Index Oversight Committee

Jeffrey Fisher

Jeffrey D. Fisher, Ph.D., CRE is Director of the Center for Real Estate Studies and the Charles H. and Barbara F. Dunn Professor of Real Estate at the Indiana University Kelley School of Business. He is currently on the board of directors of the Pension Real Estate Association (PREA), the Real Estate Research Institute and the Homer Hoyt Institute. He has served on the board of directors of the National Council of Real Estate Investment Fiduciaries (NCREIF) and is a consultant to NCREIF. Professor Fisher received PREA/Graaskamp Award for Research Excellence from the Pension Real Estate Association. He served as President of the American Real Estate and Urban Economics Association (AREUEA). He is a coauthor of several leading textbooks including Real Estate Finance, published by McGraw-Hill, and Income Property Valuation published by Dearborn which have been translated into Japanese, Korean and Chinese. He has also published extensively in the academic literature including articles on valuation trends and portfolio analysis using the NCREIF database, creation of derivatives based on the NCREIF index and alternative ways of constructing indices including transaction based indices.

Robert White

Robert M. White, Jr., CRE, is the founder and president of Real Capital Analytics Inc., a national research firm that publishes the Capital Trends Monthly. Real Capital Analytics provides real time data concerning the capital markets for commercial real estate and the values of commercial properties. The firm maintains offices in New York City and San Jose, California and has about 500 clients, including the industry's leading brokerage firms, institutional advisors, REITs, developers, foreign investors and banks.

Previously, Mr. White spent 14 years in the real estate investment banking and brokerage industry and has orchestrated billions of commercial sales, acquisitions and recapitalizations.

He was formerly a managing director and principal of Granite Partners LLC and spent nine years with Eastdil Realty in New York and London. Mr. White is a noted authority on the real estate capital markets with credits in the Wall Street Journal, Barron's, The Economist, Forbes, New York Times, Financial Times, among others. In addition, he has been named one of National Real Estate Investor Magazine's "Ten to Watch."

Mr. White has recently become a Counselor of Real Estate and is a fellow of the Homer Hoyt Institute. He is also a member of numerous industry organizations and a supporter of academic studies. Mr. White is a graduate of the McIntire School of Commerce at the University of Virginia.

Henry Pollakowski

Henry O. Pollakowski is an economist and a Research Associate at the MIT Center for Real Estate, as well as the editor of the Journal of Housing Economics. Dr. Pollakowski has done extensive work in housing economics, including influential contributions to the measurement of quality-adjusted housing price changes. He has also specialized in the study of office markets, land-use regulations, and rent control.

Dr. Pollakowski spent over a decade as a senior researcher at the Harvard Joint Center for Housing Studies. He has also taught at Boston College, Harvard University, the University of York (UK), and the University of Washington. He is the author of numerous scholarly and professional journal articles, as well as Urban Housing Markets and Residential Location, a book focusing on the role of location. He is also the author of Housing Economics, the first Russian language textbook on the subject.

Much of Dr. Pollakowski's recent work has involved the application of economics to real estate market analysis. In addition to completing numerous industry and foundation-sponsored projects, he has developed a market analysis course that makes modern tools of analysis accessible to the student. As a faculty fellow of the Homer Hoyt Institute, he has organized conferences assessing the state of residential and commercial real estate analysis. Dr. Pollakowski has also served as a Director of the American Real Estate and Urban Economics Association and as guest editor of the Association's journal for a recent office markets issue.

Dr. Pollakowski received his B.A. in Economics from the University of Michigan and his Ph.D. in Economics from the University of California at Berkeley.

Sally Gordon

Sally Gordon is a Senior Vice President at Moody's Investors Service. She has done research for nearly twenty years on commercial real estate property markets and capital markets.

In the last several years her focus has been on commercial mortgage backed securities (CMBS). Prior to joining Moody's, she has conducted research for Credit Suisse First Boston and Citicorp and served as National Director of Real Estate Research and Economics in the Management Consulting Group of KPMG Peat Marwick in New York.

Sally Gordon is frequently invited to speak at professional associations and meetings, such as the Commercial Mortgage Securitization Association (CMSA), the Mortgage Banker's Association (MBA), and the Practicing Law Institute of the American Bar Assn. She developed an educational series for the CMSA, including CMBS 101, 201, and 301. She has been a guest lecturer in finance, capital markets, real estate, and portfolio management at various universities, including Cornell University, MIT, University of California at Berkeley, and Wharton School of Finance, and has taught courses on real estate capital markets, including one at New York University on "CMBS: Structures and Innovations."

She also serves on the Board of Governors for the Commercial Mortgage Securities Association (CMSA), the principal trade organization for the CMBS industry. She has received awards from CMSA, including the Founders Award and an award for the best research article of the year. She is also a member of the editorial board for CMBS World, the CMSA's quarterly journal. At the Mortgage Banker's Association (MBA), Sally is on the board for the commercial real estate side of the business, COMBOG, and has served as chair of the research committee. Finally, she is on the Advisory Board for the Real Estate Research Institute (RERI) and currently serves as chair the proposal review committee for that organization.

Dr. Gordon received a B.A. in Anthropology and an M.S. and Ph.D. in International Policy Studies, all from the University of Illinois.

Tad Philips

Mr. Philipp is a Managing Director at Moody's Investors Service responsible for the ratings of CMBS and commercial real estate CDOs. In addition, he oversees commercial mortgage related surveillance and quantitative tool development. Prior to joining Moody's in 1991, he had 12 years of diverse real estate debt and equity experience, including positions with Metropolitan Life Insurance Company, Investment Capital Associates (a commercial real estate investment banking firm), and Manhattan Equities (an office and residential property developer). He holds a BA from Pennsylvania State University and an MBA from Columbia University.

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