Alexandria Real Estate Equities Inc (ARE) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Alexandria Real Estate Equities fourth quarter and year-end 2025 conference call. (Operator Instructions) Please also note, today's event is being recorded.

各位下午好，歡迎參加 Alexandria Real Estate Equities 2025 年第四季及年終電話會議。（操作說明）也請注意，今天的活動正在錄製中。

At this time, I would like to turn the floor over to Paula Schwartz with Investor Relations. Ma'am, please go ahead.

此時，我想把發言權交給投資人關係部門的寶拉‧施瓦茲。女士，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存在重大差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的定期報告。

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

現在，我想把電話交給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 fourth quarter and year-end 2025 conference call. With me today are Peter, Marc, and Hallie. And I want to wish everybody a happy New Year. And remember, most importantly, health is wealth. I want to thank our family team for their exceptional efforts during 2025 and particularly a very busy fourth quarter.

謝謝 Paula，歡迎各位參加我們 2025 年第四季及年終電話會議。今天和我在一起的是彼得、馬克和哈莉。祝大家新年快樂。記住，最重要的是，健康就是財富。我要感謝我們家族團隊在 2025 年，尤其是在非常忙碌的第四季所付出的卓越努力。

In 2025, we witnessed the fifth year of a life science bear market. Our 2025 timeline clearly evidences that no one could have predicted the February 2025 nomination of HHS Secretary, the intense cascade of events from February 2025 on to the numerous key departures toward year-end at the FDA. And in fact, sadly, measles and polio may be back to some extent.

2025年，我們見證了生命科學熊市的第五年。我們的 2025 年時間表清楚地表明，沒有人能夠預料到 2025 年 2 月 HHS 部長的提名，以及從 2025 年 2 月開始的一系列重大事件，還有 FDA 在年底前發生的眾多關鍵人員離職。事實上，令人遺憾的是，麻疹和小兒麻痺可能在某種程度上捲土重來。

We have been navigating a fast-changing life science industry landscape throughout 2025, which has been front and center for our team. Our Investor Day path forward is our North Star for 2026. As the industry begins to adapt to the fast-changing landscape, 2026 is all about timely execution of our plan, heavily focused on dispositions and maintaining a strong and flexible balance sheet, driving occupancy with intense leasing focus on vacant space, rollover space, and redevelopment and development space and meeting the marketplace. We also plan to continue to significantly reduce CapEx.

2025 年，我們一直在快速變化的生命科學產業環境中摸索前行，這始終是我們團隊工作的重中之重。我們投資者日的前進方向是我們2026年的指路明燈。隨著產業開始適應快速變化的格局，2026 年的關鍵在於及時執行我們的計劃，重點放在資產處置和保持強勁靈活的資產負債表上，透過重點租賃空置空間、續租空間以及重建和開發空間來提高入住率，並滿足市場需求。我們也計劃繼續大幅削減資本支出。

And with that, let me turn it over to Marc to highlight 4Q in 2025 briefly, and then we'll turn it over to everybody for questions. Since we had Investor Day less than 60 days ago and we just reported yesterday, we'll try to make our comments brief. So Marc?

接下來，我會把麥克風交給馬克，讓他簡單介紹一下 2025 年第四季的情況，然後我們再請大家提問。由於投資者日活動距今不到 60 天，而且我們昨天才發布報告，所以我們會盡量言簡意賅。所以，馬克？

Thank you, Joel. This is Marc Binda, Chief Financial Officer. Good afternoon, everyone. First, a congratulations to the entire Alexandria team for the outstanding operational execution during the fourth quarter, including the completion of $1.5 billion of dispositions spread across 26 transactions and 1.2 million square feet of total leasing volume for the fourth quarter, which was the highest quarter in the last year. We are focused on taking all the seven steps to our path forward that we outlined at our recent Investor Day and are also included on page 4 of the press release. Our team continues to navigate a challenging macro industry and regulatory environment.

謝謝你，喬爾。這位是財務長馬克·賓達。大家下午好。首先，恭喜亞歷山大團隊在第四季度取得了出色的營運業績，包括完成了 26 筆交易，總額達 15 億美元，第四季度總租賃面積達 120 萬平方英尺，是過去一年中最高的季度。我們正專注於落實我們在最近的投資者日上概述的七個前進步驟，這些步驟也列在新聞稿的第 4 頁中。我們的團隊繼續應對充滿挑戰的宏觀產業和監管環境。

Please refer to our earnings release for our EPS results. FFO per share diluted as adjusted was $2.16 for 4Q '25 and $9.01 for the year, which represents the midpoint of our prior guidance provided on our last quarterly call. Leasing volume for the quarter of 1.2 million square feet was up 14% over the prior four-quarter average and up 10% over the prior eight-quarter average. An important takeaway for the quarter is that the leasing of vacant space completed during the fourth quarter of 393,000 rentable square feet was almost double the quarterly average over the last five quarters. Free rent and rental rate changes on renewed and released space were under pressure this quarter, which reflects the market realities and included two large deals, one in Canada and one in our Sorrento Mesa submarket. Lease terms for the quarter of just over 7.5 years were consistent with the prior three-year average of right around eight years.

請參閱我們的獲利報告，以了解我們的每股盈餘 (EPS) 情況。經調整後，2025 年第四季每股攤薄 FFO 為 2.16 美元，全年為 9.01 美元，這與我們上次季度電話會議上提供的先前指導的中點一致。本季租賃面積為 120 萬平方英尺，比前四個季度的平均水平增長了 14%，比前八個季度的平均水平增長了 10%。本季度的一個重要結論是，第四季度完成的空置空間租賃面積為 393,000 平方英尺，幾乎是過去五個季度平均水平的兩倍。本季度，續租和釋放空間的免租期和租金變化面臨壓力，這反映了市場現實，其中包括兩筆大交易，一筆在加拿大，一筆在我們索倫托梅薩子市場。本季度租賃期限略超過 7.5 年，與前三年平均約 8 年的租賃期限基本一致。

Occupancy at the end of 2025 was 90.9%, which was up 30 basis points from the prior quarter and was up 10 basis points over the midpoint of our prior guidance. In addition, we've signed leases of almost 900,000 rentable square feet or about 2.5% of the portfolio that are expected to commence in the third quarter of 2026 on average upon completion of construction and will generate incremental annual rental revenue of $52 million. It's important to emphasize that our asset quality, location, best-in-class operations, sponsorship, and brand trust continue to be a major distinguishing factor for tenants, as our Megacampuses, which represent about 78% of our annual rental revenue, outperformed the total market occupancy in our largest three markets by 19% for occupancy.

2025 年底入住率達到 90.9%，比上一季成長 30 個基點，比我們先前預測的中點高出 10 個基點。此外，我們已簽署了近 90 萬平方英尺可出租面積（約佔投資組合的 2.5%）的租賃協議，預計這些物業將在 2026 年第三季竣工後平均開始出租，並將產生 5,200 萬美元的年度額外租金收入。值得強調的是，我們的資產品質、地理位置、一流的營運、贊助和品牌信任度仍然是租戶選擇我們的主要區別因素，因為我們的大型園區（約占我們年度租金收入的 78%）在我們最大的三個市場中的入住率比整體市場入住率高出 19%。

We reiterated our year-end 2026 occupancy range of 87.7% to 89.3% that was provided at our Investor Day this past December. A key takeaway on our outlook for 2026 is that we expect occupancy to dip in the first quarter of 2026, and we expect occupancy growth in the second half of 2026. The projected decline in occupancy for the first quarter is primarily driven by the 1.2 million square feet of key lease expirations with expected downtime that we highlighted on page 22 of our supplemental package, consistent with our outlook from Investor Day. We're making good progress across these spaces with 13% that's either lease negotiating, and we've identified prospects or in early negotiations on another approximately 40% of these spaces.

我們重申了去年 12 月投資者日上給出的 2026 年底入住率預期範圍，即 87.7% 至 89.3%。在我們對 2026 年的展望中，一個關鍵結論是，我們預計 2026 年第一季入住率將下降，而 2026 年下半年入住率將會成長。第一季入住率預計下降，主要原因是 120 萬平方英尺的關鍵租賃合約到期，預計會有停工期，我們在補充資料的第 22 頁重點介紹了這一點，這與我們在投資者日的展望一致。我們在這些領域取得了良好的進展，其中 13% 的領域正在進行租賃談判，另外約 40% 的領域我們已經確定了潛在租戶或正在進行早期談判。

Same-property net operating income was down 6% and 1.7% on a cash basis for the fourth quarter and down 3.5% and up to 0.9% on a cash basis for 2025. The results for the year were at or better than the guidance midpoint we provided on our last earnings call. The full-year 2025 results were primarily driven by a decline in occupancy which occurred in early 2025, and the cash results had a boost from the burn off of free rent in the first half of 2025. We reiterated our outlook for same-property performance for 2026 of down 8.5% at the midpoint of our guidance range, which is expected to be driven by lower occupancy. And despite the anticipated decline in occupancy in 1Q '26 I previously mentioned, we continue to benefit from a very high-quality tenant base, with 53% of our annual rental revenue coming from investment-grade or publicly traded large cap tenants, long remaining lease terms of 7.5 years, average rent steps approaching 3% on 97% of our leases, and strong adjusted EBITDA margins of 70% for the fourth quarter.

同店淨營業收入第四季下降 6%，以現金計算下降 1.7%；2025 年同店淨營業收入下降 3.5%，以現金計算成長 0.9%。今年的業績達到或超過了我們在上次財報電話會議上給出的預期中位數。2025 年全年業績主要受 2025 年初入住率下降的影響，而 2025 年上半年免租期的結束則提振了現金業績。我們重申了對 2026 年同店業績的預期，即下降 8.5%（在我們預期範圍的中點），預計這將由入住率下降所致。儘管我之前提到 2026 年第一季入住率預計會下降，但我們仍然受益於非常高品質的租戶基礎，我們 53% 的年度租金收入來自投資級或上市的大型租戶，剩餘租期長達 7.5 年，97% 的租約平均租金漲幅接近 3%，第四季度調整後 EBITDA 利潤率高達 70%。

We expect same-property NOI performance to be weaker in the first half of 2026, driven by lower occupancy and stronger performance in the back half of 2026. Our guidance assumes the delivery of the nearly 900,000 square feet of signed leases commencing in the third quarter of 2026 on average, as well as about a 2% to 3% pursuit benefit from a range of assets that could be sold or designated as held for sale in the second half of 2026.

