Alexandria Real Estate Equities Inc (ARE) 2024 Q3 法說會逐字稿

Good day and welcome to the Alexandria Real Estate Equities third quarter 2024 conference call. (Operator Instructions). Please note, today's event is being recorded.

美好的一天，歡迎參加 Alexandria 房地產股票 2024 年第三季電話會議。（操作員說明）。請注意，今天的活動正在錄製中。

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。

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

現在我想將電話轉給 Alexandria 執行主席兼創辦人 Joel Marcus。請繼續，喬爾。

Thank you, Paula, and welcome, everybody, to Alexandria's third quarter earnings call. I'm here today with Hallie, Peter and Marc. And first of all, as I do every quarter and extend a profound thank you and huge congratulations to each and every member of our Alexandria family team for bringing in this third quarter to post an impressive operating and financial performance in a continuingly stubborn economic and operating environment to the team. You're an inspiration to me each and every day in small ways and large. Thank you.

謝謝保拉，歡迎大家參加 Alexandria 的第三季財報電話會議。今天我和哈莉、彼得和馬克一起來到這裡。首先，正如我每個季度所做的那樣，我向亞歷山大家族團隊的每一位成員致以深深的謝意和巨大的祝賀，感謝你們在第三季度在持續頑固的經濟和運營中取得了令人印象深刻的營運和財務表現。你每天都在大大小小的方面帶給我靈感。謝謝。

The continuingly stubborn economic backdrop for commercial real estate and risk on investments, Peter and Marc will address those. But let me just give you a couple of quick comments. Driven by the huge and unnecessary federal deficits over the last handful of years, $9 trillion plus.

彼得和馬克將解決商業房地產持續頑固的經濟背景和投資風險。但請允許我給您一些簡短的評論。受過去幾年超過 9 兆美元的巨額且不必要的聯邦赤字的推動。

Inflation in many areas remain sticky, stubborn and structural despite what the labor department is saying and reporting. Our cost of capital is also stubbornly high across much of the equity and debt capital markets, again, despite the delayed and rather feeble responses of Fed to date. And Main Street is hurting in the United States, it's pretty clear.

儘管勞工部發表了言論和報告，但許多地區的通貨膨脹仍然是黏性的、頑固的和結構性的。儘管聯準會迄今的反應遲緩且相當微弱，但在大部分股票和債務資本市場上，我們的資本成本仍然居高不下。很明顯，美國的大街正在受到傷害。

Hallie will comment more in depth on the life science industry, but let me say a couple of things I've said many times in the past, this is one of the few crown, remaining crown jewel industries here in the United States and is the great bastion of true and novel innovation and the only real and effective path to solve and address over 90% of human diseases, which remained unsolved today, which bear an unbearable burden on our citizens and our health care system is the translation of this innovation.

哈莉將對生命科學行業進行更深入的評論，但讓我說一些我過去多次說過的事情，這是美國為數不多的皇冠上的、僅存的皇冠上的寶石行業之一，是真正和新穎的創新的偉大堡壘，以及解決和解決90%以上的人類疾病的唯一真正有效的途徑，這些疾病至今仍未解決，給我們的公民和我們的醫療保健系統帶來了難以承受的負擔，就是這種創新的轉化。

Since the downward pile of biotech began in early 2021 and kind of hit its bottom in what appears to be October of 2023. And after almost decade of bull run from 2014 through 2021. Unfortunately, the industry attracted and almost became drug addicted to too many and too free of capital flowing in. and some of the really stupid and outrageous moneys, both from the Fed and investors, which caused a rocket ship demand for exit that normally is a really not wanted and sustainable.

自 2021 年初生物技術產業開始下滑以來，似乎在 2023 年 10 月觸底。經過 2014 年至 2021 年近十年的牛市之後。不幸的是，這個行業吸引了太多、太自由的資本流入，甚至幾乎上癮了。是一種確實不想要且可持續。

And since then, things have settled down. Here we are, almost 4 years later since the [XBI] started to tail off in February 2021, and we're in a really a highly, I would say, and toughly disciplined funding market, but one in which I personally prefer to operate.

從那時起，事情就安定下來了。自從 [XBI] 於 2021 年 2 月開始減少以來已經過去了近 4 年，我想說，我們確實處於一個高度嚴格、紀律嚴明的融資市場，但我個人更喜歡在其中運作。

As an example of this market to [PDB] less than half of IPOs from 2013 to 2019 remains stand-alone -- the majority of either seen successful exits, which is awesome, less successful exits which is less than awesome or disappeared altogether, which is not awesome.

作為這個市場的一個例子，從2013 年到2019 年，只有不到一半的IPO 仍然是獨立的——大多數要么成功退出，這很棒，要么不太成功的退出，要么不那麼棒，要么完全消失，這不是很棒。

A couple of thoughts might take on the third quarter, truly operationally excellent. Results both operationally and financially and the continuing strong balance sheet management with great liquidity and kudos to our team, still in a very difficult supply and demand impacted market. With a challenge cost of capital.

第三季可能會有一些想法，營運確實非常出色。在營運和財務方面取得的成果，以及持續強大的資產負債表管理和巨大的流動性，我們的團隊仍然受到供需影響非常困難的市場的認可。資本成本面臨挑戰。

In the third quarter, we continue to deliver increasing FFO per share and dividends per share growth despite the tough environment. And I think one of my key takes is our strong year-to-date rental rate growth, which is, I think, pretty exceptional.

在第三季度，儘管環境嚴峻，我們仍繼續實現每股 FFO 和每股股息的成長。我認為我的關鍵觀點之一是我們年初至今的強勁租金成長，我認為這是非常出色的。

We continue a strong, continued high occupancy, collections nearly 100% which is sensational. And I think what truly stands out in this third quarter is the leasing activity of almost 1.5 million rentable square feet at a 48% quarter-to-quarter. Future embedded NOI growth of $510 million, which Marc will talk about and our very successful self-funding capital recycling program this year, what Peter and Marc will talk about.

我們繼續保持強勁、持續的高入住率，收藏率接近 100%，這是令人震驚的。我認為第三季真正引人注目的是近 150 萬平方英尺的租賃活動，較上季成長 48%。馬克將談論未來嵌入的 NOI 將成長 5.1 億美元，以及我們今年非常成功的自籌資金回收計劃，彼得和馬克將談論這一點。

Going forward, and finally, as the master investor Warren Buffett has said truly great business must have an enduring moat. And out of the depths of this bear market, like I was -- like we experienced, and I feel like the 2010 era of this market.

展望未來，最後，正如投資大師巴菲特所說，真正偉大的企業必須擁有持久的護城河。走出熊市的深淵，就像我一樣——就像我們經歷過的那樣，我感覺這個市場已經進入了 2010 年時代。

I still remain more optimistic than ever about the promise of unprecedented human health innovation from our precious industry, assuming the government doesn't screw it up and Alexandria continuing at the vanguard of this industry to build the really building future of life-saving changing innovation.

我仍然比以往任何時候都對我們寶貴的行業帶來前所未有的人類健康創新的承諾更加樂觀，假設政府沒有搞砸，亞歷山大繼續走在這個行業的先鋒地位，建立拯救生命的變革創新的真正建設性未來。

And finally, let me just say a couple more words before I turn it over to Hallie, much as predicted as we predicted the doubling of our revenues from 2017 to 2021 which we exceeded during an unprecedented bull market on the back of our strategic -- our, I think, long developed strategy on the back of our development pipeline created during the depths of the aftermath of the analysis when we really conceived of it in the 2010 to 2013 era.

最後，在我把它交給Hallie 之前，讓我再多說幾句話，正如我們預測的那樣，我們的收入從2017 年到2021 年將翻一番，在我們的戰略支持下，我們在史無前例的牛市期間超出了這一目標——我認為，我們長期制定的策略是在我們的開發管道的基礎上製定的，是在分析後的最深處制定的，當時我們在2010 年至2013 年期間真正構想了它。

In 5 short years by the end of this decade, December 2029, our revenues will be overwhelmingly driven by our unique and highly competitive mega-campuses. Best locations, best assets, best services that also compete and clearly demonstrate superior return on investment, higher occupancy, higher rental rates -- recruitment for our tenants and multiple and very convenient paths for growth.

在短短的 5 年裡，到本十年結束時，即 2029 年 12 月，我們的收入將主要由我們獨特且競爭激烈的大型園區推動。最好的地點、最好的資產、最好的服務也具有競爭力，並清楚地展示出卓越的投資回報、更高的入住率、更高的租金率——為我們的租戶招募以及多種非常便捷的成長路徑。

And so with that, I'll turn it over to Hallie.

就這樣，我會把它交給哈莉。

Thank you, Joel. This is Hallie Kuhn, Senior Vice President of Life Science and Capital Markets. This afternoon, we will provide an update on the life science industry, starting with FDA approvals and followed by a review of the current funding environment across our diverse life science tenant base.

謝謝你，喬爾。我是 Hallie Kuhn，生命科學與資本市場資深副總裁。今天下午，我們將提供生命科學產業的最新情況，首先是 FDA 的批准，然後是對我們多元化生命科學租戶群當前融資環境的審查。

Taking a moment to reflect on the immense impact of the biopharma industry. Since 2013, there have been 519 novel medicines approved by the FDA. Nearly half, specifically 257 of these approvals have been developed or commercialized by Alexandria tenants. That's 257 approvals that have extended and improved lives and is what inspires Alexandria's duly held mission supporting the companies at the leading edge of life science innovation.

花點時間思考生物製藥產業的巨大影響。自2013年以來，已有519種新藥獲得FDA核准。其中近一半（特別是 257 個）已由 Alexandria 租戶開發或商業化。這 257 項批准延長並改善了人們的生命，也激發了 Alexandria 肩負支持處於生命科學創新前沿的公司的使命。

Let's look at an example that will resonate for every person on this call who has personally experienced or supported loved ones with cancer. In the '90s, the FDA created an approval process known as the accelerated approval pathway with the goal of accelerating access to medicines for diseases with no effective medicines.

讓我們來看一個例子，它會引起本次電話會議中每一位親身經歷或支持親人罹患癌症的人的共鳴。在 1990 年代，FDA 創建了一個被稱為加速審批途徑的審批流程，其目標是加快針對沒有有效藥物的疾​​病的藥物取得。

Over the course of 16-year period, 69 cancer medicines were approved for the FDA's accelerated approval pathway. These medicines have treated an estimated 911,000 patients and led to 262,000 additional years of life. That is more than 0.25 million years of live saved. It's truly stunning.

在 16 年的時間裡，69 種抗癌藥物獲得 FDA 加速審批途徑的批准。這些藥物已治療了約 911,000 名患者，並延長了 262,000 歲的壽命。這相當於挽救了超過 25 萬年的生命。這確實令人驚嘆。

Now turning to life science fundamentals. Venture capital deployment to private biotech tenants, which is 10% of our ARR is healthy. This year is tracking to eclipse 2023 and may be the third highest year on record. As Joel mentioned, investors are highly disciplined, focused on rational valuations, de-risk technologies and near-term milestones. The translation to demand on the ground is steady and conservative, transitioning to a just-in-time model for space.

