Nareit’s REITwise 2025: Law, Accounting & Finance Conference convened nearly 1,100 real estate executives and REIT industry professionals March 25-27 in San Antonio, Texas. The three-day educational program focused on current issues of importance for REITs and publicly traded real estate companies in all areas of legal, financial, tax, and accounting operations. The event attracted attendees from 530 companies, including 126 member REITs, and featured almost 100 panelists and keynote speakers.
Read on for a recap of general and concurrent session presentations.
Day 1
Sustainability Primer: Essential Concepts for Legal, Tax, and Accounting
This session dove into the cross-functional collaboration required for REIT sustainability reporting and disclosure, including key terms, reporting frameworks, and performance metrics relevant to commercial real estate legal, tax, and accounting teams. The session explored: recent trends in real estate sustainability, particularly in financial reporting and corporate governance; various sustainability ratings and frameworks available; essential metrics related to the sustainability strategies and targets of REITs; and how REIT sustainability strategies connect with everyday business functions.
Jessica Long, SVP of environmental stewardship and sustainability at Nareit moderated the panel, which also featured: Jennifer Leitsch, managing director, climate change & sustainability services at EY; Kelly Souza, managing director, sustainable finance & advisory at Wells Fargo; Lauren Moss, SVP and chief sustainability officer at Vornado; and Tracy Porter, EVP and general counsel at Healthpeak Properties, Inc.
Accounting Committee: Navigating Cyber Incidents and New Accounting Standards
This session provided critical insights on best practices for responding to cyber incidents and meeting SEC disclosure requirements, ensuring that organizations remains compliant while safeguarding sensitive data. Some takeaways from this session included: actionable strategies for responding to a cyber incident and ensuring timely, accurate SEC disclosures to maintain transparency and regulatory compliance; a deep dive into the newly implemented Segment Disclosures Standard, understanding how companies are navigating this requirement and its impact on financial reporting; insights on how companies are preparing to comply with the new standard on disaggregating income statement expenses and what it means for financial reporting and transparency. Panelists also explored the FASB's latest derivatives proposal, its potential impact on existing accounting practices, and how financial professionals can adapt to maintain compliance.
Christopher Drula, SVP of financial standards at Nareit, moderated this session, which also featured: Rob Anderson, global real estate–accounting advisory at Chatham Financial; Nishit Mehta, partner at Grant Thornton LLP; Kevin Scott, shareholder at Greenberg Traurig, LLP; Katie Steinacker, senior manager at EY; Angela Valdes, chief accounting officer at JBG SMITH; and John Gottfried, EVP & CFO at Acadia Realty Trust.
Washington Update
This session explored analysis of the 2025 legislative and regulatory outlook for the industry from policy and public affairs experts. It was moderated by Cathy Barre, EVP of policy & public affairs and general counsel at Nareit. The session also featured: Ray Beeman, principal and leader at Washington Council EY; Craig Stern, managing director at Forvis Mazars; Cameron Arterton, deputy EVP of policy & public affairs at Nareit; Matthew Bechard, EVP of communications & industry affairs at Nareit; Dara Bernstein, SVP and tax counsel at Nareit; and Victoria Rostow, SVP of regulatory affairs and deputy general counsel at Nareit.
REITs & the Insurance Market
In this session, panelists discussed the complexities of Directors and Officers (D&O) liability insurance, innovative strategies for managing and reducing insurance costs, and the critical need for climate risk assessment within the insurance framework. Key takeaways included: exploring D&O liability insurance challenges and the growing trend of litigation funding; understanding the importance of protecting executive leadership from personal liability and the effects on insurance premiums, coverage options, and claims processes; diving into the importance of integrating climate risk into risk management strategies and how it influences underwriting practices, pricing, and coverage availability in a changing environment. Attendees also discovered methodologies for evaluating climate-related risks and their potential impact on REITs and the insurance market; and discussed various alternative risk transfer mechanisms such as structured deductibles, parametric coverage that triggers based on predefined events, and catastrophe bonds.
