SEC Custody Rule Amendments—Practical Implications & Actions, Lawrence Cohen, Gibbons P.C. - M - March 08, 2010 (Video)

Time to Register! Issue Forum Convention April 28-29 New Orleans - March 08, 2010 ()

NAREIM President Steve Renna Addresses Lodging Conference - February 16, 2010 ()
NAREIM President Steve Renna addresses 2010 ALIS Conference. In January, the Americas Lodging Invest Summit held its 2010 Convention in San Diego California. ALIS is the largest hotel investment conference in the world, attracting more than 7,000 international delegates over the past 3 years. Executives from leading hotel companies, investment firms and financial institutions attended ALIS.

Download - 2010 Executive Officer Annual Symposium Presentation Materials - January 13, 2010 ()
Click the link to open the folder that has downloadable files of speaker presentation materials.

WSJ Article Big Business Job Creation - Ethan Penner - January 07, 2010 ()

Summary - Private Equity Fund Manager Registration Act - December 15, 2009 ()
The law firm of Sherman & Sterling has published this summary and analysis of the private equity fund manager registration requirements included in Financial Reform legislation that recently passed the House of Representatives.

Executive Officer Annual Symposium Program - November 16, 2009 ()
To register for the meeting, go to the "Meetings" section and click on Annual Symposium.

Comptroller of Currency Issues Guidance to Examiners on CRE Loan Workouts - October 30, 2009 ()
Financial institutions that implement prudent CRE loan workout arrangements after performing a comprehensive review of a borrower’s financial condition will not be subject to criticism for engaging in these efforts even if the restructured loans have weaknesses that result in adverse credit classification. In addition, renewed or restructured loans to borrowers who have the ability to repay their debts according to reasonable modified terms will not be subject to adverse classification solely because the value of the underlying collateral has declined to an amount that is less than the loan balance.

House Cmte Passes Private Fund Adviser Registration Act - October 28, 2009 ()
Currently, many advisers to private funds rely upon the private adviser exemption to avoid registering as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (“Advisers Act”). In general, the exemption provides that an adviser with less than 15 clients that does not hold itself out to the public is exempt from registration.

The PFIARA would eliminate, subject to a $150M AUM per fund exception, the private adviser exemption by amending Section 203(b) of the Advisers Act to exclude from the registration exemption an investment adviser to any “private fund.”

NAREIM Founder Fred Halperin Passes Away - October 13, 2009 ()

NAREIM 2009 Executive Compensation Survey Available for Purchase - October 02, 2009 ()
The NAREIM 2009 Executive Compensation Survey is available for purchase for $5,000. Contact Erin Liberatore 202-789-4373 or .(JavaScript must be enabled to view this email address)

NAREIM Executive Officer Annual Symposium Attendee Roster - October 01, 2009 ()

NAREIM To Revamp Forum Platform In 2010 - September 30, 2009 (pdf)
In an effort to enhance the NAREIM forum meeting experience and provide greater value, the platform for the forums will be changed in 2010 to create two forum conventions – one in the Spring and the other in the Fall. Our current slate of forums will be divided between the Spring and Fall conventions. Dates TBD.

NAREIM Holds Member Meetings in NY City, San Francisco and Seattle - September 23, 2009 (JPG)
NAREIM held meetings recently in NYC, San Francisco and Seattle for senior officers and their guests. Attendees heard quality presentations and participated in substantive discussions on the equity and debt markets, plan sponsor relationships with investment managers and the investment management business generally. Thanks to our hosts: Tom Garbutt, TIAA-CREF; Bob Zerbst, CB Richard Ellis Investors; and John Parker, Kennedy Associates. And thanks to our presenters Frank Schavone and Ethan Penner of CBRE Investors, and Bob Ratliffe and Chuck Hurd of Kennedy Associates.

IRS Issues Rule Easing Restrictions on CMBS Loan Modifications - September 22, 2009 (Doc)
On September 15th, the IRS issued guidance (Revenue Procedure 2009-45) that provides significantly greater flexibility to rework the terms of commercial mortgage loans that have been securitized in commercial mortgage backed securities (CMBS). http://www.irs.gov/pub/irs-drop/rp-09-45.pdf

NAREIM Plans “Pulse Surveys” of Senior Execs - September 22, 2009 (Doc)
We are preparing to institute a new set of surveys we call "Pulse Surveys". These surveys will be targeted to senior management. They will be single topic and are intended to be more qualitative and subjective than quantitative. Your input on topics needed. Please click link.

Fed Announces Extension of TALF Program for CMBS - August 17, 2009 (link)
The Fed extended the TALF program for new CMBS loans through June 30, 2010 from December 31, 2009. The program is extended through March 31, 2010 for newly issued ABS and legacy CMBS. NAREIM has recommended to the Fed an extension of at least one year.

NAREIM Meeting with Treasury and Fed on CRE Debt Crisis Ethan Penner, CBRE Capital Partners and Wayne Brandt, Buchanan Street Partners - August 17, 2009 (PDF)
Treasury officials solicited comment from NAREIM about the TALF CMBS program and the CRE debt crisis more broadly. A productive meeting ensued and has opened a dialogue with Treasury officials who are seeking input more broadly from NAREIM members.

Experts confident US can reverse downturn MIPIM News - March 19, 2009 (110kb PDF)

Investors Bristle at Obama Budget by Thomas Heath, Washington Post Staff Writer - February 27, 2009 (link to Washington Post)

Global Vision 2009 by Jeff Barclay, Managing Director, ING Clarion - January 26, 2009 (264kb PDF)

It’s Time for New Ideas by Ethan Penner, Executive Managing Director - January 26, 2009 (36kb PDF)

When Will It End? by Steve Cochrane, Managing Director, Moody's|Economy.com - January 26, 2009 (1.4mb PDF)

NAREIM Letter on Liquidity Crisis - January 13, 2009 (48kb PDF)

Commercial Loan Stress Examples - January 13, 2009 (44kb PDF)