Sanket Agrawal • Evercore ISI

Question 1

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

Jul 31, 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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Question 2

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

Jul 30, 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.