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LAST UPDATED: Tuesday, June 09 2009
7:45 Exhibition Hall Opens Registration Begins...Breakfast Courtesy Of:
8:25 Welcome From IMN 8:30 EVALUATING THE CURRENT STATE OF THE REAL ESTATE FUND INDUSTRY: EXTRAORDINARY TIMES; EXTRAORDINARY MEASURES Fundraising Without LP Reinvestments What Structures are Doable Today? Too Many Funds, Too Little Time, How can an LP Choose? Is Industry Consolidation on the Horizon? How did you Survive the Last Downturn? Are you Considering Closing your Weak Lines and Concentrating in the Areas Where you have the Most Expertise? State of the Fund-of-Funds Market New Fund Raising While Dealing with Old Fund Problems Wheres the Financing? Session Chair: Gary Koster, Partner ERNST & YOUNG LLP Panel Participants: Stephen Coyle, Chief Investment Officer COHEN & STEERS GLOBAL REALTY PARTNERS Robert Dombi, Partner LANDMARK PARTNERS, INC. Scott Landress, Managing Principal & CEO LIQUID REALTY PARTNERS Jeffrey M. Kaplan, Managing Partner MEADOW PARTNERS LLC David Rubenstein, Senior Principal RUBENSTEIN PARTNERS Michael Katz, CO-CEO STERLING EQUITIES 9:30 LARGE FUND SPONSOR STRATEGY PLENARY: WHAT WILL IT TAKE TO GET BACK INTO THE MARKET? Success Stories 09 : What Deals have you Gotten Done During the Last Year? Would you have Done the Deals Today? Opportunities in Troubled Geographic Markets Legacy Portfolios: What are you Adding More $$ to? What are you Letting go? Why? Is the Big Deal Out There? Debt Strategies What Geography/Product Type are you Evaluating? June 11, 2009 : Investment Idea of the Day Is the Gulf Between Bid and Ask Lessening? How Far Below Replacement Cost are you Looking? Would you Consider All Equity Deals? How Much Leverage are you Able to Use? Session Chair: Alvin Katz, Partner MAYER BROWN LLP Panel Participants: Keith Barket, Managing Director ANGELO GORDON John Jacobsson, Partner AREA PROPERTY PARTNERS Jon Halpern, Partner-Global Head of Real Estate MARATHON ASSET MANAGEMENT Steven Orbuch, President OCH-ZIFF REAL ESTATE Urban Edenstrom, Chairman of Niam Funds STRONGHOLD INVEST AB Sush Torgalkar, Managing Director WESTBROOK PARTNERS 10:25 Refreshments Courtesy Of:
10:50 NEW YORK CITY PROPERTY INVESTING PLENARY Current Valuation Which Asset Classes Present the Best Opportunities Today? Looking at the Boroughs and Suburbs Future Macroeconomic Outlook Latest Developments from the Government Evaluating the Rent-Regulated Market Is NYC Still Under-Retailed? Session Chair: Jay Neveloff, Partner KRAMER LEVIN NAFTALIS & FRANKEL, LLP Panel Participants: N. Richard Kalikow, Founder & President MANCHESTER REAL ESTATE AND CONSTRUCTION LLC Jan Sternin, Senior Vice President MORTGAGE BANKERS ASSOCIATION Bradford R. Klatt , Co-Managing Partner ROSELAND PARTNERS Nick Bienstock, Managing Partner SAVANNA FUNDS Joseph Sitt, President THOR EQUITIES, LLC Donald Trump Jr., Executive Vice President THE TRUMP ORGANIZATION 11:45 ASSESSING THE FUTURE OF REAL ESTATE FUND INVESTING Impact of the Increase in Private Wealth, 401(k) Monies and Sovereign Wealth and the Reduced Role of Defined Benefit Plans Future Private Equity Real Estate Allocation: What is it Likely to be? The Role of Leverage Will Securitization Return? In What Form? How Will the Real Estate Fund Industry Look if there is a Prolonged Recession? Fund Consolidation: How Many Funds Will there be? When Will US Funds Start to Look Globally Again? Future Real Estate Allocation by Plan Sponsors Session Chair: Stephen Tomlinson, Partner KIRKLAND & ELLIS LLP Panel Participants: Phillip Blumberg, Chairman BLUMBERG CAPITAL PARTNERS Jonathan Litt, Managing Principal LAND AND BUILDING INVESTMENT MANAGEMENT Jack Chandler, CEO LASALLE INVESTMENT MANAGEMENT, ASIA PACIFIC Joseph Zuber, President & COO OCONNOR CAPITAL PARTNERS Charles Purse, Managing Principal PARK HILL REAL ESTATE GROUP LLP Jeff Johnson, Chief Investment Office TRANSWESTERN 12:40 Luncheon Courtesy Of: 
