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    Rich Hightower

    Managing Director and Senior Equity Research Analyst at Barclays

    Rich Hightower is a Managing Director and Senior Equity Research Analyst at Barclays specializing in coverage of real estate investment trusts (REITs) and gaming sectors. He covers companies including Gaming and Leisure Properties (GLPI) and VICI Properties, regularly issuing ratings and price targets that have been referenced by investment platforms like TipRanks. Hightower has built his career in financial services, holding previous roles in investment management and investment banking, and is recognized for combining quantitative and qualitative analysis to inform his investment recommendations. He holds FINRA registration and relevant securities licenses, and has earned a reputation for thorough research and consistent performance in equity analysis.

    Rich Hightower's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership

    Rich Hightower's questions to FEDERAL REALTY INVESTMENT TRUST (FRT) leadership • Q2 2025

    Question

    Rich Hightower from Barclays sought clarification on the updated FFO guidance, asking about the drivers and the performance cadence between the first and second halves of the year, and if a comparable POI for H1 was provided.

    Answer

    President, CEO & Director Donald Wood clarified that comparable POI growth was in the mid-to-upper threes for H1 and is expected to be in the mid-threes for H2. He explained the quarterly FFO cadence, noting a significant pickup is expected in Q4 driven by occupancy gains and rent commencements.

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    Rich Hightower's questions to EQUITY RESIDENTIAL (EQR) leadership

    Rich Hightower's questions to EQUITY RESIDENTIAL (EQR) leadership • Q2 2025

    Question

    Rich Hightower from Barclays asked for a quantification of how adding new expansion market assets to the same-store pool next year would have impacted 2025's results, for modeling purposes. He also asked for clarification on how the same-store pools are composed.

    Answer

    EVP & CFO Robert Garechana explained that adding the new assets would have been modestly dilutive to 2025 growth but will provide better portfolio balance and smoother performance in 2026. President & CEO Mark Parrell added that about 4,000 units will be added. Robert Garechana then clarified they use three same-store definitions: full-year, quarterly, and sequential, based on ownership periods.

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    Rich Hightower's questions to EQUITY RESIDENTIAL (EQR) leadership • Q2 2025

    Question

    Rich Hightower from Barclays asked for a quantification of how adding newly acquired properties to the same-store pool next year would have impacted 2025's results and what the resulting comparison will look like for 2026.

    Answer

    EVP & CFO Robert Garechana explained that including these assets in the 2025 pool would have been modestly dilutive to growth, consistent with underwriting, but that they will provide balance and upside in 2026. President & CEO Mark Parrell added that about 4,000 units, mostly in expansion markets, will be added. While these markets are growing slower than legacy markets now, the new assets will improve the quality and stability of the results within those expansion markets.

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    Rich Hightower's questions to NNN REIT (NNN) leadership

    Rich Hightower's questions to NNN REIT (NNN) leadership • Q2 2025

    Question

    Rich Hightower of Barclays pointed out the sequential increase in ABR and GLA from tenants on a cash basis and asked if this was primarily due to the At Home bankruptcy.

    Answer

    EVP & CFO Vincent Chao confirmed that the quarter-over-quarter increase in tenants paying on a cash basis was almost entirely attributable to the At Home bankruptcy filing.

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    Rich Hightower's questions to TANGER (SKT) leadership

    Rich Hightower's questions to TANGER (SKT) leadership • Q2 2025

    Question

    Rich Hightower from Barclays asked for clarification on any significant tenant move-outs beyond what was known and questioned the long-term sustainability of double-digit leasing spreads.

    Answer

    President and CEO Stephen Yalof identified the Forever 21 bankruptcy as the most significant recent move-out, noting that five of the nine vacated spaces are already re-leased. He expressed confidence in the sustainability of strong leasing spreads, attributing it to a 'virtuous cycle' where high demand for limited retail space allows Tanger to curate better tenants, which drives sales and, in turn, supports higher rents.

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    Rich Hightower's questions to CAMDEN PROPERTY TRUST (CPT) leadership

    Rich Hightower's questions to CAMDEN PROPERTY TRUST (CPT) leadership • Q2 2025

    Question

    Rich Hightower from Barclays asked what factors could cause the current high resident retention and renewal rates to reverse, and later asked for Ric Campo's perspective on the economic forecasting abilities of his counterparts at the Dallas Fed.

