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The rise in TIs is attributed to strategic investments in redeveloping large, vacant anchor boxes to drive traffic, while inline TIs remain stable. Regarding acquisitions, the company is opportunistic and selective, seeking deals that are accretive and meet specific IRR thresholds, feeling confident to do so because their internal leasing and disposition plans are ahead of schedule.

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EVP, Eastern Region President & COO Wendy Seher projected that lease executions would occur over the next three quarters (Q3 2025 - Q1 2026). She noted a typical 12-month lag for tenant build-outs, with rent commencements expected in the fall of 2026 and spring of 2027.

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CFO Daniel Guglielmone attributed the variance to a single, significant deal with Lifetime Fitness at Santana Row. CEO Donald Wood elaborated that this strategic deal for an entire building was economically favorable and not indicative of a broader trend of rising TIs, stating that concession levels are generally strong.

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Greg Lehmkuhl, President & CEO, reported that the LINOS pilot is exceeding expectations, delivering double-digit total labor productivity improvements. He described LINOS as a proprietary system that optimizes all warehouse resources and movements, positively impacting direct and indirect labor, energy usage, safety, and employee turnover. He promised more detailed financial impacts would be shared by year-end.

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President & CEO David Cramer attributed the PRO integration delays to a combination of challenging macro conditions in key Sunbelt markets and the time required for rebranding efforts to take hold. On AI, he noted it's early for customer acquisition impact but highlighted internal successes, including an AI agent handling 15% of call center volume and a new contactless rental tool, 'MyStorage Navigator.'

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CEO Dave Cramer stated that while there has been a slight increase in promotional use to support higher street rates, it remains within historical norms. Regarding SEO, he explained that improving organic search rankings is a long-term effort, but paid search spend has been increased effectively since consolidating onto one domain, leading to a significant (approx. 25%) increase in top-of-funnel customer traffic since late last year.

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CEO Dave Cramer responded that concessions are within expected ranges but have seen slightly increased use recently, which is consistent with the strategy of pushing higher street rates and using temporary discounts. On SEO, Cramer confirmed it is possible to improve rankings further through long-term SEO work and short-term paid search, noting that the unified nsastorage.com domain has already driven a significant (approx. 25%) increase in top-of-funnel customer volume since late last year.

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President and CEO Stephen Yalof noted that while local tenants are a small portion of NOI, they are an important part of the business and have not shown signs of stress. He confirmed anecdotally that Tanger is attracting new customers, driven by the 'localization' of its centers and the addition of diverse uses like restaurants and health clubs, which bring in new visitors who then stay to shop for value.

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Chairman, CEO & President David Simon acknowledged his previous concerns about smaller tenants due to potential tariffs but stated they are currently "beating their plans." He expressed more optimism for this segment compared to the prior quarter, confirming that demand from these tenants remains strong, though it is a situation the company continues to monitor closely.

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Chairman, CEO & President David Simon acknowledged previous concerns about smaller tenants due to tariff uncertainty but stated they are currently performing well and beating their plans. He expressed more optimism about this segment than in the prior quarter, though he noted the company continues to monitor the situation closely.

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CFO Timothy Martin attributed the expected expense growth to timing of repairs, lapping prior-year efficiencies, and tough comps on property tax refunds, while noting a favorable insurance renewal as a positive offset. On customer acquisition, he stated that traditional internet searches still dominate, as AI is currently less effective for simple, location-based queries like 'storage near me'.

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CFO Timothy Martin detailed that the expected expense acceleration is due to the timing of repairs and maintenance, lapping prior-year personnel efficiencies, and a tough property tax comp in Q4. This is partially offset by a very favorable insurance renewal. Regarding AI, Martin stated that traditional internet searches still dominate customer acquisition and that while the marketing team is monitoring AI's evolution, its current impact on simple queries like 'storage near me' is limited.

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CFO Timothy Martin clarified that the personnel expense decline was due to efficiencies in store staffing and hours management, not wage cuts, and he expects the full-year figure to be closer to flat. Regarding acquisitions, Martin described the market as 'hazy' due to interest rate uncertainty, which has widened the bid-ask spread, but affirmed the company maintains a healthy balance sheet to act on opportunities.

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EVP & CFO Jeff Norman clarified that the New York MSA's weakness was concentrated in New Jersey and Long Island due to new supply, while Chicago actually saw performance accelerate from Q1. CEO Joseph Margolis stated that while a housing recovery would be helpful, it is not necessary for a storage market recovery.

