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    Seth Bergey

    Senior Research Associate at Citi

    Seth Bergey is a Senior Research Associate at Citi, specializing in real estate and office sector equity research. He is actively involved in coverage of companies such as Empire State Realty, supporting Citi's equity research analysis and price target decisions within the sector. Bergey has built his career at Citi, advancing to his current role as Senior Research Associate, where he is known for his analytical support and sector expertise. His professional credentials may include research certifications and regulatory registrations, in line with industry standards for equity research associates.

    Seth Bergey's questions to American Healthcare REIT (AHR) leadership

    Seth Bergey's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Seth Bergey from Citi inquired about the new operator relationship with Great Lakes Management, the criteria for selecting partners, and the pipeline's allocation between new and existing operators. He also asked about the margin flow-through from incremental occupancy and other revenue management initiatives.

    Answer

    CIO Stefan Oh and President & CEO Danny Prosky described a measured selection process focused on culture and growth alignment, noting that about 70% of the pipeline is with existing operators. Prosky estimated a 40% incremental margin on new skilled nursing residents. COO Gabe Willhite detailed a sophisticated, centralized revenue management platform at Trilogy that is now being piloted across other operators to enhance platform-wide performance.

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    Seth Bergey's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Seth Bergey from Citi asked about the new operator relationship with Great Lakes Management, the criteria for operator selection, and the incremental margin on new occupancy. He also inquired about broader revenue management strategies being deployed across the portfolio.

    Answer

    CIO Stefan Oh and President & CEO Danny Prosky detailed a measured operator selection process focused on culture and growth alignment, noting that the operator relationship is established before an asset is acquired. Danny Prosky estimated the incremental margin on a new skilled nursing resident is around 40%. COO Gabe Willhite described Trilogy's sophisticated, centralized revenue management platform, which optimizes pricing in real-time, and confirmed they are now piloting this system with other SHOP operators to enhance platform-wide performance.

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    Seth Bergey's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked about the new operator relationship with Great Lakes Management, the criteria for selecting partners, and the pipeline's mix of new versus existing operators. He also inquired about the margin flow-through on incremental occupancy and other revenue management initiatives.

    Answer

    CIO Stefan Oh described a measured selection process focused on cultural alignment and growth potential, noting that 65-70% of the current pipeline is with existing partners. President and CEO Danny Prosky added that operators often bring AHR off-market deals. On margins, he estimated a 40% incremental margin on new Medicare Advantage residents. COO Gabe Willhite detailed a sophisticated, centralized revenue management program at Trilogy that is being piloted across other operators to enhance platform-wide performance.

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    Seth Bergey's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked about the new operator relationship with Great Lakes Management, the pipeline's allocation between new and existing operators, and the criteria for operator selection. He also inquired about incremental occupancy margins and other revenue management strategies.

    Answer

    CIO Stefan Oh and President & CEO Danny Prosky explained that new operator relationships are established first, with partners like Great Lakes bringing off-market deals. About 65-70% of the pipeline is with existing operators. On margins, Danny Prosky estimated a ~40% incremental margin for a new skilled nursing resident. COO Gabe Willhite detailed Trilogy's centralized revenue management system, which is now being piloted across other SHOP operators to enhance platform-wide value and optimize pricing.

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    Seth Bergey's questions to American Healthcare REIT (AHR) leadership • Q1 2025

    Question

    Seth Bergey from Citi inquired about the evaluation process for the two new operating partners in the acquisition pipeline and asked for details on the new campus development project mentioned in the supplemental filings.

    Answer

    CIO Stefan Oh explained that the new operators are groups AHR has known for a long time and were identified prior to the assets. President and CEO Danny Prosky added that the operators helped source the deals. Regarding the development, Prosky clarified it's a redevelopment of a never-opened AL building in Michigan, which Trilogy will convert into an Integrated Senior Health Campus by adding a skilled nursing component.

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    Seth Bergey's questions to Douglas Emmett (DEI) leadership

    Seth Bergey's questions to Douglas Emmett (DEI) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup asked how leasing rates at Studio Plaza compare to initial underwriting and the typical build-out time before revenue recognition. He also inquired about the impact of California's entertainment tax credits on tenant demand.

