Ravi Vaidya

Fisher gave the spread math, roughly 5% cost of capital against lease-up assets stabilizing to high 6s and low 7s, over 100bps of incremental spread.

Boyle named the leading coastal and Midwest markets and acknowledged Sunbelt move-in rents remain down year over year on new supply absorption.

Management confirmed promotional activity down consistently with improving rental rates and reduced marketing as multiple revenue levers move favorably

Management noted $3M property tax timing benefit from Q2 to Q1, no change to full-year expense guidance, with initiatives keeping growth below inflation

Fisher detailed continued payroll hours reductions via machine learning, R&M in-sourcing pilots, solar utility savings, and sales function centralization.

Boyle described data-driven ECRI approach based on customer health and replacement cost. Monitoring New York and other state pricing transparency laws, working with trade associations on education.

Tom declined to quantify specific ECRI frequency/magnitude but confirmed contribution largely similar to last year ex-LA, with consistent customer price sensitivity.

Tom highlighted two impacts: solar incentives sunsetting but PSA's pipeline largely locked in; bonus depreciation returning benefits retained cash flow for reinvestment.

Tom reported encouraging lease-up trends in Q1. Going-in yields in the 5s to low 6s, stabilizing higher under PSA platform. Not shifting underwriting assumptions.

Margolis named both improving and still-difficult Sun Belt markets, and Norman added that the Sun Belt overweight is a source of future upside.

Jeff emphasized maintaining guidance isn't a performance call, it's prudence given it's early, leasing season incomplete, and macro uncertainties. Revenue has continued to outperform and accelerate through the year. Will update after Q2. Joe added no actual negative customer behavior observed despite macro noise.

Joe explained channel-based approach: online rarely offers discounts (long-term customers don't respond), in-store selectively based on unit occupancy. No change envisioned until data says otherwise.

Joe detailed: externally, AIO/ChatGPT favors same factors as SEO (advantages large companies). Internally, ML in pricing for years, now expanding to call center, contact management, software development. Internal platform team formed to vet opportunities.

Joe explained countercyclicality: lower rates loosen acquisitions which reduces bridge demand, but that's fine as different channels grow in different years. Jeff added A-note spread tightening gives flexibility to optimize mezz yields.

Jeff identified Portland, Seattle, Chicago, Denver as earlier-cycle markets now recovering. Boston and DC steady throughout with less supply impact.

Joe corrected premise, not done, still very active. Cap rates haven't moved as much as expected given interest rates. Will remain disciplined but ready to execute on good opportunities.

Joe framed market performance as supply-driven: Atlanta, SW Florida, Phoenix still absorbing supply will lag; markets that have absorbed or never had supply issues will lead.

Tenant credit reserves and bankruptcy exposure

CFO detailed $38M total SNO rent: 25% commencing Q4 2025, 60% in 2026 (70-75% in H1), remaining 15% in 2027. Targeting 100-150bp lease-to-occupy spread.

CFO detailed $39M total SNO rent: $20M comparable, $19M non-comparable. About 50% commencing H2 2025, 40% in 2026, balance in 2027.

CIO said deal flow has slowed slightly since April 2nd but market remains healthy. Cap rates have stopped compressing and flattened. CEO declined to comment on specific in-progress deals.

Mike declined to name the tenant, not a bankruptcy, a judgment call on future lease obligations. Tenant still current. ULI at below historical averages with less than 10 bps utilized. Ongoing bankruptcy filings have early positive indications but not resolved.

Alan attributed the inversion to opportunistic mark-to-market on well-below-market expiring leases. Described it as lumpy, new lease spreads typically higher. Feels good about nearly 13% renewal spreads as supply dwindles.

Nick explained the sale was driven by lower future IRR expectations vs market pricing. Deep bidder pool. Capital recycling: selling $100M at 5.5% cap, buying $500M+ at 6%.

Mike noted 80% of SNO commences in 2025 but only ~1/3 recognized this year, creating tailwind into 2026. Contractual dates embed certainty.

Pong highlighted January $1.1B term loan refi at lower rates as a tailwind, plus attractive 3.9% 10-year euro debt to support investment spreads.

Pong cited seasonal Q4 expenses (leasing commissions, G&A run rate) and late-year deal timing limiting accretion, narrowing for precision not deterioration.

Roy disclosed 4.8% watch list with general reserves for macro uncertainty and tariff exposure, one name removed and a few added in Q4.

CEO established firm policy of never commenting on tenant discussions. Reiterated positive evidence from Caesars CapEx and database/hub-and-spoke system. COO added that database and offers can move business beyond just capital deployment.

CFO confirmed strong asset-level coverage and execution despite corporate leverage; VICI has no inside info on strategic review process. COO added positive results from Missouri Property Growth Fund investment with Century.

CFO confirmed ~$80M initial funding with pause then resumption of draw schedule later in year. Referenced Red Rock's call saying 'nothing's off the table' for future partnership.