November 9 - 10, 2011

Chicago, Illinois

The University of Chicago Booth School of Business Real Estate Alumni Group presents The Fifth Annual Real Estate Conference

2011 Conference Sponsors

CONFERENCE SCHEDULE
Wednesday, November 9th
7:00 - 9:00 PM
Speaker

Galleria Marchetti 825 West Erie Street Chicago, IL 60622

Gleacher Center 450 North Cityfront Plaza Dr., 6th Floor Chicago, IL 60611

EVENING RECEPTION Peter Linneman, Ph.D., Linneman Associates

Thursday, November 10th
8:00 - 10:00 AM 8:00 - 8:30 AM 8:30 - 9:00 AM
REGISTRATION LIGHT REFRESHMENTS AND NETWORKING OPENING REMARKS Sunil Kumar Dean and George Pratt Shultz Professor of Operations Management
University of Chicago Booth School of Business Eteri Zaslavsky ’04 Co-Founder and Co-Chair of Midwest Region, Booth Real Estate Alumni Group; Director of Business Development, Next Realty, LLC Julie Morton Associate Dean, Career Services and Corporate Relations, University of Chicago Booth School of Business Joseph L. Pagliari, Jr., Ph.D., CFA, CPA Clinical Professor of Real Estate University of Chicago Booth School of Business

9:00 - 10:30 AM

U.S. REAL ESTATE MARKET OVERVIEW Randall Mundt President and CIO, Principal Real Estate Investors Kenneth P. Riggs, Jr. ’94 Chairman, Real Estate Research Corporation Sam Chandan President, Chandan Economics BREAK ECONOMIC/FINANCIAL OVERVIEW Scott F. Meadow Clinical Professor of Entrepreneurship, University of Chicago
Booth School of Business

10:30 - 10:45 AM 10:45 - 11:30 AM

11:30 - 12:30 PM
Moderator

CAPITAL MARKETS PANEL Joseph L. Pagliari, Jr., Ph.D., CFA, CPA Clinical Professor of Real Estate
University of Chicago Booth School of Business Andy Bruce ‘02 Senior Vice President of Capital Markets, Behringer Harvard Louis G. Conforti Global Head of Real Estate, UBS O’Connor Michael Medzigian Chairman, Watermark Capital Partners Christopher Merrill President & CEO, Harrison Street Real Estate Capital David Schwartz ‘90 Managing Member, Waterton Associates, LLC

Panelists

12:30 - 12:45 PM 12:45 - 1:45 PM 1:00 - 1:45 PM
Introduction Speaker

BREAK LUNCH KEYNOTE ADDRESS: Louis G. Conforti Global Head of Real Estate, UBS O’Connor David Simon Chairman of the Board & Chief Executive Officer, Simon Property Group BREAK INVESTORS / FUND-RAISING PANEL Heather Goldman ‘99 Managing Director and Global Head, Marketing and
Business Development, Brookfield Investment Management Inc. Edgar B. Alvarado Group Head – Real Estate Equity, Allstate Investments, LLC Jack Berquist ’79 Managing Director, Macquarie Capital Andrew James Senior Portfolio Manager of Real Assets, University of Chicago Office of Investments Nancy Lashine Managing Partner, Park Madison Partners LLC

1:45 - 2:00 PM 2:00 - 3:00 PM
Moderator Panelists

3:00 - 4:30 PM

NETWORKING RECEPTION

SPEAKER BIOS
Keynote Speaker David Simon Chairman and CEO Simon Property Group
David E. Simon is chairman of the board and chief executive officer of Indianapolis-based Simon Property Group, Inc., an S&P 500 company and the largest U.S. publicly traded real estate company. Simon Property Group is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. The Company currently owns or has an interest in over 390 properties in North America, Europe and Asia. Mr. Simon joined the organization in 1990. In 1993 he led the efforts to take Simon Property Group public with a nearly $1 billion initial public offering that, at the time, was the largest real estate stock offering. Mr. Simon became CEO in 1995. Since that time, he has orchestrated more than $25 billion in strategic acquisitions that, together with ground-up development, have allowed the company to assemble a portfolio of top-tier shopping centers that serve as home to virtually every top retailer. Before joining the organization, Mr. Simon was a vice president of Wasserstein Perella & Co., a Wall Street firm specializing in mergers and acquisitions and leveraged buyouts. Mr. Simon is a member and former chairman of the National Association of Real Estate Investment Trusts (NAREIT) board of governors and is a former trustee of the International Council of Shopping Centers (ICSC). He has received numerous industry honors, and in 2000, he was inducted into the Indiana University Kelley School of Business Academy of Alumni Fellows. In early 2010, the Harvard Business Review recognized Mr. Simon as one of the world’s best-performing CEO’s. Mr. Simon holds a B.S. degree from Indiana University and an MBA from Columbia University’s Graduate School of Business.

