June 25 26, Gleacher Center, The University of Chicago, Booth School of Business, Chicago, IL

Transcription

1 June 25 26, 2014 Gleacher Center, The University of Chicago, Booth School of Business, Chicago, IL PREA Institute Committee Members: Committee Chairman David Sherman, Carlyle Real Estate Solutions, Metropolitan Real Estate Equity Management, LLC Jeffrey Barclay, Goldman, Sachs & Co. Peter Katseff Mary Ryan McCarthy, Hines Steve Orbuch, Och-Ziff Real Estate Advisors, LLC Jennifer Wenzel, Teacher Retirement System of Texas Pamela Wright, Greenhill & Co., LLC Eric Wurtzebach, Macquarie Capital (USA) Inc.

2 Wednesday, June 25, 2014 Gleacher Center 450 North Cityfront Plaza Drive Chicago, Illinois Classroom 206 8:15 9:00 am Registration and Continental Breakfast, Lounge 220 9:00 9:15 am Opening Remarks David Sherman, Co-Founder and CEO of Carlyle Real Estate Solutions, President and Co-CIO, Metropolitan Real Estate Equity Management, LLC 9:15 10:00 am Conversation with Eugene F. Fama Eugene F. Fama, Robert R. McCormick Distinguished Service Professor of Finance, University of Chicago Booth School of Business, and Nobel Laureate Moderator Greg MacKinnon, Ph.D., Director of Research, PREA 10:00 10:45 am Macro-Economics: Economy, Interest Rates, Productivity Erik Hurst, V. Duane Rath Professor of Economics and the John E. Jeuck Faculty Fellow, University of Chicago Booth School of Business 10:45 11:45 am Economy s Impact on Real Estate Investment Peter Linneman, Emeritus Professor of Real Estate, University of Pennsylvania Wharton School of Business 11:45 1:00 pm Luncheon, Lounge 220 1:00 1:50 pm Core vs. Value-Added vs. Opportunistic Investing A Review of the PREA Sponsored Research Joseph L. Pagliari, Jr., Clinical Professor of Real Estate, University of Chicago Booth School of Business 1:50 2:40 pm Equity Markets Panel Discussion Mike Kirby, Chairman and Director of Research, Green Street Advisors David Helfand, President and CEO, Equity Commonwealth Office Trust W. Seth Martin, President, Pritzker Realty Group, LLC Eugene F. Fama Greg MacKinnon Erik Hurst Peter Linneman Joseph L. Pagliari Mike Kirby David Helfand Seth Martin

3 Wednesday, June 25, 2014 Gleacher Center 450 North Cityfront Plaza Drive Chicago, Illinois Classroom 206 2:40 3:20 pm Credit Markets Panel Discussion David Sherman, Co-Founder and CEO of Carlyle Real Estate Solutions, President and Co-CIO, Metropolitan Real Estate Equity Management, LLC Jeffrey B. Citrin, Managing Principal, Square Mile Capital Management LLC Keith Gollenberg, Managing Director, Oaktree Capital Management, L.P. David M. Sherman 3:20 3:40 pm Break 3:40 4:30 pm Behavioral Perspective Nicholas Epley, John T. Keller Professor of Behavioral Science, University of Chicago, Booth School of Business 4:30 5:00 pm ReCap/Open Discussion Jeffrey Citrin Keith Gollenberg 6:00 9:00 pm Reception and Dinner at Rooftop Lounge Wrigley Field Transportation provided. Shuttle bus departs the InterContinental Hotel at 5:45pm. Nicholas Epley

4 Thursday, June 26, 2014 Gleacher Center 450 North Cityfront Plaza Drive Chicago, Illinois Classroom 206 8:15 9:00 am Continental Breakfast, Lounge 220 9:00 10:15 am Housing Market Amir Sufi, Chicago Board of Trade Professor of Finance, University of Chicago Booth School of Business 10:15 11:00 am Perspective on the Urban Environment Philip Enquist, FAIA, Partner, Skidmore, Owings & Merrill LLP 11:00 11:15 am Break 11:15 12:00 noon Competition Among & Concerns About Cities & States: Financial Instability, Regulatory Burdens, Bankruptcies Kevyn Orr, Emergency Manager of the City of Detroit Amir Sufi Philip Enquist Kevyn Orr 12:00 noon Concluding Remarks

