Healthpeak Properties Inc (DOC) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties, Inc. third-quarter conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations. Please go ahead.

早上好，歡迎參加 Healthpeak Properties, Inc. 第三季電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係高級副總裁安德魯約翰斯 (Andrew Johns)。請繼續。

Welcome to Healthpeak's third quarter 2024 financial results conference call. Today's conference call contains certain forward-looking statements. Although we believe expectations reflected in any forward-looking statements are based on reasonable assumptions, our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our expectations. A discussion of risks and risk factors is included in our press release and detailed in our filings with the SEC.

歡迎參加 Healthpeak 2024 年第三季財務業績電話會議。今天的電話會議包含某些前瞻性陳述。儘管我們認為任何前瞻性陳述中反映的預期都是基於合理的假設，但我們的前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。我們的新聞稿中包含對風險和風險因素的討論，並在我們向 SEC 提交的文件中詳細介紹了風險和風險因素。

We do not undertake a duty to update these forward-looking statements. Certain non-GAAP financial measures will be discussed on this call. In an exhibit of the 8-K we furnished with the SEC yesterday, we have reconciled our non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G. The exhibit is also available on our website at healthpeak.com.

我們不承擔更新這些前瞻性陳述的責任。本次電話會議將討論某些非公認會計準則財務指標。在我們昨天向 SEC 提供的 8-K 資料中，我們已根據 Reg G 將我們的非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了調整。

I will now like to turn the call over to our President and Chief Executive Officer, Scott Brinker.

現在我想將電話轉給我們的總裁兼執行長 Scott Brinker。

Thanks, Andrew, and welcome to Healthpeak's third quarter earnings call. Joining me today for prepared remarks is our CFO, Pete Scott; and the senior team is available for Q&A. Congrats to the entire Healthpeak team for another quarter of excellence in execution. Our high-quality portfolio and platform continue to drive earnings growth. Last evening, we increased guidance for the third time this year, driven by outperformance in leasing, same-store operations and merger synergies.

謝謝安德魯，歡迎參加 Healthpeak 第三季財報電話會議。今天與我一起發表準備好的演講的是我們的財務長 Pete Scott；高級團隊可以進行問答。恭喜整個 Healthpeak 團隊在另一個季度的卓越執行力。我們的優質投資組合和平台持續推動獲利成長。昨晚，在租賃、同店營運和合併協同效應的出色表現的推動下，我們今年第三次提高了指引。

We still see significant value and upside in our stock when we look at where our multiple sits versus the earnings growth we have produced and expect to continue producing. We're also paying a 5%-plus dividend with a conservative payout ratio that leaves nearly $300 million of annual free cash flow to reinvest in the business. Let me provide some color on the four levers across our platform that should drive future earnings growth. First is the merger we closed on March 1. Year one synergies are now tracking to be $50 million, which is 25% above our initial forecast, and we have additional synergies to capture in the next year or two.

當我們考慮我們的本益比與我們已經產生並預期繼續產生的獲利成長的情況時，我們仍然看到我們股票的巨大價值和上漲空間。我們還以保守的派息率支付 5% 以上的股息，留下近 3 億美元的年度自由現金流用於對業務進行再投資。讓我對我們平台上推動未來獲利成長的四個槓桿進行一些說明。首先是我們在 3 月 1 日完成的合併。目前，第一年的協同效應預計將達到 5000 萬美元，比我們最初的預測高出 25%，並且我們在未來一兩年內還將獲得更多協同效應。

Most of that outperformance is driven by internalization, which has proven to be a great move both financially and strategically as it's brought us closer to our real estate, one of the strategic goals I communicated when I took this position two years ago. Because of the internalization, our 50 million square foot portfolio is increasingly being operated with the same process, procedure and technology, allowing us to better capitalize on our scale. Our G&A is now 25% more efficient as a result of the merger. Also, our balance sheet improved with the merger and has never been stronger. The second area of earnings growth is leasing momentum in our lab business.

大部分出色表現是由內部化推動的，事實證明，這在財務和戰略上都是一項重大舉措，因為它使我們更接近我們的房地產，這是我兩年前擔任此職位時傳達的戰略目標之一。由於內部化，我們 5000 萬平方英尺的投資組合越來越多地採用相同的流程、程序和技術進行運營，使我們能夠更好地利用我們的規模。合併後，我們的 G&A 效率現在提高了 25%。此外，我們的資產負債表隨著合併而改善，並且變得前所未有的強勁。獲利成長的第二個領域是我們實驗室業務的租賃動能。

Since July 1, we signed more than 700,000 square feet of leases with positive 10% cash re-leasing spreads in the third quarter. That activity includes more than 300,000 feet of new leasing at our high-priority campuses, Vantage, Portside and Directors Gateway. South San Francisco continued to be our strongest market, with activity in a range of suite sizes and price points. We're uniquely positioned to capture demand with our market-leading footprint and relationships. Just one example is the life science tenant who signed a lease at Portside last week.

自 7 月 1 日以來，我們簽署了超過 70 萬平方英尺的租賃合同，第三季現金再租賃價差為 10%。該活動包括在我們的重點園區 Vantage、Portside 和 Directors Gateway 進行超過 300,000 英尺的新租賃。南舊金山仍然是我們最強的市場，套房尺寸和價位各異。我們擁有獨特的優勢，能夠憑藉市場領先的足跡和關係來捕捉需求。上週在 Portside 簽訂租約的生命科學租戶就是一個例子。

That same company has now grown with us 4 times since entering the portfolio six years ago, each time within walking distance in the same submarket and with a gradual improvement in building quality to the Class A space they will soon occupy. A couple of broader comments on life science. We're seeing gradual but clearly positive momentum on all the key metrics. Employment in the sector increased year-over-year and is up 4% in the past 18 months. There were seven IPOs in September and 2024 is on pace to be more than 50% above last year's total.

自六年前進入投資組合以來，這家公司現已與我們一起成長了 4 倍，每次都在同一子市場的步行範圍內，並且建築質量逐漸提高到他們即將佔據的 A 級空間。關於生命科學的一些更廣泛的評論。我們在所有關鍵指標上都看到了漸進但明顯的正面動力。該行業的就業人數逐年增加，在過去 18 個月中增長了 4%。9 月共有 7 起 IPO，預計 2024 年的IPO總數將比去年增加 50% 以上。

R&D spending from Big Pharma is on pace for another record year, as those companies have no choice but to continually search for innovative new products to backfill their patent expirations. Venture capital fundraising is on pace for an all-time high in 2024.

大型製藥公司的研發支出今年將再創新高，因為這些公司別無選擇，只能不斷尋找創新的新產品來填補其專利到期的空缺。創投融資預計在 2024 年創下歷史新高。

Also, fundraising is significantly higher than cash deployment, meaning there's a growing stockpile of capital to invest in a new company formation. One of our tenants in South San Francisco recently became the first $1 billion Series A capital raise in the sector. The co-founder was recently awarded the Nobel Prize in Chemistry, which is one of the few accomplishments, more remarkable than a $1 billion Series A.

此外，籌款明顯高於現金部署，這意味著用於投資新公司組成的資本儲備不斷增加。我們位於南舊金山的一個租戶最近成為該行業首個 10 億美元的 A 輪融資項目。該聯合創始人最近榮獲諾貝爾化學獎，這是為數不多的成就之一，比 10 億美元的 A 輪融資更引人注目。

The third area of earnings growth is our outpatient medical business. Industry fundamentals are favorable as demand exceeds supply. Our high-quality portfolio is capturing record re-leasing spreads, and we're routinely moving the rent escalator up to 3% on new leases. Across the sector, demand is growing as health systems and consumers prioritize cost-effective and convenient outpatient care. Equally important, new supply will remain low because of the cost of new construction.

獲利成長的第三個領域是我們的門診醫療業務。由於需求超過供應，產業基本面有利。我們的高品質投資組合正在創造創紀錄的轉租利差，我們通常會將新租約的租金自動提升至 3%。隨著衛生系統和消費者優先考慮具有成本效益和方便的門診護理，整個行業的需求正在增長。同樣重要的是，由於新建成本的原因，新增供應量將保持在較低水準。

And finally, a few comments on capital allocation, which is the fourth driver of future earnings growth. First, we like the portfolio we own today. So any future dispositions would be small numbers or opportunistic. Our balance sheet is currently under levered, so we can fund our current pipeline with debt. While several companies went big when life science was at a peak, our last development start was three years ago in 2021, and that project is now 70% leased.

最後，關於資本配置的一些評論，這是未來獲利成長的第四個驅動力。首先，我們喜歡我們今天擁有的投資組合。因此，未來的任何部署都將是少數或機會主義的。我們的資產負債表目前處於槓桿狀態，因此我們可以透過債務為當前的管道提供資金。雖然有幾家公司在生命科學的巔峰時期做大了，但我們最後一次開發啟動是在三年前的 2021 年，現在 70% 已出租。

With the market starting to recover and new starts going to nearly zero, we see a compelling window to begin allocating capital to life sciences again, primarily through structured investments that provide immediate accretion and more seniority in the capital stack. We're also building a pipeline of new outpatient development projects, highly pre-leased to leading health systems with yields that are accretive to earnings.

隨著市場開始復甦，新開工率幾乎為零，我們看到了一個令人信服的窗口，可以再次開始向生命科學配置資本，主要是透過結構性投資，這些投資可以立即增加資本並提高資本的優先級。我們也正在建造一系列新的門診開發項目，這些項目已高度預租給領先的衛生系統，其收益可增加收入。

That opportunity set could easily get to a couple of hundred million dollars per year. Most recently, we commenced a $37 million project that's 100% pre-leased to HCA. In summary, we've grown earnings per share by mid-double digits the last three years, and we have four levers to accelerate that growth moving forward.

這些機會很容易達到每年數億美元。最近，我們啟動了一個耗資 3700 萬美元的項目，該項目 100% 預租給 HCA。總之，過去三年我們的每股盈餘成長了兩位數，我們有四個槓桿來加速未來的成長。

And now Pete Scott will cover operating results, guidance and the balance sheet.

現在皮特·斯科特將報道營運績效、指導和資產負債表。

Thanks, Scott. We had an excellent third quarter. We reported FFO as adjusted of $0.45 per share, AFFO of $0.41 per share and total portfolio same-store growth of 4.1%. Let me briefly touch on segment performance. Starting with lab.

