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 Kim joined BMO Capital Markets’ U.S. Equity Research team in 2014 as a Managing Director covering REITs. Prior to BMO Capital Markets, Mr. Kim was head of Australia property research at CLSA in Sydney from 2010 to 2014 and head of Australia and Asia property research at Bank of America Merrill Lynch from 2004 to 2010 in Sydney and Hong Kong. Mr. Kim led his teams to the top-ranked position by GlobalCapital AsiaMoney, and was ranked a top-three real estate analyst in Asia by Brendan Wood International. While at BofA, he was a senior REIT analyst for the number-two-ranked team as measured by the Institutional Investor and Greenwich. Mr. Kim began his career in investment banking at Donaldson, Lufkin & Jenrette and UBS PaineWebber, and 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?