Alexandria Real Estate Equities Inc (ARE) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Alexandria Real Estate Equities 2023 Fourth Quarter and Year-End Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

下午好，歡迎參加亞歷山大房地產股票 2023 年第四季和年終電話會議。 （操作員說明）今天的演示結束後，將有機會提問。請注意，此事件正在被記錄。

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

我現在想將會議交給投資者關係部的保拉·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. 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.

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。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。

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

現在我想把電話轉給執行主席兼創辦人喬爾馬庫斯。請繼續，喬爾。

Thanks, Paula, and welcome, everybody. Consistent with the Alexandria who is building the future of life-changing innovation in medicine and at the Vanguard and the heart of the $5 trillion secularly growing industry, I want to wish everyone a safe and healthy 2024.

謝謝保拉，歡迎大家。亞歷山大正在建立改變生活的醫學創新的未來，處於先鋒地位，也是價值 5 兆美元的長期成長產業的核心，我謹祝福每個人 2024 年安全健康。

On the cover of our press release and supplemental package, we've included the great [Jim Collins] quote about Alexandria, Alexandria has achieved the 3 outputs that define a great company: superior results, distinctive impact and lasting endurance. On superior results, we're very proud to say that we've had a very strong total shareholder return since IPO of over 1,500% beating all of the benchmark REIT indices and also every -- almost every other health care REIT.

在我們的新聞稿和補充資料的封面上，我們引用了[吉姆·柯林斯(Jim Collins)] 關於Alexandria 的名言，Alexandria 實現了定義一家偉大公司的3 項成果：卓越的成果、獨特的影響力和持久的耐力。就出色的業績而言，我們非常自豪地說，自 IPO 以來，我們的股東總回報率超過 1,500%，超過了所有基準 REIT 指數以及幾乎所有其他醫療保健 REIT。

On distinctive impact, Alexandria's tenants whom we have supported are responsible for an astounding 50% of the novel FDA-approved therapies over the last decade, truly amazing. And our unique one-of-a-kind full continuum of care 115 project in Dayton, Ohio has treated more than 7,000 patients afflicted by opioid addiction and other substance abuses and has made a dramatic and positive impact on the lives of thousands of people, and we're very proud of that accomplishment.

就獨特的影響而言，我們支持的亞歷山大租戶在過去十年中負責了 FDA 批准的新型療法中令人震驚的 50%，這確實令人驚嘆。我們在俄亥俄州代頓開展的獨一無二的全程連續護理 115 計畫已治療了 7,000 多名阿片類藥物成癮和其他藥物濫用患者，並對數千人的生活產生了巨大而積極的影響，我們對這一項成就感到非常自豪。

And then moving to lasting endurance I want to congratulate the Alexandria family team on this significant 30-year anniversary milestone of our founding on January 5, 1994 and who would or could have imagined in 1994 that this fledgling garage startup would have created an entirely new class of real estate at the Vanguard and the heart of the life science industry, combating many of the illnesses, which afflict our family and friends.

然後轉向持久的耐力，我想祝賀 Alexandria 家族團隊在 1994 年 1 月 5 日成立 30 週年這一重要里程碑，誰會或可能在 1994 年想像到這家剛起步的車庫初創公司會創造一個全新的先鋒集團的房地產類別和生命科學行業的核心，與許多困擾我們家人和朋友的疾病作鬥爭。

So moving on to my take on fourth quarter and year-end 2023. I'd say we have witnessed the unprecedented 8-year bull run of the life science capital markets 2014 through 2021, the longest on record, coupled with the rocket ship funding during COVID. And the market in 2023 has clearly reflected the rationalization of the past decade.

接下來談談我對2023 年第四季和年底的看法。我想說，我們見證了2014 年至2021 年生命科學資本市場史無前例的8 年牛市，這是有記錄以來最長的牛市，再加上火箭融資新冠疫情期間。而2023年的市場已經明顯體現了過去十年的合理化。

With respect to Alexandria in 2023, I would say I would characterize our 2023 overall operating and financial performance as highly resilient. Notable achievements include 11% plus NOI growth year-over-year, '23 to '22 very, very strong. We delivered a record $265 million of incremental NOI in 2023 with our development capabilities moving that to fruition, which are first-in-class. We've continued very solid leasing in 2023 with over 4 million plus rentable square feet leased with very respectable GAAP and cash numbers.

就 2023 年的亞歷山大而言，我認為我們 2023 年的整體營運和財務表現具有高度彈性。顯著的成就包括 23 年至 22 年 NOI 年成長 11% 以上，非常非常強勁。 2023 年，我們的 NOI 增量達到創紀錄的 2.65 億美元，我們的開發能力使其取得了成果，這是一流的。 2023 年，我們將繼續保持非常穩健的租賃勢頭，租賃面積超過 400 萬平方英尺，具有非常可觀的 GAAP 和現金數字。

Two key leases in Fourth Quarter, which are noted in the supplement, the lease to Novo Nordisk and the lease to CARGO Therapeutics. 2023, we had a remarkable 76% of leasing with existing tenants, and we look forward to a strong 2024 leasing effort and expect a handful of significant leases to mature soon. We expect to make significant progress on our lease expirations and filling vacant space, while achieving positive rent growth.

第四季的兩項關鍵租賃（在補充文件中註明）是諾和諾德（Novo Nordisk）的租賃和 CARGO Therapeutics 的租賃。到 2023 年，我們現有租戶的租賃量達到 76%，我們期待 2024 年的強勁租賃工作，並預計少數重要租賃很快就會成熟。我們預計在租約到期和填補空置空間方面取得重大進展，同時實現租金的正增長。

2023 we did a highly confident job of self-funding our growth and will continue to do so in 2024. Our balance sheet and liquidity are in the best shape in the company's history, and we're very proud of that accomplishment. We have given and reconfirmed very solid detailed guidance for 2024, and we believe that the life science industry will continue to benefit, most importantly, from some key macro tailwinds in 2024, including positive M&A activity, declining interest rates, increased innovation and some great key data readouts.

2023 年，我們對自籌資金實現成長充滿信心，並將在 2024 年繼續這樣做。我們的資產負債表和流動性處於公司歷史上最好的狀態，我們對此成就感到非常自豪。我們已經給出並再次確認了2024 年非常可靠的詳細指導，我們相信，最重要的是，生命科學產業將繼續受益於2024 年的一些關鍵宏觀利好因素，包括積極的併購活動、利率下降、創新增加和一些偉大的成果。關鍵數據讀出。

And finally, before I turn it over to Peter to comment on a range of critical issues. I want to comment on the sale of our 42nd Street asset in New York City, leased to Pfizer through midyear 2024. They previously vacated and moved their headquarters to another site in New York City. We made a strategic decision not to go forward with the contemplated redevelopment of that building to in part to state and local to challenging state and local governmental policies.

最後，在我將其交給彼得對一系列關鍵問題發表評論之前。我想就我們在紐約市 42 街資產的出售發表評論，該資產在 2024 年年中之前租給輝瑞。他們之前已騰出並將總部遷至紐約市的另一個地點。我們做出了一項戰略決定，即不繼續進行該建築的重建計劃，以部分向州和地方政府提出挑戰，以挑戰州和地方政府的政策。

We also had a somewhat similar but not on the scale reaction back a number of years ago and our successful reduction in our footprint in the city of San Francisco. We have created and grown the commercial life science lab space market in New York City. When we delivered our East Tower and our ACLS mega campus back in 2010, there were only essentially 2 companies of any significance that we're doing commercial life science research in New York City, many academics but no -- virtually no commercial.

幾年前，我們也有類似但規模不大的反應，並成功減少了我們在舊金山市的足跡。我們在紐約市創建並發展了商業生命科學實驗室空間市場。當我們在 2010 年交付東塔和 ACLS 大型園區時，紐約市基本上只有 2 家有影響力的公司在進行商業生命科學研究，其中有許多是學術公司，但沒有——幾乎沒有商業公司。

Today, there are over 100, but New York City, the life science market there remains here 14 years later, still a small start-up market. And we believe that by focusing on our ACLS New York City mega campus. That's the best way for us to continue to be successful. And we have taken this disciplined action out of an abundance of prudence.

如今，已有超過 100 個，但紐約市的生命科學市場在 14 年後仍然存在，仍然是小型新創市場。我們相信，透過專注於我們的 ACLS 紐約市大型校園，就能實現這一點。這是我們繼續取得成功的最佳途徑。我們出於高度謹慎而採取了這項有紀律的行動。

And with that, let me turn the commentary over to Peter.

接下來，讓我將評論交給彼得。

Thanks, Joel. In Flagship Pioneering 2024 Annual Letter, Founder and CEO, Noubar Afeyan, describe 2023 as a polycrisis, encompassing the confluence of economic turbulence, climate change deeply fractured politics, two global wars, threats to democracy, loss of trust in institutions, and continuing dislocations triggered by the COVID epidemic. Alexandria's solid 2023 performance within such a dismal backdrop is nothing less than extraordinary.

謝謝，喬爾。在Flagship Pioneering 2024 年年度信函中，創辦人兼執行長Noubar Afeyan 將2023 年描述為一場多重危機，包括經濟動盪、氣候變遷嚴重分裂的政治、兩次全球戰爭、對民主的威脅、對機構的信任喪失以及持續的混亂。由新冠肺炎疫情引發。在如此慘淡的背景下，亞歷山大 2023 年的穩健表現堪稱非凡。

I don't want to steal too much of Marc's thunder, but leasing close to our average volume since 2018 [ex] the rocket ship years and maintaining strong earnings growth while navigating through this polycrisis is a testament to Alexandria's competitive advantage and the power of our brand that Joel and Dan eloquently articulated at Investor Day. Heading into 2024, the polycrisis remains, but so does our resiliency.

我不想搶太多馬克的風頭，但租賃量接近我們自2018 年以來的平均水平（不包括火箭船年），並在度過這場多重危機的同時保持強勁的盈利增長，這證明了亞歷山大的競爭優勢和力量喬爾和丹在投資者日雄辯地闡述了我們的品牌。進入 2024 年，多重危機依然存在，但我們的韌性也依然存在。

Our balance sheet is as strong as ever. And in 2023, we proved that we can self-fund our investments and still maintain our lowest leverage level in history. Thus, with our unique business model, highly skilled and experienced talent impeccable execution and a healthy underlying industry poised to advance human and planetary health. We've created the fertile industrial ecosystem, (inaudible) postulated can generate value while defending against any coming vulnerabilities, we aim to prove that thesis right.

我們的資產負債表一如既往地強勁。 2023 年，我們證明了我們可以自籌投資資金，並且仍然保持歷史最低的槓桿水平。因此，憑藉我們獨特的商業模式、高技能和經驗豐富的人才、無可挑剔的執行力和健康的基礎產業，有望促進人類和地球的健康。我們已經創建了肥沃的工業生態系統，（聽不清楚）假設可以在防禦任何即將到來的漏洞的同時產生價值，我們的目標是證明論文是正確的。

I'm going to discuss our development pipeline, leasing, supply and asset sales and hand it over to Hallie. In the fourth quarter, we delivered 1,228,604 square feet into our high barrier to entry submarkets bringing total deliveries for the year to 3,271,170 square feet covering 15 projects. The annual incremental NOI delivered during the year of approximately $265 million and the incremental NOI delivered during the quarter of $145 million are both the highest totals in company history.

