Preliminary Agenda Topics

• Tax optimizing deals
• Local changes to be aware of
• Ozones: Will the Trump administration give them some oxygen?
• June 17, 2025: The latest on tariffs and the impact on real estate
• Tax changes and their effect on investors, lenders and institutions
• Tax appraisals and appeal and local tax changes you need to keep an eye on
• Will a lighter touch on bank regulation open the lending spigots?
• Opportunities in selling surplus government real estate: Where are we?

• What are some strategies you’ve implemented to cut expenses?
• How is technology and AI assisting?
• How has your financial plan changed for your building or investments?
• Doubling down or cut, cut, cut… How are you treating non-cash flowing properties
• Managing structured products
• Revenue maximizing and turnaround… What was the latest things that worked?
• Your latest workout and where it is going

• How is real estate performing from a fundamentals perspective?
• How will the new Trump Presidency, tax cuts and looser regulatory environment impact real estate? Trade wars?
• Changes of insurance, climate risk and property taxes
• Cap rates one year from now? 10 year?
• Where is valuation, really? What is the best way to assess true market value?
• State of the banking and private finance markets
• Distress markets/Extend and pretend… Now and in 12 months
• Where is tenant risk?
• Are we in the beginning of a new economic cycle or the ending of an old one?

• Which alternative property sectors are you chasing? Large food groups?
• Where are you finding the best risk-adjusted returns? Are you needing to adjust investor expectations? Sectors, equity vs. debt and development vs. acquisitions
• How are you leaning into AI?
• Are your finding distress to buy/finance? Are you looking for broken capital stack or broken project
• Are your favorite sectors and geos changing?

This interactive discussion will address topics like the real estate glass ceiling, career development and your questions in this intimate, small group setting

• What kind of labor-intensive, redundant tasks in your workflow is AI helping out with?
• Using AI to identify investment opportunities
• User friendly adaption: From planning to pilot to integration, execution & scaling
• Property valuation and asset management applications
• Finding the human/AI balance
• Should I be concerned with cybersecurity?
• Data, forecasting & predictive analysis

• Issues surrounding re-trades • When does all cash make sense? Will you be able to refi?
• Return expectations and cap rates vs. realities
• Are you finding distress? What is the pricing like?
• What kind of risks, deal profiles and property sectors are you comfortable with? Not comfortable with?
• Leverage available, negative leverage and return requirements
• Are you incorporating asset management into you investment process?
• Which strategies do you believe are necessary to thrive in today’s environment?

• End of fund choices… What kind of optionality do you really have?
• The IPO option: Who is that open to?
• Making more $ on a bulk or individual sale?
• Selling to related entities and how not to get yourself in trouble
• Special considerations for development deals
• Special considerations for distressed deals
• The last deal you sold… What kind of pain did you endure

• How does the current interest rate environment impact your underwriting strategy?
• How are you factoring in cap rates, rent growth, vacancy and supply?
• Where can you find distress you can really buy?
• How to fund: Alternative financing, today’s capital stack and all the preferred out there
• Current absorption, rent and vacancy levels
• What are some new factors in your market analysis/risk analysis in assisting your buy/develop/redevelop question

• Looking at different partial sale options
• Where are you raising capital from? Is it harder/easier than when rates were lower?
• Investment structure options: Straight LP/Pref Equity/Co-GP
• What do you think of exclusivity provisions?
• Getting the equity for development deals
• Workouts with equity partners
• Negotiation hot buttons
• Regrets… I have a few?

• Looking for JV partners: The dating game before the marriage
• Making sure interests are aligned
• What is expected on the operations/reporting side? What kind of operational support do you give?
• What are some challenges that come up? How are they solved?
• Property vs. entity level investments
• Structures and waterfalls

• How are you communicating your changes to stakeholders and investors? What do they need to know?
• Is it a good time to change from construction and value add?
• Are you looking to diversifying assets and geographies? Why now?
• How do you see risks changing and what is the impact on your investment thesis?
• Are you following the available financing?
• If you like it or not you are now a distressed shop…
• Since you haven’t been too active on the acquisition side because of your higher standard how are you making up for it?

• What kind of basis so you really need to make it work?
• What kind of capitalization are you seeing?
• What are the most attractive cities to convert? Where are there effective government programs
• Challenges that you didn’t think about until you were into it
• Converting into hotels, storage or other uses
• Hidden building characteristics you uncovered after construction started that were budget busters • Affordable vs. luxury: Cost structure comparison

• Deploying capital into cash flowing properties: Where are you finding the opportunities while staying in positive leverage?
• Historically what kind of appreciation can you expect from cash flowing properties? • Is real estate still an inflation hedge?
• What kind of properties are fitting the mold that you looking at?
• Why is the building priced at this level?
• Making a long-term hold fit into your fund time horizon

• Different assets, different parts of the cycle and opportunities
• Note sales.. Are you seeing more out there?
• Capital call vs. raising new equity
• Aligning debt and equity interests
• What does it take to get takeout debt?
• Preparing for foreclosure
• Rebuilding value post foreclosure
• When are you betting that assets will recover?
• In appraisals we trust?
• Comparing workouts for CMBS and balance sheet loans vs. balance sheet loans with leverage
• When is it worth sinking more $ into the building?
• How much is a lender looking to recover?

• IOS: Can you still make $ as this subsector consolidates?

• Can they take on more rent? Making workforce pencil
• Why you should be investing in residential development
• Favorite markets and where you see opportunities
• Working within capital stack and maturity challenges
• Has your fundraising strategy changed?
• Rent vs. buy macro environment
• How are assets trading? Has buying environment changed? Underwriting exit caps in a negative leverage environment
• New developments on the property management size including AI use, amenities, rent growth and tenant preferences
• Where are you finding distress? Value?
  

