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President and CEO Stephen Horn explained that the second-half forecast reflects conservatism due to a lack of Q4 visibility, not a lack of opportunities. He noted that new relationships were primarily in the auto service sector. EVP & CFO Vincent Chao added that cultivating new relationships is key for future deal flow.

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President and CEO Stephen Yalof explained that the strategy of attracting new brands like Sephora and adding food, beverage, and service uses is driving traffic, increasing dwell time, and boosting sales. He noted that the early back-to-school marketing campaign successfully resonated with consumers concerned about potential tariffs, driving early shopping activity, and that retailers are well-inventoried for the holiday season.

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President and CEO Stephen Yalof expressed confidence that the outlet channel is well-positioned for a cyclical environment, noting that the discount channel is expected to be a significant contributor to retailer sales. He highlighted the success of their retenanting strategy using Sephora as a case study, which helps attract younger, aspirational shoppers and drives traffic through targeted marketing, reinforcing the company's strategic direction.

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Chairman, CEO & President David Simon described tenant demand as "unabated," emphasizing that the physical retail environment remains strong. He highlighted Simon's consistent operational excellence and stable management, contrasting it with competitors that have undergone restructurings, and stated the company is bullish despite headline risks.

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Chairman, CEO & President David Simon described tenant demand as "unabated," stating that the physical shopping environment remains strong despite geopolitical and economic uncertainty. He highlighted Simon's consistent operational track record and stable management, noting that traffic is up, sales are holding steady, and the properties continue to improve.

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Chairman and CEO David Simon stated that Simon leads the industry with its national advertising campaigns, the rebranding of Premium Outlets to ShopSimon, a forthcoming loyalty program, and thousands of traffic-driving events. He emphasized a strong ROI from these digital-first marketing efforts, asserting they are 'leaps and bounds' ahead of peers in data and digital commerce.

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David Simon, Chairman, CEO, and President, highlighted the mall's role as a gathering place and discussed the strategic importance of digital commerce. He explained the rebranding of their digital marketplace to 'Shop Simon' after proving the concept. The long-term strategy involves creating a 'flywheel' effect by integrating a loyalty program and 'Simon Search' to facilitate services like ship-from-store and in-mall pickup, reinforcing the physical mall's value while capturing digital sales.

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An executive detailed Witten's forecast for a significant decline in new completions in Camden's markets through 2027. Chairman & CEO Ric Campo added that while Witten's model assumes slowing job growth, less job creation is needed to drive strong rent growth given the dramatic drop in new supply and the high affordability of apartments relative to homeownership.

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Chairman and CEO Richard Campo clarified that today's market dynamics differ from the GFC. He stated that instead of widespread financial distress, the opportunity lies in better pricing compared to the market peak, with cap rates now in the 4.5% to 5% range versus the prior 3% range. He used the recent Camden Leander acquisition in Austin as an example of buying a high-quality asset below replacement cost in a market with temporary supply pressure but strong long-term growth prospects.

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CEO & Trustee Bryan Smith detailed that AI is currently being leveraged on the leasing front to manage prospect inquiries 24/7, which has improved efficiency and supported lease-ups in new communities. Regarding third-party management, he reiterated that after testing the model, the company concluded that the strategic focus should remain on the significant internal opportunities within its own development and services platforms.

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CEO Bryan Smith responded that there isn't a direct, immediate reaction to job reports in their demand trends. He argued that the unaffordability of homeownership, including high mortgage rates, insurance, and maintenance costs, is a more significant and immediate driver of demand for their rental homes than short-term labor market fluctuations.

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CEO Bryan Smith declined to give an exact stabilized yield but stated they are moving in the right direction and that the homes are high-quality assets that cannot be bought at their development cost. CFO Chris Lau added that NOI margin expansion is driven by the more efficient development product, strategic asset recycling through dispositions, and core operational improvements. Regarding acquisitions, Lau noted it was a bit too early to see a pickup from homebuilders but highlighted that AMH maintains robust relationships and screened over 15,000 properties from them in the past quarter.

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CIO Matthew Birenbaum clarified the 2026 occupancy forecast is driven by project delivery schedules set years ago, not a short-term macroeconomic view. CEO Benjamin Schall added that these projects are running above pro forma rents, providing a cushion. Birenbaum confirmed delays were due to normal course issues like inspections, not systemic supply chain problems.