This session was moderated by Janet Kerr, VP of risk management at BXP. It featured the following panelists: Christian Hartman, assistant VP at Arch Insurance Company; Howard Sider, VP, national practice leader—REIT at Arch Insurance Company; Stephen Kelly, account executive—lead at Alliant Insurance Services; Tim Crowley, managing director at Alliant Insurance Services; Robert Curtis, alternative risk solutions, practice leader—insurance solutions at Liberty Mutual Insurance; and Robert Sprague, president, founders series property & casualty at Lockton Companies.
State & Local Tax (SALT) Issues Affecting REITs
In this session, panelists discussed the lifecycle of a REIT and the types of state and local taxes that REITs need to pay attention to at each stage. The speakers underscored the importance of thinking about taxes that REITs may not think of, including sales tax and franchise taxes. In addition, the conversation also focused on how regulatory and legislative changes at the state level are affecting REIT operations and investment strategies. Noelle Chartier, director of tax at Centerspace, moderated the panel, which also featured: Patrick Doyle, principal at EY; Joe Gurney, managing director at Deloitte; Jennifer Knickel, managing director at KPMG; and Jonathan Salzman, director at PwC.
Additional Experiences
In addition to the sessions, Nareit hosted three concurrent lunch programs on day one for Nareit corporate members, including one for in-house counsels, one for senior financial officers (SFO), and one for tax directors.
The SFO lunch program focused on generative AI and the real estate sector. Steven Gallagher, EVP, CFO & treasurer at Brixmor Property Group Inc., moderated the discussion with Jana Borer, strategy consulting at Deloitte LLP who shared insights into how AI is reshaping the industry and unlocking new avenues for value creation; how AI is being used in innovative ways within the real estate industry and how it can dramatically enhance REIT operations; and how AI can simplify and automate processes and tasks for greater efficiency and cost savings.
The tax directors lunch program focused on how AI and related technology solutions can streamline the tax process with a conversation moderated by Stephanie Williams, VP, tax compliance & planning at Ventas, Inc.; and featuring Paul Stamnes, VP, tax at Weyerhaeuser; Mark Patterson, head of tax at Summit Hotel Properties, Inc.; and Cheryl Surgo, VP, tax at Welltower Inc.
Nareit also welcomed REITwise attendees to San Antonio with an opening welcome reception in the evening. Attendees mingled in a casual gathering and had an opportunity to meet fellow professionals, exchange ideas, and begin forging meaningful connections.
Day 2
Opening General Session: State of the Economy & Capital Markets
In this session, panelists focused on the macroeconomic landscape and how REITs and commercial real estate are navigating the current interest rate environment and uncertainty in the markets. Key topics of discussion included equity and debt issuance, the likelihood of an increase in transactions, the outlook for mergers and acquisitions, the opportunities for REITs, and more. Wilfred Schlumberger, managing director at J.P. Morgan, moderated the panel, which also featured: Charles Fitzgerald, managing partner at Maewyn Capital Partners; Matthew DiLiberto, chief financial officer of SL Green Realty Corp.; Yelena Maleyev, senior economist at KPMG; and Sarah Wade, managing director and portfolio manager at Nuveen Asset Management.
General Session: REIT Mergers & Acquisitions
The recent trends and developments that legal and REIT experts are seeing in mergers & acquisitions (M&A) activity took center stage during this session. Panelists discussed the importance of equipping boards effectively to navigate the complexities surrounding M&A; how shareholder engagement and activism shape operations and transparency within REITs; and key regulatory themes that could influence REIT operations in 2025. Victoria Rostow, senior vice president of regulatory affairs and deputy general counsel for Nareit, moderated the session, which also featured: Christopher Johnson, partner and Americas REIT sector leader at EY; Yoel Kranz, partner and co-chair of REITs and real estate M&A at Goodwin; Jeannie Lee, executive vice president, general counsel, and secretary at Digital Realty; and John Rayis, senior strategic advisor for tax and transaction insurance at Lockton Companies.
