About KC

KC Conway is a nationally recognized economist and appraiser with a nearly 40 year career including positions in commercial banks, government service, and academia. Among his more notable career achievements are (i) his role as the commercial real estate subject matter expert providing counsel to the Federal Reserve during the Great Recession of 2007-2010; (ii) serving as the Chief Economist for the CCIM Institute from 2017-2023; and (iii) acting as an instructor for real estate trends at the Federal Financial Institutions Examination Council continuously from 2006. In addition, he presently serves as a director of a publicly traded REIT and testifies as an expert witness on valuation and tax appeals in various state and U.S. courts.

PROFESSIONAL SERVICE

KCnomics, LLC

Founding Principal and Owner – 11/2023 to present

KCnomics is an independent and privately-owned economic forecasting and research firm HQ in Georgia but operating nation-wide. It is the home to “The Original Red-Shoe Economist.” Areas of specialty include economic feasibility analysis, expert witness services for appraisal and property tax appeal matters, segregating real estate from the “Total Assets of a Business,” bank real estate regulatory compliance, CRE Finance, ports, logistics and supply-chain, affordable housing, rezoning, adaptive reuse, and valuation of specialty CRE, such as “Big-Box retail, manufactured housing, self-storage, time-shares, rock quarries, and land.

Red Shoe Economics, LLC (RSE)

Principal and Co-Founder – 10/2020 to 10/2023

RSE was a privately-owned economic forecasting, real estate advisory, valuation, and expert witness research firm serving the commercial real estate industry nation-wide.

CCIM Institute

Chicago, IL – 10/2017 to 10/2023

Chief Economist – North America

UMH Properties, INC.

(A Public Equity REIT) Independent – 06/2022 to present

Board of Director Member

Red Shoe Economics, LLC (RSE)

Principal and Co-Founder – 10/2020 to 10/2023

RSE was a privately-owned economic forecasting, real estate advisory, valuation, and expert witness research firm serving the commercial real estate industry nation-wide.

CCIM Institute

Chicago, IL – 10/2017 to 10/2023

Chief Economist – North America

UMH Properties, INC.

(A Public Equity REIT) Independent – 06/2022 to present

Board of Director Member

Monmouth REIC (MNR)

publicly traded REIT – 10/2018 to 02/2022

Independent Board of Director Member

Federal Financial Institutions Examination Council (FFIEC)
01/2006 to present

Instructor for R.E. Trends, Appraisal Conditions for Supervisory updates (quarterly training for state & federal bank regulators). Awarded Meritorious Service Award by FFIEC in 2009

Appraisal Foundation

(Entity with Oversight of Appraisal Industry from FIRREA) – 12/2021 to 11/2022 Entity

created by 1989 FIRREA legislation to regulate & oversee the Appraisal Industry

University of Alabama

Culverhouse College of Commerce – 10/2017 to 9/2020

Alabama Center for Real Estate (ACRE) Director of Research and Corporate Engagement

SunTrust Bank

Atlanta, GA – 7/2014 to 5/2017

SVP, Credit Risk Management; Chief Appraiser; Senior Valuation Officer; Senior Environmental Risk Officer, & Sr. Market Intelligence Officer with responsibilities for REVAL (R.E. Valuation & Env. Services) & Market Intelligence for Wholesale Banking

Colliers International

Atlanta, GA – 1/2011 to7/2014

Chief Economist – United States. Authored the North American Ports Outlook, North American Industrial Outlook reports and Developed and Published Economic Content. Also served as an Instructor to Colliers University for internal brokers and was frequent author/contributor to Colliers Knowledge Leader magazine.

Federal Reserve Bank (FRB) of Atanta and New York
10/2005 to 12/2010

Commercial Real Estate Subject Matter Expert to ATL FRB; Senior Risk Specialty Officer to NY FRB. Briefed Federal Reserve Chairman Ben Bernanke and Board of Governors on subprime lending and housing crisis and its impact on the CRE industry, and Co-founded “Ask the FED”, “Rapid Response”, and Industry-facing “Debate & Confirm” programs .

