Real Estate Opportunity & Private Fund Forum
Newport, RI
June 19 - 21, 2019

Description

IMN is delighted to announce that our 20th Annual US Real Estate Opportunity & Private Fund Investing Forum will be returning this year, June 19-21, to the beautiful location of Newport, Rhode Island.  The largest real estate private equity funds, LPs and a broad swath of their service providers will once again be on hand to dig into the latest challenges and opportunities facing the CRE market, with panels on fund structuring, macro-economic drivers, disposition trends, regulatory and tax considerations, technology updates and so much more.  Please keep the website bookmarked as we announce the program in the coming weeks.

As well as benefitting from the cutting-edge educational opportunities the conference offers year in, year out, in 2019 summit attendees will enjoy a plethora of networking options.  Newport’s bustling harbor, replete with waterfront dining, as well as daily scheduled activities such as sailing excursions and clambakes will be on offer so conference participants and their families can fully immerse themselves in the culture and ambience of this idyllic summer retreat.  What better way to build and bolster industry relationships and forge the partnerships for the next chapter in your business’s growth.

We look forward to hosting you and the CRE community at what we anticipate will be the most talked about real estate conference this summer.

Who Should Attend
  • Asset Managers
  • Developers
  • Funds
  • LPs
  • Service Providers
  • Special Servicers

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My Agenda

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Agenda

    Wednesday, June 19th, 2019

      Valuation & Navigating The Buy/Sell Gap

      • • Impact of rise on replacement cost
        • Justifying buying in a frothy market
        • Local new supply growth considerations
        • Value-added valuation
        • What do you see as less toppy on a comparative basis?
        • Interest/valuation relationship: Is it changing?
        • Looking at tertiary markets
        • Creating value
        • Impact of occupancy and quality of leases
        • Effect of having co-working, co-living and other short-term tenants

      Economy

      • Panel slots open to largest funds only • Demographics: The latest developments
        • Impact of populist movement and Trumpism on the economy and real estate
        • How are you factoring in the increasing propensity of disasters and climate change into your models?
        • Which technology changers will be game changers?
        • How much room is there in industrial to keep going?
        • And the last downturn started in South Florida condos…
        • Cap and interest rate projections
        • What stage of the cycle are different primary, secondary and tertiary markets in?
        • Looking longer term: What are your concerns?

      Asset/Property Management

      • • The in/out source decision
        • Using tech to drive results
        • Accounting tools
        • Concession: Where and when do you use? What do they consist of?
        • Cap-X: Where is it going?
        • Allocator vs. fund manager approaches
        • New tenant vs. keeping the old one
        • Maintenance and maintenance technology
        • Developing operating and capital budgets
        • Centralized vs. decentralized management

      Opportunity Zones: Update As Of June 19

      • • Is fundraising going as projected? What have been the surprises?
        • What are the changes on the horizon?
        • Funding and hold periods
        • Structuring and fund administration
        • Legal complexities need to be worked through
        • Financing available: Terms and structures
        • Finding the right market
        • Risk mitigation
        • Tax stuff you need to know
        • Comparing 1031 exchanges

      Real Estate Disrupters 2020: What Will Be The Culprits?

      • • Politics, demographics or economy?
        • What are you seeing on the tech side that will be big?
        • Will today’s disrupters continue to disrupt?
        • State-level time bombs: Are they ready to explode?
        • The international arena
        • Sunrise and sunset industries
        • Where will over-supply really cause trouble?
        • What will be the next sharing play? How will it impact real estate?
        • Driverless cars: Onslaught or trickle?
        • Opportunity zones: Will the mania quiet down by 2020?

      Ground, Leases, Air Rights, Retail Condos & What Else Is In Your Toolbox To Maximize Your Buildings Value & Squeeze More NOI

      • As buildings continue to get more and more expensive you need to find ways to increase your cash flow to make them pencil out.  This discussion will focus on…
        • Solar perplexities
        • How much can you make from antennas? Signage?
        • Parsing ownership
        • Management fees
        • Building ancillary structures in an urban or non-urban market
        • Maximizing parking space in an Uber world
        • What should secondary and suburban markets do?

      Regulatory/Tax Issues: What Has been the Realized Effect Of The New Tax Laws?

