Alexandria Real Estate Equities Inc (ARE) 2025 Q2 法說會逐字稿

Good day, and welcome to the Alexandria Real Estate Equities second-quarter 2025 conference call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加亞歷山大房地產股票 2025 年第二季電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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

現在我想將會議交給投資者關係部的 Paula Schwartz。請繼續。

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission.

謝謝大家，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。

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

現在我想把電話轉給亞歷山大執行主席兼創辦人喬爾馬庫斯。請繼續，喬爾。

Thank you, Paula, and welcome, everybody, to our second-quarter earnings call. With me today are Hallie, Peter, and Marc. And I'd like to start with a quote from Brad Stevens who coached at Butler and the Celtics as most of you know. There is no more important quality in striving for excellence than true grit, a ferocious determination demonstrating resilience, hard work, and passion, clear direction and mission. This so aptly describes the Alexandria team in pursuit to provide the best environments for the best scientific minds, which in turn enhance human health and extend the quality of life for inhabitants on this planet. A profound thank you to this one-of-a-kind team for an impactful second quarter. Disciplined people, disciplined thought, disciplined action built to last.

謝謝 Paula，歡迎大家參加我們的第二季財報電話會議。今天和我一起的有 Hallie、Peter 和 Marc。首先我想引用布拉德史蒂文斯的一句話，正如你們大多數人所知，他曾經執教過巴特勒大學和凱爾特人隊。在追求卓越的過程中，沒有什麼特質比真正的勇氣更重要，這是一種展現韌性、勤奮和熱情、明確的方向和使命的堅定決心。這恰如其分地描述了亞歷山大團隊致力於為最優秀的科學人才提供最好的環境，從而增進人類健康並延長地球居民的生活品質。衷心感謝這支獨一無二的團隊在第二季所做的巨大貢獻。紀律嚴明的人、紀律嚴明的思想、紀律嚴明的行動才能持久。

As I open my first quarter comments, I comment that ARE has been and will continue to be one of the most consequential REITs in the sector's history. Steve Jobs once said, a brand is simply trust. The recent execution of the largest lease in the company's history is a testament to that, and our brand, trust, our unique product quality and value to the client. Trust is the lifeblood of the Alexandria one-of-a-kind brand. This 466,000 square foot lease represents a seminal moment in the history of Alexandria and demonstrates the resilience of our sector showing long-term commitment, long-term lease with a high credit tenant.

在我開始第一季評論時，我評論說 ARE 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。史蒂夫‧賈伯斯曾說過，品牌就是信任。公司最近簽訂的史上最大的租賃合約證明了這一點，也證明了我們的品牌、信任、我們獨特的產品品質和對客戶的價值。信任是亞歷山大獨一無二品牌的命脈。這份 466,000 平方英尺的租賃合約是亞歷山大歷史上具有開創性意義的時刻，體現了我們行業的韌性，顯示了長期承諾、長期租賃以及高信用租戶。

A couple of thoughts on the second quarter before I turn it over to Hallie, then Peter, then Marc. Alexandria continues its solid performance across a wide variety of financial and operating metrics in the face of macro and industry headwinds. A key focal point for the company is the 2027 and beyond stabilization pipeline. We're pleased to report that we're making solid progress on 311 Arsenal, Silvan Road Asset, 1450 Owens, 269 East Grand, and 701 Dexter. Another key focal point is asset sales, and Peter will talk about this in our recycling strategy. We have about $1.1 billion to add to our executable sales pipeline for the next two quarters, and we feel that it is doable given we completed $1.1 billion of sales in the fourth quarter of 2024.

在我將演講交給 Hallie、Peter 和 Marc 之前，我想談談對第二季的一些想法。面對宏觀和行業逆風，亞歷山大在各種財務和營運指標上繼續保持穩健表現。該公司的一個重點是2027年及以後的穩定管道。我們很高興地報告，我們在 311 Arsenal、Silvan Road Asset、1450 Owens、269 East Grand 和 701 Dexter 方面取得了穩步進展。另一個重點是資產出售，Peter 將在我們的回收策略中談論這一點。在接下來的兩個季度中，我們有大約 11 億美元可以添加到我們的可執行銷售管道中，我們認為這是可行的，因為我們在 2024 年第四季度完成了 11 億美元的銷售額。

So in today's current environment, what are we most focused on beside the operating and financial performance? Over the next several quarters, we expect the Fed to finally lower interest rates, which is desperately needed for the capital markets of our industry. We have not seen or heard any major -- if you turn for a moment to the FDA, any major issues from our tenants regarding undue delays, but we're monitoring this item very closely.

那麼在現今的環境下，除了經營業績和財務表現之外，我們最關注的是什麼？在接下來的幾個季度中，我們預計聯準會最終將降低利率，這對我們行業的資本市場來說是迫切需要的。我們還沒有看到或聽到任何重大問題——如果你看一下 FDA，你會發現我們的租戶有任何有關不當延誤的重大問題，但我們正在密切關注此事。

In fact, several of our team members on July 17 attended a meeting with Commissioner Marty Makary where he essentially elucidated his 100-day agenda that was focused on the impact of better food for children as we know, revamping and rethinking how to modernize the FDA to move more efficiently and nimbly, and that is something many of us in the industry have certainly advocated for a long period of time.

事實上，我們團隊的幾位成員於 7 月 17 日參加了與局長馬蒂·馬卡里 (Marty Makary) 的會議，在會上，馬卡里基本上闡明了他的 100 天議程，重點關注我們所知的兒童更好食品的影響，改革和重新思考如何使 FDA 現代化，使其更高效、更靈活地運作，這是我們業內許多人長期以來的事情。

Makary's thoughts were succinct and direct. The FDA is a national treasure. The FDA is strong. We will meet our PDUFA targets. We will add more AI efficiencies. We will listen and talk to people externally. We'll make sure the staff has what they need.

馬卡里的想法簡潔而直接。FDA 是國寶。FDA 很強。我們將實現我們的 PDUFA 目標。我們將增加更多 AI 效率。我們將傾聽並與外界人士交談。我們將確保員工得到他們所需的一切。

We have a phenomenal talent coming in, which was just announced, the appointment of George Tidmarsh, to be the Director of the Center for Drug Evaluation and Research, and we will be making, and the FDA, exciting new announcements on talent who are motivated by the incredible tradition of the FDA. So that's very, very hopeful thinking.

我們迎來了一位傑出的人才，我們剛剛宣布任命喬治·蒂德馬什 (George Tidmarsh) 為藥物評估和研究中心主任，我們和 FDA 將發布令人興奮的新公告，宣布那些受到 FDA 卓越傳統激勵的人才。這是非常非常有希望的想法。

When it comes to tariffs, in theory, tariffs should not have huge impact on the innovation biopharma ecosystem mostly because of the low cost of goods sold relative to other industries like hardcore manufacturing. However, commonly used transfer pricing schemes may more heavily expose large pharma companies to tariffs. Tariff impacts on biopharma may be muted as many levers exist to reduce the impacts. Pharma could end up being exempt. IP reshoring, trading companies as manufacturing intermediaries, of course, moving more manufacturing back to the US, and increased drug pricing issues.

談到關稅，理論上，關稅不應該對創新生物製藥生態系統產生巨大影響，主要是因為相對於硬核製造業等其他產業而言，其商品銷售成本較低。然而，常用的轉讓定價方案可能會使大型製藥公司面臨更大的關稅風險。由於存在多種手段可以減少關稅對生物製藥的影響，因此關稅對生物製藥的影響可能較小。製藥業最終可能會獲得豁免。智慧財產權回流，貿易公司作為製造業中介，當然，更多的製造業轉移回美國，並增加了藥品定價問題。

When it comes to -- so we talked about the FDA in a moment, tariffs a moment. When it comes to drug pricing in most favored nations, the so-called MFN, this isn't new. It was introduced during the first Trump term but ultimately was rescinded by Biden when he came to office following legal challenges. The impact appears constrained based on currently available details. We know that some manufacturers are moving direct sales to consumers, and this would provide commercial tailwinds especially in certain segments such as obesity drugs and the like.

說到——我們一會兒談論 FDA，一會兒談論關稅。對於最惠國（即所謂的 MFN）藥品定價來說，這並不是什麼新鮮事。該法案是在川普第一任期內提出的，但最終在拜登上任後因法律挑戰而被廢除。根據目前掌握的詳細信息，其影響似乎受到限制。我們知道一些製造商正在轉向直接向消費者銷售，這將帶來商業順風，特別是在減肥藥物等某些領域。

Key details remain unclear, and we know there is negotiations going on being, we believe, chaired by Dr. Oz of CMS. And the market reaction so far suggests limited concern. I think when we think about this in summary, there are reasons to be optimistic. Fears of spending cuts and changes at HHS may be substantially overblown. Onshoring of R&D can provide a tailwind for Life Science sector. Public markets move in cycles, macro events will eventually dissipate, and the markets will stabilize. And M&A consolidation is instrumental for a healthy biopharma ecosystem.

關鍵細節仍不清楚，但我們知道正在進行談判，我們相信談判由 CMS 的奧茲博士主持。迄今為止，市場反應顯示擔憂有限。我認為，當我們總結一下時，我們有理由感到樂觀。人們對衛生與公眾服務部 (HHS) 削減開支和進行改革的擔憂可能被誇大了。研發在岸可以為生命科學領域帶來助力。公開市場呈現週期性波動，宏觀事件最終會消散，市場將趨於穩定。併購整合對於健康的生物製藥生態系統至關重要。

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, everyone. This is Hallie Kuhn, SVP of Life Science and Capital Markets. Today, we will provide an update on the strength of the Life Science industry, an industry that remains critical to the health and safety of the US, driven by a resilient and dogged effort to address the 90% of diseases, that to this day, remain untreated by medicine. Overall, once again, the leasing stats we are about to walk through reflect the importance of the diversity of our tenant base which drove over 80% of our 2Q leasing by volume.

