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    Thomas Catherwood

    Managing Director and REIT Analyst at BTIG

    Thomas Catherwood is a Managing Director and REIT Analyst at BTIG, specializing in equity research for office, industrial, specialty, and Commercial Mortgage REITs. He covers a range of public real estate companies and is noted for his detailed sector analysis, though on platforms like StockAnalysis his tracked success rate is 33.33% with an average return of -4.8%. Catherwood joined BTIG in 2016 after serving as Vice President and REIT Analyst at Cowen & Company, having previously held various strategic and managerial roles at the Federal Reserve Bank of New York and starting his career at Grunley Construction. He holds an MBA from NYU Stern and a BS in civil engineering from Virginia Tech, supplementing his professional expertise with advanced academic credentials.

    Thomas Catherwood's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership

    Thomas Catherwood's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Thomas Catherwood inquired about the specific real estate investment case for IQHQ, asking about its business plan, how it's overcoming challenges, and the timing of the investment. He also asked how potential conflicts of interest were identified and managed during the transaction's review process.

    Answer

    Executive Chairman Alan Gold clarified that the investment is in IQHQ as an operating company, not directly in its real estate, positioning IIP to benefit from a recovery in the life science sector. Chief Investment Officer Ben Regin added that the investment is senior to approximately $4 billion in equity. Gold also explained that the capital enables IQHQ to complete development and lease-up, and that a special committee of disinterested board members reviewed and unanimously approved the transaction to ensure proper governance.

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    Thomas Catherwood's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG inquired about the specific real estate investment case for IQHQ, asking what the new capital helps the company achieve and how Innovative Industrial Properties managed potential conflicts of interest during the transaction's review.

    Answer

    Executive Chairman Alan Gold clarified that the investment is in a life science operating company at an inflection point, not directly in real estate. Chief Investment Officer Ben Regin added that IIP's investment is senior to $4 billion in equity. Gold explained the capital enables IQHQ to complete developments and lease-up its portfolio. He also noted that a special committee of disinterested board members reviewed and unanimously approved the transaction, citing its accretive nature and diversification benefits.

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    Thomas Catherwood's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG asked about the specific investment case for IQHQ, its business plan for overcoming sector challenges, and the process used to review and mitigate potential conflicts of interest.

    Answer

    Executive Chairman Alan Gold clarified the investment is in an operating company's debt and preferred equity, not direct real estate, positioning IIPR senior in the capital stack. He stated the capital helps IQHQ complete developments and capitalize on life science and AI demand. Gold also explained that a special committee of disinterested board members reviewed and approved the transaction. Chief Investment Officer Ben Regin added that the investment sits ahead of approximately $4 billion in common equity.

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    Thomas Catherwood's questions to Hudson Pacific Properties (HPP) leadership

    Thomas Catherwood's questions to Hudson Pacific Properties (HPP) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG questioned if the new capital would allow for more aggressive leasing, how rising institutional investor interest is affecting West Coast office valuations and asset sales, and sought clarity on the occupancy metrics for the Sunset Las Palmas studio.

    Answer

    Chairman & CEO Victor Coleman stated that capital has never been a constraint on pursuing good leasing deals. He noted that while investor interest is rising, it's too early for a material shift in cap rates. President Mark Lammas clarified that the sub-50% lease figure for Sunset Las Palmas was a trailing 12-month metric and that current occupancy is approximately 80%.

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    Thomas Catherwood's questions to Ares Commercial Real Estate (ACRE) leadership

    Thomas Catherwood's questions to Ares Commercial Real Estate (ACRE) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG, LLC inquired about ACRE's strategy for using leverage to increase loan originations, the current state of the origination pipeline, and the potential for extending the risk-rated five Chicago office loan.

    Answer

    CEO & Director Bryan Donohoe confirmed the company has the capacity and intent to use more leverage for growth, citing the accordion feature in their Morgan Stanley facility. He described the origination pipeline as robust but noted deal velocity can fluctuate. Regarding the Chicago loan, he indicated that a return to accrual status is unlikely due to broader office sector challenges.

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    Thomas Catherwood's questions to Paramount Group (PGRE) leadership

    Thomas Catherwood's questions to Paramount Group (PGRE) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG questioned if San Francisco office leasing demand, excluding AI, is primarily driven by tenants exploring refreshed space. He also asked where in the New York portfolio Paramount is pushing rents and whether they have started testing lower concession offerings in their highly-leased assets.

    Answer

    Chairman, CEO & President Albert Behler noted a broad-based pickup in San Francisco demand across legal, finance, and tech, crediting the new city administration. Peter Brindley, Executive VP & Head of Real Estate, confirmed diverse industry activity and a significant increase in tours. For New York, Brindley stated they are exercising pricing power on scarce, high-quality upper-floor spaces. While concessions have been flat, he expects them to decrease as they leverage high occupancy to improve deal economics.

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    Thomas Catherwood's questions to Paramount Group (PGRE) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG asked for specifics on the Kirkland and Benesch leases in Manhattan, whether the shrinking supply of quality space is giving Paramount pricing power, and for a response to a peer's view that the Q1 San Francisco leasing pickup was a one-off event.

