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Enjoy a memorable sail on scenic Narragansett Bay. The Aurora is a 101’ traditional wooden schooner originally built in 1947 in Thomaston, Maine. She was rebuilt in the 1990s in a tall ship fashion. The Adirondack II is a classic 80’ schooner. As you glide through the waves enjoy gorgeous coastline views and be awed as you glance upward at the sails billowing from 65’ masts.
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• What are the current drivers of growth?
• Washington is sneezing-Who will get an economic cold?
• Historic returns-Will they hold up in the near future?
• A look at today’s prices
• Transaction volume-Where is it going? What does it mean?
• Federal tax and immigration changes-What will the impact on real estate be?
• National vs. local cycles-What sectors would be holding up in a down cycle?
• What will be the effect on real estate as rates go up this time?
Margot Maffei Latham
• Tax changes and impact on fund structures
• Exit strategy options in today’s market
• Anchor investor issues
• Fees and promotes
• Comparing vehicles to attract capital
• Impact of the demise of tax credits
• Fundraising-How’s it going?
• Intra-fund, changing fund objectives and end of life issues-Keeping your LP happy
• Co-Investments, joint ventures, separate accounts and club deals-Is the activity worth the press?
• Does the amount of time it takes for construction projects let you use your fund to invest?
• Capital flows
Warren de Haan
• What are the current drivers of today’s growth?
• Historic returns-Will they hold up in the near future?
• A look at today’s prices
• Transaction volume-Where is it going? What does it mean?
• Down cycle-Which sectors would be holding up?
• What is a good deal this late in the cycle? Would you look at construction?
Please Choose Track 'A', 'B' or 'C'
• Deal due diligence-What’s different today?
• Are there still multiple bidders for each property that comes along?
• Suburbs and outer-boroughs
• How are you valuing properties?
• Competing against foreign money
• Acquiring debt vs. equity-which is the better deal today?
• Can you make the value-added plays pencil?
• Buying equity interest on a building level
• Construction mezz market
• Selling/buying mezz pieces and junior loans
• Where/What are you financing; Where/What are you not?- What are the terms?
• Is mezz/preferred equity taking a larger portion of your financing? Why?
• Mezz and PE can have similar economic structures. Do you have a preference for either construct?
• What are current trends in structure?
• What do you consider a cut off from where coupon mezz/PE tops out and you move into waterfall/kicker/profit participation structures
• Mezz behind CMBS
• Mezz vs. stretch seniors
• Foreign investor appetite- Is it getting larger?
• Changes under the new tax bill and their impact
• Pass-through businesses-Taking advantage of the new provisions
• Inbound foreign capital issues
• Residential assets in high tax states
• Local changes to be aware of • Carried interest update
•.Fee, expense & advertising rule compliance
• Custody Issues – on the rise?
• Conflicts/Self-dealing and the use of affiliates
•.Valuation… the latest
• Compliance-Investment strategy, restrictions
•.Compliance-policies, procedures and the Deerfield proceeding
• Supervision, cybersecurity/info security and the Brahman proceeding
• You should really be paying attention to opportunity zones
• What type of assets is in your development bullseye?
• How do you evaluate local supply/demand dynamics?
• Latest developments on the execution side
• Capital and financing terms out there
• Risk-adjusted returns-Is construction the best out there?
• Spec vs. getting tenants first
• Settling disputes
• Is there a lot of foreign capital still around?
• Are you buying entitled, unentitled or properties that need to be re-titled?
• Development site in flood zones…
• Impact of the new tax bill
• Permanent capital vehicle options
• Broker dealers and RIAs
• Club deals, separate accounts and LP joint ventures s
• Private vs. public REITs
• Equity vs. debt fund structures
• Matching your strategy and investment horizon with the vehicle
• Best options for small and emerging managers
• The rise of continuous preferred offerings and Reg A+ vs the publicly registered non-traded deals
• Year 2 of the administration… Have you seen any changes?
• Chinese- In or out? The latest…
• Alignment of interests and exit strategy
• Tax and treaty stuff
• EB-5 usage and regulatory update
• Canadian $$ coming in
• The resurrection of Japanese capital
• Buying funds and fund interests
• Appetite for sub debt? Construction?
• The newest investors are…
• Refinancing-What kind of properties are in trouble?
• What kind of institutional investors are placing capital into debt funds? Are foreign capital providers stepping up? • Terms vs. other lenders • Loan sale market-What kind of assets are you seeing? Acquiring?
• Stretch senior market-How far will you stretch?
• Buying distressed debt vs. refinancing underwater projects-Which way do you go?
• Raising capital
• Buying “B” pieces vs. other debt
• Comparing valuation methods
In association with:
• Fundraising management- Using Data rooms, document watermarking and online subscriptions
• Managing existing relationships & investor reporting
• Automating your back office
• Compliance & security
• Friends & Family vs. Institutional Investors vs. Family Office vs. Funds… Different kinds of investors-Different reporting needs
• What type of assets are you looking to dispose? Why?
