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IMN’s 17th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing
January 22- 24, 2020, Laguna Beach, CA
Our panel of real estate executives will discuss how they are incorporating the changing use of CRE into their investment strategies.
- Uber, WeWork, Airbnb and the sharing economy: Where will it end up? What has been/will be the impact on CRE? What are innovative approaches to jumping on the sharing economy bandwagon?
- Mixed-use: What’s the secret sauce to doing mixed-use and making it work? How are living patterns changing? What’s the best product to invest in as a result?
- Are Millennials fundamentally different from past generations? Has/will CRE fundamentally change as a result? Will we see growth in the suburbs as Millennials start families? Or is it just another false alarm like Gen X? How are CRE investors capitalizing on this generation?
- Which niche markets are getting stronger, offering the best investment opportunities? Data centers? Cell towers? Senior housing? Student housing? SFR? Last mile logistics? Other? Are these really different or just sub-sets of other classes?
- What other long term shifts in how we use CRE can we expect to see and when?
- Trade war, tariffs and yield curve inversion, oh my! Where are we in an economic slowdown? Is this cycle just different? What could turn the slowdown into a recession or 2008 liquidity crisis?
- What can we expect from the Fed? Is the slowdown bad enough to drop rates further/faster?
- Is long-term low interest the new normal? Is this good or bad for CRE? What is the impact on capital markets? The pricing of CRE/assets?
- Nationalism/populism vs. globalism: Has there been a discernable impact on CRE investment?
- Navigating the political environment: What to expect from the administration this general election year that could further impact the economy and CRE specifically?
- Brexit and potential banking crises in Asia and the EU: How would interest rates in the US be affected? Liquidity and the debt markets?
- What has been the impact of low unemployment and labor supply constraints on CRE? Is fear of tariffs/an economic slowdown pushing construction costs higher? Are projects being shelved, slowing down or moving forward despite rising construction costs/uncertainty?
- National vs. local cycles: What sectors would hold up in a downturn?
- High tax states vs low tax states: Does CRE pricing reflect the cons/pros respectively?
- Consumer spending: What are recent trends and what do they indicate for the health of the economy? What will be the knock-on effect on different CRE asset classes in 2020?
- Is this cycle just different? What are temporary vs. permanent changes in the CRE market?
- Is money staying on the sidelines in this economic climate or is there pressure to invest while the market is still healthy? Are bad judgements being made in a rush to place capital?
- What is the impact of capital overhang? Will it push values up as cap rates come down? How will the dry powder come into play if a recession hits?
- What has been the continued influence of cheap debt capital on asset values?
- How is PropTech changing the CRE market? Who is investing and how? What are the implications? Will it bifurcate the market into the haves/have-nots? Is it a case of do or die?
- What is game-changing PropTech for the industry? What else is in the pipeline?
- Supply vs. demand - population growth and changing demographics: What product types are in demand? Which markets are benefitting? Which local economies are performing well? Which markets are underperforming?
- What are rising asset types? Digital/Tech? What investment trends to look for in 2020-2021?
- How will deal flow be in 2020? What innovation in structures will we see to push deals through?
- Market-impacting factors of 2020 to watch; will the general election have an effect?
- Retail: Is the apocalypse on hold?
- Which fund structures are popular today? Anything new and/or notable?
- Who were the winners and losers in attracting capital in 2019? What is current LP sentiment?
- Why is excess new construction not ending the party this time like it always has in the past?
- What has been the direct/indirect impact of recent natural disasters on CRE investment?
Funds and owner/operators speak to how they are using PropTech in different areas of their business to drive quantifiable outperformance. We discuss how they are using data to make more informed decisions; what has/hasn’t worked; integrating tech between departments; the ‘nice-to-haves’ vs. the ‘must-haves’ of tech solutions; and what they see as ‘the next big thing’. Business areas addressed:
- Investment/portfolio-level (using data to make qualified investment decisions)
- Asset-level (cutting costs and controlling expenditure at a property level)
- Company-level (streamlining and improving internal processes)
Our PropTech providers will outline the practical benefits of their solution to a panel of funds/owner-operators who will determine if they see enough value to invest in them for use in their organization. Areas covered include: cost-benefits; performance enhancement; integration; scalability; security.
