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    Caitlin Burrows • Goldman Sachs Group Inc.

    Caitlin Burrows's questions to Lineage Inc (LINE) leadership

    Caitlin Burrows's questions to Lineage Inc (LINE) leadership • Q2 2025

    Question

    Caitlin Burrows of Goldman Sachs asked how management weighs the option of being a private versus public company, given the challenging stock performance since the IPO.

    Answer

    CEO Greg Lehmkuhl and CFO Rob Crisci reaffirmed their commitment to being a public company. They highlighted strategic advantages gained, such as an investment-grade credit rating and access to public capital markets, which are crucial for funding accretive growth. They believe they are well-positioned for a rebound and can execute value-creating deals even at current valuation levels.

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    Caitlin Burrows's questions to Lineage Inc (LINE) leadership • Q1 2025

    Question

    Caitlin Burrows asked for clarification on the percentage of throughput tied to the import/export business and sought more detail on the volatility of the food trade, questioning how economic uncertainty impacts customer inventory and throughput.

    Answer

    CFO Rob Crisci clarified that 15% (one-five) of throughput is tied to import/export, not 50%. CEO W. Lehmkuhl explained that while tariffs create short-term uncertainty causing customers to delay major decisions, overall production and consumption remain steady. He noted that some trade flows, like Alaskan seafood, have been rerouted, but the primary impact is customer hesitancy rather than a substantial change in volume.

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    Caitlin Burrows's questions to Lineage Inc (LINE) leadership • Q3 2024

    Question

    Caitlin Burrows asked for a comparison of the margin or productivity of a fully automated facility like Hazelton versus a traditional warehouse.

    Answer

    CEO W. Lehmkuhl clarified that the company focuses on return on invested capital, not margin, targeting 9-11% yields for all development projects, whether automated or conventional. For a highly automated facility like Hazelton, he noted they expect substantial labor savings of over 50%.

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    Caitlin Burrows's questions to Vornado Realty Trust (VNO) leadership

    Caitlin Burrows's questions to Vornado Realty Trust (VNO) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs inquired about the elevated levels of tenant improvement and leasing commissions as a percentage of rent, and asked for an update on the company's dividend policy.

    Answer

    EVP of Office Leasing Glen Weiss responded that while TIs have stabilized, free rent concessions are decreasing, which should improve net effective rents. President and CFO Michael Franco stated that for 2025, the dividend is expected to be at least equal to last year's $0.74 per share, and the board will seriously consider reinstating a regular quarterly dividend at year-end.

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    Caitlin Burrows's questions to Vornado Realty Trust (VNO) leadership • Q1 2025

    Question

    Caitlin Burrows of Goldman Sachs questioned management's confidence that macroeconomic uncertainty would not impact leasing, asking for observable trends through Q1 and into May. She also asked for guidance on potential refinancing headwinds for remaining 2025 and early 2026 maturities.

    Answer

    Executive Glen Weiss stated that leasing has not been impacted yet, though they remain mindful. President and CFO Michael Franco cited recent large deals by Deloitte, Amazon, and NYU as evidence of continued tenant commitment. Regarding refinancing, Franco noted the market is open and supportive of proceeds levels. While some loans will see coupon expansion, others will roll over close to flat, with the net impact already factored into guidance.

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    Caitlin Burrows's questions to Vornado Realty Trust (VNO) leadership • Q3 2024

    Question

    Caitlin Burrows of Goldman Sachs asked what conditions would be necessary for Vornado to reinstate its quarterly dividend. She also inquired about the expected timeline for the PENN2 lease-up to begin contributing to earnings and reach its projected yield.

    Answer

    Chairman and CEO Steven Roth explained the current dividend policy was an interim strategy to conserve cash and protect the balance sheet, which was endorsed by shareholders. He stated the company would likely return to a normal policy as business conditions normalize. President and CFO Michael Franco noted that significant earnings impact from PENN2 leasing is not expected until 2026 due to tenant build-out timelines.

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    Caitlin Burrows's questions to Vornado Realty Trust (VNO) leadership • Q2 2024

    Question

    Caitlin Burrows from Goldman Sachs asked about the sustainability of positive rent spreads at 555 California in San Francisco and sought clarity on the 2025 earnings outlook and any large upcoming lease expirations.

    Answer

    Glen Weiss, an executive, asserted that 555 California is insulated from the broader SF market and expects its strong performance to continue. He also noted that the 2025 lease expiration schedule is modest, with the bulk of major expirations now in the past. This supports the view of an improving earnings trajectory into late 2025.

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    Caitlin Burrows's questions to Tanger Inc (SKT) leadership

    Caitlin Burrows's questions to Tanger Inc (SKT) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs asked for an update on the status of 2025 lease expirations and questioned the level of competition for acquisition deals.

    Answer

    CFO Michael Bilerman reported that approximately 80% of the 2025 lease expirations have been addressed through renewals or re-tenanting, with active talks for the remainder. On acquisitions, he stated Tanger is highly active in both marketed and off-market deals, leveraging its strong balance sheet (5x debt-to-EBITDA) and available forward equity to pursue value-add opportunities in outlets and open-air lifestyle centers.

