VCU Real Estate Trends Conference Program - 2011

Real Estate Circle of Excellence This outstanding group of professionals benefits the Real Estate Program at Virginia Commonwealth University’s School of Business by providing advice on the quality and relevance of our educational and research programs, offering student internships, scholarships and serving as mentors. Russell (Russ) T. Aaronson, III • GrayCo, Inc. Robert (Bob) M. Atack • Atack Properties, Inc. James (Jack) H. Boykin • Boykin Realty Advisors, LLC Ann Lisa (A. L.) Braun • LeClairRyan Kenneth (Ken) L. Brown • Integra Realty Resources Richmond Wayne A. Chasen • Gumenick Properties Andrew (Andy) M. Condlin • Williams Mullen Jeffrey (Jeff) A. Cooke • Cushman & Wakefield | Thalhimer Christopher (Chris) J. Corrada • Riverstone Properties Timothy (Tim) M. Davey • Timmons Group Susan F. Dewey • Virginia Housing Development Authority Charles O. DuBose Jr. • Phillips Realty Capital Sterling Edmunds • SunTrust Mortgage Gary W. Fenchuk • East West Communities Earl M. Ferguson • Artcraft Management, Inc. Jane C. Ferrara • City of Richmond, VA Thomas (Tom) E. Flynn, Sr. • City of Richmond, VA Gloria L. Freye • McGuireWoods LLP Andrew J. Gibb • Gibb Group Realty Advisors Jeffrey (Jeff) H. Gumenick • Gumenick Properties Kelvin Hanson • The Hanson Company Ralph B. Higgins • Land Planner & Landscape Architect Mark J. Hourigan • Hourigan Construction Thomas (Tom) N. Innes • RE/MAX Commonwealth Bruce A. Kay • Markel Corporation Neil S. Kessler • Troutman Sanders LLP Edward (Ed) G. Knight • Knight, Dorin & Rountrey, Inc. Glade M. Knight • Apple REIT Companies Bryan E. Kornblau • Markel|Eagle Partners, LLC Albert (Jay) J. Kraft • Liberty Property Trust Paul W. Kreckman • Highwoods Properties John B. Levy • John B. Levy & Company, Inc. Alan T. Lingerfelt • Lingerfelt Development Michael (Mike) W. Lowry • Mike Lowry Company, LLC John P. McCann • McCann Realty Partners, LLC Brett McNamee • Divaris Real Estate, Inc. Michael (Mike) G. Miller • MGMiller Valuations, Inc. Robert (Robin) W. Miller, Jr. • Miller & Associates Robert (Bob) S. Mills • Commonwealth Architects Jerry L. Moore • Moore Real Estate Company, LLC Richard (Dick) M. Nelms • Long & Foster Realtors Charles (Ward) E. Nunnally, Jr. • Altria Client Services Robert (Bud) Ohly • Eagle Construction of VA LLC

Frances (Franny) S. Powell • East West Communities William (Bill) D. Redd • Brandywine Realty Trust J. Sargeant (Sarge) Reynolds, Jr. • Reynolds Development L.L.C William (Bill) W. Reynolds • CB Richard Ellis Daniel (Dan) T. Schmitt • HHHunt Communities H. Leon Shadowen • Brandywine Realty Trust René B. Shepperson • SunTrust Bank Randall (Randy) R. Silber • County of Henrico T. K. Somanath • Better Housing Coalition Ralph D. Spencer • Innovative Learning, LLC Ronald (Ron) Stallings • Walker Row Partnership, Inc. Candice Streett • Virginia LISC James (Jim) W. Theobald • Hirschler Fleischer Stephen (Steve) Thomas • Vanasse Hangen Brustlin, Inc. Robert (Bob) M. Thornton • Cushman & Wakefield | Thalhimer William (Billy) R. Trigg • Rutherfoord William (Bill) A. Walsh Jr. • Hunton & Williams LLP C. Lee Warfield, III • Cushman & Wakefield | Thalhimer Allison P. Weinstein • Weinstein Properties, Inc. Marcus M. Weinstein • Weinstein Properties, Inc. David M. Williams • Grubb & Ellis|Harrison & Bates D. Kyle Woolfolk, Jr. • Woolfolk Companies Paul M. Young • Dixon Hughes Goodman NOTE: Italics represent Committee Members Past Presidents Douglass K. Woolfolk 1990-1991 Jay M. Weinberg 1991-1992 R. Lewis Boggs 1992-1993 Richard L. Beadles 1994-1995 John P. McCann 1996-1997 Paul F. Silver 1998-1999 Gary W. Fenchuk 2000-2001 Thomas A. Hassard 2002-2003 Alan T. Lingerfelt 2004 D. Kyle Woolfolk, Jr. 2005 Neil S. Kessler 2006 Jane C. Ferrara 2007 H. Leon Shadowen 2008 C. Lee Warfield, III 2009 Andrew M. Condlin 2010 2011 Officers Bruce A. Kay Susan F. Dewey Gloria L. Freye Paul W. Kreckman Andrew M. Condlin