      • • The latest opportunity zone developments
        • Minimizing tax leakages for foreign investors
        • Do you need to register with the SEC? What should you be doing if SEC eligible?
        • Use of affiliates and multiple funds
        • Expense allocation and custody
        • Ethics code and market performance communication
        • Compliance best practices on emerging issues
        • Where are entities being tripped up on regulatory filings?
        • “S’ corporation developments
        • Carried interest update

      State of the Fund Industry Should Target Returns Change In Today's Tight Market?

      • panel slots open to largest funds only This plenary will debate some of the most recent developments impacting the real estate private fund industry including
        • Block chain and tokens: Is there a place in the fund industry?
        • Which of the newest fund structures are you using?
        • Opportunity zone investment: Are your clients interested? How are you working with them?
        • New fund developments: General or targeted? Equity or debt?
        • Changes in fees and promotes
        • The administrative side of things
        • Investor recruiting and fundraising
        • Investor relations and reporting
        • Working with buyers/sellers of interests
        • Smaller focused funds by large firms: Blip or trend?

      Co-Living & Co-Working & Airbnb: Will They Continue Upending Your Traditional Office, Hotel and Multifamily Investment Philosophy?

      • • Co-working/Co-Living financial arrangements
        • Filling vacancies vs. recruiting as tenants early on
        • Impact of having short firms on your valuation? Tenant mix
        • Are these disrupters becoming a component of your deals?
        • Local regulatory developments hindering business: Where are they spreading to?
        • Investing in the sectors

      Justifying Construction & Development This Late In The Cycle To Your Investors

      • • Who are the most construction-friendly LPs? Least?
        • How do you convince LPs this is the way to go? What is the criteria they look for?
        • Evaluating the construction lending market
        • Construction time frame you are looking at?
        • Evaluating local market conditions
        • New construction and O-Zones
        • Construction vs. renovation
        • Getting around financial hiccups
        • Exit strategy

      Senior/Medical Alternative Assets vs. Millennials-Based Strategies: Where Should You Be?

      • • Is the senior living trade over-built?
        • Seems like there is a new medical office building going up on every block: Can that pace be sustained?
        • 20% of our workforce are seniors…
        • Hotels: Performance of new, hipper hotels vs. business traveler and economy
        • Comparing valuation, supply/demand factors and financing terms
        • Predictable seniors vs. volatile emerging sectors
        • Do you like operating businesses?
        • Millennials moving to the suburbs

      Women’s Breakfast & Small Group Meeting

      • Come and share the trials, tribulations and invaluable insights into how to advance in this very competitive and male-dominated industry. The conversation will be interactive and attendees are asked to be active participants in the discussion. Be ready to share insights and experiences that will help your colleagues in attendance.

    Thursday, June 20th, 2019

      Opportunistic vs. Value-Added vs. Core vs. Debt

      • Some of the factors this debate will discuss include: 
        • What kind of deals are out there?
        • Valuations and financing out there
        • How much growth is left?
        • Market- and asset-specific conditions
        • External factors to consider
        • Definitions, oxymorons and the drifting of style nomenclature

      Large Fund Investment Panel: Where Are The New Opportunities In This Maturing Cycle?

      • (panel slots open to largest funds only) This discussion will focus on how some of the largest funds are investing or not investing their dry powder including…
        • Large vs. small projects, Ground up vs. value add-Where are the risk adjusted returns?
        • Is there green in green?
        • I look at a distressed retail property and see…
        • Buy, Hold or Sell-What are you doing with your large class “A” properties?
        • Asset type in the most demand
        • Favorite urban market? Secondary market? Seasonal market?
        • Are you looking at diversifying into real estate venture capital?
        • Industrial-Will it continue to be a winner?
        • Migration plays
        • Managing cycle risk
         

      Late Cycle Construction/Development-Strategies to Justify to you LPs

      • • How are you protecting your downside? Guaranteeing a revenue flow?
        • Looking at different asset types and locations
        • Impact of the changing weather on your construction and design
        • Do’s, don’ts and recent mistakes
        • Strategies for keeping the construction costs down as materials and labor prices increase
        • Construction agreements: What should be in them to protect you when things go wrong?
        • Is there value in the secondary market for construction loans?
        • Do you need an anchor tenant? How speculative can you be?
        • Is it better to be the third developer vs. the initial developer?
        • Overcoming aversions to new development

      Recession-Resistant Asset Classes/Locations/Strategies This Time Around

      • • Looking at past recessions and what held up
        • Blue collar vs. affluent strategies
        • How does low income housing hold up?
        • Oil patch vs. tech cities vs. manufacturing towns and all in-between
        • Where’s the cash flow?
        • Financing terms and leverage
        • Looking at leases and tenant credit

      Class B & C Opportunities

      • • Secondary cities vs. suburban of large cities
        • Inner suburbs: Is there value?
        • Densification and urbanization of the suburbs: What are the key essentials? How long does it take to get all the parts together?
        • Taking a “B” and making it an “A”: Isn’t everyone going value-added?
        • Which asset type would you consider to be the best “B” or “C” performer? 

