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Senior Leadership

Kenneth P. Riggs, Jr.

Chairman & President

Kenneth P. Riggs, Jr. has served Real Estate Research Corporation (RERC) since 1991. He is active in bringing sophisticated and solid research to the real estate industry as the publisher of the RERC Real Estate Report, a widely quoted real estate quarterly, and the RERC/CCIM Investment Trends Quarterly. He also serves as co-publisher of Expectations & Market Realities in Real Estate, one of the nation's leading annual forecast reports, and produced Emerging Trends in Real Estate and the RERC Industry Outlook.

In addition to his research activities, Mr. Riggs oversees the firm's valuation, consulting, independent fiduciary services, and management information services. He has served as a featured speaker for the National Association of REALTORS® (NAR), the Pension Real Estate Association (PREA), the Association of Foreign Investors in Real Estate (AFIRE), the Institute of Real Estate Management (IREM), The Counselors of Real Estate, the CCIM Institute, the National Council of Real Estate Investment Fiduciaries (NCREIF), and many other respected national organizations. He has had numerous articles published and has been quoted in many publications, including The Wall Street Journal, CNNmoney, Bloomberg News, Barron's, Mortgage Banking, Real Estate Forum, Real Estate Issues, and Real Estate Portfolio, among others.

Mr. Riggs earned his master's of business administration degree from the University of Chicago, concentrating on finance/statistics, and his bachelor's of business administration in real estate and finance from Kent State University. In 2006, he was named by The National Association of REALTORS (NAR) as one of Real Estate's 25 Most Influential Thought Leaders. E-mail him at riggs@rerc.com.

Richard A. Hanson

Chief Executive Officer

Richard A. Hanson recently joined Real Estate Research Corporate (RERC) as chief executive officer of the firm, and assists Ken Riggs in furthering the strategic direction of RERC.

As former founder and principal of Mesa Development, Mr. Hanson established the strategic direction and investment strategy for the company, and worked with various strategic partners in the acquisition, entitlement, and development of real estate in Chicago and nationwide. Key projects included the development of The Heritage at Millennium Park and the development of The Legacy at Millennium Park.

Prior to forming Mesa, Mr. Hanson spent 16 years in real estate development as president of Stein & Company and its successor, Mesirow Stein Real Estate, where he oversaw such major projects as the AT&T Corporate Center/USG Building, the Goodman Theater, the United Center, U.S. Cellular Field, and McCormick Place South Hall. He also served as chairman of the real estate practice at Coopers & Lybrand (today PriceWaterhouseCoopers), where he oversaw 93 offices in the U.S.

Mr. Hanson earned his master's of business administration degree from DePaul University, and his bachelor's degree in accounting from St. Joseph's College. E-mail him at rhanson@rerc.com.

Del H. Kendall

Managing Director

Del Kendall serves as a managing director with Real Estate Research Corporation (RERC), and works with Ken Riggs to direct the firm's consulting and valuation activities. He has been active in the real estate business for more than 20 years, and several years ago played a key role in developing RERC Hospitality Services.

Mr. Kendall previously served as director with PriceWaterhouseCoopers. Past work experience includes serving as expert witness in one of the largest real estate bankruptcies in FDIC history, leading acquisition due diligence teams for two portfolios that exceeded $500 million each, and feasibility and valuation for the expansion of a regional mall, which became the second largest in the United States.

Mr. Kendall heads operations in RERC's Houston office. He is involved with many organizations, including the National Council of Real Estate Independent Fiduciaries (NCREIF), where he serves as chair of the NCREIF Valuation Committee for 2010 and 2011, the Appraisal Institute, and The Counselors of Real Estate. He is a certified real estate appraiser in numerous states. E-mail Mr. Kendall at dkendall@rerc.com.

Donald A. Burns

Managing Director

Donald Burns has more than 35 years experience providing real estate valuation and counseling services to institutions, corporations, government agencies, investors, developers and legal firms. He serves as a managing director for Real Estate Research Corporation (RERC) in the Atlanta office.

He has been a key advisor in matters dealing with portfolio asset allocations, financing, loan workouts and debt restructuring. In addition, Mr. Burns has been responsible for the origination and implementation of counseling assignments involving asset valuations, strategic positioning studies, transaction due diligence, ad valorem tax reviews, portfolio analysis, highest- and best-use studies, investment analysis and appraisal reviews. He has been a key advisor in matters ealing with portfolio asset allocation, financing, loan workouts, debt restructuring, and independent fiduciary services/fairness opinions.

Mr. Burns' notable valuation assignments include: a 150-property shopping center portfolio; The Dallas Market Center, Dallas, Texas; Inforum, Atlanta, Ga.; Peachtree Center, Atlanta, Ga.; Phipps Plaza, Atlanta, Ga.; Dadeland Mall, Miami, Fla.; Texas Commerce Tower, Dallas, Texas; Williams Square, Los Colinas, Texas; and Fashion Valley Mall, San Diego, Calif. He also specializes in unique asset types, including marts, hotels, residential and mixed-use developments, partial interests and participating debt instruments. E-mail Mr. Burns at dburns@rerc.com.

