June 2, 2021
Portfolio strategy and execution post-2020: Retail & Office
How are you re-evaluating your portfolio strategies for the retail and office sectors, and what does that mean for deals, asset management and your pro forma? Through guest speakers, case studies and breakout sessions, we dive into the portfolio and asset management pivots post-Covid of the two sectors that saw significant impact from the pandemic – retail and office.
11am: Welcome comments
Chair of the NAREIM Asset & Portfolio Management committee: Shilp Shah, Assistant Portfolio Manager, Nuveen Real Estate
11.05am: Retail: The 2021 business plan
What does the new retail investment strategy look like? And what does that mean for legacy deals? How much op-ex and cap-ex will it take to reimagine retail post-Covid? Where will be demand for retail settle in five years?
Case study: William Gerrity, CEO, Gerrity Group
Followed by whole room Q&A on post-Covid retail strategies
11.45am: Office: The 2021 business plan
What do tenants really want? How is remote working expected to impact the demand – and use of – space over the next one to three years? We hear about tenants' return to office strategies, their space needs and appetite – and the role that real estate will play in their talent recruitment and retention strategies over the longer-term. Whole room Q&A with tenants and brokers.
Market overview: Peter Riguardi, Chairman and President, New York Region, JLL
12.15pm: Breakout room discussion: Office return, leases and valuations
Members are divided into three breakout groups to discuss one of the following challenges:
The realities of return for office tenants. What does re-entry look like? CAM reconciliations? What are your top 5 priorities for a summer return for tenants?
Office lease structures and embedding flexibility for tenants. What clauses are being introduced?
Office valuations over the next 12-36 months. How will managers think about TIs, cap-ex and values in the immediate post-Covid economy
Each breakout group will nominate a leader who will take notes and report on their roundtable conversations in a whole room feedback round after the breakout session. Video is highly recommended.
1pm: Morning session concludes. Lunch
Net Zero. What does it mean? What does it cost? How do we get there?
The US has pledged to reduced greenhouse gas emissions by 50% within the next decade – and be net zero by 2050. Real estate will play a significant role in helping achieve that, and while some investment management firms are have started the journey on drafting and executing upon net zero policies – carbon neutrality is still far on the horizon for most. Through case studies, live polling and breakout group discussions, NAREIM members discuss strategies and best practices for execution on Net Zero and the integration of ESG across their organizations, policies and processes.
2pm: Welcome comments.
Co-chair of the NAREIM Asset & Portfolio Management committee: Rob Naso, Head of Asset Management, BentallGreenOak
2.05pm: Net Zero – moving from strategy to execution.
How will Portfolio and Asset Managers get the job done without costing the Earth (and investor returns)? What are the potential pathways to achieving carbon neutrality? What are the costs?
Hannah Tillmann, VP of Sustainability, Berkshire Residential Investments. Start at the beginning. Berkshire is in the early stages of thinking what Net Zero means for the firm. They have added the evaluation of Net Zero to their 5-year strategic plan, are developing ways to better track and audit energy and emissions, and are planning what a low-carbon economy may mean for assets. But there's more to think about, including: tenant engagement, carbon neutral strategies, knowing the carbon footprint, filling in data gaps, understanding offsets and credits and introducing pilot programs to name a few. Hannah walks us through the early stages of thinking about Net Zero.
Jim Landau, Head of ESG and former Head of Asset Management, Washington DC, MetLife Investment Management. From MetLife to MetZero. The evolution of MetLife’s net zero strategy, the challenges of data collection and the realities of transitioning from greenhouse gas (GHG) offsets and renewable energy certificates to executing on a net reduction in GHG emissions at the asset. Jim walks us through the transition from data collection and developing a strategy to early execution and best practices.
Benchmarking the ESG-Portfolio Management-Asset Management integration
How firms are structured around ESG – and how is the portfolio management and asset management team supported when executing on ESG strategies? Through polling and breakout group conversations, members highlight their firm's processes and policies for executing on ESG strategies, and discuss how peers are thinking about the ROI of ESG.
3.05pm: What does your team and process look like?
Live polling of attendees and feedback discussion
3.15pm: Breakout room discussion and reporting back
In breakout groups, members discuss the key challenges and priorities they are working on and dig deep into the real-time solutions and best practices. Questions include:
ESG assessment and execution. How is ESG supported within your organization in terms of committee/dedicated resources. Where does it work well, where is there room for improvement?
ESG performance and metrics. How are you scoring the performance of the ESG strategy currently? What metrics are you using and reporting on? Is there more to smart building tech than just energy savings? Can you quantify the impact of an improved GRESB score?
ESG: Shifting the focus to S. Are you being to look to the Social aspect of ESG at the asset and portfolio-level? Where will your ESG work evolve and expand?
4pm: Concluding remarks
Note, the agenda is subject to change at any time
2021 committee members
Chair: Shilp Shah, Nuveen Real Estate
Co-chair: Rob Naso, BentallGreenOak
Co-chair: Chris Barbier, Yardi Systems
John Ockerbloom & John Kennedy, Barings Real Estate Advisors
Dara Friedman, BentallGreenOak
Allison McFaul, LaSalle Investment Management
Derrick McGavic, Newport Capital
Bob Geiger & Greg Souder, Partner Engineering and Science
Frank Garcia, PGIM Real Estate
Daryl Pitts, Pereview Software
Brent McFerren, RealFoundations
Colin Kovas, RealPage