Pension Real Estate Association

Co-Chairs

Gabe L. Finke Chief Executive Officer 2014 Amstar PREA Spring Conference

Patrick Halter March 19–20 Chief Executive Officer, Principal Real Estate Investors The Westin Copley Place , MA

Allison Yager Global Leader, Real Estate Boutique, Mercer BOSTON PensionRealEstateAssociation 1Wednesday, March 19, 2014 7:30 am – 8:30 am Investor-Only Breakfast Closed Session

7:30 am – 8:30 am New Members’ and First-Time Attendees’ Breakfast

Gabe Finke St. George Room, 3rd Floor 7:30 am – 8:45 am Registration and Continental Breakfast America Ballroom Foyer, 4th Floor 8:45 am – 9:00 am Welcoming Remarks

Pat Halter Allison Yager America Ballroom, 4th Floor Conference Gabe Finke, CEO, Amstar Co-Chairs: Pat Halter, CEO, Principal Real Estate Investors Allison Yager, Global Leader, Real Estate Boutique, Mercer

9:00 am – 10:00 am A Conversation with Howard Marks Chairman, Oaktree Capital Management Steven LeBlanc Founding Partner, CapRidge Partners LLC America Ballroom, 4th Floor Drawing upon his background in both general and limited partner roles, Steven LeBlanc of CapRidge Partners will pose questions to renowned investor Howard Marks Steven LeBlanc Howard marks about the important lessons Marks has taken from decades of experience managing funds allocated to alternative investments and to markets characterized by relatively low levels of efficiency. Marks will bring that long-term perspective to bear on today’s economic situation and field of investment prospects, including any within the real estate asset class that warrant particular attention.

10:00 am – 10:45 am General Session I America Ballroom, 4th Floor 2014 Outlook: What Will Tapering Mean to US Real Estate? A distinguished panel will consider the ways in which Fed policy might influence real estate performance in the short term and over a longer horizon. Among the questions to be addressed: How will tapering influence interest rates this year and in the future? Will improvement in economic fundamentals, particularly real estate William Hughes Jacques Gordon rental growth and occupancies, fully compensate for the effects of rising rates? What do varying levels of interest rate increases imply for property cap rates and the relative contribution of leverage to real estate returns? Moderator: William Hughes, Global Head of Real Estate Research & Strategy,

Chairman of the US Strategy Team, UBS Martha Peyton Raymond Torto Panelists: Jacques Gordon, Global Strategist, LaSalle Investment Management Martha Peyton, Managing Director and Head of Strategy and Research, Global Real Estate Division, TIAA-CREF Asset Management Raymond Torto, Global Chairman of Research, CBRE

10:45 am – 11:00 am Refreshment Break America Ballroom Foyer, 4th Floor

David Gillan David Steven Kohn Steven Michael Nash Steven LeBlanc Steven Anthony Breault Anthony Greta Guggenheim Greta

Kim Diamond Graeme Eadie Graeme Spencer Haber Spencer Edgar Alvarado Edgar

BOSTON —Real Estate Equity, Investments LLC Investments Allstate Equity, —Real Estate

CIO and Co-Founder, Ladder Capital Finance LLC Finance Ladder Capital CIO and Co-Founder, Senior Real Estate Investment Officer, Oregon Public Oregon Senior Officer, Investment Real Estate Group Head­ Group Founding Partner, CapRidge LLC Partners Partner, Founding Chairman and CEO, H/2 Capital Partners Capital H/2 Chairman and CEO, Senior Vice President and Head—Real Estate Investments, Investments, and Head—Real Estate President Vice Senior Senior Managing Director and Head of Structured Finance, Finance, and Head of Structured Senior Managing Director Senior Managing Director, The Blackstone Group Blackstone The Senior Director, Managing President, Equity, Debt & Structured Finance, Cushman & Wakefield Inc. Wakefield & Cushman Debt Finance, & Structured Equity, President, Managing Director, Global Real Estate Investment and Commercial and Commercial Investment Global Real Estate Managing Director, Edgar Alvarado, Edgar Lending, New York State Teachers’ Retirement System Retirement Teachers’ State York New Lending, Floor 3rd Essex Ballroom, MembersAppointed Only Employees Retirement Fund Retirement Employees Board CPP Investment influence on real estate allocations. Panelists will discuss how rate changes alter real changes alter rate Panelists will discuss how allocations. real estate influence on property expectationsreturn in isolation and in interaction with other for investment, growth. such as accelerating or slumping employment developments macroeconomic real estate volume of likely the sheer affect rising to are will also consider how They rates attractiveness of various property as the relative as well commitments, types, geographic within the asset class. levels and leverage targets, LeBlanc, Steven Michael Nash, 4th Floor Ballroom, America tapering and even the possibility of tapering have moved global capital markets. As we global capital markets. tapering the possibility As and even moved of tapering have the second quarterhead into 2014, what is the status of the market? of a bubble, Is there What does all gradually? more be released or will the air within when will it pop, and if so, in debt and equity vehicles? investors this mean for Kim Diamond, Inc. Kroll Rating Bond Agency, Guggenheim, Greta Haber, Spencer America Ballroom, 4th Floor Ballroom, America as atypical debt, as well patterns of corporate high-yield bonds to investment-grade Fed as with interest watched have the market, into bond issuance and inflows investors Kohn, Steven Affinity Group Luncheon Meetings Graeme Eadie, Graeme Gillan, David Luncheon Anthony Breault, Anthony General Session III tapering’s their insights into will share institutional investors A panel of respected After years of witnessing unusually low yields on everything from Treasuries to corporate to Treasuries yields on everything unusually low of witnessing years After from General Session II How Will Tapering Impact Your 2014 New Commitments? 2014 New Impact Your Will Tapering How 2014 Debt Market Outlook In a Credit2014 Debt Market Bubble? We – Are

Panelists: Panelists: Moderator: Moderator: Moderator: Moderator: 12:30 pm – 2:30 pm 12:30 pm – 2:30 pm 11:00 am – 11:45 am 11:00 am – 11:45 11:45 am – 12:30 pm

PensionRealEstateAssociation PensionRealEstateAssociation

1Wednesday, March 19, 2014 continued 3:00 pm – 3:45 pm General Session IV America Ballroom, 4th Floor Changing Views on Asset Allocation and the Role of Real Estate With the appearance of unusually high correlations among asset classes during certain intervals over the past decade, notably in the period preceding and in the immediate Jeffrey Barclay wake of the financial crisis, conventional ways of thinking about portfolio diversification are being reexamined. Crucially, investors have begun to question whether diversification benefits will hold up or dry up during those stretches of elevated economic uncertainty when they are needed most. A panel of leading industry consultants will dig into this important issue, with particular consideration given to real estate’s place within the broader asset allocation puzzle. Brian Birnbaum Sean W. B. Gill Moderator: Jeffrey Barclay, Head of the Real Estate Investment Group, & Co. Panelists: Brian Birnbaum, Senior Partner, Mercer Investment Consulting Sean W. B. Gill, Partner, NEPC Eugene Podkaminer, Vice President, Capital Markets Research, Callan Associates, Inc.

Eugene Podkaminer 3:45 pm – 4:35 pm General Session V America Ballroom, 4th Floor Defined Contribution Market for Real Estate Solutions Traditionally the province of institutional investors, commercial real estate is increasingly a target of the rapidly growing defined contribution market. Experts in this area will characterize the rise of DC investing, including the emergence of target date funds and other conduits of capital from individual retirement accounts into the real estate asset class. Looking forward, they will share their expectations for the future magnitude of the Charles Ruffel defined contribution real estate space and consider how best to incorporate within it the best practices of professional property investors. Moderator: Charles Ruffel, Managing Partner and Founder, Kudu Advisors, LLC Panelists: Scott Brooks, Managing Director, Head of Defined Contribution, SEI Drew Carrington, Senior Vice President, Head of Defined Contribution, Institutional, Franklin Templeton Institutional, LLC Scott Brooks Drew Carrington Dirk Laschanzky, Portfolio Manager for Multi-Asset Advisors, an investment boutique of Principal Global Investors David Skinner, Principal, Head of Defined Contribution Practice,

Prudential Real Estate Investors

Dirk Laschanzky David Skinner 4:40 pm – 5:25 pm General Session VI America Ballroom, 4th Floor Where Are the Best Development Opportunities in the US? A panel of development experts will identify the US cities and metro areas featuring the most favorable combinations of economic and demographic strengths—such as robust employment growth and appeal to young talent—that attract development activity. The analysis will be broken down according to the property types in which each of the panelists specializes and, in light of wide variation in current valuations and cap Mark Gibson Charles Brindell rates, will be further divided between top-tier and secondary markets. Moderator: Mark Gibson, Founding Partner and Executive Managing Director, HFF LP Panelists: Charles Brindell, Chairman and CEO, Mill Creek Residential Trust LLC Larry Harmsen, COO Americas, Prologis C. Hastings Johnson, Vice Chairman and CIO, Hines

Larry Harmsen C. Hastings Johnson 5:30 pm Annual Meeting of Members America Ballroom, 4th Floor

Ed Walter Ed Michael Mandelbaum David Neithercut David

David HenryDavid Owen Thomas Owen Michael Brennan a call for a call for

That Used to Be Us, That

BOSTON

Cocktails

President & CEO, Equity Residential & CEO, President Executive Director, James A. Graaskamp Center for Real Estate, Real James A. Graaskamp Estate, for Center Director, Executive CEO and Director, Boston Properties Boston CEO and Director, LEADERS Vice Chairman and CEO, Kimco Realty Chairman and CEO, Corporation Vice President, CEO, and Director, Host Hotels & Resorts, Host Hotels Inc. and Director, CEO, President, YOUNG David Henry, David listed real estate investments. investments. estate real listed University of Wisconsin-Madison improving economy or monetary economy improving policy influence. adjustments will exert the greater macroeconomic broad rates, interest a range of scenarios for from Proceeding panel of chief executive this esteemed fundamentals, estate and real developments, office, and of industry multifamily, officers will define the contours retail, for expectations non- implications for also shedding light on possible downstream sector REITs, hotel allocated to the public space. More recently, the specter of rising interest rates has put rates the specter of rising interest recently, More the public space. to allocated an forward, moving whether, wonder to a damper on the market, leading investors Michael Brennan, Closed Session David Neithercut, David Thomas, Owen Walter, Ed Continental Breakfast 4th Floor Foyer, Ballroom America General Session VII 4th Floor Ballroom, America smartly rebounded those who rewarding in the aftermath of the financial crisis, REITs Investor-Only Breakfast 2014 Market Outlook Estate Public Real 2014 Market for past successes, the mantle of global leadership. Mandelbaum will share insights from this from insights Mandelbaum will share the mantle of global leadership. past successes, and relations, experience extensive his foreign in government, as from as well treatise the academy. By Invitation Only Mandelbaum is the Christian A. Herter Professor and Director of the American Foreign of the American and Director Foreign Mandelbaum is the Christian A. Herter Professor recently Mandelbaum most writer, A prolific at Johns Hopkins program University. Policy on the national bestseller L. Friedman Thomas with teamed and energy- technological, economic, the international, Americans recognize not only to of an examination the country challenges through reclaim, related also to but faces, America Ballroom Foyer, 4th Floor Foyer, Ballroom America 4th Floor Ballroom, American place in a briskly world, Michael changing An influential observer of America’s PREA Dinner with Guest Speaker, Michael Mandelbaum Michael Dinner Guest Speaker, with Cocktail Reception

