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    Tyler Batory • B. Riley Securities

    Tyler Batory's questions to RLJ Lodging Trust (RLJ) leadership

    Tyler Batory's questions to RLJ Lodging Trust (RLJ) leadership • Q2 2025

    Question

    Tyler Batory from Oppenheimer & Co. Inc. asked for more detail on leisure travel trends, specifically the differences between urban and resort leisure, and questioned the company's strategy for share repurchases compared to other capital uses.

    Answer

    CEO Leslie Hale highlighted that urban leisure outperformed with 7% revenue growth in Q2, driven by special events, but acknowledged overall leisure rate pressure from softer international travel. COO Tom Bardenett added that the company is successfully holding average rates. Regarding capital allocation, Hale confirmed that share repurchases remain attractive and the company will continue its programmatic approach, primarily using disposition proceeds to maintain leverage neutrality while also funding conversions.

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    Tyler Batory's questions to RLJ Lodging Trust (RLJ) leadership • Q1 2025

    Question

    Tyler Batory from Oppenheimer & Co. Inc. inquired about the specific drivers behind the fundamental outlook miss in March and April, and sought confidence-building indicators that trends would not deteriorate further. He also asked for quantification of the shortened booking window and any increase in cancellations.

    Answer

    President and CEO Leslie D. Hale attributed the revised guidance to softness in government and international demand and overall uncertainty. She noted the 0-to-7-day booking window has increased from 51% to 58% of bookings. EVP and CFO Sean Mahoney added that the guidance implies a flat RevPAR for the second half of the year, with Q2 expected to be the weakest quarter. Hale confirmed they are monitoring cancellations and attendance closely but have not seen a significant uptick outside of the government segment.

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    Tyler Batory's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership

    Tyler Batory's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership • Q2 2025

    Question

    Tyler Batory of Oppenheimer & Co. Inc. asked about the key drivers of the strong Effective Ticket Price (ETP) growth, the reasons for the company's outperformance amid a mixed consumer environment, and the strategic rationale behind the Costa Rica acquisition.

    Answer

    CFO Bo Heitz attributed strong ETP growth to a focus on guest experience and the expansion of premium offerings like the Sky Lagoon's turf house, which has high margin flow-through. CEO David Barry added that despite negative macro speculation, internal metrics always pointed to positive demand in their iconic locations. Regarding Costa Rica, he explained that Tabacon is a foundational, counter-seasonal asset in a new market that fits their criteria, with plans to build a larger collection there.

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    Tyler Batory's questions to RMR Group Inc (RMR) leadership

    Tyler Batory's questions to RMR Group Inc (RMR) leadership • Q3 2025

    Question

    Tyler Batory of Oppenheimer & Co. Inc. inquired about the private capital fundraising environment, asking if management was seeing any "green shoots" or optimism from potentially lower interest rates. He also requested a detailed explanation of the mechanics and rationale behind the newly launched RMR Residential Enhanced Growth Venture.

    Answer

    President and CEO Adam Portnoy acknowledged that while the fundraising environment remains challenging, it is improving, evidenced by an increase in meetings with potential capital providers. He explained the RMR Residential Enhanced Growth Venture strategy involves seeding a portfolio with nearly $100 million of RMR's equity in five assets to attract investors who prefer committed capital over blind pools. The goal is to raise an additional $300 million in equity, creating a vehicle with approximately $1 billion in buying power, a model also being applied to its credit and retail strategies.

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    Tyler Batory's questions to RMR Group Inc (RMR) leadership • Q2 2025

    Question

    Tyler Batory inquired about the strategic rationale for the new value-add retail acquisition, asking why RMR is using its balance sheet for these deals and about future plans for this business segment. He also questioned the cause of lower-than-expected construction fees from REIT CapEx, its expected run rate, and any seasonality. Finally, he asked about the dividend coverage, overall capital allocation strategy, and whether other uses of capital are being considered given the stock's current yield.

    Answer

    President and CEO Adam Portnoy explained that the value-add retail strategy leverages RMR's deep in-house expertise in a market with low vacancy and no new supply, aiming for high returns. He stated that using the balance sheet first is intended to build a track record before raising third-party capital. CFO Matt Jordan addressed the construction fees, noting that the first calendar quarter is seasonally low and that this lower run rate will likely persist for a few quarters due to capital constraints at client REITs. Regarding the dividend, Adam Portnoy affirmed their comfort with the current payout ratio, highlighting RMR's strong balance sheet with no debt and significant cash for high-return investments. Matt Jordan added that the dividend is well-covered with a 79% payout ratio, even at a seasonal low point for earnings, and is not a current concern.

