Financial Services >> Sector Roundtables >> July 27, 1998

Roundtable Forum: Real Estate Investment Trusts

STEVEN R. HASH is a Senior Vice President of Lehman Brothers and the Senior Equity Analyst for the Real Estate Investment Trust industry. Previously, Mr. Hash was associated with Oppenheimer & Co. as a research analyst and with Arthur Andersen & Co. as a Senior Auditor. He is a graduate of Loyola University and earned his M.B.A. from New York University. Mr. Hash is a member of NAREIT and is a past President of the Real Estate Analyst Group. Profile
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
ROBERT MCCONNAUGHEY is a Managing Director and Senior Portfolio Manager of Prudential Real Estate Securities Investors. Previously, he was associated with Fidelity Investment. Mr. McConnaughey received his Bachelor's degree from Dartmouth College. Profile
LAWRENCE D. RAIMAN is a Managing Director at Credit Suisse First Boston. He was previously associated with Donaldson, Lufkin & Jenrette prior to the recent merger. Prior to that Mr. Raiman worked for PaineWebber. He received a BS in Accounting from the Pennsylvania State University and an MBA in Finance from Columbia Business School. Mr. Raiman is a Certified Public Accountant and a member of NAREIT, International Council of Shopping Centers, Urban Land Institute, and various other real estate trade organizations. Profile
DOUGLAS A. FUNKE is an Associate Portfolio Manager at Morgan Stanley Asset Management. Previously, he was associated with Morgan Stanley & Company. He earned an A.B. degree in Economics and an A.B. degree in Political Science from the University of Chicago. Mr. Funke is a member of NAREIT and the NYSSA. Profile
TWST: Steve, why have the REITs performed so badly in the first half of


Mr. Hash: First, it really started in September 1997, which is when the

REIT group peaked, and they've been