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December 2-4, 2014 Metro Toronto Convention Centre, South Building

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CO-ChairSScott Hutcheson Anna Kennedy

PrESENTErSScott Addison Zelick AltmanCarl BangDavid BaxterLori-Ann BeausoleilUgo Bizzarri Trevor BlakelyBill BolenderSheila Botting

Michel BouchardDavid Bowden Vince BrownLorne BurnsTom BurnsEric CarlsonScott ChandlerDavid ChiltonPaul ChinDon ClowDavid CollyerMichael CooperPeter CuthbertEileen DiLeo David DulbergPaul Dykeman

Graeme EadieMichael EmoryAmy ErixonPaul FinkbeinerLouis ForbesDaniel FournierPhilip Fraser David GerofskyCharles Dana GibsonMurray GoldmanGreg GuattoEileen Halpin-TarrantJohn HayesRosanne Hill BlaisdellTim HockeyChris Holtved

Blake HutchesonColin JohnstonBradley JonesMark KenneyBrian KingstonAdam KosoyRob KumerAmanda LangMalcolm LeitchDianne LemmKevin LeonJon LoveKevin Lynch John OBryanBrian McCauleyBlair McCreadie

Brett MillerPaul MorassuttiMauro PambianchiAdam PaulMike PelykDaniel PeritzAndrew PhillipsJawad RathoreTony RealeMark RoseToni RossiDori SegalStephen SenderPeter SenstEd SonshineMark Stainer

Benjamin Tal Moray TawseStephen TaylorAntoinette TummilloMichael TurnerBlair Welch Stephen WetmoreDon WhiteGary WhitelawMark WhitmoreTed WillcocksStephan Yau Mark ZandiPaul Zemla

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some of ouR feaTuRed speakeRs

Scott HutchesonChairman & CEO,Aspen Properties

Anna KennedyPartner & CFO,KingSett Capital

Conference Co-Chairs

Launched in 1992, and sold out for the past eight years, The Real Estate Forum in Toronto is Canadas largest annual national conference on real estate investment and management. Strengthen and broaden your insight and expertise in trends, opportunities, issues, challenges and be party to strategies for success in todays commercial real estate market.

Join over 2,350 of your peers as you listen to 100+ experts and investors intrinsic to the success of this extremely relevant and impactful program. Ask questions, hear answers, and take advantage of great networking opportunities at this very affordable two day event.

Growth vs. Capital Preservation among Major Themes This Year

Michael CooperPresident & CEO, DREAM Unlimited Corp.

David ChiltonDragon on CBC TVs Dragons Den, Bestselling Author of The Wealthy Barber

Graeme EadieSenior Managing Director & Global Head of Real Estate Investments, Canada Pension Plan Investment Board

Michael EmoryPresident & CEO, Allied Properties REIT

Daniel FournierChairman & CEO, Ivanho Cambridge

Blake HutchesonPresident & CEO, Oxford Properties Group Inc.

Amanda LangSenior Business Correspondent, CBC News

Jon LoveManaging Partner, KingSett Capital

Kevin LynchVice Chairman, BMO Financial Group

Dori SegalPresident & CEO, First Capital Realty Inc.

Edward SonshineChief Executive Officer, RioCan REIT

Benjamin TalDeputy Chief Economist, CIBC World Markets Inc.

Stephen WetmoreChief Executive Officer,Canadian Tire Corporation

Gary WhitelawChief Executive Officer, Bentall Kennedy LP

Mark ZandiChief Economist, Moodys Analytics

7:00 a.m.

REGISTRATION & CONTINENTAL BREAKFAST

8:00 a.m.

INTRODUCTION OF FORUM CHAIRS

Scott Addison, President, Eastern Canada, Colliers International

Moray Tawse, Vice President, Mortgage Investments, First National Financial LP

OPENING REMARKS: THE THEMES OF THIS YEARS FORUM

Conference Chairs:

Scott Hutcheson, Chairman & CEO, Aspen Properties

Anna Kennedy, Partner & CFO, KingSett Capital

8:10 a.m.

THE IMPORTANCE OF SUCCESSION PLANNING: ALL TALK? NO ACTION?

LOOKING INSIDE THE MINDS OF THE NEXT GENERATION RISING IN THE RANKS OF THE FAMILYS REAL ESTATE BUSINESS

8:30 a.m.

