Healthpeak Properties Inc (DOC) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties, Inc. fourth 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. 第四季電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我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 fourth 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.

歡迎參加 Healthpeak 2024 年第四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。儘管我們相信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受風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

A discussion of risks and risk factors that's included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. Certain non-GAAP financial measures will be discussed on this call. In an exhibit of the 8-K we furnished to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. The exhibit is also available on our website at healthpeak.com. I'll now turn the call over to our President and Chief Executive Officer, Scott Brinker.

有關風險和風險因素的討論包含在我們的新聞稿中，並在我們向美國證券交易委員會提交的文件中詳細說明。我們不承擔更新任何前瞻性陳述的責任。本次電話會議將討論某些非公認會計準則財務指標。在我們昨天向美國證券交易委員會提交的 8-K 表格中，我們已根據 Reg G 的要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了協調。該展覽也可在我們的網站 healthpeak.com 上觀看。現在我將電話轉給我們的總裁兼執行長 Scott Brinker。

Okay. Thanks, Andrew, and welcome to Healthpeak's fourth quarter and full year 2024 earnings call. Our CFO, Pete Scott is here with me for prepared remarks and the senior team is available for Q&A. I would like to thank our entire team for a year of operational excellence, in particular, with merger integration, internalization, leasing, and senior housing operations. I'm confident that in 2024, we built the foundation for future outperformance with our improved capabilities, portfolio, and balance sheet.

好的。謝謝，安德魯，歡迎參加 Healthpeak 2024 年第四季和全年財報電話會議。我們的財務長 Pete Scott 和我一起發表了準備好的發言，高級團隊也可以回答提問。我要感謝我們整個團隊一年來的卓越運營，特別是在合併整合、內部化、租賃和老年住房運營方面。我相信，到 2024 年，我們將憑藉更強大的能力、更完善的產品組合和更優的資產負債表，為未來的優異表現奠定基礎。

We also continue to grow earnings. Over the past 3 years, we've grown FFO per share by 12% and AFFO per share by 19%. Additional growth is implied in our 2025 guidance. Yesterday, we announced an increase to our dividend. The increase was made possible by our earnings growth and is an important part of our total return to shareholders. Beginning in April, we'll pay the dividend on a monthly basis to match the cadence of our monthly rental income.

我們的獲利也持續增加。在過去 3 年中，我們的每股 FFO 成長了 12%，每股 AFFO 成長了 19%。我們對 2025 年的預期暗示了額外的成長。昨天，我們宣布增加股利。這一增長得益於我們的獲利成長，也是我們股東總回報的重要組成部分。從四月開始，我們將按月支付股息，以配合我們每月租金收入的節奏。

Our FFO payout ratio remains conservative, preserving free cash flow to reinvest into the business. We believe there is significant value and upside in our stock today when we look at our current multiple, overlaid with our earnings growth and 6% dividend yield, not to mention the underlying value of our real estate and our proven competitive advantage in both life science and outpatient medical.

我們的 FFO 派息率依然保持保守，保留了自由現金流以重新投資於業務。我們相信，當我們考慮當前的本益比、獲利成長和 6% 的股息殖利率時，我們的股票具有顯著的價值和上漲空間，更不用說我們房地產的潛在價值以及我們在生命科學和門診醫療領域已證實的競爭優勢。

The merger with Physician Realty closed less than a year ago and has already proven to be highly successful. The merger was accretive to our earnings, balance sheet and platform. It highlighted our ability to execute and to exceed expectations, for example, with merger synergies and a common spirit renewal. We'll build on that momentum in 2025 by continuing to internalize property management across our portfolio, which is both financially and strategically accretive.

與 Physician Realty 的合併不到一年前完成，並且已被證明是非常成功的。此次合併增強了我們的獲利、資產負債表和平台。它凸顯了我們的執行能力和超越預期的能力，例如透過合併協同效應和共同精神的更新。2025 年，我們將在此基礎上繼續推進整個投資組合的物業管理內部化，這在財務和策略上都具有增值作用。

We also have a significant development pipeline from the health system relationships that came over with JT and his team. In 2024, we closed $1.3 billion of asset sales at a compelling cap rate of 6.4%, primarily stabilized outpatient medical buildings where private market values have remained strong.

我們也與 JT 和他的團隊建立了重要的醫療系統關係，並擁有重要的開發管道。2024 年，我們以 6.4% 的引人注目的資本化率完成了 13 億美元的資產銷售，主要穩定了私人市場價值保持強勁的門診醫療大樓。

Because of the asset sales, our balance sheet is currently under levered, and we believe 2025 is an opportune time to go on offense, particularly in life science, we're overbuilding and a lack of liquidity is creating opportunities for us. There's a very small handful of owners in the life science sector with a competitive advantage and Healthpeak is certainly on that list with our scale, track record and capabilities.

由於資產出售，我們的資產負債表目前處於槓桿率過高的狀態，我們認為 2025 年是發動攻擊的好時機，特別是在生命科學領域，我們正在過度建設，而流動性的缺乏正在為我們創造機會。生命科學領域只有極少數所有者擁有競爭優勢，而 Healthpeak 憑藉其規模、業績記錄和能力無疑地名列其中。

For the past several years, we had a conservative near-term outlook for the sector and chose not to commence any new development or to make any acquisitions. With new deliveries declined by 75% this year, new starts at nearly 0 and many new entrants and lenders feeling distress. We see this as a great time to put our platform and balance sheet to work. Private credit has exploded in popularity, but there's a vacuum in my science today and therefore, an opportunity for Healthpeak.

過去幾年，我們對該行業的近期前景持保守態度，並選擇不開始任何新的開發或進行任何收購。今年新屋交付量下降了75%，新屋開工量幾乎為零，許多新進業者和貸款機構感到苦惱。我們認為這是讓我們的平台和資產負債表發揮作用的好時機。私人信貸的普及程度呈爆炸性增長，但目前我的科學領域卻存在空白，因此，這對 Healthpeak 來說是一個機會。

Our focus is loan investments that provide immediate accretion, more seniority in the capital stack, in an attractive basis and future acquisition rights of buildings in our core submarkets. The $75 million mortgage loan we announced yesterday is a good example of this targeted approach. The building is down the street from our existing 700,000 square foot campus in Torrey Pines, the premier submarket in San Diego. Our loan to cost is 60% with an 8% interest rate plus purchase option.

我們的重點是提供即時增值、在資本結構中享有更高優先權、具有吸引力的基礎以及未來在我們的核心子市場中獲得建築物收購權的貸​​款投資。我們昨天宣布的7500萬美元抵押貸款就是這種有針對性的方法的一個很好的例子。該建築位於我們現有的 70 萬平方英尺園區的街對面，園區位於聖地牙哥首屈一指的次級市場托里松 (Torrey Pines)。我們的貸款成本為 60%，利率為 8%，外加購買選擇權。

In our outpatient medical business, our health system driven strategy generates sustainable internal and external growth. Our capabilities and relationships were built over the past two decades and continue to bring us proprietary opportunities.

在我們的門診醫療業務中，我們的健康系統驅動策略實現了可持續的內部和外部成長。我們的能力和關係是在過去二十年中建立起來的，並繼續為我們帶來專有機會。

In the fourth quarter, we originated a $36 million development loan with purchase option on a development that's 100% pre-leased to McKesson and adjacent to a Baylor Scott & White Hospital in Dallas. Our current pipeline of similar, highly preleased, and accretive development projects exceed $300 million.

第四季度，我們為一個開發項目發放了 3600 萬美元的開發貸款，該貸款附有購買選擇權，該項目 100% 預租給了 McKesson，毗鄰達拉斯的貝勒斯科特和懷特醫院。目前，我們類似的、預售程度很高的、可增值的開發案已超過 3 億美元。

I'd like to make a few comments about our senior housing CCRC portfolio. Over the past several years, we've executed a strategy to structure our entry fees so that less than 20% of those fees are refundable to the resident. This is a huge contrast from the typical CCRC where the entry fee is more than 80% refundable to the resident. This strategy around refundability allowed us to keep the entry fee low so that we could target a wider audience. The result has been record sales and record net cash collections.

我想對我們的老年住房 CCRC 產品組合發表一些評論。過去幾年來，我們實施了一項策略來建立我們的入場費，其中不到 20% 的費用可以退還給居民。這與典型的 CCRC 形成了鮮明對比，在 CCRC 中，入場費的 80% 以上可退還給居民。這種圍繞可退款的策略使我們能夠保持較低的入場費，以便我們能夠吸引更廣泛的受眾。結果是銷售額和淨現金收據都創下了歷史新高。

Also, from an ownership perspective, these properties are now more comparable to rental senior housing than to a traditional CCRC. From a resident standpoint, the properties remain highly differentiated and attractive with vast indoor and outdoor amenities and large units with full kitchen to attract independent seniors.

此外，從所有權的角度來看，這些房產現在更類似於老年租賃住房，而不是傳統的 CCRC。從居民的角度來看，這些房產仍然具有高度的差異化和吸引力，擁有寬敞的室內和室外設施以及配備齊全廚房的大單位，以吸引獨立的老年人。

We've periodically received inbound interest from potential buyers for the portfolio, but not at prices we found compelling. Our current expectation is that we'll own the portfolio for the foreseeable future while retaining complete control and flexibility.

我們定期收到潛在買家對該投資組合的興趣，但價格並不吸引人。我們目前的預期是，我們將在可預見的未來擁有該投資組合，同時保留完全的控制權和靈活性。

Finally, the leadership changes and promotions announced yesterday. We have thorough succession plans and a deep bench for all senior positions. Kelvin Moses has been promoted to the executive team in recognition of his impact across the company since joining in 2018. Kelvin will be EVP of Investments and Portfolio Management.

最後，昨天宣布了領導層的變動和晉升。我們有周密的繼任計劃，並為所有高階職位配備充足的人才。凱爾文·摩西 (Kelvin Moses) 被提升為執行團隊，以表彰他自 2018 年加入公司以來對整個公司的貢獻。凱爾文 (Kelvin) 將擔任投資和投資組合管理執行副總裁。

Tracy Porter has been a key member of our legal team since 2013 and will become EVP and General Counsel on March 1. She's been well trained by Jeff Miller, who have I had the privilege of working with for the past two decades as he set the highest bar for teamwork and mentorship.

特蕾西波特 (Tracy Porter) 自 2013 年以來一直是我們法律團隊的重要成員，並將於 3 月 1 日成為執行副總裁兼總法律顧問。她曾接受過傑夫米勒 (Jeff Miller) 的良好培訓，過去二十年來，我有幸與他共事，他為團隊合作和指導設立了最高的標準。

Also on March 1, Mark Theine will report to me as leader of our outpatient medical business. Mark was a co-founder of Physicians Realty and has two decades of experience in the outpatient sector. He takes the range from Tom Klaritch, who is one of the founding fathers of the outpatient real estate sector. Tom deserves enormous credit for the role he played in building a leading outpatient platform at Healthpeak over the past 25 years. Both Tom and Jeff have agreed to transition and consulting roles through year-end to ensure a smooth handoff.

