Alexandria Real Estate Equities Inc (ARE) 2025 Q1 法說會逐字稿

Good day, and welcome to the Alexandria Real Estate Equities first quarter 2025 conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Paula Schwartz. Please go ahead.

大家好，歡迎參加亞歷山大房地產股票 2025 年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 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，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。

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

有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的更多信息，包含在公司向美國證券交易委員會提交的定期報告中。現在我想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, to our first quarter call with me today are Hallie, Peter and Mark. And let me begin by a quote from Robert Browning who once said, Great things are made of little things. And needless to say, our profound thank you to the entire Alexandria family team. It is the little things, each of us do -- each and every day that create the great things Alexandria is doing day in, day out. We are a unique one-of-a-kind mission-driven company.

謝謝你，Paula，歡迎大家，今天和我一起參加第一季電話會議的是 Hallie、Peter 和 Mark。首先，請容許我引用羅伯特‧布朗寧的一句話：偉大的事物是由小事組成的。不用說，我們向整個亞歷山大家族團隊致以深切的謝意。正是我們每個人每天所做的小事，創造了亞歷山大日復一日所做的偉大事業。我們是一家獨一無二的、以使命為導向的公司。

Also, I want to mention our continued thoughts, prayers and assistance, go to many of our team members impacted by the LA wildfires in January of 2025, a really shocking start to this year. I want to mention, I think, something that we probably don't say enough about, and that is Alexandria has been and will continue to be one of the most consequential REITs in the sector's history.

此外，我想提一下，我們將繼續向許多在 2025 年 1 月受到洛杉磯山火影響的團隊成員表達我們的想法、祈禱和幫助，這是今年真正令人震驚的開始。我想提一下，我認為我們可能沒有充分談論的一件事，那就是亞歷山大已經並將繼續成為該行業歷史上最重要的房地產投資信託基金之一。

We have pioneered the life science real estate sector. We are the first and only pure-play life science REIT, and we have invented the complex principle of clustering for the life sciences -- we own and operate the top quality portfolio in life science real estate, almost 40 million rentable square feet with 25-plus mega-campus ecosystems in AAA locations with quality -- high-quality, top-quality assets.

我們是生命科學房地產領域的先驅。我們是第一家也是唯一純粹的生命科學房地產投資信託基金，我們發明了生命科學領域的複雜集群原則——我們擁有並經營生命科學房地產領域的頂級投資組合，近 4000 萬平方英尺的可出租面積，在 AAA 地點擁有 25 多個大型校園生態系統，擁有優質——高品質、頂級資產。

And now 75% of our annual rental revenue is generated by the mega campus platform, which is actually a cluster in itself within the broader ecosystem cluster. Alexandria is the brand of choice to the life science sector and has built brand loyalty with our sector-leading client base and has accomplished that with our deep knowledge of our client base, the medicines, cures, therapies and technology that continue to save and improve human life.

現在，我們每年 75% 的租金收入來自大型校園平台，它本身實際上是更廣泛的生態系統集群中的一個集群。亞歷山大是生命科學領域的首選品牌，並已與我們行業領先的客戶群建立了品牌忠誠度，並且憑藉我們對客戶群、藥品、治療、療法和技術的深入了解實現了這一目標，這些藥物、治療、療法和技術將繼續拯救和改善人類生活。

Innovation is speeding to patients. Alexandria has scale, access to capital, low leverage and the best-in-class credit rating. Alexandria is best positioned to continue to reinforce the bedrock of the biotech sector which actually will celebrate its 50th anniversary next year on the founding of Genentech.

創新正在加速走向患者。亞歷山大擁有規模、資本管道、低槓桿率和一流的信用評級。亞歷山大最有能力繼續鞏固生物技術產業的基礎，而該產業實際上將於明年基因泰克公司成立之際慶祝其成立 50 週年。

This sector is the crown jewel and the broader biomedical sector, life science industry of not only this country, but the world's best and the underlying science and technology has never been as advanced as it is today or has ever been held as much promise as it does today. Alexandria's balance sheet is in the top 10% of all REIT credit ratings and never has been as strong.

這個產業是皇冠上的明珠，也是更廣泛的生物醫學產業、生命科學產業，不僅是這個國家的，而且是世界上最優秀的，其基礎科學技術從未像今天這樣先進，也從未像今天這樣充滿希望。亞歷山大的資產負債表在所有房地產投資信託基金信用評級中位居前 10%，從未如此強勁。

Alexandria has the longest weighted average remaining debt term among all S&P 500 REITs at 2 times the average. Alexandria is one of the strongest and safest dividends in the REIT sector with a very low payout ratio. Alexandria's world-class development expertise, coupled with our best-in-class industry leasing capabilities have enabled our near-term development pipeline for '25 and '26 to report 75% leased or negotiating.

在所有標準普爾 500 房地產投資信託基金中，亞歷山大的加權平均剩餘債務期限最長，是平均值的 2 倍。亞歷山大是房地產投資信託基金 (REIT) 領域股息最強勁、最安全的公司之一，但股息率非常低。亞歷山大世界一流的開發專業知識，加上我們一流的行業租賃能力，使我們 25 年和 26 年的近期開發項目租賃率或談判率達到 75%。

Alexandria has an industry-leading client base of over 750 tenants, 89% of which were the source of our first quarter leasing, which came from this cherished tenant base. And our average lease duration is 9.6 years, almost 10 years from our top 20 tenants and over 7.5 years from all of our tenants. And proudly, in the first quarter, we collected 99% of our tenant rents and receivables.

亞歷山大擁有業界領先的客戶群，超過 750 名租戶，其中 89% 是我們第一季租賃的來源，而我們的租賃均來自這個珍貴的租戶群。我們的平均租賃期限為 9.6 年，其中前 20 名租戶的租賃期限接近 10 年，所有租戶的租賃期限均超過 7.5 年。值得驕傲的是，在第一季度，我們收回了 99% 的租戶租金和應收款。

Moving to the macro issues, which have garnered a huge amount of attention, and let me list them and give our take on them. Immigration, very good progress to date. Deregulation, similarly, very good progress to date. Tax and budget based on meetings with key insiders in the Senate and the House recently, I've been told that July 4 is the most likely date for this big bill to emerge.

談到宏觀問題，這些問題已經引起了廣泛的關注，讓我列出這些問題並給出我們的看法。移民問題迄今進展順利。同樣，放鬆管制迄今也取得了非常好的進展。稅收和預算根據最近與參議院和眾議院關鍵內部人士的會議，我被告知 7 月 4 日是這項重大法案最有可能出現的日期。

On the international side, tariffs and wars overseas have created chaos and a key focal point for many folks, both domestic and foreign. The Fed and interest rates, the Fed is being stubborn in moving interest rates down when the impact would be very, very helpful to in -- Street.

在國際方面，關稅和海外戰爭造成了混亂，成為國內外許多人關注的焦點。聯準會和利率，聯準會堅持降低利率，影響將對華爾街非常非常有幫助。

Center for Medicare Services. Dr. Oz has recently taken over that and based on insider conversations that we've had, CMS is stable. The NIH, that agency, which is now run by Dr. Bhattacharya is going to see and is incurring restructuring based on a very inefficient structure of many different institutions, several institutions, which the head of those institutions actually have budget and Command and Control authority, not the Director of the NIH.

醫療保險服務中心。奧茲博士最近接管了該部門，根據我們的內部談話，CMS 是穩定的。美國國立衛生研究院 (NIH) 目前由巴塔查里亞博士管理，該機構將進行重組，其結構非常低效，由多個不同的機構組成，而這些機構的負責人，而不是 NIH 院長，實際上擁有預算和指揮控制權。

And this has led to a substantial decentralization of control and certainly got a bit out of control during COVID and funding some of the experiments and the Wuhan lab through a third party. My guess is the private sector will pick up some slack in some of the applied research and the NIH under the new leadership, hopefully, will emerge, learning and focused on its mission with an organizational charge, which will make good sense.

這導致了控制權的大幅分散，在新冠疫情期間確實有點失控，一些實驗和武漢實驗室的資金是透過第三方資助的。我的猜測是，私營部門將在一些應用研究中彌補一些不足，而希望在新的領導下，國家衛生研究院能夠脫穎而出，在組織負責下學習並專注於其使命，這將是很有意義的。

On the FDA, the comp, which is the Crown Jewel regulatory agency, both for the United States and the world and the bedrock of our best-in-class biomedical industry. We've seen a loss of some quality senior people and some have -- we've seen returning.

關於 FDA，該公司是美國和世界頂級的監管機構，也是我們一流生物醫藥產業的基石。我們看到一些優秀的高階人才流失了，但也看到一些人才回歸。

Most staff are in place and drug reviews are moving forward. And on a personal basis, we have a company that we're deeply involved with that has just got review comments this past week who has an industry partner and seeing relatively normality at that level. [Dr. McCarrey], who now heads the FDA is going to see to it that great science and regulatory skills continue and focused on their mission.

大部分工作人員已到位，藥品審核正在進行中。就個人而言，我們與一家公司關係密切，該公司上週剛收到審查意見，該公司有一位行業合作夥伴，並且認為該層面的情況相對正常。 [博士現任 FDA 負責人的麥凱瑞將確保偉大的科學和監管技能繼續發揮作用，並專注於他們的使命。

The life science industry is delivering innovative products. The demand for innovation is strong. drug approvals are moving forward. June will be a big month for ripples. There's four big ones coming up, including [RSB], hereditary angioedema, COPD and a rare skin disorder, and that may be a bellwether for the FDA's continued urgency -- mentality and approving drugs.

生命科學產業正在提供創新產品。創新需求強勁。藥品審批正在進行中。六月將是漣漪盛行的一個月。即將出現的四個重大疾病包括 [RSB]、遺傳性血管性水腫、慢性阻塞性肺病和一種罕見的皮膚病，這可能是 FDA 繼續保持緊迫感和批准藥物的風向標。

But when it comes to the FDA, three things could make a huge difference. One is to curb the burdensome regulations and accelerate development. Meaning safety is become so overwhelmingly important that they have -- in some cases, lost sight of a proving drugs where there are no other choices and choosing a relevant population that may be too large.

但對 FDA 來說，有三件事可能會產生巨大的影響。一是減少繁瑣監管，加速發展。這意味著安全變得如此重要，以至於在某些情況下，他們忽略了在沒有其他選擇的情況下驗證藥物，而選擇的相關人群可能太大。

So that could make a big difference if they could impact and also on the manufacturing and medical resilience side, things can be done to improve on that level. M&A is ongoing in the industry and that's been a positive.

因此，如果它們能夠產生影響，那麼就會產生很大的不同，並且在製造和醫療復原力方面，可以採取措施來改善這一水平。該行業正在進行併購，這是一個積極的信號。

When it comes to the 15% institutional net cost limitation, which was under executive order, that's under judicial stay at the moment. It's causing lots of concerns for institutions. Congress may soften the act by legislation, but the variance of indirect costs among institutions is huge, and a lot of inefficiencies remain.

至於 15% 的機構淨成本限制，此前是按照行政命令執行的，但目前正處於司法暫停階段。這引起了很多機構的擔憂。國會可能會通過立法來放寬該法案，但各機構之間的間接成本差異很大，並且仍然存在許多效率低下的問題。

Our history at Alexandria demonstrates that in very times like these, the dot com bubble, first and the great financial crisis, we've emerged better and stronger. Our fortress balance sheet emerged over the last decade out of the lessons of the GFC.

我們亞歷山大的歷史表明，正是在這樣的時代，首先是網路泡沫，然後是金融危機，我們變得更好、更強大。我們的堡壘資產負債表是過去十年來根據全球金融危機的教訓而形成的。

And we see this as a time for important strengthening of all of our levers to continue to manage and grow the company. Out of the last two severe market corrections came two of our most important clients, Alnylam in 2003 and Moderna in 2011.

我們認為這是一個重要時刻，我們需要加強所有手段來繼續管理和發展公司。在最近兩次嚴重的市場調整中，我們迎來了兩個最重要的客戶，2003 年的 Alnylam 和 2011 年的 Moderna。

And remember, the biggest and most consequential investments and ultimately gains are made when investors and operators do the right thing at the worst time. And these are perceived by many people as the worst of times.

請記住，最大、最有影響力的投資和最終的收益都是在投資者和營運商在最糟糕的時候做正確的事情時產生的。許多人認為這是最糟糕的時期。

And then finally, I just want to say a couple of comments about Alexandria brand is about trust. Our brand is more than a logo on a sign. It's a shorthand for consistency, reliability and expectations. We said every time we deliver space, mission-critical space that performs, endures and elevates the people and science who use it. And with that, let me turn it over to Hallie Kuhn.

