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    Linda Tsai • Jefferies Financial Group Inc.

    Linda Tsai's questions to Invitation Homes Inc (INVH) leadership

    Linda Tsai's questions to Invitation Homes Inc (INVH) leadership •

    Question

    Linda Tsai noted the occupancy guidance of 96.5% is a step down from the 97%+ levels of last year and asked which markets are expected to see the biggest shift from blended rent growth to occupancy as the primary operational lever.

    Answer

    President and Chief Operating Officer Charles Young identified markets with supply challenges, such as Central Florida, Texas, and Phoenix, as areas where occupancy may not build back as high as in supply-constrained markets like California or Seattle. In these competitive markets, the company may have to compete more on price, which could impact occupancy as they balance rate and volume. He added that overall turnover remains low, so the main variable is the time homes stay on the market.

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    Linda Tsai's questions to Invitation Homes Inc (INVH) leadership • Q1 2025

    Question

    Linda Tsai of Jefferies Financial Group Inc. asked for confirmation on whether the company still expects full-year 2025 occupancy to end at 96.5%, as stated previously.

    Answer

    CEO Dallas Tanner confirmed that the 96.5% year-end occupancy target remains their expectation. He explained that while Q1 occupancy was strong, a seasonal dip is anticipated during the peak move-out season as the company prioritizes capturing market rent growth, which may slightly increase days on market. This dynamic is factored into their annual guidance.

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    Linda Tsai's questions to Realty Income Corp (O) leadership

    Linda Tsai's questions to Realty Income Corp (O) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked about the drivers behind the record $43 billion in sourced deal activity and whether initial cash yields on Q3 investments would be similar to Q2.

    Answer

    CEO Sumit Roy attributed the sourcing surge to an expanded investment universe, including new geographies like Poland and asset types like data centers, rather than a change in sourcing methods. He projected that investment yields in the next quarter would be "similar to slightly better" than the 7.2% reported for Q2.

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    Linda Tsai's questions to Realty Income Corp (O) leadership • Q1 2025

    Question

    Linda Tsai of Jefferies asked if the strategy of driving growth in Europe via mark-to-market recapture was a new development. She also inquired about the portfolio percentage and total addressable market for retail parks.

    Answer

    CEO Sumit Roy clarified that the strategy has evolved from a value play to a more aggressive, concrete strategy as the company gained scale in Europe. He stated that retail parks represent about 40% of their European portfolio, with roughly $4 billion invested in the U.K. and Ireland out of a total $10 billion in those countries.

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    Linda Tsai's questions to NNN REIT Inc (NNN) leadership

    Linda Tsai's questions to NNN REIT Inc (NNN) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies inquired whether elevated lease termination fees and net real estate expenses would normalize by year-end and asked for more detail on how NNN extracts value from underperforming assets.

    Answer

    EVP & CFO Vincent Chao projected that lease termination fees may remain elevated for a period due to proactive portfolio management, but net real estate expenses should normalize by year-end. President and CEO Stephen Horn explained that value is extracted by selling properties with some lease term remaining to 1031 buyers, avoiding vacancy and maximizing proceeds.

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    Linda Tsai's questions to NNN REIT Inc (NNN) leadership • Q4 2024

    Question

    Linda Tsai questioned the increase in G&A guidance for 2025, asking if there was potential for it to come in lower and if it included any charges for the CFO's retirement. She also asked for NNN's perspective on the expansion plans of dollar stores.

    Answer

    CFO Kevin Habicht clarified that the 2024 G&A was reduced by a one-time $1.7 million tax refund, making the 2025 guidance of $47-48 million a more normalized inflationary increase. He confirmed retirement costs are handled in a separate line item, not G&A. CEO Stephen Horn added that NNN does not actively pursue dollar store deals, focusing on real estate fundamentals rather than the business model, and thus has limited insight into their expansion plans.

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    Linda Tsai's questions to Simon Property Group Inc (SPG) leadership

    Linda Tsai's questions to Simon Property Group Inc (SPG) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked for specific examples of how acquisitions help deepen relationships with retailers, considering Simon's already significant negotiating power.

