IMNs 13th Annual Winter Forum On Real Estate Opportunity & Private Fund Investing
January 20-22, 2016, Laguna Beach, CA
Macro-Focused SessionsMacro-Economic Viewpoint: Key Factors Impacting CRE Investment in 2016
* Some analysts predicted that 2015 would be the best year of economic recovery since the 2007 crash: How did fundamentals round out? What to expect in 2016? * Property prices have rebounded dramatically and are now above 2007 peaks in many markets: Are prices ahead of fundamentals? What factors are driving this? * When will we see interest rates rise, how fast and by how much? What impact will this have on cap rates and real estate values? Will this lead to instability within the CRE sector? * Oil price shock: Impact on CRE? * 2015 was the year of the US dollar: What has this meant for international CRE investments? Foreign investors in US CRE? * Global volatility: How is this impacting the US economy and the CRE markets? What else can be expected in 2016? * What will be the impact of the US presidential election on the economy? Do certain political candidates present a greater advantage/risk to the CRE industry than others? Why? * Will inflation remain consistent? From rental rates to costs of construction materials: How would inflation really affect cash-flowing real estate investments? *State of the Industry and Fund Update 2016
* Real estate cycle: With values at record highs in many markets, how much runway is left in this up cycle? Are we near the end or in for an extended period of growth? Are there still opportunities to capture upside in either fundamentals or prices? In what markets? In what property types? What is different now than in 2007? * Where are we in the pricing cycle? How will current valuations affect the long term sustainability of the market? Public pricing vs. private market pricing for CRE: Convergence or a dichotomy? Will volatility in the public markets spill into the private market? * Cap rates and yield compression: How low can they go? * Foreign capital continues to pour into US CRE: Will this continue at the same rate? What assets/markets are being favored? Any downsides to the current level of foreign investment? Why the continued foreign investment considering compressed yields and depressed returns in US CRE? * 2015 fundraising: Up or down on previous years? Who were the winners/losers? * 2015-2017 loan maturities: Is the hype now turning into opportunity? * 2016 supply vs. demand of available capital * Is regulation crushing the fund business? Advisers Act custody rule, Rule 206(4)-2: Could this have a significant impact on fund cost, transparency, etc.? What else is on the horizon? * Continuing consolidation within closed-end fund sector: How will this play out in the next 12-24 months? * Fund models: What further trends are we seeing? Where is the fund model heading? Implications? *
Asset-Specific SessionsOffice: How Long Can the Ride Last? Catering to Evolving Tenant Demands
* Key trends from the office sector in 2015 and what to expect in 2016 * Assessing the current drivers of demand for office space: How long will this roll continue? * Central business districts vs. suburban office; vacancies vs. new construction: What locations/markets offer the best investment opportunities today? In which markets? * Are square foot-per-employee office footprints continuing to shrink? How are tenant profiles, requirements and expectations changing? Are you actively targeting Millennials and/or employers recruiting this demographic in your office CRE strategy? Who are the new sought after tenants? What in turn does all of this mean for office design and key facilities? * Redeveloping older office space * Leases: Todays most negotiated points Retail 2016
* How have the different types of retailer fared over the past 12 months? Any notable trends? Are retailers bullish or bearish about 2016? * How are fundamentals looking for retail? * How are retailers strategically repositioning to adapt to the changing needs of consumers? How in turn are CRE investors meeting these needs? How is the profile of a preferred retail tenant changing? * Beyond the strip mall: Assessing opportunities within alternative retail venues * Emerging markets within major cities: Where is the new Brooklyn or Chicagos Fulton Market? * eCommerce: Latest trends impacting bricks and mortar retail how are investors continuing to adapt their retail CRE strategies as a result? What opportunities are being created in industrial CRE as a result? * Assessing recent industry trends: Ground-up development/re-development vs. store closures; Occupancy/leasing; Supply vs. demand; Changes in square footage; Prices, etc. What can we expect in 2016?Hotel 2016
