2006-2007 Fiscal Year

Annual Report

James A. Graaskamp Center

for

Real Estate

UWMADISONSCHOOLOFBUSINESS GRAASKAMPCENTERFORREALESTATESTAFF

TimRiddiough AcademicDirector MikeMihelbergel ExecutiveDirector LeeGottschalk AssociateDirectorforEducationandOutreach FrancoisOrtaloMagne AssociateDirectorforInternationalPrograms SharonMcCabe AssistantDirector(focusonrecruiting/careerservices) DavidShulman AssistantDirectorofARESAP DawnHamre CenterAssistant

UWMADISONSCHOOLOFBUSINESS GRAASKAMPCENTERFORREALESTATESTAFF

TimRiddiough AcademicDirector MikeMihelbergel ExecutiveDirector LeeGottschalk AssociateDirectorforEducationandOutreach MaryBrost ProgramAssociate FrancoisOrtaloMagne AssociateDirectorforInternationalPrograms SharonMcCabe AssistantDirector(focusonrecruiting/careerservices) DavidShulman AssistantDirectorofARESAP DawnHamre CenterAssistant

TABLE OF CONTENTS
TheJamesA.GraaskampCenterforRealEstate 2 LetterfromtheCenterDirector..4 200607KeyAccomplishments.. 5 InMemoriam.....12 TheMBAPrograminRealEstate...13 InternationalStudytrips.. 15 StudentEnrichment..18 Curriculum.....22 EnsuringQuality..23 MBACareerServicesandJobPlacement..24 BoardMembershipandPrograms..25 CenterforRealEstateBoardofAdvisors..27 Marketing...32 ExecutiveEducationUpdate35 IntheClassroom..36 GraingerHallAddition....37 YoungAlumniPerspectives....38 KeyFacts.....39

 THEJAMESA.GRAASKAMPCENTERFORREALESTATE
TheUniversityofWisconsinMadisonCenterforRealEstatewasestablishedin1971tofosterexcellence inrealestateeducation,researchandoutreachthroughcommunityandprofessionalpartnerships.In April2007,theCenterwasrenamedafterlegendaryrealestateprofessorJamesA.Graaskamp,thefinale toaremarkablefundraisingeffortbyover600alumniandfriends. Historically,theCentersmaingoalhasbeentoserveasalinkbetweentheRealEstatefacultyand students,alumni,therealestateprofessionalcommunity,governmentalagenciesandthegeneralpublic. Thiscoremissioncontinues,buthasrecentlyexpandedtoincludeadministeringtheMBAProgramin RealEstate.TheMBAProgramdeliversamultidisciplinaryapproachtolearningandoffersthemost comprehensivecurriculumofanyrealestateprograminthecountry. TheCenteralsocreatesoutstandingnetworkingeventsforstudents,boardmembers,alumni,facultyand professionalstomeetandsharetheirknowledgeandexpertise.Theseeventsaredesignedto complementclassroomlearning,andincludetheCentersBoardofTrusteesmeetings,anExecutivein Residencelectureseries,thenewE.J.PleskoDistinguishedSpeakerSeriesinRealEstateDevelopment, andprogramsthatarecosponsoredwiththeWisconsinRealEstateAlumniAssociation,RealEstate Club,andprivateandnonprofitorganizations. TheCenterandDepartmenthaveaninvolvedandexperiencedstaffthatcaterstotheindividualneedsof students,boardmembers,alumniandemployers.Weprovideadvisingandmentoringtohelpmatch studentswithappropriatecareeropportunities.Scholarshipsandfellowshipsareavailabletoqualified students,alongwithoccasionalopportunitiestoworkonconsultingprojectswithfaculty. Wehopetoinstillourstudentswithourcorevaluesandcreateavaluable,lifelongnetworkforlearning andprofessionalgrowth.Inessence,ourgoalistoeducateandmentorsociallyresponsibleleadersofthe realestateprofession. ComponentsofCenterActivity TheMBAPrograminRealEstate BoardofAdvisors ExecutiveEducationandProfessional/CommunityOutreach Research TheCentersPrimaryMission ToattractfirstrateMBAstudentsandtransformthemintocompetent,creativeandcollaborative professionalswhoarepreparedtobeleadersintherealestateindustry. TobuildandretainanextensivememberbaseofrealestateindustryleadersthroughourBoard ofAdvisors. Topreserve,promoteandsupportthephilosophyoftheWisconsinTraditionofexcellenceinreal estateeducation.

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THEJAMESA.GRAASKAMPCENTERFORREALESTATE(continued)
TheCentersCoreValues Depth:Applylogicandanalyticaltoolstodevelopathoroughunderstandingofrelevantissues andproblems Breadth:Comprehendinterconnectionsbetweenissuesandprocesseswhich,whencombined withcompetenttechnicalanalysis,leadstosoundbusinessdecisionmaking; Leadership:Toprovideanenvironmentandculturethatinstillsleadershipprinciplesandthe developmentofleadershipskills; Diversity:Seekabroadarrayofpeopleandexperiencesthatenhancetheoveralllearning experience. (left)AgroupphotooftheMBAstudents attendingtheMIPIMConferenceinCannes, France.ThetripwasledbyFranoisOrtalo Magn,ProfessorandRobertE.WangardChairin RealEstate. (right)Studentsanalyzeaproposeddevelopmentduringthe MBAstudytriptoChina.Thedevelopmentwasaprojectfor HongkongLandLtdsBambooGrove,an8millionsquare footplannedmixedusedevelopmentalongtheJialingRiver. AnarticleabouttheMBAstudentprojectispublishedinthe AugustissueofUrbanLandInstitute(ULI)Magazine. ThetripwasledbyProfessorFranoisOrtaloMagn,Senior LecturerRodMatthewsandSeniorLecturerSharon McCabe.

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ASUCCESSFULYEARINBUILDINGTOWARDTHEFUTURE

DearCenterMembers: Itsbeenanincredibleyear,toppedoffbythe$6millioninfundsraisedbyalumniand friendstorenametheCenterafterJamesA.Graaskamp.Thisrenamingandtheassociated financialresourcesarevitaltooursuccess,asitwillallowuscompeteeffectivelyagainst otherwellendowedRealEstateCenterslocatedthroughoutthecountry.Atotalofover600 alumniandfriendsdonatedtothecapitalcampaign,manyofwhomwhoarealsocenter members.AllofusassociatedwiththeCenteroweparticularlydeepgratitudetoBryant WangardandMikeArnesonforprovidingtheinitialpushforwardwitha$1.7millionchallengedonation,to ananonymousdonorandChuckHeathfortheirrespective$1milliondonations,andtothecapitalcampaign steeringcommitteeofJimCurtis,JimHaft,CraigManske,andJimSmith.Anadditionalcornerstoneofthe fundraisingeffortwastheestablishmentofthePleskoSpeakerSeriesinRealEstateDevelopment,generously endowedbyE.J.Plesko.WearealsoindebtedtotheWisconsinRealtorsAssociationfortheircontinued financialsupport.ManyofyouattendedthededicationceremonylastApril,whichwasaterrificand tremendouslymovingeventreallyoneofthehighlightsofmyprofessionalcareer. TheGraaskampnameconnotestraditionandexcellence.ItwillbeourjobhereinMadisontobecaretakersof theGraaskamplegacy,withtheaddedresponsibilityofinnovatingtomeetthechallengesofconstantly changingrealestatemarketplace.Peopleandorganizationareakeytooursuccess,andwillbeanimportant focusgoingforward.Asmanyofyouknow,MorrisDavis,aprominenteconomistandformeradvisortoAlan GreenspanattheFederalReserve,joinedourfacultyjustoverayearago.DavidShulman,Graaskampaward winnerformerlyofLehmanBrothersandoneofthemostrespectedeconomistsonWallStreet,isavisiting professorandassistantdirectorattheCenterwhoalsorunsourAppliedRealEstateInvestmentProgram. SharonMcCabe,analumandalongtimeinstructorintheProgram,isnowanassistantdirectoroftheCenter inchargeoftheMBAstudentexperience.Wearecurrentlyinthemarketforanewfacultymemberthat specializesinfinanceandinvestment.Ourintentaswereorganizeistosteadilyraisethebarthrougha relentlessfocusonexcellenceineverythingthatwedo. Wehaveaddedapproximatelytwentynewmemberssincethisspring.Theyareadiversegroupofhigh qualityfirmsandindividualsthatwebelieveyouwillbeproudtobeassociatedwith.Manyofyouhadahand inhelpingbringinnewmembers(thankyouagain),andtheexposureandgoodwillgeneratedthroughthe namingoftheGraaskampCenterhasalsobeenabigcontributingfactortooursuccessatretainingand expandingmembership. OurMBAstudentsarecompetingforandobtainingsomeofthemostsoughtafterpositionsavailableinthe marketplace.Fromarecruitingperspective,wecontinuetoattractnewfirmsfromeverypartofthecountry, representingallcornersoftherealestateprofessionalworld(someofyouarethosefirms!).Oursuccessin placingstudentscomesinlargepartfromtheirexposuretothebestandbrightestintherealestateindustry duringtheirtwoyearsintheProgram.Aninvaluablecomponentofthatexposureisthenetworking opportunitiesmadeavailableatourtwiceayearcenterboardmeetings. Ourcontinuedoverridingobjectivesaretoprovideyou,ourmembers,withunique,highqualityeducational andnetworkingopportunities.Thiscomingyearpromisestobeexcitingandeventful,asweseektosolidify ourleadingpositionintherealestateeducationalandprofessionalmarket. Allthebest,andweattheGraaskampCenterlookforwardtoworkingwithyouoverthecomingyear. Sincerely,TimRiddiough,Director

