| Peter Linneman, Ph.D. | |
|
Real Estate Department The Wharton School University of Pennsylvania 3620 Locust Walk – Suite 1400 Philadelphia, PA 19104-6302 215.898.4794 T – 215.573.2220 F linnemap@wharton.upenn.edu |
Linneman Associates Cira Centre 2929 Arch Street, 28th Floor Philadelphia, PA 19104-2868 215.636.8490 T – 215.636.8495 F plinneman@linnemanassociates.com www.linnemanassociates.com |
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American Land Funds The Victory Building 1001 Chestnut Street, Suite 101 Philadelphia, PA 19107-4219 215 599 2180 ext. 202 T – 215 599 2280 F plinneman@americanlandfund.com www.americanlandfund.com |
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| BORN | March 24, 1951 |
| EDUCATION |
Ph.D., Economics, University of Chicago, 1977 M.A., Economics, University of Chicago, 1976 B.A., Ashland College, 1973 |
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ACADEMIC APPOINTMENTS |
|
| 1997- |
Co-Editor of The Wharton Real Estate Review |
| 1990-97 |
Chairman, Wharton Real Estate Department/Unit, the Wharton School of Business, University of Pennsylvania |
| 1987- |
Albert Sussman Professor of Real Estate, Finance, and Public Policy, the Wharton School of Business, University of Pennsylvania |
| 1986-97 |
Director, Samuel Zell and Robert Lurie Real Estate Center at the Wharton School of Business, University of Pennsylvania |
| 1988-89 |
Professor of Finance and Public Policy, the Wharton School of Business University of Pennsylvania |
| 1984-88 |
Associate Professor of Finance and Public Policy, the Wharton School of Business, University of Pennsylvania |
| 1979-84 |
Assistant Professor of Finance and Public Policy, Wharton School, University of Pennsylvania |
| 1978-79 |
Assistant Professor of Business Economics, Graduate School of Business, University of Chicago |
| 1977-79 |
Post Doctoral Fellow in Economics, Center for the Study of the Economy and the State, University of Chicago |
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BUSINESS POSITIONS |
|
| 1978- |
Principal, Linneman Associates |
| 2006- |
Chief Economist, NAI Global |
| 2005- |
Partner, Gerber-Taylor Realty Fund |
| 2005- |
CEO and Founder, American Land Funds |
| 2000- |
Author, The Linneman Letter |
| 1994- |
Organizer/Sponsor/Moderator, Marshall Bennett Classic Roundtable |
| 1994- |
Member, Urban Land Institute Capital Markets Group |
| 1997-98 |
Vice Chairman, Amerimar Realty |
| 1998-99 |
Senior Managing Director, Equity International Properties, Ltd., and Vice Chairman of Equity Group Investments, Inc. |
| TEACHING EXPERIENCE |
Real Estate Entrepreneurship International Real Estate Comparisons Real Estate Development Real Estate Finance and Investments Urban Economics Mergers and Acquisitions Microeconomics Industrial Relations Economics and Regulation Macroeconomics Finance Seminar Public Policy and Private Development Research Seminar |
| THESIS SUPERVISION |
I have chaired approximately 20 doctoral
theses and served on an additional 20 Ph.D. theses committees. |
| BOOKS |
Real Estate Finance & Investments: Risks and Opportunities, (2004), 2nd edition.
Real Estate Finance & Investments: Risks and Opportunities, (2003). |
| PUBLICATIONS |
Is this the Worst Ever?, Wharton Real Estate Review (forthcoming, Fall 2008), co-authored with John Williams.
