JOSHUA A. HARRIS, PH. D., CRE, CCIM, CAIA

Transcription

1 JOSHUA A. HARRIS, PH. D., CRE, CCIM, CAIA 11 West 42 nd Street, Rm 509E New York, NY Tel PROFESSIONAL PROFILE Dr. Joshua Harris serves as the Academic Director and Clinical Assistant Professor of Real Estate at New York University s Schack Institute of Real Estate. Prior to joining NYU, Dr. Harris served as the Director of the Dr. P. Phillips Institute for Research and Education in Real Estate at the University of Central Florida. Dr. Harris has taught real estate and finance courses at the undergraduate and graduate levels. Additionally, Dr. Harris serves as a Managing Partner with the Lakemont Group, a boutique real estate and economic consultancy in Orlando, FL. Dr. Harris primary areas of expertise include economic development, market research, expert testimony, and financial/project consulting. His clients include national real estate developers, real estate investment trusts, private equity firms, law firms, and hospitality institutions as well as local governments and real estate companies. Dr. Harris holds a Ph. D. in Finance from the University of Central Florida with a research emphasis in institutional real estate and capital markets. Dr. Harris holds the Chartered Alternative Investment Analyst designation, has been named an Honorary Kentucky Colonel, a NAIOP Research Foundation Distinguished Fellow, a Counselor of Real Estate (CRE), a Certified Commercial Investment Member (CCIM), and has received a gubernatorial appointment to the Florida Real Estate Appraisal Board. Dr. Harris is routinely called on as an expert witness and for media interviews in the field of real estate, finance, and economics. EDUCATION University of Central Florida (Orlando, FL) Ph. D. in Finance August 2012 Dissertation Title: Real Estate Investment Trust Performance, Efficiency and Internationalization Masters of Business Administration August 2007 B.S. in Business Administration Finance December 2004 University Honors Magna Cum Laude INDUSTRY EXPERIENCE Lakemont Group (Orlando, FL) 2007 to Present Managing Partner Provide service to large national real estate firms, investors, and developers. Provide advice regarding capital markets, structured finance, and economics to clients. Consult on startup of publically registered/non-traded REIT and S-11 filing. Consult on creation of new financial products, including Interval Mutual Funds. Act as litigation consultant for cases involving real estate, economics, and finance.

2 CNL Fund Advisors (Orlando, FL) 2008 Analyst Researched public real estate products marketability (ETFs, Mutual Funds, REITs). Produced reports and strategic plans regarding the launching of new investment products. Created white papers for wholesaling team selling the CNL Global Real Estate Fund. Franklin Square Capital Partners (Orlando, FL) Analyst Researched private equity investments and Business Development Companies (BDCs). Produced reports and contributed to creation of SEC N-2 public registration of BDC. Commercial Real Estate Broker (Orlando, FL) Multi-Family and Retail Investment Specialist Focused on acquisition of retail centers and apartment complexes in the Southeastern U.S. Managed team of residential/commercial real estate agents. ACADEMIC EXPERIENCE New York University Schack Institute of Real Estate (New York, NY) Academic Director and Clinical Assistant Professor of Real Estate August 2017 Present Responsible for program development and management of courses and faculty. Oversee student and industry outreach programs. Recruit, advise, develop, and evaluate full-time and adjunct faculty. Enhance the local, national, and global presence of the NYU Real Estate program. Dr. P. Phillips Institute for Research and Education in Real Estate (Orlando, FL) Director August 2011 August 2017 Created and now manage the UCF Real Estate Council. Plan, operate and manage UCF Real Estate Conferences. Serve as liaison to real estate industry and Central Florida community. Enhance the local, national, and global presence of the UCF Real Estate program. Dr. P. Phillips School of Real Estate at the University of Central Florida (Orlando, FL) Lecturer of Finance & Real Estate August 2012 August 2017 Instructor of Finance August 2011 July 2012 Graduate Teaching Associate August 2008 July 2011

