Alexandria Real Estate Equities Inc (ARE) 2025 Q3 法說會逐字稿

Good day, and welcome to the Alexandria Real Estate Equities, third 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權公司2025年第三季電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I'd now like to turn the conference over to Paula Schwartz from Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的寶拉·施瓦茨。請繼續。

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

謝謝大家，大家下午好。本次電話會議包含聯邦證券法意義上的前瞻性陳述。本公司的實際業績可能與前瞻性聲明中預測的業績有重大差異。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 would like to turn the call over to Joel Marcus, Executive Chairman and Founder.

現在，我想把電話交給執行主席兼創辦人喬爾馬庫斯。

Please go ahead, Joel.

請繼續，喬爾。

Thank you, Paula, and welcome, everybody, to Alexandria's third quarter earnings call. With me today are Hallie Kuhn, Peter Moglia, and Marc Binda. Let me start off as I usually do with a quote. My friend and mentor Jim Collins, who wrote his well-known book built to last noted that, the secret to an enduring great company is its ability to manage continuity and change simultaneously, a discipline that must be consciously practiced, keeping clearly focused on which should never change and what should be open to change. And clearly, our development pipeline is front and center in that.

謝謝 Paula，也歡迎各位參加 Alexandria 第三季財報電話會議。今天和我在一起的是 Hallie Kuhn、Peter Moglia 和 Marc Binda。讓我像往常一樣，先引用一句名言。我的朋友和導師吉姆·柯林斯（Jim Collins）在他著名的著作《基業長青》（Building to Last）中指出，一家偉大公司能夠長久發展的秘訣在於它能夠同時管理連續性和變革，這是一種必須有意識地實踐的原則，要清楚地關注哪些方面永遠不應該改變，哪些方面應該可以改變。顯然，我們的研發流程是其中的核心。

Jim's visionary wisdom and advice is a great frame for Alexandria at this moment in time as the gold standard and leader of our niche. We invented and pioneered life science real estate, a whole new asset class and category 31 years ago during the early years of the biotechnology revolution.

吉姆富有遠見的智慧和建議，為亞歷山大在當前情況下成為我們細分領域的黃金標準和領導者奠定了良好的基礎。31 年前，在生物技術革命的早期，我們發明並開創了生命科學房地產這一全新的資產類別和領域。

Our North Star was and remains our focus on innovation clusters and ecosystems unique to the life science industry different than almost every other property type. We're blessed with best assets, best tenants, best megacampus and best team. Our relentless mission is driven by building the future of life-changing innovation and enabling the world's leading innovators to advance and better human health.

我們的北極星過去是、現在仍然是我們專注於生命科學產業特有的創新集群和生態系統，這與其他幾乎所有類型的房地產都不同。我們擁有最好的資產、最好的租戶、最好的大型園區和最好的團隊，真是太幸運了。我們矢志不渝地致力於建構改變生活的創新未來，並賦能世界領先的創新者，以促進和改善人類健康。

The biotechnology revolution started almost 50-years ago. And in those 50-years, we've only been able to therapeutically address less than 10% of the more than 10,000 diseases known to human kind. No one lives in a family, community, which has not been struck by the (inaudible) disease and illness devastating in so many ways. We now find ourselves on the precipice of an entirely new age of discovery and innovation at the intersection of biology and technology 50-years later. Biology, it's important to remember, is inherently slow and complex.

生物技術革命始於近50年前。在這 50 年裡，我們僅能透過治療方法解決人類已知的 10,000 多種疾病中的不到 10%。沒有一個家庭或社區能夠倖免於這種（聽不清楚）疾病的侵襲，這種疾病在許多方面都造成了毀滅性的打擊。50年後的今天，我們正站在生物學和技術交叉領域的一個全新的發現和創新時代的風口浪尖。我們必須記住，生物學本質上是一個緩慢而複雜的過程。

The life science industry and particularly the innovation engine of the biotech sector is mission-critical for a strong, safe, healthier country and planet as well as for America's global leadership future economic growth and security. As opposed to most property types, office, industrial and resi, we operate in a highly regulated industry that takes extraordinary time and cost to bring life-changing medicines to patients.

生命科學產業，特別是生物技術產業的創新引擎，對於一個強大、安全、健康的國家和地球，以及美國在全球的領導地位、未來的經濟成長和安全而言，都至關重要。與大多數房地產類型（辦公大樓、工業用地和住宅用地）不同，我們所處的行業監管非常嚴格，需要耗費大量時間和成本才能將改變生活的藥物帶給患者。

To get a life-saving product on the market, you only can sell that product for a handful of years in a regime of pricing oversight sometimes control different than other property types. I wonder what Microsoft would say if they were told you could only license window for a decade and then you lose the right to retain revenue or develop revenue from that innovation. If it matters fundamentally if the government is shut down or not operating effectively or efficiently.

要將一種救命產品推向市場，你只能在幾年內銷售該產品，而且價格監管有時與其他類型的財產不同。我想知道，如果有人告訴微軟，Windows 的授權期限只有十年，之後微軟就失去了保留收入或從這項創新中開發收入的權利，他們會怎麼想。政府停擺或運作不良是否會產生根本性影響。

The four pillars of the life science industry are critical and a critical bedrock to what I've just said about this country's health. We must preserve, protect and grow the strong and basic translational research. It is a critical bedrock of new discoveries, and we must deal hopefully quickly with the current limitation on indirect overhead cost, which is timing demand out of the institutional sector.

生命科學產業的四大支柱至關重要，也是我剛才所說的這個國家健康的重要基石。我們必須保護、傳承和發展強大的基礎轉化研究。這是新發現的關鍵基石，我們必須盡快解決目前間接管理費用的限制問題，也就是機構部門的需求延遲問題。

We must preserve, protect and grow the robust entrepreneurial ecosystem with access to affordable capital. Cost of capital today is high for discovery research engines, from the venture capital to the IPO to the M&A we are in a continuing difficult environment, getting better, but difficult nonetheless.

我們必須維護、保護和發展強大的創業生態系統，並確保人們能夠獲得負擔得起的資金。如今，從創投到首次公開募股再到併購，發現型研究引擎的資金成本很高，我們一直處於一個艱難的環境中，雖然情況正在好轉，但仍然很困難。

That's the second bedrock. The third one is providing a reliable and efficient and time-sensitive regulatory science framework and pathways, once again, the FDA must compress time frames and cost of R&D development. We met with commissioner McGarry at the end of September, and he is super focused on this issue.

這是第二個基石。第三點是提供可靠、高效且有時效性的監管科學框架和途徑，FDA 必須再次壓縮研發的時間框架和成本。我們在九月底會見了專員麥加里，他非常關注這個問題。

Important to note that total development time frame for molecules in the Western world, US and the EU ranges in the neighborhood of about 10- to 12-years versus China, which is about one-third of that time frame in their early stage of development in this industry.

值得注意的是，西方世界（美國和歐盟）的分子研發總時長約為 10 至 12 年，而中國在該產業早期研發階段的時長約為西方國家的三分之一。

Approximate cost to bring products to market in the Western world is somewhere in the range of about $1.5 billion. And in China, it's about 50% to 90% below that. So we're faced with a very different circumstance today that the industry must face. And the fourth pillar is providing reasonable reimbursement for innovative medicines, which are costly and time consuming to bring to market.

在西方世界，將產品推向市場的成本約為 15 億美元左右。而在中國，這一比例還要低50%到90%。因此，如今整個產業面臨著截然不同的局面。第四大支柱是為創新藥物提供合理的報銷，因為創新藥物的研發和上市成本高且耗時。

We at Alexandria has successfully navigated the dot-com bust and crica 2000, the great financial crisis, circa 2008, 2009, both when we are unrated non-investment-grade, and during the GFC, we had 30% of our gross assets in non-income producing land at Mission Bay and Cambridge.

我們 Alexandria 成功度過了網路泡沫破裂和 2000 年金融危機，以及 2008 年和 2009 年左右的大金融危機。當時我們既沒有投資評級，也沒有其他投資等級。在全球金融危機期間，我們 30% 的總資產是位於 Mission Bay 和 Cambridge 的非收入性土地。

But this time, the navigation is once again different than before. We've seen the unprecedented bull market -- the unprecedented bold biotech market post GFC 2014 to '21 capped off by the rocket ship of COVID rate funding and demand, a very low interest rate environment went along with that, which incentivized really foolish speculation by financially motivated real estate companies and they're even more foolish capital partners.

但這一次，導航方式又與以往不同了。我們已經見證了前所未有的多頭市場——2014 年全球金融危機後至 2021 年前所未有的生物科技市場蓬勃發展，再加上新冠疫情帶來的融資和需求激增，以及隨之而來的極低利率環境，這刺激了以盈利為目的的房地產公司進行極其愚蠢的投機，而這些公司本身就是更加愚蠢的資本合作夥伴。

This brought an unwanted and unnecessary oversupply to many of the innovation submarkets. This has never happened in this niche before. But they're learning painful lessons that this real estate niche is unique and different from all others.

這給許多創新細分市場帶來了不必要的過剩供應。這種情況在這個細分領域以前從未發生過。但他們正在痛苦地認識到，這個房地產細分市場是獨一無二的，與其他所有市場都不同。

This was followed by a biotech bear market, we're now in the fifth year, which is starting to turn the corner, and we're now witnessing the bottom and early signs of a recovery and strengthening as we predicted at NAREIT in June. The industry is now enduring a government shutdown and the impact to the FDA is pretty serious.

隨後生物科技產業進入熊市，現在已經是第五年了，熊市開始出現轉機，正如我們在 6 月 NAREIT 會議上預測的那樣，我們正在見證市場觸底反彈和復甦的早期跡象。目前，該產業正經歷政府停擺，對美國食品藥物管理局（FDA）的影響相當嚴重。

This brings us to the third quarter a critical juncture and time for this industry. On the one hand, the greatest prospect ever for innovation in our time, and coupled with the relentless change in government shutdown quite a [justdeposition], huge congrats to our first-in-class team were navigating this difficult environment with relentless grit and determination and unparalleled experience and expertise.

這就引出了第三季度，這是該行業的關鍵時刻。一方面，這是我們這個時代有史以來最大的創新前景，另一方面，由於政府停擺，不斷變化，這確實令人感到[justdeposition]，我們向一流的團隊致以熱烈的祝賀，他們憑藉不懈的毅力和決心以及無與倫比的經驗和專業知識，在這個艱難的環境中取得了成功。

While declines in FFO per share, occupancy and guidance are tough at any point in time, Alexandria remains strong, tough resilient and continuing beacon of life for our life science industry. One of our North Stars has been our balance sheet, working out of the GFC when we are unrated to today. We're now one of the top 15 of all REITs.

儘管每股 FFO、入住率和業績指引的下降在任何時候都是艱難的，但 Alexandria 仍然保持強勁、堅韌和富有韌性，並繼續成為我們生命科學產業的燈塔。我們的北極星之一一直是我們的資產負債表，從全球金融危機時期我們未被評級到今天，我們一直穩步前進。我們現在躋身所有房地產投資信託基金前15強。

It's strong, flexible and we have the longest weighted average remaining debt of all S&P 500 REITs at 11.6-years, over $4 billion of liquidity, strong fixed coverage ratio 96%, almost 97% of our fixed rate debt is at [3.9, 3.7] blended interest rate and one area of laser focus for us will be to continue to reduce our current non-income-producing assets on the balance sheet from the current 20% as we diagram for you in the supplement and press release, to about 10% to 15%.

它實力雄厚、靈活，在所有標普 500 REIT 中，我們的加權平均剩餘債務期限最長，為 11.6 年，流動性超過 40 億美元，固定覆蓋率高達 96%，我們近 97% 的固定利率債務的綜合利率為 [3.9, 3.7]，我們將重點關注的一個領域是繼續降低資產負債表上目前非收入性資產的比例，正如我們在補充文件和新聞稿中為您繪製的圖表所示，我們將把這一比例從目前的 20% 降低到 10% 到 15% 左右。

As opposed to the great financial crisis where we had 30% non-income producing assets as a percentage of gross assets with an unrated balance sheet there was pent-up demand and no supply coming out of the GFC year.

與上次金融危機期間，我們30%的非收入性資產佔總資產的比例以及未評級的資產負債表不同，當時全球金融危機爆發的那一年，市場存在著被壓抑的需求，而市場卻沒有供應。

So we kept our land at Mission Bay and Cambridge for future development, which provided a decade of unprecedented growth. Alexandria has will continue in this environment to accelerate its transition from substantial development to a build-to-suit on mega campus only development model.

因此，我們保留了位於米申灣和劍橋的土地以備將來開發，這帶來了十年前所未有的成長。在這種環境下，亞歷山大將繼續加快從大規模開發到完全客製化的大型園區開發模式的轉型。

We intend to continue to decreased construction spend, preserve capital and not create further supply. And then finally, let me make a couple of comments before I turn it over to Marc for an in-depth review of the quarter and kind of factors impacting 2026. Let me make a couple of comments about leasing.

