• What do you expect the Fed to do with interest rates over the next 3, 6, 12 months and how are you navigating this as a business?
• Post-election, what are the biggest impending implications for CRE?
• Impact of the election result on housing regulation, infrastructure spending and other legislation critical for various CRE asset classes
• What is the latest regional bank activity with regards to their CRE loan portfolios?
• How are you seeing the relationship between interest rates and property valuations unfolding?
• Migration, employment and population demographics impacting market demand
• Which regulatory developments will make the biggest waves for CRE?
• Labor and supply chain challenges – how do you see the election result impacting these?
• Climate change – how to plan/risk assess for rapidly increasing and intensifying natural disasters in the US
• What to do with insurance given the soaring costs?

• How much dry powder is currently on the sidelines?
• What is going to make the market more liquid?
• Has the recent interest rate activity stimulated significant investment?  From who?  In which sectors?
• Do lower interest rates mean that NOI growth will be lower?
• Are investors altering their portfolio compositions across asset classes?
• What is the current demand for equity and where is it coming from?
• Are REITs becoming more active in the market again?
• Which market drivers are of most importance to you as you assess your business plans?
• Which asset classes and markets will face the biggest headwinds in 2025 and which are primed for significant growth?  Are you seeing any asset bubbles?
• Which regional markets are you most bullish on?  Are you exiting any markets?  Why?
• How do you expect valuations to compare to last year?  More distress?
• How is your deal flow pipeline developing in the light of interest rate changes?
• What is the latest with financing availability and cost of capital?

• How are you managing your existing portfolio?
• What goes into your decision making process re hold vs. sell at the moment?
• How has deal flow changed in the past 6 months?
• What is investment pace like across CRE right now?
• Core, value-add & opportunistic investment strategies – which strategies are you focusing on and how do you see this changing over the coming year?
• What are realistic returns?
• Are you seeing opportunities to target market dislocation?
• What is the capital raising environment for core/value added/opportunistic/debt funds?
• How are fund managers adding value to assets? How can LPs effectively evaluate value-added investment strategies?
• How have your risk assessment and due diligence criteria/processes changed in the past year?
• What are your asset underwriting strategies?

• Are distressed opportunities picking up?
• Which property types and situations are bringing the most opportunities to market?
• Are there any geographical markets in which you see/expect most distressed deal flow this year?
• Distressed debt, rescue capital, joint venture equity and loan purchasing opportunities
• CMBS, CRE CLOs and B Pieces – what is the latest?
• How have valuations changed in the past 6 months?  Do you see them as realistic?
• Are LPs taking a closer look at specific distressed deals?

• How is your approach as a real estate fund manager unique?
• How is capital responding to your approach in today’s environment?
• What are bulge bracket and mid-market allocator funds doing to compete with the largest private funds as they keep getting bigger and bigger?
• CO-GP: what is unique about this model and how do you form relationships with top operating partners in your target sectors?
• Attracting private capital as a sector-specific investment manager with considerable expertise in owning and operating certain property types
• How do each of these investment models provide strong access to deal flow?
• How are LPs viewing the world and these various access points to private real estate?
• What do LPs like about each of these models and how close do they want to be to the operator?

Equity providers and operating partners will provide their perspectives on joint ventures, covering topics like waterfalls, deal terms, preferred returns, control provisions and cost overruns.

• Is JV equity becoming more accessible in the current market?
• Identifying the optimal structure for your JV
• Comparing deal-based vs. portfolio JVs and multi-property agreements
• How are you mitigating risk within your agreements?
• Addressing governance, control and dispute resolution issues
• Assessing legal and financial responsibilities
• Managing capital contributions and capital calls
• Handling distributions, allocations and other tax considerations
• Navigating JVs with cross-border, non-US partners
• What are the most frequently negotiated issues and challenges?
• Developing and implementing exit strategies

• What does the data say regarding banks’ loan portfolio stress?  Where are CRE loan delinquencies and net charge-offs?
• How are banks marketing their loan portfolios?
• Outlook for loan portfolios pricing
• How do distressed investors conduct due diligence on loan portfolios?
• Is stress still concentrated primarily in office or are other sectors showing signs of growing stress too?
• Where are the opportunities today?
• Utilizing loan sale advisors to structure competitive deals and identify the right buyer
• Regulatory and compliance considerations

• Are Open-ended Funds and Private REITs attractive investment vehicles today?
• What is the latest on prorating withdrawals and redemption requests?
• Have there been any changes to structures and fees?
• Raising capital for PCVs – who is still allocating to these?
• What strategies are PCVs employing after aggressive buying and last year’s wave of redemptions?
• How do these vehicles fit into the managers’ wider strategies?
• What implications does fundraising for these vehicles have on the broader CRE market and fundraising environment?

