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Analyst
Juan Sanabria
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 88on tracked calls
- Challenge rate
- 5%4 of 88 questions
- Companies
- 10questioned at least once
- Reporting periods
- 7with 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 88 of 88 questions from 10 companies
PSAPublic Storage14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
what would you highlight as kind of the key things in the customer’s mind that is improving that length of stay
Show response
Boyle singled out listening to customers via a scaled survey program and faster issue resolution as the single biggest driver.
if we strip out LA, would you still expect positive same-store revenue in the fourth quarter?
Show response
Fisher said it would be close without LA, crediting Midwest and coastal markets at 2% to 4% growth, and said LA is additive but not the sole driver.
Calendar 2026 Q1
On churn and the interplay with ECRIs, the implied contribution of ECRIs seems to have come down
Show response
Management attributed ECRI contribution decline primarily to LA state of emergency restrictions and confirmed healthy price elasticity
lessons from prior periods when oil or energy prices spiked and any impact on storage and churn?
Show response
Management noted oil/gas price spikes historically had minimal impact on needs-based storage demand and current vacate trends remain encouraging
Calendar 2025 Q4
you already kind of put out a revised supply stack for this year -- for the end of last year and this year, they came to the conclusion that supply actually reaccelerated
Show response
Russell pushed back firmly, saying they don't see reacceleration, development continues to become more complicated with declining deliveries year-over-year.
Wondering if you could give us a general sense of where you expect to end the year, the fourth quarter run rate
Show response
Fisher declined quarterly guidance but described coastal+Midwest at ~2% revenue growth lifting further in Q4, Sunbelt down a couple percent but expected to improve as supply dissipates.
Calendar 2025 Q3
cap rate wise, how should we think about going in yields and targeted stabilized yields on the investments you're making
Show response
Boyle provided specific yield guidance: going-in ~5.25% on a blended basis, stabilizing into the 6% range after operating platform enhancements.
Just wanted to follow up on L.A. quickly. You talked about feeling a bit better about the drag
Show response
Boyle noted LA occupancy was up slightly due to less vacate activity and good customer activity, but didn't precisely quantify the portfolio-level offset.
Calendar 2025 Q2
Just curious on cap rates or yields going in for what's been done to date
Show response
Tom cited going-in yield ~5.25% on the $785M year-to-date acquisitions, stabilizing into the 6s under PSA's platform.
You called out tenant insurance. Just curious what's changed there?
Show response
Tom reported higher coverage levels and higher premiums driving tenant insurance outperformance, plus growth from new non-same-store properties.
Calendar 2025 Q1
how things may change, if housing comes back, I'm not sure when or if, but if housing comes back, is that -- would that be additive necessarily?
Show response
Tom said housing recovery would be net positive for demand even if some ran-out-of-space customers leave. Not anticipated in 2025.
how successful or not you feel like you've been to date if you kind of met expectations?
Show response
Tom reported third-party management business in line with expectations with good adoption over recent years. Strategic benefits include scale, brand growth, and acquisition relationship building.
Calendar 2024 Q4
hoping you could speak a little bit about the pricing dynamics, for new customers and any sort of impacts from the comp period
Show response
Joe described three levers, promotions, advertising, move-in rents, noting marketing spend at 2.4% of revenue and promotions at 1.7%, both near historical averages.
if you wouldn't mind talking about your views on any potential risks to changes in immigration policy, impacting labor costs
Show response
Tom outlined expense drivers: property taxes up, indirect costs up, offset by payroll efficiencies and solar utility savings with 10-15% unlevered IRRs.
VTRVentas14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
maybe you could talk a little bit about Canada and the RevPOR there? And if that should kind of educate us
Show response
Hutchens explained Quebec rent restrictions and the independent living mix, and said Canada is not the read-through for U.S. RevPOR.
hoping you could talk a little bit about what's in that bucket kind of why now?
Show response
Probst sized the raised disposition assumption and identified it as non-SHOP, non-strategic assets plus loan repayments.
