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    Jeremy Kuhl • Goldman Sachs

    Jeremy Kuhl's questions to Safehold Inc (SAFE) leadership

    Jeremy Kuhl's questions to Safehold Inc (SAFE) leadership • Q2 2025

    Question

    Jeremy Kuhl, on for Caitlin Burrows, asked how Safehold plans to fund future originations for the remainder of the year and requested an update on the Park Hotels portfolio, specifically the two assets the tenant may not renew.

    Answer

    CFO Brett Asnas explained that the company has runway on its leverage and will use its well-hedged revolver, with plans to term out borrowings later. CEO Jay Sugarman addressed the Park portfolio, stating it's now down to five assets. Of the two non-renewals, one has a complex partner ground lease to resolve, and the other small asset will likely be sold, with most of the portfolio's value residing in the other three assets.

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    Jeremy Kuhl's questions to Extra Space Storage Inc (EXR) leadership

    Jeremy Kuhl's questions to Extra Space Storage Inc (EXR) leadership • Q2 2025

    Question

    Jeremy Kuhl, on for Caitlin Burrows, asked how the peak leasing season compared to expectations and inquired about existing customer behavior, including length of stay and ECRI acceptance, in the current environment.

    Answer

    EVP & CFO Jeff Norman stated the leasing season was in line with expectations, similar to the prior year. CEO Joseph Margolis described the existing customer base as a key strength, highlighting fewer vacates, increasing length of stay, low bad debt, and consistent acceptance rates for rent increases.

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    Jeremy Kuhl's questions to VICI Properties Inc (VICI) leadership

    Jeremy Kuhl's questions to VICI Properties Inc (VICI) leadership • Q2 2025

    Question

    Jeremy Kuhl of Goldman Sachs asked which regional gaming markets VICI finds most attractive given supply concerns. He also inquired if a recent reverse sale-leaseback by tenant Lucky Strike has any impact on VICI.

    Answer

    President & COO John Payne identified the Las Vegas locals market, Reno, and new markets like Virginia as attractive regional opportunities. Regarding Lucky Strike, EVP & CFO David Kieske stated their financing activities do not impact VICI and noted the strong relationship, highlighting Lucky Strike's recent acquisitions as a sign of a growth-oriented operator that could lead to future partnership opportunities.

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