goREAL 2019

Assessing the dynamics in capital formation for CRE projects; evolving sources of capital · Capital stack examples on a construction project with touch points on: Role of senior debt, mezz, pref equity, deposits and land lift to boost ROI’s with minimal cash equity; Big owner perspective i.e Otera vs Create Private Money i.e Firm’s view on it – conservative vs. aggressive structure?; Commonly used pref returns and waterfall structures. Does 90-10 with 12 pref and 50-50 work or not? · Where are the opportunities in today’s market – small/mid market unsophisticated developers with a good project or a large sophisticated developer with access to cheap cost of debt capital · Who is maximizing project level ROI better? · Touch on technology – proptech, finTech, WeWork · Family office perspectives on CRE deal structuring and co-investments · Challenges and opportunities for specialized CRE debt funds in Canada

Retail in the US: transformational changes or business as usual/part of the economic cycle? · “Death of Retail”- Is there any truth to it? If so, how does it impact retail in Canada? · What can Canada learn from retail changes, trends and innovations happening around the world? Will Canada be able and/or willing to make these changes to survive? · What makes Canada retail different from the US or Europe? Why are we so special? · Is Canada ahead or behind in retailing when you look at the industry on a global basis? · Are Canadian retailers and landlords worried about changes happening in the US and globally? If so, what are they doing about it? · A number of US retailers are owned by private equity and are experiencing large financial debt loads that they are unable to service due, in part, by declining revenues. Why did this happen and what effect is it having on the retail market globally? · Entrance and expansion of luxury retail in Canada, such as HR, Sak’s, and Nordstroms, is the Canadian retail market large enough to support all of them? · Is there true meaning to the word “Placemaking” that seems to have fallen into our vocabulary? · How much influence does US retail really have on Canada? If so, which areas are most and least vulnerable?
Which Canadian retailers are suffering with the recent foreign invasion? What can (or should) they do to survive?

WeWork, as a disruptor, seems to be move aggressively into the Toronto market (deal with Dream, JV with Ivanhoe). WeWork and co-working model – a threat or opportunity? · With tech office continuing to drive demand in the office market, what kind of space and amenities do technology companies demand? · With downtown Toronto facing one of the lowest vacancy rates, are there opportunities in the suburbs from an absorption of investment perspective? · What is driving demand for office development currently planned in Toronto? Is it a function of low availability rates downtown, new tenant amenities? · ESG and sustainable buildings are gaining a lot of traction from investors and tenants. Is the demand real or still somewhat academic? · Industrial availability rates are at historic lows, and so are industrial cap rates. investor interest outstripping fundamentals? · Where do you see the opportunity in industrial?

Key demand drivers/macro to micro, interest rates/affordability, government policy, investor/owner occupier, onshore vs. offshore · Entitlements and approvals: opportunities/challenges relating to municipal process, evolving policies, community/political engagement, nimbyism · Construction cost escalation: what’s driving it and are we under sustained pressures; how are developers managing it? · Financing: land, construction, permanent; what is the lender’s view of the market and is there a gap vs. developer outlook; key constraints from the developer’s standpoint (land, construction, mezz, permanent)? · Major trends impacting development (technology, sustainability) and how companies are adapting · Joint-ventures and co-investments: private with private/ institution with institution / private with institution – are we going to see more of it? · Outlook for development growth and markets 2019/2020