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。今天，我們將介紹生命科學產業的最新實力，該產業對美國的健康和安全仍然至關重要，其驅動力是堅持不懈地努力解決迄今仍無法透過藥物治療的 90% 的疾病。總體而言，我們即將看到的租賃統計數據再次反映了租戶群體多樣性的重要性，這推動了我們第二季租賃量的 80% 以上。

Starting with private biotechnology companies, which represented 30% of overall leasing for the quarter, Life Science venture funding remained steady with nearly $22 billion deployed in the first half of the year. Financings were predominantly later stage as seed stage financing took the back burner to more derisked technologies closer or already in human studies. The result is fewer, albeit larger financings, as investors focus on select but in their minds more certain opportunities. This cohort of companies remains highly disciplined with respect to leasing decisions. However, the companies that are being funded and are expanding are extremely high quality and form a solid foundation for future growth.

從私人生物技術公司開始，它們佔本季整體租賃的 30%，生命科學創投保持穩定，今年上半年部署了近 220 億美元。融資主要集中在後期階段，因為種子期融資被更接近或已經進入人體研究的低風險技術所取代。結果是，儘管融資額增加了，但融資額卻減少了，因為投資者把注意力集中在精選的、但在他們心中更確定的機會上。這批公司在租賃決策方面仍保持著高度的自律性。然而，獲得資助並正在擴張的公司品質極高，為未來的成長奠定了堅實的基礎。

Moving on to publicly traded biotechnology companies. This segment represented just under 1/4 of our leasing for the quarter, of which over 95% consisted of new leases. This cohort continues to be dominated by have and have nots, with select companies with high-quality data and teams driving leasing and demand. The broader picture for public biotech equities remains tough with not a single biotech IPO in the second quarter.

轉向公開交易的生物技術公司。這一部分佔本季租賃總額的近四分之一，其中超過 95% 為新租賃。這一群體仍然由富人和窮人主導，少數擁有高品質數據和團隊的公司推動租賃和需求。公共生技股票的整體前景依然嚴峻，第二季沒有一家生技公司進行 IPO。

Given the broader risk-off environment, we are not likely to see the biotech public equity markets open meaningfully until interest rates subside. Notably, biomedical institutions represented 22% of leasing this quarter. Leasing was driven by a significant new lease from a well-endowed investment-grade public institution demonstrating that lab space remains critical to institutions operations.

鑑於更廣泛的避險環境，在利率下降之前，我們不太可能看到生物技術公開股票市場有意義地開放。值得注意的是，生醫機構佔本季租賃總額的22%。租賃業務的推動因素是一家資金雄厚的投資級公共機構簽訂的重要新租約，顯示實驗室空間對於機構運作仍然至關重要。

Importantly, the budget for the NIH remains the same as last year's levels under a continuing resolution. And while the White House has proposed significant budget cuts, there remains substantial bipartisan support to mean the current or at least close to current levels of funding. For context, approximately 80% of NIH funding is for external institutions, lending work and supporting local economies in all 50 states.

重要的是，根據一項持續決議，NIH 的預算與去年的水平保持不變。儘管白宮已提議大幅削減預算，但兩黨仍大力支持維持當前或至少接近當前的資金水準。具體來說，NIH 約 80% 的資金用於外部機構、借貸工作和支持所有 50 個州的當地經濟。

One additional point of clarification. While NIH funding is one of several funding sources for biomedical institutions, few, if any, of our private and public biotech tenants rely on NIH funding. Last, large pharma represented 5% of leasing for the quarter, not including our recently announced long-term lease with a top 20 pharma for 467,000 square feet on our Campus Point mega campus in San Diego, signed at the beginning of the third quarter. Pharma generally remains buffered from short-term volatility given significant cash flows and a long-term strategic outlook on generating innovative medicines. Their success ultimately comes down to talent and accessing the best innovation.

另外需要澄清一點。雖然 NIH 資金是生物醫學機構的幾個資金來源之一，但我們的私人和公共生物技術租戶中很少有人依賴 NIH 資金。最後，大型製藥公司佔本季租賃總額的 5%，這還不包括我們最近宣布的與一家排名前 20 的製藥公司在聖地亞哥 Campus Point 大型園區簽訂的 467,000 平方英尺的長期租約，該租約於第三季度初簽署。由於擁有大量現金流和對創新藥物生產的長期策略展望，製藥業通常能夠抵禦短期波動。他們的成功最終歸功於人才和獲得最佳創新。

As the recently announced lease reflects, positioning their R&D in an Alexandria mega campus is highly strategic to these goals. To round out industry stats, two tailwinds we are monitoring through the second half of the year. First is an acceleration of M&A with acquisitions through the first half of this year, eclipsing all of M&A in 2024. M&A is a significant positive for the entire biotech industry, recycling and incentivizing capital back into new companies.

正如最近宣布的租約所反映的那樣，將其研發中心定位在亞歷山大大型園區對於這些目標具有高度戰略意義。為了完善行業統計數據，我們將在今年下半年監測兩個順風因素。首先是併購加速，今年上半年的收購數量將超過 2024 年的所有併購數量。併購對整個生技產業來說是一個重大利好，可以回收並激勵資本重新回到新公司。

It's a virtuous cycle we have seen occur over and over and over again. Examples include AbbVie's acquisition of a company called Capstone an early clinical stage company developing novel mRNA therapies for autoimmune diseases such as severe lupus, signaling that pharma is ready and willing to buy cutting-edge science.

這是我們一次又一次看到的良性循環。例如，艾伯維 (AbbVie) 收購了一家名為 Capstone 的公司，這是一家早期臨床階段公司，致力於開發針對嚴重狼瘡等自體免疫疾病的新型 mRNA 療法，這表明製藥公司已經準備好並願意購買尖端科學。

Second is the abundance of biopharma licensing dollars flowing into private and public biotechs. These are deals where by large pharma licenses specific programs from smaller companies as opposed to a full-fledged acquisition. In the first half of this year, $113 billion in biopharma licensing deals were announced, which compares to $187 billion for the full year 2024. This is an important dynamic to highlight because it enables smaller companies to access additional capital and pharma resources when venture or public equity capital becomes more dilutive or challenging to raise. Both the life science sector and Alexandria remain resilient in the face of an uncertain macroeconomic environment.

第二是大量生物製藥授權資金流入私人和公共生物技術公司。這些交易是指大型製藥公司從小型公司獲得特定項目的許可，而不是全面的收購。今年上半年，宣布的生物製藥許可交易總額為 1,130 億美元，而 2024 年全年的總額為 1,870 億美元。這是一個值得強調的重要動態，因為當創投或公共股權資本變得更具稀釋性或更難籌集時，它使小公司能夠獲得額外的資本和製藥資源。面對不確定的宏觀經濟環境，生命科學領域和亞歷山大都保持著韌性。

By retaining and securing high-quality tenants today, we continue to lay the groundwork for long-term growth. It will be underpinned by the robust biopharma ecosystem; their tremendous ingenuity we are seeing in science, technology, and medicine; and the broader need to address the 9 out of 10 diseases and conditions that don't have safe and effective treatments today.

透過保留和確保當今的高品質租戶，我們將繼續為長期成長奠定基礎。它將以強大的生物製藥生態系統、我們在科學、技術和醫學領域看到的巨大創造力以及解決目前 90% 無法安全有效治療的疾病和病症的更廣泛需求為基礎。

With that, I will pass it over to Peter.

說完這些，我會把它交給彼得。

Thank you, Hallie. I hope you all saw our recent press releases, and I'll discuss the seminal multinational pharma lease in a bit. But I want to first congratulate our team for their superb operational excellence and winning our first International Building of the Year Award for 8 Davis Drive, 150,000-square-foot premiere research and development building in the heart of our Alexandria Center for Advanced Technologies mega campus in the Research Triangle. This achievement highlights the quality of the workplaces we deliver to our tenants. And while our mega-campus platform is a strategically important strength, it's also important to recognize the high-quality buildings that proliferate throughout the core of our asset base. In life science real estate, a flight to quality means a flight Alexandria.

謝謝你，哈莉。我希望你們都看到了我們最近的新聞稿，稍後我將討論具有開創性的跨國製藥租賃。但我首先要祝賀我們的團隊，他們出色的營運能力贏得了我們的第一個年度國際建築獎，該建築位於戴維斯大道 8 號，是位於亞歷山大先進技術中心大型園區中心的 150,000 平方英尺的頂級研發大樓。這項成就凸顯了我們為租戶提供的工作場所的品質。雖然我們的大型校園平台具有重要的策略優勢，但同樣重要的是要認識到我們資產基礎核心中不斷湧現的高品質建築。在生命科學房地產領域，追求品質意味著飛向亞歷山大。

I'm going to discuss our development pipeline, leasing, and supply, and provide an update on the progress of our value harvesting and asset recycling program. In the first quarter, we delivered approximately 218,000 square feet of 90% leased Class A-plus laboratory space into our high barrier-to-entry submarkets, which will contribute approximately $15 million in annual incremental net operating income. The initial weighted average stabilized yield for this quarter's deliveries was 6.6%, which was driven by a 100-basis-point improvement in yield at our One Alexandria Square mega campus in Torrey Pines which was the result of achieving higher rental rates than previously underwritten and a 4.7% reduction in construction costs.

