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    Jonathan Petersen • Jefferies

    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 Extra Space Storage Inc (EXR) leadership

    Jonathan Petersen's questions to Extra Space Storage Inc (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 Core Scientific Inc (CORZ) leadership

    Jonathan Petersen's questions to Core Scientific Inc (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 STAG Industrial Inc (STAG) leadership

    Jonathan Petersen's questions to STAG Industrial Inc (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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