Sunil Kumar Dean University of Chicago Booth School of Business

Sunil Kumar’s research includes performance evaluation and control of manufacturing systems, service operations, and communications networks. In particular, he studies systems affected by stochastic variability via mathematical models. He also studies application of optimization methods and control theory to managerial problems. Kumar has published dozens of scholarly research articles and has served as the editor of the Stochastic Models area of the journal Operations Research. He co-developed a widely used factory simulator for teaching operations management. The simulator, “Littlefield Technologies,” has been used in classes at more than 50 business and engineering schools. He also served as an operations consultant to several companies. Kumar joined the Chicago Booth faculty on January 1, 2011, after spending 14 years on the faculty of the Stanford University Graduate School of Business where he was the Fred H. Merrill Professor of Operations, Information and Technology. At Stanford, he also served as senior associate dean for academic affairs, overseeing the school’s M.B.A. program and leading faculty groups in marketing and organizational behavior. While at Stanford, Kumar was awarded the Finmeccanica Faculty Scholarship, named a Spence Faculty Scholar and received multiple teaching commendations. He also was named Professor of the Year at the Indian School of Business in Hyderabad. Born in India, Kumar received a Master of Engineering degree in computer science and automation from the Indian Institute of Science in Bangalore and a Bachelor of Engineering degree from Mangalore University in Surathkal. He earned a Ph.D. in electrical engineering from the University of Illinois at Urbana-Champaign.

Evening Reception Guest Speaker

Peter Linneman Principal Linneman Associates

Dr. Peter Linneman is a Principal of Linneman Associates, KL Realty, and American Land Funds, and is the Albert Sussman Emeritus Professor of Real Estate, Finance, and Business Public Policy at the Wharton School of Business at the University of Pennsylvania. He was a member of Wharton’s faculty for 32 years, founding Wharton’s Real Estate Department and the Zell-Lurie Real Estate Center. He is the founding co-editor of The Wharton Real Estate Review and has published over 80 articles during his career. Dr. Linneman is widely recognized as a leading strategic thinker and investor, and has been cited as one of the 25 Most Influential People in Real Estate by Realtor Magazine, and one of the 100 Most Powerful People in New York Real Estate by the New York Observer. He is a highly sought-after speaker, appearing as the keynote speaker at numerous major industry conferences. His quarterly research publication, The Linneman Letter, has been perhaps the most highly regarded publication in the real estate industry for the past 11 years. His book, Real Estate Finance and Investments: Risks and Opportunities, ( now in its 3rd Edition) has been adopted at over 70 leading universities, and is the leading primary reference source in real estate finance and investment. He has served as Senior Managing Director of Equity International Properties, Vice Chairman of Amerimar Realty, and the Chairman of the Board of Rockefeller Center Properties. In this latter capacity he led the process of foreclosing on its Japanese owners and the successful sale of Rockefeller Center in 1995. He also served on the Board of Directors of public and private companies. Dr. Linneman, holds both Masters and Doctorate degrees in economics from the University of Chicago. He is an avid sports enthusiast and scuba diver. Married for over 38 years, he has no children.

Edgar B. Alvarado Group Head - Real Estate Equity Allstate Investments LLC

Mr. Alvarado is responsible for Allstate’s $2+ Billion Real Estate Equity portfolio and oversees four teams responsible for investments in real estate equity funds, mezz/debt funds, public REIT’s, Tax Credit funds, Socially Responsible Investments, Joint Ventures and REO direct real estate. Mr. Alvarado has over 23 years experience in Real Estate investments, including direct real estate, asset management, REO foreclosures, joint ventures, operating companies, public REIT’s and fund investing. Mr. Alvarado also has substantial experience in Private Equity fund investing having led deals from 2000 through 2005. Mr. Alvarado joined Allstate in March, 1993 and was with Travelers Realty Investment Company from 1989 to 1993 and ABN/LaSalle Bank in Chicago from 1980-1989. Mr. Alvarado has his RPA designation in commercial real estate and has completed leadership coursework at the Graduate School of Design at Harvard University. Mr. Alvarado has a Bachelor of Science in Finance from the University of Illinois and his MBA from Northwestern University’s Kellogg Graduate School of Management. Jack Berquist is a San Francisco based Managing Director in the real estate investment banking group at Macquarie Capital (USA) Inc., US subsidiary of the Australian merchant bank Macquarie Group. Jack is a senior member of the global Private Capital Markets team, responsible for the institutional private placement of equity securities on global real estate transactions. The PCM Team at Macquarie is a 19 member global team with professionals based in Sydney, Hong Kong, San Francisco, Chicago, London and Dubai. In November, 2010, Jack and his three partners sold their privately owned company, Presidio Partners LLC, to Macquarie. At the time of the sale he was Managing Partner and co-founder of Presidio Partners. From its formation in May, 2003 to its subsequent sale Presidio Partners was one

