Printer friendly PDF versionPROFESSIONAL QUALIFICATIONS
MARK T. KENNEY, MAI, SRPA, MRICS, MBA
PRESENT POSITION: Mr. Kenney is President and owner of the firm. His diverse experience includes national appraising of mega malls, super-regional and regional shopping malls, community and strip centers, department stores, discount department stores, “big box” stores, hotels, motels, resorts, apartment complexes, manufacturing facilities, warehouses, office buildings, banks, commercial and residential developments for acquisition, disposition, financing, syndication, ad valorem taxation and federal estate taxation.
PROFESSIONAL EXPERIENCE: Prior to his current position, Mr. Kenney was a Principal in Equity Appraisal Co., Inc. from 1987-88. During 1984 to 1987, he was Vice President and part owner of Appraisal Affiliates, Inc., a firm specializing in valuation, finance, real estate taxation and shopping center valuation. Mr. Kenney had been a Senior Analyst with that firm from 1981 to 1984.
EDUCATION: Mr. Kenney earned a Master of Business Administration (Concentration in Accounting) from La Salle University. He holds a Bachelor of Arts degree in Economics, Magna Cum Laude, from La Salle University (Concentration in Finance). He has attended numerous seminars on current real estate issues, including:
“Capitalization Rates in an Uncertain Market” presented by Peter Korpacz, MAI, CRE, FRICS, at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 23, 2012)
“Functional Obsolescence” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012)
“State Update Session I: New Jersey, New York, Ohio and Pennsylvania” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012)
“The Use of Review Appraisals in Property Valuation Cases” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012)
“Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets” provided by the Appraisal Institute in Chicago, IL (December 1-2, 2011)
“Litigation Skills for the Appraiser” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (October 20, 2011)
“Understanding and Using Investor Surveys Effectively” 2-hour webinar presented by the Appraisal Institute (January 11, 2011)
“Billboard Assessments: The Valuation of Outdoor Advertising Signs for Property Tax Purposes” presented at the IAAO’s 31st Annual Legal Seminar in Chicago, IL (December 10, 2010)
“The 2000's: A Decade of Change in Indiana Assessment Policy” presented at the IAAO’s 31st Annual Legal Seminar in Chicago, IL (December 10, 2010)
“Recent Developments in Real Property Taxation” presented at the IAAO’s 31st Annual Legal Seminar in Chicago, IL (December 9, 2010)
“WI Property Tax Litigation 2010: What Every Assessor Needs to Know” (3 Hours) presented by the Wisconsin Municipal Assessors Institute at Chula Vista Resort, Wisconsin Dells, WI (September 15, 2010)
“How to Critique an Appraisal” (7 Hours) presented by the Wisconsin Municipal Assessors Institute at Chula Vista Resort, Wisconsin Dells, WI (September 16, 2010)
“Appraisal Curriculum Overview (2 Days)” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 16-17, 2010)
“Changing Understanding of ‘Fair Market Value’” presented by Kenneth Voss, MAI at the International Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009)
“Challenges in Market Financing” presented by Amy Seibel, Esq. at the International Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009)
“Obstacles in Ad Valorem Assessment of Going-Concern Properties” presented by John Shevchuk, Barrister and Solicitor at the International Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009)
“Valuation Methodology Solutions for Distressed Markets” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009)
“Direct Capitalization & DCF Analysis: The Great Disconnect” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009)
“Intangible Assets in Commercial Real Estate” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009)
“Presenting a Complex Cap-Rate Case” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 10, 2009)
“Real Estate Investment Trusts (REIT)” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 11, 2009)
“Green Technology and Real Estate” presented by the Southern New Jersey Chapter of the Appraisal Institute (June 1, 2009)
“Appraising in 2009” with Ted Whitmer, MAI, CCIM, presented by the Southern New Jersey Chapter of the Appraisal Institute (June 1, 2009)
“National USPAP Update Course” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 19, 2009)
“Pennsylvania State Appraiser Regulations” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 19, 2009)
“Appraising Environmentally Contaminated Properties” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (January 22, 2009)
“Partial Interest Valuation - Divided” presented by the Southern New Jersey Chapter of the Appraisal Institute (May 30, 2008)
“Analyzing Real Estate in Distressed or Troubled Markets” presented by the Southern New Jersey Chapter of the Appraisal Institute (May 29, 2008)