Tank Leader [Moderator]
The Funds/Owner-Operators [2-3 executives]
PropTech Solution Providers (3 executives will each present on one of the following Data, valuation and analytics; Property/building management; back office/streamlining internal procedures)
Firms are betting big on PropTech as head-spinning amounts continue to be raised - $12.9 billion was raised by Venture-capital (VC) in the first half of 2019 alone, setting a new record. Not to be left behind by the PropTech explosion, large CRE firms are investing directly in PropTech firms or VCs that serve the industry or are developing in-house capabilities. Our panel discusses what PropTech they are investing in, how and why; where they see demand and growth opportunities; where the PropTech phenomenon is headed; and what the overall impact has been – and will be - on the CRE industry across all facets of business.
From ‘democratizing real estate investing’ to offering greater transparency and streamlining back office functions, the applications of Blockchain for the CRE industry are far-ranging. This session will discuss the latest in its adoption in different facets of the industry, advancements in overcoming hurdles and what industry stakeholders need to be aware of to not be left behind.
- Will Blockchain really revolutionize the way CRE assets are traded? How practical is it? What are the inherent aspects of CRE that need to be overcome for this to happen?
- Are some CRE asset classes better suited to tokenization than others? How pervasive will tokenization be in CRE?
- What’s the latest on adoption? What applications are seeing traction?
- What are the first steps towards adoption for those wanting to jump on the bandwagon?
- What will it take for it to be widely accepted? When/how will Blockchain realistically impact the day to day workings of the CRE sector?
In Q1 of 2019 alone, $8 billion was raised by funds targeting distressed commercial real estate according to Preqin. Less than $1 billion was raised in 2018. What is the volume of sub- and non-performing notes currently on the market? Distressed CRE assets? How much more is coming due over the next 2-3 years? In what assets/geos? What are the drivers behind this? Are at-risk lenders now looking to sell off their assets/loans due to market conditions and regulatory pressure? What can be learned from the last downturn? What opportunities are distressed CRE funds primarily targeting currently? What further opportunities do they see coming and when? How are they positioning for these? What is LP appetite for such investments? Will distressed debt/CRE plays differ from the 2008 downturn? If so, how?
- Learning from the first QOZ funds to launch: Are QOZ investments worth the hype or just a big distraction? Are there winners and losers? What are examples of good/bad deals? What are some of the stumbling blocks to watch out for?
- How much capital has really been formed for QOZ funds and is ready to be deployed?
- What kind of capital is being invested? Are LPs now more comfortable with QOZ investing? How to determine if a fund manager has the sufficient experience? To identify risks in any given QOZ investment? What are QOZ investment/manager red flags?
- What are QOZ funds investing in and where? How are fund managers underwriting deals? What are their due diligence processes?
- How do QOZ tax incentives compare to other forms of alternative financing, e.g. affordable housing tax incentives, foreign mezzanine finance and EB-5?
- How are lenders viewing such investments? What are typical terms/conditions?
- “The sooner you invest in QOZs, the better the tax break and the better the fund”: Is this accurate? Is the window closing on QOZ investments? What opportunities remain?
- Are QOZ funds delivering for the social good or are they just a tax break for the rich? Will the funds actually deliver on the social goals?
- Are there distressed QOZ plays? What’s going on across property types
- QOZs vs. 1031s
With so many factors to equate as well as general unknowns, how to know where and in what to invest?
- What are core/value added/opportunistic investment strategies in today’s climate? What are realistic returns? What is the availability of deals? How much growth is left?
- How are fund managers adding value to assets? How can LPs effectively evaluate value added investment strategies?
- Are some stabilized assets more risky than opportunistic assets in certain markets in the current environment? How to determine risk?
- What is the financing climate like for the different investment classes?
- What are your asset underwriting strategies? What pillars do you look for before you take a position on an asset? What do LPs need to understand about underwriting processes?
- How can LPs navigate the different investment strategies and risk factors in this climate?
- What is the capital raising environment for core/value added/opportunistic/debt funds? Which investment strategies are gaining/losing favor?
- Not all LPs are created equal: What to look for in a lead investor?
- How to navigate the LP community (family office, endowment, public/private pension funds, HNW)? How do they differ in their wants/needs? How to source those who would be the best fit for your fund/strategy?
- Investment strategy and differentiation
- LPs’ requirements at a fund/manager level
- Communication and engagement strategies
- Negotiation tactics
- Stumbling blocks and how they were overcome
- Fundraising alternatives for small to mid-sized managers
- Is the slowdown in foreign capital being invested in US CRE temporary? Has there been a secular change to global capital flows?
- What’s driving the slowdown/change in foreign capital flows? What’s on the horizon that might further impact this in 2020?
- What has been the impact of the pullback? How relevant will foreign capital be in 2020-2021?
- What are now the main sources of foreign capital being invested in US CRE? Any notable new investors? Which sources have pulled back?
- What asset classes/geos/markets are foreign investors now favoring? Stopped investing in?