* 2015 was another strong year for the hospitality industry: What were the notable trends? What sectors are experiencing the greatest uptick in investment and why? Acquisitions vs. new development? What has been the rate of new construction? In what locations? What are the drivers? Will RevPAR and ADR growth continue in 2016? * From oil to the strong US $, how are anticipated macro-economic conditions likely to impact the hotel industry this year? * Financing: Is it getting any easier for owner/operators to refinance? To secure capital for renovations or expansions? For new acquisitions? Banks vs. specialist lenders vs. foreign capital: What are common finance deal terms/conditions today? * What is LP appetite for lodging and how has this changed over the past 12-18 months? * Management by brands: In growth or decline? Branded management vs third-party/white-label management: Pros and cons for owners? * How important is brand to the Millennials? What does it take to gain their loyalty? What are the sub-sets of the hospitality industry to watch? What are the future value drivers? *Single Family Rental (SFR) Investments 2016
* What is the relative value of SFR today vs. other real estate investments? * What innings is the SFR industry in? Is SFR now largely the domain of small-mid-sized investors? When will we see more market consolidation * What is your investment strategy as the rate of SFR growth slows due to a slowdown in foreclosures? Where do pockets of foreclosures remain? Do strong fundamentals mean more home-buyers will return to the market? * Which geos now offer the best SFR investment opportunities? Where are prices? Valuations? * What are rent growth expectations and the factors driving this? * What are you acquisition strategies? Appreciation expectations? What IRRs are you now chasing? * Millennials vs. middle-aged renters: Which offer the best SFR opportunities? Do your strategies differ for these two demographics? If so, how? * Exits: Securitizations? IPOs? Sell to other investors or to existing tenants? Hold and manage? * What are your disposition strategies? *Multi-Family 2016
* How are you selecting new multi-family development sites? New acquisitions? What are the key determinants that you look for? With this in mind, where will be the best untapped opportunities in 2016? No-go geos? * Has there been a shift in single-family tenants opting for multi-family housing instead? * Where are vacancy vs. occupancy rates? Construction rates? Rental rates? Can tenants absorb any potential increases? Is there a concern they may turn to home-buying again? What are the macro-economic factors impacting multi-family housing and what is the 2016 outlook? * Who are your targeted tenants and why? Millennials? Empty-nesters? How are you gearing your strategy to meet their particular needs? How are you differentiating yourself from your competitors? Are you using smart building tech? Other methods of adding value? * What is the current state of financing for multi-family development vs. new acquisitions vs. refinancing? * What would be your top 3 pieces of advice to CRE investors now considering entering the multi-family market? *Land/Homebuilding: The Risk-Reward Balance New Rules for a New Era
* Where are we in the housing cycle? * Where are land values going? * How have fundamentals moved and what is the outlook for the affordability index (rent vs. buy); home mortgage availability/approval, etc.? When will 1st time buyers step into the market? When will fundamental buyers come back? * What are your strategies for adapting to a compressed yield environment? Raw lots, entitled land, finished lot and homebuilding: Where do you see the greatest investment opportunities in 2016? In what geos? * What is your risk tolerance today? That of your LP investors? * How are you taking potential interest rate rises into account in your underwriting? Are you becoming more aggressive with your underwriting in general? How much can you leverage in todays market? * Raw land acquisition vs. pre-development costs vs. new construction: What financing is available and from what types of capital provider? What types of development/construction are being favored? In what locations? * What are your return expectations for 2016 up/down/same as 2015? What are you doing to generate such returns? How are you viewing single family for rent; master planned communities; first-time buyers and age-specific housing? * Are you looking for more JV deals than in recent years? What kind of JV partner are you looking for? Are you looking at small homebuilders? *
Geo-Specific SessionsCalifornia CRE Investment 2016: Up, Up & Away?
