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    Ari Klein • BMO Capital Markets

    Ari Klein's questions to Apple Hospitality REIT Inc (APLE) leadership

    Ari Klein's questions to Apple Hospitality REIT Inc (APLE) leadership • Q2 2025

    Question

    Ari Klein from BMO Capital Markets asked for more detail on the strong performance in July, current booking trends, the expected RevPAR growth cadence for Q3 and Q4, and the drivers of weakness in Sunbelt markets like Phoenix, Nashville, and Dallas.

    Answer

    CFO Liz Perkins noted sequential RevPAR improvement through July but highlighted softer bookings for August and September, with an expected recovery in Q4. CEO Justin Knight added that market-specific factors caused the weakness, such as convention center renovations in Dallas and a temporary pullback in semiconductor business in Phoenix. He emphasized the team's success in offsetting these issues by attracting higher-rated group business.

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    Ari Klein's questions to Ryman Hospitality Properties Inc (RHP) leadership

    Ari Klein's questions to Ryman Hospitality Properties Inc (RHP) leadership • Q2 2025

    Question

    Ari Klein of BMO Capital Markets inquired about the trend in lead volumes, which were down 16% year-over-year, and the long-term strategy for acquiring more JW Marriott properties to create a rotational network similar to the Gaylord brand.

    Answer

    EVP & COO Patrick Chaffin clarified that the pressure on lead volumes is primarily for the current year (2025), with a strong outlook for 2026 and beyond. President & CEO Mark Fioravanti and Executive Chairman Colin Reed confirmed that acquiring more JW Marriott hotels in top-tier markets is a core part of their growth strategy, citing the benefits of higher ADR, strong market demand, and the ability to rotate customers between the Gaylord and JW brands.

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    Ari Klein's questions to Xenia Hotels & Resorts Inc (XHR) leadership

    Ari Klein's questions to Xenia Hotels & Resorts Inc (XHR) leadership • Q2 2025

    Question

    Ari Klein from BMO Capital Markets asked about the sustainability of strong out-of-room spending into the second half and questioned if there were any changes to the full-year EBITDA expectations for the Grand Hyatt Scottsdale.

    Answer

    Chair & CEO Marcel Verbaas noted that while Q2's out-of-room spend was exceptionally strong, he anticipates a more muted Q3 before a potential rebound in Q4, which has a stronger group base. EVP & CFO Atish Shah confirmed that the EBITDA outlook for Grand Hyatt Scottsdale remains unchanged in the low-twenties million range for the year.

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    Ari Klein's questions to Host Hotels & Resorts Inc (HST) leadership

    Ari Klein's questions to Host Hotels & Resorts Inc (HST) leadership • Q2 2025

    Question

    Ari Klein of BMO Capital Markets asked about the expected RevPAR growth cadence in the second half of the year, specifically what would drive Q4 growth, and requested clarification on the $14 million insurance savings.

    Answer

    EVP & CFO Sourav Ghosh clarified that the $14 million in insurance savings applies only to the current year. He attributed the anticipated Q4 RevPAR strength to three factors: a favorable holiday calendar shift, reduced renovation disruption at the Grand Hyatt San Diego, and an easier year-over-year comparison due to a booking slowdown around the prior year's elections.

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    Ari Klein's questions to Equinix Inc (EQIX) leadership

    Ari Klein's questions to Equinix Inc (EQIX) leadership • Q2 2025

    Question

    Ari Klein from BMO Capital Markets asked about the significant increase in CapEx guidance and whether Equinix has the flexibility to accelerate investments to deliver capacity more quickly.

    Answer

    CFO Keith Taylor confirmed the desire to accelerate but noted constraints like supply chain and energy access. He stated that a key reason for the increased CapEx guidance was the strategic pre-purchase of long-lead-time equipment to ensure timely delivery. CEO Adair Fox-Martin reinforced that delivering on 'Ready for Service' (RFS) dates is a primary operational focus.

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    Ari Klein's questions to Equinix Inc (EQIX) leadership • Q2 2025

    Question

    Ari Klein from BMO Capital Markets questioned the reasons for the significant increase in CapEx guidance and asked about the company's flexibility to accelerate investments to bring capacity online sooner.

    Answer

    CFO Keith Taylor explained that while the company aims to accelerate delivery where possible, it faces external constraints like supply chain and energy access. He noted a large portion of the increased CapEx is for strategic pre-buys of long-lead equipment to mitigate delays. CEO Adair Fox-Martin reinforced that delivering on Ready-For-Service (RFS) dates is a top operational priority.

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    Ari Klein's questions to Pebblebrook Hotel Trust (PEB) leadership

    Ari Klein's questions to Pebblebrook Hotel Trust (PEB) leadership • Q2 2025

    Question

    Ari Klein of BMO Capital Markets asked about the factors underpinning the implied guidance improvement in Q4 relative to Q3 and questioned the sustainability of sub-2% expense growth, probing the long-term impact of efficiency initiatives.

    Answer

    Chairman & CEO Jon Bortz cited several factors for the Q4 improvement, including tougher Q3 comps in markets like Chicago and Boston and easier Q4 comps in Los Angeles. Regarding expenses, Bortz emphasized that the benefits from their productivity and efficiency programs are 'very substantial' and still in the 'early stages,' providing a significant offset to wage inflation. Co-President & CFO Raymond Martz added that moderating union labor cost increases in future years will also help.

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    Ari Klein's questions to American Tower Corp (AMT) leadership

    Ari Klein's questions to American Tower Corp (AMT) leadership • Q2 2025

    Question

    Ari Klein asked about the key drivers behind the strong, near-record performance of the U.S. Services business and its future outlook.

    Answer

    President & CEO Steven Vondran attributed the strong services results to a robust application pipeline driving volume-based work and a larger contribution from construction management services. He noted that while construction management has lower margins, it increases customer value and stickiness, and the overall strength is indicative of a healthy leasing pipeline.

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    Ari Klein's questions to Crown Castle Inc (CCI) leadership

    Ari Klein's questions to Crown Castle Inc (CCI) leadership • Q2 2025

    Question

    Ari Klein of BMO Capital Markets questioned whether recent capacity additions indicated a shift in the mix of colocation versus amendment activity and asked why the full-year EBITDA guidance wasn't raised further given the strong performance in the first half.

    Answer

    Interim President and CEO Daniel Schlanger clarified that there has been no significant change in the mix of colocation and amendment activity. CFO Sunit Patel explained that the EBITDA guidance accounts for seasonality in the business, with some expenses expected to be weighted towards the second half of the year.

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    Ari Klein's questions to Marriott International Inc (MAR) leadership

    Ari Klein's questions to Marriott International Inc (MAR) leadership • Q4 2024

    Question

    Ari Klein of BMO Capital Markets asked if there was an opportunity for Marriott to be more aggressive with key money, given that it is accretive to growth and the company has a strong cost of capital.

    Answer

    CEO Tony Capuano reiterated that while key money is a valuable tool for high-value deals, the company is not interested in 'buying growth at any cost.' He stressed that every deal is evaluated through a disciplined lens for value creation, and capital is deployed only when it is expected to generate higher-than-typical fees.

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