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    Hongliang Zhang

    Research Analyst at JPMorgan Chase & Co.

    Hongliang Zhang is an Executive Director and equity research analyst at J.P. Morgan, specializing in China Internet and Technology sector research. He covers leading companies including Alibaba, Tencent, Baidu, Meituan, and JD.com, and is recognized for his detailed sector insights and accurate stock recommendations, with coverage frequently cited by financial media and investor platforms. Zhang began his finance career at Credit Suisse and Barclays before joining J.P. Morgan in 2019, quickly progressing to a leadership role in the firm's Asia Pacific research group. He holds multiple industry licenses and has earned recognition for his thoughtful analysis and sector expertise.

    Hongliang Zhang's questions to KITE REALTY GROUP TRUST (KRG) leadership

    Hongliang Zhang's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Hongliang Zhang of JPMorgan Chase & Co. asked for guidance on how the equity and JV line items on the income statement should trend following the two GIC JVs. He also questioned if there were any one-time items affecting the non-cash rent figures in the quarter.

    Answer

    CFO Heath Fear directed him to the new presentation in the supplemental, which provides a consolidated view of all unconsolidated JVs with individual line items. He also confirmed that while there is natural lumpiness in non-cash rents, there was a one-time acceleration related to a Big Lots bankruptcy in the quarter.

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    Hongliang Zhang's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Hongliang Zhang of JPMorgan Chase & Co. requested guidance on how the joint venture accounting would affect the income statement for the rest of the year and asked about volatility in non-cash rent.

    Answer

    CFO Heath Fear directed the analyst to the supplemental package, which provides a consolidated breakdown of the JV components, although they are netted on the income statement's unconsolidated line. He explained that while non-cash rent can have natural lumpiness, a one-time acceleration related to a Big Lots bankruptcy was a specific factor in the current quarter.

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    Hongliang Zhang's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q2 2025

    Question

    Hongliang Zhang of JPMorgan Chase & Co. asked for guidance on how the joint venture line item in the income statement would trend for the rest of the year. He also questioned if recent volatility in non-cash rents was due to one-time bankruptcy-related items.

    Answer

    CFO Heath Fear advised that the supplemental package provides a detailed, consolidated breakdown of the JV contributions. He also confirmed that the lumpiness in non-cash rent was partly due to a one-time acceleration from the Big Lots bankruptcy but stated it should not be overly volatile going forward.

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    Hongliang Zhang's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q1 2025

    Question

    Hong Zhang asked if the mid-7s cap rate on recent dispositions is indicative of the current market and inquired about the expected trend for economic occupancy by year-end.

    Answer

    CEO John Kite confirmed that a mid-7s cap rate is a 'reasonable assumption' for the type of assets KRG is currently selling. CFO Heath Fear did not provide specific year-end occupancy guidance but noted it would likely dip due to tenant bankruptcies before recovering as backfills commence. COO Tom McGowan added that the pace of backfilling these spaces is strong.

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    Hongliang Zhang's questions to Extra Space Storage (EXR) leadership

    Hongliang Zhang's questions to Extra Space Storage (EXR) leadership • Q3 2024

    Question

    Hongliang Zhang asked for the outlook on pricing power and demand for next year and inquired about quantifiable cost savings from the LSI rebranding.

    Answer

    CEO Joseph Margolis stated that the 2025 outlook depends on macro factors but expressed confidence in the company's ability to optimize performance. He quantified one key saving from the rebranding: a $10 million annual reduction in paid search marketing spend for LSI stores once they achieve brand parity with EXR.

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