Rich Hightower

how quickly can you possibly ramp up the development pipeline

Curious if you can give us an update on your views around the D.C. market and surrounding markets and the DOGE impact

what are the chances that there's another shoe to drop with respect to sort of delayed impacts from DOGE

looking at Slide 16, and I appreciate your comments earlier about sort of the way you quote development yields prior to stabilization a little bit more conservatively

I just want to go back to the Texas portfolio deal really quickly

I wanna go I wanna go back to your comments to the breakdown between new and renewal

what has changed about the way units get priced, how you use information

where do the market stack up in your current forecasting as we think about the end of '26 and then into 27?

what's the impact of concessions as far as you can tell

if you were to sort of unwind that and think of what could cause that to go in the other direction, what do you think it would be?

do you find that your counterparts there are any smarter than the rest of us as far as the economy goes and making predictions

I was wondering if you could maybe give us a sense of your projections for A assets versus B assets kind of in the Sunbelt markets

how much of that cushion is baked into current same-store guidance?

do you have a sense of kind of where your rents are relative to market currently, sort of a loss to lease concept?

do you expect a normal seasonal curve next year starting in? Or is it going to look different

There's a $0.04 swing on $1.04 midpoint for 4Q. So just help explain what the swing factors might be

is there a way to sort of help quantify if you -- let's say, if you had included those same assets in the pool this year, what that would have meant for same-store?

Would you say that for whatever variety of reasons, there's sort of a new normal in that metric?

who's currently moving in, moving out? Would you say that the range of outcomes in D.C. at this point, given what we know might be the widest

how conservative is that view? And is it conservative to the point of being a little bit unrealistic based on kind of what's in the pipeline and sort of the real underlying expectations for those r...

it looks like on balance, you're kind of down to that 50 basis point number, which I think is roughly in line with history. But obviously, trends are still a little bit worse than expected in L.A. ...

that's an enormous delta. And so maybe just help those of us who are not in the apartment business day to day understand

is that effectively true where normally you did better in the first quarter than you thought, you're not seeing weakness on the ground

I want to go back to one of the comments Wendy made in the prepared commentary about California being especially robust, I guess, enough to make it into the comments.

just to make sure I understand it. So $0.02 increase on it sounded like 2Q outperformance operationally and then $0.02 on the Leawood acquisition.

are you able to sort of break out what the returns have been on the non-room side versus the room side?

Can you update us on the tone and tenor and maybe some substance from those conversations

I want to go back to the sort of the different buckets of potential competitive supply you referenced earlier on the call. And I think last quarter, the forecast is for BTR specifically to drop pre...

do you have a sense of pent-up demand for people who really would prefer to own? They just can't afford the monthly payment because of mortgage rates

there's kind of this emerging thesis that the core multifamily comfort is expanding, you know, for all sorts of socioeconomic reasons

Can you just break that out between sort of known situations?

dig into some of the motivations you are seeing behind some of that activity, especially as cap rates, you know, potentially continue to compress

Help us understand maybe the level of predictability in those flows

where does maybe acceleration in that program fit in with the rest of the sort of manyfold capital priorities for the company?

Just wondering what the math around sort of sources and uses, how that changed kind of later in the fourth quarter that led to repurchases for the first time in a long time

is affordability the only gating factor to that number kind of moving up back towards historical averages going forward?

Anecdotally, you would kind of see that lenders are maybe starting to get a little more aggressive with troubled borrowers or troubled assets from the COVID era. So -- I mean, is that -- does that ...

when does that dynamic do you think peak? And then how does that flow through to when -- again, to sort of echo other people on this call, to when new lease pricing would improve and really start t...

What is the appetite, the capacity? Obviously, you have got a great balance sheet

I was hoping for an update on Realty Income's investment in Plenty the, I guess, indoor farming business

is it more related to the industry vertical of those assets? Is it the capital structure of the entity itself

any sort of leading indicators there?

Maybe one for Brian to go back to the Crystals CMBS financing. And as I kind of look through the debt schedule

help us understand what happens to that and how how that investment might in some way control the outcome

hoping for maybe a little more color on the breakdown between controllable and noncontrollable for the year

help us understand some of the bigger questions for the company around future succession, the depth of the bench, what changes might we expect

any lessons learned from the 1300 Fairmount investment, whether it's related to underwriting or counterparty risk

on the controllable side so looking at personnel and R&M, you had kind of an uptick around 7% for the quarter

what does that look like with VICI? What form does that take?

just help us put pencil to paper on what maybe your current total acquisition capacity is

where do share repurchases fit into the capital allocation framework

in your conversations with investors, what do you think are the major overhangs at this point?

the collateral package that VICI would have an interest in, it sounds like has really nothing to do with the land itself, but it really would be just the construction

David, I think you mentioned in the prepared comments that certain loan fundings are not included in the AFFO number as presented last night

you do see some pretty big swings in, I guess, the change in allowance for credit losses on the income statement