Willard McIntosh, Ph.D.

Professor of Practice, Finance

Will McIntosh


Dr. Will McIntosh is Global Head of Research for Affinius Capital (formerly USAA Real Estate), an institutional real estate investment manager with $35 billion under management. He serves on the Investment Committee and is responsible for helping develop commercial real estate investment strategy and managing in-house research with the objective of informing and enhancing the real estate investment process.

Will’s experience in real estate spans 30 years with the last 12 at Affinius Capital. He was previously Head of Global Research for the Abu Dhabi Investment Authority’s (ADIA’s) Real Estate Department where he was responsible for helping develop ADIA’s global real estate investment strategy and building and leading a real estate research platform. Prior to joining ADIA, Will served as the Chief Investment Officer of Fund Evaluation Group (FEG), and was responsible for investment strategy and manager analysis.

Prior to joining FEG, Will was Professor of Finance and Dean of the College of Business at the University of Cincinnati, responsible for overseeing the education of approximately 3,200 undergraduate and graduate students and a faculty and staff of 150.

Over the years, Will has also served in leadership positions with such notable firms as ING Real Estate, AIG Global Real Estate Investment Corp., and Prudential Real Estate Investors (PREI). Additionally, Will has served as President of the Real Estate Research Institute (RERI) and on the Board of Directors of the National Council of Real Estate Investment Fiduciaries (NCREIF) and the International Real Estate Society (IRES). He has served on the Investor Council of the National Association of Real Estate Investment Trusts (NAREIT) and on the Advisory Boards of several university real estate centers.

Will is a past President of the American Real Estate Society and is a Fellow of the Homer Hoyt Institute. He has served as a Co-Editor of the Journal of Real Estate Portfolio Management and has published numerous articles in leading real estate professional and academic journals.

Will is the 2017 winner of the James A. Graaskamp award given by the Pension Real Estate Association (PREA) in recognition of high-quality research in institutional investment in real estate. He received his Ph.D. in Finance and Real Estate from the University of North Texas (1987), his MBA with a concentration in Real Estate from Eastern Kentucky University (1979), and his BS in Business Education from the same institution (1977). He is a graduate of the School of Mortgage Banking of the Mortgage Bankers Association of America and served as a Faculty Fellow. He is also a graduate of the Management and Leadership in Education Program, Harvard Institute for Higher Education at the Harvard Graduate School of Education (May 2006).


  • Real Estate Appraisal (Undergraduate)
  • Real Estate Finance and Investments (Graduate)

Research Interests

  • Institutional Real Estate Investment
  • Real Estate Markets
  • REITs


  • Ph.D. University of North Texas
  • MBA Eastern Kentucky University
  • B.S. Eastern Kentucky University


  • “The AFIRE Guide to U.S. Real Estate Investing,” 4th Edition, Editor, McGraw Hill, December 2023.
  • “Urban Land: Price Indices, Performance, and Leading Indicators,” with B. Slade, D. Hansen, and M. Fitzgerald, The Journal of Real Estate Finance and Economics, Vol 60, No. 3, 2020, pp. 396-419.
  • “Multifamily Development: Can You Always Lease It Up?” with M. Fitzgerald, and C. Zang, Journal of Portfolio Management, Vol 45, No. 7, 2019, pp. 68-79.
  • “Non-Traditional Property Types: Part of a Diversified Real Estate Portfolio?” with M. Fitzgerald and J. Kirk, Journal of Portfolio Management, Vol. 43, No. 6, 2017, pp. 62-72.
  • "The Pricing of Real Estate Investment Trust Initial Public Offerings," with S. Below and M. A. Zaman, The Journal of Real Estate Finance and Economics, Vol. 11, No. 1, July 1995, pp. 55-64.
  • "Stock Price and Management Changes: The Case of REITs," with R. Rogers, C. F. Sirmans and Y. Liang, Journal of the American Real Estate and Urban Economics Association, Vol 22, No. 3, Fall 1994, pp. 515-526.