ALAN CALDERON, CFA

403 Rolling Rock Road a- Springfield, NJ 07081 a- Cell: (917) 912-3872 a- Email:
accb3272@westpost.net
SUMMARY OF ACCOMPLISHMENTS:
Senior US REIT analyst on the buyside for seven years after three years on the #
2 II ranked Morgan Stanley REIT team. Maintained primary coverage of over 50 res
idential, office, industrial, retail, storage, diversified, triple net and Canad
ian REITS during the last ten years. Recommended portfolio construction based o
n detailed financial statement modeling and projections; analysis of key macroec
onomic indicators; relative multiple, NAV and DCF analysis; and technical analys
is. Strong relationships with colleagues on the sell side and buy side, as well
as senior members of REIT management teams. Constructed a research discipline
that included performance analysis and valuation metrics within and across prope
rty types, in addition to mentoring new hires. Background is accounting, I am a
Columbia Business School MBA and a CFA charterholder. Excel skills are outstand
ing and I am a team player.
PROFESSIONAL EXPERIENCE
EUROPEAN INVESTORS, INC, New York, NY 8/2003-8/2010
Vice President and Senior REIT Analyst, US REIT Group
a Analyzed and recommended security selection on over 50 residential, office, in
dustrial, retail, storage, diversified and Canadian REITS. Performed detailed m
odeling, analyzed economic indicators, performed relative multiple, NAV and DCF
analysis on a companywide and property level basis and established price targets
.
a Some key recommendations included:
- Buy on Rouse Company prior to its 2004 acquisition.
- Buy on AIV at $7.50 in July 2009
- Buy on CLP after reporting 4Q09 earnings
- Upgrade apts in mid April 2010 after jobs report and conference
- Would have been a buyer on the Aug/Sept 2010 ACC and UDR deals
- Reduce on Mills after 3Q04 earnings release
- Underweight on EOP from Aug 2003-Oct 2005
- Buy on Forest City at $9 in Oct 2009 following convert issuance.
- Reduce ACC after 4Q09 & 1Q10 earnings. Reversed in mid May 2010
- Recommended EPR preferreds to income portfolio at $10-12.
a EIIRX mutual fund has a 4 Star Morningstar rating. As of 8/24/2010, EIIRX mut
ual fund returned 1.17% on a 5 year CAGR relative to 0.84% for the RMS index.
a Constructed a research platform that included performance and valuation constr
ucts. Compared EII estimates and valuation metrics with consensus to identify op
portunities for outperformance. Created quintile analysis to comprehend short t
erm and longer term trends by market cap, yield, multiple and short interest.
a Identified potential JV partners for REITs under coverage and interacted with
European and Asian teams for global portfolio.
MORGAN STANLEY, New York, NY 10/2000-8/2003
Associate Analyst, Retail REIT Group
a Member of REIT team ranked #2 in II Survey and retail REIT team ranked #1 in G
reenwich for 2 years. Team ranked #6 in US in Starmine survey for earnings esti
mates.
a Associate analyst coverage of 6 mall, 5 shopping center and 2 office/industria
l REITs, and 2 service companies.
a Wrote quarterly earnings notes and company updates; updated models; maintained
databases; attended industry conferences; communicated with brokers, investors
and WSJ reporters; established relationships with company executives; and worked
with Investment Banking on IPOs and other transactions. Created new ideas and
wrote articles for weekly insights.
a Helped establish original research such as a tenant credit risk index, quarter
ly earnings previews and reviews, in depth Wal-Mart Supercenter study and analys
es of regional mall development pipelines.
PAINEWEBBER, INC., New York, NY 8/1999-4/2000
Associate Analyst, Capital Goods Industry
a Supported II ranked analyst in all facets of equity research including maintai
ning databases, writing notes, updating models, attending industry conferences,
communicating with company executives, and researching merger accounting issues.
a Established relationships between various economic indicators and company stoc
k results.

ARTHUR ANDERSEN LLP/DAVID BERDON & CO, New York, NY 1992 - 1995
Audit and Tax Services
a Performed audit and tax services for real estate, retail, manufacturing and fi
nancial services companies.
a Participated in inventories and property tours for first time clients. Tested
and summarized internal control accounting.
EDUCATION
COLUMBIA BUSINESS SCHOOL, New York, NY May 1998
MBA - Finance - 3.65 GPA
LEHIGH UNIVERSITY, Bethlehem, PA May 1992
BS - Cum Laude - Major: Accounting, Minor: Communications - 3.2 GPA
OTHER SKILLS AND CERTIFICATIONS
Series 7 and Series 63 Certified. CFA certification. Certified Public Account
ant. Very strong in Microsoft Excel. Proficient in Bloomberg, Fact Set, SNL an
d Thomson Financial. Ran the Long Island Half-Marathon, play tennis and racquet
ball, fan of Broadway musicals and lifelong Yankees fan.