    Answer

    Chairman, CEO & President David Simon countered that retailers hold the leverage, as they can close stores or shift online. He explained that having a larger portfolio of properties enhances the commercial relationship, allows for more senior-level engagement with retailers, and builds confidence in Simon's operational capabilities, which ultimately leads to more business.

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    Linda Tsai's questions to Simon Property Group Inc (SPG) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked for specific examples of how acquisitions help deepen relationships with retailers, considering Simon's already significant scale and negotiating power.

    Answer

    Chairman, CEO & President David Simon explained that a larger portfolio provides more products to offer retailers, leading to more comprehensive, senior-level discussions and repeat business. He countered that retailers hold significant leverage, and having more high-quality properties strengthens the commercial relationship and builds confidence in Simon's ability to deliver.

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    Linda Tsai's questions to Simon Property Group Inc (SPG) leadership • Q1 2025

    Question

    Linda Tsai asked about the possibility of a consumer demand pull-forward materializing in Q3 due to concerns about holiday inventory levels or future price increases.

    Answer

    CEO David Simon acknowledged that a pull-forward in demand is 'possible' and something they have observed historically in similar situations. He suggested that if it were to happen, retailer margins might hold up due to potentially higher prices. He concluded that while it's not certain, he 'wouldn't rule it out.'

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    Linda Tsai's questions to Simon Property Group Inc (SPG) leadership • Q4 2024

    Question

    Linda Tsai from Jefferies asked whether future acquisition opportunities are more likely to be domestic or international, and also requested commentary on the health of the consumer across different segments and geographies.

    Answer

    Chairman and CEO David Simon indicated that future acquisitions will likely be domestic, as international opportunities must be uniquely compelling, like the Kering deal. Regarding the consumer, he expressed caution about Europe and the lower-end U.S. consumer but remained 'pretty bullish' on the upper to high-end U.S. consumer.

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    Linda Tsai's questions to Camden Property Trust (CPT) leadership

    Linda Tsai's questions to Camden Property Trust (CPT) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked whether achieving the high end of the full-year NOI growth guidance would more likely be driven by revenue upside or expense savings.

    Answer

    President & CFO Alex Jessett responded that it would likely be a combination of both. He pointed to potential expense savings from pending property tax appeals and low insurance claims, while also highlighting revenue upside from strong performance in managing occupancy and delinquency. He concluded that outperformance could come from either side of the ledger.

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    Linda Tsai's questions to Camden Property Trust (CPT) leadership • Q1 2025

    Question

    Linda Tsai from Jefferies asked about the lease-up performance of the single-family rental (SFR) communities in Houston and the key learnings from resident response and traffic generation for these assets.

    Answer

    President and CFO Alex Jessett acknowledged that the lease-up has been slow, as expected for the demographic, but both communities are nearing stabilization. He highlighted a key positive: residents who take a long time to decide to move in are expected to be "sticky," leading to longer tenures. The company is now focused on evaluating operational efficiency before committing to more SFR projects.

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    Linda Tsai's questions to Camden Property Trust (CPT) leadership • Q3 2024

    Question

    Linda Tsai asked if there was a way to quantify the resiliency of Camden's portfolio, given its quality construction and lower average age, compared to other multifamily buildings in its regions.

    Answer

    President and CFO Alexander Jessett said it's hard to quantify but noted that after Hurricane Milton, neighboring properties 'looked a lot different.' He attributed Camden's resilience to quality construction and proactive upkeep, such as tree trimming and clearing drains. Executive Vice Chairman D. Keith Oden added that site selection is key, noting that during Hurricane Harvey's 500-year flood, only one community sustained water damage because the portfolio is built outside of flood plains.

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    Linda Tsai's questions to Agree Realty Corp (ADC) leadership

    Linda Tsai's questions to Agree Realty Corp (ADC) leadership • Q2 2025

    Question

    Linda Tsai inquired about Agree Realty's Q2 ATM usage relative to its overnight offering, the outlook for acquisition cap rates, and management's view on retailer and consumer health amid macro volatility.

    Answer

    President and CEO Joey Agree clarified that all ATM activity occurred before the April overnight offering. He projected Q3 acquisition cap rates would be similar to Q1 but with higher volume. Agree stated that while consumer health has deteriorated, this benefits ADC's necessity-focused portfolio, as the largest retailers are best positioned to gain market share by managing tariff and inflation pressures.

