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Chief Executive Officer Dallas Tanner responded that they see regular deal flow from builder partners on spec inventory that fits their traditional product profile and that the quality is generally high. He is not alarmed by the volume, but recognizes it as a market dynamic driven by elevated mortgage rates. This environment allows the investment team to be more aggressive in acquiring scattered homes and informs their development strategy. He reiterated that the $1,100 monthly cost savings to lease vs. own creates a dislocation they can capitalize on.

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President Charles Young confirmed that the year is following a typical seasonal pattern, with a peak in Q2 followed by a step-down in Q3 and Q4. He noted that while new lease rates are affected by supply in larger markets, the renewal side remains strong and is expected to maintain its current range, providing a balance to the overall blended rate.

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President Charles Young confirmed that the leasing season is following a typical curve, peaking in Q2 before moderating in Q3 and slowing into the Q4 holidays. He noted that new lease performance is affected by supply absorption in larger markets, making it unpredictable. However, he expressed confidence in the renewal side, which is two-thirds of the business and expected to remain strong, helping to balance the overall blended rate.

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CEO Dallas Tanner affirmed the sector's defensive characteristics, highlighting that the value proposition of space, location, and good schools at a lower cost than owning is compelling in any cycle. He noted that SFR is often more affordable than multifamily on a per-square-foot basis and has proven resilient through multiple cycles of economic uncertainty, positioning it as both a defensive and growth-oriented business.

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President and COO Charles Young indicated that providing specific renewal 'ask' figures can be confusing and that focusing on actual results is more important. He reiterated that renewal rates are accelerating into November (north of 4%) and early signs for December are also positive. He emphasized that the ask-to-achieved spread will vary dynamically by market and home, but the key takeaway is that results are improving and residents want to stay.

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CEO Christian Ulbrich stated that share repurchases will increase in Q3 and Q4. He reiterated that the capital allocation priority is organic growth first, followed by buybacks, with a very high bar for M&A. He specified that any M&A would likely be smaller, 'infill' acquisitions to add capabilities or geographic scope within their recurring revenue businesses, as investing in their own platform currently offers a better return.

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CEO Christian Ulbrich confirmed JLL's M&A focus is on value-accretive, resilient businesses, leveraging a strong balance sheet for opportunities. CFO Karen Brennan added that for investment sales, while bidding intensity is stable, bid variability is expanding as buyers adjust underwriting, but healthy debt markets are providing support.

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CEO Christian Ulbrich reported a strong start to 2025 for the Capital Markets business and expects the trend to remain stable throughout the year, assuming stable interest rates. CFO Karen Brennan attributed the outperformance in industrial leasing to a rebound in larger transactions, where JLL has a competitive advantage, and noted continued investment in the platform.

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CFO Neil Johnston and CEO Michelle MacKay explained that the EMEA margin improvement was driven by significant efficiency work and restructuring. The focus is now shifting to top-line growth, which will create further operating leverage. They noted the project management business has been a particular focus area with recent wins.

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CEO Michelle MacKay responded that while it's too early to draw definitive conclusions on trade policy's impact, the real estate sector has historically navigated such changes, and uncertainty often drives demand for advisory services. Regarding the impressive APAC Capital Markets strength, MacKay attributed the performance to the successful payoff from strategic investments and talent acquisition made in the region, particularly Japan and Australia, in late 2022.

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CEO & Trustee Bryan Smith explained that the strong new lease performance is a result of multiple factors, including good pricing power in key markets and improved revenue optimization, with benefits from the lease expiration program expected later in the year. He confirmed that keeping new and renewal rates close is a core strategy to ensure residents receive and recognize good value, which is supported by sophisticated pricing and communication.

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COO Lincoln Palmer shared strong resident metrics, with new tenant incomes north of $150,000 and income-to-rent ratios at 5.5x. He highlighted leading indicators like a 30% sequential and 15% year-over-year increase in foot traffic to homes in January. CEO Bryan Smith added that this demand momentum, combined with a well-occupied portfolio and high-quality assets, provides the confidence for continued rate growth through the spring leasing season.

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COO Bryan Smith pointed to strong demand metrics, including nearly 1 million new users on the company's website in Q3 and a significant uptick in users setting up accounts to monitor available homes. He also confirmed that the high stated household income of new applicants, over $150,000, is a testament to the quality of the assets. He attributed strong retention to market conditions and investments in the resident experience, which he expects to continue.

