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    Eric Borden • BMO Capital Markets

    Eric Borden's questions to Plymouth Industrial REIT Inc (PLYM) leadership

    Eric Borden's questions to Plymouth Industrial REIT Inc (PLYM) leadership • Q2 2025

    Question

    Eric Borden from BMO Capital Markets sought details on the progress of remaining 2025 lease expirations, the potential for delays into 2026, the lease roll dynamics of the new Ohio portfolio, and leasing activity at the Liberty Business Park development.

    Answer

    James Connolly, EVP & Asset Management, detailed that of the remaining 2025 expirations in discussion, roughly 40% are at the LOI stage and 50% are in active conversation, with minimal risk of significant delays. Anthony Saladino, President & CFO, addressed the Ohio portfolio, noting its short lease term but high expected tenant retention. Jeffrey Witherell, Chairman & CEO, commented on the Liberty Business Park, stating they are negotiating with full-building users and expect to sign a tenant soon.

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    Eric Borden's questions to Plymouth Industrial REIT Inc (PLYM) leadership • Q1 2025

    Question

    Eric Borden asked about the potential downtime and CapEx needed to subdivide the ODW space, when that asset might return to the same-store pool, and how new development projects fit into the company's capital allocation strategy.

    Answer

    Executive James Connolly stated there would be minimal downtime at the ODW property, as the space would be demised quickly and the tenant would pay rent immediately. Executive Anthony Saladino projected the asset would likely re-enter the same-store pool in 2026. Executive Jeffrey Witherell explained that development is not a current priority, and they do not plan to build speculatively in the near term, focusing instead on build-to-suit opportunities.

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    Eric Borden's questions to Plymouth Industrial REIT Inc (PLYM) leadership • Q4 2024

    Question

    Eric Borden inquired about the $1 billion acquisition pipeline, asking for the breakdown between balance sheet and joint venture deals. He also sought details on the timing and initial cap rates for guided acquisitions and the key variables that would lead to the high or low end of the company's guidance.

    Answer

    Executive Chairman and CEO Jeffrey Witherell clarified that the $1 billion pipeline is a total potential figure, with the majority targeted for the balance sheet, though one $150 million portfolio is likely JV material. President and CFO Anthony Saladino added that the guidance midpoint assumes $360 million in acquisitions deployed evenly through the year at a 6.75% cap rate. Saladino explained that reaching the high end of guidance depends on accelerated capital deployment and leasing upside, while the low end could result from slower deployment or protracted leasing.

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    Eric Borden's questions to Realty Income Corp (O) leadership

    Eric Borden's questions to Realty Income Corp (O) leadership • Q2 2025

    Question

    Eric Borden of BMO Capital Markets asked for details on the company's current foreign exchange (FX) hedging strategy and whether any FX-related tailwind is included in guidance.

    Answer

    CFO Jonathan Pong explained that a formal policy ensures assets and liabilities are closely matched by currency to minimize risk. He emphasized the strategy is designed to neutralize FX volatility and focus on core business performance, so no material FX headwinds or tailwinds are built into guidance.

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    Eric Borden's questions to STAG Industrial Inc (STAG) leadership

    Eric Borden's questions to STAG Industrial Inc (STAG) leadership • Q2 2025

    Question

    Eric Borden of BMO Capital Markets questioned the wide acquisition guidance range despite management's commentary on an improving transaction market, asking for details on the current pipeline's composition. He also asked if the recent Moody's credit upgrade would lead to tangible savings on debt borrowing costs.

    Answer

    EVP & CIO Michael Chase described the pipeline as primarily one-off assets (60%+) with some portfolios. CEO William Crooker added that the bid-ask spread has narrowed, giving them confidence to maintain the guidance range. EVP, CFO & Treasurer Matts Pinard explained the credit upgrade provides a modest benefit in the private placement market and is a key step toward becoming a public bond issuer.

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    Eric Borden's questions to STAG Industrial Inc (STAG) leadership • Q1 2025

    Question

    Eric Borden inquired about leasing demand for STAG's development pipeline and asked for an update on the full-year occupancy loss guidance of 100 basis points, including any buffers in that assumption.

    Answer

    CFO Matts Pinard noted that while leasing for new developments is generally slower macro-wise, STAG is seeing good activity at its Greenville and Power Road assets. He acknowledged potential for minor slippage in lease-up timing. Regarding guidance, Pinard confirmed the 100 basis point occupancy loss forecast is unchanged. He expressed confidence, stating that with 80% of the year's leasing already completed, stress tests show the company remains comfortably within its guided ranges.

