Law & Accounting 2007 NAREIT Conference...Regency Centers Corporation 2007 L&A OnsiteBrochure:Layout...

2007 NAREITLaw & Accounting

Conference

Doral Golf Resort & SpaMiami, FloridaMarch 28 - 30

PROGRAM SCHEDULE

National Association of Real Estate Investment Trusts®

REITs: Building Dividends & Diversification®

2007 L&A OnsiteBrochure:Layout 1 3/12/07 2:23 PM Page 2

Welcome

The National Association of Real Estate

Investment Trusts® values your attendance

at the 2007 NAREIT Law & Accounting

Conference in Miami, Florida. Offering

29 topical education

sessions plus four

committee meetings, the

conference provides

both technical and

operational information

on the REIT and publicly

traded real estate industry. Our goal is for

you to gain insight from leading experts

and to keep up with the dynamic state

of the industry.

"Always a great place to catch up oncurrent issues andnetwork with otherprofessionals."

— Michael Mas VP-Joint Ventures

Regency Centers Corporation


Program Directors

Kathleen CourtisVP-TaxationGeneral Growth Properties, Inc.

Michael PappagalloEVP & CFOKimco Realty Corporation

Douglas RubensteinManaging Director & Real Estate

Group CoordinatorA.G. Edwards & Sons, Inc.

Stanley StevensEVP, General Counsel & SecretaryEquity Office Properties Trust

Continuing Education13 hours of CPE credits are available.Up to 11.00 hours of CLE credits are available*.* Note: Available credit hours vary state to state.

NAREIT is registered with the National Associationof State Boards of Accountancy (NASBA) as a spon-sor of continuing professional education on the Na-tional Registry of CPE Sponsors. State boards ofaccountancy have final authority on the acceptanceof individual courses for CPE credit. Complaints re-

garding registered sponsors may be addressed to the National Registryof CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN37219-2417. Web site: www.nasba.org.

NAREIT is a registered public accountant continuing education sponsorwith the Illinois Department of Professional Regulation. NAREIT followsCE regulations as outlined in the California Accountancy Act. Thirteen(13) credits may be earned at the 2007 NAREIT Law & Accounting Con-ference. The 2007 NAREIT Law & Accounting Conference is an interme-diate level course geared toward the legal and accounting fields. Noadvance preparation is required for this course.

For more information regarding administrative policies such as com-plaint and refund, please contact our offices at 202-739-9400.


General Information

AttireThe attire for all conference activities is resort casual.

Badges and TicketsConference educational and networking activities are openonly to registered attendees. Your badge is proof of registration and admission to all meetings activities.Please wear it to all conference functions.

Tickets are required for those attending the Wednesday “invitation only” luncheons, and for guests attending theWednesday and Thursday evening receptions. Tickets can befound tucked inside your badge holder or can be purchased atthe NAREIT registration desk.

Conference EvaluationsYour comments and suggestions assist us in designing conference programs that best meet your needs. Immediatelyfollowing the conference, NAREIT will be sending you an electronic evaluation form. Please take a few minutes and letus know what you thought of the conference and how we canimprove for the future.

Conference Registration HoursGrand Ballroom

Tues., March 27 ________ 2:00 pm – 5:00 pmWed., March 28 ________ 7:30 am – 6:30 pmThurs., March 29 _______ 6:30 am – 1:00 pmFri., March 30 _________ 7:30 am – 12:30 pm

Hotel Business CenterHotel LobbyHours: 7:00 am – 7:00 pm

Message CenterGrand BallroomSponsored by Frank Crystal & Co., Inc.

Networking Room / Internet Café Grand BallroomSponsored by KPMG, LLP

Open during registration hours. Beverages and light snacksavailable throughout the day.

