Alexandria Real Estate Equities Inc (ARE) 2023 Q3 法說會逐字稿

Good day, and welcome to the Alexandria Real Estate Equities Third Quarter 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加亞歷山大房地產股票 2023 年第三季電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Paula Schwartz with Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的保拉·施瓦茨 (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 the forward-looking statements.

謝謝大家，大家下午好。本次電話會議包含聯邦證券法意義內的前瞻性陳述。本公司的實際結果可能與前瞻性陳述中的預測有重大差異。

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.

有關可能導致實際結果與前瞻性陳述中的結果有重大差異的因素的更多資​​訊包含在該公司向美國證券交易委員會提交的定期報告中。

I now would like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

我現在想將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 our third quarter conference call and the order of speaking today will be -- I'll kick off. Hallie will follow. Peter will follow Hallie and then Marc will do cleanup.

謝謝保拉，歡迎大家參加我們的第三季電話會議，今天的發言順序是－我開始。哈莉將跟隨。彼得將跟隨哈莉，然後馬克將進行清理工作。

As most of you know, Dean Shigenaga stepped down as Chief Financial Officer on September 15. He will remain a full-time employee and will be on our Q&A call, but Marc is going to -- and Dean's mostly responsible for the quarter, but Marc will handle today's call on the presentation.

正如你們大多數人所知，Dean Shigenaga 於9 月15 日辭去了首席財務官的職務。他將繼續擔任全職員工，並將參加我們的問答電話會議，但Marc 將會——而且Dean 主要負責本季度的工作，但是馬克將主持今天的演示電話會議。

I want to start off with 2 quotes. First, by one of the most legendary -- by 2 legendary investors. First one is Warren Buffett. Who has said and many know this quote, "Be fearful when others are greedy, and opportunistic when others are fearful." And so we are. And a quote from one of the most legendary institutional investors on Alexandria.

我想以兩句話開始。首先，由一位最傳奇的人——兩位傳奇投資者撰寫。第一個是華倫·巴菲特。誰說過，很多人都知道這句話：“當別人貪婪時我要恐懼，當別人恐懼時我要投機取巧。”我們也是如此。以及亞歷山大最具傳奇色彩的機構投資者之一的名言。

Alexandria is a life science industry leader, solely publicly traded pure-play REIT, at its current discounted valuation, we believe concerns about competitive supply and distress for some of the company's life science tenants are overblown and sufficiently discounted in the company's valuation. We believe the management team has assembled a desirable real estate portfolio, enjoys a leading market share position in its geographic markets and has solid expectations for long-term demand-driven growth.

Alexandria 是生命科學行業的領導者，也是唯一公開交易的純房地產投資信託基金，按照目前的折扣估值，我們認為對該公司一些生命科學租戶的供應競爭和困境的擔憂被誇大了，並且在該公司的估值中已經充分折扣。我們相信，管理團隊已經組建了理想的房地產投資組合，在其地理市場中享有領先的市場份額地位，並對長期需求驅動的成長抱持堅定的預期。

So I want to thank each and every member of the Alexandria family team for a strong and operationally outstanding third quarter, for this one of a kind REIT, especially in a very challenging and continuing disruptive macro environment.

因此，我要感謝亞歷山大家族團隊的每一位成員，感謝他們在第三季度實現了強勁且運營出色的業績，感謝這一獨一無二的房地產投資信託基金，特別是在一個非常具有挑戰性和持續顛覆性的宏觀環境中。

Our size, scale and the dominance we've chosen to undertake in our key submarkets, coupled with our irreplaceable brand of importance to our over 800 tenants represents a distinctive impact a few other REITs will ever enjoy. We continue to dominate those of our key submarkets where we have created a leading position and continue to maintain pricing power for a highly desirable mega campuses, which enable life science entities to meet their mission-critical needs and also a path for future growth.

我們選擇在主要子市場佔據的規模、規模和主導地位，加上我們對 800 多個租戶具有重要意義的不可替代的品牌，代表其他房地產投資信託基金將無法享有的獨特影響。我們繼續主導那些我們已經創造了領先地位的關鍵子市場，並繼續保持對非常理想的大型園區的定價能力，這使生命科學實體能夠滿足其關鍵任務需求，也是未來成長的道路。

Couple of thoughts on the third quarter. We continue to maintain a fortress balance sheet, one of the best in the entire REIT industry. We continue our consistent, strong and increasing dividend, with a focus on retaining significant cash flows after dividend payment for reinvestment. We're well on track for a 7% FFO per share growth for 2023, fueled by our onboarding of substantial net operating income, the first half approximately $81 million, the third quarter, approximately $39 million, and the fourth quarter approximately $114 million.

關於第三季的一些想法。我們繼續維持堡壘般的資產負債表，這是整個房地產投資信託行業中最好的資產負債表之一。我們繼續持續、強勁且不斷增加股息，重點是在支付股息後保留大量現金流用於再投資。在我們大量淨營業收入的推動下，我們預計在 2023 年將每股 FFO 成長 7%，上半年約為 8,100 萬美元，第三季約為 3,900 萬美元，第四季約為 1.14 億美元。

A few comments on FDA drug approvals, which is the holy grail of the life science industry and Hallie will have more to say. During the period, which was the bold biotech market 2015 to 2021, almost 3/4 of approvals were biotech and 25% were pharma. So biotech continues to be the mainstay of innovation.

關於FDA藥物批准的一些評論，這是生命科學產業的聖杯，Hallie還有更多要說的。 2015 年至 2021 年生物技術市場最為活躍的時期，近 3/4 的核准屬於生物技術，25% 屬於製藥。因此，生物技術仍然是創新的支柱。

This year is -- Hallie will detail 45 approvals to date, and it could surpass the all-time high of 59 in 2018. Hallie will address the health of the life science industry and the demand generators, but third quarter leasing of approximately 870,000 rentable square feet was very solid and especially with a weighted average lease term of an amazing 13 years, and very strong leasing spreads almost 20% on a cash basis, and almost 29% on a GAAP basis, while leasing costs were decreasing.

今年，Hallie 將詳細介紹迄今為止的45 項批准，這可能會超過2018 年59 項的歷史最高水平。Hallie 將解決生命科學行業的健康和需求生成問題，但第三季度的租賃量約為870,000 套可出租房屋平方英尺非常穩固，尤其是加權平均租賃期限長達 13 年，非常強勁，租賃價差非常強勁，按現金計算幾乎為 20%，按 GAAP 計算為近 29%，而租賃成本卻在下降。

Life science tenant health is one of the most frequently asked questions. And again, Hallie will address that in depth. We are in a de facto recession and in the self-inflected inflationary and high interest rate environment. So that is driving caution. But the life science industry is unequivocally healthy, thriving and the key to improved health care outcomes which are desperately needed for all of us.

生命科學租戶健康是最常見的問題之一。哈莉將再次深入探討這個問題。我們正處於事實上的衰退以及自我影響的通膨和高利率環境。因此，這需要謹慎行事。但生命科學產業無疑是健康、繁榮的，是改善我們所有人迫切需要的醫療保健結果的關鍵。

Internal growth remained steady and solid with same-store cash NOI growth for the year at a strong 5.6%, occupancy on course for about 95%-plus as of year-end, and Marc will have much more to say on internal growth. Peter will detail external growth and our strong efforts of onboarding the substantial net operating income, as I just referred to, and he will also update as he does each quarter's supply dynamics. Peter will also give a brief update on the status of our self-funding for the balance of 2023 and year as a whole.

內部成長保持穩定且穩健，今年同店現金 NOI 成長強勁，達到 5.6%，截至年底入住率約 95% 以上，Marc 對於內部成長有更多話要說。正如我剛才提到的，彼得將詳細介紹外部成長和我們為實現可觀的淨營業收入所做的努力，他也將更新每季的供應動態。 Peter 也將簡要介紹我們 2023 年剩餘時間和全年的自籌資金狀況。

Let me say in summary, we know this is a tough show-me market filled with many skeptics. Many of those skeptics doubting the health of the life science industry despite clear facts to the contrary, overblowing the impact of the elevated levels of new construction no matter the quality, location and/or sponsor or operations, and we know of numerous operating debacles causing substantial damage to tenants by so-called other operators to their science, doubting the ability of Alexandria, the self-funded business despite clear facts to the contrary.

讓我總結一下，我們知道這是一個艱難的展示市場，充滿了許多懷疑論者。許多懷疑論者懷疑生命科學行業的健康狀況，儘管事實恰恰相反，誇大了新建建築水平提高的影響，無論其質量、地點和/或贊助商或運營情況如何，而且我們知道許多運營失敗導致所謂的其他經營者對租戶的科學造成了重大損害，懷疑亞歷山大的自籌資金業務的能力，儘管事實清楚相反。

Each and every reporting quarter, we intend to continue our world-class operational excellence with exceptionalism in all we do, and we intend to capture virtually all of the future demand of our over 800 tenants and virtually all of the future demand of non-tenants who meet our underwriting requirements. And we intend to execute a perfect thread the needle self-funding plan for the remainder of 2023, as well as 2024, as our assets continue to remain scarce and still in demand.

在每個報告季度，我們都打算在我們所做的一切中繼續保持世界一流的卓越運營，並追求卓越，我們打算抓住 800 多個租戶的幾乎所有未來需求以及非租戶的幾乎所有未來需求誰符合我們的承保要求。我們打算在 2023 年剩餘時間以及 2024 年執行完美的自籌資金計劃，因為我們的資產仍然稀缺且仍然有需求。

And then finally, before I turn it over to Hallie, I would say, remembering the credo of the Navy Seals, the only easy day is yesterday. So Hallie, take it away.

最後，在我把它交給哈莉之前，我想說，記住海豹突擊隊的信條，唯一輕鬆的一天是昨天。所以哈莉，把它拿走。

Thank you, Joel, and good afternoon, everyone. This is Hallie Kuhn, SVP of Science and Technology and Capital Markets. Alexandria is at the vanguard and heart of the $5 trillion secularly growing life science industry, which translates into numerous demand drivers for Alexandria's mission critical Labspace, and we are the go-to partner for the life science industry.

謝謝喬爾，大家下午好。我是 Hallie Kuhn，科學技術與資本市場資深副總裁。亞歷山大是價值 5 兆美元的長期成長的生命科學產業的先鋒和核心，這轉化為亞歷山大關鍵任務 Labspace 的眾多需求驅動因素，我們是生命科學產業的首選合作夥伴。

Today, I am going to review these demand drivers and exciting new areas of life science research and development, all of which translate into a healthy and expanding tenant base and increasing long-term revenue.

今天，我將回顧這些需求驅動因素和令人興奮的生命科學研究和開發新領域，所有這些都轉化為健康且不斷擴大的租戶基礎和增加的長期收入。

So first, what do we mean when we say the life science industry is secularly growing? First, massive unmet medical need, with over 90% of known diseases having no available treatments, drive the life science industry, providing a tremendous opportunity for innovation, new company formation and life science industry growth. This opportunity set does not change at the whims of the market. It is noncyclical and nondiscretionary.

首先，當我們說生命科學產業正在長期成長時，我們的意思是什麼？首先，大量未滿足的醫療需求（超過 90% 的已知疾病沒有可用的治療方法）推動了生命科學產業的發展，為創新、新公司組建和生命科學產業的成長提供了巨大的機會。這個機會集不會隨著市場的變化而改變。它是非週期性和非任意性的。

Second, tenant growth and demand are event and milestone-driven. Important milestones include new biological discoveries, successful advancement of experimental therapies into the clinic and ultimately, the demonstration of safety and efficacy of new medicines.

其次，租戶的成長和需求是由事件和里程碑所驅動的。重要的里程碑包括新的生物學發現、實驗療法成功進入臨床以及最終證明新藥的安全性和有效性。

Expansion of new therapeutic modalities such as cell, gene and RNA medicines, better diagnostic tools to accurately identify and diagnose patients and increasingly efficient and predictive clinical trial designs have the potential to increase the number of new medicines over the coming years.

細胞、基因和 RNA 藥物等新治療方式的擴展、準確識別和診斷患者的更好診斷工具以及日益高效和預測性的臨床試驗設計，有可能在未來幾年增加新藥的數量。

Third, multifaceted and differentiated funding sources ensure that life science companies founded on impactful and differentiated technologies with experienced management teams continue to thrive. Altogether, we estimate over $400 billion will be deployed to support life science companies in 2023 across venture funding, biopharma R&D, philanthropy, government grants, and public equity financings.

