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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), 5-29, 2011.
• “Real Estate Market Dynamics during Capital Market Imbalances,”  Journal of Property Investment and Finance, 29(4/5), 359-371, 2011.
• “Appraising Leased Assets: A Needed Correction to WSATA Procedures,” Real Estate Journal, 25(9), 212-220, 2009.
• “Use of the Income Approach in Valuing a Sand and Gravel Property in a Condemnation Proceeding,” Real Estate Issues, 34(2), 35-40, 2009.
• “Accounting for Operating Leases in the Unit Valuation Approach,” Journal of Property Tax Assessment and Administration. Vol. 4(3), pp. 25-35, 2008.
• “Partitioning Capitalization Rates: The Case of Operating Leases in the Unitary Valuation Method,” Appraisal Journal. Vol. 75(2), pp. 146-55, 2007.
• “Appraising Leased Assets in the Unitary Valuation/Assessment Process,” Real Estate Tax Management Journal. Vol. 23(12), pp. 304-10, 2007.
• “Smart Growth and New Urbanism Development,” Proceedings of the 20th Annual Real Estate Institute-Minnesota Continuing Legal Education. November 2002.
• “Real Estate Market Segmentation: Empirical Results,” Assessment Journal. Vol. 5 (3), pp. 52-72, 1998.
• “Testing for Vertical Inequity in Property Tax Systems,” The Journal of Real Estate Research. Vol. 5 (3), pp. 319-334, 1990.

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