- Has there been a change in the typical investment criteria and return expectations that foreign investors have at a property level? At a fund/partner level?
- Is foreign capital going directly into deals rather than through funds? Investing in platforms rather than deals?
- How to source and get in front of foreign investors? What are key do’s and don’ts?
- What are the latest structures out there to minimize taxes?
- What are the tax and treaty considerations when in bringing foreign capital into the US?
- What is the latest on EB-5 and how it’s being used?
- How are you viewing CRE investments? Have real estate funds delivered their promised returns?
- What stress-testing measures are you employing in the event of a market downturn? Are you revisiting your allocations? Risk parameters?
- Are there any CRE investment strategies that you are showing greater interest in? Less interest? What is your current sentiment towards core/core +/value add/opportunistic strategies?
- Will the fact that this is a general election year have any bearing on your investment choices? What factors affecting the CRE market are you watching most closely in 2020?
- Funds vs. direct vs. separate account/club deal: Any changes to your preferred model?
- How are you currently viewing Qualified Opportunity Zone (QOZ) investments?
- How much emphasis are you putting on ESG/sustainability-focused investments?Do you allocate to emerging and/or small-medium sized funds? What does it take to get on your radar? To seal the deal?
- Any recent shifts in your CRE investment strategy/allocation? What will have the biggest impact on your CRE strategy and capital deployment this year?
- Where and in what are you focusing on? Debt? Private equity for real estate? How are you viewing specialized investment strategies?
- Direct vs. JV vs. funds: What’s your preferred investment model? What’s driving this?
- Fund manager/JV partner: What are your selection criteria/processes/expectations?
- How can fund managers make their offerings more attractive to family offices, particularly in the current climate? What structures/assets are being favored? What are common must-have features? Buy or deny criteria? What alignment of interest are you looking for?
- How much of a percent of the fund would you invest in? How much capital do you expect GPs to put in?
- How are family offices/HNW investors really sourced and converted? How can funds navigate the universe of such investors to find the ‘real’ ones? What intermediaries do fund managers often have to go through?
- What client servicing needs/expectations do you have for your investments?
In this roundtable discussion our real estate consultant participants discuss LP sentiment for CRE investment and where they see the fundraising market going in 2020:
- Client investment priorities for 2020: Where does CRE fit?
- CRE investment sentiment, allocations and risk tolerance: Perspectives in current climate
- Go/no-go assets/geos
- Fund manager must-haves
- Emerging manager must-haves
- Fundraising dos/don’ts and red flags
Fund Strategy/Structuring/Back Office
- Is a recession coming? How are you thinking about deals in the current climate? Is now a good time to invest? Are some asset types/investment strategies better-positioned to offer protection than others?
- How are you viewing legacy assets? What do you make of Colony’s strategy? Is digital/tech the way forward?
- Where are you putting capital? Will the fact that 2020 is a general election year have any impact on your strategy? Where will be the greatest opportunities this year (assets/geos)? Do you anticipate deal volume will be up or down over 2019?
- What returns are you targeting and how are you setting your investors’ expectations? What risks are you willing to take in order to achieve these returns? How are you avoiding compounding risks in the event of a downturn?
- Are we overly complacent about debt availability today? Should we be planning for a liquidity crisis? Be leveraging more conservatively?
- Are you making direct investments into PropTech companies or VC firms focused on CRE?
- How are you forecasting for greater accuracy as the pace of change in CRE increases? Have you revised your methodologies?
- Rent affordability: How to achieve attractive risk-adjusted returns while maintaining safe rent to income ratios / deep demand from residents?
- What do you see as the greatest challenges for CRE investment in 2020?
Our panelists will go head-to-head to defend their chosen strategy.
- What (dis)advantages do the different approaches offer in the current uncertain economic environment? Deal-by-deal vs. fund vs. hybrid investment models
- How do your investment strategy/target asset class(es) factor into the decision?
- Upfront/ongoing costs vs. fees vs. time/effort involved vs. timeframes vs. return potential
- Structure/tax considerations
- Compliance/governance/fund administration
- Deal-by-deal as a stepping stone vs. primary investment model
- Why now? How to know that progressing to launching a fund is the right move?
- End game plan/exits
- What are the realities of launching a fund as an emerging manager today? Are there clear indicators on what/who is more likely to succeed than not?
- What has been your learning curve in your first 12 months? In hindsight, what would you have done differently?
- Debt vs. equity fund: Which way did you go and why? Are debt funds easier to launch now?
- Investment vehicle and fund structuring: How did you weigh the options?
- Start-up capital: How much is needed? How to source and secure?