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    Caitlin Burrows's questions to Tanger Inc (SKT) leadership • Q1 2025

    Question

    Caitlin Burrows raised concerns about potential shortages of excess inventory for outlet centers and asked for an update on leasing activity through April and the outlook for ICSC.

    Answer

    President and CEO Stephen Yalof expressed optimism, stating that supply chain disruptions can ultimately benefit the outlet channel, as seen post-COVID. He and EVP, Leasing Justin Stein described leasing fundamentals as strong, with renewals well ahead of schedule at 57% complete and robust deal activity in Q1 and April, creating a positive outlook for the remainder of 2025.

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    Caitlin Burrows's questions to Tanger Inc (SKT) leadership • Q4 2024

    Question

    Caitlin Burrows asked about the structure of overage rents and whether they have normalized, and sought clarification on occupancy metrics, including whether the 98% figure is leased or occupied, the level of temporary tenancy, and its seasonality.

    Answer

    Executive Justin Stein confirmed Tanger continues to strategically convert variable percentage rents into fixed base rents. President & CEO Stephen Yalof noted that temporary occupancy remains around 10% and is a key strategy for maintaining vibrancy and cash flow. CFO & CIO Michael Bilerman clarified the 98% figure represents physical occupancy, not the leased rate.

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    Caitlin Burrows's questions to Tanger Inc (SKT) leadership • Q3 2024

    Question

    Caitlin Burrows of Goldman Sachs asked for details on the pipeline for new brands, the status of activating peripheral land, the financial impact of recent hurricanes, and the company's target leverage range.

    Answer

    Executive Vice President of Leasing Justin Stein used Birkenstock as an example of a new brand successfully expanding within the portfolio. President and CEO Stephen Yalof stated that while half the portfolio has land activation opportunities, the approach is a thoughtful allocation of capital. Yalof also confirmed no significant financial impact from the hurricanes is expected in Q4. CFO and CIO Michael Bilerman reiterated the target net debt-to-EBITDA range of 5x to 6x.

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    Caitlin Burrows's questions to BXP Inc (BXP) leadership

    Caitlin Burrows's questions to BXP Inc (BXP) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs asked about the potential for a dividend reset as a funding source, inquiring about the possible reduction amount based on taxable income and the rationale for waiting.

    Answer

    Michael LaBelle, EVP, CFO & Treasurer, confirmed a dividend reset is a potential funding source. He noted the dividend has been covered by FAD but exceeded taxable income, pointing to the reported return of capital in 2024 as an indicator of flexibility. He stated no decision has been made and the company has time to evaluate its options.

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    Caitlin Burrows's questions to BXP Inc (BXP) leadership • Q4 2024

    Question

    Caitlin Burrows questioned the confidence in sustained positive absorption in San Francisco, given that some traditional tenants like law firms are still reducing their footprints.

    Answer

    Executive Rodney Diehl acknowledged the rightsizing by traditional tenants but stressed that this is being offset by a new wave of demand from technology and AI companies. He cited major AI-related leases as evidence of this new growth engine and pointed to Q4's positive net absorption as a key indicator that the market dynamic is shifting favorably.

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    Caitlin Burrows's questions to BXP Inc (BXP) leadership • Q3 2024

    Question

    Caitlin Burrows asked for a bigger-picture view on the long-term trajectory for FFO, considering factors like occupancy gains, development completions, and debt refinancing.

    Answer

    President Douglas Linde expressed optimism for long-term growth. He highlighted significant internal growth potential from leasing up vacant space, noting every 100 basis points of occupancy gain adds substantial revenue. He also expects external growth to be accretive and believes the net impact from interest rates will be manageable as lower short-term rates on floating debt help offset higher fixed-rate refinancing.

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    Caitlin Burrows's questions to Essential Properties Realty Trust Inc (EPRT) leadership

    Caitlin Burrows's questions to Essential Properties Realty Trust Inc (EPRT) leadership • Q2 2025

    Question

    Caitlin Burrows of Goldman Sachs asked about the drivers behind the higher GAAP cap rate in Q2, given the consistent cash cap rate, and inquired about the strategy for sourcing new, non-repeat business.

    Answer

    CEO Pete Mavoides attributed the strong 9.7% GAAP yield to successfully negotiating longer lease terms and higher rent escalations, which he suggested was possible due to a less competitive environment. COO Max Jenkins outlined a three-pronged approach for sourcing new tenants: referrals, industry conference engagement, and direct cold outreach.

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

    Question

    Caitlin Burrows from Goldman Sachs inquired about the reliance of investment volume on tenant expansion plans and how that might be affected by the economic environment. She also asked under what circumstances the company's low leverage of 3.4x might increase.

    Answer

    CEO Peter Mavoides stated that tenant expansion, M&A, and development provide a consistent source of opportunities, and while activity might diminish at the margin, less competition would offset this, leading to a steady flow. CFO Mark Patten addressed leverage, noting the company has been 'thoughtfully over-equitized' and has significant liquidity (unsettled forward equity, retained cash flow) to fund growth into 2026 before needing to increase leverage toward their historical 4x-5x range.