最後，我只想說幾句關於亞歷山大品牌的評論，是關於信任的。我們的品牌不僅僅是標誌上的一個標誌。它是一致性、可靠性和期望的簡寫。我們每次交付太空時都說過，關鍵任務太空能夠執行任務，持久耐用，並提升使用它的人員和科學。現在，讓我把時間交給 Hallie Kuhn。

Thank you, Joel, and good afternoon, everyone. This is Hallie Kuhn, SVP of Life Science and Capital Markets. Amid choppy macroeconomic conditions, the fundamental thesis driving the life science industry and Alexandria remains firmly in place.

謝謝你，喬爾，大家下午好。我是生命科學與資本市場資深副總裁 Hallie Kuhn。在宏觀經濟情勢動盪的情況下，推動生命科學產業和亞歷山大發展的根本論點仍然堅定不移。

Three key points. First and foremost, is that the foundation of this industry is massive unmet medical need. 9 out of 10 diseases have no approved therapies and chronic conditions impact 129 million people in the US. That's nearly 40% of Americans living with diseases like hypertension and heart disease and driving more than $4.5 trillion in annual health care costs.

三個關鍵點。首先，這個行業的基礎是大量未滿足的醫療需求。十分之九的疾病尚無核准的治療方法，慢性病影響美國 1.29 億人。這意味著近 40% 的美國人患有高血壓和心臟病等疾病，每年的醫療保健費用超過 4.5 兆美元。

Second, innovation. The life science industry is fueled by new discoveries and the United States and Alexandria have the best substrate in the world to continue to drive new discoveries and development well into the future. US headquartered companies account for 55% of global biopharmaceutical R&D investment and 6 out of every 10 FDA-approved therapies.

第二，創新。生命科學產業的發展受到新發現的推動，美國和亞歷山大擁有世界上最好的基質，可以繼續推動未來新的發現和發展。美國公司佔全球生物製藥研發投資的 55%，每 10 種 FDA 批准的療法中就有 6 種是美國公司所為。

Third, biotechnology is critical to maintaining a safe and secure nation, and we strongly support the recent slate of biopharma announcements committing billions of dollars to manufacturing in the United States. As emphasized by the bipartisan National Security Commission on emerging biotechnology report published earlier this month, Biotechnology is key for the US to remain dominant and secure future economic growth in a new era of global competition.

第三，生物技術對於維護國家安全至關重要，我們堅決支持美國最近宣布的一系列生物製藥企業將投資數十億美元用於生物製藥製造業。正如兩黨國家安全委員會本月初發布的關於新興生物技術的報告中所強調的那樣，生物技術是美國在新一輪全球競爭中保持主導地位、確保未來經濟成長的關鍵。

Now let us turn to Alexandria's diverse 750 strong tenant base. The diversity of our tenant base is important as each of the segments draw on multifaceted sources of funding, derisking the possibility of a singular funding shock.

現在讓我們來看看亞歷山大 750 個多元化的租戶群體。我們的租戶基礎的多樣性非常重要，因為每個部門都利用多方面的資金來源，從而降低單一資金衝擊的可能性。

Our tenant base is also a critical embedded source of demand with 89% of leasing originating from our existing tenants this quarter, and our tenant base remains resilient. 51% of our tenant base is investment grade or large-cap as is 87% of our top 20 tenants, 17 of the top 20 multinational pharmaceutical companies and 4 of the largest tech companies in the world are Alexandria tenants.

我們的租戶基礎也是關鍵的嵌入式需求來源，本季 89% 的租賃來自我們現有的租戶，並且我們的租戶基礎仍然保持彈性。我們的租戶群體中有 51% 是投資級或大型企業，前 20 名租戶中有 87% 也是投資級或大型企業，全球前 20 名跨國製藥公司中有 17 家以及全球最大的 4 家科技公司都是亞歷山大的租戶。

Pivoting to 1Q '25 specifically, we are sharing for the first time on this call, quarterly leasing by RSF across our life science tenant segments to illustrate how the diversity of our tenant base contributed to 1Q '25's solid leasing activity.

具體到 2025 年第一季度，我們在本次電話會議上首次分享了 RSF 在生命科學租戶領域的季度租賃情況，以說明我們租戶群體的多樣性如何促進了 2025 年第一季穩健的租賃活動。

First, biomedical institutions accounted for 10% of life science leasing by RSF. Represented by six different private and public institutions. Across this segment, our tenants have over 7.5 years of average remaining lease term and approximately 80% are investment grade.

首先，生醫機構佔RSF生命科學租賃的10%。由六個不同的私人和公共機構代表。在這一領域，我們的租戶平均剩餘租賃期限超過 7.5 年，其中約 80% 為投資等級。

Next, private biotech, with 12% of Life Science leasing. Venture funding remains steady and was deployed at a similar rate to 2023 and 2024. We capturing strong, well-capitalized private biotech tenants remains a core focus as these companies form the next generation of demand and the next wave of ingenuity.

接下來是私人生物技術公司，佔生命科學租賃的 12%。創投保持穩定，部署速度與 2023 年和 2024 年相似。我們仍將抓住實力雄厚、資金雄厚的私人生技租戶作為核心關注點，因為這些公司構成了下一代需求和下一波創新浪潮。

Moving to multinational pharma at 13% this quarter. As farmer requirements tend to be larger and take a longer time to mature, this number can vary meaningfully from quarter to quarter. Importantly, we continue to see requirements across multiple markets.

本季轉向跨國製藥的比例為 13%。由於農民的需求往往較大，且成熟時間較長，因此這一數字每季之間可能會有顯著差異。重要的是，我們繼續看到多個市場的需求。

Public biotech had a strong quarter at 27% of Life Science leasing, led by our 400 Tech Square lease with Intellia, a leading gene therapy company developing the next generation of treatments for rare disease. Public biotech continues to be a story of haves and have nots, and our mega campuses continue to attract the haves as the Intellia lease and 4Q's lease expansion with backlight and San Carlos demonstrate.

公共生物技術公司在本季表現強勁，佔據生命科學租賃市場的 27%，其中最突出的是我們與 Intellia 簽訂的 400 Tech Square 租賃協議，Intellia 是一家領先的基因治療公司，致力於開發治療罕見疾病的下一代療法。公共生物技術產業仍然是富人和窮人的故事，我們的大型園區繼續吸引富人，正如 Intellia 租賃和 4Q 與 backlight 和 San Carlos 的租賃擴張所證明的那樣。

Last is life science product service and devices at 38% and with a significant direct lease to a commercial contract research organization in research triangle. Over time, this segment may see increasing tailwinds in the US as companies move onshore manufacturing and other capabilities due to recently announced tariffs.

最後是生命科學產品服務和設備，佔 38%，並且與三角研究區的商業合約研究機構有相當大的直接租賃關係。隨著時間的推移，由於最近宣布的關稅，企業將把製造和其他能力轉移到國內，這一​​領域可能會在美國看到越來越多的順風。

Altogether, we continue to monitor the impact of regulatory and economic conditions closely and remain cautiously optimistic with respect to positive announcements. Including onshoring and biomanufacturing, a newly proposed FDA approval pathway for rare disease, steady venture funding and breakthroughs in new potential medicines such as 10 Eli Lilly's recently announced clinical data on a new type of weight loss medicine that would come in a pill.

總而言之，我們將繼續密切關注監管和經濟狀況的影響，並對積極的公告保持謹慎樂觀的態度。包括在岸和生物製造、FDA 新提出的罕見疾病審批途徑、穩定的風險投資以及新潛在藥物的突破，例如禮來公司最近宣布的一種以藥丸形式出現的新型減肥藥的臨床數據。

In the 30 years since Alexandria's founding, the life science industry and our company (technical difficulty) Our focus remains on capturing and retaining the strongest tenants and deepening relationships with our current tenants. To continue to position the portfolio for future growth.

自亞歷山大成立以來的 30 年裡，生命科學產業和我們公司（技術難度）我們的重點仍然是吸引和留住最強大的租戶並深化與現有租戶的關係。繼續為未來成長做好投資組合的定位。

With that, I will turn the call over to Peter.

說完這些，我會把電話轉給彼得。

Thank you, Hallie. The life science industry is a national treasure and critical to a stronger, safer and healthier country. High interest rates and government disruption are not tempering and will not temper the demand for a better quality of life and the life science industry will always be here to meet that demand.

謝謝你，哈莉。生命科學產業是國家的財富，對國家更強大、更安全、更健康至關重要。高利率和政府乾預不會抑制人們對更高品質生活的需求，生命科學產業將永遠滿足這種需求。

Alexandria was created to enable it, and we will always be here to support it. I'm going to discuss our development pipeline, inclusive of the potential impact of tariffs, leasing and supply and update you on the progress of our value harvesting asset recycling program.

亞歷山大的創建就是為了實現這一點，我們將永遠在這裡支持它。我將討論我們的開發管道，包括關稅、租賃和供應的潛在影響，並向您通報我們的價值收穫資產回收計劃的進度。

In the first quarter, we delivered approximately 309,500 square feet of 100% leased Class A plus laboratory space into a high barrier to entry submarkets which will contribute approximately $37 million in incremental net operating income, an additional 1.6 million square feet currently 75% leased or subject to a signed letter of intent, is expected to add another $171 million in annual NOI by the end of 2026.

在第一季度，我們向進入門檻較高的子市場交付了約 309,500 平方英尺的 100% 出租的 A 級以上實驗室空間，這將貢獻約 3700 萬美元的增量淨營業收入，另外 160 萬平方英尺的面積目前已出租 75% 或需簽署意向書，預計到 202677 年底營業收入，202671 億美元的年度淨收入。

The initial weighted average stabilized yield for this quarter's delivery was 6.6%, driven by the solid stabilized yield of 7.5% from our key 285,000 square foot delivery at 230 here at [Tuban Way] in Millbrae which is located in the San Francisco Bay market. This high-quality project with adjacent access to both Caltrain and Bart is fully leased to Icon Therapeutics, a highly disruptive company at the intercept of science and technology founded by prolific drug hunter [Roger Peter], who has been a strategic Alexandria relationship for decades.

本季交付的初始加權平均穩定收益率為 6.6%，這得益於我們位於舊金山灣市場的密爾布雷 [Tuban Way] 230 號主要 285,000 平方英尺交付項目的 7.5% 的穩定收益率。這個高品質的計畫毗鄰加州火車和巴特，全部租給了 Icon Therapeutics，這是一家在科學技術領域極具顛覆性的公司，由多產的藥物獵人 [Roger Peter] 創立，幾十年來一直是亞歷山大的戰略合作夥伴。

Roger is a highly accomplished industry and academic leader who has directed foundational research at Amgen and Merck and served as a professor at the University of Washington and Caltech. Icon under Roger's leadership is integrating the disciplines of data science, engineering, chemistry and biology to discover the next generation of drug candidates.

羅傑是一位非常有成就的行業和學術領袖，曾指導安進和默克的基礎研究，並擔任華盛頓大學和加州理工學院的教授。在羅傑的領導下，Icon 正在整合數據科學、工程、化學和生物學等學科，以發現下一代候選藥物。

They are working with super high resolution microscopes living cells, algorithms and robotics so they can observe therapeutically relevant biology in a way no one has before. Roger knew what he needed robust building infrastructure, coupled with world-class operational excellence to house icon and wanted Alexandria to develop it in closely coordinated fashion.

他們正在研究超高解析度顯微鏡活細胞、演算法和機器人技術，以便能夠以前所未有的方式觀察治療相關的生物學。羅傑知道他需要的是強大的建築基礎設施，加上世界一流的卓越運作來打造標誌性建築，並希望亞歷山大以密切協調的方式進行開發。

Turning to the impact of tariffs on our active development and redevelopment pipeline. Spoiler alert, they are not expected to have a material influence on our yields. At the end of the first quarter, we had approximately $2.4 billion of remaining cost to complete of which $1.3 billion is not subject to a fixed price contract as of the end of quarter. We estimate that 30% to 40% of those costs are for construction materials, such as steel, drywall and HVAC equipment. Assuming 100% of those materials were subject to tariffs we estimate that for every 10% tariff on such materials, our yields would decline by 2.5 basis points to 3.5 basis points.

談談關稅對我們積極的開發和再開發管道的影響。劇透警告，預計它們不會對我們的收益產生實質影響。截至第一季末，我們仍有約 24 億美元的剩餘成本未完成，其中 13 億美元不受截至季末的固定價格合約約束。我們估計，其中 30% 到 40% 的成本用於建築材料，例如鋼材、石膏板和暖通空調設備。假設這些材料 100% 都需繳納關稅，我們估計，這些材料每徵收 10% 的關稅，我們的收益率就會下降 2.5 個基點到 3.5 個基點。

Transitioning to leasing and supply. Alexandria's superior quality location, scale and sponsorship enabled the leasing of 1,030,553 square feet in the first quarter at solid rental rate increases for renewed and release space of 18.5% and 7.5% on a cash basis and the weighted average lease term was very strong at 10.1 years. This is the fifth straight quarter where we've exceeded 1 million square feet of leasing and despite elevated concessions, net effective rents on releasing and renewal space remain positive.

