Alexandria Real Estate Equities Inc (ARE) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Alexandria Real Estate Equities fourth-quarter and year end 2024 conference call. (Operator Instructions)

下午好，歡迎參加亞歷山大房地產股票 2024 年第四季和年終電話會議。（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議交給投資者關係部 Paula Schwartz。請繼續。

Thank you, operator 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 SEC.

謝謝接線員，大家下午好。本次電話會議包含聯邦證券法所定義的前瞻性陳述。該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存在重大差異的因素的更多信息，包含在公司向美國證券交易委員會提交的定期報告中。

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

現在我想將電話轉給執行主席兼創辦人喬爾馬庫斯 (Joel Marcus)。請繼續，喬爾。

Thank you, Paula, and welcome, everybody.

謝謝你， Paula，歡迎大家。

With me today are Hallie, Peter and Marc. And I want to welcome you to Alexandria's fourth quarter and year end 2024 earnings call.

今天和我一起的有 Hallie、Peter 和 Marc。我歡迎大家參加亞歷山大 2024 年第四季和年終財報電話會議。

Our team has been hit pretty hard by the California wildfires during this month of January. But luckily, they are supremely resilient. Our profound prayers are with all those impacted as well as our own team. And we are by the side of our team each and every step of the way to recovery. Despite the inadequate preparation by the local utilities, the city, the county and the state, as we have had actually as there were several days of violent wind warnings ahead of time, largely ignored by those empowered to protect us. A really disheartening start to 2025.

一月份，我們的團隊遭受了加州山火的嚴重打擊。但幸運的是，它們的適應力極強。我們向所有受影響的人以及我們自己的團隊致以深切的祝福。在復原的每一步中，我們都與我們的團隊並肩而行。儘管當地公用事業部門、市政府、縣政府和州政府準備不足，但正如我們實際上已經知道的那樣，提前幾天就發布了強風警告，而那些有權保護我們的人基本上忽視了這些警告。2025 年的開始真是令人沮喪。

Let me give a couple of observations on fourth quarter and overall year end on the operating and financial results. We're very proud of producing an almost 6% FFO per share growth in a very tough macro environment. Another very solid year of leasing both on a quarterly and yearly basis. And Peter will get into depth on some of that. We had a solid fourth quarter and full year capital recycling program as we shrink our land bank to focus on future megacampuses and exit noncore assets. We have continued stability, strength and flexibility of our balance sheet, great liquidity and a increasing and well covered dividend.

讓我對第四季和全年的營運和財務表現發表幾點看法。我們非常自豪在非常艱難的宏觀環境下實現了每股 FFO 近 6% 的成長。無論從季度或年度來看，這都是租賃業務非常穩健的一年。彼得將會深入探討其中的一些內容。隨著我們縮減土地儲備以專注於未來的大型校園並退出非核心資產，我們擁有穩健的第四季度和全年資本回收計劃。我們的資產負債表持續保持穩定、強勁和靈活，流動性充足，股息不斷增加且覆蓋面廣泛。

A couple of thoughts on the life science industry. I'll leave it to Hallie to do more in depth. But I think the three reasons for a go forward 2025 optimistic view are one, the anti-industry ideologues of the last administration are gone, and the FTC is maybe the simple example of that. The new administration is focused on cracking down on the middleman and PBMs taking 40% to 60% of the economic value of therapeutics in the chain of value and adding very little. And so that's going to be a welcome bull's eye. And then likely, there'll be positive reform of the IRA provisions and a repeal of the unconstitutional 95% excise tax.

關於生命科學產業的幾點想法。我會讓 Hallie 做更深入的研究。但我認為對 2025 年持樂觀態度的原因有三個，其一，上屆政府的反工業理論家已經消失，而聯邦貿易委員會可能就是簡單的例子。新政府的重點是嚴厲打擊中間商和 PBM，他們在價值鏈中佔了治療經濟價值的 40% 到 60%，而貢獻卻很少。所以這將會是一個值得歡迎的目標。然後很可能會對 IRA 條款進行積極的改革，並廢除違憲的 95% 消費稅。

And as the new administration wins the day versus the Fed, interest rates are likely to come down and the life science industry will experience a solid return to a hopefully a normalized bull market. The quarter ahead, we're super laser focused as you all know on the redevelopment and development pipeline. It is as Hallie and Peter will tell you, it's a -- it's been a very diversified demand from leasing. Actually, biotech has been the slowest because they're really in a just in time syndrome given the macro but that's likely to change when we see the Fed start to ease up.

隨著新政府在與聯準會的對決中獲勝，利率可能會下降，生命科學產業將穩步回歸正常化的多頭市場。眾所周知，未來一個季度，我們將高度關注重建和開發管道。正如 Hallie 和 Peter 所說，租賃需求非常多樣化。實際上，生物技術的發展最為緩慢，因為考慮到宏觀因素，它們確實處於一種及時症候群狀態，但當我們看到聯準會開始放鬆政策時，這種情況可能會改變。

The mass -- the vast majority of our leasing has come from other sectors. Our pipeline for this year is almost 90% leased or undersigned LOIs. Next year is looking very strong. The year 2027 and beyond is where we have a lot of work to do. We're seeing good activity and actually new activity across some of our submarkets. South San Francisco remains slow as we have predicted for a long time. We're laser focused on leasing spaces coming back to us as we noted at Investor Day, obviously, and the rollovers for this year and making very good progress.

我們的租賃絕大部分來自其他行業。我們今年的管道幾乎有 90％ 已租賃或簽署意向書。明年的前景看起來會非常強勁。2027 年及以後我們還有許多工作要做。我們在一些子市場看到了良好的活動，實際上也看到了新的活動。正如我們長期預測的那樣，南舊金山仍然保持緩慢發展。正如我們在投資者日所指出的，我們非常專注於租賃空間的回歸，以及今年的展期，並取得了非常好的進展。

We're also laser focused on capital recycling for this year and also making very good progress as well. As I said at Investor Day, the critical components of our enduring success have been a preeminent brand, superior knowledge of our customer, a superior product, highly focused niche, our industry leadership and we believe we possess all those characteristics. And as I said back on Investor Day on December 4, we've been through three major cycles as a collective management team in general.

我們今年也高度重視資本循環利用，也取得了非常好的進展。正如我在投資者日所說的，我們持久成功的關鍵因素是卓越的品牌、對客戶的卓越了解、卓越的產品、高度集中的利基市場以及我們的行業領導地位，我們相信我們擁有所有這些特質。正如我在 12 月 4 日投資者日所說的那樣，作為一個集體管理團隊，我們總體上經歷了三個主要週期。

And I must say that we've successfully navigated each of these very different market cycles successfully. And we've emerged in an even stronger industry position of leadership and strength. And finally, it's interesting that like the real-world legacy media, there are always a bunch of legacy pundits who back in 2009 urged us to unload Mission Bay and Cambridge land during the GFC as worthless, non income producing assets that weighed on our balance sheet.

我必須說，我們已經成功度過了每一個截然不同的市場週期。我們的產業領導地位和實力更加強大。最後，有趣的是，就像現實世界的傳統媒體一樣，總有一群傳統專家在2009 年全球金融危機期間敦促我們出售Mission Bay 和Cambridge 的土地，認為這些土地毫無價值，無法產生收入，給我們的資產負債表帶來壓力床單。

And they turned out to be the growth engines of the next decade. Those legacy pundits are here again and got it all wrong. We look forward to our first quarter call where we'll give you an update on the strong leasing progress we're already seeing during this quarter and some strong new pockets of demand and give a peek into our 2026 transaction plans.

事實證明，它們成為了未來十年的成長引擎。那些傳統專家又回來了，他們把一切都搞錯了。我們期待第一季的電話會議，在會上我們將向您介紹本季我們已經看到的強勁租賃進度和一些強勁的新需求，並介紹我們 2026 年的交易計劃。

And then finally, let me wish everyone, we need a new New Year since the last one, just January alone, we saw the tragedy in New Orleans, in Las Vegas and obviously the wildfires here in Southern California. So the Year of the Dragon starts tomorrow and the key symbols are wisdom and transformation which I think epitomize Alexandria.

最後，讓我祝福大家，我們需要一個新的新年，因為去年，光是在一月份，我們就看到了新奧爾良、拉斯維加斯的悲劇，當然還有南加州的山火。明天就是龍年，關鍵象徵是智慧和變革，我認為這是亞歷山大的縮影。

And with that, let me turn it over to Hallie.

現在，讓我把話題交給 Hallie。

Thank you, Joel, and good afternoon.

謝謝你，喬爾，下午好。

This is Hallie Kuhn, Senior Vice President of Life Science and Capital Markets.

這是生命科學和資本市場高級副總裁 Hallie Kuhn。

To start, a brief spotlight on Alexandria tenant, Intra-Cellular Therapeutics whose acquisition by J&J for $14.6 billion represents the largest announced biotech M&A in over 1.5 years. Our partnership with Intra-Cellular goes back over two decades when the company was founded on research from Nobel Laureate Paul Greengard's lab at Rockefeller University. Leveraging breakthrough science on how brain cells communicate through chemical signals, Intra-Cellular is developing novel medicines for patients with mental illness, including an FDA approved treatment for schizophrenia and bipolar depression.

首先，讓我們來簡單介紹一下亞歷山大租戶 Intra-Cellular Therapeutics，強生公司以 146 億美元收購了該公司，這是一年半以來宣布的最大一筆生物技術併購案。我們與 Intra-Cellular 的合作可以追溯到二十多年前，當時該公司是基於諾貝爾獎得主洛克菲勒大學保羅格林加德實驗室的研究而成立的。Intra-Cellular 利用關於腦細胞如何透過化學訊號溝通的突破性科學，正在為精神疾病患者開發新型藥物，包括 FDA 批准的精神分裂症和躁鬱症治療藥物。

With one in five Americans affected by mental illness, Intra-Cellular's novel medicines have the potential to transform patients' lives.

每五分之一的美國人都患有精神疾病，Intra-Cellular 的新藥物有可能改變患者的生活。

Turning to trends across our broad and diverse life science tenant base. Demand continues to be driven by our nearly 800 strong tenants with 84% of leasing from existing relationships in 4Q '24. Importantly, leasing also continues to come from each and every segment of the life science industry. Over the course of 2024, multinational pharma represented the largest proportion of life science leasing by RSF at 28% followed by life science product, service and devices, 22%, private biotech, 21% biomedical institutions, 15% and the smallest segment which Joel referred to with public biotech at 14%.

轉向我們廣泛而多元的生命科學租戶群體的趨勢。我們擁有近 800 名強大的租戶，其中 84% 的租賃來自現有關係，這繼續推動需求。重要的是，租賃也繼續來自生命科學產業的各個領域。在2024 年，跨國製藥公司在RSF 的生命科學租賃中所佔比例最大，為28%，其次是生命科學產品、服務和設備（22%）、私人生物技術公司（21%）、生物醫學機構（ 15%）和最小的部分，Joel上市生物科技公司所佔比例為 14%。

Now looking towards 2025, a few notable trends on the horizon. First, the FDA is expected to maintain its healthy pace of novel drug approvals. In 2024, the FDA Center for Drug Evaluation and Research, CDER, approved 50 novel therapies while the Center for Biologics Evaluation and Research, CBER, approved eight novel gene and cell therapies.

現在展望 2025 年，我們將看到一些值得注意的趨勢。首先，FDA有望保持健康的新藥審批步伐。2024年，FDA藥品評估和研究中心CDER批准了50種新型療法，而生物製品評估和研究中心CBER則批准了8種新型基因和細胞療法。

Notably, over the past two decades, the average number of annual approvals has more than doubled, a tremendous win for patients. With respect to incoming appointees, we don't expect significant disruptions at the FDA. The new administration's nominee for FDA Commissioner, Dr. Marty Makary, is a surgeon and public policy researcher at Johns Hopkins that is highly respected by the medical community with deep clinical trial experience. In the interim, the administration has tapped Sara Brenner, a career FDA official, as acting commissioner of the agency.