9:30 pm Panelists:

Moderator: Moderator:

8:00 am – 9:00 am 8:00 am – 9:00 am 7:30 pm – 9:30 pm 7:30 pm – 9:30 6:30 pm – 7:30 pm 6:30 pm – 7:30

9:00 am – 10:00 am

Thursday, March 20, 2014 Thursday,

2

PensionRealEstateAssociation PensionRealEstateAssociation

2Thursday, March 20, 2014 continued 10:00 am – 11:00 am General Session VIII America Ballroom Foyer, 4th Floor Opportunity Funds US and Global Have interest rate and cap rate shifts influenced return expectations, conventionally set David Hodes Devin Chen at 18% or higher, for real estate opportunity funds, and if so, to what extent have expectations changed? What kinds of additional risks do investors assume when entering this territory? Where, in the US and internationally, is the current balance of opportunistic risks and potential returns most appealing? A panel of seasoned real estate professionals will address these and related questions, with the goal of sharing timely perspectives with investors currently giving consideration to initiating or modifying their exposure to Keith Gelb Sonny Kalsi opportunity funds. Moderator: David Hodes, Founder and Managing Partner, Hodes Weill & Associates Panelists: Devin Chen, Executive Vice President, PIMCO Keith Gelb, Managing Member, Rockpoint Group

Sonny Kalsi, Founder and Partner, GreenOak Real Estate Richard Saltzman Robert Stuckey Richard Saltzman, President, Colony Capital, LLC Robert Stuckey, Managing Director,

11:00 am – 12:00 noon A Conversation with Robert Gates and David Gergen America Ballroom Foyer, 4th Floor Renowned Washington insider David Gergen will sit down with US Defense Secretary Robert Gates (2006–2011) to discuss Gates’s leadership experiences at the highest levels of the government’s intelligence and defense organizations. The session will include a dialogue about Gates’s recently released and highly praised autobiography, Duty: Memoirs of a Secretary at War.

David Gergen Robert Gates

Conference Concludes

PREA CONFERENCE Howard Margolis, MRP Group—Committee Chairman COMMITTEE Amachie Ackah, Ackah Real Estate Partners LLC Trina Bigby-Sanders, County Employees Retirement Assoc. Tom Flexner, Citi Global Markets Inc. Debbie Harmon, Artemis Real Estate Partners Josh Kawaii-Bogue, California State Teachers’ Retirement System Steven LeBlanc, CapRidge Partners LLC Tara McCann, H/2 Capital Partners LLC Greg Moran, Dividend Capital Group Robert Murray, Praedium Group LLC Caixia Ziegler, Ford Foundation BOSTON Bernard Winograd Bernard Local Initiative SupportLocal Corporation. In Memoriam and Chief Financial Officer of Taubman Centers. Bernard played a vital role in Taubman’s Taubman’s role in a vital played Bernard Centers. Taubman Officer of and Chief Financial He later joined the Bendix Corporation as Treasurer and Director of Public Affairs. Affairs. In 1983, of Public and Director Treasurer joined the Bendix Corporation as He later and valued contributions to this organization were instrumental in its growth and success. and success. instrumental in its growth were and valued contributions organization this to He will be greatly missed by this organization, the industry, his family, and his many friends. his many and his family, the industry, this organization, missed by He will be greatly Bernard is survived by his wife, Carol; two children, Simon and Christina; and his brother, Morley. Morley. Simon and Christina; and his brother, two children, Carol; is survivedBernard his wife, by The PREA Board and staff honor the remarkable and staff honor the Winograd, PREA Board The legacy and lasting imprint leftby Bernard United States businesses. He retired from Prudential in 2011 to focus on social issues and philanthropy. focus in 2011 to Prudential from He retired businesses. States United Bernard began his career as Executive Assistant to US Treasury Secretary W. Michael Blumenthal in 1977. W. SecretaryTreasury US to Assistant as Executive began his career Bernard as Chief Executive Officer of Prudential Real Estate Investors. He was appointed Senior Director He was appointed Managing Prudential OfficerInvestors. Real Estate as Chief Executive of 1992 , which was the first umbrella partnership was the first umbrella which to a historic increase REIT IPO and led 1992 initial public offering, in the availability of investment capital to the REIT industry. In 1996, Bernard joined Prudential Financial, Inc., Financial, In the REIT industry. capital to joined Prudential 1996, Bernard in the availability of investment who passed away earlier this month. Bernard served six years on PREA’s Board of Directors, and his numerous and his numerous of Directors, Board earlier served this month. Bernard who passed away on PREA’s six years A graduate of the University of with a BA in social sciences, Bernard was a member of the university’s a member of the university’s was Bernard of the with a BA in social sciences, A graduate Bernard was highly regarded in the institutional investment industry character and business acumen. his strong investment in the institutional for was highly regarded Bernard in 2002. Six years later Bernard was named Executive Vice President and Chief Operating Officer of all of Prudential’s Prudential’s and Chief Operating Officer of all of President Vice was named Executive Bernard later in 2002. Six years he joined Taubman Investment Company as President, and from 1992 to 1996, he served as Executive Vice President President Vice 1996, he served 1992 to and from as Executive as President, Company Investment Taubman he joined of Prudential Private Investments in 2000 and President and Chief Executive Officer of Prudential OfficerInvestment Management and Chief Executive of and President in 2000 Investments Private of Prudential Visiting Committee on College and Student Activities and served on College of a community Committee financing organization, on the board development Visiting PensionRealEstateAssociation PensionRealEstateAssociation Guest Speakers

Robert Gates served as the 22nd Secretary of Defense (2006–2011) and is the only Secretary of Defense in US history to be asked to remain in that office by a newly elected president. President Barack Obama was the eighth president Gates served. He previously served under President George W. Bush. On Gates’s last day in office, President Barack Obama awarded him the Presidential Medal of Freedom, America’s highest civilian honor.

David Gergen is a Senior Political Analyst for CNN and has served as an Adviser to four US presidents of both parties. He is a Professor of public service at the Harvard Kennedy School and the Director of its Center for Public Leadership. In 2000, Gergen published the best-selling book Eyewitness to Power: The Essence of Leadership, Nixon to Clinton.

Michael Mandelbaum is the Christian A. Herter Professor and Director of the American Foreign Policy program at the Johns Hopkins University School of Advanced International Studies and a best-selling author. His books include The Road to Global Prosperity (published this month), That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back (co-written with Thomas Friedman), and The Ideas That Conquered the World (which has been translated into seven languages). Mandelbaum has taught at Columbia University, Harvard, and the United States Naval Academy and was educated at Yale, Cambridge, and Harvard. A former Senior Fellow at the Council on Foreign Relations, Mandel- baum serves on the board of advisors of the Washington Institute for Near East Policy.

Speaker Biographies

Edgar B. Alvarado is Group Head—Real Estate Equity, Real Estate Investment Group, Allstate Investments LLC. He is responsible for Allstate’s real estate equity portfolio, including funds, co-investments, joint ventures, separate accounts, tax credit funds, socially responsible investments, and asset management. Alvarado has more than 25 years of experience across almost every facet of institutional real estate investing, including fund investing, and has extensive experience in creative strategy development, investment trending, organizational design, and tactical execution of com- plex investment programs. Alvarado joined Allstate in 1993 and was with Travelers Realty Investment Company from 1989 to 1993 and ABN/LaSalle Bank in Chicago from 1980 to 1989. He has his RPA designation in commercial real estate and has completed leadership coursework at the Graduate School of Design at Harvard University. Alvarado has a BS in finance from the University of Illinois and an MBA from Northwestern University’s Kellogg Graduate School of Management. Allstate’s Real Estate Investment Group manages about $9.7 billion of real estate–related assets for Allstate’s various lines of insur- ance and financial products and pension funds. Approximately $6.1 billion is in Allstate’s commercial mortgage portfolio, which focuses on five- to ten-year fixed rate, permanent financing on stabilized commercial and multifamily properties. Allstate has invested in equity real estate for more than 20 years and currently has $3.6 billion across all real estate equity portfolios.

