Deloitte’s 2017 Real Estate Industry UpdateOptimizing opportunity in an ever-changing environment Orange County, CAOctober 11, 2017

Welcome to Deloitte’s 2017 Real Estate Industry UpdateThe pace of disruption in our industry continues to increase, influenced by powerful forces including ongoing regulatory change, rapid advancement in technologies, workforce evolution, demographic shifts, and the dynamic influence of global events. Never has it been more important to challenge the way we think about and do business. While some of the problems the pace of change can create are daunting, the opportunities ahead are great.

In our preparation for this year’s Real Estate & Construction Update—which we are again hosting in 12 cities across the United States—we have been mindful of the challenges and opportunities these rapidly changing times can present. We hope the agenda of topics and speakers that we’ve assembled will better prepare you for successfully managing what lies ahead.

Thank you for attending our event. We appreciate your active participation in what promises to be a day of meaningful insights and discussions.

Warm regards,

Jim BerryUS Real Estate & Construction LeaderDeloitte & Touche LLP+1 214 840 7360jiberry@deloitte.com

Robert T. O’BrienGlobal Real Estate & Construction LeaderDeloitte & Touche LLP+1 312 486 2717 robrien@deloitte.com

AgendaWednesday, October 11

8:00–8:30 a.m. | Breakfast and registration8:30–9:35 a.m. | Executive real estate panel 9:35–10:25 a.m. | Tax update 10:25–10:40 a.m. | Break10:40–11:30 a.m. | Accounting and regulatory update11:30–12:05 p.m. | Technology in construction12:05 p.m. | Closing remarks

PanelistsBob has served as the executive vice president and chief financial officer of American Assets Trust Inc. since the completion of its initial public offering (the IPO) in January 2011. Bob has managerial and supervisory responsibility for accounting, taxation, risk management, capital markets, financial reporting, and investor relations. Bob has more than 30 years of experience in commercial real estate, accounting, tax, mergers and acquisitions, and structured finance. From 1998 until the IPO, Bob served as executive vice president and chief financial officer of American Assets Inc. Additionally, from 2002 until the IPO, Bob served as chief financial officer and chief compliance officer of American Assets Investment Management LLC, an investment advisor affiliated with American Assets Inc. that is registered with the SEC.

From 1996 until 1998, Bob served as executive director of real estate and finance for Flour Daniel, a Fortune 500 engineering and construction company. From 1986 until 1996, Bob served as senior vice president and chief financial officer of RCI Asset Management Group, a privately held real estate developer, whose capital partners included Melvin Simon & Associates, the predecessor entity to Simon Property Group. Prior to joining RCI, Bob was a senior audit manager at Kenneth Leventhal & Company, where he served private and publicly traded companies, including commercial and residential real estate developers. He began his professional career in 1980 with Arthur Young & Co. as an auditor. Bob received his BS in business administration with a major in accounting from California State University, Pomona, and an executive certification in mergers and acquisitions from Northwestern University. Bob is licensed as a certified public accountant in California.

Bob BartonExecutive Vice President and Chief Financial Officer American Assets Trust, Inc.

Todd is a partner in the Los Angeles Audit practice of Deloitte with more than 25 years of public accounting experience. He leads the Real Estate practice in Los Angeles and serves as the West Region Real Estate Audit leader as well as the co-leader of the National Engineering & Construction Practice.

Todd has served clients in various segments of the real estate, construction, and engineering sectors including publicly traded REITs, private equity real estate funds, sovereign wealth funds, publicly traded and private homebuilders, and construction companies. He has also served global clients and has been an advisor to global engagement teams. Services provided include audits of SEC registrants and privately owned entities, buy-side and sell-side due diligence, and purchase price disputes in business combinations—as well as involvement in initial public offerings, follow-on offerings, and debt offerings. Todd also has served as the quality reviewer for a variety of private and publicly traded REITs and real estate investment funds. Additionally, his experience includes clients that utilize EB-5 financing.

Todd is a member of NAREIT, Urban Land Institute (ULI), and the USC Lusk Center executive committee. Todd serves as treasurer on the advisory board of the ULI’s Los Angeles district council. Todd is a CPA in California, New York, and New Jersey.

Community service is important to Todd, and he serves on the board of trustees and audit committee of Pediatric Therapy Network for children.