• How much capital is still actively being raised for QOZ funds and how much has been deployed?
• What kind of capital is being invested? Are LPs now more comfortable with QOZ investing? How to determine if a fund manager has the sufficient experience?
• What are QOZ funds investing in and where? How are fund managers underwriting deals? What are their due diligence processes?
• How do QOZ tax incentives compare to other forms of alternative financing, e.g. affordable housing tax incentives, foreign mezzanine finance and EB-5?
• How are lenders viewing such investments? What are typical terms/conditions?
• Are there distressed QOZ plays? What’s going on across property types in the current climate
• Which markets are primed to bounce back quickest and strongest?  Why?

• What are you expecting with regards to interest rates over the next 6-12 months?
• Who is providing senior debt for to the CRE market in this environment?  Updates on banks, CMBS lenders, life companies vs. senior debt lenders
• When do you expect origination to pick up again?
• Which deal types are you considering and actively financing in the current environment?
• How are you approaching distressed opportunities?
• Any changes to the type of borrower/deal you prefer? What equity must borrowers put in?

• Investing opportunistically through debt platforms
• Are lenders adjusting their strategies to identify opportunities for yield?
• How are debt and equity providers viewing the risk/rewards balance in the current market?
• What types of deals are getting done?  Is there any capital availability for certain projects?
• Any significant bank lending activity?
• Refinancings, modifications, workouts and extensions
• How are distressed deals getting financed?
• Key differences in financing construction completion vs. a repositioning?
• Lessons learned from past downturns – how is this one different?
• What else, globally and nationally, could impact liquidity and the US debt markets this year?

• What is the outlook for origination for this part of the capital stack?
• What are the main questions you’re fielding from your borrowers?
• Are you seeing new business from people needing to complete the capital stack that would historically do that elsewhere?
• Have you adjusted your lending strategy in the past year?
• Any changes to intercreditor and mezz debt agreements?
• Update on CMBS and CLOs - where’s this heading in 2025?
• Construction lending – who is getting this done?
• Which property types are best suited to PACE financing?
• How are commercial owners and developers using C-PACE financing as a long-term financing option to lower energy costs, reduce carbon footprints, increase property values and meet ESG goals?

• What are all of the options for owners in default?
• Approaching extensions and refinancings 
• Communicating and having difficult conversations with your lender
• What is the de-leveraging plan? Are you selling winners to pay for losers?
• Selecting an advisory team – what expertise is needed?
• Options when you are in capital distress and the underlying performance is still good
• Sale/Leaseback as a restructuring solution
• Various loan workout/resolution paths: Process, timeline, costs, etc.

• When might a restructuring make sense?  Loan characteristics?  Lender/borrower profiles?
• What is the process for requesting/negotiating a restructuring?
• When does the conversation with your lender need to start?
• Parties and expertise required – costs and timelines
• What have we learned from past recessions with regards to properties in distress?  What is different now?
• Factoring in insurance caps

• Which property types are best suited to a repositioning or conversion?
• When would one consider a conversion?
• What challenges are there with repositioning a property to serve a different asset class?
• Creative financing solutions for adaptive reuse
• Timeframe necessary for repositioning
• Case studies – pitfalls to avoid, opportunities etc.

• What does the fundraising landscape look like in 2025 after a difficult 2024?
• Where is the capital coming from?
• Who is raising capital?
• Large institutions investing in different asset classes vs. smaller targeted vehicles
• Has there been a change in the typical investment criteria and return expectations from different types of LPs at a property level? At a fund/partner level?
• Are some LPs favoring direct deals rather than funds? Platforms vs. deals?
• What are US real estate funds doing to attract more foreign investment?
• What are now the main sources of foreign capital being invested in US CRE? Any notable new investors? Which sources have pulled back?
• Are ESG considerations becoming more and more prevalent with investors?