此外，3 月 1 日，Mark Theine 將向我報告擔任我們門診醫療業務的負責人。馬克是 Physicians Realty 的共同創辦人，在門診領域擁有二十年經驗。他從門診房地產領域的創始人之一湯姆·克拉里奇 (Tom Klaritch) 手中接過了這一職位。過去 25 年來，Tom 在 Healthpeak 建立領先的門診平台過程中發揮了重要作用，他功不可沒。湯姆和傑夫都同意在年底前過渡和擔任顧問角色，以確保順利交接。

On behalf of our team and Board, I want to sincerely thank Tom and Jeff for their enormous impact, and congratulate Tracy, Kelvin, and Mark for their increased role at the company. We are committed to our (technical difficulty) core values and are eager to put in the work to build an industry leader together.

我謹代表我們的團隊和董事會，真誠感謝湯姆和傑夫產生的巨大影響，並祝賀特蕾西、凱爾文和馬克在公司中發揮的更重要的作用。我們堅守我們（技術難度）的核心價值，並願意共同努力打造行業領導者。

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

現在 Pete Scott 將介紹經營績效、指引和資產負債表。

Thanks, Scott. We ended the year with strong momentum. For the fourth quarter, we reported FFO as adjusted of $0.46 per share, AFFO of $0.40 per share and total portfolio same-store growth of 5.4%. For the full year, we reported FFO as adjusted of $1.81 per share, AFFO of $1.60 per share and total portfolio same-store growth of 5.4%. We exceeded the midpoint of our original FFO as adjusted guidance by $0.05.

謝謝，斯科特。我們以強勁的勢頭結束了這一年。第四季度，我們報告調整後的 FFO 為每股 0.46 美元，AFFO 為每股 0.40 美元，總投資組合同店成長率為 5.4%。我們報告的全年調整後 FFO 為每股 1.81 美元，AFFO 為每股 1.60 美元，總投資組合同店成長率為 5.4%。我們的調整後 FFO 中位數超出預期 0.05 美元。

Our outperformance was a team effort across the organization and included better results in all three segments, higher merger synergies, accretive share repurchases and the opportunistic early lease renewal with CommonSpirit. Our balance sheet is in rock solid shape, with a net debt to EBITDA of 5.2 times, providing us with ample dry powder to go on offense.

我們的優異表現是整個組織的團隊共同努力的結果，包括三個部門都取得了更好的業績、更高的合併協同效應、增值股票回購以及與 CommonSpirit 的機會性提前續租。我們的資產負債表狀況穩健，淨債務與 EBITDA 比率為 5.2 倍，為我們發動攻擊提供了充足的動力。

Let me provide some highlights for each segment. Starting with outpatient medical. Our year-over-year same-store growth was 3.2%, well above the midpoint of our original outlook. We executed 6.2 million square feet of leases with a positive 7% rent mark-to-market on renewals. We ended the year at 92% occupancy and a tenant retention rate of 88%. Both metrics are well above industry averages.

讓我為每個部分提供一些亮點。從門診醫療開始。我們的同店銷售額年增 3.2%，遠高於我們最初預期的中位數。我們執行了 620 萬平方英尺的租約，續約時的租金以市價計算上漲了 7%。截至年底，我們的入住率為 92%，租戶保留率為 88%。這兩個指標都遠高於產業平均。

Turning to lab. Our year-over-year same-store growth was 5%, far exceeding the high end of our original outlook. We executed 2 million square feet of leases with a positive 11% rent mark-to-market on renewals, highlighted by a positive 30% rent mark-to-market in the fourth quarter. We far exceeded expectations in our labs segment, driven by our unique competitive advantages, including our scale, best-in-class team, high-quality portfolio in the right submarkets and the depth of our industry relationships.

轉向實驗室。我們的同店銷售額年增 5%，遠遠超出了我們最初預期的高端。我們執行了 200 萬平方英尺的租約，續約時租金以市價計算上漲了 11%，其中第四季的租金以市價計算上漲了 30%。我們在實驗室領域的表現遠遠超出了預期，這得益於我們獨特的競爭優勢，包括我們的規模、一流的團隊、在正確子市場的高品質產品組合以及我們深厚的產業關係。

Finishing with CCRCs. Our year-over-year same-store growth was 20.8%, smashing our original outlook, driven by better-than-expected occupancy gains and entrance fees. Starting in the first quarter of 2025, we will report AFFO in our supplemental inclusive of entrance fee cash collections. We believe this change better reflects the cash flow generation of the business.

以 CCRC 結束。我們的同店銷售額年增 20.8%，超出了我們最初的預期，這得益於好於預期的入住率和入場費。從 2025 年第一季開始，我們將在包含入場費現金收款的補充報告中報告 AFFO。我們相信這項變更更好地反映了業務的現金流產生。

Turning now to our 2025 guidance. We are forecasting FFO as adjusted to range from $1.81 to $1.87 per share. Let me touch on some of the major items that underlie our guidance. We see total same-store growth of 3% to 4%. The components of same-store growth are outpatient medical ranging from 2.5% to 3.5%, lab ranging from 3% to 4% and CCRCs ranging from 4% to 8%.

現在來談談我們 2025 年的指導。我們預測調整後的 FFO 範圍為每股 1.81 美元至 1.87 美元。讓我談談我們指導方針中的一些主要內容。我們預計同店銷售額整體將成長 3% 至 4%。同店成長的組成部分包括門診醫療（2.5% 至 3.5%）、實驗室（3% 至 4%）和 CCRC（4% 至 8%）。

We have included $500 million of investments in our forecast, including the lab loan and Torrey Pines we closed in January. We have a robust pipeline and are confident we can deploy at least as much capital in 2025. The weighted average yield of these investments is 8%-plus

我們的預測中包括了 5 億美元的投資，其中包括 1 月完成的實驗室貸款和 Torrey Pines 交易。我們擁有強大的產品線，並有信心在 2025 年部署至少同樣多的資本。這些投資的加權平均收益率為 8% 以上

Interest expense is forecast to increase approximately $15 million or $0.02 a share as we refinance maturing bonds, fund investments and capital spend. Our current 10-year new issuance cost is approximately 5.5%. We have forecast capital spend of $600 million, which was largely focused on development and redevelopment spend. As we have previously discussed, we see a near-term ramp-up of redevelopment projects in lab as we reposition older product for lease-up, a strategy we've utilized with great success over the years.

由於我們對到期債券進行再融資、基金投資和資本支出，預計利息支出將增加約 1500 萬美元或每股 0.02 美元。我們目前的10年期新發行成本約為5.5%。我們預計資本支出為 6 億美元，主要用於開發和再開發支出。正如我們之前所討論過的，隨著我們重新定位舊產品以供租賃，我們看到實驗室的再開發項目在短期內會增加，這是我們多年來一直採用的策略，並取得了巨大的成功。

One important item before turning to Q&A. We have made significant progress capturing upside from the lease-up of our marquee development and redevelopment projects. In 2024 and including January 2025, we signed over 370,000 square feet of leases, bringing these projects to over 50% leased, representing approximately half of the $60 million of upside NOI we disclosed.

在進入問答環節之前，有一件事很重要。我們在從我們的大型開發和再開發項目的租賃中獲得收益方面取得了重大進展。2024 年（包括 2025 年 1 月），我們簽署了超過 37 萬平方英尺的租約，使這些項目的出租率超過 50%，約占我們揭露的 6,000 萬美元上行淨營運收入的一半。

However, there is a timing lag between when a tenant signed a lease and when earnings commence. Our 2025 guidance excludes $0.04 of FFO from signed, but not yet occupied leases. The benefit from these leases will be a tailwind to earnings beginning in late 2025. With that, let's open it up for Q&A.

然而，租戶簽署租約和開始賺錢之間存在時間差。我們的 2025 年指引不包括已簽署但尚未佔用的租約中的 0.04 美元 FFO。這些租賃帶來的好處將從 2025 年底開始為獲利帶來推動力。現在，讓我們開始問答環節。

(Operator Instructions) [Parvel Banet], Bank of America.

(操作員指示)[Parvel Banet]，美國銀行。

I was curious, based on last quarter, you made comments on sitting on significant dry powder of $500 million to $1 billion to fund accretive acquisitions. Just curious if you can go through how this ties to your acquisition guidance, if anything has changed in how you're viewing the landscape of capital deployment?

我很好奇，根據上個季度的數據，您談到了持有 5 億至 10 億美元的大量現金來資助增值收購。我只是好奇，您是否可以解釋一下這與您的收購指導有何關係，您對資本配置前景的看法是否改變了？

Yes, I can take that. It's Pete here. We typically don't guide to investments within our pipeline. But I think we're far enough along within that pipeline that we felt like we should include some amount of guidance for investments. So, we went with $500 million. It's kind of at the lower end of what we expect to deploy this year given that we have that balance sheet capacity.

是的，我可以接受。我是皮特。我們通常不會指導我們通路內的投資。但我認為我們已經在這方面取得了足夠的進展，我們覺得應該包括一些投資指導。因此，我們投資了 5 億美元。考慮到我們的資產負債表容量，這大約是我們今年預計部署的低端。

In addition, we did disclose the loan and Torrey Pines we did, and that Scott talked about in the prepared remarks, the loan that we did in Dallas for the McKesson asset, both kind of first mortgage or construction loans 8%. So, we feel pretty darn good about the $500 million.

此外，我們確實披露了我們和 Torrey Pines 所做的貸款，以及斯科特在準備好的評論中談到的，我們在達拉斯為 McKesson 資產提供的貸款，包括 8% 的一級抵押貸款或建築貸款。所以，我們對這 5 億美元感到非常滿意。

It's got a midyear time horizon associated with it within guidance as well. And again, we have more dry powder to do more than that to the extent that our pipeline continues to fill up. And hopefully, we have more to disclose over the coming months, and there's a lot of industry activity. So, we'd expect to provide more clarity on that pipeline as we actually get things across the goal line.

它還在指導中有一個與之相關的年中時間範圍。而且，我們還有更多乾火藥可以做更多的事情，以至於我們的管道不斷填滿。希望我們能在接下來的幾個月裡披露更多信息，並且行業內會有很多活動。因此，我們希望在真正實現目標的過程中，提供更清晰的管道資訊。

And also, when it comes to increased M&A in the life science area, how are you seeing that either impact demand? Or are you seeing a different type of clientele coming in to look for buildings?

