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    Floris Gerbrand van Dijkum • Compass Point

    Floris Gerbrand van Dijkum's questions to Simon Property Group Inc (SPG) leadership

    Floris Gerbrand van Dijkum's questions to Simon Property Group Inc (SPG) leadership • Q1 2025

    Question

    Floris Van Dijkum asked for an update on the signed-not-opened (SNO) lease pipeline, including its current size and the expected timing for rent commencement.

    Answer

    CFO Brian McDade stated the SNO pipeline currently stands at approximately 300 basis points, representing about $150 million in rent. He projected that 30-40% of this rent will commence in the second half of the current year, with the majority coming online in 2026 and some spillover into 2027. This pipeline includes the successfully re-leased Forever 21 spaces.

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    Floris Gerbrand van Dijkum's questions to Simon Property Group Inc (SPG) leadership • Q4 2024

    Question

    Floris Van Dijkum of Compass Point inquired about the recent acquisition of luxury outlet centers in Italy from Kering, asking about expected returns, management strategy, and Kering's resulting exposure in Simon's tenant roster.

    Answer

    Chairman and CEO David Simon described the acquisition as 'top stuff at the right price,' confirming it is both NAV and earnings accretive. While bound by confidentiality on specific returns, he noted Simon has retained the local management team and sees upside. He added that Kering's updated tenant ranking will appear in the next supplemental filing.

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    Floris Gerbrand van Dijkum's questions to Simon Property Group Inc (SPG) leadership • Q3 2024

    Question

    Floris Van Dijkum inquired about the signed-not-opened (SNO) lease pipeline, asking for its current size in basis points, the proportion of luxury tenants within it, and if more luxury-focused projects are planned.

    Answer

    David Simon, Chairman, CEO, and President, noted significant luxury leasing activity with 75 new deals executed. Brian McDade, CFO, specified the SNO pipeline is approximately 300 basis points. He emphasized that this is not purely incremental occupancy gain, as it reflects a strategic focus on improving the merchandising mix by replacing underperforming tenants with better retailers, including those in the luxury segment.

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    Floris Gerbrand van Dijkum's questions to Federal Realty Investment Trust (FRT) leadership

    Floris Gerbrand van Dijkum's questions to Federal Realty Investment Trust (FRT) leadership • Q1 2025

    Question

    Floris van Dijkum of Compass Point questioned the capital allocation strategy, asking for the hurdle rate on acquisitions versus share buybacks, especially when the stock's implied cap rate is over 7%.

    Answer

    CEO Donald Wood responded that the decision is not based on simple math. The company's primary goal is long-term growth through high-quality real estate. He clarified that while a small negative spread doesn't automatically trigger buybacks, the decision changes when the valuation gap becomes 'too wide,' citing a past example when the stock was in the mid-$80s.

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    Floris Gerbrand van Dijkum's questions to Federal Realty Investment Trust (FRT) leadership • Q3 2024

    Question

    Floris van Dijkum of Compass Point asked about the strategy for external growth, the current acquisition environment, and the potential for using OP units in transactions given the stock price.

    Answer

    CEO Donald Wood first corrected the premise that the company's stock was trading above NAV. EVP, CIO Jan Sweetnam then added that the acquisition market is picking up, with FRT targeting larger, accretive deals where the bidding pool is smaller. He confirmed the OP unit structure is available and has drawn interest from sellers, though no such deals are currently being negotiated. President & COO Jeff Berkes noted more sellers are coming to market as hopes for significant rate cuts fade.

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    Floris Gerbrand van Dijkum's questions to Macerich Co (MAC) leadership

    Floris Gerbrand van Dijkum's questions to Macerich Co (MAC) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum of Compass Point asked for a quantification of the NOI split between core and non-core assets and sought clarification on the timing of the projected 3% to 4% core NOI growth.

    Answer

    Jackson Hsieh, President and CEO, confirmed the 3% to 4% NOI growth projection for the core go-forward portfolio is for 2026. He also announced that the company would release a detailed NOI bridge in the coming weeks to provide more clarity on the composition of the go-forward portfolio.

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    Floris Gerbrand van Dijkum's questions to Macerich Co (MAC) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum inquired about the 2025 same-store NOI growth outlook, questioning if the $27 million from the SNO pipeline implied higher growth than management anticipates. He also asked about the rationale for not using equity to fund the accretive development pipeline and pay down expensive debt.