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CEO Darren Richman explained that Millrose's role is capital efficiency, not risk mitigation, and strong credit enhancements prevent write-down pressure. He noted that 97% of the portfolio is now pooled. While declining to give specific deal terms, he guided that the average non-Lennar yield would likely compress towards 11% as the company prioritizes credit enhancements over rate. COO Robert Nitkin added that this focus on downside protection and high-quality partners is a deliberate strategy in the current environment.

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CEO and President Darren Richman explained that yields on large deals are consistent with other non-Lennar transactions, though sometimes slightly lower in exchange for enhanced credit features like cross-collateralization. He highlighted that Millrose is becoming a central tool for M&A in the homebuilding sector, which supports the company's optimistic funding targets. COO Robert Nitkin clarified that the weighted average life of third-party deals is significantly shorter than the final takedown date, making the duration comfortable and appropriate for their strategy, contrasting with Lennar's use of the platform for shorter-term inventory.

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CEO Jay Hennick explained that while tuck-under engineering acquisitions can be done at favorable rates, larger platform acquisitions, especially in new markets like Europe or new specialties, would command higher valuations. For competitive reasons, he declined to detail fundraising by strategy, but CFO Christian Mayer confirmed that fundraising has been active across all strategies, including traditional real estate, infrastructure, and alternatives.

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CFO Christian Mayer clarified that the low-teens growth in Q1 was exacerbated by seasonality and that the full-year expectation remains in the mid-to-high single-digit range. CEO Jay Hennick asserted that Colliers is taking market share, primarily from secondary players, due to its balanced global platform, and that capital allocation is not a constraint on growth in any segment.

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CEO Jay Hennick responded that while no decision on a spinoff has been made, the integration efforts do create that optionality for the future. He emphasized the need to first build momentum in revenue and profitability. Regarding Capital Markets, CFO Christian Mayer cited macro uncertainty and FX headwinds for the cautious outlook, while Mr. Hennick added that although clients are keen to transact, a valuation gap between buyers and sellers persists.

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CFO Michael Rispoli responded that pipelines have been consistently strong throughout the year without a noticeable slowdown and that confidence in achieving the 2026 targets has increased. CEO Barry Gosin addressed the NYC mayoral race, expressing sanguinity about the city's resilience. He noted that institutional checks and balances, such as the governor and a more moderate city council, limit a mayor's power, and that New York's unparalleled talent pool remains a key strength.

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Executive Jason McGruder attributed the decision to maintain guidance to the uncertain macro environment, stating that they would have otherwise considered raising it. He confirmed good visibility for the first half and noted that the transaction business only needs low single-digit growth in the back half to meet the guidance midpoint. He also affirmed the 10% pipeline growth is pretty consistent with expected transaction volumes.

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CFO Michael Rispoli stated that pipelines remain strong and the company anticipates double-digit growth in capital markets over the next two years, which is factored into guidance. CEO Barry Gosin expressed confidence in the industrial sector, believing that positive drivers like reshoring and advanced manufacturing will overcome any potential slowdowns from trade policy uncertainty.

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EVP & COO Michael Manelis clarified that this was not the case. He described D.C. and Boston as 'headline risk' markets where a focus on occupancy is prudent for the upcoming shoulder season. He believes normal seasonal rent deceleration should be sufficient to maintain high occupancy without requiring a more aggressive slowdown in rent growth.

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COO Michael Manelis declined to provide specific monthly stats but directed attention to the Q2 blended rate guidance, which implies sequential improvement. He noted that with renewal performance stable, the guidance indicates that new lease rates in April are following a positive seasonal trajectory, and he expects that sequential build to continue into May and June.

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CEO Mark Parrell called the L.A. proposals 'terrible ideas' that discourage housing investment and harm the city's reputation, advocating for more targeted, pro-housing solutions. COO Michael Manelis declined to provide a specific January metric, emphasizing that results are best viewed over a full quarter, but confirmed sequential improvement and reiterated confidence in the Q1 blended rate guidance of 1.4% to 2.2%.

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CEO Mark Parrell justified the acquisitions by emphasizing the value of buying below replacement cost, which implies better long-term growth and lower future supply risk. CIO Alex Brackenridge added that development is focused on markets with fewer buying opportunities, as building into the current high-supply expansion markets is not the best risk-adjusted return.

