icsc 2012uv_debtequityreal estate education

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ICSC Certifcate Program

Monday, March 5 – Wednesday, March 7, 2012

On the campus o the Whart Schl, Uiversit f Peslvaia Philadelphia, PA

Debt Wrkut,

Trasactis & Repsitiig f Distressed Assets



In the simplest terms, a distressed propert is one thatproduces insucient unds rom operations to cover itsdebt service. However, an otherwise successul propert whose value has decreased because o rowin vacancies,declinin net operatin income and risin cap rates canbe considered distressed i its mortae reaches maturit and no lender is willin to renance the existin debt onthe propert reardless o debt coverae.

Unless these situations can be corrected, a distressedpropert owner ma be placed in deault on the loanand the lender can take drastic measures to protect itsinterest. These measures can include sellin the note ata discount, workin out new loan terms with the owneror oreclosin on the propert, then resellin it at asubstantial loss to an opportunistic buer. However,in the current climate, man lenders are reluctant tooreclose or sell at distressed levels.

How distressed assets and accompanin circumstances

can come about, what could be done about the situationand what opportunities workin out the problem ma be available to providers and users o capital are thesubect o ICSC’s education seminar, Debt Workout,

Transactions & Repositioning o Distressed Assets.

Wh Shuld Erll? This ICSC certicate proram will help proessionalsat all levels understand the nature o current orces

producin distress and the options and potentialavenues or workouts available to propert ownersand noteholders.

This curriculum addresses the needs o:

• Retail Real Estate Owners

• Mortae Lenders and Borrowers

• Oriinators, Underwriters and Mortae Brokers

• Loan Restructurin Executives

• Borrowers with notes now held in CommercialMortae-Backed Securities (CMBS)

• Master Servicers and Special Servicers

• Finance Proessionals

• Trustees, Investors and Advisors o Real EstateEquit and Debt

• Distressed Real Estate Opportunit Fund Manaers

• Asset Manaers

• Researchers and Database Analsts

• Valuation Specialists• Transaction Brokers

• Attornes representin nancial institutionsand real estate companies

• Anone who has debt or equit interest in apropert that is delinquent on the loan or whoseloan matures in 2012 or 2013

What Attedees Will Lear:• Denin distressed assets and assessin

opportunities

• Techniques or master servicers and real estateowners

• How borrowers should deal with special servicers

• Alternatives to oreclosure or special servicersand real estate owners

• Identiin proper consultants and advisors when acin mortae delinquencies

• Extent o distressed Commercial Mortae-BackedSecurities (CMBS)

• Deleverain techniques in times o poor liquidit

• The eect o delinquent mezzanine and uniornotes on rst deed o trust restructurin

• Realistic disposition and acquisition strateies orspecial servicers and borrowers

• When to consider deed in lieu o oreclosure

• Buin and sellin distressed notes at a discount— who controls the asset?

• Qualiin and appointin a receiver• Forestallin maturities and modiin mortaes

with near-term maturities

• Federal Deposit Insurance Corp. (FDIC) salesand FDIC pressures on lenders bound b lossshare areements

• New rules or special servicers and Real EstateMortae Investment Conduit (REMIC) polic chanes

• How to properl evaluate and recapitalize

distressed assets• Identiin market opportunities and denin how

to turn a distressed asset into a viable and valuable asset

• Findin a competent ull-service retail propert manaement and leasin aent upon controlo the asset

• The lon-term outlook or llin vacancies andreplacin dark anchor boxes

• Realistic strateies and timin to turn around and

reposition troubled retail assets• Redevelopment, renovation and leasin practices

or income enhancement

ICSC Certifcate Program

Debt Wrkut, Trasactis& Repsitiig f Distressed AssetsMonda, March 5 – Wednesda, March 7, 2012On the campus o the Wharton School, Universit o PennslvaniaPhiladelphia, PA