- Value proposition & differentiation: How did you stand out in a crowded market?
- Fundraising without a track record: How did you put the odds in your favor?
- LPs with an emerging manager program: What are typical requirements? What do they look for in emerging fund managers? What are the critical do’s and don’ts for securing funds?
- What other equity sources are available to new fund managers? How do they compare?
- Navigating fund administration
- Selecting service providers that will complement the team
- Disclosure standardization and transparency: Templates, terminologies and metrics
- Good and bad ways to maximize fee income in volatile times
- Property sales while retaining management
- Construction, acquisition and property management fee benchmarks
- Which fees are receiving the most backlash?
- Incentive fees: What is the reasoning, procedure and impact?
- Using multiple benchmarks
- Prefs and promotes: In vs. out-of-the money
- Perpetual life vehicles, interval funds and hybrid discretion
- Asset management spinouts
- Time to dust off your carried interest replacement plans?
- Internal partnership structures
- Applying open-ended liquidity principals to closed-end funds
- Seed funds and their structure
- Evaluating the current market for carry structures
- Sweating the deal for early investors
- Why make the leap to a mid-sized investment vehicle/fund in today’s market? How did you determine the timing was right, especially in this uncertain economic climate?
- What investment vehicle did you opt for and why? How do investment vehicles compare in attracting capital? When might funds not be the best be route?
- What was your learning curve in upsizing? In hindsight, what would you have done differently?
- In what ways was launching your second investment vehicle easier than the first? What were unexpected obstacles? What advice would you give others considering doing the same?
Adequate reporting and transparency are a top concern for LPs. How are fund managers meeting the increasingly complex reporting requirements of LPs accurately, timely and with the necessary transparency? This session addresses approaches funds are taking.
- Reporting and transparency: What information do LPs actually want, how and how often?
- What challenges do fund managers face in providing this information? How are you approaching these reporting and transparency issues?
- Investment committee, compliance/risk or operations - which department should be responsible for transparency? Should your fund administrator be responsible?
- What are your processes for ensuring compliance with the SEC and IRS reporting requirements?
- How did you determine which fund admin duties to outsource vs. do in-house?
- What should fund managers look for in a third party fund administrator?
- One size does not fit all: What technology are you investing in to enhance fund admin systems/processes?
- What would the ideal fund administrative system look like to meet LPs sophisticated reporting requirements? Now what’s actually possible?
Women in CRE
Building on our highly successful roundtable, our panel of senior female executives, representing different fields within the CRE industry, will discuss their routes to their current positions. They share the challenges they overcame along the way and will offer invaluable insights into how to get ahead in a highly competitive and male-dominated industry. The session is intended to be interactive and all participants are encouraged to be actively involved in the conversation. Come prepared to share experiences and insights that will benefit your colleagues in the audience.
Open to All Women Registrants (Pre-Registration Recommended.) To register and to submit topics for discussion, please email email@example.com Submitted topics will not be attributable.
- How are fundamentals in the world’s 5th largest economy? What does this bode for CRE investment in California this year?
- Northern CA vs. SoCal: How are these markets – and CRE investment opportunities – changing? Which CA sub-markets are the ones to watch and why? Who are the big tenants of tomorrow? The entertainment industry?
- Rent control: Will it create or diminish opportunities in CA’s residential market? Will capital leave for more business-friendly places? What can we learn from market precedents where rent control has already been implemented?
- Los Angeles continues to top Schroders Global Cities 30 Index as the world’s best city for CRE investment: What opportunities remain for 2020? What impact is the 2028 Summer Olympics having on its host city in terms of CRE investment?
- Net-lease investments: How much room is left for growth in SoCal?
- Hotel development: Will it continue booming in SoCal?
- What CRE-related trends are being seen in the tech industry?
- Does CA CRE remain a safe-haven for foreign investors? What foreign capital inflows are expected this year? What will it be invested in?
- What disruptors are on the horizon in 2020? What should CA-focused investors be watching?
What cities are the next Seattle, Dallas, Austin, Nashville? Is the Sunbelt the place to be? Are there opportunities in inner suburbs? How do the suburbs of large cities compare to secondary cities? Are there still pickings to be had in gateway cities? What stage of the cycle are different primary, secondary and tertiary markets in? Our panelists answer such questions as they debate the merits of investing in their chosen markets today: Gateway cities vs. 18 hour cities vs. emerging growth market. Additional points addressed include:
- Cities experiencing growth vs. a population decrease: Which changes are temporary vs. a fundamental shift?
- Which growing cities are set to become the next metropolises?
