David Levy traced his 30 years’ experience in the real estate sector and how his moves up the career ladder and professional decisions were guided by four key concepts: pivot, innovate, network and be a constant learner. With a liberal arts background, Levy started out in urban planning until he had an “epiphany.” It was: “capital drives everything.” He pivoted and earned a master’s in real estate and urban analysis from UF’s Warrington College of Business. He served in senior positions to lead teams in valuing property and recommending the best investments based on asset classes and property cycles. Levy most recently was managing director of portfolio management at BentallGreenOak, a global real estate investment advisor. During his Oct. 24 presentation he said higly communicative work groups make the best decisions. “The most productive and high-performing teams I’ve been part of have been the most collaborative.”

Jack Cunningham has built a career solving problems of distressed properties that have reverted to the ownership of a lender. Cunningham holds bachelor’s and master’s degrees in finance from UF’s Warrington College of Business. In his Nov. 7 presentation he outlined the business of Miami-based Rialto Capital Advisors, a commercial mortgage-backed securities (CMBS) investment firm. Cunningham, who managed the real estate-owned (REO) team, provided mini case studies of how a special servicer works to maximize recovery for lenders. This can include selling, redeveloping or demolishing a property. One example: Broward Mall in Plantation, Fla. The loss of Sears, coupled with vacancies and declining foot traffic, put immense financial pressure on the mall. The REIT that owned it filed for bankruptcy in 2021. After restructuring it emerged under the ownership of a private company. Tough economic times often hit property types in waves, and retail malls, hotels and offices have all suffered blows in recent years. Rialto is countercyclical. “When things get bad our business picks up,” he said.

John Ebenger is a certified public accountant with more than 20 years of experience in the real estate sector, where he specializes in advising clients how best to structure real estate development ventures and provide tax advantages. Ebenger is director of tax services in the Boca Rotan office of Berkowitz Pollack Brant Advisors. He explained the crucial role of depreciation in real estate accounting: it reduces owners’ taxable income by allowing them to deduct a portion of a property’s cost each year and recognizes the wear-and-tear of an asset that will lose value over time. In his Nov. 14 talk, he outlined numerous scenarios of what is deductible. But Ebenger said his expertise goes beyond such accounting details, though they are important. “My role is not to find deductions,” he said. “It’s to find opportunities.”

Hap Stein, executive chairman of Regency Centers, gave a talk on Dec. 5 about building one of the country’s largest owners of grocery-anchored shopping centers. Jacksonville-based Regency owns more than 400 shopping centers, mostly grocery-anchored developments. Stein is the son of founders Martin and Joan Stein, and he has worked at the company since 1973. He became chief executive in 1988 after his father died and in 1993 he orchestrated its initial public offering to become a REIT. Whole Foods, Publix, Trader Joe’s and other major grocery chains account for roughly 20% of Regency’s annual base rental income. In telling his story, Stein attributed Regency’s long-term success to many factors, including low turnover of skilled employees and its creation of a “DNA algorithm” of 15 key trade area and shopping center metrics that guides its evaluation of projects. Among the many lessons he’s learned along the way: “usually the party not in a hurry wins negotiations,” he said.