Calendar 2026 Q1
appetite to structure something with a preferred or mezz component where you could earn a return during buildout
Show response
Justin acknowledged structures exist but said development capital is not a focus area at scale. Priority remains accretive acquisitions with low- to mid-teens IRRs.
operators being able to charge entrance fees and maybe generate some revenue off waitlists given tight markets
Show response
Justin confirmed community fees are rising with demand. Waitlists forming in Canada (longest in Quebec) and starting in U.S., with deposits and charges beginning.
Calendar 2025 Q4
just curious if you can give us a sense of where you are in the process and the ultimate goal on how you expect and hope to price these units over time
Show response
Hutchens said Ventas OI has been evolving since 2022 with improving capabilities and field execution. High operator adoption. Putting more resources behind it in 2026.
can you remind us how those should trend as you get higher and higher in occupancy
Show response
Hutchens reiterated 50s incremental margin around low 90s occupancy, trending to 70% as occupancy approaches 100%. Operating leverage is one of the most powerful aspects of senior housing.
Calendar 2025 Q3
how is the IL growth and the outperformance you've seen there impacted RevPOR growth? And is there any impact in terms of the mix there
Show response
Hutchens said IL outperformance at lower RevPOR creates a mix drag on reported RevPOR. Called it a high-class problem, means growing occupancy faster in a still-profitable product.
I first wanted to address the comment in the opening remarks about occupancy is expected to increase sequentially
Show response
Hutchens said US IL occupancy grew 390bps, outperforming the US average of 340bps. Most US IL is former Holiday communities. IL has a long runway for further growth.
Calendar 2025 Q2
how we should think about the implications on capitalized interest and other moving pieces given a fair chunk of what was in process has now been completed
Show response
Probst said capitalized interest is de minimis, focus should be on commercial performance of completed developments.
could you provide the year-over-year change for the month of June, the average or period end, just to give us a sense of higher tracking versus the full year guidance
Show response
Probst declined monthly data, noted Q2 YoY was 240bps (vs Q1 290bps), seeing improvement into Q3, maintaining 270bps full-year guidance.
Calendar 2025 Q1
is there the expectation then or should we be thinking that there's maybe a temporary pause until deals that are reloaded
Show response
Hutchens said pipeline is much bigger than the $500M addition and activity can be lumpy due to deal timing, but no strategic pause expected.
Would you guys be able to or can you provide the March 31 year-over-year figure or the occupancy was on for the same store pool
Show response
Probst declined to give spot occupancy but said Q1 was 290bps YoY, full-year guide 270bps; implied balance-of-year below 290. Directed focus to trends not spot numbers.
Calendar 2024 Q4
maybe you could provide a little color on the $200 million that's for capital recycling via dispositions, the strategy there
Show response
Cafaro confirmed $150M of the $200M target is pending SNF dispositions, with proceeds to be recycled into senior housing investments.
Hoping you could talk a little bit about the R&I business and your views on risks around NIH funding changes as a result of policies by the new administration
Show response
Cafaro framed NIH risk as limited: research is 8% of NOI, changes halted, NIH is minority of institutions' budgets, and only small portion of that is affected.
EXRExtra Space Storage13 questions · 6 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
have you guys leaned on ECRI as either cadence or % increases in any noticeable or material way?
Show response
Margolis denied any policy change, closing off the suggestion that revenue acceleration was driven by harder existing-customer increases.
the growth in same-store revenues is getting smaller because of the comps, or that's not necessarily how we should be
Show response
Norman mapped each end of the range to a 2027 exit slope but declined to forecast beyond 2026.
are the comps tougher in the fourth quarter than the third quarter because of move-in rates last year?
Show response
Norman confirmed the comp gets harder and pinned it to revenue starting to accelerate in the fourth quarter last year.
