US Real Estate Opportunity Funds
Newport, RI
June 17 - 19, 2020

Description

IMN is delighted to announce that our 21st Annual US Real Estate Opportunity & Private Fund Investing Forum will be returning this year, June 17-19, 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 2020 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

Conference Highlights

Networking Tutorial

    Platform Introduction

    LOADING MEDIA...

    Getting Started

    LOADING MEDIA...

    Updating Personal Info

    LOADING MEDIA...

    Updating Demographics

    LOADING MEDIA...

    Searching By Name/Company

    LOADING MEDIA...

    Filter By Demographics

    LOADING MEDIA...

    Send Invitation

    LOADING MEDIA...

    Accept Invitation

    LOADING MEDIA...

    Messaging Connections

    LOADING MEDIA...

    Post Conference Content

    LOADING MEDIA...

My Agenda

  • To view your agenda you must be signed in Sign-In

Agenda

    General Themes

      The Real Estate Economy: Is The Chance Of A Market Downtown Increasing? What Should Be Done To Manage These Risks

      • (panel slots open to largest funds only) • Impact of the coronavirus on the real estate economy: Which sector is seeing the most fallout? 
        • Which sector will be under the most pressure going forward?
        • Will the trend towards remote work continue?
        • Has Brexit had an impact on the US property markets?
        • Global trade: Which way is the wind blowing?
        • How do you think new areas like co-working, co-living, short-term and single family rentals will do in a downtown?
        • Which regulatory development will have the biggest market impact?
        • What will be happening to the GSEs? What will be the impact?
        • Which markets do you see as overheating? Which will continue to be as cold as ice?
        • Any new demographic insights?

      Women’s Breakfast

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

      State Of The Real Estate Fund Industry: What Does Increasing Fund Concentration Mean To The Business?

      • (panel slots open to largest funds only) • What are the regulatory challenges out there now? On the horizon?  
        • Impact of LIBOR replacement of your pro formas
        • How important is ESG to your LPs?
        • Are any of your funds holding back capital due to recession fears?
        • What kind of percent of your investors are new vs. returning?
        • Structuring for longer hold scenarios: Evergreen vs. closed end
        • Entity level investment trends
        • What do you think of catch-ups?
        • What would you look for in a fund-level sale?
        • Are you looking options like alternative LP structures, open-ended funds and non-traded REITs?
        • Fund size-going larger or smaller: General asset or specific?

      Investing Today For The Technological City Of Tomorrow

      • • The 5G rollout
        • Tenant experience technology
        • The continuing development of mobile apps
        • New leasing platforms to manage property
        •Using social media marketing to find the customer and Showing the customer the product: Lockboxes, 3D tours & virtual reality
        • Deal management platforms
        • Artificial intelligence doing human things
        • Where the blockchain is being used

    Investment Themes

      The City Is Adding Infrastructure: The Real Estate Gentrification Play

      • • What are some non-government transit investments that return the best?
        • How much does surrounding property values go up after the announcement?
        • What happens if the project doesn’t come to fruition?
        • Stadiums: How does the surrounding real estate perform?
        • Opportunity zone plays
        • Where are you seeing the employment growth that leads to gentrification?
        • Picking one market and investing in multiple assets vs. multiple markets with less assets
        • What is the asset type of choice in a up and coming market?

      Accepting Lower Yields Vs. Changing Your Strategy

      • • Getting outbid for all your deals?  Impact of higher prices
        • Exit cap and rent growth impact
        • As institutions are entering smaller markets that you are in you are…
        • Relying on the market growth for returns: Still an effective strategy?
        • Do you need to kiss more frogs to get that prince?
        • Old vs. new strategies
        • How are your investors reacting to lower yields?
        • Have you taken on an institutional partner? Used higher leverage?

      The Acquisition Panel: What Has Changed As Properties Become More Expensive And The Cycle Gets Longer?

      • • What has changed about your due diligence best practices in this competitive market?
        • Pushing price vs. finding value
        • Acquiring in a new market: Keys to success
        • Acquisition financing available: What are the terms? How do they differ among asset classes and locations?
        • Do you look for stabilized, value-added rehab or lease up opportunities? What is your exit?
        • How much leverage do you use?

