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    Linda Yu Tsai

    Research Analyst at Jefferies Financial Group Inc.

    Linda Yu Tsai is an Equity Analyst at Jefferies Financial Group Inc., specializing in real estate and technology sectors, with coverage including notable companies such as Regency Centers, Federal Realty Investment Trust, and Equity Residential. Her performance is tracked on industry platforms, where she has achieved a success rate of over 51% across more than 110 ratings, delivering an average return of approximately 4.25%. Linda Tsai began her analyst career at Morgan Stanley as a Research Associate before joining Jefferies in 2019. She holds industry credentials appropriate for her role, signifying her professional qualifications and expertise in equity research.

    Linda Yu Tsai's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership

    Linda Yu Tsai's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership • Q1 2025

    Question

    Linda Tsai of Jefferies inquired about the cause of the lower-than-expected bad debt in the quarter, asking if it was from specific tenants paying unexpectedly or a lower general reserve.

    Answer

    CFO Daniel Guglielmone attributed the positive result to a combination of factors: lower concern about bankruptcies due to a strong tenant base, better-than-expected rent collections, and higher tenant retention. This led to a lower utilization of the credit reserve than forecasted, contributing to the quarter's outperformance.

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    Linda Yu Tsai's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership • Q3 2024

    Question

    Linda Tsai from Jefferies inquired about the expected contribution from development projects to earnings in the upcoming year.

    Answer

    CFO Daniel Guglielmone indicated that while several projects will begin contributing (e.g., Huntington, Darien, 915 Meeting Street), there could be a modest earnings drag as capitalized interest falls off upon delivery, potentially before rent fully commences. However, he expressed confidence that strong growth from the core comparable portfolio would more than offset this, leading to 'very, very solid' FFO growth in 2025.

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    Linda Yu Tsai's questions to MACERICH (MAC) leadership

    Linda Yu Tsai's questions to MACERICH (MAC) leadership • Q1 2025

    Question

    Linda Yu Tsai of Jefferies asked for more detail on the drivers behind the successful acceleration in new lease signings and questioned if the company has expanded the types of tenants it is targeting.

    Answer

    President and CEO Jackson Hsieh attributed the accelerated pace to the new streamlined organizational structure, clear strategy, and strong tenant demand for Macerich's top-tier properties. Doug Healey, SVP of Leasing, added that the pool of potential uses has broadened significantly beyond traditional retail to include medical, entertainment, and digitally native brands.

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    Linda Yu Tsai's questions to MACERICH (MAC) leadership • Q4 2024

    Question

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

    Answer

    CFO Daniel Swanstrom confirmed $27 million of the $66 million SNO pipeline would be realized in 2025. CEO Jackson Hsieh added that the SNO pipeline will grow substantially due to a strategic focus on new leases. For tenants under 10,000 sq. ft., new lease spreads were 17.6% versus 5.8% for renewals. SVP of Portfolio Management, Brad Miller, clarified that 90% of the leasing activity in their plan is focused on high-demand 'A' rated spaces.

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    Linda Yu Tsai's questions to MACERICH (MAC) leadership • Q3 2024

    Question

    Linda Tsai of Jefferies inquired if the 7.2% to 7.4% acquisition cap rate for JV buyouts is expected to compress in the future. She also asked what market conditions would need to exist for Macerich to consider a sale of the entire company.

    Answer

    President and CEO Jackson Hsieh stated that he expects cap rates for high-quality mall assets to compress over time as the business is performing well and the growth rate is strong. Regarding a corporate sale, he emphasized his focus is on executing the current plan to tighten the portfolio, clean up the balance sheet, and position Macerich to capitalize on future opportunities. He expressed optimism about the company's unique position in the public REIT sector and its ability to operate these complex assets effectively.

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

    Linda Yu Tsai's questions to NNN REIT (NNN) leadership • Q1 2025

    Question

    Linda Yu Tsai of Jefferies Financial Group Inc. asked if lower-than-expected bad debt contributed to Q1 results, sought clarity on the known versus unknown components of the credit loss reserve, and inquired about the potential outcomes for the 'at home' portfolio.

