2016 a&d - nareim association of real estate investment managers 2016 a&d “the only way to...

National Association of Real Estate Investment Managers

2016 A&D

“The only way to predict the future is to have

the power to shape it.” – Eric Hoffer

Acquisitions & Dispositions

What is a real estate investment, if not a prediction of the future with money attached? In a fast-changing and uncertain marketplace, our ability to understand and shape the future is tested every day. Urban markets are transforming themselves, demographics are inexorably changing the rules of the game, sustainability & design are re-writing time tested formulas, and capital is asking for more from our platforms.

How should we proceed? What should we watch out for?

Welcome to the discussion.

Mr. C. Beverly Hills, Beverly Hills, CA

410 North Michigan Avenue, Suite 330 Chicago, Illinois 60611

312.884.5182 www.nareim.org

nAREiM 2016 A&D MEEtinG

22016 NAREIM AcquIsItIoNs & DIsposItIoNs MEEtINg1 NAREIM


Agenda2016 NAREIM Acquisitions & Dispositions MeetingMr. C Beverly Hills, California

tuesday,January 26th

Wednesday,January 27th

Mr. C Beverly Hills – Starlight Ballroom

Wednesday,January 27th

Mr. C Beverly Hills – Starlight Ballroom

1:00 pMField Trip

Downtown Los Angeles Transformation1:30 PM CBRE Corporate Headquarters, 400 S.

Hope Street – Lew Horne, CBRE2:45 PM Gensler Los Angeles Headquarters, 500 S.

Figueroa Street – Barbara Dunn, Gensler3:30 PM Wilshire Grand Center, Wilshire and Figueroa

– Joseph Marfi, Turner Construction

6:30 pMCocktails & Dinner – The Lobby Lounge

DAY onE 1

7:30 AMBreakfast

8:30 AMWelcoming Remarks Gunnar Branson, NAREIM President

8:40 AMEconomy: Where are we in the cycle, what is the impact of all the un-deployed capital raised and what are the real estate implications of a high US dollar? What is the impact of the election year?Chris Macke, American Realty Advisors

9:45 AM Break

10:00 AM Demographic changes and the impact on the evolving urban environment.Michael Cohen, CoStar Group

10:45 AM Roundtable DiscussionWorkspace Changes and the Effect on Acquisitions. Do we need to reexamine our assumptions?Ed Novy, American Realty AdvisorsPaul McGunnigle, Howard Building CorporationHeidi Creighton, BuroHappold EngineeringJennifer Bethelot-Jelovic, ASAP

12:15 pMLunch

1:15 pM Sustainability: The Opportunity AND the Jeopardy of the environment.Gavin Hinze, CBRE Global InvestorsDave Pogue, CBRE Peter DiCorpo, CBRE Global Investors Chris Happ, Goby

2:30 pMBreak

2:45 pMHow is capital changing the rules of Acquisitions & Dispositions?Stan Iezman, Americas Realty Advisors John Lee, Pimco

4:00 pMMeeting Close

2 DAY tWo

2 DAY tWo



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62016 NAREIM AcquIsItIoNs & DIsposItIoNs MEEtINg

Director of Advisory ServicesMichael Cohen serves as Director of Advisory Services with CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces. With views on markets in the United States, Canada and Europe, CoStar’s Advisory Services provides clients with independent expertise in real estate market analysis, real estate portfolio analysis, mortgage risk analysis, and the design of productive real estate investment strategies. Prior to joining CoStar Group, Mr. Cohen worked for leading analyst firms in both the real estate and technology industries.Michael B. Cohen

CoStar Group

5 NAREIM


spEAkERs

President & CEO Mr. Branson is the President & CEO of the National Association of Real Estate Investment Managers (NAREIM), an association of companies engaged in the real estate investment management business. Before joining NAREIM in 2011, Mr. Branson worked for over 25 years in commercial real estate, professional services sales, product innovation and marketing. He has transformed businesses and accelerated growth as a leader, strategist, business developer and innovator. In addition to holding leadership roles at companies such as GE Capital Real Estate and Heller Financial, as a consultant he worked with companies such as Jones Lang LaSalle, Wells Fargo and Fidelity to develop new markets and new products. His consulting practice centered on change acceleration and practical innovation.

