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The PREA James A. Graaskamp Award has been presented to 19 leading real estate researchers since 1990. The next award will be presented in 2015.


The Graaskamp Award

PREA's biennial James A. Graaskamp award was presented to Mike Kirby at PREA's 23rd Annual Institutional Investor Real Estate Conference on October 29th in Chicago. His body of work embodies the very spirit of the Graaskamp Award which is given to recognize those persons who contribute to the common body of knowledge some practical insights gained through significant research. Mike is the co-founder, Chairman and Director of Research of Green Street Advisors, the preeminent provider of research on Real Estate Investment Trusts (REITs) and the commercial real estate industry. Mike has headed the firm's research efforts since 1985, and has provided thought-leadership on important industry topics, including capital structure, corporate governance, performance measurement, valuation, and capitalized expenditures, that has helped shape the REIT market as we know it today. Green Street's public market research encompasses over 100 companies across North America and Europe. The firm's research on commercial property markets is supported by its unrivaled familiarity with the wealth of information available from the public market as well as its deep understanding of private market-level fundamentals. Mike has authored hundreds of influential reports on real estate-related issues, including company-specific reports on dozens of REITs throughout virtually every property sector. Mike is the architect of Green Street's highly successful commercial real estate and REIT valuation models.

Mike is a recipient of NAREIT's Lifetime Achievement Award, in recognition of contributions made to the industry. He is currently a member of the National Association of Real Estate Investment Trusts' Institutional Advisory Panel to the Board of Governors and plays an active role in its investor outreach initiatives. Mike is often quoted, interviewed and featured in the financial press and speaks frequently at real estate industry conferences (e.g., NAREIT, Pension Real Estate Association, International Council of Shopping Centers, etc.). Mike earned his M.B.A. in Finance from the University of Chicago and his B.S. in Finance from Arizona State University.

About the Award

To highlight and encourage high quality research in the area of institutional investment in real estate, the Pension Real Estate Association, through its Institutional Investor Council, established The Graaskamp Award to recognize such work.

Dr. Graaskamp The award is named in memory of the late Dr. James A. Graaskamp, one of the greatest researchers of our time, a distinguished professor of real estate at the University of Wisconsin, and a champion of research of immediate use to investment decision makers.

The purpose of the award is to recognize those persons who contribute to the common body of knowledge some practical insights gained through significant research. Practical research yields results that are immediately useful to real estate decision makers and are developed by researchers who are in touch with the problems facing the industry and have used their unique research skills to define the problem, properly design the research methodology, gather the data, analyze, test and interpret the results in a scientific manner, and then communicate these results in an understandable form to the decision maker.

PREA's Board of Directors has recently reviewed the formal award process and has instituted changes that will not only improve the overall process but also draw upon the expertise of past award recipients.

The process is as follows:

  1. Names of potential recipients will be solicited from the full PREA membership. Nominees should be recognized for career accomplishments, not just by recent work. Prior winners are not eligible to receive the award.
  2. A team of former Graaskamp recipients will select a slate of finalists by evaluating research accomplishments. This panel may also add nominees to the slate to acknowledge significant but less visible contributions.
  3. The PREA voting members will vote on the slate, with a summary of all nominees' accomplishments included with the ballot.
  4. The top vote getter will receive the award, which will be presented at the Annual Investor Real Estate Conference. The award is given on a biennial basis, with a scholarship of $10,000 presented to the academic institution of the recipient's choice.

The first award was presented at the First Annual PREA Plan Sponsor Conference held in November 1990 at the Westin St. Francis Hotel in San Francisco, California.

Past Recipients of the James A. Graaskamp Award
1990 David Shulman
Salomon Brothers, Inc.
1999 Michael E. Miles
Fidelity Management & Trust, Co.
1991 Tony Downs
The Brookings Institution
2000 Jacques N. Gordon
LaSalle Investment Management
1992 Jeffrey Fisher
Indiana University
2001 Glenn R. Mueller
Legg Mason Wood Walker, Inc.
1993 Blake Eagle
Frank Russell Company
2003 Kenneth Rosen
Haas Business School, University of California
1994 Charles Wurtzebach
Heitman Capital Management Corporation
2005 Doug Poutasse
AEW Capital Management
1995 Susan Hudson-Wilson
Property & Portfolio Research
2007 Raymond Torto and William Wheaton
Torto Wheaton Research
1996 S. Michael Giliberto
J.P. Morgan Investment Management, Inc.
2009 Peter Linneman
Linneman Associates
1997 Leanne Lachman
Schroder Real Estate
2011 David Geltner
Massachusetts Institute of Technology
1998 Wylie Greig
The RREEF Funds
2013 Mike Kirby
Green Street Advisors