我將討論我們的開發管道、租賃和供應，並提供我們的價值收穫和資產回收計劃的進度。第一季度，我們向高進入門檻的子市場交付了約 218,000 平方英尺的 A 級以上實驗室空間，其中租賃率達 90%，這將為年度增量淨營業收入貢獻約 1,500 萬美元。本季交付的初始加權平均穩定收益率為 6.6%，這是由於我們位於 Torrey Pines 的 One Alexandria Square 大型園區的收益率提高了 100 個基點，這是由於實現了高於先前承保的租金率以及建築成本降低了 4.7%。

So you've already heard the big news in the press release and from Joel and Hallie before me, but I wanted to talk a little bit about the multinational pharmaceutical lease that was the largest in our company's history. What I wanted to point out is that, that opportunity really aligns well with the ongoing development we have going on at the same campus with Bristol-Myers. And it really illustrates that our mega-campus platform is perfectly positioned to capture these opportunities by offering essential expansion space in premium amenities that support the recruitment and retention of key talent required to drive future scientific advancements. So I'll transition to leasing and supply.

所以，你們已經在新聞稿中以及在我之前從喬爾和哈莉那裡聽說了重大新聞，但我想談談我們公司歷史上最大的跨國製藥租賃。我想指出的是，這個機會與我們與百時美施貴寶在同一園區進行的持續發展非常契合。這確實表明，我們的大型校園平台完全有能力抓住這些機遇，透過提供優質設施中必要的擴展空間，支持招募和留住推動未來科學進步所需的關鍵人才。因此我將轉向租賃和供應。

In the second quarter, we leased approximately 770,000 square feet with leasing spreads of 5.5% and 6.1% on a cash basis. We were very pleased that tenant improvements and leasing commissions on renewals were down 40% compared to previous two quarters, and although free rent was elevated, it enabled us to secure a relatively high average duration of 9.4 years. The lease duration was also healthy for developed and redeveloped and previously vacant space at 12.3 years. One key result of the quarter we'd like to highlight is that our focused effort on development and redevelopment leasing has started to gain traction.

第二季度，我們租賃了約 77 萬平方英尺的空間，租賃利差為 5.5% ，現金租賃利差為 6.1%。我們非常高興地看到，租戶改善和續約的租賃佣金與前兩個季度相比下降了 40％，儘管免租金有所提高，但這使我們能夠確保 9.4 年的相對較高的平均期限。已開發、再開發和先前空置空間的租賃期限也較為健康，為 12.3 年。本季我們要強調的一個關鍵成果是，我們在開發和再開發租賃方面的重點努力已開始取得進展。

With 131,768 square feet leased during the quarter, including the first lease signed at 701 Dexter in Seattle and continued leasing progress at 99 Coolidge in Watertown. Another key leasing item we'd like to update you on is the progress on the 786,000 square feet of lease rolls, we identified in the third quarter 2024 supplemental, which had a weighted average expiration date of January 21, 2025. We've leased 20% of the space and have serious prospects for another 30% plus that would resolve approximately half of it in the near term when we execute on it and we are confident that we will.

本季租賃面積達 131,768 平方英尺，其中包括在西雅圖 Dexter 701 號簽署的第一份租約以及在沃特敦 Coolidge 99 號繼續進行的租賃工作。我們想向您通報的另一個關鍵租賃項目是 2024 年第三季補充報告中確定的 786,000 平方英尺租賃卷的進度情況，其加權平均到期日為 2025 年 1 月 21 日。我們已經租賃了 20% 的空間，並且有希望租賃另外 30% 以上的空間，如果我們執行該計劃，那麼短期內就能解決大約一半的問題，我們有信心做到這一點。

Moving to competitive supply. In Greater Boston, two competitive projects, one in the Fenway and one in Austin, totaling approximately 565,000 square feet were delivered completely vacant. This reduced the remaining expected for 2025 delivery to 300,000 square feet which is unleased. The 2.5 million square feet expected to deliver in 2026 remains 2/3 pre-leased. In San Francisco, two competitive projects were delivered, one in Menlo Park and one in Millbrae, reducing the space expected for 2025 delivery to 700,000 square feet, which is 32% pre-leased. No additional supply is expected to be delivered after this year.

轉向競爭性供應。在大波士頓地區，兩個競爭性項目，一個位於芬威，一個位於奧斯汀，總面積約 565,000 平方英尺，已完全空置交付。這使得預計 2025 年交付的剩餘面積減少至 30 萬平方英尺，目前尚未出租。預計 2026 年交付的 250 萬平方英尺建築面積目前仍有 2/3 已被預租。在舊金山，有兩個競爭項目交付，一個在門洛帕克，一個在密爾布雷，預計 2025 年交付的空間減少到 70 萬平方英尺，預租率為 32%。預計今年之後不會再提供額外供應。

And in San Diego, Alexandria delivered 119,000 square feet of fully leased space at One Alexandria Square and Torrey Pines, as I mentioned. And approximately 120,000 square feet of unleased competitive space remains to be delivered here in the second half of the year. And I want you to note that last quarter, I mistakenly said 700,000 square feet was to be delivered in 2025, but that was actually the total amount to be delivered in '25 and '26. The 400,000 square feet expected to be delivered in 2026 is 100% pre-leased.

正如我所提到的，在聖地亞哥，亞歷山大在亞歷山大廣場一號和托里松樹提供了 119,000 平方英尺的完全租賃空間。這裡還有大約 12 萬平方英尺的未出租競賽空間有待今年下半年交貨。我想讓你注意，上個季度，我錯誤地說 2025 年將交付 70 萬平方英尺，但這實際上是 25 年和 26 年交付的總面積。預計 2026 年交付的 40 萬平方英尺建築面積目前已 100% 預租。

I'll conclude with our value harvesting asset recycling program. Our dispositions and sales of partial interest will be heavily weighted towards the fourth quarter. We closed on approximately $84 million in asset sales in the second quarter. Included in those sales were 2425 Garcia Avenue and 2400 and 2450 Bayshore Parkway, a set of vacant buildings in our Greater Stanford submarket that were primarily improved as offices and had been highly leased for several years prior to COVID. In addition, we sold an attractive 16.5 acre land site in Texas, we did not anticipate developing in the near to medium term. To date, dispositions and our share of non-core pending dispositions amount to $785.4 million, approximately 36% and of these dispositions consist of land, 52% are unstabilized improved properties, and 12% are stabilized improved properties.

我將以我們的價值收穫資產回收計劃作為結束語。我們的部分權益處置和銷售將主要集中在第四季。我們在第二季完成了約 8,400 萬美元的資產銷售。這些銷售包括加西亞大道 2425 號和灣岸大道 2400 號和 2450 號，它們是大斯坦福子市場的一組空置建築，主要被改造成辦公室，在新冠疫情爆發前的幾年裡租賃率很高。此外，我們出售了位於德克薩斯州的一塊 16.5 英畝的土地，但我們預計近期或中期內不會進行開發。迄今為止，處置金額和我們持有的非核心待處置份額已達 7.854 億美元，約佔 36%，其中處置金額為土地，52% 為不穩定改良財產，12% 為穩定改良財產。

The current identified non-core asset pool that is being marketed or will soon be marketed comprises 25% land, 52% unstabilized properties, and 24% stabilized properties. We expect to achieve a weighted average cap rate on our non-core projected dispositions and partial interest sales, including non-stabilized operating properties in the range of 7.5% to 8.5%. The buyer pool for our closed and pending dispositions includes residential developers, municipalities, a healthcare system, local commercial investor operators, domestic and international private equity, users, universities, and domestic core funds. Here are the key takeaways.

目前已確定的正在出售或即將出售的非核心資產池包括25％的土地、52％的非穩定資產和24％的穩定資產。我們預期非核心預期處分和部分權益銷售（包括非穩定經營性資產）的加權平均資本化率將在 7.5% 至 8.5% 之間。我們已完成和待處置的買家群體包括住宅開發商、市政當局、醫療保健系統、當地商業投資者營運商、國內外私募股權、用戶、大學和國內核心基金。以下是關鍵要點。

First, we continue to deliver transformative projects and incremental NOI from our pipeline. Second, our focused efforts to catalyze development and redevelopment leasing have gained traction. Third, we are making great progress on resolving the 768,000 square feet of move-outs that rolled at the end of 2024 and in the first quarter of '25. And fourth, further material progress on our asset recycling program will be heavily weighted towards the end of the year.

首先，我們繼續從我們的管道中提供變革性項目和增量 NOI。第二，我們致力於促進開發和再開發租賃的努力已取得成效。第三，我們在解決 2024 年底和 2025 年第一季發生的 768,000 平方英尺的搬離問題上取得了重大進展。第四，我們的資產回收計畫將在年底前取得進一步的實質進展。

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

說完這些，我就把它交給馬克。

Thank you, Peter. This is Marc Binda, Chief Financial Officer. Hello, and good afternoon to everyone on this call. I plan to walk through our performance and outlook and provide greater detail around the disciplined steps we've taken and will continue to take across the portfolio and the pipeline to bolster our strong balance sheet you manage through this period in order to emerge in a position of strength to support our future.

謝謝你，彼得。我是財務長馬克‧賓達 (Marc Binda)。大家好，電話會議中的各位下午好。我計劃介紹我們的業績和前景，並更詳細地介紹我們已經採取的嚴謹措施，並將繼續在整個投資組合和渠道中採取這些措施，以增強我們在這一時期管理的強勁資產負債表，從而佔據有利地位，支持我們的未來。

First, a big congratulations to the entire Alexandria team for outstanding execution during the quarter and for completing the largest lease in the history of the company earlier this month. Second, our team delivered solid per share results for the quarter. Please refer to our earnings release for our EPS results. FFO per share diluted as adjusted was $2.33 for 2Q '25, up 1.3% compared to the prior quarter. and included the positive impact from the recent development deliveries in San Francisco and San Diego. Occupancy at the end of the quarter was at 90.8%, which was down 90 basis points from the prior quarter. With 75% of our annual rental revenue coming from our highly distinguished mega campus platform, we continue to outperform the rest of the market on occupancy in our biggest three markets.

