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Wednesday, Sept 25

Location: Bowie House Hotel, 3700 Camp Bowie Blvd, Fort Worth, TX 76107

All times below are in Central Time

 

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12pm: NAREIM Board of Directors annual meeting 

NAREIM Board and Membership Committee members only. Laney's Room, in the Bricks & Horses restaurant

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1.50pm: Go-karting @ the Texas Speedway

Transportation will be provided to and from the Speedway. Meet in the Bowie House Hotel lobby. We will arrive back at the hotel no later than 5.45pm. The go-karts are powered by 270cc Honda engines, with each participant having three races in a Grand Prix-style competition between NAREIM members. Closed toe shoes are required.

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6.30pm: Networking dinner at Bricks & Horses restaurant at the Bowie House hotel. 

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Thursday, Sept 26

Location: Bowie House Hotel, 3700 Camp Bowie Blvd, Fort Worth, TX 76107

 

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8am: Breakfast

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9am: Welcome comments 

• Josh Myerberg, JPMorgan Asset Management & NAREIM Chair Emeritus

• Kristin Renaudin, Stockbridge Capital Group & NAREIM Chair

• Bryan Thornton, PCCP & NAREIM Vice Chair 

• Zoe Hughes, NAREIM CEO

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9.10am: NAREIM Jeff Barclay Fellows introductions

• Peggy Ghasmelou, MIT

• Matthew Ghidotti, Columbia Business School 

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9.20am: Enterprise value in 2024. What will it be in 2035 - and how can you measure it?
As the industry assesses the impact of higher rates, a new cycle where value creation comes increasingly from operations and changing investor composition - how do we think about our future business and org strategy? What will the successful manager of the future look like, and most importantly, what does that mean for enterprise value today?

 

Throughout the NAREIM Executive Officer meeting 2024, members will address three core questions facing all real estate investment managers today - and for every question ask what the impact of change is on enterprise value. The three questions are:

• What will capital source composition look like in 2035 - and which sources will create most value for firms?

• How are firms retooling and adapting org strategy in response to capital flow shifts and the next cycle 

• How does talent strategy need to adapt to ensure a durable franchise for the long-term?

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In this introductory session, members will review the key areas fueling the potential for consolidation in the industry, what those changes mean to the value proposition of firms and how to underwrite enterprise value today and in 10-years time.​

• Speaker: Drew Murphy, Partner, Berkshire Group

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9.45am: Break

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10am: NAREIM Jeff Barclay Fellows introductions

• Bernadette Praxides Mead, Kellogg School of Management, Northwestern University

• Micah Nelson, Wisconsin School of Business, University of Wisconsin-Madison

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​10.15am: Enterprise value through the lens of distribution & capital raising strategies: Is private wealth required for the future?

​​Private wealth investment in alternatives is expected to top $2.4tn in just five years. It’s a massive market that is largely untapped by alternative investment managers. In 2024, just 2.3% of allocations were going to alts - and it's a channel the real estate investment management industry is actively attempting to access. In this whole room discussion featuring speakers and case studies, members dive into:

• Private wealth realities: Breaking down the different types of private wealth channel, together with average check sizes, risk appetite, fee loads and hold times/returns.

• Execution realities: Structuring and vehicle type, distribution and team composition, registration and capacity challenges

• How will private wealth impact enterprise value?

Session leader: 

• Brandon Sedloff, Juniper Square

Speakers:

•  Michael Episcope, Co-CEO, Origin Investments 

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11.15am: Break

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11.30am: Enterprise value through the lens of org design

​You are in the business of building an institutional real estate investment management business – one that can thrive without the key person/founder being around. Given changing capital flows and distribution strategies - and a new cycle of value creation  how do you get there? How do you design your organization to remain differentiated, grow enterprise value over the long-term - and protect against a consolidating industry.

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During this session - and continuing after the lunch break - members will discuss the following issues: 

• Platform: What is the going to be the predominant business model of the future and generate the most value? Generalist or specialist, vertically-integrated or allocator, debt or equity.

• Product: How will enterprise value be impacted by vehicle structures, duration and discretion? What role will real assets play? How about micro or diversified strategies, asset class plays and vehicle types?

• Distribution: How do you build the firm around future capital flows to drive value? Internal or external hired help, individual vs institutional, US-only vs global.

Session leaders: 

• Bryan Thornton, PCCP  

• Molly Bordonaro, The Green Cities Company

Speaker: Drew Murphy, Partner, Berkshire Group

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12.15pm: Lunch

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1.15pm: NAREIM Jeff Barclay Fellows introductions

• Eric Rutledge, The University of Chicago Booth School of Business

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1.20pm: Enterprise value through the lens of org design

Continuing the conversation on org design, NAREIM members break into roundtable groups to address how real estate investment managers would execute on the platform, product and distribution strategies discussed prior to lunch - and the organizational sacrifices and trade-offs that would be required​

Session leaders: 

• Bryan Thornton, PCCP  

• Molly Bordonaro, The Green Cities Company​

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2.30pm: Break

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2.45pm: Enterprise value through the lens of talent: How are you building a durable franchise with your talent?

As we look to the future of the real estate investment management industry, we’ve discussed the impact that capital sources and org design will have on our enterprise value. What now for talent? What talent strategies create value for an organization and what needs to change? Most importantly, what happens if your firm doesn’t change? 

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During two roundtable discussions, members choose two levers of talent to discuss at their tables sharing insights into current practices and whether those strategies will be sufficient for the future of their business? The levers of talent under review include: 

• Talent management & succession planning

• Incentives & performance

• Employee engagement & culture

• Developing effective teams

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Session leader:​

• Kristin Renaudin, Stockbridge Capital Group

Speakers:

• Josh Anbil, Founder & CEO, Anbil Consulting

• Jami deLou, Vice President and Culture and Inclusion Strategist, Revantage 

 

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4pm: “What next for enterprise value?”

True strategy is about placing bets and making hard choices. The objective is not to eliminate risk but to increase the odds of success. As we review the conversations of the day, members share their how they’re rethinking business plans, what bets they’re making and how they’re increasing the odds of success amid transformative change for real estate investment managers.

Session leaders: ​

• Kristin Renaudin, Stockbridge Capital Group & NAREIM Chair

• Bryan Thornton, PCCP & NAREIM Vice Chair 

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4.30pm: End of meeting

 

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6pm: Networking dinner at the Woodshed Smokehouse, 3201 Riverfront Dr, Fort Worth, TX 76107. 

Return transport will be provided from the Bowie House Hotel