A multi-disciplinary consortium appointed by the Standards Board with significant expertise in the various Reporting Standards disciplines.  The Council establishes and executes the strategic plan and program work of the initiative.

Lou DeFalco

NCREIF PREA Reporting Standards Council Chair

(Term renewable annually through 10/31/28)

Partner
PricewaterhouseCoopers

Lou is an asset management partner in PwC’s Financial Services Assurance practice based in Chicago. Lou has more than 19 years of experience serving financial services clients with an emphasis on both public and private commercial real estate companies and alternative investment products such as hedge funds and private equity funds. Lou returned to the Assurance practice in 2013 after working in PwC’s National Quality Organization for 2 years.  In that role, he advised engagement teams in a number of technical areas including leasing, consolidation and various other related topics. He also closely monitored emerging accounting standards and has authored numerous thought leadership publications on the new leasing standard and revenue recognition standard.

Throughout his career, Lou has been involved with internal risk and quality review assignments related to national engagements and he is a frequent instructor for both internal and external continuing education programs. Lou is also an alumni of a sixteen week, full-time residential PwC leadership development program called Genesis Park in Washington DC. In that role, Lou collaborated with and performed strategic projects with PwC individuals and leaders from various PwC global territories.

Lou is also actively involved with the Cystic Fibrosis Foundation where he currently serves as Vice Chair on the National Board of Trustees and serves as the Audit Committee Chairman.

Lou received his B.S. in Accounting from the University of Illinois. Lou is also a Certified Public Accountant in Illinois and is a member of the American Institute of Certified Public Accountants.

Liaison to Public Accounting Firms/AICPA

Paul Cheng

NCREIF PREA Reporting Standards Council Member

(Term 2 expires 10/31/27)

Senior Investment Officer
School Employees Retirement System of Ohio

Paul is a Senior Investment Officer in the Real Assets Unit of the School Employees Retirement System (SERS) of Ohio, where he oversees the global real assets portfolio and team. Previously, he was an investment professional at the California Public Employees Retirement System (CalPERS) for nearly a decade, responsible for underwriting and managing its real estate and infrastructure portfolio across sectors and vehicle types. Prior to CalPERS, he was an equity analyst on Institutional Investor ranked teams at Citi and Deutsche Bank, where he advised institutional investors on their equity selection.

Paul holds the CCIM and CAIA designations. He earned an MBA from the USC Marshall School of Business.

Michelle Clements

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Global Co-Head of Real Assets
Citco Fund Services

Michelle Clements is responsible for Client Service in the Real Assets Fund Services in North America. Prior to joining Citco, Ms. Clements was a Director at Bank of New York Mellon for 7 years. While at Bank of New York Mellon Ms. Clements held the role of Head of Operations Fund Accounting overseeing Client Service Delivery across the US as well as several global transformation programs including establishing operations centers of excellence in Florida and Poland. While in this role, Ms. Clements managed a team of 90 professionals servicing 30 clients. Prior to her time at Bank of New York Mellon Ms. Clements spent 22 years at Deutsche Bank in roles ranging from property accounting to investor reporting and performance measurement. During her tenure at Deutsche Bank her accomplishments included achieving GIPS Compliance for the Real Estate Division as well as development and implementation of a portfolio performance measurement and reporting platform. 

Ms. Clements is an active member of NCREIF. Ms. Clements holds a Bachelor of Science in Economics and Accounting from Michigan Technological University.

Liaison to PREA Reporting and Valuation Affinity Group

Aki Dellaportas

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/28)

Head of Financial Operations & Analysis
Heitman

Aki Dellaportas is a seasoned real estate finance executive with over 20 years of experience spanning accounting, valuation, tax, advisory, and transactions. As Head of Financial Operations & Analysis at Heitman, his current remit covers financial reporting, tax strategy, valuation, fund modeling, forecasting and portfolio analytics.  He oversees these processes for Heitman’s real estate private equity and debt vehicles totaling over $40 billion in AUM, including funds, SMAs, and daily valuation vehicles.

Aki also serves on Heitman’s Valuation and Technology Advisory Committees. Aki holds CPA and CRE designations and is well-versed in leveraging technology to drive innovation across real estate finance operations.

