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President and CEO Joey Agree confirmed that the pipelines primarily involve existing tenants, with no material deviation expected in Q4 cap rates, and a strong Q4 pipeline including ground leases. CFO Peter Coughenour stated Q3 credit loss was approximately 21 basis points, reiterating the 25 basis points assumption for the full year, and clarified the comprehensive definition of credit loss.

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Joey Agree, President and CEO, confirmed that Agree Realty is primarily working with existing tenants across all platforms and does not anticipate material cap rate deviations in Q4 2025, noting a strong pipeline including significant ground leases and accelerated development. Peter Coughenour, CFO, clarified that Q3 experienced 21 basis points of credit loss, with 25 basis points anticipated for the full year, emphasizing the comprehensive nature of their credit loss calculation.

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CFO Peter Coughenour stated that credit loss was near the low end of the range (25 bps) in the first half of the year and is expected to remain there based on known issues. The high end of the range (50 bps) includes a cushion for unknown events. CEO Joey Agree added that their definition of credit loss is 'fully loaded,' encompassing lost rent plus all operating expenses on vacant properties to provide a true picture of economic loss.

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CFO Peter Coughenour stated that they can issue commercial paper at rates 40+ basis points inside of their revolver's borrowing cost (which was ~5.2%) and confirmed this benefit is contemplated in the updated guidance. CEO Joey Agree affirmed that investment spreads are indeed wide, stating that 'absent the depths of the pandemic,' there is 'no doubt' that current spreads are wide and the company will be a beneficiary.

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CFO Peter Coughenour stated that the commercial paper program is expected to price 40-plus basis points inside of their revolver's borrowing cost (which was ~5.2%) and confirmed the anticipated savings are included in the updated guidance. CEO Joey Agree concurred that current investment spreads are wide and beneficial for the company, absent the zero-interest-rate period during the pandemic.

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Chief Executive Officer Dallas Tanner emphasized a focus on acquiring new homes through builder partnerships. Chief Investment Officer Scott Eisen elaborated that the single-asset MLS market is quiet, but they are actively evaluating bulk portfolios, end-of-quarter inventory from builders, and stabilized BTR communities from sponsors seeking liquidity. He confirmed they continue to execute forward-purchase projects with national builders.

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EVP & CIO Scott Eisen stated that the cadence of portfolio opportunities remains consistent and the company is focused on dialogues with homebuilders for bulk purchases. He confirmed that dispositions are primarily sold one-by-one to end-users, particularly in markets like California and Florida, to recycle capital effectively.

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CIO Scott Eisen responded that the cadence of portfolio opportunities remains consistent with recent years and that the company continues to find attractive, modest-sized opportunities with homebuilders. Regarding dispositions, he confirmed that the market is primarily end-user focused, with sales concentrated in markets like California and Florida, executed mostly on a one-by-one basis.

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President Charles Young expressed cautious optimism, attributing the improvement to both team execution and high resident quality. He noted that while the trend is positive across the board, they are closely monitoring markets like Atlanta, Chicago, and Southern California where court processing times can affect outcomes. The overall outlook remains positive but watchful of the macro environment.

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CEO, President & Trustee Michael Escalante explained that the dividend adjustment is a forward-looking decision to reflect the company's accelerated shift to a pure-play industrial REIT, anticipating a future without office assets. Regarding lease expirations, he noted very low rollover, with only one lease expiring in 2025 and eight in 2026, representing about 9% of ABR. He added that most of these 2026 leases have tenant-favorable fixed-rate renewal options, leading to an expectation of a high renewal rate.

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Executive Michael Escalante explained that while specific guidance on ABR for the remaining sites isn't provided due to location variety, the company is comfortable with its previously stated return ranges. He noted that capital spending has often been lower than anticipated. Regarding acquisitions, Escalante confirmed the company has liquidity but will maintain a balanced approach between growth and managing leverage, actively pursuing compelling risk-adjusted returns from a full pipeline of deals.

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Matt Windisch, President, explained that the company is actively pursuing residential opportunities across geographies and the capital stack, noting a recent shift toward more equity acquisitions in the U.S. William J. McMorrow, Chairman & CEO, added that the long-term goal is to grow the number of units owned or financed from 70,000 to between 90,000 and 100,000. Justin Enbody, CFO, confirmed the October 3rd loan repayment timing is driven by the expiration of prepayment penalties and the company's strong cash position.

