Steve Sakwa

how, I guess, aggressive or how large you'd be willing to pursue, I guess, both sides of that equation

what lessons did you learn in '25 that you carried over this year

do you kind of look at those markets maybe differently just on a long-term basis

I guess I wanted to talk about the chart on, I guess, Page 13, the asking rent trend

I just wanted to circle back on the projected development starts a little bit

can you get tenants in the space faster? And might we see CapEx start to come down

are you willing to sell more to kind of sharpen the portfolio even if it has kind of negative FFO consequences in the short term

how do you think about those markets long term if you aren't able to scale

how are you thinking about that return on an unlevered basis. And of all the tenants that you're talking to, are many of them new to the BXP portfolio

how are you sort of sizing up the start, no start pre-lease -- and is this just a building where you kind of have to make the commitment to go forward

help me think through kind of your retention ratio and given to no move out. So like what you expect to retain of the expiring spaces

if you could just maybe elaborate a little bit on maybe some of the conversations that you and the team have had with some other C-suite executives just more around kind of where their head is on t...

Could you either provide a share count or an average buyback price that's associated with that $500 million

How far out kind of can you see that business? And are there any sort of longer-term concerns or issues that you see with that business

Are you tilting more in the buybacks given the recent selloff? Or is there a pipeline of deals that seems to be more attractive

if maybe there were some deal activity that was maybe being kicked around internally that, I guess, precluded you from buying back stock in the third quarter

how do you think about the ultimate TAM of facilities management or how do you think about your market share in that business globally

The pace did slow. I know it was a very heavy pace in the first quarter

That business came in, I think, far stronger than we had expected. And I'm just curious, given where rates are

how much of that incorporates sort of the potential $2 billion of sort of capital deployment that you did in 2024

was the upside more driven by more volume or just length of lease or both

do you think that data would be better if you were two, three, 4x bigger?

Could you maybe just talk about your expectations for stabilized returns. What are you seeing on costs?

how big are you willing to lean into that on the share buyback and do dispositions

how are you thinking about that? How are you adjusting some of the inputs? And I guess, what yields are you targeting on new potential starts?

how are you underwriting construction costs today? And what are you sort of putting in for tariff impacts on that part of the development

did you talk about where renewals were going out for May and June?

Have you guys thought about leaning even heavier into the disposition program

where are you sending out notices versus kind of the take rate? And are you seeing just any, I guess, signs of consumer impact or stress

if you could provide any color on just kind of where the earn-in sits today as we kind of head towards the end of the year?

I'm just curious if you're seeing any change in behavior on the renewal side?

is the supply picture coming down, I guess, able to offset maybe a slowing job market? And I guess, what are the puts and takes as you think about growth into next year?

do you rethink sort of the mix of the portfolio? And how do you maybe think longer term about the contribution from expansion markets versus the established markets

if you're changing anything on the operating side, meaning are you sending out renewal notices earlier? Are you looking to lock down a resident sooner

how does development sort of play into your thought process today where are yields on new projects?

could you just maybe provide some color on where our renewal rates are going out? I guess we were pleasantly surprised that, 5% renewal increase

Is there any chance that you could backfill that with, I guess, new investments? I don't know exactly kind of what the market looks like to make some of these new investments

Can you maybe just provide a little more detail on kind of where the surprises came in the first quarter and what, I guess, is likely to reverse itself in the back half of the year?

I'm just curious, what have you experienced thus far kind of in the January, February and presumably March time frame?

where would development pencil, if you were to start one? And I guess, what does that mean about costs having to come down or rents having to grow in order to get to a yield that makes sense to you?

I just was a little surprised at the narrowness between those two

with the portfolio over 96% leased, I'm just curious how the leasing discussions are changing kinda both internally and externally with the retailers

help us bridge kind of the weaker first half and, you know, obviously, the stronger second half.

Given the activity you have had on the disposition program, is that something you would consider ramping? What are the tax implications around that

if you could provide a little more commentary around your expense growth assumptions

there's been a lot of rhetoric out of Washington between the Trump administration, Bill Pulte, just about trying to bring down house prices and make things more affordable

what gets the kind of the new lease pricing to kind of move higher? And would it be your expectation as we move into next year as some of the supply comes down

How are you thinking about kind of your yield hurdles, just kind of with more volatility, bond market pricing? I guess, is a 6% yield still adequate in today's environment

what's Kimco Realty Corporation's appetite to take on actual ground-up development in retail, and what discussions have you had

what are the pluses and minuses of managing a substantially large or larger portfolio than what you currently have

I'm just curious if there's an underpinning or kind of broad assumption that you guys have about job growth

your stock is kind of trading sort of in that mid-6s right now. So just how are you thinking about capital allocation, development yields?

would accelerating dispositions kind of be part of the philosophy maybe to fund both the development and potential share buybacks?

is that more of just a one-off thing this year, or do you think that's maybe something that could be more of a tailwind on the expense side for the next couple of years?

Could you guys talk about maybe some of the changes that you've made on your underwriting for the developments, either on the revenue side, the cost side, time to lease up?

where do you think your spreads are today?

would it be your expectation that supply and demand are kind of largely in equilibrium

the pace of leasing kind of just trying to think kind of 1Q into the kind of the April, May, June

maybe just help us bridge the gap on the kind of spot occupancy decline in the quarter

Could you maybe expound on the development opportunities?

I'm just curious what sort of conversations you are maybe having with retailers kind of leading up to today's announcement

I'm just curious how the discussions your leasing team are having with the retailers is kind of shifting

Could you maybe just talk about the debt and preferred book and what maybe future payoffs look like

how much could you step on the gas on the dispositions this year without having maybe tax consequences for gains

what's the -- I guess, the risk that everybody is seeing the same picture and goes to put shovels in the ground sooner than later?

where do you see the risks on more slide? And how have you sort of thought about that in the budget?

I guess I wanted to focus on the newest deal and maybe just get a little bit more color on, you know, kind of the, I guess, the draw of the property given the location