WHAT IS THE OUTLOOK FOR CANADA, THE U.S. AND GLOBAL ECONOMIES FOR 2015?

Another year has passed and there is still no clear consensus on where geo-economic trends are heading. While it appears that the U.S. economic recovery is accelerating, there are dark clouds across EuroZone and some of the emerging markets. All of this has implications for Canada as well. With a national unemployment rate of 7% and a GDP forecast of 2%, what does all of this mean for the strength and direction of our domestic economy? This session will feature two leading economists who will offer their insights and perspectives on all of these trends and where they believe we are heading in 2015. They will analyze the major fundamentals in Canada, the U.S. and global markets. What is the likely timing and extent of interest rate hikes by the Fed? Will the BOC follow instep? Will the bubble burst on Canadian housing and condominium markets specifically?

Speaker Introductions:

David Bowden, President, Canada, Colliers International

The Outlook for the U.S. and Global Markets and What It Means for Canada

Mark Zandi, Chief Economist, Moodys Analytics

The Key Fundamentals of the Canadian Economy

Benjamin Tal, Deputy Chief Economist, CIBC World Markets Inc.

9:35 a.m.

CHANGING ECONOMIC, DEMOGRAPHIC AND SOCIAL CURRENTS: THE EVOLVING CONTEXT FOR REAL ESTATE IN CANADA

Three profound currents will establish the context for real estate development in Canada in the coming decades: economic, demographic and social. These three currents will combine to support strong ICI and residential real estate markets in the coming years, but it will be a much more diverse market than is generally anticipated. On the economic side, real estate demand will emphasize logistics, proximity and accessibility, and hence focusing of expansion of urban economies. Demographically, demand will place its emphasis on multi-unit residential properties. Socially, demand will emphasize community and experiential contexts. Combined, these currents will mean not only growth of Canadas metropolitan areas, but their transformation as well. This session will explore the real estate implications of the confluence of these three currents. As Canada is its people, the core of the presentation will be demographic, with the economic and social dimensions layered on top.

Attendees will receive free digital access to research conducted specifically for the Forum that analyzes the demographic fundamentals that will shape Canada and its major markets over the next 25 years, emphasizing the role that the big generation will have in strengthening and changing housing markets and future levels of other market activity.

Presenter:

David Baxter, Senior Advisor, Urban Futures is a highly respected authority on the impact of demographics on the North American and global landscape, the shifting nature of work, and the process of urban and metropolitan change.

10:05 a.m.

MORNING REFRESHMENTS

10:35 a.m.

WHERE IS DEMAND FOR REAL ESTATE HEADING? WHAT WILL IT TAKE FOR THE CANADIAN ECONOMY TO ACHIEVE MORE GROWTH?

What are the CEOs of Canadian Companies and Market Experts Saying?

Amanda Lang, Senior Business Correspondent, CBC News, anchors the daily business evening news program The Exchange with Amanda Lang. She has interviewed thousands of corporate executives, experts in all major markets, political leaders and economists in Canada and abroad.

Where is the Energy Sector Heading? Will the Issues with the Oil Sands and the Pipelines Ever be Resolved?

David Collyer, Chief Executive Officer, Canadian Association of Petroleum Producers

Is Canadian Business Becoming More Globally Competitive? How are Our Industries Ranked in Terms of Innovation and Productivity?

Hon. Kevin Lynch, Vice Chairman, BMO Financial Group, a former economist and Clerk of the Privy Council and Secretary to the Cabinet, Canadas most senior civil servant

11:30 a.m.

EMERGING TRENDS IN REAL ESTATE INVESTMENT AND DEVELOPMENT: THE KEYSTONE RESULTS OF THE 36TH ANNUAL SURVEY OF REAL ESTATE LEADERS

This session will examine the principal conclusions of one of the oldest, most highly regarded annual industry outlooks for the real estate and land use industry. The Emerging Trends reports are created using interviews and survey responses from hundreds of leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants. This discussion will focus primarily on the conclusions reached about the Canadian market with some comparative examination of U.S. market views. Topics covered will include capital flows, markets to watch, a perspective on property types, what the panel considers to be the best bets for 2015 and how this compares with the results of the survey.

