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Welcome from the Dean On behalf of the Virginia Commonwealth University School of Business, our sponsors and conference committee members, I welcome you to the 2013 Real Estate Trends Conference. We are proud to bring you some of the most respected leaders in real estate today. I hope you will find their insights valuable.

Ed Grier

Dean, VCU School of Business

This is an exciting year for VCU Real Estate. In August, we rededicated the Alfred L. Blake Chair in Real Estate. The Blake Chair, the first and largest endowed faculty position in the School of Business, was established in 1972 through a series of gifts from Alfred L. Blake, Jr. and the Virginia Association of REALTORS速 via the Virginia Real Estate Education Foundation. Through the vision of the Blake Family, VAR and the first Alfred L. Blake chair, Dr. James H. Boykin, the endowment has helped VCU to develop future real estate professionals, educate future homeowners, and provide continuing education for the real estate community. Today also marks the seventh anniversary of the establishment of the Kornblau Institute, founded through the generosity of Sam Kornblau, a leader in the Virginia real estate community for more than 50 years. The Kornblau Institute supports important ongoing research related to commercial and residential real estate. Thanks to your generosity, the partnership between the real estate industry and VCU has a positive impact on our entire community. Each time you attend the conference, mentor a student, hire an intern or new graduate, make a donation, share your expertise or recommend VCU to a potential student, you make an important contribution to the future of the industry and the Commonwealth of Virginia. Thank you. Enjoy the conference!

Ed Grier, Dean


About the VCU School of Business Located in Richmond, Virginia, a city consistently ranked one of the nation’s best places for business and careers, the Virginia Commonwealth University School of Business offers a tradition for forward-thinking academic excellence and connections with businesses in our region and around the globe. The school is home to 13 centers and institutes, including the Virginia Real Estate Center, the Risk & Insurance Studies Center, the da Vinci Center, the Virginia Family and Private Business Forum, the Kornblau Institute and others that foster and engage the business community. Since its founding in 1937, the VCU School of Business has graduated more than 26,000 alumni. For more than 30 years, the school has maintained accreditation by AACSB International, placing it in the top 5 percent of business schools worldwide.

About the VCU Real Estate Program Real Estate is a multidisciplinary field, requiring skills from economics, finance, investments, negotiation, presentation, and personal promotion. The VCU Real Estate curriculum offers a solid academic and experiential foundation that gives students an understanding of the varying disciplines, soft skills, and ethics that are required in today’s real estate profession. The VCU School of Business Real Estate Program helps students identify their particular personality traits and qualities that will define the areas where they will find the greatest accomplishment. It facilitates their entry into industry organizations and events for networking, introduces them to mentors who guide their professional development paths, and provides a wide exposure to the variety of career options.


Student Enrichment 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 excursions. The VCU Chapter of Rho Epsilon has been selected twice as the nation’s most outstanding chapter.

• Kyle Vernon, President • Jazlyn Green, Vice President of Recruiting • Ameni Kabboudi, Treasurer • Karrissa Webb, Director of Communications • Steven Lindsay, Programming Chair

Mentor Program The Real Estate Mentors are a group of individuals who guide our students to successful careers. They provide one-on-one mentoring, invite students as guests to professional organization meetings, make important network introductions, and present firsthand the intricate workings of individual businesses and the industry as a whole. If you would like to participate in our mentoring program, please contact Robert W. Taylor, rwtaylor@vcu.edu or 804-828-3169.

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 2013 include: • Mr. Jason Hughes • Mr. Joseph Stemmle

Association of Real Estate Alumni The Association of Real Estate Alumni (AREA) is a member-driven organization comprised of more than 600 alumni and friends of the Virginia Commonwealth University Real Estate Program. This dynamic group of real estate professionals are committed to providing 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 the VCU School of Business Real Estate Program. 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 by recruiting students, providing mentors, supplying internships and scholarships, and assisting in job placement.

