Nick Joseph

any changes to the current tenant watch list relative to kind of the past few quarters

have you seen any behavioral changes on the private biotech tenant side around expansion decisions or sublease activity

has anything changed that time line, either moving it up or delaying it from what you see

you mentioned equity-like capital. Could you elaborate on that and kind of either the pricing or what exactly you mean by that

Are you seen that in the transaction market as well for -- on the stabilized asset side? Is there a change in buyer demand

what drew them to build-to-suit versus some of the vacant space in that market available today

are there any kind of common threads that you're seeing across the current pipeline

doing the right thing at the worst time. And so, I'm curious what that means for Alexandria now

What's the potential this year in 2025 for more of an adjustment of capitalized versus expensed interest

Maybe just going back to the capital allocation answer earlier

Nick Joseph here with Eric. Maybe just on the delayed occupancies and development. You mentioned the Denver communities. So I was just hoping to get a little more color on what's impacting the pace...

Can you talk about why now is the right time to do that, just given obviously the considerations of California right now?

how are you thinking about either splitting up into smaller portfolios or individual assets?

have there been any changes to the pipeline in terms of converting to executed leasing and conversion timelines?

what percentage of that do you know is moving out, and where are you on negotiations with the remainder?

where are you seeing cap rates kind of across different quality levels within MOBs today?

Did you deem that space as competitive? Or was this more space that maybe was being marketed towards life science that your leasing team wouldn't have considered competitive

Are you starting to see bigger space takers looking for space or is it still that 20,000 to 40,000 square foot tenants?

are you seeing traditional office users look at lab space at all?

how are you thinking about really leaning into that and doing it at a much more meaningful scale versus other opportunities with your capital allocation?

in the past, when you've seen rent growth falling at this time of the year, how do you approach the forecast for next year's growth?

California is off to a strong start, but obviously, there have been some recent layoff announcements from some of the larger tech companies. Are you seeing any changes in that market or all the for...

how do buybacks play into the stack of opportunity just given where you're seeing cap rates versus where the implied cap rate for the stock is?

There were reports, I guess, last week about a large Southern California portfolio coming on to the market. So curious where you see buyer cap rates today

is that buyer or seller? And how wide is that spread typically?

You mentioned the '26 earn-in of estimated to be 80 to 100 basis points. I was hoping you could break that down between Northern California, Southern California and Seattle?

just on the preferred book, I think you said 150 basis points headwind. What's the sensitivity around the timing of the potential redemptions for next year?

I believe you said that the low end of guidance assumes some sort of potential regulatory impact

Is it possible to get just a specific number for LA in terms of what's assumed for the same-store revenue growth this year?

just would like your kind of color on how tenant conversations and how the leasing pace has been in April post the tariffs?

what we assume development margins on the new starts this quarter? I think in the past, you've talked about 25% to 50% margin. So how do these starts compared to that range?

is there a difference in occupancy between those properties going into the JV versus what will be wholly owned?

What are the greatest near-term opportunities you're seeing? Is it one-off assets, smaller portfolios, I guess larger M&A, international?

I think last year, you were repurchasing some shares, this year you more recently issued. So just curious on the framework

where's market rent in LA for the purpose of the emergency restrictions? And then how does that impact kind of new move-ins, as well as ECRIs?

How sustainable is that going forward? Or do you expect a reversal?

run through what the drivers of earnings are that drove kind of guidance now above what was previously discussed in terms of the considerations

just want to touch on the potential impact for tariffs. Obviously, the news keeps changing

hoping you could walk through how you're going to the assumption for a flat earn-in for '26 just based off of the rent growth that you've achieved year-to-date and then also what's assumed in the f...

are you expecting the range between different markets or regions to start to narrow as we head into 2026 and the back half of this year

To the extent that you end up owning and consolidating that, what would the initial cap rate be?

wondering if you can talk about your confidence in the ability to see rent trends pick up in the second half relative to the first half

there's been some press reports about Caesars, any potential impact if there is a privatization there?

Curious what feedback you're getting from tenants just on underlying demand trends given the relatively fluid macro outlook

At what point are you starting to see capital, as cap rates compress and interest rises, move into development

what is the opportunity from the Ventas, Inc. portfolio side to recycle any senior housing assets to harvest value

what would drive you below that $2.5 billion just given the pace you're already on

What are you hearing from, I guess, your facilities or your operators on the flu season

do you think there are synergies between the businesses? Is it just a matter of pricing

Are you seeing different amount of competition for senior housing assets in the U.S. versus anything internationally that you do look at

the impact of those acquisitions both identified and also potential in 2025. Could it meaningfully move the needle

talk about kind of the return profile of those where you can kind of push rate versus the occupancy upside and what sort of, kind of going in yield

Curious if you could touch on the balance between going more all in on senior housing versus the earnings volatility as Welltower becomes less diversified

how do you think about the optimal capital stack going forward, particularly given the amount of and investment opportunity

what the targeted IRRs are for both, and then just the size of the opportunity you see in terms of those stabilized assets