April 7-10
NCREIF SPRING CONFERENCE WEEK 2025
Phoenix, Arizona
Arizona Biltmore
Join us at the historic Arizona Biltmore
Share
NCREIF events provide members with an opportunity to share ideas, information and knowledge with their industry peers.
Learn
In addition to our general sessions and committee meetings, there are three NCREIF Academy courses being offered the days prior and after the official conference dates.
Network
Though NCREIF is known for its zero-tolerance policy when it comes to marketing during any of our events, our members have been forming relationships (both new and old) for decades through our fraternity-like conference environment.
OVERVIEW AGENDA FOR THE WEEK
Mon 4/7
2 NCREIF Academy Courses:
* Investment Analysis and Due Diligence
* Real Estate Case Studies: Analyzing Sector and Market Dynamics
Tue 4/8
Official Conference Day
- General Sessions
- Standing Committee Meetings
- Welcome Evening Event
Wed 4/9
Official Conference Day
- General Sessions
- Standing Committee Meetings
- Closing Evening Reception
Thu 4/10
NCREIF Academy Course
Digging into Reporting Standards
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It's finally here!
GENERAL SESSIONS
Economic Conditions
Tuesday's Opening general session
A regular feature of our conferences, the Research Committee is bringing in Randall Sakamoto, President and Director of Research for Rosen Consulting Group to open up our Phoenix conference. Randall will present the current macro-economic landscape, post-election climate and potential implications on commercial real estate market conditions.
Navigating the New Cycle
wednesday general session
As we began planning this session early in 2025, there seemed to be the case for a turnaround after a market bottom. Now however, uncertainty reigns.
We turn to a panel of experts to help us make sense of conflicting data and the changing landscape of policy pronouncements out of D.C. We will discuss the cyclic factors to watch and the structural dynamics that will drive our sector in near future, for better or worse. On the stage we will hear from a data provider, an investment manager, an investor, and a consultant.
Jim Costello, Head of Real Estate Economics for MSCI will moderate this discussion. He will be joined by:
David Hansen, CIO for Property Reserve
Sally Ann Flood, Deloitte's U.S. Real Estate Sector Leader
Lisa Strope, Head of Research at TA Realty
Exploring the Consultant - Manager - Investor Relationship
wednesday general session
Hosted by our Valuation Committee, this will be an exploration of perhaps the most important relationship in institutional real estate, between the Consultant, Manager, and Investor. Panelist will discuss how they interact to make investment decisions, what metrics/analytics they rely on, particularly during periods of volatility, and what investment trends are currently shaping the market.
Our discussion will be moderated by Elizabeth Francis, Executive Director at MSCI. She will be joined by:
Dan O’Connell, Associate Partner, Townsend Group
Liz Troni, Portfolio Manager, CBRE Investment Mgmt
Kaya Murray, Managing Director, PGIM Real Estate
Michael McGowan, Portfolio Manager, CalSTRS
CRE: Focus on Residential and Innovative Technology
wednesday general session
The rapid growth of technology is reshaping the commercial and residential real estate landscape. New technologies are ever-present in the housing industry as payment solutions, short-term rental models and incentive platforms become standard. These adoptions are redefining how residents pay rent, how landlords optimize cash flows, and how the industry approaches leasing. This panel will bring together businesses on the frontlines of technological innovation in the residential sector to discuss how improvements are driving efficiency, increasing accessibility, and creating new opportunities for residential outperformance.
On stage moderating the discussion will be Lee Everett, Executive Vice President, Head of Research and Strategy with Cortland. He will be joined by:
Damon Gacicia, Director, Airbnb-friendly Real Estate
David Wyler, Chief Business Officer, Bilt Rewards
NCREIF Academy Courses - Offered on April 7 and April 10
Monday, April 7 - Two Classes OfferedInvestment Analysis and Due DiligenceThe focus of this course will be analysis and due diligence for potential acquisition or disposition (hold‐sell analysis) of properties, including expectations of investment committees and investment committee memo structures. Students will learn key factors used to develop proforma assumptions, and learn how to calculate the key measures of return and investment value used by institutional investors, including the impact of leverage. Factors that impact investment risk including the lease structure, type of financing and market conditions will be discussed, including additional risks associated with development projects. An Excel spreadsheet proforma will be used to calculate risk measures, perform a sensitivity analysis, partition the IRR and perform a Monte Carlo simulation.
Real Estate Case Studies: Analyzing Sector and Market Dynamics
This course is designed to illustrate how to underwrite supply and demand factors across various real estate property sectors and markets. The supply/demand relationship, in turn, impacts rents and occupancy for existing properties as well as the expected absorption and feasibility of proposed projects. The factors that impact these metrics and the types of data used to analyze them vary by property sector, location, and risk profile.
The course will discuss the sources of data and analytical models that may be utilized for a market analysis. This is important for appraisals of existing properties, feasibility studies of proposed projects, and determining strategies for renovation and repositioning of properties. Students will explore: interaction of the space (tenant) market with the capital markets as well as the globalization of real estate capital and its impact on pricing; technology and the changing spatial structure of cities (what this means for location decisions); and the evolution and increasing scale of real estate development.
The course will discuss the sources of data and analytical models that may be utilized for a market analysis. This is important for appraisals of existing properties, feasibility studies of proposed projects, and determining strategies for renovation and repositioning of properties. Students will explore: interaction of the space (tenant) market with the capital markets as well as the globalization of real estate capital and its impact on pricing; technology and the changing spatial structure of cities (what this means for location decisions); and the evolution and increasing scale of real estate development.
Thursday, April 10
Digging into Reporting StandardsThis course is designed to enhance your knowledge of the NCREIF PREA Reporting Standards (RS). Concepts are reinforced through engagement in small group breakout sessions.
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks and standards.
Some topics include:- Why standards are critical for decision making- How RS fills the gap created by other standard-setting organizations- How RS can help you in your day-to-day responsibilities and where to find information- How you can be involved in establishing ever-evolving best practices in the real estate industry- What it means to be compliant
Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed!
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks and standards.
Some topics include:- Why standards are critical for decision making- How RS fills the gap created by other standard-setting organizations- How RS can help you in your day-to-day responsibilities and where to find information- How you can be involved in establishing ever-evolving best practices in the real estate industry- What it means to be compliant
Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed!
Fees and Pricing
CONFERENCE FEES
All Member Types Except Academics & Investors
$1,490 if registered by 3/17
$1,590 if registered 3/18 to 4/4
$1,690 after 4/4
Academic & Investor Members
$300 if registered by 3/17
$400 if registered 3/18 to 4/4
$500 after 4/4
There are no cancelation refunds permitted after 4/1.
HOTEL GUEST ROOM RATES
- NCREIF has secured a $449 Standard Room Group Rate and a $629 Deluxe Room Group Rate at the Arizona Biltmore – Once the room block is sold out there will be a waitlist maintained by NCREIF.
- You may use the online registration link below to book directly into the block at the group rate.
- Reservations require a one night room/tax deposit.
- Reservations are cancellable up to 14 days prior to arrival.
- Contact SGaskins@NCREIF.org to be placed on a waitlist once the room block has been filled.
ACADEMY COURSE FEES
All Member Types Except Academics & Investors
$625
Academic & Investor Members
$375
Non-NCREIF Members
$750
Cancelations received prior to April 1 will be fully refunded. April 1 and later will receive a credit toward a future NCREIF Academy course.
The National Council of Real Estate Investment Fiduciaries (NCREIF) is an Appraiser Continuing Education (ACE) Provider with the Texas Appraiser Licensing & Certification Board (TALCB), Provider License #23.