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    Vince Tibone

    Managing Director at Green Street

    Vince Tibone is a Managing Director at Green Street, specializing in U.S. mall and industrial real estate research, where he oversees coverage of approximately 20 public companies including major REITs. Renowned for his in-depth analysis and frequent market updates, Tibone has produced leading research on cap rates, NAVs, and the evolving dynamics of ecommerce and retail fundamentals, earning citations in top financial publications. He began his career as an Analyst on the Global Trade & Supply Chain Finance team at Bank of America Merrill Lynch, joining Green Street in 2015 and rising to lead the firm’s sector research. Tibone holds an MBA with Dean’s Honors from Columbia Business School, a B.S. Magna Cum Laude from USC, is a CFA charterholder, and is actively involved with ICSC and ULI.

    Vince Tibone's questions to MACERICH (MAC) leadership

    Vince Tibone's questions to MACERICH (MAC) leadership • Q2 2025

    Question

    Inquired about the decision to retain South Plains Mall, the performance of assets not in the go-forward portfolio, and whether those non-core assets are for sale.

    Answer

    The company explained that South Plains' inclusion is tentative and depends on negotiating a favorable loan extension. The non-go-forward assets are not receiving capital and are underperforming the core portfolio, with a focus on maintaining occupancy. These assets are considered to be on the market for sale or eventual disposition.

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    Vince Tibone's questions to MACERICH (MAC) leadership • Q1 2025

    Question

    Vince Tibone of Green Street sought clarification on the difference between the two renewal leasing spread statistics provided: the overall 7% spread versus the 1.3% spread on a same-space basis.

    Answer

    Brad Miller, SVP of Portfolio Management, clarified that the 1.3% same-space renewal spread is the more appropriate apples-to-apples comparison, as it includes temporary tenants. President and CEO Jackson Hsieh added that a large anchor renewal also weighed on the overall renewal metric during the first quarter.

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    Vince Tibone's questions to MACERICH (MAC) leadership • Q4 2024

    Question

    Vince Tibone asked for the debt yield on the $400 million of planned mall givebacks and the expected cap rates on the $500 million of other dispositions. He also requested an update on the densification plans for the newly acquired Los Cerritos property.

    Answer

    CFO Daniel Swanstrom indicated the debt yields on givebacks are in the 'high single digits' and the other dispositions (outparcels, land) should achieve sub-8% cap rates. President and CEO Jackson Hsieh described Los Cerritos as a major opportunity, stating the current focus is on maximizing residential entitlements with the likely plan to sell the entitled land to a developer.

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    Vince Tibone's questions to MACERICH (MAC) leadership • Q4 2024

    Question

    Vince Tibone asked for the weighted average debt yield on the $400 million of malls planned for lender giveback and the expected quality and cap rates for the $500 million of other planned dispositions. He also inquired about the densification plans for the now wholly-owned Los Cerritos property.

    Answer

    CFO Daniel Swanstrom stated the debt yields on the assets identified for giveback are in the high single digits, and the $500 million of other dispositions (outparcels, land) are expected to transact at sub-8% cap rates. President and CEO Jackson Hsieh explained that for Los Cerritos, the current focus is on maximizing residential density entitlements with the likely strategy being to sell the entitled land rather than developing it on-balance-sheet.

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    Vince Tibone's questions to Lineage (LINE) leadership

    Vince Tibone's questions to Lineage (LINE) leadership • Q2 2025

    Question

    Vince Tibone from Green Street Advisors, LLC inquired about the multi-year rollout plan for the LINOS technology, including the percentage of facilities targeted and whether it requires significant incremental capital.

    Answer

    CEO Greg Lehmkuhl and CFO Rob Crisci outlined a plan to convert 10 sites by year-end, followed by a dramatically accelerated rollout over the next 2-3 years to cover the majority of their conventional facilities. They confirmed that the primary technology investment has already been made and do not expect a 'CapEx bubble' associated with the implementation.

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    Vince Tibone's questions to TANGER (SKT) leadership

    Vince Tibone's questions to TANGER (SKT) leadership • Q2 2025

    Question

    Vince Tibone from Green Street Advisors, LLC asked to quantify the near-term outparcel opportunity and to discuss the re-tenanting economics and NOI upside from the former Forever 21 spaces.