值得注意的是，在過去二十年裡，每年平均批准的數量增加了一倍多，這對患者來說是一個巨大的勝利。對於新任任命，我們預計 FDA 不會出現重大混亂。新政府提名的FDA局長馬蒂·馬卡里博士是約翰·霍普金斯大學的外科醫生和公共政策研究員，在醫學界享有盛譽，具有豐富的臨床試驗經驗。在此期間，該政府已任命 FDA 職業官員薩拉布倫納 (Sara Brenner) 為該機構的代理局長。

Second, we anticipate life science M&A will continue to pick up. Given impending patent cliffs, pharma companies are seeking to backfill their pipelines with innovative medicines through private and public biotech acquisitions with potential for larger deals given a more lenient FTC environment. This M&A cycle is vital as returns to investors are then reinvested in the next generation of innovative companies. We benefit from M&A across our regions through upgraded tenant, credit, post-acquisition and in some cases, expanded footprint from the pharma acquirer over time.

其次，我們預期生命科學併購將繼續升溫。鑑於專利懸崖即將來臨，製藥公司正尋求透過私人和公共生物技術收購來補充其創新藥物，並且在更寬鬆的聯邦貿易委員會環境下有可能進行更大規模的交易。這個併購週期至關重要，因為投資者的回報隨後會被重新投資於下一代創新公司。透過升級租戶、信貸、收購後以及在某些情況下隨著時間的推移擴大製藥收購者的足跡，我們從各地區的併購中獲益。

Third, we expect strong follow-on market performance for public biotech companies with value driving clinical data. Vaxcyte exemplifies this trend having signed a 250,000 square foot expansion at our San Carlos megacampus in Q4. However, public companies lacking key value inflection points will likely face continued downward pressure while the IPO window will be limited.

第三，我們預期擁有價值驅動臨床數據的上市生物科技公司將在後續市場上表現強勁。Vaxcyte 就反映了這一趨勢，該公司在第四季度簽署了在其聖卡洛斯大型園區擴建 25 萬平方英尺土地的協議。然而，缺乏關鍵價值轉折點的上市公司可能會面臨持續的下行壓力，且IPO機會有限。

These dynamics may contribute to sustained volatility in indices like the XBI throughout 2025. Fourth, venture financing will remain strong and will be concentrated on fewer but larger life science deals as evidenced by over 120 financings exceeding $100 million in 2024. Private biotechs continue to take a conservative approach to space decisions, prioritizing just in time needs that align with their mission critical life science infrastructure requirements.

這些動態可能會導致 XBI 等指數在 2025 年持續波動。第四，風險融資將保持強勁，並將集中在數量較少但規模較大的生命科學交易上，2024 年超過 1 億美元的融資將超過 120 筆。私人生物技術公司繼續對空間決策採取保守態度，優先考慮符合其關鍵任務生命科學基礎設施要求的即時需求。

Our dynamic megacampuses with their unmatched flexibility and scale are ideally positioned to meet this demand. There will still remain large uncertainty as macro conditions such as interest rates weigh on all industries. However, the long-term outlook of biotech remains incredibly bright, and we are hyper focused on capturing the most promising life science companies today that will drive significant demand in the future.

我們充滿活力的大型校園具有無與倫比的靈活性和規模，可以理想地滿足這一需求。由於利率等宏觀條件對所有行業都產生影響，因此仍存在很大的不確定性。然而，生物技術的長期前景仍然一片光明，我們高度專注於捕捉當今最有前途的生命科學公司，這些公司將在未來推動巨大的需求。

To put it into perspective, over the last 30 years, the size of the public biotech market has increased 20x. With only 10% of diseases with approved therapies and innovation accelerating at an exponential pace, the industry continues to have massive growth potential.

具體來說，在過去的 30 年裡，公共生技市場的規模成長了 20 倍。目前只有 10% 的疾病有核准的治療方法，且創新正在以指數級的速度加速，該產業仍具有巨大的成長潛力。

With that, I will pass it over to Peter.

說完這些，我會把麥克風交給彼得。

Thank you, Hallie.

謝謝你，哈莉。

I'll echo Joel's comments that the resilience of our people has been nothing short of astounding and the support from their colleagues inside and outside of the Los Angeles area confirms that we have an extraordinary group of individuals who've shown that they're not only exceptional in what they do for the company but in what they do for their friends and neighbors.

我同意喬爾的評論，我們的員工表現出了驚人的韌性，來自洛杉磯地區內外同事的支持證明了我們擁有一群非凡的人，他們已經證明自己不會他們不僅在為公司所做的事上表現出色，在為朋友和鄰居所做的事上也表現出色。

It's no surprise as it's notoriously tough to get a position within Alexandria because Joel famously requires our team members to not only be the best in the world at what they do, but to also care about our mission deeply, which at its core is about helping humanity.

這並不奇怪，因為眾所周知，在亞歷山大獲得一個職位非常困難​​，因為喬爾要求我們的團隊成員不僅要成為世界上最好的工作，還要深切關心我們的使命，其核心是幫助人類。

I'm going to discuss our development pipeline, leasing, supply and value harvesting, asset recycling and then hand it over to Marc.

我將討論我們的開發管道、租賃、供應和價值收穫、資產回收，然後將其交給馬克。

In the fourth quarter, we delivered 602,593 square feet into our high-barrier-to-entry submarkets bringing total deliveries for the year to 2,457,963 square feet covering 13 projects. The annual incremental NOI delivered during the year was approximately $118 million including $55 million in the fourth quarter. Another $395 million is expected to deliver beginning in 2025 through the second quarter of 2028.

第四季度，我們向高進入門檻的子市場交付了 602,593 平方英尺的建築面積，使全年總交付量達到 2,457,963 平方英尺，涵蓋 13 個項目。本年度實現的增量淨營運收入約為 1.18 億美元，其中第四季為 5,500 萬美元。預計將從 2025 年開始到 2028 年第二季再交付 3.95 億美元。

The initial weighted average stabilized deal for 2024 deliveries was 6.7% supported by a solid stabilized yield on cost of 7.1% from our fourth quarter delivery. Development and redevelopment leasing activity for the quarter was low at 13,000 square feet due in part to lingering conservatism from life science company Boards.

2024 年交付的初始加權平均穩定交易為 6.7%，這得益於我們第四季度交付的 7.1% 的穩定成本收益率。本季開發和再開發租賃活動較低，為 13,000 平方英尺，部分原因是生命科學公司董事會仍保持保守態度。

Companies are prioritizing organic growth and delaying expansion plans until they have a critical need for the space which is why just in time inventory that is turnkey and ready to occupy is most attractive to current demand. This trend can be seen in the least percentages of our pipeline. Projects expected to fully deliver in 2025 and 2026 are 89% and 70% leased or under negotiations with signed LOIs respectively while projects delivering in 2027 or beyond are 15% leased or under negotiation.

公司優先考慮有機成長並推遲擴張計劃，直到他們對空間有迫切需求，這就是為什麼交鑰匙、可立即入住的準時庫存對當前需求最具吸引力。從我們管道中最小的百分比就可以看出這一趨勢。預計於2025 年和2026 年全面交付的項目，已租賃或正在談判（並已簽署意向書）的比例分別達到89% 和70%，而預計於2027 年或之後交付的項目，已租賃或正在談判的比例僅15%。

And I echo Joel's comments, we have a lot of work to do on those projects. Alexandria's pipeline is well-positioned to capture future demand when expansion needs arise. Our dominant existing tenant base allows us to get in front of many requirements before they reach the market and our locations, scale and sponsorship matter a lot to tenants as we statistically illustrated at Investor Day.

我同意喬爾的評論，我們在這些項目上還有很多工作要做。當出現擴建需求時，亞歷山大的管道能夠很好地滿足未來的需求。我們現有的主導租戶基礎使我們能夠在眾多需求進入市場之前滿足它們，而且正如我們在投資者日用統計數據顯示的那樣，我們的位置、規模和贊助對租戶來說非常重要。

Transitioning to leasing and supply, 5,53,954 square feet was leased during the year, representing a 17.3% increase from last year and 1,310,999 square feet was leased during the quarter which was a 47.3% increase compared to the fourth quarter of '23. Rental rate increases for the year were consistent with guidance at 16.9% and 7.2% on a cash basis and were 18.1% and 3.3% on a cash basis for the quarter.

轉向租賃和供應，年內租賃面積為 5,53,954 平方英尺，比去年增長 17.3%，本季租賃面積為 1,310,999 平方英尺，比 23 年第四季增長 47.3%。本年度租金漲幅與預期一致，分別為 16.9% 及 7.2%（以現金計算）；本季租金漲幅分別為 18.1% 及 3.3%（以現金計算）。

Net effective rents remained positive despite elevated availability and there was strong early renewal activity, reflecting the tenants appreciation of our location, scale and sponsorship. With respect to supply statistics, we presented a deep dive into them at Investor Day and not much has changed. So in lieu of rehashing that, we'd like to highlight a couple of interesting trends observed in JLL's recent Boston lab market overview as they validate a lot of what we spoke about at Investor Day.

儘管可用空間增加，但淨有效租金仍保持正值，且早期續約活動強勁，反映出租戶對我們的位置、規模和贊助的讚賞。關於供應統計數據，我們在投資者日對其進行了深入研究，並沒有太大的變化。因此，我們不想重複這一點，而是想強調 JLL 最近的波士頓實驗室市場概覽中觀察到的幾個有趣趨勢，因為它們驗證了我們在投資者日談論的許多內容。

First, JLL indicated that there is a flight to quality for both geography and ownership. 40% of all urban lab leases signed in 2024 were in Kendall Square. 33% were in Watertown. 21% were in Fenway and Seaport Alexandria's urban submarkets, meaning that only 6% of leases were transacted in other submarkets. According to JLL, one-third of the leasing deals were signed by Alexandria and another experienced owner. This is proof that location and sponsorship really matters.

首先，仲量聯行表示，無論是從地理位置或所有權角度而言，人們都更追求品質。 2024 年簽署的所有城市實驗室租約中有 40% 位於肯德爾廣場。 33% 在沃特敦。 21% 位於芬威和亞歷山大海港城市子市場，這意味著只有 6% 的租賃是在其他子市場交易的。據仲量聯行稱，三分之一的租賃協議是由亞歷山大和另一位經驗豐富的業主簽署的。這證明地點和贊助確實很重要。

Second, JLL estimates that at least one-third and probably closer to 40% of today's available lab space is made up of zombie buildings, meaning the building is unleasable because it's either a bad office conversion, undesirable location and/or inexperienced owner, further proof that location, quality and sponsorship matters. We're very pleased to have executed a strong finish to the year within our value harvesting asset recycling program by closing on over $1.1 billion of transactions in the fourth quarter, bringing our total for the year to be approximately $1.4 billion included in our self-funding capital plan.

其次，仲量聯行估計，目前可用的實驗室空間中至少有三分之一、可能接近40% 是由殭屍建築組成，這意味著這些建築無法出租，因為它要么是辦公室改造不當、地理位置不佳和/或業主缺乏經驗，此外證明地點、品質和贊助很重要。我們非常高興地在我們的價值收穫資產回收計劃中取得了強勁的收官，在第四季度完成了超過 11 億美元的交易，使我們全年總額達到約 14 億美元，其中包括我們的自我融資資本計劃。

As presented at Investor Day, our 2024 strategic dispositions exemplified that we continue to have a very solid portfolio of diversified assets providing us with strategic optionality. Approximately 36% of our sales were to investors, 42% to users and 22% of the transactions were land sales. The investor sales and user sales were a combination of stabilized and non stabilized assets with the latter requiring downtime and significant capital to stabilize.