Jeffrey Barclay is Head of the Real Estate Investment Group (REIG), which is a part of the Alternative Investments & Manager Selection (AIMS) Group within the Investment Management Division of Goldman, Sachs & Co. Barclay joined Goldman Sachs as a Managing Director in 2010. Prior to joining the firm, he was responsible for leading real estate invest- ment activity for Clarion Partners, where he served on the firm’s Executive Board and Operating Committee and led its Investment Committee. Barclay is Chairman of the Board of Directors of the National Association of Real Estate Investment Managers, former Chairman of the IOPC Gold Council of the Urban Land Institute, member of the board of the Pension Real Estate Association, and a founding member of the Defined Contribution Real Estate Council. He serves as an Adjunct Professor in the MBA program at Columbia Business School. Barclay earned a BS in economics and an MBA in finance and accounting from Columbia University. The Goldman Sachs Real Estate Investment Group invests across a variety of real estate strategies, including direct investment op- portunities primarily in the US for the firm’s high-net-worth and institutional clients in core and core plus commercial real estate assets. The group also offers access to primary commitments, co-investments, secondary market investments, and real estate advisory services. The Goldman Sachs Company had US$1.04 trillion in assets under supervision at the end of 2013. - - - - BOSTON- is managed by the Oregon State Treasury, under the direction of the direction under the Oregon State Treasury, is managed by administers the Real Estate MBA program at the University of Wisconsin. The center’s center’s The at the University of Wisconsin. administers the Real Estate MBA program is Chairman and CEO of Mill Creek Residential Trust LLC. Prior to founding Mill Residential founding Creek to Prior LLC. Trust is ChairmanCEO of Mill and Residential Creek , develops, acquires, and operates high-quality and operates selected markets apartment acquires, develops, in 14 strategically communities

is the Executive Director of the James A. Graaskamp Center for Real Estate at the University of Wiscon at the University Real of the James A. Graaskamp of Estate Director for is the Executive Center is the Senior Real Estate Investment Officer for the Oregon Public Employees Retirement Fund, where where Fund, Retirement Public Employees Oregon is the Senior Officer Investment Real for the Estate Oregon Public Employees Retirement Fund Retirement OregonEmployees Public is a Senior Partner and Head of Mercer Investment’s practice in the Midwest region. He assists defined defined assists He practice Midwestthe in region. Investment’s Mercer of Head and Seniora is Partner

is a leading global provider of investment services and offers customized guidance at servicesevery guidance de of investment and offers customized stage of the investment is a leading global provider Brian Birnbaum Brian Mill Creek Residential Mercer Michael Brennan benefit clients with the development of investment policies and objectives, the evaluation and selection of investment the and selectionevaluation and objectives, policies of investment of investment with the development benefit clients The James A. Graaskamp Center for Real Estate The James A. Graaskamp Real for Center Leadership Board (immediate past Chairman). (immediate Brindell of Independent is a Director Board and Independent Holdings Leadership Bank, a he served as Vice President of Finance and President and Chief Operating Officer. Brindell is a 1971 graduate of the Uni graduate Brindell is a 1971 and Chief Operating Officer. and President of Finance President Vice he served as Library Foundation. Brennan Investment Group, he co-founded First Industrial Realty Trust in 1994 and served as President, Chief Executive Chief Executive in 1994 and served as President, Trust Industrial Realty First he co-founded Group, Investment Brennan he is responsible for the allocation, performance, and strategy implementation of Oregon’s real estate portfolio. Prior to to Prior portfolio. estate real performance,allocation, the Oregon’s of implementation strategy and for responsible is he in the Shidler Group. He was also a Founding Investor of Tri-Net Property and CGA. Brennan earned a bachelor’s degree in degree earned a bachelor’s Brennan Property and CGA. Tri-Net of Investor He was also a Founding in the Shidler Group. it Suisse, Birnbaum was a Principal with Ennis Knupp & Associates and a Senior Consultant to a number of public retirement a number of public retirement to with Ennis Knupp and a Senior Consultant Birnbaum was a Principal Associates & it Suisse, Officer, and a member of the Board of Directors until late 2008. Before First Industrial, Brennan was President and a Partner President and a FirstBrennan was Industrial, Before 2008. until late Directors of a member of the Board and Officer, with Jones Lang LaSalle, working in Boston, Hartford, Miami, and Sydney, Australia. Prior to joining LaSalle in 1997, Breault joining LaSalle in 1997, Breault to Prior Australia. working Miami,with Jones Lang LaSalle, Hartford, and Sydney, in Boston, joining Oregon in 2006, Breault spent two years as an Investment Manager with Schnitzer West and another seven years years and another seven West Manager as an Investment spent two with Schnitzer years in 2006, Breault joining Oregon Speaker Biographies Speaker UNC, and a member of the Fisher Center Policy Advisory at Berkeley. Policy at the University of California Center Board UNC, and a member of the Fisher versity of North Carolina at Chapel Hill. His professional associations include membership in The Real Estate Roundtable, Roundtable, RealThe Estate versity of North associations include membership in at Chapel Hill. His Carolina professional finance from Notre Dame University. He currently serves on the boards of Pacific Office Properties Public Pacific and the Chicago serves Office He currently of on the boards Dame University. Notre finance from Charles R. Brindell, Jr. R. Brindell, Charles the Urban Land Institute (MF Blue Council), National Multi-Housing Council (Executive Committee), and NAHB MultifamilyNAHB and Committee), Urbanthe (Executive Institute Land National Multi-Housing Council Council), Blue (MF in access of US$7.0 trillion with every aspect of institutional investing (and retail portfolios in some geographies), from strategy, trillion with every strategy, portfolios from (and retail of US$7.0 aspect of institutional investing in access in some geographies), member of the Advisory Board for the Wood Center for Real Estate Development at the Kenan-Flagler Business SchoolBusiness at Development Kenan-Flagler the Realat Estate for Center Wood the Advisory the of member for Board managed fixed income portfolios, performed equity analysis, and implemented derivative strategies. Birnbaum received received Birnbaum income portfolios, performedmanaged fixed derivative strategies. and implemented equity analysis, Institute. Analysts Societymember of the Investment of Chicago and the CFA managers, and the measurement and analysis of performance results. Prior to joining Mercer, Birnbaum the Director was joining Mercer, to of performance and analysis Prior and the measurement managers, results. types. The fund also makes opportunistic fund also makes types. The estate investments. real the Oregon Investment Council. Investment in core property apartment, industrial but may include and in core Investment retail, includes office, Council. the Oregon Investment Anthony Breault Anthony markets outside the US. Value-added investments include direct property Value-added include direct investments outside the US. propertymarkets in alternative types investments and structured a bachelor’s degree in business administration in finance from Loyola University Chicago. He is a CFA charterholder and a He is a CFA University Chicago. Loyola from in business administration in finance degree a bachelor’s and Head of Credit Suisse’s institutional consulting arm, consulting institutional Cred joining Management Services. Investment Consulting Before Suisse’s Credit of Head and he where Advisors, Aon experience management time with includes research. His investment manager income and fixed under construction as of Januaryunder construction 2014. cludes three years at Cameron Brown Company and more than seven years at Southwide Development Company, where where Development Company, at Southwide years than seven and more Company Brown at Cameron years cludes three of service. sin–Madison. He is also a Co-Founder, Chairman, and Managing Principal of Brennan Investment Group. Prior to forming forming to Prior Group. Investment of Brennan Chairman, and Managing Principal He is also a Co-Founder, sin–Madison. spent eight years’ active duty as an officer in the US Navy. He retired from the Naval Reservesfrom the years Commander 22 as retired after He active dutyNavy. the US as an officer in spent eight years’ system, corporate pension, private foundation, and high-net-worth clients. Birnbaum also led the firm’s effort in US equity Birnbaum also led the firm’s and high-net-worth clients. corporate pension, private foundation, system, endowments, wealth managers, and other investors in more than 40 countries, assisting more than 3,300 clients with assets more assisting than 40 countries, in more and other investors managers, wealth endowments, owner and operator of industrial properties. and operator owner cision, risk management, and investment monitoring process. Mercer works with the fiduciaries of pension funds, foundations, foundations, the fiduciaries of pension funds, with works Mercer process. monitoring investment cision, risk management, and goal is to serve as a link among real estate faculty and students, alumni, the real estate professional community, governmental governmental community, estate professional alumni, the real goal is to serve estate faculty and students, as a link among real across the US. Mill Creek’s portfolio or totaling nearly 13,000 apartmentcommunities 41 operating comprised that are homes Mill Creek’s US. the across agencies, and the general public by providing networking and career opportunities. Brennan Investment Group is a national opportunities. Group Investment networking Brennan and career providing public by and the general agencies, structured investments in alternative types in alternative of property investments in structured includes investment REIT exposure with core-type attributes. risk-return structure, and implementation to ongoing fiduciary and implementation management. structure, Trust, he was associated with for 28 years, including the Trammell Crow Company, Crow Holdings, and Holdings, Crow Company, Crow Trammell including the 28 years, for Crow Trammell with he was associated Trust, in also career estate real Brindell’s Officer. Executive Chief and served he where Residential, President as Crow Trammell The US$67.1 billion US$67.1 The PensionRealEstateAssociation PensionRealEstateAssociation Speaker Biographies

Scott Brooks is the Managing Director and Head of Defined Contribution for SEI’s Institutional Group and leads the Defined Contribution Team. He has 25 years of investment management experience, working with retirement plan spon- sors, financial advisors, investment consultants, and record keepers. Prior to joining SEI, Brooks served as the Head of US Defined Contribution for Deutsche Asset & Wealth Management’s Global Client Group—Alternatives. Previously, he held distribution leadership positions at JPMorgan Asset Management, Managers Investment Group, and OppenheimerFunds, Inc. Brooks holds FINRA 3, 7, 24, and 63 licenses and is a CFA charterholder. He recently served as Co-President of the Defined Contribution Real Estate Council and is an active member of the Defined Contribution Institutional Investment Association. Brooks received a BA in economics from Cornell University. As the largest fiduciary manager, SEI has a 20-year track record delivering institutional asset management solutions. SEI’s Defined Contribution solution offers a full investment menu through an experienced fiduciary manager that acts as an ERISA 3(38) fidu- ciary. The solution includes custom target date advice, implementation, and management; simplified investment options; and customized and combined passive and active management options. The solution helps alleviate risk for the investment commit- tee while providing participants with institutionally managed investment solutions.

Drew Carrington is Senior Vice President and Head of Defined Contribution, Institutional, at Franklin Templeton Institu- tional, LLC. He is responsible for overseeing Franklin Templeton’s sales and service business for the defined contribution investment–only segment of the US institutional market. Prior to Franklin Templeton, Carrington served as Head of the Defined Contribution and Retirement Solutions Group at UBS Global Asset Management, focused on developing retire- ment approaches for DC plans, particularly in the target date and retirement income categories. Prior to that, as a Senior Fixed Income Portfolio Manager, he worked closely with the UBS Asset-Liability Investment Solutions team to design and implement the fixed income and duration overlay portions of asset-liability management strategies. Before joining UBS in 2005, he was a Principal at Mercer Investment Consulting. Carrington is Chair of the Retirement Income Committee of the Defined Contribution Institutional Investment Association, a nonprofit association dedicated to enhancing the retirement security of American workers. Carrington holds Chartered Financial Analyst and Chartered Alternative Investment Analyst designations and holds a Bachelor of Arts from Harvard University. Franklin Templeton Investments is a leader in retirement investing, managing more than $200 billion in retirement assets on behalf of institutions/plan sponsors, small businesses, and individuals. Franklin Templeton’s Defined Contribution team combines the capabilities of an investment manager with specialized retirement expertise and resources to help plan sponsors develop best- in-class plans to support participant retirement goals.

