prea institute

PROGRAM AGENDAJune 23–24, 2016UCLA Ziman Center for Real Estate Los Angeles, CA

PREA Institute Committee Members:

Committee Chairman Eric Wurtzebach, Macquarie Capital (USA) Inc.

Christy Fields, Pension Consulting Alliance, LLC

Matt Hershey, Hodes Weill & Associates

Steve Orbuch, Och-Ziff Real Estate Advisors, LLC

David Sherman, Metropolitan Real Estate Equity Management, LLC

David Truex, Colorado PERA

P e n s i o n R e a l E s t a t e A s s o c i a t i o n

PREA Institute

Agenda DAY ONE


DAY ONE, June 23, 20168:15 am Shuttle Bus Departs the W Hotel

8:30 am – 9:00 am Check-in/Breakfast (D Atrium, Cornell Hall)

9:00 am – 9:05 am Welcoming Remarks from PREA Institute Chairman and UCLA Faculty, (D301 Classroom)Eric Wurtzebach, Senior Managing Director, Macquarie Capital (USA) Inc. Tim Kawahara, Executive Director, UCLA Ziman Center for Real Estate

9:05 am – 9:55 am DEBT MARKET DISRUPTION AND REAL ESTATE IMPLICATIONS

Stuart Gabriel, Director of the Ziman Center for Real Estate at UCLA and Arden Realty Chair and Professor of Finance at UCLA Anderson School of Management

As bond yields expand, investors ask whether the current scenario resembles what occurred during the financial crisis. The answer to that question has import not only for the economy as a whole but for the real estate asset class in particular. It helps to make sense of whether weak-ness in property pricing reflects a short-term correction or longer-horizon secular shift.

10:00 am – 11:10 am ENERGY MARKET STRESS

Michael Ross, Professor, Political Science, UCLA

Why did oil drop to $30 per gallon, and what can we expect going forward? Energy expert

Michael Ross will discuss the supply and demand factors, from OPEC and the shale revolution to slowing demand in China, underlying recent developments. He will consider what these factors mean for future production levels, the breadth of industry retrenchment, and other key concerns.

11:20 am – 12:30 pm LUNCHEON PROGRAM (Executive Dining Room, B-209 & 210, Gold Hall, 2nd Level)

REVITALIZATION OF DOWNTOWN LOS ANGELES Paul Habibi, Continuing Lecturer of Finance and Real Estate at UCLA Anderson Graduate School of Management and Lecturer in Law at UCLA School of Law

Hal Bastian, President, Hal Bastian Inc.As a competitively priced, centrally located office market with a growing tech sector, emerging residential options and burgeoning arts scene, Downtown Los Angeles has entered the radar screens of many new prospective tenants and investors. During this session, we will discuss the dynamics underpinning downtown’s resurgence and consider what else is in store for the district.

Stuart Gabriel

Hal BastianPaul Habibi

Michael Ross

Tim KawaharaEric Wurtzebach

Agenda DAY TWO


DAY ONE, June 23, 2016 (continued)12:30 pm Board Bus1:30 pm – 3:00 pm TOUR OF STRUCTURAL ICONS DOWNTOWN REDEVELOPMENT 4:00 pm Return - Free Time6:00 pm – 9:00 pm Reception and Dinner at UCLA Fowler Museum Terrace (Shuttle Bus Departs W Hotel at 5:45 pm and will Return Following Dinner)

DAY TWO, June 24, 20168:15 am Shuttle Bus Departs the W Hotel 8:30 am – 9:00 am Breakfast (D Atrium, Cornell Hall)9:00 am – 10:00 am FACULTY SHORT TAKES, (D301 Classroom)Esteemed UCLA faculty will share their insights gleaned from groundbreaking research undertaken in a range of disciplines. •�� Water�Scarcity – Mark Gold, Associate Vice Chancellor for Environment and

Sustainability, Sustainable LA Grand Challenge, UCLA Institute of the Environment and Sustainability

•� Urban�Transportation – Brian Taylor, Professor of Urban Planning; Director, Lewis Center for Regional Policy Studies; Director, Institute of Transportation Studies, UCLA Luskin School of Public Affairs

10:00 am – 12:00 noon INDUSTRY PANELTom Arnold, Head of Americas, Real Estate, Abu Dhabi Investment AuthorityYat-Pang Au, CEO & Founder, Veritas InvestmentsDavid Sherman, Cofounder, President, and Co–Chief Investment Officer, Metropolitan Real Estate Equity ManagementEric Sussman, Senior Lecturer of Accounting, Finance & Real Estate, UCLA Anderson School of ManagementRichard Ziman, Cofounder and Chairman, Rexford Industrial Realty, Inc.

