Jim Baldyga, Quantitative Economist, focuses on forecasting the performance of PPR’s metro-level retail property markets and submarket-level industrial markets. He also works closely with the Markets Team, performing applied data and econometric analyses on an ad hoc basis. Before joining PPR, Jim worked as a Research Associate at Commonwealth Research Group, Inc. There he performed analyses of economic loss in support of clients involved in personal injury, wrongful death, and commercial litigation. He received the B.A. in Mathematics and Economics from Hartwick College and the M.A. in Economics from Boston University.
Laura Barreiro, Database Developer, works with the Quantitative Team and the Markets Team to design and support data management solutions. Prior to joining PPR, she worked as a Database Manager at Brigham and Women’s Hospital. Laura received her B.A. in English Literature magna cum laude and her B.S. in Communications summa cum laude from Boston University. She received her B.S. in Computer Science magna cum laude from the University of Massachusetts at Boston.
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 provides administrative and graphic assistance to the PPR team. She received her B.A. cum laude in English from Saint Anselm College in Manchester, N.H. Rachel wishes to pursue a career in the graphic design and entertainment industry.
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.
Kareem Benjamin, Quantitative Analyst, currently performs R&D work on various projects and handles one-off client analysis requests. Prior to joining PPR, he worked as a Development Manager at Oracle Corporation, developing enterprise application software. Mr. Benjamin received his B.S. and Master of Engineering in Electrical Engineering and Computer Science from MIT.
Paul Briggs, Senior Real Estate Economist, is responsible for PPR’s U.S. office market research, ranging from analyzing national trends to monitoring activity at the market and submarket levels. His research is used to advise PPR’s broad range of clients on office market conditions and investment strategy and is also integrated into PPR’s forecasts and products. Further, he is a key advisor to numerous PPR clients and has tracked apartment, office, retail, warehouse, and hotel property markets in a variety of major U.S. metropolitan areas during his tenure with PPR.
Prior to joining PPR, he was with F.W. Dodge Analytics in Lexington, Mass., where he analyzed and forecast real estate market trends in the New England, Middle Atlantic, and East North Central regions of the U.S. He received his B.A. cum laude in Economics with a Business Concentration from Assumption College in Worcester, Mass., where he was awarded the Citation for Academic Excellence in Economics.
Paul is a frequent speaker at PPR client events and industry gatherings for groups including the Risk Management Association, Appraisal Institute, and Massachusetts Lodging Association. He has been quoted in local and national media, including the Boston Business Journal, the Boston Globe, NPR, National Real Estate Investor, Reuters, and the Wall Street Journal. He is a Young Leader member of the Urban Land Institute.
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.
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.
Jun Chen, Ph.D.
Jun Chen, Director of Research and Analytic Products, leads the quantitative research efforts at PPR and is responsible for applying cutting-edge real estate research to real-world analytical models. Having more than 10 years of professional experience, Dr. Chen is a well-recognized researcher with expertise in all four quadrants of commercial real estate. He was the leading modeler in the commercial mortgage PD model (CompassCRE) and is currently focusing on quantitative analytics–related R&D initiatives. Before joining PPR, Dr. Chen worked at IndyMac Bank in California, where he conducted extensive research on credit and prepayment risks of residential mortgages and developed proprietary risk-based pricing models. A former tenure-track faculty member at Shanghai Jiaotong University, he has also worked as a consultant in the areas of commercial real estate transactions, residential community planning, resort development, and urban center design. Dr. Chen frequently presents his research at top-level domestic and international academic conferences and has a variety of research interests. His publications include “Real Estate Pricing: Spreads & Sensibilities— Why Real Estate Pricing is Rational,” Journal of Real Estate Portfolio Management, 2004 (10:1), with Susan Hudson-Wilson, CFA and Hans Nordby; “Global Real Estate Risk Index,” The Journal of Portfolio Management, Summer 2003, with Peter Hobbs, Ph.D.; “Commercial Real Estate Loan Default Frequency,” The Journal of Portfolio Management, Fall 2002, with George Pappadopoulos, CFA; and, “The Risk and Return Characteristics of REITs: 1993–97,” Real Estate Finance, Spring 1999, with Richard Peiser. He also conducted a Real Estate Research Institute–funded study, “Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans” with Prof. Yongheng Deng in 2004. Dr. Chen earned his Ph.D. degree from the University of Southern California, with a specialty in real estate finance and urban economics. He also received an M.S. in Architectural Engineering and a B.S. in Landscape Architectural Engineering, from Tongji University, China.
