DAY 1 – Tuesday, February, 23, 2021


9:30 AM
NETWORKING IN THE ZOOM LOUNGE

10:00 AM
CBRE CANADIAN MARKET OUTLOOK
WELCOME AND OPENING REMARKS

Werner Dietl

Werner Dietl, President & CEO, CBRE Limited


2020: YEAR IN REVIEW - A SNAPSHOT OF THE YEAR THAT WAS.
A NEW DECADE, ANOTHER CRISIS: THE OUTLOOK FOR THE CANADIAN AND GLOBAL ECONOMIES

The decade ended like it began, with recessionary conditions and a significant global crisis. However, as one of the most severe pandemics in many generations, COVID-19 has brought the economy to its knees and unleashed a wave of government spending with geopolitical upheavals, technological shifts and trade tensions added to the list of challenges to economic growth. Learn which trends and data points you should be monitoring closely and how the Canadian and global economies will potentially recover and perform in 2021 and beyond.  

Benjamin Tal

Benjamin Tal, Managing Director & Deputy Chief Economist, CIBC


NEW FLEXIBILITY FOR HARD ASSETS IN HARD TIMES: THE CANADIAN COMMERCIAL REAL ESTATE OUTLOOK

2020 was the year of “the pivot” but how do changing workstyles, new technologies and structural shifts impact hard assets like commercial real estate? This presentation will provide a deep dive into each CRE property class and will offer a sense of how the latest trends are playing out. The commentary will also examine how increased flexibility permeates each real estate sector and discuss the risks and opportunities that lie ahead.

Paul Morassutti

Paul Morassutti, Vice Chairman, CBRE Limited


11:00 AM
CANADIAN REAL ESTATE MARKET UPDATE CONCLUDES

11:00 AM
NETWORKING IN THE ZOOM LOUNGE

11:15 AM
INTRODUCTION OF CO-CHAIRS

Michael Brooks

Michael Brooks, Chief Executive Officer, Real Property Association of Canada 


OPENING REMARKS

Teresa Neto

Andrew Wallace

Teresa Neto, Chief Financial Officer, Granite REIT
Andrew Wallace, Head of Real Estate, Investment Banking, National Bank Financial


11:25 AM
CAPITAL FLOWS, ALLOCATIONS & RISK IN 2021: WHERE ARE THEY HEADING? WHERE DOES REAL ESTATE FIT IN?

Senior executives from banking, pension funds, and investment management capital markets will discuss their strategies for optimizing returns in 2021 and beyond in the increasingly unpredictable and rather volatile environment. What is different today than a year ago before the pandemic emerged and accelerated? Where do they expect to be allocating capital and why? With predictions of record low interest rates into the long term, how does that affect your investment priorities? What role does impact investing in your decision-making? What risks vs. opportunities are emerging at this time? How strong are capital flows likely to be into the real estate markets?

Teresa Neto

Andrew Wallace

Eric Bushell

Satish Rai

Raman Srivastava

Benjamin Tal

Moderators:
Teresa Neto
, Chief Financial Officer, Granite REIT
Andrew Wallace, Head of Real Estate, Investment Banking, National Bank Financial

Panel:
Eric Bushell
, SVP, Portfolio Management & Chief Investment Officer, CI Global Asset Management
Satish Rai, Chief Investment Officer, OMERS
Raman Srivastava, EVP and Global Chief Investment Officer, Great-West Lifeco Inc.
Benjamin Tal, Managing Director and Deputy Chief Economist, CIBC


12:20 PM
HIGHLIGHTS OF THE ANNUAL COMMERCIAL MORTGAGE MARKET SURVEY: FROM LENDER SENTIMENT TO ORIGINATION AND OUTSTANDING BALANCES OVER THE PAST 12 MONTHS

Eric Clark

Insights into the key results of the annual survey of commercial lender production across Canada and outstanding balances in 2020. Concerning mortgage origination, what were their preferences with respect to geography (regions and specific markets), property classes, risk tolerance, and pricing? To what extent has lender sentiment changed year over year? How has the pandemic affected their activities?

Eric Clark, Managing Director, Mortgage Analytics Group, CMLS Financial  


12:45 PM
CONVERSATIONS WITH SPEAKERS IN THE ZOOM LOUNGE

Eric Clark, Roy Lall and Ken McKinnon will be available to respond to your questions.


1:10 PM
CONCURRENT SESSIONS
SESSION A1:
ROUNDTABLE OF MAJOR LENDERS: WHAT CAN BE EXPECTED THIS YEAR DURING COVID-19 FROM BANKS, LIFECOs AND PENSION FUNDS?