Table Top ExhibitsGrand Ballroom


TUESDAY, MARCH 27

2:00 pm – 5:00 pm RegistrationGrand Ballroom

WEDNESDAY, MARCH 28

7:30 am – 6:30 pm RegistrationGrand Ballroom

7:30 am – 6:30 pm Networking RoomGrand BallroomSponsored by KPMG, LLP

8:00 am – 11:15 am Best Financial Practices Council (by invitation only)Doral Ballroom D

11:30 am – 1:00 pm General Counsel Luncheon (by invitation only)Palms South

11:30 am – 1:00 pm Senior Financial Officer Luncheon(by invitation only)Palms North

11:30 am – 1:00 pm Tax Director Luncheon (by invitation only)Mimosa

Educational Program

2007 NAREITLaw & Accounting

Conference


1:15 pm – 2:45 pmAccounting Committee MeetingDoral Ballroom ABC

✽ Extensible Business Reporting Language, XBRL✽ FASB Fair Value Option Project✽ FASB/IASB Lease Accounting Project✽ Global Financial Statement Model✽ Reporting Discontinued Operations

3:00 pm – 4:30 pmGovernment Relations Committee MeetingDoral Ballroom D

✽ Excess Inclusion Income✽ IRS Officials on REIT Topics✽ RIDEA and REIT Savings✽ Tax Issues Arising From REIT Privatizations✽ TRIEA and Employee Free Choice Act

4:30 pm – 6:00 pmInsurance Committee MeetingPalms South

✽ D&O Insurance Issues✽ Environmental Insurance Issues✽ What Risk Managers Want From Their Carriers and Brokers

4:30 pm – 6:00 pmState and Local Tax Subcommittee MeetingPalms North

✽ Update of Recent State Franchise/Income Tax Developments✽ Proposed State Limitations on "Captive REITs",

DPD Limits And More✽ FIN 48: State and Local Tax Implications✽ Withholding Taxes, Transfer Taxes and Taxes on "Controlling

Interests" Developments

6:00 pm – 7:30 pmOpening ReceptionBlue Lagoon PoolSponsored by Locke Liddell & Sapp LLP


THURSDAY, MARCH 29



6:30 am – 8:30 am Continental BreakfastLegends Ballroom 1-6Sponsored by Reznick Group

7:00 am – 7:15 am Welcome Remarks Legends Ballroom 1-6

Steven Wechsler, President & CEO, NAREIT

7:15 am – 8:30 amOpening General Session: State of the Real Estate and Capital Markets

Legends Ballroom 1-6

✽ Capital Alternatives✽ Funds Flow✽ International Expansion✽ Private versus Public✽ Valuation

Moderator:Douglas Rubenstein, Managing Director & Real Estate Group Coordinator, A.G. Edwards & Sons, Inc.

Panelists:Ron Donohue, EVP & Director-Research, Hoyt Advisory ServicesPaul Fisher, President, CenterPoint Properties TrustPeter Korpacz, Director, PricewaterhouseCoopers LLPDennis Oklak, Chairman & CEO, Duke Realty CorporationLisa Sarajian, Managing Director-Structured Finance, Standard & Poor’s Ratings Services

8:30 am – 8:45 amNetworking & Refreshment BreakGrand Ballroom


8:45 am – 9:45 amConcurrent Session 1: Running an Effective BoardDoral Ballroom

✽ Executive Compensation Best Practices✽ Handling Founders✽ Related Party Transactions

Moderator: James Barkley, General Counsel & Secretary, Simon Property Group

Panelists:James Hanks, Jr., Partner, Venable LLPImad Qasim, Partner, Sidley Austin LLPMartin Stein, Jr., Chairman & CEO, Regency Centers Corporation

8:45 am – 9:45 amConcurrent Session 2: Issue Roundtable DiscussionsLegends Ballroom 7-12Sponsored by SPE Independent Director, LLC

✽ Budgeting and Cash Forecasting Best PracticesDiscussion Leaders: Arthur Flashman, VP & Controller, Boston Properties, Inc.Jeffrey Phaneuf, VP-Financing & Planning, Boston Properties, Inc.

✽ Construction AuditsDiscussion Leaders: Jack Greenberg, Senior Manager-Business Risk Services,

Clifton GundersonThomas Johnson, VP-Risk Management, Forest City

Enterprises, Inc.

