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    Cooper Clark

    Research Analyst at Wells Fargo

    Cooper Clark is an analyst at Wells Fargo specializing in real estate investment trusts (REITs) and related sectors, providing in-depth quantitative and qualitative stock research. He directly covers companies such as Independence Realty Trust and Center, recently issuing recommendations with price targets projecting double-digit potential returns, such as a forecast to $24 for IRT and $68 for CSR. Clark has produced recent actionable ratings with documented upside targets, reflecting his active role in equity research at Wells Fargo; further information on his earlier career history and credentials is currently unavailable. Professional licenses and broader career details have not been made public, but he is recognized for initiating coverage and setting clear outlooks on companies within his specialty.

    Cooper Clark's questions to DiamondRock Hospitality (DRH) leadership

    Cooper Clark's questions to DiamondRock Hospitality (DRH) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo inquired about the strategy for balancing share buybacks with the potential redemption of preferred shares, and requested an update on the Sedona repositioning project's performance and forward booking trends.

    Answer

    CEO Jeff Donnelly stated that share buybacks remain an attractive use of capital at a near 10% cap rate. He noted that redeeming the preferreds is not in the current guidance but is an option the company will continue to evaluate. Regarding Sedona, he mentioned that while it's early, Q4 group bookings are accelerating at rates $150-$200 higher than the prior year, which is encouraging.

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    Cooper Clark's questions to DiamondRock Hospitality (DRH) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo inquired about DiamondRock's capital allocation strategy, specifically balancing share buybacks against redeeming preferred stock, and asked for an update on the Sedona repositioning.

    Answer

    CEO Jeffrey Donnelly stated that share buybacks remain a very appealing use of capital at a near 10% cap rate. While redeeming the preferred stock is an option the company will weigh, it is not currently in the 2025 guidance. Regarding Sedona, he noted that while it's early, booking pace is encouraging, with rates up significantly year-over-year.

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    Cooper Clark's questions to Apple Hospitality REIT (APLE) leadership

    Cooper Clark's questions to Apple Hospitality REIT (APLE) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo questioned the source of confidence for a Q4 RevPAR acceleration given weaker bookings for August and September. He also asked if the pace of asset dispositions could increase to fund more share buybacks.

    Answer

    CFO Liz Perkins cited positive booking positions for Q4, easier year-over-year comparisons without the election, and market share opportunities as reasons for confidence. CEO Justin Knight confirmed the company will continue to opportunistically sell assets to fund share repurchases as long as the significant arbitrage between private market values and its stock price persists, and they are actively testing the market for transactions.

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    Cooper Clark's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership

    Cooper Clark's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked about Federal Realty's development pipeline, seeking color on expected yields versus underwriting hurdles and how much development activity could increase in a more favorable economic environment.

    Answer

    President, CEO & Director Donald Wood explained that development focuses on retail redevelopments and monetizable residential projects. He stated they target yields of 7% or better for residential and high-single to low-double digits for retail, noting that activity could ramp up if interest rates decline.

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    Cooper Clark's questions to Elme Communities (ELME) leadership

    Cooper Clark's questions to Elme Communities (ELME) leadership • Q2 2025

    Question

    Cooper Clark asked for details on the distribution calculation for the remaining portfolio, specifically the pricing expectations. He also inquired about the sale prospects for the Watergate and Riverside assets, potential policy risks in Maryland, and a comparison of operating trends between the remaining portfolio and the legacy portfolio.

    Answer

    CFO Steven Freishtat stated that detailed estimates and assumptions for the distribution would be available in the forthcoming proxy statement. CEO Paul T. McDermott added that the Watergate and Riverside assets would be marketed in Q3 and they look forward to seeing market pricing. COO Tiffany Butcher addressed Maryland's rent control, noting it is now factored into investor underwriting, and provided high-level performance trends for the Virginia, Maryland, and D.C. markets, referring to the supplement for asset-level details.

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    Cooper Clark's questions to Elme Communities (ELME) leadership • Q1 2025

    Question

    Cooper Clark inquired about the multifamily transaction market in Washington D.C., asking about buyer sentiment and current cap rates. He also asked for context on the timing of a new board member's appointment in relation to the company's ongoing strategic review.

