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Since the beginning of the year, the Canadian REIT market has continued to outperform its 2016 results, many other asset classes, and the TSX overall. The opening presentation will provide an update on some of the key factors that have contributed to this trend and the results over the first half of 2017, both positively and negatively. The commentary will conclude with a few observations on where the market appears to be heading over the next twelve months.
William Wong , Managing Director, RBC Capital Markets Real Estate Group
A wide ranging discussion among portfolio managers on their views of the Canadian securitized real estate market, whether this is a good time to buy, sell or hold REIT units and REOC shares, and what are the key expectations that govern their current investment decision-making.
Neil Downey, Managing Director, Global Equity Research, RBC Capital Markets
Tom Dicker, Vice President and Portfolio Manager, 1832 Asset Management LP
Michael Missaghie, Vice President & Senior Portfolio Manager, Sentry Investments
John Murphy, Vice President, Real Estate Securities Analyst, Cohen & Steers
Joshua Varghese, Portfolio Manager, Signature Global Asset Management, CI Investments
Colin Johnston, President, RVA, Canada, Research, Valuation & Advisory, Altus Group
Colin Baryliuk, Managing Director, Investments, KingSett Capital
Stephen Taylor, Vice President, Real Estate, HOOPP
Vlad Volodarski, CFO & Chief Investment Officer, Chartwell Retirement Residences
Ted Willcocks, Global Head, Asset Management, Manulife Real Estate
Mike Czestochowski, Executive Vice President, CBRE Limited
Pammi Bir, Director, Real Estate & REITs Analyst, Scotiabank
Jonathan Gitlin, Senior Vice President, Investments, RioCan REIT
Jason Lester, Vice Chair, Development, Dream Unlimited
Andrew Melton, President & CEO, Melcor REIT
Jodi Shpigel, Senior Vice President, Development, First Capital Realty Inc.
Canada’s office market of more than 500 million sq.ft. continued to soften in some cities while experiencing lower vacancy rates in others. What were the reasons for these trends when you consider that our major cities are witnessing the largest surge in new development in almost 30 years? How much absorption has there been? What are the challenges to achieving more? How have Toronto, Vancouver and Montreal performed compared with other markets? How have the suburbs fared relative to the downtown cores? What are owners of older properties doing to try to compete against the attributes of the new higher performance green certified buildings? How is the “brick and beam” market performing? What is the impact of tenants rethinking their workplaces and space requirements? What are the key priorities of tenants on a stratified basis? Are leasing trends in step with valuations and cap rates? Are office assets a very favourable part of a REIT portfolio at this time?
Sheila Botting, Partner & Canadian Real Estate Leader, Deloitte LLP
Scott Antoniak, President & CEO, Slate Office REIT
Tom Burns, Executive Vice President & COO, Allied Properties REIT
Michel Léonard, President & CEO, BTB REIT
Derek Warren, Assistant Vice President, Portfolio Manager, Lincluden Investment Management
Dennis Wong, Executive Vice President, Asset Management, Western Region, Artis REIT
Can a case be made that industrial real estate has been on a strong comeback trail for the past few years? This session will examine major investment, leasing and development trends in this multi-billion square foot property class across Canada today. To what extent can it still be categorized as a tale of two submarkets comprised of new modern warehousing buildings vs. older vintage properties bordering on obsolescence? What does the future hold for B and C class aging and out-dated buildings? What are the greatest sources of demand for space and in which markets? What kind of tenants are propelling growth at this time? How are industrial tenant requirements changing? How are landlords responding? Do rent levels now support new development in most markets? What is needed in order to move NERs higher in Toronto and Montreal? How are markets in the West performing (Vancouver, Calgary and Edmonton)? What is the U.S. experience currently in this asset class? How strong is investor interest overall in industrial properties?
Gord Cook, Executive Vice President, Industrial, Colliers International
Tony Bird, Vice President, Eastern Canada Industrial, CREIT Management LP
Paul Dykeman, Chief Executive Officer, Summit Industrial Income REIT
Scott Frederiksen, Chief Executive Officer, WPT Industrial REIT
Kevan Gorrie, President & CEO, Pure Industrial Real Estate Trust
Some Canadian listed REITs have portfolios largely or entirely comprised of foreign assets. This panel will examine the experiences of those who have moved into global markets. Are Canadian REITs practical vehicles for investing and operating in foreign properties? What are the implications of such a strategy from the perspective of taxes, remote management, and local market knowledge? Why should Canadian investors buy Canadian REITs with foreign assets instead of buying “best in class” local REITs in foreign markets? What have been the cross-border global experiences of our REITs? How are investors responding to U.S. or European real estate owners who launch new Canadian REIT IPOs to take advantage of access to our capital? Are there opportunities for Canadian REITs to enter foreign markets where asset prices are lower, professional management is absent and ownership is fairly fragmented?
Corrado Russo, Senior Managing Director, Investments & Global Head of Real Estate Securities, Timbercreek Asset Management
Paul Dalla Lana, Chairman & CEO, Northwest Healthcare Properties REIT
Mark Kenney, Chief Operating Officer, CAPREIT
Ian McAuley, President, American Hotel Income Properties REIT LP
Jimmy Shan, Managing Director, Equity Analyst, GMP Securities
Bruce Traversy, Head of Investments, Dream Global REIT
Succession planning and strong governance are two critical elements for any organization in order for the enterprise to sustain its growth, an effective management team, and support from investors. One analysis last year showed that founding chief executives still run about two-thirds of the REITs; on average, the CEOs are older than the bank chiefs as they are difficult to replace and that the average tenure of REIT directors is about 11 years. While many senior executives of REITs and REOCs are likely to be leaving their organizations in the next five to ten years, a few changes have occurred in the past year.
