Friday, June 19, 2015

Father's Day 2015

Perspective is a powerful thing. So is hindsight, although I’m not sure it’s actually 20/20.  Looking back, do we always see things more clearly than we saw them in the first place?  When we’re in the moment, evaluating a decision, we do the best we can at that point in time.  But some time later – could be days, weeks, months or years – would we have chosen to take the same road?

I’ve spent a considerable part of my life alone in hotel rooms in the U.S. and Europe. I first started traveling for work before my sons were born. It was part of my job. It’s how I made money to support my family and our lifestyle…modest as it was.  I must admit, I enjoyed the travel - and still do - seeing new places and meeting new people, some that have become long-time industry and/or personal friends. As the years went on, depending on the position I held, I continued to travel… I was on the road sometimes much of the time, sometimes less. 

The births of our sons - Brian and Kevin - were two of the most amazing experiences I’ve ever had in my life.  And I made a vow that no matter what I was doing, and where I was, I would always be home on the weekends – a promise I kept virtually 100% of the time.  But in hindsight, that wasn’t either fair or enough. It wasn’t fair to Sharon, my first wife and the mother of my sons, leaving her with all that responsibility, and just not being home enough. Our cost of living allowed her to be a full-time mom, something that has become more and more difficult nowadays as prices of housing, schooling and, well, everything have risen to stratospheric heights. I have always loved being a dad and as I look back I wish I had been around more as I missed so much and I’m pretty sure my wife and children missed me being there too. But when I was there – I was fully present.

My encouragement of the boys’ sports and music endeavors and Sharon’s artistic talent helped, in some ways, shape who they became:  Brian is a performing musician and assistant professor of music at the University of North Carolina – Asheville and Kevin is a producer on some high profile reality TV shows such as the current hit, Impractical Jokers.

Both Brian and Kevin now have children of their own and while I’ve always been proud of them as individuals, I’m so impressed with them as fathers. They both love being dads and are doing a great job at it.  And they each have jobs that allow them to be home most every night – it makes a difference.

As I look back on how my parents ‘parented’ me, I wish they had done some things differently.  It took me a long time, but I finally understood that they were doing the best they could. Sharon and I both wished our parents had done some things differently to help shape what we became.  We made a conscious decision to follow a different path than our parents in many ways – to not make what we believed were mistakes, and we had always felt that we did the right thing. Thinking in hindsight again, I wish I had made some different choices. Perhaps it resembles the ‘lessons learned’ talked about regarding real estate investment cycles.   “We won’t do that again.”  But we sometimes do…

Today is a much different time to be raising children than when we raised Brian and Kevin.  Life was simpler then; the world was less complicated.  Today, there are so many more distractions – technology being just one of them – I’m not sure how I would deal with those if I had young children today. 

The other night, after Brian and his family arrived from out of town, I spent the evening with my sons and their families. It was an incredible feeling – to participate and play, and also to simply observe my four grandchildren – Sean (6), his brother Gavin (3), and the twins, Edie and Ben (3).  It brought tears to my eyes every once in a while because I was reminded about what a lucky guy ‘Grandpa’ really is.

On Sunday, Father’s Day, we’ll all be doing some things together.  Due to logistics, this doesn’t happen very often.  And I am so looking forward to it.  It’s another incredible thing in my life to watch what a great job my sons and daughters-in-law are doing raising their kids.  Just like Sharon and me, the next generation has incorporated things that went well from their own upbringing, and are making adjustments where areas could be improved from the past.

For those of you who have frequent travel as part of your job, I encourage you to make decisions about whether a trip is absolutely necessary if it means you’ll miss a music recital or a sporting event that your child (or grandchild!) is participating in.  Sure, technology allows you to have some degree of those experiences from wherever you are in the world.  But, there is no substitute for being there in person – for you and for your child.  Think about it now – not 30 years from now – when you say to yourself, ‘I wish I had done it differently’ as I sometimes do.

‘Grandpa’ is a title that means a lot to me. It reflects life itself…the next generation and the one after that.  For all of you who are dads or grandpas, I know you know what I’m talking about. 

Happy Father’s Day to all you fathers (and grandfathers) and especially to my sons, Brian and Kevin. 

Kevin (blue shirt); Brian (red shirt)


Sunday, March 29, 2015

NAREIM Executive Officers Meeting / PREA Spring Conference

NAREIM Executive Officers Meeting

In Miami, Florida on March 16-17, the National Association of Real Estate Investment Managers (NAREIM) held it’s semi-annual Executive Officers (EO) meeting.  This one focused on leadership.  In attendance were approximately 60 senior executives from investment management and private equity real estate firms. The CEOs that I spoke with told me something that I’ve heard about each the EO meetings – it’s the openness with which peers share challenges, and thoughts on solutions, that makes this meeting special. 