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CEO Benjamin Schall confirmed the company remains committed to its 80% suburban and 25% expansion market targets, driven by long-term demographic trends. CIO Matthew Birenbaum downplayed the risk of tariffs, stating that labor and subcontractor margins are far more significant drivers of construction costs, where they currently see tailwinds. COO Sean Breslin clarified that their outlook for Boston is positive, as their suburban portfolio is well-insulated from new supply and performing strongly.

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SVP & CFO Thomas Boyle outlined that the high end of the guidance assumes higher occupancy and narrowing move-in rent declines (to -3%), while the low end assumes modest occupancy drops and further rent declines. He stated that the use of street rates and promotions in July remained consistent with recent trends.

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Joseph Russell stated that business customers, representing about 15% of the base, have shown no meaningful behavioral changes. He also noted no performance differentiation across market types, seeing broad-based strength. H. Boyle added that April's performance was driven by demand bouncing off the bottom rather than typical seasonality, which remains muted similar to last year.

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H. Boyle, an executive, detailed the operational metrics, noting that while move-in rates started the year down 8%, the full-year forecast of a 5% decline assumes improvement. He added that average occupancy is expected to dip only 10 basis points, reflecting stabilization. Executive Joseph Russell attributed market stabilization to moderately improving demand, evidenced by increased top-of-funnel Google searches, and enhanced customer conversion techniques.

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CEO Joseph Russell confirmed the confident outlook, stating that the progressive stabilization seen throughout 2024 naturally leads to improvement and positions the company for a stronger 2025 regardless of external factors. Executive H. Boyle added that while overall revenue growth is still slightly negative for the year, leading markets like Seattle are showing consistent quarter-over-quarter improvement, signaling a positive trend.

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J. Justin Hutchens, EVP - CIO of Senior Housing, credited the Ventas OI data analytics platform for driving top-line growth and optimizing sales, particularly in collaboration with partners like Atria. Debra Cafaro, Chairman & CEO, addressed the legislative question, noting that any impacts would be minimal in the short term due to delayed implementation and that the trend toward outpatient care, which benefits their MOB portfolio, could even be accelerated.

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CEO Debra A. Cafaro expressed confidence in senior housing due to powerful demographic demand and muted supply, noting strong affordability for residents. For the research portfolio, she stated the strategy is to maximize performance, emphasizing its stability due to 75% credit tenants and a 9-10 year weighted average lease term.

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CEO Debra Cafaro affirmed that the company's primary focus remains on investing in senior housing. CFO Robert Probst explained that while year-over-year SHOP margins expanded by 150 basis points, the sequential change was influenced by typical third-quarter seasonality and insurance renewals.

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COO Wendy Seher explained the low rate was primarily due to the timing of deal closings, with several leases finalizing just after the quarter's end. CEO Donald Wood added that if the reporting period had extended to April 10, the quarter's leasing volume would have appeared as a record, confirming it was a timing anomaly and not a trend.

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EVP & CIO Jan Sweetnam confirmed the increase is twofold: more assets are available overall as sellers capitulate to higher debt costs, and Federal Realty is also looking in new markets. He confirmed they did look at the Cleveland asset, which they would not have considered previously, but it did not fit their specific criteria.

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COO Michael Manelis expects muted pricing in expansion markets for the first half of the year, with potential for improvement in the second half and stronger growth in 2026 as new supply is absorbed. CEO Mark Parrell reiterated that Equity Residential is a lagging economic indicator, as residents don't immediately move out upon job loss. He noted their highly employable resident base often mitigates severe impacts, leading to slower rent growth rather than a sharp reversal.

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COO Michael Manelis attributed the low turnover expectation to persistently low move-outs for home purchases, strong job growth, and a focus on customer experience. CIO Alec Brackenridge said that while they look at all opportunities, office-to-resi conversions are generally too difficult and costly to be a focus. CEO Mark Parrell previewed that the Investor Day will focus on strategy and showcase the broader team.

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President and CEO Christopher Marr responded that while the last three months have been more constructive for new customer rates, the company is being cautious rather than concerned. He explained the guidance reflects a lesson from 2023 and 2024, where optimistic hopes for a demand recovery proved unfounded. Marr emphasized that 'hope is not a strategy' and the current outlook is based on realism given the choppy environment, despite encouraging recent trends.

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President and CEO Christopher Marr described the market as a 'relatively high beta environment' with significant week-to-week volatility, making it difficult to predict with conviction. He stated that the churn gap, or the spread between move-in and move-out rates, was negative 27.4% during the third quarter.

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SVP of Leasing, Doug Healey, noted that while a shift to services occurred, the current consumer trend is centered on 'replacement' of goods bought post-COVID, suggesting a return to normalcy. He also stated that progress on 2025 lease expirations, at 84% committed or in LOI, is 'just a little bit ahead' of the same time last year.