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    Eric Borden's questions to STAG Industrial Inc (STAG) leadership • Q3 2024

    Question

    Eric Borden requested an update on tenant interest for development assets in Greenville-Spartanburg and asked about the same-store average occupancy loss expectation for the remainder of the year.

    Answer

    CEO William Crooker stated that while there is leasing activity on the Greenville-Spartanburg assets, the market is still absorbing supply, and the company maintains its Q3 2025 lease-up expectation. CFO Matts Pinard confirmed that the guidance for same-store average occupancy loss remains unchanged at 25 basis points for the full year.

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    Eric Borden's questions to Essential Properties Realty Trust Inc (EPRT) leadership

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

    Question

    Eric Borden of BMO Capital Markets asked why Essential Properties isn't leaning more heavily into acquisitions given its strong pipeline and raised guidance, and also inquired about a slight dip in occupancy.

    Answer

    CEO Pete Mavoides clarified that the company is aggressively pursuing acquisitions and that the guidance reflects conservatism due to limited long-term pipeline visibility. Regarding occupancy, he explained the vacancy involves only nine properties and is not material, with forward-looking credit indicators for the portfolio remaining very strong.

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

    Question

    Eric Borden of BMO Capital Markets asked for the reasoning behind maintaining the current acquisition guidance given the strong start to the year and ample liquidity. He also sought details on the investment thesis for the recent Dave & Buster's acquisitions.

    Answer

    Executive Robert Salisbury explained that while the year has started strong, it's still early, and transaction volume typically lulls in the summer before picking up. Regarding Dave & Buster's, CIO A.J. Peil highlighted a long-standing relationship and a well-structured deal with strong coverage. COO Max Jenkins added that market volatility created a unique opportunity with less competition and attractive pricing. CEO Peter Mavoides noted the tenant's relative size in their diversified portfolio is small.

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

    Question

    Eric Borden asked about Circle K's appearance in the top 10 tenant list and the company's appetite for acquiring more convenience stores. He also inquired about the slight moderation in occupancy, the current watch list beyond Zips, and the bad debt assumptions built into guidance.

    Answer

    Executive A. Peil noted that Circle K has been a top tenant before and that C-stores are an area of continued ratable growth. CEO Peter Mavoides dismissed concerns about the minor occupancy dip from 3 to 7 vacant properties as natural fluctuation. Executive Robert Salisbury explained that their guidance includes a bad debt assumption well in excess of their historical 30 basis point loss rate, derived from a bottom-up analysis of specific tenants plus a general reserve for unknown events.

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

    Question

    Eric Borden inquired about the acquisition pipeline for the remainder of 2024 and sought clarification on why the 2025 acquisition guidance appears lighter than the recent trailing average.

    Answer

    CEO Peter Mavoides projected Q4 acquisitions would align with the 8-quarter average (around $250 million) and clarified that M&A activity involves supporting tenants, not corporate transactions. He explained the 2025 guidance is intentionally conservative, reflecting a prudent strategy after a period of historically high investment activity and in anticipation of increased competition as capital markets normalize.

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    Eric Borden's questions to WP Carey Inc (WPC) leadership

    Eric Borden's questions to WP Carey Inc (WPC) leadership • Q1 2025

    Question

    Eric Borden asked which sectors or geographies W. P. Carey is monitoring most closely for tariff impacts and how the company is thinking about issuing equity if its stock price remains strong and acquisitions accelerate.

    Answer

    Head of Asset Management Brooks Gordon stated they are watching industries with global supply chains but feel comfortable given their tenants' regional focus. CEO Jason Fox said that while they could opportunistically issue equity, they do not need to, as their plan to fund investments via non-core asset sales is sufficient even for volumes above the high end of guidance.

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    Eric Borden's questions to Broadstone Net Lease Inc (BNL) leadership

    Eric Borden's questions to Broadstone Net Lease Inc (BNL) leadership • Q4 2024

    Question

    Eric Borden inquired about the funding strategy for the build-to-suit pipeline, including the current $200 million obligation and the potential $500 million in new projects, given the company's no-equity issuance stance. He also asked about leverage tolerance and what drove the recent $100 million in acquisitions under control.