我們預計，受入住率下降的影響，2026 年上半年同店淨營業收入表現將較為疲軟，而 2026 年下半年表現將更加強勁。我們的指導意見假設已簽署的近 90 萬平方英尺的租賃合約將於 2026 年第三季平均開始交付，同時，一系列可能在 2026 年下半年出售或指定為待售的資產將帶來約 2% 至 3% 的追加收益。

We highlighted several considerations for the first quarter of 2026 on page 5 of our supplemental package, including the following three items that we expect to impact same property performance. First, the 1.2 million square feet of key lease expirations with expected downtime, of which around 60% expired in mid-January on average. Second, we terminated one lease for nearly 171,000 rentable square feet in South San Francisco in 4Q '25 that had annual rental revenue of $11.4 million. And we are announcing that we re-leased 100% of the space to a new tenant, but the new lease isn't expected to commence until beginning in the second half of 2026. So there will be some additional temporary vacancy in the first half of 2026.

我們在補充資料的第 5 頁重點介紹了 2026 年第一季的幾個考慮因素，其中包括以下三個我們預計會影響同店業績的內容。首先，有 120 萬平方英尺的關鍵租賃合約到期，預計會有停工期，其中約 60% 的合約平均在 1 月中旬到期。其次，我們在 2025 年第四季度終止了位於南舊金山的一份租賃合同，該合同涉及近 171,000 平方英尺的可出租面積，年租金收入為 1140 萬美元。我們宣布已將全部空間重新出租給新租戶，但新租約預計要到 2026 年下半年才會生效。因此，2026 年上半年將會出現一些額外的臨時空缺職位。

And third, our guidance assumes a reduction of rent of approximately $6 million per quarter, starting in the first quarter of 2026 related to potential tenant wind downs.

第三，我們的指導意見假設，由於潛在租戶的解散，從 2026 年第一季開始，租金將每季減少約 600 萬美元。

During 2025, we achieved tremendous general and administrative cost savings of $51.3 million or 30% compared to the prior year. And our G&A cost as a percentage of NOI was about half the average for other S&P 500 REITs at 5.6% for 2025. As we've guided in the past, we expect those annual savings in 2026, relative to 2024, to be cut roughly in half, given the temporary nature of some of the 2025 savings. We reiterated our guidance for capitalized interest for 2026 of $250 million, down 24% from 2025.

2025 年，我們實現了龐大的行政和管理成本節約，與前一年相比節省了 5,130 萬美元，降幅達 30%。2025 年，我們的 G&A 成本佔 NOI 的百分比約為其他 S&P 500 REIT 平均值的一半，為 5.6%。正如我們過去所預測的那樣，考慮到 2025 年部分節省的暫時性，我們預計 2026 年相對於 2024 年的年度節省將減少近一半。我們重申了對 2026 年資本化利息的預期，為 2.5 億美元，比 2025 年下降 24%。

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 costs. Part of our strategic path forward includes goals to reduce the size of our pipeline and construction spending needs and to substantially complete our large-scale, noncore disposition plan in 2026.

由於一些在建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，為未來的全新開發做好準備，我們需要將部分總利息成本資本化。我們未來策略規劃的一部分包括減少管道建設和建設支出需求，並在 2026 年基本完成我們的大規模非核心資產處置計劃。

During December 2025, we sold or designated for held-for-sale projects with more than $1 billion of basis that had previously been subject to interest capitalization. As a result, we expect a decline in capitalized interest headed into the first quarter of 2026, and we have a number of projects under construction where we are evaluating the business strategy and a number of future pipeline projects undergoing preconstruction activities with milestones in May 2026 on average. To the extent that we decide in the future to either pause or sell any of those projects, capitalization of interest and other costs would cease.

2025 年 12 月，我們出售或指定用於持有待售的項目，這些項目的總成本超過 10 億美元，此前這些項目已進行利息資本化。因此，我們預計到 2026 年第一季度，資本利息將會下降；我們有一些在建項目，我們正在評估其業務戰略；還有一些未來的管道項目正在進行建設前活動，平均而言，里程碑將於 2026 年 5 月實現。如果將來我們決定暫停或出售其中任何項目，利息和其他成本的資本化將停止。

While those ultimate decisions have not yet been made, we would like our disposition program for 2026 to include a significant component of land, which will also help us achieve one of our strategic objectives to significantly reduce the size of our land bank. During the fourth quarter, realized gains from our venture investments was $21 million, down from the approximate $32 million quarterly average for the preceding three quarters. For 2026, we reiterated our guidance range for realized investment gains of $60 million to $90 million or approximately $19 million per quarter at the midpoint.

雖然最終決定尚未做出，但我們希望 2026 年的資產處置計畫包含相當一部分土地，這也將有助於我們實現大幅減少土地儲備規模的戰略目標之一。第四季度，我們創投的已實現收益為 2,100 萬美元，低於前三個季度平均每季約 3,200 萬美元的收益。對於 2026 年，我們重申了已實現投資收益的預期範圍，為 6000 萬美元至 9000 萬美元，或按中間值計算，每季度約為 1900 萬美元。

We continue to have one of the strongest balance sheets amongst all publicly traded US REITs. Our corporate credit ratings continue to rank in the top 15% of all publicly traded US REITs. We have tremendous liquidity of $5.3 billion, the longest average remaining debt maturity among all S&P 500 REITs at just over 12 years, and modest leverage of 5.7 times for net debt to adjusted EBITDA for the fourth quarter annualized.

我們仍然是美國所有上市房地產投資信託基金中資產負債表最強勁的公司之一。我們的企業信用評等持續位列美國所有上市房地產投資信託基金的前 15%。我們擁有高達 53 億美元的流動資金，在所有標普 500 REIT 中，平均剩餘債務期限最長，略超過 12 年，並且第四季度淨債務與調整後 EBITDA 的年化比率適中，為 5.7 倍。

We reiterated our guidance range for 4Q '26 net debt to annualized adjusted EBITDA of 5.6 to 6.2 times. While we remain on track to achieve our leverage goals for year-end 2026 leverage, we expect leverage in the first quarter of 2026 measured on a quarterly annualized basis to temporarily increase by 1 to 1.5 times higher, driven by a reduction in quarterly adjusted EBITDA. Please refer to page 5 of our supplemental package for detailed assumptions specific to the first quarter. We expect 1Q '26 leverage to significantly improve over the balance of 2026 as we make progress on our dispositions and sales of partial interest.

我們重申了 2026 年第四季淨負債與年度調整 EBITDA 比率的預期範圍為 5.6 至 6.2 倍。儘管我們仍有望實現 2026 年底的槓桿目標，但我們預計，由於季度調整 EBITDA 的減少，2026 年第一季按季度年化計算的槓桿率將暫時增加 1 至 1.5 倍。有關第一季的具體假設，請參閱我們的補充資料第 5 頁。我們預計，隨著我們在處置和出售部分權益方面取得進展，2026 年第一季的槓桿率將在 2026 年剩餘時間內顯著改善。

As we announced at our Investor Day, we sold one of our campuses in South San Francisco. We expect to sell two redevelopment projects in 2026, and we pivoted to office on one project in the Fenway. And these changes reduced our future funding needs by more than $300 million.

正如我們在投資者日上宣布的那樣，我們出售了位於南舊金山的一個園區。我們預計在 2026 年售出兩個重建項目，並且我們在芬威區的一個項目中轉向了辦公室用途。這些改變使我們未來的資金需求減少了3億美元以上。

In addition, we are evaluating the go-forward business strategy for four additional projects that are currently under construction and have significant remaining capital needs. Again, a huge congratulations to the Alexandria team for the tremendous execution during the fourth quarter with $1.5 billion of dispositions that completed across 26 different transactions, which allowed us to achieve our leverage target of 5.7 times for the fourth quarter.

此外，我們正在評估另外四個正在建設中且仍有大量剩餘資金需求的項目的未來業務策略。再次向亞歷山大團隊致以熱烈的祝賀，他們在第四季度表現出色，完成了 26 筆不同的交易，總額達 15 億美元，使我們能夠實現第四季度 5.7 倍的槓桿目標。

Over the course of 2025, we also made significant progress in reducing our investment in nonincome-producing assets as a percentage of gross assets from 20% at the end of 2024 to 17% at the end of 2025, and we expect that ratio to continue to decline by the end of 2026. In connection with our disposition program, we recognized our share of impairments of $1.45 billion in the fourth quarter.

在 2025 年期間，我們在降低非收入性資產投資佔總資產的比例方面也取得了顯著進展，從 2024 年底的 20% 降至 2025 年底的 17%，我們預計到 2026 年底，這一比例將繼續下降。與我們的資產處置計劃有關，我們在第四季度確認了我們應承擔的減損損失 14.5 億美元。

Five important items to highlight here. First, approximately 90% of that number was previously announced with our 8-K on December 3, and the remaining 10% was primarily related to one land parcel located in Greater Boston, which was designated as held for sale later in December. Second, 50% to 60% of our share of the real estate impairments recognized in the fourth quarter was related to land, which is notable given the oversupply in numerous submarkets. Third, the two largest impairments comprised 37% of the total and included our future development project at 88 Bluxome Street and SoMa located in San Francisco and our Gateway campus in South San Francisco, which was owned through a consolidated joint venture. Fourth, we sold our interest in the Gateway campus in South San Francisco in December.

