Financial Services >> Analyst Interviews >> August 16, 2004

REITs:AN OVERVIEW: DAVID FICK – LEGG MASON WOOD WALKER

DAVID FICK is Managing Director of Real Estate Research at Legg Mason Wood Walker. Prior to joining Legg Mason, he was a real estate investment specialist with Casey & Associates/ONCOR International, where he structured numerous transactions for real estate investors. Previously he had been Senior Vice President of finance and compliance at Alex. Brown Kleinwort Benson, and 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 regional accounting firm specializing in the real estate industry. He is an instructor at Johns Hopkins University, where he teaches real estate finance, real estate accounting and taxation, and real estate capital markets. He received an MBA from Loyola College of Baltimore and a BS from Towson State University, and 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 has gone on so far this year from a market perspective with

the REIT group?

Mr. Fick: REITs have had a significant up and then a significant down.

They were up close to 19% through