現在轉向生命科學基礎知識。向私人生物技術租戶部署風險資本，占我們 ARR 的 10%，是健康的。今年將超越 2023 年，可能是有史以來第三高的一年。正如喬爾所提到的，投資者紀律嚴明，專注於合理估值、去風險技術和近期里程碑。地面需求的轉換是穩定且保守的，過渡到太空的即時模型。

Sales and flexibility are core to this growth model and is why Alexandria's distinctive mega campus strategy is extremely well positioned to meet this trend in demand.

銷售和靈活性是這種成長模式的核心，這也是為什麼亞歷山大獨特的大型園區策略非常適合滿足這種需求趨勢。

With respect to pre-commercial public biotech companies -- 9% of our ARR, follow-on financing is robust, already clinching the second highest year on record. These financings are focused on the subset of companies with compelling clinical data, while those without clear catalysts continue to struggle to access additional capital.

就上市前的上市生技公司而言——占我們 ARR 的 9%，後續融資強勁，已創下有史以來第二高的年份。這些融資主要針對擁有令人信服的臨床數據的公司子集，而那些沒有明確催化劑的公司則繼續努力獲得額外資本。

The IPO market has also narrowly opened, particularly for companies with meaningful assets de-risked with clinical data. The number of IPOs to third quarter '24 has surpassed 2023, and over half of the companies that went public this year are trading above their issue price. Further opening of the IPO market will be a positive indicator for future leasing demand, as these companies grow and as investor and Board conservatism base more broadly.

IPO市場也以窄幅開盤，特別是對於擁有透過臨床數據降低風險的有意義資產的公司而言。截至 2024 年第三季的 IPO 數量已超過 2023 年，今年上市的公司中有一半以上的交易價格高於發行價。隨著這些公司的成長以及投資者和董事會更廣泛的保守主義基礎，IPO市場的進一步開放將成為未來租賃需求的正面指標。

Commercial stage public biopharma, which makes up a 16% ARR, and large multinational pharma, which makes up around 20% ARR continue to commit considerable dollars to R&D, both to internal programs and externally via partnerships and M&A. Importantly, they remain very well capitalized with over $200 billion cash on hand amongst the top 25 biopharma.

商業階段的公共生物製藥公司（佔 ARR 的 16%）和大型跨國製藥公司（佔 ARR 的 20% 左右）繼續投入大量資金用於研發，包括內部專案以及透過合作夥伴關係和併購進行的外部投資。重要的是，在排名前 25 名的生物製藥公司中，它們的資本仍然非常充足，手頭現金超過 2000 億美元。

Next, life science products, service and device tenants, which represent 20% ARR Notably, the Biosecure Act has passed the house and is awaiting a vote in the Senate. If past the legislation will limit utilization of select Chinese contract research organizations.

接下來是生命科學產品、服務和設備租戶，佔 ARR 的 20% 值得注意的是，《生物安全法案》已在眾議院獲得通過，等待參議院投票。如果該立法通過，將限制特定的中國合約研究組織的利用。

We view this legislation as largely positive. It includes grandfathering provisions to minimize near-term impact to biopharma while creating an incentive for US-based contract manufacturing and research organizations to onshore capabilities. Long term, this could provide a tailwind for demand across this segment.

我們認為這項立法在很大程度上是正面的。它包括祖父條款，以最大限度地減少對生物製藥的近期影響，同時為美國的合約製造和研究組織提供本土能力的激勵。從長遠來看，這可能會為該領域的需求提供動力。

Last, biomedical and government institutions, which represent 12% ARR. Institutions continue to be the catalyst for early discoveries that form the next generation of medicines. As our sale of 1165 Eastlake to the Fred Hutch Cancer Institute in our Seattle region and their expansion into our neighboring 1201 and 1208 Eastlake buildings were flat. These institutions plant deep long-term routes focused on the right location, right ecosystem, right infrastructure and trusted relationship with landlord partners such as Alexandria.

最後是生物醫學和政府機構，佔 ARR 的 12%。機構仍然是形成下一代藥物的早期發現的催化劑。由於我們將 1165 Eastlake 出售給西雅圖地區的 Fred Hutch 癌症研究所，以及他們向鄰近的 1201 和 1208 Eastlake 大樓的擴張，進展平平。這些機構建立了深入的長期路線，重點關注正確的位置、正確的生態系統、正確的基礎設施以及與亞歷山大等房東合作夥伴的信任關係。

Widening the lens on health care more broadly as we conclude of the $4.5 trillion in health care costs annually spent in the US, less than 15% goes towards medicines. To put that in perspective, nearly 25% of health care spend is estimated to be on unnecessarily or wasted administrative spend.

當我們將美國每年花費 4.5 兆美元的醫療保健費用擴大到更廣泛的範圍時，其中不到 15% 用於藥品。從這個角度來看，估計近 25% 的醫療保健支出是不必要的或浪費的行政支出。

All to say that novel medicines have the incredible opportunity to both have a positive impact on individual's health and drive long-term savings to the health care system by preventing, managing and even curing the thousands of diseases with limited or no treatment options.

總而言之，新藥擁有令人難以置信的機會，既可以對個人健康產生積極影響，又可以透過預防、管理甚至治愈數以千計的疾病，而治療選擇有限或沒有治療選擇，從而為醫療保健系統帶來長期節省。

With that, I will pass it over to Peter.

這樣，我就把它交給彼得了。

Thank you, Hallie. Before I get into my update on the development pipeline, leasing supply and asset sales, I wanted to comment on the improving health of the office market because it's helpful to life science real estate in a couple of ways.

謝謝你，哈莉。在介紹有關開發管道、租賃供應和資產銷售的最新情況之前，我想對辦公市場健康狀況的改善發表評論，因為它在幾個方面對生命科學房地產有幫助。

First, a healthy office can create competition for life science tenants as tenants have historically been attracted to our locations and centers of innovation and the appeal of our floor plate, ceiling heights and amenities.

首先，健康的辦公室可以為生命科學租戶帶來競爭，因為租戶歷來被我們的地點和創新中心以及我們的樓層、天花板高度和設施的吸引力所吸引。

Second, office offers an alternative for some of the misguided life science real estate supply that's been added since the pandemic. We are seeing it real time with the boom of the office leasing taking place in Mission Bay.

其次，辦公大樓為自大流行以來增加的一些被誤導的生命科學房地產供應提供了另一種選擇。隨著使命灣辦公室租賃的蓬勃發展，我們即時看到了這一點。

OpenAI completed a 490,000 square foot sublease at our 1455 and 1515 Third Street property in the fourth quarter of 2023 and last quarter added another 315,000 square feet at the neighboring 550 Terry Front [swaddle] building, which, by the way, was being marketed as lab space.

OpenAI 於2023 年第四季在我們位於第三街1455 號和1515 號的房產完成了490,000 平方英尺的轉租，上個季度在鄰近的550 Terry Front [swaddle] 大樓又增加了315,000 平方英尺的轉租，順便說一下，該大樓的營銷名稱為實驗室空間。

Our understanding is that 2 other tenants that were competing for that link, including a tech company, and that one of them is now negotiating at Mission Rock, which was also once identified as future lab supply.

我們的理解是，另外兩家租戶正在競爭該鏈接，其中包括一家科技公司，其中一家目前正在 Mission Rock 進行談判，該公司也曾被確定為未來的實驗室供應。

In the third quarter, we delivered 316,000 square feet of development, redevelopment pipeline, 100% leased, with 100% of the space contained in mega campuses located in our high barrier-to-entry submarkets. The annual incremental NOI delivered during the quarter equaled $21 million, bringing the year-to-date total to $63 million. The weighted average stabilized yield of the deliveries was strong at 7.7%.

第三季度，我們交付了 316,000 平方英尺的開發和再開發項目，100% 已出租，其中 100% 的空間位於我們高進入壁壘市場的大型園區。本季交付的年度增量 NOI 達到 2,100 萬美元，使年初至今的總額達到 6,300 萬美元。交割的加權平均穩定收益率高達 7.7%，表現強勁。

After a strong second quarter, development and redevelopment leasing was light, at 39,121 square feet, bringing the total for the year to 480,342 square feet. In fact, the result was driven by the fact that most of the space available for lease in the pipeline won't be available for occupancy until 2026 or later.

經過強勁的第二季後，開發和再開發租賃量減少，為 39,121 平方英尺，使全年總面積達到 480,342 平方英尺。事實上，造成這一結果的原因是，管道中的大部分可供租賃的空間要到 2026 年或更晚才能可供使用。

In today's market, project leasing accelerates as projects near completion, as illustrated by our 2024 and 2025 deliveries being 91% leased. Projects expected to stabilize in 2026 and beyond our 35% leased and overall activity in these projects is encouraging because most of them are in Greater Boston, and we have active proposals for turning activity at each one of them.

在當今市場上，隨著專案接近完工，專案租賃會加速，我們 2024 年和 2025 年交付的 91% 已出租就表明了這一點。預計該項目將在2026 年及之後穩定下來，我們的租賃率達到35%，這些項目的整體活動令人鼓舞，因為它們大多數位於大波士頓地區，而且我們對每個項目的活動都提出了積極的建議。

Transitioning to leasing and supply, overall leasing volume was very robust at 1.49 million square feet, up 33% quarter-over-quarter. This leasing was significantly driven by renewals with a strong 84% retention rate, which illustrates the power of our mega-campus platform and trust in our brand, built by our internal long-tenured asset services teams, providing unmatched operational excellence and know-how in the running of our mission-critical facilities.

轉向租賃和供應，整體租賃量非常強勁，達到 149 萬平方英尺，環比增長 33%。這筆租賃很大程度上是由續約推動的，保留率高達84%，這說明了我們大型園區平台的力量以及對我們品牌的信任，該平台由我們內部長期任職的資產服務團隊打造，提供無與倫比的卓越營運和專業知識在我們關鍵任務設施的運作中。

GAAP and cash rental increases were 1.5% and 5.1%, respectively, influenced materially by a large nonlaboratory lease renewal with a high credit to tenant. Although the increases were modest, we are pleased with the longer lease durations coming in at a weighted average of 9.7 years for renewed and released space.

GAAP 和現金租金分別增加 1.5% 和 5.1%，主要受到租戶信用度較高的大型非實驗室續約的影響。儘管增幅不大，但我們對續租和釋放空間的加權平均租期延長至 9.7 年感到高興。

On competitive supply, as a reminder, 2024 is going to be the peak year for new deliveries and most of that has been delivered through the third quarter.

