katzen marshall

Robert Derse

Mr. Derse is a Senior Appraiser with Katzen Marshall. He has been active in the valuation and consulting business since 1979, beginning with Newcombe & Hansen Appraisals in Minneapolis. He joined the Dallas office of Kenneth Leventhal & Company in 1990 and performed and supervised a wide variety of valuation and consulting assignments for real estate and business interests, advancing to the level of Senior Manager. Kenneth Leventhal & Company was merged into Ernst & Young LLP.

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Mr. Derse’s diversified experience includes the following valuation, consulting, and financial analysis assignments:

  • Conducted business valuations of a wide variety of manufacturing, distributing, commercial service, and real estate-related companies. Highlights include two large homebuilders, a rapidly growing financial software developer, several construction contractors, a nationwide distributor of telecommunications equipment, a prominent local real estate brokerage, a national real estate developer, and a manufacturer of promotional apparel.
  • Performed appraisals of numerous limited and general partnership interests, involving analysis of complex partnership tiering and discount issues. Several assignments for large estates required the valuation of multiple interests in a systematic manner.
  • Analyzed partially completed development management contracts and other intangible assets for a developer client undergoing restructuring.
  • Valued general partnership interests in publicly traded limited partnerships and real estate investment trust management contracts in a fraudulent conveyance action.
  • Created and provided deposition testimony with respect to computerized models to demonstrate distribution of cash flows among creditors in a bankruptcy action.
  • Appraised and reviewed appraisals of hundreds of properties including shopping centers, office buildings, condominium and apartment complexes, hotels, industrial facilities, senior housing developments, vacant land parcels and subdivisions, and special-use properties.
  • Completed feasibility studies and financial analyses of shopping centers, condominium developments, and headquarters office facilities.
  • Conducted due diligence for various commercial loan and real estate portfolios.

Litigation Support

Mr. Derse has qualified as an expert witness in Federal District and U.S. Bankruptcy courts, and has provided valuation and financial analysis to support litigation in numerous accountant liability, divorce, and business dispute cases.


Mr. Derse holds a Master of Science degree in Business, with majors in Real Estate and Finance and a Bachelor of Business Administration degree from the University of Wisconsin-Madison. He holds the Chartered Financial Analyst (CFA) designation.

Professional Associations

  • Member, CFA Society of Dallas/Fort Worth.
  • Member, CFA Institute.
  • The Appraisal Institute: MAI Designation No. 7459.
  • Texas General Appraiser Certification No. TX-1322885-G.