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2015 REIT CFO and Tax Director Roundtables 1

ProfileCristina Arumi is a principal in the Firm’s National Tax Department and resides in Washington, DC. Cristina is a member of the National Real Estate and Partnerships group, with a particular focus on tax advice related to real estate related transactions.

Cristina regularly advises both public and private real estate investment trusts (REITs), including mortgage REITs, closely held real estate companies, real estate funds, and non-US real estate investors on a variety of matters. Cristina has worked on multiple transactions involving mergers and acquisitions, the formation and initial public offering of UPREITs, REIT conversions, roll-up transactions, downREIT transactions and public debt and equity offerings. Cristina also advises a number of REITs on ongoing operating matters, including compliance with tax protection agreements in the course of subsequent transactions and refinancings; and has extensive experience representing clients in requests for private letter rulings from the IRS, as well as experience representing REITs and taxable REIT subsidiaries undergoing IRS audits.

Cristina advises non-U.S. clients – individuals, foreign pensions and sovereign investors – of the U.S. tax implications of investments and operations in the United States, including the Foreign Investment in Real Property Tax Act (FIRPTA). She also advises both U.S. and non-U.S. clients regarding U.S. tax implications on a variety of cross-border transactions.

Before joining Ernst & Young LLP in July 2013, Cristina was a partner and the global leader of the Tax Practice Area at Hogan Lovells. During her 17 years at Hogan, Cristina advised on the tax aspects of many of the most complex and high profile real estate related transactions in the industry. In addition, Cristina has worked with other corporate and partnership clients in numerous industries in connection with a variety of transactions, including taxable and non-taxable acquisition transactions, joint ventures, recapitalizations, and debt restructurings.

Cristina has made numerous speaking appearances at conferences hosted by the National Association of Real Estate Investment Trusts, the Practicing Law Institute and the American Bar Association. Cristina received her B.A. from the University of North Carolina at Chapel Hill, her J.D. from Duke University School of Law, and her LL.M. from Georgetown University Law Center. She is a member of the Tax Section of the American Bar Association and a member of the Government Relations Committee, National Association of Real Estate Investment Trusts.

© 2015 Ernst & Young LLPEY’s Real Estate, Hospitality and Construction practice executives

A. Cristina ArumiPrincipal, National Tax DepartmentErnst & Young LLP

1101 New York Ave NWWashington, DC 20005202 327 [email protected]


ProfileDirk is a Managing Director at Green Street Advisors, the preeminent provider of Real Estate Investment Trust (REIT) and commercial real estate research.

As a senior member of the Advisory & Consulting practice, he provides strategic advisory and valuation analysis for a variety of companies in the commercial real estate business. Dirk brings 25 years of experience in real estate transaction, valuation, restructuring and advisory services. Prior to joining Green Street, he was a Senior Director with Alvarez & Marsal Real Estate Advisory Services and also worked as a sell-side equity analyst focused on REITs. He speaks frequently at real estate industry conferences and has been quoted in The Wall Street Journal as well as prominent real estate industry publications.

Dirk earned a B.S. in Business Administration, with a concentration in Finance, and an M.A. in Business Administration, with a concentration in Real Estate, from The University of Florida. He is a member of the real estate advisory board for the Warrington College of Business Administration at The University of Florida. Dirk is also a member of NAREIT, International Council of Shopping Centers (ICSC) and the Appraisal Institute (MAI), and holds a California broker’s license.

Dirk AulabaughManaging DirectorGreen Street Advisors

660 Newport Center Dr, Ste 800Newport Beach, CA 92660949 640 8780 [email protected]


ProfileAs a Managing Director of Investment Banking at Morgan Stanley, Michael Bluhm is responsible for providing capital raising and financial advisory services within the real estate industry and heads Morgan Stanley’s western region real estate investment banking practice. Throughout his career he has been directly involved in more than $150 billion of public and private debt, equity and equity-linked offerings as well as a range of merger, acquisition and restructuring assignments, primarily with publicly traded companies.

Michael’s relevant transaction experience includes:

• Michael is a member of the National Association of Real Estate Investment Trusts, International Council of Shopping Centers and the Urban Land Institute.

• Michael’s relevant transaction experience includes:

• Advisor to Gaming & Leisure Properties in its $5Bn acquisition of the gaming and lodging real estate of Pinnacle Entertainment

• Bookrunner on the $14.1Bn Bank/Bond/CMBS debt refinancing and $2.7Bn IPO of Hilton Hotels Worldwide

• Bookrunner on the $550mm IPO of Store Capital

• Bookrunner and Joint Lead Arranger on the $2.4Bn term debt refinancing and $750mm IPO of LaQuinta Inns & Suites

• Advised Cole Credit Property Trust on the $7.1Bn merger with and into Spirit Realty Capital

• Advised Cerberus Capital Management on its $3.2Bn acquisition of several grocery chains, including Albertsons, from Supervalu

• Bookrunner on the IPO of Re/Max Holdings

• Bookrunner on the MXN10Bn I2 Infrastructure fund through a CKD (Certificados de Capital de Desarrollo) on behalf of Blackcreek Capital

• Advisor to Mexico Retail Properties on its $1.7Bn sale to FibraUno

• Advised Blackstone Group on its $26Bn acquisition of Hilton Hotels Worldwide

• Advisor to REIT Management & Research in connection with its minority stake sale to HPT, SNH, SIR and GOV and subsequent spin-off

• Advisor and left Bookrunner to Commonwealth REIT in connection with the subsidiary IPO of Select Income REIT

• Advised Legacy Hotel REIT, a publicly traded Canadian hotel REIT, on its sale to a consortium led by the Caisse de depot

• Advised Quality Technology Services in the sale of a pre-IPO stake to General Atlantic. Bookrunner on its subsequent REIT IPO

• Advisor and Joint Bookrunner to HRPT Properties Trust in connection with the subsidiary IPO of Government Properties Income Trust

• Joint Bookrunner and structuring advisor on the IPO of HFF, Inc.

• Advised Apollo Global Management on the acquisition of Great Wolf Resorts

• Advised Rockwood Capital in the sale of 365 Main Datacenters to Digital Realty Trust

• Advised Eagle Hospitality Properties Trust on its sale to a consortium led by AREA Property Partners

• Bookrunner on the IPO of Morgans Hotel Company

• Advised MSREF on its $6.6Bn acquisition of CNL Hotels & Resorts

• Bookrunner on various public capital market executions for AMH, MAC, MAR, HOT, HST, FS, HPT, LHO, CWH, SNH, GOV, SIR, UDR, CPT, BRE, HIW, DRH, O, DDR, STWD, DRE and WRI

Michael BluhmManaging Director, Investment BankingMorgan Stanley Real Estate

1999 Ave of the Stars, Ste 2400Los Angeles, CA 90067310 788 [email protected]


Robert H. BergdoltPartnerDLA Piper

4141 Parklake Ave, Ste 300Raleigh, NC 27612-2350919 786 2002 [email protected]

ProfileRobert Bergdolt leads DLA Piper’s representation of non-traded, publicly offered real estate investment trusts.

Since 1992, Robert’s practice has focused on securities regulations, corporate governance and mergers and acquisitions for traded and non-traded REITs.

Over the last six years, Robert has headed his legal practice’s representation with respect to 19 non-traded REIT public offerings, including offerings for programs sponsored by Dividend Capital, KBS Capital Advisors, Phillips Edison/ARC, Resource Real Estate, Behringer Harvard, Wells Real Estate Funds and Cornerstone Ventures.

Chambers USA has repeatedly recognized Robert for his Capital Markets: REITs practice, and has noted that impressed clients have said he is a “highly capable, hard-working, and practical guy” who “stands out in the non-traded REIT space.” “Clients acclaim [his] thorough knowledge of securities laws,” having said that he

“specializes in advising nontraded REITs on all areas of corporate and securities law.” Sources say he is “a pleasure to work with; knowledgeable and an excellent thinker.” “He provides reliable, sound and practical legal advice, and he’s able to foresee potential current and future pitfalls.”

The Legal 500 United States has recommended Robert for his REIT practice, commenting that he “provides valuable expertise in non-traded, publicly offered REITs.” The directory described him as “a great attorney” and “simply outstanding and very popular with clients.” Clients stated that they appreciate “his thoroughness on subjects, willingness and creativity to consider clients’ ideas, even if they are wacky.”

Robert graduated from Yale Law School (1990) J.D., Duke University (1987) A.B. magna cum laude.


Albert M. CampbellExecutive Vice President & Chief Financial OfficerMid-America Apartment Communities

6584 Poplar AvenueMemphis, TN 38138901 248 [email protected]

ProfileMr. Campbell is Executive Vice President and Chief Financial Officer.

Prior to his appointment as CFO on January 1, 2010, Mr. Campbell served as Executive Vice President, Treasurer and Director of Financial Planning and was responsible for managing the funding requirements of the business to support corporate strategy.

Mr. Campbell joined MAA in 1998 and was responsible for external reporting and financial planning. Prior to joining MAA, he worked as a Certified Public Accountant with Arthur Anderson and served various finance and accounting roles with Thomas & Betts Corporation.


Jaime J. CannonExecutive Vice President & Chief Financial OfficerTerreno Realty Corporation

101 Montgomery St, Ste 200San Francisco, CA 94104415 655 [email protected]

No photo available

ProfileJaime joined Terreno Realty Corporation in March of 2010 and currently serves as the Company’s Chief Financial Officer overseeing finance and accounting.

Prior to joining Terreno, he worked at AMB Property Corporation (now Prologis, NYSE: PLD), from 2003 to 2010 in various capacities, most recently as Vice President, Treasury. From 1997 to 2003, Jaime worked at Arthur Andersen and PriceWaterhouseCoopers, most recently as an Audit Manager specializing in real estate companies.

Jaime received a BA in Business Economics from the University of California, Santa Barbara and is a former California Certified Public Accountant.


Vishal ChawlaPartnerErnst & Young LLP

5 Times SquareNew York, NY 10036212 773 [email protected]

ProfileVishal Chawla is a partner in Ernst & Young LLP’s Transaction Real Estate Practice with 19 years of real estate transactions and financial due diligence, accounting, and valuation experience at Ernst & Young LLP in all sectors of real estate, including office, retail, hospitality, multifamily, student housing, homebuilding, healthcare, real estate and parking, as well as the real estate finance and securitization sector.

Vishal has advised publicly traded REITs and hospitality companies, private equity and sovereign wealth funds, financial institutions, government agencies, public and private homebuilders and other real estate entities by leading financial due diligence and operational analysis engagements. He has been actively engaged with real estate investors in M&A transactions and with borrowers and lenders in providing distressed real estate advisory/restructuring services ranging in value from $25 million to over $20 billion. Some of his recent transactions include the following:

• Publicly traded REIT merger with another publicly traded REIT in the retail sector in a transaction valued over $2 billion.