Moderator:

Lori-Ann Beausoleil, Partner, National Leader, Canadian Real Estate Practice, PwC

Panel:

Michael Emory, President & CEO, Allied Properties REIT

Jon Love, Managing Partner, KingSett Capital

Gary Whitelaw, Chief Executive Officer, Bentall Kennedy LP

ReaL esTaTe foRum WednesdaY, deCemBeR 3

12:35 p.m.

LUNCHEON

LUNCHEON REFRESHMENTS

1:45 p.m. Concurrent Sessions (Attend 1 of 2)

SESSION A1

CANADA VS. U.S. VS. OTHER GLOBAL MARKETS: ASSESSING THE RISKS, CHALLENGES AND THE BEST POTENTIAL OPPORTUNITIES

Real estate investment activity is widespread across tier one countries, growing markets and many emerging markets. This session will offer some clarity on strategic thinking, investment opportunities and key trends in this global environment. To what extent are pension funds, institutional investors, and sovereign and opportunity funds increasing their allocation for real estate assets? Is the key reason safety vs. growth? In evaluating risk/return, is Europe still all bad with the exception of London due to the state of its economy? How much interest is there in Asia Pacific? Where is the U.S. market on investors lists? Is Canada considered overpriced? Which market is safer and positioned to provide better returns? Investors are now more focused on major cities around the world rather than prioritizing countries. What are the top ten on their list? Looking ahead, what risks and opportunities do they see increasing in 2015? Where is the greatest potential growth likely to come from? Is benchmarking your real estate performance a key priority? What have been some of their successes and failures over the past year?

Moderator:

Peter Senst, President, Canadian Capital Markets, CBRE Limited

Panel:

Carl Bang, President, Sun Life Investment Management Inc.

Graeme Eadie, Senior Managing Director & Global Head of Real Estate Investments, CPP Investment Board

Charles Dana Gibson, Chief Investment Officer, GLL Real Estate Partners GmbH

Brian Kingston, Senior Managing Partner & Chief Investment Officer, Brookfield Property Group

SESSION A2

TECHNOLOGY IS TRANSFORMING THE REAL ESTATE REQUIREMENTS OF END USERS: HOW DOES THIS AFFECT OFFICE, RETAIL AND INDUSTRIAL MARKETS? WHAT IS THE LONG TERM IMPACT FOR LEASING AND PROPERTY INVESTMENTS?

New technologies, processes and demands are dramatically changing the way that business is conducted across North America and indeed around the world. This big bang is accelerating business decisions and profitability, and forcing businesses to reassess their cost of operations and ultimately their real estate decisions. In some cases, real estate can be used as a catalyst to accelerate profitability and productivity, while others focus on cost reduction. The end result is a transformation of how space users look at their real estate which ultimately affects demand and property investment value, e.g. many office users are downsizing and demanding enhanced technology, sustainability and functionality; retail users are facing omnichannel demands; supply chain advancements are driving improved warehouse distribution centres. A panel of senior executives will discuss their perspectives about the use and functionality of real estate in their businesses and portfolios.

Moderator:

Sheila Botting, Senior Practice Partner, Client Cabinet & National Leader, Deloitte Real Estate

Panel:

Eileen DiLeo, Executive Vice President of Stores, Hudsons Bay, and Lord and Taylor

Tim Hockey, Group Head, Canadian Banking, Auto Finance, and Wealth Management, TD Bank Group; President & CEO, TD Canada Trust

Toni Rossi, Executive Vice President & Group Head, Real Estate & Lending, Infrastructure Ontario

Mark Whitmore, Toronto Managing Partner, Canadian Marketplace Leader, Deloitte

3:00 p.m.

NETWORKING RECEPTION

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7:15 a.m.

REGISTRATION & CONTINENTAL BREAKFAST

8:00 a.m.

SUMMARY OF DAY ONE AND THE FOCUS OF DAY TWO

Scott Hutcheson, Chairman & CEO, Aspen Properties

Anna Kennedy, Partner & CFO, KingSett Capital

8:10 a.m.

A TRULY UNIQUE PERSPECTIVE FROM ONE OF THE DRAGONS

As someone who has experienced both tremendous success and failure, David will humorously illustrate how a healthy perspective can lead any executive to positive results, despite what life throws at you. He will use examples from both his professional and private life, including behind the scenes stories from Dragons Den.

