Curriculum Vitae of JOSEPH L. PAGLIARI, JR. CLINICAL PROFESSOR OF REAL ESTATE Education: Ph.D. in Finance (May, 2002) University of Illinois Urbana Masters in Business Administration (May, 1982) DePaul University Chicago Bachelor of Science, Finance (May, 1979) University of Illinois - Urbana Professional Designations: Certified Public Accountant (CPA), and Chartered Financial Analyst (CFA). Editorial and Other Boards: Occasional referee for Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Portfolio Management approximately 1-2 papers reviewed per year per journal. Real Estate Investment Standards (REIS) board a nine-member group designated to integrate new accounting standards with regard to reporting of investment performance for the (private) institutional real estate industry in the U.S. NAREIT: Real Estate Investment Advisory Council. Academic/Professional Affiliations: American Real Estate Society (ARES), American Real Estate and Urban Economics Association (AREUEA), European Association of Investors in Non-Listed Real Estate Vehicles (INREV), Homer Hoyt Fellow, Institute of Chartered Financial Analysts (ICFA), Investment Analysts Society of Chicago (IASC), National Council of Real Estate Investment Fiduciaries (NCREIF), National Association of Real Estate Investment Trusts (NAREIT), Pension Real Estate Association (PREA), and Real Estate Research Institute (RERI) Advisory Board Member.
Teaching Appointments: Current Appointment: Clinical Professor, University of Chicago, Booth School of Business, 2007/08 present. Courses taught: Real Estate Investment I, Real Estate Investments II and Real Estate Lab. Previous Appointments: Clinical Assistant Professor and Assistant Director of the Real Estate Program, Northwestern University, Kellogg School of Management, 2002/03 2006/07. Courses taught: Real Estate Development (with Michael Pepper), Real Estate Investment I and Real Estate Investments II. Adjunct Professor, Northwestern University, Kellogg School of Management, 1996/97 2001/02. Courses taught: Real Estate Finance (with Thomas Lys), Real Estate Investment I and Real Estate Investments II. Adjunct Professor, DePaul University, Kellstadt Graduate School of Management, 1992/93 1994/95. Course taught: Real Estate Investments I: Analysis. Journal Publications: The Pricing of Non-Core Real Estate Ventures, Journal of Portfolio Management, September 2007. Public versus Private Real Estate Equities: A More Refined, Long-Term Comparison (with Kevin Scherer and Richard Monopoli), Real Estate Economics, March 2005. Public versus Private Real Estate Equities: A More Refined, Long-Term Comparison (with Kevin Scherer and Richard Monopoli), Journal of Portfolio Management, September 2003. Twenty Years of the NCREIF Property Index (with Frederich Lieblich, Mark Schaner and James R. Webb), Real Estate Economics, Spring 2001. A Fundamental Comparison of International Real Estate Returns (with Todd Canter, Frederich Lieblich and James R. Webb), The Journal of Real Estate Research, Fall 1997. On Setting Apartment Rental Rates: A Regression-Based Approach (with James R. Webb), Journal of Real Estate Research, Winter, 1996. Applying MPT to Real Estate: The Good, The Bad and the Uncertain (with Joseph Del Casino and James R. Webb), Journal of Real Estate Portfolio Management, Fall, 1995. A Fundamental Comparison of Securitized and Unsecuritized Real Estate, Journal of Real Estate Research", Fall, 1995 published in a special (two-part) issue devoted to REITs. Housing Appreciation, Income Taxes and Mortgage Alternatives (with Richard T. Garrigan), Real Estate Review, Summer, 1995 was subsequently and prominently discussed in a Wall Street Journal article (September 12, 1995) and then in several large, metropolitan newspapers. 2
Past and Future Sources of Commercial Real Estate Returns (with James R. Webb), The Journal of Real Estate Research, Fall 1992. The Impact of Supply-Side Changes on Real Net Operating Income: The Multi-family Perspective, (with Richard T. Garrigan), Real Estate Issues, Spring/Summer 1992. Inside the Real Estate Yield, Real Estate Review, Fall 1991. Real Estate in 3-D: See It Now! Real Estate Issues, Fall/Winter 1990. Books: The Historical Behavior of REIT Returns: A Real Estate Perspective (co-authored with F. Lieblich and J. Webb) published in Real Estate Investment Trusts (Mc-Graw-Hill, 1997) edited by R. Garrigan and J. Parsons. Real Estate Investments (co-authored with F. Lieblich) published in Pension Fund Investing, (Panel 1996). Ibbotson Associates originated this project primarily as a service to their institutional clientele and designated Scott Lummer, Ph.D. and Mark Riepe to act as editors for this project. An update has also been prepared. Retail Real Estate: A Fundamental Comparison of Malls and Shopping Centers (co-authored with J. Webb) published in Megatrends in Retail Real Estate (Kluwer, 1996) edited by J. Benjamin and co-sponsored by the American Real Estate Society and the International Council of Shopping Centers. Editor, Handbook of Real Estate Portfolio Management published by Irwin Professional Publishing, 1995. Co-authored chapters in Handbook of Real Estate Portfolio Management: Portfolio Management Concepts and Their Application to Real Estate (with Anthony B. Sanders and James R. Webb), Real Estate Characteristics and Measurements (with James R. Webb), The Impact of Leveraged Real Estate Investments for Tax-Exempt Investors: The Financial Perspective (with Richard T. Garrigan), and Real Estate's Role in a Mixed-Asset, Tactical Asset Allocation Portfolio (with James R. Webb). Chartered Financial Analysts Selected Readings From The Handbook of Real Estate Portfolio Management (Irwin, 1995), the following chapters were selected as part of the real estate readings for the CFA examination: Appraisal Practices and Issues by F. Liantonio and R. Gorden, Real Estate Investment Trusts by D. Downs and D. Hartzell, and 3