正如投資者日所介紹的那樣，我們的 2024 年策略配置表明，我們繼續擁有非常穩固的多元化資產組合，為我們提供策略選擇。我們的銷售額中約有 36% 是賣給投資者，42% 是賣給用戶，22% 是土地銷售。投資者銷售和用戶銷售是穩定資產和不穩定資產的組合，後者需要停機時間和大量資本來穩定。

In all cases, these assets were deemed by executive management and the local teams to no longer fit our core strategy. We have provided cap rates for the stabilized transactions that range from 6.3% to 7.4% on a cash basis. It should be noted that none of these sales were in the super core life science submarkets coveted by investors.

在所有情況下，高階主管和當地團隊都認為這些資產不再適合我們的核心策略。我們為穩定交易提供了以現金為基礎的 6.3% 至 7.4% 之間的資本化率。值得注意的是，這些出售均不屬於投資者覬覦的超級核心生命科學子市場。

The other large sales of note were the properties with vacancy or near-term lease expirations in Cambridge and the UTC submarket of San Diego. We are bound by confidentiality agreements. Our commentary must be limited here. With respect to the Cambridge assets, the economics were significantly driven by the inclusion of 215 First Street, a historical building primarily improved as an office building. In addition to current vacancy and significant occupancy loss expected over the next two years, the asset will require material CapEx beyond leasing costs to stabilize the building in the future.

其他值得注意的大型銷售是劍橋和聖地牙哥 UTC 子市場的空置或短期租約即將到期的房產。我們受保密協議的約束。我們的評論必須限於此。就劍橋資產而言，其經濟效益主要得益於第一大街 215 號的納入，這是一座歷史建築，主要改建為辦公大樓。除了目前的空置狀態和未來兩年預計的大幅入住率損失外，該資產還需要除租賃成本以外的大量資本支出來穩定未來的建築。

The University Town Center assets have a similar profile with respect to current vacancy and future occupancy laws. The Cambridge and UTC assets served us well over time but they are no longer part of our core megacampus strategy and the opportunity to monetize the assets by receiving capital today and avoiding CapEx in the future is a prudent and disciplined strategy.

大學城中心資產在目前的空置情況和未來的入住法律方面具有類似的狀況。劍橋和UTC 資產長期以來為我們提供了良好的服務，但它們不再是我們核心大型校園策略的一部分，透過今天獲得資本並避免未來的資本支出來實現資產貨幣化的機會是一種審慎而有紀律的戰略。

As we look to 2025, we are confident we will continue to meet our self-funding goal with our value harvesting asset recycling program continuing to drive the transformation of our asset base into the megacampus strategy that provides the location, scale and sponsorship prioritized by today's high quality tenant base.

展望 2025 年，我們有信心繼續實現自籌資金目標，透過價值收穫資產回收計劃，繼續推動資產基礎向超級校園戰略的轉變，為當今的校園提供位置、規模和贊助。

With approximately $540 million in pending transactions subject to nonrefundable deposits or executed letters of intent and/or purchase and sale agreement negotiations, we're off to a great start.

目前，大約有 5.4 億美元的待處理交易，需滿足不可退還的押金或已執行的意向書和/或購買和銷售協議談判的條件，我們已經有了良好的開端。

So with that, I'll pass it over to Marc.

因此，我將把它交給馬克。

Mr. Binda, this is the conference operator. Perhaps your phone is muted on your end. You're open and online. Again, Mr. Binda, perhaps your line is muted.

賓達先生，我是會議主持人。也許您的電話已調成靜音。您已開放並在線。再說一次，賓達先生，也許您的線被靜音了。

We're checking with him.

我們正在和他核實。

Can you hear me now?

現在你能聽到我的聲音嗎？

Marc, are you there?

馬克，你在那裡嗎？

Yes, I'm here. Can you hear me?

是的，我在這裡。你聽得到我嗎？

Yes, we can.

是的，我們可以。

Yes, we can.

是的，我們可以。

Okay, apologies. Thank you, Peter. This is Marc Binda, CFO. Hello and good afternoon, everyone.

好的，抱歉。謝謝你，彼得。這是財務長馬克賓達 (Marc Binda)。大家好，下午好。

First, I'd like to pause for a moment to recognize many of our Alexandria team members who have been personally impacted by the horrible fires that have plagued the Los Angeles area over the last few weeks.

首先，我想暫停一下，感謝亞歷山大團隊的許多成員，他們親身受到了過去幾週席捲洛杉磯地區的可怕火災的影響。

Second, a congratulations to the entire Alexandria team for the outstanding execution during the quarter including the tremendous capital recycling of $1.1 billion completed during the quarter. We reported solid operating financial results for the fourth quarter and the year. Total revenues and adjusted EBITDA were up 8% and 11.6% respectively over 2023 primarily driven by solid same property performance and continued execution of our development and redevelopment strategy.

其次，恭喜整個亞歷山大團隊在本季的出色表現，包括本季完成的 11 億美元的巨額資本回收。我們報告了第四季度和全年穩健的經營財務業績。2023 年總收入和調整後 EBITDA 分別成長 8% 和 11.6%，這主要得益於同類物業的穩健表現以及我們持續執行開發和再開發策略。

FFO per share as adjusted was $9.47, up 5.6% over 2023 and up 36% over the last three years, which represents the highest percentage growth amongst the 15 Nareit equity healthcare index over that time. On internal growth, our solid operating results for the quarter continue to be driven by our disciplined execution of our megacampus strategy, tremendous scale advantage, longstanding tenant relationships and operational excellence by our team.

調整後的每股 FFO 為 9.47 美元，比 2023 年上漲 5.6%，比過去三年上漲 36%，這是當時 15 個 Nareit 股票醫療保健指數中最高的百分比增幅。在內部成長方面，本季我們穩健的經營業績繼續得益於我們對巨型校園策略的嚴格執行、巨大的規模優勢、長期的租戶關係以及我們團隊的卓越運作。

77% of our annual rental revenue comes from our collaborate megacampuses and we hope to increase this steadily over time. We have high quality cash flows with 52% of our annual rental revenue from investment grade and publicly traded large cap tenants. Collections remain very high, 99.9% and adjusted EBITDA margins were strong at 72% for the quarter and represent the second highest quarterly margins reported since 2019.

我們每年 77% 的租金收入來自於我們合作的大型校園，我們希望隨著時間的推移，這筆收入能夠穩定增加。我們擁有高品質的現金流，其中 52% 的年租金收入來自投資等級和上市大盤股租戶。收款率仍然很高，為 99.9%，本季調整後的 EBITDA 利潤率高達 72%，是自 2019 年以來報告的第二高季度利潤率。

On leasing, an important takeaway for the quarter is the continued solid leasing volume driving our business. Leasing volume for the quarter was 1.3 million square feet which represents the fourth consecutive quarter of over 1 million square feet and creates great momentum as we transition into the New Year. The quarterly volume also included 273,000 square feet of previously vacant space, the largest amount in the last five quarters.

在租賃方面，本季的一個重要收穫是租賃量持續穩健，推動我們的業務發展。本季的租賃量為 130 萬平方英尺，這是連續第四個季度超過 100 萬平方英尺，在我們進入新年之際創造了巨大的發展勢頭。本季的交易量還包括 273,000 平方英尺的空置空間，這是過去五個季度中的最大交易量。

Leasing volume for the full year '24 was 5.1 million square feet, up 17% over the prior year and up 19% compared to the seven-year historical period prior to 2020. We continue to benefit from our tremendous scale, high quality tenant roster and brand loyalty with 84% of our leasing activity over the last 12 months coming from our existing deep well of approximately 800 tenant relationships. Rental rate growth for lease renewals and releasing space in '24 was solid at 16.9% and 7.2% on a cash basis. For the quarter, it was 18.1% and 3.3% on a cash basis.

24 年全年租賃量為 510 萬平方英尺，比上年增長 17%，比 2020 年之前的七年歷史時期增長 19%。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 84% 的租賃活動來自我們現有的約 800 個租戶關係。24年，租約續約和釋放空間的租金率成長穩定，分別為16.9%和7.2%（以現金計算）。本季度，現金基礎利率為 18.1%，為 3.3%。

We continue to achieve very healthy lease terms on completed leases with 9.5 years on average for the quarter, which is above our historical 10-year average. TIs and leasing commissions on renewals and releasing the space for the quarter was elevated on a per square foot basis due to two large long-term leases signed in San Francisco and San Diego. But importantly, these costs were fairly modest for the year when considered as a percentage of the total rent over the lease term, which was 8.4% for the full year '24 and ranks as the second lowest percentage over the last five years.

我們繼續實現非常健康的已完成租約期限，本季平均租約期限為 9.5 年，高於我們的歷史 10 年平均值。由於在舊金山和聖地牙哥簽署了兩份大型長期租約，本季續約及釋放空間的 TI 和租賃佣金以平方英尺計算有所上漲。但重要的是，如果以租賃期間總租金的百分比來計算，這些成本在全年而言相當適中，24年全年為 8.4%，是過去五年來第二低的百分比。

Our non-revenue enhancing expenditures including TIs and leasing commissions on second generation space have averaged 15% of net operating income over the last five years including the last three that have all been below the five year average. Looking forward to '25, we do expect this ratio to tick up a bit due to the repositioning activities at Technology Square and 409 Illinois.

在過去五年中，我們的非收入增強支出（包括 TI 和第二代空間的租賃佣金）平均佔淨營業收入的 15%，其中最近三年均低於五年平均水準。展望25年，我們確實預期這一比例將因科技廣場和409伊利諾伊州的重新定位活動而略有上升。

On same property. same property NOI growth was solid at 1.2% and 4.6% on a cash basis and 0.6% and 6.3% on a cash basis for '24 and the fourth quarter of '24 respectively driven by solid rental rate increase to pick up in the same property occupancy and some burn off of free rent benefiting the cash numbers. Our outlook for full year '25 same property growth is consistent with our prior outlook at down 2% and flat on a cash basis at the midpoint.

在同一處房產上。同一物業的淨營運收入成長穩健，2024 年和 2024 年第四季分別以現金方式成長 1.2% 和 4.6%，以現金方式成長 0.6% 和 6.3%，這得益於同一物業租金的穩定上漲入住率和一些免租費的消耗使現金數字受益。我們對 25 年全年同類房地產成長的預測與我們先前的預測一致，即下降 2%，中間值以現金基礎持平。

These projected results for 2025 include the impact of approximately 2.6% and 3.4% on a cash basis from the 768,000 of lease expirations expected to go vacant in 1Q '25 spread across four projects. As a reminder, the two largest components of those key 1Q '25 lease expirations relate to Alexandria Technology Square with the moveout and expansion to another Alexandria property by Moderna. And our single tenant building at 409 Illinois in Mission Bay.

這些 2025 年的預計結果包括四個項目中預計在 2025 年第一季空置的 768,000 個租約到期所產生的約 2.6% 和 3.4% 的現金影響。提醒一下，2025 年第一季租約到期的兩個最大部分與亞歷山大科技廣場有關，即 Moderna 的遷出和向亞歷山大的另一處地產的擴張。還有我們位於 Mission Bay 伊利諾伊街 409 號的單一租戶建築。

We made great progress on these specific upcoming lease expirations with 136,000 square feet already leased or are in negotiation with most of the balance under ongoing discussions with several prospective tenants. We expect downtime on these spaces on average to be at least 12 months given time to complete construction work. We expect same property results to be impacted starting in 1Q '25 with some offsets to the cash results for the burn off of free rent across the rest of the same property pool over the first half of '25.