Concurrent Sessions: Please Choose A, B,C or D1:40A STEPPING INTO THE CAPITAL BREACH: BUYING BUSTED MEZZ LOANS What Types of Mezz Loans are you Looking to Originate in this Environment? Secondary Market Investments Current Risk-Adjusted Returns What Types of Mezz Deals have you been Buying? Are you Currently Deploying Mezz? Where? In Which Markets are there Performing Mezz? Are you Looking to Preserve your Mezz Position by Buying Out the Senior? If you do the Number Crunching to Invest in the Equity what does it Take to Evaluate the Mezz? What is your Take on the Workout? Current Underwriting & Credit Standards Borrower/Mezzanine Loan Owner Issues Whos Selling? At What Price? Buying Paper from Distressed Sellers Exit, Control Rights & Removals Are 20%+ Returns Still Out There? Session Chair: Kent R. Richey, Partner JONES DAY Panel Participants: David Furman, Partner GIBSON, DUNN & CRUTCHER LLP Peter S. Ginsberg, Managing Director GOLDENBRIDGE ADVISORS, LLC Spencer Garfield, Managing Director HUDSON REALTY CAPITAL, LLC Scott Schwartz, Senior Managing Director, MARATHON ASSET MANAGEMENT Mason Sleeper, Principal PRAEDIUM GROUP, LLC 1:40B JOINT VENTURE EQUITY INVESTMENTS & STRUCTURES New Twists in the Traditional Money Bee/Worker Bee Arrangement Establishing a Joint Venture from the Embers of a Failed Fundraising Structures to use Joint Ventures as a Baby Step into the Real Estate Fund Business Looking at the Hedge Fund Industry for Alternative Joint Ventures Structures: Fund Advisory and Investing in Funds Distressed vs. Opportunistic Joint Ventures Comparing Property vs. Paper; Origination vs. Secondary Market Purchase Joint Venture Structures Distribution Trends Session Chair: Christopher Pennington, Partner PROSKAUER ROSE, LLP Panel Participants: Raphael Sidelsky, Managing Director FREMONT REALTY CAPITAL Rachel Klein, Senior Manager PRICEWATERHOUSECOOPERS LLP Joseph D. Blum, President RBL REAL ESTATE Joel Rubin, Partner SEYFARTH SHAW LLP Michael J. Yuzon, Vice President/Chief Compliance Officer URBANAMERICA L.P. 1:40C SOURCES OF DEALS, SALES STRATEGIES & EXIT OPTIONS Are there Loan Deals from Banks? Are Distressed Sellers Selling? Are the Distressed Funds Buying? Exit Options Pre- & Post-Default What is Coming on the Market from Government Bank Takeovers? Are B Note Buyers and Special Servicers Stepping in as White Knights? Auctions Has the Great Valuation Divide been Crossed? Sourcing Troubled Debt Session Chair: Robert Sheridan, President ROBERT SHERIDAN & PARTNERS, LLC Panel Participants: Joshua J. Lavrinc, Principal BIRMINGHAM CAPITAL ADVISORS Gil Tenzer, Principal CONTRARIAN CAPITAL PARTNERS Robert Cestari, Managing Diretor MAXIM GROUP Jeffrey M. Finn, President & CEO NAI GLOBAL Chris Matthews, President RM CROWE 1:40D DISTRESSED FOR-SALE MARKET: EVALUATING LAND, RESIDENTIAL DEVELOPMENT & BROKEN CONDOS The Buy & Hold Strategy and Economics of Carrying Undeveloped Land for Long Periods of Time Condo Alternative Use: Economics, Entitlement, Tax and Zoning Considerations Bulk Buyer Acquisition Is Financing Available For This Market? Local Market Evaluation & Opportunity: Any Markets Improving? Buy Note vs. Buy Underlying Property Bankruptcies, Liquidations, Workouts, Negotiations & Remedies Condo to Rental Opportunities Alternative Use Business, Operational, Zoning & Legal Issues Valuation Without Adequate Sales Volume Exit Strategies Conversions & Reversions Session Chair: Jim Hibbert, Senior Manager REZNICK GROUP Panel Participants: Roger Winston, Managing Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP John Bielefeldt, Principal CROWN REALTY ADVISORS Charlie Kalocsay, Executive Director ERNST & YOUNG LLP Derek Smith, Partner-Real Estate PAUL HASTINGS JANOFSKY & WALKER LLP Martin Bronstein, Principal THE SITUS COMPANIES 2:25A TRANCHE WARFARE AND WORKING OUT MULTITRANCHE STRUCTURES Who Really Controls the Loan? Are there Deal Elements that Unintentionally Give a Loan Party Effective Control? What other Exposure does a Lender have that Might be Motivating it? Intercreditor Agreements & their Recent Evolution Immediate Foreclosure vs. Loan Extension Impact of Appraised Value What Kind of Complexitiesdo CDOs Bring to the Table? UCC Foreclosure Concerns Forced Sale Issues How have Complex Deals been Resolved? Out of the Money Mezz Buying the Senior Session Chair: Mark S. Fawer, Partner DICKSTEIN SHAPIRO LLP Panel Participants: Peter A. Miller, Partner AKIN GUMP STRAUSS HAUER & FELD LLP Arne Arneson, Managing Director, US Fund Investment Management JER PARTNERS Jeff Gronning, Managing Principal NORMANDY PARTNERS Jeff Page, Partner RIEMER & BRAUNSTEIN LLP Peter J. Korda, Partner SEYFARTH SHAW LLP Mark Cagley, Managing Director WACHOVIA CAPITAL MARKETS, LLC Timothy E. Davis, Partner WHITE AND