THEME: "Investment Implications of Political Change"
DAY ONE, Thursday, February 23, 2017
Investor Only Breakfast — Closed Session
New Members' and First Time Attendees' Breakfast — Jade Salon, 3rd Floor
Registration — Silver Corridor, 3rd Floor
Continental Breakfast — East Foyer, 3rd Floor
Welcoming Remarks by Conference Co-Chairs
Grand Ballroom, 3rd Floor
SESSION ONE — Grand Ballroom, 3rd Floor
The Political Landscape — The New Administration
A respected observer of national politics and policy, Ken Mehlman, Member and Global Head of Public Affairs of Kohlberg Kravis Roberts and Co., Former National Republican Party Chairman and Campaign Manager for George W. Bush’s 2004 re-election, will share his insights into the changing political landscape in a conversation with NBC's political analyst David Gregory. A fixture of television journalism and former moderator of NBC's Meet the Press, Gregory will explore with Mehlman a range of likely political and policy scenarios, explaining which transformations might unfold most swiftly and which could be encumbered by the complexities of governance. The two will also shed light on the evolving nature of the major political parties' platforms in the wake of the 2016 election.
David Gregory, Renowned Journalist and Former Moderator, NBC's Meet the Press
Ken Mehlman, Member and Global Head of Public Affairs of Kohlberg Kravis Roberts and Co., Former National Republican Party Chairman and Campaign Manager for George W. Bush's 2004 re-election
SESSION TWO — Grand Ballroom, 3rd Floor
The New Administration and Real Estate
Taking inspiration from the first session, a panel of real estate industry leaders will examine the implications of a changing political environment for the real estate asset class. Panelists will examine such issues as regulatory changes and their possible effects on the commercial and residential mortgage markets, tax policy and its potential impact on commercial real estate, potential status changes to Fannie Mae and Freddie Mac, and the impact of immigration policy change on economic growth and real estate occupancy and values.
Moderator: Jeff DeBoer, President and CEO, The Real Estate Roundtable
Peter F. Donovan, Executive Managing Director, CBRE Multifamily Group
Thomas M. Flexner, Vice Chairman and Global Head of Real Estate, Citi
Spencer B. Haber, Chairman and CEO, H/2 Capital Partners LLC
SESSION THREE — Grand Ballroom, 3rd Floor
Risk On or Risk Off? Two Leading Economists Share Their Views
As major market indices flirt with record highs, the Federal Reserve contemplates additional rate hikes, and a new administration augurs a changing set of fiscal and trade policies, different views have emerged on the future paths of investment returns and volatility. Respected economists will share their insights into the balance of risks and rewards that they see on the global landscape.
Moderator: Karen Finerman, Co-Founder and CEO, Metropolitan Capital Advisors
Matthew J. Slaughter, Paul Danos Dean and Earl C. Daum 1924 Professor of Management, Tuck School of Business at Dartmouth College
David Wessel, Senior Fellow, Economic Studies, Brookings Institution, and Director, The Hutchins Center on Fiscal and Monetary Policy
GENERAL LUNCHEON (open to all attendees) — Jade and Astor Rooms, 3rd Floor
PREA AFFINITY LUNCHEON PROGRAM (appointed members only)
SESSION FOUR — Grand Ballroom, 3rd Floor
Global Capital Flows and the Investment Landscape
How do exchange rate dynamics, divergence among central banks pursuing either looser or tighter monetary policies, and other factors influence the global movement of investment capital? What do capital flow trends mean for global trade and asset pricing in real estate and other sectors? How does one navigate the global investment universe in markets that may face increased geo-political and economic uncertainty? Industry experts will dig into these and related questions.
Moderator: Michael G. McCaffery, Cofounder, Chairman and Managing Director, Makena Capital Management
Henry H. McVey, Member and Head of Global Macro and Asset Allocation, CIO of KKR Balance Sheet
Michael Wilson, Chief Investment Officer, Chair of the Global Investment Committee, Morgan Stanley
SESSION FIVE — Grand Ballroom, 3rd Floor
Allocations in Today's Market
Reflecting on the day's earlier discussions and incorporating their own strategic objectives and views, a group of esteemed institutional investors who oversee their organizations' real estate portfolios will address the risks and opportunities they see in the present environment and how these issues affect allocations within their portfolios. Among the specific subjects they might consider are preferred fund and investment formats, geographical targets, and property type characteristics.
Moderator: Ron D. Sturzenegger, Enterprise Business & Community Engagement Executive, Bank of America
Daniel Cummings, Managing Director-Head of Real Estate, Harvard Management Company, Inc.
Conrad Langenhagen, Vice President and Senior Managing Director of Real Estate, Liberty Mutual Investments
Yvonne Nelson, Head of Real Estate, Office of the New York City Comptroller
SESSION SIX — Grand Ballroom, 3rd Floor
New York City Development
A principal destination for international capital flows, New York has met and surpassed the pricing and cap rate levels that spur large-scale development and lead to questions about the future path of cash flows and appreciation. Will New York maintain its position as a global economic growth leader in diverse industries? Will the cost of living and cost of space deter companies from betting on New York? Where does the market stand today, and what is the outlook for development in New York, generally and with a focus on the most in-demand submarkets? Leading developers will speak to these questions and highlight the trends they see unfolding from their unique vantage points as influential shapers of the city's streetscapes and skyline.
Moderator: Thomas Shapiro,President, Founder and CIO, GTIS Partners
Jeff T. Blau, CEO and Partner, Related Companies
William C. Rudin, CEO and Vice Chairman, Rudin Management Company, Inc.
Jed Walentas, CEO, Two Trees Management
PREA Cocktail Reception — Jade and Astor Rooms, 3rd Floor
PREA Dinner Program — Grand Ballroom, 3rd Floor
A Conversation with Michael Lewis and Ted Knetzger
Our keynote dinner speaker is acclaimed financial writer Michael Lewis. He will be joined by Edwin (Ted) Knetzger, Vice Chairman, DivcoWest, who will lead a conversation about Lewis's new book The Undoing Project, which chronicles the collaborative relationship between two of the 20th century's leading psychologists, a partnership that led to groundbreaking work on decision-making under conditions of uncertainty and, ultimately, to a Nobel Prize. Lewis will bring to this talk the same captivating narrative flair with which PREA audiences have become familiar and that stimulates his celebrated writing and reporting.
PREA Rising Leaders Cocktails (invitation only)
DAY TWO, Friday, February 24, 2017
PROGRAM RECAP by Conference Co-Chairs — Starlight Roof, 18th Floor
SESSION SEVEN — Starlight Roof, 18th Floor
Closing Breakfast: A Conversation With Byron Wien and Betty Liu
Renowned investment strategist Byron Wien, Vice Chairman of Multi-Asset Investing at Blackstone, will sit down with award-winning journalist Betty Liu during the seated concluding breakfast session. Celebrated for his cogent analysis of key economic, societal, and geopolitical trends, Wien releases a much-anticipated annual list of "Ten Surprises," developments that he sees as more likely to transpire in the following 12 months than the market and most observers expect. An anchor with Bloomberg Television, Liu will ask about Wien's predictions for the coming year, in areas ranging from GDP growth to energy prices, and what these mean for investors.
OTHER EVENTS TO WATCH FOR!