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    Ravi Vaidya • Mizuho Securities

    Ravi Vaidya's questions to Federal Realty Investment Trust (FRT) leadership

    Ravi Vaidya's questions to Federal Realty Investment Trust (FRT) leadership • Q2 2025

    Question

    Ravi Vaidya of Mizuho Financial Group, on for Haendel St. Juste, requested an update on the signed-not-occupied (SNO) pipeline, including the total embedded rent and the expected timing for its commencement.

    Answer

    President, CEO & Director Donald Wood detailed a total SNO pipeline of approximately $39 million in rent. He projected that about 50% would commence in the remainder of 2025, 40% in 2026, and the balance in 2027.

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    Ravi Vaidya's questions to Federal Realty Investment Trust (FRT) leadership • Q1 2025

    Question

    Ravi Vaidya, on behalf of Haendel St. Juste at Mizuho, asked about the acquisition pipeline, changes in the transaction market, and trends in cap rates and risk premiums.

    Answer

    CEO Donald Wood confirmed they are actively looking at deals but are underwriting cautiously. CIO Jan Sweetnam added that while the transaction market remains strong, the flow of new deals has slowed as both buyers and sellers seek more clarity. He noted that cap rates appear to have flattened after a period of decline.

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    Ravi Vaidya's questions to Safehold Inc (SAFE) leadership

    Ravi Vaidya's questions to Safehold Inc (SAFE) leadership • Q2 2025

    Question

    Ravi Vaidya, on for Haendel St. Juste, questioned the cadence of capital deployment, asking if Q2's origination level is a sustainable run rate, and inquired about the impact of recent tariff legislation on ground lease demand.

    Answer

    Chief Investment Officer Tim Doherty noted that deal flow is typically lumpy and weighted towards year-end, but market volatility has recently settled, and the current pace is ahead of last year. CEO Jay Sugarman commented on the legislation, stating that while it creates near-term uncertainty for new development projects, Safehold's core focus on good locations is largely unaffected, though broader economic impacts are still being assessed.

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    Ravi Vaidya's questions to National Storage Affiliates Trust (NSA) leadership

    Ravi Vaidya's questions to National Storage Affiliates Trust (NSA) leadership • Q2 2025

    Question

    Ravi Vaidya from Mizuho Financial Group questioned the drivers behind the strong performance in the Portland market and the rationale for lowering acquisitions guidance while maintaining the disposition forecast.

    Answer

    President & CEO David Cramer explained that Portland's outperformance is due to the market rebalancing after a pre-COVID oversupply cycle, which now allows for stronger pricing. Regarding guidance, he stated the company is being disciplined with its capital, finding it difficult to match acquisition pricing with its cost of capital and is prioritizing reinvestment in its own portfolio.

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    Ravi Vaidya's questions to National Storage Affiliates Trust (NSA) leadership • Q1 2025

    Question

    Ravi Vaidya of Mizuho Securities inquired if capital recycling is being used to shift market exposure and asked about the primary demand drivers for storage given the weak housing market.

    Answer

    CEO Dave Cramer confirmed that dispositions are aimed at improving the portfolio by exiting markets with single assets or where operational efficiencies are limited. He identified diverse demand drivers, including small businesses and residential customers needing extra space. He acknowledged that the lack of housing-related transition is a headwind but believes NSA is well-positioned to benefit when the housing market recovers.

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    Ravi Vaidya's questions to National Storage Affiliates Trust (NSA) leadership • Q1 2025

    Question

    Ravi Vaidya from Mizuho Securities asked if the company's capital recycling program is an opportunity to adjust market exposures. He also inquired about the current primary demand drivers for self-storage, given the portfolio's sensitivity to the housing market.

    Answer

    CEO Dave Cramer confirmed that the disposition strategy is focused on improving operational efficiencies and margins, which includes exiting markets with single assets or low growth potential. He explained that current demand comes from diverse sources like small businesses and residential customers needing extra space for various reasons. Cramer acknowledged that the lack of housing-related transition is a headwind but believes NSA is well-positioned to benefit when the housing market recovers.

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    Ravi Vaidya's questions to CubeSmart (CUBE) leadership

    Ravi Vaidya's questions to CubeSmart (CUBE) leadership • Q2 2025

    Question

    Ravi Vaidya of Mizuho Financial Group asked about CubeSmart's acquisition appetite for the second half of the year, potential funding sources, and the benchmark returns the company is targeting.