1



Property Valuation and Assessments:Fundamentals o Distressed Assets

Class DW-108

Monday, March 5, 2012 9: 00 am – 12:00 noon

This class examines the technical aspects o the valuation process in toda’s tiht credit marketand new and dierent capital structures to be considered b owners and lenders o distressedassets. Up to a trillion dollars in mortaes o all tpes o commercial real estate oriinateddurin the credit bubble o 2005 to 2007, which are set to mature in the 2010s. Because o infated valuations in the 2004–2007 period, man maturin loans in the 2010s will exceed LTVsover 100 percent causin lenders to demand more equit upon renewal. Special servicers o adelinquent mortae will turn to complex propert assessment and valuation models to decide

whether to oreclose, sell the note or aree to a loan workout with the present owner. Ke concepts include: Can the asset be liquidated? Can the asset be held and manaed b a receiverand ee manaer or is it better to do a loan workout with the current owner?

LEARNINg OBjECTIVES:

• Factors that determine whether mortaeholders report loans on their books as perorminor distressed

• Lender pressures: bankin reulations, limitedtime, lack o capital to carr unproductive loans

• Metrics or lenders to write down loans; how, when and will lenders write them back up when

cap rates bein to all• Identiin the propert ’s strenths and

weaknesses to infuence valuation

• How to determine value and upside equation with limited transaction comparables andquantiin the impact that lack o debt capitalhas on valuation

• Non-perormin leases and their eect on netoperatin income (NOI) proections

• Proectin a stabilized NOI and uturecapital needs

• What modelin returns, proections, structuresand tpes o cash fow assumptions are buersusin to value the asset

• What tpes o returns is the opportunistic buero distress retail propert expectin

• Understandin the new criteria or valuationand how to reach an areement on stabilized NOIin this new nancial world order

• Denin appropriate current cap rates; when can we expect to see an infection point in cap rates?

SyLLABUS TOPICS:

• Overview o distressed propert market

• Denin the level o distressed assets

• Identiin propert’s internal strenths and weaknesses; analze propert’s location, size,buildin inrastructure, competitiveness andtenant perormance

• Determinin the hihest and best use o the

propert and repositionin alternatives• Evaluatin the propert’s potential value/

productivit, market analsis and obtainin a solidrasp or the propert’s external orces, includinlocal econom, chanin area demoraphics,market competition, retail trends and currentas well as uture consumer demands

• Identiin expansion opportunities, possibleanchor addition, outlot development opportunit,expandin uses to actor in valuation process

• Opportunit to build value throuh hih-impactimprovements: Makeover vs. lare-scale renova-tion—how much capital will it take to recoverthe investment?

• Assinin cap rates and determinin NOIpotential durin a period o underperormance

• Preparin realistic modelin returns, proections,structures and tpes o cash fow assumptions to value the asset

2

Faculty:

Dennis J. Duy , MAI, MRICS Principal and CEORCDH & Co. Washinton, D.C.



Restructuring Debt and Equity:Capital Provider’s Perspective

Class DW-208

Monday, March 5, 2012 2:00 – 5: 00 pm

This class explores in detail the most common was to restructure debt secured b a pledeo the propert rom the capital provider perspective. It covers the traditional lenders as well ascomplex securitized debt such as CMBS, maturin interest-onl loans with balloon pamentsdue, laered debt usin multiple tpes o sources and other arranements. Additionall, thiscourse will cover the restructurin o debt, and debt conversion to equit ownership; where arethe required new inusions o equit capital; and potential sources o unds, includinovernment prorams, as well as compliance with new FDIC rules. Considerable discussion

wil l include banks, insurance companies, private equit sources, hede unds and how theselenders miht react dierentl in loan workouts. The ocus o this class is on the processinvolvin loan modications and the alternatives available to borrower and lender to resolve adistress situation.


• Understandin the evolvin view o the plaers:Commercial banks, special servicers, debt traders,real estate companies, private equit unds and allother capital sources

• When a loan transers rom master servicer tospecial servicer, the special servicer will want to

quickl understand the main causes. Is it thepropert, the market, a vacant anchor, an over-leveraed borrower?

• Creatin settlements and workout solutions andthe proactive steps necessar

• Can the debtor raise more equit to enhance theloan workout proposal?

