Joseph L. Pagliari Jr., PhD, CPA, CFA, focuses his research and teaching efforts — based on over 35 years of industry experience — on issues broadly surrounding real estate investment, attempting to answer important questions from a rigorous theoretical and empirical perspective. These issues include: the risk-adjusted performance of core and non-core funds, principal/agent issues in incentive fees, a comparison of REITs and private real estate, real estate’s pricing and return-generating process, real estate’s role in a mixed-asset portfolio, the strategic uses of leverage, etc. And, accordingly, he has authored (or co-authored) numerous papers on a variety of these topics, including: “An Overview of Fee Structures in Real Estate Funds and Their Implications for Investors” published (as a special research project) by the Pension Real Estate Association, “The Pricing of Non-Core Real Estate Ventures” published in The Journal of Portfolio Management; “Public versus Private Real Estate Equities: A More Refined, Long-term Comparison” published in Real Estate Economics; “Public v. Private Real Estate Equities: A Risk/Return Comparison” published in the Journal of Portfolio Management; and “Twenty Years of the NCREIF Property Index” published in Real Estate Economics. He has also co- authored several chapters in the Handbook of Real Estate Portfolio Management, of which, he is also the editor. He has presented these papers and thoughts on other topics at a variety of industry events (including ARES, AREUEA, NCREIF, NAREIM, PREA and ULI) as well as the Federal Reserve Bank of Atlanta and testimony before a subcommittee of the House of Representatives. His views on these and other topics have also been published in the popular press, including Barron’s and The Wall Street Journal. Pagliari is board member of the Real Estate Research Institute (RERI) and a former board member of the Real Estate Information Standards (REIS). He is also a member of numerous academic and professional associations including the American Real Estate Society (ARES), the American Real Estate and Urban Economics Association (AREUEA), the Homer Hoyt Institute (where he is a Hoyt Fellow), the National Association of Real Estate Trusts (NAREIT), the National Council of Real Estate Investment Fiduciaries (NCREIF), the Pension Real Estate Association (PREA) and the Urban Land Institute (ULI). Pagliari was also the 2015 winner of PREA’s James A Graaskamp Award (which recognizes those who have, through significant research, contributed practical insights to the common body of knowledge). Pagliari earned a bachelor’s degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002. His interests include sports of most every kind — some of which he still plays.
Based on the risk-adjusted performance of all three categories of private real estate funds, investors are paying billions in economically unwarranted fees.
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