VCU Real Estate Trends Conference Tuesday, October 11, 2011 Greater Richmond Convention Center

The Kornblau Institute is proud to be a major supporter of the 21st Annual Real Estate Trends Conference.

President President Elect Vice President Secretary-Treasurer Immediate Past President

www.realestate.vcu.edu

The Dean’s Message

Ed Grier, Dean

On behalf of the VCU School of Business, our sponsors and conference committee members, I would like to personally welcome you to the 2011 Real Estate Trends Conference. The Conference will focus on our rapidly changing world and the ongoing challenges for the real estate industry. This year we have included current trends in the areas of the overall real estate economy, future of Government Sponsored Entities, and commercial real capital markets. It is my sincere hope that during the conference you will gain valuable insights, develop new contacts and reconnect with old friends.

Many of our School of Business Real Estate students are here today. I encourage you to take this opportunity to meet and speak with tomorrow’s real estate leaders. If you are considering hiring an intern or a full-time employee, or even returning to school yourself, be sure to visit the School of Business booth. Your participation is greatly appreciated and we look forward to seeing you again next year.

VCU School of Business “Our Time. Right Now.” became the rallying cry of Virginia Commonwealth University as the men’s basketball team played their way to the Final Four in March 2011. It’s the same winning spirit that spurs our business students to success when they step into Snead Hall, home court of the VCU School of Business. Located on Main Street in Richmond, Virginia, VCU Business offers a winning combination of real-world experience and a strong academic program. The school maintains the distinction of being one of just 633 business schools, or less than 5% worldwide, to have earned accreditation by AACSB International, the premier accrediting board for business schools. All programs include meaningful interaction with inspiring entrepreneurs and executives from the city’s eleven Fortune 1000 companies. Students choose from a wide variety of majors and concentrations – including Virginia’s only bachelor’s degree in Real Estate. Students savor city life in the heart of Richmond, ranked one of the best places to live in America. VCU Business Career Services and 19 student organizations connect students to industry. They can complete internships year-round and get paired with an alumni mentor in the Ram-to-Ram program. The school’s 25,000 graduates are members of the VCU Business Alumni Society, which aims to build powerful connections for students and alumni. It’s no wonder that the Princeton Review recognized VCU Business in its 2011 edition of “The Best 300 Business Schools,” or that student teams have brought home trophies from the Villanova Real Estate Competition, Fed Challenge, Microsoft Imagine Cup, HR Games, Phi Beta Lambda, CFA Investment Research Challenge and more.