Jack R. Berquist Managing Director Macquarie Capital ‘79

SPEAKER BIOS
of the leading boutique private equity placement firms in the industry. The firm successfully completed the placement of approximately $12 billion of private equity in 23 closed end, commingled fund transactions. The sponsors of the funds were major entrepreneurial real estate and infrastructure companies located in China, India, the UK, Europe and the US. Prior to Presidio Partners Mr. Berquist was employed as a Managing Director at Banc of America Securities, forming and managing their real estate private equity group from 1997 to 2003. Prior to joining Banc of America Securities, he spent thirteen years in New York as a Director in the investment banking division of Merrill Lynch & Company. He has a total of twenty-nine years experience in private capital raising. Mr. Berquist earned his M.B.A. from the University of Chicago and graduated Magna Cum Laude with a B.A. in both Economics and Business Administration from Vanderbilt University. Mr. Berquist sits on the Board of Directors of Highcross Strategic Partners LLC I, II and III, and is a member of INREV, the Pension Real Estate Association and a Policy Advisory Board Member of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley. Mr. Berquist is also an Advisory Board member of the Real Estate Alumni Group at The University of Chicago Booth School of Business.

Andrew J. Bruce Sr. Vice President, Capital Markets Behringer Harvard Holdings ‘02

Andrew J. Bruce is the Senior Vice President of Capital Markets for Behringer Harvard Holdings. Mr. Bruce is responsible for managing the financing activities for the Behringer Harvard portfolio of funds. This includes the structuring and placement of commercial debt for new investments, for the refinancing and restructuring of existing debt, and for corporate credit facilities. In addition, Mr. Bruce is responsible for maintaining existing banking and lending relationships as well as cultivating new relationships. Mr. Bruce also is charged with overseeing and managing the programs’ use of derivatives and hedging instruments, and working with the programs’ real estate professionals in their efforts to analyze potential new projects, equity restructurings, and loan purchases in which the various portfolios are considering. Behringer Harvard is a sponsor of public and private, non-traded real estate investment vehicles. The total assets under management are approximately $11 Billion. Behringer Harvard targets investments in the U.S. and abroad, and is currently invested in eight countries outside of the U.S. The investment strategy comprises three categories: Core, Value Add, and Opportunistic. Prior to joining Behringer Harvard, from 1994 to early 2006 Mr. Bruce worked for AMLI Residential Properties Trust in Dallas and in Chicago. While at AMLI, Mr. Bruce was responsible for AMLI’s capital market activities and for overseeing the underwriting for new development projects and co-investments. Mr. Bruce holds a Masters in Business Administration degree from the University of Chicago (2002), and a CPA designation. Mr. Bruce graduated from Western Michigan University with a Bachelor of Business Administration degree. Mr. Bruce is a member of ULI and NAREIT.

Sam Chandan President and Chief Economist Chandan Economics

Dr. Sam Chandan is President and Chief Economist of Chandan Economics and an adjunct professor at the Wharton School of the University of Pennsylvania. A noted economist on issues of national and global macroeconomic significance, Dr. Chandan is amongst the commercial real estate industry’s leading voices as relates to capital andcredit markets and the dynamic relationship between the economy, regulation, and market performance. In his academic and private sector roles, Dr. Chandan has served as an advisor to a vast array of the nation’s banks and non-bank lenders, securitized debt market participants, investors, and policy makers.

Dr. Chandan’s academic affiliations include the Royal Economic Society, the American Economics Association, and the American Real Estate and Urban Economics Association. He was elected an Eminent Fellow of the Royal Institution of Chartered Surveyors (RICS) in 2008, serves on the advisory boards of the Real Estate Research Institute (RERI) and the National Investment Center for Seniors Housing, and is a Visiting Scholar at the Zicklin School of Business at the City University of New York. A columnist for the New York Observer, the Huffington Post, and GlobeSt and a frequent speaker at industry events, Dr. Chandan’s commentary on commercial and residential real estate markets, the economy, and public policy has been featured in a wide array of national and global publications, including the Wall Street Journal, the Financial Times, CNBC, Bloomberg, and Reuters.Leveraging his expertise in market structure and issues relating to credit risk management, Dr. Chandan presents regular updates on commercial real estate market conditions for staff of the Federal Financial Institutions Examination Council (FFIEC)’s member bodies, including the Board of Governors of the Federal Reserve, the Office of the Controller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC). Dr. Chandan holds the PhD in Applied Economics from Wharton and was a Doctoral Scholar in the Economics Department at Princeton University. In addition to the PhD, Dr. Chandan holds masters’ degrees in economics and engineering and an undergraduate degree in economics, finance, and public policy. Dr. Chandan currently teaches real estate finance and managerial economics at Wharton. He has also been a visiting professor on the faculty of the Economics Department at Dartmouth College. Prior to founding Chandan Economics, Dr. Chandan was Global Chief Economist and Executive Vice President at Real Capital Analytics and Chief Economist and Senior Vice President at Reis, Inc.