謝謝，斯科特。我們第三季表現出色。我們報告調整後的 FFO 為每股 0.45 美元，AFFO 為每股 0.41 美元，總投資組合同店成長率為 4.1%。讓我簡單談談細分市場的表現。從實驗室開始。

Our scale, portfolio quality, depth of tenant relationships, competitive positioning and importantly, our best-in-class team are driving outperformance. This is clearly evident in our leasing activity as we posted a second straight quarter of elevated lease execution, and we have a robust pipeline to back this up.

我們的規模、投資組合品質、租戶關係深度、競爭地位，以及重要的是，我們一流的團隊正在推動卓越表現。這在我們的租賃活動中顯而易見，因為我們連續第二季的租賃執行量有所增加，我們有強大的管道來支持這一點。

A few important highlights from the third quarter, occupancy increased 30 basis points sequentially to 95.9%. The cash rent mark-to-market was 10%, which is at the high end of the 5% to 10% opportunity we see in our portfolio. Tenant retention was 83%, driven by an increase in early renewals across the portfolio and same-store growth was 2.8%.

第三季的幾個重要亮點是，入住率較上季成長了 30 個基點，達到 95.9%。以市值計價的現金租金為 10%，這是我們在投資組合中看到的 5% 至 10% 機會的高端。受整個投資組合提前續約增加的推動，租戶留任率為 83%，同店成長率為 2.8%。

Year-to-date, our same-store growth is 3.1%, above the high end of our expectations when we set guidance earlier in the year. Turning to outpatient medical. Our results this quarter once again underscore the strength of the long-term demand drivers combined with our unmatched and superior platform. We have executed over 5 million square feet of leases year-to-date and are on pace to have our strongest leasing year in the history of Healthpeak. A few important highlights from the third quarter.

今年迄今為止，我們的同店成長率為 3.1%，高於我們今年稍早設定指導時的預期上限。轉向門診醫療。我們本季的業績再次凸顯了長期需求驅動因素與我們無與倫比的卓越平台相結合的力量。今年迄今為止，我們已執行了超過 500 萬平方英尺的租賃，並有望迎來 Healthpeak 歷史上最強勁的租賃年。第三季的一些重要亮點。

The cash rent mark-to-market was 10%, which is the strongest rent mark-to-market we have reported in 60 quarters. Tenant retention was 89%, above our historical average. And same-store growth was 3.4%. Year to date, our same-store growth is 3.3%, which is at the high end of expectations when we set guidance earlier in the year. Finishing with CCRCs.

現金租金以市價計算為 10%，這是我們 60 個季度以來報告的最高租金按市價計算。租戶保留率為 89%，高於我們的歷史平均值。同店成長率為 3.4%。今年迄今為止，我們的同店成長率為 3.3%，處於我們今年早些時候設定指導時的預期上限。以 CCRC 結束。

We reported another strong quarter with same-store growth of 14.2%. This was driven by occupancy and rate growth, coupled with moderating expense growth. Year to date, our same-store growth is approximately 20%, which is well ahead of the expectations we set earlier in the year. Shifting to the balance sheet. We ended the quarter with a net debt to EBITDA of 5.1 times and $3 billion of liquidity with our revolver being completely undrawn.

我們報告了另一個強勁的季度，同店成長 14.2%。這是由入住率和房價成長以及費用成長放緩所推動的。今年迄今為止，我們的同店成長約為 20%，遠遠超出了我們今年稍早設定的預期。轉向資產負債表。本季結束時，我們的淨債務為 EBITDA 的 5.1 倍，流動資金為 30 億美元，而我們的左輪手槍完全未動用。

We are sitting on significant dry powder in the range of $500 million to $1 billion, which could fund accretive acquisitions. And our recurring CapEx needs are modest, with over 85% of our FFO translating to AFFO, which combined with an AFFO dividend payout ratio trending towards 75%, provides us with approximately $250 million to $300 million of retained earnings annually. Finishing now with guidance. We are revising upwards for the third time this year. We are increasing our FFO as adjusted guidance by $0.01 to $1.79 to $1.81.

我們坐擁 5 億至 10 億美元的巨額資金，可以為增值收購提供資金。我們的經常性資本支出需求不大，超過 85% 的 FFO 轉化為 AFFO，再加上 AFFO 股息支付率趨向 75%，每年為我們提供約 2.5 億至 3 億美元的留存收益。現在在指導下完成。我們今年第三次向上修訂。我們將調整後的 FFO 指導值提高 0.01 美元至 1.79 美元至 1.81 美元。

We are increasing our AFFO guidance by $0.01 to $1.56 to $1.58. Our guidance increase is primarily driven by two items. First, we increased and tightened same-store guidance by 50 basis points to 3.5% to 4.5%. Second, we are now trending to $50 million of merger synergies in 2024. We continue to execute with excellence, having increased the midpoint of our FFO and AFFO guidance by $0.04 each in 2024 and having increased the midpoint of our same-store guidance by 100 basis points.

我們將 AFFO 指導值上調 0.01 美元至 1.56 美元至 1.58 美元。我們的指導成長主要由兩個因素推動。首先，我們將同店指導提高並收緊了 50 個基點，至 3.5% 至 4.5%。其次，我們目前的目標是到 2024 年達到 5,000 萬美元的合併綜效。我們繼續卓越執行，到 2024 年將 FFO 和 AFFO 指導的中點各提高 0.04 美元，並將同店指導的中點提高 100 個基點。

One last item to note, in advance of upcoming investor meetings, we plan to publish an investor presentation in early November. The focus of the presentation will be on our competitive positioning and key growth drivers of both labs and outpatient medical. The presentation will highlight the strong momentum we see as we finish 2024 and head into 2025. With that, operator, let's open the line for Q&A.

最後要注意的一點是，在即將舉行的投資者會議之前，我們計劃在 11 月初發布投資者簡報。演講的重點將是我們的競爭地位以及實驗室和門診醫療的主要成長動力。該演講將強調我們在 2024 年結束並進入 2025 年時所看到的強勁勢頭。那麼，接線員，讓我們打開問答線。

(Operator Instructions)

（操作員說明）

Nicholas Yulico, Scotiabank.

尼古拉斯·尤利科，豐業銀行。

Thanks. Good morning. So nice to see the leasing getting done at Gateway, Vantage, Portside. Can you just quantify a couple of things there. First, as we think about the commencement of that NOI, I know you gave timing, but an average rent to think about? And then also specifying the square footage of the existing tenant base associated with that in the portfolio and how we should think about that as some level of offset versus the new leasing?

謝謝。早安.很高興看到 Gateway、Vantage、Portside 的租賃已完成。你能量化其中的一些事嗎？首先，當我們考慮 NOI 的開始時，我知道您給了時間安排，但要考慮平均租金嗎？然後還指定與投資組合中相關的現有租戶基礎的平方英尺，以及我們應該如何將其視為與新租賃相比的某種程度的抵消？

Yeah. Hey, Nick, it's Pete. I'll take this one. When you aggregate all of the new lease deals at Portside, Vantage and Gateway, the total square footage is around 340,000 square feet. The existing tenant footprint that underlies that is about 100,000 square feet. So we're increasing by around 240,000 square feet, which is a lot of net absorption within the portfolio.

是的。嘿，尼克，我是皮特。我要這個。如果將 Portside、Vantage 和 Gateway 的所有新租賃交易合計起來，總面積約為 340,000 平方英尺。其現有租戶佔地面積約為 100,000 平方英尺。因此，我們增加了約 240,000 平方英尺，這是投資組合中的大量淨吸收量。

And then as you asked your question around the lease commencements, we did add some commentary in the earnings release on it. But to give some specifics around that, of the $60 million of NOI upside, we've now executed leases to capture a little more than $30 million of that $60 million. You won't see all of that flow into our numbers in 2025, probably about one-third of that will hit in 2025 with a big chunk of the balance hitting in 2026, and then a little bit more in 2027. But certainly, we're trending in the right direction with regards to development earn-in and pretty pleased to get the leases done that we've gotten done.

然後，當您詢問有關租賃開始的問題時，我們確實在收益發布中添加了一些評論。但具體來說，在 6000 萬美元的 NOI 上升空間中，我們現在已經執行了租賃，以獲取這 6000 萬美元中略多於 3000 萬美元的收益。到 2025 年，您不會看到所有這些都流入我們的數字，其中大約三分之一將在 2025 年達到，其中很大一部分將在 2026 年達到，然後在 2027 年會增加一點。但可以肯定的是，我們在開發收益方面正朝著正確的方向發展，並且非常高興能夠完成我們已經完成的租賃。

Okay. Thanks for that. And just to be clear, that $30 million you talked about, is that including the negative offset for the existing square footage, which I'm assuming these tenants are going to be giving up? Or how should we think about that?

好的。謝謝你。需要明確的是，您談到的 3000 萬美元是否包括現有平方英尺的負抵消，我假設這些租戶將放棄這一點？或者說我們該如何思考這個問題？

No, that doesn't include the negative offset on that. But those leases will stay in place up and until the commencements begin on that. So I was just speaking to the gross amount that we would expect to get, Nick.

不，這不包括負偏移量。但這些租約將保持不變，直到開始生效為止。所以我只是在談論我們期望獲得的總金額，尼克。

Okay. Thanks. And then just second question is on the broader lab market. You are seeing, I think, some examples in your portfolio of funding picking up, creating leasing demand. Perhaps you could just talk a little bit more broadly about that trend and how you think it could impact leasing going forward here?

好的。謝謝。第二個問題是關於更廣泛的實驗室市場。我認為，您正在看到您的資金組合中的一些例子正在增加，從而創造了租賃需求。也許您可以更廣泛地談論這一趨勢，以及您認為它會如何影響這裡的租賃？

Hey, Nick, it's Scott Bohn. I think we have seen some good funding. The IPO market has been slow. Generally, we have seen -- 26 done this year, which is already more than 2023 in total. We just had a South San Francisco tenant go public today.

