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President and CEO Dave Sedgwick expressed confidence in the stability of reimbursement, stating that Medicaid for senior care enjoys broad bipartisan support at both federal and state levels. He believes that if budget pressures were to arise, funding for senior care would likely be prioritized over other Medicaid programs.

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President and CEO Dave Sedgwick gave a direct response, stating, 'No, we're not seeing anything like that,' indicating no observed financing challenges among their operators or in their dealings.

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President and CEO David Sedgwick stated they expect no negative surprises on state Medicaid rates and noted the trend of Medicare Advantage is manageable for sophisticated operators. He expressed doubt about a major federal shift in Medicaid responsibility due to political realities. He declined to speculate on a worst-case scenario for PACs, reiterating confidence in their stability.

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Matt Windisch, President, acknowledged the competitive landscape but noted KW's focus on residential construction lending without back leverage differentiates their platform. William J. McMorrow, Chairman & CEO, added that all financing is secured by real estate. Regarding capital allocation, Mr. McMorrow stated that after the upcoming bond payoff, they will evaluate all options, including share buybacks, as they see a significant opportunity in their own stock. For 2026 maturities, CFO Justin Enbody and President Matt Windisch explained the plan involves continued non-core asset sales and refinancing, with many maturing loans tied to assets already slated for disposition.

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President Matt Windisch explained that loan origination spreads have compressed by 30-40 basis points due to competition but remain attractive. He attributed the Q1 spike in prepayments to a large, non-recurring $200 million payoff on an office loan. Regarding the affordable housing portfolio, Windisch stated there is no concern about financing availability and that while about 15% of tenants in that portfolio receive HUD assistance, the company has seen no impact and is not overly concerned, though it continues to monitor the situation.

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President of Europe Michael Pegler stated the U.K. SFR platform targets stabilizing yields in the high 5s to 6% and noted Irish rent caps are under government review. President Matthew Windisch said the firm aims to exceed last year's $3.5 billion in debt originations and expressed cautious optimism for positive fair value marks on the co-investment portfolio if rates stabilize. CFO Justin Enbody added that carried interest opportunities will grow with the investment management business.

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Chief Investment Officer Kevin Pascoe affirmed that Discovery remains a key partner with 10 properties in the SHOP portfolio. He explained the transitioned assets were smaller buildings in secondary markets where a different operator could drive more growth. Pascoe attributed the temporary SHOP occupancy softness to local leadership changes and an abnormal level of move-outs, noting that move-in trends remain consistent.

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CIO Kevin Pascoe explained that incentives are still needed for a subset of properties not yet at 90% occupancy and to manage turnover. On the Discovery conversion, he stated the portfolio has potential for double-digit NOI growth, with CFO John Spaid adding the goal is to improve the current low 3% ROIC. Pascoe confirmed no new update on Tex beyond public disclosures, noting they continue to pay rent.

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CFO John Spaid explained the acquisition guidance is conservative as deals under LOI are not yet definitive, and that 2025 deferred rent collections are guided to ~$4 million because large 2024 collections are not repeatable. CEO Eric Mendelsohn outlined that for the Discovery portfolio, all options are on the table, including re-tenanting, selling assets, or converting it to a SHOP structure to maximize NOI.

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President and CEO Eric Mendelsohn clarified that the search for a new independent board member is in its final stages, with a candidate expected to be presented for the next proxy season. A decision on replacing the Chairman's seat has not yet been made. He also noted that NHI is closely watching state-level subsidy and supplemental payment programs for skilled nursing, as their continuation is not guaranteed year-to-year.

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President, CEO & Director Donald Wood reiterated that FRT is primarily a retail company. He explained that multifamily is a tool to enhance mixed-use properties and can be monetized for capital. He expects the residential income share to remain around 11% or potentially decrease, not grow significantly.

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EVP Wendy Seher explained that with high occupancy, they can strategically focus on merchandising to grow tenant sales, which in turn drives future rents. She noted an increased focus on contract control and implementing terms like sales performance hurdles that tenants must meet to exercise renewal options, allowing for finer control over the shopping center's overall productivity.

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CEO Greg Lehmkuhl clarified that the negative pressure is primarily a U.S. phenomenon. He stated that inventory levels have held up better in other key regions, such as Europe and Australia. Therefore, the U.S. market is the main driver of the overall year-over-year occupancy decline.

