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REIT School: Analyst Training In Real Estate Securities - June 2013  -  June 24-25, 2013

7:30 am

DAY ONE - Monday, June 24

Registration and continental breakfast open.
8:30 am

Market Cycles

  • Introduction to market analysis and forecasting 
  • The characteristics of real estate market cycles 
  • The competitive and strategic issues facing REITs today
Glenn Mueller, PhD
Denver University, Franklin L. Burns School of Real Estate and Construction Management; Real Estate Investment Strategist, Dividend Capital Research
10:30 am

Refreshment Break

11:00 am

REIT Financial Statement Analysis

  • The sources of financial data necessary for evaluating a REIT’s economic health and risk/return profile 
  • Dissecting the line items of REIT financial statement
Christopher Hartung
Lazard Asset Management LLC; Trustee, Board of Directors, FelCor Lodging Trust
1:00 pm


2:00 pm

Real Estate Credit Analysis

  • How fixed income analysts look at REITs 
  • The qualitative factors, quantitative measures and benchmarks underlying corporate debt analysis
Matthew Lougee
Senior Vice President
3:30 pm

Refreshment Break

3:45 pm

Fundamentals of REIT Finance

  • Core vs. non-core real estate
    - Return generating process
    - Performance of core vs. non-core
    - Interpreting real estate indices 
  • Risk-adjusted returns
  • Leverage effects and volatility 
  • Acquisition and disposition transaction costs
Joseph Pagliari, PhD
Clinical Professor of Real Estate
University of Chicago Booth School of Business
5:30 pm

Networking Cocktail Reception

7:45 am

DAY TWO - June 25

Continental breakfast opens.
8:30 am

Property Analysis

  • The methodology and processes of property acquisition 
  • The competitive nature of property acquisitions in commercial real estate at-large 
  • Analytical tools for evaluating property values
  • Trends and outlook for cap rates, capital flows and buyer/seller activity
Mike Daugard
Director of Acquisitions and Portfolio Management
Washington REIT
10:00 am

Refreshment Break

10:15 am

Accessing and Managing Capital

  • Capital instruments available to REITs 
  • The advantages and drawbacks of balance sheet management strategies 
  • Effects of capital-raising techniques on the balance sheet and income statement; tax considerations
Nishant Bakaya
Executive Director, Real Estate Lodging and Leisure Group
UBS Investment Bank
Shapri  Genrette
Analyst, Real Estate Lodging and Leisure Group
UBS Investment Bank
11:30 am

Valuation and Mergers & Acquisitions

  • Issues surrounding M&A in the REIT sector 
  • Multiple approaches to valuing companies and structuring deals
Eric Tracy
Director, Real Estate Investment Banking Group
Eastdil Secured/Wells Fargo Securities
1:00 pm


2:00 pm

Investing in REITs: A Case Study

  • A hands-on analysis and valuation of a REIT as a potential investment or acquisition candidate
  • Employs the metrics and methods presented in the preceding sessions 
  • Day Two concludes at approximately 5:00 p.m.
Keven  Lindemann
Director and Group Head
SNL Real Estate
4:30 pm

Program Concludes

Nishant Bakaya
Executive Director, Real Estate Lodging and Leisure Group, UBS Investment Bank

Nishant Bakaya is an Executive Director in the Real Estate, Lodging and Leisure Group at UBS Investment Bank. His transaction experience while at UBS includes, the $627 million sale of Campus Acquisitions to American Campus Communities, the $37 billion restructuring of General Growth Properties, the $25.8 billion sale of Hilton Hotels Corporation to funds affiliated with The Blackstone Group, the $6.1 billion acquisition financing for the real estate assets of HCR Manor Care for HCP , the $2.3 billion acquisition of Prime Outlets by Simon Property Group, the $890 million sale of Apple Hospitality Two to ING Clarion, as well as debt and equity offerings for companies such as Simon Property Group, Hersha Hospitality Trust and Kimco Realty Corporation among others.

Prior to joining UBS in 2005, Nishant was an Analyst at JP Morgan. He received his B.A. in Economics from Franklin & Marshall College and his MBA with Honors from the University Of Chicago Booth School Of Business.