向租賃和供應轉型。亞歷山大優越的地理位置、規模和贊助使得其在第一季租賃了 1,030,553 平方英尺的空間，續租和釋放空間的租金率以現金方式穩步上漲 18.5% 和 7.5%，加權平均租賃期限非常強勁，為 10.1 年。這是我們連續第五個季度租賃面積超過 100 萬平方英尺，儘管優惠幅度有所提高，但釋放和續約空間的淨有效租金仍保持正值。

We have a solid list of prospects for our development and redevelopment projects, but activity for this leasing segment, which is typically driven by expansion requirements remains muted for the moment due to continuing conservatism from life science company management teams and Boards.

我們對開發和再開發專案有著詳盡的前景，但由於生命科學公司管理團隊和董事會的持續保守態度，這一租賃領域的活動（通常由擴張需求驅動）目前仍然低迷。

With respect to competitive supply, it peaked in 2024, and we expect far fewer additions in 2025 and 2026. In Greater Boston, we anticipate 900,000 square feet to be delivered in 2025. Currently, it's 0% pre-leased, and we expect 2.4 million square feet in 2026, that is 46% pre-leased.

就競爭性供應而言，它在 2024 年達到頂峰，我們預計 2025 年和 2026 年的新增供應量將大大減少。在大波士頓地區，我們預計 2025 年將交付 90 萬平方英尺的建築面積。目前，預租率為 0%，我們預計 2026 年將達到 240 萬平方英尺，即預租率為 46%。

San Francisco has 1.1 million square feet of competitive supply scheduled for 2025, and it's currently 21% pre-leased and has no scheduled deliveries in 2026. San Diego expects 700,000 square feet to be delivered in 2025, currently 80% pre-leased and 40 -- I'm sorry, 400,000 square feet to be delivered in 2026, which is 100% pre-leased.

舊金山計劃於 2025 年提供 110 萬平方英尺的競爭性供應，目前預租率為 21%，2026 年沒有預定交付。聖地牙哥預計 2025 年將交付 70 萬平方英尺，目前預租率為 80%，2026 年將交付 40 萬平方英尺，抱歉，是 40 萬平方英尺，目前預租率為 100%。

Although availability in these markets ranges from 20% to 30%, and a meaningful portion of it is what JLL term zombie buildings and their Greater Boston overview from last quarter. Described is likely never to be leased as laboratory because the buildings are either a bad office conversion in an undesirable location and/or building an inexperienced owner, location, quality and sponsorship matter to tenants for their mission-critical infrastructure, and that is why those numbers should be discounted. Much of what is in those numbers is going to be office, not laboratory inventory in the future.

儘管這些市場的可用性在 20% 到 30% 之間，但其中很大一部分是 JLL 所稱的殭屍建築，以及他們上個季度對大波士頓地區的概述。所描述的很可能永遠不會被出租為實驗室，因為這些建築物要么是位置不佳的辦公室改建項目，要么是業主缺乏經驗，位置、質量和讚助對於租戶的關鍵任務基礎設施來說很重要，這就是為什麼這些數字應該打折扣的原因。這些數字中的大部分內容將來將是辦公室庫存，而不是實驗室庫存。

To conclude this section, we would like to report on lease in Cambridge, we feel, reinforces that quality location, scale and sponsorship matter to tenants. During the first quarter, Matemco secured a 580,000 square foot 15-year laboratory office leased with Biogen at their large-scale Volpe site in East Cambridge.

在本節的最後，我們想報告劍橋的租賃情況，我們認為，這強調了優質的地理位置、規模和贊助對租戶的重要性。第一季度，Matemco 與 Biogen 在其位於劍橋東部的 Volpe 大型工廠內租賃了一間面積為 580,000 平方英尺、為期 15 年的實驗室辦公室。

The reported rental rate was $136 triple net with 3% annual increases and a tenant improvement allowance of $310 per square foot reminiscent of economic achieved at the peak of the cycle and illustrative a high-quality tenants' willingness to pay significant rents for high-quality buildings in great locations.

報告的租金為 136 美元三重淨租金，每年增加 3%，租戶改善補貼為每平方英尺 310 美元，這讓人想起週期高峰時期實現的經濟效益，並說明優質租戶願意為優越地段的優質建築支付高額租金。

I'll conclude with our value harvesting asset recycling program. The team continues to be strategic and opportunistic in identifying non-core asset dispositions, including land partial interest sales. To self-fund our high-quality development and development pipeline that is transforming our asset base into predominantly mega campuses, a strategy that positions Alexandria for the long term to capture an even greater share of future demand from the secular growing life science industry.

我將以我們的價值收穫資產回收計劃作為結束語。該團隊繼續採取策略性和機會主義的態度來確定非核心資產處置，包括土地部分權益出售。自籌資金用於我們的高品質開發和開發管道，將我們的資產基礎轉變為以大型校園為主的校園，這項策略使亞歷山大能夠長期佔據長期成長的生命科學產業未來更大份額的需求。

As of the end of the first quarter, we've completed $176 million in dispositions and have another $434 million subject to non-refundable deposits or letters of intent, aggregating to nearly $610 million or approximately 31% of our updated dispositions guidance.

截至第一季末，我們已完成 1.76 億美元的處置，另有 4.34 億美元的不可退還押金或意向書，總計近 6.1 億美元，約占我們更新後的處置指引的 31%。

Highlighting this quarter's value harvesting efforts is the disposition of 13.2 acres of land in the University Town Center submarket of San Diego to a residential developer, which provides $124 million of accretive equity and contributes to rightsizing our land bank.

本季價值收穫努力的亮點是將聖地牙哥大學城中心子市場的 13.2 英畝土地出售給住宅開發商，這提供了 1.24 億美元的增值股權，並有助於優化我們的土地儲備。

Here are the takeaways. We continue to deliver transformative projects and incremental NOI from our pipeline. Tariffs will not create material dilution to our current pipeline projects. We continue to execute solid leasing. Competitive supply deliveries are winding down, and we're making good progress on our asset harvesting and recycling program.

以下是要點。我們將繼續從我們的管道中提供變革性項目和增量 NOI。關稅不會對我們目前的管道項目造成實質的稀釋。我們繼續執行穩健的租賃。競爭性供應交付正在逐漸減少，我們的資產收穫和回收計劃正在取得良好進展。

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

說完這些，我就把電話轉給馬克。

Thank you, Peter. This is Mark Binda, Chief Financial Officer. Hello, and good afternoon to everyone on this call. First, congratulations to the entire Alexandria team for outstanding execution during the quarter and for delivering solid operating and financial results for the first quarter of 2025. Total revenues were up 4% and adjusted EBITDA was up 5% for 1Q '25 over 1Q '24 after removing the impact of dispositions completed since the beginning of 2024.

謝謝你，彼得。我是財務長馬克‧賓達 (Mark Binda)。大家好，電話會議中的各位下午好。首先，恭喜整個亞歷山大團隊在本季度的出色表現以及在 2025 年第一季取得的穩健營運和財務業績。在剔除 2024 年初以來完成的處置的影響後，2025 年第一季的總收入較 2024 年第一季增長 4%，調整後 EBITDA 增長 5%。

FFO per share diluted as adjusted was $2.30 per 1Q '25. As expected, bottom line results were impacted in the short term by the cost of our recently completed non-core asset sales to fund our development and redevelopment pipeline. And our investment in the long-term ground lease at our Alexandria Technology Square campus, both of which we expect to provide significant long-term value for our tenants and our shareholders.

經過調整後的每股攤薄 FFO 為 2025 年第一季 2.30 美元。正如預期的那樣，短期內，我們最近完成的非核心資產出售成本對獲利結果產生了影響，這些成本用於資助我們的開發和再開發專案。我們對亞歷山大科技廣場園區的長期土地租賃進行了投資，我們預計這兩項投資都將為我們的租戶和股東帶來重大的長期價值。

Our solid operating results for the quarter continue to be driven by our highly disciplined execution of our mega campus strategy, tremendous scale advantage, long-standing tenant relationships and operational excellence by our team. 75% of our annual rental revenue comes from our collaborative mega campuses, and we expect to increase this steadily over time.

我們本季穩健的經營業績持續得益於我們嚴格執行大型園區策略、巨大的規模優勢、長期的租戶關係以及我們團隊的卓越營運。我們每年 75% 的租金收入來自我們的合作大型園區，我們預計這筆收入將隨著時間的推移而穩定成長。

We have high-quality cash flows with 51% 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 were strong at 71% for the quarter, represents the third highest quarterly margins reported since 2019.

我們擁有高品質的現金流，其中 51% 的年度租金收入來自投資級和上市大盤租戶，租金收取率保持在 99.9% 的高位，本季度調整後的 EBITDA 利潤率強勁，達到 71%，是 2019 年以來報告的第三高季度利潤率。

As Peter highlighted, our leasing volume continues to be solid with over 1 million square feet leased during the quarter and represents the fifth consecutive quarter over 1 million square feet. We continue to benefit from our tremendous scale, high-quality tenant roster and brand loyalty with 89% of our leasing activity in the quarter coming from our existing deep well of approximately 750 tenant relationships.

正如彼得所強調的，我們的租賃量持續保持穩定，本季租賃面積超過 100 萬平方英尺，這是連續第五個季度租賃面積超過 100 萬平方英尺。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，本季 89% 的租賃活動來自我們現有的約 750 個租戶關係。

We also continue to dominate in our core submarkets, getting more of the deals in many of our submarkets than the next several landlords combined. Rental rate growth for lease renewals and re-leasing of space for the quarter was a solid 18.5% and 7.5% on a cash basis, which is at or above the high end of our guidance ranges for the year.

我們也繼續在核心子市場佔據主導地位，在許多子市場中獲得的交易量比緊隨其後的幾個房東的總和還要多。本季續租和重新租賃空間的租金成長率分別為 18.5% 和 7.5%（以現金計算），達到或超過了我們今年指導範圍的高端。

We continue to achieve very healthy lease terms on completed leases with 10 years on average for the quarter, which is above our historical 10-year average. Tenant improvement and leasing commission costs on renewals and leasing space for the quarter was elevated on a per square foot basis due to one large long-term lease executed at our Alexandria technology square mega campus in Cambridge, excluding this one leasing cost on a gross basis and as a percentage of total rent of the lease term were in line with our five year quarterly averages.

我們繼續實現非常健康的租賃期限，本季已完成的租賃平均期限為 10 年，高於我們歷史上 10 年的平均期限。由於我們在劍橋亞歷山大科技廣場大型園區簽訂了一份大型長期租約，本季度續約和租賃空間的租戶改善和租賃佣金成本按每平方英尺計算有所上升，但不包括這一租賃成本，按總額計算，佔租賃期總租金的百分比與我們五年的季度平均值一致。

Occupancy at the end of the quarter was at 91.7% and which was down 2.9% from the prior quarter. About 2/3 of the decline was related to the 768,000 square feet of lease expirations that were known vacates spread across four submarkets. We discussed these spaces at our Investor Day last year, and it includes both Moderna's move-out of Alexandria Technology Square to the new HQ R&D campus we developed for them at 325 Binney and our single tenant building 409 Illinois and mission-based San Francisco.

本季末的入住率為 91.7%，較上一季下降 2.9%。約有 2/3 的下降與四個子市場的 768,000 平方英尺租約到期且已知空置的面積有關。我們在去年的投資者日上討論了這些空間，其中包括 Moderna 從亞歷山大科技廣場遷出到我們為他們在賓尼街 325 號開發的新的總部研發園區以及我們的單一租戶大樓 409 伊利諾伊和以任務為基礎的舊金山。

The remaining 1/3 represents several smaller spaces spread across multiple markets, of which the two largest spaces in that bucket have been released and are expected to be delivered later in 2025. Overall, for the full 2.9% reduction in occupancy, we're making very good progress on resolving these with about 1/4 of this amount leased with a future delivery date around the end of this year.

剩餘的 1/3 代表分佈在多個市場的幾個較小的空間，其中最大的兩個空間已經釋放，預計將於 2025 年稍後交付。總體而言，對於入住率下降 2.9% 的問題，我們在解決這一問題上取得了非常好的進展，其中約四分之一的房間已出租，並將在今年年底左右交付。

Based upon our current outlook, we reduced the midpoint of guidance for our year-end 2025 occupancy by 70 basis points from 92.4% to 91.7% driven by lower-than-anticipated re-leasing and lease-up of space. Same-property NOI was down 3.1% and up 5.1% on a cash basis for the quarter. As we have highlighted over the last few earnings calls, our 1Q '25 same-property results were impacted by the key 125 lease expirations, which became vacant in 1Q '25, aggregating 768,000 square feet spread across four submarkets. Excluding these properties, our property results would have been flat and up 9% on a cash basis.