Louis G. Conforti Global Head of Real Estate UBS O’Connor

Louis G. Conforti is Global Head of Real Estate for UBS O’Connor, a leader in alternative investment management headquartered in Chicago with offices in New York, London and Hong Kong. Louis also serves as Senior Portfolio Manager of O’Connor Colony Property Strategies (OCPS), a stand alone hedge fund partnership with Colony Capital. He and his team invest in publicly-traded companies primarily via long/short equities as well as through event and capital structure arbitrage. Prior to O’Connor, Mr. Conforti was Managing Director and Head of Global Real Estate Securities at Stark Investments; his real estate hedge fund, The Greenwood Group, was merged into Stark Investments. Previous positions include President and Chief Financial Officer of Prime Group Realty Trust, a publicly-traded real estate investment trust, of which he led a corporate restructuring and subsequent privatization; and CIBC World Markets and Alex. Brown & Sons where he focused upon real estate investment banking and capital markets. Mr. Conforti serves as a Director of the Simon Youth Foundation and is active in several professional organizations. He resides in Kenwood with his wife and two White Sox loving daughters. Louis graduated from Lake Forest College and attended the Graduate Schools of Business and Sociology at the University of Chicago. Ms. Goldman leads the firm’s marketing efforts on a global basis and is significantly involved in all aspects of new business and product development. Additionally, she is responsible for cultivating relationships with key capital market participants, including institutional clients, retail financial networks, and major banking institutions. Based in the New York office, Ms. Goldman brings over 20 years of experience in principal real estate investment, corporate finance, executive management and corporate banking to her role. Prior to joining the firm, Ms. Goldman was a Managing Partner with Brookfield Financial, responsible for new business origination. Ms. Goldman holds a Master’s of Business Administration degree from the University of Chicago Booth Graduate School of Business as well as a Bachelor of Arts from the University of Wisconsin-Madison.

Heather Goldman Managing Director and Global Head Marketing and Business Development Brookfield Investment Management, Inc. ‘99

SPEAKER BIOS
Andrew James Senior Portfolio Manager of Real Assets University of Chicago Office of Investments
Andrew joined the Investment Office in April 2009 after two years at HRJ Capital where he worked on private equity real estate investments. Prior to joining HRJ, Andrew worked for Allstate Insurance Company for five years. Andrew held several positions while at Allstate, with his last being an Analyst on the Private Equity Real Estate team for Allstate Investments. Andrew holds an M.B.A. and Honors B.A. in History from Marquette University. Andrew has been a CFA charter holder since 2006 and was awarded the Chartered Financial Consultant (ChFC) designation in 2003. Ms. Lashine is a Managing Partner and Founder of Park Madison Partners. She has 27 years of real estate experience, providing placement and strategic consulting services both as principal and agent. She has been directly involved in the formation of investment products across the equity and debt markets and along the risk-return spectrum from core funds to opportunity funds. As a strategic consultant, Ms Lashine has advised leading institutional real estate investment advisors and managers on product development and expansion, the implementation of institutional marketing initiatives, and organization of professional teams. Ms. Lashine earned her MBA at Columbia University Graduate School of Business, where she graduated with majors in finance and marketing. She is a member of ULI, WX (Executive Women in Real Estate) and is a past board member of PREA.

Nancy I. Lashine Managing Partner Park Madison Partners LLC

Scott F. Meadow Clinical Professor of Entrepreneurship University of Chicago Booth School of Business

Since 1982, Scott Meadow has been a principal investor in the private equity industry. Professor Meadow is the Faculty Director of Global Initiatives and since 2000 has held the position of Clinical Professor of Entrepreneurship at the University of Chicago Booth School of Business. He was awarded the 2002, 2003, 2004, and 2005 Phoenix Prize and The Faculty Excellence Award in 2010. He was designated by Business Week’s “Guide to the Best Business Schools” (2003, 8th edition) and (2005, 9th edition) as one of the outstanding entrepreneurial professors in the country. Professor Meadow has taught 7000 students at Chicago Booth, in Entrepreneurial Finance and Private Equity, Commercializing Innovation (which he created), the New Venture Challenge, and is the faculty advisor for the Venture Capital Investment Competition. Scott has over 25 years experience as a general partner with four venture capital and private equity firms including William Blair Venture Partners, The Frontenac Company, The Sprout Group, and most recently with the Edgewater Funds, where he remains a Senior Advisor. Over the course of his career, Scott has approved hundreds of equity financings, been active in fundraising and has personally led, originated or created more than sixty investments including two dozen healthcare services companies, over a dozen consumer services and retail companies, as well as companies enhanced by the Internet. Scott has been recognized by Venture One as one of the outstanding healthcare investors in the industry. Representative investments include Coventry Corporation, HEALTHSOUTH, Sunrise Assisted Living, Sunrise International, Managed Health Network, Aspen Education Services, Pathology Partners, Heritage Healthcare, MedPartners, The Sports Authority, CompUSA and Staples. Scott recently served on the board of directors of National Equipment Services (NASDAQ: NLEQ) during its emergence from Chapter 11. He currently serves on the Board of Barrier Safe, GenerationOne, and is an advisor to Alpha Associates in Zurich, Switzerland. Professor Meadow earned his A.B. Magna Cum Laude from Harvard College and his M.B.A. from Harvard Business School.