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    Linda Tsai's questions to American Homes 4 Rent (AMH) leadership

    Linda Tsai's questions to American Homes 4 Rent (AMH) leadership • Q2 2025

    Question

    Linda Tsai asked for an update on resident income-to-rent ratios and inquired about the potential impact of a home sales market recovery on AMH's portfolio.

    Answer

    CEO & Trustee Bryan Smith reported very strong resident financials, with income-to-rent ratios exceeding 5x and average household income for new move-ins surpassing $150,000 in Q2. He opined that a healthier for-sale housing market would be a net positive, potentially reducing some 'shadow' rental supply, and expressed confidence that AMH could maintain occupancy and pricing power due to deep demand.

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    Linda Tsai's questions to American Homes 4 Rent (AMH) leadership • Q1 2025

    Question

    Linda Tsai from Jefferies requested more color on the lease expiration management initiative, asking about the quantifiable benefits and the duration of the improvement.

    Answer

    CEO Bryan Smith explained the initiative is part of a broader revenue optimization strategy focused on shifting renewals to the first half of the year to align with peak demand and pricing power. He noted it's a multi-year program that will accrue benefits over time as leases renew in more favorable periods. He also emphasized that the program offers choices to residents, matching their needs as well.

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    Linda Tsai's questions to American Homes 4 Rent (AMH) leadership • Q4 2024

    Question

    Linda Tsai from Jefferies inquired if having over half of development costs contracted is typical and what costs remain variable. She also asked if the 200 basis points of FFO outperformance in 2024 is an achievable benchmark for 2025.

    Answer

    CEO Bryan Smith confirmed that it is typical to have costs for materials and labor locked in for homes under active construction, which represent about half of 2025's expected deliveries. He noted any cost pressures would likely affect the second half of the year more. CFO Chris Lau responded that while outperformance is always the objective, the company's formal guidance range for 2025 should be the point of reference, with the upper end reaching into the 5% growth range.

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    Linda Tsai's questions to American Homes 4 Rent (AMH) leadership • Q3 2024

    Question

    Linda Tsai requested details on the recently acquired 1,700-property portfolio, including its average age and whether it includes homes in new markets. She also asked which markets might exceed or fall below the 3-4% rent growth forecast for next year.

    Answer

    CFO Chris Lau provided key stats for the acquired portfolio: average build year of 2007, average size of 2,100 sq. ft., and in-place rents around $2,000, noting it overlays well with the existing footprint. COO Bryan Smith, referencing John Burns' forecasts, highlighted Savannah and Hilton Head as markets likely to be at the top end of the 3-4% rent growth range, with San Antonio expected to be on the lower end.

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    Linda Tsai's questions to UDR Inc (UDR) leadership

    Linda Tsai's questions to UDR Inc (UDR) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked how resident turnover improvements varied by region and what the expected trajectory for turnover is for the remainder of the year.

    Answer

    SVP & COO Michael Lacy stated that turnover benefits are being seen across the portfolio, with slightly more improvement in the Southwest and West regions, including in high-supply markets like Austin. He attributed this to the success of the customer experience project. For the second half of the year, he expects turnover to continue running 200 to 300 basis points better than the prior year, based on the positive trajectory seen in renewal negotiations through September.

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    Linda Tsai's questions to UDR Inc (UDR) leadership • Q4 2024

    Question

    Linda Tsai asked if opportunities to reduce turnover were concentrated in specific markets and if there were additional costs associated with these reduction efforts.

    Answer

    COO Mike Lacy responded that the positive turnover trend is broad-based across all regions, driven by systematic data and customer service efforts. He noted that there is a slight increase in associated costs, primarily through targeted CapEx spending to fix recurring property issues (like HVAC) that are known to cause move-outs, rather than an increase in operating expenses.

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    Linda Tsai's questions to UDR Inc (UDR) leadership • Q3 2024

    Question

    Linda Tsai from Jefferies inquired about the potential upfront costs associated with UDR's customer retention initiatives and whether those costs are expected to decline over time.