Service. Knowledge. Integrity.


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.

• Association of Real Estate Alumni Endowed Scholarship

• James H. Boykin Endowed Scholarship • Steven Brincefield Scholarship, endowed by Institute of Real Estate Management, Richmond Chapter 38

• 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 Endowed Scholarship • A. Kemp Rowe/James H. Boykin Scholarship, awarded by the Richmond Real Estate Group

• Real Estate Circle of Excellence Scholarship • Virginia Real Estate Educational Foundation/ Virginia Housing Development Authority Scholarship

You can help VCU develop real estate leaders Unrestricted Gifts Gifts to the Real Estate Program are essential and provide us with unrestricted dollars to support key initiatives of the Program. These include student support through scholarships, activities, conferences and meetings, faculty research, technology upgrades, and alumni activities. Unrestricted gifts allow the School to be on the leading edge academically and technologically.

Endowed Student Scholarship Support Scholarships make it possible for many deserving students to attend VCU, as well as help attract the brightest, most meritorious students to the university. Endowed scholarships are created with as little as $25,000. The principal is invested and a percentage of the interest is used each year for student support. These named, endowed scholarships continue on in perpetuity.

Planned Giving Planned Giving strategies can benefit your family, bring immediate and deferred tax advantages, and enable you to have a meaningful impact on the VCU School of Business Real Estate Program, perhaps beyond your lifetime and far into the future. We can work with you and your financial advisor to explore opportunities such as life income gifts, gift annuities, pooled income funds, charitable remainder trusts, charitable lead trusts, retained life estates, donor advised funds, and bequests. To discuss giving opportunities, contact Mr. Joey Broussard at 804-827-7408.


2013 Conference Schedule 7:30 a.m.

Registration, Networking and Continental Breakfast

8:30 a.m.

SESSION 1

Welcome and Economic Overview

• • | Marci Rossell, Former CNBC Chief Economist and Co-Host of SQUAWK BOX

Moderator,

H. Leon Shadowen, Brandywine Realty Trust

Announcements and Break

SESSION 2

Housing and Finance Panel Discussion

• • | Todd Harrop, Investments Leader, Real Estate Investments for Nationwide

• • | Jerome Lienhard, President and Chief Executive Officer, SunTrust Mortgage

• • | Vincent Toye, Managing Director and Head of GSE National Production, Wells Fargo Moderator, John Levy, John B. Levy & Company

Announcements and Break

SESSION 3 Futurist

• • | Joel Kotkin, Distinguished Presidential Fellow in Urban Futures, Chapman University Moderator, Paul Kreckman, Highwood Properties

12:30 p.m.

Closing Remarks


2013 Conference Speakers Marci Rossell electrifies audiences nationwide, speaking on the nexus of economics, politics, culture and the media. Her animated style was honed when she served as the popular, lively Chief Economist for CNBC in the months immediately following September 11. Marci takes complex economic issues, often dull in the button-down business press, and makes them relevant to people’s lives, families, and careers. Prior to her career in broadcast journalism, Marci served as Corporate Economist and Investment Spokesperson for OppenheimerFunds, one of the nation’s largest mutual fund companies. Before moving to Wall Street, she was an expert witness for Deloitte and Touche in court cases involving economic issues. She began her career as an economist with the Federal Reserve Bank of Dallas. She has served as a visiting professor at DePaul University.

Marci Rossell

Former CNBC Chief Economist and Co-Host of SQUAWK BOX

Marci earned a doctrate in economics from Southern Methodist University, where she was named one of the Young Alumni of the Year in 2002. She brings a world of experience—from Main Street to Wall Street—when discussing the U.S. economy, international events, and movements in capital markets. Mr. H. Leon Shadowen has served as Vice President since joining Brandywine Realty Trust in 1999. In this role, he has overseen leasing and marketing activities and project development, and evaluated building and land acquisitions and dispositions within the Region. Mr. Shadowen’s current focus is development. Leon is a Past President of the VCU Real Estate Circle of Excellence, Certified Commercial Investment Member, a licensed real estate broker in the Commonwealth of Virginia, and a licensed attorney in the commonwealths of Kentucky and Virginia. Leon earned law degrees from New York University and the University of Kentucky and his undergraduate accounting degree from the University of Kentucky.

