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Chairman & CEO Victor Coleman reiterated that there are no other large move-outs expected. President Mark Lammas confirmed Washington 1000 will no longer have interest capitalized at year-end and that the company anticipates stabilization in 2027, providing a ramp for modeling its contribution to earnings.

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CEO Victor Coleman and EVP of Leasing Arthur Suazo clarified that while the pipeline's total size is stable, the company is transacting at a high volume and the average deal size within the pipeline is growing. Regarding Seattle, Coleman argued that despite Prop 1A, downtown Seattle's significant rent discount compared to Bellevue provides a powerful economic incentive for tenants, noting that two large tenants recently shifted their focus from Bellevue to Seattle's Pioneer Square.

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President Mark Lammas attributed the revised occupancy outlook to two specific events: Amazon's early lease termination and the designation of Foothill Research Center as held-for-sale. CEO and Chairman Victor Coleman addressed the RTO question, explaining that West Coast tech companies are just beginning to implement mandates and that the significant reduction in high-quality sublease space is a leading indicator of future direct leasing demand.

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President and CFO Michael Franco described the current environment as a 'landlord's market,' stating Vornado is actively pushing rents and expects significant rental rate growth. Regarding the investments, he explained it is a note on a high-quality Midtown site that could either provide a coupon return or become an opportunity to own the asset.

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President and CFO Michael Franco explained the cash provides flexibility for new investments, paying down high-cost debt, and maintaining a strategic buffer. Chairman and CEO Steven Roth added that cash is earmarked for a future unsecured bond payoff and for development at 350 Park and the PENN District. Roth also noted that buyers for retail assets include large companies like Amazon, not just retailers, which is a positive trend for the New York market.

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Chairman and CEO Steven Roth explained that Alexander's value, based on a sum-of-the-parts analysis including its valuable land at Rego Park, is substantially higher than its stock price. Regarding a tracking stock, he stated that while he personally likes the idea, it is not currently on the table due to a lack of internal and external support.

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Chairman and CEO Steven Roth stated that Vornado is pleased to have monetized the first half of the preferred equity at par and is happy holding the other half for now, given its strong capital position. Regarding the B-note, Roth described it as a small but interesting investment with multiple potential outcomes, declining to provide further details due to the possibility of future litigation.

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President and CFO Michael Franco explained that the lower retail occupancy is primarily driven by the Manhattan Mall vacancy and that excluding it, occupancy would be around 87%, with an expectation to return to historical levels. Chairman and CEO Steven Roth confirmed Vornado is working on sales or refinancings to repatriate portions of the remaining $1.5B in preferred equity and stated that the share repurchase program is currently dormant.

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Michael Franco, President & CFO, clarified that retail occupancy is skewed by the Manhattan Mall vacancy and is otherwise healthy. Steven Roth, Chairman & CEO, confirmed they are actively working on sales and refinancings to repatriate portions of the remaining $1.5B in preferred equity. He also stated that the share repurchase program is currently dormant due to other capital allocation priorities.

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Chairman and CEO Steven Roth stated that acquiring assets through debt is the 'easiest way' and 'target #1.' He confirmed their acquisition interest spans both office and retail. Regarding capital allocation, he revealed that Vornado currently has four significant asset sale transactions in various stages of discussion, indicating a dual focus on dispositions and acquisitions.

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President and CEO Colin Connolly attributed the strong demand to a reversal of the subdued market of the past four years, with companies now playing catch-up on their office space needs. He stressed that this demand is heavily concentrated in the high-quality, lifestyle-oriented office segment where the company's portfolio is squarely positioned, leading to a disproportionate share of leasing activity.

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President and CEO Colin Connolly stated that improving demand and declining supply are creating a positive backdrop for leasing, with concessions leveling off and a long runway for rent growth. Regarding acquisitions, he noted that while more owners are exploring sales, recent market volatility has created a bid-ask spread, but Cousins remains optimistic about deploying capital creatively this year.

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President and CEO Michael Connolly acknowledged recent commentary from large investors like Blackstone as validating but noted that significant new competition has not yet materialized in Cousins' Sun Belt markets. Regarding rents, he stated that while the company has successfully grown net effective rents, it will remain situational and aggressive with concessions where needed to drive occupancy, especially as the trophy market is expected to tighten.

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President and CEO Michael Connolly maintained confidentiality regarding potential outcomes for the Saint Ann Court loan but reiterated comfort with the collateral and basis. He stated that Cousins sees compelling investment opportunities across its entire Sun Belt footprint and will invest opportunistically where it can acquire high-quality lifestyle office assets on an attractive basis, rather than focusing on just one or two markets.

