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| Detailed Schedule |
| Tuesday, March 22 |
| 3:00pm - 5:00pm |
Registration Opens |
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| Wednesday, March 23 |
| 7:30am - 6:30pm |
Registration |
| 7:30am - 6:30pm |
Networking Room / Internet Cafe |
| 8:00am - 11:15am |
Best Financial Practices Council (by invitation) |
| 11:30am - 1:00pm |
General Counsel Luncheon (by invitation) |
| 11:30am - 1:00pm |
Senior Financial Officer Luncheon (by invitation) |
| 11:30am - 1:00pm |
Tax Directors Luncheon (by invitation) |
| 1:15pm - 2:45pm |
Accounting Committee Meeting*
- Reporting FFO and Other Financial Metrics
- Developments on FASB/IASB Joint Proposal on Accounting for Leases
- Update on FASB's Investment Properties Project
- Developments on FASB/IASB Proposals on Accounting for Financial Instruments
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| 3:00pm - 4:30pm |
Government Relations Committee Meeting*
- IRS Audits
- US REIT Act
- FIRPTA Reform
- FATCA
- Panel of IRS Officials
- NAREIT View of Distressed Debt Guidance
|
| 4:30pm - 6:00pm |
Insurance Committee Meeting*
- Overcoming new hurdles in satisfying lender insurance requirements
- Updates on NAREIT's D&O and CleanREIT programs
- 2011 NAREIT Insurance Survey results
|
| 4:30pm - 6:00pm |
State and Local Tax Subcommittee Meeting*
- Status updates (State conformity with Internal Revenue Code and other updates)
- State developments: legislation/regulations/audits (including MI, MA, and IL)
- Restructuring considerations: case studies and non-income taxes
|
| 6:00pm - 7:30pm |
Opening Reception |
| *Open to all REITWise Registrants |
|
| Thursday, March 24 |
| 7:30am - 4:00pm |
Registration |
| 7:30am - 4:00pm |
Networking Room / Internet Cafe |
| 7:30am -9:00am |
Continental Breakfast |
| 8:00am - 9:30am |
Opening General Session: State of the Capital Markets
Welcome
Steven Wechsler, President & CEO, NAREIT
Moderator
Paul Ingrassia, Managing Director & Head-N. America Real Estate & Lodging, Citi Global Markets Inc.
Panelists
Jay Leupp, President, Grubb & Ellis - Alesco Global Advisors LLC
Rick Magnuson, Executive Managing Director, GI Partners
Michael Schall, President & CEO, Essex Property Trust, Inc.
A. William Stein, CFO & CIO, Digital Realty Trust Inc.
- Outlook for REIT earnings and dividend growth
- M&A possibilities
- Continuation of pretend and extend or will private real estate start selling?
- New lease accounting proposal's impact on corporate America's real estate own vs. lease decisions
- IPO activity
- How does U.S. real estate stack up against other investment alternatives?
|
| 9:30am - 9:45am |
Networking Break |
| 9:45am - 11:00am |
Concurrent Session 1: Fair Value Measurement and Reporting, Part I
Moderator
George Yungmann, SVP-Financial Standards, NAREIT
Panelist
Kevin Howley, Managing Director-RREEF & Lead Portfolio Manager-RREEF America REIT II
Deborah Jackson, Executive Managing Director, Weiser Realty Advisers LLC
Matthew Williams, Director-Real Estate, Ernst & Young LLP
- Examining the process of measuring FV to maximize credibility and to reduce cost
- Assumptions to use in making cash flow projections
- Cost effective and credible procedures
- Following FASB sensitivity analysis
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| 9:45am - 11:00am |
Concurrent Session 2: Health Care REIT Tax Issues
Moderator
Dianne Umberger, Principal, Ernst & Young LLP
Panelists
Michael Brody, Partner, Latham & Watkins LLP
Timothy Hall, SVP-Tax, HCP, Inc.
Roger Laty, VP-Tax, Nationwide Health Properties, Inc.
Brian Wood, SVP-Tax, Ventas, Inc.
- Hypothetical case study – transition from pre-TRS to post-TRS structure
- What qualifies as a health care property?
- TRS and eligible independent contractor issues
- Regulatory requirements concerning TRS control over operators
- Setting lease terms between REIT and TRS
- Negotiating waterfalls and guarantees with operators
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| 9:45am - 11:00am |
Concurrent Session 3: Roundtables |
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Green Issues
Discussion Leaders:
David Farer, Chair, Environmental & Brownfields Practice Group, Farer Fersko
Brad Molotsky, EVP & General Counsel, Brandywine Realty Trust
Sukanya Paciorek, VP-Corporate Sustainability, Vornado Realty Trust
- Federal and state incentives for solar, etc.
- Tenant attraction and retention through energy savings and sustainability
- Green operations: cleaning, lighting, landscaping, IAQ
- Green leases
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Key Employee Cultivation and Retention
Discussion Leaders:
Jeremy Banoff, Sr. Managing Director, FPL Associates
Ellen Jacobs, SVP-Corporate Services, Digital Realty Trust Inc.
