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    Michael Muller • JPMorgan Chase & Co.

    Michael Muller's questions to Ventas Inc (VTR) leadership

    Michael Muller's questions to Ventas Inc (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 Corp (REG) leadership

    Michael Muller's questions to Regency Centers Corp (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 Healthpeak Properties Inc (DOC) leadership

    Michael Muller's questions to Healthpeak Properties Inc (DOC) leadership • Q2 2025

    Question

    Michael Muller from JPMorgan Chase & Co. asked if management's thesis that acquisition values would fall is proving correct and whether the company is closer to deploying capital on acquisitions again.

    Answer

    CEO Scott Brinker affirmed they are "two months closer" and that the thesis is playing out. He noted that if the market is challenging for an established incumbent like Healthpeak, it is "infinitely tougher" for new entrants, leading to a growing opportunity set as they receive frequent outreach from lenders and investors to step into situations.

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

    Michael Muller's questions to Rexford Industrial Realty Inc (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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