Alexandria Real Estate Equities, Inc (ARE) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Alexandria Real Estate Equities second quarter 2026 conference call. (Operator Instructions) Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Paula Schwartz with Investor Relations. Please go ahead.

各位下午好，歡迎參加 Alexandria Real Estate Equities 2026 年第二季財報電話會議。(接線員指示) 另請注意，今天的活動將被錄音。現在，我想把會議交給投資人關係部的 Paula Schwartz。請開始。

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，各位下午好。本次電話會議包含依據聯邦證券法所定義的前瞻性陳述。公司實際結果可能與前瞻性陳述中所預測者有重大差異。有關可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於公司向美國證券交易委員會提交的定期報告中。

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

接下來我想把電話會議交給執行董事長兼創辦人 Joel Marcus。Joel，請開始。

Thank you, Paula, and welcome, everybody, to the Alexandria second quarter earnings call. With me today are Peter, Marc and Hallie. And before we start detailed comments, I'd like to start with a quote from Ralph Waldo Emerson, Cultivate the habit of being grateful for every good thing that comes to you, and to give thanks continuously. And because all things have contributed to your advancement, you should include all things in your gratitude. The point being we are very grateful and most proud of our one of a kind team and of our one of a kind mission.

謝謝你，Paula，也歡迎各位參加 Alexandria 第二季財報電話會議。今天與我一同出席的有 Peter、Marc 和 Hallie。在開始詳細說明之前，我想先引用 Ralph Waldo Emerson 的一句話：「培養對每一件降臨於你的好事心存感激的習慣，並持續地表達感謝。」「而且因為萬事萬物都促成了你的進步，你應將萬事萬物都納入你的感恩之中。」重點是：我們非常感恩，也最以我們獨一無二的團隊與獨一無二的使命為榮。

Operating in a highly regulated industry within a rapidly changing macro environment is never easy, but we remain steadfastly focused on our path forward. Let me share with you some key observations regarding the second quarter and maybe a good place to start is leasing kind of the lifeblood and the key to stabilization of operating metrics, especially in the life science industry these days. And remember, 75% of our leasing has come from our own tenants, really best-in-class tenant roster.

在快速變動的總體環境中、於高度監管的產業運作從來都不容易，但我們仍堅定專注於前進的道路。我想與各位分享一些關於第二季的關鍵觀察；或許從租賃談起是個好起點——在當今生命科學產業，租賃可說是命脈，也是營運指標穩定化的關鍵。請記得，我們 75% 的租賃來自既有租戶，這是一份真正同級最佳的租戶名單。

We're seeing steady improvement, which is good. We're winning outsized number of shares of transactions, which is good. We have a very well diversified and strong tenant base. Our page 18 pie chart is illustrative of that. Very strong leasing in the second quarter from our life science product, service and device sector, really the picks, shovels and tools of the industry, almost 40% of the leasing volume.

我們看到穩定改善，這是好事。我們在交易中贏得了超出比例的市占，這也是好事。我們擁有非常多元且強健的租戶基礎。簡報第 18 頁的圓餅圖可說明這一點。第二季來自我們生命科學產品、服務與設備領域的租賃非常強勁——也就是產業的「鎬、鏟與工具」——租賃量占比接近 40%。

Also a strong second quarter showing from our advanced technology sector in several of our submarkets with almost 30% of the leasing volume. Public biotech, only about 6% as the industry is seeing substantially improving metrics. They are still decoupled from the demand on the ground, and we might have more to say about that in the Q&A.

此外，我們先進科技領域在數個子市場第二季表現也很強，租賃量占比接近 30%。上市生技僅約 6%，因為該產業的指標正顯著改善。但它們仍與實際地面需求脫鉤，我們可能會在問答環節再多談一些。

I think the one thing that could make a difference there would be, well, many things could make a difference, but I think stability and truly knowledgeable and expert leadership at HHS, FDA and NIH would certainly go a long way. There's still much work to do on our leasing of our redevelopment, development pipeline with only about 70,000 rentable square feet in the second quarter.

我認為其中一個可能帶來改變的因素是——當然，很多事情都可能帶來改變——但我認為在 HHS、FDA 與 NIH 具備穩定且真正懂行、專業的領導，無疑會大有助益。我們在改建與開發管線的租賃方面仍有許多工作要做，第二季僅約 70,000 可出租平方英尺。

And we're very keenly focused on the modest remaining 2026 rollovers that remain unresolved of about 494,000 rentable square feet. 2027 rollovers, unresolved other than those focused either track to leasing or track, we have ongoing discussions of about [$2.7 million]. This is mission-critical as we go forward to the last half of 2026 and into '27, of course.

我們也非常專注於 2026 年尚未解決、規模不大的到期續租（rollover），約 494,000 可出租平方英尺。至於 2027 年的到期續租，除已明確朝向簽約或已在簽約軌道上的部分外，我們仍在進行中的討論約為[$2.7 million]。隨著我們邁向 2026 年下半年並進入 2027 年，這當然是至關重要的任務。

For third quarter, our pre-read indicates that our best knowledge at this point is about 950,000 rentable square feet of leasing projected in the third quarter, again, based on our current view of that forward pipeline. We have and will continue to meet the market.

就第三季而言，我們的預先閱讀資料顯示，以目前我們所掌握的最佳資訊，第三季預計租賃約 950,000 可出租平方英尺；同樣是基於我們對前瞻管線的當前看法。我們已經、也將持續與市場接軌。

Moving from leasing to sources of capital, as we did in 2025, we are currently very comfortable that we can and will meet our total target of $2.9 billion. We're always mindful time is of the essence, but timing is never simple. We are making excellent progress and would not let some artificial timing because or be of concern at this juncture. The demand for Alexandria's assets remain strong. And in third quarter, we'll take a bit of a deep dive into the composition of the assets that have been sold or will be sold this year and the disposed NOI analysis.

從租賃轉到資金來源，如同我們在 2025 年所做的，我們目前非常有信心能夠、也將達成 29 億美元的總目標。我們始終明白時間至關重要，但時點從來不簡單。我們進展非常順利，不會讓某些人為的時點因素在此刻成為疑慮。市場對 Alexandria 資產的需求仍然強勁。在第三季，我們將更深入解析今年已出售或將出售資產的組成，以及處分 NOI 的分析。

We are very mindful not to unduly tie our hands in any new joint venture transactions and are working hard to make sure those are successful both for capital raising and for operational efficiency. Moving on to allocation of capital. We're laser-focused on trying to reduce our CapEx of the $1.75 billion construction pipeline for this year, which is fortunately highly leased, and we're anxious to continue deliveries, and we're focused on the lease-up of vacant space and making good progress there.

我們也非常注意不要在任何新的合資交易中把自己的手腳綁得太死，並正努力確保這些交易在募資與營運效率兩方面都能成功。接著談資本配置。我們高度聚焦於設法降低今年 17.5 億美元建設管線的資本支出（CapEx）；所幸該管線的出租率很高，我們也急於持續交付，同時我們也專注於空置空間的去化出租，並在這方面取得良好進展。

On the life science industry itself, I'll refer you to pre-read pages 7 and 8, 7 and 8 of the supplements regarding the core pillars and the key 2026 second quarter events. To say it's greatly nuanced and complex would be a bit of an understatement. Again, we're still very focused on HHS, FDA and NIH. One other comment we see during an election year, a lot of people advocating for Medicare for all. It's been stated by many administrations at both the executive level and the HHS level that -- that would be -- Medicare for all would be kind of a budget buster.

就生命科學產業本身而言，請參考預先閱讀資料補充文件第 7 與第 8 頁，關於核心支柱以及 2026 年第二季的關鍵事件。若說其高度細緻且複雜，恐怕還算是保守的說法。我們仍非常關注 HHS、FDA 與 NIH。另外一點，我們看到在選舉年期間，很多人主張「全民健保（Medicare for all）」。許多政府在行政層級與 HHS 層級都曾表示——那將會——「全民健保」會是某種程度上的預算破壞者。

It would be almost impossible to administer given the current administration is still tough, and it would be a giant impact on budget. It would also mean taking two thirds of the population who are covered under private plans and moving them to a government system. And if you go to Canada or any other country that has that system, you wait in line, so not a very desirable outcome.

在目前的體制下幾乎不可能有效管理，因為現行制度本身就已相當棘手，而且它會對預算造成巨大衝擊。這也意味著把目前由私人保險計畫涵蓋的三分之二人口，轉移到政府體系。如果你去加拿大或任何其他採用該制度的國家，你得排隊等候，因此並不是很理想的結果。

The key factors to watch for the rest of 2026 in the life science industry beyond, obviously, the midterms, there's obviously continuing strong innovation, which is fueling the industry. There's been a very solid financing environment, and we're closely watching interest rates as they move around pretty significantly day-to-day, week-to-week, month-to-month.

在 2026 年剩餘時間生命科學產業需要關注的關鍵因素，除了顯而易見的期中選舉之外，還包括持續強勁的創新，正推動產業發展。融資環境一直相當穩健，而我們也密切關注利率，因其日對日、週對週、月對月的波動都相當顯著。

Sentiment, we're watching closely, has been generally positive. M&A has been very strong this year. Drug pricing and policy has been kind of a mixed bag, but the most favored nations has not derailed the profitability and the go-forward health of the industry. We'll see where some of the IRA implementations come over the coming months and quarter. On the regulatory side, that still is a bit of a mess, and that is of concern, although 23 products were approved year-to-date, and that is pretty well in line with past practice.

市場情緒方面，我們密切觀察，整體而言一直偏正面。今年併購（M&A）非常強勁。藥價與政策可說是好壞參半，但「最惠國」政策並未破壞產業的獲利能力與未來的健康發展。我們將觀察未來幾個月與季度中，部分 IRA（通膨削減法案）的落地實施會如何發展。在監管面，仍有些混亂，這令人擔憂；不過今年迄今已有 23 項產品獲批，這與過往水準大致一致。

Patent cliffs continue to be a big bugaboo of the industry. Earnings and growth have been pretty positive and China remains a big negative overhang. Moving quickly to the balance sheet, our North Star and one that we continue to focus on and keeping strong and flexible. Marc will have a lot more to say about it, but we're confident that our year-end target leverage remains we can achieve 5.6 times to 6.2 times. Medium term, we're looking at mid-5s.

專利到期斷崖仍然是本產業的一大隱憂。獲利與成長表現相當正面，而中國仍是一項重大的負面壓力。快速轉到資產負債表，我們的北極星指標，也是我們持續聚焦的重點，是維持強健且具彈性的財務狀況。Marc 會就此多談一些，但我們有信心年末目標槓桿水準仍可達成，即 5.6 倍至 6.2 倍。中期而言，我們目標在 5 倍中段。

We have excellent liquidity, and we successfully are extending our $5 billion line of credit to 2032. And as we've said a number of times, the longest average remaining debt maturity of all S&P 500, which is good. And Marc will discuss before I just turn it over to him in a moment, guidance. And he and the team have tried to detail the multifaceted set of items impacting '26. and the fourth quarter on page 6 of the earnings release.