5 Jeffrey Citrin serves as Managing Principal of Square Mile Capital Management LLC, a private New York based investment firm which focuses on real estate and real estate related opportunities and which Mr. Citrin founded in Square Mile takes a value oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises which are undervalued, overlooked, complex or mispriced. In addition to the firm s opportunistic investing activities, Square Mile launched a commercial mortgage origination platform during 2013 capitalized with institutional commitments to Square Mile Credit Partners LP. SMCP will be open to new investors through Prior to founding Square Mile, Mr. Citrin served as President of Blackacre Capital Management LLC which Mr. Citrin cofounded in Blackacre (now Cerberus Institutional Real Estate) is the dedicated real estate arm of global investment firm Cerberus Capital Management LP. Prior to cofounding Blackacre, Mr. Citrin was a Managing Director at Oppenheimer & Co. Inc. where he served as head of Oppenheimer s Commercial Mortgage Investment Unit through which the firm conducted its commercial mortgage and real estate principal activities. From 1991 through 1993, Mr. Citrin served as a Vice President at First Boston (now Credit Suisse) where he was a founding member of the firm s Distressed Real Estate Principal Group. From 1986 through 1991, Mr. Citrin was a Vice President in the Real Estate Investment Banking Unit of Chemical Bank (now JP Morgan Chase). From 1983 through 1986, Mr. Citrin was associated with the New York law firms of Proskauer Rose LLP and Kelley Drye & Warren LLP as an attorney in each firm s respective real estate department. Mr. Citrin graduated from Dartmouth College in 1980 and received a JD from the Columbia University School of Law in Philip Enquist, FAIA, is the Skidmore, Owings & Merrill LLP (SOM) Partner who leads its global city design practice, the world s most highly awarded urban planning group. Phil and the planning studios in Chicago, New York, San Francisco, London and Shanghai have improved the quality of life and the environmental performance of cities on five continents by designing location-unique development strategies that integrate nature and urban density within a framework of future-focused public infrastructure. Phil has been regularly recognized as a visionary leader in a rapidly evolving discipline. He passionately believes that the world s explosive growth of cities must be managed by humanely bold and holistically sustainable strategies at the national, regional and urban scales, and that human habitat design will be the alpha design discipline of the 21st century. Nicholas Epley is the John T. Keller Professor of Behavioral Science at the University of Chicago Booth School of Business. He has written for The New York Times, and over 50 articles in two dozen journals in his field. He was named a professor to watch by the Financial Times, is the winner of the 2008 Theoretical Innovation Prize from the Society for Personality and Social Psychology, and was awarded the 2011 Distinguished Scientific Award for Early Career Contribution to Psychology from the American Psychological Association. He lives in Chicago. Eugene F. Fama is widely recognized as the father of modern finance. He is the joint recipient of the 2013 Nobel Prize in Economic Science with Lars Peter Hansen of the University of Chicago and Robert J. Shiller of Yale University. Fama s financial research is well known in both the economics and investment community. He is strongly identified with research on markets, particularly with regard to the efficient market hypothesis. Through his research he has brought an empirical and scientific rigor to the field of investment management, transforming the way finance is viewed and conducted. He is a prolific author and researcher, having written two books and published more than 100 articles in academic journals. Fama is among the most cited of America s researchers. He focuses much of his study on the relation between risk and return and implications for portfolio manage-

