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    Rob Stevenson

    Research Analyst at Janney Montgomery Scott

    Rob Stevenson is Managing Director and Head of Real Estate Research at Janney Montgomery Scott, specializing in equity research focused on REITs and real estate sectors. He covers companies such as Sila Realty Trust Inc, UMH Properties Inc, City Office REIT, Centerspace, Douglas Emmett, and Essex Property Trust, with a historical analyst success rate of approximately 44% on recommendation performance metrics and a decades-long track record in the field. Stevenson began his career as an Executive Director and Senior Research Analyst at Morgan Stanley, led the US REIT practice at Fox-Pitt Kelton and subsequently Macquarie Capital through its acquisition, before joining Janney in 2015. He holds a Bachelor of Science from the University of Maryland, an MBA from Cornell University, and possesses all required FINRA securities licenses to serve in a senior research analyst capacity.

    Rob Stevenson's questions to Sila Realty Trust (SILA) leadership

    Rob Stevenson's questions to Sila Realty Trust (SILA) leadership • Q2 2025

    Question

    Asked for details on the Stoughton demolition cost and accounting, the associated carrying cost reduction, the planned use for the site, the intermediate-term financing plan for acquisitions, and the rationale for the annual cap on the buyback program.

    Answer

    The Stoughton demolition will cost $1.9M (treated as a non-recurring expense) and will reduce monthly carry costs from ~$120k to ~$25k. The site is being considered for residential use. Acquisitions will be funded by the revolver initially, with longer-term options like private placements or equity raises considered later. The buyback cap reflects the board's desire to prioritize portfolio growth while having the flexibility to repurchase shares opportunistically.

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    Rob Stevenson's questions to UMH PROPERTIES (UMH) leadership

    Rob Stevenson's questions to UMH PROPERTIES (UMH) leadership • Q2 2025

    Question

    Rob Stevenson from Janney Montgomery Scott inquired about the strategic plans and capital expenditure for the recently acquired Connewiga Court property, the pricing of the Israeli bond deal versus U.S. alternatives, and the company's current acquisition pipeline.

    Answer

    EVP and COO Brett Taft detailed plans for a rapid turnaround of Conowingo Court, noting major infrastructure work was completed by the seller. EVP and CFO Anna Chew explained the Israeli bond offered more favorable pricing and rating terms than would have been available in the U.S. President and CEO Samuel Landy and Brett Taft confirmed that while they are actively evaluating deals, nothing is currently under contract.

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    Rob Stevenson's questions to CENTERSPACE (CSR) leadership

    Rob Stevenson's questions to CENTERSPACE (CSR) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott asked about the specific impact of the Denver market on renewal lease rate growth, how the planned dispositions would affect maintenance CapEx guidance, and for clarification on whether the guided transaction dilution was for 2025 only or annualized.

    Answer

    President & CEO Anne Olson quantified Denver's drag on renewal growth at 20-30 basis points. EVP & CFO Bhairav Patel explained that the dispositions will improve overall portfolio CapEx efficiency long-term. He clarified that the $0.06-$0.08 dilution is the 2025 impact, with the annualized dilution expected to be around $0.15, and confirmed the disposition timing assumptions baked into guidance.

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    Rob Stevenson's questions to CENTERSPACE (CSR) leadership • Q3 2024

    Question

    Rob Stevenson of Janney Montgomery Scott questioned which markets drove the negative new lease growth, the potential for future technology-related savings, and the company's strategy for future growth and exposure in the Denver market.

    Answer

    President and CEO Anne Olson identified Denver and Minneapolis as the primary drivers of the new lease decline, while North Dakota and Nebraska remained strong. She stated that major technology implementation is complete, with future savings coming from operational efficiencies and staffing model changes. Regarding Denver, Olson expressed a long-term goal of keeping market exposure below 25%, though it might rise temporarily as the company pursues growth opportunities.

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    Rob Stevenson's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership

    Rob Stevenson's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott asked for an update on weaker markets like Austin, Phoenix, and Nashville, and inquired about which development sites are poised to start construction soon.