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    Caitlin Burrows's questions to Essential Properties Realty Trust Inc (EPRT) leadership • Q4 2024

    Question

    Caitlin Burrows asked about the impact of recent interest rate volatility on business operations and pricing. She also inquired about the rationale behind the Q4 dispositions and how to view them in terms of portfolio management versus a source of capital. Later, she asked about the decision-making process between using equity versus debt for future funding.

    Answer

    CEO Peter Mavoides explained that the company's 60-90 day transaction cycle and long-term investment horizon insulate it from short-term rate volatility, allowing for more consistent pricing. He clarified that the Q4 dispositions, primarily in the carwash sector, were driven by portfolio and risk management to reduce industry exposure below their 15% soft ceiling, rather than as an accretive capital source. CFO Mark Patten later detailed the funding strategy, noting a historical 60% equity/40% debt split that is evolving to include 10% from retained free cash flow. He emphasized their opportunistic approach to both equity and debt markets, supported by a strong balance sheet.

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    Caitlin Burrows's questions to Essential Properties Realty Trust Inc (EPRT) leadership • Q3 2024

    Question

    Caitlin Burrows asked about the strategy behind using the ATM to issue more forward shares versus settling existing ones, and questioned the drivers behind property dispositions, the buyer profile, and the depth of the market.

    Answer

    CFO Mark Patten clarified that the company plans to settle a significant portion of its forward equity in Q4 to fund investments and pay down its revolver, ensuring ample liquidity for 2025 with minimal new equity needs. CEO Peter Mavoides added that dispositions are a risk management tool used to manage industry and tenant concentrations and to sell underperforming assets into a deep pool of local, regional, and 1031 buyers.

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    Caitlin Burrows's questions to SL Green Realty Corp (SLG) leadership

    Caitlin Burrows's questions to SL Green Realty Corp (SLG) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs asked about typical in-place lease escalators and whether they have shifted recently. She also inquired about the number of competing bids for the downstate casino license.

    Answer

    EVP Steven Durels explained that most leases include pass-throughs for expense increases plus a base rent bump every five years. Chairman & CEO Marc Holliday stated that SLG is one of eight applicants that filed for the three available casino licenses.

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    Caitlin Burrows's questions to SL Green Realty Corp (SLG) leadership • Q4 2024

    Question

    Caitlin Burrows of Goldman Sachs asked for an explanation of the high 'other income' in Q4 and for expectations regarding the trend in economic occupancy for the upcoming year.

    Answer

    Matthew Diliberto, an executive, clarified that the significant 'other income' in Q4 was expected and primarily due to fee income from the One Vanderbilt joint venture sale, which was previously guided. He reiterated that economic occupancy will trend upward throughout 2025, lagging the growth in leased occupancy as spaces are prepared for tenants.

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    Caitlin Burrows's questions to SL Green Realty Corp (SLG) leadership • Q3 2024

    Question

    Caitlin Burrows from Goldman Sachs asked how the increased year-end lease occupancy guidance would translate into economic occupancy and rent recognition. She also requested an update on 245 Park Avenue, covering its redevelopment, leasing progress, and the timing of a potential joint venture sale.

    Answer

    Executive Matthew Diliberto explained that income recognition from new leases on vacant space typically has a 6-to-12-month delay for build-outs, so the benefits of this year's occupancy gains will materialize over 2025. Regarding 245 Park, CEO Marc Holliday detailed the $200 million redevelopment. Executive Steven Durels added that a forthcoming lease will take the building above 90% occupancy. Executive Harrison Sitomer noted that with these milestones, the asset is well-positioned to attract investor interest for a JV partnership, with a roadshow planned in the coming weeks.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership

    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q2 2025

    Question

    Caitlin Burrows of Goldman Sachs Group, Inc. asked if reducing rent prices could effectively create more leasing demand. She also inquired about the rationale for issuing public unsecured bonds now versus in prior years. In a follow-up, she asked about market conditions in Southern California and which markets were currently the strongest or weakest.

    Answer

    President and CEO Peter Baccile stated that lowering rent does not create new demand and the focus is on the total NPV of a deal, including concessions and timing. CFO Scott Musil explained the bond issuance was driven by having a clear path to be a serial issuer and favorable public market pricing. CIO Johannson Yap and EVP Peter Schultz identified Nashville and parts of Dallas and Houston as strong markets, while noting a 5% rent decline in Southern California from Q1 to Q2.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs asked about the effectiveness of reducing rent to create demand, the rationale for the recent public bond issuance, conditions in the Southern California market, and which markets are currently strongest or weakest.

    Answer

    CEO Peter Baccile stated that lowering rent does not create new demand. CFO Scott Musil explained the bond issuance was driven by a path to becoming a serial public issuer and favorable pricing. CIO Johannson Yap noted SoCal rents dipped 5% in Q2 but remain double pre-COVID levels. EVP Peter Schultz and CEO Baccile highlighted Nashville, Florida, and submarkets of Dallas and Houston as strong performers.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q1 2025

    Question

    Caitlin Burrows from Goldman Sachs asked about the land acquisition process, specifically how the company managed to close on the Philadelphia land and start development quickly, and questioned the sustainability of 6-7%+ development yields given rising costs. She also followed up on the mechanics of securing favorable long-term land contracts.