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CEO W. Lehmkuhl explained that while there are many moving parts amid the current uncertainty, the company has numerous levers to pull and is confident in the guidance range. He noted that the pricing pressure from volume guarantee resets was primarily a U.S. phenomenon, while the Asia Pacific and European businesses are performing very well and are expected to accelerate.

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CEO W. Lehmkuhl reiterated that Lineage's actual throughput has remained stable despite these pressures, with the main impact being on inventory levels, which have now stabilized. He also highlighted the limitations of the voluntary USDA survey, stating it is not a reliable short-term predictor for their business. CFO Robert Crisci added that recent USDA data reflects the normal seasonality the company expects.

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CEO W. Lehmkuhl pointed to long-term improvements from technology like LinOS. CFO Robert Crisci noted that while Q4 has seasonally higher expenses built into the guide, the company's administrative structure is built to scale, providing leverage as the company grows and they improve their quarterly forecasting.

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Co-CEO Clint Malin expressed confidence in Prestige's ability to meet its obligations, citing performance improvements that were anticipated when the loan was modified. For new SHOP deals, he noted they are retaining existing operators and using management contracts with incentives on both top-line and bottom-line performance. Both Malin and Co-CEO Pam Kessler stated that while not ruling it out, the current strategy is to build a strong base with newer, stabilized assets, which they see as a better risk-adjusted return, rather than focusing on value-add turnarounds.

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Co-CEO Pamela Shelley-Kessler confirmed the SHOP platform will scale with investments but is well-supported currently. She stated ALG did not receive a deferral, as its occupancy has improved, aided by a prospective change in North Carolina's Medicaid eligibility rules. She also clarified that only the previously discussed portfolio of 14 properties is subject to market-based rent resets.

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Co-CEO Pamela Shelley-Kessler explained the change was required by GAAP due to sustained strong operational performance in those portfolios, which increased confidence in collecting rent through maturity. She noted that while about half the portfolio remains on a cash basis, no further reversions are anticipated for 2025, though it remains a possibility for future years as other leases approach maturity.

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EVP & CFO Vincent Chao responded that with 85% of ABR from necessity or service-based retail, the portfolio is somewhat insulated. He emphasized that there are always winners and losers within any category and that stronger tenants are taking market share, highlighting the importance of tenant adaptability.

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CEO Stephen Horn emphasized that NNN prioritizes real estate fundamentals over specific categories. However, given their relationship-focused model, he anticipates 2025 acquisitions will be similar to the current portfolio, with a focus on convenience stores, auto service, and QSRs. Dispositions are asset-specific, aimed at pruning underperforming locations identified with tenant partners, rather than exiting entire categories. He noted that last year they opportunistically sold some medical urgent care assets.

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CEO Rick Matros stated there was no concern about Community Care, as they are divesting a few challenging assets, and noted their coverage remains strong. Regarding sequestration, he expressed confidence that it is unlikely, citing successful lobbying efforts and the overall financial health and 'cushion' the industry now possesses. CIO Talya Nevo-Hacohen also pointed out that 1.77x coverage is not a concern.

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CEO Rick Matros agreed that it is a fair assumption that other programs like CHIP or home-based community programs might be targeted first, which would mitigate the direct impact on SNFs. He also noted that various sectors and groups like AARP would likely unite in lobbying efforts against broad cuts to elderly care.

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CEO Rick Matros explained that Sabra has already been actively converting assets, and the remaining small triple-net portfolio consists of well-performing assets with operators who have no incentive to convert. Regarding regulation, Matros reiterated his belief that the minimum staffing mandate will ultimately fail. He also suggested the Chevron deference ruling will make it tougher for regulators to arbitrarily impose rules, empowering trade associations to be more aggressive in challenging them.

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CFO Michael Bilerman explained that the revised guidance reflects a range of variables, not one specific factor. Regarding tenant credit, he stated the watch list is manageable and the named tenants are not in Tanger's top 25. CEO Stephen Yalof added that outlet locations are often highly profitable for retailers and are typically among the last stores to be closed during a restructuring.

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EVP, Leasing Justin Stein stated that the jewelry category has been 'fairly strong,' with positive trends and new business from brands like Pandora. CFO and CIO Michael Bilerman detailed the company's swap strategy, confirming they successfully refinanced swaps expiring next February at a lower rate and will continue to look for opportunities to manage exposure on swaps expiring in August.