3 TEACHING EXPERIENCE As instructor of record REE Fundamentals of Real Estate REE 4203 Commercial Real Estate Finance REE 4204 Residential Real Estate Finance REE 4303 Real Estate Investment Analysis REE Advanced Topics in Real Estate (NAIOP Challenge Course) REE 6006 Real Estate Markets & Institutions (MSRE Class) REE 6209 Real Estate Finance & Investments (MSRE Class) REE 6737 Real Estate Development (MSRE) FIN 3414 Intermediate Corporate Finance ARGUS DCF & Developer Course for Professional MSRE Program As visiting lecturer European Business School s Kontaktstudium Immobilienokonomie - Interest Rate & Currency Risk Management Session - Commercial Mortgage Backed Securities Session TEACHING AND ADVISING ACTIVITIES UCF Professional Real Estate Master s Program Program Advisor January 2013 August 2017 Host information sessions and service inquiries from prospects. Perform interviews of applicants and advise on admission decisions. Assist in coordination of scheduling, delivery of program, and extracurricular activities. UCF Undergraduate Real Estate Program Faculty Mentor August 2011 August 2017 Assist students in course planning, major selection, and career transitioning. Coordinate and attract recruiting activities at UCF for real estate positions. Assist in career events on UCF campuses including o Annual CCIM Institute Career Panel o Annual Appraisal Institute Career Panel o Annual Meet the Firms Event (hosted by UCF-FMA) UCF Student Real Estate Club Faculty Advisor August 2011 August 2017 UCF REAL Bowl NAIOP Challenge Competition UCF Liaison to NAIOP/Co-Coordinator August 2011 August 2017 Instructor of Record (REE 4933) January 2009 May 2011

4 ACADEMIC PUBLICATIONS Concentration in US Mortgage Loans and the Impact of the Great Recession (with G. Mueller, A. Mueller, and H. Guirguis). Forthcoming at International Real Estate Review. Multifamily Investment Strategies: Does Property Class and Market Type Matter? Forthcoming at Real Estate Finance. Profitability of Real Estate Investment Trust Internationalization (with R. Anderson and H. Guirguis). Revise and resubmit at Journal of Real Estate Research. Common Risk Factors and Demand Drivers of the Property Sectors (with R. Anderson and L. Nimkoff). Revise and resubmit at Journal of Real Estate Practice and Education. Timing the Market: You Don t Have to be Perfect (with R. Anderson) Real Estate Issues, 35: Forecasting Office Space Demand (with H. Guirguis) Special Issue of the NAIOP Research Foundation: January ACADEMIC WORKING PAPERS Office Space Use Dynamics and Macroeconomic Forces (with H. Guriguis) Public Stigma and Housing Values: The Case of Sanford and Trayvon Martin (with V. Herbert and G. Turnbull). Effect of International Diversification by U.S. REITs on Cost Efficiency and Scale (with R. Anderson and J. Zhu) The Evolution of X-Efficiencies and Economies of Scale for REITs (with R. Anderson and J. Zhu)

5 INDUSTRY PUBLICATIONS Emerging Opportunities in Commercial Real Estate Central Florida Realty Investors Association Newsletter. November The Capital and Deal Markets: Shining Stars Emerge Amongst the Darkness (with R. Anderson) ICSC Florida Retail Report. August Don t Chase Deals Central Florida Realty Investors Association Newsletter. January The Capital and Deal Markets: Gaining Speed and Momentum (with R. Anderson) ICSC Florida Retail Report. February The Great Rental Rate Rise of 2012 and Beyond Central Florida Realty Investors Association Newsletter. July The Capital and Deal Markets: Finding a New Normal (with R. Anderson) ICSC Florida Retail Report. August Are You Hedged for Inflation? Central Florida Realty Investors Association Newsletter. September The Capital and Deal Markets: Planning for Certainly (with R. Anderson) ICSC Florida Retail Report. August 2012 The Capital and Deal Markets: A New Day (with R. Anderson) ICSC Florida Retail Report. August Real Estate and the Economy: Rising Rates, Rising Opportunities! Winter 2013 edition of Multifamily Florida. December The Capital and Deal Markets: Record-high fundamentals. What will it mean? 2014 ICSC Florida Retail Report. August Industrial Space Demand Forecast (with H. Guirguis). Issued semiannual by the NAIOP Research Foundation: since March Economic Outlook: What s Next? Real Estate Notes, No. 7, October Office Space Demand Forecast (with H. Guirguis). Issued semiannual by the NAIOP Research Foundation: since March 2016.

