John Affleck

John Affleck, International Economist, performs econometric modeling, forecasting, and data-processing algorithm design as part of PPR's European and Asian forecasting practices. Prior to joining PPR, Mr. Affleck worked in the payments systems group at Forrester Research, and before that was at Cornerstone Research, where he provided economics and finance analyses for litigation and regulatory proceedings. Mr. Affleck holds a B.A in English Literature from Oral Roberts University and an M.A. in Economics from Boston University.

Allison Baird

Allison Baird is a Quantitative Analyst for PPR's Asia team. Prior to joining the company, she worked at Associates for International Research, where she traveled extensively to conduct on-site research on the cost of living for expatriates. She holds a B.A. in Mathematics from Smith College.

Michael Becke

Michael Becke is responsible for PPR's information technology operations. Prior to joining PPR, Michael worked for IBM, developing enterprise management and collaboration applications. He also worked for the Boston-based startup e4eNet as the Manager of Java Development. Michael is active in the open-source community with Apache Jakarta as a core developer for the Commons HttpClient project. He received a B.S. in Computer Science from the University of Washington.

Rachel Belliveau

Rachel Belliveau, Graphics Manager, is responsible for managing PPR's graphics team, which designs PPR's visual communications, presentations, print ads, and Web content. Rachel received her B.A. cum laude in English from St. Anselm College in Manchester, N.H., and is certified in Electronic Graphic Design from The New England Institute of Art. Her corporate ads have been published in various magazines and publications, including Euromoney, Real Estate Portfolio, and The RMA Journal. With over five years of experience in the Graphic Design field and specialties in promotional print design and theater photography, Rachel also is the in-house Graphic Art Director for the Winthrop Playmakers, a nonprofit theater group in Winthrop, Mass.

Ray Belliveau

Ray Belliveau, Business Development, is responsible for marketing and sales of PPR's research and advisory services to public and private equity real estate investors in the Western United States. Prior to joining PPR, he held sales, client management, and business development positions within the real estate, financial services, and software industries during a 15-year period. Based on the West Coast for more than eight years, he has helped establish West Coast operations for many East Coast firms. He earned a B.S. in Business Administration from Massachusetts College of Liberal Arts.

Tracy Bhatnagar

Tracy Bhatnagar, Office Manager for PPR's London office, provides administrative support to the PPR team in the UK. Her duties are diverse and include helping to plan and coordinate meetings, calendars, presentations, and travel. Tracy has been in the administration field for over 15 years, working in a variety of settings, including a charitable organization, the Government of Canada, and several public and private companies.

Ann Bryan

Ann Bryan is responsible for Human Resources. Before coming to PPR, Ann spent much of her professional life working as a nurse in the field of home care. A graduate of Smith College with a B.A. in Religion, she received her nursing education from Children's Hospital in Boston and Curry College in Milton, Mass.

Colin Butkus

Colin Butkus, Quantitative Analyst and member of the Strategic Research Team, provides custom research requested by individual clients. He also runs portfolio optimizations and assists in other quantitative projects. Prior to joining PPR, Colin worked at Putnam Investments, where he held roles as Systems Business Consultant in the Financial Engineering group and Research Associate in the Global Asset Allocation team. Colin earned a B.A. in Mathematics and a B.S. in Computer Science from Quinnipiac University and an M.A. in Mathematical Finance from Boston University. He is currently a level two candidate in the Chartered Financial Analyst (CFA) program.

Rosemarie Carlisle

Rosemarie Carlisle, Office Administrator and Receptionist, performs a number of human resources and office duties for the PPR team. Prior to joining PPR, she worked as a receptionist at Fidelity Communications for 11 years. Rosemarie has been elected to several terms on the Chelsea, Mass., School Committee and has a special interest in curriculum.

Michael B. Cohen

Michael Cohen, Research Strategist, follows and analyzes the state of the U.S. multifamily market, both rental and for-sale product, tailoring his research in this area to the needs of PPR's diverse client base. He is the author of several white papers on the state of the apartment market, including The End of the Housing Party: Will Commercial Real Estate Investors Wake Up With a Hangover? He regularly speaks to industry organizations, is often quoted in the national press, and has appeared on both CNBC and Bloomberg Television.

Prior to joining PPR, Mr. Cohen worked for leading employers in both the real estate and technology industries. He received his B.A. in Political Science from SUNY at Buffalo, J.D. from Cornell Law School, and M.B.A. from the Carroll Graduate School of Management at Boston College. Mr. Cohen is also a member of the National Multi Housing Council.

Peter Compton

Peter Compton, Real Estate Economist, is responsible for monitoring and writing about U.S. markets, focusing primarily on the Southeast. He earned a B.S. in finance and a B.A. in geography from Auburn University in Auburn, AL, where he was also a member of the football team.

Mark Daniel

Mark Daniel, Business Development, is responsible for marketing and sales of PPR's research and advisory services to public and private equity real estate investors in the Southern United States. Prior to joining PPR, he was employed by McGraw-Hill Construction for 18 years, including 10 years with its Research and Analytics group and three years with the Integrated Solutions and Consulting team. He also served as Market Research Manager at Dal-Tile, the largest U.S. manufacturer and distributor of ceramic and porcelain tile. Mark earned a B.A. degree in Quantitative Economics from Stanford University.