    Answer

    Chairman & CEO Ric Campo identified a significant recession with job losses as the primary risk to retention, while downplaying the threat from the housing market. Regarding the Fed, he praised the institution's meticulous, data-driven, and apolitical process, noting that the diverse business perspectives gathered provide valuable insights that help Camden navigate the economy.

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    Rich Hightower's questions to AGREE REALTY (ADC) leadership

    Rich Hightower's questions to AGREE REALTY (ADC) leadership • Q2 2025

    Question

    Rich Hightower asked about asset management, specifically if there are changes in lease structures, such as escalators or term lengths, during renewals, given the current shortage of quality retail space.

    Answer

    President and CEO Joey Agree pushed back on the premise that investment-grade tenants imply weaker lease terms, stating the portfolio has approximately 1% internal growth. He emphasized that the company's focus is on the tenant's long-term ability to pay rent, dismissing long-term leases with non-credit tenants as mere financing structures rather than sound real estate investments.

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    Rich Hightower's questions to AVALONBAY COMMUNITIES (AVB) leadership

    Rich Hightower's questions to AVALONBAY COMMUNITIES (AVB) leadership • Q2 2025

    Question

    Rich Hightower from Barclays asked what the development yield would be if less-seasoned projects were marked to market today. He also questioned the sequential trend in effective rent change for the 'other expansion regions' portfolio.

    Answer

    CIO Matthew Birenbaum responded that while they don't mark those projects to market yet, costs are trending under budget and rents are not below underwriting. COO Sean Breslin explained that the rent change in expansion regions reflects a defensive strategy to maintain high occupancy amid significant new supply in certain submarkets.

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    Rich Hightower's questions to UDR (UDR) leadership

    Rich Hightower's questions to UDR (UDR) leadership • Q2 2025

    Question

    Rich Hightower of Barclays asked for an explanation of the moving parts in UDR's expense growth, particularly the divergence between controllable and non-controllable items, and inquired about lessons learned from the 1300 Fairmount investment for the DPE program.

    Answer

    SVP & COO Michael Lacy attributed higher controllable expenses to planned WiFi costs, specific water remediation projects, and higher incentive compensation due to strong performance. He expects controllables to moderate in the second half. President & CIO Joseph Fisher detailed lessons from the Fairmount deal, including the impact of rate hikes and project delays. He said future DPE strategy will involve more scenario analysis, finite investment terms without extensions, and a pivot towards safer recapitalization deals over higher-risk development equity.

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    Rich Hightower's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership

    Rich Hightower's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q2 2025

    Question

    Rich Hightower of Barclays asked when the impact of slower lease-ups on new deliveries would peak and how that timing affects the recovery of new lease pricing, and also inquired about the transaction environment.

    Answer

    EVP Timothy Argo projected that the full positive impact of declining supply on pricing will likely materialize in the spring of 2026. President and CEO A. Bradley Hill noted the transaction market remains quiet with low volume and no significant distress, citing that Q2 cap rates were actually down from Q1 to around 4.7%.

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    Rich Hightower's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q4 2024

    Question

    Rich Hightower asked about MAA's appetite and capacity to expand its development pipeline beyond the current $1 billion target, especially given the anticipated slowdown in market-wide new supply.

    Answer

    Brad Hill, President and CEO, affirmed that development is a prime use of capital and that the team has successfully grown the pipeline from $450 million to nearly $900 million. He expressed a desire to keep the pipeline elevated and sees potential for further growth, particularly through their JV pre-purchase platform where they can step into shovel-ready deals. He noted the company's capacity for development exposure is around 5% of enterprise value, or approximately $1.2 billion.

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    Rich Hightower's questions to KIMCO REALTY (KIM) leadership

    Rich Hightower's questions to KIMCO REALTY (KIM) leadership • Q2 2025

    Question

    Rich Hightower of Barclays PLC questioned where accelerating the share repurchase program fits among capital priorities, given the stock's attractive 9% FFO yield.

    Answer

    CFO Glenn Cohen stated the 9% yield was a 'line of demarcation' to act opportunistically in April. CEO Conor Flynn added they constantly monitor the public-private valuation disconnect but must balance buybacks with capital needs for leasing and internal growth.

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    Rich Hightower's questions to ESSEX PROPERTY TRUST (ESS) leadership

    Rich Hightower's questions to ESSEX PROPERTY TRUST (ESS) leadership • Q2 2025

    Question

    Rich Hightower of Barclays inquired about bad debt trends, noting the overall improvement and asking if weakness in LA was being offset by strength elsewhere.