      Retail Investing: Comparing The Headlines Vs. Reality

      • • What does a successful retailer look like today? In 5 years?
        • E-commerce sites opening physical stores:  Blip or trend?
        • What is the retailer looking for?
        • Adding mixed use to retail: Has it been successful?
        • I look at this dead shopping center and see…
        • Restaurants, fitness centers and urgent care: Are these the next generation of customers?
        • What are you doing with your vacant space?
        • The net lease market and grocery-anchored product

      Multifamily

      • • Can you afford to do Affordable and work force housing? Do the available credits go far enough?
        • Are condos overbuilt again?
        • Politics and rent regulation
        • B&C locations and assets vs. Class “A”
        • Freddie and Fannie developments
        • New construction: Is there still time?
        • The asset management side of things
        • Financing developments
        • Acquisitions, dispositions and valuations

    Friday, June 21st, 2019

      Acquisitions & Acquisition Due Diligence

      • • What is your acquisition strategy?
        • Due diligence: What are you looking at now that you didn’t 2 years ago? How are you doing effective due diligence as time gets squeezed to almost nothing?
        • New market due diligence
        • Dispositions, sales and pricing
        • Acquisition financing available
        • Asset- and location-specific issues
        • Land acquisitions
        • Buying and selling of building interest
        • Stabilized or unstabilized?

      Purchasing Assets At A Discount… Distressed and Non-Distressed Opportunities

      • • How are you finding these opportunities? Are there pockets of distress?
        • What’s the problem: Why are these properties selling at a discount?
        • Distressed on a community level
        • Owners in distress…
        • White knight equity funding vs. outright purchase
        • Looking at debt market opportunities

      Repositioning/Adaptive Reuse, Historic Districts & Managing Real Estate in Gentrifying & Emerging Markets

      • • Finding & making the deals pencil
        • Amount of institutional $$ coming into the area-Is it a good thing? 
        • What does it take to do an office/loft conversion?
        • O-zones + tax credits
        • Do you keep as a one-off or in your general fund?
        • Political opposition: What you can do to sway the community before the issue comes to a head?

      What Delays/Kills The Deals In the Investment Committee?

      • • What is the makeup of your investment committee? Are there any recent changes in policy?
        • Equity vs. debt deals issues
        • Tough questions… Better answers
        • Pre-investment committee interaction
        • What needs to be in the presentation?
        • How did you turn around the last tough deal?

      Using Big Data & Other Tech To Successfully Invest/Acquire Commercial Real Estate

      • • Are you using big data for predictions or compiling data?
        • How income, education levels and vacancy effect poverty and crime and thus poor investment performance
        • Determining land values and availability
         • Off-market portfolios: using the data to both facilitate needs of sellers/buyers
        • Data is about people: What the numbers say about the population and demographics?

    Saturday, June 22nd, 2019

      Construction/Transitional/Bridge Financing

      • • The pluses and minuses of using debt brokers
        • Conversion vs. ground up
        • Risk profile
        • Construction mezz/preferred equity
        • Banks hitting up against regulatory limits: Alternative lenders in the space
        • How do you look at builder experience/different asset types/locations/building quality
        • Secondary market for loans
        • Using tax-exempt incentives
        • Renovation/conversion terms
        • EB-5 US regulations and Chinese usage update

      Senior Lending Trends & Deal Terms

      • • Comparing banks vs. private sources vs. CMBS vs. insurance companies and banks
        • What’s available
        • Closing time frame
        • Floating vs. fixed: What are you recommending for clients?  
        • Property sweet spots
        • The stretch senior market
        • Risk management and loan underwriting: What kind of changes are you reviewing?
        • What do you look for in a borrower?
        • Secondary and tertiary markets: Do you play?

