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2012 Program

Thursday, September 20, 2012

7:15 a.m.

REGISTRATION & CONTINENTAL BREAKFAST

8:10 a.m.

WELCOME AND OPENING REMARKS

Conference Co-Chairs:
Jason Castellan, Chief Executive Officer, Skyline Apartment REIT
Sam Firestone, Partner & Co-Founder, Primecorp Commercial Realty Inc.

8:15 a.m.

Economic Outlook for 2013 and Beyond

One of Canada’s leading economists will offer insights and forecasts on the short and medium 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 is the projection for various markets across Canada, and which areas will out-perform others going forward?

Paul Ferley
Assistant Chief Economist, RBC Economics Research
Royal Bank of Canada

9:00 a.m.

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 Canadian markets, and in what direction they are heading over the short and medium term. With financial markets in flux, and borrowing potential tightening up, which households are renting, which are buying, 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 and Housing Corporation

9:45 a.m.

MORNING REFRESHMENTS

10:20 a.m.

CONCURRENT SESSIONS (Select A1, A2, A3 or A4)

SESSION A1

The National Investment Roundtable: Where Will the Multi-Residential Market Surge Next? What Opportunities Exist in Secondary Markets?

An insightful discussion with leading brokers as they examine market activity across the country over the last year, and into the next 12 to 18 months. Who has been buying, selling, and building, and where? Who are the acquirers and what cap rates are they using? An overview of recent transactions for A, B, and C class buildings across the country will highlight this discussion. Is it time to hold, to buy, to build, or to sell?

Moderator:
Kris Boyce, Chief Executive Officer, Greenwin Inc.

Panel:
Aik Aliferis, Principal, Primecorp Commercial Realty Inc.
Jean-Charles Angers, Managing Director, RBC Capital Markets Real Estate Group
David Bloomstone, Vice President & Director, Investment Banking – Real Estate, TD Securities Inc.
Colin Catherwood, Partner, Brookfield Financial
Robert Greer, Principal, Avison Young

SESSION A2

Competing with the Condo Market: How Are Condos Affecting Rental Rates, Apartment Design, and Vacancy?


The unprecedented pace of condo development in the GTA, and across all major cities, has created a surge in investor-owned condo rentals, which has taken up the slack in new apartment construction. How large is the inventory of rental condos, and will this trend continue? With lenders beginning to regulate percentages of investor-purchased units as a condition of financing, will this trend continue through the sales and build-out of slated developments? How has this “shadow market” affected rental prices, vacancy rates, renter expectations, apartment design, and amenity offerings? With inexpensive mortgages and high rents, how can consumers be enticed to continue renting instead of buying?

Moderator:
Trish MacPherson, Vice President, Sales and Marketing, CAPREIT

Panel:
Jeff Hutchison, Managing Director, Asset Management, Timbercreek Asset Management Inc.
Ben Myers, Editor and Executive Vice President, Urbanation Inc.

Paul Smith, Chief Administrative Officer, DMS Property Management

SESSION A3

New Construction: Is It Time to Reconsider Building New Product?

In the last decade, only 400 apartment buildings have been built across Canada, and most of this development has been centered in Halifax, London, and Edmonton, but as of late, more and more companies consider development to be a feasible growth strategy. New construction technologies could reduce the cost of construction, however affordability and development processes are still very challenging for multi-unit residential development. What are the new types of apartment construction? Are developers looking at their projects as a short-term play, or a long-term investment? 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:
Sandy Mandel, President, Sanford Mandel & Associates Inc.

Panel:
Mark Humphreys, Chief Executive Officer, Humphreys & Partners Architects, L.P.

Louie Lawen, President, Dexel Developments
Martin Zegray, Senior Vice President, Realstar Management

SESSION A4

Accessing Debt & Equity Financing from Public & Private Capital Sources: What are the Best Options in Today’s Market?

With well over $1 billion in multi-residential investment activity expected by the end of 2012, and traditional debt costs remaining low, acquisition, refinancing and development are top-of-mind for owners, developers, and investors. Looking at the current marketplace, this panel of lenders will examine the most pressing issues of the day, including: Who is lending, and on what type of transactions? Is anyone willing to finance construction, and at what cost? What are the reasonable alternative sources of financing? How much equity will be required from borrowers? How are Canada’s new Anti-Money Laundering Regulations affecting disbursement of capital, and how are lender’s modifying title insurance requirements as a result? How much mezzanine financing activity is there, what is the cost and who are the principal sources?

Moderator:
Ugo Bizzarri, CFO & Vice President, Acquisitions, Timbercreek Asset Management Inc.

