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    Bryan Maher

    Managing Director and Senior Analyst at B. Riley Securities

    Bryan Maher is a Managing Director and Senior Analyst at B. Riley Securities, specializing in equity research coverage of real estate investment trusts (REITs), the lodging industry, and alternative asset managers. He has provided research and ratings for companies including Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust, Industrial Logistics Properties Trust, Seven Hills Realty Trust, RMR Group, and Ashford Hospitality Trust, earning recognition as a top stock picker by The Wall Street Journal and Thomson Reuters and being named one of Money Magazine’s Most Trustworthy Analysts. Maher’s performance metrics include a 48.4% success rate and -1.6% average one-year return on TipRanks, an average stock price target met ratio of 37.97%, and notable recommendations for Ashford Hospitality Trust with a performance score of 82.25. With over 25 years of experience, his career has spanned Craig-Hallum Capital, Citadel Securities, RBC Capital Markets, and B. Riley Securities, prior to joining The RMR Group as Senior Vice President in 2025; he holds an M.B.A. from Georgia State University, a B.S. in Finance from Clemson University, and is FINRA registered.

    Bryan Maher's questions to Mobile Infrastructure (BEEP) leadership

    Bryan Maher's questions to Mobile Infrastructure (BEEP) leadership • Q3 2024

    Question

    Bryan Maher asked for quantification of the company's statement that asset replacement cost is significantly higher than Net Asset Value (NAV). He also inquired about the risks of losing acquisition targets, the company's preference between parking lots and garages, and whether the recent Indianapolis property sale was solicited.

    Answer

    Manuel Chavez, an executive, explained that replacement cost is determined by combining land value and construction costs, which the company actively monitors. He stated that the acquisition pipeline is dynamic and the company remains a patient, disciplined buyer, passing on deals that don't offer material accretion. Regarding asset types, Chavez noted they underwrite to parking income for both lots and garages. He clarified the Indianapolis sale originated from an unsolicited offer that was less than half the final price, which was achieved by finding a developer who valued the site based on its land value.

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    Bryan Maher's questions to RMR GROUP (RMR) leadership

    Bryan Maher's questions to RMR GROUP (RMR) leadership • Q4 2024

    Question

    Bryan Maher inquired about the deployment of RMR's cash balance for private capital initiatives, the market receptivity for syndicating equity stakes in new ventures like RMR Residential, and the strategic trade-off between near-term base management fee reductions from managed REIT asset sales and the potential for long-term incentive fees.

    Answer

    CEO Adam Portnoy confirmed that a significant portion of cash is available for seeding new investments and that while the fundraising environment is improving, the cycle remains elongated. He anticipates RMR will retain less than a 20% stake in these ventures. Portnoy also explained that deleveraging the managed REITs is the top priority, believing that improved stock performance will eventually lead to higher enterprise value-based fees, offsetting declines from asset sales. CFO Matt Jordan added that only $5-$10 million in cash is needed for daily operations.

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    Bryan Maher's questions to VVI leadership

    Bryan Maher's questions to VVI leadership • Q3 2024

    Question

    Inquired about Jasper's occupancy expectations given reduced room supply, the timing and quantification of transaction costs related to the GES sale, and the accounting treatment of insurance proceeds.

    Answer

    The reduction in Jasper's hotel room supply will create significant market compression in summer 2025, though occupancy will still have some seasonality. Transaction costs for the GES sale are estimated at about $20 million in 2024 and an additional $5-6 million in 2025. Insurance proceeds received to date are on the balance sheet offsetting an impairment charge; future business interruption proceeds will be reported as a separate line item on the P&L starting in Q4.

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    Bryan Maher's questions to VVI leadership • Q2 2024

    Question

    Inquired about the specifics of the business interruption insurance policy, the performance and status of FlyOver attractions (Chicago, Toronto), the business environment in Iceland, and potential upside to guidance if parts of Jasper reopen early.

    Answer

    Business interruption insurance is tied to physical property damage and will be a long process to assess. The potential offset from increased Banff profits is a matter for future discussion with insurers. FlyOver Chicago is performing very well, while the Toronto project is being terminated. Iceland is having a record year. The potential for an early Icefield reopening is already factored into the current guidance.