The Alfred L. Blake Chair in Real Estate The Alfred L. Blake Chair in Real Estate was created with a generous gift from Alfred L. Blake, Jr., in conjunction with the Virginia Realtors Foundation, now the Virginia Real Estate Educational Foundation, which is the charitable offshoot of the Virginia Association of Realtors®, who recognized the need for increased knowledge in the field of real estate and the necessity of keeping professionals in real estate and related fields aware of new industry developments. The Blake Chair was formally dedicated in 1972 with the purpose of providing a strong academic background for students studying real estate at Virginia Commonwealth University and planning careers in real estate and in related fields such as land planning, law, architecture, mortgage lending, banking, and insurance. The Blake Chair pays tribute to Alfred L. Blake, Sr., who was a founder of the Richmond-based firms of Mortgage Investment Corporation and Alfred L. Blake and Sons. Mr. Blake entered the real estate field in 1904 at the age of 19. In 1912 he entered into a partnership with the late Eugene B. Moorefield to create the firm of Moorefield and Blake. In 1927 the name was changed to Blake & Dudley, Inc. The firm became Alfred L. Blake and Sons, Inc., in 1942, with I. Norris Blake and Alfred L. Blake, Jr., joining the company. Mr. Blake was a founding member of Battery Park Christian Church and was a member of the board of trustees of both Lynchburg College and the YMCA. He was a past president of the Real Estate Board of Richmond. Dr. James H. Boykin served as the first Alfred L. Blake Chair in Real Estate from 1972 until his retirement in 2002. Dr. David H. Downs was named the second Blake Chair in 2003 and continues in that role today. Thanks to the vision of the Blake family and the Virginia Association of Realtors®, for nearly 40 years the Real Estate Program at Virginia Commonwealth University has positively influenced countless aspiring real estate professionals and has enhanced the quality of real estate decision making throughout the nation.

The Dean’s Message

Ed Grier, Dean

On behalf of the VCU School of Business, our sponsors and conference committee members, I would like to personally welcome you to the 2011 Real Estate Trends Conference. The Conference will focus on our rapidly changing world and the ongoing challenges for the real estate industry. This year we have included current trends in the areas of the overall real estate economy, future of Government Sponsored Entities, and commercial real capital markets. It is my sincere hope that during the conference you will gain valuable insights, develop new contacts and reconnect with old friends.

Many of our School of Business Real Estate students are here today. I encourage you to take this opportunity to meet and speak with tomorrow’s real estate leaders. If you are considering hiring an intern or a full-time employee, or even returning to school yourself, be sure to visit the School of Business booth. Your participation is greatly appreciated and we look forward to seeing you again next year.

VCU School of Business “Our Time. Right Now.” became the rallying cry of Virginia Commonwealth University as the men’s basketball team played their way to the Final Four in March 2011. It’s the same winning spirit that spurs our business students to success when they step into Snead Hall, home court of the VCU School of Business. Located on Main Street in Richmond, Virginia, VCU Business offers a winning combination of real-world experience and a strong academic program. The school maintains the distinction of being one of just 633 business schools, or less than 5% worldwide, to have earned accreditation by AACSB International, the premier accrediting board for business schools. All programs include meaningful interaction with inspiring entrepreneurs and executives from the city’s eleven Fortune 1000 companies. Students choose from a wide variety of majors and concentrations – including Virginia’s only bachelor’s degree in Real Estate. Students savor city life in the heart of Richmond, ranked one of the best places to live in America. VCU Business Career Services and 19 student organizations connect students to industry. They can complete internships year-round and get paired with an alumni mentor in the Ram-to-Ram program. The school’s 25,000 graduates are members of the VCU Business Alumni Society, which aims to build powerful connections for students and alumni. It’s no wonder that the Princeton Review recognized VCU Business in its 2011 edition of “The Best 300 Business Schools,” or that student teams have brought home trophies from the Villanova Real Estate Competition, Fed Challenge, Microsoft Imagine Cup, HR Games, Phi Beta Lambda, CFA Investment Research Challenge and more.

The Alfred L. Blake Chair in Real Estate The Alfred L. Blake Chair in Real Estate was created with a generous gift from Alfred L. Blake, Jr., in conjunction with the Virginia Realtors Foundation, now the Virginia Real Estate Educational Foundation, which is the charitable offshoot of the Virginia Association of Realtors®, who recognized the need for increased knowledge in the field of real estate and the necessity of keeping professionals in real estate and related fields aware of new industry developments. The Blake Chair was formally dedicated in 1972 with the purpose of providing a strong academic background for students studying real estate at Virginia Commonwealth University and planning careers in real estate and in related fields such as land planning, law, architecture, mortgage lending, banking, and insurance. The Blake Chair pays tribute to Alfred L. Blake, Sr., who was a founder of the Richmond-based firms of Mortgage Investment Corporation and Alfred L. Blake and Sons. Mr. Blake entered the real estate field in 1904 at the age of 19. In 1912 he entered into a partnership with the late Eugene B. Moorefield to create the firm of Moorefield and Blake. In 1927 the name was changed to Blake & Dudley, Inc. The firm became Alfred L. Blake and Sons, Inc., in 1942, with I. Norris Blake and Alfred L. Blake, Jr., joining the company. Mr. Blake was a founding member of Battery Park Christian Church and was a member of the board of trustees of both Lynchburg College and the YMCA. He was a past president of the Real Estate Board of Richmond. Dr. James H. Boykin served as the first Alfred L. Blake Chair in Real Estate from 1972 until his retirement in 2002. Dr. David H. Downs was named the second Blake Chair in 2003 and continues in that role today. Thanks to the vision of the Blake family and the Virginia Association of Realtors®, for nearly 40 years the Real Estate Program at Virginia Commonwealth University has positively influenced countless aspiring real estate professionals and has enhanced the quality of real estate decision making throughout the nation.

