2015 real estate industry update - Deloitte United States€¦ · Welcome to Deloitte’s 2015 real...

November 10, 2015

2015 Real Estate Industry Update A landscape for change: Transforming for the future

Welcome

Welcome to Deloitte’s 2015 real estate industry update The real estate industry has been on quite a journey during the past decade. I always look forward to our industry update roadshow and meeting over a thousand real estate professionals from all over the country. One of the highlights for me is being able to kick off each event by moderating a panel of local real estate executives and listening to their views on the current state of the real estate industry. This year we are especially looking forward to hearing our panelists’ views on key disrupters in the industry and how they might affect real estate in the short and long term.

My colleagues and I have prepared a great program for you this year. We are excited about our panel as well as hearing our national leadership team discuss accounting and tax updates for the industry. We look forward to your active participation and questions during our program today. If you would like to speak with one of our presenters following our event, please do so. Our contact information is listed in this book and we always welcome your feedback. Thank you again for joining us today. I hope you find our 2015 Real Estate Industry Update informative and insightful.

Bob O’Brien US and Global Deloitte Real Estate Leader Deloitte & Touche LLP +1 312 486 2717 [email protected]


mailto:[email protected]

Agenda

Tuesday, November 10, 2015

8:00 a.m.–8:30 a.m. Registration and breakfast

8:30 a.m.–9:30 a.m. Welcome and panel discussion

9:30 a.m.–9:40 a.m. Break and networking time

9:40 a.m.–10:40 a.m. Accounting update

10:40 a.m.–10:50 a.m. Break and networking time

10:50 a.m –11:20 a.m. Accounting update

11:20 a.m.–11:50 a.m. Tax update

11:50 a.m.–12:00 p.m. Closing comments and wrap up


Panelists

Bob O’Brien US and Global Deloitte Real Estate Leader Deloitte & Touche LLP [email protected]

Bob O'Brien serves as the Global and US Real Estate Industry Sector Leader for Deloitte, where Bob works with the Deloitte’s real estate professionals in the US and globally to leverage Deloitte’s deep industry expertise across consulting, tax, audit, enterprise risk and financial advisory services. He has over 30 years of public accounting and transaction experience serving publicly held and privately held clients in various industries, with a focus on the real estate and hospitality industries. Bob has worked with some of the world’s largest public REITs, private equity real estate funds and hospitality companies.

Leslie Hale Executive Vice President and CFO RLJ Lodging Trust

Mrs. Hale has served as Chief Financial Officer (CFO) for RLJ Lodging Trust (NYSE: RLJ) since 2007 and was promoted to Executive Vice President in 2013. RLJ is one of the largest publicly-traded lodging REITs in the United States, with 127 hotels operating across the country. In May 2011, Mrs. Hale successfully managed the execution of the roll-up and merger of RLJ Development, a hospitality investment firm with its two affiliated private equity funds, and the subsequent initial public offering of RLJ Lodging Trust. As CFO, Mrs. Hale is responsible for all financial matters across RLJ and is intricately involved in the company’s investment decision-making, daily operations, and long-term strategic planning.

Before joining RLJ, Mrs. Hale held several positions within General Electric Capital Corp. (GE), including as a Vice President in the Mergers and Acquisitions Group of GE Commercial Finance. Mrs. Hale was previously an investment banker at Goldman, Sachs & Co., advising clients across industries on mergers, acquisitions, and corporate finance matters.

Mrs. Hale earned a BBA degree with a concentration in Finance from Howard University and earned her MBA from Harvard Business School. She currently serves as a member of the Board of Directors for Macy’s, Inc. and as a Trustee of Howard University.



Melanie M. Lundquist Chief Financial Officer Realterm

Melanie M. Lundquist is a seasoned executive with over 30 years of experience in managing all aspects of financial functions in entrepreneurial and publicly-traded companies. Currently, she is the Chief Financial Officer at Realterm, a vertically integrated real estate operator focused on transportation-oriented assets with over $2 billion in assets under management in the United States, Canada, Europe and India. Prior to joining Realterm, she held Chief Financial Officer roles at Travel Advantage Network, Inc., Haven Custom Homes and Municipal Mortgage and Equity, LLC. Ms. Lundquist spent thirteen years at The Rouse Company and was Senior Vice President and Corporate Controller at the time of its sale to General Growth Properties in November, 2004. She joined The Rouse Company from KPMG LLP in Baltimore, Maryland, where she was a senior audit manager.

