Financial Services >> Sector Roundtables >> June 26, 2000

Roundtable Forum: Real Estate Investment Trusts

SAMUEL A. LIEBER is CEO/Portfolio Manager at Alpine Management & Research, LLC. Previously, he was associated with The Evergreen Funds as a Real Estate Portfolio Manager. Before that he was with Whitbred-Nolan, Inc., and with The Project for Public Spaces as a Noyes Fellow. Mr. Lieber's academic background includes Wesleyan University, New York University Graduate School of Business, and NYU Real Estate Institute. He is a member of NYSSA, NAREIT, the International Council of Shopping Centers and the Urban Land Institute. Profile
ERIC I. HEMEL is a First Vice President at Merrill Lynch Global Securities. Prior to joining the firm, he worked at Morgan Stanley as an Equity Analyst and at First Boston as a Vice President and Equity Analyst. Dr. Hemel also held several positions in the Reagan Administration, among them Chief Economist and Director of Policy and Research at the Federal Home Loan Bank Board, Staff Director of the President's Council of Economic Advisers, and Senior Policy Adviser to the Domestic Policy Staff of the White House. He holds a BA, MBA and PhD from Stanford University. Profile
DAVID SHULMAN is a Managing Director and Senior REIT Analyst at Lehman Brothers. Previously, he was associated with Salomon Brothers, as both Chief Equity Strategist and Director of Real Estate Research. He has also served as a member of Ulysses Management LLC. Dr. Shulman holds a BBA from Baruch College, and an MBA and PhD from the University of California, Los Angeles. In 1990, he was the winner of the first annual Graasliamp Award for excellence in Real Estate Research from Pension Real Estate Association. Profile
DANIEL G. PINE is a Senior Vice President at Alliance Capital Management. Previously, he was associated with Desai Capital Management. A Chartered Financial Analyst, he is a graduate of the University of Pennsylvania. Profile
Christopher P. Haley is Managing Director of Real Estate Securities Research at Wachovia Securities, Inc. Mr. Haley joined First Union (renamed Wachovia Securities in 2001) in early 1993 after three years at Kidder, Peabody & Co., where he was a senior research associate in the Natural Resource group. He is a member and contributing editor to AIMR (Association of Investment and Management Research) and its Continuing Education series, a graduate of Harvard University's Executive Management Series; and is a currently a member of NAREIT, and several Financial Analyst Societies. Mr. Haley's insights in the real estate securities markets have been used in many real estate and investment periodicals, including the Wall Street Journal, Barron's financial weekly, and Investor's Business Daily. Mr. Haley has his graduate degree from Villanova University, PA. Profile
TWST: Eric, what are the factors that have contributed to the strong

showing by the REITs in 2000, this year to date?

Mr. Hemel: You are implying that there has been a rally. My question