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    Robert Stevenson

    Research Analyst at Janney Montgomery Scott LLC

    Rob Stevenson is Managing Director and Head of Real Estate Research at Janney Montgomery Scott LLC, specializing in U.S. real estate investment trusts (REITs) and the broader real estate sector. He covers companies such as Sila Realty Trust Inc, Armada Hoffler Properties, and other leading real estate firms, having contributed analyst ratings with a track record including a 44% success rate on published stock calls. Stevenson joined Janney in 2015 after serving as Managing Director and Head of U.S. REIT Research at Macquarie Capital, and previously spent over a decade at Morgan Stanley as Executive Director and Senior Research Analyst. He holds a Bachelor of Science from the University of Maryland, an MBA from Cornell's Johnson School of Business, and maintains active securities licenses as registered with FINRA.

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

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

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about the cost and accounting treatment for the Stoughton facility demolition, the expected carrying costs post-demolition, and the potential future use of the site. He also asked about the intermediate-term financing strategy for new acquisitions and the board's rationale for the $25 million annual cap on share repurchases.

    Answer

    President and CEO Michael Seton stated the demolition cost is approximately $1.9 million. EVP and CFO Kay Neely added that this would be treated as a non-recurring expense and added back for FFO and AFFO, and that monthly carry costs are expected to decrease from ~$120,000 to ~$20,000-$25,000. Mr. Seton suggested the highest and best use for the Stoughton site is likely residential. Ms. Neely outlined the financing strategy as using the revolver for the short-to-medium term, with a potential for a longer-term private placement later. Finally, Mr. Seton explained the buyback cap allows for nimbleness while prioritizing the company's primary mission of growth.

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

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about the Stoughton facility, asking for the demolition cost and its accounting treatment, as well as the current and expected future carrying costs. He also asked about the potential entitlement use for the site, the intermediate-term financing strategy for upcoming acquisitions, and the board's rationale for capping annual share repurchases at $25 million.

    Answer

    President and CEO Michael Seton stated the demolition cost is approximately $1.9 million. CFO Kay Neely added this would be treated as a non-recurring expense and added back for FFO and AFFO calculations. Neely also confirmed carrying costs would drop from ~$120,000/month to ~$20-25,000/month post-demolition. Seton suggested the highest and best use for the site is likely residential or multifamily. For financing, Neely indicated the revolver would be used short-term, with a potential for a longer-term private placement later. Seton explained the buyback cap reflects the board's desire to provide management with tools while prioritizing the company's long-term growth strategy.

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

    Question

    Robert Stevenson of Janney Montgomery Scott questioned the cost and accounting treatment for the Stoughton facility demolition, the expected carry costs post-demolition, the potential future use of the land, the intermediate-term financing strategy for acquisitions, and the board's rationale for the annual cap on share repurchases.

    Answer

    President and CEO Michael Seton specified the demolition cost is approximately $1.9 million. EVP and CFO Kay Neely added that this non-recurring expense would be added back for FFO and AFFO calculations. Neely also stated that monthly carry costs will decrease from ~$120,000 to ~$20-25,000 post-demolition. Seton indicated the highest and best use for the land likely involves a residential component. For financing, Neely said acquisitions would initially be funded by the revolver, with longer-term private placement debt as a future possibility. Seton explained the board's repurchase cap provides flexibility while prioritizing the company's long-term growth strategy.

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    Robert Stevenson's questions to Armada Hoffler Properties (AHH) leadership

    Robert Stevenson's questions to Armada Hoffler Properties (AHH) leadership • Q2 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked about the strategy for upcoming debt maturities, the expected year-end leverage metric, and the company's broader approach to strategic dispositions over the next year.

    Answer

    CFO Matthew Barnes-Smith confirmed they extended the TD term loan and are evaluating options like Freddie/Fannie or Lifeco debt for the Everly maturity. He projects year-end net debt to EBITDA will be in the 7.4-7.5x range. CEO Shawn Tibbetts added that the disposition strategy has no specific dollar target but focuses on selling stabilized assets with limited upside at attractive prices to redeploy capital into growth opportunities.

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    Robert Stevenson's questions to Armada Hoffler Properties (AHH) leadership • Q1 2025

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about significant tenant lease expirations for the remainder of 2025 and 2026, the company's funding strategy for potential mezzanine portfolio acquisitions given market conditions, the rent status of T. Rowe Price, and the progress of redevelopment projects.

    Answer

    CEO Shawn Tibbetts identified a 28,000 sq ft Office Depot as the main upcoming rollover risk but noted a backfill is already identified. He expressed high confidence in renewing other key tenants like Safeway and Harris Teeter. Regarding funding, both Tibbetts and CFO Matthew Barnes-Smith emphasized capital discipline, stating they would be hesitant to leverage up significantly and would prefer to wait for better market conditions. Barnes-Smith clarified that T. Rowe Price began GAAP rent recognition on March 7, making Q2 the first full quarter of contribution. Finally, Tibbetts provided a status update on the five small redevelopment projects, noting they are internal and won't appear in the third-party construction backlog.