Scholarships The Real Estate Program at Virginia Commonwealth University is very fortunate to have significant support from the real estate community. Listed below are various scholarships that are available to our students.

Program Schedule 7:30 a.m. - 8:30 a.m.

Registration and Continental Breakfast

8:30 a.m.

Opening Remarks and Welcome

8:30 a.m.

• Association of Real Estate Alumni Endowed Scholarship • James H. Boykin Endowed Scholarship • Steven Brincefield Scholarship, endowed by Institute of Real Estate Management, Richmond Chapter • Greater Richmond Association of Commercial Real Estate, Endowed Scholarship • Marcy Handshaw Memorial Scholarship, awarded by Commercial Real Estate Women – Richmond • ICSC Endowed Scholarship • The Sam Kornblau Endowed Scholarship • John A. Levering Scholarship, endowed by C. Porter Vaughan, Inc., Realtors® and family and friends of John Levering • A. Kemp Rowe/James H. Boykn Scholarship, provided by the Richmond Real Estate Group • Real Estate Circle of Excellence Scholarship • Richmond Area Apartment Owners Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Scholarship

Session 1 Real Estate Economic Overview

In addition, our students have been awarded numerous external scholarships by organizations such as:

Government Involvement Perspective Janneke H. Ratcliffe, Executive Director, Center for Community Capital University of North Carolina at Chapel Hill

• Appraisal Institute Education Trust • CCIM Education Foundation • Society of Industrial and Office Realtors

...among many others.

Mark G. Dotzour, Ph.D. Chief Economist, Real Estate Center, Texas A&M Interactive Questions & Answers Moderated by Paul Kreckman, Highwoods Properties 20 minute break

Session 2 Hot Topics Demographic Trends John W. Martin CEO, Southeastern Institute of Research and the Boomer Project Future of GSE’s Market/Private Sector Perspective Mark A. Calabria, Director of Financial Regulation Studies, Cato Institute

Moderated by Susan Dewey, Executive Director, Virginia Housing Development Authority 20 minute break

Session 3 Commercial Real Estate Panel Discussion The Road to Recovery or Trending Towards the Cliff Martin Cropp, Senior Managing Director, Principal Real Estate Investors Jeffrey Fastov, Managing Director, Investment Banking Division, Credit Suisse Kim S. Diamond, Senior Managing Director, Structured Finance, Kroll Bond Rating Agency, Inc. Moderated by John B. Levy, President, John B. Levy & Company 12:30 p.m.

Closing Remarks

Scholarships The Real Estate Program at Virginia Commonwealth University is very fortunate to have significant support from the real estate community. Listed below are various scholarships that are available to our students.

Program Schedule 7:30 a.m. - 8:30 a.m.

Registration and Continental Breakfast

8:30 a.m.

Opening Remarks and Welcome

8:30 a.m.

