Alexandria Real Estate Equities Inc (ARE) 2023 Q1 法說會逐字稿

Good day, and welcome to the Alexandria Real Estate Equities First Quarter 2023 Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Paula Schwartz with Investor Relations. Please go ahead.

美好的一天，歡迎來到亞歷山大房地產股票 2023 年第一季度電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給投資者關係部的 Paula Schwartz。請繼續。

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission. And now I'd like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

謝謝，大家下午好。本次電話會議包含聯邦證券法含義內的前瞻性陳述。公司的實際結果可能與前瞻性陳述中預測的結果存在重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息包含在公司向美國證券交易委員會提交的定期報告中。現在我想把電話轉給執行主席兼創始人喬爾馬庫斯。請繼續，喬爾。

Thank you, Paula, and welcome, everybody, to Alexandria's first quarter '23 Earnings Call. With me today are Peter, Dean, Hallie and Dan. And first of all, I want to send a big thank you to our entire ARE family team for an operationally and financially strong first quarter in a continuing tough macro environment.

謝謝寶拉，歡迎大家參加亞歷山大的第一季度 23 財報電話會議。今天和我一起的有彼得、迪恩、哈莉和丹。首先，我要非常感謝我們整個 ARE 家族團隊在持續艱難的宏觀環境中第一季度的運營和財務強勁。

As you know, Alexandria is truly a one-of-a-kind S&P 500 company. And we're very pleased that we just received one of Newsweek's most trusted company awards. We have no peers. We're kind of a pure play in our field. We first identified and pioneered the lab space niche back in 1994. And then through our disciplined execution of our original vision using the strategic architecture of our cluster model which we customize to the life science industry.

如您所知，Alexandria 確實是一家獨一無二的標準普爾 500 強公司。我們非常高興我們剛剛獲得了《新聞周刊》最受信任的公司獎項之一。我們沒有同行。我們在我們的領域有點純粹。早在 1994 年，我們就首次確定並開創了實驗室空間利基市場。然後，通過使用我們為生命科學行業定制的集群模型的戰略架構，我們嚴格執行我們的原始願景。

We have brought the mission-critical real estate infrastructure of the life science industry and integrated it with an unparalleled and world-class 24/7 operational excellence service component aimed to protect the hundreds of billions of dollars of leading-edge science, which is conducted 24/7 within our asset base. And we have brought this to a highly respected and recognized real estate product type today. Alexandria is definitely not a healthcare service facilities company nor a generic office company.

我們帶來了生命科學行業的關鍵任務房地產基礎設施，並將其與無與倫比的世界級 24/7 卓越運營服務組件集成在一起，旨在保護價值數千億美元的前沿科學24/7 在我們的資產基礎內。今天，我們將其帶入了一種備受推崇和認可的房地產產品類型。 Alexandria 絕對不是一家醫療服務設施公司，也不是一家普通的辦公公司。

Our disciplined core focus is our patented and trademark lab space. It's a premium priced, noncommodity product generally characterized by high barrier to entry markets, where we have a dominant franchise and where we exercise pricing power, especially in our highly sought after Alexandria-branded mega campuses, and those markets exhibit deep science base, deep life science talent base, a rich abundance of risk capital and also are ones that are generally safe and have excellent transportation access.

我們紀律嚴明的核心重點是我們的專利和商標實驗室空間。這是一種高價的非商品產品，通常以進入市場的高壁壘為特徵，我們擁有主導特許經營權並行使定價權，特別是在我們備受追捧的亞歷山大品牌大型校園中，這些市場展示了深厚的科學基礎，深厚的生命科學人才基地，風險資本豐富，總體安全，交通便利。

And what we saw in 1994 in the embryonic days of the life science industry is multiplied geometrically today, 30 years later, as Steve Jobs said, the 21st century will be the century of the intersection of biology and technology innovation. We have 10,000 known diseases we can havoc on human beings each and every day and the personal and economic cost of sickness, illness and today, the mental health crisis is continuing to skyrocket.

而我們在 1994 年生命科學行業萌芽時期所看到的，在 30 年後的今天呈幾何級數增長，正如史蒂夫·喬布斯所說，21 世紀將是生物學與技術創新交彙的世紀。我們有 10,000 種已知的疾病，我們每天都會對人類造成嚴重破壞，以及疾病、疾病的個人和經濟成本，今天，精神健康危機正在繼續飆升。

Continued innovation in medicine is an absolute national priority and the transformative work of our tenants in the industry is critical to addressing the massive unmet medical need. Literally every day, we hear of great progress. And today, for example, one of our Greater Boston tenants, Morphic Therapeutic which has an oral drug addressing moderate to severe ulcerative colitis. And if you've ever had it, it is a tough condition, a major GI indication announced that it hit its Phase IIa clinical trial endpoint and their stock has been up 75% this year. The 10 most prevalent diseases in the U.S., heart disease, cancer, chronic respiratory disease, obesity, Alzheimer's, diabetes, substance abuse, infectious disease, chronic kidney disease and mental illness are not being solved to date. We have a large mountain decline, and the industry is really in its formative days.

醫學的持續創新是絕對的國家優先事項，我們的行業租戶的變革性工作對於解決大量未滿足的醫療需求至關重要。從字面上看，我們每天都會聽到巨大的進步。例如，今天，我們大波士頓的租戶之一 Morphic Therapeutic 擁有一種針對中度至重度潰瘍性結腸炎的口服藥物。如果你曾經有過它，這是一個艱難的條件，一個主要的 GI 適應症宣布它達到了 IIa 期臨床試驗終點，他們的股票今年已經上漲了 75%。美國最流行的 10 種疾病，心髒病、癌症、慢性呼吸道疾病、肥胖症、老年癡呆症、糖尿病、藥物濫用、傳染病、慢性腎病和精神疾病，至今仍未得到解決。我們有一個大的山坡下降，這個行業確實處於形成期。

Weathering a tough macro environment, ARE posted a very solid first quarter. Our funds FFO per share is up 7%, as you see in revenues, top line revenue is up almost 14%. And Dean will go into the metrics, but almost 100% collections, which is -- bodes well for our continued strength and stability of the company. We've maintained strong guidance while lowering uses and sources of capital. We've had very solid leasing with the highest-ever rental rate increase, and we've had continuing strong operating and EBITDA margins. All stakeholders should recognize and appreciate this management team took a highly disciplined approach over a multiyear period to create a fortress balance sheet to successfully weather what now is the current self-inflected economic storm by the various policies that we implemented over the last many years.

在艱難的宏觀環境中，ARE 第一季度表現非常穩健。我們的基金 FFO 每股增長 7%，正如您在收入中看到的那樣，頂線收入增長了近 14%。 Dean 將進入指標，但幾乎 100% 的收集，這預示著我們公司的持續實力和穩定性。我們保持了強有力的指導，同時降低了資本的使用和來源。我們的租賃業務非常穩固，租金漲幅創歷史新高，而且我們的運營和 EBITDA 利潤率持續強勁。所有利益相關者都應該認識到並讚賞這個管理團隊在多年的時間裡採取了高度紀律的方法來創建一個堡壘資產負債表，以成功地度過當前我們在過去多年實施的各種政策帶來的自我影響的經濟風暴。

We have taken judicious measure to cut our CapEx, while at the same time, making strong progress on our funding plan for 2023, and you'll hear more about that from Peter. So without any further hesitation, let me turn it over to Hallie, who's going to give you some bird's-eye view of our view on the life science industry. So Hallie?

我們採取了明智的措施來削減我們的資本支出，同時，我們在 2023 年的融資計劃方面取得了重大進展，你會從彼得那裡聽到更多關於這方面的信息。因此，讓我毫不猶豫地把它交給 Hallie，他將為您提供一些關於我們對生命科學行業的看法的鳥瞰圖。那麼哈莉？

Thank you, Joel, and good afternoon, everyone. This is Hallie Kuhn, Senior Vice President of Science and Technology and Capital Markets. Today, I'm going to comment on the life science industry following the collapse of Silicon Valley Bank. The health of ARE's best-in-class life science tenant base and innovation is a long-term driver of life science industry growth. Beginning with SVB, there remains some misperceptions on the long-term impact of its collapse on the life science industry.

謝謝你，喬爾，大家下午好。我是科學技術和資本市場高級副總裁 Hallie Kuhn。今天，我要評論一下矽谷銀行倒閉後的生命科學行業。 ARE 一流的生命科學租戶基礎和創新的健康是生命科學行業增長的長期驅動力。從 SVB 開始，人們對其倒閉對生命科學行業的長期影響存在一些誤解。

SVB certainly was a go-to provider for banking needs of many venture-backed companies, particularly in the tech industry. And while SVB has created a niche serving the segment, it was also cultural. Early-stage start-ups work within a very tightened community and many used SVB because that's what everyone else used, not necessarily because there were no other options. And many banks, including G-SIBs have been working for years to carve out their own share of this market.

SVB 無疑是滿足許多風險投資公司銀行業務需求的首選供應商，尤其是在科技行業。儘管 SVB 為該細分市場創造了一個利基市場，但它也具有文化意義。早期初創企業在一個非常緊密的社區中工作，許多人使用 SVB，因為其他人都在使用它，不一定是因為沒有其他選擇。許多銀行，包括 G-SIBs 多年來一直致力於在這個市場中開拓自己的份額。

For our own private biotech tenants in the days following the collapse, we had conversations with over 100 companies. some of which use SVB, but many of which did not or had multiple banking relationships. Importantly, within approximately 72 hours from the start of the bank run, companies had access to all deposits and the near-term risks such as making payroll were mitigated. As for long-term risk driven by instability of regional banks, unlike some tech companies that maintain significant cash and deposit accounts, our tenants largely rely on safer third-party custodial and sweep accounts to minimize cash deposits. Biotech is also not reliant on venture debt to the same extent as the tech industry.

在倒閉後的幾天裡，對於我們自己的私人生物技術租戶，我們與 100 多家公司進行了對話。其中一些使用 SVB，但其中許多沒有或有多個銀行關係。重要的是，在銀行擠兌開始後大約 72 小時內，公司可以獲得所有存款，並且減輕了發放工資等近期風險。至於由區域性銀行的不穩定帶來的長期風險，與一些持有大量現金和存款賬戶的科技公司不同，我們的租戶主要依靠更安全的第三方託管和清算賬戶來最大限度地減少現金存款。生物技術也不像科技行業那樣依賴風險債務。

And for those that do seek venture debt, SVB is by no means the only option. We expect that the life science sector will be minimally affected going forward as evidenced by venture financing rounds that closed in March is expected and continue to do so in April, which I'll touch on in more detail shortly. Before transitioning to the health of our tenant base, one quick reminder on the differentiation of our life science real estate product from traditional office. Importantly, the office component of our life science buildings directly supports researchers in the lab.

對於那些尋求風險債務的人來說，SVB 絕不是唯一的選擇。我們預計生命科學行業未來受到的影響將最小，預計 3 月份結束的風險融資回合將在 4 月份繼續進行，我將在稍後詳細介紹。在過渡到我們租戶群的健康之前，請快速提醒一下我們的生命科學房地產產品與傳統辦公室的區別。重要的是，我們生命科學大樓的辦公部分直接支持實驗室的研究人員。

A scientist does not spend all day at the bench, but spends time moving back and forth between lab and adjacent office in order to, for example, analyze data, plan the next set of experiments and meet with colleagues. Thus, the office component cannot be broken out or compared to traditional office, but is an adjacent, highly integrated and critical component of laboratory design and workflows. Of course, this is also not work that can be done from home.

科學家不會整天呆在工作台上，而是花時間在實驗室和相鄰辦公室之間來回走動，例如分析數據、計劃下一組實驗以及與同事會面。因此，辦公室部分不能被分解或與傳統辦公室相比較，而是實驗室設計和工作流程中相鄰、高度集成和關鍵的組成部分。當然，這也不是在家就能完成的工作。

Now transitioning to the health of our world-class diverse life science tenant base. Perhaps the best way to frame the current environment is the old adage, "In God we trust, all else bring data." Starting with pharma, which makes up 18% of our ARR, this segment continues to operate from a position of strength with strong balance sheet and significant free cash flows, Pharma is less sensitive to rising rates.

現在正在過渡到我們世界一流的多元化生命科學租戶群的健康。也許構建當前環境的最佳方式是古老的格言，“我們相信上帝，其他一切都會帶來數據。”從占我們 ARR 的 18% 的製藥開始，該部門繼續以強勁的資產負債表和大量自由現金流的優勢地位運營，製藥對利率上升不那麼敏感。

In 2022, Biopharma deployed an estimated $267 billion into R&D. The result is tenants like Eli Lilly that continue to translate this R&D into transformative medicines. Mounjaro, which aims to treat obesity in type 2 diabetes, is predicted to eclipse $50 billion per year globally in revenue. And to put this in perspective, nearly one out of every $4 of U.S. healthcare spend is deployed to care for people with diabetes. And obesity is estimated to account for over $480 billion in direct healthcare costs in the U.S. with an additional $1.2 trillion in indirect costs due to lost economic productivity.

2022 年，Biopharma 投入了約 2670 億美元用於研發。結果是像禮來這樣的租戶繼續將這項研發轉化為變革性藥物。 Mounjaro 旨在治療 2 型糖尿病引起的肥胖症，預計全球每年的收入將超過 500 億美元。從正確的角度來看，美國每 4 美元的醫療保健支出中就有近 1 美元用於照顧糖尿病患者。據估計，肥胖在美國造成的直接醫療保健成本超過 4800 億美元，另外還有 1.2 萬億美元的間接成本是由於經濟生產力下降造成的。

To that end, therapies such as Mounjaro, save and extend lives and have the potential to significantly drive down the cost of healthcare more broadly. Transitioning to private venture-backed biotech which makes up 8% of our total ARR, we continue to see a reset of venture deployment to pre-2020, 2021 levels, which while down from peak remains strong by historic standards.