* Construction levels in CA are at their highest since 2001: Whats driving this? How long will this continue? How are fundamentals in CA? What can we expect for 2016 and what will this mean for CRE investment overall? * What impact is the drought/are water cutbacks having on CRE operations and values in CA? Will this be an inhibitor of future development? * Which CA sub-markets are showing the greatest CRE investment opportunities? Tech in SoCal? Industrial around the ports of Los Angeles and Long Beach? Creative office in Seattle? Multi-family? * Opportunities in CA inland assets vs. CA coastal assets * Foreign capital trends: Is investment up on recent years? Where is the $ coming from? What CA markets/assets are being targeted? How to access this capital? *Secondary/Tertiary Market Debate: Why the 2016 Investment Opportunities are Greatest (Here)
Many secondary and tertiary markets are now exhibiting growing populations and above-average job growth. In this session panelists debate why their chosen secondary/tertiary market (and asset class) offers the greatest investment potential in 2016~. Debated points include:
Europe/Latin America/Asia/Australia/the Middle East: Prime 2016 Global CRE Investment Opportunities
- Investment strategy
- Pricing levels vs. pre-economic crash
- Competition levels
- Financing availability/terms
- Yields expected and their sustainability
- Investor perception and expectations. Are you attracting foreign capital?
- Implications of changing demographics on the investment potential of your market/asset class
- Exit strategy
While foreign investors are increasing allocations to US CRE investments, our panel of senior executives will address where they are seeing prime investment opportunities in the global CRE market. Debt or equity; performing or distressed? A major food group or a newer CRE asset class? Panelists argue their case on why their chosen international market and investment strategy offers the best investment potential. As well as explaining reasons for performance expectations we also discuss the specific nuances of investing in each market including, but not limited to: barriers to market entry; regulation/compliance considerations; LP appetite; cost factors; JV/local expertise; exit strategies. We also address what panelists are experiencing in the international CRE market and how they see this impacting US CRE.
Fund Strategy/Structure SessionsLarge Fund Plenary
* Where are opportunistic deals to be found today? At what IRRs? Are they worth the risk? What is the business case for investing in riskier assets in the best markets vs. investing in riskier markets? * With major markets at record highs, where are you finding value-added opportunities? Where is the next market opportunity? Domestic markets? Europe? * Financing/Hedging Strategies: With interest rates expected to rise, what changes have you made to your financing strategies? If still floating, how are you hedging? How has cap rate compression changed your investment strategy? How does a rising interest rate environment impact your view on opportunistic vs. value-add vs. core investments? * Are underwriting standards at pre-crash levels? What are future performance projections? * Do you have legacy assets, and if so, what is your strategy? To follow CalPERS example? * When is it time for property disposal? * How are you meeting LPs demands for increased investment transparency? Push for lower management fees? What is funds level of duty to their investors? *Small-Mid Sized Funds: Niche Opportunities & Tricks of the Trade
* The CRE market has become more transparent and it is harder to arbitrage: How does a smaller player compete? * If you cant compete on price, it has to be niche: What niche markets have the best opportunities to make decent-sized returns today? * How do you find off-market deals? * Scaling your business: Is it necessary? * Staying relevant: What are the key tricks of the trade? * Fundraising strategies: How to stand out? * New equity alternatives: Dequity, venture equity, bridging * Financing smaller deals: Who are the most active lenders? Typical deal terms/conditions/structures? Which assets/markets are being favored? *Assessing Different CRE Investment Structures Within the Current Tax Environment
In this session we analyze the advantages and disadvantages of different investment structures in the current tax environment from both the sponsor/GP and end-investor/LP perspectives. We also examine how alternative investment vehicles may be used to accommodate different types of investors within a real estate fund. Among the discussion points are:
Fundraising From US & Foreign Capital Sources 2016
- Insurance Wrapped funds
- Blocker exposures in foreign markets
- Structures for foreign investors
