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    Craig Kucera • Lucid Capital Markets

    Craig Kucera's questions to UMH Properties Inc (UMH) leadership

    Craig Kucera's questions to UMH Properties Inc (UMH) leadership • Q2 2025

    Question

    Craig Kucera of Lucid Capital Markets asked about the outlook for same-store operating expenses, the pace of new home deployments for 2025, the reason for a sequential decline in interest income, and sales trends for the third quarter.

    Answer

    EVP and COO Brett Taft projected same-property expense growth in the 5-7% range and noted a strong sales pipeline of over $5 million. President and CEO Samuel Landy expressed confidence in the 700-800 home deployment target, highlighting positive regulatory developments from HUD. EVP and CFO Anna Chew attributed the lower interest income to the deployment of cash balances and slightly lower rates.

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    Craig Kucera's questions to UMH Properties Inc (UMH) leadership • Q1 2025

    Question

    Craig Kucera requested color on the year-over-year decline in home sales, current sales traffic, interest rates on maturing debt, the company's capital funding strategy, and whether any large acquisition opportunities are materializing.

    Answer

    President and CEO Samuel Landy and EVP and CFO Anna Chew clarified that the sales decline was due to a one-time sales center liquidation in the prior year, with underlying sales actually up. EVP and COO Brett Taft added that April sales were exceptionally strong. Ms. Chew noted maturing debt has an average rate around 4% and that the company will continue to use a balanced mix of common equity, preferred equity, and debt for funding. Mr. Landy suggested the environment for property acquisitions is becoming more favorable.

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    Craig Kucera's questions to UMH Properties Inc (UMH) leadership • Q4 2024

    Question

    Craig Kucera asked about UMH's leverage target, given the recent significant drop, and the expectations for same-store operating expense growth in 2025. He also inquired about any changes in the credit profile of the typical homebuyer and whether management had concerns about potential tariffs impacting manufactured housing builders.

    Answer

    EVP & CFO Anna Chew clarified that while the company is conservative, the recent capital raises were opportunistic and intended to fund annual growth needs of $120-$150 million and address upcoming debt maturities. EVP & COO Brett Taft projected 2025 operating expense growth in the 6-7% range. President & CEO Samuel Landy noted that the affordability gap is driving higher-credit buyers to their high-end homes. Brett Taft concluded that they have not yet seen any impact from tariffs on home orders or manufacturer backlogs.

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    Craig Kucera's questions to UMH Properties Inc (UMH) leadership • Q3 2024

    Question

    Craig Kucera followed up on the rental home strategy, asking about the potential for programmatic sales, the use of recent equity proceeds to pay down higher-cost debt, and the future outlook for G&A expenses.

    Answer

    President and CEO Samuel Landy stated there is no desire to sell rental homes, viewing them as a finance business, but would reconsider if government programs created a significant profit opportunity. EVP and CFO Anna Chew explained the capital raised is for executing the business plan, not for paying down the modest amount of term loans payable. Samuel Landy and Chairman Eugene Landy noted G&A is not expected to increase significantly unless a large acquisition occurs, emphasizing the company is staffed for substantial future growth.

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    Craig Kucera's questions to Gladstone Commercial Corp (GOOD) leadership

    Craig Kucera's questions to Gladstone Commercial Corp (GOOD) leadership • Q2 2025

    Question

    Craig Kucera from Lucid Capital Markets asked for clarification on the increase in G&A expenses, the company's leverage strategy following recent acquisitions, and details on recent lease renewal activity.

    Answer

    CFO Gary Gerson attributed the higher G&A to prepaid offering cost write-offs, sales closing costs, and annual meeting expenses. He affirmed the company's goal is to reduce leverage, not increase it further. President Buzz Cooper provided color on leasing, noting a recent renewal had a 2.5% rent increase and highlighted a strong renewal outlook for 2026 and 2027 expirations, with the portfolio management team actively engaging tenants well in advance.

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    Craig Kucera's questions to Gladstone Commercial Corp (GOOD) leadership • Q1 2025

    Question

    Craig Kucera of B. Riley Securities inquired about the drivers behind the recent increase in acquisition volume, progress on addressing the larger 2026 and 2027 lease expirations, the leasing spread on a recent renewal, and the maturity dates for the company's interest rate swaps.