這裡需要重點強調五點。首先，該數字的約 90% 已於 12 月 3 日透過我們的 8-K 表格公佈，其餘 10% 主要與位於大波士頓地區的一塊土地有關，該土地於 12 月下旬被指定為待售。其次，我們在第四季度確認的房地產減損損失中，有 50% 到 60% 與土地有關，考慮到許多細分市場的供應過剩，這一點尤其值得注意。第三，兩項最大的減損佔總數的 37%，其中包括我們在舊金山 Bluxome 街 88 號和 SoMa 的未來開發項目，以及我們位於南舊金山的 Gateway 園區（該園區由合併合資企業擁有）。第四，我們在 12 月出售了我們在南舊金山 Gateway 園區的股份。

Ultimately, we decided to exit this investment given the challenging supply and demand dynamics in South San Francisco and the very significant capital required over time to redevelop the campus. And fifth, we expect to complete the sale of the 88 Bluxome Street, our only asset located in SoMa over the next few quarters. We originally acquired this site in 2017 with the intent to expand the Mission Bay cluster. However, Pinterest terminated their lease with us in 2020 and paid us an $89.5 million fee. And we ultimately decided the sale proceeds from this project would be better recycled into our Megacampus platform and to address our current funding needs.

最終，鑑於南舊金山充滿挑戰的供需動態以及校園重建需要長期投入的大量資金，我們決定退出這項投資。第五，我們預計將在未來幾季內完成位於 SoMa 的 88 Bluxome Street 的出售，這是我們在 SoMa 的唯一資產。我們最初於 2017 年收購了該地塊，目的是擴展 Mission Bay 集群。然而，Pinterest 在 2020 年終止了與我們的租賃協議，並向我們支付了 8,950 萬美元的費用。我們最終決定，將這個專案的銷售收入更好地用於我們的 Megacampus 平台，並滿足我們目前的資金需求。

We continue to focus on our disciplined strategy to recycle capital from dispositions and partial interest sales to support our funding needs with a focus on the substantial completion of the large-scale noncore asset program in 2026. And we expect noncore assets and land to comprise around 65% to 75% of the $2.9 billion midpoint of our guidance for 2026 dispositions and sales of partial interest. We expect most of our dispositions and partial interest sales to close in the second, third and fourth quarters with a weighted average closing date in the third quarter.

我們將繼續專注於我們嚴謹的策略，透過資產處置和部分權益出售回收資金，以滿足我們的資金需求，重點是到 2026 年基本完成大規模非核心資產計劃。我們預計，非核心資產和土地將占我們 2026 年處置和部分權益出售指引值 29 億美元中點的 65% 至 75% 左右。我們預計大部分資產處置和部分權益出售將在第二、第三和第四季完成，加權平均完成日期為第三季。

In early December, our Board also authorized a reload and extension of the common stock repurchase program of up to $500 million. And our guidance does not assume any common stock repurchase in 2026 based upon current market conditions. And lastly, we reaffirmed our guidance for 2026 FFO per share diluted as adjusted, as well as the key components of guidance.

12月初，我們的董事會也批准了一項高達5億美元的普通股回購計畫的補充和延期。根據目前的市場狀況，我們的預測並未假設 2026 年會進行任何普通股回購。最後，我們重申了 2026 年經調整後的每股攤薄 FFO 指引，以及指引的關鍵組成部分。

Now I'll turn it back to Joel.

現在我把麥克風交還給喬爾。

So can we go to questions, operator, please?

那麼，接線員，我們可以進入問答環節了嗎？

(Operator Instructions) Farrell Granath, Bank of America.

（操作員說明）法雷爾·格拉納斯，美國銀行。

This is Farrell Granath. I want to start off, I know that we spoke about a month ago, but just given the sustained and slightly up quarter-over-quarter leasing that you've seen and recent commentary around better VC funding that we've seen in the broader biotech market, has that changed your outlook at all and expectations into '26? Or are you at least receiving greater inbounds in terms of sentiment as people are potentially making more decisions?

這是法雷爾·格拉納斯。我想先問一下，我知道我們大約一個月前談過這個問題，但是鑑於您看到的租賃業務持續且略有環比增長，以及最近在更廣泛的生物技術市場中看到的關於風險投資改善的評論，這是否改變了您對 2026 年的展望和預期？或者，隨著人們可能做出更多決定，您是否至少收到了更多來自情感方面的回饋？

Okay. So Farrell, is your question aimed broadly at leasing? Or is it aimed at venture back private? So I'm not sure how broad or narrow your question is.

好的。法雷爾，你的問題是否普遍針對租賃業？或者，它的目的是將創投重新私有化？所以我不太確定你的問題範圍有多廣或多窄。

I want to just connect the dots between what we've seen as positive headlines for broader VC funding and how that may be connecting to leasing and sentiment towards leasing.

我想把我們看到的關於風險投資的正面新聞與租賃以及人們對租賃的看法聯繫起來。

Okay, because that's one segment of a very broadened market. So Hallie, maybe take her through a little bit of venture and the private side, but then maybe overall.

好的，因為那隻是非常廣闊的市場中的一個細分領域。所以，Hallie，也許可以帶她體驗冒險和私人生活，但也許整體來說是這樣。

Yeah. Farrell, this is Hallie. As Joel mentioned, when we think about VC dollars going into this industry, it's very much tied to a specific segment, our private biotechnology segment. And we have seen, over the course of this year, sustained funding and numbers that are similar, if not slightly higher to the last couple of years. This is money that is going into new companies.

是的。法雷爾，這是哈莉。正如喬爾所提到的，當我們考慮創投流入這個行業時，它與一個特定的細分市場——我們的私人生物技術細分市場——密切相關。我們看到，在今年期間，資金投入和數量都保持穩定，與過去幾年相比，即使沒有略有增長，也至少與之持平。這是投入新公司的資金。

On the other hand, venture funds have raised the lowest amount of dollars in the last decade. So this is LPs investing in these funds. And so we have this kind of interesting dynamic going on here where it's certainly not back to a healthy robust environment that we would fully like to see. And what we see that manifesting in is that VCs and these companies continue to be very conservative.

另一方面，創投基金籌集的資金數量是過去十年中最低的。所以這是有限合夥人對這些基金的投資。因此，這裡出現了一種有趣的動態，但顯然還沒有恢復到我們完全希望看到的健康、強勁的環境。我們看到，創投機構和這些公司仍然非常保守。

So we certainly are seeing demand. We have -- Peter can talk to tours increasing. There are some great companies out there. I do think by and large, decision-making is still taking longer, and companies are very cautious in terms of how they think about taking on new space or expanding. So while we're cautiously optimistic, we are monitoring it closely because we don't necessarily think that we're back to a fully robust environment that we may have been in the past.

所以，我們確實看到了需求。我們有—彼得可以和越來越多的遊客談論旅遊。市面上有很多很棒的公司。我認為總的來說，決策過程仍然需要更長時間，而且公司在考慮開拓新領域或擴張時都非常謹慎。因此，儘管我們持謹慎樂觀態度，但我們正在密切關注事態發展，因為我們並不一定認為我們已經恢復到過去那種完全穩健的環境。

More broadly speaking on headlines, the other big one is the XBI has certainly performed incredibly well over the past year, outperformed broader indices. As mentioned in the Investor Day, the majority of those companies are commercial or near commercial companies, which don't typically drive labs-based needs. So we're not seeing the immediate translation of that activity to leasing.

更廣泛地說，就新聞頭條而言，另一個大新聞是XBI在過去一年中的表現確實非常出色，跑贏了更廣泛的指數。正如投資者日上所提到的，這些公司大多是商業公司或接近商業的公司，它們通常不會推動基於實驗室的需求。因此，我們還沒有看到這種活動立即轉化為租賃業務。

So all together, while we do feel that we're moving in the right direction in terms of positive sentiment, we still have a lot more work to do. There's still a lot of volatility on the regulatory and pricing side of things. And so we just continue to monitor. And for the demand that is out in the market, meet the market and really capture our outsized share of leasing.

總而言之，雖然我們感覺到在正面情緒方面我們正朝著正確的方向前進，但我們還有很多工作要做。監管和定價方面仍然存在很大的波動性。因此，我們會繼續觀察。對於市場上的需求，我們要滿足市場需求，真正佔據租賃市場的巨大份額。

Yeah. Let me put one footnote on that, Farrell. If you look at the pie chart of our leasing for the year and the fourth quarter, you'll see in the fourth quarter, a notable, very small amount of leasing for public biotech. That's something that we're hoping turns around in 2026 because that's a critical mainstay of this industry. And much of that has to do with the lack of availability of secondary offerings except on data or the lack of a real, robust open IPO market.

是的。法雷爾，我還要補充一點。如果你看我們全年和第四季的租賃圓餅圖，你會發現第四季度上市生技公司的租賃量明顯非常小。我們希望這種情況在 2026 年能夠有所好轉，因為這是該行業的重要支柱。這很大程度是由於缺乏數據以外的二次發行管道，或缺乏真正、穩健的公開IPO市場。

Okay?

好的？

And I also wanted to ask about your strategy of retaining the Fenway office property and looking to lease as an office. Is -- was that a one-off transaction that you're looking to maintain? Or is that something that you could see doing across other properties as well?

我還想詢問您保留芬威辦公大樓物業並將其出租作為辦公用途的策略。這是一次性交易，您希望繼續保持這種交易關係嗎？或者，您認為這種做法也可以應用在其他項目上？

Well, I'll have Peter comment on that. But you have to remember that the Fenway is made up of multiple buildings. The one we're speaking about is, in fact, an office building and in fact has multiple long-term leases with some of the best institutions in LMA and the Fenway. And so we -- sometimes you think about would you create lab space or other things out of vacant space or stick with what makes sense and the demand there we think is -- will, on a go-forward basis, be pretty good office-wise. But Peter, do you want to comment on that, I think, 401?

嗯，我請彼得對此發表評論。但你要記住，芬威球場是由多棟建築物組成的。我們正在談論的這棟大樓實際上是一棟辦公大樓，並且與 LMA 和芬威地區的一些最好的機構簽訂了多份長期租賃合約。因此，我們——有時你會思考，是應該利用空置空間創建實驗室空間或其他用途，還是應該堅持那些合理且符合需求的做法——我們認為，從長遠來看，辦公方面將會相當不錯。但是彼得，你對第 401 點有什麼看法嗎？

Yes. I mean, would agree exactly with what you just said, we have seen an increase in demand for office space. And given the availability we have elsewhere in the Fenway for lab, it made more sense to just go ahead and follow a business plan to lease it as office and not create any more lab space in the near future.