• Publicly traded multi-family REIT’s merger with another publicly traded multifamily REIT, $2.2 billion deal value.

• Proposed acquisition of the homebuilding division of a publicly traded company by a publicly traded homebuilder. Our work included financial and operational analysis of components of transaction value. Target was valued at over $2 billion. Proposed investment by a private equity fund in a private regional homebuilder. Investment in Target was valued at approximately $150 million.

• Strategic advisory and financial due diligence on multiple investments by a foreign investor into mixed-use condo, hotel, retail developments in the US on transactions over $500 million.

• Prominent European sovereign wealth fund’s first investment in US real estate in a joint-venture owning five office buildings, $1.2 billion deal value.

• Stand-alone carve out financial statements for a global hospitality company’s divestment of boutique hotels to a third party.

• Various transactions involving financial due diligence of lodging portfolios and assets on behalf of financial institutions and borrowers.

• Valuation support engagements on student housing and multi-family portfolios of a prominent real estate private equity fund comprised of over 100 properties valued at over $1 billion.

Education: B.S. Accounting, Rutgers University, School of Business; certified public accountant, New York; graduate work in real estate valuation.

Professional affiliations: Urban Land Institute, NAREIT, American Institute of Certified Public Accounts.


Robert J. CrnkovichPrincipal, National Tax DepartmentErnst & Young LLP

1101 New York Ave NWWashington, DC 20005202 327 [email protected]

ProfileBob Crnkovich is a member of Ernst & Young LLP’s National Tax Partnership Transactional Planning and Economics Group, where he advises on the taxation of partnerships, private equity, hedge funds, and real estate. He returned to the firm after serving as Senior Counsel in the U.S. Department of Treasury’s Office of Tax Policy (Office of Tax Legislative Counsel) in Washington, DC, where he focused on partnership matters.

For over 25 years Bob has been on the faculty at Georgetown University Law Center, where he has taught two courses, Advanced Partnership Taxation and Private Equity & Hedge Funds: Taxation and Transactions. A frequent lecturer, Bob has spoken at a number of conferences, including those sponsored by New York University, the University of Chicago Law School, the University of Virginia, the University of Southern California, the University of Alabama, the Practising Law Institute, the Tax Executives Institute, the American Bar Association, the Southern Federal Tax Institute, and

the American Institute of Certified Public Accountants. He has also written extensively in the partnership area, including co-authoring two Tax Management Portfolios on Limited Liability Companies and Non-compensatory Partnership Options (to-be-released) and the following articles – The Non-Tax Implications of the Taxation of Partnership Options; When Might an OP in an UPREIT be a PTP, and Why Should You Care?; Son of Boss Revisited; Castle Harbour Strikes Again; Partnership Conversions – Making Something Out of Nothing; CFC Stock Held by Foreign Partnerships – Confusion Galore; and New COD-AHYDO Legislation – Needed Relief Adds Complexity.

Bob is a member of the Washington, DC bar and earned accounting and law degrees from Marquette University and a masters of law degree from Georgetown University Law Center.


Ruth CruzSenior ManagerErnst & Young LLP

8484 Westpark DrMcLean, VA 22102703 [email protected]

ProfileRuth is a senior manager in the Construction and Real Estate Advisory Services (CREAS) practice and has more than 11 years of risk management, internal audit, SOCR and Sarbanes & Oxley Act 404 experience.

She has planned and executed in-depth and multifaceted reviews for both external and regulatory audits (e.g., financial statement audits, Sarbanes & Oxley Act 404 compliance, and the standards of the Public Company Accounting Oversight Board), as well as internal audit functions. Ruth is skilled at applying a risk based approach to ensure that the areas of highest impact are appropriately considered.

She has performed the identification and testing of key business controls in the following areas: financial statement close, accounts payable, accounts receivable, cash management, debt, payroll, revenue, cost allocation, credit card processing and general accounting.

Ruth also has experience strengthening internal controls, helping to improve IT and business performance, IT program management and assurance, IT enterprise risk, IT security and controls of ERP implementations, and information analysis.

She received her Bachelor of Science in Information Technology from the University of Puerto Rico, as well as a Master degree in Business Administration from Pace University.


Dennis CruzanFounding PartnerCruzan

221 15th StDel Mar, CA 92014858 345 [email protected]

ProfileDennis Cruzan is the Founding Partner of Cruzan. Dennis has over 30 years of experience in commercial real estate, including acquisitions, asset management, sales, leasing, finance and construction/development.

In his previous tenures, Dennis served as co-manager of JMI Realty’s multi-family, office, and hospitality development activities, acting as development partner with the Padres for the new Ballpark District in downtown San Diego. Prior to working for JMIR, Dennis was the CEO and chairman of Burnham Real Estate (now Cushman & Wakefield); a founder and principal of Centremark, a development and investment company specializing in office, industrial and multifamily real estate in Southern California; and also served as a development partner at Oliver McMillan, focused on leasing, acquisitions and project management.

Dennis received his Bachelor of Science in Business Administration at San Diego State University.


John W. CullinsEY America’s Real Estate Tax LeaderPartner, Ernst & Young LLP

One Victory Park, Ste 2000Dallas, TX 75219214 [email protected]

ProfileJohn is a partner in Ernst & Young LLP’s Dallas office and serves as EY America’s Real Estate Tax Leader. Prior to July 1, 2012, he held the title of Real Estate Industry Leader for the Southwest Region.

John has more than 32 years of experience serving the real estate industry, including REITs, investment partnerships, developers, and hospitality companies.

John has worked extensively with REITs since the early 1990s. He has served as either a tax engagement leader or senior advisory partner for a substantial number of traditional and non-traditional REITs. John is a frequent speaker on REIT topics at industry conferences, including NAREIT and Ernst & Young LLP’s REIT CFO and Tax Directors Roundtables.

John served on the Board of Directors of The Real Estate Council, and also serves on the board of the American Red Cross.

John joined Ernst & Young LLP in 1982, after graduating from Baylor University with a Masters in Taxation. He received his BBA degree from Baylor University in 1978. John previously served on the Accounting Department Advisory Board at Baylor.


James DeutschPrincipal, Business Advisory ServicesErnst & Young LLP

155 N Wacker DrChicago, IL 60606312 [email protected]

ProfileJim has 19 years of advisory and operational experience in delivering business benefits through data strategy, business intelligence (BI) and business performance management. Prior to joining Ernst & Young LLP, he was Managing Director of The Hackett Group’s EPM/BI practice from 2004-2009, and from 1996-2004, he was founder of Active Interest, Inc., a leading BI strategy and services firm that was sold to The Hackett Group.

Jim is currently the lead engagement executive at a real estate client transforming their ERP, data strategy, and financial reporting capabilities. He acted as the lead engagement executive on a leading power and utility client transforming their finance master data and governance, redesigning their current budget and forecast applications, and upgrading their EPM/BI environment with a significant report migration effort. Jim led a master data and governance strategy and implementation project at a large global manufacturing organization and led a global automotive manufacturer on business intelligence strategy, vision, and roadmap

project. He has acted as the lead engagement executive for a global consumer package goods client on a global transformation project that included master data, data integration, planning, and reporting with a full business performance management platform integration, and he has advised a leading health care provider and insurer on IT standardization, business intelligence strategy and design, along with integration across their business performance management platform all deployed through a global Center of Excellence. Jim acted as lead engagement executive for a global pharmaceutical company’s financial data warehouse design and rollout to allow for stronger financial reporting and analysis, and acted as lead engagement executive for the design and integration of a corporate master data strategy to align all vendor and customer information for a technology manufacturer to align within their BPM and BI platforms.

Jim has Bachelor of Science degrees in business information systems from Northern Illinois University.


Chris W. DohertySenior ManagerErnst & Young LLP

560 Mission St, Ste 1600San Francisco, CA 94105414 [email protected]

Profile• 10 years of experience working in sustainability

management and reporting, supplemented by a business management background.

• Focuses on auditing and advising domestic and international companies on managing environmental, social, economic and governance risks and opportunities in their business in order to generate capital over the long term.

• Other areas of experience include greenhouse gas (GHG) measurement and reporting, emissions trading, workplace health, safety and environmental performance and compliance, social performance and measuring social value.

• Chris has led strategic sustainability advisory engagements for multinational companies in the areas of materiality assessment, data collection, stakeholder engagement, GRI G4 gap assessment, renewable energy options analysis and Integrated Reporting (IR) advice.

• Chris is also an experienced sustainability assurance practitioner having led multiple assurance engagements over a range of non-financial public disclosures and, in 2015, Chris presented at the American Accounting Association conference on the role of accountants in sustainability reporting and assurance.

• Specific experience includes leading the engagement providing assurance over the sustainability reports for Hewlett-Packard, Intel and The Clorox Company in 2015.

• Chris also provided assurance over the Sustainability Report and GHG Report for a $55+b leading diversified retail, consumer products, mining and chemicals operator (Wesfarmers Ltd) in Australia in 2014, among other clients in the oil and gas and beverage sectors including Woodside Energy, Asia Pacific Breweries and Western Power under GRI and AA1000 standards.

• In addition to sustainability reporting, Chris provides advice and assurance services to clients on their Conflict Minerals program and reporting to the SEC.

• Holds a Post Graduate Diploma Sustainability Studies and Climate Policy – Curtin University Sustainability Policy Institute.

• Certified in Project Level GHG Accounting & Advanced GHG Compliance training.

• Certified Project Management Professional (PMP).


Christopher T. DrulaVice President, Financial StandardsNAREIT®

1875 Eye St NW, Ste 60Washington, DC 20006-5413202 [email protected]

ProfileChristopher T. Drula, CPA currently serves as Vice President, Financial Standards of the National Association of Real Estate Investment Trusts (NAREIT®).

In this role, Chris is responsible for evaluating accounting and financial reporting standards proposals issued by the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), the U.S. Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB); developing industry views on these proposals; submitting comment letters and other communications to standard setters with respect to these proposals and representing the real estate industry at meetings held by standard setters.

Chris provides advice and input to the Boards and staff with respect to the implications of proposals on the real estate industry. He frequently provides an overview of

the state of standard setting related to the real estate industry at conferences and workshops. Additionally, Chris is responsible for providing technical support to NAREIT members and developing educational programs to support members’ timely understanding of new and proposed standards.