我們打算繼續減少建設支出，保留資金，不再增加建設供應。最後，在將本季報告交給 Marc 進行深入分析以及對 2026 年可能產生影響的因素之前，我想先提幾點看法。關於租賃，我想說幾點。

The lifeblood of Alexandria's sector, a leading platform with the largest number of clients and strongest tenant base is our leasing. And our tenant base, of course, 53% of our leases are two investment grade or big cap, tenants with an average almost 9.5-years weighted average lease term for our top 20 tenants, and 18 of the top 20 pharmas are our tenants, a best example of our brand being the most trusted in the industry.

租賃業務是亞歷山大房地產行業的命脈，也是擁有最多客戶和最強大租戶基礎的領先平台。當然，我們的租戶基礎也不容忽視，53% 的租賃合約都屬於二級投資級或大型企業，前 20 名租戶的平均加權平均租賃期限接近 9.5 年，前 20 大製藥公司中有 18 家是我們的租戶，這充分體現了我們品牌在業內的可信賴程度。

And congrats to our team for the historic lease executed in this third quarter for 16-years with a credit -- existing credit tenant for almost 500,000 square feet at our Campus Point Megacampus in San Diego. We're proud to say that our ARR from megacampuses 77% and is continuing to approach 80%. We continue to benefit from stellar operating margins and a very disciplined G&A run rate.

恭喜我們的團隊在本季與一家信譽良好的現有租戶簽訂了歷史性的租賃協議，租期 16 年，位於聖地牙哥的 Campus Point Megacampus，面積近 50 萬平方英尺。我們很自豪地說，來自大型校園的 ARR 佔比已達 ​​77%，並且正在繼續接近 80%。我們持續受益於優異的營業利益率和非常嚴格的管理費用運作率。

Q3 was a solid quarter of leasing. However, institutional demand is still stuck due to the NIH issues and particularly the reimbursement of indirect costs. Coupled with we need to see more green shoots from early-stage venture-backed companies as well as the larger [cadre] of public biotech companies which have yet to recover in a meaningful way.

第三季租賃業務表現穩健。然而，由於美國國立衛生研究院 (NIH) 的問題，特別是間接成本的報銷問題，機構需求仍然受阻。同時，我們需要看到早期創投支持的公司以及尚未真正復甦的大型上市生技公司出現更多復甦跡象。

We're starting to see green shoots on that, but that will be a critical litmus test going forward. And finally, before I turn it over to Marc for comments, let me just say we intend to continue to meet the market for our tenants and continue to successfully lease and dominate our space.

我們開始看到一些好轉的跡象，但這將是未來發展的關鍵試金石。最後，在把發言權交給馬克之前，我想說，我們將繼續滿足租戶的市場需求，並繼續成功出租和佔據我們的市場主導地位。

And with that, Marc?

就這樣，馬克？

Thanks, Joel. This is Marc Binda, Chief Financial Officer. Good afternoon. I plan to cover the performance for the third quarter as well as some key emerging trends expected to impact 2026. Our team continues to navigate a challenging environment given macro industry and policy factors beyond our control.

謝謝你，喬爾。這位是財務長馬克·賓達。午安.我計劃介紹第三季的業績，以及預計將對 2026 年產生影響的一些關鍵新興趨勢。鑑於宏觀產業和政策因素超出我們的控制範圍，我們的團隊仍在努力應對充滿挑戰的環境。

Please refer to our earnings release for our EPS results. FFO per share diluted as adjusted was $2.22 for 3Q '25 and included the following three key impacts compared with the prior quarter. First, occupancy was effectively down 1.1% for the quarter after considering the benefit from the exclusion of assets with vacancy, which were sold or designated for held-for-sale during the quarter, and was driven by a challenging life science supply and demand dynamic.

請參閱我們的獲利報告，以了解我們的每股盈餘 (EPS) 情況。2025 年第三季經調整後的每股攤薄 FFO 為 2.22 美元，與上一季相比，主要受到以下三個因素的影響。首先，考慮到本季已出售或指定為待售的空置資產被排除在外，本季入住率實際下降了 1.1%，這是由於生命科學領域的供需動態充滿挑戰所致。

Second, there was a $0.03 reduction in rental income associated with one tenant in our Seattle market to adjust rental income to cash basis. Importantly, that tenant remains in occupancy and is current on rent pending future critical milestones in the first half of 2026.

其次，由於西雅圖市場的一位租戶的租金收入調整為現金制，導致租金收入減少了 0.03 美元。重要的是，該租戶仍將繼續佔用房屋，並按時繳納租金，直至 2026 年上半年出現未來的關鍵里程碑。

And third, other income was down $8.7 million or about $0.05 compared to the prior quarter. Current quarter other income of $16 million remains consistent with the prior 8 quarter average. And as we discussed in our prior call, 2Q '25 did have some lumpy fees in there. Leasing volume for the quarter remained solid at 1.2 million square feet, in line with the 5 quarter average. This includes the previously announced 467,000 square foot build-to-suit lease with a multinational pharma tenant that was executed in July.

第三，其他收入比上一季減少了 870 萬美元，約 0.05 美元。本季其他收入為 1,600 萬美元，與前 8 個季度的平均值保持一致。正如我們在之前的電話會議中討論的那樣，2025 年第二季確實有一些大額費用。本季租賃面積保持穩健，達到 120 萬平方英尺，與過去五個季度的平均值持平。這其中包括先前宣布的與跨國製藥公司簽訂的 467,000 平方英尺的定制租賃合同，該合約於 7 月執行。

[We continue to benefit from our scale, high-quality tenant roster and brand loyalty with 82% of our leasing activity in the quarter coming from our existing] deep well of approximately 700 tenant relationships. Rental rate growth for lease renewals and re-leasing the space for the quarter was solid at 15.2% and 6.1% on a cash basis, which is at the high end of our guidance range for the year.

[我們繼續受益於我們的規模、高品質的租戶名單和品牌忠誠度，本季 82% 的租賃活動都來自我們現有的] 約 700 個租戶的深厚關係。本季續租和重新出租空間的租金成長率表現穩健，現金支付分別為 15.2% 和 6.1%，處於我們全年指導範圍的高端。

We've reduced our guidance for 2025 rental rate increases on renewals and re-leasing the space by 2%, primarily due to one short-term renewal in Canada that was executed in October as well as some higher free rent.

我們已將 2025 年續租和重新租賃空間的租金漲幅預期下調了 2%，主要原因是 10 月份在加拿大執行了一項短期續租，以及一些較高的免租期。

Lease terms on leasing continue to be long at 14.6-years for the quarter, which is well above our historical average, and tenant improvement leasing costs on renewals and re-leasing the space for the quarter are relatively consistent with the prior year and down from the first half of the year. Occupancy at the end of the quarter was 90.6%, which was down 20 basis points from the prior quarter.

本季租賃期限仍較長，平均為 14.6 年，遠高於歷史平均；本季續租與重新租賃的租戶裝修租賃成本與去年同期基本持平，且低於上半年水準。本季末入住率為 90.6%，比上一季下降了 20 個基點。

As of September 30, certain assets with vacancy were designated for held-for-sale and were removed from our operating occupancy metric, which benefited occupancy at September 30, by 90 basis points. As a result, the decline in occupancy for our operating properties on an apples-to-apples basis declined by 110 basis points during the quarter.

截至 9 月 30 日，某些空置資產被指定為待售資產，並從我們的營運入住率指標中移除，這使得 9 月 30 日的入住率提高了 90 個基點。因此，本季我們營運物業的入住率以同等條件計算下降了 110 個基點。

While occupancy declined due to oversupply in certain of our submarkets, it's important to highlight that our megacampus platform, which represents 77% of our annual rental revenue as of 3Q '25 outperformed overall market occupancy in our three largest markets by 18%.

雖然由於某些子市場的供應過剩導致入住率下降，但值得強調的是，截至 2025 年第三季度，我們的大型園區平台占我們年度租賃收入的 77%，在我們三大市場中，其整體市場入住率比市場平均高出 18%。

Our outlook for year-end occupancy was reduced by 90 basis points to a range of 90% to 91.6%. Our outlook assumes up to a 1% benefit from assets with vacancy, which could potentially be sold or designated as held-for-sale by December 31, which implies an 80 basis points decline in occupancy by the end of 2025, based upon the midpoint of our guidance.

我們對年底入住率的預期下調了 90 個基點，至 90% 至 91.6% 之間。我們的展望假設，空置資產最多可帶來 1% 的收益，這些資產可能會在 12 月 31 日之前出售或被指定為待售資產，這意味著到 2025 年底入住率將下降 80 個基點（根據我們指導的中點）。

Our team continues to execute with 617,458 square feet of leasing completed to date for spaces that are vacant today and expected to deliver upon the completion of construction in May of next year on average. Looking ahead to next year, we have 1.2 million square feet of lease expirations through the end of 2026, and which are in great assets in AAA locations but are expected to go vacant, and we expect downtime on those assets.

我們的團隊繼續推進租賃工作，迄今已完成 617,458 平方英尺的租賃，這些空間目前空置，預計將於明年 5 月施工完成後平均交付使用。展望明年，我們有 120 萬平方英尺的租賃合約將於 2026 年底到期，這些物業都是位於 AAA 級地段的優質資產，但預計會空置，我們預計這些資產將會出現停業期。

Same-property NOI was down 6% and 3.1% on a cash basis for the quarter. The decline in same-property was primarily driven by lower occupancy. In addition, we provided an alternative same-property presentation, which recast the first and second quarter results based upon the third quarter same-property pool to provide a consistent quarterly trend view given several assets that were removed from the third quarter same-property pool as they were either sold or designated as held-for-sale.

本季同店淨營業收入下降 6%，現金淨營業收入下降 3.1%。同店銷售下降的主要原因是入住率降低。此外，我們還提供了一種替代的同業資產展示方式，根據第三季度的同業資產池重新計算了第一季度和第二季度的業績，以提供一致的季度趨勢視圖，因為一些資產已從第三季度的同業資產池中移除，要么被出售，要么被指定為持有待售。

It's important to note that this alternative presentation shows higher same-property performance in the first half of 2025, which means there will be a tougher benchmark in the first half of 2026. We reduced our outlook for same-property performance for 2025 by 1%, primarily due to slower-than-anticipated leasing caused by a slower realization of demand.

值得注意的是，這種替代性的表現形式表明，2025 年上半年同類型物業的業績表現更高，這意味著 2026 年上半年的基準將會更加嚴格。我們將 2025 年同店業績預期下調了 1%，主要原因是需求實現速度放緩導致租賃速度低於預期。

Despite this change, 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 7.5-years, average rent steps approaching 3% on 97% of our leases, solid rental rate increases of renewed and re-leasing space during the quarter, and our adjusted EBITDA margins remained strong at 71% for the most recent quarter, consistent with our 5-year average.

儘管發生了這種變化，我們仍然受益於非常高品質的租戶基礎，其中 53% 的租約年度經常性收入 (ARR) 來自投資級或上市的大型租戶，平均剩餘租期長達 7.5 年，97% 的租約平均租金漲幅接近 3%，本季度續租和重新出租的空間租金穩步上漲，最近一個季度的調整後 EBITDA 1% 17% 的利潤

On G&A, we continue to make great progress towards our goal of annual savings for 2025 of approximately $49 million compared to 2024 through a number of prudent and strategic cost savings initiatives. Our trailing 12-months G&A cost as a percentage of NOI was 5.7%, which represents approximately half the average of other S&P 500 REITs.

在一般及行政費用方面，我們透過一系列審慎的策略性成本節約舉措，繼續朝著2025年比2024年節省約4,900萬美元的目標取得巨大進展。我們過去 12 個月的 G&A 成本佔 NOI 的百分比為 5.7%，約為其他 S&P 500 REITs 平均的一半。

We expect that around half of the 2025 savings will continue into 2026, given the temporary nature of some of the 2025 savings. 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.

鑑於 2025 年部分節省措施的暫時性，我們預計 2025 年節省的資金中約有一半將延續到 2026 年。由於一些正在建設中的項目預計將在未來幾年產生可觀的淨營業收入，以及其他早期階段的項目正在進行重要的審批設計和場地工作，為未來的從零開始的開發做好準備，因此我們需要將部分總利息成本資本化。

We have and will continue to curtail our large development pipeline coming off a decade bull run for the industry fueled by the rocket ship demand of COVID. Given the lack of clarity on near-term demand as well as significant availability in some of our submarkets, we are carefully evaluating on a project-by-project basis the $4.2 billion of land subject to capitalization during the first 9-months of the year. With preconstruction milestones in April 2026 on average, we continue to evaluate whether to progress preconstruction or construction efforts beyond the current milestones and in various cases will likely pause or curtail activity.

過去十年，受新冠疫情帶來的火箭式需求推動，該行業經歷了牛市，但我們已經並將繼續縮減我們的大型開發項目。鑑於近期需求尚不明朗，且部分子市場供應充足，我們正在逐一專案地仔細評估今年前 9 個月內需要資本化的 42 億美元土地。平均而言，施工前里程碑將於 2026 年 4 月實現，我們將繼續評估是否在當前里程碑之後推進施工前或施工工作，並且在各種情況下可能會暫停或縮減活動。

If we decide to pause on a project as it reaches the next milestone, capitalization of interest, payroll and other required costs would cease on that project. While these ultimate decisions have not yet been made, we would like our funding program for next year to include a significant component of land dispositions which help us achieve one of our strategic objectives over the near to intermediate term to significantly reduce the size of our land bank.