Devin Chen is an Executive Vice President and Co-Head of PIMCO’s commercial real estate investment team. Prior to join- ing PIMCO in 2010, he was with JER Partners for 11 years, most recently as Managing Director and a member of the firm’s in- vestment committee. Chen previously held positions in the investment banking division of Banc of America Securities and the sales and trading division of Morgan Stanley. He holds a bachelor’s degree in economics from Georgetown University. PIMCO is a leading global investment management firm, with offices in 12 countries throughout the Americas, Europe, and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider. As of December 31, 2013, PIMCO had $1.91 trillion in assets under management. Since launching its opportunistic investment platform following the onset of the financial crisis, PIMCO has raised more than $15 billion of cumulative commitments across eight real estate opportunistic/distressed strategies.

Kim Diamond is a Senior Managing Director and Head of Structured Finance at Kroll Bond Rating Agency, Inc. Prior to joining Kroll, Diamond was a Managing Director at Standard and Poor’s, responsible for the US commercial mortgage rat- ings business. In 2008, she became Business Leader for S&P’s U.S. Mortgage Group, which comprised new issuance and surveillance for both commercial and residential mortgage-backed securities and servicer evaluations. She currently sits on the Board of Governors of the Commercial Real Estate Finance Council as an Executive Committee Appointee and has previously held positions as Membership Chair and Treasurer. Diamond received a BA from Cornell University and an MBA from Columbia University. Kroll Bond Rating Agency was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for as- sessing risk and by offering accurate, clear, and transparent ratings. Since its inception, KBRA has rated approximately $176 billion of debt and published more than 1,500 ratings across structured finance, project finance, public finance, and financial institutions. - - - - - BOSTON- is a real estate investment manager that acquires, develops, and manages office, multifamily, retail, retail, multifamily, and manages office, develops, manager that acquires, estate investment is a real is a real estate private equity Fran firm headquartered estate private is a real Boston, with additional primary in in offices San (CPPIB) manages the assets of the Canada . Current AUM is $201 billion. Major developed is $201 billion. Major developed AUM Current Fund. Pension manages the assets of the Canada (CPPIB)

Amstar is one of the Founding Partners of HFF LP, having joined its predecessor firm, Holliday Fenoglio & firm, Holliday joined its predecessor having of HFF LP, Partners is one of the Founding is Senior Vice President, Head of Real Estate Investments at CPP Investment Board. He is responsible for for responsible is He Board. Investment CPP at Investments Realof Head Estate President, Vice Senioris is Chief Executive Officer of Amstar, which he joined in 2003 as General Partner and Chief Executive Officer. PartnerExecutive which he joined in 2003 as and Chief Officer. General Officer is Chief Executive of Amstar, is a Co-Founder and Managing Member of Rockpoint Group, L.L.C. He is responsible for the overall operations overall the for MemberManaging and responsible is He L.L.C. Rockpointof Co-Founder a is Group, operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services capital markets to the real estate and commercial of provider nationwide and is a leading out of 22 offices operates HFF Rockpoint Group, L.L.C. Group, Rockpoint Keith Gelb Keith Mark D. Gibson D. Mark fairs Council, and World Presidents Organization. Gibson graduated in 1981 from the University of at Austin with a at Austin Texas the University of in 1981 from Gibson graduated Organization. Presidents World and fairs Council, CPP Investment Board CPP Investment BBA in finance. BBA in finance. Foundation, ICSC, McCombs School of Business at UT Austin, NAIOP, Real Estate Council of Dallas, University of Texas Real Texas University of of Dallas, Council Real Estate NAIOP, ICSC, McCombs School of Business at UT Austin, Foundation, Af World University Urban Hospitals and Clinics, UT Southwestern Land Institute, Center, and Investment Finance Estate Prior to Amstar, Finke was a Principal at the Carlyle Group and Head of European development at Prologis. He graduated He graduated at Prologis. development and Head of European at the Carlyle Group was a Principal Finke Amstar, to Prior investment activities. Gelb is also a Managing Member of Westbrook Real Estate Partners, L.L.C., Rockpoint’s predecessor predecessor L.L.C., Rockpoint’s Partners, Real Estate Westbrook activities. Gelb is also a Managing Member of investment hotel, and industrial properties in select US and international markets. Amstar’s headquarters is in Denver, CO, and additional headquarters CO, Amstar’s is in Denver, and industrial properties and international markets. hotel, in select US high-quality office, retail, industrial, and multifamily properties, ranging from ground-up development projects to fully stabilized projects to fully stabilized ground-up development from ranging properties, and multifamily industrial, high-quality retail, office, with highest honors in mechanical engineering from the Georgia Institute of Technology and earned an MBA from Har and earned an MBA from Technology Institute of the Georgia from engineering with highest honors in mechanical vard Business School. vard Gabe L. Finke Graeme Eadie Graeme the global real estate program, which encompasses both equity and debt investments. Prior to joining the CPP Invest joining to Prior encompasses both equity which investments. and debt program, estate the global real Company, in 1984. He has held the position of Executive Managing Director of HFF LP since 2003. Gibson was a member Managing Director in 1984. He has held the position of Executive Company, Cadillac Fairview. He has also held senior management positions with a number of entities in the retail and manufacturing entities in the retail positions with a number of held senior management He has also Fairview. Cadillac including debt placement, investment sales, equity placement, advisory services, loan sales, and commercial loan servicing. equity advisory sales, placement, and commercial investment services, loan sales, including debt placement, Rockpoint’s founding managing members have together invested nearly $11 billion of equity in more than 330 transactions with equitybillion of $11 nearly 330 transactions than invested together more in have managing members founding Rockpoint’s Established in 1987, poration. Eadie earned his B. Comm. and M.Sc. (business administration) degrees from the University of British Columbia. from administration) degrees (business and M.Sc. Comm. poration. Eadie earned his B. mittees of WREP and Rockpoint. Prior to WREP, Gelb was with Morgan Stanley’s investment banking investment department, Gelb Stanley’s was with Morgan focusing WREP, WREP and Rockpoint. to Prior of mittees ment Board in 2005, Eadie held multiple roles, including Chief Financial Officer, Chief Operating Officer, and President of President and Chief Operating Officer, Officer, Financial including Chief multiple roles, in 2005, Eadie held ment Board properties through a joint-venture strategy. CPPIB targets China and Brazil as key emerging markets. CPPIB also invests directly in directly invests also CPPIB markets. emerging key as Brazil and China targets CPPIB strategy. propertiesjoint-venture a through Real Estate Private Debt Group. estate debt, including first mortgages real its private loans through and mezzanine US commercial real estate industry. HFF and its affiliate HFFS offer clients a fully integrated national capital markets platform, markets capital national integrated a fully clients offer HFFS affiliate its HFF and industry. estate real commercial US more than US$2.4 billion in assets under management (as of December 31, 2013). than US$2.4 more markets within CPPIB’s current portfolio include the US, UK, Canada, and Australia, where CPPIB invests in a broad spectrum of spectrum in a broad portfolio invests CPPIB current UK, where US, the include Australia, and Canada, CPPIB’s within markets and management of Rockpoint, with additional focus on the oversight, origination, and structuring origination, and management of Rockpoint, on the oversight, of all Rockpoint’s additional focus with areas and formerly was a Trustee of the Morguard Real Estate Investment Trust and a Director of the Ontario and a Director Realty Cor Trust Investment Real Estate of the Morguard Trustee was a and formerly areas operating committee of HFF Holdings since 2003. Gibson is currently involved with AFIRE, Baylor Health Care System System Health Care with AFIRE, Baylor involved of HFF Holdings since 2003. Gibson is currently operating committee of either HFF LP’s executive and/or operating committee when each was the governing committee, became a member became committee, when each was the governing and/or operating committee executive of either HFF LP’s since committee executive Inc., and has served in 2006 on HFF LP’s Chairman of HFF, Vice and of Directors Board of HFF’s on financing and merger and acquisition assignments. He is actively involved with several educational institutions and educational with several actively He is involved and acquisition assignments. on financing and merger Wharton Pennsylvania. School of the University of the a BS from received Gelb organizations. other nonprofit company. He joined WREP in 1994, soon after it was founded. Gelb is a member of the management and investment com Gelb is a member of the management and investment WREP in 1994, soon after it was founded. He joined company. cisco, Dallas, and London. The firm employs a fundamental value approach to investing and focuses on select product and focuses on select product types to investing value approach a fundamental firm employs The Dallas, and London. cisco, offices are in London, Istanbul, Kiev, Bermuda, and New Delhi. Amstar Advisers, LLC is an SEC-registered investment adviser with investment LLC is an SEC-registered Bermuda, and New Advisers, Delhi. Amstar Kiev, London, Istanbul, are in offices a total capitalization of approximately $42 billion. $42 of approximately a total capitalization and geographic regions, with a primary with a opportunities Rockpoint regions, emphasis on has in the United States. markets and geographic in major coastal sponsored six private investment funds and four co-investment vehicles. Through sponsored funds and prior investment vehicles, vehicles, funds and prior investment sponsored Through vehicles. funds and four co-investment investment six private sponsored 2010. In November 2013, Gibson was named CEO of HFF, Inc., effective April Inc., 1, 2014. He has also been a member of the effective 2010. In 2013, Gibson was named CEO of HFF, November PensionRealEstateAssociation PensionRealEstateAssociation Speaker Biographies

Sean W. B. Gill is a Partner, Alternative Assets, at NEPC and is a member of the firm’s Alternative Asset Investment, Part- ners Research, and Partners Executive Committees. He oversees the alternative assets group and works with all aspects relating to the alternative asset investment class. Gill works with all types of clients in designing alternative asset class investment policy guidelines, portfolio structuring, plan implementation, manager selection, and performance measure- ment and monitoring. Prior to joining NEPC, Gill worked as an Associate at M.B.G. Associates, a human resources consult- ing firm, where he researched and analyzed employment law issues. While in law school, he worked for the Cook County State’s Attorney Office helping prepare felony prosecutions, and he served as a floor clerk at the Chicago Board of Trade for Refco. Earlier, Gill worked for Smith Barney Shearson. Gill received a JD in corporate law from Loyola University of Chi- cago, an MBA in finance and investments from the University of Notre Dame, and a BSFS in international economics from Georgetown University. He has been admitted to the Massachusetts Bar. He became an inaugural Chartered Alternative Investment Analyst designee in 2003 and is a CFA charterholder. Employee-owned NEPC, LLC is one of the industry’s largest independent, full-service investment consulting firms, serving 320 re- tainer clients with total assets of more than $770 billion. NEPC can be engaged as a traditional advisory consultant or as the discretionary outsourced manager of plan assets.

