Ki Bin Kim

Tom pushed back that performance was consistent throughout Q2 and generally in line with expectations. No shift occurred during the quarter.

Tom maintained the 100bps estimate, with LA expected down ~3% for the full year. No change in assessment.

Tom said retained cash flow will primarily be reinvested into development (highest risk-adjusted returns) and acquisitions, evidencing as higher FFO growth.

Tom acknowledged the setup could lead to storage outperforming past downturns given already-low move-in rents and muted housing-driven demand.

Joe acknowledged DOGE headlines but said no observable impact on front-line demand yet.

Tom declined to give specific LA ECRI figures, pointing back to the 100bps same-store revenue impact as the right guidepost.

Joe clarified demand is steady not increasing; mix shifted from new development at CO to borrowers buying out equity partners or seeking temporary solutions instead of selling.

Scott gave specific store count, revenue share, and assumption that state of emergency restrictions remain in place for entire year.

Scott provided clear sequential rate trends and forward assumptions, rates improving moderately, slight occupancy benefit, no big housing recovery assumed.

CEO confirmed ~7% cap rate and noted WPG had been in liquidation mode without investing, creating a backlog of high-quality leasing opportunities once a committed landlord takes over.

CEO acknowledged malls are a different business - more fashion-focused and physically different - but declined to make value judgments, leaving assessment to analysts.

CEO explained they lock costs as projects reach full design; Hoboken is locked as a concrete building. Acknowledged tariff-related cost uncertainty for future lumber-based projects but current pipeline has no cost risk.

Referenced in multiple management responses throughout the call. Pipeline at 130 million square feet historically high with 19% year-on-year growth. Occupancy outperforming market by 290 basis points. Leasing velocity accelerated through quarter with June strongest. Renewal activity very healthy while new leasing still deliberate. Customer dialogue reflects emerging bias towards action with exhaustion of adapting to shifting tariffs.

Moghadam said people were prepared for something around 10%. April 2 announcements expected much higher. Pause provided sense of relief. Economy can absorb 10% tariff but will change routing of inventories and origins. Net long-term prediction Mexico big beneficiary along with Brazil. Less coming from China with surrounding Asian countries having higher share. Europe especially Germany with combustion engine focus likely to tread water or decline. Pure speculation given unprecedented nature of tariff levels.

Arndt said rent spreads expected in 50% range in 2025 still quite elevated from lease mark-to-market even with slower market rent growth. Bad debt normally expecting about 20 basis points but allowing for between 20 and 30 in 2025 entering year with few known tenants being watched. Expected to normalize by end of next year. Occupancy pools so large that average and ending occupancy for company not very different from same-store pool.

Alan confirmed options are included and negotiated rates are higher ex-options. Lisa noted tenants are investing in cost elimination to afford higher occupancy costs.

Mike confirmed no shift in leasing character. QSR and medical led Q1 categories. Lisa reiterated tenant conversations show no shifts in consumer behavior.

Mike attributed sub-1% expense growth to operational discipline and scale advantages rather than any specific one-time factor.

Jamieson noted 10%+ blended yields on bankruptcy backfills. Already executed Party City leases pre-filing. Bed Bath had higher mark-to-market due to more vintage leases.

Jamieson confirmed Spirit owns its HQ building. Kimco has a ground lease on the multifamily component, currently being paid. About 900 employees occupying daily.