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    R.J. Milligan

    Managing Director and Senior Equity Research Analyst at Raymond James

    R.J. Milligan is a Managing Director and Senior Equity Research Analyst at Raymond James, specializing in coverage of consumer cyclical and real estate investment trust (REIT) companies such as Federal Realty Investment Trust, EPR Properties, Hyatt Hotels, and Boyd Gaming. Milligan has issued over 350 price targets across 27 stocks, with a track record including a 38% success rate and an average return of -3.22%; his recommendations for stocks like PENN National Gaming and Life Storage have notably outperformed. Beginning his career at Baird before joining Raymond James, he has been publicly active as an equity analyst since at least 2020. Milligan is registered with FINRA and holds required securities licenses for professional analysts.

    R.J. Milligan's questions to Summit Hotel Properties (INN) leadership

    R.J. Milligan's questions to Summit Hotel Properties (INN) leadership • Q2 2025

    Question

    RJ Milligan of Raymond James questioned the basis for confidence in a Q4 RevPAR recovery and asked what levers remain to control expenses in the upcoming year given the difficult comparisons being created.

    Answer

    President & CEO Jonathan Stanner cited stabilizing demand trends, easier year-over-year comparisons in Q4, and a more constructive industry group calendar as reasons for optimism. For future demand, he pointed to the 2026 World Cup. On expenses, Stanner expressed high confidence in the team's ability to continue prudent cost management, highlighting that year-to-date operating expenses were up only 1.5% and that the company's efficient operating model helps protect margins.

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    R.J. Milligan's questions to Summit Hotel Properties (INN) leadership • Q4 2024

    Question

    R.J. Milligan from Raymond James asked what needs to improve in the capital markets to spur a more meaningful increase in overall lodging transaction activity.

    Answer

    Executive William H. Conkling stated that from Summit's perspective, the capital markets are already very constructive. He noted that various financing channels—secured, unsecured, bank, and convert markets—are open and improving. For the types of assets Summit targets at mid-8% to 9% cap rates, there is already a solid, accretive spread between the cost of financing and acquisition yields.

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    R.J. Milligan's questions to Alpine Income Property Trust (PINE) leadership

    R.J. Milligan's questions to Alpine Income Property Trust (PINE) leadership • Q2 2025

    Question

    RJ Milligan of Raymond James asked for the specific quarterly AFFO impact from the recent Publix loan payoff and inquired about the current market pricing for a new five-year term loan for Alpine.

    Answer

    Philip Mays, SVP, CFO & Treasurer, calculated the quarterly impact of the $25.5M loan payoff to be a reduction of slightly more than a penny per share per quarter. He also estimated that a new five-year term loan for PINE would price at an all-in rate of around 5%.

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    R.J. Milligan's questions to Alpine Income Property Trust (PINE) leadership • Q1 2025

    Question

    R.J. Milligan asked about the expected trend for leverage through the end of the year, whether any tenants in the structured investment portfolio are on a watch list, and if there were any notable items affecting the NOI run rate going forward from Q1.

    Answer

    John Albright, an executive, anticipates that leverage will be at or below current levels by year-end, thanks to expected loan payoffs and asset sales. He confirmed there are no tenant issues in the high-quality structured investment portfolio. Philip Mays, an executive, noted the primary NOI impact will be the cessation of rent from Party City starting in Q2, which had paid through Q1.

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    R.J. Milligan's questions to Alpine Income Property Trust (PINE) leadership • Q3 2024

    Question

    R.J. Milligan from Raymond James asked for an update on the company's exposure to Walgreens, including average lease duration and nearest expiration, and inquired about the outlook for potential credit losses in 2025 given the macroeconomic environment.

    Answer

    Executive John Albright stated that the Walgreens portfolio is manageable, with an average lease duration of 7.6 years and the nearest expiration six years away. He mentioned they are receiving active bids and will continue to reduce exposure opportunistically. Regarding credit risk, Albright expressed confidence in the portfolio's health, identifying At Home as the only potential concern but noted PINE's very low basis in those properties, making them manageable.

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    R.J. Milligan's questions to CTO Realty Growth (CTO) leadership

    R.J. Milligan's questions to CTO Realty Growth (CTO) leadership • Q1 2025

    Question

    R.J. Milligan of Raymond James inquired about the impact of recent market volatility on anchor space lease negotiations and sought details on the drivers behind the significant new lease spread reported in the quarter.

    Answer

    Executive John Albright confirmed that leasing activity for anchor spaces has remained consistently strong and robust, with no pause from tenants despite market volatility. An unnamed executive, Bill, added that the high new lease spread was primarily driven by two large leases totaling 54,000 square feet, which achieved a spread of over 80%, aligning with the high end of their re-tenanting expectations.

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    R.J. Milligan's questions to CTO Realty Growth (CTO) leadership • Q4 2024

    Question

    R.J. Milligan from Raymond James questioned what level of potential bad debt beyond the known vacancies is included in the 2025 guidance. He also asked for the expected timing of rent commencement in 2026 for the re-leased spaces and inquired about the types of tenants being considered and the associated value creation.

    Answer

    Executive Philip Mays stated that beyond the known vacancies detailed on Slide 8, the guidance incorporates a general 1% bad debt assumption, consistent with historical levels. He expects most new rent to commence in the first half of 2026. Executive John Albright added that they are prioritizing higher-quality, investment-grade tenants, which creates more value through higher rents and cap rate compression, citing one space where rent could double.

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    R.J. Milligan's questions to CTO Realty Growth (CTO) leadership • Q3 2024

    Question

    R.J. Milligan asked about the company's forward-looking strategy for its leverage levels, noting the recent significant decrease.

