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CEO Paul T. McDermott suggested early-year concerns about the D.C. market were overblown. COO Tiffany Butcher added that D.C. metro rent growth is outpacing the national average, with strong occupancy, and that projected defense spending could offset federal workforce reductions. CFO Steven Freishtat deferred questions on transfer taxes and management incentives to the upcoming proxy, confirming that all expected transaction costs are included in the current estimates.

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President & CFO Alex Jessett noted that while some peers are more competitive on concessions, Camden's performance varies by market, with Washington D.C. outperforming expectations while Austin remains soft due to heavy supply. Chairman & CEO Ric Campo added that an industry-wide focus on maintaining occupancy amidst economic uncertainty is tempering new lease rate growth, despite healthy consumer fundamentals.

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SEVP & CFO Christopher Lau attributed the revenue guidance increase primarily to an improved bad debt outlook, now expected to be around 1% for the year. CEO & Trustee Bryan Smith noted that Florida markets are performing well despite supply pressures, reinforcing confidence. He explained that the company's diversified strategy allows it to capitalize on strong, low-supply markets like the Midwest and Seattle while also pursuing long-term growth opportunities in other key regions.

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Chairman & CEO Gary Shiffman explained that after a thorough search, the board selected Charles Young for his extensive leadership experience in real estate operations and investment, particularly his recent role as President of Invitation Homes. Shiffman's new role will be to support Charles and provide access to his industry experience. President John McLaren added that Charles's diverse background will enhance the team's strategic capabilities, and he is excited to welcome him.

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COO Sean Breslin stated it was too early to comment on the 2026 earn-in but expects rent change in the second half of the year to be similar to the first half. Regarding the Dallas acquisition, Breslin and CEO Benjamin Schall confirmed that performance is tracking as expected and the company is realizing the benefits of increased scale in that market.

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SVP & COO Michael Lacy identified the West Coast, particularly San Francisco and Seattle, as performing better than expected, while the Sunbelt has not improved as quickly as anticipated. Regarding Los Angeles, which represents about 3% of NOI and is concentrated in Marina Del Rey, Lacy stated that Q2 occupancy was 96% with 1-1.5% blended rent growth. He noted recent trends show occupancy rising to 97% but with some rent weakness and concessions increasing slightly to 1-1.5 weeks.

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CEO Dallas Tanner affirmed the long-term strategy of focusing on Sunbelt and coastal markets despite near-term noise on new leases. He explained that for acquisitions from builders in these markets, INVH secures significant discounts, allowing for conservative rent underwriting. EVP & CIO Scott Eisen added that this is part of a capital recycling strategy, selling older homes to reinvest in new inventory in core markets.

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CEO Dallas Tanner affirmed the company's long-term strategic focus on Sunbelt and coastal markets, despite near-term softness on new leases. He explained that for new acquisitions in these markets, they secure significant discounts from builders, allowing for conservative rent underwriting. CIO Scott Eisen added that this is part of a capital recycling strategy, where they sell older homes to reinvest in new, higher-quality inventory in core markets.

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CEO Edward Pitoniak stated that while bonus depreciation should unleash a strong wave of capital investment, VICI's investment scope remains focused on the experiential category and would not shift to other areas like data centers. Regarding the dividend, he explained that VICI focuses on growing AFFO per share through all forms of capital deployment to support dividend growth, rather than decomposing the dividend based on the source of the underlying cash flow (debt vs. equity).

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EVP of Operations Janice Richards identified Dallas, Tampa, and Denver as markets that underperformed expectations due to significant supply pressures, while Lexington, Columbus, and Oklahoma City showed strength. President & CFO Jim Sebra noted that July new lease trade-outs were in line with June, and renewal notices for September and October were sent in the 3% range.

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EVP & Chief Investment Officer Rylan Burns stated that while Essex has been acquiring assets closer to a 5% cap rate, the broader market for institutional properties in Northern California has compressed to the low-4% range. He noted that while they are tracking Los Angeles closely, many well-located submarkets there still trade competitively in the mid-to-high 4% range, and they will allocate capital based on the best risk-adjusted returns.