    Answer

    CEO Stephen Yalof stated the outparcel business value is comparable to a top shopping center and offers high-teen to low-double-digit returns on capital that is only committed after leases are signed. EVP of Leasing Justin Stein named several brands in the pipeline, including Portillo's and Shake Shack. Regarding Forever 21, Yalof explained that they are strategically deciding whether to demise the large boxes to maximize rent and attract exciting new tenants, viewing the vacancies as a significant value-creation opportunity.

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    Vince Tibone's questions to TANGER (SKT) leadership • Q1 2025

    Question

    Vince Tibone inquired about foot traffic trends since early April amid heightened uncertainty and asked about the sensitivity of NOI to changes in tenant sales.

    Answer

    President and CEO Stephen Yalof reported that April foot traffic has been 'extraordinarily positive' and strong. CFO and CIO Michael Bilerman explained that NOI is not highly sensitive to sales fluctuations because overage rent is only about 3% of total revenue, as Tanger prioritizes converting it to fixed rent. He noted that rising fixed rents from higher portfolio productivity are a much more significant driver of NOI.

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    Vince Tibone's questions to TANGER (SKT) leadership • Q4 2024

    Question

    Speaking on behalf of Vince Tibone, an analyst asked for more detail on the building blocks of the 2025 same-store NOI guidance and whether same-store expense growth is expected to remain low or return to inflationary levels.

    Answer

    CFO & CIO Michael Bilerman stated that the 2-4% NOI guidance range incorporates a wide variety of operational assumptions, including leasing spreads and timing for the 20% of the portfolio rolling this year. Executive Leslie Swanson added that the company continues to find operational efficiencies to mitigate expense growth and is committed to maintaining this discipline.

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    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership

    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q2 2025

    Question

    Vince Tibone of Green Street Advisors, LLC inquired why Simon was not more active in acquiring JCPenney boxes from Copper Property Trust and asked about the company's current view on controlling anchor boxes.

    Answer

    Chairman, CEO & President David Simon described the situation as complex, clarifying that Simon Property Group has no direct relationship with Copper Property Trust. He stressed that "purchase price matters" and that this specific transaction is not an indication of a reduced appetite for acquiring anchor boxes, urging against drawing a direct link between the two.

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    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q2 2025

    Question

    Vince Tibone from Green Street Advisors, LLC inquired why Simon was not more active in acquiring JCPenney boxes from Copper Property Trust and asked about the company's current view on controlling anchor boxes.

    Answer

    Chairman, CEO & President David Simon clarified that the situation is complex, as Simon has a relationship with the operator (Catalyst) but not the property owner (Copper Property Trust). He stressed that "purchase price matters" and that the lack of a transaction should not be interpreted as a diminished appetite for acquiring anchor boxes at the right price.

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    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q1 2025

    Question

    Vince Tibone requested more detail on tenant sales trends, asking if specific categories had an outsized impact, and inquired about the outlook for department store closures.

    Answer

    CEO David Simon reported that overall tenant sales were 'relatively flat' after adjusting for weather and the Easter calendar shift. He noted no unusual trends among top retailers. Regarding department stores, he stated the tariff impact is specific to their private label business and he does not anticipate any major changes in closures beyond what has already been announced by Macy's.

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    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q4 2024

    Question

    Vince Tibone of Green Street requested details on the 4-5 mixed-use projects slated to begin in 2025, asking about the expected pro-rata spend, ownership structure, and the mix of property types.

    Answer

    Chairman and CEO David Simon estimated the pro-rata spend at $400 million to $500 million. He specified that the initial projects are all structured as 50-50 joint ventures and include a mix of residential, hotel, and office components at properties like Roosevelt Field, Brea, and The Domain.

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    Vince Tibone's questions to SIMON PROPERTY GROUP INC /DE/ (SPG) leadership • Q3 2024

    Question

    Vince Tibone requested details on the stabilization timeline for the development pipeline, specifically the expected incremental NOI contribution in 2025, and asked for a description of any new mall redevelopments initiated during the quarter.

    Answer

    David Simon, Chairman, CEO, and President, estimated that about 30% of the current development investment will be delivered in 2025, which can be used to forecast income based on the 8% blended yield. He also confirmed that two major projects were added to the pipeline in the quarter: a residential project at Briarwood and a redevelopment at Tacoma.