Before joining NAREIT, Chris served as a Senior Manager in PricewaterhouseCoopers’ Banking and Capital Markets Practice. While at PwC, Chris completed a tour of duty in PwC’s National Professional Services Group. In this role, he provided accounting and consulting services in the areas of financial instruments, securitization, and consolidation. Chris graduated summa cum laude from King’s College and is a Certified Public Accountant in Pennsylvania, Virginia, and New Jersey.


Christine FioRitoVice President - TaxEquity Residential

Vice President - Tax Two North Riverside Plaza, Suite 400, Chicago, IL 60606-2609312 928.1320 [email protected]

ProfileChristine FioRito is the Vice President of Tax at Equity Residential, where she is responsible for tax strategy, planning and compliance. Prior to joining Equity Residential in 2001, Ms. FioRito was head of tax for American Classic Voyages, a publicly traded cruise line. Ms. FioRito began her career in public accounting, concentrating in small business structuring, tax planning and audit.

Ms. FioRito is a graduate of Winona State University in Winona, Minnesota where she earned a Bachelor of Science degree with a concentration in Accounting. She is a CPA and earned a Masters of Science in Taxation from Northern Illinois University.


Mark FisherExecutive DirectorErnst & Young LLP

1101 New York Ave NWWashington, DC 20005202 [email protected]

ProfileMark Fisher is an executive director in the Real Estate Group of Ernst & Young LLP’s National Tax Department in Washington, DC, where he concentrates his practice on real estate taxation, including REITs, partnerships, like kind exchanges and real estate transactions.

Mr. Fisher has over 20 years of experience working with real estate clients, including nine years in the firm’s Dallas office.

He is a CPA and has a B.S. degree in business administration from the University of North Carolina at Chapel Hill and a master’s degree in public accounting from the University of Texas (specialty – tax.)


Joshua S. ForgionePartnerErnst & Young LLP

1101 New York Ave, NWWashington, DC 20005202 [email protected]

ProfileJosh Forgione is a partner in Ernst & Young LLP’s US Professional Practice Department and is based in Washington, DC. Josh joined Ernst & Young LLP after serving on the staff of the Securities and Exchange Commission (SEC). Josh interacts regularly with the SEC staff to resolve issues involving financial accounting and disclosure matters and the interpretation and application of SEC rules and regulations.

Prior to being admitted as a partner to Ernst & Young LLP, Josh served as an Associate Chief Accountant in the SEC’s Office of the Chief Accountant. There, Josh served as a subject matter specialist for accounting matters in the areas of business combinations, consolidations, debt and equity, leasing and revenue recognition and the consideration of the materiality of financial statement errors. These responsibilities included following the activities of various professional accounting standard setting bodies both within the United States and internationally, consultations with registrants on accounting and reporting matters, and participation in the development of the Commission’s and other standard setting bodies’ rule proposals.

Josh earned a Bachelors of Science degree in Accounting from George Mason University. He is a Certified Public Accountant in Washington, DC, and a member of the American Institute of Certified Public Accountants.


John R. French PartnerErnst & Young LLP

18101 Von Karman Ave, Ste 1700Irvine, CA 92612949 437-0276 [email protected]

ProfileJohn is a leader in Ernst & Young LLP’s Southern California real estate practice. His clients include many of the major real estate owners and developers located in Orange County. He has extensive experience with SEC reporting and compliance and auditing public and private real estate companies.

His areas of practice include: REITs, real estate investment funds/advisors, hospitality companies, homebuilders and land developers. He is an active member of Ernst & Young LLP’s REIT, Opportunity Fund and Homebuilder Practice Groups. He has served as the technical independent review partner on many real estate companies and acts as an instructor of GAAP for real estate companies. He also has experience with REIT formations and IPOs, mergers and acquisitions, REIT privatization, UPREIT and DownREIT transactions.

John is a member of AICPA, California CPA Society, National Association of Real Estate Investment Trusts and is a full member of the Urban Land Institute. He is a Certified Public Accountant in California and Nevada. John graduated from California State University, Long Beach (B.S. and M.B.A.).


Lawrence M. GarrettPrincipalErnst & Young LLP

1101 New York Ave NWWashington, DC [email protected]

ProfileLarry is a member of the National Transaction Tax Group of the Transaction Advisory Services service line, and is based in Washington, DC. He has over 28 years of experience in transactional tax planning. Larry’s responsibilities include providing firm-wide consultation regarding mergers, acquisitions, dispositions, spin-offs, financings, corporate restructurings, cross-border transactions, and consolidated return issues.

Prior to joining Ernst & Young LLP, Larry was a Participating Principal in another major accounting firm. Before that, Larry was an associate at the Washington office of an international law firm. In both of these capacities, Larry focused on the domestic and international tax aspects of business transactions.

From March 1990 to October 1992, Larry served as an Attorney-Advisor and as Associate Tax Legislative Counsel at the U.S. Treasury Department, where he was responsible for developing and drafting regulations, revenue rulings, and briefing materials on a number of corporate and acquisition-related issues, including limitations on losses and credits following stock ownership changes and the treatment of discharge of indebtedness income.

Larry is currently Co-Chair of the Committee on Corporations, Tax Section, New York State Bar Association. He formerly was Co-Chair of the Committee on Consolidated Returns and the Committee on Bankruptcy and Net Operating Losses. He also previously served as Chair of the Committee on Corporation Tax, Tax Section, District of Columbia Bar Association.

Larry graduated from Harvard College in 1982 and from Harvard Law School in 1986. He is a member of the New York State and the District of Columbia Bar Associations.


Keith GeeChief Financial Officer LifeStorage

1380 Lead Hill Blvd, Ste 200Roseville, CA 95661916 [email protected]

ProfileKeith Gee is Chief Financial Officer of LifeStorage, joining the company in 2012.

Most recently, Keith served as Chief Financial Officer for SASCO, a large regional electrical contractor. Previously he was the Director of Accounting, Tax & Financial Reporting for Panattoni Development Company, a real estate development company that developed nearly $10 billion in commercial real estate during his twelve years with the company.

Keith began his career as a Certified Public Accountant and auditor with Deloitte & Touche and has held a variety of leadership positions including Western Region Controller for Legacy Partners (formerly Lincoln Property Company) and Controller for Interland Development Corp.

Keith is a California Certified Public Accountant and holds a BS and MS degree from the Marriott School of Management’s School of Accountancy at Brigham Young University.


Michael P. GlimcherVice Chairman of the Board & Chief Executive OfficerWP GLIMCHER

180 E Broad StColumbus, OH 43215614 [email protected]

ProfileMr. Glimcher is Vice Chairman of the Board and Chief Executive Officer of WP GLIMCHER, a role he assumed in January 2015. Prior to that, Mr. Glimcher served as Chairman of the Board and Chief Executive Officer of Glimcher Realty Trust for a decade. During his time at Glimcher Realty Trust, Mr. Glimcher focused on the Company’s transformation into a premier mall real estate investment trust (REIT). He also served as Executive Vice President before becoming President of the Company in 1999 and was a Trustee since 1997.

Glimcher Realty Trust was acquired by Washington Prime Group Inc. to form WP GLIMCHER in January 2015.

Mr. Glimcher sits on the Board of Directors for M/I Homes, Inc., and is a member of the Board of Governors for the National Association of Real Estate Investment Trusts (NAREIT), where he serves as Chair of the Audit/Investment Committee. He is a member of the Real Estate Roundtable in Washington, D.C. and serves as a Trustee of the Arizona State University Foundation and the Wexner Center for the Arts. He is also a member of the Columbus Partnership and the Governing Committee of The Columbus Foundation.


Alexander GurevichPrincipalErnst & Young LLP

200 Clarendon StBoston, MA 02116617 [email protected]

ProfileAlex Gurevich is a principal in the Boston office of Ernst & Young LLP’s Financial Services Transfer Pricing practice. Over his 15-year tax career, Alex has dealt with a broad spectrum of international tax and transfer pricing issues affecting investments both in and out of the United States, including international reorganizations, acquisitions and divestitures, tax treaty and foreign tax planning, and cross-border financing and structuring.

Alex has worked with clients to provide comprehensive transfer pricing services, including documentation for penalty protection, planning analyses, global studies, advanced pricing agreements, controversy, cost sharing and intangible asset migration. Alex has worked with a number of clients in the investment management industry. He advised some of the largest regulated global asset management, hedge fund, private equity and real estate investment firms. In addition, Alex focuses on transfer pricing for the Real Estate Investment Trusts (REITs). He has been involved in planning, documentation and controversy for traditional as well as non-traditional REITs. Alex has led structuring and implementation of some of the largest non-traditional REIT conversions.

Alex holds a BS in Finance and an MBA in International Business and Finance from the University of South Carolina.


Dan S. HelwingSenior ManagerErnst & Young LLP


ProfileDan Helwing is a senior manager in Ernst & Young LLP’s Professional Practice Group in Washington, DC where he focuses on SEC rules and regulatory developments. He provides assistance to audit teams and clients and prepares the firm’s publications on various SEC reporting matters.

Since joining EY in 2003, Dan also has experience serving companies across diverse industries, including manufacturing, telecommunications and aerospace and defense.

Dan holds a BS in accounting and finance from Georgetown University. He is a Certified Public Accountant in Virginia and the District of Columbia and is a member of the American Institute of Certified Public Accountants.


Josh HerrenkohlPrincipal, Global Real Estate Advisory Services Leader, US Construction and Real Estate Advisory Services Practice Co-LeaderErnst & Young LLP

5 Times SquareNew York, NY 10036212 773-3302 [email protected]

ProfileJosh is the Global Real Estate, Hospitality and Construction Advisory Services Leader and the US Construction and Real Estate Advisory Services Practice co-leader. In this capacity, Josh oversees all aspects of the firm’s corporate real estate, construction and real estate investor advisory services, with focus on cost reduction, risk mitigation, strategy, technology and operational improvement services to corporations, public sector organizations, real estate private equity funds, REITs, operators, developers and institutional investors.

Josh has a significant track record assisting numerous real estate and construction organizations, based both in the US and internationally. He has assisted these organizations in assessing and implementing technologies and leading practice processes, controls and reporting structures in furtherance of increased transparency, governance, risk management and efficiency. Other areas of significant experience include project management, back office sourcing and post-merger integration. Josh is one of the firm’s leaders in the area of real estate cost reduction, where he has assisted numerous organizations in reducing the costs associated with both their real estate portfolio and overall real estate operations.