Handbook Real Estate Capital Markets: an international perspective on functionality, subprime crisis and future developments. The connection between capital and physical markets: drivers of real estate, chapter 2, pp 49-57. Co-authored with Anderson, S., Barclay, J.A., Bentzien, D-K.V., Brämisch, D-K. F., Butz, P., Damaske, M.et al, Nico Rottke (ed) (2008). How We Got To The Credit Crisis, Wharton Real Estate Review, Volume XII, Number I (Spring 2008). How Should Commercial Real Estate Be Priced? Wharton Real Estate Review, Volume XII, Number I (Spring 2008), co-authored with David Rubenstein. Evaluating the Decision to Own Corporate Real Estate, Wharton Real Estate Review, Volume XII, Number I (Spring 2008), co-authored with Frank Pfirsching. Some Observations on Real Estate Entrepreneurship, Wharton Real Estate Review, Volume XI, Number II (Fall 2007). The Capital Markets Disarray, Wharton Real Estate Review, Volume XI, Number II (Fall 2007). Regional Growth Variability, Wharton Real Estate Review, co-authored with Deborah Chan Moy, Volume XI, Number 1 (Spring 2007). Forecasting 2020 U.S. County and MSA Populations, Wharton Real Estate Review, co-authored with Albert Saiz , Volume X, Number 2 (Fall 2006). The Equitization of Real Estate, Wharton Real Estate Review, Volume X, Number 2 (Fall 2006). Revisiting Return Profiles of Real Estate Investment Vehicles, Wharton Real Estate Review, co-authored with Deborah Chan Moy, Volume IX, Number 2 (Fall 2005). What Should Stabilized Multifamily Cap Rates Be? Wharton Real Estate Review, Volume IX, Number 1 (Spring 2005). Real Estate and Economies: The Case of REITs, Real Estate Economics, Volume 33, Number 2, co-authored with Brent Ambrose and Michael Highfield (2005). The Return Volatility of Publicly and Privately owned Real Estate, Wharton Real Estate Review, Volume VIII, Number 2 (Fall 2004). A Disconnect in Real Estate Pricing? Wharton Real Estate Review, Volume VIII, Number 1 (Spring 2004). Understanding The Return Profiles of Real Estate Investment Vehicles, Wharton Real Estate Review, co-authored with Deborah Chan Moy, Volume VII, Number 2 (Fall 2003). The Evolution of Retailing in the U.S., Wharton Real Estate Review, Peter Linneman and Deborah Chan Moy, Volume VII, Number 1 (Spring 2003). The Forces Changing Real Estate Forever: Five Years Later, Wharton Real Estate Review, Volume VI (Fall 2002). Real Estate Private Equity Funds: Past, Present and Future, Wharton Real Estate Review, co-authored with Stan Ross, (Spring 2002). Should Commercial Real Estate Be Included in the S&P 500?, Wharton Real Estate Review, Volume V #2, (Fall 2001). International Real Estate Investing, Wharton Real Estate Review, Volume V #1, (Spring 2001). The Value of Corporate Real Estate, Wharton Real Estate Review, co-authored with Peter JMM Krumm, Volume IV, #2 (Spring 2001). Organization and REIT Operating Characteristics, Journal of Real Estate Research, co-authored with Brent Ambrose, Vol. 21, No. 3 (2001). Economies of Scale, Wharton Real Estate Review, co-authored with Brent M. Ambrose and Michael J. Highfield, Volume IV, # 2, (Fall 2000). Residential-Mortgage Lending Discrimination and Lender-Risk –Compensating Policies, Real Estate Economic, co-authored with Henry Buist and Isaac Megbolugbe, Volume 27 (4):695-717, (1999). Analyzing the Relationships Among Race, Wealth, and Home Ownership in America, Journal of Housing Economics, co-authored with Joseph Gyourko and Susan Wachter, 8: 63-89 (1999). Corporate Real Estate Strategies, Wharton Real Estate Review, Volume III, #2, (Spring 1999). The Linkage Between Public And Private Pricing, Wharton Real Estate Review, co-authored with Brent Ambrose Volume III, #2, (Spring 1999). The Maturing of REITs, Wharton Real Estate Review, co-authored with Brent Ambrose Volume III, #2, (Fall 1999). The Coming Disposal of Corporate Real Estate, Wharton Real Estate