第三，多方面、差異化的資金來源確保以有影響力和差異化技術為基礎、擁有經驗豐富的管理團隊的生命科學公司能夠持續蓬勃發展。我們預計，到 2023 年，將有超過 4,000 億美元的資金用於支持生命科學公司，涵蓋創投、生物製藥研發、慈善事業、政府撥款和公共股權融資等領域。

Notably, 2023 has already exceeded the previous 10-year average of $360 billion, and the total market capitalization of public life science companies currently exceeds $5 trillion. Together, the massive unmet medical need, event-driven growth and robust and diverse funding sources result in secular growth of the life science industry that drive additional demand for Alexandria Labspace even amid an economic downturn.

值得注意的是，2023年已經超過前10年平均3,600億美元，上市生命科學公司的總市值目前超過5兆美元。大量未滿足的醫療需求、事件驅動的成長以及強勁而多樣化的資金來源共同導致了生命科學產業的長期成長，即使在經濟低迷時期，也推動了對 Alexandria Labspace 的額外需求。

The output of this significant investment is longer, healthier lives. As Joel commented, 43 new therapies have been approved this year by the FDA and 6 novel gene cell and RNA-based therapies have been approved. These numbers are on track to meet or exceed the all-time high for annual FDA approvals. That was in 2018 when 59 novel therapies were approved by the FDA.

這項重大投資的產出是更長壽、更健康的生活。正如 Joel 所言，今年 FDA 批准了 43 種新療法，其中 6 種新的基因細胞和 RNA 療法已獲得批准。這些數字有望達到或超過 FDA 年度批准的歷史最高水準。 2018 年，FDA 批准了 59 種新療法。

This is extremely positive, above all for the patients that need these medicines. An example of important new therapies on track for approval include the class of GLP-1 medicines for obesity, a disease which accounts for direct costs of over $170 billion in health care spending in the U.S. per year and afflicts 1 in 3 children and 1 in 5 adults.

這是非常積極的，尤其是對於需要這些藥物的患者而言。正在等待批准的重要新療法的一個例子包括治療肥胖症的GLP-1 類藥物，這種疾病每年在美國醫療保健支出中造成的直接成本超過1700 億美元，並困擾著三分之一的兒童和1% 的兒童。5 位成人。

A decade ago, obesity was considered a minefield for drug development. And the industry sentiment with that medicine could not address such a complex disease. Fast forward, and pharma has unlocked an entirely new class of anti-obesity medicines and analysts estimate upwards of 10% of the U.S. population will have been treated with a GLP-1 by 2030, with an estimated market size of $40 billion to $50 billion.

十年前，肥胖被認為是藥物開發的雷區。業界對該藥物的看法無法解決如此複雜的疾病。快進到，製藥公司已經推出了一類全新的抗肥胖藥物，分析師估計，到 2030 年，超過 10% 的美國人口將接受 GLP-1 治療，預計市場規模為 400 億至 500 億美元。

Another exciting area is artificial intelligence and machine learning tools. As highlighted in our recent press release, AI is not new to the life science industry. In 2021, there were over 100 drug and biologic submissions to the FDA developed using AI components. Nor do AI tools negate the need for Labspace. In many cases, AI-focused life science companies require significant lab footprints to generate the immense biological and chemical data sets needed to effectively train AI ML models.

另一個令人興奮的領域是人工智慧和機器學習工具。正如我們最近的新聞稿中所強調的那樣，人工智慧對於生命科學產業來說並不新鮮。 2021 年，有超過 100 種使用人工智慧組件開發的藥物和生物製品向 FDA 提交。人工智慧工具也無法消除對 Labspace 的需求。在許多情況下，專注於人工智慧的生命科學公司需要大量的實驗室足跡來產生有效訓練人工智慧機器學習模型所需的大量生物和化學資料集。

To this end, the acceleration of AI may, in fact, increase the need for laboratory footprints, and we already see this manifesting as an exciting emerging segment of demand.

為此，人工智慧的加速發展實際上可能會增加對實驗室足跡的需求，我們已經看到這表現為一個令人興奮的新興需求領域。

Now moving to the health of our diverse life science tenant base. While some analysts and investors have a misconception that small and mid-cap biotech are a proxy for the entire life science industry and its growth, the reality is broader and far more complex.

現在轉向我們多元化生命科學租戶群的健康。雖然一些分析師和投資者錯誤地認為中小型生技公司是整個生命科學產業及其成長的代表，但現實情況更廣泛、更複雜。

Starting with multinational pharma, which accounts for 18% of our ARR, companies are leveraging healthy balance sheets to double down on R&D, and in-license and acquire innovative products. Biopharma alone invested $278 billion in R&D in 2022, representing a 66% increase compared to 10 years prior. Biopharma also has an estimated $500 million in M&A firepower to continue to bring external innovation into their portfolios.

從占我們 ARR 18% 的跨國製藥公司開始，公司正在利用健康的資產負債表加倍投入研發、授權和取得創新產品。 2022 年，光是生物製藥公司的研發投資就達 2,780 億美元，較 10 年前成長 66%。生物製藥公司還擁有估計 5 億美元的併購火力，可以繼續將外部創新引入其投資組合。

To that end, M&A has regained momentum with $112 billion in acquisitions in 2023, exceeding the 2021 and 2022 levels. Large pharma continues to heavily rely on innovation from smaller biotechs to backfill their pipelines. For example, BMS' top 5 products in 2022 were all derived from acquisitions. For J&J, Merck and Pfizer, 4 out of 5 of the company's top-selling therapies were from licensing or M&A deals.

為此，併購重拾勢頭，2023 年收購金額達 1,120 億美元，超過 2021 年和 2022 年的水準。大型製藥公司繼續嚴重依賴小型生物技術公司的創新來填補其管道。例如，BMS 2022年排名前5的產品均來自收購。對於強生、默克和輝瑞來說，公司最暢銷的療法中有五分之四來自授權或併購交易。

So how does M&A impact net absorption within our clusters? The specific impact of M&A events needs to be looked at on a case-by-case basis but is broadly positive. Platform companies acquired not just for their clinical assets, but for their R&D, platform and scientific talent, tend to land and expand, so to speak.

那麼併購如何影響我們群聚內的淨吸收量呢？併購事件的具體影響需要具體情況具體分析，但總體來說是正面的。可以說，平台公司的收購不僅是為了他們的臨床資產，也是為了他們的研發、平台和科學人才，往往會落地和擴張。

A great example is in San Diego, where the significant presence of large pharma tenants, including BMS, Eli Lilly, Takeda and Vertex were all driven by acquisitions of smaller biotech companies. We are also in the process of supporting the significant expansion of a pharma acquired company in Greater Boston, more to come on this at Investor Day.

聖地牙哥就是一個很好的例子，其中包括百時美施貴寶(BMS)、禮來(Eli Lilly)、武田(Takeda) 和福泰(Vertex) 在內的大型製藥租戶的大量存在都是透過收購小型生物科技公司來推動的。我們也正在支持大波士頓地區一家被製藥公司收購的公司的大幅擴張，更多資訊將在投資者日公佈。

Companies acquired for specific assets may not lead to additional expansion, but we do benefit from an upgrading credit in all cases as the acquirer will be responsible for each in-place lease. M&A also leads to capital being returned to investors and can drive formation of new companies within our ecosystem as experienced scientists and entrepreneurs start their next new endeavors, which also creates additional demand for Alexandria Labspace.

為特定資產收購的公司可能不會導致額外的擴張，但我們確實在所有情況下都受益於信用升級，因為收購者將負責每項就地租賃。併購還可以使資本返還給投資者，並可以推動我們的生態系統內新公司的形成，因為經驗豐富的科學家和企業家開始他們的下一個新的努力，這也為Alexandria Labspace 創造了額外的需求。

Critically, for pharma to remain competitive and ensure a steady stream of successful innovative medicines over the next decade, they need to attract the best talent and have the infrastructure and operational support to accelerate and safeguard their mission-critical science. This need is driving several significant requirements in key R&D clusters, and Alexandria is the go-to brand.

至關重要的是，製藥公司要保持競爭力並確保在未來十年內源源不斷地推出成功的創新藥物，他們需要吸引最優秀的人才，並擁有基礎設施和營運支援來加速和保護其關鍵任務科學。這種需求推動了關鍵研發集群的幾項重要要求，而 Alexandria 是首選品牌。

Transitioning to public biotechnology companies, 14% ARR is represented by companies with marketed products, and 10% ARR by preclinical and clinical companies. For our commercial stage biotech tenants, they notched $108 billion in revenue through the third quarter of 2023, including the likes of Gilead, Vertex and Amgen.

轉向上市生物技術公司，14%的ARR由擁有上市產品的公司代表，10%的ARR由臨床前和臨床公司代表。對於我們商業階段的生物技術租戶來說，截至 2023 年第三季度，他們的收入為 1080 億美元，其中包括吉利德 (Gilead)、福泰 (Vertex) 和安進 (Amgen) 等公司。

For our precommercial companies, the public market for small and mid-cap biotechs certainly remains challenging. However, companies that meet expected milestones have executed significant follow-on financings and stock prices have responded positively.

對於我們的預商業公司來說，中小型生物技術公司的公開市場無疑仍然充滿挑戰。然而，達到預期里程碑的公司已經執行了大量的後續融資，股價也做出了積極的反應。

Through 3Q, $14 billion has been raised in follow-on offerings which is on track to beat total 2022 follow-ons of $14.5 billion. This includes tenant backside, which earlier this year netted $545 million in total proceeds to fund their potentially best-in-class pneumonia vaccine and others, including Editas and Natera.

截至第三季度，後續發行已籌集 140 億美元，預計將超過 2022 年後續發行總額的 145 億美元。其中包括 Tenant Backside，該公司今年稍早淨收益 5.45 億美元，用於資助其潛在的同類最佳肺炎疫苗和其他疫苗，包括 Editas 和 Natera。

There are also some green shoots in the IPO market for companies with the right pedigree, namely deep clinical pipelines with line of sight to important inflection points. In September, San Diego tenant raised Bio raised an oversubscribed $358 million IPO and driven by near-term clinical trial data readouts, testing their first-in-class radiopharmaceutical therapies for rare forms of cancer.

對於具有良好血統的公司來說，IPO 市場上也有一些萌芽，即深入的臨床管道，可以看到重要的轉折點。 9 月，聖地牙哥租戶 Bio 籌集了超額認購的 3.58 億美元 IPO，並在近期臨床試驗數據讀出的推動下，測試其針對罕見癌症的一流放射性藥物療法。

On to private biotech, which makes up 9% ARR. While life science funding has largely reverted to pre-pandemic levels, it remains robust. Annualized projections of life science venture funding for 2023 are trending towards an estimated $27 billion which exceeds 2019 levels of nearly $24 billion.

接下來是私人生物技術公司，佔 ARR 的 9%。儘管生命科學資金已基本恢復到大流行前的水平，但仍然強勁。 2023 年生命科學創投的年度預測預計將達到 270 億美元，超過 2019 年近 240 億美元的水準。

Further, while a frequent assumption is that many financings are being propped up by current insiders, the data highlights that this is just not true. In a detailed analysis by Oppenheimer of Series A and B financing year-to-date, nearly 80% of all financings were led or co-led by outside investors, speaking to a healthy appetite from investors to fund new deals.

此外，雖然人們普遍認為許多融資都是由現有內部人士支持的，但數據顯示事實並非如此。奧本海默對今年迄今的 A 輪和 B 輪融資進行了詳細分析，其中近 80% 的融資由外部投資者牽頭或共同牽頭，這表明投資者對資助新交易的興趣濃厚。

Our new lease with (inaudible) Labs on our One Alexandria Square mega campus in San Diego is one example of a stellar private company, having raised a historic $3 billion to deploy towards cell reprogramming to treat diseases associated with aging.

我們在聖地牙哥亞歷山大廣場一號巨型園區與（聽不清楚）實驗室的新租約是一家傑出私人公司的一個例子，該公司已籌集了歷史性的30 億美元，用於細胞重編程，以治療與衰老相關的疾病。

Last, life science products, service and devices, which represent 22% of our ARR continue to be the workhorse of the industry, providing the hardware and software, so to speak, that fuel experiments in the lab. There are challenges that exist post-COVID, as some companies ramped up products and services either directly or indirectly driven by COVID-19 and are now resetting strategic priorities. But novel areas of science and successful products are emerging and generating new forms of demand, such as the new obesity drugs, which will require significant CDMO capacity to manufacture and new forms of drug discoveries such as proteomics, highlighted by the recent acquisition of Olink for a $3.1 billion by Thermo Fisher.