如果我們決定在項目達到下一個里程碑時暫停該項目，則該項目的利息、工資和其他必要成本的資本化將停止。雖然這些最終決定尚未做出，但我們希望明年的融資計劃能夠包含相當一部分土地處置，這有助於我們在近期到中期內實現我們的一項戰略目標，即大幅減少我們的土地儲備規模。

Sales of land could result in a significant reduction in capitalized interest and potential impairment charges. We expect steady to slightly lower capitalized interest in 4Q '25 and lower capitalized interest beginning in the first quarter of 2026. Despite positive recent activity for the biotech XBI Index, private and public biotech companies continue to remain challenged given the 5-year bear market for the sector.

土地出售可能導致資本化利息大幅減少和潛在的減損費用。我們預計 2025 年第四季資本化利息將保持穩定或略有下降，並且從 2026 年第一季開始資本化利息將下降。儘管生物科技 XBI 指數近期表現積極，但鑑於該行業已連續 5 年處於熊市，私營和上市生物科技公司仍面臨挑戰。

Given these and other factors unique to our venture investments, we did revise our guidance down to a range of $100 million to $120 million. It's important to point out that for the first 9-months of 2025, we realized $95 million of gains from our venture investments, which were included in FFO per share as adjusted or about $32 million per quarter.

考慮到這些因素以及我們創投特有的其他因素，我們將預期金額下調至 1 億美元至 1.2 億美元。需要指出的是，在 2025 年的前 9 個月，我們從創投中實現了 9,500 萬美元的收益，這些收益已計入調整後的每股 FFO，每季約 3,200 萬美元。

Based upon the midpoint of our revised guidance for realized investment gains of $110 million, this implies $15 million for the fourth quarter, or a $17 million decline over the average quarterly run rate for the last three quarters. We continue to stand out as our corporate credit ratings rank in the top 15% of all publicly traded US REITs.

根據我們修訂後的已實現投資收益指引的中點 1.1 億美元，這意味著第四季度收益為 1500 萬美元，比過去三個季度的平均季度運行率下降了 1700 萬美元。我們的企業信用評級在美國所有上市房地產投資信託基金中排名前 15%，這使我們繼續脫穎而出。

We have the longest average remaining debt maturity among all S&P 500 REITs at 11.6-years and tremendous liquidity of $4.2 billion. We updated our guidance for year-end leverage to 5.5 times to 6.0 times for 4Q '25 net debt to annualized adjusted EBITDA. The increase from our prior target of 5.2 times was primarily due to two factors. First, a reduction in our disposition guidance to a midpoint of $1.5 billion related to $450 million of potential dispositions expected to be delayed into 2026. And second, a projected reduction in annualized EBITDA in the fourth quarter from lower same-property net operating income and lower realized investment gains.

我們在標普 500 指數 REIT 中擁有最長的平均剩餘債務期限，為 11.6 年，並且擁有高達 42 億美元的巨額流動性。我們將 2025 年第四季淨負債與年度調整 EBITDA 的槓桿率預期更新為 5.5 倍至 6.0 倍。比之前設定的 5.2 倍目標有所增長，主要歸因於兩個因素。首先，我們將資產處置預期下調至 15 億美元的中點，原因是預計有 4.5 億美元的潛在資產處分將延後到 2026 年。其次，由於同店淨營業收入下降和已實現投資收益減少，預計第四季年度 EBITDA 將下降。

We've completed $508 million of dispositions to date, which leaves $1 billion to complete in the fourth quarter, all of which are subject to non-fundable deposits signed LOIs or purchase and sale negotiations. In connection with our disposition program, we recognized impairments of real estate of $323.9 million during the quarter, with approximately two-thirds of that coming from an investment in our Long Island City redevelopment property.

到目前為止，我們已經完成了 5.08 億美元的資產處置，第四季度還有 10 億美元的資產處置需要完成，所有這些處置都取決於已簽署的不可融資定金、意向書或買賣談判。與我們的資產處置計劃有關，本季我們確認了 3.239 億美元的房地產減損損失，其中約三分之二來自我們對長島市重建項目的投資。

Three items to highlight here. First, we acquired the site in 2018. That submarket suffered a substantial setback when Amazon abandoned its plan for new HQ in that location in 2019 and it never recovered. Second, despite the lower rental rate price point and our dominance in that submarket, it has been challenging to get a critical mass of life science tenants to go to this location. And ultimately, we don't view it as a life science destination that can scale.

這裡需要重點強調三點。首先，我們在 2018 年收購了該地塊。2019 年，亞馬遜放棄了在該地區設立新總部的計劃，導致該細分市場遭受了重大挫折，並且再也沒有恢復過來。其次，儘管租金價格較低，而且我們在該細分市場佔據主導地位，但要吸引足夠的生命科學租戶入駐該地點仍然具有挑戰性。最終，我們並不認為它是一個可以規模化發展的生命科學目的地。

And third, this location has become more of an industrial flex and cinema submarket rather than life science. Ultimately, at the end of September, we decided future capital needs and the sale proceeds related to this project would be better recycled into our mega campuses where we have greater conviction long term.

第三，該地區已從生命科學領域轉變為工業靈活用途和電影院子市場。最終，在九月底，我們決定將未來資金需求以及與該項目相關的出售所得款項更好地投入到我們更有長期信心的巨型園區建設中。

Looking forward, we have a number of assets under consideration for sale either by the end of this year or sometime in 2026 that have estimated values below our carrying values ranging from zero to $685 million. Although these potential impairments have not been triggered and final decisions to proceed have not been made, we updated our guidance range for 2025 to reflect these potential additional impairments in the fourth quarter. We anticipate an end to the large-scale non-core asset program by the end of 2026 or early 2027.

展望未來，我們正在考慮出售一些資產，這些資產的預期價值低於帳面價值，出售時間可能在今年年底或 2026 年的某個時候，價格從零到 6.85 億美元不等。儘管這些潛在的減損尚未觸發，也尚未做出最終決定，但我們在第四季度更新了 2025 年的業績指引範圍，以反映這些潛在的額外減損。我們預計大規模非核心資產計畫將於 2026 年底或 2027 年初結束。

We also expect dispositions to provide the vast majority of our capital needs for next year. Turning to capital allocation, two points here. First, we are continuing to evaluate some of our development and redevelopment projects expected to stabilize in 2027 and 2028 for opportunities to pivot.

我們也預計資產處置將滿足我們明年絕大部分的資金需求。關於資本配置，這裡有兩點需要說明。首先，我們正在繼續評估一些預計在 2027 年和 2028 年趨於穩定的開發和重建項目，以尋找轉型機會。

Second, we estimate our 2026 construction spending to be similar to slightly higher than the midpoint of construction spending for 2025 of $1.75 billion, which includes the recently announced build-to-suit in San Diego and higher CapEx and repositioning costs necessary to lease vacant space related to our operating properties. But the goal is to continue to reduce non-income-producing assets and other development pipeline -- and our development pipeline over time.

其次，我們預計 2026 年的建築支出將與 2025 年建築支出的中點 17.5 億美元相近或略高，其中包括最近宣布的在聖地亞哥的定制建造項目，以及租賃與我們運營物業相關的空置空間所需的更高資本支出和重新定位成本。但我們的目標是繼續減少不產生收入的資產和其他開發項目——以及我們未來的開發項目。

Next, on dividend policy. The Board's approach has been to share cash flows from operating activities with investors as well as to retain a meaningful amount for reinvestment and which has allowed us to retain $475 million at the midpoint of our guidance range for 2025.

接下來，我們來談談股利政策。董事會的做法是與投資者分享經營活動產生的現金流，並保留相當數量的資金用於再投資，這使得我們能夠在 2025 年指導範圍的中點保留 4.75 億美元。

In addition, the cumulative growth in dividends and FFO has been highly correlated since 2013. Given the factors that we described in our press release that are expected to impact 2026 earnings and cash flows, we anticipate that our Board of Directors will carefully evaluate future dividend levels accordingly. We provided updated guidance for FFO per share diluted as adjusted for 2025, which was reduced by $0.25, or about 2.7% to a midpoint of $9.01 per share.

此外，自 2013 年以來，股息和 FFO 的累積成長一直高度相關。鑑於我們在新聞稿中描述的、預計將對 2026 年收益和現金流產生影響的因素，我們預計董事會將據此認真評估未來的股息水準。我們更新了 2025 年經調整後的每股攤薄 FFO 指引，下調 0.25 美元，降幅約 2.7%，至每股 9.01 美元的中位數。

This change was primarily due to lower investment gains and lower same-property performance driven by lower occupancy. Looking ahead to 2026, as is our long-standing practice, we will provide detailed guidance at our Investor Day on December 3. And in advance of that, we've shared five important trends that will impact earnings for 2026, including core operations and occupancy, capitalized interest, realized gains on non-real estate investments, G&A and our disposition program.

這項變化主要是由於入住率下降導致投資收益降低和同店物業業績下滑所致。展望 2026 年，我們將按照慣例，在 12 月 3 日的投資者日上提供詳細的指導。在此之前，我們分享了將影響 2026 年收益的五大重要趨勢，包括核心營運和入住率、資本化利息、非房地產投資的已實現收益、一般及行政費用以及我們的處置計劃。

Please refer to Page 6, of our supplemental package for more information. Given the various factors impacting 2026 earnings, it's important to recognize the tremendous intrinsic value of our highly differentiated mega campus assets included in consensus NAV, which is significantly above our current trading price today with that consensus NAV coming in at around $117 per share.

更多資訊請參閱我們的補充資料第 6 頁。鑑於影響 2026 年收益的各種因素，重要的是要認識到我們高度差異化的巨型園區資產的巨大內在價值，該價值已包含在共識淨資產值中，遠高於我們今天的交易價格，共識淨資產值約為每股 117 美元。

To be clear, we continue to be the dominant leader for life science real estate with the best assets in the best locations and the best tenants. Our focus in irreplaceable world-class mega campuses will continue to set us apart and give us an opportunity to capture premium economics for the long term as the demand and supply picture improves over time.

需要明確的是，我們仍然是生命科學房地產領域的絕對領導者，擁有最佳地段的最佳資產和最佳租戶。我們專注於打造無可取代的世界級巨型校園，這將繼續使我們脫穎而出，並隨著供需狀況的不斷改善，為我們提供長期獲取優質經濟效益的機會。

Now I'll turn it back to Joel.

現在我把話題轉回給喬爾。

Operator, please start questions.

接線員，請開始提問。

Absolutely, sir. Well, I'll begin the question-and-answer session. (Operator Instructions)

當然，先生。好的，我將開始問答環節。（操作說明）

Farrell Granath, BofA.

Farrell Granath，美國銀行。

Hi good afternoon thank you for taking my question. I first just want to touch on, I know last quarter, you had some commentary about potential benefits to occupancy, about $600,000 or 1.7%. I was curious on the update and your expectations or line of sight that you're seeing now?

您好，下午好，感謝您回答我的問題。首先我想談談，我知道上個季度您對入住率的潛在收益發表了一些評論，大約為 60 萬美元或 1.7%。我對這次更新以及您目前的預期或展望感到好奇？

Yeah. That's a really good question. Marc, do you want to comment on those assets?

是的。這真是個好問題。馬克，你想對這些資產發表一下看法嗎？

Sure. Yeah. So we did provide an update, it's in Page 2, of the press release, that number is about 617,000 feet as of September 30. It's primarily at properties located in Greater Boston, San Francisco, San Diego and Seattle. And it's about $46 million of -- potential annual rental revenue of $46 million. And we expect it to deliver on average. There's a lot of spaces in there, as you can imagine, but on average, around May 1 of next year.

當然。是的。所以我們提供了最新數據，在新聞稿的第 2 頁，截至 9 月 30 日，該數字約為 617,000 英尺。主要集中在大波士頓地區、舊金山、聖地牙哥和西雅圖的房產。潛在的年度租金收入約為 4,600 萬美元。我們預計它的平均性能會達到預期。你可以想像，那裡有很多空位，但平均來說，大約在明年 5 月 1 日左右。

Okay. And also, I guess, a broader question. In peer's calls, we've heard that there was early positivity around leading indicators in the biotech market. And you made a few comments around that. But it generally still feels like you're very much seeing the impacts of supply and demand.

好的。而且，我想，這也可以算是更廣泛的問題。在與同業的電話會議中，我們了解到生物技術市場的領先指標出現了早期積極態勢。你也對此發表了一些評論。但整體而言，你仍然會強烈感受到供需關係的影響。

And I'm curious, what would turn your perspective or optimism a little bit higher, either if that's greater IPOs or different capital market movements?

我很好奇，如果出現更多IPO或資本市場出現不同的趨勢，您會如何提升您的觀點或樂觀情緒？

Yeah. That's also a really important question. I think the two -- well, there are three missing links, as I mentioned in my opening comments to demand today and Hallie, can give you chapter and verse on the green shoots that we're seeing, which are substantial from the capital market side to M&A, et cetera. But one is the FDA -- the government shutdown has to stop and the FDA has to open. Number two, venture earlier-stage venture-backed companies have to start making commitments for space as opposed to kind of holding, waiting for cost of capital issues with the Fed and broadly in the industry.

