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Analyst
Samir Khanal
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 40on tracked calls
- Challenge rate
- 10%4 of 40 questions
- Companies
- 7questioned 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 40 of 40 questions from 7 companies
EXRExtra Space Storage10 questions · 5 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
Maybe elaborate kind of which markets are seeing less supply, given that demand is steady here.
Show response
Margolis said deliveries are declining in almost all MSAs while noting individual micro-markets can still absorb new stores.
on the move-in rates, I know you excluded L.A., but just curious, where would that have been if L.A. was included?
Show response
Norman explicitly refused the number, arguing regulated Los Angeles County makes the all-in figure a poor proxy for portfolio health.
Calendar 2026 Q1
how would you characterize sort of top of funnel demand today?
Show response
Joe characterized demand as steady, no material improvement or degradation. EXR's platform captures more than its share, maintaining highest occupancy at highest rates vs peers.
Is that primarily from sort of the lower supply you're seeing?
Show response
Joe confirmed supply improvement is key driver of optimism. Sunbelt markets previously impacted by supply now showing improvement. Disproportionate Sunbelt exposure a long-term positive despite recent headwind.
Calendar 2025 Q4
what gives you the confidence to kind of come out with that sort of lower range this time of the year.
Show response
Jeff cited property tax normalization (H1 2025 outsized increases now lapped), favorable insurance renewal expected mid-year, and efficiencies in other line items keeping them low single digits.
the acquisition volume guidance. I know you talked about dry powder, you talked about external growth, but that level is lower than what you were guided to last year.
Show response
Joe explained $200M EXR capital may represent much larger gross acquisitions via JV structures that enhance returns. Also noted guidance is a starting point, they've exceeded it last 2 years.
Calendar 2025 Q2
you talked about the progress is being made, but you also said it's sort of gradual and maybe -- I don't want to use the word softness
Show response
Joe explained multiple factors: 5-6% monthly customer turnover means rate improvement takes time; roll-down headwind persists. Emphasized positive rate since March 2022 is a meaningful inflection.
Is it in line with your expectation? Has it been below your expectations sort of year-to-date?
Show response
Joe confirmed LSI on track: rates improving faster than EXR as expected, pool additions adding 60bp to same-store performance this year.
Calendar 2025 Q1
it looks like you had the ability to raise guidance, but you didn't. And it doesn't look like you've seen any changes in customer behavior
Show response
Joe firmly stated no strategy shift; algorithms price every unit nightly taking into account both historical data and real-time conditions. Confident systems will optimize regardless.
you talked about the sort of the positive impact from LSI that you're seeing. Maybe expand on that. I mean, you talked about improved leasing in that portfolio.
Show response
Joe gave comprehensive metrics: 10.4% rental increase, faster rate growth, occupancy gap tightened to 30bp, $1.3M Q1 search savings, 500 stores re-signed, 350 offices complete.
PSAPublic Storage9 questions · 5 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
any sort of incremental revenue or cost synergies beyond sort of the original underwriting? Thanks.
Show response
Boyle named two concrete capital opportunities, expansions and 14,000 reclaimable units, and said confidence in the synergy roadmap has grown.
I guess, Joe, maybe to start off on the LA front, how quickly can you capture the revenue from LA?
Show response
Fisher quantified the LA contribution precisely: 30bps of the 90bps guidance raise, with 70bps lost in 2025 and 50bps net this year.
Calendar 2026 Q1
should we think about the cadence of revenue growth here? As we think about the next few quarters
Show response
Management explained leading indicators are positive but year-over-year comps will soften in Q2-Q3 due to prior-year pressures
how should we think about your investment activity this year, excluding NSA, and maybe comment on the lending platform?
Show response
Management detailed ~$200M year-to-date acquisitions with 75% off-market and lending at $150M growing toward $500M-$1B
Calendar 2025 Q4
what's the operational or financial benefit from that and is there any sort of cost associated with sort of the relocation
Show response
Fisher quantified ~$4M run rate savings from automation and offshoring, with $4M of $15-20M transformation costs incurred so far.
what is the long-term profile, so the growth profile of the company, you think, from same-store NOI or FFO growth perspective?
Show response
Boyle outlined three growth vectors, organic outperformance via PS Next, value creation engine across acquisitions/development/lending, and ancillary businesses, but didn't quantify long-term targets.
Calendar 2025 Q3
kind of what are you hearing on the ground given the pricing restrictions and the burn-off in Jan?
Show response
Russell acknowledged uncertainty is entirely in the governor's hands with a decision expected early January.
how much room do you have there to kind of still kind of grow at that sort of 2% into next year, at least the next 12 to 24 months?
Show response
Boyle pointed to digital investments enabling staffing changes and solar on 1,100+ properties as ongoing drivers of expense control.