6 ment. Fama was the first elected fellow of the American Finance Association in 2001 and is also a fellow of the Econometric Society and the American Academy of Arts and Sciences. Fama is an advisory editor of the Journal of Financial Economics. Fama is also chairman of the Center for Research in Security Prices at Chicago Booth, which was founded 40 years ago to create the finest tools for tracking, measuring, and analyzing securities data. He is Director and Consultant to Dimensional Fund Advisors, Inc. an investment advising firm with more than $251 billion under management. He earned a bachelor s degree from Tufts University in 1960, followed by an MBA and PhD from the University of Chicago Booth School of Business in He also has been awarded a doctor of law degree from the University of Rochester, a doctor of law degree from DePaul University, a doctor honoris causa from the Catholic University of Leuven, Belgium, and a doctor of science honoris causa from Tufts University. He joined the Chicago Booth faculty in Keith Gollenberg, Managing Director, joined Oaktree in 2008 as a senior member of the real estate team and focuses on the investment and management of its real estate funds. Mr. Gollenberg has extensive experience in the commercial real estate debt and equity markets, having originated, purchased or issued billions in whole loans, B Notes, Mezzanine, Preferred Equity, Equity, CMBS, CDO, REIT, and other debt and equity investments. Prior to joining Oaktree, Mr. Gollenberg led the creation of and spent three years at CBRE Realty Finance, Inc., where he most recently served as Chief Executive Officer and President. Before that, Mr. Gollenberg spent over 21 years at CIGNA Investment Management, where he most recently served as Senior Managing Director of Capital Markets, responsible for investing in and issuing all types of real estate debt products. Mr. Gollenberg received a B.S. degree in Business Administration with a concentration in Accounting and Economics cum laude from the University of Hartford. He is a CFA charterholder and serves as President elect of the Commercial Real Estate Finance Council. David Helfand is President and Chief Executive Officer of Equity Commonwealth Office Trust. Previously, Mr. Helfand served as Co-President of Equity Group, a private investment firm, since January 2012 where he was responsible for Equity Group s private real estate activities. Prior to rejoining Equity Group in 2012, Mr. Helfand was Founder and President of Helix Funds LLC, a private real estate investment management company, where he oversaw the acquisition, management and disposition of more than $2.2 billion of real estate assets. While at Helix Funds, he also served as Chief Executive Officer for American Residential Communities LLC ( ARC ), a Helix Funds portfolio company. Before founding Helix Funds, Mr. Helfand served as Executive Vice President and Chief Investment Officer for Equity Office Properties Trust, the largest REIT in the U.S. at the time, where he led approximately $12 billion of mergers and acquisitions activity. Prior to working with EOP, Mr. Helfand served as a Managing Director and participated in the formation of Equity International, a private investment firm focused on real estate-related companies outside the U.S. He also held the role of President and Chief Executive Officer at Equity LifeStyle Properties, an owner/operator of manufactured home communities, and served as Chairman of the board s audit committee. His earlier career included investment activity in a variety of asset classes, including retail, office, parking and multifamily. He serves as a member of the Board of Trustees and Executive Committee of National Louis University, as a Trustee of the Ann & Robert H. Lurie Children s Hospital of Chicago, on the Executive Committee of the Zell/Lurie Real Estate Center at the Wharton School of Business, and on the Board of Visitors at the Weinberg College of Arts and Sciences at Northwestern University. Mr. Helfand holds an M.B.A. from the University of Chicago Graduate School of Business and a B.A. from Northwestern University.