    Answer

    Paul T. McDermott, CEO, stated that the D.C. market is seeing continued capital flows, with investors viewing the 2026-2028 period as having a strong runway for rental growth. He provided specific cap rates: core deals at 4.25%-5%, core plus at 4.75%-5.25%, and value-add in the low-to-mid 5s. Regarding the board, McDermott explained the strategic review was decided last year, and the new member was added as part of a separate, ongoing board refreshment process.

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    Cooper Clark's questions to Ryman Hospitality Properties (RHP) leadership

    Cooper Clark's questions to Ryman Hospitality Properties (RHP) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo inquired about the Opry Entertainment Group (OEG), asking about the Q2 contribution from Southern Entertainment, future seasonality, and the timeline for a potential spin-off. He also asked if expectations for the JW Desert Ridge acquisition had changed.

    Answer

    Executive VP & CFO Jennifer Hutcheson stated the company does not break out financials for individual OEG businesses but noted Southern Entertainment's seasonality heavily weights Q2. On the JW Desert Ridge, President & CEO Mark Fioravanti confirmed expectations are unchanged and the acquisition remains on track to be accretive in FY26, noting the purchase timing missed the asset's most profitable first quarter.

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    Cooper Clark's questions to Park Hotels & Resorts (PK) leadership

    Cooper Clark's questions to Park Hotels & Resorts (PK) leadership • Q2 2025

    Question

    Cooper Clark inquired about the expected ramp-up of the renovated Royal Palm South Beach hotel in 2026, including the impact of the World Cup, and asked about the pipeline for future large-scale CapEx projects.

    Answer

    Chairman and CEO Thomas Baltimore stated the Royal Palm renovation is projected to yield a 15-20% unlevered IRR and double its EBITDA to nearly $28 million at stabilization. CFO Sean Dell'Orto clarified that because the hotel reopens in May 2026, it will miss the peak season and is expected to ramp toward its target EBITDA in 2027. For future projects, Baltimore mentioned the final renovation phase in New Orleans for 2026 and a potential New York renovation being studied for a later date.

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    Cooper Clark's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership

    Cooper Clark's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked for the new lease rate growth assumption embedded in the revised guidance and questioned if recent capital allocation signals a strategic shift away from mature Sunbelt markets.

    Answer

    EVP Timothy Argo stated the back-half new lease rate assumption is around -4%, with confidence stemming from strong renewals, high occupancy, and favorable absorption trends. President and CEO A. Bradley Hill clarified there is no strategic shift away from the Sunbelt, detailing that the Kansas City acquisition offers a high-5s NOI yield, rising to 6.3% with a development component.

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    Cooper Clark's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q1 2025

    Question

    Cooper Clark asked about how much of the cost is locked in for new development and redevelopment projects, and also inquired about the performance difference between urban and suburban assets.

    Answer

    CEO Brad Hill explained that development costs are largely locked in, with prepurchase deals having a cost guarantee and in-house projects being about 95% bought out at the start. EVP & COO Tim Argo added that redevelopment costs are stable, with appliance pricing locked in for the next year. Argo also noted that the performance gap between urban and suburban assets has largely converged, though urban may have more upside as supply normalizes.

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    Cooper Clark's questions to KITE REALTY GROUP TRUST (KRG) leadership

    Cooper Clark's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked about the joint ventures with GIC, inquiring about the pipeline of potential deals and how the JV portfolio might grow as KRG executes its strategic goals.

    Answer

    CEO John Kite expressed satisfaction with the GIC partnership, noting that while they don't comment on specific underwriting, there are opportunities for larger-scale JV deals. CFO Heath Fear added that the partnership is not exclusive and opportunities will arise when both parties find a deal interesting, highlighting that the relationship is repeatable and grew from zero to over a billion dollars in value quickly.

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    Cooper Clark's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked for more color on the pipeline of deals with GIC and the potential for the joint venture portfolio to grow over the long term.

    Answer

    CEO John Kite expressed great satisfaction with the GIC partnership, highlighting its rapid growth to over $1 billion in gross asset value. CFO Heath Fear clarified that the relationship is not exclusive, and future JVs will be pursued on a deal-by-deal basis when an opportunity is mutually attractive. Both executives indicated a strong potential for the relationship to grow.

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    Cooper Clark's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo & Company asked for more details on the joint ventures with GIC, including the current deal pipeline and the long-term vision for growing the partnership.

