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The Canadian REIT market has generally continued to outperform virtually all other asset classes with the S&P/TSX Capped REIT Index all-in return for 2012 being over 17%. The opening presentation will provide a brief overview of some of the key factors that have contributed to these conditions and results over the last 12 months, both positively and negatively, and some initial performance results for the Index for the first half of 2013. Given that 2013 is the 20th anniversary of the Canadian REIT market, this market’s evolution will be described as a foundation for the next panel.
Carolyn Blair, Managing Director, RBC Capital Markets Real Estate Group
A wide ranging discussion among leading industry veterans on how Canadian REITs have evolved over the past 20 years. They will also comment on:
Michael Brooks, Partner, Aird & Berlis LLP and former CEO, Real Property Association of Canada
Patricia Koval, Partner, Torys LLP
Jeffrey Olin, President & CEO, Vision Capital Corporation
Tom Schwartz, President & CEO, CAPREIT
Edward Sonshine, Chief Executive Officer, RioCan REIT
William Wong, Managing Director, RBC Capital Markets Real Estate Group
Milton Cooper, Executive Chairman of Kimco Realty Corporation (the first U.S. REIT in the modern era), provides some insights and exchanges views with Doug McGregor, Chairman and Co-CEO, RBC Capital Markets, on what the Canadian REIT market might expect over the next two decades based on what we can learn from the U.S. REIT market over the past 23 years.
The last eighteen months has seen an unprecedented level of activity of proposed and actual IPOs of new Canadian REITs entering the market. There have been many local, modestly sized, externally managed REITs created. Joining them have been a growing number of cross-border REITs created by owners of U.S. or European real estate assets who are finding that their home capital market is not as welcoming as Canada’s. Another recent trend features large retailers, who own their stores, surfacing the hidden value of their property assets via REITs. This session will examine these trends from a variety of perspectives.
Stephen Sender, Managing Director, Industry Head, Real Estate, Global Investment Banking, Scotiabank
Scott Frederiksen, Chief Executive Officer, WPT Industrial REIT
Dennis Mitchell, Executive Vice President & CIO, Sentry Investments
John Morrison, President & CEO, Choice Properties REITLorne Shillinger, Partner, KPMG LLP
Michael Smith, Managing Director, Real Estate Equity Research, Macquarie Capital Markets Canada Ltd.
Over the past few years, institutional investors and many lenders have continued to increase their allocations to commercial real estate, and retail investors have moved in as well to satisfy their search for some reasonable yield. This session will examine how REITs and REOCs are managing their balance sheets in this very competitive environment, and an understanding of the rising cost of capital and its impact on market conditions. The panel will also compare the pros and cons of private equity funds vs. REITs along with some of the key differences between pension fund real estate ownership and REITs. Among the questions that will be discussed:
Sheila Botting, Senior Practice Partner, Client Cabinet & National Leader, Deloitte Real Estate
Mario Barrafato, Chief Financial Officer, DREAM
Kevan Gorrie, President, Pure Industrial REIT
Heather Kirk, Managing Director, Equity Research, BMO Capital Markets
Corrado Russo, Managing Director, Investments & Global Head of Securities, Timbercreek Asset Management Inc.
Stephen Taylor, President & COO, Morguard
A growing number of REITs are considering or undertaking new developments as an appropriate strategic means for growth. On the one hand, the significant degree of cap rate compression and the lack of quality assets being available for sale make it difficult for a REIT to grow acquisitions only. On the other side, market trends and opportunities associated with government planning policies are very supportive of urbanization, intensification, and facilitating higher density forms of development. The economics of development are becoming compelling when compared with cap rates. This panel will examine these questions in some greater detail and how REITs can pursue development strategies successfully.
Paul Morassutti, Executive Vice President and Senior Managing Director, Valuation and Advisory, CBRE Limited
Tom Burns, Executive Vice President & COO, Allied Properties REIT
Anish Chopra, Managing Director & Porfolio Manager, TD Asset Management Inc.
Glenn Hynes, CFO & Secretary, Crombie REIT
Andrew Melton, Chair of the Board, Melcor REIT
Mario Saric, Director, Real Estate & REITs, Scotiabank
An insightful presentation on the fundamentals that are driving the Canadian economy. What is the outlook for employment and population growth, inflation, interest rates, and commodity prices? What sectors in particular are driving job creation? What should we be watching for? What geo-economic trends and macro risks also require monitoring? What current issues are facing European markets, the United States and other tier one countries and emerging markets? What lies ahead for the remainder of this year and eventually for 2014? Is the U.S. economy back from its anemic state? What implications will these trends have on the Canadian economy?
Using a wireless survey, the audience will be polled for their predictions prior to the presentation. You will have an opportunity to compare your thinking with the expert’s views.
To view wireless survey results, please click here.
Craig Wright, Senior Vice President & Chief Economist, Royal Bank of Canada
How strong is the case for investing in publicly listed real estate at this time? How extensive is the shortage of yield in today’s investment market? In light of the challenges faced by other asset classes, is real estate still offering investors steady and favourable yields or are rising bond yields softening the market? This session will examine these and other questions in-depth. Some Canadian vs. U.S. market perspectives will be addressed.
David Weinberger, Partner, Stikeman Elliott LLP
Rags Davloor, Executive Vice President & CFO, RioCan REIT
Ryan Fitzgerald, Vice President, Portfolio Management & Portfolio Manager, CI Investments Inc.
Andrew Moffs, President and Portfolio Manager, SRE Securities Canada Inc.
Vlad Volodarski, Chief Financial Officer, Chartwell Retirement Residences
The pricing of office, industrial, retail and multi-unit residential assets across Canada have generally reached record high levels. Cap rate compression has continued to unabated across all property classes. A panel discussion examine what are some of the most significant challenges, risks and opportunities that a REIT senior executive is facing in managing assets in these market conditions and making the ultimate decision of whether to buy, to sell or to pursue development as a viable investment alternative. Among the questions that will be examined:
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
To inquire about obtaining a copy of Colin Johnston’s PowerPoint, please click here.
Roberto Geremia, President, Boardwalk REIT
Tom Heslip, Chief Executive Officer, Granite REIT
Armin Martens, President & CEO, Artis REIT
Peter Riggin, Chief Executive Officer, NorthWest Healthcare Properties REIT
Canadian REITs are buying foreign assets; foreign issuers are becoming Canadian REITs; Canadian investors can buy “best in class” REITs or ETFs from various countries. The panel will examine what are the “Best Practices” from around the world. The session will open with a brief overview comparing the size and performance of various global REIT markets to Canada’s.
Christopher Potter, Partner, PricewaterhouseCoopers LLP
Ken Avalos, Vice President, REIT Analyst, Raymond James Ltd.
Chris Blanchard, Portfolio Manager, Emerging Markets, Presima Inc.
Tom Dicker, Portfolio Manager, GCICL/Dynamic Funds Ltd.
Jane Gavan, Chief Executive Officer, Dundee International REIT
Robert Landin, Chief Executive Officer, Milestone Apartments REIT
An insightful examination of the challenges, trends, and issues facing Canadian REITs and REOCs, and what CEOs and senior investors are doing to prepare for the unknown horizon. What will the next twenty years look like? The following are some of the questions that will be examined:
Stephen Johnson, President & CEO, CREIT
Neil Downey, Managing Director, Global Equity Research, RBC Capital Markets
Michael Emory, President & CEO, Allied Properties REIT
David Henry, President & CEO, Kimco Realty Corporation
Andy McCulloch, Managing Director, Green Street Advisors
Dori Segal, President & CEO, First Capital Realty Inc.