Clay Daricek

Clay Daricek, Markets Team Manager, is responsible for the leadership, direction, and performance of PPR economists who monitor property markets across the United States. Clay brings a broad base of real estate knowledge and over 12 years' experience to the Markets Team. Before joining PPR, he worked with the Stop & Shop Supermarket Company, analyzing deals, performing feasibility analysis, and negotiating leases. As an Investment Analyst for Colliers International, he provided the financial analysis in the underwriting process for multiple office and mall transactions. As Associate Director of Client Services, one of a variety of positions held during his tenure with ARGUS Financial Software (The Realm), he developed the Training and Consulting Division into a viable profit center. He has worked as an advisor to numerous companies, including JP Morgan, Hines, Deutsche Bank, and The Abu Dhabi Investment Authority, as well as speaking to real estate professionals on four continents. In addition, he owned and operated a real estate consulting company providing advisory and technology solutions to companies across the U.S. Clay earned a Bachelor of Science in Business Administration from the University of Arkansas.

Jay Devin

Jay Devin is PPR's Chief Operating Officer. In this role, Jay has general management and administrative responsibilities for the business, including Finance, IT, Human Resources, and Product Management. Prior to joining PPR, Jay held similar general management roles with divisions of OneSource Information Services, The McGraw-Hill Companies, and Toronto-based Southam, Inc. Jay has a B.A. in Economics and Philosophy from Ohio Wesleyan University and an MBA from Boston University.

Brad Dillman

Brad Dillman, Quantitative Analyst, is responsible for the derived market return forecast, submarket forecasts, and market simulations for apartments in U.S. markets. Brad earned his B.A. in Economic Geography with departmental honors and a minor in Anthropology from the University of Washington, where he also became a member of the Phi Eta Sigma Honor Society. In 2006, he was the only recipient in the state of Washington of the Award for Excellence of Scholarship by the National Council for Geographic Education & Association of American Geographers. Before joining PPR, Brad received an M.Sc. in Regional Science from the London School of Economics, where he was also a member of the UK national champion University of London water polo team.

Kathleen Dominguez

Kathleen Dominguez, Accounts Receivable Coordinator, manages all aspects of PPR's accounts receivable, including invoicing, cash receipts, deposits, and past due accounts. Although she worked for much of her career in the travel industry, she was also an Administrative Assistant for a law firm prior to joining PPR. She is pursuing a degree in business management at Salem State College.

Jeremy Doyle

Jeremy Doyle, Content Analyst within PPR's Product Team, has responsibility for the analysis, licensing, and integration of third-party data used in PPR's research, modeling, and products. Prior to joining PPR, Jeremy oversaw the Content Department at OneSource Information Services, where his team analyzed new data sources, integrating them into the data warehouse and applying editorial resources to improve the offering to the clients. He holds a B.S. in Business Administration from the University of New Hampshire and a residential real estate license.

Alona Eichel

Alona Eichel, Real Estate Economist, is responsible for monitoring U.S. property markets, focusing on Texas, Portland, and Honolulu. Before joining PPR, she earned a B.B.A in Finance with a concentration in Real Estate from the University of Texas at Austin. Alona holds a residential real estate license and is working towards LEED Professional Accreditation.

Garreth D. Evans

Garreth Evans, Quantitative Analyst, creates and manages the Derived Market Return forecast for office properties in U.S. markets. Prior to joining PPR, he earned a B.S.E. cum laude in Bioengineering from the University of Pennsylvania, with minors in Mathematics and Economics. Garreth also received an M.A. in Economics from Boston University.

Elnara Eynullayeva

Elnara Eynullayeva, Real Estate Economist, monitors and writes about Asian and European property markets. Before joining PPR, she earned a B.A. cum laude in Economics and Japanese language and literature from the University of Massachusetts, Amherst. She is pursuing an M.A. in Economics from the University of Connecticut, Storrs.

Mark Fitzgerald

Mark Fitzgerald, Senior Debt Analyst, is a member of the PPR Debt and Risk Management team. In this role he helps to manage several client accounts, assist Compass users, and tailor PPR's core research to meet individual client needs. Mark earned an MBA from Bentley College and is also working towards a Master of Quantitative Finance degree there. He passed the Level III CFA exam in June 2008. Prior to joining PPR, Mark worked as a Financial Analyst for Fidelity and as an AVP/Client Manager for Bank of America.

Olivia J. Fowlie, CFA

Olivia Fowlie, Product Manager, currently works within PPR's product and business development team planning and implementing new products and research processes. Prior to joining the product and business development team, she managed PPR's team of U.S. market analysts for several years and performed market research on a large number of U.S. metropolitan areas. She has written on a variety of topics for real estate publications and is often quoted in the press. A CFA charterholder, Miss Fowlie received her B.A. magna cum laude in economics with departmental honors from Boston College.

Erica Giardina

Erica Giardina, Marketing Manager, is responsible for all marketing initiatives, including coordinating industry conferences, hosting internal events, and advertising and branding for Property & Portfolio Research. Prior to joining the PPR team, she was a Convention Services & Housing Manager at the Greater Boston Convention and Visitors Bureau, working with meeting planners on events and conventions in the Greater Boston area. She continued her career as a Senior Marketing Associate in the Marketing and Communications department at New York-based Fitch Ratings, a financial service company. There, Erica coordinated and managed off-site Fitch-hosted events, traveled to trade shows to promote company products, and assisted the department in special projects, including implementing new ideas and procedures. She earned her B.S degree magna cum laude in Communications/Media with a concentration in writing from Fitchburg State College, Fitchburg, MA.

