With more than twenty research professionals covering 95 publicly traded real estate companies, we move beyond superficial
statistical tools to evaluate properties, markets, and companies with unprecedented depth. Our senior analysts specialize by property type and typically
cover a maximum of ten to twelve companies, affording an elite level of expertise.
Green Street's senior management team provides experience, insight, and innovative thinking, propelling the company to a position of
eminence within the field. The five Managing Directors of the firm directly involved in research have an average tenure in the industry of over
twenty years - and average over fifteen years with Green Street - making the team the most experienced in the REIT sector.
Green Street's traders have an average of more than fifteen years of industry experience, service virtually every institutional
REIT investor, and run the largest trading desk dedicated to real estate stocks.
Executive Team
Mike Kirby
Chairman and Director of Research
Mike co-founded Green Street in 1985 and has headed up the firm's research efforts ever since. Research accomplishments include the design of Green Street's valuation models as well as thought-leading work on capital-expenditure requirements and performance measurement for real estate companies. Mike has also authored company-specific reports on dozens of REITs throughout virtually every property sector. He currently is a member of the National Association of Real Estate Investment Trusts' (NAREIT) Institutional Advisory Panel to the Board of Governors, and, in recognition of contributions made to the REIT industry over his career, is a past recipient of NAREIT's Industry Achievement Award. He is often quoted and interviewed in the financial press and is also a frequent speaker at REIT and real estate industry conferences (e.g. NAREIT, PREA, ICSC, etc). Mike earned his MBA in finance from the University of Chicago and his BS in Finance from Arizona State University.
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John Lutzius
Managing Director, International
John is responsible for developing Green Street's business outside of North America. He is based in London and is building a team to cover European real estate securities.
John's prior roles at Green Street have included Chief Executive Officer, President, and Senior Research Analyst. While a U.S. analyst, John authored research reports on over forty real estate companies in a variety of property sectors. He is a two-time winner of the Wall Street Journal's "Best on the Street" award in the REIT category.
Before joining Green Street, John worked in the treasury department of Citibank in New York and the leveraged lending group of Security Pacific National Bank in Los Angeles.
John earned an M.B.A. from Northwestern University and a B.S. from the State University of New York at Albany. His professional affiliations include the National Association of Real Estate Investment Trusts, the European Public Real Estate Association, the Asian Public Real Estate Association, the Urban Land Institute, and the Young Presidents Organization.
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Craig Leupold
President
Craig is Green Street's primary liaison to the investment community and oversees the firm's client relationships and interactions, while remaining very active in the firm's research processes. Prior to becoming President in October 2007, he established and managed the firm's residential research efforts, covering the apartment, student housing, and manufactured housing sectors. Craig is a member of the National Multi Housing Council (NMHC), a 4-time recipient of Realty Stock Review's Outstanding Analyst award, and received Zacks Five-Star Analyst award in 2001. In 2006, he was recognized as the fourth most influential person in the multifamily industry by Multifamily Executive Magazine. Craig is an active participant and speaker at real estate industry events. His 20+ years of industry experience includes real estate consulting at Kenneth Leventhal & Co. and real estate finance at Union Bank of California. Craig earned his M.B.A. in Finance/Real Estate from Columbia University and B.A. from U.C. San Diego.
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Adam Markman
Managing Director
Prior to assuming his current role as the leader of Green Street's consulting group in 1997, Adam served as a REIT analyst for three years. He currently runs Green Street's exclusive joint venture with Eastdil Secured, a leading institutional real estate brokerage firm. He is also co-manager of Green Street's team involved in valuing unsecured REIT debt. Before joining Green Street in 1994, Adam was a Senior Real Estate Consultant at Kenneth Leventhal & Co. Adam earned his M.B.A. in Finance/Real Estate from Columbia University and B.A. from U.C. Berkeley.
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Jim Sullivan
Managing Director
Jim manages Green Street's analytical research team covering the mall, strip center, and health care property sectors. He has served as a Senior REIT analyst since 1994. For several years, Jim managed the office and industrial research teams. Jim also previously led Green Street's coverage of the self-storage and manufactured home community REITs. Jim is a member of the International Council of Shopping Centers (ICSC) and NAREIT. He has also been named an All-Star REIT Analyst by the Wall Street Journal and has been a recipient of Realty Stock Review's Outstanding Analyst award. His 24 years of industry experience includes underwriting debt financing for REITs, homebuilders, and private real estate companies as a Vice President at Bank of America and Chemical Bank. Jim earned his M.B.A. in Finance/Real Estate from Columbia University and B.A. in Economics from Duke University.