我們在這些特定的即將到期的租約方面取得了重大進展，其中 136,000 平方英尺的面積已經出租或正在與幾位潛在租戶進行談判，剩餘的大部分面積正在談判中。考慮到完成施工的時間，我們預計這些空間的停工時間平均至少為 12 個月。我們預計，從 2025 年第一季開始，同樣的房產業績將受到影響，但 2025 年上半年其餘同類房產池中免租租金的消耗將對現金業績產生一定抵銷作用。

Turning to occupancy. Occupancy for the quarter was solid at 94.6% which is consistent with the steady results over the last five quarters. The midpoint of our guidance range for occupancy for year-end '25 is 92.4% which includes approximately 2% vacancy coming from the four projects with 1Q '25 lease expirations expected to go vacant that I described earlier and are described on page 24 of our supplemental package.

轉向佔用情況。本季的入住率穩定在 94.6%，與過去五個季度的穩定結果一致。我們對2025 年年底入住率的指導範圍中位數為92.4%，其中包括約2% 的空置率，這些空置率來自我之前描述的四個項目，這些項目預計2025 年第一季租約到期後將空置，詳情請見我們的補充包。

During the quarter, we continued to execute on our development and redevelopment strategy by delivering 603,000 square feet from the pipeline which will generate $55 million of incremental annual net operating income. We have 4.4 million rentable square feet of development and redevelopment projects. They're projected to generate $395 million of incremental annual net operating income over the next 3.5 years including $83 million in 2025 from projects that are at least are negotiating around 89%.

在本季度，我們繼續執行我們的開發和再開發策略，交付了 603,000 平方英尺的建築面積，這將產生 5,500 萬美元的增量年淨營業收入。我們擁有 440 萬平方英尺可出租的開發和再開發案。他們預計在未來 3.5 年內從至少正在談判的 89% 左右的項目中產生 3.95 億美元的增量年度淨營業收入，其中包括 2025 年的 8,300 萬美元。

We also expect to see significant growth in incremental annual net operating income on a cash basis of $70 million from executed leases as the initial free rent from recent deliveries burns off over the next three months on a weighted average basis.

我們也預計，由於近期交付的初始免租金將在未來三個月內按加權平均數消耗殆盡，已執行租約帶來的現金基礎年度淨營業收入增量將大幅增長 7,000 萬美元。

Turning to buybacks. On December 9, we announced that our Board had authorized a common stock purchase program of up to $500 million. To date, we've repurchased $200 million under the program including $50 million in December and $150 million in January at an average price of $98.16. Subject to changing market conditions, we will continue to monitor additional share repurchases under the plan and expect to fund any repurchases on a leverage neutral basis through the end of '25. As a reminder here, our guidance range for acquisitions and other opportunistic uses of capital is 0 to $200 million.

轉向回購。12 月 9 日，我們宣布董事會已批准高達 5 億美元的普通股購買計畫。到目前為止，我們已根據該計劃回購了 2 億美元，其中 12 月份回購了 5,000 萬美元，1 月份回購了 1.5 億美元，平均價格為 98.16 美元。根據不斷變化的市場條件，我們將繼續監控計劃下的額外股票回購，並預計在 25 年底之前以槓桿中性方式為任何回購提供資金。在此提醒一下，我們對收購和其他機會性資本使用的指導範圍是 0 至 2 億美元。

So with the share repurchases completed in the first quarter, we're already on the high end of our guidance range for the year.

因此，隨著第一季股票回購的完成，我們的業績已經達到了今年預期範圍的高端。

Turning 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 continue to rank in the top 10% of all publicly traded US REITs. We ended the year with low leverage of 5.2 times for net debt to adjusted EBITDA, consistent with the average of our year end leverage for the last five years. We have tremendous liquidity and we have one of the longest debt maturity profiles amongst all S&P 500 REITs with only 14% of total debt maturing over the next three years.

接下來來看看資產負債表。在所有公開交易的美國房地產投資信託基金中，我們的資產負債表仍然最強勁之一。我們的企業信用評等繼續位居所有公開交易的美國房地產投資信託基金 (REIT) 的前 10%。我們今年的淨債務與調整後 EBITDA 的槓桿率較低，為 5.2 倍，與過去五年的年末槓桿率平均值一致。我們擁有巨大的流動性，我們的債務期限是所有標準普爾 500 房地產投資信託基金中最長的之一，只有 14% 的總債務將在未來三年內到期。

Transitioning next to funding, we continue to be focused on our disciplined funding strategy to recycle capital from dispositions and to minimize the issuance of common stock which has been nominal over the last two years. Huge congratulations to the Alexandria team for the tremendous execution during '24 with $1.4 billion of dispositions completed including $1.1 billion of dispositions completed during the fourth quarter across 12 different transactions with about half of that coming from stabilized dispositions with a weighted average cash capitalization rate of 6.9%.

接下來轉向融資，我們將繼續專注於我們的嚴謹的融資策略，以回收處置後的資本，並儘量減少過去兩年名義上的普通股發行。熱烈祝賀亞歷山大團隊在24 年的出色執行，完成了14 億美元的處置，其中包括第四季度在12 筆不同交易中完成的11 億美元處置，其中約一半來自穩定處置，加權平均現金資本化率為6.9%。

Important to note here that the stabilized dispositions completed in the fourth quarter were primarily located in suburban Boston, Northern Virginia and RT submarkets which comprise a small fraction of our overall asset base. In the fourth quarter, we did recognize impairments aggregating $186 million which was primarily comprised of the following: first, $40.9 million for properties at One Moderna Way in Route 128 which was sold to our long standing tenant for $369.4 million during the quarter.

這裡值得注意的是，第四季完成的穩定處置主要位於波士頓郊區、維吉尼亞北部和 RT 子市場，這些市場僅占我們整體資產基礎的一小部分。在第四季度，我們確實確認了總計1.86 億美元的減值，主要包括以下幾項：首先，位於128 號公路One Moderna Way 的房產減值4,090 萬美元，該房產在本季度以3.694 億美元的價格出售給了我們的長期租戶。

And second, $102.8 million primarily related to multiple land parcels located in San Diego, some of which were sold in the fourth quarter and many of which will close next year. The team continues to be laser focused on the execution of our capital plan. As Peter mentioned, we're off to a great start. We have pending 2025 dispositions subject to nonrefundable deposits or contract negotiations for $539.5 million of which about half of this represents anticipated sales of land and in total represents about a third of the midpoint of our guidance for next year.

其次，1.028 億美元主要涉及位於聖地牙哥的多塊土地，其中一些已於第四季度出售，許多將於明年完成交易。團隊繼續專注於我們的資本計劃的執行。正如彼得所說，我們已經有了一個好的開始。我們還有 5.395 億美元的待處理 2025 年處置資產，需支付不可退還的押金或進行合約談判，其中約一半為預期土地銷售額，總額約占我們明年指引中位數的三分之一。

In addition to dispositions and sales of partial interest, we also expect to fund a meaningful amount of our equity needs next year with retained cash flows from operating activities after dividends of $475 million at the midpoint of our guidance for next year. Our high-quality cash flows continue to support the growth in our common stock dividends with an average annual increase in dividends per share of 5.4% since 2020. And we continue to have a conservative FFO payout ratio of 55% for the quarter.

除了處置和出售部分權益之外，我們還預計，明年將利用股息後的經營活動留存現金流（4.75 億美元，為我們的股權需求提供大量資金，這是我們對明年的預期中位數）。我們的優質現金流繼續支持我們的普通股股息的成長，自 2020 年以來每股股息年均成長 5.4%。本季我們繼續保持保守的 55% FFO 派息率。

On venture investments, quarterly realized gains from venture investments including FFO per share as adjusted since 2021 have averaged about $25 million a quarter. For 2024, realized gains including FFO per share were just slightly above our historical rate at about $29 million a quarter on average or $117 million for the full year and $32 million in the fourth quarter.

在創投方面，自 2021 年起調整後，包括每股 FFO 在內的創投季度實現收益平均每季約為 2,500 萬美元。就 2024 年而言，包括每股 FFO 在內的已實現收益略高於我們的歷史水平，平均每季約為 2,900 萬美元，全年為 1.17 億美元，第四季為 3,200 萬美元。

Our outlook for 2025 is consistent with the most recent run rate for the full year 2024.

我們對 2025 年的展望與 2024 年全年的最新運行率一致。

Turning to guidance. We reaffirmed our guidance for 2025 with a $150 million change to our '25 sources of capital to reflect the closing of certain dispositions that were originally expected to close in 2024 and are now expected to close in 2025. There were no changes to the midpoints of our guidance ranges for EPS of $2.67 and FFO per share diluted as adjusted of $9.33. As a reminder, we view our projected '25 FFO per share midpoint as flat relative to 2024 after considering the approximate 14% impact from the Alexandria Technology Square ground lease extension completed last year.

轉向指導。我們重申了對 2025 年的指導方針，對我們的 25 年資本來源進行了 1.5 億美元的變更，以反映原定於 2024 年完成、現在預計將於 2025 年完成的某些處置的完成。我們的指引範圍中點沒有變化，即每股收益 2.67 美元，調整後每股攤薄收益 9.33 美元。提醒一下，考慮到去年完成的亞歷山大科技廣場土地租賃延期約 14% 的影響，我們認為預計的每股 25 FFO 中點與 2024 年持平。

In closing, as we reflect on the fourth quarter and the full year of 2024, we're pleased with the tremendous execution with solid FFO growth of 5.6% in a very tough macroeconomic environment. With our tremendous scale, high quality cash flows, deep industry relationships and our highly experienced management team, we're well-positioned to continue reinforcing our dominant platform and strategically position us for future growth.

最後，回顧 2024 年第四季和全年，我們對在非常艱難的宏觀經濟環境下取得的出色表現和 5.6% 的穩健 FFO 成長率感到滿意。憑藉我們龐大的規模、高品質的現金流、深厚的產業關係和經驗豐富的管理團隊，我們有能力繼續鞏固我們的主導平台，並為未來成長做好策略定位。

With that, I'll turn it back to Joel.

說完這些，我就把話題轉回喬爾。

Okay.

好的。

Operator, we can open it up for questions.

接線員，我們可以開始提問了。

(Operator Instructions)

（操作員指令）

Anthony Paolone, JPMorgan.

摩根大通的 Anthony Paolone。

The first question is Joel, I think you alluded to the first quarter here going to or trending toward having a really strong leasing picture. I was wondering if you could give a little bit more color on that in terms of whether that's in the core or with regards to the development pipeline or the types of leases. Just maybe a little bit more detail there on the comments.

第一個問題是喬爾，我想你提到第一季的租賃狀況將會出現或趨向於非常強勁。我想知道您是否可以對此進行更詳細的說明，無論是核心部分，還是涉及開發管道或租賃類型。也許評論中還有更詳細的內容。

I prefer to make them on the first quarter, but I would say heavily, it's kind of spread among the various items you talked about. So it's not necessarily one single one.

我更願意在第一季制定這些計劃，但我想說的是，這些計劃在很大程度上分散在您所談到的各個項目中。所以它不一定是一個。

And then just if we look at your -- the development spending guidance for the full year, can you remind us how much of that is related to projects that are kind of in process versus ones that you might want to start? And I guess where I'm going with the question is, given the buyback, would you consider maybe moving any capital from that bucket to maybe further buybacks or thoughts there?

然後，如果我們看一下您的全年發展支出指導，您能否提醒我們其中有多少與正在進行的專案有關，有多少與您可能想要啟動的專案有關？我想問的是，考慮到回購，您是否會考慮將部分資金轉移到進一步的回購或思考？

Yeah. So Marc, you could comment on that.

是的。那麼馬克，你可以對此發表評論。

Yeah. We do break that out in the back, Tony. I'd say that the lion's share is related to active construction projects, $1.2 billion out of the $1.75 billion. But yeah, take your point there. There not a ton of new projects expected to start vertical construction next year.

