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The trouble in today’s real estate markets and in the economy overall has left a deep imprint on the institutional investment world. To convey a sense of how the downturn is affecting the thinking of PREA’s core constituency, we asked industry leaders to consider this question: What’s on Investors Minds?
Save the Date!
ARES-PREA Pension Fund Forum Tokyo
To advance its educational mission and elevate its level of collaboration with like organizations, PREA has teamed with the Association of Real Estate Securitization to co-host its fifth annual Pension Fund Forum, to be held in Tokyo on November 19, 2009. This unique event will be of interest to property investors looking to build or expand upon global investment platforms. It will provide excellent opportunities to consult with peers and hear from experts about investment prospects in Japan and throughout Asia. Questions? Call the PREA office at 860-692-6341 or email us at prea@prea.org.
2009 PREA SCHOLARSHIP PROGRAM
Thank you for your interest in PREA’s Scholarship Program. The application period for the 2009 PREA Scholarship Program is now closed. In keeping with our educational mission, the Pension Real Estate Association PREA awards scholarships on an annual basis to promising students studying real estate at the undergraduate and graduate levels. PREA also partners with the Robert A. Toigo Foundation to grant a PREA/Toigo scholarship which is awarded to minority and women students. Since 1994, PREA has awarded nearly $400,000 in scholarships to more than 100 graduate students concentrating in real estate studies at academic institutions in the United States and Canada. This year’s scholarship winners will be announced in the Fall 2009.
REAL ESTATE INFORMATION STANDARDS
Current Document—Revised March 2009
REIS HIGHLIGHTS
May 2009
REIS GUIDANCE DOCUMENT
Determining Investment Discretion
PROPOSED GIPS 2010 EXPOSURE DRAFT
Please review the Proposed GIPS 2010 Exposure Draft and consider submitting comments both to ensure your concerns are addressed and for the good of the industry.
The proposed revisions to the GIPS standards include the following which are of interest to our industry:
- Compliance Statement-As part of the GIPS compliance statement, investment firms will be required to disclose whether their firm has been verified.
- Fair Value-The proposal requires firms to report portfolio performance based on fair value accounting.
- Risk Disclosures-As part of the composite description, firms will be required to disclose sufficient information to allow a prospective client to understand the relevant risks of the composite strategy.
- Real Estate External Valuation-For periods beginning January 1, 2012 or after, real estate investments must be valued by an independent external valuer or appraiser at least once every 12 months.
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2009 PREA WEBINAR SERIES
Replays Available!
PREA this year launched a webinar program designed to expand our existing educational programs. The webinars are designed to offer our members up to the minute discussions on timely topics.
Replays of the first three webinars presented in 2009 are now available.
Tuesday, June 2, 2009
Alignment of Interests – General Partners, Limited Partners and Joint Venture Partners: What are the Solutions?
Replay
Our first webinar in this series, "Alignment of Interests: What are the Issues?" covered the problems caused by current market conditions that are arising between the various players in the commercial real estate industry. This panel now discusses the solutions to those issues. Where do we go from here? How can we learn from the current issues and emerge stronger as an industry?
Webinar Participants:
- Lawrence Hass, Paul Hastings, Janofsky & Walker
- Keith Barket, Angelo, Gordon & Company
- Jamie Behar, Promark Global Advisors
- Steve Hason, APG Asset Management US Inc.
- Jeff Jacobson, LaSalle Investment Management, Inc.
Tuesday, May 19, 2009
Alignment of Interests – General Partners, Limited Partners and Joint Venture Partners: What are the Issues?
Replay
This webinar was the first of a two-part webinar series dealing with shifting investment relationships. Fundamental changes in our markets are creating organizational challenges and alignment of interest issues. Dynamics are changing between GPs and LPs, local JV partners and our funds, and LPs and other LPs. Business plans will require adjustment, organizations will change, legal structures and incentive models will be tested. The concepts of alignment of interest and fiduciary duty will be increasing concerns.
Webinar Participants:
- Field Griffith, Virginia Retirement System
- Michael DiRe, California State Teachers' Retirement System
- Stephen Furnary, ING Clarion
- Sanford Herrick, Hudson Realty Capital, LLC
- James Lavan, Colorado Public Employees Retirement Association
- Ted Leary, Crosswater Realty Advisors, Inc.
Tuesday, February 24, 2009
The Debt Market
Replay
PREA held the association's first-ever webinar on Tuesday February 24. The hour long discussion offers an in-depth analysis of the current state of the commercial real estate debt markets.
Webinar Participants:
- Gadi Kaufmann, RCLCO/Charles Lesser & Co.
- Robert Brennan, Credit Suisse
- Field Griffith, Virginia Retirement System
- Richard M. Walsh, New York Life Investments
- Darrell Wheeler, Citi Global Markets
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