提醒一下，在競爭性供應方面，2024 年將是新交付的高峰年，其中大部分已在第三季交付。

Inclusive of 2026, there is approximately 8 million square feet of competitive supply remaining to be delivered in our 3 largest markets. In Greater Boston, approximately 200,000 square feet will be delivered in the fourth quarter of 2024 and is 100% leased.

截至 2026 年，我們的 3 個最大市場仍有約 800 萬平方英尺的競爭性供應有待交付。在大波士頓地區，約20萬平方英尺將於2024年第四季交付，並已100%出租。

In 2025, 2.4 million square feet is anticipated to be delivered, and that space is 65% pre-leased. In 2026, another 900,000 square feet will be delivered in Greater Boston, and it's 3.5% leased. In San Francisco Bay region, 300,000 square feet will be delivered in the fourth quarter and it's 0% leased.

預計到 2025 年將交付 240 萬平方英尺，其中 65% 已預租。2026 年，大波士頓地區將再交付 90 萬平方英尺，租賃率為 3.5%。在舊金山灣地區，第四季將交付30萬平方英尺，租賃率為0%。

In 2025, 1.7 million square feet will be delivered and it's currently 23% leased. We're not tracking anything to be delivered in the Bay Area for 2026. In San Diego, 1.3 million square feet will be delivered in the fourth quarter and it's 50% leased. 700,000 square feet is expected to deliver in 2025, and it's 23% leased. And in 2026, we expect to see 400,000 square feet of competitive supply to be delivered, and it's 100% leased.

到 2025 年，將交付 170 萬平方英尺，目前已出租 23%。我們沒有追蹤 2026 年灣區交付的任何產品。在聖地牙哥，第四季將交付 130 萬平方英尺，其中 50% 已出租。預計 2025 年交付 70 萬平方英尺，其中 23% 已出租。到 2026 年，我們預計將交付 400,000 平方英尺的有競爭力的供應，並且 100% 已出租。

I'll conclude with an update on our value harvesting asset recycling program. We've commented on the past 2 calls that our value harvesting transactions will be heavily weighted towards the end of the year. With respect to the third quarter, we closed on just north of $300 million of asset sale transactions highlighted by the sale of 1165 Eastlake Avenue East, a core asset in the link submarket of Seattle.

最後，我將介紹我們的價值收穫資產回收計畫的最新情況。我們對過去兩次的呼籲進行了評論，稱我們的價值收穫交易將在年底前得到重磅權重。第三季度，我們完成了超過 3 億美元的資產出售交易，其中最突出的就是出售了西雅圖環線子市場的核心資產 Eastlake Avenue East 1165 號。

As you know, it's not our intent to sell core assets, but this transaction offers several constructive attributes. First, as Hallie mentioned, the sale was to the Fred Hutchinson Cancer Research Center, which is one of the most prestigious clinical research institutions in the world, and it afforded us an opportunity to recapitalize our neighboring 1201 and 1208 Eastlake Avenue East assets with them as well taking out an existing partner at a gain.

如您所知，我們無意出售核心資產，但此次交易提供了幾個建設性的屬性。首先，正如Hallie 所提到的，此次出售的對像是Fred Hutchinson 癌症研究中心，該中心是世界上最負盛名的臨床研究機構之一，它為我們提供了一個機會，可以與他們一起對鄰近的東湖大道東1201 號和1208 號資產進行資本重組以及從現有的合作夥伴中獲利。

This was a fantastic opportunity for us to deepen our relationship with the Hutch who is a major driver of life science real estate demand in the region.

這對我們來說是一個絕佳的機會，可以加深我們與 Hutch 的關係，Hutch 是該地區生命科學房地產需求的主要推動者。

Second, the transaction provided for early renewal for those recap properties, inclusive of a 20-year lease term at 1201 Eastlake where the Hutch occupies the entire 106,000 square foot building. Third, it provides price discovery upon which analysts and investors can evaluate the NAV of our core assets.

其次，該交易為這些回顧物業提供了提前續約，包括在東湖 1201 號的 20 年租賃期，Hutch 佔據了整個 106,000 平方英尺的建築。第三，它提供了價格發現，分析師和投資者可以據此評估我們核心資產的資產淨值。

We acknowledge that this was a user sale, but any rational buyers going to require pricing in the neighborhood of market value. So we think the 4.9% capitalization rate and one on $1499 per square foot value is representative of the value of our core mega canvas assets.

我們承認這是用戶銷售，但任何理性的買家都會要求在市場價值附近定價。因此，我們認為 4.9% 的資本化率和每平方英尺 1499 美元的價值代表了我們核心巨型畫布資產的價值。

Rounding out the third quarter transaction was the completion of the previously announced $60 million sale of 219 East 42nd Street in New York City and the sale of 14255 New Brook Drive in Northern Virginia at a 7.4% cap rate, a workhorse asset that no longer fits into our strategy, but is a testament to the enduring value of our asset base as we acquired it pre-IPO.

第三季交易的最後一項是先前宣布的以6,000 萬美元出售紐約市東42 街219 號的交易，以及以7.4% 的上限利率出售北維吉尼亞州新布魯克大道14255 號的交易，這是一項不再適合的主力資產。

As we look forward, we expect -- near strong several value harvesting transactions on tap to close before year-end. We have $577.2 million of dispositions that are subject to nonrefundable deposits. Those assets include a retail development on excess land we owned in Maryland, a one-off Class B asset in our Greater Stanford submarket that will be redeveloped for another use.

展望未來，我們預計幾項接近強勁的價值收穫交易將在年底前完成。我們有 5.772 億美元的處置資金，這些資金不得退還。這些資產包括我們在馬裡蘭州擁有的多餘土地上的零售開發項目，這是我們大斯坦福子市場的一次性 B 類資產，將重新開發用於其他用途。

A one-off office building that was part of a land assemblage in the suburbs of Boston, a pair of buildings in the research triangle located outside of our core mega campuses and a set of buildings in the suburbs of Greater Boston, which will be sold to a user.

波士頓郊區土地組合的一部分的一次性辦公大樓、位於我們核心大型園區外的研究三角區的兩座建築以及大波士頓郊區的一組建築，這些建築將出售給使用者。

Rounding out our fourth quarter dispositions are assets that are subject to executed letters of intent or purchase and sale agreements. Approximately 48% of the $602.5 million in sales proceeds expected from these transactions come from our land bank and are expected to be developed for residential use.

我們第四季處置的最後一項是需要簽署意向書或買賣協議的資產。這些交易預計將帶來 6.025 億美元的銷售收益，其中約 48% 來自我們的土地儲備，預計將開髮用於住宅用途。

The balance is a pair of buildings that will be demolished for residential development and a set of noncore stand-alone assets in Cambridge that will require significant capital to re-lease and no longer fit into our strategy.

剩下的部分是兩棟將被拆除用於住宅開發的建築，以及劍橋的一組非核心獨立資產，這些資產將需要大量資金來重新租賃，並且不再符合我們的策略。

With that, I'll pass it over to Marc.

有了這個，我會把它交給馬克。

Thank you, Peter. This is Marc Binda, CFO. Hello, and good afternoon, everyone. We reported solid operating and financial results for the second quarter. Total revenues and NOI for 3Q '24 were up 10.9% and 12.5%, respectively, over 3Q '23, primarily driven by solid same-property performance and continued execution of our development and redevelopment strategy. FFO per share diluted as adjusted for the quarter was $2.37, up 4.9% over 3Q '23 and is in line with consensus.

謝謝你，彼得。我是財務長馬克‧賓達。大家好，大家下午好。我們報告了第二季度穩健的營運和財務表現。24 年第 3 季的總收入和 NOI 比 23 年第 3 季分別成長了 10.9% 和 12.5%，這主要是由於穩健的同業表現以及我們的開發和再開發策略的持續執行。本季調整後的每股 FFO 攤薄後為 2.37 美元，比 2023 年第三季成長 4.9%，符合市場預期。

Our solid operating results for the quarter were driven by our disciplined execution of our mega campus strategy, tremendous scale, long-standing tenant relationships and operational excellence by our team. 76% of our annual rental revenue comes from our collaborative mega campuses.

我們本季穩健的營運表現得益於我們對大型園區策略的嚴格執行、巨大的規模、長期的租戶關係以及我們團隊的卓越營運。我們 76% 的年租金收入來自我們的合作大型園區。

We have high-quality cash flows with 53% of our annual rental revenue from investment-grade and publicly traded large-cap tenants. Collections remained very high at 99.9%, and adjusted EBITDA margins continue to be strong at 70% for the quarter.

我們擁有高品質的現金流，53% 的年租金收入來自投資等級和公開交易的大盤租戶。本季的收款率仍然很高，達到 99.9%，調整後的 EBITDA 利潤率持續保持在 70% 的強勁水平。

An important takeaway for the quarter should be the very strong leasing volume results. Leasing volume for the quarter was 1.5 million square feet, which was up 48% over the trailing 4-quarter average and was the highest quarterly volume since 4Q '22.

本季度一個重要的收穫應該是非常強勁的租賃量結果。本季的租賃量為 150 萬平方英尺，比過去 4 個季度的平均值增長 48%，是自 22 年第 4 季以來的最高季度量。

We continue to benefit from our tremendous scale, high-quality tenant roster and brand loyalty with 80% of our leasing activity over the last 12 months coming from our existing deep well of approximately 800 tenant relationships.

我們繼續受益於我們龐大的規模、高品質的租戶名冊和品牌忠誠度，過去 12 個月我們 80% 的租賃活動來自我們現有的約 800 個租戶關係。

The rental rate increases for the first 9 months of 2024 were strong at 16.4% and 8.9% on a cash basis. And our outlook for rental rate growth for the full year '24 remains solid at 11% to 19%, and 5% to 13% on a cash basis. Rental rate growth for lease renewals and re-leasing space for the quarter was 5.1% and 1.5% on a cash basis. We did highlight the renewal of an acquired lease in Texas for tech R&D space that didn't weigh down the numbers during the quarter.

2024 年頭 9 個月的租金增幅強勁，以現金計算分別成長 16.4% 和 8.9%。我們對 24 年全年租金成長率的預期仍穩定在 11% 至 19%，以現金計算則為 5% 至 13%。以現金計算，本季續租和轉租空間的租金成長率分別為 5.1% 和 1.5%。我們確實強調了在德克薩斯州購買的技術研發空間租約的續簽，這並沒有影響本季的數字。

During the quarter, we also achieved very healthy lease terms on completed leases, which were almost 10 years on average. The overall mark-to-market cash rental rates related to in-place leases for an entire asset base remains solid at about 10%.

本季度，我們在已完成的租賃中也實現了非常健康的租賃條款，平均近 10 年。與整個資產基礎的就地租賃相關的以市價計算的整體現金租金率仍穩定在 10% 左右。

Tenant improvements and leasing commissions on second-generation leasing as a percentage of starting cash rent were around 8% this quarter, which is less than our historical average over the last 3 years of about 9%.

