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Analyst
Eric Borden
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q2 (5 quarters).
- Questions
- 9on tracked calls
- Challenge rate
- 11%1 of 9 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 9 of 9 questions from 2 companies
ORealty Income8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
on the same-store revenue growth of 1.2% in the quarter with strength from the industrial and gaming sectors
Show response
Pong said the other bucket now includes a hotel assumed from a prior merger, with some Q2 rent nonpayment; the quantum is not meaningful and a resolution is near.
Calendar 2026 Q1
Same-store rental revenue for theaters declined about 10% year-over-year. Just curious what drove the underperformance this quarter?
Show response
Roy cited Regal Chapter 11 adjustments, prior-year cash-to-accrual accounting shift, percentage rent restructurings, and emergence restructurings. Industry heading toward $9.5B in sales.
Where are you seeing the largest disconnects today between your underwriting and seller expectations?
Show response
Roy identified pricing disconnects and higher-risk-adjusted profiles in volatile rate environment as main reasons for passing on deals.
Calendar 2025 Q4
Could you just provide a little bit more detail on what percentage is slated for disposition versus the portion that you believe can be re-leased
Show response
Roy framed 173 vacant as ~1% natural vacancy rate (down from 220-230 a year ago), comfortable with 1.5-2% including repositioning and disposition pipeline.
How should we be thinking about the recapture rate on the 3% of ABR expiring in '26 relative to your long-term average?
Show response
Roy pointed to 103-105% historical recapture rates over 4-6 years with expectation to meet or exceed, but cautioned year-over-year comparisons vary by asset mix.
Calendar 2025 Q3
curious if you're seeing similar or increasing demand in Europe, where you may be able to achieve better pricing
Show response
Roy confirmed European data center focus alongside US, noting biggest developers operate in both markets and relationships span both geographies.
should we expect that to tail off in the subsequent years
Show response
Roy confirmed ongoing strategic recycling driven by economics, including demonstrating portfolio discount through individual dispositions at tighter cap rates.
Calendar 2025 Q2
I was hoping that you could talk a little bit more about the hedging strategy that you guys are currently pursuing today
Show response
Pong described disciplined hedging with balanced euro assets/liabilities, referencing a 2019 15-year cross-currency swap on favorable forward curve.
PLDPrologis1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
provide some more detail on the 160 basis-point decline in development yield starts quarter-over-quarter
Show response
Letter attributed the decline entirely to mix without quantifying; Caton pointed to development margin as the better context.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| O Realty Income | 8 | 13%1 of 8 questions |
| PLD Prologis | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand3
- Capital Allocation3
- Revenue Growth2
- Margin1
- Capex Investment1
- Credit1
- Pricing1
- Competitive Dynamics1
- Cloud & AI1
- Geographic Expansion1
Show all 11 topics
- Fx1