IPD IREI REALTIME: Global Property Conference
Crowne Plaza Times Square Manhattan
New York
November 16-18, 2009


On Firmer Foundations

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Welcome Networking Cocktail Reception

Conference Registration and Welcome Refreshments

Welcome and Introduction to Conference
Geoffrey Dohrmann, CRE, Founder, President and CEO, Institutional Real Estate, Inc.
(Joint conference chair)

Charting the Global Marketplace

The March Toward Greater Transparency: Global Property Market Information Update
A survey of global property information and a view of its likely evolution, followed by a portrait of today’s marketplace on the basis of the currently available data.

Laurent Ternisien, Managing Director, IPD Group
Andrew Florance, President, CEO & Director, CoStar Group, Inc.

Global Property Transaction Update
Despite the global credit market meltdown, some deals are still getting done. Here’s an update on what’s getting done, by whom and on what terms.

Robert White, Jr., CRE, Founder and President, Real Capital Analytics

Q&A

Refreshment Break

Investment Performance, Globally -- Market Snapshots

Europe
The global credit market meltdown has hit the U.K. and continental European property markets particularly hard. What's the near-term outlook for U.K. and continental European property markets? When will European lenders start lending again, and on what kinds of terms? Which markets in the United Kingdom and continental Europe are most likely to recover first, and why? Until that recovery occurs, where are the best opportunities to make money?

Pierre Vaquier, CEO, AXA REIM

Asia
Is Asia still as attractive an investment opportunity as it once was? Rapid urbanization, the individual stimulus packages from countries in this region, its interdependency with the United States and the world's most intriguing demographics all play a role in producing the risks of investing in these markets. When will the Asian markets turn around? Which are most likely to recover first? And how is that recovery likely to proceed? Until that recovery occurs, where are the best opportunities to make money?

Kurt W. Roeloffs Jr., Global Chief Investment Officer, RREEF Alternative Investments

The Americas
Excesses in the U.S. housing market helped trigger the global credit market meltdown and subsequent recession. The United States is investing trillions of dollars in stimulus packages in an attempt to turn the troubled financial services sector and the overall economy around. What impact is the stimulus likely to have on the economy in general and the U.S. property markets in particular? How soon are U.S. lenders likely to get back in the game in a meaningful way? Which property markets and property types are likely to recover soonest, and why?

Jon Southard, Principal and Director of Forecasting, CBRE Econometric Advisors

Q&A

Lunch

After-Lunch SPEAKER: Merrie Frankel, Senior Credit Officer/Vice President, Moody’s Investors Service

REIT Outlook
REIT performance through the credit crisis and currently – our industry outlook, the affect of the liquidity crunch, how companies dealt with it, and where REITs/real estate operating companies (REOCs) are situated now.

Quadrants Under Question

Public and Private Markets
Public equity markets have moved dramatically opposite private equity markets in the past several months. Does this mean private markets will turn upward in their traditional lagging pattern? Or have REIT investors made a serious mistake? The securitized debt market is much bigger than the public real estate equity market and holds far more lurking pitfalls. Real estate debt held in lender portfolios dwarfs the securitized debt market. Where will the greatest opportunity be found, CMBS or community banks? What regulatory changes can we expect and how might they affect our property capital markets? Where can investor capital sleep peacefully in the coming recovery?

Marc Louargand, PhD., CRE, FRICS, Director, Center for Real Estate and Urban Economic Studies, School of Business, University of Connecticut

Which Quadrants Now?
Real estate securities markets are rebounding, albeit from extraordinary lows, both on the debt and equity side. FFO multiples are rising, but FFO is falling. Credit spreads in the securitized debt markets are recovering from record wides just as the long anticipated flood of defaults appears to have arrived. Meanwhile, spreads on traditional whole loan mortgages appear extremely attractive relative to private equity yields, although determining yields on private equity investments in the absence of transactions remains a major challenge. Where, among the four quadrants of the real estate capital markets, lie the best opportunities to make money today and in the future?

Doug Poutasse, Executive Director, NCREIF

Observations from the Last Investment Cycle
For the past several years, pension funds and sovereign wealth fWhat trends can be observed from investing during the last cycle? What worked and what didn't? What lessons did we learn? What might this mean about which investment structures and strategies investors will pursue in the future?

Terry Ahern, Co-Founder and Principal, The Townsend Group

Liquidity — The Next Chapter
Liquidity will return but it will be different than before. The way in which liquidity providers assess and accept risk in commercial real estate has permanently changed. Once liquidity returns what will the "new normal" look like?

Andreas Calianos, Managing Director, Commonfund Realty

Q&A

Refreshment Break

FACETIME: Peer-to-Peer Sessions
Hour-long peer-to-peer sessions in small groups where you will collaborate with individuals facing similar strategic concerns.