    Answer

    CEO Christopher Marr stated that while transaction volume is expected to pick up seasonally, high-quality assets are not yet trading at prices that meet their risk-adjusted return hurdles. He emphasized that the company has ample funding capacity through its credit line, free cash flow, and balance sheet debt, and does not need to rely on issuing equity. He anticipates a wave of opportunities will eventually emerge from merchant developers needing to sell.

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    Ravi Vaidya's questions to CubeSmart (CUBE) leadership • Q1 2025

    Question

    Ravi Vaidya from Mizuho Securities USA LLC asked about CubeSmart's current strategy for existing customer rate increases (ECRI) as market fundamentals show signs of improvement.

    Answer

    CEO Christopher Marr stated that the ECRI strategy has been consistent for over a year and remains data-driven, balancing customer experience with revenue optimization. He noted that the rate increases in Q1 were fairly consistent with the prior quarter and the prior year, and he does not envision any meaningful changes to the program at this time.

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    Ravi Vaidya's questions to Extra Space Storage Inc (EXR) leadership

    Ravi Vaidya's questions to Extra Space Storage Inc (EXR) leadership • Q2 2025

    Question

    Ravi Vaidya asked about the competitive dynamics in the acquisitions market and which markets are seeing an easing of new supply headwinds.

    Answer

    CEO Joseph Margolis stated they remain disciplined on acquisitions as prices are still high, but they are not 'done' for the year. EVP & CFO Jeff Norman identified markets like Portland, Seattle, Chicago, and Denver as areas where supply pressures have eased, allowing for an earlier revenue recovery.

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    Ravi Vaidya's questions to Extra Space Storage Inc (EXR) leadership • Q1 2025

    Question

    Ravi Vaidya from Mizuho Financial Group asked which markets are expected to show strong or weak demand during the peak leasing season and what factors would drive this performance.

    Answer

    CEO Joseph Margolis responded that market performance would primarily relate to new supply. He expects markets still absorbing new supply, such as Atlanta, parts of Florida, and Phoenix, to face more difficulty than markets with less supply pressure.

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    Ravi Vaidya's questions to Public Storage (PSA) leadership

    Ravi Vaidya's questions to Public Storage (PSA) leadership • Q2 2025

    Question

    Ravi Vaidya from Mizuho Financial Group asked for details on the existing customer rate increase (ECRI) program and the potential impacts of recent tax legislation on development and demand.

    Answer

    SVP & CFO Thomas Boyle declined to quantify specific ECRI magnitudes but reiterated that the overall contribution would be modestly lower this year due to LA's restrictions, though customer price sensitivity remains predictable. Regarding legislation, he noted the restoration of bonus depreciation is a positive, allowing for more cash flow reinvestment into growth.

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    Ravi Vaidya's questions to Public Storage (PSA) leadership • Q1 2025

    Question

    Ravi Vaidya asked if the stabilization period for newly acquired lease-up properties is expected to be longer given current demand levels, and inquired about the stabilized cap rate and IRR targets for these acquisitions.

    Answer

    H. Boyle responded that lease-up trends were encouraging in Q1 and they are not changing their underwriting assumptions. He confirmed that return expectations remain consistent, with going-in yields in the 5s to low 6s, stabilizing at a higher level under the Public Storage platform.

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    Ravi Vaidya's questions to VICI Properties Inc (VICI) leadership

    Ravi Vaidya's questions to VICI Properties Inc (VICI) leadership • Q2 2025

    Question

    Ravi Vaidya from Mizuho Financial Group asked for an update on the Red Rock Resorts deal, including whether capital has been drawn and the potential for expanding the partnership, possibly involving Red Rock's extensive land holdings.

    Answer

    EVP & CFO David Kieske confirmed that just under $80 million was drawn initially, with the funding schedule set to resume later in the year. He referenced Red Rock's recent earnings call, where their management spoke positively about the long-term relationship with VICI and their own development capabilities, suggesting that while no sale-leasebacks are imminent, future opportunities may arise as VICI is thrilled to partner with them.

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    Ravi Vaidya's questions to American Assets Trust Inc (AAT) leadership

    Ravi Vaidya's questions to American Assets Trust Inc (AAT) leadership • Q2 2025

    Question

    Ravi Vaidya from Mizuho Financial Group asked for color on American Assets Trust's multifamily leasing spreads, the impact of the weak Japanese yen on its Waikiki hotel's performance, and the expected timing for realizing its office lease-up upside.

