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Chief Financial Officer Jonathan Olsen projected that the combined PME and G&A quarterly run rate would be around $51-52 million, slightly lower than Q4, as efficiencies are realized. Regarding CapEx, he explained that the flatness is partly due to the focus on acquiring new homes, which have lower maintenance costs. He also highlighted the company's ability to manage capital needs by selectively disposing of higher-cost older assets and recycling the proceeds into newer homes.

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EVP & CFO Jonathan Olsen agreed the year is unfolding slightly ahead of expectations but cited conservatism as the reason for not revising guidance. He pointed to the challenging new lease environment and the fact that key property tax information for Florida and Georgia is still pending over the next 60 days, making it prudent to wait for more clarity.

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CFO Jonathan Olsen agreed the year is unfolding slightly ahead of expectations but cited conservatism as the reason for maintaining guidance. He highlighted the challenging new lease environment and the fact that they are awaiting final property tax assessments from Florida and Georgia. He concluded that it made sense to wait for more clarity in the next 60 days before considering a guidance revision.

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President Charles Young stated that while they are monitoring the fluid situation, the company is well-positioned to mitigate impacts due to its scale, procurement programs, and dual national partnerships for HVAC and appliances. He also noted that materials are a smaller component of their overall turn and R&M cost structure compared to labor, which should buffer any potential price increases.

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CEO Dallas Tanner affirmed the company's bullish long-term view on Florida's growth profile, while noting they actively manage the portfolio to mitigate risk, such as selling homes in flood plains. CFO Jon Olsen added that while storms are a part of life, the company is well-insured, has a favorable loss history, and uses a detailed underwriting approach to minimize risk. He emphasized that this allows them to pursue what they believe are compelling risk-adjusted returns in those markets.

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EVP, Eastern Region President & COO Wendy Seher stated that restaurants in their D.C. area properties remain resilient due to high local incomes. She reported that foot traffic was up in April and May, down in June, but remained solid overall for the quarter and into July.

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CEO Donald Wood stated that while sales data lags, he expects it to reflect the strong traffic trends. He made a broader point advising not to underestimate the D.C. market, highlighting its long-term resilience, diverse economy beyond government, and strong fundamentals, which make it a dynamic marketplace.

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EVP & CFO Daniel Guglielmone explained the tax credits are from a federal program for the Freedom Plaza development, with earned revenues recognized net of expenses. For the follow-up, he clarified that the $5 million figure represents POI from assets sold in 2024 that will not recur in 2025, and offered to provide the offsetting acquisition benefit calculation offline.

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CEO Donald Wood confirmed that Federal Realty is in negotiations for a couple of market-dominant, larger assets, each exceeding $100 million. He indicated these deals are in the mid-6% to 7% cap rate range, which he believes is slightly inside where they might have traded earlier in the year. Wood stressed that the key metric is achieving IRRs in the high 8% to 9% range, which makes the opportunities attractive relative to their cost of capital.

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CEO Mark Decker stated a preference for leverage to be sub-six times, clarifying this target excludes preferred stock, which he views as more equity-like. COO Danica Holley projected year-end occupancy to be above 95%, acknowledging potential for episodic bumps but expecting overall consistency. CFO Robert Kiernan explained that the Beaumont facility was fully occupied in mid-May, so Q3 will see a modest run-rate increase from Q2, an impact already included in guidance.

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CEO Jeffrey Busch responded that discussions around the dividend and broader strategy are being deferred until the new CEO is in place. Chief Financial Officer Bob Kiernan explained that Q1's lower retention was an outlier and that 80% of the non-renewed space is progressing toward re-leasing. Kiernan projected some occupancy volatility in Q2 and Q3, expecting it to fall into the 94-95% range before recovering to over 95% by year-end, which is factored into guidance.

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CIO Alfonzo Leon detailed that the Heitman JV is a core-plus fund targeting assets in the 7% cap rate range with an initial $50 million in equity to deploy, with the goal of growing through external acquisitions. CEO Jeff Busch added that he prefers acquiring external assets for the JV and that GMRE has a future option to repurchase the portfolio. Regarding his transition, Mr. Busch cited his age and desire to reduce his role, while remaining as Chairman. He confirmed the board seeks a successor with capital markets experience and is continuously conducting strategic reviews. CFO Bob Kiernan clarified that the largest Prospect property has been on a cash basis since late 2023 and the remaining exposure is minimal and factored into guidance.