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200607KEYACCOMPLISHMENTS

CreatetheFutureCampaignEstablishestheJamesA.GraaskampCenterforRealEstate
InJanuaryof2007,theUniversityofWisconsinMadisonCenterfor RealEstateproudlyannouncedthatnearly600alumniandfriends raisednearly$11millionindonationsandwillrenamedtheCenter afterthelateprofessorJamesA.Graaskamp,alegendaryfigurein realestateeducation. Theprogramismorethanhalfwaytowarditsgoalofraising$20 millionoverfiveyearstomaintainWisconsinasthepremierreal estateprograminthenation.PrivategiftswillhelptheCenter strengthencurrentofferings,suchasrequiredoverseasstudytoursto France,Chinaandothercountries,feasibilityanddevelopment projectanalyses,anda$1millionportfolioofREITstocksthat studentsmanageaspartoftheAppliedSecurityAnalysisProgram. TheCenterwillalsoaugmentitsstaffinglevelsasweexpand programstomeetexpectationssetbyourfacultyandstakeholders. TheinitiativebeganwithachallengebyBryantWangard,BBA77,MS79;andMikeArneson,MS81,as wellasotherprincipalsofTOLDDevelopment,whodonated$1.7milliontorenametheCenterand encouragedotheralumnitofollowsuit.Ananonymousdonorcontributed$1million,followedbyChuck Heath,BBA81,MS83,andhiswife,Kathleen,whoalsogave$1million.Morethan600otherfinancial pledgeshavebeenreceivedfromdonorsyoungandold,signifyingremarkablybroadsupportforthe renamingproject. IwouldnotbewhereIamtodaywithouttheinfluenceofJimGraaskampinmylife,saidChuckHeath. NowisthetimetoformallyconnecthisnamewiththeUWRealEstateprogramforever. TheWisconsinRealEstateAlumniAssociationprovidedanincrediblefoundationforthefundraising effortandwasledbyfourdedicatedindividuals:JimCurtis,JimHaft,CraigManske,andJimSmith,all graduatesoftherealestateprogramunderJamesGraaskamp.Theyweresupportedbymanyother dedicatedalumniandfriendsthroughoutthecountry. MichaelKnetter,UWbusinessschooldean,waspleasedattheoutpouringofsupportfortheCenters goals.Ihavebeenimpressedwiththewaythatrealestatealumnihavesteppeduptotakethis outstandingprogramtoevenhigherlevels,hesaid. TheWisconsinRealEstateprogramconsistentlyranksasoneofthetopthreerealestateprograms nationwideandiswidelyrecognizedforitsrigorouscurriculum,topstudents,outstandingfacultyand extensivealumninetwork.In2004,aspartofaschoolwidestrategytodevelopspecializedMBA programs,theCenterabsorbedadministrationoftheRealEstateMBA.Theadditionalresourcesnow availabletothenewJamesA.GraaskampCenterforRealEstatewillallowittocompeteevenmore effectivelywiththedozensofexistingandnewrealestateprogramsthathaverecentlyemergedaround thecountry.

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200607KEYACCOMPLISHMENTS
JamesGraaskamp,whotaughtrealestateattheUniversityofWisconsinMadisonfrom1964to1988and wasprogramchairmanfrom1968untilhisdeathin1988,wasinstrumentalincreatingthemodernreal estatecurriculumandelevatingthedisciplinetoapositionofnationalprominence.Workingwithlegions ofgraduatestudents,hepromotednewthinkingaboutfeasibilityanalysis,developmentandrisk management,eschewingtraditionaleconomicmodelsinfavorofinstructionthroughpracticalfield studies. Throughhisteachings,Graaskampinstilledaconcernforethicsandacomprehensiveapproachto improvingthequalityofthebuiltenvironment.TodaysUWMadisonRealEstateprogramhonorsand buildsonthatethic,offeringamultidisciplinaryapproachtorealestatewithafocusondevelopment, internationaltopics,feasibilityanalysis,financeandinvestment,valuation,lawandurbanland economics. ThedonationswillallowtheCentertomoveforwardwithitsgoals,saidTimothyRiddiough,directorof theCenterforRealEstate.Weareextremelygratefultoouralumni,CenterforRealEstateBoardof Advisors,andfriendsforhelpingusachievethisimportantoutcome,Riddioughsaid. THENAMINGANDDEDICATIONCELEBRATION OnApril25and26,2007,aspecialtwoday ceremonytorenametheCenterwasheldin conjunctionwiththeCentersboardmeeting attheFlunoCenterandMononaTerracein Madison. Right:BoardmemberandrealestatealumChuck HeathdonatesanoriginalprintofJames GraaskamptoDeanMichaelKnetteattheNaming andDedicationCelebration.Theprintiscurrently displayedintheMBAstudentloungein GraaskampCenterforRealEstate. Theceremonyincludedatributeto Graaskampthemanandmentor,aswellas closelooksathisprofessionalcareer.Speakersandpaneldiscussionsincluded: AlumnusStuartAckerberg,(B.S.1979),CEOofTheAckerbergGroupofMinneapolis,who inauguratedthePleskospeakerserieswithaneloquentportrayalofthelessonshelearnedasa Graaskampstudent. AninspiringandinformativepresentationonGraaskampslifewascreatedandshownby alumnusJimCurtis(M.S.1976),principalofTheBristolGroup,SanFrancisco. Atapaneltitled,GraaskampsLegacy,alumniArunBhatia,StephenJarcho,JimSmith,and BryantWangardalternatedbetweenamusingandpoignantastheyrelatedstoriesoftimespent withtheirformerteacher. ApanelonRecentInnovationsandMacrotrendsintheRealEstateIndustryfeaturedGeoff Dohrmann,LarryDugginsandLeanneLachman,whodiscussedmarkettrends,thesignificance ofsecuritizationandtheprospectsofgreenerconstruction.

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200607KEYACCOMPLISHMENTS(continued)
AlittleknownfacetofGraaskampslifehistimeonWallStreetwasrecountedby DavidShulman,whometGraaskampwhilehewasdirectingrealestateresearchat SalomonBrothersinthelate1980s. AfinalpanelfocusedonthediscussionsbehindtherecentEquityOffice/Blackstone transaction,andfeaturedalumniBrianBerry,MichaelCasey,KevinCrummy,Bruce Johnson,andaspecialguestappearancebyRoyMarch,CEOofEastdilSecured,whowas involvedinthenegotiations. Asaceremonialnightcap,musicbyTheContractions,agroupofeconomiststoting rocknrollinstrumentsinsteadofcalculators,playedtoastandingroomonlycrowdat MadisonsKingClub.Prof.MorrisDavis,whojoinedtherealestateprogramin2006, wasonbass. (left)PaulGilbert,JimCurtis,andDavid ShulmangreeteachotherattheGraaskamp NamingCelebration (Below)GraaskampCenterDirectorTimRiddioughandStuartAckerbert discussGraaskampslegacyattheGraaskamp NamingCelebration.

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200607KEYACCOMPLISHMENTS(continued)
E.J.PLESKODISTINGUISHEDSPEAKERSERIESINREALESTATEDEVELOPMENT Anewlectureseries,theE.J.PleskoDistinguishedSpeakerSeriesinRealEstateDevelopment,tobe presentedonceeachsemester,wasfundedbyagiftfromdeveloperE.J.Plesko,aCenteradvisoryboard memberandpresidentofE.J.Plesko&Associates,arealestatedevelopmentandmanagementcompany basedinMadison.Thenewspeakerserieswascreatedtobringtheconsiderablerealworld developmentexpertiseofouralumniandboardmemberstoallWisconsinrealestatestudents. TheselectedspeakerswillfeaturedeveloperswhoembodyTheWisconsinTraditionintheirspirit,ethics, imagination,entrepreneurialskills,andenthusiasmforimprovingthequalityofourbuiltenvironment. EachspeakerforthenewlectureserieswillalsobetherecipientofthenewE.J.PleskoDistinguished ProfessionalinRealEstateDevelopmentAwardtobepresentedtwiceayear. AlumnusStuartAckerberg,(B.S.1979),CEOofTheAckerbergGroupofMinneapolis,inauguratedthe PleskospeakerserieswithaneloquentportrayalofthelessonshelearnedasaGraaskampstudent.He alsoreceivedthefirstE.J.PleskoDistinguishedProfessionalinRealEstateDevelopmentAward. MBAPROGRAM TheMBAPrograminRealEstateenrolledatotalof29MBAstudents,makingitoneofthelargest specializationswithintheSchoolofBusiness. TheMBAClassof2006hadexcellentjobplacementwith93%locatingemploymentwithinthree monthsofgraduation.Theaveragestartingsalarywas$91,692withanaveragesigningbonusof $22,750. TheCenteroffersthemostindepthinternationalexperienceofanyrealestateprograminthe country.FirstyearMBAstudentsparticipatedinthefourthannualtriptothehighlevel, EuropeanbasedMIPMConferenceinFrance.ThetripwasledbyFranoisOrtaloMagn,who wrotereportwithstudentsfortheMIPIMadministrationandsecuredfreeentryfornextyear. (Wearetheonlyprogramthatreceivescomplimentaryadmission). SecondyearstudentsparticipatedinafantasticstudytriptoChinawithstopsinBeijing, ShanghaiandChongqing.ThetripwasledbyFrancoisOrtaloMagne,RodMatthews,and SharonMcCabe. FrancoisOrtaloMagnefosteredanexclusiverelationshipwithAssociationofForeignInvestors inRealEstate(AFIRE)andourMBAstudentsarenowtheonlyuniversitystudentsallowedto attendAFIREeventsatadiscountedrate.ThisconnectionwithAFIREhasprovidedexcellent opportunitiesforourstudentstoconnectwithtopexecutivesintheinternationalrealestate market.MoreinformationonAFIREisincludeintheOutreachandExecutiveEducationSectionbelow. Approximately$108,000wasawardedthroughtheCenterinrecruitingscholarships,fellowships andprogramassistantshipstograduatestudents. Anumberofcurriculuminnovationsareunderway;forexample,developmentofnewGreen Developmentmodules(gradandundergrad),shiftingMBAurbaneconomicstoabroaderreal estateeconomicscourse,strongeranalyticsincludingdeepertraininginExcel,VBA,ARGUS.

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200607KEYACCOMPLISHMENTS(continued)
AspecialArgustrainingsessionwasofferedtoallMBAstudents.ARGUSistheindustry standardcommercialrealestatecashflowprojection,transactionanalysisandassetvaluation solution. Asalways,prominentdevelopers,consultantsandotherindustryleadersvisitedcampusto speakinrealestateclassesthroughouttheacademicyear.Thisprovidesstudentswithaforumto interactwithandlearnfromrealestateprofessionalsandalumni. REALESTATECLUB TheRealEstateClubalsohostedmanyspeakersandthe2007AnnualCareerFairthatboastedits highestrecruiterattendanceever.TheClubisoneofthemostactiveSchoolofBusinessstudent associations,andisanintegralpartoftheeducationalexperienceforrealestatestudentsatUW Madison.Forthe2006/07academicyear,theclubvisitedBostonandLosAngeles.Coordinated withthelocalchapteroftheWisconsinRealEstateAlumniAssociation,thefieldtripsgive studentsintensivehandsonexperienceintherealitiesofthemarketandextensivecontactwith thealumninetworkTheCenterprovidessponsorshipfundsforClubtravel. APPLIEDREALESTATEINVESTMENTTRACK(AREIT;formerlyAppliedRealEstateSecurities AnalysisProgram) DavidShulman,formermanagingdirectorandheadREITAnalystatLehmanBrothers,isthe newassistantdirectoroftheAREIT(AppliedRealEstateInvestmentTrack)forGraaskamp CenterforRealEstate.ShulmanwillteachandoverseeagroupofthreesecondyearRealEstate MBAstudentswhotomanagea$1.2millionportfolioofpubliclytradedREITstocksthroughout theacademicyear.ShulmanisalsoavisitingprofessorintheDepartmentofRealEstate. Thefirstprogramofitskindinthecountry,AREITbeganin1999withapoolofroughly$375,000 indonations.Duetosoundinvestmentinyearspast,thattotalhasgrowntomorethan$1.2 millionforthe20062007group. Sinceinception,studentshavegeneratedgrowthofabout20percentonaverageeachyear. BOARDOFADVISORS SinceJanuary1,2007,theCenterforRealEstatewelcomed21newmemberstotheboard.Several membersalsoupgradedtheirmembershipstotheSustainingandSponsorlevelsprovidingan additionallevelofsupporttotheCenter. Successfulboardmeetingswereheldinthefallandinthespring.Thefallmeetingfocusedon professionalandacademicperspectivesonrealestatemarkets.Thespringmeetingwasheldin conjunctionwiththerenamingoftheCenterafterJamesA.Graaskamp.

