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    Seth Berge • Citigroup

    Seth Berge's questions to Jones Lang LaSalle Inc (JLL) leadership

    Seth Berge's questions to Jones Lang LaSalle Inc (JLL) leadership • Q1 2025

    Question

    Seth Berge inquired about geographic performance differences within the U.S. office market and whether macro uncertainty has altered the company's hiring plans.

    Answer

    CFO Karen Brennan noted strong performance on the U.S. West Coast, mixed results in gateway cities, and stabilization in secondary markets. On hiring, she explained that plans are calibrated by business line and geography, emphasizing that JLL is well-staffed with producers after avoiding major cuts during the downturn and will continue to add talent strategically.

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    Seth Berge's questions to BXP Inc (BXP) leadership

    Seth Berge's questions to BXP Inc (BXP) leadership • Q1 2025

    Question

    Seth Berge of Citigroup asked about changes to the in-service portfolio, noting assets being removed for redevelopment, and the potential impact on the portfolio's NOI run rate and occupancy guidance.

    Answer

    CFO Michael LaBelle explained that assets like Reston Corporate Center and Reservoir Place were removed from the in-service pool for strategic redevelopment to unlock future value. He noted that while this removes their current NOI, new developments coming into service in 2025 will be added, which could initially add 50-70 basis points to portfolio vacancy if they deliver unoccupied.

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    Seth Berge's questions to Highwoods Properties Inc (HIW) leadership

    Seth Berge's questions to Highwoods Properties Inc (HIW) leadership • Q1 2025

    Question

    Seth Berge asked if market uncertainty has changed the yields or IRRs used for acquisition underwriting and which markets Highwoods might target for growth.

    Answer

    CEO Theodore Klinck explained that their underwriting approach is driven by asset-level fundamentals and has not fundamentally changed due to macro uncertainty. He also stated that after recent entries into Charlotte and Dallas, the company is pleased with its current market footprint and is not actively looking to expand into new markets at this time.

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    Seth Berge's questions to COPT Defense Properties (CDP) leadership

    Seth Berge's questions to COPT Defense Properties (CDP) leadership • Q1 2025

    Question

    An analyst from Citi asked if strong vacancy leasing is leading to reduced concessions or higher rent growth, and inquired about the potential pricing for the company's planned bond offering.

    Answer

    President and CEO Stephen E. Budorick confirmed that while market rent growth remains stable, the company has successfully reduced leasing concessions, particularly free rent. EVP and CFO Anthony Mifsud estimated that a new bond offering would likely price at or slightly above 6% in the current market.

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    Seth Berge's questions to Welltower Inc (WELL) leadership

    Seth Berge's questions to Welltower Inc (WELL) leadership • Q1 2025

    Question

    Seth Berge asked for quantification of the expanding investment pipeline amid capital markets dislocation and what portion of it consists of assets that meet Welltower's criteria.

    Answer

    CEO Shankh Mitra declined to quantify the pipeline, stating Welltower will provide liquidity if seller expectations are realistic. An executive added that market dislocation leads to broken deals, and Welltower often gets the call due to its execution certainty, but remains disciplined in acquiring assets that build regional density.

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    Seth Berge's questions to CBRE Group Inc (CBRE) leadership

    Seth Berge's questions to CBRE Group Inc (CBRE) leadership • Q1 2025

    Question

    Seth Berge asked for color on leasing trends, specifically any differences observed between small and large tenants or between U.S. and global tenants.

    Answer

    CFO Emma Giamartino provided a high-level overview, stating that for office leasing, key metrics like square footage, term, and rent were all up. For industrial leasing, square footage and term were up slightly, while rent has remained flat.

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    Seth Berge's questions to Brandywine Realty Trust (BDN) leadership

    Seth Berge's questions to Brandywine Realty Trust (BDN) leadership • Q1 2025

    Question

    Seth Berge inquired about the asset disposition market, asking how the macroeconomic environment has affected the buyer pool, pricing, and financing for the company's targeted $50 million in sales.

    Answer

    Executive Vice President Jerry Sweeney described the investment sales market as an "emerging bright spot." He noted a shift from a market dominated by private equity and family offices in 2023 to a reemergence of institutional buyers in 2024 and into 2025. The current buyer pool for Brandywine's assets for sale in Austin is a blend of institutional operators and private equity firms, with a good number of bidders showing interest.

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