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CEO Christopher Marr reiterated that the Q3 revenue outlook is due to a combination of factors, including tough comps from 2024 fee adjustments, the timing of rate increases flowing through, and the slow impact of improving fundamentals. Regarding the third-party platform, he noted that while there is some churn from asset sales in a slightly more active transaction market, the company continues to focus on onboarding new stores.

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President and CEO Christopher Marr explained that while rate softening lasted about a month longer than expected in Q4, trends began to firm up in December and have continued for nearly 90 days, providing confidence. CFO Tim Martin added that the fee income guidance nets the addition of new stores against the expected loss of fees from the JV buyout and other potential platform departures.

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President and CEO Christopher Marr stated that data shows customers acquired through deep discounts are of lower quality, exhibiting shorter stays and higher credit issues. CFO Timothy Martin and Marr expressed comfort with the current guidance ranges, highlighting the business's resilience despite a weaker-than-expected housing market, and noted the low end of the initial annual guidance now seems unlikely.

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CEO C. Taylor Pickett clarified that trailing-twelve-month metrics can have timing lags, but based on recent monthly data, he expects coverage to increase next quarter. Megan Kroll, SVP of Operations, explained the potential 4% Medicare cut is a statutory mechanism tied to the deficit, which has historically been waived by Congress and would be partially offset by a separate rate increase.

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CFO Bob Stephenson stated that $2.4 million in PIK interest was booked for the Genesis loan in the quarter, which is permissible due to adequate collateral. CEO Taylor Pickett noted that Omega does not often compete with the large-cap peer mentioned and that the specific deal was a private, non-marketed transaction. He also stated there have been no heard changes to HUD lending. Regarding the collateral, Pickett explained it was related to an aging pool of assets but did not have further specifics. CIO Vikas Gupta clarified that disposition yields were difficult to calculate precisely but were effectively accretive, with one opportunistic sale yielding around 7%, allowing capital to be redeployed at 10%.

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CFO Bob Stephenson explained that the guidance assumes raising enough equity to cover the $600 million 2026 maturity, with the exact share count depending on the stock price at the time of issuance. CIO Vikas Gupta stated that $124 million in loans are planned to convert to fee simple real estate in 2025 at roughly the same rate, so no pickup is modeled. Bob Stephenson added that the $28 million in loan repayments will add to cash on the balance sheet.

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CEO C. Pickett stated the Inspir facility is 72% occupied and climbing slowly, the DC development will be meaningfully accretive, and Omega has passed on some large deals due to disciplined underwriting. He also confirmed Guardian hit its higher rent tier for 2024. SVP Megan Krull identified Florida, Texas, and other rural areas as markets still facing staffing challenges.

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President & CEO Peter Scott indicated future cost savings would likely come from the property level, but the main driver of FFO growth will be lease-up and revenue growth. EVP & CFO Austen Helfrich clarified that the full $0.06 of disposition dilution should be factored into 2026 models. Helfrich also stated that the vast majority of the $300M in lease-up capital spend (RTO and redevelopment) will be classified as first-generation capital and thus not included in maintenance capital for FAD calculations.

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CEO Peter Scott confirmed his comfort with the reaffirmed 2025 guidance, noting that any increased asset sales would be back-end weighted, with the primary earnings impact in 2026. He emphasized that the dividend will be an 'output' of the strategic plan, not an 'input,' and that a decision will be made once there is more clarity on the future earnings profile.

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Interim CEO Constance Moore expressed confidence in growing into the dividend by late 2025 or early 2026, making it the current strategy. CFO Austen Helfrich stated the 2025 priority for disposition proceeds is funding leasing capital first, then proactively repaying debt to lower leverage to a 6.0x-6.25x target, prioritizing this over buybacks. COO Robert Hull added that margins are expected to improve with rising occupancy.

