NIC Leadership Huddle:

Prominent Real Estate Research Directors Discuss Market Trends and the Economic Outlook


Hear from prominent research directors representing the views of private equity real estate shops and public REITs in a COVID-19 environment.  Learn about the outlook for the economy.  Find out how experts are advising their teams and clients regarding interest rates, capital markets, capital availability, transaction activity, and pricing. 

• How similar are the public and private markets? 
• Which property types will fare best? 
• How does seniors housing stack up against other commercial real estate property types?
• Are operator/financial partner relationships more important than ever?
• What are the near and long-term challenges and opportunities facing seniors housing? 

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Beth Burnham Mace
Chief Economist

Beth Burnham Mace is the Chief Economist and Director of Outreach at the National Investment Center for Seniors Housing & Care (NIC). Prior to joining the staff at NIC, she served as a member of the NIC Board of Directors for seven years and chaired NIC’s Research Committee. Ms. Mace was also a Director at AEW Capital Management and worked in the AEW Research Group for 17 years. Prior to joining AEW in 1997, Ms. Mace spent ten years at Standard & Poor’s DRI/McGraw-Hill as the Director of the Regional Information Service. She also worked as a Regional Economist at Crocker Bank, the National Commission on Air Quality, the Brookings Institution and Boston Edison. 

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Michael Acton
Managing Director, Head of Research

Mr. Acton is a Managing Director of the firm and AEW’s Head of Research with responsibility for directing the activities of AEW Research, the firm’s in-house research group. He works closely with the Fund’s investment management team in the development of the Fund’s investment strategy and criteria. Mr. Acton joined the firm in 1990 and has 34 years of experience as an economic analyst and forecaster. He is a standing member of the firm’s Investment Committee, Management Committee and Risk Management Committee. The resources of AEW Research are an integral part of AEW’s investment process and Mr. Acton works closely with senior professionals in all areas of the firm to develop investment strategies that match clients’ risk/reward objectives with market opportunities. Mr. Acton is also a member of the firm’s Compliance Committee. Prior to joining AEW, he was with DRI/McGraw-Hill where he managed the Metropolitan Area Forecasting Service. He is a graduate of Bates College (B.A.), and a CFA charterholder, as well as a member of the CFA Institute and CFA Society Boston.


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Mary Ludgin
Sr. Managing Director of Global Investment Research

 Mary Ludgin is Heitman’s Head of Global Investment Research. She is a partner of the firm and sits on its investment, valuation, and global management committees. She holds an AB from Vassar College and an MA and Ph.D. from Northwestern University.

Mary has just concluded her term as a Global Trustee of the Urban Land Institute and as Chair of ULI’s Chicago District Council. She sits on the board of ULI’s Center for Sustainability and Economic Performance. She served as Chair of the Pension Real Estate Association, President of the National Council of Real Estate Investment Fiduciaries, and President of the Real Estate Research Institute. Mary is a fellow of the Homer Hoyt Institute for Real Estate Research and a member of LAI, the honorary real estate society.

Mary was the 2019 recipient of the Pension Real Estate Association’s James A. Graaskamp award, which recognizes researchers whose work contributes to the common body of knowledge regarding real estate investment.

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Calvin Schnure
SVP, Research & Economic Analysis

Calvin Schnure is Senior Vice President, Research & Economic Analysis, and joined Nareit in March 2011. He analyzes developments in the macro economy and their impact on REITs and commercial property markets, and on financial returns to REITs. He monitors performance of mortgage REITs and conditions in the U.S. mortgage market. He also conducts original research on REITs' stock market returns and economic fundamentals.

Calvin earned a B.A. in Economics from Williams College, a Master of Arts in Law and Diplomacy from the Fletcher School at Tufts University, and a Ph.D. in Economics from the University of California, Berkeley.