    Answer

    CEO John Moragne stated that build-to-suit projects will be funded via the revolver, retained earnings, and accretive dispositions, with no plans to issue equity. He affirmed a commitment to staying below 6.0x leverage on a sustained basis, though it could temporarily exceed that with a clear path to de-leveraging. Regarding recent acquisitions, he explained that a chunky industrial deal they had pursued over the summer finally came to fruition at their target price after a prolonged negotiation.

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    Eric Borden's questions to Broadstone Net Lease Inc (BNL) leadership • Q4 2024

    Question

    Eric Borden inquired about the funding strategy for both the current and future build-to-suit pipeline, particularly regarding the use of the revolver and dispositions. He also asked about the company's tolerance for higher leverage during this investment phase and what prompted the recent $100 million in acquisition activity after a period of caution.

    Answer

    CEO John Moragne stated that build-to-suit projects will be funded via the revolver, retained earnings, and accretive dispositions, with no plans to issue equity. He explained that while they target leverage of 5.5x, they could temporarily exceed 6x with a clear path to de-leveraging, supported by pro forma adjustments for future rent streams. The recent acquisition activity was attributed to a seller's pricing expectations finally meeting BNL's disciplined underwriting on a deal pursued for months.

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    Eric Borden's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Eric Borden asked why Broadstone Net Lease did not raise its full-year AFFO guidance given positive factors like the UNFI project coming online and lower G&A expenses. He also inquired about the current acquisition environment, target cap rates, and whether the above-average rent escalations seen in recent acquisitions represent a new trend.

    Answer

    CEO John Moragne explained that the guidance was maintained because of anticipated carrying costs on vacant assets and the impact of earlier credit events, which were already factored in. He stated that the traditional acquisition market remains unattractive, with BNL favoring its build-to-suit pipeline for its superior yields. Moragne attributed the higher rent bumps to the quarter's heavy weighting toward industrial assets, which command stronger escalations.

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    Eric Borden's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Eric Borden of Raymond James inquired about the decision to maintain AFFO guidance despite positive factors, the current acquisition environment and target cap rates, and whether higher rent bumps on recent acquisitions represent a new trend.

    Answer

    CEO John Moragne explained that the guidance was maintained due to anticipated fourth-quarter expenses from earlier credit events and vacant properties, which were already factored in. He noted the regular way transaction market is unattractive, with BNL preferring its build-to-suit pipeline's superior yields. Moragne attributed the higher rent bumps to a greater weighting of industrial assets in recent acquisitions, which command stronger escalations.

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    Eric Borden's questions to Agree Realty Corp (ADC) leadership

    Eric Borden's questions to Agree Realty Corp (ADC) leadership • Q4 2024

    Question

    Eric Borden from BMO Capital Markets asked about known move-outs from 2025 lease expirations and the long-term capital allocation strategy beyond the current year.

    Answer

    CEO Joey Agree and CFO Peter Coughenour confirmed no known material move-outs, with any potential issues covered by credit loss guidance. Agree reiterated that the balance sheet is 'pre-equitized' for 2025 and they have no need to access capital markets, giving them significant flexibility for 2026 and beyond.

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    Eric Borden's questions to Agree Realty Corp (ADC) leadership • Q4 2024

    Question

    Eric Borden from BMO Capital Markets asked about any known move-outs within the 2025 lease expirations and inquired about the long-term capital allocation strategy for replenishing the company's "war chest" for 2026 and beyond.

    Answer

    CEO Joey Agree and CFO Peter Coughenour confirmed there are no known material move-outs for 2025, with any potential issues already factored into credit loss guidance. Agree emphasized that the balance sheet is already "pre-equitized" for 2025 and does not require replenishment, as it can fund over $1.5 billion in investments without raising additional capital.

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    Eric Borden's questions to Eastgroup Properties Inc (EGP) leadership

    Eric Borden's questions to Eastgroup Properties Inc (EGP) leadership • Q4 2024

    Question

    Eric Borden of BMO Capital Markets asked about the 2025 bad debt guidance of 30 basis points, questioning if it reflected general conservatism or a specific tenant concern. He also asked for the outlook on lease termination income.

    Answer

    Executive Brent Wood clarified that the 30 basis point bad debt assumption is not tenant-specific and represents a more normalized run-rate, which is about a third lower than the actuals in 2024 that were driven by a few isolated bankruptcies. He also guided to approximately $1.1 million in non-specific lease termination income, resulting in a net impact of about $0.02 per share for 2025.

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