Healthpeak Properties Inc (DOC) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties Inc., first quarter conference call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Healthpeak Properties Inc. 第一季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would not like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations. Please go ahead.

我不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 first-quarter 2025 financial results conference call. Today's conference call contain 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 2025 年第一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 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, and an exhibit to the 8-K referred to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with is also available at our website at healthpeak.com.

我們的新聞稿中包含了對風險和風險因素的討論，並在我們向美國證券交易委員會提交的文件中進行了詳細說明。我們不承擔更新任何前瞻性陳述的義務。本次電話會議將討論某些非 GAAP 財務指標，昨天提交給美國證券交易委員會的 8-K 表格的附件中，我們已將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了協調，該附件也可在我們的網站 healthpeak.com 上查閱。

I'll now turn the call over to our President, Chief Executive Officer, Scott Brinker.

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 first quarter earnings call. Very excited to introduce Kelvin Moses as our new CFO. He'll be an outstanding partner for me, and the senior team. When I took this role in October of '22, I talked about getting Healthpeak closer to our real estate, immersing ourselves in the underlying business of our tenants to drive better capital allocation decisions.

好的。謝謝，安德魯，歡迎參加 Healthpeak 第一季財報電話會議。非常高興地介紹 Kelvin Moses 為我們的新任財務長。他將成為我和高階團隊的傑出合作夥伴。當我在 2022 年 10 月擔任這個職位時，我談到讓 Healthpeak 更貼近我們的房地產，讓我們自己沉浸在租戶的底層業務中，以推動更好的資本配置決策。

The merger with physicians accelerated our transformation and Kelvin's promotion moves us further in that direction. His well-rounded experience includes health care, operations, portfolio management, transactions and development. Kelvin has been with Healthpeak for seven years and excel at every role we've given him.

與醫生的合併加速了我們的轉型，而 Kelvin 的晉升使我們朝著這個方向邁進了一步。他的豐富經驗涵蓋醫療保健、營運、投資組合管理、交易和開發。Kelvin 在 Healthpeak 工作了七年，在我們賦予他的每個職位上都表現出色。

As I reflected on what the role of the CFO should be at Healthpeak, we have the luxury of outstanding in-place leadership in accounting, finance, capital markets and investor relations. This allows Kelvin to be more of a strategic and operational CFO, and we expect a seamless transition. Our existing strategy around leverage in the balance sheet will not change.

當我思考財務長在 Healthpeak 應該扮演什麼角色時，我們發現我們在會計、財務、資本市場和投資者關係方面擁有出色的現任領導。這使得 Kelvin 能夠成為更具策略性和營運性的財務長，我們期待無縫過渡。我們現有的圍繞資產負債表槓桿的策略不會改變。

Today, our executive team is 45 years old on average with an average tenure of 10 years at Healthpeak. Every one of us was internally promoted to our current position. This points to a strong culture, deep bench and thoughtful succession planning.

如今，我們的執行團隊平均年齡為 45 歲，在 Healthpeak 的平均任期為 10 年。我們每個人都是內部晉升到現在的職位的。這表明我們擁有強大的文化、雄厚的人才儲備和周到的繼任計劃。

Thank you to our entire team for another quarter of excellence in execution, one of the (inaudible) core values that define our culture. Execution is important in any environment, but particularly in this backdrop. This team has worked diligently to meet or exceed expectations, including earnings, leasing and merger synergies.

感謝我們整個團隊又一個季度的卓越執行，這是定義我們文化的（聽不清楚）核心價值之一。在任何環境下，執行都很重要，但在這種背景下尤其如此。該團隊一直努力工作以達到或超過預期，包括收益、租賃和合併協同效應。

Kelvin will cover guidance in more detail, but I want to comment that maintaining guidance against this market backdrop is a testament to our diversified high-quality portfolio. Strong results in outpatient medical and senior housing are offsetting weakness in our lab business caused by actions and comments from Washington that impacted biotech capital region, and I'll come back to this topic.

凱爾文將更詳細地介紹指導意見，但我想評論一下，在這種市場背景下維持指導意見證明了我們多元化的高品質投資組合。門診醫療和老年住房的強勁業績抵消了我們實驗室業務因華盛頓對生物技術首都地區產生影響的行動和評論而導致的疲軟，我將回到這個話題。

We produced another strong quarter in Outpatient Medical, our largest business segment. Across the outpatient sector, demand is outpacing new supply, a trend we expect will remain in our favor due to the high cost of new construction.

我們最大的業務部門門診醫療又取得了強勁的季度業績。在整個門診領域，需求超過了新的供應，由於新建築成本高昂，我們預計這一趨勢將繼續對我們有利。

Our decision to internalize property management has been an overwhelming success strategically and financially. We completed an additional 4.5 million square feet since January 1, with additional markets in the pipeline.

我們將物業管理內部化的決策在策略和財務上都取得了巨大的成功。自 1 月 1 日以來，我們又完成了 450 萬平方英尺的新增市場建設，並且正在籌備更多市場。

Outpatient Medical is one of the very few sectors in all of real estate with positive NOI growth every year for the past two decades. We expect that portfolio to outperform other sectors if the economy slows down, and we foresee de minimis impact from tariffs.

門診醫療是過去二十年來整個房地產行業中極少數每年淨營業利潤都呈正增長的行業之一。我們預計，如果經濟放緩，該投資組合的表現將優於其他產業，我們預見關稅的影響將微乎其微。

Our senior housing portfolio had another strong quarter of occupancy and rental rate growth, driving positive 16% same-store growth. With occupancy at 86%, we've got plenty of upside to capture, and I'm very happy with the strategic and tactical decisions we've made to grow NOI in these properties.

我們的老年住房組合在本季度再次實現了入住率和租金率的強勁增長，推動同店銷售額增長 16%。入住率達到 86%，我們有很大的發展空間，而且我對我們為增加這些飯店的淨營業收入而做出的策略和戰術決策感到非常滿意。

Moving to our Lab business, which represents approximately 35% of our income. There's been a mirage of headlines, so consider these thoughts to be an alternative perspective. No doubt, it's a bumpy road right now, but we do see some themes emerging that could be positive for our lab business over time.