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    Bryan Maher's questions to VVI leadership • Q4 2023

    Question

    Asked for details on the 2024 non-annual show schedule, the impact of volcanic activity in Iceland on Pursuit's performance, drivers of Pursuit's margin outperformance, and updates on new projects like FlyOver Chicago and Toronto. Also asked a follow-up question about long-term margin goals.

    Answer

    The major non-annual shows for 2024 are IMTS, MINExpo, and Farnborough Airshow, all occurring in the third quarter. The volcanic activity in Iceland was not near Pursuit's Sky Lagoon, but the temporary closure of a competitor drove new customer trial. Pursuit's margin beat was driven by high-flow-through from increased attraction visitation. FlyOver Chicago is on time and on budget, while the Toronto project is stalled. The long-term aspirational margin for Pursuit is 33%.

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    Bryan Maher's questions to Global Net Lease (GNL) leadership

    Bryan Maher's questions to Global Net Lease (GNL) leadership • Q3 2024

    Question

    Bryan Maher from B. Riley Securities sought details on the increase in cost synergies to $85 million, the future pace of the asset disposition program, and management's perspective on when the market will recognize the company's execution with a higher valuation.

    Answer

    CEO Michael Weil and CFO Christopher Masterson attributed the synergy beat to the roll-off of transition costs and a thorough review of G&A expenses. Weil confirmed the disposition strategy will continue into 2025 to further reduce leverage, expressing confidence that sustained execution will eventually close the stock's valuation gap.

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    Bryan Maher's questions to Global Medical REIT (GMRE) leadership

    Bryan Maher's questions to Global Medical REIT (GMRE) leadership • Q3 2024

    Question

    Bryan Maher asked for the specific states of the newly acquired asset portfolio, the stock price at which equity issuance becomes accretive for 9% cap rate deals, the criteria for selecting assets for disposition, and for clarification on rent collection from Steward Healthcare at the Beaumont facility.

    Answer

    CIO Alfonzo Leon declined to disclose the states of the new acquisition for confidentiality reasons during due diligence. CFO Robert Kiernan stated that equity issuances for 9% cap rate deals can be accretive at a stock price of $9.50 and above. Leon explained that dispositions are driven by a variety of factors, including optimal pricing, asset size, location, and managing future renewal risk. Kiernan confirmed that while rent for March-May 2024 was not collected from Steward, a claim has been filed in bankruptcy court.

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    Bryan Maher's questions to Service Properties Trust (SVC) leadership

    Bryan Maher's questions to Service Properties Trust (SVC) leadership • Q3 2024

    Question

    Bryan Maher inquired about the long-term outlook for renovation capital expenditures, particularly for full-service hotels, and asked how many of the 84 retained hotels require significant upgrades. He also sought updates on the Nautilus hotel renovation timeline, the performance of recently renovated Hyatt hotels, and the expected number of hotels from the 114-property sale portfolio that will remain Sonesta-branded.

    Answer

    Jesse Abair, Vice President, stated that while 2025 CapEx guidance is not yet available, the spending is expected to be lower than in 2024. He and Todd Hargreaves, President and CIO, noted that a large portion of the 84 retained hotels have already been renovated. Mr. Hargreaves confirmed the Nautilus hotel renovation is planned for 2025 to be completed in 2026 and expects a performance lift from the renovated Hyatts in the coming quarters. He also estimated that over 85% of the hotels sold would likely remain encumbered by the Sonesta brand, based on past experience and the portfolio's stronger quality.

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    Bryan Maher's questions to MODIV INDUSTRIAL (MDV) leadership

    Bryan Maher's questions to MODIV INDUSTRIAL (MDV) leadership • Q3 2024

    Question

    Bryan Maher asked for an update on current tenant performance, seeking information on any potential vacancies beyond those already disclosed. He also questioned how the recent U.S. election outcome might alter the company's acquisition strategy, particularly concerning the onshoring of manufacturing.

    Answer

    CEO Aaron Halfacre affirmed the portfolio's strength, describing it as a 'fortress portfolio' with a 13.8-year weighted average lease term and no new tenant concerns. He noted the only vacancy is the previously discussed Kalera property, which is being prepared for market. On strategy, Mr. Halfacre stated that the political environment remains a tailwind for American manufacturing, reinforcing their core investment thesis. He believes Modiv is well-positioned as a pure-play investment in this sector, supported by a stable base of retail investors.