Todd BauerPartnerDeloitte & Touche LLP tbauer@deloitte.com

Todd has more than 20 years of real estate banking experience. His banking career started in 1995 with the Large Corporate Real Estate Group at Bank One (now JP Morgan Chase). Todd was recruited to Wells Fargo in 1999 and joined the Real Estate Banking Group at its headquarters in San Francisco. Upon promotion in 2003, Todd relocated to the Real Estate Banking Group office in Los Angeles and moved into management. Before entering into consulting business for himself in July 2017, Todd was an executive vice president and regional manager in Commercial Real Estate at Wells Fargo. Todd managed real estate originations, underwriting, portfolio management, and general banking services for sponsors based in greater Los Angeles and Hawaii from offices in Century City, downtown Los Angeles, and Honolulu. Todd’s region comprised over $7 billion in active loan commitments. While managing the P&L and staff, Todd maintained $20 million of independent credit approval authority.

Todd has been directly involved in originating more than $15 billion in loans over his career with a focus on lending to opportunity funds, public and private real estate companies and developers, homebuilders, family offices, REITs, joint venture vehicles, etc. Todd has demonstrated expertise in real estate lending secured by nearly all product types: recourse and nonrecourse lending both senior and mezzanine; syndicated credits, construction, and bridge lending; repositioning finance, perm loans, term loans, revolving lines of credit, unsecured loans both revolving and term; and general banking products and services for real estate operators, sponsors, and investors.

Todd PopovichPresidentPopovich Advisors LLC

Lawrence is president and chief operating officer of Southern California-based Donahue Schriber, a fully integrated, privately held real estate investment trust operating in the western United States. The firm owns and/or operates an 11 million-square-foot portfolio of 65 neighborhood, community, and power shopping centers.

Lawrence leads the Donahue Schriber teams responsible for acquisitions, development, construction, leasing, asset management, strategic planning, accounting, and financial reporting. During his more than 40 years in real estate and investments, he has managed $10 billion of assets nationally.

Prior to joining Donahue Schriber, Lawrence worked with San Diego-based National Advisors, providing senior management services to its real estate and lending clients. He was also an audit manager in the Orange County office of Deloitte.

Lawrence received his BBA degree in accounting from the University of Notre Dame. He is a certified public accountant and a member of the American Institute of Certified Public Accountants (AICPA) and the California Society of Certified Public Accountants. He is a member of the International Council of Shopping Centers and sits on its Open Air Shopping Center Committee and Tax Reform Advisory Group. Lawrence is also a member of the Urban Land Institute (ULI), sat on its audit committee, is a vice chair of one of its commercial and retail development councils, mentors in its Young Leaders Group Mentorship Program, and is a ULI Foundation governor. In 1999, he was nominated by the AICPA to serve on the American Arbitration Association’s Panel of Neutrals in the banking, commercial lending, and real estate areas.

Lawrence is a member of the Advisory Board of the Center for Real Estate at UC Irvine’s Paul Merage School of Business, mentors graduate students at the school, and was recognized as Mentor of the Year in 2011 and 2017. He is also on the organizing committee of the California High School Football Showcase, an affiliate of the National Football Foundation. The showcase helps high school seniors earn scholarships to play football at NCAA Division II and III and NAIA colleges and universities. In addition, Lawrence is on the organizing committee, of the Orange County Real Estate Luncheon and sits on its selection committee which determines the charitable organizations that will receive the funds raised by the luncheon.

Lawrence P. CaseyPresident and Chief Operating OfficerDonahue Schriber

Shagun is a Digital Finance leader at Deloitte Consulting LLP, focused on helping clients with global finance transformation programs and developing innovative solutions on disruptive technologies like blockchain, robotics, etc.

He has more than 12 years of experience and has served clients in the real estate, financial services, and high-tech industries.

Alex is currently in a management development program in which he assists Deloitte’s Real Estate & Construction industry professional practice director. His role includes presenting on emerging real estate and construction accounting issues, developing and communicating Deloitte’s industry positions on accounting and auditing matters, and serving as a consultation resource for Deloitte clients and professionals as they work through complex industry accounting issues.

Alex is in his eighth year at Deloitte, and prior to his current role, he served on audit engagements of real estate companies in Chicago. He has experience with transactions including initial public offerings, secondary stock and debt offerings, mergers and acquisitions, and spin-offs.