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CFO P. Scott Stubbs attributed the decline partly to a difficult comparison against a very strong rental volume in the prior year's quarter. He emphasized that overall move-in and move-out volumes are down, but key metrics like occupancy and revenue growth are performing as expected, suggesting the volume drop is not a concern.

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SVP & CFO Thomas Boyle stated that July trends were consistent with expectations, with the occupancy gap tightening. He attributed the guided second-half deceleration primarily to the known impact of fire-related pricing restrictions in Los Angeles. CEO Joseph Russell added that the transaction market is up year-over-year, driven by single-asset deals, and their Sunbelt acquisitions are guided by submarket-specific data, not broad market timing.

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Joseph Russell detailed that the dynamic staffing model, guided by predictive data, reduced labor hours by 12% in Q1 and has a long runway for further optimization. H. Boyle stated that while consumer trends have been strong, the guidance's lower end accounts for potential macro weakness, and they are not assuming a strong housing market recovery this year.

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EVP & COO David Jamieson confirmed healthy demand across all categories (national, regional, local), noting over 75% of recent deals were service-related. CEO Conor Flynn added that Q2 small shop deal volume was elevated at 155 deals, driven by demand for e-commerce-resistant services.

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David Jamieson, COO, explained that the decision is made on a property-by-property basis. Key factors include the quality of the assignee and the merchandise mix of the center. They also weigh the economics of recapturing the space to upgrade tenancy and drive higher rents, with a primary consideration being the opportunity to accommodate a grocer, which adds significant long-term value.

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EVP & CFO Mark Langer explained the early mortgage payoff was a simple economic decision, as the loan had no prepayment penalty and could be replaced with their line of credit at a 100-basis-point lower interest rate. EVP & COO Jeffrey Mooallem detailed that landlord power is being used to secure better rent increases, improve delivery conditions (more 'as-is' deals), and negotiate stronger terms on exclusives and co-tenancy. Chairman & CEO Jeffrey Olson added that future CapEx will be lower due to the portfolio being 97% leased and substantially repositioned.

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CEO James M. Taylor stated that retailers remain committed to physical stores for the long term, and tariff concerns have not diminished leasing demand. President & COO Brian Finnegan added that retailers have been constructive about navigating tariffs through supplier negotiations and alternative sourcing, while also noting the consumer remains resilient. He pointed to active bidding at retail space auctions as a sign of continued strong demand.

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CFO Steve Gallagher stated that holding the guidance was appropriate given the uncertainty around tariffs. President and COO Brian Finnegan clarified that the tenant watch list is actually down considerably following recent bankruptcies and that the portfolio's underlying credit profile is the strongest it has ever been, with low exposure to at-risk categories.

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President and CEO Marshall Loeb explained that projects are underwritten for a 12-month lease-up and are designed to be multi-tenant. While larger tenants accelerate lease-up (from a current 16 months to a peak of 6-7 months), the company can and is filling buildings with smaller tenants. The return of larger space takers is not required but would significantly speed up the development cycle and trigger new starts.

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President and CEO Marshall Loeb clarified that projects are underwritten with a standard 12-month lease-up assumption. He noted that while the lease-up period has extended from a low of six months to about sixteen months, development yields have been maintained or improved. The buildings are designed for multi-tenant use, so they can be filled with smaller tenants, which is the current trend. However, this process takes longer than leasing to a single large user, which has led to a slowdown in the pace of new development starts.

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Executive Marshall Loeb responded that tenant collections remain healthy and bad debt is within the guided range of 40-50 basis points of revenue. He noted their tenants are more dependent on the local consumer economy than global trade. He also pointed out that bad debt is highly concentrated, with just seven tenants accounting for nearly 90% of the bad debt in Q1, suggesting the issue is not widespread across their smaller tenants.

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COO Laura Clark noted it is difficult to track month-to-month changes but attributed the quarterly pressure to the sweeping tariff policies announced in April, which caused some tenants to pause decision-making. She emphasized that the company's primary focus is on capturing demand and driving occupancy, which has also influenced rent levels, but leasing activity continued throughout the quarter.

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COO Laura Clark stated it's difficult to measure month-to-month, but attributed the quarterly pressure to uncertainty from sweeping tariff policies announced in April, which caused some tenants to pause decisions. She added that the company's focus on capturing demand and occupancy can also impact rent levels in the current environment.

