5:30 - 6:30 p.m.
Registration, Cocktails, Hors d'oeuvres (Grand Ballroom)

Research Sponsors' Colloquium (open only to Research Sponsors, Executive Committee, and special guests)
Private meeting with Robert E. Rubin, Director and Chairman of the Executive Committee, Citigroup (Parkview Suite, 4th Floor)

6:30 - 7:30 p.m.
Dinner (Grand Ballroom)

7:30 - 8:00 p.m.
Awards: Recognition of student and faculty award winners

8:00 - 8:45 p.m.
Featured Speaker: Robert E. Rubin, Director and Chairman of the Executive Committee, Citigroup
Title: "The U.S. Economy: Outlook and Challenges"

8:45 - 9:45 p.m.
Members' Reception (Boathouse Row Bar)

WEDNESDAY, APRIL 30, 2008
The Rittenhouse, Philadelphia

8:00 - 9:00 a.m.
Registration, Members' Continental Breakfast

9:00 - 9:15 a.m.
Welcoming Remarks
Thomas S. Robertson, Dean, The Wharton School,
Michael Fascitelli, Chairman, Advisory Board; and
Prof. Joseph Gyourko, Director, Zell/Lurie Real Estate Center

9:15 - 10:15 a.m.
A Discussion with Sam Zell
Panel Session 1: On the tenth anniversary of his endowment of the Zell/Lurie Real Estate Center, we honor Sam Zell as a legend of the real estate industry. Peter Linneman, Sussman Professor of Real Estate and Finance at the Wharton School, will moderate a discussion with Sam about where we are, where we are going, and why. Time will be provided for your questions.

10:15 - 10:35 a.m.
BREAK

10:35 a.m. - 11:45 a.m.
“Is the Bloom Off Real Estate? The View from the Broader Asset Markets”
Panel Session 2: Is real estate's position as a favored asset class changing for the worse? Hear what leading investment professionals from outside and inside the industry think about real estate and competitive asset classes. How do different types of investors and firms perceive the prospects for real estate? What is happening to broad capital flows, and what would change them to real estate's favor or detriment?
Moderator: : Joseph Gyourko, Director, Zell/Lurie Real Estate Center, The Wharton School
Panelists: Ronald R. Pressman, President and Chief Executive Officer, GE Real Estate
George U. Sauter, Managing Director and Chief Investment Officer, The Vanguard Group
Daniel H. Stern, Co-founder and Chief Executive Officer, Reservoir Capital Group

11:45 a.m. - 12:00 p.m.
BREAK

12:00 - 12:50 p.m.
Keynote Speaker: Wesley R. Edens, Chairman and Chief Executive Officer, Fortress Investment Group LLC

12:50 - 1:45 p.m.
LUNCH

1:45 - 2:50 p.m.
“The Return to Fundamentals: How Will Money Be Made in the New Environment? ”
Panel Session 3: We've just enjoyed an extraordinarily positive era—it was hard not to make money. Lest we forget, it's a cyclical business, and we are likely going to see a much more unforgiving market. What do you have to do differently over the next three years to be profitable? What worked three years ago that won't work now? What types of players are well-positioned to succeed in this new environment? What will be the biggest mistakes made in this unfolding market?
Moderator: Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center, The Wharton School
Panelists: Todd L. Platt, Chief Executive Officer, Hillwood Investments, A Perot Company
Jeffrey H. Schwartz, Chief Executive Officer, ProLogis
Jay Sugarman, Chairman and Chief Executive Officer, iStar Financial Inc.
Robert S. Taubman, Chairman, President and CEO, Taubman Centers, Inc.

2:50 - 3:10 p.m.
BREAK

3:10 - 4:05 p.m.
A Look into the Future for Real Estate
Panel Session 4:
Moderator: Michael Fascitelli, Chairman, Advisory Board, Zell/Lurie Real Estate Center
Panelists: Thomas M. Flexner, Senior Managing Director and Vice Chairman, Bear, Stearns & Co., Inc.
Richard B. Saltzman, President, Colony Capital LLC
Barry Sternlicht, Chairman and Chief Executive Officer, Starwood Capital Group

4:05 p.m.
Closing Comments
Michael Fascitelli, Chairman, Advisory Board, Zell/Lurie Real Estate Center