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Jeffrey Witherell, Chairman & CEO, stated the priority is to deploy the remaining ~$91 million through a blend of acquisitions and share repurchases. Anthony Saladino, President & CFO, clarified this is the remaining capital from the strategic capacity created by the Sixth Street deal. Witherell added that while build-to-suit activity is currently limited, the company continues to market its infill land parcels in Memphis and Cincinnati and is confident about future opportunities.

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Executive Chairman and CEO Jeffrey Witherell stated the capital influx is mostly for acquisitions, noting that development is market-dependent, with some areas like Columbus being overbuilt while others like Cleveland could see new spec development soon. EVP of Asset Management James Connolly responded that they are seeing a significant increase in demand from BPO companies for bulk storage, driven by a rush to get products into the country ahead of potential tariffs.

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James Connolly, Head of Asset Management, explained that with other deals closing in the St. Louis submarket, Plymouth now has one of only two buildings available for users over 500,000 sq. ft., creating a strong competitive position. Regarding the balance of occupancy and rate, Connolly noted that Q2 rent growth was moderated by two large renewals in Indianapolis where tenants also took expansion space, justifying a less aggressive rate increase to secure the larger footprint and long-term tenancy.

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CEO Mariam Sorond explained that the new auction authority is not expected to have a significant impact, as it targets higher frequency bands, whereas NextNav's proposal is for low-band spectrum to solve a national security need. Regarding the economic reports, she stated the opposing analysis made flawed assumptions, assigning zero value to GPS resiliency and positing 'outrageous' and unnecessary costs for toll and unlicensed operators.

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President & CEO William Meaney confirmed they are executing on the initial contract, with most revenue always slated for 2026 due to seasonality. He also noted they have bid on a subsequent, larger contract. EVP & CFO Barry Hytinen specified that revenue was minimal in Q2 ($1M) and is expected to be under $5M in Q3, consistent with the ramp-up plan.

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CFO Barry Hytinen clarified that the strong ALM volume growth was driven by consistent business wins over the past year, not by pricing, which he noted was flat to slightly down. He explained that new enterprise accounts create a continuous 'flow-oriented' business, and the company has also won more share within its data center decommissioning accounts.

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William Meaney, President and CEO, clarified that most ALM hardware resold to China is several generations old and not currently subject to export restrictions. He highlighted the company's ongoing diversification strategy to reduce reliance on China, which includes focusing more on hard drive resales and reintroducing components directly into OEM supply chains.

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CEO William Meaney explained that Wisetek expands their footprint in Europe and North America, adding a new hyperscale customer, while APCD enhances capabilities in Australia. CFO Barry Hytinen added the deals represent about $75-80 million in run-rate revenue. He noted that the ALM market is highly fragmented, making large acquisitions unlikely, and emphasized the company's strong organic growth.

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President & CEO Greg Lehmkuhl clarified that the company's pricing strategy has not changed, reiterating a stable outlook. He explained that the metric's quarter-to-quarter volatility is driven by multiple factors, including rate, volume guarantees, commodity mix, and FX. The Q2 sequential increase was partly attributed to favorable European FX and higher collections on volume guarantees during a seasonally low occupancy quarter.

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CEO W. Lehmkuhl stated that it is a long-term, multiyear agreement, though specific terms could not be disclosed. He characterized the acquired assets as a mix of production-adjacent and distribution facilities, with a stronger orientation towards distribution.

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President & CEO David Cramer described their technology implementation as being in the 'middle innings,' with the foundational tools now in place and the current focus on optimizing them with data. He expressed confidence that they can close any data gap with peers relatively quickly due to the advanced learning capabilities of modern AI and machine learning systems.

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CFO Brandon Togashi confirmed the 5.5x to 6.5x target range and acknowledged leverage will likely drift above it temporarily in the coming quarters, which they are comfortable with. He noted that proceeds from planned asset sales could help reduce leverage. The ATM and share repurchase programs were described as opportunistic tools to provide flexibility depending on the stock's valuation.