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COO Laura Clark explained that it's difficult to track month-to-month changes, but noted that significant tariff uncertainty at the start of the quarter paused some tenant decision-making, which impacted rents. She added that the company's strategic focus on capturing demand and driving occupancy also played a role in rent levels for the quarter.

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COO Laura Clark noted it is difficult to track month-over-month changes but attributed the pressure on rents to macroeconomic uncertainty, particularly the sweeping tariff policies announced in April which caused some tenants to pause decisions. She added that the company is focused on capturing demand and occupancy, which can also impact rent levels.

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COO Laura Clark explained that while it's difficult to track month-to-month, the quarter was impacted by uncertainty following tariff announcements in early April, which caused some tenants to pause decisions. She also noted that the company's strategic focus on capturing demand and increasing occupancy can sometimes impact rent levels.

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CFO Michael Fitzmaurice clarified that the spread is due to properties being moved into the redevelopment pipeline. He expects same-property occupancy to end the year at its Q1 level of 95.7% after a dip mid-year. Total portfolio occupancy, which dipped due to redevelopments, is expected to end the year around 90-91%.

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Nicholas Wibbenmeyer, West Region President and CIO, expressed excitement about the asset's future growth potential beyond its going-in yield. He stated that Regency is targeting a high single-digit IRR over an initial 10-year hold, with clear visibility to further material mark-to-market opportunities beyond that period.

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CFO Matts Pinard stated that while they may offer slightly more free rent in higher-vacancy markets, they prioritize holding net effective rents. He noted a recent elevated TI was a long-term building enhancement, not a typical concession. CEO William Crooker addressed the American Tire question, explaining that backfill demand would be market-specific but that the properties are modern and well-sized. He also stressed that ATD represents only 1% of ABR, limiting its overall impact.

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President and CEO Danny Prosky confirmed that growing the AL/IL mix will drive margins higher from the current pre-COVID level of 19%. COO Gabriel Willhite added that drivers include unlocking pricing power at higher occupancy and negotiating better Medicare Advantage rates. On acquisitions, Danny Prosky noted they are targeting SHOP assets with yields in the mid-6% to 8% range, focusing on stabilized or moderate value-add opportunities.

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CFO Brian Peay cautioned against annualizing the Q4 FFO figure due to increasing seasonality in the business. CIO Stefan Oh explained that while recent acquisitions were sourced advantageously through debt positions and special servicer relationships, the future pipeline is diverse and will focus on off-market deals sourced through operators. Peay added that the project-specific financing market remains constrained, which is acceptable as AHR's capital hierarchy prioritizes retained earnings, dispositions, and equity over new secured debt.

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President and CEO Darrell Crate stated that the pipeline for acquisitions and development is strong, as capital constraints on other developers create opportunities for Easterly. He noted the company is targeting 2.5% growth and has been conservative in its guidance. CFO and CAO Allison Marino added that they target a 50 to 100 basis point spread on new deals, accounting for current interest rates. Regarding DOGE, Mr. Crate acknowledged potential short-term 'turbulence' but expressed long-term confidence, emphasizing Easterly's role as a private partner that can deliver mission-critical facilities more efficiently and cost-effectively than the government, which aligns with DOGE's objectives.

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CFO Allison Marino explained that the guidance range is based on property NOI growth, G&A, interest rates, and the acquisition pipeline, with leverage expected to remain in the 6.5% to 7.5% range. CEO Darrell Crate added that the company targets a portfolio mix of 70% GSA, 15% high-credit state, and 15% government-adjacent properties. He noted they are finding acquisition opportunities with cap rates 50-100 basis points above their cost of capital, driven by capital constraints among private sellers.

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CEO Bob Sulentic clarified that while a 20% growth rate isn't sustainable, they expect mid-teens growth for the combined project management business due to its focus on high-growth sectors like data centers and infrastructure. He explained their counter-cyclical industrial development strategy involves acquiring sites when capital is scarce to capitalize on future recoveries.

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Chair and CEO Bob Sulentic stated that CBRE anticipates a steady, not precipitous, capital markets recovery, noting that buyers and sellers are nearing alignment. He clarified that the resilient businesses' double-digit growth is expected long-term, driven by low double-digit organic growth supplemented by M&A. CFO Emma Giamartino added that resilient businesses will contribute about $1.8 billion in SOP this year, representing roughly 60% of the total, a ratio she expects to maintain even through a transactional recovery.