7 Erik Hurst is a macroeconomist whose work focuses on housing markets, labor markets and household financial behavior. His work on these issues has been extensively covered in the New York Times, the Washington Post, and the Economist. In 2006, Hurst was awarded the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security for the work examining how individuals use home production to maintain their consumption during retirement. In 2012, Hurst won the Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship. Prior to moving to Chicago, Hurst won two teaching awards while a graduate student at the University of Michigan. Additionally, in both 2008 and 2010, the MBAs selected him as the recipient of the Emory Williams Award for Outstanding MBA Teaching. In 2013, he was chosen as a recipient of the Faculty Excellence Award by MBAs in the evening and weekend program for his exceptional commitment to teaching. Hurst is a member of the Economic Fluctuations Group, Aging Group, and Public Economics Group at the National Bureau of Economic Research. He is currently serving or has served as an Associate Editor for the Quarterly Journal of Economics, the American Economic Journal: Macroeconomics, and the Journal of Monetary Economics. Additionally, he has served as a consultant to the Federal Reserve Bank of Chicago. Hurst earned a bachelor s degree in economics and finance from Clarkson University in He received a master s degree in economics in 1995 and a PhD in economics in 1999 from the University of Michigan. He joined the Chicago Booth faculty in Mike Kirby is the co-founder, Chairman and Director of Research of Green Street Advisors, the preeminent provider of research on Real Estate Investment Trusts (REITs) and the commercial real estate industry. Mike has headed the firm s research efforts since 1985, and has provided thought-leadership on important industry topics, including capital structure, corporate governance, performance measurement, valuation, and capitalized expenditures, that has helped shape the REIT market as we know it today. Green Street s public market research encompasses over 100 companies across North America and Europe. The firm s research on commercial property markets is supported by its unrivaled familiarity with the wealth of information available from the public market as well as its deep understanding of private market-level fundamentals. Mike has authored hundreds of influential reports on real estate-related issues, including company-specific reports on dozens of REITs throughout virtually every property sector. Mike is the architect of Green Street s highly successful commercial real estate and REIT valuation models. Mike is a recipient of NAREIT s Lifetime Achievement Award, in recognition of contributions made to the industry. He is currently a member of the National Association of Real Estate Investment Trusts Institutional Advisory Panel to the Board of Governors and plays an active role in its investor outreach initiatives. Mike is often quoted, interviewed and featured in the financial press and speaks frequently at real estate industry conferences (e.g., NAREIT, Pension Real Estate Association, International Council of Shopping Centers, etc.). Mike earned his M.B.A. in Finance from the University of Chicago and his B.S. in Finance from Arizona State University. Dr. Peter Linneman is CEO of the American Land Funds and KL Realty, as well as the founding principal of Linneman Associates, and Professor Emeritus of Real Estate at the Wharton School of Business, the University of Pennsylvania. He was a member of Wharton s faculty for 32 years, serving as the founding chairman of Wharton s Real Estate Department, and was the Director of Wharton s Zell-Lurie Real Estate Center for 13 years. He is the founding co-editor of The Wharton Real Estate Review. His lectures and research focus on real estate and investment strategies. He has published over 80 articles during his career. Dr. Peter Linneman is widely recognized as one of the leading strategic thinkers in the real estate industry, and has been cited as one of the