Here are some notes I took during the meeting that I offer for your consideration:
  • What does it take to be a leader today?
    • Inspirational
    • Lead by example
    • Mentor
    • Get people to follow them
    • Establish and maintain credibility
    • Consistent
    • Walk the talk
    • Cheerleader
    • How they define success
    • Don’t answer questions / ask questions
  • Leadership has become disappointing:  A survey by Inc. magazine showed 65% would rather take a new boss vs. a pay raise
  • Only 7% of employees have trust and confidence in their senior leaders
  • Did you leave your organization in better shape than you found it?

Commercial real estate is an industry whose foundation is ‘the deal.’  Leading an organization requires a senior manager to dedicate a significant amount of time to managing / developing / inspiring their team vs. making deals.  For some, it’s a challenge – as I know from my own career, making a real estate deal is seductive and adds to our accomplishment history.  But from the discussions at the NAREIM EO meeting, it’s clear that there is more focus than ever on the importance of being an effective leader – on attracting and retaining top talent and creating a stimulating environment. 

Some people say that leaders are born and not made.  I’m not sure I agree.  In many ways it’s a matter of having a true desire to lead and developing the tools to be a leader.  If you are a senior officer at your firm, and you’re not already a NAREIM member, I encourage you to check it out.  Getting away from your desk for a few days a year to interact with other industry leaders may be one of the most valuable investments you can make – in your firm and in yourself. 

PREA Conference

The Pension Real Estate Association Spring Conference took place last week in Washington, DC. A number of the conversations I had were with capital raisers, marketing and investor relations professionals.  The energy level at the PREA event was high…we’re riding a wave of prosperity – companies are hiring – compensation is up and everyone seems happy.  But, with hundreds of funds in the market, raising capital has never been more challenging.  It’s also not easy to invest  – as there is so much money chasing the same deals.  One of my friends, whose firm has sold 10,000 apartment units, told me, “It’s difficult to turn down a deal at a 5% cap rate.”  It continues to amaze me – how the appetite for real estate continues to drive cap rates down to historic lows.  While many institutional investors are focused on income – getting a nice check quarterly – there may be surprises when the properties are sold and there hasn’t been any appreciation – no ‘pop’ at the end of the hold period. 

I joined the New Members/First time attendee breakfast, as did a few other PREA veterans.  There I sat with some mostly younger folks whose companies had recently joined PREA or they were attending their first event.  Attending any industry event for the first time can be daunting – I can remember the days when I didn’t know anyone…it’s not easy and it’s one reason that I will approach people standing by themselves during networking breaks or cocktail receptions and strike up a conversation.  Some long-standing industry friendships have developed from those simple interactions. 

During the event, I learned about the PREA Industry Leader interview series.  They run up to 15 minutes, are very well done and offer some great insight from a diverse group of industry leaders.  Take a look!

Monetarex

Olga Koroleva, founder and CEO of Monetarex, and I were introduced at the CRE Tech Intersect conference in New York City by Larry Sousa, a long-time industry friend and advisor to Monetarex. Olga recently gave me a demo of their service. 

While Monetarex slips into the realm of some other commercial real estate data providers and services, there are some unique aspects that make it worth exploring.

Olga described the steady progress she is making, getting companies to check out Monetarex and then deciding if it’s a tool that can help them.  From their promotional material:
  • The Monetarex platform comprises a network, investment marketplace, and private firm data. 
    • Delivers comprehensive business intelligence on over 1,000 private real estate firms, their investment activity, regulatory filings, and key personnel - all in real-time with up to 100 data points per firm. 
    • Provides tools and analytics for the private CRE market to streamline deal sourcing, due diligence, market research, and communication.
Having been involved with an early entry into commercial real estate technology, I can appreciate the challenges that Olga and other start-up entrepreneurs face today. There are some groups gathering friends and family money and others aggregating funds through crowd-sourcing mechanisms to invest, not just in hard assets, but in technology start-ups. 

These are exciting times for our industry, which I’ve always believed has been the slowest to adopt technology.  And while this may be commercial real estate’s own ‘tech bubble’ those left standing will have contributed to taking the industry to the next level of recognizing how adopting new technologies can make collecting and managing of data, and other functions, easier and more robust.

Congratulations

Charlie Nolfi recently joined Calare Properties as Director of Marketing and Investor Relations
   
On the Road...

April 2:  Commercial / Institutional Real Estate Women's Leadership Workshop, New York City. Learn more and register here

May 5:  Commercial / Institutional Real Estate Women's Leadership Workshop, Chicago, IL. Learn more and register here

May 6 - 7:  NAREIM Accounting and IT Meeting, Chicago, IL.  Learn more and register here

May 14:  Annual meeting of The Hoyt Fellows, North Palm Beach, FL

June 15 - 16:  IMN US Real Estate Opportunity and Private Fund Investing Forum, New York, NY.  Learn more and register here









Disclaimer 


All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 














Tuesday, March 24, 2015

Bill Holmes (1955-2015)

I heard the sad news last week – Bill Holmes from Hart Advisers died.  Bill and I knew each other for almost 20 years and while we were not close, we were friends.  Every time I saw Bill he had a smile on his face and an upbeat story to tell.  