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Arthur Suazo, EVP of Leasing, expressed supreme confidence in closing deals, highlighting that 800,000 square feet of leases are in late-stage negotiations and tenants are showing more urgency. On the studio business, President Mark Lammas and CEO Victor Coleman reaffirmed their belief in a Los Angeles production comeback, citing cost-cutting initiatives at Quixote, a proposed state tax credit increase, and improving profitability among major streamers as key positive factors.

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CEO and Chairman Victor Coleman expressed confidence that the tax credit legislation will pass and that production would not be delayed, as the industry is seeking long-term directional certainty. On the asset sale, he cautioned against using the Foothill price as a market benchmark due to unique factors like a short-term ground lease. He added that overall transaction activity for non-core assets has been surprisingly strong.

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Chairman and CEO Anthony Malkin stated that while ESRT is monitoring the market, no office deals have met their criteria yet, with a continued focus on retail and residential opportunities. He confirmed that ESRT is in active negotiations with tenants who have also considered more expensive, newly constructed buildings, as they are attracted to ESRT's value proposition, which includes a full suite of amenities and sustainability partnerships.

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Executive Vice President Thomas Durels stated that ESRT attracts quality tenants from all submarkets who choose its properties for their value proposition in the active $60-$80 per square foot range. He noted that net effective rents were the highest in three years, with lower leasing costs due to re-leasing built-out spaces. Chairman and CEO Anthony Malkin described the company as 'omnivorous opportunivores,' confirming they are open to all value-add opportunities, including office acquisitions, debt positions, and JVs.

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CEO Michelle MacKay explained that the catalyst is the market's recalibration, with cap rates having adjusted to make leverage neutral-to-positive for assets like CBD office and industrial, allowing levered players to re-enter. She asserted this sets the stage for steady expansion rather than a sharp recovery. On the office leasing question, MacKay confirmed that due to high demand and limited new construction for top-tier space, demand is indeed trickling down to the 'next best thing' in quality.

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CEO Michelle MacKay expressed optimism, citing Fed rate cuts as a catalyst for shifting investor mindset to 'risk on.' CFO Neil Johnston acknowledged lending tightness but noted a strong September for mortgage originations. MacKay firmly stated they do not anticipate increasing leverage, emphasizing a disciplined capital allocation strategy focused on brokerage, services, and continued deleveraging.

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CEO Rick Matros described operator initiatives such as digital recruiting, improved employee onboarding with mentorship, and competitive wage rebasing. EVP Talya Nevo-Hacohen confirmed the pipeline is tilting towards assets with a care component, like Assisted Living, with going-in yields of 7% to 7.5% that are expected to stabilize higher.

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CEO Rick Matros attributed the SNF occupancy gains to improved labor availability, which allows for more admissions. He suggested that declining supply in the skilled nursing sector could potentially mask normal seasonality in the future. EVP & CIO Talya Nevo-Hacohen commented on lending, stating that while lenders are interested, pricing is an issue, and activity in the bridge-to-HUD space continues, primarily from non-bank lenders.

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Glen Weiss, EVP of Office Leasing, confirmed seeing robust demand, including tenants discussing renewals years in advance and new tenants seeking immediate occupancy. He noted that while concessions have 'neutralized,' they have not yet broadly declined, but rising rents are improving overall deal economics. Michael Franco, President and CFO, added that some tenants who recently signed leases are already seeking expansion space.

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Executive Glen Weiss noted robust demand from all angles, including early renewal discussions, but stated that concessions have neutralized rather than decreased, with rent growth being the primary improvement. President and CFO Michael Franco added that while some fixed-rate debt will see rate upticks upon refinancing, he believes the company is largely past the period of significant interest expense increases and expects the net impact to be around par year-over-year.

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Executive Glen Weiss confirmed seeing robust demand, including early renewal discussions and expansions, but noted that while rents have risen, concessions have only 'neutralized' and not yet broadly declined. President and CFO Michael Franco commented that the financing market is much improved, and while some refinancing rates may be higher, the overall interest expense impact should be roughly neutral year-over-year.

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Executive Vice President Glen Weiss confirmed tenants are renewing years in advance, and while concessions have neutralized, they have not yet declined. President and CFO Michael Franco described the financing market as significantly improved, expecting net interest expense to be relatively stable year-over-year as the worst of the rate hikes is likely over for the company.

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EVP Glen Weiss confirmed that tenants from all sectors, including a plethora of financial firms, are flocking to the Penn District, attracted by the quality and location. President and CFO Michael Franco stated that Vornado is opportunistic and open to both debt and direct asset purchases, focusing on value-add and opportunistic returns rather than core buys, without specifying a precise IRR target.