轉向我們的實驗室業務，這約占我們收入的 35%。已經出現了大量的頭條新聞，因此請將這些想法視為一種替代觀點。毫無疑問，目前的道路充滿坎坷，但我們確實看到一些新興主題，這些主題可能從長遠來看對我們的實驗室業務產生積極影響。

Most important is our government's focus on China, which has been making a big push to challenge America's leadership position in the biopharma sector. Our view is that policymakers in a bipartisan way have correctly identified US-based biopharma as being paramount to our national security and economic prosperity. We see very little chance that an America-first agenda leaves behind the biopharma sector.

最重要的是我們政府對中國的關注，中國一直在大力挑戰美國在生物製藥領域的領導地位。我們認為，兩黨政策制定者都正確地認識到美國生物製藥對我們的國家安全和經濟繁榮至關重要。我們認為「美國優先」議程幾乎不可能忽視生物製藥產業。

For too long, innovation from the US has subsidized medicines around the world and other countries have captured too much control of the supply chain. Washington's willingness to address these risks and in equities has the potential to be very positive for life science real estate demand here in the US. This includes the push to onshore biomanufacturing and would logically include R&D as well.

長期以來，美國的創新為世界各地的藥品提供了補貼，而其他國家則對供應鏈控制了過多的控制權。華盛頓願意解決這些風險和股票問題，這對美國的生命科學房地產需求可能產生非常積極的影響。這包括推動陸上生物製造，並且從邏輯上也包括研發。

There appears to be support in Washington to address the profitability and complexity of [PBMs] and to eliminate the so-called pill penalty in the Inflation Reduction Act, which would extend market exclusivity for small molecule drugs by four years. Both changes would improve biopharma return on investment and, therefore, demand for (technical difficulty)

華盛頓似乎支持解決 PBM 的盈利能力和複雜性問題，並取消《通貨膨脹削減法案》中所謂的“藥丸懲罰”，這將使小分子藥物的市場獨佔期延長四年。這兩項變化都將提高生物製藥的投資報酬率，進而提高對（技術難度）

A functional FDA is critical to the US maintaining its leadership position in the sector. Today, it takes at least 10 years and $1 billion to bring a drug to market in the US. It's in our national interest to look for ways to make that process more efficient. The recent job cuts at the FDA captured headlines, but did not impact the scientists or the reviewers.

一個正常運作的 FDA 對於美國保持在該領域的領導地位至關重要。如今，在美國，將一種藥物推向市場至少需要 10 年和 10 億美元。尋找使這一進程更有效率的方法符合我們的國家利益。FDA 最近的裁員消息成為頭條新聞，但並未對科學家或審查人員產生影響。

It is early, but the feedback to date from our tenants suggest normal response times from the FDA with only isolated delays. Final drug approvals have continued at the FDA since the inauguration. New applications have been approved as well, including last week for one of our tenants to start Phase I trials for gene-edited liver transplant.

雖然現在還為時過早，但迄今為止我們租戶的回饋表明 FDA 的回應時間正常，只有個別延遲。自就職以來，FDA 一直在繼續進行最終藥品審批。新的申請也已獲得批准，包括上週我們的一位租戶開始進行基因編輯肝臟移植第一階段試驗。

There's also a discussion at the FDA of using technology to replace expenses vivarium work and a new conditional approval, which could shorten the time line for costly Phase III trials. The point is there's some early evidence that the FDA is looking to encourage innovation and create faster time lines.

FDA 還討論了使用技術來取代昂貴的動物飼養室工作以及新的有條件批准，這可以縮短昂貴的 III 期試驗的時間。重點是，有一些早期證據表明 FDA 正在尋求鼓勵創新並製定更快的時間表。

Last point I'll make on this topic is that consumers also vote on elections and consumer demand for innovative diagnostics and therapeutics is not going away. In fact, demand is projected to accelerate to 8% per year through 2030. We expect voters to push their elected representatives to support medical innovation.

關於這個主題我要說的最後一點是，消費者也會對選舉進行投票，而且消費者對創新診斷和治療方法的需求不會消失。事實上，預計到 2030 年，需求將加速至每年 8%。我們希望選民推動他們選出的代表支持醫療創新。

Specific to our portfolio, we continue to focus on capturing market share with our high-quality portfolio. We signed 450,000 square feet of leases year-to-date and our pipeline is the largest it's been since last summer. It would not surprise us to see some tenants delay final leasing decisions given the environment, but we see this as demand getting pushed back, not eliminated.

具體到我們的投資組合，我們將繼續專注於透過高品質的投資組合來搶佔市場份額。今年迄今為止，我們已經簽署了 45 萬平方英尺的租約，我們的租約儲備量是自去年夏天以來最大的。考慮到當前的環境，看到一些租戶推遲最終租賃決定我們並不感到驚訝，但我們認為這是需求被推遲，而不是被消除。

Finally, we have even more confidence today that new supply in the sector will essentially go to zero for many years to come. This is obviously a great foundation for recovery in our lab business.

最後，我們今天更有信心，未來許多年該行業的新增供應將基本降至零。這顯然為我們實驗室業務的復甦奠定了良好的基礎。

I want to comment on recent capital allocation by this team, which puts our balance sheet and liquidity in an enviable position. First, we were early to shut down capital allocation to life science, and we have not started a new development since 2021.

我想評論一下這個團隊最近的資本配置，這使我們的資產負債表和流動性處於令人羨慕的地位。首先，我們很早就停止了對生命科學的資金配置，自 2021 年以來我們還沒有開始新的開發。

Second, we executed the merger with Physicians Realty Trust, which increased our allocation to the stable and attractive outpatient medical business to just over 50%, while generating earnings accretion, improving our balance sheet and creating the best platform in the outpatient sector.

其次，我們與 Physicians Realty Trust 進行了合併，這使我們對穩定且具有吸引力的門診醫療業務的配置增加到 50% 以上，同時產生了盈利增長，改善了我們的資產負債表並在門診領域創造了最佳平台。

Finally, we sold $1.4 billion of stabilized assets at a very attractive 6.3% cap rate and used the proceeds to fully fund our development pipeline, buy back almost $300 million of stock at an implied 8% cap rate and bring leverage down to below 5. We also reduced floating rate debt from 20% to almost zero.