我們的流動性非常充裕，並已成功將 50 億美元的信用額度延長至 2032 年。而且如我們多次提到的，我們在所有 S&P 500 公司中擁有最長的平均剩餘債務到期年限，這是好事。在我稍後把時間交給 Marc 之前，他會先談談財測指引。他與團隊已嘗試在財報新聞稿第 6 頁詳細說明影響 2026 年以及第四季的多面向因素。

Obviously, critical to establishing a solid earnings run rate base beyond 2026 will be a strong and consistent leasing of our development and redevelopment pipeline and successful handling of the 2027 lease rules. We're laser-focused on continuing to decrease CapEx and manage our funding cost effectively.

顯然，要在 2026 年之後建立穩健的獲利運行率基礎，關鍵在於我們的開發與再開發管線能夠強勁且持續地出租，並成功因應 2027 年的租約規則。我們高度聚焦於持續降低資本支出（CapEx），並有效管理我們的資金成本。

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

接下來，我把時間交給 Marc。

Thank you, Joel. Good afternoon, everyone. This is Marc. Congratulations to the entire Alexandria team for solid execution during the quarter. First, leasing volume for the quarter was solid and exceeded 1 million square feet.

謝謝你，Joel。各位下午好。我是 Marc。恭喜 Alexandria 全體團隊在本季展現穩健的執行力。首先，本季租賃量表現穩健，且超過 100 萬平方英尺。

Second, we continue to be focused on improving occupancy with 1.4 million square feet of lease space that is currently vacant and is expected to be delivered to the tenants and positively impact occupancy in November on average.

第二，我們持續專注於提升出租率；目前有 140 萬平方英尺的租賃空間仍為空置，預計將交付給承租戶，並在平均而言於 11 月對出租率帶來正面影響。

Third, continued outperformance on occupancy relative to the broader markets with average outperformance across our largest three markets ranging from approximately 8% to 12% as of the end of 2Q.

第三，相較於更廣泛的市場，我們在出租率方面持續跑贏；截至第二季末，我們三大核心市場的平均超越幅度約為 8% 至 12%。

Fourth, we delivered a 427,000 square foot build-to-suit to Bristol-Myers at our Campus Point Megacampus under a long-term lease, which will provide significant net operating income and value to our shareholders.

第四，我們在 Campus Point Megacampus 以長期租約為 Bristol-Myers 交付了一棟 427,000 平方英尺的量身打造（build-to-suit）設施，將為股東帶來可觀的淨營運收入與價值。

Fifth, we remain committed to meeting our funding goals with 46% of our target for dispositions and sales of partial interest and other capital completed or pending subject to nonrefundable deposits signed LOIs or sales agreements under negotiation with another 38% in process.

第五，我們仍致力於達成資金籌措目標；在處分資產、出售部分權益及其他資本項目方面，目標的 46% 已完成或在待完成狀態（取決於已簽署具不可退還訂金的意向書（LOI）或正在協商的買賣協議），另有 38% 正在進行中。

And sixth, we completed an extension of our $5 billion credit facility to 2032, providing tremendous access to liquidity for many years. FFO per share diluted as adjusted was $1.73 for 2Q '26, and we reaffirm the midpoint of our guidance for 2026 FFO per share diluted as adjusted at $6.40, while tightening the range to plus or minus $0.05. Leasing volume for the quarter was solid at 1,039,000 square feet. A few items to highlight here on leasing activity.

第六，我們已完成將 50 億美元的信用融資額度延長至 2032 年，為未來多年提供極大的流動性取得能力。2026 年第二季（2Q '26）經調整後稀釋每股 FFO 為 1.73 美元；我們重申 2026 年經調整後稀釋每股 FFO 指引中點為 6.40 美元，同時將區間收斂至正負 0.05 美元。本季租賃量穩健，為 1,039,000 平方英尺。以下強調幾項租賃活動重點。

First, total volume was up 60% over the prior quarter and up 9% over the prior four quarter historical average. Second, new leasing comprised of both leasing of our development redevelopment projects and the vacant space aggregated almost 400,000 square feet for the quarter, which was the second largest quarterly total since 2Q '24, excluding the large big pharma build-to-suit lease we signed last year.

第一，總租賃量較前一季增加 60%，較過去四季的歷史平均增加 9%。第二，新租賃（包含我們的開發/再開發專案出租以及空置空間出租）本季合計接近 400,000 平方英尺，為自 2024 年第二季（2Q '24）以來第二高的單季總量（不含我們去年簽署的大型製藥公司量身打造租約）。

And then third, leasing from public biotech increased quarter-over-quarter from zero last quarter to 5.8% of the total leasing volume, a positive sign, but still below the representative portion of our overall tenant base based upon annual rents of 21% for biotech.

第三，來自上市生技公司的租賃量季增，從上季的零提升至占總租賃量的 5.8%，這是正面訊號，但仍低於其在我們整體承租戶基礎中的代表性比重；以年度租金計，生技占比為 21%。

Regional leasing outperformance continued in the San Francisco Bay and San Diego markets where we accounted for 2 times and 1.7 times the leasing activity compared to our market share during the quarter. Greater Boston lab leasing was approximately in line with our market share for the quarter if we carve out a 0.5 million square foot renewal of a big pharma company in Cambridge executed by another party.

在舊金山灣區與聖地牙哥市場，我們的區域租賃超越表現持續；本季我們的租賃活動分別達到相較於市場占有率的 2 倍與 1.7 倍。大波士頓地區的實驗室租賃量本季大致與我們的市場占有率一致；若排除由他方在劍橋為某大型製藥公司執行的 50 萬平方英尺續租案。

But our team was still very active executing 160,000 square foot advanced technology lease during the quarter, among others. With respect to tenants in the market, a positive momentum continued into the second quarter with an overall quarter-over-quarter increase of approximately 10%. Another positive note is that we are starting to see an increase in tenants in the 20,000 to 100,000 square foot size range, which we've defined as the middle of the demand barbell.

不過，我們團隊本季仍非常積極，其中包括完成一筆 160,000 平方英尺的先進科技租約等。就市場承租戶而言，正向動能延續至第二季，整體季增約 10%。另一個正面訊號是，我們開始看到 20,000 至 100,000 平方英尺區間的承租戶增加；我們將此定義為需求「啞鈴」的中段。

In the second quarter, 64% of the total requirements we're tracking in the big three markets are in that size range. Many of these tenants are public biotech companies, a segment of demand that has been lagging over the last few quarters. Looking ahead to the next quarter, we currently project solid leasing volume for 3Q '26, in the 950,000 square foot range. One factor to consider for context is that we have very modest lease expirations over the next two quarters with only 734,000 square feet of unleased expirations remaining for 2026.

第二季，我們在三大市場追蹤的總需求中，有 64% 落在該面積區間。其中許多承租戶為上市生技公司，這一需求區塊在過去幾季相對落後。展望下一季，我們目前預估 2026 年第三季（3Q '26）租賃量將維持穩健，約在 950,000 平方英尺。作為背景需考量的一點是，未來兩季我們的租約到期量非常有限；2026 年剩餘未出租的到期面積僅 734,000 平方英尺。

And then on concessions, initial free rent concessions remain elevated but came down off the peak from last quarter of two months per year of term to this quarter based on a trailing 12 months of 1.5 months per year of term. Occupancy at the end of 2Q '26, was 86.9%, down 80 basis points from the prior quarter. The key changes in occupancy for the quarter included the following three components first, a reduction of 80 basis points driven by previously disclosed key known lease expirations, which went vacant during the quarter.

至於讓利條件（concessions），初始免租期仍偏高，但已自上季高峰（每年租期約 2 個月免租）回落；以過去 12 個月滾動計算，本季約為每年租期 1.5 個月免租。截至 2026 年第二季末（2Q '26），出租率為 86.9%，較前一季下降 80 個基點。本季出租率的主要變動包含以下三個組成：第一，因先前已揭露的關鍵已知租約到期於本季轉為空置，導致下降 80 個基點。

Second, we reclassified 160,000 square foot building in our Andover Megacampus from redevelopment to operating when we leased the building to an advanced technology tenant. When we made this decision to not complete the redevelopment of the building as originally intended for laboratory and/or biomanufacturing use, we reclassified this building back into operating and accordingly, operating occupancy came down by 40 basis points. Importantly, we expect the lease to commence in 2Q '27, and positively impact occupancy at that time.

第二，我們在將該建物出租給一位先進科技承租戶後，將 Andover Megacampus 內一棟 160,000 平方英尺的建物從「再開發」重新分類為「營運中」。當我們決定不再按原先規劃完成該建物的再開發（原本擬用於實驗室及/或生物製造用途）時，我們將其重新歸回營運資產，因此營運出租率相應下降 40 個基點。重要的是，我們預期該租約將於 2027 年第二季（2Q '27）開始，並在當時對出租率帶來正面影響。

Third, we had occupancy growth of 40 basis points, primarily driven by the commencement of leases and leasing activity. Bolstered by solid new leasing during the quarter, we now have leased 1.4 million square feet, which is expected to commence in November 2026 on average with expected annual rental revenue of $69 million annually.

第三，我們的出租率成長 40 個基點，主要由租約起租與租賃活動所帶動。在本季穩健新租賃的支撐下，我們目前已出租 140 萬平方英尺，預計平均於 2026 年 11 月起租，預期年度租金收入為每年 6,900 萬美元。

Tenants continue to recognize the importance of Alexandria's strong sponsorship, operational excellence, asset quality location and our Megacampus model, which represents 80% of our annual rent and has led to our continued outperformance by approximately 8% to 12% across our largest three markets compared to market occupancy as of the end of 2Q.

承租戶持續認同 Alexandria 強健的贊助支持、卓越的營運能力、資產品質與區位，以及我們的 Megacampus 模式；該模式貢獻我們年度租金的 80%，並使我們截至第二季末在三大核心市場相較市場出租率持續跑贏約 8% 至 12%。

Same-property net operating income was down 10.6% and 8.6% on a cash basis for 2Q '26. These percentage changes represent an improvement compared to the prior quarter performance of 1.3% and 3.1% on a cash basis. The overall decline for 2Q ' 26, same-property performance was primarily driven by a reduction in occupancy compared to the prior year. We expect stronger same-property performance in the second half of 2026, which includes the potential benefit related to a range of assets with vacancy that could potentially be sold or designated as held for sale in the second half of 2026 and could be removed from the same-property population. We did not make any changes to our guidance for occupancy, same-property performance or rental rate changes on lease renewals and re-leasing of space.

同物業淨營運收入在 2Q '26 下降 10.6%，以現金基礎計則下降 8.6%。相較於前一季以現金基礎計的 1.3% 與 3.1% 表現，這些百分比變動代表有所改善。2Q '26 同物業表現的整體下滑，主要係由於與前一年相比入住率下降所致。我們預期 2026 年下半年同物業表現將更為強勁，其中包含一項潛在利多：部分目前有空置的資產可能在 2026 年下半年出售或被指定為待售，並可能自同物業樣本中剔除。我們未對入住率、同物業表現，或續租與重新出租之租金調整幅度的指引做任何變更。

Despite current challenges in the life science real estate market, we continue to benefit from a high-quality tenant base with 57% of our annual rental revenue coming from investment-grade or publicly traded large-cap tenants, long remaining lease terms of 7.7 years, average rent steps approaching 3% on 97% of our leases and strong adjusted EBITDA margins of 67% for 2Q '26.