此外，當談到生命科學領域的併購增加時，您認為這會對需求產生什麼影響？或是您看到不同類型的客戶前來尋找建築物？

I mean M&A has been -- this is Scott speaking. M&A has been relatively quiet the last 4 years just because of the difficulty or received challenges with getting FTC approval. So, there's going to be a significant change, it seems likely. Big M&A has been almost completely off the table. There's been some smaller transactions in the past 4 years, but we would expect that to pick up.

我的意思是併購已經——我是斯科特。由於聯邦貿易委員會 (FTC) 批准的難度或面臨挑戰，過去四年來併購活動一直相對平靜。因此，將會發生重大變化，這似乎是可能的。大型併購幾乎完全不可能了。過去四年中出現了一些小額交易，但我們預計這些交易將會增加。

There's already been a couple of announcements here in January. But generally, it's a positive thing, whether it's direct because of the tenant credit upgrade or just capital being recycled in the sector so that investors can monetize an investment in a smaller company and hopefully get a good return and put it back into the sector. So, it's been a positive through the years for the sector, and we expect that to continue here in 2025 moving forward.

一月份這裡已經發布了幾份公告。但總體而言，這是一件好事，無論是由於租戶信用升級而直接導致的，還是僅僅是該行業的資本回收，這樣投資者就可以將對較小公司的投資貨幣化，並希望獲得良好的回報並將其重新投入到該行業。因此，多年來，這對該行業來說一直是一個積極的信號，我們預計這種趨勢在 2025 年還將繼續。

Nick Yulico, Deutsche Bank.

德意志銀行的尼克‧尤利科 (Nick Yulico)。

I guess first question is just on lab leasing. I know you got a lot on executing on the LOIs you talked about previously. Can you just talk a little bit about how the pipeline is shaping up right now? And also specifically, if you could just talk to how to think about leasing progress still to be made at (technical difficulty), Directors Place Vantage and Gateway?

我想第一個問題是關於實驗室租賃。我知道您在執行之前談到的意向書方面做了很多工作。能稍微談談目前管道的進度嗎？而且具體來說，您能否談談您如何看待 Directors Place Vantage 和 Gateway 尚待取得的租賃進度（技術難度）？

Yes, I could take that and let Scott Bohn is here as well, if you wanted to add on. We did have a solid year last year in 2024 for lab leasing. We got over 2 million square feet done. We do have over 300,000 square feet under LOI, and we've got significant tours proposals and other activity that goes beyond that as well. So we feel like we have pretty strong momentum most of the demand is really a direct result of capital raising, which was up significantly last year for biotech companies.

是的，如果您想補充的話，我可以接受這一點，並讓 Scott Bohn 也在這裡。去年，也就是 2024 年，我們的實驗室租賃業務確實表現強勁。我們已完成超過200萬平方英尺的工作。我們的意向書 (LOI) 面積確實超過 30 萬平方英尺，而且我們還有重要的旅遊提案和其他超出此範圍的活動。因此，我們覺得我們擁有相當強勁的發展勢頭，大部分需求實際上是融資的直接結果，去年生物科技公司的融資大幅增加。

As you think about the $60 million of cash upside, Nick, which I think is an important part of your question, at this point, we've now signed leases for over 50% of that. Again, a lot of that won't actually benefit our earnings until the very end of this year and really be a tailwind as we look towards next year.

尼克，當你想到 6000 萬美元的現金上漲時，我認為這是你問題的一個重要部分，目前，我們現在已經簽署了超過 50% 的租約。再說一遍，其中許多因素直到今年年底才會真正對我們的盈利產生影響，而展望明年，它們才真正成為我們的順風。

But there's additional upside for us to capture as we get the balance of that upside leased up. And like I said, we've got strong progress. Nothing at this point in time that is at an LOI level where we would disclose it. But again, lots of tours and activity.

但隨著我們將上行空間的餘額租賃出去，我們還可以獲得額外的上行空間。正如我所說的，我們取得了長足的進步。目前，我們還沒有在意向書 (LOI) 層面上揭露任何資訊。但同樣，有很多旅遊和活動。

Okay. And then I guess second question is just maybe for Scott Brinker. Just in terms of where you're at right now on the merger synergies? And how much are assumed this year in terms of internalizing management for assets? And how should you just think about kind of how far along you are on that whole process and whether there's also some potential upsides benefit there that could happen this year, similar to, I think, was a benefit that helped you beat guidance last year?

好的。然後我想第二個問題也許就是針對 Scott Brinker 的。就您目前的合併綜效而言，您認為目前處於什麼階段？今年在資產內部化管理方面預計會達到多少？您應該如何思考您在整個過程中進展到了哪一步，以及今年是否還可能出現一些潛在的上升趨勢，類似於去年幫助您超越預期的趨勢？

Yes. Thanks, Nick. Yes, the merger added between $0.05 and $0.07 of earnings last year 2024 and on a run rate basis as well. And we think there is more to capture. We internalized almost 20 million square feet of real estate. Last year, it was a big part of the $50 million of synergies. We've got another 8 million or so square feet that we plan to internalize in 2025.

是的。謝謝，尼克。是的，此次合併將使去年 2024 年的收益增加 0.05 美元至 0.07 美元，並且按運行率計算也是如此。我們認為還有更多值得捕捉的東西。我們內部擁有近2000萬平方英尺的房地產。這是去年 5000 萬美元協同效應的重要組成部分。我們還有另外約 800 萬平方英尺的空間，計劃在 2025 年內部化。

And we feel like the run rate total synergies coming out of this year should be more in the 65 million range. So not all of that additional synergy comes through in 2025. But on a run rate basis, it's really strong. I mean you're talking about $0.10 a share. So it's significant.

我們認為今年的總協同效應運行率應該在 6500 萬左右。因此，並非所有額外的協同效應都會在 2025 年實現。但從運行率來看，它確實很強勁。我的意思是你說的是每股 0.10 美元。所以這很重要。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just on the $500 million of investments anticipated for Plan 4 for '25, could you just give us a sense of like what is the breakdown between some of the MLB loans where you announced one with the results as well as kind of the lab more distressed opportunities. And for the stuff that you announced, what's the term or duration of those two loans?

僅就預計在 25 年計劃 4 中進行的 5 億美元投資而言，您能否向我們介紹一下您宣布的一些 MLB 貸款的細目，以及這些貸款的結果以及實驗室中更多不良機會的情況。對於您所宣布的內容，這兩筆貸款的期限或持續時間是多少？

Yes, they're 3- to 4-year loans for the most part -- the ones we announced. I mean the mix of sectors is fluid. I mean there's a big pipeline in both. But as you noted, there's the big difference is that in the outpatient business, there's not distressed. These are really development opportunities. Some will do on balance sheet, some will do through loans with an option to purchase each project is unique.

是的，我們宣布的貸款大部分是 3 至 4 年期的貸款。我的意思是各行業的組合是流動的。我的意思是兩者都有很大的管道。但正如你所說，最大的區別在於，在門診業務中，沒有困境。這確實是一個發展機會。有些會在資產負債表上進行，有些會透過貸款並選擇購買，每個項目都是獨一無二的。

In life science, they tend to be more in the distressed category. But again, could be acquisition, could be loans. The one we announced in Torrey Pines is at the lower end of the risk spectrum, obviously, with a 60% loan to cost and even bigger discount to replacement cost. Others are higher LTC and therefore, higher return in the pipeline. But it's significant, but until something actually closes, obviously, we won't disclose the particulars.

在生命科學領域，他們往往更屬於困境類別。但同樣，可能是收購，也可能是貸款。顯然，我們在 Torrey Pines 宣布的專案處於風險範圍的較低端，貸款成本率為 60%，重置成本的折扣更大。其他公司的 LTC 較高，因此管道報酬率也較高。但這很重要，但在事情真正結束之前，我們顯然不會透露細節。

Great. And then just hoping to get a little bit more of the piece parts behind the lab same-store NOI guidance of 3% to 4%. How should we think about an occupancy through the year and kind of the mark-to-market of leases that are expiring versus where they are relative to market at this point?

偉大的。然後只是希望在實驗室同店 NOI 指導價 3% 至 4% 的範圍內獲得更多零件。我們應該如何看待全年的入住率，以及即將到期的租約的市價與當前市場的相對關係？

Yes. Juan, it's Pete. I'll give a little color on that. I think the main drivers of lab same-store this year will be, call it, the rent mark-to-market in that 5% to 10% range. And then within the same-store pool, you're going to see kind of flattish occupancy. I mean, we're at the very high levels of 97%, 98% within the same-store pool, and I'll touch on that in a second. And then obviously, we also have the escalators in the low threes. So those are really the main drivers to the 3% to 4% but that's just same store.

是的。胡安，我是皮特。我將對此做一點解釋。我認為今年實驗室同店銷售額的主要驅動力將是 5% 到 10% 範圍內的租金以市價計算。然後，在同一家店內，你會看到入住率比較穩定。我的意思是，我們的同店銷售額達到非常高的 97%、98%，我馬上就會談到這一點。顯然，我們在三樓下方也設有自動扶梯。所以這些確實是 3% 到 4% 成長的主要驅動因素，但這只是同一家商店的情況。

We're focused on total occupancy and really the upside opportunity for us is taking that total occupancy from the mid- to high 80s, back to the low 90s, right? And if you think about what's it going to take to get there, we've probably got around 1.3 million square feet of available space that we could lease up. If we leased all of it tomorrow and it commenced tomorrow, we get back to 100%, that would be great, but that's not our expectation. I mean, our expectation is to probably lease up about half of that and get back up to that low 90% stabilized occupancy level.

我們關注的是總入住率，而對我們來說，真正的上行機會是將總入住率從 80% 左右提升到 90% 左右，對嗎？如果你考慮一下要達到這個目標需要做什麼，我們可能有大約 130 萬平方英尺的可用空間可以租賃。如果我們明天就把所有樓盤都租出去，並且明天就可以開始營業，那麼我們的恢復率就能達到 100%，那就太好了，但這不是我們的期望。我的意思是，我們預計租賃量可能會增加一半左右，並恢復到 90% 的穩定入住率。

And perhaps if the market continues to improve, we could do better than that in the medium or long term, but our near-term goal is to get from that mid- to high 80s into the low 90s. So they're same store, but then there's really what's going to drive earnings and earnings growth going forward.

如果市場繼續好轉，我們或許可以在中長期內做得更好，但我們的近期目標是從 80 年代中後期提高到 90 年代初期。因此，它們是同一家商店，但真正推動未來獲利和獲利成長的因素是什麼。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Just want to go back to the same store and maybe just understand a little bit of what's driving you from that 5%-plus range growth in the fourth quarter, down to the mid-3% range in 2025? What sort of causing that deceleration? And were there any sort of onetime benefits in the fourth quarter that we should be aware of?

