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    Roland Kamdem

    Research Analyst at Morgan Stanley

    Ronald Kamdem is Managing Director and Head of U.S. REITs and Commercial Real Estate Research at Morgan Stanley, specializing in equity research and investment analysis for the real estate sector. He covers major real estate investment trusts and companies, including Prologis, American Homes 4 Rent (AHR), Public Storage (PSA), and National Storage Affiliates (NSA), with notable performance such as a top-rated Buy rating on AHR generating a 125.4% return and overall coverage success rate of over 53%. Kamdem began his analyst career in the early 2000s and joined Morgan Stanley, where he has risen to lead the real estate research team, frequently appearing on CNBC and other industry platforms. He holds professional securities licenses appropriate for research analysts and is registered with FINRA, reflecting recognized credentials and expertise in real estate equity analysis.

    Roland Kamdem's questions to SITE Centers (SITC) leadership

    Roland Kamdem's questions to SITE Centers (SITC) leadership • Q1 2024

    Question

    Roland Kamdem inquired about the acquisition cap rates and expected IRRs for Curbline assets and how the CapEx profile for Curbline will compare to SITE Centers' historical spending.

    Answer

    CEO David Lukes stated that acquisition cap rates are in the low-to-mid 6% range, but unlevered IRRs are higher than other retail formats due to significantly lower CapEx needs. CFO Conor Fennerty quantified this, explaining that Curbline's CapEx is projected to be sub-10% of NOI, a dramatic difference from the industry's 20-30% range, which is a core part of the investment thesis.

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