- Which locations are often overlooked or under-appreciated for the opportunities they offer?
- Which asset types are the best performers in these locations?
- Going the value-added route: Taking a “B” and making it an “A”
According to the U.S. Green Building Council, CRE owner/operators will invest an estimated $960 billion globally between now and 2023 on ESG (Environmental, Social and Corporate Governance) initiatives for existing properties. As well as using sustainability/ESG initiatives to lower operating costs, owner/operators are finding that LPs and tenants are setting increasingly stricter requirements regarding ESG before signing on the dotted line. Through case study examples, this session examines the different ways in which owner/operators are successfully incorporating ESG into their CRE investments, the upsides they are benefiting from, the challenges and the steps to getting started.
- How are you embedding ESG/sustainability into your CRE investments?
- What quantifiable benefits have you been reaping as a result?
- PACE and other financing options for sustainable CRE projects: How do they compare? How to access them?
- What portion of LP allocations is now being dedicated to ESG/sustainability-focused investments?
- What sponsor-level and fund-level ESG/sustainability information are LPs requesting?
- Sustainability/ESG oversight, management and reporting: What should fund managers be doing to incorporate such initiatives/disclosures at the company level and fund level?
- What have been the challenges of establishing an ESG/sustainability focus within your organization? How are you addressing them?
- The SEC’s focus on ESG and sustainability issues: What does this mean for fund managers?
- What has been the direct/indirect impact of climate change-related events on the CRE industry in the past year?
- What changes are you seeing in insurance underwriting standards and pricing? Are you seeing any changes in your insurance coverage/terms/conditions/costs? If so, what is the knock-on impact on your property values/strategy?
- How are you managing climate change risk in your current portfolio and have you made any recent changes to your risk mitigation strategies?
- How are you assessing how risky assets are under certain scenarios? What models do you use?
- How are you incorporating climate risk management into valuations?
- How are you assessing cities’ resilience to climate change, their risk mitigation strategies and their ability to cover costs in the event of a natural disaster?
- Are you climate-proofing your properties? If so, how?
- What now for owners/developers in at-risk areas? What changes are needed in developing, building, and planning communities in high risk areas?
- What questions are your LPs asking about your vulnerability to climate change and your risk mitigation strategies? Is there an uptick in investors asking this information?
Waterfalls, deal terms, preferred returns, control provisions and cost overruns will be the main topics under discussion as we address joint ventures from both the operator and equity provider perspective.
Tank Leader [Moderator]
The Funds [Capital Providers - 3 executives]
The Operating Partners (2 operating partners will choose one of the following to present Acquisition; Development Deal; Repurposing)
- JV partner/service provider selection: What is your criteria and has it changed recently?
- Determining the best structure for your JV: Any recent innovation in structuring?
- Deal-based vs. programmatic JVs and multi-property agreements
- How are you accounting for risk in your agreements?
- Determining governance, control issues and dispute resolution
- Determining legal and financial liabilities: Who’s responsible for what?
- Capital contributions and capital calls
- Distributions, allocations and other tax provisions
- JVs and cross-border issues with non-US partners
- What have been the most heavily negotiated issues? Stumbling blocks?
- What are your red flags? When to walk away?
- "In hindsight”…. and key take-aways
Risk/Market Downturn Protection
Participants discuss approaches to and strategies for devising a risk-adjusted approach to CRE investment in today’s environment. All participants are invited to be actively involved in the discussion.
- What risks are you willing to take in order to achieve your returns? Market risk? Partner risk? Capital markets/leverage exposure?, etc.
- How do you avoid compounding risks in the event of a market shift?
- Is risk being properly priced?
- What returns justify the risk? How to justify buying at the current pricing in your exit strategies?
- How to price risk at a project level? At a portfolio level?
- How to determine where to invest that will have the least negative impact on the risk spectrum?
- Is a market downturn coming? If so, when? How bad? How long?
- Are you actively taking steps to prepare for a recession or are you just watching carefully at this stage? If the latter, what flags are you waiting for?
- Learning from past recessions: What is the resilience of different geos/assets to withstand the next downturn? What will be the hardest hit areas? Who will get off lightly? Or is the market too different to make robust comparisons?
- What steps are you now taking to plan for a possible recession? Are you reassessing your investment strategy/criteria? If so, what changes are you making?
- Are you revising your approach to financing terms/leverage? What protections are you putting in place? How to prepare in the event of a pullback by construction lenders?
- How are you assessing how recession-proof your current portfolio is? What are your biggest areas of concern within your portfolio and how are you addressing these? What property-level changes are you making? How are you viewing leases, tenants and their credit?