    Answer

    CFO Vincent Chao confirmed that Q1 had minimal bad debt. He clarified that 'at home' is the primary tenant on the watchlist but has no credit loss associated with it yet, and the 60 basis point reserve for the year is sufficient. For 'at home' properties, he highlighted the low rent basis, large lots offering redevelopment optionality, and early inbound interest from quality tenants as positive factors.

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    Linda Yu Tsai's questions to NNN REIT (NNN) leadership • Q3 2024

    Question

    Linda Yu Tsai asked if the guarantee from Franchise Group (FRG) would help offset rent losses from Badcock. She also sought color on the situation at Frisch's Big Boy, including re-tenanting timelines and potential TI costs, and questioned if the elevated level of lease termination fees would continue into 2025.

    Answer

    CFO Kevin B. Habicht confirmed NNN intends to pursue the FRG guarantee to offset any rent loss from Badcock. Executive Stephen Horn described being at a stalemate with Frisch's management and pursuing legal rights. Regarding TI, Habicht explained NNN's preference is to offer lower rent rather than fund large TI packages. He also stated that lease termination income is too lumpy to forecast for 2025, though it remains a part of their active portfolio management strategy.

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    Linda Yu Tsai's questions to KIMCO REALTY (KIM) leadership

    Linda Yu Tsai's questions to KIMCO REALTY (KIM) leadership • Q1 2025

    Question

    Linda Tsai from Jefferies asked if the expected Q2 occupancy dip from JOANN vacates would represent the trough for the year and when a discernible improvement would likely occur.

    Answer

    David Jamieson, COO, confirmed that the occupancy trough is expected in Q2. He anticipates that improvement will begin to materialize in Q3 and continue into Q4 as new tenants from the signed-but-not-occupied (SNO) pipeline open and begin to offset the vacancies.

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    Linda Yu Tsai's questions to KIMCO REALTY (KIM) leadership • Q4 2024

    Question

    Linda Tsai of Jefferies asked for color on upcoming debt refinancings in 2025 and 2026, including the potential timing and interest cost impacts.

    Answer

    CFO Glenn Cohen detailed the remaining 2025 maturities, including a $240 million bond due in June, which can be handled with free cash flow, dispositions, or the credit facility. He noted the $750 million in 2026 maturities don't begin until August, providing ample time to address them. CEO Conor Flynn added that the positive outlooks from S&P and Moody's could lead to better pricing on future refinancings.

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    Linda Yu Tsai's questions to ACADIA REALTY TRUST (AKR) leadership

    Linda Yu Tsai's questions to ACADIA REALTY TRUST (AKR) leadership • Q1 2025

    Question

    Linda Yu Tsai asked about the profile of sellers during market downturns, the potential for office REITs to sell street retail assets, and the evolution of Acadia's tenant mix and credit quality post-COVID.

    Answer

    Executive Vice President Reginald Livingston stated it's early to define the seller pool but noted that opportunities often arise from institutions needing liquidity or specialized operators. President & CEO Kenneth Bernstein added that current volatility is unlike the GFC and opportunities are more about value-add releasing. Regarding tenants, Bernstein and CFO John Gottfried explained that the post-COVID mix includes a confluence of high-quality, digitally-native and legacy brands with stronger balance sheets and healthier occupancy cost ratios than in 2019.

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    Linda Yu Tsai's questions to ACADIA REALTY TRUST (AKR) leadership • Q4 2024

    Question

    Linda Yu Tsai asked about Acadia's strategy for building scale within its street retail portfolio, the metrics used to measure its achievement, and the anticipated split of 2025 acquisition volume between the core and Investment Management platforms.

    Answer

    President and CEO Kenneth Bernstein explained that scale is most effective in key corridors, enabling Acadia to drive rents and curate the tenant mix, but emphasized that each acquisition must be accretive on its own. A.J. Levine, an executive, added that scale can contribute approximately 10% to rent growth upside. Regarding 2025 volume, CIO Reginald Livingston stated that while core acquisitions could potentially match the prior year's volume, the Investment Management platform's activity is more opportunistic and thus harder to forecast.

