  We consider the class of simple Brown-Resnick max-stable processes whose
spectral processes are continuous exponential martingales. We develop the
asymptotic theory for the realized power variations of these max-stable
processes, that is, sums of powers of absolute increments. We consider an
infill asymptotic setting, where the sampling frequency converges to zero while
the time span remains fixed. More specifically we obtain a biased central limit
theorem whose bias depend on the local times of the differences between the
logarithms of the underlying spectral processes.