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CEO Dave Cramer attributed longer stays (over 40 months for the current tenant base) to sticky pandemic-era behaviors like home offices, which provides a long runway for the ECRI program. He suggested that current customer price sensitivity was partly driven by the industry's shift to sharp entry pricing post-pandemic. He believes sensitivity will decrease as improving fundamentals reduce market competitiveness, allowing for stronger street rates.

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EVP of Office Leasing Glen Weiss reported that the San Francisco market is markedly improved, comparing it to New York 18 months ago, with strong tour volume at 555 California. He confirmed a shift towards urgency, citing the recent Verizon headquarters deal as a prime example of a tenant acting quickly to secure space, which he described as a feature of a 'landlord's market.'

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Glen Weiss, EVP of Office Leasing, expressed strong optimism for 555 California, calling it the best building in the city. He noted that Vornado has already leased nearly 700,000 sq. ft. since 2021 to address upcoming expirations. While some of the tenants with 2025 expirations may not stay, he feels great about the building's market-leading rents and five-star tenant roster.

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Executive Glen Weiss expressed strong optimism for 555 California, calling it the best building in the city and highlighting nearly 700,000 square feet of leasing success since 2021. He confirmed that the 2025 expirations involve multiple tenants throughout the year, not one single large tenant.

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Steven Roth, Chairman & CEO, stated that bringing on Cushman & Wakefield at the beginning of the year was a 'very good add' to the team. He noted that the partnership has significantly strengthened Vornado's leasing outreach across the country and within New York City, contributing positively to performance.

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President and CEO Brendan Cavanagh described the AI comments as thematic, based on customer conversations and engineering reviews, noting it's a strong future driver. Regarding Canada, he explained that despite having good assets, SBA struggled to achieve meaningful scale due to market structure. The sale was a strategic financial decision to realize a high valuation, and he noted that portfolio reviews are ongoing for all markets, with a preference to scale up where possible but an openness to exit if not.

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President and CEO Brendan Cavanagh expressed support for more spectrum auctions but noted that any deployment is still years away, so current customer conversations focus on optimizing existing spectrum. Regarding the portfolio, he clarified that exiting markets is not the company's intention. The preference is to find ways to achieve scale, and they would only consider an exit if no viable path to scale exists. There are no such plans currently in progress.

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President and CEO Brendan Cavanagh clarified that the portfolio consists almost entirely of towers, with about 90% being ground-based and the remainder being towers on rooftops. He confirmed the belief that Millicom had strategically limited co-location on some of its better sites to maintain a competitive advantage, which now presents a clear lease-up opportunity for SBA as an independent operator.

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President and CEO Colin Connolly clarified that mezzanine financing is not a core business but is viewed as a creative, entrepreneurial tool to source potential long-term equity investment opportunities. He stated it would remain a non-material part of the balance sheet, likely under $100 million, to avoid creating future earnings volatility if the loans are repaid.

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President and CEO Colin Connolly estimated that the company is about 75% of the way through its planned redevelopment and repositioning work. He explained that this initiative was intentionally accelerated during the pandemic to minimize tenant disruption. He emphasized that the vast majority of the portfolio is now in excellent condition and its overall quality has never been higher.

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President and CEO Michael Connolly responded that while few such assets are officially on the market, the investment team is actively working to source off-market opportunities. He reiterated that the company's strategic focus remains on the Sun Belt and growing its presence in existing markets like Dallas, Nashville, and Tampa, rather than entering new ones, as they do not feel opportunity-constrained.

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EVP of Operations Richard Hickson stated that no other significant tech tenant scale-backs are anticipated. President and CEO Michael Connolly confirmed the Saint Ann Court loan has extension options tied to certain thresholds but could not elaborate. CFO Gregg Adzema clarified that property tax true-ups were by far the largest factor impacting the quarterly same-property NOI figures.

