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    Jason Wayne • Barclays

    Jason Wayne's questions to Realty Income Corp (O) leadership

    Jason Wayne's questions to Realty Income Corp (O) leadership • Q2 2025

    Question

    Jason Wayne of Barclays asked for a breakdown of the increase in lease expirations by cause, such as bankruptcies, and inquired about the portfolio's exposure to Family Dollar after its separation from Dollar Tree.

    Answer

    CEO Sumit Roy did not provide a specific breakdown but noted a high 93% renewal rate suggests natural expirations were the main driver. He clarified that post-separation, the combined exposure is about 3% (2% Family Dollar, 1% Dollar Tree), with minimal near-term risk as only 10 basis points of leases for each brand expire through 2026.

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    Jason Wayne's questions to Sun Communities Inc (SUI) leadership

    Jason Wayne's questions to Sun Communities Inc (SUI) leadership • Q2 2025

    Question

    Jason Wayne of Barclays inquired about the impairment charges recorded in the quarter, asking about the underlying strategic shift and whether the UK write-downs were related to the ground lease acquisitions. He also asked if the company plans to sell its UK operations.

    Answer

    EVP & CFO Fernando Castro-Caratini clarified that the impairment charges were not related to the ground lease deals but stemmed from a strategic shift to halt new greenfield development projects in both the US and UK. Chairman & CEO Gary Shiffman stated there are no current plans to sell the UK operations. The focus remains on supporting the UK team and executing the strategy of growing recurring property income, which is creating value.

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    Jason Wayne's questions to Four Corners Property Trust Inc (FCPT) leadership

    Jason Wayne's questions to Four Corners Property Trust Inc (FCPT) leadership • Q2 2025

    Question

    Jason Wayne of Barclays noted a recent acquisition of a veterinarian retail property at a relatively high cap rate and asked for FCPT's outlook on the industry and its comfort level with pursuing more deals in that sector.

    Answer

    President, CEO & Director William Lenehan positioned veterinarian properties within the company's medical retail strategy. He described the industry as an interesting space with decent returns, and while FCPT is wary of private equity's role, he confirmed that the company expects to do more deals in the sector going forward.

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    Jason Wayne's questions to Four Corners Property Trust Inc (FCPT) leadership • Q1 2025

    Question

    Jason Wayne of Barclays inquired about the small number of tenants not paying rent and asked about the historical re-leasing spreads FCPT has achieved on such properties.

    Answer

    CEO William Lenehan clarified that the non-payment issue is related to 'basically one tenant' in a couple of buildings, which he described as a 'very, very small, one-off thing.' The company is pursuing a personal guarantee and is already making progress on re-leasing the properties. He declined to comment on specific re-leasing spreads for the ongoing negotiations, given the small number of properties involved.

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    Jason Wayne's questions to Equity LifeStyle Properties Inc (ELS) leadership

    Jason Wayne's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q2 2025

    Question

    Jason Wayne noted the stabilization in campground membership counts and asked for details on the sales strategy behind the new two-to-four-year membership subscriptions.

    Answer

    CEO Marguerite Nader confirmed a slight increase in member count after ten quarters of declines, driven by strong origination sales and promotional memberships. She detailed the new dues-based upgrade product, which replaces a large one-time payment with higher annual dues ($1,500-$3,500) in exchange for benefits like advanced booking windows and discounts, a change made based on customer feedback.

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    Jason Wayne's questions to WP Carey Inc (WPC) leadership

    Jason Wayne's questions to WP Carey Inc (WPC) leadership • Q1 2025

    Question

    Jason Wayne inquired about the reasons for the sequential decline in same-store growth in Europe, asking if it was driven by changes in the property pool or lease escalator structures.

    Answer

    CFO ToniAnn Sanzone attributed the change primarily to moderating CPI. She explained that a majority of leases have rent bumps in the first quarter based on prior months' inflation data, which had been trending lower. The decline was therefore more a function of lower inflation than any specific tenant or property-type issue.

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