John Kim

Is that math right? Is that how we should be looking at cap interest as we head into 2027

how much visibility you have on that

I was wondering if you still felt comfortable with the previous guidance you gave for the fourth quarter '26 FFO of $1.40 to $1.60

what you planned for the year in terms of the type of buyers you're talking to

can you provide some commentary on why those tenants are not renewing

I was wondering if you could provide a little bit more color on the quantum of capitalized interest that may be lowered in 2026

what you're seeing in terms of the market concessions that your competitors are offering

when you look at your expectations for same-store revenue in Denver

I wanted to talk about bad debt, which came in a little bit higher than you were expecting

On the 4 D.C. asset sales, Matt, you mentioned that you started marketing those last year.

That development cost breakdown on Page 12 is very helpful

whether or not you believe that space represents consolidation of space, expansion or musical chairs

Should we interpret that as the fourth quarter '26 being the quarterly baseline run rate for next year

your high-rise product is not where AI demand is currently, and I'm wondering if that's something you plan to address

you disclosed $390 million of capitalized interest at the project. And I'm wondering if you can clarify if that's capitalized interest going forward

I just wanted to ask how confident you were on this plan. And when you look at the expirations this year, you have about 1.9 million square feet expiring

Doug mentioned life science tenants looking for office space exclusively, and I'm wondering if you could provide any commentary on how widespread you think that is

I wanted to ask about the rationale of selling to one buyer for the entire portfolio rather than splitting up

I'm wondering if you could provide that same figure for '25, just to get an apples-to-apples

how much visibility you have on new lease rates for this quarter and how you compare the third quarter versus the fourth quarter in terms of blending?

Can you remind or update us on the typical return or rental uplift you get? What was the contribution to either blended rents or same-store revenue

I'm wondering if you feel that dynamic is going to occur again this year at minus 1.1%

Is this a market where you would allocate more capital?

net effective pricing is down 4%. And I just wanted some clarification on what that meant

is there an update on your blended lease guidance for the year? I know you provided third quarter, but just how does the year shake out with seasonality coming up?

Do you anticipate more attractive opportunities especially in markets like D.C. and New York where there could be some political uncertainty?

I was wondering if that number had moved up meaningfully since late February?

I was wondering if that contributed to the new lease rates kind of softening, and if there are any other markets where you're going to be a little bit more defensive

how much of that you've already seen in January, if you could provide possibly an occupancy number for LA and Orange County in January?

I'm wondering if you feel like you're getting a direct benefit or you a direct beneficiary of AI job growth? Or is it more indirect for you or more moderate

Under your new definition, that drop-off is steeper. It's 130 basis points. So do you see that a similar dynamic occurring this year?

I'm wondering what your thoughts were on cadence? Last year, it peaked in the first quarter at 1%, and I'm wondering if you expect a similar dynamic this year?

is that trade still the case? Or are you more agnostic on markets?

And how much should that gap be in your mind?

your guidance for blended implies 2.7% in the second half of the year. I was wondering if you could split that out between the third and fourth quarter.

I was wondering in L.A. specifically, if you've seen an impact on -- from immigration policy on your portfolio?

Can you just talk about the attractiveness of South San Francisco as a multifamily market?

I was wondering if you could provide the same metrics, best numbers of quarters on blended lease growth for this year?

your cash delinquency improved sequentially, but it looks like your gross delinquency went up

can you update us on where you could raise ten-year unsecured notes today and what's incorporated in your guidance for the year?

just given the strong demand from institutions for your products, I'm wondering what's holding you back from selling more into the strength

I was wondering if you could discuss how that compares versus June

I was wondering if you were surprised on the news that net migration turned slightly negative for the first time in the market?

how much of that is driven by seasonality in rents? And what are some of the other factors

Can you just remind us what contribution that is to your same-store revenue for this year?

Where you feel most bullish about which markets will be driving the improvement in blended lease growth this year?

to get to your negative one and a half percent new lease rate for the year, what kind of market rent growth are you assuming?

On data centers, I wanted to see if there was an update on the timing of your data center vehicle. And also if you can just clarify the 5.6 gigawatt of capacity, is that on growth or leasable power?

any updated thoughts on establishing a data center fund or some kind of structure with recurring income

how much of that was impacted by concessions in the fourth quarter

I was wondering if you anticipate more opportunities from developers, just given, it seems like developments have been slower to lease up

the last update was $15 million incremental this year. Are you still on track to deliver that or could there be upside

I also want to go back to the reiteration of your blended for the first half of the year upper half of 1.4% to 1.8%

can you comment on whether or not there's a vacancy decontrol components to that new measure?