WILLIAMS LLP 2:25B REDUCING RISK, ADDING GP FLEXIBILITY & INCREASING THE BOTTOM LINE THROUGH FUND STRUCTURING BEST PRACTICES Latest Waterfall and Fee Structures Compensation Variations for GPs and GP Executives GP Flexibility in Structuring and Operating a Fund Debt Fund Issues Capital Calls & Investor Defaults Impact of Proposed Carried Interest Legislation and other Current Tax Issues Limiting GP Liability Current UBIT Standards for Tax-Exempt Investors Preferred Equity and other Joint Venture Structures Joint Ventures with REITs GP Skin in the Game: How Much? Mandate Structure and Operating Flexibility Session Chair: Sanford Presant, Chair, Real Estate Funds GREENBERG TRAURIG LLP Panel Participants: Dominic J. Petrucci, CFO BUCHANAN STREET PARTNERS Bradley Cohen, President COHEN ASSET MANAGEMENT, INC. Steve Gordon, Principal & General Counsel HARRISON STREET PARTNERS Bradford W. Howe, Managing Director LOWE ENTERPRISES INVESTORS Charles Harrison, President REIT FUNDING, LLC Steve Jasa, Vice President of Investment Management WESTERN NATIONAL REALTY 2:25C ADDING VALUE TO YOUR PORTFOLIO THROUGH ASSET MANAGEMENT Dealing with Strategic Partners Technology Needed to Effectively Operate Outsourcing vs. Insourcing your Asset Management Asset Management for a Property in Distress Money Source/Operator Joint Ventures Asset Management Comparisons Among Different Real Estate Classes How to Maintain & Increase Occupancy How Low Would you go? Tenant Renegotiation Is there Green in Green? Property Management for Vacant Properties Lenders as Property Managers Greentech, Energy Efficiency, Tax Benefits and Distressed Real Estate Session Chair: Nicholas E. Stolatis, Director - Strategic Initiatives Asset Management, Global Real Estate TIAA-CREF Panel Participants: John D. Hirschfeld, Chief Executive Officer CLASS GREEN CAPITAL PARTNERS, LLC Oren Rosen, President COUGAR SOFTWARE, INC. David Tesler, CEO REAL DILIGENCE, LLC and LEASE PROBE LLC Steven M. Sadler, Managing Director REAL ESTATE VALUE ADVISORS Nick Moore, National Director of Investment Management YARDI SYSTEMS 2:25D DISTRESSED HOTELS: WHERE ARE THE BEST INVESTMENT OPPORTUNITIES? Exit Strategies The Death of the Condo Hotel Market:What Opportunities Will Arise? Exit & Valuation Strategies Legal & Due Diligence Acquisition Points Capital Sources Distressed Mixed-Use Projects Turnaround & Repositioning Strategies Foreclosure, Workout & Chapter 11 Issues for Hotel Investors Operational Issues Brands Role & Renegotiating Contracts Urban vs. Resort Hotels Assessing the Casino Market Session Chair: Stephen L. Rabinowitz, Chair, New York Real Estate Department GREENBERG TRAURIG LLP Panel Participants: William McInerney, Partner CADWALADER, WICKERSHAM & TAFT LLP JJ Lenhart, Vice President CITI PROPERTY INVESTORS Clark W. Hanrattie, Chief Investment Officer HEI HOTELS & RESORTS Jed C. Heller, President THE PROVIDENCE GROUP, L.L.C. Kate Henriksen, Senior Vice President of Investment Analysis & Portfolio Management RLJ DEVELOPMENT Bob Sonnenblick, Chairman SONNENBLICK-DEL RIO 3:25A INVESTING IN BUSTED CONSTRUCTION LOANS, HALFBUILT PROPERTIES & NON-CASH FLOW GENERATING PROJECTS Successor Lender Issues Economics of Carrying Vacant Properties Do the Old Feasibility Studies Still Make Sense? Valuing Incomplete Projects Lender Liability on Stopped Construction Loans: Can a Developer Successfully Sue their Bank? Buying Debt Session Chair: Michael Fishman, Shareholder GREENBERG TRAURIG, LLP Panel Participants: Quniton Primo, Chairman & CEO CAPRI CAPITAL ADVISORS, LLC Douglas Wilson, Chairman/CEO DOUGLAS WILSON COMPANIES John Burns, CEO & Founder JOHN BURNS REAL ESTATE CONSULTING, INC. Hal Scudder, Senior Vice President, PECO Capital PHILLIPS EDISON & COMPANY Brian Lancaster, Chief Investment Officer-Real Estate Division WACHOVIA CAPITAL MARKETS LLC 3:25B FUND SHARE LIQUIDITY: IS GREAT INTEREST ACTUALLY TRANSLATING INTO REAL ACTION FOR SECONDARIES? Funds Selling a Piece for their Investor Actual Price vs. Valuation: What are the Methodologies? GP Buying Out the LP Is there Room to Grow? Market Dynamics vs. the Private Equity Market Why does an LP Need Liquidity? Funds-of-Funds: Buyers, Sellers? Stapled Secondaries and LP Restructuring Session Chair: Charles Purse, Managing Principal PARK HILL REAL ESTATE GROUP LLP Panel Participants: Michael Belsley, Partner