我將討論我們的開發管道、租賃、供應和資產銷售，並將其交給 Hallie。第四季度，我們向進入門檻較高的子市場交付了 1,228,604 平方英尺，使全年交付總量達到 3,271,170 平方英尺，涵蓋 15 個項目。全年交付的年度增量 NOI 約為 2.65 億美元，本季交付的增量 NOI 為 1.45 億美元，均為公司歷史上最高的總額。

The initial weighted average stabilized deal for 2023 deliveries was 7%, supported by a strong stabilized yield on cost of 7.7% from our fourth quarter deliveries. Development and redevelopment leasing activity of approximately 234,000 square feet was higher quarter-over-quarter for the third reporting period in a row, and the positive momentum is expected to continue as we signed 270,000 square feet of LOIs during the quarter.

2023 年交付量的初始加權平均穩定交易率為 7%，這得益於我們第四季度交付量 7.7% 的強勁穩定成本收益率。開發和再開發租賃活動約 234,000 平方英尺，連續第三個報告期環比增加，隨著我們在本季度簽署了 270,000 平方英尺的意向書，預計這一積極勢頭將持續下去。

At quarter end, our pipeline of current and near-term projects are 60% leased or under negotiations, which include executed LOIs. From the first quarter of 2024 through the end of 2027, we expect to deliver approximately 90% of the $495 million of stabilized NOI the current pipeline is expected to generate.

截至季末，我們現有和近期專案的 60% 已出租或正在談判，其中包括已執行的意向書。從 2024 年第一季到 2027 年底，我們預計將交付目前管線預計產生的 4.95 億美元穩定 NOI 中的約 90%。

Demand from our highly innovative credit tenant base, looking to leverage the place-making and scale of our mega campus model is expected to drive future opportunities, such as the Novo Nordisk lease executed during the quarter for 165,000 square feet at the Alexandria Center for Life Science Waltham, mega campus and Greater Boston.

我們高度創新的信貸租戶群的需求，希望利用我們的大型園區模型的場所營造和規模，預計將推動未來的機會，例如諾和諾德在本季度執行的亞歷山大生命中心 165,000 平方英尺的租賃Science Waltham 、大型校園和大波士頓。

Transitioning to leasing and supply. We leased 4,306,072 square feet during the year and 889,737 square feet during the quarter. To put some context to that, it's roughly half of the average of the rocket ship years of 2021 and 2022, but very close to the average volume we leased in the 3 years prior from 2018 through 2020. We've returned to the fundamentals which were trending positively before 2021 and 2022. So we feel really good about the near- and long-term prospects for our business.

向租賃和供應過渡。我們全年租賃面積為 4,306,072 平方英尺，本季租賃面積為 889,737 平方英尺。為了說明這一點，這大約是 2021 年和 2022 年火箭船平均租賃量的一半，但非常接近我們在 2018 年至 2020 年這三年裡的平均租賃量。我們已經回到了基本面，即2021 年和2022 年之前趨勢積極。因此，我們對我們業務的近期和長期前景非常看好。

We spoke a lot about the competitive advantages that our mega campus model affords us during Investor Day. 63% of the total leasing we did during the year was completed in our highly curated Class A mega campuses located in high barrier to entry life science clusters. And they are the key reason we continue to post strong cash and GAAP rent increases, which came in at 15.8% and 29.4%, respectively, for the year.

在投資者日期間，我們談論了很多關於我們的大型園區模式為我們提供的競爭優勢。我們今年完成的總租賃量的 63% 是在我們精心策劃的位於高進入門檻生命科學集群的 A 級大型園區內完成的。這是我們持續實現現金和 GAAP 租金強勁成長的關鍵原因，今年的租金成長分別為 15.8% 和 29.4%。

We believe the beginning of 2023 was the low point for demand and are pleased to see that demand for Greater Boston, San Francisco Bay and San Diego are all up year-over-year. A good sign since this does not include a number of projects that are on hold as management teams and Boards remain cautious.

我們認為 2023 年初是需求的低點，很高興看到大波士頓、舊金山灣和聖地牙哥的需求都比去年同期成長。這是一個好兆頭，因為這不包括一些因管理團隊和董事會保持謹慎而被擱置的專案。

However, that should change soon. As you will hear from Hallie, the trajectory of the industry has turned positive. In the meantime, we continue to win the majority of the current high-quality demand due to tenants prioritizing location, place-making experience, ability to scale, proven operational excellence, reliability and trustworthiness.

然而，這種情況應該很快就會改變。正如您將從 Hallie 那裡聽到的那樣，該行業的發展軌跡已經轉向積極。同時，由於租戶優先考慮地點、場所營造經驗、擴展能力、經過驗證的卓越營運、可靠性和可信度，我們繼續贏得當前大部分高品質需求。

Our teams continue to closely track supply building by building in our proprietary databases. As we turn the page on 2023, we expect 2024 to be the peak year for new deliveries then begin to dissipate in 2025. In Greater Boston, unleased competitive supply, estimated to be delivered in 2024 is set at 7% of market inventory, a 0.9% increase over last quarter, not due to new projects, but because of project deliveries being pushed from 2023 to 2024.

我們的團隊透過建立我們的專有資料庫繼續密切追蹤供應建設。當我們翻過2023 年這一頁時，我們預計2024 年將是新交付量的高峰年，然後在2025 年開始消散。在大波士頓地區，預計2024 年交付的未租賃競爭供應量設定為市場庫存的7%，較上季度增長 0.9%，並非由於新項目，而是因為項目交付時間從 2023 年推遲到 2024 年。

In 2025, the unleased competitive supply will increase market inventory by another 2.5%, an expected slowdown from 2024 levels. In San Francisco Bay, unleased competitive supply estimated to be delivered in 2024 is 10.7% of market inventory, which is a 2.7% increase. Like Greater Boston, this increase is driven by projects that were expected to deliver in 2023, but are taking longer than expected. In 2025, the unleased competitive supply will increase market inventory by much less at 2.2%, a good sign, but still a 1% increase over last quarter due to a new project breaking ground in Menlo Park.

2025年，釋放的競爭性供應將使市場庫存再增加2.5%，預計將較2024年水準放緩。在舊金山灣，預計 2024 年交付的未租賃競爭供應佔市場庫存的 10.7%，增加 2.7%。與大波士頓地區一樣，這一增長是由預計在 2023 年交付但所需時間比預期更長的項目推動的。到 2025 年，未租賃的競爭性供應將使市場庫存增加 2.2%，增幅要小得多，這是一個好兆頭，但由於門洛帕克的新項目破土動工，仍較上季度增加 1%。

In San Diego, unleased competitive supply estimated to be delivered in 2024 is 6.8% of market inventory a slight decrease from last quarter due to an increase in supply from projects being pushed from 2023 to 2024, offset by leasing in those projects. In 2025, the unleased competitive supply will decelerate to 2.7% of market inventory.

在聖地牙哥，預計 2024 年交付的未租賃競爭供應量佔市場庫存的 6.8%，較上季度略有下降，原因是 2023 年至 2024 年推進的項目供應量增加，但被這些項目的租賃所抵消。 2025年，釋放的競爭性供應量將降至市場庫存的2.7%。

A quick update on direct and sublease vacancy. Direct vacancy in Greater Boston is up 258 basis points to 7.05%, still mid-single digits despite a number of deliveries in late 2023. It has climbed 270 basis points to 12.36% in our San Francisco Bay markets due to unleased new deliveries.

直接和轉租空缺的快速更新。大波士頓地區的直接空置率上升了258 個基點，達到7.05%，儘管2023 年末有大量交付，但仍處於中個位數。由於新交付的釋放，舊金山灣市場的直接空置率攀升了270 個基點，達到12.36%。

And in San Diego, the increase has been more modest, rising 121 basis points to 7.97% driven primarily by [Cereno] Therapeutics vacating all of their leases in the region. They are not an Alexandria tenant. Sublease vacancy has remained stable, ranging from 5.4% in San Diego to 5.9% in Boston.

在聖地牙哥，增幅更為溫和，上升了 121 個基點，達到 7.97%，這主要是由於 [Cereno] Therapeutics 騰出了該地區的所有租約。他們不是亞歷山大的租戶。轉租空置率保持穩定，從聖地牙哥的 5.4% 到波士頓的 5.9%。

I'll conclude with an update on our value harvesting asset recycling program. Continued demand for our assets enabled us to self-fund our investments as we presented at Investor Day. Page 6 of the supplemental summarizes the material transaction closed during the year. What can be taken away from the partial interest sales at 15 Necco and 9625 Towne Center Drive and the sale of 11119 North Torrey Pines Road is that well-located and stabilized assets located in Alexandria's primary submarkets continue to command a premium valuation.

最後，我將介紹我們的價值收穫資產回收計畫的最新情況。正如我們在投資者日上介紹的那樣，對我們資產的持續需求使我們能夠自籌資金。補充資料第 6 頁總結了年內完成的重大交易。從 15 Necco 和 9625 Towne Centre Drive 的部分利息出售​​以及 11119 North Torrey Pines Road 的出售中可以看出，位於亞歷山大主要子市場的位置優越且穩定的資產繼續獲得溢價估值。

Others in solid locations, but in need of material CapEx for repositioning such as the Second Avenue and Memorial portfolio in Greater Boston completed in the Second Quarter and the Memorial Drive Beaver Street and Roselle Street portfolio completed in the Fourth Quarter, delivered solid per square foot valuations due to their solid historical performance.

其他位置穩固，但需要大量資本支出進行重新定位，例如第二季度完成的大波士頓第二大道和紀念館投資組合，以及第四季度完成的紀念大道海狸街和羅塞爾街投資組合，每平方英尺交付量穩定由於其穩健的歷史表現而獲得估值。

Due to the unstabilized nature of these portfolio sales, the cap rates will not provide any meaningful insights to return expectations on stabilized properties. However, I can point you to Healthpeak's 65% sale of 3020 and 3030 Callan Ridge Road in Torrey Pines as a directional comp. The building is fully leased long term to a credit tenant but is not expected to be occupied by said tenant. The purchase price yielded a 5.3% cap rate despite that change or despite that challenge.

由於這些投資組合銷售的不穩定性質，上限利率不會為穩定房產的回報預期提供任何有意義的見解。不過，我可以向您推薦 Healthpeak 出售的托里松 (Torrey Pines) 的 3020 號和 3030 號 Callan Ridge 路 65% 的房產，作為定向補償。該建築已完全長期出租給信用租戶，但預計該租戶不會佔用。儘管存在這種變化或挑戰，但購買價格的上限率為 5.3%。

As we presented at Investor Day, our strategies that continue to widen the moat with competitive advantages our mega campus model provides by recycling our noncampus assets into our current and future mega campuses.

正如我們在投資者日上介紹的那樣，我們的策略是透過將我們的非校園資產回收到我們當前和未來的大型園區中，繼續擴大我們的大型園區模式的競爭優勢，從而擴大護城河。

With that, I'll pass the call over to Hallie.

這樣，我就把電話轉給哈莉。

Thank you, Peter, and good afternoon, everyone. This is Hallie Kuhn, SVP of Science and Technology and Capital Markets. Today, I will provide a recap of the life science industry in 2023 and an overview of the health and demand drivers of each of our life science tenant segments as we kick off 2024.

謝謝你，彼得，大家下午好。我是 Hallie Kuhn，科學技術與資本市場資深副總裁。今天，我將回顧 2023 年的生命科學產業，並概述 2024 年開始時我們每個生命科學租戶細分市場的健康和需求驅動因素。

John Templeton wisely wrote that bull markets are born on pessimism, grow on skepticism, mature on optimism and die of euphoria. While the rest of the life science industry from euphoric 2021 highs has been rocky, healthy pessimism is seeding renewed momentum, underscored by rational valuations and capital flowing to the strongest technologies and experienced management teams.

