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Commercial Real Estate Update: Recorded September 8, 2011 90 minutes Agenda | Panelists | Who should attend | Get log-in Overview When the housing bubble burst and residential real estate values crumbled, many banking and real estate professionals thought commercial real estate would be the next shoe to drop, sending the banking and real estate industries into an even sharper tail spin. However, the decline in CRE values didn't end up being as severe as some feared. While vacancy rates have increased and values declined from the peak, commercial real estate is widely perceived to have bottomed out. To be sure, property types in certain locations are faring better than others, but all in all, there is room for some degree of optimism. What does this mean for loan performance? The asset quality of CRE loans for commercial banks began to deteriorate in 2008 and delinquency levels steadily rose during the next two years, peaking at 10.8% in the first quarter of 2010. However, delinquency levels have since dropped 8.02% at the end of Q2, according to bank regulatory data compiled by SNL Financial. While values have rebounded and delinquencies are declining, CRE lending continues to be depressed. How is the current trend and outlook for commercial real estate values affecting the lending environment? In an environment where loan growth is dismal, how are banks competing for the few attractive loans out there? How are loans being priced? Are lenders already loosening their underwriting standards in hopes of attracting new borrowers? Join SNL Financial and a panel of industry experts as we examine the latest commercial real estate market cycle, its effect on loan performance and the lending environment. Agenda
Learning Objectives
Panelists
Glenn Mueller, Ph.D Glenn has 36 years of real estate industry experience, including 27 years of research. Mueller's research experience includes: real estate market cycle analysis, real estate securities analysis, real estate capital markets, portfolio and diversification analysis, seniors housing analysis and both public and private market investment strategies. In addition, he has performed specific macro- and micro-economic level analyses, both nationally and internationally, on office, industrial, apartment, retail, hotel, single-family residential, and senior housing sectors. He is a frequent presenter of research at national and international conferences on topics ranging from market cycle analysis, to portfolio strategies, to investment analysis and real estate securities analysis. Prior to Denver University and Dividend Capital, he was a professor at Johns Hopkins University and Colorado State University. He has held top research positions at Legg Mason, Price Waterhouse, ABKB/LaSalle Investment Management, and Prudential Real Estate Investors. He was also a developer/builder in New England. Glenn holds a B.S.B.A. with finance major from the University of Denver, an MBA from Babson College, and a Ph.D. in Real Estate from Georgia State University.
Rex E. Rudy With Wells Fargo (Wachovia) since 1998, Rex is responsible for originating and structuring syndicated credit facilities to public real estate companies including REITs, REOCs and Homebuilders. Mr. Rudy received both his MBA and BSBA from the Ohio State University.
Robert M. White, Jr., CRE Bob White is the founder and president of Real Capital Analytics Inc., an international research firm that provides real time data concerning the capital markets for commercial real estate and the values of commercial properties. Mr. White is a noted authority on the real estate capital markets with credits in the Wall Street Journal, Barron's, The Economist, Forbes, New York Times, Financial Times, among others. In addition, he was named one of National Real Estate Investor Magazine's “Ten to Watch” in 2005, Institutional Investor's “20 Rising Stars of Real Estate” in 2006, and Real Estate Forum's “10 CEOs to Watch” in 2007. Previously, Mr. White spent 14 years in the real estate investment banking and brokerage industry and has orchestrated billions of commercial sales, acquisitions and recapitalizations. He was formerly a managing director and principal of Granite Partners LLC and spent nine years with Eastdil Realty in New York and London. Mr. White is a Counselor of Real Estate, a Fellow of the Royal Institution of Chartered Surveyors and a Fellow of the Homer Hoyt Institute. He is also a member of numerous industry organizations and a supporter of academic studies. Mr. White is a graduate of the McIntire School of Commerce at the University of Virginia.
Keven Lindeman (moderator)
Prior to joining SNL Financial in 2001, Keven was Director of Business Analysis for the online real estate brokerage, Homebytes. From 1998 to 2000, he worked for BB&T Capital Markets as vice president and senior real estate analyst in the Equity Research Group. From 1995 to 1998, he worked for the Trammell Crow Company. Keven is a graduate of the University of Virginia and holds both an MBA and an MS in Real Estate and Construction Management from the University of Denver. He is Series 7 and Series 63 registered and holds the Chartered Financial Analyst designation.
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