Jim Kammert

Joel said Alexandria already has JVs on several Megacampuses and varying degrees of joint ventures are possible; it would not be a departure from past strategy.

Joel declined to comment on the size of the 421 Park institutional interest, citing ongoing detailed negotiations on an important transaction.

Joel gave Campus Point examples: Amazon's sophisticated research unit (~25% of rent roll) and Leidos' airport screening technology with SCIF space. Emphasized advanced tech requires highly secure spaces, heavy floor loading, and enhanced HVAC, not just office AI tenants.

Marc noted the Q4 2026 basis under capitalization range was reduced by about $200 million from Investor Day levels, reflecting the current best estimate of asset basis being capitalized.

Peter confirmed core asset transactions would likely be JVs, not outright sales.

Joel explained the historical three-step model (venture → IPO → secondary financing) that drives space needs. Hallie added that current follow-on financings go to commercial-stage companies not driving R&D expansion; the earlier IPO funnel needs to fill up.

Joel confirmed they are already focused on 2027 rolls, citing a recent renewal extension to 2031 for a tenant with a 2031 expiration as evidence of proactive tenant retention.

Joel confirmed they secured 100% Prop M approval for Mission Bay buildings to enable flexibility for AI/office tenants alongside lab use. Peter explained this serves existing lab tenants' growing computational needs and captures AI demand like OpenAI.

Marc confirmed some of the $3B will be sold, with 20-30% of annual sales expected from land, naturally rolling off capitalization.

Marc quantified capitalized operating expenses (property taxes, insurance, overhead) at approximately 3% of basis, providing a framework for modeling if capitalization ceases.

Hallie distinguished between chemical API manufacturing (located away from clusters) and advanced cell/gene therapy manufacturing (co-located with R&D talent, as in RT).

Joel said the trend is too case-specific to generalize but emphasized deep tenant visibility across 800 relationships.

Marc confirmed declining construction dollars but said 2026 capital needs are too far out to provide clarity.

Hutchens corrected the premise, explaining the gap is the core plus fund's share rather than seller retained interest.

Hutchens separated the rate and occupancy contributions for the cohort and pointed to 7% RevPOR in the near-100% occupied group.

Justin attributed Q1 expense growth largely to weather, with Bob adding that the principal driver of the guide increase from 5% to 5.5% is volume.

Justin emphasized the value proposition around safety, socialization, and care delivery supports price discussions. Debbie noted constructive labor market helps hiring.

Probst said 3% average escalators for triple-net portfolio, with the January Brookdale rent bump being an outsized one-time step-up.

Probst said 503M average shares assumed, with $2.5B investments principally equity-funded and $1.2B already raised. Did not provide year-end count, depends on timing.

Bulgarelli said historical high was 93-94%, maximum structural occupancy around 95%. Current 90.1% represents opportunity for further growth to drive bottom line.

Bulgarelli said escalators running at 3% for the quarter, portfolio average just below at 2.8-2.9%, trying to push higher. Also noted WALT of 8 years.

Hutchens gave clear rules of thumb: 50% incremental margin from 80-90% occupancy, 70% from 90-100%, driven by fixed cost operating leverage as portfolio fills.

Hutchens said at 97% occupancy Canada still growing, aided by AL mix shift in Ontario, but acknowledged it's probably single-digit growth territory longer term.

Kammert asked whether vacant lab space has similar rent potential as occupied space. Moses said re-leasing spreads have averaged 5% over 12 months (3.5% this quarter), portfolio averages ~$60/ft, and the 2.5M sqft of vacancy represents the key earnings growth opportunity as it converts to occupied.

Brinker said $1B guidance includes stock buybacks. ~$800M already closed/contracted. Additional dry powder possible through asset recycling. Would only pursue known submarkets with competitive advantage.

Brinker said another 2-3M sqft of property management could be internalized over 1-2 years but remaining synergy opportunity is not material.

Bohn emphasized current pipeline tenants are well-capitalized with existing funds, not needing near-term capital raises.

Pete Scott confirmed the charge will be absorbed, high deductibles in FL for named windstorms. Some above-deductible recovery expected.

Pete Scott explained they were an outlier providing AFFO guidance. Under new definition, AFFO ~$1.65 at midpoint; old definition ~$1.60.

Mitra said Welltower is the largest owner in the space but called it unlikely to be a scaled opportunity.

Mitra confirmed the data science platform is scalable across geographies and product types, citing a Japan model built in 3 weeks for a significant investor. Emphasized this is capital-light only, no balance sheet capital deployment outside US, UK, Canada.

Shankh confirmed trend toward larger units, citing studio-heavy buildings as functionally obsolete; framed product optimization alongside location, price point, and operating overlay as four-variable optimization.

Tim McHugh clarified $1.1B upfront noncash charge plus $200M amortized over 10 years, both adjusted out of normalized FFO.

Burkart confirmed redevelopment is a significant opportunity for their 17-year-old portfolio, but Shankh clarified you cannot turn a C asset into an A.

Shankh firmly stated focus remains on US, UK, and Canada only, correcting any impression of broader European expansion.

CEO confirmed regular dialogue extends beyond lease issues to understanding business trends. COO noted the benefit of 14-15 tenants is ability to understand each deeply.

CEO noted proximity to Sphere operations but declined to confirm any financing conversations. COO added a Sphere at National Harbor would attract new customers and benefit VICI's existing MGM asset there.

CAO emphasized permanent capital with forever-hold horizon as differentiator vs PE's 5-7 year horizon. CEO noted athletic departments told to be self-funding, limiting tax-free bond access.

CEO acknowledged preliminary discussions about Chelsea's stadium/surroundings vision in London but characterized conversations as very early stage.

CFO indicated spreads around 120-125bps over 10-year Treasury, implying mid-5% to 5.75% range for a 10-year refinancing.

Roy declined specific IRRs but said there is no target percentage; the opportunity is once-in-a-generation demand, with mitigants built in for residual/obsolescence risk.

Roy pushed back, current elevated termination income is episodic from M&A-inherited asset repositioning, not a recurring strategy to sustain at this level.

Roy gave a terse 'It's big' on GIC's appetite, then clarified no exclusivity constraints but no need for additional partners given GIC's scale and the programmatic nature of the JV.

Roy confirmed no exclusivity constraints but no current need given GIC's scale, noting the $1.5B is programmatic with scope to grow as it benefits both parties.