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CEO George Chappelle stated that the second half of the year will look a lot like the first, with no seasonal uplift factored in. CFO Jay Wells added that they removed a previously expected 200 bps sequential occupancy build. Chappelle explained that while transitory macroeconomic factors like interest rates and inflation need to improve, Americold is actively pursuing alternative growth in its retail and QSR business and in international markets to counteract the headwinds.

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CFO Jay Wells confirmed that Q1 results were in line with expectations and the guidance revision was driven by a more muted outlook for the seasonal inventory build in the second half of the year. CEO George Chappelle added that the absolute dollar value of fixed commitments increased, indicating that new deals and positive renewals outweighed any reductions from customers with occupancy gaps.

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CEO George Chappelle stated that all development projects are underwritten to a standard 10-12% return, regardless of type. President of Americas Rob Chambers added that the current projects in progress span all strategic priorities. Regarding Port St. John, Chappelle described it as a unique and fortuitous opportunity where a DP World port project had a CPKC railhead, allowing for a powerful combination of capabilities.

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President, CEO & Director Donald Wood confirmed the strategy, noting one pending deal is in a new market while another is in a historical one. He stated the acquisitions would be immediately accretive, with going-in cap rates in the high-sixes to low-sevens range.

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CEO Donald Wood explained that the impact is significant. For development, uncertainty around construction costs due to tariffs creates a lack of predictability that makes it hard to commit to new projects, especially stick-built residential. For acquisitions, underwriting now requires factoring in a downside economic scenario, which disproportionately impacts the IRR in the early years of a deal.

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EVP & CFO Daniel Guglielmone confirmed that the FFO impact is a matter of timing, with the hit from ceasing capitalized interest occurring in 2025. The projected $0.12 to $0.14 benefit is indeed net of that burn-off and is expected to flow to the bottom line, primarily in 2026 as rents commence.

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CFO Daniel Guglielmone explained the discrepancy by noting that occupancy is a point-in-time metric at quarter-end, and the weighted-average occupancy for Q3 was lower because many move-ins occurred late in the quarter. He also mentioned that some temporary, one-time expenses hit the comparable pool in Q3, leading to a more conservative stance on the full-year guide, but he anticipates a strong Q4 as the higher occupancy is fully recognized.

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CEO Greg Lehmkuhl described the pressure as broad-based across categories. CFO Rob Crisci quantified the tariff impact, stating that an estimated $10 million NOI headwind is embedded in the second-half guidance. This reflects a mixed impact where some locations see higher inventory due to tariffs while others see less, resulting in a net negative effect.

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CEO W. Lehmkuhl stated that despite current inventory rationalization, the company is hearing directly from customers who are seeing demand and using discounts to move products. He believes that historically low inventory levels will necessitate restocking, positioning Lineage to benefit from its productivity and tech investments.

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President and CEO Stephen Yalof described remerchandising as a perpetual process with no defined end, focused on constantly bringing in new brands. He stated that tariff uncertainty has not deterred retailers, who are making long-term decisions. He highlighted that with over 2.8 million square feet leased in the past year, demand remains strong, partly due to the scarcity of new retail development.

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President & CEO Stephen Yalof explained that acquisitions are currently more cost-effective than development and that the company is confident in its ability to add value to full-price centers. He stated there is no set limit on non-outlet ownership; the focus is on strategic acquisitions where Tanger can leverage its platform to create significant value, regardless of the center type.

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President & COO John Payne listed theme parks, indoor water parks, ski resorts, and sports (professional, collegiate, and youth) as key focus areas, emphasizing education and partnership. CEO Edward Pitoniak added that growth-minded operators looking to expand their 'store count' are the primary drivers of sale-leaseback activity. Payne confirmed VICI is actively building relationships in youth sports and is open to partnering with private equity or competing, depending on the situation.

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CEO Ed Pitoniak emphasized the strong cultural and strategic alignment with Cain and Eldridge, suggesting VICI will be a partner of choice for them. President & COO John Payne noted that the scale of VICI's assets, like the Venetian, provides significant opportunities for partner property growth funding. He added that operators continue to show excitement for reinvesting capital, particularly in Las Vegas, with 2025 trends looking similar to 2023 and 2024.

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President & CIO Ross Cooper described the JV platform as a 'tool in the tool belt' with interested partners. However, he stated the current focus is on capital recycling—selling low-growth assets to fund wholly-owned, higher-growth acquisitions, while keeping the JV option for future scalability.

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Ross Cooper, President & CIO, observed a 'wait and see' approach in the transaction market since the tariff news. He emphasized that Kimco's 2025 plan is not dependent on external growth, giving them flexibility. He reiterated that they evaluate all accretive capital opportunities, including acquisitions, structured deals, and buybacks, to determine the best use of funds at any given time.

