Financial Services >> Analyst Interviews >> July 15, 2016
A Bullish View on REITs, Particularly Office and Shopping Centers
Paul E. Adornato, CFA, is a Senior Analyst in BMO Capital Markets' Equity Research group, covering the real estate investment trust sector. Before joining BMO Capital Markets, he co-headed the REIT research effort at independent equity firm Maxcor Financial. Before Maxcor Financial, Mr. Adornato worked at Cobblestone Research, LLC, an independent research firm that he founded. From 1998 to 2000, he co-managed a $700 million REIT portfolio at Aeltus Investment Management, which consistently performed in the top quartile of all real estate funds. From 1992 to 1998, Mr. Adornato was a Research Analyst at Merrill Lynch and later at PaineWebber, where he was a member of Institutional Investor's top-ranked REIT research team. Mr. Adornato joined BMO Capital Markets in 2005. He ranked second out of 65 analysts in the real estate category of The Wall Street Journal’s “Best on the Street” analyst survey for 2010. He holds an M.S. in real estate from the Massachusetts Institute of Technology and a B.A. from Dartmouth College. Profile
John P. Kim joined BMO Capital Markets Corp.’s U.S. Equity Research team in 2014 as a Senior Analyst covering REITs. Prior to joining BMO Capital Markets Corp., he was head of Australia property research at CLSA in Sydney, covering REITs and developers, from 2010 to 2014. Previously, Mr. Kim was a Senior Analyst at Bank of America Merrill Lynch from 2004 to 2010, where he held various roles including Head of AsiaPac property research in Hong Kong and Head of Australia property research in Sydney. While at BAML, he was also Senior Analyst covering U.S. office, industrial and diversified REITs in New York. In addition to his experience in equity research, Mr. Kim spent six years in investment banking at Donaldson, Lufkin & Jenrette and UBS PaineWebber. He holds a B.A. in economics from the University of Pennsylvania. Profile
TWST: You put out a note today in which you make a bull case for REITs. Would you summarize that for our readers?