Conference Chairmen:
Neil Downey, Managing Director, RBC Capital Markets
Sam Kolias, Chairman & CEO, Boardwalk REIT

 
As 2008 continues to evolve as a year of considerable challenges for the capital markets in general as well as for the real estate asset class, this opening presentation will provide a brief overview of the key issues facing REITs, lenders, and investors in the Canadian market.

Speaker:
Carolyn Blair, Managing Director,
     RBC Capital Markets Real Estate Group

To request a copy of the PowerPoint presentation please click here.
 

A brief overview followed by a panel discussion on the current performance and emerging trends in REIT markets in Europe, the United States, Australia and Asia.

This panel will be conducted as an interactive discussion between the moderator and the five senior executives as they  comment on the following trends:     

Overview of Global Real Estate and REIT Markets

A brief presentation on the size, performance metrics and key drivers of each of the major global REIT markets, e.g. cap rates, interest rates, inflation rates, IRRs. Which countries and property classes have been the best and worst performers? What is the forecast for the best and worst performers in 2009? What countries have not yet launched a REIT market?

The US Property & REIT Market

Given the impact of the fallout from the subprime market issues, is this a good time to invest in US public real estate companies and markets again? What are the top three issues that investors must consider when looking at this market?

The REIT & Property Market in the United Kingdom

Why has the UK market performed so poorly in the past year? With cap rates where they are now, is the UK becoming a more compelling investment proposition? What are the top three issues that investors must examine when considering allocations to this market? Since the UK represents 9% of the global real estate securities market, these are important considerations.

The REIT & Property Market in the Remainder of Europe

What is currently so appealing about the markets on the Continent? Although most development activity on the Continent tends to take place in Central and Eastern Europe, what are the investment risks in these markets given their rising land costs and cap rates that are matching those in Western Europe? What are the top three issues facing investors?

Australian REITs & Property Market

While the Australian securitized property market has been solidly established and highly respected, REITs have been facing some considerable challenges over the past year. What are the top three issues that investors and REIT executives are dealing with in this market?

Global Expansion

What are your plans to change your strategic allocation and focus more on specific markets and reduce your exposure in other countries? Are the emerging markets in India, China and other Asia countries on your priority list? What are the key factors driving any of your global strategies at this time? What are the key risks in your markets: Economic? Political? Legislative? Capital markets? Currency? 

REITs and Development

Can REITs keep undertaking new development in the current environment of sagging investor support, rising land prices, higher construction costs, and mixed economic fundamentals? How can you determine the right risk-adjusted returns on development? How do returns on acquisitions compare with returns on development? Which countries and markets are best suited for development activity and why?

Capital and the Use of Joint Ventures

How are you financing your business and growth in the current market conditions? What are your primary sources and your costs of capital? Where is debt easier to source (geographically) and where is it more difficult? Can you still raise equity capital for core funds? If you can raise equity, how do you ensure access to debt capital? 

Moderator:
Jean-Guy Talbot, President, Presima Inc., an affiliate of Cadim, a division of the Caisse de dépôt et placement du Québec, one of the ten largest real estate asset managers in the world. Presima offers investment management services that focus on and specialize in publicly traded real estate securities on international exchanges. The company is currently pursuing four distinct investment strategies in the global real estate securities universe and has over $1.6 billion in assets under management.
 

Panel:

Ian Coull, Chief Executive & Member of the Nomination Committee, SEGRO plc, a UK-based leading provider of flexible business space across Europe and one of the largest REITs in the world, serving more than 1,600 clients in 10 countries. With a portfolio valued at £5.2 billion and 44.1 million square feet of business space, SEGRO has an annual rent roll of £250 million. Ian was appointed Chief Executive on January 1, 2003.

Cedrik Lachance, Senior Analyst, Green Street Advisors Inc., which employs the largest real estate securities research team of any organization - on or off Wall Street. Cedrik co-manages Green Street's research team covering the office property sector, and leads coverage on the US and European industrial property sectors. He was a winner of the Wall Street Journal’s, "Best on the Street" award in the real estate category in 2008

Hamid Moghadam, Chairman & CEO, AMB Property Corporation, a leading U.S.-based industrial REIT that develops, acquires, owns and operates facilities in key global distribution markets serving some 2,800 customers in 45 markets across 14 countries throughout the Americas, Europe and Asia, with a portfolio of over 150 million square feet. Hamid co-founded AMB in 1983 and led the company through its initial public offering in 1997.

