Ron Kamdem

is there also a change in sort of pricing expectations

Can you just comment on the leasing pipeline in terms of how it's rebuild after the quarter

any sort of commentary on cap rate trends, sort of the interest, price discovery, how that's been going relative to your expectations

how we should be thinking about like the occupancy ramp, any other buildings that could potentially come out of service

just a quick update on the market and sort of the strategy there on the ground for the few assets you have

Just can you tie that back to what the expectations are as you think about same-store NOI

the building has -- I think the floors are a little bit maybe smaller than some of the typical sort of trophy buildings

trends on the ground in the life science market. I think you talked a little bit in your opening comments about that space

at sort of this point in the cycle is advisory -- is the greatest margin upside still in advisory services because of potential transaction upside

is there a way to sort of double click and think about how much of that growth is driven by existing tenants expansion there versus sort of new businesses

what are some of the moats to being able to replicate that sort of data advantage? And how long you think it could take

can you talk about the expectations for '26. And I think the '27 numbers came in at $1.7 billion versus $1.8 billion before

Maybe can you talk a little bit just about sort of the talent in terms of people? Does this -- are you appropriately staffed

I think we noticed you didn't break out Turner & Townsend versus the legacy. Just any comments there

is this something that is a 2025 sort of benefit that normalizes in the out years? Or are we still sort of in potentially mid- to early innings

what happened post Liberation Day up until sort of the recovery in the strong July that you talked about, like did things pause

the comments said the margins do not reflect the cost of operating synergies and so on and so forth

how conversations are going on in the acquisition front in a market like this

would love an update on what the pipeline is looking at, at this point of the year

the competitive dynamics in that business and sort of what CBRE sort of leg up is as you sort of go forward

Maybe commentary on some of the other markets. And if I could just ask about the 2027 expirations again, in terms of known vacates, just any sort of early color there because it would seem like the...

can you talk a little bit more about sort of the buy side in terms of what potential opportunities you think out there

It sounds like you said it's doubled since the beginning of the year. I was just hoping we could just double-click sort of what's changed?

I was just curious about the 413 coming due next year. Is there any early -- is there any known vacates

are there any submarkets that you would expect to recover first? And which submarkets would have just overall the biggest upside?

is there one that's better positioned or worse positioned from all these sort of funding environments and cuts so forth?

presumably a lot of the decelerations coming from the lab side. Right? Because the MOBs and DCRCs seems pretty stable

I see some of the initial occupancy dates have been pushed back a little bit. And also that, at least on the redevelopment projects

is it a call on saying, hey, there's distressed opportunities or really unique opportunities that we can capitalize on? Or is it more of a call on like the market is getting better?

is there more opportunity to take expenses out of the structure? Or is it pretty much as optimized as you can get?

how you integrate that new wave of data on the customer? And how does that sort of plug into this algorithm

how you guys think about the potential to replace people in the long-term role in the platform.

can you talk through sort of marketing spend and some of the other line items that's getting you to that guidance?

Just any sort of comments as you're sort of flipping over the next couple of years. Is there an opportunity for even more expense savings outside of property tax

I know we talked about property taxes last quarter, obviously, continue to be pretty high year-over- year now. Maybe just a little bit more color on your expectation there.

from a macro perspective after April 2nd, as you're sort of thinking about your business, your markets, bad debt, tenant feedback, any sort of signs that tariffs are having an impact

Just love some comments on the expense side, how you're sort of thinking about it. Obviously taxes were higher as you expected, but just any sort of relief as you go through the year.

on the Census, I know you mentioned in the opening comments a surprise, but can you sort of say a little bit more what sort of happened?

it's early to talk about AI, but you guys have always been sort of front-footed on the technology front. Just curious if there's any sort of low-hanging fruit opportunities

is there more product out there in the market? It's just competition is so fierce, it's hard to sort of win deals?

Just a sense of the quantum of dispositions because it's hard to tell from the guidance is what could that look like this year?

Back to the same store NOI, so sort of the 2% plus guidance. I think in the opening comments you mentioned that there was some sort of end of 2024 closures

can you just talk a little bit about the competition? And just your thoughts on just the cap rate compression that you've seen in any forward thoughts?

if you could just give us an update on the watch list again. And going back to sort of the termination cost in the quarter

how sort of those opportunities are evolving. Is one playing out more or better than the other? Is one falling back?

is it still fair to say that Europe versus the U.S. is where you've seen the most sort of compelling incremental investment spread opportunities?