• Association of Real Estate Alumni Endowed Scholarship • James H. Boykin Endowed Scholarship • Steven Brincefield Scholarship, endowed by Institute of Real Estate Management, Richmond Chapter • Greater Richmond Association of Commercial Real Estate, Endowed Scholarship • Marcy Handshaw Memorial Scholarship, awarded by Commercial Real Estate Women – Richmond • ICSC Endowed Scholarship • The Sam Kornblau Endowed Scholarship • John A. Levering Scholarship, endowed by C. Porter Vaughan, Inc., Realtors® and family and friends of John Levering • A. Kemp Rowe/James H. Boykn Scholarship, provided by the Richmond Real Estate Group • Real Estate Circle of Excellence Scholarship • Richmond Area Apartment Owners Scholarship • Virginia Real Estate Educational Foundation/Virginia Housing Development Authority Scholarship

Session 1 Real Estate Economic Overview

In addition, our students have been awarded numerous external scholarships by organizations such as:

Government Involvement Perspective Janneke H. Ratcliffe, Executive Director, Center for Community Capital University of North Carolina at Chapel Hill

• Appraisal Institute Education Trust • CCIM Education Foundation • Society of Industrial and Office Realtors

...among many others.

Mark G. Dotzour, Ph.D. Chief Economist, Real Estate Center, Texas A&M Interactive Questions & Answers Moderated by Paul Kreckman, Highwoods Properties 20 minute break

Session 2 Hot Topics Demographic Trends John W. Martin CEO, Southeastern Institute of Research and the Boomer Project Future of GSE’s Market/Private Sector Perspective Mark A. Calabria, Director of Financial Regulation Studies, Cato Institute

Moderated by Susan Dewey, Executive Director, Virginia Housing Development Authority 20 minute break

Session 3 Commercial Real Estate Panel Discussion The Road to Recovery or Trending Towards the Cliff Martin Cropp, Senior Managing Director, Principal Real Estate Investors Jeffrey Fastov, Managing Director, Investment Banking Division, Credit Suisse Kim S. Diamond, Senior Managing Director, Structured Finance, Kroll Bond Rating Agency, Inc. Moderated by John B. Levy, President, John B. Levy & Company 12:30 p.m.

Closing Remarks

Real Estate Research at VCU Virginia Commonwealth University is one of the most productive sources of top-flight real estate research in the world, according to a study published in the February 2011 issue of the Journal of Real Estate Finance and Economics. VCU ranked No. 14 among U.S. universities based on the total number of pages published in the three top-tier, real estate-focused research publications – Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics – during the 10-year stretch between 1998 and 2008, according to the study. VCU also ranked No. 23 among academic and non-academic research institutions worldwide for the period that dates between 1973 and 2008. “Scholarly research is a vital component of Virginia Commonwealth University’s academic portfolio and a major focus of our strategic plan,” said Beverly Warren, Ed.D., Ph.D., provost and vice president for academic affairs at VCU. “The faculty in the Real Estate Program excel in productive research activities. We are proud of their accomplishments and look forward to their continued national and international recognition.” The study not only reflects the long-standing emphasis on research in the Real Estate Program, but also highlights the program’s growing strength. Among those current professors in the School of Business whose research publications contributed to the ranking are Kenneth Daniels, Ph.D., David H. Downs, Ph. D., Richard A. Phillips, Ph.D., and Brent C. Smith, Ph.D. William N. Kinnard Young Scholar Award Brent C. Smith, Ph.D. was awarded the prestigious William N. Kinnard Emerging Scholar Award by the American Real Estate Society’s Executive Committee in 2010. Consideration is given primarily to scholarly activities, impact and engagement in developing new knowledge for the real estate industry. Several of Dr. Smith’s publications along with his co-authors are listed below:

Alpha Sigma Gamma Society The Alpha Sigma Gamma Society, created in 1993, is the premier international organization for the recognition of academic and scholarly achievement by real estate students, real estate faculty and real estate professionals. ASG has over two dozen chapters in major universities and colleges, and Virginia Commonwealth University is one of the founding member chapters. Membership is based on scholarly achievement. Inductees to Alpha Sigma Gamma for 2011 include: Roderick (Rod) M. Compton Joshua (Josh) L. Ridpath Matthew (Matt) W. Davis Eric K. Simpson John (Shep) S. Haw Katherine (Katie) A. Smith Patrick C. Horsley Bradley (Brad) J. Sullivan Bryce H. Lyle

Association of Real Estate Alumni Association of Real Estate Alumni (AREA) is a member driven organization comprised of more than 600 alumni and friends of Virginia Commonwealth University’s Real Estate Program within the School of Business. A dynamic group of real estate professionals are committed to provide professional development opportunities as well as an effective network structure for the benefit of AREA’s entire membership. Additionally, members of the association work to provide both financial and program support to VCU School of Business’ Real Estate Program. Mission

