Leaning In

Dr. Peter Linneman, Principal of Linneman Associates, joins Trademark CEO, Terry Montesi to discuss the state of the commercial real estate industry midway through 2021. Peter shares his views on consumerism, retail real estate, and how the economic cycle will change as we move closer to the end of the pandemic. Additionally, the two discuss pandemic-induced changes including what trends will cease to exist and what trends will remain after the pandemic ends.  Dr. Linneman is a distinguished real estate economist, and serves as the founder and principal of Linneman associates. For more than 35 years, he has advised leading corporations and served on over 20 public and private boards. He is a former Wharton School professor, and was the Founding Chairman of the real estate department and Director of the Zell-Lurie Real Estate Center at the University of Pennsylvania. Leaning In is published every second and fourth Wednesday of the month. Be sure to follow the show on your preferred podcast app to hear Part 2 of Peter and Terry's discussion. Timestamps (1:06) - How do you see the economy as it stands and its impact on real estate? (11:34) - What’s your prediction for the future of the office-business? (16:46) - Business Travel and Remote compromises

In the second half of this discussion, Trademark’s CEO, Terry Montesi, and his good friend Ken Bernstein, President and CEO of Acadia Realty Trust, discuss investment strategy and how it, along with urban and suburban real estate markets, have transformed during the pandemic. The two talk about omnichannel retailing's dependency on brick-and-mortar, and how retail real estate supply and demand is shifting as we ease out of the pandemic. Terry and Ken share advice for young professionals and why they see retail as the “New York” of the real estate industry: If you can make it there, you can make it anywhere! Follow “Leaning In” to hear future discussions about mixed-use and retail real estate every second and fourth Wednesday of the month. For more information about Trademark, visit www.trademarkproperty.com For more information about Acadia Realty Trust, visit www.acadiarealty.com. “Leaning In” is produced by Straight Up Podcasts. (0:47) - What key retail trends do you see as most influential for Brick and Mortar the next few years? (3:57) - What do you see happening for the future of mixed street and shopping centers in the United States? (7:06) - Acquiring real estate properties in order to shrink their retail footprint (9:47) - What Terry is seeing in terms of tenant demand to get in vs. those wanting to move to open-air spaces (13:57) - Advice to young RE professionals looking to get into retail mixed-use

As the country continues to reopen, how will the retail real estate landscape change? In part 1 of this two-part episode, Trademark CEO, Terry Montesi, joins his long-time friend, Ken Bernstein, President and CEO of Acadia Realty Trust, to discuss his background and how he started Acadia. Ken explains his diverse portfolio and how targeting both open-air centers and urban assets has led to success, even through the pandemic. The two explore the unique effects of COVID-19 on retail real estate and debate which trends are here to stay. Follow “Leaning In” to hear future discussions about mixed-use and retail real estate every second and fourth Wednesday of the month. For more information about Trademark, visit www.trademarkproperty.com For more information about Acadia Realty Trust, visit www.acadiarealty.com. Timestamps: (0:54) - Ken’s background and journey to co-founding Acadia Realty Trust (3:11) - Acadia’s portfolio and current strategy (5:09) - What did you observe and learn during the pandemic from suburban and urban properties in your portfolio? (9:34) - Omni-channel and the importance of Brick and Mortar (10:53) - Acadia’s strategy going forward when thinking about open air vs. enclosed mall-type properties (14:40) - Do we need less Brick and Mortar to account for the rise in e-commerce? (18:36) - The importance of delivering ‘experience’ when setting projects apart from competitors (21:04) - What have you learned monitoring the re-opening of the country over the past few months? (26:59) - Angst and concerns around demand levels after the stimulus period has worn off and normality sets back in