嘿，尼克，我是史考特·博恩。我認為我們已經看到了一些很好的資金。IPO市場進展緩慢。總的來說，我們今年已經完成了 26 項，總數已經超過 2023 年。我們今天剛讓南舊金山的一位租戶公開。

Septerna had an outsized IPO, I think it's $288 million. So those will certainly turn into demand on the IPO side. If you see the market, when you look at fundraising has been a record year. And the fund deployment, which has lagged over the past 12 months, it's continuing to pick up in new company formation. And then Big Pharma, you've got a lot of M&A.

Septerna 的 IPO 規模非常大，我認為是 2.88 億美元。所以這些肯定會轉化為IPO方面的需求。如果你看看市場，你會發現今年的融資規模創下了紀錄。過去 12 個月以來，資金部署一直落後，但在新公司組建過程中，資金部署繼續加快。然後大型製藥公司進行了大量的併購。

They're sitting there with $200 billion of revenues coming off patent between now and 2023 -- or 2030, excuse me. So they're continuing to funnel money into biotech, which will continue to increase the tenant demand and the leasing demand. So I think we're happy with where the demand is today, and I think it will continue to grow over the next few quarters.

從現在到 2023 年（或 2030 年，請原諒），他們將透過專利獲得 2000 億美元的收入。因此，他們繼續將資金投入生物技術領域，這將繼續增加租戶需求和租賃需求。因此，我認為我們對目前的需求狀況感到滿意，我認為未來幾季需求將繼續增長。

Okay. Thanks, Scott.

好的。謝謝，斯科特。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Hey, guys. Scott, I wanted to explore your comments on, I guess, you're looking at structured investments as a way to kind of deploy capital. What kind of opportunities are you seeing? And what is it that you like about this versus maybe just buy buildings outright?

嘿，夥計們。史考特，我想探討您的評論，我想您正在將結構性投資視為一種部署資本的方式。您看到了什麼樣的機會？與直接購買建築物相比，您喜歡這個的什麼？

Yeah. I mean there may be situations where we do buy a building outright. At the end of the day, our balance sheet is in great shape. We have all the key variables that tenants look to when they're signing leases, whether it's the footprint, the credibility, the balance sheet, the team. We have all of those things. So I think we're going to be as successful as anyone in getting buildings leased up.

是的。我的意思是，在某些情況下，我們確實會直接購買建築物。歸根結底，我們的資產負債表狀況良好。我們擁有租戶在簽訂租約時關注的所有關鍵變量，無論是佔地面積、信譽、資產負債表還是團隊。我們擁有所有這些東西。所以我認為我們在出租建築物方面會和其他人一樣成功。

There are a lot of opportunities right now, all the new supply that's not leasing up, while Scott and the team do a great job leasing up what limited development we do have. Not everyone is so fortunate. So we are seeing quite a bit of opportunities, some in our key submarkets where we'd like to grow and have a competitive advantage. Clearly, the sector is improving, but it's not doing a hockey stick back up. So the structured investments, in our view, would buy us some time to completely lease up buildings, right?

現在有很多機會，所有新供應都沒有出租，而斯科特和團隊在出租我們有限的開發項目方面做得很好。並不是每個人都這麼幸運。因此，我們看到了相當多的機會，其中一些是在我們希望發展並擁有競爭優勢的關鍵子市場。顯然，該行業正在改善，但並沒有起到曲棍球棒的作用。因此，在我們看來，結構性投資將為我們贏得一些時間來完全租賃建築物，對吧？

It's not a six-month turnaround. This could take a couple of years, and the structured investments would just buy us more time as well as immediate accretion in the longer-term growth pipeline. So each deal is a little bit different, but I think the majority would be structured, accretive day one type investments. But I can't tell you we'll get home on any of them, but we are looking at a lot of things right now.

這不是六個月的轉變。這可能需要幾年的時間，而結構性投資只會為我們贏得更多時間，並立即增加長期成長管道。因此，每筆交易都略有不同，但我認為大多數都是結構化的、增值的第一天類型投資。但我不能告訴你我們會解決其中任何一個問題，但我們現在正在考慮很多事情。

No. Interesting. And then it looks like you increase like the synergies post-merger. Is that kind of new synergies you're finding or maybe just like a pull forward of stuff that would have maybe hit in 2025 or beyond?

不。有趣的。然後看起來合併後的綜效會增加。您正在尋找這種新的協同效應，還是只是將 2025 年或更長時間才會出現的東西向前推進？

Yeah. I mean we'll give the 2025 guidance in early February. But across the board, the merger has been a catalyst in a number of ways, culturally and financially. Financially, I mean, there were some just traditional G&A synergies, but the vast majority of what we accomplished and still have to accomplish are at the property level and the internalization has really been a huge impact on the company, and that's most of the upside that we've seen in 2024.

是的。我的意思是我們將在 2 月初給出 2025 年指引。但總體而言，這次合併在文化和財務等多個方面都起到了催化劑的作用。我的意思是，在財務上，有一些傳統的管理費用協同效應，但我們已經完成和仍然需要完成的絕大多數工作都在財產層面，內部化確實對公司產生了巨大影響，這就是大部分的好處我們在 2024 年已經看到了這一點。

I'd say the profit margins are a little bit better than we had underwritten. The rollout has been more aggressive and successful than we had originally anticipated. So that's a big part of the $50 million and $10 million of improvement in 2024 is really property level earnings. So really a great outcome. A lot of hard work, but a great outcome.

我想說的是，利潤率比我們承保的好一些。此次推出比我們最初預期的更加積極和成功。因此，2024 年 5000 萬美元和 1000 萬美元改善的很大一部分實際上是房地產層面的收入。所以這確實是一個很棒的結果。雖然付出了很多努力，但結果卻很好。

Thanks, Scott.

謝謝，斯科特。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great. Thanks. Good morning, everybody. Just going back to the lab theme. There are various puts and takes, I guess, in the leasing next year with some of the tenant relocations. But with that, it sounds like you've made a lot of progress as well on the 2025, addressing some of the 2025 lease expirations.

偉大的。謝謝。大家早安。回到實驗室主題。我想，明年的租賃中會有各種各樣的調整和調整，有些租戶會搬遷。但這樣看來，你們在 2025 年也取得了很大進展，解決了 2025 年租賃到期的一些問題。

So I'm just wondering, if at a high level, you could provide or characterize kind of how the trend line in lab growth should look from here? Really just trying to get a sense if there's any disruption from the tenant relocations or free rent that goes along with that.

所以我只是想知道，如果在較高的層面上，您可以提供或描述實驗室增長的趨勢線從這裡應該是什麼樣子？實際上只是想了解租戶搬遷或隨之而來的免費租金是否會造成任何干擾。

Hey, Austin, it's Pete here. And we almost got the highly coveted five green thumbs up. We've got 4 out of 5, but we'll keep trying to get that highly coveted one of these quarters. We did add an additional footnote disclosure on our 2025 lease expirations. And that was really put in there to just help with forecasting.

嘿，奧斯汀，我是皮特。我們幾乎獲得了令人垂涎的五個綠色大拇指。我們已經得到了 5 分中的 4 分，但我們將繼續努力獲得這些令人垂涎的四分之一。我們確實添加了關於 2025 年租賃到期的額外腳註披露。這實際上只是為了幫助預測。

I think it tells actually a pretty good story. Nearly 40% of the expirations we have, which are quite small at a little less than 800,000 square feet are either under LOI or we're in advanced discussions. We did note that there will be some redevelopment space. And actually, a big chunk of that is some of the give-back space as tenants have grown with us. So just to be clear, it's not tenants vacating the portfolio, its tenants upsizing within the portfolio.

我認為它實際上講述了一個非常好的故事。我們擁有的近 40% 的到期合約（面積略小於 800,000 平方英尺）要么處於意向書之下，要么正在進行高級討論。我們確實注意到將會有一些重建空間。實際上，其中很大一部分是隨著租戶與我們一起成長而提供的一些回饋空間。因此需要明確的是，並非租戶騰出投資組合，而是租戶在投資組合內擴大規模。

And the other thing I just wanted to mention as I focus on that redev amount. I think 3 points that are really important. One, it's leased for the majority of 2025, so there is a very, very limited near-term impact. I think the other thing to mention, the in-place rents are in the high 50s. So we actually see a pretty good mark-to-market on that when we do relet those buildings.

當我專注於重開發量時，我只想提一下另一件事。我認為有3點非常重要。第一，2025 年的大部分時間都是租賃的，因此短期影響非常非常有限。我認為另一件事值得一提，就地租金高達 50 多美元。因此，當我們重新出租這些建築物時，我們實際上看到了相當不錯的市價。

And then the third thing is it's spread over multiple buildings and primarily in South San Francisco and in Torrey Pines. So we actually feel pretty good about our prospects on re-leasing those. It's multiple buildings, great locations. They're just a little bit older and need some capital. But again, we wanted to put that information in there to help with the forecasting.

第三件事是它分佈在多個建築物中，主要是在南舊金山和多利松。因此，我們實際上對重新租賃這些產品的前景感到非常滿意。它有很多建築物，地理位置優越。他們只是年紀大了一點，需要一些資本。但同樣，我們希望將這些資訊放在那裡以幫助預測。

No, that's helpful, call it, a green thumb answer. So I appreciate the detail there. And then maybe, Scott, going to back to the structured investment opportunities. I mean how much capital are you willing to allocate to these investments? What are kind of the returns you'd target for these deals? And are you most focused on deals that you'd ultimately like to own? Or would you kind of cast a wider net on the structured investment side? Thanks.

不，這很有幫助，可以稱之為「綠拇指答案」。所以我很欣賞那裡的細節。然後，史考特也許會回到結構性投資機會。我的意思是您願意為這些投資分配多少資金？您對這些交易的目標回報是多少？您最關注的是您最終想要擁有的交易嗎？或者您會在結構性投資方面撒下更廣泛的網嗎？謝謝。

Yeah. Most, if not all, would have a pathway to ownership. I think a lot of the projects that got either built or converted would not be in our sweet spot that we would consider strategic and want to own long-term. We like the submarkets that we're in.