Calendar 2026 Q1
if you could talk a little bit about the length of stay and how that's trending
Show response
Joe: ECRI program working as designed, no change in customer behavior. Tenants >12 months at 64% (+167bp YoY), >24 months at 46% (+190bp YoY). Systems better at targeting longer-staying tenants. Jeff added churn basically flat YoY, comping against near all-time lows.
Have you seen any impacts from new entrants, either REITs or some of the larger privates
Show response
Joe said no impact from new entrants. EXR is highest-priced option but produces best results and grows fastest (60 net this quarter vs competitors). Market choosing best platform even at premium pricing.
Calendar 2025 Q3
What's the strategy behind using it more aggressively in some of the rent restriction areas like L.A.?
Show response
Joe explained substituting discounts for ECRIs in emergency states to maximize within legal constraints. Usage evolving as they learn, explains October's narrower gross-net gap.
I think you said October was 93.4%. Just what's the year-over-year delta on that?
Show response
Jeff explained -40bp YoY is a comp issue: last October LSI brand unification drove aggressive pricing/occupancy gains. Sequential 93.7% Sept to 93.4% Oct is normal historical pattern.
Calendar 2025 Q2
Just curious if you can talk a little bit about the prefs in the loan book and what you're seeing there? And is there the expectation that you get any repayments?
Show response
Joe noted guide slightly increased for bridge loan balances (offsetting SmartStop preferred repayment). Great flexibility via A/B note structure. No other preferred holders notifying of imminent payback.
curious how you guys are thinking about dispositions, if there's any pruning being considered with regards to maybe Sun Belt exposure
Show response
Joe confirmed 22-store LSI portfolio put on market for sale, post-merger strategy of improving NOI for 2 years then qualifying for 1031 and reshaping portfolio. Market will determine price.
Calendar 2025 Q1
Have you guys done any of that or seen that more broadly in the industry as you've kind of gotten more up front or less pain up front
Show response
Joe explained ECRI magnitude is a function of the gap to street rate, if street rates aren't growing, less ECRI opportunity; if growing, larger ECRIs possible.
If rates are flat year-over-year on average or to the balance of the year, what would that mean in terms of where you'd be in within the guidance range
Show response
Scott declined to map rates to guidance range, noting they guide on revenue dollars not rates. Higher rates = more revenue, lower = less, but won't quantify the relationship.
Calendar 2024 Q4
you noted a 50 basis point benefit in the same-store assumptions this year from the inclusion of a life portfolio. I'm just curious if you can give some context
Show response
Scott explained LSI and EXR performance converging in Q4, reducing the typical pool-change benefit. Still expects some upside from large portion of properties moving in.
if I look at the move-in versus move-out spread, that hasn't necessarily compressed. So hoping you could flesh out why you think that's the case
Show response
Scott attributed it to normal seasonality (Q4 worse than Q3) and expected improvement in summer months as rates get better.
DOCHealthpeak Properties9 questions · 5 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
just curious if anything has changed with regards to the rate environment, free rent, build-out costs, et cetera?
Show response
Kelvin said the pipeline stays robust at ~2 million square feet, rates are in line with portfolio averages, and free rent runs 1 to 2 months per year of term.
Calendar 2025 Q4
how much one timers there were in the fourth quarter that are going away
Show response
Moses said Q1 FFO likely down 3 pennies from Q4 ($0.47 to ~$0.43). Lab occupancy at 77% will start flowing through to income more clearly. Quarterly FFO pattern: higher in Q1/Q4, lower in Q2/Q3.
how we should think about CapEx for that business and what kind of deferred CapEx there may be
Show response
Brinker said mostly Houston and Denver assets that have underperformed operationally. Normal transition spend (technology, signage) but no massive capex plan. 50%+ NOI upside over 2-3 years.
Calendar 2025 Q3
how much dilution you're willing to take and how you're going to try to manage that
Show response
Brinker pushed back, comparing to successful Physicians merger. $1B on $25B denominator is not significant. Goal is value creation at right price/submarket.
Is there a way to put any brackets around how big the further slippage could be before that starts to recover?