是的。我完全同意你剛才說的，我們已經看到辦公空間的需求增加。鑑於我們在芬威區其他地方還有實驗室可用空間，更明智的做法是按照商業計劃將其租賃為辦公場所，而不是在近期內創建更多的實驗室空間。

Yes. So that's more building and submarket specific as opposed to something much broader.

是的。所以這更多是針對特定建築和細分市場，而不是更廣泛的層面。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Two quick ones. Just on -- starting with the dispositions. I saw some of the cap rates on the stabilized assets in the supplemental, which was helpful. But as you're sort of thinking about that $2.9 billion, I appreciate a lot of it is going to be land, but -- any sort of commentary on cap rate trends, sort of the interest, price discovery, how that's been going relative to your expectations?

兩個簡短的問題。就從性格方面開始。我在補充文件中看到了部分穩定資產的資本化率，這很有幫助。但考慮到這 29 億美元，我知道其中很多是土地，但是——您對資本化率趨勢、利率、價格發現等方面有什麼看法嗎？這些進展是否符合您的預期？

Yes. Peter?

是的。彼得？

Yes. I mean there's still going to be a considerable amount of noncore assets that we're selling, and you've seen cap rates for those in the mid 6s, all the way up to the mid-9s. A lot has to do with what markets they're in, how much leasing or what the wall is, the lower the wall, the higher the cap rate. We do plan on a couple of executions during the year that would involve more core assets. So you should be able to get more discovery on what our NAV could be for what we're holding on to.

是的。我的意思是，我們仍然會出售相當數量的非核心資產，而這些資產的資本化率在 6% 到 9% 之間。許多因素都與它們所處的市場、租賃規模或牆體高度有關，牆體越低，資本化率越高。我們計劃在今年內執行幾項涉及更多核心資產的交易。因此，您應該能夠更深入地了解我們持有的資產的淨值可能是多少。

But I'm not going to speculate on those cap rates yet. We have talked in the past and mentioned at Investor Day, and we do think our top and properties should have a five handle. And one or two of those types of properties could be involved in this execution, and we'll report on that when it happens.

但我現在還不會對這些資本化率進行推測。我們過去曾討論過，也在投資者日上提到過，我們認為我們的頂級房產應該有五顆星。這次執行可能會涉及其中一兩項此類屬性，到時候我們會進行報告。

Great. Just my follow-up, I had sort of a similar question on the leasing chart, but maybe asking it a different way. Can you just comment on the leasing pipeline in terms of high to rebuild after the quarter? And if any sort of notable groups are in the pipeline or not in the pipeline? That would be helpful.

偉大的。我還有一個後續問題，關於租賃圖表，我也有一個類似的問題，不過也許我的提問方式有所不同。您能否就本季後需要重建的高租賃專案儲備情況發表一下看法？有沒有值得關注的團體正在籌備中，還是沒有？那會很有幫助。

Yes. That's kind of a secret sauce. I'm not sure I want to say much. But Peter, do you have any overall comments?

是的。這是秘方。我不太確定自己想說多少。彼得，你還有什麼整體評價嗎？

Yes. Look -- in practically all of our markets, the smaller space is under 50,000 square feet are still what is moving most of the tours are in that range. There is, as Joel mentioned and Hallie mentioned, there is a bit of a dearth of biotech, public biotech type of companies, which are usually the middle of the barbell, 50,000 to 150,000 square feet. We're not seeing a lot of that, but we do have, in certain markets, some good activity in the 100,000 square foot plus range. So we're pleased to see that.

是的。你看——在我們幾乎所有的市場中，面積小於 50,000 平方英尺的小空間仍然是最暢銷的，大多數參觀活動都在這個範圍內。正如 Joel 和 Hallie 所提到的，生物技術、上市生物技術類型的公司有點短缺，這些公司通常規模在 5 萬到 15 萬平方英尺之間。我們沒有看到很多這樣的情況，但在某些市場，面積超過 10 萬平方英尺的專案確實有一些不錯的交易活動。所以我們很高興看到這一點。

But as Joel mentioned, we really need to see the public biotech sector contribute to the leasing pipeline in order for it to really start to turn around.

但正如喬爾所提到的，我們真的需要看到公共生物技術部門為租賃管道做出貢獻，才能真正開始扭轉局面。

There is some good green shoots, we're very cautiously optimistic. But 1 example is that the Greater Boston region did see an 11% increase in tenants in the market, and that was really the first time we've seen an increase in a number of quarters. So we're happy to see that. And we'll keep you informed as we go.

出現了一些好的跡象，我們持非常謹慎樂觀的態度。但一個例子是，大波士頓地區的租戶數量確實增加了 11%，這確實是幾個季度以來我們第一次看到成長。所以我們很高興看到這一點。我們會隨時向您報告最新進展。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I was wondering if you still felt comfortable with the previous guidance you gave for the fourth quarter '26 FFO of $1.40 to $1.60 stated at your Investor Day? And whether or not you believe this would represent trough earnings? I think in the presentation, you mentioned that earnings will be flattening out in the second half of the year. But there are some dispositions that looks like that's falling into the fourth quarter.

我想問一下，您是否仍然對之前在投資者日上給出的2026年第四季度FFO（營運資金）1.40美元至1.60美元的預期感到滿意？你是否認為這代表著收益的低谷？我認為你在報告中提到，下半年的獲利將會趨於穩定。但有些交易看起來會落在第四季。

Yeah. So Marc?

是的。所以，馬克？

Yeah. John, yeah, we're still tracking within that range that we gave for the fourth quarter of '26, which I think was $1.40 to $1.60. And that does represent kind of the trough for the year at least for 2026. But as far as '27, I know you don't want to give guidance for that, but --

是的。約翰，是的，我們仍然保持在2026年第四季預測的範圍內，我認為是1.40美元到1.60美元。這至少代表了2026年的低谷。但就27年而言，我知道你不想就此給予指導意見，但是…--

Yeah. Yeah, we have it and can't give guidance at this point for '27. But that was the point of saying that's a good run rate to think about as a base.

是的。是的，我們已經掌握了相關信息，但目前還無法對 2027 年的情況給出指導。但重點在於，這是一個很好的基準跑動率。

And then can you comment on dispositions you've completed year-to-date and what you planned for the year in terms of the type of buyers you're talking to as far as owner users, other REITs, developers looking to convert some of that space potentially or other buyers?

那麼，您能否就今年迄今完成的資產處置情況以及您今年的計劃發表一些看法，例如您正在洽談的買家類型，包括業主自用者、其他房地產投資信託基金、有意改造部分空間的開發商或其他買家？

Yes. So maybe, Marc, do you want to just talk about the percentages of dispositions through the year? And then maybe ask Peter to comment on the buyer pool.

是的。馬克，或許你想談談全年各種處置方式的百分比？然後或許可以請彼得對買家群體發表意見。

Yeah, sure. Yeah, the mix of dispositions was pretty consistent with what we kind of set out at Investor Day, so about 20% stabilized, 21% land, and then 59% non-stabilized. So I mean, the biggest -- obviously, the biggest portion was the nonstabilized properties, which is going to attract a certain type of buyer. Maybe I'll hand it over to Peter to go over it a little bit more.

當然可以。是的，資產處置組合與我們在投資者日上提出的方案基本一致，其中約 20% 為穩定資產，21% 為土地，59% 為非穩定資產。所以我的意思是，很明顯，佔比最大的部分是未穩定化的房產，這會吸引特定類型的買家。或許我會把它交給彼得，讓他再仔細檢查。

Yes. Before you do, talk about timing, quarter-by-quarter because I think that's --

是的。在你開始之前，先談談時間安排，按季度來，因為我認為這很重要。--

Sure. So as we look forward to 2026, we've got just under $200 million of stuff that were under contract or under PSA negotiations. We've got about $580 million of assets on balance sheet today that have been designated as held for sale. And so I think that the first quarter closings will be pretty small. We expect the bulk of the closings to occur over 2Q, 3Q, 4Q.

當然。展望 2026 年，我們還有價值近 2 億美元的專案已經簽訂合約或正在進行 PSA 談判。目前，我們資產負債表上約有 5.8 億美元的資產被指定為待售資產。所以我認為第一季的成交量會很小。我們預計大部分交易將在第二季、第三季和第四季完成。

And again, I think if you -- on a weighted average basis is probably closer to third quarter as a kind of a blended average for the closings for 2026.

而且，我認為，如果按加權平均值計算，可能更接近第三季度，作為 2026 年收盤價的混合平均值。

Yeah, Peter?

是嗎，彼得？

Yeah. So on our guidance page, we did indicate that we've got about $180 million under contract or negotiations that we expect to close in the near term. That's essentially 3 assets. One is a portfolio that is being purchased by what we would classify as an investment fund. Investment fund buyers have been our fourth largest over the last couple of years, taking down about 12% to 15% of our inventory.

是的。因此，我們在指導頁面上指出，我們目前有約 1.8 億美元的合約或談判正在進行中，預計將在近期內完成。這實際上相當於3項資產。其中之一是被我們歸類為投資基金的機構所購買的投資組合。在過去幾年裡，投資基金買家一直是我們的第四大買家，他們購買了我們庫存的約 12% 到 15%。

That's the -- an investment fund as someone is buying it to hold long term and is usually private capital.

這就是投資基金——有人購買它是為了長期持有，而且通常是私人資本。

The other two assets are residential conversions. They're land or assets that are at the end of their useful life that will be demolished and turned into a residential type of use. And that was another one of our largest segments of buyers last year and we anticipate that will continue this year. More than 55% of our available land is either zoned or could have an allowable residential use and is in urban environments that could use the housing. So we expect that out of the 2.9 midpoint -- $2.9 billion this year, although as Marc said, there'll be a considerable amount of land, 25% to 35%, and we do expect the majority of that to go to residential developers.