最後，生命科學產品、服務和設備占我們 ARR 的 22%，仍然是該行業的主力，提供硬體和軟體，可以說，為實驗室實驗提供動力。新冠疫情後仍存在一些挑戰，因為一些公司在新冠肺炎 (COVID-19) 的直接或間接推動下增加了產品和服務，目前正在重新調整策略重點。但新的科學領域和成功的產品正在不斷湧現，並產生新形式的需求，例如新的肥胖藥物，這將需要強大的CDMO 生產能力和蛋白質組學等新形式的藥物發現能力，最近收購Olink 就凸顯了這一點。Thermo Fisher 斥資 31 億美元。

Altogether, the results of the current market conditions is that companies are highly conscious of every dollar spent. They do not have the luxury of risking their science and unreliable Labspace or in locations where they can't recruit the right talent. We continue to see increasing demand by companies for looking for just-in-time availability of high-quality lab space and amenitized campuses in the best locations. With the infrastructure and operations that ensure their mission-critical work is supported 24/7 and that there is a path for future growth needs.

總而言之，當前市場狀況的結果是，公司對花費的每一美元都高度重視。他們不願意冒著科學和不可靠的實驗室空間的風險，或在無法招募合適人才的地方冒險。我們不斷看到公司對在最佳地點尋找及時可用的高品質實驗室空間和設施齊全的校園的需求不斷增長。基礎設施和營運可確保他們的關鍵任務工作得到 24/7 的支持，並為未來的成長需求提供路徑。

And this is what Alexandria's one-of-a-kind Labspace within our world-class mega campuses is uniquely positioned to deliver. To end, I want to share some insight from Dr. Robert Langer, an MIT Professor, Moderna Co-Founder and luminary in the field of drug development. When recently asked what scientific innovation he is most excited about, his answer was simple but profound, the science and medicines that have not yet been discovered. So as we traverse challenging times, remember that the resilience of this industry is rooted in a truly vast opportunity for new discoveries that will improve the lives of everyone on this call today, the most impactful of which is yet to come.

這就是亞歷山大世界一流的大型校園內獨一無二的實驗室空間所擁有的獨特優勢。最後，我想分享一下 Robert Langer 博士的一些見解，他是麻省理工學院教授、Moderna 聯合創始人、藥物開發領域的傑出人物。最近當被問到最令他興奮的科學創新是什麼時，他的回答簡單卻深刻，就是尚未被發現的科學和醫學。因此，當我們度過充滿挑戰的時期時，請記住，這個行業的韌性植根於真正巨大的新發現機會，這些新發現將改善今天參加這次電話會議的每個人的生活，其中最具影響力的尚未到來。

With that, I will pass it to Peter.

這樣，我會將其傳遞給彼得。

Thanks, Hallie. Before I launch into my commentary, I'd like to acknowledge the great contributions we've received from Dean Shigenaga. Dean is one of the smartest and hardest working people I've come across in my 33-year career. He's played a huge part in the building of Alexandria into what it is today. And wanted to thank him very much for everything he's done for this company. Thanks, Dean.

謝謝，哈莉。在開始評論之前，我要感謝重永院長為我們做出的巨大貢獻。 Dean 是我 33 年職業生涯中遇到的最聰明、最勤奮的人之一。他在亞歷山大港的建設中發揮了重要作用。非常感謝他為這家公司所做的一切。謝謝，迪恩。

On our fourth quarter 2022 call, I spoke about our optimism for the future of the life science industry, referencing that we are in the early innings of the golden age of biology. And I pointed out that we've only had the blueprint of the human genome for 20 years, and in that time, we've developed more new modalities to attack disease than in the previous 100.

在 2022 年第四季電話會議上，我談到了我們對生命科學產業未來的樂觀態度，並指出我們正處於生物學黃金時代的早期階段。我指出，我們掌握人類基因組藍圖只有 20 年的時間，在這段時間裡，我們開發了比過去 100 年更多的新方法來攻擊疾病。

On Friday, October 13, buried on the third page of Section A in the Wall Street Journal, another scientific revelation was reported, one that scientists likened to the human genome project and that could yield similar results in neuroscience.

10 月 13 日星期五，《華爾街日報》A 版第三頁報導了另一項科學啟示，科學家將其比作人類基因組計劃，並可能在神經科學領域產生類似的結果。

An international team of scientists unveiled the most comprehensive map of the human brain ever completed, a map that the article stated will set a critical foundation for the understanding and eventually treating brain-related diseases such as Alzheimer's, epilepsy, schizophrenia, autism and depression.

一個國際科學家團隊公佈了迄今為止最全面的人類大腦圖譜，文章稱該圖譜將為理解和最終治療阿茲海默症、癲癇、精神分裂症、自閉症和憂鬱症等大腦相關疾病奠定重要基礎。

As I watch my own mother declined daily due to Alzheimer's and experienced the enormous emotional monetary and time burden it inflicts on our family. I have a full appreciation of what this map may do for mankind. It's yet another example of how important the life science industry is to improving our lives and how it's only going to grow and influence. And that, ladies and gentlemen, is why this $5 trillion secular growth industry is poised to drive our business for decades to come.

當我看到我自己的母親因阿茲海默症而日漸衰弱，並經歷了它給我們的家庭帶來的巨大的情感、金錢和時間負擔。我完全理解這張地圖可能為人類做的事情。這是生命科學產業對改善我們的生活有多重要以及它如何不斷發展和影響的另一個例子。女士們先生們，這就是為什麼這個價值 5 兆美元的長期成長產業將在未來幾十年推動我們的業務發展。

I'm going to discuss our development pipeline, leasing, supply and asset sales and then hand it over to our very capable new CFO, Marc Binda.

我將討論我們的開發管道、租賃、供應和資產銷售，然後將其交給我們非常有能力的新任財務長 Marc Binda。

In the third quarter, we delivered 450,134 square feet in 7 projects into our high buried entry into submarkets, bringing total deliveries year-to-date to 1,290,721 square feet, covering 10 projects. Annual NOI for this quarter's deliveries totaled $39 million, bringing the year-to-date total incremental additions to NOI to $120 million.

第三季度，我們在高埋入子市場的 7 個項目中交付了 450,134 平方英尺，使年初至今的交付總量達到 1,290,721 平方英尺，涵蓋 10 個項目。本季交付的年度 NOI 總計 3,900 萬美元，使年初至今的 NOI 增量總額達到 1.2 億美元。

The initial weighted average stabilized yield is 6.5%. 6 of the 10 projects delivering space this year have initial stabilized yields ranging from 7% to 9.5%. 2 are at 6.3% and 2 are in the mid-5s. One of those developments in the mid-5s is located in Cambridge and is 99% leased. And the other is in our Shady Grove mega campus and successfully leased 23% of its space in the third quarter.

初始加權平均穩定收益率為6.5%。今年交付空間的 10 個項目中有 6 個的初始穩定收益率在 7% 至 9.5% 之間。 2 個處於 6.3%，2 個處於 5 左右。其中一個 5 年代中期的開發案位於劍橋，99% 已出租。另一個位於我們的 Shady Grove 大型園區，並在第三季成功租出了 23% 的空間。

The Cambridge asset is in a prime location and its yield reflects the cost to acquire it, which was justified because we had commitments to fill 100% of it before closing, making it a build-to-suit core investment that expanded our ACKS mega campus. The Maryland assets yield has been driven down by complex site conditions, but it has been very well received by the market, and we are bullish on its long-term performance as part of our Shady Grove mega campus.

劍橋資產位於黃金地段，其收益率反映了收購它的成本，這是合理的，因為我們承諾在交割前將其填滿 100%，使其成為擴大我們的 ACKS 大型園區的客製化核心投資。馬裡蘭州的資產收益率因複雜的場地條件而下降，但受到市場的好評，我們看好其作為 Shady Grove 大型園區的一部分的長期表現。

Development and redevelopment leasing activity at approximately 205,000 square feet was higher quarter-over-quarter for the second quarter in a row, which we are pleased to see in an environment where tight financing markets have focused tenant demand on turnkey space.

約 205,000 平方英尺的開發和再開發租賃活動連續第二季度環比增長，我們很高興在融資市場緊張導致租戶需求集中在交鑰匙空間的環境中看到這一點。

In addition to the increase in development, redevelopment, leasing during the quarter, we signed LOIs covering nearly 230,000 square feet of space in our pipeline, including one for 185,000 square feet with a high-quality tenant -- high-quality credit tenant that may materially expand into the mega campus as they refine their programming, indicating a continuation of positive momentum.

除了本季開發、再開發和租賃業務的增加外，我們還簽署了涵蓋近 230,000 平方英尺空間的意向書，其中包括一個 185,000 平方英尺的優質租戶——優質信用租戶，隨著他們完善規劃，實質性地擴展到大型校園，這顯示積極勢頭的延續。

During the quarter, we executed a lease termination with a tenant at our 10935 and 10945 Alexandria way mega campus development in Torrey Pines and leased approximately 89% of the space to a stronger credit tenant. This is a win for Alexandria as we were able to substitute a higher credit tenant into the new development, increase the term for that space by 3 years and receive higher rents. We did increase the TI allowance for the new tenant, but the incremental rent, we are receiving yields at 14% return over that incremental TI allowance. All in all, a great outcome.

本季度，我們與位於托里松 (Torrey Pines) 亞歷山大路 10935 號和 10945 號大型園區開發項目的租戶終止了租約，並將約 89% 的空間出租給信用更強的租戶。這對 Alexandria 來說是一個勝利，因為我們能夠在新開發項目中取代信用更高的租戶，將該空間的期限延長 3 年並獲得更高的租金。我們確實增加了新租戶的 TI 津貼，但增量租金，我們獲得的收益率比增量 TI 津貼高 14%。總而言之，這是一個很棒的結果。

At quarter end, our pipeline of current and near-term projects is 63% leased and 66% leased and negotiating, which includes executed LOIs and is expected to generate $580 million of annual incremental NOI through the end -- or through the third quarter of 2026.

截至季末，我們現有和近期專案的 63% 已出租，66% 已出租並正在談判，其中包括已執行的意向書，預計到年底或到第三季將產生 5.8 億美元的年度增量 NOI。 2026 年。

The decline from 70% leased last quarter despite leasing approximately 205,000 square feet, was mainly due to the delivery of fully leased projects at 141st Street and 751 Gateway and the addition of 10075 Barnes Canyon Road in Sorrento Mesa, which has 17% of its future space under LOI and significant additional activity underway.

儘管租賃面積約為205,000 平方英尺，但與上季度的70% 相比有所下降，這主要是由於141 街和751 Gateway 的完全租賃項目的交付以及索倫托梅薩的10075 Barnes Canyon Road 的增加，該項目擁有其未來的17%意向書下的空間和正在進行的重大額外活動。

Transitioning to leasing and supply, Alexandria's pioneering establishment of highly curated mega campuses featuring Class A, A+ facilities at Main & Main, in the world's most desirable high barrier to entry life science clusters provides an enduring foundation for our existing asset base to perform in even the most challenging times.

向租賃和供應轉型，亞歷山大在世界上最理想的高准入生命科學集群中開創性地建立了精心策劃的大型園區，在Main 和Main 擁有A 級、A+ 設施，為我們現有的資產基礎提供了持久的基礎，使其能夠在甚至最具挑戰性的時刻。

We are executing and winning nearly every high-quality leasing opportunity when we have available product, a testament to the daily operational excellence demanded and required by our mission-critical tenants. We leased 867,582 square feet in the third quarter of '23, with Maryland significantly supporting the leasing activity led by San Diego and Greater Boston.

當我們擁有可用產品時，我們正在執行並贏得幾乎每一個高品質的租賃機會，這證明了我們的關鍵任務租戶所要求和要求的日常卓越營運。 2023 年第三季度，我們租賃了 867,582 平方英尺，馬裡蘭州大力支持了聖地牙哥和大波士頓地區主導的租賃活動。

Leasing activity has come from a broad base of our regions, both this quarter and year-to-date in which we have leased a total of 3.41 million square feet with Seattle, San Francisco, San Diego, Greater Boston and Maryland, all materially contributing to our overall leasing activity. These quarterly and year-to-date leasing volumes are consistent with our pre-COVID levels. As you can see in the company highlights section of the Q3 supplemental on Pages little roman numeral 19 and 20.