Show response
Moses said 75-85% retention typical. Occupancy will decline over next few quarters before inflection point. Leading indicators encouraging for recovery.
Calendar 2025 Q2
It looks like the occupancy on a same-store basis dipped sequentially. Was there anything to call out there
Show response
Brinker explained seasonal Medicare skilled nursing component causes sequential Q2 dip every year. Independent census was up both sequentially and year-over-year.
It looks like you lost a couple of pre-leases of directors, Science Park and Pointe Grand. Just looking for a little bit of color there
Show response
Directors Place pre-leasing dropped due to long-term tenant failing to raise capital. Pointe Grand tick-down was from delivering 2 fully leased assets out of redevelopment.
Calendar 2024 Q4
How should we think about occupancy through the year and kind of the mark to market of leases that are expiring versus, where they are relative to market
Show response
Pete Scott detailed lab same-store drivers: 5-10% mark-to-market, flattish same-store occupancy at 97-98%, and 3% escalators.
could you just give us a sense of like, what is the breakdown between some of the MLB loans where you announced one with the results as well as kind of the lab
Show response
Brinker described outpatient investments as development opportunities and lab as more distress-oriented. Loans are 3-4 year terms with purchase options.
FRTFederal Realty Investment Trust8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
Same store NOI implies a bit of a decel from the first half. Into the second half. So just curious on what is driving that
Show response
Questioned the implied second-half same-store NOI deceleration and occupancy trend. Management guided to low-2% GAAP and low-4% cash comparable, blended low-3%, driven by occupancy timing.
Calendar 2026 Q1
Just hoping you could talk a little bit about the same-store NOI trajectory and cadence we should expect in occupancy as part of that FFO build in the quarterly run rate you gave Dan
Show response
Same-store NOI trajectory and quarterly occupancy cadence
Calendar 2025 Q4
Just hoping you could talk a little bit about the anchor movement, kind of what's driving that? Is that proactive by you?
Show response
Anchor turnover drivers and Saks noncash charge quantification
Calendar 2025 Q3
just curious if you can give any color on how the two main buckets, retail versus resi, compare
Show response
CFO detailed pricing: residential sub-5%, retail in low 6s/high 5s, blending to mid-to-upper 5s. Positive spread vs acquisitions at high 6s/low 7s cash yields.
Calendar 2025 Q2
Just hoping you could talk a little bit about the environment in Washington, D.C., there's been some press articles around local restaurant closures
Show response
COO reported restaurants resilient in FRT's high-income markets. Traffic up in April/May, down in June, July solid. Always winners and losers in restaurant category but overall sustainable.
Calendar 2025 Q1
Just hoping you could talk a little bit more about the performance in DC.
Show response
CEO was emphatic that DC is not a one-industry town; banking, finance, real estate, legal sectors provide diversification. Winter softness was weather-driven, spring foot traffic rebounded strongly.
Calendar 2024 Q4
Just hoping you could talk a little bit about the tax credits the first time. At least I remember hearing about it. And I guess why include it in FFO?
Show response
Management explained tax credit monetization at Freedom Plaza and confirmed net reporting; directed to 10-K page F-31 for detail.
just on the guidance page, the $5 million of disposed properties from 2024 POI.
Show response
CFO explained disposition drag clearly but could not calculate acquisition offset in real time; offered to follow up offline.
KIMKimco Realty7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
Could you just comment a little bit about the implied FFO in the second half?
Show response
Glenn explained the $0.02 low-end raise (4% growth at the bottom), a roughly two-thirds-of-a-cent Q3 charge, and transaction timing weighing on second-half optics.
Calendar 2026 Q1
how you think about the importance of size and liquidity and being more relevant
Show response
Flynn cited 15% multiple discount to sector peers. Blackstone's second highest conviction behind data centers is open-air grocery-anchored. Referenced ROIC, Alexander & Baldwin, Whitestone privatizations. A-/A3 balance sheet with top-of-charts earnings growth and lowest G&A load.