Adapting to Change: Latest Tax Challenges for REITs
REIT tax and legal experts discussed the latest technical tax topics affecting REITs in this session. As part of that conversation, panelists delved into the tax issues that REITs encounter during every stage of real estate development. They also discussed issues surrounding prohibited transactions and how potential future tax changes could affect real estate development. The panelists ended the session with a conversation about the benefits of investing in renewable energy, which include federal and state tax credits, deductions, and financing options. Nicole Thompson, managing director of global tax for Prologis, moderated the panel, which also featured: Nickolas Gianou, partner at Skadden; Stephen Giordano, principal in the Washington national tax group at KPMG; Shane Shelley, partner at Morrison & Foerster; and Annet Thomas-Pett, managing director at PwC.
Latest Developments at FASB & SEC Affecting Commercial Real Estate
This session focused on the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and their respective initiatives. Panelists discussed recent regulatory changes at the Commission, how regulatory updates could affect compliance requirements, and the Office of the Chief Accountant’s key priorities for the year. In addition, they talked about FASB’s standard setting initiatives and which ones could affect commercial real estate. Christopher Drula, senior vice president of financial standards at Nareit, moderated the session, which also featured: Jackson Day, technical director at FASB, and Ross Drucker, partner at PWC.
REIT General Counsel Issues
In this session, panelists discussed a range of key issues that general counsels are focusing on, including the business potential for and legal challenges surrounding AI, the role of general counsel in a changing regulatory environment, risk management, cybersecurity, and business operations. Stacy McEnvoy, a partner in corporate and finance at Hogan Lovells, moderated the session, which also featured: Samantha Gallagher, executive vice president, general counsel, and secretary for VICI; Franklin Logan, executive vice president, general counsel, and secretary for Easterly Government Properties; Jeff Miller, executive vice president and general counsel for Highwoods Properties; and Nathan Vitan, senior vice president, chief legal officer, and corporate secretary for Public Storage.
Lunch General Session: Increase Business Outcomes with Multi-Generational Teams
This dynamic session featured human behavior expert and professional speaker, Colette Carlson, who discussed the key strategies that companies can implement that will help their multi-generational workforces better collaborate to drive business success. During her interactive presentation, Carlson discussed generational preferences, communication styles, overcoming age biases, and more. Following the presentation, Carlson participated in a fireside chat with Danna Spenceley, people and inclusion leader for assurance and tax at PwC. They spoke about practices and techniques to align differing generational perspectives, creating workplaces that foster innovation and retention, and succession planning.
Operational & Day-to-Day Tax Issues
Common challenges surrounding tax issues and maintaining compliance with evolving tax regulations took center stage during this session. Panelists discussed tools for managing REIT taxable income and the REIT distribution requirements, the latest developments in partnership audits under the Bipartisan Budget Act, and strategies for building a strong in-house tax function. Jeremy Morales, vice president of global tax at Lineage, moderated the session, which also featured: Maha Din, vice president of tax at Rayonier; Wylan Lau, senior vice president of tax at JBG SMITH; Mary Selvanadin, senior manager in partnership tax solutions at Grant Thornton; and Pardis Zomorodi, partner at Latham & Watkins.
REIT Corporate Governance Overview
During this session, legal executives discussed the top trends for corporate governance in the REIT industry. Panelists reviewed key proxy voting issues facing REITs and explored emerging trends in compensation structures for REIT executives and board members. They also looked at various tactics and best practices for REITs to foster meaningful engagement with their investors.
Gage Johnson, senior vice president, general counsel and secretary of Paramount Group, Inc., moderated the session, which also featured: Katie Gaynor, executive managing director in the compensation consulting group at Ferguson Partners; Jason Goode, co-chair of Alston & Bird's REITs & funds team; Lauren Pesa, partner in Deloitte's audit & assurance practice; and Michael Herman, general counsel and corporate secretary at Regency Centers Corp.
SEC & PCAOB Hot Topics
Topics covered in this session included trends in SEC comment letters for the 2024 reporting season, updates on PCAOB standard setting, and an overview of critical audit matters in 2024 audit reports. Essential insights into the current regulatory environment and the implications for financial reporting and auditing were a feature of the session.
