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.

Completed Transactions


Christopher Testa

Managing Director, Head of Research

Christopher Testa joined National Securities in September 2014 as an equity research analyst covering Business Development Companies (BDC's). Prior to joining National, Chris worked in equity research at Sidoti & Company, LLC covering mortgage and specialty finance. His career began at Boston Provident, LP, a long/short hedge fund specializing in financial services companies where Chris focused primarily on banks, mortgage servicers, and REITs (both equity & mortgage). Chris holds an M.S. in Finance from Pace University, Lubin School of Business and a B.S. from Pace University.

    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.

    Bluerock Residential Growth REIT, Inc. (BRG: Buy, $11 PT)

    May 8, 2018– With BRG’s shares +16% since our 2/20/18 upgrade, there is still room to run as our price target is $11.00 and as long as BRG keeps posting quarters like today’s, were confident it will hit our target price in a reasonable amount of time.

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    Independence Realty Trust, Inc. (IRT: Neutral, $10 PT)

    April 26, 2018– FFO dividend coverage still eludes IRT, despite having grown its community count 16.8% and its gross revenues 16.9%. G&A is up 15% Q/Q and 32.2% Y/Y (adjusted for stock comp expense), a grave concern given unit growth is only half of that Y/Y at +13.4%.

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    Mid-America Apartment Communities, Inc. (MAA: Neutral, $96 PT)

    May 10, 2018– We are maintaining our NEUTRAL rating and $96 price target as MAA finalizes working through the PPS integration, which initially seems to not be as fruitful as when it purchased Colonial in 2013.

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    Monmouth Real Estate Investment Corp. (MNR: Buy, $20 PT)

    May 9, 2018– With arguably one of the most enviable tenant rosters in the space, MNR is poised to continue to deliver returns to shareholders with outsized performance. We are maintaining our BUY rating and $20.00 price target.

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

    May 7, 2018– – For 1Q18, PLYM’s portfolio of 49 properties generated $11.88M in revenue, + 140.6% Y/Y and NOI of $7.43M, which represents a 10.8% margin to net RE assets, favorable relative to other industrial REITs that have reported but down Y/Y from 11.6%.

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    Preferred Apartment Communities, Inc. (APTS: Buy, $26 PT)

    May 3, 2018– 1Q18 Earnings Recap: Net operating income was up 11.42% Q/Q while net RE assets were only up 5.21% Q/Q. Further, FFO was up 18.33% Q/Q and 25.15% Q/Q on a per share basis, yet the shares have remained essentially unchanged. With a highly fragmented preferred shareholder base, a large put back event is a non-issue and does not warrant the discount that is seemingly attached to APTS’ shares.

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    Rexford Industrial Realty, Inc. (REXR: Buy, $34 PT)

    May 2, 2018–  REXR reported 1Q18 FFO per share of $0.27, ahead of the $0.25 consensus estimate and ahead of our $0.26 estimate. In the quarter, REXR’s SS NOI was up a notable 9.3% Y/Y, which speaks directly to the strength of its core business.

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    Terreno Realty Corporation (TRNO: Buy, $40 PT)

    May 7, 2018–  For 1Q18, TRNO posted RECORD FFO per share of $0.32, +8.5% Y/Y and + 11.68% Q/Q on what were record revenue in the quarter of $37.11M. The record revenues were driven by a record rent per square of $9.21, which is up 10.8% Y/Y. Quite frankly, the industrial RE market is as strong as ever and that is clearly reflected in the financials put forth by TRNO.

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