Calendar 2025 Q4
Hoping you could talk a little bit about the realignment to a national leadership
Show response
Jamieson explained shift from regional presidents to functional national teams for leasing and asset management. Tom Simmons leading asset management nationally. Restructuring expected to drive additional savings. Teichman's innovation office coordinating digital transformation, automation, and AI deployment.
Calendar 2025 Q3
I'm not sure if there's any stats you can quote on what redevs have done to the small shop lease rates
Show response
Jamieson reported grocery additions drive small shop rent lifts in the teens to low 20s. Flynn cited more uses for small shops than ever before, driven by services. Supply at 0.3% of existing stock, lowest of any commercial real estate sector.
Calendar 2025 Q2
hoping you could talk a little bit about the resi and entitlements that you guys have available to either harness for longer-term value and/or to monetize
Show response
Jamieson described case-by-case evaluation: some entitlements monetized, others contributed as land equity to JVs. Capital-light approach with ground leases or parking lot contributions. Pipeline being evaluated for near-term activations.
Calendar 2025 Q1
I just noticed that the same-store pool count changed a bit quarter-over-quarter. It seems like some of that was moved into the redevelopments
Show response
Management explained same-property NOI definition change provides more consistent year-over-year comparison. Redevelopment exclusions flagged in supplemental with footnotes. Differential only 30 basis points.
Calendar 2024 Q4
If I just look at Party City and Joanne, that's about 1.1% of the ABR. So just hoping you could help us square that with the 75 to 100 basis points
Show response
Cohen explained timing of rent continuation through bankruptcy process provides cushion. Range accounts for both good and bad outcomes on Party City and Joanne's auctions.
Show 4 more companies
REGRegency Centers7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
if you guys have studied or thinking about expanding the breadth of opportunities to maybe include non anchored strips
Show response
Wibbenmeyer ruled out power centers, confirmed openness to small strip add-ons adjacent to existing centers, and reiterated the grocery anchored neighborhood format focus.
Calendar 2026 Q1
With the uncertainty on single-family build-for-rent with the Road to Housing Act, is that creating a temporary pause by some developers
Show response
Nick clarified Regency works with single-family for-sale master plan communities, not build-to-rent. No impact seen from the Road to Housing Act on their pipeline. Master plan developers remain eager to add retail amenities.
Calendar 2025 Q4
curious on what you may be able to articulate on those bumps that you are achieving leading to the higher GAAP numbers?
Show response
Alan: 96% of deals had steps; 85% of shops at 3%+, 30% at 4%+. Mike: 150 bps commenced occupancy increase drove 2025's outsized growth. SNO pipeline at 240 bps vs stabilized ~185 bps. Expects continued positive but more moderate commenced growth in 2026.
Calendar 2025 Q3
just curious if you could contextualize that historically?
Show response
Alan confirmed pipeline is consistent with recent quarters. Mike noted positive ULI from collecting on previously written-off tenant receivables.
Calendar 2025 Q2
You said that the turnover was less than expected. I guess is that -- what do you attribute that to?
Show response
Alan cited positive foot traffic, historic low ARs, and ~77% retention rate. Tenants described as time-tested operators who know how to navigate uncertainty.
Calendar 2025 Q1
how higher temps have changed? Are there more or less players looking to acquire in the space?
Show response
Nick noted cap rates steady at 5-6% for grocery-anchored assets. Slight pullback from public/international capital but strong private capital interest.
Calendar 2024 Q4
how much you'd expect to be able to to capture in 2025 and maybe if you could just comment what would be kind of the the same store versus the the redep potential
Show response
Mike guided to 75+ bps rent-paying occupancy improvement in 2025 and 100+ bps redevelopment contribution to same-property NOI. Lisa clarified capitalization growth leveling off.
WELLWelltower7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
how you expect or to trend particularly as we’ve seen maybe a decrease in the immigration available labor
Show response
Mitra said the TPS impact is minimal today and that labor cost is cyclically rolling over, while flagging long-term labor scarcity.