✽ Derivative Strategies to Manage Interest Rates & Foreign Exchange

Discussion Leaders: Gordon Keiser, Jr., SVP & Treasurer, ProLogisLuke Zubrod, Consultant, Chatham Financial Corporation

✽ Disclosure Requirements for Joint VenturesDiscussion Leaders: Sandra Blum, Partner, PricewaterhouseCoopers LLPJeffrey Frericks, Manager, Forest City Enterprises, Inc.Christopher Haley, Managing Director, Wachovia Securities

✽ Enterprise Risk ManagementDiscussion Leader: Jeffrey Alpaugh, Managing Director, Global Real Estate Practice

Leader, Marsh & McLennanJames DeLoach, Managing Director, Protiviti, Inc.


THURSDAY, MARCH 29 continued

✽ Human Resources/CompensationDiscussion Leaders: Brian Fraser, VP-People Services, Regency Center CorporationCynthia Scharringhausen, VP-Human Resources, Camden

Property Trust

✽ Information TechnologyDiscussion Leaders: David Haug, Senior Manager-Technology & Security Risk

Services, Ernst & Young LLPJerry Wertelecky, Partner, Ernst & Young LLP

✽ International OpportunitiesDiscussion Leaders: William Schafer, EVP & CFO, Developers Diversified Realty

CorporationBartjan Zoetmulder, Partner, Loyens & Loeff N.V.

✽ M&A Issues Involving SEC-Registered, Non-Traded REITsDiscussion Leaders:Judith Fryer, Corporate & Securities Partner, Greenberg

Traurig, LLPRosemarie Thurston, Partner, Alston & Bird LLP

✽ Managing Relationships with Wall StreetDiscussion Leaders: Catherine Creswell, Director-Investor Relations,

Vornado Realty TrustSara Grootwassink, CFO, Washington Real Estate

Investment Trust

✽ State and Local TaxesDiscussion Leaders: James Helmus, Director-State & Local Taxes, The Schonbraun

McCann Group LLCNeal Lewis, VP-Taxation, Duke Realty Corporation

9:45 am – 10:00 am Networking & Refreshment BreakGrand Ballroom


10:00 am – 11:00 amConcurrent Session 1: Joint Ventures as REIT FundsDoral Ballroom

✽ Business Case Study✽ Credit Rating Implications✽ Fee Structures – Recent Trends✽ Investor Appetite and Market Demand✽ Issues During Investment Life Cycle✽ Valuation of Fee Streams

Moderator: Michael Pappagallo, EVP & Chief Investment Officer, Kimco Realty Corporation

Panelists:Michael Brennan, President & CEO, First Industrial Realty Trust, Inc.

Merrie Frankel, VP & Senior Credit Officer, Moody’s Investors Service

James Sullivan, Principal, Green Street Advisors Inc.

10:00 am – 11:00 amConcurrent Session 2: Property Sector Roundtable Discussions

Legends Ballroom 7-12Sponsored by SPE Independent Director, LLC

✽ Commercial/Home Financing Sector IssuesDiscussion Leaders: Michael Angerthal, CFO, CBRE Realty Finance, Inc.David Brandon, Principal, KPMG, LLP

✽ Health Care Sector IssuesDiscussion Leaders: Michael Stewart, EVP & General Counsel, Medical Properties

Trust, Inc.Brian Wood, VP-Tax, Ventas, Inc.

✽ Industrial Sector IssuesDiscussion Leaders: Stuart Brown, CFO, DCT Industrial Trust Inc.Bradley Frazier, General Counsel & Corporate Secretary,

Watson Land CompanyNina Tran, CAO, AMB Property Corporation

✽ Lodging/Resorts Sector IssuesDiscussion Leaders: Michael Schecter, General Counsel, DiamondRock

Hospitality CompanyHans Weger, EVP, CFO & Treasurer, LaSalle Hotel Properties


THURSDAY, MARCH 29 continued

✽ Mixed (Office/Industrial) Sector IssuesDiscussion Leader: Douglas Williams, EVP & CFO, Wells Real Estate Investment Trust

✽ Office Sector IssuesDiscussion Leaders: Barry Lefkowitz, EVP & CFO, Mack-Cali Realty CorporationGerald Reihsen, EVP-Corporate Development & Legal,

Behringer Harvard REIT I, Inc.