Larry Portal, Sr. Managing Director, FTI Schonbraun McCann Group
- Compensation Techniques
- Identifying and motivating future leaders
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Mortgage REIT Accounting and Business Issues
Discussion Leaders:
David Bryant, SVP & CFO, Resource Capital Corp.
John Gottfried, Partner, PricewaterhouseCoopers LLP
- Change in the mortgage REIT business model (before and after the financial crisis)
- Challenges presented by new disclosures requirements for finance receivables
- Debrief on proposed accounting models: Impairment and Troubled Debt Restructuring
- Dodd-Frank Act aftermath and the 1940 Act
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| 11:00am - 11:15am |
Networking Break |
| 11:15am - 12:30pm |
Concurrent Session 1: Fair Value Measurement and Reporting, Part II
Moderator
George Yungmann, SVP-Financial Standards, NAREIT
Panelists
Michael Knott, Managing Director-Office & Self-Storage, Green Street Advisors, Inc.
Ross Nussbaum, Managing Director, UBS
Matthew Williams, Director-Real Estate, Ernst & Young LLP
- Analyst use of fair value/NAV
- Relationship between NAV and share price
- Auditor's role in reporting fair value
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| 11:15am - 12:30pm |
Concurrent Session 2: Tax and Securities Aspects of Partnership Combinations
Moderator
Sanford Presant, Chairman-Real Estate Fund Practice Group, Greenberg Traurig, LLP
Panelists
David Bonser, Partner & Co-Head, Equity and US Domestic Debt Capital Markets and Governance, Hogan Lovells US LLP
Jeffrey Sullivan, Partner, DLA Piper LLP (US)
Philip Sutton, Partner, PricewaterhouseCoopers LLP
- Tax primer on structuring UPREITs, DownREITs and Roll-ups
- Securities integration issues for IPOs
- Special considerations for non-U.S. and tax-exempt investors
- Managing operational and governance issues
- Public company UPREIT mergers
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| 11:15am - 12:30pm |
Concurrent Session 3: Roundtables |
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Non-traded REITs
Discussion Leaders:
Kenneth Betts, Attorney, Locke Lord Bissell & Liddell LLP
Mitchell Sabshon, EVP & COO, Cole Real Estate Investments
Steven Shackelford, CFO & COO, CNL Real Estate Advisors
- New offering structures, including NAV mechanisms
- MFFO
- Applying FINRA Notice to Members 09-09
- Impact of possible FASB adoption of IAS 40
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Optimizing G&A Services/Costs
Discussion Leaders:
Mark Denien, SVP & CAO, Duke Realty Corporation
Tina Yarian, Director-Corporate Accounting, Developers Diversified Realty Corporation
- How are companies creating efficiencies to decrease G&A?
- Are certain parts of the business being outsourced (billing, payables, etc.)?
- Do companies allocate G&A expenses to departments to reduce G&A?
- What is or is not classified as a G&A expense?
|
| 12:30pm-12:45pm |
Networking Break |
| 12:45pm - 2:30pm |
Lunch General Session: State of the Commercial Real Estate Markets
Speaker
Alan Billingsley, Head-Research, Americas, RREEF
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| 2:30pm - 2:45pm |
Networking Break |
| 2:45pm - 4:00pm |
Concurrent Session 1: Financial Disclosures
Moderator
Tyler Rose, EVP & CFO, Kilroy Realty Corporation
Panelists
Michael Knott, Managing Director-Office & Self-Storage, Green Street Advisors, Inc.
Stephen Richter, EVP & CFO, Weingarten Realty Investors
Andrew Rosivach, Director-Equities Research, Credit Suisse Equities Limited
Suzanne Sorkin, Senior Portfolio Analyst, APG Asset Management US Inc.
- What investors and analysts want
- Examples of best GAAP and supplemental disclosure
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| 2:45pm - 4:00pm |
Concurrent Session 2: REIT Technical Tax Issues
Moderator
Rohn Grazer, SVP & Tax Director, AMB Property Corporation
Panelists
James Croker, Partner, Alston & Bird LLP
Lynn Kawaminami, Tax Partner, Deloitte Tax LLP
James Lowy, Principal, Ernst & Young LLP
David Luker, Director-Taxes, Pennsylvania Real Estate Investment Trust
- Real Estate Assets
- Preferential Dividends
- Transfer Pricing
- Permissible Services
- Planning for Losses
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| 2:45pm - 4:00pm |
Concurrent Session 3: Roundtables |
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Property Tax Issues
Discussion Leaders:
Jeffrey Glock, Director, SC&H State & Local Tax
Sean Keegan, EVP & Principal, Property Tax Assistance Company Inc.
Mark Parish, Director-Real Estate Tax, Taubman Centers, Inc.