Kim Everaerts

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/28)

Vice President of Performance & Reporting
Walton Street Capital

Kim Everaerts has over 17 years of experience in the real estate industry. She is Vice President of Performance and Reporting at Walton Street Capital, a real estate private equity firm, where she launched the investor reporting for the inaugural open-end fund. She continues to lead portfolio analysis, forecasting, and investor reporting for the open-end core equity fund.

Prior to joining Walton Street, Ms. Everaerts was Vice President of Portfolio Accounting & Performance at Capri Capital Partners, a real estate private equity firm, where she was responsible for fund oversight in the areas of investor relations, portfolio analysis, and financial reporting for several closed-end equity funds. Prior thereto, she worked at the publicly traded REIT General Growth Properties, Inc, as well as, the tax and audit firm Baker Tilly.

Ms. Everaerts is Vice Chair of the Performance Measurement Committee at NCREIF. She is an active participant in task forces providing industry guidance on SEC regulations and other key issues impacting member firms of NCREIF.

Ms. Everaerts is a Certified Public Accountant and has a certification from Columbia University on the topic of Artificial Intelligence in Real Estate.

Paul D’Elisa

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/26)

Senior Vice President
Sentinel Real Estate

Paul D’Elisa is a Senior Vice President responsible for all statistical and financial analysis for Sentinel’s Research & Communications Department. Paul’s role running the Statistics Group includes performance measurement and statistical reporting for all of Sentinel’s strategies to external parties including to data providers, consultants, current and prospective clients. He also reviews all financial statements, return calculations and investor allocations prepared by Sentinel’s Accounting Group. Paul is on the Sentinel Valuations committee, which reviews all valuations and provides final sign-off and approval.

Sentinel is an independently owned real estate investment management firm established in 1969. The firm currently has nearly $9.5 billion of institutional quality real estate assets under management on behalf of 113 domestic and international clients. Since its formation, Sentinel has acquired and managed over $21 billion of direct real estate investments, comprising 637 multifamily communities containing nearly 155,000 apartment units and 194 commercial properties containing 33.8 million square feet of space.

Paul began contributing data to NCREIF on behalf of Sentinel in 1994. Throughout his career, He has participated in various NCREIF events and committees. In addition, Paul has authored a number of articles for the NCREIF Performance Report starting in 1994. He was a member of the original task force that worked on the implementation of the Guide – Standards for the REIS council, and a member of the Reporting Standards IRR subcommittee in 2007. Currently, Paul serves on the Reporting Standards Due Diligence Questionnaire taskforce.

He has been with Sentinel since 1990 and has 34 years of professional real estate experience. Prior to Sentinel, Paul worked for Grayside Realty, a former boutique real estate company located in Farmingdale New York.

Lauren DeMartini

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Director
MetLife Investment Management

Lauren DeMartini is a Finance Director with MetLife Investment Management (MIM).  She is responsible for the financial reporting oversight of several private equity funds across three fund administrators. Lauren previously worked on MIM’s open ended commercial mortgage fund as well as participating in the launch of two of their closed ended commercial mortgage funds.

Before joining MetLife in 2016, Lauren was at PGIM for two years where she was a Manager responsible for the accounting and reporting of several real estate funds.  Prior to that, she was with PricewaterhouseCoopers for six years in their Real Estate Audit group and two years in their Office of Diversity group.  Lauren earned a BS in Accounting from University of Scranton.

Jocelyn Friel

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/26)

Managing Director
Prime Finance

Jocelyn Friel is a Managing Director at Prime Finance where she heads the firm’s Fixed Rate commercial mortgage strategy. Prior to joining Prime Finance, Ms. Friel was the Head of US Core Debt Third-Party Portfolio Management for PGIM Real Estate, where she was responsible for investment grade, real estate debt strategies for non-affiliated institutional investors.  Ms. Friel began her career at AMB (now Prologis).  She is a member of the Commercial Real Estate Finance Council (CREFC), Urban Land Institute (ULI), National Council of Real Estate Investment Fiduciaries (NCREIF), and Pension Real Estate Association (PREA).  Ms. Friel is a graduate of George Washington University and earned an MBA from The University of California, Haas School of Business. Ms. Friel is a CFA® Charterholder. 