儘管生命科學不動產市場目前面臨挑戰，我們仍持續受惠於高品質的租戶基礎：我們年度租金收入的 57% 來自投資級或公開交易的大型市值租戶；剩餘租期長達 7.7 年；97% 的租約平均租金階梯式調升接近 3%；且 2Q '26 調整後 EBITDA 利潤率強勁，達 67%。

We continue to focus on the successful reduction in management of our general and administrative expenses as well. We remain on track with our guidance range of $134 million to $154 million for 2026, which represents around a 14% savings at the midpoint compared to our 2024 benchmark or about $24 million in annual savings.

我們也持續聚焦於成功降低一般及行政費用（G&A）的管理。我們仍按計畫達成 2026 年指引區間 1.34 億至 1.54 億美元；以區間中點計，較 2024 年基準約節省 14%，相當於每年約 2,400 萬美元的節省。

On a combined basis for 2025 and 2026, we expect G&A expense savings of around $76 million in aggregate relative to 2024. Our trailing 12-month G&A as a percentage of net operating income through 2Q '26, of 6.6% is less than half of the average for all S&P 500 REITs over the last few years of 14.3%.

以 2025 年與 2026 年合計來看，我們預期相較於 2024 年，G&A 費用節省合計約 7,600 萬美元。截至 2Q '26 的過去 12 個月，我們的 G&A 占淨營運收入比率為 6.6%，不到近年所有 S&P 500 REITs 平均 14.3% 的一半。

Realized gains included in FFO per share diluted as adjusted from our venture investments were $10.3 million for 2Q '26, or $28.5 million for the first half of 2026. We reiterated our guidance range for realized investment gains of $60 million to $90 million for 2026. Capitalized interest for 2Q '26, of $73.7 million was up slightly from the prior quarter, primarily driven by an increase in our weighted average interest rate on debt.

2Q '26 來自我們創投投資、計入經調整稀釋後每股 FFO 的已實現收益為 1,030 萬美元；2026 年上半年合計為 2,850 萬美元。我們重申 2026 年已實現投資收益指引區間為 6,000 萬至 9,000 萬美元。2Q '26 資本化利息為 7,370 萬美元，較前一季略增，主要係因我們債務加權平均利率上升所致。

We expect average real estate basis capitalized to reach a bottom for 2026 in the fourth quarter, ranging from $3.4 billion to $4.9 billion, which is a $2.8 billion reduction in basis compared to the first half of 2026. We reduced our guidance for capitalized interest by $5 million at the midpoint of our range due to anticipated earlier completion of certain construction and preconstruction milestones, primarily impacting 4Q, including a potential decline related to projects which we are evaluating business and financial strategy.

我們預期 2026 年平均資本化的不動產基礎（basis）將於第四季觸底，介於 34 億至 49 億美元，較 2026 年上半年基礎減少 28 億美元。由於預期部分施工與前期施工里程碑將提前完成（主要影響 4Q），其中包含我們正在評估其業務與財務策略之專案可能帶來的下降，我們將資本化利息指引區間中點下調 500 萬美元。

As of 2Q '26, we have 1.4 million square feet of development and redevelopment projects under construction and expected to stabilize through 2028, which are 71% leased. In addition, we have 1.4 million square feet spread across five projects, which we are evaluating the business and financial strategy for overall, the square footage in our pipeline has shrunk by 20% from the beginning of the year as we continue to execute on our plan, which includes completing our development and redevelopment projects or in some cases, pivoting to advanced technology strategies.

截至 2Q '26，我們有 140 萬平方英尺的開發與再開發專案在建，預計於 2028 年前達到穩定營運，且已出租 71%。此外，我們另有分布於五個專案、合計 140 萬平方英尺的面積，正就其整體業務與財務策略進行評估；整體而言，隨著我們持續執行計畫（包括完成開發與再開發專案，或在某些情況下轉向先進科技策略），我們的管線面積自年初以來已縮減 20%。

We continue to make progress in resolving the go-forward strategy for our five projects under evaluation. 311 Arsenal Street located on our arsenal and the Charles Megacampus in Watertown and our Greater Boston market is the first one. We are seeing very solid activity for this project from advanced technology users, and we executed letters of intent for approximately 109,000 square feet with multiple tenants, which increased the lease negotiating percentage for this project up to 44%.

我們在釐清五個評估中專案的後續策略方面持續取得進展。第一個是位於大波士頓市場、我們的 Arsenal 與 Watertown 的 Charles Megacampus 內之 311 Arsenal Street。我們看到該專案來自先進科技使用者的活動非常強勁，並已與多家租戶簽署約 109,000 平方英尺的意向書（LOI），使該專案的租賃談判比例提升至 44%。

Next, 421 Park located in our Fenway Megacampus. This is a ground-up development project intended for laboratory use, and we have important activity from an institutional user. The outcome for this project will depend on tenant interest, and we have upcoming construction milestones to consider in early 2027. 40 Sylvan Road is the next one located in Waltham. This project will be attractive to advanced technology tenants that may find certain elements of the building attractive and may not require a conversion to lab.

接著是位於我們 Fenway Megacampus 的 421 Park。這是一個自地面起造（ground-up）的開發專案，規劃用於實驗室用途，且我們已獲得某機構型使用者的重要洽談活動。該專案的結果將取決於租戶興趣，而我們在 2027 年初也有即將到來的施工里程碑需要考量。下一個是位於 Waltham 的 40 Sylvan Road。該專案將對先進科技租戶具吸引力，因其可能認為建物的某些要素具吸引力，且可能不需要改造為實驗室。

This project has critical milestones in the second half of 2026, which we are carefully evaluating. And then finally, 3,000 Minuteman Road, which is located in our Andover Megacampus. This site will be attractive to advanced technology tenants as evidenced by the 160,000 square foot lease we executed for one of the buildings on this campus during the quarter.

該專案在 2026 年下半年有關鍵里程碑，我們正審慎評估。最後是 3,000 Minuteman Road，位於我們 Andover Megacampus。該基地將對先進科技租戶具吸引力；本季我們在該園區其中一棟建物簽署了 160,000 平方英尺的租約，即為明證。

For 311 Arsenal, 40 Sylvan Road and 3,000 Minuteman Road, if we complete significant advanced technology leases, we may place all or some portion of these spaces into the operating pool, which may reduce operating occupancy in the near term, but more importantly, will reduce our capital needs and generate near-term revenue upon delivery.

就 311 Arsenal、40 Sylvan Road 與 3,000 Minuteman Road 而言，若我們完成具規模的先進科技租賃，我們可能將這些空間的全部或部分納入營運資產池（operating pool）；此舉短期內可能降低營運入住率，但更重要的是，將降低我們的資本需求，並在交付時帶來短期收入。

We continue our laser focus on our sources of capital with a disciplined multifaceted strategy, which includes dispositions, sales of partial interest and other capital with a focus on the substantial completion of our large-scale noncore asset sale program in 2026, with a guidance midpoint of $2.9 billion and a weighted average projected completion date in September.

我們持續以高度聚焦的方式、採取紀律嚴明的多面向策略來管理資金來源，包括資產處分、出售部分權益及其他資金來源；並聚焦於在 2026 年實質完成我們大型非核心資產出售計畫，指引中點為 29 億美元，加權平均預計完成日期為 9 月。

We continue to refine the projected sale composition ranges as we get more clarity with land dispositions comprising 15% to 35%, noncore asset dispositions of 10% to 20% and sales of partial interest and other capital of 50% to 70%. In addition to traditional joint ventures of core assets included in the 50% to 70% basket within our guidance, we are also evaluating other important cost-efficient capital source alternatives that would help us achieve our desired leverage goals and allocation of capital uses, and we expect to have more information to share soon.

隨著我們獲得更清晰的資訊，我們持續精煉預計出售組合區間：土地處分占 15% 至 35%，非核心資產處分占 10% 至 20%，以及出售部分權益與其他資金來源占 50% 至 70%。除指引中 50% 至 70% 類別所包含的核心資產傳統合資（joint ventures）外，我們也在評估其他重要且具成本效率的資金來源替代方案，以協助達成我們期望的槓桿目標與資金用途配置；我們預期很快會有更多資訊可分享。

To be very clear on this point, our guidance does not assume the issuance of any common equity for 2026. Our team is making good progress with $1.3 billion or 46% of our $2.9 billion guidance midpoint, which is completed or pending subject to nonrefundable deposit, signed LOI or sale agreement negotiations and is spread across about a dozen transactions. We have another $1.1 billion or 38% of the midpoint of our guidance of transactions that is currently in process. and we expect to make decisions on the remaining 16% over the next few months.

就此點我們要非常明確：我們的指引並未假設 2026 年會發行任何普通股權。我們的團隊進展良好：在 29 億美元指引中點中，已有 13 億美元（或 46%）完成或待完成（取決於不可退還訂金、已簽署 LOI 或出售協議談判），並分布於約十多筆交易。我們另有 11 億美元（或指引中點的 38%）之交易目前正在進行中；我們預期在未來幾個月內就剩餘 16% 做出決策。

In connection with our disposition program, we recognized impairments of real estate of $222.5 million during the quarter, of which approximately 85% to 90% of this amount relates to either land or properties that were laboratory conversion opportunities. The two largest impairments made up around 57% of the total balance and included the following: first, a land parcel located in Northern San Diego that was acquired in the last five years with the intent to develop new laboratory buildings.

配合我們的處分計畫，我們於本季認列不動產減損 2.225 億美元，其中約 85% 至 90% 與土地或原本具實驗室改造機會的物業相關。兩筆最大減損約占總額的 57%，包括如下：第一，一筆位於北聖地牙哥的土地地塊，係於過去五年內取得，原意在開發新的實驗室建築。

And the submarkets outside of Torrey Pines and UTC have become very oversupplied and this land parcel is now under contract to sell to a residential developer. And then second, an office building located in Toronto that was acquired in the last five years with the intent to convert to laboratory use. Biotech demand in Toronto has been greatly diminished, and this building is now under contract to sell to a user.

而托瑞松（Torrey Pines）與 UTC 以外的次級子市場已出現嚴重供給過剩，因此這筆土地地塊目前已簽約出售給一位住宅開發商。其次，是一棟位於多倫多、在過去五年內收購、原本計畫改造為實驗室用途的辦公大樓。多倫多的生技需求已大幅減弱，該大樓目前也已簽約出售給自用買方。

We have over $450 million of assets that have been designated as held for sale and are expected to be sold within the next 12 months, the majority of which were designated and had impairment charges going back to 4Q '25. Looking forward, we have real estate assets under consideration for potential disposition either by the end of this year or in 2027 that may have estimated market values below their respective carrying values.

我們有超過 4.5 億美元的資產已被指定為待售，並預期將於未來 12 個月內出售；其中大多數早在 2025 年第四季就已被指定，且當時已計提減損費用。展望未來，我們仍有一些不動產資產正在評估是否於今年底或 2027 年進行潛在處分，而其估計市值可能低於各自的帳面價值。

These assets remain as held-for-use assets at 2Q '26, and remain recoverable under a probability weighted recovery analysis and accordingly, have not been impaired due to a variety of factors necessary to designate these types of assets as held for sale. including the lack of a final decision to proceed as well as our current estimation that it is unlikely that we will complete these individual sales within the next 12 months. We could have impairments over the next couple of quarters if these types of assets subsequently meet the accounting requirements for held-for-sale designation as we refine our approach, make final decisions to proceed, obtain the necessary approvals and commence the disposition marketing process.