The session analyzed common themes and focal areas identified by the SEC, highlighting how SEC comment letter trends may influence disclosure practices and financial reporting requirements for organizations. Meanwhile, new proposed auditing standards were discussed, along with any finalized regulations that are set to impact audit practices, and ongoing projects aimed at enhancing audit quality and transparency.
Nareit SVP for Financial Standards Christopher Drula moderated the session, which also featured: Hero Alimchandani, national office, managing director at Deloitte LLP; Brandon Landas, a principal in BDO’s SEC services practice; and Merryl Werber, chief accounting officer and controller at Kilroy Realty Corp.
Day 3
Breakfast General Session: Political Duo
Views on the political climate in 2025 and beyond from both sides of the aisle were shared during this early morning session. It featured Jason Chaffetz, a political commentator and former Republican congressman from Utah, and Steven Israel, a political commentator and former Democratic congressman from New York.
Addressing Cross-Border Tax Issues
In this session, panelists explored the complexities surrounding cross-border tax issues specifically related to REITs. Panelists delved into the intricacies of compliance with international tax regulations, examining how the OECD Pillar Two framework may affect REITs as well as best practices for managing cross-border transactions effectively within the evolving legal landscape.
Jonathan McCaskill, vice president, tax planning and research for Simon Property Group, Inc., moderated the session, which also included: Neil Chander, partner, international tax at RSM Canada LLP; George Palmer, vice president of global tax at Americold Realty Trust, Inc.; Jason Nowak, tax partner at Deloitte LLP; and Joshua Kaplan, senior managing director, Washington national tax at KPMG LLP.
Multifaceted Approach to the Acquisition of Distressed Assets
How to undertake a comprehensive approach to purchasing distressed assets, and navigate the complexities of this type of acquisition, were the focus of this session. Panelists discussed financing challenges, legal considerations, and accounting implications from the beginning of the acquisition and afterward, including ongoing accounting implications such as impairment testing and financial reporting requirements.
Michael LaBelle, CFO and treasurer of BXP, moderated the session, which also featured: Siobhan Murphy, partner at Goodwin Procter LLP; Matthew DiLiberto, CFO at SL Green Realty Corp.; Andrew Alperstein, partner at PwC; and David Gerstley, partner at PwC.
SEC Legal Brief
In this session, panelists provided key SEC legal updates, including commission priorities under the new 2025 leadership, the commission's perspective on REIT matters for the coming year, its new approach to proxy advisor issues, shareholder proposals, and the future of the climate change disclosure rule.
Anna Pinedo, partner at Mayer Brown LLP, moderated the session, which also featured:
Sonia Barros, partner at Sidley Austin LLP; Patricia McGowan, partner at Venable LLP; Mark Rakip, Office of Real Estate & Construction at the SEC Division of Corporation Finance; and David Palamé, general counsel and secretary at BrightSpire Capital, Inc.
Closing General Session: Economic Outlook: REIT & CRE Market Performance
Macroeconomic factors, inflation, and interest rates and how they impact the performance of commercial real estate and REITs, was the focus of this session. Panelists reviewed REIT performance in 2024 and gave projections for 2025, as well as an overview of current market conditions across various commercial property sectors, and emerging opportunities and risks within the industry.
Nareit’s John Worth, EVP, research and investor outreach, moderated the session, which also featured: Edward Pierzak, SVP of research at Nareit, and Nicole Funari, VP of research at Nareit.
Nareit Thanks Its REITwise Sponsors
Nareit is appreciative to its sponsors for their commitment to REITwise and the REIT industry, especially the event’s Platinum sponsors: EY, Hogan Lovells, Kroll, Lockton, Stout, and Venable.
A full list of REITwise 2025 sponsors is available on the conference website.
The full photo gallery from REITwise 2025 is available to attendees on the Nareit Photo Library.
Save the Date: REITwise 2026
Nareit looks forward to welcoming REITwise attendees back in 2026.
Save the date for REITwise 2026: March 24-26 at Diplomat Beach Resort in Hollywood, Florida.
Interviews with speakers and sponsors of REITwise 2025 will be available in April on Nareit’s YouTube channel.