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    Spenser Glimcher

    Research Analyst at Green Street Advisors, LLC

    Spenser Glimcher is Managing Director and sector head of Self-Storage and Net Lease research at Green Street Advisors, where she also leads efforts in the Mall and Outlet sectors and helped launch Gaming sector coverage. She covers major public REITs such as those in self-storage, net lease, and mall spaces, having initiated coverage on 10 public companies over four years and gaining frequent recognition in outlets like The Wall Street Journal and CNBC. Glimcher began her career in REIT research at Citibank, focusing on Net Lease and Storage REITs before joining Green Street, and holds a B.S. in Finance, graduating summa cum laude from Fairfield University. She is Green Street’s most senior woman in equity REIT research and is known for her proprietary market analysis and client-valuable data coverage.

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

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

    Question

    Spenser Glimcher of Green Street Advisors, LLC asked for color on the Alberta market, including its supply landscape and economic sensitivity, and inquired about potential deal activity in Canada's Maritime provinces.

    Answer

    CFO James Barry highlighted the company's successful three-year operating history in Edmonton and the attractive supply story in Alberta, with Edmonton still under three square feet per capita. CEO H. Michael Schwartz noted their sophisticated platform provides a competitive advantage. Barry clarified that their strategic focus remains on Canada's top six CMAs, not the Maritimes, due to greater population density and growth opportunities.

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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 (NNN) leadership

    Spenser Glimcher's questions to NNN REIT (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 from Green Street Advisors, LLC requested an operational update on the Texas JV portfolio acquired earlier in the year and asked about market dynamics in Austin, specifically the cause of a significant rise in operating expenses.

    Answer

    President & CEO Christopher Marr reported that the Hines JV portfolio in Dallas is performing in line with expectations and fits well with their existing footprint. He explained that Austin is facing supply pressure, and the quarterly operating expense spike was driven by property tax timing, creating a difficult comparison against a refund received in the prior year.

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

    Question

    Spenser Glimcher requested an operational update on the Texas joint venture portfolio acquired earlier in the year and asked for color on the Austin market, specifically the cause of high operating expense growth in the quarter.

    Answer

    CEO Christopher Marr reported that the Dallas JV portfolio is performing 'very much according to what we thought' and that they are 'delighted with the transaction.' For Austin, he explained that the significant operating expense growth was driven by property taxes, which faced a difficult comparison against a large refund received in the prior year. He also noted Austin is currently facing new supply pressure.

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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 W. P. Carey (WPC) leadership

    Spenser Glimcher's questions to W. P. Carey (WPC) leadership • Q2 2025

    Question

    Spenser Glimcher of Green Street Advisors, LLC posed a high-level question regarding the recent entry of large real estate players like BlackRock and Starwood into the net lease sector, asking if this poses a competitive threat to pricing and deal flow.

    Answer

    CEO Jason Fox acknowledged that while less competition is preferable, the US net lease market has always been competitive. He viewed the entry of new private equity firms as a positive signal for the attractiveness of the asset class. He noted that these new entrants often rely on higher leverage, which can be less reliable, and expressed confidence in WPC's continued ability to compete effectively in the market.

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    Spenser Glimcher's questions to W. P. Carey (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 W. P. Carey (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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