Michael G. Medzigian Chairman, Managing Partner Watermark Capital Partners, LLC

Michael G. Medzigian is Chairman and Managing Partner of Watermark Capital Partners, LLC, a real estate investment management firm, and is also President, Chief Executive Officer and a Director of Carey Watermark Investors Inc., a publicly-registered Real Estate Investment Trust. His activities are focused on complex assets that benefit from demographic shifts, strategic marketing, and value-creation and repositioning initiatives, including hotels and resorts, golf and recreation, resort residential, fractional and club programs, and newurbanism and mixed-use projects. Over his career he has successfully overseen over $13 billion of real estate investments and has delivered superior risk-adjusted returns to his investors. Prior to the formation of Watermark Capital Partners and Carey Watermark Investors, Mr. Medzigian oversaw some of the largest real estate private equity funds in the world. Most recently he was President and Chief Executive Officer of Lazard Freres Real Estate Investors and a Managing Director of Lazard where he oversaw the repositioning of an opportunity fund operation with five equity funds, $3 billion of committed capital and a $7 billion portfolio of holdings in 12 operating companies in the office, industrial, retail, lodging, senior living, homebuilding, multifamily, condominium, land, mezzanine lending and net lease sectors. He was previously a Founding Partner of Olympus Real Estate Corporation, the real estate fund management affiliate of Hicks, Muse, Tate & Furst, which during his tenure invested over $3 billion in a broad range of real estate holdings. In addition to serving on the Investment Committee and being involved with all aspects of multiple funds, he invested in and oversaw a portfolio of lodging assets that included the Boca Raton Resort & Club, the Cheeca Lodge, the Inn at Laguna Beach, La Posada de Santa Fe, the Ritz Carlton Rancho Mirage, the Algonquin, The Equinox, and the Fairmont Copley Plaza, as well as operating companies that included RockResorts, Park Plaza International and Chalet Susse. Earlier in his career he was President of Cohen Realty Services, he founded and was National Director of the Hospitality Consulting Practice at Deloitte & Touche, and he held various management positions with Marriott Corporation. Mr. Medzigian has served as Chairman and a Director of Atria, Inc., Chairman and a Director of Kapson Senior Quarters Corp., President, CEO and a Director of Park Plaza International, President, CEO and a Director of RockResorts, and as a Director of American Apartment Communities, the American Seniors Housing Association, Arnold Palmer Golf Management, the Assisted Living Federation of America, Dermody Properties, iStar Financial (NYSE: SFI, including serving on its audit and compensation committees), Kemayan Hotels and Leisure (Australian ASX), and the Rubenstein Company. He is or has been a member of the Pension Real Estate Association, the Radisson Hotels & Resorts Franchise Advisory Committee, the Urban Land Institute (Chairman, Hotel Development Council), and Young President’s Organization (Executive Committee Member). He is active with his alma mater serving on the Cornell University Council, as a Founding Member of the Cornell Center for Real Estate Finance Industry Fellows, on the Advisory Committee of the Cornell Innovation Network and as a member of the Cornell Hotel Society and the Cornell Real Estate Council. He has also been on the panel of judges of the Hospitality Design Radical Innovation competition each year since its inception.

Christopher Merrill Co-Founder, President & CEO Harrison Real Estate Capital, LLC

Mr. Merrill is the Co-Founder, President and CEO of Harrison Street Real Estate Capital, LLC a real estate private equity firm founded in 2005 that manages private equity funds and public securities products. Mr. Merrill is also a Member of the Board of Directors and Chairman of the Investment & Management Committees of the Company. The firm has raised three funds: Harrison Street Real Estate Partners I, LP a $210M real estate fund that has buying power of over $800M; Harrison Street Real Estate Partners II, LP, a $431M real estate fund that has buying power of over $1.5 B; and Harrison Street Real Estate Partners III, LP, a $595.5M real estate fund that has buying power of over $2.0B. Investors in these funds include some of the largest family offices in the U.S. as well as endowments, foundations, pension funds, insurance companies and foreign investors. As of June 2011 the firm has acquired or has under development 195+ properties worth approximately $2.7B throughout 35 states in U.S. The portfolio includes over 5,300 senior housing/assisted living