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CEO Ted Klinck identified Charlotte, Dallas, and Nashville as the top-performing markets, with strong demand also seen in Tampa. He explained that while Dallas is approaching cost-justified rents in some submarkets, most other markets have a 20-40% gap, which has widened due to rising construction and financing costs. COO Brian Leary provided additional color on job growth and tenant requirements in key markets.

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CEO Theodore Klinck stated there has been no change in buyer interest for assets on the market and that the company continues to field inbound calls. He noted that leasing concessions are leveling off and, in some submarkets, even subsiding. He believes both vacancy rates and concessions have likely peaked in Highwoods' markets, creating an encouraging outlook.

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Executive Brendan Maiorana expressed confidence in the setup for late 2025 through 2027, suggesting that with a stable economy, the company is well-positioned to steadily drive occupancy higher. CEO Theodore Klinck revealed the Tampa buyer was an adjacent user executing an expansion. He characterized the broader buyer pool as largely non-institutional but noted that institutional capital is starting to show interest in high-quality office assets, which could increase activity in 2025.

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CEO Theodore Klinck stated that the bar for new development is very high due to elevated construction and financing costs, which translates to high required rental rates. He also noted that the leasing market remains competitive, with pressure from TIs and free rent. The company's goal is to maintain current net effective rent levels, cautioning that significant pricing power is not yet present in most markets.

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Douglas Linde, President & Director, affirmed that this expectation is 'entirely fair.' He stated that with signed leases yet to commence, a strong pipeline focused on vacant space, and very low expirations in 2026 and 2027, the company expects to see a meaningful increase in occupancy over that period.

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President Douglas Linde stated unequivocally that rents in Midtown Manhattan and Boston's Back Bay are rising, with double-digit increases on Park Avenue. He expects this trend to continue in 2025. However, he cautioned that this strength is concentrated in specific submarkets and not a portfolio-wide phenomenon. CFO Michael LaBelle added that a lack of new supply in 2026-2027 will further support pricing power in these areas.

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EVP Hilary Spann noted that NYC tech demand increased after Labor Day, but decision-making is slow. Senior EVP Rodney Diehl countered that on the West Coast, beyond AI, there is a broader base of tech demand, particularly from the autonomous vehicle industry. The responses suggest both regions are seeing renewed, cautious activity from different tech segments rather than one clearly leading the other.

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CEO Angela Aman expressed encouragement about the sustainability of demand and the acceleration of leasing in the development portfolio. While hesitant to commit to a specific run-rate, she stated she is more encouraged by the leasing outlook now than at any point in the last 18 months.

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CEO Angela Aman detailed that KOP 2 prospects include users for spec suites (15,000-25,000 sq. ft.) and larger tenants looking at one to three full floors (40,000-44,000 sq. ft. each). EVP and CIO Eliott Trencher commented that it is too early to determine if lower-basis sales will impact net effective rents, as it depends on the new owners' subsequent capital investment in the properties.

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Executive A. Paratte confirmed the leasing pipeline is stronger now than a year ago, with more LOIs in place, driven by return-to-office mandates, improved business confidence, and a flight to quality. He also noted that tenants are now materially more willing to engage in early renewal talks. While he feels give-backs have slowed, he acknowledged it is difficult to predict future trends.

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CEO Angela Aman responded that while the company is always evaluating its portfolio positioning, the slow transaction market has limited actionable dispositions. EVP, CIO Eliott Trencher clarified that for the Del Mar acquisition, the in-place rents are below market and the deal was underwritten to a mid-teens IRR, indicating expected growth to reach the stabilized yield, not a high day-one yield.

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President & CEO Stephen Budorick responded that while they are anxious to sell the assets, they are waiting for the interest rate and financing environment to improve to ensure they can achieve strong value for shareholders.

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President and CEO Stephen E. Budorick stated that he does not expect acquisition opportunities from this initiative. He explained that most properties for sale are in downtown D.C. with non-defense tenants, a market COPT avoids, and that mission-critical facilities on military installations will not be sold.

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CEO Stephen E. Budorick responded that he expects development spending to remain, on average, within the company's currently provided range. While acknowledging optimism for increased opportunities under the new administration, he indicated that the current guidance range for spending remains appropriate, allowing for some ebb and flow year to year.

