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Portfolio Management
Portfolio Management
Jun 05, 2024, 6:00 PM EDT

Attendance limits: Please note, owing to demand and space constraints, no more than two attendees will be allowed per investment manager or underwriting member. 

Registration fee: $775

meeting schedule:

Wednesday, June 5

Location: The Dawson Restaurant & Bar, 23 W 45th St, New York, NY 10036

  • 6pm: Networking reception

Thursday, June 6

Location: Convene, 530 5th Avenue, NYC 10036

  • 8am: Breakfast

  • 8.50am: Meeting content, roundtables, workshops

  • 4pm: End of meeting​


Location: Convene, 530 5th Avenue, NYC 10036


8am: Breakfast 

8.50am: Welcome comments from the NAREIM Portfolio Management Committee Co-Chairs:

  • Kate Bassett, Director, Portfolio Management, Invesco Real Estate

  • Scott Dunphy, Portfolio Manager, MetLife Investment Management


9am: How close is the end? An analysis of valuations and returns

Why does the current cycle feel like the wild west of valuations? NAREIM members dive into the dispersion and attribution of valuations in the current cycle by sector and manager to answer the key question on everyone's mind: How close are we to the end?

Key questions to be asked include:

  • Why is the current cycle of valuations worse than the GFC? How do we get to a position in which all managers are playing on a level playing field regarding valuation methodologies?

  • What are the mechanisms being employed to reduce or eliminate investor redemption queues in open-ended funds?

  • What are the acquisition and disposition strategies in closed-ended funds?

  • How many ends to the cycle will there be if there is no consistency on valuations and methodologies?

  • Session leaders: 

    • Larissa Belova, Portfolio Manager, U.S. Core Partners, CBRE Investment Management

    • Susan Kolasa, Managing Director, JPMorgan Asset Management

  • Speaker: Jim Costello, Executive Director, MSCI Research

10am: Break

10.15am: Emerging distress? Where does value creation come from in 2024/25?

In a whole room conversation, debt portfolio managers and NAREIM members discuss the current state of the market and their loan books to answer the question of all cycles: Will there be distress at scale? How will future debt and equity opportunities shake out over the coming 12-18 months? Where do PMs and NAREIM members see value creation and investment opportunities in the short-term?


  • Session leader: Jason Dean, Principal, Head of Real Estate Portfolio Optimization, Pennybacker Capital

  • Speakers:

    • Kory Klebanoff, Managing Director, Co-Head East Region Orginations, ACORE Capital

    • Teresa Zien, Managing Director, Invesco Real Estate

    • Kirloes Gerges, Managing Director, Portfolio Management, Principal Real Estate 

11.15am: Break

11.30am: Will data/AI be your competitive edge?

If value creation no longer comes just from the buy in a world of high rates and high inflation, how will managers find their competitive edge in the future? How much will data and AI contribute to the success and differentiation of investment management teams? Through whole room Q&A, we discuss current uses of AI - but look ahead to how data and technology should drive performance.

  • Session leaders:

    • Scott Dunphy, Portfolio Manager, MetLife Investment Management

12pm: Lunch

1pm: ESG: Integration, underwriting & impact 

Together with ESG leaders, NAREIM Portfolio Managers discuss how to best to integrate ESG strategies into portfolio construction and underwriting - with a focus on the material impact of emerging building performance measures on returns and valuations. 


  • Session leader: Drew Stepanek, Senior Vice President and Portfolio Manager, Stockbridge Capital Group

  • Speakers:

    • Elena Alschuler, Americas Head of Sustainability, LaSalle Investment Management

    • Scott Hirsch, Managing Director, MetLife Investment Management

    • Arielle Birenberg, Senior Vice President, Head of Portfolio Operations & Sustainability, Stockbridge Capital Group

2pm: Break

2.15pm: SEC Private Fund Adviser Rules

The US Courts of Appeal is set to rule on the future of the SEC's Private Funds Rule on May 31. But irrespective of the final decision, the industry knows current practices on quarterly statements, reporting net and gross returns and preferred treatment for investors are about to change. We review the key changes about to be enacted under the SEC’s rules – and ask how managers are preparing for that change, and the responsibilities that portfolio managers will have in terms of performance reporting and capital raising rules.


  • Session leaders: 

    • Kate Davis, Managing Director, Portfolio Management, Harrison Street Real Estate Capital

    • Scott Dunphy, Portfolio Manager, MetLife Investment Management

  • Speaker: 

    • Benay Kirk, Managing Director, Alter Domus


3pm: Break

3.15pm: Value creation 2030-2035: Taking the long view & the impact on org and investment strategy

There is an assumption in CRE. You create the value from the buy. But, in an inflationary world, with higher interest rates, is value creation primarily going to derive from operations and asset management; from harnessing data or ESG? What about new capital sources and new products? Where will durable fee streams come from in 2030-2035? Through polling, group work and whole room Q&A, NAREIM member discuss where they will find their edge over the next decade:

  • How will you and your vehicle generate alpha in 2030-2035? In a highly-competitive market, what are your firm’s top 6 strategies for driving value?

  • How will you execute on your top strategies & what’s the impact to the org design?

  • Session leaders: 

    • Kate Bassett, Director, Portfolio Management, Invesco Real Estate

    • Scott Tavolacci, National Sales Director, Investment Management, Yardi 


4pm: End of meeting


Please note the agenda is subject to change at any time without notice. Changes are at the discretion of NAREIM. Please check back regularly for updates.




530 Fifth Avenue

New York, NY 10036

NAREIM does not have a hotel room block for the

Portfolio Management meeting. However the following hotels

are located close to Convene:

The Gotham Hotel, New York

Sofitel New York

Club Quarters, Times Square

The Iroquois Hotel

The Algonquin Hotel

Citadines Connect

The City Club Hotel

The Royalton Hotel

The Harvard Club and The Yale Club are also located nearby.


2024 pLanning committee members

Co-Chair: Kate Bassett, Invesco Real Estate

Co-Chair: Scott Dunphy, MetLife Investment Management

Larissa Belova, CBRE Investment Management

Jake Lewis, GEM Realty Capital

Kate Davis, Harrison Street Real Estate Capital

Susan Kolasa, JPMorgan Asset Management

Lucas Kimmel, LaSalle Investment Management

Melissa Reagen, Nuveen Real Estate

Jason Dean, Pennybacker Capital

Drew Stepanek, Stockbridge Capital Group
Scott Tavolacci, Yardi Systems


NAREIM meetings are open to NAREIM members only and their guests. For further information on attending meeting or other NAREIM discussions, please contact Zoe Hughes, CEO. Please note that any executive who is not a NAREIM member, guest of a member or working in the real estate investment management industry will not be admitted to NAREIM events. NAREIM reserves the right to decline any registration. By registering for NAREIM events, you are consenting to NAREIM’s privacy policy.

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