      The Large Fund Plenary: Which New Opportunities Look Most Interesting in 2021?

      • (panel slots open to largest funds only) • What IRRs are you expecting for investments made in 2020?
        • What kind of value-added opportunities are you seeing this late in the cycle?
        • Are you looking at any Cannabis-related plays?
        • Which niche/alternative asset classes are you looking at?
        • Are you factoring in climate change into your investments?
        • Sourcing sponsors and operators
        • How you can make money on the housing affordability crisis?
        • What kills/delays your deals in the investment committee?
         

      Pricing & Risk In Today’s Market- Are You Choosing Lower Yields Or Higher Risk?

      • • How are you protecting against downside risk in today’s market?
        • Are you accounting for climate risk?
        • How are your financiers looking at risk in your real estate?
        • Are you allocating among markets and products to minimize risk?
        • How are your equity investors looking at risk?
        • “There are no bad deals just bad prices” What is your latest experience of this truism?
        • Upping core lowering exposure to value added and construction?
        • Pricing vs. 2007

      Opportunistic vs. Value-Added vs. Core vs. Debt vs. Construction- How Has The Equation Changed Over The Last Year?

      • • Do you allocate a specific amount of capital to value-add vs. construction?
        • Core with leverage vs. Core construction vs. unlevered opportunistic: Which is riskier?
        • Lease up vs. rehab strategies
        • What are investors looking for?
        • Working within opportunity zones: Which approach would you go with?
        • Debt & equity financing available

      Construction/Development/Site Acquisition As Financing Get Tighter

      • • Out of favor assets being built: What do you need to get a green light?
        • If one co-GP partner puts to the other during preconstruction period, what is market for reimbursement of contributions
        • When does modular work? How much can the savings be?
        • What is debt and equity looking like?
        • When does it pay to own the construction company?
        • Any end in sight to increasing labor and construction costs?
        • Projected issues and shortfalls

      Are You Betting On Boomers Or Millennials? Should You Be In Co-Living, Flexible Space & Student Housing Vs. Senior Living Or Medical Office?

      • • Co-living performance in an environment of over-supply
        • Master planned communities with single family rental and active adult communities: How do they perform?
        • Student housing as the demographic shrinks
        • Evaluating the future of flexible space: Can WeWork salvage itself to a point where lenders will underwrite it as the credit tenant it once was perceived to be?
        • Financing out there
        • How are buildings being valued and traded with new economy tenants?
        • Improving cash flow and maximizing NOI
        • Is biotech a baby boomer play? Data centers a millennial one?
        • What will happen to these asset classes as millennials age?

      Geography & Property Type Risk/Return Comparison… Evaluating B/C Vs. Urban Markets; 18 Vs. 24 Hour Cities; “A” vs. “B/C” Property

      • • What attributes of a market or submarket do you look at when deciding to invest?
        • How will B and C class assets perform during a downturn?
        • How is the possibility of a recession impacting your secondary and tertiary market strategy? Is your goal yield or capital preservation?  
        • With all the new A class supply, can a B become an A or is there a ceiling to the value add?
        • Can a B/C class asset still be a good buy and hold or is value add the way to go?
        • Which asset type would you consider to as the best “B” or “C” performer
        • As the cap rate gap narrows are the lower quality plays still worth it?

      Core/Core+ & Stabilized Real Estate At The Top Of The Market-Are You Selling, Recapping Or Doubling Down?

      • • Build-to-core: What is the risk/return profile?
        • Considering geography
        • Are you taking money out of your stabilized asset? If so, what are you doing with it?
        • As returns lower this late in the cycle is core becoming less attractive to your investors?
        • Joint ventures: How are you sharing risk?
        • Which asset class(es) do you like?

    Investment-Asset Specific

      Acquiring, Funding & Fundraising For Late Cycle, Distressed & Out-Of-Favor Assets

      • • Converting out of favor assets to other uses: When is that not the best way to increase returns?
        • What to do if you are experiencing valuation write downs on your holdings due to broader market retail sentiment despite potentially strong property fundamentals?
        • How much do you think about replacement cost and the value of land?