是的。我們確實在後面打破了這一點，托尼。我認為，最大份額與正在進行的建設項目有關，在 17.5 億美元中佔 12 億美元。但是，是的，請接受我的觀點。預計明年不會有大量新工程開工。

But should we take it as though this -- it sounded like from your comments if kind of hearing it right that the $150 million you have done on the buyback puts you at the high end of your acquisition kind of opportunistic purchases guidance and that's kind of about it or is there room for that to further --

但是，我們是否應該這樣理解——從你的評論來看，如果你聽得沒錯的話，你在回購上投入的 1.5 億美元使你處於收購機會主義購買指導的高端，這有點像或者還有進一步改進的空間--

Yeah. I wouldn't assume that to be the case, but let us refresh that in the first quarter, Tony, much like I think the leasing color will give you on rollovers, vacant space coming back to us, the development pipeline, et cetera, but give us that that room. But that's current guidance, but we will definitely update it, and it could change.

是的。我不認為情況會是這樣，但讓我們在第一季度重新回顧一下，托尼，就像我認為租賃顏色會給你帶來展期、空置空間回歸、開發管道等一樣，但是給我們那個房間。但這是當前的指導，但我們肯定會更新它，而且它可能會改變。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Another leasing question. Maybe I'm going to get shut down again like Tony, but on the 768,000, would you and the [336] that you have leased and a lot of it's under discussion, would you say you're running at or where you were at Investor Day in terms of plan or do you think you're running ahead of plan? Just any comment --

另一個租賃問題。也許我會像托尼一樣再次被關閉，但對於 768,000，你和你租用的 [336] 以及其中很多正在討論中，你會說你正在運行還是你在哪裡就計劃而言，投資者日是否順利，或者您認為您的計劃已經提前完成了？任何評論均可--

Yeah. That -- I can answer that question. Ahead of plan.

是的。那——我可以回答這個問題。提前完成計劃。

Ahead of plan. Okay. Good.

提前完成計劃。好的。好的。

And then in terms of the G&A savings for 2025, can you talk about that? I mean it's kind of fortuitous timing around maintaining some level of reasonable FFO -- well, in this case, flattish FFO growth for 2025. Where did that come from? Like where -- how did that sort of materialize and sort of hit the books in 2025 if you can give some finer points around that?

那麼關於 2025 年的 G&A 節省，您能談談嗎？我的意思是，這是一種維持一定程度的合理 FFO 的偶然時機——嗯，在這種情況下，2025 年的 FFO 增長將持平。這是從哪裡來的？例如——這種現像是如何實現的，又是如何在 2025 年成為現實的，您能就此給出一些更詳細的觀點嗎？

So yesterday -- I'll ask Marc to make comments but let me give you kind of a frame. So yesterday, we filed our 10-K. So you can look there in MD&A. We've got savings and legal expenses, IT expenses, payroll and payroll related expenses, other G&A expenses and some benefit programs. So I don't know, Marc, if you want to make any other comments. It's pretty broad and also software implementation, et cetera.

所以昨天——我會請馬克發表評論，但讓我給你一個框架。所以昨天，我們提交了 10-K 表格。因此您可以在 MD&A 中查看。我們有儲蓄和法律費用、IT 費用、工資和工資相關費用、其他 G&A 費用和一些福利計劃。所以我不知道，馬克，你是否想發表其他評論。它的範圍相當廣泛，還包括軟體實作等等。

Yeah. No, nothing to add there, Joel.

是的。不，沒什麼好補充的，喬爾。

And then lastly for me, Joel, big picture question around, I guess I could say politics, you sounded like a fairly optimistic about 2025 with the new administration, although, some interesting tactics going on around the HHS. And I understand that certainly, regulatory pauses are part for the course for a new administration, but it does feel like it may be more aggressive this time. Would you say there's any concern about where things are headed from a policy point of view or are you absolutely confident that despite some of the questions that maybe are in place today, that this is a step back and a several step forward type of situation that you're looking at?

最後，喬爾，對我來說，關於大局的問題，我想我可以說政治，你聽起來對 2025 年新政府相當樂觀，儘管 HHS 周圍正在採取一些有趣的策略。我當然明白，監管暫停是新政府上台後要採取的措施之一，但感覺這次新政府可能會更加激進。您是否認為從政策角度來看，人們對事態的發展方向有任何擔憂，或者您是否絕對有信心，儘管目前可能存在一些問題，但這是一種後退一步、前進幾步的情況，你在看什麼？

Yeah. I would say compared to the last administration, it's like night -- the dark of night and the light of day. Just FTC commissioner alone is one. We've also got I think Hallie gave you some idea. I mean our industry is primarily governed by the FDA and I think both the nominee and the interim are both highly skilled people. So we feel very good, and we don't see any abatement of the pace of approvals both on biologics and nonbiologic. And I think when it comes to HHS as an overarching area, I mean over the past four years, you had somebody who didn't even know what healthcare was in a political appointee, Xavier Becerra, from California.

是的。我想說，與上一屆政府相比，這就像夜晚——黑夜的黑暗和白天的光明。光是聯邦貿易委員會專員就是其中之一。我們也認為 Hallie 給了你一些想法。我的意思是我們的行業主要受 FDA 監管，我認為提名人和臨時任命人都是高技能人才。因此我們感覺非常好，我們沒有看到生物製劑和非生物製劑的審批速度有任何減緩。我認為，當談到衛生與公眾服務部作為一個總體領域時，我的意思是，在過去四年中，有一位甚至不知道醫療保健是什麼的人，他就是來自加州的政治任命者澤維爾·貝塞拉(Xavier Becerra)。

So whether RFK Junior gets it or not and I know there's a lot of controversy about that, that probably won't have nearly as much impact as the FDA. Now also on the NIH, we feel that the nominee, there will be a solid nominee. The NIH kind of lost its way. As you know, it lost credibility during COVID. It certainly withheld, I think, accurate reporting on the cause of COVID out of the Wuhan lab. I mean we understand BSL-4 labs and things like that. And it's pretty clear that we funded gain-of-function work there.

因此，無論羅伯特甘迺迪 (RFK Junior) 是否獲得批准，我知道這方面存在著許多爭議，但其影響力可能不會像 FDA 那樣大。現在關於美國國立衛生研究院 (NIH) 的問題，我們覺得提名人會是一個可靠的提名人。NIH 有點迷失了方向。如您所知，它在疫情期間失去了信譽。我認為，它肯定隱瞞了有關武漢實驗室新冠病毒病因的準確報導。我的意思是我們了解 BSL-4 實驗室和類似的東西。很明顯，我們資助了那裡的功能獲得工作。

And people were getting sick as early as the summer of 2019. And that was on the NIH. And they went from a merit-based award system to a mandated award system. And I think in the province of science, you want best science project to win, not just somebody who's mandated to win for the sake of it. So I think the NIH has a fair amount of work to do to kind of clean house, but it is a fantastic agency overall that funds some of the most important core research, the substrate of a lot of ultimately therapeutic products that come out.

早在 2019 年夏天，人們就已經開始生病。那是在 NIH 的事。他們從基於績效的獎勵制度轉變為強制性獎勵制度。我認為，在科學領域，你會希望最好的科學課程獲勝，而不是讓某個為了獲勝而獲勝的人獲勝。因此，我認為 NIH 在整頓機構方面還有大量工作要做，但總體而言，它是一家非常出色的機構，為一些最重要的核心研究提供資金，這些研究是許多最終治療產品的基礎。

And we would imagine that that will continue. If you look micro to us, we don't have a whole lot of exposure to the NIH directly other than a few leases, which are actually long-term leases in the Maryland market. But I think I'm pretty optimistic.

我們可以想像這種情況將會持續下去。如果從微觀角度來看，除了幾份租約（實際上是馬裡蘭市場的長期租約）外，我們與 NIH 的直接接觸並不多。但我認為我很樂觀。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

I just want to go back to that comment about just in time leasing. What does that mean for your 2026 developments? Would that be more back half leasing this year or would it be all the way until next year that we see leasing there?

我只是想回到有關即時租賃的評論。這對您 2026 年的發展意味著什麼？這是否意味著今年後半年的租賃情況會有所改善，還是說租賃情況會持續到明年？

So Peter, do you want to maybe frame that?

那麼彼得，你想把它框起來嗎？

Yeah. Certainly, things that are delivering in 2026 are just not top of mind for folks that are deciding they need space, and they go out to the market and identify things within 60 days to 90 days. So.

是的。當然，對於那些決定需要辦公空間的人來說，2026 年交付的東西並不是他們最關心的問題，他們會在 60 天到 90 天內去市場確定事情。所以。

Yeah. That's the biotech sector. So keep that in mind.

是的。這就是生物科技領域。所以請記住這一點。

Yeah. But we certainly do have our existing tenant base that just loves our platform, loves our operations and it's been very loyal. So we certainly do see ourselves getting things done in 2026. I think I mentioned we're 70% leased or under negotiations, which means we have signed LOIs for 70% of that space. So the other 30% will likely come from our existing tenant base or potentially some new tenants, but that -- those are in pretty good shape.

是的。但我們確實擁有現有的租戶群體，他們熱愛我們的平台，熱愛我們的運營，而且非常忠誠。因此，我們確實認為自己能夠在 2026 年完成目標。我想我提到過，我們的租賃率為 70% 或正在談判中，這意味著我們已經簽署了 70% 空間的意向書 (LOI)。因此，另外 30% 可能來自我們現有的租戶群或潛在的一些新租戶，但這些租戶的狀況都相當不錯。

It's getting into '27 where we're still too far out for folks thinking So we're going to do our best to generate more activity there. But the market is really just looking at things that they can get into and in a very short time or a relatively short time frame. But the '25 and the '26 celebrities are in pretty good shape.

現在快到 27 年了，我們距離人們的想像還太遙遠，所以我們將盡最大努力在那裡開展更多活動。但市場實際上只是在關注他們可以在很短時間或相對較短的時間內進入的領域。但 25 年和 26 年的名人身材都相當好。

Yeah. So maybe with respect to that because I think it's worth noting, Hallie, do you just want to run through the percentages of leasing of the sectors? Because I think this is where people get 100% focused on biotech and they lose focus of the rest of the industry? So maybe just run through those for a minute. Sorry to bear with us.

是的。因此，也許就這一點而言，因為我認為值得注意的是，Hallie，您是否只是想了解一下各個部門的租賃百分比？因為我認為人們 100% 專注於生物技術而忽略了其他產業？因此也許只需花一分鐘來瀏覽一下這些內容。很抱歉讓您受苦了。

Yeah, absolutely. And as I mentioned in my remarks and this is particular to the just in time leasing comment, that is for more of the earlier stage companies. If you think about privately funded companies and they could be incredibly well funded, but are a small portion of our overall ARR. And for this past year, they -- private biotech, they reflected about 21% of our leasing and a good portion of those as Peter said were from existing tenants. And then public biotech in particular, right, which has had certainly the most challenges in terms of access to capital, very much a have and have nots, represented about 14% of our leasing.

是的，絕對是如此。正如我在評論中提到的那樣，這特別是針對即時租賃評論，它適用於更多早期階段的公司。如果你考慮一下私人資助的公司，它們的資金可能非常充足，但只占我們整體 ARR 的一小部分。而去年，私人生物科技公司佔據了我們租賃業務的 21% 左右，其中很大一部分正如彼得所說來自現有租戶。然後特別是公共生物技術公司，在獲得資金方面面臨的挑戰最大，有和沒有之間的差距很大，約占我們租賃的 14%。

So when we talk about just in time leasing, it's very much focused on companies where it's going to be leasing that, say 20,000 square foot space. We're not talking about the much larger requirements where that takes a lot of time from both parties, right, to really find a solution that works for existing and new tenants.