    Answer

    VP of IR Stuart McElhinney confirmed that rental rates at Studio Plaza are in line with expectations, with revenue timing dependent on tenant size. CEO Jordan Kaplan added that they have little visibility into the direct impact of film tax credits, as their portfolio primarily serves administrative and support functions for the entertainment industry, whose presence in LA is stable.

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    Seth Bergey's questions to Douglas Emmett (DEI) leadership • Q1 2025

    Question

    Seth Bergey inquired about the company's preference for future acquisitions, asking whether they would be pursued with JV partners or fully owned, and whether the focus is on multifamily or office properties.

    Answer

    CIO Kevin Crummy stated the current opportunity is 'definitely on the office side,' where pricing has corrected more than in the residential market. He mentioned that their recent acquisition has attracted significant interest from partners, and the strategy is to find high-quality office buildings where their operating platform can add value.

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    Seth Bergey's questions to JONES LANG LASALLE (JLL) leadership

    Seth Bergey's questions to JONES LANG LASALLE (JLL) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup Inc. followed up on M&A, asking if more opportunities are emerging with improving macro clarity, and also inquired about how clients are underwriting the current environment of 'cautious optimism' and potential macro risks.

    Answer

    CEO Christian Ulbrich responded that while M&A opportunities exist, the risk-return profile of investing in JLL's own platform remains superior to acquisitions. Regarding client sentiment, he noted a growing acceptance among business leaders that global disruption is a constant, leading them to focus on their own business execution. This has resulted in a good trading environment as clients move forward despite the macro 'noise'.

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    Seth Bergey's questions to Hudson Pacific Properties (HPP) leadership

    Seth Bergey's questions to Hudson Pacific Properties (HPP) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked for the key variables that would drive results to the high or low end of the third-quarter FFO guidance and whether any of the later-stage leasing pipeline was for the Washington 1000 development.

    Answer

    CFO Harout Djerimariam identified the performance of the studio business as the biggest variable for Q3 guidance, with higher activity pushing results toward the high end. EVP of Leasing, Arthur Suazo, clarified that while the later-stage pipeline is healthy at nearly 600,000 square feet, none of it is currently for Washington 1000, though the asset is seeing increased tour activity.

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    Seth Bergey's questions to Sabra Health Care REIT (SBRA) leadership

    Seth Bergey's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked about Sabra's selection criteria for new operators and for an update on the competitive landscape for SHOP asset acquisitions, referencing a prior comment about a smaller pool of buyers.

    Answer

    CEO Rick Matros explained that the selection process involves extensive due diligence on an operator's processes, market choices, and quality outcomes, with a focus on finding partners eager to grow. CIO Talya Nevo-Hacohen stated that the buyer pool has changed very little over the past year, consisting mainly of REITs and private capital, with consistent players remaining active.

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    Seth Bergey's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup Inc. asked about Sabra's selection criteria for new operators and how the buyer pool for SHOP assets has evolved with the improved sector outlook.

    Answer

    CEO Rick Matros explained their criteria involves a deep dive into an operator's methods, market choices, and quality outcomes, with a key focus on finding partners that want to actively grow. CIO Talya Nevo-Hacohen stated that the buyer pool has changed very little, still consisting mainly of REITs and private capital, with consistent players like Harrison Street remaining active.

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    Seth Bergey's questions to Sabra Health Care REIT (SBRA) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked about Sabra's selection criteria for new operators and how the buyer pool for senior housing assets has evolved with the improving sector outlook.

    Answer

    CEO Rick Matros explained their criteria involves a deep dive into an operator's processes, market selection, and quality outcomes, with a preference for operators that want to actively grow. CIO Talya Nevo-Hacohen stated that the buyer pool has changed very little, consisting mainly of REITs and private capital, with consistent players like Harrison Street remaining active.

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    Seth Bergey's questions to Sabra Health Care REIT (SBRA) leadership • Q1 2025

    Question

    Seth Bergey of Citigroup asked if there have been any changes to Sabra's underwriting criteria or return expectations for its pipeline given the improving SHOP outlook and potential for more competition. He also asked for an update on the operator watch list.

    Answer

    EVP Talya Nevo-Hacohen stated that underwriting has not changed, remaining focused on cost of capital and accretive deals. She noted the buyer pool has actually shrunk and Sabra is being selective, prioritizing strategic relationships and future opportunities. EVP Lukas Hartwich gave a concise response that there were no changes to the operator watch list.