Gunnar BransonNAREIM

President & CEO Jennifer leads SustainAble Production, LLC (ASAP). ASAP is a woman owned, full-service, sustainability and WELLness consulting firm based in Los Angeles, CA. ASAP provides an array of holistic consulting services including sustainable, regenerative, resilient and healthy design & construction for single buildings, communities and entire cities; LEED certification; and WELL certification. Jennifer also works in Wellness Real Estate™, implementing the various WELL Building Standard certifications. Jennifer is also a Partner at Earth and Associates (E+A), a unique sustainability consultancy integrating a broad range of disciplines and services for the built environment and for organizational change.

In her previous role as Owner’s Representative at Shangri-La Industries and Director of Sustainability at Shangri-La Construction, Jennifer was instrumental in securing the world’s first LEED Platinum certification for New Construction for an aviation facility through her work on Hangar 25 in Burbank, CA. Jennifer also successfully facilitated the LEED certification of 302 E Carson located in Las Vegas, NV, the LEED Platinum certification of Citadel Environmental Services, Inc.’s Corporate Headquarters under LEED for Commercial Interiors. Jennifer is on the Board of the USGBC-LA Chapter and was the Secretary and Vice Chair from 2012 to 2015. She is also the Co-Chair & Founding Member of the San Fernando Valley Branch of the USGBC-LA Chapter.

Jennifer Berthelot-Jelovic SustainAble Production, LLC

USGBC-LA is a non-profit environmental organization made up of over 1,000 architects, designers, engineers, students, property managers, builders, consultants, and lawyers who work toward a more sustainable built environment. Our mission is to promote sustainability in LA County’s built environment by delivering access to knowledge, resources, recognition and networking. Our members use and support the LEED rating system, working to promote buildings and communities that are environmentally responsible and healthy places to live and work. USGBC-LA is where you learn the “why”, “how” and “who” of changing L.A. to be a more sustainable region through education, innovation and action.



President, U.S. Managed Accounts GroupPeter DiCorpo has been with CBRE Global Investors since 2008. He initially served as the firm’s Global Chief Operating Officer with responsibility for the global execution of the company’s business plan. In 2010, he served as President of CBREI’s European and UK businesses.

Peter DiCorpoCBRE Global Investors

Studio Director, PrincipalBarbara is a Principal and Studio Leader in our Los Angeles office. For more than 30 years, she has created innovative environments for well-known clients in the legal, financial, entertainment and technology fields. Her expertise in law office design has garnered national recognition, making her a sought-after resource and speaker at legal industry conferences on law firm design, trends and planning. Barbara is one of an elite few designers to be recognized as a Fellow of the College of Law Practice Management, and she is also a Fellow of the International Interior Design Association. In addition to actively mentoring next-generation talent, she is a member of the L.A. Headquarters Association and a current Board Member for the Southern California Chapter of CoreNet Global. An artist at heart, Barbara has been a longtime member of the Board of Trustees for the Santa Monica Museum of Art. She holds a Bachelor of Fine Arts degree from Washington University.

Barbara DunnGensler

Associate Heidi Creighton is an Associate at BuroHappold Engineering and is a registered architect and a LEED AP with BD+C and O+M specialties. Her work focuses on sustainability and wellness strategies and certifications for academic, healthcare, commercial, and residential projects. She provides sustainability consulting services at the building and master plan scales, as well as 3rd party certification management (LEED, Living Building Challenge, and WELL), post occupancy evaluation, and health and wellness-focused design. Heidi is a passionate advocate for a restorative built environment, delivering socially, economically and environmentally sustainable developments.

