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Nicholas Uliko

Managing Director and Senior Equity Analyst at Bank of Nova Scotia

Nicholas Yulico is a Managing Director and Senior Equity Analyst at Scotiabank, specializing in U.S. real estate and financial sector research. He covers prominent real estate companies including Prologis, AvalonBay, BXP, and Welltower, and has maintained a 2.96-star TipRanks rating with a 55% success rate and 3.4% average return per transaction, highlighted by a top call resulting in a 65.4% gain on Welltower. Yulico began his career as a Senior Writer at TheStreet and has held analyst roles at several firms before joining Scotia Capital (USA), Inc. in 2018. He holds FINRA registrations with 52 state licenses and has over 16 years of industry experience.

Nicholas Uliko's questions to Prologis (PLD) leadership

Question · Q3 2025

Nicholas Uliko asked about the impact of tougher lease expiration comps and COVID leases on the declining cash net effective rent change, and whether an 'occupancy-first' strategy on renewals has impacted mark-to-market.

Answer

CFO Tim Arndt explained that while the lease mark-to-market (net effective) decreased to 19% from 22% last quarter, the immediate rent change remains strong in the low 50s, highlighting the wide potential for rent change. He pointed to the expiration schedule in the supplemental, showing positive rent change (40% next year, then 30%, 20%) even without further market rent growth. He also noted that the aggressiveness in pushing rents, measured by deals lost due to rent, is starting to lift again after grounding to zero in 2023-2024, indicating tightening market conditions.

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