Panel:
Harley Gold, Vice President, Business Development, Penmor Mortgage Capital Corporation
Frank Malone, Vice President, Commercial Mortgage Group, TD Commercial Banking
Jeremy Wedgbury, Managing Director, Commercial Mortgages, First National Financial LP
Mark Yhap, Managing Partner, Commercial Mortgages, MCAP Financial Corporation

11:20 a.m.

CONCURRENT SESSIONS (Select B1, B2, B3 or B4)

SESSION B1

Site Maximization and Intensification Strategies: Rethinking the Traditional Rental Property

Using case studies, these speakers will present a variety of site-maximization and intensification projects, including transit-oriented, mixed-use, and specialty-use projects with condominiums, rental, hotel, retail, and office space. Developers attempting to create mixed-use properties face a unique set of regulations, approvals, and costs unheard of in any single-use facility. In this session, hear the war stories and best practices for maximizing the value of your property, including: varied timelines and approvals processes for each portion of the property; and navigating the underwriting and financing of these complex projects.

Moderator:
David Horwood, Assistant Vice President, The Effort Trust Company

Speaker:
Joe Hoffer, Partner, Cohen Highley LLP

Panel:
Jason Ashdown, COO & Co-Founder, Skyline Apartment REIT
Steven Gross, Vice President, Investment Management, Bentall Kennedy (Canada) LP
Gerd Wengler, President, Park Property Management Inc.

SESSION B2

Tenant Attraction & Retention Techniques: Best Practices for Using the Internet to Streamline Your Efforts

With over one-third of Canadians now using smartphones, and the majority of apartment-seekers using the online resources for their search, smart building operators are creating a fully integrated approach to create a functional and convenient prospect and resident experience. From attracting the right tenants and influencing perceptions about your property, to creating a streamlined and useful tenant engagement system, these leading experts will guide you through best practices to communicate with potential tenants, and to better serve your existing residents. This includes internet listings, mobile applications, websites, tenant portals, and social media strategies to create a two-way dialogue with your present – and future – residents.

Moderator:
Cora Armstrong, Senior Property Manager, Schickedanz Bros. Properties

Panel:
Leonard Drimmer, Chief Executive Officer, Property Vista
Rick Ellis, President, ELLIS Consulting Group

Jason Leonard, Director of Business Development, Landlord Web Solutions

SESSION B3

Exit Strategies for Private Owners of Small to Midsize Portfolios: Now What?

This session will examine some of the most important and timely questions facing private owners as they consider their options for the future. With apartment buildings selling for record highs, and the cost of financing near record low, what are the reasonable options for owners of small and medium-sized portfolios? Is it the time to sell, to refinance, or to grow? What are the key steps needed to prepare your property (or portfolio) for a sale? What are the tax implications of a sale? Where should profit be reinvested? How can owners effectively gauge the marketplace, and what are viable growth strategies in today’s market?

Moderator:
Karl Innanen, Managing Director, Waterloo Region, Colliers International

Panel:
David Epstein, Partner, Gardiner Roberts LLP
Gene Gomes, Managing Director, Abacus Private Equity

Greg Spafford, Senior Vice President, LaSalle Investment Management
Glenn Willis, Partner, MNP LLP

SESSION B4

Diversify Your Portfolio with Student, Senior, or Affordable Housing

With an aging population, recent changes to mortgage regulations, and diminished employment opportunities in certain markets, it may be time to consider alternatives to your current multi-family portfolio and investment strategy. What opportunities are available for student apartments, seniors housing or affordable housing? Are there incentives available for converting, retrofitting or developing these types of assets? Who is financing these types of assets, and what are they looking for? What are the current trends in design, development, technology, operations and management in these sectors?

Moderator:
Wayne Tuck, Chief Operating Officer, Centurion REIT

Panel:
Mathieu Duguay, Executive Vice President, COGIR Management Corporation
Sandy Harrington, Broker/Principal, IC Funding

A.J. Keilty, President, Varsity Properties Inc.

12:30 p.m.

NETWORKING LUNCHEON

LUNCHEON REFRESHMENTS

1:00 p.m.

KEYNOTE SPEAKER

Bob Faith
Founder and Chief Executive Officer
Greystar Real Estate Partners

1:30 p.m.

CONCURRENT SESSIONS (Select C1, C2, C3 or C4)

SESSION C1

Asset Valuation Strategies and Yield Requirements Across Investor Profiles: How Will You Valuate Your Property or Next Acquisition?


This session will look at expectations from a diverse cross-section of buyers, and how each profile analyzes cap rates, NOI growth potential, and pricing tactics to value individual properties and available portfolios. How do requirements for return on investment differ for private investors, REITS, and institutional investors, and what are the driving factors? How do these valuations stack up against those ascribed by the banks and underwriters, and how can the different valuations be reconciled? What is the impact of the rising cap rate? With skyrocketing prices over the last ten years, how are investors forecasting values for the next ten?