最後，我們以極具吸引力的 6.3% 資本化率出售了價值 14 億美元的穩定資產，並用所得款項全額資助我們的開發管道，以隱含的 8% 資本化率回購近 3 億美元的股票，並將槓桿率降至 5 以下。我們也將浮動利率債務從 20% 降至幾乎為零。

That brings us to today. Our life science loan pipeline is active, and we continue to see opportunity to position Healthpeak for the inevitable recovery. We still believe the best time to invest is when others are not. But as market uncertainty has increased, we stepped back to reassess the appropriate risk-adjusted returns, which may be different than three to six months ago when certain transactions were negotiated.

這就是我們今天的狀況。我們的生命科學貸款管道十分活躍，我們繼續看到讓 Healthpeak 為不可避免的復甦做好準備的機會。我們仍然相信，投資的最佳時機是別人還沒投資的時候。但隨著市場不確定性的增加，我們退一步重新評估適當的風險調整回報，這可能與三到六個月前談判某些交易時的情況不同。

We chose to maintain our $500 million investment guidance this year, but we've now included stock buybacks in that line item to reflect our optionality. In any event, we intend to maintain leverage within our target range in the mid-5s.

我們選擇維持今年 5 億美元的投資指導，但現在我們已將股票回購納入該項目，以反映我們的可選性。無論如何，我們打算將槓桿率維持在 5 月中段的目標範圍內。

I'm happy to turn the call to Kelvin.

我很高興將電話轉給凱爾文。

Thank you, Scott, for the warm introduction. I'm grateful to have the opportunity to grow within Healthpeak's leadership. In this role, I'm excited to continue to help shape our business strategy and influence the outcomes that drive our operating results.

謝謝斯科特的熱情介紹。我很感激有機會在 Healthpeak 的領導階層內成長。在這個職位上，我很高興能夠繼續幫助制定我們的業務策略並影響推動我們經營業績的結果。

The complement of my real estate and transactions mindset, alongside of this outstanding team, will allow us to continue to focus on disciplined, capital allocation decisions that will deliver long-term value to our shareholders.

我對房地產和交易的思維以及這支優秀的團隊將使我們能夠繼續專注於嚴謹的資本配置決策，為股東帶來長期價值。

Before we get started with the first quarter results, I wanted to share a brief update on our master plan development project in West Cambridge. Having spent the last five years working closely in the Boston market to help build our lab portfolio, including our land assemblies and entitlement efforts for our Cambridge Point master plan.

在我們開始公佈第一季業績之前，我想先簡單介紹一下我們在西劍橋的總體規劃開發項目的最新進展。過去五年來，我們一直在波士頓市場密切合作，幫助建立我們的實驗室組合，包括我們的土地集合和劍橋角總體規劃的權利努力。

On behalf of the team, I'm pleased to announce that we've selected Hines to join as the development partner to advance the residential component of the project. Hines brings a depth of expertise in place making, multifamily construction and mixed-use development, which will allow us to commence this project once we are fully entitled late next year.

我代表團隊高興地宣布，我們已選擇 Hines 作為開發合作夥伴，以推進該專案的住宅部分。Hines 在場地佈置、多戶型建築和混合用途開發方面擁有豐富的專業知識，這將使我們能夠在明年年底完全獲得授權後啟動該專案。

We are extremely pleased with this outcome and the partnership with Hines advances our vision to establish a mixed-use destination of scale and validates this generational opportunity that will be delivered over the next decade plus.

我們對這一結果感到非常滿意，與 Hines 的合作推進了我們建立大規模混合用途目的地的願景，並驗證了將在未來十多年內實現的這一世代機會。

Now turning to the first quarter financial and operating results. We reported FFO as adjusted of $0.46 per share, AFFO of $0.43 per share and total portfolio same-store growth of 7%.

現在來談談第一季的財務和經營業績。我們報告稱，調整後的 FFO 為每股 0.46 美元，AFFO 為每股 0.43 美元，總投資組合同店成長率為 7%。

Moving to segment performance. In Outpatient Medical, we reported first quarter same-store growth of 5%, driven by strong tenant retention, a positive rent mark-to-market of 4.1%, and the benefit from our continued internalization efforts.

轉向細分績效。在門診醫療方面，我們報告第一季同店銷售額成長 5%，這得益於強勁的租戶保留率、4.1% 的正租金市價比以及我們持續內部化努力帶來的好處。

During the quarter, we executed nearly 1 million square feet of leases including 265,000 square feet of new leasing, which is followed up by a strong and active pipeline as we head into the second quarter. Fundamentals for the outpatient business have never been stronger and our team is working hard to translate this favorable backdrop into higher occupancy, stronger rent mark-to-market and ultimately cash flow growth.

在本季度，我們執行了近 100 萬平方英尺的租賃，其中包括 265,000 平方英尺的新租賃，進入第二季度後，我們將繼續保持強勁而活躍的租賃勢頭。門診業務的基本面從未如此強勁，我們的團隊正在努力將這一有利背景轉化為更高的入住率、更強勁的租金按市價計價以及最終的現金流增長。

Turning to Lab. We reported same-store growth of 7.7%, which includes the positive impact from the expiration of prerent on two large leases in South San Francisco and a full quarter benefit of internalization. For the balance of the year, we expect quarterly same-store growth to decelerate as the benefits of internalization and free rent normalized. Despite the challenging market backdrop, we continue to see strong demand for space within our portfolio.

轉向實驗室。我們報告同店銷售額成長 7.7%，其中包括南舊金山兩份大型租約到期帶來的正面影響，以及整個季度的內部化收益。就今年餘下時間而言，隨著內部化和免租金效益的正常化，我們預計季度同店銷售額成長將會放緩。儘管市場環境充滿挑戰，我們仍看到投資組合內的空間需求強勁。

And year-to-date through April we've signed 443,000 square feet of leases and have entered into LOIs on an additional 400,000 square feet. And finally CCRCs. We reported same sort growth of 15.9%, driven by rate growth of approximately 6%, and a 100 basis point increase in occupancy.