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SVP of Leasing Doug Healey responded that consumer behavior is cycling back towards goods, driven by a 'replacement' phase for products purchased post-COVID. He noted this supported sales in Q4. Regarding expirations, he confirmed that with 84% of 2025 expiring square footage either committed or under LOI, the company is slightly ahead of where it was at the same point last year.

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CEO Dave Cramer stated the guidance reflects a mix of both factors: seeing stability and less supply pressure in some markets, combined with improved operational effectiveness from the recent consolidations. He confirmed the major operational aspects of the PRO internalization are complete. The two PROs remaining in place manage assets in the Mid-Atlantic (Pennsylvania area) and in Puerto Rico and the Southeast.

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CEO Dave Cramer described a mixed environment, with Sunbelt markets remaining challenged by new supply while other markets like Portland are stabilizing. He highlighted that the customer base is healthy and the ECRI program is strong. He noted that October occupancy, at 85.8% (-190 bps YoY), showed an improvement from September, which 'bucks the seasonality' trend of occupancy typically declining in the fall.

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Chairman and CEO John Kite explained the strategy is to reduce exposure to certain power center assets and tenants that have not reinvested in their business. CFO Heath Fear clarified the guidance is conservative, assuming only 5 of 29 leases are assumed, to provide flexibility to make optimal long-term tenant decisions rather than accepting quick fixes. President and COO Tom McGowan noted more clarity on the Jo-Ann situation is expected in April.

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CEO Joseph Margolis clarified that LSI's outperformance is relative improvement within its markets, not absolute, as there is still a performance gap to close versus legacy EXR stores in the same markets. He confirmed housing is a key focus but also emphasized the importance of moderating supply and the strength of the existing customer base as significant factors.

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CEO Joseph Margolis stated that high occupancy and moderating new supply position the company well for when the market recovers. He disagreed with the premise of a different LSI customer, noting no significant behavioral differences in bad debt or reaction to rate increases. Executive P. Stubbs added that the recent brand consolidation will also help improve LSI performance.

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Steven Roth, Chairman and CEO, reiterated that shrinking availability of high-quality space and no new supply create a landlord's market poised for aggressive rent growth. Michael Franco, President and CFO, added that while 2026 will see improvement, the full positive impact of new leasing will materialize in 2027. Glen Weiss, EVP of Office Leasing, identified financial, legal, and tech sectors as the main drivers of large tenant demand.

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Chairman and CEO Steven Roth reiterated his view that limited new supply and strong demand in the high-quality office submarket will create a landlord's market and drive rents up. President and CFO Michael Franco noted that while 2026 will see improvement, the most significant earnings impact from new leasing will be in 2027. Executive Glen Weiss identified financial, legal, and tech sectors as the primary drivers of large tenant demand.

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President and CFO Michael Franco identified the top priority as executing on leasing at PENN1 and PENN2 to drive earnings growth, followed by managing the balance sheet and exploring internal and external opportunities. Chairman and CEO Steven Roth explained that a 'landlord's market' is defined by evaporating vacancy in Class A buildings and a complete shutdown of new supply, which is now occurring and driving rents higher.

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President and CEO Daniel Busch stated that while capital recycling from California is a key strategy, the company is positioned to use its balance sheet capacity to lever up when compelling opportunities arise, similar to their actions in late 2024. He acknowledged the competitive environment for Sun Belt assets but noted that InvenTrust's cost of capital allows them to be 'appropriately aggressive.' Chief Financial Officer Michael Phillips clarified that the main variable in the same-store NOI guidance range is the level of uncollectible lease income and bad debt.

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Executive Angela Aman declined to provide 2026 guidance but highlighted proactive leasing on major 2026 expirations and significant upside in high-quality vacant assets. She noted Q4 2024 had the highest leasing volume since 2019. Executive A. Paratte added that markets like Bellevue, San Diego, and Austin are strong, while San Francisco is seeing a notable increase in AI-related deals. Both executives emphasized that tenants are showing a greater willingness to make long-term commitments.

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CEO Angela Aman and EVP, Chief Leasing Officer Rob Paratte noted a palpable positive shift in West Coast markets, driven by return-to-office mandates and tenants re-evaluating space needs after prior downsizing. Rob Paratte provided specific positive anecdotes for Bellevue, Seattle, and San Francisco. Angela Aman clarified that the external growth strategy remains focused on disciplined, risk-adjusted returns, and the Del Mar deal was a compelling example of this existing strategy, not a fundamental shift.