租賃活動來自我們各個地區的廣泛基礎，本季度和今年迄今，我們已向西雅圖、舊金山、聖地亞哥、大波士頓和馬裡蘭州租賃了總計 341 萬平方英尺的面積，所有這些都做出了實質性貢獻我們的整體租賃活動。這些季度和年初至今的租賃量與新冠疫情爆發前的水準一致。正如您在第 19 頁和第 20 頁上的第三季補充的公司亮點部分中看到的那樣。

Although below our historic average of 1 million square feet, this leasing volume is strong, considering the amount of expiring leases available for lease for the rest of the year is relatively low at approximately 623,000 square feet. Very strong cash rent increases of 19.7% and GAAP rent increases of 28.8% during the third quarter provide clear evidence of the long-term enduring value of Alexandria's brand and platform and are consistent with our year-to-date stats of 18.1% and 33.9% for cash and GAAP increases, respectively.

儘管低於 100 萬平方英尺的歷史平均水平，但考慮到今年剩餘時間可供租賃的到期租約數量相對較低（約 623,000 平方英尺），租賃量仍然強勁。第三季現金租金上漲 19.7%，GAAP 租金上漲 28.8%，這清楚證明了 Alexandria 品牌和平台的長期持久價值，並且與我們今年迄今為止的統計數據 18.1% 和 33.9 一致。現金和GAAP 分別增長% 。

We'd like to call your attention to the year-to-date weighted average lease term of 11 years, which you can find on Page little roman numeral 22, of the supplemental that significantly exceeds our weighted average lease term from -- since 2014 of 8.7 years.

我們想提請您注意今年迄今的加權平均租賃期限為 11 年，您可以在補充資料的小羅馬數字 22 頁上找到該期限，該期限大大超過了自 2014 年以來的加權平均租賃期限8.7 年。

In our first quarter earnings call, we noted that demand had slowed from the rocket ship COVID period of 2020 and 2021. And last quarter, we reported that we were seeing demand increase, especially in our Greater Boston, San Francisco and San Diego markets. We see demand holding steady today and believe it will trend upward but are fully aware that the volatile geopolitical environment we are in can create the uncertainty that sometimes slows decision-making.

在我們第一季的財報電話會議中，我們注意到需求在2020 年和2021 年新冠疫情期間有所放緩。上個季度，我們報告說需求增加，特別是在大波士頓、舊金山和聖地牙哥市場。我們認為今天的需求保持穩定，並相信它將呈上升趨勢，但我們充分意識到，我們所處的不穩定的地緣政治環境可能會產生不確定性，有時會減慢決策速度。

As we've discussed in a number of investor meetings since our last earnings call, the demand profile is best described as a barbell. We're seeing most of the requirements in the 5,000 to 30,000 square foot range coming from either emerging stage companies that have achieved milestones and need growth space, or large requirements of 100,000 square feet or more from large pharma and biotech looking to grow or establish a footprint in our clusters, driven by specific new modalities prevalent in those clusters coupled with the talent available on those locations.

正如我們自上次財報電話會議以來在多次投資者會議上所討論的那樣，需求狀況最好被描述為槓鈴。我們發現 5,000 至 30,000 平方英尺範圍內的大部分需求來自已實現里程碑並需要增長空間的新興階段公司，或者來自尋求發展或建立的大型製藥和生物技術公司的 100,000 平方英尺或更多的大型需求在這些集群中流行的特定新模式以及這些地點的可用人才的推動下，我們在集群中留下了足跡。

Alexandria is well positioned to capture this demand because many of these opportunities are coming from existing relationships which typically account for a significant amount of our leasing. Over the past year, 80% of our leasing has been generated from existing tenants. In addition, our mega campus offerings provide the ability to scale in a wide variety of amenities, making them the clear choice for high-quality companies.

亞歷山大完全有能力抓住這一需求，因為其中許多機會都來自現有的關係，而這些關係通常占我們租賃的很大一部分。過去一年，我們 80% 的租賃量來自現有租戶。此外，我們的大型園區產品提供了擴展各種設施的能力，使其成為高品質公司的明確選擇。

I'm sure you're all interested to hear our analysis of supply. So I'll conclude this section with an update on these statistics, which will include our projected competitive supply additions delivering in 2025.

我相信你們都有興趣聽聽我們對供應的分析。因此，我將透過這些統計數據的更新來結束本節，其中將包括我們預計在 2025 年交付的競爭性供應增量。

As a reminder, we perform a robust, on the ground, building-by-building analysis to identify and track new supply from high-quality projects, we believe, are competitive to ours in our high barrier-to-entry submarkets. We focus primarily on high barrier-to-entry markets and our brand, mega campus offerings in AAA locations and operational excellence enables us to continually mine our vast, deep and loyal tenant base to drive our leasing activity, which will likely lessen the impact of generic supply.

提醒一下，我們進行了穩健的實地逐棟分析，以識別和追蹤高品質專案的新供應，我們相信，這些專案在進入障礙較高的子市場中比我們的專案具有競爭力。我們主要專注於進入障礙較高的市場，我們的品牌、位於 AAA 地點的大型園區產品以及卓越的營運使我們能夠不斷挖掘我們龐大、深入和忠誠的租戶基礎來推動我們的租賃活動，這可能會減輕通用供應。

The slides we provided on pages -- roman numeral 8 through roman numeral 13 of the supplemental, illustrate this and are hopefully helpful. In Greater Boston, unleased competitive supply remaining to be delivered in 2023, is estimated to be 1.1% of market inventory, a 0.5% decrease over last quarter.

我們在補充頁中提供的幻燈片 - 羅馬數字 8 到羅馬數字 13 說明了這一點，希望對您有所幫助。在大波士頓地區，2023 年仍有待交付的未租賃競爭供應預計佔市場庫存的 1.1%，比上季減少 0.5%。

In 2024, the unleased competitive supply will increase market inventory by 6.1%, a 1.1% increase, driven by the addition of a new competitive project. In 2025, the unleased competitive supply will increase market inventory by 3.7%, an expected slowdown from 2024 levels.

2024年，未租賃的競爭性供應將使市場庫存增加6.1%，在新的競爭性項目增加的推動下，增加1.1%。 2025年，釋放的競爭性供應將使市場庫存增加3.7%，預計將較2024年水準放緩。

In San Francisco Bay, unleased competitive supply remaining to be delivered in the second quarter of '23 is estimated to be 5% of market inventory, which is a reduction of 1.6% over last quarter due mainly from deliveries.

在舊金山灣，2023 年第二季仍有待交付的未租賃競爭供應預計佔市場庫存的 5%，比上季減少 1.6%，主要是因為交付所致。

In 2024, the unleased competitive supply will increase market inventory by 8%, a 0.8% reduction, unfortunately, not driven by leasing, but due to a downward revision of estimated square footage to be delivered during the year.

到 2024 年，未租賃的競爭性供應將使市場庫存增加 8%，不幸的是，減少了 0.8%，這不是由租賃推動的，而是由於年內預計交付面積的向下修正。

In 2025, the unleased competitive supply will increase market inventory by only 1.2%, which is a good indication that developers in this market are beginning to act rationally.

2025年，未出租的競爭性供應僅會使市場庫存增加1.2%，這很好地表明該市場的開發商開始理性行動。

In San Diego, unleased competitive supply remaining to be delivered in the third quarter of '23 is estimated to be 1.9% of market inventory, which is a decrease of 1.6%, due mainly to projects being delayed into 2024 or delivered with unleased space now reflected in direct vacancy and one project developer deciding not to pursue a laboratory use.

在聖地牙哥，預計 2023 年第三季仍有待交付的未租賃競爭性供應佔市場庫存的 1.9%，下降 1.6%，這主要是由於專案推遲到 2024 年或現在以未租賃空間交付反映在直接空缺和一名專案開發商決定不追求實驗室用途。

In 2024, the unleased competitive supply will increase market inventory by 6.9%, a 1.9% increase driven primarily by the aforementioned projects delivering in 2024 instead of 2023.

2024年，未租賃的競爭性供應將使市場庫存增加6.9%，增加1.9%主要是由於上述項目將於2024年而不是2023年交付。

In 2025, the unleased competitive supply will increase market inventory by 3.3%, driven primarily by our 75% pre-leased 10935, 10945 and 10955 Alexandria Way project.

到 2025 年，未租賃的競爭性供應將使市場庫存增加 3.3%，這主要是由我們 75% 預租的 10935、10945 和 10955 Alexandria Way 項目推動的。

Direct and sublease market vacancy for our core submarkets is updated as follows: Greater Boston direct vacancy increased 1.7% to 4.5%, and sublease vacancy increased slightly to 5.6% and for a net increase in available space and operation quarter-over-quarter of 1.9%; San Francisco direct vacancy increased by 7.4% to 9.7% driven mainly by the inclusion of the Mission Rock projects into laboratory inventory when it was previously thought to be leasing as an office project.

我們核心子市場的直接和轉租市場空置率更新如下：大波士頓地區直接空置率上升 1.7% 至 4.5%，轉租空置率小幅上升至 5.6%，可用空間和營運環比淨增長 1.9% %;舊金山直接空置率增加了 7.4% 至 9.7%，主要是由於 Mission Rock 項目被納入實驗室庫存，而此前該項目被認為是作為辦公項目進行租賃。

Move-outs and delivery of new inventory are also drivers. Sublease vacancy remained stable at 6.2% for a net increase in available space and operation of 7.4%. San Diego direct vacancy increased from 4.8% to 6.8%, largely due to delivered unleased new supply and move-outs. And sublease vacancy remained stable at 4.1% for a net increase in available space and operation of 2% quarter-over-quarter.

新庫存的搬出和交付也是驅動因素。轉租空置率穩定在 6.2%，可用空間和營運淨成長 7.4%。聖地牙哥的直接空置率從 4.8% 上升至 6.8%，這主要是由於已交付、未出租的新供應和遷出所致。轉租空置率穩定在 4.1%，可用空間和營運量較上季淨成長 2%。

I'll conclude with an update on our value harvesting asset recycling program. We continue to be fortunate that there is a considerable demand for Alexandria's assets and life science assets broadly.

最後，我將介紹我們的價值收穫資產回收計畫的最新情況。我們仍然很幸運，亞歷山大的資產和生命科學資產的需求量很大。

As you can see on Page 7 of the supplemental, we are approximately 95% through completing dispositions needed to hit the midpoint of our guidance when totaling completed sales and those under LOI, or executed purchase and sale agreements not yet closed.

正如您在補充資料第7 頁上看到的那樣，當將已完成的銷售額和意向書下的銷售額或已執行的尚未關閉的採購和銷售協議總計時，我們完成了大約95% 的處置，以達到我們指導的中點。

Our overall strategy for the full year of 2023 has been to execute on a combination of partial interest sales and sales in whole of noncore workhorse assets. These sales will provide the capital needed to recycle our high-quality development, redevelopment mega campus pipeline, which will widen our moat by expanding our highly differentiated mega campuses offering unmatched scale and amenities highly sought after by the full spectrum of tenants we serve. And the identified supply I just mentioned can't compete with.

我們2023年全年的整體策略是結合部分權益出售和全部非核心主力資產出售。這些銷售將為我們的高品質開發、再開發大型園區管道提供所需的資金，這將透過擴大我們高度差異化的大型園區來拓寬我們的護城河，這些園區提供無與倫比的規模和設施，深受我們服務的各類租戶的追捧。我剛才提到的已確定的供應無法與之競爭。

We only closed on 1 asset this quarter we can report on, but to give some color on dispositions that are pending, they are all noncore, solid workhorse assets. Obviously, it's a challenging interest rate environment and economic volatility has reduced overall transactional activity, but demand for our assets has remained resilient. As mentioned, we are on track to meet our goals.

本季我們只關閉了一項可以報告的資產，但為了對待處理的處置進行一些說明，它們都是非核心、可靠的主力資產。顯然，這是一個充滿挑戰的利率環境，經濟波動減少了整體交易活動，但對我們資產的需求仍然保持彈性。如前所述，我們正在實現我們的目標。

In September, we closed on the previously announced sale of a vertical ownership unit comprising approximately 268,000 rentable square feet, or approximately 44% of Alexandria's 660,034 square foot 421 Park Drive, purpose-built, ground-up life science development in the Fenway submarket of Greater Boston to Boston Children's Hospital.

9 月，我們完成了先前宣布的垂直所有權單位的出售，該單位包括約268,000 平方英尺的可出租面積，或約44% 的Alexandria 660,034 平方英尺421 Park Drive，位於芬威子市場的專門建造的地面生命科學發展計畫。大波士頓地區至波士頓兒童醫院。

The units sold will house Boston Children's Hospital future medical research facilities. The sale serves the dual purpose of providing substantial funding for the significant development project and brings in a key bedrock anchor to the project and our Fenway campus in whole.