Vlad Gotlib

Vlad Gotlib, Quantitative Analyst, works with the Quantitative Team forecasting the Retail DMR. Prior to joining PPR, he worked as a Technical Developer creating custom Excel and Access solutions at Investors Bank and Trust. Vlad received a B.A. in Economics from the University of Massachusetts, Amherst.

Michael Hakim

Michael Hakim, Quantitative Analyst, is a member of PPR's Strategic Research Team. Prior to joining PPR, Michael worked for State Street Corp. as a fund accountant and most recently lectured on Economics at Northeastern University. Michael earned his B.A. in Economics from California State University at San Marcos and an M.A. in Economics from Northeastern University.

Adam Hastings

Adam Hastings, Senior Quantitative Analyst, is a member of the Strategic Research Team. In this role he helps to tailor PPR's core research to fit individual client needs, helps manage several client accounts, and is involved in many quantitative efforts throughout the firm. He also runs PPR's portfolio service, which analyzes the private equity real estate holdings for a variety of clients, including pension funds, investment banks, and other large-scale institutional investors as well as investigates asset allocation strategies between private equity real estate, other real estate vehicles, and other financial asset classes. Formerly on the Analytics Team, he performed quarterly metro- and submarket-level warehouse forecasts and also played a key role in producing many of PPR's core products. His paper "Benefits of Global Diversification on a Real Estate Portfolio," co-authored with Hans Nordby, was recently published in the Journal of Portfolio Management, Real Estate Special Issue, Fall 2007 edition.

Adam holds a Master of Finance degree from Tulane University, where he also earned his B.S.M., with a double major in Finance and Management Information Systems. He is also a level three candidate in the Chartered Financial Analyst (CFA) program.

Jeffrey Havsy

Jeffrey Havsy, Global Strategist at PPR, is responsible for U.S. office market coverage and helping design real estate derivatives and build PPR’s research capabilities in Europe and Asia. He was most recently Vice President-Strategic Research at Equity Office Properties, where he spearheaded long-term research projects for the company’s holdings. This included market and submarket analysis of EOP’s Strategic Markets, special studies, coverage of international real estate markets, and potential expansion markets.

Prior to Equity Office, he was at LaSalle Investment Management as a senior vice president in the research group. There he managed the daily operations of the research group, provided strategic advice to three private REITs, quantified the risk of various corporate development projects for senior management, and developed risk management measures for co-investments. Before LaSalle, he designed new financial products for the Chicago Board of Trade. He has done work and written on real estate and futures markets and real estate’s role in a multi-asset portfolio. Research papers he co-authored include “The Case for Real Estate”; “Derivatives Markets: How far does real estate have to go?” and “The Use of Leverage by Institutional Investors: Pros, Cons and Implementation Considerations.”

Jeff has a master’s degree in economics and is A.B.D. from the University of Virginia. He holds a bachelor’s degree in economics from Lehigh University.

Stephanie Hession

Stephanie Hession, Real Estate Economist, is responsible for monitoring U.S. markets, primarily in Texas and Ohio. Prior to joining PPR, she worked for the Office of Economic Development of Frederick County, MD, where she conducted research on local economic development issues. She received her B.S. summa cum laude in Economics from Mount St. Mary's University in Emmitsburg, MD.

Mark Hickey

Mark Hickey, Real Estate Economist, is responsible for monitoring U.S. markets, focusing primarily on the Northeast. Prior to joining PPR, he spent 10 years working in financial services for some of the nation's leading investment banks. Mark received his B.S. in Finance and Economics from the Whitman School of Management at Syracuse University and an M.B.A. from the Carroll Graduate School of Management at Boston College.

Haibo Huang, Ph.D., CFA

Haibo Huang is the Head of US Forecasting. In this role, he leads his team of quantitative analysts to produce PPR's quarterly forecast on US real estate fundamental and performance. This econometric model based forecast, which is considered PPR's core product, covers the four major commercial real estate property types at both the metro and submarket level. Haibo is heavily involved in PPR's major ongoing R&D projects. He also researches on various ad hoc client requests, many of which involve real estate asset allocation, portfolio optimization, real estate risk management and financial modeling. Prior to this, he also worked on Japanese office market forecasting as well as PPR's building level valuation project where he applied his econometric and GIS techniques to construct real estate valuation model. His research has been presented at various institutions and conferences, including the 2007 AREUEA Annual Conference, 2004 Econometric Society's Summer Meeting and 2004 Midwest Macroeconomics Meetings. His paper "Private Commercial Real Estate Equity Returns and Inflation," co-authored with Susan Hudson-Wilson, was published in the Journal of Portfolio Management, 2007's Real Estate Special Issue. Before joining PPR, he was as an assistant instructor and research assistant at the University of Texas at Austin. Before coming to the U.S., he also worked as a financial analyst in the Head Office, Bank of China.

Haibo received his Ph.D. and M.S. degree in Economics from the University of Texas at Austin, and a B.A. in International Accounting from Renmin University of China. Haibo is a CFA charter holder and a member of AEA, AREUEA, BSAS and CFAI.

Mingjun Huang, Ph.D.