Alex BraserManager Deloitte & Touche LLPabraser@deloitte.com

Presenters

Shagun Goyal Senior ManagerDeloitte Consulting LLPshgoyal@deloitte.com

Jim leads the US Real Estate & Construction (RE&C) sector for Deloitte. Prior to assuming the US RE&C sector leader role, he served as the head of Deloitte’s Audit practice for the RE&C sector. During his more than 30 years of experience, Jim has worked with public and private companies across many segments of the RE&C sector including REITs, construction, and private equity companies. Jim has extensive experience in initial public offerings, private placements, and SEC filings, as well as advising clients in all aspects of mergers, acquisitions, divestitures, and due diligence activities.

Jim is a frequent speaker and instructor on industry and other technical subject matters at the national level with Deloitte. Living in Dallas, Jim has been heavily engaged in several real estate and community organizations including The Real Estate Council and United Way of Metropolitan Dallas.Jim Berry

Partner and Vice Chairman, US Real Estate & Construction Leader Deloitte & Touche LLPjiberry@deloitte.com

Dustin is the deputy industry professional practice director (IPPD) for Deloitte’s Real Estate & Construction practice. He is a partner in the Chicago office and has more than 15 years of public accounting experience. In his deputy IPPD role, Dustin consults on real estate accounting and auditing matters for both historical cost and fair value reporters, develops and presents technical updates to clients and staff, and reviews numerous financial statements and disclosures. In addition to his deputy IPPD role, he serves as the lead client service partner for some of the largest real estate companies in the United States.

J. Dustin SchultzPartner, Deputy Industry Professional Practice DirectorDeloitte & Touche LLPduschultz@deloitte.com

Michelle is a technology principal in Deloitte’s Financial Services and Asset Management and Real Estate practice, specializing in the Oracle Enterprise Solutions service line. Michelle brings more than 24 years of consulting experience with a focus on leading large, often global, finance and digital IT transformation programs by leveraging technology. While she has served clients across many industries, her primary focus has been serving engineering and construction and real estate companies, including leaders such as AECOM, Worley Parsons, Jacobs Engineering, MWH, and CBRE.

Based in Los Angeles, Michelle recently joined Deloitte from PricewaterhouseCoopers (PwC) where she was a managing director. Michelle earned a BA in economics and accounting from UCLA.

Michelle MeiselsPrincipal Deloitte Consulting LLP mmeisels@deloitte.com

Wyndham (Wyn) is a partner in Deloitte & Touche LLP’s national office and serves as the professional practice director for the Real Estate & Construction industry practice. In his role, he assists clients and engagement teams around the country in identifying and resolving real estate and construction-related technical accounting and auditing issues. He also participates in establishing Deloitte’s positions on emerging accounting issues. Wyn has more than 25 years of public accounting and transaction experience in initial public offerings, secondary stock and debt offerings, mergers and acquisitions, and spin-off transactions.

G. Wyndham Smith, Jr.Partner, Real Estate & Construction Industry Professional Practice DirectorDeloitte & Touche LLPgesmith@deloitte.com

Mark is a principal with the Washington National Tax Group of Deloitte Tax LLP and focuses on tax issues faced by real estate investment trusts (REITs) and other real estate investors. Before joining Deloitte, Mark was a partner at Hunton & Williams LLP, where he represented REITs and investment banks in a large number of REIT initial public offerings and secondary stock offerings. He has also advised targets and acquirers in REIT mergers and acquisitions transactions, and he has advised REITs in tax-deferred and taxable spin-off transactions. In addition to transaction-related engagements, Mark has successfully obtained private letters rulings and closing agreements from the IRS on REIT-related matters. Mark has represented REITs in all asset classes, but has spent a significant portion of his career advising mortgage REITs and hotel REITs.

Mark also has extensive experience advising clients on partnership tax issues. He has structured “UPREIT” and “downREIT” tax-deferred contribution transactions, and he advised on the structuring of a number of joint venture transactions. He has also served as the tax advisor to two publicly traded partnerships.

Mark speaks regularly on issues related to REITs and investments in real estate, and his articles on REIT taxation have been published in Taxes and the Journal of Real Estate Taxation. Mark is also the program chair for the William & Mary Tax Conference.

Mark received his JD from the William & Mary School of Law, where he was a member of the Order of the Coif and was an articles editor of the William & Mary Law Review. He received his BA, magna cum laude, from Washington and Lee University, where he was a member of Phi Beta Kappa.

Mark Van DeusenPrincipal Deloitte Tax LLP

Notes

Notes

Notes

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