Roger J. Brown is a private consultant with more than 50 years experience specializing in solving complex real estate problems.

Prior to creating mathestate, he developed a wide range of expertise in the following areas:

• Negotiating investment real estate sales
• Tax Deferred exchanges and leasing
• Originating and servicing mortgage loans
• Fiduciary responsibilities of general partner
• Expert witness in civil litigation
• Writing and teaching in the fields of real estate investment, finance, appraisal, taxation, analysis and management
• General Manager of one of the oldest investment firms in San Diego which has had as many as 100 employees supervising of all aspects of finance, legal, accounting and administration of investment portfolios
• From 2001-2005 he was the Director of Research for the Real Estate and Land Use Institute at San Diego State University.
• Presently an Executive Scholar at the Burnham-Moores Center for Real Estate, University of San Diego

The Pennsylvania State University
Ph.D. in Business Administration, 2000
Major field - Finance (concentration in Real Estate)
Minor field - Economics

San Diego State University
MBA - Major field - Finance, 1994
BA - Major field - Speech Arts and Marketing, 1970

REALTORS National Marketing Institute
1979 Designated CCIM (Certified Commercial-Investment Member)

Publications:

"Evaluating Future Input Assumption Risk"
Appraisal Journal - April, 1998

"Zijn onroerend goed aandelen onroerend goed of aandelen?"
(Are REITs Stocks or Real Estate? A Review of the Issues)
VOGON Journal (The Netherlands) - January 1997

"The Emerging Fourth Wave of Aesthetic Regulation: Beauty Is in the Pocketbooks of the Beholder"
with Jeffery M. Sharp, Proceedings of the Academy of Legal Studies in Business, Quebec City, 1996

"America Becoming 'The Beautiful' Again: Examining a Century of Aesthetic Regulation"
with Jeffery M. Sharp, National Proceedings of the Academy of Legal Studies in Business, San Diego, 1998

"Intracity Geographic Diversification of Real Estate Portfolios: Preliminary Evidence from Hong Kong"
with Ling Hin Li and Kenneth Lusht, The Journal of Real Estate Portfolio Management, April/June, 2000

"Risk and Private Real Estate Investment";
The Journal of Real Estate Portfolio Management, May-August, 2004.

"Private Investor Holding Period"
(with T. G. Geurts), The Journal of Real Estate Portfolio Management, May-August, 2005.

“The Labor Component of Private Investor Real Estate Returns”, The Journal of Real Estate Portfolio Management, V. 11, No. 3, September-December, 2005

“Senior Housing: An Inter-Generational Solution” (with Y. Zhang), Journal of Housing for the Elderly, V. 20, p. 75-96

“Sins of the IRR”, The Journal of Real Estate Portfolio Management, V. 12, No. 2, May-August, 2006

“Optimization of Residential Property Management” (with B. Klingenberg), Property Management, V. 24, No. 4, 2006

“Real Estate Bubbles: A New Analysis Based on the Lender-Borrower Relationship.” (with B. Klingenberg), Real Estate Issues, V. 31, No. 2, Fall, 2006

“Rent Control Revisited: Effects on Property Management” (with B. Klingenberg), Property Management, V. 26, No. 1, 2008

“Thanks, Louis, You Were Right!!  100 Years of Heavy Tails – The Hypothesis That Won’t Go Away” Real Estate Review, V. 38, No. 2, 2009

“Location, Location, Distribution” Real Estate Review, Vol 39, No. 4, Winter, 2010

“Coherent Risk Measures in Real Estate Investment” (with M. Young), Journal of Property Investment & Finance, V. 29, No. 4/5, 2011. Chosen as a Highly Commended Award Winner at the Literati Network Awards for Excellence 2012.

“The Developer's Dilemma”, Real Estate Review, V. 40, No. 2, Summer 2011.

“Real Estate Return Distributions Using Maximum Likelihood Estimation (MLE): New Technology, New Results” (with M. Young), In Press, The Journal of Real Estate Portfolio Management, V. 18, No. 1, January - April 2012.

“The Net Lease Anomaly” Real Estate Review, Vol 41, No. 3,  Fall, 2012 p. 5-19

“The Relationship of Operational Innovation and Financial Performance – a Critical Perspective” (with B. Klingenberg, R. Timberlake and T. G. Geurts), The International Journal of Production Economics, V. 142, No. 2, April 2013, p. 317-323.

“The Ugly Truth about Truth-in-Lending”, Real Estate Finance Journal, Spring, 2013, Vol 28, No. 4.

“The Case for Decision Trees in Partition Actions”, The California Real Property Journal, V. 35, No. 2, p. 27-35.

“The Dilemma” , Real Estate Review, Spring 2018, V. 47, No. 1, p. 75-88.

“And the Winner is...” , The Real Estate Finance Journal, Winter 2017, p. 69-81.

“The Income Tax-Property Tax Puzzle”, The Real Estate Finance Journal, Winter 2021, p. 9-19.

“Real Estate Return Distributions with New NCREIF Data Series”, The Journal of Real Estate Portfolio Management, Spring 2022 in press.

Published numerous times in: San Diego Union/Tribune, San Diego Daily Transcript, and the San Diego Business Journal

 

Conference Presentations:

"Intracity Geographic Diversification of Real Estate Portfolios: Preliminary Evidence from Hong Kong"
Asian Real Estate Society Conference, Hong Kong, 1997

"Tier II Real Estate" American Real Estate and Urban Economics Association 2001
International Real Estate Conference, Cancun, 2001

"Risk and Private Real Estate Investments"
19th Annual American Real Estate Society Meeting, Monterey, CA 2003
Winner: Manuscript prize in category of Innovative Thinking sponsored by the Homer Hoyt Advanced Studies Institute

"Multi-Family Investor Tenure Choice"
(with T. G. Geurts), 19th Annual American Real Estate Society Meeting, Monterey, CA 2003
Winner: Manuscript prize in the Apartment category sponsored by the National Multi-Housing Council

Textbook:

Private Real Estate Investment: Data Analysis and Decison Making
Second Edition - 2012

Awards and Scholarships:

Real Estate Research Institute, 1999 Dissertation Research Grant
1999-2000 Ossian R. MacKenzie Doctoral Teaching Award