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SVP David Corak reported that July occupancy was 92.8%, up 80 basis points year-over-year, with concessions down 25% and revenue growth approaching 2%. CFO James Barry attributed the June softness to competitive pricing pressure. CEO H. Michael Schwartz added that despite an anemic housing market, rates have stabilized, allowing them to hold pricing with fewer discounts for the first time in two years, supported by strong website traffic.

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James Connolly, EVP & Asset Management, confirmed a two-year extension is in progress for the Memphis lease and the 625,000 sq. ft. St. Louis renewal is in the final DocuSign stage with 'no chance it's not happening.' He also noted that two large international leases for 2026 are in the signature cycle. Anthony Saladino, President & CFO, added that the acquisition pipeline is robust at $750 million, with about $91 million left to deploy from the Sixth Street capital, which will be allocated between acquisitions and share buybacks.

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Executive James Connolly confirmed the St. Louis renewal is being signed and that an agreement is in place for a partial leaseback in Columbus. Executive Anthony Saladino clarified that the St. Louis asset is in the same-store pool and is a key growth contributor, detailing the occupancy ramp from 92.2% to a projected 97.3% by year-end. Saladino also stated that acquisitions will be funded via the line of credit and a $79 million preferred equity draw in May.

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EVP of Asset Management James Connolly confirmed that all 740,000 square feet of leases have already commenced. President and CFO Anthony Saladino specified that of the 1 million square feet of lease-up assumed in guidance, about 300,000 square feet is speculative. Connolly added that the St. Louis tenant has expressed interest in expanding, and for the Columbus vacancy, there are two prospects to fill the entire building with minimal downtime after the current tenant leaves.

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Executive Anthony Saladino confirmed the interpretation of the FFO bridge was accurate and that the Q4 run rate is the correct baseline, noting a one-time $500,000 cleanup fee was the most significant non-recurring item in Q3. Executive Jeffrey Witherell acknowledged a recent slowdown in leasing velocity, which he speculated could be tied to the election and interest rate uncertainty. James Connolly, Head of Asset Management, added that specific prospects for the St. Louis property had indicated they would wait until after the election to make a decision.

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CEO George Chappelle clarified that customers prioritizing their own assets is normal but that some are now using space more aggressively due to financial pressures, viewing it as a contextual indicator of the tough environment rather than a major headwind. CFO Jay Wells explained that most dispositions were lease exits, with inventory moved to nearby owned facilities, and the few asset sales were to non-cold storage buyers.

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President of Americas Rob Chambers stated that upcoming lease expirations are not outsized and renewal rates remain high. CEO George Chappelle and other executives explained that the consolidation involves exiting underperforming leased facilities and moving business to nearby owned assets. This strategic portfolio management is expected to reduce costs, avoid rent increases, and contribute positively to NOI.

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CEO George Chappelle pointed to the Q3 results, where a small sequential volume gain drove significant margin expansion, as evidence of high operating leverage. He stated that a volume return could help the company reach its 15% margin target sooner than expected and suggested the aspirational goal may now be higher. CFO Jay Wells added that incremental volume flows through at a highly accretive 50% contribution margin, which would immediately benefit the overall services margin, with minimal lag or volatility.

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CFO Rob Crisci confirmed that July occupancy had recovered to levels above April and May, indicating the seasonal uplift has begun, albeit later than usual. CEO Greg Lehmkuhl attributed the strong GIS performance to an excellent team, enhanced technology, and better cross-selling with the core warehousing business, a positive trend he expects will continue.

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CFO Robert Crisci confirmed the volume guarantee reset was largely a Q1 phenomenon and noted new business is being signed with strong guarantees. Regarding the Tyson assets, both he and CEO W. Lehmkuhl acknowledged there will be an occupancy decline when Tyson vacates to move into the new builds, but this transition was fully structured and contemplated in the deal economics.

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CFO Robert Crisci stated that the $1.5 billion deployment capacity assumes funding with only cash and debt, with no equity issuance. Regarding the incremental NOI from the development pipeline, he projected that approximately one-quarter would be realized in 2025, with the remainder flowing through in subsequent years, highlighting it as a key component of their compounding growth.