是的。那也是個非常重要的問題。我認為，正如我在開場白中提到的，今天還有三個缺失的環節——Hallie，可以詳細闡述我們正在看到的復甦跡象，這些跡象從資本市場到併購等方面都非常重要。但其中一個是FDA——政府停擺必須停止，FDA必須重新開放。第二，早期創投支持的公司必須開始對空間做出承諾，而不是繼續持有，等待聯準會和整個產業普遍存在的資本成本問題。

And I think, three, the public biotech sector, which has been, to a large extent, the mainstay of this industry as far as space and demand has to be reignited. And even though the XBI is up substantially, that has not yet translated into action. So I think those are the key things we're looking for. And institutional demand, if the NIH can get its act together on the issues we talked about, one, making sure they're fully funded and disbursing funds and that there's an unlocking of the current bar to the 15% indirect cost limitation.

我認為第三點是，公共生物技術部門在很大程度上一直是該行業的支柱，其發展空間和需求必須重新激發。儘管XBI大幅上漲，但這尚未轉化為實際行動。所以我覺得這些就是我們正在尋找的關鍵要素。如果美國國立衛生研究院 (NIH) 能夠解決我們討論過的問題，那麼機構需求將會得到滿足。這些問題包括：一是確保充足的資金並撥付資金；二是解除目前 15% 間接成本限制的障礙。

[Seth Burge, Citi].

[Seth Burge，花旗銀行]

Thanks. It's Nick here with Seth. Just as we think about the sources of capital, you mentioned equity-like capital. Could you elaborate on that and kind of either the pricing or what exactly you mean by that?

謝謝。我是尼克，這是賽斯。正如我們思考資本來源時，您提到了類似股權的資本。能否詳細說明一下，例如價格方面或您具體指的是什麼？

Yeah. I mean we've used that for the last, I don't know, 15-or-so years. That really is just capital that comes into the company through one form or another, it could be savings on dividend like we've done. It could be other sources, joint sales of joint ventures.

是的。我的意思是，我們已經用了大概15年了。這其實就是公司透過各種形式所獲得的資金，例如我們節省下來的股利。也可能是其他來源，例如合資企業的共同銷售。

But primarily, I think Marc stated it pretty clearly, and let me just repeat for everybody, the vast majority of capital for next year's plan, which will unveil on December 3, at Investor Day will be asset sales. And we gave you a pie chart in the press release regarding at least this year's proportion of those, so a big chunk from land, a very big chunk from other than fully stabilized assets and then a chunk from stabilized assets. So I don't think that's going to vary much from this year.

但最重要的是，我認為馬克已經說得很清楚了，我再重複一遍，明年計劃的大部分資金（將於 12 月 3 日的投資者日上公佈）將來自資產出售。我們在新聞稿中提供了一個圓餅圖，展示了至少今年這些資產的比例，其中很大一部分來自土地，很大一部分來自非完全穩定的資產，還有一部分來自穩定資產。所以我認為今年的情況不會有太大變化。

Thanks, that's helpful. And then in your opening comments, you said the bear market is starting to turn the corner. Are you seen that in the transaction market as well for -- on the stabilized asset side? Is there a change in buyer demand given the underlying fundamentals and what you're seeing?

謝謝，這很有幫助。然後，你在開場白中說，熊市開始出現轉機。您是否在交易市場，尤其是在穩定資產方面，也看到了這種情況？鑑於基本面和您觀察到的情況，買方需求是否改變了？

Yeah, Peter?

是嗎，彼得？

Yeah. I would say that there is strong demand for our assets, especially ones that investors consider to be opportunistic, that's really the sweet spot right now. But yeah, we have no shortage of interest in everything that we're bringing to the table, that's life science and things that are alternative uses where we're finding a lot of interest from residential developer.

是的。我認為市場對我們的資產需求強勁，尤其是那些投資人認為具有投資機會的資產，這才是目前真正的最佳投資時機。是的，我們所提供的所有產品和服務都備受關注，包括生命科學和替代用途，我們發現住宅開發商對這些產品和服務非常感興趣。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hi there, good morning still. So can you talk a little bit about a little bit more detail on the development sort of process going forward. I think it's a matter of -- maybe it comes down in order of magnitude over the coming years just in dollars in terms of development spend, but also type of development.

你好，早安。那麼，您能否更詳細地談談接下來的開發過程？我認為問題在於──或許在未來幾年，開發支出（以美元計）的數量級會下降，但開發類型也會下降。

Joel, did I hear you right that the focus going forward will be more on build-to-suits than anything else, not that you haven't been focused on that. But I mean, I wonder what the development picture is going to look like kind of post-2026, when you top off what's left and then you consider the $4.2 billion that's kind of still early stage in terms of the process. Just if you could sort of give us a line of sight into what this will all look like eventually?

喬爾，我沒聽錯吧，你未來的重點將更多地放在定制建造上，而不是其他方面，當然，你之前也一直關注著這方面。但我的意思是，我想知道 2026 年後的發展前景會是什麼樣子，當你把剩下的部分都完成，然後再考慮目前仍處於早期階段的 42 億美元。您能否大致向我們展示一下這一切最終會是什麼樣子？

Yeah. And I mean you can look at, we've been at this now for a multi-year period. It obviously is a lot of pick and shovel work this year is a good example. And again, the chart or the pie chart I referred to just a moment ago, this year's land sales as estimated, both what we've accomplished and what we have left to do will be an important part of reducing that land bank. And if you look at Page 46, of the press release is up, you can see the pie chart Marc has tried to enhance this in as clear a fashion as possible.

是的。我的意思是，你看，我們已經為此努力了好幾年了。今年顯然有很多需要用鎬和鏟子完成的工作，這是一個很好的例子。再說一遍，我剛才提到的圖表或圓餅圖，今年的土地銷售情況（根據估計），無論是我們已經取得的成就還是我們還需要做的事情，都將是減少土地儲備的重要組成部分。如果你看一下新聞稿的第 46 頁，你會看到馬克試圖以盡可能清晰的方式增強的餅圖。

And you can look just your eyes kind of go to two particular places right away. One is the 15% bucket critical milestones coming up on megacampus projects. We clearly want to bring -- to try to, through entitlement, design and sometimes design, but entitlement in particular, trying to create as much value for alternative uses. We mentioned resi and we've been very successful there. So this is a bucket that will clearly not be there over the coming years.

你會發現，你的目光會立刻被兩個特定的地方吸引。一是大型校園計畫即將迎來的 15% 關鍵里程碑。我們顯然希望透過權利、設計，有時甚至是設計，特別是權利，創造盡可能多的替代用途價值。我們提到了住宅領域，而且我們在這方面非常成功。所以很明顯，這個水桶在未來幾年內將不復存在。

The one of its immediate left, 26%, where we have both -- well, stable near-term projects that are not yet fully stabilized, of course, '27 and beyond. We have a smaller amount of leasing. Those are projects that we are going to look at very carefully and make some pretty big determinations as soon as we can get to points in time where we think we've tried to maximize the current value. And my guess is a bunch of those projects will be sold, which will further reduce the land bank.

在其左側的緊鄰位置，佔 26%，我們既有——嗯，穩定的近期項目，當然，這些項目還沒有完全穩定下來，2027 年及以後的項目也是如此。我們的租賃業務量較小。我們會非常仔細地研究這些項目，並在我們認為已經盡力最大化當前價值之後，盡快做出一些非常重要的決定。我估計其中許多項目都會被出售，這將進一步減少土地儲備。

And we'll see on the megacampus projects, what happens to those, we're clearly unable to do all megacampuses. And so it's certainly possible we bring one or more. There's a chart of, I think, or pictures of four big mega campuses, one in Seattle, one in near South San Francisco, in San Bruno, another one in San Carlos. And then the final one at Campus Point, it's pretty clear that -- for example, the San Bruno is one that we're thinking about very carefully. We're working through a very complex project with both entitlements and existing tenants.

至於大型校園項目，我們拭目以待，看看它們最終會如何發展，顯然我們不可能建造所有的大型校園。因此，我們當然有可能帶一個或多個人。我想，這裡有一張圖表，或者說是四座大型超級校園的圖片，一座在西雅圖，一座在南舊金山附近，一座在聖布魯諾，還有一座在聖卡洛斯。最後是 Campus Point 的這個項目，很明顯——例如，聖布魯諾就是我們正在非常認真考慮的項目。我們正在處理一個非常複雜的項目，既涉及產權問題，也涉及現有租戶。

And we'll see what happens there. But that's the kind of project that we could see potentially exiting at some point as well. So we're trying to be as both as aggressive as we can, time-wise, cost-wise, but also very thoughtful.

我們拭目以待。但我們認為這類項目也可能在某個時候退出市場。所以我們努力做到既在時間、成本方面盡可能地積極進取，同時也要考慮周全。

Okay. And so do you think that there will be like at Investor Day some sort of run rate development exposure that Alexandria will sort of commit to at the other side of all this? Is that sort of the messaging that you expect to provide, if not right now, but --

好的。那麼你認為在投資者日上，亞歷山大公司是否會承諾在這一切結束後，會公佈某種形式的定期開發計畫？如果現在還不是，那以後，你希望傳達的訊息是這樣的嗎？--

You say development run rate specifically as to what time --

您具體提到開發運行速度是指時間。--

Well, as a percentage of assets or however you want to look at it.

嗯，無論是以資產百分比還是其他任何方式來看。

Well, I think I actually said it on the call, my opening, we're at 20% today. We were at 30% break GFC, but for different reasons, we decided to hold those, Mission Bay and Cambridge, and those turned out to be the lifeblood of our decade bull run with the biotech industry, I think it's different this time because there's a lot of stupid space that was built by others.

嗯，我想我在電話會議上其實說過，我開場白是，我們今天的成長率是 20%。我們在金融危機期間股價跌至 30%，但由於其他原因，我們決定持有 Mission Bay 和 Cambridge 的股票，結果證明這些股票是我們過去十年生物技術行業牛市的命脈。我認為這次的情況有所不同，因為有很多愚蠢的股票是別人建造的。

And so we don't want to build into that kind of a market. So 20% should come down to 10% to 15% over the coming years, and we're certainly looking at trying to accelerate that as fast as possible because the less we have on balance sheet and the less dollars going into that or the less construction dollars and funding dollars we have to require. So the two go hand-in-hand. But 10% to 15% is the number.

因此，我們不想進入那種市場。因此，未來幾年內，20% 的比例應該會降至 10% 到 15%，我們當然正在努力盡快加快這一進程，因為我們的資產負債表上的資產越少，投入的資金就越少，我們需要的建設資金和融資資金也就越少。所以這兩者是相輔相成的。但實際比例是10%到15%。

Yeah. Okay you did that, my apologies. And then lastly for me, on the dividend, you're running at a $5.28 annual dividend and talking about the board taking a look at it next year. What's your comfort level from a payout ratio sort of when you kind of think about resetting the dividend, I'm just curious what the sort of the policy is -- the dividend policy is --

是的。好吧，是你幹的，我道歉。最後，關於股息，你們目前的年度股息為 5.28 美元，董事會正在考慮明年對此進行評估。您在考慮調整股利時，對派息率的接受程度如何？我只是好奇貴公司的股利政策是怎麼樣的──也就是股利政策。--

Yeah. Well, the Board will look at that in the fourth quarter and declare a fourth quarter dividend. I think what we want to do is try to be able to frame 2026, I think, very, very clearly, and we'll try to do that to the Street as quickly as we can. But I think that frame then impacts how the Board will think about the metrics of dividend. But remember, that's our cheapest form of capital. So we are focused on that.

是的。董事會將在第四季度對此進行評估，並宣布第四季度股息。我認為我們想要做的，是努力非常非常清晰地描繪 2026 年的藍圖，我們會盡快將這張藍圖傳達給華爾街。但我認為，這種框架會影響董事會如何看待股利指標。但請記住，這是我們最便宜的資金形式。所以我們現在專注於此。

But Marc, you could give any broad parameters you want.

但是馬克，你可以給任何你想要的寬泛參數。

Well, I would -- the only thing I would add to that is we do have room in our taxable income. So the Board will obviously make the final decision, but there's room potentially up to 40% -- 30%, 40% but they'll be looking at a variety of factors, including the amount of retained cash flows or capital needs for next year, AFFO coverage as well as a few other stats there.

嗯，我唯一要補充的是，我們的應稅所得還有提升空間。因此，董事會顯然會做出最終決定，但可能還有高達 40% 的空間——30%、40%，但他們會考慮各種因素，包括明年的留存現金流或資本需求、AFFO 覆蓋率以及其他一些統計數據。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Yeah, thanks. Just on that last point on the dividend, Marc, do you all have taxable net? Like do you need to pay a dividend? Or do you have the ability to just keep cash?

是的，謝謝。關於股利的最後一點，馬克，你們的淨股利都是應稅的嗎？例如，你們需要支付股息嗎？或者你有能力只保留現金嗎？

No, we do need to pay a dividend. That's right. I mean, yeah, I think we.

不，我們確實需要支付股息。這是正確的。我的意思是，是的，我認為我們。

If we intend to

如果我們打算

Okay. Just wondering, because also it seems like even after a day like today with the stock down the way it is, and you had brought up kind of where some of the street numbers are for NAV, like does this bring back the prospect of using capital just for your stock here? Or are the development needs just going to be great enough that you got to keep going down that path?