• Evaluating different investment models: Deal-by-deal vs. fund vs. hybrid investment models
• How do your investment strategy and target asset classes factor into the decision?
• Costs, fees, timeframes and return potentials
• Fund structure and tax considerations
• Fundraising and financing in today’s environment
• Compliance/governance/fund administration
• Deal-by-deal: an interim strategy or primary investment model?
• Targeting distressed real estate – why now?
• Having well-designed exit strategies

• What is the capital raising environment like?  What do you expect this year and how does it compare to 2024?
• How do you identify and approach LPs?  How does this differ when looking for lead investors?
• What do different LPs look for?  What questions are they asking you?
• Pitfalls to avoid when approaching LPs
• Early investor incentives - reduced fees, carried interest, participation in GP
• What’s the latest with fees and promotes?
• Fee waivers to satisfy operator capital requirements and align interests – contingent profits interests and incentive fees
• Construction, acquisition and property management fee benchmarks
• Disclosure standardization and transparency - templates, terminologies and metrics

• How has your real estate investment strategy changed in recent years?  Have CRE funds delivered on return expectations?
• Are you seeing many distressed opportunities?  Actively pursuing them?
• Do you allocate to emerging and/or small-medium sized funds? What does it take to get on your radar and then to get a deal over the line?
• What can funds do to attract LPs and family offices to invest with them instead of investing in a direct deal?
• What are your first questions to fund managers when they are seeking your investment dollars?
• What matters most when identifying GPs to partner with?
• Keys to managing the relationship
• Are you actively investing in any specific sectors/deal types or keeping your powder dry? 
• Which asset classes are you most interested in?  Any niche opportunities?
• Any exits on the horizon?

• How are you approaching your investor relations function during this difficult economic period?
• Have you made any changes to the way you communicate with your investors?
• What are the most common questions you are fielding from your investors?
• Are investors requesting changes to reporting processes?
• What degree of transparency are institutional investors looking for as they increasingly seek out new opportunities, and how do you manage those demands?

• Which services are best outsourced to a fund administrator?
• How do fund administrators and GPs utilize technology to make administrative functions and reporting more efficient?
• Best practices for communicating financial performance and investment updates to investors
• What reporting capabilities are investors demanding?
• Who bears the brunt of responsibility for transparency: the fund administrator, or the investment committee, risk, compliance or operations functions?
• How have you been utilizing technology to optimize these capabilities?
• How are you using technology and process adaptations to effectively communicate with your investors?
• What degree of transparency are institutional investors looking for as they increasingly seek out value-add and development opportunities, and how do you manage those demands?
• What opportunities exist to improve budgeting and reforecasting? Which systems, processes, teams and best practices do you have in place now, and how do you expect those will change?

• How can real estate companies make the most of tax efficient structures to increase returns?
• Analyzing recent legislation to identify the latest tax benefits and strategies
• SEC and new disclosure regulations
• 1031 Exchange and Capital Gains: how are you approaching this?
• Timeframes and essential criteria involved in a 1031 exchange
• Managing those K-1s: what is the key to efficiency and meeting deadlines?
• Infrastructure and build back plans: what do RE investors and fund managers need to know?
• How are innovations in regulatory technology aiding real estate companies with the demand of regulatory compliance?
• How is AI simplifying compliance workflow?
• Which tax law changes are poised to have the strongest impact on real estate?

• Leveraging data analytics to inform investment strategies, property valuations and market trend analysis
• Using predictive analytics to forecast market conditions, tenant behavior and property performance 
• How are you ensuring the data is the right data for your needs? What are the potential implications of using the wrong data?
• Implementing data management best practices to ensure data accuracy, consistency, and accessibility
• Integrating various data sources for a holistic view of operations and managing interoperability challenges
• Data risk management, governance and regulatory challenges

• What are the latest advancements in AI and automation?
• How can these be harnessed by real estate fund managers and operators?
• Which areas of business operations are best suited for automation and AI supplementation?
• Implementing AI solutions and getting buy-in from employees and clients
• Using AI to best utilize data and make investment decisions
• Creating new revenue streams

• Managing the tech stack to improve investment performance and transparency
• ROI, costs and resources to implement new technologies
• Application of AI and machine learning in identifying investment opportunities, predicting market trends and optimizing portfolios
• Utilizing online marketplaces and crowdfunding platforms to access a wider range of investment opportunities
• How are innovations in technology impacting commercial real estate values? What risks are they helping to identify and mitigate?
• What are the resource expectations and costs associated with implementing and effectively utilizing these systems?
• How do you successfully implement and integrate a new technology platform/product and ensure minimal disruption to day-to-day business functions?
• Training and managing a team for implementation: is this a combination of internal and external professionals?