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EVP and COO Britt Snider confirmed the recent data center renewals included higher annual rent bumps of 3%. Regarding the FFO target, EVP and CFO Anthony Mifsud noted that a key variable is the refinancing rate for a $400 million bond due in early 2026. President and CEO Stephen E. Budorick added that the company will continue to report against its 'at least 4%' growth benchmark until the forecast period concludes.

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President, CEO & Director Brent Smith described the rent commencement timing as a "smile," with significant portions starting in Q4 2025/Q1 2026 and again in late 2026. EVP & COO George Wells attributed the leasing momentum to tenants upgrading their office experience, return-to-office mandates, office demolitions, and tenants avoiding properties with distressed capital structures. Management clarified that most activity is tenants moving to higher-quality buildings within the same market, with Dallas being the main exception showing net inbound migration.

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President and CEO Christopher Smith acknowledged the strong leasing momentum, noting that if it continues, guidance could be revised upward on the Q2 call. However, he cited the long lead time from lease execution to cash rent and general economic uncertainty as reasons for current caution. Regarding the dividend, Smith explained the suspension provides about $60 million in annual retained cash flow, which will be prioritized for funding internal growth. He stated a dividend reevaluation would likely occur in the latter part of 2026 at the earliest, as the company focuses on leasing momentum and improving the balance sheet.

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President and CEO Brent Smith expressed confidence in achieving the 89-90% lease percentage target for 2025 and noted strong backfill activity for known 2026 vacancies, which should allow for continued positive absorption. He stated that net effective rent growth is already occurring, particularly in Sunbelt markets where the portfolio is over 90% leased. He characterized rent growth as flat-to-slightly positive in suburban Boston and Minneapolis, but flat-to-negative in the challenging Washington D.C. district, which represents a small portion of the portfolio.

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President and CEO Brent Smith explained that while base rents are rising, tenant improvement allowances have leveled off after a period of increases. He noted the company is successfully reining in free rent, particularly through its spec suite program. On acquisitions, Smith confirmed Piedmont is comfortable operating across the capital stack and would consider acquiring a note to gain control of a strategic asset, but the immediate focus is on deleveraging through non-core sales to prepare for offensive opportunities in 2025.

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EVP of Real Estate Thomas Durels explained that tenant demand is broad-based, attracting a wide variety of industries. He noted current activity includes tenants in consumer goods, finance, legal, professional services, and engineering. While ESRT has a good amount of tech tenants in its portfolio, he stated that recent activity has been more heavily weighted towards the FIRE sector and professional services.

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Chairman and CEO Anthony Malkin confirmed the final suburban asset is being broadly marketed and the process is proceeding as expected. EVP of Real Estate, Thomas Durels, addressed rents by stating that shrinking availability of high-quality space gives them pricing power. He noted they have recently increased asking rents, reduced free rent concessions, and are seeing less resistance on price and terms across the portfolio.

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EVP of Real Estate Thomas Durels confirmed plans to continue raising rents and reducing concessions in 2025, following a 13% year-over-year increase in net effective rents in 2024. President Christina Chiu added that demand is strong across tenant sizes and is migrating toward high-quality assets like ESRT's, creating a supply shortage in that category which supports pricing power.

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Executive Vice President Thomas Durels explained that occupancy will increase into 2025 as over 315,000 square feet of signed-not-commenced leases will more than offset known vacates. President and CFO Christina Chiu clarified that the Williamsburg yield growth to 6% is driven by contractual free rent burn-off and leasing up known vacancy, not speculative rent growth. She added that significant mark-to-market potential exists as many current tenants have below-market rents, creating future upside opportunities.

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President & CEO Gerard Sweeney acknowledged the observation, reiterating that the decision balanced cost of capital against a strong real estate opportunity that serves existing tenants. He emphasized that the company believes it will have capital options to reduce its financial exposure as the project progresses, including bringing in partners or an early sale. He stated that selling the land was considered, but the current path provides a range of capital opportunities throughout the development cycle.

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Executive Vice President Jerry Sweeney confirmed that Spark, owned by the high-credit parent Roche, has no early termination rights. He noted the weighted average remaining lease term is 92 months and that Roche/Spark are proceeding with their adjacent development, indicating a continued commitment to the area. Some of their leases expire at the end of next year, which will be addressed in due course.

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Executive Jerry Sweeney explained that the JVs are structured with preferred equity partners. Recapitalization involves Brandywine buying out these partners at a set price, allowing Brandywine to own 88-90% of the residual position and bring the asset onto its balance sheet or refinance. Regarding a new development, Sweeney clarified that while they are evaluating a few small ($40-50M) possibilities, any decision is contingent on progress with leasing up existing projects, which remains the top priority.