6 ACADEMIC CONFERENCE PRESENTATIONS Impact of Foreign Market Holdings on U.S. REIT Total Returns (with R. Anderson and N. Rottke). Annual meetings of the American Real Estate Society, Discussant at Financial Management Association 2010 Annual Conference Discussant at Florida State University Real Estate Symposium, April 2011 Essays in International Real Estate Diversification (Doctoral Seminar) Annual meetings of the American Real Estate Society, Effect of International Diversification by U.S. REITs on Cost Efficiency (with R. Anderson and D. Lewis). Annual meetings of the American Real Estate Society, Do Rapid Growth Industries Learn Efficiency Over Time? An Investigation using REITs and DEA Analysis (with R. Anderson and J. Zhu). Annual meetings of the American Real Estate Society, The Evolution of Technical Efficiency and Economies of Scale for REITs (with R. Anderson and J. Zhu). Annual meetings of the American Real Estate Society, Profitability of REIT Internationalization (with R. Anderson and N. Rottke). Annual conference of the Real Estate Investment Securities Association, Analysis of Historical Pricing and Fundamentals Growth in the National Multifamily Market: Does Property Class and Market Type Matter? (with R. Anderson ). Annual meetings of the American Real Estate Society, Concentration in US Mortgage Loans and the Impact of the Great Recession (with G. Mueller and H. Guirguis). Annual meetings of the American Real Estate Society, Profitability of REIT Internationalization (with R. Anderson and H. Guirguis). Annual conference of the Asian Real Estate Society, Forecasting Office Space Demand (with H. Guirguis). Annual meetings of the American Real Estate Society, Office Space Use Dynamics and Macroeconomic Factors (with H. Guirguis). Annual meetings of the American Real Estate Society, 2017.

7 SERVICE TO INDUSTRY & COMMUNITY LOCAL/STATE Florida Real Estate Appraisal Board Member March 2015 August 2017 NAIOP Central Florida Chapter UCF Liaison to Board of Directors January 2013 August 2017 Program Committee Member January 2010 August 2017 Urban Land Institute Orlando University Liaison to Management Committee January 2014 December 2016 CCIM Institute Central Florida District Member, Board of Directors January 2012 August 2017 Central Florida Realty Investors Association Commercial & Land Development Focus Group Leader January 2011 December 2015 SERVICE TO INDUSTRY & COMMUNITY - NATIONAL The Counselors of Real Estate Property Sectors Chair, External Affairs Committee January 2016 January 2017 NAIOP Commercial Real Estate Development Association Research Distinguished Fellow Industry Trends Task Force CCIM Institute Specialty Tracks Task Force March 2014 Present March 2014 Present January 2015 Present SERVICE TO ACADEMIA - UNIVERSITY OF CENTRAL FLORIDA University Administration UCF Hotel Project Negotiation Committee May 2014 January 2015 Ad Hoc Real Estate Advisor January 2012 August 2017 Department of Finance & Dr. P. Phillips School of Real Estate Ad Hoc Undergraduate Program Review Committee August 2014 May 2015 Howard Phillips Real Estate Chair Search Committee January 2014 May 2015 International Business Lecturer Search Committee August 2014 May 2015 Instructor/Lecturer Promotion Committee August 2012 May 2017 Real Estate BSBA/MSRE Assessment Coordinator January 2016 May 2017

8 SERVICE TO ACADEMIA NATIONAL Montclair State University External Review Committee March 2016 May 2016 American Real Estate Society Session Chair at Annual Meetings 2016/2015/2014 Journal of Real Estate Literature Associate Editor, Book Reviews Section April 2016 Present HONORS Magna Cum Laude - University of Central Florida December 2004 University Honors - Burnett Honors College at UCF December 2004 Beta Gamma Sigma Business Honor Society 2003 Phi Kappa Phi Honor Society 2004 Golden Key Honor Society 2002 Chartered Financial Analyst Institute Level 1 Scholarship January 2007 Advanced Communicator Bronze - Toastmasters International January 2008 Chartered Alternative Investment Analysis March 2008 UCF Finance Doctoral Assistantship August 2008 UCF College of Business Order of Pegasus Award Nominee November 2010 ARES Doctoral Fellowship January 2011 Honorary Kentucky Colonel September 2013 NAIOP Research Foundation Distinguished Fellow March 2014 Gubernatorial Appointee Florida Real Estate Appraisal Board March 2015 Counselor of Real Estate November 2015 Pioneer Award Dr. P. Phillips School of Real Estate November 2015 Faculty of the Year - UCF Financial Management Association April 2016 Certified Commercial Investment Member October 2016