本季第二代租賃的租戶改善和租賃佣金佔起始現金租金的百分比約為 8%，低於我們過去 3 年約 9% 的歷史平均值。

Our total nonrevenue-enhancing expenditures, which includes tenant props on renewals and re-leasing of space, is expected to be in the 10% to 11% range as a percentage of net operating income in 2024 which this amount is below our 5-year average of 15% and is lower than that of several other REIT sectors and really highlights the durable nature of our laboratory infrastructure.

我們的非增收總支出（包括續約和重新租賃空間的租戶道具）預計佔 2024 年淨營業收入的 10% 至 11%，這一數字低於我們的 5 年預期平均為15%，低於其他幾個REIT 產業，真正凸顯了我們實驗室基礎設施的耐用性。

This is the third year in a row that we've been in the 10% to 13% range, although we do expect next year to be higher given some larger repositioning projects on the horizon.

這是我們連續第三年處於 10% 至 13% 的範圍內，儘管考慮到即將推出的一些更大的重新定位項目，我們預計明年會更高。

Turning to same property results. Same-property NOI growth for 3Q '24 was solid at 1.5% and 6.5% on a cash basis, really driven by solid rental rate increases, a pickup in occupancy and some burn off of free rent. Our outlook for the full year 2024 same-property growth is consistent with our last update at solid growth of 1.5% and 4% on a cash basis at the midpoint of our guidance.

轉向相同的屬性結果。2024 年第 3 季度，以現金計算，同物業 NOI 增長穩定，分別為 1.5% 和 6.5%，這實際上是由租金率穩步上漲、入住率上升以及免費租金的部分消耗所推動的。我們對 2024 年全年同物業增長的展望與我們上次更新的一致，即按現金基礎計算的穩健增長為 1.5%，在我們指導的中點為 4%。

We do expect some pressure on fourth quarter same-property results, resulting from a lease termination that occurred at 409 Illinois Street, our mission-based submarket where the lease will be expiring at the beginning of 2025, and we expect little to no rent in the fourth quarter of '24.

我們確實預計，由於伊利諾伊街409 號（我們的任務子市場，該子市場的租約將於2025 年初到期）的租約終止，第四季度的相同物業業績將面臨一些壓力，我們預計2025 年的租金將很少甚至沒有。

As a reminder, our same-property will include 100% of consolidated results. So even though we only have a 25% interest in this particular property, the approximately $17 million of annual rental revenue going away related to this tenant in the fourth quarter will be fully reflected in same-property results, even though the bottom line FFO results will only pick up our 25% share.

提醒一下，我們的相同資產將包含 100% 的合併結果。因此，即使我們只擁有該特定房產 25% 的權益，第四季度與該租戶相關的約 1700 萬美元的年租金收入也將充分反映在同一房產的業績中，即使 FFO 的底線結果只會獲得我們25%的份額。

Turning to occupancy. For the quarter, occupancy was very solid at 94.7%, which is up 10 basis points over the prior quarter and continues the steady results over the last 4 quarters. We expect year-end occupancy to be on the low end of our guidance range of 94.6% to 95.6%.

轉向入住。本季的入住率非常穩定，達到 94.7%，比上一季上升 10 個基點，延續了過去 4 個季度的穩定結果。我們預計年終入住率將處於我們指導範圍 94.6% 至 95.6% 的低端。

On lease expirations, Alexandria has done a great job of addressing the 24 lease expirations with very strong leasing volume again completed in the quarter of 1.5 million square feet. And the unresolved lease expirations remaining for the balance of 2024 are modest at only 134,000 rentable square feet.

在租約到期方面，亞歷山大在解決 24 個租約到期問題上做得很好，本季的租賃量再次達到 150 萬平方英尺，非常強勁。到 2024 年剩餘的時間裡，尚未解決的租賃到期問題並不多，可出租面積僅 134,000 平方英尺。

Looking ahead to the first quarter of 2025, we highlighted a few key lease expirations across 4 projects aggregating 768,000 rentable square feet with $47 million of annual rental revenue that are expected to have 12 to 24 months of downtime on a weighted average basis.

展望2025 年第一季度，我們重點介紹了4 個項目的幾個關鍵租賃到期情況，這些項目總計768,000 平方英尺的可出租面積，年租金收入為4700 萬美元，按加權平均計算，預計將有12 至24 個月的停機時間。

75% to 80% of the total $47 million in rental revenue is related to our Alexandria Technology Square and 409 Illinois Street projects which are expected to remain as operating properties with the same-property pool, following the lease expiration. Even though these spaces may require some time and capital to re-lease or reposition the buildings for multi-tenancy.

4,700 萬美元租金收入總額中的 75% 至 80% 與我們的亞歷山大科技廣場和伊利諾伊街 409 號項目有關，預計在租約到期後，這些項目將繼續作為同一物業池的營運物業。儘管這些空間可能需要一些時間和資金來重新租賃或重新定位建築物以進行多租戶。

The Alexandria Technology Square project primarily relates to the move out of Moderna and the expansion to their new 462,000 square foot building we delivered late last year at 325 Binney. And we are in early discussions with the tenant to lease approximately half of the 409 Illinois Street property. Please refer to footnote 4 on Page 24 of our supplemental package for additional details there.

亞歷山大科技廣場專案主要涉及從 Moderna 搬出以及擴建我們去年年底在賓尼 325 號交付的 462,000 平方英尺的新建築。我們正在與租戶進行早期討論，以租賃伊利諾伊街 409 號房產的大約一半。請參閱我們補充包第 24 頁的註腳 4，以了解更多詳細資訊。

On external growth. During the quarter, we continued to execute on our development and redevelopment strategy by delivering 316,691 rentable square feet from the pipeline, which will generate $21 million of incremental annual net operating income.

關於外部成長。本季度，我們繼續執行我們的開發和再開發策略，交付了 316,691 平方英尺的可出租面積，這將產生 2,100 萬美元的增量年度淨營業收入。

We have 5.5 million renewable square feet of development and redevelopment projects that are 55% leased or negotiating and are projected to generate $510 million of incremental net operating income over the next 3.5 years, including $158 million over the next 5 quarters.

我們擁有550 萬平方英尺的可再生能源開發和再開發項目，其中55% 已出租或正在談判中，預計將在未來3.5 年內產生5.1 億美元的增量淨營業收入，其中包括未來5 個季度的1.58 億美元。

Transitioning next to the balance sheet. We continue to have one of the strongest balance sheets amongst all publicly traded US REITs. Our corporate credit ratings are in the top 10% of all publicly traded US REITs. We remain on track to achieve our targeted net debt to adjusted EBITDA leverage ratio of 5.1x on a quarterly annualized basis by year-end.

資產負債表旁邊的過渡。我們仍然擁有所有公開交易的美國房地產投資信託基金中最強勁的資產負債表之一。我們的企業信用評等在所有公開交易的美國房地產投資信託基金中名列前 10%。我們仍有望在年底前實現按季度年化計算的 5.1 倍淨債務與調整後 EBITDA 槓桿率的目標。

We have tremendous liquidity of $5.4 billion, and our attractive debt profile highlights our commitment to long-term funding of our business with a weighted average remaining term of debt of 12.6 years and average year-end percentage of fixed rate debt over the last 5 years of 97.7%.

我們擁有 54 億美元的巨大流動性，我們有吸引力的債務狀況凸顯了我們對業務長期融資的承諾，加權平均剩餘債務期限為 12.6 年，過去 5 年固定利率債務的平均年末百分比97.7%。

We continue to focus on our disciplined funding strategy to recycle capital from dispositions and to minimize the issuance of common stock. Common stock issuances have amounted to less than 2% of our total funding sources in 2023 and 2024, and we do not expect to issue any new equity in the fourth quarter of 2024.

我們繼續專注於嚴格的融資策略，以回收處置中的資本並儘量減少普通股的發行。2023 年及 2024 年，普通股發行量占我們總資金來源的比例不到 2%，我們預期 2024 年第四季不會發行任何新股。

Our disposition strategy for 2024 is focused primarily on outright dispositions of noncore assets, not integral to our mega campus strategy, allowing us to enhance the quality of our asset base and include stabilized properties, non-stabilized properties with vacancy or near-term lease expirations and land parcels.

我們2024 年的處置策略主要側重於非核心資產的徹底處置，而不是我們的大型園區策略的一部分，這使我們能夠提高資產基礎的質量，並包括穩定的房產、空置或近期租賃到期的非穩定的房產和地塊。

To date, we've completed $390 million of asset sales, including the sale Peter mentioned at 1165 Eastlake Avenue, which is located in our Lake Union submarket that was sold to the Fred Hutchinson Cancer Research Institute.

到目前為止，我們已經完成了 3.9 億美元的資產出售，其中包括 Peter 提到的東湖大道 1165 號的出售，該出售位於我們的聯合湖子市場，被出售給 Fred Hutchinson 癌症研究所。

We have another $1.2 billion of pending dispositions subject to non-refutable deposits or executed letters of intent or PSA agreements. About half of the pending dispositions represent stabilized property sales, most of which are expected to be sold to users with a blended expected capitalization rate of 8.5% and 7% on a cash basis.

我們還有另外 12 億美元的待處理處置，須遵守不可反駁的存款或已簽署的意向書或 PSA 協議。待處理的處置中約有一半代表穩定的房地產銷售，其中大部分預計將以現金基礎上的混合預期資本化率為 8.5% 和 7% 出售給用戶。

The other half represents the sales of land and properties with vacancy or near-term lease expirations. The 3Q '24 annualized NOI associated with the $1.2 billion of pending sales is $95.8 million and $91 million on a cash basis.

另一半則代表空置或近期租賃到期的土地和房產的銷售。與 12 億美元待售銷售相關的 24 年第三季年度 NOI 為 9,580 萬美元，現金基礎上為 9,100 萬美元。

It's important to note that the $95.8 million is a backward-looking amount and does not consider certain lease expirations for some of the non-stabilized properties expected to occur over the next 12 months, including a significant amount of nonlaboratory space.

值得注意的是，9,580 萬美元是一個向後看的金額，並且沒有考慮預計未來 12 個月內出現的一些不穩定財產的某些租賃到期情況，其中包括大量的非實驗室空間。

On a forward-looking 12 months basis for these non-stabilized disposition assets, we expect that NOI will decline by $30 million to $35 million. And given that these assets no longer fit our strategy, we've elected to sell these assets and allow the buyer to invest the capital to reposition those assets.

以這些非穩定處置資產的前瞻性 12 個月為基礎，我們預計 NOI 將下降 3,000 萬至 3,500 萬美元。鑑於這些資產不再符合我們的策略，我們選擇出售這些資產，並允許買方投資資金來重新定位這些資產。

Included in the $1.2 billion pending dispositions are 2 key items aggregating nearly $700 million. First, [as approving campus] with specialty nontraditional lab space in our Greater Boston market to the existing tenant for $369 million, which represents a 6.3% cash cap rate.