    Answer

    EVP Peter Schultz explained the Philadelphia site was an off-market deal put under contract years ago, subject to a lengthy rezoning and entitlement process which they were able to navigate with extensions. CEO Peter Baccile addressed yields, stating that their current land bank can support development at over a 7% yield. He noted that tying up land long-term while completing entitlement work is a key strategy for achieving high yields, a process driven by the local team's expertise and relationships.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q1 2025

    Question

    Caitlin Burrows from Goldman Sachs inquired about the land acquisition process for the Philadelphia deal and the sustainability of achieving 6-7%+ development yields given rising costs. In a follow-up, she asked for more detail on how such long-term land purchase agreements are structured.

    Answer

    EVP Peter Schultz explained the Philadelphia site was an off-market deal secured years ago, subject to obtaining entitlements, which de-risked the process. CEO Peter Baccile added that the company's current land bank supports about $1.9 billion in future development at over a 7% yield. Regarding deal structure, Mr. Schultz described it as a core competency of their local teams, involving cultivating relationships and negotiating terms that allow for a prolonged entitlement process.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q4 2024

    Question

    Caitlin Burrows from Goldman Sachs asked about the risk of tenants having excess space, the potential impact of automation, and whether price reductions could accelerate leasing for slower-moving development projects.

    Answer

    President and CEO Peter Baccile noted that while national sublease space is up, it is not impacting FR's revenue. CIO Jojo Yap added that they are not seeing a major shift in space needs due to automation. Executive Vice President Peter Schultz stated that the elongated lease-up times are not primarily a price issue but rather a function of a slower pace of tenant decision-making.

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    Caitlin Burrows's questions to First Industrial Realty Trust Inc (FR) leadership • Q3 2024

    Question

    Caitlin Burrows asked about the catalysts needed for new leasing activity to accelerate and the current state of tenant space utilization. She also inquired about the acquisition versus disposition strategy, particularly the rationale behind the fully-leased Houston acquisition.

    Answer

    Executive Vice President Peter Schultz noted that tenant space utilization is high, but decision-making on new leases remains deliberate due to macro uncertainty. CEO Peter Baccile added that pent-up demand exists. Regarding strategy, Chief Investment Officer Jojo Yap explained the Houston acquisition was an off-market deal where the seller valued certainty, allowing First Industrial to acquire a high-quality asset at a 5.9% cash yield. Peter Baccile also stated that the large-scale disposition program is largely complete and future sales volume will be much lower.

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    Caitlin Burrows's questions to Prologis Inc (PLD) leadership

    Caitlin Burrows's questions to Prologis Inc (PLD) leadership • Q2 2025

    Question

    Caitlin Burrows from Goldman Sachs requested more detail on the drivers behind the increased FFO guidance, noting that occupancy and pricing expectations appeared relatively unchanged.

    Answer

    CFO Tim Arndt clarified that the guidance increase reflects a calmer environment since April, improved visibility for the rest of the year, and permanent outperformance from Q1 and Q2. He stated that while the same-store NOI guidance midpoint is the same, the range was narrowed to express confidence that results will land at the stronger end.

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    Caitlin Burrows's questions to Prologis Inc (PLD) leadership • Q1 2025

    Question

    Caitlin Burrows inquired about lease gestation periods, asking which types of customers are proceeding with decisions versus those who are delaying in the current environment.

    Answer

    Christopher Caton, Managing Director, noted that lease gestation times were elevated in Q1 due to seasonality and mix, and he expects them to remain high. Hamid Moghadam, CEO, added that despite the uncertainty, Prologis signed a significant number of build-to-suits in the past two weeks, indicating that some customers with solid underlying businesses are moving forward.

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    Caitlin Burrows's questions to Prologis Inc (PLD) leadership • Q4 2024

    Question

    Caitlin Burrows of Goldman Sachs inquired about the current trends in the lease renewal business, asking if tenants are still renewing at high rates and the reasons for non-renewal.

    Answer

    Managing Director Christopher Caton confirmed that many customers are still interested in renewing, but noted an expansion in the new leasing pipeline as more customers look to grow. CEO Hamid Moghadam added that the primary reasons for non-renewal are changes in space needs (more or less) or location, and that limited availability in a 95% leased portfolio can sometimes lead to losing tenants who would otherwise prefer to stay.

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    Caitlin Burrows's questions to Prologis Inc (PLD) leadership • Q3 2024

    Question

    Caitlin Burrows requested an update on the company's newer digital (data center) and energy business lines, asking about their focus, near-term steps, and the portion of Q3 development starts attributable to data centers.

    Answer

    Timothy Arndt, CFO, reported that the energy business started over 50 megawatts of new systems in the quarter, putting it on track for its 1-gigawatt goal by 2025. Dan Letter, President, detailed the data center pipeline, which includes 1.6 gigawatts of secured power. He clarified that the Q3 start was not a new project but the conversion of an existing powered shell into a full turnkey facility for a hyperscale customer.

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    Caitlin Burrows's questions to Simon Property Group Inc (SPG) leadership

    Caitlin Burrows's questions to Simon Property Group Inc (SPG) leadership • Q1 2025

    Question

    Caitlin Burrows asked about the Q1 performance of Other Platform Investments (OPI), progress on synergies, and the potential tariff impact on JCPenney and other Catalyst brands.