是的。大多數（如果不是全部）都會有一條獲得所有權的途徑。我認為許多已建成或改建的項目並不處於我們認為具有戰略意義並希望長期擁有的最佳位置。我們喜歡我們所在的子市場。

There's a few others that could be interesting, but having scale has proven to be a competitive advantage and we wouldn't change that philosophy. In terms of quantum, I mean, Pete talked about $500 million or more of just balance sheet capacity given we're underlevered today. Hopefully, the stock continues to perform, I think it should. I think it will. That would obviously give us potential capacity to increase that amount.

還有其他一些可能很有趣，但事實證明，擁有規模是一種競爭優勢，我們不會改變這個理念。我的意思是，就數量而言，皮特談到了 5 億美元或更多的資產負債表容量，因為我們今天的槓桿率不足。希望該股能夠繼續表現，我認為應該如此。我想會的。這顯然會為我們增加這筆金額的潛在能力。

But we've got a big outpatient development pipeline as well, that's highly attractive. So we'll have to balance that. But it could easily be several hundred million dollars based on the things we're looking at. The returns, they would all be accretive on day one, but obviously, the risk profile would impact the rate of return as well. So probably won't say anything more than that at this point.

但我們也有一個龐大的門診開發管道，這非常有吸引力。所以我們必須平衡這一點。但根據我們正在研究的情況，它很容易達到數億美元。回報率在第一天都會增加，但顯然，風險狀況也會影響回報率。所以現在可能不會說更多的話。

I appreciate the detail. Thanks, everybody.

我很欣賞細節。謝謝大家。

Vikram Malhotra, Mizuho.

維克拉姆·馬爾霍特拉，瑞穗。

Hey. this is [George Ibrahim] for Vikram. Thank you for taking my question. Can you just walk us through how much of the leasing is from existing tenants? And can you just talk about the type of tenants that are driving the demand?

嘿。這是維克拉姆的[喬治·易卜拉欣]。感謝您回答我的問題。您能否向我們介紹現有租戶的租賃量有多少？您能談談推動需求的租戶類型嗎？

Hey, George, it's Scott Bohn. I can take -- start with that one. On the 733,000 square feet in the quarter and subsequent, it was about 71% existing tenants in the portfolio. And from the new demand driver perspective, it really -- it's a great cross-section of the life science industry. I mean we've got everything from Series A tenants that we did deals with this quarter up through mega cap pharmaceutical companies. So it really runs the gamut across spectrum there.

嘿，喬治，我是史考特·博恩。我可以從那個開始。在本季及隨後的 733,000 平方英尺的面積中，投資組合中約 71% 是現有租戶。從新的需求驅動因素的角度來看，它確實是生命科學產業的一個重要組成部分。我的意思是，我們已經獲得了從本季度與大型製藥公司進行交易的 A 輪租戶到大型製藥公司的一切。所以它確實涵蓋了整個頻譜。

Yeah. And George, just to add, to your first part of the question. I mean, from a square footage perspective, tenants are increasing if they had existing footprint within the portfolio over 3x. So they're growing over 3 times. So pretty significant. It's not like we're just trading the same amount of square footage for different square footage in other buildings. We are actually like increasing that absorption pretty significantly in the portfolio.

是的。喬治，補充你問題的第一部分。我的意思是，從平方英尺的角度來看，如果租戶在投資組合中的現有佔地面積超過 3 倍，那麼他們就會增加。所以它們成長了 3 倍以上。非常重要。這並不是說我們只是用相同數量的平方英尺來交換其他建築物中不同平方英尺的面積。實際上，我們希望在投資組合中顯著增加吸收率。

Right. That's helpful. And just a follow-up. Can you just comment on the TI packages? And if you have seen any signs of moderation or they continue to remain elevated?

正確的。這很有幫助。只是後續行動。您能評論一下 TI 封裝嗎？您是否看到任何溫和的跡像或它們繼續保持高位？

Yesah I would say, I mean we're still looking at turnkey TIs on a lot of these deals on the new developments or some of the major readouts. And we talked about that for several quarters now in those TI packages in the $300 a foot range. But that's not every deal.

是的，我想說，我的意思是我們仍在考慮新開發項目或一些主要讀數的許多此類交易的統包 TI。我們在每英尺 300 美元範圍內的 TI 封裝中討論了這個問題幾個季度。但這並不是每筆交易。

If you look at where we've been year-to-date on new deals, we've averaged right around $85 a foot on new deals into sub $40 a foot on renewal deals. So we have talked about those elevated TIs, which have leveled off, but those are not on -- certainly not on every single deal.

如果你看看我們今年迄今為止的新交易價格，我們的新交易平均價格約為每英尺 85 美元，而續約交易價格則低於每英尺 40 美元。因此，我們已經討論了那些升高的 TI，它們已經趨於平穩，但它們並沒有出現——當然不是每筆交易都出現這種情況。

All right. Thank you.

好的。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Good morning. Just hoping to follow-up, a little bit on the merger synergies. It sounded like you're outperforming on the margins in terms of internalizing some of the property management. So does that mean that there could be upside to the $60 million initially targeted longer term?

你好。早安.只是希望後續能有一點關於合併綜效的資訊。聽起來您在部分物業管理內部化的表現略勝一籌。那麼，這是否意味著最初設定的 6,000 萬美元長期目標可能還有上升空間？

Yeah, probably. Juan, it's Scott. But like I said, we'll give guidance in 2025. We're still working through exactly which markets we internalize in 2025 and the timeline. So a lot of that is still under discussion. But we feel great about the numbers we put out in March, if not last October versus what we're actually executing.

是的，可能是。胡安，這是史考特。但正如我所說，我們將在 2025 年提供指導。我們仍在研究 2025 年我們內部化的具體市場和時間表。所以很多內容仍在討論中。但我們對 3 月（如果不是去年 10 月）公佈的數據與我們實際執行的數據相比感覺很好。

Great. And then just on the CCRCs, just curious on the latest thoughts about that business and wanting to own that longer term. I mean it's been a great performer year to date, outperforming initial expectations. So just curious if there's any opportunities to sell out near term, or how you're thinking about that?

偉大的。然後就 CCRC 而言，只是對該業務的最新想法感到好奇，並希望長期擁有該業務。我的意思是，今年迄今為止，它的表現非常出色，超出了最初的預期。所以只是好奇近期是否有機會出售，或者您對此有何看法？

Yeah. It's really been a great performer for 15 years since we bought it. It's outperformed rental senior housing in virtually every year in those 15 years, steady growth. Even during the older building that occurred in the kind of 2015 to 2020 time period, we had strong growth, and that's continued. So we have a really strong portfolio, great operating partner in LCS and a team that manages it very, very effectively.

是的。自從我們購買它以來 15 年裡，它確實表現出色。在這 15 年裡，它的表現幾乎每年都優於租賃老年住房，並且穩定成長。即使在 2015 年至 2020 年期間建造的舊建築中，我們也實現了強勁增長，而且這種情況仍在持續。因此，我們在瀕海戰鬥艦領域擁有非常強大的產品組合、出色的營運合作夥伴以及一支非常非常有效的管理團隊。

So it performed. It's not exactly strategic to our overall platform. There aren't a total a ton of synergies with life science and outpatient medical. And as we've said in the past, it's a great business. But if public investors want access to senior housing, they have other great companies they can turn to.

所以它表現了。這對我們的整體平台來說並不具有戰略意義。與生命科學和門診醫療並沒有太多的協同作用。正如我們過去所說，這是一項偉大的業務。但如果公共投資者想要購買高級住房，他們還有其他優秀的公司可以求助。

So if and when the price made sense, we would look to recycle capital out of it, but we're also in no hurry. Dynamic today is the public market investors are a lot more excited about that segment than the private market. So that's not a great time to sell. If that dynamic ever reversed, we would obviously consider transacting. But for right now, we're fully focused on growing NOI, which we have been.

因此，如果價格合理，我們會尋求從中回收資本，但我們也不著急。如今，公開市場投資者對這一領域的興趣比私募市場更加興奮。所以這不是賣出的好時機。如果這種情況發生逆轉，我們顯然會考慮進行交易。但目前，我們完全專注於發展 NOI，我們一直在做這件事。

Thank you.

謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi. Thank you. Maybe I'll just start on lab. Another quarter of acceleration here on the rent mark-to-market at 10%. And then also occupancy picked up in the quarter after several quarters consecutively of decline. Just kind of curious about the cadence here moving forward. Do you expect this to be a steady climb or if you see volatility over the next 12 months? And then maybe part two of that, if you could just talk about like from a fully diluted occupancy perspective, where you think you are today and where you think that number can get over the next 12 months?

你好。謝謝。也許我會從實驗室開始。租金按市值計價又加速成長了 10%。在連續幾季下降後，本季入住率也有所回升。只是對這裡前進的節奏有點好奇。您預計未來 12 個月會穩定攀升還是會出現波動？然後也許是第二部分，如果您可以從完全攤薄的入住率角度來談談，您認為現在的情況以及您認為該數字在未來 12 個月內會達到什麼水平？

Yeah. Hey, John, it's Pete. Maybe I'll start with the last question first. Heading into this call, we were probably around 85% on a fully diluted basis from an occupancy perspective. With some of the new leasing we've gotten done, it's probably ticked up a couple of hundred basis points.

是的。嘿，約翰，我是皮特。也許我會先從最後一個問題開始。在這次電話會議中，從入住率的角度來看，在完全稀釋的基礎上，我們的比率可能約為 85%。隨著我們完成的一些新租賃，價格可能上漲了幾百個基點。

And as we look at where we'd like to get in the next 12 to 18 months, I mean, we don't see any reason why we shouldn't be able to get to a low 90% stabilized occupancy level. I know that's a bit lower than where we were 100% a couple of years ago. I think 100% is probably going to take a really long time to get back to. And I think we feel really comfortable with stabilized occupancies in the, call it, low 90% area. And I think the pathway is there for us to achieve that.

當我們考慮未來 12 到 18 個月內我們希望達到的目標時，我的意思是，我們看不出有任何理由不能達到 90% 的穩定入住率水準。我知道這比幾年前 100% 的水平要低一些。我認為 100% 可能需要很長時間才能恢復。我認為我們對 90% 低區域的穩定入住率感到非常滿意。我認為我們有實現這一目標的途徑。

And then on the rent mark-to-market question. Look, it will be lumpy sometimes. And in fact, I think the fourth quarter and what we see in our pipeline could actually be the best rent mark-to-market quarter if we get a lot of those leases across the goal line that we will put up for 2024. That said, we've been pretty clear that it's basically a 5% to 10% rent mark-to-market opportunity. It's probably closer to 10% than it is to 5% based upon leases that we're getting done and we see that as a pretty good number if you're forecasting going forward.