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200607KEYACCOMPLISHMENTS(continued)
OUTREACHANDEXECUTIVEEDUCATION Wegivehighprioritytostrengtheningourworkingrelationshipsandfriendshipswithindustry professionals,aswellasalumni. CenterforRealEstate/WREAAReceptions Jointlysponsoredreceptionsareheldatthreenationalprofessionalconferencesperyear:ULI,MBAand ICSC.ThereceptionshelpmaintainvisibilityfortheCenterandtheWREAAwhilefosteringa networkingopportunityforalumniandassociates. CenterSponsorstheLandRichConference CentersponsoredtheLandRichConferenceinApril2007inCharlotte,NC.AssetBuildersofAmerica Inc.establishedtheLandRichinitiativetohelpcashpoorlandownerstoderivegreatereconomicvalue fromtheirrealestateholdings.LandRichisanationalnetworkofindividuals,organizationsand resourcesthatarecommittedtoassistingintergenerationallandownersinexecutingtheirland preservationanddevelopmentvisionsinaholisticandcollaborativemanner. BeijingDelegationVisitsRealEstateProgram InJune0f2007,adelegationfromBeijingsMinistryofLandandResourcesalongwithProfessorLou JianbooftheCenterforRealEstateLawatBeijingUniversity,visitedtheSchoolofBusinesstolearnmore abouttheRealEstateprogramsactivitiesandtodiscussareasofpotentialcooperation.ProfessorsMorris DavisandSteveMalpezzidiscussedrealestateandlandpricingtopicswiththegroup. MortgagesandHousingQualityDiscussedatUWRealEstateResearchConference,April2728,2007 TheCenterforRealEstatesponsoredaresearchconferenceonmortgagesandhousingqualityin Madison.Presentersincluded: ChrisMayer,ColumbiaUniversity,PrivateInformationandMarketMakingintheSecondary MortgageMarket GillesDuranton,UniversityofToronto,UrbanGrowthandTransportation MorrisDavis,UniversityofWisconsinMadison,AmenitiesasTFPandtheFactorofFour JamesAlbrecht,GeorgetownUniversity,DirectedSearchintheHousingMarket FrancoisOrtaloMagne,BargainingandPriceDeterminationofResidentialRealEstate:Theory andEstimation StijnVanNieuwerburgh,NewYorkUniversity,MortgageTiming JuanEstebanCarranza,UniversityofWisconsinMadison,AnEmpiricalCharacterizationof MortgageDefaultinColombiabetween1997and2004.

FortFoundationSponsorship TheGraaskampCenterprovidedsponsorshipfundstotheFortFoundation,aconsortiumofmajor corporationsandtopbusinessschoolsthathasbecomeapowerfulchangeagentineducatingand directingtalentedwomentowardleadershiprolesinbusiness.Theirmissionistosubstantiallyincrease thenumberofwomenbusinessleadersbyincreasingtheflowofwomenintokeyeducationalgateways andbusinessnetworks.

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200607KEYACCOMPLISHMENTS(continued)
MARKETING TheCentercontinuestofocusonbrandawarenessthroughitsmarketingandPRefforts.The renamingoftheGraaskampCenterreceivednewscoveragefromawidevarietyoflocaland regionalmediaoutlets.Asalways,ourfacultyofteninterviewedandquotedinthemedia. ULIMagazinepublishedanarticlewrittenbyRodMatthewswhichdiscussestheMBAChina Trip.Twomajorindustryorganizations,thePensionRealEstateAssociation(PREA)andthe CounselorsofRealEstate(CRE)publishedmajorfeaturesonthenewsoftheGraaskampCenter dedicationceremonyinsummerintheirmagazines.TheMinnesotaRealEstatealsopublisheda featurestoryonGraaskamp. WEBSITE&ENEWSLETTER Anelectronicnewsletter(TheRealEstateConnection)isbeingdevelopedandisslatedtobe completebeforetheendofthe2007.Thenewsletterwillprovideupdatesonallaspectsofthe WisconsinRealEstateProgramandwillbesharedwithalumni,boardmembersandfriendsof theprogram. ThecurrentCenterwebsiteisbeingredesignedtoprovidemorenewsandfeaturestorieson students,facultyandalumniandmultimedia(suchaspodcasts). NEWGRAINGERHALLADDITION A$40.5millionadditiontotheeastsideofGraingerHallwillhousetheGraaskampCenteras wellasotherMBAprogramsoftheSchoolofBusiness.Theaddition,locatedonParkStreet betweenJohnsonStreetandUniversityAvenue,isexpectedtobecompletebythetimethefall semester2008begins.TheWisconsinRealEstateAlumniAssociation(WREAA)earmarkeda giftof$350,000toupgradetheGraaskampCenterspacemakingitafirstclassfacilityfor students,facultyandstaff.

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 INMEMORIAM
DianneOrbison DianneM.Orbison,longoneofthemostsuccessfulandactivealumnioftheSchool ofBusiness,diedApril12,2007.OrbisonwaschiefinvestmentofficerofSecurian FinancialGroup&presidentofAdvantusCapitalManagementintheTwinCities. ShewasagraduateofUWMadison,withaBachelorofArtsinPoliticalScience andFrench,andaMasterofScienceinRealEstateInvestmentAnalysis,whichshe earnedin1977.DiannewasPresidentoftheWisconsinRealEstateAlumni AssociationatthetimeofProfessorJimGraaskampsdeath.Whileuncertaintyand turmoilraged,Diannequietlyorchestratedthemanyconflictingforceswhile lettingotherstakemuchofthecredit.Duringthisperiod,DianneeducatedUniversityofficialsaboutour richtraditioninrealestateeducation,andsheconvincedDeanHickmanandChancellorDonnaShalala thatthisspecialenterpriseshouldnotonlybepreservedbutitshouldbeexpanded. AformermemberoftheDeansAdvisoryBoard,OrbisonremainedactivewiththeSchoolofBusiness, especiallytherealestateprogram.ShewasoneofthefirstspeakersinthebusinessschoolsExecutive LeadershipSpeakerSeriesandhasbeenoneoftheprominentalumnifeaturedinWisconsinMBA viewbooks.In2001,shewasoneofeightwomennamedtotheinaugural2001listofTwinCitiesTop WomeninFinancebyFinance&Commerce,alocaldailynewspaper. TheWisconsinRealEstateAlumniAssociation(WREAA)hasestablishedtheDianneMarieOrbison MemorialRealEstateScholarshipFundinmemoryofDianne.

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THEMBAPROGRAMINREALESTATE
TheMBAprograminrealestatepreparesstudentsforhighlevelmanagementpositionsintheindustry. Thetwoyearprogramoffersamultidisciplinaryapproachtorealestatewithabouthalfthetotal courseworkinrealestateandhalfinhighlevelbusinesscoursessuchasfinance,accounting, managementstrategyandleadership.Requiredrealestatecoursesincludefinanceandinvestments, urbaneconomics,valuationanddevelopment.Studentstakecapstoneseminarsintheirsecondyearthat exposethemtoawiderangeofhighlevelcasesandconcepts. Thecurriculumincludeshandsonprojects,andstudentsarerequiredtoparticipateinatleastonefield tripabroadtolearnaboutrealestateinothercountriesandcultures.Webelievethatstudentsnotonly mustberigorouslytrainedinrealestatefundamentalsandanalyticaltechniques,butalsomustacquire skillsincriticalthinking,leadershipandenterprisemanagement. Forthepasttwoyears,theCenterhassuccessfullydeliveredarevisedMBArealestatecurriculumin conjunctionwithanewschoolwideMBAprogramstructure.Thecurriculumisthemost comprehensiveofanyrealestateprograminthecountryandismadepossiblebythedepthofour faculty,ourexpertteamofadjunctprofessors/lecturersandsupportinconjunctionwithanewschool wideMBAprogramstructure. TheAppliedRealEstateInvestmentTrack(AREIT,formerlytheAppliedRealEstateSecurities AnalysisProgram) DavidShulman,formermanagingdirectorandheadREITAnalystatLehmanBrothers,isthenew assistantdirectorofAREIT(AppliedRealEstateInvestmentTrack)fortheGraaskampCenterEstate. ShulmanwillteachandoverseeagroupofthreesecondyearRealEstateMBAstudentswhotomanagea portfolioofREITstocksthroughouttheacademicyear.Shulmanisalsoavisitingprofessorinthe DepartmentofRealEstate. AREITisauniquetrackwithintheMBAprograminrealestatewhereselectedstudentsundertakeformal courseworkinpreparationforayearlongcourseinwhichtheywillactivelymanageaonemilliondollar portfolioofpubliclytradedREITsandrealestateoperatingcompanies.Theprogramprovidesstateof thearteducationinunderstandingrealestateasvaluedinexchangetradedcapitalmarkets. Upto4studentsareselectedtoparticipateinAREITduringthesecondyearoftheMBAprogram. BeginninginSeptemberoftheacademicyear,eachteamisgiventwomonthstoformaninvestment managementfirmthathasanorganizationalstructure,aneconomicoutlook,aninvestmentphilosophy andadisciplinedstrategythatwillbeexecutedthroughouttheyear.Theteamspresenttheirportfolio managementproposaltotheAREITBoardofAdvisors(theClient)forapprovalandsubsequentrelease offundstomanage. FollowingapprovalfromtheClient,theteamsmeetmultipletimeseachweek,oftenwithfacultyand withthemanyinvestmentprofessionalsthatserveasguestspeakersfortheprogram.Individual membersoftheteamareresponsibleforconductingrigorouscompanyandpropertysectorresearch, makingrecommendationsonthecompositionoftheportfolio,andparticipatingintheteamdecision makingprocessformanagementofthefunds.Theteamalsopresentstheirselectionsandresultstothe clienttwiceayearaftertheinitialpresentation.

