Michael Goldsmith

On the renewals, nice acceleration there. What's driving that?

provide a breakdown of the performance between urban and suburban

you called out Northern California as a particularly strong market

You talk about the gap in performance in suburban and urban markets

the recovery story has been occupancy led, but the message this quarter felt a little bit more rent growth oriented

What conversion rate are you underwriting for this pool

what percentage does that take CBD in the near term? And then long term, is the goal to just to be 100% or completely CBD

is there a nice, hard and fast rule, how we should think about going forward, or is it still 3 million equates to flat occupancy

are you able to provide how much of your portfolio is directly competing with supply now?

can you just walk through kind of what's driving the $0.01 raise? Is it the first quarter beat? Or maybe said another way, if you annualize your first quarter core FFO of $0.45, you get to a number...

Have you seen any change in the pace of move-ins from -- into Essex' market from outside markets.

Are you seeing anything that may be related to the so-called junk fees or Essex' ability to continue to grow non-rental income?

Why do you think that? And do you see it better than other markets such as the East Coast or the Sunbelt?

over the next few years, like, are we thinking about growth rates continuing to expand at really or is this kind of, like, as good as it gets given the favorable environment?

can you give us an update of what you're seeing so far in July? It sounds like it's been pretty similar to June

what you've seen so far in April from a street rate occupancy perspective?

Now that move-in rates are moderating, should that weigh on same-store revenue growth for the balance of the year?

can you kind of walk through kind of like what's the read on how we should interpret the midpoint of the guidance kind of expecting trends to remain kind of flat with where they currently are

can you kind of give us an update with how street rate has trended through January and into February

like how long does that take to flow through the whole algorithm to start to benefit same-store revenue growth?

It sounds like you've been using discounts and promotions to drive customers to the channel. Has that continued into October?

Can you provide an update on how street rates and occupancy have trended into July and how that compares to June and the second quarter?

Is that just a function of -- it takes a little bit of -- there's only a few percentage points of customers that turn over every quarter.

It looks like street rates closed the gap pretty materially in the first quarter. I was wondering, what's driving that, you know, it doesn't feel like demand is incrementally picking up

the midpoint of the guidance range implies that seems to revenue remained in that range through the year. I guess, like, is that a reasonable outcome

Can you talk a little bit about sort of like the uplift that you're seeing from stores that have been converted? Is that tracking in line with your expectations

how you envision how big he's gonna envision that getting and maybe the interplay between bridge loans and acquisitions and how that can support your earnings growth algorithm

Is that still the case? And then can you provide some color on what is driving that? Is that occupancy growth?

You continue to make progress on the capital recycling and not to spoil what I'm sure will be an excellent Investor Day, but what inning do you think you are in here?

Comparable POI growth in 2025 of 3.8% initial guidance for 2026 of 3% to 3.5%. So just a couple of questions on this. Can you bridge the gap from '25 to 2026?

can you outline kind of any sort of onetime or other topics that you've already talked about for 2026

are there examples of specific cities or markets that you would be interested in

2.8% same-store NOI growth in the quarter, the guidance for the year is 3% to 4%. So can you kind of walk through some of the factors

comp POI in 2024 of 3.4%. You're guiding to 2025 of 3% to 4% with a headwind of

you talked about how new home deliveries were impacting last year, but you're starting to see some early signs of improvement. So can you walk us through what you're seeing right now

Just wanted to touch upon the transaction activity and the capital recycling.

how has the market been for these ground leases and apartments? And how fast do you think you can accelerate some of this capital recycling?

how should we think about what are the most accretive opportunities, you know, where is the greatest upside or accretion?

can you walk through some of the puts and takes or early look at what we should be focused on in 2026

can you put the 56 basis points so far this year into context of where that has landed compared to prior years?

Can you talk about what you have visibility to start the year where your watch list is?

How has the competitive pricing environment across operators in your markets trended? Are other operators pushing occupancy? And if so, how much occupancy improvement do you think they would need i...

Northern Virginia had a material slowdown in same-store revenue growth in the quarter relative to the first quarter. So can you discuss what trends you're seeing in that market in particular?

are you still on track to achieve this based on what you've seen so far this year?

Are there other markets that you can sell out of where you maybe don't have sufficient scale

Does the slowdown in supplier growth that that you are expecting this year support that?

What does that new lease rent look like from the start of the year to week and and how does that maybe compare to historical growth through the year?