• Extendin mortae maturities, recapitalizationand other loan workouts

SyLLABUS TOPICS:

• Extent o distressed commercial mortae backedsecurities (CMBS), balance sheet real estate loans,renancin options and alternatives

• Overview o the plaers – rom commercial banks,special servicers, debt traders, real estate companiesto private equit unds

• Techniques or master servicers and real estateowners to avoid mortae delinquenc and how borrowers can work toether with special servicersupon deault

• Alternatives to oreclosure or special servicers

• Identiin consultants and advisors or specialservicers to decide on oreclosure steps

• Reasonable rebalancin o debt and equit intoda’s transactions and workouts


• Foreclosin, appointin a receiver and what role thereceiver should pla

• Forestallin maturities and modiin mortaes with near-term maturities

• New rules or special servicers and REMICpolic chanes

• Creative settlements and workout solutions –dratin and neotiatin pre-workout areements,orbearance areements, decienc settlements,receiverships, oreclosures, bankruptcies, related

litiation and tax implications• The other plaer’s position and how to use

that knowlede in neotiation

• Inherent conficts in CMBS structurin and when will we see a ump start or CMBS securitization

3

James T. Freel Senior Vice PresidentChie Real EstateOcer

Institutional AssetManaement andCustod

Amalamated Bank New york, Ny

Douglas P. Hercher Executive VicePresident & Principal

Cushman & WakeeldSonnenblick goldman

New york, Ny

Joseph C. Hoesley ICSC Past TrusteeVice ChairmanU.S. Bank Minneapolis, MN

Faculty:



Restructuring Debt and Equity:Borrower’s Perspective

Class DW-308

Tuesday, March 6, 2012 9:00 am – 12:00 noon

This class places emphasis on the importance o understandin dierent tactics rom theborrower’s perspective on approachin the special servicer when the loan has been qualiedas non-perormin. The special servicer is lookin or communication and to understand theborrower’s situation. What do ou sa? What oer can ou make toward a resolution on theshort term? What documents do ou need to provide? How do ou, as the borrower under

water, prevent a oreclosure? Dependin on the tpe o the loan the borrower is neotiatinand wishin to restructure there are dierent strateies ou can emplo and servicers can learn

rom man situations that the borrower experiences.


• Identiin proper consultants and advisors whenacin mortae delinquencies

• How does the borrower communicate the reason(s)or deaultin on loan paments? Is it the propert,the market, a vacant anchor, an over-leveraedborrower?

• How to deal with mezzanine and unior notes when the special servicer oers a workout solutionor the rst deed o trust mortae in deault

• Acceptin settlement oers and workout solutionsand the proactive steps necessar

• Was or the debtor to raise more equit toenhance the loan workout proposal

• Attractin equit capital rom opportunistic sources

• Usin bride lenders

• Lease restructurin to create a more reliablecash fow

• Borrower concessions such as additional amortiza-tion paments, addin principal paments, settin

up more reserves or the loan, bankruptc protec-tion measures or the lender, convertin unsecuredloans to secured notes, pament o past due amor-tization and reimbursement o leal ees andupront costs to restructure the loan

• Extendin mortae maturities, recapitalizationand other loan workouts

• How the modication o loan terms is treated ortax purposes

SyLLABUS TOPICS:

• Alternatives to oreclosure or borrower

• Identiin consultants and advisors when acinmortae delinquencies

• How to propose a restructurin o debt and equit in toda’s transactions and workouts


• The eect o delinquent mezzanine and uniornotes on rst mortae restructurin

• Forestallin maturities and modiin debt with near-term maturities

• Creative settlements and workout solutions:dratin and neotiatin pre-workout areements,orbearance areements, decienc settlements,receiverships, oreclosures, bankruptcies, relatedlitiation and tax implications

• Knowin the other plaer’s position and how touse that knowlede in neotiation

• Inherent conficts in CMBS structurin

• Neotiatin the loan workout proposal

• Extendin or restructurin non-perormin ormaturin development and construction loans

• How the lender treats mone on escrow

• guarantors – can the restructurin result ina non-recourse?

• Popular repament options that the special servicercan accept

• Can ou deal with the noteholder directl?