“Residential Report Writing” provided by McKissock online real estate education (April 19-20, 2008)
“Partial Interest Valuation - Undivided” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (October 31, 2007)
“Business Practices and Ethics” provided by the Appraisal Institute (October 6-7, 2007)
“National USPAP Update Course” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (February 28, 2007)
“Real Estate Valuation: A Mosaic of Science and Art” presented by Peter Korpacz, MAI, CRE, FRICS for the Southern New Jersey Chapter of the Appraisal Institute (May 31, 2006)
“The Truth About Mold” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 23, 2006)
“Analyzing Operating Expenses” provided by Appraisal Institute online education (December 4, 2005)
“Using Your 12C Financial Calculator” provided by Appraisal Institute online education (December 3, 2005)
“Expand Your Practice: Succeed As An Expert Witness” presented by the Philadelphia Chapter of the Appraisal Institute (September 14, 2005)
“Appraisal Consulting: A Solutions Approach for Professionals” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (November 17, 2004)
“Assessment Valuation Law in Pennsylvania” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (July 14, 2004)
“Attacking and Defending an Appraisal in Litigation - Part II” presented by the Southern New Jersey Chapter of the Appraisal Institute at Mount Laurel, NJ (December 2-3, 2003)
“Course 800: Separating Real and Personal Property from Intangible Business Assets” presented by the Appraisal Institute at Tyson’s Corner, VA (October 5-6, 2001)
“Course 800 Overview: Separating Real and Personal Property from Intangible Assets” presented by the Appraisal Institute at its 2001 National Conference, Minneapolis, MN (June 22, 2001)
“Tax Appeals: Real and Personal Property Values” presented by the Appraisal Institute at its 2001 National Conference, Minneapolis, MN (June 22, 2001)
“Case Studies in Commercial Highest & Best Use” presented by the Appraisal Institute in Fort Washington, PA (December 10, 1999)
“Business Enterprise Valuation” presented by the Appraisal Institute at its 1999 National Conference, Orlando, FL (June 26, 1999)
“Defining and Allocating Going-Concern Value Components” presented at the Appraisal Institute’s 1999 Conference, Orlando, FL (June 27, 1999)
“Valuation of Credit Tenant Leased (CTL) Properties” presented by the Appraisal Institute at its 1999 Conference, Orlando, FL (June 27, 1999)
“Trends in Retail Development and Valuation” presented by the IAAO at its 1998 Conference, Orlando, FL (September 12, 1998)
“Credit, Risk Rating & Real Estate Appraising” presented by the Appraisal Institute at its 1998 Conference, San Antonio, TX (June 6, 1998)
“The Role of the Real Estate Expert” presented by the Appraisal Institute at the Princeton Conference (June 3, 1996)
“Business Valuation Seminar” presented by the American Society of Appraisers, Sheraton Bucks County (April 21, 1995)
“Appraisal of Retail Properties” sponsored by the Appraisal Institute, Philadelphia, PA (February 3, 1995)
PROFESSIONAL SOCIETIES: Mr. Kenney is an MAI (No. 8475 - June, 1990) and SRPA (October, 1987) designated member of the Appraisal Institute. Mr. Kenney is also a MRICS designated member of the Royal Institute of Chartered Surveyors (RICS No. 1292768 - December 2009). Mr. Kenney is a member of the International Association of Assessing Officers (IAAO), the Assessors’ Association of Pennsylvania (AAP), the Northeast Regional Association of Assessing Officers (NRAAO), and is an affiliate member of the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC).
LICENSING/APPROVALS: Mr. Kenney is a Pennsylvania (No. GA-000108-L), New Jersey (No. 42RG00067800), New York (No. 46000049070), Virginia (No. 4001 015795), Minnesota (No. AP-20061523) and Iowa (No. CG02649) State Certified General Appraiser. He was also a licensed real estate broker in the Commonwealth of Pennsylvania (License No. AB-045559-A). He is an approved instructor by the Pennsylvania State Real Estate Commission (Instructor No. RI-001230-L). He has instructed the “Appraisal of Real Estate” and “Income Property Appraisal” courses for the Polley Associates Real Estate School (approved for State Appraiser Certification).
EXPERT TESTIMONY:
Mr. Kenney was an expert witness for tax appeals of the Mall of America, Bloomington, Hennepin County, MN (Judge McClung - Case Nos. 94-21195 & 95-22440). Case settled out of court.
Mr. Kenney has testified in U.S. Bankruptcy Court for the Eastern District of PA (Judge Twardowski - Case No. 91-23243-T on a large residential property) and the Southern District of NJ (Judge Ferguson - Case No. 95- 30432 on a large industrial property).
He has also appeared before the Common Pleas Courts of Lebanon County (Judge Tylwalk -Case No. 92-01665 on Londonderry Shopping Center) and Luzerne County on Best Western East Mountain Inn (President Judge Conahan - Case No. 7745-C 2001 and Senior Judge Cappellini - Case No. 1619-C 1997) resulting in a favorable decision.