出售的單位將容納波士頓兒童醫院未來的醫學研究設施。此次出售具有雙重目的，即為重大開發項目提供大量資金，並為該項目和整個芬威校園帶來關鍵的基石。

Boston Children's is a long-term strategic partner of Alexandria, who invests heavily in basic clinical and translational research to accelerate the discovery of new treatments for devastating diseases, to improve the health of both children and adults. They ranked #1 in NIH funding among all U.S. children's hospitals in fiscal year 2023. Their presence will help attract tenant companies looking to collaborate with world-class research institutions, much like our campuses in Cambridge benefit from those looking to collaborate with MIT. Alexandria will receive development fees as well as the significant capital to fund the project.

波士頓兒童醫院是亞歷山大的長期策略合作夥伴，亞歷山大大力投資基礎臨床和轉化研究，以加速發現針對毀滅性疾病的新療法，從而改善兒童和成人的健康。 2023 財年，它們在NIH 資助方面在美國所有兒童醫院中排名第一。它們的存在將有助於吸引希望與世界一流研究機構合作的租戶公司，就像我們的劍橋校區受益於那些希望與麻省理工學院合作的公司一樣。亞歷山大將獲得開發費以及資助該計畫的大量資金。

With that long update, I'm going to go ahead and pass it over to Marc.

有了這麼長的更新，我將繼續將其傳遞給馬克。

Thank you, Peter. Hello, and good afternoon. This is Marc Binda, CFO, and I'm going to cover some of the key financial metrics for the quarter.

謝謝你，彼得。你好，下午好。我是財務長 Marc Binda，我將介紹本季的一些關鍵財務指標。

We reported very solid operating and financial results for the third quarter and 9 months ended 3Q '23, which was driven by strong core results and reflects the strength of our brand, scale, high-quality and well-located campuses and operational excellence.

我們報告了第三季和截至2023 年第三季的9 個月的非常穩健的營運和財務業績，這是由強勁的核心業績推動的，反映了我們的品牌實力、規模、高品質和地理位置優越的園區以及卓越的營運。

Total revenues for 3Q were up 8.2% over the prior year. NOI was also up, 8.2% over the prior quarter in the prior year, driven primarily by the commencement of $120 million of annual NOI related to 1.3 million rentable square feet of development, redevelopment projects placed into service year-to-date through 3Q '23, coupled with strong same property performance.

第三季總營收比去年同期成長8.2%。 NOI 也有所增長，比上年同期增長 8.2%，這主要是由於今年迄今到第三季度投入使用的 130 萬可出租平方英尺的開發、再開發項目涉及 1.2 億美元的年度 NOI 開始推動的。23 、加上強勁的同屬性表現。

FFO per share diluted as adjusted was $2.26, up 6.1% over 3Q '22 and we are on track to generate another solid year of growth in FFO per share of 6.7% at the midpoint of our guidance for 2023. Our tenants continue to appreciate our brand, mega campus strategy and operational excellence by our team. 49% of our ARR is from investment grade and publicly traded large-cap tenants. And we have one of the highest quality client rosters in the REIT industry.

調整後的每股FFO 攤薄後為2.26 美元，比2022 年第三季度增長6.1%，我們預計在2023 年指引的中點實現每股FFO 增長6.7% 的又一個穩健增長。我們的租戶繼續讚賞我們的服務我們團隊的品牌、大型校園策略和卓越營運。我們 49% 的 ARR 來自投資等級和公開交易的大盤租戶。我們擁有房地產投資信託行業最優質的客戶名單之一。

Collections remained very high at 99.9%. Adjusted EBITDA margins remained very strong at 69%. The weighted average lease terms for leases completed in 2023 have far outpaced our historical averages at 11 years on average. And 96% of our leases contain annual rent escalations approximating 3%.

收款率仍然很高，達到 99.9%。調整後 EBITDA 利潤率仍然非常強勁，達到 69%。 2023 年完成的租賃的加權平均租賃期限平均為 11 年，遠遠超過我們的歷史平均值。我們 96% 的租約包含每年約 3% 的租金上漲。

Same property NOI growth was solid and in line with guidance for 2023. 3Q '23 was up 3.1% and 4.6% on a cash basis. And for the year-to-date period, up 3.7% and 5.6% on a cash basis. Our outlook for 2023 same-property NOI growth remained solid at a midpoint of 3% and 5% on a cash basis.

同一財產 NOI 成長穩健，符合 2023 年指引。23 年第三季以現金計算分別成長 3.1% 和 4.6%。今年迄今，以現金計算分別成長 3.7% 及 5.6%。我們對 2023 年同地產 NOI 成長的預期仍然穩定，以現金計算，保持在 3% 和 5% 的中點。

We do expect our fourth quarter same property results to be somewhat impacted by the timing of free rent and some temporary vacancy, including 100,000 square foot lease termination in the fourth quarter by our tenant Atreca at our San Carlos mega campus. Important to note that we don't expect any income to be recognized on this space for same property purposes in the fourth quarter, since termination fees are excluded from our same-property results. The good news is that we have a signed LOI with a new tenant to potentially take that space as early as December.

我們確實預計我們第四季度的相同物業業績將受到免費租金時間和一些臨時空置的影響，包括第四季度我們的租戶 Atreca 在我們的聖卡洛斯大型園區終止了 100,000 平方英尺的租賃。值得注意的是，我們預計第四季度不會在該空間上因同一房產目的而確認任何收入，因為終止費用不包括在我們的同一房產業績中。好消息是，我們已與新租戶簽署了意向書，最早可能在 12 月佔用該空間。

Turning to leasing. Quarterly leasing volume was 867,000 square feet for the quarter and $3.4 million for the first 9 months, which on an annualized basis is in line with our historical annual average from 2013 to 2020.

轉向租賃。本季的季度租賃量為 867,000 平方英尺，前 9 個月的租賃量為 340 萬美元，按年化計算與我們 2013 年至 2020 年的歷史年平均值一致。

Also, after stripping out spaces already leased and projects going into redevelopment, the 2023 expirations at the beginning of the quarter were relatively low at only 623,000 square feet. 3Q '23 rental rate growth for lease renewals and re-leasing of space was very strong at 28.8% and 19.7% on a cash basis.

此外，在剔除已租用的空間和進入重建的項目後，本季初的 2023 年到期面積相對較低，僅為 623,000 平方英尺。 23 年第三季度，續租和重新租賃空間的租金成長率非常強勁，以現金計算分別成長 28.8% 和 19.7%。

Rental rate growth in 3Q was driven by transactions in Seattle, Maryland and Greater Boston. And these results were driven by a mix of transactions in markets which can vary from quarter-to-quarter. Our outlook for rental rate growth on lease renewals and re-leasing of space remained solid at a midpoint of 30.5% and 14.5% on a cash basis. The overall mark-to-market for cash run rates related to in-place leases for the entire asset base remains very strong at up 18%.

第三季租金率成長是由西雅圖、馬裡蘭州和大波士頓地區的交易推動的。這些結果是由市場交易組合推動的，這些交易可能因季度而異。我們對續租和重新租賃空間的租金率成長前景保持穩定，以現金計算分別為 30.5% 和 14.5% 的中點。與整個資產基礎的就地租賃相關的整體現金運行率按市價計算仍然非常強勁，增長了 18%。

Turning next to capital expenditures. They generally fall into 2 buckets. The first category being focused on development and redevelopment, which includes the first time conversion of non-Labspace to Labspace through redevelopment. The second category is nonrevenue-enhancing capital expenditures.

接下來轉向資本支出。它們通常分為 2 個桶。第一類著重於開發和再開發，其中包括透過再開發將非Labspace首次轉換為Labspace。第二類是非收入增加的資本支出。

Our nonrevenue-enhancing capital expenditures over the last 5 years have averaged 15% of NOI, and that rate has been trending lower with 13% last year and 12% for 2023. Tenant improvement allowances and leasing commissions related to lease renewals and releasing of space which is included in nonrevenue-enhancing expenditures were very low for the quarter at $19 per square foot.

過去 5 年，我們的非增收資本支出平均佔 NOI 的 15%，該比率一直呈下降趨勢，去年為 13%，2023 年為 12%。 與續租和釋放空間相關的租戶改善津貼和租賃佣金本季度包含在非增收支出的支出非常低，為每平方英尺19 美元。

Turning to occupancy. 3Q occupancy was in line with our expectation at 93.7%, up 10 basis points from the prior quarter. This included vacancy of 2.1% or approximately 870,000 square feet from properties acquired in 2021 and '22. 30% of that recently acquired vacancy is leased and will be ready for occupancy in the next number of quarters.

轉向入住。第三季入住率為 93.7%，符合我們的預期，較上季上升 10 個基點。其中包括 2021 年和 22 年收購的房產空置率為 2.1%，約 87 萬平方英尺。最近獲得的空置空間中有 30% 已出租，並將在接下來的幾個季度內準備好入住。

Our outlook for 2023 reflects occupancy growth by the end of 4Q '23. The midpoint of our occupancy guidance is 95.1%, which implies a 140 basis point increase by the end of the year. The bridge to our range for year-end occupancy breaks down as follows. About 50% is related to spaces already leased and expected to deliver by year-end. Another 20% relates to assets that were designated as held for sale in October that contained some vacancy.

我們對 2023 年的展望反映了 2023 年第四季末的入住率成長。我們的入住率指導中位數是 95.1%，這意味著到年底將增加 140 個基點。通往我們年終入住範圍的橋樑如下。大約 50% 與已租用並預計在年底交付的空間有關。另外 20% 涉及 10 月被指定為持有待售且包含一些空置的資產。

This leaves about 30% left to resolve, which includes the 100,000 square feet space at our San Carlos mega campus, which I mentioned earlier, which is under negotiation. I'd also like to highlight that it's often difficult to reconcile leasing activity to changes in occupancy, given that leasing activity doesn't always result in immediate occupancy. The main driver of the expected ramp-up in occupancy related to previously leased space delivering in 4Q 2023, I just mentioned, is a perfect example.

這還剩下大約 30% 的問題需要解決，其中包括我之前提到的聖卡洛斯大型園區 10 萬平方英尺的空間，目前正在談判中。我還想強調的是，鑑於租賃活動並不總是立即入住，因此通常很難使租賃活動與入住率的變化相協調。我剛才提到，與 2023 年第四季交付的先前租賃空間相關的預期入住率上升的主要驅動力就是一個完美的例子。

Turning to the balance sheet. We have a very strong balance sheet with $5.9 billion of liquidity, no debt maturities until 2025, 99% of our debt subject to fixed interest rates and we remain on track to achieve our net debt-to-adjusted EBITDA goal of 5.1x on a quarterly annualized basis by 4Q '23.

轉向資產負債表。我們擁有非常強勁的資產負債表，流動性達 59 億美元，債務在 2025 年之前到期，99% 的債務實施固定利率，我們仍有望實現 5.1 倍的淨債務與調整後 EBITDA 的目標。截至2023年第4 季的季度年化基礎。

We continue to focus on our self-funding strategy through the execution of dispositions and partial interest sales, with no common equity expected for 2023, other than the $100 million of forward equity sales agreements from 2022, which are still outstanding. Our strategy for dispositions and sales of partial interest for 2023 reflects our focus on the enhancement of the overall asset base through outright dispositions of properties no longer integral to our mega campus strategy, with fewer sales of partial interest.

我們繼續透過執行處置和部分利息出售​​來專注於我們的自籌資金策略，預計2023 年不會有普通股，除了2022 年起的1 億美元遠期股權銷售協議外，該協議仍未完成。我們在 2023 年處置和出售部分權益的策略反映了我們對透過徹底處置不再屬於我們的大型園區策略不可或缺的房產來增強整體資產基礎的關注，同時減少了部分權益的出售。

For the year, we expect about 90% of the proceeds from our program to be focused on outright dispositions. Our team has made excellent progress with $875 million completed and another $699 million under LOI or purchase and sale contract, which are expected to be closed in the fourth quarter, which is primarily comprised of outright dispositions.

今年，我們預計該計劃約 90% 的收益將用於直接處置。我們的團隊取得了出色的進展，已完成 8.75 億美元，並根據意向書或採購和銷售合約完成了另外 6.99 億美元，預計將在第四季度完成，其中主要包括直接處置。

Our targeted fourth quarter dispositions include land, noncore assets and some properties which require significant capital to lease and are expected to have a higher FFO cap rate compared to the transactions we closed in the first half of the year. We have a low and conservative FFO payout ratio of 55% for 3Q '23, annualized with a 5.2% increase 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 for this year, which represents a 3-year run rate of over $1.1 billion.

