PresentationWelcome to the Phillips Edison roundtable. Jeff, I'll turn it over to you, maybe you can introduce the team and also provide some opening remarks.Great. Well, first of all, thank you, everyone, for being here today. We appreciate your time. And I'm Jeff Edison, one of the founders of Phillips Edison & Company. With me are John and Bob, you guys want to give a little... .John CaulfieldCFO, Executive VP & Treasurer My name is John Caulfield. I'm the CFO. I've been in the company for 11 years. I th ...

Equity LifeStyle Properties (NYSE:ELS) 2025 Conference September 10, 2025 12:45 PM ET Company ParticipantsJana Galan - DirectorMarguerite Nader - Vice Chairman & CEOPaul Seavey - EVP & CFOPatrick Waite - President & COOJana GalanAfternoon, Roundtable Sessions. Welcome to Bank of America's 2025 Global Real Estate Conference. I'm Yana Gallen, and I cover the residential REITs at Bank of America. We're very pleased to have Equity LifeStyle Properties, Inc.'s CEO, Marguerite Nader, EVP and CFO, Paul Seavey, and ...

Financial Data and Key Metrics Changes - Curbline Properties acquired $415 million of properties in Q2 2025 and raised $300 million of debt capital [5][15] - NOI increased over 8% sequentially, driven by organic growth and acquisitions [16] - Same property NOI rose 6.2% for the quarter and 4.4% year-to-date [18] Business Line Data and Key Metrics Changes - Leasing volume reached almost 50,000 square feet, the highest since tracking began, with a lease rate of 96.1% [10][18] - Blended straight-line leasing spreads were 22% for the trailing twelve months [10] Market Data and Key Metrics Changes - Average household incomes for Q2 investments were nearly $137,000, with a weighted average lease rate over 96% [15] - Curbline's top five markets (Miami, Atlanta, Phoenix, Orlando, Houston) represent 44% of ABR [58] Company Strategy and Development Direction - Curbline focuses on convenience properties, emphasizing capital efficiency and high tenant renewal rates [6][8] - The company aims to acquire properties in affluent markets and is expanding into new submarkets like Dallas and New York Metro [13][14] - The company has a unique capital structure and received an investment-grade credit rating from Fitch, enhancing its competitive position [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth potential, citing a strong pipeline of acquisition opportunities and favorable market conditions [5][15] - The company raised OFFO guidance to a range between $1 and $1.03 per share for 2025, driven by better-than-projected operations [19] Other Important Information - Curbline's CapEx as a percentage of NOI was just over 7%, with expectations to remain below 10% for the full year [18] - The company has acquired over $750 million of assets since its spin-off, demonstrating strong acquisition volume [11] Q&A Session Summary Question: Can you comment on cap rate trends and the acquisition pipeline? - Management noted that cap rates have remained stable, blending to about a 6% on forward twelve-month NOI, with half of the pipeline being off-market opportunities [26][27] Question: Any commentary on tariff impacts and leasing spreads? - Management indicated no significant impact from tariffs on leasing economics or volume, with leasing spreads expected to remain consistent with 2024 [30] Question: Will there be any dispositions as you ramp up portfolio acquisitions? - Management confirmed there is no disposition pipeline and they are not buying assets they do not want to own long-term [34][35] Question: What is the current thought process on entering new markets? - Management is open to acquiring in various markets as long as the properties meet their criteria, with a focus on understanding and believing in the market [36][82] Question: How do you manage occupancy costs across your portfolio? - Management stated that occupancy costs are monitored primarily for local or regional tenants, with limited visibility for national tenants [79] Question: Will the shared service agreement with Site Centers impact Curbline? - Management indicated that the shared service agreement allows for efficient management of expenses, and any changes in Site Centers' plans would not significantly impact Curbline [61][62]