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CEO W. Lehmkuhl explained that while the GIS segment is cyclical due to its transportation focus, its primary strategic value is driving business to the core warehousing segment. CFO Robert Crisci declined to provide a specific Q4 maintenance CapEx figure, reiterating that the company manages to a total AFFO per share number and has many levers to achieve it.

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President & CEO David Cramer reported significant improvements in web visibility scores in rebranded markets, leading to a 13-14% increase in top-of-funnel traffic and a 6-7% lift in opportunities on a year-over-year basis. He added that concessions were used strategically in softer markets and were targeted at specific unit sizes to manage inventory, a tactic that proved successful.

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CEO Dave Cramer confirmed that their analysis suggested the benefit of a lower rate would not drive enough volume to achieve the desired net revenue result. He also noted they were likely under-priced post-transition, allowing for a reset. Regarding vacates, Cramer stated that move-out activity remains muted compared to last year, with the ratio of move-ins to vacates remaining consistent, and there has been no significant change in this trend.

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CEO Dave Cramer explained that their models indicated that lowering rates would not have stimulated enough demand to produce a better net revenue result. He added that rates were likely a bit low post-transition, allowing for a reset. Regarding vacates, he stated they remain muted compared to last year, with the ratio of move-ins to move-outs remaining consistent, and no significant changes in customer behavior.

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CFO Brandon Togashi confirmed that the Q4 run-rate is a good baseline for G&A and tenant insurance synergies. He clarified that closing the occupancy gap is an assumption for 2025, not something that has already occurred. CEO Dave Cramer added that while work will happen in H1, the momentum from these synergies will be most felt in the second half of 2025, leading into 2026.

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CFO Brandon Togashi explained that G&A savings and tenant insurance benefits are being realized, with supervisory fees paid to PROs decreasing from $5M to $3.4M in Q3 and expected to taper further. He cautioned that the loss of SP unit sharing is a near-term headwind. CEO Dave Cramer noted that acquisition deal flow is increasing and that NSA has identified 15-20 PRO stores for potential disposition, with listings expected in Q4 and sales over the next 6-9 months.

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CFO Michael Bilerman explained that investors should focus on total rent growth, which includes fixed CAM, not just base rent. He attributed the higher straight-line rent to the normal cadence of leasing, where it's recognized upon tenant possession before cash rent commences. CEO Stephen Yalof clarified that all centers in the portfolio are considered core, but are marketed differently based on whether they serve local populations or are tourist destinations, noting that many former tourist centers are rapidly becoming primary markets.

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President and CEO Stephen Yalof attributed the Q1 occupancy dip to strategic remerchandising, which yields strong rent spreads of over 30% on re-tenanted spaces. He confirmed the 9 Forever 21 closures were anticipated and are being backfilled with temporary tenants without a material rent decline. He also suggested outlet retailers have the flexibility to adjust pricing quickly to move inventory, reinforcing the channel's value proposition.

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President & CEO Stephen Yalof responded that while 8% yields have been achieved, the primary focus is on value-add potential, and they would consider lower initial yields for assets with significant upside. He also explained that temporary rents are variable, with pop-ups from national brands paying near-market rates. CFO & CIO Michael Bilerman added that underwritten yields are on a forward one-year basis, accounting for some initial remerchandising.

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CEO Christopher Marr responded that while positive trends are broad-based, Sunbelt markets with significant new supply like Atlanta and Phoenix will likely take longer to fully recover. CFO Timothy Martin added that the ECRI program is managed by their dynamic system based on demand, and they have not seen a need for proactive adjustments as the existing customer base remains healthy.

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CFO Timothy Martin explained the flat FFO guidance was due to several factors, including the timing of operating expenses like marketing and a reduced contribution from the 'other income' line item starting in Q2. CEO Christopher Marr noted a slight pickup in small business demand in urban markets like New York and Chicago, driven by businesses seeking flexible space solutions rather than distress.