約翰·坦普爾頓（John Templeton）明智地寫道，牛市誕生於悲觀主義，成長於懷疑主義，成熟於樂觀主義，死於欣快感。儘管生命科學產業的其他產業自2021 年的欣欣向榮高點以來一直不穩定，但健康的悲觀情緒正在孕育新的動力，理性的估值和資本流向最強大的技術和經驗豐富的管理團隊凸顯了這一點。

Fundamentally, the staggering unmet medical need that drives the $5 trillion secularly growing life science industry has not debated, and the opportunity for companies and investors in the life science sector to positively impact human health and disease is massive. Through the ups and downs, the trajectory of the industry is positive, translating long term, into a healthy and expanding tenant base. This sentiment is reflected in the numbers.

從根本上說，推動價值5 兆美元的生命科學產業長期成長的令人震驚的未滿足醫療需求已經沒有爭議，生命科學領域的公司和投資者對人類健康和疾病產生積極影響的機會是巨大的。儘管經歷了起起落落，該行業的發展軌跡是積極的，從長遠來看，將轉化為健康且不斷擴大的租戶基礎。這種情緒反映在數字上。

The XBI, a weighted index of small and mid-cap biotech ended 2023 up 8%. Large biopharma performance, which had an exceptional 2022, while the rest of the market generally languished, ended flat. Two notable exceptions were Alexandria tenants, Eli Lilly and Novo Nordisk both of which ended the year up over 50% as the market for their novel diabetes and obesity medicines accelerated. And as Peter mentioned, in December, we announced a significant lease with Novo Nordisk for their new U.S. R&D headquarters on our Waltham mega campus in Greater Boston.

XBI 是中小型生技公司的加權指數，2023 年底上漲了 8%。大型生物製藥公司在 2022 年表現出色，而市場其他公司普遍萎靡不振，但最終表現平平。兩個值得注意的例外是亞歷山大的租戶禮來公司(Eli Lilly) 和諾和諾德公司(Novo Nordisk)，隨著新型糖尿病和肥胖藥物市場的加速發展，這兩家公司的股價在年底都上漲了50% 以上。正如 Peter 所提到的，去年 12 月，我們宣布與諾和諾德 (Novo Nordisk) 簽訂一項重大租約，為其位於大波士頓沃爾瑟姆大型園區的新美國研發總部提供租賃服務。

Another 2023 biopharma trend was M&A. Excluding mega mergers over $50 billion, 2023 set a new high watermark with $159 billion in acquisitions. These were largely sub-$10 billion deals driven by pharma's need to bolster pipelines as they face steep revenue loss due to patent expirations. As M&A dollars are recycled back into the industry, it creates a positive cycle of innovation as scientists and entrepreneurs start their next new venture.

2023 年生物製藥的另一個趨勢是併購。排除價值超過 500 億美元的大型併購，2023 年收購金額將達到 1,590 億美元，創下新高。這些交易主要是價值低於 100 億美元的交易，因為製藥公司因專利到期而面臨收入急劇下降，因此需要加強通路建設。隨著併購資金重新回到行業，隨著科學家和企業家開始他們的下一個新事業，它創造了一個積極的創新循環。

Altogether, the M&A life cycle is an important driver of demand across our regions. With respect to the FDA, 55 novel medicines were approved in 2023, the second highest year on record and double the average number of annual approvals 20 years ago. There were also 8 advanced cell and gene therapies approved. Tenant Vertex received FDA approval of Casgevy this December, a potentially curative therapy for severe sickle cell disease and the first approved treatment utilizing a novel genome editing technology known as CRISPR.

總而言之，併購生命週期是我們地區需求的重要驅動力。就 FDA 而言，2023 年批准了 55 種新藥，這是有史以​​來第二高的年份，是 20 年前平均年批准數量的兩倍。還有 8 種先進的細胞和基因療法獲得批准。 Tenant Vertex 今年 12 月獲得 FDA 批准 Casgevy，這是一種治療嚴重鐮狀細胞疾病的潛在療法，也是第一個獲得批准的利用新型基因組編輯技術 CRISPR 的療法。

The takeaway is that the industry's model is working, novel scientific discoveries, such as CRISPR, which was elucidated just over a decade ago are translating into impactful medicines for patients.

結論是，該行業的模式正在發揮作用，新的科學發現，例如十多年前闡明的 CRISPR，正在轉化為對患者有影響力的藥物。

Now let's take a closer look at the health and demand across each of our life science tenant segments. First, large pharma, which makes up 19% of our ARR continues to deploy substantial capital towards internal and external R&D, equating to over $270 billion in R&D spend. Commitment to R&D is an imperative for pharma.

現在，讓我們仔細看看每個生命科學租戶細分市場的健康狀況和需求。首先，占我們 ARR 19% 的大型製藥公司繼續將大量資金用於內部和外部研發，相當於研發支出超過 2,700 億美元。致力於研發對於製藥公司來說至關重要。

Over the next decade, the top 20 pharma are staring down approximately $200 billion of lost revenue as patents expire, new competitors enter the market and a subset of medicines become subject to potential price setting by Medicare through the recently enacted IRA legislation. And where does pharma look to offset gap in revenue to smaller and nimbler biotechs.

在接下來的十年中，隨著專利到期、新的競爭對手進入市場以及部分藥品可能受到Medicare 通過最近頒布的IRA 立法制定價格的影響，排名前20 的製藥公司將面臨約2000 億美元的收入損失。製藥公司希望從哪裡彌補與規模更小、更靈活的生技公司之間的收入差距。

Currently, $3 out of every $5 of top 20 pharma revenue stemmed from medicines acquired through M&A and partnerships. Fortunately, this segment is well positioned with strong balance sheets and an estimated $1 trillion in available firepower to leverage. All told, we expect healthy levels of internal research and M&A to continue through '24 and beyond.

目前，排名前 20 的製藥公司收入中每 5 美元中​​有 3 美元來自透過併購和合作獲得的藥品。幸運的是，該細分市場處於有利位置，擁有強勁的資產負債表和估計 1 兆美元的可用火力。總而言之，我們預計內部研究和併購的健康水準將持續到 2024 年及以後。

Importantly, innovation requires people and a critical component of the pharma equation is stellar talent. Recruiting and retaining scientists is more important than ever. Cancer can't be cured from the couch and expectations of a scientific workforce where working from home is not an option [or high]. Requiring amenities and community that the scale of Alexandria's mega campuses are uniquely positioned to provide. This need is driving several large pharma requirements across our clusters.

重要的是，創新需要人才，而製藥方程式的關鍵組成部分就是傑出的人才。招募和留住科學家比以往任何時候都更重要。癌症無法在沙發上治愈，科學工作者對在家工作的期望也不是一種選擇（或很高）。亞歷山大的大型校園規模獨特，需要提供便利設施和社區。這種需求正在推動我們集群中的幾個大型製藥需求。

Transitioning to public biotechnology. Our ARR from biotechs with marketed products increased to 17% compared to 14% in 3Q. This increase is due to the delivery of Moderna's new headquarters at 325 Binney Street on our One Kendall Square mega campus, as well as several clinical stage companies transitioning to commercial stage after receiving marketing approval for new therapies. This segment continues to mature, with tenants such as Vertex eclipsing a market cap of $100 billion in 2023.

過渡到公共生物技術。我們來自已上市產品的生物技術的 ARR 上升至 17%，而第三季為 14%。這一增長是由於位於 One Kendall Square 大型園區賓尼街 325 號的 Moderna 新總部的交付，以及幾家臨床階段公司在獲得新療法的營銷批准後過渡到商業階段。該細分市場不斷成熟，Vertex 等租戶的市值將在 2023 年突破 1,000 億美元。

Next step are our pre-commercial public biotech companies, which represent 8% of our ARR. For this segment, data trumps all. Companies that meet expected milestones have executed significant follow-on financings and stock prices have responded positively. In total, nearly $20 billion in follow-on financing was raised on U.S. stock exchanges in '23, a 1/4 of which was raised by Alexandria tenants. Companies have also tapped alternative financing structures such as PIPEs and royalty deals providing additional access to liquidity.

下一步是我們的預商業上市生技公司，它們占我們 ARR 的 8%。對於這個細分市場，數據勝過一切。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。 23 年，美國證券交易所總共籌集了近 200 億美元的後續融資，其中 1/4 是由 Alexandria 租戶籌集的。該公司還利用了 PIPE 和特許權使用費交易等替代融資結構，提供了額外的流動性。

Our San Francisco-based tenant BridgeBio has raised over $900 million in the past 12 months from a combination of these sources, driven by clinical data for a novel medicine treating transthyretin amyloid cardiomyopathy, a potential fatal disease of the heart muscle.

我們位於舊金山的租戶BridgeBio 在過去12 個月中透過這些來源籌集了超過9 億美元的資金，其動力來自一種治療轉甲狀腺素蛋白澱粉樣心肌病變（一種潛在的致命心肌疾病）的新藥物的臨床數據。

As the IPO market cracks open in 2024, companies with the right clinical pedigree will be able to access additional liquidity. Last week, the first IPO of the year by asset-based CG Oncology priced above their target range and raised $380 million. On to private biotechnology, which encompasses 10% of our ARR, while life science venture investments slowed in '23 relative to the highs of '21 and '22, it still exceeds pre-COVID levels and came in at approximately $40 billion.

隨著 IPO 市場於 2024 年開放，具有良好臨床經驗的公司將能夠獲得額外的流動性。上週，以資產為基礎的 CG Oncology 進行了今年首次 IPO，定價高於目標範圍，籌集了 3.8 億美元。至於私人生物技術，占我們ARR 的10%，雖然生命科學風險投資在23 年相對於21 年和22 年的高點有所放緩，但仍超過了新冠疫情前的水平，投資額約為400億美元。

Series A, B and C rounds are predominantly being led by outside investors. Speaking to healthy levels of new investments, with the caveat that valuations have come down and deals often take longer to close. Funds have been conservative deploying the capital raised in the past several years and have ample dry powder. As the market's warm, we expect venture activity to remain strong through '24. One counterbalance is that we may see less later-stage financings as a subset of companies go public instead of raising another round of private capital.

A、B 和 C 輪主要由外部投資者領投。談到新投資的健康水平，但需要注意的是估值已經下降，而且交易通常需要更長的時間才能完成。基金在過去幾年募集的資金配置上一直比較保守，並且擁有充足的乾粉。隨著市場回暖，我們預計創投活動將在 2024 年保持強勁。一個平衡是，隨著一部分公司上市而不是籌集另一輪私人資本，我們可能會看到後期融資減少。

Next, our life science product, service and device tenants, which represent 21% of our ARR. This segment includes contract manufacturers, diagnostic firms and research tool companies, all of which are critical and complementary to companies developing new medicines. For example, research tool companies are creating the next generation of advanced life science technologies such as super resolution microscopes and DNA sequencers that can process an entire genome in half a day. These technologies often require large specialized footprints, complex infrastructure and highly trained scientific talent. As the trusted brand for life science real estate, our tenants look to Alexandria to safeguard the billions of dollars of equipment, intellectual property and assets housed within their labs.

