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Marvin
Banks, Former CFO – Gables
Residential Trust, a REIT that was acquired by ING
Clarion Partners, which Marvin was instrumental in
structuring. Marvin has been with Gables
since prior to its successful IPO and was the
architect and steward of the company’s capital
structure.
Rob
Gidel, Managing
Director – Liberty Partners and current Chairman
of LNR Property Corp., which was acquired by
Cerberus Capital Management. Rob is on the
Boards of Global Signal, Developer’s Diversified,
and US Restaurant Properties, as well as serving
as a Trustee for Fortress Investment. Rob
was also a force behind the Bass Brothers’
Brazos Fund and
worked on the Cerberus acquisition of a 51%
ownership position in
GMAC.
Richard
Kincaid, President & CEO -
Equity Office Properties Trust, the largest office
REIT in the nation, which is in the proces of
being acquired by Blackstone Group. Richard
has worked with the company's Chairman, Sam Zell,
for over 15 years and previously held the
positions of CFO and
COO.
Dale
Taysom, Managing Director –
Prudential Real Estate Investors, the primary
capital source behind Kimco Realty Corp.’s
purchase of Pan Pacific Realty and Extra Space
Storage’s acquisition of Storage USA from
GE. Dale has been in charge of PREI’s
domestic Transactions Group since
1993.
Chris
Vallace, Principal -
M3 Capital Partners (formerly Macquarie Capital
Partners), a global investment banking firm that
has provided capital and orchestrated acquisitions
involving ProLogis, Broadway Partners, Weingarten
Realty, Developers Diversified, Archstone-Smith,
Maguire Properties, Sunrise Senior Living, Regency
Centers, and many others.
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Date:
Thursday,
February 15, 2007
Time:
4:30 PM. to 5:00
PM. - Networking
5:00 PM. SHARP Program Begins
(please be on time)
Place:
Westin
Buckhead (former Swissotel)
3391 Peachtree
Rd,
Atlanta,
GA
30326
404.365.0065
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Deadline: Since we anticipate a
large attendance, kindly RSVP as soon as
possible, but no later than February
5th.
Contact:
Jeff Keiley
770.427.9456
extn.
7561
Email /
Fax:
jeff.keiley@atcassociates.com
770.427.1907 |
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In November, Blackstone’s
announced $36 Billion purchase of Equity Office
Properties Trust sent the latest round of shock waves
through our industry. While the trend of mid-cap REIT
buyouts and mergers was clearly accelerating, Equity and
Blackstone showed that even size was no longer a
constraint. Now, just a few weeks later, the financial
press continues to speculate about additional REIT
transactions while recognizing the true depth and
capabilities of the private capital juggernaut. It looks
like the public-to-private trend in real estate will
continue.
But what is driving the process?
For our First Quarter 2007 program we will explore the
trends, the transactions, the motivations and the
deal structures. To gain these insights we have
assembled a panel of true heavy hitters in the industry.
All have been key players in recent public-to-private
transactions of note.
Why is the REIT
public-to-private trend continuing? One reason is
that it benefits practically all its constituents. REIT
shareholders, who enjoyed outstanding returns in recent
years, including 30%+ total returns in 2006, face a
future with limited prospects for sustained double-digit
annual returns. For private capital acquirers, high
quality REIT portfolios provide a rare opportunity to
lock in solid recurring cash yields backed by hard
assets, and then, if desired, magnify those yields
through increased leverage. For REIT executives, selling
out provided the final and definitive proof to Wall
Street that the “Street” had in fact, undervalued REIT
portfolios. For many, the prospect of returning to a
more entrepreneurial operating environment, free of
quarterly SEC filings, analyst calls, and Sarbanes-Oxley
requirements must also be
enticing.
Our guest panelists represent
every perspective of this exciting subject - Marvin
Banks and Richard Kincaid as leaders of acquired and
soon-to-be acquired REITS; Rob Gidel and Dale Taysom as
capital acquirers; and Chris Vallace as a well-known
investment banker. This is surely a timely program
you’ll not want to miss.
As always, a large array of food
and an open bar will be provided following the program.
We thank our generous sponsors for their support: ATC
Associates Inc.; Capmark Financial; Crown Advisors;
Fidelity National Title Insurance Co.; Georgia State University; Marsh
USA; and
Morris, Manning & Martin, LLP.
See you all
on the 15th.
Best
Regards,
Jerry
Monash
Gerald S.
Monash, CCIM, President
Paul
Berry
Paul A.
Berry, Program Committee
Chairman |
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