Nick Yulico

Pak gave region-level direction: NorCal improving, Southern California slowing, Seattle on par.

Kleiman pointed to turnover and retention rates and cited AB 1482 as prolonging the capture of market rent.

Asked about blended rate growth cadence to reach 2.5% full-year target given April already north of 3%. Followed up on structured finance early redemption asking whether the $90M is a pull-forward or incremental and if the FFO headwind could worsen.

Asked about blended rate growth cadence to reach 2.5% full-year target given April already north of 3%. Followed up on structured finance early redemption asking whether the $90M is a pull-forward or incremental and if the FFO headwind could worsen.

Asked about LA occupancy trajectory and timeline to drive better rental pricing. Followed up on whether strong San Francisco rent growth was inflated by concession removal creating a favorable comp that could reverse in 2026.

Asked about LA occupancy trajectory and timeline to drive better rental pricing. Followed up on whether strong San Francisco rent growth was inflated by concession removal creating a favorable comp that could reverse in 2026.

Asked for Q3 blended breakdown by region with specific focus on how much LA dragged numbers. Followed up on whether NorCal demand pickup from AI company formations and office leasing is translating into real apartment demand on the ground.

Asked for Q3 blended breakdown by region with specific focus on how much LA dragged numbers. Followed up on whether NorCal demand pickup from AI company formations and office leasing is translating into real apartment demand on the ground.

Asked about LA weakness drivers and whether fire ordinance played a role, then probed NorCal strength asking if blended deceleration masks bigger underlying portfolio benefits not fully appreciated by market.

Asked about LA weakness drivers and whether fire ordinance played a role, then probed NorCal strength asking if blended deceleration masks bigger underlying portfolio benefits not fully appreciated by market.

Angela confirmed second-half acceleration assumption is intact, noting the Q1-to-Q2 delta is small only because Q1 outperformed and guidance was unchanged.

Angela cited top-20 tech job openings increasing monthly since the November/December trough, with no signs of plateau or decline.

Quantified 2026 dilution at closer to $0.11 and named the low-7x leverage goal, but explicitly declined to give 2027 guidance.

Mike explained Q1 lease commencements were 2x normal due to early renewals signed years ago now hitting. Per-square-foot cost of $10/lease year is reasonable. Full-year leasing costs now expected in excess of $400M (up from $220-250M) given occupancy growth trajectory. More early renewals hitting in Q2 and Q4.

Doug said AI is currently productivity enhancement not cost reduction for BXP's scale. G&A as percentage of revenue is de minimis. Owen said residential developments will always have 80% partners, office developments shared reluctantly based on leverage needs. 343 Madison recapitalization is top priority for 2026.

Doug doesn't think quarter-by-quarter but annually. 1M sq ft of signed leases commencing in 2026 drives confidence. Hilary noted 360 Park Avenue South has proposals covering every floor except 1, with activity from asset managers and financial services firms seeking Midtown South.

Mike said costs don't ramp materially until late 2026/2027, so there is time. They want to finalize the anchor lease and advance other base-building proposals before presenting a capital plan, likely over the next couple of quarters.

Doug explained small sample of 400K sq ft drove the optics. Boston had an as-is Biogen deal with no TIs. NY had 15-year leases expiring at lower floors. Mountain View rents declined from $4.50-5.00 to mid-$3s. Cash basis on signed leases was flat overall.

Mike explained bottom of range raised due to leasing success, top trimmed as some deals start revenue in 2026 not 2025. Doug cited 360 Park Avenue South as example where 244K sq ft lease starts in 2026.

Mike quantified development deliveries at -70bp impact but suburban removals could offset by +90bp. Doug noted 360 Park, 180 CityPoint, and Reston Block B should see meaningful lease-up progress in 2025.

Brinker emphasized 6.5M sqft controlling one-third of South San Francisco submarket. Bay Area led all markets in 2025 absorption. Breakeven year-one with long-term upside.

Brinker said pipeline weighted to new leasing and not many expirations in 2026. Average lab lease is 60K sqft so quarter-to-quarter moves can be lumpy.

Moses said leased and occupied rates are largely aligned. Some tenants may be in more space than they physically use, making physical occupancy slightly lower.