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CEO Jordan Kaplan stated that while the leasing pipeline is 'very good,' he attributes it more to the broad return-to-office movement than specific events. VP of IR Stuart McElhinney explained that quarterly cash spreads fluctuate with the mix of leases and pointed to the positive straight-line spread as a more stable indicator of lease value, given their high built-in annual rent escalators.

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President and CEO Jordan Kaplan clarified that redevelopment commitments are already in motion. He noted that share buybacks are reserved for extreme valuation dislocations. For new acquisitions, he expects to continue including partners to maintain those key relationships, stating that partners have historically participated in deals presented to them.

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Chairman and CEO Steven Roth described the 34th Street project as a long-term plan to redevelop 700 front feet of retail, stating the timing is 'now' but specific lease-up timelines are not set. President and CFO Michael Franco reiterated that while revenue will build, the earnings growth will be back-end loaded, with a steep increase from 2026 to 2027.

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CEO Shawn Tibbetts stated that the combined cap rate for the multifamily acquisitions would be around 6%, with opportunities for operational synergies. For the disposition of the fully-leased office and retail asset, he estimated a cap rate in the mid-6% range. Tibbetts emphasized that the primary goal is to execute transactions that are accretive relative to their recent private placement debt cost of 5.86%.

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EVP of Operations Richard Hickson identified Phoenix as the market with a negative rent roll-up, attributing it to a single challenging lease comparison. President and CEO Colin Connolly stated that any dispositions would be driven by new investment opportunities rather than a formal program, prioritizing older, high-CapEx assets and non-core land.

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President John McLaren explained that while there is a concentration of annual RV renewals in the early part of the year in southern markets, renewals are generally pro-rata for the remainder of the year. Regarding manufactured housing, he stated the focus is on real property income, and with occupancy near 98% and low turnover, home sales trends in the second half are expected to be similar to the first half.

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Executive John McLaren explained the RV softness is due to a shift toward shorter booking windows and challenges with Canadian guests, which became more pronounced in early April. He noted that while the company is following the current pacing data for its revised forecast, the transient business remains a key pipeline for converting sites to more stable annual revenue. He emphasized the focus is on retaining existing annual guests.

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Executive Gary Shiffman explained that the sale was an opportunistic deal that the entire board evaluated. He emphasized that the transaction allows Sun to monetize a successful investment, sharpen its focus on core MH and RV segments, and enhance its balance sheet, positioning the company well for the future.

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President & CIO Joseph Fisher explained that while the initial guidance factored in the non-accrual drag from the loan, it did not include the subsequent $4 million income recapture from the developer, which was a positive variance. SVP & COO Michael Lacy added that the team has already increased the property's occupancy from 83% to 93% since the takeover. On lease spreads, Lacy confirmed UDR captures all leases, and a like-for-like comparison (88% of leases) would yield a result within 10-20 basis points of the reported figure.

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COO Mike Lacy indicated that Florida markets like Tampa and Orlando are likely at or past their trough and are showing positive momentum. He expects Texas and Nashville to lag, with Nashville potentially seeing positive momentum late in 2025 or early 2026. Lacy identified Austin as the laggard of the group due to significant supply, projecting it will be the end of 2025 or into 2026 before that market sees a positive inflection.

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EVP Timothy Argo attributed the durable renewal strength to high customer service, thoughtful pricing analysis, and steady portfolio churn. He expects turnover to remain low in the second half, noting that renewal acceptance rates in Q3 are trending slightly better than in 2024 and key drivers of turnover remain subdued.

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CEO Greg Silvers explained that while the overall coverage improvement was largely driven by the theater recovery, other segments remain stable. He acknowledged that consumers are value-conscious, but noted that 'eat and play' tenants are actively responding with promotions to engage customers, and the consumer remains resilient in seeking out experiences.

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EVP & Chief Investment Officer Rylan Burns explained the JV allows Essex to remain active in the preferred and mezzanine space, leveraging its expertise while limiting FFO volatility to under 4%. President & CEO Angela Kleiman clarified that the second-half rent spread deceleration is relative to a first half that significantly outperformed expectations, particularly in Northern California. The guidance for the second half simply reverts to their original, more moderate plan.