    Answer

    SVP Mike Lacy explained that current costs are minimal, involving proactive outreach and occasional small incentives like gift cards. CFO Joe Fisher added that the strategy is less about adding new costs and more about using data to allocate existing resources more intelligently. CEO Tom Toomey framed the initiative as a long-term strategic effort to fundamentally lower turnover and expand margins, driving significant shareholder value.

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    Linda Tsai's questions to Mid-America Apartment Communities Inc (MAA) leadership

    Linda Tsai's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q2 2025

    Question

    Linda Tsai of Jefferies asked for clarification on the timeframe for when the 85,000 fewer available units in MAA's markets would increase to the 100,000-125,000 range.

    Answer

    EVP Timothy Argo clarified that the 85,000 figure represents the net absorption over new supply for the four quarters ending in Q2. Given that the figure grew from 45,000 to 85,000 in Q2 alone, he expects it to surpass 100,000 later in 2025 as supply deliveries continue to decline.

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    Linda Tsai's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q4 2024

    Question

    Linda Tsai requested more color on the negative 40 basis point revenue earn-in for 2025 compared to the prior year. She also asked if the expected supply moderation in key markets like Atlanta and Orlando would occur concurrently or in a staggered manner.

    Answer

    Tim Argo, EVP and Chief Strategy Officer, confirmed the -40 bps earn-in for 2025, a shift from the +50 bps earn-in for 2024, attributing the figure to pricing pressure in late 2024. He explained that the supply decline is expected to be relatively consistent across most markets because the peak of construction starts occurred within a narrow window (Q2-Q3 2022) for the majority of their footprint.

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    Linda Tsai's questions to Kimco Realty Corp (KIM) leadership

    Linda Tsai's questions to Kimco Realty Corp (KIM) leadership • Q2 2025

    Question

    Linda Tsai from Jefferies Financial Group Inc. asked how cap rates have changed since ICSC across different property types and where the best opportunities are.

    Answer

    President & CIO Ross Cooper responded that all open-air formats—including lifestyle, core grocery, and power centers—are seeing aggressive pricing and high demand. He noted that Kimco's diversified portfolio allows it to be flexible, but currently, no single format is trading at a notable discount.

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    Linda Tsai's questions to Kimco Realty Corp (KIM) leadership • Q4 2024

    Question

    Linda Tsai of Jefferies requested details on upcoming debt refinancings in 2025 and 2026, including timing and potential interest rate impacts.

    Answer

    CFO Glenn Cohen outlined ~$290M in remaining 2025 maturities and ~$750M in 2026, noting ample liquidity and flexibility to address them. He estimated current 10-year bond pricing around 5.45%. CEO Conor Flynn added that positive outlooks from rating agencies could improve pricing on future debt issuance.

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    Linda Tsai's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Linda Tsai requested more details on the $470 million in mezzanine investments, asking about the property types, locations, and quality relative to Kimco's main portfolio.

    Answer

    President & CIO Ross Cooper stated that the structured investment portfolio mirrors Kimco's owned portfolio in composition. It is geographically diverse and includes both neighborhood grocery-anchored centers and larger lifestyle assets. He stressed that these are properties Kimco is comfortable owning, ensuring strategic and quality alignment with the core business.

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    Linda Tsai's questions to Kimco Realty Corp (KIM) leadership • Q3 2024

    Question

    Linda Tsai of Jefferies requested more detail on the $470 million in mezzanine investments, asking about the types of properties, their locations, and their quality.

    Answer

    President & CIO Ross Cooper stated that the composition of the structured program mirrors Kimco's owned portfolio. He described it as geographically diverse and containing both neighborhood grocery-anchored centers and larger lifestyle assets, which are property types Kimco is comfortable owning and operating.

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    Linda Tsai's questions to Acadia Realty Trust (AKR) leadership

    Linda Tsai's questions to Acadia Realty Trust (AKR) leadership • Q2 2025

    Question

    Linda Tsai asked about the disconnect between Acadia's stock performance and its strong portfolio fundamentals, and questioned the differences in landlord scale between suburban and street retail.

    Answer

    President & CEO Kenneth Bernstein explained that the market is underestimating secular tailwinds for street retail, such as the direct-to-consumer shift by brands. He contrasted the elusive benefits of scale in suburban retail with the significant advantages in street retail, where concentrated ownership can drive rents approximately 10% higher and improve national leasing and acquisition efforts.

