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Joel thanked the team for efforts in tough Q1. Discussed life science industry pillars: strong translational research, innovation with capital markets, reliable reg framework, health payment environment. AI's role in life science noted. Mentioned progress on maintaining balance sheet, reducing CapEx, disposition plan, improving occupancy and NOI. Mark discussed leasing volume, occupancy, G&A savings, capitalized interest, dispositions, and guidance updates. Peter expounded on transaction market and JVs

Reaffirmed midpoint of FFO per share diluted as adjusted for 2026 at $6.40 while tightening the range. Updated occupancy guidance midpoint from 88.5% to 87%. Updated same property net operating income guidance midpoint from down 8.5% to down 9.5%. Refined 4Q26 FFO per share diluted as adjusted range to $1.40 to $1.50. Guidance for 2026 dispositions and sales of partial interest has land comprising 10% to 25% at midpoint

FFO per share diluted as adjusted was $1.73 for 1Q26. Leasing volume for the quarter was 647,000 square feet. Occupancy at the end of 1Q26 was 87.7%. Same property net operating income was down 11.9% and 11.7% on a cash basis for 1Q26. 55% of annual rental revenue comes from investment grade or publicly traded large cap tenants. 78% of ARR comes from mega campus platform. 2.9 billion midpoint of guidance for 2026 dispositions and sales of partial interest, with land comprising 10% to 25%

Leadership challenges at NIH, HHS, FDA. China pressure on the industry. Capital markets being selective for public biotechs in preclinical or clinic. FDA leadership uncertainty and budget pressures. China effect on capital flowing to China for perceived ease of timeframes and cost. Tenant wind downs can be unpredictable

Questions from Farrell Granath, Seth Berge, Ronald Camden, Anthony Pallone, Jim Kammer, Vikram Malhotra, Rich Anderson, Wes Galladay, John Kim, Michael Carroll, Dylan Brzezinski, Jamie Feldman with corresponding answers from Joel, Mark, Peter, Jenna on topics like occupancy guidance, leasing into alternate uses, FDA impact, tenant watch list, 2027 expirations, dispositions, AI and square footage needs, capitalized interest, projects evaluation, opportunistic capital