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COO David Jamieson clarified that the Coulter Place yield range was simply tightened, not lowered, as it's the only mixed-use project currently posted. He affirmed that redevelopment remains a focus but is retail-driven, and backfilling space with less capital is often a better option. CEO Conor Flynn added that while mixed-use development is beneficial, its returns are currently lower than other uses of capital, leading to creative structuring to mitigate costs.

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President & CIO Ross Cooper suggested sellers are often driven by liquidity needs, leading them to sell their most liquid assets like open-air retail centers. Regarding the Waterford deal, he noted that while pricing might be different today, the long-term value of the asset and the favorable assumed CMBS loan were key factors, making short-term market fluctuations less critical.

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President & CIO Ross Cooper suggested sellers are motivated by factors like liquidity needs, with open-air retail being a liquid asset class. Regarding Waterford, he noted the deal was complex and included assuming a favorable 4.86% CMBS loan, emphasizing the long-term value of the asset at the agreed-upon price.

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MD & CEO Toni Sanzone identified the normalization of other lease-related income and the assumption of the full rent reserve in H2 as the primary drivers for the back-half AFFO outlook. CEO Jason Fox explained their strategy focuses on sub-investment grade, large companies with critical real estate, a discipline they have honed over time. He attributed the strong deal flow to a stable interest rate environment and WPC's reputation for execution.

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MD & CEO Toni Sanzone clarified that the back-half AFFO forecast is impacted by the timing of lease-related income and the conservative assumption that the entire rent loss reserve will be taken in Q3/Q4. CEO Jason Fox explained their disciplined underwriting process focuses on large, sub-investment grade companies with operationally critical real estate. He attributed the strong deal environment to a more stable interest rate climate, which has narrowed bid-ask spreads and increased transaction activity.

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CEO Jason Fox stated that the investment pipeline is priced at a mid-7% weighted average cap rate, consistent with Q1 and the prior year. The pipeline is split roughly 50/50 between North America and Europe and is weighted towards industrial and warehouse properties. Fox also confirmed that the company's guidance model assumes a 100 basis point spread between asset sales and new investments.

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CEO Jason Fox explained that the U.S. retail strategy is an addition to, not a replacement for, their core focus on warehouse and industrial, aimed at expanding the overall opportunity set. He noted that the current ~$300 million pipeline has a 10-20% retail component, with cap rates in the 7s but slightly lower rent escalators compared to industrial assets.

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CEO Jason Fox clarified the retail focus is about expanding the opportunity set for growth, not a decline in industrial prospects. He noted U.S. retail is the largest net lease market where WPC can gain share. Regarding the pipeline, he expressed confidence that most of the over $500 million in deals will close by year-end, helping to achieve the midpoint of investment guidance, with cap rates generally in the 7% range.

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CEO Pete Mavoides clarified that the industrial investments were granular deals, not a single large bet, and did not represent outsized risk. Regarding the ATM, he stated that the company is in a strong liquidity position and will use the program opportunistically based on market conditions to maintain its balance sheet strength.

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CEO Peter Mavoides confirmed the change in casual dining exposure was a mix of dispositions and a reclassification of some properties to fast-casual. Regarding the lending environment, he noted that while challenging financial markets can increase tenant demand for sale-leasebacks, this is often mitigated by lower overall transaction activity. He concluded that the year is off to a great start and they remain aggressive in deploying capital.

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Executive A. Peil explained that the positive re-leasing stat was episodic, driven by a high number of contractual lease renewals with larger-than-usual rent bumps during the trailing 12-month period. CEO Peter Mavoides added that future results will depend on the mix of renewals versus re-letting vacant assets. Regarding the CCC+ bucket, A. Peil clarified that while tenants move between categories, the company focuses on the unit-level coverage, noting that more than half of that bucket has coverage greater than 2x, which provides confidence.

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CEO Peter Mavoides explained that the company is conservatively planning for potential 10-year volatility and noted that tightening credit spreads are an equally important factor fueling competition. He confirmed a sustained high 10-year would be favorable. He attributed the wide Q4 AFFO guidance primarily to the timing uncertainty around settling the $600 million of outstanding forward equity.

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COO Laura Clark expressed confidence, stating that while lease-up timing was pushed out by about one month on average, there is active negotiation on 80% of the remaining 1.5 million square feet. CFO Michael Fitzmaurice added that in a worst-case scenario where none of that space was leased, the impact to full-year guidance would only be about one cent per share.

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COO Laura Clark confirmed there is some pressure on lease terms, but it is concentrated in specific submarkets and size ranges. She explained that the 3.6% average was primarily influenced by leases for spaces over 100,000 square feet, which averaged 3.4% escalators, while smaller-format spaces continue to achieve rent steps closer to 4%.

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CFO Mike Fitzmaurice stated that guidance reflects current market realities, including recent positive momentum. COO Laura Clark added that while greater clarity on interest rates is unlocking pent-up demand, tenants remain thoughtful and are taking longer to make decisions, which extends the lease-up period for new development projects despite the overall increase in activity.