Mingjun Huang, Senior Research Financial Analyst, is responsible for applied research in the areas of real estate risk management, mortgages, and commercial mortgage-backed securities. He is currently working to improve and develop the credit/prepayment models for commercial real estate mortgages and PPR's COMPASSCRE software. Before joining PPR, Dr. Huang was at NovaStar Financial, Inc. (NFI), as a research analyst in the portfolio management group. There he helped develop and improve the company's in-house loan level credit/prepayment models for subprime residential real estate mortgages, created ABS collateral/bond performance surveillance methodologies and reporting systems, and worked to integrate the INTEX database with NFI's OAS systems. He is currently pursuing the Chartered Financial Analyst (CFA) designation. In addition to his work in finance, Dr. Huang received his Ph.D. in Electrical Engineering from University of Notre Dame, an M.S. degree in Physics from Bowling Green State University in Ohio, and a B.E. in Polymer Physics from University of Science and Technology of China (USTC). Dr. Huang has also applied for a patent on a design for an integrated optical amplifier that he invented with Prof. Douglas Hall of Notre Dame.

Aaron Jodka

Aaron Jodka, Senior Real Estate Economist, monitors U.S. markets, primarily in the Southwest and West, and leads the team of market analysts in those two regions for PPR. Having covered a variety of markets and regions including Texas, Southern California, and the Midwest, he has also often been quoted about commercial real estate markets in major metropolitan newspapers and national media. Before joining PPR, he graduated magna cum laude with a B.A. degree in Economics with a business concentration from Assumption College in Worcester, Mass. Aaron was also awarded the college's Citation for Academic Excellence in Economics with a Business Concentration. He is a member of the Urban Land Institute and the Boston Area Young Real Estate Professionals (BAYREP).

Andy Joynt

Andy Joynt, Real Estate Economist, is responsible for monitoring U.S. property markets, focusing on the New York, New Jersey, and Connecticut Tri-State area as well as Nashville and Memphis. Before joining PPR, he graduated cum laude with a B.A. degree in Economics and Sociology from Vanderbilt University in Nashville, Tenn. Andy is also an avid Ultimate Frisbee player, captaining his college team and participating in leagues in Westchester, N.Y., and Boston.

Kyung-Min Kim

Kyung-Min Kim, Senior Quantitative Analyst, is responsible for econometric modeling for Asian property markets and analysis of Asian cities. He has developed methodologies for Global City Index, which ranks cities based on their real estate and economic performances, and is currently developing a panel data-set model for Asian and European retail markets. Kyung-Min also tracks market conditions at Korean and Japanese cities. Before joining PPR, he was a GIS software engineer.

Kyung-Min received his doctoral degree in Real Estate Economics from Harvard University, his master's degree in Information Management and Systems from the University of California at Berkeley, and his B.A in Geography from Seoul National University.

Eric Kimball

Eric Kimball, Database Developer for PPR, has worked in the programming field for over 12 years, developing applications for databases, websites, and client server programs for companies such as Ipswitch Software, Payette Associates, and CSN Online Stores. He earned a B.S. in Business from the University of Southern New Hampshire and a B.S. in Zoology from the University of New Hampshire.

David Latta

David Latta, a member of the graphics team, is responsible for PPR's visual communications, including presentations, illustration, and print advertisements. Prior to joining PPR, he was the in-house graphic designer for Twelfth Note Productions. David received an A.S. Degree in Visual Communications from Gibbs College, Boston, and studied Fine Art at the University of Massachusetts, Amherst. He is also a freelance artist and graphic designer specializing in music-related design and illustration.

Sherry Li

Sherry Li, Quantitative Analyst on PPR's U.S. Forecasting Team, creates the Derived Market Return and submarket warehouse forecast for the U.S. market. She also conducts real estate investment research for specific client needs. Prior to joining PPR, Sherry earned her B.S. in Urban Planning from Peking University in China. And with a focus on green building and the energy market, Sherry received both a Master's in Environmental Management and an M.A. in Economics from Yale University.

Xiaojing Li

Xiaojing Li, Senior Financial Analyst, works on developing, validating, and improving models of CMBS default/prepayment risk, the foundation of PPR's COMPASS^CRE software. As a member of PPR's Debt Research and Risk Management team, she leads research in mortgage risk analytics, pricing, structured products, portfolio risk management, and related topics. She also provides econometric consulting and economic and quantitative analysis. Before joining PPR, Xiaojing was a research assistant in the field of Consumer Finance at Ohio State University, where she received her Ph.D. and M.S. degree in Economics. Also a graduate student in the program of Applied Statistics at OSU, she will soon receive her M.S. in statistics. Xiaojing earned a B.A. and an M.A. in Economics from Wuhan University in China.

Katie Love

Katie Love, Real Estate Economist, is responsible for monitoring markets in the Southwest. Before joining PPR, Katie was an analyst at the Marchbanks Company, a real estate consulting firm in Austin, Texas. She has also worked with several nonprofit companies, including the Gastro Esophageal Cancer Foundation, where her work was published in the International Society of Gastrointestinal Oncology Newsletter in 2007. Katie received her B.B.A. in Business Administration from Saint Edward's University and her M.B.A., with a concentration in Entrepreneurship, from the Jones Graduate School of Management at Rice University.

Shaw Lupton

Shaw Lupton, Real Estate Economist, is responsible for monitoring U.S. property markets. Prior to joining PPR, he worked as an analyst for the capital markets and finance group at Boston Properties, where he was involved with a broad range of corporate activities including acquisitions underwriting, credit risk analysis, and lease structuring. He also worked as a senior associate for the Boston-based real estate private equity fund Westport Point Capital, an exclusive joint venture with Prudential Investment Management. Mr. Lupton holds an M.A. in International Economics and Finance and a B.A. cum laude in Economics from Brandeis University, where he helped develop and launch a graduate course focusing on the analysis, financing, and management of income-producing real property in mature and emerging markets. He is a member of the University Outreach Committee of ULI Boston's Young Leaders Group.

