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Upal Dhananjay Rana

Director and Equity Research Analyst at Keybanc Capital Markets,inc /oh/

Upal Dhananjay Rana is a Director and Equity Research Analyst at KeyBanc Capital Markets Inc., specializing in office and triple net real estate investment trusts (REITs). He covers companies such as Agree Realty, Boston Properties, Brandywine Realty Trust, Broadstone Net Lease, City Office REIT, Cousins Properties, Douglas Emmett, EPR Properties, Getty Realty, Global Net Lease, Kilroy Realty, NetSTREIT, and Realty Income, and maintains a strong 67% success rate on investment recommendations with an average transaction return of 6.10% and notable individual returns as high as 36.40%. Rana began his financial services career nearly a decade ago, previously holding research roles at UBS and Barclays and joining KeyBanc Capital Markets in the past several years. He holds degrees in finance and accounting from Rutgers Business School and maintains industry credentials including FINRA registrations (CRD# 6207694) and Series 7, 63, 86, and 87 securities licenses.

Upal Dhananjay Rana's questions to BXP (BXP) leadership

Question · Q3 2025

Upal Dhananjay Rana requested color on the current state of demand for life science leasing and supply across BXP's markets, given recent softer commentary from peers, and BXP's outlook for the industry.

Answer

Owen Thomas (CEO, BXP Inc) explained that BXP's life science exposure is primarily in Boston's urban edge and a joint venture in South San Francisco. He described demand for wet lab space as 'pretty tepid,' with some inquiry but no major transactions close at the South San Francisco building. He noted 180,000 square feet of first-generation space available in Boston's urban edge.

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Question · Q3 2025

Upal Dhananjay Rana asked for color on the current state of demand for life science leasing and supply across BXP's markets, and the overall outlook for the industry, given softer commentary from peers.

Answer

CEO Owen Thomas explained that BXP's life science exposure is in Boston's urban edge (180,000 sq ft first-generation space available) and a South San Francisco joint venture. He described demand for wet lab space as 'pretty tepid,' with some inquiry but no major transactions close at the South San Francisco building.

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Upal Dhananjay Rana's questions to BRANDYWINE REALTY TRUST (BDN) leadership

Question · Q3 2025

Upal Dhananjay Rana requested an update on Brandywine Realty Trust's strategy to address the upcoming IBM move-out in Austin in 2027.

Answer

President and CEO Jerry Sweeney detailed that the estimated $12 million impact would be covered by year-over-year income growth from other development projects. He outlined plans to renovate 500,000 square feet across the 902, 904, and 906 buildings at Uptown, including new facades and mechanical systems, with the first phase of renovations expected to deliver in early 2027, coinciding with IBM's vacation.

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