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CFO Brian Peay and President & CEO Danny Prosky attributed the implied slowdown to significantly tougher year-over-year comps from Q3 and Q4 2024, along with minor seasonal headwinds. Regarding funding, Brian Peay confirmed that lower interest expense guidance resulted from paying down debt with equity raised via the ATM program. He stated future investments will be funded through a combination of retained earnings, potential ATM usage, and capacity on the revolving credit facility.

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CFO Brian Peay and President & CEO Danny Prosky explained that the guidance reflects tougher year-over-year comparisons from strong performance in late 2024, along with some typical seasonality. Regarding funding, Brian Peay confirmed that lower interest expense stems from debt repayment using equity. He outlined a multi-pronged funding strategy using retained earnings, the ATM program, and the company's revolving line of credit, which has sufficient capacity for the entire current acquisition pipeline.

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CFO Brian Peay explained that the implied H2 slowdown for Trilogy is primarily due to more difficult year-over-year comparisons from strong performance in late 2024. He attributed the lower interest expense to debt reduction funded by equity raised via the ATM program. For future funding, he outlined a strategy of using retained earnings, the ATM, and the company's revolving credit facility.

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CFO Brian Peay and President & CEO Danny Prosky explained the implied moderation is due to facing tougher year-over-year comparisons from strong performance in late 2024. Peay confirmed that lower interest expense stems from debt paydown using equity proceeds and outlined a future funding mix of retained earnings, ATM program usage, and their revolving credit facility.

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CEO H. Michael Schwartz indicated it was too early to provide 2026 AUM guidance but expects to have a clearer picture after Q4. CFO James Barry explained that the tightening of the same-store revenue guidance range was primarily driven by weaker-than-expected move-in rates in June, while occupancy performance remained strong and in line with expectations.

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CEO Jordan Kaplan acknowledged that taking supply offline is always helpful but noted Westwood is a competitive market. He stated that the main catalyst for leasing improvement is a broad economic recovery. Based on historical data, he believes the portfolio's lease rate can increase by approximately 3% annually during a strong recovery.

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President and CEO Jordan Kaplan stated that such favorable rates are very difficult to obtain but reflect strong lender relationships. He reiterated his forecast that the company's average cost of debt will rise 100-200 basis points above pre-COVID levels. Kaplan acknowledged the slight dip in in-service occupancy but attributed it to minor fluctuations, emphasizing the overall positive leasing momentum across the entire portfolio.

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President and CEO Jordan Kaplan noted that tenant showings in January were 'way above' average, a key reason for his optimism, especially combined with historically low lease expirations for the year. He does not believe the fires will have a meaningful impact on leasing. He also confirmed that the company acquired the 10900 Wilshire property in fee, owning both the ground and the building.

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President and CEO Jordan Kaplan described the extensive physical repositioning of Studio Plaza into a multi-tenant building. CFO Peter Seymour added that while the primary impact is lost NOI, the company will keep operating expenses low and likely capitalize some ongoing costs during the lease-up period. Regarding swaps, Kaplan stated there is no reason to swap short-term debt and that the company is working on securing longer-term debt first.

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CEO C. Taylor Pickett stated the Board would likely consider a dividend increase once the FAD payout ratio is sustainably in the mid-80% range, which could be a topic for discussion in the next few quarters. He expressed high confidence in the Genesis portfolio, citing its strong performance and master lease structure, which makes it essential to a successful reorganization and unlikely to be rejected.

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CIO Vikas Gupta confirmed that with the LaVie master lease assignment, nothing will change regarding rent payments or escalators, and the portfolio has strong coverage above 1.4x. CEO Taylor Pickett and CFO Bob Stephenson affirmed that straight-line rent will kick back in with the new lease. SVP Megan Krull discussed provider taxes, noting the risk is likely a reduction of 1-2%, not a complete wipeout, and the impact is difficult to quantify as it varies by state.

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CIO Vikas Gupta reported that the Maplewood portfolio occupancy is at 91%, with Second Avenue at 85%, and rent paid in January is sustainable with potential for increases. He noted the Guardian transition is performing as planned. He clarified that guidance assumes current rent levels, with any increase from Maplewood pushing results to the high end of the range. CFO Bob Stephenson added that guidance includes pre-funding for a $230M debt payoff and the $600M 2026 maturity, but not for future acquisitions, which would be funded opportunistically.

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President & CEO Peter Scott clarified that the total potential NOI upside is $50 million, with the $20-40 million figure being a more conservative three-year target due to project timelines. He described the portfolio as a value-add opportunity in strong markets like Denver and Dallas. Scott confirmed the $300 million investment is what's needed to achieve the full $50 million upside and will be funded primarily by the dividend adjustment, though asset sale proceeds are also a fungible source of capital.

