October 16-18, 2019 Grand Hyatt Washington Drew Ierardi

P E N S I O N R E A L E S T A T E A S S O C I A T I O N

PREA’s 40th Anniversary Celebration at the 29th Annual Institutional Investor Conference!

October 16-18, 2019Grand Hyatt WashingtonWashington DC

PROGRAM AGENDA Conference Co-Chairs:

2019WASHINGTON DC

Roberta Waxman-LenzPortfolio Manager / Investment Officer Real Assets, Office of Investment ManagementUnited Nations Joint Staff Pension Fund

Peter BraffmanPrivate Markets Investment Committee Member, Managing DirectorGCM Grosvenor

Drew IerardiManaging Director, InvestmentsExelon Corporation

CONFERENCE CO-CHAIR BIOGRAPHIES:

Roberta Waxman-Lenz serves as a Port-folio Manager and Investment Officer for the United Nations Joint Staff Pen-sion Fund in the Office of Investment Management. She contributes to management and strategy oversight of the UN Pension Fund’s global real assets portfolio, including real estate, infrastructure, timber, and agriculture investments. She conducts financial due diligence on investment opportu-nities, evaluates management teams for recommendation, and negotiates deal terms. She serves on more than 20 real estate advisory committees of portfolio funds around the globe. Previously at the Townsend Group, Waxman-Lenz advised on discretion-ary and nondiscretionary capital of pension plans. As a Manager of a large-scale project for Ernst & Young in Kazakhstan, Waxman-Lenz oversaw a team responsible for privatization of state enterprises. She has held posi-tions with the Export-Import Bank, US Department of Treasury, and the World Bank. Waxman-Lenz is currently an investor board member of AIF Global and a member of the Pension Real Estate Association, the ULI Global Exchange Council, and WX. She holds a BA with Honors from Wesleyan University and an MA from The Johns Hopkins University School of Advanced International Studies (SAIS).

Peter Braffman is a member of the Private Markets Investment Committee and serves on the Global Investment Council of GCM Grosvenor. He leads the real estate investment practice and is responsible for real estate sourcing and underwriting activities. Prior to joining GCM Grosvenor, Braffman was a Partner in the Customized Fund Invest-ment Group of Credit Suisse Group AG. Previously, he was a Senior Vice Presi-dent at Zurich Alternative Asset Man-agement, where he was responsible for sourcing, underwriting, and executing U.S.-based real estate investments. Prior to joining Zurich Alternative, Braffman was a Vice President in the Merger and Strategic Advisory Group at Goldman Sachs, where he advised corporate clients on structured real estate valu-ations, monetizations, and disposi-tions of their directly owned and used assets. Prior to joining Goldman Sachs, he was an Associate at Kirkland & Ellis LLP and focused on merger, securities, and asset-backed law. Braffman holds a Bachelor of Arts in Biology and His-tory from the University of Rochester, a Master of Business Administration from Northwestern University Kellogg School of Management, and a Juris Doctor from Northwestern University School of Law.

Drew Ierardi is a Managing Director of Private Markets in the Investment Of-fice at Exelon Corporation, where he leads the team that invests the private equity, real estate, and real assets segments across Exelon’s trust assets. These include the pension, nuclear decommissioning trusts, employee savings plan, and retiree health care trusts. Prior to leading the Private Markets group, Ierardi was a Senior Portfolio Manager focused on real estate and real assets and Coordinator of Exelon’s emerging markets invest-ment strategy across asset classes. Prior to joining Exelon, Ierardi over-saw the absolute return hedge fund investments program for third-party capital at Guggenheim Investment Advisors, a division of Guggenheim Partners. Previously, he worked in the Private Assets group at Morgan Creek Capital Management, where he conducted research and manager diligence across the spectrum of private markets investment strategies. Ierardi holds a BA with Highest Honors in Economics and Spanish from the University of North Carolina at Chapel Hill and an MBA from the University of Chicago Booth School of Business. He is a CAIA Charterholder.

W A S H I N G T O N D C


Dr. Ben Bernanke

WEDNESDAY, OCTOBER 16, 201911:00 am – 5:00 pm Early Badge Pickup for All Attendees – Level 3B12:00 pm – 4:30 pm Investor-Only Program (Closed Session)7:00 pm – 8:30 pm Opening Cocktail Reception – The National Portrait Gallery (7-minute walk from the Grand Hyatt – take a right out of the hotel, continue on H street, take a right onto 9th Street, then take a left onto G Street, enter Gallery on G street – Reception in the Kogod Courtyard)

DAY ONE, THURSDAY, OCTOBER 17, 2019 The Evolution of Our Industry and What That Tells Us About the Future

7:30 am Registration and Continental Breakfast – Independence Foyer, Level 5B7:45 am – 8:45 am Investor-Only Breakfast (Closed Session)7:45 am – 8:45 am New Member and First Time Attendee Breakfast – Franklin/McPherson Square, Level 5B9:00 am – 9:15 am Welcoming Remarks by Conference Co-Chairs and Presentation of the PREA James A. Graaskamp Research Award – Independence Ballroom, Level 5B

9:15 am – 10:00 am OPENING KEYNOTE – Independence Ballroom, Level 5B A conversation with Dr. Ben Bernanke, Chairman, the Federal Reserve System (2006–2014), and Christina Scarlato, PREA Chair and Principal Portfolio Manager for Real Asset Investments, the World Bank Pension Fund