截至今年 4 月，我們已簽署了 443,000 平方英尺的租約，並就另外 40 萬平方英尺簽訂了意向書。最後是 CCRC。我們報告同類酒店增長率為 15.9%，這得益於房價增長約 6%，入住率增加 100 個基點。

Shifting to the balance sheet. In February we issued $500 million unsecured notes at a rate of 5.375%. That is 102 basis points right over the 10-year. And this was also the tightest 10-year spread in the history of Health.

轉向資產負債表。2 月份，我們以 5.375% 的利率發行了 5 億美元的無擔保票據。這意味著 10 年期利率上升了 102 個基點。這也是衛生史上最緊密的10年差距。

We in the first quarter at 5.2 times net debt to EBITDA and $2.8 billion of available liquidity, which further positioned our balance sheet for long-term success. Ending with guidance. We are maintaining our FFO's adjusted guidance in the range of $1.81 per share to $1.87 per share.

第一季度，我們的淨債務與 EBITDA 比率為 5.2 倍，可用流動資金為 28 億美元，這進一步為我們的資產負債表的長期成功奠定了基礎。以指導結束。我們將 FFO 的調整後指引維持在每股 1.81 美元至每股 1.87 美元的範圍內。

We're also maintaining our blended portfolio same store growth in the range of 3% to 4%, which reflects the strong performance during this first quarter. The strength of this diversified portfolio reinforces our ability to maintain guidance and allows us to direct our business strategy towards initiatives that will provide the greatest long-term value to the company.

我們也將混合投資組合同店成長率維持在 3% 至 4% 的範圍內，這反映了第一季的強勁表現。這種多元化投資組合的優勢增強了我們維持指導的能力，並使我們能夠將業務策略導向能夠為公司帶來最大長期價值的舉措。

With that operator, please open the line for Q&A.

請與該接線員聯繫，開通問答熱線。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Farrell Granite, Bank of America.

法雷爾·格蘭尼特，美國銀行。

Thank you. Good morning and congratulations Kelvin, on the new position. My question is about, you've made comments about weakness in life science, and appreciate all the comments that you made on the policy front. I'm curious, kind of in a broader sense, what would change you to a more positive expectation and performance, perhaps in the back half of 2025, if there's any news or updates to be expected?

謝謝。早上好，恭喜 Kelvin 獲得新職位。我的問題是，您對生命科學的弱點發表了評論，並感謝您在政策方面提出的所有評論。我很好奇，從更廣泛的意義上講，如果有任何新聞或更新值得期待，什麼會讓您有更積極的期望和表現，也許在 2025 年下半年？

Yeah, fair enough. Yeah. Hear from me this morning. I'll start with that. Scott Brinker probably has some comments as well, but I think, important that we do have a diversified portfolio just to start with, 65% is in industries with really strong fundamentals and across the entire portfolio, but life science in particular, very high quality assets in platform where I think we've been outperforming the market at large, and I think that will continue.

是的，很公平。是的。聽聽我今天早上說的話。我先從那裡開始。斯科特·布林克可能也有一些評論，但我認為，重要的是我們首先要有一個多元化的投資組合，65% 是投資於基本面非常強勁的行業，並且貫穿整個投資組合，特別是生命科學，平台上的資產質量非常高，我認為我們的表現一直優於整個市場，而且我認為這種情況會持續下去。

Obviously there's a lot of instability and uncertainty in certain sectors right now, if not most sectors, biopharma is one of them, whether it's tariffs or capital raising or regulatory uncertainty, we think that does start to calm down over the balance of the year.

顯然，目前某些產業（如果不是大多數產業的話）存在著許多不穩定和不確定性，生物製藥就是其中之一，無論是關稅、融資或監管不確定性，我們認為，在今年餘下時間裡，這些因素都會開始平息。

Obviously certain things they've already backed away from pressure from Congress or just the American public. And I do think that will benefit the sector and add some stability. But first 90 days or 120 days of this quarter, we're not ideal from a capital raising standpoint. That's not new information in terms of what's happened with IPOs or venture capital or secondary funding. So we still see a lot of upside.

顯然，迫於國會或美國公眾的壓力，他們已經放棄了某些事情。我確實認為這將有利於該行業並增加一些穩定性。但從融資角度來看，本季的前 90 天或 120 天並不理想。就 IPO 或創投或二級融資的情況而言，這並不是什麼新鮮事。因此我們仍然看到很大的上漲空間。

Certainly, the patent cliffs, the big pharma needs to fill that is not going away. And biotech is the likely spot for them to look, there was a deal announced yesterday just as in example. So there are things that we can point to that we see as potential inflection points, but the first 120 days was not ideal from a capital raising standpoint.

當然，大型製藥公司需要填補的專利懸崖不會消失。生物技術是他們可能關注的領域，例如昨天就宣布了一項交易。因此，我們可以指出一些我們認為是潛在轉折點的事情，但從融資的角度來看，前 120 天並不理想。

Thank you. And also, I guess, Ben, on -- you made comments about potential pushouts of releasing in the life science hoping if you could potentially quantify that with your current pipeline, if that is what you're seeing, are these getting pushed out by single quarters or longer-term decision-making?

謝謝。而且，我想，本，您對生命科學領域發布的潛在推遲發表了評論，希望您是否可以通過您目前的渠道來量化這一點，如果這就是您所看到的，那麼這些推遲是被單個季度還是長期決策所推遲？

Yeah. I mean we signed 250,000 feet plus of leases in the first quarter, continued momentum into April, really strong LOI pipeline. And as I mentioned, there's a pipeline beyond that, towers prospects, proposals that is the largest it's been since last summer.

是的。我的意思是，我們在第一季簽署了超過 250,000 英尺的租約，這一勢頭持續到了四月份，意向書管道非常強勁。正如我所提到的，除此之外，還有一系列的規劃、塔樓前景和提案，這是自去年夏天以來規模最大的。

So we actually feel pretty good about the leasing that we're doing and we do have 400, 500 basis points of leases that have been signed that are just not yet occupied in paying rent, but obviously, those leases will commence in the coming quarters. So there's clearly some positives. So we feel good about that. Bohn, you should comment.