SouthTrust Bank
4/1996 to 5/2005

Director of Underwriting for Commercial Real Estate bank-wide Underwriter for all onbalance sheet loans securitized to CMBS Developed proprietary Market-At-A-Glance (MAAG) market monitoring reports Underwriter for Builder-Line lending and subdivision lot lending Regulatory and real estate underwriting compliance with oversight reporting

Other Service

• Winius/Montandon Appraisers, currently Winius-Integra (Appraiser) – Phoenix – 1985-1987
• Cushman & Wakefield (Senior Appraiser) – Atlanta, GA – 1987-1989
• Equitable Real Estate (Director) – Atlanta, GA – 1989-1991
• Deloitte & Touche – (Manager Valuation Services & Litigation Support) – 1991-1993
• Wells Fargo Bank (Assistant Chief Appraiser for Southeast Region) – 1993-1995
• Prudential Home Building Investors (PHBI) – created Partnerships with Home Builders and Residential Lot Developers nationwide – 1996

PROFESSIONAL CREDENTIALS

• CCIM – Certified Commercial Investment Member (Member #23817) – 04/2020
• MAI – Member of Appraisal Institute (Member # 8281) – 11/1989
• CRE – Counselor of Real Estate (Member # 2456) – 04/2009
• State Licensed Appraiser (State of Georgia/License # GC-1354) – 8/1991 to 8/2023
• State Reciprocity Licenses with CO, IO, OH, PA, FL (FL-CGA-48941) – 10/24/2022

EDUCATION

• Emory University, Atlanta, GA; BBA, with Honors 5/1985
• Appraisal Institute (Current on all required Con-Ed & USPAP) 3/1985 to 8/2023 (Includes 177 hours core education for MAI 1985-1989;and 500+ hours post MAI, 1989-August 2023)

ACADEMIC & REAL ESTATE INDUSTRY ADVISING

• Federal Reserve – Briefed Chairman Bernanke on “Coming R.E. Crisis” Wall Street Journal cited my briefing Oct 7, 2009 “Fed Frets About CRE” – 6/2006 to 10/2009
• Alabama Center for Real Estate at University of Alabama – 10/2017 to 9/2020
• Published research: Logistics Infrastructure: Transformational Opportunities – 02/ 2019
• Monmouth REIC (MNR) – Board of Directors – 10/2018 to 02/2022
• Counselors of Real Estate – 2018 Liaison Vice Chair, Committee Oversight – 2018
• Counselors of Real Estate – Annual Top 10 RE Issues – Member of Committee – 2014 to 2017
• Counselors of Real Estate – 3D Printing, A Game Changer – 10/2014
• Counselors of Real Estate – RE & the Economy: Chaos Driven? – 9/2016
• Counselors of Real Estate – CRE Finance Disruption: Déjà vu or Something New? – 12/2018
• Risk Management Association (RMA) National & Regional Real Estate Symposia – 2011 to 2018
• RMA Journal – Content Author CY 2019 – Just When Things Were Going So Well – 02/2019
• American Property Tax Counsel (APTC) – Property Tax Valuation Seminars Dissecting the Cap Rate; Allocating Real Estate Value from the Going Concern; Appraiser as Expert Witness, What’s Behind Investor Surveys? – 2009 to 2018
• National Association of Realtors – Land Institute (Co-presented annual Economic Outlook with Dr. Dotzour of Texas A&M) Appraisal Institute & Commercial Real Estate Women (CREW) – 2009 to 2018
• National Association of Realtors – Land Institute (Co-presented annual Economic Outlook with Dr. Dotzour of Texas A&M) Appraisal Institute & Commercial Real Estate Women (CREW) – 2010 to 2017
• State of Atlanta Annual keynote on topics: The Banking & Credit Crisis & Ports – 2008 to 2017
• External Advisory Board: University of Colorado – Leeds Business School – 2010 to 2015
• Colorado Mountain College – Steamboat Springs, Colorado Economic Summit – 10/2014
• DePaul University Real Estate Center & Chaddick Institute (Dr. Susan Cannon) The Future Supply Chain: Think 3D for Manufacturing, Warehousing & Retail – 12/2014
• University of Florida – Bergstrom Center for Real Estate Studies 2011, 2013, 2015 and 2023 Real Estate Advisory Board Retreat – 2011-2023
• South Carolina International Trade Conference– Global Economic & Port Outlook – 09/2016
• Georgia State University – Economic Forecasting Center – Views from the Top Annual GSU Real Estate Center event for business leaders (Dr. Rajeev Dhawan) – 1/2017
• Urban Land Institute (ULI) – 2017 Economic Consensus Forecast Annual Economic Forecast Survey – Presented and explained results – 09/2017
• University of Central Florida – Annual RE Conference (Keynote Speaker) – 2016 & 2017
• University of Alabama – ACRE Commercial Real Estate Conference – 2014, 2018-2020