✽ Regional Malls Sector IssuesDiscussion Leaders: Bruce Goldman, EVP & General Counsel, Pennsylvania

Real Estate Investment TrustThomas Wirth, EVP & CFO, Feldman Mall Properties,

Inc.

✽ Residential Sector IssuesDiscussion Leaders: Michael Berman, VP & CFO, Equity Lifestyle Properties, Inc.Lou Fatica, VP, CFO & Treasurer, Associated Estates Realty

Corporation

✽ Shopping Centers Sector IssuesDiscussion Leaders:Beth Sprecher Brooks, VP & General Counsel, Inland Real

Estate CorporationRichard Smith, CFO, Ramco-Gershenson Properties Trust

✽ Timber Sector IssuesDiscussion Leaders:Ameek Ponda, Partner & Co-Director-Tax Department,

Sullivan & Worcester LLPDaniel Tucker, Senior Director-Tax, Plum Creek Timber

Company, Inc.


11:15 am – 12:30 pmConcurrent Session 1: SEC Hot TopicsDoral Ballroom

✽ Accounting for Tenant Allowances/Improvements✽ Comment Letter Issues✽ Compensation Disclosure in Practice✽ SEC/PCAOB Revised 404 Implementation Guidance✽ Statement of Cash Flows

Moderator:Jeffrey Miller, Partner, DLA Piper US LLP


Panelists:Melanie Dolan, Partner, KPMG, LLPChristopher Dubrowski, Partner, Deloitte & Touche, LLPKaren Garnett, Assistant Director-Division of Corporate Finance, Securities & Exchange Commission

Ettore Santucci, Corporate Partner, Goodwin Procter LLP

11:15 am – 12:30 pmConcurrent Session 2: Taxes and Tax Compliance IssuesLegends Ballroom 1-6

✽ Issues Arising from Non-U.S. Investors and Investments✽ Managing Impermissible Tenant Services and TRSs✽ Shared Employees✽ State and Local Tax Compliance and Disclosure Issues

Moderator: Kathleen Courtis, VP-Taxation, General Growth Properties, Inc.

Panelists:James de Bree, Jr., Partner, Deloitte & Touche, LLPPrentiss Feagles, Partner, Hogan & Hartson LLPMichael Hurwitz, Director-Taxation, Acadia Realty TrustJennifer Weiss, Tax Partner, Greenberg Traurig, LLP

12:30 pm Boxed Lunch PickupGrand Ballroom(Golfers to pick up lunches at the golf course)Sponsored by Proskauer Rose LLP

12:45 pm Golf TournamentBlue Monster Golf CourseSponsored by AIG Real Estate

Solutions

1:00 pm Tennis TournamentDoral Tennis Courts

6:30 pm – 7:30 pm ReceptionPavilionCo-Sponsored by Deloitte &

Touche, LLP and DLA Piper US LLP


FRIDAY, MARCH 30



8:00 am – 9:15 am Breakfast General SessionLegends Ballroom 1-6

Speaker: Dave Barry, Author and Columnist, Winner of 1988 Pulitzer Prize for Commentary

Sponsored by Venable LLP


9:30 am – 10:45 amGeneral Session: FIN 48 - Implementing the New StandardDoral Ballroom

✽ Documentation – How Much is Enough?✽ FASB Update on Implementation Issues✽ How to Measure Uncertain Tax Positions✽ Incorporating FIN 48 into Ongoing Internal Controls✽ Required Disclosures✽ Unique Issues for REITs ✽ Working Papers as Audit Trail for IRS

Moderator:John Cullins, Partner, Ernst & Young LLP

Panelists:Richard Paul, Practice Fellow, Financial Accounting Standards Board

Lynn Stanfield, SVP-Tax, Apartment Investment & Management Company

Angela Storm, Partner, KPMG, LLP

10:45 am – 11:00 amNetworking & Refreshment BreakGrand Ballroom


11:00 am – 12:15 pmGeneral Session: Lessons Learned from PrivatizationsDoral Ballroom

✽ Assessing Adequacy of Pricing ✽ Auction vs. Selective Bidding✽ Dealing with Potential Conflicts from Creating or Unwinding

an UPREIT or DownREIT Transaction✽ Management Buy-Outs✽ Role of Independent Directors✽ Responding to Competing Offers✽ Responding to Hostile or Friendly Takeover Efforts

