October 26, 2022 | NEW YORK

Agenda- Eastern Standard Time

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8:00 am - REGISTRATION & NETWORKING BREAKFAST

9:15 am - CHAIRPERSON WELCOME REMARKS

9:30 am - KEYNOTE INTERVIEW - SAM ZELL, CHAIRMAN, EQUITY GROUP INVESTMENTS

Sam Zell is the Chairman of Equity Group Investments (EGI), the private investment firm he founded more than 40 years ago. The firm’s investments span industries and continents, and include interests in finance, energy, transportation, communications, healthcare and real estate. Zell is recognized as a founding father of today’s public real estate industry after creating three of the largest real estate investment trusts (REITs) in history.

 

Sam Zell

Founder, Chairman

Equity Group Investments

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10:30 am - CRE INVESTMENT CHALLENGES AND OPPORTUNITIES IN A RISING RATE ENVIRONMENT

CRE industry forecasts are predicting that global investment volume for 2022 will fall short of the record-high levels achieved last year. The main headwinds to growth include rising interest rates and high inflation, as well as uncertainty fueled by geopolitical issues related to Russia’s invasion of Ukraine. At the same time, there continues to be strong liquidity and plenty of dry powder targeting real estate assets. This panel will explore the near-term challenges and opportunities within the U.S. commercial real estate market. Some of the key topics to be discussed include:

  • How are higher interest rates impacting cap rates and valuations?
  • Fundamentals remain sound, but is the double-digit rent growth seen in some sectors sustainable?
  • How are buyers and sellers adjusting expectations and investment strategies in a higher rate environment?
  • For those looking for a hedge against inflation, what sectors represent the best buying opportunities?
  • What are the biggest near-term risks on the horizon that investors need to watch?

 

Moderator

Jay Neveloff

Partner and Chair, Real Estate

Kramer Levin Naftalis & Frankel LLP

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Eric Newman

Treasury Manager

City of Stamford

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Kim Hourihan

Chief Investment Officer

CBRE Real Estate Investment

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Ed Owens, III

CEO, CERS Board of Trustees

Kentucky Public Pensions Authority

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Andrew Garrett

Senior Principal, Real Estate

IMCO (Ontario Pensions)

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Billy Butcher

Partner and Chief Operating Officer

KKR Global Real Estate

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11:15 am - MORNING NETWORKING BREAK

11:45 am - UNDERSTANDING THE SHIFTING LENDING LANDSCAPE

In March, the Fed introduced its first rate hike since December 2018 and has indicated that it plans to continue raising the federal funds borrowing rate over the next 12 months to battle inflation. Investors that have enjoyed a long-run of incredibly cheap capital are bracing for higher costs ahead. What are the implications of higher interest rates for CRE investors? Some of the topics to be discussed include:

  • What’s the near-term outlook for rising rates and lender spreads?
  • How are higher rates impacting financing strategies and capital stacks?
  • What are strategies borrowers can use now to mitigate rate risk and lower cost of capital?
  • Are lenders tightening credit? What are the latest trends in underwriting and debt service coverage ratios (DSCRs)?

 

Michael W. Eglit

Managing Director, Head of U.S. Originations, Real Estate Debt Strategies

Blackstone

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Steven Stuart

Managing Director

Fortress Investment Group

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John Lippmann

Managing Director

NYL Real Estate Investors

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Paul V. Fine

Managing Director

KKR & Co.

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12:30 pm - THE FUTURE OF OFFICE: UNDERSTANDING THE RIPPLE EFFECTS OF THE PANDEMIC AND HYBRID WORK

Although people are returning to the physical workplace, there are dramatic changes in worker behavior and expectations for the workplace experience. Office owners also are battling a heavy volume of sublease space along with tepid leasing activity. This panel will discuss some of the changes afoot in the office sector, and how that is influencing near, mid- and long-term investment strategies. Some of the key topics that will be discussed include:

  • Office has traditionally been a staple within investment portfolios. How are investors viewing office allocations in the post-pandemic market?
  • Is the flight to quality creating a bifurcated market of haves and have nots?
  • How has the pandemic changed the amenities race? What are “must have” amenities for owners and tenants in the post-COVID market?
  • What to do with obsolete office buildings? Can assets be cost-effectively renovated to fit demands of today’s occupants, or do they need to be repurposed to alternative or mixed-use assets?
  • Suburban vs urban assets: where is office thriving?

 

Andrea Himmel

Principal & Chief Investment Officer

Himmel + Meringoff Properties

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Paul Hughson

Executive Managing Director

Island Capital

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1:00 pm - NETWORKING LUNCH

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Luncheon Workshop

1:15pm - 2:00pm Luncheon Workshop - Best practices for working with Family Offices

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ROUNDTABLE DISCUSSION - ROUND 1

2:00pm - 2:45pm

Choose your topic for an interactive discussion with fellow attendees on the most pressing issues facing the industry. Network at small tables and participate in lively topical conversation. This provides an excellent opportunity to meet your industry peers in a unique setting.