76% in Europe, which may be the biggest skew, I certainly recall

you guys have sort of done, I think, more work than most in terms of evaluating the impact of tariffs

increasing the rent escalators of the entire portfolio. Can you talk about some of those other buckets like gaming, like Europe

just what you see for trends going forward as we go into this uncertain environment

this year just sort of a unique outsized year or is that and should we be expecting that to sort of normalize

wondering if there's any sort of larger sort of deals in there, or is it all pretty granular

my question is just on the leasing spread. That looks like slightly [indiscernible] in the quarter. Just any comments there and how you guys are thinking about occupancy versus pricing going forward

what that potential pipeline looks like in terms of the ramp and what you need to see to sort of increase the run rate specifically on the industrial side

you guys are looks like you're calling for an inflection point here

just what the post liberation Day impact has been sort of any categories to call out

particularly 3PLs and sort of their impact in the Inland Empire West

What do you need to see for us to see that number start to ramp back up

Maybe can you just talk about what you're seeing there and how that sort of correlates to maybe the slow housing activity we've been seeing?

Is there any sort of large capital plan or reinvesting plan that's sort of coming with that?

the guidance sort of assumes a little bit of decel as you get into sort of 4Q

my second question was just on the acquisition pace picking up. Just maybe talk about the product that you're seeing stabilized, nonstabilized and sort of cap rates

have you seen any sort of trends that are to the good to the bad sort of post tariff as well would be helpful

I think you've talked about sort of Google Trends and advertising and top of funnel demand just would love to get an update

Is that something that happens every couple years and so forth? And then the energy efficiency spending, is that something we should expect

as AI sort of proliferates, are there any sort of obvious low hanging fruits, whether it's leasing accounting

Do you think commenced occupancy can get to a new peak this year, and what kind of tailwind would that be for same-store NOI going forward?

if you could just talk about acquisition cap rates and where you're seeing it and how that ties back to the development yields

just what are you guys seeing in the market and how that's trended?

Is this just a one-off? Or is this sort of a notable shift where you think over the next couple of years, there will be more sort of opportunities?

any sort of quick early indications of how much construction costs are up and how are you guys thinking about sort of the evolution of the yields

provide an update on sort of the other platform investment and some of the retail investments

going back to the domestic property NOI assumptions, for this year versus last year

Just wondering if you could just comment on how you guys see that shaping for the rest of the year

how are you guys thinking about sort of domestic property NOI, bad debt as well as the $0.25 and $0.30 interest cost headwind

Wondering if we could dig in a little bit between sort of the outlets and the mall business, any sort of call out what drove the performance

Just thinking about the supplement and some of the sectors that you haven't quite made it in yet

where did operators put through increases this year versus last year? How do you think about new versus renewal pricing

is there more of a shift to taking on a little more lease-up risk given better growth and your conviction

is that all acuity driven? And strategically, do you have a preference? Or is there an optimal mix

just broad-based trends on labor costs and CapEx per unit for the product would be great

where are all these operators in that journey, right? Is it early innings? Is it middle innings? Is it late innings

why do you think private equity specifically has not come into the space

I'd love to hear a little bit more commentary on sort of cap rate trends and IRR trends as this pipeline expands

what do you think you guys need to do to just unlock more of these transitions and work with the operators

is there ways to creatively create more conversion opportunities? Just can you talk us through just know, the puts and takes there

I think the slide makes it looks like cap rates are compressing 50 basis points, which this may not be apples-to-apples

as you look at the portfolio, how much more opportunity do you think there is in the next, you know, call it, three to five years and more conversions

Just wondering if you could touch on expenses a little bit. Just give us a sense of what the labor market is looking at and if that's something that is a concern

I just wanted to double-click on one of the comments you made on the 95% occupied portfolio and the same growing 20%

how much is the Welltower Business System contributing to the outperformance versus the industry?

was it possible for all 12 to go all in on the incentive structure?

I'd just love to get an update on how those are performing and reacceleration here

just internally, what are expectations sort of long term for your markets? And then is this pace sustainable? Could it accelerate?

an update on the labor market and any concern about sort of labor shortages and what you're seeing