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Executive Todd Meredith attributed the guidance adjustment to the timing lag of new lease commencements, which occurred late in Q3. Interim CFO Austen Helfrich added that free rent on new leases also impacts cash NOI in the near term. Regarding G&A, Helfrich stated the reduction was due to management's cost control actions and that the current run rate is a reasonable base for 2025, subject to normal inflation.

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SEVP & CFO Christopher Lau explained that due to a lease expiration management initiative, the seasonal leasing curve will be much flatter in H2 2025, with new lease spread deceleration expected to be only 150 basis points, compared to over 600 bps in H2 2024. CEO & Trustee Bryan Smith added that they are seeing an encouraging change in the acquisition market, with some large national homebuilders showing an increased willingness to negotiate on price, especially in markets with more supply.

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CEO Bryan Smith explained that 2025 development yields are projected to average in the mid-5% range, with an expected acceleration during the spring leasing season. He noted that over half of the 2025 deliveries already have costs for vertical construction and labor contracted, providing a buffer against potential tariff impacts. Regarding supply, Smith observed that while some markets like those in the Southwest have faced pressure, they are now showing positive signs, such as an occupancy pickup in Phoenix, and the company's diversified portfolio helps mitigate overall risk.

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COO Bryan Smith noted that while demand remains strong, temporary factors like recent storms moderated new lease rates into October. He expects new lease growth in the low 1% range for the balance of Q4, with a focus on occupancy ahead of 2025. CFO Chris Lau added that bad debt is tracking as expected, running in the low 1% range for Q3 and anticipated to moderate slightly in Q4, aligning with full-year guidance.

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CEO Joseph Margolis noted continued strong demand for their bridge loan product and mentioned a recent prepayment from SmartStop, with no other imminent paybacks expected. He confirmed they are actively marketing a 22-store portfolio of former LSI properties to optimize the portfolio under 1031 exchange rules.

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CFO P. Scott Stubbs clarified that the company guides on revenue dollars, not directly on rates, making a direct correlation difficult. CEO Joseph Margolis explained that ECRI strategy is linked to street rates; if street rates are not growing, it provides less opportunity for larger ECRIs. He stated there has been no broad change to the ECRI program.

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Executive P. Stubbs attributed the current move-in/move-out spread to typical seasonality, expecting it to tighten during the summer leasing season. He confirmed the 50 bps benefit from the pool change is larger than normal due to the significant size of the LSI portfolio being added and its expected, though conservatively modeled, outperformance.

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Executive P. Stubbs reported that the average new customer rate for the EXR pool was negative 8% year-over-year in October. CEO Joseph Margolis clarified that the LSI revenue guidance was reduced due to a weaker overall market, underperformance in LSI-heavy markets like Florida, and the dual-brand strategy not delivering the expected lift.

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SVP & CFO Thomas Boyle stated that recent acquisitions have going-in yields in the 5s, stabilizing in the 6s, with the year-to-date portfolio averaging around a 5.25% going-in yield. He attributed the strength in ancillary income to the tenant insurance program, which is seeing higher adoption rates and increased premiums.

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H. Boyle opined that a housing recovery would be a net positive for demand, even if some 'decluttering' customers were lost. He also stated that the third-party management business is growing in line with expectations, aided by the tougher operating environment, and strategically enhances PSA's scale, brand, and owner relationships.

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Executive H. Boyle identified property taxes as the biggest expense driver, offset by payroll efficiencies and solar savings. He affirmed the solar program's strong returns (10-15% unlevered IRRs) and long-term opportunity. Boyle also explained that promotions, advertising, and move-in rates are all levers used to manage a competitive environment, noting that marketing and promotion expenses as a percentage of revenue remain stable and below historical averages.

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Executive H. Boyle stated that their underwriting targets remain consistent, aiming for stabilized yields in the 6% range, which typically means acquiring assets with initial yields in the 5s. CEO Joseph Russell explained the new COO, Chris Sambar, brings extensive experience from AT&T in technology, infrastructure, and leading large teams, which will be critical for advancing Public Storage's digital transformation and operational scale.

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Robert Probst, EVP & CFO, did not provide a specific June figure but pointed to the 240 basis point year-over-year growth for the full second quarter and reiterated the full-year guidance of 270 basis points, noting improvement into Q3. He also stated that capitalized interest from development completions is 'de minimis' and not a material factor for modeling.