    Answer

    Peter Brindley, EVP, Head of Real Estate, detailed that both the Kirkland and Benesch leases addressed significant vacant space while also derisking future expirations. He confirmed that a 'fear of loss' among tenants is creating earlier engagement and giving Paramount pricing power, especially on scarce upper floors in Midtown. He disagreed that San Francisco's Q1 was a one-off, stating that a healthy pipeline of roughly 7 million square feet of varying tenant sizes remains.

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    Thomas Catherwood's questions to COPT DEFENSE PROPERTIES (CDP) leadership

    Thomas Catherwood's questions to COPT DEFENSE PROPERTIES (CDP) leadership • Q2 2025

    Question

    Thomas Catherwood of BTIG, LLC asked how the company addresses potential space availability challenges amid rising occupancy and retention. He also questioned whether high retention was driven by improved tenant outlooks or a lack of market alternatives.

    Answer

    President & CEO Stephen Budorick explained that high occupancy triggers new speculative development to meet demand. He attributed strong retention to prime locations and tenant co-investment in secure facilities (SCIFs). EVP & COO Britt Snider added that CDP's ability to fund tenant improvements gives it an edge over capital-constrained competitors.

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    Thomas Catherwood's questions to Rithm Property Trust (RPT) leadership

    Thomas Catherwood's questions to Rithm Property Trust (RPT) leadership • Q2 2025

    Question

    Questioned the reasons for the recent growth in the investment pipeline, inquired about using the CMBS portfolio as a funding source, and asked about the earnings impact of near-term capital deployment and the path to covering the dividend.

    Answer

    The pipeline growth was attributed to increased brand recognition and proactive sourcing. The CMBS book offers liquidity, and future growth will focus on larger deals with third-party capital to avoid dilution. The company is committed to maintaining the dividend while working to scale the business and grow earnings.

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    Thomas Catherwood's questions to Rithm Property Trust (RPT) leadership • Q2 2025

    Question

    Thomas Catherwood asked about the drivers behind the recent scaling of the investment pipeline, the potential use of the CMBS portfolio as a funding source, and the earnings impact of deploying $50 million relative to covering the dividend.

    Answer

    Michael Nierenberg, Chairman, President & CEO, attributed the pipeline growth to increased brand recognition for Rhythm Property Trust, direct outreach from sponsors, and strong banking relationships. He confirmed the CMBS portfolio could be sold to fund larger, more meaningful transactions. Nierenberg corrected that a $50 million deployment would add about $0.02 per share quarterly and reiterated the goal is to maintain the dividend and achieve scale, possibly with third-party capital partners.

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    Thomas Catherwood's questions to ALEXANDRIA REAL ESTATE EQUITIES (ARE) leadership

    Thomas Catherwood's questions to ALEXANDRIA REAL ESTATE EQUITIES (ARE) leadership • Q2 2025

    Question

    Thomas Catherwood asked for an update on several development projects that have not yet shown leasing progress and sought to clarify the classification of leasing activity between development projects and previously vacant space.

    Answer

    Peter Moglia, CEO & CIO, confirmed that the prospect pool for the development pipeline has grown, although tenant decision-making times remain elongated. Joel Marcus, Founder & Executive Chairman, added that leasing drivers are highly specific to each submarket and tenant. Both Mr. Moglia and Marc Binda, CFO & Treasurer, clarified that the leasing of 'previously vacant space' refers to space within the existing operating portfolio, not the development pipeline.

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    Thomas Catherwood's questions to Prologis (PLD) leadership

    Thomas Catherwood's questions to Prologis (PLD) leadership • Q2 2025

    Question

    Thomas Catherwood from BTIG sought to reconcile conflicting leading indicators, questioning the bifurcation between rising space utilization and proposals versus a drop in the IBI activity index.

    Answer

    Chris Caton, MD of Global Strategy & Analytics, explained that a full-picture view is necessary, as metrics can be retrospective or prospective. He noted that space utilization is up, reflecting supply chain growth and inventory build, while the IBI activity index reflects the softer economic climate and slower movement of goods. The building pipeline represents future decision-making in this landscape.

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    Thomas Catherwood's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership

    Thomas Catherwood's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG asked about the potential for loan book growth through the remainder of 2025, considering moderating repayments. He also questioned how the origination pipeline has shifted in terms of volume, sector, or geography since the recent tariff announcements.

    Answer

    CEO Katharine Keenan stated that repayments are continuing at a steady pace and the company aims to grow the portfolio towards its $20 billion target, while maintaining a primary focus on credit quality. EVP of Investments Austin Pena added that the origination strategy has not fundamentally shifted post-tariffs, as it remains concentrated on resilient sectors like multifamily and industrial, which is a strategy that feels even more appropriate in an uncertain environment.

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    Thomas Catherwood's questions to KKR Real Estate Finance Trust (KREF) leadership

    Thomas Catherwood's questions to KKR Real Estate Finance Trust (KREF) leadership • Q1 2025

    Question

    Thomas Catherwood of BTIG inquired about the strategy for originating loans in Europe, the leverage outlook, and whether future originations would be primarily funded by repayments. He also asked if recent tariffs had impacted repayment expectations.

    Answer

    CEO Matt Salem confirmed that KREF has been active in Europe and expects to close deals in Western Europe and the U.K. soon. President & COO Patrick Mattson addressed leverage, noting that post-quarter repayments brought the ratio to 3.7x, the midpoint of their target. He stated that originations will be managed within their leverage targets, funded by a strong pipeline of repayments. He added it was too early to determine the full impact of tariffs on repayment activity.

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