為此，Mounjaro 等療法可以挽救和延長生命，並有可能在更廣泛的範圍內顯著降低醫療保健成本。過渡到占我們總 ARR 8% 的私人風險投資支持的生物技術，我們繼續看到風險部署重置到 2020 年之前、2021 年的水平，雖然從峰值下降，但按照歷史標準來看仍然強勁。

Venture capitalists are more discriminate, disciplined and demanding of current and future investments. And the companies with tenured management teams and strong differentiated technologies and near-term value inflection milestones are the ones that rise above the fray. We continue to underwrite and monitor all tenants closely, and our private biotech tenants remain healthy compared to the broader market.

風險資本家對當前和未來的投資更具鑑別力、紀律和要求。擁有終身管理團隊、強大的差異化技術和近期價值拐點里程碑的公司是那些在競爭中脫穎而出的公司。我們繼續密切承保和監控所有租戶，與更廣泛的市場相比，我們的私人生物技術租戶保持健康。

In fact, across this tenant base, they have raised over $1.9 billion from VC and pharma partnerships since the beginning of the year, of which $800 million has closed following the collapse of SVB. As a testament to this point, with the week remaining in April, private biotech tenant rent collection is at 99.7%. Next to public biotech, our tenants with marketed products make up 14% of our ARR generated $150 billion in revenue in 2022 and include names such as Amgen, Gilead, Vertex and Moderna. Moderna continues to highlight the potential of novel platforms to deliver innovative new medicines to patients. This month, the company's personalized mRNA cancer vaccine in combination with an immunotherapy drug from Tenant Mark, demonstrated promising clinical trial results in aggressive forms of skin cancer.

事實上，自今年年初以來，在這個租戶群體中，他們已經從風險投資和製藥合作夥伴那裡籌集了超過 19 億美元，其中 8 億美元在 SVB 倒閉後關閉。作為這一點的證明，在 4 月剩下的一周內，私人生物技術租戶的租金收取率為 99.7%。除了公共生物技術，我們擁有上市產品的租戶占我們 ARR 的 14%，到 2022 年創造了 1500 億美元的收入，其中包括 Amgen、Gilead、Vertex 和 Moderna 等名稱。 Moderna 繼續強調新型平台向患者提供創新藥物的潛力。本月，該公司的個性化 mRNA 癌症疫苗與 Tenant Mark 的免疫治療藥物相結合，在侵襲性皮膚癌的臨床試驗中取得了有希望的結果。

Companies also continue to set high bars for continued innovation and product launches. For example, Alexandria Tenant Gilead has laid out an ambitious plan to achieve 20 new drug approvals by 2030, which will entail advancement of their current pipeline, particularly in oncology, supplemented by additional M&A.

公司還繼續為持續創新和產品發佈設定高標準。例如，Alexandria Tenant Gilead 制定了一項雄心勃勃的計劃，即到 2030 年獲得 20 種新藥的批准，這將需要推進他們目前的管道，特別是在腫瘤學方面，並輔之以額外的併購。

For our preclinical and clinical stage public biotechs comprising 10% of our ARR, compelling clinical data remains king. Tenants such as Vaxcyte and Biomea Fusion, for example, have recently raised additional capital of promising clinical data. Prometheus Biosciences, while not a tenant exemplify how data drives the lifeblood of the industry. The company announced stellar data in December, driving their stock up over 600% in the past 12 months and culminating in a $10.8 billion acquisition by Merck.

對於占我們 ARR 10% 的臨床前和臨床階段公共生物技術，令人信服的臨床數據仍然是王道。例如，Vaxcyte 和 Biomea Fusion 等租戶最近通過有前途的臨床數據籌集了額外資金。 Prometheus Biosciences 雖然不是租戶，但卻是數據如何驅動行業命脈的例證。該公司在 12 月公佈了出色的數據，推動其股價在過去 12 個月內上漲超過 600%，並最終以 108 億美元被默克公司收購。

To be clear, in the process of developing novel medicines, there will always be some that fail no matter what the market conditions. But this is baked into our mall. With the deep tenant base, relationships across every facet of the industry, and the highest quality space in operations, we can get ahead of potential tenant challenges to backfill and further optimize our tenant base. Reflecting this, in April, we've collected 100% rent from our preclinical and clinical stage public biotech tenants.

需要明確的是，在開發新藥的過程中，無論市場條件如何，總會有一些失敗。但這已融入我們的購物中心。憑藉深厚的租戶基礎、行業各個方面的關係以及最高質量的運營空間，我們可以提前應對潛在的租戶挑戰，以回填並進一步優化我們的租戶基礎。為此，我們在 4 月份向臨床前和臨床階段的公共生物技術租戶收取了 100% 的租金。

Next, transitioning to academic and institutional tenants, which constitute 12% of our ARR, it's an opportunity to remember that the life science industry's cornerstone is innovation, which is not slowing. Bipartisan support for life science research remains strong. At $47.5 billion, the NIH's 2023 budget is a 21% increase over 2019. Academic and medical institutions continue to be highly productive, a key metric being the pace of new intellectual property. In 2021, U.S. academic institutions accounted for 20,000 invention disclosures and nearly 1,000 new startups. And this activity in return is an important long-term funding mechanism for these institutions.

接下來，轉向占我們 ARR 12% 的學術和機構租戶，這是一個機會，要記住生命科學行業的基石是創新，而創新並沒有放緩。兩黨對生命科學研究的支持依然強勁。 NIH 2023 年的預算為 475 億美元，比 2019 年增長 21%。學術和醫療機構繼續保持高生產力，一個關鍵指標是新知識產權的發展速度。 2021 年，美國學術機構披露了 20,000 項發明和近 1,000 家新創業公司。而這項活動反過來又是這些機構重要的長期資助機制。

For example, for Prometheus Bio was originally spun out of Cedars-Sinai, which is set to receive nearly $800 million from the recently announced M&A. In sum, with the majority of our academic and institutional ARR from investment-grade tenants and funding cycles that are based on multiyear grant funding time lines, this segment continues to be sheltered from larger macroeconomic conditions.

例如，Prometheus Bio 最初是從 Cedars-Sinai 分拆出來的，Cedars-Sinai 將從最近宣布的併購中獲得近 8 億美元。總而言之，由於我們的大部分學術和機構 ARR 來自投資級租戶和基於多年贈款資助時間線的資助週期，該細分市場繼續受到更大的宏觀經濟條件的影響。

Staying on the topic of innovation, a few final data points to orient the growth of the life science industry beyond the next few quarters but to the decades to come. According to the American Society of Cell and Gene Therapy, there are over 3,700 gene, cell and RNA therapies in preclinical and clinical development. For chronic diseases, which drives the bulk of healthcare spend in the United States, there are over 800 medicines in clinical development.

繼續圍繞創新主題，一些最終數據指出生命科學行業的增長將超越未來幾個季度，而是走向未來幾十年。根據美國細胞和基因治療學會的數據，有超過 3,700 種基因、細胞和 RNA 療法處於臨床前和臨床開發階段。對於驅動美國大部分醫療保健支出的慢性病，有 800 多種藥物處於臨床開發階段。

The culmination is continued FDA approvals and 2023 has started at a fast clip. Year-to-date, 14 novel therapies have been approved including a novel therapy for ALS developed by Tenant Biogen just announced this morning. And altogether for the year, nearly 60 novel medicines have been scheduled for FDA approval review which mirrors 2018's record year of 59 novel FDA approvals.

高潮是繼續獲得 FDA 的批准，2023 年已經開始了。今年迄今，已有 14 種新療法獲得批准，其中包括 Tenant Biogen 剛剛於今天上午宣布開發的 ALS 新療法。今年總共有近 60 種新藥被安排進行 FDA 批准審查，這反映了 2018 年創紀錄的 59 種新藥 FDA 批准。

To end, I want to reiterate that we are acutely aware of the years of abundance and easy capital that have passed and that the separation of haves and have-nots will continue to widen as the industry drills down on the technologies and medicines that bring the most value to patients and investors. But as Winston Churchill once said, "Never let a good crisis go to waste." While this market is and will continue to warrant extreme prudence, it is an opportunity for the best companies to hone in on their long-term fundamentals and thrive. And that's what our tenants and Alexandria exemplify.

最後，我想重申，我們敏銳地意識到富足和輕鬆資本的歲月已經過去，隨著行業深入研究帶來財富的技術和藥物，貧富差距將繼續擴大。對患者和投資者最有價值。但正如溫斯頓丘吉爾曾經說過的那樣，“永遠不要浪費一場好的危機。”儘管這個市場現在並將繼續需要極度謹慎，但對於最優秀的公司來說，這是一個磨練其長期基本面並蓬勃發展的機會。這就是我們的租戶和亞歷山大的例子。

With that, I'll pass it off to Peter.

有了這個，我會把它傳遞給彼得。

Thanks, Hallie. I just had my 25th anniversary with the company. In addition to that milestone reminding me of how fast time moves by brought about a nostalgic look back at my time at Alexandria. I recall my interview with Joel, where I learned about this novel idea of forming a real estate company to serve the life science industry, which made me both nervous, as nobody had ever done it before, and equally inspired to help enable an industry that was hell-bent on changing the world.

謝謝，哈利。我剛剛在公司度過了 25 週年紀念日。除了那個提醒我時間流逝有多快的里程碑之外，我還懷念我在亞歷山大的時光。我記得我對 Joel 的採訪，在那裡我了解到這個成立一家房地產公司來服務生命科學行業的新想法，這讓我感到緊張，因為以前沒有人這樣做過，同時也同樣受到鼓舞，幫助實現一個行業一心想要改變世界。

After serious contemplation, I decided that if I was going to make it different in the world, this was a heck of an opportunity to do it plus after having been in real estate for about 8 years at that point, I could see a tremendous value in offering mission-critical facilities over commodity product. I could not have made a better decision as it all proved out.

經過認真的思考，我決定，如果我要讓它在世界上變得不同，這是一個很好的機會，而且在那時我已經在房地產行業工作了大約 8 年，我可以看到巨大的價值在提供商品產品的關鍵任務設施方面。事實證明，我不可能做出更好的決定。

Alexandria has played a critical role in the evolution of the life science industry over the last 3 decades by creating and growing the ecosystems and clusters that ignite and accelerate the world's leading innovators in their pursuit to advanced human health, which is our solid mission. In addition, we've built an irreplicable world-class asset base of robust and highly differentiated properties and campuses that attract a diversified best-in-class tenant base who values our expertise and operational excellence by providing 75% to 85% of our leasing quarter-to-quarter.

Alexandria 在過去 3 年中通過創建和發展生態系統和集群在生命科學行業的發展中發揮了關鍵作用，這些生態系統和集群點燃並加速了世界領先的創新者對人類健康的追求，這是我們堅定的使命。此外，我們已經建立了一個不可複制的世界級資產基礎，由強大且高度差異化的物業和校園組成，通過提供我們 75% 至 85% 的租賃，吸引了多元化的一流租戶基礎，他們重視我們的專業知識和卓越運營每季度。

The result of all this is we have built a brand without peer that puts us in a position where we don't rely on third parties to bring us tenants. They come to us directly as we are a trusted partner with a long successful track record of developing and operating mission-critical facilities. This is an important distinction in any part of the cycle, but perhaps even more when things have slowed down.

所有這一切的結果是我們建立了一個沒有同行的品牌，使我們處於不依賴第三方為我們帶來租戶的位置。他們直接來找我們，因為我們是值得信賴的合作夥伴，在開發和運營關鍵任務設施方面有著長期成功的記錄。這在周期的任何部分都是一個重要的區別，但當事情放緩時可能更是如此。

Our results prove it out. Thank you for indulging me on that retrospective. I'm going to go and briefly touch on our development pipeline, construction costs, leasing and asset sales and then hand it over to Dean.

我們的結果證明了這一點。謝謝你讓我參與那個回顧展。我將簡要介紹一下我們的開發管道、建設成本、租賃和資產銷售，然後將其交給 Dean。

In the first quarter, we delivered 453,511 square feet in 5 projects into our high barrier to entry submarkets. Annual NOI for these deliveries totals $23 million, and the initial stabilized yield is strong at 7.3%. At quarter end, projects under construction and near-term projects expected to commence construction over the next 4 quarters totaled 7.6 million square feet and are 74% leased or under negotiation. This is very similar to last quarter, but in response to the uncertainty and volatility in the markets, we have made a strategic decision to reduce 2023 construction spend by $250 million by pausing or delaying projects that had been classified as under construction, so we can focus our capital on the most strategic projects that have the most attractive terms, enabling our highly bedded and vast tenant base.

第一季度，我們在進入門檻較高的子市場的 5 個項目中交付了 453,511 平方英尺。這些交付的年度 NOI 總計 2300 萬美元，初始穩定收益率高達 7.3%。截至本季度末，在建項目和預計將在未來 4 個季度開工的近期項目總計 760 萬平方英尺，其中 74% 已出租或正在洽談中。這與上一季度非常相似，但為了應對市場的不確定性和波動性，我們做出了一項戰略決策，通過暫停或推遲被歸類為在建項目，將 2023 年的建設支出減少 2.5 億美元，這樣我們就可以將我們的資金集中在具有最具吸引力的條款的最具戰略意義的項目上，從而使我們擁有高床位和龐大的租戶基礎。

The reduction in spend results in NOI from deliveries primarily commencing from the second quarter of '23 through the first quarter of '26 to be approximately $610 million. After commenting on construction costs for the past 2 years, I can still say they remain volatile but are on their way to stabilizing. The availability and price of commodities such as steel, copper, aluminum and concrete, continue to fluctuate due to shortages of raw materials, low yields from mines, high demand from electrification or low capability utilization rates in the mills and fabrication shops due to labor shortages.