因此，我們對正在進行的租賃業務感到非常滿意，我們確實已經簽署了 400 到 500 個基點的租約，但尚未用於支付租金，但顯然，這些租約將在未來幾季開始生效。因此顯然存在一些積極的方面。因此我們對此感到很高興。Bohn，你應該發表評論。

I mean the thing I would add too is that the tenants that are in our LOI pipeline or active demand pipeline, those are tenants that are typically have raised capital or already have well-capitalized balance sheets and aren't the groups who need to raise capital in the next six months. So groups who are executing on their business plan and can play through kind of some of this noise here.

我的意思是，我還想補充的是，我們 LOI 管道或活躍需求管道中的租戶通常已經籌集了資金或已經擁有充足的資本資產負債表，而不是需要在未來六個月內籌集資金的群體。因此，正在執行其商業計劃的團體可以解決這裡的一些噪音。

Okay. Thank you. I appreciate it.

好的。謝謝。我很感激。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thank you. I guess first question would be on the guide, the $500 million of investments. Were the share repurchases driven by the relative attractive the relative attractiveness of the stock? Or is that more due to the difficulty of underwriting lab here?

早安.謝謝。我想第一個問題是關於指南，即 5 億美元的投資。股票回購是否由股票的相對吸引力所驅動？還是這更多的是因為這裡的核保實驗室很困難？

It was more the attractiveness of the stock. We have the luxury of a strong balance sheet that gives us optionality and flexibility. We bought back stock year-to-date almost $100 million at a roughly 10% FFO yield for a really high-quality portfolio. So that was the driver.

這更多的是股票的吸引力。我們擁有強大的資產負債表，這為我們提供選擇性和靈活性。今年迄今為止，我們回購了近 1 億美元的股票，FFO 收益率約為 10%，形成了真正高品質的投資組合。這就是司機。

Okay. And I guess on in terms of underwriting lab in an environment like this, how has it changed for you in terms of what you need to see maybe pre and post liberation day?

好的。我想，就承保實驗室而言，在這樣的環境下，您需要看到解放前和解放後的情況發生了哪些變化？

Yeah, it's more just time lines for leasing. I don't know that rental beats are changing in any material way. It's just if we underwrote a two-year lease up six months ago, that might be a longer lease up today. There's just uncertainty, it may end up being less. The headlines data change daily, if not hourly, but from where we sit today, we would be smart to underwrite a longer lease up than we would have six months ago.

是的，這只是租賃的時間表。我不知道租賃節拍是否發生了任何實質的變化。如果我們在六個月前簽訂了一份為期兩年的租約，那麼今天這份租約可能會變得更長。只是存在不確定性，最終可能會減少。頭條數據每天都在變化，甚至每小時都在變化，但從我們今天的情況來看，我們明智的做法是承保比六個月前更長的租約。

Yeah. I would also add that it's less about kind of liberation today in the tariffs than it is about the just the uncertainty and instability to NIH funding and the FDA more so than tariffs (inaudible)

是的。我還要補充一點，今天的關稅與其說是某種形式的解放，不如說是NIH資金和FDA的不確定性和不穩定性，而不是關稅。（聽不清楚）

Got it. Thank you.

知道了。謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great thanks. Good morning everybody. Scott Brinker, just going back to your comments about weakness in the lab business. I guess, could you just provide an update about the health of the tenant base and more specifically, the watch list and whether there's any signs of credit concerns emerging at this point?

非常感謝。大家早安。斯科特·布林克，回到你關於實驗室業務弱點的評論。我想，您能否提供有關租戶群體健康狀況的最新消息，更具體地說，關註名單以及目前是否出現任何信貸問題的跡象？

Yeah, we had a significant improvement in rent collections and bad debt in 2024 relative to '23 on top of really strong leasing volumes. But at any point in time, a number of our tenants are in the market actively raising capital and that it's just been a lot more difficult for the last three to four months.

是的，除了租賃量非常強勁之外，2024 年我們的租金收取和壞帳情況相對於 23 年也有了顯著改善。但在任何時候，我們的許多租戶都在市場上積極籌集資金，而過去三到四個月的情況變得更加困難。

So there's a number that are still in process of trying to raise money, unclear if they'll make it or not, a lot depends on whether some of this regulatory uncertainty and market chaos stabilizes in which case, I think a good number of them will end up raising money, and if not, obviously, a number of them will not.

因此，仍有一些公司正在嘗試籌集資金，但不清楚他們是否會成功，這在很大程度上取決於監管不確定性和市場混亂是否會穩定下來，如果穩定下來，我認為其中許多公司最終會籌集到資金，如果沒有，顯然，其中許多公司將不會籌集到資金。

So we still feel like the guidance range that we've reaffirmed by the way. So there's no change in guidance or same-store captures the potential upside and downside scenarios from where we sit today.

因此，我們仍然感覺我們已經重申了指導範圍。因此，從我們目前的情況來看，指導方針或同店銷售額沒有變化，也沒有捕捉到潛在的上行和下行情景。

That's helpful. And then just maybe pivoting to your comment about risk-adjusted returns and potentially moved here versus three to six months ago. I mean how many of the parties that you're speaking with are in need of a solution in the near term and could be price takers where you think maybe you can still get a deal done, particularly on sort of the loan investments that you've spoken to?

這很有幫助。然後也許就轉向您關於風險調整回報的評論，並且可能與三到六個月前相比有所變化。我的意思是，在您交談的各方中，有多少人需要在短期內找到解決方案，並且可能接受價格，您認為也許仍然可以達成交易，特別是就您所談過的貸款投資而言？

Yeah, I think it's too early to speculate on that, Austin. We'll have more clarity in the coming weeks and months, but I thought I hesitate to try to precise feedback on a question like that. I appreciate the question itself, but we're just too early in that process.

是的，奧斯汀，我認為現在推測這個還為時過早。在接下來的幾週和幾個月裡，我們會有更清晰的答案，但我想我還是不願意對這樣的問題給予準確的回饋。我很感謝這個問題本身，但我們在這個過程還處於早期階段。

Understood. Thanks for the time.