* What feedback are you getting from LPs on their current needs/interests? Have you made any significant changes to your fundraising strategy as a result? If so what? How long do you expect to be in fundraising mode? * What fundraising strategies are working best by investment type (asset specific and/or more general funds)? By investor type? Are there any notable differences in the preferences/expectations between public/private pension plans, endowments, family offices, HNW, SWFs, etc.? * How to access the more elusive LPs, especially for small/non-brand name funds? Perfecting your elevator pitch * How much $ can GPs expect to put in themselves now? Besides returns, what are LPs looking for in todays GP? * Crowdfunding & EB-5: What have been your experiences? If not yet tried, do you plan to? Why? * Assessing the impact of weak foreign currency on gaining access to foreign capital & EB-5 financing * When should/shouldnt foreign capital be considered? How to go about it/gain access? What US CRE assets/geos/markets are foreign investors favoring? How important is brand name to foreign investors? What do foreign investors look for in a fund? In an operating partner for direct investments? * How to bring foreign capital in and out in the most efficient manner? Tax structuring considerations for foreign investors *The Latest in Fund Structuring
* Current waterfalls (pooled) and fees for GPs * Fund JVs using separate accounts (opt-in clubs/ROFOs) * Flexibility in exit strategies * Side letter terms * Fund and investment period duration * GP exclusivity * GP co-invest requirement * Tax blocker structure flexibility (UBTI, ECI, REITs) * Reinvestment of proceeds * Distribution verification by accountants * Other new advisory committee demands *New Fund/Emerging Manager: A Direct Guide to What it Takes to Succeed Today
Fund Exit Strategies: Go Public, Liquidate Assets or Go the M&A Route?
- Key steps before the actual launch
- Start-up & operating costs/timeframes
- Fund/investment strategy & differentiation
- What kind of LPs are new fund/emerging manager friendly? What do they look for?
- In-house vs. using a placement agent
- The elevator pitch & securing anchor investors
- Increasing your odds of succeeding
- Failure to launch: What now?
* Exit strategy planning up front * How to assess the ideal timing for closing a fund and starting a new one with the same investor group? * How do listings/M&As impact the economics of the fund? Examining key decision points/issues involved when selecting a route to exit: Understanding partnership allocations, capital account maintenance, carried interest calculations and implications on overall yield * Tax planning, structuring and compliance issues * Understanding the process, timeline and costs for a listing/M&A * How to make yourself attractive to a buyer? What are the operational considerations and post-merger integration issues? * Liquidating assets: Positioning your properties/portfolio * Learning from past successes and failures * What is the best exit strategy in todays market? *Regulation A+: A Critical Guide for New Issuers
* A brief overview of Regulation A+ - what it is and isnt * Tier I offerings vs. Tier II offerings * Who is the investor base? * Reg A+: 7 months in, is it working? What is the rate of filings? Can we expect an influx of new issuances in 2016? What can we learn from the experience of the first issuers? * Reg A+ vs. Reg D offerings: How do they compare? * What are the pros and cons of Reg A+ offerings? * Timings, cost, required documentation, fees, structures, etc. * Fund raising instruments/platforms * Investor limits, qualifications and verification * On-going disclosure & financial statements * Liquidity events: Are Reg A+ offerings a stepping stone to an IPO? An alternative to an IPO? * Issuer due diligence and compliance obligations * Key federal and state securities law considerations *
Deals/Investment StrategyThe Economics of Real Deals Today: Case Studies
In this session panelists address the economics of recent core, value-add and opportunistic deals across CRE asset types and US markets. All scenarios discussed are real deals.Millennials: The Next Big CRE Investment Opportunity? & Jumping on Untapped Potential Within the Baby Boomer Market
The Millennial generation is the biggest in US history and it is having a profound impact on real estate of all types. CRE investors and tenants across office, retail, hospitality, logistics and housing are recognizing the demographic revolution and are revamping strategies to account for the increasing economic influence of Millennials. Similarly, Baby Boomers needs and trends from senior housing to medical offices to multi-family have been having a huge impact on CRE. Where are the untapped opportunities within this demographic? In this session investors address their strategies for maximizing the opportunities within these two huge markets.Meeting the Tech Industrys Demand for CRE: Is the Only Way Up?
