Key Takeaways Medical Properties owns a diversified portfolio of healthcare facilities under long-term leases.Capital recycling and $1.2B liquidity provide flexibility and support future growth plans.Operator concentration and tenant bankruptcy risks threaten revenue and financial stability.Medical Properties Trust (MPW) — also known as MPT —  is engaged in acquiring and developing net-leased healthcare facilities. Its properties consist of general acute care hospitals, behavioral health facilities, post-ac ...

Portfolio Overview - FrontView REIT's gross real estate amounts to $900.305 thousand[4], with an annualized base rent of $62.293 thousand[4] - The portfolio consists of 319 properties[4] across 37 states[4], with a 97.8% occupancy rate[4] and a weighted average lease term (WALT) of 7.3 years[4] - The top 10 tenants account for 23% of the annualized base rent (ABR)[4], while the top 20 tenants represent 38%[4] Financial Performance - Net loss per share is $(0.16)[4], FFO (Funds From Operations) per share is $0.24[4], and AFFO (Adjusted Funds From Operations) per share is $0.32[4] - The company's net debt to annualized adjusted EBITDAre is 5.5x[4], with a fixed charge coverage of 3.3x[4] - FrontView REIT's total capitalization is $644 million[20], with common stock representing 37.6% and OP Units representing 13.6%[20] Capital Structure and Liquidity - The company has $139.863 thousand in liquidity[4], including cash and existing revolver capacity - The revolving credit facility has a balance of $118.500 thousand[21] and the term loan is $200.000 thousand[21] Investment and Disposition Activity - Year-to-date capital deployment totals $67.023 thousand[4], with dispositions amounting to $24.711 thousand[4] - Investment guidance for the second half of 2025 is between $110 million and $130 million, while disposition guidance is between $60 million and $75 million[43] Tenant and Industry Diversification - Medical and Dental Providers represent 14.7% of ABR, with Quick Service Restaurants at 13.9% and Casual Dining at 12.9%[52] - The top tenant, Dollar Tree, accounts for 3.3% of ABR[49]

Financial Data and Key Metrics Changes - The company delivered FFO and DPS of 20.7¢ per security, slightly above guidance of 20.6¢, with like-for-like income growth of 2.9% and occupancy reaching 99.9% [4][7][8] - Gearing stands at 29.4%, positioned at the lower end of the target range, expected to increase with capital deployment into growth opportunities [5][9] - NTA per security grew by 8¢ or 2.2% to $3.64, supported by underlying rental growth and cap rate compression [8][10] Business Line Data and Key Metrics Changes - The portfolio consists of over 90 assets valued at over $700 million, with a significant focus on metro and highway locations [2][3] - The company executed $38.8 million in divestments in the first half, enhancing portfolio quality and providing balance sheet capacity for future growth [4][12] Market Data and Key Metrics Changes - Property valuations increased by 2.3%, driven by rental growth and cap rate compression of eight basis points [10] - The portfolio capitalization rate is 6.32%, supported by strength in the underlying transaction market [10] Company Strategy and Development Direction - The company is focused on developing the Glasshouse Mountains project, which will enhance overall portfolio quality and increase strategic weighting to highway assets [11][12] - Future growth initiatives include progressing the redevelopment of Glasshouse Mountain southbound and securing other growth opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in momentum leading up to the federal election, but a strong increase in volumes post-election [11] - For FY '26, the company expects to deliver FFO and distributions per security of 20.9¢, reflecting year-on-year growth of 1.2% [13] Other Important Information - The company maintains a carbon-neutral position across controlled assets and engages with tenants to support their ESG objectives [6] - Environmental initiatives are integral to development plans, including EV charging bays and renewable energy sources [7] Q&A Session Summary Question: Can you walk us through the bridge in FY '26 regarding key moving parts and drivers? - Management indicated that like-for-like NOI growth will be similar, offset by a moderate increase in the cost of debt and dilution from asset sales [16] Question: Are you assuming any more capital deployment during the period? - Guidance does not assume capital deployment beyond the Glasshouse Mountains northbound project [17] Question: What is the focus on the pipeline for restocking? - The focus is on convenience retail hubs and highway sites with truck stop facilities, with ongoing discussions with developers [18][19] Question: How much are you willing to spend on new projects? - The company has a buying capacity of approximately $50 to $60 million while remaining within the target gearing range [20] Question: What are the key metrics for the development project? - Expected development IRR is around 20%, with a long-term hold IRR of about 10% [22]