Patrick Wendt, VP-Real Estate Tax, Equity Residential
- Establishing value in a down and unevenly recovering market
- Assessments and data disclosed in public documents
- Structuring initial investments to reflect appropriate property values
- Planning for changes to CA's Prop 13 and similar assessment limits
- Avoiding traps for the unwary
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XBRL Update
Discussion Leaders:
Matthew Iocco, SVP & SFO, Vornado Realty Trust
Yossef Newman, XBRL Program Leader, Deloitte LLP
- Background and key XBRL milestones
- Trends in the market and evolution
- Lessons learned
- Looking ahead, 2011 and beyond
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|
| Friday, March 25 |
| 7:30am-12:15pm |
Registration |
| 7:30am-12:30pm |
Networking Room / Internet Cafe |
| 8:00am - 9:15am |
Breakfast General Session with William Kristol and Juan Williams
Speakers
William Kristol, Editor, The Weekly Standard and Panelist, Fox News Sunday
Juan Williams, Political Analyst, Fox Television and Panelist, Fox News Sunday
|
| 9:15am - 9:30am |
Networking Break |
| 9:30am - 10:45am |
Concurrent Session 1: Financial Reporting Hot Topics
Moderator
Ian Kaufman, SVP & CAO, Equity Residential
Panelists
Andrew Corsini, Partner, KPMG LLP
James Dustin Schultz, Senior Manager, Deloitte LLP
Christa Vesy, SVP & CAO, Developers Diversified Realty Corporation
- SEC comment letters
- Lessor accounting
- FASB/IASB joint revenue recognition project
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| 9:30am - 10:45am |
Concurrent Session 2: Mortgage REIT Tax Issues
Moderator
Jayne Stewart, CAO, Annaly Capital Management, Inc.
Panelists
David Brandon, Principal, KPMG LLP
Shira Finkel, SVP & Director-Tax & Insurance, MFA Financial, Inc.
Steven Kauff, EVP, NorthStar Realty Finance Corporation
- Dealer sales issues
- Distressed debt and market discount
- Use of TRSs
- Foreclosure property
- Resecuritizations
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| 9:30am - 10:45am |
Concurrent Session 3: Roundtables |
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CFO's Expectations of a Tax Department
Discussion Leaders:
Adam Cohen, VP-Tax, Kimco Realty Corporation
Glenn Cohen, EVP, CFO & Treasurer, Kimco Realty Corporation
Craig Schultz, SVP-Strategic Finance & Tax, Developers Diversified Realty Corporation
- Compliance requirements and challenges
- Planning and transaction structuring
- Risk management - maintaining REIT status
- Resource issues - internal vs. external resources
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Timber REITs
Discussion Leaders:
Robert Cudd, Partner, Morrison & Foerster LLP
Paul Stamnes, Director-Tax, Planning & Operations, Plum Creek Timber Company, Inc.
Dwayne Tofell, Director-Tax & Insurance, Potlatch Corporation
- Tax issues for non-US investors in timber
- Different types of timber contracts
- Timber issues in US REIT Act
- Sustainable practices
- Timber as biomass
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| 10:45am - 11:00am |
Networking Break |
| 11:00am - 12:15pm |
Concurrent Session 1: New SEC Rules and Other Corporate Governance Developments
Moderator
Daniel Adams, Partner, Goodwin Procter LLP
Panelists
Kristen Benson, VP & Sr. Securities Counsel, Ventas, Inc.
Mark Harnett, President, Mackenzie Partners, Inc.
Michael Hermsen, Partner, Mayer Brown LLP
Kay Tidwell, EVP-Legal Affairs, Hudson Pacific Properties, Inc.
- Dodd-Frank Act overview
- SEC’s new Say on Pay rules
- 2011 proxy season and access issues
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| 11:00am - 12:15pm |
Concurrent Session 2: Promises and Pitfalls of Subordinated Lending
Moderator
Andrew Levine, Chief Legal Officer, General Counsel & EVP, SL Green Realty Corp.
Panelists
Andrew Friedman, Managing Director, Shorenstein Properties LLC
Jocelyn Friel, Principal, Prudential Mortgage Capital Company
Richard Wolfe, Partner, Fried, Frank, Harris, Shriver & Jacobson LLP
Marc Young, Business Partner, Morrison & Foerster LLP
- Primer on B Notes, mezzanine loans and preferred equity
- Lessons learned compared to B notes
- Tax issues
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| 11:00am - 12:15pm |
Concurrent Session 3: Roundtables |
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Controller's/Treasurer's Corner
Discussion Leaders:
Brian Macnamara, SVP-Corporate Controller, Host Hotels & Resorts, Inc.
William Harlow, Partner, KPMG LLP
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State and Local Taxes
Discussion Leaders:
Joseph Gurney, Director, Deloitte Tax LLP
Neal Lewis, VP-Taxation, Duke Realty Corporation
- Case studies: JVs; acquisitions/dispositions of portfolios; mergers
- Audits: QRSs; sales and use taxes; combined reporting; other
- Tax department best practices for monitoring state and local taxes
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| 12:15pm |
Program Concludes |
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