    Answer

    President and CEO Jackson Hsieh clarified that due to a strategic shift toward more new leases, which involves 12-18 months of frictional downtime, same-store NOI is expected to be relatively flat for the next two years before accelerating in 2027 and 2028. He added that while using equity for development would be accretive, the company prefers to reserve that option for opportunistic JV consolidations, feeling confident in its existing free cash flow to fund the current plan.

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    Floris Gerbrand van Dijkum's questions to Macerich Co (MAC) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum inquired about the 2025 same-store NOI growth outlook, noting that the signed-not-open (SNO) pipeline suggests significant growth, and asked about the rationale for not using equity to fund the development pipeline or pay down expensive debt.

    Answer

    President and CEO Jackson Hsieh clarified that despite the SNO pipeline, same-store NOI is expected to be relatively flat for the next two years due to frictional downtime from re-tenanting before accelerating in 2027 and 2028. He explained this strategy prioritizes long-term value over near-term FFO targets. Regarding capital allocation, Hsieh stated that while issuing equity for development would be accretive, the company feels its equity needs are met and prefers to use free cash flow for its current plans.

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    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership

    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum of Compass Point asked about the duration of the gap between GAAP NOI and cash NOI resulting from free rent periods at PENN 2, and when cash NOI might surpass GAAP NOI. He also suggested the company consider reporting a 'core' occupancy metric that excludes assets held vacant for redevelopment.

    Answer

    An Unknown Executive suggested taking the detailed cash versus GAAP NOI question offline but indicated the inflection point would likely occur around 2027 as earnings pop. Another Unknown Executive acknowledged the suggestion to report a 'core' occupancy metric, stating the comment would make them consider it more seriously.

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    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership • Q4 2024

    Question

    In a follow-up, Floris van Dijkum of Green Street Advisors asked if Vornado's NOI growth expectation for the Penn District has increased given rising rents and inquired about the current acquisition environment, including interest in markets outside Manhattan.

    Answer

    Steven Roth, Chairman and CEO, confirmed that higher rents will marginally increase the projected $150 million incremental NOI from the Penn District, though this is a complex calculation. Michael Franco, President and CFO, addressed acquisitions, noting that while opportunities in New York may arise from maturing debt, Vornado is also constructively open-minded about San Francisco but not looking to add assets in Chicago.

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    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership • Q4 2024

    Question

    Floris van Dijkum of Compass Point asked if the NOI growth expectation for the PENN District has increased due to rising rents and inquired about the current acquisition environment, including potential investments outside of Manhattan.

    Answer

    Chairman and CEO Steven Roth confirmed that higher rents will marginally increase NOI predictions, though the calculation is complex. He added that future development like PENN15 could substantially increase values across the district. President and CFO Michael Franco described the New York acquisition market as challenging but expects opportunities from upcoming maturities. He expressed constructive views on San Francisco but ruled out adding assets in Chicago.

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    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership • Q3 2024

    Question

    Floris van Dijkum of Compass Point asked about the demand for retail space, the significance of the Primark lease in the Penn District, and the long-term plans for the Manhattan Mall. He also questioned the company's stance on raising equity given its current stock valuation.

    Answer

    President and CFO Michael Franco noted that retail demand is up significantly, with the Primark deal being a major win for the Penn District. He clarified that redeveloping the Manhattan Mall is not economically viable today. Chairman and CEO Steven Roth stated Vornado is well-capitalized with no plans to issue dilutive equity, emphasizing the company's strong balance sheet and sufficient internal firepower for its needs.

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    Floris Gerbrand van Dijkum's questions to Vornado Realty Trust (VNO) leadership • Q1 2024

    Question

    Floris Van Dijkum of Compass Point asked for management's perspective on the investment opportunities arising from the large volume of maturing office loans and how Vornado might participate. He also inquired about current market rental rates for prime Fifth Avenue retail space.

    Answer

    President & CFO Michael Franco explained that Vornado expects to be a 'solutions provider' for lenders, deploying capital to acquire or repurpose distressed assets where returns are attractive. Regarding retail, he estimated that prime Fifth Avenue rents have recovered to the 'mid- to high $2,000s per square foot,' potentially reaching the 'low 3s' or higher for scarce luxury locations.