接下來是我們的生命科學產品、服務和設備租戶，占我們 ARR 的 21%。該細分市場包括合約製造商、診斷公司和研究工具公司，所有這些對於開發新藥的公司來說都是至關重要且補充的。例如，研究工具公司正在開發下一代先進的生命科學技術，例如超解析度顯微鏡和 DNA 定序儀，可以在半天內處理整個基因組。這些技術通常需要大量的專業佔地面積、複雜的基礎設施和訓練有素的科學人才。作為值得信賴的生命科學房地產品牌，我們的租戶希望 Alexandria 能夠保護其實驗室內價值數十億美元的設備、智慧財產權和資產。

Last, our institutional tenants totaling 11% ARR as well-funded often credit tenants, institutions continue to be an engine of innovation within our ecosystems. One pioneering institutional tenant that came out of stealth this month is Cambridge-based Arena BioWorks. With $500 million in funding, Arena hired scientific luminaries from around the country, with the goal to combine and accelerate academic research and venture-backed drug development under one roof.

最後，我們的機構租戶的 ARR 總計為 11%，因為資金充足且經常為租戶提供信貸，機構仍然是我們生態系統內的創新引擎。本月，總部位於劍橋的 Arena BioWorks 成為了一個率先亮相的機構租戶。 Arena 斥資 5 億美元，聘請了來自全國各地的科學名人，目標是將學術研究和風險投資支持的藥物開發結合起來並加速。

Returning to where we started, the life science industry is squarely in the realm of healthy skepticism, exceeding the very early innings of the next bull run. We are not completely out of the woods yet with question marks around interest rates and 2024 election looming. However, accelerating pace of scientific innovation access to significant capital from multiple sources and enormous unmet need for life-saving therapies will propel the industry forward and translate into healthy demand and increasing long-term revenue.

回到我們開始的地方，生命科學產業完全處於健康懷疑的領域，超過了下一輪牛市的早期階段。我們還沒有完全擺脫困境，利率和 2024 年大選的臨近仍有疑問。然而，科學創新步伐的加快、從多種來源獲取大量資金以及對挽救生命的療法的巨大未滿足需求將推動該行業向前發展，並轉化為健康的需求和增加長期收入。

With that, I will pass it over to Marc.

這樣，我會把它交給馬克。

Thank you, Hallie. This is Marc Binda here. Hello, and good afternoon, everyone. Congratulations to our entire team for outstanding execution this past year in a very challenging macroeconomic environment. I'll start with our solid financial results.

謝謝你，哈莉。我是馬克·賓達。大家好，大家下午好。恭喜我們整個團隊在過去的一年中在充滿挑戰的宏觀經濟環境中表現出色。我將從我們穩健的財務表現開始。

Total revenues and NOI for 2023 were up 11.5% and 12.2%, respectively, over 22, primarily driven by solid same-property performance and record high development and redevelopment projects placed into service in '23 with an incremental annual NOI of $265 million. FFO per share diluted as adjusted was $8.97, up a solid 6.5% over 2022. We're very proud to report solid operating results for the year driven by disciplined execution of our mega campus strategy.

2023 年的總收入和NOI 分別比22 年增長11.5% 和12.2%，這主要是由於同類物業的穩健業績以及23 年投入使用的創紀錄的高開發和再開發項目，年度NOI 增量為2.65 億美元。調整後攤薄後的 FFO 每股為 8.97 美元，比 2022 年穩定成長 6.5%。我們非常自豪地報告，在嚴格執行我們的大型園區策略的推動下，本年度實現了穩健的營運績效。

Our tenants continue to appreciate our brand collaborative mega campuses and our operational excellence by our team. We have high-quality cash flows with 52% of our annual rental revenue as of 4Q '23 from investment-grade and publicly traded large-cap tenants, up 3% from the prior quarter and we have one of the highest quality client rosters in the REIT industry. 75% of our annual rental revenue comes from our collaborative mega campuses, collections remained very high at 99.9%, adjusted EBITDA margins remained strong at 69%, and 96% of our leases contain annual rent escalations approximating 3%.

我們的租戶繼續欣賞我們的品牌合作大型園區以及我們團隊的卓越運作。我們擁有高品質的現金流，截至23 年第4 季度，我們的年租金收入中有52% 來自投資級和公開交易的大盤租戶，比上一季度增長3%，並且我們擁有全球最優質的客戶名單之一房地產投資信託產業。我們75% 的年度租金收入來自我們的合作大型園區，收款率仍然很高，達到99.9%，調整後的EBITDA 利潤率仍然強勁，達到69%，我們96% 的租賃包含每年約3% 的租金上漲。

Now solid rental rate growth and leasing volume drove same-property NOI growth in 2023 of 3.4% and 4.6% on a cash basis. These results were in line with our previous guidance and very solid results, especially considering the macro environment. As expected, our Fourth Quarter same-property results took some pressure due to some temporary vacancy as 4 properties spread across Boston, San Francisco and San Diego, comprising about 330,000 square feet that is 64% leased or negotiating.

目前，穩定的租金率成長和租賃量推動 2023 年同物業 NOI 以現金計算分別成長 3.4% 和 4.6%。這些結果符合我們先前的指導，結果非常可靠，特別是考慮到宏觀環境。正如預期的那樣，我們第四季度的同類物業業績因一些臨時空置而承受了一些壓力，因為 4 個物業分佈在波士頓、舊金山和聖地亞哥，面積約 330,000 平方英尺，其中 64% 已出租或正在談判。

We expect same property results to accelerate in the second half of 2024 driven by anticipated solid rental rate growth, occupancy growth in the second half of the year, coupled with the 4 properties I just mentioned, as well as contractual rent increases and the burn-off of contractual free rent from executed leases. We expect solid same property growth for 2024 consistent with what we provided at our Investor Day in December of 1.5% and 4% on a cash basis at the point of our guidance range. Leasing volume in the fourth quarter was solid at 890,000 square feet for the quarter and 4.3 million for the year which is in line with our general historical average from 2013 to 2020.

我們預計 2024 年下半年同樣的房地產業績將加速成長，原因是預期租金率穩健成長、下半年入住率成長，加上我剛才提到的 4 處房產，以及合約租金上漲和燒錢。已執行租約中的合約免租金。我們預計 2024 年房地產將保持穩健成長，與我們在 12 月投資者日提供的預測一致，即按我們的指導範圍以現金計算 1.5% 和 4%。第四季的租賃量穩定在 89 萬平方英尺，全年為 430 萬平方英尺，這與我們 2013 年至 2020 年的整體歷史平均值一致。

We continue to benefit from our long-standing tenant relationships and brand loyalty with 76% of our leasing completed in 2023 from existing tenant relationships. Rental rate growth for lease renewals and re-leasing space in '23 was very strong at 29.4% and 15.8% on a cash basis. These are very solid results and are the third highest annual amounts compared to the 10 years preceding the rocket ship years of '21 and '22. 4Q '23 rental rate growth for lease renewals and re-leasing of space was 9.2% and 5.5% on a cash basis.

我們繼續受益於我們長期的租戶關係和品牌忠誠度，2023 年我們 76% 的租賃是透過現有租戶關係完成的。 2023 年，續租和重新租賃空間的租金成長率非常強勁，以現金計算分別達到 29.4% 和 15.8%。這些結果非常可靠，與「21 年」和「22 年」之前的 10 年相比，年度金額排名第三。 23 年第 4 季度，續租和重新租賃空間的租金成長率以現金計算分別為 9.2% 和 5.5%。

Due to the incredible execution by our team, we were able to backfill the roughly 100,000 square foot former Atreca space in San Carlos with a very exciting clinical-stage biotech company called CARGO Therapeutics during the quarter at solid economics, including no TIs and limited downtime. The starting cash rent on that deal was slightly negative at about negative 4% compared to the most recent in-place rents from Atreca that was 3 years into a 10-year lease.

由於我們團隊令人難以置信的執行力，我們能夠在本季度用一家非常令人興奮的臨床階段生物技術公司CARGO Therapeutics 回填聖卡洛斯大約100,000 平方英尺的前Atreca 空間，經濟狀況良好，包括沒有TI和有限的停機時間。與 Atreca 最近 10 年租約 3 年後的就地租金相比，該交易的起始現金租金略有負值，約為負 4%。

Given the quarterly results are driven by a relatively small amount of square feet, the relatively flat results from this transaction had a meaningful impact on the quarterly rental rate increases. Excluding this transaction, rental rate increases for the quarter would have been 21.4% and 9.7% on a cash basis. We expect solid rental rate growth on lease renewals and re-leasing of space for 2024 at a midpoint of 15% and 9% on a cash basis, with some variation from quarter-to-quarter.

鑑於季度業績是由相對較小的平方英尺推動的，此次交易相對平穩的業績對季度租金上漲產生了有意義的影響。如果不包括此項交易，以現金計算，本季的租金增幅將分別為 21.4% 和 9.7%。我們預計 2024 年續租和重新租賃空間的租金率將穩健增長，以現金計算，中間值將達到 15% 和 9%，但季度與季度之間會出現一些變化。

The overall mark-to-market for cash rental rates related to our in-place leases for the entire asset base remains solid at 14%. Our nonrevenue-enhancing expenditures, including TIs and leasing commissions on second-generation space have averaged 15% of NOI over the last 5 years and remained low during 2023 and in the 12% to 13% range. Year-end occupancy was solid at 94.6%, up 90 basis points from the prior quarter and the primary driver of the increase from the third quarter was space that was delivered in San Diego.

與我們整個資產基礎的就地租賃相關的整體現金租金按市值計價仍穩定在 14%。我們的非增收支出，包括 TI 和第二代太空租賃佣金，在過去 5 年中平均佔 NOI 的 15%，並在 2023 年保持在 12% 至 13% 的較低水平。年末入住率穩定在 94.6%，比上一季成長 90 個基點，第三季入住率成長的主要驅動因素是聖地牙哥交付的空間。

The midpoint of our guidance range for occupancy for year-end 2024 is 95.1%, so we do expect some modest growth in occupancy through the year as well as growth in same-property occupancy in the second half of the year.

我們對 2024 年底入住率指導範圍的中點為 95.1%，因此我們預計全年入住率將出現小幅增長，下半年同類物業的入住率也會出現增長。

Transitioning to the balance sheet. We have one of the strongest balance sheets in the company's history as of 4Q '23. Our corporate credit rankings link in the top 10% of all publicly traded U.S. public REITs. We met our goal for year-end leverage of 5.1x for net debt to adjusted EBITDA on a quarterly annualized basis. And we ended the year with tremendous liquidity of $5.8 billion fixed rate debt comprising 98.1% of our total debt, a weighted average remaining term of debt of 12.8 years and no debt maturities until 2025.

過渡到資產負債表。截至 23 年第四季度，我們擁有公司歷史上最強勁的資產負債表之一。我們的企業信用排名在所有公開交易的美國公共房地產投資信託基金中名列前 10%。我們實現了年終淨負債槓桿率與季度年化調整後 EBITDA 比率為 5.1 倍的目標。截至年底，我們擁有 58 億美元固定利率債務的巨大流動性，占我們總債務的 98.1%，加權平均剩餘債務期限為 12.8 年，並且到 2025 年為止沒有債務到期。

Only 20% of our debt matures in the next 5 years and 29% of our debt matures in 2049 and beyond with an attractive rate of 3.91%. We continue to focus on the enhancement of our overall asset base and the recycling of capital through outright dispositions of assets that are not integral to our mega campus strategy. We recognize that these types of assets will likely have a higher cost of capital than our core assets located in our mega campuses, but this will allow us to recycle these proceeds into our highly leased development and redevelopment pipeline and to continue to enhance our mega campus strategy.