Speaker:

David Chilton, author of the all-time Canadian bestseller, The Wealthy Barber, and one of CBCs Dragons on the networks #1 hit show Dragons Den

Free autographed copies of Davids latest book, The Wealthy Barber Returns, will be available to 500 attendees.

8:40 a.m.

WHAT TRENDS AND CHALLENGES DOES THE CEO OF CANADAS LARGEST RETAILER SEE FOR 2015 AND BEYOND?

A very insightful conversation with the retiring chief executive of Canadas largest retailer on his insights on the key trends and challenges he sees facing our consumer and retail markets. It is said that 90% of all Canadians live within a 15-minute drive of a Canadian Tire store; that 9 out of 10 adult Canadians shop at one at least twice a year; and that 40 percent of Canadians shop at Canadian Tire every week. That doesnt include Marks, The Forzani Group and PartSource which with CT aggregately total some 1,700 retail and gasoline outlets across the country.

Guest:

Stephen Wetmore, Chief Executive Officer, Canadian Tire Corporation

Interviewer:

John OBryan, Chairman, CBRE Limited

9:30 a.m. Concurrent Sessions (Attend 1 of 5)

TOPIC B1

IS THE OFFICE MARKET FACING CHALLENGES ACROSS CANADA DUE TO SOFT ECONOMIC GROWTH, A REDUCTION IN MANY WORKPLACE FOOTPRINTS AND THE IMPACT OF TOO MUCH NEW DEVELOPMENT?

Canadas overall office market of more than 500 million square feet softened during the 12-month period ending at mid-year 2014. Vacancy rates rose in 10 of 12 major markets and nationally have almost reached 10%. What were the major reasons for this trend when you consider that the downtowns of our largest cities are witnessing the largest surge in new development in about 25 years? What have been the challenges to achieve more absorption? How have the suburbs fared relative to the downtown cores? What are owners of older legacy towers, B and C class properties doing to try to compete against the attributes of the new higher performance green certified buildings? How is the brick and beam market performing? Will the migration of office users from the suburbs to downtown in some cities continue? Where are leasing volumes likely heading as tenants rethink their workplaces and space requirements? What type of leasing velocity and NERs are we likely to see in specific markets across the country? Are leasing trends in step with valuations and cap rates?

Moderator:

Paul Morassutti, Executive Vice President & Senior Managing Director, Valuation and Advisory Services, CBRE Limited

Panel:

Michel Bouchard, Co-Chief Operating Officer, The Redbourne Group

Vince Brown, Chief Operating Officer, Triovest Realty Advisors Inc.

Tom Burns, Executive Vice President & COO, Allied Properties REIT

Michael Turner, Senior Vice President, Real Estate Management, Oxford Properties Group Inc.

Ted Willcocks, Global Head of Asset Management, Manulife Real Estate

TOPIC B2

THE APARTMENT MARKET CONTINUES TO BE HOT: SOLID RETURNS, STRONG DEMAND, AND PURPOSE BUILT RENTAL IS BACK

LIVESOLARC A P I T A L

R E A L E S T A T E A D V I S O R Y

For many investors, the staple of any well-diversified real estate portfolio today is still the multi-family market. Predictable yields and strong cash flows make apartments one of the most reliable property classes. Investor demand far outweighs supply resulting in greater cap rate compression. What direction are they likely to take in 2015? How can investors make these record low cap rates work? How are occupancy rates in major markets across the country? How much new apartment construction is expected given the prices of assets? In which cities? What are factors supporting the growing interest in student housing? What challenges does the apartment market face over the next few years?

Moderator:

Brett Miller, President, JLL Canada

Panel:

Ugo Bizzarri, Founding Managing Director, Portfolio Management and Investments, Timbercreek Asset Management

Philip Fraser, President and CEO, Killam Properties Inc.

Mark Kenney, Chief Operating Officer, CAPREIT

Brian McCauley, President & COO, Concert Properties Ltd.

TOPIC B3

CITY BUILDING & NEW DEVELOPMENT: WHAT IS DRIVING URBANIZATION ACROSS CANADA? HOW LONG WILL IT CONTINUE?