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    Floris Gerbrand van Dijkum's questions to Park Hotels & Resorts Inc (PK) leadership

    Floris Gerbrand van Dijkum's questions to Park Hotels & Resorts Inc (PK) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum inquired about Park Hotels & Resorts' confidence in executing planned asset sales at favorable prices in the current market and asked about the recovery timeline for the Hilton Hawaiian Village following its recent labor strike and renovations.

    Answer

    Chairman and CEO Thomas Baltimore acknowledged market uncertainty but expressed confidence in the company's ability to transact, citing a strong track record and one non-core asset already under contract at attractive pricing. Regarding Hawaii, he noted the recovery is taking longer than expected but is showing sequential improvement, and he remains highly confident in the market's long-term potential due to limited new supply.

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    Floris Gerbrand van Dijkum's questions to Park Hotels & Resorts Inc (PK) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum inquired about Park Hotels' capital deployment strategy for its $300-$400 million disposition target and its plans for refinancing the $1.4 billion in CMBS debt maturing in 2026.

    Answer

    Chairman and CEO Thomas Baltimore stated that proceeds from asset sales will be allocated to high-yield ROI projects, debt reduction, and opportunistic share buybacks. CFO Sean Dell'Orto added that while it's early, they are monitoring various debt markets for the 2026 CMBS maturity, noting the Hawaiian Village asset could support higher debt levels, though that is not their primary option.

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    Floris Gerbrand van Dijkum's questions to Park Hotels & Resorts Inc (PK) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum asked about the operational status of the Hilton Hawaiian Village amid labor negotiations, its potential ramp-up speed post-settlement, and whether the situation accelerates plans to dispose of the 14 remaining non-core hotels.

    Answer

    Chairman and CEO Thomas Baltimore confirmed the Hilton Hawaiian Village has remained open and serving guests but declined to comment on the financial impact or ramp-up timeline until negotiations are resolved. He reaffirmed that the company is 'laser-focused' on selling its non-core assets to recycle capital into high-return projects like Casa Marina and Bonnet Creek, viewing it as the best path to create shareholder value.

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    Floris Gerbrand van Dijkum's questions to Apple Hospitality REIT Inc (APLE) leadership

    Floris Gerbrand van Dijkum's questions to Apple Hospitality REIT Inc (APLE) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum followed up on capital allocation, asking about the number of assets currently being marketed for sale and the company's appetite for forward purchase contracts, like the Nashville deal, in the current environment.

    Answer

    CEO Justin Knight stated that the company is an opportunistic seller and is not limited to a specific number of assets, with activity driven by the ability to create shareholder value. Regarding forward contracts, he said their appetite remains strong, but the ability to execute is limited by a dramatic pullback in new construction starts, which has been exacerbated by tariff uncertainty.

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    Floris Gerbrand van Dijkum's questions to Pebblebrook Hotel Trust (PEB) leadership

    Floris Gerbrand van Dijkum's questions to Pebblebrook Hotel Trust (PEB) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum requested commentary on the current state of the hotel transaction market and asked about the likelihood of further share repurchases, given the recent share price weakness.

    Answer

    Co-President & CIO Tom Fisher described the transaction market as having shifted to a 'risk-off' sentiment due to economic uncertainty, with most parties in a 'wait-and-see' mode. Executive Raymond Martz addressed buybacks, stating that while no specific numbers are committed, the company has significant flexibility due to generating over $100 million in annual free cash flow and will evaluate repurchases based on macroeconomic conditions.

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    Floris Gerbrand van Dijkum's questions to Inventrust Properties Corp (IVT) leadership

    Floris Gerbrand van Dijkum's questions to Inventrust Properties Corp (IVT) leadership • Q1 2025

    Question

    Floris Van Dijkum of Compass Point inquired about the health of the transaction market, asking if bidders for the California assets had changed their pricing expectations. He also sought clarification on whether the capital recycling from these sales was included in current guidance and asked for more detail on target acquisition markets.

    Answer

    CEO Daniel Busch confirmed the transaction market remains healthy and competitive, which benefits institutional buyers like InvenTrust. He clarified that the capital recycling from the California sales is fully contemplated in the company's guidance, with the timing of acquisitions and dispositions being the key variable. Busch elaborated on the acquisition strategy, noting they are looking at markets like Charlotte, Charleston, San Antonio, and Orlando, and will also consider complementary ancillary markets like Asheville, but with a higher quality threshold for assets in smaller markets.