我們的債務中只有 20% 在未來 5 年內到期，29% 的債務在 2049 年及以後到期，利率為 3.91%，極具吸引力。我們繼續專注於透過直接處置不屬於我們的大型園區策略的資產來增強我們的整體資產基礎和資本循環。我們認識到，這些類型的資產可能比我們位於大型園區的核心資產具有更高的資本成本，但這將使我們能夠將這些收益回收到我們高度租賃的開發和再開發管道中，並繼續增強我們的大型園區策略。

For 2023, we completed dispositions and partial interest sales of $1.3 billion, including $439 million of dispositions completed in the fourth quarter. Importantly, during '23, we did not issue any new common equity other than the settlement of our outstanding forward equity contracts from 2022, which raised $104 million and we're very proud of our strong execution capability.

2023 年，我們完成了 13 億美元的處置和部分利息出售​​，其中包括第四季度完成的 4.39 億美元的處置。重要的是，在23 年期間，除了結算2022 年起未償還的遠期股權合約之外，我們沒有發行任何新的普通股，該合約籌集了1.04 億美元，我們對我們強大的執行能力感到非常自豪。

The team is laser focused on the execution of our capital plan headed into 2024, and we have pending dispositions subject to letters of intent or sales agreements for another $142 million that we expect to close in 2024. Based upon our current outlook, we expect our asset recycling program to be more heavily weighted towards outright dispositions of noncore assets rather than partial interest sales in 2024.

該團隊專注於執行我們進入2024 年的資本計劃，我們還有待處理的處置，具體取決於意向書或銷售協議，我們預計將在2024 年完成另外1.42 億美元的處置。根據我們目前的前景，我們預計我們的到 2024 年，資產回收計畫將更加重視非核心資產的徹底處置，而不是部分利息出售​​。

In the fourth quarter, we recognized impairments aggregating $271.9 million, which included two significant items. First was the $94.8 million charge related to the sale of 380 and 420 East Street located in the Seaport, which had been announced last quarter and subsequently closed during the fourth quarter. And then second, as Joel mentioned, $93.5 million of a charge related to an office property located in Manhattan, which was classified as held for sale this quarter.

第四季度，我們確認了總計 2.719 億美元的減值，其中包括兩個重大項目。首先是與出售位於海港的東街 380 號和 420 號有關的 9,480 萬美元費用，該交易於上個季度宣布，隨後在第四季度完成。其次，正如喬爾所提到的，9,350 萬美元的費用與位於曼哈頓的一處辦公物業有關，該物業本季被列為持有待售類別。

The New York project Joel mentioned was acquired in 2018 as a covered land project with a leaseback and in-place cash flows. But in the fourth quarter, we elected not to proceed with the conversion project and this is now under contract and expected to be sold next year.

喬爾提到的紐約項目於 2018 年作為一個有土地項目收購，具有回租和就地現金流。但在第四季度，我們選擇不再進行改造項目，該項目現已簽訂合同，預計明年出售。

Cash flows from operating activities after dividends for 2024 is expected to be very strong at $450 million at the midpoint of our guidance, and we'll continue to support growth in our annual common stock dividends per share. We had a low conservative FFO payout ratio of 56% for the quarter with a 6% average per share dividend increase over the last 5 years, and at this pace of retained cash flows over the next 3 years, cash flows from operating activities after dividends should generate close to $1.4 billion of efficient capital for reinvestment.

預計 2024 年股息後的經營活動現金流將非常強勁，達到我們指引的中位數 4.5 億美元，我們將繼續支持每股年度普通股股息的成長。本季我們保守的 FFO 派息率為 56%，過去 5 年每股股息平均成長 6%，以未來 3 年保留現金流的成長速度，股息後經營活動產生的現金流應產生近14 億美元的有效資本用於再投資。

Now I'll turn to a couple of important highlights on the external growth side. 2023 and 4Q '23 were both record years in terms of the amount of incremental annual NOI onboarded with $265 million and $145 million, respectively. Importantly, about 80% of the annual rental revenue delivered in the fourth quarter was the investment-grade or publicly traded large cap tenants, including Moderna and Eli Lilly. With a very large amount of deliveries around mid-quarter on average in the fourth quarter, we expect a significant earnings benefit headed into 1Q '24.

現在我將談談外部成長方面的幾個重要亮點。就年度新增 NOI 金額而言，2023 年和 23 年第四季均創紀錄，分別為 2.65 億美元和 1.45 億美元。重要的是，第四季度交付的年租金收入中約 80% 是投資等級或公開交易的大盤租戶，包括 Moderna 和 Eli Lilly。由於第四季平均在季度中期左右交付量很大，我們預計 24 年第一季將出現顯著的獲利效益。

We expect tremendous growth in incremental annual net operating income on a cash basis of $114 million upon the burn-off of initial free rent related to recently delivered projects with a weighted average burn-off period of about 10 months. And as Peter highlighted, we have 5.7 million rentable square feet of projects that are 60% leased or negotiating and projects that will generate $495 million of incremental annual net operating income over the next 4 years.

我們預計，在銷毀與最近交付的項目相關的初始免費租金（加權平均銷毀期約為 10 個月）後，以現金為基礎的年度淨營業收入增量將大幅增加 1.14 億美元。正如 Peter 所強調的那樣，我們擁有 570 萬平方英尺的可出租項目，其中 60% 已出租或正在談判，這些項目將在未來 4 年內產生 4.95 億美元的增量年度淨營業收入。

A key item to highlight here is that we had strong leasing activity in the pipeline with over 500,000 square feet either leased or added to the negotiating bucket through signed LOIs during the quarter, which was the most we've had since 2Q '22.

這裡要強調的一個關鍵事項是，我們在本季度進行了強勁的租賃活動，超過500,000 平方英尺的面積已被租賃或通過簽署的意向書添加到談判範圍中，這是自2022 年第二季度以來我們擁有的最多的面積。

Next, on capitalized interest, our outlook for capitalized interest for '24 is consistent with our previous guidance. And as a reminder, we expect capitalized interest for 2024 to be impacted by the following: First, and overall decline in average real estate basis subject to capitalization compared to '23, which was driven in part by the large basis placed into service in the fourth quarter of 2023; and second, we expect an offsetting increase caused by an uptick in our weighted average interest rate on borrowings used in the calculation of capitalization of interest in 2024 compared to 2023.

接下來，關於資本化利息，我們對 24 年資本化利息的展望與我們先前的指導一致。提醒一下，我們預計 2024 年的資本化利息將受到以下因素的影響：首先，與 23 年相比，受資本化影響的平均房地產基差總體下降，部分原因是大量基差投入使用2023 年第四季度；其次，我們預期 2024 年計算利息資本化時所使用的借款加權平均利率將較 2023 年上升，進而帶來抵銷性成長。

I'll turn next to venture investments. Realized gains from venture investments included in FFO per share as adjusted for the quarter was $12.3 million, which was below our recent run rate, in part due to a large realized loss on one of our investments that occurred late in the quarter. FFO per share as adjusted over the last 3 years has included on average 96 million of realized gains in each year from venture investments or approximately 24 million per quarter.

接下來我將談談創投。經本季度調整後，包含在 FFO 中的每股風險投資已實現收益為 1,230 萬美元，低於我們最近的運行率，部分原因是我們的一項投資在本季度末發生了巨額已實現虧損。過去 3 年調整後的每股 FFO 平均每年包含來自創投的 9,600 萬美元或每季約 2,400 萬美元的已實現收益。

Our outlook for quarterly realized gains from venture investments in 2024 is 95 million to 125 million, which is modestly above our 3-year annual average of 96 million. Gross unrealized gains in our venture investments as of the end of the quarter were 320 million on a cost basis of just under 1.2 billion.

我們對 2024 年創投季度實現收益的預期為 9,500 萬至 1.25 億美元，略高於我們的 3 年平均 9,600 萬美元。截至本季末，我們創投的未實現總收益為 3.2 億美元，成本基礎上略低於 12 億美元。

Turning to guidance. We have reaffirmed our solid guidance for 2024 that was initially provided in connection with our Annual Investor Day on November 29th, with a few minor changes as outlined in our supplemental package on Page 4. Our range for guidance for EPS is $3.49 to $3.69 and our range for FFO per share diluted as adjusted is $9.37 to $9.57, with no change in the midpoint of $9.47, which represents a solid 5.6% growth in FFO per share, following excellent growth last year of 6.5%.

轉向指導。我們重申了我們對2024 年的可靠指導，該指導最初是在11 月29 日的年度投資者日提供的，並進行了一些細微的更改，如第4 頁的補充包中所述。我們的EPS指導範圍為3.49 美元至3.69 美元，我們的每股收益指引範圍為3.49 美元至3.69 美元。調整後稀釋後的每股FFO 範圍為9.37 美元至9.57 美元，中間值9.47 美元沒有變化，這意味著繼去年6.5% 的出色成長之後，每股FFO 實現了5.6% 的穩健成長。

Lastly, our ATM program expired in early January of this year upon the expiration of our shelf registration, so we do expect to file a new program here in the near future.

最後，我們的 ATM 計劃已於今年 1 月初在我們的貨架註冊到期後到期，因此我們希望在不久的將來在這裡提交新的計劃。

With that, let me turn it over to Joel.

那麼，讓我把它交給喬爾。

So please open it up for questions, operator.

因此，請打開它來提問，操作員。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

And our first question will come from Josh Dennerlein of Bank of America Merrill Lynch.

我們的第一個問題將來自美銀美林的喬許·丹納萊因。

I just wanted to explore the occupancy uplift that you're assuming in guide. Just how much of that occupancy uplift is just driven by leases you've already signed versus leasing that you're assuming that still has to get done?

我只是想探討一下您在指南中假設的入住率提升情況。入住率的提升有多少是由您已經簽署的租約和您認為仍需完成的租賃所推動的？

Yes. So Marc, comment?

是的。那麼馬克，評論一下？

Yes, sure. Josh. So we do have about 300,000 square feet of leases that we've already signed that have not commenced that will commence next year. So we have a good head start headed into '24.

是的，當然。喬許。因此，我們確實有大約 30 萬平方英尺的租約已經簽署，但尚未開始，將於明年開始。因此，我們在進入 24 年時取得了良好的開端。

I think to put things into perspective, we've got about 3.4 million of lease rolls next year. But after you back out the space that we've anticipated, we'll go dark into redevelopment or development that only leaves you with about 1 -- 1.8 million square feet that's not resolved. So I think that number feels pretty manageable relative to our historical run rate on leasing.

我認為，從長遠來看，我們明年的租賃量約為 340 萬份。但是，在您取消我們預期的空間後，我們將開始重新開發或開發，只留下約 1 - 180 萬平方英尺的空間尚未解決。因此，我認為相對於我們的歷史租賃運行率，這個數字感覺相當可控。

Yes. So when Marc says next year, we're in 2024, but the next year from '23, which we're reporting, just so we're clear.

是的。因此，當 Marc 說明年時，我們是在 2024 年，但從我們正在報告的 23 年開始的明年，我們就很清楚了。

Appreciate that. And then it looks like supply is going to peak this year. Just kind of what's your latest thoughts on timing for net effective rents bottoming and any kind of variation across your 3 core markets?

感謝。而且今年的供應量似乎將達到頂峰。您對淨有效租金觸底時機以及 3 個核心市場的任何變化的最新想法是什麼？

Yes. So Marc, Peter, you guys want to comment?