David C. Gillan is Managing Director, Global Real Estate Investments and Commercial Lending at New York State Teach- ers’ Retirement System. He oversees the NYSTRS real estate investment portfolio and is a member of the NYSTRS Internal Investment Committee. Gillan joined NYSTRS in 2001, initially focusing on investment operations before moving to over- see asset management in the real estate department. In 2007, he was promoted to Manager of the department. In 2013, Gillan was appointed Managing Director of Real Estate. He began his career as an Auditor with Marvin and Company. In 1990, Gillan began working with the NYS Comptroller, and he joined Pension Reserves Investment Management in 1999. Gillan was Chair of the National Council of Real Estate Investment Fiduciaries Plan Sponsor Committee. He received a bachelor’s degree in accounting from Siena College. Gillan became licensed as a Certified Public Accountant in 1990. The New York State Teachers’ Retirement System (NYSTRS) is the second-largest retirement system in the state of New York and among the ten largest in the United States. As of June 30, 2013, NYSTRS had approximately US$95.4 billion in net assets, with a 10% target allocation to real estate. The real estate portfolio comprises global investments across all four quadrants: equity, debt, private, and public markets.

Jacques Gordon is Global Strategist at LaSalle Investment Management. He is responsible for the macro strategy and micro research used to guide all investment decisions in 30 countries. He serves on the Management and Investment Committees of LaSalle and directs the investment strategy group, which analyzes capital markets, regional economies and property markets. Gordon received the James A. Graaskamp Award from the Pension Real Estate Association for his con- tributions to real estate research and education. He also chaired PREA’s Research Committee from 2002 to 2004 and has co-edited the real estate editions of the Journal of Real Estate Portfolio Management. He originated the Jones Lang LaSalle Transparency Index in 1999. Gordon received a PhD from MIT, a master’s degree from the London School of Economics, and an undergraduate degree from the University of Pennsylvania. He currently teaches international real estate at the Kellogg School of Management of Northwestern University. LaSalle Investment Management (LaSalle) is one of the world’s leading real estate investment managers with US$47.6 billion in assets under management in private and public property equity and debt investments. An independent subsidiary of Jones Lang LaSalle, LaSalle invests globally and offers real estate investment through a range of vehicles, including separate accounts, open- and closed-end funds, public securities, and entity level investments, encompassing all major property types as well as core, value-added, and opportunistic strategies.

Greta Guggenheim is a Founder and the Chief Investment Officer of Ladder Capital Finance LLC. Prior to forming Ladder Capital, she served as a Managing Director and Head of Origination at Dillon Read Capital Management. Before joining Dillon Read, Guggenheim served as a Managing Director in Originations at UBS. Prior to joining UBS, she served as a Managing Director at Bear Stearns and previously worked in real estate investment banking and commercial real estate lending at Credit Suisse. Guggenheim earned a BA in economics and Spanish literature from Swarthmore College and an MBA from the Wharton School of the University of Pennsylvania. Ladder Capital is a publicly held (NYSE: LADR) commercial real estate finance company primarily focused on the direct origina- tion of midmarket senior secured commercial real estate first mortgage loans, investment in securities secured by first mortgage loans on commercial real estate, and investment in net leased and other commercial real estate. The firm’s activities include loan origination, underwriting, and structuring, as well as capital markets and asset management services, through which it provides fixed-rate and floating-rate commercial mortgages, mezzanine financing, and preferred and direct equity to its partners. ------BOSTON- (PRINREI) offers investment management solu management (PRINREI) offers investment Principal Real Estate Investors Estate Principal Real is Chairman and Chief Executive Officer of H/2 Capital Partners. He is Vice Chair of the Executive Com Executive Vice Chair of the Partners. Officer He is is Chairman Capital Executive and Chief of H/2 is Chief Operating Officer, the Americas for Prologis. Harmsen has overall responsibility for all aspects for responsibility overall Harmsen has Prologis. for Americas the Officer, Operating is Chief

is an institutional investment manager focused on commercial real estate credit with $9 billion in AUM. H/2 with $9 billion in AUM. estate credit real manager focused on commercial is an institutional investment is President, Vice Chairman, and Chief Executive Officer Chairman, Chief Executive and Vice of joining Kimco Realty Corporation. Before is President, is the Chief Executive Officer for Principal Real Estate Investors, the dedicated real estate unit of Principal unit of real estate the dedicated PrincipalInvestors, Real Estate Officer for is the Chief Executive

is the leading global provider of industrial real estate, offering customers approximately 569 million square feet of distri 569 million square offering customers approximately estate, of industrial real is the leading global provider (NYSE: KIM) is a leading real estate investment trust that owns and operates North America’s largest portfolio largest neighbor of North operates and America’s owns that trust investment estate real leading a is KIM) (NYSE: Kimco Prologis H/2 Capital Partners David B. Henry B. David Larry H. Harmsen Patrick Halter Patrick from 2001 through 2004. 2001 through from from the Wharton School, where he graduated a Palmer Scholar. Scholar. a Palmer Wharton he graduated where School, the from Real Estate Investment Trusts. Investment Real Estate Kimco Realty, he was Senior Vice President and Chief Investment Officer at GE Capital Real Estate, where he was respon he was Officer and Chief Investment where Capital at GE Real Estate, President Vice he was SeniorKimco Realty, Prior to joining Prologis, Harmsen was a Vice President and General Partner of Lincoln Property Company for ten years. years. ten for and General of Lincoln Property Partner Company President Vice Harmsen was a joining Prologis, to Prior the University of Science and a Bachelor of Illinois an MBA from and a BLA in landscape architecture Harmsen received Estate, and he serves on the Board of the Graaskamp Center for Real Estate at the University of Wisconsin. Halter received received Halter Wisconsin. and he serves at the University Real of the Graaskamp of Estate Estate, on the Board for Center in North America’s Pacific Region. Prior to this and since 1995, Harmsen oversaw the Prologis market.SouthernCalifornia Prologis the Prior since 1995, Harmsento this and oversaw Region. Pacific in North America’s of the Southern Harmsen member of ULI and in 2004 was president is a current University. Utah State in business from Wharton School, where he was named a Benjamin Franklin Scholar, and a master’s degree in business administration, also business administration, in degree master’s and a Scholar, WhartonFranklin Benjamin a he was named where School, bution space in markets across the Americas, Europe, and Asia. The company leases its operating portfolio 3,000 leases its operating and Asia. of approximately company The Europe, Americas, the across in markets bution space hood and community shopping centers. The company specializes in shopping center acquisitions, development, and manage acquisitions, in shopping center specializes company The hood and community shopping centers. and South America. Mexico, Canada, Puerto Rico, 42 states, across leasable space has completed more than $22 billion of investments. than $22 billion of investments. more has completed Spencer B. Haber B. Spencer the International Council of Shopping Centers and is a member of the Board of Governors of the National Association of Association National the of Governors of Board the of member a is and Internationalthe Centers Shopping of Council tors. Halter also serves as the Chair of numerous other Principal Real Estate Investors subsidiaries. Since joining the firmthe joining Since subsidiaries. in Investors Real Estate servesalso Halter Principal other numerous of Chair the as tors. Vice President of Republic Mortgage Henry Bucknell from President Investors. UniversityVice graduated in 1971 with a BS in business Chairman of the Investment Committee and a member of the Credit Committee. Prior to joining GE Capital, Henry joining GE Capital, to was Prior Committee. and a member of the Credit Chairman Committee of the Investment California chapter of the National Association of Industrial of of the National Association Properties. chapter and Office He servedCalifornia of the chapter as a Director Committee, and is a member of the Pension and Real Estate Association and the Association of Foreign Investors in Real Investors of Foreign and the Association Association and Real Estate the Pension and is a member of Committee, Global Investors. He chairs the board of Principal Real Estate Investors and is an Executive Director of Principal Global Inves of Principal Director and is an Executive Investors Real Estate of Principal He chairs the board Global Investors. Conference Committee for the Pension Real Estate Association. Haber holds a bachelor’s degree in economics from the in economics from degree Haber holds a bachelor’s Association. Real Estate the Pension for Committee Conference industrial facilities in 21 countries to manufacturers, retailers, transportation companies, and other enterprises with large-scale and other enterprises with large-scale transportation companies, retailers, to manufacturers, in 21 countries industrial facilities ment in North America since July 2005. Previous to this and since 2003, Harmsen was responsible for capital deployment capital deployment for Harmsen this and since 2003, ment in North to was responsible America Previous since July 2005. mittee for the Zell/Lurie Real Estate Center at the Wharton School at the University of Pennsylvania and a member of the a and WhartonSchool Universitythe at Pennsylvania of the at Center Real Estate Zell/Lurie the for mittee provides institutional investors, including pension funds, sovereign funds, insurance companies, foundations, and other institu foundations, companies, insurance funds, sovereign including pension funds, investors, institutional provides With US$48.9 billion in assets under management, billion US$48.9 With tion space in the world. tion space tions across the spectrum of public and private equity and debt investments. PRINREI’s investment services extend to core, value- servicesinvestment extendto core, PRINREI’s equity investments. debt and private and public spectrum of the across tions and on-the-groundtors global reach experience. tions globally, with access to dedicated investment vehicles across the entire CRE credit spectrum. Since its inception in 2004, H/2 its inception Since spectrum. CRE credit the entire across vehicles investment to dedicated with access tions globally, ment. As of December 31, 2013, the company owned interests in 852 shopping centers comprising 125 million square feet of square 125 million comprising in 852 shopping centers interests ment. As owned of December 31, 2013, the company and Fairfield County Bank, and he is a member of The Real Estate Roundtable. Henry The Roundtable. Real Estate County served Bank,and Fairfield and he is a member of as 2011–2012 Chairman of administration, and he received an MBA in 1973 from the University of Miami. an MBA in 1973 from serves He currently of HCP administration, and he received on the boards an MBA in finance and a bachelor’s degree in finance and marketing from the University of Wisconsin. in finance and marketingfrom the University of degree an MBA in finance and a bachelor’s of business performance for Prologis operations in North operations deploy capital and Southfor America.business performanceof He has been responsible Prologis for on the Board of Governors and as Chair of the Investor Forum for the CRE Finance Council, and he is past Chair of the and Council, the CRE Finance for Forum as Chair of the Investor of Governors and on the Board sible for pension advisorypension internationalUS and the markets. in also was He sible for strategies and policies activities and investment sociation of Real Estate Investment Managers. He is a member of The Real Estate Roundtable, serves on the REPAC Steering serves Roundtable, Real The Estate REPAC the on of member a is He Managers. Investment Realof sociation Estate distribution needs. Prologis offers its customers and investors the most modern and geographically diverse platform of distribu diverse the most modern and geographically and investors offers its customers Prologis distribution needs. commercial mortgage-backed securities. With offices in the United States, London, Singapore, and Sydney, the firm offers inves offers firm the Sydney, and Singapore, London, mortgage-backed States, United the in commercial offices With securities. Advisory Board for Columbia Business School’s Real Estate Program and The Real Estate Roundtable. Previously, he served Previously, Roundtable. RealThe Estate and Program Real Estate Business School’s Columbia Advisory for Board added, and opportunistic properties, commercial mortgages, bridge and mezzanine loans, real estate investment trusts, and and opportunistic trusts, estate investment added, mortgages, real properties, loans, commercial bridge and mezzanine 1984, he has held various positions within the real estate group. Halter is past Chairman of the Board of the National As of the National is past Chairman Halter of the Board group. estate 1984, he has held various positions within the real PensionRealEstateAssociation PensionRealEstateAssociation Speaker Biographies