9 SELECTED MEDIA & INDUSTRY PRESENTATIONS As Expert/Guest/Interviewee Channel 9 News Orlando WFTV FOX 35 News Orlando Orlando Business Journal Orlando Sentinel Growth Spotter Orlando Weekly GlobeSt.com World Property Channel Verdens Gang (Norwegian Newspaper) Het Financieele Dagblad (Dutch Newspaper) Wallethub.com Palm Beach Post Real Estate Investor Radio Show 660 WORL Capital Ideas Radio Show 660 WORL Florida Homebuyer Magazine Commercial Property Executive Giving Keynote Address Woman s Council of Realtors - Orlando District Institute for Real Estate Management Central Florida District Florida Commercial Brokers Network Quality Title Realtor Summit Realtors Global Council Bay Area Real Estate Council Bethune Cookman University Real Estate Club CCIM Southwest and West Florida 2015 Mid-Year Outlook Conference Central Florida Commercial Assoc. of Realtors 2015 and 2017 Outlook Conferences Commercial Investment Roundtable of Brevard County Florida United Tax Managers Association Risk Management Association Tampa Bay Chapter American Society of Appraisers Central Florida Chapter Osceola Chapter of the Women s Council of Realtors Global Real Estate Council of Orlando NAIOP Research Foundation Board of Governors Annual Meeting Greater Orlando Builders Association Developers Council Osceola County Association of Realtors Citrus Club Real Estate Exchange Mortgage Bankers Association Commercial Real Estate Finance Conference American Society of Cost Segregation Professionals Annual Conference As Event/Conference Speaker Central Florida Realty Investors Assoc. Commercial Focus Group Central Florida Realty Investors Assoc. Osceola Chapter Central Florida Realty Investors Assoc. Orange Chapter

10 Central Florida Realty Investors Assoc. Volusia Chapter Central Florida Realty Investors Assoc. Lake Chapter Central Florida Realty Investors Assoc. Main Meeting Investors Resource Center Commercial Subgroup Florida Association of Realtors Leadership Conference Society of Industrial & Office Realtors 2010 Spring World Conference Private Business Assoc. of Seminole County Issues Committee Private Business Assoc. of Seminole County CLOSEMORE Real Estate Networking Group Appraisal Institute Central Florida Valuation Forum International Council of Shopping Centers NOI+ Conference Maitland Morning Rotary Florida Apartment Association Conference Risk Management Association Florida Leadership Meetings Growing Optimism! 2013 UCF Real Estate Conference Here Comes the Sun! 2014 UCF Real Estate Conference Developing Opportunities 2015 UCF Real Estate Conference Destination Florida 2016 UCF Real Estate Conference Rising Interest 2017 UCF Real Estate Conference Association of Eminent Domain Professionals 2015/2016/2017 NAIOP National Forums Industrial Forecast Webinar NAIOP National Development 14/ 15 - NAIOP National Conferences 2014 Institute for Real Estate Management Fall Leadership Conference Florida Realtors District 12 Annual Conference Florida Apartment Association Annual Conference Florida Bar Eminent Domain Committee Greater Orlando Builders Association Developers Council As Seminar Lecturer Emerging Opportunities in Commercial Real Estate. Central Florida Realty Investors Assoc. Commercial Deal Analysis and Structuring. Central Florida Realty Investors Assoc. Market Analysis and Development. Central Florida Realty Investors Assoc. Advanced Commercial Deal Structuring. Central Florida Realty Investors Assoc. Making Real Estate Education Memorable. FL Dept. of Business Professional Regulation. Talent Management: Recruiting and Retaining the Best. Inst. of Real Estate Management. Trade Area Analysis. International Council of Shopping Centers