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    Floris Gerbrand van Dijkum's questions to Inventrust Properties Corp (IVT) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum of Compass Point sought clarification on tenants missing option periods, asked about acquisition cap rates and returns in secondary Sun Belt markets like Charleston, and questioned the strategy regarding further equity issuance to fund growth.

    Answer

    President and CEO Daniel Busch clarified that the 23 tenants who missed option periods was a full-year number, not quarterly. He explained that while the bar is higher for acquisitions in smaller markets like Charleston, the risk-adjusted returns are compelling, with initial yields in the 6s and target unlevered returns in the low-to-mid 7s. Regarding equity, he stated that any issuance must be matched with a clear and immediate pipeline of accretive deals to justify it, as was the case in late 2024.

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    Floris Gerbrand van Dijkum's questions to Urban Edge Properties (UE) leadership

    Floris Gerbrand van Dijkum's questions to Urban Edge Properties (UE) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum of Compass Point questioned why Urban Edge did not raise its guidance by the mentioned $0.02, asking for specifics on the increased caution. He also inquired about the impact of 1031 exchanges on taxable income and future dividend policy.

    Answer

    Chairman and CEO Jeffrey Olson explained the decision was a matter of being prudent and adding to the contingency fund due to general economic uncertainty, not a specific tenant issue. CFO Mark Langer clarified that using 1031 exchanges defers the gain, thereby protecting the company from increased taxable income and subsequent pressure to raise the dividend.

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    Floris Gerbrand van Dijkum's questions to Urban Edge Properties (UE) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum from Compass Point asked about the potential for continued accretive capital recycling, specifically regarding demand for assets like Lowe's boxes, and whether the attractive spreads seen recently are repeatable. He also inquired about the status of the Sunrise Mall redevelopment following the Macy's closure and the strategy behind the Bergen Town Center land sale. Finally, he questioned if redevelopment returns are improving with market tightening or being eroded by rising construction costs.

    Answer

    Chairman and CEO Jeffrey Olson stated that achieving a 200 basis point spread on capital recycling will be more difficult but noted they are exploring dispositions of single-tenant assets in the 5% cap rate range and stable power centers in the 6% range, contingent on the acquisition pipeline. Regarding Sunrise Mall, he confirmed progress but could not share details, hoping for an announcement later in the year. On the Bergen land sale, he explained they monetized the value created from entitling the land for residential use. Chief Operating Officer Jeff Mooallem added that while they are seeing better-than-underwritten returns on projects like Bruckner, rising construction costs are a factor, but they remain confident in their 15% unlevered yield target for the development pipeline.

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    Floris Gerbrand van Dijkum's questions to Urban Edge Properties (UE) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum from Compass Point asked about the potential peak for shop occupancy and the funding strategy for future acquisitions, particularly the balance between using equity and asset sales.

    Answer

    Chief Operating Officer Jeffrey Mooallem stated that while a 92-93% shop occupancy is a realistic goal for the next year, the focus is shifting from pure occupancy numbers to enhancing tenant quality and rent, sometimes by combining smaller spaces. Chief Financial Officer Mark Langer and CEO Jeffrey Olson addressed funding, explaining they use a blend of sources. They emphasized that high-value asset sales, like the recent Home Depot disposition, are a primary source, complemented by debt and equity for growth initiatives. Olson highlighted their competitive advantage as a 'local sharpshooter' in the D.C. to Boston corridor, which allows them to source off-market deals effectively.

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    Floris Gerbrand van Dijkum's questions to Kimco Realty Corp (KIM) leadership

    Floris Gerbrand van Dijkum's questions to Kimco Realty Corp (KIM) leadership • Q1 2025

    Question

    Floris van Dijkum from Compass Point followed up on capital recycling, asking what portion of the recurring disposition proceeds could be used for stock repurchases and if an automated plan would be used.

    Answer

    Ross Cooper, President & CIO, emphasized that they prefer to remain nimble and in control of capital decisions rather than using an automated plan. Glenn Cohen, CFO, added that share repurchases are a balancing act, as they must consider the impact on balance sheet metrics and cannot simply buy back 'loads and loads of stock' without regard to maintaining financial strength.

