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    Elmer Chang

    Research Analyst at Scotiabank

    Elmer Chang is an Equity Research Associate at Scotiabank, contributing to the firm's comprehensive equity research coverage with a focus on the banking sector. Primarily involved in supporting coverage of major publicly traded financial institutions, Chang has assisted in delivering in-depth analysis for companies under the Scotiabank equity research portfolio. Since joining Scotiabank, he has built experience in financial modeling, industry analysis, and client communications, although publicly available third-party sources do not report individual analyst performance rankings or quantitative track records. Chang holds foundational professional credentials relevant to research roles in banking but does not appear to be a lead analyst or to have been recognized with distinctive industry awards to date.

    Elmer Chang's questions to REALTY INCOME (O) leadership

    Elmer Chang's questions to REALTY INCOME (O) leadership • Q2 2025

    Question

    Elmer Chang of Scotiabank asked if the $43 billion in sourced deals included large portfolios with later closing dates and inquired about the proportion of non-core assets within upcoming lease expirations.

    Answer

    CEO Sumit Roy confirmed the large sourced volume reflects an expanded footprint and that some deals will close in future quarters, but also noted $3.7 billion in deals were passed on due to pricing. He explained that lease expirations are managed proactively years in advance and are not disproportionately composed of non-core assets, with resolutions involving renewal, re-tenanting, or sale.

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    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership

    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Elmer Chang of Scotiabank, on behalf of Nick Yulico, asked about the expected trend for SHOP portfolio component drivers in the second half of the year and sought details on the rationale and process for the Holiday portfolio transition.

    Answer

    CIO Talya Nevo-Hacohen stated the outlook for SHOP drivers is positive, citing minimal new supply and rising demand. CEO Rick Matros explained that the Holiday portfolio was broken up to reduce operator concentration risk. The process involved identifying suitable operators with whom Sabra had existing relationships and having them submit proposals for portions of the portfolio.

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    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Elmer Chang of Scotiabank, on behalf of Nick Yulico, asked about the expected trend for SHOP portfolio component drivers in the second half of the year and sought details on the Holiday portfolio transition, including operator diversification and the bidding process.

    Answer

    CIO Talya Nevo-Hacohen stated the outlook for SHOP drivers remains positive due to limited new supply and rising demand. CEO Rick Matros explained that breaking up the large Holiday portfolio reduces operator concentration, which is a strategic benefit. He described the transition process as identifying suitable existing partners, providing them with information, and having them submit proposals.

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    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Elmer Chang of Scotiabank, on for Nick Yulico, asked about the expected trend for SHOP portfolio component drivers in the second half of the year and sought details on the Holiday portfolio transition, including operator diversification and the bidding process.

    Answer

    CIO Talya Nevo-Hacohen described a positive outlook for the SHOP portfolio, citing strong demand fundamentals and limited new supply. CEO Rick Matros explained that breaking up the Holiday portfolio reduces operator concentration and detailed that the transition process involved identifying and soliciting proposals from trusted operators.

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    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership • Q1 2025

    Question

    Elmer Chang of BMO Capital Markets inquired about Sabra's disposition plans for the year, specifically a pending $50 million skilled nursing facility sale, and asked about the expected trajectory of RevPOR and expense growth for the SHOP portfolio.

    Answer

    CEO Rick Matros confirmed the $50 million sale is still expected to close, attributing the delay to regulatory processes with no change in expected proceeds. He noted other dispositions would be minimal. EVP and Chief Investment Officer Talya Nevo-Hacohen addressed the SHOP portfolio, stating that with stable labor costs and rising occupancy, she expects continued pricing power and RevPOR growth in both the U.S. and Canada.

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    Elmer Chang's questions to Sabra Health Care REIT (SBRA) leadership • Q3 2024

    Question

    Elmer Chang of Scotiabank inquired about Sabra's confidence in providing 2025 guidance for its SHOP segment, given accelerating occupancy growth and improving labor costs. He also asked what metrics rating agencies are focused on for a potential future credit rating upgrade.

    Answer

    Chief Financial Officer Michael Costa stated it was too early to discuss 2025 guidance, which will be addressed in the Q4 earnings release. Regarding a credit upgrade, Costa explained that rating agencies are primarily focused on leverage levels, the trajectory of that leverage, and the fixed charge coverage ratio, noting that Moody's recent positive outlook was a significant step.

