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2008 Summer Issue
PREA Quarterly
COVERSTORY: Roundtable – A Conversation with Industry Leaders
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PREA gathered industry CEOs to discuss the current state of the institutional real estate marketplace. Dale Anne Reiss, recently retired from Ernst & Young, moderated the panel of participants: Stephen Furnary, ING Clarion; Alan Leventhal, Beacon Capital Partners; Steven Roth, Vornado Realty Trust; and Sam Zell, Equity Group Investments, LLC, who met in New York, and Barry Sternlicht, Starwood Capital Partners, who joined by phone.
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One on One
A Look at China with Global Insight's Todd C. Lee
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Todd Lee is the Managing Director for the Greater China Division in the Country Intelligence Unit of Global Insight, which provides global economic, financial and political analysis. He oversees all aspects of the macroeconomic forecasts and analysis of the greater China economy and is responsible for product development and enhancements to meet the greater market interest in China. Youguo Liang of PREA, Prudential Real Estate Investors, talked wtih Lee about China's growth and economic outlook.
Feature Articles
A Little Historical Perspective
Raymond G. Torto, CB Richard Ellis
Is the CMBS Model Broken?
Joseph Gyourko, The Wharton School, University of Pennsylvania
The Weight of Money Lightens Up: Capital Markets Undergo Dramatic Shifts
Jacques Gordon, Bill Maher, Richard Kleinman, LaSalle Investment Management
PREA SCHOLARSHIPS/TOIGO FELLOWS
The 2008 PREA Scholarship recipients have been selected. They will be announced along with the Toigo Foundation fellows at the upcoming fall conference. To date, PREA has awarded over $300,000 in scholarships to nearly 100 graduate students concentrating in real estate studies at over 29 academic institutions in the United States and Canada.
PREA/ARES JOURNAL OF REAL ESTATE PORTFOLIO MANAGEMENT
The special issue of the Journal of Real Estate Portfolio Management co-sponsored by PREA and the American Real Estate Society is now being finalized and will be distributed in October. Make sure to check your mail!
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REIS UPDATE
The latest update from the Real Estate Information Standards (REIS) team is attached below. Highlights of the update include:
- REIS Board to approve REIS Council appointees by end of August.
- Fund Reporting Standards Adopting Release approved by REIS
Council.
- REIS Board initiates project to determine whether REIS Standard
to report all debt at fair value is appropriate.
Click here for the latest REIS update.
Remembering Frank Blaschka and Charles Grossman
As you know, last year we lost Frank and Charlie, two important leaders and contributors to our industry. Each served on the PREA Board, were directors in their own firms and were our friends and our colleagues. In so many ways, they embodied the kinds of professionals — and the kinds of people — we might strive to be. They were passionate about their work and families, and gave generously of themselves to numerous causes and endeavors.
Many of you have expressed interest in recognizing the work and service of these remarkable individuals. PREA has established an endowment for each at a university of their families' choosing, to provide need-based scholarships to next generation leaders. You can read more about these endowments and ways to contribute to them below.
The Frank L. Blaschka Memorial Scholarship is a permanent endowment at the University of Oregon, the purpose of which is to support a general university undergraduate scholarship. Recipients will be selected by the university's scholarship committee and will demonstrate financial need and academic merit. Questions can be addressed to Eric McCready at 541-346-2363 or mccready@uoregon.edu. Additional contributions can be sent to:
University of Oregon Foundation
360 E. 10th Avenue, Suite 202
Eugene, OR 97401-3273
The Charles Grossman / PREA Real Estate Scholarship Fund is an endowment fund that will provide need-based financial aid support in the form of a scholarship to qualified students enrolled at Columbia Business School, in perpetuity, with a preference given to first-year or second-year students who have demonstrated an interest in studying real estate at the school. The attached form can be used for additional contributions.
It is fitting that we remember Frank and Charlie through the support of students who show great promise of contributing as they did to both the real estate world and community at large. The endowment funds will be part of a tremendous legacy of service, commitment and excellence that these two exceptional leaders have given us.
Call for Papers
PREA recently announced a call for papers for the fourth special issue of The Journal of Portfolio Management, published by Institutional Investor. This issue will be entirely devoted to the investment characteristics of real estate and its fundamemental drivers. All submitted manuscripts must be original work that has not been submitted for inclusion in another form such as another journal, magazine, website or book chapter.
All papers will be reviewed by the editorioal board for this special issue or by individuals appointed by them. Authors should submit papers by 10/01/08 by email to Frank Fabozzi as a PDF and Word file attachment. With the PDF file, please prepare with all foints embedded. The subject of the email should state "JPM-RE SPECIAL ISSUE". Please contact Jim Clayton with any questions.
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