    Answer

    CEO John Kite expressed high satisfaction with the GIC relationship but declined to comment on any specific deal pipeline. CFO Heath Fear clarified the partnership is not exclusive and that future deals will arise from mutual interest in specific opportunities. Mr. Kite highlighted the partnership's rapid growth, noting it went "from 0 to a billion pretty quickly."

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    Cooper Clark's questions to KIMCO REALTY (KIM) leadership

    Cooper Clark's questions to KIMCO REALTY (KIM) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo & Company asked about the types of private buyers Kimco competes with and whether larger portfolio deals offer better pricing than one-offs.

    Answer

    President & CIO Ross Cooper identified competitors as primarily unlevered pension funds and sovereigns targeting mid-to-high single-digit IRRs. He stated that currently, large portfolios are pricing as aggressively as one-off assets, offering no arbitrage opportunity.

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    Cooper Clark's questions to REGENCY CENTERS (REG) leadership

    Cooper Clark's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo & Company asked for insights on the potential for more portfolio-style deals and the current cap rates for both single-asset and portfolio transactions.

    Answer

    West Region President and CIO Nick Wibbenmeyer observed that there is significant capital demand for grocery-anchored centers, which has kept cap rates stable in the low-five to low-six percent range, depending on the asset's growth profile. He emphasized that while Regency is competitive and ready to act on accretive opportunities, its growth objectives are not dependent on acquisitions due to its strong development program.

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    Cooper Clark's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked for commentary on the potential for more portfolio-style deals and the current trend in cap rates for both portfolios and single assets.

    Answer

    CIO Nick Wibenmeyer noted continued strong investor demand for high-quality, grocery-anchored assets, which has kept cap rates stable in the low-five to low-six percent range. He stated that while Regency is always ready to pursue accretive opportunities, its robust development and redevelopment programs mean it does not need to rely on acquisitions to achieve its growth objectives.

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    Cooper Clark's questions to InvenTrust Properties (IVT) leadership

    Cooper Clark's questions to InvenTrust Properties (IVT) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo asked for details on the current acquisition pipeline's size and pricing, the company's confidence in hitting its $100 million net acquisition target, and what factors would lead to results at the low end of the FFO guidance range.

    Answer

    CEO Daniel Busch reported that the acquisition pipeline consistently holds about $1 billion in opportunities and expressed high confidence in meeting the $100 million net acquisition guidance, with the potential to exceed it if more deals materialize. Busch clarified that the primary variable for the FFO guidance range is the timing of transaction activity; if activity were to freeze, they would be at the low end, while bringing deals forward would push them toward the high end.

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    Cooper Clark's questions to Pebblebrook Hotel Trust (PEB) leadership

    Cooper Clark's questions to Pebblebrook Hotel Trust (PEB) leadership • Q2 2025

    Question

    Cooper Clark of Wells Fargo asked about potential wage pressures from policy initiatives in Los Angeles and San Diego and the timing for the Paradise Point resort conversion, questioning how free cash flow would be prioritized.

    Answer

    Chairman & CEO Jon Bortz discussed industry efforts to counter adverse wage legislation, including a ballot initiative in LA. Regarding Paradise Point, he stated that a 2026 start for the major renovation is unlikely as they await approvals from the California Coastal Commission. He confirmed that deploying free cash flow toward debt paydowns remains the priority.

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    Cooper Clark's questions to Brixmor Property Group (BRX) leadership

    Cooper Clark's questions to Brixmor Property Group (BRX) leadership • Q2 2025

    Question

    Cooper Clark from Wells Fargo & Company inquired about the current acquisition pipeline and the competitive landscape, asking what types of buyers Brixmor is encountering in the market.

    Answer

    An executive, likely EVP & CIO Mark Horgan, noted that competition for open-air retail assets is intensifying, with increased private capital from high-net-worth individuals and pension funds compressing cap rates, especially for grocery-anchored centers. He affirmed that Brixmor will remain disciplined, focusing on value-add opportunities within its existing footprint.

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    Cooper Clark's questions to Phillips Edison & Company (PECO) leadership

    Cooper Clark's questions to Phillips Edison & Company (PECO) leadership • Q2 2025

    Question

    Cooper Clark inquired about the rationale for tightening the bad debt guidance range and what factors could push results to either the high or low end of that updated range.

