Real Estate Employment Report2006

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SSSSSONIAONIAONIAONIAONIA S S S S SAVOULIANAVOULIANAVOULIANAVOULIANAVOULIAN

MANAGING DIRECTOR

USC LUSK CENTER FOR REAL ESTATE

RALPH AND GOLDY LEWIS HALL, ROOM 331

650 CHILDS WAY

LOS ANGELES, CALIFORNIA 90089-0626

TEL: 213-740-7779

FAX: 213-740-3699

EMAIL: sonias@usc.edu

WWW.USC.EDU/LUSK

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A Message frA Message frA Message frA Message frA Message from the Directorom the Directorom the Directorom the Directorom the DirectorWe are very pleased to present the 2006 Lusk Center Real Estate EmploymentReport. The Lusk Center Employment Report summarizes the placement of2006 USC real estate graduates, their average salary ranges, and the companieswho hired from our talent pool. The Lusk Center is committed to supportingthe professional development of USC real estate students. Our success in thisarea has garnered significant attention from the real estate industry and alsofrom student applicants to USC’s real estate degree programs.

The Lusk Center’s position as a university-wide organized research unit enablesus to serve as the focal point for real estate activity at USC. For firms looking tohire full-time employees and interns, the Lusk Center is a centralized conduitto access real estate students from throughout the USC campus. With thegenerous support of Lusk Center members, USC alumni, and professionalsthroughout from the country, the Lusk Center provides a host of programs tointroduce prospective employers to our students. Our professional developmentactivities are augmented by the USC Career Planning and Placement Center,the Marshall School of Business Career Resource Center, and the School ofPolicy, Planning, and Development Office of Career Services.

We look forward to the coming year and appreciate your efforts to further ourendeavors.

Stan RossChairman of the Board and Senior Fellow

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Student PStudent PStudent PStudent PStudent Population Seropulation Seropulation Seropulation Seropulation Servedvedvedvedved

R eal estate students at USC affiliate themselves with the Lusk Center by their membershipin one of our two student clubs: the Graduate Real Estate Association (GREA) formasterslevel and the Trojan Real Estate Association (TREA) for undergraduates. Whilethe predominate degree programs are the Master of Real Estate Development (MRED),the Master of Business Administration (MBA) real estate concentration and the Bachelor

of Science in Business Administration, students from all majors and degrees throughout the USCcampus as welcome to join.

GREA MembershipGREA MembershipGREA MembershipGREA MembershipGREA Membership 2005-062005-062005-062005-062005-06

TotalTotalTotalTotalTotal 163163163163163

MBA – First yearMBA – First yearMBA – First yearMBA – First yearMBA – First year 3939393939

MBA – Second YMBA – Second YMBA – Second YMBA – Second YMBA – Second Yearearearearear 5858585858

MREDMREDMREDMREDMRED 3737373737

Other Other Other Other Other MastersMastersMastersMastersMasters 66666

Dual DeDual DeDual DeDual DeDual Degggggrrrrree Pree Pree Pree Pree Progogogogograms:rams:rams:rams:rams:

JD/MBA JD/MBA JD/MBA JD/MBA JD/MBA 00000

JD/MRED JD/MRED JD/MRED JD/MRED JD/MRED 00000

MBA/MRED MBA/MRED MBA/MRED MBA/MRED MBA/MRED 2222222222

MPL/MRED MPL/MRED MPL/MRED MPL/MRED MPL/MRED 11111

TREA MemberTREA MemberTREA MemberTREA MemberTREA Membershipshipshipshipship

TotalTotalTotalTotalTotal 128128128128128

Business Majors - SeniorsBusiness Majors - SeniorsBusiness Majors - SeniorsBusiness Majors - SeniorsBusiness Majors - Seniors 5252525252

Business MajorBusiness MajorBusiness MajorBusiness MajorBusiness Majors –s –s –s –s – Jr/Soph/Fresh Jr/Soph/Fresh Jr/Soph/Fresh Jr/Soph/Fresh Jr/Soph/Fresh 4545454545

Planning and DePlanning and DePlanning and DePlanning and DePlanning and DevvvvvelopmentelopmentelopmentelopmentelopmentMajorsMajorsMajorsMajorsMajors 1111111111

Other MajorsOther MajorsOther MajorsOther MajorsOther Majors 2020202020

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The USC Lusk Center hosts a number of programs to aid students in their job searchefforts. These are detailed at the end of this document in Appendix III. A significantcomponent of our career development efforts is directed towards educating our studentson the unique recruitment and hiring process within the real estate profession whichcan prove to be challenging for young professionals. Due to the nature of the industry,

real estate employers are typically unable to anticipate their hiring needs too far in advanced. New hiresare tied to the status of a project or the closure of a transaction and therefore real estate firms hire asneeds arise on a year-round basis. USC students graduating in May typically begin a concerted job searchprocess in the Spring semester. Most job offers are made as early as March and continue through theSummer. Some students with focused career interests continue their job search through the Fall. Anadded factor for students is that few real estate companies have structured recruiting programs. In thereal estate industry most jobs are the outcome of networking and the establishment of professionalrelationships. To that end, the Lusk Center places emphasis on helping students to foster contacts andparlaying their network into employment opportunities.