明白了。謝謝你的時間。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, Just going back to sort of the guidance and just a little bit more detail because presumably, a lot of the deceleration coming from the lab side, right, because the MOBs and CCRC seems to be pretty stable, as you mentioned. Just is it all sort of prerent deceleration? Just what's what the color on sort of the [decal] on the lab side would be more helpful?

嘿，回到指導上來，再詳細說一下，因為大概很多減速都來自實驗室方面，對吧，因為正如你提到的，MOB 和 CCRC 似乎相當穩定。難道這一切都只是目前的減速嗎？實驗室一側的貼花什麼顏色更有幫助呢？

Well, yes, Ron, even in the outpatient and senior housing sector, our first quarter results were significantly ahead of the initial year guidance for those segments. So there could be some deceleration in all three segments.

嗯，是的，羅恩，即使在門診和老年住房領域，我們第一季的業績也大大超過了這些領域的第一年預期。因此這三個部分都可能出現一定程度的減速。

But I think you're right, the bigger drop is more likely to be in life science. We did have prerent that was supporting our first quarter result, the benefit of internalization, which will no longer had a year-over-year benefit in life science. So that will have an impact as well. And then just the uncertainty that I mentioned earlier around the funding environment.

但我認為你是對的，生命科學領域的降幅更大。我們確實有支持我們第一季業績的現有優勢，即內部化帶來的好處，但在生命科學領域，這將不再帶來同比成長。所以這也會產生影響。然後就是我之前提到的融資環境的不確定性。

Great. And just my follow-up would be, are any you think about sort of your three markets, San Diego, Boston, San Francisco, is there one that's better positioned, worse positioned from all these sort of funding environments and cut so for us? Just trying to figure out what the ranking looks like in your minds? Thanks.

偉大的。我的後續問題是，您是否考慮過聖地牙哥、波士頓、舊金山這三個市場，從所有這些融資環境來看，哪一個市場處於更有利的位置，哪一個市場處於更不利的位置，這對我們有什麼好處？只是想弄清楚你們心中的排名是什麼樣的？謝謝。

Yeah. Ron, it's Scott Bohn. I think Boston overall, relative to the market size, continues to be the slowest. We're fortunate to have several growth tenants there driving the demand within our portfolio, and very little roll or vacant space there. So we're in good shape in Boston, all things equal.

是的。羅恩，我是史考特‧博恩。我認為，相對於市場規模而言，波士頓整體上仍然是最慢的。我們很幸運，那裡有幾家成長型租戶推動著我們投資組合的需求，而且那裡的空置空間很少。所以，在波士頓，我們的狀態很好，所有的事情都一樣。

But I would say from a demand perspective, it's probably the slowest. San Diego has been pretty consistent over the past 12 to 18 months. And in San Francisco, we clearly see the most demand there, and part of that is due to our portfolio and our scale. I mean we do a lot of deals that that don't hit the active broker sheets. So that's the other I would rank them.

但我想說，從需求角度來看，它可能是最慢的。聖地牙哥在過去 12 到 18 個月中一直保持相當穩定。在舊金山，我們清楚地看到那裡的需求最大，部分原因在於我們的投資組合和規模。我的意思是，我們做了很多交易，但都沒有進入活躍經紀人名單。這就是我要對它們進行排名的另一個原因。

Thanks so much.

非常感謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi, thanks. Can you give some more color on the 2Q leasing activity today from the development pipeline? And kind of what do the rents look like for that space?

你好，謝謝。您能否從開發管道進一步介紹第二季的租賃活動？那麼該空間的租金是多少？

Yeah. For the 2Q numbers, I mean, I don't think we're going to get into the quantum of the LOIs. Most of the LOIs are in the operating portfolio, but the pipeline, as Scott mentioned, is strong it has been since last summer, and there are certainly deals in that pipeline that do fall into that readout bucket. I don't think we're ready to get into the detail of those deals just yet because that will matter on their execution versus pipeline.

是的。對於第二季的數據，我的意思是，我認為我們不會深入討論意向書的數量。大多數意向書都屬於營運組合，但正如斯科特所提到的那樣，自去年夏天以來，通路一直很強勁，而且該通路中的交易確實屬於該讀數範圍。我認為我們還沒有準備好討論這些交易的細節，因為這將影響到它們的執行與管道。

Okay. Great. And then just for the follow-up, for the $500 million of investment activity, how are you kind of thinking about capital allocation in terms of development or external growth versus buybacks today?

好的。偉大的。那麼接下來，對於 5 億美元的投資活動，您如何考慮在發展或外部成長與回購方面的資本配置？

There will be flexible. It depends what happens with the stock price. It depends what happens with some of these opportunities we've been pursuing and what the potential new terms would look like. So hard to speculate optionality.

將會有彈性。這取決於股票價格的變動。這取決於我們一直在追求的一些機會的進展以及潛在的新條款是什麼樣的。很難推測可選性。

Thanks.

謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks, good morning. Kelvin, congrats on the move up. Looking forward to working with you. Scott, you mentioned a lot about sort of the slowdown in leasing in life science understood given all the chaos, which is the right word to use. Specific though to sort of the marquee leasing that we've talked about in the past, Portside Vantage Directors place $60 million of NOI there potential.

謝謝，早安。凱爾文，祝賀你晉升。期待與您合作。史考特，你多次提到生命科學領域租賃業務放緩的情況，這是很正常的現象，用這個詞很貼切。不過，具體到我們過去談到的那種大型租賃，Portside Vantage 董事們認為那裡有 6000 萬美元的 NOI 潛力。

You've made some good progress getting through a lot of that. maybe half of it is sort of locked up for future revenue recognition. But do you think that now if getting the $60 million was a three-year event to actually realize that cash, do you think it's significantly pushed back now based on what's happening? Or do you think you're still on track with those three specific opportunities?

你已經克服了很多困難，並且取得了一些進展。也許其中的一半被鎖定以用於未來的收入確認。但是，您是否認為，如果現在獲得 6,000 萬美元需要三年時間才能真正實現這筆現金，那麼根據目前的情況，您是否認為現在這一時間安排已經大大推遲了？或者您認為您仍然能夠抓住這三個特定的機會？

I think it just depends. I mean if the next nine months look like the last three months, it might take a little bit longer, but we've seen that the market can shift pretty quickly based on one press release or comment. So it's hard to predict what the future holds. We do see, as I said in the prepared remarks, a lot of themes emerging that could be very helpful, but stability would be the most important thing in the near term, for us to answer your question on specific lease up time lines.