- Investors reneging on funding commitments: What options are open to you? Is it too late to put protections in now?
In the current interest rate/cap rate environment, owner/operators are revisiting their strategies for improving cash flow and the NOI of their properties. From finding new sources of ancillary revenue to cost cutting and control approaches in property management to the use of revenue management and PropTech systems, asset managers are making use of new tactics and solutions. In this session panelists detail recent case study examples of revenue generation through innovative approaches to increasing cash flow and maximizing the NOI for their properties.
- Key 2019 debt trends as an indicator of what to expect in 2020: Cost, sources of capital, popular debt plays, specialization, what is notably not getting financed?
- Are lenders nervous about a potential market downturn? How is this being reflected in structures and underwriting standards? What types of CRE project/financing situation will find it harder to get financed this year?
- Are lenders moving out of their ‘traditional lane’ in the hunt for deals and yield?
- Rent controls: What impact are they having on lenders? What are the repercussions of this?
- Current expected credit loss (CECL): To what degree will this restrict capital flows from banks? Can we expect banks to pullback from CRE finance as a result?
- CRE CLOs: Was 2019 another banner year? What does 2020 have in store? Are we edging closer to the precipice? What impact are CRE CLOs having on the CRE finance market?
- Fannie and Freddie reform: What is the potential impact on the multifamily market?
- CMBS: Will issuance and delinquencies decrease further in 2020? What were the drivers behind 2019 trends and what does this mean for the 2020 outlook?
- Secured Overnight Financing Rate (SOFR): What disruption will LIBOR’s replacement cause?
- Construction lending: Slowing down? Who’s pulling back? On what? What to expect in 2020?
- Debt funds continue to proliferate: How many more can the market sustain? Who are the winners/losers in such a crowded market?
- Subscription and short-term financing: What to expect in 2020?
- What else, globally and nationally, could impact liquidity and the US debt markets in 2020?
- Are life companies stepping up their lending? Banks pulling back? Who’s being more conservative vs. aggressive in the current climate? On what types of deal? What’s driving this?
- What are you watching in 2020 that could impact how you do business? How will Current Expected Credit Loss (CECL) impact the senior lending market? Have/will rent controls impact your business? If so, how and to what degree?
- What is your target transaction volume for this year? How does that compare to 2019?
- How are you preparing for the move to Secured Overnight Financing Rate (SOFR)? What degree of disruption with the transition cause? Will there be any winners/losers from the change?
- What are your go/no-go markets and assets today? How active are you in secondary and tertiary markets? Niche asset classes? Has there been a shift in your thinking in the past 12 months?
- Are you concerned about distress in the market? Are you stress-testing your portfolio? What are your high-concern areas? How is your underwriting and risk management reflecting any concerns?
- Any changes to the type of borrower/deal you prefer? What do you look for? What are red flags for you today? What structures are necessary to have you involved? What equity must borrowers put in?
- Floating vs. fixed rates: What are you recommending to your borrowers?
- How are you viewing construction loans, mezzanine finance, preferred equity? What are the must-haves for you to look at a deal?
- As deal flow slows, are you loosening your risk/investment parameters to secure deals? Or are you tightening ship to prepare for a market downturn?
- How concerned are you about distress in the CRE market? Are you stress-testing your portfolio? What are your high-concern areas?
- Have you changed your underwriting to account for any concerns? What do you consider too risky today that you may have financed last year? Any changes to intercreditor and mezz debt agreements?
- What are you watching in 2020 that could impact how you do business? To what degree have/will rent controls have an impact?
- What opportunities do you see in the year ahead? On which assets/geos will you be focusing?
- What are you hearing from your investors? What is LP sentiment on high yield debt investments today?
- Why the increasing number of preferred equity plays in the market? Why opt for preferred equity over other levels in the capital stack today?
- What has been the impact of CMBS and CLOs on the mezz/bridge loan markets? Where’s this heading this year?
- How are you preparing for the transition to Secured Overnight Financing Rate (SOFR)? What impact do you anticipate it having on your business?
Our buy- and sell-side panelists look at today’s financing options for small funds/new borrowers. In doing so they examine risk hedging strategies, consider when one capital source may make sense over another for any given deal and determine what it takes to secure financing in this market.
- The transition from LIBOR to SOFR: How will the change in pricing structure affect your capital costs? Financing agreements?
- Floating or fixed rates? If fixed, for how long? What are you basing decisions on?
- What sources of debt do you prefer? What debt sources would you not consider and why? What to look for in a lender?
- What must borrowers keep in mind for this year?