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EVP & Chief Investment Officer J. Hutchens explained that investment activity can be lumpy and the pipeline remains robust. EVP & CFO Robert Probst declined to give a spot occupancy number, reiterating the focus on trends and the upcoming key selling season. He noted that the full-year occupancy growth guidance of 270 bps versus the Q1 result of 290 bps provides a reasonable approximation of the starting point.

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CEO Debra A. Cafaro minimized the NIH funding risk, highlighting that the R&I portfolio is only 8% of NOI and that proposed funding changes are small and currently halted. She confirmed the capital recycling plan involves selling skilled nursing facilities, with $150 million pending, to fund senior housing investments.

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J. Hutchens confirmed that leads and tours remained strong year-over-year in October but declined to provide 2025 rent guidance. He explained that the 'zero vacant days' initiative is achievable due to resident notice periods and the simplicity of turning over small senior living units, which minimizes vacancy.

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CEO Conor Flynn explained they evaluate each project individually, with options to monetize entitlements, contribute land to a JV, or pursue capital-light ground leases. The goal is to unlock value in the fastest way possible, and they are actively assessing the pipeline for near-term opportunities.

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Kathleen Thayer, an executive, explained the change was to provide a more consistent year-over-year performance measure and noted the difference was a minimal 30 basis points. David Bujnicki, an executive, added that properties excluded for redevelopment are clearly flagged in the supplemental filings, and the company continues to disclose same-site NOI both with and without the redevelopment impact.

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CFO Glenn Cohen explained that the timing of rent payments from bankrupt tenants mitigates the full-year impact. He noted that tenants like Jo-Ann's will continue paying rent well into the second quarter, and the final outcome depends on potential going-concern buyers and auctions. This variability is why management feels comfortable with the provided guidance range.

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President & CIO Ross Cooper explained that the structured investment program offers attractive returns while securing rights of first offer or refusal, creating a future ownership pipeline. He noted that one such investment is currently being evaluated for conversion to fee ownership in early 2025. The program has approximately $470 million outstanding, representing a substantial potential source of future acquisitions.

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President & CIO Ross Cooper explained the program provides attractive returns while creating a future ownership pipeline. He noted that some deals are maturing, with one asset being evaluated for conversion to fee ownership in early 2025. The program has about $470 million outstanding, representing a significant potential pipeline.

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COO Alan Roth described tenant health as 'very strong,' citing positive foot traffic, historically low accounts receivable, and strong sales. He attributed the high 77% retention rate to supply constraints and high store productivity. He expressed confidence that these experienced operators can manage tariffs through various levers. CEO Lisa Palmer added that Regency's necessity-focused portfolio in strong suburban markets provides inherent resilience.

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COO Alan Roth described tenant health as 'very strong,' citing positive foot traffic and historically low accounts receivable. He attributed the high 77% retention rate to supply constraints and strong store productivity. CEO Lisa Palmer added that the portfolio's focus on necessity, service, and value in strong suburban markets provides resilience against economic pressures like tariffs.

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Nicholas Wibbenmeyer, West Region President and CIO, described the market as being in its 'early innings' of reacting to volatility. He stated that cap rates for high-quality, grocery-anchored centers remain in the 5% to 6% range. Anecdotally, he has observed a pullback from public and international buyers, but strong interest from private capital continues to keep pricing aggressive.

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CFO Michael Mas projected a rent-paying occupancy gain of 75 basis points or more on an average basis in 2025, with redevelopments contributing over 100 basis points to same-property growth. He clarified that the 'topping out' referred to the growth rate of capitalized overhead (a credit to G&A), which will now stabilize as the development pipeline hits a sustainable, higher level. CEO Lisa Palmer added that its future growth should mirror the overall G&A growth rate.

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Co-President & CIO Nikhil Chaudhri stated there is 'no shortage of opportunity' to acquire assets where Welltower can improve cash flow, given the industry's fragmentation. CEO Shankh Mitra added that making money at scale depends on what an asset is worth 'in your own hands,' highlighting the value created by Welltower's data and operating platforms, which is a necessary condition beyond just capital allocation acumen.