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    Linda Yu Tsai's questions to ACADIA REALTY TRUST (AKR) leadership • Q3 2024

    Question

    Linda Yu Tsai of Jefferies inquired about whether the recent high pace of acquisitions is sustainable, how Acadia handles competition for street retail assets, the current and future NOI concentration from New York City, and the mix of domestic versus international brands in the leasing pipeline.

    Answer

    CEO Kenneth Bernstein confirmed the potential for a continued acquisition pace, provided deals are accretive and market conditions align. He noted that competition is professional and that Acadia's expertise allows it to move quickly. CFO John Gottfried stated that NYC currently represents about one-third of core NOI, but the company has no set concentration target and will pursue the best opportunities across its key markets. Executive Alexander Levine added that the leasing pipeline includes a healthy mix of domestic and international brands, with international retailers increasingly expanding into markets beyond SoHo.

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    Linda Yu Tsai's questions to NETSTREIT (NTST) leadership

    Linda Yu Tsai's questions to NETSTREIT (NTST) leadership • Q1 2025

    Question

    Linda Yu Tsai asked about NETSTREIT's comfort level with continuing its capital recycling strategy if market conditions do not improve and how the company views capital allocation over the next 12 to 18 months.

    Answer

    CEO Mark Manheimer stated they will continue recycling capital to meet diversification goals, after which they would explore other alternatives if the stock price remains undervalued. CFO Daniel Donlan added that the company can operate comfortably within its target leverage range of 4.5x to 5.5x well into next year.

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    Linda Yu Tsai's questions to AGREE REALTY (ADC) leadership

    Linda Yu Tsai's questions to AGREE REALTY (ADC) leadership • Q1 2025

    Question

    Linda Yu Tsai from Jefferies asked for a timeline on resolving the occupancy dip from Big Lots, inquired about the leading indicators that prompted the reduction in drug and dollar store exposure, and asked about the roles of new hires and the impact of AI on operations.

    Answer

    CEO Joey Agree projected the Big Lots vacancies would be resolved by the end of Q2 2025, highlighting significant net effective rent lifts on re-leased properties. He explained the drug and dollar store reduction was driven by concerns over the relevance of large-format pharmacies and overbuilding in the dollar store sector. He also noted that the dozen new hires were spread across the entire organization to support growth and that AI is being used to significantly reduce legal costs and for lease abstraction, a practice dating back to 2022.

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    Linda Yu Tsai's questions to AGREE REALTY (ADC) leadership • Q1 2025

    Question

    Linda Tsai of Jefferies asked about the timeline for resolving the occupancy dip from Big Lots, the CapEx involved in the significant rent uplifts on re-leased properties, the rationale for proactively reducing drug and dollar store exposure, and the roles of the dozen new team members.

    Answer

    CEO Joey Agree anticipates the Big Lots situation will be resolved by the end of Q2, much sooner than year-end. He clarified the 50-150% rent uplifts were on a net effective basis with minimal CapEx. He explained the reduction in pharmacy exposure was due to the irrelevance of their large-format stores, while dollar stores were seen as overbuilt. The new hires were spread across the entire organization, from acquisitions to IT and asset management, to support growth. He also highlighted the successful deployment of AI to reduce legal costs.

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    Linda Yu Tsai's questions to AGREE REALTY (ADC) leadership • Q4 2024

    Question

    Linda Yu Tsai from Jefferies inquired about trends in tenant rent coverage and the key factors driving the company's path to a higher credit rating.

    Answer

    CEO Joey Agree explained they don't receive store-level rent coverage for most large tenants but noted sector-wide challenges in areas like experiential retail. Regarding the credit rating, he stated the recent BBB+ upgrade was overdue and believes the primary remaining hurdle for an A- rating is simply scale, given their strong balance sheet and portfolio.