首先，熱烈祝賀整個亞歷山大團隊在本季度的出色表現以及本月早些時候完成公司歷史上最大的租賃。其次，我們的團隊在本季實現了穩健的每股業績。請參閱我們的收益報告以了解我們的每股收益結果。2025 年第二季調整後每股 FFO 為 2.33 美元，較上一季成長 1.3%。其中包括近期舊金山和聖地牙哥開發案交付帶來的正面影響。本季末的入住率為 90.8%，較上一季下降了 90 個基點。我們 75% 的年度租金收入來自於我們卓越的大型校園平台，我們在三大市場的入住率繼續領先其他市場。

We are reiterating our prior guidance for year-end 2025 occupancy at 90.9% to 92.5%. An important note about our occupancy guidance is that we have 669,000 square feet or about 1.7% occupancy of leased but not yet delivered space, which will positively impact our occupancy in early 2026 on average upon delivery. In addition, our year-end occupancy guidance assumes around a 2% benefit from assets with vacancy, which are expected to be sold of which about 1/3 of that is subject to a signed purchase and sale agreement.

我們重申先前的預測，即 2025 年底入住率將達到 90.9% 至 92.5%。關於我們的入住率指導的重要說明是，我們擁有 669,000 平方英尺或約 1.7% 的已租賃但尚未交付的空間，這將對我們 2026 年初交付時的平均入住率產生積極影響。此外，我們的年底入住率指引假設空置資產的收益約為 2%，預計這些資產將被出售，其中約 1/3 需要簽署買賣協議。

Next on same property. Same property NOI was down 5.4% and up 2% on a cash basis for the quarter. Included in 2Q '25 same-property results is the full impact from the 768,000 square feet of leases spread across four projects that expired on average in late January 2025 that are now fully included in the 2Q results. We continue to make good progress with these four projects, as Peter just highlighted, with 20% leased with some of that expected to be delivered in late 2025, and we have a user very focused on another 234,000 square feet.

接下來是同一屬性。本季度，同一物業的 NOI 下降 5.4%，以現金計算則上漲 2%。2025 年第二季同類型物業業績包含了分佈在四個項目中的 768,000 平方英尺租約的全部影響，這些租約平均於 2025 年 1 月底到期，現已完全包含在第二季度業績中。正如彼得剛才強調的那樣，我們在這四個項目上繼續取得良好進展，其中 20% 已出租，其中一些預計將於 2025 年底交付，而且我們有一個用戶非常關注另外 234,000 平方英尺的空間。

We are reiterating our prior guidance for same-property performance for 2025. Three items to note here. First, we expect continued pressure on same property results in the second half of 2025, driven by the recent decline in occupancy. Second, we also expect second half 2025 cash same-property results to decline from the first half results given the burn off of initial free rent from last year. And third, our guidance for the full year 2025 same-property results also assumes that the same property pool in the back half of the year will change from the first-half 2025 pool as we make progress on our disposition program and those assets subsequently become excluded from the pool later in the year.

我們重申 2025 年同類酒店業績的先前指導。這裡有三點要注意。首先，我們預計，由於近期入住率下降，2025 年下半年同類飯店的業績將持續面臨壓力。其次，考慮到去年初始免租金的消耗，我們也預期 2025 年下半年同物業現金業績將較上半年下降。第三，我們對 2025 年全年同類房產業績的指導還假設，隨著我們處置計劃的進展，下半年同類房產池將與 2025 年上半年的同類房產池有所不同，並且這些資產隨後將在當年晚些時候從房產池中排除。

In the meantime, we continue to benefit from a very high-quality tenant base with 53% of our ARR coming from investment-grade or publicly traded large cap tenants, long remaining average lease terms of 7.4 years, average rent steps approaching 3% and 97% of our leases, and our adjusted EBITDA margin remained strong at 71% for the most recent quarter, consistent with our five-year average.

同時，我們繼續受益於非常高品質的租戶基礎，其中 53% 的 ARR 來自投資級或公開交易的大盤股租戶，剩餘平均租賃期限為 7.4 年，平均租金步幅接近 3% 且占我們租賃的 97%，而我們最近一個季度的調整後 EBITDA 利潤率仍保持在 71% 的強勁水平，與我們的平均水平一致。

Turning next to general and administrative expenses. We continue to make great progress toward our goal of annual savings for 2025 of approximately $49 million compared to 2024 through a number of strategic cost savings initiatives. Our trailing 12 months G&A cost as a percentage of NOI was 6.3% and represents our lowest level in the past 10 years. Our best estimate at this point is that around half of the 2025 G&A savings for 2025 will recur into 2026.

接下來談談一般及行政開支。透過一系列策略性成本節約舉措，我們繼續朝著 2025 年每年節省約 4,900 萬美元（與 2024 年相比）的目標邁進。我們過去 12 個月的一般及行政費用佔營業淨收入的百分比為 6.3%，是過去 10 年來的最低水準。目前我們的最佳估計是，2025 年的一般及行政費用節省中約有一半將延續到 2026 年。

Next on the development pipeline. With projects under construction and expected to generate significant NOI over the next few years and other earlier-stage projects undergoing important entitlement, design and site work necessary to be ready for future ground-up development, we are required to capitalize a portion of our gross interest cost. The 466,000 square foot build-to-suit historical win that was recently announced is a great example of the value created by our important preconstruction activities associated with our future pipeline projects, which allowed us to meet the tenant's timeline for delivery in this case. We remain focused on continuing these important preconstruction activities for our future pipeline where it makes good financial sense to continue.

接下來是開發流程。由於一些項目正在建設中，預計在未來幾年將產生大量的淨利潤，而其他早期項目正在進行重要的授權、設計和現場工作，為未來的徹底開發做好準備，我們需要將部分總利息成本資本化。最近宣布的 466,000 平方英尺的定制建造歷史性勝利，很好地體現了我們與未來管道項目相關的重要施工前活動所創造的價值，這使我們能夠在這種情況下滿足租戶的交付時間表。我們將繼續專注於為我們未來的管道繼續進行這些重要的施工前活動，因為繼續進行這些活動具有良好的財務意義。

On page 45 of our supplemental package, we highlighted that we have a $3 billion investment in various future pipeline projects that required interest to be capitalized in the first half of 2025 while we pursue preconstruction activities but have future project milestones over the next 18 months, ending in April 2026 on a weighted average basis. We will continue to routinely evaluate these projects to determine on a project-by-project basis, whether to continue progress beyond the current milestones and those decisions will be subject to future market conditions. If we decide to pause on a project as it reaches the next milestone, capitalization of interest and other required costs would seize on that project.

在我們的補充方案第 45 頁，我們強調，我們在各種未來管道項目中投資了 30 億美元，這些項目要求在 2025 年上半年將利息資本化，同時我們進行前期施工活動，但在未來 18 個月內會有未來的項目里程碑，按加權平均數計算，將於 2026 年 4 月結束。我們將繼續定期評估這些項目，以逐個項目地確定是否繼續取得超越當前里程碑的進展，而這些決定將取決於未來的市場狀況。如果我們決定在專案到達下一個里程碑時暫停該項目，那麼利息資本化和其他所需成本將會佔用該項目。

For 2025, we are reiterating our guidance for capitalization of interest. In addition, we expect steady to slightly higher capitalized interest in the back half of the year, mostly driven by spending on the active pipeline coupled with continued high interest rates. Now on to venture investments. For the first half of 2025, we realized $60 million of gains from our venture investments, which are included in FFO per share as adjusted or about $30 million per quarter, consistent with our last six quarters. Our outlook for the full-year 2025 remains unchanged with a range of $100 million to $130 million.

對於 2025 年，我們重申對利息資本化的指引。此外，我們預計下半年資本化利息將穩定或略有上升，主要原因是活躍管道支出以及持續的高利率。現在談談創投。2025 年上半年，我們從創投中實現了 6,000 萬美元的收益，這些收益計入調整後的每股 FFO 中，即每季約 3,000 萬美元，與過去六個季度的情況一致。我們對 2025 年全年的預期保持不變，仍為 1 億美元至 1.3 億美元。

Next on other income. This balance primarily includes interest income, leasing, and other types of management fees. Fee recognition, for example, can bounce around from quarter to quarter. For the first half of 2025, other income was $39.7 million or less than 3% of total revenues. This represents a quarterly average of about $20 million per quarter, which is pretty close to the quarterly average over the last six quarters of around $18 million per quarter.

接下來是其他收入。此餘額主要包括利息收入、租賃和其他類型的管理費用。例如，費用確認可能會在不同季度之間發生變化。2025 年上半年，其他收入為 3,970 萬美元，佔總收入的不到 3%。這意味著每季平均約為 2000 萬美元，與過去六個季度每季約 1800 萬美元的季度平均值非常接近。

Turning next to the balance sheet and funding. We continue to stand out as our corporate credit ratings rank in the top 10% of all publicly traded US REITs. We have the longest average remaining debt maturity among all S&P 500 REITs at 12 years and tremendous liquidity of $4.6 billion. We remain focused on achieving our year-end leverage target of 5.2x for net debt to adjusted EBITDA by executing on our disposition program, which Peter recovered. In connection with our disposition program, we recognized impairments of real estate of $129.6 million during the quarter, with around 2/3 of that coming from one land parcel in a non-cluster market, which is expected to be sold to residential user and an office property located in Northern San Diego.

接下來討論資產負債表和資金。我們的企業信用評等在所有公開交易的美國房地產投資信託基金中位列前 10%，繼續脫穎而出。我們的平均剩餘債務期限在所有標準普爾 500 房地產投資信託基金中最長，為 12 年，流動性高達 46 億美元。我們仍將重點關注實現年底槓桿目標，即淨債務與調整後 EBITDA 比率為 5.2 倍，具體做法是透過執行 Peter 收回的處置計劃。在我們的處置計劃中，我們在本季度確認了 1.296 億美元的房地產減值，其中約三分之二來自非集群市場的一塊土地，預計將出售給位於聖地亞哥北部的住宅用戶和一處辦公物業。

Importantly, these sales will raise significant equity-light capital and continue the trend of enhancing the quality of our asset base with an increased focus on our mega campus platform. We are carefully managing our capital allocation given a high cost of capital environment. For construction spending, we are evaluating some of our 2027 redevelopment projects for alternative lower cost investment opportunities and hope to have more to report over the coming quarters. We did not execute any common stock buybacks during the quarter, and we don't have any current plans as of right now as we remain focused on the execution of our disposition program to fund our existing capital needs.

