STATEMENT FROM RICHARD ROSAN
PRESIDENT, URBAN LAND INSTITUTE WORLDWIDE

WASHINGTON (January 16, 2009) -- As we are all well aware, the economic turmoil has wreaked havoc on the real estate industry, and most analysts are predicting at least another year of very tough times. The Urban Land Institute has, without question, remained impressively resilient despite this difficult environment, but it would be unreasonable to assume that the organization could remain indefinitely immune to the recession.

The organization has experienced a substantial decline in revenue, and a significant decline in ULI’s endowment will affect revenue for the coming fiscal year. As the economic situation has worsened, ULI has continued to make budget adjustments to keep the Institute strong financially.

However, despite taking other actions to reduce spending, it became apparent late last year that a downsizing of ULI’s staff would be necessary. This reduction, implemented over the past two weeks, included a voluntary reduction of some longtime staff members who accepted a severance package reflecting their years of service. This was followed by an involuntary reduction of staff members in the Washington, D.C. office and the London office. While this was an obviously difficult and painful decision, it was mandated by harsh economic realities. The unprecedented fiscal circumstances we are facing left us no other choice.

ULI has acted prudently, responsibly and appropriately to weather this economic storm. As a result, the Institute is well positioned to build upon its stellar work as a global authority on responsible land use. No changes have been made that will compromise the Institute’s core programs, products and services. At this point in time, the support for the District Council program has remained fully intact, and the funded Centers – the ULI Terwilliger Center for Workforce Housing, the Center for the West, the Middle East Real Estate Education Centre in Abu Dhabi, and the ULI Daniel Rose Center for Public Leadership are moving forward.

As ULI increasingly integrates its global program of work, including that of the Centers, with local district council programs, I believe we will see a true global-local partnership that will serve the Institute well in the years ahead. The opportunities and potential are great for the Institute to become an even more innovative and progressive land use research and education institute.