In part two of this discussion, CEO Terry Montesi and his friend Jeffrey Bayer, CEO of Bayer Ventures and Founder of Bayer Properties, talk about how oversupplied retail impacts mixed-use development in the U.S. They add how recent trends, innovations and technologies influence future brick-and-mortar retail expectations. Jeffrey wraps up the conversation sharing his current projects, including his work with his daughter’s company at Dallas’ Katy Trail. Stay tuned to the end where Jeffrey shares additional thoughts about the future of retail and suburbanization. Follow “Leaning In” to hear future discussions about mixed-use and retail real estate every second and fourth Wednesday of the month. (0:48) - The oversupply of retail and how it impacts development (7:47) - What will be the most significant change agent for retail moving forward? (9:44) - Retail Darwinism (13:08) - redeveloping ‘Power’ properties & malls (19:04) - What trends will affect brick and mortar retail the next 5-10 years? (20:48) - The Katy Trail project Jeffrey’s kids are working on (24:20) - Jeffrey’s additional thoughts on suburbanization trends and their impact on the future of brick and mortar retail

What are the needed change agents in retail real estate and where should we go from here? In part one of this  two-part episode, Trademark CEO Terry Montesi talks with his good friend  Jeffrey Bayer, CEO of Bayer Ventures and Founder of Bayer Properties,  about his journey into real estate and founding Bayer Properties, as  well as what he learned and what he would do different if he were  restarting his career today. Jeffrey and Terry share what they see as  current retail trends, the role of newer and growing suburbs in the  future of retail real estate and how retail needs to evolve moving  forward. For more information about Trademark, visit www.trademarkproperty.com Timestamps: (1:26) - Jeffrey’s Background and his journey into Retail Real Estate and large Mixed-Use projects (2:55) - The story behind founding Bayer Properties (6:41) - Why have you stepped down from Bayer leadership and what are you working on today? (10:12) - What are some key lessons you’ve learned in your career of building mixed-use projects? If you were starting today, what might you do differently? (14:11) - Is mixed-use becoming a product for the affluent consumer only? (17:37) - What Jeffrey would have done differently in building mixed-use projects (18:55) - Jeffrey’s perspective on how the retail and mixed-use businesses will be, has changed, or will be changed by the pandemic (20:15) - Terry’s thinking on retail and mixed-use after the pandemic (22:54) - What’s the likelihood we see an explosion in women’s fashion?

In the second half of their conversation, Trademark’s Tommy Miller continues with IWG's CEO Mark Dixon about the importance of purposed-based design in flexible workspaces and the mixed-use environment. The two review IWG’s latest concept launch at Trademark's First Street Napa development, and how COVID heavily influenced the final design of this new space. Finally, the two discuss the significance of office amenities and location in a post-pandemic world, and Dixon’s expanding wine and hospitality empire in France and the UK. Be sure to hit the subscribe button to hear future discussions about mixed-use real estate and flexible workspaces. (1:01) - How has the pandemic influenced the interior design of your centers? (3:45) - What’s been the customer response to your new center in Napa, CA? (5:51) - How are exurbs like Napa being impacted by the exodus from dense urban areas like San Francisco? (9:36) - Mark’s interest in wine, farming & hospitality (11:42) - What do you see as trends in the wine industry today and how is it changing?

As the world continues to evolve through recent societal changes, ever wonder how everyday life will adapt? When it comes to traditional workspaces, the “new normal” is already on its way. In part one of this two-part episode, Trademark’s Managing Director and Chief Investment Officer, Tommy Miller, talks with Mark Dixon, the CEO of IWG, International Workplace Group, about flexible office workplaces and how IWG has maintained a reputation as an industry leader. Mark shares his thoughts on flexible workspace’s future, competitors’ expectations, and what IWG is doing to overcome today’s challenges. Furthermore, the two discuss important factors like design, amenities and location that will impact the future of flexible workspaces. Timestamps: (0:58) - Can you describe the services and products you offer at IWG? (2:39) - How many locations and countries are do you operate in today? (3:08) - How important is it to be global in this business? (3:52) - Can you talk about the maturation of the service office business since you came into the industry? (5:20) - What have been the biggest challenges you’ve faced and how did you overcome them? (7:24) - How do companies benefit from the services you offer? (9:12) - How has competition like WeWork impacted the market? (11:55) - What do you think differentiates IWG from this new competition? (13:28) - How important is design to the office workplace today? (15:28) - What do you see as the future of office post-covid? (18:30) - How has being located in local secondary option offices worked for you as opposed to the traditional office building?

