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P e n s i o n R e a l E s t a t e A s s o c i a t i o n<br />
PUBLIC REAL ESTATE<br />
AND PRIVATE MARKET<br />
IMPLICATIONS<br />
March 28–29 2007<br />
The InterContinental Boston, Boston, MA<br />
PREA’s 2007 Spring Conference<br />
Martin Cohen<br />
Co-Chairman & Co-Chief Executive Officer<br />
Cohen & Steers, Inc.<br />
Hamid Moghadam<br />
Chairman of the Board & Chief Executive Officer<br />
AMB Property Corporation<br />
J. E. Hoke Slaughter<br />
Global Head of <strong>Real</strong> Estate Investment Banking<br />
Morgan Stanley<br />
PREA<br />
pension <strong>real</strong> <strong>estate</strong> association
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
Letter From The President<br />
Between privatizations <strong>and</strong> M&A activity at home,<br />
<strong>and</strong> the emergence of new REIT <strong>market</strong>s internationally,<br />
there is a shift in how institutional investors look at <strong>and</strong><br />
invest in REITs.<br />
Domestically, new financing structures <strong>and</strong> bridging<br />
technologies are fueling the transfer of large <strong>public</strong><br />
portfolios into the h<strong>and</strong>s of <strong>private</strong> investors like institutions<br />
<strong>and</strong> <strong>private</strong>ly-held vehicles.<br />
Internationally, new REIT <strong>market</strong>s are exp<strong>and</strong>ing dramatically,<br />
giving all investors access to international <strong>real</strong> <strong>estate</strong>.<br />
These two opposing <strong>market</strong> forces not only present<br />
new opportunities for institutional investors but materially<br />
change the <strong>real</strong> <strong>estate</strong> investment l<strong>and</strong>scape.
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
Day 1, Wednesday, March 28<br />
8:00 a.m. – 10:00 a.m. CLOSED SESSION FOR PLAN SPONSOR INVESTORS ONLY – Eleanor/Dartmouth Room, 3rd Floor<br />
9:00 a.m. – 10:00 a.m. Registration <strong>and</strong> Continental Breakfast – Rose Kennedy Ballroom Foyer, 3rd Floor<br />
James S. Corl<br />
Field Griffith<br />
Mike McCaffery<br />
Terrance Ahern<br />
David Henry<br />
10:00 a.m. – 11:15 a.m. OPENING KEYNOTE PRESENTATION: A Look Across All Asset Classes<br />
<strong>and</strong> at the Role of <strong>Real</strong> Estate – Rose Kennedy Ballroom, 3rd Floor<br />
Keynote Speaker: Mike McCaffery, Managing Director <strong>and</strong> CEO, Makena Capital<br />
The conference will begin with a keynote presentation by Mike McCaffery on the management of high<br />
performance investment portfolios <strong>and</strong> the role of <strong>real</strong> <strong>estate</strong> within them.<br />
11:15 a.m. – 12:30 p.m. GENERAL SESSION: Making Deals with Public Operating Companies<br />
– Rose Kennedy Ballroom, 3rd Floor<br />
Moderator: James S. Corl, Executive Vice President, Cohen & Steers<br />
Panelists: Terrance Ahern, Principal <strong>and</strong> Founder, Townsend Group<br />
Field Griffith, Director of <strong>Real</strong> Estate Investments, Virginia Retirement System<br />
David Henry, Vice Chairman <strong>and</strong> CIO, Kimco <strong>Real</strong>ty Corporation<br />
Marjorie Tsang, Assistant Comptroller, <strong>Real</strong> Estate Investments, New York State Common Retirement Fund<br />
This session will be devoted to analyzing various ventures between pension funds <strong>and</strong> REITs from different<br />