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CEO Joseph Margolis stated that since AI platforms have not yet been monetized, nearly all marketing spend still goes to Google. EVP & CFO Jeff Norman explained that spring occupancy was maintained by being more aggressive on new customer rates and that they will continue to evaluate the rate-versus-occupancy trade-off in the fall.

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CEO Joseph Margolis stated that fires do not drive demand like hurricanes do, but the state of emergency has restricted pricing, which is expected to impact portfolio revenue by about 20 basis points for the year. CFO P. Scott Stubbs explained that marketing spend is a tool to maximize revenue and that they will spend more if it drives demand, but they also expect savings from brand consolidation post-LSI merger.

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CEO Joseph Margolis attributed improved retention to customer acquisition strategies focused on attracting tenants with a higher propensity for long-term stays. Regarding ECRI, he stated the strategy remains consistent: a fair and sustainable program designed to move existing customer rates to prevailing market rates over a reasonable period.

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SVP & CFO Thomas Boyle explained that negative street rates persist because lower move-in rents have been an effective tool for attracting customers. He anticipates rates will improve over time as demand strengthens further. He also confirmed that seasonality this year is not unusual, with the occupancy peak expected in July, consistent with typical patterns.

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Executive Joseph Russell stated that the acquisition strategy is not limited by geography or urban/suburban focus; rather, it is driven by the quality and value creation potential of individual assets. Executive H. Boyle explained that the balance between rate and occupancy is managed to maximize overall revenue. The relatively flat occupancy forecast is based on the expectation of stabilized demand, consistent with the prior year.

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CEO Joseph Russell explained they use sophisticated analytics to optimize staffing property-by-property and supplement on-site staff with a robust customer care center, ensuring service levels are maintained. Executive H. Boyle identified Seattle, DC, and San Francisco as accelerating markets, while markets like Atlanta are still normalizing. He added that even weaker markets like Orlando are showing signs of stabilization.

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Douglas Linde, President & Director, explained that while it's common for large tenants to look 2-3 years ahead, the current early discussions are an indication of market tightness. In a supply-constrained environment like Midtown Manhattan, tenants are acting sooner to secure their footprints in an improving market.

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President Douglas Linde described it as a fluid and time-consuming process dependent on entitlements and user demand. He used a potential office-to-multifamily rezoning as an example of the complexities involved. He stated it was unlikely any of these major redevelopments would begin in 2025, with 2026 or 2027 being more realistic start dates.

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Chairman & CEO Owen Thomas explained the residential strategy differs from office; BXP will act as a developer, often with significant third-party capital partners, to generate fees, minority interest profits, and carried interest, rather than pursuing long-term holds. President Douglas Linde added that the company is actively re-evaluating its entire land bank for highest and best use, including residential, townhomes, and other uses to create value.

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CEO Angela Aman confirmed a growing pipeline of prospects at KOP2, spanning life science, healthcare, and tech. She affirmed that Kilroy is working with several other tenants on space planning, with prospects at every stage from initial tours to lease drafting, and expressed confidence in signing at least 100,000 sq. ft. in H2 2025.

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EVP and CIO Eliott Trencher stated that the sold portion has a residential as-of-right use, minimizing entitlement risk. He clarified that the rest of the site is not slated for office development and is being evaluated for sale, as residential is considered its higher and better use. CEO Angela Aman added that while Kilroy is keen to grow in San Diego, this particular site is not suitable for its core strategy.

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Executive A. Paratte clarified that KOP is a purpose-built life science project, typically seeing a 60/40 lab-to-office split, and can accommodate various tenant needs. Executive Eliott Trencher described the Fifth Wall investment as a modest but strategic partnership with a proptech leader, aimed at integrating technology to drive operational efficiencies and cost savings, aligning with Kilroy's history of innovation.