Heidi has been active in the green building industry for more than 13 years and has served on the USGBC-LA Board of Directors since early 2013. She is an Officer of USGBC-LA in the position of Secretary. Recent speaking experience includes: Designing Your Life: Finding Balance at AIA-LA Women Leading Design (2015); Healthy and Happy: The Importance and Value of Human Capital at MGBCE (2015), The Added Value Women Bring to the Design Profession at AIA-LA Women Leading Design (2015), and New Approaches to California’s Sustainable Built Environment at a Breathe LA Green Salon (2012).

Heidi Creighton BuroHappold Engineering



President Lewis C. Horne is the President of the Greater Los Angeles-Orange County Region for CBRE, Inc., the leading provider of commercial real estate services globally.

Mr. Horne is responsible for the strategic direction and performance of the firm’s eight regional offices, and oversees a 15-person management team to ensure excellence in client service across all CBRE business segments. Under his leadership, the region has grown to include nearly 1,200 employees with diverse expertise spanning the firm’s primary service lines and all specialty practices.

Mr. Horne and his leadership team support all regional professionals as they manage more than 80 million square feet of commercial properties and annually complete over 12,000 sale and lease transactions, 500 financial consulting assignments, and thousands of appraisals.

Mr. Horne is passionate about collaboration in service delivery, and actively promotes the integration of multiple disciplines to ensure well-conceived, strategic solutions for complex client assignments. He is partnering with CBRE’s Workplace Strategy group to better align the regional offices with this goal, beginning with the transformation of the firm’s global headquarters in Downtown Los Angeles. Together they are creating innovative work environments with cutting-edge technology to attract and retain top talent and better meet client needs.

Prior to his current role, Mr. Horne held a variety of leadership positions in the company, beginning as an industrial brokerage professional in 1984 and quickly growing to become one of the top 3% of brokerage professionals company-wide. He then moved into a management position, and has successfully grown his career in CBRE leadership for nearly 25 years.

Lewis C. Horne CBRE

Sr. Director Mr Hinze is a Sr. Director and Portfolio Manager with CBRE Global Investors. He has been with CBRE for over 13 years and has extensive experience in handling troubled assets and joint ventures. In his time with the firm he has lead the firm’s west coast acquisitions analysts, overseen numerous portfolios of assets, and sold over 2 billion in real estate. He received his BA from UCSD, his MBA from Loyola and earned a CPA.

Gavin Hinze CBRE Global Investors

CEOMr. Happ has more than 15 years in enterprise software and management consulting experience including supply chain software implementation and process optimization for fortune 50 companies including ExxonMobil, Disney, Southwest Airlines, Pfizer, and JP Morgan. He began his career with PricewaterhouseCoopers management consulting and went on to Ariba where he lead the technical strategy and architecture group. After Ariba, he co-founded blueSolutions, a supply chain optimization and software implementation consultancy which was acquired by SAP reseller, Hubwoo. Since 2009, Happ has been focused on enabling owners and managers to run better buildings through cloud based energy management and best practices. He is an avid reader (currently reading Thinking, Fast and Slow), loves behavioral economics, enjoys the statistics of baseball and played in the Little League World Series. Mr. Happ still personally codes much of the SeaSuite website as a way to relax.

Chris Happ Goby



CEO, Americas Mr. Kern is responsible for overseeing the firm’s business strategy, activities and staff in the Americas. Mr. Kern also serves on LaSalle’s Global Management Committee and LaSalle’s Americas Private Equity Investment Committee and Allocation Committee.

Mr. Kern is active in various industry organizations and is a member of the Board of Directors of both the National Association of Real Estate Investment Managers (NAREIM) and the Association of Foreign Investors in Real Estate (AFIRE).

Prior to joining LaSalle, Mr. Kern worked at the Hong Kong and Shanghai Banking Corporation (HSBC), where he founded, and was the Head of, HSBC’s Asia-Pacific Real Estate & Lodging Advisory Group. In this role, Jason worked on over $50 billion in capital raising and advisory transactions in the real estate sector. Prior to joining HSBC, Kern spent seventeen years at J.P. Morgan, principally in senior roles within the real estate investment banking team, and was based in J.P. Morgan offices in the U.S., U.K., Continental Europe and Asia.

