Willard McIntosh

Willard McIntosh serves as Professor of Practice in Finance at the Alvarez College of Business, University of Texas at San Antonio, while concurrently acting as Global Head of Research for Affinius Capital (formerly USAA Real Estate), managing $35 billion in institutional real estate investments. With 30 years of industry experience including executive roles at Abu Dhabi Investment Authority and Prudential Real Estate Investors, he oversees investment strategy development and research operations at Affinius while teaching real estate finance at UTSA.

His academic credentials include a Ph.D. in Finance and Real Estate from the University of North Texas (1987), an MBA with Real Estate concentration from Eastern Kentucky University (1979), and a BS in Business Education from the same institution (1977). Additional professional certifications encompass the School of Mortgage Banking (Mortgage Bankers Association) and Harvard's Management and Leadership in Education Program (2006).

Dr. McIntosh's research centers on Institutional Real Estate Investment, Real Estate Markets, and REITs, producing actionable insights for institutional investors through rigorous market analysis and portfolio strategy development. His work bridges academic theory with practical investment applications across commercial, multifamily, and non-traditional property sectors.

Recent publications (2017-2023) demonstrate evolving expertise in real estate price indices, development feasibility, and portfolio diversification strategies, culminating in the authoritative AFIRE Guide to U.S. Real Estate Investing (2023). His scholarly output consistently addresses institutional investment challenges through empirical market analysis.

Major recognitions include:

• 2017 James A. Graaskamp award (Pension Real Estate Association)
• Fellow of the Homer Hoyt Institute

His professional leadership spans presidential roles at the American Real Estate Society and Real Estate Research Institute, board positions at NCREIF and IRES, and advisory roles for NAREIT and university real estate centers. As former Dean of the University of Cincinnati's College of Business, he directed academic programs for 3,200 students while maintaining active industry engagement.

Dr. McIntosh contributes to real estate education through editorial work (Journal of Real Estate Portfolio Management), university advisory boards, and professional society leadership, fostering connections between academic research and institutional investment practice.