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EVP & CFO Brent Wood reported that the tenant watch list has remained steady quarter-over-quarter, with about 30 of over 1,500 tenants on the list. Bad debt in Q2 was 30 basis points of revenue. The company is maintaining its full-year guidance for uncollectible rents at 35 to 45 basis points. He noted that California-based tenants continue to represent about half of the bad debt, with the issue contained to a small number of tenants.

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Executive Marshall Loeb acknowledged that a broad consumer-led recession is their primary risk. However, he highlighted the portfolio's defensive positioning, including its focus on high-growth markets, secular e-commerce trends, and the push for last-mile delivery. With high occupancy and minimal lease expirations remaining in the year, he believes the company is well-insulated, though a significant consumer downturn would inevitably affect their tenant base.

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President and CEO Marshall Loeb confirmed they are exploring opportunities to sell land for data center use in markets like Dallas, Austin, and Phoenix to maximize value. However, he was clear that EastGroup would stick to its core industrial business and would not take on the operational or development risk of building a data center itself, preferring to 'flip the land' if an attractive opportunity arises.

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Interim President and CEO Daniel Schlanger explained that cost allocations to discontinued operations are largely complete and any future changes will be minor, not part of a systematic quarterly shift. Both he and CFO Sunit Patel attributed the back-half ramp in maintenance CapEx to normal timing and seasonality of spending rather than a specific new project.

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Interim CEO Daniel Schlanger stated that the company does not expect any regulatory hiccups but that the deal would likely still close even if a minor one occurred. He noted that about 90% of 2025 growth is already contracted. He explained that whether incremental carrier activity falls within or outside an MLA depends on the specific structure of each agreement, but the company believes there is upside potential beyond what is currently contracted.

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CEO Steven Moskowitz outlined capital priorities, with buybacks following CapEx and debt reduction. CFO Dan Schlanger added that the repurchase is planned for post-closing and offers opportunistic flexibility. Steven Moskowitz clarified that the long-term 1-2% churn forecast includes approximately $20 million annually (40-50 bps) of lingering Sprint churn from 2026 onward.

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CIO Harrison Sitomer confirmed that special servicing assignments have grown consistently to $17 billion and are expected to increase further, generating more fee income. Chairman & CEO Marc Holliday stated that since SLG's portfolio is highly leased, it contains few attractive conversion candidates; future conversion activity will focus on new pipeline assets, not their existing buildings.

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EVP and CIO Christopher Schneider attributed the lower same-store NOI growth in the second half to lower average occupancy, a smaller contribution from cash rental rate increases, and assumed free rent concessions. President and CEO Peter Baccile and EVP Peter Schultz clarified that fixed-rate renewals are very rare and the one discussed was negotiated in 2017 for a large, high-credit tenant, and is not reflective of the current market.

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EVP Christopher Schneider attributed the second-half same-store NOI drag to lower average occupancy, smaller rent-rate contributions, and higher assumed rent concessions. Regarding fixed-rate renewals, CEO Peter Baccile, EVP Peter Schultz, and CIO Johannson Yap emphasized they are done very rarely, noting the example cited was from 2017 for a large, high-credit tenant and is not reflective of current strategy.

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CEO Peter Baccile commented that Amazon's plan is focused on building out its same-day delivery capabilities. EVP Peter Schultz added that Amazon is currently very active in several markets with leasing needs. Regarding market share, CEO Peter Baccile stated they do not have a minimum allocation target, but instead focus on markets with the highest potential for rent growth and value accretion, like South Florida, while ensuring they have critical mass and full organizational capabilities.

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CEO Peter Baccile noted Amazon's investment is focused on same-day delivery, and EVP Peter Schultz confirmed Amazon is very active in several markets. Regarding market concentration, Mr. Baccile explained the company does not have a minimum allocation target, instead focusing on markets with the highest rent growth potential, like South Florida, while ensuring full operational capabilities in its 15 target markets.

