Real Estate


Jonathan C. Rich

Executive Vice President, Head of Investment Banking

A 20 year veteran of Wall Street, Mr. Rich is the Head of Investment Banking and an Executive Vice President at National Securities since 2009. Mr. Rich worked for First Colonial Securities Group, a 13 office, 150 employee regional firm based out of Florida and New Jersey, first as a Senior Vice President and then as Managing Director in its Corporate Finance Department. Since his tenure at National, the team at National has been responsible for successfully sourcing, structuring and completing capital markets transactions within the healthcare, technology, energy and financial services sectors for emerging growth issuers with total transaction volume in excess of $3 billion. Mr. Rich received his M.B.A. from Fordham University Gabelli School of Business and his B.A. from Tulane University. Mr. Rich holds his Series 4, 7, 24, 53, 63 and 79 licenses.

Real Estate Sector Expertise

Always attuned to the opportunities and changing conditions in the real estate industry, National is particularly active in subsectors such as residential multifamily, industrial/ warehouses, as well as internet-resistant retail centers in well-defined geographies. With an understanding of the ongoing capital needs of real estate vehicles to grow and expand, our banking team often focuses on repeat mandates of capital raising and advisory services for private and public corporate issuers or funds with various strategies and investment horizons—from short-term opportunistic asset monetization to long term repositioning and holding. Our real estate banking professionals maintain a steady focus on sustainable and improving dividend yield with the potential for additional capital appreciation.

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Gaurav Mehta, CFA

Managing Director, Equity Research, REITS

Gaurav Mehta, CFA, serves as a Managing Director, REITs (Real Estate Investment Trust) Equity Research at National Securities. Previously, Mr. Mehta served as a Director/Vice President, REITs Equity Research at Cantor Fitzgerald, Senior Associate, REITs Equity Research at FBR and Associate, REITs Equity Research at Atlantis Investment. Mr. Mehta holds an MBA in Finance from Fordham University, New York, a Bachelor in Commerce from University of Delhi, India and a Diploma in Hotel Management from Institute of Hotel Management, India.

    Real Estate Sector Coverage

    Real estate research coverage at National is a two-pronged approach, combining broad, multi-sector fundamental knowledge with deep company and security-specific analysis. The methodology employed by the sector’s dedicated analyst provides investors a unique approach to investing in the REITs sector that is quantitatively oriented, streamlined and disciplined. The research methodology accommodates a variety of secondary variables, including interest rates, supply-demand ratios, and the political/tax landscape.


    August 8, 2019– We are reiterating our BUY rating and $16 price target on BRT, following
    2Q19 results. Same-store revenues were driven by higher rents and occupancy gains while
    expenses remained elevated. SSNOI was higher than multifamily REIT average. External growth
    included an acquisition and two dispositions, and renovations returns were attractive Our PT of
    $16.00 implies a 12-month total return of approx. 24.2%, including a 5.9% dividend yield.

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    Bluerock Residential Growth REIT, Inc. (BRG: Buy, $14 PT)

    August 7, 2019– We are reiterating our Buy rating and raising our price target to $14 from $13
    on BRG, following 2Q19 results. BRG reported sector-leading same-store NOI growth and raised
    2019 outlook, reflecting exposure to robust markets in the Sunbelt and renovations, in our opinion.
    Post 1Q, the company recycled capital into higher growth assets, issued preferred stock to fund
    external growth and continued to create value through renovations.

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    Plymouth Industrial REIT (PLYM: Buy, $21 PT)

    October 4, 2019–

    We are reiterating our BUY rating and $21 price target following company’s recently closed secondary offering of 3.45m shares for net proceeds of $58.8m. We believe that PLYM’s acquisition activity and the capital raise implies that the company continues to have access to capital and opportunities to deploy the capital at attractive yields.

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    Independence Reality (IRT: Neutral, $14 PT)

    September 27, 2019– We are initiating coverage of IRT with a Neutral rating and $14.00 price target. We view company’s capital recycling and redevelopment program positively. In the last few years, the company has lowered its leverage and plans to further lower it. While the common dividend is not currently covered by AFFO, the company expects coverage by 4Q19. The company’s current regional exposure screens below-average in our analysis as compared to 11 publicly traded multifamily REITs. We are Neutral on IRT as we believe that the stock is appropriately valued at current pricing. YTD 2019, IRT has returned approx. 63.6% vs. 30.0% for multifamily REITs, 27.5% for IYR and 18.6% for S&P.

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