主要從 23 年第二季度到 26 年第一季度開始交付的支出減少導致 NOI 約為 6.1 億美元。在評論了過去 2 年的建築成本後，我仍然可以說它們仍然不穩定，但正在趨於穩定。由於原材料短缺、礦山產量低、電氣化需求高或勞動力短缺導致工廠和加工廠產能利用率低，鋼鐵、銅、鋁和混凝土等商品的可用性和價格繼續波動.

Cost of materials and supply chain volatility were the initial drivers of construction inflation, but now the primary driver is labor with a triple whammy of wage increases, shortage of workers and the inefficiency of the remaining labor force due to the retirement of older, more skilled labor.

材料成本和供應鏈波動是建築業通脹的最初驅動因素，但現在主要驅動因素是勞動力，工資增長、工人短缺以及由於年長、技能更高的退休人員退休導致剩餘勞動力效率低下的三重打擊勞動。

There are 330,000 open construction jobs today and the time it takes to train the new entrants to be highly skilled as measured in years. So these inefficiencies will be with us for a while. Specific to life science buildings, the availability of switchgear and equipment such as HVAC units and generators has slightly improved but their lead times are still extraordinarily long with custom air handlers taking 27 weeks longer to get than before COVID and switch gear and generators and astounding 64 weeks longer.

今天有 330,000 個開放的建築工作崗位，培訓新進入者成為高技能人員所需的時間以年為單位。因此，這些低效率將伴隨我們一段時間。具體到生命科學建築，開關設備和設備（如 HVAC 裝置和發電機）的可用性略有改善，但它們的交貨時間仍然非常長，定制空氣處理器比 COVID、開關設備和發電機需要 27 週的時間才能獲得，並且令人震驚 64幾週。

Even worse is the availability of large transformers provided by the utility companies, which can take as long as 3 years now to get. What's driving these delays are chip shortages and demand from electrification projects happening all over the world as investors, governments and end users demand improvement in carbon emissions. As you can imagine, the cost of this equipment is reflective of these shortages and paired with high labor cost is making new laboratory office projects more expensive to build than ever before.

更糟糕的是公用事業公司提供的大型變壓器的可用性，現在可能需要長達 3 年的時間才能獲得。造成這些延誤的原因是芯片短缺和全球電氣化項目的需求，因為投資者、政府和最終用戶要求減少碳排放。可以想像，這種設備的成本反映了這些短缺，再加上高昂的勞動力成本，使得新實驗室辦公項目的建造成本比以往任何時候都高。

The upside for us is that 84% of our costs for our active development and redevelopment projects are under GMP or other fixed contracts with contingencies behind that. So we are largely locked in. Anyone contemplating a speculative development these days will have to contend with these delays and associated high costs, which will put the feasibility of building and financing the project at considerable risk.

對我們來說有利的是，我們積極開發和重建項目的成本中有 84% 是根據 GMP 或其他固定合同進行的，其背後有突發事件。所以我們在很大程度上被鎖定了。如今任何考慮進行投機性開發的人都將不得不應對這些延誤和相關的高成本，這將使建設和融資項目的可行性面臨相當大的風險。

One reason we will likely not see the supply many are expecting beyond what is under construction today. Transitioning to leasing, our strong brand loyalty, mega campus offerings and operational excellence continue to drive strong leasing numbers in a challenging market. The 1.2 million square feet leased in the first quarter is above our 5-year pre-2021 average and is the 12th consecutive quarter with leasing volume above 1 million square feet.

原因之一是我們可能看不到許多人期望的供應量超過今天正在建設的供應量。向租賃過渡，我們強大的品牌忠誠度、大型校園產品和卓越的運營繼續在充滿挑戰的市場中推動強勁的租賃數量。第一季度租賃的 120 萬平方英尺高於我們 2021 年前的 5 年平均水平，並且是連續第 12 個季度租賃量超過 100 萬平方英尺。

We achieved attractive economics primarily from our vast tenant base, accounting for 85% of the leasing this quarter, resulting in a rental rate increase of 48.3%, which was the highest in company history and a strong cash rate of 24.2%. As we have noted previously, demand has normalized from the record year of 2021. Depending on who you ask, demand is at slightly below or slightly above pre-COVID levels. There are less tenants actively seeking space in the market today, which we believe is being significantly driven by uncertainty in the economy.

我們主要通過龐大的租戶基礎實現了有吸引力的經濟效益，佔本季度租賃的 85%，導致租金上漲 48.3%，這是公司歷史上最高的，現金利率高達 24.2%。正如我們之前指出的那樣，需求從創紀錄的 2021 年開始正常化。需求略低於或略高於 COVID 之前的水平，具體取決於您問的是誰。如今，積極在市場上尋找空間的租戶有所減少，我們認為這在很大程度上受到經濟不確定性的推動。

As Hallie put it, this market is and will continue to warrant extreme prudence. However, we're not dependent at all on broker deal flow. There are pending opportunities from our fast tenant base that the broader market likely does not see due to our direct relationships with company management teams. Such relationships are a huge differentiator for us and will continue to drive solid leasing even in tough environments. Some private and preclinical clinical stage companies are making do with the space they have today until they can better understand their ability to raise capital on its cost.

正如 Hallie 所說，這個市場現在並將繼續需要極度謹慎。但是，我們根本不依賴於經紀人交易流程。由於我們與公司管理團隊的直接關係，更廣泛的市場可能看不到來自我們快速租戶基礎的未決機會。這種關係對我們來說是一個巨大的差異化因素，即使在艱難的環境中也將繼續推動穩固的租賃。一些私人和臨床前臨床階段的公司正在利用他們今天擁有的空間，直到他們能夠更好地了解他們籌集資金的能力。

Capital is available. But as Hallie mentioned, VCs are more discriminate disciplined in demanding of future investments and companies with tenured management teams, strong differentiated technologies and near-term value inflection milestones are the ones that will rise above the fray. Those are the halves who by and large are Alexandria's tenants, which we have underwritten and placed into our world-class asset base, differentiated from the have-nots tenant base of others who take on any tenant that can fill space with hope as their underwriting strategy.

資金到位。但正如 Hallie 所提到的，風險投資公司在要求未來投資方面更加謹慎，擁有終身管理團隊、強大的差異化技術和近期價值拐點里程碑的公司將超越競爭。那些基本上是亞歷山大的一半租戶，我們已經承保並將其放入我們的世界級資產基礎，與其他人的窮人租戶群不同，他們接受任何可以充滿希望的租戶作為他們的承保戰略。

On the supply side, we track high-quality projects, we believe, are competitive to ours in the high barrier-to-entry submarkets. Accordingly, we're tracking direct vacancy in Greater Boston to be 2.8%. Unleased sublease space is at 3.9% and unleased supply directly competitive with our AAA locations and building quality to be 1.5% to be delivered in 2023 and 5.1% to be delivered in 2024, a 1.3% total increase in availability from last quarter.

在供應方面，我們跟踪高質量的項目，我們相信，在高進入壁壘的子市場上與我們的項目具有競爭力。因此，我們跟踪大波士頓地區的直接空置率為 2.8%。未出租的轉租空間為 3.9%，未出租的供應與我們的 AAA 地點直接競爭，建築質量將在 2023 年交付 1.5%，在 2024 年交付 5.1%，比上一季度的可用性增加 1.3%。

In San Francisco, direct vacancy is 3.5%, sublease space is at 5.8% and unleased supply directly competitive with our assets continues to be the highest in all of our markets at 6.6% and 8.9% to be delivered in '23 and '24, respectively. This is an increase of 3.4% in total availability over last quarter, largely driven by spec building in South San Francisco.

在舊金山，直接空置率為 3.5%，轉租空間為 5.8%，與我們的資產直接競爭的未出租供應繼續是我們所有市場中最高的，分別為 6.6% 和 8.9%，將在 23 年和 24 年交付，分別。這比上一季度的總可用性增加了 3.4%，這主要是由南舊金山的規范建設推動的。

In San Diego, direct vacancy is at 4.1%, sublease space is at 2.3% and unleased competitive supply is 3.2% in 2023 and 5.4% in 2024, a slight increase of 0.2% over last quarter. Supply in all submarkets is very likely to be muted beyond what is under construction today due to high construction costs that I referenced, higher cost of capital and the lessening of generic tenant demand. We focus primarily on high barrier-to-entry markets where supply is inheritedly limited.

在聖地亞哥，直接空置率為 4.1%，轉租空間為 2.3%，未出租的競爭性供應在 2023 年和 2024 年分別為 3.2% 和 5.4%，比上一季度小幅增長 0.2%。由於我提到的高建設成本、更高的資本成本和一般租戶需求的減少，所有子市場的供應很可能會比今天在建的供應量低。我們主要關注高進入壁壘的市場，這些市場的供應本來就有限。

We focus primarily on high barrier to entry markets and brand mega-campus offerings in those AAA high-barrier-to-entry market locations and operational excellence enables us to continually mine our vast and deep tenant base to drive our leasing activity, which will likely lessen the impact of generic supply.

我們主要專注於那些 AAA 高進入壁壘市場位置的高進入市場和品牌大型校園產品和卓越運營使我們能夠不斷挖掘我們龐大而深入的租戶基礎以推動我們的租賃活動，這很可能減輕仿製藥供應的影響。

I'll end with some commentary on our value harvesting and recycling progress. As we all know, the rapid rise in interest rates have not only increased investors' cost of capital but created a lot of uncertainty causing a number of investors to remain on the sidelines. Adding to the difficulty to execute in this environment is the increasing desperation of a number of office building owners trying to raise cash to stay afloat by offering quality long-term leased assets with credit tenants at 6.5% to 7.5% cap rates. Despite these challenges, the demand for high-quality life science assets which is vastly different from office assets continued in the quarter.

最後，我將對我們的價值收穫和回收進展發表一些評論。眾所周知，利率的快速上升不僅增加了投資者的資金成本，還帶來了很多不確定性，導致部分投資者持觀望態度。增加在這種環境下執行的難度的是，許多寫字樓所有者越來越絕望，他們試圖通過提供優質的長期租賃資產來籌集現金以維持生計，信貸租戶的上限利率為 6.5% 至 7.5%。儘管存在這些挑戰，但本季度對與辦公資產截然不同的高質量生命科學資產的需求仍在繼續。

As noted in our press release, we were pleased to transfer an 18% interest in our current JV at 15 Necco which we control and owned 90% prior to the sale. The asset is under construction and will not be delivered until the end of this year with cash flow commencing in mid-2024. The buyer will fund the remaining construction costs to deliver the property to our tenant until they reach a 37% ownership, which is expected to be the remainder of the cost to deliver the project.

正如我們的新聞稿所述，我們很高興轉讓我們目前在 15 Necco 的合資企業 18% 的權益，我們在出售前控制並擁有 90% 的權益。該資產正在建設中，將於今年年底前交付，現金流將於 2024 年年中開始。買方將支付剩餘的建築成本，以將房產交付給我們的租戶，直到他們擁有 37% 的所有權，預計這將是交付項目的剩餘成本。

Given that the receipt of cash flow is over a year away, it's difficult to translate the valuation to an operating cap rate. But to give you some color, the parties agreed to evaluation at closing to be $576 million or $1,665 per square foot, which is an initial yield of 5.25% on their investment based on in-place NOI at closing. But we also agreed to credit our partner $5.5 million in fees payable. Because we sold 33% of the total 37% our partner purchased, those fees equate to approximately $15 million in value. Stripping that $15 million from the purchase price gets you to a total valuation of $561 million increasing the cap rate to 5.4%. If you want to tie that to the supplemental, the $66 million price for the 18% and the other -- if you add the other $119 million to be funded to completion and divide it by the 33% we sold, you get $561 million.

鑑於收到現金流量還有一年多的時間，因此很難將估值轉化為運營資本化率。但為了給你一些顏色，雙方同意在收盤時評估為 5.76 億美元或每平方英尺 1,665 美元，這是基於收盤時就地 NOI 的投資初始收益率為 5.25%。但我們還同意向我們的合作夥伴支付 550 萬美元的應付費用。因為我們出售了我們合作夥伴購買的 37% 的 33%，這些費用相當於大約 1500 萬美元的價值。從購買價格中扣除這 1500 萬美元，您的總估值將達到 5.61 億美元，將資本化率提高到 5.4%。如果你想把它與補充項目聯繫起來，18% 的 6600 萬美元的價格和另一個——如果你加上其他 1.19 億美元的資金以完成並除以我們售出的 33%，你會得到 5.61 億美元。

This was a great outcome for Alexandria as we were able to partner with a world-class investor to monetize the value creation and secure the capital for the remaining spend in an accretive manner while retaining control of the asset and all management fees. We have not yet closed on the other transaction we signed an LOI on in the fourth quarter, but we expect to do so in the second quarter. In addition to this transaction, we have signed letters of intent or purchase and sale agreements for a number of assets, including the office campus referenced in the press release, aggregating to a total sales price of $799.3 million. These future transactions and 15 Necco account for approximately 57% of the progress needed to meet the midpoint of our disposition guidance.

這對 Alexandria 來說是一個很好的結果，因為我們能夠與世界級的投資者合作，將價值創造貨幣化，並以增值的方式為剩餘支出確保資本，同時保留對資產和所有管理費用的控制權。我們尚未完成我們在第四季度簽署意向書的另一筆交易，但我們預計將在第二季度完成。除本次交易外，我們還簽署了多項資產的意向書或買賣協議，包括新聞稿中提到的辦公園區，總售價為 7.993 億美元。這些未來交易和 15 Necco 約佔滿足我們處置指南中點所需進度的 57%。

With that, I'm going to hand it over to Dean.