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President and CEO Peter Baccile explained their guidance is built from a 'ground-up' lease-by-lease analysis rather than top-down economic inputs. Executive Vice President Peter Schultz described tenant demand as broad-based, with 3PLs remaining active. He reiterated that activity is generally stronger in the small and midsize ranges across the country.

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Chief Investment Officer Jojo Yap acknowledged that the bill could benefit from more clarification but has enough detail to assess impacts. CEO Peter Baccile added that since municipalities oppose the state law, it will likely be litigated, suggesting future changes are possible. Jojo Yap confirmed the company did not submit any last-minute entitlement requests, as all their relevant sites were already well into or had completed the process.

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COO Laura Clark explained that while conversion is taking more time, the majority of activity is expected to convert to executed leases. As an example, she noted that from the prior quarter's repositioning pipeline, about two-thirds of the activity has either been leased or is still in active negotiation.

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COO Laura Clark stated that the capital allocation strategy remains focused on accretion and long-term value. Since repositioning projects generate high incremental returns (around 15-20%), they are considered a prudent use of capital to drive outsized cash flow growth, regardless of the cycle. CFO Michael Fitzmaurice added a recent example of a project stabilization that yielded a 20% incremental return.

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CFO Laura Clark confirmed LL Flooring was on the watch list due to its bankruptcy but noted the overall list remains small and stable, with bad debt levels staying low. Co-CEO Howard Schwimmer explained that dispositions typically involve management-intensive assets with limited growth potential or properties where a sale offers a more attractive return than holding.

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CEO Hamid Moghadam stated that Asia is past its bottom and improving, though numbers can be volatile. He feels better about the China market, but noted its impact on overall numbers is small due to Prologis's ownership share. CFO Tim Arndt added that the small size of the Asia portfolio can lead to more volatile occupancy figures, and the recent increase was due to success in leasing up chunks of the portfolio.

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Timothy Arndt, CFO, attributed the strong quarter to factors like free rent timing but cautioned that the metric can be volatile. He stated that future performance will be heavily influenced by year-over-year occupancy changes, which are expected to decline. Hamid Moghadam, CEO, added that the primary driver is the existing mark-to-market on leases, not new market rent growth.

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CEO Hamid Moghadam responded that some customers, particularly those affected by de minimis rules, have pulled trade into the U.S. in anticipation of policy changes. However, he characterized this as a short-term shift of volumes by a quarter or two that will not affect the long-term fundamentals, which he expects to take over starting in the second quarter.

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Timothy Arndt, CFO, advised setting aside the Investor Day forecast due to significant market changes. He emphasized that the portfolio's substantial 34% lease mark-to-market will alone sustain strong mid-single-digit same-store growth for many years. He added that long-term growth will be further supplemented by capital deployment and expansion in higher-use businesses like data centers and energy.

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CEO Christopher Marr explained that their marketing efforts span a wide gamut, including organic search (SEO), social media, satellite radio, and out-of-home advertising, though paid search remains the highest expenditure. He described brand marketing, like ads on buses, as a way to build 'top of mind' awareness, which complements the physical presence of their stores, so that when a need arises, customers search directly for CubeSmart.

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President and CEO Christopher Marr confirmed that the occupancy ramp-up at the two new development properties is performing in line with the company's expectations. Regarding new development, he stated that while CubeSmart remains interested, it is currently challenging to find sites that make economic sense due to high capital costs and the competitive rental rate environment.

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CEO William Crooker confirmed that completing 70% of the next year's leasing by this point is consistent with the pace of the last few years. He stated there hasn't been a strategic shift in the timing of tenant outreach. He also revealed that the company is always looking ahead, having already leased about 8% of its 2026 expirations opportunistically.

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CEO William Crooker said the pipeline is focused on CBRE Tier 1 markets and includes a wide range of assets, from value-add to fully stabilized. He confirmed El Paso remains a strong market and also highlighted strength in Midwest markets like Detroit and Chicago, as well as Tampa and Nashville. He noted continued relative weakness in Columbus and Southern New Jersey.

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