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    Bryan Maher's questions to MODIV INDUSTRIAL (MDV) leadership • Q3 2024

    Question

    Asked for an update on current tenant performance and any potential issues or vacancies in the portfolio, and questioned how the recent election outcome might influence the company's acquisition strategy for industrial manufacturing assets.

    Answer

    The CEO noted the vacant Kalera property is being marketed and the planned exit of Solar Turbines is viewed as a positive redevelopment opportunity. He described the rest of the portfolio as a 'fortress' with long lease terms and solid tenants, causing no major concerns. Regarding the election, he believes the onshoring of manufacturing will continue, which is a tailwind for their strategy, and reiterated a focus on durable, existing manufacturing assets and disciplined growth.

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    Bryan Maher's questions to DIVERSIFIED HEALTHCARE TRUST (DHC) leadership

    Bryan Maher's questions to DIVERSIFIED HEALTHCARE TRUST (DHC) leadership • Q3 2024

    Question

    Bryan Maher of B. Riley Securities inquired about DHC's financing strategy, including the terms and scale of GSE agency debt versus other lenders. He also questioned the use of cash for debt buybacks, the persistent increase in SHOP portfolio costs, the operational and financial impact of recent hurricanes, and sought clarity on the overall valuation per unit for the entire SHOP portfolio.

    Answer

    CFO and Treasurer Matthew Brown detailed the financing efforts, noting a ~$106 million formal quote with terms around 60% LTV and 6-6.5% interest rates. He attributed higher SHOP costs to ~$2.5 million in non-recurring items like an insurance deductible and hurricane remediation. President and CEO Christopher Bilotto added that slower top-line occupancy growth was a major factor and was hesitant to provide a single valuation for the SHOP portfolio, instead pointing to a range from $55k-$65k per unit for assets being sold to over $150k per unit for recently sold stabilized properties.

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    Bryan Maher's questions to OFFICE PROPERTIES INCOME TRUST (OPI) leadership

    Bryan Maher's questions to OFFICE PROPERTIES INCOME TRUST (OPI) leadership • Q3 2024

    Question

    Bryan Maher inquired about the valuation of assets being sold relative to their carrying value, the profile of property buyers, the end of the free rent period for the Sonesta hotel, the current leasing pipeline, and the status of negotiations with 2025 noteholders.

    Answer

    President and COO Yael Duffy explained that for vacant properties, carrying value is not a relevant metric and sales prices can be as low as one-third of that value. She noted that buyers are a mix of developers purchasing for land value and owner-users, with prices ranging from $20 to $170 per square foot. Duffy confirmed the Sonesta free rent period ends in January 2025 and described the leasing pipeline as just under 2 million square feet, primarily in early stages. Regarding debt, she characterized the noteholder negotiations as 'very constructive'.

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    Bryan Maher's questions to OFFICE PROPERTIES INCOME TRUST (OPI) leadership • Q3 2024

    Question

    Bryan Maher asked about the valuation of assets being sold relative to their carrying value, the profile of the buyers, the status of the leasing pipeline, the end of the free rent period for the Sonesta property, and the progress of negotiations with 2025 noteholders.

    Answer

    President and COO Yael Duffy explained that for vacant properties being sold, carrying value is less relevant, with sale prices closer to one-third of that value. She noted buyers are a mix of developers valuing land and owner-users, resulting in a wide price range. Duffy confirmed the Sonesta free rent period ends in January 2025 and described the leasing pipeline as just under 2 million square feet, though mostly in early stages. Regarding debt, she characterized negotiations with noteholders as "very constructive."

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    Bryan Maher's questions to OFFICE PROPERTIES INCOME TRUST (OPI) leadership • Q3 2024

    Question

    Bryan Maher of B. Riley Securities inquired about the valuation of assets being sold relative to their carrying value, the potential worth of the remaining unencumbered portfolio, the end of the free rent period for the Sonesta hotel at 20 Mass Ave, the profile of asset buyers, the current leasing pipeline, and the status of negotiations with 2025 noteholders.

    Answer

    President and COO Yael Duffy explained that sold properties are mostly vacant, making carrying value less relevant, with sale prices closer to one-third of that value. She confirmed the Sonesta's free rent period ends in January 2025. Duffy described buyers as a mix of developers and owner-users, with prices varying significantly. The leasing pipeline is just under 2 million square feet, mostly in early stages and concentrated in multi-tenant properties. Regarding debt, she noted that negotiations with noteholders have been constructive.

