Canadian Apartment Investment Conference | September 16, 2009 | Metro Toronto Convention Centre North Building

PROGRAM

Wednesday, September 16, 2009

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7:15 am	REGISTRATION & CONTINENTAL BREAKFAST
8:00 am	WELCOME & OPENING REMARKS
	Conference Co-Chairmen: Aik Aliferis, Principal, Primecorp Commercial Realty Inc. Ugo Bizzarri, CFO and Vice President, Acquisitions, Timbercreek Asset Management Inc.
8:05 am	OVERVIEW PRESENTATIONS
	ECONOMIC OUTLOOK & POPULATION TRENDS FOR 2010 AND BEYOND
	One of Canada’s leading economists will offer insights and forecasts on the short- and long-term outlook for the Canadian economy, including the direction of interest rates, commodity prices, bond yields, inflation and economic growth. What is the future direction for energy costs? How much immigration and population growth will there be in major cities across the country? What are employment rates likely to be in 2010? What is the projection for the GTA market versus western Canada, and which areas will out perform others going forward? *Benjamin Tal*, Senior Economist, CIBC World Markets
8:35 am	CROSS COUNTRY CHECK-UP: VACANCY, RENTAL RATES, AND TRENDS IN THE MULTI-UNIT RESIDENTIAL MARKET
	An analysis of current rental housing supply and demand across Canada, and what direction they are heading over the short and medium term. With the economy still in a state of flux, what households are renting, who is buying what, and where are they locating? Vacancy rates and rent levels vary widely across the country. What is driving these markets, and where will they go next? Ted Tsiakopoulos, Ontario Regional Economist, Canada Mortgage & Housing Corporation
9:05 am	EXECUTIVE PANEL: WHAT IS THE OUTLOOK FOR 2010, AND WHERE ARE YOU FOCUSING YOUR ATTENTION
	An insightful discussion with leading multi-family owners and apartment operators as they examine what challenges they are facing, and where they will be focusing their attention over the next 12 to 18 months. Where do they project cap rates will be heading over the next year? What strategies do they feel can increase the net asset value of their buildings and portfolios? Is it time to hold, to buy, to build, or to sell? What will their next project or acquisition look like? Where will the money come from? How far are they willing to go to drive down operating costs? Moderator: Aik Aliferis, Principal, Primecorp Commercial Realty Inc. Ugo Bizzarri, CFO and Vice President, Acquisitions, Timbercreek Asset Management Inc. Panel: Alf Hendry, CEO, Homestead Land Holdings Ltd. Michael Mackenzie, Chief Operating Officer, Conundrum Capital Corporation Tom Schwartz, President & CEO, CAPREIT Moray Tawse, Vice President, Mortgage Investments, First National Financial LP
9:50 am	REFRESHMENTS
10:15am	CONCURRENT SESSIONS (Select A1, A2, A3 or A4)
	SESSION A1 ACHIEVING MAXIMUM OCCUPANCY WITH MINIMAL TENANT RISK
	As the transition from renter to homeowner has slowed down, and the financial strength of tenants has weakened, occupancy rates and tenant quality have become critical issues for owners. These changes have affected A, B and C class buildings differently, and have brought forth an occupancy scenario that many operators have not seen before. Learn the most effective tactics for each asset class to ensure maximum occupancy and minimal bad debt exposure, including marketing techniques, tenant screening, tenant rights, strategies for terminating tenancies, and responding to tenant applications at Landlord and Tenant Board Hearings. Moderator: Mark Kenney, Chief Operating Officer, CAPREIT Panel: Rick Ellis, President, ELLIS Consulting Group Inc. U.S. Cosimo Marini, Director, Residential Real Estate Management, Oxford Properties Group Shelley Wittal, Director, Property Management, Eastern Region, Gateway Property Management Corporation
	SESSION A2 IS ANYONE BUYING? IS ANYONE SELLING? A CROSS-COUNTRY INVESTMENT ROUNDTABLE
	To this point in 2009, the volume of transaction activity has been relatively low and those who are the buyers of apartment assets have also changed. Institutions and funds are stepping back, and for the first time in years, private investors are the more dominant buyers. Who are the acquirers, what cap rates are they using, and where are they getting their financing? Where have the institutions gone, and what will it take to bring them back? How much foreign interest is out there? An overview of recent transactions for A, B, and C class buildings across the country will also highlight this discussion. Moderator: Jeremy Wedgbury, Managing Director, Commercial Mortgages, First National Financial LP Panel: Colin Catherwood, Vice President, Brookfield Financial Real Estate Group Sam Firestone, Principal, Primecorp Commercial Realty David Goodman, Partner, Goodman Report, Macdonald Commercial Real Estate Services Ltd. Tim Sommer, Vice President, Investment Sales, Capital Market Group, Cushman & Wakefield Ltd. Germain Villeneuve, Senior Vice President, CB Richard Ellis Quebec Ltd.