• Smith, B.C, forthcoming, Stability in Consumer Credit Scores: Level and Direction of FICO Score Drift as a Precursor to Mortgage Default and Prepayment, Journal of Housing Economics, scheduled December 2011. • Smith, B. C, with Wayne R. Archer, forthcoming, Residential Mortgage Default: The Role of House Price Volatility, Euphoria and the Borrower’s Put Option, Journal of Real Estate Finance and Economics, scheduled July 2012. • Smith, B. C, 2011, Mortgage Reform and the Countercyclical Role of the Federal Housing Administration’s Mortgage Mutual Insurance Fund, Economic Quarterly, 97:1, 95-110. • Smith, B. C, with Allen Goodman, 2010, Residential Mortgage Default: Theory Works, so Does Policy, Journal of Housing Economics, 19:4, 280-94.

This alumni organization advances real estate education and stimulates continuing interest and professional relationships between the Real Estate Program and its alumni as well as supports and promotes the Program in recruiting students, providing mentors, internships, scholarships, and assisting in job placement. Mentor Program The Association of Real Estate Alumni Mentor Program is very flexible and can range from a student simply calling an alumnus for advice to meeting at an alumnus’ office and seeing firsthand how a particular business functions.

Real Estate Research at VCU Virginia Commonwealth University is one of the most productive sources of top-flight real estate research in the world, according to a study published in the February 2011 issue of the Journal of Real Estate Finance and Economics. VCU ranked No. 14 among U.S. universities based on the total number of pages published in the three top-tier, real estate-focused research publications – Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics – during the 10-year stretch between 1998 and 2008, according to the study. VCU also ranked No. 23 among academic and non-academic research institutions worldwide for the period that dates between 1973 and 2008. “Scholarly research is a vital component of Virginia Commonwealth University’s academic portfolio and a major focus of our strategic plan,” said Beverly Warren, Ed.D., Ph.D., provost and vice president for academic affairs at VCU. “The faculty in the Real Estate Program excel in productive research activities. We are proud of their accomplishments and look forward to their continued national and international recognition.” The study not only reflects the long-standing emphasis on research in the Real Estate Program, but also highlights the program’s growing strength. Among those current professors in the School of Business whose research publications contributed to the ranking are Kenneth Daniels, Ph.D., David H. Downs, Ph. D., Richard A. Phillips, Ph.D., and Brent C. Smith, Ph.D. William N. Kinnard Young Scholar Award Brent C. Smith, Ph.D. was awarded the prestigious William N. Kinnard Emerging Scholar Award by the American Real Estate Society’s Executive Committee in 2010. Consideration is given primarily to scholarly activities, impact and engagement in developing new knowledge for the real estate industry. Several of Dr. Smith’s publications along with his co-authors are listed below:

Alpha Sigma Gamma Society The Alpha Sigma Gamma Society, created in 1993, is the premier international organization for the recognition of academic and scholarly achievement by real estate students, real estate faculty and real estate professionals. ASG has over two dozen chapters in major universities and colleges, and Virginia Commonwealth University is one of the founding member chapters. Membership is based on scholarly achievement. Inductees to Alpha Sigma Gamma for 2011 include: Roderick (Rod) M. Compton Joshua (Josh) L. Ridpath Matthew (Matt) W. Davis Eric K. Simpson John (Shep) S. Haw Katherine (Katie) A. Smith Patrick C. Horsley Bradley (Brad) J. Sullivan Bryce H. Lyle

Association of Real Estate Alumni Association of Real Estate Alumni (AREA) is a member driven organization comprised of more than 600 alumni and friends of Virginia Commonwealth University’s Real Estate Program within the School of Business. A dynamic group of real estate professionals are committed to provide professional development opportunities as well as an effective network structure for the benefit of AREA’s entire membership. Additionally, members of the association work to provide both financial and program support to VCU School of Business’ Real Estate Program. Mission

• Smith, B.C, forthcoming, Stability in Consumer Credit Scores: Level and Direction of FICO Score Drift as a Precursor to Mortgage Default and Prepayment, Journal of Housing Economics, scheduled December 2011. • Smith, B. C, with Wayne R. Archer, forthcoming, Residential Mortgage Default: The Role of House Price Volatility, Euphoria and the Borrower’s Put Option, Journal of Real Estate Finance and Economics, scheduled July 2012. • Smith, B. C, 2011, Mortgage Reform and the Countercyclical Role of the Federal Housing Administration’s Mortgage Mutual Insurance Fund, Economic Quarterly, 97:1, 95-110. • Smith, B. C, with Allen Goodman, 2010, Residential Mortgage Default: Theory Works, so Does Policy, Journal of Housing Economics, 19:4, 280-94.