SPEAKER BIOS
units, 62,100 storage units, 17,500 student housing beds, 1.1 million square feet of medical office space and 3,300 dry and wet boat storage. Harrison Street Securities LLC, acquired in 2011, currently manages over $425M in REIT securities through three, distinct long only product offerings. Prior to co-founding Harrison Street Real Estate Capital, LLC, Mr. Merrill was a partner, owner and Managing Director of Heitman LLC, a real estate investment management firm that manages over $18 billion. Over the course of his fifteen year career with Heitman, Mr. Merrill executed real estate transactions consisting of over $4 billion for the firm’s clients and principals. Mr. Merrill developed the firm’s presence in Europe and over a seven year period grew the assets under management in Europe to well over $2.5 billion. He was responsible for oversight of the 40 person international investment department, development of new business initiatives, including specialized jointventures in the U.S. and Europe and marketing of the firm’s investment products. Over his career Mr. Merrill has acquired and/or developed over $7 billion of real estate in both the U.S. and Europe on behalf of some of the world’s largest investors in all segments of the property markets (office, warehouse, retail, residential, land, hotel, self-storage, medical office, student housing, senior housing, parking and marinas). During this time period he has established and implemented over 45 joint-ventures with real estate operating partners across the U.S. and Europe. Mr. Merrill has appeared in numerous real estate journals and on panels regarding investing in the U.S. and Europe. In 2011, National Real Estate Investor Magazine named Mr. Merrill as one of the “10 To Watch” leaders in the real estate industry. Mr. Merrill is a member of the Urban Land Institute, PREA, The Economic Club of Chicago and the Chicago Commonwealth Club. In addition, the firm is a member of the Self Storage Association (SSA), National Multi-Housing Association, International Marina Association, and Building Office & Managers Association (BOMA). Mr. Merrill earned his MBA in the evening from the CASS school of business in London, England and he has a BA in Economics from Roanoke College.

Julie Morton Associate Dean, Career Services and Corporate Relations University of Chicago Booth School of Business

Julie Morton is the Associate Dean of Career Services and Corporate Relations at The University of Chicago Booth School of Business. In this role, she oversees corporate relations strategy and outreach and engages with firms which seek to interact with the intellectual life of the school. Julie leads career services activities for students in the full-time, evening, weekend, and executive MBA programs, as well as for alumni. This includes career management programming and corporate recruiting relationships with firms which seek to source talent from Chicago Booth. Julie joined Chicago Booth in 2000. Immediately before coming to Booth, she worked in retained executive search. Julie was also a financial services and strategy consultant at what was then Bankers Trust (now Deutsche Bank) in New York. She spent several years doing strategy and turnaround consulting in central Slovakia and in Jakarta, Indonesia, and she worked for the CFO of Young and Rubicam in New York, in an internal strategy, finance, and operations consulting group. Julie received her MBA in 1992 from the Tuck School at Dartmouth College. Prior to attending Tuck, she served as the Director of Admissions at Mount Holyoke College in Massachusetts. She has an undergraduate degree in International Studies from The Johns Hopkins University.

Randall Mundt Chief Investment Officer Principal Real Estate Investors

Randy is chief investment officer of Principal Real Estate Investors. He is responsible for the development and execution of client investment strategies across all real estate quadrants, including investment pricing, performance and policy. Randy leads new product and fund design, the firm’s dedicated real estate research group. He joined The Principal in 1983.

Randy received an MBA in finance from the University of Iowa and a bachelor’s degree in business from Iowa State University. He chairs the Real Estate Investment Committee and Client Strategy Committee for Principal Real Estate Investors. Randy is also a member of the Economic Committee at Principal Global Investors. He is a member of the Association of Foreign Investors in Real Estate (AFIRE), the National Council of Real Estate Investment Fiduciaries (NCREIF), the National Association of Real Estate Investment Managers (NAREIM), the Real Estate Roundtable and the Pension Real Estate Association (PREA). Randy is a member of the University of Iowa College of Business Financial Advisory Council.

Joseph L. Pagliari, Jr., Ph.D., CFA, CPA Clinical Professor of Real Estate University of Chicago Booth School of Business

Joseph L. Pagliari Jr. is both a certified public accountant and a chartered financial analysis, with a research focus on real estate portfolio management. His articles include: “The Pricing of Non-Core Real Estate Ventures”, published in The Journal of Portfolio Management; “Public versus Private Real Estate Equities: A More Refined, Long-term Comparison” written with Kevin Scherer and Richard Monopoli, published in Real Estate Economics; “Public v. Private Real Estate Equities: A Risk/Return Comparison” written with Kevin Scherer and Richard Monopoli, appeared in the Journal of Portfolio Management; and “Twenty Years of the NCREIF Property Index” written with Frederich Lieblich, Mark Schaner, and James R. Webb, published in Real Estate Economics. Based on over 30 years of industry experience, Pagliari’s research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing. He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate. Pagliari serves (or has served) on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, the National Council of Real Estate Investment Fiduciaries and the Pension Real Estate Association. He has presented papers at meetings held by ARES, AREUEA, NCREIF, and NAREIT. Pagliari earned a bachelor’s degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002. His interests include sports of most every kind - some of which he still plays.