Financial Data and Key Metrics Changes - Kite Realty Group Trust reported NAREIT FFO per share of $0.51 and core FFO per share of $0.50 for Q2 2025, reflecting a year-over-year growth despite temporary disruptions from anchor bankruptcies [15][16] - Same property NOI grew by 3.3%, driven by a 250 basis point contribution from higher minimum rents and a 50 basis point improvement in net recoveries [16] - The company increased its NAREIT and core FFO per share guidance by $0.01 each, primarily due to lower than anticipated bad debt and higher than anticipated overage rent [16] Business Line Data and Key Metrics Changes - Blended cash leasing spreads in Q2 were 17%, the highest quarterly blended spread in the past five years, with non-option renewals showing almost 20% leasing spreads [6][7] - New leasing volume more than doubled sequentially, driven by 11 new anchor leases executed in the quarter, including grocery leases with Whole Foods and Trader Joe's [7][8] - Small shop lease rates increased by 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators on new and non-option renewal small shop leases at 3.4% for 2025 [8][9] Market Data and Key Metrics Changes - The company reported that over 80% of the boxes recaptured due to recent bankruptcies are leased or in active negotiations, indicating strong demand in the leasing pipeline [8][12] - The strategic partnership with GIC now comprises over $1 billion in gross asset value, reflecting strong investor interest in lifestyle and mixed-use assets [11][12] Company Strategy and Development Direction - The company is focused on capital recycling efforts to reshape its portfolio and reduce exposure to at-risk tenants, with a strategy to increase focus on smaller format grocery-anchored centers and select lifestyle and mixed-use assets [11][12] - The management emphasized the importance of upgrading tenancy to bolster the durability of cash flows, trading short-term earnings disruption for long-term growth potential [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing momentum and the potential for significant occupancy gains in the coming quarters, despite the challenges posed by recent bankruptcies [15][46] - The company is confident in its ability to accelerate rent commencement timelines through proactive engagement with tenants and efficient permitting processes [32][46] - Management believes that the current market conditions present a great opportunity for growth, positioning the company well for the next few years [46][50] Other Important Information - The company has comprehensive flood insurance for Eastgate Crossing, which suffered flooding due to Tropical Storm Chantal, ensuring coverage well in excess of estimated damages [13] - The company opportunistically returned to the public debt market by issuing a seven-year $300 million bond at a coupon of 5.2% [18] Q&A Session Summary Question: Have you seen any meaningful changes in lease gestation periods? - Management noted that leasing activity has picked up substantially, indicating strong demand across the board [21] Question: What are you hearing from prospective tenants regarding higher embedded escalators? - Management reported success in generating higher growth, with average escalators for anchor tenants improving from around 1% to 1.5% [23][24] Question: Can you comment on the forward leasing pipeline and July activity? - Management expressed confidence in the strong demand and the quality of opportunities available, indicating a significant increase in new lease volume [27][28] Question: What is the latest on the sale of City Center? - The property is still being marketed for sale, with recent leasing activity providing some positive momentum [37] Question: How are you seeing investor interest in larger community centers? - Management indicated strong demand for larger format centers, with institutional investors showing renewed interest in the retail space [44][66] Question: What is the appetite for share buybacks today? - Management stated that they are always considering buybacks but are currently focused on capital investments that yield high returns [100] Question: Can you provide guidance on the equity and JV line for the rest of the year? - Management explained that the JV activities will be reflected in the income statement under unconsolidated subsidiaries, with detailed information available in the supplemental materials [93][94]

Financial Data and Key Metrics Changes - Same store revenues increased by 1% year-over-year, with same store NOI growing by 2% in the quarter [5][10] - Core FFO per share was $0.28, up from $0.27 in Q1 2025 [10] - Same store operating expenses decreased by 60 basis points compared to the prior year quarter [7][10] Business Line Data and Key Metrics Changes - The company completed 454 value-add renovations in the quarter, achieving a weighted average return on investment of 16.2% [8] - Renewal rental increases were approximately 3.9%, contributing to 70 basis points of blended rent growth [11] Market Data and Key Metrics Changes - Deliveries in the company's markets are tapering off, with supply growth expected to be less than 2% in 2026, a 43% reduction from 2024 [9] - The company noted that supply pressures in markets like Atlanta, Dallas, and Denver have negatively impacted new lease trade-outs [11][12] Company Strategy and Development Direction - The company is focusing on capital recycling by trading out older assets with higher future CapEx needs for newer communities with lower CapEx profiles [8][12] - The acquisition pipeline remains strong, with an updated guidance implying an additional $315 million in acquisitions before year-end [9][14] Management's Comments on Operating Environment and Future Outlook - Management believes they are at the beginning of a multi-year period of improving fundamentals in the multifamily sector, with stable renewals and strong demand expected to continue [20] - The company adjusted its full-year 2025 guidance to reflect lower revenue growth expectations, offset by lower expense growth [15][16] Other Important Information - The company has identified three assets for sale and expects to sell them in the fourth quarter [8][12] - The balance sheet remains flexible with strong liquidity, with only 16% of total debt maturing before the end of 2027 [15] Q&A Session Summary Question: Can you share how you approached your revised outlook versus historical seasonality? - Management explained that the new lease trajectory was based on comparing expiring rents with current estimates and expectations for month-to-month changes [25] Question: Why is there not a significant pickup in new lease growth despite high retention and occupancy? - Management attributed the lack of new lease growth to ongoing supply pressures and macroeconomic uncertainties affecting market rates [31][32] Question: What gives you confidence in predicting higher occupancy in the back half of the year? - Management noted that occupancy has been increasing in July and they expect to maintain this trend [34] Question: Can you provide insights on the current transaction environment and bid-ask spreads? - Management indicated that the bid-ask spread has narrowed as sellers have become more realistic about property values [70] Question: How is the company addressing competition from Class A properties offering aggressive concessions? - Management acknowledged that aggressive concessions from Class A properties require more effort to maintain occupancy and manage rents in the Class B portfolio [82]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $638 million or $0.81 per unit in Q2 2025, representing a 5% increase year-over-year, which improves to a 9% increase when excluding foreign exchange effects [5] - The increase in FFO was primarily driven by strong organic growth and contributions from tuck-in acquisitions completed in the prior year [5] Business Line Data and Key Metrics Changes - Utilities segment generated FFO of $187 million, slightly ahead of the prior year, benefiting from inflation indexation and approximately $450 million of capital added to the rate base [6] - Transport segment's FFO was $304 million, slightly ahead of the prior year, supported by high asset utilization in global intermodal logistics and increased traffic levels on toll roads [6] - Midstream segment generated FFO of $157 million, a 10% increase year-over-year, driven by strong organic growth, particularly in Canadian diversified midstream operations [7] - Data segment's FFO was $113 million, a significant increase of 45% compared to the prior year, driven by acquisitions and new capacity commissioning [8] Market Data and Key Metrics Changes - The Canadian energy sector is experiencing strong demand, with a notable increase in power demand from data centers, particularly in Alberta, which has seen requests for approximately 12 gigawatts of power [14] - Improved end market diversification with key Canadian infrastructure projects enhancing global market access, including LNG Canada, which is set to ramp up production [15] - Canadian natural gas gathering and processing business has seen a 15% increase in utilization over the past two years [19] Company Strategy and Development Direction - The company is focused on capital recycling and has secured $2.4 billion in sale proceeds to date, achieving an annual record for BIP [8] - Recent investments include acquiring Hotwire, a leading provider of bulk fiber services, and a railcar leasing platform, indicating a strategy to expand in data transport and midstream segments [22][24] - The company aims to capture opportunities in the AI infrastructure boom, which is driving demand for power transmission and midstream investments [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the positive outlook for the Canadian midstream sector, driven by strong demand and investment interest [18] - The company anticipates strong EBITDA growth in its Canadian midstream platforms, with expected growth of CAD 650 million to 750 million between 2024 and 2027 [20] - Management noted that the U.S. remains an attractive investment geography, particularly due to the AI infrastructure boom [50] Other Important Information - The company has completed significant asset sales, including a 23% interest in an Australian export terminal and a 60% stake in a European data center portfolio, generating substantial proceeds [10][12] - The company is focused on integrating new acquisitions and initiating value creation activities post-acquisition [25] Q&A Session Summary Question: What has prompted the acceleration in deal velocity? - Management noted that increased market activity is due to investors returning to the market and strong capital availability, leading to more transactions [30] Question: Are there opportunities to monetize partial stakes in Canadian midstream businesses? - Management indicated that while there are opportunities for partial sales, the focus remains on organic growth opportunities in the midstream sector [32] Question: What protections does Brookfield have regarding the Intel JV? - Management clarified that the arrangement with Intel is largely financial and contractual, minimizing commercial risks [39] Question: How does the potential merger of Class I railroads impact Genesee and Wyoming? - Management highlighted that as the largest short line operator, they are well-positioned to maintain a pro-competitive market amidst potential mergers [44] Question: Has the attractiveness of the U.S. as an investment geography expanded? - Management confirmed that the U.S. remains attractive due to the AI infrastructure boom, with significant opportunities for capital deployment [50] Question: What is the outlook for midstream investments in oil versus gas? - Management stated that while they continue to explore both oil and gas opportunities, current focus is on investments within existing portfolio companies [69] Question: What is the approach to data center investments? - Management indicated a focus on both campus-style data centers and bespoke large-scale projects, depending on customer needs [70] Question: Is there interest in energy infrastructure companies with both traditional and renewable assets? - Management noted that such investments would depend on the specific situation, but collaboration across Brookfield's groups is common for sourcing and completing transactions [76]

Financial Data and Key Metrics Changes - The adjusted FFO for the quarter was $1.26 per share, an increase from $1.22 in the prior year, while the AFFO was $1.24 per share compared to $1.20 in the prior year, both reflecting a growth of 3.3% [22][23] - Total revenue for the quarter was $178.1 million, up from $173.1 million in the prior year [22] - The consolidated coverage ratio improved from 2.0 to 2.1 times compared to the previous quarter [8][11] Business Line Data and Key Metrics Changes - The experiential portfolio, which comprises 274 properties, accounted for 94% of total investments, approximately $6.5 billion, and was 99% leased or operated [10] - The education portfolio, consisting of 55 properties, was fully leased at 100% [10] - Investment spending for the quarter was $48.6 million, entirely allocated to experiential assets [17] Market Data and Key Metrics Changes - The North American box office for Q2 was $2.7 billion, a 37% increase compared to Q2 2024, driven by strong performing titles [11][12] - The box office through the first half of the year reached $4.1 billion, a 15% increase over 2024, with projections for the full year estimated between $9.3 billion and $9.7 billion [13] Company Strategy and Development Direction - The company is focusing on a diversified portfolio of experiential assets and has a robust pipeline of opportunities, including over $100 million committed to experiential development and redevelopment projects [6][19] - The strategy includes capital recycling initiatives, with a goal to lower theater exposure and enhance the portfolio with productive assets [20] - The company is bullish on the fitness and wellness space, anticipating high-quality opportunities for acquisition and development [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the box office recovery and consumer demand for experiential spending, despite ongoing macroeconomic pressures [9][19] - The improved cost of capital is expected to accelerate future investment spending, with a guidance range of $200 million to $300 million for 2025 [19][28] - Management noted that the competitive landscape remains robust, with a significant number of acquisition opportunities available [35][37] Other Important Information - The company sold a vacant former Regal Theater for net proceeds of $24 million, demonstrating the value of its real estate [20] - The company is in the process of establishing an ATM program to provide additional capital sources [28] Q&A Session Summary Question: Is there a significant amount of assets for sale at reasonable prices? - Management indicated that there are still robust opportunities in the market, with over half of the pipeline being acquisitions [35][37] Question: How are you thinking about dispositions in the back half of this year? - Management stated that they are close to achieving their targeted disposition range and will continue to look for strategic opportunities [39][41] Question: How is the balance sheet strategy evolving? - Management highlighted flexibility in their balance sheet, with plans for a bond transaction to reduce line balances and prepare for upcoming maturities [42][45] Question: Can you provide insights on the demand for education centers? - Management noted that education centers are resilient and there is ongoing interest in the space, with potential for portfolio sales [96][100] Question: How do you view your exposure to Six Flags? - Management expressed confidence in their discussions with Six Flags, noting that the company is rationalizing its locations, which could lead to positive outcomes for their tenant relationship [102][104]