The tech industry is one of the highest growth sectors in CRE demand across asset classes. If the tech industry pulls back, investors in office, industrial, multi-family, etc. will feel it. In this session we look at recent trends in CRE demand across asset classes within the tech industry; we breakdown the tech industry in terms of those leading the demand for CRE space; examine preferred geos/locations; assess key space/facilities requirements; pinpoint critical negotiation points & deal-breakers in leasing space; and we will assess the drivers of/outlook for CRE demand from the tech industry over the next 2-5 years.
CRE Finance/Debt InvestmentThe Senior Debt Lender Viewpoint 2016
* What are you doing to remain competitive and chase yield? How are you now viewing risk? * Do you expect to change your underwriting standards this year? Deal structures? If so how and why? * How do the different sources of senior debt (ins. cos.; regional/community/large banks; CMBS shops; private equity firms; mortgage REITs) differ in the current market for borrowers? * What assets/markets are still a challenge to finance? * Fixed or floating: What are your customers choosing? * Have you been picking up any pending debt maturities? * What will have the biggest impact on your business this year and how? *State of the CRE Finance Market 2016
* Many new lenders entered the market post-economic crisis: What does the competitive landscape look like today? Have all pockets of need been filled? Are more lenders still entering the market, and if so, what niches are they filling? Is it a lenders or borrowers market today? * Where is the pendulum between favoring senior lenders vs. sub-debt lenders? How are CRE finance market dynamics changing? What is the role of the big banks? Regional and community banks? Peer-to-peer lending? Is foreign capital still pouring in? What can we expect going forward? * A record number of loans will need refinancing in 2016-2017: How will this impact lenders appetite for new originations? Will this increased competition for lender resources, along with rising interest rates, mean that borrowers seeking new loans will face a tougher climate in the foreseeable future? How will rising interest rates impact CRE finance for both borrowers and lenders? Are loan maturities a true opportunity or hype? Where will the opportunities in mezzanine/sub-debt be in 2016-18? * Valuations: Where do they stand? Any new bubbles forming? To what degree are rising property valuations/over-priced assets in some markets driving CRE investors to offer sub-debt finance over acquiring properties themselves? * Are B notes coming back? * In a snapshot: Where are volumes of new originations/refinancings for senior and sub-debt vs. this time last year? Pricing levels? Equity to debt ratios? Levels of deal flow? *Crowdfunding: Case Studies in Success for Funds & Property Owners
Panelists outline their experiences in using crowdfunding in this case-study led session.
Assessing the Costs & Practicalities of Utilizing Alternative Sources of Capital for New Acquisitions, Refinancings & Development
- Raising debt, equity or a fund: When does/doesnt crowdfunding make sense?
- Routes to market
- Regulatory/compliance considerations
- Typical costs, fees, deal structures, terms, conditions
- Common pitfalls & lessons learned
- How to get started
In this session we take a practical look at how investors are accessing non-traditional sources of capital for acquisitions, development and refinancings. We examine the pros and cons of each, the processes involved and practicalities of each source of capital as well as comparing them to traditional debt finance, especially in terms of costs, fees, timeframes and structures. We also address when any given source of capital might be particularly appropriate for different types of deal.
Subscription & Short Term Fund Financing
- Regulation A+
- Foreign capital markets
* Fund structures and the impact on collateral structure * Underwriting and credit analysis * New fund evaluation and considerations * Hybrids, NAV facilities, secondaries and fund of funds financings * Club deals and other structures * Legal/regulatory developments & changes in documents * Handling a defaulted or non-performing customer *CMBS: Where Does This Market Stand as We Head into 2016?