	SESSION A3 ONTARIO’S PROPOSED HARMONIZED SALES TAX: WHAT ARE THE IMPLICATIONS, AND WHAT ARE THE OPTIONS FOR OWNERS AND INVESTORS?
	When the HST comes into effect in 2010 in Ontario, there will be increased taxes on inputs, from utilities to building maintenance, but the harmonized taxes may also drive down contract costs. Where will input tax credits be available? When will above guideline rent increases be approved? How will these changes affect tenant mix, cash flows, and vacancy rates? What is the best way to manage the transition? The new taxes must be factored in to investment or development strategy, financing decisions, revenues and expense calculations, and cash flows. Moderator: Mary Esteves, Associate Partner, Indirect Tax, Deloitte & Touche LLP Panel: John Dickie, Partner, Dickie & Lyman Lawyers LLP Joseph Hoffer, Partner, Cohen Highley LLP Heather Waese, President, SPAR Property Consultants Ltd.
	SESSION A4 IS NOW THE TIME TO DEVELOP NEW APARTMENT BUILDINGS?
	Some corporations are maintaining a development strategy, while others are claiming that this environment in particular is not the right time to be building new apartments. Which strategy is right? How do the numbers work? How do you find affordable and available land? Are developers looking at their projects as a short-term play, or a long-term investment? Although intensification and infill projects are being promoted by provincial and municipal policies, availability, affordability, and development processes are still very challenging for multi-unit residential development. Is it more effective to do a mixed-use project with condominiums, rental units, or retail? What about specialty-use projects? The panel will discuss current market performance and address future planning and market-related strategies for development: is it time to build, where to build, where to buy and why? Moderator: Chris Milne, Vice President, Real Estate Lending, Eastern Canada, Scotiabank Panel: Carol Hrabi, Vice President, Development - Eastern Canada, Concert Properties Ltd. Francis Lépine, President, Groupe Lépine Ottawa Leo St-Germain, Vice President, MCAP Gerd Wengler, President, Park Property Management Inc.
11:25am	CONCURRENT SESSIONS (Select B1, B2, B3 or B4)
	SESSION B1 ENERGY MANAGEMENT STRATEGIES AND BEST PRACTICES THAT CAN IMPROVE YOUR BUILDING’S PERFORMANCE AND MAXIMIZE YOUR ROI
	With the cost of energy and the power needs of your occupants continuing to increase, what steps can you take to deal with the costs that represent a major portion of your property’s operating and tenants’ expenses? This session will examine the key steps you can take to significantly improve your building’s energy requirements while providing a return on your investment and affecting your bottom line. The presentation will comment on energy forecasting, environmental compliance, financial incentives, energy conservation measures, renewable technologies, energy procurement, and key performance indicators. Comments will also be made on how to build the capabilities of your property managers and change tenant energy consumption patterns. Moderator and Speaker: Andrew Pride, Vice President, Minto Green Team, Minto Group Inc. Panel: Tom Chessman, Project Manager, Private Multifamily Building Sector, Energy Efficiency Office, City of Toronto Philip Jeung, Director, Smart Buildings & Energy Management, Toronto Community Housing Corporation Michael Singleton, Principal, SeeLine Group Ltd. Tim Stoate, Associate Director, Mandate Related Finance, Toronto Atmospheric Fund
	SESSION B2 FINANCING IN A VOLATILE ENVIRONMENT: WHAT IS THE OUTLOOK FOR THE DEBT MARKET IN 2010? WILL APARTMENTS REMAIN IN FAVOUR?
