Deloitte s 2017 Real Estate Industry Update Optimizing opportunity in an ever-changing environment

Transcription

1 Deloitte s 2017 Real Estate Industry Update Optimizing opportunity in an ever-changing environment Chicago, IL October 3, 2017

2 Welcome to Deloitte s 2017 Real Estate Industry Update The pace of disruption in our industry continues to increase, influenced by powerful forces including ongoing regulatory change, rapid advancement in technologies, workforce evolution, demographic shifts, and the dynamic influence of global events. Never has it been more important to challenge the way we think about and do business. While some of the problems the pace of change can create are daunting, the opportunities ahead are great. In our preparation for this year s Real Estate & Construction Update which we are again hosting in 12 cities across the United States we have been mindful of the challenges and opportunities these rapidly changing times can present. We hope the agenda of topics and speakers that we ve assembled will better prepare you for successfully managing what lies ahead. Thank you for attending our event. We appreciate your active participation in what promises to be a day of meaningful insights and discussions. Warm regards, Jim Berry US Real Estate & Construction Leader jiberry@deloitte.com Robert T. O Brien Global Real Estate & Construction Leader robrien@deloitte.com

3 Agenda Tuesday, October 3 8:00 8:30 a.m. Breakfast and registration 8:30 9:35 a.m. Executive real estate panel 9:35 10:25 a.m. Tax update 10:25 10:40 a.m. Break 10:40 11:30 a.m. Accounting and regulatory update 11:30 12:05 p.m. Technology in construction 12:05 p.m. Closing remarks

4 Panelists Joan Bottarini has over 25 years of experience developing and leading operational finance, strategy, FP&A and accounting/reporting teams. She has established capabilities for Hyatt over the course of her 16 year tenure including financial analysis and reporting for the global merger of the Hyatt hospitality companies, creating public readiness in planning and reporting, and forming the corporate strategy team. She recently spent two years leading the operational finance team in Hyatt s Asia Pacific region based out of Hong Kong. Her current role is Senior Vice President Finance for Hyatt s Americas region based in Chicago. Joan Bottarini Senior Vice President Finance, Americas Region Hyatt Hotels Corporation Prior to joining Hyatt Corporation in 2000, Ms. Bottarini was the Controller of Development Finance and External Reporting at Essex Property Trust, a Palo Alto, California-based real estate investment trust (ESS: NASDAQ). She was also a Manager in KPMG s Real Estate practice, serving clients in both San Francisco and Chicago. Ms. Bottarini lives in a suburb of Chicago with her husband, Jared, and their two children, Jayne and Josh. She enjoys running, reading, and entertaining family and friends. She holds a B.S. in Accounting from Northern Illinois University and is a Certified Public Accountant. Meredith Darnall serves as SVP, Business Intelligence & Strategy for GGP Inc. in Chicago and is responsible for the analysis of current and projected market dynamics impacting the GGP business model and client base. Prior to this position, Darnall served as VP, Strategy & Research in which she managed analysis in support of individual property merchandising strategies, as well as leasing support for all retail assets. Meredith Darnall SVP, Business Intelligence & Strategy GGP Inc. Prior to joining GGP in 2006, Darnall managed site selection and market research for Nordstrom Inc. in Seattle, which included evaluating the potential location strategy for Nordstrom and Nordstrom Rack stores, developing sales forecasting tools, and conducting merchandising analysis for the existing store base. While at Nordstrom Inc., Darnall also held positions in the areas of business strategy and planning, as well as marketing and public relations. Darnall earned a BA in English and psychology from Transylvania University and MA in public communication from American University. David Moore joined Equity Office in late 2016 to lead and oversee the firm s Chicago market. David is responsible for the strategic direction and management, business development, and value creation efforts for the company s assets and activities in downtown and suburban Chicago, with a current portfolio of approximately 11 million sq. ft. of commercial real estate. For the prior 10 years, David worked at Hines where he was responsible for sourcing, analyzing, underwriting, and driving execution of acquisition and development opportunities across multiple product types of commercial real estate. In this role, he led cross-functional design, construction, leasing, accounting, and property management teams on multiple complex development projects. David E. Moore Senior Vice President, Portfolio Director Equity Office Prior to his time at Hines, David held positions at Henry Crown and Company and Credit Suisse First Boston. David also has an entrepreneurial spirit and previously started Red Room Ventures, an outdoor media company that produced and placed specially-designed advertising units at grocery stores throughout Chicago, and Illini Messages, a campus-based advertising concept.

5 Bob serves as Deloitte s Global Real Estate & Construction leader, where he works with the real estate and construction professionals in the US and around the world to leverage Deloitte s deep industry expertise across consulting, tax, audit, risk, and financial advisory services. He has more than 30 years of professional services experience serving publicly held and privately held clients in various industries with a focus on the private equity, real estate, and hospitality industries. Bob has worked with some of the world s largest public REITs, private equity funds, and hospitality companies. Robert T. O Brien Partner and Vice Chairman Global Real Estate & Construction Leader Bob has significant experience with initial public offerings, acquisitions, dispositions, workouts, and bankruptcies. Bob also served as a mergers and acquisitions transactions services partner for global private equity clients working on transactions in a variety of industries. Bob is a frequent speaker and published author on topics such as real estate capital markets, finance transformation, technology, performance measurement, accounting technical matters, and enterprise risk management. In his role as senior managing director, Steve advises clients on the full range of occupancy issues and manages all aspects of the transaction process. Steve is a recognized expert in the Chicago market and co-heads JLL s Midwest Law Firm practice group. Steve is responsible for in excess of nine million sq. ft. in leasing transactions. His experience includes portfolio strategic planning, master planning, large-complex lease transactions, consolidations, and lease-versus-own analyses. He also has extensive experience with the representation of law firms and professional service firms. Prior to joining JLL in 1995, Steve worked for in both Kansas City and Chicago. Steve Steinmeyer Senior Managing Director Tenant Representation JJL

