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    Connor Mitchell • Piper Sandler & Co.

    Connor Mitchell's questions to Federal Realty Investment Trust (FRT) leadership

    Connor Mitchell's questions to Federal Realty Investment Trust (FRT) leadership • Q1 2025

    Question

    Connor Mitchell of Piper Sandler & Co. asked about the recent trend of larger acquisitions in the sector, such as Federal Realty's purchase of Del Monte, and inquired about the potential duration of this cycle.

    Answer

    CEO Donald Wood explained that Federal Realty has always favored larger centers for their densification potential. He noted that current market unpredictability makes underwriting difficult, causing him to seek more visibility over the next 30-90 days. This suggests a cautious approach to new large deals until the economic landscape becomes clearer.

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    Connor Mitchell's questions to Innovative Industrial Properties Inc (IIPR) leadership

    Connor Mitchell's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q1 2025

    Question

    Connor Mitchell inquired about the factors enabling the rapid re-leasing of the Michigan property, the specific financial impact from defaulted tenants' security deposits and rent for modeling purposes, and whether regulatory delays for certain properties alter the company's market investment thesis.

    Answer

    CIO Ben Regin stated the quick re-leasing reflects a strong track record and robust inbound interest. CFO David Smith quantified that $5.8 million in security deposits were applied in Q1, which are now exhausted for key defaulted tenants, and that about $4.5 million in cash rent was collected from them. Ben Regin also noted that regulatory approval timelines are a normal part of the business and do not change their market views.

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    Connor Mitchell's questions to Howard Hughes Holdings Inc (HHH) leadership

    Connor Mitchell's questions to Howard Hughes Holdings Inc (HHH) leadership • Q1 2025

    Question

    Connor Mitchell inquired about the future leadership structure for the MPC business, the specific steps to achieve an investment-grade credit rating, and whether the $900 million cash infusion is intended to pay down existing debt.

    Answer

    An executive, likely Bill Ackman, clarified that David O'Reilly will remain CEO of the overall company, focusing on the real estate operations, while Ackman and Ryan Israel will focus on acquiring new businesses. Ackman stated that achieving an investment-grade rating will be aided by the $900 million capital infusion and the diversification into durable, cash-flowing businesses, which strengthens the parent company's credit profile. The cash is intended for acquiring new businesses, not for paying down debt at the real estate subsidiary, which is expected to become increasingly self-funding.

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    Connor Mitchell's questions to Douglas Emmett Inc (DEI) leadership

    Connor Mitchell's questions to Douglas Emmett Inc (DEI) leadership • Q1 2025

    Question

    Connor Mitchell asked if macroeconomic uncertainty and tariff discussions have led to any tenant fallout or canceled deals, and also requested an update on the development timeline for the recently acquired Westwood property.

    Answer

    President and CEO Jordan Kaplan confirmed they have not yet seen macro volatility impact their tenants, though they remain watchful for a potential recession. Regarding the Westwood development, Kaplan stated that planning is already underway with a goal to complete the new building within the next 3-4 years, as it is a by-right project.

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    Connor Mitchell's questions to Brixmor Property Group Inc (BRX) leadership

    Connor Mitchell's questions to Brixmor Property Group Inc (BRX) leadership • Q4 2024

    Question

    Connor Mitchell asked how Brixmor's tenant watch list has changed recently and requested color on any potential pending credit issues.

    Answer

    CEO James Taylor responded that the portfolio's underlying credit base is the best it has ever been, evidenced by record-low small shop move-outs for the second consecutive year. He noted the watch list is smaller than in the past and is more focused on categories like drugstores and theaters, which each represent less than 1% of ABR.

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    Connor Mitchell's questions to Brixmor Property Group Inc (BRX) leadership • Q4 2024

    Question

    Connor Mitchell of Piper Sandler inquired about recent changes to the tenant watch list, potential credit issues, and the likely outcomes for leases involved in recent bankruptcy proceedings like Big Lots and Party City.

    Answer

    CEO James Taylor stated the portfolio's credit base is the strongest it's ever been, with a smaller watch list focused on categories like drugstores and theaters. President & COO Brian Finnegan provided a fluid update on bankruptcy processes, noting some leases are in bidding processes while others were already acquired at auction, expressing confidence in re-leasing prospects due to strong demand.

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    Connor Mitchell's questions to Camden Property Trust (CPT) leadership

    Connor Mitchell's questions to Camden Property Trust (CPT) leadership • Q4 2024

    Question

    Connor Mitchell asked about the persistence of negative leverage in the transaction market and whether buyers might be too aggressive in underwriting rent growth for 2026 and 2027 to justify current pricing.

    Answer

    Chairman and CEO Richard Campo acknowledged that buyers are betting on outsized rent growth in 2026-2027, a pattern supported by historical post-downturn recoveries. He believes rising NOIs in 2025 will help bridge the valuation gap, even with stable cap rates. However, he conceded that if this NOI growth fails to materialize and interest rates do not decline, cap rates would need to rise, or the market could face a stalemate.

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    Connor Mitchell's questions to Newmark Group Inc (NMRK) leadership

    Connor Mitchell's questions to Newmark Group Inc (NMRK) leadership • Q3 2024

    Question

    Connor Mitchell inquired about the performance of office leasing, the outlook for retail and industrial properties, the reasons for the updated adjusted EBITDA guidance, and the strategy behind Newmark's international expansion.

    Answer

    Executive Michael Rispoli stated that the office leasing pipeline remains strong and attributed the adjusted EBITDA guidance change to the treatment of legal settlements, noting a large favorable settlement in the prior year. Executive Lou Alvarado confirmed continued tailwinds for industrial and retail, including data centers. CEO Barry Gosin detailed the European expansion strategy, emphasizing hiring top talent in new markets like Germany and France, replicating their successful U.S. model.

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    Connor Mitchell's questions to Vornado Realty Trust (VNO) leadership

    Connor Mitchell's questions to Vornado Realty Trust (VNO) leadership • Q2 2024

    Question

    Connor Mitchell from Piper Sandler asked for clarification on bullish high-street retail commentary versus reports of a large rent reduction for Sephora, and whether the 7.5% rate on a recent refinancing is a benchmark for future deals.

    Answer

    Glen Weiss and Michael Franco explained the Sephora deal was a short-term, non-market transaction outside the prime retail corridor. Franco added that the 7.5% refinancing rate is already outdated, with current rates likely 50 bps lower, and that the 731 Lexington refinancing will be at a much tighter spread due to the long-term Bloomberg lease.

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