截至 2026 年第二季，這些資產仍列為自用資產（held-for-use），並在機率加權的回收分析下仍具可回收性，因此尚未因將此類資產指定為待售所需的多項因素而計提減損，包括尚未做出最終推進決策，以及我們目前估計不太可能在未來 12 個月內完成這些個別出售。若我們在完善處置策略、做出最終推進決策、取得必要核准並啟動處分行銷流程後，這類資產隨後符合會計上「待售」指定的要求，則未來幾個季度可能會出現減損。

On the balance sheet, we have a very strong and flexible balance sheet. Our corporate credit ratings continue to rank in the top 20% of all publicly traded US REITs. We have tremendous liquidity of $3.6 billion as of the end of the quarter, and we recently completed an agreement to extend our $5 billion unsecured senior line of credit to 2032, providing significant runway and flexibility.

在資產負債表方面，我們擁有非常強健且具彈性的資產負債表。我們的公司信用評等持續位居所有美國上市 REIT 的前 20%。截至本季末，我們擁有 36 億美元的充裕流動性；此外，我們近期完成協議，將 50 億美元的無擔保優先循環信用額度延長至 2032 年，提供顯著的時間跑道與彈性。

We continue to have the longest average remaining debt term maturity among all S&P 500 REITs with an average term of 9.7 years. And we remain committed, as Joel said, to our leverage goal for 4Q '26, of 5.6 times to 6.2 times on a net debt to annualized adjusted EBITDA basis. Leverage for 2Q '26, was at 7 times on a quarterly annualized basis, and we expect this ratio to come down significantly over the next two quarters as we make progress on our capital plan. Over the medium term, we would like to be around mid-5 times. On guidance, we tightened the range of our guidance for 2026 FFO per share diluted as adjusted with no changes to the midpoint of $6.40.

我們仍然擁有所有 S&P 500 REIT 中最長的平均剩餘債務期限，平均期限為 9.7 年。並且如 Joel 所說，我們仍致力於在 2026 年第四季達成槓桿目標：以淨負債對年化調整後 EBITDA 計算為 5.6 倍至 6.2 倍。2026 年第二季的槓桿（以季度年化計）為 7 倍；隨著我們在資本計畫上取得進展，我們預期該比率在未來兩個季度將顯著下降。中期而言，我們希望約落在 5 倍中段。在財測方面，我們在不調整 6.40 美元中點的情況下，收窄了 2026 年稀釋後、經調整的每股 FFO 指引區間。

Our current outlook has a few moving pieces to highlight. Interest expense is expected to increase by $20 million at the midpoint, driven primarily by two factors: first, later timing on disposition and sales of partial interest, which is now expected to be September on average, which represents about a six-week change. And then second, a reduction of capitalized interest of $5 million related to earlier completion of various milestones across several projects, primarily impacting the fourth quarter.

我們目前的展望有幾個需要強調的變動因素。利息費用在中點預期將增加 2,000 萬美元，主要由兩項因素驅動：第一，處分與部分權益出售的時點延後，目前平均預期在 9 月，約相當於延後六週。第二，因多個專案較早完成各項里程碑，與之相關的資本化利息減少 500 萬美元，主要影響第四季。

We now expect higher FFO per share results in 3Q '26, caused by the later weighted average completion date on capital sources, and we expect lower FFO per share results in 4Q '26, driven by the lower capitalized interest. We expect 4Q '26, FFO per share diluted as adjusted to be on the lower end of the range of $1.40 to $1.50.

由於資金來源的加權平均完成日期延後，我們目前預期 2026 年第三季每股 FFO 會較高；而 2026 年第四季每股 FFO 則因資本化利息較低而預期較低。我們預期 2026 年第四季稀釋後、經調整的每股 FFO 將落在 1.40 至 1.50 美元區間的較低端。

But given the benefit in 3Q '26, that I mentioned, there is no change to the full year results, which remain at $6.40. Our earnings release contains several key considerations that could have an impact on our results beyond 2026, which are highlighted on page 6. Two important takeaways for that page are as follows: First, we have 1.4 million square feet of key lease expirations in 2027 with expiring rent of $100.5 million, which are expected to have downtime ranging from 12 to 24 months on average.

但考量我剛提到的 2026 年第三季的利多，全年結果不變，仍為 6.40 美元。我們的財報新聞稿在第 6 頁列出數項可能在 2026 年之後影響我們業績的關鍵考量。該頁面有兩個重要重點如下：第一，2027 年我們有 140 萬平方英尺的關鍵租約到期，屆時到期租金為 1.005 億美元，預期平均空置期（downtime）約為 12 至 24 個月。

And second, we are laser-focused on meeting the market and leasing up vacant space. And accordingly, our very preliminary estimate for construction spending for '27, ranges from $1.15 billion to $1.65 billion and is expected to heavily focus on costs necessary for lease-up of our operating properties. And the increase from our last update of around $1.25 billion is primarily attributable to higher leasing costs associated with current and anticipated leasing for our operating assets. We continue to focus on the execution of the steps for our path forward that we established at our Investor Day.

第二，我們高度聚焦於貼近市場需求並加速出租空置空間。因此，我們對 2027 年的建造支出（construction spending）非常初步的估計範圍為 11.5 億至 16.5 億美元，且預期將高度聚焦於為我們營運中資產完成出租所需的成本。相較於上次更新約 12.5 億美元的水準，增加的主因是與我們營運資產目前及預期出租相關的租賃成本上升。我們將持續專注於執行我們在投資人日所建立的前進路徑各項步驟。

With 10,000 known diseases and limited cures and treatments, the industry is in the early innings of the fight against disease, and we believe Alexandria is well primed to attract the best tenants driven by our world-class Megacampuses in the best locations and operated by our seasoned team, prioritizing operational excellence in everything that we do.

面對 10,000 種已知疾病以及有限的治癒與治療方式，產業仍處於對抗疾病的早期階段；我們相信，憑藉位於最佳地段、世界級的 Megacampus 園區，以及由資深團隊營運、在各方面優先追求卓越營運，Alexandria 已做好充分準備以吸引最優質的租戶。

Now I'll turn it back to Joel.

現在我把時間交還給 Joel。

So operator, if you could open it up for questions, please.

那麼，接線員，麻煩開放提問。

(Operator Instructions)

（接線員指示）

Farrell Granath, BofA.

Farrell Granath，BofA。

Hello and thank you for taking my question. I first just wanted to touch on the leasing that has been done, especially for the advanced technology tenants. I'm thinking about that going forward as potentially a key tenant for your leasing and how the trade-off between the lower CapEx and potentially lower stabilized yield may offset from the tenant improvements or other costs that you would have had upfront for life science tenants.

您好，謝謝讓我提問。我首先想談談已完成的租賃，特別是針對先進科技租戶的部分。我在思考未來這可能成為你們租賃上的關鍵租戶類型，以及較低的資本支出（CapEx）與可能較低的穩定後收益率（stabilized yield）之間的取捨，是否能抵銷你們原本在生命科學租戶上前期需要投入的租戶裝修（tenant improvements）或其他成本。

Yeah, thanks, Farrell, for your question. So, I think, it's fair to say that many of these are not traditional kind of AI office kind of tenants. There are tenants who are looking for critical infrastructure. So the lease rates will vary based on that infrastructure, how much we contribute versus how much they contribute.

好的，謝謝你的問題，Farrell。我想可以說，這些租戶很多並不是傳統那種 AI 辦公室類型的租戶。他們是在尋找關鍵基礎設施的租戶。因此，租金水準會依該基礎設施而有所不同，取決於我們投入多少、以及他們投入多少。

And obviously, many of these tenants are extremely well funded, have pretty great credit and wish to put a lot of their own money in. So there is that trade-off of lower CapEx and somewhat lower rental rates. But I don't know, Marc, do you want to make any comments generally on that?

而且很明顯，許多這類租戶資金非常充裕、信用狀況相當好，也希望投入大量自有資金。因此確實存在較低 CapEx 與略低租金水準之間的取捨。不過我不確定，Marc，你要不要就這點做一些整體性的補充？

The other thing I would add to that is incremental yields are generally around the same as lab. But as you said, Farrell, the all-in yields can be lower, but certainly being able to monetize these assets by getting cash flows with a path -- a path to get cash flows with better visibility is something we're interested in doing. And it was a big piece of the leasing pipeline or the leasing activity this quarter, and I think it will be a decent size next quarter as well.

我另外想補充的是，增量收益率（incremental yields）通常與實驗室相近。但如你所說，Farrell，整體（all-in）收益率可能較低；不過，能透過取得現金流來變現這些資產，並且有一條—一條能以更高可見度取得現金流的路徑，是我們有興趣去做的事情。而這也是本季租賃管線或租賃活動中的一大部分，我認為下季也會占有相當比重。

Yes. And maybe just thinking historically, if you go back, this generation of advanced tech tenants and technologies is quite varied and quite complicated just given the evolution of technology. But going back to the early days, we never really pitched to tech tenants. But early on, we had Google's first campus. As you know, we had Uber come to us quite surprisingly to build for them in Mission Bay.

是的。再從歷史角度來看，如果回頭看，這一代的先進科技租戶與技術本身非常多樣且相當複雜，主要是因為技術演進的關係。但在早期，我們其實從未真正主動向科技租戶推銷。不過在很早的時候，我們就有 Google 的第一個園區。如你所知，我們也曾相當意外地為 Uber 在 Mission Bay 為其興建。

OpenAI has come into there. So we have by chance, but most of that has been fortunate because of excellent location of the Megacampuses and the amenitization and what goes into those campuses as being a great place to recruit and retain talent for these companies.

OpenAI 已經進駐那裡了。因此我們有些機緣，但其中大部分都很幸運，因為這些超級園區（Megacampuses）的地點極佳，加上園區的配套與所投入的各項設施，使其成為這些公司招募並留任人才的絕佳場所。

And my second question is on your disposition timing. I know that the weighted average disposition time only shifted a few weeks. But one I wanted to see if you could touch on what drove that shift? And if -- what gives you confidence on the continued close of your midpoint of the $2.9 billion?

我的第二個問題是關於你們處分（disposition）的時點安排。我知道加權平均處分時間只往後移了幾週。但我想請你們談談是什麼因素導致這個變動？以及——是什麼讓你們對持續達成 29 億美元中位數目標的成交（close）有信心？

Yes, I'll ask Peter to comment. But I think it's fair to say that in general, much like we did last year where we closed the vast proportion of our dispositions in the fourth quarter, timing is what it is, and parties are always positioning to make sure they're doing the best job they can on diligence, protecting themselves. We do the same. And so I wouldn't read anything at all whatsoever into any timing issues. Peter, I don't know if you want to make any overarching comments.

