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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 Veris Residential (VRE) leadership

Question · Q3 2025

Sanket Agrawal with Evercore ISI asked about the company's leverage target of 8 times by year-end 2026, specifically inquiring if the path forward would involve continued non-core asset sales or a shift to operational initiatives. He also questioned the nature of the buyer pool for recent asset and land disposals, asking if it was diverse or limited to specific buyer types.

Answer

Mahbod Nia, Chief Executive Officer, explained that the current focus is on executing the extended disposition plan and enhancing operational performance to achieve the accelerated deleveraging target. He added that future strategic adjustments would be announced as they continuously evaluate options with the board. Regarding the buyer pool, Mr. Nia noted a broader interest for smaller assets, while larger transactions attracted more value-add and opportunistic buyers, with recent interest rate movements showing encouraging signs for increased transaction activity.

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Question · Q3 2025

Sanket Agrawal asked about Veris Residential's leverage target of 8x by year-end 2026, specifically inquiring if the path forward would continue to focus on selling more non-core assets or shift towards more operational initiatives. He also questioned the nature of the buyer pool for recent asset dispositions, asking if it was diverse or comprised specific types of buyers.

Answer

Mahbod Nia (CEO, Veris Residential) stated that the current focus is on executing the extended disposition plan and simultaneously enhancing operational performance, which is expected to accelerate deleveraging to 8x or potentially below by next year. He noted that future amendments or changes to the plan would be announced in due course, with ongoing evaluation of options with the board. Regarding the buyer pool, Mahbod Nia observed a broader and deeper pool for smaller assets, but it thins out for larger transactions (over $100M-$250M), attracting more value-add and opportunistic buyers. He also mentioned encouraging signs of increased interest in the transaction market due to recent declines in interest rates.

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Sanket Agrawal's questions to UDR (UDR) leadership

Question · Q2 2025

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

Question · Q2 2025

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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Sanket Agrawal's questions to ESSEX PROPERTY TRUST (ESS) leadership

Question · Q1 2025

Sanketkumar Agrawal, on for Steve Sakwa, asked for clarification on the assumed 20 basis point acceleration in blended rent growth for Q2 and requested specifics on new lease and renewal rates achieved in April and May.

Answer

Executive Angela Kleiman clarified that the modest Q2 acceleration is a mathematical result of Q1's outperformance against an unchanged full-year guidance, not a reflection of changing market views. She reported that April new lease rates were consistent with March and the company's plan. For renewals, April notices were sent in the low 4% range and finalized in the high 3% range, which was also in line with expectations.

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