12 億美元的待決處置包括兩項關鍵項目，總計近 7 億美元。首先，[作為批准園區]在大波士頓市場向現有租戶提供專業非傳統實驗室空間，價格為 3.69 億美元，相當於 6.3% 的現金上限。

And second, various sites in Sorrento Mesa in the University Town Center to residential developers for $314 million which will allow us to monetize some of our future pipeline without adding to the lab supply. The aggregate total of the completed and pending dispositions is $1.5 billion, which puts us right around the midpoint of our guidance, and we're reasonably confident we can close all of this by the end of the year.

其次，大學城中心索倫托梅薩的多個場地以 3.14 億美元的價格出售給住宅開發商，這將使我們能夠在不增加實驗室供應的情況下將我們未來的一些管道貨幣化。已完成和待處理的處置總額為 15 億美元，這正好位於我們指導方針的中點附近，我們有理由相信我們可以在今年年底前完成所有這些工作。

We also expect to fund a meaningful amount of our equity needs with retaining cash flows from operating activities after dividends of $450 million at the midpoint of our guidance for 2024 and our high-quality cash flows continue to support the growth in our annual common stock dividends with an average annual increase in dividends share of 5.4% since 2020. And we continue to have a conservative FFO payout ratio of 55% for 3Q '24.

我們還預計，在 2024 年指導中點分紅 4.5 億美元後，保留經營活動產生的現金流，從而滿足我們大量的股權需求，並且我們的高質量現金流將繼續支持我們年度普通股股息的增長自自2020年以來，股息份額年均成長5.4%。我們繼續將 24 年第三季的 FFO 股利率為保守的 55%。

Realized gains for the venture investments, including FFO per share as adjusted for the quarter were $23 million and $85.2 million for the 9 months ended September. Quarterly realized gains since 2021 have averaged about $25 million. Through the first 3 quarters of 2024, we've averaged about $28 million, so pretty close to the historical run rate and consistent with our guidance range for the full year of $95 million to $125 million.

包括本季調整後的每股 FFO 在內的創投已實現收益為 2,300 萬美元，截至 9 月的 9 個月為 8,520 萬美元。自 2021 年以來，季度實現收益平均約為 2,500 萬美元。2024 年前 3 季度，我們的平均收入約為 2800 萬美元，非常接近歷史運行率，也與我們全年 9,500 萬美元至 1.25 億美元的指導範圍一致。

Turning to guidance. There were a few moving pieces in our underlying guidance, including lower straight-line rent revenue and lower G&A, which we highlighted on our Page 5 of our supplemental. We updated our guidance for 2024 for EPS of $2.60 to $2.64, and we maintained the midpoint of our guidance of FFO per share diluted as adjusted of $9.47, which represents a solid 5.6% growth in FFO per share for 2024.

轉向指導。我們的基本指導中有一些變化，包括直線租金收入的下降和一般行政費用的下降，我們在補充資料的第 5 頁上強調了這一點。我們將 2024 年每股收益指引從 2.60 美元更新為 2.64 美元，並維持調整後每股 FFO 指引的中位數 9.47 美元，這意味著 2024 年每股 FFO 穩健成長 5.6%。

As we look ahead beyond 3Q '24, we continue to have conviction to reinforce our core through our differentiated mega campus strategy, which is the driving force behind our disposition strategy.

展望 24 年第三季之後，我們仍然堅信透過差異化的大型園區策略來強化我們的核心，這是我們處置策略背後的驅動力。

With 76% of our annual rental revenue coming from mega campuses today and aspirations to enhance this number over time with the noncore dispositions of land and properties, as well as disciplined development and redevelopment on these mega campuses, we expect to continue increasing the quality and resilience of our dominant platform and asset base.

如今，我們76% 的年租金收入來自大型園區，並且希望透過土地和房產的非核心處置以及這些大型園區的嚴格開發和再開發，隨著時間的推移不斷提高這一數字，我們預計將繼續提高品質和我們的主導平台和資產基礎的彈性。

With that, let me turn it over to you, Joel.

那麼，讓我把它交給你，喬爾。

Okay. Paula, could you have the moderator, open it up for questions, please?

好的。Paula，主持人可以請您打開提問嗎？

Yes, please do, Paku.

是的，請這樣做，帕庫。

(Operator Instructions). Joshua Dennerlein, BofA Merrill Lynch.

（操作員說明）。約書亞‧登納林，美銀美林。

Hey, guys. I appreciate the time. I appreciated the comments on the Seattle asset sale of 4.9% and then the pending sales that are stabilized like at a 7.5% cash cap rate. Is there any other like additional color you can provide like what's driving the gap between those two?

嘿，夥計們。我很感激時間。我很欣賞對西雅圖資產出售 4.9% 的評論，以及隨後穩定在 7.5% 現金上限的待售出售的評論。您是否可以提供其他類似的附加顏色，例如拉大兩者之間差距的因素？

I know you touched a little bit on your opening remarks. Maybe just like the second part that would be like should we assume like the stuff that's not in the mega campuses to stabilize, maybe it's closer to that 7.5% cash cap rate?

我知道您在開場白中提到了一些內容。也許就像第二部分一樣，我們是否應該假設那些不在大型校園中穩定的東西，也許它更接近 7.5% 的現金上限利率？

Yes, I don't think that's reasonable assumption. But Marc, do you want to think about Seattle and maybe how to think about?

是的，我認為這不是合理的假設。但馬克，你想不想想想西雅圖以及如何思考？

Yes, sorry. Yes, Josh, I think on the stabilized cap rate, I think perhaps what you're referring to is, I think it was a 7% cash and 8.5% GAAP. The big reason for the delta there between cash and GAAP was the big chunk of that is the suburban Greater Boston market that actually had some really long lease term in place.

是的，抱歉。是的，喬什，我認為關於穩定的上限利率，我想也許你指的是，我認為這是 7% 的現金和 8.5% 的 GAAP。現金與公認會計原則之間存在差異的一個重要原因是，其中很大一部分是大波士頓郊區市場，該市場實際上有一些非常長的租賃期限。

So you had a pretty big spread there between cash and GAAP. But I think if you think about what to expect in terms of stabilized asset sales, we've given you the number for this year, and they're noncore. So we expect them to near the margins.

所以現金和公認會計原則的差距相當大。但我認為，如果你考慮一下穩定資產銷售的預期，我們已經給了你今年的數字，而且它們是非核心的。因此我們預計它們將接近邊緣。

Yes, let me just interrupt that, that was not a -- that's not traditional lab space.

是的，讓我打斷一下，那不是——那不是傳統的實驗室空間。

The pending half not stabilized that you're selling, that's not like traditional life science, that's for office. So it was like a land play, recover land play kind of -- the way to think about it or?

你所銷售的待定一半尚未穩定，這與傳統的生命科學不同，那是用於辦公室的。所以這就像一場陸地比賽，恢復土地比賽的一種——思考方式或者？

Yes. So Marc, do you want to comment?

是的。馬克，你想發表評論嗎？

Josh, you're talking specifically about the Greater Boston asset.

喬什，你具體談論的是大波士頓資產。

No. I thought I heard you say like half the pending dispositions, that $1.2 billion we're going to be like sold for like a GAAP 8.5% at cash 7%. And I was just trying to like contrast like that pool of assets versus 4.9% that was sold in Seattle.

不。我想我聽到你說，大約一半待處理的處置，我們將以 GAAP 8.5% 和現金 7% 的價格出售 12 億美元。我只是想對比一下該資產池與西雅圖出售的 4.9% 的資產。

Yes. So about half of the $1.2 billion is stabilized assets. That includes the one particular asset we mentioned in Greater Boston that I think we had a 6.3% cash cap rate in a much wider GAAP cap rate given the long terms. The other half of the $1.2 billion is a mixture of land and also some non-stabilized properties.

是的。因此，這 12 億美元中約有一半是穩定資產。這包括我們在大波士頓提到的一項特定資產，我認為考慮到長期來看，我們在更廣泛的 GAAP 上限中擁有 6.3% 的現金上限。12 億美元的另一半是土地和一些不穩定的財產。

If you kind of reverse engineer the math, it's somewhere in the high 7s in terms of the GAAP NOI coming offline. But what I was trying to say in the prepared commentary is there's a fair amount of that NOI that for those particular assets that we're selling that happen to be in Boston, it will be going away next year. And so the decision there was really to allow the buyer to invest that capital since those assets really just don't fit our strategy any longer.

如果你對數學進行逆向工程，就離線的 GAAP NOI 而言，它處於高 7 的位置。但我在準備好的評論中想說的是，對於我們正在出售的那些恰好位於波士頓的特定資產，有相當多的 NOI 將於明年消失。因此，我們的決定實際上是允許買方投資該資本，因為這些資產確實不再符合我們的策略。

Peter, any further comments you have?

彼得，您還有什麼意見嗎？

Yes. I mean, part of your question, I think, referenced the 7.6% cap rate, maybe that I mentioned of one of our workhorse assets versus the core asset 4.9%. The 7.6% was in Northern Virginia. It is lab space, but it is more clinical lab space and not the R&D type of space that is in our core mega campuses.

是的。我的意思是，我認為你的問題的一部分提到了 7.6% 的資本化率，也許我提到了我們的主力資產之一與核心資產 4.9% 的資本化率。7.6% 位於北維吉尼亞州。這是實驗室空間，但更多的是臨床實驗室空間，而不是我們核心大型園區的研發類型空間。

But what I was trying to get across in my commentary was we wanted to make sure that everyone was aware because a lot of what we've been selling has been noncore. Almost everything is noncore, unless it's been a partial interest sale. We haven't done a partial interest sale in a while.

但我在評論中試圖表達的是，我們希望確保每個人都知道，因為我們銷售的許多產品都是非核心的。幾乎所有東西都是非核心的，除非是部分利息出售​​。我們已經有一段時間沒有進行部分利息出售​​了。

So we just sold a core asset in Lake Union, and I explained why. And it was at 4.9%. And even though it was a user sale, which certainly influences value, it has to be in the ballpark of market value, right? I mean from any rational buyers not going to weigh overpay for anything no matter whether they're a user or not.

所以我們剛剛出售了聯合湖的一項核心資產，我解釋了原因。其比例為 4.9%。即使這是用戶銷售，這肯定會影響價值，但它也必須在市場價值的範圍內，對嗎？我的意思是，任何理性的買家都不會權衡支付過高的價格，無論他們是否是用戶。

So I thought it was a good example and reminder to everybody that we're on our way to making everything that we own or a good portion of what we own core mega campus assets. And once we're done with our disposition program, what we have left is highly valuable and that comp reflects that. And that's what I was trying to get across.

