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    Jonathan Petersen

    Research Analyst at Jefferies

    Jonathan Petersen is the Head Managing Director of the REIT Team (US) at Jefferies, specializing in equity research across publicly traded real estate, with an emphasis on data centers, office, and industrial REITs. He covers high-profile companies such as Core Scientific, Galaxy Digital, Cencora, Digital Realty Trust, Argo Blockchain, and CyrusOne, and his research notes have delivered market-relevant price targets and direction across these firms. Petersen’s career began as a Vice President at MLV in 2012 before joining Jefferies as Vice President in 2015 and advancing to his current Managing Director role, demonstrating consistent sector leadership through multiple promotions. He holds professional securities credentials and routinely earns internal recognition for in-depth industry analysis, although precise performance and rankings are not publicly disclosed.

    Jonathan Petersen's questions to Postal Realty Trust (PSTL) leadership

    Jonathan Petersen's questions to Postal Realty Trust (PSTL) leadership • Q1 2025

    Question

    Jonathan Petersen of Jefferies inquired about leasing spreads for 2025 and 2026 renewals, the implications of political discussions in Washington D.C. regarding the USPS, and the historical and future use of Operating Partnership (OP) units in acquisitions.

    Answer

    President Jeremy Garber stated that the company does not disclose specific leasing spreads but pointed to same-store NOI guidance. CEO Andrew Spodek addressed the political climate, noting that while they monitor discussions, their direct dealings with the USPS remain 'business as usual' and focused on efficient, long-term leasing. Spodek also explained that OP units are a key tool for sourcing off-market deals, accounting for 10-15% of acquisition volume on average, with usage determined by stock price and transaction specifics.

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    Jonathan Petersen's questions to Postal Realty Trust (PSTL) leadership • Q4 2024

    Question

    Jonathan Petersen asked for the amount of catch-up rent payments included in fourth-quarter revenue and how to model the revenue run rate for the upcoming year.

    Answer

    Robert Klein, Chief Financial Officer, advised focusing on the forward-looking run rate, which is now clear since the vast majority of 2023 and 2024 leases have been executed. He highlighted the contractual rent escalators detailed in the investor presentation as the key indicator for future growth, rather than focusing on past catch-up payments.

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    Jonathan Petersen's questions to LXP Industrial Trust (LXP) leadership

    Jonathan Petersen's questions to LXP Industrial Trust (LXP) leadership • Q1 2025

    Question

    Jonathan Petersen asked about specific markets with strong leasing spread upside through 2026, any observed impacts from tariffs on inventory or demand, and whether increased activity from large e-commerce players like Amazon could benefit LXP's vacant big boxes.

    Answer

    Executive Vice President James Dudley identified Sunbelt markets, particularly Phoenix and Dallas, as having the best opportunity for strong mark-to-market rent growth. He noted that tenant reactions to tariffs have been mixed, with some pausing, some accelerating imports, and others proceeding as planned. Regarding e-commerce, he confirmed that major players, including Amazon and other large retailers, are actively looking for space, and their activity has picked up.

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    Jonathan Petersen's questions to LXP Industrial Trust (LXP) leadership • Q3 2024

    Question

    Jonathan Petersen of Jefferies inquired about leasing spread expectations for 2025 and 2026, any known tenant move-outs, and the company's reaction to the recent election results, particularly concerning the onshoring of manufacturing.

    Answer

    James Dudley, EVP, outlined two known move-outs for 2025 and projected that remaining 2025 expirations are 34% below market, while 2026 expirations are approximately 24% below market. Regarding the election, Dudley stated it was too early to say definitively but noted that government spending programs are difficult to undo and that supporting domestic manufacturing has bipartisan support.

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    Jonathan Petersen's questions to CubeSmart (CUBE) leadership

    Jonathan Petersen's questions to CubeSmart (CUBE) leadership • Q4 2024

    Question

    Jonathan Petersen asked if there are further operational efficiencies to be gained on the OpEx line or if it's now more tied to inflation. He also inquired about the typical delay or tail on property tax assessments reflecting changes in asset values.