8 25 most influential people in real estate by Realtor Magazine, and one of the 100 most powerful people in NY Real Estate by the NY Observer. He is a highly sought-after speaker, appearing as the keynote speaker at numerous major industry conferences. Dr. Linneman holds both Masters and Doctorate degrees in economics from the University of Chicago. For 32 years he has been the Managing Principal of Linneman Associates, providing strategic and financial advice to leading corporations. His quarterly research publication, The Linneman Letter, is viewed as a major thought leader in the business. His recently released 3rd ed. of Real Estate Finance and Investments: Risks and Opportunities, has been adopted at over 80 leading universities, and is the leading primary reference source for those interested in real estate finance and investment. He was Senior Managing Director of Equity International Properties, Vice Chairman of Amerimar Realty, and was Chairman of the Board of Rockefeller Center Properties. Greg MacKinnon is the Director of Research for the Pension Real Estate Association (PREA). Prior to joining PREA, Greg began his career as an academic during which time his work was published in the top research journals. Greg is a Fellow of the Homer Hoyt Institute, serves on the Board of the Real Estate Research Institute, and is co-editor of the Journal of Real Estate Portfolio Management, as well as the bi-annual special real estate issue of The Journal of Portfolio Management. Greg holds a Ph.D. in Finance from the University of Alberta and is also a Chartered Financial Analyst (CFA) charterholder. W. Seth Martin is President of Pritzker Realty Group, LLC, an investment vehicle founded by Penny Pritzker, and has been associated with PRG since Seth is responsible for defining the firm s real estate investment strategy as well as sourcing new business opportunities. PRG is a value-added investor targeting a broad range of direct equity and debt investments in real estate assets, portfolios, and joint ventures throughout the United States. Since 1991 Pritzker has overseen real estate assets including apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value of $5 billion. Prior to joining Pritzker Realty in 2009, Mr. Martin was the founder of Martin Capital Group, the investment affiliate of First Martin Corporation, an Ann Arbor based development firm. From 1999 to 2003, he was a Vice President and investment professional at AREA Property Partners (formerly Apollo Real Estate Advisors L.P.) While at AREA, Mr. Martin focused the majority of his efforts on investments in Europe and completed over three billion dollars worth of transactions in seven different countries. From 1997 to 1999, Mr. Martin was a member of the Real Estate Investment Banking Department at J.P. Morgan and prior to that an associate with Hines Interests Limited Partnership, a leading international real estate development company. Mr. Martin graduated from Vanderbilt University with a BS in Modern European Studies. He is a board member of the National Multihousing Council and a member of the Urban Land Institute, Pension Real Estate Association and Economic Club of Chicago. Kevyn Orr has practiced law in the areas of business restructuring, financial institution regulation, and commercial litigation for three decades. Throughout his career he has demonstrated the ability to handle all aspects of complex and precedent-setting matters. Kevyn was appointed Emergency Manager of the City of Detroit on March 14, 2013 and was charged with restructuring the city. His previous restructuring experience has included his service as the chief government legal officer of a failed financial institution and a special master to oversee the operations of a real estate development firm. He also has assisted clients with government requests for proposals and inspector general audits. Upon graduation from law school in 1983, Kevyn

9 joined a Miami, Fla., law firm as a litigator and became a shareholder of that firm in In 1991, he joined the litigation department of the Federal Deposit Insurance Corporation and shortly afterward transferred to the Resolution Trust Corporation (RTC). In 1994, Kevyn became the assistant general counsel for complex litigation and bankruptcy at the RTC and in that capacity he litigated and supervised numerous high-profile cases concerning various provisions of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as well as related federal statutes. He also supervised complex investigatory and bankruptcy matters handled by the agency. Those duties included serving as the agency s chief lawyer responsible for the agency s participation in the Whitewater investigation related to the failure of the Madison Guaranty Savings and Loan, of Little Rock, Ark. Kevyn joined the Department of Justice in 1995 as deputy director of the Executive Office for United States Trustees. In February 2000, he became the director of the United States Trustees Program and was responsible for supervision of the program. In 2001, Kevyn joined the Jones Day law firm where he served on the firm s Advisory Committee and was the Firmwide Partner for Hiring and Diversity. Kevyn is a member of the bars of Florida and the District of Columbia, the American Bar Association, and the American Bankruptcy Institute, where he serves on the institute s law review advisory board. He holds a bachelor of arts degree in political science (1979) and a law degree (1983) from the University of Michigan. Joseph L. Pagliari Jr. is both a certified public accountant and a chartered financial analyst, with a research focus on real estate portfolio management. Based on over 25 years of industry experience, Pagliari s research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing. He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate. Pagliari serves on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, and the National Council of Real Estate Investment Fiduciaries. He has presented papers at meetings held by AREUEA, NCREIF, and NAREIT. He has additionally made presentations at the Atlanta Federal Reserve and before the U.S. House of Representatives Subcommittee on Insurance, Housing and Community Opportunity. Pagliari earned a bachelor s degree in finance from the University of Illinois-Urbana in He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in David M. Sherman is a co-founder and CEO of Carlyle Real Estate Solutions, and the Co-Chief Investment Officer of Metropolitan Real Estate. Margaret Gipe McKnight and Mr. Sherman direct the investment policy and program across all Metropolitan Partnerships. Mr. Sherman has more than 25 years of real estate finance and analytical experience. In 2000, prior to co-founding Metropolitan, Mr. Sherman founded D. Sherman & Company, Inc., an advisory firm focused on strategic issues and transactions in the real estate securities industry. Previously, Mr. Sherman was the Managing Director of Salomon Smith Barney s REIT research team, which covered more than 60 stocks and supported the firm s $15 billion of REIT offering activity. The team received recognition from Institutional Investor Magazine in 1998 and Mr. Sherman also held other positions in real estate finance, investment banking, and strategic planning at Smith Barney, The Harlan Company, First Boston, and Paine Webber, including acting as the Chief Financial Officer of Paine Webber Properties, a family of real estate