MMMMMASTERSASTERSASTERSASTERSASTERS-----LEVELLEVELLEVELLEVELLEVEL E E E E EMPLMPLMPLMPLMPLOOOOOYMENTYMENTYMENTYMENTYMENT

SectorSectorSectorSectorSector NumberNumberNumberNumberNumber PercentPercentPercentPercentPercent Annual SalaryAnnual SalaryAnnual SalaryAnnual SalaryAnnual Salary Average SalaryAverage SalaryAverage SalaryAverage SalaryAverage Salary AverageAverageAverageAverageAverageRangeRangeRangeRangeRange Annual BonusAnnual BonusAnnual BonusAnnual BonusAnnual Bonus

Asset Management 3 3% $65,000 – 90,000 $76,700 $17,000

Consulting 3 3% $80,000 – 90,000 $85,000 $10,000

Development 45 59% $72,000 – 150,000 $95,200 $29,000

Finance 16 22% $60,000 – 100,000 $79,000 $28,300

Other – Brokerage,Construction, Law 5 5% $75,000 – 130,000 $100,000 N/A

Unreported/Other 6 8%

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ANDANDANDANDAND S S S S SALALALALALARIESARIESARIESARIESARIES FORFORFORFORFOR 2006 G 2006 G 2006 G 2006 G 2006 GRADURADURADURADURADUAAAAATESTESTESTESTES

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SectorSectorSectorSectorSector NumberNumberNumberNumberNumber PPPPPererererercentcentcentcentcent AnnAnnAnnAnnAnnual Salarual Salarual Salarual Salarual Salaryyyyy Average SalarAverage SalarAverage SalarAverage SalarAverage Salaryyyyy AverageAverageAverageAverageAverageRRRRRangeangeangeangeange AnnAnnAnnAnnAnnual Bonual Bonual Bonual Bonual Bonususususus

Development 4 25% $42,000 – 52,000 $46,500 $7,500

Finance 9 56% $48,000 – 75,000 $56,300 $18,000

Other – Brokerage,Consulting, Construction 3 19% $44,000 – 75,000 $59,500 N/A

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DeDeDeDeDevelopment Prvelopment Prvelopment Prvelopment Prvelopment Product Toduct Toduct Toduct Toduct Typeypeypeypeype NumberNumberNumberNumberNumber PPPPPererererercentcentcentcentcent

Hotel/Resort/Theme Park 0 0%

Land Development 2 4%

Mixed-Use 10 20%

Office/Industrial 9 18%

Residential (Single-family and Multi-family) 23 47%

Retail 5 11%

Finance SectorFinance SectorFinance SectorFinance SectorFinance Sector NumberNumberNumberNumberNumber PercentPercentPercentPercentPercent

Equity/Mezzanine Fund 8 32%

Investment Bank 4 16%

Lender – Bank 5 20%

Lender – Other 6 24%

Mortgage Broker 2 8%

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Acqua Bella Co.AEW Capital ManagementAIG Global Investment GroupAIG Global Real Estate InvestmentGroupAIMCOAliant Asset ManagementCompanyAllied Irish BankAlvarez and MarsalAMCAL Multi-HousingAmerican Realty AdvisorsANR HomesApollo Real Estate AdvisorsArchstone-SmithARCS Commercial Mortgage Co.Arden RealtyAslan Realty GroupThe Athena GroupAvalon Bay CommunitiesBalboa FinancialBank of AmericaBankers RealtyBari ManagementBarker Pacific GroupThe Bascom GroupBeacon Capital PartnersBear StearnsBeazer HomesBirtcher Anderson Realty, LLCBirtcher Commercial DevelopmentBlackheath FinancialBlackstone Real Estate AdvisorsBond CompaniesBorstein EnterprisesBRE PropertiesBuchanan Street PartnersCapital Pacific HomesCapstone AdvisorsCaruso Affiliated HoldingsCasden PropertiesCatlin PropertiesCB Richard EllisCB Richard Ellis InvestorsCentex HomesCentra Realty CorporationChampion Development Corp.Churchill Mortgage CorporationCIM GroupCity National BankThe Clarett GroupCoastline Capital Partners