所以我認為這是一個很好的例子，提醒大家我們正在努力創造我們擁有的一切，或者我們擁有的核心大型園區資產的很大一部分。一旦我們完成了處置計劃，我們剩下的東西就非常有價值，而該補償反映了這一點。這就是我試圖傳達的內容。

Yes. That's really good. And Josh, just one other comment that you have to remember, so the campus is 30 years old, and so it's acquired, developed or redeveloped assets over a long period of time that now don't fit the go-forward mega campus strategy. So that's pretty obvious.

是的。那真是太好了。喬希，這只是你必須記住的另一條評論，該園區已經有 30 年的歷史了，因此它在很長一段時間內收購、開發或重新開發了資產，現在不符合前進的大型園區戰略。所以這很明顯。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Hey, thanks. Good afternoon. So in terms of the dollar value of what you can still do in terms of noncore assets, you mentioned 76% mega campuses. I just sort of did a 24% of your enterprise value and got to $9 billion. But I assume that's a bit simplistic, but is the pipeline for additional sales to meet your development obligations in that sort of $5 billion to $10 billion range, would you agree with that number or am I way off?

嘿，謝謝。午安.因此，就非核心資產仍然可以做的事情的美元價值而言，您提到了 76% 的大型園區。我只是完成了你們企業價值的 24%，達到了 90 億美元。但我認為這有點簡單化，但是為了滿足您在 50 億至 100 億美元範圍內的開發義務而需要額外銷售的管道，您同意這個數字還是我離題太遠了？

Yes, Marc, do you want to respond to that?

是的，馬克，你想對此做出回應嗎？

Yes. I think it's true that some of that 24% of ARR that resides in non-mega campuses, some of that would be stuff that we may look to exit over time. But there are some really good assets in there that are located in good markets that may be things we hang on to.

是的。我認為確實有 24% 的 ARR 存在於非大型校園中，其中一些可能是我們隨著時間的推移可能會退出的東西。但其中有一些非常好的資產，它們位於良好的市場中，這可能是我們所持有的。

The other thing I would say is that we do have some land on the books that is also not located in mega campuses. So that could also be another capital source that we look to go after. I think about 31% or so of the square footage in the land bank is not located in mega campuses.

我要說的另一件事是，我們確實有一些不在大型校園內的土地。因此，這也可能是我們尋求的另一個資本來源。我認為土地儲備中約 31% 的面積並不位於大型校園內。

Okay. Great. And then just a quick second question here. On the realized gains guidance for the full year, it's still over $100 million I think you've done $47 million as of the third quarter year-to-date. Does that imply another $50 million-plus in the fourth quarter? Or am I -- again, am I missing something?

好的。偉大的。然後是第二個問題。就全年已實現收益指引而言，我認為截至今年第三季度，您已經實現了 4700 萬美元，但仍超過 1 億美元。這是否意味著第四季還會有 5,000 萬美元以上的收入？還是我——再說一遍，我錯過了什麼嗎？

Yes, you're missing a...

是的，你缺少一個...

Yes. Realized gains for the quarter were $23 million, and I think we're $85.2 million for the 9 months. So if you annualize that, that kind of puts you square in the middle or pretty close to the middle of our guidance range of $95 million to $125 million.

是的。本季實現的收益為 2,300 萬美元，我認為這 9 個月的收益為 8,520 萬美元。因此，如果您將其按年計算，那麼您將處於我們 9500 萬至 1.25 億美元指導範圍的中間或非常接近中間位置。

I thought, I saw a disclosure for $47 million year-to-date. I must have overlooked at that.

我想，我看到了今年迄今為止 4700 萬美元的披露。我一定是忽略了這一點。

Erroneous, yes.

錯了，是的。

Okay. That's all I got. Thanks.

好的。這就是我所得到的。謝謝。

Yeah. Thanks.

是的。謝謝。

Michael Griffin, Citi.

邁克爾·格里芬，花旗銀行。

It's Nick Joseph here with Michael. Maybe just first on the 5-year lease extension with the tech tenant in Texas. Just hoping to get some more color on that and kind of what your long-term plans are if you still plan to convert this to lab space and kind of the considerations that went into that decision?

我是尼克·約瑟夫和邁克爾。也許只是先與德州的科技租戶延長 5 年租約。只是希望對此有更多的了解，以及您的長期計劃是什麼，如果您仍然計劃將其轉換為實驗室空間，以及做出該決定時的考慮因素？

Yes. So we're under strict confidentiality as you probably can imagine all big tech tenants don't want their name used. They allow you to put other tech tenants in the building. They're pretty strict in what they do. So we can say very little other than we felt that this renewal was integral to their own campus, which is actually adjacent to our site.

是的。因此，我們受到嚴格的保密，因為您可能可以想像所有大型科技租戶都不希望使用他們的名字。它們允許您將其他技術租戶安置在大樓內。他們做事非常嚴格。因此，我們只能說，除了我們認為這次更新是他們自己的校園不可或缺的一部分之外，校園實際上與我們的場地相鄰。

These are highly improved buildings for their particular use. So they aren't just some kind of how fast tech office kind of thing. They're actually quite valuable and quite improved. I don't know where it goes over time. But clearly, having the cash flow is better than in this market environment with cost of capital than trying to reposition them, but they may be an ultimate buyer here as well. So we'll see how the story plays out.

這些是針對其特殊用途而經過高度改進的建築物。所以它們不僅僅是某種快速科技辦公室之類的東西。它們實際上非常有價值並且得到了很大的改進。我不知道隨著時間的推移它會去哪裡。但顯然，在這種有資本成本的市場環境下，擁有現金流比試圖重新定位它們要好，但他們也可能是這裡的最終買家。那我們拭目以待故事如何展開。

That's helpful. And then just on leasing more broadly, have you started to see larger space requirements kind of demand pick up? Or is it still more from the medium-sized 20,000 to 40,000 square foot tenants?

這很有幫助。然後就更廣泛的租賃而言，您是否開始看到更大的空間需求回升？還是更多來自20,000至40,000平方英尺的中型租戶？

Well, I think it's pretty good in the early and steady on the revenue-generating side, I think, in the middle is where it still remains challenging. And when you've got good clinical data and approval, generally, you've got good news. And if not, it's kind of sluggish. So I don't think that's materially changed.

嗯，我認為它在創造收入方面的早期和穩定方面相當不錯，我認為，在中間仍然充滿挑戰。當您獲得良好的臨床數據和批准時，通常您會得到好消息。如果沒有，那就有點遲緩了。所以我認為這沒有實質改變。

Thank you very much.

非常感謝。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

Yeah, thanks. Marc, I wanted to circle back on the valuations on some of the dispositions you provided to make sure thinking about everything correctly. So I know on the $1.2 billion of pending sales, the supplement says there's $96 million of GAAP NOI associated to that, which reflects about 8.1% cap rate. Do you have the cash number for there? So how much cash NOI should we expect kind of goes away once the sales are completed?

是的，謝謝。馬克，我想回顧一下您提供的一些配置的估值，以確保正確考慮一切。據我所知，在 12 億美元的待售銷售中，補充資料稱有 9,600 萬美元的 GAAP NOI 與之相關，這反映了約 8.1% 的資本化率。你有那裡的現金號碼嗎？那麼，一旦銷售完成，我們應該預期多少現金 NOI 會消失呢？

Yes, that number is around $91 million, Michael.

是的，這個數字約為 9100 萬美元，邁克爾。

Okay. Great. And then, Peter, in your comments earlier, you were saying once you're done with the noncore asset sales, the portfolio quality is going to be significantly improved. I mean, how much should we think about the timing of that? I mean, is this going to be a longer-term process? Or is there a line of sight when you kind of gave us that idea?

好的。偉大的。然後，彼得，在您之前的評論中，您說一旦完成非核心資產銷售，投資組合品質將顯著提高。我的意思是，我們應該在多大程度上考慮這個時機？我的意思是，這將是一個長期的過程嗎？或者當你向我們提出這個想法時是否存在視線？

Yes, let me say something before Peter answers. I don't think you could say, quality of the portfolio is going to be substantially improved. It is already first-in-class, best assets, best location, best services, best tenants. So I don't think how you're thinking about that is quite correct.

是的，在彼得回答之前讓我說幾句話。我不認為你可以說，投資組合的品質將會大幅提升。它已經是一流的、最好的資產、最好的地點、最好的服務、最好的租戶。所以我認為你的想法不太正確。

We have a variety of assets, land, redevelopments and developments that no longer fit, this campus strategy and we'll harvest those assets over the coming years as we deem appropriate to match sources and uses and also in light of the valuation in the marketplace. So that's kind of how we look at it. But Peter, you could comment further.

我們擁有各種不再適合此園區策略的資產、土地、重建和開發項目，我們將在未來幾年內收穫這些資產，只要我們認為適合匹配來源和用途，並考慮到市場估值。這就是我們的看法。但是彼得，你可以進一步發表評論。

Yes. Look, the best strategy for us to mitigate the supply that's gone into our core markets is our mega campus strategy. So we're going all in on it. And as Joel mentioned, we feel like all the assets we have are good assets, but we deem some of them to no longer be part of our strategy and where -- those are the ones that we're selling in order to fund our pipeline, which is increasing our percentage of mega campus assets.

是的。看，我們減輕核心市場供應的最佳策略是我們的大型園區策略。所以我們要全力以赴。正如喬爾所提到的，我們覺得我們擁有的所有資產都是好資產，但我們認為其中一些資產不再是我們策略的一部分，而這些是我們出售的資產，以便為我們的管道提供資金，這正在增加我們在大型校園資產中的比例。

How long it's going to take? It's hard to say. But we're doing it incrementally as we build out our mega campus platform. It's good. We feel like it's good that we're able to fund this transition by selling assets that are no longer part of our strategy versus using common. So the net effect is not -- we're funding the business without issuing common equity. And at the same time, as those sales occur, we increased the percentage of our mega campus assets.

需要多長時間？很難說。但隨著我們建立大型校園平台，我們正在逐步做到這一點。很好。我們認為，我們能夠透過出售不再屬於我們策略的資產而不是使用普通資產來為這一轉變提供資金，這是一件好事。所以淨效應不是──我們在不發行普通股的情況下為企業提供資金。同時，隨著這些銷售的發生，我們增加了大型園區資產的比例。

And maintaining a great balance sheet in the meantime.

同時保持良好的資產負債表。

Okay. Great. And then just one last question for me. It does look like 99 Coolidge in the development get kind of the stabilization got pushed out a year. Can you kind of provide some color the reasoning of why that kind of got pushed out?

好的。偉大的。最後還有一個問題想問我。看起來 99 Coolidge 確實在開發中得到了某種程度的穩定，但被推遲了一年。你能提供一些解釋為什麼這種類型被排除的原因嗎？

Yes. Well, it's pretty simple. This is a brand-new building. It's one of the most highlighted buildings and all of the Watertown campus and submarket. And it's pretty clear that it's going to take us more time to build out space to deliver to tenants rather than having just in time space available. So as part of the development, we're doing that, but that takes time in this marketplace.

