Preliminary Agenda Topics
Provisional Start & End Times:
June 5: 8:00 AM – 5:30 PM
June 6: 8:00 AM – 12:30 PM
Preliminary Agenda Topics
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Family Office Real Estate Investing Theses: Direct vs. Joint Ventures vs. Funds
- How has your allocation to Real Estate changed in the past 12 months and how do you view it for the next 12-24 months?
- FO Investing with current market and new administration, any shift in trends/cause and effect?
- Is the current high interest rate environment influencing your RE investment strategy in terms of structure?
- What are the pros and cons to each of these investment models?
- How do you approach GP/LP joint ventures vs. co-investing with other family offices? Do you have a preference?
- How can fund managers make their offerings more attractive to family offices in this high interest rate environment?
- Do you allocate to emerging and/or small-medium sized funds?
- What does it take to get on your radar? Then what is the process of getting a deal over the line?
- Are there specific criteria you are looking for in deals and partners?
- Impeding issues with funds ability to call capital?
- Difficulties raising capital during impeding recession.
- Have you changed your position in the capital stack (preferred equity, mezzanine financing, debt, common equity)?
- How has your investment criteria changed?
- Requirements from operators: Have you asked to see the balance sheet of your operating partners? Have you asked for financials from your business partner to gauge liquidity and/or desperation to do deals or garner deal-level fees?
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Best Practices in Investing, Opportunities, & ROI for your Family Office
- Case Studies from recent Investments
- What do you look for in a manager? What do you look for when considering RROI
- Geographies of opportunities
- Gen Z and Millennial Wealth Transfer
- Successful deals in the past 12 months, why were they successful?
- Interesting asset classes and what family offices have been looking for
- Philanthropic efforts
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Alternative Asset Classes & Niche Opportunities in Real Estate
- Alternatives assets include parking, co-working, self-storage, vaccine cold storage, cannabis real estate, large equipment storage, conservation. Are these the main alternative assets for family office? Which are more prevalent for FOs ?
- Is there any interest in manufactured housing, ADUs, student housing, senior housing, self storage, data centers, cold storage?
- More nicher alternative asset classes
- How and where are you souring alternative asset deal flow?
- How do you go about investing? Passively vs Actively
- When investing in alternative asset classes, are you looking for cash flow or overall return?
- Which sectors have the most upside coming out of a tumultuous year?
- How important is portfolio diversification as a form of risk management?
- Are their banks/institutions lending on these asset classes? If so, what are the terms?
- What risks need to be considered when investing in niche opportunities, themselves?
- Do these alternatives lend themselves better to short or long term investments?
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Value-add Multifamily
- Advantages of Value-Add Multifamily Investing
- Purchasing and Refinancing Options
- Discussion of financing and cap rates. Anything changed? Where do we go from here? What do you think of construction and value add? Alternative residential assets?
- Increasing Cash Flow?
- Value-add Loans
- Discussion of financing and cap rates. Anything changed? Where do we go from here? What do you think of alternative residential assets?
- Impact of new construction and construction costs
- Highlighting the structural of its appeal of various formats to family offices
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Family Office Management & Succession Planning
- Where do you source deal opportunities? How does your real estate deal flow compare with other sectors?
- What’s been your focus over the last couple of years and does that look different as 2023 progresses? Are you planning any exits?
- How are you viewing specialized/niche investment strategies? Please give an example of a niche investment that you have made over the past 18mo or are looking to do.
- Any recent shifts in your CRE investment strategy/allocation? Debt/private equity? What is causing you to shift your position in the capital stack? If debt/preferred equity, what performance clauses or covenants are you putting in place to protect your downside?
- What resources are you using to mitigate risk? Any special clauses/covenants? Any special requirements from operators? (skin-in-the-game %, control rights, liquidity requirements)
- How do you deal with family generational/leadership issues?
- Is it possible to produce one comprehensive succession plan that services multiple generations?
- How can differences in views between generations be reconciled? With whom does the responsibility lie?
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CRE Office/Industrial/Retail Investing Opportunities
- What are your views on the future of office space? Which office property types are attractive investments?
- How are your underwriting assumptions changing?
- How has lending changed in office space? In terms of LTV, spreads, and term.
- How are you thinking about the types of tenants your property is best suited for and what the occupancy rates will be like for such tenants?
- Distressed opportunities?
- New market segments: (ex. last-mile industrial) Are local municipalities on board?
- Increased demand for land development: What are the drivers?
- Discussion about investments? How much scale and operational expertise required?
- Impact on land prices and other supply-chain conflicts. Family office or institutional focus? Where does the investment come from?
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Hotel/Hospitality Sector Update
- How are the supply-demand dynamics changing in the markets you’re targeting? What tools/strategies are you using to source new deals?
- How are major flags approaching the recession with the PIPs they issue?
- Who has looked into conversions to multifamily? To senior housing? What goes into your conversion and what returns hurdles do you need to underwrite to before moving ahead with the conversion?
- How are you approaching value-add opportunities in the hospitality space?
- What is your outlook for limited service and extended stay opportunities in secondary and tertiary markets?
- How are you weighing the risk of AirBnB on your current and future investments?
- Is there a way that hotels can work with AirBnB instead of competing against AirBnB?