CONFERENCE PRESENTATIONS

Frequently lecturer and speaker on the U.S. Economy, Housing Conditions and Trends, Commercial Real Estate markets, Ports & Logistics, Retail Industry, Property Tax, Agricultural and Residential Land, 3D Print Manufacturing, Digital Currency and Blockchain Technology, Valuation matters and policies such as Interagency Appraisal Guidelines, HVCRE, CECL, ASC 842 and Lease Accounting, for state and federal government agencies, financial institutions, real estate organizations, such as NAR, RMA, CCIM Institute, APTC, IPT, Appraisal Institute, NAIOP, SIOR, RMA, as well as private industry groups & companies. Presented more than 750 programs to real estate industry and regulatory organizations, and conferences following the 20082009 Housing and Financial crises, including the Appraisal Institute, American Property Tax Council, Institute for Professionals in Property Tax (IPT), Counselors of Real Estate, CCIM Institute, AL Center for Real Estate, RMA, FDIC, FFIEC, Federal Reserve, Conference of State Bank Supervisors (CSBS), ICSC, NAHB, National Association of Realtors, NAIOP, SIOR, Society of CPAs, Rail & Maritime Summit (2023), RLI, and ULI.

TEACHING, CONFERENCE & SEMINAR DEVELOPMENT

• Federal Financial Institutions Examination Council (FFIEC) / Arlington, Virginia (The FFIEC is the bank regulatory school for all bank examiners housed at FDIC) – 2008 to present
• Supervisory Updates – Lessons Being Learned from Financial Crisis Quarterly – 2009-2010
• Received Meritorious Service Award from FFIEC for Examiner Education – 2010
• Supervisory Updates & Emerging Issues – Appraisal Issues & CRE Initiatives – 2/2010
• Community Institutions Lending Forum – Appraisal Issues – 8/2010
• Supervisory Updates & Emerging Issues – CRE Stress Testing – 3/2011
• Community Institutions Lending Forum – CRE Market Conditions – 6/2011
• Supervisory Updates & Emerging Issues – Appraisal Issues & CRE Conditions – 2012
• Community Institutions Lending Forum – Calculating the Cap Rate – 4/2013
• Supervisory Updates & Emerging Issues – CRE Market Conditions & Appraisals – 2013 to 2017
• Agricultural Real Estate Lending – What to Know & Where to Go to Value – Spring & Fall 2014

INSTRUCTOR/GUEST LECTURER

• Conference of State Bank Supervisors, CSBS (National Conferences) Led classes on appraisal-related topics – 2009-2011, 2016-2017, 2022-2023
• Tennessee Department of Banking -Appraisal Reviews & FAQs on Value Methods – 2011
• Kentucky Department of Financial Institutions – General RE Issues in Banking – 12/2011
• Arkansas State Banking Department – Workout Guidance Necessary – 3/2011
• Colliers University – Broker Curriculum on Economy, Ports & CRE Trends – 2011 to 2014
• Federal Reserve – Ask the FED – Rapid Response seminar series 2008 to 2010 Voted “Favorite FED presenter” by bank examiners in 100th session survey RESEARCH – 2008-2010