是的。馬克、彼得，你們想發表評論嗎？

Yes, I'll take it, Josh. Hard to predict. But certainly, the effects of 2023 supply has been seen net effective rents. We've seen TIs increase remarkably, we've talked about that before. TIs aren't going to go any further up because they're already pretty high. I'd say there's some pricing power to the tenant if they've got a very large requirement. But outside of that, I think things have been holding relatively well.

是的，我會接受的，喬許。很難預測。但可以肯定的是，2023 年供應的影響已經反映在淨有效租金上。我們已經看到 TI 顯著增加，我們之前已經討論過這一點。 TI 不會進一步上升，因為它們已經相當高了。我想說，如果租戶有很大的需求，他們就有一定的定價權。但除此之外，我認為情況一直相對較好。

The next question comes from Anthony Paolone of JPMorgan.

下一個問題來自摩根大通的安東尼·保隆。

Yes, thanks. First question is, it's early in the year, and it seems like you're approaching the midpoint of your acquisition guide. So just curious if these were transactions that were in process when you're setting up the guidance or if you just are seeing a lot of stuff that's attractive or you feel like it's a time to play more offense.

對了謝謝。第一個問題是，現在是今年年初，而且您似乎正在接近採購指南的中點。因此，我只是好奇這些是否是您在設定指南時正在進行的交易，或者您是否只是看到了很多有吸引力的東西，或者您覺得現在是時候採取更多進攻措施了。

Yes, the former, Tony.

是的，是前者，東尼。

Okay. So there's no like anticipation that you want to pick up...

好的。所以沒有像你想要接的那樣的期待......

And then just on the disposition side, you talked about some of the noncore stuff like having New York under contract. But like when you look at the rest of the dispositions that you're thinking about for the rest of this year, do you think you'll have better execution on noncore sales? Or do you think selling stakes in more core higher-quality stuff is where you might get either more capital or better execution at this point?

然後就處置方面而言，您談到了一些非核心的事情，例如與紐約簽訂合約。但是，就像當您考慮今年剩餘時間的其餘配置時，您認為您在非核心銷售方面會有更好的執行力嗎？或者您認為出售更核心、更高品質的股票是您目前可能獲得更多資本或更好執行力的地方嗎？

Yes. I think we're -- I think as Marc and Peter have indicated, we're focused on really noncore, noncampus assets. So we feel pretty good about that.

是的。我認為我們——我認為正如馬克和彼得所指出的那樣，我們專注於真正的非核心、非校園資產。所以我們對此感覺很好。

The next question comes from Vikram Malhotra of Mizuho.

下一個問題來自瑞穗銀行的 Vikram Malhotra。

Just wanted to get some maybe more color on the pipeline that you're kind of looking at today to deal with sort of expirations over the next 12 to 18 months, but also the developments, particularly what's delivering in sort of '25, '26, where maybe more lease-up is expected. So I don't know if you could give us some sort of wide range of like what is the pipeline square footage-wise of tenants you are at some stage of discussion with? Or if not that, at least give us a sense of the composition of these large, small, by market?

只是想了解您今天看到的管道上的更多信息，以應對未來 12 到 18 個月內的到期情況，以及進展情況，特別是 25、26 年交付的內容，預計可能會有更多的租賃。所以我不知道你是否可以給我們一些廣泛的信息，例如你正在與我們討論的某個階段的租戶的管道面積是多少？或者，如果不是這樣，至少讓我們了解這些大的、小的、按市場劃分的組成？

And any color there would be helpful just to sort of bridge the lease-up that you have to do in terms of expirations and developments?

任何顏色都會有助於緩解您在到期和開發方面必須做的租賃嗎？

Yes. So I don't think we would want to talk about pipeline that I think is pretty confidential stuff Vikram. But I think you can assume every lease is somewhat different, and every market is somewhat different. I mean, if you go back and look at the CARGO Therapeutics, that was a very unique lease in a very unique set of circumstances. So it isn't like -- this is not a commodity product. This is a generally a premium priced, noncommodity product. So it's not like you have the same bunch of folks waiting for the same amount of space in the same kind of market type place. It's just not that kind of a business.

是的。所以我認為我們不想談論管道，我認為這是非常機密的事情，Vikram。但我認為你可以假設每個租賃都有些不同，每個市場也有些不同。我的意思是，如果你回頭看看 CARGO Therapeutics，你會發現這是在非常獨特的情況下的一個非常獨特的租賃。所以這不像——這不是一種商品。這通常是一種高價非商品產品。因此，並不是同一群人在同一種市場類型的地方等待相同數量的空間。這不是一門生意。

Okay. And then just maybe one other topic. Biogen announced sort of rationalization of its office space. And I'm wondering if in your conversations with tenants across the portfolio, can you give us a sense of the latest thoughts on how they're thinking about office versus lab or office needs whether it's remote work or just they took on too much space. Just how are the tenants thinking about office space they may have in their lab portfolios?

好的。然後也許只是另一個話題。百健（Biogen）宣布對其辦公空間進行某種程度的合理化。我想知道在您與整個投資組合的租戶的對話中，您能否讓我們了解他們如何考慮辦公室與實驗室或辦公室需求的最新想法，無論是遠端工作還是只是佔用了太多空間。租戶如何考慮他們的實驗室組合中可能擁有的辦公空間？

That's always asked. Hallie, do you want to kind of comment on that?

總是有人這麼問。海莉，你想對此發表評論嗎？

Sure. And hi Vikram, this is Hallie. I think we need to separate out the component of nontechnical space adjacent to the labs. These are desks largely for the researchers that are moving in and out of the labs through the day. And -- just there's no rationalization of that space. That space is needed. You -- it's part of the workflow that scientists day in and day out are utilizing. Surely, there are larger office requirements that as companies grow, that they will lease up if it's for their clinical or sales and marketing. That's a different set of questions. That is not who we are catering by and large.

當然。嗨，維克拉姆，我是哈莉。我認為我們需要將實驗室附近的非技術空間的組成部分分開。這些辦公桌主要供全天進出實驗室的研究人員使用。而且──只是這個空間沒有合理化。需要那個空間。你——這是科學家日復一日地使用的工作流程的一部分。當然，隨著公司的發展，他們會有更大的辦公室需求，如果用於臨床或銷售和行銷，他們會租賃辦公室。這是一組不同的問題。總的來說，這不是我們所服務的對象。

So when it comes to the lab-based infrastructure that space is not going to go away. And we even have examples right now where that lab to nontechnical space ratio is shifting. We need more desk gain, right? Like we have more scientists going in and out, right? People don't like to share the same space. They like their own desks. So just to make that clear, you really have to distinguish the two.

因此，當談到基於實驗室的基礎設施時，太空不會消失。我們現在甚至有一些例子顯示實驗室與非技術空間的比例正在改變。我們需要更多的辦公桌增益，對吧？就像我們有更多的科學家進進出出，對嗎？人們不喜歡共享同一個空間。他們喜歡自己的辦公桌。因此，為了弄清楚這一點，您確實必須區分兩者。

This is Peter. Just to be clear, Biogen is rationalizing their pure office space, nothing to do with their lab space.

這是彼得。需要明確的是，百健（Biogen）正在合理化他們的純辦公空間，與他們的實驗室空間無關。

Yes. And remember, they're a big cap company. So like big pharma, they have kind of dedicated legions of people doing things in traditional office, if you will, so it's not a typical case.

是的。請記住，他們是一家大公司。因此，就像大型製藥公司一樣，他們有大批專門的人員在傳統辦公室裡做事，如果你願意的話，所以這不是一個典型的案例。

The next question comes from Rich Anderson of Wedbush.

下一個問題來自韋德布希的里奇安德森。

I just wanted to ask about the impairment and specifically, it's behind you now, but as a function of taking on what may be called kind of a creative approach to development in a different macro environment. And I'm curious if you can -- we can expect to see more in the way of an impairment type of model in 2024 as you part ways with noncore assets? Is this something that we might see repeat itself as the year progresses?

我只是想問一下有關損害的問題，具體來說，它現在已經過去了，但作為在不同的宏觀環境中採取所謂的創造性發展方法的功能。我很好奇您是否可以—當您放棄非核心資產時，我們預計 2024 年會看到更多減損類型的模型？隨著時間的推移，我們可能會看到這種情況重演嗎？

Yes. Marc, do you want to comment on that?

是的。馬克，你想對此發表評論嗎？

Yes. Sure. Rich. Yes, so under the accounting rules, these -- you can -- the common way where you could have an impairment is at the point where you designate an asset as held for sale. So as we get closer to potentially committing to certain sales it's definitely possible that we could have additional impairments. But it's really hard to say at this point as we're still refining our approach and which assets to sell. So hard to say at this point.

是的。當然。富有的。是的，所以根據會計規則，這些——你可以——可能產生減值的常見方式是當你將資產指定為持有待售時。因此，當我們越來越接近可能承諾某些銷售時，我們肯定可能會遭受額外的減損。但目前還很難說，因為我們仍在完善我們的方法以及出售哪些資產。目前很難說。

Okay. And then second question, on the $114 million of free rent burn that's good in the sense that you've got new cash flow coming in, but it's also free rent is what it is. It's not necessarily a good thing. Where does that compare? So if you can quantify it to the past and how much of it is a reflection of the current difficult headwinds that are facing you? And how do you expect that free rent sort of exposure to trend on a go-forward basis?

好的。然後是第二個問題，關於 1.14 億美元的免費租金燒毀，這很好，因為你有了新的現金流進來，但它也是免費的租金。這不一定是好事。相比之下呢？那麼，如果你能將其量化到過去，其中有多少是你目前面臨的困難逆風的反映？您如何看待免租金的未來趨勢？

Marc?

馬克？

Yes, so we did -- yes, we had $114 million of free rent that will be burning off. I guess just to put that into perspective, we delivered $265 million of NOI this year, that's annual NOI. And a lot of those leases are very long term in nature. So it's not a direct correlation one for one, but if you just do the simple math there, it's less than, less than half a year on what is generally on average, those types of leases are 10 years and longer. So I don't think it's something that we're super concerned with. But to be fair, free rent has trickled up a little bit as we've seen.

是的，我們確實這麼做了——是的，我們有 1.14 億美元的免費租金，但這些租金將會被燒掉。我想從這個角度來看，我們今年交付了 2.65 億美元的 NOI，這是年度 NOI。其中許多租賃本質上都是長期的。因此，這並不是一對一的直接相關性，但如果你簡單算一下，一般平均不到半年，這些類型的租賃期限為 10 年甚至更長。所以我認為這不是我們非常關心的事情。但公平地說，正如我們所看到的，免費租金已經增加。

But not glaringly higher or anything like that over the past few years. Is that correct?

但過去幾年並沒有明顯更高或類似的情況。那是對的嗎？

I mean we published our free rent statistics, Rich. And I think it was about 0.3 months per year of rent at the end of last year. And I think we're at 0.6, so it's ticked up a little bit this year, but still relatively modest compared to the length of leases.

我的意思是，我們發布了免費租金統計數據，Rich。我想去年年底的租金大約是每年0.3個月。我認為我們的利率是 0.6，所以今年略有上升，但與租賃期限相比仍然相對溫和。

Rich, it's Peter. The great financial crisis, it was more like 1. So we're -- it's still pretty healthy considering the market dynamics.

里奇，是彼得。偉大的金融危機，它更像是 1。所以我們——考慮到市場動態，它仍然相當健康。

The next question comes from Michael Griffin of Citi.