Mr. Kern earned an MBA in Finance and Accounting from New York University’s Stern School of Business and a BA in Economics and English Literature from Colgate University.

Jason Kern LaSalle Investment Management

Chairman & Chief Executive OfficerStanley Iezman is American Realty Advisors’ Chairman and Chief Executive Officer, responsible for the strategic planning and direction of all firm activities and a member of the firm’s Investment and Management Committees. Mr. Iezman has directed the acquisition, structuring, and management of approximately $10 billion of real estate located throughout the U.S., is a noted speaker on real estate investment, and has authored numerous articles on related issues for real estate, pension, and legal industry publications. Mr. Iezman is an Adjunct Professor at the University of Southern California’s Sol Price School of Public Policy, where he teaches real estate asset management in the Master of Real Estate Development Program and is a member of the Executive Committee of the USC Lusk Center for Real Estate. He also serves on the Planning Committee for the USC Real Estate Law and Business Forum, as well as on the USC Hillel Board of Directors. Mr. Iezman is actively involved in The Urban Land Institute, where he sits on the Board of Governors for the ULI Foundation and participates in the Industrial and Office Park Development Council. He also serves on the International Council of Shopping Centers, and is a member of the National Association of Real Estate Investment Managers; the Pension Real Estate Association; the International Foundation of Employee Benefit Plans; the Los Angeles County Bar Association; the Real Estate Roundtable; and the American Bar Association. Mr. Iezman was also the Chair of the NYU Real Estate Institute’s Annual Conference on Pension Fund Investment in Real Estate for ten years.

Stanley L. IezmanAmerican Realty Advisors



Chief Executive Officer Paul McGunnigle is the Chief Executive Officer of Howard Building Corporation, the largest general contractor is Southern California specializing in commercial interiors. He has spent the last forty-one years in the construction and design industries. He attended Cal Poly, Pomona, School of Environmental Design. He commanded an Army Ranger company during the Vietnam War. He maintains contractor’s licenses in California, Arizona, Oregon, Washington, Nevada and Colorado as a General and Electrical contractor. He currently sits on the Board of Directors of the US Green Building Council – Los Angeles chapter.

During his career, Mr. McGunnigle has participated in over three thousand construction projects as both a contractor and a construction manager in both the public and private sector. Currently, HBC has under construction the Google campus in Venice, the Yahoo campus in Playa Vista, the Red Bull campus in Santa Monica, and the Farmers Insurance campus in Woodland Hills. Recently completed projects include Apple/Beats headquarters, the Riot Games campus and the PIMCO global headquarters.

Paul McGunnigle Howard Building Corporation

Senior Associate, Portfolio ManagementEdmund Novy is a Senior Associate, Portfolio Management at American Realty Advisors. At American, he heads up their sustainability efforts. His sustainability efforts include the implementation of energy efficiency and water conservation projects, Energy Star benchmarking, LEED certifications and corporate sustainability strategies. He is a LEED Green Associate and also serves on the Board of Directors of USGBC Los Angeles as Treasurer. He recently served as a City of Los Angeles Budget Advocate, where he chaired the Pension Plan and Health Care Committee and provided proposals to the Mayor and City Council concerning budget issues. Prior to working for American, Edmund worked as a commercial real estate appraiser and served as a civilian contractor in Iraq. He is also a proud US Navy veteran. He is currently pursuing his graduate degree at Harvard University and holds a BA from UCLA.

Edmund Novy American Realty Advisors

Executive Vice President Mr. Lee is an executive vice president in the Newport Beach office and a portfolio manager focusing on commercial real estate investments. Prior to joining PIMCO in 2013, he was with private equity real estate firm Canyon Capital Realty Advisors, most recently as the portfolio manager for two institutional separate account vehicles. Previously, he held positions with O’Connor Capital Partners, Trammell Crow Company and Bain and Company. He has 14 years of investment experience and holds an MBA from Harvard Business School and a bachelor’s degree from UCLA.