好的，我請 Peter 來補充。但我認為可以說，一般而言，就像我們去年一樣——我們在第四季完成了絕大多數的處分——時點就是如此，而交易各方總是在調整立場，確保在盡職調查上做到最好、保護自身權益。我們也一樣。因此我不會把任何時點上的變化解讀為有任何問題。Peter，我不知道你是否想做一些整體性的補充。

Yeah. I mean the -- there's a significant amount of sales that are in the JV bucket, and we're progressing on them. One of the JVs is in its final steps, but the other one is less advanced because it's more complicated. We thought we'd be further along by now when we talked at different investor conferences. The other thing is on the noncore bucket is typically reliant on financing and financing is available, but it is taking our buyers longer to obtain it. So that's also pushed the time line out a bit.

是的。我的意思是——有相當大一部分的出售案是在合資（JV）那一籃子裡，我們正在推進。其中一個 JV 已進入最後階段，但另一個因為更複雜，所以進度較慢。我們原本以為在先前不同的投資人會議上談到時，現在應該會更往前一些。另外，非核心（noncore）那一籃通常仰賴融資；融資是有的，但買方取得融資所需時間更長。所以這也讓時程稍微往後延。

Yes. Thank you.

好的。謝謝。

Ronald Kamdem, Morgan Stanley.

Morgan Stanley 的 Ronald Kamdem。

Great. My first one is just sticking on the dispositions. Just thinking about from the Investor Day where you sort of announced a $2.9 billion plan and sort of what you've seen so far. If you sort of marry the comments you made about the CapEx spending next year and the NOI or the rents that are coming out, presumably, there could be more dispositions next year.

很好。我的第一個問題還是關於處分。回想投資人日你們宣布了 29 億美元的計畫，以及到目前為止你們所看到的情況。如果把你們對明年資本支出（CapEx）與將帶來的 NOI 或租金的評論放在一起看，推測明年可能會有更多處分。

And I guess I'm just curious, are there any sort of lessons learned sort of in this years experience on trying to get these dispositions through that presumably as we flip the calendar, if you have to put in another sort of big program that you think could sort of be helpful.

我想問的是，今年在推動這些處分成交的過程中，有沒有什麼經驗教訓？當我們翻到下一個年度、如果你們需要再推出另一個大型計畫時，這些經驗是否會有所幫助？

I don't think we have any lessons learned that we haven't learned previously. I think that our experience last year is pretty reflective, I think, as we've shared of this year. I think the level of interest and the momentum has been greater this year. And certainly, the industry has made a much better recovery than where it was last year.

我不認為我們有任何新的經驗教訓，是以前沒學到的。我認為我們去年——正如我們分享的——其實很能反映今年的情況。我覺得今年的興趣程度與動能更強。而且整個產業的復甦也明顯優於去年。

So I think we're on track this year. We feel good, and we'll see about next year. We're trying to manage CapEx. We're trying to manage spend and sources. And we'll give further framework, if we will, to that in the third quarter and certainly specific guidance in the fourth quarter. But I think we feel very comfortable where we are.

所以我認為我們今年進度在軌道上。我們感覺良好，至於明年就再看。我們正努力管理資本支出（CapEx）。我們正努力管理支出與資金來源。我們會在第三季提供進一步的架構（framework），並且在第四季給出更具體的指引。但我認為我們對目前的位置非常有信心。

Great. And then my second question, I know the occupancy guide includes 1% or 2% benefit from the dispositions and so forth. Maybe can you talk about just high level, marry the leasing with sort of the occupancy and how you're seeing sort of the tenant health and their access to funding?

很好。第二個問題，我知道你們的入住率（occupancy）指引包含了因處分等因素帶來的 1% 到 2% 的助益。能否從較高層次談談，把租賃（leasing）與入住率結合起來看，你們如何觀察租戶健康度以及他們取得資金的能力？

Yes. So maybe, Marc, do you want to comment and then maybe I'll ask Kelly on tenant health overall.

好的。那也許 Marc 先評論一下，然後我再請 Kelly 談談整體租戶健康度。

Sure. Yes. In terms of the occupancy guide, the big moving pieces between the end of 2Q and the end of the year is well, I should say this, at the end of 2Q, we're right around where the midpoint is for year-end occupancy. And as you think about between now and the end of the year, we've got some lease expirations that we've identified that we expect to have some downtime. That's about 450,000 feet.

當然。好的。就入住率指引而言，從第二季末到年底之間最大的變動因素是——我應該這樣說——在第二季末，我們大約就在全年年底入住率中位數附近。而從現在到年底，我們有一些已辨識的租約到期，我們預期會有一些空置期（downtime）。這大約是 45 萬平方英尺。

And then there's a good chunk of the 1.4 million square feet of stuff that's leased that hasn't yet hit occupancy, about 60% -- I think 64% of that is expected to deliver by the end of this year. So those are the two kind of offsetting items between now and the end of the year. And then obviously, we've got lease -- other lease expirations that are pretty manageable. We've got 500,000 beyond that to deal with as well as if there's any surprises on the -- on tenant health. But I think we feel -- still feel very good about where we're going to end up on occupancy.

另外，在已出租但尚未反映到入住率的 140 萬平方英尺中，有相當一部分——約 60%，我想是 64%——預期會在今年底前交付（deliver）。所以這兩項就是從現在到年底彼此抵銷的因素。然後很明顯地，我們還有其他到期租約，整體上相當可控。除此之外我們還有 50 萬平方英尺需要處理，以及如果租戶健康度方面出現任何意外。但我認為我們仍然對年底的入住率落點非常有信心。

Great. And Hallie here, happy to take the second part of the question on tenant health and general sentiment on the ground. So we continue to monitor all of our tenants individually. And just as a reminder, even irrespective of the funding environment, biotech is hard, and there certainly are clinical failures and things that are going to happen irrespective of what the macro market looks like. And so our team across the country is incredibly diligent on getting ahead of those issues and trying to swap out tenants or find replacements before we do have an issue.

很好。我是 Hallie，很樂意回答第二部分關於租戶健康度以及第一線整體情緒的問題。我們持續逐一監控所有租戶。也提醒一下，即便不考慮資金環境，生技本來就很難，臨床失敗等情況一定會發生，與總體市場狀況無關。因此我們全國各地的團隊都非常勤勉，會提前因應這些問題，並在真的出現狀況前嘗試替換租戶或找到替代承租方。

One thing that I would say in terms of positive momentum on the funding side is private venture funding was very strong this past quarter, one of the strongest quarters since 2021. IPOs have continued to pick up this year. Secondary financings have been strong as well. We continue to see conservatism from companies in making space decisions, but I think line of sight into funding is positive, and we're seeing that in the tenants in the market.

就資金面正向動能而言，我會說私募創投資金在本季非常強勁，是自 2021 年以來最強的季度之一。今年 IPO 也持續回溫。次級融資（secondary financings）同樣表現強勁。我們仍看到企業在做空間決策時偏保守，但對資金可見度（line of sight）是正面的，我們也在市場租戶身上看到這點。

Seth Bergey, Citi.

Citi 的 Seth Bergey。

Thanks for taking my question. I just kind of wanted to follow up on some of the key expirations. And what kind of increased the downtime from 6 to 24 months to 12 to 24 months? And then I know you kind of included some of the disclosure around the 67% of early discussions and 33% marketing around the 2027 key expirations. But just what are your expectations around retention broadly for those leases?

謝謝讓我提問。我想追問一些關鍵到期租約（key expirations）。是什麼讓你們把空置期（downtime）從 6 到 24 個月調整為 12 到 24 個月？另外我知道你們也披露了關於 2027 年關鍵到期租約：67% 在早期洽談、33% 在行銷推廣中。但整體而言，你們對這些租約的續租／留存（retention）有什麼期待？

So maybe I'll have Marc comment maybe Peter as well. But I think the movement from 6% to 24% to 12% to 24%, 6% to 18% to 12% to 24% is really done out of an abundance of conservatism and caution. Again, until we see the mainstay tenant base of public biotech really come back in a meaningful way, we just want to be cautious. We've got other -- as you saw this quarter, the picks and shovels and tools sector picked up substantially.

那也許我先請 Marc 評論，Peter 也可以補充。但我認為從 6% 到 24% 調整為 12% 到 24%（或從 6% 到 18% 調整為 12% 到 24%）主要是出於更高程度的保守與謹慎。再說一次，在我們看到以公開市場生技公司為主的核心租戶群真正有意義地回來之前，我們只想保持謹慎。我們還有其他——如你們本季所見，「鏟子與鎬子」以及工具類（picks and shovels and tools）產業的需求明顯回升。

We had good activity, as we just talked about from advanced technology companies, which also have, by and large, longer lease terms, and they're positive for both occupancy and obviously, weighted average lease terms. But I think out of an abundance of caution, we just want to be careful with that, but we hope we can do better. I don't know, Marc, a couple of comments.

我們的活動表現不錯，正如我們剛才談到的，來自先進科技公司的需求相當活躍；而這些公司整體而言租期也較長，對入住率以及（顯然）加權平均租期都有正面助益。但我想出於更審慎的考量，我們只是希望在這方面保持謹慎，不過我們也希望能做得更好。我不確定，Marc，你有幾點補充。

And then, Peter, any thoughts on the leasing side.

另外，Peter，你對租賃端有什麼想法嗎？

Seth, yes, on the 1.4 million square feet, I think you were referring to as part of the key lease expirations that have downtime. Those are things that we've identified that we don't expect to retain those existing tenants. So we do expect downtime that 12 to 24 months does reflect both lease-up time and time to put capital in because those are spaces that we expect on average will require some capital. And then I know you asked also about -- or I think you meant to ask more about retention broadly.

Seth，是的，關於那 140 萬平方英尺，我想你指的是作為關鍵到期租約的一部分、會出現空置期（downtime）的那些。這些是我們已經辨識出來、預期不會留住現有租戶的項目。因此我們確實預期會有空置期；你提到的 12 到 24 個月，反映了招租（lease-up）所需時間以及投入資本的時間，因為那些空間我們預期平均而言需要一些資本支出。另外我知道你也問到——或我想你是想更廣泛地問留租率（retention）的情況。

I don't know that we're ready to get into where retention will land on the rest of the expirations for next year. But in terms of where we ended up or started the year for '26, we outside of the known vacates, we were somewhere in the 60% to 70% range for 2026 is what we've been modeling.

我不確定我們是否已準備好談明年其餘到期租約的留租率會落在哪裡。但就我們在 2026 年年初（或年末）所處的位置而言，扣除已知會退租的部分，我們在模型中對 2026 年的假設大約落在 60% 到 70% 的區間。

Yes. And keep in mind, if you look at page 23, we've tried to -- Marc and his team have tried to layer on a couple of visuals regarding downtime and obviously, where those tenants are going, relocation to other ARE properties or they're moving or doing something different. So we've tried to add that to disclosure. Peter, anything else, Hallie, on leasing, guys?

是的。另外請記得，如果你看第 23 頁，我們嘗試——Marc 和他的團隊嘗試加入幾個視覺化圖表，說明空置期（downtime），以及（顯然）那些租戶接下來去哪裡：是搬到其他 ARE 物業、還是搬走、或採取其他安排。所以我們已把這些加入揭露內容。Peter，還有其他要補充的嗎？Hallie，關於租賃方面，各位？

Yeah. I will say that if you look at the 2026 key expirations at the bottom of page 23, 50% of that, as we pointed out, is leased and negotiating and that's going really well. The other half of it, we do have activity, as you can see in the early discussions bucket. But there is a big chunk of that as well that is still leased and is just going to become available in the next quarter. And until the usually -- until the tenants move out, it's really tough to get a lot of activity going.

