Financial Services >> Analyst Interviews >> March 10, 2003

Retail & Lodging Reits: Jeffrey Donnelly – Wachovia Securities

JEFFREY J. DONNELLY is Vice President of Equity Research in the Real Estate and Lodging Group at Wachovia Securities (formerly known as First Union Securities, Inc.). Mr. Donnelly has nearly a decade of direct real estate investment and real estate securities analysis experience. Since joining First Union Securities in 1998, he has become one of the leading equity research analysts in the both the real estate and lodging sectors. Prior to First Union, he spent seven years at AEW Capital Management, LP ' one of the world's foremost real estate investment advisors ' where as a capital markets officer he negotiated and closed property sales, securitizations, and financings exceeding $3 billion. He also managed 12 million square feet of retail, office, multifamily, industrial, and land assets ' including Sears Tower in Chicago ' on behalf of AEW's tax-exempt institutional clientele. He was named one of The Wall Street Journal's 2001 Analyst All-Stars and has been quoted in industry publications and by the national press, including The Wall Street Journal, Barron's, The New York Times, and The Los Angeles Times. Mr. Donnelly is a graduate of The George Washington University. He is a Chartered Financial Analyst and a member of the Boston Security Analyst Society, National Association of Real Estate Investment Trusts, and the Research Task Force of International Council of Shopping Centers. He lives in Boston with his wife and daughter. Profile
TWST: Would you begin by telling us about your coverage of retail

and lodging REIT?

Mr. Donnelly: Wachovia Securities covers 52 equity REITs and real

estate operating companies. I'm