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    Vince Tibone's questions to LXP Industrial Trust (LXP) leadership

    Vince Tibone's questions to LXP Industrial Trust (LXP) leadership • Q2 2025

    Question

    Vince Tibone questioned whether LXP's cold storage or office JV assets are potential sale candidates, if the company would prioritize share buybacks over acquisitions given its stock valuation, and sought clarity on the $2 million of prospective leasing income included in guidance.

    Answer

    Chairman and CEO Wilson Eglin stated the JV portfolios should be considered static for modeling purposes. He emphasized that reducing leverage to 5x net debt-to-EBITDA is the top priority over share repurchases, though buybacks could be part of the mix. An executive clarified the $2 million in guidance relates specifically to leasing opportunities at three development projects.

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    Vince Tibone's questions to LXP Industrial Trust (LXP) leadership • Q4 2024

    Question

    Vince Tibone asked for details on the competitive landscape for LXP's 1 million square foot development projects and inquired about the company's near-term capital allocation plan, particularly regarding acquisitions, dispositions, and development.

    Answer

    Executive James Dudley provided a detailed breakdown of the competitive supply in the submarkets for its large vacancies in Indianapolis, Greenville, and Central Florida. Chairman and CEO T. Wilson Eglin outlined the capital allocation strategy, emphasizing a focus on build-to-suit opportunities on owned land and prioritizing leverage reduction to a target of 5x net debt to adjusted EBITDA to enhance valuation.

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    Vince Tibone's questions to EASTGROUP PROPERTIES (EGP) leadership

    Vince Tibone's questions to EASTGROUP PROPERTIES (EGP) leadership • Q2 2025

    Question

    Vince Tibone of Green Street Advisors, LLC inquired about the company's appetite for value-add acquisitions with leasing risk and how such risk is being priced in the market.

    Answer

    President and CEO Marshall Loeb clarified that the company has recently shied away from value-add opportunities with leasing risk. Given the current slower leasing environment for their own developments, taking on another party's leasing risk is not attractive. He estimated a vacant building might require a 75-100 basis point yield premium over a stabilized asset, but emphasized they are currently focused on acquiring new, leased buildings with below-market rents.

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    Vince Tibone's questions to EASTGROUP PROPERTIES (EGP) leadership • Q2 2025

    Question

    Vince Tibone from Green Street Advisors, LLC asked about the market for value-add acquisitions, inquiring if there are many opportunities and how leasing risk is being priced, specifically the yield premium for a vacant building versus a stabilized asset.

    Answer

    President and CEO Marshall Loeb stated that the company has shied away from value-add or leasing-risk acquisitions recently, given the slower leasing environment for its own development pipeline. He suggested that to take on the leasing risk of an existing vacant building, the company would likely need a yield premium of 75-100 basis points over a stabilized asset, but emphasized they have not seriously pursued such deals lately, preferring to buy new, leased assets with below-market rents.

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    Vince Tibone's questions to EASTGROUP PROPERTIES (EGP) leadership • Q1 2025

    Question

    Vince Tibone asked for the amount of speculative leasing from the development pipeline that is included in the current full-year FFO guidance.

    Answer

    Executive Brent Wood estimated that the FFO contribution from yet-to-be-signed development leases is in the '$0.05 to $0.06 range' for the full year. He emphasized that this income is heavily back-end weighted to the fourth quarter and that the figure is lower than in a typical year due to the company's more conservative development pace.

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    Vince Tibone's questions to EASTGROUP PROPERTIES (EGP) leadership • Q4 2024

    Question

    Vince Tibone of Green Street asked for a quantification of the incremental NOI from currently un-leased development projects that is included in the 2025 guidance, in order to gauge the level of speculative leasing assumed.

    Answer

    Executive Brent Wood provided specific figures, stating that the 2025 guidance includes approximately $15.8 million in total NOI from the development pipeline. Of this amount, about 53% is from leases that are already signed, while the remaining 47% is from speculative leasing that is expected to occur, with this activity heavily weighted towards the third and fourth quarters of the year.

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    Vince Tibone's questions to Prologis (PLD) leadership

    Vince Tibone's questions to Prologis (PLD) leadership • Q2 2025

    Question

    Vince Tibone from Green Street Advisors asked why cash same-store NOI growth guidance implies a deceleration in the second half of the year compared to the strong first half.