我們第四季的目標處置包括土地、非核心資產和一些需要大量資本租賃的房產，與我們上半年完成的交易相比，預計 FFO 上限利率會更高。 23 年第 3 季度，我們的 FFO 派息率為 55%，較低且保守，按年計算，過去 12 個月普通股股息增加了 5.2%。我們預計今年再投資股利後的經營活動淨現金流量將達到 3.75 億美元，這意味著 3 年運行率將超過 11 億美元。

Turning to venture gains. Realized gains from venture investments included in FFO for 3Q '23 was $25 million, which is the same as our 8 prior quarter average. Gross unrealized gains in our venture investments as of 3Q '23 were of $311 million on a cost basis of just under $1.2 billion.

轉向風險收益。 23 年第 3 季 FFO 中包含的創投實現的收益為 2,500 萬美元，與我們前 8 季的平均值相同。截至 2023 年第三季度，我們創投的未實現總收益為 3.11 億美元，成本基礎略低於 12 億美元。

On external growth, we have $580 million of incremental annual NOI coming online from our pipeline of 6.4 million square feet. In the fourth quarter, we expect to deliver 2 key projects at 325 Binney and 15 Necco, which will generate a whopping $114 million of incremental annual NOI. We expect to place these projects into service in mid- to late November on average which will drive significant NOI growth in the fourth quarter, as well as the first quarter of 2024.

在外部成長方面，我們從 640 萬平方英尺的管道中獲得了 5.8 億美元的年度 NOI 增量。第四季度，我們預計將在 325 Binney 和 15 Necco 交付 2 個重點項目，這將產生高達 1.14 億美元的年度 NOI 增量。我們預計這些項目平均將於 11 月中下旬投入使用，這將推動第四季度以及 2024 年第一季的 NOI 大幅成長。

For 2024, we expect another 1.8 million square feet, which is 94% leased, to stabilize around mid- to late summer on average and generate another $127 million of incremental annual NOI. Additionally, we have another 3.8 million square feet that's expected to reach stabilization after 2024, and will generate another $339 million of incremental annual NOI.

到 2024 年，我們預計另外 180 萬平方英尺（94% 已出租）平均將穩定在夏季中後期左右，並產生另外 1.27 億美元的年度 NOI 增量。此外，我們還有另外 380 萬平方英尺的面積預計將在 2024 年後達到穩定，並將產生另外 3.39 億美元的年度 NOI 增量。

With the expected, significant deliveries at 325 Binney and 15 Necco in 4Q '23, we expect a slight decline in capitalized interest in 4Q 2023. Capitalized interest for 3Q was up about $4 million over the prior quarter, which resulted from some shifts in timing on the delivery of our 141st Street redevelopment project and the sale of a portion of our 421 Park project. It's important to note that these changes were slightly dilutive to FFO per share results for the quarter but were offset by strong core operations during the quarter.

鑑於325 Binney 和15 Necco 預計將在23 年第4 季大量交付，我們預計2023 年第4 季的資本化利息將略有下降。第3 季的資本化利息比上一季增加約400 萬美元，這是由於時間安排上的一些變化交付 141 街重建項目以及出售部分 421 公園項目。值得注意的是，這些變化略微稀釋了本季度 FFO 每股業績，但被本季強勁的核心業務所抵銷。

Turning to guidance. Our detailed updated underlying guidance assumptions are disclosed beginning on Page 4 of our supplemental package. Our per share outlook for 2023 was updated to a range of plus or minus $0.01 from the midpoint of guidance. Our range of guidance for EPS is $1.36 to $1.38, and our range for FFO per share diluted as adjusted is $8.97 to $8.99, which represents a $0.02 increase in the midpoint of $8.98. This represents a very strong 6.7% growth in FFO per share, following excellent growth last year of 8.5%.

轉向指導。我們詳細更新的基本指導假設從我們的補充包第 4 頁開始揭露。我們將 2023 年每股展望更新為較指導中點正負 0.01 美元的範圍。我們對 EPS 的指導範圍為 1.36 美元至 1.38 美元，調整後每股 FFO 的指導範圍為 8.97 美元至 8.99 美元，這意味著在 8.98 美元的中點基礎上增加了 0.02 美元。繼去年 8.5% 的出色成長之後，FFO 每股實現了 6.7% 的強勁成長。

As a reminder, we're about a month away from the issuance of our detailed guidance for 2024 and therefore, we're unable to comment on details for 2024. Lastly, I just want to extend a special thank you to Dean Shigenaga for all his years of leadership and service to the company, as well as his tremendous mentorship.

提醒一下，我們距離 2024 年詳細指南的發布還有大約一個月的時間，因此，我們無法對 2024 年的細節發表評論。最後，我想特別感謝 Dean Shigenaga 所做的一切他多年來對公司的領導和服務，以及他的大力指導。

Next, I'll turn it over to Joel to open it up for questions.

接下來，我會將其交給 Joel 以供提問。

Yes. Let's go to Q&A and sorry for the long presentation, but important to get all the facts out there.

是的。讓我們進入問答環節，對於冗長的演示感到抱歉，但重要的是了解所有事實。

(Operator Instructions) Our first question today will come from Joshua Dennerlein of Bank of America.

（操作員指示）我們今天的第一個問題將來自美國銀行的 Joshua Dennerlein。

I appreciate all the color on the new slides on the supply dynamics across our submarkets. Just kind of curious how we should think about that supply that's coming online and the vacancy you mentioned and just -- how that will impact market rents and GIs across maybe -- in particular, Cambridge and South San Francisco?

我很欣賞新幻燈片上關於我們子市場供應動態的所有顏色。只是有點好奇我們應該如何考慮即將上線的供應和您提到的空缺，以及這將如何影響整個地區的市場租金和地理標誌，特別是劍橋和南舊金山？

Yes. So Peter, thoughts, comments?

是的。那麼彼得，有什麼想法、評論嗎？

Yes, certainly, it's going to be part of the negotiation with tenants. What we believe is that our mega campus platform and our reliability and brand will give confidence to the tenants that they're going to be well taken care of. And so there is a premium to that will help us overcome the competitive supply dynamic when it comes to that.

是的，當然，這將成為與租戶談判的一部分。我們相信，我們的大型園區平台以及我們的可靠性和品牌將使租戶充滿信心，他們將得到很好的照顧。因此，這將有助於我們克服競爭性供應動態。

Yes. I would say also, important to distinguish, we think in Cambridge, the impact would be far less than South San Francisco. South San Francisco, as you can see from the slide, just has too much stupid supply. The good news is, a lot of that supply is in an area that people don't want to be in.

是的。我還要說，重要的是要區分，我們認為在劍橋，影響將遠小於南舊金山。正如您從幻燈片中看到的那樣，南舊金山的愚蠢供應太多了。好消息是，許多供應都位於人們不想進入的地區。

And then one more question for me. On the occupancy front, going from your 3Q 93.7% to just the occupancy guide range of, I think, 94.6% to 95.6%. Just -- what are the kind of moving pieces in there? Is there anything you still have to accomplish? Or is that kind of -- all baked in at this point?

然後還有一個問題想問我。在入住率方面，從第三季的 93.7% 降至入住率指導範圍，我認為是 94.6% 至 95.6%。只是──裡面有哪些活動部件？你還有什麼事情要完成嗎？或者說，這一切都已經在這一點上完成了？

Okay. I think Marc just answered that question. But Marc, do you want to repeat that?

好的。我想馬克剛剛回答了這個問題。但是馬克，你想重複一次嗎？

Yes, sure. It's Marc. Yes. So about going from that 140 basis point increase, about half of it was from leases that we've leased either in the current quarter or prior quarters, that's delivering next quarter. So a big chunk of it is in the bag. And then about another 20% was for some assets that were designated as held for sale at the end -- after the end of the quarter in October that we expect to sell.

是的，當然。是馬克。是的。因此，從 140 個基點的成長來看，大約一半來自我們在本季或前幾季租賃的租賃，這將在下個季度交付。所以很大一部分都在袋子裡。另外約 20% 是針對一些在年底被指定為持有待售的資產——我們預計將在 10 月的季度末之後出售。

And then that leaves about 30%. And then of that, a big chunk of it relates to that space in San Carlos, that was the former Atreca space, which we do have a signed LOI there and hope to execute on.

剩下大約 30%。其中，很大一部分與聖卡洛斯的空間有關，即以前的 Atreca 空間，我們確實在那裡簽署了意向書並希望執行。

Our next question will come from Georgi Dinkov of Mizuho. .

我們的下一個問題將來自瑞穗銀行的 Georgi Dinkov。 。

This is Georgi on for Vikram. Can you square your views on not losing more occupancy than the GFC, given we have seen several tenant issues and lease terminations in the past 2 quarters? And even though you have limited expirations, could create issues, depress occupancy?

這是維克拉姆的喬治。鑑於我們在過去兩個季度中看到了一些租戶問題和租約終止，您能否就不損失比全球金融危機更多的入住率達成一致意見？即使您的有效期限有限，是否會產生問題，降低入住率？

Well, I think, number one, Marc just went through the details of occupancy and guidance and giving -- and he just answered the question from the [BofA] analyst on what we're thinking about occupancy. And we said, for example, on Atreca, we have a signed LOI or negotiating a lease for all that space. I'm not sure what else you're referring to.

嗯，我認為，第一，馬克剛剛詳細介紹了入住率、指導和給予的細節——他剛剛回答了[美國銀行]分析師提出的關於我們對入住率的看法的問題。我們說，例如，在 Atreca，我們已經簽署了意向書或就所有空間進行租賃談判。我不確定你指的還有什麼。

Okay. And can you just give, I guess, more color on 2seventy bio. I believe they are backed by Bluebird. But how would it work if their cash position get your rates going forward?

好的。我想你能給 2seventy bio 提供更多的色彩嗎？我相信他們得到了藍鳥的支持。但如果他們的現金狀況讓你的利率繼續上漲，那又會如何運作呢？

Well, at the moment, they have over $300 million in cash. It gives them a runway out through 2026 as I recall, you have to remember, both 2seventy bio and Bluebird are both joint and severally liable on the lease. We expect that's a great location. It will be subleased and we don't see any challenge to York's successful collection of rent over the coming few years.

嗯，目前他們有超過 3 億美元的現金。我記得，這為他們提供了到 2026 年的跑道，你必須記住，2seventy bio 和 Bluebird 都對租約負有連帶責任。我們希望這是一個絕佳的位置。它將被轉租，我們認為約克在未來幾年內成功收取租金不會受到任何挑戰。

Our next question will come from Michael Griffin of Citi. .

我們的下一個問題將來自花旗銀行的邁克爾·格里芬。 。

Maybe just a question on development that are -- kind of how you're thinking about that over the next couple of years, the funding needs for and potential impact on capitalized interest would be helpful.

也許只是一個關於發展的問題——你如何看待未來幾年的問題，資金需求以及對資本化利息的潛在影響將會有所幫助。

Yes. So I think, as Marc said, let's wait for Investor Day to do that.

是的。所以我認為，正如馬克所說，讓我們等到投資者日再做這件事。

All right. And then just on the pending asset sales, I know Marc kind of talked about a higher cap rate than expected. I was wondering if there is any numbers you can maybe associate with that. And any color you could give around the buyer pools or interest there would be helpful.

好的。然後，就待定的資產出售而言，我知道馬克談到了高於預期的資本化率。我想知道是否有任何數字可以與之相關。您可以在買家池或興趣周圍提供的任何顏色都會有所幫助。

Yes. We're under confidentiality so we can't. So stay tuned for Investor Day or year-end, and we'll give as much detail as we're able to.

是的。我們處於保密狀態，所以不能。因此，請繼續關注投資者日或年底，我們將提供盡可能多的詳細資訊。

Our next question will come from Rich Anderson of Wedbush. .

我們的下一個問題將來自韋德布希的里奇安德森。 。

So I was kind of doing some back reading, and I looked at the second quarter of 2022, where -- it was -- the comment was, beyond -- 2024 and beyond, we don't see large disruptive projects well underway in our core markets that are preparing to go vertical.

所以我做了一些回顧，我看了 2022 年第二季度，評論是，2024 年及以後，我們沒有看到大型顛覆性項目正在順利進行。準備走向垂直化的核心市場。

Does that comment, I mean, I guess the question is, what changed between that comment a little bit more than a year ago and today, because the market for developing only has gotten worse with that macro environment and all that. Or do you still -- would you still agree that this is not disruptive relative to that comment that was made about a year and change ago?

我的意思是，我想問題是，一年多前的評論和今天的評論之間發生了什麼變化，因為在宏觀環境等因素的影響下，開發市場只會變得更糟。或者你仍然——你仍然同意，相對於大約一年前做出的、改變的評論來說，這並不具有破壞性？

Yes. Peter, do you want to maybe address that?