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CFO Austen Helfrich confirmed that full rent was received from Prospect for February, March, and April. CEO Peter Scott stated that the management team is focused internally on the strategic plan and intends to provide a detailed update on the next quarterly earnings call, at which time the dividend will also be addressed.

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Interim CFO Austen Helfrich noted that future capital expenditures will be tied to absorption targets. Executive Todd Meredith and COO Robert Hull expressed confidence in sustaining, and potentially elevating, the current pace of absorption, citing the strong new leasing pipeline required to backfill normal-course expirations and continue driving occupancy gains.

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CFO Kevin O'Shea explained that the company's business model can fund about $1.25 billion in annual starts on a leverage-neutral basis using free cash flow, dispositions, and debt, making it not dependent on the equity markets. COO Sean Breslin confirmed that the weaker composition of job growth (less in finance, tech) has been a headwind but is expected to improve.

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CIO Matthew Birenbaum stated that development completions are expected to be only about $350 million in 2025, a significant decrease from the prior year. CFO Kevin O'Shea confirmed that 2025 is somewhat abnormal, with heavier capital costs and lower development NOI ($30M vs. ~$40-45M in 2024). He calculated the net earnings growth from investment platforms at about 140 basis points, which is lower than the typical 150-200 basis points.

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SVP & CFO Thomas Boyle explained that while move-in rents are currently used promotionally, improving industry demand will eventually allow for higher rates. He clarified that Los Angeles is not showing broader weakness, citing strong 3% revenue growth in nearby Orange County, and reiterated that the primary headwind is the temporary rent restrictions.

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Executive H. Boyle explained that while about 60% of Q3 customers received a promotion, this level is still modest compared to historical norms of 85-90%. He stated that promotions are used tactically to optimize customer acquisition. For accounting, he clarified that their common '$1 for the first month' offer is treated as a contra-revenue item recognized entirely in the first month of tenancy.

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EVP & CFO Jonathan Olsen explained that there is a lag between market value changes and assessed values. While hopeful for relief, he noted that taxing authorities have revenue obligations to meet. He stated the long-term expectation is for property tax growth to return to the historical 4-5% range, but the timing of this normalization is uncertain.

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CFO Jonathan Olsen stated that the long-term expectation is for property tax growth to return to its historical range of 4% to 5% annually. He acknowledged that home price appreciation has slowed but noted that assessed values often lag market values and that taxing authorities have revenue obligations to meet. While hopeful for relief, he indicated that property tax will remain a significant expense item with potential for volatility.

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President and CEO A. Bradley Hill asserted there are "no problems whatsoever on the demand side," citing record absorption and attributing slowness to operator caution. EVP Timothy Argo added that while easier comps are a factor, especially for Q4, the primary drivers remain the fundamental supply/demand dynamics.

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President & CEO Angela Kleiman attributed Los Angeles's underperformance to heavy supply, slow delinquency recovery, and a soft demand environment, not a fire ordinance. For Northern California, she explained that reported blended lease rates understate the market's true strength. Including all leases, the blended rate would be 4% versus the reported 3%, and she noted that a deceleration in the second half of the year is consistent with normal seasonality after a July peak.

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Executive Angela Kleiman confirmed the company's original assumption for a slight increase in blended lease rates in the second half remains intact. She explained that the modest sequential growth outlook is a function of Q1's outperformance against an unchanged full-year guidance. Regarding the tech sector, she noted that job openings at the top 20 tech companies have been steadily increasing monthly since late 2024, indicating future hiring and mitigating concerns of a slowdown.

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Executive Angela Kleiman explained that while the guidance range accounts for potential downside from policy uncertainty in L.A., such as an eviction moratorium or rent freeze, no specific impact is factored into the base case. Executive Barb Pak added that the forecast for L.A. assumes a modest recovery with occupancy improving to 96% and rent growth of about 2%, with no impact from the wildfires baked in.

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Douglas Linde, President & Director, clarified that the reported supplemental numbers were for a small, 400,000 sq. ft. pool of commencements and were skewed by specific as-is or low-TI deals. He stated that for leases signed during the quarter, mark-to-market was slightly positive in Boston and New York, reflecting a healthier real-time trend.

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CFO Michael LaBelle explained that the guidance range was narrowed due to strong leasing success, which raised the bottom end. The top end was moderated because some new, significant leases will not commence revenue until 2026. President Douglas Linde added that taking space back early to sign new long-term leases also pulls some downtime into 2025, impacting near-term FFO but boosting future revenue and occupancy.

