Jay P. Leupp

JAY P. LEUPP, a Managing Director and Senior Equity Analyst at RBC
Capital Markets, oversees a four-person equity research team that
provides comprehensive coverage of the multifamily, retail, office,
industrial and other specialty and diversified REIT sectors. His
coverage universe includes 50 publicly traded real estate companies.
Mr. Leupp is one of the few Wall Street analysts with real estate
industry experience. Prior to joining RBC in 2002, he was managing
director of real estate equity research at Robertson Stephens, where he
founded the real estate franchise in 1994. From 1991-1994, he was Vice
President with the Staubach Company, specializing in the leasing,
acquisition and financing of commercial real estate. Mr. Leupp also
served as a Development Manager from 1989-1991 with Trammell Crow
Residential, the nation’s largest developer of multifamily housing. He
holds a Bachelor’s degree in Accounting from Santa Clara University, an
MBA from Harvard University and is a Certified Public Accountant. Mr.
Leupp has guest lectured on REITs at Stanford University and the
University of California at Berkeley, and has appeared and/or offered
commentary on CNBC, CNN Financial, Dow Jones, Bloomberg News, The Wall
Street Journal, The New York Times and Baron’s. He is a member of the
Board of Directors of Sentinel Vision Corporation and Chaminade College
Prepatory (Los Angeles). He is also a member of the Santa Clara
University Board of Regents and is a Policy Board Member of the Fisher
Center for Real Estate at the University of California, Berkeley.