- How do hotel occupancies and ADRs compare to pre-COVID?
- How are hoteliers controlling expense increases?
- What do traditional equity vs. rescue capital returns look like?
- How attractive is C-PACE and other alternative financing?
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Tax Issues, Investment Structures, & Asset Protection Solutions
- What tax-efficient structures are available to US tax-exempt and Non-US institutional investors and family offices?
- Tax codes/Updates for 2025
- What should family offices consider when selecting an asset protection plan?
- What are the benefits for family offices of using asset protection trusts?
- How can advisors protect their clients and their assets from fraudulent creditor claims?
- What should advisors know about state laws around trust and estate planning?
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Private Debt & Private Loans
- What opportunities exist in the high yield debt/mezzanine loan market? What risks do these products carry, especially late in the cycle?
- Definition of high yield debt , lack of debt capital?
- Mezzanine loan, preferred equity , high-yield bridge debt: alternative products available?
- Cost of capital across real estate asset classes: what’s in and what’s out
- Family offices as investor or borrower?
- Hard Money alternatives
- What yields are investors getting on bridge and mezz loans for different property types? What new covenants and or performance clauses are you seeing?
- What’s the appetite of family offices for secured debt?
- How are private investors using hard money loans to structure deals?
- Will senior debt funds help newcomers enter the real estate lending market? Has anyone seen any liquidity issues with debt funds?
- Should you invest in real property, or the notes underlying the asset?
- Are you gravitating more to fixed- or floating-rate debt If fixed, how are you mitigating costs of defeasance/prepayment penalties?
- How attractive is C-PACE and other alternative financing?
- CMBS Issuances
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Family Office Closed Door Meeting (Family Offices Only)
Open to family offices, to discuss some of the most relevant issues facing family offices today
- What are Families Talking About Today?
- Defensive Strategies in Uncertain Times
- Engaging the Next Generation of Family Members, wealth transfer
- What are Family Goals?
- Who’s Minding the Store? Enrichment and Education
- Importance of Giving Back - Lead by Example
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Workforce and Affordable Housing
- How are local governments incentivizing private investors to meet housing affordability needs? Do these measures negatively impact profits?
- Define workforce housing. Define Affordable Housing
- Does this fit under ESG? Why does it? Why doesn’t it?
- How are collections? Uptick
- Is there a spread in caprates/valuations in conventional multifamily vs. Big A affordable
- How are Fannie/Freddie incentivizing affordable housing with their debt programs? What interest rate waivers are you seeing?
- What is the difference between workforce, middle income and affordable housing?
- Working with government, non-profits and impact investors
- Impact of stimulus packages, jobs and income
- Understanding the relationship with opportunity zones and other tax credit schemes
- How can affordable housing investments be profitable?
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Family Office Investing in PropTech and AI
- Investing in the Metaverse: where does real estate come into play?
- What is attractive about investing in digital assets?
- Are there potential issues with transparency and market security?
- Tax and reporting considerations
- Litigation issues that arise with tokenization
- Is Proptech relevant for family offices? What products exist?
- What is really AI and what is not? How does it affect your investment process?
- Tech stack, infrastructure & data needed
- Risk of AI-bias
- Defining Robotic process automation vs. machine learning vs. natural learning process vs. small language models
- Best practices and how to incorporate in your day to day
- Big data & Automation
- Exploring the pertinence of PropTech to family offices and the products available,
- Discussing the importance of AI and the benefits it yields
- Providing insights on initiating and employing AI-driven software for efficient property management.
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New Developments: Mixed-Use/Retail, Multifamily and Build-to-Rent
- Best strategies to investing in mixed use
- High demand? Low demand?
- Retail Market Update and Investments
What do deals look like now? How are you approaching valuations for retail properties? - Is retail back?
- Impact of new construction and construction costs
- Discussion of financing and cap rates. Anything changed? Where do we go from here? What do you think of construction and value add? Alternative residential assets?
- Attractive opportunities in CMBS market to buy distressed retail assets?
- Retail conversion opportunities?
- How are retail landlords passing on inflation?
- Where are today’s opportunities in retail? Malls, lifestyle, grocery-anchored, power, community/strip, outlets, mixed-use, etc.
- Property value decline vs. good management
- Tax Benefits & Cash Flow
- Build to Rent Discussion, development & costs
- Case Studies
- Pros and cons of mixed use
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Opportunity Zones, Urban Investments & Historically Overlooked Markets
- How much capital is still actively being raised for QOZ funds and how much has been deployed?
- QOZ funds & initiatives with new administration
- What kind of capital is being invested? Are LPs now more comfortable with QOZ investing? How to determine if a fund manager has the sufficient experience?
- What are QOZ funds investing in and where? How are fund managers underwriting deals? What are their due diligence processes?
- How do QOZ tax incentives compare to other forms of alternative financing, e.g. affordable housing tax incentives, foreign mezzanine finance and EB-5?
- How are lenders viewing such investments? What are typical terms/conditions?
- Are there distressed QOZ plays? What’s going on across property types in the current climate
- Which markets are primed to bounce back quickest and strongest? Why?
- With many people moving out of cities due to the pandemic, what opportunities are there to be found in urban areas? Distressed?
- Do QOZ actually provide benefits to the community? How are you gauging this impact?