Sign in

    Keegan Carl • Wolfe Research, LLC

    Keegan Carl's questions to Extra Space Storage Inc (EXR) leadership

    Keegan Carl's questions to Extra Space Storage Inc (EXR) leadership • Q4 2024

    Question

    Keegan Carl sought clarification on whether the 'flat year-over-year' street rate commentary applied to the combined pool, asked about the expected move-in rate curve relative to seasonality, and inquired about capital recycling plans for the year.

    Answer

    Executive P. Stubbs confirmed the rate commentary was for the new combined same-store pool and stated that the seasonal rate curve's strength depends on demand. CEO Joseph Margolis added that the company has a modest list of properties, primarily from the LSI portfolio, slated for disposition as part of its ongoing strategy to optimize portfolio quality.

    Ask Fintool Equity Research AI

    Keegan Carl's questions to U-Haul Holding Co (UHAL) leadership

    Keegan Carl's questions to U-Haul Holding Co (UHAL) leadership • Q3 2025

    Question

    Keegan Carl of Wolfe Research inquired about quantifying transaction volume increases by month, the long-term margin potential for U-Box compared to self-storage, the market value of the company's real estate versus its book value, future funding strategies for growth, and the potential EBITDA margin if the entire storage portfolio were stabilized.

    Answer

    CFO Jason Berg detailed that quarterly transaction growth was driven by a nearly 2% increase in in-town business, while one-way was down. He cautioned that the quarter's 4.5% revenue growth was boosted by last-mile business and is not a sustainable run-rate. Regarding U-Box, both Berg and Executive Samuel Shoen explained that margins should improve with increased density in newer warehouses. While not providing a specific real estate valuation, Berg pointed to the company's capacity to borrow an additional $2 billion as an indicator of significant value over book. He also stated that future growth would be funded by normal borrowing while staying under a 5x net debt to EBITDA target. If stabilized, the current and in-development storage portfolio could increase annual storage revenue by about 50%. Chairman Edward Shoen added that he is aiming for U-Box margins to eventually be higher than self-storage.

    Ask Fintool Equity Research AI

    Keegan Carl's questions to Sun Communities Inc (SUI) leadership

    Keegan Carl's questions to Sun Communities Inc (SUI) leadership • Q3 2024

    Question

    Keegan Carl asked if the G&A reduction for next year contemplates new CEO and Chairman salaries, and also inquired about the drivers of the marina occupancy decline and the status of waiting lists.

    Answer

    Gary Shiffman, Executive, focused his response on the actionable nature of the announced savings and delivering future growth, without directly addressing the salary question. He explained the marina occupancy miss was primarily due to storms delaying the return of large vessels from the Mediterranean but confirmed that waiting lists for certain boat sizes persist at most marinas.

    Ask Fintool Equity Research AI

    Keegan Carl's questions to Equity LifeStyle Properties Inc (ELS) leadership

    Keegan Carl's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q3 2024

    Question

    Keegan Carl questioned ELS's long-term strategy regarding its Florida exposure given recent catastrophic weather events and asked for an outlook on the transient RV business, including whether it has hit a trough.

    Answer

    Marguerite Nader, President and CEO, affirmed the company's commitment to Florida, noting its historically strong performance, which has outperformed the overall portfolio by over 100 basis points on average over 20 years, even with storm events. Paul Seavey, EVP and CFO, commented on the transient business, attributing some of September's weakness to weather and stating that future performance will continue to be weather-dependent, making it difficult to predict a trough for 2025.

    Ask Fintool Equity Research AI