有了這個，我要把它交給Dean。

Thanks, Peter. I'm Dean Shigenaga here. Good afternoon, everyone. We reported excellent operating and financial results that exceeded consensus with strong core results, and our team is off to a strong start towards a solid growth for 2023. Our client tenants continued very timely payment of rent year-to-date through April. We have a very strong balance sheet. We have meaningfully reduced uses of capital for 2023, made excellent progress on dispositions and sales of partial interest, have a conservative FFO payout ratio and a growing dividend and are the go-to brand for life science real estate.

謝謝，彼得。我是 Dean Shigenaga。大家下午好。我們報告了出色的運營和財務業績，超出了預期，核心業績強勁，我們的團隊為 2023 年的穩健增長開了一個好頭。我們的客戶租戶繼續非常及時地支付了年初至今至 4 月的租金。我們的資產負債表非常強勁。我們顯著減少了 2023 年的資本使用，在部分權益的處置和銷售方面取得了顯著進展，擁有保守的 FFO 支付率和不斷增長的股息，並且是生命科學房地產的首選品牌。

We have a very strong balance sheet with $5.3 billion in liquidity, no debt maturities until 2025. Our team made excellent progress on our dispositions and sales of partial interest only 4 months into 2023. As Peter highlighted, we've advanced transactions aggregating $865 million. They're either completed or subject to executed LOIs or purchase and sales agreements, including the new JV partner for our build-to-suit project for Eli Lilly. Many of the in-process transactions are targeted to close on or about June 30. Now we have also identified other dispositions and sales of partial interest to bring our total for the year to $1.5 billion.

我們的資產負債表非常強勁，流動性為 53 億美元，直到 2025 年才到期。我們的團隊在 2023 年僅 4 個月的時間裡就在部分利息的處置和銷售方面取得了出色的進展。正如彼得強調的那樣，我們已經推進了總計 8.65 億美元的交易.它們要么已完成，要么受已執行的 LOI 或採購和銷售協議的約束，包括我們為 Eli Lilly 定制項目的新合資夥伴。許多正在進行的交易的目標是在 6 月 30 日左右完成。現在我們還確定了其他處置和出售部分權益，使我們今年的交易總額達到 15 億美元。

While the macro environment remains challenging, we are reasonably optimistic that we can execute on our disposition plan in 2023 at attractive values and cap rates. We will provide values and cap rates quarter-to-quarter as we close transactions since we're unable to do so sooner while transactions are in process. In addition to the $1.5 billion in dispositions and sales of partial interest, New JV capital forecasted for the full year of 2023 will contribute over $300 million towards construction spend this year, including most of the $119 million of contributions from the new partner we just added to our build-to-suit project for Eli Lilly. Now JV contributions to construction spend, including forecasted joint ventures were added to our detailed disclosures on Page 48 of our supplemental package.

儘管宏觀環境仍然充滿挑戰，但我們有理由樂觀地認為，我們可以在 2023 年以具有吸引力的價值和資本化率執行我們的處置計劃。我們將在關閉交易時按季度提供價值和資本化率，因為我們無法在交易過程中盡快這樣做。除了 15 億美元的部分權益處置和出售外，預計 2023 年全年的新合資資本將為今年的建設支出貢獻超過 3 億美元，其中包括我們剛剛添加的新合作夥伴貢獻的 1.19 億美元中的大部分到我們為 Eli Lilly 定制的項目。現在，合資企業對建設支出的貢獻，包括預測的合資企業，已添加到我們補充包第 48 頁的詳細披露中。

Now turning to outstanding financial and operating results. We had really strong growth of $342.9 million or up 13.9% in total revenues for the first quarter annualized in comparison to the first quarter of 2022. Adjusted EBITDA on a trailing 12-month basis was up $246.2 million or 15.4% really strong growth of 6.8% in FFO per share for the quarter in comparison to the first quarter of 2022, and again, off to a very strong start and on track for 6.4% growth in FFO per share for 2023.

現在轉向出色的財務和經營業績。與 2022 年第一季度相比，第一季度年化總收入實現了 3.429 億美元的強勁增長或 13.9% 的強勁增長。過去 12 個月的調整後 EBITDA 增長了 2.462 億美元或 15.4%，增長了 6.8%與 2022 年第一季度相比，本季度每股 FFO 百分比，再次開局非常強勁，並有望在 2023 年實現每股 FFO 增長 6.4%。

Now key highlights of our continued strong operating and financial performance. Strong growth in revenues, adjusted EBITDA and FFO per share was driven by the continued strength across key areas of our unique and differentiated business. We had continued strength and timely payment of rent from our client tenants, 99.9% and for the first quarter and 99.7% for April that was through April 21, only 3 weeks into this month, pretty amazing. Continued strength in same-property NOI growth of 3.7%, 9% on a cash basis and really reflects the benefit of strong rental rate growth on leasing in recent quarters, contractual annual escalations in rent and the burn-off of some free rent.

現在是我們持續強勁的運營和財務業績的主要亮點。收入、調整後的 EBITDA 和每股 FFO 的強勁增長是由我們獨特和差異化業務的關鍵領域的持續強勁推動的。我們的客戶租戶持續強勁並及時支付租金，第一季度為 99.9%，截至 4 月 21 日的 4 月為 99.7%，本月僅 3 週，非常驚人。同物業 NOI 增長 3.7% 的持續強勁增長，按現金計算增長 9%，真正反映了近幾個季度租賃租金強勁增長、合同年度租金上漲和部分免費租金的燒毀所帶來的好處。

Our strong outlook for 2023 same-property NOI growth is 3% on a GAAP basis, 5% on a cash basis and generally consistent with our strong 10-year average for same property growth.

我們對 2023 年同物業 NOI 增長的強勁展望是按 GAAP 計算為 3%，按現金計算為 5%，與我們對同物業增長的 10 年強勁平均水平基本一致。

Now turning to record rental rate growth and strong leasing volume. Strong rental rate growth continued into 2023 at 48.3% on a GAAP basis, 24.2% on a cash basis from lease renewals and re-leasing the space in the first quarter. Now this was an exceptional rental rate growth, GAAP at the highest in the company's history, both GAAP and cash rental rate growth higher than the strong rental rate growth for the full year of 2022 and 2021.

現在轉向創紀錄的租金增長和強勁的租賃量。強勁的租金增長持續到 2023 年，按 GAAP 計算為 48.3%，按現金計算，第一季度續租和重新租賃空間為 24.2%。現在這是一個異常的租金增長，GAAP 處於公司歷史上最高的水平，GAAP 和現金租金率增長均高於 2022 年和 2021 年全年的強勁租金率增長。

Now leasing volume for the first quarter was strong at 1.2 million rentable square feet, slightly ahead of the strong quarterly average of leasing volume prior to the exceptional record-level leasing volume in both 2021 and 2022.

現在，第一季度的租賃量強勁，可出租面積為 120 萬平方英尺，略高於 2021 年和 2022 年創紀錄的租賃量之前強勁的季度平均租賃量。

Now the key takeaway is that the scale of our high-quality tenant roster combined with operational excellence from our team, puts us in an excellent position to benefit from the unique pool of demand from our client tenants even in this unusual macro environment.

現在的關鍵是，即使在這種不尋常的宏觀環境中，我們高質量租戶名單的規模與我們團隊的卓越運營相結合，使我們處於有利地位，可以從客戶租戶的獨特需求中獲益。

Now our strong occupancy was in line with our expectations. Occupancy was 93.6% as of March 31 and really in line with expectations and the comments I provided on our year-end earnings call. There are 3 key takeaways here. First, occupancy is expected to improve in the back half of the year. Second, 371,000 rentable square feet of the recent vacancy has significant rental rate growth of 110% on a GAAP basis and 115% on a cash basis; and third, 29% of this 371,000 rentable square feet has already been leased with occupancy of some of the space beginning in the third quarter of '23.

現在我們的強勁入住率符合我們的預期。截至 3 月 31 日，入住率為 93.6%，確實符合預期和我在年終財報電話會議上提供的評論。這裡有 3 個要點。首先，預計下半年入住率將有所改善。其次，最近空置的 371,000 平方英尺的可出租面積按 GAAP 計算租金增長 110%，按現金計算增長 115%；第三，從 2023 年第三季度開始，這 371,000 平方英尺的可出租面積中有 29% 已經出租，部分空間已被租用。

Please refer to Footnote 1 on Page 26 of our supplemental package for more information. We also absorbed $71,000 of vacancy from a building located in Texas. This is one of 2 buildings that were undergoing redevelopment last quarter, 1 building, aggregating 131,000 rentable square feet is currently 36% pre-leased and undergoing redevelopment. We decided to hold on further redevelopment of the second building, aggregating 71,000 rentable square feet until we lease up the remainder of the 131,000 rentable square foot building. The 71,000 rentable square foot building is vacant and is classified in operating properties.

有關更多信息，請參閱我們補充包第 26 頁的腳註 1。我們還吸收了德克薩斯州一棟建築的 71,000 美元空缺。這是上個季度進行重建的 2 座建築之一，其中 1 座建築總計 131,000 平方英尺的可出租面積目前有 36% 已預租並正在進行重建。我們決定繼續對第二棟建築進行進一步重建，共計 71,000 平方英尺的可出租面積，直到我們租完剩餘的 131,000 平方英尺的可出租建築。這座 71,000 平方英尺的可出租建築是空置的，屬於經營物業。

We continued with very strong adjusted EBITDA margin of 69%. Briefly on a high-quality tenant roster, Alexandria really is the brand for life science real estate, has built long-term trusted relationships and is a true partner to the life science industry. 90% of our top 20 tenants are investment-grade rated or large-cap publicly traded companies. And we highlighted continued strength of timely payments of rent from client tenants at 99.9% of rent that was due in the first quarter really reflects the strength of our high-quality client tenants, important tenant relationships and the high-quality underwriting from our research team.

我們繼續保持非常強勁的調整後 EBITDA 利潤率 69%。簡單地說，在高質量的租戶名單上，Alexandria 確實是生命科學房地產的品牌，建立了長期的信任關係，是生命科學行業的真正合作夥伴。我們排名前 20 位的租戶中有 90% 是投資級評級或大型上市公司。我們強調了客戶租戶按時支付租金的持續強勁勢頭，第一季度到期租金的 99.9% 確實反映了我們優質客戶租戶的實力、重要的租戶關係以及我們研究團隊的高質量承保.

Briefly on venture investments, realized gains from the venture investments included in FFO averaged about $25.8 million per quarter for the last 8 quarters through the end of 2022 in comparison to $20.7 million for the first quarter of 2023. Now we do expect realized gains each quarter from our venture investments for the remainder of '23 to be more consistent to slightly up from the historical quarterly average of $25.8 million that I just highlighted. Gross unrealized gains in our venture investments as of March 31 were $459 million on a cost basis of $1.2 billion.

簡要介紹一下風險投資，到 2022 年底的最後 8 個季度，FFO 中風險投資的實現收益平均每季度約為 2580 萬美元，而 2023 年第一季度為 2070 萬美元。現在我們確實預計每個季度實現收益從我們 23 年剩餘時間的風險投資來看，與我剛剛強調的 2580 萬美元的歷史季度平均水平相比，我們的風險投資更加穩定。截至 3 月 31 日，我們風險投資的未實現總收益為 4.59 億美元，成本為 12 億美元。

Now we've got continued consistency and growth in dividends from really high-quality cash flows that we generate in our business. We've got a very low and conservative FFO payout ratio, 55% for the first quarter annualized with 5.3% increases in common stock dividends over the last 12 months. We're projecting $375 million in net cash flows from operating activities after dividends for reinvestment. At this rate, this represents over $1.1 billion of capital for reinvestment over the next 3 years.

現在，我們從業務中產生的真正高質量的現金流中獲得了持續的一致性和股息增長。我們的 FFO 派息率非常低且保守，第一季度年化率為 55%，過去 12 個月普通股股息增長 5.3%。我們預計用於再投資的股息後經營活動產生的淨現金流量為 3.75 億美元。按照這個速度，這意味著未來 3 年的再投資資本超過 11 億美元。

Briefly on external growth, we have $610 million of incremental net operating income from our pipeline of 6.7 million square feet that is 74% leased. Approximately 30% of this NOI will commence in the remaining 3 quarters of 2023, about 40% will commence in 2024, about 26% in 2025 and the remaining 4% thereafter.

簡要介紹一下外部增長，我們從 670 萬平方英尺的管道中獲得了 6.1 億美元的增量淨營業收入，其中 74% 已出租。大約 30% 的 NOI 將在 2023 年剩餘的 3 個季度開始，約 40% 將在 2024 年開始，約 26% 將在 2025 年開始，其餘 4% 將在 2024 年開始。

Now turning to guidance. We updated our underlying guidance assumptions for 2023. These assumptions are disclosed on Page 4 of our supplemental package. Our per share outlook for 2023 was updated to plus or minus $0.05 of a range from the midpoint of guidance, down from the plus or minus $0.10 range last quarter. Our range of guidance for EPS is $2.21 and to $2.31 and our range for FFO per share diluted as adjusted is $8.91 to $9.01 with no change at the midpoint of $8.96. Now this represents a strong 6.4% growth in FFO per share for 2023 following excellent growth last year of 8.5%.

