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2.08 Getting Ahead of Lease Accounting (FASB) Changes: Positioning Your Real Estate Portfolio

Tuesday, April 2, 2013
1:45 PM-2:45 PM
Track: Council/Industry Specific
Format: General Presentation
Organization: IFMA
Knowledge Level: 200 level
Session Description: Gain a better understanding of proposed FASB changes, an update on the timing and expected ruling, how it affects financial reporting, and how to best position your real estate portfolio to take advantage/lessen the impact of the expected ruling.  Special attention will be given to the core strategic issue of leasing versus owning.
Learning Objectives:
  • Review the latest FASB changes being considered and upcoming milestones in the approval cycle.
  • Understand the pros and cons of leasing and owning, considering the proposed FASB changes.
  • Discuss what effect the FASB rule changes will have on the financial picture of your company.
  • Learn what terms you should seek when negotiating leases to best position your portfolio given the proposed FASB changes.
  •     Conference Proceedings



    Mark Ellis
    Director, Global Facilities & Real Estate

    As manager of 26 leased office locations around the world, Mark Ellis has entered into partnerships of different types with many different real estate agencies in managing his company’s portfolio. Having been involved in negotiating over 75 lease contracts worldwide, he has had an opportunity to work under exclusive, preferred, and unaffiliated agreements with minor and major players in the Real Estate Agency world. His experience and knowledge of these relationships and their effectiveness in helping to reduce lease costs over 30% worldwide for his portfolio make him the ideal individual to learn from – both from mistakes and successes.

    Michael Billing
    Jones Lang LaSalle Americas, Inc.
    Senior Vice President
    Strategic Consulting Group

    Michael A. Billing is a Senior Vice President in Jones Lang LaSalle’s Strategic Consulting group. He leads Strategic Consulting’s Portfolio Strategy practice and the PortfolioCommand service offering. With more than 18 years of professional services and client advisory experience, Mr. Billing assists corporate clients in strengthening real estate contribution by analyzing their portfolios and developing strategies to achieve long-term operational and financial goals. As Jones Lang LaSalle’s Lease Accounting Project Director, he is responsible for all activities related to the proposed lease accounting changes including client outreach, education, thought leadership, process and technology enhancements, and business development.

    Doug Moxley
    Vice President of Finance

    Doug Moxley is currently Vice President of Finance for Xirrus, a leading provider of high-performance wireless networks. He has held CFO and VP Finance roles in publicly and privately held technology companies. He served as Vice President and Corporate Controller at Tekelec for 10 years and was responsible for setting accounting policies and SEC filings for this $400M public telecommunications equipment company. His is a current California CPA with an MBA from California State University Northridge. Doug’s experience with financial reporting for both public and private companies will provide a clear perspective on the proposed FASB rules and their effects on the “reported” health of affected companies.

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