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    Tyler Batory's questions to Beazer Homes USA Inc (BZH) leadership

    Tyler Batory's questions to Beazer Homes USA Inc (BZH) leadership • Q3 2025

    Question

    Tyler Batory of Oppenheimer & Co. Inc. asked about Beazer Homes' strategy for balancing sales pace and price, particularly concerning the disappointing results in Texas. He also inquired about cost trends for labor and materials for their differentiated energy-efficient homes and the percentage of spec homes in their orders and closings.

    Answer

    Chairman and CEO Allan Merrill acknowledged the sales pace in Texas was disappointing due to high market inventory but stated they are making adjustments and expect improvement. He noted that outside of Texas, results were largely in line with expectations. SVP and CFO David Goldberg added that the company is making progress on reducing direct construction costs, which should benefit fiscal 2026. He confirmed the spec home mix remains elevated in the high-60% range, which puts some pressure on gross margins.

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    Tyler Batory's questions to Beazer Homes USA Inc (BZH) leadership • Q2 2025

    Question

    Tyler Batory inquired about the sales pace seen in April, the drivers behind the second-half guidance, whether Q2 gross margin is a floor, and the multiyear outlook for land investment following the recent spending reduction.

    Answer

    CEO Allan Merrill noted that the Q3 order guide is supported by easier year-over-year comps and a larger community count. Executive David Goldberg stated they prioritized preserving land value over chasing volume by cutting prices, and he detailed factors supporting sequential margin improvement. Merrill added that future land spend depends on the relative value of land versus stock repurchases.

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    Tyler Batory's questions to Beazer Homes USA Inc (BZH) leadership • Q1 2025

    Question

    Tyler Batory of Oppenheimer & Co. Inc. inquired about current demand trends in January, incentive levels in Q1 versus the prior quarter, and the key drivers for the expected gross margin improvement in the second half of the fiscal year.

    Answer

    CEO Allan Merrill noted that January demand feels slightly better than December, though not a 'blowout.' He explained that while incentives on to-be-built homes decreased, incentives on spec homes spiked in November and December to remain competitive, impacting margins by 1-2 points. Merrill attributed the expected back-half margin ramp to closing delayed high-margin homes, a lower mix of spec sales, the phase-out of lower-margin 'prior series' homes, and realizing construction cost savings.

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    Tyler Batory's questions to Beazer Homes USA Inc (BZH) leadership • Q4 2024

    Question

    Tyler Batory requested more detail on the margin benefits of Zero Energy Ready homes, asked about the markets where incentives were adjusted, and sought clarity on whether EPS could grow in fiscal 2025 given the guidance and higher tax rate.

    Answer

    Chairman and CEO Allan Merrill detailed the value of Zero Energy Ready homes, highlighting significant cost savings for buyers and confidence in reducing build costs and improving sales effectiveness. He confirmed incentives were used to boost pace in lagging markets like Houston. Executive David Goldberg clarified that while a higher tax rate in fiscal 2025 will impact EPS comparability, the company expects to generate another year of double-digit return on capital employed and would be disappointed if it was lower than fiscal 2024's 11%.

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    Tyler Batory's questions to Xenia Hotels & Resorts Inc (XHR) leadership

    Tyler Batory's questions to Xenia Hotels & Resorts Inc (XHR) leadership • Q3 2024

    Question

    Tyler Batory asked how the company is thinking about potential acquisitions and capital recycling, given the increased liquidity from its expanded credit facility.

    Answer

    Chair and CEO Marcel Verbaas stated that the core strategy is unchanged: to upgrade the portfolio's growth profile by selectively disposing of assets and acquiring higher-growth properties. He noted that while few compelling opportunities have emerged recently, he expects that to change. Verbaas emphasized that future capital allocation will be a balance between acquisitions, internal ROI projects like the Scottsdale renovation, and potential share repurchases, all supported by an improving balance sheet.

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    Tyler Batory's questions to Apple Hospitality REIT Inc (APLE) leadership

    Tyler Batory's questions to Apple Hospitality REIT Inc (APLE) leadership • Q3 2024

    Question

    Tyler Batory from Oppenheimer & Co. Inc. requested more specific data on the remaining midweek occupancy growth potential versus pre-COVID levels and the impact of the leisure-to-business mix shift on ADR. He also asked for perspective on the Nashville market.

    Answer

    CFO Liz Perkins quantified the midweek occupancy opportunity, stating there is still 300 to 750 basis points of room to grow on peak days (Monday-Wednesday) compared to 2019. She acknowledged the mix shift has pressured ADR but expects the negative impact to decline. CEO Justin Knight remained positive on the Nashville development, attributing recent market softness to a weaker event calendar and new supply absorption, but highlighted the long-term favorable dynamics and strong performance of the Motto brand.

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