Christina Scarlato

Terry Ahern

Mary Ludgin

Peter Ballon

Michael DiRe

10:00 am – 11:00 am GENERAL SESSION I: A Look Back at Our Industry: How Has Institutional Capital Defined the Real Estate Market? – Independence Ballroom, Level 5B Over PREA’s 40 years, the commercial real estate market has been transformed into an increasingly institutionalized investment opportunity and the largest of all alternative asset classes. The tremendous growth in plan sponsor and other institutional investor capital has been a critical component behind this transformation, fueling not only the expansion into new strategies, geographies, and asset types but also the growth of thousands of real estate investment management firms. What key developments continue to influence us today as our industry continues its evolution? Finally, which principal lessons should we draw from our past to inform the future direction of our industry?

Moderator: Mary Ludgin, Senior Managing Director and Director of Global Investment Research, Heitman

Panelists: Terry Ahern, CEO and Cofounder, The Townsend Group Peter Ballon, Managing Director, Global Head of Real Estate Investments, Canada Pension Plan Investment Board Michael DiRe, Director of Real Estate Investments, California State Teachers’ Retirement System John McClelland, Principal Investment Officer, Real Estate, Los Angeles County Employees Retirement Association 11:00 am – 11:15 am Refreshment Break – Independence Foyer, Level 5B

John McClelland


Linda Assante

Stephen Furnary

David Hodes

David Glickman

Christopher Merrill

11:15 am – 12:15pm GENERAL SESSION II: Consolidation and Industry Change: The Evolving Landscape of Real Estate Asset Management Firms – Independence Ballroom, Level 5B Our industry has witnessed an extensive proliferation of real estate investment management firms over the past few decades. Yet while new participants continue to enter the market, we have recently begun to witness increasing consolidation within the industry. As these mergers and acquisitions reduce the number of investment management firms operating in the real estate industry and increase the share of assets managed by relatively few firms, how should managers understand and position themselves with respect to this trend? Do managers feel the need to offer additional products and signifi- cantly grow AUM in order to compete for capital and retain talent? Are larger or smaller firms better equipped to deliver consistent and supe- rior returns? What are the implications for new managers trying to break into the industry? Furthermore, how much is the concentration of capital by institutional investors in fewer managers driving this trend, and do we expect it to continue?

Moderator: Linda Assante, Managing Partner, Jasper Ridge Partners

Panelists: Stephen Furnary, Executive Chairman, Clarion Partners David Glickman, Executive Vice President, Meketa David Hodes, Founder and Co–Managing Partner, Hodes Weill & Associates Christopher Merrill, Cofounder, Chairman, and CEO, Harrison Street 12:30 pm – 2:30 pm LUNCHEON – Constitution Ballroom, Level 3B

12:30 pm – 2:30 pm Affinity Group Luncheon Program (Appointed Members Only)

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2:30 pm – 3:30 pm GENERAL SESSION III: Our Changing Investment Criteria: How Will Sustainable Investing Standards Affect Real Estate Investments? – Independence Ballroom, Level 5B Investors always focus on risks, returns, and the bottom line. They are increasingly adding a new question to their investment process: How can income and asset price be enhanced by environmental, social, and governance considerations? Risks inherent in climate change impact the viability of an investment. Use of certain construction materials can attract higher-quality tenants to a building. Sovereign wealth funds, pension funds, and trust funds are all seeking to interpret data that enable them to profit from this new angle to investing. Some are making sustainability a requirement. What exactly are the relevant factors and the standards being developed to measure them? Finally, how might these developments further impact performance?

Moderator: Nils Kok, Chief Economist, GeoPhy Panelists: Susan Ansel, CEO and President, Gables Residential Phil Gillin, Executive Vice President and Portfolio Manager, BentallGreenOak (Canada) Limited Partnership, and Senior Managing Director, SLC Management Steven Hason, Managing Director, Head of Americas Real Estate & Infrastructure, APG Asset Management US Inc. Allison Yager, Partner, Mercer

Susan Ansel

Nils Kok

Phil Gillin

Allison YagerSteven Hason


Jaana Remes Tracy Gabriel

Bryan Moll Carlo Ratti

3:30 pm – 4:30 pm GENERAL SESSION IV: Our Changing Investable Landscape: City Planning/Smart Cities – Independence Ballroom, Level 5B The commercial and residential investable universe is continuing to change. This is not only driven by changing demographics and home- ownership trends but also by extensive planning and investment in the livability and productivity of cities. Can the resurgence of cities over the past 30 years be attributed to the conscious efforts of planners? Which urban planning models have taken the strongest hold over that period, and which are capturing the imagination of today’s investors? What will be the impact on institutional investment in commercial and investment real estate?