Moses explained unconsolidated JV accounting requires impairment when carrying values exceed fair values beyond temporary. Non-cash, no FFO impact. Campus ~60% leased.

Brinker outlined priorities: balance sheet strength, opportunistic outpatient sales, buybacks ($300M in 15 months), new outpatient developments, and eventual life science distress opportunities.

Kelvin Moses broke down 280-290bps occupancy decline into thirds: expirations, tenant migration/expansion, and failed capital raises.

Brinker confirmed strong lab leasing momentum with 2M+ sqft done in 2024, 300K+ under LOI, and 50%+ of $60M cash upside now pre-leased.

Brinker detailed $0.05-$0.07 earnings contribution in 2024, another 8M sqft to internalize in 2025, with run rate synergies reaching $65M.

Mitra and McHugh quantified the gap: same store approaching 89.5% occupancy versus non same store about 550 basis points lower.

Mitra clarified the elevated loan book reflects $1B+ participating preferred from the Integra JV transaction, not traditional lending. Remainder is bridge financing and refill of repaid loans. Chaudhri confirmed $4.2B closed in Q2 was predominantly Amica asset acquisition.

Tim noted initial expense per unit outlook similar to prior year's starting point which was then beaten by occupancy-driven scaling; emphasized guidance reflects probability range before peak leasing season.

Nikhil confirmed 6.25% cap rate ballpark including property management profitability, real estate yield slightly lower, net yield closer to 6% after preferred reinvestment.

Burkart clarified non-same-store pool constantly refreshes with under-occupied acquisitions and development, making apples-to-apples comparison misleading.

Declined month-to-month data but confirmed April trends are positive, which supported raising both occupancy and rate guidance assumptions.

Management confirmed non-same-store is lower occupancy suggesting better growth potential, and 90%+ of portfolio will be same-store by Q4 2025.

Joe firmly rejected occupancy-concern narrative. They solve for long-term revenue, not rate or occupancy. Discounting was proactive strategy for state-of-emergency markets, not defensive reaction.

Jeff rejected wall thesis: rates still accelerating, industry fragmented enough that public REIT comparisons aren't the full picture. Large portfolio allows testing to find winning strategies.

Scott acknowledged positive trends but maintained it's too early to project through leasing season. Rates moved up 6% sequentially and continue improving.

Joe detailed wide range of asset maturities (1-19 months to stabilization), initial yields 2.3-6.5%, stabilizing in upper 6s to 7%.

Joe explained granular nightly repricing at unit-type level, noted 85% of customers shop two or fewer alternatives, and visibility/positioning matters more than competitor pricing.

Scott cited headcount step-up for regional manager support (stair-step year), increased technology spend after pausing during LSI integration, and growth in acquisitions/third-party management.

Hill separated acquisition cap rates from disposition cap rates and defended development on yield spread and NOI growth, though he did not commit to a larger buyback.

Brad defended development strategy: current lease-up properties face unprecedented pressure from 5 years of supply delivered in 3 years, but it is temporary. Lease-up renewal rates at low double digits. Recurring rents 2% above pro forma. 5-year development track record exceeds underwritten yields by 90bps on average. New starts delivering in 2028-2029 into much stronger environment after 3 years of below-average starts. Direct with strong historical context.

Clay confirmed $0.20 original benefit has been reduced due to slower leasing velocity but still positive. Development/lease-up pipeline expected to contribute $0.10-$0.12 annual FFO growth once fully stabilized after considering cost of capital. Direct with helpful long-term framing.

Tim provided concession quantification at 0.6-0.7% of rents. Noted concessions are spread over lease term. Direct with specific data point.

Tim confirmed comp benefit exists, particularly in Q4 with cumulative new lease declines of 15% in prior two years. Better supply/demand fundamentals plus easier comps support expectation for less seasonality than typical. Direct.

Brad emphatically rejected demand concerns. Record absorption at 25-year high. Absorption-to-supply gap approaching COVID levels. 85,000 fewer units available than prior year, expected to grow to 100,000-120,000. Migration trends steady at net +6% (down from COVID highs but in line with pre-COVID). Issue was operator focus on occupancy amid Liberation Day uncertainty, not demand weakness.