How can the management transition progress from an entrepreneurial one to perhaps a more institutional approach? How do organizations prepare themselves for inevitable succession in the senior ranks? What type of corporate governance is increasingly common among REITs, i.e. board composition, management/board alignment, board independence, shareholder rights and remedies? How do REITs protect themselves from activists’ attention? How much importance do analysts and investors place on evaluating the leadership at the helm of an organization? How are proxy advisory firms and organizations like CCGG impacting REITs’ governance practices?
Frank Magliocco, Partner & National Real Estate Practice Leader, PwC
Rags Davloor, President, COO & Corporate Secretary, RioCan REIT
Jennifer McClelland, Vice President & Senior Portfolio Manager, Canadian Equities, RBC Asset Management
Stephen Sender, Trustee, H&R REIT & Director, Sienna Senior Living Inc.
Huw Thomas, Chief Executive Officer, SmartREIT
Dean Wilkinson, REIT Analyst, CIBC World Markets
David Holden, Director, RBC Capital Markets Real Estate Group
Shailen Chande, Chief Financial Officer, Northwest Healthcare Properties REIT
Floriana Cipollone, Chief Financial Officer, Plaza Retail REIT
Louis Forbes, Chief Financial Officer, CT REIT
Heather Kirk, Managing Director, Equity Research, BMO Capital Markets
Teresa Neto, Chief Financial Officer, Pure Industrial Real Estate Trust
An insightful presentation on the economic fundamentals that are driving the Canadian economy at this time. What is the outlook for economic growth, employment growth, inflation, interest rates, and commodity prices over the next twelve months? As the oil and resource sector continue to stagnate, what are the ramifications for Western Canada? Are manufacturing and other economic engines breathing some life in Canadian GDP growth? What does the performance of the U.S. economy and government trade policy mean for Canada? What effect are China and Europe respectively having on the global economy?
Dawn Desjardins, Vice President & Deputy Chief Economist, RBC Financial Group
The reporting demands on REITs and REOCs have grown over the years well beyond the quarterly reports that provide investors, analysts and the public with a detailed update on their financial performance along with strategic thinking on go-forward basis. This session will examine some of the key elements that are placed on these public real estate entities, their accountability and their transparency. Discussion will examine what are the prevailing benchmarks that investors are looking for, stakeholder relations beyond the buyside, current and emerging changes in accounting practices, the range of reporting that REITs and REOCs do and opportunities to streamline, ISS, and the IAS leasing standard. The perspectives from a key securities regulator and a rating agency will also be examined.
Michael Brooks, Chief Executive Officer, Real Property Association of Canada
Mandy Abramsohn, Senior Vice President, Global Corporates Group, DBRS Limited
Simon Knowling, Partner, Head of REIT Practice, Torys LLP
Huston Loke, Director, Corporate Finance, Ontario Securities Commission
Mark Rothschild, Managing Director, Real Estate Analyst, Canaccord Genuity
Larry Toste, Partner, KPMG LLP
For many investors, the staple of any well-diversified real estate portfolio today is still the multi-family market. Predictable yields and strong cash flows make apartments one of the most reliable property classes. Investor demand far outweighs supply resulting in continued cap rate compression. What direction are they likely to take in 2018? How can investors make low cap rates work? How are occupancy rates in major markets across the country? How much new apartment construction is expected to continue in 2018? In which cities? What will be the impact of recent regulatory changes to rent control legislation in Ontario? Do niche markets still fuel some of this demand or are they maxed out, e.g. student housing, seniors housing? What challenges does the apartment market face over the next few years?
Derek Lobo, CEO & Broker of Record, SVN Canada Inc.
Todd Cook, President & CEO, Northview Apartment REIT
Brad Cutsey, President, Interrent REIT
Philip Fraser, President & CEO, Killam Apartment REIT
Michael Markidis, Vice President & Director, Real Estate, Desjardins Capital Markets
Greg Romundt, President & CEO, Centurion Apartment REIT
Lou Iafrate, Executive Vice President, RVA, Altus Group
Don Clow, President & CEO, Crombie REIT
Richard Michaeloff, Chief Executive Officer, OneREIT
Tim Sanderson, CEO Broker of Record, Northwest Atlantic
Ken Silver, President & CEO, CT REIT
Michael Zakuta, President & CEO, Plaza Retail REIT
An insightful examination of the challenges, trends, and issues facing Canadian REITs and REOCs, and what CEOs are doing to deliver strong performance and growth. The following are some of the questions that will be examined:
Adam Paul, President & CEO, First Capital Realty Inc.
Brent Binions, President & CEO, Chartwell Retirement Residences
Michael Emory, President & CEO, Allied Properties REIT
Armin Martens, President & CEO, Artis REIT
Michael Smith, Managing Director, Global Equity Research, RBC Capital Markets
Blair Welch, Non-Independent Trustee, Slate Office REIT and Slate Retail REIT