      Opportunity Zones: What Kind Of Deals Are Getting Done?

      • • Fee structures, prefs, transparency & disclosure
        • Are you concerned about subsequent development and gentrification of areas around QOZs and whether this will follow after completion of initial QOZ projects?
        • Are you lowering return standards because of the tax savings?
        • Are you planning on a sale in 10 years or will you be looking at the real estate cycle or other determinations? Do you have alternative exit strategies if you can’t sell?
        • Joint venture structures you have been using
        • Analyzing value vs. traditional investments
        • The OZ/ESG marriage: Gentrification vs. displacement and will communities’ benefit?
        • The pluses and minuses of being in a fund structure

      The Trend Toward Experiential Real Estate: It’s Not Just Retail

      • • Experiential office: Is it more than ping pong tables and free beer?
        • The hotel experience
        • How have you transformed your mall to experiential real estate? What did you add?
        • Mixed-use real estate: What is the mix
        • Role of millennials
        • Movie theaters and ballparks in the age of Netflix
        • What are the best attracting/ highest ROI experiential real estate investments?
        • The technology behind the tenant experience

      Can You Still Make Money In Multifamily As The Regulatory Noose Gets Tighter?

      • • Impact of student debt on housing industry
        • Effect of rent regulation on lending
        • Where is the value-added bang for the buck
        • Impact of rising insurance rates
        • Property management: Do you do yourself vs. outsource?
        • Where/What are you buying? Selling?
        • New construction vs. stabilized assets vs. value-added plays
        • Are you playing in the non-institutional market?

      Alternative Housing Assets

      • • Looking at different capital stacks
        • The urban hip of co-living and micro-apartments vs. the cash flow of mobile home parks
        • Is there a student housing over supply? How about senior living?
        • Is there still an opportunity to get into the single family rental business?  
        • Can you build scale in the short-term rental business?
        • Workforce and low income housing: How do you make the deal pencil?

      Industrial: Is There Any End To The Growth?

      • • Effect of Amazon/changing distribution model on multi-tenant industrial marketplace
        • Current cash-on-cash returns for different asset types
        • Comparing cold, outdoor, self and truck storage to more traditional industrial assets
        • Spec industrial and TI
        • Single- vs. multi- tenant assets
        • Infill and last mile solutions
        • Industrial new construction
        • Coastal vs. heartland: Where should you be?

    Fund Issues

      Bridging The Gap Between GP Short-Term Financing & Limited Acquisition Timelines & The Needs And LP Deal Due Diligence And Control

      • • Does having a fund impact deal flow in terms your ability to win more competitive deals?
        • Comparing fund vs. other structures
        • What are your options when you might lose the deal waiting for your LPs?  
        • How much discretion do you have in your fund?

      The Large Funds Are Getting Larger… Should Your Strategy Be Single or Multi-Sector Funds?

      • • What is your current non-fund strategy?
        • Local and regional fund approaches
        • What are investors you meet looking for? Partners?
        • Multiple targeted funds vs. one general fund
        • Debt vs. equity
        • New fund considerations

      Fund Administration: Working Towards Standardized Investor Reporting & Transparency

      • • Technology platforms out there
        • Working through fund admin conflicts
        • How are outsourced fund solutions bridging the technology demands for data?
        • Looking at ILPA and other groups
        • Would you outsource your accounting? Investor relations? Treasury?
        • What needs to be done to launch a fund?
        • How much staff do you need to monitor and work with the fund administrator?

      Fees, Promotes & Different Fund Traditional, New & Atypical Structures Out There

      • • NAV, management, acquisition, construction and other fee trends
        • Terms and extensions
        • Style changes and associated fees
        • Debt vs. equity funds
        • In what situations are fee cuts warranted?
        • Non-US investors & going offshore
        • Opportunity zone structures
        • What is the risk of the GP catch-up if the profit sharing is capped at 20% to the GP?
        • How much does an increase in the preferred return % impact the ability to attract capital?
        • Fees of new vs. established funds  

      New, Emerging Firms- Choosing Partners & Setting Up Your Infrastructure For Success

      • • What kind of staffing do you need?
        • What is the break-even point?
        • What should your business plan be?
        • Reporting standards to be aware of
        • Going the emerging manager route: What are the eligibility requirements?
        • The decision matrix of how much to outsource
        • How much equity should you be able to put up?