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ROUNDTABLE DISCUSSION - ROUND 2

2:45pm - 3:30pm ROUNDTABLE 1: Insights into multifamily headwinds and tailwinds

High construction costs and rising mortgage rates are pushing homeownership out of reach for many first-time homeowners and exacerbating housing affordability. Hurdles to homeownership are pushing even more demand for apartments. This roundtable will dig into the trends and outlook for the multifamily market and how that is impacting investment strategy. Some of the topics to be covered include:

  • Is double-digit rent growth sustainable or a post-pandemic bump?
  • How are changing migration patterns impacting investment opportunities and location strategy?
  • Do owners face greater regulatory risks ahead with some municipalities imposing rent controls and mixed-income requirements?
  • How are developers getting projects to pencil out amid higher construction, labor, land and financing costs?

Meighan Phillips

Managing Director, Portfolio Management

Principal Global Investors

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Joel Breitkopf

Principal

Alchemy Properties

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ROUNDTABLE DISCUSSION -ROUND 2

2:45pm - 3:30pm Roundtable 2: Identifying investment opportunities in single-family rentals

Over the past decade, the single-family rental (SFR) market has continued to grow from a market dominated by mom-and-pop players to an increasingly sophisticated asset class. Most estimates show that SFRs account for 15-16 million units. This discussion will explore the investment outlook, as well as challenges and opportunities in this sector. Some topics to be covered include:

  • Private equity has been gobbling up homes to stock a growing inventory of single-family rentals. Are SFRs racing to a saturation point, or is there more room to grow?
  • Competition is putting pressure on cap rates. Do investors need to adjust return expectations?
  • Does the sector face challenges ahead, including a backlash from neighbors and homeowner’s association?
  • Momentum is growing for build-to-rent communities. What are some of the keys to success for these purpose-built developments?

 

Peter Ciganik

Senior Managing Director

GTIS Partners

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ROUNDTABLE DISCUSSION- ROUND 2

2:45pm - 3:30pm Roundtable 3: Industrial Outlook: Full steam ahead, or running out of steam?

Industrial assets have been a hot commodity for investors with demand that has been fueled by powerful e-commerce tailwinds. Are there looming challenges ahead for industrial that will cool demand for this sector? This panel will dig into the near and long-term outlook for supply & demand fundamentals and investment opportunities. Some of the topics that will be covered include:

  • The sector has maintained exceptional fundamentals. Can it keep up that pace of low vacancies and double-digit rent growth, or is there some softening ahead?
  • How has supply chain disruption contributed to the investment case for industrial?
  • Industrial has a growing stock of older-generation buildings. Are these assets viable investment opportunities in today’s industrial marketplace?
  • Amazon has been a bellwether for the industrial sector. Will the e-commerce giant’s surplus of warehouse space create a bigger negative impact on the sector?
  • How are shifting supply chains impacting location strategies?

 

Sean Fitzsimmons

Senior Vice President – Industrial Development

Broe Real Estate Group

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ROUND TABLE DISCUSSION

ROUNDTABLE DISCUSSION- ROUND 3

3:45pm - 4:30pm Roundtable 1: Recalibrating geographic market strategies

A number of forces at play are shifting population and job growth within geographic regions. The COVID-19 pandemic and new remote and hybrid working models propelled migration out of major metros into the suburbs and smaller cities. Demand for better quality of life, affordable housing and more tax-friendly jurisdictions also are creating new growth markets. This roundtable will dig into existing and emerging hot spots for commercial real estate both in the U.S. and globally. Topics to be covered include:

  • Analysis of population trends. Where are emerging hot spots for growth in global markets, and what are the key drivers behind that growth?
  • Are investors willing to bet that changes will be long-lasting?
  • How is climate risk influencing portfolio strategy and buy-hold-sell investment decisions?
  • How can investors avoid risks associated with cyclical boom and bust markets?
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ROUNDTABLE DISCUSSION

3:45pm - 4:30pm Roundtable 2: Analyzing the business case for tertiary markets

Capital that began moving out of gateway markets in search of more attractive yields was further accelerated by disruption caused by the pandemic. Cap rate compression in secondary markets has pushed investors to consider smaller and smaller markets. This session will dig into investment opportunities and challenges within tertiary markets. Topics to be covered include:

  • What’s the competitive landscape for investment opportunities in tertiary markets?
  • What property sectors offer the best risk-adjusted yields?
  • Are investors getting adequately compensated for the risks they’re taking in smaller markets?
  • What strategies can investors use to achieve scale and operating efficiency in tertiary markets?
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COCKTAIL RECEPTION & ADDITIONAL NETWORKING

4:30pm - 5:30pm