好的。我只是好奇，因為即使像今天這樣股價下跌了一天，而且你還提到了一些市場對淨資產值（NAV）的預測，這是否會讓你重新考慮用資金購買你公司的股票？或者說，發展需求太大，以至於你必須繼續走這條路？

Yeah. Look, I think we believe the price is attractive to buy back, but we're certainly focused on making sure that we have enough capital to finish out the construction commitments that we have, and that's kind of our first priority.

是的。你看，我們認為這個價格很有吸引力，值得回購，但我們當然更專注於確保我們有足夠的資金來完成我們已有的建設承諾，這才是我們的首要任務。

Okay. And then just another question. Just in the -- you called out the 1.2 million square feet that are sort of the key leases or move-outs we should be thinking about. But the remaining like 1.3 million square feet expiring next year, are those likely to stay and so you kind of have kept them in a separate bucket? Or should we assume there's still some normal retention to move out in that grouping as well?

好的。然後，還有一個問題。就在剛才——你提到了那 120 萬平方英尺的面積，那是我們應該考慮的關鍵租賃或搬遷面積。但明年即將到期的剩餘約 130 萬平方英尺的租賃合同，這些合約有可能保留嗎？所以你們把它們單獨列出來了嗎？或者我們應該假設，在這個分組中，仍然會有一些正常的留存率被淘汰？

Yeah. Look, those -- what's left over is -- are things in the normal course of leasing. So what we've called out are items that we are -- we know are going to go vacant. The rest of it are things that are just too early to tell.

是的。你看，剩下的那些東西都是租賃過程中正常會遇到的情況。所以，我們列出的這些項目，我們知道將會空置。其餘的事情現在下結論還為時過早。

Okay. If I could just sneak one more in. Just, Marc, you mentioned the $15 million in venture gains for the fourth quarter I know you'll give details on other income in December. But should we think that $15 million is the new $32 million or any guidepost there point?

好的。如果我能再偷偷加一個就好了。馬克，你剛才提到了第四季1500萬美元的創投收益，我知道你會在12月份公佈其他收入的詳情。但是，我們應該認為 1500 萬美元是新的 3200 萬美元，還是有什麼參考標準呢？

Look, the $15 million as the number for the fourth quarter is really a reflection of where we think the market is and the unique factors specific to our portfolio of investments, we'll be able to give a clear picture on what we think next year looks like at our Investor Day come December.

你看，第四季度1500萬美元的數字實際上反映了我們對市場現狀的看法以及我們投資組合的獨特因素，我們將在12月的投資者日上清楚地說明我們對明年的看法。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey everyone, I was just looking at the future pipeline, the $3 billion and the $1.2 billion, how much of the potential residential land plays will come out of that bucket? And then when you also look at the potential for $685 million of impairments, would that mostly fall in that bucket as well.

大家好，我剛剛在看未來的項目儲備，30億美元和12億美元的項目，其中有多少會用於潛在的住宅用地開發項目呢？那麼，考慮到可能出現的 6.85 億美元減損損失，這筆損失是否也大多屬於這一類？

Yeah, hi. It's Marc. I can definitely take the second question on the $685 million. Just to be clear, the $685 million is relates to a variety of assets that are under consideration. So there's a variety of ways that, that could go.

是的，你好。是馬克。關於6.85億美元的第二個問題，我當然可以回答。需要說明的是，這 6.85 億美元與正在考慮的各種資產有關。所以，這件事有很多種發展方向。

It just depends on what happens with the buyer, if we can get a price that we like, et cetera, some of these assets, we could end up holding if we decide to pivot. But the $685 million, I would say the bigger chunk there has to do with land type assets.

這完全取決於買家的情況，如果我們能得到我們滿意的價格等等，如果我們決定轉型，我們最終可能會持有其中的一些資產。但我認為這6.85億美元中，大部分是土地資產。

Okay. And then for the -- go ahead. sorry.

好的。然後——請繼續。抱歉。

No, please.

不，請別這麼做。

No, go ahead, go ahead. Yeah.

不，繼續，繼續。是的。

Well, I was going to say, if you just look at the four mega campuses that are pictured in the press release and up -- each one of those are intended to have a component and some substantial component of resi. So you can make that judgment based on that commentary.

嗯，我本來想說，如果你看看新聞稿中展示的四個巨型校園——每個校園都計劃包含一部分住宅，而且住宅的組成部分相當可觀。所以你可以根據這些評論做出判斷。

Okay. Got that. And then for the leases that are going to commence in, I guess, the first half of next year, was there any -- it looks like there might have been a small delay on that. Was that anything like permitting wise or just the tenant looking to move in a little bit later?

好的。明白了。至於那些將於明年上半年開始的租賃合同，看起來好像有點延遲。這跟許可證辦理有關嗎？還是只是租戶想晚點入住？

Yeah. No, I don't know that there was necessarily a delay. It's just a -- that bucket continues to evolve, right, as some of it gets delivered and then we're obviously adding new stuff there, right? We're leasing space that don't extend that. So that will be an evolution just because that bucket changes from quarter-to-quarter.

是的。不，我並不確定是否一定有延誤。這只是——這個桶子會不斷發展變化，對吧，因為有些東西會運過來，然後我們顯然會往裡面添加新的東西，對吧？我們租賃的空間並不具備這種特性。所以這將是一個演變過程，因為這個桶子每季都會改變。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yeah, thanks. Can you provide some color on the type of tenant activity that the company is tracking right now? I mean it sounds like in the prepared remarks that you're seeing activity being kind of flat despite the XBI uptick.

是的，謝謝。您能否詳細介紹一下公司目前正在追蹤的租戶活動類型？我的意思是，從你準備好的發言稿來看，儘管XBI有所成長，但你認為市場活動總體上比較平穩。

But are there certain tenants looking for different types of spaces. I mean, how many tenants are looking for like the Class A space versus the Class B space? I mean is there a different price points that tenants are looking at just given them trying to extend their cash burn rates given the current uncertainty.

但是，是否也有一些租戶在尋找不同類型的空間呢？我的意思是，有多少租戶在尋找 A 級辦公空間，而不是 B 級辦公空間？我的意思是，考慮到目前的不確定性，租戶們都在努力延長現金消耗期，他們是否在考慮不同的價格點？

Well, yeah, that's almost an impossible question to answer because if you look at the press release and up, we put a pie chart of our the tenant sectors in there, and there is certainly demand from almost all of those. There's no government demand.

嗯，是的，這個問題幾乎無法回答，因為如果你看看新聞稿及後續內容，我們在上面放了一個租戶行業的餅圖，幾乎所有行業都有需求。政府沒有提出要求。

And at the moment, there's muted institutional demand, although we're working on one big deal as we speak. But aside from that, I think what we said is, and it varies submarket by submarket, each submarket has its own particular dynamics. Some are pretty well in balance with supply and demand.

目前，機構需求較為疲軟，不過我們正努力促成一筆大交易。但除此之外，我認為我們所說的是，而且每個子市場的情況都不盡相同，每個子市場都有其自身獨特的動態。有些產品的供需關係相當平衡。

Others are imbalanced. And so that is a little bit different. But I think across the board, there is demand. I think what the commentary really is that given the recovery in the XBI, we're a little surprised that demand hasn't followed as much -- it's not as obvious than maybe in past times, but the reason for that is clear, cost of capital and federal interest rates are being stubbornly high. The government has shut down.

另一些則不平衡。所以這一點有點不同。但我認為整體而言，需求是存在的。我認為評論的真正含義是，鑑於美國國債的復甦，我們有點驚訝需求並沒有隨之而來——雖然這可能不像過去那麼明顯，但原因很明顯，資本成本和聯邦利率居高不下。政府已經停擺。

The FDA is close by and large, and there's a lot of log jams out there that are preventing a company -- and the IPO market is shut by and large, there's a little bit of activity, but it really isn't an opening. I think those are the factors. But there's demand from a variety of sectors. But again, it's very case specific. And it also depends on, when you say Class A, you tend to have revenue-producing companies looking for Class A space or companies that are extremely well capitalized.

美國食品藥物管理局（FDA）就在附近，而且規模龐大，很多障礙阻礙了公司的發展——IPO市場也基本上關閉了，雖然有一些活動，但這真的不是一個機會。我認為這就是原因。但各行各業都有需求。但同樣，這取決於具體情況。而且，當你提到 A 類股時，你往往會想到那些尋求 A 類股的獲利公司，或是那些資本非常雄厚的公司。

Others are looking for either moved out space or second -- true second-generation space after a 5-, 7-, 10-year lease, it varies all over the marketplace.

其他人則在尋找搬遷後的空間或第二代空間——真正的第二代空間，租期為 5 年、7 年、10 年，市場情況各不相同。

All right. That's helpful. And then just following up on Anthony's question related to the 1.3 million square feet of '26 lease expirations that are still outstanding that you guys need to address. Is that mostly lab tenants that are looking at that space? Or I guess, what's the mix between lab tenants or maybe covered land plays that those have for holding.

好的。這很有幫助。然後，我想就安東尼提出的問題做個後續說明，即 2026 年租約到期的 130 萬平方英尺的物業仍未解決，你們需要處理這些問題。主要是實驗室租戶在看中那個空間嗎？或者我想問的是，實驗室租戶或他們持有的有蓋土地之間的組合是什麼？

I mean, can you provide any details on what type of tenants are included in that bucket?

我的意思是，您能否詳細說明一下，這個類別中包含哪些類型的租戶？

Yeah. I mean we try to give some framework for kind of the key drivers there. I think it was on Page 23, footnote 4. If you go kind of line by line through the call out of those properties, most of those are going to be lab related, with the exception of the first one that we called out, which is about in 137,000 in Greater Stanford, that one is probably more likely to be targeted to an advanced technology use, but the other ones that we called out there in San Diego and then also in Cambridge are all lab.

是的。我的意思是，我們試圖為其中的關鍵驅動因素提供一個框架。我想是在第 23 頁，註 4 上。如果你逐行查看這些房產的描述，你會發現其中大部分都與實驗室相關，除了我們提到的第一個房產，它位於大斯坦福地區，面積約為 137,000 平方英尺，這個房產可能更傾向於用於先進技術用途，但我們在聖地亞哥和劍橋提到的其他房產都是與實驗室相關的。

Okay. Is this the 1.3 million remaining square feet? Or is that footnote talking about the 1.1 million square feet that is expected to move out?

好的。這是剩下的130萬平方英尺嗎？或者，該腳註指的是預計將搬出的 110 萬平方英尺的面積？

That's related to the -- sorry, I was referring to the 1.2 million square feet of lease expirations that are known vacates.

這與——抱歉，我指的是已知已騰空的 120 萬平方英尺租約到期。

And then the 1.3 million that is remaining that is yet to be addressed. Is that mostly lab?

還有130萬人的問題尚未解決。那主要是實驗室嗎？

It's a mix, I would say, mostly lab, but it's a mix.

我覺得它是一種混合體，主要是實驗室研究的成果，但它確實是一種混合體。

Yeah, Marc, it's Peter. I can confirm it's mostly lab. There is also a little bit more tech space in there, just like in the 1.2, but it's mostly lab.

是的，馬克，我是彼得。我可以確認這主要是實驗室的。裡面也稍微多了一些技術空間，就像 1.2 版本一樣，但主要是實驗室空間。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Thank you. I was wondering if you could provide a little bit more color on the quantum of capitalized interest that may be lowered in 2026. I know you mentioned A lot of this will be driven by land sales. But I'm trying to match that with the $1.75 billion of expected construction spend you'll have next year, which would suggest that the majority of CapEx interest will continue?

謝謝。我想請您詳細說明一下 2026 年可能降低的資本化利息金額。我知道你提到過，這很大程度上將由土地銷售驅動。但我試圖將它與你們明年預計的 17.5 億美元的建設支出相匹配，這表明大部分資本支出興趣將持續下去？

Yeah. I can take that. So two things driving next year in terms of construction numbers, one is the development costs and redevelopment costs to finish what's in the active pipeline, right? We still have a decent amount that's going to deliver next year that is 80% leased. And then we've also got higher, I would say, CapEx or repositioning type costs next year than we had in 2025, and that has a lot to do with the fact that there are some known vacates and it's going to cost -- we're going to have higher maintenance costs just given how much vacancy we have to lease in this market.

是的。我可以接受。因此，明年推動建築數量成長的因素有兩個，一是開發成本，二是完成現有工程的重建成本，對吧？我們還有相當數量的車輛將於明年交付，其中 80% 已出租。而且，我認為，明年我們的資本支出或重新定位成本也會比 2025 年更高，這很大程度上是因為有一些已知的空置房產，這將導致成本上升——鑑於我們在這個市場上有大量的空置房產需要出租，我們的維護成本將會更高。

So those are really the two biggest drivers. I think in terms of your fundamental question of how much cap interest rolls off, I would just refer you to the commentary that Joel had earlier about really thinking through that pie chart on Page 46, of the supplemental, the way we're thinking about the various buckets the mega campuses, obviously, we'd love to do.