• Implementation of smart technologies and IoT devices to enhance the tenant experience and reduce operational costs
• Innovations in energy management
• What approach are you taking to NOI strategy?
• How can investing in technology help improve and sustain NOI?
• Utilizing property management technology and automation to communicate with tenants, handle maintenance issues and track leasing
• What new sources of ancillary revenue are you finding to improve cash flow?
• Case studies of revenue generation and gaining operational efficiencies

• Which major metros will see the most change in 2025?
• What is the outlook for leasing and acquisitions/dispositions across various property types and geographies?
• Where are the key buying opportunities?
• Is the flight to quality continuing?
• What is the fate of Class B/C office buildings in certain markets?
• Are repositionings/conversions to other asset classes realistic?  Time, cost etc.
• Where are the opportunities to lend and invest for desirable returns?
• What does the data say about occupancy levels in different geographies and different property classes/types/vintages?
• How are landlords and tenants attracting workers back to the office?
• What are tenants demanding from landlords in the new working environment?
• How are landlords embracing PropTech and innovation to improve occupancy levels and profitability?
• How are landlords and corporate tenants addressing energy costs and consumption?

• Update on transactional activity in the past 6 months across different property types and geographies
• What is the financing/fundraising climate like for industrial today?
• Which industrial investement strategies are attracting most private capital right now?
• Which markets remain strong and which are starting to show signs of (relative) weakness?
• How do you expect the fundamentals around this asset class to change in the coming year?
• How much supply is still coming online?  Which markets are underserved? 
• Has the re-shoring expected by many investors really materialized?
• Impact of the election result on infrastructure spending and other leglislation key to industrial demand, development and operations

• Traditional industrial sub-sectors vs. more nascent or niche segments
• How strong are current demand drivers for the different industrial sub-products?
• Large warehouse vs. last mile vs. Class A/B/C vs. Mixed-Use/Flex Space vs. cold storage vs. manufacturing, single tenant vs. multi tenant – why do you like these niches?
• How is innovative technology shaping industrial demand and design?
• Assessing economies of scale and efficiencies in new developments across products
• Which features are necessary for each property sub-sector?
• What are typical capital requirements across these sub-segments and property types?
• Case Studies on conversions into industrial (eg. Shopping centers, office etc.)

• Performance by property type: independents, brands, luxury, motels, resorts etc.
• How are more niche areas like outdoor lodging and extended stay performing?
• Where are we at with occupancy levels in core and secondary markets? 
• What strategies are investors and lenders employing to find value in this environment?
• Availability of equity and debt financing
• Conversions and repositioning underperforming properties
• Identifying and evaluating value-add opportunities in the hospitality sector

• What retail property types are attracting investment – acquisitions, distressed, new construction?
• Update on malls, grocery anchored, mixed-use etc.
• What do deals look like now?  How are you approaching valuations for retail properties?
• Where are today’s opportunities in retail?  Malls, lifestyle, grocery-anchored/necessity-based, power, community/strip, outlets, mixed-use, etc.
• Urban vs. suburban – which demographic and macro trends do you analyze most closely?
• Where do you source your data and how do you manage it? 
• Are you using any AI tools in your investment/acquisitions function?
• Are net lease properties attractive investments?
• How will technology continue to impact the retail supply chain (warehouse technology, AI, automation, driverless cars, etc.)?  What do owner/operators now need to be considering?