David R. Hodes is a Founder and Managing Partner of Hodes Weill & Associates. From 2000 through 2009, Hodes was a Managing Director of Credit Suisse, based in New York, where he co-founded Credit Suisse’s Real Estate Private Fund Group, In 2008, Hodes also assumed responsibility for co-managing Credit Suisse’s Real Estate Investments Group. Previ- ously, Hodes was a Principal at Morgan Stanley and the Director of Real Estate Private Capital Markets. Before joining Mor- gan Stanley, Hodes was a Principal of The Yarmouth Group, where he was also a Member of the Executive Committee and Board of Directors. Hodes received a BA in urban studies from Brandeis University. He is a member of the Board of Over- seers of the International Business School at Brandeis University and a past Board member of the Pension Real Estate Asso- ciation. He is a frequent lecturer at the Columbia University Business School and at Brandeis International Business School. Hodes Weill & Associates is a real estate advisory boutique with a focus on the investment and funds management industry. The firm is headquartered in New York and has additional offices in Hong Kong and London. Founded in 2009, Hodes Weill provides institutional capital-raising for funds, transactions, co-investments, and separate accounts; M&A; strategic and restructuring ad- visory services; and fairness and valuation analyses. Clients include investment and fund managers, institutional investors, lend- ers, property owners and other participants in the institutional real estate market.

William Hughes is the Global Head of Real Estate Research & Strategy at UBS. He is Chairman of the US Strategy Team and a member of the US Investment Committee. Before joining UBS in 2005, Hughes was a Director of Investment Strategy at Blackrock, Inc. (formerly SSR Realty Advisors) for two years. He also held positions as President of Delphi Investment Advisors and Vice President of Research and Portfolio Management at Associated Estates Realty Corporation/MIG Realty Advisors, Inc. Prior to these positions, Hughes was an Assistant Professor—Harrison Lecturer at Louisiana State University. He is a Counselor of Real Estate. UBS Global Real Estate manages more than US$20.9 billion on behalf of 450 institutional clients. The firm provides acquisition, asset management, portfolio management, research, valuation, and property sales expertise. UBS has experience in selecting, underwriting, acquiring, and managing properties varying in size from US$10 million to more than US$500 million and offers core and value-added strategies utilizing a range of investment structures, including wholly owned properties, joint ven- tures, and participating mortgages.

C. Hastings Johnson is Vice Chairman and Chief Investment Officer of Hines and a member of the firm’s Executive Committee and Investment Committee. As the most senior executive in Hines’ Office of Investments, he is responsible for investments and chairs the firm’s Strategy Committee. Johnson served as CFO from 1992 until 2012, and prior to that, he led the development or redevelopment of numerous projects. Johnson received a bachelor’s degree in industrial engi- neering from the Georgia Institute of Technology in 1970 and an MBA from Harvard Graduate School of Business in 1975. Hines is a privately owned real estate firm offering real estate investment, development, and property management services with controlled assets of US$25.2 billion as of June 30, 2013. The Hines portfolio of projects under way, completed, acquired, and managed for third parties consists of more than 1,283 properties, including corporate headquarters, mixed-use centers, industrial parks, medical facilities, and master-planned residential communities. The firm operates globally, with offices in 18 countries and 113 cities worldwide.

Sonny Kalsi is the Founder of GreenOak Real Estate, an independent, partner-owned real estate principal investing and advisory firm that seeks to provide strategic advice and create long-term value. He was previously the Global Co-Head of Morgan Stanley’s Real Estate Investing business and President of the Morgan Stanley Real Estate Funds until early 2009. From 1997 through 2006, Kalsi and his team led the formation of Morgan Stanley’s property business in Asia and built the leading real estate platform in the region. Kalsi has been cited in several publications for his profile in the real estate industry, including Private Equity Real Estate magazine as one of the “30 Most Influential” people in private equity real estate globally. Kalsi is a graduate of Georgetown University with a degree in business administration and is a member of the Georgetown’s Board of Regents. Founded in 2010, GreenOak Real Estate is an independent, partner-owned, real estate–focused principal investing and advisory firm. Its global platform includes experienced senior teams with offices in New York, Los Angeles, London, Munich, and Tokyo. GreenOak currently has approximately $3.6 billion of assets under management globally and has raised $1.5 billion of equity to invest in targeted strategies and assets. - - -

BOSTON on as a guest host as well Money Moves and Street SmartsStreet Multi-Asset Advisors provides allocation and investment solutions and and investment allocation provides Multi-Asset Advisors . He is a Trustee and Governor of the Urban Land Institute and has served Trustee . He is a Principal Global Investors, is the world’s largest private real estate services firm. It offers a range of services range of servicesproperty estate for all real firm. It offers a private largest fully types, is the world’s is a Portfolio Manager for Multi-Asset Advisors, an investment boutique of Principal Global Investors. Global Investors. boutique of Principal an investment Advisors, Multi-Asset Manager for is a Portfolio . He is a member of the Private Capital Research Institute Research the SEC Advisory and Capital on Small and Committee . He is a member of the Private Founding Partner of CapRidge Partners LLC, is the former Senior Managing Director of Private Markets of Private Senior Managing Director is the former of CapRidge LLC, Partner Partners Founding is a fully integrated real estate operating company. CapRidge is the fiduciarycapital partners, for its with a company. estate operating real is a fully integrated is the President of Cushman & Wakefield Equity, Debt & Structured Finance and servesLeadership the on Debt & Structured Equity, Wakefield & of Cushman is the President Squawk Box Dirk LaschanzkyDirk lyst designation. Laschanzky is a member of the CFA Society of Iowa and the CFA Institute. He is also an Adjunct Instructor Institute. Society and the CFA of Iowa Laschanzkylyst designation. is a member of the CFA CapRidge Partners Cushman & Wakefield bachelor’s degree, both in finance, from the University of Iowa. He has earned the right to use the Chartered Financial Ana He has earned the University of Iowa. the use the Charteredto from right both in finance, degree, bachelor’s became President in 2000. Sonnenblick Goldman merged with Cushman & Wakefield in July 2007, eventually becoming in July 2007, eventually Wakefield & in 2000. Sonnenblick with Cushman Goldman merged became President Director of the Real Estate and Finance Council and a Professor at the McCombs School of Business. and a Professor Council and Finance of the Real Estate Director Property Company. LeBlanc has been on Bloomberg Television’s Television’s has been on Bloomberg LeBlanc Property Company. Advisorythe Editorial and is on of Association Real Estate Board the Pension member of is a LeBlanc Companies. Emerging He heads the firm’s asset allocation group and is a Lead Manager of the Principal LifeTime Funds. He joined the firm in Funds. PrincipalLifeTime Lead Manager of the and is a group asset allocation He heads the firm’s Steven LeBlanc, Steven Steven Kohn Steven focus on office properties in the major growth markets of the US. The firm performs leasing, management, and construction firm The US. and management, properties the of performs leasing, markets on office focus growth in the major Urban Growth Property Trust, Executive Vice President for Archstone Communities Trust, and a SeniorLincoln at Partner Trust, Communities Archstone for President Vice Executive Trust, Property UrbanGrowth University (his alma mater), and New York University. University. York and NewUniversity (his alma mater), Vice President of Wexford Management LLC. Before Wexford, he was President of Trafalgar House Real Estate, Inc. Kohn Real House is Estate, Trafalgar of he was President Wexford, Before Management LLC. Wexford of President Vice CNBC’s Committee of the Board of Directors. Kohn has lectured at the University of Pennsylvania, Columbia University, Bucknell University, Columbia Kohn has lectured at the University of Pennsylvania, of Directors. of the Board Committee Cushman & Wakefield Equity, Debt & Structured Finance. Prior to Sonnenblick Goldman/Cushman & Wakefield, Kohn was Prior to & Sonnenblick Goldman/Cushman Finance. Structured & Debt Equity, Wakefield & Cushman Group of Cushman & Wakefield, Inc. He joined Sonnenblick Goldman in 1996 as a Principal and Director and joined He Managing Sonnenblick in 1996 as a Goldman Inc. Wakefield, & of Cushman Group integrated on a global basis, including leasing, sales and acquisitions; debt and equity financing; investment banking; corporate debt and equitycorporate banking; sales and acquisitions; investment financing; including leasing, basis, on a global integrated pension plans. He also served previously as a Financial Analyst for American Laschanzky and a an MBA Airlines. Analyst for received He also servedpension plans. as a Financial previously management services. It has acquired and managed 5.0 million square feet of office, mixed-use, and hotel assets. mixed-use, feet of office, and managed 5.0 million square Itmanagement services. has acquired meet clients’ unique needs and investment goals through a process, including asset allocation decision making, portfolio making, decision allocation asset including con process, a through goals investment and needs unique clients’ meet at the Teacher Retirement System of Texas. Previously, he was President and CEO of REIT Summit Properties, President of President and CEO of REIT Summit Properties, he was President Previously, Texas. of System Retirement Teacher at the a member of the Urban Land Institute, the Wharton Real Estate Center Advisory Board, and the Pension Real Estate As Real Estate WhartonPension the and Advisory Center Real Estate Board, Urbanthe of member a the Institute, Land on the Board of Trustees of The Real Estate Roundtable and the Investment Advisory Board of the Employee Retirement Retirement Roundtable Real Advisory the Investment and The Estate of the Employee Board of Trustees of on the Board of finance at the University of Iowa graduate business school. business school. graduate of finance at the University of Iowa System of Texas. LeBlanc has a BBA in real estate/finance from the University of Texas at Austin, where he is the Associate Associate he is the Austin, where Texas at the University of from estate/finance has a BBA in real LeBlanc Texas. of System short-durationfor the management of the American Airlinesresponsible income portfoliosteam and was among the fixed sociation. He is also a member of the Association of Foreign Investors in Real Estate, where he has servedhas he where Executive the on Realin Estate, Investors Foreign of Association the of member a also is He sociation. As boutique of an investment advice for clients who seek investment diversification across asset type, style, and geography. The firm’s solutions are designed to solutions The firm’s style, and geography. asset across type, diversification for clients who seek investment advice struction, and long-term monitoring and rebalancing, tailored to specific return requirements and risk tolerances. and risk tolerances. requirements return to specific tailored struction, and long-term monitoring and rebalancing, services; property management; facilities management; project management; consulting; appraisal; and propertyservices; property appraisal; consulting; management; tax services. management; project facilities management; The Institutional Real Estate Letter—North America Estate Letter—North Institutional Real The 1997. Previously, Laschanzky Services, Manager Investment and an Analyst at AMR he managed was a Portfolio where 1997. Previously, PensionRealEstateAssociation PensionRealEstateAssociation Speaker Biographies