      Deal-by-Deal Vs. Funds and Other Alternative Equity Sources

      • • Why do you choose to raise funds deal-by-deal? Are you building up a record to eventually raise a fund or you feel a fund is not worth the time and fundraising administration?
        • What kind of real estate would you put in your fund? What kind would be a one-off?
        • Developer equity capital stakes
        • Working with large institutional investors
        • Cost and structure of equity
        • Crowd funding PE

      50 Shades of Debt & Risk: The Debt Fund Plenary

      • • Which of the 50 shades do you prefer?
        • What are the biggest changes in the way you are valuing debt?
        • Do you loan-to-own?
        • Buying in the secondary market-What are you willing to pay?
        • How’s the fundraising going?
        • So many debt funds… So little deployment
        • Do you see “loss leader” pricing out there?
        • Loan-to-value ratios, debt yields and debt service coverage

      Joint Venture Shark Tank

      • Deal terms, waterfalls and cost overruns will dominate the conversation as we discuss joint venture from both the operator and equity provider perspective.
        Tank Leader: (Panel Moderator)
        The Fund Capital Providers (3-4 will discuss if interested in financing + deal terms);           
        The Operating Partners (2 provide a presentation of a live, closed or made up deal):

      Mezz vs. Preferred Equity… Where Do You Want To Be In The Capital Stack & Why?

      • • Risk/return targets and comparisons
        • Advantages and disadvantages of being an owner vs. lender
        • Loan to own strategies
        • Target leverage
        • Terms and conditions: What’s negotiable? What’s not?
        • Different investors, different preferences
        • Considering property type
        • Intercreditor and mezz debt agreement: Latest clauses

      Accessing Foreign Capital: Are The Flows Continuing To Be High Or Starting To Slow Down?

      • • What are the latest structures out there to minimize taxes?
        • Offshore sourcing of debt
        • China: Is the big guerilla becoming more of a spider monkey?
        • Sovereign capital
        • What sectors are being looked at by foreigners
        • The extension of the EB-5 program: What does that mean?
        • Are foreigners starting to consider secondary cities?

    Sunday, June 23rd, 2019

      Atypical Fund Structures

      • Evergreen Funds, Seed Funding, Entity-Level Structures, Sidecar, GP Funds, Sponsor Capital, Private REITs, Non-Traded REITs, target asset fund, Open-ended, Longer-dated and be-spoke funds  are some of the options out there and this discussion will focus on why funds might be using these instead of the usual structures

      What Would You Look For In A Merger, Partial Sale or Joint Venture Deal?

      • • What are the incentives to merge? Sell majority stake? Minority stake
        • What are deal terms looking like?
        • How to make sure the entrepreneurship and nimbelism is still there
        • Role in succession planning
        • Considering the LP
        • Senior manager role in new entity
        • Post-merger integration
        • Selling/buying existing stakes
        • Entity-level valuation

      Fees, Promotes, Waterfalls & Fund Structuring

      • • NAV, management, acquisition, construction and other fee trends
        • Terms and extensions
        • Different structures out there
        • Ground floor investors
        • Style changes and associated fees
        • Debt vs. equity funds 
        • In what situations are fee cuts warranted?
        • Being prepared for possible tax changes
        • Non-US investors
        • Going offshore
        • Opportunity zone structures

      Fundraising Strategies for Small & Medium-Sized Funds

      • • When should you go deal-by-deal vs. fund
        • How are you competing against the big guys?
        • What is your unique message/strategy? Communicating your fund strategy
        • Fundraising for opportunity zones
        • What should you look for in a lead investor?
        • Should you be a generalist or a pea shooter?
        • Should I give easier terms to get more clients?
        • Fund of fund, fundraiser and consultant uses
        • Keys to having success with international investors

      New Emerging Firms: Setting Up Your Infrastructure

      • • How large does a fund need to be for it to make economic sense?
        • What kind of history do you need?
        • Reporting and transparency needed
        • Finding institutional investors
        • Branching out on your own
        • How much will it cost in time and money?
        • Entity structuring options
        • What should you be looking for in an accountant and lawyer?
        • Fund administration set up
        • GP fund structures and other J curve solutions
        • On-boarding: Planning and execution

      J-Curve Solutions: Which One Works The Best?

      • • Choosing among the plethora of subscription lines
        • The joint venture option
        • Making the property roll in valuation pass muster
        • Fee structures
        • LP issues
        • Who picks up the cost?
        • Fund/Fund joint ventures
        • Rates vs. preferred rates
        • Where can you expect the turning point to be?