Across Canada, there is an unprecedented amount of intensifi- cation activity and urban revitalization on a scale that has not been seen for decades. A panel of diverse investors and developers will provide their insights on what key economic, demographic and social forces are responsible for the renewal trends in our major cities, and what the implications of these trends are for real estate investment and development activity going forward. What type of innovative and unique projects are emerging to create new forms of residential, office, retail, and hotel uses? Are some of the projects a major part of a companys growth strategy to renew their existing portfolio and develop new properties rather than try to acquire assets that are priced too high or simply not available on the market? What proportion of projects are green buildings? What are some examples of innovation that are being implemented? Is there any signal on the horizon that these trends will peak or are they likely to carry on for sometime?

ReaL esTaTe foRum THuRsdaY, deCemBeR 4

Moderator:

Mark Rose, Chairman & CEO, Avison Young

Panel:

Eric Carlson, Chief Executive Officer, Anthem Properties Group Ltd.

Paul Finkbeiner, President, GWL Realty Advisors Inc.

David Gerofsky, Chief Executive Officer, First Gulf Corporation

Murray Goldman, Founder, The Goldman Group

Jawad Rathore, President & CEO, Fortress Real Developments

TOPIC B4

TRENDS FACING CAPITAL AND DEBT MARKETS IN 2015: THE REBIRTH OF CORPORATE REAL ESTATE LENDING? HIGHER INTEREST RATES?

A wide ranging discussion will examine the availability of public and private debt and equity for Canadian real estate from the perspective of the capital markets, borrowers, banks and mortgage originators. The participants will offer their views from different points on the compass as they comment on todays capital and credit market environment; what they foresee in 2014 and beyond; what risks are emerging at this time; and how they would favour deploying their capital. What can you expect next year with respect to the cost, availability and most accessible sources of capital? Will lenders be more or less aggressive next year? What impact is the federal government having on capital and the real estate market generally? How challenging is asset valuation today? What information is required from a valuation by management, purchasers, vendors, shareholders, lenders, and the capital markets? Since 2010, there has been a consistent question being asked about when the BOC will increase interest rates. What is the view of this panel as to when this many finally happen? How quickly and far with rates then increase?

Moderator:

Andrew Phillips, Managing Director & Head of Real Estate, TD Securities Inc.

Panel:

Lorne Burns, National Industry Leader, Real Estate, KPMG LLP

Paul Chin, Vice President, Real Estate Lending, Loan Syndications and Capital Markets, Otra Capital

David Dulberg, Managing Director, RBC Capital Markets Real Estate Group

Louis Forbes, Chief Financial Officer, CT REIT

Moray Tawse, Vice President, Mortgage Investments, First National Financial LP

TOPIC B5

ASSET MANAGEMENT STRATEGIES FOR OVER ONE BILLION SQUARE FEET OF SPACE: FROM CREATING GREATER VALUE TO PURSUING OPERATIONAL EXCELLENCE

From REITs and pension fund advisors to private equity funds and privately-owned companies, the range of asset management practices, policies and strategies in todays market can be quite considerable. A common challenge facing all owners is how does a real estate entity grow in a market where there are billions of square feet of aging buildings, sparse investment opportunities, and increasing development risk. One strategy is a stronger focus on creating greater value from all existing assets. How do you accomplish this? How can aging assets remain competitive in a market where there has been an increasing amount of green buildings developed in recent years? Can you maximize returns and the financial potential of your property assets through value-added programs, repositioning, operational excellence and superior management expertise? Can you increase the value of B and C class buildings while in turn providing greater value to your tenants? Does this open new investment opportunities where you can see a value that the seller may not?

Moderator:

Colin Johnston, President, Research, Valuation & Advisory, Altus Group

Panel:

Zelick Altman, Managing Director, Canada, LaSalle Investment Management

Peter Cuthbert, Senior Vice President, Investments, Fiera Properties Limited

Malcolm Leitch, COO, Investment Management, Bentall Kennedy (Canada) LP

Antoinette Tummillo, Executive Vice President, Real Estate Management Services, Canada, Colliers International

10:40 a.m.