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    Linda Yu Tsai's questions to AGREE REALTY (ADC) leadership • Q4 2024

    Question

    Linda Yu Tsai from Jefferies asked about which retail categories are seeing changes in rent coverage and what factors are influencing the company's path to a potential future credit rating upgrade.

    Answer

    CEO Joey Agree noted that while they don't get store-level rent coverage for most tenants, sectors like experiential retail are facing challenges, though this has little impact on Agree's portfolio. Regarding the credit rating, he stated the upgrade to BBB+ was overdue and believes the company's balance sheet and portfolio quality already warrant an A- rating, with company size being the primary remaining hurdle for rating agencies.

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    Linda Yu Tsai's questions to KITE REALTY GROUP TRUST (KRG) leadership

    Linda Yu Tsai's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q4 2024

    Question

    Linda Tsai asked for the range of potential outcomes for the Party City leases with designation rights and inquired about the primary competitors KRG faces when trying to acquire assets.

    Answer

    President and COO Tom McGowan explained that each lease designation right will be evaluated individually; they might accept a deal to maintain cash flow in a less-desirable location but would reject a short-term fix if a better long-term tenant is an option. Chairman and CEO John Kite added that the competitive landscape for acquisitions is very deep, including pension funds, sovereign wealth funds, insurance companies, and other REITs, reflecting strong institutional demand for open-air retail.

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    Linda Yu Tsai's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q3 2024

    Question

    Linda Yu Tsai asked about The Container Store's locations, questioning if the premier spots at One Loudoun and Southlake would lease faster than others and what the mark-to-market rent potential might be. She also asked if Kite Realty would consider providing GAAP-based leasing spreads in its disclosures, given its strong cash spreads and rent bumps.

    Answer

    CEO John Kite responded that all seven Container Store locations are in high-quality properties and expressed confidence in re-leasing them productively if necessary, though he believes the tenant will continue to operate. CFO Heath Fear addressed the reporting question, stating that providing GAAP spreads is 'under consideration.' He acknowledged that with strong embedded rent bumps, the GAAP spreads would be 'much higher' than the currently reported cash spreads.

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    Linda Yu Tsai's questions to InvenTrust Properties (IVT) leadership

    Linda Yu Tsai's questions to InvenTrust Properties (IVT) leadership • Q4 2024

    Question

    Linda Yu Tsai from Jefferies inquired about the buyer appetite and potential pricing for InvenTrust's California assets slated for disposition, and also asked about the mark-to-market rent opportunities within their recently acquired properties.

    Answer

    President and CEO Daniel Busch described the buyer pool for California assets as broad and competitive, including public, private, and international funds, noting strong initial demand. He emphasized that sales are contingent on finding accretive redeployment opportunities and declined to give specific cap rates, but stated the goal is a positive spread. Regarding new acquisitions, he highlighted that the Sun Belt portfolio is perpetually below market, citing a recent example where tenants who missed option dates were re-signed at spreads near 30%, indicating strong embedded rent growth potential.

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

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

    Question

    Linda Yu Tsai of Jefferies asked about the expected level of same-store NOI growth acceleration in the second half of 2025, given the anticipated drag in the first half.

    Answer

    President & COO Brian Finnegan explained that the first half of 2025 faces tougher year-over-year comparisons due to significant out-of-period collections and a one-time tax benefit in H1 2024. He stated that growth will accelerate as the year progresses and new rents from the signed-but-not-commenced pipeline begin to stack up, driving base rent growth.

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    Linda Yu Tsai's questions to REALTY INCOME (O) leadership

    Linda Yu Tsai's questions to REALTY INCOME (O) leadership • Q3 2024

    Question

    Linda Yu Tsai of Jefferies requested an update on year-to-date bad debt expense and the outlook for 2025. She also asked about the potential AFFO impact and recapture rate associated with the recent C-store client write-down.