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    Seth Bergey's questions to VORNADO REALTY TRUST (VNO) leadership

    Seth Bergey's questions to VORNADO REALTY TRUST (VNO) leadership • Q2 2025

    Question

    Seth Bergey from Citi asked if Vornado could potentially exceed its 80% occupancy target for PENN2 by year-end, given the strong leasing momentum and pipeline.

    Answer

    Chairman and CEO Steven Roth stated he doubted they would exceed the target. Glen Weiss, EVP of Office Leasing, elaborated that the company is being patient and 'choosy' to secure the right tenant mix and credit profile for PENN2, prioritizing long-term value and pricing power over short-term leasing velocity.

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    Seth Bergey's questions to Easterly Government Properties (DEA) leadership

    Seth Bergey's questions to Easterly Government Properties (DEA) leadership • Q2 2025

    Question

    Seth Bergey of Citi inquired about the return expectations for the crime lab development project and the size of the current acquisition pipeline. He also asked about the company's optimal capital structure.

    Answer

    EVP & CFO Allison Marino stated that the crime lab development is being developed at a cap rate in the 10s, targeting a 150 basis point spread over their cost of capital. Marino added that the deal pipeline is between $1 billion and $1.5 billion and the company aims for a 50/50 debt-to-equity capital structure, with a current cost of capital in the eights, allowing for accretive deals in the nines.

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    Seth Bergey's questions to Easterly Government Properties (DEA) leadership • Q2 2025

    Question

    Seth Bergey from Citi inquired about the expected returns for the new crime lab development project and questioned the current size of the acquisition pipeline and the company's view on its optimal capital structure.

    Answer

    EVP & CFO Allison Marino stated that the crime lab development is targeted in the 10% cap rate range, consistent with their goal of a 150 basis point spread over their cost of capital. Marino also noted the current acquisition pipeline is approximately $1-1.5 billion and that Easterly's cost of capital is in the 8% range, allowing for accretive acquisitions in the 9% range, while managing leverage on a 50/50 debt-to-equity basis.

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    Seth Bergey's questions to Easterly Government Properties (DEA) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup inquired about the expected returns for the new crime lab development project, the size of the current acquisition pipeline, and the company's optimal capital structure.

    Answer

    EVP & CFO Allison Marino explained that the crime lab development is consistent with other growth targets, aiming for a cap rate in the 10s, which represents a 150 basis point spread to their cost of capital. She noted the acquisitions pipeline is around $1-1.5 billion and that the company targets a 50/50 debt-to-equity capital structure. With a current cost of capital in the eights, this allows for accretive acquisitions in the nines.

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    Seth Bergey's questions to Easterly Government Properties (DEA) leadership • Q2 2025

    Question

    Seth Bergey of Citi inquired about the expected returns for the crime lab development project, the size of the current acquisition pipeline, and the company's optimal capital structure.

    Answer

    EVP & CFO Allison Marino stated that the development project is consistent with their targets, aiming for a cap rate in the 10s, which represents a 150 basis point spread to their cost of capital. She added that the deal pipeline is around $1-1.5 billion and the company targets a 50/50 debt-to-equity capital structure, allowing for accretive acquisitions in the nines against a cost of capital in the eights.

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    Seth Bergey's questions to Easterly Government Properties (DEA) leadership • Q2 2025

    Question

    Seth Bergey of Citi inquired about the expected returns for the crime lab development project and asked for details on the size of the acquisition pipeline and the company's optimal capital structure.

    Answer

    EVP & CFO Allison Marino stated that the crime lab development is consistent with other growth targets, aiming for a cap rate in the 10s, which represents a 150 basis point spread to their cost of capital. Marino added that the deal pipeline is around $1-1.5 billion and the company targets a 50/50 debt-to-equity capital structure. With a current cost of capital in the eights, this allows for accretive acquisitions in the nines.

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    Seth Bergey's questions to Cushman & Wakefield (CWK) leadership

    Seth Bergey's questions to Cushman & Wakefield (CWK) leadership • Q2 2025

    Question

    Seth Bergey from Citi inquired about the mindset of clients regarding their leasing and transaction decisions, particularly how they are factoring in macro uncertainties like tariffs and potential Fed rate cuts.