只是想回到同一家商店，也許只是了解一下是什麼推動你們從第四季度 5％ 以上的增長，下降到 2025 年 3％ 的中間範圍？什麼原因造成這種減速？第四季是否有任何我們應該了解的一次性福利？

Yes. Obviously, looking at it quarter-to-quarter, there's different nuances. Maybe I'll just look at the full year of -- we finished at 5.4% last year, and we're guiding to 3.5% this year. Obviously, there's a little bit of cushion as you set guidance at the beginning of the year, and you hope to exceed it as the year progresses. But remember, last year, we did get pretty significant benefits from internalization.

是的。顯然，從每個季度來看，存在著不同的細微差別。也許我只會看全年——去年我們的成長率為 5.4%，今年我們預計為 3.5%。顯然，由於你在年初設定了指導方針，所以會留有一點緩衝空間，並且你希望隨著時間的推移能夠超越它。但請記住，去年我們確實從內部化中獲得了相當大的利益。

And then also on CCRCs, we finished the year north of 20%. So right now, we're guiding 4% to 8% within CCRCs. I'd love to do better than that, right? But I think we're going to come out the gates at that 4% to 8% what we came out of the gates with last year and significantly exceeded it.

然後同樣在 CCRC 方面，我們今年的成長率超過了 20%。因此目前，我們指導 CCRC 的比例為 4% 到 8%。我很樂意做得更好，對嗎？但我認為，我們的初始成長率將達到 4% 到 8%，與去年的成長率持平，而且會大大超過去年。

And then when you back out the internalization benefit we got through the course of last year with a decent amount of that lab, we're guiding 3% to 4% in lab this year and 2.5% to 3.5% in outpatient medical, which is pretty consistent growth with what we achieved when you back out some of those onetime benefits that we mentioned and then the CCRCs.

然後，當您退出去年我們透過大量實驗室獲得的內部化收益時，我們預計今年實驗室的收入將增長 3% 到 4%，門診醫療的收入將增長 2.5% 到 3.5%，這與我們退出之前提到的一些一次性福利以及 CCRC 時所取得的增長相當一致。

Understood. And then just sticking a little bit with lab pretty attractive mark-to-market this quarter, but it looks like some of the TIs and LCs were up relative to prior quarters. Can you just talk about how your kind of expecting that to trend to achieve that 5% to 10% mark-to-market that you highlighted is assumed in guidance?

明白了。然後，本季度實驗室的市價相當具有吸引力，但看起來一些 TI 和 LC 相對於前幾季有所上漲。您能否談談您預期該趨勢將如何實現您所強調的 5% 至 10% 的市值率？

Yes. Sure. It's Scott Bohn. I think that 5% to 10% is how we view the portfolio. This quarter, it was a little bit higher, 30%, but it's going to jump around from quarter-to-quarter. I think over the course of the year, we were 3% in the first quarter, up other to 30% this quarter. There was one in San Diego that drove it a little bit higher. But even if you (technical difficulty) out that lease, we were in the mid-teens and the mark-to-market. So right in line with where we expect it to be this year as well as in 2025.

是的。當然。我是史考特·博恩。我認為 5% 到 10% 是我們對投資組合的看法。本季度，這一數字略高一些，為 30%，但每個季度都會有所波動。我認為，從今年來看，第一季我們的成長率是 3%，而本季則上升到了 30%。聖地亞哥的一次事件使價格略有上漲。但即使你（技術困難）退出該租約，我們的利率也處於十幾歲的中段，並且按市價計算。這與我們對今年以及 2025 年的預期完全一致。

And the TIs, there was one lease in San Francisco on a renewal that drove that a little bit higher. And that was a tenant that's been in the portfolio in the space for 10 years. They're a $3 billion market cap company. as their global headquarter building. They had a shift in their business. Their existing space was heavily skewed towards office, a pretty light lab.

對於 TI 來說，在舊金山有一份租約正在續簽，這導致這一數字略有上漲。這位租戶已經在該空間內經營了 10 年。他們是一家市值 30 億美元的公司。作為其全球總部大樓。他們的業務發生了轉變。他們現有的空間嚴重偏向辦公室和一個光線充足的實驗室。

And in this renewal, they need a significantly more lab in that space. And so, we were able to put that in for them, do a long-term renewable both in San Francisco and San Diego with that tenant. So that's capital that we would spend if they were to vacate it and go somewhere else, we'd be spending that capital to get that space to more of a 50-50 office lab anyway. So, it's great to do it with a high-quality tenant (technical difficulty), and we're also to drive a 27% mark-to-market on that lease in San Francisco as well.

在這次更新中，他們需要在那個空間裡建造更多的實驗室。因此，我們能夠為他們提供這一點，並與該租戶在舊金山和聖地牙哥建立長期的再生能源合作關係。所以，如果他們要騰出這塊空間去別處的話，我們要花費這筆資金，無論如何，我們都會花這筆資金把這塊空間變成一個 50-50 的辦公實驗室。因此，與優質租戶合作（技術難度）是件好事，而且我們也將在舊金山推動該租約的 27% 按市價計價。

Michael Griffin, Citigroup.

花旗集團的邁克爾·格里芬。

It's Nick Joseph here. Just sticking on the lab leasing. Are you starting to see bigger space takers looking for space? Or is it still that 20,000 to 40,000 square foot tenants?

我是尼克約瑟夫。只是堅持實驗室租賃。您是否開始看到更大的空間佔用者正在尋找空間？還是仍是那 2 萬至 4 萬平方英尺的租戶？

Yes. I would say there are certainly some larger requirements out in the market in each of the three core markets. Those deals tend to take a lot longer to actually execute. But we have seen, as I mentioned in the last quarter, that kind of barbell of demand that we spoke about for the past four or five quarters start to fill in significantly. If you look at our leasing for the fourth quarter average lease was in the low 40,000 square feet versus in the low 30s for the first three quarters of the year. So, we're starting to see those larger deals come into the market.

是的。我想說，這三個核心市場中肯定都存在著一些更大的需求。這些交易往往需要更長的時間才能真正執行。但正如我在上個季度提到的那樣，我們已經看到，過去四、五個季度所談論的那種需求開始大幅增加。如果你看一下我們第四季的租賃情況，你會發現平均租賃面積在 40,000 平方英尺出頭，而今年前三個季度的平均租賃面積在 30,000 平方英尺出頭。因此，我們開始看到那些更大的交易進入市場。

And Nick, I'm sure you're well aware of this and follow it closely. But the two large leases we did last quarter, one at Portside that was over 200,000 square feet, and we did one at Vantage, which was over 60,000 square feet. So, it's pretty hard to move the needle on the pre-leasing the way that we've done that within those larger projects without signing some pretty big deals.

尼克，我相信你很清楚這一點並且密切關注它。但上個季度我們簽訂了兩份大型租賃合同，一份在 Portside，面積超過 200,000 平方英尺，另一份在 Vantage，面積超過 60,000 平方英尺。因此，如果不簽署一些相當大的交易，就很難像我們在那些大型專案中所做的那樣推動預租賃的發展。

And then are you seeing traditional office users look at lab space at all?

那麼，您是否看到傳統辦公室使用者關注實驗室空間？

Not much. I think if you look at the -- there was a (technical difficulty) today with an office user looking at a sublease in Seaport in Boston. But typically, our pipeline is more full with lab users versus office.

不多。我想如果你看一下——今天有一個辦公室用戶在波士頓海港查看轉租時遇到了（技術困難）。但通常情況下，我們的管道充滿了實驗室用戶，而不是辦公室用戶。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

So I want to ask a question about the guidance range, $181 million to $187 million. How much of the $181 million associated with sort of existing leverage ratios? And how much is the $187 million associated with higher leverage ratios on the view that you're talking about going more on offense with your balance sheet?

所以我想問一個關於指導範圍的問題，1.81 億美元到 1.87 億美元。這 1.81 億美元中有多少與現有的槓桿率有關？從您所說的在資產負債表上採取更多進攻措施的角度來看，與更高的槓桿率相關的 1.87 億美元是多少？

I'm just wondering what your sort of giving up at the higher end of that guidance when you think about specifically the balance sheet and whatever else might go into that? The difference between the two ends of the guidance range?

我只是想知道，當您具體考慮資產負債表以及其他可能涉及的因素時，您會放棄什麼樣的指導上限？導引範圍兩端的差別是什麼？

So Rich, it's a really good question. I would say the midpoint of our guidance. Yes. I appreciate it. By the way, I thought your note was great, that you put out, short and sweet. But if you look at the midpoint of our guidance, if we put a $500 million of capital to work. Now some of it is dependent upon the yield that you get, right, with regards to how you think about net debt to EBITDA.

所以，Rich，這是一個非常好的問題。我想說的是我們的指導的中間點。是的。我很感激。順便說一句，我認為你寫的便條很棒，簡短又甜蜜。但如果你看看我們的指導中點，如果我們投入 5 億美元的資金。現在其中一些取決於您獲得的收益，對吧，關於您如何看待淨債務與 EBITDA 的比率。

But that would not get us back to 5.5 times from we're at 5.2 right now. So, it's probably somewhere in between. I think if we got to the higher end of our guidance range, we'd be assuming getting back to target leverage ratios in the mid-5s. We're going to be very careful about going beyond that. I think with the interest rate volatility right now and other uncertainties. We want to make sure that we maintain our leverage at target levels or slightly below.

但這並不能使我們從目前的 5.2 倍恢復到 5.5 倍。因此，它可能介於兩者之間。我認為，如果我們達到了指導範圍的高端，我們就會假設槓桿率會在 5% 左右回到目標水準。我們將非常小心，避免超越這一點。我認為目前存在利率波動和其他不確定因素。我們希望確保我們的槓桿率維持在目標水準或略低於目標水準。

And then I think the low end of guidance would assume we don't get any investments done. And I'm not saying the investment is driving all of that. I'm just kind of giving you some directional thoughts on it because there's other things that would drive whether you hit the high or the low, but leverage at the high-end would-be kind of getting back to that mid 5.5 times.

然後我認為指導的低端會假設我們不會完成任何投資。我並不是說投資推動了這一切。我只是給你一些方向性的想法，因為還有其他因素會影響你是否達到高點或低點，但高端的槓桿率會回到中間的 5.5 倍。

Okay. Correct. And then second question on the commentary around CCRCs and you received some inbound interest, but it didn't pan. Wondering are we getting closer to a bid-ask spread that's at least in the conversation? Or is it still way off in terms of the offers you're getting? I'm wondering if there -- you mentioned about the low refundable component of your entrance fees.

好的。正確的。第二個問題是關於 CCRC 的評論，您收到了一些關注，但沒有成功。想知道我們是否正在接近至少正在討論的買賣價差？或者說，這與你收到的報價還有差距嗎？我想知道您是否提到入場費中可退還的部分很低。

I'm wondering if we're getting -- if you feel a trend approaching that you may actually someday see a sale makes sense, just based on some of the offers you've heard of in the past? That's the basic question.