H. Leon Shadowen Vice President, Brandywine Realty Trust

Todd A. Harrop is an Investments Leader – Real Estate Investments for Nationwide. In this capacity, Todd is responsible for managing Commercial Mortgage Loan and Mezzanine/Equity Investments, including Loan Servicing and Real Estate Research. Nationwide currently manages an approximate $9 billion commercial mortgage portfolio consisting of over 1,100 loans. Throughout the years, Todd has been involved in over $30 billion in commercial mortgage loan financings. He was responsible for developing Nationwide’s Third-Party Loan Participation program. He is also a member of the Nationwide Bank Lending Committee.

Todd Harrop

Investments Leader, Real Estate Investments for Nationwide

Before joining Nationwide in 1990, Todd worked for a real estate investment firm based in Washington, DC where he was responsible for structuring and monitoring joint venture transactions. Specifically, Todd focused on residential land development opportunities in the Baltimore-Washington, DC-Richmond corridor. In addition, Todd worked on several large mixed-use commercial projects. Todd graduated with honors from The Ohio State University, majoring in Real Estate and Marketing. Todd is a board member for the Center for Real Estate at The Ohio State University where he was responsible for developing a Networking & Mentoring program for undergraduate and M.B.A. students.


Jerome Lienhard has served as SunTrust Mortgage, Inc. President and Chief Executive Officer since March 2011. As Chief Executive, Jerome has responsibility for the financial (P&L) contribution of the Mortgage LOB to SunTrust Banks. He oversees National Sales and Production, Mortgage Risk, Mortgage Operations, Capital Markets, the Mortgage Business Information office, Strategy and Regulatory relations. More than 4,000 SunTrust teammates are in the Mortgage organization. Jerome joined SunTrust Bank in 2006 as Senior Vice President and Treasurer. As Treasurer he was responsible for all treasury activity including funding, treasury operations, portfolio management and asset liability management. Prior to joining SunTrust, he was Senior Vice President and Treasurer for the Federal Home Loan Mortgage Corporation. He joined Freddie Mac after serving as corporate treasury manager for Toyota Motor Credit Corporation.

Jerome Lienhard

President and Chief Executive Officer, SunTrust Mortgage

Jerome holds a bachelors in accounting and a master’s in international finance from the University of Southern California. He is a trustee of the March of Dimes and on the Board of Directors of Virginia Union University. Vincent Toye is a Managing Director and Head of GSE National Production for Wells Fargo Multifamily Capital, which specializes in government-sponsored enterprise (GSE) financing through Fannie Mae and Freddie Mac programs and Federal Housing Administration (FHA)-insured financing. Vince is based out of the group’s New York City office. He is responsible for managing the GSE originations team, increasing production, and overseeing Wells Fargo’s relationships with Fannie Mae and Freddie Mac. He also oversees growth of Wells Fargo’s regional and national borrower relationships and is responsible for building cross-sell relationships with other Wells Fargo business groups.