• What will you be doing with your disposed asset income?
• You turned the building around-Do you keep or sell?
• Sale methodology-Widely market vs. narrow
• Why did you go the 1031 route?
• Selling partial stakes
• What do you do if you can’t get your sales price?
• Under what situation would you offer seller financing?
• Selling projects under construction
• What is your investment focus?
• Structuring and negotiating
• Complexities to navigate
• Programmatic and multi-property agreements
• Foreign investor and pension intricacies
• Tax efficiencies under the new administration
• Reporting and audits
• Selling equity stakes outright vs. keeping a small slug and managing the property
• JV agreements-any new trends?
• Planning and executing the JV recap
In association with:
• Fund raising-Comparing vehicles to attract capital and when funds might not be your best bet
• Transitioning to your 2nd fund/mid-sized investor & stapled secondaries
• Fundraising alternatives-Using fund-of-funds, funds that seed with anchor capital, placement agents and investment consultants
• Co-GP structures
• Management fee trends & minimum fees to insure you can keep staff
• Profit shares and skin in the game
• What kind of concessions are you comfortable with?
• Innovations in the commingled structures
• Liquidity provisions
• What kind of transparency issues are coming up?
• Administration fee scrutiny and servicing the small investor
• What are investors thinking regarding acquisition, debt placement and other transactional fees
• Strategies to create data-driven processes and streamline workflows including
• GP’s capital raising, deal management, vendor oversight, KYC (and other compliance concerns), Investor Servicing
• LP’s manager research and deal due diligence, portfolio allocation process, stakeholder reporting
• First the SEC increased their focus on cyber security, now the EU’s GDPR has raised the bar further on protecting personal information that impacts both GP and LP operations, no matter where they are domiciled.
Deal terms, waterfalls and cost overruns will dominate the conversation as we discuss joint venture from both the operator and equity provider perspective.
Jason P. Maxwell, General Counsel/Vice President-Legal, Hines Interests Limited Partnership, Hines
The Fund Capital Providers:
Julie Ziccardi, Managing Director, Advalurem Group
Rick Firmine, Vice President, Argosy Real Estate Partners
Chad Burkhardt, SVP, CenterSquare Investment Management
Ian Formigle, VP Investments, Crowdstreet
The Operating Partners:
Martin Bronstein, Senior Principal, BHW
Max Sharkansky, Managing Partner, Trion Properties
In association with:
According to Preqin emerging managers are trying to raise $39 billion of commitments for 207 funds. This is in an environment where funds raised by new entities is 1/3 of the 2007 levels... This session will discuss some of the successes.
• Fundraising without a track record
• Hybrid fundraising approaches
• Getting to the institutional investor
• Fundraising and investing outside the US
• Real estate investment focus
• What did you have to change for institutions that have emerging manager programs?
• How did you get on the investment consultant’s list?
• Maybe your traditional, open-ended fund isn’t the best way to go?
James Lockhart III
• Energy disrupters-What will be the impact?
• How will technology disrupt real estate?
• Impact on NOI and NPV during the next 3-5 years
• Impact of autonomous vehicles, AI and robotics
• Smart buildings-How will they disrupt?
• Data as a disrupter
• Impact of the current administration, changing tax code, Obamacare, medicare and social security rates
• Which sectors are you looking at? Which sectors do LPs like? Foreign investors?
• Historical performance of companies like Regus vs. public senior housing companies
• Investing in co-working and co-living companies- How much are you paying?
• How healthy is the 55+ market?
In association with:
• Why are you going the alternative route way?
• How large do you need to be to consider alternatives?
• Going solo-The club deal vs. joint venture
• What kind of manager are you looking for?
• Structures, fees and negotiations
• Programmatic and multi-property agreements
• Reporting and audits
• Documentation agreements-any new trends?
• Restaurants, fitness centers and urgent care-Are these the next generation of customers?
• Retail condos
• What are you doing with your vacant space?
• Your pop up strategy
• The net lease market
• On-line to brick and mortar- Will the trend continue?
• Retail transformation-Which other assets are a fit?
• Amazon effect- Changing shopping patterns
• Can rental levels continue?
• Grocery-anchored product: Will performance keep up?
• What will be the impact of rising rates on pricing? Tax changes? Foreign cash flows?
• Where do you see the biggest differences in value? What do you see as the real value?
• Using cash equivalency analysis
• Valuing your debt
• Technology used
• Best methods to use in rapidly changing markets
• What are the best methodologies for valuing properties that went through a natural disaster? In a declining market?
• Valuation in an auction bid environment
• Secondary vs. primary markets
In association with:
• What is your favorite alternative sector? Medical office, urgent care, lab space and senior living vs. the non-medical sectors
• Is it a good time to be in the medical sector as Obamacare gets beat up?