    Answer

    President Buzz Cooper attributed the acquisition success to strong broker relationships and a reputation for not re-trading deals. He confirmed the company is proactively working on 2026 and 2027 expirations. Regarding a recent renewal, he noted a small short-term rent drop but expects a future pickup. CFO Gary Gerson stated that the interest rate swaps are hedged through the loan maturities in late 2027 and early 2028.

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    Craig Kucera's questions to Gladstone Commercial Corp (GOOD) leadership • Q4 2024

    Question

    Craig Kucera asked for the expected dollar amount of acquisitions and sales in 2025. He also inquired if the remaining 2025 lease expirations are office or industrial, and whether a lease reclassified as a sales-type lease would still be included in the base management fee calculation.

    Answer

    President Arthur 'Buzz' Cooper stated he is hopeful for acquisition volume to exceed $100 million in 2025. He clarified that remaining 2025 expirations include one industrial asset with a purchase option and two office assets with renewal papers exchanged. CFO Gary Gerson confirmed that the reclassified sales-type lease will still be included in the base management fee calculation.

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    Craig Kucera's questions to Alpine Income Property Trust Inc (PINE) leadership

    Craig Kucera's questions to Alpine Income Property Trust Inc (PINE) leadership • Q2 2025

    Question

    Craig Kucera of Lucid Capital Markets asked about yield trends in structured finance, sought clarification on the increased investment guidance, and inquired about any rent lift from the new Bass Pro Shops lease.

    Answer

    John Albright, President & CEO, noted that structured finance yields are strong and the environment is 'target rich.' Philip Mays, SVP, CFO & Treasurer, clarified the investment guidance increase is to redeploy repaid loan proceeds and confirmed the new 20-year Bass Pro Shops lease included a rent increase of nearly $500,000 annually.

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    Craig Kucera's questions to Alpine Income Property Trust Inc (PINE) leadership • Q4 2024

    Question

    Craig Kucera of Lucid Capital Markets asked about plans to use interest rate swaps on the floating portion of the revolver and whether the positive cap rate spread between acquisitions and dispositions is expected to continue in 2025.

    Answer

    CFO Philip Mays responded that the company may consider additional swaps if the revolver balance rises, but currently prefers maintaining flexibility to pay down the line. CEO John Albright stated that while some dispositions like Walgreens may not be accretive, the redeployment of capital from the zero-earning Party City and theater assets will be 'very accretive' once sold.

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    Craig Kucera's questions to Alpine Income Property Trust Inc (PINE) leadership • Q3 2024

    Question

    Craig Kucera of Lucid Capital Markets noted the increase in G&A expenses during the quarter and asked whether this was due to higher transaction volume or if it represented a new, higher run rate going forward.

    Answer

    Executive John Albright clarified that the higher G&A was due to one-time legal expenses and was not indicative of a new, higher run rate for the company. He indicated it was not a recurring cost.

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    Craig Kucera's questions to Farmland Partners Inc (FPI) leadership

    Craig Kucera's questions to Farmland Partners Inc (FPI) leadership • Q2 2025

    Question

    Craig Kucera of Lucid Capital Markets asked about the drivers behind the increased variable payment expectations, the demand and potential size of the farm loan portfolio, the specific percentage write-down on the impaired California farms, and whether the company is actively marketing those properties for sale.

    Answer

    President and CEO Luca Fabbri clarified that the improved variable payment outlook is based on crop dynamics, not lease restructurings. Executive Chairman Paul Pittman noted rising demand for farm loans but stated the portfolio won't be expanded significantly to maintain focus on owning farmland. Regarding the impairments, CFO Susan Landi and Luca Fabbri confirmed the write-downs on the two main California farms were substantial, around 50% each. Pittman added that this was due to regulatory water access reductions and confirmed the company is actively trying to sell the impaired assets.

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    Craig Kucera's questions to Farmland Partners Inc (FPI) leadership • Q1 2025

    Question

    Craig Kucera inquired about the amortization amount from FPI loan points, the recurring nature of increased solar rent, the method used to repay recent debt maturities, and the directional movement of property cap rates year-to-date.

    Answer

    Executive Chairman Paul Pittman and CFO Susan Landi addressed the questions. Landi stated that the company expects to recognize approximately $2.4 million in amortized points income for the year. Pittman explained that the solar rent is recurring but the initial amount was a windfall and won't repeat at the same scale. Landi clarified that recent debt was repaid using a ~$14 million draw on the line of credit plus funds from operations. Pittman noted that row crop cap rates are stable, while the California market is seeing some seller capitulation, helping to establish a market bottom.