重要的是，這些出售將籌集大量輕股權資本，並繼續提高我們資產基礎品質的趨勢，同時更加關注我們的大型校園平台。鑑於資本成本高昂，我們正在謹慎管理我們的資本配置。對於建築支出，我們正在評估一些 2027 年重建項目，尋找其他低成本投資機會，並希望在未來幾季內有更多報告。我們在本季沒有執行任何普通股回購，目前我們也沒有任何計劃，因為我們仍然專注於執行我們的處置計劃以滿足我們現有的資本需求。

Next, on dividend policy. The Board's approach has been to share cash flows from operating activities with investors and to retain a meaningful amount for reinvestment which has allowed us to retain $475 million at the midpoint of our guidance for 2025. For the second quarter, our Board elected to maintain the dividend at its current level of $1.32 per quarter or a dividend yield of 7.3% as of quarter end.

接下來是關於股利政策。董事會的做法是與投資者分享經營活動產生的現金流，並保留一定數量的資金用於再投資，這使我們能夠在 2025 年指引的中點保留 4.75 億美元。對於第二季度，我們的董事會決定將股息維持在目前的每季度 1.32 美元的水平，或截至季度末的股息收益率為 7.3%。

Turning next to guidance. We are holding firm on our guidance for FFO per share diluted for '25 at $9.26 per share at the midpoint of our guidance range.

接下來轉向指導。我們堅持對 25 年每股攤薄 FFO 的指導，即每股 9.26 美元，處於我們指導範圍的中點。

Next, I'll turn it back to Joel.

接下來，我會把話題轉回給喬爾。

Can we open it up for questions, please?

我們可以開放提問嗎？

(Operator Instructions) Farrell Granath, Bank of America.

（操作員指示）美國銀行法雷爾·格拉納斯 (Farrell Granath)。

I first wanted to congratulate you on the California Campus Point lease, but also digging in a little bit deeper to that, can you share any possible trends or catalysts that led up to this deal being able to close? I'm curious if there is any initiatives on either reshoring or having larger investments stateside that would also be a tailwind for further leasing like this?

我首先要祝賀您獲得加州校園點租賃權，但同時想更深入地探討一下，您能否分享導致這筆交易能夠完成的任何可能的趨勢或催化劑？我很好奇，是否有任何關於回流或在美國進行更大規模投資的舉措，這也將推動此類進一步的租賃？

Well, first of all, thank you for the complement. No, that didn't have anything to do with the onshoring issues that are currently underway with respect to administration policies. It was more an effort by a notable big pharma to bring together its core R&D hub on the West Coast and put them in a world-class location where they could continue to recruit and retain great talent. And much like Bristol-Myers, they chose Campus Point. As I said, we had a great team, great solution, and great execution.

嗯，首先謝謝你的補充。不，這與目前正在進行的政府政策方面的在岸化問題沒有任何關係。這更像是一家著名大型製藥公司的努力，旨在將其核心研發中心集中在西海岸，並將其置於世界一流的地點，以便繼續招募和留住優秀人才。與百時美施貴寶一樣，他們也選擇了 Campus Point。正如我所說，我們擁有一支優秀的團隊、優秀的解決方案和優秀的執行力。

Okay. And also just in terms of free rent, I know you made a comment about upticking slightly. What are your thoughts around that? I guess, thinking and going forward, if it's viewed on a trailing basis, will we see that starting to peak anytime soon or any insights?

好的。另外，就免租費而言，我知道您提到了略微上漲。您對此有何看法？我想，思考並展望未來，如果以過去為基礎來看待它，我們是否會看到它很快就開始達到頂峰或有任何見解？

Yeah. So Marc?

是的。那麼馬克？

Yeah. Hard to tell. Thanks for your question. Yeah, it did go up a little bit this quarter. That trend has been relatively consistent for the -- up until this quarter for the last three or four quarters. So it did peak this quarter given one particular lease that had quite a bit of free rent. So yeah, TBD, what that looks like in the future.

是的。很難說。謝謝你的提問。是的，本季確實有所上漲。截至本季度，過去三、四個季度的趨勢一直相對穩定。因此，考慮到某份特定租約有相當多的免租金，本季的租金確實達到了頂峰。是的，未來會是什麼樣子，還有待觀察。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

It's Nick Joseph here with Seth. Just maybe following up on campus point. Just curious if you can give a little more detail kind of from the tenant perspective of what (technical difficulty) to build-to-suit versus some of the vacant space in that market available today.

我是尼克·約瑟夫，和塞思在一起。也許只是跟進校園觀點。我只是好奇，您是否可以從租戶的角度提供更多細節，說明針對目前市場上的一些空置空間進行客製化建設的（技術難度）。

I think when you are big and powerful and you have a very robust R&D effort going on, you want really a location that provides you everything rather than just going to a bunch of random buildings in random locations that really are disaggregated. So I think the power of Campus Point, ultimately, it will be almost 3 million square feet. So we kind of think of it as almost like city-like with every possible amenity you could imagine, the greatest place to work to retain and recruit people.

我認為，當你規模龐大、實力雄厚，並且擁有非常強大的研發實力時，你確實需要一個能夠提供一切的地點，而不是僅僅去一些分散的隨機地點的隨機建築物。所以我認為 Campus Point 的規模最終將達到近 300 萬平方英尺。因此，我們認為它幾乎就像一個城市，擁有你能想像到的所有便利設施，是留住和招募人才的最佳工作場所。

It was pretty obvious that if somebody wants -- yeah, operator, you're getting feedback there. If somebody wants a world-class location, then that was the place to be. I think that was the driver. And I think the unique design, placemaking, and solution clearly made a huge impact on this tenant.

很明顯，如果有人想要——是的，接線員，你會在那裡得到回饋。如果有人想要一個世界級的地點，那麼這裡就是最佳選擇。我認為那就是司機。我認為獨特的設計、場所營造和解決方案顯然給這位租戶帶來了巨大的影響。

That's very helpful.

這非常有幫助。

Can I just jump in here, this is Hallie. One additional add there. I mean, Joel talked about the amenities. But the other really crucial thing is just the robustness of the infrastructure for these buildings. So these types of requirements can't go to just kind of prefab building and an operator who hasn't been doing this for a long time. Given the vibration requirements, live loads, power capacity, these requirements are really build-to-suit needs that can't be accommodated by a building down the street.

我可以直接插話嗎，我是 Hallie。還有一個補充。我的意思是，喬爾談到了便利設施。但另一個真正關鍵的因素是這些建築的基礎設施的堅固性。因此，這些類型的要求不能只針對預製建築和長期沒有從事此類工作的運營商。考慮到振動需求、活載、電力容量，這些要求實際上是按需建造的，街道上的建築無法滿足這些要求。

Yeah. And remember sizable amounts of their own capital in much like Bristol-Myers as well.

是的。請記住，他們也擁有與百時美施貴寶類似的大量自有資本。

And then just as you look at your leasing pipeline today, what trends are you seeing? Is it larger space takers? Is it smaller? Is it -- are there any kind of common threads that you're seeing across the current pipeline?

那麼，當您查看今天的租賃管道時，您看到了什麼趨勢？它佔用的空間更大嗎？是不是小了點？您是否發現當前管道中存在任何共同的線索？

Yeah. I think it's clearly different situations in each submarket. Each submarket has its own dynamics, whether it's a headwind or tailwind and that it's hard to generalize at all.

是的。我認為每個子市場的情況顯然不同。每個子市場都有自己的動態，無論是逆風或順風，都很難一概而論。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

First question is I just wanted to follow up on some of the occupancy comments you made. And so I guess, if I'm understanding the dispositions, right, if we were to put those aside and think about sort of the remaining portfolio over the course of the year. Did you mention that occupancy will be down 2% then in the second half, like kind of if you ignore sort of the dispositions?

第一個問題是，我只是想跟進您提出的一些入住率評論。所以我想，如果我理解這些處置的話，對的，如果我們把它們放在一邊，並考慮今年剩餘的投資組合。您是否提到過，如果不考慮處置因素，下半年入住率將下降 2％？

Yeah. Tony, in terms of kind of the bridge to year-end occupancy, we're at 90.8% today, so kind of right at the -- or just below the bottom end of our range. We're expecting a pickup in occupancy given, as Peter said, a big chunk of the assets that we've identified for sale are non-stabilized, so they have some vacancy. So we're expecting some pickup as those assets get sold, and then you've got the normal kind of leasing to do on the back half of the year. So you put all those pieces together, that's how we get to our year-end number.

是的。東尼，就年底入住率而言，我們今天的入住率是 90.8%，所以正好處於 - 或略低於我們範圍的底端。正如彼得所說，我們預計入住率會上升，因為我們確定出售的大部分資產都不穩定，所以存在一些空置情況。因此，我們預計隨著這些資產的出售，銷售額會回升，然後在下半年進行正常的租賃。所以，把所有這些部分放在一起，這就是我們得到年終數字的方式。

Okay. And then -- got it. And then -- because then you mentioned you also have a bunch of signed but not yet commenced stuff that sounds like that kind of picks up a couple of points early next year? And I guess where I was going with that is you also added this disclosure around the 2026 expirations and it seems like there's a couple of points that might come out early next year there as well. And so just trying to get the next few quarters kind of understand the trajectory and because you laid out a lot of good pieces.