Michael O'Brien, COO, The GPT Group, a highly diversified Australian REIT since 1971, with total assets of $14 billion. GPT’s portfolio includes retail, office, hotels, and industrial/business parks in Australia, seniors housing in the US, and a 50% interest in a joint venture with Babcock & Brown, which owns $7.1 billion of assets in Europe and the US. GPT also has $8.5 billion in assets under management through its Australian and European funds, and a development pipeline with $4.9 billion of current and planned projects in Australia.

Mark Stefanek, Chief Financial Officer, Westfield America the world’s largest listed retail property group by equity market capitalization. The Group has interests in and operates a global portfolio of 118 high quality regional shopping centres in Australia, New Zealand, the United States and United Kingdom valued at more than $63 billion, with almost 23,000 retailers in more than 10 million square metres of retail space.  

An overview presentation providing some insights on the key fundamentals of the Canadian real estate market and how property values have faired in 2008. Among the questions that will be addressed are the following:

• Where are cap rates and asset values at this time? To what extent have they changed in the past year?

• How active has the investment market been in 2008? Is it trending one way or another?

• How strong is the leasing market?

• What is the outlook for the Canadian market and the cycle for 2009?

Sandy McNair, President, Altus InSite
Paul Morassutti, Executive Vice President, Operations, Altus Group

To request a copy of the PowerPoint presentation please click here.
 

Session A1
THE UNDERLYING STRATEGY FOR SMALLER REITS: HOW DO THEY PROVIDE VALUE IN TODAY’S MARKET?

Over the past three years in particular, there has been a continued emergence of small or micro cap Canadian REITs. The trend was initially fueled by a strong appetite for yield product by the public markets and the resulting cost of capital advantage that a smaller cap REIT could have over similar smaller real estate operators. But given the significant and somewhat turbulent changes that have occurred in the capital markets, interest rates, and bond markets in the past year, what are the underlying fundamentals supporting the case for smaller REITs in today’s investment environment? What are the challenges facing the executives of these entities and how are they addressing them? How can small REITs grow and obtain greater mass? 

Moderator:

Mark Rothschild, Principal & Real Estate Analyst, Genuity Capital Markets

Panel:

David Fiume, President & CEO, Retrocom Mid-Market REIT

Armin Martens, President & CEO, Artis REIT

Dennis Mitchell, Portfolio Manager, Sentry Select Capital Corp.

Ari Silverberg, President & COO, Charter REIT

Session A2
DEAL FLOW: DOING BUSINESS WITH A REIT IN TODAY’S MARKET

An insightful discussion on how a cross-section of REITs are conducting transactions in today’s prevailing market environment. The panel will address a range of questions including: 

• How are REITs evaluating deals today?

• What are REITs buying and what are they selling?

• What information do they need to quickly analyze a deal and make or accept an offer?

• How do they move through due diligence to closing?

• How does the structure of a REIT affect deal flow?

• Is there any difference between how a REIT behaves as a developer vs. a non-REIT?

• How do REITs’ acquisition abilities compare to non-REITs?

Moderator:
Andre Kuzmicki, Executive Director, Program in Real Estate and Infrastructure, Schulich School of Business, York University; Trustee, Chartwell Seniors Housing REIT
     

Panel:
William Chidley, Senior Vice President, Corporate Development,
     Boardwalk REIT

Louis Forbes, CFO, Primaris Retail REIT

Simon Nyilassy, President & CEO, Calloway REIT

Stephen Taylor, President & COO, Morguard Investments Limited

The year 2011 has a double meaning to REITs as the deadline for SIFT rule compliance as well as for Canadian transition to the same accounting standards that are being used by publicly-accountable enterprises in the EU and many other countries around the world. International Financial Reporting Standards (IFRS) are being promoted as a single set of high quality, understandable and enforceable global standards.

• Given the prevailing SIFT rules and the need for continuous compliance, how are REIT structures adapting?

• Under IFRS, how are accounting standards governing REITs going to change? How are they affecting or will they affect business decisions? Stock Valuations?

• Readiness assessment: What are REIT executives doing to prepare for both deadlines? What are Trustees doing to get up to speed?

• What will be significantly different for a REIT in an IFRS world?

Introduction:
David Ehrlich, Partner, Stikeman Elliott LLP

Short Presentations:
Michael Brooks, CEO, Real Property Association of Canada – The latest
      news from Ottawa
Peter Buzzi, Managing Director & Co-Head, Mergers & Acquisitions Group,
      RBC Capital Markets – The rationale and track record for trust
      conversions

John Cressatti, Partner, Deloitte & Touche LLP – IFRS implications for
      REITs

Tom Rothfischer, Partner, KPMG LLP – Options for REITs (status quo,
     corps, stapled, etc)