Anthony Paolone

Giamartino volunteered that most of the BOE margin improvement is a fleet amortization reclassification, leaving about 20 basis points of underlying gain.

Giamartino confirmed M&A remains the first priority with buybacks filling in, and stated no incremental deployment is in the second-half guide.

Emma broke down the guidance raise: development profits pulled forward had no impact on guidance, 1/3 from Q1 outperformance, and 2/3 from raising remainder-of-year expectations in advisory and BOE despite tougher H2 comps.

Bob described pipeline concentrated in industrial, multifamily, and data center land, with dozens of data center sites under control. Expects relatively steady monetization stream but acknowledged lumpiness and power/entitlement challenges.

Bob saw no near-term office demand risk from AI, noting companies across all sectors using office space to attract and support talent. On appraisals, cited APAC automation model where lower per-appraisal revenue was offset by radically higher volume.

Emma confirmed OMSR change and data center PM reclassification not yet in guidance. Historical restatements will be provided before Q1 results but won't change growth rates.

Emma reiterated capital allocation priorities and confirmed shares are viewed as undervalued. Declined to comment on specific M&A targets but emphasized focus on resilient, secularly favored businesses.

Emma denied significant pull-forward, then walked through each segment: leasing tough comps continue in Q4, sales strong but Q4 2024 was +35% vs Q3's +14%, and Project Management faces a 30% SOP comp in Q4.

Bob confirmed comps do get tougher but emphasized broadening demand beyond gateway markets, driven by return-to-office momentum and corporate focus on workspace quality.

Bob declined to quantify synergies as they haven't been modeled internally yet, but declared them expected to be significant across procurement, building engineering, and information systems.

Bob emphasized the combined Turner & Townsend platform with 15,000 professionals has much better market coverage than before, especially in the US where T&T was underpenetrated.

Bob gave detailed color by segment: capital raising pulled back to plan, some corporate project delays, but office leasing largely unaffected due to scarcity dynamics.

Emma acknowledged cautious positioning given rate uncertainty but noted 20% US sales growth in early 2025 and strong financing recovery.

Emma gave a clear breakdown: low double-digit revenue growth plus margin expansion on top, directly addressing the split.

Marc said 2027 roll economics are not baked into this year's guidance. Portfolio spot mark-to-market is around 6% above market on average, with pressure on rents relative to expiring leases baked into current-year guidance.

Marc said it depends on the category; for land in the 2026-2027 milestone buckets, decisions hinge on the ability to add near-term value, and projects may be paused or flipped into the disposition program if not.

Joel identified four pinch points: NIH turmoil (easing with 15% ruling), FDA daily shock effects, inability to finance without data/milestones (zero public biotech leases unprecedented), and China competitive effect with capital flowing there for faster/cheaper development.

Joel explained 421 Park Drive is a state-of-the-art lab where several floors were sold as condos to a major Boston institution. NIH 15% limitation halted institutional demand, but the court ruling should restart interest. Office for Longwood Medical Center is a fallback option.

Marc confirmed a dividend is required. Joel added 'And we intend to.'

Marc distinguished between the 1.2M sqft of known vacates and the remaining 1.3M sqft which are normal-course expirations still too early to call.

Marc acknowledged attractive buyback price but prioritized finishing construction commitments as the first call on capital.

Marc confirmed the $1.4B turning off is part of the broader $3B future land bank disclosure, with April 2026 as the weighted-average milestone date.

Marc outlined the bridge from 90.8% to year-end guidance, combining pickup from selling vacant assets plus normal leasing activity.

Joel said demand signals remain positive and unchanged, asking analysts to stay tuned for news in coming weeks, but nothing concrete delivered yet.

Joel and Peter outlined multiple buyer pools including residential developers, owner-users, private equity, and sovereigns with appetite for different quality tiers.

Marc confirmed $1.2B of $1.75B construction spend is active projects. Joel deferred further buyback color to Q1 update.

Joel deferred detailed Q1 leasing color to the next call, providing only a high-level comment that activity is diversified across segments.

