Financial Services >> Sector Roundtables >> May 17, 2004
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. Profile
DAVID L. AUBUCHON joined A.G. Edwards' Securities Research Department in
August 1993. He is a member of the National Association of Real Estate
Investment Trusts with primary research coverage of real estate
investment trusts focused on investing in office properties. Mr.
AuBuchon received an MBA from St. Louis University. Profile
David Harris is a REIT Analyst for Imperial Capital, LLC, in New York. He has been involved with public property companies for more than 30 years and four property cycles. He has spent the past 16 years in the U.S. serving in buy-side and sell-side roles. Before working in the U.S., he was a U.K. property Analyst in London and was involved with Continental European markets. In 1990, he cofounded a German property company that was listed on the Amsterdam Stock Exchange. As a Senior REIT Analyst with Lehman Brothers in the U.S., Mr. Harris was involved with some of the largest REIT initial public offerings of the past decade and was recognized for his balanced view of the sector. His report, “After Seven Years of Plenty,” which he authored at Lehman Brothers, cautioned investors about the risks related to excessive debt two months before the peak of the REIT market in February 2007. Mr. Harris has a B.Sc. from De Montfort University, U.K., and became an Associate of the Royal Institution of Chartered Surveyors in 1981. Profile
the past couple of weeks. What's going on?
Mr. Aubuchon: Our general feeling is that the surprisingly positive
March