Mike Daugard
Director of Acquisitions and Portfolio Management, Washington REIT

Mike joined Washington Real Estate Investment Trust (WRIT) for a second time in 2006 as Director of Acquisitions and Portfolio Management, where he is involved in the acquisition and disposition of office, multifamily, retail, industrial and medical office properties. Since 2008, he has been an adjunct faculty member at the University of Maryland at College Park teaching real estate and finance courses. Previously, Mike worked at Lowe Enterprises, Jones Lang LaSalle and The Mills Corporation.


Shapri  Genrette
Analyst, Real Estate Lodging and Leisure Group, UBS Investment Bank

Shapri Generette has been an Analyst in the Real Estate, Lodging and Leisure Group at UBS Investment Bank since the Fall of 2010. Her deal experience while at UBS includes numerous equity, debt and preferred capital offerings and most recently the sale of American Realty Capital Trust III to American Realty Capital Properties in a reverse merger valued at $3.1 billion.

Shapri received her B.S. in Industrial & Systems Engineering from the Georgia Institute of Technology.


Christopher Hartung
Director, Lazard Asset Management LLC; Trustee, Board of Directors, FelCor Lodging Trust

Christopher Hartung serves on Lazard's Global Real Estate Securities team, focusing on investment strategy and research. Prior to joining Lazard in 2011, Christopher was Senior Advisor at Grubb & Ellis Alesco Global Advisors, responsible for alternative investment strategies, capital markets, product development and research. Previously, he was a Managing Director at Wells Fargo Securities/Eastdil Secured, responsible for providing investment banking services to both public and private real estate companies. Prior to Eastdil, Christopher was a Managing Director and Group Head of Real Estate Equity Research at Banc of America Securities and also worked in Real Estate equity research and strategic planning at JP Morgan. Christopher serves as a director of FelCor Lodging Trust, a public real estate investment trust and is on the Advisory Board for Maier Siebel Baber, one of the West Coast's leading real estate investment managers. He is currently or has been a member of various professional organizations in the real estate industry including the Urban Land Institute, Lambda Alpha International, the International Council of Shopping Centers and the National Associate of Real Estate Investment Trusts (NAREIT). Christopher also served on the Advisory Board for the Fisher Center for Real Estate at Haas Business School, University of California Berkeley. He holds a bachelor's degree from Cornell University.

Keven  Lindemann
Director and Group Head, SNL Real Estate

Prior to joining SNL Financial in 2001, Keven was Director of Business Analysis for online real estate brokerage, Homebytes. From 1998 to 2000, he worked for BB&T Capital Markets as vice president and senior real estate analyst in the Equity Research Group. From 1995 to 1998, he worked for the Trammell Crow Company. Keven is a graduate of the University of Virginia (1991) and holds both an MBA and an MS in Real Estate and Construction Management from the University of Denver (1995, 1996). He is Series 7 and Series 63 registered and holds the Chartered Financial Analyst designation.


Matthew Lougee
Senior Vice President, DDR

Matthew A. Lougee is the Senior Vice President of Finance at DDR, a publicly traded retail real estate REIT with over $15 billion of assets under management. He currently oversees the finance and portfolio management departments and reports to President and CFO, David Oakes.

During his tenure at DDR, Mr. Lougee has repurchased over $1 billion of DDR’s unsecured notes in the open market with a net gain of approximately $200 million to DDR. He led the underwriting on the Company’s 28-asset, $400 million TALF-eligible CMBS transaction in 2009, and led due diligence efforts on the Company’s 46 property, $1.4 billion joint venture acquisition with Blackstone of the EDT retail portfolio. He has also assisted in the financial diligence, internal and external coordination, and board communication of over $3 billion of capital raising initiatives, including common equity offerings, secured, unsecured, and convertible debt, and a Brazilian shopping center IPO.

The finance and portfolio management departments he oversees serve the primary functions of analyzing corporate investment decisions, maintaining and building models, and underwriting existing assets and providing strategic direction to executive management. Mr. Lougee also co-developed the Company’s inaugural five-year strategic plan and continues to work on strategic planning and interaction with the board of directors.

Mr. Lougee is a graduate of the Company’s industry-leading management training program and he has served on DDR’s Executive Committee since 2011. Mr. Lougee co-founded The Alliance, a network of retail and real estate young professionals, he serves as a guest speaker at Case Western Reserve’s graduate classes, and he serves on the ICSC Ohio Government Relations Committee. He is a graduate of Colgate University.