    Answer

    Executive John Albright stated that the company's goal is to maintain lower leverage and that the current level is comfortable. He added that while they might temporarily increase leverage for a significant acquisition opportunity, the strategy would be to rebalance and bring it back down afterward.

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    R.J. Milligan's questions to Four Corners Property Trust (FCPT) leadership

    R.J. Milligan's questions to Four Corners Property Trust (FCPT) leadership • Q1 2025

    Question

    R.J. Milligan of Raymond James asked about the strategy behind running at a 7-year low leverage level and how a potential recession might impact the acquisition pipeline in terms of volume, competition, and pricing.

    Answer

    CEO William Lenehan explained that with high SOFR rates, the cost of holding liquidity via forward equity is minimal, making it opportunistic to build a strong balance sheet. He stated they 'love being very liquid when there's stress.' Regarding a recession, Lenehan believes the portfolio would perform well, but it's unclear if it would create bargain acquisition opportunities. He affirmed FCPT is capitalized and staffed to act, but needs the market to present high-quality deals at attractive prices.

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    R.J. Milligan's questions to KITE REALTY GROUP TRUST (KRG) leadership

    R.J. Milligan's questions to KITE REALTY GROUP TRUST (KRG) leadership • Q1 2025

    Question

    R.J. Milligan inquired about the specifics of the lease termination fee's impact on guidance and the rationale for choosing the Legacy West acquisition over stock buybacks.

    Answer

    CFO Heath Fear clarified that guidance was raised by $0.01 from termination fees because the actual fee received ($0.03/share) was higher than the $0.02/share originally anticipated. CEO John Kite explained that the Legacy West deal was a long-term process initiated when KRG's stock was at a higher price, and the rare opportunity to acquire an iconic, high-growth asset represented the best long-term value creation.

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    R.J. Milligan's questions to AGREE REALTY (ADC) leadership

    R.J. Milligan's questions to AGREE REALTY (ADC) leadership • Q1 2025

    Question

    R.J. Milligan from Raymond James & Associates, Inc. inquired about the current appetite of development partners for new store openings, asked if any tenants were on a watch list for non-tariff reasons, and sought a forecast for acquisition cap rates by year-end.

    Answer

    CEO Joey Agree responded that development partners have not paused their activities and some are even announcing new stores. He confirmed there are no new additions to the company's watch list, noting they had already proactively reduced exposure to pharmacy and dollar stores. On cap rates, Agree stated he had 'no idea' where they would end the year due to significant volatility in the 10-year Treasury, which he believes creates an unpredictable environment.

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    R.J. Milligan's questions to AGREE REALTY (ADC) leadership • Q1 2025

    Question

    R.J. Milligan of Raymond James inquired about the current appetite of development partners for new store openings, whether any tenants outside of tariff-related issues are on a watch list, and his outlook on where Agree's acquisition cap rates might end the year.

    Answer

    CEO Joey Agree responded that they have not seen any pause in development appetite from retail partners, noting recent expansion announcements from Sam's Club and Kroger. He confirmed there are no new tenants on the watch list beyond the previously discussed pharmacy and dollar store sectors. Regarding year-end cap rates, he stated he has 'no idea' due to extreme market volatility, explaining that cap rates are not moving significantly with daily treasury fluctuations but are more influenced by broader shifts in the 'fear-greed spectrum'.

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    R.J. Milligan's questions to REALTY INCOME (O) leadership

    R.J. Milligan's questions to REALTY INCOME (O) leadership • Q3 2024

    Question

    R.J. Milligan of Raymond James asked if the private fund would invest in properties beyond pure triple-net leases, such as development loans. He also followed up on whether the fund's cost of equity would differ and if Realty Income would contribute existing properties.

    Answer

    CEO Sumit Roy clarified that the fund will not pursue assets with low NOI margins; investments will mimic the high flow-through characteristics of triple-net leases. He explained the fund's long-term return hurdles will be similar to the REIT's, but without the focus on day-one accretion, enabling different types of deals. He confirmed an initial seed portfolio of existing assets will be used to launch the fund, but subsequent investments will be new transactions.

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    R.J. Milligan's questions to NNN REIT (NNN) leadership

    R.J. Milligan's questions to NNN REIT (NNN) leadership • Q3 2024

    Question

    R.J. Milligan inquired about the reason for the lower G&A expense guidance and its sustainability into 2025. He also asked, from a bigger picture perspective, what would offset the headwinds from high 2024 lease termination fees and tenant credit issues to drive per-share growth in 2025.

    Answer

    CFO Kevin B. Habicht attributed the lower 2024 G&A guidance to minor accrual adjustments and projected a standard inflationary increase for 2025. He identified acquisitions as the primary driver for 2025 growth, supplemented by embedded rent growth across the existing portfolio. He noted that the acquisition pipeline for Q4 and early 2025 looks solid, which will be key to offsetting the known headwinds.

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    R.J. Milligan's questions to Gaming & Leisure Properties (GLPI) leadership

    R.J. Milligan's questions to Gaming & Leisure Properties (GLPI) leadership • Q3 2024

    Question

    R.J. Milligan of Raymond James inquired about GLPI's general philosophy on equity funding and its strategy regarding the At-The-Market (ATM) program.

    Answer

    SVP & CIO Matthew Demchyk detailed the philosophy of maintaining 'no equity overhang' to ensure new deals benefit existing shareholders. He explained that capital decisions are made relative to their leverage target of 5.0x-5.5x debt-to-EBITDA. The ATM is used in a 'measured and balanced' way, and recent use was prompted by strong investor interest, allowing the company to pre-fund its 2025 needs and maintain a strong cash position.

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