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Deloitte’s 2016 Real Estate Industry UpdateBreakthrough trends. Forward-looking insights.Orange County, CADecember 7, 2016
Welcome to Deloitte’s 2016 real estate industry updateThe real estate industry has been on quite a journey during the past decade. I always look forward to our industry update roadshow and this year is no exception. We will be taking our discussion to 12 cities across the country. There are many factors that will come into play as our industry moves forward into 2017 especially given this is an election year.
I look forward to kicking off each event by moderating a panel of local real estate executives and listening to their views on the current state of the real estate industry. This year we are especially looking forward to hearing our panelists’ views on the election, current economy, technology and innovation
as well as other big issues affecting our industry.
My colleagues and I have prepared a great program for you this year. We are excited about our panel as well as hearing our national leadership team discuss accounting and tax updates for the industry. We look forward to your active participation and questions during our program today. If you would like to speak with one of our presenters following our event, please do so. Thank you again for joining us today. I hope you find our 2016 Real Estate Industry Update informative and insightful.
Bob O’BrienUS and Global Deloitte Real Estate LeaderDeloitte & Touche LLP+1 312 486 [email protected]
AgendaWednesday, December 7
8:00 - 8:30 a.m. | Breakfast and registration8:30 - 8:35 a.m. | Welcome and introductions8:35 - 9:25 a.m. | Executive Real Estate panel9:25 - 10:05 a.m. | Tax update 10:05 - 10:20 a.m. | Break10:20 - 11:50 a.m. | Accounting and regulatory update11:50 - 12:00 p.m. | Wrap-up
Panelists
Dr. Ira Kalish is the Chief Global Economist of Deloitte Touche Tohmatsu Ltd. He is a specialist in global economic issues as well as the effects of economic, demographic, and social trends on the global business environment. He has written about the economies of Western Europe, Eastern Europe, Southeast Asia, China, Japan, Mexico and South America, and has also written extensively on global consumer markets. Among Dr. Kalish’s recent publications were the quarterly Global Economic Outlook of which he is the managing editor; the annual Global Powers of Retailing report; China and India: Comparing the World’s Hottest Consumer Markets; China and India: The Reality Beyond the Hype, Budget Deficits: Why All the Fuss, an article in CFO Journal, and Mind The Gap, an article in Deloitte Review on changing income distribution.
Dr. Kalish advises Deloitte clients as well as Deloitte’s leadership on economic issues and their impact on business strategy. In addition, he has given numerous presentations to corporations and trade organizations on topics related to the global economy. Dr. Kalish also serves on the BIAC Economic Policy Committee which advises the OECD on macroeconomic policy issues. He is widely traveled and has given presentations in 47 countries on six continents.
Ira KalishChief Global Economist Deloitte Touche Tohmatsu Limited [email protected]
Bob O'Brien serves as the Global and US Real Estate Industry Sector Leader for Deloitte, where Bob works with the Deloitte’s real estate professionals in the US and globally to leverage Deloitte’s deep industry expertise across consulting, tax, audit, enterprise risk, and financial advisory services. He has over 30 years of public accounting and transaction experience serving publicly held and privately held clients in various industries, with a focus on the real estate and hospitality industries. Bob has worked with some of the world’s largest public REITs, private equity real estate funds and hospitality companies.
Bob O'BrienUS and Global Deloitte Real Estate LeaderDeloitte & Touche [email protected]
Danny Prosky is a founding principal of American Healthcare Investors, which manages a diversified portfolio of healthcare real estate valued in excess of $8.3 billion located throughout the United States and the United Kingdom. He currently serves as the president and chief operating officer of Griffin-American Healthcare REIT IV, Inc., as well as the president, chief operating officer and a director of Griffin-American Healthcare REIT III, a publicly registered real estate investment trust that has raised approximately $1.9 billion and has acquired a multi-billion dollar portfolio of medical office buildings, hospitals, senior housing and skilled nursing facilities. Prosky previously served in an identical capacity with Griffin-American Healthcare REIT II, which merged in December 2014 with NorthStar Realty Finance Corp. (NYSE: NRF) in a transaction valued at approximately $4 billion.
Prosky has spent more than 24-years of his professional career in the specialized field of healthcare real estate investment, where he has been responsible for more than $10 billion in transactions. He previously served as executive vice president of healthcare real estate with Grubb & Ellis Company.Prior to launching Griffin-American Healthcare REIT II in 2009 (then known as Grubb & Ellis Healthcare REIT II), Prosky served as executive vice president of Grubb & Ellis Healthcare REIT (now known as Healthcare Trust of America, Inc.), directly overseeing the acquisition of more than $1.5 billion of healthcare real estate.
Danny ProskyFounding PrincipalAmerican Healthcare Investors
Presenters
Chris Dubrowski is the immediate past director of professional practice for Deloitte’s national Real Estate Services practice. In this role, he assists clients and engagement teams around the country in identifying and resolving real estate-related technical accounting and auditing issues and participates in establishing firm positions on emerging accounting issues.
