The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: I guess, Marshall, over the past several quarters, I mean, you've detailed how prospective tenants is kind of broadening out for you, including a
much bigger pool of national players looking at your properties combined with the smaller local players. I mean -- and obviously, this has changed
your top 10 tenant list. I mean are these national players more active today than the local players? And we should continue to expect that top
tenant list to continue to evolve?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: I mean you have great tenant diversification today. I mean what is too much? I guess what's that number? Is it 5% of rents? Or I mean is there a
number that you're thinking about right now?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Okay. And then, I guess, switching over to developments. I guess what's the governor of starting new development projects? Is it the ability to find
land? Or is it that you're just trying to manage risk, you don't have too much on leased developments in process at any point in time?
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Marshall, a couple of questions on the larger national tenants. You talked about the maneuvering you had to do in San Diego to move Amazon.
And I assume that Amazon and a bunch of these other bigger national tenants prefer not to be in multi-tenant properties. So do you find yourself
contemplating more larger single-tenant buildings to accommodate these larger tenants as you go forward?
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: No. Are you -- a follow-up question here. Are you getting the inbound requests from the tenants to take care of their needs in other markets that
-- whether you're in those markets or not? Are they starting to generate more leads?
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