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Chairman, CEO & President David Simon clarified that the secured financing was specifically for a joint venture partner, as Simon would not use its own balance sheet for such a purpose. CFO Brian McDade added that Simon's current cost for 10-year unsecured debt is approximately 5%, which is in line with the market.

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Chairman, CEO & President David Simon clarified the financing was for a joint venture partner, for whom Simon would not use its own balance sheet. CFO Brian McDade added that Simon's own 10-year unsecured debt would price around 5%, which is in line with the current market.

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CEO David Simon and CFO Brian McDade both conveyed that the financing market remains very receptive to high-quality retail real estate and Simon specifically. McDade noted that various lenders, including CMBS and life insurance companies, are actively looking to deploy capital. He emphasized that Simon's conservative leverage provides strong access to capital for refinancing existing debt.

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President & CFO Alex Jessett reiterated that the expected acceleration from Q2 to Q3 is modest. He emphasized the core reason for optimism is that the market's weakness is supply-driven, not demand-driven. With supply being absorbed at record rates and deliveries declining, he believes a return of pricing power through the second half of the year is a logical progression.

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President Matthew Gorman attributed the success to active portfolio management, which includes optimizing operator-facility pairings and exploring various deal structures for incremental value. Regarding PACS, CIO Vikas Gupta stated that Omega views them as a clinically strong operator with solid coverage, and their situation is considered a non-event for Omega.

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CEO Taylor Pickett confirmed the Genesis issue is specific to them and not a broader trend, noting ABL lenders can be notoriously difficult. He also stated that while it's a guess, he believes the term loan is "substantially over-collateralized." President Matthew Gourmand detailed the Maplewood rent, noting the contractual rent outside of D.C. is $69 million, with the D.C. asset having a separate escalating rate structure. SVP Megan Krull stated she has not heard of any appeal on the staffing mandate and expects the issue to be resolved via the budget process.

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President & CEO Peter Scott explained the vast majority of the $50M NOI upside comes from leasing up vacant space from 70% to 90%, with a smaller contribution from higher rates. EVP & CFO Austen Helfrich attributed the guidance raise to G&A savings and higher same-store NOI, which offset increased disposition dilution, noting timing uncertainty on sales. Scott also commented that while it's too soon to tell the full impact of new legislation, it generally favors the lower-cost outpatient model.

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CEO Peter Scott and COO Robert Hull both confirmed that demand from health systems remains strong and is increasing, with no signs of a slowdown. On the balance sheet, Scott acknowledged the 2026 maturities are a key focus and stated that the current 6.4x leverage is too high. The plan is to delever, potentially going lower initially to shed underperforming assets before redeploying capital.

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COO Robert Hull noted that while the historical MOB growth rate is around 3%, HR has a near-term opportunity to outperform on a core basis, despite refinancing headwinds. Interim CEO Constance Moore added that management is making a deliberate choice to accept near-term dilution from asset sales to pay down debt, positioning the company for stronger long-term growth.

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CEO & Trustee Bryan Smith responded that there was nothing new to report beyond previously discussed topics. He highlighted the company's proactive government affairs strategy, which focuses on communicating that AMH is part of the housing solution by bringing new, needed supply to the market.

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CFO Christopher Lau stated that the full-year outlook for controllable expenses, including R&M, remains at mid-single-digit growth, supported by in-house operations and a mature supply chain. COO Lincoln Palmer addressed the rent control proposal, noting it would cap rents but includes a carve-out for newer homes. He reiterated that such regulations could discourage housing investment and negatively impact affordability.

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CEO Bryan Smith emphasized continuity, highlighting the long tenure and lockstep collaboration of the leadership team. He stated that no major strategic changes are anticipated, with a continued relentless focus on the core business, the development program, innovation, and the resident experience. He expressed optimism for the future based on this sound strategy.

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COO Bryan Smith pushed back on the premise of disappointment, highlighting that the year has exceeded expectations by focusing on revenue in the first half and cost control in the second. He reiterated that the company executed its plan, leading to multiple guidance raises. He framed the current environment as a setup for a strong finish to the year and another outstanding year in 2025, driven by fantastic demand for their high-quality product, rather than breaking down the specific impacts.