4

Moderator: Faculty:

Dana C. RowanManain DirectorParadim-Exeter Advisors

Boston, MA

Phil Montgomery PresidentP.O’B. Montomer

Compan Dallas, TX

Mark A. SchurginICSC Trustee President The Fest ival

CompaniesLos Aneles, CA

Joyce StormPresident jSS Advisors LLCNew york, Ny



Asset Disposition & Acquisition/Selling & Buying Distressed Notes

Class DW-408

Tuesday, March 6, 2012 2:00 – 5:00 pm

An important aspect o dealin with distressed real estate involves the possibilit that the ownermiht be orced to sell to avoid oreclosure. I not, likelihood is that the lender will oreclose andbe orced to sell the propert or the underlin debt. This class ocuses on structurin these tpeso deals to resolve the distressed situation. It examines a variet o solutions involvin one or moreo the debt or equit sources o capital discussed and studies plausible alternative approaches.Does the state o the distress prompt the owners to sell? On what terms? Which sources and

tpes o nancin are appropriate to the situation? Is it preerable or the owner to team up with anew partner? What miht be the nature o such a partnership? Passive? Active? With what oalsor each part? What is the timin? Does the owner simpl turn over the kes to the lender and

walks awa rom the problem? What are the upsides o deed in lieu o oreclosures? Is it sensibleor the lender to oreclose, which takes on the distressed asset to its balance sheet while trin tounload it? Is the lender better o sellin the note at a discount? What alternatives are availableor buers o notes to recoup their investment and prot rom the deal?


• Understandin the disposition and acquisitiono distressed real estate – who loses, who wins

• Reconizin the buer’s and seller’s perspectives

• Identiin renancin options and alternativesupon transactions

• Strateies or sellin and buin

• How to bu real estate assets and notes directl rom a communit bank – what to do; what notto do

• How to list the propert or sale and receive alertsor new retail propert listins

• Timin the sale as market dictates value – sixmonths can make a bi dierence

• Usin auctions to liquidate retail properties• Buin and sellin notes secured b retail real

estate – denin air ace value

• Best wa or investors to control the assets o distressed properties with potential

• How investors can easil purchase real estateowned (REO) assets

• Puttin toether a loan sndicate

• What tpe o line items that are tpicall hiddencosts should be considered when purchasin and

sellin notes?

• Transactions under section 363 o the Bankruptc Code, what it does and does not cover

SyLLABUS TOPICS:

• Disposition and acquisition o distressedreal estate

• Extent o distressed CMBS real estate loans –renancin options and alternatives

• Overview o the plaers – banks, special servicers,debt traders, real estate companies, private equit unds

• How to arrive at air ace value when buin andsellin secured notes or distressed properties

• Decidin between auctions and broker listins when sellin retail properties – consider risk toseller, transparenc, price discover, timin orliquidation

Dominic J. De Simone, Esq. Partner

Ballard Spahr LLPPhiladelphia, PA

Robert W. Kline Principal/CEO

RW Kline CompaniesScottsdale, AZ

Spencer G. Levy Senior Manain Director

CB Richard Ellis, Inc.Baltimore, MD

5

Faculty:



Repositioning a Troubled Asset/Case Study

Class DW-508 Wednesday, March 7, 2012 9:00 am – 12:00 noon

Distressed properties enerall are in need o improved income to aord the debt service.For retail properties, this usuall means leasin to more productive retailers that can aord topa hiher rents. This class ets down to brass tacks on the specic strateies and tactics o aredevelopment plan. This plan starts with analzin the asset enhancement potential, considerin

various redevelopment opportunities and preparin a pro orma to seize such opportunities. This aspect o improvin distressed retail properties is critical or an investor or lendercontemplatin an acquisition or oreclosure to comprehend. Should the conclusion be to disposethe propert, the new owner will require a repositionin plan and the seller should understandenouh about it to sell the idea in the process. How do ou create a disposition model to assurethe maximum advantae under the current circumstances to the various stakeholders includinowners, secured lenders and others? What are reasonable time horizons to reposition retailproperties and stabilize the income beore plannin a new exit strate?