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    Robert Stevenson's questions to Armada Hoffler Properties (AHH) leadership • Q4 2024

    Question

    Robert Stevenson asked about the outlook for the mezzanine financing market, occupancy rates at Virginia Beach apartment assets, the FFO per share dilution from recent capital activities, and the long-term strategy for the T. Rowe Price headquarters.

    Answer

    CEO Shawn Tibbetts noted that while there is demand for mezzanine financing, Armada Hoffler is maintaining its target principal balance and is not ready to execute new deals, focusing instead on risk-adjusted returns from rent-deriving assets. He attributed a slight dip in apartment occupancy to a strategic decision to maintain rental rates rather than a market supply issue, calling it a 'short-term blip.' CFO Matthew Barnes-Smith quantified the FFO dilution from the September 2024 equity raise at approximately $0.05 per share. Regarding the T. Rowe Price building, Tibbetts explained that the current soft office market makes a sale unattractive, and the company is content to hold the 'trophy asset' long-term.

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    Robert Stevenson's questions to Armada Hoffler Properties (AHH) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the specific assets in the 900-unit multifamily expansion, the timeline for acquiring the preferred equity assets, the potential for new development starts, and details on the Bed Bath & Beyond lease backfills.

    Answer

    President and COO Shawn Tibbetts identified the multifamily assets as Allied, Southern Post (The Chandler), The Allure, and Gainesville II, noting a 6-to-24-month timeline to bring the preferred equity assets onto the balance sheet. Tibbetts confirmed no new ground-up developments are imminent due to unfavorable return spreads but detailed the redevelopment of the Virginia Beach Bed Bath & Beyond into three units. He also clarified that the Durham Bed Bath & Beyond space was leased to a single national retailer.

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    Robert Stevenson's questions to CAMDEN PROPERTY TRUST (CPT) leadership

    Robert Stevenson's questions to CAMDEN PROPERTY TRUST (CPT) leadership • Q2 2025

    Question

    Rob Stevenson of Janney Montgomery Scott asked about the company's current strategy for kitchen and bath renovations, including the planned spending for 2025 and the expected returns on these projects.

    Answer

    President & CFO Alex Jessett confirmed that Camden is actively pursuing its repositioning program, with plans to renovate nearly 3,000 units in 2025. He stated these projects generate attractive 8-10% returns, equating to about $150 in additional monthly rent per door. He highlighted the program's strategic value in making older assets competitive against new supply.

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    Robert Stevenson's questions to CAMDEN PROPERTY TRUST (CPT) leadership • Q4 2024

    Question

    Robert Stevenson inquired about the development starts guidance, asking about the expected yields on new projects and how they compare to the yields on the three assets currently under construction in North Carolina.

    Answer

    Chairman and CEO Richard Campo stated that projected yields on new development starts are approximately 6%, which is consistent with projects currently under construction. He acknowledged that it is challenging to find new deals that meet this return threshold, which has tempered the pace of new starts. However, he expressed confidence that outsized rent growth in their selected submarkets will enable them to achieve these target yields.

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    Robert Stevenson's questions to Community Healthcare Trust (CHCT) leadership

    Robert Stevenson's questions to Community Healthcare Trust (CHCT) leadership • Q2 2025

    Question

    Robert Stevenson inquired about the origin of the recent acquisition, the funding strategy for the remaining $146M pipeline given the current stock price, backup plans for the geriatric behavioral tenant, and potential deferred maintenance costs for those facilities. He also asked for clarity on the normalized G&A expense run rate for the rest of 2025.

    Answer

    President & CEO Dave Dupuy confirmed the acquisition came from the existing pipeline and stated the company is 'laser focused' on using capital recycling, not the revolver, to fund future acquisitions without issuing equity. He noted that while there are other interested parties for the geriatric facilities, the current potential buyer is the best fit. He also expects any required capital for those buildings to be minor. EVP & CFO Bill Monroe acknowledged that removing one-time charges from G&A provides a more normalized quarterly figure but did not offer specific guidance.

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    Robert Stevenson's questions to Community Healthcare Trust (CHCT) leadership • Q2 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked about the funding strategy for the remaining acquisition pipeline, the status of the geriatric behavioral tenant, potential capital needs for those assets, and the normalized G&A expense run rate.

    Answer

    CEO Dave Dupuy confirmed the company is focused on capital recycling through asset sales to fund near-term acquisitions and maintain modest leverage. He noted that while they are focused on the current potential buyer for the geriatric tenant's operations, other bidders exist. He also stated that any capital needed for those assets would be minor. CFO Bill Monroe added that excluding one-time severance charges provides a more normalized view of G&A expenses.

