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Academic Background

B.S., natural resources, University of Wisconsin-Madison
M.S., finance, University of Wyoming
M.B.A., real estate investment analysis, University of Wisconsin-Madison
Ph.D., urban land economics, University of Wisconsin

Research Specialties

• Non-traded public real estate investment trusts
• Public utility valuation
• Complex property valuation
• Real estate market and feasibility analysis
• Real estate investment analysis

Current Research

• Sustainable real estate costs and benefits
• Interdependency of capital markets and real estate markets
• Capitalization rate decomposition
• Direct capitalization and income valuation modeling
• Non-random sampling issues in hedonic valuation models
• Income adjustments in direct capitalization approaches

Major Works

• “Ensuring Equity in Property Taxation and Administration,”  Journal of Property Tax Assessment and Administration, 8:1 (2011): 5-29.
• “Real Estate Market Dynamics during Capital Market Imbalances,” Journal of Property Investment and Finance, 29:4/5 (2011): 359-371.
• “Appraising Leased Assets: A Needed Correction to WSATA Procedures,” Real Estate Journal, 25:9 (2009): 212-220.
• “Use of the Income Approach in Valuing a Sand and Gravel Property in a Condemnation Proceeding,” Real Estate Issues, 34:2 (2009): 35-40.
• “Accounting for Operating Leases in the Unit Valuation Approach,” Journal of Property Tax Assessment and Administration,  4:3 (2008): 25-35.
• “Partitioning Capitalization Rates: The Case of Operating Leases in the Unitary Valuation Method,” Appraisal Journal, 75:2 (2007) 146-155.
• “Appraising Leased Assets in the Unitary Valuation/Assessment Process,” Real Estate Tax Management Journal 23:12 (2007): 304-310.
• “Smart Growth and New Urbanism Development.” Presented a paper at the 20th Annual Real Estate Institute-Minnesota Continuing Legal Education, November, 2002.
• “Real Estate Market Segmentation: Empirical Results,” Assessment Journal 5:3 (1998): 52-72.
• “Testing for Vertical Inequity in Property Tax Systems,” The Journal of Real Estate Research, 5:3 (1990): 319-334.

Significant Scholarly Honors

• Admitted to the Counselors of Real Estate (# 12470)
• Elected, Fellow of the Royal Institution of Chartered Surveyors (# 1257146)
• Grant recipient, Lincoln Institute of Land Policy (2000, 2001, & 2002)
• Two-time recipient of the Distinguished Research and Development Award, International Association of Assessing Officers (1991 and 1992)

Current Community Relationships

• Faculty Liaison, UST Real Estate Advisory Board
• Licensed Real Estate Broker (Minnesota)
• Licensed Real Estate Appraiser (Minnesota)
• Past Chapter Chairman, Counsolors of Real Estate - Minnesota Chapter