KIRKLAND & ELLIS LLP Robert Dombi, Partner LANDMARK PARTNERS, INC. Scott Landress, Managing Principal & CEO LIQUID REALTY PARTNERS Ronald Dickerman, President MADISON INTERNATIONAL REALTY Marc P. Weiss, Partner PARTNERS GROUP REAL ESTATE, LLC 3:25C INFRASTRUCTURE INVESTMENTS: CAN A US FUND FLOURISH? Defining Infrastructure Impact of Obama Administration Policies Public/Private Partnerships: Will the 3P Movement Succeed? Non-US Activity Will Institutions Appetite for Real Estate Diversification Mean Additional Infrastructure Investment? Is there $$ to be Made in this Asset Class? Fundraising Strategies Correlation, Risk/Return, Performance of Asset Class Asset Management Issues Exit Strategies Deal Structures Financing in the Current Market Pricing & Valuation Political Issues Needed to Work through to get the Deal Done Buying Public & Private Infrastructure-Related Companies Session Chair: John Ferguson, Partner GOODWIN PROCTER, LLP Panel Participants: Michael Dorrell, Senior Managing Director THE BLACKSTONE GROUP LP Brian Bode, President EXCELSIOR CAPITAL PARTNERS Robert Buday, Partner KIRKLAND & ELLIS LP Joseph J. Haslip, Assistant Comptroller for Pensions NEW YORK CITY RETIREMENT SYSTEM Jeffrey Hecht, Partner KPMG 3:25D PROJECT-LEVEL WORKOUTS: WHAT ARE THE KEY ISSUES THAT DRIVE NEGOTIATIONS? Steps to Take, Pre-Workout Legal & Tax Issues Lender Liability Issues Building a Realistic Work-Out Plan Collateral & Guaranties Changing Scope of Project Changing the Terms: What are the Options? Refi Options New, Outside Equity Deal Structures Session Chair: Steven Koppel, Partner JONES DAY Panel Participants: David Barksdale, Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP Michael Mesard, Managing Director BLACKROCK SOLUTIONS Sanford Herrick, Managing Director HUDSON REALTY CAPITAL Lorie R. Beers, Managing Director KPMG CORPORATE FINANCE LLC Lewis B. Freeman, Principal LEWIS B. FREEMAN & PARTNERS, INC. Mark Einstein, Principal REZNICK GROUP 4:10 Refreshments Courtesy Of:
4:30A DISTRESSED DEBT FUNDS: ARE THE OPPORTUNITIES STILL OUT THERE? Fundraising: What Issues Came Up? What is your Funds Unique Selling Point? What is your Strategy? Where in the Capital Stack is your Sweet Spot? Origination or Secondary Loan Purchases? Public vs. Private Markets Is this Market Getting Crowded? Fundraising Successes and Failures Relative Value Across Debt Asset Classes Corporate Real Estate Debt Strategies Session Chair: Scott Farb, Managing Principal REZNICK GROUP Panel Participants: Todd Gorelick, Founding Principal GORELICK CAPITAL Nathaniel Marrs, Partner KIRKLAND & ELLIS INTERNATIONAL LLP Alan Leavitt, Managing Principal LEAVITT PARTNERS LLC John Lustgarten, Vice President LOWE ENTERPRISES INVESTORS, LLC Michael A. Collins, Managing Partner & CEO OSPREY INVESTMENT COMPANY LLC Jeff Schaffer, Managing Director SPECTRUM GROUP MANAGEMENT LLC 4:30B EVALUATING THE USE OF CLOSED CAPITAL, SUBSCRIPTION LINES & MANAGING YOUR MATURITY SCHEDULE Impact of Financial Crisis on Subscription & Other Financings Pricing and Syndication Update Strategically Deploying your Capital Changes on Capital Pricing Which Lenders are in the Market? Credit Approval Process for Repeat/New Funds Current Underwriting Standards for Investors Alternative Credit Facility Availability Lease Rollover Management Reacting to Margin Calls Repurchase Agreements as a Financing Tool Paying Down, Buying Back & Retiring your Debt Can you Buy Back your Own Debt at a Discount? Options for Restructuring your Existing Credit Facility Are the Public Equity Markets an Option? Defaulting Investor Concerns Facility Safeguards Session Chair: Kenneth Herz, Partner HAYNES AND BOONE Panel Participants: Mark Monte, Managing Director BANC OF AMERICA SECURITIES LLC James Broderick, Partner GOODWIN PROCTER, LLP Jeff Friedman, Principal MESA WEST CAPITAL, LLC Nick Mitra, Director NATIXIS CAPITAL MARKETS Robert L. Gilbert, Managing Director STANDARD CHARTERED BANK Bill Jandrisits, Director of Finance STARWOOD CAPITAL GROUP Dee Dee Sklar, Managing Director WEST LB, AG 4:30C STARTING & STRUCTURING A NEW FUND IN TODAYS MARKET: KEYS TO SUCCESS * Taking Advantage of the Changing Landscape * Is a Blind Pool the Best Approach? * How are LPs Evaluating New Managers? * What Sources of Capital did you Use? * What is your Investment Strategy? * Did you Reach your Fundraising