John Lee Pimco

Managing Director, Research & StrategyChristopher Macke is American Realty Advisors’ Managing Director, Research and Strategy, responsible for leading the firm’s research efforts and working closely with the firm’s Investment and Portfolio Management Teams in developing investment analysis to support acquisitions and strategy implementation for its commingled funds. Mr. Macke also serves as a member of the firm’s Investment Committee. Prior to joining American, Mr. Macke was a Senior Research Strategist with CB Richard Ellis Global Research & Consulting as part of the firm’s macroeconomic, property market, and capital market outlook and strategy effort. Mr. Macke’s previous real estate experience includes working for large institutional investors such as G.E. Real Estate, providing investment strategy consulting services to large institutional investors such as CalPERS, and advising regulatory agencies, including the U.S. Federal Reserve and the U.S. Treasury Department. He is currently a contributor to the Federal Reserve’s Beige Book and a member of the PREA Research Advisory Council.

Christopher MackeAmerican Realty Advisors

15 NAREIM


Global DirectorAs Global Director of Corporate Responsibility, Dave Pogue oversees CBRE’s development, implementation and reporting for all aspects of corporate social responsibility, including environmental stewardship, community engagement and corporate giving.

Prior to his current role, Mr. Pogue led sustainability programs for CBRE’s property and facilities management portfolio around the globe, managing the development, introduction and implementation of a wide-ranging platform of sustainable practices and policies. His leadership in this area produced an award-winning sustainability platform leveraging thought leadership, service delivery and industry associations to raise worldwide green building standards. Program achievements included development of CBRE’s $1 million Real Green Research Challenge; aggressive endorsement of the U.S. EPA ENERGY STAR® program; introduction of the Green Knights program; delivery of co-branded BOMA BEEP training to more than 15,000 attendees; and recognition as the first manager of commercial property to certify more than 300 buildings in the LEED® for Existing Buildings rating system. CBRE was also ranked in Newsweek’s list of the 500 greenest companies in the U.S. since the award’s inception, honored by the EPA as a seven-time ENERGY STAR Partner of the Year, included in the DJSI North America since 2014, and recognized by the U.S. Green Building Council® with the Leadership Award for Organizational Excellence.

Dave Pogue CBRE

162016 NAREIM ACquIsITIoNs & DIsposITIoNs MEETINg

Director of Sustainable Design & Construction Joseph Marfi, LEED AP BD+C is the Director of Sustainable Design & Construction for Turner Construction’s Southern California Business Unit (a division of HOCHTIEF, AG). In his role he managed administration and documentation of many projects with different LEED rating systems (NC, IC, CS, O+M, Homes) with various scopes and sizes; he is responsible for organizing LEED Charrettes and scope specific meetings. He has advised owners and developers about green strategies that provide substantial financial benefits to projects, researched new materials and technologies, and supported entrepreneurs with innovative products helping them to become suppliers to the entire green industry.Prior to his current activities he held positions with design and construction companies and worked on multiple projects on three continents. Joseph earned his diploma in Hungary at the Ybl Miklos College and has deep roots to sustainability. He is an adjunct professor at the California State University; developed courses and lectured on a Green Building Certification Program at CSU Fullerton and developed and is delivering the Fundamentals of Green Buildings course at CSU Northridge. He is also a co-author of White Papers and currently working on a research study to show benefits of sustainable construction and financial benefits of successful engagement with design teams and owner/developers.

Joseph Marfi Turner Construction Company



2016 A&D Meeting Attendees’ List

Last Name First Name Company Title Work City Work State Email Address Work Phone

Baker Christopher Zeller Realty Group Senior Vice President, Director of Asset Management

Chicago IL [email protected] (312) 229-8944

Beier Thomas Pennybacker Capital Managing Director, Investments

Austin TX [email protected] (512) 610-2915

Berthelot-Jelovic Jennifer A Sustainable Production, LLC (ASAP)

President & CEO Sherman Oaks

CA [email protected] (213) 536-7761

Blakeley Ben Metzler Real Estate Acquisition Officer Atlanta GA [email protected] (404) 846-2788

Branson Gunnar NAREIM President & CEO Chicago IL [email protected] (312) 884-5184