    Answer

    EVP Timothy Argo ranked the likely recovery timeline as Nashville, then Phoenix, then Austin, noting Austin's fundamentals remain strong despite current supply pressure. President and CEO A. Bradley Hill stated they expect a 'healthy start level' with 4-5 starts in the next 6-12 months, mentioning sites in Raleigh, DC, and Orlando.

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    Rob Stevenson's questions to MID AMERICA APARTMENT COMMUNITIES (MAA) leadership • Q1 2025

    Question

    Rob Stevenson inquired about changes in acquisition volumes and pricing in MAA's markets and asked about the cadence of year-over-year comps for the remainder of the year.

    Answer

    CEO Brad Hill noted that while transaction volume dropped significantly in April, pricing has remained firm, with deals trading at sub-5% cap rates. EVP & COO Tim Argo explained that year-over-year comps will get progressively easier, with Q4 being the easiest. However, he added that even Q2 and Q3 of 2024 offer decent comps because the typical seasonal rent acceleration was muted last year.

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    Rob Stevenson's questions to EPR PROPERTIES (EPR) leadership

    Rob Stevenson's questions to EPR PROPERTIES (EPR) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott inquired about the composition of EPR's investment pipeline, questioning the balance between acquisitions and development, the strategy for dispositions in the latter half of 2025 and early 2026, and the company's balance sheet management approach concerning upcoming debt maturities.

    Answer

    CEO Greg Silvers and CIO Greg Zimmerman confirmed that over half of the robust pipeline consists of acquisitions, with an improved cost of capital now allowing for larger deals. Regarding dispositions, management noted a strategic goal to reduce theater exposure opportunistically but indicated they are nearing their 2025 guidance. CFO Mark Peterson explained that while they have flexibility with their credit line, a bond transaction is planned for late 2025 to manage the balance, with another likely in 2026 to address maturities.

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    Rob Stevenson's questions to HIGHWOODS PROPERTIES (HIW) leadership

    Rob Stevenson's questions to HIGHWOODS PROPERTIES (HIW) leadership • Q2 2025

    Question

    Rob Stevenson from Janney Montgomery Scott asked about the trajectory of leasing-related capital spending, the key variables in the FFO guidance range, the potential impact of late-year transactions, and the attractiveness of extending the term loan.

    Answer

    CFO Brendan Maiorana indicated that TI spending will likely remain elevated through 2025 and 2026 to support occupancy growth. He identified expense timing and proactive lease management as key guidance variables. He also confirmed that any 2025 transactions are outside of guidance and would have minimal FFO impact due to timing. Regarding the term loan, he described it as an 'efficient' and flexible capital source, though not necessarily the cheapest.

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    Rob Stevenson's questions to CTO Realty Growth (CTO) leadership

    Rob Stevenson's questions to CTO Realty Growth (CTO) leadership • Q2 2025

    Question

    Rob Stevenson from Janney Montgomery Scott asked about the timing of the Fidelity and State of New Mexico leases and whether the latter was included in Q2 leasing totals. He also questioned the status of the signed-not-open pipeline and any significant Q3 leasing activity, as well as the potential for early payoffs or sales of structured investments.

    Answer

    CFO Philip Mays clarified that the State of New Mexico lease was signed in Q2 but excluded from the retail leasing statistics, while the Fidelity amendment is nearly final. President & CEO John Albright stated that negotiations are active on most remaining vacancies, with signings expected within 60 days. He added that an early payoff of structured investments is not anticipated, as the company is currently focused on core property acquisitions.

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    Rob Stevenson's questions to Alpine Income Property Trust (PINE) leadership

    Rob Stevenson's questions to Alpine Income Property Trust (PINE) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott asked if disposition guidance includes loan repayments, why the company isn't selling more assets to fund buybacks, and about any earnings headwinds for the second half of the year.

    Answer

    Philip Mays, SVP, CFO & Treasurer, confirmed disposition guidance is for properties only. John Albright, President & CEO, explained they are prioritizing compelling, accretive investments over shrinking the company via buybacks. Mays identified the recent loan repayment as the only specific earnings drag for the back half of the year.