Josh is a certified Project Management Professional (PMP) through the Project Management Institute. He is a Six Sigma Greenbelt and has been an author of numerous articles and white papers focused on back office operations within the real estate space. Josh is also a frequent speaker on this topic at industry conferences and seminars and has been quoted in numerous media and publications including the Raleigh News Observer, Multi-Family News, Commercial Property Executive, REIT.com, Real Estate Finance and Investment, Real Estate Bisnow and Private Equity Real Estate Magazine. Prior to joining Ernst & Young LLP, Josh worked at Cap Gemini. He is conversant in Japanese.


Terry D. HudginsSenior ManagerErnst & Young LLP

One Renaissance Sq2 N Central Ave, Ste 2300Phoenix, AZ 85004602 [email protected]

ProfileTerry Hudgins is a member of Ernst & Young LLP’s Climate Change and Sustainability Services Credits and Incentives practice where he leads the Global Green Building practice. In this role, he is responsible for integrating sustainability performance with the built environment. With this service offering, Ernst & Young LLP is in the unique position of identifying and delivering tax credits, deductions and cash incentives associated with federal, state and local government programs, which offsets client CAPex spend while pursuing green building certifications, reducing energy costs, shrinking carbon footprint, improving Net Operating Income and Asset Valuation.

Ernst & Young LLP’s Credits and Incentives practice focuses on federal programs like Section 179D, and Section 48 Investment Tax Credits, state property tax abatements associated with green building certification and utility incentives for energy efficiency improvements, renewables and other applications. Terry assists clients with obtaining green building certifications for a host of building types using LEED or Green Globes, in addition to advising on and identification of sustainability strategies.

As the Global Green Building Leader, Terry has overseen the certification of a number of building types, or contributed to projects in Dubai, Peru and Brazil. Recently, he has been involved in the certification of the world’s largest enclosed mall in Dubai using LEED for Existing Buildings; the certification of four acute care hospitals using LEED EB and the creation of new methodology, adopted by the US Green Building Council, to certify Four and Five Diamond Luxury Resort Hotels.

Prior to joining Ernst & Young LLP, Terry was a sustainability consultant, focused on services to architects and engineers, general contractors and building owners across the US and Mexico.

Terry has been involved in sustainable development projects for more than 35 years, 23 years of which were with a large electric utility where he was the Manager of Environmental, Health and Safety Initiatives. In that role, he had oversight over the introduction and adoption of the corporation’s Environmental Management System, as well as the preparation and publishing of the first EHS Annual Reports.

Over the course of his career, he has built a diverse background in sustainability and environmental management across a wide spectrum of industries, building types and disciplines. Terry has appeared before numerous governmental bodies, public forums and business organizations to discuss the evolving issues surrounding environmental and sustainable management programs.

He is a LEED-Accredited Professional, having achieved accreditation in both LEED for New Construction and LEED for Existing Buildings; as well as a Green Globes Professional. He has a Master’s degree in Ecology from Northern Arizona University.


Laura JaquetteExecutive DirectorErnst & Young LLP

5 Times SquareNew York, NY 10036212 [email protected]

ProfileLaura Jaquette is an Executive Director in the New York Real Estate practice of Ernst & Young LLP. She joined the practice in January 1996 and focuses on providing tax advisory services to real estate and private equity clients.

Laura works primarily with real estate investment trusts assisting them with a variety of real estate related transactions including: acquisition diligence, dispositions, development projects, and leasing issues. Her client base has a mix of foreign and domestic investors.

Laura has an MBA in accounting and an MS in Taxation from Fordham University. She is also a Certified Public Accountant in New York State.


Christopher M. JohnstonPartnerErnst & Young LLP

18101 Von Karman Ave, Ste 1700Irvine, CA 92612949 [email protected]

ProfileChristopher M. Johnston is a partner in the assurance services practice of Ernst & Young LLP, working within its real estate, hospitality and construction industry group. Chris has over 19 years of experience serving a broad range of real estate clients, including SEC registrants, private partnerships, and large institutional investors.

Chris has been involved in merger and acquisition transactions and has extensive SEC experience with initial public offerings, secondary offerings, and various privatization transactions. Chris has provided auditing, advisory, tax, SOX compliance, transaction and operational improvement services to homebuilders, hospitality, commercial property developers and owners, REITs, mortgage companies, pension fund advisors, and general contractor clients.

Chris is an active member of NAREIT, ULI and NAIOP and has been a speaker on technical accounting issues for FEI and other real estate conferences. Chris is a

licensed CPA in the state of California and a member of the American Institute of Certified Public Accountants and the California Society of CPAs. He graduated from the University of Southern California with a Bachelor of Science degree in Finance and Real Estate and a Master of Accounting degree, and is a member of the board of directors of the Accounting Circle for USC’s Leventhal School of Accounting and on the board of directors of the Construction Industries Alliance for the City of Hope Orange County.

Some of the clients that Chris has served include Irvine Company, Grubb & Ellis Company, Sunstone Hotel Investors, Spirit Realty Capital, KBS Realty, Steadfast Companies, Nationwide Health Properties, Standard Pacific Corp. Yard House Restaurants, Bixby Land Company, Merage Investment Group, Medieval Times Entertainment, Pebble Beach Company, and Woodridge Capital Partners.


Shirley KarnosSenior ManagerErnst & Young LLP


ProfileShirley is a senior manager in the Phoenix Risk Assurance practice with more than nine years of experience in technology, security, operational, and internal controls audit engagements.

Shirley is currently both a CISA and CPA, and was previously a Qualified Security Assessor (QSA), working with clients on Payment Card Industry Data Security Standards (PCI DSS) compliance pre-assessments and Reports on Compliance.

Shirley has experience working with several REITs from a technology audit perspective, reviewing and evaluating control design and operating effectiveness within change management, security and logical access, and IT operations. From a security perspective, Shirley has assisted management in understanding and documenting the current state of the security environment, as well as drafted multi-phase roadmaps for achieving a future and/or remediated state. She has also overseen management’s remediation efforts related to security gap assessments, as well as validated operational state following completion of remediation efforts.

She graduated with a Bachelor of Science in Business Administration from the University of Arizona as a Management Information Systems and Operations Management major, and completed a Master’s degree in Accounting at Arizona State University.


Mark KasparPartner, Global REIT LeaderErnst & Young LLP

2323 Victory Ave, Ste 2000Dallas, TX 75219214 969-0626 [email protected]

ProfileMark leads the Real Estate, Hospitality and Construction practice for Ernst & Young LLP’s Dallas office after having led the firm’s Atlanta office Real Estate practice for 12 years. Mark has over 30 years of experience in the public accounting profession and has extensive experience in providing assurance and advisory services to a variety of owners, developers and operators of commercial, residential and hotel properties.

For over 20 years, Mark has actively participated in engagements for many of Ernst & Young LLP’s REIT clients and currently serves as engagement executive for four public REIT clients. Mark has extensive SEC accounting and reporting experience and has participated in many public offerings of securities for REITs. During his career, he has provided a wide range of advisory services, including acquisition due diligence, asset valuation, accounting consultation, merger and acquisition consulting, and troubled debt restructuring.

Mark is a sponsor for the firm’s annual REIT CFO and Tax Director Roundtables and until recently served as the liaison between the firm’s National Office and its clients to advise clients on the implications of the new IFRS convergence standards to the real estate sector. Mark also serves as Ernst & Young LLP’s real estate IPO leader for the Southwest Region and was recently appointed the global EY organization’s REIT leader.

He is a Certified Public Accountant in the states of Texas, Georgia and North Carolina and is an active member of the AICPA and National Association of Real Estate Investment Trusts. He earned a BBA in Accounting from Southern Methodist University in Dallas, Texas, in 1983.


Michael L. KeeseyChief Financial OfficerSterling Bay

1040 W Randolph StChicago, Illinois 60607312 [email protected]

ProfileMichael Keesey serves as the Chief Financial Officer of Sterling Bay, a commercial real estate investment and development firm established in 1986. Today, Sterling Bay is a 100-person firm focusing on the adaptive reuse of downtown loft office buildings, ground-up office and retail developments, and urban campus build-to-suit projects.

Mike joined Sterling Bay in 2015. Prior to joining the company, Mike spent over 16 years as the Chief Financial Officer of leading private equity firms including Riordan, Lewis & Haden in Los Angeles and Code, Hennessy & Simmons in Chicago where he helped transform back office operations necessary to support a 3.0x growth in assets under management. Mike has deep experience in private fund accounting and fundraising. He has led organizational growth initiatives and change management efforts. He has crafted best practices policies and procedures for portfolio company governance.

Prior to his time in the private equity industry, Mike spent 15 years as a commercial banker and has significant experience structuring bank loans and credit facilities. He also has a strong background in treasury and cash management.

Mike has been a panelist at several industry conferences and has spoken on topics such as Private Equity Firm Back Office Best Practices, FAS 157 Adoption – Practical Issues, Management Fees & Fund Expenses, The Changing Role of the Private Equity CFO and SEC Compliance for Private Funds.


Julian T.H. KleindorferGlobal Co-chair, PartnerLatham & Watkins

355 S Grand AveLos Angeles, CA 90071213 [email protected]

ProfileJulian Kleindorfer is global Co-chair of Latham & Watkins’ REIT Industry Group. His practice focuses on mergers and acquisitions, corporate finance transactions and general company representation, with a particular focus on the real estate, hospitality and gaming industries.

In the mergers and acquisitions area, Mr. Kleindorfer has handled matters ranging from multi-billion dollar public and private company acquisition transactions to going-private and other conflict of interest transactions. In the corporate finance area, Mr. Kleindorfer represents issuers and investment banks in public and private equity and debt offerings. Mr. Kleindorfer serves as regular outside corporate counsel or designated underwriters’ counsel for a number of public companies, including American Assets Trust, Inc. (NYSE: AAT), Chatham Lodging Trust, Inc. (NYSE: CLDT), Digital Realty Trust, Inc. (NYSE: DLR), Douglas Emmett, Inc. (NYSE: DEI), Guidance Software, Inc. (Nasdaq: GUID), Hudson Pacific Properties, Inc. (NYSE: HPP), Mercury General Corporation (NYSE: MCY), MPG Office Trust, Inc. (NYSE: MPG) and Pinnacle Entertainment, Inc. (NYSE: PNK). In addition, Mr. Kleindorfer regularly advises boards and committees on a variety of corporate governance matters.

Mr. Kleindorfer has been recognized repeatedly by Chambers & Partners US and in the Legal 500 US guide for his expertise in the area of real estate investment trusts and corporate finance, and by Best Lawyers in America in the securities law category. Mr. Kleindorfer is fluent in German and Japanese and serves on the Advisory Board of the Japan America Society of Southern California.

Mr. Kleindorfer continues to be active on equity and debt offerings for the above companies, and he has advised on numerous other securities offerings for real estate and hospitality companies.