Calendar 2024 Q4
how are you broadly thinking about that dynamic? As you thought about guidance, especially with headwinds on the consumer
Show response
Tom noted ECRI contribution expected to be consistent with prior year outside LA. Price sensitivity remains predictable.
KIMKimco Realty5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
Talk about kind of how to think about the cadence for future quarters and what kind of drove that for the first quarter?
Show response
Cohen explained $7M of accelerated below-market rent from 2 early recaptures in Q1. Expect $8-10M per quarter for remaining quarters as normal cadence. Q1 also benefited from seasonal percentage rent weighting.
Calendar 2025 Q4
how much of this is sort of speculative versus known at this point?
Show response
Cohen has visibility into $5-7M of the $7-15M LTA guidance range. Prior year total was approximately $10M. LTAs are episodic and fluid but incorporated in the full guidance range.
Calendar 2025 Q3
remind us kind of what the onetime benefits were throughout the year as we sort of sharpen our pencils on '26
Show response
Cohen quantified total one-time items at $0.03 per share for the year including extra LTAs and below-market rent recaptures. Noted these are part of the fabric of business but difficult to forecast. Also flagged $240M structured investment repayment impact.
Calendar 2025 Q2
the term fees went up. Maybe elaborate kind of the type of tenants category that's driving this number higher
Show response
Jamieson explained single large LTA related to redevelopment entitlement, not a trend. Watch list smallest ever. Flynn cited Michaels improving, off-price taking department store share, BJ's/DICK's/Walmart/Costco/Home Depot/IKEA all doing deals.
Calendar 2025 Q1
what's driving the higher reimbursements in the quarter and maybe help us understand sort of the trajectory for that, for expense recovery
Show response
Cohen cited strong collections, fixed CAM structures, and favorable insurance costs from scale. Flynn highlighted insurance coming in below budget as a benefit of portfolio diversity.
REGRegency Centers5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
Can you provide color on small shop tenant health given the macro and higher prices?
Show response
Lisa emphasized essential retail format defensiveness and trade area quality. Alan provided data: sales healthy, collections near record lows, foot traffic up 2.3% in Q1, up 3% in April despite higher fuel prices. Trade-down effect actually drives more traffic to their centers.
Calendar 2025 Q4
given where pricing is, right, for grocery-anchored today, I mean, how do you think -- sort of what are you seeing out there in the market opportunities?
Show response
Nick described 5-6% cap rate range with growing demand. Emphasized development at 7%+ yields as priority, acquisitions incremental. No current acquisitions under contract. Lisa reinforced it's not either/or, acquisitions are additive to the development program.
Calendar 2025 Q3
just curious, there seems to be a little bit more leasing being done on -- the new leasing being done on the anchor side versus shops
Show response
Alan clarified it was coincidental timing with 10 anchor transactions, not a structural shift. Cash and GAAP spreads remained strong.
Calendar 2025 Q2
walk us through kind of how you're thinking about the contribution from the various components into the second half as we think about the same-store NOI cadence
Show response
Mike detailed known deceleration drivers: back-half BK move-outs (Party City, Joann, Rite Aid), higher ULI, prior-year comp effects. Base rent remains consistent driver.
Calendar 2025 Q1
how leasing discussions have been going, how activity sort of has been trending
Show response
Lisa provided detailed historical context on portfolio resilience through cycles, noting only GFC and COVID caused 200-250 bps occupancy declines.
SPGSimon Property Group5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
where do you see the greatest opportunity to drive NOI and earnings growth
Show response
Eli cited three levers of growth: modest additional occupancy gains, re-tenanting lower performers with higher-rent tenants, and the development pipeline with $1 billion in the ground and $600 million-plus to start by year-end at 9% returns.
Calendar 2026 Q1
as it relates to retailer demand, you mentioned it's very strong, and I assume you have a lot of leverage on negotiations
Show response
Eli pushed back on pricing power framing but confirmed pipeline is up across all categories including legacy brands, new business, luxury, restaurants and local/regional.
Calendar 2025 Q4
you launched the Simon Plus loyalty program. Just is there any early observations you can share about the program
Show response
Eli said pleased with adoption, still in membership acquisition phase. Had great holiday activation with organic buzz. Working on partnering with loyalty programs outside their space for 2026.
Calendar 2025 Q3
just trying to see if you can keep up this sort of same-store momentum in '26 or even do better
Show response
David said team is feeling positive about 2026, currently doing property-by-property review. Eli confirmed optimism across the portfolio, not just powerhouse centers. February guidance will provide specifics.
Calendar 2025 Q1
has your approach changed in kind of how you're dealing with your tenants, whether when you're negotiating leases
Show response
David said business as usual on leasing. Supply constrained, demand strong. Expressed concern about potential pressure on local mom-and-pop retailers if situation doesn't stabilize.
