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CFO Christopher Lau stated that while the year started strong, it is too early to adjust guidance as the peak leasing season is still ahead. COO Lincoln Palmer confirmed that the company has not seen any signs of weakening consumer demand, noting that foot traffic and leasing activity increased into April.

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CFO Joe Fisher expressed confidence, citing a favorable supply backdrop with starts declining, stable concessions, and strong relative affordability. He noted that full-year guidance only requires a modest 50 basis point acceleration in blended lease rates from April's level. Regarding the Philadelphia asset, Fisher stated that after consolidating the property, the forward yield on their $183 million basis would be around 4%, with a path to 5% over the next few years as operations stabilize and occupancy improves from the mid-80s. COO Mike Lacy added that the strategy of building occupancy in slower quarters has positioned them well for the leasing season, with April's blended lease rates in the mid-2% range.

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CEO Edward Pitoniak expressed optimism about Century, citing positive results from recent CapEx investments. Regarding Caesars, he stated there are no 'burning conversations' about regional performance and pointed to Caesars' significant, ongoing capital investments in VICI-owned properties in New Orleans, Atlantic City, and Lake Tahoe as a strong sign of their commitment to the assets.

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David Jamieson, COO, reported that the leasing pace remained healthy and on track with the prior year, with non-anchor leasing ahead of pace. He stated that retailers are focused on long-term strategic plans and are looking through short-term volatility, as evidenced by recent multi-pack deals. He also noted strong tenant retention rates of over 90%, demonstrating commitment to their physical stores.

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Executive Chairman Joel Marcus explained the strategy involves aligning with innovative, disruptive companies during the current biotech bear market, similar to past successes with Alnylam and Moderna, while continuing to build out their mega campus platform. Chief Financial Officer Marc Binda stated that the current guidance for capitalized interest is their best estimate for the year, with good visibility.

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Executive Joel Marcus stated that confidentiality agreements limit comments on the Texas tech tenant but noted the renewal was for highly improved space and a sale to the tenant is a future possibility. Regarding demand, he indicated it remains strong for early-stage and revenue-generating companies but is more challenging for mid-stage tenants without clear positive data.

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Paul Seavey, an executive, acknowledged that the early rebooking pace from Canadians is about 20% lower than historical levels but noted it is still early in the booking season. Regarding interest expense, he explained the higher full-year guidance accounts for planned working capital investments in properties throughout the year, which is not reflected in the Q1 run rate.

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Executive Gary Shiffman clarified that Sun proactively assessed the market and ran a structured, competitive sales process with an adviser. He stated the process was disciplined to maximize shareholder value and was specifically focused on the Safe Harbor Marinas platform.

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Gary Shiffman, Executive, affirmed that the company's goal is always to maximize value and that all opportunities are considered. Fernando Castro-Caratini, Executive, explained that the nonrecurring G&A increase was driven by a write-off of an insurance receivable and deal costs, while the recurring G&A increase was primarily payroll-related.

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Executive H. Boyle reiterated that the L.A. restrictions result in a 100 basis point impact to same-store revenue, affecting both new and existing customers. On capital allocation, Boyle explained that share repurchases occurred when the stock was viewed as undervalued and acquisition volumes were low. The recent introduction of an ATM program provides an additional tool to fund an expected increase in acquisition activity in 2025.

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Interim CEO Constance Moore stated the CEO search began in earnest in January and is progressing aggressively, but she could not provide a specific timeline. CFO Austen Helfrich commented that while it's too early to speculate on policy, the secular trend of shifting care to lower-cost outpatient settings, which HR provides, remains a robust tailwind.

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Executive J. Hutchens described the strategy as targeting high-performing, 90% occupied assets that offer a unique combination of yield and growth, with low to mid-teens unlevered IRRs. CFO Robert Probst confirmed these acquisitions are immediately accretive and a key driver of the 7% FFO growth outlook for 2025, noting the new $1 billion pipeline will have a lesser impact due to timing.

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CEO Debra Cafaro explained that new construction remains constrained by lending conditions, costs, and the need for higher rent levels, creating a long growth runway. J. Hutchens added that sellers include developers cashing in and private equity firms exiting for various reasons, which creates compelling acquisition opportunities for Ventas.

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CEO Shankh Mitra stated that he could not provide further details on the private funds business at this time but would offer updates once the process concludes. He reiterated that Welltower's balance sheet strategy is to acquire unstabilized assets and that the new funds business will significantly expand the company's total addressable market (TAM).

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Chief Financial Officer Michael Mas explained that the stronger outlook is foundationally driven by same-property NOI growth guidance of 3.2% to 4%. He also cited accretive capital allocation, including 2024 acquisitions, development project deliveries, and share repurchases. Mas noted that while interest expense is a headwind, G&A provides a positive contribution due to increased overhead capitalization from the expanding development program.

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Chairman and CEO David Simon stated that direct tariff impact is limited as many retailers have diversified sourcing away from China. He argued that eliminating the de minimis rule, which benefits shippers like Temu, is far more significant and would provide a 'real shot in the arm' to domestic retailers by leveling the playing field.

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CFO and CIO Michael Bilerman confirmed an active focus on activating outparcels, citing the Phoenix center's Texas Roadhouse as an example of intensifying real estate. President and CEO Stephen Yalof noted that while dwell time metrics are still being refined, they are observing increased shopping frequency at centers with tenants like Sephora, which helps position the centers as primary community shopping destinations.

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CEO Mark Manheimer explained that while there is a small rent decrease on the assumed Big Lots leases, the anticipated higher rent from re-leasing one location should make the overall rent stream equivalent to pre-bankruptcy levels. He added that the investment-grade acquisition percentage, which was lower recently due to better non-IG opportunities, is expected to increase in Q4.

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President and CEO Christopher Marr characterized the New York MSA as a 'fantastic' but low-beta market facing tough comps, with strong performance in the NYC boroughs being offset by supply impacts in Northern New Jersey. CFO Timothy Martin clarified that for the same-store pool, 'other property income' is predominantly fees. On a consolidated basis, tenant insurance income is also included in that line item.

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CEO Jason Fox acknowledged that acquired leases are typically not as comprehensive as W. P. Carey's own originated leases. However, he stressed the significant benefit of acquiring existing leases is a much shorter and more predictable closing timeline, typically 30 to 60 days. He stated the company evaluates this trade-off and will not accept materially more risk, relying more on the underlying real estate quality in such deals.

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