A cross-section of major Canadian commercial lenders will provide an update on their underwriting practices and deployment of debt capital in 2021. What issues are major lenders facing at this time through the pandemic? What are their strategies under these market conditions? Questions they will address include:

  • How are very low interest rates, bond yields and the cost of capital affecting your activity?
  • What criteria are your teams using to issue loans? To what extent have you changed your expectations, greater stress testing, and underwriting practices from 2020?
  • How is geography affecting your strategies, e.g. do you have any concerns about Alberta?   
  • How will the practices of banks, insurance companies and pension funds vary?
  • How are lenders evaluating deals in today’s market? How is risk being priced in 2021? What is happening with loan spreads, amortization periods, loan to value ratios, and recourse financing?
  • What property classes are you perhaps avoiding, reducing exposure to, or increasing pricing for?
  • How is the regulatory environment impacting your activity? To what extent is it delaying funding and closings?
  • Is technology starting to affect your activities? 

Glenn Hynes

Richard Baillie

Roy Lall

Kris Ljubic

Ken McKinnon

Frank Ottavino

Moderator:
Glenn Hynes
, Executive Vice President & Chief Operating Officer, Crombie REIT

Panel:
Richard Baillie
, Vice President & Senior Managing Director, Real Estate Finance Group, Manulife Investment Management
Roy Lall, Vice President, Real Estate Lending, Otéra Capital
Kris Ljubic, Managing Director, Origination, Mortgage Investments, Canada Life Assurance Company
Ken McKinnon, Managing Director & Head, Real Estate Corporate Banking, TD Securities
Frank Ottavino, Managing Director & Head of Real Estate, Corporate Banking Canada, Scotiabank


SESSION A2:
UNDERSTANDING VALUATION AND UNDERWRITING DURING COVID-19: ADDRESSING AND RESOLVING THE CHALLENGES

One of the most significant issues that all commercial real estate mortgage lenders, investors, brokers and owners have been facing since March is the ability to get a firm understanding of property valuations. How has the situation affected financing while lenders have been evaluating the COVID-19 disruption and its actual impact on property cash flows? How have tenant’s business – and not just its credit worthiness – affected valuation? How has this situation impacted property liquidity? Interrupted cash flows, erratic investment activity coupled with an uncertain economic recovery have all made property valuation and underwriting challenging.  How have transaction volumes affected confidence in pricing new transactions? What is the new risk paradigm? How much clarity do we have during these unprecedented market conditions? Do lenders and borrowers share similar views on the risks and opportunities, and how they should be priced? 

Colin Johnston

Aaron Cameron

Scott MacPherson

Jaime McKenna

Dale Noseworthy

Moderator:
Colin Johnston
, President, Research Valuation & Advisory, Altus Group

Panel:
Aaron Cameron
, Assistant Vice President, Commercial Origination, First National Financial LP
Scott MacPherson, Managing Director, Cushman & Wakefield Structured Finance ULC
Jaime McKenna, Managing Director and Group Head, Real Estate, Fengate Asset Management
Dale Noseworthy, Chief Financial Officer, Killam Apartment REIT


SESSION A3:
THE SIGNIFICANT ROLE OF MORTGAGE AND DEBT FUNDS IN REAL ESTATE FINANCING 

As investors look for strategies to deploy their capital within the real estate asset class, many are drawn to the benefits and value of commercial mortgage funds. Considerations of risk tolerance combined with diversification in their allocation strategy has seen investors applying increasing amounts of capital into these various funds. This panel will provide insights into a variety of funds examining their various financing strategies, and a cross-section of their experiences in deploying debt capital throughout 2020. What have been their underwriting criteria during this period of the pandemic? What are their usual spreads? How did their activity change after March of this past year? Where have they focused their attention, e.g. geography, property class, LTV ratios, mezzanine debt, construction?  

Jeff Cox

Scott Coates

Harley Gold

Pierre Leonard

Paul Scholz

Moderator:
Jeff Cox
, Vice President, Murray & Company Limited

Panel:
Scott Coates, Group Head, Mortgage Investments, KingSett Capital
Harley Gold, Managing Director, Peakhill Capital
Pierre Leonard, Former Managing Partner, Romspen Investment Corporation
Paul Scholz, Managing Director, Credit, Institutional Mortgage Capital


2:05 PM
POLL RESULTS

Michael Brooks

Michael Brooks, Chief Executive Officer, Real Property Association of Canada 


2:10 PM
NETWORKING IN THE ZOOM LOUNGE

A number of speakers will be available to respond to your questions. 


2:40 PM
LOUNGE CLOSES