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.
Steven Cornet, Senior Real Estate Economist, is responsible for PPR’s European research activities in its Boston office. Prior to joining PPR in 2004, Mr. Cornet spent nearly five years in Europe working as a real estate consultant at Jones Lang LaSalle and ING Real Estate. At Jones Lang LaSalle, he was a retail analyst and worked at its office in The Hague, the Netherlands, as well as in its London office. At ING he conducted site-specific research for real estate projects in the Netherlands, Germany, and the United Kingdom. Furthermore, he was responsible for strategic research covering a variety of countries in Continental Europe and the United Kingdom. Originally from the Netherlands, Mr. Cornet holds an M.A. in Economic Geography from the University of Amsterdam.
Michael Crawley, Quantitative Economist, performs quantitative modeling, forecasting, and data processing algorithm design as part of PPR’s European forecasting practice. Prior to joining PPR, he worked for over six years as an Information Technology Consultant for Keane, Inc., in New Hampshire. He received his B.S. in Economics with highest honors from Dalhousie University in Halifax, Nova Scotia, and his M.A. in Economics from Brown University. He is currently pursuing the Chartered Financial Analyst designation.
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.
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.
Rodney Dittenhafer, Real Estate Economist, works with Dr. Ruijue Peng on quantitative modeling and forecasting global markets. Before joining PPR, he conducted regional real estate-related econometric analyses at F.W. Dodge in Lexington, Mass. Mr. Dittenhafer received a B.S. in Finance from Pennsylvania State University and an M.S. in Finance and an M.S. in Business Economics from Bentley College.
Michael Eanes, Network Systems Administrator, is responsible for maintaining the company’s computer systems and network. Prior to joining PPR, Michael was the Network Administrator for Dean Bank in Franklin, Mass. He has achieved various IT industry credentials, including A+, Network+ and MCSA certifications.
Olivia J. Fowlie, CFA
Olivia Fowlie, Senior Real Estate Economist, currently works on PPR’s Research Systems team planning and implementing new research processes. Previously, she managed PPR’s team of market analysts and performed market research for several years, and she continues to track the Washington – NoVA – MD and Denver 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.
Daniel P. Guenther
Dan Guenther, Senior Real Estate Economist, monitors U.S. property markets for PPR. He uses his extensive knowledge of regional economies, property sectors, and local markets in his work with the firm’s forecasts, products, and client relationships.
Prior to rejoining PPR, Dan was director of portfolio risk with MetLife, overseeing market risk and credit risk for a $35 billion commercial mortgage and real estate equity portfolio. In this role, he monitored property market conditions and trends throughout North America, managed portfolio risk analysis, and developed diversification policies and strategies.
In the 1990s, Dan worked as a consultant and market research director with commercial realty firms in Chicago and Boston and was also director of portfolio research for PPR and for the Boston Financial Group. Dan is a former assistant professor of finance at DePaul University.
Dan received a B.B.A. in Economics and an M.Sc. in Finance from the University of Iowa and completed an M.Sc. in Real Estate Appraisal and Investment Analysis from the University of Wisconsin – Madison.
Adam Hastings, Quantitative Analyst, is responsible for PPR’s metro-level and submarket-level warehouse forecasts. He also researches client requests, many of which relate to real estate portfolio analysis and financial modeling, and plays a key role in the production of many of PPR’s core products. He 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 currently pursuing the Chartered Financial Analyst designation.
Haibo Huang, Ph.D.
Haibo Huang, Senior Quantitative Analyst, currently focuses on economic, quantitative and geographic modeling for PPR’s building-level valuation project. He works closely with Dr. Jun Chen and Dr. Ruijue Peng on constructing real estate econometric valuation models (EVM) using econometric and geographic information systems (GIS) techniques. He also researches various ad hoc client requests, many of which involve real estate market performance/portfolio analysis, forecasting, and financial modeling. Before joining PPR, he worked as an assistant instructor and research assistant at the University of Texas at Austin. His research has been presented at various institutions and conferences, including the 2004 Econometric Society’s Summer Meeting and 2004 Midwest Macroeconomics Meetings. Before coming to the U.S., he also worked as a financial analyst in the Head Office, Bank of China. He 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. He is currently pursuing the Chartered Financial Analyst (CFA) designation.