我想知道我們是否得到了——您是否感覺到一種趨勢正在臨近，您可能有一天真的會看到銷售，這是否合理，僅僅基於您過去聽說過的一些報價？這是基本問題。

Rich, it's performed really well, and our expectation is that we're going to hold it for the foreseeable future.

里奇，它的表現確實很好，我們期望在可預見的未來能夠繼續持有它。

But you can't comment about how the quality of the offers have been coming in? Have they been sort of associating it with a higher value of the business that's sort of staying the same?

但您無法評論所收到的報價的品質如何嗎？他們是否將其與保持不變的更高業務價值連結起來？

Yes, there's been no conversations recently, Rich.

是的，最近沒有對話，Rich。

Michael Carroll, RBC Capital Markets.

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

I wanted to touch on your structured life science investment that you've been pursuing. And I know with life science, the sponsor is pretty important to prospective tenants. So how active I guess, the DOC plan on being managing these properties you make loans on all? Will the new prospective tenant view DOC as an owner and kind of give that building credit for the scale that DOC has to lease up that property?

我想談談您一直在追求的結構化生命科學投資。我知道，對於生命科學領域來說，贊助商對於潛在的租戶來說非常重要。那麼我猜測 DOC 計劃如何積極地管理您發放貸款的這些房產？新的潛在租戶是否會將 DOC 視為所有者，並對建築物給予 DOC 租賃該物業的規模的信任？

Mike, each one is a little unique. The loan we announced in Torrey Pines was completely passive. So, I don't know that our involvement brings any credibility or anything else to the table or tenants. It obviously brings capital 60%. But the owner is the one at risk, their name is on the building. But our basis is less than $800 a foot in Torrey Pines when rents are, I don't know, $75, $80. So we feel like our downside is pretty attractive.

麥克，每一個都是有點獨特的。我們在托里松樹宣布的貸款完全是被動的。所以，我不知道我們的參與是否能為租戶帶來任何信譽或其他任何東西。它顯然帶來了60%的資本。但處於危險之中的是業主，他們的名字就在建築物上。但在 Torrey Pines，我們的基準價格不到每英尺 800 美元，而當時的租金大概是 75 美元或 80 美元。所以我們覺得我們的缺點是相當有吸引力的。

But our expectation is that over time, the (technical difficulty) gets leased up, and we have a chance to buy it at a point in the cycle where cost of capital is a lot more attractive in the interim, it's highly accretive (technical difficulty) really low risk investment. But like I said, a number of the things we're looking at are a little bit hotter on the loan-to-cost or loan-to-value scale and therefore, a much higher return.

但我們的預期是，隨著時間的推移，（技術難度）會逐漸提高，我們有機會在週期的某個時間點購買它，此時資本成本在過渡期內會更具吸引力，這是一種高度增值的（技術難度）低風險的投資。但就像我說的，我們正在關注的許多事情在貸款成本或貸款價值比上都更為熱門，因此回報率要高得多。

Okay. Great, Scott. And then can you give us some details on that purchase option that you guys keep on referring to? Is it -- I guess, when does it become exercisable and if there is that price or cap rate that you could acquire it at?

好的。太好了，斯科特。那麼您能否向我們提供一些關於您們一直提到的購買選項的詳細資訊？我想，它什麼時候可以行使，以及您是否可以以該價格或資本化率獲得它？

Each one is unique. But in all cases, when we're making these loans, the building itself is located in a submarket that we have a presence in and view as strategic and would want to own the asset. So that's been a fundamental part of all these discussions is that we have purchase options. In some cases, they're at market, in some cases, their promotes, their warrants. They're all different, Mike, depending on the circumstances.

每一個都是獨一無二的。但在所有情況下，當我們提供這些貸款時，建築物本身都位於我們有業務的子市場，我們將其視為戰略性資產，並希望擁有該資產。所以所有這些討論的一個基本部分就是我們有購買選擇。在某些情況下，他們在市場上，在某些情況下，他們在促銷，他們在認股權證上。麥克，根據具體情況，它們都是不同的。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

I guess -- I apologize if I missed this, but what sort of development starts are you expecting for this year out of outpatient medical?

我想——如果我錯過了這一點，我很抱歉，但是您預計今年門診醫療將會有什麼樣的發展？

Yes. Mike, we have a significant pipeline. I mean, we could easily start $200 million to $300 million of projects this year, all highly pre-leased, core markets, strong health systems. So, this is a really attractive way to grow our business, brand-new assets, long-term leases. We view it as highly strategic and accretive. So we are prioritizing having capital available to do these investments.

是的。麥克，我們有一個重要的管道。我的意思是，我們今年可以輕鬆啟動 2 億到 3 億美元的項目，這些項目都是預租率很高、核心市場強大、醫療系統強大的項目。所以，這是一種非常有吸引力的發展業務的方式，全新資產、長期租賃。我們認為它具有高度的策略性和增值性。因此，我們優先考慮提供資本來進行這些投資。

We announced one here in the first quarter -- or in the fourth quarter, I apologize with McKesson and Dallas, and I would expect to have more to announce as the year progresses could easily be five, six, seven projects this year that we would break ground on.

我們在第一季宣布了一項計劃，或者在第四季度宣布，我對麥克森和達拉斯表示歉意，我希望隨著時間的推移還會有更多計劃宣布，今年我們很容易就會啟動五、六、七個項目。

Got it. Okay. And then I guess for an investment follow-up here, what sort of guidelines or how are you thinking about what the mix of incremental debt investments could be or should be relative to just kind of outright acquisitions?

知道了。好的。然後我想，對於這裡的投資跟進，有什麼樣的指導方針，或者您如何考慮增量債務投資的組合可以是什麼或應該是什麼，相對於直接收購？

Yes. We're looking at both. I think there will be some acquisitions this year. In Life Science, it probably skews more towards loans with an option to purchase just given bid-ask spread. I'm not sure that sellers have completely capitulated on price.

是的。我們正在研究這兩者。我認為今年會有一些收購。在生命科學領域，它可能更偏向於僅給出買賣價差即可選擇購買的貸款。我不確定賣家是否已完全在價格上讓步。

And when we look at the timeline and risk to stabilize some of these developments and the returns that would come with it at the required price, in many cases, the loans look awfully compelling just from a risk-adjusted standpoint.

當我們考慮穩定這些發展所需的時間表和風險，以及以所需價格獲得的回報時，在許多情況下，僅從風險調整的角度來看，這些貸款就顯得非常有吸引力。

Jim Kammert, Evercore.

吉姆·卡默特（Jim Kammert），Evercore。

Could you just share maybe a little of the rationale regarding a little less granular information on the AFFO guide? Because I think sometimes the straight line and TI and CapEx components of that are kind of helpful. So, if you could provide any context of why that may have shifted?

您能否分享一些有關 AFFO 指南的不太詳細的資訊的理由？因為我認為有時直線、TI 和 CapEx 元件很有幫助。那麼，您能否提供一些背景資訊來解釋為什麼會發生這種轉變？

Yes. Jim, it's Pete. I'm glad you brought it up. One, we think it's a simpler story now than it was a few years ago at Healthpeak and we feel like we put out a pretty clean guide. So perhaps there's a little less information on our guidance page within the (technical difficulty).

是的。吉姆，我是皮特。我很高興你提起這件事。首先，我們認為現在的故事比幾年前 Healthpeak 的故事更簡單，而且我們覺得我們發布的指南非常簡潔。因此，我們的指導頁面上的資訊可能會少一些（技術難度）。

But we do include the same-store components in a footnote, I know before they used to be broken out, but we felt like it was taking up a little too much space. And then on the sources and uses table it's one number as opposed to a range. I mean, frankly, I just think that's simpler to look at versus a range.

但是我們確實在腳註中包含了同店組件，我知道以前它們曾經被分開，但我們覺得它佔用了太多空間。然後在來源和用途表上它是一個數字而不是一個範圍。我的意思是，坦白說，我只是認為這比範圍看起來更簡單。

But to your AFFO question, specifically, look, we did include it in guidance last year. And the rationale for that was we had so many GAAP merger adjustments that you lost track of synergies within FFO, but you could see it within AFFO. So, we did include it last year. We did decide not to include it this year as we were an outlier. And I think if you do a little bit of research around other REITs, you'd see that we were a significant outlier from that perspective. We did also modify the definition. We're including cash and rest as well.

但對於您的 AFFO 問題，具體來說，我們去年確實將其納入了指導中。原因在於我們進行了太多的 GAAP 合併調整，以致您無法追蹤 FFO 中的協同效應，但您可以在 AFFO 中看到它。所以，我們去年確實將其納入了其中。由於我們是一個異常值，我們確實決定今年不將其納入。我認為，如果你對其他房地產投資信託基金 (REIT) 做一些研究，你會發現，從這個角度來看，我們是一個顯著的異常值。我們也確實修改了定義。我們還包括現金和休息。

But just to demystify the whole thing, under the new definition, we think AFFO will be for 2025 right around $1.65 at the midpoint. And under the old definition, AFFO would be call it, $1.60 within 2025. AFFO growth does differ from FFO growth. Scott mentioned some of the numbers in his prepared remarks. You got lumpier items like recurring CapEx.

但為了揭開整個事情的神秘面紗，根據新的定義，我們認為 2025 年的 AFFO 中間值將在 1.65 美元左右。根據舊定義，2025 年內 AFFO 將達到 1.60 美元。AFFO 成長確實與 FFO 成長不同。斯科特在準備好的發言中提到了一些數字。您將獲得諸如經常性資本支出之類的較大項目。

Now we've got cash (technical difficulty) which we think will be strong, but we are forecasting it to decelerate a little bit just because it was so strong last year. So, I just wanted to give you some of the rationale why we did not include it. But like I said, I was happy to give all the numbers, and I just gave them. So hopefully, that helps demystify it a little bit.

現在我們有現金（技術難度），我們認為它會很強勁，但我們預測它會稍微減速，因為去年它非常強勁。所以，我只是想告訴你我們沒有將其包括在內的一些理由。但就像我說的，我很高興提供所有數字，而且我就提供了它們。所以希望這能幫助大家解開一些謎團。

That's great. And then just maybe housekeeping. Obviously, you had the Milton related charges for the fourth quarter. Is it safe to assume that your insurance policies and whatnot, you'll you feel pretty good that you won't be out of pocket, you'll get that $25 million change back or recover in some fashion?

那太棒了。然後也許只是家務事。顯然，第四季你有與米爾頓相關的指控。您是否可以放心地認為，您的保險單等等，會讓您感覺很好，因為您不會自掏腰包，您會拿回 2500 萬美元的零錢或以某種方式收回？

Yes. I mean, unfortunately, that's actually the portion that we are going to have to incur the costs on. But there's probably a little bit of deferred maintenance that we'll do as well as we're replacing roofs within the communities. So hopefully, our capital expenditures for those assets will go down in the future with the amount that we're spending. But the insurance market is tough, right?

