RBC Capital Markets Adds REITs, Real Estate Sector to U.S. Platform; Hires Investment Banking and Research Teams

Business Wire, Oct 9, 2002

Business Editors & Real Estate Writers

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 9, 2002

RBC Capital Markets has hired investment banking and research teams to cover REITs and real estate companies, immediately bolstering its U.S. presence in this sector.

The firm has hired six professionals - three investment bankers and three equity analysts - to cover domestic REITs and real estate companies from its offices in San Francisco and Boston. Both teams join RBC Capital Markets from Robertson Stephens.

The investment banking team is headed by Michael Coster, managing director. Coster most recently was managing director and group head of real estate investment banking at Robertson Stephens, overseeing the firm's activity in corporate finance, mergers and acquisitions and private capital raising for public and private REITs and real estate operating companies. Earlier in his career, Coster directed the real estate investment banking group at BancBoston Securities.

Joining Coster in his move to RBC Capital Markets is Natalie Nordin, director, who most recently was a principal and senior real estate investment banker at Robertson Stephens, and David Gorden, vice president, who also worked with them at their previous firm.

The equity research team is led by veteran REIT analyst Jay Paul Leupp, managing director. Leupp had been managing director and group head of real estate equity research at Robertson Stephens since 1994. During that time he became one Wall Street's more highly regarded analysts who followed the industry. Prior to entering the securities industry, Leupp worked in the real estate business - first as a development manager with Trammell Crow Residential, and then as a vice president at Staubach Co.

Other members of Leupp's team include David Copp, senior analyst, who had been an analyst at Robertson Stephens since 1999 focusing on the office and industrial sectors, and David Ronco, research associate.

RBC Capital Markets has a well established practice in the Canadian real estate industry, and this initiative broadens the firm's platform across borders.

"We're confident that the addition of Michael and his team will immediately raise our profile in the United States and enhance our ability to leverage our strong real estate platform throughout North America," said Doug McGregor, co-head of corporate finance at RBC Capital Markets. "This move significantly increases our ability to provide high quality debt, equity, property sales and advisory services to all of our North American clients."

Steven Garmaise, global director of research at RBC Capital Markets, said, "Jay is one of the few Wall Street analysts with solid real estate experience. He and his colleagues will work closely with the Canadian real estate team to offer our clients full cross-border coverage and sector analysis."

About RBC Capital Markets

RBC Capital Markets is the global brand name for the corporate and investment banking divisions of Royal Bank of Canada and its affiliates, including the equity capital markets division of RBC Dain Rauscher Inc., member NYSE and SIPC. RBC Dain Rauscher offers focused industry expertise and global reach in its chosen products, markets and industry sectors through five business divisions and 3,000 employees including some 80 analysts covering more than 900 companies. RBC Dain Rauscher is a member of RBC Financial Group, the brand name of Royal Bank of Canada (NYSE:RY)(TSE:RY), the seventh largest bank by assets in North America. RBC Financial Group has 57,000 employees who serve over 12 million customers in 30 countries around the world. For more information please visit www.rbccm.com.

RBC Dain Rauscher, an indirect wholly owned subsidiary of Royal Bank of Canada, is the nation's ninth largest full-service securities firm with 2,000 financial consultants and 6,000 employees. RBC Dain Rauscher serves individual investors and small business owners through offices coast to coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are located at Dain Rauscher Plaza, 60 S. Sixth St., in Minneapolis.