Gu (Grant) Jiao, Senior Real Estate Economist – Asia Research, is tracking property markets and trends in major Asian cities and is responsible for PPR’s Asia research activities, including forecasting practice. He was previously a Senior Quantitative Analyst for PPR with research experience and interests in all four quadrants of commercial real estate investments, including asset allocation, portfolio optimization, portfolio performance evaluation, REIT index forecasting, construction starts forecasting, commercial mortgage risk assessment, and real estate risk management. He also worked closely with Dr. Jun Chen in developing and improving commercial mortgage risk models and was the leading developer of PPR’s flagship product, CompassCRE software. Before joining PPR, he worked in the high tech industry in Silicon Valley and also at Johnson & Johnson and Hewlett-Packard Company in China. He received an M.B.A. in Finance from the University of Rochester, an M.S. in Signal and Information Processing from Peking University, and a B.S. in Computer Science from Beijing Institute of Technology. He is a member of the CFA Institute and of the Commercial Mortgage Securities Association.
Aaron Jodka, Real Estate Economist, is responsible for monitoring U.S. markets, primarily in Texas. 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 currently pursuing the Chartered Financial Analyst designation.
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.
Angela Laviano, Marketing Manager, works on advertising, public relations, branding, prospective client relations, contracts, and conferences for PPR. Angela recently received her M.B.A. at Northeastern University in Boston and also holds a B.S. in Business Management, with a minor in Information Systems and concentration in Marketing, from the State University of New York College at Geneseo.
Jared Lou, Quantitative Analyst, is responsible for maintaining the Retail DMR Forecast, as well as handling ad hoc client requests. Jared earned his B.S. cum laude in Economics from Tulane University, with a minor in Mathematics. He also completed an M.A. in Policy Economics from Tulane, which included a semester taking courses in Harvard University’s graduate program while Tulane was closed after Hurricane Katrina.
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.
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.
Matthew Mowell, Real Estate Economist, is responsible for monitoring U.S. property markets, focusing on Northern California and the Pacific Northwest. Besides covering these regions, he also monitors national hotel and retail trends. Matthew, a member of the Urban Land Institute, received a B.A. cum laude in geography from the University of North Carolina at Charlotte.
Suzanne Mulvee, Senior Real Estate Economist, is responsible for monitoring various U.S. property markets. Before joining PPR, she analyzed real estate investment opportunities for a local brokerage firm and underwrote over $100 million in debt in the greater Boston area. Suzanne received a B.A. cum laude in Financial and Managerial Economics from the University of New Hampshire.
Nancy Muscatello, Senior Real Estate Economist, monitors U.S. property markets and is a key advisor to a broad range of PPR’s clients, including public and private pension funds, pension fund advisors, investment banks, real estate developers, and REITs. Further, she has tracked property markets in a variety of major U.S. metropolitan areas during her tenure with PPR. She has written on a range of topics for real estate publications and has often been quoted in them. Nancy is also a member of PREA and ULI. Prior to joining PPR in 1999, she worked for American International Group as a Commercial Underwriter in the Energy Division. She received a B.A. in Political Science from the University of Wisconsin at Madison and is currently pursuing her M.B.A. at Boston University.
Clint Myers, Real Estate Economist, is responsible for monitoring U.S. markets, focusing primarily on the Southeastern United States. Before joining PPR, he worked as an Investment Analyst at the pension fund TIAA-CREF on its $300 billion fixed-income portfolio. Clint received his B.A. from the University of North Carolina and an M.S. in Finance from Boston College. He is currently preparing for the Chartered Financial Analyst designation.
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, 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.
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.
Joseph Pascal, Business Development, is responsible for marketing and sales of PPR’s research and advisory services to public and private equity real estate investors. Prior to joining PPR, he held sales, marketing, and business development positions within the Information Technology industry during an eight-year period. Joseph earned a B.S. from Rochester Institute of Technology.
Ruijue Peng, Ph.D.