    Answer

    CEO Michelle MacKay explained that business leaders are continuing to make long-term strategic decisions despite the macro noise. She emphasized that strong pipelines for the second half of the year indicate that clients are making decisions 'through the noise' and that tariffs, while disruptive, have not yet caused a material disruption in activity.

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    Seth Bergey's questions to OMEGA HEALTHCARE INVESTORS (OHI) leadership

    Seth Bergey's questions to OMEGA HEALTHCARE INVESTORS (OHI) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup Inc. requested details on the Maplewood lease structure and the potential for rent upside. He also asked about the competitive landscape for investment opportunities and whether underwriting standards have changed following recent legislation.

    Answer

    CIO Vikas Gupta and CEO C. Taylor Pickett explained that the Maplewood lease is structured so that all cash flow from the entity is paid to Omega, similar to a RIDEA structure. Vikas Gupta added that the competitive landscape (REITs, private equity) is unchanged, and Omega's underwriting standards have remained consistent and were not impacted by recent legislative news.

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    Seth Bergey's questions to Healthcare Realty Trust (HR) leadership

    Seth Bergey's questions to Healthcare Realty Trust (HR) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup asked for the drivers behind the company's confidence in achieving a 92-93% occupancy target, given historical performance. He also inquired about the nature of expansion opportunities with top tenants like HCA and Ascension.

    Answer

    President & CEO Peter Scott cited an improved macro environment, the disposal of under-occupied assets, and a revamped asset management platform with available free cash flow for reinvestment as key drivers for higher occupancy. Regarding tenant expansion, Scott and EVP & COO Rob Hull emphasized focusing on growing relationships at the local level to have health systems expand within the existing portfolio, particularly in the redeveloped lease-up assets.

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    Seth Bergey's questions to Ventas (VTR) leadership

    Seth Bergey's questions to Ventas (VTR) leadership • Q2 2025

    Question

    Seth Bergey asked to differentiate the contribution to SHOP margin expansion between pure occupancy gains and execution from the Ventas OI platform. He also asked about the potential for Q3 occupancy growth to exceed the prior year's level and the key factors to reach the high end of the SHOP NOI growth guidance.

    Answer

    J. Justin Hutchens, EVP - CIO of Senior Housing, explained that occupancy and platform execution are intertwined but expects RevPOR to become a larger growth driver as occupancy increases. He noted a strong start to Q3 and stated that reaching the high end of the 12-16% NOI growth range would depend on exceptionally strong revenue growth (from both occupancy and rate) and continued favorable labor cost trends.

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    Seth Bergey's questions to HIGHWOODS PROPERTIES (HIW) leadership

    Seth Bergey's questions to HIGHWOODS PROPERTIES (HIW) leadership • Q2 2025

    Question

    Seth Bergey of Citi asked for an update on expectations for leasing concessions and tenant improvement (TI) allowances following the leasing activity in the quarter.

    Answer

    CEO Ted Klinck responded that leasing CapEx is leveling off after having peaked. He noted that while concessions vary by submarket, they have generally peaked, and with market rents rising, the outlook for net effective rents is positive.

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    Seth Bergey's questions to KILROY REALTY (KRC) leadership

    Seth Bergey's questions to KILROY REALTY (KRC) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup asked for color on the leasing pipeline, specifically the size of tenants in the market, and inquired if Kilroy is seeing any demand impact in Los Angeles from recent tax incentives.

    Answer

    EVP & Chief Leasing Officer A. Robert Paratte described demand as broad-based, with deal sizes varying by submarket. CEO Angela Aman added that many small AI leases represent rapidly growing companies. On LA tax incentives, Aman stated it's too early to see a direct impact on near-term office demand.

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    Seth Bergey's questions to COPT DEFENSE PROPERTIES (CDP) leadership

    Seth Bergey's questions to COPT DEFENSE PROPERTIES (CDP) leadership • Q2 2025

    Question

    Seth Bergey from Citigroup asked for clarification on how the 'One Big Beautiful Bill Act' would translate into leasing and investment opportunities, seeking historical context. He also inquired about the potential pricing for the planned $400 million bond issuance.

