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 Lawrence Summers, Director, National Economic Council, The White House (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: Lawrence Summers, Director, National Economic Council, The White House
Topic to be announced

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

WEDNESDAY, APRIL 28, 2010
The Rittenhouse, Philadelphia

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

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

9:10 - 10:00 a.m.
Panel: “What Should We Expect from the Economy Going Forward?”
At the request of many attendees at our Fall Meeting, we are reprising our 'economists' panel,' with a few changes. In addition to seeing if our bull and bear panelists have changed their views, we have added Wharton's senior expert on international banking to address issues in that sector. We will discuss when we can expect employment and spending to follow the recent rise in output. What will drive the economy through the rest of 2010, both domestically and globally? How will all this affect the different parts of the real estate industry?
Moderator: Susan M. Wachter, Richard B. Worley Professor of Financial Management; Professor of Real Estate, Finance and City and Regional Planning, The Wharton School
Panelists: Joseph Gyourko, Martin Bucksbaum Professor of Real Estate, Finance, Business & Public Policy; Director, Zell/Lurie Real Estate Center, The Wharton School
Richard J. Herring, Jacob Safra Professor of International Banking; Professor of Finance; Co-Director, Wharton Financial Institutions Center, The Wharton School
Peter D. Linneman, Albert Sussman Professor of Real Estate; Professor of Finance and Business and Public Policy, The Wharton School

10:00 - 10:15 a.m.
BREAK

10:15 a.m. - 11:20 a.m.
A Conversation with Sam Zell
Moderator: Peter D. Linneman, Albert Sussman Professor of Real Estate; Professor of Finance and Business and Public Policy, The Wharton School

11:20 - 11:35 a.m
BREAK

11:35 a.m. - 12:35 p.m
Keynote Speaker: William A. Ackman, CEO and Founder,
Pershing Square Capital Management
"Issues, Opportunities and Challenges in the Broad Investment Markets"
Moderator: Joseph Gyourko, Director, Zell/Lurie Real Estate Center, The Wharton School

12:35 - 1:35 p.m.
LUNCH

1:35 - 2:45 p.m.
Panel: “Capital and Deal Flow—Yesterday, Today and Tomorrow”
Just what is happening on the debt and equity sides of the property markets? What is getting done and how? How are we going to deal with yesterday's problems? What does that leave for today? How should people position themselves for the future? Listen to key players from the public markets, private equity, special services, and the banks discuss these and other pressing issues.
Moderator: Todd Sinai, Associate Professor of Real Estate and Business & Public Policy, The Wharton School
Panelists: Andrew J. Jonas, Managing Director, Goldman Sachs & Co.
Roy Hilton March, Chief Executive Officer, Eastdil Secured, LLC
Mark L. Myers, Group Head/Executive Vice President, Special Situations, Wells Fargo
Charles R. Spetka, Chief Executive Officer, CW Financial Services

2:45 - 3:05 p.m.
BREAK

3:05 - 4:10 p.m.
Panel: "Investment and Structuring Challenges Facing Real Estate"
The depth of the challenge facing many firms in the real estate sector becomes more obvious every day. How do firms need to change in the face of this? Will the markets they are in be fundamentally different, both on the equity and debt sides? What opportunities are available for those that can meet the challenge. Are they near term or further out in time?
Moderator: Michael Fascitelli, President, Vornado Realty Trust; Chairman, Advisory Board
Panelists: Keith F. Barket, Senior Managing Director, Angelo Gordon & Co.
Others: TBA

4:10 p.m.
Closing Comments
Michael Fascitelli