因此，當我們談論即時租賃時，主要關注的是那些準備租賃 20,000 平方英尺空間的公司。我們並不是談論更大的要求，因為這需要雙方花費大量的時間來真正找到一個適合現有租戶和新租戶的解決方案。

And then maybe just one quick follow up. Any regions standing out from a development -- from a demand side from the leasing? And is there any, I guess nonbiotech, nonpharma, more so, the AI tenants, any of those coming into the portfolio?

然後可能只需快速跟進一次。從租賃需求來看，有哪些地區的發展突出？我猜有沒有非生物技術、非製藥產業，尤其是人工智慧領域的企業進入投資組合？

Well, I think that I don't want to really give competitive information out, but I think we see good activity in the key hubs. The slow one as I mentioned was South San Francisco. But I think the good news is our presence in Mission Bay, which we developed after -- the decade after the great financial crisis has seen a huge boom in AI anchored by OpenAI and a number of other AI companies are moving -- are looking at space and certainly, looking at San Francisco as a critical linchpin base for that talent. So we're pretty optimistic about that.

嗯，我想我並不想真正透露競爭訊息，但我認為我們在關鍵樞紐看到了良好的活動。正如我所提到的，較慢的是南舊金山。但我認為好消息是我們在Mission Bay 的存在，這是我們在金融危機後的十年裡建立的，在OpenAI 的推動下，人工智慧蓬勃發展，許多其他人工智慧公司也紛紛進軍該領域，我們正在研究空間，並且無疑將舊金山視為此類人才的關鍵基地。因此我們對此非常樂觀。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I guess Joel, just bigger picture, leasing velocity is sort of critical now given sort of deliveries hopefully coming in towards the back half, but critical for the industry, great for the ARE story as well. Can you just -- I know you don't want to comment on 1Q but just even bigger picture, how do you anticipate leaving, inflecting, any numbers you can share like tenants in the market or even just how the pipeline has changed Q-over-Q? Just feels like that's a critical piece. And I'm wondering if you can just share some statistics, how '25 could evolve versus '24.

我想，喬爾，從更大的角度來看，租賃速度現在相當關鍵，因為交付預計將在下半年完成，但這對行業來說也至關重要，對於 ARE 的故事也有很大幫助。你能不能——我知道你不想對第一季發表評論，但更宏觀一點，你預計會如何離開，會如何變化，你能分享一些數字，比如市場上的租戶，或者管道是如何變化的？過度-Q？只是感覺那是一件至關重要的事情。我想知道您是否可以分享一些統計數據，25 年與 24 年相比有何變化。

Yeah. I think that's the kind of question that I'd really prefer to leave for first quarter when we can give you I think more granularity that we feel comfortable with. Remember that the bulk of our tenants in the variety of sectors we service under the life science industry as a whole that Hallie mentioned come from our own tenant base. So we have a really, really good picture over 800 tenants of each and every market and what the demand is quite apart from what people that the brokers may represent or what they see.

是的。我認為我真的希望把這類問題留到第一季再回答，因為那時我們可以給你更多讓我們感到滿意的細節。請記住，Hallie 提到的我們服務於整個生命科學產業各個領域的大部分租戶都來自我們自己的租戶群。因此，我們對每個市場的 800 多個租戶以及他們的需求都有非常清晰的了解，這與經紀人所代表的人或他們所看到的情況完全不同。

They often don't see much of what we see. And oftentimes, we may sign leases or LOIs where brokers simply aren't aware of those things. So I don't really want to get into first quarter. I want to kind of get into the details there. So I'd ask you just to be patient and bear with us. But I think we're going to have some pretty good news.

他們往往看不到我們所看到的東西。而且很多時候，我們可能會簽租約或意向書，但經紀人根本不知道這些事。所以我真的不想進入第一季。我想詳細地講一下那裡。因此我懇請大家耐心等待，忍耐我們。但我認為我們將會有一些好消息。

But I think the key to me is, as I said is the biotech sector apart from the other sectors who have been pretty active. That's going to take really the Fed to get their butt in gear. And hopefully, this administration is -- can kind of jawbone that to happen. That also impacts the servicing of debt. It impacts cost of living because people are paying outrageous interest rates on credit cards and loans and things like that seems to me that's the key and that's what's going to open up the next biotech bull market.

但我認為對我來說關鍵的是，正如我所說的，生技產業與其他相當活躍的產業不同。這確實需要聯準會採取行動。希望本屆政府能夠透過勸說來實現這一點。這也影響到債務的償還。它影響生活成本，因為人們支付的信用卡和貸款利率過高，諸如此類的事情在我看來是關鍵，這也是開啟下一輪生物技術牛市的因素。

We hope it's not as wild as the last one but one that's measured and steady. But I think that's really the secret there. And remember, I think Powell's term comes up early '26 and you can be assured that Trump's going to replace him.

我們希望它不要像上一部那樣瘋狂，而是有分寸、穩健。但我認為這確實是個秘密。請記住，我認為鮑威爾的任期將在 26 年初結束，你可以肯定川普將會取代他。

Maybe perhaps if you could give us some relative color across sort of the key -- the three key submarkets. And when we hear -- we've been hearing more and more pick up in San Diego, maybe a little bit in South San Francisco, but just like that mix of tenants you gave us overall, like how does the relative strength of each of the markets fare today?

也許您能為我們提供一些關於三個關鍵子市場的相對資訊。當我們聽到——我們聽到聖地亞哥越來越多的人開始湧入，也許南舊金山也有一點，但就像你給我們提供的總體租戶組合一樣，比如每個人的相對實力如何今天的市場行情如何？

Yeah. I think we see strength in Mission Bay, not so much in South San Francisco. And Mission Bay is driven, biotech, institutional and now, artificial intelligence. San Diego has been an overall good market because it's a great place to live and it's a much more affordable. The Bay Area still has a -- it's an enormous span of distance and still the highest cost of living I think in the US as far as biotech markets by and large.

是的。我認為我們在 Mission Bay 看到了優勢，但在南舊金山則不然。Mission Bay 由生物技術、機構以及現在的人工智慧推動。聖地牙哥整體來說是一個不錯的市場，因為它是一個適合居住的地方，而且生活成本更低。就生技市場而言，我認為灣區仍然跨度很大，而且生活成本仍然是美國最高的。

And I think Boston remains very, very steady, at least the heart of Cambridge and the submarkets. I think Peter went through some of the leasing there. So I think the only sore thumb I would say is South San Francisco again, kind of a really kind of a reckless oversupply there by people who really didn't know what they were doing.

我認為波士頓仍然非常非常穩定，至少是劍橋和次市場的中心。我認為彼得已經經歷過那裡的一些租賃事宜。因此，我認為唯一令人痛心的地方還是南舊金山，那裡的人真的不知道自己在做什麼，而是肆無忌憚地進行過度供應。

And then South San Francisco also suffers from being primarily a biotech market. So you've got those two things that work that really hurt it compared to, say, Mission Bay, which is more institutionally based. And now AI based. So that's kind of a little bit of the lay of the land.

南舊金山也因主要作為生物技術市場而遭受損失。因此，與更以製度為基礎的 Mission Bay 相比，上述兩個因素確實對它造成了很大影響。現在基於人工智慧。這就是地形的一點情況。

And then just sorry, last one, if you can clarify. You mentioned you feel pretty good about the lease up of the development into '25, '26, maybe '27, the question is and starts. But like would there be factors that cause you to pause any of the developments in either '25 or '26, push it out into '27, let's say?

然後很抱歉，最後一個問題，如果你可以澄清一下的話。您提到，您對 25、26，甚至 27 年的開發租賃情況感到十分滿意，問題是何時開始。但是是否存在一些因素導致您在 25 年或 26 年暫停任何開發，或將其推遲到 27 年？

No. I think what Marc published in the press -- the supp and press release is our best guess of how we think our allocation of capital should match the demand we're seeing. So I don't expect any material changes certainly to '25 or '26 post this print.

不。我認為馬克在媒體上發表的內容——補充材料和新聞稿是我們對我們的資本分配應如何與我們看到的需求相匹配的最佳猜測。因此，我預計在 2025 年或 2026 年發布此版本時不會發生任何實質變化。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

I'll be sticking with leasing for 409 Illinois and Moderna's previous space at Tech Square. Two questions on that. First, Marc, I think you mentioned 136,000 square feet of signed or negotiating leases. Was that those two buildings or it was the four buildings with vacancy? And then the second part is on 409 Illinois. The Tech Square --

我會堅持租賃 409 Illinois 和 Moderna 之前在 Tech Square 的空間。我對此有兩個問題。首先，馬克，我想您提到了已簽署或正在協商的 136,000 平方英尺租約。是那兩棟樓還是那四棟空的大樓？第二部分是關於 409 伊利諾伊州。科技廣場--

So that's Tech Square. But I don't want to get any more granular than that. The 409 Illinois, remember that's a building that sits right next to -- It's got a water view, right next to UCSF and right next to the Chase Center. And one could imagine, the biotech company there exited but the demand in -- for that building in South City is really -- I don't mean South City, Mission Bay is heavily institutional, and AI related at the moment. So I think we have fairly good optimism on that, and the location is superb.

這就是科技廣場。但我不想談得比這更詳細。409 伊利諾伊，記住這是一座坐落在旁邊的建築物——它可以看到水景，緊鄰加州大學舊金山分校和大通中心。可以想像，那裡的生物科技公司退出了，但對南城那棟建築的需求卻是真的——我不是說南城，米申灣目前是重度機構性建築，與人工智慧相關。因此我認為我們對此持相當樂觀的態度，而且地理位置也非常好。

And is that building competing against -- I mean as tenants are looking at, is it competing against new construction? Is it competing against second gen space? And kind of how does it stack up across that (multiple speakers)

那棟建築是否在與──我的意思是，就租戶而言，它是否在與新建築競爭？它是在與第二代太空競爭嗎？這與（多位發言者）

Well, it depends on who the tenant is. Smaller tenants probably prefer existing space, bigger tenants probably prefer new space, but it's so dependent on. You can't generalize. It's so tenant dependent there, Tom.

嗯，這取決於租戶是誰。較小的租戶可能更喜歡現有的空間，較大的租戶可能更喜歡新的空間，但這非常依賴。你不能一概而論。那裡太依賴租戶了，湯姆。

And then last one for me. Hallie, I want to go back to your comments about M&A, specifically, the idea that deal activity provides investors with a liquidity event and can lead to reinvestment back in life science companies. Is an increase in M&A alone enough to boost early stage and biotech investment or do we also need a kind of sustained rebound in IPO activity to get there?

對我來說這是最後一個。Hallie，我想回到你關於併購的評論，具體來說，交易活動為投資者提供了流動性事件，並可以導致對生命科學公司的再投資。單靠併購活動的增加是否足以促進早期和生技投資，還是我們還需要 IPO 活動的持續反彈才能實現這一目標？

Yes. So I think it's a holistic mix of -- across the board, but I would say, and we see this historically that there's always this balance between IPO activity and pharma licensing deals and M&A, right? It's all about where is capital coming from and is there a source of capital? And so I think we could see a really strong year for M&A and continued and very healthy investment in private biotech companies without the IPO market opening. I don't think they're mutually exclusive.

是的。所以我認為這是全方位的整體組合，但我想說，從歷史上看，我們看到 IPO 活動與製藥許可交易和併購之間總是存在著這種平衡，對吧？關鍵在於資本從哪裡來、有沒有資本來源？因此我認為，即使 IPO 市場尚未開放，我們也能看到併購交易真正強勁的一年，以及對私人生物科技公司的持續且健康的投資。我不認為它們互相排斥。

M&A at the end of the day is really the lifeblood of this industry. If you look at pharma and across their current revenues, around two-thirds of that came from acquired products, right? They really rest on the innovation coming from private and public biotechs. And I think investors get those returns and are going to put them to work. And so I think this -- we'll see what the IPO market does. Certainly, the IPO market opening up is another avenue for capital, but that also doesn't mean it's the right choice, right? Being a public company is hard. And so I think as we look to M&A, it's very positive overall and there continues to be very significant drivers for pharma looking for that innovation.