Calendar 2026 Q1
talk a little bit about market share and the opportunity that's still left to consolidate a fragmented industry
Show response
Mitra framed market as 10% penetration of eligible customers, with Welltower at 7% of that base. TAM estimated at 2-3x current size, not 15x, due to focus on highest-quality price point. Goal is not asset aggregation but value creation in targeted product market niche.
Calendar 2025 Q4
how we should think about that? Both the recurring and other CapEx in SHOP has been fairly significant
Show response
Burkart described life-cycle cost approach to CapEx with higher upfront spend lowering long-term run rate; Shankh noted Holiday CapEx winding down while HC-One CapEx ramping at $20-30K/bed on $95-96K basis.
Calendar 2025 Q3
curious on your thoughts on both single-family and manufactured housing and opportunities or lack thereof in that -- in those 2 good groups relative to the seniors and active adults
Show response
Shankh firmly declined to discuss adjacent asset classes, reaffirming circle-of-competence discipline and singular focus on senior housing.
Calendar 2025 Q2
Just curious on the runway for that type of product. Is the industry kind of approaches pre-COVID levels or 90% next year
Show response
Nikhil argued fragmented ownership and varying operational outcomes create limitless opportunities beyond just occupancy-driven deals.
Calendar 2025 Q1
Hoping you could talk a little bit about the skilled nursing investments you made in the quarter, it looks like it was about $1.2 billion
Show response
Explained the large skilled nursing deal was a broken transaction acquired at favorable pricing with strong operator, 1.0x coverage at mid-60s occupancy.
Calendar 2024 Q4
how you think long-term CapEx should trend once we get past this hump of kind of deferred or whatever type of spend
Show response
Burkart benchmarked long-term CapEx run rate to multifamily REITs, noting internal expertise has improved scope efficiency with 49% cost reduction examples.
INVHInvitation Homes5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
if you could talk about what you've seen so far in January across the new lease renewal and blended rates as well as occupancy
Show response
Tim confirmed higher demand and lead volume materializing as expected heading into spring. Renewal rates remain firm at 75% of book. Expects new lease and renewal spreads to narrow through mid-summer as new lease growth expands. Associate asked on behalf of Juan Sanabria.
Calendar 2025 Q3
a question on the loss to lease. Where do you see that presently? And then kind of a Part B turnover, it seems to finally be kind of inching up
Show response
Jon noted loss to lease varies significantly by home and market cohort. Expects turnover to normalize closer to 25% long-term average from recent 22%. High propensity to renew and affordability gap continue to drive sticky demand. Residents staying longer.
Calendar 2025 Q2
It seems like you're running ahead as a whole in particular on taxes and insurance, which you kind of flesh out more concretely in guidance
Show response
Jon noted slightly ahead of expectations but waiting on Florida and Georgia property tax assessments with 60-day clarity expected. Balance of risks and opportunities feels good.
Calendar 2025 Q1
Curious what you think may happen during the peak leasing season, the summer season with HVACs and should we anticipate any increase in costs as a result of presumably higher replacement costs
Show response
Charles noted HVAC and appliances as primary tariff exposure but highlighted dual sourcing, national procurement partnerships, and scale mitigation. Labor is bigger cost component than materials.
Calendar 2024 Q4
Just hoping you could talk a little bit about G&A and kind of what we should be modeling for 2025
Show response
John guided quarterly PME/G&A to ~$51-52M, down from Q4 levels as 3PM scale efficiencies are realized. CapEx per home flat due to new product focus and unit-by-unit asset management enabling recycling.
SPGSimon Property Group4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
Hoping you could talk a little bit about your retention strategy
Show response
Eli described retention as a space-by-space, tenant-by-tenant decision balancing long-term growth and intermediate cash flow, and noted the SNO pipeline is trending around 310 basis points, backfilled by the recaptured Saks OFF 5TH space.