所以，這確實是兩個最大的驅動因素。關於你提出的「資本利息會減少多少」這個根本問題，我建議你參考一下 Joel 之前的評論，他仔細思考了補充材料第 46 頁上的餅圖，以及我們對各種大型校園的思考方式，顯然，我們很樂意這樣做。

They're very valuable, but we can't do them all. You've got the non-megacampus future land assets, which would be right if there are opportunities to sell. And then the 2027 and beyond projects, which we may look at opportunities to pivot there in some fashion.

它們都很有價值，但我們不可能全部完成。您擁有非大型園區未來土地資產，如果有出售的機會，當然是好事。然後是 2027 年及以後的項目，我們可能會考慮以某種方式進行調整。

Okay. And then going back to the known move-outs for next year, the 1.2 million square feet, can you provide some commentary on why those tenants are not renewing? Whether they're going to a new product, or they're shrinking footprint, or there was some kind of event within the company.

好的。那麼，回到明年已知的120萬平方英尺的搬出面積，您能否就這些租戶不續租的原因做一些評論？無論是推出新產品，或是縮小業務規模，亦或是公司內部發生了某種事件。

Yeah, sure. I can run through those. So maybe I'll just go through the four that we mentioned there. The first basket was really I would say, a non-lab tenant, they were a software company that was in there when we acquired those assets and Greater Stanford, that's 138,000 feet. That was a known vacate.

是的，當然。我可以逐條檢查。所以，我可能就講講我們剛才提到的四個問題吧。第一個租戶實際上並非實驗室租戶，而是一家軟體公司，當我們收購這些資產時，他們就在那裡。大史丹佛大學佔地 138,000 平方英尺。那是一個已知的空缺職位。

The original business plan there was to redevelop it when we bought that a number of years ago. But things are obviously different, and we may choose to do something different there in terms of targeting more advanced type technology users. So that was --

幾年前我們買下那塊地時，最初的商業計畫就是對其進行重新開發。但情況顯然有所不同，我們可能會針對更高階的技術使用者採取不同的做法。就是這樣--

Yeah. And there's a lot of tech activity on that location. Actually, it's a very, very unique campus, mini campus.

是的。那裡有很多科技活動​​。實際上，這是一個非常非常獨特的小型校園。

Yeah. And then in San Diego, I would just point to the one asset in Torrey Pines, the 118,000, that was a project that had been occupied by a subsidiary of a big pharma. That big pharma ended up consolidating on our campus at Campus Point and they ended up coming out of that space, but they did expand with us. And I think that project delivers next year. So that was kind of lead behind space.

是的。然後，在聖地牙哥，我只想指出托里松林（Torrey Pines）的那塊118,000平方英尺的土地，那是一個曾被一家大型製藥公司的子公司佔用的項目。那家大型製藥公司最終在我們校園的 Campus Point 園區進行了整合，他們最終搬出了那個園區，但他們的確和我們一起擴張了。我認為這個專案明年就能交付成果。所以，這就是太空背後的導火線。

The 84,000 or 83,000 square foot space in Serino Mesa, a similar story. That was a subsidiary of a big pharma that also expanded with us on our SD-tech campus, and that was the lead behind space, very good quality spaces in both of those instances, but they're bigger spaces may take some time if we end up either targeting a larger user or smaller type users since they were big kind of single tenant spaces.

塞里諾梅薩的 84,000 或 83,000 平方英尺的空間，情況也類似。那是一家大型製藥公司的子公司，也和我們一起在SD-tech園區進行了擴張，並且是空間方面的主要推動者，在這兩個案例中都提供了非常高品質的空間，但如果我們最終的目標是大型用戶或小型用戶，那麼更大的空間可能需要一些時間，因為它們是大型的單一租戶空間。

And then the last bucket in Cambridge, some of that was -- it's just a variety of different spaces. Those spaces, as we mentioned there were older product that we really had in at least most of it hadn't really touched since we bought that campus in 2016. So it's a variety of factors.

然後，劍橋的最後一個桶，其中一些是——它只是各種不同的空間。正如我們之前提到的，那些空間裡有一些比較老舊的產品，至少大部分產品自 2016 年我們收購該園區以來就一直沒有真正使用過。所以這是多種因素共同作用的結果。

Yeah. And then you should note that of the three noted vacancies on Page 23, Footnote 4, we have an LOI signed for 83,000 square feet of that known vacate, and we have an LOI signed of about 40% of the 118,000 feet at the moment. So stay tuned.

是的。然後您應該注意到，在第 23 頁腳註 4 中提到的三個空缺中，我們已經簽署了一份意向書，涉及其中 83,000 平方英尺的已知空缺，並且我們已經簽署了一份意向書，涉及目前 118,000 平方英尺中的約 40%。敬請關注。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Good afternoon. Thanks for being the questions, I guess, Joel, bigger picture, you're now in a macro, you sort of called the bottom, but things are uncertain. Obviously, you don't have control over that, seems like the sales process is also -- it really depends on buyer timing, so perhaps less control and you're trying to solve for leverage and capital needs.

午安.感謝你提出這些問題，我想，喬爾，從更宏觀的角度來看，你現在關注的是宏觀層面，你某種程度上預測到了底部，但情況仍然不明朗。顯然，你無法控制這一點，銷售過程似乎也是如此——這真的取決於買家的時機，所以你可能控制力較弱，而你正在努力解決槓桿和資金需求問題。

So I'm wondering like as you get through this in the next year or two to be in a better position to maybe take advantage of distress, why not consider just outright equity to fix the balance sheet, fix your capital needs, rather than having to rely on the asset sale process. which I know is important, but I'm just trying to --

所以我想知道，在未來一兩年內，當你渡過難關，處於更有利的地位，或許可以利用困境時，為什麼不考慮直接透過股權融資來改善資產負債表，解決資金需求，而不是依賴資產出售呢？我知道資產出售很重要，但我只是想…--

Yeah. That's a really good question. But I think, number one, the balance sheet is actually in great shape. Leverage ticked up a little bit, but I think we're pretty comfortable given the sales we have in line. I think what we really want to do is to bring our balance sheet down to a much healthier non-income producing asset waiting, if you will, now at 20%, down to 10% to 15%, and I think we'll make pretty huge strides on that through the end of next year and early '27. We've got a couple of big sales where we are close to pretty big entitlements and that will help us on valuations.

是的。這真是個好問題。但我認為，首先，資產負債表實際上狀況良好。槓桿率略有上升，但考慮到我們目前的銷售情況，我認為我們還是比較放心的。我認為我們真正想做的，是把資產負債表上的非收入性資產（如果可以這麼說的話）減少到更健康的水平，目前佔比 20%，減少到 10% 到 15%，我認為到明年年底和 2027 年初，我們將在這方面取得相當大的進展。我們有幾筆大筆交易即將完成，我們離獲得相當可觀的收益分成也越來越近了，這將有助於我們進行估值。

But we feel like we can manage the balance sheet and provide the capital we need through the assets that we would like to shed. And also, we have been selling a lot of non-core assets, some stabilized and some non-stabilized and that's part of our goal to move our mega campus ARR up to about the 80% level. So I think we feel pretty good about that without the need to go through a common equity raise.

但我們相信，透過出售我們想要剝離的資產，我們可以管理好資產負債表，並提供我們所需的資金。此外，我們一直在出售大量非核心資產，其中一些已經穩定，有些尚未穩定，這是我們將大型園區 ARR 提升至 80% 左右的目標的一部分。所以我覺得我們對此很有信心，無需進行普通股增發。

Okay. And then just on this the Investor Day, like, there's a bit of a departure, you're giving a lot of tealeaves on '26. I'm just wondering sort of why not so-called rip the Band-Aid just give a high-level number of where you think next year is going to shake out. Just -- it seems like a two-step process, which I don't know --

好的。然後就在這次投資者日上，情況發生了一些變化，你透露了很多關於 26 年的蛛絲馬跡。我只是想知道，為什麼不乾脆撕掉創可貼，直接給出一個大致的數字，預測一下你認為明年的發展趨勢呢？只是——這看起來像是一個兩步驟流程，但我並不清楚。--

Yeah, we get that. Unfortunately -- well, let me just say this, we -- we wouldn't have preferred to plan third quarter earnings so close in time to Investor Day. But I think Marc and his team may very well give a range for FFO kind of a framework for that here shortly to the Street. So keep your eye out for that, we're likely to probably try to do that, so that we don't keep people in a mystery box for 3- or 4-weeks, which we never intended to do. But frankly, the industry is, as I said, it's a regulated industry.

是的，我們明白。不幸的是——好吧，我只想說——我們並不想在投資者日臨近之際制定第三季收益計劃。但我認為馬克和他的團隊很可能很快就會向華爾街提供一個關於 FFO 的範圍框架。所以請大家留意，我們可能會嘗試這樣做，這樣就不會讓人們在神秘盒子裡待上 3 到 4 週，而這從來都不是我們所打算的。但坦白說，正如我所說，這個行業是一個受監管的行業。

And it is in a tough time because the government shutdown essentially puts almost everything, you can't file for -- you can't submit to the FDA for new INDs. There are some things coming out the back end, but the wheels are substantially stopped.

現在情況很艱難，因為政府停擺實際上讓幾乎所有事情都停滯了，你不能申請——你不能向FDA提交新的IND申請。後面有些東西正在生產，但整體上已經停滯不前。

And then on the other hand, the President has chosen, I think, better than the former administration, who is trying to get much broader price controls. This administration is really negotiating with each big pharma in a sense to get his version of [MFM]. So far, it's been limited to Medicaid which I think has been great, but going through 20 big pharmas is tough.

另一方面，我認為總統的選擇比前政府好，前政府正試圖推行更廣泛的價格管制。從某種意義上說，本屆政府實際上是在與每家大型製藥公司進行談判，以達成他自己的方案。[MFM]。到目前為止，這項計劃僅限於醫療補助計劃，我認為這很好，但是要與 20 家大型製藥公司打交道就很困難了。

So there's a lot of kind of a lot of slow moving wheels out there that we really need to see kind of -- the wheel put back on the cart so that the industry moves forward. And as I said, the industry has tremendous prospects. Any of us who have seen or been near disease know that there's a lot of wood to chop. We know of a whole number of people who've just been diagnosed with Parkinson's. We still don't have any addressable therapy.

所以現在有很多進展緩慢的環節，我們真的需要看到——把這些環節的輪子重新裝回車上，這樣產業才能向前發展。正如我所說，這個行業前景廣闊。任何見過或接觸過疾病的人都知道，要解決的難題還有很多。我們知道有很多人剛被診斷出患有帕金森氏症。我們仍然沒有任何有效的治療方法。

We got to get moving on these. So we will try to give the Street guidance here pretty shortly. So there's not a 3-, 4-, 5-week delay in trying to at least frame it. Marc did a -- I thought trying to do a good job giving factors, but we realize with cap interest rolling the way it's going to roll as we reduce the development pipeline, that leaves an unknown numbers out there that we'll try to fill in broadly speaking.

我們得趕緊行動起來了。因此，我們將盡快向華爾街提供指導意見。所以至少在確定框架之前，不會有 3 週、4 週、5 週的延誤。馬克做了——我以為他努力做好考慮各種因素的工作，但我們意識到，隨著資本利息的滾動以及我們減少開發項目，這將留下一些未知的數字，我們將嘗試大致填補這些數字。

Great, we look forward to the upgrade and definitely area on the other side.

太好了，我們期待升級，也期待另一邊的區域。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Good afternoon guys thanks for taking the question. I guess just -- maybe going back to some of your comments, Joel, it seems like the only thing that's necessarily changed this quarter versus last quarter is really related to the government shutdown, right? Because if you think about the supply pipeline that sort of continues to dwindle, albeit is still at high levels.

各位下午好，感謝你們回答問題。我想——或許回到你之前的一些評論，喬爾，看起來本季與上季相比唯一真正發生變化的事情就是政府停擺，對吧？因為如果你仔細想想，你會發現供應管道雖然仍處於高位，但卻不斷萎縮。

There's obviously been a huge challenging capital market environment for a lot of tenants. So I guess you mentioned that the government shutdown is having a huge impact in terms of kind of demand, it seems like. So is it the idea that we should think that once the government comes back, that demand start to pick up off of this level or --

顯然，對許多租戶來說，資本市場環境面臨巨大的挑戰。所以我想你有提到過，政府停擺對需求方面產生了巨大影響，是嗎？所以，我們是不是應該認為，一旦政府恢復運作，需求就會從目前的水準開始回升？--

I don't think that's necessarily the issue, but that's a prerequisite for the industry kind of getting on it's for feet because, again, it's a regulated industry, both from submissions, clinical trials and then approvals. And if the government doesn't open, you can't get any of those really effectively done. Some of -- I think there was one approval of AstraZeneca that kind of came out recently. But I mean the wheels are stopped. That isn't directly tied to demand, but it's hugely tied to the health of the industry, which then in turn, is tied to demand.

我不認為這一定是問題所在，但這卻是該行業站穩腳跟的先決條件，因為，再說一遍，這是一個受監管的行業，從提交申請、臨床試驗到審批，都需要經過嚴格的程序。如果政府不開放，這些事情就無法真正有效地完成。我記得最近阿斯特捷利康好像獲得了一項批准。但我的意思是，事情已經停滯不前了。這與需求沒有直接關係，但與產業的健康狀況密切相關，而產業的健康狀況又與需求息息相關。

I think if you go back to the second quarter, I think people still -- I remember, second quarter call, and then at NAREIT it wasn't clear when the industry would kind of hit this bottom, but it kind of has been bottoming but at a time when the government is shut. I think what we really need to see is lower cost of capital and a clear and condensed regulatory path.