根據我們目前的展望，由於空間重新租賃和租賃量低於預期，我們將 2025 年底入住率的中點指導值下調了 70 個基點，從 92.4% 降至 91.7%。本季，同店淨營業收入下降 3.1%，現金淨營業收入上漲 5.1%。正如我們在過去幾次財報電話會議上所強調的那樣，2025 年第一季我們的同類型物業業績受到 125 份關鍵租約到期的影響，這些租約在 2025 年第一季度空置，總計 768,000 平方英尺，分佈在四個子市場。如果不計入這些房產，我們的房產表現將保持平穩，以現金計算則成長 9%。

Also important to note that these spaces expired at the end of January on average. So we would expect an additional decline to the quarterly results next quarter as the impact becomes fully included. The strong cash same property performance for the quarter included the impact of summary rent in 1Q '24 from development and redevelopment projects completed in 2023, and we expect that benefit to go away over the next quarter or two. Our outlook for full year '25 same-property growth has been reduced by 70 basis points and 20 basis points on a cash basis to reflect impact on occupancy over the balance of the year.

另外值得注意的是，這些空間平均在一月底到期。因此，隨著影響完全顯現，我們預計下個季度的季度業績將進一步下降。本季強勁的現金同類房地產表現包括 2024 年第一季 2023 年完成的開發和再開發項目的匯總租金的影響，我們預計這一好處將在未來一兩個季度內消失。我們對 25 年全年同店銷售額成長的預期已下調 70 個基點，以現金計算下調 20 個基點，以反映對全年入住率的影響。

Turning next to general and administrative expenses. At our Investor Day, we outlined a plan to achieve significant savings in G&A costs through various corporate cost-saving initiatives in 2025. G&A costs over the last two quarters have averaged around $32 million per quarter, which represents a 30% savings over the preceding three quarters.

接下來談談一般及行政開支。在我們的投資者日，我們概述了一項計劃，即在 2025 年透過各種企業成本節約舉措大幅節省 G&A 成本。過去兩季的一般及行政費用平均約為每季 3,200 萬美元，比前三個季度節省了 30%。

In addition, our trailing 12 months G&A cost as a percentage of NOI was 6.9% for 1Q '25, which is the best percentage in the last 10 years, Alexandria and is significantly better than the health care index average for last year, which was around 10%.

此外，我們過去 12 個月的 G&A 成本佔 NOI 的百分比（2025 年第一季）為 6.9%，這是亞歷山大過去 10 年來的最佳百分比，並且明顯優於去年醫療保健指數的平均值（約 10%）。

Given the great progress that we've shown over the last two quarters and based upon our current outlook, we've updated the midpoint of our 2025 guidance range for G&A costs to reflect an additional $17 million of cost savings, which now represents an expected $49 million total savings in 2025 G&A compared to 2024. Our updated guidance also implies a run rate for G&A, similar to the first quarter for the balance of the year.

鑑於我們在過去兩個季度中取得的巨大進展，並基於我們目前的展望，我們更新了 2025 年 G&A 成本指導範圍的中點，以反映額外的 1700 萬美元的成本節省，這意味著與 2024 年相比，2025 年 G&A 預計總節省額為 4900 萬美元。我們更新後的指引也暗示了一般及行政費用的運作率，與今年餘額的第一季相似。

With projects under construction and expected to generate significant NOI over the next few years, coupled with our future pipeline projects undergoing important preconstruction activities adding value and focused on reducing the time from lease execution to delivery, we are required to capitalize a significant portion of our gross interest cost.

由於專案正在建設中，預計未來幾年將產生大量的淨利潤，再加上我們未來的管道專案正在進行重要的施工前活動以增加價值，並專注於縮短從租賃執行到交付的時間，我們需要將很大一部分總利息成本資本化。

Capitalized interest as a percentage of gross interest cost was [61%] for 1Q '25 and has declined significantly compared to the two year average of 74% for 2024 and 2023, driven by the completion of our in-process development and redevelopment projects.

2025 年第一季度，資本化利息佔總利息成本的百分比為 [61%]，與 2024 年和 2023 年的兩年平均值 74% 相比大幅下降，這得益於我們正在建造的開發和再開發項目的完成。

Our outlook for capitalized interest for the full year 2025 was reduced by $20 million and primarily relates to future development projects, which are expected to see capitalization in the second half of this year. In addition, there are a few active construction projects, which may no longer qualify for capitalization of interest as construction work, which is critical milestones and may subsequently resume in the future when we advance final construction for delivery of space to prospective tenants. In total, the change to capitalized interest represents approximately $1.4 billion of basis for approximately four months.

我們對 2025 年全年資本化利息的預期減少了 2000 萬美元，主要與未來的開發項目有關，預計這些項目將在今年下半年實現資本化。此外，還有一些正在建造的建設項目，可能不再符合作為建設工程資本化利息的條件，這是關鍵的里程碑，並且可能在我們推進最終建設以向潛在租戶交付空間時在未來恢復。總體而言，資本化利息的變化代表著大約四個月內約 14 億美元的基礎。

Turning next to share buybacks. We updated our sources and uses guidance for acquisitions and other opportunistic of capital, including share buybacks to $250 million at the midpoint to reflect the $208 million purchases completed during the first quarter, with the potential to do more in the future under the right market conditions. As of today, we have approximately $242 million remaining under the plan. authorized by the Board of Directors.

接下來討論股票回購。我們更新了收購和其他機會性資本的來源和用途指導，包括中期將股票回購額提高到 2.5 億美元，以反映第一季度完成的 2.08 億美元購買，並有可能在適當的市場條件下在未來做更多。截至今天，該計劃還剩餘約 2.42 億美元。經董事會授權。

One of the important areas to highlight in this quarter is that we have spent many disciplined years shaping and refining our strong balance sheet to provide flexibility and challenging macroeconomic times like these. Our balance sheet continues to stand out amongst all publicly traded US REITs, and as our corporate credit ratings rank in the top 10% of all publicly traded US REITs, Indeed, the balance sheet is in great shape. We are targeting year-end 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.

本季需要強調的一個重要領域是，我們花了很多年的時間精心塑造和完善我們強大的資產負債表，以提供靈活性並應對像這樣的充滿挑戰的宏觀經濟時期。我們的資產負債表繼續在所有公開交易的美國房地產投資信託基金中脫穎而出，並且我們的企業信用評級在所有公開交易的美國房地產投資信託基金中排名前 10%，因此，我們的資產負債表狀況確實很好。我們的目標是，年底淨債務與調整後 EBITDA 的槓桿率達到 5.2 倍，與過去五年年底槓桿率的平均值一致。

We have tremendous liquidity of $5.3 billion, and we have the longest debt maturity profile among all S&P 500 REITs with the average remaining debt term of 12.2 years and very low debt maturities over the next three years.

我們擁有 53 億美元的巨額流動資金，在所有標準普爾 500 房地產投資信託基金中，我們的債務到期期限最長，平均剩餘債務期限為 12.2 年，未來三年的債務到期期限非常低。

Transitioning next to funding, we are pleased with the execution of our bond deal in February for $550 million of 10-year unsecured bonds at an attractive pricing of 5.5%. We continue to focus on our disciplined funding strategy to recycle capital from dispositions and to minimize the issuance of common stock.

接下來談到融資，我們很高興在 2 月完成了債券交易，以 5.5% 的優惠價格發行了 5.5 億美元的 10 年期無擔保債券。我們將繼續專注於嚴謹的融資策略，回收處置後的資本，並盡量減少普通股的發行。

Since 2019, we've completed more than $9.6 billion of dispositions and partial interest sales. As Peter highlighted, we've made good progress for 2025 with $609 million completed or in process, which represents 31% of the midpoint of our guidance for dispositions and sales of partial interest of $1.95 billion. Land sales and user sales continue to be an important component of the deals completed and in process.

自 2019 年以來，我們已完成超過 96 億美元的處置和部分權益銷售。正如彼得所強調的那樣，我們在 2025 年取得了良好的進展，已完成或正在進行的項目金額為 6.09 億美元，占我們針對部分權益處置和銷售 19.5 億美元指導中位數的 31%。土地銷售和用戶銷售仍然是已完成和正在進行的交易的重要組成部分。

In addition to dispositions, we also expect to fund a meaningful amount of our equity needs in 2025 with retained cash flows from operating activities after dividends of $475 million at the midpoint of our guidance for '25. Our high-quality cash flows continue to support our common stock dividends with a conservative FFO payout ratio of 57% from 1Q '25 and an attractive dividend yield of 5.7% as of the end of 1Q.

除了處置之外，我們還預計在 2025 年透過股息後經營活動留存現金流 4.75 億美元（這是我們 25 年指引的中位數）來滿足我們相當數量的股權需求。我們的高品質現金流持續支持我們的普通股股息，自 2025 年第一季起，FFO 派息率保守為 57%，截至第一季末，股息殖利率具吸引力，為 5.7%。

Over the last five years, realized gains from venture investments included in the FFO per share as adjusted, have averaged approximately $29 million per quarter and our outlook for '25 remains unchanged with a range of $100 million to $130 million, which implies about $29 million per quarter at the midpoint.

在過去五年中，調整後的每股 FFO 中包含的創投實現收益平均每季約為 2,900 萬美元，而我們對 25 年的預期保持不變，仍為 1 億美元至 1.3 億美元，這意味著中點每季約為 2,900 萬美元。

Turning to guidance. The details of our guidance are included on Page 4 of our supplemental package. Our guidance for FFO per share diluted as adjusted was reduced by $0.07 to a midpoint of $9.26 and which puts the revised midpoint at the low end of our initial range for FFO per share results and represents a change of 75 basis points from our initial guidance.

轉向指導。我們的指導細節包含在補充資料的第 4 頁。我們對調整後每股攤薄 FFO 的指導減少了 0.07 美元，至中點 9.26 美元，這使修訂後的中點處於我們每股 FFO 結果初始範圍的低端，與我們最初的指導相比發生了 75 個基點的變化。

Even with this change, our estimate for five year growth in FFO per share diluted as adjusted through 2025 is 27% and which puts us near the top end of the range among the peers and the NAREIT equity health care REIT Index.

即使出現這種變化，我們估計到 2025 年調整後每股 FFO 的五年成長率仍為 27%，這使我們接近同業和 NAREIT 股權醫療保健 REIT 指數的最高水準。

Now I'll turn it over to Joel.

現在我將把話題交給喬爾。

Thank you. And operator, can we go to questions, please?

謝謝。接線員，我們可以提問嗎？

(Operator Instructions)

（操作員指示）

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi, good afternoon. Thank you for taking my question. I was wondering if you could walk us through with the new guidance, does this encompass a worst-case scenario, especially in terms of what could happen in the biotech market, specifically with capital raising or within the range, is there a worst case and best case scenario baked in?

嗨，下午好。感謝您回答我的問題。我想知道您是否可以向我們介紹新的指導方針，這是否包含最壞的情況，特別是就生物技術市場可能發生的情況而言，特別是在融資或在範圍內，是否存在最壞的情況和最好的情況？

Well, before I direct that question to Mark, I'm not sure I fully understand it. What you what do you mean by worst-case scenario? And what in guidance are you looking to ask the question about?

好吧，在我向馬克提出這個問題之前，我不確定我是否完全理解它。你說的最壞情況是什麼意思？您希望在指導中提出什麼問題？

Specifically when it comes to leasing going forward when it comes to the demand and specifically if there's continued cuts when it comes to NIH funding or even further reduction?

具體來說，當涉及未來租賃的需求時，特別是當涉及 NIH 資金是否繼續削減甚至進一步削減時？

Just overall leasing depend, okay, Marc.

只是整體租賃情況取決於，好的，馬克。

Yes. Look, I think the estimate we put out there is our best estimate with the facts that we know today. So it's not the best case, and it's not the worst case. It's really our estimate with the facts that we know today.

是的。聽著，我認為我們根據今天所了解的事實給出的估計是我們最好的估計。所以這不是最好的情況，也不是最壞的情況。這實際上是我們根據今天所了解的事實所做的估計。

Okay. Thank you. And I guess, although you made a comment about quarterly leasing coming from the private biotech, that venture funding is coming in around the same rate at 2023 and 2024. Just given kind of the macro and knowing that a lot of these companies require a lot of capital, do you think that, that pacing of leasing within private biotech is sustainable going forward for '25?

好的。謝謝。我想，儘管您對來自私人生物技術公司的季度租賃發表了評論，但風險投資在 2023 年和 2024 年的流入率大致相同。考慮到宏觀因素，並且知道許多這樣的公司需要大量資金，您是否認為私人生物技術公司的租賃節奏在 25 年內是可持續的？

Well, yes, I mean, I'll ask Hallie to comment, but I think you have to think about venture who have pretty full -- have full funding in many of the big funds that raise large amounts of money over the last year or two, and these funds are generally long-term funds.