Review, Volume II, #2 (Fall 1998). What We Need To Know About Casino Development, Wharton Real Estate Review, co-authored with Lisa Megargle George and Brent W. Ambrose, Volume II, #1, (Spring 1998) Do Borrowing Constraints Change U.S. Homeownership Rates?, Journal of Housing Economics, (6 December) co-authored with Isaac Megbolugbe, Susan Wachter, and Man Cho. (1997) Evaluating Commercial Real Estate Market Balance: The Wharton Real Estate Index, Wharton Real Estate Review, co-authored with Brent Ambrose and Susan Wachter, Volume 1, #2 (Fall 1997). Shrinking Cities, Wharton Real Estate Review, co-authored with Witold Rybczynski, Volume 1, #2, (Fall 1997). Will We Need More Office Space, Wharton Real Estate Review, Volume 1, #2, (Fall 1997). Forces Changing the Real Estate Industry Forever, Wharton Real Estate Review, Volume 1, #1, pp. 1-12 (Spring 1997). The Changing Influences of Education, Income, Family Structure, and Race on Homeownership by Age Over Time, Journal of Housing Research, co-authored with Joseph Gyourko, Volume 8, #1, pp. 1-26, (1997). Analysis of the Changing Influences on Traditional Households’ Ownership Patterns, Journal of Urban Economics, co-authored with Joseph Gyourko, 39: 318-341, (May 1996). In Studies On Privatizing Fannie Mac and Freddie Mac, co-authored with Susan Wachter, James Follain, Roberto Quercia, and George McCarthy, p.382. US Department of Housing and Urban Development. (1996b). Understanding Neighborhood Dynamics: A Review of the Contributions of William Grisby, Urban Studies, Volume 33, #10, co-authored with Isaac Megbolugbe and Marja Hoek-Smit (December 1996). Analysis of the Changing Influences on Traditional Households Ownership Patterns, Journal of Urban Economics, co-authored with Joseph Gyourko, Volume 39, #3, pp. 318-341, (1996). Privatization and Housing Policy (with Peter Linneman). Urban Studies 31(4/5) 1994: 635-651 Dynamics of the Greenbelt Amenity Effect on the Land Market: The Case of Seoul's Greenbelt, Journal of Real Estate Economics, co-authored with Change Moo Lee, Volume 26, #1, pp. 107-130, (Spring 1993). Comparing Apartment and Office Investments, Real Estate Review, co-authored with Joseph Gyourko, Volume 23, #2, pp. 17-24, (Summer 1993). Affordability of the American Dream: An Examination of the Last 30 Years, Journal of Housing Research, co-authored with Joseph Gyourko, Volume 4, #1, pp. 39-72, (1993). Interjurisdictional Spillover Effects of Land Use Regulations, in Journal of Housing Research, co-authored with Man Cho, Volume 4, #1, pp. 131-163, (1993). Homeownership, Urban Studies, co-authored with Isaac Megbolugbe, Volume 30, pp. 659-682, (1993). Analyzing Risk and Returns of Investment In Apartment Complexes, Real Estate Review, co-authored with Joseph Gyourko, (1992). Housing Affordability: Myth or Reality, Urban Studies, co-authored with Isaac Megbolugbe, Vol. 29, pp. 369-392, (May 1992). Housing Price Functions and Ownership Capitalization Rates, Journal of Urban Economics, co-authored with Richard Voith, Vol. 30, pp. 100-111 (1991). Forecasting Housing Investment in Developing Countries: A Comparative Study, Growth and Charge, co-authored with Chin-Oh Chang, Vol. 21, #1, pp. 59-72, (Winter 1990). The Measurement of Governmental Pay Premiums, Journal of Labor and Industrial Relations, co-authored with Michael Wachter, Vol. 29, #1, pp. 58-76, (Winter 1990). Analyzing the Risk of Income-Producing Real Estate: A New Perspective, Urban Studies, co-authored with Joseph Gyourko, Vol. 27, #4, pp. 497-508, (August 1990). Measurement Problems in Quantifying the Distributional Effects of Subsidy Programs, Journal of Urban Economics, co-authored with Joseph Gyourko, Vol. 28, #1, pp. 19-33, (July 1990). Rent Controls and Rental Housing Quality: A Note on the Effects of New York City's Old Controls, Journal of Urban Economics, co-authored with Joseph Gyourko, Vol. 27, #3, pp. 