歸根究底，併購確實是這個產業的命脈。如果你看看製藥業及其目前的收入，其中大約三分之二來自收購的產品，對嗎？他們真正依賴的是來自私人和公共生物技術的創新。我認為投資者會獲得這些回報並將其投入使用。所以我認為——我們將看看 IPO 市場會如何表現。當然，IPO市場的開放是資本的另一個出路，但這也不代表它是正確的選擇，對嗎？作為一家上市公司很難。因此，我認為，當我們展望併購時，總體來說是非常積極的，對於尋求創新的製藥公司來說，仍然存在非常重要的驅動力。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基 (Dylan Burzinski)，綠街。

Just wanted to touch sort of on unleasing economics. I know over the last 18 months or so that new development leasing economics have deteriorated given the supply pipeline and drop off in demand. So just curious sort of as you think about the current environment and expectations moving forward, I mean is it your sense that TIs and free rent have sort of stabilized at these higher levels and then sort of expectations for that over the next 12 months?

只是想談談解除租賃經濟學。我知道在過去的 18 個月左右，由於供應管道緊張和需求下降，新開發案的租賃經濟狀況已經惡化。所以我只是有點好奇，當您考慮當前的環境和未來的期望時，我的意思是，您是否認為 TI 和免租金已經穩定在較高的水平，然後對未來 12 個月的預期是什麼？

Peter?

彼得？

Yeah. I mean it's -- the TIs today for new construction are essentially turnkey if it's a biotech type of tenant, not so much if it's a larger institutional or pharma type company that you can still do a traditional deal there where you kind of split the TIs between the landlord and tenant. But it is still 50% higher than it was pre rocketship years.

是的。我的意思是——如果租戶是生物技術公司，那麼如今新建建築的TI 基本上是交鑰匙的，但如果是大型機構或製藥公司，情況就不一樣了，你仍然可以在那裡進行傳統交易，將TI 拆分房東與房客之間。但它仍然比火箭發射前高出 50%。

But as far as, the demand is -- looking outside of the institutional and pharma companies, the demand is looking for turnkey space. That's what the market is providing. That's where we understand we need to be and we're adjusting our economics accordingly. We see that other things such as free rent are definitely stabilizing. I think we're reaching the bottom of the fundamental collapse. But we'll see as we report in the next few quarters.

但就需求而言——在機構和製藥公司之外，需求是尋找交鑰匙空間。這就是市場所提供的。我們明白我們需要達到這樣的水平，並且正在相應地調整我們的經濟政策。我們看到，免租金等其他情況肯定正在趨於穩定。我認為我們正處於根本性崩潰的底部。但我們將在接下來幾季的報告中看到這一點。

And then maybe just on the disposition side. I know you guys talked a little bit about sort of the buyer profile of the four key dispositions. But as you guys are sort of continuing to bring assets to market, I mean are you seeing institutional real estate firms come back and kick the tires in terms of deploying capital to the sector or is it still largely maybe your one-off family office type money or your owner users that are mostly in bidding tenants today?

然後可能只是在處置方面。我知道你們稍微談論了四種關鍵配置的買家概況。但是，隨著你們繼續將資產推向市場，我的意思是，你是否看到機構房地產公司回來，在向該領域部署資本方面進行嘗試，或者這仍然主要是一次性的家族辦公室類型錢還是你今天主要在競標租戶的業主用戶？

So we haven't had a lot for sale on the institutional quality side. We had a nice sale last quarter, the Fred Hutchinson Cancer Research Center Institute, but a user sale. So we haven't tested that market yet to tell you whether or not there's the strength of demand. But we do meet with institutions that are current partners and folks that want to be partners on a fairly regular basis.

因此，在機構品質方面，我們還沒有太多可供出售的東西。上個季度，我們與弗雷德哈欽森癌症研究中心研究所的銷售業績不錯，但這是一次用戶銷售。所以我們還沒有測試過該市場，無法告訴您需求是否強勁。但我們確實會定期與現有的合作機構以及希望成為合作夥伴的人士會面。

And we keep getting assurances that life science is something that they want to be in at some level, and they want to be in it with Alexandria. That probably the way we take away. We had a meeting -- a couple of us had a meeting in San Francisco recently where one of our partners, which is a very large institution said, hey, look, we've invested in a lot of different folks and we -- one of the lessons we've learned is we need to focus our life science investors with you.

我們不斷得到保證，他們希望在某種程度上涉足生命科學領域，並希望與亞歷山大一起涉足這一領域。這或許就是我們要採取的辦法。我們開了一次會——我們幾個人最近在舊金山開了一次會，我們的一個合夥人，一家非常大的機構說，嘿，你看，我們已經投資了很多不同的人，我們——一個我們學到的教訓之一是，我們需要關注我們的生命科學投資者。

That was a great meeting, a great takeaway. We've been telling people that, but I think it all ties together with what I talked about in my commentary about supply, like the zombie buildings, right. They -- about 40% of the inventory in Greater Boston probably won't lease because it's just not good quality that the sponsor has no experience. And it's in the wrong location.

那是一次非常棒的會議，收穫非常大。我們一直在告訴人們這一點，但我認為這一切都與我在評論中談到的供應有關，例如殭屍建築，對吧。大波士頓地區約 40% 的房產可能不會出租，因為品質不高，而且出資人沒有經驗。而且它的位置也錯誤。

And so unfortunately, some institutional investors were so hyped up about life science, they funded some of that stuff and they've learned their lesson. And so I think you're going to see life science in a lot of institutional real estate portfolios from here on out, but it's going to be with us or it's going to be with somebody else that at least has scale and experience and there's a couple others.

不幸的是，一些機構投資者對生命科學過於痴迷，他們為其中一些項目提供資金，並且他們吸取了教訓。因此，我認為從現在開始，你將會看到生命科學出現在許多機構房地產投資組合中，但它要么由我們來投資，要么由至少具有規模和經驗的其他人來投資，而且和其他人結合。

But all these other fly-by-night want-to-be developers that try to get into space are just going to fail. And some of these institutional money will be lost, but they're not going to be soured on it because they know it's a good business. They know there's a use case for life science real estate and they know we're the ones that they need to be partners with.

但所有其他想進入太空的曇花一現的開發者都只能失敗。有些機構的資金將會損失，但他們不會因此而感到沮喪，因為他們知道這是一筆好生意。他們知道生命科學房地產有用途，也知道我們就是他們需要的合作夥伴。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I just wanted to focus on some of the capital allocation and as well as cost savings plan. Wonder if you could just help us walk through the $32 million in expected savings at the midpoint. How quickly that could potentially happen? And then also just taking a look at the stock today, it's trading below where you did the first $200 million of buybacks. So just kind of curious how you kind of think about the remaining $300 million of buybacks and how quickly and under what circumstances that could happen.

我只是想專注於一些資本分配和成本節約計劃。我想知道您是否能幫助我們了解預計中期節省的 3,200 萬美元。這可能多快發生？然後再看一下今天的股票，它的交易價格低於你第一次回購的 2 億美元的價格。所以我只是有點好奇你對剩餘的 3 億美元回購有何看法，以及這會以多快的速度和在什麼情況下發生。

Thanks for your question. Marc, do you want to maybe address those?

感謝您的提問。馬克，你想解決這些問題嗎？

Yeah. I can address the first one. I had a little problem hearing on the second one. But on the first one, on the G&A, I think the fourth quarter had actually some pretty significant savings relative to the third quarter. And in fact, '24, in total compared to '23 actually had pretty significant savings. If you strip out the acceleration of stock expense from last year, there was still -- and I'm talking about '23, there was an $11 million amount of savings to G&A in '24 versus '23. So obviously, our guidance assumes that trend will accelerate into '25.

是的。我可以解決第一個問題。我聽第二個的時候有點困難。但就第一季度，即一般及行政費用而言，我認為第四季度相對於第三季度實際上有相當可觀的節省。事實上，與 23 年相比，24 年總體上確實節省了相當多的資金。如果剔除去年的股票費用加速成長，那麼 - 而且我說的是 23 年，與 23 年相比，24 年的 G&A 費用節省了 1100 萬美元。因此顯然，我們的指導假設該趨勢將加速到25年。

We're expecting $30 million-plus of a decline. But I think the fourth quarter should be encouraging to give you a sense for what we can accomplish I think at that run rate that actually is right around the run rate that's implied in our guidance for 2025. So I think the fourth quarter is sort of good evidence that we can accomplish what we expect to in terms of G&A savings headed into '25.

我們預計降幅將超過 3,000 萬美元。但我認為第四季度應該會令人鼓舞，讓您了解我們能夠實現的目標，我認為按照這個運行率，這實際上與我們對 2025 年的指導中所暗示的運行率大致相同。因此，我認為第四季是一個很好的證據，證明我們可以實現我們預期的25年一般及行政開支節省目標。

And Marc, just comment globally on the buyback where we are.

馬克，請就我們目前的全球回購情況發表一下評論。

Right. Yeah. So yeah, I would definitely refer back to Joel's earlier comments. We bought back $200 million, $50 million last quarter, $150 million in January. Our guidance assumes 0 to $200 million. So we've already blown through $150 million of that this year in our '25 guidance. So I think stay tuned. As Joel said, we'll continue to evaluate it, but as we stand here today, that's what we've got in guidance. It's really not much more, but we'll continue to monitor that as market conditions change.

正確的。是的。是的，我肯定會回顧喬爾之前的評論。我們回購了 2 億美元，上個季度回購了 5,000 萬美元，一月回購了 1.5 億美元。我們的指導假設是 0 到 2 億美元。因此，我們在今年的 25 年指引中已經花掉了 1.5 億美元。因此我認為請繼續關注。正如喬爾所說，我們將繼續對其進行評估，但就我們今天所站的情況而言，這就是我們所得到的指導。事實上，情況並沒有太大變化，但我們會隨著市場狀況的變化繼續關注。

Jim Kammert, Evercore.

吉姆·卡默特（Jim Kammert），Evercore。

Is there any thematic content to be extracted regarding the lease up of previously vacant space? And I'm suggesting that are these tenants that otherwise might have gone into some of your new developments and they're doing sort of tide me over leases or if there's any. I'm curious because it's been picking up quarter over quarter that you're leasing up the vacant space.

關於出租空置空間，是否有主題內容可以提取？我的意思是，這些租戶原本可能會入住你們的一些新開發項目，他們正在幫我渡過租約難關，或者如果有的話。我很好奇，因為你們出租空置空間的量每季都在增加。

Well, again, remember, Jim, with 800 tenants and a pretty big stable in each of the core cluster markets, we have pretty good insight into the different sectors and what their needs are. So I would say, it's very case specific and really hard to generalize.

好吧，再說一次，吉姆，請記住，我們在每個核心集群市場都有 800 個租戶和相當大的穩定市場，我們對不同行業及其需求有相當深入的了解。所以我想說，這是非常具體的情況，很難概括。

And then finally looking at page 40, when you look at your probable retain cash flow for the next three years, then compare that to your remaining commitment to fund their developments, they're released in near term. Is it reasonable to assume that maybe '25 sort of a peak here in terms of absolute dollar dispositions?

最後看第 40 頁，當您查看未來三年可能保留的現金流時，然後將其與您為其開發項目提供資金的剩餘承諾進行比較，這些項目將在近期發布。是否可以合理地假設，從絕對美元配置來看，25 年可能達到高峰？

Yeah. I think, well, Marc, you can comment on that.