Goal? Session Chair: Peter Fass, Partner PROSKAUER ROSE, LLP Panel Participants: Sarah Harris, Attorney BAKER & MCKENZIE Joseph Calloway, Principal BIRMINGHAM CAPITAL ADVISORS Jack vanHartesvelt, Partner KENNEDY ASSOCIATES Ronald Kaplan, Partner MCGLADREY & PULLEN LLP 4:30D ASSET ALLOCATION, ROUTES TO MARKET & MANAGER SELECTION What is your Real Estate Allocation? Any Changes? When Would you Consider a New Fund? Are your Investing in a Generalist Real Estate Fund vs. Fund with Specific Investment? Use of Consultants Evaluating Fund-of-Funds Post-Madoff Session Chair: Gary E. Block, Managing Director THE MERIDIAN GROUP Panel Participants: Mark Weidner, Managing Director FRANKLIN TEMPLETON INVESTMENTS Gary A. Zdolshek, Principal INVESTORS DIVERSIFIED REALTY, LLC John Keane, Executive Director JACKSONVILLE POLICE & FIRE PENSION FUND Kenneth W. Muller MORRISON & FOERSTER, LLP Gerald W. Garrett, OKLAHOMA FIREFIGHTERS PENSION AND RETIREMENT SYSTEM Irv Lowenberg, Treasurer CITY OF SOUTHFIELD, MI Concurrent Sessions: Please Choose A, B or C5:30A OPPORTUNITIES IN THE CMBS & STRUCTURED FINANCE MARKETS Where in the Capital Stack Should you Go? Relative Value vs. Other Real Estate Debt Instruments Servicing & Special Servicing Would you Consider Investing in the CRE CDO Market? How Risky is the Senior Today? How are you Financing your Operation Today? Delinquency Rates & Future Outlook Would you Consider CMBS With Mezz Behind it? TALF & CMBS Is there Value in MBS, Subprime & Home Equity Loans? Are you Looking at A or B Opportunities? New Origination Session Chair: Constantine Korologos, Managing Director DELOITTE FINANCIAL ADVISORY SERVICES Panel Participants: Andrew Solomon, Director ANGELO, GORDON & CO. Mike Nash, Senior Managing Director THE BLACKSTONE GROUP Stuart Goldstein, Partner CADWALADER, WICKERSHAM & TAFT LLP Scott Weinberg, Partner DLA PIPER LLP Perry Gershon, Chief Executive Officer LOANCORE CAPITAL MANAGEMENT, LLC Randy Reiff, Founder SPARTAN CAPITAL LLC 5:30B EXAMINING OPPORTUNITIES IN NON-US MARKETS Where are the Best Opportunities Today Internationally? Why Should I go Overseas With the US on Sale? Are you Getting Compensated for the Additional Risk of Emerging Markets? Where is there Distressed Internationally? Structural & Market Risk? Emerging Market Opportunities Workouts Outside of the US Structures to Ensure you get the $$ Back Routes to Market Session Chair: Robert E. Lester, Managing Principal PARK HILL REAL ESTATE GROUP, LLC Panel Participants: Christopher B. Taube, Director AETOS CAPITAL, LLC Scott Brown, Managing Director CB RICHARD ELLIS INVESTORS Eduardo Guemez, Chief Executive Officer LASALLE INVESTMENT MANAGEMENT, MEXICO Markus S. Meijer, Chief Executive Officer MEYER BERGMAN Subhash Bedi, Managing Director RED FORT CAPITAL Roberto Ordorica, CEO PRUDENTIAL REAL ESTATE INVESTORS LATIN AMERICA 5:30C EVALUATING UNDERWATER PROPERTY ALTERNATIVES AND THE WORKOUT OPTION FROM AN EQUITY HOLDERS PERSPECTIVE Who Should an Equity Holder be Dealing With? Foreclosure vs. Workout vs. Extension Looking for Capital/Joint Venture Partner Hand Over the Keys vs. Sinking New $$ in Is the Ability to Sell a Project in this Environment Improving? Refinance? Building your Workout Team Evaluating Bankruptcy, Lender Liability and Other Weapons in the Borrowers Arsenal and How these can be Most Effectively Used to Advance Negotiations How Borrowers can Extract Market Intelligence, Lender and Deal Specific Information to Effectively Negotiate with their Lender When is Bankruptcy the Best Option? Disclosure of Financial Condition The Rush to Foreclose & the Impact of Who Files First Session Chair: Thomas O'Connor, Partner-Chair of Real Estate Practice Group COOLEY GODWARD KRONISH LLP Panel Participants: David Heroy, Partner BAKER & MCKENZIE David Moret, Executive Vice President CONTINENTAL REAL ESTATE COMPANIES Pamela Bader, President MH INTERNATIONAL INVESTMENT GROUP Jonathan B. Schultz, Managing Principal ONYX EQUITIES, LLC Gregg Bloomberg, Tax Principal REZNICK GROUP Paul Griesmer, Senior Managing Director THE SCHONBRAUN MCCANN GROUP, an FTI Company 6:30 Networking Reception Courtesy Of: 
7:30 Day One Concludes LAST UPDATED: Wednesday, June 10 2009
7:45 Breakfast Courtesy Of:
Concurrent Sessions: Please ChooseA, B or C8:25A GENERAL PARTNER BANKRUPTCY/RESTRUCTURING/RECAPITALIZATION/MERGERS & ACQUISITIONS Structural Options to Reduce a Funds Debt How to Terminate the Existing GP & Replace with a New GP Existing LP: Should you Stay or Should you go Now? If you go Will there be Trouble? If you Stay Will it be Double? How did Funds Survive the Last Downturn? Selling the Fund: How to Come Up with a Value UBIT Exempt Investor Issues Session Chair: Lewis B. Freeman, Principal LEWIS B. FREEMAN & PARTNERS, INC. Panel Participants: Clayton Chip Andrews, Managing Director BABSON CAPITAL MANAGEMENT William P. Bowman, Senior Vice President-Real Estate HARTFORD INVESTMENT MANAGEMENT COMPANY Joshua Kahr, Principal KAHR REAL ESTATE 8:25B FAILING JOINT VENTURES: WHAT ARE YOUR OPTIONS? Operating vs. Financial Partner Default Backing Out of a Joint Venture: What are your Options? Changing Partnership Terms Capital Infusions Session Chair: Marshall S. Brozost, Partner DEWEY & LEBOEUF LLP Panel Participants: Dean Dulchinos, Managing Director BABSON CAPITAL Benjamin D. Pierson, Partner COOLEY GODWARD KRONISH LLP Jay Rollins, Principal JCR CAPITAL Ron Sernau, Partner PROSKAUER ROSE, LLP John P. Napoli, Partner SEYFARTH 8:25C PROPERTY VALUATION & THE IMPACT OF FAIR VALUE ACCOUNTING Influence of Mark-to-Market Bid/Ask Spread Impact Recent FASB Fair Value Clarification and its Expected Impact Bank Valuation of Loans & Associated Issues Valuation & Appraisals of Single Properties: What are the Key Issues? Session Chair: David Seaman, Partner PRICEWATERHOUSECOOPERS LLP Panel Participants: Fletcher Baldwin, Managing Director CSG REAL ESTATE Stephen Rosenburgh, President DYNAMIC ASSET MANAGEMENT Robert Quinn, Vice President NEW YORK LIFE INVESTMENTS Ricardo Koenigsberger, Managing Partner ROCA MANAGEMENT 9:10A INVESTING IN SINGLE LOANS AND LOAN PORTFOLIOS Successor Lender Issues Can you Really Buy Loans for Pennies on the Dollar? Is that Because they are Worth Only Pennies on the Dollar? Loan-to-Own Strategies Loan Workout Strategies What Kind of Performing Whole Loans are you Investing in? Construction Loan Investments Control Issues Originate vs. Secondary Market Purchase Session Chair: David Kessler, Principal REZNICK GROUP Panel Participants: Jerry OBrien, Senior Partner CARVAL INVESTORS Christopher S. Moench, Managing Member DIRECTED CAPITAL RESOURCES, LLC Chris Linkas, Managing Director FORTRESS INVESTMENT GROUP James H. Ross, Principal & Managing Member ROSSROCK LLC D. Shane Baldwin, CEO & President SILVER LEAF FINANCIAL Peter M. Locke, Managing Director SPECTRUM GROUP MANAGEMENT LLC Tarak Patolia, CIO STERLING EQUITIES 9:10B LOOKING AT TRADITIONAL & ALTERNATIVE OPPORTUNITIES IN THE US MULTIFAMILY MARKET Financing: Can Anything get Done if Freddie & Fannie arent Involved? What is the Impact of New Funding Standards? Converting Busted Condo Conversions Back to Rentals Student, Senior and Workforce Housing: Growth Markets? Supply Dynamics and Impact of Condo Reversions vs. For Sale Housing Foreclosures Acquiring Higher-Yielding Mortgage & Mezzanine Debt Through Loan Purchases or Origination HUD Sales Market Are there Non-Busted Condo Distressed & Value-Added Opportunities in the Apartment Market? Session Chair: Robert Sternthal, President REZNICK CAPITAL MARKETS Panel Participants: Benjamin Friedman, President ABACUS CAPITAL GROUP LLC Ted Trivers, Senior Vice President BOSTON CAPITAL REAL ESTATE PARTNERS Quinn R. Barton, Managing Partner CARMEL PARTNERS Jim Costello, Director CBRE TORTO WHEATON Jeffrey L. Goldberg, Managing Partner THE MILESTONE GROUP 9:10C SMALL, NICHE AND LOCAL TRANSACTIONS & FUND STRATEGIES Is it Really Easier to Fund Small Deals in Todays Market? Who are the Sources of Capital? Are the Opportunities Worth the Hard Work? Are Local Joint Ventures the Way to go? All Equity Deals: Keys to Success Success Stories in Niche Assets State of the Smaller Markets Transaction Pipeline Session Chair: Michael E. Stark, Managing Principal PARK HILL REAL ESTATE GROUP Panel Participants: Bob Perry, Senior Managing Director CARVAL INVESTORS Kenneth E. Nitzberg, Chairman & CEO DEVON SELF-STORAGE Wythe Michael, Shareholder HIRSCHLER FLEISCHER David Cheek, President MERIDIAN Michael Frankel, Managing Partner REXFORD INDUSTRIAL 10:10 Refreshments Courtesy Of:
10:35A FDIC LOAN AUCTIONS & NEWS FROM THE LOAN SALES COMMUNITY How the FDIC Picks Advisors Selling Portfolio Stakes vs. Entire Portfolios Buying Performing vs. Non-Performing Loans FDIC Structured Sales, Partnerships and the Performance Thresholds Needed to Increase Investment Stake Who Pays the Carrying Costs? Valuation Methodology Asset Management Requirements for FDIC Properties Session Chair: Daniel Perlman, Partner-Real Estate PAUL HASTINGS JANOFSKY & WALKER LLP Panel Participants: Sean McVity, Managing Partner A-Z GARNET LOAN SALE ADVISORS Benjamin Mayer, Managing Partner LEON, MAYER & CO. Brad Hunter, Chief Economist and National Director of Consulting Partner-Real Estate METROSTUDY Ron DVari, Chief Executive Officer NEW OAK CAPITAL LLC D. Shane Baldwin, CEO/President SILVER LEAF FINANCIAL 10:35B MANAGING YOUR EXISTING RELATIONSHIP: THE LP/GP INVESTOR RELATIONS BEST PRACTICES PANEL Impact of Denominator Effect & Portfolio Rebalancing Capital Calls & Unfunded Equity Commitments Communication Strategies Changing Mandates Sidecar Funds Managing Expectations Strategies to Stay Close to the Investor When not Investing When does a Firm Need an IR Officer? Delivering News to LPs Dealing with a Sponsors who Want to Modify Commitments Most Favored Nation Customers Session Chair: John L. Ruppert, Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP Panel Participants: David A. Karp, Managing Director FORUM PARTNERS INVESTMENT MANAGEMENT LLC Dan Fulop, Senior Vice President FRANKLIN TEMPLETON INVESTMENTS Robert Insolia, Partner GOODWIN PROCTER, LLP Joe Wilhelm, Trustee HAMPSHIRE COUNTY RETIREMENT SYSTEM Clyde Robinson, Director Capital Markets & Client Relations JER PARTNERS John Wiencek, Head of US Fund Administration MOURANT FUND SERVICES LLC 10:35C FUNDRAISING 2009: WHO WILL SUCCEED IN THIS MARKET? Who can Raise a Fund in this Market? What Kind of Funds are Closing? What Fund Styles/Asset Classes are Institutional Investors Interested in? Sources of Capital: Who is Still Playing in the Playground Today? Who Went Home? Impact of the Denominator Effect Offshore Capital: Looking at US Real Estate Markets? Is there too Much Capital for Distressed Debt Funds? Impact of Real Estate Funds not Making Distributions Is Smaller & Narrower More Attractive?: Blind Pools vs. Niche Funds If you Stop Fundraising for a New Vehicle, When and how can you Restart? How Many Funds Survived the Last Downturn? Extending Marketing Campaigns: Does it Work? Session Chair: Joseph A. Smith, Partner DEWEY & LEBOEUF LLP Panel Participants: Bradford J. Race, Of Counsel DEWEY & LEBOEUF LLP Danny Caliendo, Senior Consultant DSA CONSULTANTS Michael J. Forestner, Director of Private Markets HAMMOND ASSOCIATES Nancy Lashine, Co-Founder & Managing Partner PARK MADISON PARTNERS Joan Hayden, Vice President & Corporate Counsel PRUDENTIAL REAL ESTATE Christopher Maduri, Vice President TRITON PACIFIC CAPITAL, LLC 11:35A DISTRESSED RETAIL UPDATE Alternative Uses for Dead Malls Turnaround Strategies: Repurposing; Retenanting; Refurbishing Project Level Defaults, Bankruptcies & Workouts Valuation Buying Distressed/Bankrupt Retail Companies 2nd-Tier and B&C Property Investments Buying Distressed Leases Strip Malls, Grocery Anchored, Big Box & Power Center Opportunities Mixed-Use, Downtown & Urban Infill Projects Options for Failing Tenants What Kind of Discounts are Existing Tenants Looking for? Opportunities in Restaurants and Auto Dealers A Retailers Perspective Consumer Outlook: The Latest Session Chair: David Pollack, Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP Panel Participants: Neil Aaronson, CEO HILCO REAL ESTATE Joseph G. Stevens, Managing Director KIMCO REALTY CORP. Zsolt Kohalmi, Principal MEYER BERGMAN CAPITAL PARTNERS Brian Newman, Managing Principal OVERWATCH CAPITAL PARTNERS Casey Cummings, President & CIO RAM REALTY SERVICES Greg Polacheck, Vice President SHOPKO STORES, INC. 11:35B TRADITIONAL FINANCING SOURCES: DEAL STRUCTURES, SWEET SPOTS & HOW AN OWNER CAN GET A DEAL DONE TODAY Are the Financing Markets Really Dead? Wall Street, Main Street, Large Banks, Insurance Companies: Who is Lending? Where is there Money being Loaned? What Structures are Doable? How Much Leverage are you Allowing? Refinancing Terms being Offered Capital Source Oversight & Scrutiny Current Loan to Value Ratios Asset Class & Geographic Considerations Refinancing in an Environment of Depreciating Asset Prices Session Chair: Sam Richardson, Partner GOODWIN PROCTER, LLP Panel Participants: Charlie Johnson, President C.H. JOHNSON CONSULTING, INC. Carey Doyle, Senior Vice President GUIBERSON VENTURES INVESTMENT GROUP David V. Politano, Regional Director METLIFE Robert J. Grados, Partner PAUL HASTINGS JANOFSKY & WALKER LLP Bruce Batkin, President TERRA CAPITAL PARTNERS, LLC 11:35C INTERNATIONAL INVESTING: ARE LP's STILL COMMITTED? Considering the US is on sale and the denominator affect many believe that pension funds and other LP's are lessening their exposure to real estate and especially to international real estate. Session Chair: Ken Munkacy, Senior Managing Director GID INTERNATIONAL GROUP/GID INVESTMENT ADVISERS Panel Participants: Andrew Blair, Vice-President, Head of Real Estate Investments Americas CANADA PENSION PLAN INVESTMENT BOARD Pierre Lajeunesse, Senior Portfolio Manager HYDRO-QUEBEC PENSION FUND Kenneth Wisdom, Managing Director PORTFOLIO ADVISORS, LLC Ken Wainer, Founding Partner VISION BRAZIL 12:35 Luncheon Concluding General SessionsAfternoon Refreshments Courtesy Of: Forum Silver Sponsors Please note: Refreshments will be available throughout the afternoon today. 1:35 TARP, TALF & OTHER GOVERNMENT PROGRAMS: A REAL-TIME UPDATE Good Bank/Bad Bank Outlook What is the Federal Government doing to Force Banks to Sell their Impaired Loans? What is being Done to Encourage Banks to Originate Commercial Mortgage Loans? Latest Thoughts on Private/Public Partnerships Treasury Partnership Impact on CMBS Market Update on Carried Interest Proposals Session Chair: Robert Ivanhoe, Chair, Global Real Estate Practice GREENBERG TRAURIG, LLP Panel Participants: Michael S. Mandel, Partner AKIN GUMP STRAUSS HAUER & FELD LLP Hugh Hilton, CEO ALVAREZ & MARSAL Schecky Schechner, Managing Director, U.S. Head of Real Estate Investment Banking BARCLAYS CAPITAL Patrick Quinn, Partner CADWALADER, WICKERSHAM & TAFT LLP John Douglas, Partner PAUL HASTINGS JANOFSKY & WALKER LLP 2:20 THE LIMITED PARTNER INVESTMENT ROUNDTABLE What is your Investment Allocation Going Forward? Real Estate Allocation? Are you Looking to Consolidate the Number of Fund Sponsors? Capital Call Comments New Manager Evaluation & Selection How do you Use Consultants? Are you Paying Attention to the Denominator Effect? What do you Think When a Manager Looks to Change his Mandate? Session Chair: Chad M. Carpenter, Chairman & CEO REVEN CAPITAL Panel Participants: Mark Flaherty, Controller ALLEGHENY COUNTY Peter Madden, Managing Director & Co-Head-Americas Real Estate APG ASSET MANAGEMENT US, INC. Susan M. Doyle, Managing Director-Global Real Estate Funds GE ASSET MANAGEMENT, INC. Gary V. Simonetti, Director-Real Estate Funds TIAA-CREF 3:05 LEADING ECONOMISTS MACROECONOMIC UPDATE: WHAT ARE THE METRICS WE ARE USING TO DISCERN A TRUE TURNING POINT? Youve heard enough of frozen capital markets, unemployment figures, GNP numbers and inflation however, the big question really is: What does all this mean to me, the real estate investor? This session will focus on when the economy may turn, capital markets open up and when the opportunities will increase to maximize real estate returns. The Last Major Downtown: What were the First Signs of the Turn? The Current Great Recession vs. the Great Depression Are there any Signs Out there Now that are Pointing to a Turn? Local Market Activity, Drivers: Are Any Markets on an Upswing? Are the Government Programs Helping Enough to Make a Difference? Where are they Helping? Based on these Developments, Where Might the Real Estate Opportunities be? Historic Valuations: Where are we? What Will it Take to get the Big Banks Selling their Loans? Underwrite New Ones? How Much Further do Prices Need to Decrease Before they can go Up Again? Challenges of CMBS & Real Estate Loans Coming Due Next Year Session Chair: Jim Costello, Director CBRE TORTO WHEATON Panel Participants: Norman Gertner, Regional Economist FDIC David L. Stiff, Chief Economist-Vice President Quantitative Research and Valuation Services FISERV David J. Lynn, Managing Director ING CLARION Mark Dotzour, Chief Economist and Director of Research THE REAL ESTATE CENTER, TEXAS A&M UNIVERSITY Todd Briddell, Chief Investment Officer URDANG 4:00 IMNs 10th Anniversary US Real Estate Opportunity & Private Fund Investing Forum Concludes | ||||||||||||||||||||||||||||||||||||||||||||
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