“Chasing Yield & the (Mis) Pricing of Risk?” presented by The University of Chicago Booth School of Business Real Estate Alumni Group on October 29, 2014 at The University of Chicago, Gleacher Center, Chicago, IL. The Eighth Annual Real Estate Conference 2014.
Sponsored by Latham & Watkins LLC, LW.com (Providing strategic thinking and senior-level attention for innovative solutions to their most complex business issues.) Draper and Kramer, DraperAndKramer.com (Providing financial and property services in real estate primarily in property management and leasing, commercial mortgage, residential mortgage, and acquisitions and development.) Eastdil Secured, EastdilSecured.com (Providing the best-in-class services as the preeminent real estate investment banking firm for commercial real estate transactions ranging from single assets to large portfolios.)
Some Thoughts on Leverage, Fees and Net Returns
Presentation by Joseph L. Pagliari Jr., Clinical Professor of Real Estate, The University of Chicago Booth School of Business.
Professor Pagliari is both a certified public accountant and a chartered financial analysis, with a research focus on real estate investment portfolio management. His authored and co-authored articles include: “An Overview of Fee Structures in Real Estate Funds and Their Implications for Investor”, published by the Pension Real Estate Association, “The Pricing of Non-Core Real Estate Venture”, published in the Journal of Portfolio Management; “Public versus Private Real Estate Equities: A More Refined, Long-term Comparison”, published in Real Estate Economics; “Public v. Private Real Estate Equities: A Risk/Return Comparison”, published in the Journal of Portfolio Management; and “Twenty Years of the NCREIF Property Index”, published in Real Estate Economics.
He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate. He has also testified before a House subcommittee (investigating the pricing of FHA/HUD commercial mortgages) and before the Atlanta Federal Reserve Bank (examining state pension plan funding).
Based on over 30 years of industry experience, Pagliari’s research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investment.
Professor Pagliari has served on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, the National Council of Real Estate Investment Fiduciaries and the Pension Real Estate Association. He has presented papers at meetings held by ARES, AREUEA, NCREIF, and NAREIT.
Pagliari earned a bachelor's degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002. His interests include sports of most every kind - some of which he still plays.