Financial Services >> Analyst Interviews >> May 17, 2004

REAL ESTATE INVESTMENT TRUSTS: KUCERA / LOEB / MORGAN – FRIEDMAN, BILLINGS, RAMSEY GROUP INC

PAUL MORGAN focuses on coverage of retail REITs as part of the award- winning real estate research team at Friedman, Billings, Ramsey Group, Inc. He joined FBR from Thomas Weisel Partners, where he was a Senior Real Estate Analyst. Previously, he was a Senior Analyst at PaineWebber and Salomon Smith Barney, where he was responsible for educating investors about the retail and net lease REIT sectors. Mr. Morgan's real estate industry knowledge is supplemented by his experience in economic research. He served four years at the Federal Reserve Board and three years as a research fellow and university lecturer at Princeton University. Mr. Morgan holds an MA in Economics from Princeton and a BA in Economics from the University of Wisconsin-Madison. Profile
David Loeb is a Senior Research Analyst and Managing Director responsible for Robert W. Baird & Co.'s coverage of hotel real estate investment trusts and select hotel C-corps. Prior to joining Baird in 2006, he maintained similar coverage as a Managing Director in Friedman Billings Ramsey's research department. During his 20 years of research experience, Mr. Loeb developed an extensive background in the hotel space, having covered it since 1993. He also brings equity research experience from Credit Lyonnais Securities, CIBC World Markets (formerly Oppenheimer & Co., Inc.) and Bank of America. In both 2007 and 2008, Mr. Loeb was ranked by StarMine as a top-three industry estimator in the REIT industry. He earned an MBA from Washington University, and a B.A. in psychology and sociology from Brandeis University. Profile
Craig Kucera
Craig Kucera is a Senior Vice President and Research Analyst at Wunderlich Securities, Inc., where he provides coverage of the equity real estate investment trust space. He has nearly 10 years of analyst experience in this sector at firms including BB&T Capital Markets and FBR Capital Markets & Co. Mr. Kucera has been named to the “Best on the Street” research team by The Wall Street Journal and recognized by StarMine for the accuracy of his earnings estimates and stock performance. Mr. Kucera attended the Georgetown University Law Center and received his MBA from the University of Iowa and his B.S. in biology from Bradley University, magna cum laude. Profile
TWST: So far this year, the REITs have certainly been under some

pressure. What's gone on? Why have they been lagging everybody else at

this point?

Mr. Morgan: We've been looking at valuations

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