Moderator:

Scott R. Maesel, Executive Managing Director,

Sperry Van Ness, Commercial Real Estate Advisors

Panelists:

Gary K. DeClark, MAI, CRE, FRICS, Managing Director,

Integra Realty Resources, Inc.

Evan Gladstone, Executive Managing Director,

NRC Realty & Capital Advisors, LLC

Jules H. Marling, III, Managing Director,

Real Estate Research Corporation (RERC)

Cherin L. Mooradian, MAI, ASA, Director, Duff & Phelps, LLC

Distressed Real Estate Summit Buying, Selling & Determining Value

Valuation, a Crystal Ball

How are appraisers estimating values with the lack of comparable sales data today? Brokers listing prices? REO or non-performing loan prices?

Are there different values, or a range of values for a seller needing to sell quickly (market price or spot sale price) versus higher price which might be obtained over a much longer timeline (intrinsic value)?

What is more important in establishing value in today’s market –market value or deal transaction value? How do they interface? How

much is financing or lack of it effecting value?

Distressed Real Estate Summit Buying, Selling & Determining Value

Is it appropriate to model a rent spike in the future when preparing a discounted cash flow model today on an investment grade property

when commercial rents continue to decline?

To what extent, if at all, does the brokerage community contribute to a downward spiral of property pricing?

To what extent, if at all, does a third party purchase of a defaulted mortgage at a discounted price influence that property value?

Distressed Real Estate Summit Buying, Selling & Determining Value

Real Estate Taxes, They’re Killing Me!

How are owners successfully obtaining real estate tax relief as the value of their properties have declined in value?

How can property be reasonably valued if the real estate tax burden is many times largely unknown?

Does a market value appraisal conclusion for real estate tax purposes really have any semblance to a market value conclusion in the

traditional sense?

If my property's assessed value goes down, why do my taxes not?

Distressed Real Estate Summit Buying, Selling & Determining Value

What are the federal and local tax opportunitiesthat will help me:

Keep my distressed property?

Survive the recent economic downturn and work through therecovery phase of the economy?

Assist in bringing an acquired distressed property back tostabilization?

What do experiences with tax appeals indicate relative to theperspective of tax assessors and tax appeal boards?

What is the role of a tax consultant?

?

Distressed Real Estate Summit Buying, Selling & Determining Value

When to Hold’em & When to Fold’em?

Given a distressed marketplace for the foreseeable future, is 2010 a time to sell?

Should this decision be different for different asset classes (hotel, multi-family, office, etc.) or asset quality (A, B or C)?

Hold versus sell. Should owners in distress consider selling if their lender is willing to do a short sale or negotiate a work out if their lender agrees if the property is not cash flowing, or will not cash flow even as

restructured?

Distressed Real Estate Summit Buying, Selling & Determining Value

If the restructured loan creates some cash flow now but increases principal or requires recourse, does it makes sense?

Lenders are insanely busy today. Short of missing mortgage payments or other covenants, how do owners get their lender’s attention and

successfully negotiate with them?