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    Wes Golladay

    Senior Research Analyst at Robert W. Baird & Co.

    Wes Golladay is a Senior Research Analyst at Robert W. Baird & Co., specializing in Real Estate investment trusts (REITs) with a focus on Residential, Net Lease, and Shopping Center REITs. He covers a broad roster of companies such as American Healthcare REIT Inc, Realty Income Corp, and SmartStop Self Storage REIT Inc, and maintains a strong track record with a TipRanks success rate of approximately 56% and an average return of 5.2% per rating, including notable calls like a 141% return on Summit Hotel Properties. Golladay started his career at Symphony Asset Management, spent thirteen years at RBC Capital Markets as co-head of U.S. REIT research, and joined Baird in 2020. His credentials include a BS in Finance from UC Riverside, an MBA in Accounting & Finance from Indiana University, and he is FINRA registered with relevant securities licenses.

    Wes Golladay's questions to American Healthcare REIT (AHR) leadership

    Wes Golladay's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Wes Golladay from Baird asked about potential seasonality in Medicare Advantage contract renewals. He also sought clarification on whether the recent acquisition of unstabilized assets represented the last of the company's non-consolidated Trilogy assets.

    Answer

    COO Gabe Willhite explained there is no significant seasonality in contract renewals due to fragmentation, but noted that about 75% of contracts receive a fixed annual increase tied to the CMS rate update on October 1. President & CEO Danny Prosky clarified that while the recent JV buyout was completed, there are still approximately four other assets operated by Trilogy that AHR does not yet own but expects to acquire over time.

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    Wes Golladay's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Wes Golladay from Baird asked about potential seasonality in Medicare Advantage contract renewals and whether the recent acquisition of unstabilized assets was the last of the non-consolidated Trilogy properties.

    Answer

    COO Gabe Willhite responded that renewals are not seasonal due to market fragmentation, but noted that about 75% of contracts have an annual rate increase tied to the October 1 CMS update. President & CEO Danny Prosky clarified that while a major JV was consolidated, a few select assets operated by Trilogy remain off-balance sheet and are expected to be acquired over time.

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    Wes Golladay's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Wes Golladay from Baird asked about potential seasonality in Medicare Advantage contract renewals. He also inquired if the recent acquisition of unstabilized assets represented the last of the company's non-consolidated Trilogy properties.

    Answer

    COO Gabe Willhite stated there is no significant seasonality in contract renewals due to their fragmented nature, but noted that about 75% of contracts receive an annual rate increase tied to the CMS update on October 1. President and CEO Danny Prosky clarified that while a major joint venture was consolidated, a few select assets operated by Trilogy remain off-balance sheet and are targeted for future acquisition.

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    Wes Golladay's questions to American Healthcare REIT (AHR) leadership • Q2 2025

    Question

    Wes Golladay from Baird asked about potential seasonality in Medicare Advantage contract renewals and inquired if the recent acquisition of unstabilized assets represented the last of the non-consolidated properties related to Trilogy.

    Answer

    COO Gabe Willhite clarified that MA contract renewals are too fragmented to have seasonality, though he noted about 75% of contracts have a fixed annual increase tied to the October 1 CMS update. President & CEO Danny Prosky confirmed that while the recent transaction consolidated the last of the joint venture assets, AHR still expects to acquire a few more select properties that Trilogy currently manages or leases over time.

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    Wes Golladay's questions to REALTY INCOME (O) leadership

    Wes Golladay's questions to REALTY INCOME (O) leadership • Q2 2025

    Question

    Wes Golladay of Baird asked about the primary constraints for the company's third-party private capital vehicle, given that deal sourcing is not expected to be an issue.

    Answer

    CEO Sumit Roy confirmed that deal sourcing is not a constraint for the new vehicle. He identified the main limiting factor as the amount of third-party capital the company successfully raises to deploy into the strategy.

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    Wes Golladay's questions to AGREE REALTY (ADC) leadership

    Wes Golladay's questions to AGREE REALTY (ADC) leadership • Q2 2025

    Question

    Wes Golladay sought clarification on the development pipeline goals, asking if the figures included the funding platform and about ownership plans for new projects. He also inquired about the next iteration of the ARC data platform.

    Answer

    President and CEO Joey Agree confirmed the $100 million in upcoming starts are development projects the company intends to own. CFO Peter Coughenour detailed that the next version of ARC will feature a new backbone for more dynamic reporting. He also highlighted the company's use of AI for lease abstraction and underwriting, which is driving significant time and cost savings, with future plans to incorporate AI into decision-making processes.

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    Wes Golladay's questions to AGREE REALTY (ADC) leadership • Q4 2024

    Question

    Wes Golladay of Robert W. Baird & Co. asked about the evolution of the tenant 'sandbox' and the drivers behind the G&A expense trend.

    Answer

    CEO Joey Agree described the 'sandbox' evolution as slow and methodical, focused on portfolio balance. CFO Peter Coughenour and Agree explained that while cash G&A continues to scale efficiently, total G&A growth is driven by non-cash stock compensation due to a strategic change in vesting periods for talent retention.

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    Wes Golladay's questions to REGENCY CENTERS (REG) leadership

    Wes Golladay's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Asked for details on the tenants that commenced rent early, questioning if they were junior anchors and if there was a seasonal motivation for the early opening.

    Answer

    The early commencements were for a couple of anchor tenants. The acceleration was attributed to an efficient internal process and strong partnership with the retailers, not a specific seasonal push.

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    Wes Golladay's questions to REGENCY CENTERS (REG) leadership • Q2 2025

    Question

    Wes Golladay from Baird asked for more detail on the tenants that had earlier-than-expected rent commencements, specifically if they were junior anchors or targeting a specific season.

    Answer

    COO Alan Roth clarified that the accelerated commencements involved a couple of anchor tenants. He attributed the timing to an efficient operational process and strong partnership with the retailers to get their stores open sooner, rather than any specific seasonal driver.

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