Brad Heffern

Does that come from you just nudging people in that direction to lower expirations in the off-season

Should we assume that, that means new lease should be close to flat in July and August?

I'm wondering if you've seen a noticeable impact on your business from that

do you think the high levels of supply and attractive pricing and concessions are pulling forward any demand from the future

Can you give your perspective on DC and DOGE? Are you seeing anything on the ground right now? And do you expect to at some point?

are you planning to market assets in D.C. in the near term? Or does the uncertainty there push out your transactions

Are you seeing signs right now of the impact of supply fading on the ground? And if so, what are those signs?

you had the close to $90 million in redemptions in the quarter, but the balance is only down about $40 million

just wondering about the dynamic of lower new lease spreads year-over-year, but higher renewals

last quarter, you said that you were assuming no redemption proceeds for a couple of the 2026 maturities. I was wondering if you have any update there

Do you have the number handy for what 1Q would have been under the old methodology just so that we can kind of compare to what we had in our models?

on the immigration front, has there been any sort of noticeable impact on demand or anything that you can see on your dashboards just from the lack of immigration?

Can you talk about if the guidance assumes a significant improvement in performance year-over-year? And if not, when do you expect L.A. to become more of a positive contributor?

you guys have the commercial paper program now. Is there a significant savings on that versus the revolver? And just how do you plan to leverage that tool versus how you would historically use the ...

Can you talk about what you're seeing for concessions in L.A? Is the year-over-year activity higher? Or is it just more broad spend, more widespread on the rent side and not the concession side?

I saw you dusted off the ATM this quarter. I know it's not a meaningful amount, but I guess is that supporting development?

I think a lot of us had sort of given up on that submarket. I guess, do you think in the medium term that could turn into a positive contributor?

You have a larger growth contribution from the non-same property NOI than you do from same property. Can you just go through that?

can you talk about how you're thinking about the potential impact of shifts in immigration policy?

do you think this increase that we've seen into the mid twos on same-store revenue is just because you had those high

did you see any difference in the shape of the curve, or the strength of the peak this year?

on the tariffs, are you expecting any direct impact on tenants away from losing your job or like the macroeconomic impacts?

What do you think is driving that? Have we finally just gotten to low enough pricing that that's stabilizing things?

Can you talk about on resi built what sort of NOI we can expect that to generate?

So just wondering if we should expect blends to to buck the normal seasonal trend and increase in the third quarter?

you do not normally change it at first quarter earnings, but you also do not normally have this very large repurchase number

if you could talk about what the rough maximum amount is that you can accomplish in any given year without running into tax issues or needing to issue a special

Do you see that as an attractive use of capital as we sit here today? And then can you talk through what the governor on that activity is

SoCal has been a pain point for multi this year. It doesn't look that way, at least obviously, in your numbers. So can you walk through the fundamentals on the SFR side

second quarter in-migration was, I think you said, the strongest ever since you started tracking it

Can you talk through what the path is back to positive new lease growth?

can you give the current gain or loss lease?

do you have a loss lease or gain to lease figure that you can get?

Are you seeing anything there from DOGE?

are you still confident in the minus 1.5%?

can you talk through whether you think changes in immigration policy could have a significant impact on the portfolio

you are seeing, like, a real market level fundamental influx inflection, market rent trend being better than normal, occupancy rising

do you think higher rates will eventually flow through or are competitive dynamics preventing that from happening?

I'm wondering where you see the split of private capital investing versus the traditional investing going in the coming years?

does it look more like data center loans? Or is there a chance that maybe the deal like you did with Digital would potentially come back from a pricing standpoint

Can you talk about how you view that as a part of the toolkit? And is it something that was sort of specific to the point in time

how do you view the potential for AI disruption through the lens of your current portfolio? And does it change at all how you plan to invest

Is that something that you're starting to see as more structural? Or do you think the relative attractiveness and preference between those 2 markets

Can you talk about what you've acquired in the fund so far and how that differs from the acquisitions

Poland is a country that we have been talking about for about a year, 1.5 years. We are very excited by doing our first two transactions

you're 35% of the way to the guidance for the year on investments, and the first quarter is typically one of the lighter quarters

is there anything in the portfolio that you would call out as potentially actually seeing an impact

is that the entire $0.04 that you mentioned or was that just a portion of it

I'm assuming that was a relatively low cap rate. So I'm just curious if you could talk about the trade-off

on the guidance, you called out the 2 cents of benefit from the deals. I think that’s really attributable to PS Canada.

on the new compensation plan, Tom, you mentioned you were working with Shankh. Obviously, Welltower has a new compensation plan as well

Can you just talk about the relative attractiveness of the repurchase versus other capital uses

I am just wondering if you can talk about maybe the positive aspects that you see and how that balances out with the negative

I'm curious if you've risked those items in the guidance at all? And how much specifically with regard to dose and immigration?

how you're separating out the benefit specifically of that program. versus just how the broader market is acting

I'm just curious to get your take on how sustainable you see the strength in the Bay Area as being?

I was wondering if there are any stats or additional color you can give on that dynamic

Do you think we're in sort of a multiyear above-average growth environment where we might see that differential narrow quite a bit?

Can you give your perspective on what you expect to happen in D.C. over the next 6 to 12 months?

does that give you any incremental concern?

can you just give your base case for market rent growth in those markets for 2025? And then you've talked about the potential for outperformance?

how much of an impact do you think that could potentially have on the business? And how would you view it differently between the expansion markets