Vincent Toye

Managing Director and Head of GSE National Production, Wells Fargo

Prior to his current role, he held a similar role with Wachovia Multifamily Capital. Before that, Vince was a Vice President at Fannie Mae, responsible for Multifamily Customer Management at the Eastern Business Center (EBC), reporting to the Vice President for Multifamily Sales and Marketing. Vince managed the Multifamily EBC and its eight lender and large borrower relationships. The EBC lenders generated in excess of $7 billion in financings between 2005 and 2006. Vince received a bachelors in aerospace engineering from the University of Virginia where he was a three-year letterman for the football team and was named to the All-Atlantic Coast Conference Academic Football Team. He received his M.B.A. from The Wharton School of Business at the University of Pennsylvania. John B. Levy is President of John B. Levy & Company, Inc., a real estate investmentbanking firm. The firm raises equity and debt for developers and owners of commercial and multi-family projects from both institutional investors and its own proprietary funds. A well-known commentator and analyst, John is an expert on commercial real estate financing trends. For more than 20 years, he was the originator and author of the Barron’s/John B. Levy & Company National Mortgage Survey, a survey of more than 30 of the country’s largest institutional investors, and of buyers and sellers of commercial mortgage-backed securities. The Survey was a regular monthly feature of Barron’s. John is a longtime member of the Real Estate Circle of Excellence and has served on the VCU Real Estate Trends Conference committee for many years.

John Levy

President, John B. Levy & Company

John received his Bachelor of Arts in Economics from Harvard University and his Master of Business Administration, specializing in real estate and corporate finance, from Georgia State University.


An internationally-recognized authority on global, economic, political and social trends, Mr. Joel Kotkin is the author of THE NEXT HUNDRED MILLION: America in 2050. The book explores how the nation will evolve in the next four decades. It has received rave reviews from The New York Times, The Wall Street Journal, The Globe and Mail, and National Public Radio. Joel is Distinguished Presidential Fellow in Urban Futures at Chapman University in Orange, California; a contributing editor to the City Journal in New York; a Senior Visiting Fellow at the Civil Service College in Singapore, and a Fellow at the National Chamber Foundation. A highly respected speaker and futurist, he consults for many leading economic development organizations, private companies, regions and cities.

Joel Kotkin

Distinguished Presidential Fellow in Urban Futures, Chapman University

Described by the New York Times as America’s “uber-geographer,” for over three decades Joel has been one of the nation’s most prolific and widely-published journalists. He currently writes the weekly “New Geographer” column for Forbes.com. Joel lectures widely in the United States and worldwide, and is sought-after as a speaker by major business and financial organizations. In 2010 he won the Gene Burd Award for best urban reporting. He is currently serving as a guest lecturer at Singapore’s Civil Service College. Joel attended the University of California, Berkeley. A native New Yorker, he has lived in California since 1971. Mr. Kotkin lives in the Valley Village area of Los Angeles with his wife and two daughters. Mr. Paul Kreckman joined Highwoods following the merger of his company, Ross-Kreckman, with Highwoods in 1995 and is Vice President responsible for the Richmond division. He has more than 35 years of experience in the Richmond real estate market, first as a consultant and then as a developer. Paul is the President Elect of the VCU Real Estate Circle of Excellence, and is currently the President of the Innsbrook Owners Association and Chairman of the Architectural Review Committee. He has been a guest lecturer in graduate real estate courses at Virginia Commonwealth University and the University of Virginia on the local real estate market, financial feasibility and investment analysis. He is former president of the Richmond Real Estate Group.

Paul Kreckman Vice President, Highwood Properties

Paul holds a bachelors in economics from Syracuse University and a master’s in economics from the University of Virginia.


Real Estate Circle of Excellence The Real Estate Circle of Excellence is one of the most vital parts of the VCU School of Business Real Estate Program. The Circle is made up of forward-thinking professionals who give generously of their time, wisdom and money to ensure that our students emerge from VCU well-educated, polished and ready for the real world. Our Circle makes big things happen for us – this conference for instance. They will start planning next year’s Real Estate Trends Conference in November, and will continue all year to meet, organize, solicit speakers and sponsors, and guarantee that next year’s event is undeniably important to the real estate community. Their sagacity pushes us upward. They provide scholarships, internships, mentoring, career guidance, jobs and special event speakers for classes and for the Rho Epsilon Real Estate Fraternity. They introduce students to professional business organizations and reveal the issues that make the practical knowledge of a real estate education come alive. They offer valuable networking opportunities that link our students to their future employers. We are most fond and appreciative of each and every one of our Circle members, and gratefully acknowledge that the success of the program lies with them.

