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President & CEO Danny Prosky and CIO Stefan Oh explained that new operator relationships are cultivated proactively based on cultural fit and growth alignment, noting the operator often brings the deal. COO Gabe Willhite discussed revenue management, highlighting Trilogy's sophisticated, centralized system—which is being piloted with other operators—as a key driver of performance. He estimated incremental margins could be around 40% for high-acuity residents.

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CIO Stefan Oh explained that the new operators are groups AHR has known for a long time and were identified prior to the assets. President and CEO Danny Prosky added that the operators helped source the deals. Regarding the development, Prosky clarified it's a redevelopment of a never-opened AL building in Michigan, which Trilogy will convert into an Integrated Senior Health Campus by adding a skilled nursing component.

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VP of IR Stuart McElhinney confirmed that rental rates at Studio Plaza are in line with expectations, with revenue timing dependent on tenant size. CEO Jordan Kaplan added that they have little visibility into the direct impact of film tax credits, as their portfolio primarily serves administrative and support functions for the entertainment industry, whose presence in LA is stable.

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CIO Kevin Crummy stated the current opportunity is 'definitely on the office side,' where pricing has corrected more than in the residential market. He mentioned that their recent acquisition has attracted significant interest from partners, and the strategy is to find high-quality office buildings where their operating platform can add value.

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CEO Christian Ulbrich responded that while M&A opportunities exist, the risk-return profile of investing in JLL's own platform remains superior to acquisitions. Regarding client sentiment, he noted a growing acceptance among business leaders that global disruption is a constant, leading them to focus on their own business execution. This has resulted in a good trading environment as clients move forward despite the macro 'noise'.

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Chairman and CEO Steven Roth stated he doubted they would exceed the target. Glen Weiss, EVP of Office Leasing, elaborated that the company is being patient and 'choosy' to secure the right tenant mix and credit profile for PENN2, prioritizing long-term value and pricing power over short-term leasing velocity.

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CEO Michelle MacKay explained that business leaders are continuing to make long-term strategic decisions despite the macro noise. She emphasized that strong pipelines for the second half of the year indicate that clients are making decisions 'through the noise' and that tariffs, while disruptive, have not yet caused a material disruption in activity.

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EVP & CFO Allison Marino stated that the crime lab development is targeted in the 10% cap rate range, consistent with their goal of a 150 basis point spread over their cost of capital. Marino also noted the current acquisition pipeline is approximately $1-1.5 billion and that Easterly's cost of capital is in the 8% range, allowing for accretive acquisitions in the 9% range, while managing leverage on a 50/50 debt-to-equity basis.

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CEO Rick Matros explained their criteria involves a deep dive into an operator's methods, market choices, and quality outcomes, with a key focus on finding partners that want to actively grow. CIO Talya Nevo-Hacohen stated that the buyer pool has changed very little, still consisting mainly of REITs and private capital, with consistent players like Harrison Street remaining active.

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EVP Talya Nevo-Hacohen stated that underwriting has not changed, remaining focused on cost of capital and accretive deals. She noted the buyer pool has actually shrunk and Sabra is being selective, prioritizing strategic relationships and future opportunities. EVP Lukas Hartwich gave a concise response that there were no changes to the operator watch list.

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CIO Vikas Gupta and CEO C. Taylor Pickett explained that the Maplewood lease is structured so that all cash flow from the entity is paid to Omega, similar to a RIDEA structure. Vikas Gupta added that the competitive landscape (REITs, private equity) is unchanged, and Omega's underwriting standards have remained consistent and were not impacted by recent legislative news.

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President & CEO Peter Scott cited an improved macro environment, the disposal of under-occupied assets, and a revamped asset management platform with available free cash flow for reinvestment as key drivers for higher occupancy. Regarding tenant expansion, Scott and EVP & COO Rob Hull emphasized focusing on growing relationships at the local level to have health systems expand within the existing portfolio, particularly in the redeveloped lease-up assets.

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J. Justin Hutchens, EVP - CIO of Senior Housing, explained that occupancy and platform execution are intertwined but expects RevPOR to become a larger growth driver as occupancy increases. He noted a strong start to Q3 and stated that reaching the high end of the 12-16% NOI growth range would depend on exceptionally strong revenue growth (from both occupancy and rate) and continued favorable labor cost trends.

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CEO Ted Klinck responded that leasing CapEx is leveling off after having peaked. He noted that while concessions vary by submarket, they have generally peaked, and with market rents rising, the outlook for net effective rents is positive.

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EVP & Chief Leasing Officer A. Robert Paratte described demand as broad-based, with deal sizes varying by submarket. CEO Angela Aman added that many small AI leases represent rapidly growing companies. On LA tax incentives, Aman stated it's too early to see a direct impact on near-term office demand.

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President & CEO Stephen Budorick highlighted that the bill would directly benefit programs like 'Golden Dome' at Redstone Gateway and increase the intelligence budget, driving demand. EVP & CFO Anthony Mifsud provided current market estimates for a bond issuance, quoting spreads of approximately 140 basis points over the 10-year Treasury and 115-120 basis points over the 5-year.

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President, CEO, and Chairman Robert Sulentic responded that clients are not waiting for rate cuts and are 'powering through' the current environment. He also stated there are no major changes to hiring plans, though he noted that technology is creating efficiencies that may moderate future headcount growth relative to revenue growth.

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President Christina Chiu stated that the Williamsburg acquisition is a strategic redevelopment opportunity expected to yield a sub-7% return within a few years, with strong leasing interest already materializing. Regarding the suburban asset, she confirmed it remains on the market and noted that while financing is available for quality assets, institutional capital is becoming more 'actionable' in New York City, which bodes well for market activity.

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Chairman and CEO Anthony Malkin responded by highlighting New York City's fundamental strengths, including its significant population growth, its status as the top destination for college graduates and TAMI companies, and its position as the best-performing CBD in the U.S. post-COVID. While not addressing the tax directly, he emphasized the city's persistent high demand and expressed hope that political leaders recognize the potential impacts of their policy decisions.

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President & CEO Gerard Sweeney stated that investor appetite for recapitalizations is strong, particularly from high-quality private investors. The goal is to harvest value, potentially sell some assets, or convert to pari passu JVs to return capital and reduce leverage. Regarding the hotel, Sweeney explained that while it was a challenging call, strong liquidity and an outstanding real estate opportunity justified the project. He added that Brandywine is open to bringing in partners, forming a joint venture, or executing an early sale upon stabilization to reduce capital exposure.

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EVP Steven Durels expressed high confidence in meeting and likely exceeding the leasing goal, citing the strong pipeline. Chairman & CEO Marc Holliday clarified that any proposed rent freeze would apply to rent-stabilized units, not SLG's assets, and would have a 'negligible to none' impact on their business or conversion plans.

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Executive Steven Durels reported a 'marked change' in activity at One Madison, with more qualified large prospects touring recently than in all of last year. For the Summit, Marc Holliday received a real-time update that foreign visitors accounted for about 50% of attendance in 2024, and he emphasized the attraction's strong repeat business and sustained demand.

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