是的。彼得，你想解決這個問題嗎？

Yes, Rich. I mean, the comment -- the intent of the comment was to express that 2024 was going to be a peak of supply deliveries. And that's the numbers that I just went through. I think, illustrated that. There will be some things that we thought would deliver in '24 that might get pushed into '25. But we're not seeing more than less -- probably in total in all of our markets, like a handful of things that have started in recent times, meaning like the last few months.

是的，里奇。我的意思是，該評論的目的是表達 2024 年將是供應交付的高峰。這就是我剛剛查看的數字。我想，說明一下。有些我們原以為會在 24 年交付的東西可能會被推遲到 25 年。但我們並沒有看到更多的事情——可能在我們所有的市場上都看到了，例如最近幾個月開始的一些事情。

It does appear -- and the numbers in San Francisco, I think were really telling. It, thus, appear that developers are finally understanding that the market has plenty of supply underway and not -- there's not more needed on a speculative basis. And so that's good news for the coming years.

它確實出現了——我認為舊金山的數字確實很能說明問題。因此，開發商似乎終於明白，市場上有充足的供應，但投機的基礎上並不需要更多的供應。這對未來幾年來說是個好消息。

Okay. Fair enough. And then a real quick second question because I know we're running long here. Joel, you said the word self-funding for this year and for 2024. And anticipating your response, wait till Investor Day, but let me just ask anyway. Is the disposition program kind of not infinite, but I mean if you're always selling assets and funding something that's probably a better and newer asset through your development pipeline, is that something that can go on in perpetuity? Or is there a ceiling to which you have to sort of cut off the disposition program and reassess?

好的。很公平。然後是一個真正快速的第二個問題，因為我知道我們在這裡跑了很長時間。喬爾，你提到了今年和 2024 年的自籌資金這個詞。期待你的回應，等到投資者日，但無論如何讓我問一下。處置計劃不是無限的嗎？但我的意思是，如果你總是出售資產並透過開發管道為可能是更好、更新的資產的東西提供資金，那麼這種事情可以永遠持續下去嗎？或者是否存在一個上限，您必須切斷處置計劃並重新評估？

Yes, I think that's a really good question, and that will be a cornerstone of the Investor Day presentation. But I think it's fair to say, Rich, that the way to think about it is, we continue to have -- the company owns and operates 40 million square feet and has the capability to double our size on what we own beyond that. So there's a pretty deep pool for partial interest and sales of outright noncore assets. But we do have an approach to self-funding for next year in addition to that, which I think will be pretty exciting. So let us wait to announce that at Investor Day.

是的，我認為這是一個非常好的問題，這將成為投資者日演講的基石。但我認為，公平地說，Rich，我們的思考方式是，我們繼續擁有並經營 4000 萬平方英尺的面積，並且有能力將我們擁有的面積擴大一倍。因此，部分利息和直接非核心資產的出售有一個相當深的池子。但除此之外，我們確實有明年的自籌資金方法，我認為這將非常令人興奮。因此，讓我們等待在投資者日宣布這一消息。

And our next question today will come from Tom Catherwood of BTIG.

今天我們的下一個問題將來自 BTIG 的 Tom Catherwood。

Maybe Joel or Peter, we always think of your team doing such a great job partnering with tenants, understanding their business, helping them solve real estate problems. Peter, I think the examples you talked about in San Diego with the developments really speak to that this quarter.

也許喬爾或彼得，我們總是認為你們的團隊在與租戶合作、了解他們的業務、幫助他們解決房地產問題方面做得非常出色。彼得，我認為您在聖地亞哥談到的事態發展的例子確實說明了本季度的情況。

When we think of that partnership, how have you seen the needs and maybe the pain points of your tenants changed over the past 6 to 12 months?

當我們想到這種合作關係時，您如何看待過去 6 到 12 個月內租戶的需求以及可能的痛點發生的變化？

Well, I think that the obvious one is -- one that a number of people mentioned throughout the commentary and that is, certainly in the small and medium-sized companies that are emerging, that are dependent upon whether it be private financing or public market financing or cash on hand.

嗯，我認為顯而易見的是——許多人在整個評論中都提到了這一點，那就是，當然是在新興的中小型公司中，它們依賴於私人融資還是公共市場融資或手頭現金。

The fact that we're in this de facto recession, inflation and high interest rate environment just makes the management of cash, the management of burn, the management of decisions just more methodical and -- yes maybe just more methodical. So our job is to understand those needs and work intimately with the clients to make sure that we're doing the best job that we can to meet their needs. And I think we've done a great job of that. And we have very, very close relationships. These are not ones that you sign a lease and that's it. These are ongoing very deep relationships. So we're generally pretty imminently involved in a lot of the decision-making.

事實上，我們正​​處於這種事實上的經濟衰退、通貨膨脹和高利率環境中，這只會讓現金管理、資金消耗管理、決策管理變得更有條理——是的，也許只是更有條理。因此，我們的工作就是了解這些需求並與客戶密切合作，以確保我們盡最大努力滿足他們的需求。我認為我們在這方面做得很好。我們的關係非常非常密切。這些不是你簽租約的，僅此而已。這些都是持續的、非常深厚的關係。因此，我們通常會立即參與許多決策。

And remember, I mean, this isn't the first time we've hit hard times as a company, we've been around for close to 30 years. And we've worked with our tenant base during all of these times and the goodwill that accumulates and how we're able to help them is why 80% of our leasing comes from these existing tenants. I mean, we have the size, the ability to work with folks that need assistance. And it provides great goodwill for future endeavors for those of -- those management teams that are in the buildings that we're helping them out with.

請記住，我的意思是，這並不是我們公司第一次遇到困難，我們已經存在了近 30 年了。在所有這些時間裡，我們一直與我們的租戶群合作，累積的善意以及我們如何能夠幫助他們，這就是為什麼我們 80% 的租賃來自這些現有租戶。我的意思是，我們有規模、有能力與需要幫助的人合作。它為我們正在幫助他們的大樓中的那些管理團隊的未來努力提供了巨大的善意。

Got it. And then kind of following up on that, maybe if I switch over to Hallie. I appreciate the...

知道了。然後繼續跟進，也許我可以切換到哈莉。我很欣賞...

Hallie.

哈莉。

Hallie, I apologize. I appreciate the detailed market update. I was kind of really interested in the comment you made around AI adoption potentially leading to the need for incremental Labspace and that you are potentially seeing the early signs of that. Can you provide more -- kind of color on that comment and maybe what you're seeing in the market in that regard?

哈莉，我道歉。我很欣賞詳細的市場更新。我對您關於人工智慧採用可能導致對增量實驗室空間的需求所做的評論非常感興趣，並且您可能會看到這種情況的早期跡象。您能否提供更多資訊——該評論的色彩以及您在這方面在市場上看到的情況？

Sure. Happy to. A great example, and we had a quote from the CEO, Roger Perlmutter, the former CSO of Merck in our press release, is iCON, which we have a signed lease with a property under development in San Francisco.

當然。高興。 iCON 就是一個很好的例子，我們在新聞稿中引用了默克公司首席執行官、前首席戰略官 Roger Perlmutter 的話，我們與舊金山的一處正在開發的房產簽署了租約。

With AI, you have to have data to train the models. And so when folks kind of -- there's been commentary thrown out that AI is going to make it so that you don't have to run experiments as extensively in labs. What we see is actually the opposite, because you need such vast data sets to train the AI ML models in order to optimize and drive towards results that we see really large footprints, whether it's robotic, high throughput, both chemical and biological data that these companies are generating in order to be able to actually apply AI and ML.

對於人工智慧，你必須有數據來訓練模型。因此，當人們有評論說人工智慧將會實現這一點時，你就不必在實驗室中進行廣泛的實驗。我們所看到的實際上是相反的，因為你需要如此龐大的資料集來訓練AI ML 模型，以便優化並推動實現我們所看到的真正大足跡的結果，無論是機器人、高吞吐量、這些數據的化學和生物數據。公司正在產生以便能夠實際應用人工智慧和機器學習。

It would be like applying generative AI to the Internet in 1995, right? You have to have a really vast starting data set in order to get something that's meaningful on the back end. So we're continuing to see that evolve. I think across all of our clusters. There's some really interesting ways that companies are integrating this tool into their toolkit for developing new medicines. And the end results 10, 20 years from now is hopefully a lot more medicines for patients and additional Labspace demand.

這就像 1995 年將生成式人工智慧應用於網路一樣，對嗎？您必須擁有一個非常龐大的起始資料集才能獲得對後端有意義的東西。因此，我們將繼續看到這種情況的發展。我認為在我們所有的集群中。公司透過一些非常有趣的方式將該工具整合到他們的新藥開發工具包中。 10 年、20 年後的最終結果預計將為患者提供更多藥物並滿足更多實驗室空間需求。

Our next question will come from Connor Siversky of Wells Fargo.

我們的下一個問題將來自富國銀行的康納·西維爾斯基。

I got a question on 2025 deliveries. So correct me if I'm wrong here, but the pre-leasing rate of the 2025 delivery should have a significant impact on how we're looking at capitalized interests in this context. So assuming the pre-lease rate remains stable as it was reported in the supplemental release last night, can you give us an idea of how this would impact the interest expense on the P&L?

我有一個關於 2025 年交付的問題。因此，如果我錯了，請糾正我，但 2025 年交付的預租率應該會對我們如何看待這種情況下的資本化利益產生重大影響。因此，假設預租率保持穩定，正如昨晚補充新聞稿中所報告的那樣，您能否告訴我們這將如何影響損益表上的利息支出？

So Marc, you might want to comment on that. But that's kind of used in isolation because that's just one piece of the business. But Marc, go ahead and comment.

馬克，你可能想對此發表評論。但這是孤立使用的，因為這只是業務的一部分。但是馬克，請繼續發表評論。

Yes. Connor, yes, so capitalized interest is really determined based upon the size and magnitude of the assets under construction activities are under, broadly, all types of activities to get that asset ready for its intended use. So to the extent that deliveries outpace construction spending in assets that are going through either redevelopment or development, then capitalized interest would go down. And the opposite is true if construction costs exceed the pace of deliveries.

是的。康納，是的，所以資本化利息實際上是根據在建資產的規模和規模來確定的，廣義上講，所有類型的活動都是為了使該資產達到其預期用途而進行的。因此，如果正在經歷再開發或開發的資產的交付量超過了建築支出，那麼資本化利息就會下降。如果建設成本超過交付速度，情況恰恰相反。

What I'd say on 2025, if you're looking at the leasing percentages is, we've got some time on some of those, and we've seen that pre-leasing percentage tick up. Definitely, if those assets -- we get to '25 and those assets cease activities and yes, then capitalized interest would turn off. But we're -- we got a long headway there. We've got a long time, and we've definitely done studies to look at the timing of pre-leasing, and we're not quite in that sweet spot for some of these assets that are out in '25 and beyond in terms of when tenants are ready to make decisions. So I guess stay tuned.

到 2025 年，如果你關注租賃百分比，我想說的是，我們在其中一些方面有一些時間，而且我們已經看到預租賃百分比上升。當然，如果這些資產——我們到了 25 年，這些資產停止活動，是的，那麼資本化利息就會關閉。但我們在這方面取得了長足的進展。我們已經有很長一段時間了，而且我們確實已經進行了研究來確定預租賃的時間，但對於 25 年及以後推出的某些資產，我們還沒有完全處於最佳狀態。租戶何時準備好做出決定。所以我想請繼續關注。

I appreciate the color there. Is there any way -- I mean, let's just say we took most simplistic form of deliveries in that context, what kind of breakeven pre-leased rate would look like, as those projects come online?

我很欣賞那裡的顏色。有沒有什麼辦法——我的意思是，我們在這種情況下採取了最簡單的交付形式，當這些項目上線時，盈虧平衡的預租率會是什麼樣子？

I'm not sure I understand your question, Connor.

我不確定我是否理解你的問題，康納。

Well, I mean we can take it offline. What I mean to say is if we use the schedule of deliveries and when those projects are supposed to roll online is, what would be the breakeven rate between, say, the NOI contribution and the interest expense that would be absorbed on the P&L as that -- as those projects roll online and they're moved from capitalized to the P&L on the interest expense?