Benay Kirk

NCREIF PREA Reporting Standards Council Member

(Term 2 expires 10/31/26)

Managing Director
Alter Domus

Benay joined Alter Domus in February 2018 as a Managing Director, North America Real Estate and she is part of the senior leadership team in Chicago that is responsible for the operational business. Benay is responsible for providing consistent financial controls, standards and reporting within the real estate platform including, open and closed-end fair value real estate funds, real estate debt investment funds and separate account mandates.

Benay began her career at Heitman in 1996 and most recently was an Assistant Director, Senior Vice President of the Heitman’s North American Investor Accounting group where she managed a team of Finance Managers and Portfolio Accountants who were responsible for financial reporting and analysis, property operations, property/debt valuations, performance/valuation analysis and direct asset management support for a number of real estate private equity commingled funds, separate accounts and debt investment funds.

Benay received a B.S. in Accounting from Indiana University and is a Certified Public Accountant. She has been an active member of the National Council of Real Estate Investment Fiduciaries (NCREIF) since 2000 including as Vice-Chair (2017-2018) and Chair (2019-2020) of the Accounting Committee, Chair of the Information Management Committee (2016-2017) and currently serves on the NCREIF PREA Reporting Standards Council.

Liaison to NCREIF Accounting Committee

Andrew Loeb

NCREIF PREA Reporting Standards Council Member

(Term 2 expires 10/31/26)

Managing Director, Real Estate
Oaktree Capital Management

Andrew joined Oaktree in 2010. He is a senior vice president in the Real Estate group, primarily responsible for portfolio and asset management coverage of Oaktree’s Real Estate Opportunities and Real Estate Income strategies. Prior to joining the Real Estate group in March 2015, Andrew spent over four years as a member of the firm’s Client Relations department, where he managed a team responsible for real estate performance reporting, served as a dedicated resource to the Real Estate team, and was integral to establishing the group’s formal asset management function. Prior thereto, he spent two years as an associate consultant at Semler Brossy Consulting Group. Andrew received a B.S. degree in business administration summa cum laude from the University of Arizona and an M.B.A. with an emphasis in real estate and finance from the UCLA Anderson School of Management.

Anthony Opalka

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Chief Appraiser
Corebridge Real Estate Investors

Anthony Opalka serves as the Chief Appraiser for Corebridge Real Estate Investors “CREI”, a leading, global real estate investment management advisor. Tony oversees the valuation of real estate equity, is responsible for overseeing all policies relating to valuation, and actively managing the relationships with multiple third-party vendors.  He also collaborates closely with the portfolio management, asset management, portfolio analytics and finance teams. 

Tony has spent over 20 years in the valuation industry.  Prior to his current role, he was previously part of the valuation team at PGIM Real Estate, the asset management team in the Northeast Region of MetLife Investment Management, as well as an employee of both PwC and Altus Group.

Tony has a Bachelor of Science degree from the University of Delaware and a Master of Business Administration from the Owen School of Business at Vanderbilt University.  Tony is a designated member of the Appraisal Institute (MAI), a member of the Counselors of Real Estate (CRE), and a Fellow of the Royal Institute of Chartered Surveyors (FRICS).

Mark Wojteczko

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Audit Managing Director
Deloitte & Touche LLP

Mark has over twenty years of professional experience primarily providing audit services to real estate clients, including service to real estate investment advisors, fund managers and REITs. Mark has served fair value real estate funds, investment companies, and separate account entities, and has extensive experience auditing the fair value of both real estate investments and debt instruments.  He has experience in executing multi-location audits and he regularly coordinates cross-functional services to support the audit process including valuation, taxation, and capital market services. 

Mark is the Deloitte National Real Estate Funds Co-Leader.  In this role, he is actively involved in strategic planning and coordination of our national real estate funds practice and various client pursuits, brand eminence, and firm marketing. 

He is also a chairman of the NCREIF Accounting Committee and has served as a frequent speaker at industry conferences and has led various task forces and project initiatives within the organization.

Mark has also co-authored two articles for Commercial Property Executive that focused on the outlook for commercial real estate, entitled “Rough Patch to Recovery” and “CRE Recovery Appears to be Unsteady.”