是的。我認為，馬克，你可以對此發表評論。

Yeah. Well, I would say this, we've seen construction -- the construction dollars come down the last couple of years, right, with the amount of deliveries has been outpacing the amount of projects that have been going in. We've got obviously got pretty good visibility here through the end of '25 on what that looks like. But '26 is, it's a little far off to -- for us to kind of give you a sense for where construction dollars might be. So I guess stay tuned.

是的。嗯，我想說的是，我們已經看到建築業——過去幾年建築支出有所下降，交付量已經超過了開工項目的數量。顯然，到 25 年底，我們對這情況已經有了相當清晰的認識。但 26 年還有點遠，我們無法讓您了解建築資金的去向。因此我想請繼續關注。

John Kilichowski, Wells Fargo.

富國銀行的約翰‧基利喬斯基 (John Kilichowski)。

Jamie Feldman with John.

傑米·費爾德曼和約翰。

Joel, we're very sorry to hear that the wildfires had so much impact on your company, and such a difficult impact on the team. But to that end, I wanted to go back to your comments regarding the handling of them when you started the call. So you're one of the largest commercial real estate landlords in California. What are your initial thoughts on the long-term impact to your business to owning commercial real estate in California in terms of political changes, any initiatives, insurance costs?

喬爾，我們很遺憾聽到野火對貴公司造成如此大的影響，並給團隊帶來如此嚴重的影響。但為此，我想回顧一下您在開始通話時對如何處理這些問題的評論。所以你是加州最大的商業房地產業主之一。從政治變化、任何舉措、保險成本等方面來看，您對於在加州擁有商業房地產對您的業務的長期影響有何初步看法？

I mean what do you think the long-term implications are here? And also for incremental dollars, are you leaning towards investing in California or away from investing in California as a result of all this?

我的意思是，您認為這會產生什麼長期影響？對於增量資金而言，您是否傾向於在加利福尼亞州投資，或者由於所有這些原因而不再在加利福尼亞州投資？

Yeah. So let me frame it and then I'll ask Marc to come in. I would refer you to the 10-K which addresses a number of the points of your question. But I think if you look at our portfolio, San Diego, I think is in very good shape and doesn't have particularly great exposure to the wildfires, most of which start in hill country. South San Francisco, I think the same is true there, not particularly exposed. So I think overall, the bulk of our assets are in really good shape.

是的。讓我把它框起來，然後我會請馬克進來。我建議您參閱 10-K 文件，它解答了您問題中的許多問題。但我認為，如果你看看我們的投資組合，聖地牙哥的狀況非常好，並沒有受到特別大的野火影響，其中大多數野火始於山區。南舊金山，我認為那裡的情況也是一樣的，只是沒有特別暴露。所以我認為總體而言，我們的大部分資產狀況良好。

I think it is possible that because of the lack of preparation, even though it was well known several days ahead of time that we're going to have 100 mile an hour winds and you know what that means during a very dry season, I hope the electorate here in California rethink how they elect local county and state officials. And think about the election here of the current mayor versus one that lost.

我認為可能是因為準備不足，儘管幾天前我們就知道我們將迎來每小時 100 英里的大風，你知道這在非常乾燥的季節意味著什麼，我希望加州的選民重新考慮如何選舉地方縣和州官員。想想現任市長與失敗市長的選舉狀況。

I think he's going to come back, Rick Caruso. You have a choice of a political person all their lives versus someone who's a businessperson, who operates real estate, who under -- who headed the police commission. So I think people are going to search for more common sense practical leadership. And I think that is kind of I hope where California is headed and not take on kind of foolish policies.

我認為他會回來的，里克·卡魯索。你可以選擇一輩子從事政治，也可以選擇商人、經營房地產、領導警察委員會。因此我認為人們將尋求更具常識性的務實領導力。我認為這正是我希望加州的發展方向，而不是採取一些愚蠢的政策。

I mean I lived in the Palisades for many years, and I was evacuated twice during the time I lived there and finally just gave up. In fact, my house overlooked the reservoir that was dry and during the days when I was there, I never saw it dry. So how could a reservoir in a high fire area be dry during the fire season? Makes no sense. But anyway, so I think we're well protected in California. But Marc, do you want to comment anything further?

我的意思是，我在帕利塞茲住了很多年，住在那裡期間我曾兩次撤離，最後就放棄了。事實上，我的房子俯瞰著乾涸的水庫，在我住在那裡的日子裡，我從未見過它乾涸。那麼，火災高發區的水庫在火災季節怎麼會乾涸呢？毫無意義。但無論如何，我認為我們在加州受到了很好的保護。但是馬克，你還想發表進一步的評論嗎？

Yeah. No, just to say that, obviously in California, we've got a concentration of assets mostly in San Francisco and then San Diego. San Diego is the region that's probably got more exposure there to wildfire. Obviously, really unfortunate what's happened here in Los Angeles. But I can tell you that the company has taken climate resilience across the portfolio very seriously. It's been something that we've adopted really as part of the design into our buildings, as well as operationally doing what we can to kind of harden our facilities and put ourselves and our tenants and their signs in the best position to deal with a potential fire.

是的。不，只是想說，顯然在加州，我們的資產主要集中在舊金山，其次是聖地牙哥。聖地牙哥可能是最容易遭受野火侵襲的地區。顯然，洛杉磯發生的事情真的很不幸。但我可以告訴你，該公司非常重視整個投資組合的氣候適應力。這是我們真正在建築設計中採用的措施，在營運方面，我們也盡最大努力加強我們的設施，讓我們自己、我們的租戶和他們的標誌處於最佳狀態，以應對潛在的火。

And I guess just if you think about some of the policy initiatives that are even on the table and I know it's very early, I mean is there anything that you think could have a longer term impact on operating expenses or your appetite to be in California? And then similarly on the insurance front?

我想，如果你考慮一下目前已經提出的一些政策舉措，我知道現在還為時過早，我的意思是，你認為有什麼會對營運費用產生長期影響，或者你對加州的興趣？那麼保險方面的情況也類似嗎？

Well, I think you have to remember, two of the three major clusters are in California. So this is an industry that's a knowledge-based industry and intellectual industry. And so you have to be where that tenant base or where that knowledge base is because that's where tenants cluster and hire from. And as I say, I think San Francisco are our assets there and the nature of San Francisco is in good shape, rate of fires. I think same thing in San Diego.

嗯，我想你必須記住，三大集群中有兩個在加州。所以這是一個知識型產業和智力型產業。所以你必須位於租戶基地或知識庫所在的地方，因為那是租戶聚集和僱用的地方。正如我所說，我認為舊金山是我們在那裡的資產，而且舊金山的自然環境狀況良好，射擊速度也很快。我覺得聖地牙哥也有同樣的事情。

I think insurance is a big issue. The state has made it much harder for insurance companies to operate here and make a profit here and do right by their policyholders here. And I would hope that that changes whether by the ballot or whether by maybe current people just getting a lot smarter and acting more prudently. But we don't tend to exit California when it comes to our holdings in the Bay Area or San Diego.

我認為保險是一個大問題。政府已經加大了保險公司在當地經營、獲利和為投保人提供合理服務方面的難度。我希望這種情況能夠改變，無論是透過投票，還是透過現任官員變得更加聰明、更加謹慎。但就我們在灣區或聖地牙哥的資產而言，我們並不會退出加州。

But as Marc said, we've taken extraordinary steps from our, whether it be fire, water, any kinds of other natural disaster hazards, earthquakes as well. And I think our insurances were well insured and I think we've done a really good job of risk management, and we report to our Board quarterly on that issue.

但正如馬克所說，我們已經採取了非凡的措施，無論是火災、水災、任何其他自然災害危險，還有地震。我認為我們的保險是有保障的，我們在風險管理方面做得非常好，我們每季都會向董事會報告這個問題。

I know it's a sensitive topic and our thoughts are with your team.

我知道這是一個敏感的話題，我們與您的團隊同在。

Yeah. It's an amazing number of people who've been dislocated unfortunately. Thank you, Jamie, very much.

是的。不幸的是，被迫流離失所的人數之多令人吃驚。非常感謝你，傑米。

Michael Griffin, Citi.

花旗銀行的麥可‧格里芬 (Michael Griffin)。

Hallie, maybe going back to some of your comments on the VC funding environment and capital flowing to more established firms with marketed products. I realized after a funding round, these type of tenants might expand their space. But do you need to see a greater increase in capital flows to the more startup-e type tenants that could go from 5,000 to 50,000 square feet in order to see the cadence of leasing pick up?

Hallie，也許我們可以回顧一下你對創投環境以及資本流向擁有市場化產品的更成熟的公司的一些評論。我意識到經過一輪融資後，這類租戶可能會擴大他們的空間。但是，您是否需要看到更多新創企業類型的租戶（其面積可能從 5,000 平方英尺增加到 50,000 平方英尺）的資本流入，才能看到租賃回升的節奏？

Yeah. I mean as a -- the previous question when this came up, you have to keep it in context of what proportion of our overall ARR, right, is coming from that portion. So 9% of our overall ARR comes from private biotech. So while certainly, that contingent is important and is a driver of lease up, right, it's not, I would say reflective of our entire portfolio, right? We've really built a very diverse set of tenants to help enable right kind of broad demand as the market conditions change.

是的。我的意思是 - 當這個問題出現時，你必須把它放在我們的整體 ARR 的比例來自那部分的背景下。因此，我們整體 ARR 的 9% 來自私人生物技術公司。因此，雖然這個偶然因素確實很重要，並且是租賃上漲的驅動因素，但我想說它並不能反映我們整個投資組合的情況，對嗎？我們確實建立了一套非常多樣化的租戶體系，以便在市場條件改變時能夠滿足正確的廣泛需求。

And I would say from a funding perspective, it has come down off the peak of '21 and we're looking at, I would say, a pretty strong funding environment going into '25. There's a lot of dry capital that venture investors have on hand to deploy. So it remains to be seen throughout the year. How that evolves, as Joel mentioned, there are still a lot of macro factors that are dampening, right, activity and just in a more risk off environment. So certainly, tracking it closely and we'll provide an update as the year goes on.

我想說，從融資角度來看，它已經從21年的高峰迴落，而且我認為，我們看到25年的融資環境相當強勁。風險投資者手上有大量可供部署的乾資本。因此，全年情況仍有待觀察。至於情況會如何發展，正如喬爾所提到的，仍有許多宏觀因素在抑制經濟活動，並且使環境風險增加。因此，我們肯定會密切跟踪，並會在年內提供最新消息。

And then just maybe one on sort of the transaction market and activity there. You called out kind of expectations for cap rates at your Investor Day of the low to mid-7s. But given the move we've seen in the 10 year, and I guess it's anybody's guess whether or not, the new administration's policies will be inflationary. Are you taking into account if yields or return hurdles might be higher for prospective buyers given the current interest rate environment?

然後也許只是關於交易市場和那裡的活動。您在投資者日上提到了對資本化率的預期，即 7% 左右。但考慮到我們在過去 10 年看到的趨勢，我想任何人都無法猜測新政府的政策是否會導致通貨膨脹。您是否考慮過，在當前利率環境下，潛在買家的收益率或回報障礙是否會更高？

Yeah. Peter?

是的。彼得？

Yeah. Yes, we have -- I think we take into account what we have to sell and the quality of it. And then just to average it to give you those -- the numbers we gave you at Investor Day. So yeah, we're comfortable at this point that we can achieve those numbers.

是的。是的，我們有——我認為我們考慮過我們要賣什麼以及它的品質。然後取平均值，就得到了我們在投資者日提供給您的數字。是的，我們現在很滿意，我們能夠實現這些數字。

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。我想將會議交還給喬爾馬庫斯 (Joel Marcus) 來做結束語。

Just thank you everybody and we'll look forward to talking to you on the first quarter call. Thank you.

謝謝大家，我們期待在第一季的電話會議上與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。