Fred Prassas, CPM^®, of Bangor, Wis. and Robert Toothaker, CPM^®, South Bend, Ind.,
Also Elected Officers

(CHICAGO, IL - Dec. 1, 2004) - The Institute of Real Estate Management (IREM^®) elected its officers for 2005 during the professional association's Annual Education Conference held recently in Nashville, Tenn. Anthony “Tony” Smith, CPM^®, CCIM^® of Suffolk, Va., will serve as president, Fred Prassas, CPM^®, of Bangor, Wis., will serve as president-elect, and Robert Toothaker, CPM^®, of South Bend, Ind., will serve as secretary-treasurer.

Smith is Regional Vice Chairman of the CB Richard Ellis Mid-South Region, AMO^®, with offices in Norfolk and Richmond, VA , and Charlotte and Raleigh, NC. The firm manages and leases over 20,000,000 square feet of office, business center and retail properties in the Virginia and Carolina markets.

"Having been involved with IREM^® locally and nationally for many years, I have first-hand knowledge of the organization's past accomplishments and plan to expand on them by delivering new products and services that will directly benefit our members and assist them in their professional life,” Smith said. "I am honored to serve IREM as we continue to be the real estate industry's most respected and comprehensive provider of real estate management education and information and the leader in establishing standards for real estate management, worldwide.”

Smith is actively involved in managing the CB Richard Ellis Mid-South Region, as well as providing asset management, development and financing services for the affiliated portfolio. He has arranged and closed over $500,000,000 in debt and equity financings over the last 15 years.

Smith entered the real estate business in 1982 as a lender with North Carolina National Bank (now Bank of America) and has been actively involved in IREM^® for many years. He served in various officer capacities for the IREM^® Virginia Tidewater Chapter No. 39, culminating in his presidency in 1994. He was also recognized as that chapter's “CPM^® of the Year” in 1993.

Smith has served in many IREM^® leadership roles at the national level, as well, including Regional Vice President, member-at-large of the National Executive Committee and as Chairman of various Faculty Committees and Boards. He was national Senior Vice President of the Educational Resources Division and Senior Vice President - Chapters and as 2004 IREM President-elect, he completed the term of last year's president, David Lane, upon his resignation last March.

Smith has been active in teaching since he began his professional career. In addition to serving as an IREM^® instructor, he has taught real estate finance at Old Dominion University in Norfolk, VA and currently serves on the board of the Old Dominion University Real Estate Center. He also serves on the Hampton Roads Advisory Board of RBC Centura Bank and the boards of various community organizations.

He has an undergraduate degree in Economics from Davidson College, Davidson, NC, and a Masters in Business Administration from the Darden School at the University of Virginia.

PRASSAS ELECTED 2005 PRESIDENT-ELECT
Prassas is a principal in the PMC Management Group, which specializes in residential property management throughout western Wisconsin and eastern Minnesota. He has been in the real estate business since 1973 and is licensed as a broker in Wisconsin, Illinois and Minnesota. He is a faculty member of the Institute, and is experienced in residential property management and consultation.

In addition to volunteer leadership positions with IREM, Prassas has held similar positions with the NATIONAL ASSOCIATION OF REALTORS^® (NAR^®). Recently, he was an architect of Realtors Commercial Alliance Advisory Board, which brings together leadership of the 16 largest national commercial real estate firms, NAR leadership and all of its specialty affiliates to formulate national policy of importance to commercial practitioners.

Prassas is a trustee of the Center for Urban Land Economic Research at the University of Wisconsin, Madison. He was president of the La Crosse Area Realtors Association in 1985, president of the Wisconsin Realtors Association in 1992, and was named REALTOR^® of the year by both organizations.

Prassas earned a Bachelor of Science degree in Communications at Southern Illinois University and a Master of Business Administration degree at the University of Wisconsin, La Crosse.

TOOTHAKER ELECTED 2005 SECRETARY-TREASURER
Toothaker is chairman of Real Estate Management Corporation as well as CB Richard Ellis South Bend. In addition to his active involvement in IREM, he is a member of the Greater South Bend-Mishawaka Board of Realtors, a charter member of the Indiana Commercial Board of Realtors, and has served as president of the local chapter of the Building Owners and Managers Association (BOMA). He was named “Realtor of the Year” for 2004 for the state of Indiana at the 19th annual Indiana Commercial Board of Realtors (ICBR) Conference.

Toothaker is active, as well, in civic and community affairs. He serves as a board member of the Housing Authority of the City of South Bend, the Studebaker National Museum and the South Bend Symphony. He also is chairman of the Northern Indiana Historical Foundation.

Toothaker is a licensed real estate broker in Indiana and Illinois and holds a Bachelors and Masters degree from Illinois State University.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM^®) has been the source for education, resources, information and membership for real estate management professionals for more than 70 years. An affiliate of the NATIONAL ASSOCIATION OF REALTORS^®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 82 U.S. chapters, seven international chapters, and several other partnerships around the globe, IREM is an international organization that serves as an advocate on issues affecting the real estate management industry.

Membership includes nearly 16,000 individual members and 530 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager^® (CPM^®) designation, the Accredited Residential Manager^® (ARM^®) certification, and the Accredited Management Organization^® (AMO^®) accreditation. These esteemed designations certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate membership status.

To learn more about the Institute of Real Estate Management, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.