Chris DubrowskiPartner, Real Estate Industry Professional Practice DirectorDeloitte & Touche [email protected]
Todd Bauer is the Los Angeles Real Estate Leader, and West Region Audit leader. Todd has over 20 years of public accounting experience and has served clients in various segments of the real estate industry, including REITs, private equity real estate funds, investment partnerships, sovereign wealth funds, homebuilders and construction companies.
Todd is a Certified Public Accountant in the states of California, New York and New Jersey. He is a member of NAREIT, the Urban Land Institute, the Advisory Board of the Los Angeles ULI District Council, American Institute of Certified Public Accountants and the California State Society of Certified Public Accountants.
Todd E. Bauer Partner Deloitte & Touche [email protected]
Jon Traub joined the Washington National Tax practice of Deloitte Tax LLP in June 2012 as managing principal of its Tax Policy Group. With extensive experience in the legislative arena, especially in tax policy, Jon is able to provide clients with critical insights on developments in tax policy and politics, helping them anticipate legislation and the potential impacts on their businesses.
Jon leads a team that identifies, evaluates and monitors legislative proposals, and interprets the practical issues surrounding the application of tax proposals on behalf of Deloitte’s clients and that relays those insights through multiple channels, including weekly newsletters and deeper dive pieces on key developments.
Jon was previously the staff director for the Committee on Ways and Means of the U.S. House of Representatives, his most recent senior staff position in the U.S. House of Representatives. During his tenure as Staff Director for the Committee on Ways and Means, Jon was responsible for developing legislative policies and strategy on issues in the Committee’s jurisdiction, including taxes, healthcare and trade.
Jon received his bachelor’s degree from Haverford College and juris doctor from the University of Virginia.
Jonathan TraubManaging Principal, Tax Policy GroupWashington National TaxDeloitte Tax [email protected]
David, a partner in our New York office and leader of Deloitte's Financial Services/Real Estate practice, has over 25 years of real estate industry experience serving a variety of fund platforms, public REITs, and foreign investors. David also has operating experience having served as a senior tax counsel and regional tax director of the London and Stamford offices of GE Capital Real Estate.
David has vast experience advising clients on the US tax aspects of a wide array of domestic and cross-border real estate matters, including the use of REITs (equity and mortgage), formation of partnerships and joint ventures, M&A transactions and due diligence, capital raising and fund-formation, debt-workouts and purchases of debt portfolios, leasing and tax-deferred exchanges, and real estate securitizations.
David has significant experience with all types of real estate assets, including commercial and residential, hospitality, healthcare, data storage, railroad, military housing, cell towers, power plants , ports, and toll roads.
David is very active in the Real Estate Committee of the American Bar Association’s Tax Section, and is Chair of the Subcommittee on Cancellation of Debt, and in the Tax Policy Advisory Committee of Real Estate Roundtable. David also is a member of the AICPA’s Tax Section and is a frequent speaker and author on a variety of real estate, partnership, and international tax topics.
David FriedlinePartnerDeloitte Tax [email protected]
Wyn is the national director of professional practice for Deloitte’s national real estate practice. In his role, he assists clients and engagement teams around the country in identifying and resolving real estate-related technical issues and participates in establishing Firm positions on emerging accounting issues. He has over 24 years of public accounting and transaction experience in the areas of initial public offerings, second offerings, acquisitions, Rule 3-14 and 3-05 audits and dispositions. Wyn graduated from the University of Texas in Austin with a double major in Accounting and Real Estate and Urban Land Development. He has both a Texas CPA license and a Texas Real Estate Broker license.
G. Wyndham Smith, Jr.Partner, Real Estate Industry Professional Practice DirectorDeloitte & Touche [email protected]
Larry is the managing partner of our real estate tax practice in the U.S. and has more than 30 years of experience serving real estate, private equity, construction and infrastructure clients. His practice focus includes primarily real estate private equity funds, inbound international investors/owners, hotel/resort owners and real estate investment trusts (REITs).
In addition to client service, Larry has held a variety of leadership positions throughout his career. Larry is a frequent speaker on tax matters and is a member of the tax subcommittees of the Real Estate Roundtable and NAREIT.
Larry holds a B.S from the University of California Berkeley, School of Business Administration. He has a California CPA license and is a member of the AICPA and the California Society of CPAs.
Larry Varellas Partner Deloitte Tax LLP [email protected]
Alex is currently in a management development program in which he assists Deloitte’s Real Estate Industry Professional Practice Director. His role includes presenting on emerging real estate accounting issues, developing and communicating Deloitte’s industry positions on accounting and auditing matters, and serving as a consultation resource for Deloitte clients and professionals.
Alex is in his seventh year at Deloitte, and prior to his current role, he served on audit engagements of real estate companies in Chicago. His experience includes focusing on fair value measurements relating to impairments, acquisition accounting and purchase price allocation, development accounting, debt restructurings, private company reporting, and public company filings.
Alex BraserManagerDeloitte & Touche [email protected]
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