Real Estate Investment Banking Analysts
In-depth analysis of the real estate market.
Comprehensive investigation, research, and thought are used by our analysts to create the best information and options for our clients.
Todd M. Thomas, CFA
Retail, Self Storage, Industrial, and Gaming REIT
Todd M. Thomas, CFA, is a Managing Director and Equity Research Analyst for KeyBanc Capital Markets Inc. His research coverage is focused on the retail, self-storage, industrial, and gaming real estate investment trust (REIT) sectors. Before his promotion to Senior Analyst, he worked as a Research Associate covering the apartment, healthcare, and self-storage REIT sectors.
Prior to joining KBCM, he worked as a Senior Associate in Real Estate Financial Services for the Schonbraun McCann Group, LLP, in New York and as an Assistant Vice President/Asset Manager for David Cronheim Mortgage Corp. in Chatham, New Jersey.
Thomas earned a Bachelor of Science degree in finance from The Pennsylvania State University in University Park. He also holds the Series 7, 63, 86, and 87 industry licenses. Todd is a CFA charterholder and is a member of the New York Society of Security Analysts, as well as a member of International Council of Shopping Centers (ICSC)..
In August 2013, Thomas was recognized by StarMine as the #1 stock picker in the Real Estate Investment Trusts category for his recommendation performance in 2012.
Retail, Self Storage, Industrial, and Gaming REIT Companies Under Research Coverage
| Company | Ticker |
|---|---|
| Acadia Realty Trust | AKR |
| American Assets Trust, Inc. | AAT |
| Americold Realty Trust | COLD |
| Brixmor Property Group, Inc. | BRX |
| Cedar Shopping Centers, Inc. | CDR |
| CubeSmart | CUBE |
| Curbline Properties Corp. | CURB |
| DDR Corp. | DDR |
| EastGroup Properties, Inc. | EGP |
| Extra Space Storage Inc. | EXR |
| First Industrial Realty Trust, Inc. | FR |
| Gaming and Leisure Properties, Inc. | GLPI |
| Kite Realty Group Trust | KRG |
| Lineage, Inc. | LINE |
| LXP Industrial Trust | LXP |
| The Macerich Company | MAC |
| National Storage Affiliates Trust | NSA |
| Phillips Edison & Company, Inc. | PECO |
| Plymouth Industrial REIT, Inc. | PLYM |
| Prologis, Inc. | PLD |
| Public Storage | PSA |
| Retail Opportunity Investments Group | ROIC |
| Sovran Self Storage, Inc. | SSS |
| Tanger Inc. | SKT |
| Terreno Realty Corporation | TRNO |
| VICI Properties Inc. | VICI |
Upal Rana
Office and Triple Net REIT
Upal Rana is a Director and Equity Research Analyst for KeyBanc Capital Markets Inc. His research coverage is focused on components of the REIT sector.
Prior to joining KBCM, Rana was an Associate Director at UBS covering and supporting coverage of multiple REIT verticals. Before that, he was an Assistant Vice President at Barclays, where he worked alongside an Institutional Investor-ranked REIT analyst. Rana has six years of REIT research and one year of Equity Strategy research experience, and nearly a decade of experience in the financial markets.
Rana graduated from Rutgers Business School with finance and accounting degrees. He also holds the Series 7, 63, 86, and 87 industry licenses.
Office and Triple Net REIT Companies Under Research Coverage
| Company | Ticker |
|---|---|
| Agree Realty Corporation | ADC |
| Boston Properties, Inc. | BXP |
| Brandywine Realty Trust | BDN |
| Broadstone Net Lease, Inc. | BNL |
| City Office REIT, Inc. | CIO |
| Cousins Properties Incorporated | CUZ |
| Douglas Emmett, Inc. | DEI |
| EPR Properties | EPR |
| Getty Realty Corp. | GTY |
| Global Net Lease, Inc. | GNL |
| Kilroy Realty Corporation | KRC |
| NetSTREIT Corp. | NTST |
| Realty Income Corporation | O |
Austin Wurschmidt
Lodging, Apartment, and Healthcare
Austin Wurschmidt is a Director and Equity Research Analyst for KeyBanc Capital Markets Inc. His research coverage is focused on the apartment and lodging REIT sectors. Before his promotion to Senior Analyst, he worked as a Research Associate covering the apartment, lodging, healthcare, office, industrial, and data center REIT sectors.
Wurschmidt earned a Bachelor of Science in business administration, focusing on finance, from The Ohio State University’s Fisher College of Business in Columbus, Ohio. He also holds the Series 7, 63, 86, and 87 industry licenses.
Lodging, Apartment and Healthcare Companies Under Research Coverage
| Company | Ticker |
|---|---|
| American Healthcare REIT, Inc. | AHR |
| American Homes 4 Rent | AMH |
| Apple Hospitality REIT, Inc. | APLE |
| AvalonBay Communities, Inc. | AVB |
| Camden Property Trust | CPT |
| CareTrust REIT, Inc. | CTRE |
| Condor Hospitality Trust, Inc. | CDOR |
| DiamondRock Hospitality Company | DRH |
| Essex Property Trust Inc. | ESS |
| Global Medical REIT Inc. | GMRE |
| Healthcare Realty Trust Incorporated | HR |
| Healthpeak Properties, Inc. | DOC |
| Independence Realty Trust, Inc. | IRT |
| Invitation Homes Inc. | INVH |
| LTC Properties, Inc. | LTC |
| MAA, Inc. | MAA |
| Medical Properties Trust, Inc. | MPW |
| National Health Investors, Inc. | NHI |
| RLJ Lodging Trust | RLJ |
| Sabra Health Care REIT, Inc. | SBRA |
| Summit Hotel Properties, Inc. | INN |
| UDR, Inc. | UDR |
| Ventas Inc. | VTR |
| Welltower Inc. | WELL |
| Xenia Hotels & Resorts, Inc. | XHR |