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THEMBAPROGRAMINREALESTATE(continued)
TheAREITProgramhelpsstudentslearnanddevelopimportantskills:fundamentalresearchand portfoliomanagement;athoroughunderstandingofrealestateandcapitalmarkets;successfulteamwork skills;polishedandprofessionalpresentationskillsandaskillsetthatcanbeappliedtoeitherthepublic orprivaterealestateindustry. ForallbutoneyearsinceAREITsinception,thestudentteamhasbeatitssectorwidebenchmark. ThechartbelowshowstheARESAPfundbalance sincetheprogramsinceptionin1999

AREITFundBalances
$1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 19992000 20002001 20012002 20022003 20032004 20042005 20052006 20062007

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 INTERNATIONALSTUDYTRIPS TheGraaskampCenteroffersthemostindepthinternationalexperienceofanyrealestateprograminthe country.Wisconsinstudentsagaintraveledtheworldintheirpursuitofgreaterunderstandingofglobal realestatemarkets.

TripOverview:Cannes,France
LastMarch,18firstyearMBAstudentstraveledtoCannestoattendMIPIM,where21,000dealmakers from75differentcountriesmeetannuallytoproposeandhashoutnewprojects. Wisconsinsstudentspickedfromanarrayofspeakersand40separatesessions,rangingfromthe renownedurbandesignerDanielLibeskind,whodiscussedworldarchitecturetrends,toHenriGiscard dEstaing,CEOofClubMditerrane.Atthepanels,topicsrangedfromtheopportunitiesemergingfrom thesaleofgovernmentownedproperty,toinvestmentopportunitiesintheBalkans,totheemergenceof REITsacrosstheworld. MIPIMcandefinitelyyieldjobopportunities,saysMichaelScotti,afirstyearMBAstudents.Thereare morethan1,000companiesandthereweremaybe20to30studentsattheconference.Studentscanhave apotentialfielddaywiththosetypesofnumbers.Imanagedtogetaverbalofferfromacompanybased outofGermany. ThestudentsattendingMIPIMwere ledbyprofessorandFrenchnative FranoisOrtaloMagn,RobertE. WangardChairinRealEstate,who alsoledthetripin2006.Thebig thingthisdoes,Prof.Ortalo Magnsays,isitresetstheir objectives.Theyhave preconceptionsaboutthesetof opportunitiesopentothemasreal estateprofessionals.Thentheygo thereandseerealestate professionalsfromalloverthe world,andseethingstheynever imagined. Idobelieveitchangestheirlives, headds. Belowarepaneldiscussiontopicsfromjustthefirstdayofthe4dayMIPIMconference,March1316, 2007.UWrealestateMBAstudentstooknotesfromeachpanelattendedandwrotesummarypapers, whichwereedited,formattedasonedocumentandsenttoMIPIMofficialsfortheirconsideration. Formoreinformation,seehttp://www.mipim.com. DanielLibeskind:Worldarchitecturetrends Theeconomicsofclimatechangeinthebuiltenvironment SouthAfrica:arainbowinvestment.Thesecretisout!

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INTERNATIONALSTUDYTRIPS(continued) ormoreinformation,seehttp://www.mipim.com. EndUsersontheRoadtoPoland&Romania Whereisthemoneyheading? EmergingopportunitiesintheBalkans PuttingtheworldtoREITs Alternativeinvestmentstoday,mainstreamtomorrow? Russia:investingingrowth

TripOverview:Beijing,Chongqing,andShanghai,China
The2007triptoChinabeganinJanuarywithtwodaysinBeijing,hometotheChinesegovernmentand the2008Olympics.ThegroupofsecondyearMBAstudentsandfacultymembers,includingMatthews andOrtaloMagne,touredTiananmenSquareandtheForbiddenCity,thenmingledwithlocalresidents atavarietyofopenairandenclosedmarkets. WhileinBeijing,thestudentsmetProfessorLouJianbooftheCenterofRealEstateLawatBeijing University,whohighlightedtheissuesfacingtheChinesegovernmentastheyprivatizeland,and summarizednewpoliciesabouttobeimplemented.Inaddition,arepresentativeofJonesLangLaSalle explainedhowconstructiontakesplaceinChina.Wychockilearnedalot,shesaid,IntheUnitedStates, buildingsarecompletedfromthegroundup,withbottomlevelsbeingenclosedandfinishedfirst.In China,buildingsarepouredatonetime,finishoutandcloseinsaredoneonalllevelssimultaneouslyin ordertobeginthepresaleprocessassoonaspossible. Othercitiesvisitedbythestudents includedShanghai,wheretheymetwith executivesfromCitigroupRealEstate, MorganStanleyandHangLung Development,andtouredtheShanghai PlanningMuseum.Lastly,intheinterior cityofChongqing,studentswere introducedtotheirconsultingjob: HongkongLandLtdsBambooGrove,an 8millionsquarefootplannedmixeduse developmentalongtheJialingRiver. Ourprojectistoprovidefeedbackon bestpracticesintheUnitedStatesthat theycanapplytothatdevelopment, saysWychocki.Arethedemographics insyncwithwhattheyreplanning? StudentsanalyzeaproposeddevelopmentinChina SharonMcCabe,aseniorlecturerofclassesinappraisalandfeasibility,alsoaccompaniedstudentsto China.SheisespeciallyfascinatedbytheChinesepropertyrightssystem,andhowitischanging. WhatdoyouownwhenyouownpropertyinChina?sheasks.Thegovernmentisnowissuing70year leases,butthereisnodiscussionofthefuturebeyondthat,shesays.Chinesedevelopersdontseeany downsidetothat,becausetheyhaventexperiencedit.Itsallbeengoodtimesforthem.

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 INTERNATIONALSTUDYTRIPS(continued) Wychocki,whochoseWisconsinsrealestateprogrampartlybecauseofitsfocusondevelopment,saysit wasfascinatingtoglimpseanemergingeconomyunfoldandtoseethecreativeprocessatwork.And wheneveryoucangetinfrontofexecutivesatthatlevel,itsinvaluable. For20072008,MBAstudentswilltraveltoChina/JapanandMIPIM.AnundergradtriptoMunichfor Exporeal,anotherlargeinternationalrealestateconference,tookplaceinOctober2007. Travelingabroadgivesrealestatestudentsachancetokickthetires,saysMcCabe.Whenyoutravel, sometimesitreinforceswhatyoulearnedandsometimesitraisesmorequestions.Theresonlysomuch youcanteachinasemester.

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 STUDENTENRICHMENT StudentenrichmentactivitieshavealwaysbeenapartoftheWisconsinrealestatetradition.Overthe pastyear,wehavebuiltuponanalreadystrongfoundationofactivitiestoexpandandupgradeour rosterofenrichmentactivitiestocomplementtheclassroomexperience. Hereisasamplingofthe2006/07studentenrichmentactivities: TheE.J.PleskoDistinguishedSpeakerSeriesinRealEstateDevelopment Anewlectureseries,theE.J.PleskoDistinguishedSpeakerSeriesinRealEstateDevelopment,tobe presentedonceeachsemester,wasfundedbyagiftfromdeveloperE.J.Plesko,aCenteradvisoryboard memberandpresidentofE.J.Plesko&Associates,arealestatedevelopmentandmanagementcompany basedinMadison.AlumnusStuartAckerberg,(B.S.1979),CEOofTheAckerbergGroup,wasthefirst Pleskospeaker. TheE.J.PleskoDistinguishedSpeakerSeriesinRealEstateDevelopmentwascreatedtobringthe considerablerealworlddevelopmentexpertiseofouralumniandboardmemberstoallWisconsinreal estatestudents.FundsfortheserieshavebeengraciouslydonatedbyE.J.Plesko,aCenteradvisoryboard memberandpresidentofE.J.Plesko&Associates,arealestatedevelopmentandmanagementcompany basedinMadison.
GuestSpeakers

Prominentdevelopers,consultantsandotherindustryleaderscometocampustospeakinclasses throughouttheacademicyear.Thisprovidesstudentswithaforumtointeractwithandlearnfromreal estateprofessionalsandalumni.Seepage42foralistofguestspeakers. AlumniNetwork&Activities AuniqueaspectoftheRealEstateprogramatUWMadisonistheextensivesupportprovidedbythe WisconsinRealEstateAlumniAssociation(WREAA),acloseknitorganizationthatistheenvyofthe industry.StudentshavetheopportunitytoparticipateinBiennialConferenceortheWREAATRENDS conferenceinChicago.Seminarsandsocialeventshelpestablishnewlinkswiththecurrentstudent body.StudentsalsohaveaccesstotheWREAAemploymentdatabase. BoardMeetings TheBoardofAdvisorsistheCenterscoreadvisoryandsupportgroupandiscomprisedofsomeofthe toprealestateexecutivesinthecountry,includingboththecorporateandnonprofitsectors.Board membersmeettwiceayeartonetworkandparticipateinseminarsonimportantissuesfacingthereal estateindustry.Themeetingsprovideavarietyofstimulatingprogramsandopportunitiesforindustry leaderstoconnectwithoneanother,aswellasinteractwithfacultyandstudents.. RealEstateClub TheRealEstateClubisoneofthemostactiveSchoolofBusinessstudentassociations,andisanintegral partoftheeducationalexperienceforrealestatestudentsatUWMadison.Inadditiontoitsroleinthe recruitmentprocess,RealEstateClubmembersmeetfrequentlythroughouttheyeartonetworkandhear presentationsfromprominentrealestateprofessionals. Twiceayearthecluboffersafieldtriptoamajormetropolitanareatohelpstudentsgaininsightsintoa localrealestatemarket.Forthe2006/07academicyear,theclubvisitedBostonandLosAngeles.

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STUDENTENRICHMENT(continued) CoordinatedwiththelocalchapteroftheWisconsinRealEstateAlumniAssociation,thefieldtripsgive studentsintensivehandsonexperienceintherealitiesofthemarketandextensivecontactwiththe alumninetwork.TheCenterprovidessupportforsomeClubtravelexpenses. Springspeakersincluded: January25thJimCurtisoftheBristolGroupspokeabouthisnewLosAngelesCenterStudiosproject. February1stPaulMuench,UrbanLandInterests February8thAlexPrombaum,MerrillLynchCapital February22ndToddMcGrath,McGrathDevelopment April19thTomZale&PaulHanson,NorthwesternMutual 2007CareerFair TheclubalsohostedmanyspeakersandanannualCareerFairthatboasteditshighestrecruiter attendanceever.Thesecompaniesattendedthe2007CareerFair:
AllstateInvestments BankofAmerica BlackRockRealty BPGPropertiesLtd. CapitalSource ContinentalPropertiesCompany CSMCorporation CWCapitalLLC DominionBondRatingService DominiumDevelopmentandAcquisition Duff&Phelps,LLC Ernst&Young,LLP FreddieMac GeneralGrowthProperties GMACRFC GreatWolfResorts HammesCompany HollidayFenoglioFowler,L.P. Hines U.S.Bank HorizonWashingtonMutual IntegraRealtyResources,Inc. JonesLangLaSalleAmericas,Inc. KohlsDepartmentStores M&IBank M&IBankRealEstateDivision MerrillLynchCapital MoodysInvestorsService NAIMLGCommercial NorthwesternMutual ORIXRealEstateCapital,Inc. ParkNationalBank PrincipalFinancialGroup PrudentialMortgageCapitalCompany REDCapitalGroup RidgePropertyTrust RossRealty T.WallProperties TheGenevaOrganization Transwestern

Scholarships Approximately$108,000wasawardedthroughtheCenterinrecruitingscholarships,fellowshipsand programassistantshipstograduatestudents.Scholarshipsareusedtoattracttopstudentstothereal estateprogramandlowertheircostofeducation.Donorsknowthattheirsupportattractshighcaliber studentsstudentswhowillmakeexcellentalumniandfuturebusinesspartners.