Taking inspiration from the debt market discussion and other earlier Institute sessions, a panel of industry leaders and university faculty will tackle the issues foremost on the minds of institutional real estate investors.

12:00 noon BOXED LUNCH – Depart (Shuttle Bus Available Back to W Hotel)

Brian Taylor

Eric Sussman

Mark Gold

David Sherman

Yat-Pang Au

Richard Ziman

Tom Arnold

Information


LOCATION:UCLA Ziman Center for Real EstateUCLA Anderson School of Management University of California, Los Angeles, Cornell Hall110 Westwood Plaza, Los Angeles, CA 90024Classroom: D301

HOTEL W Hotel in Westwood930 Hilgard Ave., Los Angeles, CA 90024(310) 208-8765

Shuttle service will be provided each morning from the W Hotel to the campus classroom.If you prefer to walk, it’s a short 19-minute walk to the UCLA Anderson School.

WALKING DIRECTIONS FROM W HOTEL TO UCLA ANDERSON SCHOOL OF MANAGEMENT (approximately 19 minute walk)

Head north on Hilgard Ave.Turn left on Le Conte Ave.Turn right on Westwood Plaza and head north. After 4 blocks, Westwood Plaza turns into a path, but keep walking north (going past UCLA Ackerman Union on your right, the Bruin Bear to your left, the Student Activities Center on your right) until you reach the Anderson Complex.Once you reach the Anderson Complex, take the stairs just past the Nix Garden to the Marion Anderson Courtyard, then enter Cornell Hall.

110 Westwood Plaza, Los Angeles, CA 90024 Registration and Breakfast located in Atrium

Speaker BIOGRAPHIES


Thomas R. Arnold is Head of Americas–Real Estate at Abu Dhabi Investment Authority. He is responsible for the development and execution of ADIA’s global real estate strategy. Arnold started his career as a transactional lawyer, principally with Holland & Knight, focusing on real estate, lending, securities, and bankruptcy matters. He began his alternatives investment focus at Salomon Brothers (now Citigroup) with selective firm principal activity and related advisory work for financial institutions saddled with troubled loan and REO assets. After Salomon Brothers, Arnold joined Credit Suisse as a Director and Principal of the Praedium Funds. He then joined ING as a Managing Director and Portfolio Manager. Between ING and his current position at ADIA, Arnold was a Partner at Cerberus Capital Management. Arnold is a graduate of the Advanced Management Program of the Harvard Business School and holds a BS in economics, with honors, and a JD from the University of Florida, a Master’s of Law (taxation) from New York University, and an MBA from the Amos Tuck School at Dartmouth College.

Yat-Pang Au is the Founder and Chief Executive Officer of Veritas Investments Inc., an owner operator of apartments in San Francisco. Prior to founding Veritas in 2007, Au served as the CEO of AEC Alarms and held various executive positions at technology and services firms. He also has been a longtime private investor in apartments and retail properties in the San Francisco Bay Area and is committed to transforming the area’s housing stock and revitalizing neighborhoods by providing innovative amenities and building eco-friendly, vibrant communities. Au is an Advisory Board Member of the Fisher Center for Real Estate and Urban Economics and is an active member of the Coalition for Better Housing, San Francisco Apartment Association, Bay Area Council, National Multifamily Housing Council, Young Presidents’ Organization, Urban Land Institute, and Pension Real Estate Association. Au holds a BS in electrical engineering and computer science from the University of California, Berkeley; an MS in information networking from Carnegie Mellon University; and an MBA from Harvard Business School.

