DAVID SHULMAN is a Managing Director and Senior REIT Analyst at Lehman
Brothers. Previously, he was associated with Salomon Brothers, as both
Chief Equity Strategist and Director of Real Estate Research. He has
also served as a member of Ulysses Management LLC. Dr. Shulman holds a
BBA from Baruch College, and an MBA and PhD from the University of
California, Los Angeles. In 1990, he was the winner of the first annual
Graasliamp Award for excellence in Real Estate Research from Pension
Real Estate Association.