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    Barry Oxford • Colliers

    Barry Oxford's questions to Whitestone REIT (WSR) leadership

    Barry Oxford's questions to Whitestone REIT (WSR) leadership • Q2 2025

    Question

    Barry Oxford asked about recent trends in acquisition pricing and cap rates since the start of the year. He also questioned whether certain markets are offering more favorable risk-adjusted returns or if the company's approach is purely asset-by-asset.

    Answer

    CEO Dave Holeman responded that cap rates have stabilized, with recent acquisitions closing in the 6.4% to 6.7% range, and that the company targets adding at least 200 basis points of yield post-acquisition. President & COO Christine Mastandrea added that their strategy focuses on markets with strong infrastructure development and densification, allowing them to execute remerchandising or redevelopment plans, typically within 18 months of purchase, to capture value.

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    Barry Oxford's questions to SmartRent Inc (SMRT) leadership

    Barry Oxford's questions to SmartRent Inc (SMRT) leadership • Q4 2024

    Question

    Barry Oxford questioned whether apartment landlords, especially larger ones, had paused converting units during the CEO transition and if the company is now seeing positive re-engagement from these major landlords.

    Answer

    CEO Shane Paladin attributed any slowdown to the ongoing restructuring of the internal sales motion rather than a lack of customer demand. He stated that while he has only been with the company for a week, his initial conversations indicate that customers have an appetite to do more, provided there is a clear return on investment (ROI).

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    Barry Oxford's questions to City Office REIT Inc (CIO) leadership

    Barry Oxford's questions to City Office REIT Inc (CIO) leadership • Q4 2024

    Question

    Barry Oxford asked if the company is seeing any distressed acquisition opportunities and how it balances acquisition cap rates with its cost of capital. He also inquired about the company's plans for developing more spec suite space.

    Answer

    CEO James Farrar responded that while he expects distressed sales to increase over the next two years, the company's current focus is on internal value creation by investing capital in its existing portfolio to drive NOI growth. He stated that external growth will be considered later if it makes sense. Regarding spec suites, Farrar confirmed they have about 50,000 square feet currently and are planning the next phase for 2025, focusing on markets with the highest demand, like Phoenix, to capture strong rental rates.

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    Barry Oxford's questions to City Office REIT Inc (CIO) leadership • Q3 2024

    Question

    Barry Oxford asked for an update on leasing concessions, such as free rent and tenant improvements, compared to a year ago, and questioned the outlook for refinancing debt that matures in late 2025.

    Answer

    CEO James Farrar stated that while construction costs remain high, their inflation has stabilized. He noted that face rents for quality properties continue to grow and free rent concessions have held steady at approximately one month per year of term. Regarding debt, CFO Anthony Maretic indicated that substantive discussions for the Q4 2025 maturities have not yet begun but are expected to start in early 2025, giving the company ample time to evaluate its options.

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    Barry Oxford's questions to Independence Realty Trust Inc (IRT) leadership

    Barry Oxford's questions to Independence Realty Trust Inc (IRT) leadership • Q4 2024

    Question

    Barry Oxford inquired about distressed property opportunities, specifically asking if acquisition cap rates are rising compared to six months prior.

    Answer

    Executive Scott Schaeffer responded that cap rates have remained stable in the mid-5% range. He noted that while the 10-year Treasury rate influences cap rates with a lag, the primary market change has been an increase in the number of opportunities, not a rise in cap rates themselves.

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    Barry Oxford's questions to Global Net Lease Inc (GNL) leadership

    Barry Oxford's questions to Global Net Lease Inc (GNL) leadership • Q3 2024

    Question

    Barry Oxford from Colliers asked when GNL might pivot back to an acquisition strategy, considering the significant progress made on deleveraging and the disposition of noncore assets.

    Answer

    CEO Michael Weil stated that while he is eager to return to acquisitions, the company's current priority is to continue lowering leverage and improving the net debt-to-EBITDA multiple. He clarified that a return to acquisitions will only be considered when the company's stock trades at a multiple where using equity for growth is accretive.

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    Barry Oxford's questions to Gladstone Commercial Corp (GOOD) leadership

    Barry Oxford's questions to Gladstone Commercial Corp (GOOD) leadership • Q3 2024

    Question

    Barry Oxford questioned the potential cap rate spread between the company's industrial acquisitions and office dispositions, and asked if the elevated use of the At-The-Market (ATM) equity program would continue in coming quarters.

    Answer

    President Arthur Cooper acknowledged potential cap rate compression due to market competition but highlighted that the company is improving its competitiveness by lowering its cost of capital through recycling proceeds from office sales. CFO Gary Gerson confirmed the company will continue to utilize its ATM program to fund acquisitions and manage leverage, noting that the recent quarter's activity was unusually high to bring leverage down following numerous dispositions.

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