S
UR
1.
F
2.
”S
U
3.
P I
N
5.
4.
By Allen Kenney
1. Leland Speed (pictured with Moore),
chairman of Parkway Properties Inc. and
EastGroup Properties Inc., receives the
2008 Industry Leadership Award.
2. NAREIT Executive Vice President,
Finance and Operations, Sheldon Groner
presents the Leader in the Light Gold
Award to Paul Twardowski of Hines REIT.
3. Moore presents Martin Cicco, head of
MJC Associates, with the 2008 Industry
Achievement Award.
4. (L to R) John B.
Kilroy, Jr., president and CEO of Kilroy
Realty Corp., catches up with Martin “Hap”
Stein, chairman and CEO of Regency
Centers Corp., at a cocktail reception.
5. Liz Peace, CEO of the British Property
Federation, discusses sustainable building
programs.
6. (L to R) NAREIT Chair
Constance Moore, president and CEO of
BRE Properties; Debra Cafaro, chairman,
president and CEO of Ventas Inc.; Peter
Lowy, CEO, Westfield LLC; Nelson Rising,
President and CEO, Maguire Properties
Inc.; and David Simon, chairman and CEO
of Simon Property Group Inc., debate
management skills for dealing with the
economic downturn.
At a time when the industry was preoccupied with
Readying for a Rally
Among the usual series of panels, commercial
the credit crisis, the first chills of fall began to set in
real estate executives and analysts offered their
November, about a hundred of REIT executives and
insights into a host of credit-related issues and
the industry’s long-term outlook. One theme
investors flocked to San Diego in November.
emerged in the discussions: prepare for a
tough 2009, but be ready a rally after that.
They weren’t there just looking for fun in the sun,
Kenneth Rosen, chairman of Rosen Real
Estate Securities, speculated that REITs
though, as the 2008 NAREIT Annual Convention
could see a rally of historic proportions in
provided informative discussion and analysis of the major
2010. “If you can just survive the next two
years, it will be a very good time,” he said.
issues facing the commercial real estate industry. In 2008,
“We’re at the point now where if we can
solve the financing issue and get the econ-
that meant lots of talk about the ongoing credit crisis.
omy moving again, we’re going to look back
at this as the best opportunity in history.”
JP Morgan Managing Director Mark
Streeter said REITs’ actions during the