He testified in the District Court of Johnson County, Iowa in Coralville Center, LLC, et al. v. Board of Review on January 12, 2005 (Judge Robinson - Case No. EQCV063928) resulting in a favorable decision.
He testified in the Supreme Court of Nassau County, New York in Retail Property Trust (Roosevelt Field Mall) v. Board of Assessors of County of Nassau on April 28, 2008 (Judge Arthur M. Diamond - Case Index No. 404067/05) resulting in a favorable decision.
He testified in the Minnesota Tax Court, Second Judicial District, Regular Division, in Kohl’s Department Stores, Inc. (Kohl’s at Maplewood Mall) v. County of Ramsey on July 30, 2008 (Judge Sheryl A. Ramstad - Court File Nos. C9-04-4427, C1-05-656, C3-06-3987 and C5-07-4701).
He testified in the Minnesota Tax Court, Second Judicial District, Regular Division, in Federated Retail Holdings, Inc. (Macy’s at Maplewood Mall) v. County of Ramsey on February 10-12, 2009 (Judge Kathleen H. Sanberg - Court File Nos. C7-06-4298 and C5-07-4066).
He testified in the Minnesota Tax Court, Fourth Judicial District, Regular Division, in Eden Prairie Mall, LLC (Eden Prairie Center & Von Maur Department Store) v. County of Hennepin on March 5 & 6, 2009 (Judge Sheryl A. Ramstad - Court File Nos. 27-CV-06-04210, 27-CV-06-04212, 27-CV-07-08003 and 27-CV-07-08004). The court’s decision was very favorable with Hennepin County successfully defending assessments for the mall of $90,000,000 in 2005 and $100,000,000 in 2006. Judge Ramstad concluded to values of $122,876,000 in 2005 and $120,142,000 in 2006. Von Maur department store assessments were also increased from $8,913,000 in 2005 up to $9,850,000, and from $9,408,000 in 2006 up to $10,490,000. This case was appealed to the MN Supreme Court, and remanded back to Tax Court for further explanation of the court’s decision. On remand, the Tax Court upon further analysis increased the mall assessments higher to $127,000,000 and $127,500,000, respectively.
Mr. Kenney testified before the Maine State Board of Property Tax Review in GGP - Maine Mall, LLC v. City of South Portland on October 21-23, 2009 before Chairwoman Rebecca Farnum and three other Board members (Docket No. 2008-01). The State Board of Property Tax Review is a state Board that is the trier of fact for appeals from denials of tax abatements by assessors or municipal Boards of Assessment Review regarding non-residential property with an municipal assessed valuation of $1,000,000 or greater. This case involved defending a property assessment of approximately $260,000,000.
He testified in the Circuit Court of Milwaukee County WI in Bonstores Realty One, LLC (Boston Store at Mayfair Mall) v. City of Wauwatosa on April 25-27, 2012 before Judge Francis Wasielewski (Docket No. 10-CV-10213). This case involved tax appeals relating to 2009 and 2010 property assessments of approximately $25,500,000.
He testified in the Supreme Court of Rockland County, New York in Eklecco Newco, LLC (Palisades Center) v. The Assessor(s) of the Town of Clarkstown and the Town of Clarkstown on May 21-25 & 30, 2012 before Judge Margaret Garvey (Docket Nos. 8065/2009, 8130/2010 and 31125/2011). This case involved tax certiorari appeals relating to the 2009/2010, 2010/2011 and 2011/2012 property assessment for each year of $252,958,700, with town equalized values of $895,429,027, $829,372,787 and $784,368,062.
In addition, Mr. Kenney has provided testimony before several boards, including the Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Lehigh, Montgomery, Schuylkill, and York County Boards of Assessment Appeals and the Philadelphia Board of Revision of Taxes in Pennsylvania and the Burlington County Board of Chosen Freeholders and the Atlantic County Board of Taxation in New Jersey.
SPEAKER: Mr. Kenney has appeared as guest speaker on the following occasions:
September 20, 2011: International Association of Assessing Officers’ (IAAO) 77 Annual Conference th at the Sheraton Phoenix Downtown Hotel, Phoenix, AZ where he jointly presented “Regional Mall Valuation Issues for Assessment Purposes” with Peter F. Korpacz, MAI, CRE, FRICS
September 15, 2011: League of Wisconsin Municipalities’ 2011 Wisconsin Municipal Assessors Institute at the Marriott Madison West, Middleton, WI where he jointly presented “Reviewing Commercial Appraisals” with Amy Seibel, JD, CPA, and Peter Weissenfluh, Chief Assessor, City of Milwaukee
October 22, 2010: Minnesota Association of Assessing Officers’ 2010 Twin Cities Regional Meeting, Bloomington, MN where he presented “Assessing Retail Property: What’s The Right Value?”