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President John McLaren elaborated that the improvement stems from a hyper-focus on fundamentals, particularly guest retention and encouraging repeat bookings. He highlighted that a key change has been the enhanced use of data and technology, which allows the team to be more 'laser focused' and tactical in identifying opportunities and deploying resources at specific properties, a capability more advanced than in the past.

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Fernando Castro-Caratini, Executive, explained that across over 500 properties, small incremental expenses can add up significantly. The primary expense overages stemmed from landscaping, tree trimming, and pool repairs, which came in higher than forecasted, even as the company met its payroll targets.

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CEO Joseph Margolis listed several factors that could improve the recovery's slope, such as better rates and longer stays, but stated the timing is 'TBD'. EVP & CFO Jeff Norman added that external factors like a housing recovery are not necessary for progress but would accelerate the pace.

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CFO P. Scott Stubbs explained the increased acquisition contribution is offset by a $17 million reduction in equity earnings, stemming from a preferred investment repayment and JV buyouts. CEO Joseph Margolis noted no change to the ECRI program or customer behavior. On international expansion, he stated that any opportunity must be accretive after all costs and be scalable, conditions which have not yet been met.

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Executive P. Stubbs explained that higher interest expense guidance is due to refinancing maturing debt at current market rates, modeling the forward interest rate curve, and accounting for debt to fund investment activity. Regarding property insurance, he stated they mitigate costs by shopping the policy widely and evaluating the trade-offs of taking on more risk themselves.

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CEO Joseph Margolis clarified that when selling loans, the company typically sells the senior A-note and retains the mezzanine piece. He attributed the growth and profitability of the third-party management business to having one less competitor (LSI), a challenging operating environment driving owners to seek professional help, and a strong reputation that allows them to command higher fees.

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Debra Cafaro, Chairman & CEO, emphasized the strong 8% FFO growth at the new midpoint. Robert Probst, EVP & CFO, explained that second-half FFO growth from SHOP is partially offset by headwinds from recent dispositions and higher-rate refinancing. For Canada, J. Justin Hutchens, EVP - CIO of Senior Housing, noted there is still occupancy upside, opportunities in higher-RevPOR assisted living, and emerging pricing power.

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EVP & CFO Robert Probst noted the 14% Q1 growth was strong and ahead of internal expectations, reaffirming the full-year guidance and expecting a stronger second half. EVP J. Hutchens added that the best is yet to come for growth. CEO Debra A. Cafaro addressed the NIH funding concern, stating the proposal is on hold and would have a manageable mid-single-digit impact on university research budgets if enacted.

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An executive, identified as Bill Grant, explained that a 15% increase in leasing activity during 2024 is expected to drive occupancy and NOI gains in the MOB segment in 2025. J. Hutchens, an executive, added that the Ventas OI platform's hyper-local data analytics are crucial for informing investment, disposition, and operational decisions to capture sustained growth in senior housing.

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CEO Debra Cafaro stated that Ventas is well-positioned due to its consumer-driven product, which should see limited impact from election outcomes. She added that as a public company, Ventas currently holds an advantaged position relative to private equity in the capital markets, which is a benefit.

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Chairman, President & CEO Edward Aldag clarified that both leasing and purchasing entities are evaluating the Prospect assets ahead of an auction. On legislative changes, he noted the long-term impact is uncertain but operators are not overly concerned. EVP & CFO R. Steven Hamner explained the elevated quarter-end cash balance was a temporary measure for covenant caution and the revolver was paid down the next day.

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Chairman, President and CEO Edward K. Aldag explained the rent ramp-up is not based on tenant performance but follows a fixed schedule of increasing percentages (e.g., 25%, 50%, 75%) until it reaches 100% in Q4 2026. EVP and CFO R. Hamner addressed the credit line draw, noting it was a precautionary measure taken while impairment calculations were still in progress and, in hindsight, was not necessary. He stated that while the option remains available, there is no current expectation that it will be needed going forward.

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CFO R. Hamner confirmed there is full access to the $1.5 billion credit facility, with minimal current drawings. He estimated the unencumbered asset pool is slightly more weighted towards U.S. assets, which provides significant flexibility for future balance sheet strategies.

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CEO Edward Aldag clarified that these properties are largely non-operational (e.g., closed facilities in Youngstown and San Antonio) or are still operated by Steward, not MPT. He stated that these specific assets should not have an additional negative financial impact on Medical Properties Trust.

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President & CFO Jim Sebra reiterated that July trends were consistent with Q2, with healthy demand but continued pressure on new lease rates. He confirmed the bid-ask spread is narrowing as sellers become more rational. He acknowledged that aggressive Class A concessions can 'cherry pick' residents and reduce IRT's ability to push rents, a dynamic similar to what was experienced last year.

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Executive Janice Richards confirmed that the 'smart spending' fundamentals from 2024 will continue, focused on the resident experience. CFO James Sebra added that their internal procurement team actively renegotiates contracts to manage costs, while unforeseen inflationary pressures could push results toward the high end of the range.

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Executive Scott Schaeffer stated that IRT is not looking to start new developments, preferring to focus on deleveraging and acquiring stable assets. CFO James Sebra acknowledged insurance rate pressure but expressed confidence in IRT's negotiating position due to having no claims this year. He also clarified the JV payoff would add approximately $3 million, or $0.015 per share, to Q4 core FFO.

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CEO Conor Flynn acknowledged the negative news cycle but emphasized Kimco's focus on delivering top-quartile FFO growth, which is on track for over 5% for a second straight year. He noted that private markets recognize the strong underlying cash flow growth, which contributes to the valuation disconnect.

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CEO Conor Flynn responded that while the team is always looking for unique opportunities, the current healthy market lacks the significant dislocation or mispricing that typically enables such deals. He emphasized that Kimco's strong balance sheet positions it well for when the next cycle of distress occurs. He noted that few of the currently troubled retailers are real-estate rich, limiting opportunities for similar transactions at present.

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CEO Ted Klinck affirmed they are pleased with their current market footprint and have no plans for new market entries or additional exits beyond Pittsburgh. CFO Brendan Maiorana addressed occupancy risk by stating that with a 45-50% retention rate and strong new leasing, they expect to more than replace any move-outs, leading to net occupancy gains.

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Executive Brendan Maiorana explained that the initial guidance did not include the impact of the recently closed Advanced Auto Parts Tower acquisition; adding it to the forecast accounts for the $0.03 of accretion. The $0.01 from operations is a net result of various portfolio-wide adjustments, including a modest increase in the straight-line rent outlook, while core same-store and occupancy guidance ranges remain unchanged.

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COO Brian Leary responded that the regulatory environment is a significant advantage for their markets, describing them as 'open for business,' government-friendly, and low-cost. He cited positive, pro-growth developments like major infrastructure spending in Nashville and public-private partnerships in Atlanta and Charlotte as key differentiators that support economic development and, by extension, leasing demand.

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Owen Thomas, Chairman & CEO, acknowledged that some candidate policies are not constructive but noted the election hasn't occurred and that New York State has significant control over city governance, which could moderate policy. Hilary Spann, EVP of the New York Region, added that major tenants make long-term plans that extend beyond mayoral terms, as evidenced by the 20-year lease commitment at 343 Madison.

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President Douglas Linde identified accelerated leasing of vacant space as the primary driver for potential outperformance. He highlighted the Manhattan portfolio, including 360 Park Avenue South, and the Embarcadero Center in San Francisco as the key assets with the most opportunity for meaningful occupancy gains that could drive revenue recognition faster than currently modeled. He reiterated that tenant activity in these markets remains robust.

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President Douglas Linde firmly stated that BXP's philosophy is to 'not be market timers.' He explained that the company will always engage constructively with a client interested in renewing. He emphasized that eliminating vacancy downtime creates value that can be shared in a renewal, making it preferable to waiting for a potentially better deal from a new tenant.

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CEO Angela Aman explained that the updated timeline reflects progress in discussions with the city. She clarified that under accounting rules, capitalization must cease if active development work is not ongoing, regardless of entitlement status. The decision to capitalize into 2026 will depend on specific activities at year-end.

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CEO Shankh Mitra emphasized the 'all in' culture, confirming that the management team has never sold a share to ensure their interests are fully aligned with shareholders. He explained the goal is to extend this philosophy to operating partners and frontline employees through carefully designed incentive structures that prioritize the resident and employee experience, creating a 'win-win equation' for all stakeholders.

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Shankh Mitra (CEO & CIO) gave a 'resounding yes' that the SHOP portfolio's contribution will grow. He referenced a past letter to shareholders to explain his philosophy that volatility is not risk; the permanent loss of capital is. He stated the balance sheet is designed to handle the volatility inherent in owning SHOP assets.

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CFO Kelvin Moses explained that cash runway analysis is granular, based on direct communication with tenants, and that only a small handful are being monitored closely. CEO Scott Brinker stated the CCRC growth rate of 8.6% is still strong and that on a true cash basis (not GAAP amortization), growth was much higher. CFO Kelvin Moses reiterated that the post-Q2 lab leasing pipeline skews more towards new leases than the renewals seen in Q2.

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EVP & CFO Brent Wood confirmed there are no significant known move-outs factored into the guidance for the second half of the year. He reiterated that the lower overall portfolio occupancy forecast is driven by the conversion of not-yet-fully-occupied development projects. He estimated that development leasing in Q2 was approximately 180,000 square feet across five leases.

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Executive Marshall Loeb expressed optimism that any increase in U.S. manufacturing would benefit EastGroup, as suppliers would likely locate in their core Sunbelt markets. He sees nearshoring to Mexico as an even more likely trend, which would directly benefit their properties in Texas, Arizona, and San Diego. He pointed to previously experiencing doubled rents in El Paso as evidence of this trend's powerful impact.

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Executive Marshall Loeb addressed acquisitions by stating that they are difficult to forecast and that the distressed opportunities seen in 2024 have largely dried up. On occupancy, he explained the natural lag between leasing activity and rent commencement means the benefits will build through the year. Brent Wood added that two large Q4 vacates, totaling over 1% of occupancy, create an initial headwind that impacts the full-year average.

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CEO Pete Mavoides stated that they did not look at the deal, as they have an ample pipeline of freshly originated opportunities through their own relationships. He emphasized that the bar for acquiring another firm's underwriting is high and would require pricing significantly wider than their current deployment rate of 7.9%, which he did not believe was the case for that transaction.

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CEO Peter Mavoides responded that the company's primary goal is owning fee-simple real estate and they do not expect a material shift toward structured finance, though they may use it selectively to support key tenant relationships. Regarding economic risks, he expressed confidence in their selected service-based industries and their senior position as landlords, noting the portfolio's strong 3.5x rent coverage provides a significant cushion against operating pressures.

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President & CEO Gerard Sweeney stated the 3151 Market pipeline is majority institutional, academic, and life science, but includes larger office requirements. He noted the economics are similar, as lower office rents are offset by lower capital costs. EVP & CFO Thomas Wirth confirmed a small benefit from potential recaps is in the 2025 guidance. EVP of Operations George Johnstone clarified the move-out is a 70,000 sq. ft. tenant in October, but the company still projects 88-89% year-end occupancy.

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CFO Thomas E. Wirth attributed the lower guidance primarily to the development JVs, citing delayed leasing assumptions, no forecasted recapitalizations, higher cash interest expense, and lower development fees. Wirth explained the guidance range is wide because the high end could be reached through faster-than-projected leasing or successful recapitalizations. EVP of Operations George D. Johnstone added that potential upside in spec revenue could also contribute.

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Executive Jerry Sweeney reported that most JV restructurings are complete, with two more expected to be resolved by year-end. Executive Vice President of Operations George Johnstone explained the Q3 retention rate was impacted by a single known move-out, and the full-year guidance was raised due to better-than-expected renewals. Mr. Sweeney clarified that land sales are more challenging due to difficult financing conditions for buyers, which caused previously expected deals to fall through.

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Joel Marcus, Founder & Executive Chairman, stated that details on the build-to-suit project's costs and yields would be provided in future disclosures. For the 2027 projects, he explained that they are seeing renewed interest from tech companies, particularly in the AI sector, for their campus locations, which presents an alternative use for some sites.

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Executive Chairman Joel Marcus explained that the ag-tech sector faces challenges with exit opportunities and incumbent dominance. SVP Hallie Kuhn highlighted Research Triangle's strength as a biomanufacturing hub. CFO Marc Binda clarified that interest capitalization would pause on certain projects that are nearing completion, pending tenant-specific fit-outs.

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CFO Marc Binda indicated that the Q4 G&A run rate is a good indicator for 2025, suggesting the savings are already materializing. He reiterated that the company has utilized the $200 million allocated for opportunistic purchases in its guidance and will continue to monitor market conditions for further buybacks.

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CFO Marc Binda explained that the assets being sold would require significant capital investment, making the redeployment into new, core developments a superior long-term strategy. Regarding write-offs, both Marc Binda and executive Joel Marcus characterized the recent event as a discrete, one-off situation with a long-term, inherited tenant, underscoring Alexandria's strong underwriting track record.

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Chairman & CEO Marc Holliday expressed confidence in SLG's ability to adapt and succeed under any political leadership, citing a history of flourishing through five different administrations. Regarding Summit, he noted active progress in target cities like Tokyo and London, with hopes for an announcement by year-end, and confirmed the Paris location is on track for a Q1 2027 opening.

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CEO Marc Holliday stated that the volume of planned conversion deals is consistent with or ahead of prior expectations. He cited several examples on Third Avenue, including SLG's own 750 Third project, and projected that over 25 million square feet of office space will ultimately be converted city-wide, which has a significant firming effect on the office market.

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CEO Marc Holliday explained that future DPE business will be conducted in a fund format, which differs from the past. SL Green's capital commitment will be a percentage of each fund, making it highly profitable with associated fees but involving less balance sheet capital than before. Executive Steven Durels addressed the second question, stating there are no new, significant move-outs scheduled and that, conversely, the company is seeing more renewals than originally anticipated.

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CFO Michael Fitzmaurice clarified that some occupancy deceleration is expected in the second half of the year due to planned move-outs within the same-property portfolio, which was already factored into the original guidance. He also noted a structural increase in the bad debt reserve for the second half of 2025 compared to the actual low expense in the prior year, which also impacts same-property NOI comparisons.

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CFO Michael Fitzmaurice confirmed the $9 million in termination revenue was expected. COO Laura Clark added the bulk was from an office tenant in a property slated for redevelopment. Regarding 3PLs, Co-CEO Howard Schwimmer stated exposure is limited and that Rexford is highly selective, performing thorough credit analysis on all tenants and avoiding risky operators, even if it means carrying vacancy.

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Doug Healey, SVP of Leasing, and Jackson Hsieh, President and CEO, explained that Q1 2025 results were for the current portfolio, which saw revenue growth more than offset operating expense increases. They clarified that the 3% to 4% growth target for 2026 applies to the different, go-forward portfolio, on which more detail will be provided soon.

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CEO Dave Cramer explained their confidence in a trough is based on absorbing supply, positive inflections in key markets like Portland and Houston, strong ECRI results, improved operational productivity post-PRO transition, and easier year-over-year comps in the back half of the year. He also noted that search engine data shows a spike in consumer shopping for self-storage, and NSA is using its tools to capture this increased activity.

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CEO Dave Cramer explained his conviction in a trough is based on several factors: absorbing supply, strength in key markets like Portland and Houston, a healthy consumer base, operational improvements from the PRO transition, and easier year-over-year comps in the back half of the year. Regarding ad rates, Cramer noted that recent Google data shows a significant spike in consumer searches for self-storage, and NSA is using its new tools to spend appropriately and capture this increased activity.

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CEO Dave Cramer stated that while the company monitors consumer health closely, it has not seen any material changes in customer behavior like delinquencies or move-outs. On the expense side, he believes significant payroll savings have already been realized, but sees long-term opportunities for tech-driven efficiencies, particularly in the customer care center and digital transaction platforms.

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CEO Dave Cramer explained that profitability is supported by operational efficiencies, revenue from occupancy gains, a sophisticated ECRI program, and longer customer lengths of stay which increase lifetime value. He noted that sophisticated private operators are following public REIT pricing, while smaller, less sophisticated operators have remained largely static and did not raise rates significantly during the pandemic.

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CEO Sumit Roy highlighted that U.K. retail parks have net-lease-like characteristics where tenants share in common area CapEx costs. He also explained that the tenants in these parks have already adapted their omnichannel strategies to survive, mitigating e-commerce risk. The focus now is on value creation by reconfiguring sites to non-discretionary uses.

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CEO Sumit Roy explained that the European portfolio contributes very little to the credit watch list due to its newer vintage. He noted that some European assets with weaker tenants were acquired intentionally as part of an active asset management strategy to recapture the real estate and re-lease at higher rents, a strategy that has proven successful.

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H. Boyle explained that PSA optimizes for total long-term revenue, a dynamic process involving rate, volume, and promotions. He noted that while move-in rent was down 4.6% in Q1, strong volume meant net contract rent from move-ins was down only 2.3%, an improvement from Q4. He added that non-housing demand has seen broad-based improvement off the bottom, but no single driver stands out.

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Executive H. Boyle acknowledged the commentary but noted that the storage customer has remained resilient, with strong cohorts showing low delinquency and move-out trends. While overall demand is down from 2021 peaks, he stated that customer behavior was encouraging through 2024 and into early 2025, with the outlook for the year assuming demand dynamics similar to the previous year.

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Bonner McDermett, VP of Asset Investment Management, explained the lower expenses were due to successful cost-control initiatives like payroll centralization and maintenance 'podding'. While he expects more savings to materialize by H1 2026, he noted the Q1 figures were ahead of forecast. He also mentioned a favorable insurance renewal, effective in Q2, will provide further savings.

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Matthew McGraner, EVP and CIO, explained that despite some swaps expiring in June, a 50 basis point reduction in their borrowing spread results in a net $0.12 benefit for 2025. He noted the guidance conservatively assumes a 'higher for longer' interest rate environment, suggesting potential upside if the Fed cuts rates later in the year.

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Bonner McDermett, President of Asset and Investment Management, clarified that revenue growth was primarily driven by a 140 bps year-over-year increase in financial occupancy and a substantial reduction in bad debt from 3.1% to 1.3%. Matthew McGraner, EVP and CIO, added that lower G&A is sustainable due to AI utilization and reduced on-site staffing.

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CEO James Taylor expressed confidence that strong rent growth would offset potential cost increases. President and COO Brian Finnegan added that retailers are now better prepared to handle tariffs with diversified sourcing. He also noted that value-oriented retailers, a key part of Brixmor's tenant base, can thrive in an inflationary environment.

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CEO James Taylor expressed confidence that strong rent growth would offset potential construction cost increases. President & COO Brian Finnegan added that retailers are now better prepared to handle tariffs by diversifying sourcing. He also noted that value-oriented retailers can thrive in such an environment and that consumer trends remain resilient.

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CEO Tom Toomey confirmed UDR's familiarity and past experience with the product, noting it fits well in specific, less-dense suburban locations. However, he emphasized that UDR's primary strategy is to pursue density wherever possible to maximize a site's long-term cash flow and capital footprint, making townhome development a niche opportunity rather than a core focus.

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Brad Hill, President and CEO, conceded that widespread distress has not materialized but noted they are finding opportunities in lease-up assets where sellers seek an early exit, allowing MAA to acquire properties below replacement cost. Tim Argo, EVP and Chief Strategy Officer, addressed fraud, stating it is not a significant issue for the portfolio due to robust preventative measures, including AI-based tools and specialized staff training. He pointed out that delinquency in Atlanta, a market known for fraud challenges, is in line with the portfolio average.

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Executive Barb Pak explained that the charge-off was a strategic decision to return to the company's historical, more conservative cash-basis accounting policy for revenues. With delinquency improving significantly and the COVID-era challenges largely in the past, management felt it was a prudent time to write off the remaining accrued balance and eliminate any associated risk from the financials.

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CEO Mark Parrell clarified that while deals may appear dilutive on an NFFO basis, they are often immediately accretive on a cash flow or AFFO basis because the older assets being sold have significantly higher near-term capital expenditure requirements. CIO Alec Brackenridge supported this by noting the significant age difference between assets bought (average 5 years) and sold (average 35 years) in the prior year.

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CEO Marguerite Nader clarified that the decline in member count was primarily driven by two factors: a reduction in members originating from RV dealer leads and fewer on-site camp pass sales due to lower transient activity. She suggested that as these channels recover, the member base would see an increase.

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Paul Seavey, EVP and CFO, explained that the income resulted from a refinancing of a loan secured by one of its seven JV assets. He clarified that per GAAP guidance, such distributions are applied to the book investment until the basis reaches zero; any excess cash beyond that point, as in this case, is recognized as income.

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President and CEO Christopher Marr stated that the average ECRI has remained consistent, in the 'high teens' percentage range. He reiterated that street rates were down an average of 11% year-over-year for the third quarter, with that gap narrowing to approximately 9.4% in the last two weeks of October.

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