Caitlin Burrows

Boyle framed it as a 10 to 15 year tailwind already visible today but did not provide the average customer age statistic she asked for.

Management cited rising economic barriers to entry including longer timelines, higher costs, and lower rents as structural supply limiters

Management confirmed no guidance change is purely timing-related, not offset-driven, expressing encouragement about Q1 start

Russell cited data-driven underwriting and national team capabilities. Boyle added lease-up is pacing ahead of expectations with strong risk-adjusted returns.

Russell described continuing supply declines through 2025, 2026, and even 2027, driven by entitlement complexity, high costs, and long stabilization periods.

Tom pointed to continued demand recovery off the 2024 base plus declining supply. Already seeing 2-4% growth on West Coast. Expects broader recovery but not overnight.

Joe described Shurgard as proving PSA tools work internationally, providing template for Australia/NZ and potentially other markets.

Tom reported very consistent price sensitivity through April, a stable cost to replace tenants, and an ECRI program performing well and in line with expectations.

Tom noted month-to-month leases allow quick recovery, countercyclical demand drivers buffer procyclical weakness, and move-in pricing already at 2013 levels entering any downturn.

Tom quantified industry supply declining from ~3% of existing stock in 2024 to ~2.5% in 2025, part of a multiyear decline.

Tom confirmed leverage at 3.9x vs 4-5x target, meaning capacity to add leverage. Retained cash flow rising from $400M to $600M provides additional liquidity.

Pitoniak said dialogue is unchanged and handed to Payne, who cited the Caesars NBA arena land as a live example of ongoing work.

Payne gave a qualitative bullish read on Las Vegas as an entertainment epicenter but did not break out trends by individual asset as asked.

CFO explained proactive hedging strategy: building forward swap portfolio to lock base rates ahead of September, December 2026 and February 2027 maturities.

CFO confirmed still potentially happening with an outside date that could be extended; in constant dialogue about Venetian's future capital plans. COO hinted at other tenant opportunities not ready to discuss.

CEO declined specifics on timing or structure but reframed any Caesars resolution as portfolio optimization, noting exposure is now in high 30s percent of rent roll, down from 100% at inception.

CEO explained borrower had working capital issue; VICI made tactical decision to ensure continued operations while borrower pursues recapitalization. CAO confirmed de minimis and no income from loan included in 2026 guidance.

COO clarified this is one transaction only today but expressed strong interest in future opportunities if they arise, emphasizing respect for how Red Rock operates.

COO explained relationship started in 2017 and they were in the loop from the start on this opportunity. CFO noted initial $75M draw with regular monthly cadence through September 2026 opening.

CFO explained treasury stock method for guidance share count and confirmed methodology is unchanged from prior years.

Management addressed the capital recycling concern directly, citing the depth of the Cain/Eldridge pipeline and Great Wolf partnership as ongoing rollover opportunities.

Joe detailed multiple data sources: management inquiries (decreasing), Yardi (2.8% to 2.3% starts), same-store trade area deliveries (from high 20s% in 2021-23 to projected 6% in 2026). Supply not going to zero but clearly improving. Jeff noted rolling 3-4 year lease-up means each low-delivery year compounds the benefit.

Joe said most deals trading in the 5s on initial yield. Last 2 sizable opportunities at sub-5% without sufficient growth. EXR won't grow for growth's sake, requires accretive strategic transactions. Willing to be patient.

Joe cited biggest difference: entering 2025 with negative new customer rates vs now having established positive rate trend for multiple months. On conservative guidance: they've had 2 years where leasing season disappointed, so remaining cautious until confirmed.

Joe explained process: start with Yardi data, apply only to EXR same-store markets, layer in ground-level intel from investments/management teams. Incremental step down in 2026 deliveries. Same Sunbelt markets: NJ, Las Vegas, Phoenix, Atlanta. Yardi historically overstates due to canceled projects.

Joe noted moving customers at 58% (seasonal Q3 uptick), down from 63% Q3 2021 peak. Lack-of-space customers staying ~15 months avg vs 7.5 for movers. No dynamic change.