是的。我的意思是，不幸的是，這實際上是我們必須承擔成本的部分。但我們可能會進行一些延期維護，因為我們會在社區內更換屋頂。因此，希望未來我們在這些資產上的資本支出將隨著我們的支出金額而下降。但是保險市場很艱難，對吧？

Ask any other REIT management team and they'll tell you it's pretty darn tough and states like Florida and California, it's even tougher. You've got pretty high deductibles for these named windstorms. So that's a cost we will eat. Now we did go above the deductible and certain assets, and that will get recovered by insurance, but that's outside of the charge that we took this quarter.

問問任何其他房地產投資信託基金管理團隊，他們都會告訴你這非常困難，而在佛羅裡達州和加州等州，情況甚至更加困難。對於這些指定風暴，您需要支付相當高的免賠額。所以這是我們要承擔的成本。現在我們確實超出了免賠額和某些資產，這些將透過保險收回，但這不在我們本季收取的費用之內。

I appreciate the clarification. I missed that. But then that would be part of your embedded in the whole $600 million development, redevelopment and CapEx spend, you kind of got that for the year?

我很感謝您的澄清。我錯過了。但是，這將成為您全年 6 億美元開發、再開發和資本支出的一部分，今年您已經獲得了這些資金嗎？

Yes (technical difficulty) that as well.

是的（技術難度），那也是。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Maybe just first one, if you can just expand give us a little bit more color about how you're thinking about these structured investments either whether they're preferred or more debt? But given sort of where the stock is trading close to a 7.5 cap versus this deal, can you just give us more flavor on the range or the type of deals and cap rates?

也許只是第一個問題，如果您可以擴展一下，請給我們稍微詳細講一下您對這些結構化投資的看法，無論是優先股還是債務股？但考慮到該股交易價格接近 7.5 倍上限，您能否向我們詳細介紹交易範圍或交易類型以及上限率？

And then just stepping back on that, the funnel, like how big is this opportunity if we look in terms of what you're initially looking at then whittling down to your $500 million?

然後回顧一下，如果我們從您最初考慮的角度來看待這個問題，那麼這個機會有多大，然後將其削減到 5 億美元？

Yes, Vikram, in all cases, we want to make investments where the asset is attractive to us from an ownership standpoint long term. So, a lot of what's been built would not make it into our pipeline. So, it has to be in a core submarket. But the opportunity set is significant. I mean, Pete said up to $1 billion. This year, a fair amount of that could be in Life Science.

是的，維克拉姆，在所有情況下，我們都希望投資那些從長期所有權角度對我們有吸引力的資產。因此，許多已建成的項目均無法納入我們的管道。因此，它必須位於核心子市場。但機會是巨大的。我的意思是，皮特說最多 10 億美元。今年，其中相當一部分可能涉及生命科學領域。

So the stock obviously has bounced around. It's been a volatile environment for everybody over the past three months. I mean the stock is at 22, 23, and then it's at 20. So, we certainly have the balance sheet capacity to buy back stock if it reaches a certain price, and we would not hesitate to do that. We have authorization from the Board if the volatility works against us. But obviously, we're working hard to continue to grow earnings and build a compelling pipeline that we think is strategic and accretive.

因此，該股顯然已經反彈。過去三個月對每個人來說都是一個動盪的環境。我的意思是股票價格是 22、23，然後是 20。因此，如果股票達到某個價格，我們當然有回購股票的資產負債表能力，而且我們會毫不猶豫地這麼做。如果波動對我們不利，我們會得到董事會的授權。但顯然，我們正在努力繼續增加收益並建立我們認為具有策略性和增值性的引人注目的管道。

Okay. And then just on that topic of just earnings. I think there's perhaps, I guess, questions or confusion around like the earnings power of DOC here, and I'm not asking for '26 guidance, but is based on what you know, what's leased up, the deals you have in the pipeline that are very sure? Like how should we think about the cash flow AFFO growth trajectory? Is it like over time over the next 2, 3 years? Is it a low single-digit AFFO? Is it a mid-single like do we think about what all you're doing today to benefit '26 and '27?

好的。然後就討論收入這個話題。我認為可能存在一些關於 DOC 盈利能力的問題或困惑，我並不是在要求提供 26 年的指引，而是基於您所了解的情況、租賃的情況、您正在進行的交易等，這些非常確定？例如，我們該如何看待現金流 AFFO 成長軌跡？這是否像未來 2 至 3 年內隨著時間的推移而發生？AFFO 是否為低個位數？這是中單打嗎，就像我們是否考慮過您今天所做的一切對 '26 和 '27 有什麼好處？

I mean the last 3 years have been pretty challenging for us given interest rates and Life Science fundamentals and we grew FFO 12% and AFFO 19%. So, when the macro works in our favor, I would expect the growth rate to be even stronger, and we've continued to grow earnings this year. And I think a pretty good track record of not just meeting but exceeding initial expectations.

我的意思是，考慮到利率和生命科學基本面，過去 3 年對我們來說相當具有挑戰性，我們的 FFO 成長了 12%，AFFO 成長了 19%。因此，當宏觀經濟對我們有利時，我預期成長率會更加強勁，今年我們的獲利也將繼續成長。我認為這是一個很好的記錄，不僅滿足了最初的預期，而且超出了最初的預期。

So that is our expectation. The investments, obviously, are just additional return on top of the same-store growth, and Pete talked about leasing up the development -- redevelopment portfolio, is probably the most significant source of internal growth that we have outside of same-store.

這就是我們的期望。顯然，這些投資只是同店成長基礎上的額外回報，而 Pete 談到的租賃開發——再開發組合，可能是我們同店之外最重要的內部成長來源。

(technical difficulty) you do get the award for the first person to ask us for 2026 guidance. So, on the day we put out '25 guidance.

（技術難度）您確實是第一個向我們尋求 2026 年指導的人，您將獲得獎勵。所以，在我們發布‘25 指導意見的那天。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，綠街。

Could you maybe just provide some additional color on the sizable lease that saw that 45% mark-to-market? Was that in line with the company's expectations when setting guidance earlier in the year? And if not, what's changed in recent months that allowed for such a healthy mark-to-market?

您能否對那筆以市價 45% 計算的巨額租賃提供一些額外的資訊？這是否符合公司今年稍早制定指導時的預期？如果不是，那麼最近幾個月發生了什麼變化，使得市價如此健康？

Yes. I answer it directly, yes, that was in line with it. If you actually heard me last quarter, I said we're expecting the fourth quarter to be our strongest rent mark-to-market quarter. And we have a pretty good line of sight that this renewal was going to get done.

是的。我直接回答，是的，是符合的。如果您確實聽到了我上個季度說的話，我說過，我們預計第四季度將是我們租金以市價計算最強勁的季度。我們非常確信這次續約將會完成。

That said, for the full year, we were a little bit above 10%, and we've been trying to say, be careful not to draw too many conclusions over a quarterly number. I think the full year numbers are a better way to look at what we think the true mark-to-market is because it can ebb and flow depending upon the size of the lease. But nevertheless, we're happy. We got that big mark-to-market.

也就是說，就全年而言，我們的成長率略高於 10%，我們一直在說，要小心，不要根據季度數字得出太多結論。我認為全年數據是了解真實市價的更好方式，因為它會根據租賃規模而起伏。但儘管如此，我們還是很高興。我們得到瞭如此大的市價。

And as Scott said, we also got a pretty big one in South San Francisco as well with a really high-quality tenant. Yes, it came with more TIs. But as Scott said, we'd have to spend those TIs at the tenant vacated, and that's great, we got a renewal out of it. So, no downtime.

正如斯科特所說，我們在南舊金山也擁有一家相當大的商場，並且租戶品質非常高。是的，它配備了更多 TI。但正如斯科特所說，我們必須在租戶騰空時花掉這些 TI，這很好，我們從中獲得了續約。因此，沒有停機時間。

Got it. That's helpful. And then one other, it looks like seven properties rolled out at the operating portfolio into the readout bucket this past quarter. Can you just help frame the expected year-over-year earnings dilution in 2025 from redevelopment activity?

知道了。這很有幫助。另外，看起來上個季度有七項資產從營運組合中轉移到了讀數桶中。您能否協助概括 2025 年重建活動預計造成的年比收益稀釋？

Yes. I mean, look, redevelopment and development spend certainly is a little bit of a drag on our earnings this year. I think the two biggest drags we have, if you're looking at what's working in our favor versus what is a headwind. One is interest expense, right? The second is the development and redevelopment drag, but we did foreshadow that redevelopments were going to go up this year as we put out some disclosures in our investor deck late last year.

是的。我的意思是，看看，重建和開發支出肯定會對我們今年的收益造成一點拖累。我認為，我們面臨的最大障礙有兩個，如果你看看哪些對我們有利，哪些對我們不利。一個是利息費用，對吧？第二個是開發和再開發的拖累，但我們確實預示今年再開發將會增加，就像我們在去年年底向投資者發布的一些披露資訊中所說的那樣。

We've had a lot of success on redevelopment. And I would just point out as well that it's not like all these redevelopments are 0%, at least some of them are 100% pre-leased at this point in time. And we did add the percent pre-leased within those redevs, which is new disclosure this quarter. I know there's a lot of focus on not including AFFO, we did also add some disclosures as well to sort of counterbalance that. And we'll continue to update that as we get leases across the goal line.

我們在重建方面取得了巨大成功。我還要指出的是，並不是所有這些重建項目的預租賃率都是 0%，至少其中一些項目的預租賃率目前是 100%。我們確實在這些重新開發中添加了預租百分比，這是本季的新披露。我知道很多人關注的重點不包括 AFFO，我們也添加了一些揭露內容來平衡這一點。當我們的租約完成之後，我們將繼續更新這項資訊。

Just point out that we've got great success leasing up the redevelopments, whether it's a port side or point grand or in our outpatient business where we've been doing redevelopments for 10 years. I mean the financial returns over time have been very compelling. Expect the same amount of these.

需要指出的是，我們在租賃重建項目方面取得了巨大的成功，無論是港口還是大角，還是在我們已進行重建項目 10 年的門診業務中。我的意思是，隨著時間的推移，財務回報非常可觀。預計這些的數量是相同的。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

In the 2025 guidance, are there any additional merger-related synergies beyond the $50 million that's in that number or not?

在 2025 年的指引中，除了 5,000 萬美元之外，是否還有其他與合併相關的綜效？

Yes, there are some. Scott mentioned it before, there's some additional internalizations we expect to get done through the course of this year. They're not all going to get done at the beginning of the year, which is why the run rate at the end of the year is more like $60 million to $65 million versus we finished last year at a run rate of around $50. I wouldn't expect to pick up all of that in earnings this year, but there certainly is a little bit of a benefit within our guidance this year, maybe up to a $0.01 benefit for additional merger synergies.

