Stern Case Studies in Real Estate
Developed by the Chen Institute faculty in collaboration with our partners in industry, policymakers, and other experts, Stern Real Estate Case Studies offer faculty and students a window into critical decision-making in real-world settings across the United States and globally.
These cases are designed to support instruction in real estate investment, finance, technology and innovation, leadership, and related areas, and are well-suited for use in both graduate and undergraduate coursework. They are available at no cost to accredited academic institutions.
The Turnaround Artist: Glenn Rufrano and the Transformation of VEREIT
Sam Chandan, PhD and William J. Ferguson with Hiten Samtani
Published May 2025
This case study follows veteran real estate executive Glenn Rufrano as he steps into the leadership of a crisis-stricken real estate investment trust (REIT) in the wake of one of the most damaging accounting scandals in the sector’s history. Through a gripping, real-world narrative, the case traces Rufrano’s high-stakes turnaround of American Realty Capital Properties (later renamed VEREIT), including his decisive actions to stabilize the company, rebuild trust with investors, and resolve over a billion dollars in litigation exposure. Students gain an insider’s view of how leadership, capital markets strategy, and asset management intersect in the context of a deeply distressed but fundamentally valuable real estate enterprise.
The case allows students to explore critical leadership challenges, including managing reputational risk, executing under extreme scrutiny, and navigating the psychological and organizational complexities of crisis response. It highlights how transparency, prioritization, and values-based decision-making can restore confidence and reposition a company for long-term success. With applications in both real estate and leadership-focused curricula, the case equips students to think like turnaround CEOs—balancing operational rigor, stakeholder diplomacy, and strategic clarity under pressure.
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