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President and CEO Christopher Marr confirmed the year-over-year occupancy gap narrowed to -50 basis points, with absolute occupancy at 89.5%, and agreed that year-to-date trends are encouraging but the company is not extrapolating them. CFO Tim Martin stated the sequential FFO decline is due to typical seasonality and that the guidance for the 2025 bond refinancing assumes a rate in the mid-5% range with timing between Q2 and late Q3.

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CFO Timothy Martin explained that the wider $0.03 FFO range for Q4 is intended to capture the week-to-week volatility and potential outcomes in the current environment, and no other specific factor is driving it. President and CEO Christopher Marr reported that same-store occupancy at the end of October was 89.9%, which is 130 basis points lower than the prior year.

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EVP & CFO Jeff Norman noted that positive net rental income was offset by lower ancillary fee income. CEO Joseph Margolis clarified they are not on the sidelines for acquisitions but remain disciplined, avoiding deals with sub-5% cap rates while using other tools like bridge loans and JV buyouts for growth.

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CEO Joseph Margolis clarified the downsizing example was illustrative of diverse demand drivers, not a major tracked trend. CFO P. Scott Stubbs expects the LSI contribution to be flat to slightly moderating, not increasing. CEO Margolis sees no major constraints to the scalable 3PM platform, noting its integral role across the business makes a strategic sale unlikely.

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Executive P. Stubbs noted that aggressive tax reassessments are a lagging indicator of the strong property value and revenue growth seen over the past five years. Regarding the forecast, he explained that while they don't guide to specific rate and occupancy components, the year begins with a significant positive year-over-year occupancy delta that is expected to diminish as the year progresses.

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Executive P. Stubbs stated that Q4 same-store performance is expected to be relatively flat rather than showing significant deceleration. Regarding the hurricane, he noted a tangible uptick in rental activity, with occupancy at some affected LSI stores jumping to 96%, and clarified that pauses on existing customer rate increases (ECRIs) are being implemented on a targeted, store-by-store basis.

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SVP & CFO Thomas Boyle confirmed that recently delivered projects are leasing up ahead of schedule and tracking toward their 8% yield-on-cost targets. CEO Joseph Russell noted that while markets like Atlanta remain challenged by supply, others like Florida are showing good stabilization and favorable revenue trends. He identified Atlanta, Dallas, Phoenix, and Charlotte as markets being watched closely.

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H. Boyle explained that move-in rates fluctuate monthly as they optimize for total revenue, and the lower April rate drove strong volume ahead of the busy season. Ryan Burke stated that the multi-year deceleration in new supply continues, creating a favorable window for PSA to develop in less competitive markets despite rising costs, which they are monitoring closely.

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Executive H. Boyle explained the 100 basis point negative impact on same-store revenue from Los Angeles is primarily driven by rent restrictions, not occupancy, and will accumulate throughout 2025. Executive Joseph Russell noted that while some Sunbelt markets like Phoenix and Las Vegas still face supply pressures, others like Miami and Orlando are inflecting positively, following a trend previously seen in coastal markets like Seattle and D.C.

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Executive H. Boyle clarified that October's promotion use was consistent with the prior year and that different promotions attract different customer profiles. He then clarified the occupancy metric, stating it was down 90 basis points year-over-year, not sequentially, and that the full-year average decline is now expected to be closer to 70 basis points.

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CEO John Kite confirmed that leasing momentum is accelerating and that KRG often has multiple opportunities per available space, allowing them to prioritize the best long-term outcomes. President & COO Tom McGowan highlighted strong Q2 results, with 36.6% cash spreads on new anchor boxes, and noted that KRG is working with tenants to start drawings and permitting early to shorten delivery times.

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CEO John Kite highlighted that Legacy West's embedded rent bumps are 2.6%, well above the portfolio average, and noted a significant mark-to-market opportunity. CFO Heath Fear provided specific occupancy figures: 98.7% for office and 95% for retail. COO Tom McGowan emphasized the strength of the Plano submarket. John Kite also confirmed a strong interest in expanding the GIC partnership, noting a second joint venture is already in the works.

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John Kite, Chairman and CEO, explained that KRG prioritizes high-quality real estate with strong growth profiles, citing the recent West Palm Beach acquisition as an example. He confirmed that due to their strong balance sheet, they are prepared to acquire assets before securing disposition funding. Kite also stated that the sale of City Center is anticipated to close in 2025 and its impact is factored into their planning.

