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[WEBINAR] Have Real Estate Cycles Ended?

October 16, 2014, 4:00 pm–5:00 pm EDT

Recent history suggests that the cyclical nature of real estate prices in the U.S. may have been interrupted, with values reaching new levels that suggest a permanent shift in how real estate is viewed as an asset class. In this discussion, a group of real estate professionals considers this possibility and its implications. What does a structural repricing mean on a day-to-day basis in various parts of the industry? What are the long-term ramifications? How is this shift likely to affect patterns of urban development? What can we learn from Europe, where real estate is historically more expensive, and other parts of the world? When: Thursday, October 16, 12-1pm EST Watch a Recording: https://www.youtube.com/watch?v=mlFzUA3oYoc&feature=youtu.be Moderator: Kevin Gray '85, Lecturer in the Practice of Real Estate Kevin D. Gray, FRICS, received his MArch from the University of Pennsylvania and his MBA from the Yale School of Management. Mr. Gray is a former managing director of real estate investment banking for PricewaterhouseCoopers Securities, and the editor, with John R. White, of Shopping Centers and Other Retail Properties as well as a licensed real estate appraiser and broker, and a registered architect. Mr. Gray is a Fellow of the Royal College of Chartered Surveyors, and a member of the International Council of Shopping Centers. Mr. Gray is lecturer in real estate at the Yale School of Management and the Yale School of Architecture. Panelists: Rob Gifford '83, President and Chief Executive Officer, AIG Global Real Estate Investment Corp. Since joining the company in 2009, Mr. Gifford has been responsible for overseeing the operations of AIG Global Real Estate Investment Corporation, with approximately $30 billion of assets under management and 350 professionals located in New York, Los Angeles, London, Seoul and other branch offices. Prior to joining AIG, Mr. Gifford was a Principal with AEW Capital Management, L.P., a Boston-based real estate investment management advisor to leading institutional and private investors, where he held leadership positions in acquisitions, capital markets, portfolio management and new product development over the course of his 22 years with the firm. Prior to AEW, Mr. Gifford worked for The Rouse Company, a developer and owner of regional shopping centers, urban mixed use projects and planned communities. Mr. Gifford earned a bachelor's degree in history, magna cum laude, from Dartmouth College and a master's degree in public and private management from Yale University. Mr. Gifford also serves as a Director of Lehman Brothers Holdings Inc. D. Ellen Shuman '84, Founder and Managing Partner, Edgehill Endowment Partners Prior to founding Edgehill Endowment Partners, Ellen served as Vice President and Chief Investment Officer of Carnegie Corporation of New York (January 1999 to July 2011). Ellen was its first Chief Investment Officer, recruited by President Vartan Gregorian. Ellen built the investment office and implemented a set of strategies that dramatically diversified the portfolio – globally and by asset class – generating investment performance that exceeded the Corporation's policy benchmark. Throughout her tenure, the Corporation's assets grew from $1.5 billion to $2.55 billion, net of spending in excess of $1 billion. Prior to Carnegie Corporation, Ellen worked for long-standing CIO David Swensen at the Yale Investment Office (1986-1998), serving as Director of Investments. At Yale, Ms. Shuman focused on real estate, energy and fixed income asset classes, including the University's debt issuance. She taught several courses at Yale College and the Yale School of Management on Finance and Real Estate Investing. Ellen received the Institutional Investor Award for Excellence in Investment Management by Foundations in 2006. She was profiled in Foundation and Endowment Investing, by Cathleen Rittereiser and Larry Kochard, published in 2008 by Wiley & Sons, and has received Institutional Investor magazine's Lifetime Achievement Award in Investment Management for foundations in May 2014. Tom Zacharias '79, Chief Operating Officer, W.P. Carey Inc. Tom currently serves as Chief Operating Officer at W. P. Carey Inc, a publicly traded REIT that is one of the most active acquirers of net lease properties with a portfolio of approximately $18 billion. The company is headquartered in NYC with offices in Dallas, London, Amsterdam and Shanghai, and has approximately 270 employees. Prior to joining W. P. Carey in 2002, Tom was a senior officer of Corporate Property Investors, a Lazard Frères sponsored private shopping center REIT which was merged into Simon Property Group in 1998. He is a graduate of Princeton University and the Yale School of Management. Tom has served on the board of a number of educational and cultural organizations.

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