有的。我想說，如果你看第 23 頁底部的 2026 年關鍵到期租約，其中 50%——如我們指出的——已經完成出租或正在談判中，而且進展非常順利。另外一半，我們也有一些活動，如你在「初步討論」那一欄所看到的。但其中也有很大一部分目前仍在承租中，只是會在下一季才釋出。而通常——在租戶搬出之前，要讓大量的招租活動真正啟動是很困難的。

So I'm pretty pleased with the fact that we've got almost half of that remaining 50% already under discussions and then that other half, we should start seeing some activity on. And then the other thing I'd like to point out is the '27s we noted that 67% has early discussions. I did some analysis, and we've actually got 85% of that space has active prospects, meaning people that we are talking to specifically about the space. So that -- I think that bodes well for starting to make good progress on that towards the later half of this year. I don't know if Hallie wants to say anything about that.

所以我對於剩餘那 50% 中，幾乎一半已經在討論中感到相當滿意；至於另一半，我們應該會開始看到一些活動。另外我想指出的是，我們提到 2027 年到期的部分，有 67% 已進入初步討論。我做了一些分析，實際上其中有 85% 的空間都有活躍的潛在客戶（active prospects），也就是我們正在就該空間進行具體洽談的對象。所以——我認為這對於在今年下半年開始在那部分取得良好進展是個正面訊號。我不確定 Hallie 是否想對此補充。

Nothing else here. You guys covered it well.

我這邊沒有其他補充。你們已經講得很完整了。

And maybe just a second one on the 10% increase in tenants in the market. Were there any kind of main kind of food groups of leasing activity that really drove that improvement?

另外再問一個，關於市場中租戶數量增加 10% 這件事。是否有任何主要的、類似「大類別」的租賃活動，真正推動了這項改善？

Yeah. Again, this is Peter. I walked through this with Marc, and he had it in his comments, but there was a significant increase in tenants between 20,000 square feet and 100,000 square feet. That's the middle of the barbell that we've been talking about being missing for quite a while. That's why we have a barbell.

有的。我再說一次，我是 Peter。我和 Marc 走過一遍，他在他的評論裡也提到：介於 20,000 平方英尺到 100,000 平方英尺之間的租戶數量顯著增加。那正是我們一直在談、而且缺席了相當長一段時間的「槓鈴中段」。這也是為什麼我們說是槓鈴型結構。

So I would say that, that was a positive this quarter that we started seeing that size tenant come in. And as Marc mentioned, those -- that size tenant is typically public biotech. So if you marry it with what Hallie just talked about with secondaries and IPOs starting to come into the market and people having line of sight on financing, I think that's why we're starting to see that tenant size, which is very welcome.

所以我會說，這一季我們開始看到這種規模的租戶進場，是一個正面訊號。而如 Marc 提到的，那種規模的租戶通常是上市生技公司（public biotech）。因此如果把它和 Hallie 剛才提到的——次級發行（secondaries）與 IPO 開始回到市場、以及大家對融資可見度（line of sight on financing）提升——結合起來，我想這就是為什麼我們開始看到這個非常受歡迎的租戶規模回來。

This is Hallie. I would just add, while we are seeing that demand increase, we are also seeing those sizes, the requirements, I would say, more broadly across the different sectors of life science tools, which Joel mentioned, continues to be strong, and that's driven by lots of leases. We had quite a few that contributed to those numbers this quarter. So I do think public biotech is still slow and lagging compared to the other sectors. But I think broadly across all of the other ones, we're seeing pretty widespread tenants in the market, which is great to see.

我是 Hallie。我只想補充，雖然我們看到需求增加，但我會說，這些規模的需求（requirements）也更廣泛地出現在不同的生命科學工具（life science tools）領域；Joel 提到這部分仍然強勁，而且帶動了大量租約。本季有相當多筆租約貢獻了這些數字。所以我確實認為，相較於其他領域，上市生技仍然偏慢、也較落後。但我認為在其他各個領域整體而言，我們看到市場上租戶分布相當廣泛，這很令人振奮。

And this is Peter again. I also just want to emphasize what we talked about at the investor conferences when we revealed the increases in tenants in the market. It takes a while for this activity to land in leasing. So I just want to just give you guys a reminder. I mean, it's typically 9 to 12 months for significant activity or significant increases in tenants in the market to start showing up in leasing.

我再補充一次，我是 Peter。我也想強調我們在投資人會議上談到的：當我們揭露市場中租戶數量增加時，這些活動需要一段時間才會反映到實際租賃成果上。所以我只是想提醒各位。我的意思是，通常需要 9 到 12 個月，市場中顯著的活動或租戶數量的顯著增加，才會開始在租賃數據上顯現。

John Kim, BMO Capital Markets.

John Kim，BMO Capital Markets。

A couple of times in this call, you mentioned meeting the market on leasing, and I just wanted to get more clarity on whether that meant just being more aggressive on the face rents or TIs? Or is that -- when you say meeting the market, that's where the demand is in terms of advanced technology or other non-biopharma tenants?

在這通電話裡你們提到好幾次「在租賃上與市場接軌（meeting the market）」，我想更清楚了解這是否意味著在表面租金（face rents）或租戶裝修補助（TIs）上更具進取性？或者——當你說與市場接軌時，是指需求所在的方向，例如先進科技或其他非生物製藥（non-biopharma）租戶？

Yes. I mean I view it as both, but Peter?

是的。我的看法是兩者都有，但 Peter？

Yeah, I was going to say exactly it's both. But in the traditional sense of, hey, look, there's been disruption in the market. You have a choice. You can hold firm on the economics that you underwrote or you can be flexible. And we've chosen to be flexible.

對，我正要說，確實兩者都有。但以傳統意義來說，市場出現了擾動（disruption）。你有兩種選擇。你可以堅守你原先承作（underwrote）的經濟條件，或者你可以更有彈性。而我們選擇了更有彈性。

I think the market in general has done a good job of keeping face rates above where they were pre-COVID rocket ship, but they have come down. And then obviously, meeting the market also means you have to meet what the tenant is requiring today, which is much larger TI packages, if not full build-out and free rent concessions.

我認為整體市場在維持表面租金高於 COVID 前「火箭式飆升」之前的水準方面做得不錯，但確實已經下來了一些。而且顯然，與市場接軌也意味著你必須滿足租戶今天的需求，也就是更大的租戶裝修補助（TI）方案，甚至是全套裝修（full build-out）以及免租期讓利（free rent concessions）。

But I'll know, as Marc mentioned on his commentary that we think the free rent concession is starting to bottom, and we're starting to see improvement there. But yes, we're meeting the market two ways: one, by getting to the economics that we need to get to make the deal and also opening ourselves up for an alternative tenant class that can utilize our infrastructure. It may mean -- (technical difficulty)

不過我也知道，如 Marc 在他的評論中提到的，我們認為免租期讓利正在觸底，並開始看到改善。但沒錯，我們以兩種方式與市場接軌：第一，調整到我們需要的經濟條件以促成交易；第二，讓自己對可利用我們基礎設施的替代租戶類別更開放。這可能意味著--（技術問題）

And also helps plug the operations, any leakage there, which is important to keep in mind.

也有助於把營運端的缺口補起來，任何在那裡的滲漏都能堵住，這點很重要，請務必記在心上。

On your disposition plan, it sounds like you have good visibility on the $1.2 billion under LOI with deposits. Of the remaining $1.6 billion that you plan B in terms of either other sources or delaying some of the uses to maintain your leverage.

關於你的處分計畫，聽起來你對已簽署意向書（LOI）且附帶訂金的12億美元有很高的能見度。至於剩下你所說的16億美元，你的B計畫是透過其他資金來源，或延後部分資金用途，以維持你的槓桿水準。

So I'll ask Peter to answer, but let me give you my view is very high confidence in that category that you talked about. And there is no plan B in the sense that we're adjusting each and every day how we think about both saving CapEx and then raising capital to fund the necessary CapEx, especially for the well-leased pipeline, et cetera. So it's not like we're changing plans. We're pivoting and shifting and working every day to get through a highly nuanced set of assets. And I think we feel very, very good about where we are. But Peter?

所以我會請Peter來回答，但先說我的看法：對你提到的那一類別，我的信心非常高。而且所謂的B計畫並不是指我們要改變方向；我們每天都在調整我們對於節省資本支出（CapEx）以及籌措資金以支應必要CapEx的思考方式，特別是針對已高度出租的開發管線等。所以不是我們在改計畫。我們是在轉向、挪移，並且每天努力處理一組高度細緻、需要精準操作的資產組合。我想我們對目前的進展感覺非常、非常好。但Peter？

Yes. I referenced it on an earlier question. One of the larger transactions in that bucket is joint venture that's just taking longer than we anticipated. So that's driving that number. But that number has come down 50% from last quarter, if you compare.

是的。我在前面一個問題時有提到。那個籃子裡較大的一筆交易之一是合資案（JV），只是進度比我們原先預期的更久。所以那就是推動該數字的原因。但如果你拿來跟上一季相比，那個數字已經下降了50%。

So there is progress happening. It's not as fast as we would like. And again, there's other things that I mentioned in answering that last question such as we've got a lot of land sales. We've got a lot of noncore sales. And today's buyer for those things wants to leverage it. And it's -- that financing is available, which is key because if it wasn't, we'd have to pivot to a different solution, but it just takes a lot longer than we were expecting.

所以確實有進展。只是沒有我們希望的那麼快。另外，如同我在回答上一題時提到的，我們有很多土地出售。我們也有很多非核心資產出售。而目前這類資產的買方會希望使用槓桿。而且——關鍵在於那樣的融資是可取得的；如果不是，我們就得轉向不同的解決方案，但現在只是比我們預期花更長的時間。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

On the 1.4 million square feet of vacates for next year, do you have a sense as to what the lease economics are going to look like versus prior leases, just either in face or just total net effective rents and what those roll ups or downs or what they may be?

關於明年將退租的140萬平方英尺，你們是否能判斷相較於先前租約，租賃經濟條件會是什麼樣子？不論是表面租金（face）或整體淨有效租金（total net effective rents），以及可能的租金上調或下調幅度會是多少？

I don't know, Marc, if you want to think about that comment.

我不知道，Marc，你要不要回應一下這個問題。

Yeah, Tony. Look, we haven't -- that's not baked into this year's guidance in terms of the rent roll downs or roll-ups just given that those expirations are a little bit further out. And as Peter said, we tend to get more traction as those spaces come back. But if you look across the portfolio, the spot mark-to-market is, call it, around 6% above market.

好的，Tony。你看，我們還沒有——就租金下調或上調而言，這部分並沒有納入今年的指引，因為那些到期時間還比較遠。而且如Peter所說，通常等那些空間回到我們手上時，我們會更有進展。但如果你看整個投資組合，即期的市價重估（spot mark-to-market）大概是比市場高約6%。

So on average, that's kind of where we're at today. And we're seeing some -- we're seeing pressure on rents relative to expiring on average for this year that's baked into our guidance. So I don't have a whole lot to add beyond that.