• Employment vs. space growth
• New development outlook
• Top legal considerations of specific assets
• Building scale and managing portfolios
• Role of local demographics
• Building scale in residential-related alternatives-Is student housing getting overbuilt? Is manufactured hosing getting institutional enough? The 55+ market
• Farmland, timberland and other natural resource/real asset plays
• Is it too late to get into self storage?
• Entertaining entertainment property investments
• Opportunities with Cannabis: with medicinal hemp only investor returns are high!
At this intimate discussion for property owners only this interactive discussion will focus on the hurdles and restrictions that come along with making this potentially monumental jump .
*Small Group Meeting - Funds Only*
Please Choose Track 'A' or 'B'
• Pricing of hotel rooms and apartments where Air B-N-B is present/prevalent vs. not
• Local regulatory considerations and their impact
• Using Air B-N-B… Having buildings with Co-Living & Co-Working… Competing against Co-Living & Co-Working… Lessons learned
• Valuing properties with co-working, co-living and Air B-N-B tenants
• Considering risks
• Co-living vs. student housing
• Co-Living/Working integrated properties
• Co-working/living tenant profile
• As the co-working/living company grows…
• How will co-working/living tenants and companies hold up during a recession vs. traditional buildings?
• Co-working vs. the work from home trend
• Investing in a co-working company
• Your traditional space vs. co-working space
In association with:
• What is your real estate allocation? Strategy? Where is it going?
• Direct vs. joint venture vs. fund investment
• How do you evaluate a fund with a track record? Without?
• How are you looking at debt strategies?
• Anchor vs. LP investor structure comparison
• Investment negotiations
• Differences in family office vs. other wealthy investors
• How are you looking at niche asset classes and secondary cities?
• Domestic vs. international strategies
• What is happening in the first mortgage market? Sub markets?
• Foreign debt sources-What are their sweet spots?
• Non-bank deal structures and terms
• Commercial banks-In or out?
• Positives and negatives of different lender types
• Pricing, structuring and leverage available
In association with:
As the economy enters extra innings and interest rates are rising the question is what kind of properties should you be buying?
Debate Moderator: Manish Shah, Principal Two Kings Real Estate
Opportunistic: Maurice Malfatti, Managing Principal Blue Heron Asset Management LLC
Value Added: Laurie E. Smith, Chief Investment Officer Blue Vista Capital Management, LLC
Core/ Core+: Howard Field, Managing Member, Inland Institutional Capital LLC
Debt: Leslie E. Greis, Managing Member Perennial Capital Advisors, LLC
All: Christopher F. Winnen, Managing Principal | Real Estate Equity Allstate Investments
• Driverless cars, Uber and the role of the parking garage
• How is the urban luxury market looking?
• Strategies in emerging neighborhoods
• Where are building prices? Do you expect them to go down?
• Overbuilt markets-What kind of concessions are you offering? Do you expect the need to continue?
• Which amenities are the newest “must-haves?” What is there ROIs?
• The retail component • Going from Class “B” to Class “A”- Can you still create enough value to make it worthwhile? • Affordable options under the tax changes
• Can you create value in a 95% occupied portfolio or is it time to sell?
• Market and property-specific considerations
• Financing: Where are the best terms?
• With an uncertain economic future are long-term construction projects too risky compared to the other value-added strategies?
• Acquisitions with additional construction possibilities
• Transforming a property’s use
General Session Resumes
• Hybrid approaches
• Structuring the carry
• Tax considerations
• Are you trying to build credibility so you can organize a fund or do you see deal-by-deal as your strategy going forward?
• What is the decision making process for having a specific investment in your fund or as a deal outside your fund? • Fee comparisons
• More labor vs. more carry potential vs. increasing time needed to fundraise
GPs will present to LPs their fund strategy and terms. LPs will discuss if they are willing to invest and negotiate their terms, fees, carries, most favored nation clauses, splits, hurdles will be debated.
The Tank Leader
Gerald Garrett, Trustee, Oklahoma Firefighters Pension & Retirement System
The LPs (3-4 LPs) will consider investing in the funds
Thomas Haug, President, A.W. Jones Private Advisors, LLC
Barry Chase, Managing Principal & CEO, Belay Investment Group
Frank Caprio, Treasurer, State of Rhode Island
Ira J. Perlmuter, Managing Director, T5 Equity Partners, LLC
The GPs (2-3 GPs) will choose among these fund types
David Schwartz, Principal, Avance Capital
Henry Manoucheri, Chairman & CEO, Universe Holdings
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If you subscribe to one of our products or services, we will also ask for payment details. Credit/debit card payments are processed using a third party supplier and we do not retain the credit card data (see the Third Party Sites of this Privacy Notice). Address details may be shared with third party service providers engaged by us for order fulfilment, delivery and payment collection. This personal data is used by us to complete subscription requests.
Events & Conferences
If you have registered for an event through a group website we may collect personal data including: name, job title, company, address, telephone number and email.
This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.
We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.
Advertising & Marketing
We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.
Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
Surveys, Market Research & Customer Feedback
We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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