Deloitte s 2017 Real Estate Industry Update Optimizing opportunity in an ever-changing environment San Francisco, CA October 10, 2017
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 +1 214 840 7360 jiberry@deloitte.com Robert T. O Brien Global Real Estate & Construction Leader +1 312 486 2717 robrien@deloitte.com
Agenda Tuesday, October 10 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
Panelists Jim leads the US Real Estate & Construction (RE&C) sector for Deloitte. Prior to assuming the US RE&C sector leader role, he served as the head of Deloitte s Audit practice for the RE&C sector. During his more than 30 years of experience Jim has worked with public and private companies across many segments of the RE&C sector including REITs, construction, and private equity companies. Jim has extensive experience in initial public offerings, private placements, and SEC filings, as well as advising clients in all aspects of mergers, acquisitions, divestitures, and due diligence activities. Jim Berry Partner and Vice Chairman, US Real Estate & Construction Leader jiberry@deloitte.com Jim is a frequent speaker and instructor on industry and other technical subject matters at the national level with Deloitte. Living in Dallas, Jim has been heavily engaged in several real estate and community organizations including The Real Estate Council and United Way of Metropolitan Dallas. Jason has spent nearly two decades building and scaling online commerce platforms. As CFO, International at Amazon he managed more than $25 billion in international business with Germany, the UK, France, Italy, Spain, Japan, and China. More recently, he worked as CFO of Groupon, leading the company s IPO and growth from $700 million to $7 billion. Jason has bought and sold nearly a dozen residential properties and knows the frustrations of the traditional process firsthand. He s excited to be part of Opendoor s effort to create the world s greatest online real estate marketplace. Jason Child CFO Opendoor Labs
Josh Frieman leads the Prime Finance Partners accounting, investor relations, and administrative team and is a principal of Prime Group. He also serves as the chief compliance officer for both Prime Finance and Prime Residential. Josh joined Prime Group in 2005 and has been involved in all facets of real estate investment, finance, and administration including leadership roles in more than $1 billion of real estate transactions. Prior to that, he was an advisor to distressed businesses, overseeing numerous restructurings and liquidations. Earlier in his career, Josh practiced corporate law with Latham & Watkins and served as the general counsel for a start-up technology company. Josh graduated with honors from the University of California at Berkeley and Harvard Law School. Josh Frieman Principal and Chief Compliance Officer Prime Group Thomas Sponholtz is the co-chief executive officer and chairman for Unison Home Ownership Investors. He founded the company in 2005 and leads its overall strategic direction. He has more than 20 years of experience building large-scale consumer finance and investment management businesses. He was the cohead of Active Fixed Income in Barclays Global Investors $130 billion Fixed Income Group and instrumental in launching the first Fixed Income ishares (ETF) at Barclay s Global Investors. While at Alex Brown, he spearheaded the first-ever issuance of a collateralized mortgage obligation (CMO) capability in Europe in partnership with European banks. Thomas Sponholtz is an economist from Niels Brock International Business School, Copenhagen, Denmark. Thomas Sponholtz Co-CEO and Chairman Unison Home Ownership Investors
Presenters Alex is currently in a management development program in which he assists Deloitte s Real Estate & Construction industry professional practice director. His role includes presenting on emerging real estate and construction 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 as they work through complex industry accounting issues. 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. He has experience with transactions including initial public offerings, secondary stock and debt offerings, mergers and acquisitions, and spin-offs. Alex Braser Manager abraser@deloitte.com Sally Ann is the leader of Deloitte s Bay Area Real Estate Audit practice in the San Francisco office and a national leader for our Real Estate Funds Affinity Group in the US. She has more than 26 years of professional accounting experience, which included starting her career as a chartered accountant in Ireland. Her experience includes providing extensive services to a number of our large real estate clients including real estate investment advisors, separate accounts, private and public REITs, and private equity investment funds. In conjunction with her role as Audit partner, she has served as the accounting co-chair for the National Council for Real Estate Investment Fiduciaries and is the Reporting Standards Council chair for the NCREIF PREA Reporting Standards. Sally Ann Flood Audit Partner sflood@deloitte.com
Dustin is the deputy industry professional practice director (IPPD) for Deloitte s Real Estate & 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. Kevin 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
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 Jon joined the Washington National Tax practice of Deloitte Tax LLP in 2012 as managing principal of its Tax Policy Group. With extensive experience in the legislative arena, Jon is able to provide clients with critical insights on developments in tax policy and politics, helping them anticipate legislation and the potential impacts on their businesses. Before coming to Deloitte, Jon served as staff director for the Committee on Ways and Means of the US House of Representatives where he was responsible for developing legislative policies and strategy on issues in the committee s jurisdiction, including taxes, health care, and trade. He received his BA from Haverford College and JD from the University of Virginia. Jonathan Traub Principal Deloitte Tax LLP jtraub@deloitte.com Larry previously led our National Real Estate Tax practice in the US and now leads our west region practice multifunctionally. He has more than 30 years of experience serving real estate private equity funds, S corporations, and real estate investment trusts (REITs). Larry is a frequent speaker on real estate tax topics and is a member of the tax subcommittees of NAREIT and the Real Estate Roundtable. In addition to client service, Larry has held a variety of leadership positions throughout his career. Larry holds a BS from the University of California Berkeley, School of Business Administration. He has a California CPA license and is a member of the AICPA and the California Society of CPAs. Lawrence Varellas Partner Deloitte Tax LLP lvarellas@deloitte.com
Notes
Notes
Notes
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the Deloitte name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see HYPERLINK "http://www.deloitte.com/about" www.deloitte.com/about to learn more about our global network of member firms. Copyright 2017 Deloitte Development LLC. All rights reserved.