- What have you learned from the recent global financial meltdown?
- Where across the global property capital market spectrum do you see the greatest opportunities to make money in the current environment?
- As the markets begin to recover, where do you see new opportunities emerging first, and why?
- Which areas do you think will have the most difficulty recovering, moving forward, and why?

Group Leader Reports

Day 1 Wrap-Up
Geoffrey Dohrmann, CRE, Founder, President and CEO, Institutional Real Estate, Inc.

Cocktails & Dinner

Wednesday, November 18

Breakfast

ECONOMIC SESSION: Global "Stimulation"
Governments worldwide are implementing stimulus packages and banking system CPR in order to restart their economies. In terms of size, scope and targeted use, these plans differ widely. This session will compare and contrast contemplated stimuli globally and examine the possible effects on commercial real estate lending and equity values. The stakes are high, and so is the range of possible outcomes, so a discussion of how the scenarios might play out, in terms of both returns and risks, will be an important part of the session. Bring your thinking cap!

Hans Nordby, Director, U.S. Strategist, PPR

Lost in Translation

Valuation and Appraisals: Global Relevance and International Validity
Valuation is a part of the process that allows international investors to monitor the effectiveness of property assets, whether they own them directly or via pooled investment vehicles. Have local methodologies shown sufficient robustness during the recent volatility? What efforts are being made to create a more uniform approach to property valuation around the globe? Which markets offer the greatest transparency from a valuation perspective, and which have the furthest to go?

Brian Corcoran, MAI, CRE, FRICS, Executive Vice President, Global Head - Valuation Services, Cushman & Wakefield

Valuation and Appraisals: Standard of Exchange
In market conditions where transactions are few, international investors need to be confident that they can understand what the appraisals they receive really mean. Do international valuation standards have enough clarity and authority to ensure that this happens? Is there true comparability across the 29th Parallel, let alone globally? A case study from the Canadian REIT market.

David Jenkins, President - Research, Valuation and Advisory, Altus Group

Strategic Design & Implementation
With the breadth and depth of the real estate market expanding, it is more challenging for investors to implement a thoughtful global or regional strategy and then monitor it. This session is focused on first setting out the steps investors may take on setting-up their strategy, whether it be globally, regionally or sector-based and then how investors may implement the strategy.

Paul Mouchakkaa, Managing Director, Real Estate Consulting Services, PCA

Performance Benchmarking
IPD will follow up on the Performance Measurement session with a global overview of Performance Benchmarking, specifically focusing on how investors measure the performance of their real estate portfolios and benchmark themselves against their peers.

Simon Fairchild, Managing Director, Investment Property Databank (IPD)

Refreshment Break

Panel Discussion: Knowledge Is Power
Large-scale investors are able to support the expense of market research and the development of information management systems. The speakers in this session will explore the development of proprietary and systematic approaches of information gathering and management, and evaluate them as a source for creating strategic advantage.

Panelists: Fabiana Lotito, Director –Global Real Estate Strategy & Research, TIAA-CREF; Dr. David Lynn, Managing Director, ING Clarion Partners; Kevin Scherer, Managing Director, BlackRock; David Stanford, Executive Managing Director, RealFoundations, Ltd

Moderator:James Valente, Head of Research, Kennedy Associates Real Estate Counsel, LP

Q&A

Panel Discussion: Getting Real about Global Real Estate and Getting It Right This Time
Everyone wants to add value for investors, but how does real estate value creation on a global scale actually take place? Creating value begins with trust. We need to identify the lessons learned, both good and bad, as well as identify gaps in the process, and how we apply them going forward. If markets are so efficient, why did all asset classes see price declines of the magnitude we have seen, and what does this mean for real estate and the future of global diversification?

Panelists: Richard Brace, Director, Research, AEW Capital Management, L.P.; Robert Houston, Chief Executive, St Bride's Strategic Advisers, formerly ING Real Estate ; Bill Maher, Director, North American Investment Strategy, LaSalle Investment Management; Mark Roberts, Global Director of Research, Invesco

Moderator: John Carrafiell, Senior Advisor, Morgan Stanley; and Managing Partner, Alpha Real Estate Advisors LLP

Q&A

Lunch

After-Lunch Speaker - Leanne Lachman, Founder & President, Lachman Associates LLC

Global Demographics 2009
Invest with demographics, not against them. Exercise caution in rapidly aging Europe, Japan and South Korea. Evaluate the promising prospects in Asian, African, Middle Eastern and Latin American emerging markets. Look ahead to which parts of the globe will have the strongest real estate demand.

Final Peer-to-Peer Session
An open forum for participants to frankly discuss how perspectives might have changed from the start of the conference, and what new strategies they might employ to improve their global portfolios and performance.

Geoffrey Dohrmann, CRE, Founder, President and CEO, Institutional Real Estate, Inc.

Conference Close