    Answer

    President & CEO Stephen Budorick highlighted that the bill would directly benefit programs like 'Golden Dome' at Redstone Gateway and increase the intelligence budget, driving demand. EVP & CFO Anthony Mifsud provided current market estimates for a bond issuance, quoting spreads of approximately 140 basis points over the 10-year Treasury and 115-120 basis points over the 5-year.

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    Seth Bergey's questions to CBRE GROUP (CBRE) leadership

    Seth Bergey's questions to CBRE GROUP (CBRE) leadership • Q2 2025

    Question

    Seth Bergey from Citigroup Inc. inquired about client behavior in capital markets regarding interest rates and tariffs, and asked if the raised outlook would lead to changes in hiring plans.

    Answer

    President, CEO, and Chairman Robert Sulentic responded that clients are not waiting for rate cuts and are 'powering through' the current environment. He also stated there are no major changes to hiring plans, though he noted that technology is creating efficiencies that may moderate future headcount growth relative to revenue growth.

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    Seth Bergey's questions to Empire State Realty Trust (ESRT) leadership

    Seth Bergey's questions to Empire State Realty Trust (ESRT) leadership • Q2 2025

    Question

    Seth Bergey of Citigroup asked for the expected returns on the recent Brooklyn retail acquisition and requested an update on the marketing process for ESRT's suburban office asset, including any changes in the buyer pool or financing market.

    Answer

    President Christina Chiu stated that the Williamsburg acquisition is a strategic redevelopment opportunity expected to yield a sub-7% return within a few years, with strong leasing interest already materializing. Regarding the suburban asset, she confirmed it remains on the market and noted that while financing is available for quality assets, institutional capital is becoming more 'actionable' in New York City, which bodes well for market activity.

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    Seth Bergey's questions to Empire State Realty Trust (ESRT) leadership • Q1 2025

    Question

    Seth Bergey asked how management thinks about the potential impact of a proposed New York payroll tax increase, intended to fund the MTA, on demand for New York City office space.

    Answer

    Chairman and CEO Anthony Malkin responded by highlighting New York City's fundamental strengths, including its significant population growth, its status as the top destination for college graduates and TAMI companies, and its position as the best-performing CBD in the U.S. post-COVID. While not addressing the tax directly, he emphasized the city's persistent high demand and expressed hope that political leaders recognize the potential impacts of their policy decisions.

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    Seth Bergey's questions to BRANDYWINE REALTY TRUST (BDN) leadership

    Seth Bergey's questions to BRANDYWINE REALTY TRUST (BDN) leadership • Q2 2025

    Question

    Seth Bergey inquired about the appetite from capital providers for the recapitalization of Brandywine's development projects and asked about the long-term ownership strategy for the new hotel development.

    Answer

    President & CEO Gerard Sweeney stated that investor appetite for recapitalizations is strong, particularly from high-quality private investors. The goal is to harvest value, potentially sell some assets, or convert to pari passu JVs to return capital and reduce leverage. Regarding the hotel, Sweeney explained that while it was a challenging call, strong liquidity and an outstanding real estate opportunity justified the project. He added that Brandywine is open to bringing in partners, forming a joint venture, or executing an early sale upon stabilization to reduce capital exposure.

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    Seth Bergey's questions to SL GREEN REALTY (SLG) leadership

    Seth Bergey's questions to SL GREEN REALTY (SLG) leadership • Q2 2025

    Question

    Seth Bergey from Citi asked about the company's confidence in exceeding its 2 million square foot annual leasing goal and how a potential rent freeze would affect the underwriting for office-to-residential conversions.

    Answer

    EVP Steven Durels expressed high confidence in meeting and likely exceeding the leasing goal, citing the strong pipeline. Chairman & CEO Marc Holliday clarified that any proposed rent freeze would apply to rent-stabilized units, not SLG's assets, and would have a 'negligible to none' impact on their business or conversion plans.

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    Seth Bergey's questions to SL GREEN REALTY (SLG) leadership • Q1 2025

    Question

    Seth Bergey inquired about leasing activity for the remainder of One Madison and demand in Midtown South. He also asked for details on the Summit observation deck's visitor demographics.

    Answer

    Executive Steven Durels reported a 'marked change' in activity at One Madison, with more qualified large prospects touring recently than in all of last year. For the Summit, Marc Holliday received a real-time update that foreign visitors accounted for about 50% of attendance in 2024, and he emphasized the attraction's strong repeat business and sustained demand.

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