John-david W. Frank lin ,SCLS

Senior Vice President,Director o Client

Relationship ManaementMadison MarquettePhiladelphia, PA

David B. Henry ICSC ChairmanPresident andChie Executive Ocer

Kimco Realt CorporationNew Hde Park, Ny

Bruce D. Pomeroy, CDP

ICSC TrusteeManain PrincipalEverreen Devco, Inc.

glendale, CA


• Understandin the current market or creatin value in distressed retail properties

• Determinin the hihest and best use o thepropert includin non-retail possibilities

• Analzin the asset and determinin assetenhancement potential

• Establishin redevelopment priorities

• Understandin the loistics o a pro orma andbusiness plannin

• Establishin new equit and debt models that will work in a repositionin

• Settin NOI oals throuh redevelopment andleasin timelines, anticipated expenditures, capitalinvestment requirements and stabilization o rents

• Explorin additional revenue alternatives

• Maximizin propert’s competitive dominance andlon-term returns

• Devisin a disposition strate upon stabilizationo NOI

SyLLABUS TOPICS:

• Determinin the hihest and best use o thepropert and repositionin alternatives

• Establish redevelopment priorities – considerarchitectural desin, construction and other

phsical requirements, optimum tenant mix,satisin local market needs, environmentalassessments, securin entitlements andmunicipal approvals, determinin expansionopportunit and suitabilit o anchor additionsand alternative uses

• Creatin various pro orma scenarios

• Assessin the viabilit o the redevelopment plan

• Equit and debt restructurin or repositionin –construction and permanent loans

• Anticipatin leal challenes• Proactive asset manaement techniques

• Settin NOI oals, redevelopment timelines,anticipated expenditures, capital investmentrequirements and stabilization o rents

• Explorin additional orms o revenue

• Maximizin propert’s competitiveness andlon-term returns throuh re-tenantin, costcontrol prorams; buildin new eciencies

• Findin a competent ull-service retail propert

manaement and leasin aent

6

Faculty:



7

Final Exam:Multiple-Choice Examination

Class DW-608

Wednesday, March 7, 2012 2:00 – 3:00 pm

The nal multiple-choice examination will be administered on Wednesda, March 7, 2012, rom2:00 – 3:00 pm. The exam is optional and available to those wishin to earn a Certicate o Completion. To be eliible to take the exam, participants are required to attend all ve classes

within the Collee o Debt Workout, Transactions and Repositionin o Distressed Assets.Onl exam takers who achieve a passin score o 65% will receive an ICSC Certicate o Completion or this coursework.

The Debt Workout, Transactions and Repositionin o Distressed Assets proram will be held in conunction with theUniversit o Shoppin Centers and all related events at the Universit o Shoppin Centers, March 4 – 7, 2012. Attendeesare encouraed to participate in all special events. Details can be ound at www.icsc.or/2012UV

MonDAy, March 5, 2012

7:30 – 8:45 am Breakast

8:15 – 8:45 am Welcome Address

Proessor Joseph Gyourko

Martin Bucksbaum Proessor o Real Estate and Business & Public Polic

Director,

Zell/Lurie Real Estate Center and Chair,Real Estate Department The Wharton School,Universit o Pennslvania

9:00 am – 12:00 noon Property Valuation and Assessments: Fundamentals o Distressed Assets

12:45 – 1:15 pm Luncheon Presentation Outlook or Retail Real EstateDavid B. Henry

ICSC ChairmanPresident and Chie Executive OcerKimco Realt Corporation

2:00 – 5:00 pm Restructuring Debt andEquity: Capital Provider’s Perspective

5:15 – 6:45 pm Charles GrossmanLecture Series What Will be Drivin global Real EstateDown the Road – Fundamentals or Capital?Stephen J. Furnary Chairman and CEOClarion Partners