Moderator:
Paul Morassutti, Executive Vice President & Senior Managing Director, CBRE Limited

Panel:
Mike Bonneveld, Director of Acquisitions, Skyline Asset Management Inc.
Jonathan Krehm, Principal, O’Shanter Development Company
Daniel Sander, Director, Hollyburn Properties Ltd.
Greg Speirs, Senior Vice President, Investment Management, Realstar Management
Lee Warren, Managing Director, Real Estate, Sun Life Assurance Company of Canada

SESSION C2

The Optimal Operations System for your Property: How to Manage Revenues, Save Costs and Create Efficiencies

This session will bring together leading owners and operators to share their viewpoints on current trends and vision for the future, including the challenges their organizations have overcome in the past few years and the opportunities that are available in the coming years. They will address day-to-day operations, revenue management, and cost-saving operational strategies, including: the decision to self-manage or hire a 3rd party management firm; vacancy-reduction tactics; cost-containment and efficiency strategies at both the building and corporate level.

Moderator:
Joe Hoffer, Partner, Cohen Highley LLP

Panel:
Kevin Green, President, Greenwin Inc.
Mark Kenney, Chief Operating Officer, CAPREIT
Melissa Latifi, Asset Manager, Mecyva Realties inc.
Gloria Salomon, Chief Executive Officer, Preston Group

SESSION C3

Retrofitting a Property for Best ROI: What Capital Expenditures Deliver the Best Return?

Canada’s apartment stock (with the exception of a few mid-sized markets) generally consists of older buildings that are facing major retrofit requirements, and more than ever, owners and operators are competing against shiny new condos with designer suites and common areas. Building owners, investors and property managers must choose how to deploy capital to achieve the greatest possible return from their expenditures. This session will feature some case studies to demonstrate the decision-making, tactical, and planning processes involved. Discussion will also focus on what retrofits tend to provide the greatest return on investment: To attract and retain tenants, should owners focus on common areas and amenities or in-suite upgrades? How can owners assess tenant requirements for telecommunications & updated wiring? Is there any “low hanging fruit” that owners should be sure to take advantage of within their capital programs?

Moderator & Speaker:
Tim Stoate, Vice President, Impact Investing, Toronto Atmospheric Fund

Panel:
Ken Ages, Principal, Paramount Properties
John M. Lago, President, Q Residential
James McClintock, President, Silverstone Equities Inc.
Dan Rames, Operations Manager – Special Projects, CAPREIT
Bill Zigomanis, Vice President, Investments, Boardwalk REIT

SESSION C4

Foreign Investment: Who’s Coming? Who’s Leaving?

The Canadian apartment market has remained stable and growing – even as major international markets have stumbled, stuttered or tumbled – leading to an unprecedented interest in Canadian properties from international buyers looking for a safe and predictable place to invest. At the same time, Canadian investors are looking towards more volatile markets for higher-yield investment opportunities. This session will look at who’s coming to Canada and who’s investing internationally, while aiming to answer the following questions: why now, what investment vehicles are being used, the expected timelines, and how the strategies are playing out.

Moderator:
Drew Koivu, Director, BMO Capital Markets Real Estate Inc.

Panel:
Jordan Milewicz, President, Akelius Real Estate Management Ltd.
Corrado Russo, Managing Director, Real Estate Securities, Timbercreek Asset Management Inc.
Ezio Sicurella, Vice President, Investments, Ivanhoé Cambridge Residential

2:45 p.m.

The Masters’ Chamber: Future Leaders Pitch New Projects to the Multi-Residential Masters

No matter how clever, relevant, and sound your next big idea might seem, we all know that very few real estate proposals end with a shovel in the ground. In a sector known for its lack of new product, even fewer buildings are started. In the Canadian Apartment Investment Conference’s first installment of the Masters’ Chamber, hear the most innovative and entrepreneurial future leaders pitch their project concepts to a panel of apartment industry moguls who have the cash, the know-how, and the experience to make it happen. Which pitch, if any, will impress this elite panel of multi-res masters?

Moderators:

Jason Castellan, Chief Executive Officer, Skyline Apartment REIT
Sam Firestone, Partner & Co-Founder, Primecorp Commercial Realty Inc.

The Contenders:

Jordan Morassutti, Partner, North Drive Investments

Michael Tsourounis, Executive Director, Direct Investments & Valuations, Timbercreek Asset Management Inc.

The Masters:

Roberto Geremia, President, Boardwalk REIT
Greg Romundt, President & CEO, Centurion Apartment REIT
Tyler Seaman, Vice President, Multi-Residential, Oxford Properties Group

3:45 p.m.

NETWORKING RECEPTION