現在轉向指導。我們更新了 2023 年的基本指導假設。這些假設在我們補充包的第 4 頁披露。我們對 2023 年的每股展望已更新為指導中點正負 0.05 美元的區間，低於上一季度正負 0.10 美元的區間。我們對 EPS 的指導範圍是 2.21 美元到 2.31 美元，我們調整後的每股 FFO 範圍是 8.91 美元到 9.01 美元，中點 8.96 美元沒有變化。現在，繼去年 8.5% 的出色增長之後，2023 年每股 FFO 將強勁增長 6.4%。

Now key updates on the underlying detailed assumptions included the following: a significant reduction of $325 million in both sources and uses of capital, including a $75 million reduction in the midpoint of acquisitions to $225 million and a $250 million reduction in construction spend at $2.725 billion. We also gave updates on significant dispositions and partial interest sales aggregating $865 million including significant transactions that are under executed LOIs and purchase and sale agreements.

現在，有關基本詳細假設的關鍵更新包括：資本來源和用途均大幅減少 3.25 億美元，其中收購中點減少 7500 萬美元至 2.25 億美元，建設支出減少 2.5 億美元至 27.25 億美元.我們還提供了總計 8.65 億美元的重大處置和部分權益出售的最新信息，包括根據已執行的 LOI 和買賣協議進行的重大交易。

Now rental rate growth on lease renewals and re-leasing this space was increased 1% for both GAAP and cash to a range of 28% to 33% for GAAP and 12% to 17% on cash and occupancy was adjusted 20 basis points to reflect vacancy from 170,000 rentable square foot building located in Texas that is on hold while we lease up the adjacent building under redevelopment that is currently 36% leased. Importantly, occupancy is expected to recover in the second half of 2023.

現在，根據 GAAP 和現金，續租和重新租賃該空間的租金增長率增加了 1%，GAAP 增加了 28% 至 33%，現金增加了 12% 至 17%，入住率調整了 20 個基點以反映位於德克薩斯州的 170,000 平方英尺可出租建築的空置率被擱置，而我們正在出租正在重建的相鄰建築，該建築目前已出租 36%。重要的是，預計入住率將在 2023 年下半年恢復。

With that, let me turn it back to Joel Marcus. Thank you.

有了這個，讓我把它轉回 Joel Marcus。謝謝。

So operator, can we go to questions, please?

那麼接線員，我們可以提問嗎？

(Operator Instructions)

（操作員說明）

The first question today comes from Steve Sakwa with Evercore.

今天的第一個問題來自 Evercore 的 Steve Sakwa。

Joe, look, I can appreciate that you still haven't closed a lot of these deals, but I think the market would certainly appreciate just any range of commentary you could provide on sort of how to think about cap rates. I realize not singling out individual deals, but is there a way to sort of bracket them or bucket them kind of against maybe where your implied cap rate is today or maybe against the deal that Peter discussed.

喬，你看，我能理解你仍然沒有完成很多這樣的交易，但我認為市場肯定會欣賞你就如何考慮資本化率提供的任何範圍的評論。我意識到沒有挑出個別交易，但有沒有辦法將它們放在一起，或者將它們與你今天的隱含上限率相比較，或者可能與彼得討論的交易相比較。

Well, I think the way and I'll have Peter certainly and Dan may want to comment as well. I think it's fair to think about we were posting low 4% cap rates, again, on Class A facilities over the last couple of years, and Peter just went through, I thought, a pretty clear explanation of the transaction in Greater Boston, which is essentially a 5.4%. So you might think about an adjustment of cap rates maybe over this transition, transitioning economic time of maybe 100 basis points. So that's maybe a way to frame it. But I think you'll be pretty impressed. And I think people would be impressed when we do our second quarter call. But Peter, any comments?

好吧，我認為我肯定會邀請 Peter，Dan 可能也想發表評論。我認為考慮我們在過去幾年再次對 A 級設施設定 4% 的低上限率是公平的，我認為彼得剛剛對大波士頓的交易進行了非常清楚的解釋，這本質上是5.4%。所以你可能會考慮在這個過渡期間調整上限利率，過渡經濟時間可能是 100 個基點。所以這可能是構建它的一種方式。但我想你會印象深刻。我認為當我們進行第二季度電話會議時，人們會印象深刻。但是彼得，有什麼意見嗎？

Yes, I agree with that assessment. I would say that we will see things that are still lower than 5% potentially when there's a good mark-to-market opportunity that can be monetized. But if it's stable, high-quality assets going to have a 5 handle on it just like this one did.

是的，我同意這個評價。我想說的是，當存在可以貨幣化的良好按市值計價機會時，我們將看到仍然低於 5% 的可能性。但如果它是穩定的，高質量的資產就會像這個一樣有 5 個句柄。

Dan, any other comment you would throw out?

丹，你還有什麼要說的嗎？

Yes. No, I think not Peter said it perfectly.

是的。不，我認為彼得沒有說得很完美。

Okay. Steve, hopefully, that's helpful.

好的。史蒂夫，希望這對您有所幫助。

Yes. No, that's great. And then, Joel, and maybe you and Hallie could just comment. I saw that I guess in the last supplemental, you talked about sort of dealing with 1,000 tenants. This time, you kind of mentioned 850. My sense is half of that is retail tenants that maybe are leaving for an asset. But I suspect that maybe some of them are not retail. And I guess that really just speaks to how are you changing maybe your underwriting in the tenants that you're sort of willing to do business with today versus maybe tenants who were willing to do business with either post SVB or a couple of years ago?

是的。不，那太好了。然後，Joel，也許你和 Hallie 可以發表評論。我看到我猜在上一個補充中，你談到了與 1,000 個租戶打交道。這一次，您提到了 850。我的感覺是，其中一半是零售租戶，他們可能會為了資產而離開。但我懷疑其中一些可能不是零售的。我想這真的只是在說你如何改變你今天願意與之開展業務的租戶的承保，而不是那些願意與 SVB 後或幾年前開展業務的租戶？

Yes. We didn't have 150 failures. But Dean, do you want to highlight that for a moment?

是的。我們沒有 150 次失敗。但是 Dean，你想強調一下嗎？

Yes. So Steve, the huge majority of the change was really due to a simple future mega campus development project that we acquired. It's a retail project known as The Shops at Tanforan. That was almost all of the change in the tenancy from roughly 1,000 to 850. You're right. Beyond that, like we highlighted, not just during this call, but over the last couple of quarters, we've had, as you would always expect some normal lease expirations that occur at the end where the tenant doesn't choose to extend. And that's fairly normal activity. And then we've also had a few tenants that have come back, as you guys are well aware and have come back to and their lease a little bit early.

是的。所以史蒂夫，絕大多數變化實際上是由於我們獲得的一個簡單的未來大型校園開發項目。這是一個名為 The Shops at Tanforan 的零售項目。這幾乎是租戶從大約 1,000 到 850 的所有變化。你是對的。除此之外，正如我們強調的那樣，不僅在本次電話會議期間，而且在過去的幾個季度中，我們都遇到過，正如您總是期望的那樣，一些正常的租約到期會在租戶不選擇延期的最後發生。這是相當正常的活動。然後我們也有一些租戶回來了，正如你們所知道的那樣，他們已經提前回到了他們的租約。

But that was really a handful of leases over the last couple of quarters. I think the big takeaway though is, look, you know that we do a really good job at selecting really high-quality locations in the core of the life science cluster markets. So great locations, great facilities. And I think our operational excellence and our brand puts us in a great position to capture mark-to-market on most of these spaces that have come back.

但這實際上是過去幾個季度的少數租約。我認為最大的收穫是，看，你知道我們在生命科學集群市場的核心選擇真正高質量的地點方面做得非常好。如此優越的地理位置，一流的設施。而且我認為我們卓越的運營和我們的品牌使我們處於有利地位，可以在大多數已經回歸的空間中按市值計價。

I mean the comments I provided on the vacancies that came up just in the first quarter alone with mark-to-market, both GAAP and cash north of 100%. And 29% of that space has already been leased. If you go back to my comments in the fourth quarter, I believe I gave similar comments of pre-leasing on space that had just rolled as well. So we've got good activity. And again, going back to the crux of your question, Steve, almost all that change in the tenancy was retail related at that shopping mall.

我的意思是我對僅在第一季度出現的職位空缺發表的評論，按市值計算，GAAP 和現金均超過 100%。其中 29% 的空間已經租出。如果你回到我在第四季度的評論，我相信我也對剛剛推出的空間預租發表了類似的評論。所以我們有很好的活動。再一次，回到你問題的關鍵，史蒂夫，幾乎所有租賃的變化都與那個購物中心的零售相關。

Yes. And let me maybe put a footnote on that, Steve. You asked about the nature of underwriting. I think kind of Hallie said it all that when we look at private companies or we look at preclinical public companies or even companies in the clinic that are public. So that group of tenants, you're always looking now even much more so for much nearer-term value inflection milestones and really good data and importantly, large unmet medical needs. I mean we've always done that, but I think now it just goes to show that they're going to be the haves and the others that have-nots. So that's really, I think, where the mindset is.

是的。史蒂夫，讓我在上面做一個腳註。您詢問了承保的性質。我認為 Hallie 在我們研究私營公司或臨床前上市公司甚至臨床上市公司時都說過這一切。所以這群租戶，你們現在總是在尋找更近期的價值拐點里程碑和真正好的數據，重要的是，大量未滿足的醫療需求。我的意思是我們一直這樣做，但我認為現在它只是表明他們將成為富人，而其他人將成為窮人。所以我認為，這真的是心態所在。

Great. And just one last question, Dean, do you have like an overall mark-to-market on kind of what you think the portfolio kind of lost the leases on the overall assets today?

偉大的。最後一個問題，Dean，你有沒有像你認為投資組合今天失去整體資產租約的整體市值？

Meaning if we were to mark-to-market the rental rate, Steve, on the whole portfolio?

意思是如果我們要按市值計價整個投資組合的租金率，史蒂夫？

Yes.

是的。

Yes, it's somewhere around -- I think last quarter, it was somewhere around 27%. This quarter, it's closer to 22% overall in the whole portfolio.

是的，它在某個地方——我認為上個季度，它大約在 27% 左右。本季度，它在整個投資組合中的佔比接近 22%。

The next question comes from Anthony Paolone with JPMorgan.

下一個問題來自摩根大通的 Anthony Paolone。

You guys talked about driving a lot of your leasing from just internal relationships in your existing tenant base. And so I was wondering if -- I don't know if there's an Alexandria dashboard, so to speak, or what, but can you maybe give us a sense as to what either like leasing traffic, rate or just the aggregate amount of demand that's coming out of your portfolio today looks like versus, say, now 2, 3, 4 quarters ago?

你們談到了從現有租戶群的內部關係中推動大量租賃。所以我想知道是否 - 我不知道是否有 Alexandria 儀表板，可以這麼說，或者什麼，但你能否讓我們了解租賃流量、費率或只是需求總量與 2、3、4 個季度前相比，今天從您的投資組合中出來的是什麼？

Yes. That is almost -- that's hard to do generally, and it's so submarket and building specific, Tony. Clearly, demand is overall down from the peak of '20 and '21. You see that just everywhere, and you certainly see it on more of a normalization of our historical leasing, which has bounced around over the last either 5-year benchmark or 10-year. But maybe the thing to say is companies that are active are pharma, and I think Peter alluded to this, bigger biotech product and service companies that aren't so much focused on the manufacturing side or the supply side. And then clearly, biotechs that whether they be public or private that have got good data coming. I think that's where you see it, but I'm not sure we could give you a numerical characterization of that.

是的。這幾乎——這通常很難做到，而且它是如此的細分市場和特定建築，托尼。顯然，需求總體低於 20 世紀和 21 世紀的峰值。你到處都能看到這一點，而且你肯定會在我們歷史租賃的正常化中看到它，它在過去的 5 年基准或 10 年基準中反彈。但也許要說的是活躍的公司是製藥公司，我認為彼得提到了這一點，更大的生物技術產品和服務公司並不太關注製造方面或供應方面。然後很明顯，生物技術公司無論是公共的還是私人的，都獲得了良好的數據。我想這就是你看到它的地方，但我不確定我們能否給你一個數字特徵。

I guess maybe a different way to ask it is if you think about the next couple of years, you see where the growth is within your portfolio, and you also know space that's coming due in your development pipeline, do you see enough demand today to absorb the space that's coming online in the next couple of years? Or do you think we should expect some moderation in occupancy levels as the demand is lower?

我想也許可以換一種方式來問這個問題，如果您考慮未來幾年，您會看到您的投資組合中的增長點，並且您也知道您的開發管道中即將到期的空間，您今天是否看到足夠的需求來吸收未來幾年即將上線的空間？或者您是否認為我們應該預期入住率會因需求降低而有所放緩？

Well, yes, I'll let maybe Peter comment on that as well. But I think it's fair to say if you look at our pipeline, which is pretty highly leased, I think we have a reasonably high level of confidence that we can fully lease those projects. And there are demand that doesn't even show up today on projects that may be on the future drawing board that we're also comfortable with. I don't think we see demand dropping off a cliff here at all. But Peter, you want to comment and Dan, you could comment as well.

好吧，是的，也許我也會讓 Peter 對此發表評論。但我認為可以公平地說，如果你看看我們的管道，它的租賃率很高，我認為我們有相當高的信心，我們可以完全租賃這些項目。還有一些需求今天甚至沒有出現在我們也很滿意的未來繪圖板上的項目中。我認為我們根本不會看到需求從懸崖上掉下來。但是彼得，你想發表評論，丹，你也可以發表評論。

Yes. The -- there's been a slowdown in activity due to the fact that boards and companies are really just trying to figure out where the economy is heading. There's definitely expansion needs. They're just not going forward with some of them, which is contributing to the reduction in demand. So I would say that there's a nice amount of pent-up demand building. And I would say a couple of years from now that, that's definitely going to be in the market if not sooner.