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CFO Michael LaBelle detailed the moving parts, stating that 2025 development deliveries could create a 70 basis point drag on occupancy if no further leasing occurs. However, he noted this could be offset by a potential 90 basis point positive impact if BXP takes other suburban buildings out of service for redevelopment. Various executives then provided positive leasing updates on the specific development projects.

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President Douglas Linde stated that a general return of technology and life science demand is necessary. Senior EVP Rodney Diehl added that San Francisco specifically needs to burn off its significant sublease availability. EVP Bryan Koop noted that in Boston's suburbs, there's a drastic performance difference between BXP's premier, amenity-rich properties like CityPoint and the region's older, vintage office stock.

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CEO Angela Aman confirmed one KOP2 transaction is for a spec suite user. EVP & CIO Eliott Trencher declined to provide specific pricing on the campus sale due to an NDA but stated the price offered a better risk-adjusted return than re-leasing. Regarding 2026 expirations, Aman reiterated that they expect some larger vacates in H1 2026 but had no specific update on the tenant in question.

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EVP and CFO Jeffrey Kuehling noted that guidance accounts for the 23andMe move-out and the Q3 addition of two unstabilized redevelopment projects. CEO Angela Aman added that accelerating spec suite leasing could push occupancy to the high end of the range. EVP and Chief Leasing Officer Rob Paratte confirmed strong activity at KOP 2, with discussions for both spec suites and larger multi-floor users advancing to space planning.

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Executive Angela Aman attributed the KOP Phase 2 changes to slight delays in municipal approvals and the projected lease-up trajectory. She confirmed that accelerating new leasing activity is essential for occupancy growth and expressed confidence based on the strong leasing volumes seen in recent quarters.

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CEO Angela Aman and EVP, Chief Leasing Officer Rob Paratte explained that the high quality and advanced stage of the KOP project are attracting a wide range of tenants, including traditional office users. They noted that while long-term expansion from Phase 1 tenants is possible, it's more likely for future phases. Regarding short-term leases, Angela Aman clarified that all are reflected in the public lease expiration schedule and detailed the occupancy impact of specific deals, such as a temporary new lease vacating in Q4 and the DermTech bankruptcy lease.

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Co-President & CFO Tim McHugh explained that the non-same-store portfolio includes newly acquired, under-optimized assets and recent developments, which naturally have lower initial occupancy and margins. He clarified that aggregate bottom-line growth is similar to the same-store portfolio. CEO Shankh Mitra added that comparing to prior periods is misleading because the asset pool is constantly changing.

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CEO Shankh Mitra confirmed that they would not have raised both occupancy and rate guidance if they didn't feel good about April's trends. Executive Tim McHugh added that while macro uncertainty is factored into the guidance range, the primary driver is the actual positive business trends, which show no signs of weakness.

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CEO Shankh Mitra explained that the non-same-store portfolio has lower occupancy, which should lead to higher NOI growth as occupancy increases and margins expand. CFO Tim McHugh specified that by the fourth quarter of 2025, over 90% of the current portfolio is expected to be included in the same-store pool.

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John Burkart (COO) confirmed that traffic was up and, more importantly, closing ratios improved, which he attributed to better execution from the operating platform. He also noted that resident turnover has remained consistent.

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CFO Kelvin Moses explained that the lab occupancy decline was roughly one-third from non-renewed expiring leases, one-third from tenant relocations within the portfolio, and one-third from tenants who failed to raise capital. CEO Scott Brinker emphasized that maintaining a strong balance sheet is the top priority, which allows for opportunistic asset sales, share buybacks, and funding attractive developments. He noted that while the company is patient, distressed life science assets represent a future "enormous opportunity."

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CFO Kelvin Moses attributed the lab occupancy decline to a mix of lease expirations, tenant relocations within the portfolio, and tenants who failed to raise capital. CEO Scott Brinker emphasized that maintaining a strong balance sheet is the top priority, followed by opportunistic asset sales, stock buybacks, attractive outpatient developments, and patiently waiting for distressed life science investment opportunities.

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An Unknown Attendee and Executive Glen Weiss provided a breakdown of the NYU deal's accretion, explaining that after accounting for the repaid mortgage, an associated swap, and retained income, the net benefit is approximately $25-26 million. An Unknown Executive confirmed that the leased percentage for PENN 1 is the same as its occupancy, which was reported at 88%.

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Glen Weiss, EVP of Office Leasing, confirmed that Penn 1 and Penn 2 compete directly with new space, including sublets in Hudson Yards, which he views as a positive given Vornado's competitive pricing. Michael Franco, President and CFO, clarified that the incremental yield calculation is based on costs Vornado wouldn't have otherwise spent, and that TIs and commissions would have been required regardless to lease the old space.