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    Rob Stevenson's questions to Alpine Income Property Trust (PINE) leadership • Q3 2024

    Question

    Rob Stevenson from Janney Montgomery Scott asked about the portion of the portfolio targeted for sale beyond Walgreens and dollar stores, the rationale for the Lowe's disposition, the company's comfort with its DICK'S exposure, the size of the current transaction funnel, and clarification on loan funding commitments.

    Answer

    Executive John Albright characterized the remaining portfolio as 'muscle,' with future sales being opportunistic recycling rather than strategic dispositions. He explained the Lowe's sale was driven by a 1031 buyer's specific need, which allowed PINE to achieve a premium price. He also stated that DICK'S exposure is not expected to grow beyond its current 11%. Executive Philip Mays clarified that after accounting for GAAP adjustments, there is about a $10 million spread between the loan portfolio's outstanding balance and total commitments.

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    Rob Stevenson's questions to Alexander & Baldwin (ALEX) leadership

    Rob Stevenson's questions to Alexander & Baldwin (ALEX) leadership • Q2 2025

    Question

    Rob Stevenson inquired about upcoming below-market lease expirations that could drive same-store growth, the expected timing for revenue from the signed-not-opened (SNO) pipeline, and the financial impact of a large Sam's Club tenant improvement (TI) project.

    Answer

    CEO Lance Parker attributed same-store growth to strong market fundamentals rather than specific mark-to-market opportunities. He and CFO Clayton Chun clarified that major SNO projects won't contribute to NOI until 2026 and 2027. Chun explained the ~$20 million Sam's Club TI, payable in Q3, is considered non-recurring and will be excluded from AFFO calculations, though it will be a cash outflow.

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    Rob Stevenson's questions to Alexander & Baldwin (ALEX) leadership • Q4 2024

    Question

    Rob Stevenson inquired about the status of the bankrupt tenant, Liberated Brands, the primary driver for the significant 230 basis point sequential increase in retail leased occupancy, and the biggest swing factors for the 2025 guidance range.

    Answer

    SVP of Asset Management Kit Millan stated that they expect to regain possession of the Liberated Brands space around mid-year and already have prospects. She explained the retail occupancy jump was driven by the quick, capital-efficient backfill of the Waianae Mall anchor space with a short-term community use tenant. CFO Clayton Chun identified the main variables for guidance as the timing of tenant occupancy, any unplanned vacancies, and bad debt levels.

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    Rob Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership

    Rob Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott LLC asked about the current attractiveness of new development starts versus recent months and trends in construction costs. He also questioned if there were any non-recurring items in Q2 FFO or expected drags in the second half of the year, given the strong Q2 performance relative to full-year guidance.

    Answer

    President and CEO Peter Baccile stated that more consistent development lease signings are needed before increasing new starts. CIO Johannson Yap noted construction costs are down 5-10% from H2 2024 but flat year-to-date. CFO Scott Musil explained that higher interest expense in H2 2025, from funding the development pipeline and a recent bond offering, will be a drag on FFO compared to Q2.

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    Rob Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott inquired about the current attractiveness of new development starts, trends in construction pricing, and potential drags on FFO for the second half of 2025.

    Answer

    CEO Peter Baccile stated that more consistent lease signings are needed before increasing development starts. CIO Johannson Yap noted that construction costs are flat year-to-date after a 5-10% drop in late 2024. CFO Scott Musil explained that FFO will be lower in the back half of the year due to higher interest expenses from funding the development pipeline and a recent dilutive bond offering.

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    Rob Stevenson's questions to AGREE REALTY (ADC) leadership

    Rob Stevenson's questions to AGREE REALTY (ADC) leadership • Q4 2024

    Question

    Rob Stevenson from Janney Montgomery Scott requested an update on the Big Lots bankruptcy situation and the current state of the sale-leaseback market.

    Answer

    CEO Joey Agree provided updates on specific Big Lots properties, noting the bankruptcy process is ongoing. He confirmed the sale-leaseback market is active, with recent transactions completed and ongoing discussions with tenants who are comparing it to other capital sources like the unsecured debt market.

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