我認為，如果你回顧第二季度，人們仍然——我記得第二季度電話會議，然後在 NAREIT 會議上，還不清楚這個行業何時會觸底，但它似乎已經觸底了，但恰逢政府停擺。我認為我們真正需要看到的是更低的資本成本和清晰簡潔的監管路徑。

I mean I think if you think about a couple of things, what's needed for this industry, there are three things I could tell you. One is we must reduce the drug development costs. And that's really in the hands of the FDA and our meeting with McGarry confirmed he's hyper-focused on that.

我的意思是，如果你思考這個產業需要什麼，我可以告訴你三件事。第一，我們必須降低藥物研發成本。這其實掌握在FDA手中，我們與麥加里（McGarry）的會面也證實他非常重視這一點。

We've got to increase the probability of success of drug development. I think AI and other tools will help that. But the FDA, again, is front and center there. And then we've got to lower the regulatory barriers to help streamline a lot of these programs. And I think that's what's needed to bring health back to this industry in a really robust fashion.

我們必須提高藥物研發的成功率。我認為人工智慧和其他工具會對此有所幫助。但美國食品藥物管理局（FDA）再次成為關注的焦點。然後，我們必須降低監管壁壘，以幫助簡化許多此類項目。我認為，這正是讓這個行業真正強有力地恢復健康所需要的。

We need venture to kind of open their pocket book and cost of capital is a big issue there, and we need the IPO market to open and the secondary market to become even more fulsome, not just doing offerings on data per se. If those things happen, then you've got a very healthy industry.

我們需要創投來打開資金管道，而資金成本是一個大問題，我們需要 IPO 市場開放，二級市場更加完善，而不僅僅是進行數據本身的發行。如果這些事情都能發生，那麼這個產業就非常健康發展了。

I guess as a sort of follow-up to that, I mean, -- sorry if I missed it, I joined late. But I mean I get the sense that reading some listening to the call today, reading some of the tealeaves and the 2026 consideration settlement that demand may have worsened since the second quarter, but it felt like looking back at my note and your commentary on that, that things were set to improve, and we're hearing out of peers of yours that the touring demand -- the overall touring pipeline is improving. So just trying to see if maybe I'm misreading into some of the comments made today as well as the 2026 considerations.

我想作為那件事的一種補充，我的意思是──如果我錯過了，請見諒，我加入得比較晚。但我的意思是，我感覺從今天聽電話會議的內容、一些蛛絲馬跡以及 2026 年的對價結算來看，需求可能自第二季度以來有所惡化，但回顧我的筆記和您對此的評論，感覺情況將會好轉，而且我們從您的同行那裡也聽到，巡演需求——整體巡演安排正在改善。所以，我只是想看看我是否誤解了今天發表的一些評論以及對 2026 年的考慮。

Well, I don't -- again, I don't think you can look at -- this isn't like office where you can look at certain data and be fairly certain that office is going to rebound or data for mini storage or data for resi or something. This industry is far more complex it's highly regulated, both at the front end and the back end.

嗯，我不會——再說一遍，我不認為你可以——這不像辦公室，你可以查看某些數據並相當肯定辦公室的數據會反彈，或者迷你存儲的數據，或者住宅數據等等。這個行業要複雜得多，它的監管非常嚴格，無論是前端還是後端。

So I know everybody struggles, they want indicators and factors that point to demand and quarter-to-quarter, it doesn't really work that way. And I think we've had two reasonable quarters of leasing, but that doesn't reflect the health -- the underlying health of the industry, which I've tried to articulate, is still in need of a number of pieces to be put in place for that to happen. And then I think you've got a fulsome rebound.

我知道每個人都很糾結，他們都想要能夠反映需求和季度變化的指標和因素，但實際情況並非如此。我認為我們已經經歷了兩個不錯的租賃季度，但這並不能反映行業的健康狀況——我一直試圖闡明的是，該行業的潛在健康狀況仍然需要許多因素的落實才能實現。然後我認為你已經完全反彈了。

So that's the best I can articulate it.

這就是我能表達的最好方式了。

Maybe -- this is Hallie here. Maybe just to add to Joel's comments, when you think about tour activity where we're certainly seeing really great companies looking for new space, thinking about expansion. But as we've mentioned before, decisions are taking longer. We're very conservative in how they think about when to pull the trigger. And given all of the factors Joel mentioned, there's still a lot of uncertainty.

或許——這位是哈莉。也許可以補充 Joel 的評論，當你想到旅遊活動時，我們當然看到很多優秀的公司正在尋找新的場地，考慮擴張。但正如我們之前提到的，決策所需時間越來越長。我們在決定何時採取行動方面非常保守。考慮到喬爾提到的所有因素，仍然存在許多不確定因素。

And so we do feel confident that there are some fantastic companies, really high quality in this market that are going to need space. The question is, when are they going to get comfort around making those decisions. And to date, there's just still a lot up in the air, especially on the regulatory front.

因此，我們相信市場上有一些非常優秀、品質很高的公司需要空間。問題是，他們什麼時候才能安心地做出這些決定。到目前為止，仍有許多事情懸而未決，尤其是在監管方面。

Very (technical difficulty).

非常（技術難題）

Yeah. Really appreciate that. And maybe just one more, if I can. I know you guys kind of alluded to equity-type capital, and Joe, you mentioned partial interest sales dividends, stuff like that. But I know most of your guys is focused on the disposition of sort of the non-core assets.

是的。真的很感激。如果可以的話，也許還能再來一個。我知道你們都提到了股權類型的資本，喬，你也提到了部分利息銷售股利之類的東西。但我知道你們大多數人都專注於非核心資產的處置。

I guess is there any desire to sell a partial interest in any of the megacampuses given it still seems like there'd be a strong bid or depth of demand for that type of product today?

鑑於目前這類產品似乎仍然有很強的市場需求，我想知道是否有人願意出售任何大型園區的部分股權？

Well, I don't think that is our game plan because I think over time, our goal is actually to own more of the megacampus rather than less. But I think there are a variety of campuses. Some are at the absolute upper end, some are in the medium to high end.

嗯，我不認為這是我們的計劃，因為我認為從長遠來看，我們的目標實際上是擁有這個巨型園區更多的股份，而不是更少。但我認為校園有很多不同的類型。有些是絕對的高端產品，有些是中高端產品。

So it's a matter of selection there and some we already have partners on. But I don't think that's necessarily the key game plan, our key game plan is to rid the balance sheet of a whole lot of non-income-producing property and reduce our exposure to non-core assets to as minimal as we can. I think that's the core strategy here.

所以這是一個選擇的問題，有些項目我們已經有了合作夥伴。但我認為這未必是關鍵策略，我們的關鍵策略是清除資產負債表上大量不產生收入的資產，並將我們對非核心資產的風險敞口降至最低。我認為這就是核心策略。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Hi, good afternoon. You've given a lot of great color regarding the '26 expirations and potential move-outs. Is it -- given the environment, is it like too early to even start thinking about 2027 type expirations and how those tenants are looking in terms of their burn rates and their intentions. I'm just curious, as you go into the Investor Day, et cetera, perhaps as much clarity on that would be helpful.

嗨，下午好。你對 2026 年到期的合約和可能的搬遷情況提供了很多精彩的描述。鑑於目前的情況，現在就開始考慮 2027 年到期的租約以及這些租戶的資金消耗速度和意圖，是否為時過早？我只是好奇，隨著投資人日等活動的臨近，或許在這方面能有更清楚的說明會有所幫助。

Thank you.

謝謝。

Yeah. Well, we -- it's a good question, Jim, and we're pretty laser focused, not only on next year's roles, but the year after roles. And in fact, we just had one I think renewal extension we just did, which was a company that I think had a role in 2031. We just extended for a decade. So we're all over every single tenant that we want to keep in our markets about what we can do to preserve them, protect our core and to create future growth. So that clearly is also front and center for us, yes.

是的。嗯，我們——吉姆，你問得好，我們不僅非常關註明年的角色，也關注後年的角色。事實上，我們剛剛完成了一項續約延期，那家公司我認為在 2031 年仍然有業務。我們只是續簽了十年合約。因此，我們正在與市場上的每位我們希望留住的租戶溝通，探討我們可以採取哪些措施來留住他們，保護我們的核心業務，並創造未來的成長。所以，這顯然也是我們工作的重中之重。

Okay, great. And quickly, the second one, there was some discussion that in Mission Bay, you had been potentially looking to reallocate, I think, is the term they use some of the lab space there, your four assets in Mission Bay to office use, particularly targeting AI? I mean one is that a valid report? And if there is validity to it, how would that sort of work, what would you do with your existing tenants?

好的，太好了。其次，在 Mission Bay，有人討論過，你們可能正在考慮將 Mission Bay 的一些實驗室空間（我記得是這個說法）重新分配到辦公室用途，特別是針對人工智慧領域？我的意思是，這份報告有效嗎？如果這種做法屬實，該如何操作？你會如何處理現有租戶的問題？

Yeah. I'll have Peter comment, but we did go in for propane allocation for, I think, most of our buildings there. We have them in a partnership, but we're the managing partner, and we got 100% approval on that. And the reason is because, one, we want to be able to offer office to the extent that it makes sense for our existing tenants as they need it. UCSF is a big tenant on campus and sometimes their needs flex between lab and office.

是的。我會請彼得發表意見，但我認為，我們確實為我們在那裡的大部分建築物申請了丙烷配額。我們與他們建立了合作關係，但我們是管理合夥人，我們獲得了100%的批准。原因有二：一是我們希望能夠根據現有租戶的需求，在合理的範圍內提供辦公空間。加州大學舊金山分校是校園內的主要租戶，有時需要在實驗室和辦公室之間靈活切換。

Clearly, OpenAI has made that the center of the universe for their needs and campuses buildings around a campus, and that's a very valuable use of space. So it makes good sense to be able to have that flexibility. But Peter, do you want to comment?

顯然，OpenAI 已將此作為其需求的中心，並在園區周圍建造了辦公大樓，這是一種非常有價值的空間利用方式。所以擁有這種彈性是很有意義的。彼得，你想發表一下看法嗎？

Yeah. So we already had a couple of properties in Mission Bay, the Illinois properties already had 100% allocation for propane. When we developed the Owens properties, 1450, 1500, 1700 Owens and then 45 Mission Bay Boulevard. We only had a partial allocation for about one-third of the building area. That would be for pure office users only.

是的。所以我們在米申灣已經有幾處房產，伊利諾伊州的房產已經獲得了 100% 的丙烷配額。當我們開發歐文斯地產時，包括歐文斯街 1450 號、1500 號、1700 號，以及米申灣大道 45 號。我們只獲得了大約三分之一建築面積的部分配額。那僅適用於純粹的辦公室用戶。

Office that houses the researcher is not included in that. We don't have to have propane for that. But as Joel alluded to, we're seeing more and more use -- users from our tenant base, both traditional tenant base and otherwise in that area that would like to have all office type of space. And it just makes a lot of sense to have that flexibility. In addition to just the pure office users, though, our lab users are more and more looking for additional office area for computational workflows as they integrate AI and other technologies into their research.

研究人員所在的辦公室不包含在內。我們不需要丙烷。但正如喬爾所暗示的那樣，我們看到越來越多的用戶——來自我們租戶群體的用戶，包括傳統租戶群體和該地區的其他用戶——都希望擁有各種類型的辦公空間。擁有這種靈活性是非常有意義的。除了純粹的辦公室用戶之外，隨著人工智慧和其他技術融入他們的研究中，我們的實驗室用戶也越來越需要額外的辦公空間來進行運算工作流程。

So all of the -- we've been thinking about this for a while. We finally had an ability to act on it, and so we did. But I wouldn't read into anything as far as like are we not going to be doing lab there. Of course, that's the primary use. But to the extent that our lab tenants need more office area or there's other alternative tech in the area that is complementary to the innovation economy there. We want to be able to serve it and the counselors agreed with us and allocated the propane.

所以，所有這些——我們已經考慮這個問題一段時間了。我們終於有能力採取行動了，所以我們就這麼做了。但我不會過度解讀，例如我們是不是不能在那裡做實驗了。當然，這是主要用途。但如果我們的實驗室租戶需要更多辦公空間，或者該地區有其他與當地創新經濟互補的替代技術，則情況就會有所不同。我們希望能夠提供服務，輔導員也同意了我們的想法，並分配了丙烷。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great, thank you for taking the question. Joel, I was hoping you can just look into your crystal ball a little bit. You guys are clearly thinking about the balance sheet, making some changes to get capital in line, shrinking construction pipeline. You're probably the league leader in this space. How should we think about what's to come from the competitive set? Or just the industry overall in terms of finding a bottom and working through other pain in this industry?

太好了，謝謝你回答這個問題。喬爾，我希望你能稍微預知未來。你們顯然在考慮資產負債表，做出一些改變來調整資金狀況，並縮減在建項目。你很可能是這個領域的佼佼者。我們該如何看待競爭對手的未來發展？或者只是整個行業，指找到底部並克服這個行業面臨的其他困難？

And I'm thinking specifically about your comment about meeting the market, I assume you meant on rents, like you think there's a lot more downside on rents as across the sectors, across the markets as this all plays out? Just how should we think about what's to come across the industry?