2013-2014 2013-2014 Membership Membership

Russell T. Aaronson, III • GrayCo Matthew Akin • McCann Realty Partners Robert M. Atack • Atack Properties * Donna S. Bearman • Forest City Enterprises James H. Boykin • Boykin Realty Advisors Ann Lisa Braun • Brandywine Realty Trust Steven B. Brincefield • Retired Kenneth L. Brown • IRR-Richmond Michael M. Campbell • Dominion Realty Partners * Wayne A. Chasen • Gumenick Properties Andrew M. Condlin • roth doner jackson gibson condlin * Jeffrey A. Cooke • Cushman & Wakefield | Thalhimer Ricky Core • Markel l Eagle Partners * Christopher J. Corrada • Riverstone Properties Larry Cummings • Trane Commercial Systems Timothy M. Davey • Timmons Group * Susan F. Dewey • Virginia Housing Development Authority * Charles O. DuBose, Jr. • Phillips Realty Capital Sterling Edmunds • Retired Holly Law Eve • Virginia Department of General Services Brian Felton • Liberty Property Trust Gary W. Fenchuk • East West Communities Earl M. Ferguson • Artcraft Management Jane C. Ferrara • Economic & Community Development, City of Richmond Thomas E. Flynn, Sr. • City of Richmond * Gloria L. Freye • McGuireWoods * C. Blaine Garrett • Dominion Resources Services * Andrew J. Gibb • Gibb Group Realty Advisors/7 Hills Advisors Jeffrey H. Gumenick • Gumenick Properties * Cheryl W. Hamm • Joyner Commercial Kelvin Hanson • The Hanson Company

Dan Hargett • The Rebkee Company Ralph B. Higgins • Land Planner & Landscape Architect Thomas Hogg • Gilbane Building Company Mark J. Hourigan • Hourigan Construction Thomas Innes • RE/MAX Commonwealth Susan Jones • Colliers International l Richmond Stanley Joynes • LeClairRyan * Bruce A. Kay • Markel Corporation * Neil S. Kessler • Troutman Sanders H. Carlton King • SunTrust Mortgage Glade M. Knight • Apple REIT Companies * Edward G. Knight • Knight, Dorin & Rountrey Bryan E. Kornblau • Markel|Eagle Partners * Paul W. Kreckman • Highwoods Properties * Laura Lafayette • Richmond Association of REALTORS® * John B. Levy • John B. Levy & Company Alan T. Lingerfelt • Lingerfelt Companies * Michael W. Lowry • Mike Lowry Company John P. McCann • McCann Realty Partners * Brett McNamee • Divaris Real Estate John Mercer • Williams Mullen Robert W. Miller. Jr. • Miller & Associates Michael G. Miller • MGMiller Valuations Robert S. Mills • Commonwealth Architects Jerry L. Moore • Moore Real Estate Company * E. Duffy Myrtetus • Kaufman & Canoles Charles E. Nunnally, Jr. • Altria Client Services Robert Ohly • Eagle Construction of VA Frances S. Powell • East West Communities William D. Redd • Brandywine Realty Trust William W. Reynolds • CB Richard Ellis J. Sargeant Reynolds, Jr. • Reynolds Development Daniel T. Schmitt • HHHunt Communities H. Leon Shadowen • Brandywine Realty Trust * Rene B. Shepperson • Union First Market Bank Randall R. Silber • County of Henrico T. K. Somanath • Better Housing Coalition Ralph D. Spencer • Innovative Learning Ronald Stallings • Walker Row Partnership Candice Streett • Virginia LISC James W. Theobald • Hirschler Fleischer Stephen Thomas • Vanasse Hangen Brustlin