Ms. Lundquist is a member of the Maryland Association of Certified Public Accountants and the American Institute of Certified Public Accountants. She is also a past board chair and current Board member of Humanim, Inc., a non-profit agency located in Baltimore, Maryland serving the needs of individuals with disabilities through human services and workforce development. She also serves on the Advisory Board of Travel Advantage Network.

A summa cum laude graduate of Towson University, Ms. Lundquist lives on a family farm in Woodbine, Maryland, with her husband, Rob, and their two children.

Mike Sodo Former Executive Vice President, CFO, and Treasurer VEREIT

Mike Sodo served as Executive Vice President, Chief Financial officer and Treasurer at VEREIT until October 2015 (NYSE: VER). In this role, he partnered with the Chief Executive Officer to handle all capital markets activities as well as communication with rating agencies, lenders and investors. Mr. Sodo also oversaw debt covenant compliance and projections. Additionally, Mr. Sodo provided oversight and support to the accounting team and related accounting functions while working closely with the Chief Accounting Officer. Mr. Sodo served on VEREIT’s Investment Committee, which reviewed for approval all potential property acquisitions and dispositions.

Prior to joining VEREIT in August of 2014, Mr. Sodo worked at Capital Automotive, a real estate investment trust, where he served since 2003 in a number of roles including most recently as Senior Vice President, Director of Financial Reporting and Treasurer. In this role, Mr. Sodo managed all capital markets activities as well as oversaw all accounting functions.

Prior to joining Capital Automotive, Mr. Sodo worked as an auditor for KPMG LLP. Mr. Sodo is a Certified Public Accountant and has a Bachelor Degree in Business Administration from the College of William & Mary.


Presenters

Johnnie Akin Senior Manager Deloitte & Touche LLP [email protected]

Johnnie is currently on a management development program assignment assisting Chris Dubrowski, the director of professional practice for Deloitte’s national Real Estate Services practice. In this role, Johnnie presents on emerging real estate accounting issues gained through his development. The role also involves developing industry positions on accounting and auditing issues, communicating those positions to the Deloitte real estate practice, and serving as a consultation resource for Deloitte clients and professionals.

He has ten years of public accounting experience which includes over nine years of real estate experience focused on fair value measurements relating to impairments, acquisitions and troubled debt restructurings, consolidation conclusions, related party transactions, and public company filings.

Chris Dubrowski Partner Deloitte & Touche LLP [email protected]

Chris Dubrowski is the director of professional practice for Deloitte’s national Real Estate Services practice. In this role, he assists clients and engagement teams around the country in identifying and resolving real estate-related technical accounting and auditing issues and participates in establishing firm positions on emerging accounting issues.

Allison Dyer PartnerDeloitte & Touche LLP [email protected]

Allison has 25 years of experience, including 3 years of private accounting experience. Allison has served public and private companies in a variety of industries, with extensive experience serving clients in the real estate industry, including real estate investment trusts, investment companies, and senior living, construction, and hospitality companies. She leads our Deloitte Growth Enterprise Services practice for the Greater Washington area, delivering a distinctive client experience through service offerings tailored to address the unique needs of mid-market and privately held companies. Allison has experience with SEC registration statements and filings, including initial public offerings, and private equity owned companies. She also serves companies that report under International Financial Reporting Standards.

Allison serves on the Leadership Council of the Washington Area Women’s Foundation and served on the board of directors from 2008 to 2014. She has also served as the leader of Deloitte & Touche’s Women’s Initiative for the southeast region.

Allison is a member of the AICPA, National Association of Real Estate Investment Trusts (NAREIT) and the National Council of Real Estate Investment Fiduciaries (NCREIF).





Dean Halfacre Partner Deloitte Tax LLP [email protected]

Dean is a tax partner in Deloitte’s Mclean, VA office. With over 20 years of experience, Dean’s practice is focused on serving public and private REITs and investment funds. He has experience with tax issues related to M&A transactions, IPOs, liquidations, dispositions, and joint ventures. Dean is Deloitte’s real estate tax practice leader for the Greater Washington, DC region. He is also the national practice leader for REIT conversion transactions and has advised several public entities on REIT conversion strategies. Dean has been published on real estate related issues in the Journal of Taxation and the Real Estate Tax Digest and has lectured on related topics in various external forums.

Dean is a member of National Association of Real Estate Investment Trusts, the Urban Land Institute, the tax policy advisory committee of the Real Estate Roundtable, and the San Francisco Planning and Urban Research Association. He is a CPA and received his BS in Accounting from the College of Charleston.



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