Sign in

    Bennett Rose • Citigroup Inc.

    Bennett Rose's questions to Park Hotels & Resorts Inc (PK) leadership

    Bennett Rose's questions to Park Hotels & Resorts Inc (PK) leadership • Q1 2025

    Question

    Bennett Rose asked if it was realistic for the Hilton Hawaiian Village to achieve higher EBITDA in the current year compared to 2024 and inquired about the nature of the $70 million impairment charge taken during the quarter.

    Answer

    Chairman and CEO Thomas Baltimore stated it was hard to say if Hilton Hawaiian Village's EBITDA would surpass the prior year's level but suggested it was possible to get close, contingent on macroeconomic conditions. Regarding the impairment, he confirmed it was an accounting write-down related to a non-core asset being evaluated for sale but declined to identify the specific property.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Park Hotels & Resorts Inc (PK) leadership • Q4 2024

    Question

    Bennett Rose questioned if the Bonnet Creek asset's EBITDA has stabilized or if significant upside remains, and also asked about the rationale and benefits of rebranding the W Hotels in Chicago.

    Answer

    Chairman and CEO Thomas Baltimore expressed that they are 'incredibly bullish' on Bonnet Creek, citing strong group pace for 2025 and 2026 and the upcoming opening of Epic Universe. Regarding the Chicago hotels, he explained the conversion to Marriott's Tribute soft brand provides more flexibility and operational efficiencies with new, leaner operators, creating a 'win-win' situation.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Hyatt Hotels Corp (H) leadership

    Bennett Rose's questions to Hyatt Hotels Corp (H) leadership • Q1 2025

    Question

    Bennett Rose followed up on real estate dispositions, asking if Hyatt was more inclined to offer seller financing, whether they were facing pricing pressure from buyers due to uncertainty, and about the level of institutional interest in the all-inclusive real estate space.

    Answer

    Mark Hoplamazian, President and CEO, explained that Hyatt is evaluating seller financing as a tool to facilitate deals in the current debt environment. He stressed that the high quality and resilient performance of Hyatt's assets support their valuations, mitigating pricing pressure. This strategic thinking applies to both their existing portfolio and the assets to be acquired from Playa.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Hyatt Hotels Corp (H) leadership • Q3 2024

    Question

    Bennett Rose of Citigroup asked how the Grupo Pineiro JV would affect Hyatt's leisure demand mix and whether the company would consider acquiring real estate to accelerate growth in key markets.

    Answer

    President and CEO Mark Hoplamazian estimated the current leisure mix at 50-55% and said the JV would increase it slightly. He confirmed Hyatt remains open to strategic real estate acquisitions in underpenetrated markets, provided there is a clear path to reselling the asset, citing the successful acquisitions and subsequent sales of the Hyatt Regency Orlando and a key Mexico City property as examples.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Host Hotels & Resorts Inc (HST) leadership

    Bennett Rose's questions to Host Hotels & Resorts Inc (HST) leadership • Q1 2025

    Question

    Bennett Rose, also known as Smedes Rose, asked about the performance of the O'ahu market, specifically The Ritz-Carlton Turtle Bay, relative to initial expectations and underwriting.

    Answer

    President and CEO James Risoleo reported that RevPAR at Turtle Bay was up 13% in the quarter and that the hotel is performing very well. He mentioned a strategic decision to expedite the renovation of the Fazio golf course, causing a minor delay in a related course transfer, but described the overall news from O'ahu as positive and in line with the strong performance seen in Maui.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Host Hotels & Resorts Inc (HST) leadership • Q3 2024

    Question

    Bennett Rose, also known as Smedes Rose, requested clarification on Maui's expected 2024 EBITDA excluding business interruption proceeds to gauge the gap to its full recovery potential. He also inquired about the strategy for group bookings in 2025.