我認為這取決於情況。我的意思是，如果接下來的九個月看起來像過去三個月，那麼可能需要更長的時間，但我們已經看到，市場可以根據新聞稿或評論迅速變化。因此很難預測未來會發生什麼。正如我在準備好的演講中所說的那樣，我們確實看到許多新出現的主題可能非常有幫助，但穩定性將是短期內最重要的事情，以便我們可以回答您關於具體租賃時間表的問題。

Okay. Fair enough. And then a follow-up is, you talked about kind of reassessing required returns on your life science loan program. Memory serves, you were getting an 8-ish type number on that. The buyback was an eight implied.

好的。很公平。然後接下來的問題是，您談到了重新評估生命科學貸款計劃所需的回報。記憶不錯，你得到的是一個 8 左右的數字。此次回購的隱含利率為 8%。

So what's the appropriate premium to doing buybacks? Is it 100 basis points in your mind or is it more or less? I mean -- or is that sort of a TBD number that you're sort of addressing as you monitor the market? Thanks.

那麼回購的適當溢價是多少呢？您心裡想的是100個基點嗎，還是多一點或少一點？我的意思是——或者說，這是您在監控市場時要解決的一個有待確定的數字？謝謝。

Yeah, I mean, the 8% you mentioned was a really low loan-to-value first mortgage in Torrey Pines kind of premier submarket. Most of the life science investments that we had been pursuing were more distressed situations that the returns were substantially higher than 8%. I mean, way into the double digits. So it's a different investment profile than buying back our own stock.

是的，我的意思是，您提到的 8% 是 Torrey Pines 一流子市場中貸款價值比非常低的首筆抵押貸款。我們所追求的大多數生命科學投資都處於較為困境的境地，回報率遠高於 8%。我的意思是，達到兩位數。因此，這與回購我們自己的股票的投資情況不同。

Okay. And so that double digit isn't enough for you at this point, is that a fair statement?

好的。那麼現在兩位數對你來說還不夠，這是公平的說法嗎？

Yeah, that's why we stepped back. We're reassessing that pipeline. It's not going away, but we have stepped back to reassess.

是的，這就是我們退後的原因。我們正在重新評估該管道。它不會消失，但我們已經退後一步重新評估。

Fair enough. Okay, thanks everyone.

很公平。好的，謝謝大家。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Good morning. Thanks for being the questions. Maybe just first one on Life Sciences specifically. Can you kind of talk about the components of same-store specifically occupancy, how you see that trending for the balance of the year? And if there's some pressure then how much of that is known versus sort of just a placeholder for the uncertainty that you referenced?

早安.謝謝您的提問。也許只是第一個專門針對生命科學的。您能否談談同店入住率的組成部分，特別是入住率，以及您認為今年的趨勢如何？如果存在某種壓力，那麼其中有多少是已知的，而有多少只是您所提到的不確定性的佔位符？

Yeah. Vikram, we don't guide to occupancy, never have and we're certainly not going to start to an environment like this. It's possible that occupancy comes down a bit. I mentioned the offsets. We signed a ton of leases that will become rent-paying spaces in the next couple of quarters.

是的。維克拉姆，我們不指導入住率，從來沒有，我們當然也不會開始這樣的環境。入住率可能會略有下降。我提到了偏移量。我們簽署了大量租約，這些租約將在未來幾季內成為付費空間。

We continue to sign leases here in the first quarter into April. Got a bunch of LOIs. The offset is we obviously have $600,000 of maturities this year, and we gave really good clarity in the supplemental about what's happening with each of those, whether they're going into redevelopment under LOI being negotiated or likely going vacant.

從第一季到四月份，我們將繼續在這裡簽署租約。收到一堆意向書。抵銷因素是我們今年顯然有 60 萬美元的到期債務，我們在補充文件中非常清楚地說明了每筆債務的發生情況，無論它們是根據正在談判的意向書進行重建，還是可能空置。

So there's pretty good clarity there. And the uncertainty element is what happens with regulatory policy and bad debt, and that's just too hard to speculate on in an environment like this. But most important is diversified portfolio, our earnings guidance hasn't changed, our same-store guidance hasn't changed and those are the numbers that we're focused on the aggregate company-wide metrics.

因此，這一點非常清晰。不確定因素在於監管政策和壞帳將會發生什麼，在這樣的環境下，這很難進行推測。但最重要的是多元化投資組合，我們的獲利預期沒有改變，我們的同店預期沒有改變，這些都是我們關注的全公司整體指標的數字。

Okay. But just to clarify, so, well, the overall same store has not changed and the guide hasn't changed. I'm assuming you, the MOB side is doing better like you referenced, so that, that's probably gone up and the same store NOI for life science has gone down or [desel]. Is that fair?

好的。但需要澄清的是，總體而言，同一家商店沒有改變，指南也沒有改變。我假設你，MOB 方面做得更好，就像你提到的那樣，所以，這可能已經上升了，而生命科學的同一家商店的 NOI 已經下降了，或者[沙漠]。這樣公平嗎？

From where we sit today, that's most likely, but again, there's quite a bit of uncertainty to be too precise in life science in particular, but the outpatient business is doing very well. Great portfolio platform, good fundamentals, so we do feel good about that sector.

從我們今天所處的情況來看，這是很有可能的，但是，尤其是在生命科學領域，存在相當大的不確定性，但門診業務做得很好。出色的投資組合平台、良好的基本面，因此我們對該行業感覺良好。

Okay. And then just the last thing just to clarify so the watch list sort of you referenced, I'm assuming that's the review you've done over the last, 30, 60 days given this uncertainty, can you kind of frame it for us a little bit like, compared to sort of two years ago when you know we were coming out of all this uncertainty during COVID too many companies had formed like how does the watch list compare today to that uncertainty maybe two, three years ago.