    Equity Financing

      JV Structuring Best Practices: Any New Trends?

      • • Programmatic vs. multi-property agreements vs. entity-level investments 
        • Foreign investor and pension intricacies 
        • Tax efficiencies under the new administration 
        • Reporting and audits 
        • Selling equity stakes outright vs. keeping a small slug and managing the property 
        • Planning and executing the JV recap
        • How do technology solutions you’re using impact your JV partnerships?
        • On programmatic JV deals, are you seeing non-recourse debt? Is the GP a guarantor?
        • What are the guaranties and indemnities the limited partner should get?
        • In what scenario does the LP take control?
        •  How are you going to handle when to sell?  

      JV Shark Tank

      • How much equity capital should the operator bring to the table? What are the structuring and negotiating-complexities to navigate? How much equity will be brought to the table? And of course the deals themselves will be some of the highlights of this shark tank Tank Leader: (Panel Moderator)
        The Fund Capital Providers: (will discuss if interested in financing + deal terms)
        The Operating Partners: (presents a live, closed or made up deal-presentation required)

         

      New Emerging Firm Plenary-Small-to-Mid Sized/ Friends and Family to Institutional

      • (Small Group Meeting-Funds Only) How much/What kind of experience is needed to successfully raise a fund? What is the standard GP commitment looking like today? What is the typical check size and percent of fund? Data LPs are looking for? What should a GP be focused on during this transition point?
         

      Accessing Foreign Capital: Are The Flows Slowing Post Coronavirus?

      • • Looking at different regions and their changing capital flow amount
        • What kind of structures are out there?
        • Impact of different Presidential administrations
        • Evaluating the EB-5 flow of funds
        • With gateway cities continuing to get expensive is there a migration to secondary cities?
        • Minimizing tax leakages for foreign investors

      Fundraising For New, Small & Mid-Sized Funds

      • • Ground floor investors: Blind fund with a cornerstone investment vs. seed asset
        • First vs. final closers
        • Typical initial fundraise amount
        • Do you charge any fees outside of management fees & promote?
        • Fee concessions
        • Fundraising institutional vs. non-institutional clients

      Deal-by-Deal vs. Fund Investment

      • • Have you found placement agents willing to help raise an initial fund for a sponsor moving to fund model from deal-by-deal?
        • With a similar sized investment pool where can you make the most money?
        • 1031s, DSTs and tax inefficiencies to consider
        • When do you forego covenants such as leasing milestones and minimum net worth coverage for construction projects?

      Comparing Differing Equity Sources

      • • Seed equity players and their differences
        • Fund vs. deal-by-deal equity sources
        • Comparing smaller vs. larger institutions
        • Joint venture equity from funds vs. large operators and REITs
        • Family vs. family office vs. high-net-worth vs. private bank
        • Where are you looking in the capital stack?
        • Pension vs. endowment vs. foundation

    Debt Financing

      When Would You Want To Be On The Equity Side Vs. Debt Side Of A Transaction: How Much Leverage Should You Be Comfortable With?

      • • Given the late time in the cycle…
        • Equity funds: How do your investors think about going to the debt side?
        • Selling a building and taking on debt

      Starting Your Debt Platform

      • (small group meeting) In this interactive forum issues to be discussed will include Are you too late in the game? How are you going to differentiate yourself? Should you do it with in-house staff or hire expertise?  What products you should offer? Plus your questions

      Mezz/Preferred, Construction, Transitional & Bridge Financing Market: Looking At The New Covenant Lite Market

      • • Which covenants are more negotiable now then last year?
        • View of replacement guarantees if sponsor defaults
        • Role of pace financing
        • Handling unfunded reserves for deals that have a heavy transition component
        • Is land part of the equity?
        • Role of construction consultant
        • Rescue and recap opportunities
        • Defensive structures as the cycle lengthens

      Middle Market Lending Opportunities: What Do The Structures Look Like For Different Sources?