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    Robert Stevenson's questions to Community Healthcare Trust (CHCT) leadership • Q1 2025

    Question

    Robert Stevenson sought clarification on the payments from the troubled psychiatric operator, asking if the $3.2 million figure was solely rent or included note payments. He also asked about the timeline for the Georgia asset's tenant improvements and the company's view on using preferred stock for capital.

    Answer

    Executive David Dupuy clarified that the $3.2 million is annual base rent only, with an additional ~$2.5 million in annual note payments contractually owed. He also stated the Georgia asset's lease should commence in early Q3. Regarding capital, Dupuy explained that while they evaluate all options, the company's bias is to maintain a simple capital structure, and issuing preferred stock is not a near-term consideration.

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    Robert Stevenson's questions to Community Healthcare Trust (CHCT) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the financial details of the non-paying geriatric tenant, asking if the stated $3.2 million was rent only and what the total annual obligation was. He also asked about the timing of the last full payment, the expected rent from redevelopment projects, the status of property dispositions, and the reason for a delay in a large acquisition.

    Answer

    CEO David Dupuy clarified the $3.2 million is rent only, with the total annual obligation being approximately $6 million. He stated the last full payment was in 2023 and that the three redevelopment projects coming online in Q1 2025 should generate about $750,000 in annual rent. CFO William Monroe explained that a large acquisition was delayed to Q1 2025 due to slower regulatory approvals on the seller's side in Florida.

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    Robert Stevenson's questions to Farmland Partners (FPI) leadership

    Robert Stevenson's questions to Farmland Partners (FPI) leadership • Q2 2025

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about Farmland Partners' capacity for further asset sales in 2025, the potential for a special dividend, the strategy for capital deployment between acquisitions, debt repayment, and stock buybacks, the reason for an increase in legal and accounting guidance, and the company's plans for its preferred units nearing conversion eligibility.

    Answer

    President and CEO Luca Fabbri explained that the company can conduct four more sale transactions in 2025 under REIT safe harbor rules, but it's too early to determine if a special dividend will be necessary. Executive Chairman Paul Pittman stated that capital deployment is focused on stock buybacks over acquisitions due to the stock's valuation and that the portfolio is now concentrated in the safer U.S. Midwest. Pittman also attributed the higher legal guidance to a tenant dispute and affirmed a 99% probability that the preferred units will be paid off with cash or borrowings, not converted to shares.

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    Robert Stevenson's questions to Farmland Partners (FPI) leadership • Q2 2025

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about Farmland Partners' capacity for further asset sales in 2025, the likelihood of a special dividend, the strategy for capital deployment between acquisitions and buybacks, the reason for increased legal guidance, and the company's plans for its convertible preferred units.

    Answer

    President and CEO Luca Fabbri explained that the company has four sale transactions remaining for the year under REIT safe harbor rules, and a special dividend is hard to predict due to tax complexities. Executive Chairman Paul Pittman stated that capital deployment heavily favors stock buybacks over acquisitions, with a focus on the stable U.S. Midwest portfolio. Pittman also attributed the higher legal expense guidance to an ongoing tenant dispute and affirmed with 99% certainty that the preferred units will be paid off with cash or credit lines, not converted to shares, due to the undervalued stock price.

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    Robert Stevenson's questions to Farmland Partners (FPI) leadership • Q4 2024

    Question

    Robert Stevenson inquired about the current pricing environment for net acquisitions, attractive geographic regions or crop types, the performance and potential expansion of the John Deere dealership investments, and the company's incremental borrowing rate.

    Answer

    Executive Chairman Paul Pittman detailed the company's regional strategy, noting strength in Illinois, a planned gradual exit from Colorado due to water concerns, and potential re-entry into the Delta region. He expressed caution on California due to water, overplanting, and regulatory issues. Regarding the Deere dealerships, Pittman acknowledged their strong current yield but also the argument that they are simply triple-net leases, suggesting only modest future investment. President and CEO Luca Fabbri, CFO Susan Landi, and Paul Pittman collectively stated the current incremental borrowing rate is around 6%, which could be improved with a term loan.

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    Robert Stevenson's questions to Farmland Partners (FPI) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the annualized revenue from the 52 recently sold farms to gauge the 2025 impact, the drivers behind the significant year-over-year increase in Q3 crop sales, the company's capacity for further asset sales in 2025 under REIT regulations, and the potential for a reduction in the common dividend following the substantial dispositions.

    Answer

    CFO Susan Landi stated the annualized revenue on the sold farms was approximately $11.2 million. Executive Luca Fabbri attributed the crop sales increase to a strong avocado harvest and good citrus performance, and noted that cost savings from the dispositions total about $2 million annually. Executive Chairman Paul Pittman explained that while 2025 asset sales would be limited to about seven transactions, the company is creative in maximizing value within those rules. He asserted that the transactions are highly accretive and would more likely support a dividend increase rather than a cut.

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    Robert Stevenson's questions to GLADSTONE LAND (LAND) leadership

    Robert Stevenson's questions to GLADSTONE LAND (LAND) leadership • Q1 2025

    Question

    Robert Stevenson inquired about the outlook for additional asset sales in 2025, the current status and potential of the five vacant farms, and the Board's perspective on share repurchases given the stock's low price and available cash.

