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W. Michael Crawford
• How it Works
• vs. Other Real Estate Financing Options
• How it Works• Legal 101
• Why is Reg A so important?
• Effect of foreign macroeconomic, weak currencies & political forces
• Interest rates are going to rise… When is it really going to happen?
• Banks are selling off debt… Does Europe compare with the US in ‘09-‘10?
• Impact of latest job report
• Prices today vs. peak values
• What are the most likely black swans out there? What would be their impact?
• Oil shock... What will be the impact on CRE? funds
• How low can they go… Cap rates and yield compression
Dr. Mark Dotzour
• Some of the major private equity funds have very publically given up fees…
• We talk about industry consolidation… Is it happening?
• Are underwriting standards at precrash levels?
• Will having less than desirable foreign buyers of US real estate be a bad thing?
• Anything new on the regulatory front?
• Foreign money flows into US CRE
• Using financing to hit return bogeys in an environment where sellers are receiving record prices
• How has pension/ sovereign fund movement to direct investment worked as an investment strategy?
• If capital is more concentrated, how does that effect the supply of capital?
• Update on the 2005/6/7 “Zombie” vintage funds regarding asset liquidations/distributions?
• Fund exit strategies… IPO, liquidate, M&A vs. secondary market
• Operating partners and smaller funds as partners Comparing the allocator vs. operator models
• Strategy change…What was the change?… Why?...How did it go?
• Are you buying Europe distressed?
• Are you looking at inflation-protected opportunistic deals? Late-stage economic growth strategies?
• Considering take private deals?
• Which sectors are getting toppy?
• Are you trying to deploy funds quickly before the next crisis?
• Putting equity into properties with maturity issues
• Fixed or floating… Which way are you going?
• How are you hitting your numbers? If you accept the conventional wisdom that interest rates are going up and new supply is coming to the market, how will you finance your acquisitions? Short term? Long term? Fixed or floating?
• How does your fund still buy opportunistically? How has cap rate compression changed your investment strategy? Where will cap rates be in 3 years? 5 years? How is this impacting your underwriting? Investing in a rising rate environment
• Selling your assets… What is your strategy to replace them?
• 2021... What happened to all the value-added deals of 2015-16?
• Fees vs. fund investments
• The GP perspective on what needs to be done internally and externally vs. funds; Is this method more labor intensive then the fund model?
• Carry access vs. fund structure
• With the increase in time to fundraise how much is it worth not having to?
• Are you still planning on entering/returning to the traditional fundraising market?
• Prices and other data vs. last peak
• Brooklyn… Don’t fuhgeddaboudit!
• Office mega projects
• What kind of repositioning plays make sense in this market?
• Outside of the 5 boroughs… What are the real estate markets like?
• Is the financing as competitive as the property market?
Mark Van Zandt
• What markets are still in the bus and haven’t arrived at the stadium yet?
• Risk/Reward tradeoff
• Pricing vs. ’07
• Is there more competition of funds dedicated to this space?
• Which asset classes are you targeting?
• Are large funds looking for local operators?
• Lending terms and availability… Are they improving?
• Can you achieve economies of scale in your local operation?
• Separate Account JV terms (opt-in clubs/ROFOs)
• Terms for investors inside the GP (to meet co-invest requirements)
• GP exclusivity
• Side letter terms
• Fund and investment period duration
• Reinvestment of proceeds
• Tax blocker structure flexibility (UBTI, ECI, REITs)
• Distribution verification by accountants and other new advisory committee demands
• Fundraising for the mezz area
• Short-and medium-term terms
• How do you look at the mid and small fund market? Secondary cities?
• Are you hitting your return bogeys?
• Preferred equity
• Latest in protection against defaults on new deals
• Buying NPLs & Subperforming loans… Is there still value?
• Impact of dequity players
• Lots of loans for sale in Europe…
• Do you prefer to be in the mezz or equity as investors or lenders?
• Early redemption issues
• What is the IRS looking at?
• What you need to know about various tax jurisdictions
• Withholding tax complexities
• Active vs. passive income
• Volcker rule concerns regarding LPs (joint public and non-covered funds) that may be banking entities
• How much does it cost to administer foreign LPs vs. US?
• Pending legislation to be concerned with
• The impact of weak foreign currency on gaining access to foreign capital & EB-5 financing
Kye Joon Lee
• How much is this going to cost? How much time is this going to take?
• In-house vs. using a placement agent
• The administrative side of things
• The second fund raise… Incorporating what you learned on the first one
• What kind of LPs are more likely to give new managers a chance?
• Mid-teens… How would you define?
• Role of financing
• Income vs. appreciation vs. combination
• Can secondary cities be core? 24-hour cities be opportunistic?