Bremen Erin Pine Tree Commercial EVP, Asset Management and Due Diligence

Northbrook IL [email protected] (847) 574-3340

Cohen Michael CoStar Group Director of Advisory Services

Boston MA [email protected] (617) 443-3187

Cordova Frances Fremont Realty Capital Associate San Francisco CA [email protected] (415) 284-8193

Creighton Heidi BuroHappold Engineering Associate Los Angeles CA heidi–[email protected] (310) 945-4870

DiCorpo Peter CBRE Global Investors President Los Angeles CA [email protected] (213) 683-4389

Dunn Barbara Gensler Studio Director Los Angeles CA [email protected] (213) 327-3670

Ethridge Dan Brookdale Group, LLC Executive Vice President and Partner

Atlanta GA [email protected] (404) 364-8080

Felix Steve Felix / Weiner Consulting Group

Co-founder / Partner Asheville NC [email protected] (917) 603-5578

Flume Matthew Sarofim Realty Advisors Acquisitions Associate Dallas TX [email protected] (214)692-4231

Grace Carla Hines Associate Houston TX [email protected] (713) 966-5377

Greeno Aaron Morgan Stanley Executive Director Los Angeles CA [email protected] (310) 788-2229

Happ Chris Goby CEO Chicago IL [email protected]

Hinze Gavin CBRE Global Investors Sr. Director Los Angeles CA [email protected] (213) 683-4337

Horne Lewis CBRE President Los Angeles CA [email protected] (213) 613-3305

Hughes Robert GE Asset Management Managing Director Stamford CT [email protected] (203) 326-4183

continued

202016 NAREIM AcquIsItIoNs & DIsposItIoNs MEEtINg


Hunt Chris NYL Real Estate Investors Senior Director San Francisco CA [email protected] (415) 402-4109

Iezman Stan American Realty Advisors CEO & President Glendale CA [email protected] (818) 409-3227

Kern Jason LaSalle Investment Management

CEO, Americas Chicago IL [email protected] (312) 897-4111

Kruk Louis MetLife Director Morristown NJ [email protected] (973) 355-4474

Kubiak Dan Invesco Real Estate Director Dallas TX [email protected] (972) 715-5856

Landry Derek CBRE Global Investors Managing Director Los Angeles CA [email protected] (408) 879-2340

Lee John Pimco Executive Vice President Newport Beach


Levin Jesica Intercontinental Real Estate Corporation

Director, Acquisitions Sherman Oaks CA [email protected] (310) 772-0160

Lopez Derek LaSalle Investment Management

Head of U.S. Acquisitions Chicago IL [email protected] (312) 897-4010

Macke Chris American Realty Advisors Managing Director, Research & Strategy

Glendale CA [email protected] (818) 409-3257

Marfi Joseph Turner Construction Company Director of Sustainable Design & Construction

Los Angeles CA [email protected] (713) 863-2059

McGunnigle Paul Howard Building Corporation Chief Executive Officer Los Angeles CA [email protected] (213) 683-1850

Morphy Baker Invesco Director Newport Beach


Nielsen David Bentall Kennedy Senior Vice President Chicago IL [email protected] (312) 596-9123

Nikoghosyan Nick Cordia Capital Management Acquisitons Associate El Segundo CA [email protected] (310) 414-0006

Novy Ed American Realty Advisors Senior Associate, Portfolio Management

Glendale CA [email protected] (818) 545-1152

Paddock Matthew Metzler Real Estate Senior Managing Director Seattle WA [email protected] (206) 224-4533

Pandaleon Andrew NAREIM Intern Chicago IL [email protected] (310) 780-7249

Petersen Bruce USAA Real Estate Company Executive Managing Director

San Antonio TX [email protected] (210) 641-8409

NAREIM19


continued


222016 NAREIM AcquIsItIoNs & DIsposItIoNs MEEtINgNAREIM21



Pogue Dave CBRE Global Director of Corporate Responsibility

San Jose CA [email protected] (408) 453-7444

Roualdes Stan Shorenstein Realty Services LP Executive Vice President, PM&C

San Francisco CA [email protected] (415) 772-7014

Smith Brent Piedmont Office Realty Trust EVP, New York Region and Strategic Investments