然後是租金以市價計價的問題。你看，有時會是凹凸不平的。事實上，我認為，如果我們能在 2024 年的目標線上獲得大量租賃，那麼第四季度以及我們在管道中看到的情況實際上可能是按市值計算的最佳租金季度。也就是說，我們非常清楚，這基本上是一個以市值計價 5% 到 10% 的租金機會。根據我們正在完成的租賃，它可能比 5% 更接近 10%，如果您預測未來，我們認為這是一個相當不錯的數字。

Pete, I'd add one thing on the occupancy. There's kind of the operating portfolio, and then there's the total portfolio. And we've just had a period of time here where we had some big campuses that needed to be redeveloped and some development projects that were in lease-up. So although the operating portfolio is at 95%, our total portfolio is more like 85%, and that's obviously what drives earnings is the total portfolio

皮特，我想在入住率上補充一件事。首先是營運投資組合，然後是總投資組合。我們剛剛在這裡度過了一段時間，我們有一些需要重新開發的大型園區，還有一些正在出租的開發案。因此，儘管營運投資組合佔 95%，但我們的總投資組合更像是 85%，而這顯然是總投資組合推動收益的因素

So we do see pretty significant upside from where we sit today. And I think that's what Pete's referring to when you talk about what's the go-forward occupancy number. Hopefully, that's for the entire portfolio. And the actual like stabilized operating portfolio could be even higher than that, in part because we have a lot of single tenant buildings. It's just the frictional vacancy is lower in life science than it would be in a business-like outpatient medical.

因此，與今天的情況相比，我們確實看到了相當大的上行空間。我認為這就是皮特在談論未來入住率時所指的內容。希望這適用於整個產品組合。實際的穩定營運投資組合可能比這個更高，部分原因是我們有很多單一租戶建築。只是生命科學領域的摩擦性空缺比商業類門診醫療的空缺要低。

Got it. Thank you. And then maybe just a similar question on outpatient medical. You put up a 10% number there as well, but it has the previously communicated CommonSpirit deal. Could you maybe parse that apart and give us what the rest of that or those leases were mark-to-market at? And then kind of the expectation of how you think the next 12 months will look for that space.

知道了。謝謝。然後也許只是關於門診醫療的類似問題。您也在那裡輸入了 10% 的數字，但它包含先前傳達的 CommonSpirit 交易。您能否將其分開並告訴我們其餘部分或那些租賃的按市價計價？然後是您對未來 12 個月將如何尋找該空間的預期。

Yeah, I can quickly take that. And then if others have some thoughts, they can jump in. But yes, we were up 10%. That's on the 3 million square feet of lease executions we got done last quarter. If you back out, CommonSpirit, which was 2 million, up 13%-ish, we were probably up 3% to 4%, right, which is still pretty darn strong.

是的，我很快就能接受。然後，如果其他人有一些想法，他們可以加入。但是，是的，我們上漲了 10%。這是我們上季完成的 300 萬平方英尺的租賃執行情況。如果你退出的話，CommonSpirit 是 200 萬，上漲了 13% 左右，我們可能上漲了 3% 到 4%，對吧，這仍然相當強勁。

And I think we've been averaging probably close to that 3% to 5%, maybe a little bit higher in some quarters. And I think that's a trend that's here to stay, right, between that as well as the lease escalators no longer being 2.5%, but really pushing those at 3%. As we've been saying, we think the fundamentals in outpatient medical are as strong as they've ever been. And we think we feel great about maintaining that occupancy in the 92%, 93% range. I don't know, Tom Klaritch, anything you want to add to that.

我認為我們的平均成長率可能接近 3% 到 5%，在某些季度可能會更高一些。我認為這種趨勢將持續存在，對吧，租賃自動扶梯不再是 2.5%，而是真正將其推至 3%。正如我們一直所說的，我們認為門診醫療的基礎一如既往地強大。我們認為，將入住率維持在 92%、93% 的範圍內感覺很好。湯姆·克拉里奇，我不知道你還想補充什麼。

No, I think you covered it. That's exactly where we're pulling it.

不，我想你已經涵蓋了。這正是我們要拉它的地方。

Thank you.

謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Hey. Thanks. Good morning, everybody. So on the internalizations, $50 million now, I assume that still means $25 million G&A. I think you said, Scott, that the incremental has been at the property levels. But beyond that, and I know it also applies to your life science portfolio. When you say internalization, like what is not being internalized? Like, I just want to sort of definitionally, what you mean by internalization? And what -- if there's anything, after all this is said and done, that there's another leg up of synergies that isn't a part of the internalization process today that might be in the future?

嘿。謝謝。大家早安。因此，就內部化而言，現在 5000 萬美元，我認為仍然意味著 2500 萬美元的管理費用。我想你說過，史考特，增量是在房地產層面。但除此之外，我知道它也適用於你的生命科學投資組合。當你說內化時，什麼叫不內化？就像，我只是想從定義上來說，內化是什麼意思？那麼，在所有這些都說了和做了之後，如果還有什麼協同效應不是今天的內部化過程的一部分，但未來可能會出現呢？

Yeah, fair question. Rich, when we talk about internalization, we're speaking to the on-site property manager as well as, in most cases, the property level accountings. So that's the personnel that we brought in-house. And for the most part, it's simply been a matter of taking the existing third-party team and bringing them on to the Healthpeak team. So the execution risk has been really low, and we've had near 100% success rate bringing people over.

是的，公平的問題。Rich，當我們談論內部化時，我們指的是現場物業經理，以及在大多數情況下，物業層面的會計。這就是我們內部引進的人員。在大多數情況下，只需將現有的第三方團隊引入 Healthpeak 團隊即可。因此，執行風險非常低，我們吸引人員的成功率接近 100%。

So I think that's one reason we've been able to roll it out faster than we anticipated without a whole lot of hiccups, but again, with a lot of hard work by our team. The leasing, there are times when we do internal leasing, particularly on big renewals, especially in the outpatient medical space.

因此，我認為這就是我們能夠比預期更快推出它的原因之一，沒有出現很多問題，而且我們的團隊也付出了很多努力。租賃方面，有時我們會進行內部租賃，特別是在大型續租時，尤其是在門診醫療領域。

In life science, Scott and the team end up doing a lot of the negotiation, but it's critical to have really strong broker relationships. So that's not a function that we've internalized. We still utilize third-party brokers to help canvas the market and give us the broadest possible exposure for our portfolio. Does that help?

在生命科學領域，史考特和團隊最終進行了大量談判，但擁有真正強大的經紀人關係至關重要。所以這不是我們內化的功能。我們仍然利用第三方經紀人來幫助我們開拓市場，並為我們的投資組合提供盡可能廣泛的曝光。這樣有幫助嗎？

Okay. So there's no thought about bringing in the brokerage function internal that, that's something you see you need long-term, generally?

好的。因此，沒有考慮將經紀功能引入內部，一般來說，這是您認為長期需要的功能？

Not beyond what I mentioned with outpatient medical, where we're doing some big renewals in-house.

不超出我提到的門診醫療，我們正在內部進行一些重大更新。

Okay. Second question, looking at your disclosure, about $900 million of development underway total cost. That's call it, 3.5%, 4% of your enterprise value. You mentioned you haven't done a new development start since 2021. And you're sort of teasing us into thinking that perhaps that day is coming, even despite the structured investments that you're talking about for life science.

好的。第二個問題，根據您揭露的情況，正在進行的開發總成本約為 9 億美元。也就是說，企業價值的 3.5%、4%。您提到自 2021 年以來您還沒有開始新的開發。你有點戲弄我們，讓我們想著也許這一天即將到來，儘管你正在談論生命科學的結構性投資。

What is your sort of ceiling in terms of size of development relative to the totality of the company so that you don't kind of get into the situation where you have the market goes against you and you're having trouble financing it for some period of time? Like where are you comfortable allowing development to get to in terms of the size of the organization? Thanks.

相對於公司整體的發展規模，你的上限是多少，這樣你就不會陷入市場對你不利的情況，並且你在一段時間內難以融資的情況時間？例如，就組織的規模而言，您是否願意允許開發進行到什麼程度？謝謝。

Yeah. Thanks, Rich. I mean we do have a threshold that we talk about with the Board. It's generally been in the 5% of total balance sheet. But I'd also point out that outpatient development is vastly different than life science development.

是的。謝謝，里奇。我的意思是，我們確實有一個與董事會討論的門檻。它通常佔資產負債表總額的 5%。但我還要指出，門診發展與生命科學發展有很大不同。

They tend to be 18-month type projects. They're oftentimes 70% or more pre-leased. So the risk profile there is obviously different. You don't have the lease-up risk. You just have the timing risk, and what happens with cost of capital and cap rates in the interim 18 months. So that would have an impact as well as we think about our maximum exposure, but as well as our balance sheet. But today, it's never been stronger.

它們往往是 18 個月類型的項目。它們通常有 70% 或更多的預租率。所以那裡的風險狀況明顯不同。您沒有租賃風險。您只面臨時機風險，以及 18 個月中期的資本成本和資本化率會發生什麼情況。因此，這不僅會影響我們對最大風險敞口的考慮，也會影響我們的資產負債表。但今天，它從未如此強大。

It used to be that your life science was the overwhelming part of the development pipeline. That's not the case anymore. Do you think that there'll be more of a balance longer term, despite what you're saying about the risk profile of medical office development?

過去，生命科學是開發管道中壓倒性的部分。現在情況已不再是這樣了。儘管您所說的是醫療辦公室發展的風險狀況，但您認為從長遠來看，會更加平衡嗎？

Yeah, that's probably right. But for the next year or two, at least, I would expect the development pipeline to be focused on the outpatient business where -- there's some really exciting opportunities. I mean, best-in-class health systems, highly pre-leased, beautiful new buildings, good yields. That's really our emphasis for development in the near term.