Kent D. Steele

Managing Director

Kent Steele has more than 20 years of experience in commercial real estate valuation, market analysis, counseling, and expert testimony. He serves as managing director of RERC's suburban Chicago and Florida offices, and has been affiliated with RERC since 1999.

Mr. Steele has completed valuation assignments throughout the U.S., with in-depth experience in the West, Southwest, Midwest, Southeast, Northeast and Mid-Atlantic regions. Assignments have included the appraisal of investment-grade office, apartment, industrial, hotel, self-storage, retail, and special-purpose properties for a variety of clients, including commercial and investment banks, pension funds, conduits, attorneys, investors, and the U.S. Bankruptcy Court. Special assignments have included client counseling activities, market segmentation and feasibility analyses, highest and best use analysis, litigation support, and expert testimony. Additionally, Mr. Steele has published an article on highest and best use analysis in The Appraisal Journal and an article on the self-storage industry in the RERC Real Estate Report, and has given presentations at numerous professional seminars on a variety of topics.

Interesting projects completed include a proposed NASCAR track site in Baltimore County, Md.; the Eagle Ridge golf resort in Galena, Ill.; railroad corridors in northern Illinois; residential condo conversions of numerous properties throughout the country; adaptive reuse assignments for a variety of properties throughout the U.S.; and historically-significant office buildings in downtown Washington, D.C. and Detroit. E-mail Mr. Steele at ksteele@rerc.com.

William L. Corbin

Managing Director

William Corbin serves as managing director of Real Estate Research Corporation's (RERC's) West Coast office, and has nearly 30 years experience in commercial real estate analysis, finance, and valuation. His previous experience in commercial real estate finance gives him particular insight to the capital and investment markets and their impact on institutional real estate activity and values.

Mr. Corbin has conducted numerous current value narrative appraisals for national and regional institutional lenders and investors on office buildings, warehouse distribution buildings, industrial and business parks, shopping centers, and apartments.

Prior to his association with RERC in 2009, Mr. Corbin served with First American Appraisal and Consulting Services, LLC (formerly KTR Real Estate Services), where he was responsible for managing the Los Angeles regional office, developing and managing institutional accounts, and performing direct valuation work for those clients. While with First American, he also headed the firm's national pension fund valuation practice, and served as their designated representative to the National Council of Real Estate Investment Fiduciaries (NCREIF). Prior to his work with First American, he was an appraiser for Landauer Associates from 1992 to 1995. E-mail Mr. Corbin at wcorbin@rerc.com.

Steven W. Thompson

Managing Director

Steven Thompson rejoined Real Estate Research Corporation (RERC) in 2010, and serves as managing director of RERC Hospitality. In addition to bringing more than two decades of valuation expertise to RERC, much of his attention with RERC's hospitality specialty group is dedicated to growing the firm's consulting practice.

Mr. Thompson has been active in real estate consulting for more than 20 years, with the majority of those years dedicated to the hospitality industry. He originally worked with RERC from 1993 to 1997, focusing on appraising all commercial property types nationwide, including a variety of hotel assets. He then spent 8 years with Pinnacle Advisory Group, where he focused on appraising and consulting for hospitality-related properties. In 2005, Mr. Thompson joined Cushman & Wakefield's Hospitality and Gaming Group, where he directed valuation and consulting engagements, in addition to providing quality control oversight for the company's regional hospitality practice. Mr. Thompson's extensive experience includes appraisals and consulting engagements for more than 200 existing and proposed hotels, conference centers, and resorts across 35 states and in Washington, D.C.

Some of the more significant engagements Mr. Thompson has completed include: the 1,002-room JW Marriott San Antonio Hill Country Resort & Spa and the adjoining TPC San Antonio golf club; the Barton Creek Resort & Spa and the Barton Creek Country Club in Austin; the Seaview Golf Resort in Galloway, NJ; the Fairmont Scottsdale Princess Resort in Scottsdale; the Marriott Laguna Cliffs Resort in Dana Point, CA; La Toretta Lake Resort & Spa (formerly the Del Lago Resort) north of Houston; the Westfields International Conference Center in Chantilly, VA; a consulting study for the restoration of the historic Mountain View Grand Resort & Spa in Whitefield, NH; and many others. E-mail Mr. Thompson at sthompson@rerc.com.

*Leadership Updates

Real Estate Research Corporation (RERC) is pleased to announce the addition of Mr. Richard A Hanson (founder and former principal of Mesa Development, Chicago) as CEO of RERC. Kennth P. Riggs Jr. will continue to serve as chairman of the board of directors, as well as president of the firm. Mr. Hanson brings more than 30 years of successful real estate and accounting experience to RERC, and RERC is pleased to add his experience to the organization. Contact Mr. Hanson at rhanson@rerc.com.

As RERC expands its presence in providing valuation management services, we are pleased to announce that Brian T. Velky, CFA, has been promoted to managing director, where he provides leadership to RERC's fiduciary and valuation consulting practice. Contact Mr. Velky at bvelky@rerc.com.

RERC would like to announce the retirement of Mr. Jules H. Marling, III, from RERC. Mr. Marling’s real estate career has spanned nearly 50 years, with the last 12 years at RERC. Mr. Marling will be working with his son and conducting special consulting projects. Although Mr. Marling will be missed by RERC, we wish him the best of luck in all future endeavors.

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