RESEARCH EXPERIENCE

Government

Federal Reserve Banks

• Industry Spotlight, FRB of Atlanta – Public Homebuilder Focus Report – 9/2007
• Industry Spotlight, FRB Atlanta – Unsecured Debt at Public Homebuilders – 9/2007
• R-REMS – Residential R.E. Market Spotlight (Quarterly report) Atlanta Fed continues to use the R-REMS for monitoring housing conditions. – 2007 to 2010
• C-REMS – Commercial R.E. Market Spotlight (Quarterly report) Atlanta Fed continues to use C-REMS for monitoring commercial real estate – 2007 to 2010
• Perspectives on Risk – CRE will Lag any Economic or Housing Recovery Paper to Fed Board of Governors and staff regarding headwinds for CRE – 2009
• Rapid Response: five-part series – Case Studies on Income Real Estate – 6/2010
• Credit Markets Symposium (Richmond FRB) – Perspectives on CRE Market – 4/2010
• Debate & Confirm FRB of Atlanta Program – 2010
• Banking Industry Outlook – 2/2010

Industry Published

• “Valuing Appraisals: Evidence from the CMBS Industry” – CRE Finance 2012 Co-authored: Brian Olasov, Managing Director, McKenna Long & Aldridge, LLP – 2012
• North American Port Analysis – CapEx or Capsize 2013 Inaugural North American Ports paper for Colliers International Co-authored with James Cook & Aaron Finkelstein – 2013
• North American Port Analysis – Biggie Size It – 2014
• Annual North American Ports paper for Colliers International Co-authored with James Cook & Aaron Finkelstein – 2014-2017
• Colliers Quarterly North American Industrial Outlook Quarterly research report on Industrial Real Estate Market Conditions The “I” s Have It; No “Frozenomics” Excuses Co-authored with James Cook, Jeff Simonson & Aaron Finkelstein – 2013 to 2014

PUBLICATIONS

• Conway, K.C. “Different Perspectives: Banking & the Outlook for Recovery” 2011 Journal of Real Estate Issues, Volume 15, No. 3 – Co-authors: Downs, Hostetter & Thompson
• Conway, K.C. “What Lies Ahead” Knowledge Leader Magazine – Bank Notes Section (Colliers Magazine) – 2011
• Conway, K.C. “Weekly Market Recap” 2011 to 2014 Weekly Economic Newsletter for Colliers International Brokers & Clients Created “Bulls, Bears & Bewildered” Scoreboard – 2011-2014
• Conway, K.C. “North American Port Analysis: Beyond Post Panamax Basics” 2012 Journal of Real Estate Issues, Volume 37, Number 1 – 2012
• Conway, K.C. “Industrial Strength, Optimism” 9/2012 Mortgage Banking – Real Estate Finance – Interview by John Bell on recovery of Industrial R.E. – 2012
• Conway, K.C. “The Use of Review Appraisal & Review Experts in Tax Cases” 10/2013 American Property Tax Council – 2013 Property Tax Symposium White Paper – What Do Appraisals Seek to Measure? – 2013
• Conway, K.C. “Bright Spot & Blind Spots” 2013 Journal of Real Estate Issues, Volume 38, Number 2 Conway, K.C. “Escape from QE” 2014 Knowledge Leader Magazine – Bank Notes Section (Colliers Magazine)
• Conway, K.C. “The Return of U.S. Manufacturing” 11/2015 Real Estate Forum Magazine – Cover Story “Coming Back to America Edition” – 2015
• Conway, K.C. “A 2016 Agricultural Land Outlook” 2016 Farmland in Perspective, Volume 37, Number 2 2016 – 2016
• Conway, K.C. “It’s a Small World with Big Economic Challenges” 2017 Journal of Real Estate issues, Special Issue: “Global Cities in an Era of Change” – 2017
• Conway, K.C. “WIN – Wednesday Insights” – A weekly column on the 2018 to 2020 Economy and commercial real estate – 2018-2020
• Conway, K.C. Amazon HQ2: A Reset Button for Site Selection 2/2018 Jointly published by CCIM Institute and ACRE – CCIM Insight Series – 2018
• Conway, K.C. Adaptive Reuse: Turning Blight Bright 8/2018 Jointly published by CCIM Institute and ACRE – CCIM Insight Series – 2018
• Conway, K.C. CRE Finance Disruption 12/2018 Jointly published by CCIM Institute and ACRE – CCIM Insight Series – 2018
• Conway, K.C. CRE Finance – Just when things were going so well (RMA Journal) – 2019
• Conway, K.C. Logistics Infrastructure: Transformational Opportunities – 2/2019
• Conway, K.C. Long May You Run – Updating CRE Skills 3/2019 Jointly published by CCIM Institute and ACRE – CCIM Insight Series – 2019
• Conway, K.C. Office CRE – The Rest of the Story 6/2021 Jointly published by CCIM Institute & Red-Shoe Economics – CCIM Insight Series – 2021
• Conway, K.C. Last-Mile Logistics 10/2021 Jointly published by CCIM Institute & Red-Shoe Economics – CCIM Insight Series – 2021
• Conway, K.C. Adaptive Reuse 2.0: The Neighborhood Approach 5/ 2021 Jointly published by CCIM Institute and Red-Shoe Economics (FL Realtors Grant) – 2021
• Conway, KC, CCIM Institute Insight Series – “Disaster Preparation, Response & Recovery (4Q 2022 CRE Insights Series) – 2022
• Conway, KC, CCIM Institute CIRE Magazine, Fall 2022 – “Appraising Change” https://www.ccim.com/cire-magazine/articles/2022/fall/appraising-change/– 2022