perspectives. The panel will discuss a variety of arrangements including acquisition of <strong>public</strong> REITs by pension<br />
funds, direct joint ventures between funds <strong>and</strong> operating companies, <strong>and</strong> accessing <strong>public</strong> operators through<br />
investment managers <strong>and</strong> other structures.<br />
12:30 p.m. – 1:45 p.m. LUNCHEON – Abigail Adams Ballroom, 2nd Floor<br />
Marjorie Tsang<br />
Lawrence Gray Paul Hughson<br />
2:00 p.m. – 3:15 p.m. GENERAL SESSION–Panel Discussion : New Bridging Technologies<br />
– Rose Kennedy Ballroom, 3rd Floor<br />
Moderator: Lawrence Gray, Managing Director, Wachovia<br />
Panelists: Susan Doyle, Investment Manager, GEAM<br />
Paul Hughson, Managing Director, Global Commercial <strong>Real</strong> Estate Group, Lehman Brothers<br />
Alan M. Leventhal, Chairman <strong>and</strong> CEO, Beacon Capital Partners, LLC<br />
Robert Weaver, Managing Director, Morgan Stanley<br />
This session will examine how bridge equity <strong>and</strong> debt is facilitating the acquisition of major properties,<br />
portfolios <strong>and</strong> <strong>real</strong> <strong>estate</strong> companies. How are these deals getting capitalized <strong>and</strong> structured? How are<br />
they getting syndicated? What opportunities do they provide for institutional investors? The panel will<br />
discuss these <strong>and</strong> other related topics that are driving <strong>real</strong> <strong>estate</strong> transaction activity.<br />
3:30 p.m. – 3:45 p.m. Annual Meeting of Members – Rose Kennedy Ballroom, 3rd Floor<br />
Susan Doyle<br />
Alan Leventhal<br />
Robert Weaver
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
Day 1, Wednesday, March 28 continued<br />
3:45 p.m. – 5:00 p.m. AFFINITY GROUP BREAKOUT SESSIONS<br />
• Capital Market Trends <strong>and</strong> Innovations – Hutchinson Room 2nd Floor<br />
Group Co-Chairs: Devin Murphy, Managing Director, Global Head of <strong>Real</strong> Estate Investment<br />
Banking, Deutsche Bank Securities, Inc.<br />
Frank Schmitz, Managing Principal, Park Hill <strong>Real</strong> Estate Group<br />
• Development Trends <strong>and</strong> Opportunities – Wheeler Room, 2nd Floor<br />
Group Co-Chairs: Christopher Hughes, Sr. Vice President, Hines<br />
Bret Wilkerson, CEO, Property & Portfolio Research<br />
• Green Buildings – Dartmouth/Eleanor Room, 3rd Floor<br />
Group Co-Chairs: Mark Billeci, Managing Director, Principal <strong>Real</strong> Estate Investors<br />
Todd Briddell, Managing Director - <strong>Real</strong> Estate Securities, Urdang<br />
• International <strong>Real</strong> Estate Investment – Robinson Room, 2nd Floor<br />
Group Co-Chairs: Lisa Amzallag, Director, Columbia Investment Management Company, LLC<br />
Howard Margolis, Managing Director, Black Creek Capital<br />
• Alternative <strong>Real</strong> Estate Investments – Griffin Room, 2nd Floor<br />
Group Co-Chairs: Heather Goldman, Sr. Vice President, Investor Relations, Starwood Capital Group, LLC<br />
Peter Madden, Sr. Portfolio Manager, AMB Investments US, Inc.<br />
5:00 p.m. – 6:00 p.m. PREA COMMITTEE MEETINGS<br />
• Reporting & Valuation Committee – Hutchinson Room, 2nd Floor<br />
• Research Committee – Wheeler Room, 2nd Floor<br />
• Membership Committee – Eleanor/Dartmouth Room, 3rd Floor<br />
• Publications Committee – Robinson Room, 2nd Floor<br />
• Conference Committee – Griffin Room, 2nd Floor<br />
• Institute Committee – Montague Room, 3rd Floor<br />