是的。由於董事會和公司實際上只是想弄清楚經濟的發展方向，因此活動有所放緩。肯定有擴展需求。他們只是不繼續其中的一些，這導致需求減少。所以我想說有大量被壓抑的需求。我會說幾年後，如果不是更早的話，那肯定會進入市場。

Okay. And then just one second question, maybe a bit of detail. In the supplemental package on Page 34, you break out the portfolio between the operating assets and the various buckets of future opportunities. I guess what I'm trying to just make sure if I'm putting a cap rate on ARE's NOI and getting a value, what from that slide do I need to add to that to kind of capture the totality. So I'm just trying to understand if in some of these future opportunities buckets, if there's some operating assets in those? Or I'm just trying to piece that all together, so either we're capturing everything or not double-counting something?

好的。然後是第二個問題，也許是一些細節。在第 34 頁的補充包中，您分解了運營資產和各種未來機會桶之間的投資組合。我想我只是想確保如果我在 ARE 的 NOI 上設定一個上限率並獲得一個價值，我需要從那張幻燈片中添加什麼來捕捉整體。所以我只是想了解在這些未來的一些機會桶中，是否有一些運營資產？或者我只是想把它們拼湊在一起，所以我們要么捕獲所有內容，要么不重複計算某些內容？

Tony, it's Dean here. So you're referring to the Page 34 for others on the call, which is in the bottom right-hand corner. This page highlights square footage of our operating, but most importantly, the different categories of our pipeline, everything from construction to the future. There's no significant cash flows from assets that are sitting in the pipeline. I just want to make clear that there's a line item that adjusts the future pipeline for square footage that's sitting in operations, but those cash flows are in the operating portfolio of, Tony, as you pick up that NOI to value the company.

托尼，我是迪恩。所以你指的是通話中其他人的第 34 頁，它位於右下角。此頁面重點介紹了我們運營的面積，但最重要的是，我們管道的不同類別，從建築到未來的一切。正在籌備中的資產沒有產生大量現金流。我只是想澄清一下，有一個項目可以調整運營中的平方英尺的未來管道，但這些現金流量在 Tony 的運營組合中，因為你選擇了 NOI 來評估公司。

We just don't want you to double count the square footage as you go towards the future pipeline. But from an NOI perspective, if that's your fundamental question, the future pipeline doesn't have any significant NOI being generated at the moment.

我們只是不希望您在走向未來管道時重複計算平方英尺。但從 NOI 的角度來看，如果這是你的基本問題，那麼未來的管道目前不會產生任何顯著的 NOI。

So like that 4.2 million square feet, there's not an appreciable amount of NOI from that, that we would be picking up...

因此，就像那 420 萬平方英尺，我們不會從中獲得明顯數量的 NOI ......

Well, wait a second, the 4.2 million is in rental properties today. It's in operations, Tony. I thought you were asking about the 38 million right above it, 37.889 million.

好吧，等一下，今天的420萬是出租物業。它正在運作中，托尼。我以為你問的是上面的3800萬，3788.9萬。

Right. So the 4.2 million, does have some meaningful NOI associated with it. That's that we'd be...

正確的。所以 420 萬確實有一些有意義的 NOI 與之相關。那就是我們會...

Correct. So you don't want to double count the square footage there.

正確的。所以你不想重複計算那裡的面積。

That's why we net down the square footage in that disclosure to 30 -- roughly 34 million.

這就是為什麼我們將該披露中的平方英尺減少到 30——大約 3400 萬。

Right, right. But the book value has that 4.2 million in there.

是的是的。但賬面價值有 420 萬。

The book value would only have it to the extent it's not related to the operating component, Tony. It's in operations, the book value would be sitting in the operating component. If a larger campus had 2 operating buildings and a pad to support 2 buildings, the pad to support the future buildings would be in the future pipeline, the book basis. but the cost base is related to the operating buildings would be in operations, not in the pipeline.

賬面價值只有在與運營組件無關的範圍內才會有它，托尼。它在運營中，賬面價值將位於運營部分。如果一個更大的校園有 2 個運營建築物和一個墊來支持 2 個建築物，則支持未來建築物的墊將在未來的管道中，這本書的基礎。但成本基礎與運營中的建築物有關，而不是在籌備中。

Next question comes from Nick Joseph with Citi.

下一個問題來自花旗的 Nick Joseph。

Maybe just on the sources and uses. Obviously, there's dispositions and partial interest sales that are continuing to come at different points in the cycle right now. But as you think about the ability to flex that going forward, if the transaction market stalls even more, how are you thinking about the flexibility on your end? And where could equity play into that?

也許只是在來源和用途上。顯然，目前在周期的不同階段，處置和部分利息出售仍在繼續。但是當你考慮未來靈活調整的能力時，如果交易市場停滯不前，你如何考慮你這邊的靈活性？股權可以在哪裡發揮作用？

Yes. So Dean?

是的。所以院長？

Well, I don't know that -- I mean, it's interesting the way you posed the question. Maybe I'll start from the back end of your question. Flexing our capital plan and turning to equity as a solution is not really something we are contemplating. I think the way to look at our capital plan is what we are doing internally, like we did in the current quarter for earnings as well as over the last several quarters and prep for initial guidance for Investor Day this year was to really challenge the uses of capital.

好吧，我不知道——我的意思是，你提出問題的方式很有趣。也許我會從你問題的後端開始。調整我們的資本計劃並轉向股權作為解決方案並不是我們真正考慮的事情。我認為看待我們的資本計劃的方式是我們在內部所做的事情，就像我們在本季度以及過去幾個季度所做的那樣，並為今年投資者日的初步指導做準備是真正挑戰用途的資本。

I think one thing to keep in mind is that -- our pipeline is $610 million of incremental net operating income from projects that are highly leased today. There's so much equity type capital that's invested in CIP today, there's very little incremental equity needed to fund that pipeline. And so we're looking at spend across other projects as we look forward over into '24 and beyond to be sure we're prioritizing things that we should be investing into and maybe holding on things that we shouldn't be just given the macro environment.

我認為要記住的一件事是——我們的管道是來自今天高度租賃的項目的 6.1 億美元增量淨營業收入。今天投資於 CIP 的股權類型資本如此之多，為該管道提供資金所需的增量股權非常少。因此，當我們展望 24 世紀及以後，我們正在研究其他項目的支出，以確保我們優先考慮我們應該投資的事情，並可能持有我們不應該只考慮宏觀的事情環境。

So Hopefully, that gives you just some color on how we're thinking more broadly about it. I think, as I mentioned on the call earlier, we're mindful of the macro environment. We're also in a position where we know where we are here at the end of April with a lot of good activity on the pipeline.

因此，希望這能讓您了解我們如何更廣泛地思考它。我認為，正如我之前在電話會議上提到的，我們關注宏觀環境。我們也處於一個位置，我們知道 4 月底我們在這裡的位置，有很多好的活動正在進行中。

And so we're reasonably comfortable with our outlook into 2023 and we'll obviously provide an update as we go quarter-to-quarter, but a bulk of what we have under executed LOI or PSA agreements today is sliding to close here fairly soon, plus or minus mid-year. So we feel good about it, and we'll keep an eye on things as we go through the next 2 quarters.

因此，我們對 2023 年的展望感到相當滿意，我們顯然會在每個季度進行更新時提供更新，但我們今天執行的 LOI 或 PSA 協議中的大部分內容很快就會在這里關閉, 加上或減去年中。所以我們對此感覺很好，我們會在接下來的兩個季度中密切關注事情。

Absolutely. That's helpful. And then maybe just on that kind of reduction in development spend. How does that play into capitalized interest and interest expense in 2023?

絕對地。這很有幫助。然後也許只是減少開發支出。這對 2023 年的資本化利息和利息支出有何影響？

Yes. Well, it's all reflected in our guidance. We just gave it. So you saw there was no changes in capped interest down in the details, obviously, if you -- we did on a number of projects review strategically what we wanted to do and a number of them were put on temporary hold, if you want to look at it from that perspective. Redevelopments were placed into operations as vacant assets, development projects for the future were -- they have been paused on a few circumstances, which basically were left in the future development pipeline.

是的。嗯，這都反映在我們的指南中。我們只是給了它。所以你看到在細節上上限利息沒有變化，顯然，如果你 - 我們對一些項目進行了戰略性審查我們想做的事情並且其中一些被暫時擱置，如果你想從那個角度來看。重新開發作為空置資產投入運營，未來的開發項目——它們在一些情況下被暫停，這些項目基本上留在了未來的開發管道中。

From a capitalization perspective, that operating building that went in -- I'm sorry, the redevelopment building that's vacant that went into operations capitalization ceased immediately. The other projects have activities that are winding down as we speak, meaning capitalization will cease over the next month to a number of months going forward.

從資本化的角度來看，進入運營的那座運營大樓——對不起，進入運營資本化的空置重建大樓立即停止了。正如我們所說，其他項目的活動正在逐漸結束，這意味著資本化將在下個月到未來幾個月內停止。

But they're all basically shutting down in the near term in the scheme of things, they're relatively small. So we've been able to absorb that. It sits within our range of guidance. It sits within our range of FFO with other assumptions offsetting those changes.

但他們基本上都在短期內關閉了事情的計劃，他們相對較小。所以我們已經能夠吸收它。它在我們的指導範圍內。它位於我們的 FFO 範圍內，其他假設抵消了這些變化。

So we are able to pick up some improvement to offset those. So hopefully, that gives you a sense. I mean we look at qualifying activities carefully across all of our projects that are undergoing construction activities and capped interest and shut them down accordingly. So you will see some of that, but they're fairly small in the scheme effects.

所以我們能夠進行一些改進來抵消這些。所以希望這能給你一種感覺。我的意思是，我們會仔細研究所有正在進行建設活動的項目的合格活動，並限制利息並相應地關閉它們。所以你會看到其中的一些，但它們在方案效果中相當小。

That's helpful. And then just on the transaction market, I know you touched on cap rates, maybe up about 100 basis points in each asset, very different, though. Is there anything you're seeing from a buyer or kind of bidder pool buyer pools kind of change relative to what you've seen really over the last 12 months, just given kind of where financing costs have moved different institutions either fallen out? Or have you seen kind of any institutional interest that you haven't seen before?

這很有幫助。然後就在交易市場上，我知道你談到了資本化率，每項資產可能上漲了大約 100 個基點，雖然非常不同。相對於過去 12 個月你所看到的真實情況，你從買家或投標人池買家那裡看到了什麼變化，只是考慮到融資成本轉移到不同機構的地方或者失敗了嗎？或者您是否看到過您以前從未見過的任何機構興趣？

Yes. It's Peter. I'll take that. We actually have a number of choices still in the market. But there are definitely some folks that are on the sidelines that are facing redemptions. And so they're interested in accumulating more life science product, but they can't necessarily play right now. But that's been filled in by some other new folks coming in that want exposure that are also high-quality institutional investors. And -- so we have liquidity, and I'm not too concerned about that at this point. I think it will get better once there's more certainty in where the terminal rate is going to land and where cost of capital is so people get comfortable in spending their allocations for '23.

是的。是彼得。我會接受的。實際上，我們在市場上仍有許多選擇。但肯定有一些人在場外面臨贖回。所以他們有興趣積累更多的生命科學產品，但他們現在不一定能玩。但這已經被其他一些新來的人填補了，他們也希望接觸高質量的機構投資者。而且 - 所以我們有流動性，目前我並不太擔心這一點。我認為，一旦終端利率將下降到哪里以及資本成本在哪裡有了更多的確定性，情況就會變得更好，這樣人們就可以放心地為 23 年分配資金。

The next question comes from Michael Carroll with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Michael Carroll。

Peter, can you talk a little bit about the supply comments that you're making in your prepared remarks? I mean are you seeing developers being more cautious pursuing new projects? I know there's a few data sources out there saying that developers are still pursuing life science projects specifically in Boston, I mean, would you agree with that statement?

彼得，你能談談你在準備好的發言中所做的供應評論嗎？我的意思是你是否看到開發人員在追求新項目時更加謹慎？我知道有一些數據來源表明開發人員仍在波士頓特別從事生命科學項目，我的意思是，您同意這種說法嗎？

Yes. Certainly, there are -- there have been -- there has been spec building, especially in Boston. What we are seeing is in areas outside of our core submarkets where we don't own product, there are vacant buildings sitting there. And it's -- we're hearing that there's no tours, there's no activity. So we don't necessarily think that those buildings are competitive to ours. There are a few projects, obviously, that we do believe, and that's where those percentages are coming in.

是的。當然，有——曾經有——已經建立了規範，尤其是在波士頓。我們所看到的是在我們不擁有產品的核心子市場之外的區域，那裡有空置的建築物。它是——我們聽說沒有旅遊，沒有活動。所以我們不一定認為那些建築對我們有競爭力。顯然，我們確實相信有幾個項目，這就是這些百分比的來源。

So obviously, '23, a lot of stuff has already been delivered. There's some more coming in '24, there's more coming. We are seeing very little that is starting new today. I think there was one project in South San Francisco that has started recently, which is just beyond comprehension. But outside of that, we believe that anything that would compete in -- of our quality is in our numbers and that we don't think many, if any, people will start new projects from here on out, at least not in a material manner, but who knows?

很明顯，'23，已經交付了很多東西。 24 年會有更多，還會有更多。今天我們很少看到有新的開始。我認為最近在南舊金山開始了一個項目，這是無法理解的。但除此之外，我們相信任何可以競爭的東西——我們的質量都在我們的數量上，我們認為從現在開始不會有多少人（如果有的話）開始新項目，至少不會在材料上方式，但誰知道呢？

Okay. Great. And then just last, on 15 Necco, what's the reason for selling that specific, I guess, development stake? Is there any something about that building that you didn't like or that was more particularly attractive to certain investors, I guess, why that property?