Greg Mansell

Greg Mansell, Real Estate Analyst, is based in PPR's London office, where he is responsible for monitoring the UK and Ireland as well as the Nordic property markets. A member of the Society of Property Researchers, he earned an M.Sc. degree in Real Estate Finance and Investment at the University of Reading Business School.

George Manthous

George Manthous, Director of Sales and Marketing, is responsible for all sales and marketing- related activity of PPR services. Previously, George was responsible for business and product development. Prior to joining the firm, he held a variety of sales, marketing, and business development positions with The McGraw-Hill Companies over a 14-year period. George has a B.A. in Economics from Trinity College.

Ryan McCullough

Ryan McCullough, Real Estate Economist, tracks U.S. property markets in the Southwest and Midwest regions. His duties include observing commercial real estate trends, monitoring development projects, identifying market opportunities and threats, writing analytical reports, and providing personalized service to PPR clients. Prior to PPR, Ryan headed Grubb & Ellis Boston's Research Services Team, where he managed the production of all research publications, including market statistics, intelligence reports, articles, and client-specific requests. Ryan received a B.S. in Marketing Management from Virginia Tech and an M.A. in Economics from Boston University.

Robert K. McLean

Robert McLean, Business Development, is based in Chicago and responsible for sales and marketing of PPR's research and advisory services in the central U.S. Prior to joining PPR, he held several sales and marketing positions with firms focused on independent research for institutional investors. He has extensive experience in the debt capital markets area and managed the sales and marketing efforts of Duff and Phelps for 14 years. He earned a B.S. and an MBA from DePaul University in Chicago.

Christine McLeod

Christine McLeod, Graphics, is responsible for all the presentations and graphics. She received an A.S. in Business Management and a B.S. cum laude in Computer Graphic Design from Northeastern University.

Suzanne Mulvee

Suzanne Mulvee, Senior Real Estate Economist, advises a wide cross-section of clients, from national private and public equity companies, to pension funds, to debt, developers, and Fortune 500 companies. In designing strategies for investing in all aspects of the real estate market, she brings valuable knowledge of U.S. apartment, office, retail, and warehouse markets to clients and industry peers. She works to customize PPR's core research to suit specific investment criteria and helps clients to communicate portfolio performance and forward-looking strategies to their stakeholders. Mulvee is also responsible for leading research and forecasting of the performance of retail assets across the United States.

Since joining PPR, Suzanne has written a handful of white papers and numerous articles for publications, including Commercial Investment Real Estate, MBA Newslink, CMBS World, and NCREIF's Real Estate Performance Report. She is often cited in industry news journals as well as major metropolitan newspapers and national media for opinions on real estate investment performance.

Before joining PPR, she analyzed real estate investment opportunities for a local brokerage firm, consulted on commercial real estate purchases, and worked as a credit analyst in San Diego and Greater Boston. She is a member of Urban Land Institute and ICSC. Suzanne received a B.A. cum laude in Financial and Managerial Economics from the University of New Hampshire and was recognized as one of the University's prestigious Presidential Scholars. She is currently pursuing the CFA designation.

Clint Myers, FRM

Clint Myers, Debt Strategist, is a member of the PPR Debt and Risk Management Team and monitors trends in both U.S. real estate and the overall capital markets. In this capacity, he writes and speaks extensively on the valuation of the various investment asset classes as they pertain to real estate investors. These clients include commercial and investment banks, public and private pension funds, pension fund advisors, real estate developers, foundations, and REITs. During his time at PPR, Clint has been quoted in a number of publications, including the Wall Street Journal, National Real Estate Investor, and Mortgage Banking. Previously, he worked as an Investment Analyst at the pension fund TIAA-CREF.

Clint has earned the Financial Risk Manager (FRM) designation and is a member of REFA. He received a B.A. in Economics from the University of North Carolina at Chapel Hill and an M.S. in Finance from Boston College.

Jeff Myers

Jeff Myers, Real Estate Economist, is responsible for monitoring U.S. property markets in the San Francisco Bay area, Sacramento, and Indianapolis. Prior to joining PPR, he held positions in various city planning agencies in Indiana and Georgia. Jeff earned a degree in Urban Planning and Development from Ball State University and an M.S. in Real Estate from Georgia State University.

Stephen Nockolds

Stephen Nockolds, Head of European Sales & Business Development, is based in PPR's London office, where he is responsible for developing European business. Prior to joining PPR, he ran his own business, and he also previously worked in sales and strategy in the insurance and business information sector and in corporate finance advisory. He is a qualified chartered accountant.

Hans G. Nordby

Hans Nordby monitors U.S. property markets and trends and is a key advisor to PPR's clients, who include large public and private pension funds, pension fund advisors, investment banks, rating agencies, real estate developers, and REITs. Hans uses his extensive knowledge of micromarket research, capital markets transactions, asset management, and other real-world applications in his work with the firm's forecasts, products, and client relationships.

Hans is a frequent speaker at industry conferences, including those for the National Association of Real Estate Investment Managers (NAREIM), The Risk Management Association (RMA), the Life Mortgage and Real Estate Officers Council Conference (Dutch Treat), the Mortgage Bankers Association (MBA), the Institute for Fiduciary Education, and the Real Estate Industry's Premier Investment Forum (REIP). In addition, he speaks at client-sponsored events for the clients' investors and customers.

Media in which he has been featured include the Wall Street Journal, Investment Dealers Digest, National Real Estate Investor and Real Estate Portfolio (NAREIT's official publication), and Fox News, among others.