Joe detailed: mix of stabilized (78% occupied) and lease-up stores. Leveraged yield ~4.5% year 1, mid-7s by year 3. Assuming $50M debt at 3.4%.

Jeff explained models favored maintaining high occupancy via rate concessions. Will continue evaluating rate vs occupancy balance into fall. Large portfolio enables real-time testing.

Joe confirmed Q1 deliveries tracking to expected 10% increase in micro markets. Expects new deliveries to decrease further as cost uncertainty slows development.

Joe explained buyback as capital allocation decision at attractive price. Program ended quickly when tariff pause caused stock to jump, only bought small amount at favorable price.

Eli framed TIs as a function of supply and demand and tenant credit, noting the pipeline is up 26% and that funds available for distribution are up over 9% year to date, with reinvestment into centers a strategic focus.

Eli confirmed no changes, walked through each capital allocation bucket: development pipeline, acquisitions, share buybacks and dividends. Generating $1.6B free cash flow after dividends.

Brian said 30% new leasing is good run rate with $55/sq ft new rents expected to continue. Pipeline up 15% YoY on broad-based basis across all categories. No change in demand; if anything, increasing.

Brian said widespread across all platforms with luxury, athleisure, and apparel outperforming. David noted K-shaped dynamic, higher-end doing better, Las Vegas underperforming.

David said Brickell bought below replacement cost at higher cap rate than strip centers. First rent rollovers haven't occurred yet. Working on a couple more deals for this year.

David said Catalyst had real improvement QoQ. F21 gone, synergies being achieved. Brooks Brothers doing great. Still expects positive EBITDA for Catalyst in 2025.

David said no multi-billion deal on drawing board. Current strategy is to do it all: redevelopment, buybacks, couple high-quality acquisitions, expansion of premium assets.

Self-described as an artistic answer; gave a 45%-50% long-run range with the CFO adding recent commencements ran 60%-65%.

Owen confirmed recapitalization target is 2026. Structure to be determined but likely multiple partners rather than one. Did not provide additional color on pricing or specific partners.

Mike explained cash rent starts April (hard start date) but GAAP recognition delayed to late June due to tenant improvement design changes. Revenue and interest capitalization changes occur simultaneously. Interest capitalized at 100% of cost despite 55% ownership due to consolidated JV accounting.

Mike noted dividend has exceeded taxable income with ~$0.41/share return of capital in 2024. Also carrying over full Q4 dividend of $0.98 into 2025. No decisions made on dividend yet; multiple funding options remain.

Doug attributed negative Midtown mark-to-market to a few small deals at lower floors of 767 coming off high rents. Current deal activity shows positive mark-to-market with double-digit annual asking rent increases in Midtown.

Rod acknowledged traditional tenants still rightsizing but pointed to growing demand from new technology and AI companies driving the Bay Area out of the down cycle, noting SF had positive Q4 net absorption.

Ross acknowledged the going-in cap is below the prior 8% lending yield but said 3.5% to 4%+ CAGR closes the gap; Conor noted the new structured investment book averages over 10%.

Cooper cited $10B in acquisitions over last 5 years. 2025 acquisitions all from existing investments with ROFO/ROFR. Q1 structured investments $70M+ committed with $38M funded. Couple hundred million in acquisition pipeline that checks all boxes.

Cooper does not expect any single large repayment like the 2025 $240M event. Some normal churn expected. January closings already lined up with pipeline building. Highly confident in net growth for structured book in 2026.

Jamieson described North Towne as legacy land from M&A with Sprouts as catalyst and Gordon Plaza as demolish-and-rebuild with Home Depot, ALDI, Chase. All leases pre-executed before construction. Flynn noted 0.3% of stock under construction.

Cohen framed the two-cent FFO range as a $20M total range. Cooper confirmed recycling strategy with dispositions matching new investments, plus additional capital sources if needed.

Jamieson explained lower CapEx reflects prior tenant improvements now funded, with bankruptcy-related reinvestment expected more in 2026.