是的。嗯，這很簡單。這是一座全新的建築。它是沃特敦校園和次市場最引人注目的建築之一。很明顯，我們需要更多的時間來建造空間來交付給租戶，而不是僅僅在時間上提供可用空間。因此，作為開發的一部分，我們正在這樣做，但這在這個市場上需要時間。

But we just sign a lease, I don't know. And maybe after the end of the quarter, another lease there, which will be reported, I think it was October 13, something like that for part of the space there. But the challenge there is to lease space and have available space that people can move into, and that's what we're trying to get to. That's the point.

但我們只是簽了一份租約，我不知道。也許在季度末之後，那裡會有另一份租約，我們會報告，我想是 10 月 13 日，那裡的部分空間是類似的。但面臨的挑戰是租賃空間並擁有可供人們搬入的可用空間，這就是我們正在努力實現的目標。這就是重點。

Okay. Thanks.

好的。謝謝。

Yup.

是的。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi. Good afternoon, everyone. Just wanted to follow up on Rob's question. Marc, you mentioned the cash NOI disappearing is about $91 million on the $1.2 billion of sales. So I'm looking at it kind of saying that that's about a 7.5% cash yield, but developments are being done at stabilized 6.4%.

你好。大家下午好。只是想跟進羅布的問題。Marc，您提到 12 億美元的銷售額中消失的現金 NOI 約為 9,100 萬美元。所以我認為現金收益率約為 7.5%，但開發工作的現金收益率穩定在 6.4%。

So I'm just kind of trying to understand, again, selling at 7.5% to fund assets at 6.4%. I mean, are we in -- at that being something dilutive to FFO or should we be thinking more about because you're certainly not dealing with a bunch of recurring CapEx, it's still going to be accretive on an AFFO on a free cash flow basis.

所以我只是想再次理解，以 7.5% 的利率出售資產，以 6.4% 的利率購買基金資產。我的意思是，我們是否會稀釋 FFO，或者我們是否應該更多地考慮，因為你肯定不會處理一堆經常性資本支出，它仍然會在自由現金流上增加 AFFO基礎。

Yes. Sure. Yes. You're right that what we're selling is obviously has a higher cap rate than what we're developing in if you just look at a moment in time. But I think a bunch of those assets, particularly for the non-stabilized ones, will absolutely need or will require significant capital to retenant those.

是的。當然。是的。你是對的，如果你只看某個時刻，我們正在銷售的產品顯然比我們正在開發的產品具有更高的資本化率。但我認為，其中許多資產，特別是非穩定資產，絕對需要或需要大量資本來保留這些資產。

So I think the choice there was really just to allow the buyer to do that since those assets don't fit our strategy any longer and take those proceeds and redeploy them into the pipeline where significant amount of the product in the pipeline is all concentrated in the mega campuses.

因此，我認為實際上的選擇只是允許買方這樣做，因為這些資產不再符合我們的策略，並將這些收益重新部署到管道中，管道中的大量產品都集中在大型校園。

Okay. That's helpful. And then if I may ask another one. The reduction in guidance for straight-line rents, again, I know part of it was just write-offs of associated with some tenants and some lease terminations. I mean when you look at the overall portfolio today, you kind of think of a watch list, if I may use those words.

好的。這很有幫助。然後我可以問另一位嗎？直線租金指導的減少，我知道其中一部分只是與一些租戶和一些租賃終止相關的沖銷。我的意思是，當你今天查看整體投資組合時，如果我可以使用這些字的話，你會想到一個觀察清單。

I mean how does one kind of think about that and kind of -- I was just thinking about 2025, whether we may see a few more of these instances of straight-line rent write-offs?

我的意思是，人們如何看待這個問題——我只是在考慮 2025 年，我們是否會看到更多這樣的直線租金沖銷實例？

Yes. Maybe, Hallie, maybe, I'll put that one over to you just to talk about kind of how we look at the watch list.

是的。也許，哈莉，也許，我會把這個交給你，只是為了談談我們如何看待觀察名單。

Frame it for her first.

先給她定個框吧。

Yes. Look, I think this was a kind of a discrete event with this particular tenant. It was a large tenant. It was actually a tenant that we inherited when we bought the asset over a decade ago. They've been in there for a very long time, close to, not quite 20 years, but pretty close to it. They've been operating in there.

是的。聽著，我認為這是針對這個特定租戶的離散事件。那是一個大房客。它實際上是我們十多年前購買該資產時繼承的租戶。他們已經在那裡待了很長一段時間了，接近，不到20年，但也很接近了。他們一直在那裡運作。

And we sold out of that particular campus a number of years ago in Mission Bay to reduce our exposure. But I think what I want to communicate is that these things do happen, but that was just kind of a one-off event.

幾年前，我們賣掉了使命灣的那個特定校園，以減少我們的曝光。但我想我想傳達的是這些事情確實發生了，但這只是一次性事件。

Yes. And I'll maybe answer on Hallie, you can hold your fire for another question. So it's important to keep in mind, too, that this tenant who Marc said, was in there when we bought the building in 2010. It had been signed a lease with the Shorenstein team in 2006, I believe.

是的。我也許會回答哈莉，你可以先別問另一個問題。因此，記住這一點也很重要，即 Marc 所說的這位租戶，當我們在 2010 年購買這棟大樓時就在那裡。我相信它是在 2006 年與 Shorenstein 團隊簽訂了租約。

The company, actually, when we underwrote it, I personally was involved in the underwriting in 2010, look to have one of the most promising blockbuster drugs, a replacement for Amgen's erythropoietin, but instead injectable, it was a pill.

事實上，當我們承銷它時，我個人在2010年就參與了承銷，希望擁有一種最有前途的重磅藥物，取代安進的促紅血球生成素，但它是注射劑，是一種藥丸。

But over the course of time through a variety of development changes and just the combination of maybe strategy, science and a whole lot of other issues that come to bear it had lost that opportunity and so was faced with the prospect of continuing its business in China and winding down in the US.

但隨著時間的推移，透過各種發展變化，以及戰略、科學和其他許多問題的結合，它已經失去了這個機會，因此面臨著繼續在中國開展業務的前景。

So I think we did everything prudent we could during all those years and very proud of the fact that we have one of the best track records of underwriting tenants, I think the best in the industry by far. No one has our capability. So thank you for the question.

因此，我認為這些年來我們盡了最大努力，並且非常自豪我們擁有承保租戶的最佳記錄之一，我認為是迄今為止業內最好的記錄。沒有人有我們的能力。謝謝你的提問。

Georgi Dinkov, Mizuho.

格奧爾基·丁科夫，瑞穗。

This is Georgi on for Vikram. What is the potential for exceeding the midpoint of the disposition guidance? And as you say, assets, what's the best use of the capital?

這是維克拉姆的喬治。超過處置指南中點的可能性有多大？正如你所說，資產，資本的最佳用途是什麼？

Yes. So Marc?

是的。那麼馬克？

Yes. Look, I think we're almost in late October. So I don't know that I would expect to do much beyond what we laid out in terms of the actual amounts that are either under contract or under -- have a hard asset. There are other things we're looking at that we're moving along that we'll continue to work on. But for now, I probably wouldn't assume much beyond that.

是的。聽著，我想我們快到十月底了。因此，我不知道我會期望做多少超出我們根據合約或擁有硬資產的實際金額規定的事情。我們正在研究其他一些事情，我們正在推進這些事情，我們將繼續努力。但就目前而言，我可能不會做更多的假設。

And the second part of the question?

問題的第二部分呢？

Sorry, could you repeat the second part, Georgi?

抱歉，格奧爾吉，你能再說一次第二部分嗎？

Yes. What is the best use of this capital as you sell assets in your view?

是的。您認為出售資產時這筆資金的最佳用途是什麼？

Right. Yes. So look, we planned since the beginning of the year to really fund the construction of the pipeline with this capital. So that's been happening during the year. And this money will be used to pay down debt, which we borrowed to fund the construction pipeline.

正確的。是的。所以看，我們從今年年初就計劃用這筆資金真正資助管道建設。所以這一年裡一直在發生這種情況。這筆錢將用於償還債務，我們借錢是為了資助管道建設。

We do expect, just given where we are in the year, we do expect to actually have a little bit more proceeds from the sales that we won't have the ability to pay down debt. We expect a revolver should be at or close to 0. So by the end of the year. So we do expect to hold on to some of that cash that can then be redeployed next year that ought to reduce our debt needs going forward in 2025.

我們確實預計，鑑於我們今年的處境，我們確實預計實際上會從銷售中獲得更多收益，而我們將沒有能力償還債務。我們預期左輪手槍的數值應該等於或接近 0。所以到了年底。因此，我們確實希望保留一些現金，然後在明年重新部署，這應該會減少我們 2025 年的債務需求。

But obviously, as you look at funding construction given cost of capital, given the fact that many of these projects in the pipeline were committed in past years, we're only funding new pipeline opportunities, whether they be development or redevelopment where our returns can be well above cost of capital. So that's how we're looking at.

但顯然，當你考慮考慮資金成本的建設資金時，考慮到許多正在醞釀中的項目是在過去幾年中投入使用的，我們只是為新的管道機會提供資金，無論是開發還是再開發，我們的回報可以遠高於資本成本。這就是我們的看法。

And just one more for me. How do you see demand evolving as funding improves. And do you have any updated thoughts on AI and how that would drive lab space needs going forward?

還給我一個。隨著資金的改善，您如何看待需求的改變？您對人工智慧以及它將如何推動未來實驗室空間需求有什麼最新的想法嗎？

Yes. So demand, I think, has been pretty I think the word I used was the industry is in a highly disciplined capital deployment, both capital raising and capital deployment. So we're dealing with that. But we've got 800 tenants plus, and we have high-quality tenants that need lab space. And so as I think Marc said, 80% of our tenants over the last year have come from our own tenants. So we outcompete in those opportunities if we have space available and that's good.

是的。因此，我認為需求相當大，我認為我使用的詞是該行業處於高度嚴格的資本部署中，無論是資本籌集還是資本部署。所以我們正在處理這個問題。但我們有 800 多個租戶，我們有需要實驗室空間的高品質租戶。正如我認為 Marc 所說，去年我們 80% 的租戶都來自我們自己的租戶。因此，如果我們有可用空間，我們就能在這些機會中脫穎而出，這很好。

On the AI side, I think it's very early days, although AI has been around for quite a long time, very early days for AI. Obviously, the best use of AI and the world of AI is going to have to meet the world of drug development in a moment. Language models and a lot of inhibitions remain between those two, but many companies. In fact, most companies are trying to use AI to inform them to get to better targets and outcomes.