嗯，是的，我的意思是，我會請 Hallie 來評論，但我認為你必須考慮那些在過去一兩年內籌集了大量資金的許多大型基金中擁有相當充足的資金的風險投資，這些基金通常是長期基金。

You find today venture folks deploying capital in a, I think, a more judicious fashion and certainly, they did during the boom or rocket years of COVID and looking to put their capital to companies that have significant near-term value inflection milestones. I think that's where things are going much more intensively. But Hallie, you could comment.

我認為，你會發現，如今創投家們正在以一種更明智的方式部署資本，當然，他們在 COVID 的繁榮或火箭般增長的時期也這樣做了，並希望將資本投入到那些在短期內具有重大價值轉折里程碑的公司。我認為事情正在朝著更深入的方向發展。但是 Hallie，你可以發表評論。

Sure. Thanks for the question. Yes, as I mentioned, the quarterly venture capital deployment was similar to what we saw in 2023 and 2024. Venture funds still sit on a significant amount of dry capital. So they do have funding to deploy.

當然。謝謝你的提問。是的，正如我所提到的，季度創投配置與我們在 2023 年和 2024 年看到的類似。創投基金仍擁有大量的淨資本。所以他們確實有資金可供部署。

I think as we've talked about for multiple quarters both venture funds and companies continue to be conservative in how they make these decisions. And I don't think this quarter has changed that. They were already in that mindset, especially last year. And so we continue to see really strong companies with great executive management teams get funding. I think there's just, I would say, a healthy, right, rationalism towards where the dollars are going.

我認為，正如我們多個季度以來所討論的那樣，創投基金和公司在做出這些決策時仍然持保守態度。我認為本季的情況並沒有改變。他們已經有了這種心態，尤其是去年。因此，我們不斷看到擁有優秀執行管理團隊的真正實力雄厚的公司獲得資金。我認為，對於資金的流向，存在著一種健康、正確、理性的態度。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Seth Burgi, Citi.

花旗銀行的塞思‧伯吉 (Seth Burgi)。

Thanks. It's Nick Joseph here with Seth. Joel, I guess in your prepared remarks, you talked about the history of Alexandria. And one of the comments you made is kind of sometimes doing the right thing at the worst time. And so I'm curious what that means for Alexander now. Obviously, you've been through plenty of cycles kind of where we stand today, what is the right thing? And when do you expect to see the payoff from it?

謝謝。我是尼克·約瑟夫，和塞思在一起。喬爾，我想你在你的準備好的演講中談到了亞歷山大的歷史。您說的其中一條就是，有時候我們會在最糟糕的時候做對的事。所以我很好奇這對亞歷山大來說意味著什麼。顯然，您已經經歷了很多週期，就我們今天的處境而言，什麼是正確的事情？您預計什麼時候能看到回報？

Well, I think you can think about that in terms of where the industry is, both in its cycle. We're in the fifth year of a bear market with the biotech indices starting to move down, what, February of '21. So this is fifth year, which is a fairly long duration, although we've seen longer ones. And I think the sentiment toward the industry, at least in the spoken and written world out there is among the most negative that I've seen. But the reality kind of belies that as we talked about through the different agencies, what's going on and the and innovation and new therapies being delivered to patients.

嗯，我認為你可以從行業現狀和週期的角度來考慮這個問題。我們正處於熊市的第五年，生技指數開始下跌，也就是 21 年 2 月。這是第五年，這是一個相當長的時間，儘管我們也見過更長的時間。我認為，至少在口頭和書面世界中，人們對該行業的看法是我所見過的最消極的。但事實並非如此，正如我們透過不同機構所討論的那樣，正在發生的事情以及為患者提供的創新和新療法。

So if you take a page out of the book that we saw in the dot-com bubble burst and the GFC, the aftermath I mentioned, we established a relationship with Alnylam 2003. And today, that company is now a big biotech occupying a huge amount of swath of real estate in Cambridge. And the same is true of Moderna in 2011 when they were founded, we established an early relationship and today have a sizable swap of real estate in Cambridge.

因此，如果你借鑒我們在網路泡沫破滅和全球金融危機中的經驗，以及我提到的後果，我們在 2003 年與 Alnylam 建立了合作關係。如今，該公司已成為一家大型生物科技公司，在劍橋佔據大片房地產。Moderna 也是如此，2011 年該公司成立時，我們就建立了早期合作關係，如今在劍橋進行了大規模的房地產交換。

And so the view is to align ourselves with the most innovative, most disruptive, most impactful companies that are likely to bring near-term therapies and other biomedical products to patients. And so I think rather than back away, we have to think about, and we are doing that doubling down on what we consider to be great innovation.

因此，我們的觀點是與最具創新性、最具顛覆性、最具影響力的公司結盟，這些公司有可能為患者帶來近期的治療方法和其他生物醫學產品。因此，我認為我們不應該退縮，而應該思考，而且我們正在加倍努力實現我們認為的偉大創新。

And at the same time, shaping and we've been doing this now for a handful of years, shaping our asset base into a mega campus, which we consider to be a cluster within a cluster, which is the most attractive platform for any companies at any spectrum of the barbell. Next year, we deliver the R&D headquarters, West Coast headquarters of Bristol-Myers Squibb and our Campus Point.

同時，我們一直在進行塑造，而且我們已經這樣做了好幾年，將我們的資產基礎塑造成一個大型園區，我們認為這是一個集群中的集群，對於任何處於不同層次的公司來說，這都是最具吸引力的平台。明年，我們將交付研發總部、百時美施貴寶西海岸總部和校園點。

So those are the things we're trying to do. And if -- as we see time goes on, there are opportunities for entering new markets, and we've already been incubating a plan on that or doing some interesting acquisition opportunities that we see at the right time. We won't hesitate to do those as we continue to sell off non-core assets and enhance our mega campus ARR percentage -- sorry for the long-winded answer.

這些就是我們正在嘗試做的事情。如果——隨著時間的推移，我們看到有進入新市場的機會，我們已經在醞釀一個計劃，或者在合適的時機進行一些有趣的收購機會。我們會毫不猶豫地這樣做，因為我們會繼續出售非核心資產並提高我們的大型校園 ARR 百分比——抱歉回答得這麼冗長。

No, that was helpful. And then just, I guess, a question on capitalized interest. You mentioned it coming down from 75% to 61%. What's the potential this year in 2025 for more of an adjustment of capitalized versus expensed interest? Or do you think this captures the potential for at least adjustments this year?

不，這很有幫助。然後，我想，這只是一個關於資本化利息的問題。您提到它從 75% 下降到 61%。今年（2025 年）對資本化利息和費用化利息進行更多調整的可能性有多高？或者您認為這至少體現了今年調整的可能性？

Yes. Nick, look, I think the adjustment that we've made is our best estimate at this point. Obviously, next year, we can comment later at our Investor Day. But at least but about the duration of this year. I think we've got pretty good visibility. That's our best guess at this point.

是的。尼克，看，我認為我們所做的調整是我們目前最好的估計。顯然，明年我們可以在投資者日晚些時候發表評論。但至少是今年的持續時間。我認為我們已經獲得了相當好的知名度。這是我們目前最好的猜測。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Alright. Thank you. Joel, last quarter, you talked about, I think, a couple of pockets of demand maybe starting to emerge, and you were pretty optimistic about some messaging you might have on the first quarter call based on what you were seeing then. I mean do you feel like that emerged. Or did things just change quite a bit in the last few months?

好吧。謝謝。喬爾，上個季度，您談到，我認為，一些需求可能開始出現，根據當時看到的情況，您對第一季電話會議上可能傳達的一些訊息非常樂觀。我的意思是，您是否感覺到那已經出現了。還是說在過去的幾個月情況發生了很大變化？

I would say that they haven't changed and stay tuned. I think we continue to see, and Hallie did a good job of describing the multi-faceted demand that we're seeing, given the more muted environment we're in and the pie chart we put out there this time. But I think over the coming few weeks or month or 2, I think we'll have some things that will be viewed as very positive. It's just time just -- it just takes time to do that, but nothing is changing for the negative.

我想說他們沒有改變，請繼續關注。我認為我們會繼續看到，考慮到我們所處的較為低迷的環境以及我們這次發布的餅圖，Hallie 很好地描述了我們所看到的多方面的需求。但我認為在接下來的幾週或一兩個月裡，我們會看到一些被視為非常正面的事情。這只是時間問題——這需要時間，但沒有任何負面變化。

Okay. And then on the disposition side, I mean, you've got $400-and-some-odd million teed up and then a decent amount to go over the balance of the year. Like how do you feel capital markets are holding up? How do you get comfortable that the stuff that's in process will make it through and close? And I guess like what's the buyer pool at -- you mentioned a lot of land. And if it doesn't work for you all, I guess, how it might work for someone else?

好的。然後在處置方面，我的意思是，你已經準備好了 4 億多美元，然後還有相當多的金額可以用於支付今年的餘額。您覺得資本市場表現如何？您如何確保正在進行的工作能夠順利完成並結束？我想問一下買家群體是什麼樣的——您提到了很多土地。如果它對你們所有人都不起作用，我想，它怎麼可能對其他人起作用呢？

Yes. So let me frame it, and then I'll ask Peter to comment. Remember, too, that -- if you look at a number of -- quite a number of our sales over the past 12 months, 15 months, 18 months, we've tried to pivot and redirect some of the land holdings because we'd like to reduce some of those. And Peter cited one of them where we sold a great piece of land in University Town Center resi developers. There's a pretty healthy demand out there for land that we hold in really great locations for highest and best use residential.

是的。因此，讓我將其框起來，然後我會請彼得發表評論。還要記住，如果你看過去 12 個月、15 個月、18 個月的銷售數據，你會發現我們嘗試調整和重新定向部分土地持有量，因為我們希望減少其中的一部分。彼得列舉了其中一個例子，我們向開發商出售了大學城中心的一塊大地。我們持有的位於極佳地段的土地，用於建造最高用途、最佳住宅，市場對此類土地的需求相當旺盛。

And I think you'll continue to see that and that buyer pool has only expanded not shrunk. I think there's still good opportunities and we've done some of it to sell to owner users. And then we do feel that given good quality non-core workhorse assets as Peter is kind of -- in the term -- there still is a buyer pool for that. But Peter, do you want to maybe just Tony some thoughts on that?

我認為你會繼續看到這種情況，而且買家群體只會擴大而不會縮小。我認為仍然存在很好的機會，我們已經做了一些工作來向所有者用戶銷售。然後我們確實覺得，鑑於彼得所說的優質非核心主力資產——就期限而言——仍然有買家群體。但是彼得，你想讓托尼對此有一些看法嗎？

Yes. Look, I'll echo Joel's remarks, and I really think it's a big positive that we've been able to raise funds through reducing our land bank where we feel like they're not to contribute to our mega campus model. We've also been able to sell assets to users. So it's taking it out of a potential competitor's hands. And that's been a significant amount of the sales this year.

是的。聽著，我贊同喬爾的言論，我真的認為，透過減少土地儲備來籌集資金是一件非常積極的事情，因為我們認為這些土地儲備不會為我們的大型校園模式做出貢獻。我們也能夠向用戶出售資產。因此，它將其從潛在競爭對手手中奪走。這是今年銷售額的很大一部分。

And as we look towards what we're going to complete for the rest of the year, there's still more land that we're tying up that the buyer pool there is really residential developers. I've personally worked on a couple of deals myself, there's a voracious appetite for that.

當我們展望今年剩餘時間要完成的工作時，我們仍需要佔用更多的土地，因為那裡的買家實際上是住宅開發商。我個人曾參與過幾筆交易，人們對此有著極大的興趣。

They have capital, and they've got a will to do the entitlements and to get it done. And we think that's a huge positive. So at the end of the day, we'll rightsize our land bank through non-competitive opportunities for the future as those things go residential.

他們有資本，也有意願履行職責並完成任務。我們認為這是一個巨大的正面因素。因此，最終，我們將透過非競爭性機會來調整我們的土地儲備，以備將來這些東西變成住宅時之用。

And then as I look at what we are looking to sell to investors, what we're working on, specifically right now, the audience is private equity. And then peer private equity that doubles in the real estate space by owning assets directly. Then there's private equity that is teamed up with some life science operators that look at some of our non-core assets that need repositioning and are willing to take those on and put in the capital to do so. I recently hosted a sovereign in our offices here. They reiterated to me that they have looked at a lot of different opportunities in life science space with different people.

然後，當我看看我們想要向投資者出售什麼，我們正在做什麼，特別是現在，受眾是私募股權。然後，透過直接擁有資產，同業私募股權在房地產領域的投資翻了一番。然後，私募股權與一些生命科學運營商合作，他們關注我們的一些需要重新定位的非核心資產，並願意接受這些資產並投入資金。我最近在我們這裡的辦公室接待了一位君主。他們向我重申，他們已經與不同的人一起研究了生命科學領域的許多不同機會。

They really want to focus their concentration on acquiring life science assets through us. So there's certainly a customer. They're really excited if we can come back to them with some higher quality, low cap rate assets because that's that -- type of asset that, that particular buyer likes. So we know we've got a customer for that when we're ready to do that. We've also been approach by industrial users for some of our properties. So that's a positive. So overall, if you consider the uncertainty in the market and the lack of capital flows at the time being, I think we're doing really well with our activity.