	While the aftermath of the credit crunch continued to have a strong impact on the pricing and the availability of debt, the apartment sector appeared to be the favoured asset class of many lenders and benefited from the availability of mortgage insurance. This panel will provide an update and overview on the debt market for 2010. Among the questions that they will examine: Who is lending, and on what type of transactions? What will likely be the sp between prime and lending rates? Where are underwriting and lending practices heading? What are the major sources of debt financing and what will be the yield expectations? How much more equity will be required from borrowers? Is the cap rate the ideal method for valuating multifamily properties, or is there a better metric that will more accurately assess growth potential? How do the early 1990s compare with the borrowing costs and cap rates of today? How have bond yields impacted real estate valuations? Will the CMBS market ever return? Moderator: Drew Koivu, Director, Multi-Residential, BMO Capital Markets Real Estate Inc. Panel: Michael Carragher, Vice President, Mortgage Investments, Firm Capital Corporation Frank Malone, Vice President, Commercial Mortgage Group, TD Bank Stewart Pearson, President, Strategic Mortgage Capital Company Ltd. *Derek Read* , Vice President, Mortgages - Ontario, Peoples Trust Company
	SESSION B3 TURNING IT ALL AROUND: REPOSITIONING YOUR PROPERTY TO ACHIEVE MAXIMUM VALUE
	Retrofitting and repositioning a property to achieve maximum value for apartment rental or asset sale can be a relatively quick and easy way to increase the value of your property – as long as you know what the market is looking for. This discussion of specific case studies will offer examples of properties that have attempted, and succeeded, to turn it all around. Hear from an owner, a broker, and a lender on what will work, what to expect, and how to best achieve the results that you are looking for. Moderator and Speaker: David Bloomstone, Vice President and Director, Commercial Brokerage Realty Group, TD Securities Panel: Kevin Green, President & CEO, Verdiroc Development Corporation Derek Lobo, CEO, DALA Group of Companies
	SESSION B4 DIVERSIFICATION: MOVING INTO STUDENT, SENIOR, OR AFFORDABLE HOUSING OPPORTUNITIES
	With an aging population, and the under-25 set facing a drastically diminished job market, it may be time to consider alternatives to your current multi-family portfolio and investment strategy. What opportunities are available in this market for student apartments, seniors housing or more affordable rental buildings? Are there incentives or tax-credits available for converting, retrofitting or developing these types of assets? If not, what do the models look like? Who is financing these types of assets, and what are they looking for? Who is taking advantage of the federal government program to develop affordable housing? What are the challenges, if any, of accessing this program’s funding? Moderator: Stephen Hiscox, Senior Director, Altus Group Ltd. Panel: Mathieu Duguay, Executive Vice President, Operations, Cogir Management Corporation Inc. Jeff Hutchison, COO & Vice President, Asset Management, Timbercreek Asset Management Inc. Phil Milroy, President, Westcorp Properties Inc. Ido Rosen, Chief Executive Officer, El-Ad Group (Canada) Inc.
12:30pm	LUNCHEON	LUNCHEON REFRESHMENTS

AFTERNOON REFRESHMENTS
1:30pm	CONCURRENT SESSIONS (Select C1,C2, C3 or C4)
	SESSION C1 RETROFITTING A PROPERTY FOR BEST ROI: WHAT CAPITAL EXPENDITURES DELIVER THE BEST RETURN?
	The apartment stock across Canada generally consists of older, aged buildings that are facing major retrofit requirements. In the Toronto market alone, most of the high-rise properties are 35 years old or more. As a result, building owners, investors and property managers consistently face key decisions on how to deploy any capital expenditures to achieve the greatest possible return from their properties. This session will feature case studies to demonstrate the decision-making, tactical, and planning processes involved. Discussion will focus on what retrofits tend to provide the greatest return on investment. Is there any "low hanging fruit" that owners should be sure to take advantage of within their capital programs? Moderator: Lori-Ann Beausoleil, Partner, PricewaterhouseCoopers LLP Panel: Franco Bilotta, Operations Manager, Oxford Properties Group Inc. Bill Gladu, Principal, Read Jones Christoffersen Ltd. Adam Krehm, Principal, O’Shanter Development Company Ltd. Greg Winokur, President, AEC Engineering
	SESSION C2 INVESTMENT, MANAGEMENT AND LEASING STRATEGIES FOR SMALLER PORTFOLIOS: MAXIMIZING VALUE
	This session will examine some of the strategic principles of buying, selling and managing smaller portfolios. How do you evaluate a smaller building? What are the most significant capital items that need to be addressed? Should you own the property personally or should it be placed in some type of trust or corporation? What kind of tax policies and cost allowances are you able to use? How do you access traditional and non-traditional forms of mortgage financing? What are some other key legal or tax issues with owning these types of properties? What are the key steps that you need to take to prepare your property for sale? What kind of exit strategies do you need to be considering if you decide to sell? What are the most significant challenges with leasing and managing smaller portfolios? Moderator and Speaker: Kevan Gorrie, Director, Global Asset Management, Oxford Properties Group Inc. Panel: Eddy Burello, Partner, Deloitte & Touche LLP James McClintock, President, Silverstone Equities Inc.