Hans is a prolific writer and has contributed to the RMA Journal, Real Estate Portfolio, the Journal Of Real Estate Portfolio Management, the Building Owner and Managers Association (BOMA) publication, CMBS World, and ICSC Research Quarterly.

Prior to joining PPR, he was with a real estate investment sales and marketing firm based in New York City and conducted real estate investment sales as well as analysis and financial structuring of equity and debt investment opportunities. For a pension fund advisory firm, he managed a portfolio of office, warehouse, R&D, and multifamily properties in the Northeast and South Central regions of the U.S. In addition, he was responsible for acquisitions and market development in select markets. Before that, he was with KPMG Peat Marwick's Real Estate Consulting Group in New York City, where he consulted on corporate real estate, asset securitization, and valuation.

Hans received a B.A. magna cum laude in Scandinavian Literature from the University of Minnesota and an M.B.A. in Finance from Indiana University.

Elizabeth Olds

Elizabeth Olds, Real Estate Economist, is responsible for monitoring markets in the Northeast and Midwest. Before joining PPR, she was a Performance Analyst with Putnam Investments. She earned a B.A. degree summa cum laude in Economics, Geography, and Global Studies from Assumption College in Worcester, Mass., where she was also awarded the college's Citation for Academic Excellence in Global Studies.

Brian F. O'Neil

Brian F. O'Neil, PPR's Vice President of Technology and Product Development, manages the development and implementation of the firm's overall technology strategy. His responsibilities include systems architecture, software engineering, information delivery, and overall technology operations. Before joining PPR, Brian held technology leadership roles at Liberty Mutual Group, Atlantic Trust Private Wealth Management, and State Street Corporation. He brings extensive experience in the design and creation of online architectures for the delivery of information and services to clients. Brian earned a B.A. in Economic Studies from Harvard University.

Nicole M. Owens

Nicole Owens, PPR's Finance Manager, is responsible for the financial accounting, budgeting, and reporting aspects of the company. Prior to joining PPR, she held similar positions at Fidelity Investments and PricewaterhouseCoopers, LLC. Nicole holds a residential real estate license, and she received her B.A. magna cum laude in Accounting, with departmental honors, from Boston College.

James Pappadopoulos

James Pappadopoulos, Sales Associate, is responsible for coordinating PPR's sales administration. James works closely with the Business Development team to support new business growth through prospective client relations. Prior to joining PPR, he received his B.A. in Sociology from Wesleyan University in Middletown, Connecticut. An avid skier, James previously worked as a ski patroller in the Canadian Rockies.

Joseph Pascal

Joseph Pascal, Business Development, is responsible for sales and marketing of PPR's research and advisory services in the Eastern region. He has held sales, account management, and business development positions within the real estate, financial services, and information technology industries over the past 15 years. Joseph earned a B.S. from Rochester Institute of Technology and an M.B.A. from Babson College.

Ruijue Peng, Ph.D.

Dr. Ruijue Peng is the Chief Research Officer at PPR and is currently leading the company's global expansion. She has supervised PPR's research and product development and has overseen the development of econometric forecasting models and analytical tools. Her area of expertise is urban and real estate economics. Dr. Peng earned a B.S. from Tongji University in China and an M.S. and a Ph.D. from the Massachusetts Institute of Technology. Her doctoral thesis on land supply and property prices won the American Real Estate and Urban Economics Association's Best Dissertation Award. Before joining PPR, Dr. Peng was a researcher at the Joint Center for Housing Studies of Harvard University and also a consultant to the World Bank.

Alexander Poluyanov

Alexander Poluyanov, Web Developer, is responsible for the design, development, and maintenance of PPR's business applications. Prior to joining the PPR IT team, he worked for 10 years as a software developer for various companies and industries in the Boston area, designing and developing enterprise applications. He received his B.S. in Computer Science from Odessa State University, Odessa, Ukraine.

Adrian Ponsen

Adrian Ponsen, Real Estate Economist, is responsible for monitoring U.S. property markets, primarily in the Midwest. Adrian graduated magna cum laude from the University of Pennsylvania with a B.A. in Urban Studies and a minor in Real Estate Development. Before joining the markets team, he worked in homeownership counseling and construction project management. During college, Adrian conducted extensive research on the links between sub-prime lending and the housing crisis, well before the topic began to make headlines nationwide.

Toya Powell

Toya Powell, Account Manager and former Real Estate Economist, ensures that clients understand PPR's data, methodologies, and web-based tools. Prior to joining PPR, Toya was a Business Opportunity Specialist at the U.S. Small Business Administration, reviewing applications for firms seeking Small Disadvantaged Business (SDB) certification. She was also an Economist with the U.S. Bureau of Labor Statistics, where she researched and analyzed import, export, and exchange rate data in the International Price Program. A Realtor in Washington, D.C., and Maryland, she worked with Long & Foster Real Estate Inc. Toya is a native of the Washington, D.C., area and earned her B.A. in Economics from the University of Maryland-College Park.

Brittany Ramsey

Brittany Ramsey, marketing administrator, assists with all PPR marketing initiatives, including advertising and branding for Property & Portfolio Research, and planning and coordinating industry conferences and PPR-hosted events. Prior to joining PPR, she worked on account management at The Sterling-Rice Group, a full-service marketing and advertising firm. After moving to Boston, she joined a residential real estate sales team in the city's Back Bay and Beacon Hill neighborhoods. Brittany earned her B.S. degree in Business Administration - Marketing at the Leeds School of Business, University of Colorado, Boulder.