* CMBS: Will the recent volatility trickle down to borrowers? * Are lenders holding firm on spreads they are quoting or retrading? * Will spreads tighten or loosen? * Underwriting standards: How aggressive are senior lenders? Are senior loans carrying more risk? Have underwriting standards changed? Is pro forma underwriting back? What are the possible market implications? * How are you sourcing opportunities? * After a disappointing 2014, how did 2015 round out for issuance? What will impact issuance in 2016? What type of loans are getting done? What is being securitized? * What has been the rate of delinquencies over the past year? With the coming loan maturities, what is the outlook for delinquencies for 2016-17? *Investing in High Yield Bridge/Mezzanine Loans: Rethinking Strategy for 2016
* Is the industry seeing a flashback to 2008 strategies? * Who are the new lenders entering the market? Any notable trends in their business models? * With so much competition amongst lenders, is it a borrowers market? What constitutes a good deal today? What are common terms/leverage/rates? How is deal flow? Any notable changes in deal structure? Open vs. closed loans? * How are you underwriting at this point in the cycle and against the backdrop of a potential rise in interest rates? Have you loosened your underwriting criteria in the hunt for yield? What yields are you chasing? * In what markets and asset classes are you investing and why? How important is it to have a very specific investment focus today? * Where in the capital structure to play? * Loan to own? * How to evaluate risk in the current market? * Are you seeing much maturities activity? What can be expected in 2016? *Debt Shark Tank: Evaluating Challenging Deals
In todays highly competitive market, who has the edge, borrowers or lenders? Can borrowers always access finance no matter how problematic or complicated the deal? What are common deal-breakers and can these be worked around? In this session our panel of senior and sub-debt lenders evaluate up to three challenging CRE finance deal scenarios with the goal of saying which they would take on and under what terms/conditions - and on which they would pass. Among the discussion points are: loan to value ratios; interest rates; personal guarantees.
LP-FocusedLimited Partner 2016 Investment Perspective
* How are you viewing CRE and where does it currently fit into your portfolio? Do you plan to rebalance/alter your CRE portfolio? What are your 2016 CRE allocation expectations? How does a preference towards greater liquidity impact overall asset allocation? * Are you doing/considering direct CRE investments? If yes, why, and what do you look for in an operating partner? * Core vs. opportunistic? Risk tolerance & return expectations * What types of managers/strategies are currently of interest? What are you looking for in terms of managers/deals? Separate accounts vs. commingled funds? How to ensure interests are aligned? * Fee structures & fee transparency * Ending the LP-fund relationship: Key steps & considerations * 2016 investment outlook: Optimistic, pessimistic or a repeat of 2015? * What will be your key focus for CRE investment in 2016? *LP/GP Shark Tank: Negotiating Terms
GPs will present their fund strategy and terms to LPs. LPs will discuss if they are willing to invest and negotiate their terms. Fees, carries, most favored nation clauses, splits, and hurdles will be debated.The LP Perspective: Investing in New/Emerging Managers Today
Securing $ from Family Offices and High-Net-Worth for CRE Investments
- Define emerging manager
- Due diligence processes/red flags that you look for
- What type of governance do you expect?
- Sourcing new funds/managers: How can they get on your radar?
- Debt fund vs. equity?
- JVs or separate accounts?
- How much of a percent of the fund would you invest in?
- Dispute resolution
- What are the critical points that emerging managers should take away from this discussion?
- How are you now viewing CRE investments? Favored assets/markets? Risk tolerance? Return expectations?
- How do you source funds to work with? How can a fund get on your radar?
- What do you look for in a fund manager? What are your due diligence processes?
- How much capital do you expect the GP to put in? How to ensure interests are aligned?
- Governance and dispute resolution
- Do you/would you invest directly in real estate? If yes, what are critical success factors? If not, why not?