我特別指的是您關於滿足市場需求的評論，我猜您指的是租金，就像您認為隨著這一切的發展，各個行業、各個市場的租金都有更大的下行空間一樣？我們該如何看待產業未來的發展趨勢？

Yeah. So maybe I'll make a couple of comments and ask Peter to come in in depth. Yes, we don't feel like there is any real competitor out there, probably the next biggest company, which is maybe, I don't know, one-fourth of our size or something like that one-third of our size is, Blackstone, and they're private, obviously, and they have a very different mindset about how they run their business in the sense of they don't mean we view closers in ecosystems in a different way than, say, a purely financial investor would view it.

是的。所以，我可能會發表一些評論，然後請彼得深入探討。是的，我們感覺目前還沒有真正的競爭對手，可能規模第二大的公司，大概只有我們四分之一或三分之一，是黑石集團，他們顯然是私營公司，而且他們的經營理念與我們截然不同，也就是說，我們看待生態系統中交易者的方式，與純粹的金融投資者看待交易者的方式並沒有什麼不同。

And that's a pretty important thing. And to a large extent, that's why we ended up with this big lease that we signed in San Diego that was not generated by an RFP. So another company would not have had a chance to really kind of come and bid on that. So we view ourselves very differently. There's nobody who is a public pure play. The one other company that's out there has got a big presence in South San Francisco and heavily weighted medical office. So I don't think that really counts as a comparable, and then there's a whole lot of private guys out there.

這可是件非常重要的事。很大程度上，這就是為什麼我們在聖地牙哥最終簽署了這份並非透過招標產生的巨額租約的原因。所以其他公司就沒有機會真正參與競標了。所以我們對自己的看法截然不同。沒有哪個人是純粹的公眾人物。另一家同類公司在南舊金山擁有強大的影響力，並且主要專注於醫療辦公領域。所以我認為這並不能算是可比性，而且還有很多私人攝影師也存在。

But I think the point of what I said was, I think that very low interest rates coupled with almost a decade-long bull market and this COVID run up. Remember, our demand went up 4 times due to COVID. I mean we'd never see anything like that, and you try to meet the demand of your clients, but real estate takes time, and that's unfortunate that you can't meet it instantly. And so I think many, many of those folks that decided to hop into in the circa '20, '21, '22 era built foolishly. There's a lot of building standing empty, Peter and others call them zombie buildings.

但我認為我所說的重點是，我認為極低的利率，加上近十年的牛市以及新冠疫情帶來的上漲行情。請記住，由於新冠疫情，我們的需求增加了 4 倍。我的意思是，我們永遠不會看到這樣的事情，你會努力滿足客戶的需求，但房地產交易需要時間，很遺憾你無法立即滿足客戶的需求。所以我認為，在 2020、2021、2022 年左右決定投身房地產行業的許多人，都做出了愚蠢的舉動。有很多建築物空置著，彼得和其他人稱它們為「殭屍建築」。

I just think they're just of a different ilk than buildings in the heart of clusters and wrapped into ecosystems just different. But if we're one-on-one with any other developer and we have space that fits the clients needs, we're going to win. We almost never lose. And the reason is because we have the best team.

我只是覺得它們和位於建築群中心、融入生態系統的建築物完全不同。但如果與其他開發商一對一競爭，而我們又有符合客戶需求的空間，那麼我們一定會贏。我們幾乎從不輸。原因很簡單，因為我們有最棒的團隊。

We have the best space generally. You can rely on us. We have the highest level of trust and we do what we say and we say what we do. And we've got street credit in the industry that nobody else has anything like that. Peter?

我們通常擁有最好的空間。您可以信賴我們。我們擁有最高的信任度，我們言出必行，行必果。我們在業內擁有其他任何人都無法比擬的信譽。彼得？

Yeah. Look, economics are very important, especially in an uncertain time when you don't know when the next dollar or where the next dollar is coming from, but you need space, you need to renew what have you? There's other choices out there as Joel alluded to some downspace decisions made by others. And what that has caused is a deterioration in fundamentals. We've talked a lot about the TI allowances that are in the market, the free rent that's in the market.

是的。你看，經濟非常重要，尤其是在不確定的時期，你不知道下一美元何時到來，也不知道下一美元從哪裡來，但你需要空間，你需要更新等等？還有其他選擇，喬爾也暗示了其他人所做的一些太空旅行決定。而這導致的結果是基本面惡化。我們已經討論了很多關於市場上的裝修補貼和免租優惠。

By and large, the market has held the rents fairly high. I mean I think we're still above pre-COVID rents in the big markets and especially in the tertiary markets where there's been less competition. But even our tenants who are used to our great service, they know what's out there, they want to stay with us and they increasingly come to us and say, guys, we want to renew. We want to stay with you. We want to make a long-term commitment, but the reality is the market are this.

整體而言，市場使租金維持在較高水準。我的意思是，我認為在大市場，尤其是在競爭較小的三線市場，我們目前的租金仍然高於新冠疫情前的水平。但即使是那些習慣了我們優質服務的租戶，他們也知道外面的世界，他們想繼續和我們在一起，而且他們越來越多地來找我們說：“夥計們，我們想續約。”我們想和你在一起。我們希望做出長期承諾，但現實情況是市場就是這樣。

And we just want to assure people that we understand that, and we're going to meet the market. Now are we going to have to go to the bottom in order to make the play? No. Like what Joel said as far as why people come to us, our platform, our service, our megacampuses, I mean they still value that. But at the same time, they need a deal.

我們只想向大家保證，我們理解這一點，我們會滿足市場需求。難道我們非得走到最後才能完成這次進攻嗎？不。就像 Joel 所說的，人們為什麼要選擇我們、我們的平台、我們的服務、我們的大型校園，我的意思是，他們仍然重視這些。但同時，他們需要達成協議。

And we're out there understanding where we need to be, and we are going to get a premium, but it's not going to be where it was in the old -- in the previous cycle. So we just want to assure everybody that the tenants that are the best tenants in the market that we want to retain worth going to retain.

我們正在努力了解我們需要去哪裡，我們將獲得溢價，但這不會像以前的周期那樣。所以我們只想向大家保證，市場上最好的租戶，我們一定會盡力留住他們。

And if that means more TIs than traditionally we had to get or a roll down in rent, then we'll do it. We're going to get through this time. It's going to take a while, but a lot of this zombie buildings will go and become different uses. The market will get tight, and we'll be in a better position the next time around. But we're going to continue to prioritize occupancy. And that's why Joel mentioned meeting the market.

如果這意味著我們需要比以往更多的裝修補貼或租金下調，那麼我們就去做。我們一定會渡過難關。這需要一段時間，但許多這樣的廢棄建築將會被改造成其他用途。市場供應將會趨緊，下次我們會處於更有利的地位。但我們會繼續優先考慮入住率。這就是喬爾提到要與市場接軌的原因。

Thank you for that. Super helpful. So as you think about -- I mean, your Slide 19, you still have a positive mark-to-market? I mean is it -- could you sense when markets are bottoming or leases are bottoming? Or it's just too early to tell? Can you maintain positive --

謝謝。非常有幫助。所以，當你思考——我的意思是，你的第 19 張投影片，你的市值估值仍然是正的嗎？我的意思是，你能感覺到市場何時觸底或租賃市場何時觸底嗎？還是現在下結論還為時過早？你能保持正向心態嗎？--

I think it varies by submarket, Jamie, because some are very oversupplied and others are within some reasonable balance. But Peter, you can kind of --

傑米，我認為這因細分市場而異，因為有些市場供應嚴重過剩，而有些市場則處於某種合理的平衡狀態。但彼得，你某種程度上可以…--

Yes. I -- it's a guess, right? But as I see that the majority of supply left to be delivered, which I think right now that we consider competitive is somewhere in the neighborhood of 3.3 million in our three big submarkets. Out of that 3.3 million, the majority of it is already pre-leased. So I'd say roughly about maybe 30% of that 3.3 million is going to be delivered vacant and increase availability.

是的。我——這只是我的猜測，對吧？但就我所見，目前仍有大部分供應尚未交付，我認為我們目前認為具有競爭力的供應量在我們三大子市場大約有 330 萬輛。在這330萬套公寓中，大部分已經預租了。所以我認為，這 330 萬套房產中大約有 30% 會以空置狀態交付，增加房源供應。

But then after that, we don't see anything in -- and that's inclusive of things delivering in '26 by the way. We don't see anything coming in '27. So the availability numbers are going to peak. And maybe it's a little bit into '26 when they peak. And so they are only going to go up from there.

但在那之後，我們就看不到任何跡象了——順便說一句，這其中也包括 2026 年即將發生的事情。我們認為2027年不會有任何動靜。所以，供應量將會達到高峰。或許他們的巔峰時期是在 2026 年左右。所以，它們只會繼續上漲。

So I don't see fundamentals deteriorating further, given that there's just -- we're going to start recovering soon that you never know.

所以，鑑於我們很快就會開始復甦，而且誰也說不準，我認為基本面不會進一步惡化。

Okay. Just to add here, Hallie here, and to summarize that, given all the work myself and the team on the ground are saying as we continue to outlease competitors, which we are doing across all of our markets, we do see the early stages and acceleration of conversion of what we're targeted as life science spaces going to other uses. And so back to your original question on competition, the more that we continue to out lease and dominate the more we'll see that balance of supply coming into picture.

好的。我是 Hallie，我想補充一點，總結一下，鑑於我和我的團隊在一線所做的所有工作，正如我們所說，隨著我們在所有市場繼續超越競爭對手，我們確實看到，我們瞄準的生命科學空間正在加速轉化為其他用途。所以回到你最初關於競爭的問題，我們越是繼續在租賃方面佔據主導地位，就越能看到供需平衡的局面出現。

Yeah. In other words, people are going to be capitulating and pivoting.

是的。換句話說，人們將會屈服並轉變方向。

Yeah, that makes sense. And if I could just throw in one more. I mean it seems like a big strategic moment for the company. I mean, we've seen some of your office peers talk about asset-light models. Is that something -- I think your answer to one of the prior questions is no, you just want to continue to own your best megacampuses, but have you thought about that at all?

嗯，有道理。如果可以的話，我再補充一點。我的意思是，這似乎是公司的一個重要策略時刻。我的意思是，我們看到你們辦公室的一些同事在談論輕資產模式。那是——我想你對前面某個問題的回答是否定的，你只是想繼續擁有你最好的巨型校園，但你有沒有想過這一點？

I mean, you have such a good operating platform? Is there a way to monetize the platform without tying up so much capital?

我的意思是，你們的作業系統平台這麼好？有沒有辦法在不佔用大量資金的情況下實現平台獲利？

Yeah. Peter, you can speculate --

是的。彼得，你可以推測一下。--

Yeah. I mean it's an interesting concept, Jamie, that we actually have discussed a number of times -- at this point in time, though, it really doesn't make sense to have so many different players. It's going to consolidate down to where it was before, meaning experienced developers that have their own platforms and a lot of these projects that have deteriorated the fundamentals are just going to -- they're going to be something else and those operators are going to go away. So I don't know if it's really an opportunity to where you're managing other people's projects because those projects aren't going to be lab. That would be my take.

是的。我的意思是，傑米，這是一個很有趣的想法，我們實際上已經討論過很多次了——不過，就目前而言，擁有這麼多不同的球員真的沒有意義。它將整合回以前的樣子，這意味著那些擁有自己平台的經驗豐富的開發者，以及許多破壞了基本面的項目，將會——它們將會變成別的東西，而那些運營商將會消失。所以我不知道這是否真的是一個讓你管理其他人專案的機會，因為這些專案不會是實驗室專案。我的看法也是如此。

Yeah. And I think, remember, Jamie, that I kind of emphasized a number of times, this is just very different than almost any other property type due to the intense regulation of all aspects of this industry -- the underlying industry.

是的。而且我認為，傑米，你還記得我多次強調嗎？由於該行業（包括其基礎行業）各個方面都受到嚴格監管，因此它與幾乎任何其他類型的房地產都非常不同。

And demand is just different as well. It isn't just about what's the cheapest space or what's just simply available. It's -- I've got mission-critical both assets and processes in that space, and I don't want somebody to screw it up and lose me a whole lot of money.

需求也截然不同。這不僅關乎哪個空間最便宜或哪個空間剛好可用。我在這個領域擁有至關重要的資產和流程，我不想有人搞砸了，讓我損失一大筆錢。

So that matters, whereas if you're just going in for Wells Fargo office, whether you're in this building or that building generally isn't going to make a huge difference. But for lab, it actually makes a giant difference. So it's just different.

所以這一點很重要；而如果你只是去富國銀行的辦公室，那麼你在這個樓還是那個樓通常不會有太大區別。但對實驗室來說，這其實意義重大。所以它就是不一樣。

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

謝謝。我們的問答環節到此結束。我謹將會議交還給喬爾·馬庫斯，請他作閉幕致詞。

Just simply say thank you, everybody, be safe, be well. Thank you.

就簡單地說謝謝，謝謝大家，注意安全，保重身體。謝謝。

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

謝謝您，先生。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。