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    Anthony Peak • KeyBanc Capital Markets

    Anthony Peak's questions to American Assets Trust Inc (AAT) leadership

    Anthony Peak's questions to American Assets Trust Inc (AAT) leadership • Q2 2025

    Question

    Anthony (AJ) Peak of KeyBanc Capital Markets questioned American Assets Trust about its same-store NOI guidance, the leasing pipeline for key development assets like La Jolla Commons 3 and 1 Beach, and recent leasing activity and demand at its Bellevue properties.

    Answer

    EVP & CFO Robert Barton and President & CEO Adam Wyll confirmed they are on track with guidance, noting office might outperform while the hotel segment underperforms. SVP of Office Properties Steve Center provided detailed updates, highlighting increased tour activity at 1 Beach driven by larger deal sizes, spec suite development, and upcoming amenities at La Jolla Commons III. Center also noted strong leasing progress in the challenging Bellevue submarket, attributing it to completed renovations and a proactive spec suite program.

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    Anthony Peak's questions to LXP Industrial Trust (LXP) leadership

    Anthony Peak's questions to LXP Industrial Trust (LXP) leadership • Q1 2025

    Question

    Anthony Peak, on for Todd Thomas, inquired about the 250,000-square foot redevelopment in Richmond, asking if it represented a strategy shift, its impact on guidance (same-store NOI, AFFO), and the expected market interest and stabilized yield.

    Answer

    Executive Vice President James Dudley explained the redevelopment was a planned contingency related to a tenant's contraction option and not a strategy shift. CFO Nathan Brunner clarified the property was already excluded from the 3-4% same-store NOI growth guidance for 2025 and estimated a mid-teens yield on the incremental $5 million investment. Chairman and CEO T. Wilson Eglin highlighted the project's strong potential, given it's the only building of its size available in a tight Richmond market.

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    Anthony Peak's questions to Extra Space Storage Inc (EXR) leadership

    Anthony Peak's questions to Extra Space Storage Inc (EXR) leadership • Q1 2025

    Question

    Anthony Peak, on behalf of Todd Thomas from KeyBanc Capital Markets, requested the specific occupancy figure for April. He also asked about the growth outlook for the third-party management (3PM) platform and how discussions with potential partners and sellers have evolved.

    Answer

    CFO P. Scott Stubbs reported that April-end occupancy was 93.7%, a slight increase from Q1-end. CEO Joseph Margolis noted very strong 3PM growth (100 net stores) driven by demand from operators facing challenges, while demand from new developments has decreased. He added that bridge loan demand is also strong as sellers seek alternatives to a muted acquisition market.

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