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Executive Barb Pak clarified that a guidance raise would have focused on Core FFO, driven by one-time preferred equity income. On capital allocation, Executive Rylan Burns stated they would like to replicate the successful Q1 dispositions, while Executive Angela Kleiman added that for the next 2-3 years, the upside in their existing markets, particularly Northern California, is more compelling than expanding to new markets.

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CEO Jason Fox explained the higher bumps are a combination of pushing for stronger fixed escalators on new deals and the current focus on industrial properties, which command higher bumps than retail. He emphasized the attractive mid-9% average yield over the lease term. For developments and build-to-suits, he noted they target a 25-50 basis point premium over standard acquisitions, with even higher spreads on expansions for existing tenants, an area they are actively looking to grow.

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CEO Jason Fox explained that the higher 2.8% fixed bumps are a result of both doing fewer inflation-linked deals and the current focus on industrial properties, which command higher escalators than retail. Regarding developments, he noted that build-to-suits typically yield a 25-50 basis point premium over acquisitions, with even higher spreads on portfolio expansions, a segment they are actively looking to grow with their in-house team.

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CEO Jason Fox explained that the higher fixed bumps are a result of both the industrial-heavy deal mix and a strategic push for stronger fixed escalators in lieu of inflation-linked ones. Regarding developments, he noted W. P. Carey has a $300 million pipeline of projects, which typically yield a 25-50 basis point premium over standard acquisitions, with even higher spreads on expansions within the existing portfolio, leveraging their in-house project management team.

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CFO ToniAnn Sanzone explained that the guided range refers to top-line revenue loss, but a factor for downtime-related property expenses is built into a separate assumption. Head of Asset Management Brooks Gordon added that repositioning capital needs are expected to be moderate and are not a major factor, as tenants typically handle their own fit-outs.

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Hilary Spann, EVP of the New York Region, described it as a 99-year ground lease with knowable, documented payment increases. Michael LaBelle, EVP, CFO & Treasurer, added a key detail: the lease has no market value resets, with increases tied to the property's performance, making it attractive for underwriting and financing.

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CFO Michael LaBelle reported that while credit spreads widened, they are now tightening for high-quality issuers like BXP. He estimated a 10-year unsecured bond could be issued at a spread of approximately 180 basis points, or a ~6% fixed rate. He noted that while the CMBS market also saw volatility, high-quality, lower-leverage deals remain financeable, and the commercial paper market has stabilized.

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EVP & CIO Eliott Trencher noted a diverse buyer pool, including institutional, high-net-worth, and owner-users, with good depth across recent transactions. CEO Angela Aman added that more institutional buyers are returning, signaling growing conviction in the West Coast office recovery. Aman also confirmed the share buyback program has approximately $400 million in remaining authorization.

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CEO Angela Aman confirmed that an exceptionally strong Q4 2024 pulled some deals forward and a few others slipped into April, affecting Q1 volume. EVP and Chief Leasing Officer Rob Paratte highlighted that the forward pipeline is robust, with San Francisco and Bellevue being particularly active, while Los Angeles is slower but showing signs of recovery. Aman emphasized that portfolio-wide tour activity was up 40% year-over-year.

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President & CEO Mark Manheimer explained that while the typical notice period is six months, the company is proactive in renewal discussions, especially when engaging with tenants on other matters. He expressed high confidence that nearly all leases expiring in 2026 will renew at their option rent.

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President & CEO Mark Manheimer explained that while formal notice periods are typically six months, the company is proactive in discussing renewals earlier, especially when engaging with tenants on other matters. He expressed high confidence that nearly all of the leases expiring in 2026 will be renewed by the tenants.

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CEO Mark Manheimer explained that lease notice periods are typically six months, but they proactively engage in renewal discussions when appropriate, without waiting for the deadline. He expressed high confidence that nearly all of the leases expiring in 2026 will be renewed by the tenants.

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CEO Mark Manheimer explained that while formal notice periods are typically six months prior to expiration, the company is proactive in its discussions, often looping them into other ongoing conversations with tenants. He expressed strong confidence that nearly all of the leases expiring in 2026 will be renewed at their option rents.

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CEO Mark Manheimer explained that their underwriting filter remains the same, but different opportunities are passing through it as cap rates have moved more for non-investment-grade tenants. He confirmed a strong preference for smaller, fungible boxes and stated they are very cautious with larger assets due to the difficulty and cost of repositioning them.

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CEO Pete Mavoides explained that G&A is an output of their primary goal: driving sustainable earnings growth. He stated that the company invests in its teams to support the growing portfolio and execute its business plan, rather than managing to a specific G&A ratio.