另外兩項資產是住宅改建項目。這些土地或資產已達到使用壽命的終點，將被拆除並改建成住宅用途。去年，這又是我們最大的買家群體之一，我們預計今年將繼續這種情況。我們超過 55% 的可用土地要么已劃為住宅用地，要么可以用於住宅用途，並且位於需要住房的城市環境中。因此，我們預計今年將達到 29 億美元的中位數——儘管正如馬克所說，其中會有相當一部分土地，佔 25% 到 35%，我們預計其中大部分將流向住宅開發商。

But there has not been a problem getting assets sold. There's a number of buyers. The biggest issue is just the yields that these buyers are looking for and that has created some impairments, and -- but the good news is when we need to get things sold, we do. And we fully are confident we'll do the same thing this year, even though it's a larger amount that we have to execute on.

但出售資產並沒有遇到問題。有不少買家。最大的問題在於這些買家所追求的收益率，這造成了一些損失，但好消息是，當我們需要出售資產時，我們總是可以做到。我們完全有信心今年也能做到這一點，儘管我們需要執行的金額更大。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

I just wanted to clarify kind of the earnings, I guess, trajectory through the year. With the vacancy or the move-outs you mentioned, some of the fees, et cetera, one-time items in 4Q '25, I'm just wondering sort of the cadence that you showed at Investor Day trending down to that $1.40 to $1.60, is that cadence still intact?

我只是想澄清一下今年的收益走勢。考慮到您提到的空置或搬遷情況，以及 2025 年第四季度的一些費用等一次性項目，我只是想知道您在投資者日上展示的股價下跌至 1.40 美元至 1.60 美元的趨勢是否仍然保持不變？

Yes, Vikram. Yes, we still expect the fourth quarter to kind of be the low point in earnings for the year, for 2026. We did -- I think there was some question around where the first quarter goes and how steep of a decline that is coming off the fourth quarter. And so we tried to give a lot of color about the components that go in there, but the general trajectory that fourth quarter, things will even out in the back half of the year. And the fourth quarter being in that $1.40 to $1.60 range still holds.

是的，維克拉姆。是的，我們仍然預計2026年第四季將是全年獲利的最低點。確實如此——我認為當時存在一些疑問，即第一季的業績將如何，以及與第四季度相比，下滑幅度會有多大。因此，我們試圖詳細介紹構成其中的各個組成部分，但總體趨勢是，第四季度的情況會持續下去，下半年情況會趨於穩定。第四季股價仍將維持在 1.40 美元至 1.60 美元的區間。

Okay. Great. And then I guess maybe Joel or Hallie. From a broader perspective, I understand like it takes a while for all the changes on the macro front to translate to leasing. But I don't know if you've had any like recent conversations with FDA officials or any larger VCs in terms of the shifts that you may be hearing as a precursor to new company formation and hopefully them leaving down the pike.

好的。偉大的。然後我猜可能是喬爾或哈莉。從更廣闊的角度來看，我理解宏觀層面的所有變化需要一段時間才能轉換到租賃行業。但我不知道你最近是否與 FDA 官員或任何大型創投機構進行過任何類似的對話，以了解你可能聽到的、作為新公司成立先兆，以及他們未來可能離開的種種變化。

So maybe you can update us on any thoughts around the FDA and like early-stage CV AB type funding?

所以，您能否向我們介紹一下您對 FDA 以及早期心血管 AB 類藥物融資的看法？

Yes. So maybe let me make a couple of comments and ask Hallie to fill in the blanks. So I think it's fair to say that the FDA Commissioner has been active. He's out a lot. He's certainly trying to hit in the right direction and do the right things, given speed of approvals, looking at trying to get products into the clinic much quicker than otherwise.

是的。那麼，或許我可以發表幾點看法，然後請 Hallie 來補充說明。所以我覺得可以公平地說，FDA局長一直很積極。他經常不在家。鑑於審批速度，他顯然正在努力朝著正確的方向前進，做正確的事情，力求比以往更快地將產品推向臨床試驗階段。

Remember, we talked about it at Investor Day, the things that the market really wants to see is a substantial compression of the 10- to 12-year $1 billion-plus cycle of bringing up a compound from discovery to the market. And he's, I think, very much focused on that now have defections, DOGE firings, resignations, and all that stuff at the FDA, how much does that practically impede the ability of the agency to do what they want to do, which I think they've got their mindset in the right place, I think, is a big question for this year. Last year, they did end up approvals at 46, which was a very, very respectable number, but a lot of that was in the pipeline. This year is going to be a much more telling result.

記住，我們在投資者日上討論過，市場真正希望看到的是大幅縮短從發現到上市化合物所需的 10 到 12 年、超過 10 億美元的周期。我認為他現在非常關注的是，FDA內部出現了人員叛逃、解僱、辭職等等問題，這些問題在多大程度上實際上阻礙了該機構開展其工作的能力。我認為他們的心態是正確的，我認為這是今年的重要問題。去年，他們最終批准了 46 個項目，這是一個非常非常可觀的數字，但其中許多項目仍在審批過程中。今年的結果將更具說服力。

But Hallie, other thoughts, comments?

哈莉，你還有其他想法或評論嗎？

Sure. So maybe Vikram to take a step back on the question as it continues to come up. On page 21 of the sup, we break out our leasing volume by business type, both for the fourth quarter and for the full-year '25. And if you look at private biotechnology, in the last quarter, it made up about 1/5 of all leasing volume. So to be clear, we still continue to see demand from this segment.

當然。所以，鑑於這個問題不斷被提起，Vikram或許應該退一步思考。在補充報告第 21 頁，我們按業務類型細分了 2025 年第四季和全年的租賃量。如果你看一下私人生物技術產業，在上個季度，它約佔所有租賃量的五分之一。所以說，我們仍然看到來自這一領域的需求。

Whether that's going to pick up and how long that takes, I wish we could give you a specific timeframe. These things take a while, right? And I think generally, we need a lot more confidence in terms of the broader landscape, being able to return capital to LPs, the IPO window opening up, which is a really important source of capital for private companies. But where we've really seen the drop off, as Joel mentioned, is in that public biotechnology cohort. So in terms of overall impact to our leasing going forward, we think that segment in particular is critical.

至於這種情況是否會好轉以及需要多長時間，我希望我們能給您一個具體的時間表。這些事情需要一些時間，對吧？我認為總的來說，我們需要對更廣泛的情況更有信心，能夠向有限合夥人返還資本，IPO窗口開放，這對於私人公司來說是一個非常重要的資金來源。但正如喬爾所提到的，我們真正看到下滑的地方是公共生物技術領域。因此，就對我們未來租賃業務的整體影響而言，我們認為該細分市場尤其至關重要。

And we are seeing some demand out there from some really good companies. They still are tending to be more capital conservative, more commercial, near commercial. And without that next bolus of new companies that are IPO-ing that tend to be earlier stage, they still seem to be on the back burner right now. At JPMorgan, there was a lot of, I would say, positive sentiment around the potential for some really strong companies to go public and raise capital. We haven't seen that yet.

我們看到一些非常優秀的公司確實有這方面的需求。他們仍然傾向於資本保守、商業化、接近商業化。如果沒有下一波新公司上市（這些公司往往處於早期階段）的推動，它們目前似乎仍然處於擱置狀態。我認為，在摩根大通，很多人對一些實力雄厚的公司上市並籌集資金的潛力持樂觀態度。我們還沒看到這種情況。

But that is really top of mind as we think about the next, I would say, 12 to 18 months.

但就我們思考接下來的 12 到 18 個月而言，這確實是我們最關心的問題。

Okay. Great. And then can I just clarify? Like, the new leasing was really good this quarter and hopefully, the pipeline supports sort of that continuation. But where are we today in terms of like incentive packages, TIs, free rents to achieve that leasing?

好的。偉大的。那我能再解釋一下嗎？例如，本季的新租賃情況非常好，希望未來的專案儲備能夠支持這種勢頭繼續保持下去。但是，就激勵方案、裝修補貼、免租期等租賃優惠而言，我們目前的情況如何？

And I asked just because there have been a couple of leases in South San Francisco where we've heard like very big TI numbers. So I'm just wondering if you can give us a bit more granular color on the TI and free rents?

我這麼問是因為我們在南舊金山聽說有幾份租約的裝修費用非常高。所以我想請您詳細介紹一下TI和免租金的情況？

Yeah, Peter?

是嗎，彼得？

Yeah. I mean, tenant improvements haven't changed. They're still elevated for anything that's from shell. It's got to really be -- either you get an allowance to build the whole thing out or you have to spec build it. So on renewals and re-leasing of the TIs are also stable.

是的。我的意思是，租戶裝修的規定並沒有改變。對於任何用貝殼製成的食物來說，它們仍然很受歡迎。必須要這樣——要嘛你獲得撥款把整個專案都建好，要嘛你就得自己照規範建造。因此，TI 的續訂和重新發布也保持穩定。

The fact that the space is already built out and the fact that people tend not to change much in the generic labs that we build, that's an advantage to us.

空間已經建成，人們在我們建造的通用實驗室裡往往不會做太多改變，這對我們來說是一個優勢。

So really, where we continue to see weakening in fundamentals is in the free rent category, and it's continued to elevate. We did have a couple of leases this quarter that really had significant amount of free rent in order to win the deal. And Joel mentioned in the very -- in his comments that we're meeting the market. It's in our best interest to meet the market, but keep rental rates as stable as possible. Because as free rent burns off, then you get the income that you can build upon and hopefully, the next generation of leasing you can increase it from there.

所以，我們真正看到基本面持續走弱的地方是免費租金類別，而且這個類別的價格還在不斷上漲。本季我們確實簽了幾份租約，為了促成交易，我們確實提供了相當可觀的免租期。喬爾在評論中特別提到，我們正在迎合市場。滿足市場需求符合我們的最佳利益，但同時也要盡可能保持租金穩定。因為隨著免租期的結束，你就能獲得收入，並在此基礎上繼續發展，希望下一代租賃業務能夠在此基礎上增加收入。

When you start taking rents down, then you're starting to destruct value.

