In this video, Jed Reagan, Senior Analyst at Green Street Advisors discusses how how his company assesses development. He shares an observation that active developers tend to underperform less active developers. Office REITs have become on the more active side with regard to development as this cycle has progressed but have been generally more disciplined in terms of managing risk. More recently however, there are growing concerns about increasingly large pipelines despite increasing NAV discounts and rather stretched balance sheets.