Moderator: Jaana Remes, Economist and Partner, McKinsey Global Institute

Panelists: Tracy Gabriel, President and Executive Director, Crystal City Business Improvement District Bryan Moll, Executive Vice President, Development Team, JBG SMITH Carlo Ratti, Director, MIT Senseable City Lab and Founding Partner, Carlo Ratti Associati


4:30 pm – 5:30 pm GENERAL SESSION V: Our Changing Technology: The Impact of Proptech on Real Estate – Independence Ballroom, Level 5B A decade ago, the words property and technology were rarely found in the same sentence – let alone in an acronym! Today, “proptech” is a $12 billion and growing market, one that is poised to transform how we source, finance, manage, and maximize the value of real estate. Many GPs are actively investing in proptech companies. What are the latest and most impactful innovations in the realm of real estate technology? Which developments currently on the horizon stand to reshape the industry most extensively in future years? The panel will consider these questions as well as the consequent imperatives for investors today: what should be done to position real estate portfolios to withstand and even benefit from technological disruption?

Moderator: Lauren Pressman, Director of Real Estate and Investments, Hillspire, LLC

Panelists: Anar Chudgar, Managing Director, Artemis Real Estate Partners Constance Freedman, Founder and Managing Partner, Moderne Ventures and the Moderne Passport Atit Jariwala, CEO, Bridgeton Holdings Jennifer Tindle, Vice President, Technology, Data, and Analytics, Pennybacker Capital Jenny Wong, Managing Director – Ventures and Innovation, Tishman Speyer

6:30 pm – 7:30 pm Cocktail Reception – Independence Foyer, Level 5B

Constance Freedman Atit Jariwala

Jennifer Tindle Jenny Wong

Lauren Pressman Anar Chudgar

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B i o g r a p h i e s


7:30 pm – 9:30 pm DINNER CONVERSATION WITH The Rt. Hon. Gordon Brown, Prime Minister of the United Kingdom (2007–2010), Chancellor of the Exchequer (1997–2007), and Leader of the Labour Party (2007–2010) Gillian Tett, Chairman of the US Editorial Board and America Editor-at- Large, Financial Times – Independence Ballroom, Level 5B DAY TWO, FRIDAY, OCTOBER 18, 2019

8:00 am – 10:00 am CLOSING GENERAL SESSION VI CLOSING KEYNOTE BREAKFAST PROGRAM WITH Fareed Zakaria, Host, Fareed Zakaria GPS on CNN – Independence Ballroom, Level 5B

PROGRAM CONCLUDES Other Events to Watch for!

Wednesday, October 16 Women’s TEA (Invitation Only)

Thursday, October 17 Rising Leaders Cocktails hosted by the Rising Leaders

Friday, October 18 LGREG

Gillian Tett

Gordon Brown

Fareed Zakaria CONFERENCE COMMITTEE:Howard Margolis, Conference Committee Chair, Clarion PartnersCommittee Members:Amachie Ackah, Clay Cove Capital, LLCPhilip Belling, LBA RealtyStuart Bernstein, CapRidge Partners, LLCThomas Flexner, Citi Global Markets Inc.Alison Hawkins, Artemis Real Estate PartnersMatthew Holberton, Crow Holdings CapitalPartners LLCSonny Kalsi, BentallGreenOakAlisa Mall, Carnegie Corporation of New YorkClyde Robinson, ASB Real Estate InvestmentsTrina Sanders, Los Angeles County Employees Retirement AssociationMark Shoberg, Stanford Management CompanyManoj Vasudevan, KAUST Investment Management Company


FOUNDING GOVERNOR $500,000 AND MOREArtemis Real Estate PartnersBentallGreenOakBlackstoneGreen Courte Partners, LLC Kayne Anderson Real Estate Kohlberg Kravis Roberts & Co.Starwood Capital Group

Pension Real Estate Association

FOUNDING BENEFACTOR$250,000–$499,999AEW Capital Management, LPBeacon Capital PartnersBrookfield Asset ManagementCBRE Global Investors/CBRECerberus Capital Management Clarion Partners Colony Capital Inc.The Davis CompaniesDWS/RREEFEastdil SecuredGreenfield PartnersH/2 Capital PartnersHarrison Street Real Estate CapitalHeitmanInvescoJ.P. Morgan Asset ManagementLaSalle Investment Management & JLLLionstone Investments Lone Star FundsMorgan Stanley National Land Tenure Company, LLC nuveen Real EstateOaktree Capital ManagementPGIMPritzker Traubert FoundationUBS Asset Management Global USAA Real Estate Company

FOUNDING SPONSOR$50,000–$99,999American Real Estate PartnersDr. Thomas Arnold Linda Assante & Marc CarrascoBerkshire GroupBridge Investment GroupThe Carlyle Group Cortland Cross Harbor Capital Partners DivcoWestEllis PartnersExeter Property GroupKevin and Susan FaxonGaw Capital Advisors Ltd.Green Street Advisors Hodes Weill & Associates Jamestown JBG SmithJonathan Rose Companies Kirkland & Ellis LLPLandmark Partners LBA Realty Charitable Foundation FundMetLife Park Madison PartnersRCLCO Rockpoint Group LLC Simpson Thacher & Bartlett, LLP Sol Raso StepStoneTorchlight Investors Tristan Capital PartnersWaterton

We have gifts/pledges in the amount of $16,338,750

FOUNDING PATRON$100,000–$249,999Almanac Realty Investors American Realty AdvisorsAngelo, Gordon & Co.ARES Management LLCBain Capital LLC John C. BradyCapri Investment GroupCarmel PartnersCrow Holdings Capital Partners LLC Cushman & WakefieldEDENS GCM Grosvenor GreystarGTIS PartnersHFF Lubert AdlerMadison International RealtyNorthwood InvestorsOaktree Real Estate TeamPCCP, LLCReal Capital AnalyticsRelated CompaniesRockwood Capital, LLCRubenstein Partners Stockbridge Capital Group TPGWalton Street Capital Wheelock Street Capital

INSPIRING PROGRESS THROUGH THE PREA FOUNDATION

Recognizing the importance of diversity and inclusion to the future of the institutional real estate investment community, PREA’s leadership has formed a foundation dedicated to accelerating these priorities. A successful fund-raising campaign—now exceeding $15.5 million—has enabled the Foundation’s Board to put its vision into motion.