Howard Marks is the Chairman of Oaktree Capital Management and is responsible for ensuring the firm’s adherence to its core investment philosophy, communicating closely with clients concerning products and strategies, and managing the firm. From 1985 until 1995, Marks led the groups at The TCW Group, Inc., that were responsible for investments in dis- tressed debt, high-yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Marks was with Citicorp Investment Management, where he was Vice President and Senior Portfolio Manager, an equity research Analyst, and subsequently, Citicorp’s Director of Research. Marks holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an MBA in accounting and marketing from the Graduate School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA charterholder and a Chartered Investment Counselor. Oaktree (NYSE: OAK) is a leader among global investment managers specializing in alternative investments, with $83.6 billion in assets under management as of December 31, 2013. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, con- vertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has more than 800 employees and offices in 16 cities worldwide.

Michael Nash is a Senior Managing Director of The Blackstone Group and the Chief Investment Officer of Blackstone Real Estate Debt Strategies. He is also a member of the Real Estate Investment Committee for both Blackstone Real Estate Debt Strategies and Blackstone Real Estate Advisors. Prior to joining Blackstone, Nash was with Merrill Lynch, where he led the firm’s Real Estate Principal Investment Group—Americas. Prior to joining Merrill Lynch, Nash was a Senior Vice President at Barclays Bank. Prior to Barclays, he originated and structured real estate loans for the Bank of Nova Scotia. Additionally, he worked at Deloitte & Touche. Nash received a BS in accounting from the State University of New York at Albany and an MBA in finance from the Stern School of Business at New York University. The Blackstone Group (NYSE: BX) is a global investment and advisory firm with AUM of $266 billion. The firm has a diverse, global business platform that encompasses private equity and real estate funds, hedge fund solutions, credit funds, and independent advisory and restructuring practices.

David J. Neithercut is the President and Chief Executive Officer and a member of the Board of Trustees of Equity Resi- dential. He joined Equity Residential in 1995 as the company’s Chief Financial Officer. Prior to joining Equity Residential, Neithercut was Senior Vice President of Finance for Equity Group Investments, an affiliate of Equity Residential’s predeces- sor company. He serves as a Director of General Growth Properties and is a member of the Executive Committee of the National Multi Housing Council and the Executive Committee of the National Association of Real Estate Investment Trusts. Neithercut holds a BA from St. Lawrence University and an MBA from the Columbia University Graduate School of Business. Equity Residential (NYSE: EQR) is the largest publicly traded owner and operator of multifamily apartment properties in the Unit- ed States, with more than 100,000 apartment units located primarily in Boston, New York, Washington, DC, South Florida, Denver, Southern California, , and Seattle.

Martha S. Peyton is Managing Director and Head of Strategy and Research in the Global Real Estate division of TIAA- CREF Asset Management. She joined TIAA-CREF in 1993 from Marine Midland-HSBC in , where she was Ad- ministrative Vice President, overseeing commercial real estate market analysis. Prior to that position, Peyton was a member of the HSBC’s domestic Economics Group, where she specialized in regional and macroeconomic analysis. Earlier in her career, she taught economics at Fordham University and Manhattanville College. Peyton is a former President of the Real Estate Research Institute, the current Chair of the PREA Research Committee, an emeritus member of the International Council of Shopping Centers Research Advisory Task Force, and a member of both the American Real Estate Society and the American Real Estate and Urban Economic Association. Peyton holds a PhD in economics from Fordham University as well as BA and MA degrees from Fordham. She also holds the Counselor of Real Estate, CRE, designation. TIAA-CREF is a US-based Fortune 100 financial services company with $564 billion in assets under management (as of 12/31/2013). According to Pensions and Investment, TIAA-CREF is the #2 ranked manager of US real estate investments, with $40.3 billion in AUM (as of 6/30/2013) and the #6 ranked manager of global real estate with $42.7 billion in AUM (as of 6/30/2013). TIAA-CREF is headquartered in New York with 7,500 employees across the US, the UK, and Luxembourg. ------BOSTON- (PREI) is the real estate investment management business of Prudential Financial, Inc. PREI has Inc. Financial, management business of Prudential estate investment (PREI) is the real is a Vice President and Consultant in the Capital Markets Research group of Callan Associates Associates Markets of Callan in the Capital Consultant and group Research President Vice is a is President of Colony Capital, LLC. He shares responsibility for the firm’s global operations, in global operations, the firm’s responsibility for He shares LLC. Capital, of Colony is President is one of the largest independently owned investment consulting firms in the United States. Headquartered the United States. firms in consulting investment independently owned is one of the largest is a Managing Partner and Founder of Kudu Advisors, LLC. Prior to Kudu Advisors, he was Chief Execu Kudu Advisors, to Prior LLC. of Kudu Advisors, and Founder is a Managing Partner is a global real estate and private equity investment management firm founded by Thomas J. Barrack, Jr. in Jr. Thomas J. Barrack, by equity management firm founded investment estate and private is a global real is Principal and Head of the Defined Contribution Practice for Prudential Real Estate Investors. He is re is He Prudential Real Estate Investors. for Practice Contribution Definedof the Head and Principal is