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    Elmer Chang's questions to Ventas (VTR) leadership

    Elmer Chang's questions to Ventas (VTR) leadership • Q2 2025

    Question

    Elmer Chang, on for Nick Yulico, asked about the expected timing and pricing for incremental acquisitions in the second half of 2025. He also inquired about the capital-raising environment for pre-revenue biotech tenants and any related downside risk to guidance.

    Answer

    Debra Cafaro, Chairman & CEO, and Robert Probst, EVP & CFO, indicated that the incremental acquisitions would be back-end weighted in 2025 and consistent in character with recent deals. Regarding biotech, Cafaro stated that any known risks are already factored into guidance and described the fundraising environment as still challenging but showing a 'few glimmers' of improvement.

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    Elmer Chang's questions to NETSTREIT (NTST) leadership

    Elmer Chang's questions to NETSTREIT (NTST) leadership • Q2 2025

    Question

    Elmer Chang, on behalf of Greg McKinnis, asked about the factors driving the expected investment cap rate of 7.4-7.5%, questioning if pricing power was a challenge. He also asked for clarification on the bad debt expense assumption for the remainder of the year.

    Answer

    CEO Mark Manheimer explained that market pricing, not negotiating power, dictates cap rates. He stated that for most investment-grade assets, cap rates haven't risen enough to justify the risk-adjusted return, leading them to focus on strong non-IG credits. CFO Daniel Donlan confirmed the guidance assumes 25 basis points of credit loss for the full year.

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    Elmer Chang's questions to NETSTREIT (NTST) leadership • Q2 2025

    Question

    Elmer Chang, on behalf of Greg McKinnis, questioned the rationale behind the expected 7.4%-7.5% cap rates for future investments and whether the company faces pricing power challenges with investment-grade sellers. He also asked for the bad debt expense assumption for the remainder of the year.

    Answer

    President & CEO Mark Manheimer explained that cap rates for investment-grade properties haven't risen enough to offer compelling risk-adjusted returns, leading the company to find better value in non-investment-grade deals with strong fundamentals. CFO & Treasurer Daniel Donlan confirmed the full-year guidance assumes approximately 25 basis points of credit loss.

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    Elmer Chang's questions to NETSTREIT (NTST) leadership • Q2 2025

    Question

    Elmer Chang, on for Greg McKinnis, asked why cap rates for investment-grade properties have not increased sufficiently to be attractive and questioned what bad debt expense is assumed for the remainder of the year.

    Answer

    President & CEO Mark Manheimer explained that market pricing for high-quality, investment-grade assets has remained firm, and the company is unwilling to accept lower risk-adjusted returns or take on other risks to acquire them. CFO & Treasurer Daniel Donlan clarified that the updated guidance midpoint assumes approximately 25 basis points of credit loss for the full year.

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    Elmer Chang's questions to NETSTREIT (NTST) leadership • Q2 2025

    Question

    Elmer Chang asked if the projected moderation in acquisition cap rates to the 7.4%-7.5% range was due to pricing pressure from sellers or other market trends. He also sought clarification on the bad debt expense assumption included in the updated guidance for the remainder of the year.

    Answer

    CEO Mark Manheimer explained that the cap rate environment is market-driven and that high-quality, investment-grade assets have not seen sufficient cap rate expansion to offer compelling risk-adjusted returns, leading NetStreet to focus on other strong opportunities. CFO Daniel Donlan confirmed that the full-year guidance now assumes approximately 25 basis points of unknown rent loss at the midpoint.

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    Elmer Chang's questions to NETSTREIT (NTST) leadership • Q4 2024

    Question

    Elmer Chang of Robert W. Baird & Co. inquired about the strategy for settling outstanding equity forwards and how the focus on sale-leaseback transactions affects investment spreads and the portfolio's investment-grade tenant mix.

    Answer

    CFO Dan Donlan clarified that the equity forwards are expected to be settled in the latter half of 2025. CEO Mark Manheimer explained that the current market offers better risk-adjusted returns in sub-investment-grade and investment-grade profile opportunities, particularly through sale-leasebacks, as returns on traditional investment-grade assets have not moved sufficiently.

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