TUESDAy, March 6, 2012


7:30 – 8:30 am ICSC CertifcationMixer Breakast and InormationSession

8:30 – 8:50 am Industry Update Michael P. Kercheval

President and Chie Executive OcerInternational Council o Shoppin Centers

9:00 am – 12:00 noon Restructuring Debt and Equity: Borrower’s Perspective

12:45 – 1:15 pm Luncheon Presentation Deans’ Discussion The eiht Deans o the Universit o Shoppin Centers will participate in an opendiscussion on various topics o the da and

how the miht appl to each discipline.2:00 – 5:00 pm Asset Disposition &

Acquisition/Selling & Buying Distressed Notes

5:00 – 8:00 pm Free Educational Tour Visit to Cherry Hill Mall

WEDnESDAy, March 7, 2012


8:00 – 8:45 am SIG’s Special Industr group and Town Hall

Meetin

9:00 am – 12:00 noon Repositioning a Troubled Asset/Case Study

12:45 – 1:15 pm Luncheon Presentation “Are We Makin An Proress yet?: A View o the State o Commercial RealEstate and the Econom in 2012”guest Speaker:

Peter Linneman, Ph.D.Chie Executive Ocer American Land Funds andKL Realt and Foundin PrincipalLinneman Associates

2:00 – 3:00 pm Final Exam Multiple Choice Examination or the Debt Workout Collee

SCHEDULE-AT-A-GLAnCE



REGISTRATION INFORMATION

How to Register Fax: +1 732 694 1800 (credit card registrations only)Online: www.icsc.org/2012UV Mail: International Council o Shoppin Centers

Attn: Reistration DepartmentP.O. Box 26958New york, Ny 10087-6958

Registration Fee(i reisterin or all ve Debt Workout classes)

ADVANCE ON-SITE (beore March

3, 2012)Member*: $495 $695

Non-Member: $795 $895

Student Member**: $ 50 $50

*To qualiy or a member ee, each registrant must be a member or an afliate member o ICSC. To become an ICSC member, call the ICSC Inormation Center at +1 646 728 3000.**Registrants must be ICSC student members to qualiy or student rate.

Deadlines To quali or the Earl Bird reistration ee, ourreistration must be received b January 16, 2012. To quali or the advance reistration ee, ourreistration must be received b March 2, 2012.

ConfrmationUpon receipt o our reistration orm and pament,ICSC will send ou a conrmation notice. generalinormation or all Universit o Shoppin Centersparticipants can be ound on the Universit Website:

www.icsc.org/2012UV.

CancellationsCancellations will be subect to a $25 cancellation ee.No reunds will be iven or cancellations received

ater February 10, 2012. All requests or reundsmust be received b ICSC in writin.

Other Classes at the ICSCUniversity o Shopping CentersPlease visit www.icsc.org/2012UV or a ull listino classes available and special events bein helddurin the 2012 Universit o Shoppin Centersbetween March 4 – 7, 2012.

Hotel Inormation To book hotel: •Gotowww.icsc.org/2012UV •UnderQuickLinks,goto“BookHotelNow”

or hotel discounts

Please secure our hotel reservation b January 27,2012, to assure the best rates.

For personal assistance, the ICSC Travel Desk canbe reached at +1 888 ICSC TVL (427 2885) or+1 585 442 8900 option 3. We are available to assist ou Monda throuh Frida 8 am to 5:30 pm EST.

NOTE: ICSC is not responsible or reservin orcancellin hotel accommodations. All chanes andcancellations must be made in writin and axed toDePrez Travel at +1 585 442 8934.

Airline/Rental Car Inormation

The ICSC Travel Desk has secured special airlineand rental car discounts or attendees. For currentprices and availabilit please call +1 (888) ICSC TVL (427-2885) or +1 585 442 8856 rom 8:00 amto 5:30 pm EST, Monda throuh Frida.

Certifcate Awarded A Certicate o Participation is awarded to attendees who pass the multiple-choice exam and attend allve classes in the Debt Workout, Transactions & Repositionin o Distressed Assets Proram.

Continuing Education Credits

ICSC Certied Proessionals earn 4.0 credits towardsenior certication renewal i attendin all veclasses in this Universit o Shoppin CentersCollee o Stud.