In the mergers and acquisitions area, Mr. Kleindorfer’s transactions include representing:

Recruit Co. Ltd. in its acquisition of Advantage Resourcing US and Europe for US$410 million; Kennedy Wilson, Inc. in its US$1.8 billion acquisition of a real estate loan pool from the Bank of Ireland; the special committee of CNA Surety Corporation in connection with the purchase by CNA Financial Corporation of the minority interest in CNA Surety for US$475 million; American Assets Trust, Inc. in its roll-up acquisition of more than US$1.7 billion in real estate assets; Hudson Pacific Properties, Inc. in its roll-up acquisition of more than US$500 million in real estate assets; Health Net, Inc. in the sale of its Northeast business to Oxford Health Plans, LLC for more than US$600 million; Nestlé USA in its purchase of Kraft’s North American pizza business for US$3.7 billion; Adecco SA in the acquisition of MPS Group, Inc. for US$1.3 billion; Pathmark Stores, Inc. in its sale to The Great Atlantic & Pacific Tea Company, Inc. for US$1.3 billion; Deutsche Bank in connection with CVS Caremark Corporation’s US$2.9 billion acquisition of Long’s Drugs.


Christopher B. KramerSenior ManagerErnst & Young LLP


ProfileChristopher Kramer is a Senior Manager in the National Tax Practice. Christopher has over 10 years of public accounting experience in state and local taxation. He has significant experience providing state and local tax services to both public and privately-held companies in the areas of income, franchise (net worth), sales and use, and transfer taxes.

Christopher has spent the majority of his career focused on real estate industry clients, and has in depth technical knowledge of the industry including state and local taxation of real estate investment trusts. Christopher’s areas of significant experience include income and franchise tax compliance, due diligence related to mergers and acquisitions, state taxation of partnerships and other flow-through entities, and real estate transfer taxes.

Christopher has a Bachelor of Business Administration from the University of Notre Dame and a Juris Doctor, Master of Laws in Taxation, and Master of Business Administration from Loyola University Chicago. Christopher is also a member of the Illinois Bar Association.


Eric MatuszakPrincipalErnst & Young LLP

725 S Figueroa StLos Angeles, CA 90017213 [email protected]

ProfileEric Matuszak is a Principal in the National Tax Department – Partnership Transactional Planning and Economics Group, resident in Los Angeles. Mr. Matuszak’s practice focuses primarily on the federal taxation of partnerships and real estate investment trusts (“REITs”) in a variety of domestic and international contexts.

Mr. Matuszak advises non-publicly traded partnerships, including investment funds, on the tax issues arising on formation, disposition, mergers and acquisitions, with a particular emphasis on structuring such transactions. Mr. Matuszak has advised on the formation of several real estate investment funds and other real estate joint venture vehicles, including vehicles designed for foreign and tax-exempt investors. Mr. Matuszak has also worked with several publicly traded partnerships on the tax issues associated with qualification for taxation as a partnership, including in connection with merger and acquisition transactions, the formation of new publicly traded partnerships and obtaining IRS private letter rulings.

In addition, Mr. Matuszak regularly advises on issues related to REITs, including conversions of existing real estate businesses into public and private REITs. Mr. Matuszak has advised a number of REITs in connection

with initial public offerings, other public and private securities offerings, and merger and acquisition transactions. He also regularly counsels REIT clients with respect to ongoing operational issues associated with maintaining qualifications as a REIT and obtaining IRS private letter rulings.

Mr. Matuszak co-authored “Real Estate Investment Trust Income: Selected Issues and Recent Changes in the Law,” with Michael J. Brody and David O. Kahn, published in the Journal of Taxation of Investments (v. 26, no. 2, Winter 2009).

Mr. Matuszak is a member of the California Bar Association, the Los Angeles County Bar Association and the State Bar of Texas. Mr. Matuszak received his BA from Harvard University, cum laude, and received his JD from Loyola Law School, magna cum laude.


Larry P. MedvinskyPartnerClifford Chance US LLP

31 W 52nd StNew York, NY 10019212 [email protected]

ProfileLarry P. Medvinsky’s practice encompasses a broad range of corporate transactions including real estate securities, public and private capital markets transactions, mergers and acquisitions, corporate divestitures and other corporate finance and general corporate transactions. As a partner at the firm, Mr. Medvinsky works with the firm’s Corporate and Capital Markets Groups.

Mr. Medvinsky’s work has included extensive representation of both issuers and underwriters of public and private offerings of securities, including acting as issuers’ counsel for Empire State Realty Trust, DLC Realty Trust, Ladder Capital Realty Finance, CBRE Realty Finance and DCT Industrial Trust IPOs and as underwriters’ counsel in the Colony Financial, Callahan Capital Properties, Transwestern Realty Finance, Resource Capital, Deerfield Capital, Quadra Realty, Care Investment Trust, Maguire Properties and Affordable Residential Communities IPOs. He has represented companies such as ERST, SL Green, Gramercy Capital, Equity Lifestyles, Keystone Property, CBRE Realty

Finance and DCT Industrial in initial public offerings, follow-on equity, debt, convertible securities and trust preferred transactions and pre-IPO/144A offers and other private placements, Regulation S offerings, PIPES and tender offers for various industries including biotechnology, internet, telecommunications and real estate, as well as most of the major investment banking firms, including Bank of America, Goldman Sachs, Citigroup, J.P. Morgan, Barclays Capital, Credit Suisse First Boston, Wachovia, Deutsche Bank, Morgan Stanley, UBS and Raymond James as underwriters’ counsel for over a dozen companies.

Mr. Medvinsky has done extensive work in connection with REITs and privately held funds formed for the purpose of investing in real estate. This work has included the formation and structuring of such entities, and the initial financing and investment in such entities. Mr. Medvinsky has also advised on the structuring, acquisition and financing of investments made by such entities.


David A. MillerPrincipalErnst & Young LLP

2323 Victory Ave, Ste 2000Dallas, TX 75219214 [email protected]

ProfileDavid Miller is a principal in the Firm’s National Tax Department and resides in Dallas, Texas. David is the Co-Leader of the Real Estate Group as well as the National Tax Partnership Transactional Planning & Economics Group.

David consults with the Firm’s clients and offices on planning associated with all aspects of the formation, operation, acquisition, combination and liquidation of public and private REITs and partnerships and on real estate transactions. He has 24 years of consulting experience and represents numerous REITs, real estate opportunity funds, private investors, public companies, venture capital funds and partnerships in connection with a variety of M&A transactions and also has extensive experience in structuring both strategic and financial joint ventures. David is a member of the Firm’s tax technical review/opinion committees for real estate, joint ventures and partnerships and for infrastructure.

Before joining Ernst & Young LLP in 1999, David was a partner in the National Tax Services Group of PricewaterhouseCoopers LLP, and was previously associated with the law firm of Jenkens & Gilchrist, P.C.

David contributes to a number of tax publications and tax institutes, including Journal of Limited Liability Companies, Tax Management Real Estate Journal;

the Practising Law Institute’s Partnerships, LLCs and LLPs: Uniform Acts, Taxation, Drafting, Securities and Bankruptcies and Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances; and USC Law School Tax Institute. He has spoken at numerous conferences and meetings around the country sponsored by the American Law Institute-American Bar Association, the American Bar Association Section of Taxation, the Great Plains Federal Tax Institute, the National Association of Real Estate Companies, the Southern Federal Tax Institute, the Tennessee Federal Tax Institute, the Tax Executives Institute, the Practising Law Institute and the Texas Federal Tax Institute, among others.

David earned a J.D., with Distinction, from the University of Nebraska, Lincoln College of Law (Order of the Coif), and a BA, Phi Beta Kappa, from the University of Nebraska. David is a member of the Section of Taxation of the American Bar Association and is the Past Chair of the Real Estate Committee. David is also a member of the Tax Section of the State Bar of Texas, the Tax Section of the Dallas Bar Association, and is a member of the Board of Directors of the Texas Federal Tax Institute.


Constance B. MooreChair, Policy Advisory Board, Fisher Center for Real Estate & Urban Economics, former President & Chief Executive Officer, BRE Properties Inc.

1170 Sacramento, 8DSan Francisco, CA 94108415 [email protected]

ProfileConstance B. Moore served as BRE’s president and chief executive officer from 2005 until the completion of the merger with Essex Property Trust in 2014. Ms. Moore has also served as a member of BRE’s board of directors since 2002.

Ms. Moore has more than 40 years of experience in the real estate industry. Prior to joining BRE in 2002, she was the managing director of Security Capital Group & Affiliates. From 1993 to 2002, Ms. Moore held several executive positions with Security Capital Group, including co-chairman and chief operating officer of Archstone Communities Trust. She held the same position at Security Capital Atlantic, Inc., a predecessor of Archstone, playing an instrumental role in its initial public offering. During her tenure at Security Capital Group, she served on the boards of directors of both public and private companies owned or controlled by that organization.

Ms. Moore has been recognized as one of the most influential women in the San Francisco business community by the San Francisco Business Times

and was most recently named as the 2014 Person of the Year for the Golden Gate Chapter of Lambda Alpha International.

Ms. Moore holds an M.B.A. from the University of California, Berkeley, Haas School of Business, and a bachelor’s degree from San Jose State University. She was the 2009 Chair of the National Association of Real Estate Investment Trusts (NAREIT). She is the Chair of the Policy Advisory Board for the Fisher Center for Real Estate & Urban Economics at UC Berkeley; a Governor of the Urban Land Institute; a member of the Board of Trustees of the City of Hope; a member of the San Jose State University Tower Foundation; a member of the Board of Directors of Bridge Housing; a member of the Board of Directors for Civeo Corporation (NYSE: CVEO) and is a member of its Audit and Compensation Committees; and a member of the Board of Directors of Tri Pointe Group (NYSE:TPH) and is a member of its Compensation Committee.


Kirk MotsenbockerManaging Partner & Chief Financial OfficerJPI

600 E Las Colinas Blvd, Ste 1800Irving, TX 75039972 [email protected]

ProfileKirk joined the company 15 years ago, and is responsible for the financial strategy and legal structure of the company along with the CEO. He directs all personnel related to accounting, treasury, administration and all other financial activities within the company. In addition, Kirk directs and coordinates all financing transactions, oversees the accounting, payroll, tax, financial reporting, lender/bank relations, investor relations and partnership accounting functions.

He has 18 years of industry experience and prior to joining the company, served in various financial and accounting capacities with The Trammel Crow Company.

Kirk is a graduate of Texas Tech University with a BBA in Accounting and is a Certified Public Accountant. Kirk also serves on the Executive Committee and the Investment Committee.