• Outlook for data center demand and current supply
• Market fundamentals that make data centers an attractive investment
• Demand for smaller data centers in urban areas, close to customers
• Construction and operational costs and expertise
• How do valuation methodologies differ from industrial property types?
• Investing in data center REITs and operators

• Are we seeing a normalization in the sector after years of growth?
• Outlook for new supply and construction starts with demand still high
• What is the availability of capital like for development, acquisitions etc?
• What do cap rates and exit cap rates look like?
• What returns are you underwriting to?
• Mixed-use and mixed-income developments performance
• Have your LPs changed their investment parameters? 
• Where are the deals today? What value-adds/amenities are key for multifamily developments?
• Impact of the election results on housing regulation and other legislation critical for multifamily housing
•  What does this mean for value add investors/developers? Are there incentives for multifamily developers to expand into affordable and workforce housing?

• Long term outlook for these sectors: What are the unique drivers for each? 
• How are these sectors positioned for future growth?  What is the current supply-demand balance?
• Product types and differing investment and operating strategies
• Industry trends: what are occupancy levels like right now across different property types and geographies?
• Where is private capital for these sectors coming from?
• What markets are oversaturated and which are primed for investment?
• Primary, secondary and tertiary market opportunities – which areas do you like?  Which are you avoiding?
• Comparing business strategies in the current market climate - finance vs. own/flip vs. hold-manage vs. own

• With the change in the ODCE index do you expect to see more capital entering these historically niche sectors?
• Which property types and investment models are benefitting most and attracting most capital?
• Alternative residential vs commercial assets
• JVs and the benefit of forming strong GP/OP relationships when entering new, nascent or niche sectors
• How important is portfolio diversification as a form of risk management?
• What risks need to be considered when investing in niche opportunities, themselves?
• What type of capital is best suited to each opportunity?

• How are you embedding ESG into your CRE investments?
• What quantifiable benefits have you been reaping as a result?
• Using data to tell your ESG story to investors
• Oversight, management and reporting
• PACE and other financing options for sustainable CRE projects - how do they compare? How to access them?
• What portion of LP allocations is now being dedicated to ESG/sustainability-focused investments?
• What sponsor-level and fund-level ESG/sustainability information are LPs requesting?
• What have been the challenges of establishing an ESG/sustainability focus within your organization? How are you addressing them?

• Updates on requirements to meet energy efficiency and greenhouse gas emissions limits by 2025
• Cost effective strategies to reduce energy consumption
• What environmental issues are important to institutional investors? How do they measure your success?
• How to make energy saving and net zero the new normal in CRE?
• Cost effective strategies to reduce energy consumption
• How to show investors that you are gathering and monitoring ESG data
• Are lenders providing more favorable interest rates to ESG compliant projects?
• Net-zero energy vs. net-zero carbon
• Incentives - risk management and improving long-term financial performance
• Renewables, retrofitting and responsible ownership

• How has is the hiring process changing?  Is it more difficult to hire high quality entry-level staff?
• Managing prospective employee expectations with regards to work location flexibility and other benefits
• Meeting internal and external DEI targets: managing the essential need for hiring and promoting diverse talent
• Staff training and professional development: what are your companies doing to encourage and provide the future of the industry with the tools they need to succeed?
• How do you view a potential recession impacting the ability to recruit, retain and reward talented individuals?
• Are there any core competencies that perhaps weren’t necessary 10 years ago that are desirable or essential today?

Topics to be discuss include:

• Investment vehicle and fund structuring considerations
• Sourcing and securing capital
• Value proposition & differentiating yourself from other managers
• Fundraising with no track record
• Raising a debt vs. equity fund; Are debt funds relatively easier to launch today?
• LPs with an emerging manager program - from sourcing to getting your foot in the door to securing funds
• What non-traditional equity sources can new fund managers tap into?
• Fund administration: what to do in-house and what to outsource
• What technology are you investing in to enhance internal systems/processes? 
• Pitfalls to avoid

• What is the capital raising environment like?  What do you expect this year and how does it compare to 2024?
• How do you identify and approach LPs?  How does this differ when looking for lead investors?
• What do different LPs look for?  What questions are they asking you?
• Pitfalls to avoid when approaching LPs
• Early investor incentives - reduced fees, carried interest, participation in GP
• What’s the latest with fees and promotes?
• Fee waivers to satisfy operator capital requirements and align interests – contingent profits interests and incentive fees
• Construction, acquisition and property management fee benchmarks
• Disclosure standardization and transparency - templates, terminologies and metrics

To register for the session or to suggest topics for consideration, please email Peter Gilfillan at pgilfillan@imn.org