    Answer

    CFO Tim Arndt explained the deceleration is primarily due to tougher comps in the back half of the year. Specifically, there will be more of an occupancy drag compared to 2024, and some unfavorable comps from strong one-time income items in 2024 that will not repeat. CEO Hamid Moghadam added that many second-half deals are already locked in, reducing variability.

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    Vince Tibone's questions to Prologis (PLD) leadership • Q1 2025

    Question

    Vince Tibone requested an elaboration on the statement that a 'disconnected world requires more warehouse space,' asking for the reasoning behind this conclusion.

    Answer

    Hamid Moghadam, CEO, used the historical example of Brexit. He explained that the event forced companies to duplicate previously optimized cross-border supply chains for the UK and the continent separately. This duplication led to a net increase in inventory levels and, consequently, a greater need for warehouse space in both regions.

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    Vince Tibone's questions to Prologis (PLD) leadership • Q4 2024

    Question

    Vince Tibone of Green Street asked for more detail on 2024 market-level rent trends and how higher treasury rates impact views on IRRs, cap rates, and the required yield for new speculative development.

    Answer

    Managing Director Christopher Caton noted international markets outperformed the U.S. in 2024, with Southern California rents down 25% while the rest of the U.S. was down only modestly. President Dan Letter stated that despite interest rate volatility, transaction volumes are returning to pre-COVID levels and the company targets a 125-150 basis point spread over market cap rates for new development yields. CEO Hamid Moghadam added that the market is adjusting to a 4-5% treasury environment, which is historically normal, and that development margins remain healthy.

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    Vince Tibone's questions to Prologis (PLD) leadership • Q3 2024

    Question

    Vince Tibone asked for the specific net absorption and supply completion figures for Prologis's U.S. portfolio in the third quarter, as well as an update to the full-year outlook for those metrics.

    Answer

    Chris Caton, Managing Director, reported Q3 U.S. net absorption of 40 million square feet against 63 million square feet of completions. The full-year forecast is for 160 million square feet of absorption and 300 million square feet of deliveries, resulting in a market vacancy of 6.8%. He highlighted that with deliveries falling and starts low, the under-construction pipeline is at its lowest level since 2017.

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    Vince Tibone's questions to AMERICOLD REALTY TRUST (COLD) leadership

    Vince Tibone's questions to AMERICOLD REALTY TRUST (COLD) leadership • Q1 2025

    Question

    Vince Tibone of Green Street asked for details on fixed commitment contracts, including their typical length, remaining term, and price change structure. He also inquired about the risk of negative rent changes when these agreements roll over.

    Answer

    President of Americas Rob Chambers detailed that contract terms are typically 3-7 years for existing sites and 15-20 years for new builds, with pre-negotiated annual rate increases. He and CEO George Chappelle expressed confidence in defending pricing upon renewal, citing the value of their best-in-class service and broad value-add services as a competitive moat that justifies their pricing structure.

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    Vince Tibone's questions to AMERICOLD REALTY TRUST (COLD) leadership • Q3 2024

    Question

    Vince Tibone asked about inventory turns, noting the drop from 11x pre-COVID to around 9x currently. He questioned if a return to 11x is realistic once consumer health improves or if structural changes suggest lower turns are permanent.

    Answer

    CEO George Chappelle explained that the drop from 11 to 9 turns was primarily a structural result of the Agro acquisition, as that business has inherently slower-turning commodities. He clarified that the legacy Americold business is turning in line with historical activity. He and President of the Americas, Rob Chambers, noted that turns will increase from current suppressed levels as consumer demand returns and as new, high-churn partnership facilities (port and rail) come online.

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    Vince Tibone's questions to STAG Industrial (STAG) leadership

    Vince Tibone's questions to STAG Industrial (STAG) leadership • Q1 2025

    Question

    Vince Tibone questioned recent trends in the industrial transaction market, asking about retrading activity or sellers pulling deals, and also inquired how STAG is viewing its cost of capital and acquisition hurdles given recent stock price volatility.

    Answer

    CFO Matts Pinard and an executive noted that some sellers have pulled portfolios from the market due to price volatility, but retrading is minimal. CEO William Crooker added that acquisition guidance is unchanged and back-end weighted. Pinard emphasized their strong capital position, citing a recent $550M debt issuance at 5.65%, significant retained cash flow, and accretive capital recycling, such as selling an asset at a 4.9% cap rate to fund acquisitions near a 7% cap rate.

