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Stephanie Dubicki

Senior Managing Director

Photograph of Stephanie   Dubicki

2 Houston Center, 909 Fannin Street, Suite 2450
Houston, TX 77010

+1.713.646.5000 Main
+1.281.819.6124 Direct
+1.281.732.9039 Mobile

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Stephanie Dubicki is a Senior Managing Director at Ankura, based in Houston. She has extensive experience in valuation, valuation consulting and valuation management for institutional real estate investors, spending the bulk of her 24-year career managing the valuation process for institutional real estate funds.


Stephanie has been part of the pioneering process for daily valuation in the equity investment space by helping her clients to develop policies and procedures to value and report on their real estate investments on a daily basis. In the NCREIF Open End Diversified Core Equity (ODCE) space, Stephanie has managed and consulted with the majority of the funds that are included in this index. In the non-traded REIT space, Stephanie has consulted with and managed several funds in setting up policies and procedures and managing their daily or monthly valuation processes for purposes of striking the Net Asset Value (NAV) for the fund on a periodic basis.

Stephanie has also led both internal and client teams in implementing transformational changes with regard to processes and technology solutions. As a result of these changes, her clients were able to make changes in technology platforms as efficiently as possible. Stephanie also has served as an expert witness in bankruptcy proceedings.

Prior to joining Ankura, Stephanie was an Executive Vice President at Altus Group where she oversaw the Houston, New York and New Jersey advisory offices leading teams in providing valuation services combined with technology and software. She previously served as a Director at multinational professional services network.

Examples of Stephanie’s professional experience include:

  • Valuation Management for institutional investors including: open ended real estate funds, closed ended real estate funds, non-traded REITs and pension funds. Led a team of 50 staff in New York, New Jersey and Houston in valuing approximately $250 billion in AUM on a quarterly, monthly or daily basis.
  • Valuation management for debt funds for which a USPAP compliant review is completed and issues brought to the attention of the appraiser and reconciled prior to loan closing to ensure compliance with the institution’s policies.
  • Fair market value lease analysis for a large medical services company to assist in lease negotiations. Approximately 350 leases analyzed on an annual basis.
  • Acquisition due diligence for multiple properties and property types throughout the United States and Latin America. Financial due diligence to test income and expense assumptions and market-based underwriting of the asset.
  • Expert witness testimony related to the market value of the real estate collateral for multiple loans.
  • MS, Texas A&M University
  • BS, Texas A&M University
  • Member, Appraisal Institute (MAI)
  • Counselor of Real Estate (CRE)
  • Fellow, Royal Institute of Chartered Surveyors (FRICS)
  • Certified Real Estate Appraiser in multiple states
  • Appraisal Institute
  • National Council of Real Estate Investment Fiduciaries (NCREIF), Professional Member
  • Professional Member Pension Real Estate Association (PREA), Professional Member
  • Counselors of Real Estate
  • Royal Institute of Chartered Surveyors

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