Robert M. Thornton • Cushman & Wakefield | Thalhimer William R. Trigg • Rutherfoord * Lucia A. Trigiani • MercerTrigiani * Steven W. Walker • Wells Fargo Bank * C. Dixon Wallace, Jr. • Xenith Corporation William A. Walsh, Jr. • Hunton & Williams C. Lee Warfield, III • Cushman & Wakefield | Thalhimer Allison P. Weinstein • Weinstein Properties Marcus M. Weinstein • Weinstein Properties Keith Wells * David Wilkins • CB Richard Ellis of Virginia * David M. Williams • Colliers International | Richmond D. Kyle Woolfolk, Jr. • Woolfolk Companies Paul M. Young • Dixon Hughes Goodman * denotes 2013 VCU Real Estate Trends Conference committee member

2013 Officers • Gloria L. Freye

President

• Paul W. Kreckman

President Elect

• David M. Williams

Vice President

• Brett McNamee

Secretary-Treasurer

• Susan F. Dewey

Immediate Past President

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

• Bruce A. Kay

2011

• Susan F. Dewey

2012

Photo from left to right: Dr. David Downs, Ms. Vickie Snead, Dr. Jack Boykin, Mr. Tom Snead, Mr. Tom Innes, Dean Ed Grier

Alfred L. Blake Chair Re-dedication Dean Ed Grier welcomed 25 guests to the School of Business for a re-dedication ceremony of the Alfred L. Blake Chair in Real Estate in Snead Hall on Thursday, August 8, 2013. The Blake Chair, the first and largest endowed faculty position in the School of Business, was established through generous gifts from the Virginia Association of REALTORS® dating back to 1972. Dignitaries from the Virginia Association of REALTORS® included its incoming President, Bradley Boland from Reston, and its incoming President-elect, Deborah Baisden from Virginia Beach. Former Virginia Association of REALTORS® President, Mr. Tom Innes, and School of Business alums, Tom and Vickie Snead, were among distinguished guests in attendance. Speakers included Dean Grier, Dr. Jack Boykin (first holder of the Blake Chair) and Dr. David Downs (current holder of the Blake Chair).


CONFERENCE SPONSORS Signature Sponsor

Gold Sponsors

®

®

Dean’s Reception Sponsor Break Sponsors

Patron Sponsors AES Consulting Engineers Bowman Consulting Brandywine Realty Trust CBRE C&F Bank and C&F Mortgage City of Richmond Economic and Community Development Colliers International | Richmond Commonwealth Partnerships Group CoStar Group CREW Richmond Cushman & Wakefield | Thalhimer Dixon Hughes Goodman DPR Construction First Potomac Realty Trust Forest City Froehling & Robertson Gateway Bank Gilbane Building Company GRACRE Hines Hunton & Williams

Jones Lang LaSalle KBS Kerr Environmental Services Kjellstrom + Lee LeClairRyan Liberty Property Trust Lingerfelt Companies Main Street Homes MGMiller Valuations Rutherfoord Sauer Incorporated S.L. Nusbaum Realty The Rappaport Companies Timmons Group Trane Commercial Systems Union First Market Bank Vanasse Hangen Brustlin Virginia Housing Development Authority W.M. Jordan Company Weinstein Properties Xenith Bank

Friend Sponsors BB&T Burgess & Niple Commonwealth Architects Dominion Realty Partners Draper Aden Associates Fountainhead Properties Hourigan Construction IREM Central Virginia Joyner Commercial Kaufman & Canoles Keiter McCann Realty Partners Phillips Realty Capital RE/MAX Commonwealth Reynolds Development Richmond Association of REALTORS® Spotts Fain The Capstone Contracting Company The Port of Virginia The Rebkee Companies The Whiting-Turner Contracting Company

The Kornblau Institute is proud to be a major supporter of the 23rd Annual Real Estate Trends Conference.


2013 Real Estate Trends Conference