• Typical IRR and risk of different categories
• Leverage use • Holding periods
• Comparing returns at different cycle points
• End of fund life decisions and discretion
• Impact of cycle
• Partial exits
• Entity level exits
• When is it best to exit a project mid-stream? Before the development starts?
• Debt exits
• Foreign wealthy $$... What you need to know
• Role of fund-of-funds in this market
• How important is track record?
• Comparing the wealthy vs. super wealthy
• What type of real estate investments are they looking at this year vs. the past?
Katherine Hill Ritchie
• Going downtown… With both millennials and baby boomers wanting to be in the city is paying a 3 cap worth it?
• Transit-oriented developments
• More baby boomers… Is there enough senior housing?
• What are we going to do with the land for residential development 1 hour away from the city? Will driverless cars help?
• Supply/Demand of senior housing and medical office sectors
• What happens when the millennials grow up?
• Crowdfunding… What will be the impact?
• Retail & Office: Will the dislocation continue?
• Tech and the data center play
|7:15 AM Breakfast for Pre-Conference Discussion Participants|
• Exiting to core
• The financing side of the equation… What are the terms?
• Middle market vs. up- and down-stream
• Looking at different sectors
• Lease up strategies
• Redevelopment keys
• Are you seeing/buying opportunity funds exiting to core?
• Defining core and core plus
• Are core strategies attracting more high-net-worth and family offices?
• With banks still skittish about lending will sale/leaseback deals grow?
• Are your customers looking to go out on the risk spectrum? What are you doing about it?
• Can you make $$ buying at a 4 cap?
• Different asset classes
• What kind of leverage would you consider for your core investments?
• Core development… An oxymoron?
• Where is core overheated?
• Core in gateway cities and foreign investors
• Niche & Technology assets… The core approach
• Identifying market entry point and market entry strategy
• The joint venture approach
• Building your team
• The feasibility stage… What do you look at?
• From the customer side… What do you do if your tenant asks you for a property in big city when you don’t have one?
• When is it time to cut your losses in a new market?
• New product types and asset classes
• Underwriting and credit analysis
• New fund formation & lines to new funds
• Legal and regulatory developments
• Hybrids, NAV facilities, secondaries and fund of funds financings
• Club deals and other structures
Dee Dee Sklar
• Funds or direct? Core vs opportunistic?
• Real estate vs. real assets
• Real estate debt and net lease… Which portfolio?
• Appetite towards co-investment?
• Types of managers/strategies currently of interest
• What are you looking for in terms of managers/deals
• What is the impact of the denominator effect?
• Has the recent cycle altered your real estate allocation? Appetite for risk?
• Do you plan to rebalance/alter your real estate portfolio
• How do you use real estate as part of your overall allocation?
• Is real estate an alternative to fixed income?
• Impact of preference towards greater liquidity on overall asset allocation?
• Emerging managers as part of the allocation
W. Michael Crawford
• Have you been picking up any pending debt maturity business?
• Fixed or floating… What are your customers choosing?
• Underwriting loans vs. 2007? Are loan-to-value ratios tightening or widening
• What types of properties are still a challenge to finance? What are you staying away from? Where are people not seeing multiple bids?
• Who is your “typical” borrower and has he changed since the downturn?
• Do you find that there is plenty of money and not enough good deals, or vice versa?
• Do you provide higher leverage debt into the equity space and how do you quantify the risk and what do you get paid for it?
• Mezzanine or equity behind you… What do you look for?
• Financing & Structuring small deals
• The latest time frame for raising funds… What is the impact on the “J” curve on funds
• Comparing funds with other vehicles
• How can you differentiate yourself?
• Is “sticking with your knitting” the best strategy? What if you need to make a different suit?
• Discipline vs. temptation… How large should your fund be?
• Is it important to register with the SEC?
• What type of governance do you expect?
• Emerging manager performance vs. existing managers
• Are you more likely to invest in a new debt manager vs. equity?
• How much of a % of allocation would you be likely to take up?
• Doing JVs or separate accounts with emerging managers
Roland du Luart
• How do you determine if you can raise rent? How do you factor that into your model?
• Can you use the same methodology to price Sheboygan and San Francisco? Class “C” like “A”?
• Interest rate expectations and their role
• Value-Added deals… Evaluating pricing potential before the deal
• Pricing secondaries
• In an environment where sellers are receiving record prices (low cap rates), how does your Fund still buy opportunistically?
• Across the US… Market relative value
• Land plays
• Is there still value in single family rentals?
• Demographics plays… Students & Seniors
• The economic side of things
• What is the biggest market challenge facing residential today?
Matthew A Pestronk
J. Michael Fried
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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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