Portfolio Management Concepts and Their Application to Real Estate by A. Sanders, J. Pagliari, and J. Webb. Past and Future Sources of Commercial Real Estate Returns (co-authored with J. Webb) which was previously published (Fall, 1992) in the Journal of Real Estate Research was also selected as part of the real estate readings for the CFA examination. Current Working Papers: An Overview of Fee Structures in Real Estate Funds and Their Implications for Investors Long-Run Investment Horizons and Mixed-Asset Portfolio Allocations Selected Academic/Professional Presentations & Conferences: NAREIM Conference [Capital Raising & Investor Relations Council Meeting] (12/4/12) presentation: Some Thoughts on Past and Future Real Estate Returns Sixth Annual Booth Real Estate Conference (11/6/12) presentation: Some Thoughts on Past and Future Real Estate Returns United States House of Representatives before the House Financial Services Committee s Subcommittee on Insurance, Housing and Community Opportunity (6/7/12) re: Oversight of the Federal Housing Administration s Multifamily Insurance Program testimony on FHA/HUD lending practices. National Multi-Housing Council (3/28/12) provided the opening remarks to their Research Forum: Commercial Real Estate: Smooth Sailing or Rough Waters Ahead? Fifth Annual Booth Real Estate Conference (11/10/11) moderator of a capital-markets panel. 59 th Annual Booth Management Conference (5/20/11) presentation on commercial real estate performance. Fourth Annual Booth Real Estate Conference (11/11/10) moderator of a capital-markets panel. Chicago Booth: Inaugural Emerging Markets Conference (11/7/10) moderated the panel: Real Estate Manageable Risk? CB Richard Ellis Client Conference Chicago (10/27/10) presented A Few Thoughts on Joint Ventures. Federal Reserve Bank of Atlanta Conference: The Crisis in Real Estate and Its Impact on Public Finance (9/24/10) Presented Real Estate s Impact on State & Local Pension Funds. 58 th Annual Booth Management Conference (4/29/10) panel discussion on commercial real estate performance. 4
Third Annual Booth Real Estate Conference (11/5/09) moderator of a capital-markets panel. PREA Institute All-Star Symposium (6/24/09) presented joint ventures for commercial real estate investors. 57 th Annual Booth Management Conference (5/29/09) presented an overview of direct (or private) commercial real estate performance. NAIOP Chicago (3/23/09) presented an overview of direct (or private) commercial real estate performance. Chicago Real Estate Council (1/15/09) gave a 90-minute private presentation overviewing the commercial real estate market to approximately 200 senior real estate executives. Second Annual Booth Real Estate Conference (11/5/08) moderator of a capital-markets panel Harvard Graduate School of Design: Continuing Education (10/16/08 & 10/17/08) gave two (different) 90-minute presentations to approximately 50 real estate practitioners (mostly HBS alums) as part of Advanced Real Estate Finance program. Executive Education opportunity to address investors and financial advisors: o Morgan Stanley-sponsored seminar at Chicago Booth (6/5/08) o Merrill Lynch-sponsored seminar at Chicago Booth (6/30/08) 56 th Annual Booth Management Conference (5/16/08) moderated a panel discussion on domestic and international (commercial) real estate. First Annual Booth Real Estate Conference (11/16/07) keynote speaker. Acted as moderator/discussant for Alternative Benchmarks for Evaluating REIT Mutual Funds presented at the (RERI) Real Estate Research Institute in April, 2007. Presented Measuring & Pricing Risk: An Application to Core and Non-Core Real Estate at the NAREIM (National Association of Real Estate Investment Managers) conference in May, 2007. Acted as discussant for New Era: Real Estate Industry in the S&P Indices at the ASSA (Allied Social Science Association) meetings, in January, 2007. Presented Core v. Non-Core Funds at the NCREIF (National Council of Real Estate Investment Fiduciaries), February 2006. Presented Core v. Non-Core Funds as the featured speaker at the Institutional Real Estate Investing Forum, January 2006. Presented Determining True Fund Value at the Institute for International Research s Non- Core Real Estate Funds Forum, July 2005. 5
Presented Public v. Private Real Estate Equities as the key-note address at the Real Estate Institute s Premier Investment Forum, February 2004. Acted as discussant for paper presented at AREUEA meetings, held in conjunction with ASSA (Allied Social Sciences Association) meetings, January 2004. Presented Public v. Private Real Estate Equities at the NCREIF Annual Conference, October 2003. Presented Public v. Private Real Estate Equities at the NAREIT Institutional Investor Forum, June 2003. Participated in panel presentation (Academic v. Practitioner Research) at the American Real Estate Society Annual Conference (Coeur d Alene, Idaho), April 2001. Guest Speaker: Third Annual New York University Conference on Pension Fund Investment in Real Estate, Spring 1992. Moderator: Investing in Real Estate: Products, Management, Asset Allocation and Performance Measurement, The Investment Analysts Society of Chicago, January 1989. CFA Review Classes (Levels II and III - sessions on real estate and portfolio management) held by the Investment Analysts Society of Chicago in conjunction with DePaul University, Spring of 1988 through 1995. Guest Lecturer: University of Illinois-Urbana: - Investments, Fall 1996. University of Chicago: - Real Estate Finance, Fall, 1994, and - Real Estate Finance, Spring 1992. DePaul University - Real Estate Seminar, Spring 1992, and - Real Estate Seminar, Spring 1990. 6