MORNING REFRESHMENTS

11:10 a.m. Concurrent Sessions (Attend 1 of 5)

TOPIC C1

THE PRESSURES AND THE EVOLUTION OF THE RETAIL MARKET: ARE WE APPROACHING A PERIOD OF STRONG WINNERS AND WEAK LOSERS?

No other real estate property class has attracted as much attention as retail.

We keep hearing about the U.S. and European retailers circling Canada or announcing plans to open (or close) stores here. Coupled with this is a range of views of how much impact e-commerce is really having on the Canadian retail market. Then there is the influx of mixed-use develop-ments and inner city intensification. There appears to be a widening gap occurring between strong malls with rising sales and weaker malls with lower quality retailers, sales, and less foot traffic. Some analysts are offering dire forecasts for the future of older malls as changing demographics and buying habits suck the life from aging and poorer quality properties. Some owners have gotten the message and are selling lesser-performing properties. This session will examine these and other trends and discuss the facts and fallacies pertaining to the evolution of the Canadian retail real estate market.

Moderator:

Mike Pelyk, Retail Advisor, held senior positions with Triovest, Oberfeld Snowcap, Oxford Properties Group and Loblaws

Panel:

Eileen Halpin-Tarrant, Executive Vice President, Oberfeld Snowcap

Bradley Jones, Vice President, National Retail Leasing, Oxford Properties Group Inc.

Dianne Lemm, Principal, Partner Mall Services, Northwest Atlantic (Canada) Inc.

Mauro Pambianchi, Executive Vice President & Chief Development Officer, SmartCentres

Stephan Yau, Vice President, National Leasing, The Cadillac Fairview Corporation Limited

TOPIC C2

INDUSTRIAL REAL ESTATE MARKETS ACROSS CANADA: HOW ARE THEY REALLY PERFORMING? WHAT IS DRIVING THEIR GROWTH?

A strong case can be made that industrial real estate has been on a strong comeback trail during 2014. This session will examine major investment, leasing and development trends in this property class across Canada today. To what extent can it still be categorized as a tale of two submarkets comprised of new modern warehousing buildings vs. older vintage properties with marginal applications for many users? What does the future hold for B and C class aging and out-dated buildings? What are the greatest sources of demand for space and in which markets? How are industrial tenant requirements changing? How are landlords responding? Do rent levels now support new development in most markets? To what extent are there have and have not markets? What is needed in order to move NERs much higher in Toronto and Montreal? How strong is investor interest in industrial properties?

Moderator:

Mark Stainer, Senior Managing Director & National Industrial Director, Cushman & Wakefield Ltd.

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Panel:

Bill Bolender, Vice President, Country Manager, Prologis Canada

Paul Dykeman, Chief Executive Officer, Summit Industrial Income REIT

John Hayes, Managing Director, Blackwood Partners Inc.

Chris Holtved, Senior Portfolio Manager, Real Estate, Healthcare of Ontario Pension Plan

Adam Paul, Executive Vice President, Investments & Leasing, CREIT

TOPIC C3

CAN INVESTMENT ACTIVITY BECOME ANY STRONGER IN THE CANADIAN MARKET NEXT YEAR OR HAS IT PEAKED?

A panel of investors will be joined by commercial brokers to provide an extensive discussion on prospective buying and selling trends for 2015. The story for the past year has been a familiar one: a market imbalance where the amount of capital trying to enter the market continues to greatly outnumber the quality opportunities to do so. What have been the major reasons for the continued strong growth in transaction activity and investor interest? What will be required in order for this trend to continue? Who will be the most active buyers? Who will likely be the sellers? Which property classes will likely be favoured by investors? Which markets will be top of mind? What type of assets might be available next year? Where will cap rates be trending for core assets? How are mid-markets likely to fair vs. major cities?

Moderator:

Scott Chandler, President & CEO, Canada, Cushman & Wakefield Ltd.

Panel:

Amy Erixon, Principal, Managing Director, Investments, Avison Young

Rob Kumer, Partner, Investments, KingSett Capital

Tony Reale, Managing Director & Head, Property Brokerage & Real Estate Advisory, BMO Capital Markets

Stephen Taylor, Vice President, Real Estate, Healthcare of Ontario Pension Plan

Don White, Executive Vice President, National Investment Services, Winnipeg, Colliers International

TOPIC C4

THE COMPETITIVE DIFFERENCE BETWEEN REITs, PRIVATE EQUITY FUNDS, LIFECOs AND PENSION FUNDS AS INVESTORS: WHO HAS THE EDGE?

