Fall Members' MeetingWEDNESDAY, OCTOBER 12, 2011
Hall of Flags, Houston Hall, 3417 Spruce Street, University of Pennsylvania, Philadelphia
8:00 - 9:00 a.m.
Registration, Members' Continental Breakfast
8:00 - 8:45 a.m.
Mentors meet with students, concurrent
9:00 - 9:10 a.m.
Robert C. Lieber, Executive Managing Director, Island Capital Group and Chairman, Zell/Lurie Real Estate Center at The Wharton School
9:10 - 9:30 a.m.
State of the Center
Joseph Gyourko, Martin Bucksbaum Professor of Real Estate, Finance and Business and Public Policy, and Director, Zell/Lurie Real Estate Center at The Wharton School
Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center at The Wharton School
9:30 - 10:40 a.m.
Multifamily Is Back, But Is It Too Good To Be True?
Panel Session: Apartments are the hot sector and, why not, given the strong fundamentals and high valuations. Can it get better than this? How long will the good times last given that: “everyone” is now an apartment developer; jobs are still scarce; interest rates will go up, and home ownership will ultimately recover? How serious are those risks and how do you mitigate them?
Panelists: Christopher Hashioka, President and Chief Executive Officer, Fairfield Residential Company LLC
David J. Neithercut, President and Chief Executive Officer, Equity Residential
Chris Wheeler, Partner, Triton Atlantic Partners
10:40 a.m. - 11:00 a.m.
11:00 a.m. - 12:10 p.m.
Real Estate’s Position in the Broader Capital Markets: How Does the Sector Look?
Panel Session: This session will look at the broader investment markets, and explore the relative attractiveness of real estate in today’s market. We will examine opportunities and risks in terms of both debt and equity and discuss how real estate is viewed, and likely to be viewed going forward, by non-dedicated investors.
Moderator: Peter Linneman, Emeritus Professor of Finance and Business and Public Policy, The Wharton School
Panelists: John M. Angelo, Chief Investment Officer, Angelo, Gordon & Company
David Kostin, Chief U.S. Investment Strategist, Goldman Sachs & Co.
Richard Perry, Chief Executive Officer, Perry Capital
12:10 - 1:30 p.m.
1:30 - 2:20 p.m.
Farash Distinguished Lecture
Farash Lecturer: Charles Plosser, President, Federal Reserve Bank of Philadelphia
Title: "An Economic Outlook"
2:20 - 2:35 p.m.
2:35 - 3:40 p.m.
The Real Estate Recovery and the Economic Recovery: Are They Consistent With One Another?
Panel Session: Learn what deals are being done in the public and private markets and how they are being priced and financed. What differences are there in terms of financing, investment strategies and market fundamentals across different markets and property sectors? We will also discuss whether the recovery occurring in the property markets is consistent with the broader economic recovery, as well as whether the real estate debt and equity markets are in sync with one another.
Moderator: Joseph Gyourko
Panelists: Thomas R. Arnold, Head of Americas-Real Estate, ADIA
Michael D. Fascitelli, President and Chief Executive Officer, Vornado Realty Trust
Spencer Haber, Chief Executive Officer, H/2 Capital Partners LLC
Roy March, Chief Executive Officer, Eastdil Secured
Robert C. Lieber