當你開始降低租金時，你就開始破壞價值了。

So Alexandria and others that are competing in the market, free rent is the tool that we're using. Tenants really appreciate it because obviously, it's good for their cash flow. And as long as we continue to have availability in the mid-20s to low 30s in the major markets, free rent is going to be the tool that people need to use in order to execute on deals. But outside of that, we are pretty happy to see that rental rates are stable, in certain cases, growing. And we just got to get the net effect is to improve, but that will take a decrease in supply over time in order to start seeing that.

所以，像亞歷山大和其他參與市場競爭的城市一樣，我們正在使用免租金這項手段。租戶們對此非常感激，因為這顯然有利於他們的現金流。只要主要市場仍有 20 多萬到 30 多萬的房源，免租期就會成為人們達成交易的關鍵因素。但除此之外，我們很高興地看到租金價格保持穩定，在某些情況下甚至有所增長。我們只需要看到最終效果有所改善，但這需要隨著時間的推移減少供應才能開始看到這種改善。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Just trying to triangulate on Peter and Hallie's comments regarding the public biotech. Is there any concern? I mean, you said they're both critical to sort of kick starting demand again. But is it possible that some of these public biotechs, if they raise more capital, already have sufficient space? Or do you really think there's expansion space need there?

我只是想對 Peter 和 Hallie 關於這家公共生物技術公司的評論進行一些推論。有什麼需要注意的地方嗎？我的意思是，你說過它們對於重新刺激需求至關重要。但是，如果這些上市生技公司籌集到更多資金，它們是否有可能已經有足夠的空間？或者你真的認為那裡需要擴建空間嗎？

Well, yes, let me maybe give you an overarching comment, Jim. I think number one, historically, public biotech has been the mainstay of -- I mean, the broader industry is obviously institutional pharma product tools, services, all that. But when you get to biotech itself, the public market has been the mainstay of this industry, going back 50 years this year to Genentech. And one would assume that it would continue to be the mainstay and it's made up of really, three things.

嗯，是的，吉姆，或許我可以給你一個總體性的意見。我認為首先，從歷史上看，公共生物技術一直是——我的意思是，更廣泛的行業顯然是機構製藥產品工具、服務等等的支柱。但就生物技術本身而言，公開市場一直是該產業的支柱，其歷史可以追溯到今年的基因泰克公司成立50週年。人們可能會認為它將繼續成為主流，而它實際上由三個部分組成。

One, you get a good start at the venture level. You can get public through an IPO window that's reasonable, and you can continue to finance the company even if you don't have immediately actionable data. That's how it's worked over the last several decades, and that's what we're hoping to see a return to. Now in any given case, it's hard to say. Some will need more space, some will need less space.

第一，你在創業階段就取得了良好的開端。你可以透過合理的IPO窗口上市，即使沒有立即可操作的數據，你也可以繼續為公司提供資金。過去幾十年一直都是這樣運作的，我們也希望看到這種情況回歸。具體到任何情況下，都很難說。有些人需要更多空間，有些人需要更少空間。

Some will be able to keep the same. But I don't know, Hallie, thoughts there?

有些人能夠保持不變。但我不知道，哈莉，你有什麼想法嗎？

Yes, Jim, I think that is in a way what we have been seeing. If you look at the XBI this past year and follow-on financings, which on an absolute numbers basis have been pretty strong, most of those have been for particularly commercial stage companies, which is great in terms of sentiment for the industry, but these are by and large, not companies that are driving a lot of R&D expansion. So to Joel's point, we need to see that earlier funnel fill up. We need to see the venture stage companies go public, gain more liquidity, expand their investor base. Those are more likely at that stage to drive additional R&D needs, which is what we've seen historically.

是的，吉姆，我認為從某種程度上來說，這就是我們所看到的。如果你看看過去一年的 XBI 和後續融資情況，從絕對數量來看，這些融資相當強勁，其中大部分都投向了處於商業化階段的公司，這對行業情緒來說是件好事，但總的來說，這些公司並沒有推動大量的研發擴張。所以正如喬爾所說，我們需要看到之前的漏斗被填滿。我們需要看到創投階段的公司上市，獲得更多流動性，擴大投資人基礎。在這一階段，這些因素更有可能推動額外的研發需求，而這正是我們過去所看到的。

I think Peter did mention we have seen some requirements hit the market. Things take a while, but not to say that it's a complete desert, but it is farther and fewer between than it has been in years past.

我想彼得確實提到過，我們已經看到市場上出現了一些需求。事情進展緩慢，但並非完全荒蕪，只是比往年更稀少。

That's very great color. And then one quick clarification. Peter, you also, I think, said that it's possible you might see a five handle on some of the core asset due to capital recycling in ' 26. Would that be potentially -- I mean, if it happens, on a JV? Or would that also be for an outright sale?

這個顏色真好看。最後還有一點需要澄清。Peter，我想你也說過，由於 2026 年的資本再利用，一些核心資產可能會出現 5 倍的波動。那是否有可能——我的意思是，如果真的發生的話，是透過合資企業的方式嗎？或者，這也包括直接出售？

I'm just trying to think about NAV implication sale versus JV.

我只是想弄清楚出售和合資對淨資產值的影響。

Yeah, very likely a JV that would happen. We are not planning on selling any core assets outright unless there's a special situation.

是的，很有可能會成立合資企業。除非有特殊情況，否則我們不打算直接出售任何核心資產。

Ray Zhong, JPMorgan.

Ray Zhong，摩根大通。

My first one is on the capital allocation side, it seems like you guys did above midpoint of the guidance on dispo this year. And you guys -- I think Marc mentioned, buyback is still not on the table at this point. But with the excess cash, is the thinking that the priority is on the debt side? Or how should we think about that? And when would buyback be on the table with the excess cash?

我的第一個問題是關於資本配置方面的，你們今年的資產處置似乎超過了指導意見的中點。你們——我想馬克也提到過，目前回購方案仍然不在考慮範圍內。但是，有了多餘的現金，是否應該優先償還債務？我們該如何看待這個問題？如果手頭上有多餘的現金，什麼時候會考慮股票回購？

Yeah. So Marc?

是的。所以，馬克？

Yeah. I think in terms of the buyback, we'd like to get farther along on the disposition program, which is going to involve paying down debt to keep the balance sheet in check before we consider buybacks. Now I say that given the current market conditions and -- will remain flexible. But as we sit here today, that's kind of our current thinking.

是的。我認為就股票回購而言，我們希望在處置計劃方面取得更大進展，該計劃將涉及償還債務以控制資產負債表，然後再考慮股票回購。現在，鑑於目前的市場狀況，我將保持靈活。但就我們今天所處的位置而言，這大概就是我們目前的想法。

Got it. And a follow-up question on uses of funding then. You guys disclosed how much you historically spend on the non-real estate investments in the K. If I'm looking at it correctly, I think between 200 to 250 a year. How should we think about that moving forward?

知道了。那麼，還有一個關於資金用途的後續問題。你們揭露了你們歷來在K地區非房地產投資上的支出。如果我沒理解錯的話，應該是每年200到250美元之間。我們接下來該如何看待這個問題？

Anything -- any help on that front would be appreciated.

任何幫助都將不勝感激。

Yeah, sure. So we really look at the fund kind of net of the inflows and outflows. So I think if you look at the cash that came in, it was maybe a net outflow of somewhere between $60 million to $70 million for the year. And that's been -- I mean, I think it was a similar number in the prior year. So I think we'd like to see that the fund be as close to neutral as possible so that we're not putting a ton of capital in there, but still continue to be very active in the space.

當然可以。所以我們其實是在檢視資金流入和流出的淨額。所以我覺得，如果你看一下現金流入，那麼這一年的淨流出可能在 6000 萬美元到 7000 萬美元之間。而且──我的意思是，我認為前一年的數字也差不多。所以，我們希望該基金盡可能保持中性，這樣我們就不會投入大量資金，但仍然能夠繼續在該領域保持非常活躍的狀態。

Got it. So the net will -- the expectation is hopefully get to net neutral on that front?

知道了。所以，最終目標是──希望最終能實現淨零排放？

That's right. Or at least a small number. Like I said, it's been $60 million to $70 million in the last couple of years.

這是正確的。或至少數量不多。正如我所說，在過去幾年裡，這個數字一直維持在 6,000 萬到 7,000 萬美元之間。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

The elephant in the room is, I guess, stock is up 20% this year. It's great, or 19%. And yet, it still feels like pricing power is quite a ways off still with everything that's going on. Do you have any sense on the people that you're talking to, a different type of investor that's showing interest in the stock? Do you think it's just pure rotation, people sort of profit taking, looking for a bottom in life science?

我想，大家心知肚明的問題就是，今年股票價格上漲了20%。太棒了，或者說19%。然而，考慮到目前的情況，定價權似乎仍然遙遙無期。你覺得你接觸的這些人，是不是不同類型的投資者，他們對這支股票表現出了興趣？你認為這只是純粹的輪動，人們都在獲利了結，尋找生命科學領域的底層嗎？

Do you have any sense of what's driving stock performance so far this year?

您認為今年迄今推動股市表現的因素是什麼？

Well, I think it's all of the above. And I think it's pretty clear that the slide that we showed at Investor Day, when you looked at stock price versus consensus NAV certainly tells the story in many respects. I think if one believes in this industry, 50 years after Genentech was founded this year back in 1976. Again, we've only addressed 10% of diseases, 90% are left. And if the public is willing to pay for therapies and addressable cures to the extent we can have that, one has to believe the industry has a promising future.

嗯，我覺得以上所有情況都符合。我認為很明顯，我們在投資者日上展示的那張幻燈片，當你查看股價與一致預期淨資產值時，它在很多方面都說明了這一點。我認為，如果一個人相信這個行業，那麼在基因泰克公司成立 50 週年之際（基因泰克公司成立於 1976 年），情況就更加複雜了。我們再次強調，我們只解決了 10% 的疾病，還有 90% 的疾病尚未解決。如果大眾願意為治療和可控的治癒方法付費（如果我們能夠做到這一點），那麼人們有理由相信該行業擁有光明的未來。

We are making some, we're slipping back. As I said, when you look at some of the vaccine policy stuff, which is a little distressing to a lot of people. But I think if you set that kind of mentality aside and you look at what the FDA is trying to do, I think they're trying to do exactly the right thing to compress the time to go from discovery into the clinic, through the clinic and out of the clinic into the commercial side and assuming the policymakers and executive and legislative branches don't get too crazy to pay a fair return on these innovative therapies. I mean, just look at anybody who's been the beneficiary of any real therapy that saves somebody's life and made that more an ongoing chronic condition as opposed to life threatening, if you will.

