- General Themes
- Investment Themes
- Investment-Asset Specific
- Fund Issues
- Equity Financing
- Debt Financing
- My Agenda
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(panel slots open to largest funds only)
• Impact of the coronavirus on the real estate economy: Which sector is seeing the most fallout?
• Which sector will be under the most pressure going forward?
• Will the trend towards remote work continue?
• Has Brexit had an impact on the US property markets?
• Global trade: Which way is the wind blowing?
• How do you think new areas like co-working, co-living, short-term and single family rentals will do in a downtown?
• Which regulatory development will have the biggest market impact?
• What will be happening to the GSEs? What will be the impact?
• Which markets do you see as overheating? Which will continue to be as cold as ice?
• Any new demographic insights?
This interactive discussion will address topics like the real estate glass ceiling, career development and your questions in this intimate, small group setting
(panel slots open to largest funds only)
• What are the regulatory challenges out there now? On the horizon?
• Impact of LIBOR replacement of your pro formas
• How important is ESG to your LPs?
• Are any of your funds holding back capital due to recession fears?
• What kind of percent of your investors are new vs. returning?
• Structuring for longer hold scenarios: Evergreen vs. closed end
• Entity level investment trends
• What do you think of catch-ups?
• What would you look for in a fund-level sale?
• Are you looking options like alternative LP structures, open-ended funds and non-traded REITs?
• Fund size-going larger or smaller: General asset or specific?
• The 5G rollout
• Tenant experience technology
• The continuing development of mobile apps
• New leasing platforms to manage property
•Using social media marketing to find the customer and Showing the customer the product: Lockboxes, 3D tours & virtual reality
• Deal management platforms
• Artificial intelligence doing human things
• Where the blockchain is being used
• What are some non-government transit investments that return the best?
• How much does surrounding property values go up after the announcement?
• What happens if the project doesn’t come to fruition?
• Stadiums: How does the surrounding real estate perform?
• Opportunity zone plays
• Where are you seeing the employment growth that leads to gentrification?
• Picking one market and investing in multiple assets vs. multiple markets with less assets
• What is the asset type of choice in a up and coming market?
• Getting outbid for all your deals? Impact of higher prices
• Exit cap and rent growth impact
• As institutions are entering smaller markets that you are in you are…
• Relying on the market growth for returns: Still an effective strategy?
• Do you need to kiss more frogs to get that prince?
• Old vs. new strategies
• How are your investors reacting to lower yields?
• Have you taken on an institutional partner? Used higher leverage?
• What has changed about your due diligence best practices in this competitive market?
• Pushing price vs. finding value
• Acquiring in a new market: Keys to success
• Acquisition financing available: What are the terms? How do they differ among asset classes and locations?
• Do you look for stabilized, value-added rehab or lease up opportunities? What is your exit?
• How much leverage do you use?
(panel slots open to largest funds only)
• What IRRs are you expecting for investments made in 2020?
• What kind of value-added opportunities are you seeing this late in the cycle?
• Are you looking at any Cannabis-related plays?
• Which niche/alternative asset classes are you looking at?
• Are you factoring in climate change into your investments?
• Sourcing sponsors and operators
• How you can make money on the housing affordability crisis?
• What kills/delays your deals in the investment committee?
• How are you protecting against downside risk in today’s market?
• Are you accounting for climate risk?
• How are your financiers looking at risk in your real estate?
• Are you allocating among markets and products to minimize risk?
• How are your equity investors looking at risk?
• “There are no bad deals just bad prices” What is your latest experience of this truism?
• Upping core lowering exposure to value added and construction?
• Pricing vs. 2007
• Do you allocate a specific amount of capital to value-add vs. construction?
• Core with leverage vs. Core construction vs. unlevered opportunistic: Which is riskier?
• Lease up vs. rehab strategies
• What are investors looking for?
• Working within opportunity zones: Which approach would you go with?
• Debt & equity financing available
• Out of favor assets being built: What do you need to get a green light?
• If one co-GP partner puts to the other during preconstruction period, what is market for reimbursement of contributions
• When does modular work? How much can the savings be?
• What is debt and equity looking like?
• When does it pay to own the construction company?
• Any end in sight to increasing labor and construction costs?
• Projected issues and shortfalls
• Co-living performance in an environment of over-supply
• Master planned communities with single family rental and active adult communities: How do they perform?
• Student housing as the demographic shrinks
• Evaluating the future of flexible space: Can WeWork salvage itself to a point where lenders will underwrite it as the credit tenant it once was perceived to be?
• Financing out there
• How are buildings being valued and traded with new economy tenants?
• Improving cash flow and maximizing NOI
• Is biotech a baby boomer play? Data centers a millennial one?
• What will happen to these asset classes as millennials age?
• What attributes of a market or submarket do you look at when deciding to invest?
• How will B and C class assets perform during a downturn?
• How is the possibility of a recession impacting your secondary and tertiary market strategy? Is your goal yield or capital preservation?
• With all the new A class supply, can a B become an A or is there a ceiling to the value add?