下一個問題來自花旗銀行的麥可‧格里芬。

I want to go back to the CARGO Therapeutics lease at 835 Industrial. Joel, I know you mentioned that it was something specific driving that, but was wondering if you can give any more color on what drove the decline in rents? Was it a function of CARGO willing to take occupancy pretty quickly? Or are there more worried about supply and where rental rates are going?

我想回到 835 Industrial 的 CARGO Therapeutics 租賃。喬爾，我知道你提到這是一些特定的因素推動的，但我想知道你是否可以對推動租金下降的因素提供更多說明？這是 CARGO 願意很快佔用的功能嗎？還是更擔心供應和租金走勢？

Well, I think the key is -- and it's a good question, it's one of those situations where you're trying to find the right key to fit the right lock. An exact amount of space that comes vacant that one would not have wanted to be vacant due to Atreca and finding the exact user of that space with literally very little downtime. And as I think Marc said, we had no TIs. So you don't want to just let that kind of a tenant go into the market and choose from some assorted number of spaces that might be available now or in the future. And so you try to make the deal because it's the perfect lock fitting -- the perfect key fitting the right lock. And so that's kind of the story.

嗯，我認為關鍵是——這是一個很好的問題，這是你試圖找到適合正確鎖的正確鑰匙的情況之一。由於 Atreca 的存在，人們不希望出現這樣的空置空間，而且只需很少的停機時間就能找到該空間的確切用戶。我想馬克說過，我們沒有 TI。因此，您不想讓這種租戶進入市場並從現在或將來可能提供的各種空間中進行選擇。所以你試著達成交易，因為它是完美的鎖配件——完美的鑰匙適合正確的鎖。故事就是這樣。

Got you. That's helpful. And then I was wondering if you could provide any additional color on the recent asset sales, the ones in Greater Boston and San Diego. It seems like they're aggregated in the supplemental and given there -- it seems like they're kind of lowly occupied. I'd be curious if you can kind of give us pricing, particularly on the asset in Cambridge, maybe what a yield would be on a stabilized basis?

明白你了。這很有幫助。然後我想知道您是否可以對最近的資產出售（大波士頓和聖地亞哥的資產出售）提供任何額外的資訊。看起來它們是聚集在補充資料中並在那裡給出的——看起來它們的佔用率很低。我很好奇您能否為我們定價，特別是劍橋資產的定價，也許穩定的收益率是多少？

Yes. So Peter, do you want to give some commentary?

是的。 Peter，你想發表一些評論嗎？

Yes. I mean that speculating on what the Cambridge asset would be on a stabilized basis, I'd just kind of point to where we've seen stabilized things in Boston trade ourselves in the low to mid-5s. With the Necco transaction we had a couple of quarters ago. Boston Properties last quarter did something in the high 5s, but it's about 2 or 3 years from cash flowing.

是的。我的意思是，推測劍橋資產在穩定的基礎上會是什麼樣子，我只是想指出我們在波士頓看到的穩定資產的交易價格在 5 美元左右。我們幾個季度前就完成了 Necco 交易。波士頓地產公司上個季度的業績達到了前五名，但距離現金流還需要大約兩三年的時間。

So I pointed to, in my commentary, a 5.3% cap rate in Torrey Pines for a building that's fully leased, long term to have a credit tenant but that tenant has decided not to move in. So I've said it before, we speculate that good, well-located assets with good credit and good lease term are going to be in the low 5s, the sub-5 cap rates are no longer with us due to rates. Hopefully, that's helpful.

所以我在評論中指出，Torrey Pines 的一棟完全出租的建築的上限率為 5.3%，長期擁有信用租戶，但該租戶決定不搬進來。所以我之前說過，我們推測具有良好信用和良好租賃期限的良好、位置優越的資產將在5 歲以下，由於利率原因，低於5 歲的上限利率不再屬於我們。希望有幫助。

The next question comes from Jim Kammert of Evercore ISI.

下一個問題來自 Evercore ISI 的 Jim Kammert。

Thematically, in Alexandria's experience, Hallie mentioned a lot of this positive M&A activity. Has that historically in your experience translated to a net incremental space demand across your portfolio? Meaning -- or is it more of a credit upgrade. I'm just trying to understand if the acquirers really tend to over time expand their lab footprint or they already have kind of underutilized space.

在主題上，根據 Alexandria 的經驗，Hallie 提到了許多這種積極的併購活動。根據您的歷史經驗，這是否會轉化為您的投資組合中的淨增量空間需求？意思是——或者說它更像是信用升級。我只是想了解收購者是否真的傾向於隨著時間的推移擴大他們的實驗室足跡，或者他們已經擁有某種未充分利用的空間。

Yes. Jim, the way to think about that is every case is different. If it's a smaller company with a specific product, it's sometimes just bolted on and the space isn't necessarily utilized and maybe subleased or terminated. But oftentimes, you find a strategic acquisition, and they could be on the larger medium or even smaller side, where companies, I can think of the Bristol-Myers, Juno, in Seattle back a number of years ago, where BMS wanted really to get into the cell therapy issue and that led not only to the acquisition but a fairly big expansion.

是的。吉姆，思考這個問題的方式是每個案例都是不同的。如果是一家擁有特定產品的小公司，有時只是用螺栓固定，空間不一定會被利用，可能會轉租或終止。但通常情況下，你會發現策略性收購，它們可能是規模較大、中等甚至規模較小的公司，我可以想到幾年前西雅圖的百時美施貴寶(Bristol-Myers)、朱諾(Juno) ，百時美施貴寶(BMS) 真正想要在那裡進入細胞治療問題，這不僅導致了收購，而且導致了相當大的擴張。

So if they're buying -- if it's a strategic technology platform with multiple product shots on goal, usually, those end up with very, very good expansion results. If it's a smaller bolt-on, sometimes those don't. But everyone is honestly different.

因此，如果他們購買的是一個具有多種產品目標的策略技術平台，通常最終會帶來非常非常好的擴張結果。如果是較小的螺栓固定式，有時則不會。但老實說，每個人都是不同的。

All right. Fair enough. And then a technical question, I'm sorry. You note that the fourth quarter sort of same-store progression in the first half of this year will be a little depressed by the vacancy associated with 4 properties. What would have to happen at those properties from a leasing perspective from where they are today to get to 3% same-store NOI guide at the bottom end of your range. I mean, does anything have to happen? Or I'm just trying to understand the order of magnitude might in terms of incremental leasing for that portfolio to get you in your bench in your range?

好的。很公平。然後是一個技術問題，抱歉。您注意到，今年上半年第四季的同店成長將因與 4 個物業相關的空置而受到一些抑制。從目前的租賃角度來看，這些物業必須發生什麼才能達到 3% 的同店 NOI 指南的最低值。我的意思是，有什麼事一定要發生嗎？或者我只是想了解該投資組合增量租賃的數量級可以讓您進入您的範圍內的板凳？

Yes. So Marc?

是的。那麼馬克？

Yes. So we gave the least negotiating stats. I think it was about half of that 64% was leased and the other half was negotiation. And that stuff is expected to benefit the last half of the year. We do need to continue to make progress on that. But then we do have a significant amount of free rent that's contractual that has already been leased. It will also contribute to the numbers in the back half of the year.

是的。所以我們給了最少談判的統計數據。我認為這 64% 中大約有一半是租賃的，另一半是談判的。這些東西預計將使今年下半年受益。我們確實需要在這方面繼續取得進展。但我們確實有大量已經出租的合約規定的免費租金。它還將為今年下半年的數字做出貢獻。

The next question comes from Tom Catherwood of BTIG.

下一個問題來自 BTIG 的 Tom Catherwood。

Peter, you commented in past quarters on tenant space planning trending towards more just-in-time leasing. Is that still a fair characterization across your portfolio? Or are you seeing some markets where tenants are getting ahead of their expirations to lock in space?

彼得，您在過去幾季中評論了租戶空間規劃趨向於更及時租賃的趨勢。在您的投資組合中，這仍然是一個公平的描述嗎？或者您看到一些市場的租戶在到期前鎖定空間？

Decision-making has been slow. And I mean, I guess what I've talked about is that and tenants not wanting to invest in space. So their preference has been to go into available build space, things that are vacant or rolling or subleased rather than plan ahead and move in 12 months later into a development project. A lot of that has to do with -- a lot of the requirements over the past 1.5 years have been small, versus a larger requirement that you -- might not be easy to find and you need to put into a newer building.

決策制定進展緩慢。我的意思是，我想我所說的是租戶不想投資空間。因此，他們更傾向於使用可用的建築空間，即空置、滾動或轉租的空間，而不是提前規劃並在 12 個月後進入開發案。這在很大程度上與過去 1.5 年的許多需求有關，而您可能不容易找到更大的需求，並且需要將其放入較新的建築物中。

But that I don't think anybody is waiting to the last minute. It's really a function of the size of the company. If you're under 15,000 square feet or even under 20,000 square feet, you probably have options. If you're above that, you definitely need to plan ahead because there's a lot less inventory in those sizes.

但我認為沒有人會等到最後一刻。這實際上是公司規模的函數。如果您的面積低於 15,000 平方英尺甚至低於 20,000 平方英尺，您可能有其他選擇。如果您的價格超出了這個範圍，那麼您肯定需要提前規劃，因為這些尺寸的庫存要少得多。

Yes. I think the other way to think about that is the just-in-time inventory issue is really focused on primarily biotech companies clinical stage that hit a milestone, and they need to move pretty rapidly the scale because of that milestone, which also yields funding, and that's where you get probably the most kick on the just-in-time space.

是的。我認為另一種思考方式是，及時庫存問題實際上主要集中在達到里程碑的臨床階段的生物技術公司，並且由於該里程碑，他們需要非常迅速地擴大規模，這也產生了資金，這可能是您在即時空間中獲得最大樂趣的地方。

Appreciate that. And that actually kind of leads into the second question, which is, Peter, you had mentioned elevated concessions, and we hear about that kind of across the market, yet if we look at your second-generation leasing costs in '23, they were a good bit lower than in '22, especially if we do it on a kind of per year average basis.

感謝。這實際上引出了第二個問題，彼得，你提到了更高的優惠，我們在整個市場上都聽說過這種情況，但如果我們看看你在23 年的第二代租賃成本，它們是比 22 年低了很多，特別是如果我們以每年平均為基礎的話。

So can you speak maybe about how concessions are trending for new and renewal leases at existing properties as compared to leases at new developments and maybe where the economics are different on that side?

那麼，您能否談談與新開發案的租賃相比，現有房產的新租賃和續租租賃的優惠趨勢如何，以及這方面的經濟效益有何不同？

Yes. I mean, the increase in -- the large increase in tenant improvement concessions has really been almost exclusively in new development space where you would traditionally give somebody $200 a foot plus or minus, depending on the market, with their rental rate and then expect them to invest into the rest of the space that, as we've talked about, has gone to $300 a square foot.

是的。我的意思是，租戶改善優惠的大幅增加實際上幾乎完全是在新的開發空間中，傳統上你會根據市場和他們的租金率，給某人每英尺 200 美元上下，然後期望他們投資剩下的空間，正如我們所說，已經漲到每平方英尺300 美元。

If you look at the operating portfolio, and you pointed out that the numbers prove this, that concession isn't needed because that is already built out. And one of the beautiful things about our business is how the tenants or how the TIs are recyclable. So we build something out first generation. It's very rare that we have to put a material amount of money into it the next time around. And given that it's probably got a large investment from a tenant, the first-generation tenant. We don't have to bump the rents much to make up for that additional investment, right, because we didn't make it.