我們取得了一些進展，但也出現了倒退。正如我所說，當你了解一些疫苗政策的內容時，你會發現這讓很多人感到有些不安。但我認為，如果你拋開這種心態，看看FDA正在努力做的事情，我認為他們正在做一件完全正確的事情，那就是縮短從發現到臨床、通過臨床、再到商業化的時間，前提是政策制定者、行政和立法部門不會過於瘋狂，不願為這些創新療法支付合理的回報。我的意思是，看看那些真正受益於某種療法的人，這種療法挽救了他們的生命，並將疾病從危及生命的危及生命的狀態轉變為持續的慢性病。

I think that's where the great promise is here, Rich. So I think that when you look at our locations, quality of assets, quality of sponsorship, I mean it's not surprising that the sell-off after the third quarter was, I think, pretty radical.

里奇，我認為這就是這裡蘊藏的巨大潛力。所以我覺得，當你審視我們的地理位置、資產品質、贊助品質時，第三季後的拋售潮就顯得相當激進了，這並不令人意外。

And -- but those are all good color, but do you think you're attracting a different investor? I think you're attracting a non-REIT investor, biotech investor, a generalist investor to the name?

而且——這些顏色都很好，但你認為你能吸引到不同的投資者嗎？我認為你正在吸引非房地產投資信託基金投資者、生物科技投資者以及綜合投資者關注這個品牌？

I think the nature of investors change over time. I mean, think about when we went public, there are a lot of long-term investors today. There's very few long-term investors, a lot of ETF investors. But there's a large cohort of value-driven investors that don't look at quarterly day-to-day, monthly, year-to-year earnings, they look at quality of assets generating quality of cash flows. Obviously, people interested in the industry.

我認為投資者的性質會隨著時間而改變。我的意思是，想想我們上市的時候，現在有很多長期投資者。長期投資者很少，ETF投資者很多。但有一大批價值投資者並不關注季度、每日、每月、每年的收益，他們關注的是資產品質和產生的現金流品質。顯然，是那些對這個行業感興趣的人。

So I think it's a whole bunch of sets of different interests that have come to bear because the sell-off just was, I think, foolishness.

所以我認為這是各種不同利益團體共同作用的結果，因為拋售在我看來純粹是愚蠢的行為。

Thought Hallie was going to jump in there, but maybe I misheard that. So okay.

我以為哈莉要插話，但也許是我聽錯了。好的。

No problem. Keep going. Joel covered it really well.

沒問題。繼續前進。喬爾解釋得非常清楚。

Okay. Perfect. Okay. Second question for me is, let's say, your development exposure as a percentage just to use a simple way of looking at as a percentage of total assets goes from 20%-ish to 15% this year. I'm assuming that sort of a step in the process.

好的。完美的。好的。我的第二個問題是，假設您的開發風險敞口佔總資產的百分比（簡單來說），今年從 20% 左右降至 15%。我猜這是過程中的一個步驟。

And I'm curious, Joel, Peter, whoever, what do you think the appropriate run rate is for development exposure, financing risk, need to access capital, all those things? Like what is new Alexandria going to look like from a development exposure point of view, call it, two, three years from now in your mind?

我很好奇，Joel、Peter，或其他任何人，你們認為開發風險敞口、融資風險、獲取資金需求等所有這些因素的合適運行率是多少？從發展前景的角度來看，你想像中兩三年後的新亞歷山大會是什麼樣子？

Yeah. I think we kind of articulated that at Investor Day, and there's a slide there that talked about -- we think -- we don't know precisely because we're still in a -- I think, a -- how shall I say, a phase of trying to get used to a new reality with the industry. But I think we've hypothesized that we think somewhere 10%-plus as a percentage of nonproductive or nonincome-producing land as a percentage of overall gross assets is probably where we want to be very different than GFC, where there were no supply issues. The prospects were kind of unlimited because there was no supply constraint issue -- oversupply issue, if you will. So I think this is just a new reality.

是的。我認為我們在投資者日上已經闡述過這一點，當時有一張幻燈片談到——我們認為——我們並不確切知道，因為我們仍然處於——我認為，該怎麼說呢，一個試圖適應行業新現實的階段。但我認為我們已經假設，非生產性或非收入性土地佔總資產的比例達到 10% 以上，這可能是我們希望達到的水平，這與全球金融危機時期的情況截然不同，當時沒有供應問題。前景幾乎是無限的，因為不存在供應限制問題——或者說，不存在供應過剩問題。所以我認為這只是一種新的現實。

But yeah, we've got great opportunities on many or most of our Megacampuses. And so those will be the instruments of future development and external growth, and we're excited about that. And there isn't just biotech. There is a whole host of other interested parties, both in our current pie charts and pie charts beyond that view those locations as top of mind.

是的，我們大多數的大型校區都提供了絕佳的機會。因此，這些將成為未來發展和對外成長的工具，我們對此感到興奮。而且不只是生物技術。還有許多其他感興趣的各方，無論是在我們目前的餅圖中，還是在更廣泛的餅圖中，都將這些地區視為首要考慮因素。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

It's Nick Joseph here with Seth. I guess, last month at the Investor Day, you talked about a four- to five-year recovery for life science broadly. And I recognize it's only been about two months, but you've been busy over those two months. So has anything changed that timeline, either moving it up or delaying it from what you see?

我是尼克‧約瑟夫，我是塞思。我想，上個月在投資者日上，您談到了生命科學領域整體上需要四到五年才能復甦。我知道才過了兩個月，但這兩個月你一直都很忙。那麼，就你目前所見，時間表是否有任何變化，例如提前或延遲？

Yeah. So that's actually -- I'm glad you teed this up because, Peter, I think, addressed this, but a lot of people came away reporting it a little bit unclear. And he basically said that he thought that the timeframe for recovery in our markets where we were very active would be in the two- to three-year range and that it may be as much as four to five in submarkets where we were not particularly involved or active.

是的。所以，我很高興你提出了這個問題，因為彼得雖然也談到了這一點，但很多人看完後仍然不太明白。他基本上表示，他認為在我們非常活躍的市場中，復甦的時間範圍為兩到三年，而在我們沒有特別參與或活躍的子市場中，復甦的時間範圍可能長達四到五年。

But Peter, do you want to comment on that?

彼得，你對此有何評論？

Yeah. Thanks for clarifying that exactly. Like if you look at Greater Boston, for example, there's a significant amount of inventory in an area like Somerville and other tertiary areas and Alewife that -- where we're not at, which -- that's where we think that it's going to take four to five years for that to resolve. But Cambridge and Watertown, Seaport, where we're heavily invested, those -- that's probably more like two to three years and maybe even less depending on the trend of a lot of people are starting to realize that they should probably go a different path in life science, and we're hoping to continue to see that.

是的。謝謝你如此詳細地解釋。例如，看看大波士頓地區，像薩默維爾和其他三線地區以及艾萊夫這樣的地區有大量的庫存——而我們目前還沒有進入這些地區——我們認為，解決這個問題需要四到五年時間。但我們在劍橋、沃特敦和海港等地投入了大量資金，這些地方——可能還需要兩到三年，甚至更短的時間，這取決於許多人開始意識到他們應該在生命科學領域走一條不同的道路的趨勢，我們希望繼續看到這種趨勢。

So if we -- obviously, demand is going to be needed to take a lot of the lab space, but as a lot of it decides to change use, that -- even that four to five estimate would be reduced. But Joel is exactly on point. Four to five years for the areas that are the new markets that really didn't ever need to be lab markets, those will need a long time to resolve because it's not going to get resolved through lab demand, it's going to get resolved by changing use. But the lab markets that we're in that have been functional lab markets for decades, there has been some oversupply, and it will take two to three years for that to resolve.

所以，顯然，我們需要需求來佔用大量的實驗室空間，但隨著許多實驗室空間決定改變用途，即使是四到五年的估計也會減少。但喬爾說得完全正確。對於那些原本不需要成為實驗室市場的新興市場而言，需要四到五年的時間才能解決，因為實驗室需求無法解決這個問題，而需要改變用途才能解決這個問題。但是，我們所處的實驗室市場，這些實驗室市場已經運作了幾十年，目前存在一些供應過剩的情況，這種情況需要兩到三年才能解決。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

In terms of the guidance, you talked a little bit about $6 million a quarter revenue headwinds from tenant wind down. Could you talk a little bit just about what's happening with that pool of tenants? Is it just they're not -- they didn't get their drug vials filled or they ran out of cash? So just kind of thematically, what's happening with that group to just kind of understand what that headwind is?

關於業績指引，您剛才提到租戶陸續搬離將導致每季收入減少 600 萬美元。能否簡單談談這部分租戶的狀況？難道他們根本沒來嗎？ ——要嘛是他們的藥瓶沒裝滿，要嘛是他們沒錢了？所以，從主題上來說，這個群體正在經歷什麼，才能了解他們面臨的逆境是什麼？

Yeah. So I'll ask Marc to comment there, but I would say in this environment over the last handful of years -- again, we're in the fifth year of a bear market, hopefully turning that around. And when you find that happening, obviously, more companies at the earlier stage or less companies are formed and more companies may be wound down. Some companies merged in the public markets. The bankers, certainly during the heyday of the last decade, let too many companies go public.

是的。所以我請馬克對此發表評論，但我想說的是，在過去幾年的這種環境下——再說一遍，我們已經進入熊市的第五年了，希望能夠扭轉局面。當這種情況發生時，很顯然，早期階段的公司會更多，成立的公司會更少，而倒閉的公司也會更多。一些公司在公開市場進行了合併。尤其是在過去十年的鼎盛時期，銀行家們讓太多公司上市了。

So there has been a shake out there over the last handful of years of companies that probably shouldn't have gone public. So this is a natural outgrowth of that given where we are today. But Marc, you could comment more specifically.