	SESSION C3 THE REGULATORY MAELSTROM: HOW TO NAVIGATE THE INCREASINGLY DIFFICULT MUNICIPAL LANDSCAPE
	Regulatory requirements in Toronto are significant, and increasing at a rate that many owners and managers see as virtually insurmountable. How extensive are the bylaws, the warnings, the infractions, and the remediation requirements? From garbage levies, metering, fire safety, lighting requirements, and balcony furniture to asbestos removal, recycling guidelines and grow-op prevention mandates, it is becoming increasingly impossible for building owners to comply with all of these regulations. Hear from the owners, the municipality, and legal experts on what you need to know and how to maneuver successfully through the maelstrom. Moderator: Vince Brescia, President & CEO, Federation of Rental Housing Providers of Ontario Panel: Dan Acre, Senior Vice President, Ontario, Cogir Management Corporation Robert Doumani, Partner, Aird & Berlis LLP Ted Manziaris, President, Turtle Island Recycling Company Inc. Brent Merrill, President and CEO, MetCap Living Management Inc. Frank Weinstock, Manager Policy and Planning Services, Municipal Licensing and Standards, City of Toronto
	SESSION C4 MARKETING IS A CONVERSATION: STRATEGIES FOR BUILDING AND MAINTAINING YOUR BRAND WITH SOCIAL MEDIA, WEBSITES AND LISTINGS
	Simply advertising on internet apartment search sites is not enough these days. Smart marketers realize that you must speak the language of the renter and, today’s internet strategies require a strong knowledge of search engine optimization as well as a presence on many social media sites. Learn now to improve your current site, your internet listings, and how to successfully create your brand and gain more renters in the process. Understand how to reach the younger generations of renters who are internet savvy and are virtually inaccessible through conventional means of advertising. Become aware of how mastering the internet can significantly increase your marketing effectiveness at little or no additional cost. Moderator: Steve Ramphos, President & Broker or Record, District Realty Corporation Speaker: Lisa Trosien, Principal, ApartmentExpert.com
2:40pm	CO-CHAIRS REMARKS
	Aik Aliferis, Principal, Primecorp Commercial Realty Inc. Ugo Bizzarri, CFO and Vice President, Acquisitions, Timbercreek Investments Inc.
2:45pm	ROUNDTABLE DISCUSSIONS

	Tap into the minds of leading industry members, gain insight into proven strategies and share experiences with other industry members in an informal discussion of the dynamics of key market trends. Participants will have the opportunity to join one of the following interactive and informal discussion groups that will be held concurrently.
	FINANCE Table 1 – Lender’s View Chris Milne, Vice-President, Real Estate Lending, Eastern Canada, Scotiabank Table 2 – Borrower’s View *Chris Humeniuk, Managing Partner, Canadian Mortgage Strategies and Investment BUY & SELL STRATEGIES* Table 3 – A Western Perspective Roberto Geremia, President, Boardwalk REIT Table 4 – A Coast to Coast Perspective Tyler Seaman, Vice President, Global Principal Investment, Oxford Properties Group Inc. Table 5 – Working for the Buyer Derek Lobo, CEO, DALA Group of Companies Table 6 – Working for the Seller David Bloomstone, Vice President and Director, Commercial Brokerage Realty Group, TD Securities OPEN FORUM Table 7 – Bring Your Questions Mark Kenney, Chief Operating Officer, CAPREIT OPPORTUNITIES IN SMALLER MARKETS Table 8 – London, Kitchener / Waterloo, and Other Ontario Centres Karl Innanen, Managing Director, Southwestern Ontario, Colliers International Table 9 – Western Canada Tim Sommer, Vice President, Investment Sales, Capital Market Group, Cushman & Wakefield Ltd. MARKETING AND SALES STRATEGIES FOR SUCCESS Table 10 – Navigating Social Media and Other Internet Strategies Lisa Trosien, President, ApartmentExpert.com STRATEGIES FOR INCREASING THE VALUE OF YOUR BUILDING Table 11 – Financial & Business Management Strategies for Property Managers Rick Ellis, President, ELLIS Consulting Group Inc., U.S. Table 12 – Is There Funding Available For Your Building? Tom Chessman, Project Manager, Private Multifamily Building Sector, Energy Efficiency Office, City of Toronto
3:45pm	NETWORKING RECEPTION