    Answer

    EVP and CFO Sourav Ghosh stated that Maui's 2024 EBITDA, excluding business interruption proceeds, is expected to be $97 million. Regarding 2025, he explained that the group booking strategy is determined on an asset-by-asset basis to optimize yield and that the overall business mix is not expected to shift meaningfully. He highlighted encouraging citywide booking pace in key markets like San Francisco.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to WP Carey Inc (WPC) leadership

    Bennett Rose's questions to WP Carey Inc (WPC) leadership • Q1 2025

    Question

    Bennett Rose asked about the funding strategy for potential acquisition volumes exceeding the high end of guidance and inquired about the flexibility to accelerate the reduction of exposure to the tenant Hellweg.

    Answer

    CEO Jason Fox explained that W. P. Carey has ample flexibility to fund higher investment volumes by selling more of its self-storage portfolio, monetizing its Lineage equity stake long-term, or using proceeds from a construction loan repayment. Head of Asset Management Brooks Gordon added that the company has a clear path to reduce Hellweg exposure and is prepared with contingency plans to accelerate this process if necessary, with potential downtime already factored into guidance.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Essential Properties Realty Trust Inc (EPRT) leadership

    Bennett Rose's questions to Essential Properties Realty Trust Inc (EPRT) leadership • Q1 2025

    Question

    Bennett Rose of Citi asked about the performance trends of the car wash tenants during the quarter. He also questioned the strategy of investing in discretionary consumer businesses like Dave & Buster's amid recession concerns, asking if cap rates are adequately pricing in this risk compared to more defensive assets.

    Answer

    CEO Peter Mavoides stated that for their car wash operators, AUVs and coverage were flat across the board. Regarding discretionary investments, he explained that deals are priced in a competitive market and the recent 'noise' around the entertainment sector tempered investor appetite for Dave & Buster's, allowing EPRT to transact at a risk-adjusted return that made sense for their 20-year investment horizon. He emphasized that investment decisions are based on idiosyncratic deal factors more than broad industry labels.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Agree Realty Corp (ADC) leadership

    Bennett Rose's questions to Agree Realty Corp (ADC) leadership • Q1 2025

    Question

    Bennett Rose from Citi asked about the increased exposure to the grocery sector, specifically Kroger, and whether it represented a strategic shift or a one-off opportunity. He also inquired about any specific tenant concerns related to potential tariffs with China.

    Answer

    CEO Joey Agree clarified that the increased grocery exposure was primarily due to a one-off opportunity but affirmed the strategy of acquiring dominant grocers, noting more are in the Q2 pipeline. Regarding tariffs, he stated there are no significant concerns for any specific tenants, as the portfolio is focused on necessity-based, discount-oriented retailers like auto parts and off-price stores, which he believes are well-positioned to be 'tariff resistant' and may even benefit from a trade-down effect.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Agree Realty Corp (ADC) leadership • Q1 2025

    Question

    Bennett Rose of Citigroup Inc. asked about the 90 basis point increase in grocery tenant exposure, questioning if it represented a strategic shift, and inquired about any specific tenant concerns related to potential tariffs from China.

    Answer

    CEO Joey Agree clarified that the increased grocery exposure was primarily due to a one-off opportunity, though the company will continue to pursue dominant grocers. Regarding tariffs, Agree expressed confidence that the portfolio is 'tariff resistant,' stating there are no major concerns. He believes their necessity-based tenants in sectors like grocery, off-price, and auto parts are well-positioned to benefit from a consumer trade-down effect and withstand margin pressures.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Agree Realty Corp (ADC) leadership • Q4 2024

    Question

    Bennett Rose of Citigroup asked about the disconnect between acquisition cap rates and rising Treasury yields, questioning if seller expectations need to adjust, and whether potential regulatory changes for banks could increase competition.

