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    Nick Yulico

    Managing Director and Senior Equity Analyst at Scotiabank

    Nick Yulico is a Managing Director and Senior Equity Analyst at Scotiabank, specializing in U.S. real estate investment trusts (REITs) and the broader financial sector. He covers major companies such as Camden Property Trust, Equity Residential, AvalonBay Communities, Welltower, and SL Green Realty, consistently issuing ratings and price targets that help drive market sentiment. Since joining Scotiabank, Yulico has maintained a 55.06% success rate on his stock recommendations with an average return per rating of 3.4%, based on over 500 ratings tracked since 2016, and has earned top-performer credits for calls like Welltower (+65.4%). His career spans over a decade as a sell-side analyst with prior experience at other leading investment banks, and he holds Series 7 and 63 securities licenses under FINRA registration.

    Nick Yulico's questions to CAMDEN PROPERTY TRUST (CPT) leadership

    Nick Yulico's questions to CAMDEN PROPERTY TRUST (CPT) leadership • Q4 2024

    Question

    An analyst on behalf of Nick Yulico sought clarification on the projection for new lease rates turning positive in Q3, asking if rates are expected to continue improving sequentially into Q4 or revert to a normal seasonal pattern.

    Answer

    President and CFO Alexander Jessett confirmed that the company's budget assumes a return to normal seasonality. This implies that after turning positive in the third quarter, new lease rates would likely experience a seasonal softening in the fourth quarter, which is historically the weakest period for pricing power.

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    Nick Yulico's questions to OMEGA HEALTHCARE INVESTORS (OHI) leadership

    Nick Yulico's questions to OMEGA HEALTHCARE INVESTORS (OHI) leadership • Q3 2024

    Question

    Elmer Chang from Scotiabank questioned Omega's investment strategy between skilled nursing and senior housing, given the recent portfolio shift, and asked about the company's development exposure in Florida.

    Answer

    CEO C. Pickett explained that investments are driven by operator relationships rather than a specific segment allocation goal, though the trend towards senior housing may continue. He noted that Florida's reimbursement environment has become more favorable, making it an attractive market for development with the right operator.

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    Nick Yulico's questions to ALEXANDERS (ALX) leadership

    Nick Yulico's questions to ALEXANDERS (ALX) leadership • Q2 2024

    Question

    Asked about the office occupancy trend for the second half of the year and for more detail on the types of tenants looking at PENN2.

    Answer

    Office occupancy is expected to dip slightly in Q3 due to a known move-out but should end the year around the current level of ~89.3%, with timing of new deals being a key variable. Tenants looking at PENN2 are a diverse mix of industries, including new entrants to the district, drawn by the redeveloped product and superior transit access.

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    Nick Yulico's questions to ALEXANDERS (ALX) leadership • Q4 2023

    Question

    Inquired about the timing of NOI recognition from PENN 1 leasing, requested a leased rate for PENN 1 and PENN 2 to gauge progress, and asked for a quantification of the future NOI benefit from these projects.

    Answer

    Some NOI from PENN 1 leasing will be recognized in 2024, but it's a rolling program. They did not provide a specific leased rate but stated that over the next ~3 years, PENN 1 and PENN 2 are expected to generate an incremental ~$200 million in NOI, which is a net benefit of ~$150 million after accounting for capitalized interest.

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