• Can a B/C class asset still be a good buy and hold or is value add the way to go?
• Which asset type would you consider to as the best “B” or “C” performer
• As the cap rate gap narrows are the lower quality plays still worth it?
• Build-to-core: What is the risk/return profile?
• Considering geography
• Are you taking money out of your stabilized asset? If so, what are you doing with it?
• As returns lower this late in the cycle is core becoming less attractive to your investors?
• Joint ventures: How are you sharing risk?
• Which asset class(es) do you like?
• Converting out of favor assets to other uses: When is that not the best way to increase returns?
• What to do if you are experiencing valuation write downs on your holdings due to broader market retail sentiment despite potentially strong property fundamentals?
• How much do you think about replacement cost and the value of land?
• Fee structures, prefs, transparency & disclosure
• Are you concerned about subsequent development and gentrification of areas around QOZs and whether this will follow after completion of initial QOZ projects?
• Are you lowering return standards because of the tax savings?
• Are you planning on a sale in 10 years or will you be looking at the real estate cycle or other determinations? Do you have alternative exit strategies if you can’t sell?
• Joint venture structures you have been using
• Analyzing value vs. traditional investments
• The OZ/ESG marriage: Gentrification vs. displacement and will communities’ benefit?
• The pluses and minuses of being in a fund structure
• Experiential office: Is it more than ping pong tables and free beer?
• The hotel experience
• How have you transformed your mall to experiential real estate? What did you add?
• Mixed-use real estate: What is the mix
• Role of millennials
• Movie theaters and ballparks in the age of Netflix
• What are the best attracting/ highest ROI experiential real estate investments?
• The technology behind the tenant experience
• Impact of student debt on housing industry
• Effect of rent regulation on lending
• Where is the value-added bang for the buck
• Impact of rising insurance rates
• Property management: Do you do yourself vs. outsource?
• Where/What are you buying? Selling?
• New construction vs. stabilized assets vs. value-added plays
• Are you playing in the non-institutional market?
• Looking at different capital stacks
• The urban hip of co-living and micro-apartments vs. the cash flow of mobile home parks
• Is there a student housing over supply? How about senior living?
• Is there still an opportunity to get into the single family rental business?
• Can you build scale in the short-term rental business?
• Workforce and low income housing: How do you make the deal pencil?
• Effect of Amazon/changing distribution model on multi-tenant industrial marketplace
• Current cash-on-cash returns for different asset types
• Comparing cold, outdoor, self and truck storage to more traditional industrial assets
• Spec industrial and TI
• Single- vs. multi- tenant assets
• Infill and last mile solutions
• Industrial new construction
• Coastal vs. heartland: Where should you be?
• Does having a fund impact deal flow in terms your ability to win more competitive deals?
• Comparing fund vs. other structures
• What are your options when you might lose the deal waiting for your LPs?
• How much discretion do you have in your fund?
• What is your current non-fund strategy?
• Local and regional fund approaches
• What are investors you meet looking for? Partners?
• Multiple targeted funds vs. one general fund
• Debt vs. equity
• New fund considerations
• Technology platforms out there
• Working through fund admin conflicts
• How are outsourced fund solutions bridging the technology demands for data?
• Looking at ILPA and other groups
• Would you outsource your accounting? Investor relations? Treasury?
• What needs to be done to launch a fund?
• How much staff do you need to monitor and work with the fund administrator?
• NAV, management, acquisition, construction and other fee trends
• Terms and extensions
• Style changes and associated fees
• Debt vs. equity funds
• In what situations are fee cuts warranted?
• Non-US investors & going offshore
• Opportunity zone structures
• What is the risk of the GP catch-up if the profit sharing is capped at 20% to the GP?
• How much does an increase in the preferred return % impact the ability to attract capital?
• Fees of new vs. established funds
• What kind of staffing do you need?
• What is the break-even point?
• What should your business plan be?
• Reporting standards to be aware of
• Going the emerging manager route: What are the eligibility requirements?
• The decision matrix of how much to outsource
• How much equity should you be able to put up?
• Programmatic vs. multi-property agreements vs. entity-level investments
• 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
• Planning and executing the JV recap
• How do technology solutions you’re using impact your JV partnerships?
• On programmatic JV deals, are you seeing non-recourse debt? Is the GP a guarantor?
• What are the guaranties and indemnities the limited partner should get?
• In what scenario does the LP take control?
• How are you going to handle when to sell?
How much equity capital should the operator bring to the table? What are the structuring and negotiating-complexities to navigate? How much equity will be brought to the table? And of course the deals themselves will be some of the highlights of this shark tank
Tank Leader: (Panel Moderator)
The Fund Capital Providers: (will discuss if interested in financing + deal terms)
The Operating Partners: (presents a live, closed or made up deal-presentation required)
(Small Group Meeting-Funds Only)
How much/What kind of experience is needed to successfully raise a fund? What is the standard GP commitment looking like today? What is the typical check size and percent of fund? Data LPs are looking for? What should a GP be focused on during this transition point?
• Looking at different regions and their changing capital flow amount
• What kind of structures are out there?
