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- **Operational Excellence**: Same-store NOI +5.4%, occupancy 91.1%, health system leasing at 50% of activity. 
- **Strategic Dispositions**: $1.2B sold at 6.5% cap rate, with remaining pipeline targeting higher cap rates. 
- **Financial Strength**: FFO $0.41 (5% YoY), leverage 5.8x, $1B ATM and $500M buyback authorized. 
- **Growth Catalysts**: $60M redevelopment spend, 1.1M sq ft pipeline, and 3.1% escalators. 
- **Future Outlook**: Targeting $50M incremental NOI, mid-5s leverage, and selective acquisitions with $150M-$300M dry powder.

**【CEO Summary Section】**
- **Strategic Progress**: CEO highlighted investor meetings showing excitement around the strategic plan, with same-store NOI growth of 5.25% over two quarters and occupancy improving by 180 basis points. 
- **Operational Strength**: Same-store occupancy reached 91.1%, up 44 basis points sequentially, with health system leasing comprising nearly 50% of activity. 
- **Disposition Strategy**: Sold $500M in assets at a blended cap rate of 6.5%, with remaining $700M pipeline under contract. Core dispositions (high occupancy, strategic locations) achieved 5.75% cap rate, while non-core assets (legacy office, low-performing) sold at 7.25%. 
- **Balance Sheet Health**: Net debt to EBITDA reduced to 5.8x, targeting mid-5s. 
- **Future Growth**: Accelerating capital spend on redevelopment ($60M budgeted for 5 assets) and lease-up portfolio, targeting $50M incremental NOI over 3 years. 

**【COO Operations Summary】**
- **Leasing Momentum**: 1.6M sq ft executed leases, 89% tenant retention (highest in 6 years), and 3.1% annual escalators. 
- **Pipeline Strength**: 1.1M sq ft pipeline, 2/3 in LOI/lease doc phase. Demand in top 100 MSAs outstripped supply by 740K sq ft. 
- **Asset Management**: Transitioning to asset management model with 2 new hires, targeting end-of-year full conversion. 50% of new leases came from lease-up properties. 

**【CFO Financial Summary】**
- **Financial Performance**: Normalized FFO of $0.41 (5% YoY growth), same-store cash NOI up 5.4%. Payout ratio 73%. 
- **Cost Control**: G&A reduced to $9.7M, targeting $45M in 2026. 
- **Leverage Reduction**: Repaid $500M in debt, reducing leverage to 5.8x. 
- **Guidance Update**: FFO guidance raised to $1.59-$1.61, same-store NOI growth 4%-4.75%. Authorized $1B ATM and $500M buyback. 

**【Q&A Highlights】**
- **Disposition Execution**: Remaining $700M pipeline skewed to non-core assets (higher cap rates), with Richmond, VA portfolio sold at 5% cap rate. 
- **Market Dynamics**: Strong private and health system demand for outpatient medical, with bank loan rates at 4.75%. 
- **Redevelopment Strategy**: 5 assets added to pipeline, targeting $8M NOI. Focus on high-ROI projects with 9%-12% cash on cash yield. 
- **Offensive Growth**: $150M-$300M dry powder for tuck-in acquisitions, joint ventures, or strategic land purchases. 
- **Lease Economics**: 3.1% escalators, 89% retention, and 2.1% cash leasing spreads. 2027 lease roll highlighted as key risk, but 2 buildings under negotiation for extension. 
- **Balance Sheet**: 2026 bond refinancing options explored amid low spreads, with $600M maturity in August 2026.

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