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Executive Glen Weiss confirmed that PENN 1 and PENN 2 compete directly with new space and sublet space on the West Side, viewing it as a positive indicator of quality, and noted Vornado's pricing is more competitive. President and CFO Michael Franco explained the reported incremental yield on PENN 2 excludes TIs and commissions, as those are costs that would have been spent anyway to lease the old building.

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Executive Glen Weiss confirmed that Penn 1 and Penn 2 compete directly with new space, including sublets in Hudson Yards, which he views as a positive given Vornado's competitive pricing. President and CFO Michael Franco explained the incremental yield calculation excludes TIs and LCs, as those are costs that would have been spent anyway, but on a lower-quality, less economic older building.

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Executive Vice President Glen Weiss confirmed that Hudson Yards sublet space is a competitor, which he views positively as it positions the Penn District against new product at a more attractive price point. President and CFO Michael Franco clarified the quoted 10.2% yield is on incremental redevelopment costs only, as TI/LCs would have been spent regardless. Weiss confirmed the TI/LC cost is around $140/sq. ft. or slightly higher.

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EVP Glen Weiss confirmed that a recent high-rent lease was in the upper stack of PENN1, which now serves as a benchmark to increase rents throughout the building and at PENN2. President and CFO Michael Franco reiterated that significant earnings benefits from current leasing activity will materialize in 2026, suggesting 2025 FFO would likely be similar to 2024, with material growth to follow.

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President and CFO Michael Franco projected that office occupancy would trend down in the next quarter due to a known move-out at 770 Broadway but should end the year near the current level of 89.3%, with potential upside depending on deal timing. Executive Glen Weiss confirmed that tenants looking at PENN2 include new entrants to the district, attracted by the new product and redeveloped streetscape.

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Michael Franco, President & CFO, projected that office occupancy would dip slightly in Q3 before ending the year near the current 89.3% level, with potential upside from new deals. Glen Weiss, an executive, reiterated that PENN2 is attracting a diverse mix of tenants, including new entrants to the district, drawn by the redeveloped product and superior transit access.

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President and CFO Michael Franco confirmed the NOI impact calculation is largely correct, as it is driven by a few large, specific tenant move-outs at 1290 Ave of the Americas, 280 Park, and 770 Broadway. He clarified the guidance implies that year-end 2024 occupancy should be roughly flat compared to year-end 2023, while acknowledging it may dip further mid-year before recovering.

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EVP & Chief Investment Officer J. Hutchens reiterated that higher mortality late in the quarter created a lower jumping-off point for Q2, contrasting it with the large positive impact of the upcoming key selling season. EVP & CFO Robert Probst maintained the company's policy of not providing intra-quarter data, directing analysts to focus on longer-term trends and the reaffirmed full-year guidance.

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Executive J. Hutchens detailed the mechanics causing the variance, including the timing of increases, lower acuity of new residents, and a lag in new move-in rates. CFO Robert Probst confirmed the guidance assumes all-equity funding for investments and that Ventas expects to continue driving net debt-to-EBITDA down into its target range.

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CEO Debra Cafaro clarified that a 7.5% year-one yield implies a day-one yield in the low 7% range. She explained the LTAC purchase was a strategic part of a holistic resolution with Kindred, designed to improve master lease coverage and strengthen Kindred's credit profile, making them a better long-term tenant.

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CEO Joseph Margolis stated that Q1 acquisitions had initial yields from 2.3% to 6.5%, stabilizing in the upper 6s to 7%. CFO P. Scott Stubbs acknowledged the positive sequential rate movement but commented that it was still too early in the leasing season to declare a definitive trend or strategic shift.

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Executive P. Stubbs attributed the G&A increase to necessary headcount growth to support a larger portfolio and to renewed technology spending post-LSI integration. CEO Joseph Margolis explained that pricing is highly granular and automated, and he is not concerned about 'training' consumers, as most shop very few alternatives, making digital visibility the most critical factor.

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CEO Joseph Margolis expects to continue operating at higher-than-historical occupancy levels. On synergies, he reported being on track for $80-$90 million of the $100 million target, with G&A ($53M) and tenant insurance ($27M) outperforming, while property-level synergies are lagging but still achievable over time.

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CIO Alec Brackenridge explained that while tariffs add uncertainty, falling construction costs and 'hungry' contractors accepting lower margins are providing an offset, though it remains difficult for new projects to underwrite. CEO Mark Parrell stated their D.C. government job exposure mirrors the sector's contribution to the local economy and that a property-level review showed a broad-based portfolio without concerning concentration in any single government department.