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CFO Mark Patten estimated the headwind in the guidance was no more than $0.01 to $0.02, assuming the stock price remains relatively stable. Executive Robert Salisbury directed her to new disclosure on page 25 of the supplemental package, which shows the specific share impact from the dilution, noting it was 1.1 million shares for Q1.

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CEO Mahbod Nia suggested that while it's too early for conclusions, potential NYC policies could make the Jersey City Waterfront a beneficiary due to its proximity and existing tax advantages. COO Anna Malhari noted that while it was only three weeks into the new quarter, renewal notices were being sent out at mid-single-digit increases, consistent with recent trends.

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Chief Executive Officer Mahbod Nia stated the strategic focus remains on the previously announced plan to sell $300-$500 million in non-strategic assets and recycle the capital into debt repayment and share repurchases. Nia and Chief Financial Officer Amanda Lombard explained that while no negative operational trends are currently visible, the decision to maintain guidance is a prudent measure given significant macroeconomic uncertainty. Lombard also noted that Q3 same-store NOI faces a difficult comparison to the prior year's favorable tax and insurance results, which tempers the full-year outlook.

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COO Anna Malhari explained that with approximately two-thirds of leases rolling in Q2 and Q3, they expect the strongest lease growth during the summer, following a typical Q1 slowdown. CEO Mahbod Nia added that the pace of redevelopments like Liberty Towers is determined by unit availability and the need to minimize disruption for residents, confirming that capital is not a constraint and the company has plenty of liquidity.

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CEO Marguerite Nader provided context on the resilience of the annual RV customer base, which resembles a second-home owner. President & COO Patrick Waite specified that the guidance reduction was driven by an occupancy miss, not rate. He attributed this to higher-than-expected attrition at approximately 20 properties in the North and Northeast, and storm damage taking some marina slips offline, which are expected to be repaired in coming quarters.

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CEO Marguerite Nader provided context on the stability of the annual RV customer base, while President & COO Patrick Waite explained the guidance change was driven by an occupancy miss. He specified that higher-than-expected attrition at approximately 20 properties, primarily in the North and Northeast, and storm-related slip damage at two marinas were the main causes.

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CEO Marguerite Nader provided context on the resilience of the annual RV customer base. President & COO Patrick Waite specified that the Q2 miss was driven by lower occupancy, primarily from higher-than-expected attrition at approximately 20 properties in the North and Northeast. He also noted that storm damage took some marina slips offline, impacting marina annual revenue.

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CEO Marguerite Nader provided context on the resilience of the annual RV customer base. President & COO Patrick Waite specified that the guidance change was driven by an occupancy miss, primarily due to higher-than-expected attrition at approximately 20 properties in the North and Northeast, and storm damage taking some marina slips offline.

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CEO Marguerite Nader contextualized the annual RV customer base as a resilient, long-term revenue stream. President & COO Patrick Waite specified that the Q2 revenue miss was driven by lower occupancy, not rate. He attributed the weakness to higher-than-expected attrition at approximately 20 properties in the North and Northeast, and storm damage taking some marina slips offline.

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Paul Seavey, an executive, stated that the guidance assumes a modest increase in MH occupancy through year-end. Patrick Waite, an executive, added that while Q1 home sales faced headwinds from Florida hurricanes, underlying demand is consistent, highlighted by a 14% mark-to-market on new leases. He noted new home sales are the primary driver of occupancy, with used sales being a small part of the business.

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Randall Starr, Co-CEO & CFO, stated that he expects about a 100 basis point spread on average between the cap rates on dispositions and acquisitions. Stephen Preston, Chairman & Co-CEO, added that this recycling strategy also serves to increase the portfolio's weighted average lease term. In response to the second question, Randall Starr confirmed that FrontView does not disclose tenant rent coverage metrics at this time.

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An executive explained that there is typically a 50 basis point decline from the initial renewal offer to the final signed lease. President and CFO Alex Jessett added that for the second quarter, they are assuming renewal rates will be in the high 3% range, which is consistent with the offers being sent out and the expected take rate.

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Executive Steven Durels responded that there has been no material change in leasing timelines or tenant sentiment. Regarding concessions, he stated they have been stable, but noted that rising face rents on Park and Sixth Avenues could lead to future pressure on concessions in those strong submarkets.

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