Kristina, just walk us back to what the new strategy McDonald's is embarking on. What has it articulated. Right.So as you mentioned, for years, McDonald's was actually shuttering on net new stores between 2015 and 2021. They closed a net of more than 900 McDonald's. Many of them were inside Walmart.And over that time, the pandemic happened and people started to move more to the suburbs and the exurbs. And McDonald's realized that there were customers out there that it wasn't capturing. Their goal is to be w ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) were $2.21 per share, up 7.8% for the quarter compared to the prior year, excluding involuntary conversions [6][13] - Quarter-end leasing was 97.1% with occupancy at 96%, while average quarterly occupancy was 95.9%, down 110 basis points from Q2 2024 [6][7] - Cash same store NOI rose 6.4% for the quarter despite lower occupancy [7] - The debt to total market capitalization was 14.2%, with an unadjusted debt to EBITDA ratio of 3.0 times and interest and fixed charge coverage increased to 16 times [14] Business Line Data and Key Metrics Changes - Quarterly re-leasing spreads were 44% GAAP and 30% cash, with year-to-date results at 46% GAAP and 31% cash respectively [6] - The company has the most diversified rent roll in its sector, with the top 10 tenants accounting for only 6.9% of rents, down 90 basis points from last year [7] Market Data and Key Metrics Changes - The market has bifurcated, with smaller spaces (50,000 square feet and below) seeing continued conversions, while larger spaces are experiencing elongated decision-making times [9][24] - The company expects new starts to be re-forecasted to $215 million for 2025, leaning towards the back end of the year due to current demand levels [10] Company Strategy and Development Direction - The company is focusing on leasing to maintain occupancy and is making quick leasing decisions to adapt to market conditions [8] - The strategy includes targeting geographic and revenue diversity to stabilize earnings regardless of economic conditions [7] - The company aims to capitalize on development opportunities earlier than private peers, leveraging its balance sheet strength and existing tenant expansion needs [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio benefiting from long-term trends such as population migration and evolving logistics chains [17] - The management team is navigating through periods of uncertainty and is focused on driving FFO per share growth and raising portfolio quality [16] - There is an expectation that limited availability of modern facilities will put upward pressure on rents as demand stabilizes [12] Other Important Information - The company has invested $61 million in two new properties, increasing its market ownership in Raleigh to approximately 600,000 square feet [8] - Tenant collections remain healthy, with uncollectible rents estimated to be in the 35 to 45 basis point range as a percentage of revenues [15] Q&A Session Summary Question: Can you talk about the cadence of leasing through the second quarter and any color you can provide for July? - Management noted that leasing activity was strong in the first quarter and tail end of last year, but the tariff news has caused some hesitation among tenants, leading to slower decision-making [21][22] Question: Can you discuss the expected downside to average month-end occupancy in the third quarter? - Management clarified that the decrease in occupancy is primarily due to under-leased development properties coming online, impacting overall portfolio occupancy [30][32] Question: How is the company focusing on occupancy and what mechanisms are being used? - The company is focusing on getting deals done without significant concessions, although some markets like Los Angeles are seeing aggressive rent and free rent offers due to negative absorption [38][40] Question: What are the expectations for rent growth over the next twelve to twenty-four months? - Management anticipates continued rent growth, particularly in infill locations, as demand is expected to pick up faster than supply due to low construction levels [62][63] Question: How does the company view its land bank and development activity? - The company is actively looking to supplement its land bank but faces challenges in finding suitable land due to zoning issues and market dynamics [83][85]

PropTrack的数据显示，过去十年里，澳洲一些地区的房价年均增长率达到了惊人 的水平。 数据显示，一些地区的房价年均增长率高达15%以上，远超市场平均水平。 增长最快的地区主要集中在昆州和新州，但令人意外的是，这些并非悉尼或布里斯 班的市中心区域， 而是首府城市周边的海滨小镇和度假胜地。 比如Byron Bay和Noosa Heads等海滨旅游目的地，其房价年 均增长率约为州府城市 的两倍。 （图片来源：Property.com) 同时，人们对生活品质的追求也在不断提高，更大的房子和更多的户外空间变得更 加抢手。 | | Suburb | State | Median sale price (2024) | Median sale price (2014) | Average annual growth rate | | --- | --- | --- | --- | --- | --- | | - | Byron Bay | MSN | $3,500,000 | $847,500 | 15.2% | | 2 | Jindabyne | NSW | $1,260,000 | $377,500 | 12.8 ...