    Answer

    CEO Joey Agree stated that volatility in the 10-year Treasury has not yet forced a reset in seller pricing expectations, but Agree Realty remains disciplined. He does not foresee regulatory changes impacting bank competition, noting that Agree's developer funding platform continues to gain share due to its unique ability to provide liquidity and execution certainty in a constrained market.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to EPR Properties (EPR) leadership

    Bennett Rose's questions to EPR Properties (EPR) leadership • Q4 2024

    Question

    Bennett Rose asked what factors beyond the box office could drive percentage rents to the high end of the guidance range and inquired about the company's plans for its two remaining, smaller JV properties.

    Answer

    CFO Mark Peterson identified the Regal theater percentage rent as the most significant driver, while CEO Gregory Silvers added that the timing of new investments and better-than-expected performance in other operating properties could also contribute. Regarding the JVs, Silvers stated they are not committed to long-term ownership and will evaluate exiting if capital can be redeployed into more strategic net lease investments, but for now, the properties are performing fine and are not a priority.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Diamondrock Hospitality Co (DRH) leadership

    Bennett Rose's questions to Diamondrock Hospitality Co (DRH) leadership • Q3 2024

    Question

    Bennett Rose of Citigroup Inc. requested more color on the slowdown in transient demand, questioning its cause and duration. He also asked about the potential impact of New York's 'SAFE Hotels Act' on the company's unionized hotels in the city.

    Answer

    CEO Jeff Donnelly clarified that the transient weakness was a third-quarter phenomenon, particularly in urban hotels on weekends in August and September. He noted, however, that the trend reversed in October, making it difficult to establish a clear read-through. Regarding the New York legislation, Donnelly stated that they do not anticipate any meaningful operational impact on their three hotels.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Realty Income Corp (O) leadership

    Bennett Rose's questions to Realty Income Corp (O) leadership • Q3 2024

    Question

    Bennett Rose of Citigroup inquired about the $63 million charge related to a convenience store client and asked for an update on other credit situations. He also asked about the anticipated initial size and growth trajectory of the new private fund.

    Answer

    Executive Jonathan Pong explained the $64 million charge was a non-cash accounting reserve for a financing receivable. CEO Sumit Roy added that the client stopped paying rent, and Realty Income is working to gain control of the assets, which have strong re-leasing interest. Roy also provided positive updates on Red Lobster, Rite Aid, and Regal, noting high recapture rates post-bankruptcy. Regarding the fund, he stated it was too early to opine on its potential size.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to Marriott International Inc (MAR) leadership

    Bennett Rose's questions to Marriott International Inc (MAR) leadership • Q3 2024

    Question

    Bennett Rose from Citi asked about capital return expectations for 2025 in a stable RevPAR environment and inquired about the potential for selling owned assets next year.

    Answer

    CFO and EVP, Development Leeny Oberg reiterated the company's philosophy of investing in growth while maintaining an investment-grade rating and returning all excess capital to shareholders. She also noted that the company is always evaluating its owned assets for potential sale and will look to take advantage of the market, particularly for assets like the W Union Square and the Elegant portfolio in Barbados once their renovations are complete.

    Ask Fintool Equity Research AI

    Bennett Rose's questions to VICI Properties Inc (VICI) leadership

    Bennett Rose's questions to VICI Properties Inc (VICI) leadership • Q3 2024

    Question

    Bennett Rose from Citigroup asked for an update on consumer weakness at the lower end of the spectrum and whether this might affect operators' propensity to reinvest. He also inquired about VICI's external growth strategy for 2025, questioning whether the focus would be on more frequent, smaller deals or larger, transformative transactions.

    Answer

    President and COO John W. Payne acknowledged that some operators, particularly in regional markets, are seeing slowness in lower-end segments but noted that VICI continues to have productive growth conversations with its partners. CEO Edward Pitoniak stated that VICI's focus on large-scale experiential assets means deal flow is inherently sporadic, but the company remains confident in its 2025 pipeline, which includes both large and small deals in gaming and non-gaming sectors.

    Ask Fintool Equity Research AI