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    Michael Muller

    Managing Director and Senior Analyst at JPMorgan Chase & Co.

    Michael Mueller is a Managing Director and Senior Analyst at JPMorgan Chase & Co., specializing in equity research within the gaming and leisure sectors, with a focus on companies such as MGM Resorts, Boyd Gaming, Caesars Entertainment, and Penn National Gaming. Over his tenure, he has earned recognition as a top-performing analyst, consistently achieving a high accuracy rate in his stock recommendations and ranking among leading analysts on several investment platforms based on returns generated for investors. Mueller began his career in investment research in the early 2000s, holding previous roles at firms including Oppenheimer & Co. before joining JPMorgan Chase & Co., where he advanced through various senior analytical roles. He maintains multiple FINRA securities licenses, reflecting his professional credentials and commitment to industry standards.

    Michael Muller's questions to Ventas (VTR) leadership

    Michael Muller's questions to Ventas (VTR) leadership • Q2 2025

    Question

    Michael Muller asked how RevPOR growth compares between independent living (IL) and assisted living (AL), noting that IL occupancy trends have been stronger.

    Answer

    J. Justin Hutchens, EVP - CIO of Senior Housing, explained that while both price and volume have been strong in IL, the company's primary focus is on driving volume in its IL portfolio, which is currently around 84% occupied. He noted that IL does not have the same negative re-leasing spread dynamic as AL, making rent growth more straightforward as it lacks the high-acuity care component.

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    Michael Muller's questions to REGENCY CENTERS (REG) leadership

    Michael Muller's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Michael Muller from JPMorgan Chase & Co. inquired about the expected future mix between ground-up and redevelopment projects and the depth of the current redevelopment pipeline.

    Answer

    West Region President and CIO Nick Wibbenmeyer responded that while redevelopment will always be a core activity, he expects the majority of future investment starts, in the $250 million-plus annual range, to come from ground-up developments. This shift is driven by the success of the ground-up program and the portfolio's rising occupancy, which naturally limits large-scale redevelopment opportunities.

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    Michael Muller's questions to Phillips Edison & Company (PECO) leadership

    Michael Muller's questions to Phillips Edison & Company (PECO) leadership • Q2 2025

    Question

    Michael Muller asked if there is a maximum portfolio allocation for shadow-anchored or unanchored centers and questioned the typical cap rate differential between a traditional grocery-anchored center and a shadow-anchored one.

    Answer

    Chairman & CEO Jeffrey Edison indicated a potential maximum of around 10% for unanchored centers, while viewing shadow-anchored centers as interchangeable with the core portfolio. He estimated that shadow-anchored assets can be acquired at a 50-75 basis point higher cap rate, targeting a 50-100 basis point wider unlevered IRR.

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    Michael Muller's questions to HEALTHPEAK PROPERTIES (DOC) leadership

    Michael Muller's questions to HEALTHPEAK PROPERTIES (DOC) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase asked for an update on the view expressed at NAREIT that the company was sitting on the sidelines for acquisitions in anticipation of more attractive values in the future. He questioned if that thesis is playing out and if the pivot point for deployment is getting closer.

    Answer

    CEO Scott Brinker confirmed they are 'two months closer' to that pivot point. He reiterated the thesis that if the market is challenging for an established incumbent like Healthpeak, it is 'infinitely tougher' for new entrants, which creates opportunities. He noted that outreach from lenders and investors about distressed situations is frequent, confirming the opportunity set is materializing.

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    Michael Muller's questions to HEALTHPEAK PROPERTIES (DOC) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked for an update on the company's view that acquisition values would become more attractive and whether they are closer to deploying capital.

    Answer

    CEO Scott Brinker confirmed they are 'two months closer' to that point and that their thesis is proving correct. He noted that the challenging environment for even established players is 'infinitely tougher' for new entrants, leading to a growing opportunity set as evidenced by increased inbound calls from lenders and investors regarding distressed situations.

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    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership

    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked about the low 4% cap rate on recent asset sales, the influence of user-buyers, and the current cap rate band for comparable properties with at-market rents.

    Answer

    Co-CEO Howard Schwimmer confirmed that the company has capitalized on premium pricing by selling to users, citing a specific sale in Orange County for a battery storage conversion that achieved a 3.5% cap rate. For stabilized, at-market leased properties, he estimated that market cap rates are currently in the 'five zone, plus or minus.'

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    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked about the low 4% cap rate on recent asset sales, the influence of user-buyers, and the current cap rate band for properties with at-market rents.

    Answer

    Co-CEO Howard Schwimmer confirmed that user sales were a key factor in achieving premium values, citing a sale in Orange County at a 3.5% cap rate to a company planning for battery storage. He estimated that for stabilized, at-market leased properties, cap rates are currently in the 5% range, plus or minus.

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    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked if the low 4% cap rate on recent dispositions was influenced by user-buyers and inquired about the current cap rate range for stabilized, at-market properties.

    Answer

    Co-CEO Howard Schwimmer confirmed that user-buyers were a key factor in achieving premium values on dispositions, citing a specific sale at a 3.5% cap rate. For stabilized properties with at-market rents, he stated that cap rates are currently in the "five, zone plus or minus."

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    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked how much user purchases influenced the low 4% cap rate on recent asset sales and inquired about the current cap rate band for properties with at-market rents.

    Answer

    Co-CEO & Director Howard Schwimmer confirmed that sales to users were a key factor in achieving premium values, citing a specific deal in Orange County that sold at a 3.5% cap rate. For stabilized properties with at-market leases, he estimated that cap rates are currently in the 5% range, plus or minus.

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    Michael Muller's questions to Rexford Industrial Realty (REXR) leadership • Q2 2025

    Question

    Michael Muller of JPMorgan Chase & Co. asked if the low-4% cap rate on recent asset sales was influenced by user-buyers and inquired about the current cap rate range for a comparable, at-market-rent property.

    Answer

    Co-CEO & Director Howard Schwimmer confirmed that user sales were a key factor in achieving premium values, citing a specific sale in Orange County at a 3.5% cap rate. For stabilized properties with at-market rents, he estimated that market cap rates are currently in the 'five percent zone, plus or minus.'

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