The PREA Foundation partnered with Sponsors for Educational Opportunity (SEO), and together launched the first-ever PREA/SEO real estate track; providing underrepresented talent exposure to the institutional real estate industry through internships. This program extends new opportunities and changes career trajectories, to the mutual benefit of student and industry participants. The class of 2019 saw 59 real estate interns work with 42 institutional investment partner firms across the country. While this is the first of many such relationships, by leveraging SEO’s 35-year track record of providing select educational and internship opportunities to college students from underrepresented backgrounds, the Board has accelerated its mandate to be a leader in this domain.

We encourage you to get involved and sign on with your support. Every participant, whether an intern, an internship host, an investor sup port signatory, or a donor, plays an important role in realizing this initiative’s transformative potential. Please contact Kathy Jeramaz-Larson, [email protected], for additional information.

SUPPORTING DONORSAnonymous Avanti Strategic Land Investors Bain Capital Children’s Charity, Ltd. BaringsBarker Pacific Group, Inc. Basis Investment Group Buchanan Street Partners Callan LLP Capstone Development, LLC Chartres Lodging CRES Real Estate Partners I, LLC Cruzan CTR Partners, LLC

Exelon Corporation Ferguson Partners Gerding Edlen Griffith Properties Steve HasonHawkeye Partners, LP Hillcrest Finance, LLCH.N. Gorin, Inc.Huntington Industrial Partners Jennifer HutterInnovo Property GroupInternacional RealtyIRA Capital

IronPoint Partners Jair Lynch Real Estate Partners L&B Realty AdvisorsEric LangLazardCharles and Rose Leitner Long Wharf Capital LLC MCB Real Estate LLCMesa West Shekar NarasimhanNewport Capital Partners Olympus Property Management Paul Hastings, LLP

Pillar Commercial Pollack Shores Real Estate Group LLC PrimestorRailfield Realty Partners David and Liz ShermanSquare Mile Capital Management Swift Real Estate PartnersTA RealtyTalon Private Capital


SPEAKER BIOGRAPHIES

Terry Ahern co-founded The Townsend Group in 1983 and is the Chief Executive Officer and a member of the Management, Investment, and Global Macro Strategy committees of the firm. Prior to founding Townsend, Ahern was the Vice President of a real estate investment bank after begin-ning his career in law private practice. Ahern was a member of the Young Presidents Organization, the Pension Real Estate Association, and the National Council of Real Estate Investment Fiduciaries. He is a former member of the Board of Directors of the Pension Real Estate Association, the Board of Editors of Institutional Real Estate Securities and the Board of Editors of The Institutional Real Estate Letter. He is Chairman of the Board of DDR Corp, a self-administered and self-managed real estate investment trust. Ahern received a JD, cum laude, and BA, magna cum laude, from Cleve-land State University.

Susan Ansel is Chief Executive Officer and President of Gables Residential, a private REIT focused on development, acquisition, and management of institutional-quality apartment communities throughout the US. Ansel has been with Gables Residential since its Initial Public Offering and with its predecessor, Trammell Crow Residential, since 1987. Her previous responsibilities with Gables/Crow include Chief Operating Officer. Prior to that, she was a Vice President with The Daseke Group. Ansel was named Multifamily Executive of the Year in 2018 by D CEO Magazine. Ansel is currently Chairwoman and an Executive Committee Member of the National Multifamily Housing Council Board of Directors. She is a member of The Real Estate Council, Dallas, TX, and previously served as the Chairwoman of its Board of Directors. She is an active member of the Urban Land In-stitute. She has served on the Board of Directors of the National Apartment Association Education Institute and on the Board of the Independent Multifamily Communications Council. Ansel earned a Bachelor of Arts, with a major in Economics, from DePauw University.

Linda Assante is a Managing Partner of Jasper Ridge Partners and leads the real assets team that has responsibility for investment strategies in real estate and natural resources. She is a member of the firm’s investment, portfolio construction, and valuation committees. Prior to joining Jasper Ridge Partners in 2008, Assante was a Principal with The Townsend Group, where she constructed real estate investment portfolios that included primary funds and co-investments. Previously, she was at JPMorgan, where she was Head of West Coast Real Estate, Lodging & Gaming Investment Banking. Assante serves on the Board of Directors of the Pension Real Estate Association and on the Editorial Advisory Board of Real Assets Adviser. Assante earned a BA in Economics and Business from Lafayette College.

