Financial Data and Key Metrics Changes - The company reported FFO of $0.97 per diluted share in Q4 2025, with occupancy ending the year at 81.6%, reflecting a 60 basis point sequential improvement [24] - Cash same-property NOI growth was negative 7.2% in Q4, primarily due to a sizable restoration fee recognized in Q4 2024, which detracted 350 basis points from current year growth [24] - The 2026 FFO guidance range is set at $3.25-$3.45 per diluted share, with an expected average occupancy of 76%-78%, a decline of 390 basis points at the midpoint compared to 2025 [26][27] Business Line Data and Key Metrics Changes - Fourth quarter leasing totaled approximately 827,000 sq ft, marking the strongest performance in six years, leading to a full-year leasing total of approximately 2.1 million sq ft, a significant year-over-year increase [4][5] - Key leasing highlights included a 93,000 sq ft lease with the Fitler Club in Hollywood and a 316,000 sq ft lease with UCSF at Kilroy Oyster Point Phase Two, indicating strong demand in the life sciences sector [6][8] Market Data and Key Metrics Changes - The company experienced the healthiest level of office demand since 2019, with a forward leasing pipeline growing by over 65% in the last year [6] - In San Francisco, premium sublease space is nearly gone, with 47% of the overall availability not transacted since 2021, indicating a recovery in the market [44][60] Company Strategy and Development Direction - The company is focused on disciplined execution across its platform, including driving leasing, monetizing non-core assets, and redeploying capital into high-quality opportunities [4][15] - The acquisition of Nautilus for $192 million strengthens the company's presence in the life sciences sector, positioning it to capture demand across West Coast markets [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing environment, particularly in San Francisco, where new business formation is driving demand [81] - The company anticipates a robust M&A environment in the life sciences sector, with expectations for continued growth in leasing activity [8][9] Other Important Information - The company completed approximately $755 million in sales, including $465 million from operating properties and $165 million from land sales, indicating a strategic approach to capital allocation [17] - The anticipated yield at Kilroy Oyster Point Phase Two is now in the mid-5% range, reflecting adjustments based on leasing activity and market conditions [11] Q&A Session Summary Question: Can you discuss the UCSF anchor lease and its late commencement? - Management noted that the UCSF lease is part of a new development project in shell condition, requiring time for build-out and space planning [34][35] Question: What are the expectations for retention on the 1.05 million sq ft expiring in 2026? - Management expects substantial move-outs from this pool but has already backfilled about 140,000 sq ft and anticipates additional renewals [50][51] Question: What is the competitive landscape for KOP and potential monetization? - Management remains confident in the long-term growth potential of KOP and believes it has created significant value in phase one, with future phases dependent on achieving favorable yields [76][77]

There has never been a better time to be a builder:> Sui for execution and coordination> Walrus for verifiable data> Seal for secure access control> Nautilus for offchain compute> DeepBook for liquidity> zkLogin + SuiNS for user-friendly identityThat’s the Stack. ...

Sui Ecosystem Components - Sui Stack is a foundational element [1] - Walrus provides storage solutions [1] - Seal offers encryption and access control functionalities [1] - Nautilus enables compute capabilities [1] - DeepBook facilitates liquidity within the ecosystem [1] - zkLogin provides authentication services [1] - SuiNS offers identity solutions [1] Core Technology - Sui is a key technology within the stack [1] Overall Focus - The document outlines key components and technologies within the Sui ecosystem [1]

Core Viewpoint - Ford Motor Company is discontinuing the Escape and Lincoln Corsair at the end of the 2026 model year, raising concerns among investors about the potential risks of exiting popular vehicle segments without a clear plan [1][4]. Sales Performance - The Escape sold 93,805 vehicles in the U.S. through July, outperforming the Bronco and Bronco Sport, which saw a 45% year-over-year growth [3]. - Despite its sales success, the Escape has experienced some of its worst-selling years in the past five years [5]. Strategic Decisions - Ford is replacing the Escape and Corsair production with a new midsize electric pickup truck, expected to be priced around $30,000, which is seen as a compelling price point for an electric vehicle [7]. - The company has invested approximately $5 billion in the Louisville Assembly Complex, creating around 4,000 jobs to support the production of up to eight new EVs [9]. Financial Implications - Ford's Model-e division, responsible for EVs, reported a loss of $5.1 billion during 2024, raising concerns about the financial viability of replacing profitable gasoline vehicles with electric models [10]. - The company anticipates that the new electric pickup will be profitable early on, marking a significant step in the evolution of EV profitability [10]. Market Challenges - The transition to electric vehicles may face challenges due to slower-than-expected EV sales growth in the U.S. and potential rollbacks of EV incentives and tax credits by the current administration [11]. - While the decision to discontinue popular models may cause concern among investors, it reflects a strategic long-term vision that is not always characteristic of Detroit automakers [12].

Core Point - Ford Motor Company is recalling over 200,000 vehicles due to a software malfunction affecting rearview cameras, which increases the risk of crashes and potential injuries [1][6]. Group 1: Recall Details - The recall involves 200,061 vehicles, including models from 2018 to 2024 such as Transit Connect, MKZ, Edge, Continental, F-150, Nautilus, Fusion, Ranger, Mustang, EcoSport, Expedition, Navigator, Escape, F-250 SD, Corsair, Aviator, Transit, Explorer, Bronco Sport, and Maverick [2]. - A software error may cause rearview cameras to display a blank or frozen image when the vehicle is in reverse, which can distract drivers and reduce visibility [3][6]. Group 2: Customer Support and Actions - Affected vehicle owners can visit dealerships for free software updates to resolve the issue [9]. - Notification letters to owners are expected to be sent out by July 28, and customers can contact Ford customer service for inquiries [12].