• The macro and demographics case… Does it still hold? ]
• The politics of SFR
• The land and construction side as costs rise
• JVs, equity, debt, owning scattered site or communities… How is PERE playing in this market?
• How much rent growth is left? Home appreciation?
• How do you handle the property management side?
• What does the future of this investment look like?

• The role of power and AI
• How can a small or medium fund play?
• Lease structures owners should know about
• Valuing the deal
• Key metrics to know when buying a data center
• Exposure options: Equity, debt, JV or merger
• Data center subsectors and geographics update

• Where are spreads heading for different classes?
• Are you seeing large office sales out there?
• How are your office investments looking? How is the office to resi trade impacting your office properties?
• How have property tax appeals be going?
• What kind of equity is available?
• How are you convincing an investor that the exit cap you are proposing is appropriate?
• Assessing the distressed and conversion markets
• What will the new normal look like for office?
• When is it time to shift assets back towards office?

• Impact, How far will the shift to debt go?
• What kind of creative mezz and pref is out there? Why use one vs. the other?
• Will spread compression continue on the debt side
• What kind of debt will get you up to 75? 80?
• How are you looking at the construction sector?
• When are you taking assets back?
• How’s fundraising going?
• Higher for longer… Opportunity or problem?
• How much roadway does the real estate credit have?

• Any changes in construction draw monitoring
• Giving up the promote to get the project started
• Exit cap on new development deals
• Evaluating potential project returns
• Latest developments on supply side costs in a tariff-rising environment, immigration stifling environment
• What have your project timelines been like?
• What is the best way to add value today?

Observe a series of deal presentations and listen as experts dive into critical issues surrounding these assets. Discussions will cover valuation, cash flow, the influence of macroeconomic factors, and stress test assumptions in today's unpredictable market.

• How is your strategy changing in this higher for longer environment?
• Modifications & post-foreclosure: Addressing DPOs, amendments, funding gaps, and working with entities on troubled properties and new opportunities
• Is the word on the street that if banks get less regulated that they will come back?
• How will higher for longer, banks exiting the market and tightening credit conditions continue to impact the market
• Recourse vs. non-recourse and other financing iterations
• C-Pace and other tax-advantaged financing
• Impact of privatization of Freddie and Fannie
• What was the most creative financing deal you did this year?
• Is private debt the flavor of the month or around going forward?

• Impact of Fed Predictions, the bond market and interest rates
• Platform aggregation
• How much is the promote worth?
• Zombie fund recaps and distressed fund workouts
• What are hope notes looking like?
• Fundraising in the entity level recap and secondaries area
• Debt vs. equity funds
• Time horizon vs. selling properties
• How much liquidity is there? What is the valuation like?

• What needs to be in your comprehensive plan?
• Shout it out loud: Demonstrating your track record
• What kind of risk management practices are institutions expecting
• What is your investment thesis? Is it changing? How? Why?
• How are you building a scalable operation?
• Standing out in this competitive market
• Preaching to the converted: Getting commitments from your last fund investors
• Capital raising strategy

• Structuring the GP strip: carried interest, incentive fees, promote sharing and multi-hurdle promotes
• The latest in structuring waterfalls
• What should you include in your initial docs?
• Different structures for different asset types and strategies
• What’s new with sidecars and separate accounts
• What did your last anchor investor ask for? What did you give them?

• How much of the fund needs to be seeded
• Are you using a placement agent?
• What are the concerns of LP’s these days
• Where are you sourcing the LP’s from? PE, HNW/UHNW, FAO/MFO, Pensions, Endowments, Sovereign Wealth?
• What are your biggest roadblocks in fundraising today
• How the track record effects fundraising efforts
• What if the LP is looking for an exit and you are a new entity?

• Fund accountants, lawyers and administrator: What you need to know?
• How should you be handling property and asset management?
• When should you self-manage?
• At what AUM level do you need a fund admin?
• What can I offshore?
• What kind of training, education and hand holding is provided?
• What kind of experience and expertise should you look for in different outsourced solution providers?
• After the fundraise and investor relations
• Should you register as a RIA?
• How much does it cost to engage all of these service providers for the first time?

• What a new fund should know
• New checklist items for a successful fund administration transition
• Private fund advisor rule, year 2
• New product offerings… What problems are being solved?
• Client surprises and communications
• Software and SaaS solutions
• Supporting asset valuations, property performance and tax assessments
• Reporting and compliance gaps and how to fill them

Join us for an engaging interactive session where you'll gain insider insights into high-growth market strategies and hands-on investment opportunities. Hear how your peers are learning how to maximize their returns through smart, strategic real estate investments. If you're transitioning from a syndicator or deal-by-deal shop and chasing family and country club dollars but want to go institutional, this two-way discussion is perfect for you. Featuring your input, we’ll answer key questions, including where to find and anchor GP, share new partner success stories, and discuss the latest in IRRs, ROE, term sheets, and structures. Don’t miss this chance to be at the forefront of innovative real estate funding!

• Preservation of capital/cash flow vs. gains/value-added: Which way do you go?
• What kind of tax optimizing of deals do you employ?
• Risk: What are you comfortable with? What do you avoid?
• Are you expanding where you play in the capital stack? Leverage level?
• Do you like to act as a GP, LP or Co-GP?
• What is your investment horizon?
• What do you look for in an investment partner?

• Are you allocating or on the sidelines? What are the deliverables a GP should deliver to an LP?
• Where are you allocating to?
• Expected technology and reporting
• Fund structures that are appealing… Not so appealing?
• What is your plan if you need liquidity? Have a capital call?
• What kind of due diligence do you use?
• GPs in distress… How do you evaluate?
• Management and other fee levels you are comfortable with
• What kind of marching orders do consultants have?