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    Linda Tsai's questions to Inventrust Properties Corp (IVT) leadership

    Linda Tsai's questions to Inventrust Properties Corp (IVT) leadership • Q2 2025

    Question

    Linda Tsai from Jefferies asked if FFO guidance would have been raised if acquisition activity had occurred earlier, questioned the same-store growth profile of the sold California assets, and inquired about the future sustainability of the 4-5% same-store growth rate.

    Answer

    CEO Daniel Busch confirmed that earlier acquisition timing would have likely led to a similar upward revision in operational expectations. He explained that the sold California assets had a less favorable growth profile compared to the high-growth Sunbelt markets they are redeploying capital into. Busch also stated that the 4%+ same-property NOI growth rate appears sustainable, supported by higher rent escalators, near-record occupancy, and a visible pipeline for further small shop occupancy gains.

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    Linda Tsai's questions to NexPoint Residential Trust Inc (NXRT) leadership

    Linda Tsai's questions to NexPoint Residential Trust Inc (NXRT) leadership • Q2 2025

    Question

    Linda Tsai from Jefferies asked for color on the significant second-quarter occupancy drops in Phoenix and Las Vegas, questioned the timing of the expected recovery in Las Vegas, and inquired about the drivers behind lower unit turn costs.

    Answer

    EVP & CIO Matt McGraner attributed the Phoenix occupancy decline to intense new supply pressures near three specific properties, while the Las Vegas issue was more isolated to weaker traffic at a single asset. CFO Paul Richards added that Phoenix required higher concession use. Regarding lower turn costs, McGraner cited higher tenant retention, and Richards noted that an increase in partial, capitalized upgrades on turning units helps offset R&M expenses.

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    Linda Tsai's questions to Netstreit Corp (NTST) leadership

    Linda Tsai's questions to Netstreit Corp (NTST) leadership • Q2 2025

    Question

    Linda Tsai asked if the improved cost of capital opens up new investment verticals, requested color on the convenience store (C-store) space and its pipeline presence, and inquired about the outlook for G&A as a percentage of revenue for the next year.

    Answer

    President & CEO Mark Manheimer stated their investment focus will remain on similar property types, not new verticals. He described the C-store space as attractive but noted Q2's volume was unusually high. CFO & Treasurer Daniel Donlan projected that G&A as a percentage of revenue should continue to decline next year as hiring moderates.

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    Linda Tsai's questions to Netstreit Corp (NTST) leadership • Q4 2024

    Question

    Linda Tsai of Jefferies sought clarification on the "asymmetrical information" used in underwriting beyond Placer.ai and asked about the drivers behind the reduction in G&A expenses.

    Answer

    CEO Mark Manheimer emphasized that direct relationships and ongoing conversations with tenants about their asset performance are a key source of asymmetrical information that complements data tools. CFO Dan Donlan explained that while recurring G&A as a percentage of revenue has declined due to scaling, cash G&A is expected to rise in 2025 to support portfolio growth with marginal headcount increases.

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    Linda Tsai's questions to AvalonBay Communities Inc (AVB) leadership

    Linda Tsai's questions to AvalonBay Communities Inc (AVB) leadership • Q1 2025

    Question

    Linda Tsai asked about the expected timing for settling the $890 million in undrawn forward equity and whether improving conditions in California would alter the pace of diversification away from coastal markets.

    Answer

    CFO Kevin O'Shea anticipates the vast majority of the forward equity will be settled in the third and fourth quarters. CIO Matthew Birenbaum stated that despite positive short-term trends in California, the company's long-term strategy to diversify its portfolio and limit exposure to California's regulatory environment remains unchanged.

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    Linda Tsai's questions to AvalonBay Communities Inc (AVB) leadership • Q3 2024

    Question

    Linda Tsai from Jefferies asked if the projected reacceleration of effective rent growth would continue into January 2025. She also inquired about potential yield differences between townhome and detached build-to-rent (BTR) products and where townhomes fit in terms of resident preferences.

    Answer

    COO Sean Breslin declined to provide a forecast for January but reiterated confidence in the November and December projections. CIO Matthew Birenbaum stated it is still early, but he does not see significant differences in yields or cap rates between townhome and detached BTR products. He suggested customer preference is often location-driven, with townhomes in closer-in locations and detached homes further out.