Jamie Kingsley

NCREIF PREA Reporting Standards Director

Data Governance and Reporting Standards Director
NCREIF

Jamie Kingsley brings 25+ years of experience and expertise in the institutional real estate investment industry with focus in accounting and reporting, performance measurement, infrastructure development and relationship management. She is a strategic leader with a creative and practical problem‐solving approach and excellent communication, managerial and mentoring skills resulting in highly effective teamwork.

As a Director, Jamie directs and supports the development, content management and maintenance of the NCREIF PREA Reporting Standards, related communications, and other materials necessary for the NCREIF PREA Reporting Standards to fulfill its mission to facilitate investment decision-making for the institutional real estate investment industry.

Contributing to the institutional real estate industry’s creation and sharing of best practices is very important to Jamie. Before joining the NCREIF staff, she was an active member of NCREIF and served as past Chair (2011‐2012) and Vice‐Chair (2009‐2010) of its Performance Measurement Committee. In addition, she served on the NCREIF PREA Reporting Standards Council from 2012 to 2014 and subsequently served on the NCREIF PREA Reporting Standards Board in 2015. Jamie is a Certified Public Accountant in the State of Texas and holds a degree in Accounting from Texas Tech University.

Rina Lessing

NCREIF PREA Reporting Standards Council Member

(Term 2 expires 10/31/27)

Investment Manager
CalPERS

Rina Lessing, Investment Manager at CalPERS, oversees the retail and emerging manager portfolios in Real Assets. She also leads Real Assets’ integration of sustainable investment practices and participates in CalPERS Total Fund Sustainable Investment Working Group.  She has served on the GRESB Investor Advisory Board since 2016.  Including her 8 years at CalPERS, Rina brings over 21 years of experience managing a diverse portfolio of real estate, including ground up developments, superregional shopping centers, multifamily, office and industrial properties.  She earned a B.A. in Economics and minor in Public Policy from UC Berkeley and is a U.S. Green Building Council LEED Accredited Professional.

Liaison to NCREIF ESG Committee

Harris Markowitz

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Senior Vice President, Asset Management
Clarion Partners

​Harris Markowitz is a Senior Vice President within the Asset Management group at Clarion Partners. Harris is responsible for the asset management operations and valuations for the Clarion Partners Real Estate Income Fund (“CPREX”). Harris also oversees the quarterly property valuations for the Lion Properties Fund. Additionally, he is an asset manager for both the Lion Properties Fund and CPREX in the the office, life science, and industrial sectors, in addition to mezzanine loan investments in all sectors. He joined Clarion Partners in 2012 and began working in the real estate industry in 2005. Harris is a Certified Public Accountant with the State of New York and is currently a Vice Chair for NCREIF’s Valuation Committee.

​Harris is also an avid volunteer for the Cystic Fibrosis Foundation for the last 14 years. He is a current board of director member for both the Greater New York and New Jersey Chapters and is the Chair for the National Tomorrow’s Leaders Committee.

Matt Racketa

NCREIF PREA Reporting Standards Council Member

(Term 1 expires 10/31/27)

Partner
Townsend Group

Matt is a Partner at Townsend Group where he oversees the firms Fund Operations team.  Prior to joining Townsend Group, Matt was in the assurance practice at Ernst & Young LLP in Cleveland, Ohio, with a focus on financial services and software industries. Matt earned his Bachelor of Accounting and Master of Accountancy from Miami University. He is a Certified Public Accountant.

Min Zhou

NCREIF PREA Reporting Standards Council Member

(Term 2 expires 10/31/28)

Managing Director, Secondaries
Ares Management

Ms. Zhou is a Principal in the Ares Secondary Solutions Group, where she focuses on real estate secondaries. Prior to joining Ares in 2021, she was a Director in the Landmark Partners Real Estate Group, where she focused on sourcing, underwriting and executing real estate transactions in the Americas and Asia Pacific regions since 2013. Previously, she was at Woori Investment Securities Asia in Singapore, where she focused on sourcing and underwriting real estate transactions across the Asia Pacific region. Ms. Zhou holds an M. Des. from Harvard University in Real Estate. She is a CFA® charterholder.

Liaison to NCREIF Valuation Committee