Technology & Asset-Level Specific SessionsCRE Tech Shark Tank
CRE tech is revolutionizing the way the industry does business. From aggregating and analyzing data for more informed property investment decision-making to realizing energy savings and efficiencies in smart buildings, tech has shifted from being a cost-center to improving ROIs. In this session panelists evaluate different CRE tech offerings with the objective of saying which they would take on and why - and on which they would pass.Innovation Panel From CRE Smart Tech to Adaptive Reuse Creating Value at the Asset Level: CRE Case Studies
As tenant demands evolve, owner-operators need to be ahead of the curve in meeting their requirements. In this session we welcome panelists who, through recent case study examples, illustrate how they have successfully created value in CRE through leasing; renovation/adaptive re-use; CRE tech; and cultural customization. From space planning to smart building strategies to satisfying the needs of specific industries, this panel explores the latest innovation by developers/owner-operators in creating value at the asset level. As well as discussing specific case-study examples we also address: The niches/trends yet to be fully exploited; state/federal incentive programs projects can qualify for; how some municipalities are modifying codes/zoning regulation to encourage adaptive re-use projects; overcoming obstacles to securing financing; and learning from the mistakes of failed projects.Sustainability & ESG in CRE Investment: Examining LP & Tenant Demands & How to Improve Market Competitiveness & Lower Operating Costs
* Sustainability and ESG (Environmental, Social and Corporate Governance) is trending to the US what are the drivers of this movement? * To what degree are LPs jumping on the bandwagon? Is a portion of their allocations dedicated to sustainability/ESG-focused CRE investments? If so, is this likely to increase? What are their key requirements? * To what degree are commercial tenants demanding sustainable/ESG-focused buildings? What are common wants/needs? Are these deal breakers? How much of a competitive edge do you have over those who do not have sustainable/ESG-focused buildings? * How are you using sustainability/ESG initiatives to lower operating costs? What are actual cost savings? Via what initiatives? * What can the US learn from the European CRE markets in this area? * An overview of federal, state and local tax credits and incentives for CRE sustainability/ESG initiatives * Key state and municipal laws and compliance obligations what further regulation is in the pipeline? Its likely impact? * Oversight/management/reporting of your sustainability/ESG initiatives * Sustainability/ESG performance rating *Property & Portfolio-Level Due Diligence for Acquisitions: The Need to Know & Do
* As environmental standards become a greater focus, what are the key due diligence considerations for older properties? How about environmental due diligence for newer properties? Is there anything in the regulators pipeline that could further affect due diligence requirements in the foreseeable future? * Has the market now stabilized enough to allow relevant comps? What is your process for neighborhood due diligence? * Tenant evaluation & lease reviews: Key considerations in the current climate * Taxes and liens * Zoning, subdivision and land use matters * Portfolio due diligence: When time is money and mistakes can be costly, how to be thorough yet cost-effective? What are the key flags you look for? Do you take a different approach to government portfolios? * Do you use in-house expertise or outsource to third party due diligence service providers? What is the business case for each approach? *
JV-Focused SessionsGP / OP Joint Venture Shark Tank
Waterfalls, deal terms, preferred returns, control provisions and cost overruns will dominate the conversation as we discuss joint ventures from both the operator and equity provider perspective.Real CRE Deals: Case Study-Led New Best Practices for JVs
In this session panelists address their JV experiences from recent CRE deals from their different perspectives: equity provider; operating partner; LP; lender and attorney. All scenarios discussed are real deals. Panelists address:
Fund-Fund Joint Ventures
- The top 10 most heavily negotiated issues
- Tried and tested must-have documentation
- Lessons learned from the downturn
- New best practices
* Tax-efficient structuring * Choosing the form of entity * Joint ventures with non-US partners * Control issues, dispute resolution and the decision making process * Capital contributions if additional capital is needed * Exiting fund investments *