Thayne T. NeedlesExecutive DirectorErnst & Young LLP


ProfileThayne Needles is a member of Ernst & Young LLP’s Tax Services practice in Washington, DC. Thayne has 19 years of experience in real estate taxation and capital markets. He has over 15 years of experience related to the acquisition, ownership and disposition of real estate, domestically and internationally, by real estate investment trusts (REITs) and partnerships. He also works in such areas as mergers and acquisitions, joint venture transactions, infrastructure investments and like-kind exchanges. Thayne’s capital markets experience includes his role as a senior equities research analyst with two investment banks, publishing research on publicly-traded apartment, student housing, lodging and self-storage companies.

Previously, Thayne was with another major public accounting firm, the investment banking firms of Robert W. Baird and Ferris Baker Watts and served as Associate Counsel for the National Association of Real Estate Investment Trusts (NAREIT).

Thayne earned an LL.M. in Tax from the Georgetown University Law Center, a J.D. from the Capital University Law School (Order of the Coif) and a B.A. from Capital University. Thayne is a member of the Ohio Bar and licensed as a certified public accountant by the District of Columbia and the State of Ohio.


Sarah RalphSkadden Arps Slate Meagher & Flom LLPPartner

155 N Wacker DrChicago, IL [email protected]

ProfileSarah Ralph advises clients on a wide range of federal income tax planning matters, including REITs; partnership transactions; mergers, acquisitions and dispositions; reorganizations; private and public securities offerings; financings; foreign investments in the U.S., including under FIRPTA; private equity transactions; and issues involving tax-exempt organizations.

Ms. Ralph has represented clients in various tax-free and taxable acquisitions, dispositions, financings and restructurings. She has worked with numerous REIT clients in transactional and operational planning, including Alexandria Real Estate Equities, Inc.; Arbolada Capital Management; Apartment Investment and Management Company (AIMCO); CBS

Outdoor Americas, Inc.; Crown Castle International Corp.; The GEO Group, Inc.; Gyrodyne Company of America; Penn National Gaming, Inc.; S.L. Green Realty Corp.; and Westfield America Inc. In addition, Ms. Ralph has represented Fortress Investment Group and its REITs and RICs, private equity funds and portfolio companies, as well as Ball Corporation; CF Industries, Inc.; Covanta Holding Corporation; Diversey Holdings, Inc.; and Severstal North America in various M&A transactions and federal income tax planning matters.

Ms. Ralph also has assisted numerous clients obtain private letter rulings from the IRS, including several private letter rulings regarding novel REIT issues.

In addition to acquisitions and other transactional work, Ms. Ralph represents U.S. and international corporations and investment banks in connection with public offerings of debt, equity and other financial instruments. In this area, she has advised, among others, Auto- Nation, Inc.; Credit Acceptance Corp.; Getty Realty Corp.; J.C. Penney; Omega Healthcare Investors, Inc.; Springleaf Finance Corporation; and Starwood Property Trust, Inc.

Publications “Chairman Camp’s Proposals Place REITs in the Crosshairs,” Skadden, Arps, Slate, Meagher & Flom LLP, February 28, 2014

“IRS Completes Review of REIT Ruling Standards and Resumes Issuing Rulings,” Skadden, Arps, Slate, Meagher & Flom LLP, November 15, 2013

“IRS Expansion of Qualifying Asset Classes Broadens Range of REIT Opportunities; Proposed FIRPTA Legislation to Increase Foreign Investment in U.S. Real Property; and Mortgage REIT Developments,” Skadden’s 2012 Insights, January 2012

“REITs: Not Just for Real Estate Operators Anymore,” Financier Worldwide’s “Global Reference Guide: Real Estate & Construction (2012)


Michele RandallPartner, State & Local Real Estate Tax LeaderErnst & Young LLP

155 North Wacker DriveChicago, IL 60606312 [email protected]

ProfileMichele Randall recently joined Ernst & Young LLP as a partner in the National Tax Practice. She serves as the firm’s Real Estate State and Local Tax Leader. Michele has over 19 years of public accounting experience in the state and local tax area, including restructurings, transactional planning, mergers and acquisitions, due diligence, tax compliance and tax controversy. She has spent most of her career focused on clients in the real estate industry. In Michele’s role, she leads our real estate state and local tax practice providing thought leadership and technical experience to our people and clients across the country.

Michele has significant experience providing state and local tax services to real estate companies, including real estate investment trusts (REITs) in the areas of income, franchise (net worth), sales and use and transfer taxes. She has significant experience working on large real estate transactions and addressing the tax impact from a state and local perspective. She also has significant experience working on REIT IPOs and REIT conversions.

Michele has spent time working with real estate funds and REITs with a focus on income, franchise (net worth) and transfer tax planning. She also has spent time focused on compliance reporting matters, including partnership taxation and withholding tax issues.

Michele has served as the past Co-Chair of the National Association of Real Estate Investment Trusts (NAREIT), State and Local Tax Subcommittee and has been a contributor to the NAREIT State and Local Tax Bulletin.

Michele has been a frequent speaker on state and local tax issues for the real estate industry serving on panels including REITWise, NAREIT’s Law, Accounting & Finance Conference, NAREC Annual Financial & Tax Conference and IMN Private REIT Conference.Michele is a published author on transfer tax matters and has been quoted on transfer tax matters in the The New York Times.

Education - University of Illinois, Bachelor of Science in Accounting. DePaul University, Master of Science in Taxation. She is a Certified Public Accountant in the state of Illinois.


John D. RayisTax PartnerSkadden, Arps, Slate, Meagher & Flom LLP


ProfileJohn D. Rayis represents clients on a wide range of tax matters, including complex partnership transactions, REITs, debt offerings and restructurings, mergers and acquisitions, entertainment joint ventures and financings, Section 1031 like-kind exchanges, project financings, sale/leaseback transactions and tax-exempt financings. He advises clients on foreign investments in the United States involving the Foreign Investment Real Property Tax Act (FIRPTA).

Mr. Rayis has served as the tax adviser for the Fortress Investment Group and its various REITs and RICs, private equity funds and portfolio companies. In addition to advising HCP, Inc. in several recent acquisitions and securities offerings, he has represented: Alexander & Baldwin, Inc.; the Alexandria Real Estate Equities, Inc.; American Capital Agency Corp.; American Land Lease, Inc.; Anderson-Tully Company; Apartment Investment and Management Company (AIMCO); Babcock & Brown GPT REIT Inc.; Care Investment Trust Inc.; Covanta Holding Corporation; Formation Capital, LLC; Genesis

Healthcare; JER Investors Trust, Inc.; Longview Fibre Company; Menasha Forest Products Corporation; Nationwide Health Properties, Inc.; Newcastle Investment Products Corp.; Potlatch Corporation; Quadra Realty Trust, Inc.; Springleaf REIT; Starwood Properties, Inc.; Western Asset Mortgage Capital Corporation; and Westfield America, Inc.

Mr. Rayis also has acted as underwriters’ counsel for the public offerings of The Blackstone Group L.P.; The Carlyle Group, L.P.; Cypress Sharpridge Investments, Inc.; Invesco Mortgage Capital Inc.; AVIV REIT, Inc.; Omega Healthcare Investors, Inc.; and Vornado Realty Trust. He has represented both investment banks and corporations in various tax free and taxable acquisitions, spin-offs and financings, including Health Net, Inc. Mr. Rayis advised Oakley, Inc., the well-known eyewear manufacturer, in its $230 million initial public offering. He was selected for inclusion in Chambers Global 2012 in the Capital Markets: REITs category, Chambers USA 2011 as one of America’s leading REIT tax lawyers and in The Best Lawyers in America 2012.


Thomas E. RobinsonSenior AdvisorStifel Financial Corp.

One South St, 17th FloorBaltimore, MD 21202443 [email protected]

ProfileTom Robinson is currently a Senior Advisor in the Real Estate Investment Banking division of Stifel, a financial services firm. He served as Managing Director for Stifel Nicolaus & Company, Inc. and previously Legg Mason Wood Walker, Inc. from June 1997 to March 2009. Prior to that, he was President and Chief Financial Officer of Storage USA, Inc., a real estate investment trust headquartered at the time in Columbia, Maryland. He previously was National Director of REIT Advisory Services for Coopers & Lybrand, and was General Counsel for the National Association of Real Estate Investment Trusts (NAREIT).

Tom serves on the Boards of Directors of Essex Property Trust, Inc., First Potomac Realty Trust and Tanger Factory Outlet Centers, Inc. He is a former Governor and longstanding member of the NAREIT, from whom he received an Industry Achievement Award in 2009 for his wisdom, expertise and service to the REIT industry.

Tom received his undergraduate degree from Washington & Lee University, a juris doctor degree from Suffolk University Law School and has a masters degree in taxation from Georgetown University Law Center.


Howard S. RothEY Global & Americas Real Estate LeaderPartner, Ernst & Young LLP


ProfileHoward S. Roth is the global EY organization’s real estate leader. He coordinates 7,500 dedicated real estate professionals providing audit, tax, transaction and real estate advisory services to clients worldwide including real estate private equity, REITs, homebuilders, construction, hospitality and gaming, developers and restaurants.

Howard has over 30 years of diversified tax and financial advisory experience with clients in the real estate and financial services industries. Howard has worked extensively with financial institutions, private equity, REITS, and real estate investment funds, advising them on transactional analysis, acquisitions due diligence, tax savings strategies and business operations.

Howard’s experience includes structuring transactions for corporations, partnerships and institutional real estate owners and lenders including public and private company mergers and acquisitions, bankruptcy and non-judicial reorganizations, and planning for foreign and tax-exempt owners of real property.

Howard has been a frequent columnist for Real Estate New York, Real Estate Forum, Globest.com, and NAREIT’s Real Estate Portfolio.

Howard is a member of the American Institute of Certified Public Accountants and the New Jersey, New York and Connecticut State Society of Certified Public Accountants.


Robert M. RozenPrincipal, Washington Council Ernst & Young Ernst & Young LLP

1001 Pennsylvania Ave NW, Ste 601 NWashington, DC202 [email protected]

ProfileRobert Rozen is a member of Ernst & Young LLP’s Washington Council practice where he provides services related to federal tax, housing and real estate issues for a variety of corporate, non-profit and trade association clients.

Robert served 15 years in various staff positions in the US Senate, working first as Legislative Assistant for Senator Wendell Ford (D-KY), and then as Legislative Counsel to the Senate Majority Leader, George J. Mitchell (D-ME).