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    Floris Gerbrand van Dijkum's questions to Kimco Realty Corp (KIM) leadership • Q4 2024

    Question

    Floris van Dijkum of Compass Point inquired about the capital allocation strategy for large apartment entitlements, asking if they are more likely to be sold or joint-ventured, and questioned the long-term target for apartment-derived NOI.

    Answer

    President & CIO Ross Cooper stated that prioritization is based on a detailed analysis of market feasibility and yields, not just size. COO David Jamieson added that large entitlements are phased over time. CEO Conor Flynn shared a long-term 'dream scenario' of reaching a 90/10 retail-to-apartment NOI mix, but noted current capital costs limit direct development, favoring creative structures like ground leases with rights of first refusal (ROFRs).

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    Floris Gerbrand van Dijkum's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum asked if capital from monetizing assets like entitlements would be deployed into smaller deals or if larger transaction opportunities exist.

    Answer

    CEO Conor Flynn stated that value is best maximized on a one-off basis, with proceeds being match-funded into higher-growth shopping centers. President & CIO Ross Cooper added that the company's strategy has shifted to focus on accretive asset recycling, a change from prior years that sometimes involved dilutive, higher cap rate sales.

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    Floris Gerbrand van Dijkum's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum of Compass Point asked if capital from monetizing assets like entitlements would be deployed into smaller transactions or if larger opportunities were also being considered.

    Answer

    CEO Conor Flynn stated that value is maximized through one-off transactions. President & CIO Ross Cooper added that the company's focus has shifted to accretive asset recycling, using proceeds from monetizing assets like ground leases to fund higher-growth shopping center acquisitions.

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    Floris Gerbrand van Dijkum's questions to Kite Realty Group Trust (KRG) leadership

    Floris Gerbrand van Dijkum's questions to Kite Realty Group Trust (KRG) leadership • Q1 2025

    Question

    Floris Van Dijkum asked about the expected mark-to-market on new leases at Legacy West, the potential impact of purchase price accounting, and plans for further asset sales.

    Answer

    CEO John Kite indicated significant mark-to-market potential at Legacy West, suggesting rent upside could be 20-30% over the next three years due to low tenant health ratios. He noted it was too early to detail purchase accounting impacts but affirmed the company's focus on core FFO and cash flow. Regarding asset sales, Kite confirmed a strategy to reposition the portfolio but did not commit to a specific volume, citing market fluidity.

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    Floris Gerbrand van Dijkum's questions to Kite Realty Group Trust (KRG) leadership • Q4 2024

    Question

    Floris van Dijkum inquired about the capital recycling strategy for two large, non-yielding land parcels in Ontario, CA, and Largo, MD. He also asked about the growth momentum and future potential for the small shop occupancy rate.

    Answer

    Chairman and CEO John Kite stated the plan for the land parcels is to complete the entitlement process to maximize their value and then likely sell them to third-party developers. Regarding shop occupancy, Kite asserted that the recent anchor bankruptcies will not impede shop leasing and that replacing those anchors should ultimately drive more traffic, creating further opportunity to grow shop occupancy from its current 91% level.

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    Floris Gerbrand van Dijkum's questions to Kite Realty Group Trust (KRG) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum inquired about the composition of the $33 million signed-not-open (SNO) pipeline, its potential to accelerate underlying growth, and where the greatest untapped leasing opportunities remain for KRG. He also asked how the high growth of larger assets, like Southlake, influences capital allocation decisions for future investments.

    Answer

    CEO John Kite stated that there is significant room to run in small shop leasing, which constitutes 50% of revenue. He and CFO Heath Fear highlighted the SNO pipeline's strength, with an average ABR of $26 being nearly 25% above the portfolio average, and noted demand is broad-based across both anchors and shops. Regarding capital allocation, Kite explained that while larger assets can move the needle, investment decisions are asset-specific and prioritize the long-term quality of the real estate over size alone.

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    Floris Gerbrand van Dijkum's questions to Acadia Realty Trust (AKR) leadership

    Floris Gerbrand van Dijkum's questions to Acadia Realty Trust (AKR) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum inquired about management's confidence in achieving 10% underlying growth for the street retail portfolio and asked for specifics on the mark-to-market rent opportunity in Williamsburg.