FRTFederal Realty Investment Trust3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
You talked about the K-shaped economy. So if this backdrop continues and given your sort of high-income trade areas, your strategy and tenant mix, I guess, how does that all translate into relative...
Show response
K-shaped economy impact on relative performance vs peers
Calendar 2025 Q3
how much of that is sort of true market rent growth that you're seeing in your portfolio versus maybe just sort of mix or tenant upgrades.
Show response
COO noted 28% is lumpy; trailing 12-month mid-teens is more normalized. Increasing occupancy and lease rates enable rent pushes. Expects mid-teens to continue in coming quarters.
Calendar 2025 Q2
help us understand as you're talking to these tenants, I mean, at this point, does anybody even bring up tariffs and expenses or costs
Show response
COO said retailers making long-term real estate decisions; tariff concern has subsided from April shock. Broad tenant mix: Free People, Burlington, Club Pilates, sweetgreen, Wonder. CEO emphasized proactive blend-and-extend strategy.
Show 1 more company
PLDPrologis3 questions · 3 reporting periods · 2 of 3 challenging
Calendar 2025 Q3
are customers now at a point where, you know, they think this is sort of the new normal
Show response
Letter confirmed customers have definitely become more desensitized to short-term noise as they look at making long-term decisions. Well-capitalized large companies leading the way with expectation that small and medium businesses will follow suit. Customers need to make long-term decisions and can no longer be held back.
Calendar 2025 Q1
that 92% occupancy seems a bit lower versus the other sizes
Show response
Letter said 100K sqft and below customer base typically has lowest occupancy quarter-over-quarter with nothing unusual this quarter. Smaller spaces have shorter lease terms creating more churn. Smaller businesses may have more impact. Caton said strongest markets are global with international outperforming. American markets broadening with Southeast Sunbelt Seattle Nashville Houston Dallas showing strength and Midwest including Indianapolis showing inflection. Moghadam added replacement costs for small space product significantly higher than values limiting new supply.
Calendar 2024 Q4
when I look at the space utilization chart, it was a bit surprising that slipped from the last quarter
Show response
Caton said utilization largely ranged down in low 84% over the year with typical level at 85% or higher. In December consumption growth and holiday sales were unexpectedly healthy pulling goods out of supply chain causing utilization dip not representative of true trend. Customers reporting utilization is rising and hearing reports of inventory building taking shape in 2025.
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 |
|---|---|---|
| EXR Extra Space Storage | 10 | 20%2 of 10 questions |
| PSA Public Storage | 9 | 0%none of 9 questions |
| KIM Kimco Realty | 5 | 0%none of 5 questions |
| REG Regency Centers | 5 | 0%none of 5 questions |
| SPG Simon Property Group | 5 | 0%none of 5 questions |
| FRT Federal Realty Investment Trust | 3 | 0%none of 3 questions |
| PLD Prologis | 3 | 67%2 of 3 questions |
- EXRExtra Space Storage · 10 questions20%2 of 10 questions
- PSAPublic Storage · 9 questions0%none of 9 questions
- KIMKimco Realty · 5 questions0%none of 5 questions
- REGRegency Centers · 5 questions0%none of 5 questions
- SPGSimon Property Group · 5 questions0%none of 5 questions
- FRTFederal Realty Investment Trust · 3 questions0%none of 3 questions
- PLDPrologis · 3 questions67%2 of 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 |
|---|---|---|---|
| 2024 Q4 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q1 | 6 | 33%2 of 6 questions | 5 |
| 2025 Q2 | 5 | 0%none of 5 questions | 4 |
| 2025 Q3 | 7 | 0%none of 7 questions | 6 |
| 2025 Q4 | 7 | 14%1 of 7 questions | 5 |
| 2026 Q1 | 8 | 0%none of 8 questions | 6 |
| 2026 Q2 | 5 | 0%none of 5 questions | 3 |
- 2024 Q42 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q16 questions · challenge rate 33% (2 of 6 questions) · 5 companies
- 2025 Q25 questions · challenge rate 0% (none of 5 questions) · 4 companies
- 2025 Q37 questions · challenge rate 0% (none of 7 questions) · 6 companies
- 2025 Q47 questions · challenge rate 14% (1 of 7 questions) · 5 companies
- 2026 Q18 questions · challenge rate 0% (none of 8 questions) · 6 companies
- 2026 Q25 questions · challenge rate 0% (none of 5 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Demand16
- Pricing10
- Revenue Growth9
- Guidance Reliability8
- Competitive Dynamics5
- M&A4
- Cost Pressure4
- Regulation Policy3
- Macroeconomic3
- Margin3
Show all 16 topics
- Innovation & R&D3
- Trade Tariffs3
- Capex Investment2
- Capital Allocation2
- Credit1
- Supply Chain1