Kenneth P. Riggs, Jr. Chairman Real Estate Research Corporation ‘94

Kenneth Riggs has led the Real Estate Research Corporation (RERC) since 1991. He is active in bringing sophisticated and solid research to the real estate industry. He serves as the publisher of the RERC Real Estate Report, a widely quoted real estate quarterly, and the RERC/CCIM Investment Trends Quarterly. He also produced Emerging Trends in Real Estate and the RERC Industry Outlook, and serves as co-publisher of Expectations & Market Realities in Real Estate, one of the nation’s leading annual forecast reports. In addition to his research activities, Mr. Riggs oversees the firm’s valuation, consulting, independent fiduciary services, and management information services. He has served as a featured speaker for the National Association of REALTORS® (NAR), the Pension Real Estate Association (PREA), the Association of Foreign Investors in Real Estate (AFIRE), the Institute of Real Estate Management (IREM), The Counselors of Real Estate, the CCIM Institute, the National Council of Real Estate Investment Fiduciaries (NCREIF), and many other respected national organizations. He has had

SPEAKER BIOS
numerous articles published and has been quoted in many publications, including The Wall Street Journal, CNNmoney, Bloomberg News, Barron’s, Mortgage Banking, Real Estate Forum, Real Estate Issues, and Real Estate Portfolio, among others. Mr. Riggs earned his master’s of business administration degree from the University of Chicago, concentrating on finance/statistics, and his bachelor’s of business administration in real estate and finance from Kent State University. In 2006, he was named by NAR as one of Real Estate’s 25 Most Influential Thought Leaders.

David R. Schwartz Managing Member Waterton Associates, LLC ‘90

David R. Schwartz is a Managing Member of Waterton Associates, LLC which currently owns and operates approximately 16,000 units in 11 states across the country. Mr. Schwartz is also Managing Member of Ultima Hospitality which currently owns and manages 6 full service hotels with over 1300 rooms. Mr. Schwartz received his Bachelor’s Degree in Economics from the University of Illinois. He holds a Master’s in Business Administration from the University of Chicago Booth School of Business. Mr. Schwartz is a member of the Executive Committee and Chair’s the Finance Committee of the National Multi Housing Council. He is also a member of the Urban Land Institute and is Membership Chair of the Multifamily Blue Council and is a member of the Pension Real Estate Association. Mr. Schwartz is Immediate Past President of the University of Chicago Comer Children’s Hospital Pediatric AIDS auxiliary and is a member of the Visiting Committee of the Department of Biological Sciences at the University of Chicago and a member of the Young Presidents Organization Chicago Chapter. Mr. Schwartz is on the board of directors of Strategic Capital Partners.

Eteri Zaslavsky, CCIM Director of Business Development Next Realty, LLC ‘04

Since joining Next Realty in 2006, Eteri has been responsible for the execution of the company’s investment strategy. Recently Eteri’s role has expanded to include capital-raising for Next Realty’s future investment vehicles, which will target stabilized and value-add opportunities in the retail and parking sectors. Prior to joining Next Realty, Eteri worked at Allstate Investments, where she was responsible for originating commercial real estate loans. Earlier in her career, Eteri worked for the Tuckerman Group, structuring equity and mezzanine debt transactions, and at Jones Lang LaSalle in the Capital Markets Group working on investment sales. Eteri holds a BA in Economics from the College at The University of Chicago and an MBA from the Booth Graduate School of Business at The University of Chicago. She is currently the President of the Real Estate Finance Forum (women in real estate finance) and is an active member of ICSC.

2011 Conference Sponsors

ABOUT OUR SPONSORS
Organizations seeking innovative solutions to their most complex business issues regularly turn to Latham & Watkins for our strategic thinking and senior-level attention. Clients depend on our ability to get deals done and high-stakes litigation and regulatory matters successfully resolved. As business has globalized, Latham & Watkins has expanded into Europe, Asia and the Middle East to better serve our clients on all of their regional and cross-border needs. With that growth, we have built internationally recognized practices in a wide spectrum of transactional, litigation, corporate and regulatory areas. Latham’s Real Estate Practice Group has extensive experience in sophisticated real estate transactional, finance and restructuring matters. Our clients include a diverse group of institutional investors, lenders, operators and developers that invest in all property types, including, office buildings, hotels, casinos, industrial facilities, shopping centers, health care facilities, multi-family, retail and other commercial real estate. We routinely represent clients in connection with: • • • • • • • • • • • Real estate joint venture formations and investments; Single asset and portfolio acquisitions and dispositions; Real estate operating company acquisitions, dispositions and investments; Acquisition of secured and mezzanine debt; Real estate private equity fund formations and investments; Hospitality and gaming transactions; Secured and unsecured real estate financing transactions; Pre- and post-bankruptcy strategy in connection with loan restructurings, workouts and acquisitions of distressed assets; Acquisitions, dispositions and investments in infrastructure assets; Real Estate Investment Trust (“REIT”) formation, qualification and transaction structuring; and Sale leasebacks, leverage leases, synthetic leases and other structured finance arrangements.

www.lw.com

We recognize that real estate issues often require resources and local expertise in many other areas of the law. According to our clients’ needs, we build cross-disciplinary teams to work effectively and efficiently across borders, jurisdictions and practice areas. For more information, please visit www.lw.com.