• Government Affairs Committee – Sessions Room, 3rd Floor<br />
6:30 p.m. – 7:30 p.m. PREA Cocktail Reception – Rose Kennedy Ballroom Foyer, 3rd Floor<br />
David Brooks<br />
7:30 p.m. – 9:00 p.m. Dinner – Rose Kennedy Ballroom, 3rd Floor<br />
Keynote Speaker: David Brooks, Author <strong>and</strong> New York Times columnist<br />
David is an Op-Ed Columnist for the New York Times as well as a regular<br />
analyst on NewsHour with Jim Lehrer <strong>and</strong> NPR’s All Things Considered.<br />
He is the author of two books on what he calls “comic sociology”,<br />
New York Times bestseller Bobos in Paradise <strong>and</strong> On Paradise Drive.<br />
9:00 p.m. – 10:00 p.m. Dessert Reception in foyer following dinner<br />
–Open to all attendees
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
Day 2, Thursday, March 29<br />
8:30 a.m. – 9:30 a.m. CLOSED SESSION FOR PLAN SPONSOR INVESTORS ONLY – Hutchinson Room, 2nd Floor<br />
8:30 a.m. – 9:30 a.m. Registration <strong>and</strong> Continental Breakfast – Rose Kennedy Ballroom Foyer, 3rd Floor<br />
Scott Crowe<br />
Michael<br />
Humphrey<br />
Ritson Ferguson<br />
Ian Marcus<br />
9:30 a.m. – 10:45 a.m. GENERAL SESSION: Global REIT Market<br />
– Rose Kennedy Ballroom, 3rd Floor<br />
Moderator: Scott Crowe, Global Strategist <strong>and</strong> Co-Portfolio Manager, Cohen & Steers, Inc.<br />
Panelists: Ritson Ferguson, Chief Investment Officer <strong>and</strong> CEO, ING Clarion <strong>Real</strong> Estate Securities<br />
Michael Humphrey, Managing Principal <strong>and</strong> Co-Founder, Courtl<strong>and</strong> Partners<br />
Ian Marcus, Chairman, European <strong>Real</strong> Estate Investment Banking, Credit Suisse<br />
John Robertson, Managing Director, Head of Global <strong>Real</strong> Estate Securities, RREEF<br />
The success of the U.S. REIT model in delivering the investment characteristics of <strong>real</strong> <strong>estate</strong> has led to the acceptance<br />
of the structure worldwide. As the governments of most major economies in the world have adopted REIT legislation,<br />
this has led to a dramatic increase in the <strong>market</strong> capitalization of REITs globally. As a result, more <strong>and</strong> more institutional<br />
investors are dedicating an increasing allocation to global REITs in their <strong>real</strong> <strong>estate</strong> portfolios. Will this trend continue?<br />
Is it here to stay? Are there pitfalls ahead that we may be ignoring?<br />
10:45 a.m. – 11:00 a.m. Refreshment Break<br />
John Robertson<br />
Gregory Wright Barry Blattman<br />
11:00 a.m. – 12:15 p.m. GENERAL SESSION: Public-to-Private <strong>and</strong> Other Trends in <strong>Real</strong> Estate M&A<br />
– Rose Kennedy Ballroom, 3rd Floor<br />
Moderator: Gregory S. Wright, Managing Director, <strong>Real</strong> Estate Investment Banking, Merrill Lynch<br />
Panelists: Barry Blattman, Managing Partner, Brookfield Asset Management<br />
Stephen Furnary, Chairman & CEO, ING Clarion<br />
Jeffery Quicksilver, Principal, Walton Street Capital, LLC<br />
Allan Sweet, President, AMLI Residential<br />
This panel will discuss the factors underlying the wave of take-<strong>private</strong>s in the <strong>real</strong> <strong>estate</strong> M&A <strong>market</strong>. What are the<br />
motivations of the sellers? How does <strong>private</strong> equity make the pricing work? Will the strategic buyer re-emerge?<br />
Stephen Furnary Jeffery Quicksilver<br />
Allan Sweet<br />
CONFERENCE CONCLUDES