      Fund Raising In An Environment Where Returns & Volume Are Going South

      • • How is the rest of 2019 looking for fundraising
        • Accessing family offices
        • Optimal placement agent use
        • Legal issues
        • Family offices, high-net-worth vs. institutional investors vs. international: Where are you seeing more action?
        • Are you doing more sidecar deals?
        • Is the environment for Core/Core + improving?
        • Debt vs. equity funds
        • O-zone fundraising
        • Why firms don’t meet fundraising expectations
        • It’s closing time…

      Successor Planning

      • • Looking towards merger? Stake sale?
        • Preparing, grooming and structuring the next gen
        • Role of LPs
        • Control rights/transfer provisions
        • Issues unique to small funds
        • Family solutions and managing associated issues

      Fund Administration

      • • How much should you be outsourcing?
        • What kind of administration does your investors want?
        • Ensuring compliance with the SEC and IRS reporting requirements
        • Administrative challenges for non-traditional funds
        • Tracking fund performance
        • Special op zone considerations

      Anchor Investor Recruiting/Structuring

      • • What do anchors look for in a fund?
        • Structuring the anchor investment
        • Large institutional funds and fund-of-funds vs. LP as anchors
        • How are foreign anchors different?
        • Impact of anchor investors on other minority LP investors
        • What is the right size commitment?
        • Entity-level investments
        • US anchor investors going overseas

      Small-to-Mid Sized/ Friends and Family to Institutional

      • (Small Group Meeting-Funds Only) At this intimate discussion for property owners only this interactive discussion will focus on the hurdles and restrictions that come along with making this potentially monumental jump ​​​​​​​

    Monday, June 24th, 2019

      LP Panel: Funds vs. Direct vs. Separate Account/Club Deal

      • • What do you think of longer-dated and bespoke funds? Other new structures
        • Fees you are willing to absorb
        • Why go to an alternative fund structure?
        • Would you provide GP capital?
        • Why do a sidecar vs. traditional fund deal?

      LP Panel

      • • What makes a great asset manager?
        • Allocation changes and target returns
        • Emerging and minority manager programs
        • Buying/selling LP interests
        • Are you preparing your investment portfolio for climate change?
        • How do you like new funds to communicate with you?
        • Are you pairing down your investment manager roster?
        • What do you look for in a successor fund? Rolling in vs. rolling out your $$
        • Use of consultants
        • Trustees and investment committee makeup

      LP/GP Shark Tank

      • GPs will present to LPs their fund strategy and terms.  LPs will discuss if they are willing to invest and negotiate their terms, fees, carries, most favored nation clauses, splits, hurdles will be debated.
        The Tank Leader-
        The LPs (3-4 LPs) will consider investing in the funds
        The GPs (2-3 GPs) will choose among these fund types

      Investor Reporting & Relations

      • • How are you trying to increase transparency?
        • What are investors looking for?
        • What do you look at in the reports? What is glaringly missing?
        • How do you like to be communicated with?
        • Risk management

      Family Office: What Are You Looking For In This Cycle?

      • • Asset and real estate allocation
        • Fees, promotes and fund structures to look at
        • What are the preferred method(s) for an investor to get into your door?
        • Direct ownership and joint venture strategy
        • What do you think of opportunity zones?
        • Tax planning
        • Are you playing in the debt market? Private equity for real estate?

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Venue

  • Conference Venue
  • Gurney's Newport Resort & Marina


    1 Goat Island
    Newport, RI, 02840
    USA

    Additional Info:

    Please use the link above to book a room in IMN's room block, pending availability, until our cutoff date of Wednesday, May 29. Alternatively, please call the resort at 833-235-7500 and request a room in the IMN block. 
  • Suggested Hotel
  • Newport Marriott


    25 America's Cup Ave
    Newport, RI, 2840
    USA

    Additional Info: Please note that IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • The Hotel Viking


    One Belleve Avenue
    Newport, RI, 2840
    USA

    Additional Info: Please note that IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • The Grace Vanderbilt


    41 Mary Street
    Newport, RI, 02840
    USA

    Additional Info: Please note that IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • America's Cup Inn


    6 Mary Street
    Newport, RI, 02840
    USA

    Additional Info: Please note that IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • Forty One North


    351 Thames Street
    Newport, RI, 02840
    USA

    Additional Info: Please note that IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • The Newport Harbor Hotel & Marina


    49 Americas Cup Avenue
    Newport, RI, 02840
    USA

    Additional Info: Please note: IMN does not have a contracted block of rooms at this hotel and cannot guarantee rate or availability.

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