    Answer

    David Gladstone (executive) stated that while some farms are listed for sale, there are no contracts ready for execution. Lewis Parrish (executive) added that of the five vacant farms, two are low-cost open ground and three are almond farms with end-of-life trees, with various options being explored. Gladstone emphasized a strategy of conserving cash due to the high-interest-rate environment, prioritizing liquidity over share buybacks until the Q4 harvest results provide more certainty.

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    Robert Stevenson's questions to GLADSTONE LAND (LAND) leadership • Q3 2024

    Question

    Robert Stevenson from Janney Montgomery Scott asked for clarification on the portfolio's troubled assets, questioning if the 11 Michigan blueberry farms and another farm agreed for sale were part of the vacant/nonaccrual group. He also inquired about the potential for other farms moving to nonaccrual status and the primary drivers behind the significant NAV decline.

    Answer

    Executive Lewis Parrish confirmed the 11 blueberry farms were part of the troubled asset pool and that their sale would roughly halve the number of vacant, direct-operated, and nonaccrual properties. He expressed confidence in the collectibility from other tenants but noted some upcoming permanent crop lease renewals might shift to participation rent structures. Parrish attributed 100% of the portfolio valuation decline, which drove the NAV down, to permanent crop farms, stating that annual row crop farms continue to appreciate.

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

    Robert Stevenson's questions to Alexander & Baldwin (ALEX) leadership • Q1 2025

    Question

    Robert Stevenson asked about the expected spike in building material costs from tariffs and the company's ability to stockpile supplies. He also inquired about the current activity in the Hawaii transaction market, whether the self-storage deal occupies the entire 5-acre lot, potential drags on future CRE FFO, and if more abnormal JV income is expected.

    Answer

    Executive Lance Parker noted an 8% increase in steel costs, which they mitigated by pre-purchasing and storing materials on-site. He characterized the Hawaii transaction market as having few closed deals but many active opportunities. He confirmed the ground lease covers the entire 5 acres. Executive Clayton Chun stated there are no known material drags on CRE FFO for the remainder of 2025 and that the large Q1 JV income was a one-time event with nothing similar anticipated.

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    Robert Stevenson's questions to Alexander & Baldwin (ALEX) leadership • Q3 2024

    Question

    Robert Stevenson asked about the financial impact of the Waipouli Town Center disposition, the current state of the acquisition pipeline, known 2025 lease expirations, and the typical timeline for new leases to become revenue-generating.

    Answer

    CEO Lance Parker framed the Waipouli sale as a strategic capital recycling event. SVP of Asset Management Kit Millan confirmed it eliminated CAM leakage drag, and CFO Clayton Chun noted the transaction was accretive. Parker described the acquisition pipeline as encouraging but stated no new deals are in the guidance. He also confirmed no other meaningful 2025 move-outs are known beyond those discussed for Q4. Millan explained new lease revenue typically commences within 6 months for industrial and 3-12 months for retail, depending on build-out needs.

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

    Robert Stevenson's questions to UMH PROPERTIES (UMH) leadership • Q1 2025

    Question

    Robert Stevenson asked for details on same-store expense growth drivers, specifically real estate taxes, and inquired about the market adoption, tenant reception, and pricing of the company's new duplex and solar shingle homes.

    Answer

    EVP and COO Brett Taft acknowledged upward pressure on real estate taxes and highlighted that a tough winter drove a significant $250,000 increase in snow removal costs. On new products, Mr. Taft noted strong initial demand for both solar shingle homes and duplexes, with most initial units already occupied. President and CEO Samuel Landy and Founder and Chairman Eugene Landy elaborated that the goal of solar is to lower resident utility bills, increasing affordability, while duplexes generate a higher return per lot.

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    Robert Stevenson's questions to UMH PROPERTIES (UMH) leadership • Q4 2024

    Question

    Robert Stevenson asked about the primary factors that would determine whether UMH hits the high or low end of its 2025 guidance. He also inquired about leasing velocity in the southernmost assets, the current average cost to acquire and set up new rental homes, and the cost structure of the new solar shingle initiative mentioned by management.

    Answer

    President & CEO Samuel Landy and EVP & COO Brett Taft identified home sales and acquisitions as the two biggest swing factors for 2025 guidance, highlighting several new expansion projects that create significant sales upside. Brett Taft confirmed that leasing velocity in the southern states remains strong, limited mainly by the pace of capital improvements and home delivery. He pegged the all-in cost for a new rental home at $70,000-$75,000. Regarding the solar shingles, Founder and Chairman Eugene Landy and CEO Samuel Landy explained that a third-party owns the shingles, so there is no additional cost to UMH, while providing a utility cost benefit to residents.