    Answer

    CFO John Gottfried affirmed confidence in the street portfolio's growth, citing the strong mark-to-markets embedded in the signed-not-yet-open pipeline. Regarding Williamsburg, Executive Vice President A.J. Levine and CEO Kenneth Bernstein indicated that market rents are 'multiples' of the current in-place average, suggesting a potential doubling or tripling of rents on future leases, highlighting a significant embedded growth opportunity.

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    Floris Gerbrand van Dijkum's questions to Acadia Realty Trust (AKR) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum inquired about the financial impact of increasing the street and urban portfolio's occupancy from its current 90.6% level, its peak occupancy in previous cycles, and where Acadia sees the best opportunities for capital deployment, including a potential contrarian investment in San Francisco.

    Answer

    Executive John Gottfried noted that peak occupancy previously reached the 97% range and that achieving 94-95% occupancy should drive same-store NOI growth in the 10%+ range for the street portfolio over the next couple of years. President and CEO Kenneth Bernstein explained that capital deployment focuses on corridors with strong retailer demand and supply constraints. He added that the company's dual platform allows for opportunistic investments in early-stage recovery markets through its Investment Management arm. CIO Reginald Livingston affirmed that significant growth opportunities remain in existing core markets like SoHo.

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    Floris Gerbrand van Dijkum's questions to Acadia Realty Trust (AKR) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum from Compass Point asked for a comparison of tenant occupancy cost ratios (OCR) across Acadia's various markets, including SoHo, Bleecker Street, and Henderson in Dallas. He also inquired about the depth of the acquisition pipeline beyond the currently announced deals and the total addressable market size for street retail.

    Answer

    Executive Alexander Levine explained that OCRs are in the mid-teens for established markets like SoHo, offering room for growth, while they are closer to 10% in earlier-stage markets like Bleecker and Henderson, indicating significant upside. CEO Kenneth Bernstein added that the total addressable market for street retail is several billion dollars, and Acadia has a strong pipeline to continue its growth trajectory as long as market conditions remain favorable and deals meet their accretion criteria.

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    Floris Gerbrand van Dijkum's questions to Curbline Properties Corp. (CURB) leadership

    Floris Gerbrand van Dijkum's questions to Curbline Properties Corp. (CURB) leadership • Q1 2025

    Question

    Floris van Dijkum of Compass Point asked about the competitive landscape for acquisitions, specifically whether Curbline is encountering other well-capitalized REITs in bidding processes. He also inquired about a large private portfolio reportedly on the market and its potential significance as a value marker.

    Answer

    CEO David Lukes stated that so far, the competition in bidding situations remains primarily local private investors, and they have not run into direct competition against other public REITs, though some private funds with institutional capital are active. Regarding the specific private portfolio, Lukes declined to speculate on the private information but emphasized Curbline's strategy is to handpick assets one by one to build a simple, high-quality portfolio, rather than acquiring large, mixed-quality portfolios.

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    Floris Gerbrand van Dijkum's questions to Curbline Properties Corp. (CURB) leadership • Q1 2025

    Question

    Floris Gerbrand van Dijkum of Compass Point Research & Trading, LLC inquired about the competitive landscape for acquisitions, specifically if Curbline competes with other REITs, and also asked for commentary on a large private portfolio reportedly on the market.

    Answer

    CEO David Lukes stated that competition for their target assets remains primarily from local private investors and some private funds, not other public REITs. He declined to speculate on a specific private portfolio, reiterating Curbline's strategy of building its portfolio by hand-picking individual assets from a vast addressable market, which allows them to maintain simplicity and control.

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    Floris Gerbrand van Dijkum's questions to Curbline Properties Corp. (CURB) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum questioned the quarterly decline in NOI margins and expense recoveries, the wide discrepancy in average asset size between Miami and Atlanta, and the company's dividend policy.

    Answer

    CFO Conor Fennerty explained the margin decline was due to a new post-spin O&M reclassification from G&A to OpEx, noting the same-store pool showed margin growth. He attributed asset size variance to the small portfolio, where a few properties can skew market averages, and expects the average size to stabilize around 30,000 sq ft. Regarding the dividend, he said management recommends paying the taxable minimum, with an initial payout ratio likely near 75% due to a smaller tax shield.