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 STUDENTENRICHMENT(continued) NewGraingerHallAddition A$40.5millionadditiontotheeastsideofGraingerHallwillhousetheGraaskampCenteraswellas otherMBAprogramsoftheSchoolofBusiness.Theaddition,locatedonParkStreetbetweenJohnson StreetandUniversityAvenue,isexpectedtobecompletebythetimethefallsemester2008begins.A groupofWisconsinrealestatealumshaveearmarkedfundstoupgradetheGraaskampCenterspace makingitafirstclassfacilityforstudents,facultyandstaff. ThenewadditionwilloffercentralizedresourcesforMBAstudents,includingstateoftheartclassrooms, MBAProgramOffice,MBACareerCenter,breakoutroomsandauniquemultipurposePlenaryRoom.In addition,itwillprovideupgradedofficespaceandclassroomsfortheExecutiveMBAandEveningMBA programs. Fundingforthisprojectisprovidedby: 75%Gifts/Grants 25%StateFunds 0%Tuition/StudentFees A$20milliongift,oneofthelargestinthehistoryoftheuniversity,wasgivenbyDavidW.Grainger.In additiontothe$20millionGraingergift,$10.5millioningiftfundsand$10millioningeneralfund supportedborrowingwillcompletetheprojectbudget. Seepage37foranarchitecturaldrawingoftheGraaskampCentersspacewithinthenewGraingerHall addition.

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 STUDENTENRICHMENT(continued) MBAStudentOrientation&SocialActivities Newandreturningstudentsmeetatthebeginningofthesemestertopreparefortheacademicyear. Socialactivitiesduringorientationprovideopportunitiesforstudentstogettoknowfaculty,staffand returningstudents.WiththerecentnamingoftheGraaskampCenterforRealEstate,thisyears orientationincludedaspecialfocusonGraaskampandhisuniquephilosophyandholisticapproachto realestate.StudentswererequiredtoreadseveralchaptersofGraaskamponRealEstatefordiscussion andbothfirstandsecondyearstudentswereeachgivenaCDcopyofthepresentationonJames GraaskampthatwaspremieredinAprilattheGraaskampCenterdedicationceremony.TheCDwasthe brainchildofJimCurtis((MS1976)andwasproducedbyhisteamofexpertsattheBristolGroupandLA CenterStudios. AlumsBrantGlomb(MS04),CriagManske(MS81,BA79),ToniaRumrill(MS03)andJoeWalsh(MS 92)tooktimeoutoftheirbusyschedulestoparticipateintheorientationactivities.Theysharedtheir perspectivesontheWisconsinRealEstateProgram,alongwithinsightsandwisdomaboutworkingin theindustry.TheMBAclassalsometwithlocalalumniatadinnercosponsoredbyWREAAand participatedintheBadgerDash,whereteamsofMBArealestatestudentsracedtolocatevariousspots oncampus.

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CURRICULUM
Forthepasttwoyears,theCenterhassuccessfullydeliveredarevisedMBArealestatecurriculumin conjunctionwithanewschoolwideMBAprogramstructure.Ourcurriculumisthemost comprehensiveofanyrealestateprograminthecountryandismadepossiblebythedepthofour faculty,ourexpertteamofadjunctprofessors/lecturersandsupportinconjunctionwithanewschool wideMBAprogramstructure.

Real Estate Curriculum

Year One Curriculum First Semester Accounting Financial Management Marketing Management Data Analysis & Decision Making Communications RE Finance & Investment Semester Credits First Semester Business Strategy Real Estate Valuation & Feasibility Real Estate Economics Contemporary RE Topics RE Law Semester Credits

3 3 3 3 1 3 16

Second Semester Operations Management Economics for Managers Managing Behavior in Organizations Business Ethics REITs Risk Management & CMBS Semester Credits Second Semester International Real Estate International Study Trip RE Development International Finance Elective* Semester Credits Total Credits

3 3 3 1 3 3 16

3 3 3 3 3 13

3 3 3 3 3 13 60

*ElectivechosenfromRELaw,REDevelopment,AdvancedREFinance.

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 ENSURINGQUALITYTHERECRUITINGANDADMISSIONSPROCESS
AdmissiontotheMBAPrograminRealEstateishighlycompetitive.Ourgoalistoattractdiversehigh qualitystudentsfromacrosstheU.S.andworld,soitscrucialthatwedeterminethatthecandidateisa goodfitfortheprogram.InreviewingpotentialRealEstateMBAstudents,theadmissionscommittee evaluatesthefollowingareas:ademonstratedpassionforrealestate,relevantworkexperience,excellent communicationandanalyticalskills,essays,lettersofrecommendation,maturityandleadership potential,GMATscores,andundergraduatedegreeandGPA. Overthepasttwoyears,theCenterhasincorporatedamorefocusedrecruitingprocess.Executive DirectorMichaelMihelbergelmeetswiththeapplicantsandhelpsthemnavigatetheapplicationprocess. For2006/07,theCenterenrolledaverytalentedanddiversegroupof12MBAstudentsfromalloverthe U.S.andabroadwhoexcelledintheclassroomandwillbevaluedbyouralumsandemployerpartners. Animportantcomponentofattractingtopstudentsisbeingabletoofferfinancialsupport.TheCenteris committedtoprovidingfinancialsupporttoasmanystudentsaspossibleforaportionofthetimethey areenrolled.Thankstoourgenerousdonors,wearenowofferingmoreProjectAssistantpositionsthan everbefore.Studentswhoobtainthesepositionsreceivefulltuition,benefitsandastipendand,inturn, workabouttenhoursaweekfortheCenter.Inaddition,mostofourMBAstudentsreceivesometypeof scholarshipsupportduringtheirtimeingraduateschool. 2006/2006RecruitingandEnrollmentStatistics 2006MBACLASS 2007MBACLASS (INCOMING) (INCOMING) RecruitingStatistics Applicants Admits Enrolled StudentProfiles Enrolled Women International Minority AverageGMATScore AverageYears WorkExperience 42 24 17 17 3 3 4 662 2.5 51 25 12 12 2 1 3 643 3.7

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MBACAREERSERVICESANDJOBPLACEMENT
MBAcareerdevelopmentisasignificantpartofthestudentexperience.Ourstudentshaveaccesstoa widevarietyofresourcestosupportthemduringthejobplacementprocess.TheCenterservesasa conduittodisseminatejobopeningsforfulltimeemploymentandinternships. Resourcesavailabletostudentsinclude: MBACareerServices:HelpsWisconsinMBAstoenhancetheirmarketabilitybyproviding resourcesandindividualizedcareeradvisingforstudents.Theyofferseveralonlinetools, includingeRecruiting,theMBACareerNet,aswellasoncampusrecruitingandjobpostings. SharonMcCabe:AsAssistantDirectorfortheCenter,Sharonprovidesmentoringandguidance tostudentsduringthejobsearchprocess. RealEstateClub:HostsanannualcareerfairinFebruarywheremanyindustryleadersrecruit andinterviewstudents.Inaddition,theClubholdssixmeetingpersemesterwithguestlecturers andindustryprofessionalswhoalsorecruit.Studentsalsohavetheopportunitytoparticipatein thetwoannualfieldtripstomajorcitieswheretheycanmeetanddiscusscareeroptionswith alumni. StudentResumes:MBAstudentresumesareavailableonlineatthroughtheMBACareer ServicesOffice(http://www.bus.wisc.edu/mbacs/). JobPlacement LeadingcompaniesregularlyrecruitWisconsinrealestatestudentsandourMBAstudentsaregetting terrificjobsbothatgraduationandasinterns.TheClassof2007had93%jobplacementforitsstudents. 2007SummerInternships ContinentalPropertiesCompany CallahanCapitalPartners BankofAmerica LibertyPropertyTrust MacquarieGroup AckmanZiff DividendCapitalGroup WachoviaSecurities NationwideInsurance RealEstateCapitalPartners 2007MBASalaryStatistics(PermanentPlacement) AverageStartingSalary:$91,692 AverageSigningBonus:$22,750 Classof2007JobPlacement BankofAmerica BearStearns&Co.,Inc. BlackRockRealty CharterMacMortgageCapital E.J.Plesko&Associates,Inc. GreenStreetAdvisors Heitman NorthCentralGroup TranswesternRealtyFinancePartners,LLC WrightwoodCapital

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BOARDMEMBERSHIPANDPROGRAMS
TheBoardofTrusteesisacoreadvisoryandsupportgroupfortheCenter.Itiscomposedofsomeofthe toprealestateexecutivesinthecountry,includingthecorporateandnonprofitsectors.Theboard membersadviceandinvolvementwiththestudentsisoneofthefeaturesthatsetsourrealestate programapart.Membersbecomeinvolvedbysharingtheirknowledgeasguestlecturersinthe classroom,servingasinformalmentorstograduatestudents,recruitingtalentfortheirfirmsand attendingmemberboardmeetingseachyear. WewanttothankallofourmembersfortheirgenerousandcontinuedsupportoftheCenterforReal Estateandourmission.MembershipsarecriticallyimportanttooursustainabilitybecausetheCenteris entirelyselfsupporting,includingalloperatingexpensesandthebudgetforourstaffandaportionofits academicdirector. Asalways,oneofourtopprioritiesistoelevateandexpandtheCentermembershipandrevenuebase whilemaintainingahighqualitymembershipattheseniorlevelwithintheindustry.AsofAugust15, 2007,theCenterforRealEstateBoardMembershas105members,includinghonorary,studentand lifetimemembers.TheCenterwelcomed22newmemberssinceJuly1,2006. NewMembersin2006/07 SteveBailey,ManagingDirectorDebt,Heitman,LLC KarenCase,ExecutiveVicePresident,LaSalleBank TrishKelly,ExecutiveVicePresident,LaSalleBank RobertChapman,ExecutiveVicePresident&ChiefFinancialOfficer,BehringerHarvard PropertyTrust LynnCherney,Partner,SpencerStuart VinceCozzi,VicePresidentAcquisitions,Ventas AndrewDeckas,ChiefInvestmentOfficer,OpusCorporation LarryFreed,President,JosephFreedandAssociatesLLC&BarryKaufmanConsultant GeorgeGialamas,CEO,TheGialamasCompany,Inc. BarryKaufman,DivisionalVicePresidentofRealEstate,JosephFreed&AssociatedLLC RobertGifford,Principal,AEWCapitalManagement,L.P. DavidJoseph,Principal,WaltonStreet RayLewis,SeniorVicePresident,Ventas DaveMaki,HeadofCapitalMarkets,RREEF DavidNeithercut,President&CEO,EquityResidential LeePollock,Director,StarkInvestments ScottRansom,President&CEO,MarshallErdman&Associates MildaRoszkiewicz,SeniorVicePresident,WellsFargoRealEstate DavidRubin,ManagingDirector,BMOCapitalMarkets SteveSemingson,ChiefExecutiveOfficer,CivicPartners MartinStern,ExecutiveVicePresidentandManagingDirector,USEquities DaveStroik,President/CEO,ZimmermanArchitecturalStudios

