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    Sanket Agrawal

    Senior Equity Analyst at Evercore ISI

    Sanket Agrawal is a Senior Equity Analyst at Evercore ISI, specializing in coverage of real estate investment trusts (REITs) with a focus on residential, healthcare, and industrial sectors. He has closely followed companies such as UDR Inc., STAG Industrial, Healthpeak Properties, Ventas Inc., Kimco Realty, and Essex Property Trust, delivering research insights and ratings that support investor decision-making. Agrawal has demonstrated a strong track record through his active participation in earnings calls and consistent involvement in rating and price target analysis, helping maintain Evercore's research leadership; his published investment calls are noted for aligning with sector and market trends. Beginning his analyst career prior to his time at Evercore ISI, Sanket has built a reputation for thorough coverage and is presumed to hold appropriate FINRA and securities industry credentials required for his role.

    Sanket Agrawal's questions to UDR (UDR) leadership

    Sanket Agrawal's questions to UDR (UDR) leadership • Q2 2025

    Question

    Sanket Agrawal of Evercore ISI inquired about the external growth opportunities UDR is seeing, specifically between acquisitions and its preferred equity program, and asked about the funding strategy for upcoming debt maturities.

    Answer

    President & CIO Joseph Fisher described a healthy transaction market with cap rates around 5%, but noted quiet activity in the developer capital and land markets. He stated UDR's focus is on JV acquisitions, select DPE recaps, activating its development pipeline, and portfolio recycling. For funding, Fisher confirmed UDR will refinance its $175 million of secured debt and continue to roll its commercial paper, maintaining its current leverage profile.

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    Sanket Agrawal's questions to STAG Industrial (STAG) leadership

    Sanket Agrawal's questions to STAG Industrial (STAG) leadership • Q2 2025

    Question

    Sanket Agrawal from Evercore ISI asked about STAG's financing strategy for acquisitions in the second half of the year and for its upcoming $300 million debt maturity. He also inquired about leasing demand and the expected timing for leasing up the development pipeline.

    Answer

    EVP, CFO & Treasurer Matts Pinard stated that the $300 million term loan is currently being refinanced and that new acquisitions would be funded via nearly $1 billion in liquidity, retained cash flow, and potential ATM issuance. EVP of Real Estate Operations Steve Kimball detailed the development pipeline's status, noting the in-service bucket is 76% leased with good prospects on remaining vacancies.

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