    Answer

    CEO David Simon reported that the Catalyst brands within OPI showed 'real improvement' quarter-over-quarter, driven by synergies and the resolution of the Forever 21 bankruptcy. He noted that while JCPenney has some China sourcing exposure, it is manageable. Despite uncertainties, he expects the Catalyst group to achieve positive EBITDA for the year.

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    Caitlin Burrows's questions to Simon Property Group Inc (SPG) leadership • Q4 2024

    Question

    Caitlin Burrows from Goldman Sachs Group, Inc. inquired about the broader acquisition pipeline and how the company balances M&A with other capital allocation priorities like share buybacks, redevelopment, and dividend growth.

    Answer

    Chairman and CEO David Simon stated that with no 'big, big' deals on the horizon, the current philosophy is to 'do it all.' He confirmed Simon is pursuing a few smaller, high-quality transactions but has ample capacity, due to its delevered balance sheet, to simultaneously fund redevelopment, repurchase stock, and increase the dividend.

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    Caitlin Burrows's questions to Simon Property Group Inc (SPG) leadership • Q3 2024

    Question

    Caitlin Burrows inquired about the depth and composition of Simon's growing development and redevelopment pipeline, asking about the potential for anchor replacements, retail redevelopments, and large-scale mixed-use projects.

    Answer

    David Simon, Chairman, CEO, and President, detailed a pipeline of approximately $4 billion, with significant opportunities in mixed-use projects. He noted a residential pipeline over $1 billion and mentioned specific projects like Fashion Valley. He explained that while some markets have seen residential oversupply, Simon's projects are timed to deliver in 2-4 years when new supply will be scarce. He also confirmed that large speculative office projects are not part of the current strategy.

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    Caitlin Burrows's questions to Macerich Co (MAC) leadership

    Caitlin Burrows's questions to Macerich Co (MAC) leadership • Q1 2025

    Question

    Caitlin Burrows of Goldman Sachs asked what level of tenant fallout and non-renewals is assumed in the company's long-term physical permanent occupancy targets, expressing concern about potential future vacancies.

    Answer

    Jackson Hsieh, President and CEO, confirmed that the company's target to increase physical permanent occupancy by 500 basis points already takes into full consideration any anticipated fallout from planned store closures and tenants that the company is actively replacing.

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    Caitlin Burrows's questions to Safehold Inc (SAFE) leadership

    Caitlin Burrows's questions to Safehold Inc (SAFE) leadership • Q1 2025

    Question

    Caitlin Burrows from Goldman Sachs followed up on the LOI pipeline, asking for quantification of any deals that have already closed and the typical timeline from LOI to closing. She also questioned the meaning behind the 'public vs. private market disconnect' and whether it implied potential asset sales.

    Answer

    Chief Investment Officer Timothy Doherty explained that closing timelines vary but all deals in the pipeline are expected to close within the year. Chairman and CEO Jay Sugarman confirmed that the earliest deals are beginning to close. CFO Brett Asnas addressed the valuation disconnect, stating that the company is actively exploring opportunities like asset sales or joint ventures to close the value gap and will update the market on their progress.

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    Caitlin Burrows's questions to Safehold Inc (SAFE) leadership • Q4 2024

    Question

    Caitlin Burrows followed up on the affordable housing strategy, asking why that segment is particularly active now and what the long-term differences are for Safehold in terms of yield and coverage versus traditional multifamily. She also asked if funding new investments via dispositions would result in a positive investment spread.

    Answer

    Chief Investment Officer Timothy Doherty attributed the activity in affordable housing to its stability, driven by the national housing shortage, noting its investment characteristics are similar to conventional multifamily. Chairman and CEO Jay Sugarman added that ground leases help stretch limited tax credit capital. On the second point, Mr. Sugarman confirmed that achieving a positive spread between the yield on new investments and the cost of capital from dispositions is a key metric they will target.

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    Caitlin Burrows's questions to Safehold Inc (SAFE) leadership • Q3 2024

    Question

    Caitlin Burrows asked about the company's process for managing ground leases when a property's value declines and the GLTV increases, questioning if modifications are considered. She also asked for the rationale behind buying out the JV's interest in certain properties now, when those same properties were initially placed in the JV.

    Answer

    Chairman and CEO Jay Sugarman clarified that Safehold expects value volatility and cannot unilaterally change lease terms if GLTV rises, but their long-term capital provides stability for owners to execute their business plans. Regarding the JV buyout, he explained that Safehold would have preferred to own those attractive smaller deals 100% from the start, but their partner had an exclusive right to participate. The buyout was a mutually beneficial transaction now that the exclusive period has ended.

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    Caitlin Burrows's questions to Kilroy Realty Corp (KRC) leadership

    Caitlin Burrows's questions to Kilroy Realty Corp (KRC) leadership • Q1 2025

    Question

    Caitlin Burrows asked for quantification of the capitalized interest impact from the KOP 2 and Flower Mart projects and inquired about the types of tenants, besides AI companies, that are currently active in the market.

    Answer

    EVP and CFO Jeffrey Kuehling clarified that KOP 2's capitalized interest will cease in early 2026, while Flower Mart's is about $7 million per quarter plus $1 million in carry costs. EVP and Chief Leasing Officer Rob Paratte noted that outside of AI, there is notable activity from professional services and law firms, citing major renewals and moves by JPMorgan and Morgan Lewis in San Francisco as key examples.