Financial Data and Key Metrics Changes - The company reported a 12% increase in FFO as adjusted year-over-year and an 8% increase year-to-date [4] - Same property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date [4][14] - Same property occupancy rose to 96.7%, up 10 basis points from the prior quarter, while SHOP occupancy reached a record high of 92.5%, up 270 basis points year-over-year [5][10] Business Line Data and Key Metrics Changes - The company executed 42 leasing deals totaling 482,000 square feet in the second quarter, including 27 renewals at a 12% spread and 15 new leases at a 19% spread [9][10] - The redevelopment pipeline totals $142 million with an expected return of 15% [7][13] Market Data and Key Metrics Changes - The investment sales market for retail assets is thriving, with the company selling $66 million of assets at a blended cap rate of 4.9% [6] - The company has acquired $552 million of high-quality shopping centers at a 7.2% cap rate and sold $493 million of non-core low-growth assets at a 5.2% cap rate [8] Company Strategy and Development Direction - The company’s strategy is anchored by five key strengths, including a concentrated portfolio in the densely populated DC to Boston Corridor and a strong redevelopment pipeline [7] - The company anticipates a substantial decrease in future capital expenditures due to high occupancy rates and significant property improvements [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail sector's recovery, noting strong demand for space in shopping centers and upward pressure on rents [5][6] - The company increased its 2025 FFO as adjusted guidance by $0.02 per share to a new range of $1.40 to $1.44 per share, reflecting a growth of 5% over 2024 [6][18] Other Important Information - The company has a resilient balance sheet with $1.5 billion in nonrecourse mortgages and only 9% of total debt maturing through 2026 [8][17] - Management highlighted a favorable trend in G&A expenses, projecting a reduction of 3% from 2024 [18][19] Q&A Session Summary Question: Can you discuss the upside potential for occupancy and how it translates into lease contracts? - Management indicated that they believe they can achieve between 93% to 94% SHOP occupancy, which would require additional leasing activity and noted that they have real pricing power in negotiations [21][24] Question: What are the current trends in capital recycling and cap rates? - Management noted that the acquisition market is heating up, with banks becoming more active and competitive in pricing, leading to higher expectations from sellers [26][27] Question: Any updates on Kohl's? - Management is monitoring Kohl's closely but does not see an imminent decision regarding store closures, as Kohl's is reportedly profitable in most of its stores [32][34] Question: How does the improvement in markets affect redevelopment plans? - Management expressed confidence in redeveloping existing assets due to strong tenant demand and noted that many large tenants are looking for new space [40][41] Question: Can you elaborate on the expected decline in CapEx? - Management explained that the replacement of struggling tenants with high-quality credit tenants and the completion of significant renovations have led to expectations of lower future CapEx [60][62]

Financial Data and Key Metrics Changes - The company reported a 12% increase in FFO as adjusted year-over-year and an 8% increase year-to-date [4] - Same property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date [4] - Same property occupancy rose to 96.7%, up 10 basis points from the prior quarter, while SHOP occupancy reached a record high of 92.5%, up 270 basis points year-over-year [5][10] Business Line Data and Key Metrics Changes - The company executed 42 leasing deals totaling 482,000 square feet in the second quarter, including 27 renewals at a 12% spread and 15 new leases at a 19% spread [9] - The redevelopment pipeline totals $142 million with an expected return of 15% [13] Market Data and Key Metrics Changes - The investment sales market for retail assets is thriving, with the company selling $66 million of assets at a blended cap rate of 4.9% [6] - The company has acquired $552 million of high-quality shopping centers at a 7.2% cap rate and sold $493 million of non-core low-growth assets at a 5.2% cap rate [7] Company Strategy and Development Direction - The company’s strategy is anchored by five key strengths, including a concentrated portfolio in the densely populated DC to Boston Corridor and a strong redevelopment pipeline [6] - The company aims to exceed 93% SHOP occupancy by 2025 and is focused on capital recycling to enhance growth [10][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail sector's recovery, noting strong demand for space and upward pressure on rents [5] - The company increased its 2025 FFO as adjusted guidance by $0.02 per