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    Linda Tsai's questions to Regency Centers Corp (REG) leadership

    Linda Tsai's questions to Regency Centers Corp (REG) leadership • Q1 2025

    Question

    Linda Tsai asked about the 7% year-over-year increase in foot traffic in April, inquiring how much might be attributable to pull-forward demand and if there were any notable variances in traffic by region.

    Answer

    President and CEO Lisa Palmer expressed doubt that pull-forward demand was a significant factor, as consumers don't typically stockpile groceries or dining experiences. Alan Roth, East Region President and COO, added that while there were marginal differences, every region saw an increase in foot traffic, so there was no significant regional story to read into the data.

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    Linda Tsai's questions to Regency Centers Corp (REG) leadership • Q4 2024

    Question

    Linda Tsai from Jefferies questioned the stability of the 7%+ development yield and the 150+ basis point spread over acquisition cap rates, considering the rising costs of labor and construction.

    Answer

    Nicholas Wibbenmeyer, West Region President and CIO, explained that their underwriting process is designed to maintain these yields by accounting for potential cost inflation. He emphasized their strategy of de-risking projects through extensive diligence and securing bids before starting construction. This disciplined approach has often allowed them to outperform initial projections, even in the face of cost pressures.

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    Linda Tsai's questions to Independence Realty Trust Inc (IRT) leadership

    Linda Tsai's questions to Independence Realty Trust Inc (IRT) leadership • Q1 2025

    Question

    Linda Tsai inquired about plans for further market exits after Birmingham, leasing velocity for the upcoming peak season, and the performance difference between Class A and Class B assets.

    Answer

    President and CFO Jim Sebra stated there are no current plans for further dispositions. He noted that leasing demand heading into the peak June/July expiration months is 25% higher than last year. He also provided a specific performance delta, with Q1 blended rents at +40 bps for the Class B portfolio versus -80 bps for the smaller Class A portfolio.

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    Linda Tsai's questions to Independence Realty Trust Inc (IRT) leadership • Q4 2024

    Question

    Linda Tsai asked for the 2024 bad debt figure and its contribution to same-store growth, as well as the company's year-end leverage target for 2025.

    Answer

    CFO James Sebra reported that bad debt was 1.9% of revenue in 2024, contributing about 30 basis points to growth compared to 2023. For year-end 2025, he stated the leverage target is in the 'mid-5s' net debt to adjusted EBITDA.

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    Linda Tsai's questions to Independence Realty Trust Inc (IRT) leadership • Q3 2024

    Question

    Linda Tsai of Jefferies asked whether IRT is observing a growing trend of institutional owners taking on higher insurance deductibles to offset rising premium costs.

    Answer

    CFO James Sebra acknowledged hearing anecdotes of others taking higher deductibles to manage premiums but could not confirm if it is a widespread trend. He stated clearly that IRT did not change its own deductibles during its May insurance renewal.

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    Linda Tsai's questions to Kite Realty Group Trust (KRG) leadership

    Linda Tsai's questions to Kite Realty Group Trust (KRG) leadership • Q1 2025

    Question

    Linda Tsai asked how sales productivity at Legacy West compares to other KRG assets, about the portfolio's luxury retail concentration, and the outlook for further acquisitions this year.

    Answer

    CEO John Kite stated that Legacy West's sales productivity is similar to or slightly better than its Southlake asset. He confirmed Legacy West has the highest concentration of luxury retail in the portfolio, which opens a new channel of tenants. On future acquisitions, Kite said that while KRG is always monitoring the market, nothing of Legacy West's quality is currently under active consideration.

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    Linda Tsai's questions to Brixmor Property Group Inc (BRX) leadership

    Linda Tsai's questions to Brixmor Property Group Inc (BRX) leadership • Q1 2025

    Question

    Linda Tsai observed that Brixmor's same-store NOI growth guidance is at the high end of its peer set and asked if the company expects to maintain this outperformance in the coming year, given its notably low rent basis.

    Answer

    CEO Jim Taylor, while not providing future guidance, pointed to the significant forward visibility provided by the signed-but-not-commenced (SNO) pipeline. He explained that the continuous 'stacking' of new rents from this pipeline, while simultaneously replenishing it with new deals, gives the company strong confidence in its ability to continue growing and outperforming.

