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    Ryan Caviola • Green Street

    Ryan Caviola's questions to Realty Income Corp (O) leadership

    Ryan Caviola's questions to Realty Income Corp (O) leadership • Q2 2025

    Question

    Ryan Caviola from Green Street Advisors asked about the difference in pricing for net lease industrial assets between Europe and the U.S., and whether the entry into Poland completes the company's European expansion.

    Answer

    CEO Sumit Roy explained that European pricing is more rational due to less competition and a greater emphasis on relationships, unlike the capital-saturated U.S. market. He stated that while the core European strategy is established, the company continues to evaluate opportunities in other Western European nations and neighboring countries like Canada, though the bar for new entry is very high.

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    Ryan Caviola's questions to Realty Income Corp (O) leadership • Q1 2025

    Question

    Ryan Caviola of Green Street Advisors asked how the U.S. Core Plus fund performs in a volatile economic environment and whether the uncertainty helps or hinders fundraising and competition.

    Answer

    CEO Sumit Roy acknowledged that the current environment is typically not conducive to raising private capital but believes Realty Income's unique platform, scale, and reputation set it apart. He expressed optimism about meeting fundraising objectives, noting that the elevated cost of debt impedes private competitors who rely on higher leverage, creating an opportunity for Realty Income's strategy.

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    Ryan Caviola's questions to Essential Properties Realty Trust Inc (EPRT) leadership

    Ryan Caviola's questions to Essential Properties Realty Trust Inc (EPRT) leadership • Q2 2025

    Question

    Ryan Caviola from Green Street Advisors asked which retail sectors are most attractive for growth now that car wash exposure is near its ceiling, and also inquired about interest in industrial acquisitions.

    Answer

    CEO Pete Mavoides responded that he expects future investment activity to be pro-rata across their existing industries, maintaining a consistent portfolio mix. Regarding industrial properties, he confirmed the company likes the sector for sale-leasebacks with middle-market tenants, focusing on fungible assets and avoiding large, special-use properties.

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    Ryan Caviola's questions to Broadstone Net Lease Inc (BNL) leadership

    Ryan Caviola's questions to Broadstone Net Lease Inc (BNL) leadership • Q1 2025

    Question

    Ryan Caviola asked about the expected impact of onshoring on Broadstone's industrial portfolio and whether competition is increasing for these types of assets.

    Answer

    CEO John Moragne expressed a bullish view on onshoring, stating that BNL is well-positioned to benefit through its build-to-suit strategy. He acknowledged that competition in the industrial sector remains high, especially for large-scale deals, which reinforces BNL's focus on relationship-based build-to-suit projects and individual regular-way acquisitions where competition is less intense.

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    Ryan Caviola's questions to Broadstone Net Lease Inc (BNL) leadership • Q1 2025

    Question

    Ryan Caviola asked about the expected impact of onshoring on Broadstone's industrial portfolio and whether competition is increasing for industrial properties that stand to benefit from this trend.

    Answer

    CEO John Moragne expressed a bullish view on onshoring, stating that BNL is well-positioned to capitalize on this long-term trend through its build-to-suit strategy. He acknowledged that competition in the industrial sector remains high, especially for large portfolio deals, which reinforces BNL's strategic focus on relationship-based build-to-suit projects and individual regular-way acquisitions.

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    Ryan Caviola's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Ryan Caviola requested details on the two new industries BNL entered during the quarter and its broader strategy for industry exposure. He also asked if the historical 70-30 industrial-to-retail investment mix is expected to remain steady.

    Answer

    CEO John Moragne identified an expansion in automotive services as one new area and reiterated that portfolio diversification is a core risk mitigation strategy. He confirmed that the 70-30 industrial/retail investment split is 'par for the course' and likely to continue, though the company remains nimble and will pursue attractive opportunities in any of its target sectors.

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    Ryan Caviola's questions to Broadstone Net Lease Inc (BNL) leadership • Q3 2024

    Question

    Ryan Caviola of Green Street asked for details on the two new industries BNL entered and whether the historical 70-30 industrial-to-retail investment mix is expected to continue.

    Answer

    CEO John Moragne identified one new relationship as Magna Seating, an expansion in automotive services, and stressed the importance of industry diversification for risk mitigation. He confirmed that the 70-30 industrial-retail investment split has been consistent for years and is expected to be 'par for the course' going forward, though BNL remains opportunistic.

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