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    Robert Stevenson's questions to UMH PROPERTIES (UMH) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the strategic rationale for the recent self-storage acquisition, the current cost of new rental units, the significant price difference between rental setup costs and new home sale prices, and the expected timeline for the New Jersey joint venture.

    Answer

    President and CEO Samuel Landy explained that self-storage is a natural, synergistic fit, using existing community staff and serving resident needs. EVP and COO Brett Taft stated new single-wide rental homes cost $70,000-$75,000 to set up, with minimal cost pressure. Samuel Landy and Brett Taft clarified the home sale price gap is due to retail markups, custom orders in premium locations, and the inherent profit margin, noting a home set up for $75,000 would sell for $90,000-$100,000 or more. Samuel Landy projected the NJ joint venture is a minimum of three years from generating revenue.

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

    Robert Stevenson's questions to CTO Realty Growth (CTO) leadership • Q1 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked about the capital expenditure required for re-leasing bankrupt tenant spaces, the typical timeline from lease signing to rent commencement, potential funding sources for new acquisitions, and the monthly rent impact from recently vacated stores.

    Answer

    An executive, Bill, stated the re-leasing CapEx is within the previously disclosed $9 million to $12 million range. Executive John Albright estimated a one-year timeline for new tenants to become rent-paying and outlined funding strategies including internal liquidity and asset recycling. Executive Philip Mays quantified the annual rent loss from vacated Party City and Joanne's locations at approximately $900,000 and $600,000, respectively.

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    Robert Stevenson's questions to CTO Realty Growth (CTO) leadership • Q4 2024

    Question

    Robert Stevenson from Janney Montgomery Scott sought clarification on the re-leasing timeline, questioning if half the new rent from recent vacancies would impact 2025. He also asked about the resolution of the maturing Waters Creek structured investment, the potential growth of the structured investment portfolio, and the current performance of CTO's AMC theater tenants.

    Answer

    Executive Philip Mays clarified that the 50% rent commencement in 2025 applies to the separate signed-not-open pipeline, while rent from the recently vacated spaces is expected in 2026. Executive John Albright anticipates a short-term extension for the Waters Creek investment but noted the capital could be redeployed at a higher yield if repaid. He suggested the structured portfolio could grow by up to $50 million in 2025. Albright also confirmed that CTO's AMC theaters are top performers and performing well.

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    Robert Stevenson's questions to CTO Realty Growth (CTO) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the specifics of the new $10 million hospitality investment, the funding strategy for increased acquisition guidance, the plan for the remaining office asset, the FFO timing for the signed-not-open lease pipeline, and any known tenant move-outs for 2025.

    Answer

    Executive John Albright explained the hospitality investment is with a publicly traded company and noted that future acquisitions will likely be funded via the credit line due to lower leverage, with less emphasis on asset recycling. He stated the company is monitoring the office asset's market and waiting on the tenant's long-term plans. Regarding move-outs, Albright sees only strategic opportunities for upgrades. Executive Philip Mays clarified the $6.5 million signed-not-open pipeline will ramp up ratably over the next 9-12 months.

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    Robert Stevenson's questions to CENTERSPACE (CSR) leadership

    Robert Stevenson's questions to CENTERSPACE (CSR) leadership • Q1 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked which markets still face significant new supply for the rest of the year. He also inquired about the completion percentage of second-quarter leasing and the cause of the sequential occupancy decline in Omaha.

    Answer

    SVP of Investments Grant Campbell identified Denver as still working through a supply wave and noted Rochester, MN, also has deliveries, but with strong offsetting job growth. President and CEO Anne Olson estimated that 25-30% of Q2 leasing was complete and attributed the Omaha occupancy dip to forced move-outs required to finish a value-add renovation project.

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    Robert Stevenson's questions to CENTERSPACE (CSR) leadership • Q4 2024

    Question

    Robert Stevenson of Janney Montgomery Scott inquired about the key drivers for the 2025 same-store expense guidance range, the reason for the 11% increase in recurring CapEx per home, differences in market retention rates, and the growth trend for non-rent revenue.

    Answer

    CFO Bhairav Patel explained that low-end expense guidance is driven by a $0.5 million benefit from centralization and a $900,000 insurance premium reduction. He noted the CapEx increase is due to project timing shifts from 2024. CEO Anne Olson confirmed smaller markets have higher retention rates than high-supply markets like Denver. Bhairav Patel concluded that non-rent revenue is expected to grow in line with rental revenue.

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

    Robert Stevenson's questions to HIGHWOODS PROPERTIES (HIW) leadership • Q1 2025

    Question

    Robert Stevenson asked about Highwoods' strategy for dispositions without corresponding acquisitions, potential tenant reluctance for early 2026 lease renewals, the occupancy timeline for key leases, and the capital expenditure impact of recent leasing.

    Answer

    CEO Theodore Klinck confirmed Highwoods will continue selling noncore assets to create 'dry powder' regardless of immediate acquisition plans and has not seen a slowdown in leasing due to economic uncertainty. An executive, likely Brendan Maiorana, noted that while individual tenant improvement (TI) costs are in line with market rates, overall leasing capital spend is expected to increase in the coming quarters to support the anticipated build in occupancy.