September 14, 2010: League of Wisconsin Municipalities’ 2010 Wisconsin Municipal Assessors Institute at the Chula Vista Resort, Wisconsin Dells, WI where he presented “Department Stores & Malls: Where’s The Value?”
August 31, 2010: International Association of Assessing Officers’ (IAAO) 76th Annual Conference at the Walt Disney Dolphin Hotel, Orlando, FL where he presented “A Tale of Two Malls - Comparing Taxpayer and City Valuations of Two Super-Regional Malls in Tax Appeal Litigation”
May 25, 2010: Northeastern Regional Association of Assessing Officers (NRAAO) Annual Conference at the Eastland Park Hotel, Portland, ME where he presented “A Tale of Two Malls - Comparing Taxpayer and City Valuations of Two Super-Regional Malls in Tax Appeal Litigation”
May 6, 2010: Assessors’ Association of Pennsylvania’s (AAP) 62nd Annual Conference at Seven Springs Mountain Resort, Champion, PA where he presented “Assessing Retail: Big Box, Department Stores and Malls”
June 23, 1997: The Appraisal Institute’s Summer Annual Conference at the Omni Shoreham Hotel, Washington, DC where he made a presentation entitled “Is There a Business Component in Shopping Mall Revenue?”
September 28, 1995: Texas Association of Property Tax Professionals’ 5th Annual Conference where he spoke on “Business Value: Shopping Centers, Hotels, Hospitals and Fast Food Restaurants”
May 5, 1993: Assessors’ Association of Pennsylvania’s 45th Annual Conference where he presented the “Appraisal of Condominiums”
May 1, 1992: Assessors’ Association of Pennsylvania’s 44th Annual Conference he spoke on the “Business Value of Shopping Centers”
February 25-26, 1992: California Assessors’ Association and IAAO’s Joint Seminar, Burbank and Sacramento, CA. The topic was “Business Enterprise Value”
October 21, 1991: IAAO’s 57th Conference on Assessment Administration in Phoenix, Arizona where he spoke on business value in shopping malls, specifically “Shopping Mall Valuation: Putting Theory into Practice”
AUTHOR: Mr. Kenney has authored many published articles, including:
“Regional Malls & Intangible Assets: A Critical Examination,” International Association of Assessing Officers 77th Annual International Conference on Assessment Administration (IAAO), Phoenix, AZ, September 18-23, 2011
“A Tale of Two Malls: Comparing Taxpayer and City Valuations in Assessment Appeal Litigation,” Conference Proceedings, International Association of Assessing Officers 76th Annual International Conference on Assessment Administration, Orlando, FL, August 29-September 1, 2010
“Quantifying Business Enterprise Value in Shopping Malls: Current Issues & Future Trends,” The Appraisal Journal (July, 2000): 307-317, also appears in
A Business Enterprise Value Anthology, David C. Lennhoff, ed. (Chicago, Illinois: Appraisal Institute, 2001), 199-209“A Business Component in Shopping Mall Revenue?,”
Viewpoints: A Collection of Papers Presented at the Appraisal Institute 1997
National Summer Conference, Paper 15 (Chicago, Illinois: Appraisal Institute, 1997), 1-22“Is There a Business Component in Shopping Mall Revenue?,”
The Assessment Journal (September/October, 1996): 23-31“Business Enterprise Value: The Debate Continues,”
The Appraisal Journal (January, 1995): 33-40“Business Enterprise Value: A Practitioner's Perspective,”
Business Enterprise Value Proceedings, California Assessors' Association and International Association of Assessing Officers Joint Seminar, Burbank and Sacramento, CA February 25-26, 1992“Does Shopping Mall Development Create Business Value?,”
The Appraisal Journal (July, 1991): 303-313“Continuing Education Comes to the Appraisal Industry”
Tri-State Real Estate Journal (November, 1992)“Yet Another Definition of Value”
Tri-State Real Estate Journal (June, 1991)“Appraisers Struggle to Establish the Value of Contaminated Properties”
Tri-State Real Estate Journal (March, 1991)“What Influences the Banking and Appraisal Industries”
Tri-State Real Estate Journal (March, 1991)“Does Mall Development Create Business Value”
Tri-State Real Estate Journal (December, 1990)“An Analysis of the Role of Leases in Creating Value”
Tri-State Real Estate Journal (September, 1990)“Looking at the Regional Mall as a Dynamic Enterprise”
Tri-State Real Estate Journal (August, 1990)“Appraisal Industry Tackles Data Verification”
Tri-State Real Estate Journal (June, 1990)“The Tax Impact of Selling Retail Centers”
Tri-State Real Estate Journal (February, 1990)“Looking at Current Trends in Shopping Center Finance”
Tri-State Real Estate Journal (December, 1989)