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    Floris Gerbrand van Dijkum's questions to Regency Centers Corp (REG) leadership

    Floris Gerbrand van Dijkum's questions to Regency Centers Corp (REG) leadership • Q4 2024

    Question

    Floris van Dijkum of Compass Point asked about the location strategy for developments versus redevelopments, the potential size of the redevelopment pipeline in first-ring suburbs, and the company's approach to pursuing mixed-use entitlements.

    Answer

    Nicholas Wibbenmeyer, West Region President and CIO, clarified that both development and redevelopment projects are pursued across their entire territory, including infill locations. He reiterated that Regency avoids complex mixed-use projects, preferring to partner with third parties for non-retail components, which constitutes a small part of their overall strategy and is consistent with past practices.

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    Floris Gerbrand van Dijkum's questions to BXP Inc (BXP) leadership

    Floris Gerbrand van Dijkum's questions to BXP Inc (BXP) leadership • Q4 2024

    Question

    Floris Gerbrand van Dijkum asked about capital allocation, specifically the potential for more distressed opportunities like the 725 12th Street deal, which markets are most active, and the profile of sellers.

    Answer

    Chairman & CEO Owen Thomas explained that for development, only Midtown NYC currently supports new construction based on market rents. The D.C. deal was a unique opportunity created by a defaulted loan and strong pre-leasing. For acquisitions, BXP is actively seeking premier workplaces or conversion opportunities and expects to find accretive deals this cycle, though none are imminent.

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    Floris Gerbrand van Dijkum's questions to BXP Inc (BXP) leadership • Q3 2024

    Question

    Floris van Dijkum asked what catalysts are needed to spur private market transaction activity and how BXP views its cost of equity for funding potential growth, given its premium valuation.

    Answer

    Chairman & CEO Owen Thomas identified three key catalysts: lower interest rates, the reopening of the CMBS market providing buyer liquidity, and seller fatigue pushing owners to transact to meet their own strategic goals. He noted BXP's cost of equity is reflected in its mid-6% look-through cap rate, positioning it to act on opportunities.

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    Floris Gerbrand van Dijkum's questions to Brixmor Property Group Inc (BRX) leadership

    Floris Gerbrand van Dijkum's questions to Brixmor Property Group Inc (BRX) leadership • Q3 2024

    Question

    Floris van Dijkum asked about the SNO pipeline's anchor/shop split and occupancy upside, and later followed up on capital allocation, the use of equity near NAV, and the potential acquisition pipeline.

    Answer

    CEO Jim Taylor emphasized a focus on driving rental rate spreads, not just occupancy. COO Brian Finnegan noted $27 million of the SNO pipeline is from anchors at a record $16/sq ft. On capital, Taylor stated equity is used cautiously for accretive deals. CIO Mark Horgan added that since most retail is not institutionally owned, a large pipeline exists to acquire assets from families or less efficient platforms where Brixmor can add significant value.

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    Floris Gerbrand van Dijkum's questions to Brixmor Property Group Inc (BRX) leadership • Q3 2024

    Question

    Floris Gerbrand van Dijkum asked about the leasing pipeline, specifically the split between anchor and small shop leases in the SNO pipeline and the potential for further occupancy growth.

    Answer

    CEO James Taylor explained that growth is driven by both occupancy gains and, more importantly, strong rent spreads. He highlighted the 'stacking growth' from the SNO pipeline providing visibility into 2025 and 2026. President & COO Brian Finnegan specified that anchors account for $27 million of the $59 million SNO pipeline, signed at a record rent of $16 per square foot.

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    Floris Gerbrand van Dijkum's questions to Site Centers Corp (SITC) leadership

    Floris Gerbrand van Dijkum's questions to Site Centers Corp (SITC) leadership • Q1 2024

    Question

    Floris Gerbrand van Dijkum asked about the future composition of the Curbline Board of Directors and sought clarification on whether leases with tenants like Darden and Chipotle are with the corporate parent or franchisees.

    Answer

    CEO David Lukes indicated that, similar to a prior spin-off, the majority of the current board would likely move to Curbline to provide stewardship for the growth entity, with at least one director remaining at SITE Centers. CFO Conor Fennerty stated he believes 100% of their Darden and Chipotle leases are corporate, adding that many modern franchisees are large, well-capitalized organizations and are underwritten as such.

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