Cohen FinancialColony CapitalCombined PropertiesComstock HomesCorman Leigh CommunitiesCornerstone Real Estate FundsCountrywide Financial CorporationCredit SuisseCrown Pacific PropertiesCS Capital ManagementCT RealtyCushman and WakefieldDeloitte & ToucheDonahue Schriber Realty GroupDouglas Emmett and CompanyEastdil SecuredEmigrant Realty FinanceErnst & YoungEssex Property TrustEvergreen Devco, Inc.Evergreen Realty GroupFieldstone CommunitiesFirst Industrial Realty TrustFMV Opinions, Inc.Focus Property GroupForest City CommercialDevelopmentForest City Residential WestFremont Investment and LoanFritz Duda CompanyGE Commercial Finance Real EstateGeneral Growth PropertiesGenesis LAGeorge Smith PartnersGerding/Edlen DevelopmentGMAC-RFCGoldrich and Kest IndustriesGrubb & EllisGuardian Realty AdvisorsHanover Financial CompanyThe Harris GroupHFH Ltd.Highland Realty CapitalHinesHolliday Fenoglio FowlerIDS Real Estate GroupIHP Capital PartnersIndyMac Bank HomebuilderDivisionIntrawest PlacemakingThe Irvine CompanyJamboree Housing Corporation

JF Shea CompanyJohn Laing HomesJohnson CapitalJones Lang LaSalleJosephson PropertiesJP Morgan Real EstateJPIK. Hovnanian HomesKB HomeKBS Realty AdvisorsKennedy WilsonKnightsbridge Realty CapitalThe KOR GroupKosmont CompaniesLandAmerica Financial GroupLarwin CompanyLaSalle BankLegacy PartnersLegg Mason Real Estate InvestorsLehman BrothersLennar CorporationLeonard & OhrenLewis Group of CompaniesLJ MelodyLNR Property CorporationLowe EnterprisesLyle Anderson CompanyMacerich CompanyMadison MarquetteMar VenturesMarcus & MillichapThe Martin GroupMetLife Real Estate InvestmentsMezz CapMindlin CompaniesMJW InvestmentsMorgan StanleyMuller CompanyNew Boston FundNew Urban WestNewhall LandNewmark Realty CapitalNorthMarq CapitalOaktree Capital ManagementO’Donnell/AtkinsThe O’Donnell GroupOliver McMillanThe Olson CompanyOverton Moore PropertiesPacific Coast Capital PartnersPacifica Capital GroupPhoenix Realty Group

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Students speak withprospective employers atReal Estate Industry Night.

PricewaterhouseCoopersPrudential Mortgage CapitalCompanyPrudential Real Estate InvestorsRBS Greenwich Capital MarketsRed Oak InvestmentsRegency CentersRexford IndustrialReza Investment GroupRichmond American HomesRobert Charles Lesser & Co., LLCRobson HomesROEM DevelopmentRW SelbyThe Ryland GroupSchnitzer NorthwestShea Homes

Shea PropertiesShidler GroupSilver Portal CapitalSimpson Housing SolutionsSomera Capital ManagementSperry Van NessStandard Management CompanyStandard Pacific HomesStaubach CompanyStoneridge Capital PartnersStonewater PartnersSunAmerica Affordable HousingPartnersSunCal CompaniesTIAA CREFToll BrothersTrammell Crow Company

Trammell Crow ResidentialTranswestern Commerical ServicesTranswestern InvestmentCompanyTriMont Real Estate AdvisorsUrban EnvironmentsUrban Housing GroupUrban Land InstituteUrban Pacific BuildersUS BankWachovia BankWarmington Capital PartnersWashington Mutual BankWatt Commercial PropertiesWatt CommunitiesWells Fargo BankWesco Homes and DevelopmentWest Millennium HomesWestern National Realty AdvisorsWestfieldWestport Capital PartnersWestrustWood PartnersYounan PropertiesZietsman Realty Partners

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The Marshall MBA Program provides a foundation for successby offering a business education that balances theory withreal-world application. The hallmarks of the MBA programare its emphasis on entrepreneurial spirit, its globalperspective, its incorporation of technological advances toexpedite business practices, and its recognition of new areasof specialization in the business world. MBA students maychoose to emphasize real estate by taking courses offeredthrough the Department of Finance and Business Economics.The real estate electives are offered in the areas of real estatefinance, investment, valuation, development, and theeconomics of real estate markets.