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President, CEO, and Chairman Robert Sulentic highlighted significant new business wins and efficiency gains from moving legacy staff onto Turner & Townsend's systems. CFO Emma Giamartino specified that the guidance increase is driven by Q2 outperformance and a stronger-than-expected leasing pipeline for the second half of the year.

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CFO Emma Giamartino explained that due to the significantly higher mix of Resilient businesses (60% of SOP vs. ~11-20% in 2011), an earnings decline in a recession would be materially lower, estimating it would be less than half the 85% drop seen during the GFC. Regarding capital markets, she noted that while there was a brief pause due to uncertainty, transaction activity remains strong, and the pipeline supports continued activity as long as the 10-year Treasury rate remains stable and below 5%.

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CEO Bob Sulentic stated the entire Real Estate Investments segment is underappreciated, citing strong fund performance and future growth potential from new leadership and balance sheet strength. CFO Emma Giamartino added that they will continue to prioritize M&A in 2025 but will use buybacks to deploy capital if suitable M&A targets do not materialize, as they believe the shares remain undervalued.

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COO Mike Lacy acknowledged Boston started the year better than expected but anticipates some slowdown due to new supply, particularly in the North Shore. CFO Joe Fisher provided context, noting that the life science sector is only 3-4% of the MSA's total employment and that Boston has a favorable forward supply outlook. Regarding resilience, Fisher stated it depends on the recession's driver, but historically, markets like D.C. and Boston are less volatile. He emphasized that UDR's diversified portfolio provides insulation regardless of the cause.

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COO Mike Lacy did not provide specific January metrics but confirmed that occupancy, turnover, and leasing trends were on track with expectations. CFO & CIO Joe Fisher attributed strong Sunbelt absorption to a combination of factors including rental affordability versus ownership, new household formation from younger cohorts, and return-to-office trends, which he believes are sustainable tailwinds as supply normalizes.

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CEO Brad Hill expressed confidence that MAA's portfolio would not perform differently than it has in past downturns, citing its historical outperformance. He pointed to the Sunbelt's resilient and diversified job growth, pro-business governments, and strong demand drivers like migration and the high cost of single-family homeownership as key factors that support continued stability.

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Tim Argo, EVP and COO, confirmed the earn-in and gain-to-lease numbers were stated correctly. While not committing to positive new lease spreads by a specific date, he expressed confidence that performance in 2025 will be much better than in 2024, citing moderating supply, strong demand, and easier prior-year comparisons. He also noted that Q4 leasing volume is low, limiting its overall impact.

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Executive Angela Kleiman stated that any tariff impact is likely to be national and affect costs more than revenues. She noted that Essex's tenant base in L.A. is not heavily port-driven and that the ongoing, significant improvement in delinquency provides a potential offset to other macro pressures in the region. Furthermore, overall portfolio delinquency remains steady, showing no signs of consumer weakness.

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Executive Angela Kleiman explained that stronger demand in the northern regions should allow for quick absorption of new supply, which is also weighted toward the first half of the year. Executive Barb Pak stated that while continued improvement is needed in L.A. and Alameda, the vast majority of the bad debt recovery tailwind was realized in prior years, so future progress is expected to be more incremental.

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Executive Rylan Burns stated that while they would like to own all the assets, they are committed to their JV partners and do not plan to consolidate all partnerships. He confirmed some JVs have Prop 13 benefits. Regarding value-add, he said that while it's more efficient to execute renovations on a consolidated basis, there were no significant value-add opportunities to highlight from the most recent acquisitions.

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Chairman and CEO Richard Campo explained that the decision depends on achieving a target return spread of 100-150 basis points above acquisition yields and gaining more confidence in the 2026-2028 rent growth outlook. He suggested that as the market's positive inflection point becomes clearer mid-year, they may lean toward the high end. Additionally, opportunities to take over stalled projects from merchant builders could also push activity toward the top of the guided range.

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President and CFO Alexander Jessett projected that Q4 leasing would look similar to October's results, with effective new lease rates around -4.4% and renewals around +3.4%. However, he noted that the overall blended rate, which was -0.8% in October, should improve slightly in November and December. This is because the weighting shifts towards a higher volume of renewals relative to new leases during those months, which will positively influence the blended average.

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President & CFO Michael Franco clarified that the quarter's major PENN lease was a first-generation deal and thus did not affect leasing spread calculations. He acknowledged that debt covenants 'will tighten up over the next couple of quarters' due to swap expirations but affirmed Vornado will maintain a 'sufficient cushion' before income from new leases causes the metrics to improve again.

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