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CEO Shankh Mitra explained the investment was primarily a large, broken transaction where Welltower secured a favorable price and brought in a trusted operator, Aspire. He noted the portfolio has strong in-place cash flow to cover rent despite mid-60s occupancy, and the deal is further supported by significant credit enhancements and guarantees.

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COO John Burkart explained that the company is correcting past inefficiencies and that the long-term CapEx run rate should ultimately be similar to that of multifamily residential REITs. He distinguished this from value-add CapEx, which is treated as a discretionary investment with specific unlevered IRR hurdles.

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Nikhil Chaudhri (EVP & Chief Investment Officer) indicated that the outcomes of these discussions will vary widely. He explained that some conversations might not lead to any acquisitions, while others could result in significant transactions, making it difficult to generalize.

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CFO Kelvin Moses explained a lost pre-lease was due to a long-term tenant being unsuccessful in raising capital. CDO Scott Bohn noted another project's pre-lease percentage ticked down after delivering two fully leased assets. Moses stated capitalized interest will trend down as projects come online. CEO Scott Brinker attributed the CCRC occupancy dip to typical second-quarter seasonality in the skilled nursing component, highlighting that independent living census was actually up.

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CFO Brandon Togashi reiterated that guidance assumes a moderately better leasing season than last year, with occupancy gains greater than the 140 basis points seen previously. He also noted that G&A savings from the PRO internalization are on track, with about $2.5 million realized in H2 2024 and the other half expected in H1 2025, alongside benefits from tenant insurance and optimized property-level personnel costs.

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CFO Brandon Togashi clarified the midpoint assumes modest improvement in demand, necessary for the guided occupancy growth. He noted the former PRO stores, representing nearly 50% of same-store NOI, still have a significant occupancy gap to close. He highlighted that full control over the ECRI program for these stores is a key driver. He confirmed that the negative 2.5% in-place rate from Q4 has started to improve in early 2025 but did not provide specific figures.

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CFO Brandon Togashi confirmed the implied Q4 FFO decline, attributing it to one-time Q3 benefits from JV acquisition fees and property taxes, a tougher Q4 OpEx comp, and seasonality. CEO Dave Cramer added that the PRO store transition is ahead of schedule, with early markets like Phoenix and Las Vegas showing 50-80 bps higher occupancy gains than the portfolio average in Q3. He noted that the full benefits of the transition are expected in 2025.

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CIO Kevin Pascoe acknowledged potential 'noise' in the Discovery transition but noted it's accounted for in projections and that the SHOP relationship continues where it has performed well. CFO John Spaid added that credit enhancements are in place and no FAD disruption is expected. Pascoe stated the NHC percentage rent was largely factored into guidance and that SHOP growth will be driven by rolling off incentives and maintaining high occupancy.

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CIO Kevin Pascoe attributed SHOP growth to RevPOR increases from burning off incentives and explained Bickford's occupancy dip was due to early rate increases and seasonality. CEO Eric Mendelsohn clarified NHI's focus is on smaller portfolio deals, not a single transformative one, and that tenants might agree to SHOP conversions to gain relief from personal guarantees. CFO John Spaid noted that additional repositioning CapEx of nearly $10 million is being deployed in the SHOP portfolio.

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CEO Rick Matros explained that Sabra subleased its remaining 8 Genesis assets to a trusted operator, with Genesis guaranteeing a small rent stub. He confirmed payments are current and the impact on NOI is negligible. Regarding CapEx, CFO Michael Costa noted maintenance CapEx runs $1.5-$2.0 million per quarter, and larger project spending will be significantly lower than the $30+ million spent in 2024, as many deferred projects are now complete and new assets are of a newer vintage.

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CFO Michael Costa noted the existing SHOP platform is scalable with only incremental costs for growth. CEO Rick Matros highlighted ongoing system upgrades, including AI. Matros also guided to ordinary course dispositions of $50-$100 million annually, plus a specific $50 million SNF portfolio sale currently in process.

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EVP & CIO Talya Nevo-Hacohen suggested mid-single digits is the right way to think about REVPOR growth. CFO Michael Costa noted the triple-net occupancy dip was not meaningful, moving from 90% to 89.6%. Regarding percentage rent, Costa explained it stems from a specific lease (Avamere) that is performing well and has a window opening in 2025 to potentially reset to a fixed rent.