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CFO Heath Fear attributed the Q3 outperformance primarily to better-than-expected bad debt results and confirmed no growth was pulled forward from future quarters. While declining to give specific 2025 guidance, he noted optimism based on the signed-not-open pipeline. CEO John Kite described the acquisition market as strong and competitive, with significant capital inflows compressing yields. He affirmed that KRG's strong balance sheet, with net debt to EBITDA at 4.9x, provides the 'firepower' and optionality to pursue compelling large-scale acquisitions if they offer appropriate returns.

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EVP & CFO John Gottfried clarified the total core operating occupancy target is 94-95%, with street and urban in the low 90s. SVP Alexander Levine stated that demand is strong and any vacancies would likely be from proactive recaptures. He reiterated that blended mark-to-market spreads for the street portfolio are in the double digits.

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Executive Vice President A.J. Levine and CEO Kenneth Bernstein responded that the core strategy of curating a strong tenant mix remains, but they are now increasingly screening tenants for supply chain diversification. Regarding the SNO pipeline, Bernstein noted that retailers have a 'fear of missing out' on critical locations and are proceeding. The primary concern heard from tenants relates to build-out costs, not a desire to delay or cancel leases.

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CIO Reginald Livingston confirmed the FFO accretion target is holding up well. President and CEO Kenneth Bernstein stated that 100% ownership in Georgetown is not a current focus, as the partners are additive and Acadia already controls the assets with its majority stake. Executive A.J. Levine noted that the 12% occupancy cost ratio on M Street has significant room to run, potentially to the upper teens, which is well below prior cycle peaks. Bernstein emphasized the focus is on growing tenant sales, which drives rental growth.

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CEO Kenneth Bernstein advised that for modeling purposes, it is prudent to assume stability and capital recycling within the investment management platform, although growth is possible. CFO John Gottfried added this model allows for faster realization of promotes. Regarding accretion, Bernstein noted that while the 1% per $200M is the target, they are allowed to exceed it, and the high growth rate of the acquired assets is a critical component of the value creation.

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West Region President and CIO Nick Wibbenmeyer explained that while they acquired all of the seller's existing retail assets, they have had positive discussions about partnering on future developments. He noted the portfolio's growth will come from marking rents to market and small redevelopment opportunities, including a vacant Rite Aid and a soon-to-be-vacant CVS, projecting a forward growth rate of over 3%.

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CIO Nick Wibenmeyer clarified that they acquired all existing retail assets in the master plan, so there are no further acquisition rights, but they have had positive dialogue on future development partnerships. He identified growth drivers within the acquired portfolio, including mark-to-market opportunities on near-term rent expirations and small redevelopment projects involving a vacant Rite Aid and a soon-to-be-vacant CVS, projecting a forward growth rate north of 3%.

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Alan Roth, East Region President and COO, reported no signs of a slowdown. He highlighted that new leasing activity in April 2025 surpassed April 2024 levels, foot traffic was up 7% year-over-year in early April, and the leasing pipeline remains strong with quality operators.

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Alan Roth, East Region President and COO, expressed confidence in continued positive momentum for spreads, emphasizing strong GAAP rent spreads (over 30% for new deals in Q4) as the best indicator of total rent growth. On retention, he stated the historical rate of 70-75% is comfortable, as it allows Regency to retain successful tenants while also strategically recapturing space to enhance the merchandising mix.

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EVP James Dudley confirmed a 380,000 sq. ft. lease in Indianapolis is a known move-out but has strong backfill interest. For 2026, he anticipates strong retention despite a few potential moves, with an attractive 19% mark-to-market. CIO Brendan Mullinix noted continued build-to-suit interest, particularly at the Columbus site, though tenant decision-making remains protracted.

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Executive James Dudley noted a positive shift in leasing activity in January, with interest from a broad range of tenants including e-commerce and 3PLs. CIO Brendan Mullinix clarified that the remaining large buildings are expected to stabilize around a 6% yield. James Dudley also confirmed a new known move-out in Houston and stated that the commentary on lower retention was otherwise a conservative stance due to uncertainty in the latter half of the year.