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    Craig Kucera's questions to Farmland Partners Inc (FPI) leadership • Q4 2024

    Question

    Craig Kucera asked about the FPI Loan program, specifically the drivers behind the Q4 increase in loans outstanding and future demand. He also questioned if there has been an increase in inbound calls since the recent administration change.

    Answer

    Executive Chairman Paul Pittman explained that the loan program was consciously expanded to bolster cash flow following significant asset sales. He highlighted their niche as an asset-based lender comfortable with taking possession of collateral if necessary. President and CEO Luca Fabbri noted a slight uptick in loan inquiries but attributed it to market pressures on certain operators rather than political changes.

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    Craig Kucera's questions to Farmland Partners Inc (FPI) leadership • Q3 2024

    Question

    Craig Kucera asked for specifics on the recent debt repayments, particularly whether the swapped portion of the Rabobank facility was paid down. He also inquired if the current challenging farming environment was creating more opportunities for the company's FPI loan program.

    Answer

    CFO Susan Landi and Executive Luca Fabbri clarified that a significant portion of the Rabo loan was repaid, leaving a balance of approximately $11.8 million, and the interest rate swap was amended to cover this entire remaining amount at an effective rate of 3.81%. Executive Chairman Paul Pittman confirmed that they are seeing more lending opportunities and are 'completely open for business' for well-collateralized, short-term loans at attractive spreads.

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    Craig Kucera's questions to CTO Realty Growth Inc (CTO) leadership

    Craig Kucera's questions to CTO Realty Growth Inc (CTO) leadership • Q1 2025

    Question

    Craig Kucera of Lucid Capital Markets asked if the investment pipeline is still primarily core properties, inquired about the potential investment volume for the year, questioned the CapEx needs at Ashley Park, and asked about the timing of rent commencement for the signed-not-open pipeline.

    Answer

    Executive John Albright responded that the pipeline is evolving to include more varied opportunities beyond core properties and that annual investment volume could exceed the previously guided $40-$50 million. He confirmed Ashley Park requires no major renovations, only tenant-specific CapEx. He also stated that rent from the signed-not-open pipeline will begin to come online in the second half of the year, building through Q3 and Q4.

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    Craig Kucera's questions to CTO Realty Growth Inc (CTO) leadership • Q4 2024

    Question

    Craig Kucera of Lucid Capital Markets asked about CTO's 2025 leverage strategy, given planned activity without dispositions. He also questioned if the mark-to-market opportunity at the Carolina Pavilion acquisition was anticipated during underwriting and asked for updates on the revVana development schedule in D.C.

    Answer

    Executive John Albright stated the long-term goal is to lower leverage and expressed optimism about the stock's backdrop, which could support accretive acquisitions. He confirmed the mark-to-market opportunity at Carolina Pavilion was part of the underwriting, with the tenant bankruptcies accelerating the value-creation plan. He also reported no development delays for the revVana project, citing strong multifamily and land demand in Northern Virginia.

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    Craig Kucera's questions to CTO Realty Growth Inc (CTO) leadership • Q3 2024

    Question

    Craig Kucera asked about the expected mix of property versus structured finance investments, the potential for future earnings from mitigation credits, the collateral details for the $44 million mortgage investment, and the CapEx outlook for the newly acquired portfolio.

    Answer

    Executive John Albright confirmed they are looking at a smaller, high-quality structured finance deal that is strategic and could be a 'loan to own' opportunity. He stated that earnings from mitigation credits are now in the 'rearview mirror.' For the Dulles mortgage, he detailed that the collateral is the entire mixed-use project, with multifamily being the primary value driver. He also noted that CapEx for the newly acquired portfolio was already addressed in the acquisition price, and they see further upside from potential tenant changes.

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    Craig Kucera's questions to City Office REIT Inc (CIO) leadership

    Craig Kucera's questions to City Office REIT Inc (CIO) leadership • Q1 2025

    Question

    Craig Kucera asked for clarification on the Greenwood Boulevard transaction's impact on vacancy, rent changes, and the performance of CIO's key Sunbelt markets, particularly Phoenix.