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    Caitlin Burrows's questions to Kilroy Realty Corp (KRC) leadership • Q4 2024

    Question

    Caitlin Burrows of Goldman Sachs inquired about the expected time from lease signing to occupancy for both a spec suite and a larger shell space at KOP. She also asked for a breakdown of the factors that caused 2024 FFO to materially exceed original guidance, distinguishing between onetime items and recurring trends.

    Answer

    Executive A. Paratte estimated that a KOP spec suite could be occupied almost immediately, while a larger shell space would likely require 9-12 months for build-out. Executive Jeffrey Kuehling explained that the 2024 FFO beat was largely driven by non-recurring items, including significant restoration fee income not expected to repeat in 2025, a termination fee from the Walmart deal, and the gain on the sale of the corporate airplane.

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    Caitlin Burrows's questions to Kilroy Realty Corp (KRC) leadership • Q3 2024

    Question

    Caitlin Burrows requested more detail on the competitiveness of the sublease market in San Francisco and whether it detracts from direct leasing. She also asked if previously mentioned large requirements in the market referred to the recent OpenAI lease or other deals.

    Answer

    CEO Angela Aman and EVP, Chief Leasing Officer Rob Paratte explained that the San Francisco sublease market is becoming less competitive as expiring terms shorten, making direct deals and spec suites more attractive. Angela Aman clarified that her prior comments on large requirements did not refer to OpenAI and that other deals around 100,000 sq. ft. remain active. Rob Paratte added that 200,000 sq. ft. of other large tech leases are pending.

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    Caitlin Burrows's questions to Public Storage (PSA) leadership

    Caitlin Burrows's questions to Public Storage (PSA) leadership • Q1 2025

    Question

    Caitlin Burrows asked about current trends with the Existing Customer Rate Increase (ECRI) program and how the portfolio might perform in a downturn where consumers are constrained.

    Answer

    H. Boyle stated that the ECRI program is performing in line with expectations, with customer price sensitivity remaining consistent through April. He noted that while a downturn could pressure payment patterns, the industry is resilient due to countercyclical demand drivers and is well-positioned with current move-in rents already at low levels.

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    Caitlin Burrows's questions to Public Storage (PSA) leadership • Q4 2024

    Question

    Caitlin Burrows asked about the company's target leverage levels and the factors influencing the decision to move higher or lower. She also followed up on development, asking about the expected lease-up pace and yields for recent and in-process projects.

    Answer

    Executive H. Boyle stated that leverage ended the year at 3.9x, slightly below the 4x-5x long-term target, providing capacity. He confirmed that the development underwriting target remains a yield of 8% plus or minus, achieved over a consistent 3-to-4-year lease-up period, and this expectation has not changed for recent projects.

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    Caitlin Burrows's questions to Public Storage (PSA) leadership • Q3 2024

    Question

    Caitlin Burrows asked if the reduced full-year acquisition guidance was due to timing, with deals slipping into 2025, or if deals had been cancelled. She also inquired about the pace of development deliveries expected for 2024, 2025, and 2026.

    Answer

    Executive H. Boyle confirmed the guidance change was purely a timing issue, as a recent pickup in dialogue means more deals are now likely to close in early 2025. CEO Joseph Russell stated that 2024 will be a record year for development deliveries at around $430 million. He anticipates a slight decrease in 2025 due to longer entitlement timelines but aims to ramp deliveries back up in 2026 and beyond.

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership

    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q1 2025

    Question

    Caitlin Burrows requested details on the watchlist tenant Clair's and asked for an update on the progress toward the $500 million build-to-suit pipeline goal for the year.

    Answer

    CEO John Moragne described the Clair's asset as a corporate headquarters and distribution facility, noting the tenant is managing tariff impacts and realigning its store footprint. He reaffirmed the $500 million build-to-suit goal for 2025, stating the pipeline remains robust and that adding new developer partners like Prologis is key to expanding opportunities and hitting the target.

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q1 2025

    Question

    Caitlin Burrows inquired about the status of watchlist tenant Clair's and asked for an update on the build-to-suit pipeline's progress toward its $500 million annual goal, questioning if any deals had shifted.

    Answer

    CEO John Moragne detailed that the Clair's asset is a well-located corporate headquarters and distribution warehouse, and the company is monitoring the tenant's strategy to navigate tariffs and up-tier its store footprint. He reaffirmed the $500 million build-to-suit goal for the year, stating the pipeline remains robust and that adding new developer partners like Prologis will help achieve this target despite macroeconomic uncertainty.

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q4 2024

    Question

    Caitlin Burrows inquired about the evolution of sourcing for build-to-suit deals and whether a potential upcoming announcement could involve a formal partnership. She also asked about the role of retained cash in funding 2025 investments and if there was room for a dividend reduction to retain more cash.

    Answer

    CEO John Moragne attributed improved deal sourcing to the company's growing reputation, referrals from happy partners, and an expanded team with deep developer relationships. He hinted that upcoming announcements could include both new projects and new relationships. CFO Kevin Fennell noted that BNL retains around $60 million in cash annually, which is a key funding component. He firmly stated that a dividend reduction is not on the table, as the dividend is well-covered.