New York State:Real Estate License and Appraiser ContinuinEducation: 16 hours

Special Needs Anone desirin an auxiliar aid or this meetinshould noti Tiany Foxworth at +1 646 728 3649 no later than February 21, 2012.

For More InormationPlease contact Madison Gross, ICSC SeniorManaer, Education at [email protected] or +1 646728 3461.

8



REGISTRATION FORM

Debt Wrkut, Trasactis

& Repsitiig f Distressed AssetsMonda, March 5 – Wednesda, March 7, 2012On the campus o the Wharton School, Universit o PennslvaniaPhiladelphia, PA

Name

Title

Company

Address

City

State/Province Zip/Postal Code Country

Business Telephone Fax Number

E-mail ICSC Membership Number

METHOD OF PAyMENT

I would like to pa b check. $

I would like to pa b credit card. $

Visa MasterCard AMEX Discover

Card Number Expiration Date (month/year)

Name on Card Signature

Please make our check paable to:

International Council o Shopping CentersP.O. Box 26958New york, Ny 10087-6958

Return this pae via ax to +1 732 694 1800.

9

2012UV

I authorize ICSC to send me announcements, via mail, ax, e-mail, phone or otherwise, about ICSC prorams andservices that ma be o interest to me or m colleaues.



Dominic J. De Simone, Esq. PartnerBallard Spahr LLP

Philadelphia, PA

Dennis J. Duy , MAI, MRICS Principal and CEORCDH & Co.

Washinton, DC

John-david W. Franklin , SCLS Senior Vice President, Director o Client

Relationship ManaementMadison MarquettePhiladelphia, PA

James T. Freel Senior Vice President, Chie Real Estate OcerInstitutional Asset Manaement and Custod

Amalamated Bank New york, Ny

Michael Graziano ICSC TrusteeManain Directorgoldman, Sachs and Co.New york, Ny

Patrick Hanlon Principal The Ackman-Zi Real Estate group LLCNew york, Ny

John M. Ha rt ICSC Past TrusteeChairmanHart Realt Advisers, Inc.Simsbur, CT

David B. Henry ICSC Chairman

President and Chie Executive OcerKimco Realt CorporationNew Hde Park, Ny

Douglas P. Hercher Executive Vice President & PrincipalCushman & Wakeeld Sonnenblick goldmanNew york, Ny

Joseph C. Hoesley ICSC Past TrusteeVice ChairmanU.S. Bank Minneapolis, MN

Wil lia m Homan, Esq.

President & CEO Triild Inc.San Dieo, CA

Brad M. Hutensky ICSC Past TrusteePresident and PrincipalHutensk Capital PartnersHartord, CT

Joshua C . Kagan, SCLS Manain Principal

WestRide Realt Advisors Westport, CT

Norman M. Kranzdor ICSC Past TrusteeSenior Vice President

Urdan Capital Manaement, Inc.Plmouth Meetin, PA

Spencer G. Levy Senior Manain DirectorCB Richard Ellis, Inc.Baltimore, MD

Edward B. LipkinICSC Past TrusteePresidentEBL&SPhiladelphia, PA

Susan M. MelloPrincipalPrudential Real Estate InvestorsParsippan, Nj

Patrick E. Peery ICSC Past TrusteePrincipalKla Realt LP

Whitesh Ba, WI

Richard C. Pietraesa, Jr.Manain DirectorDestin USASracuse, Ny

Bruce D. Pomeroy, CDP

ICSC TrusteeManain PrincipalEverreen Devco, Inc.glendale, CA

Gary D. Rappaport , SCSM, SCMD, SCLS, SCDP

ICSC Past Chairman

President The Rappaport CompaniesMcLean, VA

John T. RiordanICSC Past President & Lietime Trustee

john T. RiordanCotuit, MA

Dana C. Rowan Manain DirectorParadim-Exeter AdvisorsBoston, MA

Glenn J. Rurano ICSC Past TrusteePresident and Chie Executive OcerCushman & Wakeeld, Inc.New york, Ny

Timothy M. Zieta ra Senior Vice PresidentClarion PartnersNew york, Ny

CURRICULUM COMMITTEE

10



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icsc 2012uv_debtequityreal estate education

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