To conclude their conversation about digitally native brands and bricks-and-mortar retail, CEO Terry Montesi and Chris Knott, CMO for johnnie-O and founder of men's fashion brand Peter Millar, discuss the “clicks-to-bricks” trend and the role real estate plays in helping apparel retailers maintain relevance. Chris shares what he sees as the future of brick-and-mortar retail and how technology and experience will impact retail in the coming years. Be sure to hit the subscribe button to hear future discussions about mixed-use and retail real estate. For more information about johnnie-O, visit www.johnnie-o.com Timestamps: (0:52) - Can you help us understand the importance of brick and mortar as well as Omnichannel for brands that sell online-only? (4:55) - What do you see as the key for apparel retailers maintaining brick & mortar relevance with their customers? (7:44) - What is your feeling about ‘experience’ in retail? (9:40) - What do you see as the future for Brick & Mortar retail? (12:09) - Terry’s view on the future of Brick & Mortar retail (16:26) - Technology in retail

Why do digitally native brands need bricks-and-mortar? johnnie-O recently opened their first bricks-and-mortar location at Trademark's WestBend development in Fort Worth, with plans for creating additional retail footprints throughout the country. In this two part discussion, Chris Knott, who founded luxury brand Peter Millar in 2001 and left in 2015, joins Terry Montesi to discuss how the evolution of men's merchandising is on a similar path to how Lululemon reshaped women's fashion trends, with johnnie-O setting the course. The two also discuss Chris' rise in the men's clothing industry, and what attracted him to join johnnie-O to lead their merchandising and design efforts. Be sure to hit the subscribe button to hear Part 2 of Terry and Chris' discussion. Time Stamps: (0:54) - Chris’ role at johnnie-O and how the company got started Peter Millar  johnnie-O  (3:56) - What’s the backstory of your founding Peter Millar? (8:28) - What spawned this men's casual brands popping up? Vineyard Vines (13:28) - What would Polo Ralph Lauren look like today had they decided to be more selective with where they were available? (15:12) - What’s behind the decision to take the brand to bricks-and-mortar? (18:36) - Why was this the best year ever for you despite the pandemic? (21:32) - How much of the challenges of these failed clothing brands do you toss up to merchandising? (23:57) - The concept of ‘evolve or die’ (26:17) - What are you doing at johnnie-O relative to positioning your product?

ICSC's Jazmen Johnson joins Trademark's VP of Property Management, Maranda Auzenne, and Trademark's Development Project Manager, Monica Luera, to discuss diversity and inclusion in the shopping center industry. Johnson is ICSC's Director of Diversity and Inclusion, and shares her unique perspective on how emerging initiatives will better shape ICSC and the industry as a whole in the future.  The three women also discuss Jazmen's background, her plans to increase diversity and inclusion in retail real estate, and what she expects to see in the future as ICSC continues unveiling initiatives to meet its diversity and inclusion goals. Monica and Maranda are members of Trademark’s IDEA Committee. The committee, which stands for inclusion, diversity, equity and access, was founded at Trademark in 2020 to include more voices within the conversations that affect our entire company. ICSC Launch Academy - https://www.icsc.com/find-and-connect/student-resources/icsc-launch-academy JJohnson@ICSC.com University of Georgia study on buying power of minorities - https://news.uga.edu/multicultural-economy/ CREW website - https://crewnetwork.org/about/resources/industry-research/accelerating-the-advancement-of-women-in-commercia Project REAP - https://www.projectreap.org/