398-409, (May 1990). Evaluating the Evidence on Union Employment and Wages, Journal of Industrial and Labor Relations, co-authored with Michael Wachter and William Carter, Vol. 44, #1, pp. 34-53, (1990). The Impacts of Borrowing Constraints on Homeownership, The Journal of the American Real Estate and Urban Economics Association, co-authored with Susan Wachter, Vol. 17, #4, pp. 389-402. Understanding Target Management's Role When Facing and Unsolicited Takeover Attempt, The Ethics of Organizational Transformation: Mergers, Takeovers and Corporate Restructuring, Quorum Books (Division of Greenwood Press), edited by W. Michael Hoffman, Robert Frederick and Edward Petry, co-authored with Elizabeth Callison, pp. 147-156, (1989). An Empirical Analysis of the Equity and Efficiency of Rent Controls, Journal of Urban Economics, co-authored with Joseph Gyourko, Vol. 26, #1, pp. 54-74, (July 1989). Real Estate as an Inflation Hedge: A Re-Examination and Update, Journal of Real Estate Finance and Economics, co-authored with Joseph Gyourko, Vol. 1, #4, pp. 347-372, (1988). An Empirical Evaluation of the Distributional Effects of Rent Controls: The Case of New York City, Journal of Urban Economics, Vol. 22, #1, pp. 14-37, (January 1987). A New Look at the Homeownership Decision, Housing Finance Review, Vol. 5, #3, pp. 159-188, (Winter 1986). An Empirical Test of the Efficiency of the Housing Market, Journal of Urban Economics, Vol. 20, #2, pp. 140-154, (September 1986). Rising Union Premiums and Declining Boundaries Among Noncompeting Groups, co-authored with Michael Wachter, American Economic Review, Vol. 76, #2, pp. 103-108, (May 1986). An Empirical Analysis of the Determinants of Intrajurisdictional Property Tax Inequities, co-authored with Dong Hoon Chun, Journal of Urban Economics, Vol. 18, #1, pp. 90-102, (July 1985). An Economic Analysis of the Homeownership Decision, Journal of Urban Economics, Vol. 17, #2, pp. 230-246, (March 1985). Would Mortgage Borrowers Benefit From the Provision of APR Schedules ?, co-authored with Richard Voith, Housing Finance Review, Vol. 4, #1, pp. 569-576, (January 1985). Residence and Job Change: A Multinomial Logit Approach, Journal of Urban Economics, co-authored with Philip E. Graves, Vol. 14, #3, pp. 263-279, (November 1983). The Economic Impacts of Minimum Wage Laws: A New Look At An Old Question, Journal of Political Economy, Vol. 90, #3, pp. 443-469, (June 1982). The Demand For Residence Site Characteristics, Journal of Urban Economics, Vol. 9, #2, pp. 129-148, (March 1981). A Case Study of the Impacts of Consumer Safety Standards: The 1973 Mattress Flammability Standard, Journal of Law and Economics, Vol. 23, #2, pp. 461-479, (October 1980). An Empirical Methodology for Analyzing the Properties of Public Goods, Economic Inquiry, Vol. 18, #4, pp. 600-616, (October 1980). Some Evidence on the Functional Form of the Hedonic Price Function for the Urban Housing Market, Journal of Urban Economics, Vol. 8, #1, pp. 47-68, (July 1980). Household Migration: Theoretical and Empirical Results, Journal of Urban Economics, co-authored with Philip E. Graves, Vol. 6, #3, pp. 383-404, (July 1979). The Capitalization of Local Taxes: A Note on Specification, Journal of Political Economy, Vol. 86, 33, pp. 535-538, (June 1978). An Economic Examination of the English Parliamentary Enclosure Movement, Explorations In Economic History, Ser. 2, Vol. 15, #2, pp. 221-228, (April 1978). Hedonic Price Functions and Models of Residential Location, in Amenities and the Residence Site Choice, edited by G.S. Tolley and D.B. Diamond, Academic Press, pp. 69-88. Employment and Residence Location Change, Chapter 2 of Housing and Migration, edited by R. Krumm, Prentice-Hall, co-authored with Philip E. Graves. |
| AWARDS |
Outstanding Paper, 2003 Southern Finance Association Conference, Real Estate Economics and Economies of Scale: The Case of REIT.