是的，這可能是對的。但至少在未來一兩年，我預計開發管道將集中在門診業務上，那裡有一些真正令人興奮的機會。我的意思是，一流的衛生系統、高度預租、漂亮的新建築、良好的收益。這確實是我們近期發展的重點。

Great. Thanks.

偉大的。謝謝。

Michael Griffin, Citigroup.

邁克爾·格里芬，花旗集團。

Thanks. I wanted to go back to the Portside lease in South San Francisco. And if you can give us a sense if this deal was more broadly marketed to the brokerage community? Did you mainly work on it in-house so you kind of have a leg up on the competition? And if you have a sense, maybe not just in South SF, but your other markets, if there have been larger space requirements that have been popping up?

謝謝。我想回到南舊金山的臨港租約。您能否讓我們了解這筆交易是否更廣泛地向經紀界進行了行銷？您是否主要在內部進行工作，以便在競爭中佔據優勢？如果您有感覺，也許不僅在南舊金山，而且在您的其他市場，是否出現了更大的空間需求？

Yeah, I think maybe I'll start, and Scott Bohn can jump in. It's Pete. I mean that deal was not marketed whatsoever. So I know Scott Bohn's got a lot of communications, and I'm sure there's other landlords out there trying to figure out why they didn't get a shot at that deal. That's a tenant that's been in the portfolio for quite some time and never spoke to another landlord about potentially leaving our portfolio and has actually told us that they will never do a deal with another landlord other than Healthpeak.

是的，我想也許我會開始，史考特·博恩可以加入。這是皮特。我的意思是，該交易沒有進行任何行銷。所以我知道斯科特·博恩（Scott Bohn）進行了很多溝通，而且我確信還有其他房東試圖弄清楚為什麼他們沒有機會參與這筆交易。該租戶已經在投資組合中待了相當長一段時間，從未與其他房東談論過可能離開我們的投資組合，並且實際上告訴我們，除了 Healthpeak 之外，他們永遠不會與其他房東進行交易。

So I think we feel pretty well positioned with that. And I think the other thing to just mention with your questions, and I know we've said it a lot the last couple of quarters, but it's a great example of our competitive advantage that we have in lab. We're in the best markets and best submarkets.

所以我認為我們在這方面感覺非常好。我想在你的問題中提到另一件事，我知道我們在過去幾個季度已經說了很多次，但這是我們在實驗室擁有的競爭優勢的一個很好的例子。我們處於最好的市場和最好的子市場。

Our brand is exceptional. We have a best-in-class team led by Scott Bohn and our extensive tenant relationships are going to continue to fuel our leasing pipeline. So I appreciate you bringing that up because it's actually a query point that I wanted to expand. I don't know, Scott, if there's anything else you wanted to add.

我們的品牌非常出色。我們擁有由 Scott Bohn 領導的一流團隊，我們廣泛的租戶關係將繼續推動我們的租賃管道。所以我很感謝你提出這個問題，因為這實際上是我想要擴展的一個查詢點。我不知道，史考特，你還有什麼要補充的嗎？

Yeah. Hey, Griff. On the demand side part of your question, we've talked for the past several quarters about kind of that barbell of demand, with a lot of the demand leading towards the smaller kind of sub 30,000 square foot range and then some large deals out there.

是的。嘿，格里夫。關於你問題的需求方面，我們在過去的幾個季度中一直在討論需求的槓鈴，其中許多需求導致了 30,000 平方英尺以下的較小範圍，然後是一些大型交易。

So I think it still probably skews towards the smaller deals, but we've started to see that, call it, the handle of the barbell, start to fill in there of the deals we did this past quarter, eight of them were greater than 35,000 square feet. So it's really good to see that tenants of that size range coming back into the market and transacting on deals. There are some larger requirements out in the market that have been out in the market. Those take a long time to actually transact and take place, but there are a few.

因此，我認為它仍然可能偏向較小的交易，但我們已經開始看到，稱之為槓鈴手柄，開始填寫我們上個季度所做的交易，其中八個大於35,000 平方英尺。因此，很高興看到這種規模的租戶回到市場並進行交易。市場上有一些更大的需求已經在市場上出現了。這些需要很長時間才能真正進行交易和發生，但也有一些。

Great. Appreciate the color there. And then just maybe one on MOBs. It seemed like a strong quarter from a renewal standpoint. But just given the more favorable supply-demand backdrop we've seen this year, have you seen a greater ability to push rents either through cash re-leasing spreads or maybe larger lease escalators? And are tenants willing to commit to longer-term leases, just given kind of the positive backdrop you're seeing in the industry?

偉大的。欣賞那裡的顏色。然後可能只是關於 MOB 的一個。從更新的角度來看，這似乎是一個強勁的季度。但考慮到今年我們看到的更有利的供需背景，您是否看到透過現金再租賃利差或更大的租賃自動扶梯來推高租金的更大能力？鑑於您在行業中看到的積極背景，租戶是否願意承諾長期租賃？

Yeah, this is Tom. I think when you look at it, the -- we've been pretty successful over the past three or four years, getting 3% escalators. You can see our average has jumped up to 2.7% overall. We actually have been pushing the past couple of quarters, 3.25%. So hopefully, we can get more of those pushed in there.

是的，這是湯姆。我認為，當你看到它時，我們在過去三、四年裡取得了相當成功，獲得了 3% 的自動扶梯。您可以看到我們的平均值總體躍升至 2.7%。事實上，過去幾季我們一直在推動成長，即 3.25%。所以希望我們能把更多的人推到那裡。

And the mark-to-market, Pete mentioned, 3% to 5%. We've been -- absent the CommonSpirit lease, that's kind of where we've been falling out all year. And you'll tend to see leases, 80% of them are going to be in that 3% to 4% range, and then you get an outlier group on either end of that, that drives what the total is. But overall, the 3% to 4%, 5% is kind of where we've been running.

皮特提到，以市值計價為 3% 到 5%。我們一直——沒有 CommonSpirit 租約，這就是我們一整年都鬧翻的地方。你往往會看到租賃，其中 80% 將在 3% 到 4% 的範圍內，然後你會在兩端得到一個異常組，這決定了總數。但總的來說，3% 到 4%、5% 是我們一直在運行的。

Great. That's it for me. Thanks so much for the time.

偉大的。對我來說就是這樣。非常感謝您抽出時間。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

Yeah. Thanks. Scott, I know DOC announced a few life science leadership changes. And specifically, I think you added a Boston leader. I mean, would -- should we think about DOC positioning itself to be more active on the investment side with these additions? Or is this just partly driven by winding down some of your external partnerships to kind of manage some of these assets?

是的。謝謝。斯科特，我知道 DOC 宣布了一些生命科學領導層的變動。具體來說，我認為您添加了一位波士頓領導人。我的意思是，我們是否應該考慮 DOC 透過這些補充將自己定位為在投資方面更加積極？或者這在一定程度上是由於您減少了一些外部合作夥伴關係以管理其中一些資產？

It could be a combination of both. Part of it is rewarding really strong performance for some of our existing employees. Obviously, Scott Bohn has dramatically increased his seniority at the company, and Natalia has always been his number two and had tremendous success. So we have to reward our best internal people. There's been a real emphasis on that.

它可能是兩者的結合。其中一部分是獎勵我們現有的一些表現出色的員工。顯然，斯科特·博恩（Scott Bohn）在公司的資歷顯著提高，而娜塔莉亞（Natalia）一直是他的二號人物，並取得了巨大的成功。所以我們必須獎勵我們最優秀的內部人員。人們確實強調了這一點。

The new hire in Boston, we're super excited about. She's a longtime fixture in that marketplace, which is important, just given the dynamics in Boston. We did buy out our primary joint venture partner in Boston earlier this year, so there was a need to step up. So that certainly had an impact, but we would like to grow in Boston. It's a hugely important market. We're up to roughly 3 million square feet, but we see a lot of opportunity and distress in that market in particular that could be interesting. So it's all of those factors, Mike.

波士頓的新進員工，我們非常興奮。她是該市場的長期固定成員，考慮到波士頓的動態，這一點很重要。今年早些時候，我們確實買下了位於波士頓的主要合資夥伴的股份，因此有必要採取行動。所以這肯定會產生影響，但我們希望在波士頓成長。這是一個非常重要的市場。我們的面積約為 300 萬平方英尺，但我們在該市場看到了很多機會和困難，尤其是這可能很有趣。所以這就是所有這些因素，麥克。

Okay. And then on -- because I know you provided some on the leasing that you completed this quarter and some of the new leasing and the developments, you kind of gave us some commencement times. And obviously, on Portside, it's a little bit more elongated. But the new leases signed this quarter, I mean, is there a rough timeline of when you think that those leases could commence? Is it over the next few quarters? Or is it longer than that?

好的。然後，因為我知道您提供了一些本季完成的租賃以及一些新的租賃和開發項目，所以您給了我們一些開始時間。顯然，在左舷，它有點拉長。但是本季簽署的新租約，我的意思是，您認為這些租約何時可以開始有一個粗略的時間表嗎？是在接下來的幾季嗎？或比這更長？

Yeah, on the renewals, I mean a lot of those would just commence immediately once we sign them. And then obviously, the Portside lease has a longer lease-up time associated with it because it's obviously a much larger lease. I'd say the balance of it is probably mid-2025. We've got to build out some TI space.

是的，關於續約，我的意思是，一旦我們簽署了續約，其中許多就會立即開始。顯然，左舷租賃有更長的租賃時間，因為它顯然是一個更大的租賃。我想說，剩下的時間可能是 2025 年中期。我們必須建立一些 TI 空間。

And I think the ones that are in San Diego and at Gateway would probably be more mid-ish 2025, and then the lease at Vantage will probably be kind of second half of 2025. That's probably the best way to characterize the commencements of those.

我認為聖地牙哥和 Gateway 的租約可能會在 2025 年中期左右，然後 Vantage 的租約可能會在 2025 年下半年。這可能是描述這些活動開始的最佳方式。

Okay. Great. Thank you,

好的。偉大的。謝謝你，

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hi. Good morning. This is Derrick Metzler on for Ron. Yes, my question is about the lab portfolio development pipeline. And given positive leasing trends and these positive absorption trends, are you getting any closer, you think, to putting the pipeline into play?