    Answer

    President and CEO Christopher Marr stated that while the 'low-hanging fruit' on efficiencies has been picked, the company will continue to find savings, such as using AI to reduce repetitive tasks. CFO Tim Martin explained that predicting the tail on property tax assessments is 'impossible,' as municipalities vary, but noted that current pressure on NOI and higher cap rates provide evidence to challenge assessment increases.

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    Jonathan Petersen's questions to Core Scientific, Inc./tx (CORZ) leadership

    Jonathan Petersen's questions to Core Scientific, Inc./tx (CORZ) leadership • Q4 2024

    Question

    Jonathan Petersen inquired about the economics of the new CoreWeave expansion, asking if the rent structure remains the same, and questioned the milestones needed to reduce CoreWeave's customer concentration below 50% by 2028.

    Answer

    CEO Adam Sullivan confirmed that the rental economics are identical to previous agreements, with the contracts aligning completely after about two years. To achieve customer diversification, he stated the company is focused on expanding its capacity at existing and new 'blue-chip' sites to attract additional 'blue-chip' clients.

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    Jonathan Petersen's questions to Core Scientific, Inc./tx (CORZ) leadership • Q3 2024

    Question

    Jonathan Petersen asked about the capital strategy for the 100-megawatt HPC transition, specifically whether construction would begin before a lease is signed. He also inquired about financing structures for future deals and the repeatability of the customer-funded CoreWeave model.

    Answer

    CEO Adam Sullivan stated that the company's strategy is to secure a client contract before committing capital to the site transition. Regarding future financing, he explained that the market is moving toward a model where clients fund a portion of the CapEx (20-30%), and Core Scientific would use project-level debt financing for the remainder of the build-out.

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    Jonathan Petersen's questions to Core Scientific, Inc./tx (CORZ) leadership • Q3 2024

    Question

    Jonathan Petersen from Jefferies asked about the capital strategy for the 100-megawatt HPC transition, specifically whether spending would precede a signed lease, and what financing structures the company is considering for future deals.

    Answer

    CEO Adam Sullivan stated that the company intends to secure a client contract before committing capital to the 100 MW transition to ensure the build-out meets specific requirements. For future financing, he described a model where clients might fund the 20-30% equity portion of the CapEx, with Core Scientific using project-level debt financing for the remainder.

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    Jonathan Petersen's questions to Extra Space Storage (EXR) leadership

    Jonathan Petersen's questions to Extra Space Storage (EXR) leadership • Q4 2024

    Question

    Jonathan Petersen asked for the move-in rate trend for the LSI portfolio specifically and the cadence of the overall improvement to flat year-over-year. He also inquired about any observed impacts from job losses in the D.C. market and the potential effects of a job-loss-driven recession.

    Answer

    Executive P. Stubbs noted the LSI rate trend was similar to the combined pool and that the improvement to flat occurred mainly in January due to an easy prior-year comparison. CEO Joseph Margolis stated it was too soon to see any impact in D.C. and acknowledged that while a job-loss recession would be a headwind, storage has historically shown resilience due to diverse demand drivers.

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    Jonathan Petersen's questions to STAG Industrial (STAG) leadership

    Jonathan Petersen's questions to STAG Industrial (STAG) leadership • Q3 2024

    Question

    Jonathan Petersen inquired if STAG holds any material security deposits for American Tire and asked about the impact of election uncertainty on leasing and transaction activity.

    Answer

    CEO William Crooker confirmed there are no material security deposits related to American Tire and reiterated that their rent is current. Regarding the election, he noted hearing anecdotally that some tenants are delaying leasing decisions but has not seen a material impact on the acquisition market.

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    Jonathan Petersen's questions to DIGITAL REALTY TRUST (DLR) leadership

    Jonathan Petersen's questions to DIGITAL REALTY TRUST (DLR) leadership • Q3 2024

    Question

    Jonathan Petersen inquired about the design changes required to support high-density AI workloads and asked if the impressive rental rates were being offset by higher construction costs for these advanced facilities.

    Answer

    President and CEO Andy Power stated that while build costs have seen single-digit percentile increases, rental rate growth has far outpaced this inflation. CRO Colin McLean noted AI comprised 50% of bookings. CTO Chris Sharp detailed the company's long-standing focus on modular designs, readiness for liquid cooling, and its HD Colo offering that can support up to 150 kilowatts per rack.

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