    Answer

    EVP & CFO Barb Pak confirmed that the current bad debt level is about 10 basis points above the long-term average. The higher-than-average rate in Los Angeles is being offset by better-than-average performance in Northern California and the Pacific Northwest. She stated that the full-year guidance assumes this level persists, with potential for improvement representing the high end of the guidance range.

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    Rich Hightower's questions to REGENCY CENTERS (REG) leadership

    Rich Hightower's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Rich Hightower of Barclays PLC followed up on the tightened credit loss guidance, asking about any leading indicators for potentially troubled tenants heading into 2026.

    Answer

    EVP & CFO Mike Mas explained the improved 2025 outlook was driven by increased clarity on bankruptcy outcomes, such as CVS assuming several Rite Aid leases, rather than a change in the forward-looking tenant environment. He stated that tenant health remains 'extraordinarily healthy,' with historically low past-due receivables. While bankruptcies are a normal part of the business, Regency has a strong track record of retaining stores or re-leasing them quickly at higher rents.

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    Rich Hightower's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Rich Hightower of Barclays followed up on the tightened credit loss guidance, asking about any leading indicators of tenant trouble heading into 2026.

    Answer

    CFO Mike Moss explained the improved outlook was due to greater clarity on recent bankruptcies, such as CVS assuming some Rite Aid leases. He stated that there are no significant negative indicators for 2026, pointing to historically low accounts receivable and strong tenant health. While bankruptcies are a normal part of the business, Regency has a strong track record of managing these situations effectively.

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    Rich Hightower's questions to Phillips Edison & Company (PECO) leadership

    Rich Hightower's questions to Phillips Edison & Company (PECO) leadership • Q2 2025

    Question

    Rich Hightower asked if anchor closures like Kroger's trigger co-tenancy issues in the portfolio and whether any incremental debt issuance is factored into the current financial guidance.

    Answer

    President Robert Myers explained that co-tenancy issues are not a significant concern in their grocery-anchored format, as it's more common in power centers. CFO John Caulfield stated that while no specific bond offering is planned, it remains a possibility to opportunistically manage their debt profile and maturity ladder.

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    Rich Hightower's questions to Gaming & Leisure Properties (GLPI) leadership

    Rich Hightower's questions to Gaming & Leisure Properties (GLPI) leadership • Q2 2025

    Question

    Rich Hightower of Barclays questioned the value of a parent guarantee from a balance-sheet-constrained operator and asked what GLPI received in return for accommodating a tenant's request to move assets between credit groups.

    Answer

    President & COO Brandon Moore and Senior VP & Chief Development Officer Steven Ladany emphasized that they underwrite properties on a standalone four-wall coverage basis, making the parent guarantee a secondary, though important, support. The core focus is ensuring the asset itself is strong enough for any tenant to operate profitably. Chairman & CEO Peter Carlino added that accommodating the request strengthened their partnership with Bally's, positioning GLPI as a 'sensible friendly source of financing' for the future.

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    Rich Hightower's questions to Gaming & Leisure Properties (GLPI) leadership • Q1 2025

    Question

    Rich Hightower of Barclays asked for details on the composition of the deal pipeline (e.g., expansions vs. sale-leasebacks) and questioned what GLPI's leverage would be after a hypothetical debt-financed exercise of the Lincoln Bally's option.

    Answer

    SVP & Chief Development Officer Steven Ladany clarified that his comments on increased counterparty interest were directed more at traditional sale-leaseback and M&A opportunities. Regarding leverage, CFO & Treasurer Desiree Burke stated that even after funding the Lincoln option with debt, leverage would remain well within their target, likely around 5.0x. SVP & CIO Matthew Demchyk added that the balance sheet is positioned to handle such commitments without straying from their leverage targets.

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    Rich Hightower's questions to ESSENTIAL PROPERTIES REALTY TRUST (EPRT) leadership

    Rich Hightower's questions to ESSENTIAL PROPERTIES REALTY TRUST (EPRT) leadership • Q2 2025

    Question

    Rich Hightower of Barclays requested more color on tenant credit trends and asked where deal terms would likely change first if competition were to intensify.

    Answer

    CEO Pete Mavoides described tenant credit as durable and stable, with no major concerns emerging. He stated that if competition increases, he expects the initial going-in cap rate would be the first term to compress, followed by rent escalations, with the lease term being the least sensitive component.

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