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    Young Ku • Robert W. Baird & Co.

    Young Ku's questions to Marcus & Millichap Inc (MMI) leadership

    Young Ku's questions to Marcus & Millichap Inc (MMI) leadership • Q1 2025

    Question

    Young Ku of Robert W. Baird & Co. inquired about client sentiment across different commercial real estate product types and geographical markets, specifically asking about the impact of tariffs, the outlook for Southern California, and trends with foreign investors. He also asked about the company's strategy and appetite for future stock repurchases.

    Answer

    Executive Hessam Nadji detailed that client sentiment remains strong for retail, while multifamily is bifurcated, with private clients hampered by bid-ask spreads and institutional capital flowing to larger deals due to price corrections. Nadji noted that tariff talk has not yet significantly impacted geographic trends, with Florida, Georgia, and Texas leading growth, and California showing signs of a new cycle. He clarified that foreign investment is a small, unchanged part of their business. Executive Steve Degennaro addressed capital allocation, confirming recent share repurchases and reiterating a balanced strategy that prioritizes talent acquisition and technology investment alongside returning capital to shareholders.

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    Young Ku's questions to Kilroy Realty Corp (KRC) leadership

    Young Ku's questions to Kilroy Realty Corp (KRC) leadership • Q1 2025

    Question

    Young Ku sought clarification on whether the redevelopment assets coming online in Q3 would be fully leased upon stabilization and asked for an update on the large LinkedIn lease expiring in 2026.

    Answer

    EVP and CFO Jeffrey Kuehling and CEO Angela Aman clarified that redevelopment projects enter the stabilized pool based on time since completion, not leasing levels, and were 0% leased at quarter-end. Regarding the 2026 expiration, Aman reiterated that, as announced last quarter, Kilroy has already addressed 430,000 square feet of the nearly 600,000 square foot lease.

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    Young Ku's questions to Highwoods Properties Inc (HIW) leadership

    Young Ku's questions to Highwoods Properties Inc (HIW) leadership • Q4 2024

    Question

    Young Ku asked if the 2025 guidance includes any termination fees or land sale gains. He also inquired about the assumed operating expense growth in the same-store outlook and the portfolio-wide built-in rent escalator.

    Answer

    Executive Brendan Maiorana confirmed that the guidance includes a typical level of termination fees but no land sale gains. He described the assumed same-store operating expense growth as 'pretty inflationary' and not unusual. He stated that the portfolio-wide average rent escalator is around 2.5%.

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