8:00 AM: M&A in Commercial Real Estate: Buying and Selling Platforms and Operating Companies
Topics
• What is driving platform M&A: succession, scale, and capital partners buying operators
• Valuing the company apart from the buildings: fee streams, promote pipelines, management and leasing contracts
• Deal structures: asset vs. equity sales, rollover equity, earnouts, and retaining the team
• Pre-sale cleanup: entity structure, consents, guarantees, and fund or investor approvals
• Tax design of the sale: purchase price allocation and rollover mechanics
• What sellers should fix two years before going to market
8:50 AM: The Capital Stack 2026–2
Topics
• Permanent, construction, and bridge financing: availability and terms
• Bank vs. private credit vs. agency: who is lending on what
• C-PACE in the stack: where it fits and what it replaces
• The refinancing wall: maturities, extensions, and rescue capital
• Covenants and workouts: anticipated violations, guarantor issues, entity changes, and communicating with the lender early
• Rate outlook: what lenders are pricing in for 2027
9:30 AM: Break
9:45 AM: Tax-Advantaged Capital: The Pros, Cons, and Risks of Recent Investment Trend
Topics
• Permanent 100% bonus depreciation and cost segregation by asset type
• Depreciation pass-through: allocations, capital accounts, and guarantees
• 1031-compatible DST tranches and 721 exit paths as offering features
• Opportunity Zone 2.0 funds: structure, timing, and investor demand
• Energy and efficiency incentives: what remains and how credits are monetized
• Who can use the losses: passive-loss limits, real estate professional status, grouping
• Where these products go wrong: liquidity, fees, sponsor risk, and litigation exposure
• Disclosure and suitability: what broker-dealers and RIAs require before they place it
10:15 AM: Break
10:30 AM: Selling in 2027: Options for Long-Term Owner
Topics
• Hold, sell, exchange, or contribute: a practical decision tree (handout)
• Depreciation recapture and the real cost of a straight sale
• 1031 in 2027: direct exchange vs. DST, timelines, and identification strategy
• 721 / UPREIT contributions: when they beat an exchange, and for whom
• Opportunity Zones 2.0: use cases that pencil — and when a 1031 was the better move
• Estate considerations: basis step-up, family settlement, units vs. bricks
• Traps: deferred sales trusts, the wrong life insurance, exchanging into the wrong asset
• Worked example: one owner, one property, five outcomes side by side
11:15 AM: Sponsor & Operator Forum: Quick Takes on Where Equity Is Goin
Topics
• Sectors that pencil going into 2027 — and what has stopped penciling
• Where trades are actually clearing
• Pricing and the bid-ask spread
• What investors are asking sponsors for that they were not asking for three years ago