Werner T. (Ted) Kostendt, MAI, Principal, is a designated member of the Appraisal Institute and a licensed Certified General Real Estate Appraiser. He holds a Masters degree in Real Estate Appraisal & Investment Analysis from the Department of Real Estate and Urban Land Economics at the University of Wisconsin-Madison. He was prepared in a multi-disciplinary approach to the real estate process by James A. Graaskamp and by noted urban land economist and land use policy theorist Richard B. Andrews.The Department of Real Estate & Urban Land Economics at Wisconsin has been ranked as the #1 graduate real estate program in the nation by U.S. News & World Report. The Appraisal Institute is generally recognized as the premier professional real estate appraisal organization. Ted Kostendt has been a commercial real estate analyst and valuation specialist since 1980.He has been involved in some of the largest property valuations ever undertaken in the United States.For example, while employed at L.W. Ellwood & Company of New York during which time he was promoted to Vice President of the firm, he was personally and primarily responsible for the valuation of the Pan Am Building, the largest office building in Midtown Manhattan.He played a key role in the appraisal of Rockefeller Center, a valuation which resulted in the largest dollar value conclusion in an appraisal up to that point in time. The nation’s largest lenders, law firms, and real estate investors have relied on his judgment and expertise with respect to their highest exposure and most challenging valuation issues. Ted was invited to participate as a discussant at the annual meeting of the American Real Estate & Urban Economics Association in New York City commenting from the practitioner’s perspective on a paper entitled Estimating Real Estate Systematic Risk from Aggregate Level Appraisal Based Returns by David Geltner, MIT.His comments regarding the impact of the internet on the shopping center industry were published in the Appraisal Journal.