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President and CEO Michael Connolly stated that the company's plan is unchanged, remaining focused on organic portfolio growth, capitalizing on external investment opportunities, and maintaining a best-in-class balance sheet. He also expressed a desire to grow market share in cities like Tampa, Dallas, and Nashville. EVP of Operations Richard Hickson confirmed that leasing momentum from 2024 has continued into the new year, with technology companies being an active part of the conversation.

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President and CEO Michael Connolly confirmed that while Cousins is evaluating markets like Raleigh-Durham and South Florida, the immediate focus remains on its existing Sun Belt footprint where opportunities are plentiful. He explained the 2019 comparison highlights that leasing volumes and net effective rents are at or above pre-pandemic levels, expressing confidence that the portfolio can return to occupancy levels north of 90% as the market for high-quality office space tightens.

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CFO & CIO Joe Fisher expressed confidence in declining supply benefiting the second half of the year, noting that the back-half weighted blend growth assumption primarily impacts 2026 earn-in, not the 2025 revenue forecast. COO Mike Lacy highlighted the implementation of Funnel as a new CRM and the success of AI-based fraud detection as key tech initiatives. CEO Tom Toomey added that owning their data warehouse is critical for mining trends and improving operations.

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Executive Angela Kleiman reiterated the focus on accretive transactions, highlighting 2024's acquisitions in outperforming northern regions. Executive Rylan Burns noted that while marginal buyers target 8% unlevered IRRs, Essex aims to do better. Angela Kleiman added that the January occupancy pickup was consistent with expectations and driven by strength in Northern California, as planned.

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Marc Holliday, Executive, noted that while he awaits direct feedback from an upcoming trip, recent major transactions show continued investor momentum. He also highlighted the federal return-to-office mandate as a significant positive policy shift that reinforces the value of office space.

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CEO Marc Holliday reaffirmed his view on conversions, stating that an accelerated city program has received applications representing over 25 million sq. ft. He believes this trend will be a major contributor to net absorption in the office market. Executive Steven Durels addressed concessions, reiterating that rents will likely rise materially first. He believes free rent will be the next concession to tighten, likely starting in the strongest submarkets like Park and Sixth Avenues, while TI allowances will be the last to change.

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Managing Director Christopher Caton emphasized that the business revolves around consumption and that historical precedent shows supply chains adapt, pointing to an 75% increase in trade with Asia ex-China over 8 years. CEO Hamid Moghadam added that tariffs are inflationary given U.S. labor limitations and that while more tariffs are likely, he expects them to be moderated to achieve other political objectives without crippling the economy.

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President & CIO Ross Cooper responded that Kimco's diversified platform allows it to create value across all formats and geographies. He specified that the current focus is on larger format, higher price point assets because there is less competition, which allows Kimco to leverage its operational expertise and capital to achieve better pricing and yields.

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President & CIO Ross Cooper stated that Kimco's diversification is a key differentiator, but the focus on larger format assets is strategic. He explained there is less competition for these assets compared to grocery-anchored centers, allowing Kimco's platform to create more value.

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President Douglas Linde acknowledged a cultural difference but believes it won't ultimately change space utilization, as companies increasingly demand more in-person presence. Senior EVP Rodney Diehl provided anecdotal evidence of a shift, citing Salesforce's new policy and increased commuter traffic on the BART system, indicating a tangible pickup in office return.

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CIO Mark Horgan stated that any current market slowness is driven by the election cycle rather than rate movements. He anticipates a healthy investment market will continue, particularly for smaller assets, and expects a significant increase in inbound inquiries and activity after the election.

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EVP & CIO Mark Horgan stated that any current market slowness is more attributable to the election cycle than to interest rate movements. He anticipates a healthy investment market going forward, particularly for smaller assets, and noted a significant increase in inbound inquiries for assets expected to come to market.

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CEO Kenneth Bernstein attributed the strong demand to a combination of factors, including retailers' recognition of the physical store's importance, the e-commerce halo effect, a significant shift to direct-to-consumer (DTC) models, and a resilient economy. CFO John Gottfried confirmed that the quarterly renewal spread was influenced by a single, small deal involving a suburban quick-service restaurant.

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Co-CEO Michael Frankel explained that excess space is less of a factor for Rexford's smaller-tenant base compared to the big-box market. CFO Laura Clark clarified the 34% figure represents total embedded NOI growth over three years from multiple sources, not just market rent growth. Co-CEO Howard Schwimmer stated that while leasing timelines are extended, there is reasonable activity on redevelopment projects.

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