Glenn Mueller, PhD
Professor, Denver University, Franklin L. Burns School of Real Estate and Construction Management; Real Estate Investment Strategist, Dividend Capital Research

Glenn has 36 years of real estate industry experience, including 27 years of research. Mueller's research experience includes: real estate market cycle analysis, real estate securities analysis, real estate capital markets, portfolio and diversification analysis, seniors housing analysis and both public and private market investment strategies. In addition, he has performed specific macro- and micro-economic level analyses, both nationally and internationally, on office, industrial, apartment, retail, hotel, single-family residential, and senior housing sectors. He is a frequent presenter of research at national and international conferences on topics ranging from market cycle analysis, to portfolio strategies, to investment analysis and real estate securities analysis. Prior to Denver University and Dividend Capital, he was a professor at Johns Hopkins University and Colorado State University. He has held top research positions at Legg Mason, Price Waterhouse, ABKB/LaSalle Investment Management, and Prudential Real Estate Investors. He was also a developer/builder in New England. Glenn holds a B.S.B.A. with finance major from the University of Denver, an MBA from Babson College, and a PhD in Real Estate from Georgia State University.

Joseph Pagliari, PhD
Clinical Professor of Real Estate, University of Chicago Booth School of Business

Based on over 30 years of industry experience, Dr. Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing.

He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate.

Pagliari serves (or has served) on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is a board member of the Real Estate Information Standards (REIS). He is also active in numerous professional associations including the American Real Estate Society (ARES), the American Real Estate and Urban Economics Association (AREUEA), the National Association of Real Estate Trusts (NAREIT), the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA).

Pagliari earned a bachelor's degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002.

His interests include sports of most every kind - some of which he still plays.


Eric Tracy
Director, Real Estate Investment Banking Group, Eastdil Secured/Wells Fargo Securities
Eric is a Director in Eastdil Secured / Wells Fargo Securities’ Real Estate Investment Banking Group and is primarily responsible for the coverage of a number of the firm’s office, retail, and multifamily REIT clients. Since joining the Real Estate Investment Banking Group in 2005, Eric has successfully completed public debt and equity offerings, M&A transactions, bank loans, and private equity placements for his clients. Prior to joining Wells Fargo, Eric was in the Assurance Services group at KPMG LLP in Washington, D.C. where he focused on public REITs. Eric received his MBA from the University of North Carolina and a BS in Commerce from the University of Virginia.
Event Date:
June 24-25, 2013
Event Location:
Omni Chicago Hotel
676 N Michigan Ave
Chicago, IL, US
Registration Fee:

Your registration includes all program work materials, plus continental breakfast and lunch both days, as well as the cocktail reception at the end of Day One.


REIT School is an introductory program for those relatively new to the REIT industry, including:

  • Finance, operations, marketing and IR professionals at REITs and other real estate companies who want insight into the analysis of their own company and techniques for evaluating their peers
  • Analysts and associates in equity or fixed income research, asset management, or investment banking, seeking a comprehensive
  • introduction to the analysis of the real estate securities industry
  • Consultants and accountants who advise real estate-related companies
  • Current and potential investors seeking insight into the industry
Event Date:
June 24-25, 2013
Omni Chicago Hotel
676 N Michigan Ave
Chicago, IL, US
A block of rooms at the Omni Chicago Hotel has been reserved for program attendees at a special rate, starting at $289 per night, exclusive of taxes and fees. Discounted rates are available through Thursday, June 3, 2013 or until the block is filled, whichever comes first.

To reserve your room, please call the hotel directly at 312-944-6664 and mention the SNL REIT School.
CFA Institute

12 Hours of Continuing Education Credit
SNL Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 12 CE credit hours as granted by CFA Institute If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.


National Association of State Boards of Accountancy
14 hours of CPE credit
Participants attending the entire program qualify for 14 CPE credit hours (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. SNL Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
What is the dress code?
Business casual

Do I need a laptop?

Are meals included?
Your registration includes continental breakfast and lunch both days, as well as the cocktail reception at the conclusion of Day One.

Where should I stay?
Information about accommodations can be found under the "Venue and Accommodations" tab at left.

When does the program start? When does it end?
Registration opens on the first day at 7:30 a.m. The program begins both days at 8:30 a.m. The program concludes on the second day at approximately 5:00 p.m.

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another SNL Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.
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