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q4 2024

    Question

    Caitlin Burrows inquired about the evolution of BNL's build-to-suit sourcing strategy and whether an upcoming announcement might involve a formal partnership. She also asked about the role of retained cash in funding 2025 investments and the safety of the dividend relative to taxable income.

    Answer

    CEO John Moragne described the build-to-suit sourcing as evolving organically through reputation, referrals, and an expanded team, with future announcements to cover both new projects and new relationships. CFO Kevin Fennell noted that approximately $60 million in retained cash contributes to funding and affirmed the dividend is well-covered and a reduction is 'not on the table.'

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Caitlin Burrows asked for more detail on the 'pockets of credit risk' mentioned in the prepared remarks. She also inquired about the performance of the restaurant portfolio and whether the focus on build-to-suits with existing tenants could increase concentration risk.

    Answer

    CEO John Moragne identified the 'usual suspects' for credit risk, including Red Lobster, At Home, and certain clinical healthcare operators. He stated the restaurant portfolio is performing well, with rent coverage around 3.3x. On concentration, he affirmed BNL has a strict policy of not exceeding 5% of ABR for any single tenant, which effectively manages this risk.

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    Caitlin Burrows's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Caitlin Burrows of Goldman Sachs requested more detail on the 'pockets of credit risk' mentioned, asked about the performance of the restaurant portfolio, and questioned how BNL balances tenant concentration risk with its build-to-suit strategy.

    Answer

    CEO John Moragne identified the 'usual suspects' for credit risk, including Red Lobster, At Home, and certain furniture and clinical health operators. He noted the restaurant portfolio is performing well with 3.3x average rent coverage. To manage concentration, Moragne emphasized a strict policy of not exceeding 5% of ABR for any single tenant.

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    Caitlin Burrows's questions to VICI Properties Inc (VICI) leadership

    Caitlin Burrows's questions to VICI Properties Inc (VICI) leadership • Q1 2025

    Question

    Caitlin Burrows of Goldman Sachs Group Inc. asked why Red Rock Resorts chose VICI for development funding, the expected timing of the funding, and the potential for future opportunities with the new partner.

    Answer

    President and COO John W. Payne attributed the deal to a long-standing relationship cultivated since 2017. CEO Edward Pitoniak added that funding will follow a regular construction draw schedule through September 2026. While management expressed tremendous respect for Red Rock and a desire for future partnerships, they clarified that the current deal is a single transaction with no further commitments at this time.

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    Caitlin Burrows's questions to VICI Properties Inc (VICI) leadership • Q4 2024

    Question

    Caitlin Burrows asked how VICI weighs development funding, which is eventually repaid, against permanent acquisitions for recurring income, and requested details on the settlement of its outstanding forward equity.

    Answer

    CEO Ed Pitoniak responded that VICI is not concerned about capital being repaid from partners like Cain and Eldridge due to the deep pipeline of future opportunities, allowing for capital to be rolled into new ventures. CFO David Kieske explained that forward equity contracts are typically one year but are commonly extended, and guidance uses the treasury stock method for dilution, not assuming the full settlement of forwards which are match-funded against potential acquisitions.

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    Caitlin Burrows's questions to VICI Properties Inc (VICI) leadership • Q3 2024

    Question

    Representing Caitlin Burrows from Goldman Sachs, an analyst asked about other specific Partner Property Growth opportunities in the pipeline beyond the Venetian. They also inquired whether the majority of VICI's new relationship-building efforts are focused on the non-gaming space.

    Answer

    President and COO John W. Payne highlighted the potential for future investment in the Las Vegas 'sports triangle' but stated there was nothing to announce at this time. CEO Edward Pitoniak added that MGM's own materials point to the opportunity to densify assets in that area. Payne clarified that while non-gaming deals may be more frequent and smaller, VICI is not prioritizing them over gaming and continues to see significant opportunities with new gaming partners globally.

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    Caitlin Burrows's questions to Extra Space Storage Inc (EXR) leadership

    Caitlin Burrows's questions to Extra Space Storage Inc (EXR) leadership • Q1 2025

    Question

    In a follow-up question, Caitlin Burrows of Goldman Sachs asked for a more precise estimate of what percentage of the company's tenant base consists of business users.

    Answer

    CEO Joseph Margolis explained that while it's difficult to track precisely, about 5-6% of tenants sign leases in a corporate name. The total percentage is likely higher, as many small business owners sign leases as individuals. He also noted that this percentage has declined over time as the portfolio has shifted towards multistory buildings, which are less preferred by business users.

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    Caitlin Burrows's questions to Extra Space Storage Inc (EXR) leadership • Q4 2024

    Question

    Jeremy Keel, on behalf of Caitlin Burrows, asked whether a reduction in new supply could significantly improve move-in rates if housing turnover remains low, questioning if less competition can drive pricing power amid soft demand.

    Answer

    CEO Joseph Margolis positioned supply reduction as a helpful positive factor but not a sole driver. He also challenged the premise of 'low demand,' stating that while down from pandemic highs, demand is historically healthy and steady, allowing them to maintain high occupancy. The primary headwind, he noted, is new customer price sensitivity, not a lack of potential renters.