Calendar 2025 Q4
the leasing pipeline was 15% year over year. So just curious if that number was benefiting from
Show response
David confirmed 15% is like-for-like. Anchor box reuse follows Sears and Forever 21 playbook: Lifetime, House of Sport, mixed-use, outdoor additions. Off Fifth replacement at double rents.
Calendar 2025 Q3
talk about ChatGPT agents or agentic agents that can do some of the shopping bypassing people
Show response
David said AI will impact e-commerce but malls survived 70 years. Sees positive: 3-day work weeks mean more leisure, GDP growth means more spending. Experimenting with AI internally.
Calendar 2024 Q4
about 5% is still month-to month. I think that's still kind of above where you were pre-COVID in 2019
Show response
Brian said SNO was 250bps at year-end, month-to-month expected to come down as renewals process. David noted renewals slightly ahead of prior year.
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 |
|---|---|---|
| PSA Public Storage | 14 | 7%1 of 14 questions |
| VTR Ventas | 14 | 0%none of 14 questions |
| EXR Extra Space Storage | 13 | 0%none of 13 questions |
| DOC Healthpeak Properties | 9 | 11%1 of 9 questions |
| FRT Federal Realty Investment Trust | 8 | 0%none of 8 questions |
| KIM Kimco Realty | 7 | 29%2 of 7 questions |
| REG Regency Centers | 7 | 0%none of 7 questions |
| WELL Welltower | 7 | 0%none of 7 questions |
| INVH Invitation Homes | 5 | 0%none of 5 questions |
| SPG Simon Property Group | 4 | 0%none of 4 questions |
- PSAPublic Storage · 14 questions7%1 of 14 questions
- VTRVentas · 14 questions0%none of 14 questions
- EXRExtra Space Storage · 13 questions0%none of 13 questions
- DOCHealthpeak Properties · 9 questions11%1 of 9 questions
- FRTFederal Realty Investment Trust · 8 questions0%none of 8 questions
- KIMKimco Realty · 7 questions29%2 of 7 questions
- REGRegency Centers · 7 questions0%none of 7 questions
- WELLWelltower · 7 questions0%none of 7 questions
- INVHInvitation Homes · 5 questions0%none of 5 questions
- SPGSimon Property Group · 4 questions0%none of 4 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 |
|---|---|---|---|
| 2024 Q4 | 15 | 7%1 of 15 questions | 10 |
| 2025 Q1 | 11 | 0%none of 11 questions | 8 |
| 2025 Q2 | 13 | 8%1 of 13 questions | 9 |
| 2025 Q3 | 14 | 0%none of 14 questions | 10 |
| 2025 Q4 | 12 | 0%none of 12 questions | 9 |
| 2026 Q1 | 10 | 0%none of 10 questions | 7 |
| 2026 Q2 | 13 | 15%2 of 13 questions | 9 |
- 2024 Q415 questions · challenge rate 7% (1 of 15 questions) · 10 companies
- 2025 Q111 questions · challenge rate 0% (none of 11 questions) · 8 companies
- 2025 Q213 questions · challenge rate 8% (1 of 13 questions) · 9 companies
- 2025 Q314 questions · challenge rate 0% (none of 14 questions) · 10 companies
- 2025 Q412 questions · challenge rate 0% (none of 12 questions) · 9 companies
- 2026 Q110 questions · challenge rate 0% (none of 10 questions) · 7 companies
- 2026 Q213 questions · challenge rate 15% (2 of 13 questions) · 9 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth25
- Demand23
- Pricing18
- Capital Allocation17
- M&A11
- Competitive Dynamics11
- Capex Investment9
- Guidance Reliability8
- Macroeconomic8
- Regulation Policy7
Show all 19 topics
- Margin6
- Cost Pressure5
- Innovation & R&D4
- Subscriber Growth4
- Credit3
- Trade Tariffs2
- Labor Market1
- Supply Chain1
- Geographic Expansion1