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Executive Jerry Sweeney stated that disposition pricing has been in line with initial expectations. He explained the Commerce Square transaction was an attractive use of cash to buy back high-cost preferred equity. He affirmed that bringing other large development JVs, like those at Schuylkill Yards and in Austin, onto the balance sheet upon stabilization represents a significant future opportunity for the company.

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Peter Moglia, CEO & CIO, clarified that the higher cap rate reflects the transitional nature of the assets being sold. Many have near-term lease roll risk, which buyers are compensated for, and these sales are not representative of the cap rate for the company's core mega campus portfolio.

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Executive Chairman Joel Marcus responded that it's a combination of both. While investors are concerned about macro factors, they are also reacting to changes at federal agencies. However, he expressed confidence in the solid leadership now in place at the FDA and CMS. He noted the NIH has organizational issues to resolve but that the administration is focused on protecting the 'crown jewel' life science industry.

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Executive Peter M. Moglia stated that TIs for new biotech space are essentially "turnkey" and that concessions are stabilizing near a bottom. Regarding dispositions, he noted that while they haven't recently marketed a top-tier institutional asset, institutional partners consistently express a desire to invest with Alexandria, having learned lessons from funding less experienced sponsors.

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Executive Peter M. Moglia acknowledged the recent success with user sales and explained that appetite from traditional investors is highly dependent on the financing markets. He expressed optimism that as lending conditions improve, transaction velocity with institutional investors will increase, which could also lead to better valuations.

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CIO Kevin Crummy characterized prime Westside assets as 'family jewels' that owners are reluctant to sell, limiting distressed opportunities. He suggested that some core funds facing portfolio-wide pressure might become sellers. President and CEO Jordan Kaplan added that the transaction market is 'certainly not a flood.'

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President and CEO Jordan Kaplan reiterated that the residential development opportunity within their existing land is for 'thousands of units' and noted the company now has three such projects underway. He attributed the large-tenant demand rebound to two factors: a shift in tenant mindset away from expecting a dramatic recession, and the increased effectiveness and focus of DEI's own leasing and development platform.

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Executive Stuart McElhinney confirmed that the strong leasing activity was broad-based across all three of the company's regions, with a good mix of tenants and geographies. CFO Peter Seymour responded succinctly that the company's JV partners are 'full on buyers,' indicating no interest in selling their stakes.

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Peter Brindley, EVP, Head of Real Estate, responded that in New York, competition for premier space among large tenants is a primary driver. For San Francisco, he noted the market is recovering, with the strongest Q1 since 2019. He clarified that while law firms represent a flight to quality, the significant increase in AI-based tenants, over half of which were new to the market in Q1, constitutes net new demand.

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Albert Behler, Chairman, CEO, and President, explained that the bid-ask spread is narrowing in both markets but noted New York is currently less risky, while San Francisco offers deep value potential but is about a year behind in its recovery. Peter Brindley, EVP, Head of Real Estate, addressed leasing activity, stating that while current demand is strong from smaller, early-stage tech companies, they are beginning to see inquiries from larger tech firms that have been dormant, driven by the return-to-office movement.

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EVP, Head of Real Estate Peter Brindley explained that Paramount applies a serious and consistent credit review process to all tenants, mitigating risk with newer companies by limiting capital outlay and securing leases with letters of credit. He also clarified that investor return expectations differ significantly by market. San Francisco acquisitions require higher, double-digit returns and are often all-cash deals. New York return requirements have also risen, with investor appetite leaning more towards opportunistic assets rather than core properties.

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Executive Christopher Sullivan clarified that the smaller 5,000 sq. ft. Party City in Hawaii would be leased as-is, while the company seeks a single 14,000 sq. ft. user for the other location. Executive Robert Barton responded to the office question by noting that while overall demand is for smaller spaces, larger tenants have appeared in Bellevue and tenant deal sizes are increasing in San Francisco. He added that tenants are committing to longer lease terms, averaging over 10 years for deals in negotiation.

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The low retail occupancy is primarily due to a large vacancy at Manhattan Mall; excluding that, occupancy is much higher and expected to recover. The company is exploring both sales and refinancings to repatriate portions of its preferred equity. The share repurchase program is currently dormant due to other capital allocation priorities.

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The company's primary acquisition strategy is to buy buildings through their debt, which they see as the easiest entry point. They are focused on both office and retail opportunities. Asset sales remain a key part of their strategy, with four significant sale transactions currently in various stages of discussion.

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