Ruijue Peng, Ph.D., is the Chief Research Officer at PPR. In her previous position at the company, she supervised PPR’s quantitative research and product development for 10 years, overseeing the development of econometric forecasting models and analytical tools. Her area of expertise is in urban and real estate economics. Before joining PPR, Ruijue conducted research on housing consumption and affordability issues at the Joint Center for Housing Studies of Harvard University and consulted for the World Bank on housing markets in East Asian economies. Ruijue 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 Best Dissertation Award.
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.
Toya Powell, Real Estate Economist, monitors commercial real estate markets in the Midwest U.S. 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.
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.
Dennis Shubert, Real Estate Economist, is responsible for monitoring several U.S. property markets, primarily in the Midwest and East Coast. Prior to joining PPR, he performed managerial and operational functions for a REIT that focused primarily on residential development. He also served as a Registered Investment Associate for one of the country’s largest investment banks, developing investment strategies and portfolio analysis for clients’ retirement planning and estate and trust agendas. Dennis holds a B.S. in Business Administration from the University of Central Michigan, where he studied Economics and Business Law and Regulation. He is currently preparing for the CFA designation.
Elaine Shore, Travel and Office Manager, oversees and coordinates all travel arrangements, conferences, and events for PPR. In addition, she is responsible for all aspects of office management, such as overseeing office space, equipment, supplies procurement, and maintenance. She has been in the Travel Industry for over 24 years. Prior to joining PPR, she worked as an Operations Manager for a destination management company in Palm Springs, California.
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.
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, 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.
Amy Theophile provides Human Resources and Accounting support. Before joining PPR, she managed human resources and the office for a small recruiting firm. She received her B.A. summa cum laude in Psychology from the University of New Hampshire.
Melissa Tinnirello, Marketing Associate, is responsible for tracking and researching conferences and speaking engagements for PPR. She also supports the Sales and Marketing team. Melissa received a B.S. in Business Administration with a minor in Communications and concentration in Marketing from Northeastern University.
Amy Todd, Real Estate Economist, is responsible for monitoring U.S. property markets, focusing on the Midwest. Before joining PPR, she worked as a Staff Economist at Economic Consulting Services, an international trade consulting firm in Washington, DC. She received her B.A. magna cum laude in Economics from Connecticut College.
Jinbao Tong, Ph.D. Candidate
Jinbao Tong is a Senior Quantitative Analyst. His major responsibilities include research and development and advanced econometric and financial modeling. He is a Ph.D. candidate in the Real Estate Department at the University of Georgia, specializing in real estate finance. His dissertation focuses on a risk-neutral pricing model of ARMs (Adjustable Rate Mortgage) subject to prepayment and default. He developed the pricing model by adopting a reduced-form framework in modeling prepayment and default, using millions of residential mortgage records. The major features of the model are the stochastic modeling of prepayment and default processes and their calibrations. The risk-neutral price of a given ARM is based on simulated interest rates, prepayment hazard rates, and default hazard rates using Monte Carlo simulation.
Prior to joining PPR, Mr. Tong worked for eight years as a marketing research manager, and later as a senior brand manager, at The Shanghai Johnson Ltd., China, a joint venture company of S. C. Johnson Inc. He also worked as a marketing research manager for the Coca Cola Company in Hong Kong. He received an M.B.A. from the University of Georgia and an M.S. in Econometrics and a B.S. in Applied Math from Fudan University in China.
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.
Omena Ubogu, Quantitative Analyst, works closely with Dr. Jun Chen and Margaret Harbaugh on 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.
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.
Stephen White, CFA
Stephen White, Real Estate Economist, monitors the commercial real estate markets in the Northeast and Mid-Atlantic regions of the United States and tracks the four major property types: apartment, office, retail, and warehouse. He also manages the team of real estate economists that cover the 54 major metropolitan areas in the United States. Prior to joining PPR in 2006, he worked for two and a half years underwriting commercial real estate and commercial/industrial senior debt transactions for Boston Private Bank & Trust Co. and Bay State Savings Bank. Previously, he spent seven years working for John Hancock Financial Services in client service, sales, and sales management roles. Stephen received his B.A. in History from the College of the Holy Cross and earned an M.B.A. from the F.W. Olin Graduate School of Business at Babson College. He is also a holder of the right to use the Chartered Financial Analyst designation.
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, wearing a myriad of hats during that time. 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 10 years. Bret is a member of several industry associations, including PREA, NAREIT, and ULI, where he currently serves as Chairman of the Trends Conference. 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.