- Debt sources examined:
- Banks/insurance cos./pension funds
- Debt funds/mortgage REITs
- Private lenders
- Crowdfunding/Reg A+
- Family offices
- Foreign capital
First we examine the latest retail market developments including: tenant types and emerging brands, preferred spaces, rent affordability, lease terms, financing and credit considerations. Secondly, panelists share recent examples of their innovative approaches to making retail space work. Additional questions that we will address include:
- Where is retail ultimately going? What are the new needs of retail tenants? Consumers?
- What to do with regional malls? Is densification the answer? What mixed-use elements work?
- How to approach retail design from the consumers’ point of view? What type of owner/operator is best positioned to do this? What skill set is needed?
- How to unwind complex deals and move on?
First we examine the latest office market developments. Issues addressed include:
- How are demographics, autonomous vehicles, etc. truly impacting various office strategies?
- Co-working space: Survive or thrive? Is the business model sustainable? Or is it a signal of bigger problems in the office market? What is the potential impact of WeWork on office as an asset class? Are we facing a similar situation to the tech downturn of the 2000s?
- Rent affordability: How to achieve attractive risk-adjusted returns while maintaining safe rent to income ratios / deep demand from residents?
- How are people underwriting rents at a time of anemic growth? What is the financing/fundraising climate like for office currently? Which sub-sectors/markets are easier/harder to raise capital for than others?
- What is the future of office? Will it be location based? Will we need office space to the same degree? Who are the big tenants of the future? The entertainment industry? What are their wants?
Secondly, and drawing on the discussion points above, panelists debate the merits of their office investment strategies.
Investment strategies to be debated:
- CBD/urban investor vs. suburban investor
- “Creative” “open” space vs. more traditional compartmentalized space
First we examine the latest multi-family market developments. Issues addressed include:
- Is multi-family still the safest asset class to invest in? Is it sustainable or past its investment prime? How are LPs/lenders viewing multi-family and its sub-types today?
- Where are the deals today? What value-adds/amenities are key for multi-family developments?
- Is high-end multi-family housing overbuilt? Where is demand vs. supply?
- Housing shortage & rent control: What does this mean for value add investors/developers? Are there incentives for multi-family developers to expand into affordable and workforce housing?
- Fannie and Freddie: what will be the impact of the restructuring on multi-family?
- What has been the impact of the single family home rental market on traditional apartments?
Secondly, and drawing on the discussion points above, panelists debate the merits of their multi-family investment strategies.
Investment strategies to be debated:
- CBD/urban investor vs. suburban investor
- Smaller more affordable unit mix vs. larger floor plans as longer term substitute for home ownership
- What has been the impact of rent control on the affordable housing markets? Which other states will likely follow suit?
- What else is on the tax/regulatory/policy horizon that will have an impact on this sector? How?
- What locations are investors primarily targeting? How are different regions working with private equity on affordable housing?
- The economics of an affordable housing deal: How are developers making the numbers work?
- What local/federal government incentives are there for affordable housing developers?
- How are lenders viewing affordable housing? How do the different financing models compare?: Private financing vs. government subsidies vs public-private partnerships
- How to make the #s work by utilizing government subsidies with conventional financing
- Attainable vs. affordable housing
- Affordable housing for rent vs. affordable housing for-sale
- What are successful strategies for integrating affordable housing into market rate projects? What are the pitfalls and opportunities in mixed income and mixed use projects?
- What is the fundraising environment? How are LPs viewing this market sector?
- Hold periods and other exit risks
First we examine the latest industrial market developments. Issues addressed include:
- The volume of deals: The new normal or too hot too fast? How much growth is left in industrial?
- How strong are current demand drivers for the different industrial sub-products? What has been the impact of the trade war/tariffs? To what degree is industrial downturn-proof?
- What innovation is the industrial sector seeing? Is multi-story the way forward? How is technology shaping industrial demand and design? What amenities are being added for workforces? Are we seeing any of this innovation paying off?
- What is the financing/fundraising climate like for industrial today? Which sub-sectors/geos are easier/harder to raise capital for than others? Which geos are overbuilt vs. underserved?
Secondly, and drawing on the discussion points above, panelists debate the merits of their industrial investment strategies:
Investment strategies to be debated:
- Bulk distribution large warehouse vs. infill, last mile shallow bay vs. flex/R&D vs. manufacturing
- How did 2019 round out for the hotel/hospitality industry sector? What’s noteworthy?
- What do market fundamentals and recent industry trends indicate for hotel/hospitality in 2020?
- How are the different hotel sub-sectors and geos faring? Brands vs. independents?
- What innovation and value-creation are we seeing in the different hotel market sub-sectors?