他們確實希望集中精力透過我們收購生命科學資產。所以一定有顧客。如果我們能夠提供他們一些更高品質、資本化率更低的資產，他們會非常興奮，因為這就是特定買家喜歡的資產類型。因此，當我們準備好這樣做時，我們知道我們已經找到了客戶。一些工業用戶也曾就我們的一些房產與我們接洽。這是積極的。因此，總的來說，如果考慮到目前市場的不確定性和資本流動的缺乏，我認為我們的活動做得很好。

Yes. And Tony, I'd say one other thing, and Peter, thanks for that really good explanation. Something else that we've seen that may give us an additional source of funding that we had not really planned on is we're being approached. We've got over 25 mega campuses on a handful of those mega campuses by resi operators to either ground lease or build on land by land, do any number of things, joint venture critical sites in our mega campuses that would both continue to make it a work-live play location.

是的。東尼，我想說另一件事，彼得，謝謝你們精彩的解釋。我們發現還有另外一些事情可能會為我們帶來額外的資金來源，而我們之前並沒有真正計劃過，有人正在與我們接洽。我們擁有超過 25 個大型園區，其中幾個由住宅營運商運營，可以透過土地租賃或逐塊建設的方式進行，可以做很多事情，在我們的大型園區內合資建設關鍵場地，繼續使其成為一個工作、生活和娛樂的場所。

One of our mega campus is almost 3 million square feet in the aggregate. So they're almost like little mini cities. And I think that's going to give us a really strong boost for both the vibrancy of the mega campus and also additional funding source.

我們的一個大型校園總面積近300萬平方英尺。所以它們幾乎就像小型城市一樣。我認為這將為我們帶來巨大的推動力，既能增強大型校園的活力，又能增加資金來源。

Okay. Thanks for all that.

好的。謝謝你們。

Yes. Thanks, Tony.

是的。謝謝，托尼。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Thanks. Good afternoon. So when you kind of reflect upon this nightmare of fundamental backdrop for the business. And you talked just then about rightsizing your land bank. Do you think that the end game here and the aftermath of all this is to have development be a far lesser percentage of your asset base if it's 20%, 25% of your NAV today, maybe it's significantly less by design, but also because you're selling so much land at the current time. if you could just comment on kind of longer-term view of your development exposure.

謝謝。午安.因此，當您反思這個企業基本背景的噩夢時。您剛才談到了調整土地儲備規模的問題。您是否認為，最終結果和所有這些的後果是，開發佔您資產基礎的比例會大大降低，如果它目前佔您資產淨值的 20% 或 25%，那麼從設計上講，這個比例可能會大大降低，但也是因為您目前正在出售大量的土地。如果您能就您的開發風險的長期觀點發表一下評論的話。

Well, part of that depends on location, Rich. I think locations that are either on or adjacent to the mega campus -- we really don't want to part with those assets. We might partner those in some way or not. But those have been accumulated over a long period of time, and we consider to be AAA locations in the best place on the planet for biotech and life science.

嗯，這部分取決於地點，里奇。我認為，對於大型校園內或毗鄰的地點——我們真的不想放棄這些資產。我們可能會以某種方式與他們合作，也可能不會。但這些都是經過長期累積的，我們認為這些 AAA 地點是地球上最適合生物技術和生命科學的地方。

It's really the other locations and a good example of the land we sold this past quarter, the first quarter in University Town Center, it satisfied and was really part of a big shopping center, it integrated with any mega campus we own, but it was a AAA location great access to transit, great access to retail and resi.

這實際上是其他地點，也是我們上個季度出售的土地的一個很好的例子，即大學城中心的第一季度，它令人滿意並且實際上是一個大型購物中心的一部分，它與我們擁有的任何大型校園融為一體，但它是一個 AAA 位置，交通便利，零售和住宅交通便利。

And that would be in a more boom bull market, that would be a great life science site or even in technologies because Qualcomm and a number of the folks are pretty active in the San Diego area. But given the current -- and I don't -- I wouldn't call it a nightmare is on area. I think it's a -- there's a lot of good things happening, but there is dislocation. And there is giant misperceptions about what actually is going on. But in a boom market, you might hold that for a period of time to build.

那將是一個更繁榮的牛市，那將是一個偉大的生命科學站點，甚至在技術領域，因為高通和許多人在聖地亞哥地區非常活躍。但考慮到目前的情況——我不這麼認為——我不會稱其為該地區的噩夢。我認為——有很多好事發生，但也存在混亂。人們對實際發生的事情存在著巨大的誤解。但在繁榮的市場中，您可能會持有一段時間以進行建設。

But in this kind of a market, we thought it's better to monetize that. which has, as Peter said, accretive use of proceeds rather than hold. And so I think that's how we'll kind of analyze it. I wouldn't use the term of what people are talking about those. We're going to use a scalpel, not a sledgehammer. And I think that's how we'll approach it. But we do think there are significant opportunities to do what we're doing in other locations. And that's on our target list over time as well.

但在這樣的市場中，我們認為最好將其貨幣化。正如彼得所說，它具有收益增值用途，而不是持有。所以我認為這就是我們分析它的方式。我不會使用人們談論這些的術語。我們要用手術刀，而不是大槌。我想這就是我們處理這個問題的方式。但我們確實認為，在其他地方也有很大的機會可以做我們正在做的事情。這也在我們的長期目標清單上。

And just lastly, on the disposition program. What is the percentage of seller financing that you'd expect from that? Is that sort of ramping up or declining as you go through the process this year? Thanks.

最後，關於處置計劃。您預期賣方融資的比例是多少？隨著今年的進程，這種趨勢是上升了還是下降了？謝謝。

Yes, Peter?

是嗎，彼得？

Yes. Last year, there was definitely a few of those that occurred right now, we don't have anything in process for investor sales. that are not land or users, but that could change as we go throughout the year. We're open to it if the terms are right, but I'm not sure it's going to be a requirement to execute.

是的。去年，肯定發生了一些這樣的事情，現在，我們還沒有任何針對投資者銷售的流程。這些不是土地或用戶，但隨著一年的過去，這些可能會改變。如果條件合適，我們願意接受，但我不確定這是否是執行的必要條件。

Okay. Fair enough. Thanks very much.

好的。很公平。非常感謝。

Yes. Thanks, Rich.

是的。謝謝，里奇。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Hi, good afternoon, everyone. Wondering if you could share some comments just around the ad tech piece of your business and if there's anything unique happening in the research triangle?

大家好，下午好。想知道您是否可以分享一些有關您業務的廣告技術部分的評論，以及研究三角區是否有一些獨特的事情發生？

Yes. That's a really good question. And it's kind of strange that the amount of private capital, venture capital going into ad tech from the middle part of last decade to kind of the COVID period went up more than 5x. It may have been well in excess of that, but it was astoundingly large. But then there was kind of a precipitous drop in that once COVID hit and it hasn't really recovered.

是的。這真是一個好問題。奇怪的是，從上個世紀 10 年代中期到新冠疫情期間，投入廣告技術的私人資本和創投的數量增加了 5 倍以上。它可能遠遠超過了這個數字，但它大得驚人。但新冠疫情爆發後，數字急劇下降，至今仍未恢復。

So we still have a very active ag tech tenant base in Research Triangle, a number of companies have moved down there from the Boston area. There's a good talent base, there is venture available. The problem in AgTech these days is really I think twofold. One is there are no exits for private capital, the SPAC market dried up, and we looked at that very carefully.

因此，我們在三角研究園區仍然擁有非常活躍的農業科技租戶基礎，許多公司已從波士頓地區搬到那裡。這裡有良好的人才基礎，有創投機會。我認為，目前農業科技面臨的問題其實是雙重的。一是私人資本沒有退出管道，SPAC市場枯竭，我們對此非常謹慎。

There are really no IPO opportunities over the last handful of years. So that's been a challenge. And then I think the bigger challenge is the handful of half a dozen incumbents that control the distribution, sales, marketing, that whole system, whereas pharma and bio have a much broader palette of participants the ag area has a few incumbents and they just are so dominant it is hard to get in and break through to commercialize the product. So those are the factors that work these days, but we're still active.

過去幾年確實沒有 IPO 機會。所以這是一個挑戰。然後我認為更大的挑戰是少數六家現有企業控制著分銷、銷售、營銷和整個系統，而製藥和生物領域的參與者範圍更廣泛，農業領域只有少數現有企業，而且它們佔據主導地位，很難進入並取得突破以實現產品商業化。這些都是目前有效的因素，但我們仍然很活躍。

And maybe just to jump in here on RT, not on the ad tech side, but on biomanufacturing. Research Triangle has a long history of biomanufacturing and is really an epicenter for that type of talent which is certainly of interest as pharma companies look to strategize around onshoring and biomanufacturing. I do think that the research triangle region is pretty well situated right for ongoing onshoring activities.

也許只是為了加入 RT，不是在廣告技術方面，而是在生物製造方面。三角研究園區在生物製造領域有著悠久的歷史，是這類人才的中心，這無疑引起了製藥公司的興趣，因為製藥公司希望圍繞在岸和生物製造制定策略。我確實認為研究三角區非常適合進行持續的在岸活動。

That's super helpful. It could just involve me for one more question. Back to Nick's question on capitalized interest. And I think in the earlier comments, there was a statement that one of the reasons like declining is there are certain future projects that no longer -- that may no longer qualify, and just wondering if you could just talk a little bit about that statement and exactly what that meant?

這非常有幫助。這可能只會讓我再問一個問題。回到尼克關於資本化利息的問題。我認為在之前的評論中，有一句話說拒絕的原因之一是某些未來項目不再 - 可能不再符合條件，我只是想知道您是否可以稍微談談這句話以及它到底是什麼意思？

Yes. So Marc?

是的。那麼馬克？

Sure. Sure. Yes. So what I was referring to there is we do have one or two projects that are under active construction, which may get to a point where or one in particular, we expect to get to a point where there won't be much left to do absent fitting out the space for a tenant. So we do expect in that particular situation. It's an asset in San Francisco that capitalization of interest would pause until we're ready to resume construction and finish out the space.

當然。當然。是的。所以我指的是，我們確實有一兩個項目正在積極建設中，我們預計這些項目或某個特定的項目可能會發展到除了為租戶裝修空間之外沒有太多工作要做的地步。所以我們確實期待這種特殊情況。這是舊金山的資產，利息資本化將暫停，直到我們準備好恢復建造並完成該空間。

And that was not an initial guidance. It's something that just kind of has been reassessed, which is why guidance was showing somewhat for that line of item?

這並不是最初的指導。這只是某種程度上被重新評估的東西，這就是為什麼指導會對該項目有所顯示？

That was a much smaller portion of the adjustment to cap interest. Most of the adjustment of the $20 million that we changed guidance call it, 70% or so was really on the future land bank. So that was the lion's share of it.

這只是上限利息調整的一小部分。我們改變指導方針的 2000 萬美元調整中，大部分是所謂的 70% 左右，實際上是用於未來的土地儲備。這就是其中最大的份額。

Got you. Thank you very much.

明白了。非常感謝。

You're welcome. Thank you.

不客氣。謝謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Thanks for taking the questions. I guess, Joel, based on just the comments around dispositions. You talked about a sovereign interested on potentially some assets. I'm just wondering like your trading stocks sitting at a 10 cap. There's a huge disconnect between on the private markets where you're kind of saying life sciences is still trading. Would you consider sort of selling kind of $2 billion, $3 billion and doing a big buyback?

感謝您回答這些問題。我想，喬爾，這只是基於對角色的評論。您談到了主權國家對某些資產的潛在興趣。我只是想知道您的交易股票是否處於 10 的上限。在私人市場上存在著巨大的脫節，可以說生命科學仍在交易。您是否會考慮出售 20 億美元、30 億美元的股票並進行大規模回購？

Selling $2 billion or $3 billion of what?

賣20億美元或30億美元的什麼？

Of assets of properties.

資產或財產。

Well, it depends on what they are. But I think the way we're thinking about it is a more measured and careful way to do it. We're continuing to sell land parcels, which are very -- they're accretive to us and our reinvestment of those. We're continuing to sell workhorse non-core assets, and those are -- because those help us further enhance our focus on revenue from the mega campus environment.