所以平均而言，我們今天大概就在那個水準。而我們也看到——我們看到今年平均而言，相較於到期租約，租金有下行壓力，這已經反映在我們的指引裡。所以除此之外，我沒有太多可以補充的。

Okay, thanks. And then just second one, in terms of the development and CIP, you have the various buckets where there's milestones that you'll evaluate. I mean what would you need to have to continue to move forward with those outside of, say, like a pre-lease to kind of do an incremental deal?

好的，謝謝。第二個問題，關於開發案與在建工程（CIP），你們有不同的分類桶（buckets），並設定里程碑來評估。我的意思是，除了像預租（pre-lease）之外，你們需要看到什麼條件，才會繼續推進、或做一筆增量交易？

Yeah, it really depends on the category. On the land, we've got pretty good visibility on the stuff in the '28, bucket. I think you're referring to the stuff that's in the '26, '27, categories with milestones coming up. That will really depend on opportunities to add value on those land parcels.

是的，這真的取決於類別。在土地方面，我們對於‘28那個桶裡的項目有相當好的能見度。我想你指的是‘26、‘27那些類別、且即將到里程碑的項目。那將非常取決於在那些地塊上創造價值的機會。

And if there -- if we don't see the trade-off between being able to add value in the near term, particularly given where demand is, we may choose to pause on some of those things or we may choose to flip that into the disposition program and land is going to be a pretty sizable piece of the overall disposition plan for this year.

如果——如果我們看不到在短期內創造價值的取捨（trade-off），特別是考量目前需求狀況，我們可能會選擇暫停其中一些項目，或把它轉入處分計畫；而土地將會是今年整體處分計畫中相當大的一部分。

Jim Kammert, Evercore.

Jim Kammert，Evercore。

In the capital recycling for the balance of '26, I think Peter and others on the call have mentioned there's a fair bit of JV component. Would Alexandria contemplate JV-ing an entire Megacampus?

在‘26剩餘期間的資本循環（capital recycling）方面，我想Peter和其他人在電話會議中提到，合資（JV）成分相當多。Alexandria會考慮把整個Megacampus拿去做合資嗎？

Well, we have JVs on a number of Megacampuses already. So the answer would be, yes, there could be varying degrees of joint ventures, but we already have some of that historically. So that would not be a different strategy than we've had in the past.

嗯，我們在多個Megacampus上已經有合資案了。所以答案是會的，合資的程度可能有不同，但我們過去就已經有一些這樣的安排。因此這不會是不同於我們以往的策略。

And then a small question, Marc, I think you mentioned at 421 Park, you had an institutional user, I think, as you described it. Was that maybe for the entire 392,000 square feet or so? Or is that a portion of the building?

再一個小問題，Marc，我想你提到在421 Park，你有一個機構型使用者（institutional user），如你所描述的那樣。那可能是針對整個約392,000平方英尺嗎？還是只是大樓的一部分？

Yeah. I think we can make no comment because we've got ongoing pretty detailed negotiations. So let us -- sorry to do that, but let us punt on that because it's an important transaction.

是的。我想我們無法評論，因為我們正在進行相當細節的談判。所以——很抱歉要這樣說，但我們先不回答，因為這是一筆重要的交易。

Fair enough. Thank you.

可以理解。謝謝。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗（Mizuho）。

Good afternoon. Thanks for the questions. I guess just maybe, first of all, a higher level, if you can give us a sense of like where do you see occupancy bottoming? You've had maybe two years of step downs now. And related to that, just I wanted to clarify, how should we think about occupancy falling or rent falling from, say, like the move-outs you outlined, the $100 million of impact and what that means for margin? Like how much is the NOI hit if, say, it's $100 million of revenue loss?

下午好。謝謝讓我提問。我想先從較高層次問一下，你們覺得入住率（occupancy）會在什麼水準觸底？你們可能已經連續兩年逐步下滑了。另外相關地，我想確認一下：對於你們提到的搬出（move-outs），也就是1億美元的影響，我們應該如何看待入住率下滑或租金下滑，以及這對利潤率的意涵？例如如果營收少了1億美元，NOI大概會受到多大的衝擊？

Yeah. So Marc, do you want to respond?

好的。Marc，你要回應嗎？

Yeah, sure. So we're kind of right around 87% today. We think that's right around where we'll end up by the end of this year. We've got the 1.4 million square feet that comes back to us in March kind of on average. It's really going to depend on how quickly we can get ahead of leasing up vacant space to backfill that.

好的，當然。我們目前大概就在87%左右。我們認為到今年年底大概也會落在差不多的水準。我們有140萬平方英尺的空間平均大概在3月回到我們手上。這真的取決於我們能多快在出租上超前部署，把空置空間租出去以填補回收的面積。

Some of the stuff we've already leased today is going to, I think, two thirds of it lands this year and about one third of it next year. So that will help soften some of that space coming back to us next year. But we obviously still have work to do in terms of backfilling and leasing vacant space, and that will be largely dependent on the market.

我們今天已經簽下的一些租約，我想其中約三分之二會在今年起租，約三分之一在明年起租。所以這會幫助緩和明年回到我們手上的部分空間。但很顯然，我們在補租與出租空置空間方面仍有工作要做，而這在很大程度上將取決於市場。

I think we feel good that when there are opportunities where our asset can meet the size requirements and the timing requirements, we're often winning those deals. I think the times when we can't meet those time lines, et cetera, are the ones that may look to go elsewhere given the amount of supply that's out there.

我想我們很有信心的是，當出現機會、而我們的資產能符合面積需求與時程需求時，我們往往能拿下那些案子。我想當我們無法符合那些時程等要求時，考量外部供給量很大，那些需求方可能就會轉往其他地方。

In terms of the actual P&L impact to the $100 million, yes, there would be OpEx that would hit the income statement in addition to the rent, that $100 million is the rent -- the base rent number, Vikram. So some of that will hit the P&L. And I mean, you can do the math, but those it really depends on the market, but it's generally property taxes and insurance that when the buildings come back to us, that's hitting the P&L.

就對這 1 億美元的實際損益（P&L）影響而言，是的，除了租金之外，還會有營運費用（OpEx）會進到損益表；那 1 億美元是租金——也就是基本租金金額，Vikram。所以其中一部分會反映在損益（P&L）上。我的意思是，你可以自己算，但那些其實取決於市場，不過一般來說是房產稅和保險；當建物回到我們手上時，這些就會打到損益（P&L）。

Yes. And then remember, Peter did say that we've got some pretty interesting discussions going on the 27 roles at a number that's not insignificant. So that's a good thing. Go ahead, sorry.

是的。然後記得，Peter 確實提到，我們就那 27 個職位正在進行一些相當有意思的討論，而且金額不小。所以這是好事。你繼續，不好意思。

No, that's helpful. And then just two things I want to clarify the comments you made. So I guess, one in the guide and the capitalized interest guide, you talked about, I guess, 3% in total of capitalized G&A and OpEx. And I just want to -- I want to make sure we're clear.

不，這很有幫助。接著我想釐清你剛才的評論，有兩點。所以我想，第一個是在指引以及資本化利息的指引裡，你提到我想是合計 3% 的資本化一般及行政費用（G&A）和營運費用（OpEx）。我只是想——我想確認我們理解一致。

So like as you sell these assets and the capitalized interest, the interest piece steps down, is there an additional G&A and OpEx hit that we need to bake in as we kind of factor in these sales into 2027, meaning you would typically capitalize at whatever total cost of debt at 4%, let's say. But do we need to then tack on 3% to that?

也就是說，當你出售這些資產、資本化利息中的利息部分下降時，是否還會有額外的 G&A 和 OpEx 需要計入損益（P&L），讓我們在把這些出售納入 2027 年預估時一併考量？意思是，你通常會以總負債成本（例如 4%）來資本化。但我們是否還需要在此之上再加上 3%？

Yeah. Hi, Vikram, so on the capitalized operating expenses, if you just look back over the six months, it's averaged about 2% of the basis that's been subject to capitalization. So I think that's what you're getting at. If we sell the asset, the OpEx will go away, right, because the buyer will assume those operating expenses. So that 2% shouldn't hit the P&L.

對。嗨，Vikram，關於資本化的營運費用，如果你回頭看過去六個月，平均大約是被資本化基礎（basis）的 2%。我想你問的是這個。如果我們把資產賣掉，OpEx 就會消失，對吧，因為買方會承擔那些營運費用。所以那 2% 不應該打到損益（P&L）。

On the payroll side, like the internal payroll that generally gets capitalized to these projects, I think we've identified, it's averaged about 1% for the first half of the year. That will really depend. It's that is mathematically the amount that's been capitalized, but it will ultimately depend on what -- where those folks that are working on those projects spend their time.

在人事薪資方面，像是一般會資本化到這些專案的內部薪資，我們辨識到上半年平均大約是 1%。那會很看情況。那是數學上被資本化的金額，但最終會取決於——那些在專案上工作的同仁把時間花在哪裡。

So it's possible some of that hits the P&L, but we've got a great group of development people, and I'm pretty sure they're not going to be doing nothing. So they're likely to be working on a variety of other projects. And we do have -- we still have a fair amount of construction tied into TI projects, et cetera, fitting up space. So I expect that they'll be very busy. So I wouldn't expect all that to hit the P&L.

所以其中一部分有可能會打到損益（P&L），但我們有一支很棒的開發團隊，我很確定他們不會無所事事。所以他們很可能會投入各式各樣的其他專案。而且我們也還有——仍有相當多與室內裝修（TI）專案等相關的施工，在做空間裝修配置。所以我預期他們會非常忙。因此我不預期那全部都會打到損益（P&L）。

Okay. I can maybe follow up on that. I just want to make sure there's not like an incremental hit to the FFO that would happen next year because of that? And maybe just last one, if I can sneak in. Just can you -- you mind us just giving the ins and out of the debt paydown as you go through the year?

好的。我之後也許可以再追問這點。我只是想確認，明年不會因此對 FFO 造成像是額外的負面影響，對嗎？另外最後一個，如果我可以再塞一題。你能不能——方便的話，請把你們一年當中償還債務的進出（ins and outs）說明一下？

Just it's a bit confusing because the revolver balance, the commercial paper balance has gone up pretty significantly. And depending on what you're selling and then paying down debt, doesn't seem like overall debt is going down. So do you mind just giving us the ins and outs and how we should think about the debt balance at year-end '25, versus projected year-end '26?

只是有點讓人困惑，因為循環信貸（revolver）餘額、商業本票（commercial paper）餘額都大幅上升。而且看你們賣什麼、再拿去還債，整體債務看起來並沒有下降。所以你介不介意把細節講一下，以及我們應該如何看待 2025 年底的債務餘額，相對於預估 2026 年底？

Sure. Yes. So we had a pretty small balance on the line or really on the commercial paper at the beginning of this year. I expect that to be the same case at the end of '26. I think we said we'd expect it to be under, call it, $350 million or so.