share to a range of $1.40 to $1.44, reflecting a 5% growth over 2024 at the midpoint [6][18] Other Important Information - The company has a resilient balance sheet with $1.5 billion in nonrecourse mortgages and only 9% of total debt maturing through 2026 [7][16] - Management highlighted a favorable trend in G&A expenses, projecting a reduction of 3% from 2024 [18] Q&A Session Summary Question: What is the upside potential for occupancy and how is it translating into lease contracts? - Management indicated that they believe they can achieve between 93-94% SHOP occupancy and have real pricing power, allowing for better lease terms and conditions [21][24] Question: What are the current trends in capital recycling and cap rates? - Management noted that the acquisition market is heating up, with banks becoming more active and competitive in pricing, leading to higher expectations from sellers [26][27] Question: Any updates on Kohl's and its impact on the company? - Management is monitoring Kohl's but does not see an imminent decision regarding store closures, as Kohl's is performing well in the Northeast [32][34] Question: How does the company view its redevelopment plans in light of market improvements? - Management expressed confidence in deploying capital into existing assets due to strong tenant demand and the potential for higher rents [40] Question: Can you elaborate on the expected decline in CapEx? - Management explained that the replacement of struggling tenants with high-quality credit tenants and the completion of significant renovations will lead to lower future CapEx [61][64]

Financial Data and Key Metrics Changes - Adjusted company FFO for Q2 2025 was $0.16 per diluted common share, totaling approximately $47 million, with guidance for 2025 adjusted company FFO tightened to a range of $0.62 to $0.64 [14][20] - Same store NOI growth for Q2 was 4.7%, with the same store portfolio 98% leased at quarter end [14][15] - Net debt to adjusted EBITDA was 5.8 times at quarter end, down 0.4 turns over the last twelve months [20] Business Line Data and Key Metrics Changes - The company leased approximately 2.4 million square feet year to date, with second generation base and cash based rent spreads of approximately 41% and 46% respectively [8][14] - The company achieved a significant milestone by leasing a 1,100,000 square foot development facility in Greenville Spartanburg, contributing approximately $6 million in annual cash base rent [9][14] Market Data and Key Metrics Changes - Net absorption in the U.S. was approximately 30 million square feet in Q2, with 20 million square feet occurring in the company's 12 target markets [7] - The construction pipeline in the target markets is approximately 90 million square feet, down nearly 75% from the 2022 peak [8] Company Strategy and Development Direction - The company continues to focus on its investment strategy in 12 target markets in the Sunbelt and select Lower Midwest states, which account for approximately 85% of gross assets [12] - The company is evaluating modest capital recycling opportunities outside of target markets for reinvestment, expecting to be largely earnings neutral [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the core business amid a soft industrial real estate environment and uncertain macroeconomic backdrop [6] - The company anticipates lower tenant retention for 2025, with year-end same store occupancy expected to be approximately 97% to 99% [10][15] Other Important Information - The company sold a property in Chillicothe, Ohio for approximately $40 million at a cash capitalization rate of 4.3%, bolstering its cash position [11] - The company has approximately $71 million of cash on the balance sheet at quarter end [20] Q&A Session Summary Question: What drove the low cap rate on the sale? - The sale execution was better than if sold into the investor marketplace, as it involved finding a user that wanted to own [23] Question: Can you provide a sense of the magnitude of dispositions in the near term? - The company would test the market with about $100 million of dispositions going forward, optimistic about creating liquidity from assets outside of target markets [24] Question: What traffic has been like for leasing up some of the larger empty boxes? - Activity in Indianapolis has picked up significantly, with several good deals signed, while Central Florida has seen renewed interest but remains slower [26][28] Question: Can you provide an update on lease expirations? - The company expects to backfill the 380,000 square foot facility in Indianapolis quickly, with good activity noted [33] Question: Any update on the land bank and build-to-suit opportunities? - There is continued interest in build-to-suit projects, particularly in Columbus, where the market has tightened significantly [39] Question: Are there any known move outs worth discussing? - The move outs were primarily due to competitive buildings offering better terms, such as tax abatements [60] Question: Is there a point where the company would consider buying back shares? - The priority is to generate more EBITDA and reduce net debt to EBITDA, with share repurchase being part of the mix if feasible [50]