    Answer

    CFO John Caulfield explained the range was tightened due to consistent portfolio performance and confidence stemming from strong leasing demand. He noted that there isn't a single driver for the range's boundaries, but rather the cumulative effect of performance across their diversified, small-shop tenant base.

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    Cooper Clark's questions to AVALONBAY COMMUNITIES (AVB) leadership

    Cooper Clark's questions to AVALONBAY COMMUNITIES (AVB) leadership • Q1 2025

    Question

    Cooper Clark, on for Jamie Feldman, asked if suburban assets are still outperforming urban ones and how a potential urban recovery might affect allocation targets. He also inquired about the drivers of lower resident turnover beyond the reduction in move-outs to buy homes.

    Answer

    COO Sean Breslin noted suburban assets lead in year-over-year revenue growth, but near-term rent change is more balanced. CIO Matthew Birenbaum affirmed the long-term suburban strategy remains intact. Regarding turnover, Breslin stated that move-outs-to-buy have been stable at low levels, so other factors are driving the continued decline in overall turnover, supported by the high cost of homeownership.

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    Cooper Clark's questions to UDR (UDR) leadership

    Cooper Clark's questions to UDR (UDR) leadership • Q1 2025

    Question

    Cooper Clark from Wells Fargo asked about the current yields on development, wholly-owned acquisitions, and JV acquisitions, and for an update on deal flow with the LaSalle JV partner. He also questioned if recent activity signals a shift to a more opportunistic strategy and how it would be funded.

    Answer

    CFO Joe Fisher stated that the LaSalle JV is actively underwriting deals again, with a potential transaction to announce by the next earnings call. He noted acquisition cap rates are in the mid-4% range for prime assets and can be in the 5s for others, while new development is being underwritten to the low-to-mid 6% range. Fisher confirmed a shift to a more "capital balanced or opportunistic mode," aiming to activate their land pipeline and grow the JV platform. He specified that this activity will be funded primarily through capital recycling via dispositions of assets that are deemed to have less upside.

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    Cooper Clark's questions to Invitation Homes (INVH) leadership

    Cooper Clark's questions to Invitation Homes (INVH) leadership • Q1 2025

    Question

    Cooper Clark, on behalf of Jamie Feldman at Wells Fargo & Company, inquired about the strong Q1 operating expense performance, asking if it was due to timing and which costs were below guidance.

    Answer

    President Charles Young attributed the favorable OpEx result primarily to a year-over-year decrease in repairs and maintenance (R&M) expense, driven by milder weather and lower turnover. He also credited disciplined execution, scale, and procurement efficiencies for the strong performance, noting that the team is controlling what it can control.

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    Cooper Clark's questions to EQUITY LIFESTYLE PROPERTIES (ELS) leadership

    Cooper Clark's questions to EQUITY LIFESTYLE PROPERTIES (ELS) leadership • Q1 2025

    Question

    Cooper Clark inquired about the reasons for the manufactured housing (MH) top-line guidance reduction beyond hurricane impacts and asked about recent mark-to-market trends on new leases. He also questioned if the 10-year average length of stay in the MH portfolio had changed from pre-COVID levels.

    Answer

    Patrick Waite, an executive, explained that the occupancy headwind was almost entirely due to hurricane-related site losses, with underlying demand remaining strong as evidenced by a 14% mark-to-market on new leases. Both Patrick Waite and Marguerite Nader, an executive, confirmed that the 10-year average length of stay has been a consistent metric for the past 30 years and has not changed.

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    Cooper Clark's questions to CENTERSPACE (CSR) leadership

    Cooper Clark's questions to CENTERSPACE (CSR) leadership • Q3 2024

    Question

    Cooper Clark from Wells Fargo asked for an update on the upcoming insurance renewal, including potential impacts from Denver wildfires, and for details on bad debt levels and trends across markets.

    Answer

    CFO Bhairav Patel explained that the insurance renewal process is in its final stages. While early indications were favorable, recent storm activity elsewhere could impact final pricing, and there was no specific color yet on wildfire impacts. He reported that Q3 bad debt was 45-50 basis points, at the high end of the annual range, but noted the trend was not concentrated in any specific market and was spread across the portfolio.

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