你好。早安.我是德里克·梅茨勒 (Derrick Metzler) 替羅恩 (Ron) 發言。是的，我的問題是關於實驗室組合開發流程的。鑑於積極的租賃趨勢和這些積極的吸收趨勢，您認為您是否更接近讓管道發揮作用？

And are the hurdles to starting new projects now more about occupancy in your existing lease-up properties or more about cost of capital? And if there are not starts in the near future, then is there kind of other optionality or alternative uses that you would consider for that land bank? Thanks.

現在啟動新專案的障礙更多的是現有租賃物業的佔用率還是資本成本？如果在不久的將來沒有開工，那麼您會考慮該土地儲備有其他選擇或替代用途嗎？謝謝。

Yeah. Happy to take that one. We do control, upon full entitlement, almost 5 million square feet of potential life science development in core submarkets where we already have a presence and a competitive advantage and a tenant base. So from that standpoint, we feel great about the land bank.

是的。很高興接受那個。在獲得全部權利後，我們確實控制了核心子市場中近 500 萬平方英尺的潛在生命科學開發項目，我們已經在這些子市場中擁有業務、競爭優勢和租戶基礎。因此從這個角度來看，我們對土地儲備感覺很好。

The economics today, when you look at construction costs, which is up very dramatically in the past couple of years, including the turnkey TI as well as where rents are relative to cost of capital, it's going to be difficult for life science landlords to start anything new in the foreseeable future.

從今天的經濟情況來看，過去幾年建築成本急劇上升，包括交鑰匙 TI 以及租金與資本成本的關係，生命科學業主將很難開始在可預見的未來發生任何新的事情。

The economics are just tight. That won't last forever. That will obviously benefit our existing portfolio. So we feel good from that standpoint. But I don't expect us to start new life science development in the foreseeable future.

經濟形勢很緊張。這不會永遠持續下去。這顯然將使我們現有的投資組合受益。所以從這個角度來看我們感覺很好。但我並不期望我們在可預見的未來開始新的生命科學發展。

We would need costs to come down, maybe at least stabilize, but we need them to start coming down. Cost of capital to improve and obviously, rental rates start to move higher. All of those things are a combination would allow us to consider activating the land bank. In the interim, we're going through the entitlement process. In some cases, doing construction drawings so that we're ready to proceed because part of our business plan is obviously catering to growth tenants.

我們需要降低成本，也許至少要穩定下來，但我們需要它們開始下降。資本成本改善，顯然，租金開始走高。所有這些事情的結合將使我們能夠考慮激活土地儲備。在此期間，我們正在經歷權利流程。在某些情況下，繪製施工圖以便我們準備好繼續進行，因為我們的部分業務計劃顯然是為了滿足成長租戶的需求。

And some prefer to have Class B space, but others prefer to have Class A space. And you need to have both available. So a development pipeline becomes an important part of our marketing pitch to all of our tenants, which is one reason, we're also looking at some of the distress in the marketplace and whether that could be an outlet at a much lower cost basis to provide a growth avenue for our tenants.

有些人喜歡 B 級空間，而有些人則喜歡 A 級空間。並且您需要兩者都可用。因此，開發管道成為我們向所有租戶進行行銷宣傳的重要組成部分，這也是我們也在關注市場中的一些困境的原因之一，以及這是否可以成為一個以更低的成本來解決問題的出路。為我們的租戶提供成長的途徑。

That's helpful. I appreciate the color. And I guess as a follow-up, just in terms of the lab market conditions. And it's easy for us to point to new supply as a potential headwind, but your portfolio has performed really well. I guess in terms of competitive supply that you see, and do you think conditions are improving over the next year or moving sideways or are there markets that could be potentially more challenging over the next year?

這很有幫助。我很欣賞它的顏色。我想作為後續行動，只是就實驗室市場狀況而言。我們很容易將新供應視為潛在的阻力，但你們的投資組合表現得非常好。我想就您所看到的競爭性供應而言，您認為明年的情況是否會有所改善或橫盤整理，或者是否存在明年可能更具挑戰性的市場？

I mean the overall market is clearly improving. It might be a little bit slower than we'd like. I do think we're capturing outsized market share, but the trajectory is obviously positive. I mean the amount of supply that's underway today is 50% of what it was a year ago, and it will be count another 70%, 80% a year from now and then it will go to 0. And I think that will last for quite a while.

我的意思是整體市場正在明顯改善。它可能比我們想要的要慢一點。我確實認為我們正在佔領巨大的市場份額，但發展軌跡顯然是積極的。我的意思是，今天正在進行的供應量是一年前的 50%，一年後還會再計算 70%、80%，然後就會變成 0。我認為這將持續相當長一段時間。

And clearly, the fundraising environment is starting to improve as interest rates decline, in particular. Venture capital fundraising has never been stronger. They obviously need to raise that money to sit on it. They're going to deploy that into new companies going forward. So we do feel good about the big picture market backdrop in what it should lead to for landlords like Healthpeak over the next three to five years.

顯然，尤其是隨著利率下降，融資環境開始改善。創投融資從未如此強勁。他們顯然需要籌集這筆錢才能坐穩。他們將把它部署到未來的新公司。因此，我們確實對整體市場背景感到滿意，因為它應該在未來三到五年內為像 Healthpeak 這樣的房東帶來什麼。

And even bigger picture, just the way the industry works with Big Pharma. I mean they have a 7- to 10-year time horizon to make a profit on a drug. And when that window expires, they have to replace it, right? They're not shutting down. I don't think BMS or J&J, they don't have a business plan that entails just, hey, let's run out our patents and close up shop.

甚至更大的圖景，就像該行業與大型製藥公司合作的方式一樣。我的意思是他們有 7 到 10 年的時間範圍來從藥物中獲利。當這個窗口期滿時，他們必須更換它，對嗎？他們沒有關閉。我不認為百時美施貴寶或強生公司的商業計劃只是需要，嘿，讓我們用完我們的專利並關閉商店。

I mean they're redeploying those profits into new innovative drugs. And already today, the majority of the revenue comes from drugs developed by biotechs, and it feels like the momentum is only positive in terms of most of the innovation happening at the biotech level. So we remain incredibly confident about the longer-term outlooks for the industry. In the next three to five years, we've clearly see an improving backdrop.

我的意思是他們正在將這些利潤重新部署到新的創新藥物中。如今，大部分收入來自生物技術開發的藥物，而且感覺只有在生物技術層面發生的大部分創新方面，這種勢頭才是積極的。因此，我們對該行業的長期前景仍然充滿信心。在接下來的三到五年裡，我們清楚地看到了一個不斷改善的背景。

That's very helpful. Thanks for taking the question.

這非常有幫助。感謝您提出問題。

Wes Golladay, Baird.

韋斯·戈拉戴，貝爾德。

I just want to go back to the supply question. How much or how early will you lead the recovery? I imagine there's a subset of landlords that have the money that can do the TIs. And there's the other subset of the people that are delivering 0% occupied projects and may just struggle. And so I'm just trying to get a sense of, will you be leased up in a year or two and then everyone else may take another three or four years? What kind of landscape are we looking at?

我只想回到供應問題。您將帶領復甦多久或多久？我想有一部分房東有錢可以做 TI。還有另一部分人正在交付 0% 佔用的項目，並且可能會陷入困境。所以我只是想了解一下，你會在一兩年內租出去，然後其他人可能會再租三、四年嗎？我們看到的是什麼樣的風景？

Yeah. I mean, it's a good question. I think in the core submarkets, stuff is going to lease up back and a lot faster. And I think for those large incumbent landlords, you're going to see us continue to gain market share. For those that developed in new submarkets and don't have existing tenant relationships, they're going to struggle. They are struggling. They will struggle. Hard for us to tell you how that product leases up or if it ever does lease-up, but it's not competitive for us.

是的。我的意思是，這是一個好問題。我認為在核心子市場，東西會以更快的速度重新出租。我認為對於那些大型現任房東來說，您將看到我們繼續獲得市場份額。對於那些在新子市場開發且沒有現有租戶關係的企業來說，他們將會陷入困境。他們正在掙扎。他們會掙扎。我們很難告訴您該產品如何租賃或是否曾經租賃過，但它對我們來說沒有競爭力。

You have already seen projects that were planned -- Okay, Wes, I was just going to say you've already seen projects that were planned for life science that have gone the other direction, either planned conversions that never went anywhere or potential developments that have stalled and are basically mothballed. So that's happening as well as projects just sitting vacant, in some cases, looking for capital.

你已經看到了計劃中的項目——好吧，韋斯，我只是想說你已經看到了為生命科學計劃的項目卻走向了另一個方向，要么是計劃中的轉換從未取得任何進展，要么是潛在的發展已經停滯並基本上被封存。因此，這種情況正在發生，有些項目只是空置，在某些情況下正在尋找資金。

So the markets, it's not a criticism, it's just a reality that they tend to overshoot in both directions. They got overly excited about life science, and -- there's a period of time where they get -- they probably underappreciate the strength of the business. So we're clearly in that phase, and we're trying to take advantage of it.

因此，對於市場來說，這不是批評，而是現實，它們往往會在兩個方向上過度調整。他們對生命科學過於興奮，並且在一段時間內他們可能低估了這項業務的實力。所以我們顯然正處於這個階段，並且我們正在努力利用它。

Okay. And then one final one. Maybe you can comment on how your tenant watch list is looking since the start of the year. Anything adding or maybe even falling off for both the outpatient medical and the lab?

好的。然後是最後一張。也許您可以評論一下自今年年初以來您的租戶觀察名單的情況。對於門診醫療和實驗室來說，有什麼增加甚至可能減少的事情嗎？

Yeah. I think we've had, within our portfolio, our tenants have raised $7 billion year-to-date. And as a result of that, you've seen our monitoring list come down to what we consider just normal course at this point in time. And a lot of that is just a function of capital markets opening up, which is certainly leading to better credit for our tenants as well as additional leasing.

是的。我認為，在我們的投資組合中，我們的租戶今年迄今已籌集了 70 億美元。因此，您已經看到我們的監控清單已歸結為我們目前認為的正常流程。其中很大一部分只是資本市場開放的結果，這肯定會為我們的租戶帶來更好的信用以及額外的租賃。

Thanks for the time.