In 2014, investment real estate has still been in favour with Canadian capital markets.

Real estate is outperforming some asset classes by offering investors steady and favourable yields at higher levels than the fixed income market. A panel of senior executives from a cross-section of organizations will discuss some of their mandates and priorities for 2015. What are the differences between the issues faced by a REIT vs. an institutional investor vs. a private equity fund in pricing properties and accessing capital at this time? Are pension funds able to focus more on Class A assets while REITs focus on higher yielding opportunities? What are your respective priorities for the coming year? Which property classes will be most favoured, in which markets, and why? What have been the most significant challenges in order to buy or sell assets in this market?

Moderator:

Stephen Sender, Managing Director Industry Head, Real Estate, Global Investment Banking, Scotiabank

Panel:

Trevor Blakely, Chief Executive Officer, Forgestone Capital Management

Don Clow, President & CEO, Crombie REIT

Blair McCreadie, Head, Canadian Real Estate, Standard Life Investments (Real Estate) Inc.

Paul Zemla, Chief Investment Officer, Bentall Kennedy (Canada) LP

TOPIC C5

WHAT ARE ENTREPRENEURS DOING IN TODAYS MARKET TO SUCCEED?

Given the strong investor sentiment in the Canadian market, major opportunities have emerged for entrepreneurialism in the real estate industry. They are found not only in the major cities but in mid-markets as well. Entrepreneurs are experienced at looking for innovation and accessing lower priced capital. They are often privately owned firms or possibly private equity funds. While they do not dismiss risk, they often have the ability to see value and reward where many others do not. How do they source debt and equity capital? What are some examples of how they would consider structuring their deals? What niches do they strategically focus on to find the highest potential value opportunities that will provide quality returns? What have been the most significant challenges that they have had to endure? Given the present environment in the Canadian economy and real estate market, how do they see investment opportunities unfolding in the future?

Moderator:

Adam Kosoy, Senior Managing Director, Capital Markets & Investment Services, Canada, Colliers International

Panel:

Greg Guatto, President & COO, Aspen Properties

Rosanne Hill Blaisdell, Managing Director, Harvard Buildings Inc.

Kevin Leon, President, Crestpoint Real Estate Investments Ltd.

Daniel Peritz, Senior Vice President, Montreal & Ottawa, Canderel Management Inc.

Blair Welch, Partner, Slate Properties

12:30 p.m.

LUNCHEON

LUNCHEON REFRESHMENTS

1:35 p.m.

CLOSING ROUNDTABLE DISCUSSION: DO YOU SEE GREATER RISK OR OPPORTUNITY IN 2015? A TIME TO BE CAUTIOUS OR AGGRESSIVE?

Given the broad range of issues that were raised during the Real Estate Forum over the previous two days, a group of senior real estate executives will offer the last word. Representing a divergence of interests and viewpoints, the panel will offer their insights on what risks and opportunities lie ahead, and what courses of action would they suggest accordingly. Are they chasing yield or momentum? Will real estate continue to benefit from a flight to yield? How high will interest rates likely rise in 2015 in the U.S. and what impact will they have on the market? Will higher rates in Canada follow? Will REITs be able to sustain their strong performance? What will cause investors to head for the sidelines? Where is the smart money going? Of all the opportunities in todays market, what is the most significant one? Are Canadian investors going to continue to increase their global presence? Is 2015 a year to be bold or conservative? Are there still solid development opportunities? In which property classes and markets?

Moderators:

Scott Hutcheson, Chairman & CEO, Aspen Properties

Anna Kennedy, Partner & CFO, KingSett Capital

Panel:

Michael Cooper, President & CEO, Dream Unlimited Corp.

Daniel Fournier, Chairman & CEO, Ivanho Cambridge

Blake Hutcheson, President & CEO, Oxford Properties Group Inc.

Dori Segal, President & CEO, First Capital Realty Inc.

Ed Sonshine, Chief Executive Officer, RioCan REIT

2:35 p.m.

ADJOURNMENT

ReaL esTaTe foRum THuRsdaY, deCemBeR 4