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Brendan Mullinix, CIO, confirmed that progress is being made with the tenant in Ocala and that they are closer to leasing the Greenville building, with activity also increasing in Indianapolis. He stated the Phoenix land sale was at approximately a 6% cash cap rate on the in-place rent. Mullinix also confirmed the four assets sold subsequent to quarter end were at a combined 6% cap rate.

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CEO David Lukes explained that the lower cap rate reflects a strategic choice to acquire properties with more vacancy, which presents a mark-to-market opportunity, rather than market-driven cap rate compression. CFO Conor Fennerty reaffirmed the long-term target for CapEx to remain below 10% of NOI, noting no change in the capital needs of the business. He added that Q2 acquisitions were ~96% leased, while Q3-to-date acquisitions are in the low 90s, aligning with this strategy.

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CEO David Lukes declined to break out the pipeline, explaining that even assets under contract have diligence outs, making the distinction less meaningful. He stated that seller willingness remains firm, as transactions are typically driven by life events rather than market timing. While competition from institutional capital is present, it hasn't been long enough to cause significant pricing changes. CFO Conor Fennerty clarified the occupancy metric, explaining that same-store NOI growth was better than budgeted due to renewing tenants they had expected to lose, even though the overall same-store occupancy figure saw a slight decline quarter-over-quarter due to a few non-renewals.

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CEO David Lukes declined to break down the pipeline, citing diligence contingencies, and stated that seller motivation remains steady as it is often driven by non-market 'life events'. CFO Conor Fennerty clarified that same-property NOI growth was driven by better-than-budgeted occupancy, as they retained tenants they had expected to lose, even though the overall same-property occupancy metric saw a slight sequential dip.

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CEO David Lukes stated that a higher-for-longer environment reinforces their strategy, as their assets' rent growth keeps pace with inflation. CFO Conor Fennerty noted their balance sheet remains strong and they constantly evaluate all capital sources. CEO David Lukes firmly stated they have an 'extremely low' desire to add complexity with joint ventures, preferring to maintain a simple strategy and capital structure despite receiving inbound interest.

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President and CEO Peter Baccile acknowledged there is risk in leasing these assets, which have been available for a while, making a year-end assumption more reflective of the probability. CFO Scott Musil confirmed the 95-96% average quarter-end occupancy guidance range remains unchanged, as the year-end lease-up assumption positively impacts the Q4 average.

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CEO Peter Baccile acknowledged that the risk of leasing the remaining assets is 'not zero' and that pushing assumptions to year-end reflects that probability. CFO Scott Musil clarified that the 95-96% average occupancy guidance remains intact, as a lease signed on December 31st still positively contributes to the fourth-quarter average.

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CFO Scott Musil confirmed the G&A increase was due to forecasted accelerated stock-based compensation. Chief Investment Officer Jojo Yap stated that the company generally avoids short-term leasing despite requests. He noted that demand for large requirements (750k sq ft and up) in the Inland Empire is currently quite active, citing two recent leases over 1 million square feet.

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Chief Investment Officer Jojo Yap and Executive Vice President Peter Schultz confirmed active tours, RFPs, and interest for the properties in the Inland Empire and Miami, with leasing assumed for the second half of 2025. President and CEO Peter Baccile projected modest overall market rent growth for 2025, around 'inflation plus a point,' with Southern California expected to be flat to slightly down.

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Chris Caton, MD of Global Strategy & Analytics, confirmed year-to-date net absorption was 49 million sq. ft. and projected the full year to land between 75 and 100 million sq. ft. President Dan Letter noted that 3PLs accounted for about a third of Q2 leasing, slightly down from record levels in the prior two quarters, but the pipeline from larger 3PLs is growing as they work through gray space.

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CEO Hamid Moghadam explained that the 2025 business plan was prepared around the time of the election, before the full extent of the recent positive activity was clear, suggesting they are more encouraged now than when the plan was set. Managing Director Christopher Caton provided the net absorption figures, stating it was just under 150 million square feet in 2024 and is forecasted to be 185-190 million square feet in 2025, building over the course of the year.