Caroline B. Rosch

Caroline B. Rosch, Senior Real Estate Economist on PPR's Strategic Research Team, has a background in institutional real estate underwriting, valuation, and risk analysis. She had worked for RREEF Alternative Investments within Deutsche Bank Asset Management, underwriting core and value-add U.S. property. Previously, Caroline spent several years learning valuation and research strategy with BlackRock in the Portfolio Strategy and Risk Analytics group and was responsible for technology initiatives in the quarterly valuation process. She also implemented an Argus Training curriculum for the firm's real estate employees.

Caroline received her B.A. summa cum laude in Music from Colby College and was recognized by the Phi Beta Kappa Society. As a member of the real estate valuation community, she is pursuing the MAI designation through the Appraisal Institute.

Victoria Scalongne

Victoria Scalongne, Real Estate Analyst, is based in PPR's London office, where she covers the primary office and warehouse markets in Spain, Portugal, and France. Before joining PPR, she worked as an analyst at CB Richard Ellis. A member of the Society for Property Researchers, Victoria earned a B.A. degree in Geography at King's College London and an M.Sc. degree in City Design and Social Science from the London School of Economics and Political Science.

Bill Schumacher

Bill Schumacher is Vice President, Product & Business Development, for PPR. He manages a team that licenses and integrates data from partner providers, sets the direction for products and services, and also defines and delivers them. With over 20 years of information industry experience, he held leadership positions in content and product management at Monster.com and OneSource Information Services prior to joining PPR. Bill earned a B.S. in Chemical Engineering from the School of Engineering & Applied Sciences and a B.S. in Finance from the Wharton School at the University of Pennsylvania.

Katie Schnidman

Katie Schnidman, Real Estate Economist, researches and writes analysis on U.S. property markets. Prior to joining PPR, she worked in commercial brokerage with DTZ Rockwood, focusing primarily on hotel properties. She also worked as the General Manager of a boutique hotel in Newport, Rhode Island. Katie earned a B.A. from Washington University in St. Louis and her M.B.A. in Real Estate Finance from Columbia Business School.

Joshua A. Scoville, CFA

Joshua Scoville, Director of Strategic Research, monitors U.S. property market trends and tailors PPR's research to specific client strategies. These clients include large public and private pension funds, pension fund advisors, investment banks, real estate developers, foundations, and REITs. Before advising PPR's clients, he spent five years researching property markets at the metropolitan level and two years managing PPR's team of market analysts.

Mr. Scoville is a frequent speaker at industry gatherings, including the National Association of Real Estate Managers (NAREIM), Risk Management Association (RMA), Institute for Fiduciary Education (IFE), Strategic Research Institute (SRI), and Information Management Network (IMN). In addition, he often speaks at client-sponsored events for the clients' investors and customers and is a voting member of the Pension Real Estate Association (PREA) and member of the Urban Land Institute (ULI).

Mr. Scoville has written on a variety of topics for real estate journals and has been quoted in publications including the Wall Street Journal, National Real Estate Investor, Commercial Property News, Mortgage Banking, High Return Quarterly, Development Magazine, and Financial Planning.com. Before joining PPR, he worked at American International Group in both operations and underwriting. He received his B.A. magna cum laude in Economics and Business Management from Boston College and is a CFA charterholder.

Bill Shapiro

Bill Shapiro joined PPR in 2007 and is a member of the Strategic Research Team. In this role he helps to tailor PPR's core research for individual client needs. His professional experience includes three years of appraisal / consulting experience for Kirk & Company, followed by seven years of experience in real estate acquisitions, most recently for Leggat McCall Properties. Mr. Shapiro received a bachelor's degree in Entrepreneurial Studies and a Concentration in Economics from Babson College.

Pooja Sharma

Pooja Sharma, Senior Debt Analyst in PPR's Debt Research and Risk Management team, communicates credit risk, pricing, and economic trends to CRE clients. Charged with assisting clients in using the COMPASS model, she also conducts financial research and works with the team to plan and execute strategic business development initiatives.

Prior to joining PPR, Ms. Sharma was an Underwriter at Merrill Lynch, where she analyzed refinance and acquisition loans for commercial, hospitality, self-storage, and other alternative property types. She also served as Associate Director at Fitch Ratings, performing cash flow and dark value analysis on large and conduit loans in synthetic, traditional fusion, B-Note, and B-Note CDO transactions.

Ms. Sharma earned a B.A. in Business Administration from the University of Pittsburgh.

Guy Sheppard

Guy Sheppard, Real Estate Analyst in PPR's London office, is responsible for covering the primary office markets of Central and Eastern Europe, Switzerland, France, Spain, and Portugal. Prior to joining PPR, Guy studied for a B.A. in Politics and Economics at the University of York and then for an M.Sc. in Real Estate from the University of Reading. In addition, he is a member of the Society of Property Researchers.

Marcos Solorzano

Marcos Solorzano, Graphic Designer, contributes to many aspects of PPR's graphic communications, including presentations, print ads, and Web design. He received his B.A. in Economics at Tufts University, where he also minored in Studio Art. He is certified in Electronic Graphic Design and Web Development from The New England Institute of Art.

Steven Spagnolo

Steven Spagnolo, Business Development, is responsible for marketing and sales of PPR's research and advisory services to public and private equity real estate investors across the United States. Prior to joining PPR, he held sales, client management, and business development positions within the real estate, financial services, and software industries. Steven earned a B.A. in Psychology from the College of the Holy Cross.

