5:30 - 6:30 p.m.
Registration, Cocktails, Hors d'oeuvres

5:30 - 6:30 p.m.
Research Sponsors' Colloquium (open only to Research Sponsors, Executive Committee, and special guests)
Private meeting with Fareed Zakaria, author; editor, Newsweek International; columnist; and host of CNN's Fareed Zakaria GPS (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: Fareed Zakaria, author; editor, Newsweek International; columnist; and host of CNN's Fareed Zakaria GPS
Title: “The Rise of the Rest: The Post-American World”

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

WEDNESDAY, APRIL 29, 2009
The Rittenhouse, Philadelphia

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

9:00 - 9:10 a.m.
Welcoming Remarks
Michael Fascitelli, President, Vornado Realty Trust; Chairman, Advisory Board and Prof. Joseph Gyourko, Director, Zell/Lurie Real Estate Center, The Wharton School

9:10 - 10:15 a.m.
“Sharing the Pain: Debt Restructuring in 2009 and Beyond”
Panel Session 1: The capital markets shutdown has created huge problems for companies with near-term debt rollovers. However, it also creates potential opportunities for some who are able to restructure and possibly buy back their liabilities at a discount. How is this likely to work in the future? Where will restructuring work and where will it not? Hear from leading participants on all sides of these deals.
Moderator: Joseph Gyourko, Director, Zell/Lurie Real Estate Center, The Wharton School
Panelists: Michael A. Elrad, Senior Managing Partner, GEM Realty Capital
Matthew J. Lustig, Managing Director, Lazard
John P. McDonagh, Managing Director, J.P. Morgan Securities, Global Credit Portfolio
Glenn Rufrano, Chief Executive Officer, US Operations, Centro Properties Group

10:15 - 10:30 a.m.
BREAK

10:30 a.m. - 11:30 a.m.
Keynote Speaker: F. William McNabb, President and CEO, The Vanguard Group
“The Financial Markets and Investing”

11:30 - 11:40 a.m
BREAK

11:40 a.m.- 12:50 p.m.
“Learning from the Past: How Did We Survive the Last Collapse? ”
Panel Session 2: How is this time different? The same? What is the most difficult thing to do when the market is falling? What crucial actions did you take last time that allowed you to survive? What general advice would you give to senior executives and those just entering the business?
Moderator: Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center, The Wharton School
Panelists: Robert C. Larson, Chairman, Lazard Frères Real Estate Investors
Ron Terwilliger, Chairman, Trammell Crow Residential
Don Williams, Foundation for Community Empowerment; Chairman Emeritus, Trammell Crow Co.

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

1:50 - 2:55 p.m.
“What Will the Industry Look Like in 2013? ”
Panel Session 3: The last major downturn in the commercial property markets led to major changes in the structure and organization of the industry. Large publicly traded firms were created, as well as specialized private equity entities. What is needed to survive this time, and what changes are likely to occur over the next few years as the industry and the capital markets recover?
Moderator: Michael Fascitelli, President, Vornado Realty Trust; Chairman, Advisory Board
Panelists: Neil G. Bluhm, President, Walton Street Capital
David Simon, Chairman and Chief Executive Officer, Simon Property Group
Barry Sternlicht, Chairman and Chief Executive Officer, Starwood Capital Group

2:55 - 3:10 p.m.
BREAK

3:10 - 4:10 p.m.
A Conversation with Sam Zell: “The Outlook for Business and Real Estate”
Real estate legend Sam Zell in a spirited discussion with Peter Linneman, Sussman Professor of Real Estate and Finance at the Wharton School. Time will be provided for your questions.

4:10 p.m.
Closing Comments
Michael Fascitelli, Chairman, Advisory Board, Zell/Lurie Real Estate Center