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BOARDMEMBERSHIPANDPROGRAMS(continued)
BoardMeetings Oneofthemostimportantwaysofexpandingourmembershipbaseistoofferacompellingandhigh levelboardmeetingexperiencethatprovidesperspectiveandinsightthatisdifferentfromthatavailable atthenumerousindustrymeetingsandsummits.Thesemiannualmeetings(heldinthefallandspring) provideavarietyofstimulatingprogramsandopportunitiesforindustryleaderstonetworkwithone another,aswellasinteractwithfacultyandstudents. FallMeeting AttheFall2006boardmeeting,anarrayofexpertspeakersandpanelistsaddressedmorethan75 participantswiththeirperspectivesonrealestatemarkets.MorrisDavis,FrancoisOrtaloMagne, andStephenMalpezzisharedacademicinsightsintothetopic.DougPoutasse,ChiefInvestment Strategist,AEWCapitalManagement,DavidShulman,ManagingMember,DavidShulman,LLC, andJosephWilliams,Principal,ProfessorsCapitalpresentedprofessionalperspectivesonreal estatemarkets. ThroughaprogramcalledSoundStrategies:UnderstandingtheArtofStrategy,Collaborationand MarketInsights,musicwasusedmetaphoricallyatthedinnerpresentationasawaytoteach businessstrategy.DevelopedbyKayPlantes,acorporatestrategist,andStephanieJutt,a professorinUWMadisonsMusicSchool,theprogramjoinseachpartnerstalentsincreatinga highlyoriginalpresentation.Violinandfluteclashloudlymakinganimportantpointaboutthe importanceofcollaborationincreatingharmoniouschambermusic,whilereinforcingthe importanceofcollaborationindoinggoodbusiness. SpringMeeting OurSpring2007boardmeetingwasheldinconjunctionwiththerenamingoftheCenterafter JamesA.Graaskamp.Toreadmore,pleaseseepage5.Forthe2008,ourSpringmeetingwillbe heldonApril1011,2008attheGleacherCenterinChicago. Basedonmemberfeedback,bothourmeetingswereverysuccessfulintermsofprogramtopic,speaker quality,venue,andoverallexperience.Webelievethatprovisionoffirstrateprogramslikethisis essentialtoattractandmaintainafirstratemembership.

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CENTERFORREALESTATEBOARDOFADVISORS
LifetimeMembers(SubstantialGiftstotheCenter) MichaelArneson,ManagingPrincipal,TOLDDevelopmentCo. JamesCurtis,Principal,TheBristolGroup CharlesHeath,President&CEO,HorizonDevelopmentGroup,Inc. E.J.Plesko,President,E.J.Plesko&Associates FredPetri,President,HousingCapitalCo. BryantWangard,Partner,WangardProperties WisconsinRealtorsAssociation NormanFlynn,President,NormanD.FlynnAssociates,Inc. JamesImhoff,Chairman&CEO,FirstWeberGroup,Inc. DanLee,VicePresident,FirstWeberGroup,Inc. WilliamMalkasian,President,WisconsinRealtorsAssociation HonoraryMembers ChuckCarpenter,AssistantInvestmentDirector,StateofWisconsinInvestmentBoard ChristineDicks,Director,WisconsinRealEstateAlumniAssociation MichaelKomppa,President,WisconsinRealEstateAlumniAssociation WendallKurtz,ManagingDirector,AllianzofAmerican,Inc.(currentWREAAPresident) FredPrassas,PresidentandCoFounder,PropertyManagementConcepts,Ltd. RobertSeverance,InvestmentDirectorofRealEstate,StateofWisconsinInvestmentBoard StudentRepresentatives(CoPresidentsoftheRealEstateClub) JacobMaliel JohnMinahan EmeritusMembers FrankMacDougal EugeneSkaggs,ManagingDirector,NorthwesternMutualLifeInsuranceCo. SponsorMembers$10,000AnnualGifttotheGraaskampCenter E.J.Burke,ExecutiveVicePresident,KeyBank ThomasMcCahill&JamesMazzarelli ManagingDirectors,TranswesternRealtyFinancePartners,LLC JeffRaymond,President,Raymond&Associates SustainingMembers$6,000AnnualGifttotheGraaskampCenter RobertBond,President,BondCompanies KarenCase,ExecutiveVicePresident&TrishKellyExecutiveVicePresident,LaSalleBank DerekChen,CEO,ChencoHoldingCo. DavidClark,VicePresidentofRealEstateInvestment,NorthwesternMutual KevinCrummy,VicePresident,EastdilRealtyCo. LarryDuggins,PresidentandCOO,ARCapREIT,Inc. LarryFreed,President,JosephFreedandAssociatesLLC&BarryKaufmanConsultant

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CENTERFORREALESTATEBOARDOFADVISORS
LynnGray,SeniorVicePresident&RaymondMikulich,ManagingDirector,LehmanBrothers JonHaahr,ManagingPrincipal,SilverPortalCapital,LLC JosephHoesley,DivisionHeadofRealEstate,U.S.BankNationalAssociation MichaelHusman,ManagingPrincipal,EquibaseCapitalGroup,LLC BruceJohnson,ManagingDirector&CFO,RegencyCentersCorp. BarryKaufman,DivisionalVicePresidentofRealEstate,JosephFreed&AssociatedLLC StephenLebovitz,President,CBL&Associates,Inc. DavidLenz,Chairman&CEO,TheNorthCentralGroup RaymondLewis,EVPandCIO,&VinceCozzi,VicePresidentAcquisitions,VentasHealthCare Properties JamesMartell,President&CEO,RidgeRealtyTrust RobertMichaels,President&COO,GeneralGrowthProperties,Inc. DanielJ.Minahan,President,ContinentalPropertiesCo.,Inc. JamesMuir&MildaRoszkiewicz,ExecutiveVicePresident&SeniorVicePresident,WellsFargoReal Estate D.DevonOsborn,SeniorVicePresident,M&IBank ArthurPasquarella,ExecutiveVicePresident&COO,BPGProperties,Ltd. JohnPetrovskiManagingDirector&RobKukulkaDirector,MerrillLynch&Co. TimPire,ManagingDirector&SteveBaileyCoManagingDirector,HeitmanRealEstateSecurities,LLC DavidWall,President,GLLProperties,Inc. PatronMembers$3,500AnnualGifttotheGraaskampCenter ClaudeBallard JeanBarden,HeadofNewYorkRepresentativeOffice,DGHYP DavidR.Brown,President&CEO,ORIXRealEstateCapital,Inc. MichaelCantwell,President,JohnsonCapitalGroupofColorado BrianCarey,VicePresidentofDevelopment,UnitedProperties LynnCherney,Partner,SpencerStuart RichardCline,ChiefExecutiveOfficer,HometownAmerica GeraldCohen,COO,TheAckmanZiffRealEstateGroup,LLC AndrewDeckas,ChiefInvestmentOfficer,OpusCorporation StevenDisse,SeniorVicePresident,Colliers,Bennett&Kahnweiler,Inc. MichaelFeiner,President,FeinerEnterprises DavidFriedman,ExecutiveVP,FundManagement,WrightwoodCapital JohnGates,Jr.,Chairman&CEO,PortaeCoLLC GeorgeGialamas,CEO,TheGialamasCompany,Inc. RobertGifford,Principal,AEWCapitalManagement,L.P. MarkGoodman,President,MarkGoodmanandAssociates,Inc. JamesGrusecki,President,NorthernBuilders,Inc. JamesHaft,Counsel,Holland&Knight PatrickHalter,ChiefExecutiveOfficer,PrincipalCapitalRealEstateInvestorsLLC JonHammes,ManagingPartner,HammesCompany PeterHitch,Partner,UrbanAssociates

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CENTERFORREALESTATEBOARDOFADVISORS(continued)
DavidJoseph,Principal,WaltonStreet RobertKarner,ExecutiveDirector,MorganStanley DanielLarson,SeniorInvestmentOfficer,CUNAMutualGroup DavidLentz,VicePresident,GreenCourtePartners,LLC AronLevine,RegionalExecutiveMidwest,BankofAmerica MichaelLuecht,President&CEO,MLRealtyPartnersLLC DuaneLund,ManagingPartner,TheGenevaOrganization DaveMaki,HeadofCapitalMarkets,RREEF CraigManske,President,DevelopmentSolutions JamesMuir,ExecutiveVicePresident,WellsFargo StevenMyers,SeniorVP,AEGONUSARealtyAdvisors,Inc. DavidNeithercut,President&CEO,EquityResidential LeePollock,Director,StarkInvestments QuintinPrimoIII,CoChairman,CAPRICapitalLimitedPartnership ScottRansom,President&CEO,MarshallErdman&Associates KimRedding,CEO,K.G.Redding&Associates JamesRing,President,ParkTowneDevelopmentCorp. DavidRubin,ManagingDirector,BMOCapitalMarkets SteveSemingson,ChiefExecutiveOfficer,CivicPartners TimothySherry,PrincipalandHeadoftheRealEstateConsultingGroup,Suby,VonHaden&Associates JamesSmith,ManagingPrincipal,KensingtonRealtyAdvisors,Inc. RichardSokolov,President&COO,SimonPropertyGroup MartinStern,ExecutiveVicePresidentandManagingDirector,USEquities DaveStroik,President/CEO,ZimmermanArchitecturalStudios,Inc. DavidTomfohrde,SeniorVicePresident,DraperandKramer,Inc. TerrenceWall,President,T.WallProperties HughZwieg,PresidentandCEO,WindRealtyPartners

FacultyFellows SteveBorn,Professor,UrbanandRegionalPlanning,UWMadison DanielBromley,Professor,AppliedEconomics,UWMadison RichardHeymann,FacultyAssociate,LawSchool,UWMadison JackHuddleston,Professor,InstituteforEnvironmentalStudies,UWMadison HarveyJacobs,Professor,InstituteforEnvironmentalStudies,UWMadison AntonioMello,Professor,Finance,UWMadison ThomasW.Mitchell,LawSchool,UWMadison HarveyRabinowitz,Professor,DepartmentofArchitecture,UWMilwaukee AndyReschovsky,Professor,AppliedEconomics,UWMadison