好的。偉大的。最後，在 Necco 15 號，我想出售特定開發股份的原因是什麼？那棟樓有什麼地方是你不喜歡的，或者對某些投資者特別有吸引力，我想，為什麼是那處房產？

Well, it was a fairly low yield. So we're giving away not too much upside by selling part of it, right? And are the investors that we attracted really like the building, and it was an opportunity to fund something that was in near-term dollars. So it made a lot of sense.

好吧，這是一個相當低的收益率。因此，我們通過出售其中的一部分並沒有放棄太多的好處，對吧？我們吸引的投資者是否真的喜歡這座建築，這是一個為短期美元投資的機會。所以這很有意義。

Yes. And I mean it's a world-class building with a world-class tenant. So it certainly is one of those opportunities that would attract a variety of capital sources. And we continue to be the dominant owner as well. So it's kind of meets all the requirements that we have for monetization.

是的。我的意思是，這是一座擁有世界級租戶的世界級建築。因此，這無疑是吸引各種資本來源的機會之一。我們也將繼續成為主要所有者。所以它有點滿足我們對貨幣化的所有要求。

The next question comes from Rich Anderson with SMBC.

下一個問題來自 SMBC 的 Rich Anderson。

So on the 7.6 million square foot pipeline, how much -- what does that imply in terms of development spend in 2024? And how much of that is potentially some place where you can sort of tap the brakes like you kind of did this quarter in deference to the current capital raising market, please?

那麼，在 760 萬平方英尺的管道上，2024 年的開發支出有多少——這意味著什麼？其中有多少可能是您可以像本季度那樣為了尊重當前的融資市場而踩剎車的地方？

Rich, it's Dean Shigenaga here. So you said 7.6 million...

Rich，這裡是重永院長。所以你說760萬...

You use any pipeline place you want. I'm curious as to what you've committed to in terms of development spending.

您可以使用任何您想要的管道。我很好奇您在開發支出方面的承諾。

I see what number you're referring to. So you were referring to the pipeline that's under construction, 5.5 million square feet, plus another 1.2 million near term. Those are all 100% pre-leased projects. So that ties to the $610 million for others of incremental net operating income. We haven't broken out that number for '24 to spend just related to that, but that's not -- within that bucket now we've slimmed down the focus of what is continuing to generate the $610 million of NOI.

我明白你指的是什麼號碼。所以你指的是正在建設中的管道，550 萬平方英尺，加上近期的 120 萬平方英尺。這些都是100%預租的項目。因此，這與其他增量淨營業收入的 6.1 億美元有關。我們還沒有列出與此相關的 24 年支出數字，但事實並非如此——現在我們已經縮小了繼續產生 6.1 億美元 NOI 的重點。

And for the most part, Rich, for the most part, those are either 100% leased projects or multi-tenant projects, most of which have some level of pre-leasing. Some that don't have pre-leasing today are multi-tenant projects anywhere from a building to multiple buildings. So rightsized for delivery to requirements in the market, they're not lumpy, large build-to-suit opportunities that could be more specific to larger requirements.

在大多數情況下，Rich，在大多數情況下，這些項目要么是 100% 租賃項目，要么是多租戶項目，其中大部分都有一定程度的預租。今天沒有預租的一些是從一棟建築到多棟建築的任何地方的多租戶項目。為滿足市場需求而調整大小，它們不是塊狀的、大型的定制機會，可以更具體地滿足更大的需求。

So I guess, a long way of saying, Rich, I think we feel comfortable with what we've rightsized for the pipeline of activity. The construction spend, plus or minus will play out like a normal curve for spend over that pipeline, roughly 2 years from the start of new projects, the active pipelines part way through that already. So what you're really focused on, though, in your question is a spend outside of that, which goes to quite a bit of activity, site work, advancing site work as well as entitlements.

所以我想，很長一段時間裡，Rich，我認為我們對我們為活動管道進行的權利調整感到滿意。從新項目開始大約 2 年，建設支出，正負將像管道支出的正常曲線一樣發揮作用，活躍的管道已經部分通過了。因此，在你的問題中，你真正關注的是除此之外的支出，這涉及相當多的活動、現場工作、推進現場工作以及權利。

Entitlements are important. They add a lot of value. Site work shrinks the time to deliver buildings to a tenant, which if you looked at us 2 years ago, we said, let's move that along. If you look at us today, we'd say, well, let's think carefully about site work given cost of capital considerations with the macro environment today, and let's just hold on that until the right time.

權利很重要。他們增加了很多價值。現場工作縮短了將建築物交付給租戶的時間，如果你在 2 年前看著我們，我們說，讓我們繼續吧。如果你今天看我們，我們會說，好吧，讓我們在考慮到資本成本和當今宏觀環境的情況下仔細考慮現場工作，讓我們堅持到合適的時間。

And so I think we're going to look hard, as I mentioned earlier, over the next couple of quarters. We continue to refine our plan for 2024 because as I mentioned earlier, the $610 million of pipe -- that pipeline does not require much more equity capital at stabilization because we have so much already in CIP, the incremental EBITDA will allow us to debt fund leverage neutral, the wide majority of the incremental capital for that pipeline. So it's more general TIs and renovation costs that aren't part of development and redevelopment that we need to scrutinize in our business.

因此，正如我之前提到的，我認為我們將在接下來的幾個季度中努力尋找。我們繼續完善我們的 2024 年計劃，因為正如我之前提到的，6.1 億美元的管道——該管道不需要更多的股權資本來穩定，因為我們已經在 CIP 中擁有這麼多，增量 EBITDA 將使我們能夠為債務融資槓桿中性，即該管道的大部分增量資本。因此，我們需要在業務中仔細檢查不屬於開發和重建的一部分的更一般的 TI 和翻新成本。

Yes. And that's kind of the critical message.

是的。這是一種關鍵信息。

Yes. Got it. And then the second question for me is on the success that you're having from asset sales and partial interest. It's obviously the best way to -- one of the best ways to raise equity capital right now for you guys today. But at what point does it become too much? Where you're parting ways with your preeminent assets, you only want to do that to a certain degree before you're giving away stuff you'd rather own 100%. So is there a sort of a number you can point to that this is how much we can raise from a disposition standpoint, still be in a range where we're comfortable with our ownership position in these fantastic assets longer term.

是的。知道了。然後對我來說第二個問題是你從資產出售和部分利息中獲得的成功。這顯然是最好的方式 - 現在為你們籌集股本的最佳方式之一。但是在什麼時候它變得太多了？在放棄卓越資產的地方，您只想在一定程度上做到這一點，然後再放棄您寧願 100% 擁有的東西。那麼，有沒有一個數字可以指出，從配置的角度來看，我們可以籌集到多少資金，仍然處於我們對這些夢幻般資產的長期所有權地位感到滿意的範圍內。

Rich, it's Dean here. I think the way to think about at a high level is that we just closed the conversation about the pipeline 6.7 million square feet under construction or including 1.2 million to start in the near term here. That's a lot of product. And we just completed a lot of product over the last 2 or 3 years. So we have added a lot of high-quality assets to our portfolio in recent years as well as coming online here over the next 2 to 3 years. So putting it off a piece of the portfolio makes sense. And we're mindful of your question, but we have so much coming online and that we have completed in recent years. I think we feel we're in pretty good shape.

Rich，這裡是Dean。我認為高層次的思考方式是我們剛剛結束了關於 670 萬平方英尺在建管道或包括 120 萬平方英尺管道的討論，這些管道將在短期內開工。那是很多產品。在過去的 2 或 3 年裡，我們剛剛完成了很多產品。因此，我們近年來在我們的投資組合中增加了很多優質資產，並在未來 2 到 3 年內上線。因此，將其從投資組合中剔除是有道理的。我們注意到你的問題，但我們有很多東西要上線，而且我們在最近幾年已經完成了。我認為我們感覺我們的狀態非常好。

The next question comes from Tom Catherwood with BTIG.

下一個問題來自 BTIG 的 Tom Catherwood。

Just following up on Michael's previous question about Boston. Can you provide some more insight on the decision not to redevelop 275 Grove Street? And is there any read-through to other recent acquisitions in Greater Boston like GateHouse Drive or Presidential Way?

只是跟進邁克爾之前關於波士頓的問題。對於不重新開發 275 Grove Street 的決定，您能否提供更多見解？是否有通讀大波士頓地區最近的其他收購，如 GateHouse Drive 或 Presidential Way？

Yes. I think Peter can comment as well. I think the way we're trying to think about it is to -- I mean we have a very significant position in the greater Boston market, 14 million, 15 million square feet. And I think in a tougher macro environment, it's kind of a thought to prune and rightsize. You see what we've done last year would be a good example of, we sold a set of really good high-quality workhorse assets, but we felt in locations that were not necessarily high barrier to entry markets, but good economics for buyers as well and good economics for us. And I think as we think about different assets, we're trying to make sure that we're more focused on the highest barrier to entry markets rather than less. And I think that's probably the best example I could maybe share. Peter, but you could give your color.

是的。我想 Peter 也可以發表意見。我認為我們正在考慮的方式是——我的意思是我們在大波士頓市場擁有非常重要的地位，1400 萬、1500 萬平方英尺。而且我認為在更艱難的宏觀環境中，這是一種修剪和調整規模的想法。你看我們去年所做的就是一個很好的例子，我們出售了一套非常好的高質量主力資產，但我們覺得進入市場的門檻不一定很高，但對買家來說經濟性很好對我們來說很好，很好的經濟學。而且我認為，當我們考慮不同的資產時，我們正在努力確保我們更專注於進入市場的最高壁壘而不是更少。我認為這可能是我可以分享的最好的例子。彼得，但你可以給你的顏色。

Yes. I mean there was one nuance to kind of focus us on 275 Grove, which was when we acquired that, there was a thought an opportunity to expand our holdings in that neighborhood and in fact, adjacent to it. So we in addition to high-barrier to enter, we also really are focused on aggregating into mega emphasis and the opportunity to do that wasn't attractive enough for us to move forward. And so we ended up with this kind of stand-alone asset, which is a really good office asset. But you have to start prioritizing and that one just kind of lost some of the shine when the opportunity to expand kind of went away.

是的。我的意思是我們將注意力集中在 275 Grove 上有一個細微差別，當我們收購它時，我們想到了一個機會來擴大我們在該社區的持股量，實際上是在它附近。因此，除了進入的高門檻外，我們還真正專注於聚集到巨大的重點，而這樣做的機會對我們前進來說不夠有吸引力。所以我們最終得到了這種獨立資產，這是一個非常好的辦公資產。但是你必須開始確定優先級，而當擴展的機會消失時，那一個就失去了一些光彩。

Got it. And then Peter, sticking with you, I appreciated your comments on availability rates when including 2023 and '24 deliveries. When it comes to upcoming lease expirations, you're typically in conversations with tenants a year or multiple years in advance. Are you getting any sense that tenants are engaging less on their '24 expirations or space needs given the large amount of expected deliveries between now and the end of '24?

知道了。然後彼得，堅持你的看法，我感謝你對包括 2023 年和 '24 交付在內的可用率的評論。當談到即將到期的租約時，您通常會提前一年或多年與租戶進行對話。考慮到從現在到 24 年底之間的大量預期交付，您是否感覺到租戶在 24 到期或空間需求方面的參與減少了？

That's a hard question to answer because it's pretty -- would be pretty granular for me to understand when I'm looking at leasing reports remembering what is expiring today versus in the future. But I believe our early renewal statistics have been fairly strong recently. So I guess the short answer is I don't -- I haven't noticed anything. We are constantly in communication with the regions about their upcoming renewals in a year to 2 years, even 3 years ahead at times, our -- what's the status of the company and are they expanding? And do we want in the portfolio or not? And so we're pretty aware. And if I think -- if there was some weakness there, I think I would have probably noticed it by now.

這是一個很難回答的問題，因為它很漂亮 - 當我查看租賃報告時記住今天和未來到期的內容時，我會非常了解。但我相信我們的早期續訂統計數據最近相當強勁。所以我想簡短的回答是我沒有——我什麼都沒注意到。我們一直在與各地區溝通他們即將在一年到兩年內續約，有時甚至提前 3 年，我們的公司狀況如何，他們正在擴張嗎？我們是否想要投資組合？所以我們很清楚。如果我認為 - 如果那裡有一些弱點，我想我現在可能已經註意到了。

The next question comes from Joshua Dennerlein with Bank of America.

下一個問題來自美國銀行的 Joshua Dennerlein。

I just wanted to follow up on some of those supply comments, particularly the San Francisco supply. It sounds like that's where the biggest incremental change was when you're looking at 2023 and 2024 unleased new supply. What in particular kind of changed on that front, new supply coming online? Or was it projects that were previously signed and then kind of the lease went away?

我只是想跟進其中一些供應評論，尤其是舊金山供應。當您查看 2023 年和 2024 年未出租的新供應時，這聽起來像是最大的增量變化。在這方面有什麼特別的變化，新供應上線？或者是之前簽署的項目然後租約消失了？

Just some new recent starts and one large one in particular in South San Francisco, you made up most of that change. It is just uncanny that people are still trying to put new products into the queue in a market that has a lot of vacancy. We're fortunate we have one project moving that is kind of a good niche for earlier-stage companies, mid-stage companies, so we don't have to go on an elephant hunt to lease some really large project, but there's a lot of folks out there that are going to be in a lot of trouble because of what I would think is fairly reckless investing.