    Answer

    Executive Jonathan Pong reported that year-to-date bad debt was about 40 basis points of rental revenue, but sub-20 basis points when excluding the one-time C-store issue, which is below the historical average of 25 basis points. He noted the AFFO impact from the C-store operator is approximately $1 million per month and is already factored into guidance. He pointed to the company's historical 84-85% recapture rate on impacted rent as a precedent for potential recovery.

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    Linda Yu Tsai's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership

    Linda Yu Tsai's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q3 2024

    Question

    Linda Tsai asked for more color on the drivers of the quarter-over-quarter improvement in domestic and portfolio NOI and requested an initial guidepost for NOI growth in 2025.

    Answer

    Brian McDade, CFO, attributed the strong quarterly NOI performance to continued rent growth, occupancy gains, and the successful conversion of temporary leases to permanent ones, all reflecting strong execution of their business plan. While confirming that this momentum is expected to carry into the next year, he stated that formal 2025 guidance would be provided in February.

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    Linda Yu Tsai's questions to EQUITY RESIDENTIAL (EQR) leadership

    Linda Yu Tsai's questions to EQUITY RESIDENTIAL (EQR) leadership • Q3 2024

    Question

    Linda Tsai asked for an indication of when new lease spreads are expected to become more positive.

    Answer

    COO Michael Manelis explained that new lease spreads follow a predictable seasonal pattern. He expects them to decelerate through Q4 and then begin to accelerate, likely turning positive again late in the first quarter of the new year, consistent with typical trends.

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    Linda Yu Tsai's questions to SITE Centers (SITC) leadership

    Linda Yu Tsai's questions to SITE Centers (SITC) leadership • Q2 2024

    Question

    Linda Tsai asked for Curbline's weighted average lease term (WALT), metrics beyond OCR for assessing tenant health, whether current disposition pricing would have differed a year ago, and the size of the addressable market that meets Curbline's quality criteria.

    Answer

    CFO Conor Fennerty stated the WALT is about 5.2 years. CEO David Lukes identified cell phone traffic data as a key tool for monitoring customer visits and tenant performance. He was uncertain about historical pricing but estimated that about 15% of the total U.S. convenience inventory meets Curbline's high-quality investment criteria, indicating a substantial growth runway.

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    Linda Yu Tsai's questions to SITE Centers (SITC) leadership • Q1 2024

    Question

    Linda Yu Tsai of Jefferies Financial Group Inc. asked if SITE's credit rating would transfer to Curbline and what would be required for an investment-grade rating. She also inquired about regional variations in rent mark-to-market potential.

    Answer

    CFO Conor Fennerty explained that SITE Centers would withdraw its credit rating after paying off its unsecured bonds pre-spin, so Curbline would be a new, unrated entity. He noted that while Curbline has the ingredients to be an IG issuer, scale is the biggest factor for public ratings. Regarding rents, he stated mark-to-market potential is less about region and more about unit type, with the highest potential in recapturing seasoned restaurant pads and units with drive-throughs.

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    Linda Yu Tsai's questions to SITE Centers (SITC) leadership • Q3 2023

    Question

    Asked about the expected valuation premium for Curbline relative to SITE Centers, its closest public market comparables, and any differences in tenant credit quality between the two portfolios.

    Answer

    The company declined to speculate on Curbline's future trading multiple but expressed excitement for its growth potential. They believe there are no direct public comps, as Curbline combines the best attributes of net lease, industrial, and retail properties. The Curbline tenant roster is considered to have excellent credit quality and significant diversification, with lower risk and cost to backfill vacancies compared to the traditional shopping center portfolio.

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    Linda Yu Tsai's questions to ROIC leadership

    Linda Yu Tsai's questions to ROIC leadership • Q2 2024

    Question

    Asked for the rent commencement timeline for the Kohl's backfill, potential backfills for a Big Lots store, and the portfolio impact from recent closure announcements by Rite Aid and Walgreens.

    Answer

    Rent for the Kohl's backfill is expected in Q4 2025. The potential Big Lots closure is not expected to have a material negative impact, and no termination fee is in guidance. The portfolio has no new impact from recent Rite Aid or Walgreens closure announcements due to minimal exposure.

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