Sign in

    Michael Bilerman

    Managing Director and Head of U.S. Real Estate and Lodging Research at Wells Fargo & Company

    Michael Bilerman is a Managing Director and Head of U.S. Real Estate and Lodging Research at Wells Fargo Securities, specializing in equity research coverage of major REITs and lodging companies. He has analyzed leading firms such as Prologis, Equinix, Public Storage, Simon Property Group, and Vornado Realty Trust, achieving a strong performance record with high accuracy in stock recommendations and recognition in Institutional Investor’s All-America Research Team. Bilerman began his career in equity research in the late 1990s, previously serving as Global Head of Real Estate Investment Research at Citigroup before joining Wells Fargo in 2021. He holds FINRA Series 7, 63, 86, and 87 licenses and is recognized for both research excellence and leadership within the investment research community.

    Michael Bilerman's questions to EQUITY LIFESTYLE PROPERTIES (ELS) leadership

    Michael Bilerman's questions to EQUITY LIFESTYLE PROPERTIES (ELS) leadership • Q4 2024

    Question

    Michael Bilerman pointed out that ELS's Thousand Trails membership count declined in 2024 to below 2020 levels despite an increase in available sites, and asked when a re-inflection in RV demand or membership growth could be expected.

    Answer

    CEO Marguerite Nader acknowledged the membership count changes, explaining there was a spike during COVID followed by attrition. She emphasized that ELS's focus is on growing stable, recurring subscription revenue, which has increased at an average of over 5% annually for the last five years, indicating the underlying financial health of the portfolio.

    Ask Fintool Equity Research AI

    Michael Bilerman's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership

    Michael Bilerman's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Following up for Citigroup, Michael Bilerman asked if CBL had approached unsecured debt holders for a workout and whether the company's low equity market capitalization could trigger any net worth covenants in its debt agreements.

    Answer

    CEO Stephen Lebovitz reiterated that the immediate focus is on secured debt and declined to comment on potential discussions with unsecured bondholders. He explicitly confirmed that none of the company's loan agreements contain minimum net worth tests or covenants tied to the trading price of the company's equity, so the stock price does not pose a risk of default.

    Ask Fintool Equity Research AI

    Michael Bilerman's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Michael Bilerman asked if the company had approached unsecured debt holders for a workout to reduce debt at a discount. He also questioned if the depressed stock price could trigger any minimum net worth covenants in their loan agreements.

    Answer

    CEO Stephen Lebovitz stated he could not comment on potential unsecured debt workouts, reiterating that the immediate focus remains on secured debt. He explicitly confirmed that none of the company's loan covenants contain minimum net worth tests tied to the equity's market value or trading price, so the stock's performance does not risk a covenant breach.

    Ask Fintool Equity Research AI

    Michael Bilerman's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q3 2019

    Question

    Michael Bilerman of Citigroup asked about the costs associated with the Exeter agreement, the specifics of the standstill agreement with Michael Ashner, the efficiency of the expanded four-member executive committee, and whether positive sales growth was influenced by survivorship bias from weaker store closures.

    Answer

    CEO Stephen Lebovitz stated that costs for the Exeter agreement were not significant and were handled collaboratively, avoiding large fees. He confirmed the standstill protects CBL through the 2020 annual meeting. He defended the four-member executive committee as efficient for its role. On sales, Lebovitz acknowledged that while removing weaker retailers helps, there is also strong organic sales growth from core retailers, and the positive trend is consistent across the portfolio.

    Ask Fintool Equity Research AI

    Michael Bilerman's questions to Marti Technologies (MRT) leadership

    Michael Bilerman's questions to Marti Technologies (MRT) leadership • Q3 2018

    Question

    Michael Bilerman asked about discussions with Goldman Sachs following their 13-D filing, whether the company was engaged in a formal strategic alternatives process, and for clarification on the $2 million transaction cost expensed in the previous quarter.

    Answer

    Chairman and CEO John McRoberts declined to comment on any discussions with specific shareholders or potential transactions. He stated that while the company has not hired a bank to run a formal process, management is always open to opportunities that enhance shareholder value. Both McRoberts and Executive VP and CFO Jeff Walraven reiterated that the $2 million charge was a non-recurring transactional cost from Q2 and could not be discussed further.

    Ask Fintool Equity Research AI