Vince Tibone

Eli said guidance effectively assumes a sales slowdown and tougher back-half comps, but the company would exceed the range if current trends hold; overage and sales-based rent are back-half weighted and they cannot control sales, hence prudent conservatism.

Anchor box acquisition is ordinary course, evaluated on price and return. Some upcoming projects will use boxes bought at attractive prices. Patient approach with long-term view.

Brian said 3% comp NOI growth. TRG is more a 2027 story given integration. Plans to buy back 5M shares issued but not yet in guidance. Other deals contributing modestly in early days.

David pushed back firmly, saying cap rates were disclosed accurately. Noted TRG has growth this year and next. Criticized Green Street for undervaluing SPG assets vs competitors.

David explained complex PropCo-Catalyst structure means no direct link to SPG. Still active in buying boxes but purchase price matters. Said not to read any intent from the Copper transaction.

David said sales relatively flat excluding two retailers and Easter timing. Malls slightly above, outlets slightly down. No major department store closures expected beyond normal pruning.

David detailed $400-500M spend across all-JV projects: hotel at Roosevelt Field, residential in Brea, office at Clearfork, hotel expansion at The Domain. Typically 50-50 JVs.

Letter acknowledged the range is wide and declined to narrow it, saying the business is customer-led and the mix is hard to peg.

Chris confirmed it is a new structural driver, growing from <5% to 10% of new leasing with healthy lease terms and supply chain regionalization trends supporting durability.

Arndt said overall program likely 60% to 70% powered shell with some reserved for full turnkey. Even in late stages customers decide to transition from powered shell to full turnkey. Letter defined advanced stages as point when project has preliminary utility agreement signaling progress towards firm power agreement pending final design and construction with utility. Significant capital outlaid at that point with defined path. Often after twelve to twenty-four months of negotiations with utilities then typically another year to two to reach secured stage with binding energy service agreement.

Arndt said does not see a limit with 3 billion a very easy number to handle. Build-to-suit approach together with debt capacity balance sheet liquidity and takeout options being explored means not constraining themselves. Very active pursuing incredible amount of energy gathered. Volume of customer conversations very high. Volumes will come through with company prepared and ready. Letter added power will be the constraint going forward not capital.

Moghadam cited Brexit example where UK portfolio was written off more than 100% during flight but occupancy remained 99% for ensuing 3-4 years. Supply chains optimized across Europe had to be rebuilt separately for continent and UK requiring net more space. Believes duplication of highly engineered supply chains during uncertainty leads to more inventory and therefore more space. Same dynamic playing out with tariff-driven supply chain restructuring.

Caton said international markets clearly outperformed domestic including Japan Europe and Latin America. Within US dynamic of Southern California versus rest of business. SoCal rents down 25% on net basis as meaningful reset. US ex SoCal only down modestly. Best performing markets in single-digits up worst other than SoCal in single-digits down. Moghadam added immigration impact on labor supply and LA rebuilding pressure on materials and labor will drive replacement costs significantly higher likely widening the 50% spread.