12-002 (RealCapital Broch):08-001 · PDF file 2/29/2012  · † Public and...

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Transcript of 12-002 (RealCapital Broch):08-001 · PDF file 2/29/2012  · † Public and...

  • A one-day conference focusing exclusively on the major trends in debt financing, investment equity and capital markets.

    Gold Sponsors

    Principal SponsorPlatinum Sponsor

    ALL IN? OR CASH OUT?

    Wednesday, February 29, 2012 Metro Toronto Convention Centre South Building

    RealCapital www.realestateforums.com

  • Who Should Attend RealCapital will be of particular value for: • Public and private equity capital providers, fund managers, investment

    advisors, and portfolio managers • Banks, life insurance companies, pension funds, and other institutional lenders • Private companies and individuals active in real estate investment and financing • Executives from real estate corporations from across Canada who have

    responsibility for asset management, acquisitions and dispositions, development, finance, and investment

    • Small real estate organizations, investors, developers, and entrepreneurs looking for debt and equity capital sources

    • Intermediaries, financial and legal advisors including mortgage brokers, real estate brokers, investment bankers, lawyers, and accounting firms

    Education Credits Attendance at RealCapital may qualify for:

    • Real Estate Council of Ontario (RECO), REBBA 2002 • Certified General Accountants of Ontario • Institute of Chartered Accountants of Ontario • Appraisal Institute of Canada • The Law Society of Upper Canada

    MMPI Canada is solely responsible for the content of the RealCapital program.

    WILL THE CREDIT AND CAPITAL MARKETS EXPERIENCE VOLATILITY IN 2012? The Most Important Conference in Q1 Returns on February 29, 2012

    As the New Year begins, there is wide spread uncertainty about what direction national and global economies will follow for the coming twelve months.

    Are the odds fairly strong that a recession will return in Eurozone, the United States and possibly into Canada as well? Will the growth in the major emerging markets slow down possibly more than is expected? What impact will this have on the international economy considering the strong unprecedented role that these markets have played in maintaining some degree of global growth through these challenging times in tier one countries?

    What will all of these factors mean for the cost and availability of capital and the credit markets in Canada and North America in general?

    And somehow, in the face of all of these possibilities, the Canadian real estate market fundamentals and performance has been close to outstanding.

    So there appears to be some rather poignant disconnects between global directions and domestic market conditions. What does this mean for the future?

    Bringing Together Users of Capital with Sources of Capital: Addressing the Key Issues

    RealCapital 2012 will focus on these key issues and trends by bringing together owners and investors with sources of public and private equity investment and debt financing in the Canadian real estate market. Some of the questions that will be addressed at the conference include:

    • What will be the Impact of Global Uncertainty Associated with the Economic Challenges in Europe and United States?

    • Will the Tsunami of Cash for Investment Markets start to Disappear? • What Will Happen to the Sources of Capital Price Spreads and Risk

    in This Market? • What Strategies are Investors and Entrepreneurs Using to Finance Their

    Activities in the Face of all the Uncertainty?

    The 2012 program will provide a unique, high-level business forum that will examine these themes, address key issues, assess emerging trends, and discuss effective strategies for real estate investment and financing for office, industrial, retail, and multi-residential sectors in the current environment across the country.

    Over 550 executives from across Canada are expected to attend this special one-day conference. RealCapital 2012 will take place at the Metro Toronto Convention Centre South Building.

    In keeping with the strong reputation of the forums, RealCapital will present high-quality speakers on very topical issues at a relatively low registration fee.

    The conference will provide a great opportunity to network with experts and decision-makers responsible for real estate investment and financing today.

    We hope that you will take advantage of this unique and informative event.

    Co-chairmen:

    OUR UPCOMING EVENTS www.realestateforums.com

    Bill Jandrisits President & CEO MCAN Mortgage Corporation

    Bart Munn CFO Calloway REIT

    February 16, 2012 • Hyatt Regency Montreal

    Montreal Real Estate forum March 20, 2012 • Fairmont The Queen Elizabeth

    Vancouver Real estate forum April 11, 2012 • Vancouver Convention Centre

    Winnipeg REal Estate Forum April 18, 2012 • Winnipeg Convention Centre

    Quebec City Real Estate Forum May 8, 2012 • Fairmont Chateau Frontenac

    edmonton REal Estate Forum May 10, 2012 • The Shaw Conference Centre

    April 4, 2012 Metro Toronto Convention Centre, North Building

    May 1, 2012 Metro Toronto Convention Centre, South Building

  • WEDNESDAY, FEBRUARY 29, 2012 I

    9:30 a.m.