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Chris Caton, Managing Director, reported that demand was steady throughout the quarter without significant acceleration or deceleration. Regarding utilization, he noted a continued upward trend this year. He suggested that while companies are trying to restock, a resilient consumer is pulling goods through the supply chain, which is keeping utilization from rising more quickly.

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Brian Finnegan, President and COO, clarified that a 140 basis point impact from Big Lots and Party City bankruptcies drove the occupancy decline and that JOANN boxes are expected back in May, with strong re-leasing progress already underway. CFO Steve Gallagher added that bankruptcy activity has been in line with expectations and that current guidance has capacity to absorb further disruption. CEO Jim Taylor noted the opportune timing for recapturing space given the strong supply/demand backdrop.

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CEO James Taylor confirmed that the 'lion's share' of the positive contribution is the benefit from the regional G&A realignment announced in the third quarter. He added that the company is excited about the opportunity to reinvest some of those savings closer to the properties to drive performance.

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CEO James Taylor confirmed that the 'lion's share' of the positive G&A impact on FFO guidance is a direct benefit from the regional realignment announced in the third quarter of 2024. He added that the company is excited about the opportunity to reinvest some of those savings closer to the properties to drive performance.

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CEO Jim Taylor clarified that capital recycling will remain the primary funding source for external growth. He explained that the ATM program would be used selectively to match-fund accretive acquisitions. While the company has been a net seller year-to-date, he anticipates a ramp-up in acquisition activity that will be funded by a mix of dispositions and ATM issuance, aiming for a relative balance over time.

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CEO James Taylor clarified that capital recycling remains the primary funding source for external growth. He indicated that while they expect a ramp-up in acquisition activity, it will be funded by a mix of dispositions and, when appropriate, ATM issuance, with the goal of being relatively balanced over several quarters.

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Executive Marshall Loeb confirmed they have raised their return thresholds due to a higher cost of capital. He cited an instance where they resubmitted an offer at a 50-75 basis point higher yield. He noted they have backed away from 'good but not compelling' deals to preserve capital flexibility. He has observed some sellers shelving listings, while others have only modestly increased cap rate expectations, which EastGroup felt was insufficient.

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President and CEO Marshall Loeb acknowledged that leasing timelines have extended from around 6 months to 15 months post-construction start, which may slightly delay stabilization. However, he remains confident in the value creation, with development yields in the 7% range. He noted that while the overall pace of starts has slowed, they will continue to pursue opportunities in strong submarkets.

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Robert Barton, an executive, and Steve Center, an executive, detailed the leasing pipeline for the development assets, noting that rent commencements are expected in late 2025 and into 2026. They confirmed that FFO could inflect in mid-to-late 2025, accelerated by a spec suite program. Regarding the asset transactions, executive Adam Wyll stated that details could not be shared as the deals are in escrow, but confirmed the multifamily acquisition would use just over half the proceeds from the Del Monte sale, with the remainder held as cash.

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CFO Robert Barton attributed approximately $0.18 of the FFO upside to La Jolla Commons, $0.02-$0.03 to One Beach, and the remainder to the suburban Bellevue projects, but deferred a specific stabilization timeline. SVP Steve Center confirmed that leasing activity accelerates as renovations complete, noting strong prospect interest. He stated La Jolla Commons III is 21% leased, with rent commencements staggered into next year. Barton concluded it was too early to provide 2025 FFO guidance relative to the adjusted 2024 base.

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CEO David Lukes responded that significant tenant recycling is unlikely, as the strategy is to buy well-located properties that have already attracted the best tenants. CFO Conor Fennerty added that historical data shows the Convenience portfolio performed well through the GFC, citing high credit quality, diversification, and a focus on seasoned tenants as key risk mitigants.

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CEO David Lukes noted he has been surprised by the depth of demand from both institutional investors and, notably, private wealth and family offices, many of whom are unlevered buyers. CFO Conor Fennerty confirmed that Curbline being in a net cash position is the base case scenario, stating there is a 'very good chance' it will be capitalized entirely with cash and no debt, depending on the final volume of asset sales.

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