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Lynn Lewis
Managing Director, International Sales and Trading
Lynn has served as head of Green Street's Dallas-based trading operation since January 1995, moving to London in 2008 to establish the European trading and sales operation. Lynn is a securities broker dealer principal, and has been active as a REIT trader since 1979. Before joining Green Street, Lynn worked at Rauscher Pierce Refsnes and Lovett, Mitchell, Webb & Garrison. Lynn earned her B.F.A. from the University of Houston.
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Warner Griswold
Chief Operating Officer
Prior to assuming his current role, Warner had served as a research analyst from 1996-2004. Warner has experience in acquisitions with Ocwen Financial Corporation and he has been an Adjunct Professor at the University of California, Irvine Graduate School of Management. Warner is a Chartered Financial Analyst (CFA) charterholder and he holds a BA in Economics/Management from Brown University.
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John Arabia
Managing Director
John manages Green Street's analytical research team covering the lodging sector, including hotel owners, managers and franchisors. He has served as a Senior Analyst since 1997. John is a member of the Hotel Development Council of the Urban Land Institute and is the Co-Author of Hotel Investments: Issues & Perspectives (editions 2-4). In 2005, 2006, and 2007, Green Street was awarded the title of Best Independent Research Firm by Institutional Investor for the Lodging and Gaming Sector as a result of John's efforts. In 2007, he was named one of Institutional Investor's "20 Rising Stars". Most recently, John was a winner of the Wall Street Journal's "Best on the Street" award in the hotel and gaming category in 2008. His 20 years of industry experience also includes hospitality consulting at EY Kenneth Leventhal. John earned his M.B.A. in Real Estate/Accounting from University of Southern California and B.S. in Hotel Administration from Cornell University.
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Sherman Burns
Managing Director, Trading Manager
Sherman joined Green Street in 1998. His 30 years of trading experience includes Vice President and Head Trader for Capital Institutional Services, and Institutional Trader/Sales for Cantor Fitzgerald, and Rotan Mosle. Sherman is a securities principal, and has served on various boards in the securities industry. He earned his B.B.A. from Texas A&M Commerce.
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Michael Knott
Managing Director
Michael leads Green Street's research teams covering the office property and self-storage sectors. He is a member of the National Association of Industrial and Office Properties (NAIOP), and winner of the Wall Street Journal's "Best on the Street" award in the real estate category in 2009. Prior to joining Green Street in 2002, Michael worked in REIT investment banking at A.G. Edwards. He is a Chartered Financial Analyst (CFA) charter holder and earned his B.A. in Economics from Indiana University.
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Cedrik Lachance
Managing Director
Cedrik has been with Green Street since 2004 and recently assumed lead coverage of the mall sector. From 2006 to 2009, Cedrik co–managed Green Street's research team covering the office property sector and led coverage on the U.S. and European industrial property sectors. Cedrik was a winner of the Wall Street Journal's "Best on the Street" award in the real estate category in 2008. Cedrik is a member of the International Council of Shopping Centers (ICSC) and NAREIT. His prior experience includes investment analysis with Sun Life Financial, and REIT research at Fiduciary Trust Company International. Cedrik earned his M.B.A. from the Tuck School of Business at Dartmouth. He also holds a Master's in International Relations from the University of Toronto and a B.A. in History from Université Laval.
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Senior Research Personnel
Andy McCulloch
Senior Analyst
Andy manages Green Street's research team covering the residential property sector, with an emphasis on student housing, manufactured housing, and apartments. Andy joined Green Street in 2005, and is a member of the National Multi Housing Council (NMHC). He has played a leading role in improving our research processes and apartment database infrastructure. Andy's pre-Green Street experience includes three years of intellectual property valuation work at PLX Systems. He earned his M.B.A. and B.S. in Finance from the University of Southern California and is a Chartered Financial Analyst (CFA) charterholder.
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Peter Rothemund
Analyst
Peter is a generalist who focuses primarily on overall REIT valuation and topics that affect all REITs. He joined Green Street in 2004. Prior to then, he was an analyst at NERA Economic Consulting where he focused on securities class actions. Peter is a CFA charterholder. He graduated with a BE, summa cum laude from Vanderbilt University.
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Steven Frankel
Analyst
Steven manages Green Street's research team covering the U.S. and European industrial property sectors. He joined Green Street in 2007 and is a member of the National Association of Industrial and Office Properties (NAIOP). His prior experience includes investment analysis with Brandes Investment Partners. Steven is a Chartered Financial Analyst (CFA) charterholder. He earned his B.B.A. with High Distinction from the Ross School of Business at the University of Michigan. He also holds a B.A. with High Distinction in Asian Studies from the University of Michigan.
