Wall Street's Perspective on Healthcare Real Estate

Analysts from investment banks and equity research groups discuss the current state of the healthcare real estate sector.

JUAN SANABRIA

Director

BMO Capital Markets

Juan joined BMO’s U.S. Equity Research team in 2020 as a Director covering REITs in Chicago. Prior to BMO Capital Markets, Juan was a Vice President at Ventas, a diversified S&P500 healthcare REIT, where he led the company’s investor relations team (2019-20). Previously, he was a director and equity analyst at Bank of America Merrill Lynch (BAML), where he was a senior member of a top 3 ranked Institutional Investor U.S. REIT team in New York (2013-2019). Prior to 2013, Juan spend seven years at ML/BAML covering Australian REITs, in Australian Equity Specialty Sales, as well as at Goldman Sachs and Donaldson, Lufkin & Jenrette. Juan graduated from The Wharton School at The University of Pennsylvania with a Bachelor of Science Degree in Economics, graduating cum laude.

RAJ REHAN

Head of Real Estate Securities, Americas

BlackRock

Raj Rehan, CFA, is the Head of Real Estate Securities, Americas at BlackRock. Raj has two decades of real estate investing experience; he has been covering healthcare REITs for ten years. Prior to joining BlackRock, Raj was a founding member of the real estate securities business at Aviva Investors. Raj started his career at M&G Prudential. Raj has a first-class honor, BSc degree in Economics from the University of Warwick (UK), he is a Chartered Financial Analyst charter holder.

TODD STENDER

Senior Equity Analyst

Wells Fargo Securities

Todd Stender is a Managing Director within Equity Research at Wells Fargo Securities. He joined the company in July 2009 as a Senior Analyst responsible for the Healthcare, Self-Storage, Net Lease, Manufactured Housing, and Single-Family Rental REIT sectors. Specifically within Healthcare, Todd’s REIT coverage spans 12 REITs – across a mix of 5 property types: medical office buildings, hospitals, senior housing communities, skilled nursing facilities, and life science; market caps ranging $2B to $35B. Prior to joining Wells Fargo Securities, Todd held equity analyst positions covering healthcare and residential REITs at Keefe, Bruyette & Woods from 2007-09 and Wachovia Securities from 2005-07. Todd began his Wall Street career at Crowell, Weedon & Co covering the REIT, regional bank, and insurance sectors. In addition, Todd is actively involved in youth sports through coaching baseball, basketball, and football. Todd received a BA from LaSalle University and an MBA from Pepperdine University.

MINDY BERMAN

Senior Managing Director, Healthcare Group Leader

JLL

Mindy serves as Senior Managing Director of JLL Capital Markets, Americas and coleader of JLL’s National Healthcare Group. She serves the firm’s investor and provider clients by advising and executing financial strategies and requirements for their healthcare real estate property.

Mindy has more than 35 years of corporate finance and capital markets experience structuring and arranging financing for the fixed assets of major corporations to meet their economic, financial, operational, tax and financial reporting objectives. Ms. Berman has advised and arranged over $10 billion of healthcare industry real property for providers, investors and developers involving investment sales, developer build-to suits and project and structured financing of acute care facilities, medical office
buildings, senior housing and skilled nursing facilities and other healthcare-related properties. She has relationships with a multitude of capital sources including institutional investors, financing sources and private equity.

Mindy is a member of HFMA, the ULI Health Care and Life Sciences Council, the Advisory Board of Healthcare Real Estate Insights and the Financial Accounting Committee of the leading leasing association and a frequent contributor to industry publications and a speaker on healthcare, capital markets and accounting topics. Ms. Berman’s expertise and experience has been evidenced in recognitions such as the Event Chair of the 2016 Revista Medical Real Estate Investment Forum and selection by a peer group as HREI’s Healthcare Executive of the Year in 2014.

Prior to joining JLL, Ms. Berman was in leadership positions at KeyCorp, Bank of Tokyo Mitsubishi, and 42 North Structured Finance, where she led business development and capital markets teams for their leasing and structured finance groups.

STEVE LEATHERS

real estate capital markets professional

Mr. Leathers is a real estate capital markets professional with experience within investment sales or brokerage, capital raise, investment management and portfolio management.

His specialties include: Healthcare Real Estate advisory, capital markets, acquisitions, finance and portfolio management.

Mr. Leathers has fifteen years commercial real estate experience that includes investment sales, capital markets, acquisitions and dispositions, equity placement, debt financing, underwriting, portfolio and asset evaluation, relationship management, and business development. Mr. Leathers has represented two nationally focused investment management platforms in the acquisition of $3.3 billion in commercial real estate totaling 12.8 million square feet, of which a majority was healthcare real estate related. While focused on healthcare, his background includes expertise in office, mixed-use and life science properties. He has working relationships with a myriad of investor and capital funding sources including healthcare REITs, private equity, regional and national healthcare-focused developers, commercial banks and specialty finance companies.

VIKRAM MALHOTRA

Executive Director, Real Estate Equity Research

Morgan Stanley

Vikram Malhotra is an Executive Director who covers the REIT industry and previously covered Machinery and Business Services. Vikram joined Morgan Stanley in 2007 after serving as a Senior Manager with Jones Lang LaSalle, a global real estate solutions firm. He has also worked for Colliers International as a real estate investment consultant. Vikram holds a BS in industrial management from Purdue University and an MBA from the University of Michigan’s Ross School of Business.

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