在人工智慧方面，我認為現在還處於非常早期的階段，儘管人工智慧已經存在了相當長的時間，對於人工智慧來說還處於非常早期的階段。顯然，人工智慧的最佳利用和人工智慧的世界很快就會與藥物開發的世界相遇。語言模型和許多限制仍然存在於這兩家公司之間，但許多公司之間仍然存在。事實上，大多數公司都在嘗試使用人工智慧來幫助他們實現更好的目標和成果。

And ultimately, my own view is that AI is going to make maybe the most remarkable progress in the clinical setting, where if, over time, one could predict with greater certainty, the those who would respond positively versus no response or negative response, that could save the largest amount of money in the entire drug development process, which is clinical trials. So thanks for that question. So, thanks for that question.

最終，我自己的觀點是，人工智慧可能會在臨床環境中取得最顯著的進步，如果隨著時間的推移，人們可以更確定地預測那些會做出積極反應而不是沒有反應或消極反應的人，那麼整個藥物研發過程中可以節省最大一筆資金的就是臨床試驗。謝謝你提出這個問題。所以，謝謝你提出這個問題。

Joel, can I just layer on that. Hi, everyone. This is Hallie. I was just going to respond to your first question in terms of the demand. And just to -- as a reminder of as you think about medicine development, unfortunately, for public companies, it doesn't happen on a quarter-to-quarter basis, right? It takes 10 years easily to bring a new medicine from early research to a patient.

喬爾，我可以簡單講一下嗎？大家好。這是哈莉。我只是就需求方面回答你的第一個問題。只是想提醒一下，不幸的是，對於上市公司來說，藥物開發並不是按季度進行的，對嗎？將新藥從早期研究成果帶給患者，很容易需要10年的時間。

And what we see on the ground is just incredible innovation, right? We're still continuing to see the discoveries and new forms of modalities that will continue to be developed and make their way to patients. And so while we are in a conservative environment right now, the outlook on the growth of the industry and that translating to needs over the long term is certainly positive.

我們在現場看到的是令人難以置信的創新，對吧？我們仍在繼續看到新的發現和新的治療方式，這些新的治療方式將繼續被開發並應用於患者。因此，儘管我們目前處於保守的環境中，但該行業的成長前景及其轉化為長期需求的前景肯定是積極的。

And so the leads we see for example in the obesity space, right? There's so much unmet need across Alzheimer's across still other forms of cancer that the industry outlook and the innovation driving that demand will continue.

例如，我們在肥胖領域看到的領先優勢，對嗎？阿茲海默症和其他形式的癌症都有很多未滿足的需求，因此產業前景和驅動該需求的創新將持續下去。

Great. Thanks fro taking my questions.

偉大的。感謝您回答我的問題。

Peter Abramowitz, Jefferies.

彼得·阿布拉莫維茨，杰弗里斯。

Thank you. Yes. I was just wondering if you could comment on sublease space, specifically in Boston and the Bay Area. Is it continuing to increase? Or does it seem like it's sort of stabilized.

謝謝。是的。我只是想知道您是否可以對轉租空間發表評論，特別是在波士頓和灣區。還在繼續增加嗎？或者說它看起來已經穩定下來了。

Yes. Peter, do you want to address that?

是的。彼得，你想解決這個問題嗎？

Yes. It's stabilized. It has actually not state -- good sublease space, not stayed on the market long. Anything that -- when you look at the percentage of things that are still available for sublease, that space that's for a long, long time because it's just not a good space or it's not a shelf space.

是的。已經穩定下來了它實際上並沒有說明——好的轉租空間，在市場上停留的時間不長。任何東西——當你看看仍然可以轉租的東西的百分比時，這個空間會持續很長一段時間，因為它不是一個好的空間，或者它不是一個貨架空間。

But we're not seeing a lot of space being put back on the market now. So what is being absorbed is generally available vacant space and not directly big enough space and not sublease space. So that's been a positive for the market, although there is still some availabilities for sure. But tenants tend to want to go direct, if at all possible, because they have no control over the space if they're going through a tenant that's subleasing it.

但我們現在並沒有看到大量空間重新投入市場。因此，被吸收的是一般可用的空置空間，而不是直接足夠大的空間，也不是轉租的空間。因此，這對市場來說是積極的，儘管肯定還有一些供應。但如果可能的話，租戶往往希望直接轉租，因為如果他們透過轉租的租戶，他們就無法控制該空間。

Okay. That's helpful. And then just to go back to Joel's comment, I think tenants generally just being more thoughtful and disciplined in terms of their capital allocation. Could you just sort of comment on length of time and deal cycles to actually get leases done sort of where that's at today versus where it's been historically? And any sense of that changing anytime soon?

好的。這很有幫助。然後回到喬爾的評論，我認為租戶通常在資本配置方面更加深思熟慮和遵守紀律。您能否評論一下實際完成租賃所需的時間長度和交易週期，以及目前與歷史上的情況？這種情況很快就會改變嗎？

Yes, Peter?

是的，彼得？

Yes. The cycle of leasing has definitely taken a lot longer now than it used to, certainly, Boards are scrutinizing any growth space and tenants are looking at all the options in the market before making decisions to make sure they're doing all their diligence because Boards are requiring them to get everything pretty much, at least, for the earlier-stage companies and maybe the early IPO companies.

是的。現在的租賃週期肯定比以前要長得多，當然，董事會正在仔細審查任何成長空間，租戶在做出決定之前正在考慮市場上的所有選擇，以確保他們盡了所有努力，因為董事會要求他們獲得幾乎所有的東西，至少對於處於早期階段的公司，也許是早期IPO 的公司。

The Boards are really looking at every dollar and wanting to ensure that all the diligence was done. We feel confident when we're in the mix that we're going to win the deal, but the deals are taking longer to make for sure.

董事會確實關注每一塊錢，並希望確保完成所有的盡職調查。當我們參與其中時，我們對贏得這筆交易充滿信心，但要確定這些交易需要更長的時間。

Excellent. That's all for me. Thanks for the time.

出色的。這就是我的全部。謝謝你的時間。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Hey, guys. Thanks for taking the question. Just one quick one on transaction markets. given the commentary on the call, it seems like most of the dispositions this year, those that have been -- that happened in those that are said to close to year-end. It seems like most of the depth to bids have come from users. So just sort of curious on appetite from traditional real estate investors to put capital into work into the life science base today?

嘿，夥計們。感謝您提出問題。簡單介紹一下交易市場。考慮到對電話會議的評論，今年的大部分部署似乎都發生在據說接近年底的部署中。似乎大部分深度出價都來自用戶。那麼，您只是對傳統房地產投資者將資金投入當今生命科學基地的興趣感到好奇嗎？

Yes, Peter?

是的，彼得？

Yes. Look, we've been fortunate that there have been users out there that want to take advantage of the opportunity to buy the real estate they wouldn't have otherwise had the opportunity to buy because weren't sellers in the past. Transaction velocity to investors is really highly dependent on the financing market. And although it's starting to improve, it's still not where it needs to be for a lot of money to get off the sidelines and back into acquiring mode.

是的。看，我們很幸運，有一些用戶想要利用這個機會購買他們本來沒有機會購買的房地產，因為他們過去不是賣家。投資者的交易速度實際上高度依賴融資市場。儘管情況已經開始改善，但仍然沒有達到需要大量資金才能擺脫觀望並回到收購模式的程度。

There are some investor sales that we're doing for sure. But we think that coming into next year, there'll be a lot more opportunity for us to do so. One, because rates hopefully will reverse. We all thought they'd be going down, not up, at this point, but we do have confidence that they will, the 10 year will start to go down.

我們肯定會進行一些投資者銷售。但我們認為，進入明年，我們將有更多的機會這樣做。第一，因為利率有望逆轉。此時我們都認為它們會下降，而不是上升，但我們確實有信心它們會下降，10 年將開始下降。

And then we are seeing lenders now start to get back into the market. So that will be an opportunity to increase the velocity of transactions to investors and also an opportunity to do better on valuations because they'll be able to leverage them.

然後我們看到貸方現在開始重返市場。因此，這將是一個提高投資者交易速度的機會，也是一個在估值方面做得更好的機會，因為他們將能夠利用它們。

Great. That's all I have. Thank you.

偉大的。這就是我所擁有的一切。謝謝。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Hi. Good afternoon. Thanks for making your time. To the extent you can, where would you say are the better pockets of demand for new space, the lease-up in other words, in the development, redevelopment. Is it the private biotech, is it pre-commercial biotechs, big pharma. I'm just curious if you could put any sort of hanging paper around that, where the broader or the deeper view.

你好。午安.感謝您抽出時間。在您可以的範圍內，您認為對新空間的更好需求在哪裡，換句話說，在開發、再開發中。是私人生物技術公司，還是預商業生物技術公司、大型製藥公司。我只是好奇你是否可以在上面掛上任何形式的紙，以獲得更廣闊或更深入的視野。

I think it's the -- yeah, Hi, Jim. I think it's the earlier stage company by and large. And if you get a commercial or I mean a clinical stage company that has good news and then it's got to move immediately. Those are probably the 2 most common pockets.

我認為是——是的，嗨，吉姆。我認為這基本上是早期階段的公司。如果你得到一個廣告，或者我的意思是一家臨床階段的公司有好消息，那麼它必須立即採取行動。這些可能是最常見的兩個口袋。

Okay. Great. And if I could just leverage last comment on gen AI, to make sure I understood in your prior response. You thought it would be really powerful AI in terms of clinical studies, Joel. But does that -- am I mistaken to think that helps or hinders demand for space then in terms of your lab portfolio?

好的。偉大的。如果我可以利用 gen AI 的最後評論，以確保我理解您先前的回應。你認為在臨床研究方面這將是真正強大的人工智慧，喬爾。但是，就您的實驗室組合而言，我是否錯誤地認為這有助於或阻礙了對空間的需求？

Well, I think it's positive in the sense that it will provide way more opportunities for targets, medicines and shots on goal, if it aids in a bets in the clinical trial process, we don't lease space to hospitals or others doing clinical trial. So that doesn't really matter to us. But what matters is the pipeline of products that address the 90%-plus diseases that need to be solved. So I think that would be very good news for us.

嗯，我認為這是積極的，因為它將為目標、藥物和射門提供更多機會，如果它有助於臨床試驗過程中的投注，我們不會將空間租給醫院或其他進行臨床試驗的人。所以這對我們來說並不重要。但重要的是能夠解決 90% 以上需要解決的疾病的產品線。所以我認為這對我們來說是個好消息。

Got it. Thanks for the clarification.

知道了。感謝您的澄清。

Yup.

是的。

Thank you. And that concludes our question-and-answer session. I'd like to turn the conference back over to Joel Marcus for any closing remarks.

謝謝。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）做總結發言。

Okay. Thank you, everybody, and be safe and God bless.

好的。謝謝大家，祝大家平安，願上帝保佑。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。