嗯，這取決於它們是什麼。但我認為，我們思考這個問題的方式是更加謹慎和謹慎的。我們正在繼續出售土地，這對我們以及我們對這些土地的再投資都非常有利。我們將繼續出售主要的非核心資產，因為這些資產有助於我們進一步加強對大型校園環境收入的關注。

And there may be over time -- and then owner user sales. And then as Peter said, there may be some partial interest sales as well over time. But we're heavily focused on the early earlier ones I talked about. And the guidance we gave for this year is our best judgment about doing that. Whether we go further into asset sales to fund any buybacks. I think that will be determined as we go quarter-to-quarter through this year. And obviously, that's something we're watching our fully in closely.

並且可能隨著時間的推移而出現業主用戶銷售。然後正如彼得所說，隨著時間的推移，可能還會有一些部分利息銷售。但我們主要關注我之前談到的早期問題。我們今年給出的指導是我們對此做出的最佳判斷。我們是否會進一步出售資產來為回購提供資金。我認為，這將在今年逐季度進行的過程中得到確定。顯然，這是我們正在密切關注的事情。

Okay. Fair enough. Just on the credit side. I mean, I guess, in this environment where maybe VCs are a little more hesitant or maybe even publics are having maybe a little bit more difficulty raising. Would you mind just giving us a sense of how you see the current watch list. What's the exposure to private and public that are pre-revenue? It would be help to size that just given the environment.

好的。很公平。只是在信用方面。我的意思是，我想，在這種環境下，創投家可能會更加猶豫，甚至大眾在籌集資金時也可能會遇到更多困難。您介意告訴我們您對目前觀察名單的看法嗎？在獲利之前，私人和公共部門的風險敞口是多少？僅根據環境來確定尺寸就會有所幫助。

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

是的。那麼馬克，你想對此發表評論嗎？

Yes. Look, I would say, we monitor each and every -- well, I'll start with the private companies. We monitor those tenants very carefully. We generally get quarterly financial statements. So we generally have a very good pulse on the funding needs of those companies and certainly try to get ahead of that.

是的。聽著，我想說，我們監控每一個——好吧，我將從私人公司開始。我們非常仔細地監視這些租戶。我們通常會獲得季度財務報表。因此，我們通常非常了解這些公司的融資需求，並且一定會盡力滿足這些需求。

The same is true on the public companies, but those are a lot easier to monitor because their information is public. Just one example of that, Vikram, was we did have a tenant in San Francisco end of '23 that was in a large space, 100,000 feet, and we had been working with that company for several months before they got into trouble, and we were able to backfill that space completely without spending a bunch of money on TIs with another company to take that space.

上市公司也是如此，但由於其資訊是公開的，因此更容易監控。舉個例子，維克拉姆，23 年底我們在舊金山確實有一個租戶，他的空間很大，有 10 萬英尺，在他們陷入困境之前，我們已經與那家公司合作了幾個月，我們能夠完全填補那個空間，而不用花一大筆錢與另一家公司合作來佔用那個空間。

So I think our strategy has always been and will continue to be extremely proactive to try to navigate those types of situations. Failures do happen, that's just a natural part of the business, but I think we've got a uniquely talented team led by Hallie and others that really spend a lot of time meeting with the companies and doing really diligent underwriting.

所以我認為我們的策略一直是並且將繼續是極其積極主動地嘗試應對此類情況。失敗確實會發生，這只是業務的自然組成部分，但我認為我們擁有一支由 Hallie 和其他人領導的獨特才華橫溢的團隊，他們確實花了很多時間與公司會面並進行非常勤勉的承保。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Thanks. Marc, I wanted to circle back on your capitalization comments. And, I guess, specific land parcels that likely stop being capitalized. I guess are these sites that were going through predevelopment work and you're just pausing because you were thinking about going vertical previously and now you're not. And that's the reason why you're start capitalizing those at the end of this year?

謝謝。馬克，我想回顧一下你關於大寫字母的評論。而且，我猜，特定的土地可能會停止資本化。我猜這些網站正在進行前期開發工作，而您只是暫停了，因為您之前考慮過垂直發展，但現在卻不考慮了。這就是您在今年底開始利用這些資金的原因嗎？

Yes. That's right, Michael. We've got about -- if you look at what we capitalized for the last quarter, it's about $4.1 billion of the future land bank, right? And those are across multiple sites somewhere mega campuses, some are not. They're in various different phases of entitlement and design.

是的。沒錯，麥可。如果您看我們上個季度的資本化情況，我們大約有 41 億美元的未來土地儲備，對嗎？有些是跨多個站點的大型校園，有些則不是。它們處於權利和設計的不同階段。

And so the basis that I mentioned that was turning off roughly $1.4 billion. Most of that is part of that future land bank, and it's really situations where we got to a point where we have done and added all the value that we felt like made sense at that point, and we're really just pausing and deciding what to do next, whether that resumes in the future because we get encouraged that there's demand and that we could go forward or whether we sell or whether we continue to hold for another day, it will just depend.

因此，我提到的基礎是關閉約 14 億美元。其中大部分是未來土地儲備的一部分，實際上，我們已經完成並增加了我們認為在當時合理的所有價值，我們實際上只是暫停並決定下一步該做什麼，將來是否會恢復，因為我們受到鼓舞，有需求，我們可以繼續前進，或者我們是否出售或繼續持有一天，這取決於情況。

Okay. Great. Thanks. And then just lastly, Joel, I want to circle back on your comments on the leasing trends. I know in the last quarter, you were pretty positive. And I think you're talking to Tony and you were saying you're still positive on some of those transactions.

好的。偉大的。謝謝。最後，喬爾，我想回到你對租賃趨勢的評論。我知道在上個季度，你表現得相當正面。我認為您正在與托尼交談，並且您說您對其中一些交易仍然持樂觀態度。

I guess is there -- are those being slower on making those decisions right now, and that's kind of why we're a little bit further off in talking about them? Are they just stopping making decisions or slowing down because of the uncertain macro environment?

我想，現在他們做出這些決定的速度是不是比較慢，這就是為什麼我們在談論這些決定時還要再等等？他們是否只是因為不確定的宏觀環境而停止決策或放慢腳步？

Well, I think almost every today, Michael, almost every transaction other than maybe smaller transactions of some size, medium and large are complex and inherently slower. And in today's world, you've got oversight by third parties and boards and other people that their job is to be judicious in making sure that the company is making the best decision and minimizing its risk -- because remember, I guess, like Peter Drucker said, every decision is risky.

嗯，邁克爾，我認為今天幾乎每筆交易，除了一定規模的小額交易、中型交易和大型交易之外，都很複雜，而且本質上速度較慢。在當今世界，公司受到第三方、董事會和其他人的監督，他們的工作是明智地確保公司做出最佳決策並最大限度地降低風險——因為請記住，就像彼得·德魯克所說的那樣，每個決策都是有風險的。

It's a commitment of today's resources to an uncertain and unknown future and the people are taking that very seriously but we're in a different business. We're not in office space where somebody decides, well, okay, we don't need to move to a better place or we don't need to expand. If an R&D group, whether it be biotech pharma product and services needs space mission critical for its business, it has to make a move and do it.

這是將今天的資源投入到不確定和未知的未來，人們對此非常重視，但我們從事的是不同的業務。我們不是在辦公空間裡，有人會決定，好吧，我們不需要搬到更好的地方，或者我們不需要擴張。如果一個研發團隊，無論是生技製藥產品還是服務，需要對其業務至關重要的太空任務，它就必須採取行動並做到這一點。

And that gives us confidence and comfort that at the end of the day, the process, there will be a good outcome. But this is going to be a bumpy year until, as I said, until this tariff thing gets a little bit straightened out in the minds of the American public until the budget and tax bill are done, hopefully, maybe by summer, I think, and maybe the Fed gets a knock on the head and decides to move rates lower. I think that then opens up the possibility of a more normal business environment. But until then, it's just much more cautious, but I still have the same view.

這給了我們信心和安慰，相信最終這個過程會有一個好的結果。但正如我所說，這將是坎坷的一年，直到關稅問題在美國公眾心中得到理順，直到預算和稅收法案出台，希望是在夏天，我想，也許美聯儲會受到打擊並決定降低利率。我認為這為建立更正常的商業環境提供了可能性。但在那之前，只是更加謹慎，但我仍然持有同樣的看法。

Yes, that makes sense. And then just following up real quick. But these -- there's no example of these tenants stopping or canceling their expansion plans is just more of a pause is a better way to --

是的，這很有道理。然後快速跟進。但這些——沒有這些租戶停止或取消擴張計劃的例子，只是暫停是更好的方式--

Well, but I think that -- I'm not sure you can -- I was referring to several specific things that are underway. But if you try to generalize it, every company is different. Every entity is different and they're going to make a decision based on how they see macro and micro in their own circumstance. And so everyone is in just a different decision-making mode and situation. And sometimes, boards are management teams are way more cautious and other times, they're more realistic and business like. So it just kind of depends. So I don't want to generalize too broadly because every situation is so different.

嗯，但我認為——我不確定你是否能——我指的是正在進行的幾件具體的事情。但如果你試圖概括它，那麼每家公司都是不同的。每個實體都是不同的，他們將根據自己對宏觀和微觀情況的看法來做決定。所以每個人的決策模式和情況都不同。有時，董事會和管理團隊會更加謹慎，而其他時候，他們會更加現實和商業頭腦。所以這取決於情況。所以我不想太廣泛地概括，因為每種情況都是不同的。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Yes. Thank you.

是的。謝謝。

Dylan Burzinski, Green Street Advisors.

迪倫·布爾津斯基 (Dylan Burzinski)，Green Street Advisors 的顧問。

Yes. Thanks for taking my questions. I guess just sort of continuing with the theme of the last question. You guys mentioned that negative sentiment towards the industry is as negative as it's been. You guys talked about how expansion requirements are remaining muted for the time being due to that conservatism from company management teams and Boards.

是的。感謝您回答我的問題。我想這只是延續上一個問題的主題。你們提到，對該行業的負面情緒一直很負面。你們談到由於公司管理團隊和董事會的保守態度，擴張需求暫時維持低潮。

But I guess you kind of mentioned tariffs, still higher rates being issues. But I guess are there certain idiosyncratic things across the life science industry that you think is causing more of this conservatism like some of the NH funding cuts FDA uncertainty? Or you sort of -- this environment as more broader US macro related?

但我想您提到了關稅，更高的稅率仍然是一個問題。但我想，您認為生命科學產業是否存在某些特殊情況，導致了這種保守主義的加劇，例如 NH 資金削減和 FDA 的不確定性？或者您認為這種環境與更廣泛的美國宏觀環境更相關？

I think it's both. I think it depends on the investor, but I think it's both. People are worried about macro for the half a dozen reasons I articulated in my comments, and people are worried about the industry because they've never seen the NIH ended before the FDA was kind of just always there and steady. And suddenly, you've got a head of HHS who's a little bit of a bull in a China shop.

我認為兩者都有。我認為這取決於投資者，但我認為兩者兼而有之。人們擔心宏觀經濟，原因我在評論中已經闡述過，人們擔心這個行業，因為他們從未見過 NIH 在 FDA 一直存在且穩定之前就終結。突然間，你就遇到了一位有點像瓷器店裡的公牛一樣的衛生與公眾服務部負責人。

But I do think what's very settling for those of us who are on the ground and doing this work day by day is that the heads of the agencies are really, really solid people, and they're making really good decisions and we know that both from our own direct experience and from people inside.

但我確實認為，對於我們這些每天在一線做這項工作的人來說，非常令人安心的是，各機構的負責人都是非常可靠的人，他們做出了非常好的決策，我們從自己的直接經驗和內部人士那裡了解到了這一點。

And so we're comfortable with that it's not -- I mean people like to try to characterize all this stuff going on as total chaos. I think the tariffs were total chaos, but I don't think what's going on in the agencies now that they're being run directly by the folks hitting it as opposed to HHS somehow or dose directing this or that decision.

因此，我們對此感到滿意，因為事實並非如此——我的意思是，人們喜歡將正在發生的所有這些事情描述為徹底的混亂。我認為關稅政策造成了徹底的混亂，但我不認為現在各機構內部發生了什麼，因為這些機構是由負責制定關稅政策的人直接管理的，而不是衛生與公眾服務部以某種方式或某種方式指導這個或那個決定。

I think that's going to kind of fade in the past, and each will emerge, although as I said, I think CMS is in great shape has got a little bit of repair work doing, but I think they're doing that and the key reviewers are in place and working.

我認為這種情況會逐漸消失，每個情況都會出現，儘管正如我所說，我認為 CMS 狀況良好，需要進行一些修復工作，但我認為他們正在這樣做，並且主要審查者已經到位並開始工作。

And I think the NIH is yet to be seen what's going to happen there. And the investment in the Wuhan lab, which is related to COVID, destroyed a lot of the great reputation the NIH had for decades and decades, but the organization of the NIH is pretty arcane.

