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: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Marshall, you talked about the looming risk out there potentially being the health of the tenant, their balance sheets, et cetera. Wondering as you
look ahead to the lease roll next year, is that causing you to think about retention rates being lower than they were, say, this year?
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Is there any reason to think about a material downshift in same-store NOI as we turn the calendar to next year?
Question: Richard Charles Anderson - Wedbush Securities Inc., Research Division - Analyst
: Final question. Sorry about that. So I do have a question as it relates to acquisition specifically. You are unique and your disposition guidance came
down, your acquisition guidance went up. So that is obviously specific to you guys. But when it comes to operating acquisition, to operate property
acquisitions, you mentioned some of the things with developers coming in the fourth inning, but specifically about operating assets, are you seeing
any trends materializing there in terms of the nature of the seller? Are banks involved at all in any cases. I'm just curious if you can sort of give an
idea or a picture of what the pipeline looks like of potential sellers of operating assets.
Question: Richard Charles Anderson - Wedbush Securities Inc., Research Division - Analyst
: Yes. I was more interested on the acquisition side. And then the second question is, you talked about how all the development largely is in bigger
assets that aren't necessarily competitive with you and your 95,000 square foot average. But do you concern yourself with the secret getting out
about this shallow bay model? And if developers maybe want to dial down their cost profile and build something that's not quite as expensive. Do
they come into your market a little bit more in terms of being more competitive with you and you start to see some of that of that pressure? Or are
you just not seeing that? And why not, I guess, since I would think it would be an easier pill to swallow for a merchant developer.
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