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: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Hi, there. Laura, I have another question on clarifying that mark-to-market disclosure. We're hoping to dig into that 2%
quarter-to-quarter impact from portfolio vacates or moving to repositioning/redevelopment. Is that just a lack of comparable rent
on a new vacant asset, so you can't provide the upside?
And if thinking about that potential mark-to-market was previously greater than 56%, which is why it came down before, why would
those properties need to be repositioned or redevelop anyways?
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right. But I'm saying so, is the rent growth, the mark-to-market assumed on those properties. Is that contingent on repositioning?
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
:
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And then is there beyond like typical second-generation TIs, is there any additional spend that we should be thinking about
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Great. And then my apologies for what might be an ignorant question here, but we are new to the coverage. How does the
100 basis points of positive net absorption impact reported occupancy?
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: The overall portfolio. So if you have occupancy changing 10 basis points quarter-over-quarter, but it's 100 basis points of positive
net absorption. Just trying to figure out where the delta is there and how it's actually impacting occupancy to have the positive
absorption.
Question: Nathan Daniel Crossett - BNP Paribas Exane, Research Division - Analyst
: A quick one on just recurring CapEx. It's up quite a bit the last couple of quarters. Just wanted to know if you can maybe unpack that.
Is there anything we should know going forward for maybe recurring CapEx expenditures? And then also G&A, I think the guidance
for the year implies a significant ramp into 4Q. And maybe you can just kind of unpack what that is?
Question: Nathan Daniel Crossett - BNP Paribas Exane, Research Division - Analyst
: Okay. That's helpful. And then sorry if I missed it, I can't remember if you disclosed it or not, but at lease escalation on new contracts,
what was it this quarter versus, say, last quarter?
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