是的，有一些。斯科特之前提到過，我們預計今年還會完成一些額外的內部工作。這些工作不會在年初全部完成，這就是為什麼今年年底的運行率會達到 6,000 萬到 6,500 萬美元，而去年年底的運行率約為 5,000 萬美元。我不會期望今年的收益能全部實現，但今年我們的預期中肯定會有一點收益，可能最多能為額外的合併協同效應帶來 0.01 美元的收益。

But I'd expect, as we get to the end of this year that we will have achieved all the direct merger synergies. Obviously, there's more indirect merger synergies that we could benefit from, but we've never really like focused on that, that could be increased rent mark-to-market, increase retention, all the things you would hope to achieve as you're out leasing.

但我預計，到今年年底我們將實現所有的直接合併綜效。顯然，我們可以從更多的間接合併綜效中受益，但我們從未真正關注過這一點，這可以提高租金的市值，提高保留率，以及您希望在租賃過程中實現的所有目標。

That's helpful. And then also, as you think about 2025, I think in January, you guys talked about the loan repayment that was happening. Anything else like any more repayments as we kind of think about the rest of the year that may be a drag on earnings this year just kind of given some of the high interest rates in some of those loans?

這很有幫助。然後，當你想到 2025 年時，我想在一月份，你們談到了正在發生的貸款償還情況。還有什麼問題嗎，例如我們認為今年剩餘時間還需要再償還貸款嗎？考慮到部分貸款的利率較高，這可能會拖累今年的獲利？

The biggest loan we have outstanding right now. Obviously, that bucket could increase with some of the pipeline of activity that we're looking at. But as the seller financing, we did on the large outpatient medical deal, I don't expect that to get repaid this year. At some point, we hope to get repaid. These were legacy senior housing loans that we put in place when we did sell our financings years ago when we sold out of most of our shop assets. There were some tougher assets within that collateral.

這是我們目前未償還的最大一筆貸款。顯然，隨著我們正在關注的一些活動管道的推進，這個數字可能會增加。但作為賣方融資，我們在大型門診醫療交易中所做的融資，我預計今年無法償還。我們希望在某個時候能夠得到償還。這些都是我們幾年前出售大部分商店資產時融資時設立的遺留老年人房屋貸款。該抵押品中有一些較難取得的資產。

So I would say, even though there was some dilution associated with getting repaid those loans, I could tell you, we were all (technical difficulty) each other when we finally got that loan repaid. Yes, it came with dilution, but there were certainly some questions through the years as to whether we get repaid at par. So, we're quite happy we got that loan repaid at par. I wouldn't expect really any others of significance this year.

因此我想說，儘管償還這些貸款會帶來一些稀釋，但我可以告訴你，當我們最終償還貸款時，我們彼此都遇到了（技術困難）。是的，它伴隨著稀釋，但多年來確實存在一些疑問，即我們是否能按面值獲得償還。因此，我們很高興能夠以面額償還貸款。我真的不期待今年還會有其他什麼重大的事情發生。

John Kilichowski, Wells Fargo.

約翰‧基利喬夫斯基，富國銀行。

Maybe if we could start of high level -- this administration has made a lot of moves in the first few weeks. So, it would be helpful if you could remind us of what kind of exposure you have to NIH funding, given it was -- there was just a temporary hold put on the funding block? And then maybe beyond that, touch on how you're preparing for a potential RFK confirmation today and what he means for your business?

也許如果我們可以從高層開始——本屆政府在最初幾週已經採取了許多措施。因此，如果您能提醒我們您對 NIH 資助有何了解，這將會很有幫助，因為 NIH 資助只是暫時被擱置了？除此之外，您還能不能談談您今天如何為羅伯特甘迺迪 (RFK) 的確認做準備，以及他對您的業務意味著什麼？

Yes, it sounds good. I mean, NIH funding is up 5%, 6% per year compounded over the last decade, funding in 2024 was around $50 billion, which just underscores the importance of the sector to the US, whether it's health national security, et cetera. So, I wouldn't expect a significant change. Obviously, there's day-to-day headlines, but this administration has made it clear they want to focus on innovation. You haven't heard that word out of D.C. much in the last 4 years. So that's a positive for our business, and they want to focus on deregulation.

是的，聽起來不錯。我的意思是，過去十年來，美國國立衛生研究院的資助每年以 5%、6% 的複合成長率成長，到 2024 年，資助額將達到約 500 億美元，這凸顯了該領域對美國的重要性，無論是健康國家安全等等。因此，我不會期待發生重大的變化。顯然，每天都有頭條新聞，但本屆政府已明確表示，他們希望專注於創新。在過去的四年裡，你很少在華盛頓特區聽到這個詞。這對我們的業務來說是有利的，他們希望專注於放鬆管制。

And there are too many sectors, more regulated than health care and biotech in particular. So, any changes there would certainly be a positive. I mean it takes 10 to 15 years to get through the drug approval process in the US right now. Anything that would shorten that timeline would be a massive win for the sector. So those are all positives.

而且涉及的領域太多，尤其是比醫療保健和生物技術領域更受監管的領域。因此，任何變化肯定都是正面的。我的意思是，目前在美國完成藥品審批程序需要 10 到 15 年的時間。任何能夠縮短這一時間表的舉措對於該行業來說都是巨大的勝利。這些都是正面的。

In terms of the potential impact of RFK, I think we're more focused on who's in charge of (technical difficulty) NIH, CDC, FTC, FDA, I mean, the list goes on and on. And a lot of the appointments for those positions are more traditional candidates that I think are quite favorable to the business. So, there's plenty of headline risk around RFK Jr. hopefully, that we think it ends up being upside opportunity for us because I think the reality is that this administration will be positive for our business.

就 RFK 的潛在影響而言，我認為我們更關注誰負責（技術難度）NIH、CDC、FTC、FDA，我的意思是，名單還可以很長。這些職位的許多任命都是比較傳統的候選人，我認為這對公司來說非常有利。因此，希望羅伯特甘迺迪 (RFK Jr.) 的競選活動能帶來諸多風險，但我們認為這最終會給我們帶來上行機會，因為我認為現實情況是，本屆政府將對我們的業務產生積極影響。

Got it. And then maybe if we could kind of jump back to your guidance on lab. It sounds like you've seen some stability in street rates here. I'm just curious at what availability rates do you expect to start getting pricing power back, even if you kind of adjust for maybe some of that noncompetitive supply?

知道了。然後也許我們可以回到您對實驗室的指導。聽起來你已經看到這裡的街道費率穩定。我只是好奇，您預計在什麼樣的可用率下才能開始重新獲得定價權，即使您可能會調整一些非競爭性供應？

Yes. And maybe I'll take a quick stab at it, and Scott Bohn can jump in as well. But I think with our portfolio being in the mid- to high 80% occupied or leased, I should say, at this point in time, not necessarily occupied because some of these leases haven't commenced, I mean.

是的。也許我會快速嘗試一下，史考特·博恩也可以加入。但我認為，我們的投資組合的入住率或租賃率在 80% 左右，我應該說，目前這個時間點，不一定被入住，因為其中一些租約還沒有開始。

We feel like we're starting to gain some more pricing power within the market. Remember, a lot of our deals are done with existing tenants as well and tenants that typically have existing lease term, which gives us some additional pricing power as well.

我們感覺我們開始在市場上獲得更多的定價權。請記住，我們的許多交易都是與現有租戶以及通常現有租賃期限的租戶完成的，這也為我們提供了一些額外的定價權力。

So we've laid out all the competitive advantages that we see in our portfolio and with our platform versus peers out there. Some of the peers compete a lot more with us and some just don't compete and will never compete with us. But we feel like we've got an opportunity to start maybe pushing rates a little bit more within our portfolio.

因此，我們列出了我們的產品組合和平台相對於其他同行所擁有的所有競爭優勢。有些同行與我們競爭更激烈，有些根本不與我們競爭，也永遠不會與我們競爭。但我們覺得我們有機會開始在我們的投資組合中稍微提高利率。

But obviously, we recognize that there's a lot of availability out there. I don't know, Scott Bohn, if you want to add anything to that?

但顯然，我們認識到還有很多可用資源。我不知道，斯科特·博恩，您是否想對此進行補充？

Yes. I think the availability and the new supply out there is the same new supply we've competed against for the last -- past 18 to 24 months. And we compete very well. I think we've been able to drive economics based on what Pete said is our portfolio of scale.

是的。我認為，那裡的供應量和新供應量與我們過去 18 到 24 個月競爭的新供應量相同。我們的競爭非常激烈。我認為，我們能夠根據 Pete 所說的規模投資組合來推動經濟發展。

And a lot of our leasing comes from within our own campuses. 83% of our ABR customer campuses that are 400,000 square meters greater, right? So, we're oftentimes growing those tenants within those campuses, which gives us the ability to push economics higher than it would be in an otherwise broadly marketed deal.

我們的許多租賃業務都來自我們自己的校園內。我們的 ABR 客戶園區中有 83% 的面積比這個大 40 萬平方米，對嗎？因此，我們經常在這些園區內擴大租戶數量，這使我們能夠推動經濟效益高於其他廣泛行銷的交易。

One follow-up on your NIH question. We do not lease any space directly to the NIH. A lot of that funding goes to university-based research, which is not really not really our portfolio. They tend to be early stage basic science that hopefully is successful and gets commercialized 5, 10 years down the line, and those tend to be the tenants that we target and enter our portfolio.

關於您關於 NIH 的問題，我想問一下。我們不直接向 NIH 租賃任何空間。很多資金都用於大學研究，而這其實並不是我們的投資組合。它們往往是處於早期階段的基礎科學，預計在 5 到 10 年後取得成功並實現商業化，這些往往是我們瞄準並進入我們投資組合的租戶。

Mason (technical difficulty), Baird.

梅森（技術難度）、貝爾德。

Have you seen any difference in recent demand pre and post election? And which market they're standing on either positively or negatively?

您是否發現選舉前後的需求有任何差異？他們對哪個市場持正面或負面態度？

Yes, this is Scott. I wouldn't say there's a difference pre- and post-election. I think that the overall sentiment will improve. A lot of people were kind of kicking the can a little bit to see how the election turned out. And I think now that you've got that, you've got the appointments taking place, it's just going to continue to allow people kind of line of sight into where we're going here.

是的，這是斯科特。我不認為選舉前和選舉後有什麼不同。我認為整體情緒將會改善。很多人都在等待選舉結果。我認為，既然你已經知道了這一點，並且進行了任命，那麼這將繼續讓人們了解我們將要去哪裡。

Your second question was?