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    Robert Stevenson's questions to HIGHWOODS PROPERTIES (HIW) leadership • Q4 2024

    Question

    Robert Stevenson inquired about Highwoods' 2.5% revenue exposure to the federal government, asking for details on the largest leases. He also asked which core markets are expected to show the best relative operating performance in 2025 and questioned the rationale behind the Century Center land purchase.

    Answer

    CEO Theodore Klinck explained the government exposure is diverse across 20 agencies, with the largest being the CDC, and is considered low-risk due to being essential agencies with firm lease terms. He identified suburban Nashville and Charlotte as strong performers, with robust activity in specific submarkets of Dallas like Uptown. Regarding Century Center, Mr. Klinck clarified it was a proactive deal to consolidate ownership, providing long-term flexibility and unlocking value created through recent leasing success.

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    Robert Stevenson's questions to HIGHWOODS PROPERTIES (HIW) leadership • Q3 2024

    Question

    Robert Stevenson questioned the scale of future dispositions beyond the current $150 million target, the company's appetite for acquiring new development land, and any potential earnings impact from recent hurricanes in the fourth quarter.

    Answer

    CEO Theodore Klinck described Highwoods as a 'continuous asset recycler' and confirmed the $150 million disposition target excludes Pittsburgh. CFO Brendan Maiorana added that the company aims to reduce its land bank over time, using land sales as a source of capital. Maiorana also noted a modest, non-material financial impact is expected in Q4 from non-recoverable hurricane-related expenses.

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

    Robert Stevenson's questions to Alpine Income Property Trust (PINE) leadership • Q1 2025

    Question

    Robert Stevenson inquired about the expected cap rate on the remaining $40 million to $70 million of dispositions for the year, the current market for Walgreens properties post-Sycamore deal, and the portfolio's exposure to Family Dollar and Dollar Tree, including the credit breakdown.

    Answer

    John Albright, an executive, projected that future disposition cap rates would likely be lower than the recent 9.1% sale, especially if they include non-income assets. He noted the Walgreens market is improving, with the Sycamore deal adding stability. Steven Greathouse, Chief Investment Officer, clarified that of the 31 dollar store locations, 25 are Family Dollar, and about half of those will retain the Dollar Tree credit post-spin.

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    Robert Stevenson's questions to Alpine Income Property Trust (PINE) leadership • Q4 2024

    Question

    Robert Stevenson of Janney Montgomery Scott asked about the operational status of the Beachside group assets post-hurricane, potential future vacancies beyond Party City and Cinemark, the market for 'at-home' assets, and any anticipated abnormal line items in 2025 guidance.

    Answer

    CEO John Albright confirmed the Beachside assets are fully operational, performing at or above pre-hurricane levels, and covered by business interruption insurance. He stated no other major vacancies are expected and noted active offers on 'at-home' assets, which are attractive due to their large parcels and low basis. CFO Philip Mays added that no lumpy or extraordinary G&A expenses are anticipated in 2025, highlighting the new $4.5 million annual management fee run rate.

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

    Robert Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q1 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked if any markets were showing notable changes in operating fundamentals compared to expectations from 3-9 months ago, particularly in Southern California. He also inquired if tenant demand was stronger at specific square footage levels.

    Answer

    CEO Peter Baccile stated there have been no major dynamic shifts in their 15 target markets, noting continued strength in South Florida and Nashville and improvement in Denver. CIO Jojo Yap added that Southern California fundamentals are trending positively, with under-construction pipelines and vacancy rates declining in Q1. EVP Peter Schultz commented that demand remains broad-based, with activity from smaller, mid-sized, and larger tenants, though decision-making has slowed due to tariff uncertainty.

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    Robert Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q1 2025

    Question

    Robert Stevenson of Janney Montgomery Scott asked if there were any markets showing notable changes in operating fundamentals and whether tenant demand was stronger at specific square footage levels.

    Answer

    CEO Peter Baccile reported no major shifts in market dynamics, highlighting continued strength in South Florida, Nashville, and Dallas. Chief Investment Officer Jojo Yap added that Southern California fundamentals are improving, with declining construction and positive absorption in the Inland Empire. Management noted that demand remains broad-based across various tenant sizes.

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    Robert Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q4 2024

    Question

    Rob Stevenson of Janney Montgomery Scott asked for an overview of the company's strongest and weakest operating markets and whether tenant demand was concentrated in specific size ranges.

    Answer

    President and CEO Peter Baccile identified Nashville as the best market, with Pennsylvania, South Florida, and Texas also being strong, while Denver is still improving. Executive Vice President Peter Schultz noted that demand from small to midsize tenants is generally more active across the country than demand for larger spaces, though this varies by market.