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John Stewart
Analyst
John is a research analyst covering the office and industrial sectors. Prior to joining Green Street in 2008, John was Vice President and lead analyst covering U.S. REITs for Credit Suisse. John's experience also includes REIT research with Citigroup and Merrill Lynch, leveraged finance at Natexis Banque Populaires, and credit analysis with Bank of America's corporate finance division. He is a member of the CFA Institute, the New York Society of Securities Analysts, the Real Estate Board of New York, and NAREIT. He earned his B.S. in Accounting from Oklahoma State University, and is a Chartered Financial Analyst (CFA) charterholder.
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Senior Trading Personnel
Laurie Hauck
Vice President
Laurie joined Green Street's Dallas trading desk in April 2003. Her 16 years of trading experience includes Donaldson Lufkin & Jenrette, Rauscher Pierce Refsnes, and Merrill Lynch in both Dallas and Chicago. Laurie earned her M.B.A. in Finance from University of North Texas and B.B.A. from Texas A&M University.
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Carol Parker
Vice President
Carol joined Green Street in 1995 with Lynn Lewis as an original member of Green Street's trading operation. She has 23 years of experience in the Broker/Dealer business including Rauscher, Pierce, Refsnes (now RBC Dain) in the Institutional Equities, UIT and Mutual Fund Depts.
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David Auerbach
Vice President
David joined Green Street in 2000, and frequently handles ratio/paired trading as well as preferred/common stock trading. In addition, he is responsible for Green Street's trading technology platforms and software. In 2005, David earned his MBA in Finance from Southern Methodist University. He earned his B.B.A. in Finance from University of Texas.
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David Alexander
Vice President
David joined the Green Street trading desk in 2008. He brings over 20 years of trading experience and has managed trading desks at Hoak, Breedlove, Wesneski, and Southwest Securities. David also spent four years on the buy side as the trader of a hedge fund. He is a former President of the Dallas Security Traders Association. He holds a B.S. from Henderson State University.
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Richard Martin
Trading Manager
Richard joined Green Street in 2009 to help establish the European trading operation. He has nearly 30 years experience in trading, sales and trading management in both London and New York. Prior to Green Street Richard served as a senior Sales Trader and Head of the Nordic Team specializing in property stocks at Kaupthing Singer & Friedlander. His experience also includes senior trading positions at Danske Securities, BBV LatInvest, SE Banken Enskilda. He started his career as a stockjobber at Wedd Durchlacher Mordunt & Co. Richard is a FSA Registered Representative.
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Senior Sales Personnel
Anthony Scalia
Director, Institutional Sales
Tony manages Green Street's institutional sales efforts. Prior to joining Green Street in 2005, Tony was the Regional Director for Prudential's defined contribution group. He has also held senior sales positions with New York Life, Delaware Investors, and Met Life. Tony holds a B.S. from Ohio State and an M.B.A. from University of Arizona.
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Tim Joy
Vice President, Institutional Sales
Tim joined Green Street in 2005, and serves in the institutional sales effort. Prior to Green Street, Tim has held senior research sales positions with a number of regional/ boutique investment banking firms. He brings 28 years experience from both the buy side and the sell side of the institutional business. Tim holds a B.S. from Oregon State University.
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Scott Bell
Vice President, Institutional Sales
Scott joined Green Street's institutional sales team in 2008. Prior to joining Green Street, Scott held senior institutional sales positions with JPMorgan as well as Prudential Equity Group. Scott brings over 11 years of general and REIT-specific institutional sales experience. Scott holds a B.S. and a B.A. from the University of Alabama.
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Damon Scott
Director, Subscription Sales
Damon manages the subscription sales team at Green Street Advisors and joined the firm in 2006. Prior to joining Green Street, he spent twelve years in sales with Rockwell and JDSU. Damon received a B.S. in engineering from the University of Illinois.
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Kevin Johnson
Manager, Subscription Sales
Kevin is a new addition to Green Street Advisors' subscription sales team in Newport Beach. Prior to joining Green Street, Kevin spent the previous 10 years in sales and project management with Bloomberg and Interactive Data's Fixed Income Analytics division. During his time with Bloomberg, he spent 4 years on the PIMCO trade floor as a project manager responsible for a proprietary trade order management system still in use today. Kevin graduated with a B.A from California State University Fullerton.
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Senior Operations Personnel
Michael Kao
Director, Technology
Michael joined Green Street Advisors in 2000, and currently manages the technology group. He is responsible for the design and implementation of Green Street's various software applications. Michael graduated cum laude, with a B.S. from U.C. San Diego.
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Robin Russel
Operations Director
Robin joined Green Street's London office in 2008 to take on responsibility for all operational aspects of the business outside North America. Having returned to London in 2001, following 8 years in Asia with Jardine Matheson & Co. and WorldWide Shipping Agency, he spent over 6 years as co-founder and Operations Director for the Interest Exchange and the Property Investment Market, which created a new stock exchange allowing members of the public to invest directly in fully securitized property assets. Robin holds a BEng in Mechanical Engineering from the University of Edinburgh.
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