Named one of the 25 “Most Influential People in Real Estate” by Realtor Magazine, 2003. Realty Stock Review Special Achievement Award for a scholarly paper with the greatest impact on the industry (for “The Forces Changing the Real Estate Industry Forever”), 1997. Counselor of Real Estate 1996-1999 Urban Land Institute Research Fellow, 1988-1998, 2000-2007 Coordinator, Wharton Executive Education Mergers and Acquisitions course, 1986-1998 3 Year Research Grant ($300,000) from the Glenmeade Foundation to study urban decentralization, 1987 (co-recipient with Anita Summers) Recipient of a grant from John M. Olin Foundation to organize and direct the John M. Olin Speaker Series on Political Economy (at Wharton), 1985-1990 Urban Studies Scholar, University of Glasgow, 1985 Outstanding Alumni, Ashland College, 1985 |
| CONSULTING |
A consultant on real estate finance and investments. Clients have included: Lubert-Adler Real Estate Funds, Equity International Properties, Sunbelt Management, General Electric Capital Corporation, IBM, Michelin Tire, Merrill Lynch, Baring Brothers, AT&T, Chubb & Sons, CIGNA, the Federal Trade Commission, Federal Express, Eastdil Realty, Equity International Realty Investors, the Paramount Group, Microsoft, Commerzbank, Equity Group, Trammell Crow Company, Spectrum Alliance, Opus, Graham Partners, AvalonBay, American Asset Corporation, Kellogg Company, and NAI. |
| BOARDS |
Director, Atrium European Real Estate, Ltd., 2008-
Advisory Board, E.X. Capital Partners, LLC, 2005- Advisory Board, Sequence Capital, 2004- Director, J E Robert Income Trust, 2004- Director, Bedford Properties, 2003-2006 Advisory Board Member, American Asset Corp, 2003- Advisory Board Member, Paramount Realty Fund 2003- Director, Equity One, Inc. (Executive Committee), 2000- Director, Resolution Capital Group, 2000-2002 Director, Crosland Group, 2000- Director, GMFS, 1999-2002 Director, Albert Abela Group, 1999-2000 Director, Water Systems Inc., 1999- Director, Equity International Properties, Ltd., 1998-2000 Managing Director and Vice Chairman of Investment Committee of Amerimar Realty, 1997-1998 Director, Rockefeller Center Properties, 1993-96 Chairman of the Board, Rockefeller Center Properties, 1995-1996 Director, Gables Residential Properties, 1993-1998 Director, Kranzco Realty Trust (Executive Committee), 1992-1999 Director, Universal Health Realty Income Trust, 1986-1998 Director, Sunbelt Properties, 1996- Director, Equity Office Properties (Executive Committee), 1997-1998 |
NIC Conference
Chicago, IL
September 11, 2008
Piper Rudnick Conference
Chicago, IL
September 23, 2008
KPMG Real Estate Partners
Chicago, IL
September 23, 2008
Citi Private Bank Roundtable
Boston, MA
September 23, 2008
Hilton Hotel Corporation
Palm Springs, CA
October 15, 2008
NAIOP Developer of the Year Award Lunch
Las Vegas, NV
October 22, 2008
Citi Private Bank Roundtable
Short Hills, NJ
October 28, 2008
NAI Commercial Real Estate Forum
Toronto, Canada
December 3, 2008
CBRE
Dallas, TX
January 14, 2009
Rockwood Capital
New York, NY
March 18, 2009