如果您查看營運投資組合，並指出數字證明了這一點，則不需要讓步，因為已經建立了。我們業務的美妙之處之一就是租戶或 TI 的可回收性。所以我們在第一代的基礎上建構了一些東西。下次我們必須投入大量資金的情況非常罕見。考慮到它可能從第一代租戶那裡得到了巨額投資。我們不必大幅提高租金來彌補額外的投資，對吧，因為我們沒有做到這一點。

So it becomes a very valuable thing to a tenant to be able to move into something that's already built out. And so they aren't seeking the type of concessions that they are for new space. Now it ties to what I said before, if you're in the -- a smaller set of space needs 25,000 square feet or less, you might have some options to find. But once you get above that, it becomes tougher to find existing space. So you might end up going more towards new development where you would see the concessions of higher TIs, but you're also paying higher rents.

因此，對於租戶來說，能夠搬進已經建成的房子是一件非常有價值的事情。因此，他們並不尋求像新空間那樣的讓步。現在它與我之前所說的相關，如果您所在的空間較小，需要 25,000 平方英尺或更少，您可能有一些選擇。但一旦超過這個限度，要找到現有空間就變得更加困難。因此，您最終可能會更多地轉向新的開發項目，在那裡您會看到更高TI的讓步，但您也會支付更高的租金。

The next question comes from Jamie Feldman of Wells Fargo.

下一個問題來自富國銀行的傑米·費爾德曼。

So if you look at your '24 expiration schedule, the amount of expirations moving into redevelopment declined 13% in the supplemental from 41% when you initially gave guidance? Do you think that's a number that's going to continue to trend lower as the year moves on? Or is that more driven by dispositions? Maybe just talk about what changed and what may change going forward?

因此，如果您查看 24 年到期時間表，補充中進入重建的到期數量從您最初給出指導時的 41% 下降了 13%？您認為隨著時間的推移，這個數字會繼續下降嗎？或者說這比較是由性格驅動的？也許只是談談發生了什麼變化以及未來可能會發生什麼變化？

Yes. Marc, do you want to comment on that?

是的。馬克，你想對此發表評論嗎？

Yes, sure. I think at last quarter we -- or at least as of Investor Day, we did have the 219 East 42nd Street asset in there as something that we thought that we would redevelop or develop turned out that we've decided to sell that asset. Aside from that, it's been pretty consistent from the last quarter. I think a lot of those redevelopment assets are in great locations in places that we'd like to be. But certainly, as we go through our process to look at noncore assets. It's always possible that we find things in there that could potentially be sold.

是的，當然。我認為在上個季度，或至少截至投資者日，我們確實擁有東 42 街 219 號的資產，因為我們認為我們會重新開發或開發的東西，結果我們決定出售該資產。除此之外，與上季相比，情況非常穩定。我認為許多重建資產都位於我們想要的位置。但當然，當我們透過我們的流程來審視非核心資產時。我們總是有可能在那裡找到可以出售的東西。

Okay. And then the $95 million to $125 million of investment gains that you plan to include in earnings, you said you took an impairment recently. I mean what gives you conviction that you can hit those numbers? And do you think you'll see more impairments netting that out?

好的。然後，您計劃計入收益的 9500 萬至 1.25 億美元的投資收益，您說您最近受到了減值。我的意思是，是什麼讓您確信自己能夠達到這些數字？您認為您會看到更多的減損來抵消這一影響嗎？

Yes. We did have some impairments during the quarter here, Jamie. But I think when we look back over 3 years, we've averaged like $96 million over the last 3 years per year. And so over a longer period, when we look back, the impairments have been pretty, pretty modest relative to the size of those gains. So I think -- we're thinking about the things that Hallie mentioned upfront, just with some renewed excitement around M&A that we feel pretty comfortable with that number headed into next year.

是的。傑米，本季我們確實出現了一些減損。但我認為，當我們回顧 3 年多的時間時，我們在過去 3 年中每年的平均支出約為 9,600 萬美元。因此，在較長時期內，當我們回顧過去時，相對於這些收益的規模，減損是非常非常溫和的。所以我認為，我們正在考慮 Hallie 之前提到的事情，只是對併購有了一些新的興奮，我們對明年的這個數字感到非常滿意。

So do you mean that you think you'll see some increase in values and take gains on that? Or based on where values are today, you still can deliver that $95 million to $125 million?

那麼你的意思是你認為你會看到一些價值的成長並從中獲利？或者根據目前的價值，您仍然可以交付 9,500 萬至 1.25 億美元嗎？

Yes. Hard to say where values go. Yes. No, I think we're talking about the values today. I think if you look on balance sheet, we've got something like north of $300 million of unrealized gains that we could tap.

是的。很難說價值觀去哪了。是的。不，我想我們今天討論的是價值觀。我認為如果你看一下資產負債表，我們有大約 3 億美元的未實現收益可供我們利用。

And part of it too, to be fair, Jamie, a lot of it is outside of our control, whether it's an M&A event or an acquisition by big pharma or so forth. So some of it, it's hard to predict because these things kind of happen when they happen.

公平地說，傑米，其中很多事情都是我們無法控制的，無論是併購事件還是大型製藥公司的收購等等。所以有些事情很難預測，因為這些事情一旦發生就會發生。

But the fact that we've reiterated guidance here, I think Jamie should give you comfort that we think we can hit those numbers, pretty comfortably. Otherwise, we wouldn't stick with it.

但事實上，我們在這裡重申了指導，我認為傑米應該讓你感到安慰，我們認為我們可以相當輕鬆地達到這些數字。不然我們也不會堅持下去。

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

下一個問題來自加拿大皇家銀行資本市場的麥可‧卡羅爾。

I believe you touched on this earlier, but I wanted to see if I can ask it a different way just regarding overall leasing activity. I know that some tenants have been delaying decisions just given the uncertain environment. I mean are there any examples of this starting to loosen up just given the prospect of interest rates that could continue to drop? I mean, is that activity or urgency for tenants? Is that starting to pick up here?

我相信您之前提到過這一點，但我想看看我是否可以就整體租賃活動以不同的方式提出問題。我知道，由於環境不確定，一些租戶一直在推遲決定。我的意思是，考慮到利率可能繼續下降的前景，是否有任何例子表明這種情況開始放鬆？我的意思是，對於租戶來說，這是活動還是緊迫性？這裡開始出現這種情況了嗎？

Well, I think, again, if you go back to Hallie's comments and think about the different sectors, each sector is kind of driven by different issues when it comes to, say, big pharma or big cap bio, those are dependent upon their needs and not on the vicissitudes of the capital markets today or whatever.

好吧，我再次認為，如果你回到 Hallie 的評論並考慮不同的行業，每個行業都受到不同問題的驅動，例如大型製藥公司或大型生物公司，這些取決於他們的需求而不是當今資本市場的變遷或其他什麼。

But then you contrast those to clinical stage biotech who are waiting to hit a clinical milestone or not, than those -- that's where -- and Peter has reemphasized this a number of times, boards want to be really careful not to get ahead of their skis. So it really depends on the sector that you're looking at. It's not a one-size shoe fits all, if you will.

但是，然後你將那些正在等待是否達到臨床里程碑的臨床階段生物技術公司與那些正在等待達到臨床里程碑的生物技術公司進行對比，彼得已經多次強調了這一點，董事會希望非常小心，不要超越他們的目標。滑雪板。所以這實際上取決於您所關注的行業。如果你願意的話，這不是一款適合所有人的一碼鞋。

Okay. And then on the 5 projects that are scheduled to be stabilized in 2025, I mean, how are the leasing prospects on those specific buildings? And I know that we're still a year out from the expected stabilization. But when should we start to see leases getting signed and those projects that are going to be done here in the next few quarters? Is that a good way to think about it?

好的。那麼對於2025年計劃穩定的5個項目，我的意思是，這些具體建築的租賃前景如何？我知道距離預期的穩定還有一年的時間。但是我們什麼時候應該開始看到租約簽署以及未來幾季將在這裡完成的項目呢？這是一個好的思考方式嗎？

Yes. So maybe let's do this since we're doing fourth quarter and year-end 2023, let us and Peter make a note of this, will specifically address that on our first quarter call, if you don't mind.

是的。因此，也許我們可以這樣做，因為我們正在做第四季度和2023 年底的工作，讓我們和Peter 記下這一點，如果您不介意的話，我們將在第一季的電話會議上具體解決這個問題。

Our last question comes from Dylan Burzinski of Green Street.

我們的最後一個問題來自 Green Street 的 Dylan Burzinski。

Peter, I just wanted to go back to one of the comments you made regarding one of the questions asked a little bit earlier on $200 a square foot for new development leases for TIs being the norm last year versus $300 a square foot today. Do you -- would you attribute that to solely the imbalance between supply and demand today? Or do you expect that to sort of be the new normal moving forward?

彼得，我只是想回到你對之前提出的一個問題的評論之一，即去年 TI 新開發租賃的標準為每平方英尺 200 美元，而今天為每平方英尺 300 美元。您是否會將其歸因於當今的供需失衡？還是您認為這會成為未來的新常態？

I think it's the new normal going forward. I mean it's driven certainly by more competition in the market, but it's also driven by the higher cost to build out space that's been a considerable increase in construction costs as you guys all know, and I used to comment on. So that alone, I mean, the availability numbers will eventually resolve themselves, but the costs are what they are and the tenants are willing to invest in the space, but only to a certain degree. So I think that, that number is here to stay.

我認為這是未來的新常態。我的意思是，這當然是由市場競爭加劇推動的，但也是由建造空間的成本上升推動的，正如你們都知道的那樣，建築成本大幅增加，我曾經評論過。因此，我的意思是，可用性數字最終會自行解決，但成本就是這樣，租戶願意投資該空間，但僅限於一定程度。所以我認為這個數字將會持續下去。

Yes. And again, I think you have to distinguish different sectors have different tolerances for investing in space and they can be pretty dramatically different. And as Peter said, the structural inflation that we have brought on ourselves over the last number of years as a country and really as a world is pretty much here to stay. So -- and that's true across all real estate classes.

是的。再說一次，我認為你必須區分不同的產業對太空投資有不同的容忍度，而且它們可能會有很大的不同。正如彼得所說，過去幾年我們作為一個國家乃至整個世界所帶來的結構性通貨膨脹幾乎將持續下去。所以，所有房地產類別都是如此。

Okay. I appreciate the details on that. And then one more on sort of the dispositions. You mentioned focusing on noncore, noncampus like assets. Can you just talk about sort of typical buyer profile on who's in bidding tenants when you go to market with those types of assets?

好的。我很欣賞這方面的細節。然後再談談一些處置。您提到關注非核心、非校園等資產。您能否談談當您帶著這些類型的資產進入市場時，誰是競標租戶的典型買家概況？

Yes. I think we'd rather not get into that issue and just let it be at this moment. I don't think we want to discuss that on an earnings call. Sorry.

是的。我認為我們寧願不討論這個問題，就讓它這樣吧。我認為我們不想在財報電話會議上討論這個問題。對不起。

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。我想將會議轉回喬爾馬庫斯（Joel Marcus）發表閉幕詞。

Thank you, everybody, and I look forward to our call for first quarter, and again, safe and healthy new year.

謝謝大家，我期待著我們第一季的呼籲，並再次祝福新的一年安全健康。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。