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    Robin Haneland • BMO Capital Markets

    Robin Haneland's questions to National Storage Affiliates Trust (NSA) leadership

    Robin Haneland's questions to National Storage Affiliates Trust (NSA) leadership • Q2 2025

    Question

    Robin Haneland of BMO Capital Markets asked for an assessment of the competitive landscape and for details on the 'green shoots' from the new marketing strategy that support the forecast for revenue acceleration in the second half of the year.

    Answer

    President & CEO David Cramer described a more stable competitive environment due to peaking new supply, which has stabilized asking rents. He explained that marketing 'green shoots' include improved top-of-funnel demand and occupancy growth in July following the company's rebranding and domain consolidation efforts. EVP & CFO Brandon Togashi added that these trends support confidence in sequential revenue improvement for the second half.

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    Robin Haneland's questions to National Storage Affiliates Trust (NSA) leadership • Q1 2025

    Question

    Robin Haneland of BMO Capital Markets, on behalf of Juan Sanabria, asked about the occupancy assumptions embedded in the full-year guidance and whether there were any early signs of a housing market recovery. She also inquired about quantifying the operating expense savings from the PRO internalization.

    Answer

    CFO Brandon Togashi reiterated that the guidance midpoint assumes a moderately better leasing season than last year, requiring an occupancy lift greater than the 140 basis points seen previously. He noted that demand is tracking as expected in key markets but it's still early. Togashi also detailed the PRO savings, including ~$2.5M in G&A being lapped, tenant insurance economics, and property-level personnel cost reductions, stating these are now at a good run rate.

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    Robin Haneland's questions to Global Medical REIT Inc (GMRE) leadership

    Robin Haneland's questions to Global Medical REIT Inc (GMRE) leadership • Q3 2024

    Question

    Robin Haneland, on behalf of Juan Sanabria, asked about the rent change at the Beaumont asset, the risk of rent declines at other Steward properties, and management's view on dividend sustainability given the payout ratio and leverage. She also inquired about the target size for dispositions, the reason for increased 2025 lease expirations, and the current acquisition pipeline size and yields.

    Answer

    CIO Alfonzo Leon confirmed the CHRISTUS rent is slightly higher and other Steward leases remain intact, except for one minor lease. CEO Jeffrey Busch expressed confidence in maintaining the dividend, citing future accretive deals and normalizing CapEx. CFO Robert Kiernan and CIO Leon described the disposition pool as fluid and not a set number. Kiernan attributed the 2025 expiration increase to recent acquisitions, while Leon noted market cap rates are generally in the high 7s to mid-8s, though 9%+ deals can be found.

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    Robin Haneland's questions to National Health Investors Inc (NHI) leadership

    Robin Haneland's questions to National Health Investors Inc (NHI) leadership • Q3 2024

    Question

    Robin Haneland inquired about NHI's exposure to tenant PACs, including coverage post-transition and revenue mix. She also asked about expected yields on the investment pipeline and specific metrics for the Spring Arbor acquisition, such as RevPAR and breakeven occupancy.

    Answer

    Chief Investment Officer Kevin Pascoe explained that PACs are a small tenant (less than 3% of revenue) with strong coverage over 2x EBITDARM, and the portfolio is stable. He noted that pipeline yields are targeted at 8% or more, depending on the asset mix. For Spring Arbor, he stated that RevPAR is strong for the local markets and breakeven occupancy for similar-sized properties is typically in the 80-85% range, which the portfolio is trending ahead of.

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