This alumni organization advances real estate education and stimulates continuing interest and professional relationships between the Real Estate Program and its alumni as well as supports and promotes the Program in recruiting students, providing mentors, internships, scholarships, and assisting in job placement. Mentor Program The Association of Real Estate Alumni Mentor Program is very flexible and can range from a student simply calling an alumnus for advice to meeting at an alumnus’ office and seeing firsthand how a particular business functions.

Rho Epsilon The VCU chapter of Rho Epsilon, the national professional real estate fraternity, is an integral part of the Real Estate Program at Virginia Commonwealth University. Membership is open to any VCU student with an interest in Real Estate. Members have an opportunity to participate in fraternity-sponsored lectures, career programs, and field trips. The VCU Chapter of Rho Epsilon has been selected twice as the nation’s most outstanding chapter. The 2011-2012 Officers are: • Kurt Wallenborn President • Kaitlin (Katie) Coleman Vice President • Kaitlin (Kaitie) Comstock Secretary • Charles (Charlie) Marston Treasurer • Joseph (Joey) Stemmle Associate Treasurer

Real Estate Research at VCU • Smith, B. C, 2010, Turmoil in the Residential Mortgage Market, a Review and Compilation of Research and Policy, Journal of Housing Research, 19:1, 65-87. • Smith, B. C, with David C. Ling and Wayne R. Archer, 2010, Ownership Duration in the Residential Housing Market: The Influence of Structure, Tenure, Household and Neighborhood Factors, Journal of Real Estate Finance and Economics, 40:1, 41-61. • Smith, B. C, 2009, Spatial Heterogeneity in Listing Duration: The Influence of Relative Location in the Thin Markets Hypothesis, Journal of Housing Research, 18:2, 151-171. • Smith, B. C, 2009, If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts, Real Estate Economics, 37:2,209-34.

The Kornblau Institute The Kornblau Institute at Virginia Commonwealth University was established in 2006 through the generosity of Richmond businessman and philanthropist, Sam Kornblau. The Institute focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development - the social, cultural and economic sides of the real estate business. Collaborative research seeks to engage other programs and schools such as nursing, social work and government and public affairs, working with various departments in the School of Business. This collaborative approach seeks to elevate the national and international profile of the Real Estate Program at Virginia Commonwealth University. Over the last five years, representatives of the Institute have presented research papers and participated in academic and industry panel discussions at the Homer Hoyt Institute, American Real Estate and Urban Economic Association meetings, American Real Estate Society meetings, Asian Real Estate Society meetings, the Governor’s Conference on Housing, City University of London and the University of Regensburg. Proposals and partnership are sought with the objective of creating meaningful and impactful knowledge in support of real estate decisions. To learn more about The Kornblau Institute, please contact the director, Dr. David H. Downs, at dhdowns@vcu.edu or (804) 828-2410.

Rho Epsilon The VCU chapter of Rho Epsilon, the national professional real estate fraternity, is an integral part of the Real Estate Program at Virginia Commonwealth University. Membership is open to any VCU student with an interest in Real Estate. Members have an opportunity to participate in fraternity-sponsored lectures, career programs, and field trips. The VCU Chapter of Rho Epsilon has been selected twice as the nation’s most outstanding chapter. The 2011-2012 Officers are: • Kurt Wallenborn President • Kaitlin (Katie) Coleman Vice President • Kaitlin (Kaitie) Comstock Secretary • Charles (Charlie) Marston Treasurer • Joseph (Joey) Stemmle Associate Treasurer

