The first day of ICSC's annual RECon event in Las Vegas on Sunday, May 17, was relatively quiet until around lunchtime, when its first big-name speaker came on stage. The conference's first day is typically given over to education and training, as a kind of prelude to the more intense business activity of the second and third days. If the organizers were worried about a slow start, they did right by inviting one of football's biggest names to rally the crowd. It seemed everyone came to see the Denver Broncos' quarterback, Peyton Manning.

"Man, this is worse than the Journey concert last night," SNL heard one attendee remark while struggling to enter the packed ballroom.

One wouldn't think Manning, a five-time NFL MVP, would have much to say about real estate. In truth, he didn't. But he had a lot to say about leadership, innovation and adaptability, which he figured to be key elements of any successful retail real estate enterprise — and rightly so, as the day's educational fare corroborated.

Many of Manning's lessons, or recommendations, derived from his experience on the field, likely will ring true for real estate leaders, particularly those at the helm of REITs buffeted by the resurgence of shareholder activism. SNL gathers the highlights below, identified by theme.

* Have vision

"Vision turns out to be as essential to survival as oxygen is to the brain. And since excellence, we all know, never happens by chance, there has to be a person or organization with the vision and the wherewithal to navigate to the pinnacle of that success."

* Resist becoming too comfortable

"There are … those who hold leadership positions but are little more than a facade holding a seat at the head table or a nameplate on the door. There are also leaders in the making, however — those who emerge, as they set their sights on, and work toward, becoming someone whom others will follow, even when everyone else may be going in the opposite direction. … When I'm on the field, I try to look to see how our opponent is lined up and find something of value that may not be evident to fans in the stands, or television viewers at home, or even my own teammates. … Think about it. When you look closely, what do you see in the retail space that may not be evident to your competitors but can differentiate, or create value, for you and your organization? My goal is to be a game-changer."

* Change the game

"The shopping center industry may not have the literal boundaries of a football field, but certainly it comes with its own strict set of rules and regulations. For individuals and organizations, life is not a straight line. … Everyone has those moments in their lives when we must face things that we don't want to happen, but we have to accept; things we don't want to know, but we have to learn. … However, there are also moments of real impact — potential game-changers that leaders will search out, recognize and act on. It may be something as dramatic as building the largest, most luxurious shopping center in the world. Or something as mundane, but essential, as improving the center's highway access. I know there are game-changers sitting in this room today. People who sense something that others don't — that have the guts and the ability, and in some cases the resources, necessary to act on it. The action itself creates a significant shift in the current way of thinking about, or doing, something. And it can have a major effect on the communities and the clients that you serve."

* Move forward

"In general, I feel that some people at organizations have become too comfortable, lazy maybe, unimaginative. There's a lot of rehashing of old ideas out there, and yet we convince ourselves these old ideas are actually new ways of thinking. They're more intent on being comfortable than proactively moving forward."

* Learn to thrive on discomfort

"I seem to put myself in uncomfortable situations daily. And that discomfort makes me push my limits. But I feel that I'm stronger and I'm better prepared for anything that comes my way. … The evolution of the NFL may not be obvious to the public. But to those of us in the NFL, the changes seem like a slow-dripping faucet one day and a major pipe burst the next. Whether big or small, each change creates a new dynamic that we have to adjust to. … To be successful, I needed to make a whole new set of adjustments to learn to lead my new and younger teammates in new and different ways."

* Devote yourself to meticulous preparation

"After 17 years of attending NFL training camps, I still relish the opportunity to study the most basic fundamentals before each and every season. I take notes. I write down the same things on those first days of training camp as I did when I was a rookie back in 1998. Where do I line up in the huddle? What do I call in the huddle? How do I approach the line of scrimmage?"

* Be teachable

"Everyone, and I mean everyone, no matter how experienced or seasoned you are, needs a coach to continue to grow. … Someone who has the capacity and the willingness to point out what works — but more candidly, what doesn't work. I still want to be coached after 17 years. I actually get angry when I'm not coached. I want someone with the knowledge and insight to break down what I'm doing and to help me see things from a slightly different perspective. To take me back to the basics and rebuild from that foundation. In my opinion, as soon as someone stops wanting to be coached, taught or mentored, I think they're in big trouble."

* Cultivate trust

"Whether [the] team is made up of pro football players, office workers or business professionals, they have to trust that their leader can influence vital outcomes. … My receivers trust that if they run 18 yards deep, 2 yards outside the hash marks, and they're open, I'm going to deliver the ball to them. As a result, we can move the ball down the field, score touchdowns, and help them build their individual resumes. This winning mix is a combination of unselfish trust, bold instincts and Herculean effort."

* Welcome change

"As the business climate changes for the good or the bad, leaders need to decide if it's time to draw a new baseline for their own business. … You have faced major decisions with lots riding on the outcome. And I think the bigger those decisions are, the fiercer the conversation you should be having with yourself. … It takes as much courage as it does confidence to look yourself in the mirror, interrogate reality and then act on the facts that come out of that internal debate."

* Be an observer

"Just the willingness to stop and look at things that no one else has bothered to look at enables game-changers to identify points of meaning. The simple process of focusing on things that are normally taken for granted can be a source of both great power and creativity."

* Prioritize relationships

"I rely on my team. I defer to my team. I sacrifice for my team. So I ask: Do you? … You are in the people business. … A leader needs to have the assurance and swagger of a winner. But never be convinced that your greatest accomplishments are made alone."