Jana Galan

the decision to maintain the midpoint of FFO guidance despite the $0.05 outperformance in the first quarter

were there any specific markets that kind of drove the decline versus the third quarter

Maybe following up on Matt's development comments

On the development pipeline, I appreciate you highlighting 2025 as kind of a lighter delivery year

can you talk about any initiatives like suites to kind of attract tech and AI tenants quicker

Can you talk a little bit more about the demand and touring activity

can you talk to the pricing you're seeing on land, residential and office relative to kind of initial expectations

Can you remind us of the terms of the MTA ground lease?

can you comment where you think BXP can issue unsecured debt, secured and what CMBS pricing would look like today

Can you talk about cap rates in the Sunbelt markets you typically underwrite, year-one rent growth

can you clarify how to think about the timing of the 1031 exchange acquisitions?

can you provide some commentary on what your team is seeing in greater DC

Can you remind us what the historical take rate is there, post negotiations?

Can you comment on the magnitude of the decline in concession usage by markets?

can you give us some background on how you come up with your competitive supply set?

when demand starts to accelerate, how quickly can rents increase? And then does seasonality still hold

Is there additional expense related to this initiative in '26 or that will kind of just be smoothed out?

Can we just go back to EQR's use of concessions this spring and summer leasing season relative to last year's? And trying to understand if this kind of helps to set up for next spring on the renewa...

is there any kind of slight differentiation between the district and Northern Virginia? Or right now, they're pretty similar in terms of kind of what you're seeing in terms of demand?

just a quick question on the change in methodology for the net effective rate growth. I guess, like, one, what drove the decision to change it?

I'm wondering if you could share where renewals are being sent out for the summer?

I'm curious if you can kind of let us know what you're watching from a policy front that could potentially be beneficial for rental housing.

on the structured finance book, now that it's kind of rightsized or will be at the end of '26. Just going forward, how should we think about modeling the growth here?

if you could provide some details on the strategy to go forward with the new joint venture focused on structured finance investments, it sounded like your preference at this point in the cycle was ...

a question on the renewals—where you are sending them out for spring and summer, and what kind of strategy you are using there during this leasing season

your expectations for same-store blended rent growth in the mid-2% range. Just curious kind of the kind of quarter-to-date. It sounded like you said 1.5% so far for blended lease growth

I was wondering if you could spend a little time talking about your supply outlook for 2026 with both kind of the BTR deliveries that are expected to deliver next year relative to this year

Question on the transaction markets and kind of views around any potential portfolios of size that could come to market

Congratulations on the bad debt achieving a new post pandemic low. I was curious, do you think you have further opportunity to bring it down or is it better to be more cautious now

talk a little bit more about the capital allocation and the transaction market. Know what you're seeing right now. Is it primarily portfolios or BTR communities

Can you maybe speak to performance on both the concessions and supply absorption in Atlanta and in Dallas

I was curious if you could comment a little more on the transaction market. We're hearing there's more variance on cap rates between core and value-add.

Can you help us understand how investors are underwriting the rent growth at this point in the Sunbelt recovery and maybe the types of financing they have available to them to get them there?

I'm curious kind of how you're implementing AI and looking at different ways as search moves more over to those types of platforms

how long do you feel that they could stay in that range? And is it a function of wage growth? Or is it kind of the churn in the portfolio

Do you expect that in the second half to be similar to '24 or even lower kind of given what's going on with interest rates?

Maybe if you could talk a little bit more about that improvement that you're seeing in Atlanta

how much is wholly owned. How much is in the private fund? Should we assume the full amount of the private fund is deployed near term

any color on kind of dispositions?

I was hoping you could maybe discuss kind of what industries or segments those new relationships fall into

Can you discuss whether this was 1 or 2 larger tenants? Or is this a mix of tenants

given the volatility in the capital markets, do you see more of those types of opportunities that you'd like to lean into

can you provide an update of the weighted average and the median EBITDAR to rent ratio on the retail properties

if you could share any trends you are seeing this spring between A versus B properties or urban versus suburban

I was wondering if you could give us some detail on the variance across your regions, kind of call out which market had kind of a stronger acceleration

Can you maybe speak to where you're seeing kind of more compelling opportunities as you look forward

Can you provide some detail on how much of the portfolio these leases capture and how you're comparing like-for-like term there

was there a $0.02 drag if you acquired the developer's interest in the initial guidance

I was curious if you could kind of talk about expectations for Dallas and Austin. And if you think this quarter could potentially be the trough for new leases