Joseph L. Pagliari Jr. is both a certified public accountant and a chartered financial analyst, with a research focus on real estate portfolio management. His article "The Pricing of Non-Core Real Estate Ventures" was published in The Journal of Portfolio Management; "Public versus Private Real Estate Equities: A More Refined, Long-term Comparison" written with Kevin Scherer and Richard Monopoli was published in Real Estate Economics; "Public v. Private Real Estate Equities: A Risk/Return Comparison" written with Kevin Scherer and Richard Monopoli appeared in the Journal of Portfolio Management; and "Twenty Years of the NCREIF Property Index" written with Frederich Lieblich, Mark Schaner, and James R. Webb, was published in Real Estate Economics.
Based on over 25 years of industry experience, Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing.
He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate.
Pagliari serves on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, and the National Council of Real Estate Investment Fiduciaries. He has presented papers at meetings held by AREUEA, NCREIF, and NAREIT. He has additionally made presentations at the Atlanta Federal Reserve and before the U.S. House of Representatives’ Subcommittee on Insurance, Housing and Community Opportunity.
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.
2018 - 2019 Course Schedule
||Real Estate Investments I
||Real Estate Investments II
||Real Estate Lab: Real Estate Challenge
Sports of most every kind (still playing some).
Asset pricing; strategic use of leverage; portfolio allocation; joint ventures; hedonic pricing; option-pricing theory.
"The Pricing of Non-Core Real Estate Ventures," Journal of Portfolio Management (2007).
With Kevin Scherer and Richard Monopoli, "Public versus Private Real Estate Equities: A More Refined, Long-Term Comparison," Real Estate Economics (2005).
With Kevin Scherer and Richard Monopoli, "Public versus Private Real Estate Equities," Journal of Portfolio Management (2003).
With Frederich Lieblich, Mark Schaner and James Webb, "Twenty Years of the NCREIF Property Index," Real Estate Economics (2001).
With James Webb, "On Setting Apartment Rental Rates: A Regression-Based Approach," Journal of Real Estate Research (1996).
New: Long-Run Investment Horizons and Implications for Mixed-Asset Portfolio Allocations
When different asset classes display varying degrees of serial correlation, the investment horizon may substantially alter optimized mixed-asset portfolio allocations. Private-market assets (such as commercial real estate and private equity) often display much higher levels of autocorrelation than their public-market counterparts. Consequently, the one-year returns typically used in mixed-asset portfolio optimization procedures often generate excessive allocations to private-market asset ...
Twenty Years of the NCREIF Property Index
This study overviews the performance of the NCREIF Property Index, by property type, over its initial twenty-year period. As a precursor to more exact analytical methods, the study displays the path of earnings, cash flow and property values over this twenty-year period. More exactly, the performance is analyzed from the perspective of the "fundamental" sources of return: initial earnings yield, "dividend" pay-out ratios, earnings growth, shifts in capitalization rates and other (less ...
On Setting Apartment Rental Rates: A Regression-Based Approach
This study presents a regression-based analysis of apartment rents for a crosssection of properties located in an "edge city" submarket. It attempts to provide a solution for owners and managers of apartments to the thorny problem of setting a property's rental rate. The approach used in this analysis differs from previous studies in at least three important respects: (1) vacancy is treated as part of the dependent variable, (2) the property-specific rental rate generated by the regression ...