Moderator:Stanley Stevens, EVP, Chief Legal Counsel & Secretary, Equity Office Properties Trust

Panelists:Steven Scheinfeld, Partner, Fried, Frank, Harris, Shriver & Jacobson LLP

Dawn Severt, CFO, Lion Gables Residential Trust

12:15 pmProgram Concludes


PLATINUMAIG Real Estate SolutionsGolf Tournament

Locke Liddell & Sapp LLPOpening Reception

GOLDChatham Financial CorporationAttendee List

Deloitte & Touche, LLPThursday Reception Co-Sponsor

DLA Piper US LLPThursday Reception Co-Sponsor

Ernst & Young LLPHotel Key Cards

Fried, Frank, Harris, Shriver & Jacobson LLP

Wall Street Journal

Goodwin Procter LLPLanyards

Grant Thornton LLPSunglass Case

Greenberg Traurig, LLPConference Bag Co-Sponsor

KPMG, LLPNetworking Room/Internet Café

Latham & Watkins LLPBeach Towel

REIT Capital SolutionsConference Bag Co-Sponsor

REIT Funding, LLCOnsite Conference Program

Venable LLPFriday Breakfast Speaker

SILVERAlston & Bird LLPOnline Sourcebook

Arnold & Porter LLPRed Bull Table

Blank Rome LLPFirst Aid Kit

Frank Crystal & Co., Inc.Message Center

Pillsbury Winthrop Shaw Pittman LLP

Registration Brochure

PricewaterhouseCoopers LLPAudio-Visual Equipment

Proskauer Rose LLPThursday Boxed Lunch

Reznick GroupThursday Breakfast

SPE Independent Director, LLCRoundtable Discussions

Table Top SponsorsBayview Financial Exchange

ServicesCommercial Defeasance, LLCInvestment Property Exchange

Services, Inc.J.P. Morgan Property Exchange

Conference SponsorsNAREIT wishes to thank all sponsors for their support of the2007 Law & Accounting Conference.


NAREIT Meetings Calendar

2008 MeetingsWashington Leadership Forum*

February 26 – 27Four Seasons HotelWashington, DC

Law & Accounting Conference

March 19 – 21Fairmont Scottsdale PrincessScottsdale, AZ

REITWeek™: Investor Forum*June 4 – 6 Waldorf=Astoria HotelNew York, NY

Senior Financial Officer/Investor Relations OfficerWorkshop*September 22 – 23Marriott Financial Center New York, NY

Annual Convention November 19 – 21Manchester Grand Hyatt San Diego, CA

2009 MeetingsWashington LeadershipForum*February 24 – 25Four Seasons HotelWashington, DC

Law & Accounting ConferenceMarch 25 – 27La Quinta Resort & Club La Quinta, CA

REITWeek™: Investor Forum*June 3 – 5 Waldorf=Astoria HotelNew York, NY

Senior Financial Officer/Investor Relations OfficerWorkshop*Date TBDHotel TBDNew York, NY

Annual Convention November 11 – 13JW Marriott Desert RidgePhoenix, AZ

2007 MeetingsREITWeek™: Investor Forum*June 5 – 7 Waldorf=Astoria HotelNew York, NY

Senior Financial Officer/Investor Relations OfficerWorkshop*September 24 – 25Marriott Financial Center New York, NY

Annual Convention November 14 – 16Bellagio HotelLas Vegas, NV

ce Sponsorsonsors for their support of theence.

* by invitation only


Try the new on-line version of the Federal REIT Tax Compendium—it'scomplimentary for NAREIT members.The “e-Compendium” contains the entire text of all IRS revenue rulings,revenue procedures, notices, private letter rulings and technical advice memoranda relating to REITs. Also,you can use the key word and subjectmatter indexes to locate applicable authorities. A new feature for 2007 allowsyou to enter a revenue ruling number tofind where it has been cited in otherIRS guidance.

Visit www.nareit.com for more details.

“E-Compendium”

National Association of Real Estate Investment Trusts®

REITs: Building Dividends & Diversification®

Updated!


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