I was referred to this wonderful obituary in the Hartford (CT) Courant. 


Williams Holmes, and those who knew him well will know this, was the quintessence of what a man should be.  He loved his family powerfully, he was tenacious and intelligent in his work and he selflessly supported his friends.  His boisterous laugh and big personality filled not just rooms he inhabited but entire buildings.  He was a patient man, and took challenges in stride.  He was generous.  He was kind.  He made me laugh, although sometimes he just made himself laugh.  

Bill was outstanding in his work and was dedicated to it.  He loved his dogs, of which there were many and he spoiled every one of them.  His wish would be that they inherit the master bedroom, although they likely consider it theirs anyway.  

Bill was an active man – running, swimming, biking, skiing – always outside and always challenging himself and those around him.  He was so sad to leave us but he need not fear for the well-being of his family and friends.  

The gift he gave us for so many years is still with us and part of that gift is strength.  That strength that he showed and that he shared with those around him is what will carry us though this and it is just one of a thousand parts of each of us that he has created and that he will continue to touch and in which he will continue to be with us throughout our lives. 

William Holmes was a deeply loving man.  He showed his love for his family with every action.  His wife, Candace, and his children, Alexander and Juliana, will miss him every day and every night, with every step and every sip and in every hearty laugh.  Donations should be directed to the William H. Holmes Memorial Scholarship through the ICSC Foundation (www.icscfoundation.org/donate).  Choose Undergraduate Scholarship Fund and add a tribute to Bill Holmes.

The Pension Real Estate Association (PREA) conference this week will not feel the same without seeing Bill.  Condolences to his family, colleagues and friends.  

Sunday, March 22, 2015

Life is a series of stories

Life is a series of stories – or at least that’s what I believe.  This weekend I joined seven of my childhood friends for a weekend reunion in Las Vegas and there were lots of stories.

About five years ago this same group got together. At that first ‘reunion’ we went around the table and each shared their life story since junior high school.  This time, we each gave our updates.  Three of the guys have been married to the same woman for a long, long time.  Several have had one or more marriages.  I was the only unmarried attendee. There were stories of children and even grandchildren.

While the life updates were interesting, the recollections from the past were terrific.  We laughed a lot - trying to remember people, places and things and in some cases debating what certain people we knew, way back then, might be doing now.  Each of us remembered something that the others didn’t – or perhaps a different version of the same recollection.  A few things came out that the subject of the story hadn’t even recalled himself!

We grew up playing sports in New York City.  Whatever the season was, that was what we did – baseball, football, basketball, roller hockey, etc.  Then there were the ‘street’ games – stoop ball, skully, box ball, stickball and others.  When in 5th grade, a group of us invited our teacher, Mrs. Taylor, to a New York Yankees baseball game.  She accepted.  It was a much different time.  Much more innocent and, we felt, safer.  Imagine that happening today - kids taking their teacher to a baseball game?  We reminisced about riding our bikes all over the place – long before there were bike lanes.  We were pretty much fearless back then. 

Everyone in the group has had a successful career in their own right:  three lawyers (one of the fellows related a story about bringing a case in front of the U.S. Supreme Court!), a physician turned administrator and now heading a very large U.S. medical group, two corporate executives, a former educator and me.  Two of the guys are already retired.  Others are considering / planning it.  Myself and one of the other fellows don't have the word 'retirement' in their vocabulary.

While the group had come from two different elementary schools, we hooked up in junior high school as a result being in the same ‘accelerated’ program.  That meant that we all skipped 8th grade. Big deal!  And, while we felt confident about our athletic skills, we’ve all openly admitted to having lagged in the area of social development – i.e. relationships with girls. 

The fascinating thing about our communication with each other is that it’s truly open.  It’s a great group of guys – we all get along, even if we don’t necessarily agree on where to go for meals…but that’s not unusual when you get a group of any eight people together, right?

As we went our separate ways today, talk was about the next time we’d get together…not waiting another five years and wondering if the next reunion should include spouses.  That should be an interesting discussion! And, there’ll no doubt be lots more stories…both new and those remembered from long ago.  Life is all about stories...n'est pas?



On the Road...
April 2:  Commercial / Institutional Real Estate Women's Leadership Workshop, New York City. Learn more and register here

Mar. 26 - 27:  PREA (Pension Real Estate Association) Spring Conference, Washington, DC. Learn more and register here

May 5:  Commercial / Institutional Real Estate Women's Leadership Workshop, Chicago, IL. Learn more and register here

May 6 - 7:  NAREIM Accounting and IT Meeting, Chicago, IL.  Learn more and register here

June 15 - 16:  IMN US Real Estate Opportunity and Private Fund Investing Forum, New York, NY.  Learn more and register here









Disclaimer 


All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 







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