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Chris Caton, MD of Global Strategy & Analytics, highlighted diverse demand from food & beverage, e-commerce, light manufacturing, and auto parts, with 3PLs also returning. President Dan Letter explained that build-to-suit users are large, long-term focused Fortune 500 companies seeking large, modern buildings (1M+ sq. ft.) that are not available in the spec market, making Prologis's land bank a key differentiator.

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CEO David Simon acknowledged that they are 'instinctively... more cautious right now' but are still pursuing long-term opportunities. CFO Brian McDade added that market volatility can create opportunities and they remain 'clinical with our capital.' They are proceeding with the development pipeline but are being thoughtful and mindful of rising construction costs.

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Chairman and CEO David Simon explained that investments in 'B' malls involve a mix of adding new anchor boxes, renovating common areas, and upgrading the tenant mix with new restaurants and retailers. He cited the Smith Haven mall project as an example that is expected to generate a 12% return, highlighting a focus on reenergizing these important community assets.

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David Simon, Chairman, CEO, and President, stated that there is still room to grow occupancy and that the primary focus remains on improving the merchandising mix. Brian McDade, CFO, clarified that the OPI contribution for the year is now expected to be negative $0.05 to $0.10 per share, but this shortfall is being offset by stronger-than-expected performance from the core real estate FFO.

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Doug Healey, SVP of Leasing, stated the executive leasing committee reviews a mix of new and renewal deals, sometimes taking space offline to enhance merchandising. Brad Miller, SVP of Portfolio Management, noted the percentage of new leases is expected to be higher than the historical average. Regarding yields, Doug Healey attributed the change to marginal cost increases at the FlatIron and Green Acres projects.

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CEO Sumit Roy explained the strategy evolved from a value play to a strategic approach of controlling retail footprints, which attracts major retailers and creates value uplift. He noted significant cap rate compression since the initial investments and rents that are 5-6% below market. He estimated vacancy risk at 1-2% and stated CapEx is not substantially different from U.S. assets.

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CEO Sumit Roy projected a roughly 50/50 split between U.S. and international investments for 2025, similar to the 2024 outcome. He clarified that the current focus is on maturing the platform in existing European markets like the U.K., Spain, and Germany, rather than entering new geographies.

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CEO Sumit Roy clarified that the private fund is a complementary vehicle designed to pursue opportunities with higher long-term total returns but lower initial yields, which are difficult for the public REIT to acquire due to the market's focus on first-year accretion. He cited industrial and data center assets as examples of opportunities the fund could pursue. Roy stated this structure allows Realty Income to expand its investable universe and monetize its platform.

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CEO Mark Manheimer clarified that acquisition volume would not increase without an improvement in their equity price. He stated the transaction market has not changed significantly and confirmed the 75 basis points of potential rent loss in guidance is a general provision for unknown events, not tied to any specific tenant.

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CEO Mark Manheimer described the non-IG acquisitions as having longer lease terms and contributing to the portfolio's internal rent growth, which now exceeds 1%. He clarified that Big Lots is expected to resume paying rent in January. Regarding CVS, he stated the company has a strong relationship, many assets are from blend-and-extend deals, and the previously announced CVS closure program should be winding down.

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CEO Jim Taylor highlighted that tenant disruption creates opportunities for integrated platforms. CIO Mark Horgan added that while the market has slowed as participants assess volatility, some deals are still pricing well. He anticipates the transaction pipeline will build, creating opportunities for well-capitalized firms like Brixmor in the second half of the year.

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CFO Steven Gallagher detailed the guidance, which includes a 200 basis point drag from tenant disruption at the midpoint: 100 bps from known lease rejections and 100 bps for potential future disruption. He noted that the stacking of rent commencements provides excellent visibility for growth through this disruption.

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EVP & CFO Steven Gallagher detailed the guidance, which includes a 200 basis point drag from tenant disruption (100 bps known, 100 bps potential) and a normal-course bad debt assumption of 75-110 basis points. CEO James Taylor added that strong leasing momentum positions them to achieve the 3.5% to 4.5% growth guidance despite these headwinds.

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President and CEO Lisa Palmer reiterated that development remains the top priority, but the company will pursue compelling acquisitions. Nicholas Wibbenmeyer, West Region President and CIO, added that investor appetite is strong for their asset class. He noted they target ground-up development yields north of 7%, which creates a spread of 150+ basis points over market cap rates for similar stabilized assets, implying a trading cap rate in the mid-5% to 6% range.

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Executive Vice President Peter Schultz acknowledged that Denver is working through elevated supply but noted improving market occupancy and increased tenant urgency. President and CEO Peter Baccile identified Pennsylvania, Texas, and Florida as key focus areas for new development starts. Chief Financial Officer Scott Musil confirmed the funding strategy remains consistent, utilizing excess cash flow, asset sales, and borrowings on the line of credit.

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