嗯，我的意思是我們可以讓它離線。我的意思是說，如果我們使用交付時間表，並且當這些項目應該上線時，NOI 貢獻和將在損益表中吸收的利息費用之間的盈虧平衡率是多少——當這些項目上線時，它們會從資本化轉移到利息支出的損益表上？

Yes. I guess the way to look at that, Connor, is if you're looking at projects that have -- just to make the math easy, a 7% yield and capitalization is in the high 3% range, that would kind of tell you that if half the building turn -- got delivered and half the building got turned off, you'd be neutral. But it's really not typically the case. I mean the pre-leasing on all the assets that we have for '23 and '24 is extremely high. So we'll have to wait and see.

是的。康納，我想看待這個問題的方法是，如果你正在尋找這樣的項目——只是為了讓數學變得簡單，7% 的收益率和資本化在 3% 的高範圍內，這會告訴你如果一半的建築被交付並且一半的建築被關閉，你將保持中立。但通常情況並非如此。我的意思是我們 23 年和 24 年所有資產的預租非常高。所以我們必須拭目以待。

But like as I said before, we've seen the pre-leasing on '25 tick up as we get closer and closer to delivery, which is pretty typical for tenants that a smaller size that make decisions much closer to the point at which they can see the building coming out of the ground and can visualize it.

但正如我之前所說，隨著我們越來越接近交付，我們已經看到25 年的預租量增加，這對於規模較小的租戶來說非常典型，因為他們的決策更接近他們的決策點可以看到建築物從地下拔出，並且可以將其視覺化。

Next question will come from Steve Sakwa of Evercore ISI.

下一個問題將來自 Evercore ISI 的 Steve Sakwa。

A lot of my questions have been asked. But I guess, Joel, I'm just curious, given the challenging funding market for maybe many of your private competitors. I'm just wondering to what extent are you gaining any kind of market share, to the extent that you can do fit outs and build-outs of smaller Labspace. And to what extent have your peers maybe not been able to do that? And is that maybe delaying some of the new supply coming to market?

我的很多問題都被問到了。但我想，喬爾，我只是好奇，因為融資市場可能對許多私人競爭對手來說充滿挑戰。我只是想知道您在多大程度上獲得了任何類型的市場份額，以及您可以對較小的實驗室空間進行裝修和擴建的程度。您的同行在多大程度上無法做到這一點？這是否可能會延遲一些新供應進入市場？

Well, yes, Steve. So I think the way to think about that is, other landlords who may have laboratory assets, if they're in -- if you're in Cambridge or you're in other key markets that are directly competitive of ours. It always depends on their financial capability and also the needs of the tenant. I mean it's really hard to say.

嗯，是的，史蒂夫。所以我認為思考這個問題的方法是，其他可能擁有實驗室資產的房東，如果他們在——如果你在劍橋，或者你在與我們直接競爭的其他關鍵市場。這始終取決於他們的財務能力以及租戶的需求。我的意思是這真的很難說。

I think at the moment, we feel very good about our positioning because if you're a tenant and you need, especially now -- just in time, space, and you need a path for future growth. You hit a valuation milestone, value inflection milestone, which is very typical today, a one-off building, no matter whether it's fitted out or not fitted out, doesn't really offer you that opportunity.

我認為目前，我們對我們的定位感覺非常好，因為如果你是租戶並且你需要，特別是現在 - 只是在時間、空間上，並且你需要一條未來增長的道路。你達到了一個估值里程碑，價值拐點里程碑，這在今天非常典型，一棟一次性建築，無論它是否裝修過，都不會真正為你提供這個機會。

You need a campus, you need a campus. And generally, you want one run by Alexandria because you want the best operator, because a one-off building may get you some space, but oftentimes, there's no path to future growth or expansion. And so that's how we kind of see things. So we think we have an enormous competitive advantage and moat against one-off buildings by -- whether they be landlords who know what they're doing or landlords who have no idea what they're doing.

你需要一個校園，你需要一個校園。一般來說，您想要由亞歷山大運營的一棟大樓，因為您想要最好的運營商，因為一次性建築可能會給您帶來一些空間，但通常情況下，沒有通往未來增長或擴張的道路。這就是我們看待事物的方式。因此，我們認為我們擁有巨大的競爭優勢和護城河，以對抗一次性建築——無論他們是知道自己在做什麼的房東還是不知道自己在做什麼的房東。

And to dive a little -- this is Peter. To dive a little bit deeper into that. You'll notice the big increase in vacancy in San Francisco. Buildings essentially that delivered -- and they delivered in shell condition. I took a deep dive with the team. I was like, "Guys, what does this product look like?"

稍微潛水一下——這是彼得。更深入地探討這一點。您會注意到舊金山的空置率大幅增加。建築物基本上交付了——而且它們以外殼狀態交付。我與團隊進行了深入的探討。我當時想，“夥計們，這個產品是什麼樣子的？”

And a lot of it is just are buildings that are basically waiting to see whether they should be office or lab. They were built with an ability to be lab, and so we're counting them in our supply numbers. But they could very well go office because nobody is super committed. But you're also right in that -- those developers are not able to go ahead and just build out TIs because their financing isn't there for that.

其中很多只是基本上在等待確定它們是否應該是辦公室或實驗室的建築物。它們是在實驗室中建造的，因此我們將它們計入我們的供應數量中。但他們很可能上任，因為沒有人非常忠誠。但你也說對了——那些開發商無法繼續建造 TI，因為他們沒有足夠的資金。

But I wanted to bring attention to that because you reminded me of it. You're seeing vacancy numbers, you're seeing supply numbers. A lot of these projects are agnostic about whether or not they're going to be office or lab, especially in the larger markets. But we're counting them in our competitive supply because they could be, but they may very well not be and they very well may fail if they don't have financing to provide TIs.

但我想引起人們的注意，因為你提醒了我。你看到的是空缺數字，你看到的是供應數字。許多這樣的項目對於它們是辦公室還是實驗室都是不可知的，尤其是在較大的市場中。但我們將它們計入我們的競爭性供應中，因為它們可能是，但很可能不是，而且如果它們沒有融資來提供 TI，它們很可能會失敗。

Your next question will come from Dylan Burzinski of Green Street.

您的下一個問題將來自 Green Street 的 Dylan Burzinski。

Just curious, I know you guys touched a little bit on the development pipeline, but just wondering if there's any -- sort of interesting opportunities that are -- you guys are witnessing or seeing on the acquisitions front. And if not, today, do you expect to sort of see any interesting opportunities come to fruition over the next, call it, 12 to 18 months?

只是好奇，我知道你們對開發管道有所了解，但只是想知道你們在收購方面是否正在見證或看到任何有趣的機會。如果沒有，今天，您是否期望在接下來的 12 到 18 個月內看到任何有趣的機會實現？

Yes. So first of all, I think you noted we had a slow quarter. I don't think any quarter is slow, so you might rethink about that commentary. Second, yes, just remember the quote that I gave regarding Warren Buffett. So we think there may be some opportunities, but we certainly won't comment on them.

是的。首先，我想您注意到我們的季度表現緩慢。我認為沒有任何一個季度是緩慢的，所以你可能會重新考慮這個評論。其次，是的，請記住我對沃倫·巴菲特的引用。所以我們認為可能會有一些機會，但我們當然不會對此發表評論。

And our final question today will come from Aditi Balachandran of RBC Capital Markets.

今天我們的最後一個問題將來自加拿大皇家銀行資本市場的 Aditi Balachandran。

Just a quick one for me. I know Hallie mentioned that M&A is an overall positive. So -- do you have an idea of how much incremental demand could possibly drive. And I guess, how much of that would be for pure Labspace versus the product or drug manufacturing space?

對我來說只是一個快速的。我知道哈莉提到併購總體上是正面的。那麼，您知道可能會帶動多少增量需求嗎？我想，與產品或藥品製造空間相比，其中有多少是用於純粹的實驗室空間？

Most of it, Hallie, can comment. We see as a big, big opportunity as if you look at the schedules of drugs coming off patent for the balance of the decade, it's pretty large. And virtually, the only way to fill pipeline in that short of time is to acquire technologies and pipelines that are available. And so we see it as a big opportunity, number one.

哈莉，大部分內容都可以發表評論。我們認為這是一個非常非常大的機會，就像你看看這十年餘下的藥物專利到期時間表一樣，它是相當大的。事實上，在這麼短的時間內填補管道的唯一方法就是獲取可用的技術和管道。因此，我們認為這是一個巨大的機會，也是第一位的。

And by and large, most of that is R&D related. We're not so focused. Sometimes you have the new modalities that are -- you've got intimate manufacturing with the new modalities as part of the R&D center, but kind of classic manufacturing. We don't really deal with that, and we don't see that as an opportunity for us.

總的來說，其中大部分與研發相關。我們沒那麼專注。有時你會有新的模式——作為研發中心的一部分，你會用新模式進行親密的製造，但這是一種經典的製造。我們並沒有真正處理這個問題，我們也不認為這對我們來說是一個機會。

But Hallie, I don't know if you have any other comments.

但哈莉，我不知道你是否還有其他意見。

Yes. With M&A, as I mentioned, you really have to look at it on a case-by-case basis for specific M&A. I think the better way to look at it is holistically and as Joel mentioned, M&A and licensing is a huge component of large pharma strategy for the next decade, and that will likely continue beyond that. They're looking to recoup something on the order of over $130 billion in revenue that will be lost due to patent expirations.

是的。正如我所提到的，對於併購，你確實必須針對具體併購具體情況進行具體分析。我認為更好的方式是從整體上看待它，正如喬爾所提到的，併購和許可是未來十年大型製藥策略的重要組成部分，而這種情況可能會持續下去。他們希望彌補因專利到期而損失的約 1,300 億美元的收入。

And so when you look at that acquisition activity on a whole, the net positive is certainly going to lead to additional R&D needs. And it's also a benefit from the perspective of upgrades in credit, given that -- when an acquirer comes in and buys a smaller company, we get the upgrade on the credit from the in-place lease.

因此，當你從整體上看待收購活動時，淨正面的結果肯定會導致額外的研發需求。從信用升級的角度來看，這也是一個好處，因為當收購者介入並購買較小的公司時，我們可以從就地租賃中獲得信用升級。

And we did have an additional question coming from Wes Golladay of Baird.

我們確實收到了來自貝爾德 (Baird) 的韋斯·戈拉迪 (Wes Golladay) 的附加問題。

I just had a quick question on the development pipeline. It looks like the '23 and the '24 pipeline is well leased. Do you have any, I guess, plans to change any more of those tenants out like you did this quarter? Or is it pretty much locked in at this point?

我只是對開發流程有一個簡單的問題。看起來 '23 和 '24 管道的租賃情況良好。我想，您是否有計劃像本季那樣更換更多的租戶？或者現在已經基本鎖定了？

Yes. That's kind of an unusual circumstance where we felt we had a robust client that needed space even a little more quickly than we anticipated. We had another client we saw that maybe had taken on too much space. So it was actually an ideal mix and marriage of putting the 2 together. They come up from time to time. I'm not sure I'd read anything into that, that that's kind of normal, but that's how it happened.

是的。這是一種不尋常的情況，我們覺得我們有一個強大的客戶，需要空間的速度甚至比我們預期的要快一點。我們看到另一個客戶可能佔用了太多空間。所以這實際上是兩者的完美結合和結合。他們時不時地出現。我不確定我是否對此有任何理解，這很正常，但事情就是這樣發生的。

Fantastic. And a quick follow-up. Are you seeing any, I guess, pent-up demand to get into some of these mega campuses where they've been fully occupied for years and you do have a little bit of tenant churn. Do you have any situations where multiple tenants are going through the space?

極好的。並快速跟進。我猜你是否看到了進入這些大型校園的被壓抑的需求，這些校園多年來一直被人滿為患，而且確實有一點租戶流失。您是否遇到過多個租戶共用該空間的情況？

The answer to that is yes and -- but that tends to be more like Cambridge centric, maybe our San Carlos campus, not quite a mega campus yet. It's about 600,000 feet, but to grow much larger.

答案是肯定的，但這往往更像以劍橋為中心，也許是我們的聖卡洛斯校區，但還不是一個大型校園。它大約有 600,000 英尺，但還會變得更大。

So Alexandria Center for Life Science in New York City is another example. So yes, some places we see that there are multiple tenants we're having to kind of juggle.

紐約市亞歷山大生命科學中心是另一個例子。所以，是的，我們發現有些地方有多個租戶，我們必須兼顧。

This will conclude our question-and-answer session. At this time, I'd like to turn the conference back over to Mr. Marcus for any closing remarks.

我們的問答環節到此結束。現在，我想將會議轉回給馬庫斯先生做總結發言。

Okay. Thank you very much for taking time to listen and God bless everybody.

好的。非常感謝您抽空聆聽，願上帝保佑大家。

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。您現在可以斷開連線。