6 Presenters Alex is currently in a management development program in which he assists Deloitte s Real Estate Industry Professional practice director. His role includes presenting on emerging real estate accounting issues, developing and communicating Deloitte s industry positions on accounting and auditing matters, and serving as a consultation resource for Deloitte clients and professionals. Alex is in his eighth year at Deloitte and, prior to his current role, he served on audit engagements of real estate companies in Chicago. His experience includes fair value measurements relating to impairments, acquisition accounting and purchase price allocation, development accounting, debt restructurings, private company reporting, and public company filings. Alex Braser Senior Manager abraser@deloitte.com Jeff has more than 20 years of experience in the tax policy arena and is currently responsible for communicating emerging tax developments in the US Congress, Internal Revenue Service, Treasury Department, and federal courts to Deloitte and its clients. Jeff oversees the content development of Deloitte's Tax News & Views, as well as thought leadership publications on issues such as the US deficit and prospects for fundamental tax reform. His Capitol Hill experience includes working on tax and budget issues for former US Senator and Senate Finance Committee member Steve Symms, R-Idaho. Jeff Kummer Managing Director Tax Policy Deloitte Tax LLP jkummer@deloitte.com Jeff holds a BS in political science from the University of Idaho and an MBA from Johns Hopkins University. Brian has more than 23 years of public accounting experience serving real estate clients ranging from small private companies to publicly traded and multinational companies. He is the Central Region Real Estate Audit leader, co-leads our national practice for REITs, and is a member of our US Real Estate leadership team. In addition to real estate REITs, Brian has significant experience serving partnerships, investment managers, property managers, institutional advisers, private equity firms, developers, hotels, homebuilders, and public pension advisers. Brian D. Ruben Partner, Central Region Real Estate Audit leader bruben@deloitte.com Brian is accredited in IFRS and has substantial experience in SEC matters, mergers and acquisitions services, internal controls, fair-value accounting, and auditing and tax consultations. He has participated in numerous financing transactions, including public stock and debt offerings. Brian was the Midwest Real Estate Industry learning leader for the Audit practice. He has co-authored several point-of-view articles and presented on Deloitte s Dbriefs webcasts. Brian has also contributed to the Wharton Real Estate Review, Commercial Property Executive, and the US Private Real Estate Fund Compliance Guide. Brian serves as the lead university relationship partner for DePaul University.

7 Dustin is the deputy industry professional practice director (IPPD) for Deloitte s real estate and construction practice. He is a partner in the Chicago office and has more than 15 years of public accounting experience. In his deputy IPPD role, Dustin consults on real estate accounting and auditing matters for both historical cost and fair value reporters, develops and presents technical updates to clients and staff, and reviews numerous financial statements and disclosures. In addition to his deputy IPPD role, he serves as the lead client service partner for some of the largest real estate companies in the United States. J. Dustin Schultz Partner, Deputy Industry Professional Practice Director duschultz@deloitte.com Kevin Shtofman is a manager in the Real Estate practice of Deloitte Consulting LLP. He has more than 14 years of combined experience providing strategic, financial, accounting, business improvement, and technology services to clients in the real estate industry. Kevin is highly experienced in providing operational and systems integration services to owners, operators, developers, and construction servicers of real estate. He is a recognized leader in providing strategic planning, business process improvement, systems integration, solution implementation, merger integration, asset management, and program/project management services. Kevin Shtofman Manager, Real Estate Technology Strategy kshtofman@deloitte.com

8 Wyndham (Wyn) is a partner in s national office and serves as the professional practice director for the Real Estate & Construction industry practice. In his role, he assists clients and engagement teams around the country in identifying and resolving real estate and construction-related technical accounting and auditing issues. He also participates in establishing Deloitte s positions on emerging accounting issues. Wyn has more than 25 years of public accounting and transaction experience in initial public offerings, secondary stock and debt offerings, mergers and acquisitions, and spin-off transactions. G. Wyndham Smith, Jr. Partner, Real Estate & Construction Industry Professional Practice Director gesmith@deloitte.com Joe is a partner with Deloitte Tax LLP, where he serves as a leader in the Real Estate practice. In his role, Joe is responsible for the development and implementation of key strategic initiatives and works with senior management of leading real estate companies in the region. Joseph L. Wisniewski Partner, Central Real Estate Leader Deloitte Tax LLP jwisniewski@deloitte.com Joe has more than 34 years of experience helping clients on various tax matters in the areas of partnerships, real estate investment trusts (REITs), and unrelated business income tax for the real estate industry. Specifically, he specializes in assisting clients with structuring fund formations for both domestic and international investment in real estate, as well as REIT structuring, debt restructurings, merger and acquisition transactions, due diligence projects, and ongoing operational tax matters. Joe also has significant experience helping companies design fund structures that accommodate the tax sensitivities of various domestic and international investor types. Joe has served a wide range of financial services clients including private equity firms, pension advisors, institutional investors, REITs, and developers. He received a BS in accounting from Northern Illinois University and holds a JD with distinction from The John Marshall Law School.

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