provides M&A and strategic advisory services M&A and strategic to institutional asset management. provides Prudential Real Estate Investors Estate Prudential Real Kudu Advisors David Skinner David Richard B. Saltzman Richard B. Eugene L. Podkaminer L. Eugene led institutional defined contribution investment only sales to large and mega plan sponsors. Skinner sponsors. and mega plan to large earned only sales a BS in busi led institutional defined contribution investment Colony Capital, LLC LLC Capital, Colony Callan Associates, Inc.Callan Associates, He also co-heads PREA’s Defined Contribution Affinity Group and sits on a working group for NCREIF focused on increas for NCREIF a Contribution DefinedAffinity Group and sits on working group He also co-heads PREA’s Directorships at Case Interactive Media, Aspire Financial Services, and Working in Support of Education in New York. Ruffel Ruffel York. Working in Support Services, in New of Education and Interactive Financial at Case Directorships Media, Aspire ing the profile of commercial real estate in the defined contribution marketplace. PREI, to joining in the defined contributionPrior real estate marketplace. Skinner held various of commercial ing the profile is an Advisory Board Member of CAPTRUST Financial Advisors. He received MS degrees from Columbia and Cambridge Columbia from degrees MS received He Advisors. is an Advisory Member Financial of CAPTRUST Board been investing in real estate on behalf of institutional clients since 1970, with gross AUM of US$53.9 billion as of September billion 30, of US$53.9 AUM 1970, with gross estate on behalf of institutional clients since in real been investing Operating Officer of Investment Banking and had responsibility for Merrill Lynch’s Global Leveraged Finance business. business. Finance Leveraged Global Operating Officer Banking of for Lynch’s Investment responsibility Merrill had and joining Callan, Podkaminer was a Senior Strategist in the Client Advisory Group of Barclays Global Investors. He received He received Global Investors. Advisory in the Client of Barclays a Senior was Podkaminer joining Callan, Strategist Group Charles A. Ruffel A. Ruffel Charles the National Realty Committee, and a past Chairman Saltzman Advisorythe National Realty of the NRC Policy Capital Real Estate Committee, Committee. the Urban Land Institute and a member of the Board of Governors of NAREIT. Previously, he was a Trustee and Treasurer Treasurer and Trustee he was a Previously, the Urban of Governors of NAREIT. Institute Land and a member of the Board tiatives. As part of these responsibilities, he is CEO, President, and a Director of Colony Financial, Inc. Prior to joining Colony, Colony, joining to Inc. Prior Financial, of Colony and a Director President, part he is CEO, As tiatives. of these responsibilities, tive Officer and Founder of Asset International, Inc. He is a Director and Trustee of ETF Funds, Charles and holds Funds, Schwab of Trustee ETF Asset and Founder of He is a Director International, Inc. Officertive and in San Francisco, with offices across the country, Callan provides research, education, decision support,broad education, to a research, and advice provides Callan country, the across with offices in San Francisco, received a BA from Swarthmore College and an MS in industrial administration from Carnegie Mellon University. Mellon Swarthmore Carnegie University. an MS in industrial and a BA from College from administration received particular, guiding the strategic planning, acquisition, and asset management activities and overseeing new activitiesini management business asset and acquisition, overseeing and planning, strategic the guiding particular, management and sales roles at J.P. Morgan. He most recently worked for J.P. Morgan Retirement Plan Services, Plan he Retirement Morgan where J.P. worked He most recently Morgan. for at J.P. management and sales roles University. Fordham ness administration from marketing, and product development initiatives. Skinner is Co-President of the Defined Contribution Real Estate Council. Council. of the DefinedContribution Skinner Real Estate marketing, initiatives. development and product is Co-President universities. use the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco and the CFA Institute. Institute. and the CFA Society of San Francisco and is a member of the CFA Analyst designation use the Chartered Financial tional investors. PREI funds pursue core, value-added, opportunistic, and specialized real estate investment strategies. Real estate value-added, strategies. opportunistic, estate investment real and specialized PREI funds pursue core, tional investors. range of institutional investors, collectively responsible for nearly US$2 trillion in total assets. for nearly US$2 responsible collectively of institutional investors, range a BA in economics from the University of San Francisco and an MBA from Yale University. Podkaminer earned the right to University. Yale MBA from and an the UniversityFrancisco of San a BA in economics from and is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, devel conducting studies, allocation asset planning, investment strategic their with clients assisting for responsible is and of the Pension Real Estate Association, a Director of the Association of Foreign Investors in Real Estate, a Vice Chairman of Vice a in Real Estate, Investors of Foreign of the Association a Director Association, Real Estate of the Pension oping optimal investment manager structures, and providing custom research on a variety of investment topics. Prior to to Prior a variety on topics. of investment research custom providing and structures, manager investment oping optimal Saltzman serves on the Board of Directors of Kimco Realty Corporation and The Real Estate Roundtable and is a Trustee of Trustee Roundtable RealThe and is a Estate Saltzman serves of Kimco of Directors Realty on the Board Corporation and Saltzman was Managing Director and Vice Chairman of Merrill Lynch’s investment banking investment division. He also served as Chief Chairman of MerrillVice Lynch’s and Saltzman was Managing Director sponsible for developing PREI’s strategy for the defined contribution market, including overseeing the firm’s distribution, contribution the defined market, the firm’s for overseeing strategy including PREI’s developing sponsible for an aggregate value in excess of US$54 billion. of US$54 in excess value an aggregate securities strategies are offered through individually managed separate accounts, mutual funds, and sub-advisory mutual funds, accounts, individually managed separate arrangements. through offered are securities strategies 2013 ($40.2 billion net). Investment products are structured primarily as open-end structured are products and closed-end2013 ($40.2 billion net). Investment funds for institu commingled 1991. With 11 offices in eight countries, the firm has invested in properties, companies, and securities throughout the world with throughout the and securities properties,invested in companies, the firm has countries, in eight 1991. With 11 offices PensionRealEstateAssociation PensionRealEstateAssociation Speaker Biographies

Robert Stuckey is a Managing Director of the Carlyle Group and the Head of Carlyle’s US Real Estate Funds and serves on Carlyle’s management committee. Stuckey is the Chairman of CoreSite. Prior to joining Carlyle, Stuckey was Chief Investment Officer for Carr-America Realty Corporation. Previously, he was Senior Vice President of Prologis. Stuckey’s past experience also includes serving as Chief Financial Officer for Trammell Crow Company, NE. Separately, he was a member of Trammell Crow Ventures, a merchant banking affiliate of Trammell Crow Company. Stuckey holds an MBA from Harvard University and was twice an academic All-American at the University of Nebraska. The Carlyle Group is a global alternative asset manager with more than $185 billion in assets under management across 122 funds and 81 fund of funds vehicles. The firm currently operates in 34 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia, and Australia. Business areas include buyout and , real estate, infrastructure, energy and renewable resources, distressed and corporate opportunities, corporate mezzanine, energy mezzanine, hedge funds, and structured credit and co-investment.

Owen D. Thomas joined Boston Properties as Chief Executive Officer and Director in 2013. He was Chairman of Holdings from 2012 until 2013 and continues to serve as a Director. Prior to Lehman, Thomas was with Morgan Stanley for 24 years, serving in a number of different roles, including Chief Executive Officer of Morgan Stanley Asia, Presi- dent of Morgan Stanley Investment Management, Head of Morgan Stanley Real Estate, and Chairman of Mitsubishi UFJ Morgan Stanley Securities. He also served on Morgan Stanley’s Management Committee from 2005 until 2011. Thomas is a Director of the University of Virginia Investment Management Company, a Director and Trustee of the Urban Land Institute, and a former Chairman of the Pension Real Estate Association. He received a BS in mechanical engineering from the University of Virginia and an MBA from Harvard Business School. Boston Properties, Inc. (NYSE: BXP) a self-administered and self-managed real estate investment trust, is one of the largest owners, managers, and developers of first-class office properties in the United States, with significant presence in four markets: Boston, New York, San Francisco, and Washington, DC. As of December 31, 2013, the company’s portfolio consisted of 175 properties, comprised primarily of class A office space, aggregating approximately 44.4 million square feet, including nine properties under construction totaling 2.9 million square feet.

Raymond G. Torto is the Global Chairman of Research for CBRE and serves as the company’s primary spokesperson on the global economy and commercial real estate markets. He was a Founding Principal of Torto Wheaton Research, and previously, he was a Professor of Economics, Department Chairman, and Director of the Public Policy Institute at the Uni- versity of Massachusetts and a government official in Boston. Torto has authored four books and numerous academic and professional articles on economics and commercial real estate and is active in many real estate organizations, including as Treasurer, Vice Chairman, and Chairman of the Pension Real Estate Association and a Director of the PREA Board. He is also a Senior Fellow of the Real Estate Research Institute, a Fellow of the Homer Hoyt Advanced Studies Institute, a member of the Urban Land Institute and the American Real Estate Association, and a Counselor of Real Estate. Torto is a co-recipient with Bill Wheaton of the 2007 James A. Graaskamp Award for Real Estate Research Excellence and is currently a Lecturer at Harvard University’s Graduate School of Design. He holds a PhD in economics from Boston College. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates) and serves real estate owners, investors, and occupiers through approximately 350 offices (excluding affiliates)- world wide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities, and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. - - BOSTON- (NYSE:HST) estate investment real lodging and is the largest 500 company is an S&P 500 and Fortune

is President and Chief Executive Officer & Chief Executive and Resorts, of Host Hotels has served and Inc., is President on the Board is the Global Business & Investment Leader for Mercer’s Real Estate Boutique, a unit within Mercer’s Invest a unit within Mercer’s Boutique, Real Estate Mercer’s for Leader is the Global Business & Investment is a leading global provider of investment services and offers customized guidance at servicesevery guidance de of investment and offers customized stage of the investment is a leading global provider

Host Hotels & Resorts, Inc. Hotels Host Mercer Prior to that, she spent three years working for a public accounting firm. Yager is a Certified Public Accountant, is a member Accountant, CertifiedYager is a Public working years a public accounting firm. that, she spent three for to Prior Inc., is a member of its Compensation Committee, and is the Chairman of the Investment and Finance Committee. He cur Committee. and is the Chairman and Finance of the Investment Committee, Inc., member of its Compensation is a W. Walter Edward W. financial and real estate investment experience. Prior to joining Mercer in 2003, she worked for a real estate investment investment real estate workedfor a in 2003, she Prior joining to Mercer experience. investment estate real financial and the globe. Additionally, she chairs the Global Real Estate Ratings Review Committee. Yager has more than 27 years of years than 27 has more Yager Ratings she chairs the Global Real Estate Review Committee. Additionally, the globe. City Council. City Council. Company and the President of Bailey Capital Corporation. He serves on the Board of Directors of AvalonBay Communities, Communities, Corporation. of Bailey He serves Capital of AvalonBay of Directors Board on the the President and Company in access of US$7.0 trillion with every aspect of institutional investing (and retail portfolios in some geographies), from strategy, trillion with every strategy, portfolios from (and retail of US$7.0 aspect of institutional investing in access geographies), in some rently serves as a member of the Executive Board and as Past Chair of the National Association of Real Estate Investment Investment of Real Estate Association National the of Chair Past as and serves Board rently Executive the of member as a management firm and served as the Chief Financial Officer for the firm’s largest commingled private equity real estate fund. commingled largest estate real equity private firm’s Financial management firm for the and served Officer as the Chief ments Business. She provides real estate consulting and strategic advice to Mercer’s clients and consultants located across across located consultants and clients Mercer’s to advice strategic and consulting estate real She provides ments Business. trust and one of the largest owners of luxury and upper-upscale hotels in prime urban, airport, luxury of owners and resort/conventiontrust and one of the largest and upper-upscale locations. Allison Yager Allison earned a BBA in accounting from the University of Georgia. earned a BBA in accounting from of NCREIF, and serves on several advisory boards, including the Editorial Board of the Institutional Real Estate Letter. She and serves of the Institutional advisory on several Board the Editorial Letter. including Real Estate boards, of NCREIF, of Directors since October 2007. He joined Host in 1996 as Senior Vice President for Acquisitions and has held a variety and Acquisitions for President Vice October since of Directors as Senior 2007. He joined Host in 1996 Crow Residential Trammell Partner with was a Walter to joining Host, Prior Officer. Financial including Chief of positions, endowments, wealth managers, and other investors in more than 40 countries, assisting more than 3,300 clients with assets assisting more than 40 countries, in more and other investors managers, wealth endowments, cision, risk management, and investment monitoring process. Mercer works with the fiduciaries of pension funds, foundations, foundations, funds, with the fiduciaries of pension works Mercer monitoring process. cision, risk management, and investment structure, and implementation to ongoing fiduciary management. structure, Trusts. Walter is also on the board of The Real Estate Roundtable and is an officer and serves on the board of the Federal Federal Roundtable RealservesThe and is an officer and Estate of the on the board of is also on the board Walter Trusts. PensionRealEstateAssociation Pension Real Estate Association

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