當然。是的。我們今年年初在額度上——或者說其實是在商業本票上的餘額很小。我預期到 2026 年底也會是同樣的情況。我想我們說過，預期會低於——大概 3.5 億美元左右。

So that the lion's share of that $1.6 billion of debt paydown should come in the way of really unsecured bonds. So we had a couple of maturities. I think it was $750 million that was in the first part of -- or I guess, in the first quarter and the second quarter. We also did the tender on top of that. We financed some of that with new bonds, but there was a couple of hundred million on top of that was a reduction of debt.

所以那 16 億美元的償債中，絕大部分應該會以無擔保債券的方式來完成。我們有幾筆到期。我想是 7.5 億美元，發生在——或者說在第一季和第二季。此外我們也做了要約收購（tender）。其中一部分我們用新發債券來融資，但除此之外還有額外幾億美元是債務的淨減少。

So and then from here to the end of the year, we expect to have essentially almost all of the commercial paper that's outstanding today, close to $2 billion. We expect that to really be paid off by the end of this year with the disposition and the inflows of capital that we expect to execute on for the disposition program between now and the end of the year.

然後從現在到年底，我們預期基本上會把目前幾乎所有未償還的商業本票——接近 20 億美元——在今年底前還清。我們預期會透過處分（disposition）以及我們預計在現在到年底執行的處分計畫所帶來的資金流入，來完成這件事。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

I'll keep it short, getting long on the call here. Just one topic for me, back to tenants in the market. I just want to make sure that this is -- first of all, I want to make sure this is exactly apples-to-apples to what was discussed at NAREIT, which was up 30% sequentially and really was just your three markets of San Diego, San Francisco and Boston. Is that the equivalent number of the 10%?

我簡短說，電話會議時間有點長了。我只有一個主題，回到市場上的租戶。我想先確認一下——首先，我想確認這是否與在 NAREIT 討論的內容完全可比（apples-to-apples）；當時是季增 30%，而且其實主要是你們的三個市場：聖地牙哥、舊金山和波士頓。那這個 10% 是對應的數字嗎？

Hey, Rich, it's Peter. I'll just correct you if it was -- if I didn't communicate well NAREIT. The 30% quarter-over-quarter increase was all markets, not just the big three. And it's the same this time, and it is a sequential 10% increase over last quarter.

嗨 Rich，我是 Peter。我先更正一下，如果我在 NAREIT 沒有表達清楚的話。那個季增 30% 是所有市場，不只是前三大市場。這次也是一樣，而且這次是相較上一季序列性（sequential）增加 10%。

Okay. And I'm sure it was my fault, Peter.

好的。我確定是我的問題，Peter。

And Rich, just to jump in there, that's just life science. That does not include technology tenants.

Rich，我補充一下，那個只包含生命科學（life science）。不包含科技（technology）租戶。

Okay. And so then glad you jumped in there because then I was going to ask if you have any sort of early read on the third quarter. We had the overhead cap taken away for NIH. So perhaps that caused some activity in the first quarter into the second quarter. Do you feel like it's still trending in a similar direction as we get into the back half of 2026?

好的。那很高興你補充，因為我接著就想問你們對第三季是否有任何初步觀察。NIH 的間接費用上限（overhead cap）被取消了。所以也許這在第一季到第二季帶動了一些活動。你覺得進入 2026 年下半年時，趨勢仍會朝類似方向發展嗎？

I mean that particular issue was a driver for the outsized growth last quarter. I don't -- I didn't see anything in particular institutional that was meaningful outside of what happened last quarter. But obviously, there was no pullback, and that's ultimately going to be helpful driving institutional demand. But as I mentioned in a previous answer, what we're really happy to see is just more midsized tenants. And as Hallie pointed out, it's kind of across the board in the types of tenants. But I will say there are some public biotechs in there, which is nice to see.

我的意思是，那個特定議題確實是上一季異常強勁成長的驅動因素。我沒有——我沒有看到任何特別的機構端（institutional）因素，在上一季發生的事情之外還有什麼顯著影響。但很明顯沒有出現回落，而這最終會有助於推動機構需求。不過如我在先前的回答提到的，我們真正很高興看到的是更多中型租戶。而且如 Hallie 指出的，租戶類型算是全面性的。但我會說，其中也有一些上市生技公司（public biotechs），這點很樂見。

And again, any insight into present quarter, third quarter?

再請問一次，對於本季、第三季的情況，有沒有任何看法？

As far as tenants in the market, we do the full accumulation of that before earnings. So I don't have any visibility of how that might look next quarter. We'll talk about it next call.

就市場上的租戶而言，我們會在財報發布前把相關資料完整彙整。所以我目前無法掌握下季可能會是什麼樣子。我們會在下一次電話會議再談。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛。

Thank you for taking my question. So if dispositions were -- disposition timing were to slip into next year, what would be the impact on your FFO in the back half of this year? Would the additional NOI from holding those assets longer be washed out by the additional interest expense? And I think you mentioned other cost-efficient sources of capital you're considering. Not sure if you can sort of elaborate on what's being.

謝謝讓我提問。如果資產處分——也就是處分時點——延後到明年，對你們今年下半年的FFO會有什麼影響？因為持有這些資產更久而增加的NOI，是否會被額外的利息費用抵消？另外我想你提到你們正在考慮其他更具成本效率的資金來源。不確定你是否能進一步說明目前在做什麼。

Yeah, so let me maybe just give you one simple answer. And the answer is we don't expect them to slip into next year. We, I think, well managed and concluded our disposition program last year on target. We expect that to happen this year. So no further comment on that.

是的，讓我給你一個簡單的回答。答案是我們不預期會延到明年。我想我們去年對處分計畫管理得很好，並且按目標完成。我們預期今年也會如此。所以這部分不再補充。

Got it. And then on 311 Arsenal, 40 Sylvan and then 3,000 Minuteman, I just want to make sure I'm getting this right. Conversions to the operating floor not currently anticipated in your capitalized basis guidance that you gave for the fourth quarter of '26. Is that right? And then if those were to happen, that would sort of lead to additional capitalized interest burn off into next year?

了解。另外關於311 Arsenal、40 Sylvan，以及3,000 Minuteman，我想確認我理解正確。你們在2026年第四季給出的資本化基礎（capitalized basis）指引中，目前並未預期會轉回營運樓層（operating floor）。是這樣嗎？如果真的發生，是否會導致額外的資本化利息在明年繼續攤銷／消耗？

Yeah, hi, Julien, I can take that one. So I kind of think of them as separate issues. We -- right now, our guidance does not assume at least for occupancy in same property and such, like the operating statistics, it doesn't assume that those come back into the operating pool. So if that does happen, that will be -- that will impact occupancy in same property. But in reality, it's just a shift in classification. In terms of capitalized interest, our guidance does assume that some of those projects may have to pause, and that was baked into our guidance for capitalized interest. (technical difficulty)

是的，嗨，Julien，我來回答。我把它們視為兩個不同的議題。我們——目前的指引，至少就同一物業的入住率等營運統計而言，並未假設它們會回到營運資產池。所以如果真的發生，會——會影響同一物業的入住率。但實際上，那只是分類上的轉移。至於資本化利息，我們的指引確實假設其中一些專案可能需要暫停，這已反映在我們對資本化利息的指引中。(技術問題)

Good afternoon, guys. Thanks for taking the question. Just a quick one for me. On page 23 of the supp when you sort of outlined the reason for expected downtime on the 27 key lease expirations. So you talked about third being related to leases that assets originally acquired for redevelopment. Can you sort of talk about the plan for those assets? I assume they're no longer slated for redevelopment, but maybe if you can talk about sort of the plan there in order to get those leased up.

各位下午好。謝謝讓我提問。我這邊只有一個簡短問題。在補充資料第23頁，你們概述了27個主要租約到期預期空置期（downtime）的原因。你們提到其中三分之一與最初為重建而收購的資產相關。能否談談這些資產的計畫？我猜它們已不再規劃重建，但如果你能談談為了把它們租出去的計畫，會很有幫助。

Are they competitive in their current state? And then as we look at the other thirds that you sort of label as other, is there any noticeable trend as to what is causing these move-outs? Is it sort of moving to other properties? Is it downsizing? Just any commentary there, I think, would be helpful.

它們在目前狀態下具競爭力嗎？另外，對於你們標示為「其他」的另外三分之一，有沒有明顯趨勢顯示是什麼造成這些搬離？是搬到其他物業嗎？是縮減規模嗎？任何評論我想都會很有幫助。

Yes, sure. So on the one third or so of the assets originally acquired for redevelopment, those are assets that we've been very interested to see if there are advanced technology type tenants interested in those buildings, and we have seen quite a bit of activity. We had a big lease this quarter. It was 160,000 up in Andover. That was exactly what we're talking about, something we thought we were going to convert to either lab or biomanufacturing.

好的，當然。關於大約三分之一最初為重建而收購的資產，我們一直很關注是否有先進科技類型的租戶對這些建物有興趣，而我們確實看到相當多的活動。我們本季簽了一筆大型租約。是在Andover的16萬平方英尺。那正是我們在說的情況：我們原本以為會把它改成實驗室或生物製造。

But because of the nature of those assets, the ceiling heights, the ability to access power, they were very attractive to some of these other types of users. And it's an interesting swath of types of tenants that need those requirements. But we are tracking that, that is -- there are a lot of tenants out there, I guess, is what I would say that interested in those things, particularly in places like Boston and San Francisco and also in Seattle. So that I mean, those are the opportunities we're looking at for those as well as trying to lease them as is, but less likely that we convert some of that stuff to lab unless we've got tenants in hand.

但由於這些資產的特性——天花板高度、取得電力的能力——它們對某些其他類型的使用者非常有吸引力。而且需要這些條件的租戶類型其實很有趣、範圍很廣。我們正在追蹤這些情況——我想我會說，市場上有很多租戶對這些東西感興趣，特別是在波士頓、舊金山，也包括西雅圖。所以，這些是我們為這些資產所看到的機會；同時我們也會嘗試以現狀出租，但除非手上已有租戶，否則我們較不可能把其中一些改成實驗室。

On the last one third that you asked about the other bucket, I mean, those are -- in some cases, those are assets that may need just may need capital. As an example, our Tech Square 200 campus, great location, great asset, but we really haven't invested money in that asset for many, many years, I think, since we really -- since we bought the asset back in 2006. So there's a little bit of that where there's some time that needs to go in there to upgrade those facilities before we can get tenants in there.

至於你問的最後三分之一、也就是「其他」那一類，我的意思是——在某些情況下，那些資產可能只是需要投入資本。例如，我們的Tech Square 200園區，地點很好、資產也很棒，但我們很多很多年都沒有在那個資產上投資，我想自從——自從我們在2006年買下來之後就幾乎沒有。所以有一部分是這樣：在我們能把租戶帶進來之前，需要花一些時間去升級那些設施。

Great. Appreciate the color, Marc. Thanks.

很好。謝謝你提供的細節，Marc。謝謝。

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

各位女士先生，以上就是今天的問答環節。我想把時間交回給Joel Marcus，請他做結語。

Okay. Thank you very much, everybody. Wishing everybody well and look forward to talking on the third quarter call. Thank you.

好的。非常感謝各位。祝大家一切順利，也期待在第三季電話會議再與各位交流。謝謝。

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

至此，我們將結束今天的電話會議。感謝各位參加今天的簡報。您現在可以掛斷電話。