Speaker BIOGRAPHIES


Hal Bastian is President of Hal Bastian Inc. and is a 33-year commercial real estate veteran who has spent the past 22 years helping to create the Downtown Los Angeles (DTLA) Renaissance. In 2014, he founded a consulting practice dedicated to building an even better DTLA and helping other downtowns use the best practices he has developed for DTLA in their city centers. From December of 2001 to September of 2014, Bastian served as the Director of Economic Development for the Downtown Center Business Improvement District (DCBID) and rose to become its Executive Vice President. At DCBID, Bastian directly recruited and/or facilitated the recruitment of office users, retailers, restaurants, bars, nightclubs, amenities, developers, investors, equity, debt, and residents to DTLA. Bastian began his career as an office space and retail broker at Julien J. Studley, Inc., and entered the DTLA marketplace as a retail broker for Cushman & Wakefield. Just prior to being recruited to the DCBID, Bastian served as the Leasing Director of the Old Bank District, the first adaptive reuse project in DTLA that converted historic office buildings into loft-style apartments.

Stuart A. Gabriel is Director of the Ziman Center for Real Estate at UCLA and is Arden Realty Chair and Professor of Finance at UCLA Anderson School of Management. His research focuses on topics of real estate finance and economics, housing and mortgage markets, urban and regional economics, and macroeconomics. He previously served on the economics staff of the Federal Reserve Board in Washington, DC, and as a Visiting Scholar at the Federal Reserve Bank of San Francisco. Gabriel has published 75 articles in economics and finance journals and serves on the editorial boards of seven academic journals. His recent research has focused on issues of housing and the financial crisis, including assessment of integration and contagion in US housing markets, Google search behavior as an indicator of housing distress, GSE crowd out in secondary mortgage markets, and the effects of CDO market implosion on mortgage pricing. Gabriel has received a number of awards for research and teaching excellence. He has testified before the US Congress and the California State Legislature and has provided policy advice to elected officials at the local, state, and federal levels. Gabriel is a past President of the American Real Estate and Urban Economics Association and a Fellow of the Homer Hoyt Institute for Advanced Real Estate Studies. Gabriel holds a PhD in economics from the University of California, Berkeley.

Speaker BIOGRAPHIES


Mark Gold is Associate Vice Chancellor for Environment and Sustainability, Sustainable LA Grand Challenge at UCLA Institute of the Environment and Sustainability. Gold formerly served as President of Heal the Bay and was the organization’s first employee. Heal the Bay is an environmental group dedicated to making Southern California coastal waters and watersheds safe, healthy, and clean. Gold has worked extensively over the past 20 years in the field of coastal protection and water pollution. In particular, he has worked on research projects on urban runoff pollution, DDT and PCB contamination in fish, and the health risks of swimming at runoff-contaminated beaches. He created Heal the Bay’s Beach Report Card and has authored or coauthored numerous California coastal protection, water quality, and environmental education bills. He served on the USEPA Urban Stormwater Federal Advisory Committee, was the Vice Chair of the California Ocean Science Trust, and is Vice Chair of the National Estuary Program’s Santa Monica Bay Restoration Commission. Gold received bachelor’s and master’s degrees in biology and a doctorate in environmental science and engineering from UCLA. He has been inducted into the UCLA School of Public Health Hall of Fame and has received the James Irvine Foundation Leadership Award and the Aspen Institute Catto Fellowship.

Paul Habibi is a Continuing Lecturer of finance and real estate at UCLA Anderson Graduate School of Management and Lecturer in Law at UCLA School of Law. Widely quoted, Habibi has appeared on BBC World News, Bloomberg, CNN, Fox News, NBC’s the Today Show, and NPR and in major dailies including the Wall Street Journal, the New York Times, and the Financial

Times. Habibi is Principal and Cofounder of Habibi Properties, LLC, which owns and manages multifamily apartments in the Los Angeles area, single-family homes in Kansas City, MO, and almond and pistachio orchards in California’s San Joaquin Valley. He is also Principal of Grayslake Advisors, LLC, which provides expert witness and litigation support services. Previously, Habibi worked as an Investment Banking Associate at Bank of America/Merrill Lynch, Manager of Transaction Support with the Walt Disney Company, and Audit Manager with Arthur Andersen LLP. He holds an MBA with highest distinction from the Ross School of Business at the University of Michigan, where he received the David T. Shelby Award. He also holds a BA in economics and accounting from the University of California, Santa Barbara.