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Executive Harrison Sitomer stated that New York City real estate is expected to be mostly immune to credit market turbulence due to a 'flight to quality,' citing $6.9 billion in NYC office CMBS completed year-to-date. Marc Holliday added that any impact will likely be on pricing rather than deal availability. Regarding guidance, Matthew Diliberto confirmed comfort with the current range, and Marc Holliday clarified the upward bias is driven by opportunities across debt, equity, and leasing.

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Matthew Diliberto, an executive, detailed that the FFO beat was driven by higher NOI, fee income, and investment income. Marc Holliday, Executive, and Steven Durels, Executive, explained the leasing pipeline is broad-based, with two-thirds being new tenants across various industries and locations, not just concentrated in the high-end market.

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Executive Steven Durels explained that rent growth is most pronounced on Park Avenue, where rents have been raised four times in the past year, and he expects broader Midtown rent increases in the coming year. CEO Marc Holliday stated that the company is fluid in its investment approach, seeking the best point on the real estate spectrum, whether debt or equity. He noted that funding will come from various sources, including third-party capital, a new debt fund, and over $500 million in asset monetizations, while issuing stock remains an option if opportunities are sufficiently accretive.

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CFO Scott Musil confirmed that the development leasing assumptions are a key variable, along with other new leasing and bad debt expense, but affirmed they feel good about hitting the bottom end of the FFO range even in a tougher environment. EVP of Operations Christopher Schneider stated that the anticipated retention rate for the year is 70% to 75%, consistent with prior years, and that remaining rollovers are all under 100,000 square feet.

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CFO Scott Musil affirmed the company's confidence in hitting the low end of its FFO guidance, noting that variables include development lease-up, other new leasing, and bad debt expense. EVP of Operations Christopher Schneider stated that the anticipated retention rate for the full year is between 70% and 75%, which is consistent with historical averages.

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CFO Scott Musil confirmed that the item was unexpected and not in prior guidance. He explained that the accelerated recognition of the TI reimbursement liability resulted in a benefit of approximately $4.4 million, which was offset by the write-off of a $5.5 million straight-line rent receivable, leading to the net $0.01 per share reduction in 2024 FFO guidance.

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Christopher Caton, Managing Director, acknowledged that Q1 is a seasonally light quarter for absorption and emphasized that direct conversations with customers about their growth plans are a more important indicator. Hamid Moghadam, CEO, added that the prior year's Q1 did not have the same election uncertainty that likely muted decision-making in late 2024.

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CFO Timothy Arndt acknowledged the factors mentioned, including lower development volumes and higher interest rates, are creating a delta between same-store growth and bottom-line earnings growth. He expressed confidence that these factors are normalizing and resetting the foundation for a return to historical growth levels.

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Chris Caton, Managing Director, clarified that the figures represent different time periods (a quarterly actual vs. a rolling 12-month forecast). Timothy Arndt, CFO, added that it would be fair to interpret from the Q3 data that the full 12-month rent decline may end up closer to the 5% end of the previously guided range.

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Management confirmed they compete with new space in Hudson Yards, which they view positively as their pricing is more competitive. They clarified that the quoted incremental yield on Penn 2 does not include TIs and leasing commissions, as those are costs that would have been incurred regardless. The TI/LC cost was estimated to be around $140 per square foot or slightly higher.

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COO Mike Lacey detailed the cadence for blended rate growth, projecting 1.4%-1.8% in the first half of 2025, accelerating to 2.8%-3.2% in the second half, driven by abating supply pressures. He noted coastal markets would see blends around 2.5%-3%, while the Sunbelt would be closer to 60-90 bps. CFO & CIO Joe Fisher clarified that the 'net seller' guidance was a timing issue from 2024 sales and affirmed UDR remains opportunistic, with capital available for JVs, DPE investments, and potential development starts.

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CFO Joe Fisher stated that stock buybacks are 'not on the menu' at current prices. The company's capital allocation focus is on recycling capital within its Debt & Preferred Equity program, pursuing joint venture acquisitions, and executing creative OP unit transactions. Fisher explained that the delay in JV acquisitions was due to a partner's internal mandate review and expects activity to resume within 60 days. UDR is not currently seeking additional JV partners.

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CFO Laura Clark detailed that the 25-basis-point reduction in occupancy guidance was driven roughly half by the timing of new lease commencements shifting into 2025 and about 10 basis points by the LL Flooring move-out. She clarified that the delayed leasing is based on current negotiations and activity, not yet-signed leases, reflecting a shift in expected commencement from Q4 2024 to Q1 2025.

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