10 funds with more than $500 million in property investments. In addition, Mr. Sherman is the current Chairman of the Pension Real Estate Association (PREA) Institute Committee. Previously, Mr. Sherman was an Adjunct Professor of Real Estate Finance at Columbia Business School. Over the years, Mr. Sherman has published numerous articles in periodicals including American Banker, PREA Quarterly, Shopping Center Business, and National Real Estate Investor. Mr. Sherman was also a panelist for Institutional Limited Partners Association for its first member educational webcast on private equity real estate. Mr. Sherman currently serves as an independent director on the board of Brookfield Homes Corporation. Mr. Sherman received an A.B. in Mathematical Economics from Brown University and an M.B.A. in Finance from Columbia Business School. Amir Sufi is Professor of Finance at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research. He serves as an associate editor for the American Economic Review and the Quarterly Journal of Economics. Professor Sufi s research focuses on finance and macroeconomics. His research has won numerous prizes, including the Brattle Prize for Distinguished Paper from the Journal of Finance and the inaugural Young Researcher Prize from the Review of Financial Studies. Sufi has articles in the American Economic Review, the Journal of Finance and the Quarterly Journal of Economics. He was also awarded an Alfred P. Sloan Research Fellowship in His recent research on household debt and the macroeconomy has been profiled in the Economist, the New York Times, and the Wall Street Journal. It has also been presented to policy-makers at the Federal Reserve and the Senate Committee on Banking, Housing, & Urban Affairs. Sufi graduated Phi Beta Kappa from the Walsh School of Foreign Service at Georgetown University with a bachelor s degree in economics He earned a PhD in economics from the Massachusetts Institute of Technology in 2005, where he was awarded the Solow Endowment Prize for Graduate Student Excellence in Teaching and Research. He joined the Chicago Booth faculty in 2005.

11 Please fax this form to: PREA 100 Pearl Street, 13th Floor Hartford, CT Fax: Please take a moment to tell us about your experience and education, adding any additional information you feel would help us in building a diversified and balanced class. Name Title Company Address City State ZIP 2014 PREA INSTITUTE June 25 26, 2014 Gleacher Center, The University of Chicago, Booth School of Business, Chicago, IL PREA must receive this form with payment no later than Friday, June 6, 2014 for consideration. Tuition: $ Investment Managers Consultants $ Institutional Investors There will be no refunds for cancellations. Phone Fax Years in Current Role/Firm Substitutions will be allowed and must be sent in writing and approved by PREA. Years in Real Estate Industry Years in Other Industries Education College College Degree Degree Areas of Expertise Other Information

12 Hotel and Important Logistical Information Hotel Hotel InterContinental Chicago Magnificent Mile 505 North Michigan Avenue Chicago, IL Reservations , please identify yourself as participants of the Pension Real Estate Association Cut-Off Date Please make your reservation before Friday, May 30, 2014 Special Room rate: $ Campus Gleacher Center 450 North Cityfront Plaza Drive Chicago, IL Classroom: 206 Walking Directions from Hotel to Gleacher Center It is an easy walk from the InterContinental Chicago hotel to the Gleacher Center. Directions from Hotel Intercontinental Chicago to the Gleacher Center Exit Hotel Intercontinental, turn left on Michigan Avenue Michigan Avenue Turn left onto Upper E. Illinois St. Turn right onto North Cityfront Plaza Drive The Gleacher Center will be on your right after a short distance The Gleacher Center Tribune Tower North Cityfront Plaza Drive Upper E. Illinois Street Hotel Intercontinental