    YIELD VS. RISK: WILL STRONG CAPITAL FLOWS INTO THE REAL ESTATE AND DEBT MARKETS CONTINUE? WILL CMBS MAKE A COMEBACK?

    A wide ranging panel discussion will examine the strategic deployment of capital and asset allocation into the real estate markets in the current environment. The participants will offer their views from different points on the compass as they comment on the current capital and credit market environment; what they foresee in 2012 and beyond; what risks and opportunities are emerging at this time; in what markets and in what form would they favour deploying capital; and where the real estate asset class fits relative to other investment opportunities for the year ahead. How much interest and appeal is there in owning commercial real estate debt? As capital continues to search for yield, will real estate continue to be attractive? Is there any likelihood that CMBS market will make a comeback?

    Moderators: Bill Jandrisits, President & CEO, MCAN Mortgage Corporation

    Bart Munn, CFO, Calloway REIT

    Panel: Brydon Cruise, President & Managing Partner, Brookfield Financial

    Ethan Penner, Executive Managing Director & President, CBRE Capital Partners

    Jerome Silvey, Executive Vice President and CFO, Starwood Capital Group

    Moray Tawse, Vice President, Investments, First National Financial LP

    10:25 a.m.

    MORNING REFRESHMENTS

    10:50 a.m.

    CONCURRENT SESSIONS (SELECT A1, A2 or A3)

    SESSION A1

    TIER ONE LENDERS’ ROUNDTABLE: THE MARKET FOR MEDIUM AND LARGER LOANS AND MAJOR CENTRES

    The panel will provide an update on the underwriting practices and deployment of debt capital in the Canadian market among a cross-section of major lenders. What will happen in 2012? The discussion will open with a brief overview of a national annual survey of the Canadian commercial mortgage market activity. This session will then focus on what borrowers should expect to see in this coming year.

    • Who will be the major providers of debt in Canada and what will they be looking for?

    • What impact will Basel III and OFSI’s push for greater diversification have on the commercial lending activities of major institutional lenders?

    • How will the strategies of banks, insurance companies, pension funds and other institutions vary from those of private sources of debt capital? Where are they looking for their greatest returns?

    • How are lenders evaluating a deal in today’s market? How is risk being priced now? What is happening with loan spreads, amortization periods, loan to value ratios, and recourse financing?

    • What property classes are lenders avoiding, reducing exposure to, or increasing pricing for?

    Moderator: Mark Achtemichuk, Managing Director, Mortgage Valuation, CMLS Financial Ltd.

    Panel: Richard Brownscombe, President & CEO, Montrose Corporation Ltd.

    Phil Gillin, Senior Managing Director & Head, Canadian Property Investments, Sun Life Financial

    David Grieve, Senior Portfolio Manager, Mortgage Investments, AIMCo

    Brad Lambert, Regional Vice President, Real Estate Markets – Ontario, Royal Bank of Canada

    Jeremy Wedgbury, Managing Director, Commercial Mortgages, First National Financial LP

    SESSION A2

    THE STRATEGIC SHIFT FROM FOCUSING ON RETURN TO LIMITING RISK: WHAT ARE INVESTOR PRIORITIES IN AN ENVIRONMENT OF GLOBAL UNCERTAINTY?

    The last twelve months have seen the beginning of some major swings in global capital flows. Leading into 2011, many foreign lenders had continued their return to the commercial mortgage markets and foreign investors deployed their large sources of capital. However, what has transpired over the past year due to concerns over the economic condition of Europe, the continued sluggishness of the U.S. economy, and the signs of some weakening in major emerging markets? How do you manage risk in today’s global market? How much of a change has there been in investor philosophy? How are investors playing the international property markets now? How much volatility are they able to accept? What is the outlook for debt, equity and capital markets for 2012 from the perspective of global players?

    Moderator: Allan Kimberley, Vice Chairman & Managing Director, Investment Banking, CIBC World Markets Inc.

    Panel: Marc Lemaire, Principal Vice President, Real Estate Investment Funds and Financing, Ivanhoé Cambridge (invite