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    Bryan Maher's questions to Industrial Logistics Properties Trust (ILPT) leadership

    Bryan Maher's questions to Industrial Logistics Properties Trust (ILPT) leadership • Q3 2024

    Question

    Bryan Maher of B. Riley Securities inquired about the specifics of the new interest rate cap, including the trade-off between its cost and the higher strike rate. He also asked for a more granular timeline for leasing the vacant properties in Hawaii and Indianapolis, questioned the potential outcomes of the American Tire Distributors Chapter 11 filing, and probed the potential impact on leverage if the Mountain JV were to be deconsolidated. Finally, he commented on the investor desire for a modest dividend increase.

    Answer

    Chief Financial Officer and Treasurer, Tiffany Sy, explained that the new interest rate cap has a higher strike rate of 2.78% due to strong collateral performance, which saved $17 million in upfront costs by deferring interest payments. President and Chief Operating Officer, Yael Duffy, projected the Indianapolis vacancy would be leased in the first half of 2025 and the Hawaii parcel in the second half of 2025. Regarding American Tire, Ms. Duffy noted they are current on rent and expect no changes, referencing their previous bankruptcy where they did not reject the same leases. Ms. Sy declined to provide specific figures on the potential JV deconsolidation, citing multiple factors.

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    Bryan Maher's questions to American Strategic Investment (NYC) leadership

    Bryan Maher's questions to American Strategic Investment (NYC) leadership • Q3 2024

    Question

    Bryan Maher of B. Riley Securities inquired about the sales process for the properties being marketed, the strategy for redeploying the proceeds, and the specific drivers behind improving leasing trends in New York City.

    Answer

    CEO Michael Anderson detailed that brokers are engaged for both 123 William Street and 196 Orchard, attracting institutional and family office buyers, respectively. He explained that proceeds will be reinvested into core real estate with operating businesses, likely in the New England hospitality sector, leveraging their new flexibility after dropping REIT status. Anderson also attributed positive leasing trends to the return-to-office movement, causing tenants who took smaller spaces during the pandemic to now seek larger footprints.

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    Bryan Maher's questions to Marti Technologies (MRT) leadership

    Bryan Maher's questions to Marti Technologies (MRT) leadership • Q3 2018

    Question

    Bryan Maher questioned the company's ability to recoup back rent from the previous tenant, OnPointe, the rationale for re-tenanting the Texas Ten portfolio instead of selling it, and whether there were any other tenant-related concerns in the portfolio.

    Answer

    Chairman and CEO John McRoberts explained that recouping rent from OnPointe is challenging due to a senior lender's first lien on receivables, though a strategy is in place. He noted there was significant market interest in leasing the portfolio but not in buying the assets, making re-tenanting the most viable solution. McRoberts confirmed there were no other tenant concerns across the rest of the portfolio.

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    Bryan Maher's questions to Marti Technologies (MRT) leadership • Q2 2018

    Question

    Bryan Maher questioned the rent deferral at Mountain's Edge, asking why the operator hadn't planned for the disruption. He also asked if the Texas Ten issues were due to management failure or market factors, sought clarity on the re-tenanting plan, and confirmed if the company would issue a press release on any material developments.

    Answer

    CEO John McRoberts explained the company is financing the Mountain's Edge improvements to attract a large physician group. He attributed the Texas Ten issues to a combination of market pressures and 'self-inflicted wounds' by the operator, such as billing office relocations. He confirmed they are open to re-tenanting or selling some or all of the 10 assets and that the current operator is cooperating. CFO Jeffery Walraven affirmed that any material event would be announced via press release.

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    Bryan Maher's questions to Marti Technologies (MRT) leadership • Q3 2017

    Question

    Bryan Maher from B. Riley FBR Capital Markets asked if the company would consider selling any of the ten Texas SNF properties, how current market cap rates are influencing investment choices across different property types, and whether the recent hurricanes would alter their geographic investment strategy.

    Answer

    CEO and Chairman John McRoberts stated they would consider selling some Texas properties if a sensible opportunity arose and noted past discussions about the operator buying back a couple. He explained that compressed cap rates, particularly in the high sevens for acute care and surgery centers, make it difficult to compete, pushing them towards relationship-based deals. While more cognizant of natural disaster risks post-hurricanes, he affirmed that the primary focus remains on diversification across operators, sectors, and geography, not just avoiding specific regions.

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