ABOUT OUR SPONSORS
Brookfield Financial is a global investment bank that provides strategic and financial advisory, debt and equity arranging, M&A advisory and investment property brokerage services Brookfield Financial is a global investment bank that provides strategic and financial advisory, debt and equity arranging, M&A advisory and investment property brokerage services. We are a subsidiary of Brookfield Asset Management, a global manager of property, power and infrastructure assets with over $150 billion assets under management. Brookfield Financial has built a reputation for completing complex transactions with creative deal structures serving corporate and institutional clients on both local market and international transactions with offices located in Canada, the United States, Europe, Australia, Brazil and India. Brookfield Financial was founded, in large measure, by people with professional experience as owners and managers of capital. From the beginning, our firm has operated with a principal’s mindset – a capacity for identifying with the concerns and interests of clients – that has become one of our defining characteristics. Brookfield Financial ensures that all of our employees, from managing partners to administrative staff, benefit directly from our clients’ success. Simply put, when you hire Brookfield Financial, the entire company is on your side. We offer clients unparalleled transaction execution skills and the broad resources and expertise of the entire Brookfield organization, including: • The ability to integrate capital and property markets expertise with the perspective of both advisor and principal, proven by an outstanding track record, • Creative deal structuring capabilities, and • Access to global expertise across all real asset and infrastructure classes. For more information, please go to www.brookfieldfinancial.com.

www.brookfieldfinancial.com

www.eastdilsecured.com

With a Passion for Excellence, Eastdil Secured is the preeminent real estate investment banking firm providing the best-in-class services for commercial real estate transactions ranging from single assets to large portfolios. Eastdil Secured’s clients benefit from our coordinated multi-level access to all investors and capital sources, closing leverage, relationships with decision makers, and up-tothe-minute knowledge of the market, buyers, sellers, and lenders. Through tailor-made solutions, executable advice, and reliable financial counsel, Eastdil Secured offers the most highly specialized advisory services throughout the entire capital markets spectrum and all major product types.

ANNUAL PLANNING CONFERENCE COMMITTEE
Laura Cathlina ‘08 | Vice President-Multifamily Finance, Berkadia; Co-Chair, Midwest Region, Chicago Booth Real Estate Alumni Group Aaron Joseph ‘08 | Manager-Strategy, Urban Partnership Bank; Co-Chair, Midwest Region, Chicago Booth Real Estate Alumni Group David Katz ‘05 | Vice President-Portfolio Management, Blue Vista Capital Partners; Co-Founder & Co-Chair, Midwest Region, Chicago Booth Real Estate Alumni Group Christopher Klare ‘06 | Investment Officer, The Tuckerman Group; Co-Founder & Co-Chair, Midwest Region, Chicago Booth Real Estate Alumni Group Brent Makaus ‘99 | Principal, Brama Asset Management, LLC; Co-Founder & Co-Chair, Western Region, Chicago Booth Real Estate Alumni Group Bernie S. Ocampo ‘05 | Co-Founder & Global Chair, Chicago Booth Real Estate Alumni Group (REAG) Joseph L. Pagliari, Jr., Ph.D., CFA, CPA | Clinical Professor of Real Estate, University of Chicago Booth School of Business Eteri Zaslavsky ’04 | Director of Business Development, Next Realty, LLC; Co-Founder & Co-Chair, Midwest Region, Chicago Booth Real Estate Alumni Group

SPECIAL THANKS TO:
Louis G. Conforti | Global Head of Real Estate, UBS O’Connor Heather Goldman ’99 | Managing Partner, Global Head, Marketing and Business Development, Brookfield Investment Management Inc.; Advisory Board Member, Chicago Booth REAG Matt Hronick | Graphics and Website Haleigh Johnson | Assistant Director, Alumni Affairs and Events Team, University of Chicago Booth School of Business Stacey Kole | Deputy Dean, Clinical Professor of Economics, University of Chicago Booth School of Business Stephen Livaditis | Senior Managing Director, Eastdil Secured Nathaniel Marrs ‘04 | Partner, Latham & Watkins; Advisory Board Member, Chicago Booth REAG Julie Morton | Associate Dean, Career Services and Corporate Relations, University of Chicago Booth School of Business John Nikolich ’92 | Managing Director & Founder, Flint Creek Partners LLC; Advisory Board Member, Chicago Booth REAG Edward Ryder ’92 | Managing Director, Pearlmark Real Estate Partners; Advisory Board Member, Chicago Booth REAG David Schwartz ’90 | Managing Member, Waterton Associates, LLC Lambert Smith, Stone Cliff Productions, Inc. | Video Staff of Gleacher Center and Galleria Marchetti Lawrence B. Wolfe ’87 | Senior Managing Director, Eastdil Secured; Advisory Board Member, Chicago Booth REAG

www.chicagoboothreag.org

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