MICHAEL GILIBERTO recently retired as Managing Director within the Global Real Assets Group at JPMorgan Asset Management, the global investment management business of JPMorgan Chase. At JPMorgan, Dr. Giliberto oversaw U.S. portfolio management and global investment strategy and research. He currently consults with several investment management firms and, working with John Levy and IPD, continues to produce the Giliberto-Levy Commercial Mortgage Performance Index. Dr. Giliberto has authored many publications about real estate investment performance, asset allocation, and capital markets. He is a frequent speaker at industry events and is active in numerous professional organizations. He serves on the editorial boards of several scholarly and professional journals and is an Adjunct Professor at Columbia University’s Graduate School of Business. He has been a member of the Real Estate Information Standards Board, which oversees the creation and implementation of reporting and performance measurement standards for real estate investment managers. He was a Director of the Pension Real Estate Association (PREA) for six years and served as Treasurer and Chairman of that organization. He received the 1996 Graaskamp Award for research excellence from PREA, is a past President and Fellow of the Real Estate Research Institute and a Fellow of the Homer Hoyt Advanced Studies Institute. Before joining J.P. Morgan in 1996, Mr. Giliberto was Director of Real Estate Research at Lehman Brothers, a position he had previously held at Salomon Brothers. Prior to coming to Wall Street, he was a professor in the Real Estate and Urban Land Economics Department at Southern Methodist University in Dallas. Before commencing Ph.D. studies, he was Manager of Investment Research at Aetna's Real Estate Investment Department. Dr. Giliberto was awarded a PhD in finance from the University of Washington, holds an MA in Business Economics from the University of Hartford and earned his undergraduate degree at Harvard University. He holds the Counselor of Real Estate designation and is a Fellow of the Royal Institution of Chartered Surveyors.