Development ActivityThe development starts guide was revised down to $200 million from $215 million, reflecting a decrease in planned construction activity.
FFO Guide ExpectationsThe FFO guide was reiterated which was likely below expectations, potentially leading to a slightly negative stock price reaction.
Guidance ReductionThere was a reduction in occupancy and development starts guidance, coupled with a deceleration in cash releasing spreads, which may also be viewed as below expectations.