因此，在過去幾年裡，市場上出現了一系列公司，其中一些公司可能不應該上市。所以，鑑於我們目前的處境，這是自然而然的產物。但是馬克，你可以說得更具體一些。

Yeah. The thing I would add is it's -- public and private biotech comprises the majority of it for the reasons that Joel and Hallie have mentioned. And some of it is kind of failure, which in their clinical milestones, which is normal in a market that will happen, but a lot of it is also ability to attract capital and just the kind of shorter runway that investors have given these companies that has caused part of the issue.

是的。我還要補充一點，正如 Joel 和 Hallie 所提到的，公私生物技術產業佔據了其中的大部分。其中一些原因是臨床里程碑的失敗，這在市場中很正常，但許多原因也在於吸引資本的能力不足，以及投資者給予這些公司較短的研發週期，這造成了部分問題。

That's helpful. And if I may ask one more, the four development assets that is still under strategic evaluation. Could you -- does it all basically boil down to just leasing around these assets to determine whether you kind of proceed or you go through strategic alternatives?

那很有幫助。如果可以的話，我再問一個問題，關於仍在進行策略評估的四個發展資產。你能說一下——這一切最終是否就歸結為圍繞這些資產進行租賃，以此來決定是繼續推進還是採取其他戰略選擇？

No. I think it's much more granular than that. It's what is the prospect broadly in the submarket, the nature of the asset, any competitive product that we may have with that asset. I mean, there's a whole set of variability or analysis that you go through. Leasing is clearly important, but it's not the sole determinant.

不。我認為實際情況要細緻得多。這取決於細分市場的整體前景、資產的性質，以及我們可能擁有的任何與該資產競爭的產品。我的意思是，你需要經歷一整套變化分析。租賃固然重要，但並非唯一決定因素。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Joel or Peter, can you guys provide some color on the 400,000 square feet of leases that were signed, a previously vacant space? I mean, I would imagine a good chunk of that relates to the backfill at 259 East Grand Avenue? I guess if that's true, where were the other leases signed within that bucket?

Joel 或 Peter，你們能詳細介紹一下之前空置的 40 萬平方英尺的租賃合約嗎？我的意思是，我估計其中很大一部分與東格蘭德大道 259 號的回填土有關？如果是這樣，那麼在同一類別下簽署的其他租賃合約又在哪裡呢？

Yeah. Peter, I don't know if you want to give any color there?

是的。彼得，我不知道你是否想在那裡添加一些顏色？

I don't have the specific leases, but you are right that a significant amount of leasing was done at East Grand. I will say that one thing that we were asked about and did some investigation on is that a significant amount of that leasing was absolute new tenancy, not tenants relocating from one place to another, but new tenants actually coming in into our portfolio, which we really love to see.

我沒有具體的租賃合同，但你說得對，東格蘭德確實進行了大量租賃交易。我想說的是，我們被問及並進行了一些調查的一點是，其中很大一部分租賃都是全新的租戶，而不是租戶從一個地方搬到另一個地方，而是新租戶真正加入我們的投資組合，我們非常樂於看到這種情況。

This is Hallie. I do have that list in front of me. And so just to say it was a pretty diverse from a regional perspective, leasing in Cambridge. We have RT, Seattle, some in San Francisco. So in terms of just generally seeing positive momentum backfilling the vacant space across the board, we think that diversity across the region is healthy.

這是哈莉。我手邊確實有那份清單。所以，從區域角度來看，劍橋的租賃市場相當多元化。我們在西雅圖有RT，舊金山也有一些。因此，就整體上看到積極的勢頭填補各個領域的空缺而言，我們認為該地區的多元化是健康的。

Yeah, and broader base than you might otherwise guess.

是的，而且受眾群體比你想像的還要廣。

And that's -- is there any common themes on why those tenants were willing to lease space, I guess, in the fourth quarter?

那麼，這些租戶在第四季願意租賃空間的原因是否有任何共同點呢？

Yeah, because we're great sponsors.

是的，因為我們是優秀的贊助商。

Do they have like funding agreements where they just got funding? Or is there --

他們之間是否有類似融資協議之類的，直接獲得了資金？或者還有…--

Yeah, Mike, it's so episodical in a sense because if a company has a clinical milestone, a data milestone, and they need to do something, I mean, that's -- I mean, we've seen that with a couple of companies where they've doubled their space just on that one event. So it is very episodicly-driven. And I'm not sure I'd read anything into -- was the fourth quarter substantially different than the second quarter vis-a-vis leasing trends because it tends to be very case specific.

是的，麥克，從某種意義上說，這完全是階段性的，因為如果一家公司有臨床里程碑、數據里程碑，他們需要做些什麼，我的意思是——我的意思是，我們已經看到一些公司僅僅為了那一個事件就將他們的空間擴大了一倍。所以它非常注重劇情的單元劇發展。我不確定我是否應該從中得出什麼結論——第四季度與第二季度在租賃趨勢方面是否有實質性的不同，因為這往往是非常個案性的。

Okay. Great. That's helpful. And then just one last one for me. On 401 Park -- and I think I caught this earlier in the call. I just wanted to confirm to make sure I'm right. It's not necessarily that you have office tenants ready to lease that space. I don't know what type of interest. It's just that you had lab space available in that marketplace that you didn't need you decide, okay, we have this building that could be lab or could be office, let's kind of diversify our approach and kind of go office with this specific property.

好的。偉大的。那很有幫助。最後，我還要再來一個。關於 401 Park——我想我在之前的通話中已經聽到了這一點。我只是想確認一下，確保我的理解是正確的。這並不代表一定有租戶願意租賃那塊辦公空間。我不知道自己對哪方面有興趣。只是因為市場上剛好有你不需要的實驗室空間，所以你決定，好吧，我們有這樣一棟樓，既可以用作實驗室，也可以用作辦公室，讓我們多元化一下，把這處房產改成辦公用途。

Is that the right way to think about it? Or is there like a vibrant office market ready for that asset?

這種思考方式正確嗎？或者說，是否存在一個充滿活力的辦公大樓市場，能夠消化這類資產？

Yeah. I think that is the answer. It's an iconic office building that's been known for a long time. The mainstay is primarily anchor Boston institutions, brand names that you would know that have very, very specific uses there. Some are pure office, some are more clinical like or whatever. But in fundamental, this is part of and kind of adjacent to the LMA along with medical center. So this is a big, big market for those institutions and their office and other adjacent or other kinds of uses other than, say, traditional wet lab space.

是的。我想這就是答案。這是一棟歷史悠久的標誌性辦公大樓。其主要支柱主要是波士頓的標誌性機構，這些品牌名稱你肯定知道，它們在當地有著非常非常具體的用途。有些是純粹的辦公環境，有些比較像是診所之類的。但從根本上講，這是 LMA 的一部分，並且與醫療中心相鄰。因此，對於這些機構及其辦公室和其他相鄰或除傳統濕實驗室空間以外的其他用途而言，這是一個非常大的市場。

So it's not so much that it's a hard call. It's -- the call was, given the NIH's move on the 15% limitation on indirect costs in a variety of ways, we saw a big decline of demand and immediate decision-making by a lot of medical institutions, and we've seen that across the country. We did put in the sup, there is a court decision that has overruled that. That may start to move institutions in a different direction.

所以這並不是一個難以抉擇的問題。鑑於美國國立衛生研究院 (NIH) 將間接成本限制在 15% 以內，我們看到許多醫療機構的需求大幅下降，並且立即採取了決策，這種情況在全國各地都有發生。我們確實提交了補充申請，但法院的一項裁決推翻了該申請。這或許會開始引導機構朝著不同的方向發展。

But at some point, institutions still need to get space, and both Fenway and the LMA are the best locations for that. So it actually is a pretty easy decision.

但從某種程度上來說，機構仍然需要空間，而芬威球場和LMA都是最佳地點。所以這其實是一個很容易的決定。

Mason Guell, Baird.

梅森·古埃爾，貝爾德。

You had previously talked about San Carlos, San Bruno, Seattle, and Campus Point as Megacampuses with large channel pipeline and that you may look to reevaluate some of these in the future. I guess, do you have any updates? Or do you expect to have any updates on it over the next few quarters?

您之前曾談到聖卡洛斯、聖布魯諾、西雅圖和校園點是擁有龐大渠道渠道的超級校園，並且您未來可能會重新評估其中一些。請問您有什麼最新消息嗎？或者您預計未來幾季會有關於這方面的最新消息嗎？

You're talking about the expansion?

你指的是擴建工程嗎？

Yeah. not just a future shadow pipeline.

是的，不僅僅是未來的影子管道。

Yeah. I think those are all under pretty deep study in each market. And probably, at this point, we don't want to get into that. But we clearly are looking to reduce our non-income producing assets, as we've said, as a percentage of the gross assets and where we can carve off land that we have for other uses or move into a monetization path at a much faster rate. We're trying to do that.

是的。我認為這些問題在各個市場都得到了相當深入的研究。而且，在這一點上，我們可能不想討論這個問題。但正如我們所說，我們顯然正在尋求減少非收入性資產佔總資產的比例，並儘可能地將我們擁有的土地劃撥給其他用途，或以更快的速度走上貨幣化道路。我們正在努力做到這一點。

And so I would say stay tuned there. Certainly, for the Bay Area ones and Seattle.

所以我想說，敬請期待。當然，對於灣區和西雅圖來說是這樣。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Joel Marcus for closing remarks.

女士們、先生們，今天的問答環節到此結束。現在我把發言權交還給喬爾·馬庫斯，讓他做總結發言。

Well, thank you, everybody. We appreciate it and look forward to talking to everybody next quarter. Thank you, and stay safe.

謝謝大家。我們對此表示感謝，並期待下季與大家交流。謝謝，請注意安全。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。感謝您的參與。現在您可以斷開線路了。