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MEMBERSHIPLEVELSBOARDOFADVISORS(continued)
SponsorMembers: $10,000 Sponsormembersdesignatetwoofficialrepresentatives(total)whoareeligibletoserveonthe BoardandontheExecutiveCommittee. Memberswillbeinvitedtoattendthefallandspringboardmeetings(atnoadditionalcost)to receiveanupdateoneducationalandindustryrelevantresearchinitiativesandtomeetwith colleaguestodiscusstheimportantissuesfacingtheindustry. Membersalsoreceiveinvitationstosymposiaontopicsrelevanttotheindustry;andpreferential enrollmentinourrealestateexecutiveeducationcoursesata20%discountforanunlimited numberoftheiremployees. MemberswillhaveaccesstotheAcademicandExecutiveDirectoroftheCenter,andthrough them,tothefacultyonmattersofspecificinteresttothemortheirfirms. Sponsormemberscanalsobeinvolvedwithcertainstudentprojectsandreceivespecialaccessto selecteddatabasesthroughtheCenter. Sponsormemberswillreceivespecialrecognitioninournewsletter. AttheSponsorLevel,youhavetheabilitytodesignateupto$4,000(ofyour$10,000gift)forthefollowing initiatives/programs:AREITorInternationalPrograms.Youwillbeidentifiedasasponsorfortheselected initiative/program. SustainingMembers:$6,000 Sustainingmembersdesignatetwoofficialrepresentatives(total)whoareeligibletoserveonthe Board. Memberswillbeinvitedtoattendthefallandspringboardmeetings(atnoadditionalcost)to receiveanupdateoneducationalandindustryrelevantresearchinitiativesandtomeetwith colleaguestodiscusstheimportantissuesfacingtheindustry. Membersalsoreceiveinvitationstosymposiaontopicsrelevanttotheindustry;andpreferential enrollmentinourrealestateexecutiveeducationcoursesata20%discountforuptotenoftheir employees. Sustainingmemberscanalsobeinvolvedwithcertainstudentprojectsandreceivespecialaccess toselecteddatabasesthroughtheCenter. PatronMembers:$3,500 PatronmembersdesignateoneofficialrepresentativewhoiseligibletoserveontheBoard. Memberswillbeinvitedtoattendthefallandspringboardmeetings(atnoadditionalcost)to receiveanupdateoneducationalandindustryrelevantresearchinitiativesandtomeetwith colleaguestodiscusstheimportantissuesfacingtheindustry. Membersalsoreceiveinvitationstosymposiaontopicsrelevanttotheindustry;andpreferential enrollmentinourrealestateexecutiveeducationcoursesata15%discountforuptofiveoftheir employees. WealsoofferaNonProfitMembershipfor$1,000.BenefitsarethesameasthePatronlevel.

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BOARDMEMBERSHIPANDPROGRAMS
WhatOurMembersareSayingAboutTheirExperiencewiththeCenterforRealEstate... Weliveverybusylives.Howweprioritizeoureffortsiscriticaltoeachandeveryoneofus.MakingtheUW CenterforRealEstateapriorityistrulyanenrichingexperience.Whatbetterexperiencethantoseeandmeetfirst handthebrightestandbestintermsofpeopletalentintheindustryfromstudents(ourfutureleaders)tothecurrent industryleadershipofalumniandfriendsoftherealestateprogram.Theinsightsandfreshenergycreatedfromthis interactionisveryspecialtomeasaBoardmember. PatHalter CEO PrincipalCapitalRealEstate InvestorsLLC DesMoines,IA

BeingamemberoftheCenterBoardhasbeenveryrewardingtomebothprofessionallyandpersonally. Professionally,itprovidesmewithanopportunitytonetworkwiththebestmindsinrealestateandstayupdatedon currenttrendsandindustrydirection.Personally,itgivesmetheopportunitytogivebacktotherealestate programthatprovidedalifealteringexperienceforme.IfIhadnotmetJimGraaskampbackin1977,Imaynot havechosenrealestateasaprofession.Italsoallowsmetomeetthestudentsandassistthemwithadviceand directionthatwasnotavailabletomewhenIwasinschool.Weallhaveadutytohelpshapethefutureandthe UniversityofWisconsinRealEstateCenterBoardprovidesmetheopportunitytohelponmultiplefronts. CraigManske President DevelopmentSolutions Chicago,Illinois

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MARKETING
TheCentercontinuestofocusonbrandawarenessthroughitsmarketingandPRefforts.Therenaming oftheGraaskampCenterreceivednewscoveragefromawidevarietyoflocalandregionalmediaoutlets. Inaddition,severaltradegroupsfeaturedthenewsoftheGraaskampCenterdedicationceremonyin summerandfallnewspaperandmagazineissues.TheseincludeTheMinnesotaRealEstateJournal,the PensionRealEstateAssociation,andtheCounselorsofRealEstate. WebsiteandENewsletter TheCenterswebsiteisbeingredesignedtoprovidemorenewsandfeaturestoriesonstudents,faculty andalumni.Anelectronicnewsletterisbeingdevelopedandisslatedtobecompletebeforetheendof the2007.ThenewsletterwillprovideupdatesonallaspectsoftheWisconsinRealEstateProgramand willbesharedwithalumni,boardmembersandfriendsoftheprogram. FacultyintheNews Ourfacultyoftenserveassubjectexpertsonhousingandrealestate.Someofthemediafeaturesinclude: StephenMalpezzi TheWisconsinStateJournalquotedStephenMalpezziinanarticleabouttherenamingofthe JamesA.GraaskampCenterforRealEstate.MalpezzisaidofthelateProfessorGraaskamp,He sawrealestatedevelopmentnotjustasamoneymakingoperationbutsomethingthathadtobe donerightforthegoodofsociety.April14,2007. TheWisconsinStateJournalquotedStephenMalpezziandFrancoisOrtaloMagn,Associate ProfessorofRealEstate,inanarticleaboutputtingyourhomeonthemarket.April16,2007. StephenMalpezzispoketotheMadisonDowntownRotaryClubonMarch8aboutpossiblerisks toMadisonsrealestatemarket,whichinvolvesconsiderableforeigninvestment. TheMilwaukeeJournalSentinelquotedStephenMalpezziinPropertyvaluesinstatejumpnearly 10%.ThearticlediscussestherecentincreaseinWisconsinpropertyvalues.August15,2006. TheMilwaukeeJournalSentinelquotedStephenMalpezziinHousingValuesSlowSuddenly. Thearticlediscussestherecentslowdowninthehousingmarket.September5,2006. FranoisOrtaloMagn AMilwaukeeMagazinearticleaboutHomeVesters,thecompanywhosesloganis,Webuyugly houses,quotedFrancoisOrtaloMagn.Hesaidofthecompany,Itsclever,theseguysarelike usedcardealerstheyfacilitateliquidityinthemarket.August1,2007. TheMilwaukeeBusinessJournalquotedFrancoisOrtaloMagn,RealEstateandUrbanLand Economics,aboutastudyhecoauthoredontheforsalebyownerrealestatemarketin Madison.July6,2007. Bloomberg.comfeaturedOrtaloMagnsstudyabouttheforsalebyownerrealestatemarket. August20,2007. TheNewYorkTimesquotedFrancoisOrtaloMagnaboutastudyhecoauthoredontheForSale byOwnermarketinMadison.June8,2007.

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MARKETING(continued)
FranoisOrtaloMagn(continued) CNNMoneyreportedonastudycoauthoredbyFrancoisOrtaloMagn,concerningtheforsale byownermarket.June8,2007. TheWisconsinStateJournalquotedStephenMalpezziandFrancoisOrtaloMagninanarticle aboutputtingyourhomeonthemarket.April16,2007. TheMilwaukeeJournalSentinelquotedFrancoisOrtaloMagneinTheRealWorld.Thearticle discussesemergingmarketsandtheirexpansionpotentialforteachingandlearningbyhousing professionals.February17,2007. TheMilwaukeeJournalSentinelquotedFrancoisOrtaloMagneinSmallerlots?Maybeifweoffer theneighborssomeupside.Thearticlediscusseszoningandhowitaffectsaffordability.January 30,2007. TheLosAngelesDailyNewsquotedFrancoisOrtaloMagneinForeignRealEstateInvestorsstill likeL.A.Thearticlediscussesthepreferenceforforeigninvestmentsincommercialrealestatein L.A.January28,2007. TheNewYorkObserverquotedFrancoisOrtaloMagneinCityTopsforForeignCommercialReal EstateInvestment,SurveySays.Thearticlediscussesthepreferenceforforeigninvestmentsin commercialrealestateinL.A.January24,2007. MorrisDavis TheMiliwaukeeJournalSentinelinterviewedMorrisDavisforaseriesonsubprimemortgage woes.Everyoneonthepropertyladderisaffected,hesays.Foreclosurefallouttospread, March24,2007. TheMSNMoneywebsitequotedMorrisDavisinNoendtohousingslump.Ithinkwearein foranotherthreeyearsofbelowaverage(growth)forhousepricesandresidentialrealestate investment,Davissaid.March2,2007. TheMilwaukeeJournalSentinelquotedMorrisDavisinNeighborsTwoCents:TooCostly.The articlediscussestheacceptanceofaffordablehousing.January27,2007. TheWallStreetJournalquotedMorrisDavisinLandsSlipperySlopeintheDecember22issue. Thearticlediscussesthecurrentrollercoasterrideinlandprices. RealEstateJournal.comcitedMorrisDavisinLandPricesIncreasinglyDriveHousingMarkets, FedStudySays,intheJune22,2006edition.Thearticlediscusseslandpricesandtheireffecton thehousingmarkets. BusinessWeekOnlinequotedMorrisDavisinLandSwingsHomePrices.Thearticleshowcases DavisFederalReserveresearchpaperThePriceofResidentialLandinLargeU.S.Cities.June 26,2006. MorrisDavisishighlightedinFedStudy:LandPricesIncreasinglyDriveUSHousingMarkets intheJune20issueoftheDowJonesCapitalMarketsReport.ThearticleshowcasesDavis FederalReserveresearchpaperThePriceofResidentialLandinLargeU.S.Cities. MorrisDavisworkingpaperThePriceofResidentialLandinLargeU.S.Citieswaspickedup bytheDowJonesNewsWireandishighlightedintheJuneissuesofBusinessWeekOnlineand TheSt.PetersburgTimes. MorrisDavisiscitedinHomesforsalebutnotforasongintheAugust17editionofThe ChristianScienceMonitorOnline.Thearticlediscusseshomepricesintheslowingrealestate market.

