 Slide presentations from the PERE Real Estate CFOs Forum
Keynote: Debt – The missing link Panel: Shifting regulatory landscape in the US and abroad - Doug Cornelius
Panel: Shifting regulatory landscape in the US and abroad - R. Eric Emrich
Panel: Strategies for managing interest rate and currency risk
The 2009 Real Estate CFO Compensation Survey
Panel: Update on tax issues impacting private equity real estate funds - Harry Shannon
Panel: Update on tax issues impacting private equity real estate funds - David Miller Valuation Challenge - Gavin Duckworth
Valuation Challenge - James Moran
Day One – Wednesday, October 7 8:30 – 8:35
PEI Media Welcome
8:45 – 8:55
Chairman’s introduction
8:55 – 9:30
Keynote: Debt – The missing link
P.Sheridan (Schecky) Schechner, Managing Director, US Head of Real Estate Investment Banking, Barclays Capital
9:30 – 10:20
Panel: Managing private real estate funds - the changing role of the CFO and Chief Compliance Officer
• Managing the right side of the balance sheet
• Refinancing maturing debt
• Managing investor inquiries and requests
• Capital calls – no longer a certainty
• Debt on existing deals
Moderator: Gary Koster, Americas Leader- Real Estate Fund Services, Ernst & Young LLP
Panel Members:
Peter C. Cluff, Principal, Europa Capital LLP
Stuart Koenig, Global CFO & Chief Administrative Officer, AREA Property Partners
Dominic Petrucci, Chief Financial Officer, Buchanan Street Partners
10:20 – 10:40
Networking Coffee Break
10:40 – 11:30
Panel: The CFO’s and Compliance Officer’s role in fundraising
• Strategies for a longer timetable
• Best practises in fund structuring
• Preparing for intense due diligence requests from investors
• Significant pressure on track record and transparency
• Pressure on fee levels
Moderator: Steve Felix, Head of Client Relations-Real Estate, Aviva Investors
Panel Members:
Ira Bergstein, Principal & CFO, Palisades Financial, LLC
Jack Foster, Head of Real Estate, Franklin Templeton Real Estate Advisors
Asha Richards, Vice President & General Counsel for the Private Equity Funds Group, Brookfield Asset Management Inc.
11:30 – 12:30
Panel: Fund accounting and reporting – a changing landscape
• Growing importance of transparency
• Shifting consolidation requirements
• IFRS on the horizon
• Convergence or divergence globally
• What are LP’s demanding in investment reporting
Moderator: Jennifer Harris, Associate Editor, PEI Media
Panel Members:
Amy Luparella Boyle, CPA, CFO, Core Strategy Fund, ING Clarion Partners
Grace Cheng, Chief Financial Officer, GoldenTree InSite Partners
Michael J. Wilson, Chief Financial Officer, CERES Real Estate Partners, LLC
12:30 – 2:00
Luncheon
2:00 – 3:00
Panel: Valuation issues in distressed markets
• FAS 157 and its impact on reporting
• Public vs. private valuation – a dichotomy
• Best practises in valuation
• Challenges of assessing value when there are no public market comparables
Moderator: Peter S. Brooks, MAI, CRE, FRICS, Executive Director, TAS Transaction Real Estate , Ernst & Young LLP
Panel Members:
John D. Busi, MAI, FRICS, Executive Managing Director, Valuation Services, Cushman & Wakefield, Inc
Brian A. Glanville, CRE, FRICS, MAI, Managing Director, Integra Realty Resources
Daniel H. Lesser, Senior Managing Director, CB Richard Ellis, Valuation & Advisory Services
3:00 – 4:00
Panel: Shifting regulatory landscape in the US and abroad
• European Union directive on Alternative Investment Funds
• Proposed US registration requirements
• Regulation and oversight- a new burden?
• Compliance with custody rules
Moderator: Gilbert D. Porter, Partner, Haynes & Boone LLP
Panel Members:
Andrea Carpenter, Director, INREV (European Association for Investors in Non-listed Real Estate Vehicles)
Doug Cornelius, Chief Compliance Officer, Beacon Capital Partners
R. Eric Emrich, Chief Financial Officer, Lubert Adler Partners, L.P
4:00 – 4:30
Refreshments
4:30 – 5:15
Panel: Strategies for managing interest rate and currency risk
• Foreign currency risk hedging, principal and profits
• Development of foreign currency risk management guidelines vs. policy
• Hedging interest rate risk
• Hedging for foreign operations
• Have banks changed the way they underwrite hedges
Moderator: Brian Conly, Managing Director, Private Real Estate, Chatham Financial
Panel Members:
Frederic Garnier, Managing Director, Tishman Speyer
Jim Leahy, Chief Financial Officer, Marathon Asset Management
Evariste Lefeuvre, Head of Global Macro and Markets Research, Natixis - Banque de Financement et d'Investissement
5:15 – 6:45
Cocktail reception
Day Two – Thursday, October 8
8:50 – 9:00
Chairman’s introduction
9:00 – 9:30
The 2009 Real Estate CFO compensation survey
9:30 – 10:20
Panel: Managing your human capital needs in an uncertain environment
• What are you doing to retain people?
• Does it make sense to outsource?
• Compensation structures
• Right sizing the finance and operations team
• What does a finance org chart look like in a private equity real estate fund
Moderator: John Cigna, Partner, Crown Advisors
Panel Members:
Darren Glickman, Managing Director, Aetos Capital, LLC
Yehuda Hecht, Director of Finance & Accounting, Madison International Realty
10:20 – 10:45
Coffee break
10:45 – 11:30
Panel: Update on tax issues impacting private equity real estate funds
• Restructuring distressed debt
• Carried interest taxation and management fee waivers
• Implications of pending tax legislation
• Federal and state withholding tax compliance
Moderator: Harry Shannon, Tax Principal, Global Real Estate Group, Ernst & Young LLP
Panel Members:
Erica Herberg, Principal, The Carlyle Group
David S. Miller, Partner, Cadwalader, Wickersham & Taft LLP
11:30 – 12:30
Valuation Challenge - a unique interactive event that challenges a panel of experts to solve complex, hypothetical fund and property value scenarios
Panel Members:
Gavin Duckworth, Debt Management Consultant, Chatham Financial
Jim Leahy, Chief Financial Officer, Marathon Asset Management
James J. Moran, MAI, CRE, CCIM, FRICS, Senior Managing Director/US Valuation & Advisory Services, Cushman & Wakefield of Connecticut, Inc.
12:30 – 12:45
Closing remarks
12:45 – 2:00
Closing buffet luncheon
*This is a provisional agenda and remains subject to change at the discretion of the organizers.
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