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Executive Barb Pak confirmed they are currently in the renewal process. While it's too early for specifics, she anticipates a moderation from the 20-30% annual premium increases seen in the last two years, reflecting a broader industry trend. She noted it was too early to determine the impact of recent hurricanes on their renewal.

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EVP & CFO Mike Mas likened such deals to an M&A mindset, noting they are infrequent but that Regency's high-quality currency and platform are attractive to sellers. President & CEO Lisa Palmer reiterated their strict discipline: any transaction must be accretive to earnings, future growth, and portfolio quality. Mike Mas added that the SoCal deal is expected to be two cents accretive on an annualized basis, underscoring its quality.

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CFO Mike Moss compared such opportunities to M&A, noting they are infrequent but that Regency is an attractive partner due to its quality portfolio and growth prospects. CEO Lisa Palmer reiterated their disciplined approach: any transaction, regardless of size, must be accretive to earnings, future growth, and overall portfolio quality. Moss added the recent SoCal deal is expected to be two cents accretive on an annualized basis.

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President and CEO Lisa Palmer stated that the company's strategic playbook remains firm, with a continued focus on essential, service, and value-oriented centers. Alan Roth, East Region President and COO, added that discretionary retail is a very small part of the portfolio and their leasing approach will remain intentional and focused on well-capitalized operators.

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Owen Thomas, Chairman & CEO, opined that AI will create high-value jobs in gateway cities where BXP operates, while potentially reducing back-office roles elsewhere. Douglas Linde, President & Director, added that long lease terms being signed suggest clients are not planning for headcount reduction and noted significant demand from new AI startups, particularly in San Francisco.

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EVP & Chief Leasing Officer A. Robert Paratte explained that younger AI firms often seek pre-built, expandable space with efficient floor plates around 30,000 sq. ft. CEO Angela Aman added that these tenants prioritize speed-to-occupancy and landlords who can accommodate their rapid growth. Key amenities include outdoor space, fitness, and food options.

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EVP & CIO Alexander Brackenridge stated they are looking at developments in both legacy suburban markets (Boston, Seattle) and expansion markets, targeting a challenging 6% yield on cost. President & CEO Mark Parrell added that they favor a flexible JV model to leverage partner overhead. Regarding AI, EVP & COO Michael Manelis said the focus is on customer experience and operational efficiency. Mark Parrell expanded that technology is being used company-wide to retard G&A growth over time rather than for immediate savings.

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CFO Kelvin Moses described the AI strategy as focusing on practical efficiencies and empowering the team with data, noting it's too soon to quantify financial impacts. CEO Scott Brinker discussed the benefits of the inpatient-only rule change for their high-acuity outpatient centers, positive tax treatment for R&D, and the complex but potentially positive implications of most-favored-nation drug pricing. He affirmed their R&D focus remains on the three core markets (Bay Area, Boston, San Diego) due to the talent convergence of tech and biology.

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Chairman & CEO Anthony Malkin responded that maturing debt from 2023-2024 may create more opportunities, noting ESRT has pursued but missed on some deals while remaining disciplined. Regarding the board appointment, Mr. Malkin explained that George Malkin was unanimously elected to fill a vacancy, citing his qualifications, two years of experience as a board observer, and existing contributions to the company. He clarified that George Malkin will not be an officer of ESRT.

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President & COO Patrick Waite stated that consistent demand should support MH rate increases, and RV annuals have maintained strong rate growth despite some attrition. EVP & CFO Paul Seavey clarified the notes receivable increase was a loan to a joint venture. He explained that occupancy was essentially flat, with the reported percentage skewed by new expansion sites, and confirmed that customer delinquency remains very low.

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CEO Hamid Moghadam identified 'FOMO' (fear of missing out) as a key dynamic, suggesting that once some tenants begin making capital expenditure decisions, others will follow. He pointed to continued confusion around inflation and tariffs as a source of uncertainty that makes short-term predictions difficult, but reiterated his confidence in the long-term prospects of the business.

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CEO Jim Taylor characterized the potential impact as second-order, likely manifesting as additional retailer disruption, for which he believes the company has an appropriate provision in its guidance. He stressed that the strong, signed-but-not-commenced pipeline provides tremendous visibility for 2025 and 2026, as tenants are already making leasing decisions for future years.

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