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MARKETING(continued)
TimothyRiddiough TimothyRiddioughoftheJamesA.GraaskampCenterforRealEstateisquotedinStateSees CashCowinGovernmentBuildingsintheFebruary6onlinearticlefromchannel27WKOW. Thearticlediscussestheplantosellagovernmentbuildingtogeneratecashandadditional propertytaxes. TheCapitalTimesquotedTimothyRiddioughinUrbanabodes:Downtowncondodwellerslove it.ThearticlediscussesthedowntownMadisoncondomarket,includingcommentaryfrom currentcondoowners.February2,2007. TimothyRiddioughisquotedinSmallBanks,BigRisksintheFebruary6onlinearticlefrom channel27WKOW.Thearticlediscussestheissuesthatarisefromtheincreasedtendencyof smallbankstomakecommercialrealestateloans. KeynotespeakerattheNationalRealEstateForum. Quotedinanumberofmediaoutlets,includingtheWallStreetJournal,FinancialTimes, SmartMoneyMagazine,andtheChicagoTribune. FeaturedinPREAQuarterlyonthetopicofHumanCapitalTrendsinRealEstate.

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EXECUTIVEEDUCATIONUPDATE
Duringthe2006/07academicyear,sixexecutiveeducationcourseswereofferedbytheCenterforReal Estate.Courseenrollmentsremainedsteadyandtheprogramproducedaprofitofapproximately $25,000(includescoveringsalary/benefitsoverhead).Inadditiontoprovidingasmallbutsteadyprofit, wefeelthatintangiblessuchasvisibility,industryoutreachandpublicrelationsaremajorbenefits associatedofourexecutiveeducationprogram.Also,intheWisconsintraditionofrealestate,ourroster ofexecedinstructorsareoutstanding,includingalums:JaySaAaduandNinoPedrelli. NewapplicationswillnolongerbeacceptedfortheRealEstateCertificateProgram.Thischangein directionwillallowustomoreeffectivelyfocusourlimitedfinancialandhumanresourcesonachieving thegoalsoutlinedinourstrategicplan. Inkeepingwiththesegoals,wearereviewingseveralpotentialnewprogramminginitiativesaimedatthe highlevelrealestateexecutive.Thismayincludeanewleadershipprogram,targetingdifferentnew locations,andextendingourtrainingeffortstofirmspecific,customtailoredcoursestocreatenew connectionswithprivateindustryandprofessionalassociations.Weseecustomprogrammingasthe mostlikelyproductlineforincreasingexecutiveeducationrevenues. 2006/07ProfessionalEducationCourses ManagingConstructionProjects ControllingConstructionCosts IntroductiontoCommercialRealEstateDevelopment LawandtheRealEstateProfessional RealEstateInvestmentandFeasibilityAnalysis CommercialRealEstateFinance

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INTHECLASSROOM:2006/07Faculty&LecturerGuestSpeakers
TheCentergratefullyacknowledgesthemanyindustryprofessionalswhocontributedtheirtimeand talenttosupportingtheRealEstateProgram.Someoflastyearsspeakersinclude: DavidAltig,VicePresidentandAssociateDirectorofResearch,FederalReserveBankofCleveland JoeBetlej,VP&PortfolioMgr,AdvantusCapitalMgmnt,Minneapolis(MS1985) DavidBornstein,VicePresident,OculusDevelopment,LLC(MBA1996) JoeBowar,SeniorVicePresident&CIO,WindRealtyPartners(MS1994) JimBradley,President,HomeSavings&Loan,Madison FredCampbell,President/CEO,TheCascadeGroup(Alum) SusanChapman,GlobalHeadofOperations,CitigroupRealtyServices(MBA1998) MikeConaghan,VicePresident,MarshallBankfirst,Madison(MS1991) RalphCram,VicePresident,BondCompanies(MS1987) JimCurtis,Principal,BristolGroup,INC(MS1976) MargieCustis,ManagingDirector,PrincipalRealEstateInvestors LarryDuggins,ExecutiveManagingDirectorandCoHeadoftheCommercialRealEstateGroupat CenterlineCapitalGroup ChrisFiegen,Analyst,EquityInternationalProperties SallyGordon,SeniorVicePresident,MoodysInvestorsService JonHammes,ManagingPartner,HammesCompany(MS1974) ChuckHeath,President&CEO,HorizonDevelopment(MS1983) MannyJimenez,StaffDirectoroftheWorldDevelopmentReportTeam,WorldBank RobertKarner,ExecutiveDirector,MorganStanley(MS1989) PaulLenhart,President,TheLenhartCompany(MS1985) JamesMartell,CEO,RidgePropertyTrust,Chicago(BBA,1974) RonMastalski,StrangArchitects,Madison JamesMazzarelli,ManagingDirector,TranswesternRealtyFinancePartners(MS1989) ToddMcGrath,President,McGrathAssociates MikeNemlich,Principal,JanMarRealty KevinODriscoll,SVP&MarketingMgr.CommercialRE(MS1996) BradOlsen,AtlanticPartners,Ltd. EJPlesko,President,E.J.Plesko&Associates AlexPrombaum,MerrillLynchCapital JeffRaymond,President,RaymondManagement(MS1972) ToniaRumrill,VP,HarrisonStreetRealEstateCapital,Chicago(MS2003) CraigStanley RobertStoehr,Chairman,RHSCompanies(BS1991) PeterTan,StrangArchitects,Madison GregUhen,President,EppsteinUhenArchitects,Milwaukee/Madison TerrenceWall,President,T.WallPropertiesMgmntGroup,Madison(BA1987,MS1989)

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GRAINGERHALLADDITION
ArchitecturalDrawingoftheGraaskampCenteronFourthFlooroftheNewGraingerHallAddition

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YOUNGALUMNIPERSPECTIVES
WhydosomanyofthebestandbrightestyoungprofessionalschoseWisconsinsMBARealEstate Programoveranyother?Weveaskedthemtogiveyoutheanswer. ShampaBhattacharya MS2002,RealEstate&UrbanlandEconomics PerryCapital NewYork,NY EducationalBackground: B.S.JadavpurUniversity,Calcutta,1994 M.S.ArchitectureandConstructionManagementfromtheSchoolofPlanning andArchitecture,NewDelhi,1996 ProfessionalExperience ShampajoinedPerryCapital,ahedgefundbasedinNewYork,in2002.WhileattendingSchoolshe workedasasummerinternwiththestrategicadvisorygroupatCushman&WakefieldinNewYork. Priortothat,sheworkedwithITCLtd.inIndiaforfouryears. TheUWRealEstateprogramshapedmeinmanywaystowardmycareer.Probablythemostvaluablepartofthe programwasthestrengthanddepthofthecourseworkandtheaccomplishedfaculty,whichprovidedmewitha strongknowledgebasetostartintheindustry.Also,ItrulyenjoyedthecamaraderieoftherealestateclubwhereI madesomegreatfriendsandcontacts.Buttheexperience,whichhelpedmemostdirectlyinmywork,wasthetime spentintheARESAPprogramthepracticalapplicationfocusoftheprogram,thedeliberationswithinthegroup, aswellastheinteractionwiththedistinguishedadvisoryboardmembersprovidedaninvaluableexperienceand mademewellqualifiedfortheintenselycompetitiveindustryIamin. DavidGevers MBA2006,RealEstateandUrbanLandEconomics E.J.Plesko&Associates,Inc.,Associate Madison,WI EducationalBackground B.A.Architecture,UniversityofSouthernCalifornia ProfessionalExperience Davidsresponsibilitiesincludeoverseeingconstruction,developmentand financialanalysisofnewinvestmentopportunities.Duringthesummerbetweenhisfirstandsecond yearoftheMBAprogram,heinternedwiththeBascomGroup,inmultifamilyacquisitions.Hisprior workexperienceincludesdesignandprojectmanagementforhighendapartmentrenovationsinNew YorkCityandvariouscommercialprojectsinNewYorkandLosAngeles. ThebestthingabouttheUWRealEstateprogrambesidesthestrongalumninetworkishowwelltheprogram preparesyouforacareerinRealEstate.Whetherinthepublic,private,globalorlocalmarketstheUWReal EstateMBAprogramgivesyouanindepthandcomprehensiveknowledgeofRealEstate.

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KEYFACTS
TopRankings.Wisconsinisconsistentlyrankedamongtheverybestrealestateprogramsinthe country.OurgraduateprogramplacedthirdinthenationinU.S.NewsandWorldReportsmostrecent rankingofrealestateprograms. ActiveAlumniNetwork.Programgraduatesstayinvolvedlongaftergraduation.TheWisconsinReal EstateAlumniAssociationisastrongandactivenetworkofmorethan1,600professionals.Theyplayan activerollinnetworkingwithstudents,aswellasparticipatinginclasslecturesandprojects. ChallengingCurriculum.Ourcurriculumisthemostcomprehensiveofanyrealestateprograminthe countryandismadepossiblebythedepthofourfaculty,ourexpertteamofadjunctprofessors/lecturers andsupportinconjunctionwithanewschoolwideMBAprogramstructure.TheAppliedRealEstate SecurityAnalysisProgram(ARESAP),auniquetrackwithintheRealEstateMBA,isthefirstprogramof itskindinthecountry,providingateamofMBAstudentstheopportunitytomanagea$1million portfolioinvestedinREITs. DedicatedStaff.TheCenterandDepartmenthasaninvolvedandexperiencedstaffthatcaterstothe individualneedsofstudents,alumniandemployees. 100%JobPlacement.TheMBAClassof2006had100%jobplacement(notincludingourtwo internationalstudentswhoreturnedtotheirhomecountries).Topcompaniesregularlyrecruit. UniqueInternationalOpportunities.TheCenternowoffersthemostindepthinternationalexperience ofanyrealestateprograminthecountry.BothfirstyearandsecondyearMBAstudentsparticipatein uniquestudytripsabroadgivingthemtheopportunitytolearnfirsthandaboutcurrentissuesin internationalrealestate. StrategicPartnershipswithIndustry.Studentsandfacultyareconnectedwithtoplevelprofessionalsin industrythroughtheCenterforRealEstateBoardmembers.TheCenteralsoengagesthelargerreal estatecommunitybydevelopingacademicandexecutiveeducationprogramsthatwillmeettheneedsof theindustrytodayandwellintothefuture.

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CENTERSTAFF&CONTACTINFORMATION
CenterforRealEstate UniversityofWisconsinMadisonSchoolofBusiness GraingerHall 975UniversityAvenue Madison,WI537061323 www.bus.wisc.edu/wcre TimRiddiough AcademicDirector Phone:608/262.3531 Email:triddiough@bus.wisc.edu MichaelMihelbergel ExecutiveDirector Phone:608/2611358 Email:mmihelbergel@bus.wisc.edu LeeGottschalk AssociateDirector Phone:608/2652032 Email:lgottschalk@bus.wisc.edu

UNIVERSITY OF WISCONSIN-MADISON SCHOOL OF BUSINESS

CENTER FOR REAL ESTATE