好的。然後——就得到了。然後——因為您提到您還有一堆已簽署但尚未開始的東西，聽起來這會在明年年初帶來一些好處？我想我要說的是，您還添加了有關 2026 年到期日期的披露，而且似乎有幾個要點也可能會在明年年初出現。因此，我們只是想了解接下來幾季的發展軌跡，因為你已經列出了很多好的東西。

Yes. There's a lot of moving pieces. We've got the 600-and-change or the 1.7% benefit to occupancy. And then we've also got some work to do on some of these '26 expirations. A little too early to give you a clear guidance in terms of what downtime looks like on that as we're really still working through the business plans and the re-leasing strategy on those things.

是的。有很多活動部件。我們獲得了 600 元及以上或 1.7% 的入住率收益。然後我們還需要對其中一些 26 個到期日進行一些工作。現在就停機時間的具體情況為您提供明確的指導還為時過早，因為我們實際上仍在製定業務計劃和重新租賃策略。

Okay. And then just a second one for me. Appreciate the added disclosure around the cap interest, that's helpful. The $1.4 billion, I think you mentioned last quarter that you were going to stop on, I think, later this year, which -- I mean, I guess, one, is that still planned to be the case? And two, which bucket in your disclosure does that come out of?

好的。然後對我來說就第二個了。感謝有關上限利息的附加披露，這很有幫助。我記得您上個季度提到過，您打算在今年稍後停止這 14 億美元的投資，我的意思是，首先，您還計劃這樣做嗎？第二，您的揭露內容中哪些部分是來自這個範圍？

Yeah, that's a part of the $3 billion, Tony. So we kind of -- we tried to pull it together really with everything that we're looking at really the entire future land bank and give some sense of the things that we're pretty highly confident will continue through the end versus those things that are either known to be stopping or those things that we're evaluating based upon the milestones that are in place and we're -- that will go project a project-by-project basis. There's a ton of projects in there, but that April date is kind of the weighted average date of those milestones.

是的，這是 30 億美元的一部分，托尼。因此，我們試圖將我們正在關注的整個未來土地儲備的所有事情結合起來，並給出一些我們非常有信心會持續到最後的事情，以及那些已知會停止的事情，或者那些我們根據現有的里程碑進行評估的事情——這些將逐個項目地進行。其中有大量的項目，但四月的日期是這些里程碑的加權平均日期。

Okay. But as we know right now, that $3 billion bucket will be like $1.6 billion at year-end, roughly?

好的。但正如我們現在所知，到年底，這 30 億美元的總額大概會是 16 億美元吧？

Yeah. I would expect it to burn down for those projects that we already identified, the $1.4 billion that is turning off close to the end of the year.

是的。我預計我們已經確定的那些項目將會耗資 14 億美元，這些項目將在年底前完成。

Michael Carrol, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Michael Carrol。

Joel, can you provide some color on what tenants are telling you today? I mean, how big of an issue is this FDA leadership change in the most favored nations having on their mindset. I mean, is that what's holding them back on making decisions? Or is it really driven by the macro uncertainty in interest rates, I guess, which bucket is more concerning to most tenants right now?

喬爾，您能否詳細說明一下租戶今天告訴您的情況？我的意思是，FDA 領導階層的變動對最惠國的心態有多大影響。我的意思是，這就是阻礙他們做出決定的原因嗎？或者這真的是由利率的宏觀不確定性所驅動的，我猜，目前哪個因素對大多數租戶來說更令人擔憂？

Well, of course, it depends on the nature of the tenant. You've got private biotech, they have and Hallie has given a bit of chapter and verse on each of the buckets. So each one has its own concerns. Institutional folks. They're clearly focused on NIH reimbursement. Public biotechs are focused on the health of the market to finance should they hit clinical milestones.

嗯，當然，這取決於租戶的性質。他們有私人生物技術公司，Hallie 也對每個類別給出了詳細的說明。所以每個人都有自己的顧慮。機構人員。他們顯然關注的是 NIH 報銷。公共生物技術公司專注於市場的健康，以便在達到臨床里程碑時獲得資金。

Venture is looking at how do we put together a company or grow a company and what's our exit? Is it M&A? Is it IPO? So everybody is a bit different at this point. But obviously, conservation of cash is critical and interest rates are, I think, overall, a big -- have been a big negative for this industry in a lot of different focal points.

創投正在研究如何組建一家公司或發展一家公司以及如何退出？是併購嗎？是IPO嗎？所以在這一點上每個人的情況都有點不同。但顯然，保留現金至關重要，我認為，總體而言，利率在許多不同方面對這個行業都是一個巨大的負面影響。

And when you look at the FDA at the moment, as I said, we've seen no tangible evidence of delays of responses, meaningful responses, and detailed issues with the FDA, but people are always wary of that because any delay means you're just burning more capital. So that's a key issue in people's minds.

正如我所說，當你現在看看 FDA 時，我們沒有看到任何有形證據表明 FDA 存在回應延遲、有意義的回應和詳細問題，但人們總是對此保持警惕，因為任何延遲都意味著你正在消耗更多的資金。這是人們心中的關鍵問題。

So how long does it take for them to get comfortable with the FDA situation? Is it just like time, like just kind of proving out over the next one to two quarters, then having no issues, then (multiple speakers) look forward to that?

那麼他們需要多長時間才能適應 FDA 的情況？這是否就像時間一樣，就像在接下來的一到兩個季度內得到證明，然後沒有任何問題，然後（多位發言者）期待這一點？

Well, when you say, they, you have to be specific. If somebody is at our stage, they're not so focused on FDA approvals. If somebody's in clinical trials, they're hyperfocused on it. So it totally depends on the nature of entity that's looking that you're talking about and the nature of their product or technology. So you just can't globalize that comment.

嗯，當你說「他們」時，你必須具體一點。如果有人處於我們的階段，他們就不會那麼關注 FDA 的批准。如果有人參加臨床試驗，他們就會高度關注它。因此，這完全取決於您所談論的實體的性質以及其產品或技術的性質。所以你不能讓這個評論全球化。

Okay. And then -- and just lastly, on the NIH issue, I guess, with the budget holding steady, is there issues with NIH or the NIH has not doling out the capital? Or is that behind them?

好的。然後——最後，關於 NIH 問題，我想，在預算保持穩定的情況下，NIH 是否有問題，或者 NIH 沒有發放資金？還是那是在他們身後？

Yesh. I mean that is, I think, Hallie mentioned, that is a problem they're worried about. Will the 15% limitation on indirect cost be held up, and that will be the lay of the land going forward? They're also worried about the NIH not issuing grants, which they've cut back a lot of -- they've appropriated capital, but they haven't issued it. And so that creates a capital supply to institutions that is disruptive. And that we've clearly seen as a force of holdback from the institutional side, although we're still making some deals as we said.

是的。我的意思是，我認為，正如哈莉所提到的，這是他們擔心的一個問題。間接成本 15% 的限制是否會被保留，而這是否會成為未來的發展方向？他們還擔心 NIH 不發放撥款，他們已經削減了很多撥款——他們已經撥款，但沒有發放。因此，這會對機構的資本供應造成破壞。儘管正如我們所說，我們仍在進行一些交易，但我們顯然將其視為來自機構方面的阻礙力量。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I guess, Joel and Peter, I just wanted to get a sense of -- you've got good, relatively good opportunity, hopefully more down the road. I'm just wondering is there some thought about dealing with capital needs in a faster, bigger way than sort of every quarter sort of waiting for transactions. And I guess my point being, there's still a very robust private capital market. You laid out a lot of interested parties.

我想，喬爾和彼得，我只是想了解一下——你們有很好、相對較好的機會，希望將來能有更多。我只是想知道是否有人想過以更快、更大的方式處理資本需求，而不是每季等待交易。我的觀點是，私人資本市場仍然非常強勁。您列出了很多利害關係人。

So I'm wondering if there's a bigger JV of a core asset or a core asset in the offering that you're contemplating?

所以我想知道，您是否正在考慮成立更大的核心資產合資企業，或是在發行中推出核心資產？

Well, I'll let Peter comment. But I think from the top side, I think it's important that what we're trying to do, as you know, is focus our asset base heavily on the mega campus asset base, and we've made great progress on that because we think at the end of the day, it's those destinations for the reasons that we've mentioned, Hallie mentioned some of the specific attributes of why people would want to do a build-to-suit versus just an existing building. But clearly, it's the quality of the asset, the quality of the operation and obviously the quality of the brand and the financial capability that we have compared to operators who are just have maybe a vacant building and are capital challenged. I think it's important as we go forward, we're just going to be very careful.

好吧，我會讓彼得發表評論。但我認為從頂層設計來看，重要的是，正如你所知，我們正在努力將我們的資產基礎重點放在大型校園資產基礎上，我們在這方面取得了很大進展，因為我們認為，歸根結底，這些目的地是出於我們提到的原因，Hallie 提到了人們想要建造定制建築而不是現有建築的一些具體屬性。但顯然，與那些可能只有空置建築且面臨資金挑戰的營運商相比，我們的資產品質、營運品質、品牌品質和財務能力都更勝一籌。我認為這一點很重要，因為我們在前進的道路上必須非常小心。

We think owning more of our mega campus is actually a good idea as opposed to not owning as much. So that's why we're continuing to pair our landholdings, our non-core assets and even some key assets that may not be integrated with our Mega campus. So at the moment, that's the strategy we're going to follow.

我們認為，擁有更多的大型校園實際上是一個好主意，而不是不擁有那麼多。這就是為什麼我們要繼續將我們的土地持有、非核心資產甚至一些可能無法與我們的大型園區整合的關鍵資產配對。所以目前，這就是我們要遵循的策略。

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

但是彼得，我不知道您是否有任何評論。

Yeah. I mean, I agree with everything you just said. I guess I would just let everybody know that we have a tremendous amount of equity in our mega campuses -- and if we hadn't make a strategic transaction to monetize some of it to pay for an opportunity like what we have in front of us in San Diego, we could do so. But as Joel said, we would prefer to own more of that than less of it.