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The Master of Real Estate Development (MRED) programprepares graduates for key positions in real estatedevelopment. The MRED is a carefully integrated programwhich brings together the three main elements of real estatedevelopment: design, finance, and policy. Students areexposed not only to the full range of development functions - market analysis, finance and deal structuring, siteplanning, and project management and operations — but also to all product types — residential, commercial, retail,office, and industrial. Concentrations in international development, asset management, construction management,and appraisal allow students to develop expertise in strategic areas of real estate development.

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The School of Business offers curricula leading to a Bachelor of Science with a major in Business Administration and aspecialty in real estate or real property development and management. In the first two years, all students share acommon curriculum designed primarily to provide a sound general education in basic liberal arts subjects. In the lasttwo years, the student devotes most of his study to the field of business administration and the specialty area.

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The Public Policy, Management and Planning major is for people interested in politics, government, leadership, healthcare,law and the design and preservation of our built environment. Graduates build communities, design neighborhoods,and balance economic growth and environmental quality. The Public Policy, Management, and Planning programprovides a strong liberal arts foundation and skills in management, policy analysis, and urban planning.

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MMMMMENTORENTORENTORENTORENTOR P P P P PROGRAMROGRAMROGRAMROGRAMROGRAM

The Lusk Center Mentor Program is highly regarded by our students and is frequently cited asthe highlight of their experience at USC. Many prospective applicants cite the Lusk MentorProgram as a key component ofreason for their attraction to USC. Mentors are recruitedfrom the membership of the Lusk Center Executive, Advisory, and Leadership Boards alongwith other senior level real estate professionals. Mentors are typically executives at thePresident, Chief Executive Officer, or Senior Vice President level.

Student participation is selective and involves a written application and personal interview.To be eligible, students must be pursuing graduate study in real estate at USC. Students arechosen based on their genuine interest in the real estate profession and their commitmentto participating in the program. Students are paired with mentors based on similar areas ofprofessional interest.

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Throughout the academic year, students have the chance to hear from prominent developers,financiers, and other industry leaders in an informal seminar setting. These speakers arethe key decision-makers in their respective companies and bring the real life perspective towhat students learn in the classroom. Although this program is intended to meet educationalobjectives, these events have given prospective employers a view of our programs and ourstudents.

JJJJJOBOBOBOBOB A A A A ANNOUNCEMENTSNNOUNCEMENTSNNOUNCEMENTSNNOUNCEMENTSNNOUNCEMENTS

The Lusk Center serves as a conduit to disseminate job opening announcements. Jobdescriptions submitted by employers are made available to current USC real estate studentsat both the graduate and undergraduate level and to our recent alumni. In 2005-06, theCenter received over 360 announcements of both full-time positions and internships. Theopenings were submitted to us by a variety of sources: 31% from alumni; 65% from theemployer; 2% from executive recruiters, and 2% from current students.

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IIIIINTERNSHIPNTERNSHIPNTERNSHIPNTERNSHIPNTERNSHIP P P P P PROGRAMROGRAMROGRAMROGRAMROGRAM

Students on both the graduate and undergraduate level seek to complete internships duringthe summer or as a part-time position during the school year. These experiences providevaluable on-the-job training and often lead to post-graduate employment.

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This annual event—the most significant of its kind in the U.S.—serves as a networking andinformation gathering session for real estate students from throughout USC. The 2006 programfeatured William A. Witte, President of The Ralated Companies of California, as the keynotespeaker. Over 150 students participated, from nine different USC degree programs. Over 80firms were in attendance representing a wide range of industry sectors.

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Each year, the Lusk Center publishes and distributes a Resume Book providing information ongraduate and undergraduate real estate students who are seeking careers in the real estateindustry. The 2006 Real Estate Resume Book was made available at Real Estate IndustryNight and mailed nationwide to real estate companies. Some 140 resumes spanning 10different degree programs were included in the Resume Book.

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The Graduate Real Estate Association (GREA) is a forum for learning about the real estate industryand making connections with professionals. Its members include graduate students from theSchools of Business; Policy, Planning, and Development; Architecture; Law; and Engineering.

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The Trojan Real Estate Association (TREA) is an undergraduate student association at USC devotedto the field of real estate. TREA’s membership encompasses several different degree programsincluding: Bachelor of Science in Business Administration, Bachelor of Science in Policy,Planning, and Management, Bachelor of Arts in Economics, and Bachelor of Science inAccounting.

USC Lusk Center for Real EstateRalph and Goldy Lewis Hall, Room 331

650 Childs WayLos Angeles, California 90089-0626

Tel: 213-740-5000Fax: 213-740-6170www.usc.edu/lusk