11 SELECTED CONSULTING ASSIGNMENTS & PROJECTS Market Research CNL Financial Group Senior Housing Market Research Sperry Van Ness International Market Reports and Economic Consulting RCLCO - New Home Sales Forecast Model NAIOP Research Foundation National Industrial Space Demand Forecast NAIOP Research Foundation National Office Space Demand Forecast Marcus & Millichap Consulting Services on Commercial Sales Volumes and Real Estate Markets Forces Parmenter Realty Partners Office Market Studies and Economic Analyses Avison Young Orlando - Office & Industrial Market Reports and Statistics Commercial Florida Realty Services - Office & Industrial Market Reports and Statistics Real Estate Development and Project Consulting LEGOLAND Florida Resort Hospitality Development Consulting Harmony Florida Community and Hospitality Development Consulting Hardage Hospitality Multifamily Development Consulting Empire Equities Feasibility Analysis and Market Study for Luxury Hotel Development SunPark Company Student Housing Development Feasibility Study Core Real Estate Ltd Dormitory and School Development Feasibility Study Forest Hills Orlando - Development Financing Consulting for Vacation Homes Project Economic Development Consulting Winter Haven Economic Development Council Cypress Gardens Boulevard Corridor Market Study City of Clearwater Economic Analysis for North Marina Area Master Plan Holmes County Economic Analysis and Industrial Development Feasibility Study Alter + Care Consulting Services for Public Private Partnerships Capital Markets Consulting Sebastian Capital Advisory Board Member for Healthcare Realty Fund Owens Realty Services Capital Markets and Equity Raising Consulting Bluerock Real Estate Consulting services for Real Estate Interval Mutual Fund Steadfast Companies Consulting services for Multifamily REIT Investment Program Association Development of Online Educational Course on Non-Traded REITs Mission Realty Advisors Consulting Services for Private Equity Fund Roadway Management Inc. Consulting Services for Public Private Partnership Business White Oak Partners Consulting Services for Multifamily Private Equity Fund Estein and Associates - Consulting Services for Commercial Real Estate Private Equity Fund

12 Subject Matter Expert in Litigation Proceedings Appraisal and Valuation Methodology Analysis in Ad Valorem Tax Dispute regarding Timeshare Interests (deposed, testified in trial) Economic and Market Analysis in Developer Liability to Lot Purchasers Dispute (deposed) Economic and Market Analysis in Downtown Orlando Eminent Domain Proceedings Economic and Market Analysis in Expressway Corridor Eminent Domain Proceedings (deposed, testified in jury trial, multiple parcels) Valuation Issues and Market Analysis in Interstate Highway Eminent Domain Proceedings (deposed, testified in jury trial) Damage and Standards of Practice Analysis Analysis in Development Financing Dispute (deposed) Developer Standards of Practice and Economic Viability in Administrative Proceedings (deposed, testified at administrative hearing) Analysis of Captive REIT Strategy of Bank Holding Company Standards of Practice Analysis in Real Estate Agent Malpractice Dispute Standards of Practice and Damage Analysis in Real Estate Trademark Dispute Economic and Market Analysis in Federal Bankruptcy Case involving Equity Investor Clawback by Bond Investors on Development Projects Standards of Practice and Liability Analysis in Retail Landlord/Tenant Dispute Business Valuation of Educational Company in Commercial Liability Dispute (deposed) Economic Damages in Legal Malpractice Dispute between Developer and Attorney Economic Damages in Sinkhole Disclosure Liability Dispute Liability Analysis in Foreclosure Dispute between Developer and Community Development District Bond Holders Valuation of Real Property in Divorce Proceedings (testified at court hearing) Analysis of Market Forces and Buyer Perceptions of Impacts of Natural Gas Pipelines on Real Property Values

13 PROFESSIONAL CREDENTIALS Professional Designations Argus Software Certified DCF 2011 Argus Software Certified Developer 2011 Argus Software Certified Enterprise Argus University Guide Chartered Alternative Investment Analyst (CAIA) 2008 Chartered Financial Analyst (CFA) Candidate Passed Level II Examination 2012 Counselor of Real Estate (CRE) 2015 Certified Commercial Investment Member (CCIM) Professional Licenses Florida Real Estate Broker FAA Private Pilot License Florida Mortgage Broker (formerly licensed) Florida Title Insurance agent (formerly licensed) Professional Organizations American Real Estate Society American Real Estate and Urban Economics Association NAIOP Commercial Development Association International Council of Shopping Centers Urban Land Institute Central Florida Realty Investors CAIA Institute CCIM Institute Winter Park Toastmasters Tiger Bay of Central Florida Orlando Regional Realtor Association Florida Realtor Association National Association of Realtors CRE Institute SOFTWARE PROFICIENCIES Argus DCF Argus Developer Argus Enterprise CCIM STDB ESRI powered Geographical Information Systems (GIS) platform Stata 14 SAS *Reference available upon request.