是的。我的意思是，我同意你剛才說的一切。我想我只是想讓大家知道，我們在大型校園中擁有大量股權——如果我們沒有進行策略交易以將其中一部分貨幣化，以支付我們在聖地亞哥面臨的機會，我們就可以這樣做。但正如喬爾所說，我們寧願擁有更多，而不是擁有更少。

So we are going down the road of selling things like land and unstabilized properties. And then if that isn't enough, then we have the backstop of a bigger transaction, monetizing some of that equity.

因此，我們決定出售土地和不穩定財產等。如果這還不夠的話，我們還有更大交易的支持，將部分股權貨幣化。

Okay. And then just second one, I guess, you laid out a part about occupancy headwinds near term. But maybe if we can step back, can you give us a sense of how you see this playing out call it, over the next 18 months. So when are we going to trough for ARE specifically? And maybe if you can embellish that a little bit of like how strong is the potential build-to-suit pipeline for you guys?

好的。然後第二個問題，我想，您闡述了近期入住率面臨的阻力。但如果我們可以退一步來看，您能否告訴我們您認為未來 18 個月內這種情況將如何發展。那我們什麼時候會具體達到 ARE 的低潮呢？也許您可以稍微修飾一下，例如對您來說，潛在的客製化管道有多強大？

Okay. Well, I'll ask Marc to maybe comment on occupancy, but let me just give you a couple of thoughts there. There are a couple of things you asked, one on when does maybe leasing become more robust. Obviously, I think the capital markets are going to have a huge amount to do with that.

好的。好吧，我會請馬克對入住率發表評論，但我只想給你一些想法。您問了幾個問題，一個是租賃何時會變得更加穩健。顯然，我認為資本市場將發揮巨大作用。

And hopefully, Powell's got what, eight months left on his term. He's going it's pretty clear that the Fed has got to move in the direction of lowering rates, which is good for everybody, including servicing the national debt. And so that's going to be super helpful.

希望鮑威爾的任期還剩八個月。很明顯，聯準會必須朝著降低利率的方向邁進，這對每個人都有好處，包括償還國債。所以這會非常有幫助。

And I think as Makary and Bhattacharya at the NIH and Dr. Oz who we understand is doing a great job over at CMS, as those agencies become more stabilized from the transition and really operating at a much more peak performance. effort and people get very comfortable with what's going on. I think it's moving in that direction. There's some really good signs of that after a lot of turmoil.

我認為，正如我們所了解的，NIH 的 Makary 和 Bhattacharya 以及 CMS 的 Oz 博士所做的那樣，這些機構在過渡期變得更加穩定，並且真正以更高的性能運作。人們對於正在發生的事情感到非常滿足。我認為它正在朝這個方向發展。經歷了許多動盪之後，確實出現了一些好的跡象。

I think you'll start to see those combinations of both policy and interest rates impacting the capital markets. And I think you'll see decisions moving faster than they have and positive decision-making regarding leasing.

我認為你會開始看到政策和利率的組合對資本市場產生影響。我認為你會看到決策的進展比以往更快，有關租賃的決策也更加積極。

But Marc, on occupancy?

但是馬克，入住率如何？

Yeah. I would just refer you, Vikram, to the discussion we had with Tony earlier in the call, where we held our occupancy guidance where it was at. We're right just below the low end of the guidance range right now at 90.8%. We've got a good headstart in terms of what that looks like for next year with the space that's leased that is going to be delivering.

是的。維克拉姆，我只是想讓你參考一下我們早些時候在電話會議上與托尼進行的討論，當時我們將入住率指導保持在原位。目前，我們的比率略低於指導範圍的低端，為 90.8%。就明年的租賃空間狀況而言，我們已經有了良好的開端。

But at the same time, we've got the lease rolls that we highlighted that we need to deal with as well, and we'll have kind of more to come on those as we flesh out the re-leasing strategies hopefully in the coming quarters.

但同時，我們也強調了需要處理的租賃清單，隨著我們在未來幾季充實重新租賃策略，我們將會有更多相關事宜要做。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Joel, you mentioned in the prepared remarks, five developments where you're making progress and some of these saw a boost in 2Q leasing like 701 Dexter and the Silvan Road buildings, but a few others like 269 East Grand didn't show a change. Are you seeing an uplift in prospects for space, but they haven't reached the in-negotiation stage yet? And what's driving that change?

喬爾，你在準備好的發言中提到，有五個開發項目正在取得進展，其中一些項目的第二季度租賃量有所增長，例如 701 Dexter 和 Silvan Road 大樓，但其他一些項目，例如 269 East Grand 大樓，並沒有出現變化。您是否看到太空前景提升，但尚未進入談判階段？那麼，是什麼推動了這項改變呢？

That's correct. Again, somebody asked that question before, it really is submarket and building or campus specific as to why a particular space or location is being looked at. It's just -- it's hard to generalize beyond building a campus, a submarket, it just -- you just can't do that. So they are very, very case specific.

沒錯。再一次，之前有人問過這個問題，為什麼關注特定的空間或位置確實與子市場和建築物或校園有關。只是──除了建造校園、次市場之外，很難概括，只是──你根本做不到。所以它們非常具體，具體針對具體情況。

And remember, the majority of our leases come from existing tenants. So we have a line of sight that most people don't have on future tenancies that just a lot of people would be flying blind just waiting for brokers to bring people buy on tours. But I think we have a much more in-depth pipeline opportunity with existing clients who are looking for expansion, et cetera.

請記住，我們的大部分租約來自現有租戶。因此，我們對未來的租賃情況有了大多數人沒有的了解，很多人只是盲目地等待經紀人帶人們去參觀購買。但我認為，我們與尋求擴張等的現有客戶擁有更深入的通路機會。

Got it. So just to clarify. So the -- that pipeline of prospects then is larger and kind of increasing compared to what it would have been a quarter or a year ago. Is that how we should read through on that?

知道了。只是為了澄清一下。因此，與一個季度或一年前相比，潛在客戶的管道更大，而且還在增加。我們該這樣理解嗎？

Yeah, go ahead.

是的，繼續吧。

Joel, I can verify that. I mean, I track along with the regions company-by-company prospects and it has grown as we have put significant effort into focusing on this leasing, as I mentioned in my comments. So I can tell you it has got -- it has increased the pool of prospects has increased. Now the time to make decisions remains elongated.

喬爾，我可以證實這一點。我的意思是，我追蹤該地區各個公司的前景，正如我在評論中提到的那樣，隨著我們投入大量精力專注於租賃業務，該地區的業務也不斷增長。所以我可以告訴你，它已經——它已經增加了潛在客戶的數量。現在做出決策的時間仍然很長。

So you can't translate that comment to, we're going to have more leasing next quarter, but we are pleased with the amount of prospects we're seeing for these development for our development pipeline.

因此，您不能將該評論理解為“我們下個季度將有更多的租賃”，但我們對我們開發管道中這些開發的前景數量感到滿意。

But remember, too, I think if you take what Peter just said, so many specific, these are very case specific, a new initiative, a new partnership financing, a milestone. Those are things that drive decisions beyond just people who are in the market compared one quarter to another year-to-year. And that's what makes the big difference. And that's very hard to generalize quarter-to-quarter.

但也請記住，我認為如果你接受彼得剛才所說的，那麼很多具體的事情，這些都是非常具體的案例，一項新舉措，一項新的合作融資，一個里程碑。這些因素影響著人們所做的決策，而不僅僅是逐年逐季比較市場狀況。這就是最大的不同。很難對每個季度的情況進行概括。

Got it. Really appreciate all that color. And then, Peter, just a small one here. Just wanted to understand how you classify certain leasing.

知道了。真的很欣賞所有這些顏色。然後，彼得，這裡只是一個小的。只是想了解您如何對某些租賃進行分類。

So in the quarter, you did roughly 286,000 square feet of development, redevelopment and kind of previously vacant space leasing you mentioned 131,000 square feet of development and redevelopment leasing. On the gap between those two, roughly 155,000 square feet, I assume that's previously vacant space. Is that first-gen space that was previously delivered vacant? Or is that second-gen space that's just been vacant over a period of time? How do we think about the classification of that?

因此，在本季度，您進行了大約 286,000 平方英尺的開發、再開發和以前空置空間的租賃，您提到了 131,000 平方英尺的開發和再開發租賃。兩者之間的差距大約是 155,000 平方英尺，我認為這是以前空置的空間。之前交付的第一代空間是空的嗎？還是這是第二代空間，只是已經空置了一段時間？我們如何看待它的分類？

Marc, you can tell -- you can correct me if I'm wrong, but that is vacant space of the existing properties.

馬克，你可以說——如果我錯了你可以糾正我，但那是現有房產的空置空間。

That's right. That's right, Peter.

這是正確的。沒錯，彼得。

So that goes right into sign not commenced leases that's not part of the development pipeline, redevelopment pipeline, nothing like that?

那麼這是否直接進入簽署尚未開始的租約的流程，而這些租約並不屬於開發流程、再開發流程的一部分，不是這樣的嗎？

Correct. Correct. It's just our general operating portfolio vacancy.

正確的。正確的。這只是我們一般營運組合的空缺。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Joel, again, I wanted to add my congrats on the large build-to-suit lease -- it's just great to see that as a nice proof of concept there. In terms of that project, have you discussed at all what the building costs could look at and what potential reviews would look like?

喬爾，再次，我想對大型定制租賃表示祝賀——很高興看到這是一個很好的概念證明。就該專案而言，您是否討論過建築成本以及潛在的評價是什麼樣的？

Yes. Stay tuned on those. We haven't really put those into this up at this point, but they'll be forthcoming.

是的。請繼續關注。目前我們還沒有真正將這些內容納入其中，但它們即將面世。

Okay. Sounds good. And then the 2027 redevelopment project, just wanted to visit some of the commentary around looking at alternatives around some of those projects, whether you could give a couple of examples of kind of what else you're kind of considering at this point to kind of create shareholder value from them?