      • • How do you keep the underwriting costs down?
        • Do you target 2nd tier and tertiary markets? B/C properties?
        • What are your favorite assets
        • Terms of middle market vs. larger deals
        • Are you seeing an increased appetite for your lending product
        • Sources of capital vs. larger deals
        • Room for negotiations?
        • Short- vs. longer terms properties
        • Bridge,  construction and transitional projects

      Debt Fund Plenary-What Are Your Target Risk/Return Bogeys?

      • • 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  

      Senior Financing Panel & The Impact Of Today’s Interest Rate Environment

      • • Foreign banks and the corona virus: Any impact?
        • Favorable retail: Is there such a thing?  
        • Which areas are you redlining due to recession/overbuilt concerns?
        • Impact on change to SOFR
        • Where are covenants/terms going as competition heats up?
        • Impact of PACE financing
        • Agencies and ESG effect
        • Refinancing: What has been the purpose? Structure?

    LP

      The LP View On The Social Side Of Real Estate Investing- Climate Change, Diversity & ESG

      • • Do you evaluate your GPs on a women’s track record?
        • What are some good policies you’d advocate to ensure women are equally considered for promotion and growth opportunities?
        • Real estate impact investing
        • Is housing affordability a goal?
        • LEED certification-How important?
        • How to keep your returns high in an ESG environment?

      LP Panel: Fund vs. Direct vs. Separate Account vs. Club Deal vs. Joint Venture

      • • What are your preferences when?
        • 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?

      Family Office Plenary: What Are You Looking For From A Risk/Return Standpoint?

      • • Where are you looking to increase allocations this cycle? Are you going fund, direct, co-invest or REIT route?
        • View of fund credit facilities
        • What kind of data are you looking for from a GP?
        • Which type of assets are you liking? Which ones not so much?
        • What structures are they utilizing to invest?  Debt, Equity, Mezz…?
        • Where in the cap stack are you focusing in on? GP vs. LP

      The LP Panel On Fund Selection

      • • What makes a great asset manager?
        • Allocation changes and target returns
        • Emerging and minority manager programs
        • 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 impact
        • How concerned are LPs about a GP’s ability to source attractive, larger deals when GPs are raising a first fund or trying to substantially grow fund size?

      LP/GP Shark Tank

      • What is a low-value concession sponsors would gladly give up that is a high-value deal point to an LP? What type of leverage are fund sponsors comfortable with? What do you look for in a new real estate asset manager? These and of course the fund strategy will be among the points discussed. The Tank Leader: (Panel Moderator)
        The LPs: Will consider investing in the funds
        The GPs: Will provide fund information (presentation required)

Sponsors

Register

To register for this conference you must be signed in

  • **Fund/Investor Rate - Super Early Bird - $1,595
  • **Fund/Investor Rate - Early Bird - $1,695
  • **Fund/Investor - Standard Rate - $1,895
  • Super Early Bird Registration - $2,295
  • Early Bird Registration - $2,395
  • Standard Registration Rate - $2,495
  • On-site Registration Rate - $2,595
Sign-In

Contact Us

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 Tuesday, May 26. Alternatively, please call the resort at 833-235-7500 and request a room in the IMN block. Please note that there is a 2 night minimum requirement over the event dates to book a room in the block, and a 2 night non-refundable deposit is taken at the time of booking. IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations. If you are interested in making reservations at Gurney's Newport, you must book those rooms directly with the venue. 
  • 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 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.
  • Suggested Hotel
  • Vacation Newport


    -
    Newport, RI, 02840
    USA

    Additional Info: IMN Conference Attendees Use Code IMN2020 To Book! Pricing and availability are subject to change at any time. Special offers/discounts/promotions cannot be applied to existing reservations.
  • Suggested Hotel
  • The Hotel Viking


    One Belleve Avenue
    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 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.

1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


View Full Site
You need to login before accessing this section. Click "Login" from bottom menu.

Please sign in

Create Account Recover Password Sign in with LinkedIn

Enter Your Email: