2019 EY Real Estate, Hospitality and ... - Ernst & Young Executive Bios Book.pdfErnst & Young LLP Los Angeles, California +1 213 977 3523 [email protected] Dave Cormack Profile

Enter

2019 EY Real Estate, Hospitality and Construction Accounting and Tax Update

Los Angeles September 2019

Ernst & Young LLP’s Real Estate,Hospitality & Construction practice

The EY network has the largest group of real estate, hospitality and construction professionals of any accounting organization, with more than 17,000 professionals around the world providing assurance, tax and transaction advisory services to real estate owners, investors, lenders and users — including many real estate investment trusts (REITs), homebuilders and developers — as well as to companies in the hospitality and construction industries. The EY approach combines entrepreneurial thinking and a working knowledge of real estate issues with broad real estate experience, vast resources and a diverse network of clients and contacts. The global EY organization serves more than 4,000 real estate, hospitality and construction clients across the US and throughout the world.

In the US, Ernst & Young LLP has the proven ability to mobilize an experienced team to meet the most complex and demanding challenges and provide high-quality, seamless service on both a global and local basis. In addition, the EY network has professionals with knowledge of tax laws in more than 170 countries. For more than 22 years, the EY Foreign Tax Desk program has given our clients a competitive advantage by revolutionizing the way international tax strategies are developed and delivered.

Our network of real estate, hospitality and construction professionals around the country and around the world is unparalleled in the profession. We invite you to learn about EY real estate, hospitality and construction industry professionals. Not only do they represent decades of industry knowledge, but the global organization’s resources are also at their fingertips to serve the needs of your business at every turn and stage of growth.

For more information about the EY Global Real Estate, Hospitality & Construction Center, visit ey.com/realestate.

http://www.ey.com/realestate

EY Real Estate, Hospitality and Construction Accounting and Tax Update – Los Angeles

2019

2019

ProfileGarrett is a Los Angeles senior manager with the Assurance Services team of Ernst & Young LLP in Los Angeles, California. He has significant experience working with both SEC registrants and private companies. This includes extensive experience with annual and quarterly SEC filings, Sarbanes-Oxley Section 404 internal control reporting, mergers and acquisitions, variable interest entities, complex debt and equity transactions, and other significant accounting and auditing issues.

Relevant experienceGarrett has more than 12 years of professional experience, including 10 years of public accounting experience and 2 years at a Fortune 500 publicly listed entity.

Education and membershipsGarrett graduated from the University of Notre Dame with an MS in Accountancy. He also graduated from the University of Utah with a BS in Accountancy. He is a CPA in California, Utah and Illinois, and is a member of the AICPA.

Senior Manager, Assurance Ernst & Young LLPLos Angeles, California+1 312 256 [email protected]

Garrett Behling

2019

ProfileSandra is a partner in Ernst & Young LLP's Assurance practice. She has more than 18 years of experience providing audit, accounting and other business advisory services to a wide range of companies in the asset management, banking, real estate and leasing industries, including alternative investment funds and advisors; both public and private registered investment companies; family offices; and publicly traded and non-traded REITs. In addition to her client-serving responsibilities, Sandra has served in Ernst & Young LLP's Professional Practice Group as a firmwide and area resource on technical accounting and auditing matters, focusing on the areas of derivatives, financial instruments, fair value and stock-based compensation.

Relevant experienceSandra is a trusted business advisor to clients with numerous capital transactions, including mergers and acquisitions, divestitures, securitization transactions, primary and secondary equity offerings, as well as routine SEC filings and reporting.

Sandra serves as a lead partner for one of the world’s largest publicly traded asset managers, with over $130 billion of assets under management. In addition to overseeing the audits of the advisor and its affiliated private equity, real estate, credit funds, RICs and REITs, Sandra serves as the main coordinator for the global audit and non-audit services for the asset manager and its affiliated portfolio investments.

In addition to serving one of the firm’s largest alternative asset management clients, Sandra serves as the lead client service partner for middle-market private equity firms, coordinating the delivery of professional services to the advisor, funds and family offices as well as across their portfolio investments.

Sandra is a frequent speaker at industry events and has recently served on panels covering issues such as fair value, leases, revenue recognition, personal leadership and retaining top female talent. She is a lead instructor for the firm’s national training programs and has trained other instructors, both nationally and internationally, to deliver the curriculum and perform audit quality reviews of SEC issuer and non-issuer audits.

Education and membershipsSandra graduated with an MBA from the University of Southern California and a Bachelor of Business Administration with a minor in Mathematics from Saint Mary’s College of Notre Dame. She is a CPA in California and a member of both the California Society of CPAs and AICPA. Sandra also is a director of Junior Achievement of Southern California and is the chair of the EY Los Angeles Alumni Council. Sandra is IFRS-accredited.

Partner, AssuranceErnst & Young LLPLos Angeles, California+1 310 927 [email protected]

Sandra BurnsAlex Borden

Senior Manager, TaxErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

ProfileAlex is a Tax senior manager with Ernst & Young LLP’s Private Equity and Real Estate team in the Los Angeles office. He began his EY career in 2007. For six years, Alex worked in the Los Angeles office, where he developed extensive federal and state tax compliance and consulting experience, working with multinational corporations, partnerships, limited liability companies and disregarded entities. For three years, Alex worked with Ernst & Young LLP’s National Tax Partnership Transactional Planning & Economics Group in Washington, DC, where he provided a range of domestic and international transactional tax planning and advisory services to clients on all aspects of joint venture, private equity, hedge fund and partnership tax matters, including merger, acquisition, formation, operation, restructuring and disposition issues. Alex transferred back to the firm’s Los Angeles office in 2016 to serve as a senior manager for various clients, with a heavy focus on partnerships, including those in the private equity and real estate industries.

Relevant experienceAlex has experience with large and complicated joint venture structures in accounting for various partnership tax matters, such as the proper maintenance of Section 704(b) capital accounts and related income allocations, including the allocation of tax credits; accounting for Section 704(c) differences; determining basis adjustments under sections 743(b) and 734(b); determinations of partner’s outside tax basis; disguised sale calculations; Section 752 liability allocations; Section 751 “hot asset” computations; and assistance with the impact of the partnership tax rules on determining a partner’s deferred tax liability with respect to its interest in a partnership.

Education and membershipsAlex received a Master of Business Taxation and a BS in Accounting from the University of Southern California. Alex is a CPA in California and the District of Columbia.

2019

Mariano Borges

ProfileMariano is an executive director with Ernst & Young LLP’s Los Angeles office. He focuses on real estate valuation.

Relevant experienceMariano is a nationally recognized resource regarding real estate issues, with more than 20 years of experience. He is a resource for matters involving domestic and international real estate, including financial reporting, litigation issues, due diligence, strategy and valuation. Mariano coauthored a chapter titled “The Role of the Financial Expert” in the fifth edition of the Litigation Services Handbook. He has developed particular knowledge of litigation matters as well as the valuation of special-purpose properties. Mariano regularly manages due diligence and valuation engagements involving large portfolios of domestic and international real estate assets.

Education and membershipsMariano graduated with an MBA from the University of Texas at Arlington, an MS in Community and Regional Planning from the University of Texas at Austin and a Bachelor of Business Administration from the University of Texas at Austin. Mariano holds Certified General Appraiser licenses in 37 states and has received the Member of the Appraisal Institute (MAI) designation from the Appraisal Institute, as well as the MRICS (Member) designation from the Royal Institution of Chartered Surveyors.

Executive Director, Transaction Real Estate Ernst & Young LLPLos Angeles, California+1 213 977 [email protected]

Marie Buteau Ferland

ProfileMarie is an Assurance senior manager with Ernst & Young LLP. She has nine years of professional experience. Marie started her career in Québec City, Canada, and has been in the Los Angeles office for four years. She focuses on the real estate industry.

Relevant experienceSince her start with the firm, Marie has offered assurance services to clients in various industries, including real estate, hospitality and consumer products. Her clients include SEC reporting companies and privately held entities. Marie has also worked on IPOs, business combinations and reverse mergers.

Education and membershipsMarie received master’s and bachelor’s degrees in Accounting from Laval University, Canada. Marie is a CPA in Canada, and she is in the process of completing CPA certification in California. Marie has International Financial Reporting Standards (IFRS) accreditation.

Senior Manager, AssuranceErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

2019

Ross Cockrell

ProfileDave is the Markets Leader for Ernst & Young LLP’s Real Estate, Hospitality & Construction practice in Los Angeles. For more than 31 years, Dave has provided audit services, business strategy and business advisory services to regional, national and international public and private real estate and operating companies.

Relevant experienceDave serves a broad array of clients, from Fortune 500 companies to startups, including residential developers, commercial and hospitality operators, REITs, tax-exempt investors, pension fund advisors, opportunity funds and restaurant companies. Additionally, Dave has extensive experience in current GAAP technical matters, such as purchase accounting, variable-interest entities and lease accounting. He works closely with Ernst & Young LLP’s National Office to research issues and find the right answers on a timely basis.

Education and membershipsDave earned a BS from California Polytechnic State University, San Luis Obispo, and is a CPA. He is a member of the AICPA, California Society of CPAs and National Association of Real Estate Investment Trusts (NAREIT).


Dave Cormack

ProfileRoss is a senior manager with the Assurance Services practice ofErnst & Young LLP, working in the Real Estate, Hospitality & Construction industry group. Ross has seven years of experience serving a range of public and private real estate clients.

Relevant experienceRoss has dealt with a variety of complex accounting issues, such as fair value of real estate investments, business combinations, debt issuances, revenue recognition, consolidation matters and construction accounting. He has provided auditing, Sarbanes-Oxley compliance, SEC reporting and accounting consultations to real estate funds, real estate investment trusts and engineering firms.

Education and membershipsRoss is a licensed CPA in the state of California and a member of the AICPA. He graduated from the University of California, Los Angeles, with a BS in Economics.


2019

ProfileCynthia is a senior manager in the Real Estate Tax group at the Los Angeles office of Ernst & Young LLP. She provides business strategy, tax advisory and tax compliance services to regional, national and international real estate companies. For 13 years, Cynthia has served a variety of public and private REITs and opportunity funds.

Relevant experienceCynthia has extensive experience in the taxation of real estate businesses, including REITs, partnerships and corporations. She also has in-depth knowledge of international filings, including forms 5471, 8865, 8858 and 8621.

Education and membershipsCynthia received a master’s degree in Taxation from Golden Gate University. She is a CPA in California and a member of the AICPA.


Cynthia Ding

ProfileGreg is an Assurance partner with the Los Angeles office of Ernst & Young LLP. He has more than 24 years of experience serving real estate, hospitality and construction industry clients.

Relevant experienceGreg has extensive experience with public registration statements and SEC and REIT industry issues. He has served numerous public and private REITs in Southern California, and has led the firm’s assurance teams on several equity and mortgage REIT IPOs.

Greg consults regularly with clients on complex accounting and business issues and is well-versed in the application of predecessor, consolidation, fair value, debt-vs-equity, development and purchase accounting concepts for real estate companies. He also serves several real estate investment and opportunity funds, and has assisted clients in the interpretation of partnership agreements and the application of the Investment Company Accounting and Auditing Guide concepts for real estate funds.

Education and membershipsGreg received a BS in Accounting from the University of Southern California and is licensed in California. He is a member of NAREIT, the AICPA and the California Society of CPAs.


Greg Feng

2019

ProfileAllen is a managing director with the Transaction Real Estate practice of Ernst & Young LLP, assisting clients in the areas of real estate valuation, due diligence and strategy, with a focus on real estate matters impacting the technology sector. Prior to joining the firm, Allen worked in real estate development and as a software consultant serving technology clients. Allen has more than 15 years of experience in commercial real estate.

Relevant experienceAllen’s experience includes investment analysis, valuation and buy-side due diligence for a range of property types, including multi-family, data centers, gaming, land development, hospitality, office and retail.

Allen regularly performs data center property valuation and acquisition due diligence for technology companies, data center REITs and corporate owners of data centers. Allen provides real estate strategy, valuation and advisory services for municipalities, public transit agencies and higher education clients in the areas of corporate real estate, public-private partnerships, development feasibility and redevelopment of public facilities. Allen conducts lender and investment due diligence for gaming and hospitality properties on behalf of major commercial mortgage-backed securities lenders and private equity firms. His due diligence includes property-level financial analysis, cash-flow modeling, and market and economic research.

Education and membershipsAllen has an MBA with a Certificate in Real Estate from the Haas School of Business at the University of California, Berkeley, and a BA in International Studies and French from Rhodes College. He is a licensed real estate appraiser in California and a licensed real estate broker in Nevada. Allen is a member of the Board of Directors of A Community of Friends, a Los Angeles-based nonprofit housing developer. He has LEED Accredited Professional certification.

Managing Director, Transaction Real EstateErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

Allen Freeman Greg Glater

ProfileGreg is an Assurance senior manager with Ernst & Young LLP’s Real Estate, Hospitality & Construction practice, with over 11 years of industry experience.

Relevant experienceGreg currently serves clients in hospitality, real estate development, asset management and real estate investment trust sectors. He has extensive experience working with SEC reporting and SOX compliance. He possesses strong knowledge of US GAAP and IFRS, and has worked extensively with clients on more technical matters in the areas of business combinations, pension accounting, intangible assets and goodwill, variable-interest entities, complex executive compensation, and exit and disposal costs. In more recent years, he worked closely with his clients on the implementation of the adoption of the revenue recognition standard codified under ASC 606 and the leasing standard codified under ASC 842.

Education and membershipsGreg has a BS in Accountancy from California State University, Northridge. He is a licensed CPA in California and a member of the AICPA and California Society of CPAs.

Audit Senior ManagerErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

2019

Jamey Johal

ProfileJamey is a senior manager with Ernst & Young LLP’s Los Angeles office. He has ten years of professional experience. Jamey started his career in the EY office in Vancouver, Canada, and completed rotations at the Houston and Dallas offices prior to permanently moving to the Los Angeles office. He focuses primarily on the real estate industry.

Relevant experienceJamey has provided accounting and audit services for clients spanning a broad spectrum of industries, including real estate, hospitality, retail, consumer products, technology, media and entertainment, mining, financial services, shipping and transportation. His clients include SEC reporting companies and privately held entities. Jamey also has experience with private and public offerings, business combinations, purchase accounting, variable-interest entities and lease accounting.

Education and membershipsJamey received a bachelor’s degree in Business Administration with concentrations in Accounting and Finance from Simon Fraser University. Jamey is a CPA in Canada, and he is in the process of completing his CPA certification in California. Jamey is also IFRS-accredited.


ProfileMike is a Real Estate partner in the Los Angeles office of Ernst & Young LLP. He has more than 16 years of public accounting experience addressing the tax compliance and consulting needs of both public and private real estate clients in the Los Angeles market.

Relevant experienceMike is focused on helping private equity real estate companies with their tax needs, but has a broad range of experience serving a variety of real estate owners and operators, including real estate management companies, developers, hotel owners and operators, homebuilders, professional sports teams and other real estate investors.

Mike has extensive experience addressing both the tax compliance and consulting needs for real estate-focused companies, including partnerships and both public and private REITs. His experience includes advising clients on REIT structuring and compliance, M&A, complex allocations, and structuring around sales and purchases.

Education and membershipsMike earned a bachelor’s degree in Business Economics from the University of California, Los Angeles, and a Master of Business Taxation from the University of Southern California. He is a CPA in California and a member of the AICPA and NAREIT.

Partner, TaxErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

Michael Johnson

2019

ProfileTroy is based in the Los Angeles office of Ernst & Young LLP, where he focuses on the real estate, hospitality and gaming industries. He is the Transaction Advisory Services Leader for the Real Estate, Hospitality & Construction Sector in the western US. Troy has 20 years of experience and has been involved with global real estate and lodging transactions, capital markets transactions and strategic planning analyses. He speaks regularly at real estate and lodging conferences and as a guest lecturer at universities.

Relevant experienceTroy has provided a wide variety of real estate advisory services during his career, including transaction support (due diligence), development, valuation, operations, capital markets and corporate strategy. His experience includes strategic investment analysis, buy- and sell-side due diligence, market feasibility, operations analysis and advisory.

These projects have involved all types of real estate uses, including hospitality and gaming, entertainment and theme park, office, multi-family, retail, industrial, data centers and cell phone towers, and single-family homes — from developable land to complex mixed-use projects — as well as strategic and organizational services involving OpCo/PropCostrategies, acquisitions and dispositions, debt restructuring, operations, asset management and marketing. His well-rounded experience has enabled him to assist clients in identifying and prioritizing approaches to major issues, based on key criteria such as timing, preservation of capital, liquidity issues, and cash management and market considerations.

Education and membershipsTroy earned a BA in Economics from Mississippi State University and an MS in Economics from Texas A&M University. He is a member of the Urban Land Institute (ULI) Americas Lodging Investment Summit Planning Committee, and is a frequent speaker at the Americas Lodging Investment Summit, IMN Conference for Private Equity in Real Estate and ULI conferences.

Partner, Transaction Real EstateErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

Troy JonesChristopher Kearley

ProfileChris is an executive director at Ernst & Young LLP. He has more than 31 years of experience in the Los Angeles real estate tax services market, serving numerous real estate clients and many of the owners of his privately held clients. Chris has extensive experience serving all types of real estate companies, including private equity, office and residential developments, hotel owners and operators, homebuilders and REITs. Chris also serves several large not-for-profit clients, including both public charities and private foundations.

Relevant experienceChris has experience leading the delivery of all tax services to a large private equity firm with investments in all asset classes, with both foreign and domestic investors with assets under management exceeding $13 billion. He serves a large owner/operator of five-star hotels. Chris provides consulting services around several acquisitions and dispositions of properties held in both the US and foreign jurisdictions. He serves a large financer of single-family home communities, as well as its founder and owner. Chris worked on a sale from the founder’s family to existing management in a tax-effective manner while meeting the business objectives of the parties. He also serves a privately held fund with $11 billion in investments, primarily in public stocks and private investments.

Chris has experience serving a large public REIT with a world-class portfolio of regional malls. He provides compliance and consulting services and has served a privately held retail company (and the owners) that converted to a public REIT and then merged into another public REIT. He represented a large privately held fund in defending tax controversy issues in connection with federal, state and city tax audits. Chris served for 10 years as the West Region Compliance Process Leader, working to build standardized processes in the delivery of compliance services to the market. In this role, Chris worked with clients and engagement teams to effectively integrate client technology and processes into Ernst & Young LLP’s standardized process for the delivery of tax returns.

Education and membershipsChris has a BS in Accounting from Loyola Marymount University and a Master of Business Taxation from the University of Southern California. He is a board member of Community Partners and a former board member of the Frank D. Lanterman Regional Center.

Executive Director, TaxErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

2019

ProfileElliott is a senior manager in the Real Estate Tax group based in the Los Angeles office of Ernst & Young LLP. He has more than eight years of public accounting experience providing tax consulting and compliance services to both public and private real estate clients in various sectors, such as self-storage facilities, single-family homes, homebuilders, hotel owners-operators and shopping malls.

Relevant experienceElliott provides tax services to both public and private REIT clients and has led and managed key engagements for real estate and private equity clients. Elliott has significant real estate experience working with complex REIT and partnership issues, including REIT qualification, allocations compliance.

Education and membershipsElliott earned his BA from the University of California, Irvine, and his Master of Business Taxation from the University of Southern California. He is a licensed CPA in California and a member of the AICPA.


Elliott Kim Helen Kim

ProfileHelen is a partner in the Los Angeles office of Ernst & Young LLP and has more than 13 years of experience serving public and private corporations and partnerships. Helen also has private sector experience in the engineering and construction industry.

Relevant experienceHelen provides tax and business advisory services to both publicly traded and privately held companies. She has extensive experience with ASC 740, Income Taxes, and multistate and multinational tax compliance for corporations. She has provided advisory services to her clients in the areas of state and local tax planning, accounting methods, and credits and incentives. Helen’s experience has been in the engineering and construction and retail consumer products industries.

Education and membershipsHelen graduated with a degree in Business Administration from the Haas School of Business at the University of California, Berkeley, and earned her Master of Business Taxation from the University of Southern California. She is a licensed CPA in California.


2019

James Kim

ProfileJames is a senior manager with Ernst & Young LLP’s Real Estate Tax practice. He has more than 14 years of experience providing tax consulting and compliance services to many public and private companies.

Relevant experienceJames has broad knowledge of ASC 740 for public and private real estate companies, including REIT qualification and compliance issues. His experience includes advising real estate clients on various federal and state taxation matters related to REITs, corporations and partnerships.

Education and membershipsJames earned a BS in Business Administration from Boston University with a concentration in Finance and Accounting. James is a licensed CPA in California and a member of the AICPA.

Senior Manager, Tax Ernst & Young LLPLos Angeles, California+1 213 240 [email protected]

ProfileLynn is a Tax senior manager with Ernst & Young LLP’s Private Equity and Real Estate team in the Los Angeles office. She has more than eight years of professional experience serving a wide range of real estate and investment management clients, including real estate opportunity funds, REITs and private equity funds.

Relevant experienceLynn has extensive private equity and real estate industry experience in partnership income allocation, carried interest calculation, state withholding and apportionment, foreign investor withholding taxes and unrelated business taxable income analysis.

Education and membershipsLynn earned a BS in Accounting from the University of Southern California. She is a licensed CPA in California and a member of the AICPA.

Senior Manager, Tax Ernst & Young LLPLos Angeles, California+1 213 977 7172 [email protected]

Lynn Kim

2019

ProfileCathy is a senior manager in the Real Estate Tax group based in the Los Angeles office of Ernst & Young LLP. She has 10 years of public accounting experience providing tax consulting and compliance services to real estate-related investments and their investors.

Relevant experienceCathy focuses on private equity clients with real estate-related businesses, partnership, stock investments and distressed debt. She has significant real estate industry experience and knowledge related to partnerships, corporations, REITs and high-net-worth individuals. Cathy serves clients in various segments of real estate industries, including homebuilders, residential and commercial rentals, hotel operations and manufacturers. Cathy is also experienced with foreign filing and nonresident tax withholding.

Education and membershipsCathy received a master’s in Business Taxation and a bachelor’s in Business Administration with an emphasis in Accounting from the University of Southern California. Cathy is a CPA in California.

Senior Manager, Tax Ernst & Young LLPLos Angeles, California+1 213 977 [email protected]

Cathy LaiJason Lin

ProfileJason is a partner with Ernst & Young LLP’s Real Estate Tax practice and has more than 13 years of experience providing tax consulting and compliance services to many national public and private real estate companies.

Relevant experienceJason has broad knowledge of ASC 740 for public and private real estate companies. His experience includes advising clients on REIT qualification and compliance issues; REIT and umbrella partnership REIT (UPREIT) IPO formation transactions; partnership merger and consolidation “roll-up” transactions; federal and state taxation of corporations and partnerships; partnership interest revaluations; equity compensation planning, such as issuance of long-term incentive plan (LTIP) units; REIT/taxable REIT subsidiaries (TRS) transfer pricing implementation; and REIT/TRS PropCoand OpCo structuring.

Education and membershipsJason earned a BS in Business Economics from the University of California, Los Angeles, and a Master of Business Taxation from the University of Southern California. He is a CPA in California and a member of the AICPA.

Partner, Tax Ernst & Young LLPLos Angeles, California+1 213 240 [email protected]

2019

Sara Lo

ProfileSara is a senior manager with the Transaction Real Estate practice of Ernst & Young LLP and is based in Los Angeles. She provides real estate and hospitality advisory services, including transaction due diligence, valuations, feasibility studies and strategic analyses. Additionally, Sara is active in the EY China Business Network and focuses on China’s overseas investments in the Americas.

Relevant experienceSara’s completed engagements include the public-to-private acquisition of a $3 billion luxury hotel portfolio; the joint venture acquisition of a $9 billion mixed-use development in Las Vegas; due diligence on a contemplated $2 billion investment in a San Francisco-area project; the valuation of a $1 billion international warehouse company; and litigation support for a multibillion-dollar international, mixed-use development. Additionally, she has completed various feasibility studies and valuations for real estate projects throughout the US. Sara’s clients include real estate and hotel owners, developers, operators, private equity firms, financial institutions, sovereign wealth funds and Chinese state-owned enterprises.

Sara is also active in the firm’s thought leadership efforts. Her articles cover the global hospitality sector, as well as markets on the West Coast, including Los Angeles, Orange County, San Diego, San Francisco, Las Vegas and Hawaii.

Education and memberships Sara holds a BS from Cornell University’s School of Hotel Administration, with a concentration in Finance, Accounting and Real Estate, in addition to an MBA from Northwestern University’s Kellogg School of Management. She is a certified general real estate appraiser in California and Pennsylvania. Sara is on the Board of Directors for Upward Bound House.

Senior Manager, Transaction Real EstateErnst & Young LLPLos Angeles, California+1 213 240 [email protected]

ProfileFranky is an executive director in the Los Angeles office of Ernst & Young LLP. Franky has more than 27 years of experience providing business strategy, tax advisory and tax compliance services to public, private and international real estate companies.

Relevant experienceFranky has extensive experience in the taxation of real estate businesses, including residential and commercial operators and developers, REITs and opportunity funds. Franky also advises clients on the design and implementation of tax-structured real estate acquisitions, disposition and exchange strategies, and has in-depth knowledge of Foreign Investment in Real Property Tax Act (FIRPTA) withholdings and foreign filings.

Education and membershipsFranky earned a BS in Business Administration in Accountancy from the University of California, Los Angeles. He is a member of the AICPA and NAREIT. He is a CPA in California.

Executive Director, TaxErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

Franky Low

2019

Keith Lupton

ProfileKeith is a partner in Ernst & Young LLP’s Assurance practice and has more than 25 years of experience providing audit, accounting and other business advisory services to companies in the financial services, private equity and real estate industries. In addition to his client-serving responsibilities, Keith has served in the firm’s Professional Practice Group as a firmwide and area resource on technical accounting and auditing matters, focusing on the areas of derivatives, financial instruments, fair value and stock-based compensation.

Relevant experienceKeith has extensive experience with M&A, securitization transactions, primary and secondary equity offerings, and SEC filings and reporting. Keith is also experienced in providing litigation support and financial advisory services.

In addition to serving several of the largest financial services and real estate clients in the firm’s West Region, Keith serves as the lead client service partner for several private equity firms, coordinating Ernst & Young LLP’s delivery of professional services to the funds as well as across their portfolio investments. He has significant transactional experience, including providing due diligence; advising and assisting multinational and US domestic clients on accounting issues relating to their acquisitions and divestitures; and helping them prepare for capital market transactions. Keith is a frequent speaker at industry events, and has recently served on panels covering issues such as fair value, leases and revenue recognition.

Education and membershipsKeith has a BA in Business Economics from the University of California, Santa Barbara. He is a CPA in California and Colorado and a member of both the California Society of CPAs and AICPA. He is on the Ketchum-Downtown YMCA Board of Managers and the Ernst & Young LLP Alumni Board of Directors. He sits on the Ketchum-Downtown YMCA Board of Managers and on the Board of the Manhattan Beach Education Foundation.


ProfileMarcus is an Assurance senior manager in the Real Estate, Hospitality & Construction practice of Ernst & Young LLP, with more than eight years of experience providing assurance services to clients in diverse industries, including REITs, engineering and construction (E&C), hospitality and real estate investment funds.

Relevant experienceMarcus has served public, private and emerging companies. He has significant experience with SEC reporting, M&A, purchase price allocations, construction contract accounting, and debt and equity financings. He has also consulted with clients on assessing and evaluating the impact of government regulations, including compliance matters impacting the aerospace and defense industry. He has extensive experience coordinating global multi-location audits. He also has advised clients on the adoption of new accounting standards and enhancement of their internal control environment in compliance with the Sarbanes-Oxley Act.

Education and membershipsMarcus graduated from the University of California, Riverside, with a BS in Business Administration. Marcus continued his education at the University of Notre Dame, receiving an MS in Accountancy. He is a CPA licensed in California and a member of the AICPA.

Senior Manager, AssuranceErnst & Young LLP Los Angeles, California+1 213 977 [email protected]

Marcus Marbrey

2019

Gabriel Marquez

ProfileGabriel is a partner with Ernst & Young LLP’s Real Estate, Hospitality & Construction practice in Los Angeles. He has more than 30 years of experience serving private and publicly held real estate and construction companies, including opportunity funds, real estate partnerships, owners and developers, mortgage lenders, homebuilders, engineering firms and contractors.

Relevant experienceGabriel has extensive experience with GAAP technical matters, the Sarbanes-Oxley Act, and SEC 1933 and 1934 Act filings. He serves as a firm subject-matter resource on contract accounting matters and has led various client projects, ranging from land development and construction cost, operational audits and contract claims resolution to restructurings and reorganizations, as well as M&A transactions. Gabriel is also an executive sponsor of the EY West Region Latino Professional Network and a campus recruiting diversity champion at the University of California, Los Angeles.

Education and membershipsGabriel is a graduate of the University of California, Los Angeles, as well as a member of the AICPA and the California Society of CPAs. Gabriel has served as a national and Los Angeles chapter director for the Construction Financial Management Association, is a Corporate Advisory Board member of the American Association of Latino Professionals in Finance and Accounting, and has written several industry-related articles. Gabriel also serves on the Advisory Board of the UCLA Ziman Real Estate Center and the Board of the Variety Boys & Girls Club in Boyle Heights.

Partner, AssuranceErnst & Young LLP Los Angeles, California+1 213 977 [email protected]

Rob Masi

ProfileRob is a senior manager based in the Los Angeles office of Ernst & Young LLP, focusing on the real estate, hospitality and gaming industries.

Relevant experienceRob has provided a variety of real estate advisory services during his career, including transaction due diligence, capital markets, valuation, market and feasibility studies, litigation support and restructuring/corporate strategy. He has been involved with a variety of global real estate and lodging transactions, valuations (for strategic and financial reporting purposes) and strategic planning analyses.

Education and membershipsRob earned a BS in Hotel Administration from Cornell University’s School of Hotel Administration, with a concentration in Real Estate Finance. He is an associate member of the Appraisal Institute, a board member of the Los Angeles Cornell Hotel Society and a member of the ULI.

Senior Manager, Transaction Real Estate Ernst & Young LLPLos Angeles, California+1 213 977 [email protected]

2019

ProfileJim joined the Real Estate, Hospitality & Construction practice of Ernst & Young LLP in 1998 and has spent more than 19 years serving a wide range of real estate clients, including equity and mortgage REITs, non-traded REITs, asset managers, investment funds, homebuilders, land and resort developers, mortgage lenders, hospitality companies and resort concessions operators.

Relevant experienceJim has extensive experience with SEC registrants and capital market transactions, such as mergers and reverse acquisitions, registered debt/equity offerings, IPOs, SEC staff correspondence and related projects, such as Rule 3-05 and Rule 3-14 evaluations, carve-out financial statements and Section 404(b) implementation. In addition to his real estate background, Jim also has asset management experience, including audits of pooled investment vehicles and other unregistered funds. Jim is an active participant in various quality and methodology initiatives and is frequently sought out as a technical resource on real estate-related matters, including real estate acquisitions, valuation of acquired properties, consolidation and the variable interest model, investment company accounting (including fair value measurements and valuation of portfolio investments), accounting for distressed financial assets and accounting for real estate ventures (including use of hypothetical liquidation at book value (HLBV) and acquisition, development and construction arrangements).

Education and membershipsJim earned a BS in Accounting at the Leeds School of Business at the University of Colorado Boulder. Jim is a CPA in both California and Colorado and a member of the AICPA.


Jim McCaulley Michael Mendoza

ProfileMichael is a Real Estate Tax partner with Ernst & Young LLP’s Los Angeles office and has more than 22 years of real estate tax and accounting experience. He serves as the National Real Estate Fund Practice Co-leader and provides business strategy and tax consulting services to global and regional real estate companies, including private equity real estate clients and a variety of publicly traded and privately held REITs in various sectors (apartment, mortgage, health care, hotel, office, industrial and retail).

Relevant experienceMichael advises on inbound and outbound fund and joint venture structuring, REIT IPOs, M&A, C corporation-to-REIT conversions, and umbrella partnership real estate investment trusts (UPREIT) and DownREIT formation transactions, including REIT due diligence, qualification and compliance tax matters.

Education and membershipsMichael received a Bachelor of Business Administration and an MS in Accountancy from San Diego State University. He is an active member of NAREIT.


2019

ProfileKurt is a partner with Ernst & Young LLP’s Real Estate, Hospitality & Construction practice. He has 15 years of experience serving a variety of public and privately held clients.

Relevant experienceKurt has provided accounting, audit, M&A and business advisory services to engineering and construction companies, traded and non-traded REITs, real estate opportunity funds, homebuilders and land developers. Kurt has experience in accounting technical matters, including revenue recognition, cost accumulation and capitalization, fair value reporting and business combinations. He has extensive experience with SEC reporting and compliance. He has provided guidance, documentation assistance, testing and reporting for Sarbanes-Oxley Act Section 404. Kurt has experience with both SEC 1933 and 1934 Act filings.

Education and membershipsKurt earned a BS in Accounting and Business Administration from Chapman University, where he has taught as an adjunct professor. Kurt is a member of the AICPA and the California Society of CPAs. Kurt also holds a real estate broker’s license.


Kurt RieckMarc Roberts

ProfileMarc is an Assurance partner with Ernst & Young LLP’s Los Angeles office and has 20 years of experience serving public and private clients in the real estate industry.

Relevant experienceMarc works with clients in the homebuilding, engineering and construction, REIT, real estate development, real estate fund and hospitality industries. He has extensive experience with SEC reporting and filings. Marc also serves as the Co-leader of Ernst & Young LLP’s national Homebuilding practice.

Education and membershipsMarc earned a BS in Accounting from the University of La Verne. He is a CPA licensed in California and a member of the AICPA and the California Society of CPAs.


2019

Chloe Shen

ProfileChloe is a senior manager with the Real Estate, Hospitality & Construction Assurance practice of Ernst & Young LLP. She is based in Los Angeles and has more than eight years of public accounting experience serving public and private clients, including mortgage and equity REITs, non-traded REITs, asset managers and investment funds.

Relevant experienceChloe has experience in accounting technical matters, including purchase accounting, consolidation and compliance with SEC financial reporting requirements. She has provided guidance, documentation assistance, testing and reporting for Section 404 requirements of the Sarbanes-Oxley Act, including first-year implementation.

Education and membershipsChloe received a bachelor’s degree in Accounting from Shanghai International Studies University and a master’s degree in Accounting from the University of Southern California. She is a CPA in California and a member of the AICPA.


Shawn Simmons

ProfileShawn is an Assurance partner in Ernst & Young LLP’s Real Estate, Hospitality & Construction practice in Los Angeles. He has been a partner for 12 years and has been with the firm for 25 years. During that time, Shawn spent 19 years leading and growing the firm’s Denver real estate practice. He transitioned back to the Los Angeles office in 2016 to focus on serving clients in the Greater Los Angeles/Orange County area.

Relevant experienceOver his career, Shawn has served a wide variety of companies in the real estate space, from startup luxury club structures to Fortune 500 homebuilders and REITs. He has deep experience in real estate accounting and auditing issues and SEC matters, including Sarbanes-Oxley 404 control matters. He also has recent IPO experience and extensive secondary offering experience and enjoys helping clients navigate issues during periods of high growth and transitions. Shawn also has extensive experience in auditing investment company funds and assisting clients with the various issues asset management companies face with regard to financial reporting in US GAAP and IFRS.

Education and membershipsShawn is a CPA in California and Colorado and a member of both ULI and NAREIT. He is a graduate of Loyola Marymount University, Los Angeles.


2019

David Statman

ProfileDavid is a senior manager with the Real Estate Assurance team at the Los Angeles office of Ernst & Young LLP. David has experience assisting clients with a variety of accounting matters, including real estate valuation, purchase accounting and leasing.

Relevant experienceDavid has provided assurance services to a wide range of privately and publicly held companies in the real estate industry, including real estate investment trusts, investment funds, real estate management companies and homebuilders. David has direct experience in performing IFRS audits.

Education and membershipsDavid is a CPA in California. He holds a BS in Accounting from California State University, Northridge. David is a member of the AICPA and California Society of CPAs.


Janet Wang

ProfileJanet is a senior manager with Ernst & Young LLP’s Real Estate practice in Los Angeles. She has more than 16 years of experience serving a variety of real estate clients, including publicly and privately held REITs, opportunity funds, hotel operators and homebuilders.

Relevant experienceJanet provides tax compliance and advisory services to clients across various real estate sectors, including office, industrial, single-family residential, hospitality and health care. She has experience in advisory projects involving REIT IPOs, REIT due diligence, partnership joint venture formations, basis and cost-benefit analysis for business restructuring, and tax planning involving US withholding requirements for foreign investors.

Education and membershipsJanet holds an MBA from the University of Southern California with an emphasis in Accounting and Finance.


2019

Mongwei Wee

ProfileMongwei is a member of Ernst & Young LLP’s Advisory Services practice, focusing on IT controls audits in the restaurant sector. She has more than 11 years of experience advising restaurant and hospitality, high-tech, engineering and construction, and biotech clients.

Relevant experienceMongwei has provided advisory services related to IT controls for acquisition and divestitures, and pre-implementation reviews for point-of-sale (POS) systems. She has extensive international project management experience and has served many large, complex global companies with centralized and decentralized IT environments.

Mongwei recently served as the project manager on various security projects for audit clients in the restaurant and hospitality, and engineering and construction sectors. She has extensive experience in information systems controls review, business process analysis, SOX compliance, and process and controls optimization in POS systems for various large restaurant brands.

Education and membershipsMongwei received her BS in Accounting (summa cum laude) with a minor in Economics. She is the Chair of the Audit Committee for the Board of Trustees at California State University, Los Angeles.

Senior Manager, AdvisoryErnst & Young LLPLos Angeles, California+1 213 977 [email protected]

Brittney Watson

ProfileBrittney is a senior manager with the Real Estate, Hospitality & Construction Assurance practice of Ernst & Young LLP. She is based in Los Angeles and has more than nine years of public accounting experience. Brittney has dealt with a variety of complex accounting issues, such as business combinations, debt issuances, revenue recognition and fair value of real estate investments.

Relevant experienceBrittney serves a variety of private and publicly held clients, with an emphasis on engineering and construction, real estate funds and homebuilding companies.

Education and membershipsBrittney received a bachelor’s degree in Economics-Accounting from Claremont McKenna College and a master’s degree in Accounting from the University of Virginia. She is a CPA in California and a member of the AICPA.


2019EY | Assurance | Tax | Transactions | Advisory

About EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy.

Ernst & Young LLP is a client-serving member firm ofErnst & Young Global Limited operating in the US.

© 2019 Ernst & Young LLP.All Rights Reserved.

Score: 06988-191US

ED None

This material has been prepared for general informational purposesonly and is not intended to be relied upon as accounting, tax or otherprofessional advice. Please refer to your advisors for specific advice.

ey.com

Documents

2019 EY Real Estate, Hospitality and ... - Ernst & Young Executive Bios Book.pdfErnst & Young LLP Los Angeles, California +1 213 977 3523 [email protected] Dave Cormack Profile