Question · Q2 2025
Michael Stefany from Mizuho Securities asked about recent changes in construction hard cost inputs, noting that a cost breakdown chart from the Q1 presentation was absent in the Q2 deck.
Answer
Chief Investment Officer Matthew Birenbaum clarified that the chart was illustrative and the cost situation has not materially changed. He reiterated that the favorable trend of buyout savings from increased subcontractor competition is more than offsetting any material cost headwinds, and this trend has recently accelerated.
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