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Executive Glen Weiss stated that leasing concessions have stabilized, though they remain high, and are being offset by higher starting rents in certain submarkets, leading to positive net effective rent trends. Chairman and CEO Steven Roth commented that the cost of capital is the biggest driver for real estate and that the expectation of a downward trend in interest rates is a significant positive for the business.

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Glen Weiss, an executive, reported that leasing concessions have stabilized, though they remain high, and are being offset by rising rents in certain submarkets. Steven Roth, Chairman & CEO, emphasized that lower cost of capital is a primary driver for real estate value and that the prospect of declining interest rates is a significant positive, outweighing generalized recessionary concerns for the sector.

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Executive Glen Weiss explained that for new leases, concessions are consistent across submarkets at around $140-$150 per square foot for tenant improvements and 13-15 months of free rent; the primary variable is the starting rent. He confirmed the Q2 expiration is the previously disclosed Meta space at 770 Broadway and noted there is already leasing 'action on this space.'

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Executive Brendan Maiorana clarified that the 2025 outlook does not assume significant new leasing in the four core vacant assets, noting a large signed lease at Alliance Center doesn't commence until 2026. CEO Theodore Klinck added that these assets have strong backfill progress and prospect activity. On acquisitions, Mr. Klinck stated they are pursuing a disciplined, risk-adjusted approach similar to their post-GFC playbook. Mr. Maiorana explained the funding strategy was a balanced approach, using disposition proceeds and issuing equity to build dry powder for future opportunities.

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CEO Theodore Klinck explained that longer lease terms are primarily a function of tenants needing larger tenant improvement (TI) allowances, which requires a longer commitment. He stated that investment hurdles are risk-adjusted, from double-digit IRRs for value-add deals to lower for core assets. CFO Brendan Maiorana identified proceeds from non-core asset sales and the bond market as primary funding sources.

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Executive A. Paratte and Executive Angela Aman stated they do not need to sacrifice on economics, as the premier quality of the assets drives tenant demand, though they remain competitive. On transactions, Executive Eliott Trencher noted that the buyer pool is diversifying beyond opportunistic funds to include institutional and high-net-worth capital, making dispositions more appealing. As a buyer, Kilroy remains disciplined and focused on value-accretive investments.

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CEO Angela Aman and EVP, Chief Leasing Officer Rob Paratte clarified that the higher TIs were a mix-related issue due to the poor, dated condition of two specific spaces and not a broader market trend. Regarding Los Angeles, they acknowledged the market remains soft but highlighted recent positive activity in Long Beach and Culver City. Rob Paratte added that new state film incentives are a positive catalyst and the LA team remains busy with smaller deals.

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Management confirmed robust demand, including early renewals and expansions. While concessions have neutralized, they haven't yet decreased, but rents have risen. The financing market is described as 'night and day' better than a year ago. While some refinancing rates will be higher, net interest expense is expected to be roughly flat year-over-year, with the worst of the increases being over.

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Leasing concessions have stabilized, though they remain high. Management believes lower interest rates are a significant positive for the real estate industry, as the cost of capital is the biggest driver of value, and they are planning for rates to normalize, not return to zero.

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Leasing concessions are consistently high across all submarkets, with TIs around $140-$150 per square foot and 13-15 months of free rent; differentiation occurs in the base rent. The large Q2 expiration is the previously disclosed Meta space at 770 Broadway, and there is active demand and a pipeline of interest for backfilling it.

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Capital allocation priorities are debt maturities first, then opportunistic stock buybacks, and finally acquiring distressed assets. The news report about a rent reduction at 650 Madison was incorrect; the reported net rent of $60 grosses up to the low $90s per square foot.

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CEO Stephen E. Budorick expressed confidence in continued bipartisan support for defense spending increases. EVP Britt Snider added that direct customer conversations indicate no slowdown in demand. Regarding pricing, EVP Anthony Mifsud explained that the primary focus remains on reducing concessions and maximizing tenant retention, which provides a greater cost benefit than aggressively pushing rental rates, though they will take opportunities where they can.

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EVP and COO Britt Snider explained that pricing power is currently stronger on renewals due to significant tenant co-investment in spaces, but the company balances pushing rates with maintaining long-term customer relationships. President and CEO Stephen E. Budorick addressed the election, stating that defense spending has strong bipartisan support and is expected to remain robust regardless of the outcome, though a Trump administration might be 'marginally better' for spending levels.