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    Robert Stevenson's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q3 2024

    Question

    Rob Stevenson inquired about the current state of the transaction market, including cap rate trends and buyer demand. He also asked about the company's appetite for adding to its land pipeline and whether land prices have materially decreased.

    Answer

    CEO Peter Baccile and Executive Vice President Peter Schultz noted a significant increase in capital and bidder interest for industrial assets. Chief Investment Officer Jojo Yap added that cap rates have compressed by about 25 basis points in the last three months. Regarding land, Jojo Yap stated that pricing has not seen a significant decline, creating a wide bid-ask spread, as landowners' expectations remain high.

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    Robert Stevenson's questions to MODIV INDUSTRIAL (MDV) leadership

    Robert Stevenson's questions to MODIV INDUSTRIAL (MDV) leadership • Q4 2024

    Question

    Robert Stevenson inquired about the likelihood and timing of the OES purchase option, details of the Fujifilm lease extension, recent discussions with Northrop Grumman regarding their upcoming lease expiration, and the outlook for G&A expenses in 2025.

    Answer

    CEO Aaron Halfacre explained that the OES has initiated the appraisal process for their purchase option, a long-tailed government procedure with updates expected by summer. He detailed that the Fujifilm lease extension involves setting a new rent at 95% of fair market value for a seven-year term. Regarding Northrop Grumman, Halfacre noted their significant recent capital investment in their facility as a positive sign for renewal. CFO Raymond Pacini clarified the 2025 G&A outlook, stating non-cash stock compensation will be around $2.5 million annually, while cash G&A will decrease due to staff departures and the CEO's move to non-cash compensation.

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    Robert Stevenson's questions to MODIV INDUSTRIAL (MDV) leadership • Q3 2024

    Question

    Robert Stevenson inquired about Modiv's acquisition pipeline following the termination of recent large deal discussions, the financial structure of the Jacksonville OP unit transaction, and the strategic timing for a potential sale of the major KIA asset. He also sought clarification on the average price of Q3 share repurchases and the effective date of the announced dividend increase.

    Answer

    CEO Aaron Halfacre described the current acquisition pipeline as encouraging, with opportunities in durable manufacturing assets at high 7s to low 8s cap rates, while emphasizing capital discipline and the potential for recycling assets. He confirmed the Jacksonville deal is an all-equity transaction. Regarding the KIA asset, Mr. Halfacre stated there is no rush to sell the high-quality property but that it could be a strategic option in 2025-2026 to address upcoming preferred share calls and debt maturities. CFO Ray Pacini confirmed the Q3 repurchases were executed at an average price of $14.80 and that the dividend increase is effective January 2025.

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    Robert Stevenson's questions to Global Medical REIT (GMRE) leadership

    Robert Stevenson's questions to Global Medical REIT (GMRE) leadership • Q4 2024

    Question

    Rob Stevenson asked if the Heitman JV has a right of first refusal on new acquisitions and if GMRE could manage other Heitman assets. He also requested details on the new CHRISTUS tenant's rent ramp, including timing and total ABR. Finally, he asked about the key drivers that would lead to the high or low end of the 2025 AFFO guidance range.

    Answer

    CIO Alfonzo Leon confirmed the Heitman JV does not have a right of first refusal, giving GMRE full discretion on asset placement. He also stated that managing other Heitman assets has not been considered. CFO Bob Kiernan specified the CHRISTUS rent is approximately $2.9 million in ABR and is expected to fully commence around April or May. Regarding guidance, Mr. Kiernan explained that the lower end of the AFFO range accounts for potential deleveraging or unforeseen events, while the higher end assumes leverage remains elevated.

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    Robert Stevenson's questions to Global Medical REIT (GMRE) leadership • Q3 2024

    Question

    Robert Stevenson inquired about the new lease with CHRISTUS Health, asking how the rent compares to the previous Steward lease, if it represents a new tenant relationship, and the amount of CapEx required for the asset. He also asked about the rationale for the $70 million acquisition closing in two tranches and if it would create significant tenant concentration.

    Answer

    CFO Robert Kiernan reported that the new CHRISTUS rent is $2.9 million annually, slightly higher than the former Steward rent of $2.8 million. CIO Alfonzo Leon confirmed it is a new major relationship. Kiernan noted CapEx for the property will be nearly $900,000, with much of it to be claimed against Steward in bankruptcy. Leon explained the two-tranche closing provides flexibility and efficiency, and that the deal will elevate Trinity Health from the #10 to the #3 largest tenant.

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

    Robert Stevenson's questions to EPR PROPERTIES (EPR) leadership • Q4 2024

    Question

    Robert Stevenson asked about EPR's future investment appetite for lodging-type assets like Hot Springs and inquired about the most attractive investment opportunities given the company's improved cost of capital.

    Answer

    CEO Gregory Silvers clarified that EPR is not against lodging-type assets but prefers net lease structures over the volatility of direct operations. CIO Gregory Zimmerman added that they are bullish on Hot Springs as an overall attraction, not just lodging. Silvers also highlighted fitness, wellness, and attractions as strong opportunity areas, with Zimmerman mentioning ongoing Andretti go-karting developments as a key project in the Eat & Play sector.