RECENT AND RELEVANT EXPERT WITNESS LITIGATION

• EZ Storage Property Tax Appeal (Montgomery County, PA) 2012-2014 (Settled) – 2012-2014
• Crescent Homes Investors Vs. Duke Energy (Appraisal & Housing Crisis forensics) – 2013-2014
• Breland Homes Vs. D.R. Horton Homes (Lot Option Agreements) 2018 (Settled) – 2018
• Home Depot Property Tax Appeal (Iowa and Colorado) 2019 – Ongoing – 2019-Ongoing
• AL Affordable Housing Authority Vs AL Dept of Revenue re LIHTC as real estate Summary Judgment in AAHA/Client’s favor 2020 (Settled) – 2020
• Kohls & Best Buy Property Tax Appeals (Colorado) 2020 (Settled) – 2020
• Coxsackie, NY Low Income Housing Discrimination for UMH REIT (Settled) – 2021
• Butts County, GA Rock Quarry Rezoning Litigation 2021 – Ongoing – 2021-2023
• Lamar County Rock Quarry Economic Impact Study for Rezoning Litigation – 2022
• EZ Storage Property Tax Appeal (Butts County, PA) – 2021
• EZ Storage Property Tax Appeals (Montgomery Co. PA – multiple years – 2022-Ongoing
• Columbia Park Mfg Housing Tax Appeal (Cleveland OH) – 2023-Settled
• Xcel Energy HVTL Property Value Impact (Colorado) – 2022-Ongoing
• Cypress Harbour Timeshare Tax Appeal (Florida) – 2022-Ongoing
• Butler Plaza Mall, Gainesville FL Property Tax Appeal – Retail Industry Expert – 2023-Ongoing
• W-Miami Condo-Hotel Property Tax Appeal – 2023-Ongoing

HONORS AND AWARDS

• Appraisal Institute – President’s Award 2009 – 2009
• Atlanta FED – Key Player Award, Federal Reserve, Atlanta – 2009
• FFIEC – Meritorious Service Award for Examiner Education (Issued by heads of all Bank Regulatory organizations from FDIC, OCC, Federal Reserve, NCUA, etc.) – 2010
• American Property Tax Counsel (APTC) Martin Katz Memorial Award (Highest award in field of property tax consultation) 2018 – 2018
• CCIM Institute, CCIM Designation & Chief Economist (Q4 2017 thru Q3 2023) – 2020-Q3 2023