CFO directly stated repayment unlikely; loan will roll into broader construction syndicate Cain is assembling, with timing TBD but team focused on timely completion.

COO highlighted sports infrastructure and live entertainment as key growth verticals. Noted Wasserman's new role focused on nongaming/experiential, and millennial/Gen Z willingness to spend on live entertainment.

CEO confirmed same framework as past situations: collaborative evaluation of portfolio positioning with focus on win-win outcomes, noting they have time but don't want it as a distraction.

CEO emphasized track record of getting after challenges since inception, including helping tenants exit assets. COO noted advantage of having only 14 tenants for deeper strategic dialogue.

CFO explained write-off of pursuit costs from prior quarters for deals that didn't close, indicating active pipeline even without announced transactions.

CEO acknowledged more credit opportunity than real estate transaction opportunity currently, while emphasizing careful capital cadence management for earnings flow.

CEO acknowledged volatility dampening M&A animal spirits which drives demand for VICI's capital; COO noted things don't change quickly quarter to quarter in their spaces.

About $130M of committed capital in guidance comprising Great Wolf Northeast, Homefield, Kalahari, and North Fork. Acknowledged 'a lot' more outside guidance without precise number.

Limited visibility on Strip pricing due to lack of recent trades; regional has somewhat more clarity from trading activity.

Management directly acknowledged limited deal flow but pivoted to development funding as alternative growth path with compelling yields.

Roy said the required yield varies by geography but targets ~150bps of spread over the cost of permanent financing.

Roy could not provide a specific debt/equity split, noting it is opportunistic with some debt investments expected to convert to equity ownership over time.

Roy confirmed new Apollo capital goes to new investments, not selling existing assets. Proof of concept now complete with SEC and rating agency endorsement.

Roy argued termination NPV exceeded remaining rent collection, citing ability to sell vacant, recycle capital, and solve client optimization problem.

Roy described competition ranging from low-cap industrial with growth to higher-yield retail across credit spectrum, primarily in one-off market not large-scale deals.

Roy confirmed no change in deal flow, preferring to raise guidance only with signed contracts rather than extrapolate Q1 momentum.

Pong confirmed $6M Q1 bad debt versus 75bp full-year guide, trending lighter but maintaining conservative unidentified cushion.

Handed to the regional head, who named a new downtown development consultant assignment and the 4th and Harrison site as future options.

Doug differentiated current AI demand from prior tech titan expansion (Google, Meta, etc. which have stopped growing in SF). New companies like Databricks, Perplexity, Decagon, Snowflake are driving absorption. Rod noted 20 requirements over 100K sq ft (3.3M sq ft) vs 12 a year ago. Traditional tenants stable, not downsizing.

Owen said AI more likely to dislocate repetitive/support jobs not resident in premier workplaces. Rod noted SF tenant demand is ~8M sq ft with 36% from AI. Hilary said Anthropic seeking 250-450K sq ft in NYC and 360 Park Avenue South tenants are AI-powered. Doug concluded both job displacement and growth in BXP's markets can be true simultaneously.

Doug noted only 3.8M sq ft of expirations over next 2 years (~7% of portfolio), expects ~50% retention. 1M sq ft/quarter velocity supports 200bp occupancy gain by end-2026 and another 200bp by end-2027. No tenant over 150K sq ft expires in next 2.5 years.

Mike confirmed mid-6s to mid-7s target leverage. Expects 290 Binney delivery mid-2026 to provide substantial EBITDA, plus occupancy improvement and $600M asset sales will naturally deleverage over 18-24 months.

Rod noted AI companies now occupy over 5M sq ft in SF with unfamiliar names still emerging. Law firms and financial firms driving Embarcadero Center activity. Silicon Valley slightly slower but larger requirements surfacing.

Asked by an associate on for Tony. Toomey explained the Upper West Side rationale but kept future expansion to an opportunistic one-off basis.

Dave confirmed DPE book declining 10-25% in 2026 as investments mature. Shifted from development mez to recaps at 75% LTV with no extension options. Market increasingly competitive. Will continue assessing vs other capital uses including buybacks.