Peter Ballon is Managing Director and Global Head of Real Estate Investments at Canada Pension Plan Investment Board (CPPIB), is responsible for CPPIB’s global real estate portfolio, and is Chair of the Real Estate Investment Committee, which has oversight for CPPIB’s real estate investments. Ballon is a Board member of Aliansce Sonae, a Brazilian public company, and is a member of the Board of Trustees of the Urban Land Institute and the International Council of Shopping Centers. He has more than 20 years of commercial real estate experience. Prior to joining CPPIB in 2007, Ballon worked with several leading real estate companies, including Canderel, Brookfield, and TrizecHahn. Ballon holds a Bachelor of Commerce degree from McGill University, an MBA from the Ivey School of Business at the University of Western Ontario and has been granted the ICD.D designation by the Institute of Corporate Directors.

2 0 1 9 S p e a k e r B i o g r a p h i e s

Ben S. Bernanke is a Distinguished Fellow in residence with the Economic Studies Program at the Brookings Institution. From 2006–2014, he was Chairman of the Board of Governors of the Federal Reserve System, having been nominated to that position by both Presidents George W. Bush and Barack Obama. Bernanke also served as Chairman of the Federal Open Market Commit-tee, the System’s principal monetary policymaking body. Before his appointment as Chairman, Bernanke was Chairman of the President’s Council of Economic Advisers (2005–2006). He was a member of the Board of Governors of the Federal Reserve System (2002–2005). From 1994–1996, Bernanke was the Class of 1926 Professor of Economics and Public Affairs at Princeton University. He was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and Chair of the Economics Department at the university from 1996–2002. Bernanke had been a Professor of Economics and Public Affairs at Princeton since 1985. Before arriving at Princeton, Bernanke was an Associate Professor of Economics (1983–1985) and an Assistant Professor of Eco-nomics (1979–1983) at the Graduate School of Business at Stanford University. His teaching career also included serving as a visiting Professor of Economics at New York University and the Massa-chusetts Institute of Technology. He held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of NBER’s Business Cycle Dating Committee.

Gordon Brown served as Prime Minister of the United Kingdom (2007–2010), Chancellor of the Exchequer (1997–2007), and Leader of the Labour Party (2007–2010). As Prime Minister, Brown’s tenure coincided with the start of the global financial crisis. He was one of the first to initiate calls for global action while introducing a range of rescue measures in the UK. Brown’s tenure as Chancellor of the Exchequer was marked by major reform of Britain’s monetary and fiscal policy and sustained investment in health, education, and overseas aid. Brown’s experiences during the global financial crisis convinced him of the urgent need for greater international cooperation to prevent future shocks to the global economy and led him to write Beyond the Crash: Overcoming the First Crisis of Globalisation (2010). Brown’s time in government shaped his views on the impor-tance of education as a fundamental right of every child in the world and as an engine of future economic growth and prosperity. As the United Nations Special Envoy for Global Education, he passionately advocates for global action to ensure education for all. Since leaving government, Brown has also advised the World Economic Forum and served as New York University’s inaugural Distinguished Global Leader in Residence. Brown has a Doctor of Philosophy degree in History from the University of Edinburgh.


Anar Chudgar is a Managing Director and sits on the Investment Committee of Artemis Real Estate Partners. She is responsible for developing and implementing the acquisition and asset manage-ment strategies for Artemis’ Income and Growth Fund. Prior to joining Artemis, Chudgar spent nine years as a Partner at GCM Grosvenor, where she helped lead the real estate business. Prior to joining GCM Grosvenor, Chudgar was a Principal in Alternative Investments at Credit Suisse Group AG, and before that she was a Senior Associate at Onex Real Estate Partners, where she was responsible for new business origination and execution of real estate acquisitions. Prior to joining Onex, Chudgar was an Associate at iStar Financial, Inc., and began her career as a real estate Investment Banker at JP Morgan Chase in Mergers and Acquisitions. Chudgar graduated magna cum laude from the Wharton School at the University of Pennsylvania. She is a member of New York Women Executives in Real Estate (WX), is on the women’s board of New York Private Equity Network, and is a council member of the Urban Land Institute.

Michael T. DiRe is the Director of Real Estate Investments at the California State Teachers’ Retire-ment System (CalSTRS). He joined CalSTRS in July 2000 and has expanded the CalSTRS Real Estate program into joint ventures, international investments, and real estate debt. Prior to joining CalSTRS, he worked as a real estate Investment Specialist for the California Public Employees’ Retirement System (CalPERS). Prior to joining CalPERS, DiRe worked for Deloitte and Touche Real Estate Consulting Group and Liquidity Fund Financial Corporation. He holds a bachelor’s degree in Real Estate and Finance from California State University, Sacramento, and is a member of NAREIT and ICSC.

Constance Freedman is the Founder and Managing Partner of Moderne Ventures and the Moderne Passport, an early-stage investment fund and industry immersion program focused on investing in technology companies in and around real estate, finance, insurance, hospitality, and home services. Freedman has invested in almost 90 companies and actively partners with 700+ industry executives and corporations to help build strategic value and scale. Prior to launching Moderne Ventures, Freedman was the head of Strategic Investments at the National Association of Realtors, where she launched and managed its venture fund and founded its accelerator program. Prior to that, Freedman was an investor with Cue Ball, an investment fund focused on the informa-tion services and consumer sectors. She began her career at technology start-ups Molecular and Account4.com. Freedman received HousingWire’s Women of Influence award, Crain’s Business 40 under 40, Crain’s Chicago Top Tech 50 (2014, 2017, 2018), Swanopoel’s Power 200, and Inman’s Top 101 in Real Estate. Freedman earned a BS from Boston University and an MBA from Harvard Business School.

Stephen J. Furnary is an equity owner and the Executive Chairman of Clarion Partners. He led the 2011 management buyout of Clarion Partners from ING Group after a 12-year affiliation. Most re-cently, Furnary led the sale of an interest in the firm to Legg Mason, where Clarion became Legg Mason’s global real estate investment platform. He has been responsible for the firm’s strategic direction since its inception. Furnary is a Governor and former Trustee of the Urban Land Institute, a former Chairman of the Pension Real Estate Association, and former Chairman of the National Association of Real Estate Investment Managers. Previously, Furnary was a Partner and Executive Vice President of Lazard Realty, Inc., and before that, he was Vice President and Regional Head of Acquisitions at Citibank, New York. He earned a BS at Villanova University and an MBA at Boston College.


Tracy Sayegh Gabriel is President and Executive Director of the Crystal City Business Improvement District, where she is stewarding the transformation of Virginia’s largest walkable downtown, just minutes from Washington, DC. An urban planner and city builder, Gabriel brings 15 years of planning, development, and place-based economic development experience in government and private consultancy in the Washington, DC, and New York City markets. Her work has focused on mixed-use development and neighborhood revitalization. Previously, Gabriel was Associate Director at the District of Columbia Office of Planning, where she led a design-forward, equity-driven planning practice. She is former Vice President at the New York City Economic Develop-ment Corporation under the Bloomberg administration. Gabriel earned a degree in International Affairs from George Washington University, received a Master’s in City Planning from the Mas-sachusetts Institute of Technology, and was a Fulbright Scholar in Economic Development in Damascus, Syria.

Phil Gillin is Executive Vice President and Portfolio Manager for BentallGreenOak (Canada) Limited Partnership and Senior Managing Director at SLC Management. He oversees Canadian Property Investments for the General Account of the Sun Life Financial Group of Companies, with respon-sibility for its portfolio of Canadian commercial mortgages and real estate investments. Gillin is also the Portfolio Manager of the Sun Life Canadian Commercial Mortgage Fund and Portfolio Manager of the BentallGreenOak High Yield Canadian Property Fund. In addition, he is the former Chair of Sun Life Financial’s International Sustainability Council. Gillin has more than 36 years’ experience in the property investment sector. He joined Sun Life Assurance Company of Canada in 1998 as Vice President of Canadian Real Estate and was appointed Senior Managing Director and Head of Canadian Real Estate in 2007. Prior to joining Sun Life Assurance Company, Gillin managed the real estate assets at one of Canada’s largest retailers, and prior to that, he was with one of North America’s largest real estate companies.

David Glickman is Executive Vice President of Meketa and joined the firm in 2019 as part of the merger between Meketa and Pension Consulting Alliance. He focuses on commercial real estate debt and equity for pension and retirement system clients. From 2001–2005, Glickman was a Partner and Investment Committee Member of Apollo Real Estate Advisors. From 1998–1999, he was Vice Chairman of Advisory Research, Inc. From 1994–1998, he was Chairman, CEO, and CIO of Ambassador Apartments, Inc. From 1972–1992, he was Executive Vice President and Member of the Board of Directors and Investment Committee of Heitman Financial and President of Heitman Advisory Corporation. He founded Ambassador Capital Management, Inc., in 1991. Glickman is a Guest Lecturer in Real Estate at the Kellogg School of Management at Northwestern Univer-sity. He has been an Illinois and Nevada licensed real estate broker and a Director/Trustee of the National Multifamily Housing Council, Pension Real Estate Association, and National Association of Real Estate Investment Trusts. He is also on the Advisory Board of Institutional Real Estate, Inc. Glickman received his Bachelor of Arts in English from the University of Illinois, Chicago.


Steven Hason is Managing Director and Head of Americas Real Estate & Infrastructure for APG Asset Management US Inc. and serves on the Executive Board of the firm. He oversees services relating to real estate and infrastructure investments in North and South America, including listed investments, direct investments, fund participations, joint ventures, and other private portfolio equity investments. Prior to joining APG in 2005, Hason held senior investment banking roles at Salomon Brothers Inc and CIBC World Markets. As an active member of the institutional invest-ment community, Hason is a member of the Executive Committee of the Board of Directors of the Pension Real Estate Association, a member of the Executive Committee of the Zell/Lurie Real Estate Center at The Wharton School of the University of Pennsylvania, and on the Board of Direc-tors of the Association of Foreign Investors in Real Estate. He is also a past Chairman of both PREA and AFIRE, as well as past board member of The Real Estate Roundtable. Hason is also an active member of the Urban Land Institute and International Council of Shopping Centers. He received a BS in Management from Tulane University.

David Hodes is a Founder and Co–Managing Partner of Hodes Weill & Associates. He is a member of the firm’s Operating Committee and sits on the Investment Committee for Tunbridge Partners, an affiliate focused on investing in asset and fund management businesses. Previously, Hodes co‐headed the Real Estate Investments Group at Credit Suisse, where he and Doug Weill oversaw the global real estate investment businesses. He also managed business units at other companies, including Donaldson, Lufkin & Jenrette, Morgan Stanley, and the Yarmouth Group. Hodes has been a writer and speaker at industry forums on institutional real estate, including the Urban Land Institute, NCREIF, NAREIT, the NYU and the Columbia Real Estate Centers, INREV, ANREV, and the Pension Real Estate Association, where he has also served on the Board. He is a regular guest lec-turer at Columbia University as well as at his alma mater, Brandeis University, where he co-chairs the Board of Overseers for the Brandeis International Business School.

Atit Jariwala is the Chief Executive Officer of Bridgeton Holdings. He is actively involved in the investment process and oversees the operations of Bridgeton, including strategic initiatives, inves-tor relations, management, and leasing. Jariwala has been involved with real estate management and investment his entire life. As a partner and cofounder of several real estate companies, he has been involved in the acquisition, development, and management of dozens of properties across the US. Prior to Bridgeton, Jariwala was at CIM Group and a real estate private equity firm. Prior to his development and investing career, Jariwala was an investment banker at Salomon Smith Bar-ney (now Citigroup) and Wells Hill Partners. In addition, he managed a number of hotel properties. Jariwala graduated from Yale University with a degree in Economics, cum laude with distinction, and received an MBA from Stanford University.

Nils Kok is Chief Economist at GeoPhy, the provider of automated valuations for the real estate sec-tor. Previously, he was the Founder and CEO of GRESB, a global ESG rating company for real estate and infrastructure investments. Kok also serves as an Associate Professor in Finance and Real Estate at Maastricht University, the Netherlands. Kok received his PhD from Maastricht University.

Mary Ludgin is Head of Global Investment Research at Heitman. She is a Partner of the firm and holds a seat on its investment, valuation, and global management committees. Prior to joining Heitman, Ludgin was an urban planner and she worked in retail site location. Among her profes-sional affiliations, she just concluded a term as a Global Trustee of the Urban Land Institute, and


she chairs the Institute’s Chicago District Council. She is a member of the board of ULI’s Center for Sustainability and Economic Performance. She served as Chairman of the Board of the Pension Real Estate Association, President of the National Council of Real Estate Investment Fiduciaries, and President of the Real Estate Research Institute. Ludgin is a fellow of the Homer Hoyt Institute for Real Estate Research and a member of LAI, the honorary real estate society. She holds an AB from Vassar College and an MA and a PhD from Northwestern University.

John McClelland is a Principal Investment Officer at the Los Angeles County Employees Retirement Association (LACERA) with overall responsibility for the global real estate investment activities of the pension fund. Prior to re-joining LACERA in 2006 (a position he previously held from 1995–2002), McClelland was President of CS Capital Management, Inc., the investment management affiliate of Chadwick, Saylor & Company, a real estate investment bank. He is a 34-year veteran of institutional real estate investing. Prior to joining LACERA, McClelland served as an Investment Of-ficer for the California State Teachers’ Retirement System and in the acquisitions group of a major real estate investment advisor to pension funds. McClelland is a member of the Pension Real Estate Association, where he served five years as a member of the Association’s Board of Directors. McClelland received a BS from UCLA and an MBA from California State University, Sacramento.

Christopher Merrill is the Cofounder, Chairman, and CEO of Harrison Street, a real assets invest-ment management firm. He serves as Chairman of the Board and the Investment and Executive Committees of the company. Prior to launching Harrison Street, Merrill was a Partner at Heitman, where he launched the firm’s presence outside the US, developing the innovative investment strategy around Central Europe real estate in the late 1990s. He is a member of PREA, YPO, Eco-nomic Club of Chicago, and Chicago Commonwealth Club. Merrill earned an MBA from the CASS School of Business in London.

Bryan Moll is an Executive Vice President on the development team of JBG SMITH. He has more than 15 years of experience managing the development of mixed-use projects. He previously served as an Executive Vice President of Strategic Property Partners and began his career at RCLCO,a real estate advisory firm. Moll received a Bachelor of Environmental Design at the University of Colorado at Boulder, where he studied planning and design.

Lauren Pressman is the Director of Real Estate and Investments at Hillspire, LLC, a family office based in Menlo Park, CA. She joined Hillspire in 2013 and leads all the family office’s real estate investments and real estate–related endeavors, including overseeing development projects and investment transactions. Prior to Hillspire, Pressman’s roles included Director of Investment Research at Aspiriant, LLC, Senior Vice President at MacFarlane Partners, and Project Manager at Hines Interests. She earned a master’s degree in Business Administration from the Stanford Gradu-ate School of Business and holds a bachelor’s degree in Latin American Studies from Stanford University. Pressman co-chaired PREA’s 2018 Fall Conference.


Carlo Ratti is Director of MIT Senseable City Lab and Founding Partner of Carlo Ratti Associati. A leading voice in the debate on new technologies’ impact on urban life, his work has been exhibited in several venues worldwide, including the Venice Biennale, New York’s MoMA, London’s Science Museum, and Barcelona’s Design Museum. Two of his projects—the Digital Water Pavilion and the Copenhagen Wheel—were hailed by Time Magazine as “Best Inventions of the Year.” He has been included in Wired Magazine’s “Smart List: 50 people who will change the world.” He is currently serving as Co-Chair of the World Economic Forum’s Global Future Council on Cities and Urbanization and as Special Advisor on Urban Innovation to the European Commission.

Jaana Remes is an Economist and a Partner at the McKinsey Global Institute (MGI), McKinsey & Company’s business and economics research arm. Since 2003, she has led MGI’s research on urbanization, productivity, competitiveness, and growth. Her latest research maps the deployment of smart city solutions and sizes the potential benefits to urban citizens’ health, safety, commute times, and other factors impacting quality of life. Remes leads MGI’s Urban World research series that includes mapping of economic power of cities, identification of global consumer groups shaping global demand, and mapping of the global company landscape. She has led MGI’s research on energy, with a focus on understanding the microeconomic underpinnings of global energy demand and the opportunity to reduce energy consumption through higher energy pro-ductivity. Remes is a nonresident Senior Fellow at the Strategic Foresight Initiative of the Atlantic Council. She has a PhD in Applied Economies from Stanford University and an MSc degree in Economics and Philosophy from the University of Helsinki.

Christina Scarlato is a Principal Portfolio Manager for real asset investments at the World Bank Pension Fund. She is responsible for strategic planning, monitoring existing managers, and evaluating prospective managers across real assets both domestically and abroad. Scarlato has worked with the World Bank Pension Fund since 2007 and previously worked for several years in various departments across the Treasury Department of the World Bank. She serves as a Board Member and Chair of the Pension Real Estate Association. Scarlato received a BA in Mathematics and Spanish from Seton Hall University and an MBA from George Washington University.

Gillian Tett is Chair of the US Editorial Board and America Editor-at-Large for the Financial Times. Her previous roles at the Financial Times include Managing Editor, Assistant Editor, Capital Markets Edi-tor, and Tokyo Bureau Chief. In 2014 the British Press Awards named her Columnist of the Year. She has a wide range of expertise in economics and is widely credited with predicting the recession that started in 2007 in the mainstream press. She is the author of New York Times best seller Fool’s Gold, an in-depth portrait of the world of shadow banking. She also wrote Saving the Sun, about Japan’s financial collapse in the 1990s. She has a PhD in Social Anthropology from Cambridge University.


Jennifer Tindle is Vice President, Technology, Data, and Analytics, at Pennybacker Capital. She defines, manages, and develops Pennybacker’s performance technology and data analytics, including supporting the firm’s initiatives with Pennybacker Analytics. Her responsibilities also include acquiring, interpreting, and visualizing data for internal and external uses. Prior to joining Pennybacker, Tindle was a Senior Associate with PwC’s Assurance practice. Her clients ranged from Fortune 100 multinationals in the technology industry to small, private firms. Tindle assisted with the largest leveraged buyout transaction in the US technology industry, led the compensa-tion and benefits audit for a privately owned multinational client’s S-1, and helped conduct IPO procedures for a Fortune 500 midstream energy client. Tindle holds a Bachelor of Arts in Account-ing from Southwestern University and a Master of Accountancy from Vanderbilt University.

Jenny Wong is Managing Director–Ventures and Innovation at Tishman Speyer. She leads the company’s proptech venture investments and innovation initiatives. In her role, Wong manages innovation and technology investment initiatives. She previously led the development efforts for MIRA, a 400-unit residential development in San Francisco, and asset management for the North-ern California portfolio. Prior to joining Tishman Speyer, Wong was a consultant for McKinsey & Company. She is a member of the Urban Land Institute. Wong received an AB, magna cum laude, and graduated with an MBA from Harvard University, where she was a Baker Scholar.

Allison Yager is a Partner in the Atlanta office of Mercer. She is the Global Leader of Real Estate within Mercer Alternatives, part of Mercer’s Wealth Business. She provides real estate consulting and strategic advice to Mercer’s clients and consultants located across the globe. She also man-ages a team of consultants and researchers based in the various Mercer regional offices. Her team is responsible for providing strategic and investment direction in conjunction with construct-ing real estate portfolios for clients. Additionally, the team conducts research on all real estate and real estate–related strategies, monitors existing client real estate investments, and provides performance reporting for Mercer clients’ real estate strategies. Yager has more than 30 years of financial and real estate investment experience. Prior to joining Mercer in 2003, she worked for a real estate investment management firm. Prior to that, she spent three years working for a public accounting firm. Yager earned a Bachelor of Business Administration in Accounting from the University of Georgia. She is a Certified Public Accountant, is a member of NCREIF, and serves on several advisory boards, including the Pension Real Estate Association.

Fareed Zakaria is the Host of CNN’s Fareed Zakaria GPS, a Contributing Editor at the Atlantic, and a Washington Post columnist. Zakaria is widely respected for his thoughtful analysis and ability to spot economic and political trends. The Emmy-nominated and Peabody-winning GPS features Zakaria’s panel discussions and interviews with heads of state, intellectuals, and business leaders. His articles—ranging from the future of the Middle East and the US role in the world to the poli-tics and culture of the global economy—reach millions of readers weekly. His work has appeared in the New Yorker, the New York Times, the Wall Street Journal, and Slate. Zakaria’s most recent book, The Defense of a Liberal Education, was published in 2015, and he is the author of the best sellers The Post-American World and The Future of Freedom. He earned a bachelor’s degree from Yale University and a doctorate from Harvard University.


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