I shall be a distinguished speaker at IMN's REIT & Real Estate Operating Company Re-Equitization & Recapitalization Forum, on Monday, Oct. 5, 2009 at Hilton New York in NYC.
Based upon Andrew Baum's insightful comments during this year's educational sessions for AMDP grads at our Harvard reunion that I decided to dig further into this subject, resulting in this honor.
Clearly, REITs and REOCs are well-positioned to profit from the dislocation of the commercial real estate market. That is, with more than $15Bn in new equity raised so far this year, REITs and REOCs have new capital to take advantage of distressed opportunities and are set to emerge as the dominant players in the real estate market.
However, re-equitization does not come without its complications and challenges. That is why IMN decided to coordinate this conference - an inaugural event that comprehensively addresses the 2009 changes that have transformed the REIT market.
Some of the key sessions to be debated and discussed in terrific detail at this incredible event will include:
• President/C-Level Panel: Rethinking Your Business Plan & Strategy
• Lender Perspective: Restructuring Pre-Foreclosure
• Getting A Positive Rating On Your Restructuring: The Analyst Viewpoint
• REIT/Equity/Fixed-Income Investor Panel: What Are You Looking For In A Restructuring?
• Private Equity Real Estate Restructuring Panel: What Kind Of Deals Would Ignite Your Dry Powder?
• Comparing & Contrasting Financial Various Recapitalization Options
• What Is The Best Corporate Structure Going Forward: REIT, Operating Company, Public or Private?
Specifically, I am on the panel entitled "Comparing And Contrasting Various Financial Recapitalization Options".
The illustrious practitioners with whom I will have the pleasure of working with at this conference are as follows: Moderator: Sri Sambamurthy, Managing Principal, West Point Partners, LLC; and, Panelists, include:
David Fogel, Senior Vice President, Cohen Brothers Realty Corp.
Scott L. Podvin, President & CEO, Podvin Development Group
Jerry Ehlinger, Managing Director/Portfolio Manager, RREEF Real Estate Securities
Brian D. Jones, Director, Robert W. Baird & Co.
The issues that this panel will cover, at length, are as follows:
Is the IPO Window Open?
• Debt vs. Equity; Public vs. Private: Which Way Should you go?
• How Much does it Cost (Time, $$) to Go Public Today?
• Comparing vs. Growth by Expansion
• Finding the Debt
• Identifying Market Growth Areas
• Go Privates: Do Today's Pricings Pencil Out?
• What are the Hurdles for getting the Deal Done?
• How are you Financing your Buyback?
• Environment for Raising Equity Capital
• Buybacks on an Individual Property Basis
• What Kind of Problems do Debt Buybacks Create?
• Voting Rights
• Where is Debt Currently Trading?
• How is the New Issuance Market Looking?
• Tapping Non-US Capital
• How Much Would you Pay for your Debt?
• Who is the Unsecured Market Open for?
• Considering Loan Reserves
• Negotiations with the Lender
• Capital Infusion Terms
• Loan Extensions and Work Outs
• Valuation Impact
• The CMBS Market & TALF: How Has This Progressed Since Inception?
Please share any thoughts that you might have with respect to this panel, the topics of discussion or the moderator and panelists.