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Paulina Rojas

Senior Analyst at Green Street

Paulina Rojas Schmidt is a Senior Analyst at Green Street, specializing in retail real estate research with an emphasis on strip and shopping centers. She leads coverage of companies such as Phillips Edison & Company (PECO) and Kite Realty Group (KRG), having initiated coverage and published extensive analysis on strip center fundamentals and sector trends. Paulina joined Green Street after six years as an equity analyst focused on Latin American retail stocks and as an asset allocation specialist at Zurich Insurance Group, and has been a major retail sector researcher at Green Street since 2016, expanding her role in 2020 to head the strip center team. She holds an MBA from the Wharton School and a business and economics undergraduate degree from Universidad Catolica de Chile.

Paulina Rojas's questions to InvenTrust Properties (IVT) leadership

Question · Q3 2025

Paulina Rojas observed that InvenTrust's recent acquisitions have skewed towards secondary and tertiary markets and asked about the company's comfort with these markets representing a larger portfolio share. She also inquired if cap rates in less pursued markets, despite strong local demographics, reflect a market inefficiency rather than higher risk.

Answer

DJ Busch, President and CEO, stated that InvenTrust focuses on '18-hour cities' and doesn't strictly categorize markets, but acknowledged that in secondary/tertiary markets, the quality of assets must be higher (best or second-best in market). He noted that initial yields typically range from high fives to high sixes, leading to risk-adjusted returns in the sevens. He suggested that exiting California, a highly liquid market, allows InvenTrust to find arbitrage opportunities in other regions where demand dynamics differ.

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Question · Q3 2025

Paulina Rojas observed that recent acquisitions have skewed towards secondary and tertiary markets and asked if InvenTrust Properties Corp. would be comfortable with these markets representing a much larger portion of their portfolio. She also inquired about potential cap rate differences in markets less pursued by institutional investors but with strong local demographics, and if this represents a market inefficiency.

Answer

DJ Busch, President and CEO, stated that InvenTrust focuses on '18-hour cities' and doesn't strictly adhere to primary/secondary/tertiary labels. He noted that while Charlotte is a core market, it enables investment in areas like Asheville. Mr. Busch emphasized that in smaller markets, the quality of the asset must be exceptionally high. He confirmed that cap rates do vary, with InvenTrust targeting initial yields in the high fives to high sixes for risk-adjusted returns in the sevens. He acknowledged that exiting California, a highly liquid market, allowed InvenTrust to leverage a form of 'arbitrage' by focusing on sustainable free cash flow growth in other regions.

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Paulina Rojas's questions to Urban Edge Properties (UE) leadership

Question · Q3 2025

Paulina Rojas asked about retailers' perspectives on sustaining high occupancy levels in the highly leased industry, rather than an inevitable slowdown. She also inquired if specific anchors are leading expansion in the Northeast or if it's too dispersed to highlight a few names. Lastly, she asked about Urban Edge Properties' same property NOI growth on an occupancy neutral basis, looking beyond the signed-not-open pipeline.

Answer

Jeff Mooallem (COO) attributed sustained high occupancy to favorable supply and demand metrics, with significantly less new retail construction compared to historical levels, emphasizing this as the 'greatest tailwind' for the industry. Jeff Olson (Chairman and CEO) noted that while expansion is dispersed, Ross is a new entrant being flexible with rent, and all TJX concepts are expanding widely in the Northeast due to dense population and supply constraints. Jeff Olson (Chairman and CEO) also mentioned the signed-not-open pipeline represents 7% of NOI and provides tailwind for a few years, stating a goal of generating sustainable 3%+ same property NOI growth, supported by capital recycling.

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Question · Q3 2025

Paulina Rojas from Green Street asked what factors retailers are observing that could sustain high industry occupancy levels, preventing an inevitable slowdown. She also inquired if specific anchor tenants are leading expansion in the Northeast and about Urban Edge Properties' projected same property NOI growth on an occupancy-neutral basis beyond the current signed-not-open pipeline.

Answer

COO Jeff Mooallem attributed sustained high occupancy to favorable supply and demand dynamics, with significantly reduced new retail construction. Chairman and CEO Jeff Olson noted that while expansion is dispersed, Ross and TJX concepts are actively growing in the Northeast, driven by high population density and limited high-quality space. He projected that Urban Edge Properties aims for sustainable 3% plus same property NOI growth, supported by the signed-not-open pipeline and strategic capital recycling.

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Paulina Rojas's questions to REGENCY CENTERS (REG) leadership

Question · Q2 2025

Paulina Rojas of Green Street Advisors questioned the strategy behind increasing exposure to California and asked about plans for exposure in other U.S. markets.

Answer

CEO Lisa Palmer stated that the company is comfortable with its national diversification and has no outsized exposure to any single MSA. She explained that they will continue to invest incrementally in their preferred markets, like the recent acquisition in Nashville, whenever compelling opportunities arise that are accretive to earnings, growth, and quality, rather than following a rigid geographic allocation target.

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Paulina Rojas's questions to Brixmor Property Group (BRX) leadership

Question · Q1 2025

Paulina Rojas asked which tenant categories Brixmor sees as most vulnerable to long-term margin pressure resulting from potential tariffs and changes in immigration policy.

Answer

COO Brian Finnegan responded that while they are monitoring the situation, they have not seen an impact on leasing decisions and that traffic at specialty grocers remains stable. He identified restaurants as a category to watch but expressed confidence in their high-quality, national tenant base. CEO Jim Taylor added that their core tenants in grocery and off-price apparel are historically resilient through economic cycles.

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