Ruijue Peng, Chief Research Officer

Dr. Ruijue Peng is the Chief Research Officer at PPR. Since joining the company in 1994, Dr. Peng has been charged with overseeing research and product development as well as the development of econometric forecasting models and analytical tools. She built the platform, which is the underpinning of PPR's analytical research. Dr. Peng earned an M.S. and Ph.D. from MIT with a concentration in urban and real estate economics. Dr. Peng's doctoral thesis on land supply and property prices won the American Real Estate and Urban Economics Association's Best Dissertation Award. Prior to joining PPR, Dr. Peng was a Research Associate at the Joint Center for Housing Studies of Harvard University. She also served as a consultant to the World Bank.

Joshua Scoville, Director of Strategic Research

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.

Steve Miller, Director Debt Research Risk Management

Stephen Miller, Director of Debt Research and Risk Management, is responsible for PPR’s real estate capital market research, credit risk analytics, and relative value assessment. Steve brings more than 30 years of experience in commercial real estate to the PPR team, predominantly in managing real estate portfolio exposures for pension funds, life insurers, and depository institutions. His background includes domestic and international transactional experience of more than $6 billion in both the public and private sectors, and across the equity and debt investment spectrums.

Capital formation, credit risk exposure measurement & management, and market pricing are the focus of Steve’s research and analysis at PPR. The capital markets team extensively tracks and forecasts commercial real estate loan performance for the industry: banks, life insurers, and the CMBS market. Recent market dislocation and the numerous government response initiatives are being rigorously evaluated, with emphasis on the commercial real estate market impact. The team’s assessment focuses on lender and borrower behavior in response to evolving economic conditions, government stimulus efforts and the revised regulatory framework.

Steve has more than 15 years of real estate capital markets teaching experience, including the Graduate School of Management at the University of California, Irvine. He served as a trustee for a privately held institutional apartment REIT for 10 years. A CFA charter-holder, he earned a B.S. in Business Administration from the University of Southern California. He is also a CPA.

Sotiris Tsolacos, Director European Research

Dr. Sotiris Tsolacos, the Director of European Research for Property and 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.

George Manthous, Director Business Development

George Manthous, Director of Business Development, is responsible for all business development - related activity of PPR services. 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.

Brian Hare, Director Sales and Client Service

Brian Hare, Director Sales and Client Service, manages PPR’s client relations team. Prior to joining the firm, Brian held a variety of sales, sales management, and business development roles with Reed Elsevier, D&B, and The McGraw-Hill Companies. Brian has a B.S. in Organizational Studies with a concentration in Economics from Northwestern University.