Milena Petrova

Professor of Real Estate and Finance
  • Email Contact Me
  • Phone 315-443-9631
  • Department Finance, Real Estate
  • Office 120F
Dr. Petrova holds a tenured position as an Associate Professor in the Department of Finance at Whitman School of Management, Syracuse University, and serves as the Academic Director of the Real Estate Programs at Whitman. Her research focuses on commercial real estate valuation, real estate asset pricing, portfolio management, and corporate governance. With numerous book chapters and over 30 articles published in renowned international journals, including Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, the Journal of Banking and Finance, Financial Management, European Financial Management, Journal of International Money and Finance, and Journal of Financial Research, Dr. Petrova has gained recognition for her contributions.

In addition to her role as an active researcher, Dr. Petrova is a distinguished expert in real estate and corporate governance, accumulating over 20 years of experience in the field. She has provided consultancy services to investment professionals globally, spanning the USA, the Caribbean, Europe, Asia, Africa, and the Middle East. Dr. Petrova's advisory expertise includes the development, acquisition, and disposition of various commercial real estate assets, M&As involving valuation and post-merger integration, corporate restructuring, and business plan evaluation. She has also been instrumental as an advisor in establishing REITs and implementing tax-deferred exchanges.

Prior to her academic career, Dr. Petrova gained experience in management consulting at Booz Allen Hamilton and project finance at Finnvera. She holds a Ph.D. from the University of Florida, USA; master’s degrees from Hofstra University, USA, and Aalto University, Finland; and post-graduate certificates in industrial management from Helsinki University of Technology, Finland, Fintech from Oxford University, the UK, and Applied Machine Learning from Columbia University, USA.
Ph.D., Finance, University of Florida Post-graduate Certificate Program, Industrial Management, Helsinki University of Technology
Dr. Petrova currently teaches Real Estate Modeling, Real Estate Finance and Investments, Real Estate Principles, and Financial Management at the undergraduate and graduate levels.

Prof. Petrova has taught the following classes at Syracuse University:

FIN 960 Seminar in Finance (PhD Course)
FIN 855 Theory of Finance (PhD/MSF Course)
MBC 633 Managerial Finance (Graduate Course)
FIN 345 Financial Management (Undergraduate Course)
RES 662 Real Estate Finance & Investments (Graduate Course)
RES 631 Real Estate Principles (Graduate Course)
RES 362 Real Estate Finance & Investments (Undergraduate Course)
RES 332 Real Estate Principles (Undergraduate Course)
RES 492/692 Real Estate Modeling (Undergraduate/Graduate Course)
FIN 400/600 Alternative Investments: A Practitioner's Perspective
Professor Petrova's primary research interests are in the areas of commercial real estate pricing, real estate operations, real estate capital markets, and corporate governance.


  • May 07, 2021

    One University Assessment Award

    Syracuse University
  • Jan 01, 2021

    Received - Ranked #8 among the most productive authors in real estate

  • May 01, 2020

    Whitman Teaching Fellow

    Syracuse University
  • Feb 21, 2020

    Real Estate Research Consortium Grant 2020

    The Real Estate Research Consortium
  • Apr 07, 2017

    Best Paper in Corporate Finance (Nomination)

    European Financial Management Association
  • Nov 01, 2014

    Real Estate Roundtable Grant 2014-2015

    Real Estate Round Table
  • Jan 01, 2012

    Best Paper Award for “Why do Managers Divest Corporate Assets? Insights from Equity Carve-outs

    International Business Finance Conference, ICFAI Business School
  • Jan 01, 2012

    Received - Real Estate Research Institute Research Grant for “The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate"

    Real Estate Research Institute
  • Jan 01, 2012

    Received - Real Estate Research Institute Research Grant for “Information, Search and Anchoring in Commercial Real Estate"

    Real Estate Research Institute
  • Jan 01, 2010

    Nominated - Best Paper Award in Investments for “Heterogeneous Investors, Negotiation Strength, & Asset Prices in Private Markets: Evidence from Commercial Real Estate

    Financial Management Association
  • Jan 01, 2010

    American Real Estate Society Best Research Paper for “Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate

    CoStar Group
  • Jan 01, 2010

    Nominated - Nominated by the Dean of Whitman School of Management and the Department of Finance for receiving Syracuse University’s Teaching Recognition Award

  • Jan 01, 2009

    Recipient of the Oberwager Award for Outstanding Faculty

  • Jan 01, 2008

    Received - Real Estate Research Institute Research Grant for “Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions"

    Real Estate Research Institute
  • Jan 01, 2007

    CoStar Best Paper Award for Use of Commercial Real Estate Data

  • Jan 01, 2006

    ARES Doctoral Seminar Travel Award

  • Jan 01, 2006

    Received - Real Estate Research Institute Annual Conference Travel Grant

    Real Estate Research Institute
  • Jan 01, 2006

    AREUEA Doctoral Session Travel Award

  • Jan 01, 2003

    Gerald R. Brown Award for Best Paper on Real Estate and Finance

    Department of Real Estate, National University of Singapore
  • Researchers from Syracuse University Describe Findings in Sustainability Research (Building Sustainability, Certification, and Price Premiums: Evidence From Europe)

    December 28, 2023 Economics Daily Report
  • These Three Forces Will Ensure 1031 Exchanges and Delaware Statutory Trusts Are Here to Stay

    December 23, 2022
  • 3 Reasons Delaware Statutory Trusts Are Here to Stay

    October 27, 2022 Kiplinger

    October 07, 2021 The Business Journal
  • 1031 Exchange and the Tax Reform Bill - What it could mean to investors

    September 24, 2021 New England Real Estate Journal
  • Capping 1031 exchanges would cripple Wisconsin farmers and CRE economy

    August 12, 2021 BizTimes
  • Capping 1031 exchanges is a recipe for stagnation, not recovery

    August 02, 2021 New Orleans City Business
  • Proposed cap for like-kind exchanges is shortsighted and counter productive

    August 01, 2021
  • Investors Fret as Biden Takes Aim at a 100-Year-Old Tax Loophole

    June 08, 2021 New York Times
  • Like-Kind Exchanges, Property Development and Improvement

    May 11, 2021 EisnerAmper
  • Section 1031 Helps Many and Is No Loophole

    May 10, 2021 Wall Street Journal
  • Biden Targets $41 Billion Tax Break for Rich Real Estate Investors

    April 28, 2021 Bloomberg
  • Whitman Research Magazine

    April 01, 2021 Whitman School of Management
  • The Political Path to Repeal the 1031 Exchange

    March 15, 2021

    March 01, 2021 Warrington College of Business
  • Valuable Real Estate Tax Benefit Should Escape The Chopping Block, But For How Long?

    January 18, 2021 Bezinga
  • Our Digital Lives Drive a Brick-and-Mortar Boom in Data Centers

    December 22, 2020 NY Times
  • ADISA Co-Sponsored Academic Study Shows Real Estate Reliance on IRC Section 1031

    September 16, 2020 ADISA
  • Top Data Center REITs

    November 06, 2019 Motley Fool
  • Destiny USA adds more entertainment attractions to make up for retail market decline

    August 07, 2019 WRVO
  • Inside Destiny USA’s mortgage emergency: Crisis or hardball bargaining?

    April 19, 2019
  • Inside Destiny USA’s mortgage emergency: Crisis or hardball bargaining?

    April 19, 2019
  • WSJ Report: Destiny USA expected to default on mortgage in June

    April 16, 2019 CNYCentral
  • Why Data-Center REITs Are Promising And Risky

    February 25, 2019 U.S. News & World Report
  • Can Outlet Centers Continue to Succeed by Luring Shoppers with Bargains and ‘Experience?’

    September 13, 2018 National Real Estate Investor
  • 8 REIT Categories With the Wind at Their Backs

    April 06, 2018 U.S. News & World Report
  • Study Quantifies Importance Of 1031 Exchanges To Industry, Economy

    October 23, 2017 Bisnow
  • $8 billion reasons to save key tax deferment from reform ax

    August 18, 2017 The Hill
  • Congress, Make Tax Reform Take the Long View

    July 28, 2017 The Hill