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    Robert Stevenson's questions to EPR PROPERTIES (EPR) leadership • Q3 2024

    Question

    Robert Stevenson of Janney Montgomery Scott asked about the rationale for exiting the St. Pete lodging assets, the potential for future coastal Florida investments, expected proceeds from the exit, and the state of the transaction market for occupied movie theaters.

    Answer

    CEO Gregory Silvers explained the St. Pete exit was due to a combination of significant hurricane damage and prohibitive operating costs, particularly insurance, which CIO Gregory Zimmerman noted was 9% of revenue. Mr. Silvers stated future coastal investments would be evaluated case-by-case. CFO Mark Peterson does not expect any cash impact from the exit. Regarding theaters, Mr. Zimmerman said the market for good assets remains slow but could 'unfreeze' with a recovering box office.

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    Robert Stevenson's questions to GLADSTONE COMMERCIAL (GOOD) leadership

    Robert Stevenson's questions to GLADSTONE COMMERCIAL (GOOD) leadership • Q4 2024

    Question

    Robert Stevenson asked about the current market depth and pricing for the office assets Gladstone intends to sell. He also inquired about the concentration of portfolio vacancy and the prospects for re-leasing or selling those vacant assets in 2025. Finally, he asked about the outlook for incentive fee waivers.

    Answer

    President Arthur 'Buzz' Cooper explained that office sales will be opportunistic and that the portfolio is performing well with vacancy concentrated in one or two assets. He noted they have proposals out for two buildings. Regarding the incentive fee, David Gladstone indicated a desire to return to the original fee structure as performance improves but gave no specific timeline, emphasizing a 'shareholders first' approach.

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

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

    Question

    Robert Stevenson from Janney Montgomery Scott requested an update on the status of the Big Lots portfolio amid its bankruptcy and asked about the current state and expected volume of the sale-leaseback market.

    Answer

    CEO Joey Agree provided an update on the Big Lots bankruptcy, noting a new lease was signed at a significantly higher rent in Manassas, VA, with progress on other assets pending lease auctions. He also confirmed ongoing sale-leaseback activity, with deals closed in Q4 and Q1, and expects more transactions as retailers compare it favorably to other capital sources in a volatile market.

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    Robert Stevenson's questions to NNN REIT (NNN) leadership

    Robert Stevenson's questions to NNN REIT (NNN) leadership • Q4 2024

    Question

    Robert Stevenson inquired about any material elevation in property expenses related to the Badcock and Frisch's vacancies that might decrease over 2025. He also asked about anticipated CapEx for re-leasing these assets and any major tenant concentrations in the Q4 acquisitions.

    Answer

    CFO Kevin Habicht confirmed that the 2025 net property expense guidance of $15-16 million is about $4-5 million higher than normal, almost entirely due to the vacancies, and should fade in 2026. He and CEO Stephen Horn added that no significant CapEx is planned for re-leasing, as they prefer to trade lower rent for no TIs. Horn identified Kent Kwik convenience stores as the primary concentration in Q4 acquisitions, stemming from a long-standing relationship.

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    Robert Stevenson's questions to City Office REIT (CIO) leadership

    Robert Stevenson's questions to City Office REIT (CIO) leadership • Q2 2024

    Question

    Robert Stevenson inquired about significant upcoming tenant move-outs, the strength of the leasing pipeline for the second half of the year, and the company's debt management strategy, particularly concerning an upcoming term loan maturity and potential new financing.

    Answer

    Executive Anthony Maretic confirmed there are no new significant move-outs beyond a previously disclosed departure in January, keeping the company on track for its occupancy guidance. CEO James Farrar described the leasing pipeline as "really, really strong," highlighting a notable turnaround in the Phoenix market. Regarding debt, Maretic explained the plan to repay the $50 million term loan using available liquidity and noted they are exploring options in the improving CMBS market for unencumbered assets like Block 83, where current spreads are 275-300 basis points.

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    Robert Stevenson's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership

    Robert Stevenson's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership • Q4 2020

    Question

    Robert Stevenson inquired about the specifics of the $45-$55 million allocated for capital enhancements, the use of free cash flow in the absence of acquisitions, the nature of projected positive lease rates by mid-year, and the current status of concessions across the portfolio.

    Answer

    CFO Paul Beldin clarified that the capital enhancements are primarily for restarting the kitchen and bath upgrade programs paused in 2020. CEO Terry Considine stated that excess free cash flow would first be used to reduce leverage and then to increase the dividend. Keith Kimmel, President of Property Operations, explained that positive lease rates by mid-year are expected on a blended basis, driven by consistently positive renewal rates and improving new lease rates. He added that the company focuses on net effective rent rather than specific concessions, with pricing pressure expected to be highest in the first half of the year.

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