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Pamela Shelley-Kessler, co-CEO, stated that current guidance assumes ALG does not complete its refinancing and purchase this year due to the interest rate environment. Clint B. Malin, Executive VP, explained the New Perspective payment rewards them for value creation and establishes a growth partnership. He clarified that the investment pipeline is 50% RIDEA opportunities and future SHOP growth will be primarily external, not from large-scale internal conversions.

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Co-CEO Clint B. Malin described RIDEA discussions with operators as 'very robust,' noting the $100 million pipeline is roughly 50% RIDEA and 50% loans, primarily in private pay assets. Co-CEO Pamela Shelley-Kessler highlighted RIDEA's superior long-term growth outlook. Regarding Prestige, Malin pointed to its strong 740 basis point year-over-year occupancy growth as a positive indicator of its operational health.

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President and CEO Dave Sedgwick expressed confidence in the portfolio's strength and stated that both Links and Champion Care are performing on or ahead of schedule. CFO Bill Wagner clarified the new $500 million term loan will be in US dollars as an amendment to the existing credit facility, with pricing just inside the revolver's rate.

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President and CEO David Sedgwick reiterated interest in seniors housing and SHOP structures, contingent on finding the right entry point. He opined that a rollback of Medicaid expansion would likely not be a serious concern for skilled nursing, as it primarily covered a different demographic.

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President and CEO David Sedgwick explained that CareTrust sourced and controlled the deal, bringing it to the operators, which is why Ensign participated with them. He confirmed the deal is not in current guidance but is expected to lead to double-digit FFO per share growth starting in 2025. He also noted the public $700 million pipeline figure is conservative and excludes other large portfolios under evaluation. Regarding dispositions, he stated no rent was being collected on the assets sold or those remaining for sale.

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President and COO Brian Finnegan reported that the remaining 17 JOANN boxes are expected back in May. He expressed pleasure with the initial progress, stating that roughly two-thirds of the space is already resolved at lease or LOI with compelling rent spreads of 30-40%. While some occupancy pressure is expected in Q2, its level will depend on the timing of final lease executions.

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President and COO Brian Finnegan stated that intentional lease improvements, such as removing caps and carve-outs, helped drive the CAM recovery rate to a record 92%. While a temporary dip is possible due to recent space recaptures, he expects the rate to trend back into the low 90s.

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President & COO Brian Finnegan explained that the record 92% recovery rate was driven by improved lease clauses and strategic use of fixed CAM structures. While a temporary dip is possible due to near-term space recaptures, he expects the rate to trend back into the low 90s as a result of the team's sustained efforts.

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CEO Jim Taylor confirmed an improving outlook for external growth, noting approximately $250 million of assets are under control. CIO Mark Horgan added that the open-air retail market is healthy with growing institutional interest. Taylor concluded that the company sees accretive opportunities that leverage its platform, justifying the use of the ATM program.

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CEO James Taylor confirmed an improving outlook for external growth, highlighting approximately $250 million in accretive assets under control that align with the company's clustering strategy. EVP & CIO Mark Horgan added that the open-air retail market is healthy with growing institutional interest, and the investments leverage Brixmor's platform to drive outperformance, justifying the ATM issuance.

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Executive Justin Stein stated that the nine Forever 21 boxes range from 6,000-12,000 sq. ft. and that Tanger is proactively working on backfilling them. CFO & CIO Michael Bilerman explained the NOI guidance range reflects various assumptions at the start of the year, including leasing spreads, downtime, and credit outcomes, while noting a tougher Q1 comp on expenses.

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CFO Brian McDade reported that the signed-not-opened pipeline stood at approximately 250 basis points at year-end. He explained that the month-to-month lease category is a temporary classification for leases undergoing the renewal process and is expected to decrease. CEO David Simon added that renewal signings are slightly ahead of the prior year's pace.

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David Simon, Chairman, CEO, and President, stated his view that CEOs should avoid influencing politics. He emphasized that the company's role is to be prepared for all potential election outcomes and to lobby on specific issues that affect the business, such as the de minimis rule, after the fact. He acknowledged the current political climate creates uncertainty but declined to speculate on specific impacts.

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