Financial Services >> Analyst Interviews >> February 8, 2010

Financial Services Sector:general Growth Properties:an Industry Bellwether – David M. Fick – Stifel, Nicolaus & Company

David M. Fick, CPA, is a Managing Director of Stifel, Nicolaus & Company. He joined the firm's research team in connection with Stifel's acquisition of Legg Mason's Capital Markets Group in December of 2005. Mr. Fick joined Legg Mason in 1997. Prior to Legg Mason, he was Senior Vice President of finance and compliance at Alex. Brown Kleinwort Benson, as well as Equity Vice President at LaSalle Partners when the two firms merged. Mr. Fick was also Chief Financial Officer of Western Development/Mills Corporation, and a practicing CPA and consultant with a national accounting firm specializing in the real estate industry. Mr. Fick is an instructor at the Johns Hopkins University Carey Business School, where he teaches real estate finance, real estate accounting and taxation, and real estate capital markets. He has an M.B.A. from Loyola College of Baltimore and a B.S. from Towson State University. Mr. Fick is a member of the National Association of Real Estate Investment Trusts, the International Council of Shopping Centers, the Urban Land Institute and the American Institute of Certified Public Accountants. Profile
TWST: What's your outlook for the REIT industry in 2010?

Mr. Fick: We think that the sector is entering a new era that will be characterized by lower leverage, more stability, spread investing, less