NEARLY 40 YEARS OF EXPERIENCE IN SOUTHERN CALIFORNIA

Dr. Walter Hahn is a highly respected real estate economist who has been studying and analyzing the dynamics of the Southern California and Orange County real estate markets for nearly 40 years. Prior to establishing his own consulting firm, Dr. Hahn was a consultant in the Orange County office of Ernst & Young LLP, since 1995. Before that he was a partner and director of real estate consulting in the Orange County office of Kenneth Leventhal & Company from 1983 – 1995. Dr. Hahn earned his Doctor of Philosophy degree from UCLA in 1974, with a Major in Real Estate Economics and Minor in Regional Economics.

In addition to operating his own consulting practice, Dr. Hahn is associated with the firm of Alvarez & Marsal, a leading workout and restructuring firm with offices nationwide, including Los Angeles. In addition to providing crisis management, corporate restructuring, and performance improvement services, Alvarez & Marsal has a real estate advisory services group with which Dr. Hahn is affiliated.

Dr. Hahn has a wide spectrum of knowledge and experience that is beneficial to landowners, developers. homebuilders, property owners, investors, lenders, and government agencies. He has provided market projections and analyses for nearly every type of real estate project and property ranging from individual properties to large master planned communities, including unusual, complex, and difficult properties, situations and analyses.

Over the years, he has worked on many major development projects throughout Southern California and in many metro areas around the U.S. Dr. Hahn has been retained as an expert more than 30 times to provide expert testimony related to real estate economic, market, profitability and valuation issues. He has testified in superior court and bankruptcy court more than 10 times.

DR. HAHN’S SPECIFIC AREAS OF EXPERTISE INCLUDE:

• Regional economic, housing, and commercial/industrial market analyses and projections.
• Participation in real estate development planning teams.
• Cash flow projections and financial feasibility analyses.
• Real estate appraisals.
• Expert court testimony and dispute resolution with the IRS.

Dr. Hahn earned a Bachelor of Science degree in Electrical Engineering from the University of Utah in 1954 and a Master of Business Administration from UCLA in 1967. He served in the U.S. Navy 1958 – 1960 as a Lieutenant, Electronics Officer.

PROFESSIONAL QUALIFICATIONS

1995 – March 2005: Retired partner and consultant to Ernst & Young LLP, Orange County, CA office: Performed many of the same activities summarized below for Kenneth Leventhal & Company.

1983 – 1995: Partner, Kenneth Leventhal & Company, and director of real estate consulting, Newport Beach office: Supervised and prepared many market analyses, cash flow projections, and financial analyses for residential, office, retail, industrial and hotel properties located in numerous metropolitan areas; prepared appraisals for a great many residential, office, industrial and undeveloped land properties; prepared regional economic analyses and projections for many metropolitan areas; analyzed in depth over 40 large scale development projects; monitored and projected performance of the U.S. economy.

1974 – 1983: Vice President, Alison Mortgage Investment Trust, Los Angeles and Newport Beach, CA: Performed numerous market analyses, financial analyses and appraisals on all types of properties; prepared workout plans for foreclosed properties; supervised completion of three condominium and hotel projects; supervised development of condominium sales and marketing programs.

1970 – 1974: Chief economist with Development Research Associates, Los Angeles, where he performed and supervised all types of real estate and regional economic analyses.

Dr. Hahn’s professional career also includes being an electronics engineer with Montek, Inc., Salt Lake City, 1960 – 1963, and an electronics engineer with General Electric Company based in Germany, 1968 – 1969.