Real Estate Research at VCU • Smith, B. C, 2010, Turmoil in the Residential Mortgage Market, a Review and Compilation of Research and Policy, Journal of Housing Research, 19:1, 65-87. • Smith, B. C, with David C. Ling and Wayne R. Archer, 2010, Ownership Duration in the Residential Housing Market: The Influence of Structure, Tenure, Household and Neighborhood Factors, Journal of Real Estate Finance and Economics, 40:1, 41-61. • Smith, B. C, 2009, Spatial Heterogeneity in Listing Duration: The Influence of Relative Location in the Thin Markets Hypothesis, Journal of Housing Research, 18:2, 151-171. • Smith, B. C, 2009, If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts, Real Estate Economics, 37:2,209-34.

The Kornblau Institute The Kornblau Institute at Virginia Commonwealth University was established in 2006 through the generosity of Richmond businessman and philanthropist, Sam Kornblau. The Institute focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development - the social, cultural and economic sides of the real estate business. Collaborative research seeks to engage other programs and schools such as nursing, social work and government and public affairs, working with various departments in the School of Business. This collaborative approach seeks to elevate the national and international profile of the Real Estate Program at Virginia Commonwealth University. Over the last five years, representatives of the Institute have presented research papers and participated in academic and industry panel discussions at the Homer Hoyt Institute, American Real Estate and Urban Economic Association meetings, American Real Estate Society meetings, Asian Real Estate Society meetings, the Governor’s Conference on Housing, City University of London and the University of Regensburg. Proposals and partnership are sought with the objective of creating meaningful and impactful knowledge in support of real estate decisions. To learn more about The Kornblau Institute, please contact the director, Dr. David H. Downs, at dhdowns@vcu.edu or (804) 828-2410.

Sponsors Gold Sponsors

Career Services Interactive Presentation Sponsor

DEAN’S RECEPTION SPONSOR

BREAK SPONSORS

Patron SPONSORS AES Consulting Engineers Brandywine Realty Trust CB Richard Ellis City of Richmond Economic & Community Development Cushman & Wakefield | Thalhimer Dixon Hughes Goodman First Potomac Realty Trust Grubb & Ellis | Harrison & Bates H&A Architects & Engineers Hunton & Williams Jones Lang LaSalle Kjellstrom + Lee Liberty Property Trust MGMiller Valuations Rocketts Landing Rutherfoord S.L. Nusbaum Realty Co. Timmons Group Vanasse Hangen Brustlin Virginia Housing Development Authority Weinstein Properties

FRIEND SPONSORS

We would like to thank all of our sponsors for their generous support of the VCU Real Estate Trends Conference and the Real Estate Program at the VCU School of Business. The generosity of our sponsors not only helps make today’s event the premier real estate event in the area, but also provides year-round support to our students. Sponsorship dollars fund academic scholarships for our students, and representatives from many of our sponsor companies are actively involved in providing our students with unique real estate experiences through guest lectures, field trips, support of our academic competition squads, and much more. Thank you for your support of our conference and our program.

Burgess & Niple Central Virginia IREM Chapter 38 Commercial Real Estate Women - Richmond Dominion Realty Partners Greater Richmond Association for Commercial Real Estate Hourigan Construction KBS, Inc. Kimley-Horn and Associates Phillips Realty Capital RER Equities Reynolds Development Richmond Association of Realtors The Whiting-Turner Contracting Company Union First Market Bankshares Xenith Bank

Virginia Commonwealth University is the only college or university in the state to offer a standalone Bachelor of Science Degree in Real Estate (BSRE), and is one of only 20 or so in the country to offer a BSRE. Consider expanding your recruiting base to include one of the top business schools in the nation. Our Students Are Business Ready • Innovative Minds: Coming up with solutions to real-world company projects prepares students to solve your business challenges. • Tech Savvy Business People: Students learn to use industry software and come to the job ready to work. • Collaborative Mindsets: Working in teams is central to the VCU curriculum, and our students come to the workplace knowing how to collaborate. As your recruiting partner, VCU School of Business Career Services will help ensure your recruiting efforts are comprehensive and targeted to the appropriate audiences. To learn more about the various recruiting options, contact the Director of Career Services, Mike Eisenman, at 804.828.7102 and visit us on the web at www.business.vcu.edu/career.