Speaker BIOGRAPHIES


Tim Kawahara is the Founding Executive Director of the UCLA Ziman Center for Real Estate and is responsible for the day-to-day operations of the Center, including the development, implementation, and oversight of the Center’s numerous programs and activities, internal and external relationships, industry and academic conferences and events, marketing and communications, media relations, student programs, fund-raising, strategic partnerships, budget, personnel, and management of the Center’s Board. Kawahara serves on all the Center’s committees, including Development and Membership, Public Policy and Community Outreach, Industry Outreach and Professional Programs, Student Programs, Research, and Curriculum. Kawahara serves on several boards, including the Los Angeles District Council of the Urban Land Institute (ULI); Lambda Alpha International, an honorary society for the advancement of land economics; and Commercial Real Estate Women. He has also led program initiatives in partnership with numerous industry organizations, including NAIOP, US Department of Housing and Urban Development, Los Angeles County Bar Association, Los Angeles Business Council, Certified Commercial Investment Member, International Council of Shopping Centers, UCLA Anderson Forecast, UCLA Extension, UCLA Department of Urban Planning, the State of California, and the City of Los Angeles. Prior to joining the Ziman Center, Kawahara was the Director of development at the UCLA Anderson School of Management. Kawahara is a graduate of UCLA and the Executive Program of the UCLA Anderson School of Management.

Michael L. Ross is a Professor of political science at the University of California, Los Angeles, and is affiliated with the UCLA Institute of the Environment and Sustainability. He has published widely on energy politics, the political and economic problems of resource-rich countries, civil war, democracy, and gender rights. Ross’s most recent book, The Oil Curse: How Petroleum

Wealth Shapes the Development of Nations, was named an “Outstanding Academic Title” by Choice magazine. Ross’s research has been published in leading academic journals, and his work has been published in Foreign Affairs, Foreign Policy, Harper’s, the New York Times, the Los

Angeles Times, the Washington Post, Newsweek, and the Financial Times, among others. He is also a member of the editorial boards for World Politics and Comparative Political Studies. Ross serves on the advisory boards of the Natural Resources Governance Institute and Clean Trade; he was previously a member of the Advisory Group for the World Bank’s Extractive Industries Review. He is also a member of the Political Instability Task Force, the Multi Stakeholder Group of the US Extractive Industries Transparency Initiative, and the UN Sustainable Development Solutions Network Thematic Group on Good Governance of Extractive and Land Resources. He earned a bachelor’s degree in politics from the University of California, Santa Cruz, and his master’s and Ph.D. from Princeton University. Prior to coming to UCLA, he was an Assistant Professor in political science at the University of Michigan.

Speaker BIOGRAPHIES


David M. Sherman is a Cofounder, President, and Co–Chief Investment Officer of Metropolitan Real Estate Equity Management and a member of the Carlyle Investment Solutions management committee. He co-directs the investment policy and program across all Metropolitan Real Estate partnerships. Sherman has more than 30 years of real estate finance and analytical experience. In 2000, he founded D. Sherman & Company, Inc., an advisory firm focused on strategic issues and transactions in the real estate securities industry. Previously, he was Managing Director of Salomon Smith Barney’s REIT research team. Sherman held other positions in real estate finance, investment banking, and strategic planning at Smith Barney, the Harlan Company, First Boston, and Paine Webber, including acting as the Chief Financial Officer of Paine Webber Properties. Previously, he was an Adjunct Professor of Real Estate Finance at Columbia Business School. Over the years, Sherman has published numerous articles in such periodicals as American Banker, PREA Quarterly, Shopping Center Business, and National Real Estate

Investor. He served as a panelist for Institutional Limited Partners Association for its first member educational webcast on private equity real estate. Sherman received an AB in mathematical economics from Brown University and an MBA in finance from Columbia Business School.

