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    Matt Kornack

    Real Estate Equity Research Analyst at National Bank Financial

    Matt Kornack is a Real Estate Equity Research Analyst at National Bank Financial, specializing in coverage of Canadian real estate companies. He covers a universe of over 30 publicly traded real estate and related stocks, with a TipRanks success rate of approximately 56% and a 4.01-star rating, reflecting a consistently competitive track record. Kornack began his finance career with a summer internship at UBS in 2006, later working as an Associate and Analyst in investment banking before joining National Bank Financial as an equity research analyst in August 2007, where he continues to lead real estate sector research. He holds a Bachelor of Commerce in Finance with a minor in Russian from McGill University and is registered with relevant Canadian securities authorities for institutional equity research.

    Matt Kornack's questions to SmartStop Self Storage REIT (SMA) leadership

    Matt Kornack's questions to SmartStop Self Storage REIT (SMA) leadership • Q2 2025

    Question

    Matt Kornack of National Bank Financial asked if low-cap-rate transactions in Toronto affect their acquisition strategy and if they have considered capital recycling. He also asked for key forward-looking indicators for a U.S. storage market rebound.

    Answer

    CEO H. Michael Schwartz stated they are focused on long-term growth in Canada, not short-term sprints influenced by low-cap deals. CFO James Barry described their Maple Bond issuance as a form of capital recycling, leveraging the Canadian portfolio at low rates to fund higher-yielding U.S. acquisitions. For U.S. indicators, Schwartz pointed to the normalization of new supply and the company's own operational sophistication as key factors for future performance, even without a full housing recovery.

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