Financial Services >> Sector Roundtables >> December 24, 2001

Roundtable Forum: Real Estate Investment Trusts

STUART SEELEY is a Director at UBS Warburg. Prior to joining UBS Warburg he was a REIT Analyst at Salomon Smith Barney. Mr. Seeley received a BA from St. Lawrence University and an MBA from Columbia Business School. GREG WHYTE heads up Morgan Stanley's Real Estate and REIT research team in the U.S., and has been at Morgan Stanley for 10 years, having joined Dean Witter in 1991. Previously he spent three years at Lehman Brothers covering real estate and financial services companies. Mr. Whyte came to the US in 1987 having spent four years at UAL Merchant Bank in Johannesburg, South Africa. He graduated from Natal University, South Africa, where he studied Business and Real Estate Finance. Mr. Whyte is a frequent speaker and presenter at various industry and related conferences and seminars, and has previously been named to the Institutional Investor 'All Star' REIT team. Profile
STEVE SAKWA joined Merrill Lynch in January 1996 to cover real estate investment trusts (REITs). Since October 2000, he has served as the Senior Analyst following this industry, in the global securities research and economics group and had formerly co-covered REITs at Morgan Stanley from 1993- 1996. Over the past five years, the Merrill Lynch REIT Research team has consistently placed first or second in the annual Institutional Investor survey. Most recently, Mr. Sakwa and the REIT team placed runner-up in the 2001 Institutional Investor survey. He earned a BA in Economics from the University of Michigan and an MBA in Business Administration from New York University's Stern School of Business. 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
TWST: Let's begin with a review of the performance of the REITS in 2001.

How have the stocks performed relative to other sectors of the market,

and for that matter, compared to other asset classes