In his work for the Senate leadership, Robert was primarily responsible for economic policy issues involving tax, financial services, health and budget matters, as well as campaign finance reform and other election-law issues. As Legislative Counsel to Senator Mitchell, Robert participated in the development of every tax bill from 1986 to 1994, and provided strategic advice to the Majority Leader in connection

with the major deficit reduction bills in 1990 and 1993. He also was deeply involved in the development of comprehensive health care reform legislation in the 102nd and 103rd Congresses.

For his many years of work in and out of government in support of the Low-Income Housing Tax Credit program, Robert was selected as one of the five original members of the Affordable Housing Hall of Fame by Affordable Housing Finance Magazine. In 2002, he served as a consultant to the Millennial Housing Commission, and currently serves Bipartisan Policy Center Housing Commission. In addition, he has been selected by Tax Notes magazine as one of the top 10 federal tax lobbyists.

Robert is a graduate of Miami University in Oxford, Ohio. He has a J.D. from The George Washington University Law School and an LL.M. in Taxation from Georgetown University Law Center.


Robert D. SchachatPrincipal and National Director, Real Estate-Technical ServicesErnst & Young LLP


ProfileBob leads the Real Estate Group in the National Tax Department of Ernst & Young LLP in Washington, DC. He consults with clients in all federal income tax aspects of real estate, including REIT, partnership, limited liability company and S corporation formations, acquisitions, like-kind exchanges, development, leases, financings, workouts, dispositions and liquidations. Bob’s experience also includes extensive involvement in the negotiation and drafting of all types of partnership agreements, LLC operating agreements, and corporate shareholder agree¬ments. He also advises clients on a regular basis in monitoring federal legis¬lative and regulatory activity in the real estate area.

Bob joined Ernst & Young LLP in 1996. From 1984 until 1996, he was a partner in a Manhattan law firm practicing in the taxation of real estate. Bob has published many articles and lectures frequently at many real estate industry and tax conferences. He serves as incoming Chair of the Real Estate Committee and is a member of the Committee on Government Relations of the Section of Taxation of the American Bar Association. Bob is also a member of the Advisory Board of Journal of Passthrough Entities,

the Board of Contributing Editors and Advisors of Real Estate Taxation and the Tax Management Advisory Board for Corporate Tax and Business Planning. He is co-author with Jim Lowy of the CCH treatise, Taxation of REITs and UPREITs. Bob has served as Vice Chair of the Tax Policy Advisory Committee of the Real Estate Roundtable and is a past co-chair of the Cost Recovery Committee and member of the Executive Committee of the Tax Section of the New York State Association.

Bob has an S.B., Phi Beta Kappa, in Mathematics from Massachusetts Institute of Technology, a J.D. from Columbia University Law School, and an LL.M. in Taxation from New York University School of Law.


Corey L. SchneiderExecutive DirectorJ.P. Morgan Securities

383 Madison Ave, 40th FloorNew York, NY 10179212 [email protected]

ProfileMr. Schneider is an Executive Director in J.P. Morgan Securities’ Real Estate & Lodging Investment Banking group. He is responsible for client coverage, business origination and transaction execution for companies in the real estate, lodging and gaming sectors.

Based in New York, Mr. Schneider has also worked in J.P. Morgan’s London (2001) and Hong Kong (2007/2008) offices focused on helping expand client coverage in those regions.

Over the span of his career, Mr. Schneider has completed public and private equity capital market transactions, secured and unsecured debt transactions, strategic advisory and merger and acquisition assignments, equity placements and significant asset and portfolio sales.

Mr. Schneider is a graduate of Washington University in St. Louis where he majored in Finance and Accounting.


Brooke SikesTax PartnerErnst & Young LLP

2323 Victory AvenueDallas, TX 75219214 [email protected]

ProfileBrooke has over 18 years of public accounting experience providing tax advisory and compliance services to public and private companies.

Brooke has served as the tax account leader for numerous private investment funds and public and private REITs and operating partnerships, including companies in the real estate, healthcare and utility industries.

Brooke focuses on the areas of partnership and REIT taxation. She assists clients with fund formation, tax compliance and Schedule K-1 preparation, partnership allocation review and planning, and acquisition/disposition structuring.

Brooke has significant experience serving REITs, including REIT formation, qualification compliance, private letter rulings, OP unit transactions, and TRS tax planning and controversy matters.

Brooke has represented clients in a number of public and private transactions, with services including general and REIT tax due diligence, partnership allocation modeling, and post-merger integration.


Jonathan D. SilverSenior ManagerErnst & Young LLP


ProfileJonathan joined Ernst & Young LLP in June, 2015, after retiring as an Assistant Branch Chief from the Office of Chief Counsel of the Internal Revenue Service (IRS) after over 31 years of service. Jonathan was a senior attorney working on REIT taxation issues for nearly 25 years and is the author of many of the REIT rulings issued by the IRS during that period.

Recently, Jonathan was a member of the team that drafted the proposed regulations under section 856 of the Internal Revenue Code that deal with the definition of real estate assets. Jonathan has worked extensively with attorneys throughout the IRS on REIT conversion issues, including earnings and profits, built-in gains, and accounting methods.

Jonathan has regularly represented the IRS Office of Chief Counsel as a speaker on REIT topics at conferences of the National Association of Real Estate Investment Trusts (NAREIT), the American Bar Association (ABA), and the District of Columbia Bar Association.

Jonathan received a BA with High Honors from Michigan State University and a JD from Boston University School of Law.


Richard SolwayPartnerErnst & Young LLP


ProfileRick is a partner in the National Tax Real Estate Tax Group at Ernst & Young LLP in New York. He joined Ernst & Young LLP in May 2002 and focuses principally on providing tax advisory services to real estate, hospitality, infrastructure, gaming, and private equity clients.

Previously, Rick spent four years as a managing director in the Mergers & Acquisitions Group at Deutsche Banc Alex. Brown and its predecessor Bankers Trust, where he originated and executed transactions for real estate, lodging, leisure, gaming, and financial services clients, including Deutsche Bank itself. He also spent several years as a tax partner and head of the Capital Markets Advisory Group at KPMG LLP, focusing on global investment banking and corporate clients. Rick began his career in 1985 as an international tax professional at Coopers & Lybrand.

Rick has an MBA in Finance from New York University, an MA in Latin American Studies from Stanford University and a BA in Comparative Literature from Northwestern University. He is a CPA in the State of New York.


Michael E. StranevaEY Americas TAS Real Estate Sector LeaderPartner, Ernst & Young LLP

2 North Central Ave, Ste 2300Phoenix, AZ 85004602 [email protected]

ProfileMike is the EY Americas TAS Real Estate Sector Leader and is a Partner in the Phoenix office of Ernst & Young LLP. He focuses on real estate appraisal and valuation, transaction due diligence, portfolio analyses and structuring, project feasibility and market analyses, and litigation support services. Prior to working in real estate advisory services, Mike spent 12 years in the firm’s real estate audit practice.

He has performed acquisition due diligence on a number of lenders, which included re-underwriting over $10 billion of condo construction and land development loans; he was advisor to master-planned community developers and homebuilders on development of mixed use projects and advisor to creditors and debtors in judicial and non-judicial debt restructuring for real estate companies and assets ranging from $100 million to over $1 billion. Mike has performed due diligence for various financial institution restructures as well as billions of nonperforming and under-performing real estate loans. Mike has also provided trial testimony in a variety of cases involving financial institutions.

Mike has a Bachelors Degree in Accounting at Pennsylvania State University. He is a State certified general real estate appraiser, is a certified Insolvency and Reorganization Advisor (CIRA) and serves as the Ernst & Young LLP Homebuilder Sector Co-Chairman.

Mike serves, or has served, on the boards of the Association of Insolvency Advisors (AIA), National Association of Real Estate Companies, the Phoenix Chapter of the National Association of Office Parks and Industrial Parks, and the Downtown Phoenix Partnership Development Corporation.


Jim SullivanManaging DirectorGreen Street Advisors

660 Newport Center Dr, Ste 800Newport Beach, CA 92660949 [email protected]

ProfileJim is a Managing Director at Green Street Advisors. He currently leads the firm’s Advisory & Consulting Group, which provides strategic advisory and valuation analysis for commercial real estate investors.

At different points during his 21-year Green Street career, Jim has been lead analyst for a variety of property sectors – malls, strip centers, health care, office, indus trial, self-storage, and manufactured home communities. Jim has been quoted widely in the financial media and has been recognized as an All-Star REIT analyst by The Wall Street Journal. He is a member of NAREIT and the International Council of Shopping Centers (ICSC).

Prior to Green Street, Jim worked for 10 years as a real estate investment banker and mortgage lender at Bank of America in Los Angeles and Manufacturers Hanover Trust in New York.

He earned his M.B.A. in Finance/Real Estate from Columbia University and his B.A. in Economics from Duke University.


Brian J. TaylorSenior ManagerErnst & Young LLP

155 N Wacker DrChicago, IL 60606312 879 [email protected]

ProfileBrian is a Senior Manager in Ernst & Young LLP’s Advisory practice and has over 12 years of risk management, internal control and internal audit advisory experience. Brian advises clients on risk management, including internal audit, internal controls, enterprise risk management (ERM) and operational improvement. He has extensive experience building and leading large global teams on internal audit and advisory engagements.

Brian is a Certified Fraud Examiner and holds a Bachelors and Masters degree in Accountancy from the University of Illinois. He has acted as the lead engagement executive for an outsourced internal audit function for a publicly traded REIT with a market capitalization greater than $20B and worked with executive management to refresh the company’s Internal Audit, SOX, and ERM program in alignment with the company’s goals and objectives.

He has assessed the controls and SOX readiness of an internally managed REIT valued at more than $8 billion and advised management on remediation approaches of their internal controls over financial reporting

(ICFR) as the company considered a possible IPO. Brian also acted as the lead engagement executive for an outsourced internal audit function for a 25,000-hour, Fortune 500 company, and worked closely with the executive leadership of the company to evaluate its enterprise risk management program and risk mitigation strategies.

Brian assisted in the transformation and execution of a global Fortune 50 manufacturing company’s internal audit function, focusing on improving its brand internally as a “trusted business advisor” and having a leading-class internal audit department with a global dynamic audit plan. Brian has also served as advisor and project manager for multiple large (10,000 to 80,000 hour) internal audit co-source projects based in the US and UK with operations globally and has supported the implementation and delivery of SOX 404 requirements.


Dianne O. UmbergerPrincipalErnst & Young LLP


ProfileDianne Umberger is the National Tax Department’s REIT Leader for Ernst & Young LLP and is a principal in the Real Estate Group in Washington, DC. Dianne has worked in advising real estate investment trust (REIT) clients for the past several years. Prior to joining the firm, she was an Attorney Advisor with the Office of Chief Counsel of the Internal Revenue Service, Financial Institutions and Products. In that role, she developed many of the Service’s ruling positions regarding REITs and was involved in developing many positions affecting the REIT industry.

