2022 iREOC Annual Membership Meeting

2022 theme: Implications of inflation and rising interest rates for REOC partnerships

*Agenda subject to change

Monday, November 14, 2022
9:00 am	Golf tournament (optional for early arrivers)
4:30 pm	Orientation and new member welcome (optional)
5:00 pm	Member introductions
5:45 pm	Fireside chat with Texas Investors and networking reception Moderator(s): Scott Stuckman Executive Managing Director, USAA Real Estate Speaker(s) and Panelist(s): Amy Cureton Director, Private Real Estate, Employees Retirement System of Texas Matt Saverin Director, University of Texas Investment Management Co Jennifer Wenzel Director, Teacher Retirement System of Texas
7:00 pm	Adjourn and welcome cocktail reception with heavy hors d‘oeuvres—
Tuesday, November 15, 2022
7:30 am	Networking breakfast
8:30 am	Welcome and overview Speaker(s) and Panelist(s): David “Mac” McWhorter Managing Director, iREOC & Capital Markets Consulting, Institutional Real Estate, Inc. Tom Parker Executive Vice President & Publisher Jim Valente Global Head of Data Services, RealFoundations
9:00 am	Macroeconomic trends: Reshaping REOC partnership opportunities and risks What are the current and future drivers of growth, inflation, interest rates? How might denominator effect impact real estate and REOC partnerships in the future? How are global macro trends in energy, materials, labor and supply-chain challenges affecting demand, valuations and liquidity? Open-forum audience Q&A to follow panel discussion Speaker(s) and Panelist(s): Jim Costello Chief Economist, Real Assets, MSCI Real Assets Gloria Gil Partner, ESG Officer, Alpine Grove Partners Mark G. Roberts Director of Research, Crow Holdings
10:00 am	Trends in valuations, transactions and returns Inflation is at multi-decade highs and long-term interest rates at the highest level in recent memory. Real estate markets are adjusting rapidly as changes in underwriting assumptions and return expectations across asset classes are impacting valuations, transaction activity and investor allocations to real estate. In this session we will talk with experts across disciplines to get their perspectives on where the market is today, and what they see as opportunities & risks over the next 12-18 months. Moderator(s): Jim Valente Global Head of Data Services, RealFoundations Speaker(s) and Panelist(s): Dean Adler CEO & Co-Founder, Lubert-Adler Partners, L.P. Philip Barker CEO & Managing Partner, ACRE Solutions Steve Klett Director, Moss Adams Richard McLemore, CFA, CRE, CCIM Head of Risk, Research & Analytics, MetLife Investment Management
10:45 am	Break
11:15 am	Roundtable discussion and group leader reports on trends in valuations, transactions and returns
12:30 pm	Lunch
2:00 pm	State and future of REOC partnerships in face of economic headwinds (partnership formation side) What are the unique challenges REOC partners (investors, managers, operators) are facing in terms of slowing economy, rising rates and inflation? How are changes in leverage and liquidity in both equity and debt affecting operators, and how are they navigating these and other related issues? What new opportunities is this environment creating, and what are the new risks? How can all REOC partners (investors, managers, operators) better support each other to help drive better returns, moving forward? What are the trends in longer-term-hold investment structures and terms for REOC partnerships (i.e., entity-level investments and REOC sponsored open-end funds)? Moderator(s): John Kropke Managing Director, Principal Asset Management Speaker(s) and Panelist(s): Matthew Drummond Senior Managing Director, Square Mile Capital Management LLC Scott Nguyen Chief Financial Officer, Westport Properties, Inc. Brian Planey Investment Officer, State of Wisconsin Investment Board
2:45 pm	Optimizing capital resources in challenging times Examine various capital sources and discuss how to optimize accessing them in these challenging times. Consider how the economic head winds, such as rising inflation, interest rates and slowing growth, are affecting capital allocations to operators, in terms of strategies, terms, structures and timing? Discover how investors’ needs and demands are shifting in the short and intermediate term. Gain new insights on where capital may be headed in the future, and why. Moderator(s): Sam Latone President & CEO, TSCG Investors Speaker(s) and Panelist(s): Mike Maires Senior Real Estate Portfolio Manager, Utah Retirement System Ben Maslan, CFA Managing Director, RFA, RCLCO Fund Advisors Trey Stafford Senior Vice President, Fairfield Walt Templin Head of Investment Management, Landmark Properties
3:30 pm	Optimizing capital resources roundtable discussions and group leader reports
4:15 pm	Wrap-up summary
4:30 pm	Adjourn
5:00 pm	Depart for off-site activity and dinner at 5pm sharp!
9:00 pm	Arrive back at hotel
Wednesday, November 16, 2022
7:30 am	Breakfast
8:30 am	Welcome & Overview
8:45 am	State and future of REOC partnerships in face of economic headwinds (partnership-management side) How to better understand each partner’s (investors, managers, operators) unique goals and objectives in context of economic headwinds Where does communication and transparency typically break down in a REOC partnership? Why? What are some strategies and approaches to help avoid, reduce or eliminate communication and transparency breakdowns? Moderator(s): Brandon Sedloff Managing Director/SVP, Juniper Square Speaker(s) and Panelist(s): Craig Blanchard Managing Partner, The Wolff Company Peter Braffman Managing Director, GCM Grosvenor David Haltiner Partner, Almanac Brendan MacDonald Partner, Chief Operating Officer, StepStone
9:30 am	Program advisory board wrap-up and closing remarks Speaker(s) and Panelist(s): John Kropke Managing Director, Principal Asset Management Sam Latone President and CEO, TSCG Investors Trey Stafford Senior Vice President, Fairfield Scott Stuckman Executive Managing Director, USAA Real Estate Jennifer Wenzel Director, Teacher Retirement System of Texas
10:00 am	Closing remarks Speaker(s) and Panelist(s): David “Mac” McWhorter Managing Director, iREOC & Capital Markets Consulting, Institutional Real Estate, Inc. Tom Parker Executive Vice President & Publisher Jim Valente Global Head of Data Services, RealFoundations
10:15 am	Adjourn

Co-Chairs:

Geoffrey Dohrmann
Executive Chairman & CEO
Institutional Real Estate, Inc.

David “Mac” McWhorter
Managing Director, iREOC & Capital Markets Consulting
Institutional Real Estate, Inc.

Jim Valente
Global Head of Data Services
RealFoundations

2022 iREOC Annual Membership Meeting Program Advisory Board:

Investors:

Thomas Shin
Senior Vice President
GIC Real Estate

Jennifer Wenzel
Director
Teacher Retirement System of Texas

Investment Managers:

John Kropke
Managing Director
Principal Asset Management

Scott Stuckman
Executive Managing Director
USAA Real Estate

Real Estate Operating Companies:

Sam Latone
President & CEO
TSCG Investors

Trey Stafford
Senior Vice President
Fairfield

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The Amherst Group

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Bridge Industrial

Silver

Crow Holdings

Grosvenor

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You can view our current membership directory to see which companies are invited to attend this event.