Greg McGinniss

Management said yes to European data centers (good markets there) and noted it can invest across phases, including lending during development, as with the Cloud JV.

Roy confirmed ongoing discussions with no definitive commitments, describing the partner as one of the best-in-class private data center developers.

Roy disclosed GIC initial commitment is $1.5B and Apollo is $1B of $2B AUM, but no specific targets for scaling, described as programmatic and opportunity-driven.

Roy noted the platform did $9-9.5B with a smaller team and fewer geographies, and with expanded TAM and selective hiring, capacity exceeds the $10B referenced earlier.

Roy declined to provide a quarterly trajectory, stating long-term expectation is to restore historical growth rates as channels mature but couldn't give specific timing beyond 'sooner than later.'

Roy disclosed 250-300bp cap rate compression since initial purchases, with rents 5-6% below market and retailers like IKEA and Lidl seeking space.

Roy quantified 1-2% vacancy with a positive 7% recapture on backfills and CapEx comparable to US net lease with 95-96% EBITDA margin flow-through.

Roy detailed continued team buildout in London and Amsterdam with investments across UK, Spain, France, Italy, Germany, Portugal, Ireland, and Poland.

Management expects roughly 50/50 US-international split similar to 2024, with credit investments in a similar proportion.

Kieske ruled out buybacks, citing a loan book near a 9.5% yield and attractive returns on this quarter's closings as better uses of free cash flow.

Pitoniak dismissed the competitive threat on ecosystem grounds and said VICI would only invest in another city's supply if it were accretive and competitive.

COO explained combination simplifies escalators, removes percentage rent volatility, cross-collateralizes assets into master lease with corporate guarantee, with no change in aggregate rent collected.

CFO emphasized years of relationship-building with Red Rock leadership before the investment materialized. North Fork development on time and slightly under budget, opening in fall.

COO expressed strong interest in locals market, citing it as second-biggest in the US, and named Red Rock Resorts, Golden, and individual owners as potential partners.

COO described active conversations about sports infrastructure with universities needing arenas, stadiums, practice facilities, and ice rinks. Gaming remains top of pyramid.

COO listed theme parks, water parks, ski resorts, professional/collegiate/youth sports as active sectors. CEO emphasized operators need growth ambition to drive sale-leaseback demand.

COO highlighted Venetian's 17M sq ft of opportunity and confirmed continued operator enthusiasm for capital investment in Las Vegas and regional properties.

CEO emphasized cultural alignment and noted Todd Boehly himself proposed the LOI, signaling commitment to the partnership.

Asked about Kingstowne strategy and whether two pending deals are new markets or clustering. Management framed Kingstowne as infill land between two centers but declined to detail the pending deals.

Ground-up office development appetite given full occupancy

Same-store NOI growth bridge to 6% FFO growth

CEO confirmed 2 more deals targeted by year-end, one in existing market and one new. Going-in cap rates in high 6s to low 7s range, immediately accretive.

CFO attributed lower target to Del Monte acquisition at low-80% occupancy diluting the pool, plus minor rent commencement slippage into 2026. Still targets 95% over 12-18 months.

COO explained normalized means 400-450K sq ft/quarter on comparable basis. Q1 at 370K was timing-driven; April 10th cutoff would have exceeded 450K.

CFO noted Hoboken project costs were locked pre-April 2nd (concrete building). Stick-built projects with Canadian lumber and Chinese appliances are harder to underwrite. Waiting for tariff clarity.

CFO confirmed $0.12-0.14 is net of cap interest; the timing impact creates a drag in 2025 but flows to bottom line primarily in 2026.

Dave cited a unified national retailer message; Will declined to size total spend but reported above 80% weekly AI utilization and roughly a 5x return on AI spend year-to-date.

Jamieson reported no pullback in rent growth. New anchor leases over $20/ft vs $13 existing base showing meaningful mark-to-market. 96% of 34 expiring naked anchors resolved. New lease rents at record $29/ft. Flynn cited all-time high retention rates reducing churn.

Cohen confirmed Q1 as most challenging quarter lapping bankrupt tenants. SNO pipeline commencements drive acceleration through the year. Range designed to hit FFO guidance of $1.80-$1.84.

Cooper described win-win-win outcome framework: acquire at basis, get repaid at attractive return, or take over if needed. Already acquired one Jacksonville asset from program and discussing another near-term conversion.

Cooper confirmed JV expansion is an option but prefer recycling into wholly owned assets first. 1031 exchange from Home Depot sale into grocery-anchored asset with 3%+ CAGR highlighted as current approach.

Cooper noted some deals paused post-tariffs while others continued. Pre-tariff pricing consistently sub-6% caps. 2025 plan not contingent on external growth, providing flexibility to be selective.

Jamieson clarified CulturePlace yield range was tightened not reduced. Redevelopment remains a focus but retail-driven, prioritizing backfill of existing space over ground-up when possible.

Eli highlighted new and emerging brands in technology, athleisure, home, jewelry, beauty and collectibles, plus restaurant additions, and described the tenant watch list as at its low point with nothing close to material.

Corporate integration complete. More excited about assets now than at acquisition. Over $250M in redevelopment planned at Green Hills, International Plaza and Cherry Creek.

David said sales could be significant upside since they budget flat. If 3% sales growth materializes, should exceed midpoint. Doesn't anticipate doing worse than low end.

David said Trump-Xi talks positive. Still at innings 5-6 of a 9-inning game. Smaller retailers more vulnerable. Supply and demand for leasing sees absolutely no change.

David said instinctively more cautious. Not pulling triggers until costs finalized. Brian noted $500M new starts still advancing. Volatility may create acquisition opportunities.

David gave Smith Haven as example with a new retailer, Primark addition, and hospital facility, targeting about 12% return over next couple years.

Wibbenmeyer quantified the cap rate move quarter over quarter, confirmed the state of Oregon partnership re-upped its commitment, and framed acquisitions as opportunistic rather than required.

Alan cited below-historic ARs, trending-up sales and foot traffic. Leaning into embedded rent steps as forward indicator. Lisa emphasized essential retail format, insulated from consumer pressures due to necessity, value, and convenience positioning.

Lisa reiterated development as #1 priority. Nick confirmed 7%+ ground-up yields with 150+ bps spread to acquisition cap rates (mid-5.5 to 6%).