Dianne represents numerous publicly traded REITs before the Service and has obtained many important rulings for Ernst & Young LLP’s REIT clients. Over the years, she has worked closely with NAREIT’s government relations and legislative committees to advance key REIT issues and she is a frequent speaker at REITWise, NAREIT’s Law, Accounting & Finance Conference.

Dianne received her BA with honors from the University of Connecticut and her JD from Villanova University.


Derek VanEmonSenior Manager, US Professional Practice Real Estate ResidentErnst & Young LLP

5 Times SquareNew York, NY 10036212 773-7120 [email protected]

ProfileDerek currently serves as the Real Estate Resident in Ernst & Young LLP’s US Professional Practice. In his role, Derek assists clients and audit engagement teams throughout the US with the application of accounting and auditing guidance to real estate transactions. In addition, he is responsible for evaluating the impact to the real estate industry of newly effective and proposed accounting standards. Derek has developed a number of articles and publications that provide interpretive guidance targeted to real estate entities and regularly delivers presentations on accounting topics at industry events and conferences.

Derek began his career with Ernst & Young LLP in 2005, and prior to joining Professional Practice, spent eight years in the Assurance practice of the Indianapolis, Indiana office. While in Indianapolis, Derek served on the engagement teams of several public company assurance clients in the real estate and banking and capital markets industries.

Derek holds a Bachelor of Arts degree in Accounting and a Masters of Business Administration in Finance from the University of Indianapolis. He is a Certified Public Accountant in New York and Indiana and is a member of the American Institute of Certified Public Accountants and the Indiana CPA Society.


Jeffrey K. WaldvogelChief Financial OfficerKBS Capital Advisors

800 Newport Center Dr., Ste 700Newport Beach, CA 92660949 [email protected]

ProfileMr. Waldvogel joined KBS in 2010 and currently serves as Chief Financial Officer of KBS Capital Advisors and is responsible for the company’s growing portfolio of non-traded publicly offered real estate investment trust products, a role which he assumed in June 2015.

Mr. Waldvogel oversees the financial management, accounting and reporting of KBS REIT I, KBS REIT II, KBS REIT III, KBS Strategic Opportunity REIT, KBS Strategic Opportunity REIT II, KBS Legacy Partners Apartment REIT and KBS Growth & Income REIT. Previous to serving as the chief financial officer, Mr. Waldvogel served as the Company’s Director of Finance and Reporting. Mr. Waldvogel has more than 12 years of financial/accounting experience in the real estate industry.

Before joining KBS, Mr. Waldvogel was a senior manager with Ernst & Young in the Assurance Services Group and served primarily real estate clients.

Mr. Waldvogel received a Master of Accountancy Degree and Bachelor of Science from Brigham Young University in Provo, Utah. He is a Certified Public Accountant in California.


Karen WardManaging Director, Head of US Real Estate Investment BankingErnst & Young Capital Advisors, LLC

100 N Tryon St, Ste 3800 Charlotte, NC 28202704 [email protected]

ProfileKaren is the Head of US Real Estate Investment Banking with Ernst & Young Capital Advisors, LLC. Her team focuses on providing capital raising and M&A advisory services to private, middle-market real estate developers, owners and operators across the US.

Most recently, she performed consulting work for McKinsey and Crescent Resources. Previously, she co-founded a real estate private equity and sponsor focused merchant bank in New York. She has closed $30b of equity and M&A transactions as an investment banker.

Karen previously was a Principal with Bank of America Merrill Lynch in the Real Estate Investment Banking Division and Head of Client Coverage for the Central Region, calling on middle market clients.

Karen was a Vice President with Goldman Sachs in Mergers and Strategic Advisory and an Associate in the Corporate Finance Group. She was a summer associate at Morgan Stanley in New York and an investment banking analyst at Bank of America. She was also a Consultant at Andersen Consulting.

Transaction-specific experiences prior to joining Ernst & Young LLP:

• Led IPOs, follow-on or convertibles: iStar Financial, NorthStar, JER, Gramercy, American Campus Communities, CBRE and Estee Lauder.

• Led private equity deals: KDC, Cogdell Spencer, Utley Residential and numerous undisclosed hospitality, military housing, student housing, retail, office, industrial and diversified companies.

• Led M&A deals: CNL Hotels; IPC; StorageMart; Century Development; Spear, Leeds & Kellog; Teekay Shipping; Woodstream and AmeriSource.

Karen earned a BA from Stanford University and an MBA from The Wharton School, University of Pennsylvania. She holds SEC Series 7, 9, 24 and 63 licenses. She is also a registered broker and active real estate salesperson in North Carolina and Georgia.


Brooke WestemeierPartnerErnst & Young LLP


ProfileBrooke Westemeier is a Partner with Ernst & Young LLP focusing on the real estate industry. Brooke has over 12 years of experience in accounting and auditing.

Brooke has served publicly and privately held clients in the real estate industry and has been involved with acquisitions, public equity transactions, debt offerings, contract accounting, construction and partnership accounting.

Brooke is a member of the AICPA, Arizona Society of Certified Public Accountants and the Iowa Society of Certified Public Accountants. Brooke is certified in both Arizona and Iowa. She received her BA in accounting from the University of Northern Iowa.


Dan WhiteSenior EconomistMoody’s Corporation

7 World Trade CenterNew York, NY 10007212 [email protected]

ProfileDan White is a senior economist at Moody’s Analytics in West Chester, PA, where he coordinates consulting and regional economic research.

Dan’s broad research interests include macroeconomics, energy economics, regional economic development and public policy. His recent research has focused on public policy responses to the Great Recession and ways to better prepare federal and subnational fiscal conditions for changes in the business cycle. He also has the pleasure of working directly with a number of governments in a consulting role.

Dan regularly presents to clients, conferences and policymakers of all levels. He has been featured in a number of print, radio and televised media outlets ranging from the Wall Street Journal to National Public Radio.

Before joining Moody’s Analytics, Dan worked as a financial economist for the New Mexico State Legislative Finance Committee in Santa Fe, where he forecast revenues and analyzed a wide range of policy issues concentrated around economic development, public investment and debt management.

Dan holds an MA in economics as well as undergraduate degrees in finance and international business from New Mexico State University.


Steven WlodychakPrincipalErnst & Young LLP


ProfileSteve Wlodychak is a principal with Ernst & Young LLP’s Indirect (State and Local) Tax Practice. Based in Washington, DC, Steve is also the state and local tax leader of its Center for Tax Policy coordinating Ernst & Young LLP’s point of view on emerging state and local tax legislative, judicial and administrative issues. He serves both private equity and strategic investors in a variety of industries to address state and local transactional tax issues involving business combinations, reorganizations, restructurings and divestitures, including the taxation of such transactions under state and local corporate income/franchise, net worth, gross receipts, sales and use, real property transfer, employment and real and personal property taxes as well as matters involving unclaimed property. He has addressed state and local tax considerations in all 50 states and on well over 700 different transactions.

Prior to moving to Washington, Steve served in Ernst & Young’s Los Angeles, California and New York Offices, was state tax counsel for a multinational insurance company and was an associate attorney for a large regional law firm. He also served in various positions in New Jersey state government including in the Office of the Governor.

A frequent speaker and an author and contributor to national state and local tax publications and host of Ernst & Young LLP’s quarterly webcast on US state and local taxes, Steve has presented at the Institute for Professionals in Taxation, for the Bureau of National Affairs, for the Practising Law Institute and for Stafford

Publications and is a visiting lecturer at the LL.M. in taxation programs at Georgetown University’s School of Law and Loyola Marymount University’s School of Law in Los Angeles as well as at Arizona State University’s Masters in Taxation program, leading discussions on cancellation of indebtedness income, state differences from federal income taxation, differences in state approaches to consolidated reporting and state treatment of partnerships and other pass-through entities. Steve is co-author of recent articles on evolving trends in state tax policy, the states’ approaches to “cloud computing” from both an income/franchise and sales and use tax perspective, problems with California conformity matters in light of the enactment of Proposition 26 in November 2010, state and local tax problems for real estate investment trusts and their investors, the states’ decoupling from the elective provisions of Section 108(i) with respect to cancellation of indebtedness income for acquired debt instruments which appeared in the BNA Weekly State Tax Reporter in June 2009 and on state approaches to attribute reduction under Section 108(a) which also appeared in the same publication in October 2010.

Steve received a B.S.F.S. degree from Georgetown University’s School of Foreign Service, a J.D. from Seton Hall University’s School of Law and an LL.M. (Taxation) from New York University.

Steve is a member of the ABA, the New York Bar Association, the District of Columbia Bar and the New Jersey Bar.


Serena I. WolfePartnerErnst & Young LLP


ProfileSerena is a partner in Ernst & Young LLP’s New York Real Estate practice. Serena has practiced for 15 years, including six years with Ernst & Young LLP (Australia), and seven years with Ernst & Young LLP, transferring in 2007 from the San Francisco office to the Global Real Estate Center in New York. Within Ernst & Young LLP, Serena has worked in a variety of industries including manufacturing, technology and real estate. She has spent the last nine years working solely in the real estate practice.

Serena completed a rotation as the Channel 1 Sector Resident in the Global Real Estate Center, where she had been involved in the analysis of recent accounting standards on the real estate industry, including US GAAP and International Financial Reporting Standards (IFRS) and the development of national training courses and international real estate conferences. She has been instrumental in the development of articles and other thought leadership activities for clients on important technical issues, and has moderated a number of the real estate center webcasts, including a January 2010 webcast on current IFRS issues that impact the real estate industry. Serena has presented on the implication of new accounting standards on the real estate industry to various real estate companies and

industry groups including NCREIF and NAREIT and is involved as the Ernst & Young LLP representative in NCREIF and NAREIT committees that address upcoming legislative and accounting changes.

Serena’s clients include a number of publicly traded real estate investment trusts and real estate investment funds in both the equity investment and the specialty finance arena and she has advised clients on a broad range of accounting issues, including purchase price accounting, fair value measurements, revenue recognition, consolidation and joint venture accounting, and stock compensation matters. She has worked closely with real estate valuation professionals to evaluate the fair value of commercial real estate properties, asset backed securities and mezzanine loans. Additionally, Serena has been involved in a number of IFRS projects for real estate companies, including an IFRS diagnostic for a large restaurant chain.

Serena earned a BCOM in Accounting from the University of Queensland, Australia, and is a member of the Institute of Chartered Accountants of Australia. Serena is a CPA in California and New York.

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