    Answer

    President & CEO Adam Wyll and VP of Multifamily Abigail Rex attributed the multifamily leasing spread dynamics to market-specific supply absorption in both Portland and San Diego, while noting their properties' strong locations. Regarding the Waikiki hotel, Wyll and EVP & CFO Robert Barton cited the unfavorable yen-to-dollar exchange rate and global uncertainty as headwinds, viewing them as temporary and highlighting the hotel's outperformance versus its competitive set. Wyll confirmed the previously mentioned $0.30 FFO upside is predominantly from leasing up its major office developments.

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    Ravi Vaidya's questions to American Assets Trust Inc (AAT) leadership • Q3 2024

    Question

    Ravi Vaidya of Mizuho Securities inquired about the specifics of non-comparable office leases, the near-term outlook for office portfolio occupancy, and the company's appetite for acquisitions.

    Answer

    Steve Center, SVP of Office Properties, clarified that non-comparable leases were for spaces vacant over six months, with TIs in line with market rates for new long-term deals. He noted a positive trend with new leasing outpacing renewals and rising tour activity, but deemed it premature to provide a 2025 occupancy target. Robert Barton, CFO, added that full 2025 guidance would be provided later. Regarding acquisitions, Executive Chairman Ernest Rady stated that the company is continuously evaluating opportunities, primarily within its existing markets, but any action depends on the specific opportunities that arise.

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    Ravi Vaidya's questions to Simon Property Group Inc (SPG) leadership

    Ravi Vaidya's questions to Simon Property Group Inc (SPG) leadership • Q1 2025

    Question

    Ravi Vaidya, on for Haendel St. Juste, inquired about trends among luxury tenants, including their sales performance, foot traffic, and any potential pullback in leasing demand.

    Answer

    CEO David Simon stated there has been no significant change in commitment from luxury brands, as they plan for the long term. He characterized their overall sales as 'relatively flat,' noting that while some brands are performing very well, others are in a refresh cycle. He confirmed there has not been a major pullback in demand or a change in their outlook for the segment.

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    Ravi Vaidya's questions to Regency Centers Corp (REG) leadership

    Ravi Vaidya's questions to Regency Centers Corp (REG) leadership • Q1 2025

    Question

    Ravi Vaidya, on for Haendel St. Juste, asked about the timing of rent recognition from the SNO (signed-not-opened) pipeline and whether commencements might be pulled forward or pushed back in the current environment.

    Answer

    CFO Mike Mas explained that while 80% of the SNO pipeline is set to commence in 2025, only about one-third of that income will be recognized this year, creating a significant tailwind for 2026. He noted that the timing risk is minimal as most leases have contractual commencement dates, and the team actively works to accelerate openings.

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    Ravi Vaidya's questions to Netstreit Corp (NTST) leadership

    Ravi Vaidya's questions to Netstreit Corp (NTST) leadership • Q4 2024

    Question

    Ravi Vaidya from Mizuho inquired about NETSTREIT's current acquisition criteria, expected minimum investment spreads, the status of tenants on their watchlist like Big Lots, and target exposure levels for tenants such as Walgreens and CVS.

    Answer

    CEO Mark Manheimer reiterated that the investment criteria remain unchanged, focusing on corporate credit, unit-level cash flow, and real estate quality to maximize risk-adjusted returns. CFO Dan Donlan indicated that current acquisition spreads are less than 100 basis points. Manheimer provided an update on Big Lots, expecting 6 of 7 stores to be assumed, and stated the goal is to have all tenants below 5% of ABR.

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    Ravi Vaidya's questions to Netstreit Corp (NTST) leadership • Q3 2024

    Question

    Ravi Vaidya, on behalf of Haendel St. Juste, asked for commentary on the disposition market, the use of seller financing for Walgreens assets, and the company's sustainable long-term acquisition run rate.

    Answer

    CEO Mark Manheimer noted an improving disposition market with the return of 1031 buyers. He explained that seller financing was used tactically in Q3 for a better outcome but is not expected to be a primary tool going forward. He also stated that while the team is built for significant investment volume, the current cost of capital does not support the recent acquisition pace with sufficiently accretive spreads.

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