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    Spenser Glimcher • Green Street Advisors, LLC

    Spenser Glimcher's questions to SmartStop Self Storage REIT Inc (SMA) leadership

    Spenser Glimcher's questions to SmartStop Self Storage REIT Inc (SMA) leadership • Q2 2025

    Question

    Spenser Glimcher of Green Street Advisors, LLC requested color on the Alberta market, including its supply landscape and economic sensitivity, and asked if the company was evaluating opportunities in Canada's Maritime provinces.

    Answer

    CFO James Barry explained that SmartStop has operated successfully in Edmonton for three years and that the supply dynamics are attractive, with the new acquisition allowing for greater operational scale. CEO H. Michael Schwartz added that their sophisticated platform can drive growth in various economic cycles. Regarding the Maritimes, Barry stated that the company's focus remains on Canada's top six CMAs, where population density supports their investment thesis.

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    Spenser Glimcher's questions to National Storage Affiliates Trust (NSA) leadership

    Spenser Glimcher's questions to National Storage Affiliates Trust (NSA) leadership • Q2 2025

    Question

    Spenser Glimcher of Green Street Advisors, LLC inquired about the number of properties slated for near-term sale and the pricing, specifically cap rates, achieved on recent dispositions.

    Answer

    President & CEO David Cramer indicated that a list of assets for disposition is under evaluation, with more details to be shared later. He reported that the 10 recently sold properties, which were in non-core markets, transacted at a sub-6% cap rate on a trailing basis, highlighting strong buyer demand.

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    Spenser Glimcher's questions to NNN REIT Inc (NNN) leadership

    Spenser Glimcher's questions to NNN REIT Inc (NNN) leadership • Q2 2025

    Question

    Spenser Glimcher of Green Street Advisors, LLC asked for an update on the re-tenanting and sale of available assets, particularly former Badcock and Frisch's locations, and inquired about cap rate trends for Q3.

    Answer

    President and CEO Stephen Horn provided a detailed update, noting that rent recovery for resolved assets is tracking above historical averages, with many former Badcock furniture stores resolved at over 100% of prior rent. He stated that Q3 cap rates are expected to remain stable, with potential movement of only five to ten basis points.

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    Spenser Glimcher's questions to CubeSmart (CUBE) leadership

    Spenser Glimcher's questions to CubeSmart (CUBE) leadership • Q2 2025

    Question

    Spenser Glimcher of Green Street Advisors asked for an update on the Texas JV's performance, the occupancy gap versus the same-store pool, and the drivers of high operating expenses in the Austin market.

    Answer

    CEO Christopher Marr reported that the Texas (Hines) JV is performing in line with expectations and integrating well. He did not have the specific occupancy gap data available. For Austin, he explained the market is facing supply pressure, and the significant operating expense increase was driven by property taxes, specifically a difficult comp against a large refund received in the prior year.

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    Spenser Glimcher's questions to EPR Properties (EPR) leadership

    Spenser Glimcher's questions to EPR Properties (EPR) leadership • Q2 2025

    Question

    Spenser Glimcher from Green Street Advisors, LLC asked for an update on the competitive landscape for deals, particularly whether competition changes with deal size, and inquired if EPR often receives inbound interest from sellers due to its brand recognition.

    Answer

    CEO Greg Silvers explained that the competitive set changes with deal size; smaller deals attract family offices, while larger deals see more involvement from credit funds. He confirmed that EPR's strong brand and reputation in the experiential space mean they see most deals and frequently receive inbound calls from sellers, which they welcome.

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    Spenser Glimcher's questions to WP Carey Inc (WPC) leadership

    Spenser Glimcher's questions to WP Carey Inc (WPC) leadership • Q2 2025

    Question

    Spenser Glimcher from Green Street Advisors asked a high-level question about whether the entry of large players like BlackRock and Starwood into the net lease space is a concern for future competition and pricing.

    Answer

    CEO Jason Fox acknowledged that while less competition is always preferable, the US net lease market has always been competitive. He viewed the entry of these firms as a positive signal for the sector's attractiveness and expressed confidence in W. P. Carey's ability to continue competing effectively, particularly given its long-standing relationships and execution capabilities.

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    Spenser Glimcher's questions to WP Carey Inc (WPC) leadership • Q2 2025

    Question

    Spenser Glimcher from Green Street Advisors, LLC asked if the recent entry of large players like BlackRock and Starwood into the net lease space is a concern for W. P. Carey in terms of future competition and pricing pressure.

    Answer

    CEO Jason Fox acknowledged that while less competition is always preferable, the U.S. net lease market has always been competitive. He viewed the entry of new private equity as a positive signal for the asset class. He also noted that these new entrants often rely on higher leverage, which can be less reliable, and expressed confidence in W. P. Carey's ability to compete effectively based on its long-standing relationships and execution capabilities.

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