Wes Golladay

Golladay asked for an update on the Alewife mixed-use entitlement process. Moses said preliminary planning board approval received, targeting Q4 2026 final entitlements, Hines partnering on ~2.5M sqft multifamily component of the 5M sqft project with potential 2027 groundbreaking.

Bohn confirmed more credible activity on development/redevelopment spaces than in recent past. 100K sqft of TIs delivered at Vantage and Gateway San Diego.

Moses cited encouraging M&A and capital markets activity over last 4 months. Brinker added less than 10% of lab ABR is preclinical. FDA approved 52 drugs in 2025, in line with 10-year average.

Brinker contrasted chunky lab distress ($0 or big) with steady-state outpatient development (~$200M/year, pre-leased, with health systems in core markets).

Brinker said market forces are already driving outpatient migration regardless of CMS rule. Payers, health systems, and patients all prefer outpatient. Rule would just accelerate.

Brinker said acquisitions would likely be exclusively in existing 6 core submarkets within the 3 core markets, emphasizing local scale advantages.

Bohn noted AI demand is a low percentage of total but buildings work for dry lab/robotics uses. Brinker added AI is absorbing Bay Area space in Mission Bay, which benefits South San Francisco portfolio.

Bohn estimated 2-6% cost increase from tariffs but active projects are 100% under GMP contracts. Working with suppliers to minimize future impacts.

Brinker confirmed significant Tier 1 distress opportunities exist and are actively being pursued, but timing and terms are being reassessed.

Roy and Abraham confirmed healthy U.K. pipeline with yields moving out, continued fund redemption-driven consolidation opportunities, and retail park focus with shorter tenancies.

Pong walked through fund math: 20% co-invest at 35% LTV plus ~1pt management fee on 80% third-party equity amplifies returns to ~8.5% effective yield on public shareholder capital.

Roy declined to comment on future fund launches, stating focus is on making the current US Core Plus Fund as large as possible.

Pong confirmed euro capacity matched to assets with no excess; UK at 75% LTC with some room but awaiting better sterling pricing.

Roy confirmed sourcing is not a constraint; the binding factor is the quantum of private capital raised to deploy against the opportunity set.

Roy projected 10.5-11% uplift from cap rate compression plus additional rent mark-to-market, with potential 40% total value uplift once fully repositioned.

Roy confirmed 100%-owned seed portfolio stays on balance sheet while new capital invests in incremental deals, creating asset-light fee income.

Joel called it a one-quarter blip expecting Q2 recovery, but acknowledged public biotech ARR vs demand remains the most obviously lacking sector. The primary constraint is inability to do secondary offerings without data or milestones.

Joel pushed back on the COVID-era framing, wind-downs stem from competitive dynamics, clinical failures, and capital discipline, not just unwinding COVID exuberance. Jenna added that it reflects a capital-constrained environment where investors are being more judicious about milestone-miss companies.

Marc confirmed the $685M potential impairment range relates primarily to land assets under consideration for sale, with outcomes dependent on buyer pricing and potential pivots.

Marc explained the leased-but-not-delivered bucket evolves quarter to quarter as some space delivers and new leases are added.

Joel noted AI demand in Mission Bay anchored by OpenAI but declined to provide competitive details on new AI tenancy.

Peter explained that 2026 deliveries are 70% leased/LOI, with just-in-time demand mainly affecting earlier-stage biotech tenants making decisions within 60-90 days.

Asked about Alameda/Oakland acceleration and whether it reflects concession burn-off or demand pickup. Also asked about timing expectations for the H2 preferred investment redemptions.

Asked about Alameda/Oakland acceleration and whether it reflects concession burn-off or demand pickup. Also asked about timing expectations for the H2 preferred investment redemptions.

Asked about the LA asset taken over from the preferred equity portfolio, including stabilization timeline and earnings impact.

Asked how LA recovery would play out given declining supply and what to expect from lease-up concession pressure over time.

Rylan noted pipeline projects are a couple years away in NorCal and Pacific Northwest markets with highest conviction for future rent growth.

Barb detailed ~50% of $150M redemptions expected by midyear in Q2, with one maturity later in 2025. Some timing may shift as sponsors seek permanent financing.

Justin confirmed Revel is ready for selling season and that similar but smaller value-add opportunities have been done before. Others in the $3B pipeline targeting mid-teens IRRs.

Hutchens said rents need to grow 20-30% more to justify development even at modest yields. First starts likely ultra-premium product. Ventas prefers acquisitions of established in-place cash flow over development.

Hutchens said mix was as expected, acceleration driven by higher move-in rents and strong internal rent increases, not mix. OI team's price-volume optimization executing at its best.

Bulgarelli reported 79 assets, tenant satisfaction moved from lowest to third quartile, retention at 82%, and TTM occupancy up 210 basis points.

Hutchens said yields remain in the 7-8% target range with stable IRRs, noting 10-year rates up over 100bps since September also factors in.

Jamieson confirmed apartment NOI exposure relatively small currently. Flynn outlined evolution: started with zero-cost ground leases, then contributed land to JVs with pref structure (8%+ yield on invested capital at Coulter). Driverless cars reducing parking ratio requirements creating more activation opportunity.

Jamieson cited Sprouts replacement in South Miami transforming entire site as redevelopment. Watch list tenant replaced with Total Wine for huge mark-to-market. Resolution includes renewals, repositionings, and higher-credit replacements.

Cooper confirmed majority of $100-150M dispositions from ground leases vs entitlements. Program designed as recurring annual initiative. Portfolio of ground leases and entitled land continues to grow.

Cohen confirmed savings started end of January. Flynn described selective approach to bankruptcy auctions, pursuing boxes where grocery backfill maximizes center valuation.