    Answer

    Executive Anthony Maretic clarified that the Greenwood Boulevard property will return to 100% occupancy by year-end after a brief dip, significantly extending the property's weighted average lease term. CEO James Farrar added that rents for the new tenant will initially dip but then rise to slightly above the prior rate. Both executives affirmed the strength of Sunbelt markets, with Farrar noting they are the focus for capital investment and Maretic highlighting that Phoenix drove the majority of the quarter's leasing activity and strong positive cash spreads.

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    Craig Kucera's questions to City Office REIT Inc (CIO) leadership • Q4 2024

    Question

    Craig Kucera asked about the buyer of Superior Pointe and their intentions for the property, whether the company is contemplating any lender transfers for maturing 2025 loans, the timing for when signed-but-not-commenced leases will begin paying rent, and the potential economics of the St. Petersburg redevelopment project.

    Answer

    CEO James Farrar stated the Superior Pointe buyer was a family office intending to invest in the property and maintain it as an office. Executive Anthony Maretic confirmed that guidance does not assume any dispositions related to the two loans maturing in Q4 2025 and that discussions are underway. Maretic also noted that rent commencement for the 122,000 square feet of signed leases is spread evenly throughout 2025. Regarding St. Petersburg, Farrar explained the project is structured as a partnership with an experienced developer and is not factored into 2025 guidance, adding that it's too early to discuss project economics.

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    Craig Kucera's questions to City Office REIT Inc (CIO) leadership • Q3 2024

    Question

    Craig Kucera inquired about the timing of the remaining occupancy gains expected in 2025, the potential monetization strategy for the City Center redevelopment, and the company's plans for handling 2025 debt maturities, including the potential use of Block 83 for liquidity.

    Answer

    CFO Anthony Maretic stated the balance of signed leases would commence in early 2025. CEO James Farrar detailed the City Center strategy, which involves contributing the land into a partnership with a developer to participate in the upside from condo sales without significant cash outlay. Regarding liquidity, Maretic confirmed they are exploring financing options for the unencumbered Block 83 asset. Farrar added that the company has a one-year extension option on its operating line, focusing efforts on the two property loans maturing in Q4 2025.

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    Craig Kucera's questions to Gladstone Land Corp (LAND) leadership

    Craig Kucera's questions to Gladstone Land Corp (LAND) leadership • Q4 2024

    Question

    Craig Kucera from Lucid Capital Markets asked about expectations for interest patronage in the first quarter, the composition of lease expirations for the remainder of the year (permanent vs. row crop), the company's plans for repurchasing preferred stock, and the drivers behind the recent increase in real estate expenses.

    Answer

    CFO Lewis Parrish projected that Q1 interest patronage would be about 10% lower due to loan payoffs. He detailed that while near-term expirations are mostly row crops, the majority of leases expiring in the second half of the year are permanent crop farms. Executive David Gladstone affirmed the company sees buying back preferred stock as an "easy way to make money." Parrish attributed the rise in real estate expenses to costs associated with vacant, direct-operated, and non-accrual properties, including property taxes that tenants failed to pay.

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    Craig Kucera's questions to Gladstone Land Corp (LAND) leadership • Q3 2024

    Question

    Craig Kucera of Lucid Capital Markets questioned the specifics of the four restructured farm leases, asking about their crop types and locations. He also inquired about the timing of the fixed rent impact, the drivers of the strong Q3 participation rent, and the outlook for participation rent in the fourth quarter.

    Answer

    Executive Lewis Parrish identified the four restructured farms as two pistachio and two wine grape properties. He explained that a small rent impact occurred in Q3, with a more significant impact beginning in Q4 2024. Parrish attributed the year-over-year strength in Q3 participation rent primarily to higher production at pistachio farms. While not providing specific guidance, he noted that the company hopes Q4 participation rent will follow historical trends of being stronger than Q3.

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    Craig Kucera's questions to Whitestone REIT (WSR) leadership

    Craig Kucera's questions to Whitestone REIT (WSR) leadership • Q3 2024

    Question

    Craig Kucera from Lucid Capital Markets inquired about the specific tenant categories driving leasing demand, the reason for the quarterly increase in real estate taxes, and the company's long-term leverage target.

    Answer

    COO Christine Mastandrea identified food/restaurants, grocery, and health/beauty/wellness as the consistently strong categories driving leasing. CFO J. Scott Hogan explained the Q3 real estate tax increase was an accrual adjustment based on anticipated rate hikes in Harris County, which will be trued up in Q4. Hogan also stated the long-term leverage goal is to continue deleveraging towards the low 6x or high 5x range.

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