謝謝你的時間。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，《格林街》。

Hey. Thanks for the time. Curious if you can give us a sense what the typical amount of free rent concession on the leases executed in the third quarter, and then the batch of leases and LOIs for fourth quarter were?

嘿。謝謝你的時間。好奇您能否讓我們了解一下第三季執行的租賃以及第四季度的一批租賃和意向書的典型免費租金優惠金額是多少？

Yeah. As we've been saying, it's probably for every year of lease term. It's about a month of free rent, and that's actually consistent with what we've achieved with all of our leases, especially those that are these larger new developments.

是的。正如我們所說，它可能適用於租賃期限的每一年。這大約是一個月的免費租金，這實際上與我們所有租賃所取得的成績一致，尤其是那些較大的新開發案。

So it's in line with what we've been saying to The Street. And by the way, John, that hasn't really changed all that much over the last year. It certainly has gone up from the halcyon days a couple of years ago, but it stabilized as well as rental rates stabilizing in the last couple of -- really the last year.

因此，這與我們向《華爾街日報》所說的一致。順便說一句，約翰，去年情況並沒有太大變化。它確實比幾年前的太平日子有所上升，但在過去幾年（實際上是去年），它以及租金率都趨於穩定。

Okay. Understood. And then maybe if you could just expand on that, Pete. I think maybe a quarter or two ago, the expectation was for lab NOI growth to accelerate throughout the year, and there is a sequential decline this quarter sensibly because of free rent. So what -- I guess, what has surprised the downside on the trajectory of occupancy or trajectory of free rent? Just any more color on the sluggish rebound in NOI growth in the second half of this year would be helpful.

好的。明白了。然後也許你可以擴展一下，皮特。我認為也許一兩個季度前，人們預計實驗室 NOI 成長將在全年加速，而由於免租金，本季出現連續下降。那又怎樣——我想是什麼讓入住率或免費租金的下降趨勢令人驚訝？只要對今年下半年 NOI 成長緩慢的反彈有更多的了解就會有所幫助。

Yes. On that, in particular, that's a good question. The free rent, as you point out, can have an impact from one quarter to another. I step back and I just look at the fact that at the beginning of the year, we thought we'd be at 1.5% to 3% same-store growth in lab. Year to date, we're at 3.1%.

是的。特別是在這一點上，這是一個很好的問題。正如您所指出的，免費租金可能會從一個季度到另一個季度產生影響。我退後一步，看看今年年初的事實，我們認為實驗室的同店成長率將達到 1.5% 到 3%。今年迄今為止，我們的成長率為 3.1%。

So we're actually exceeding the upside of what our original expectations are. So I'd say, we feel like there's been modest improvement. There is a lumpiness to that free rent that could have an impact one quarter to the next, but it is important to step back and look at it, not just in a one quarter increment, but to look at it over a longer period of time. So we feel like year-to-date, we're doing quite well.

所以我們實際上超出了我們最初的預期。所以我想說，我們覺得有了適度的改善。免費租金存在波動性，可能會對下一個季度產生影響，但重要的是退後一步來審視它，不僅僅是一個季度的增量，而是在更長的時間內審視它。所以我們感覺今年到目前為止，我們做得很好。

And the same-store NOI is just a lagging indicator. It's also a bit misleading. I mean the fact is all the key metrics are moving in a positive direction, re-leasing spreads, now occupancy, the watch list, the leasing. Those are the things that drive earnings.

而同店NOI只是一個落後指標。這也有點誤導。我的意思是，事實是所有關鍵指標都在朝著正面的方向發展，重新租賃利差、現在的入住率、觀察名單、租賃。這些都是推動營收的因素。

Yeah. Obviously, it goes without mentioning as well, occupancy did tick up sequentially from 2Q to 3Q, and so the free rent had a little bit of an impact on the same-store NOI. But certainly, with occupancy increasing, that's a pretty good trend line.

是的。顯然，不言而喻，從第二季度到第三季度，入住率確實有所上升，因此免租金對同店NOI產生了一些影響。但可以肯定的是，隨著入住率的增加，這是一條相當不錯的趨勢線。

Okay. Thanks for the time.

好的。謝謝你的時間。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Good morning. Thank you. If I could go back maybe just to the leasing you called out for 2025, the 320,000 square feet. Would that -- is it too early to know what sort of the dollar magnitude will be expanded on that redevelopment and the typical yields you expect on that incremental capital?

早安.謝謝。如果我可以回到你所說的 2025 年租賃，即 320,000 平方英尺。那麼，現在就知道重建項目將擴大多少美元規模以及您對增量資本的預期典型收益率是否還為時過早？

Yeah. I mean I don't know that we're going to get into all the specifics because every building is a little bit different with regards to the amount of capital depending upon the age of the building. But I do want to just mention that those buildings are leased for the majority of 2025.

是的。我的意思是，我不知道我們是否會討論所有細節，因為根據建築物的年齡，每棟建築物的資本金額都略有不同。但我只想提一下，這些建築在 2025 年的大部分時間裡都是出租的。

So I just want to allay any concerns that people think those buildings are just going dark on January 1. And as I said, a lot of those are buildings where tenants are upsizing, and we've had a lot of success leasing those buildings up to earlier-stage biotech tenants and having them grow in the portfolio.

所以我只是想打消人們對這些建築在 1 月 1 日就會漆黑的擔憂。正如我所說，其中許多都是租戶正在擴大規模的建築物，我們已經成功地將這些建築物出租給早期生物技術租戶，並讓它們在投資組合中成長。

So we don't look at it as headwind. We look at it as an opportunity. But as we've said, if you had to put first-gen type TIs in, it's probably $300 a foot. I'm not sure that we'd have to do that across the entirety of that portfolio, but it will require a little bit of an investment because the average age is around 25 years, and we are moving tenants out of those buildings into really high-quality buildings. But again, we look at that as an opportunity, not as a headwind.

因此，我們並不將其視為逆風。我們將其視為一個機會。但正如我們所說，如果您必須安裝第一代 TI，每英尺的價格可能為 300 美元。我不確定我們是否必須在整個投資組合中這樣做，但這需要一點投資，因為平均年齡約為 25 歲，而且我們正在將租戶從這些建築物搬到真正的住宅區。但我們再次將其視為機遇，而不是逆風。

Yeah, they're in core submarkets, too. It's not like they're just random buildings. So I think the execution risk is a lot lower. We just need to put some capital in and confident that we'll get them re-leased. We really do like the portfolio that we own. I think it's a unique position to be in.

是的，他們也位於核心子市場。它們不只是隨機的建築物。所以我認為執行風險低很多。我們只需要投入一些資金，並有信心將它們重新出租。我們真的很喜歡我們擁有的投資組合。我認為這是一個獨特的位置。

All right. That's fair. And then Scott, your earlier comments said that greenfield development, obviously, we know it doesn't really make a lot of sense in most markets. So when you think about these redevelopment opportunities, you've got some coming up in '25.

好的。這很公平。然後斯科特，您之前的評論說，顯然，我們知道綠地開發在大多數市場上並沒有多大意義。因此，當您考慮這些重建機會時，您會在 25 年想到一些機會。

If you look at your lab portfolio, what order of magnitude, either maybe square footage or just give us a guidance perhaps what is still not in state of the art where you could continue to kind of harvest and increase the returns on an annual basis? What is it 1 million square feet, or what else might you want to redevelop in the lab portfolio as it sits today? In the operating --

如果你看看你的實驗室投資組合，什麼數量級，要么是平方英尺，要么只是給我們一個指導，也許仍然不先進，你可以繼續收穫並增加每年的回報？100 萬平方英尺是多少？在經營中--

Yeah. I mean, we do a pretty thorough across the 50 million square foot portfolio ongoing assessment of redevelopment candidates, kind of prioritizing them out one to three years. So I think the disclosure we gave as part of this earnings release was incremental and hopefully positive.

是的。我的意思是，我們對 5000 萬平方英尺的投資組合進行了相當徹底的重建候選項目的持續評估，並在一到三年內對它們進行優先排序。因此，我認為我們在本次財報發布中所揭露的資訊是增量的，並且希望是正面的。

We could consider providing something additional, but it is a pretty intense portfolio management effort that we have, just to prioritize those redevs. But $100 million a year in the aggregate, still feels like the right benchmark given the strength of the portfolio, the age of the portfolio.

我們可以考慮提供額外的東西，但我們需要付出相當大的投資組合管理工作，只是為了優先考慮這些重新開發。但考慮到投資組合的實力和投資組合的年齡，每年總計 1 億美元仍然感覺像是正確的基準。

Okay. Appreciate it. Thank you.

好的。欣賞它。謝謝。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah. Hi. Just a quick one on outpatient medical development. Are you seeing more pre-leased build-to-suit type or spec opportunities for the next few years? And when you think about yield requirements, how different are those two?

是的。你好。這是關於門診醫療發展的快速介紹。您是否會在未來幾年看到更多預租客製化類型或規格的機會？當您考慮產量要求時，這兩者有何不同？

Well, there's nothing spec. Everything is 70% or more pre-leased. In some cases, they are complete build-to-suit, it's at 100%, like the one we announced yesterday with HCA. The yields continue to be 7%-plus, at least in today's cost of capital environment. That's been our target.

嗯，沒有什麼規格。一切都已預租 70% 或以上。在某些情況下，它們是完全客製化的，100%，就像我們昨天與 HCA 宣布的那樣。至少在當今的資本成本環境下，收益率持續保持在 7% 以上。這就是我們的目標。

The pipeline could be even bigger if the return thresholds were lower. There's no shortage of health systems that would like to expand their outpatient footprint. It's just a matter of which projects get the green light given the rental rates that need to be paid. That's really the governor on our opportunity set right now.

如果返回閾值更低，管道可能會更大。不乏希望擴大門診覆蓋範圍的衛生系統。考慮到需要支付的租金，問題只是哪些項目獲得批准。這確實是我們現在的機會集的州長。

Okay. Thank you.

好的。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Scott Brinker for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Scott Brinker 發表閉幕詞。

Yeah. Well, thanks for your time and attention today, and congrats again to our team on really an excellent quarter. Have a good weekend.

是的。好吧，感謝您今天的時間和關注，並再次祝賀我們的團隊度過了一個非常出色的季度。有一個美好的周末。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。