALE PARTNERS
  • Brent Barton, Executive Vice President-MBD Services, EMERSON EQUITY
8:19 PM
Morning Refreshments Courtesy of:

8:19 PM
Implementing Company-Level Risk Management Procedures to Prevent Regulatory Action & Developing Litigation Strategy for When Issues Arise
In this session we first examine best practices in preventing regulatory action by discussing company-level risk management measures that pre-empt common complaints. Secondly, we will address how to deal with such issues as they arise. In examining the latest litigation cases we will address steps for Broker/Dealers in the event a case is brought against them.

* What can be learned from recent and notable lawsuits? What pre-emptive measures could have avoided these outcomes? * Broker/Dealer vs. rep vs. product sponsor liabilities * What is the latest regulation on the horizon that could have an impact on Broker/Dealer practices? How will this translate into a change in procedure? * How can product sponsors and Broker/Dealers work together for effective and compliant sales and marketing practices? * Defending yourself against litigation: What should/shouldnt Broker/Dealers do? * Navigating through the courts: Real cost plus time and resources * Using in-house lawyers vs. external counsel * Learning from recent cases *

  • Barbara Halper, Principal, FACTRIGHT, LLC (Moderator)
  • Frank Tauches, Executive Vice President, AP Holdings, Inc., AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC.
  • Jennifer Carpenter, Senior Vice President, Associate Counsel, LPL FINANCIAL
  • Matthew Fries, Chief Investment Officer , QUESTAR CAPITAL CORPORATION
  • Thad Ingersoll, Compliance Director, QUESTAR CAPITAL CORPORATION
8:19 PM
Broker/Dealer Due Diligence Best Practices on a Product Level
· Due diligence analysis and research hot-spots: What to look for on a product level; Common errors/oversights to avoid; Walking through a performance measurement: The key components and the key elements to analyze; Key steps for ensuring that internal due diligence processes are sufficiently robust overall
· Regulatory requirements & what else is on the horizon that will likely impact due diligence processes; How can small to mid-sized Broker/Dealers keep up with regulatory due diligence requirements?
· Ongoing due diligence: How often should this be done? What are best practice considerations?; Red flags to look for; When to drop products
· Communication with product sponsors; The role and accountability product sponsors have in providing information; Using participating dealer agreements to support due diligence efforts
· Communication with advisors

  • Rosemarie Leong, Due Diligence Officer, SANDLAPPER SECURITIES, LLC (Moderator)
  • Donald Deans, Strategist, SANDLAPPER SECURITIES
  • Neil Greene, Senior Vice President / Due Diligence, NEWBRIDGE SECURITIES CORPORATION
  • Mark Pedersen, National Accounts Manager, SANDLAPPER CAPITAL INVESTMENTS, LLC
8:19 PM
IMN’s Tenth Annual New York Non-Traded REIT Industry Symposium Concludes

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
Event Producer
Catherine Miller
(212) 901-0541
Meeting Planner
Natalie Smith
(212) 224-3508
Vice President - Sponsorship Sales
Robert Bass
(212) 901-0535
Head of Sales - Real Estate
Todd Rosenberg
(212) 901-0552
Sr Manager, Investor Relations
Daniel Ettinger
(212) 901-0598
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