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    Linda Tsai's questions to Brixmor Property Group Inc (BRX) leadership • Q4 2024

    Question

    Linda Tsai asked about the expected level of same-store NOI growth acceleration in the second half of the year, given the drag from lease rejections in the first half.

    Answer

    President and COO Brian Finnegan explained that the first half of 2025 faces tougher comps from prior-year out-of-period collections and a one-time tax benefit, which, combined with near-term bankruptcy impacts, will mute growth initially. He expects growth to accelerate as the base rent line expands throughout the year from newly commenced leases.

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    Linda Tsai's questions to Macerich Co (MAC) leadership

    Linda Tsai's questions to Macerich Co (MAC) leadership • Q4 2024

    Question

    Linda Tsai asked about the expected growth rate of the signed-not-open (SNO) pipeline as a percentage of NOI, the re-leasing spread difference between new leases and renewals, and the quality mix (A, B, C spaces) of the spaces being targeted for leasing.

    Answer

    President and CEO Jackson Hsieh stated the SNO pipeline will grow substantially due to a strategic shift toward signing more new leases (targeting 45% of the mix vs. a 34% historical average), which will create a more resilient portfolio by 2028. He noted new lease spreads for tenants under 10,000 sq. ft. were 17.6%, while renewals were 5.8%. SVP of Portfolio Management Brad Miller added that 90% of the leasing activity in their plan is focused on A-rated spaces.

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    Linda Tsai's questions to Federal Realty Investment Trust (FRT) leadership

    Linda Tsai's questions to Federal Realty Investment Trust (FRT) leadership • Q4 2024

    Question

    Linda Tsai asked if management is seeing better underwriting opportunities in specific geographic regions or particular retail formats.

    Answer

    EVP & CIO Jan Sweetnam responded that it is difficult to specify a particular type, as good yields are being found across the board on the larger centers they prefer. He stated that opportunities are evaluated on a case-by-case basis depending on the asset and its market. CEO Donald Wood concurred, stating there was no real preference.

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    Linda Tsai's questions to Equity Residential (EQR) leadership

    Linda Tsai's questions to Equity Residential (EQR) leadership • Q4 2024

    Question

    Linda Tsai asked how the embedded growth for Seattle, D.C., New York, and San Francisco compares to the 80 basis point portfolio average, given the company's favorable outlook on those markets.

    Answer

    CFO Bob Garechana explained that D.C. and New York have strong embedded growth, likely above the portfolio average, due to strong leasing in 2024. Conversely, Seattle and San Francisco are closer to or slightly below the average, as their 2025 growth story is more dependent on in-year leasing activity and recovery rather than the starting rent roll.

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    Linda Tsai's questions to Essex Property Trust Inc (ESS) leadership

    Linda Tsai's questions to Essex Property Trust Inc (ESS) leadership • Q3 2024

    Question

    Linda Tsai of Jefferies asked if new lease rates are expected to turn positive in the final two months of the year and inquired about refinancing plans for 2025 debt maturities.

    Answer

    Executive Angela Kleiman confirmed they anticipate an inflection point for new lease rates to become neutral or positive, helped by easier year-over-year comparisons. Executive Barb Pak stated they are monitoring the bond market to refinance $500 million in unsecured bonds due in 2025. She noted a new 10-year bond would likely price in the low-5% range, creating an earnings headwind as it replaces a 3.5% coupon.

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    Linda Tsai's questions to Site Centers Corp (SITC) leadership

    Linda Tsai's questions to Site Centers Corp (SITC) leadership • Q2 2024

    Question

    Linda Tsai asked about the weighted average lease term for Curbline's portfolio, the metrics used to assess local tenant rent capacity beyond OCR, whether disposition pricing would have differed a year ago, and what portion of the total U.S. convenience real estate market meets Curbline's investment criteria.

    Answer

    CFO Conor Fennerty noted the lease term is about 5.2 years. CEO David Lukes mentioned using cell phone traffic data to analyze customer trends and estimated that about 15% of the total U.S. convenience inventory meets their high-quality standards, representing a substantial growth opportunity. He declined to speculate on historical pricing.

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