只是一些最近的新開工，尤其是在南舊金山的一個大開工，你彌補了大部分變化。令人難以置信的是，人們仍在努力將新產品放入一個有很多空缺的市場中。我們很幸運，我們有一個項目正在轉移，這對早期公司和中期公司來說是一個很好的利基市場，所以我們不必去尋找大象來租賃一些非常大的項目，但是有很多那裡的人會因為我認為相當魯莽的投資而遇到很多麻煩。

Well, and also, historically, if you go back to my comments, I said we have tried to shape the company and allocate our capital as much as possible the high barrier to entry markets and mega campuses. South San Francisco, we've never had a dominant position. We chose not to win the Britannia assets came for sale quite a number of years ago and in those days, HCP bought that, I think, almost $3 billion, we valued at about $1.7 billion. So we decided to pass on that.

好吧，而且，從歷史上看，如果你回到我的評論，我說過我們已經試圖塑造公司並儘可能多地分配我們的資本進入市場和大型校園的高門檻。南舊金山，我們從來沒有佔據主導地位。我們選擇不贏得 Britannia 資產在很多年前出售，在那些日子裡，HCP 買下了我認為近 30 億美元的資產，我們的估值約為 17 億美元。所以我們決定傳遞它。

But what's changed in South San Francisco is transportation is now a bit of an issue. Genentech transitioned to Roche which is a great company, a world-class company, but they're not company creating in that market like Genentech was like a factory for spin-outs much like MIT is. And some of those aspects of what would otherwise be a high barrier to entry market don't exist there. So you saw some of the moves we made last year in South San Francisco, exiting a number of assets, passing on -- we passed on an option we had to do a development. And so we're being pretty darn cautious there, and you'll see that continue.

但南舊金山發生的變化是交通現在有點問題。 Genentech 過渡到 Roche，這是一家偉大的公司，一家世界級的公司，但他們不是像 Genentech 那樣在那個市場上創造的公司，就像麻省理工學院那樣的分拆工廠。那裡不存在原本會成為進入市場的高壁壘的某些方面。所以你看到了我們去年在南舊金山採取的一些舉措，退出了一些資產，傳遞了——我們傳遞了一個我們必須進行開發的選擇。所以我們在那裡非常謹慎，你會看到這種情況繼續下去。

And then one other question. I saw you revised upward the leasing spread guidance. What was that a function of just market rent growth or just lease that you actually started in 1Q?

然後是另一個問題。我看到你上調了租賃價差指南。您在第一季度實際開始的市場租金增長或租賃的功能是什麼？

It's reflective of where we usually start at the beginning of the year. If you look back over time, I think we've enjoyed the opportunity to move rental rate growth and same-property performance northward as we make our way through the year. And so a combination of settling in on activity this quarter, as well as our continued outlook for the remainder of the year. So slight improvement overall.

它反映了我們通常在年初開始的地方。如果你回顧過去，我認為我們很享受在這一年中將租金增長和同物業業績向北移動的機會。因此，結合本季度的活動安排，以及我們對今年剩餘時間的持續展望。整體略有改善。

Next question comes from Dylan Burzinski with Green Street.

下一個問題來自 Green Street 的 Dylan Burzinski。

And I appreciate the color that you guys have provided thus far on sort of demand and the normalization on that front. But just curious, from a geographic perspective, are there certain markets or submarkets where the normalization is a little bit more onerous?

我很欣賞你們迄今為止根據某種需求和這方面的規範化提供的顏色。但很好奇，從地域的角度來看，是否有某些市場或子市場的正常化更加繁重一些？

Well, I think maybe South San Francisco might be not so much for us but maybe others. Yes, that's a good example. And we've tried to minimize or limit our exposure there and transaction that we did on a build-to-suit was really a bit -- it's in the South San Francisco submarket, but it's a little bit out of there. But directly on transportation, we felt was a huge competitive advantage and landed a world-class tenant to 100% occupy that development. So I think that's one example, yes.

好吧，我想也許南舊金山對我們來說可能不是那麼重要，但也許對其他人來說。是的，這是一個很好的例子。我們試圖盡量減少或限制我們在那裡的風險敞口，而我們在定制建築上所做的交易確實有點——它在南舊金山子市場，但有點遠。但直接在交通方面，我們覺得這是一個巨大的競爭優勢，並找到了一個世界級的租戶來 100% 佔用該開發項目。所以我認為這是一個例子，是的。

And I guess just on that line of thought, like our markets like in the non-cluster markets, like RTP, suburban Maryland, are those sort of seeing similar kind of normalization demand trends as San Francisco versus maybe like your core mark submarkets like Cambridge, UTC Torrey Pines of San Diego?

我想正是按照這種思路，就像我們的市場，比如馬里蘭州郊區的 RTP 等非集群市場，這些市場是否看到了與舊金山類似的正常化需求趨勢，而不是像劍橋這樣的核心市場子市場, 聖地亞哥的UTC Torrey Pines？

Yes. I think we're still seeing decent activity maybe RTP or RT, I should say, has slowed maybe a bit more than we would have guessed. But part of that's due to my guess is the mix of tenants down there in the -- not so much our tenants per se, but the mix of life science, the components of life science tenants in that market.

是的。我認為我們仍然看到不錯的活動，也許 RTP 或 RT，我應該說，比我們猜測的要慢一點。但部分原因是我的猜測是那裡的租戶組合——與其說是我們的租戶本身，不如說是生命科學的組合，即該市場中生命科學租戶的組成部分。

And I think we see in Maryland still pretty good. It's slower than it has been because obviously, '20 and '21 were peak times and obviously COVID dollars we're heavily focused on that market, but we're still seeing pretty decent activity that I would say, matches our historical numbers. So that's just 2 examples.

而且我認為我們在馬里蘭州看到的情況仍然相當不錯。它比以前慢，因為很明顯，'20 和 '21 是高峰期，顯然 COVID 美元我們非常關注那個市場，但我們仍然看到相當不錯的活動，我會說，與我們的歷史數字相匹配。這只是兩個例子。

The next question comes from Georgi Dinkov with Mizuho.

下一個問題來自 Mizuho 的 Georgi Dinkov。

Could you please provide more color on the internal leasing pipeline that comes from your existing tenants? And how that demand compares to the broader industry?

您能否提供更多來自現有租戶的內部租賃管道的顏色？與更廣泛的行業相比，這種需求如何？

I don't think you can compare that because no one has the scale and depth of the tenant base that we do, and we know pretty instantaneously about the needs of those tenants versus if you're just in the market using brokers and you're kind of hearing hearsay, or secondhand. So the 2 are pretty fundamentally different.

我不認為你可以比較它，因為沒有人擁有我們所做的租戶基礎的規模和深度，而且我們非常即時地了解這些租戶的需求，而如果你只是在市場上使用經紀人並且你'重新聽聽道聽途說，或二手。所以這兩個是完全不同的。

Understood. And apologies if I missed it, but do you have any lease termination fees this quarter? And if so, how much?

明白了。如果我錯過了，我深表歉意，但是這個季度你們有任何租賃終止費嗎？如果是這樣，多少錢？

Dean?

院長？

Yes, nothing significant in the quarter.

是的，本季度沒有什麼重要的。

Next question comes from Jamie Feldman with Wells Fargo.

下一個問題來自富國銀行的 Jamie Feldman。

Can you talk about the credit watch list today and just what that looks like as a percentage of your revenue versus, say, 6 months ago, how that number has changed?

你能談談今天的信用觀察名單，以及它佔你收入的百分比與 6 個月前相比，這個數字有何變化？

Yes. I don't know that -- I mean, we don't call it a credit watch list. I think Hallie indicated, we have a pretty methodical deep and judicious approach that has always been there. And I mean, if you looked at, say, the Rubia situation, we would say that if there's a management change that then you look at -- or you put that scrutiny at a higher level when it happens. And then as technology developments or lack thereof, take hold that you are informed about. And rumor sometimes when you're dealing with public companies, you have to -- sometimes we have confidentiality agreements, sometimes we don't. So information comes in different ways in different fashions.

是的。我不知道——我的意思是，我們不稱之為信用觀察名單。我認為 Hallie 表示，我們一直採用一種非常有條理的深入和明智的方法。我的意思是，如果你看一下 Rubia 的情況，我們會說，如果有管理層變動，那麼你就會看到——或者當它發生時，你會把審查放在更高的層次上。然後，隨著技術的發展或缺乏，掌握你被告知的信息。有時當你與上市公司打交道時，你必須——有時我們有保密協議，有時我們沒有。因此，信息以不同的方式以不同的方式出現。

We just have a more -- much more hands-on work approach with clients. But I think the bottom line is the simple bottom line. If you look at -- Hallie indicated, if you look at the tenant collections by segment, they're 99% to 100%. So we've, I think, done an extraordinary job of managing rent collections and monitoring all of our tenants in a way that I don't think anyone else could even imagine. So I don't know if that's a helpful way to characterize it, Jamie.

我們只是有更多——更多的與客戶親力親為的工作方法。但我認為底線是簡單的底線。如果你看 - Hallie 表示，如果你按細分看租戶集合，它們是 99% 到 100%。因此，我認為，我們在管理租金收取和監控所有租戶方面做得非常出色，我認為這是其他任何人都無法想像的。所以我不知道這是否是描述它的有用方法，Jamie。

No, that is helpful. I mean, I guess the big picture is like everyone kind of sees the headlines on what's going on in life science. Clearly, you are flying above the clouds or just have a better portfolio, a better tenant base, but it's so hard to handicap just how bad this cycle could get for you..

不，那很有幫助。我的意思是，我想大局就像每個人都看到了生命科學領域正在發生的事情的頭條新聞。顯然，您正在雲端飛行，或者只是擁有更好的投資組合、更好的租戶基礎，但很難阻止這個週期對您造成的糟糕程度。

I think if you look -- yes, I mean if you look at the tenant base and where we, again, Hallie, went through each of the segment or a number of the segments, and I think you could always say to me, the privates are in pretty good shape because they're not exposed to the public markets, and they generally assuming we've underwritten them well, and we have. They generally have good and deep backers, whether it's venture or institutional. And then you look at public, which are preclinical or in the clinic, but don't have near-term milestones. I think that's the area that everybody is really focused on, and we have very limited exposure there.

我想如果你看 - 是的，我的意思是如果你看一下租戶基礎以及我們，再次，Hallie，經歷了每個細分市場或多個細分市場，我想你總是可以對我說，私人公司的狀況非常好，因為它們沒有暴露在公開市場上，而且他們通常認為我們已經很好地承銷了它們，而我們已經做到了。他們通常有良好而深厚的支持者，無論是風險投資還是機構支持。然後你看看公眾，這是臨床前或臨床，但沒有近期里程碑。我認為這是每個人真正關注的領域，我們在那裡的曝光度非常有限。

I mean, for example, we turned down a lease with Sorrento Therapeutics down in San Diego some years ago because we -- it was kind of like Elizabeth well, Theranos, forget her last name, but Elizabeth Holmes. I know people who did diligence and they said they could never look at the Edison machine. Well, if you can't look at the Edison and how it works and so forth, you can't underwrite the tenant. Well, that's kind of how we looked at Sorrento. We couldn't understand the science, not that we had some ability to say, hey, this is going to fail or not fail, but we simply could not understand the science that we passed on the tenancy. And that's just how we do things.

我的意思是，例如，幾年前我們在聖地亞哥拒絕了與 Sorrento Therapeutics 的租約，因為我們——這有點像伊麗莎白，好吧，Theranos，忘了她的姓氏，但伊麗莎白·福爾摩斯。我認識一些勤奮的人，他們說他們永遠看不到愛迪生的機器。好吧，如果你看不到愛迪生及其工作原理等等，你就不能為租戶承保。嗯，這就是我們看待索倫託的方式。我們無法理解科學，並不是說我們有能力說，嘿，這會失敗或不會失敗，但我們根本無法理解我們在租賃中傳遞的科學。這就是我們做事的方式。

Okay. No, that's helpful. And then I guess, Dean, just back to your comment on the $25.8 million of gains you might show. I mean what's the maximum you think you could do on that number -- on that line item?

好的。不，那很有幫助。然後我想，Dean，回到你對你可能顯示的 2580 萬美元收益的評論。我的意思是你認為你可以在那個數字上做的最大事情是什麼——在那個訂單項上？

Well, I mean, a couple of years back now, I think it was 2 years ago, Jamie, we took -- the market was able to deliver on some unique liquidity events within the portfolio, and we had something just north of $200 million in realized gains. Now our policy has been these large significant unusual items, they're one-off, there aren't events that we control. And those, as you go back, about $100 million of that was excluded from FFO per share. These were individually very significant gains.

好吧，我的意思是，幾年前，傑米，我想那是兩年前——市場能夠在投資組合中產生一些獨特的流動性事件，我們有超過 2 億美元的資產在已實現的收益中。現在我們的政策是這些重大的不尋常項目，它們是一次性的，沒有我們可以控制的事件。而那些，當你回去時，其中約有 1 億美元被排除在每股 FFO 之外。這些都是非常顯著的收益。

But that's just one example as a historical data point, Jamie, is -- but if you look back for now, I think this would be the third year that we're into this run rate right at about $100 million, $105 million on average, I think, for the last couple of years. And that's kind of the general outlook other than having a slightly lower number for the first quarter.

但這只是歷史數據點的一個例子，Jamie，但如果你現在回顧一下，我認為這將是我們進入這個運行率的第三年，平均約為 1 億美元，1.05 億美元，我想，在過去的幾年裡。除了第一季度的數字略低之外，這就是總體前景。

This concludes our question and answer session. I would like to turn the conference back over to Joel Marcus for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Joel Marcus 作閉幕詞。

Just simply, thank you very much, and we look forward to talking to you on second quarter call.

簡單地說，非常感謝你，我們期待在第二季度的電話會議上與你交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。