The acquisition cap rates during the quarter were 6.4%, which is a bit lower than what you saw last quarter.

are you thinking, hey, we've got -- we've done these 3 things and now we've got another 3 more to do in the next 24 months?

can you just walk through kind of like why G&A may move higher in a material way? And then just also maybe that reflects some investments

your acquisition cap rate ticked down in the fourth quarter sequentially. So can you just talk about like what the cap rate environment is looking like?

Retail concentration and acquisitions stepped down from about 72% to 47% in the quarter

what you're seeing from that asset class, the opportunity set to acquire further there

could you bring that up just to talk about your underwriting process or is that more just to compare the US versus Europe

you also sold some vacant properties, which include you had decreased exposure to the Family Dollar, Dollar General, Walgreens, CVS

Can you provide an update on the Southern California market? It looks like lease percentage picked up 110 basis points

Lease proposal pipelines picked up quite a bit in the first quarter here. So can you provide a little bit more context around it? What's driving it? What sectors is coming from

47 million, which is a pretty material acceleration from the prior two quarters

how are you thinking about the timing of the growing pipeline translating to signed leases

Can you talk a little bit about what that means for overall demand

Are you able to frame the magnitude of improvement

is really the Public Storage story now that like things are getting a little bit better in the near term

can you provide an update on, on July and how that’s reflected in your guidance

Can you talk a little bit more about that specifically? Was that just in the month of March or throughout the quarter?

can you talk about what you have seen through April? I know we are lapping Liberation Day

Is that built into the G&A number?

can you talk about the opportunity that you see with lease-up properties

What are you seeing in terms top of the funnel demand? It sounds like first half was a little bit ahead of last year

Do you see that as a good thing for self-storage? Or is that, that -- there's just less movement?

does that imply that it should be about a 200 basis point headwind in the back half and a little impact in the first half?

when you run a sale, is that is that a reaction to the market environment where you're looking to drive move-ins?

is the missing ingredient just for demand to pick up, for pricing power to return, or is there something else

what's driving a more liquid market, and where are acquisition cap rates settling in right now?

Can you provide a little bit more clarity on the term fees? It looks like you are now expecting a larger 1

You guided to $51 million for the year, so pro-rated that would have been about $12.75 million for the first quarter. You came in at about $9 million. Can you walk through what drives the differenc...

Amazon is now -- they're closing their Amazon Fresh grocery stores. It looks like you have 4 of them

What's changing from the environment that you're seeing there? Or can you help bridge to get there?

can you just talk about kind of the shift away from occupancy into some of the other components of the same property NOI growth algorithm

have you made any changes to the watch list or has there been anything noticeable from your perspective in terms of accounts receivable

Can you walk through the thought process around the credit loss reserve of 75 to 100 basis points?

can you talk a little bit about the space that you got back, at what rents were they in

you mentioned the resilience of the consumer. What are you seeing from the consumer specifically

can you frame how much incremental NOI or FFO we should expect this year from projects stabilizing

can you share some of the specifics of the opportunity from bringing these assets fully on to your platform

So are you able to quantify what you're seeing? And is there any difference in the traffic growth between mall and outlet

Can you talk about the back leasing of those Forever 21 boxes? What types of tenants are you seeing interest in taking the space

bridging the gap between those expectations, right, it sounds like some of that is retail sales

So what do you think has changed from the perspective of demand that is driving that.

can you kind of outline what are the factors that you expect to drive that this year

How much occupancy are you willing to sacrifice to push rate in the peak season? And how much rate growth you need to see during that peak season

I was just kind of wondering what do you think it would take to see a little bit more pricing power

have you seen any impact on the San Francisco ban of algorithmic pricing? Has that had any impact?

can you talk a little bit about the factors that are influencing that? And then also within the comments that it seems like the momentum should be sustained

I think there was a $300 million health care loan mentioned in the press release.

Are you more willing now to be a buyer of these types of properties? If so, is that driven by the improved backdrop

can you provide an update on the Brookdale transitions—how those 45 assets are trending

should we expect kind of being -- remaining the year in that like sub-7% range

How much more occupancy upside is possible there

can you talk about what you look for when assessing whether a new operator fits the Ventas platform

Can you just talk about the change to greater than 4.5% and how much visibility you have into 2026, given pricing power should strengthen as occupancy increases

How do you think about accelerating accretive growth versus maintaining your discipline

how do you go about managing the execution risk of everything announced today, including acquisitions, dispositions, new leaders?