Alexander Stekolshchikov

Alexander Stekolshchikov is PPR's Systems Administrator, responsible for maintaining the company's computer systems and network. Prior to joining PPR, he worked in a variety of companies and industries in Russia. He received the M.A. in Mathematics from Saint-Petersburg University, Russia.

Anna Stekolshchikova

Anna Stekolshchikova, Accountant, is responsible for PPR's day-to-day accounting activities. Prior to joining PPR, she was an auditor for Standard Parking, and she also worked as an accountant for eight years in Russia before immigrating to the U.S. in 2001. Anna received the B.A. cum laude in Mathematics from Saint-Petersburg University, Russia.

Michael Taylor

Michael Taylor, Quantitative Analyst, manages the derived market return warehouse forecast for U.S. markets. Before joining PPR, he earned his M.A. in Economics from Boston University. He earned a B.A. magna cum laude in Economics, also from Boston University, where he became a member of the Phi Beta Kappa Honor Society.

Theresa S. Tracey

Theresa S. Tracey, Accounts Payable Coordinator, manages payment of employee expenses and reimbursements and performs other tasks for the PPR finance team. She has been in the administration field for over 13 years. Prior to joining PPR, she was an Administrative Assistant at the Brigham & Women's Hospital Division of Preventive Medicine in Boston.

Sotiris Tsolacos

Dr. Sotiris Tsolacos, the Director of European Research for Property & Portfolio Research, is responsible for delivering the company's research and portfolio strategy services in Europe. He works closely with clients to resolve complex issues by creatively applying PPR's data and research techniques.

Sotiris has years of experience in strategic investment research and risk management. He has consulted with investment managers and real estate funds on business planning and strategy. He also spent seven years with Jones Lang LaSalle in London, leading the investment research group. Prior to that, he was a lecturer in Economics at Reading University.

Sotiris holds a B.A. degree in Economics and Econometrics from the University of Athens and both an M.A. degree in International Finance and a Ph.D. in Economics from Reading University. He has carried out extensive real estate modeling and forecasting work in the European context, publishing over 35 papers in major international real estate research journals. A regular commentator on topical themes and contributor to practitioners' magazines, he is a frequent speaker at industry events. He is on the editorial board of the Journal of Property Research and the Journal of Property Investment and Finance and is a past president of the European Real Estate Society. Sotiris is also a fellow of the European Union Business Cycle Network.

Omena Ubogu

Omena Ubogu, Senior Quantitative Analyst, works closely with the Quantitative Analysis Team. She received her M.A. in Applied Economics at the University of Michigan, Ann Arbor, where she also completed her B.S. degree in Economics. Prior to joining PPR, Omena worked on a National Institute of Drug Abuse-funded project focusing on the differentiation of smoker phenotypes. She enjoys writing, and in her spare time, is a staff writer for the Nigerian Entertainment webzine.

John Vecchione

John Vecchione, Product Manager, works within PPR's Product and Business Development team focusing on the planning and implementation of Debt Research and Risk Management products. Before PPR, John worked for DCG, which specializes in Asset Liability Management (ALM) advisory services for the banking industry. At DCG John held multiple positions, including Product Manager, Manager of Financial Analytics, and Senior Financial Analyst. John earned a B.S. in Finance from Bentley College, where he also completed his M.B.A., concentrating in Strategic Business Processes and Information Technology.

Mike Wallace

Mike Wallace, Office Assistant, conducts preliminary research for the Sales and Marketing Team and the Markets Team, while helping manage client phone service. He works closely with the Sales and Marketing Team to research and track prospective clients, keeping updated records in the sales software program. He also assists the Markets Team with keeping complete and organized project lists. Prior to joining PPR, Mike earned a B.S. degree in Business Management and a minor in Hospitality Management from the University of New Hampshire.

Kevin White, CFA

Kevin White, Senior Real Estate Economist, is based in PPR's London office, where he is responsible for developing PPR's research and analysis for major European property markets. Kevin has also covered several U.S. property markets, primarily in the Southeast. Prior to joining PPR, Kevin performed international economic analysis at IDC, a technology industry consultancy. A former Finance Department official with the Canadian government, he provided policy advice on Canada's tax system and foreign economic relations. Originally from Ottawa, Canada, Kevin holds a B.A. (Honors) in Economics from Queen's University and an M.A. in Economics from the University of British Columbia.

Bret R. Wilkerson, CFA

Bret Wilkerson is the CEO of Property & Portfolio Research (PPR). PPR is an independent real estate research and strategy development firm that works with major institutional investors in all four quadrants of the real estate capital markets. PPR offers market research, strategic advice, and sophisticated analytical tools on a global basis. The firm is based in the U.S., and has an office in London.

Bret integrates his research on macroeconomics, real estate markets, and capital markets trends into PPR's forecasts, products, and client relationships. He advises clients including pension funds, investment advisors, investment banks, developers, private investors, and commercial lenders - assisting them in the application of PPR's research to their real estate decisions.

Bret has been with PPR since 1995, serving in a number of roles. A regular speaker at industry conferences and events, he is often quoted in the media and has written for a variety of real estate publications over the last 12 years. Bret is a member of several industry associations, including PREA, NAREIT, and ULI, where he is a Trustee and serves on the Executive Committee as Chairman - Programs. Prior to PPR, he was with Sullivan and Worcester in Boston. He is a Chartered Financial Analyst and received a B.A. in Geography and Political Science from Dartmouth College.

Jessica Willhoft