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    Caitlin Burrows's questions to Extra Space Storage Inc (EXR) leadership • Q3 2024

    Question

    Caitlin Burrows asked about the acquisition environment, including seller profiles and pricing alignment, and questioned what differentiates properties with stronger move-in rate trends.

    Answer

    CEO Joseph Margolis confirmed an increase in accretive acquisition opportunities but noted it's too early to define market-wide seller trends. He identified the two most significant factors weighing on move-in rates as heavy new supply in a market and difficult year-over-year comparisons, emphasizing the cyclical nature of real estate.

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    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership

    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership • Q1 2025

    Question

    Caitlin Burrows followed up on the redevelopment topic, asking how potential tariffs could impact costs for tenant improvements and new projects, and what that implies for the sustainability of development yields.

    Answer

    CEO Jim Taylor explained that Brixmor mitigates this risk by not committing significant capital until a project is pre-leased and construction costs are fixed through a GMAX contract. He stated that while future tariffs could increase costs, the company would push rents to ensure returns remain accretive, or else it would not proceed with a project.

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    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership • Q4 2024

    Question

    Caitlin Burrows asked for confirmation on transaction cap rates and inquired about expectations for small shop occupancy throughout the upcoming year, given its current record high.

    Answer

    CEO James Taylor confirmed that dispositions and acquisitions were both in the 6-7% cap rate range, with acquisitions offering higher growth. President and COO Brian Finnegan noted that while they don't provide occupancy guidance, they still see a path to the low 90s for small shops, implying a few hundred basis points of long-term growth despite expected short-term impacts from box recaptures.

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    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership • Q4 2024

    Question

    Caitlin Burrows of Goldman Sachs asked for confirmation on Q4 acquisition and disposition cap rates, the outlook for small shop occupancy, how value retailers thrive in the current environment, and the plan for maturing debt.

    Answer

    CEO James Taylor confirmed a 6-7% cap rate range for both dispositions and value-add acquisitions. President & COO Brian Finnegan noted a long-term target in the low-90s for small shop occupancy and explained that off-price retailers benefit from consumer trade-down. EVP & CIO Mark Horgan clarified that the maturing debt was pre-funded in May 2024.

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    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership • Q3 2024

    Question

    Caitlin Burrows asked for details on the Acton Plaza acquisition and later followed up on whether acquisition cap rates are now higher than disposition cap rates.

    Answer

    CIO Mark Horgan described the Acton Plaza acquisition as a competitive process where Brixmor's all-cash buyer status was an advantage. CEO Jim Taylor added the asset has below-market rents and densification opportunities. Regarding spreads, Horgan explained their focus is on hold IRR, and while there might be a slight cap rate difference between acquisitions and dispositions, it is not expected to be material. Taylor characterized the near-term impact as neutral.

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    Caitlin Burrows's questions to Brixmor Property Group Inc (BRX) leadership • Q3 2024

    Question

    Caitlin Burrows asked for details on the Acton Plaza acquisition, including cap rate and upside, and also requested a definition of the term 'legal pipeline.'

    Answer

    President & COO Brian Finnegan defined the 'legal pipeline' as leases that are out for signature. Regarding Acton Plaza, EVP & CIO Mark Horgan described it as a competitively bid asset where Brixmor's all-cash buyer status was an advantage. CEO James Taylor added that the property offers opportunities to capitalize on below-market rents and add density.

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    Caitlin Burrows's questions to Kimco Realty Corp (KIM) leadership

    Caitlin Burrows's questions to Kimco Realty Corp (KIM) leadership • Q4 2024

    Question

    Caitlin Burrows of Goldman Sachs asked about the net acquisition guidance, the tightness of the FFO guidance range, and the drivers behind the lower CapEx guidance for 2025 compared to 2024 actuals.

    Answer

    President & CIO Ross Cooper confirmed that future acquisitions would be match-funded by dispositions. CFO Glenn Cohen explained the $0.02 FFO range reflects good visibility and few one-time items. COO David Jamieson attributed the lower 2025 CapEx guidance to the timing of tenant improvement funding, as many projects came online in 2024, with new bankruptcy-related investments not expected to hit until 2026.

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    Caitlin Burrows's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Caitlin Burrows asked for an update on the leasing environment, specifically how current tenant demand compares to the recent past and its impact on spreads, bumps, and turnover.

    Answer

    COO David Jamieson characterized the leasing environment as very strong, driven by high demand and limited supply. He noted that leasing for 2025 rollovers is ahead of historical pace, with off-price and grocery tenants leading demand. This strength has enabled Kimco to achieve impressive new lease spreads and maintain steady leasing costs, with no material cracks appearing in the system.

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    Caitlin Burrows's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Caitlin Burrows of Goldman Sachs asked for more detail on the leasing environment, including tenant demand versus the recent past and its translation into spreads and lease terms.

    Answer

    COO David Jamieson described the leasing environment as very strong, driven by high demand and low supply. He noted that leasing for 2025 anchor rollovers is well ahead of historical trends, with off-price and grocers leading demand. This strength allows Kimco to continue pushing for favorable rent growth.

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