Johns Creek GA [email protected] (770) 418-8622

Stone Wilson Piedmont Office Realty Trust Senior Vice President Johns Creek GA [email protected] (770) 418-8608

Sullivan Tom GWL Realty Advisors Senior Vice President Calgary AB [email protected] (403)777-0417

Taylor Rob Invesco Real Estate Acquisitions Newport Beach


Van Der Bosch Sally NAREIM Director of Meetings Chicago IL [email protected] (312) 884-5182

2016 nAREiM A&D Meeting planning committee

nAREiM staff

nAREiM Board of Directors 2015–2016

Ed Novy American Realty Advisors

Christopher Baker Zeller Realty Group

Gavin Hinze CBRE Global Investors

Roland Siegl GE Asset Management

Pam Beam GE Asset Management

Robert Hughes GE Asset Management

Tom Sullivan GWL Realty Advisors

Gunnar Branson President & CEO

Sally Van Der Bosch Director, Administration & Meetings

Tony Reynes Photography

Andrew Pandaleon Intern

Dave Deeney Dave Deeney AV

Chair Patricia Gibson Hunt Realty Investments, Inc

Vice-Chair Peter DiCorpo CBRE Global Investors

Treasurer Stanley Alterman USAA Real Estate Company

Kathryn Campbell MetLife Real Estate Investors

Scott Onufrey Kimco Realty

Ryan Krauch Mesa West Capital

Kevin Smith Prudential Real Estate Investors

Ed Casal Aviva Investors

Amy Price Bentall Kennedy

Christopher Merrill Harrison Street Real Estate Capital

Jason Kern LaSalle Investment Management




notE notE

25 NAREIM


NAREIM’s Members often compete with each other. Federal and state antitrust laws prohibit anticompetitive actions, and penalties for violations are severe.

These Policy Guidelines supplement NAREIM’s more comprehensive Antitrust Compliance Policy, which is accessible on NAREIM’s website, www.nareim.org.

Members attending NAREIM meetings may not discuss, formally or informally, their specific business practices concerning fees (especially present or future fees) that they charge, or are intending to charge, to any specific customers or clients, including but not limited to: commission rates and the structuring of commissions; methods used to calculate asset management fees and fees charged for asset management; pricing methods and policies; sales promotions; incentives to customers; costs, or any other matter relating to or affecting prices charged, or to be charged, to specific customers or clients.

Additionally the following topics may not be discussed at NAREIM meetings:

1. Allocating business among real estate investment managers, rigging bids or fixing or capping offering prices for properties; stabilizing or reducing the prices Members will pay for third party services, or fixing, stabilizing or reducing the compensation of professionals employed by Members.

2. Controlling or limiting investments, restricting or allocating supply, dividing or otherwise allocating investments according to customers, territories or products, or specifying a “preferred” level of compensation, or compensation formula, that should be adopted by all industry participants.

Remember that mere participation in a discussion or even attendance at a NAREIM meeting where illegal topics are discussed can make you a conspirator in the illegal conduct even if you do not say a word, participate in the discussion, or agree with anything.

Illegal discussions can occur at NAREIM meetings, but also during informal conversations over cocktails or on the golf course. The same rules apply in these cases as well.

These Guidelines are designed to assist NAREIM’s Members to avoid inadvertently creating antitrust risks while participating in NARIEM meetings and programs. Antitrust issues can be complex and violations have very serious consequences. These Guidelines are not intended to provide all the answers, nor do they define the outer limits of conduct that may be permissible under the antitrust laws. They are designed to help you recognize improper conduct and to know when to ask for legal advice. These Guidelines do not and cannot replace each NAREIM Member’s decision making as to its own activities and the activities of its employees. Each Member must instead consult with its own legal counsel to obtain independent advice on these subjects.

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2016 a&d - nareim association of real estate investment managers 2016 a&d “the only way to...

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