我認為 NIH 還不知道那裡會發生什麼。與新冠病毒相關的武漢實驗室的投資，嚴重損害了美國國立衛生研究院幾十年來的良好聲譽，但美國國立衛生研究院的組織結構卻相當神秘。

You've got, what, 27 plus or minus entities all headed by a different CEO, so to speak, as budget authority and decision-making authority, and they all had their own IT teams. So it's almost like having 27 entities under 1. I was on Board of the function for the NIH for more than a decade. So I know a lot about the inside workings and there's a lot of reorganization that can be done. And I think under the last administration, they also went away from best idea wins the grant.

你有大約 27 個實體，每個實體都由不同的 CEO 領導，也就是說，作為預算權威和決策權威，他們都有自己的 IT 團隊。因此，這幾乎就像 1 下有 27 個實體。我擔任 NIH 董事會成員超過十年。因此，我對內部運作非常了解，並且可以進行很多重組。我認為，在上屆政府的領導下，他們也不再堅持讓最佳創意贏得撥款。

And I don't think that's a good idea either. So the NIH remains to be seen, but we don't have we, as a company, have very little exposure to the NIH. We have a small handful of leases. They're fairly good duration, and they're non-cancelable but what happens to their grant-making capability and their extramural investment remains to be seen, and we'll see. And private industry is going to have to pick some of that up as well. I don't know, Hallie, if there's anything else you want to mention about the NIH.

我也不認為這是個好主意。因此，NIH 仍有待觀察，但作為一家公司，我們對 NIH 的接觸很少。我們有少量的租約。它們的期限相當長，而且不可取消，但它們的資助能力和外部投資如何還有待觀察，我們拭目以待。私人企業也必須承擔其中的一些責任。哈莉，我不知道您是否還有什麼關於 NIH 的事情想提一下。

Right. I would just mention that historically, as where the NIH focused on really large national projects that you needed immense coordination. The economic output has just been incredible. The human genome project costs about $3.8 billion between 1990 and 2003. And they estimate that by 2010, the economic impact was nearly $800 billion right? So whether the NIH looks different or is structured in a different way, the importance really is that there's funding going to innovation to ensure that we maintain our global leadership position.

正確的。我只想提一下，從歷史上看，NIH 專注於需要大量協調的大型國家計畫。經濟產出簡直令人難以置信。1990年至2003年間，人類基因組計畫耗資約38億美元。他們估計到 2010 年，經濟影響將接近 8,000 億美元，對嗎？因此，無論 NIH 的外觀或結構有何不同，真正重要的是向創新提供資金，以確保我們保持全球領導地位。

Yes. And remember one thing, and I don't mean to drag this on, but whatever anybody thinks of the President and the current administration, one thing is true, these people are not totally stupid and they are focused on preserving and protecting this industry, which is one of the few remaining crown jewel industries. And when it comes to things like the tariffs, they're really trying to put tariffs on making a distinction between materials coming from friendly countries and unfriendly countries. And what they want to do is bring supply lines back to the US or to safer locations, and I think that's going to benefit this industry greatly.

是的。請記住一件事，我無意拖延此事，但無論任何人如何看待總統和現任政府，有一件事是真的，這些人並不完全愚蠢，他們專注於維護和保護這個行業，這是為數不多的剩餘的皇冠寶石行業之一。當談到關稅等問題時，他們實際上是想透過徵收關稅來區分來自友好國家和不友善國家的材料。他們想要做的是將供應線帶回美國或更安全的地方，我認為這將極大地有利於這個行業。

But people in Congress, bipartisan, whether it's this administration, the last administration, future administrations they're going to want this industry to remain dominant and not allow China to overtake us much like Japan did in the automobile industry. The steel industry went by the wayside. I think people are looking forward to trying to protect this industry as best we can, it's a crown jewel.

但國會兩黨人士，無論是本屆政府、上屆政府或未來的政府，都希望這個產業保持主導地位，而不是讓中國像日本在汽車產業一樣超越我們。鋼鐵業逐漸衰退。我認為人們都期待著盡最大努力保護這個行業，它是皇冠上的寶石。

Great. Well, for sure those comments. Thank you.

偉大的。嗯，肯定是那些評論。謝謝。

Yes.

是的。

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茲 (Peter Abramowitz)，傑富瑞 (Jefferies)。

Yes. Thank you for taking my question. Just wondering, as you have conversations internally, especially, I guess, as it relates to the change in the guidance, certainly, you've outperformed a lot of your markets in terms of occupancy loss, just curious, your internal conversations, do you have a sense of where you think occupancy could bottom in the portfolio, had the time line for how that could happen? And then kind of what you would need to see to start to see an inflection?

是的。感謝您回答我的問題。只是想知道，當您進行內部對話時，我想，特別是因為它與指導的變化有關，當然，在入住率損失方面，您的表現已經超越了許多市場，只是好奇，您的內部對話，您是否知道您認為入住率在投資組合中可能處於底部，是否有可能發生這種情況的時間表？那麼您需要看到什麼才能開始看到轉折點呢？

Yes. So Marc, you could talk about how you analyze occupancy guidance.

是的。那麼馬克，你可以談談如何分析入住率指導。

Yes. We definitely look space by space. I mean I do think that we had a large amount of expirations that came proportionately in the first quarter here, Peter. So I do think that, that was a little unusual that it was that large in a particular quarter. And of course, we knew that we had a couple of big suites coming back to us that will require some time.

是的。我們確實逐一進行觀察。我的意思是，我確實認為我們在第一季度有大量到期合同，彼得。所以我確實認為，在某個特定季度出現如此大的規模是有點不尋常的。當然，我們知道我們有幾個大套房要回來，這需要一些時間。

The couple of projects in that $768,000, many of those -- most of those will take some time to release. So those -- we're not expecting that at least that $768,000 that much of any of that will be delivered this year. So it could be into '26 before we see that stuff both could get leased this year. I would hope that, that would be the case but delivery really not until next year.

這 768,000 美元中的幾個項目，其中許多 — — 大多數都需要一段時間才能發布。因此，我們預計今年不會交付至少 768,000 美元。因此，我們可能要到 26 年才能看到這兩樣東西今年都能租出去。我希望情況確實如此，但交付實際上要到明年。

But beyond that, the stuff that came back this quarter, as we said in the prepared comments, it was a lot of a lot of smaller spaces here and there, and some of those were leased and they're just going to take time to renovate and to deliver to the tenants.

但除此之外，正如我們在準備好的評論中所說，本季出現的情況是這裡和那裡有很多較小的空間，其中一些是租賃的，它們只是需要時間進行翻新並交付給租戶。

Yes, we're seeing a phenomenon very different backdrop, but that we saw during the ballpark on now, we're in a bear market run. But where we have a number of spaces in different locations, which are being eyed for alternative uses, not lab. And so Peter has mentioned and I think we've mentioned on this call and it's certainly been prominent in the press.

是的，我們看到了一種非常不同的背景現象，但正如我們在棒球場上看到的，現在我們正處於熊市之中。但是我們在不同地點擁有許多空間，這些空間正被用於其他用途，而不是實驗室。彼得已經提到過，我想我們也在這次電話會議上提到過，這件事在媒體上也引起了廣泛關注。

If you look at Mission Bay, AI has an open AI, in particular, but AI, in general, has taken a lot of space in that market, in that submarket in a way that if you go back a year or two, you wouldn't have guessed. And so there are a number of users and disciplines outside of lab that are looking at a bunch of our different spaces.

如果你看看 Mission Bay，你會發現人工智慧尤其具有開放性，但總體而言，人工智慧已經在那個市場、那個子市場佔據了很大的空間，如果你回顧一兩年前，你是無法想到的。因此，實驗室外有許多使用者和學科正在關注我們的許多不同空間。

So you could see some of those -- and I'm not speaking about Mission Bay in particular, but more generally, you could see some of those spaces becoming occupied maybe quicker than we would have anticipated given alternative uses.

所以你可以看到其中的一些——我不是特別在談論 Mission Bay，而是更普遍地說，你可以看到其中一些空間被佔用的速度可能比我們預期的其他用途更快。

And we had some of that with big tech taking space in our laboratory developments, which we never imagined back a handful of years ago. So we're seeing that kind of thing, again starting to take hold. So I'd say stay tuned on that as well.

大型科技公司在我們的實驗室開發中佔據了一定空間，這是我們幾年前從未想過的。所以我們看到這種事情又開始盛行。所以我想說，請繼續關注這一點。

Alright. I appreciate your commentary. Thanks for the time.

好吧。我很欣賞你的評論。謝謝你的時間。

Yes. Thank you.

是的。謝謝。

James Kammert, Evercore ISI.

James Kammert，Evercore ISI。

Sorry to make you stay on. Just to clarify, please, some of Mark's comments regarding the interest expense. Is that correct, Marc? I interpret the $20 million plus or minus the revision for '25 is for four months on $1.4 billion. Does that imply an annualized kind of [$56 million] $65 million for '26 of incremental expense?

很抱歉讓您留下來。請澄清一下馬克關於利息費用的一些評論。對嗎，馬克？我認為 2000 萬美元加上或減去 25 年的修訂金額是 14 億美元的四個月的金額。這是否意味著 26 年年度化增量支出將達到 [5,600 萬美元] 6,500 萬美元？

Yes. The numbers I rattled through the -- on average about $1.4 billion for four months, that kind of gets you to that $20 million. That's spread across several projects. So yes, I mean, if the assumption was that we didn't recomment on any of that for a year, the $20 million, you can do the math, that $20 million becomes 3 times that amount, right, to an annualized number. But it's just difficult to predict what next is like, right? A lot of that land is very well located in mega campuses. So hard to predict what the world like come '26 and whether we recommence work on those sites or whether they continue to be shut down.

是的。我快速算了一下數字——四個月平均下來大約 14 億美元，這樣就達到了 2000 萬美元的水平。這涉及多個項目。所以是的，我的意思是，如果假設我們在一年內沒有對任何內容提出建議，那麼 2000 萬美元，你可以算一下，2000 萬美元變成了這個數額的 3 倍，對吧，就是年化數字。但很難預測接下來會發生什麼，對吧？許多土地位於大型校園內，地理位置十分優越。很難預測 26 年世界會是什麼樣子，我們是否會重新開始這些站點的工作，或者它們是否會繼續關閉。

Fair enough. Maybe just finally, circling back to some Hallie and prepared comments regarding the onshoring of pharma manufacturing, et cetera. certainly a positive for the US industry. But do you look back over your long history as an operating company, have you seen where R&D also kind of gets a ramp when more manufacturing is located. In other words, does that stimulate more R&D space, which I think has been more your middle of the fairway tenant demand?

很公平。也許只是最終回到一些 Hallie 並準備好關於製藥製造業本土化等的評論。這對美國工業來說無疑是件好事。但是，您是否回顧一下作為營運公司的悠久歷史，您是否看到當更多的製造地點設在當地時，研發也會得到提升。換句話說，這是否會刺激更多的研發空間，我認為這更符合您對中階租戶的需求？

Yes, Hallie?

什麼事，哈莉？

Sure, yes. I think it depends on the type of manufacturing. So when we're talking about manufacturing chemical ATIs, so most of the medicines will form those are largely. Think of them as more of a chemical refinery type projects, which are not going to be located where our clusters are. However, if you think about more advanced manufacturing, particularly cell therapy, gene therapies those tend to have a much more advanced talent base right, that overlaps with R&D talent, right?

當然，是的。我認為這取決於製造類型。因此，當我們談論製造化學 ATI 時，大多數藥物都會形成這些。把它們想像成更多的化學煉油廠類型的項目，它們不會位於我們的集群所在的地方。然而，如果你考慮更先進的製造業，特別是細胞療法、基因療法，它們往往擁有更先進的人才基礎，與研發人才重疊，對嗎？

And so RT is a good example where many of those employees could be both in -- in a manufacturing site, they were one and the same. So I certainly think it depends on the specific case and what type of manufacturing it is.

因此，RT 是一個很好的例子，其中許多員工可能同時在製造現場，他們是同一個人。所以我當然認為這取決於具體情況以及製造類型。

I just think also broadly speaking, it's just a really important step for our industry to ensure that we have -- we don't have all in really critical medicines, and I think broadly have more investment here in the US and more capabilities in the industry.

我只是認為，從廣義上講，這對我們的行業來說是非常重要的一步，以確保我們擁有——我們並沒有擁有所有真正關鍵的藥物，我認為總體上在美國應該有更多的投資，並在行業中擁有更多的能力。

Alright. Okay. Thank you for all the color. Appreciate it.

好吧。好的。謝謝你帶來的所有色彩。非常感謝。

Thanks, Jim.

謝謝，吉姆。

Thank you. We have no further questions. I would now like to turn the conference back over to Joel Marcus for any closing remarks.

謝謝。我們沒有其他問題了。現在，我想將會議交還給喬爾馬庫斯 (Joel Marcus) 並請他作結束語。

Just to say thank you very much, and we'll look forward to talking to you on the second quarter call. Take care.

只想說聲非常感謝，我們期待在第二季的電話會議上與您交談。小心。

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。