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SVP of Operations Megan Krull acknowledged the labor environment remains tough, particularly in rural areas, and that immigration policy will be a factor, though no impact has been seen yet. An executive, likely CIO Vikas Gupta, stated that underwriting standards have not changed, as they continue to focus on credit-based deals with strong operators, agreeing that recent operator issues seem idiosyncratic.

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SVP of Operations Megan Krull attributed occupancy gains to improved staffing, though it remains a challenge, and noted cyclical trends. CEO C. Pickett described the transaction market as very active due to lower rates and increased capital availability, a trend he expects to continue for at least the next 12 months.

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President and CEO Jordan Kaplan suggested that large tenants are no longer posturing for an 'extreme recession' and that DEI's own platform has become more aggressive and effective at capturing demand. Regarding 10900 Wilshire, he stated the building presents multiple 'extremely good options' and the company needs more time to decide on the final strategy before commenting further.

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Executive Stuart McElhinney confirmed the positive absorption was driven by strong volume from both core smaller tenants and a rebound in the over-10,000 sq. ft. category. CIO Kevin Crummy explained that for acquisitions, the company is not focused on IRR but rather on price per square foot and the potential to add value through leasing up vacant space, leveraging their operating platform.

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Executive Jerry Sweeney detailed that the buyer pool was dominated by owner-occupants, family offices, and smaller syndicators, with cap rates from the low 5s to over 10%. Regarding 3151 Market, Sweeney confirmed that while confident in life science demand, they have recently begun marketing the building to traditional office users as well, leveraging its quality and location now that the nearby 3025 project is substantially leased.

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Executive Jerry Sweeney stated that concessions have not materially increased in Philadelphia, though tenant improvement (TI) allowance requests are up. He noted Austin is more competitive with some upward pressure on TI. Mr. Sweeney confirmed the dispositions are non-core assets and that seller financing was used on one transaction to facilitate the deal in a challenging financing market, but it is not planned for others.

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President Douglas Linde stated that all regions must contribute to leasing vacant space. Executive Rodney Diehl detailed the San Francisco strategy, which focuses on new amenity centers and spec suites to attract tenants. He noted that while traditional firms are rightsizing, growing demand from new tech and AI companies led to positive net absorption in Q4, a promising sign for the market.

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President Douglas Linde explained that the economics for a new development in Boston do not currently work. The required rent to justify new construction costs of $1,400-$1,600 per square foot would be materially higher than achievable rents in existing premier buildings. He stated the project timing doesn't pencil out right now but could in the future if economic conditions change.

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SVP Hallie Kuhn noted that early-stage private biotech is only 9% of ARR, so it's not the sole driver of leasing demand. Executive Peter M. Moglia stated the company is comfortable it can achieve its projected disposition cap rates (low-to-mid 7s), factoring in asset quality and market conditions.

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Steven Durels, an executive, confirmed that tech tenant demand has doubled year-over-year in the broader market and that SL Green is in discussions with tech tenants for One Madison Avenue. Matthew Diliberto, an executive, affirmed that lenders are 'back,' citing several large deals and predicting a very active year for the credit markets in 2025.

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Executive Steven Durels stated that concessions peaked last year and that the current demand reflects an awakening of smaller to mid-sized tenants chasing value, not just spillover from Park Avenue. CEO Marc Holliday addressed financing, confirming that major lending institutions are expected to increase balance sheet lending for prime commercial assets in 2025. He explained that lenders are willing to work on modifications for SLG's well-leased, non-overlevered assets with strong sponsorship, preferring to maintain earning assets until the market fully recovers.

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CFO Karen Brennan noted that office leasing demand remains focused on high-quality assets, with a significant 45% uptick in large transaction volume. She highlighted that the U.S. availability rate decreased for the first time since the pandemic, a positive sign of confidence. Global CEO Christian Ulbrich attributed strong U.S. capital markets activity to the market's quick reaction time and significant capital inflows from international investors.

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Executive Todd Meredith stated that while the environment is favorable, the primary focus remains on gaining occupancy rather than aggressively pushing rents, though he noted healthy cash leasing spreads. Interim CFO Austen Helfrich addressed capital allocation, emphasizing a dynamic framework that considers reinvestment in the portfolio, JVs, and private market valuations, rather than a simple pivot from buybacks to acquisitions.

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