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    Vince Tibone's questions to STAG Industrial (STAG) leadership • Q4 2024

    Question

    Vince Tibone asked for an update on recent trends in the private transaction market, specifically whether there has been a slowdown in activity or a notable change in pricing since the 10-year Treasury yield increased.

    Answer

    CEO William Crooker acknowledged a recent pause in the private market. Investment Officer Michael Chase elaborated, stating that a slower end to 2024 carried into January, but activity saw an uptick in February and is expected to accelerate through the rest of the year.

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    Vince Tibone's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership

    Vince Tibone's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q1 2025

    Question

    Vince Tibone from Green Street Advisors asked for clarification on the Phoenix acquisition cap rate, confirming if the 6.4% was net of their JV profit. He also inquired if the two new development projects, which cater to smaller tenants, signal a strategic shift towards more light industrial development.

    Answer

    CIO Jojo Yap confirmed the 6.4% cash yield was based on their net purchase price of $120 million, which is net of their JV profit, and that the market-clearing cap rate was estimated at 5.25% in Q1 2025. CEO Peter Baccile clarified that the new developments are not a strategic shift to light industrial but are designed to meet the deepest demand in those specific submarkets, a strategy they apply across all markets.

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    Vince Tibone's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q1 2025

    Question

    Vince Tibone from Green Street asked for clarification on the Phoenix acquisition cap rate calculation and whether the new developments signal a strategic shift towards more light industrial projects.

    Answer

    Chief Investment Officer Jojo Yap clarified the 6.4% cash yield is net of the company's JV profit, comparing it to a market cap rate of around 5.25% in Q1. CEO Peter Baccile explained the new developments are not a strategic shift but are designed to meet specific submarket demand. He clarified the buildings are highly functional and divisible, not necessarily light industrial.

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    Vince Tibone's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q4 2024

    Question

    Vince Tibone from Green Street Advisors asked about any significant tenant move-outs planned for 2025, expectations for tenant retention, and the outlook for bad debt expense.

    Answer

    Executive Vice President of Operations Christopher Schneider confirmed a previously discussed 700,000 square foot move-out in Central PA but no other large ones, expecting retention to be similar to 2024's 77%. Chief Financial Officer Scott Musil reported that 2024 bad debt was minimal at 10 basis points of revenue and the 2025 assumption remains conservative at $1 million. He also noted a key tenant on the watch list is current on rent and secured by a 12-month letter of credit.

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    Vince Tibone's questions to FIRST INDUSTRIAL REALTY TRUST (FR) leadership • Q3 2024

    Question

    Vince Tibone asked for the company's view on California's new AB 98 legislation, specifically its impact on their existing land bank and the broader industrial supply in the state.

    Answer

    CEO Peter Baccile described the legislation as a long-term tailwind that will increase the value of existing assets. Chief Investment Officer Jojo Yap provided details, confirming that all of First Industrial's land is exempt from AB 98 as it was already in the entitlement process. He stated the law will constrain future development, which should increase the value of their existing sites and buildings and be positive for market fundamentals like rent growth.

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    Vince Tibone's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership

    Vince Tibone's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Vince Tibone from Green Street Advisors questioned why CBL isn't more aggressively repurchasing its discounted bonds, asked if the company is now self-funding its capital needs, and inquired about the rationale for not selling a larger stake in the Atlanta outlet center.

    Answer

    CEO Stephen Lebovitz acknowledged the bond arbitrage opportunity but stated that the top priority for capital is stabilizing property revenues through leasing and redevelopment. He confirmed that after suspending the dividends, the company is self-funding its capital program. Regarding the outlet center, he explained the decision was to maintain a 50% ownership stake in a strong, growing asset to benefit the portfolio long-term.

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    Vince Tibone's questions to CBL & ASSOCIATES PROPERTIES (CBL) leadership • Q4 2019

    Question

    Vince Tibone questioned why the company wasn't using its financial flexibility to buy back deeply discounted bonds, asked if the company was now self-funding its operations and redevelopment, and inquired about the rationale for not selling a larger stake in the Atlanta outlet center.

    Answer

    CEO Stephen Lebovitz acknowledged the bond arbitrage opportunity but explained that prioritizing capital for property stabilization and redevelopment is paramount. He confirmed that after suspending dividends, the company is self-funding. Regarding the outlet center, he stated the decision was to maintain a 50% stake in a strong, growing asset to benefit the long-term health of the portfolio.

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