好的。聽起來不錯。然後是 2027 年重建項目，我只是想看看關於這些項目的替代方案的一些評論，您是否可以舉幾個例子，說明您目前還在考慮哪些其他方案，以便從中創造股東價值？

Well, I mean, it's obvious in today's market in some of these locations, and we've seen this phenomena happened before in a kind of a different era where 2015 to 2020 we were inundated by big tech and large tech users wanting to come into our campuses and even in the lab buildings for their own use for security purposes or quality of buildings, quality of sponsorship, of course. And we're seeing some of that in some of our locations now with the new generation of tech companies. And I think Peter and others have mentioned Mission Bay is a great example where AI has been on a tear in gobbling up space some buildings that were destined to be lab buildings and others that were office. So I think we're seeing some of that in some of our submarkets.

嗯，我的意思是，這在當今市場上的一些地方是顯而易見的，我們以前也看到過這種現象，在一個不同的時代，2015 年到 2020 年，我們被大型科技公司和大型科技用戶淹沒，他們想進入我們的園區，甚至進入實驗室大樓供自己使用，當然，是為了安全目的或建築質量，當然還有贊助質量。現在，我們在一些地方看到了新一代科技公司出現這種情況。我認為彼得和其他人提到的 Mission Bay 就是一個很好的例子，其中人工智慧正在迅速吞噬一些原本打算用作實驗室大樓和辦公室的建築物的空間。所以我認為我們在一些子市場中看到了一些這樣的情況。

Peter Abramowitz, Jefferies.

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

Just wanted to dig in a little bit more on the '26 known vacates. Any sense of kind of timing and how long you would expect it will take to release those?

只是想更深入地了解已知的 26 次撤離。您對於發布這些內容的時間有什麼看法？您預計需要多長時間？

Yeah. I think I'll let Marc comment on our assumptions. But again, they're very, very -- like I've said a couple of times on the call, Peter, it's very case-specific to buildings, to campuses and things like that. But Marc, you can comment on our assumptions.

是的。我想我會讓馬克對我們的假設發表評論。但同樣，它們非常非常——就像我在電話中說過幾次的那樣，彼得，它非常具體到建築物、校園等情況。但是馬克，你可以對我們的假設發表評論。

Yeah. It will really depend, Peter, on the amount of capital that we put into those sites. The biggest one is a project in Greater Stanford that we acquired with the intent to redevelop a number of years ago. And as that lease is starting to burn off, we're evaluating other opportunities, whether it should go to lab or that market has had interest from other types of advanced technology users.

是的。彼得，這實際上取決於我們在這些網站上投入的資金數量。最大的一個項目是大史丹佛的一個項目，我們幾年前收購了該項目並打算重新開發。隨著租約開始到期，我們正在評估其他機會，無論它是否應該進入實驗室，或者市場是否引起了其他類型的先進技術用戶的興趣。

So there may be opportunities to do other things there. So really hard to kind of give you a sense for where we're going to end up in terms of downtime, but there's a good chance that those properties will require some capital to lease.

因此那裡可能有機會做其他事情。因此，很難讓您了解我們在停機時間方面最終會達到什麼程度，但這些房產很有可能需要一些資本來租賃。

All right. And then my other question, you called out specifically yields coming in above your underwriting at some of the deliveries in Torrey Pines. Would you say those improvements on rents are kind of specific to those projects or that submarket? Or generally, is there a sense that things are accelerating in the market overall?

好的。然後我的另一個問題是，您特別提到，在 Torrey Pines 的一些交付中，收益率高於承保水準。您是否認為租金方面的改善是針對這些項目或次市場的？或者整體而言，是否有一種感覺，即整個市場的發展正在加速？

Yes, Peter?

是嗎，彼得？

Well, that particular project is just very high quality. And once it opened and first tenant started moving in there was a lot of buzz in the market. We've just been able to push. So it's specific to the project, but it's also I guess, something that you -- we're not surprised because we do play in the high-quality asset gain and tenants are willing to pay for value.

嗯，那個特定的專案品質非常高。該樓一開業，第一批租戶開始入住，市場一片歡騰。我們剛剛能夠推動。所以這是針對具體項目的，但我想這也是你——我們並不感到驚訝，因為我們確實在高品質資產收益方面發揮了作用，而且租戶願意為價值付費。

So I think it's a good takeaway that happened that there's certainly still supply overlap in the markets. But with the build-to-suit lease we signed and with the above underwriting rents we achieved at Alexandria Square, I think it proves that the tenants are willing to pay for quality.

因此，我認為，這是一個很好的結論，即市場上肯定仍然存在供應重疊。但是，透過我們簽署的客製化租約以及我們在亞歷山大廣場實現的上述承保租金，我認為這證明租戶願意為優質產品付費。

Yes. And remember, just one kind of footnote, the reconciliation bill provided a variety of incentives, including things like permanent expensing for domestic R&D, bonus depreciation and expensing of qualified production properties, all of which bode well for onshoring supply line kinds of issues. So there's a lot of thinking that's going on with a bunch of different users as to when, how and what they may do with space that we're having conversations about.

是的。請記住，這只是一種腳註，和解法案提供了各種激勵措施，包括國內研發的永久性費用、獎金折舊和合格生產財產的費用等，所有這些都預示著國內供應線問題的改善。因此，許多不同的使用者正在思考何時、如何以及做什麼來利用我們正在討論的空間。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Most of mine have been asked, but I just wanted to sort of if you can discuss sort of the reasoning why you guys raised cap rates on the dispositions, is that more representative of change in cap rates across the property sector or more so related to just the types of assets you guys are selling and that being sort of non-core potentially with some near-term lease roll here on it.

我的大部分問題都被問到了，但我只是想問一下，您是否可以討論一下為什麼你們提高處置的資本化率，這是否更能代表整個房地產行業的資本化率變化，或者更多地與你們出售的資產類型有關，而這些資產是非核心資產，可能有一些短期租賃滾動。

Yes, Peter?

是嗎，彼得？

Yes. I mean I think it's just reflective of the fact that a lot of these assets are in transition. So we're always trying to be very measured on even commenting on cap rates for these sales because they don't really represent the core of what Alexandria is going to look like in the future. So a lot of these assets have a little bit of a wall.

是的。我的意思是，我認為這只是反映出許多資產正在轉型的事實。因此，我們總是試圖非常謹慎地評論這些銷售的資本化率，因為它們並不能真正代表亞歷山大未來的核心面貌。因此，許多此類資產都存在一些障礙。

So the cap rate gets increased because the buyers taking the chance on the renewals. So it's really asset specific and we just have a lot of assets in transition in what we're trying to sell. And one of the reasons that they're non-core, and they're not on mega campuses.

因此，由於買家願意冒險續約，資本化率會上升。所以這確實與資產有關，而且我們試圖出售的資產中有很多處於轉型期的資產。其中一個原因是它們不是核心院校，也不在大型校園裡。

James Kammert, Evercore.

詹姆斯·卡默特（James Kammert），Evercore。

Thinking about the $3 billion potentially go or no go projects on page 45. In addition to interest expense, what would the order of magnitude, sort of overhead and other predevelopment costs in dollar terms or you're capitalizing on that cohort?

思考第 45 頁上可能進行或不進行的 30 億美元項目。除了利息費用之外，數量級、管理費用和其他前期開發成本（以美元計算）是多少，或者您如何利用這些成本？

Yes. Jim, it's Marc. If you look at our 10-Q, we do disclose capitalized operating expenses, really property taxes, insurance and other direct costs as well as overhead. That number, if you do the math, is around 3%.

是的。吉姆，我是馬克。如果你看一下我們的 10-Q，我們確實揭露了資本化的營運費用、真正的財產稅、保險和其他直接成本以及管理費用。如果你算一下，這個數字大約是 3%。

So that should give you a sense for what could come with that if some of that stuff turns off capitalization.

因此，這應該可以讓您了解如果某些內容關閉大寫字母，可能會發生什麼情況。

20% basically at a run rate balances or basis is a guestimate?

20% 基本上是按運行率餘額或基礎估計的？

That's right. Based upon -- if you just look at the first 6 months, that's what it translates to as a percentage of the basis being capitalized?

這是正確的。基於－如果你只看前 6 個月，這就是轉化為資本化基礎的百分比？

Perfect. And then second related question, would not a fair percentage of those $3 billion or that $3 billion of assets, if it's a no-go decision? Would they not likely be sales? I mean, Alexander is probably not going to hold on to them for indefinite time? Or are you thinking about it the wrong way?

完美的。然後第二個相關問題是，如果這是一個不可行的決定，那麼這 30 億美元或 30 億美元資產的合理比例不是嗎？它們不太可能是銷售品嗎？我的意思是，亞歷山大可能不會無限期地留住他們？還是你的想法是錯的？

No, for sure, there is a chunk of the $3 billion that we are evaluating for sale. We've got, I think, Peter highlighted or it's in the sub 20% to 25% of our -- or sorry, 20% to 30% of our sales for the year expected to come from land. So part of that $3 billion will be from things that we expect to execute on that will naturally roll off a capitalization if we sell the asset.

不，當然，我們正在評估出售的 30 億美元的一部分。我認為，彼得強調說，預計今年我們銷售額的 20% 到 25%——或者抱歉，20% 到 30% 將來自陸地。因此，這 30 億美元的一部分將來自我們預計將執行的項目，如果我們出售資產，這些項目將自然地產生資本化。

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

我們的問答環節到此結束。我想將會議交還給馬庫斯先生，請他作最後發言。

Thank you, everybody, and have a very safe and good summer. Thank you.

謝謝大家，祝大家有個安全、愉快的夏天。謝謝。

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

謝謝您，先生。今天的電話會議到此結束。感謝大家參加今天的演講。您可以斷開線路，享受美好的一天。