- As a hotel investor, what sub-sectors/geos are you now betting on and why?
- What are the biggest drivers of change in this industry and in what ways are hotel investors rethinking investment strategies as a result?
- Traditional hotels vs. Airbnb/holiday rentals: What cities are being hit the hardest/least? How is the industry responding in terms of pricing? Adding customer value? Other?
- An update on hotel development and supply vs. demand dynamics in urban vs. suburban geos
- How are you factoring in rising construction costs in your new development?
- Will sleeping rooms continue to get smaller and communal spaces larger?
- What PropTech are you investing in and why? How do you anticipate PropTech will further impact how hotels do business in the next 2-3 years?
- What is the financing/fundraising climate like for hotel/hospitality currently? Which sub-sectors/markets are easier/harder to raise capital for than others?
- What are the current trends and drivers of the Single Family Rentals (SFR) market as we start 2020? What are levels of new supply? Where are pricing levels? Who's playing in the space?
- What innings is the SFR industry in? Are you bullish or bearish about SFR in the next 12 months? Where is this sector headed?
- Assessing how key factors within the macro-economic outlook will impact the investment potential/performance of the SFR sector vs. other residential products in 2020; what IRRs are you currently chasing in SFR?
- Comparing business strategies in the current market climate: Finance vs. own/flip vs. hold-manage vs. own
- Acquisition strategies: Companies; portfolios; single houses; Go/no-go markets in 2020
- Disposition considerations and strategies for the greatest ROI: When to sell vs. hold; selling to retail vs. institutional buyers; Are REITs prime buyers?
- Securing financing/fundraising for SFR investments: What are the key take-aways new investors need to consider?
- Baby boomer demographics: Separating fact from fiction
- Active living communities vs. assisted living facilities vs. nursing homes: Which offer the best ROI opportunities? Real estate or management?
- Assessing supply vs. demand within the senior demographic groups and housing types: where is overbuild becoming an issue?
- Middle income vs. affluent senior demographics; Senior affluence outlook
- Opportunities within high-end senior housing
- Amenities: Must-have vs. nice-to-have
- Senior housing new product development: What’s next on the horizon?
- Assessing the economics of these deals…. Own the real estate or Management Company? How do student housing investments compare to other CRE asset classes?
- Understanding demand drivers and assessing current levels of demand vs. supply for mixed-use student housing
- What locations are underserved/reaching saturation for expanded student housing? What international opportunities exist?
- Who are the main CRE investors/developers in expanded student housing? What role do REITs play in this asset class?
- Financing: Where from, how much?
- Regulation/compliance considerations
- What amenities are a must have vs. a nice-to-have? Why combine student housing with retail space? How much retail space can be accommodated in this mixed use structure? What complexities do retail assets add to structuring investments?
- What will future developments for mixed use-student housing look like? What is the investment outlook for this asset class in 2020-2022?
- What were the notable 2019 trends for this market sector?
- To what degree has the current Administration and its policies had an impact on Medical CRE investment? Can anything further be expected this year?
- What are key drivers behind Medical CRE? How much of an impact are consumer health-orientated technologies having on this asset class?
- What are the Medical/Healthcare sub-asset types and how does their investment potential compare?
- How does this compare as an asset class to other CRE alternative assets? What are the risk-rewards? Financing considerations?
- What is the 3-5 year outlook for this market sector? Longer term outlook?
- What were notable events within this sector in 2019 and what do fundamentals bode for 2020?
- What impact has the Trump administration and the trade war/tariffs had on this market? Will the general election year have any impact? Anything on the tax/regulatory horizon to watch for?
- Construction costs: The only way is still up? Any relief in sight? What approaches are builders/developers taking to manage this?
- What can we expect from mortgage companies this year? Where are home-buyer affordability levels? What to expect from the different types of house buyer?
- Which geos are you bullish vs. bearish on? Where do you see investment opportunities?
- How to invest at this stage of the cycle? Are you being more aggressive, holding steady or retreating? Are long-term land deals on the shelf? Where are you allocating capital? What IRRs are you targeting? Your risk tolerance?
- Are lenders nervous about a potential market downturn? How is this being reflected in preferred deals, structures and underwriting standards?
- What are the different financing options today? Who’s pulling back vs. becoming more aggressive to secure deals? What banks are lending on land and master planned developments? What types of project/financing situation will find it harder to get financed this year?
- Foreign capital pulled back across asset types in 2019: How did this market sector fare? What is attracting foreign investment?
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Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.
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This Privacy Notice was updated on 23 May 2018
This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.
Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.
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.
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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.
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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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