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
Sustaining Members <strong>and</strong> Conference Committee<br />
Sustaining Members<br />
AEW Capital<br />
Management, L.P.<br />
AMB Property<br />
Corporation<br />
American <strong>Real</strong>ty<br />
Advisors<br />
Beacon Capital<br />
Partners LLC<br />
BlackRock <strong>Real</strong>ty<br />
CB Richard Ellis<br />
Investors<br />
Chadwick, Saylor &<br />
Co. Inc.<br />
CIGNA <strong>Real</strong>ty<br />
Investors<br />
Deloitte<br />
Deutsche Bank Alex.<br />
Brown<br />
DRA Advisors LLC<br />
Fidelity Management<br />
& Research<br />
Company<br />
Goodwin Procter LLP<br />
Great Point<br />
Investors LLC<br />
Hart <strong>Real</strong>ty Advisers<br />
Heitman<br />
Hines<br />
ING Clarion<br />
INVESCO <strong>Real</strong>ty<br />
Advisors<br />
J.E. Robert<br />
Companies<br />
JPMorgan Asset<br />
Management<br />
Kennedy Associates<br />
<strong>Real</strong> Estate<br />
Counsel, Inc.<br />
L & B <strong>Real</strong>ty<br />
Advisors, Inc.<br />
L<strong>and</strong>mark Partners,<br />
Inc.<br />
LaSalle Investment<br />
Management, Inc.<br />
Lazard<br />
Lowe Enterprises<br />
Investment<br />
Management, LLC<br />
Mayer, Brown, Rowe<br />
& Maw LLP<br />
The McMahan<br />
Group<br />
Merrill Lynch & Co.<br />
Morgan Stanley<br />
Newl<strong>and</strong> Capital<br />
Advisors<br />
O’Connor Capital<br />
Partners<br />
Paul, Hastings,<br />
Janofsky &<br />
Walker LLP<br />
Praedium Group LLC<br />
Pricewaterhouse<br />
Coopers LLP<br />
Principal Global<br />
Investors, LLC<br />
Property & Portfolio<br />
Research<br />
Prudential <strong>Real</strong><br />
Estate Investors<br />
RREEF<br />
Security Capital<br />
Research &<br />
Management<br />
Incorporated<br />
Sentinel <strong>Real</strong> Estate<br />
Corp.<br />
Seyfarth Shaw LLP<br />
Starwood Capital<br />
Group Global, LLC<br />
TA Associates <strong>Real</strong>ty<br />
The Taubman<br />
Company<br />
TGM Associates L.P.<br />
UBS <strong>Real</strong>ty<br />
Investors LLC<br />
Urdang<br />
Conference Committee<br />
David Boyle,<br />
Co-Chairman<br />
Brookfield Asset<br />
Management<br />
Greg Moran,<br />
Co-Chairman<br />
Dividend Capital<br />
Group<br />
Gena Cheng<br />
Robert Davis<br />
Triton Pacific Capital<br />
Henry Delicata<br />
V<strong>and</strong>erbilt University<br />
Garret House<br />
M3 Capital Partners<br />
Howard Margolis<br />
Black Creek Capital<br />
JT Partners, LLC
Calendar of Events<br />
P R E A ’ s 2 0 0 7 S p r i n g C o n f e r e n c e<br />
2007 PREA Institute<br />
June 12–13, 2007<br />
Fisher Center for <strong>Real</strong> Estate<br />
UC Berkeley<br />
Berkeley, CA<br />
17 th Annual Plan Sponsor <strong>Real</strong> Estate Conference<br />
September 25–27, 2007<br />
The Beverly Hilton<br />
Beverly Hills, CA<br />
2008 CEO Leadership Forum<br />
March 25, 2008<br />
The InterContinental Boston<br />
Boston, MA<br />
2008 Spring Conference<br />
March 26–27, 2008<br />
The InterContinental Boston<br />
Boston, MA<br />
18 th Annual Plan Sponsor <strong>Real</strong> Estate Conference<br />
October 1–3, 2008<br />
The Fairmont Chicago<br />
Chicago, IL
P e n s i o n R e a l E s t a t e A s s o c i a t i o n<br />
<strong>Pension</strong> <strong>Real</strong> Estate Association<br />
100 Pearl Street<br />
13th Floor<br />
Hartford, CT 06103<br />
860 692 6341<br />
www.prea.org<br />
PREA<br />
pension <strong>real</strong> <strong>estate</strong> association
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