• Impact of different Presidential administrations
• Evaluating the EB-5 flow of funds
• With gateway cities continuing to get expensive is there a migration to secondary cities?
• Minimizing tax leakages for foreign investors
• Ground floor investors: Blind fund with a cornerstone investment vs. seed asset
• First vs. final closers
• Typical initial fundraise amount
• Do you charge any fees outside of management fees & promote?
• Fee concessions
• Fundraising institutional vs. non-institutional clients
• Have you found placement agents willing to help raise an initial fund for a sponsor moving to fund model from deal-by-deal?
• With a similar sized investment pool where can you make the most money?
• 1031s, DSTs and tax inefficiencies to consider
• When do you forego covenants such as leasing milestones and minimum net worth coverage for construction projects?
• Seed equity players and their differences
• Fund vs. deal-by-deal equity sources
• Comparing smaller vs. larger institutions
• Joint venture equity from funds vs. large operators and REITs
• Family vs. family office vs. high-net-worth vs. private bank
• Where are you looking in the capital stack?
• Pension vs. endowment vs. foundation
• Given the late time in the cycle…
• Equity funds: How do your investors think about going to the debt side?
• Selling a building and taking on debt
(small group meeting)
In this interactive forum issues to be discussed will include Are you too late in the game? How are you going to differentiate yourself? Should you do it with in-house staff or hire expertise? What products you should offer? Plus your questions
• Which covenants are more negotiable now then last year?
• View of replacement guarantees if sponsor defaults
• Role of pace financing
• Handling unfunded reserves for deals that have a heavy transition component
• Is land part of the equity?
• Role of construction consultant
• Rescue and recap opportunities
• Defensive structures as the cycle lengthens
• How do you keep the underwriting costs down?
• Do you target 2nd tier and tertiary markets? B/C properties?
• What are your favorite assets
• Terms of middle market vs. larger deals
• Are you seeing an increased appetite for your lending product
• Sources of capital vs. larger deals
• Room for negotiations?
• Short- vs. longer terms properties
• Bridge, construction and transitional projects
• Which of the 50 shades do you prefer?
• What are the biggest changes in the way you are valuing debt?
• Do you loan-to-own?
• Buying in the secondary market: What are you willing to pay?
• How’s the fundraising going?
• So many debt funds: So little deployment
• Do you see “loss leader” pricing out there?
• Loan-to-value ratios, debt yields and debt service coverage
• Foreign banks and the corona virus: Any impact?
• Favorable retail: Is there such a thing?
• Which areas are you redlining due to recession/overbuilt concerns?
• Impact on change to SOFR
• Where are covenants/terms going as competition heats up?
• Impact of PACE financing
• Agencies and ESG effect
• Refinancing: What has been the purpose? Structure?
• Do you evaluate your GPs on a women’s track record?
• What are some good policies you’d advocate to ensure women are equally considered for promotion and growth opportunities?
• Real estate impact investing
• Is housing affordability a goal?
• LEED certification-How important?
• How to keep your returns high in an ESG environment?
• What are your preferences when?
• What do you think of longer-dated and bespoke funds? Other new structures
• Fees you are willing to absorb
• Why go to an alternative fund structure?
• Would you provide GP capital?
• Why do a sidecar vs. traditional fund deal?
• Where are you looking to increase allocations this cycle? Are you going fund, direct, co-invest or REIT route?
• View of fund credit facilities
• What kind of data are you looking for from a GP?
• Which type of assets are you liking? Which ones not so much?
• What structures are they utilizing to invest? Debt, Equity, Mezz…?
• Where in the cap stack are you focusing in on? GP vs. LP
• What makes a great asset manager?
• Allocation changes and target returns
• Emerging and minority manager programs
• Are you preparing your investment portfolio for climate change?
• How do you like new funds to communicate with you?
• Are you pairing down your investment manager roster?
• What do you look for in a successor fund? Rolling in vs. rolling out your $$
• Use of consultants
• Trustees and investment committee impact
• How concerned are LPs about a GP’s ability to source attractive, larger deals when GPs are raising a first fund or trying to substantially grow fund size?
What is a low-value concession sponsors would gladly give up that is a high-value deal point to an LP? What type of leverage are fund sponsors comfortable with? What do you look for in a new real estate asset manager? These and of course the fund strategy will be among the points discussed.
The Tank Leader: (Panel Moderator)
The LPs: Will consider investing in the funds
The GPs: Will provide fund information (presentation required)
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We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.
When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).
We may determine that processing your personal data serves both of our legitimate interests. This is the case in relation to many of our research, customer survey, sales, marketing and advertising activities described in this Privacy Notice. These activities allow us to better understand your requirements, which in turn enables us to provide you with a better service. We review the bases for our processing decisions carefully and you can object to these activities at any time (see the “Your Rights” section of this Privacy Notice).
Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.
Registration, Free Trials & Subscriptions
When you register with our website and/or sign up for a free trial of our products or services, we may ask you to provide your name, address, email address and telephone number, and details relevant to your occupation or employer.
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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