你的第二個問題是？

(technical difficulty) (multiple speakers)

（技術難題）（多位發言者）

Yes, sorry. I would say by market, Boston, in my view, is probably the slowest today. Thankfully, we don't have a lot of virtually no roll over there in the next 18 to 24 months in very little vacant space. San Diego has been pretty consistent, and we've done some nice leasing down there, bringing our Gateway development up to 44%, has some large renewals in the more renewals in the pipeline down there as well as some new deals we're working on. So, we feel good about the activity in San Diego.

是的，抱歉。我想說，就市場而言，波士頓目前可能是最慢的。值得慶幸的是，在未來 18 到 24 個月內，我們在那邊幾乎沒有空置空間，幾乎沒有什麼可轉的。聖地牙哥的表現一直很穩定，我們在那裡做了一些不錯的租賃，使我們的 Gateway 開發量上升到了 44%，在那裡正在進行的續約中有一些大型續約，而且我們正在進行一些新的交易。因此，我們對聖地牙哥的活動感到滿意。

San Francisco, again, our portfolio scale allows us to do a lot of deals there that never hit the broader market or the broker sheets. So, we're very happy with the demand in our pipeline in South an Francisco as well.

再說一遍，在舊金山，我們的投資組合規模使我們能夠在那裡進行許多從未進入大盤或券商交易的交易。因此，我們對南舊金山的管線需求也感到非常滿意。

Great. And then on the lab demand, how much of this is being driven by the new tenant versus the expansion of existing tenants?

偉大的。那麼就實驗室需求而言，其中有多少是由新租戶推動的，有多少是由現有租戶的擴張推動的？

Yes. So, I mean it's a mix, right? If you look at the leasing we did over the course of the year, about 1.1 million square feet of that was with tenants who were expanding. And of that 1.1 million square feet, about 400,000 square feet of that was expansion space. So, when you're looking at tenants expanding in the portfolio, the average for the year, right, was 60% growth of those tenants.

是的。所以，我的意思是，這是一種混合，對嗎？如果你看一下我們全年的租賃情況，你會發現其中約有 110 萬平方英尺的面積是租給正在擴張的租戶的。在這 110 萬平方英尺中，約有 40 萬平方英尺是擴建空間。因此，當您看到投資組合中的租戶不斷擴大時，今年的平均成長率是 60%。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

A couple of quick ones. Just looking at sort of the development, I see some of the initial occupancy dates have been pushed back a little bit. And also, that, at least on the redevelopment projects, it doesn't look like the CapEx, or the leasing is included for unleased space. Maybe can you just talk a little bit more about that, just on the development and the redevelopment front, sort of what's happening on the ground and thoughts on sort of CapEx on the unleased space not being included?

幾個簡單的。從發展情況來看，我發現一些初始入住日期已被稍微推遲。而且，至少在重建項目中，它看起來不像是資本支出，或包括未出租空間的租賃。也許您能否就開發和再開發方面再多談一點，例如實際發生的情況以及對未包括未出租空間的資本支出的想法？

Yes, I'll take the CapEx one and the timing, maybe just quickly, too. That's really TI related as we price out the TI packages and start to understand the various time lines and that's associated large lease that we did at Port side is one of the ones that you are referencing, and it got pushed back just a little bit, but it's 100% pre-leased at this point in time, and it's just a matter of how quickly we think we can actually get the capital spend.

是的，我會選擇資本支出 (CapEx) 和時間安排，也許很快。這確實與 TI 有關，因為我們對 TI 套餐進行了定價，並開始了解各種時間線，而我們在港口進行的大型租賃就是您所提到的租賃之一，它被推遲了一點，但目前已 100％ 預租，這只是我們認為我們能多快獲得資本支出的問題。

I will say with that tenant, they have an existing lease in place that will offset any of that pushback. They're going to continue to pay us rent on the existing space that they have. So that lease expiration will get pushed out as well. So, there's a little bit of a buffer on that. I think on the TI side, all -- not all the projects are the same.

我想說的是，對於該租戶，他們已經有了租約，可以抵消任何阻力。他們將繼續向我們支付現有空間的租金。因此租約到期時間也將延後。因此，在這方面有一點緩衝。我認為在 TI 方面，並非所有項目都是相同的。

So I'd say on the extreme case from a TI perspective, you could be $300 to $350 a foot, right? But in other cases, it could be significantly less than and I'll call it, $100 to $200 a foot. And it's hard to know until you dig in and understand what each individual lease is, or the tenant is seeking. So that's why we don't include the TIs necessarily upfront, but I've given you the range of what we think it would be.

因此，從 TI 的角度來看，極端情況下每英尺的成本可能為 300 至 350 美元，對嗎？但在其他情況下，這個價格可能會低得多，我稱之為每英尺 100 到 200 美元。除非你深入了解每一份租約的具體內容或租戶的訴求，否則很難知道這一點。所以這就是為什麼我們不一定預先包含 TI，但我已經給了你我們認為它的範圍。

But in addition, and most importantly, NTI we give we're expecting to get a return on top of that as well. And as we've talked about the 9% to 12% cash-on-cash returns, we feel like we've done quite well relative to that. In fact, we think we could do closer to the high end on some of these, just given the fact that we haven't invested capital in a while, but we feel like we can get a nice rate on that product.

但除此之外，最重要的是，我們給予的 NTI 也期望獲得回報。正如我們談到的 9% 至 12% 的現金回報率，我們覺得我們相對於這個水平已經做得很好了。事實上，考慮到我們已經有一段時間沒有投入資本了，我們認為我們可以在某些方面做得更接近高端，但我們覺得我們可以在該產品上獲得一個不錯的利率。

And the pushback on one of the development deals, that's really just related to a delay in the tenants on the TI side. We're not completing the core and shell on time, and we'll collect cash rents based on that when the rent starts. So, it's more of a timing from an FFO and GAAP perspective there.

其中一項開發交易的延遲實際上只是與 TI 方面的租戶延遲有關。我們未能按時完成核心和外殼工程，因此在租金開始時我們將以此為基礎收取現金租金。因此，從 FFO 和 GAAP 角度來看，這更多的是一個時機問題。

Great. And then just my last one was just coming back to sort of lab leasing and sort of the state of the market. I guess the messaging is you're going back on offense and lab. And I guess my question is, is it a call on saying, hey, there's distressed opportunities or really unique opportunities that we can capitalize on?

偉大的。我的最後一個主題是關於實驗室租賃和市場狀況。我想這個訊息是你要回到進攻和實驗室。我的問題是，這是否意味著，嘿，這裡有我們可以利用的困境機會或真正獨特的機會？

Or is it more of a call on like the market is getting better? Or does the market not -- the overall lab market doesn't really need to get better for you guys to be opportunistic? I just -- I can't tell if you're just more bullish on lab? Or is just -- this is just more opportunistic how things are coming in your purview?

或者這更像是一種呼聲，表示市場正在好轉？或者說市場——整個實驗室市場實際上並不需要變得更好才能讓你們抓住機會？我只是——我不知道您是否對實驗室更樂觀？或者只是—這只是您職權範圍內事情發展的更具機會性的結果？

Well, we signed more than 2 million square feet of leasing in Life Science in 2024. It's one of the best years we've ever had. It was a mix of new and renewal. So clearly, we're capturing market share, but we're also seeing significant distress, and we're picking and choosing which projects are most compelling, and there's a lot that would not fit our criteria, but we feel like the loans that we're making are compelling in that we have very little downside risk given the seniority in the loan to cost versus replacement cost, et cetera and compelling returns on day one with the right to buy in the future.

我們在 2024 年簽署了超過 200 萬平方英尺的生命科學租賃協議。這是我們經歷過的最好的一年。這是新與革新的結合。顯然，我們正在佔領市場份額，但我們也看到了巨大的困境，我們正在挑選最有吸引力的項目，有很多項目不符合我們的標準，但我們覺得我們發放的貸款是有吸引力的，因為考慮到貸款成本與重置成本的優先性等，我們幾乎沒有下行風險，而且第一天的回報也很可觀，還有未來的購買權。

We do think fundamentals will start to get better. I said in the prepared remarks that new deliveries in 2025 are going to be down 75%. There's essentially no new starts. So, we do see the supply picture improving dramatically this year as we look into '26 and '27 as well, and we think the demand will improve alongside of that.

我們確實認為基本面將開始好轉。我在準備好的發言中說過，2025 年新船交付量將下降 75%。基本上沒有什麼新的開始。因此，當我們展望26年和27年時，我們確實看到今年的供應狀況將顯著改善，我們認為需求也將隨之改善。

Jamie Feldman, WellsFargo.

富國銀行的傑米·費爾德曼。

So I just think in big picture, markets seem to be stabilizing. The debt market seems to be in a much better place than it's been Blackstone's poking around in office. What's your (technical difficulty) has just started their fund business. So, what's your appetite? Or as you guys think about it amongst yourselves, what's your appetite to do something much bigger, maybe with third-party capital, given where we are in the cycle and what could be coming in the next 5, 10 years in your businesses?

因此我認為，從整體來看，市場似乎正在趨於穩定。債務市場似乎比黑石在任期間的狀況好得多。你的（技術困難）是什麼？他們剛開始基金業務。那麼，你的胃口如何？或者，正如你們自己所想的那樣，考慮到我們所處的周期位置以及你們業務在未來 5 年、10 年內可能出現的情況，你們是否有興趣做一些更大的事情，也許與第三方資本合作？

Yes. We have a couple of important limited partners in the portfolio today that are big institutions that had appetite to do more. So that's certainly on the table. There's pluses and minuses, joint ventures, and LPs. Obviously, it can be a compelling additional source of capital for the right opportunities, but it also comes with a loss of complete control and flexibility.

是的。我們今天的投資組合中有幾個重要的有限合夥人，他們都是有興趣做更多事情的大型機構。因此這當然是可行的。有優點也有缺點，有合資企業，也有 LP。顯然，對於合適的機會來說，它可以成為一個引人注目的額外資本來源，但同時也伴隨著完全控制權和靈活性的喪失。

So you just have to weigh that trade-off. But we've used it historically with success for the right circumstances and have those conversations all the time, Jamie. Most of what we're looking at today is more on balance sheet.

所以你只需要權衡這個利弊。但從歷史上看，我們在適當的情況下成功地使用了它，並且一直進行這樣的對話，傑米。我們今天所關注的大部分內容都與資產負債表有關。

This concludes our question-and-answer session. I would like to turn the call -- 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。我想將電話轉交給史考特‧布林克 (Scott Brinker)，請他作最後發言。

Okay. Well, thanks for your time today and congrats to our team on another strong quarter, driving earnings growth. Take care.

好的。好吧，感謝您今天抽出時間，並祝賀我們的團隊又一個強勁的季度，推動盈利增長。小心。

The conference has now concluded. Thank you for attending today.

會議現已結束。感謝大家今天的出席。