Eric Sussman is a Senior Lecturer in accounting, finance, and real estate at the UCLA Anderson School of Management and has received numerous awards for his teaching. Sussman teaches in the areas of cost/managerial accounting, financial accounting, financial statement analysis, equity valuation, corporate financial reporting, and real estate investment and finance to undergraduate, graduate, and Executive Education students. In addition, Sussman has advised numerous full-time and fully employed MBA field study teams and consulted for large and small firms nationally and globally. He is a frequent lecturer on varied financial, accounting, and corporate reporting topics. Sussman has also served as an expert witness and consultant for commercial litigation involving matters of corporate financial reporting and disclosure, audit effectiveness, valuation, real estate due diligence and related practices, and overall damage analyses. Off campus, Sussman is President of Amber Capital, Inc.; Manager of Fountain Management, LLC, and Clear Capital, LLC; and Managing Partner of Sequoia Real Estate Partners, and the Pacific Value Opportunities and Clear Opportunity Funds. He is Chairman of the Board of Trustees of Causeway Capital’s group of funds, and was former Chairman of the Presidio Fund and former Audit Committee Chair of Atlantic Inertial Systems, Inc. Sussman received an MBA from Stanford, with honors, after graduating summa cum laude from UCLA.

Speaker BIOGRAPHIES


Brian D. Taylor is a Professor of urban planning, Director of the Lewis Center for Regional Policy Studies, and Director of the Institute of Transportation Studies at the UCLA Luskin School of Public Affairs. His research centers on transportation policy and planning—most of it conducted in collaboration with his students. Taylor explores how society pays for transportation systems and how these systems serve the needs of people who have lower levels of mobility because of low income, disability, location, or age. Topically, his research examines travel behavior, transportation finance, and politics and planning. A principal focus of his research is the politics of transportation finance, including the history of freeway planning and finance, emerging trends in pricing road use, the equity of alternative forms of finance, the linking of subsidies to public transit performance, and the measurement of equity in public transit finance. Related work has also examined the effect of political drivers on planning outcomes. Prior to joining the UCLA faculty in 1994, Taylor taught planning at the University of North Carolina at Chapel Hill and before that, he was a planner with the Metropolitan Transportation Commission in the San Francisco Bay Area. Taylor is currently Chair of a Transportation Research Board (of the National Academies) Special Report committee examining the public policy implications of new shared mobility systems.

Eric C. Wurtzebach is a Senior Managing Director in the North American real estate investment bank arm of Macquarie Capital, where he helps clients access low-cost, flexible private global capital for a variety of transactions as well as focuses on Macquarie’s principal investment initiatives. He joined the firm in 2008 and is part of a global real estate advisory team. Prior to joining Macquarie, Wurtzebach was a Director of investment banking at BMO Capital Markets, focusing on public and private real estate investment banking. Prior to that, he was a Founding Partner of Silver Portal Capital and Vice President of First Union Securities in the Real Estate Investment Banking Group. Wurtzebach has a BS in business administration with a concentration in finance and marketing from Trinity University.

Speaker BIOGRAPHIES


Richard Ziman is Cofounder and Chairman of Rexford Industrial Realty, an owner and operator of infill industrial real estate in Southern California, and he is the Founding Chairman of AVP Advisors, the exclusive advisor of American Value Partners, an institutionally funded real estate fund-of-funds. Ziman was also Founder, Chairman, and CEO of Arden Realty, Inc., which, until its merger with General Electric, the largest single real estate transaction in the history of Southern California, was the largest owner of office space in Southern California. Ziman has also held many leadership positions in the educational, cultural, and social service life of Southern California and has been a featured speaker, an active board member, and a major charitable contributor. Among his major contributions, Ziman established and endowed the UCLA Ziman Center for Real Estate (which combines academics, research, governmental, and entrepreneurial resources) and graduate fellowships and other programs at the UCLA Anderson School of Management. Ziman has received numerous awards and honors for both business and philanthropic endeavors, and he is the recipient of three honorary doctorates and the UCLA Gold Medal. Ziman received his BA and JD degrees from the University of Southern California.

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