好的。最後需要澄清的是，您提到的觀察名單，我假設這是您在過去 30 到 60 天內針對這種不確定性所做的審查，考慮到這種不確定性，您能否為我們稍微概括一下，與兩年前相比，當時我們正走出 COVID 期間的所有不確定性，太多公司已經成立，今天的觀察名單與兩、三年前的不確定性相比如何。

Hey Vik, this is Kelvin. We have a very robust tenant credit monitoring platform, and I'd say that where we sit today, the composition of our watch list hasn't changed materially. So I don't think there's anything that we can speculate on right now. We still kind of need to wait and see, but the composition hasn't changed materially.

嘿，維克，我是凱爾文。我們有一個非常強大的租戶信用監控平台，我想說，就目前的情況來看，我們的監控名單組成並沒有發生實質的變化。所以我認為現在我們還沒有什麼好推測的。我們仍然需要拭目以待，但組成並沒有實質的改變。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah, thanks. I just wanted to quickly follow up on the life science side. I know, Scott, you kind of mentioned in the call that there's a lot of tenants or maybe a few tenants that are trying to raise capital, and if they can't, then that could be a problem, I guess.

是的，謝謝。我只是想快速跟進生命科學方面的情況。我知道，斯科特，你在電話中提到有很多租戶或可能有少數租戶正在試圖籌集資金，如果他們不能，那麼我想這可能是一個問題。

First, how many are we talking about here, and what happens if they can't raise capital? Is it just kind of a general mixture of some could be bought out and others might default on their lease? I mean, what's the type of scenarios we should think about related to your earlier comments?

首先，我們在這裡談論的是多少人，如果他們無法籌集資金會發生什麼？這是否只是一種普遍的混合現象，有些可能會被買斷，而有些可能會違約？我的意思是，對於您先前的評論，我們應該考慮哪些類型的場景？

Yeah, there's subtenants in some of the spaces, so each one is unique, but I won't speculate on the number. I just continue to say it. The guidance range the reaffirmed captures the potential outcomes of what we foresee based on the very detailed credit monitoring that we do, and Kelvin referenced it. It's qualitative, it's quantitative, kind of looking at it from every angle, obviously spending a lot of time with the companies that we think do need to raise capital to continue.

是的，有些空間有轉租人，所以每個轉租人都是獨一無二的，但我不會猜測具體數量。我只是繼續說。重申的指導範圍反映了我們根據非常詳細的信用監控所預見的潛在結果，Kelvin 也提到了這一點。它是定性的，也是定量的，從各個角度來看待它，顯然我們會花很多時間在那些我們認為確實需要籌集資金才能繼續經營的公司上。

Okay. And then I guess congrats, Kelvin and maybe can you talk a little bit about the Heinz agreement that was announced? I know that their plan is to build apartments on this site, but how should we think about the benefits and the cash flow that could come from doc related to this?

好的。那我想恭喜你，凱爾文，也許你可以談談宣布的亨氏協議嗎？我知道他們的計劃是在這個地點建造公寓，但是我們應該如何考慮與此相關的文件可能帶來的收益和現金流？

I mean, is it related to like selling the land in the beginning and then you get some upside, or will this not really kind of hit your P&L until these buildings are completed, I guess how should we think about the amount and the timeline of that?

我的意思是，這是否與一開始出售土地然後獲得一些收益有關，或者這在這些建築物完工之前不會真正影響你的損益，我想我們應該如何考慮這筆款項的數額和時間表？

Yeah, so I look at it as a phased takedown. The agreement we have with Hine is a for evaluation on the land, and as they get ready to take down sites over time, including the first one that would take place within 6 to 12 months of entitlements late next year, we would be able to recapture those proceeds. So it'll be over time.

是的，所以我認為這是分階段的拆除。我們與 Hine 達成的協議是對土地進行評估，隨著他們準備逐步拆除場地，包括將於明年年底獲得授權後 6 至 12 個月內進行的第一次拆除，我們將能夠收回這些收益。所以這會隨著時間的推移而發生。

Okay. Great, thank you.

好的。太好了，謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hey, this is [Robin Hanle] on for Juan. Just curious if you can provide a bit more detail on the watch list profiles, are these tenants in any particular sectors and is there a -- is there any sites you can share on the aggregate watch lists pool as far as the total portfolio?

嘿，我是 [Robin Hanle]，代表 Juan。我只是好奇您是否可以提供一些有關觀察名單概況的更多詳細信息，這些租戶是否屬於任何特定行業，以及是否有任何網站可以分享有關總體觀察名單池的總體投資組合？

Hey Juan, this is Kelvin. I don't think we have granular detail to share again. I think the watch list composition is consistent with what it's looked like in the past. But we continue to monitor actively and as we get further along in the year, we'll have more color.

嘿，胡安，我是凱爾文。我認為我們沒有更多細節可以分享。我認為觀察名單的組成與過去的情況一致。但我們會繼續積極監測，隨著時間的推移，我們將獲得更多的色彩。

Got it. You talked a lot about the stepping back investments, but I imagine banks are also sidelined at this point. Just curious if you can elaborate what do you want to see to fill the void in lending and then on the purchase agreements tied to your loans, how willing are sellers to provide that as part of the deal?

知道了。您多次談到減少投資，但我想銀行現在也被排除在外了。我只是好奇，您是否可以詳細說明您希望看到什麼來填補貸款空白，然後在與您的貸款相關的購買協議中，賣方有多願意將其作為交易的一部分提供？

But we have purchase options on everything we've done today. And we'd have options on everything that we would do in the future. I mean, that, that's just fundamental to the strategy here would be a pathway to ownership on buildings that we want to own.

但對於我們今天所做的一切，我們都有購買選擇。並且，對於未來所做的一切，我們都會擁有選擇權。我的意思是，這只是該策略的基礎，它將是我們獲得想要擁有的建築物所有權的途徑。

What would need to change, probably better security, potentially higher rate, come to mind as things that that are on our mind as we reassess the life science pipeline.

當我們重新評估生命科學管道時，我們考慮的是需要改變什麼，可能是更好的安全性，可能是更高的利率。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey. Good morning, everyone. Do you expect to see any distress opportunities from the tier one locations for lab if this goes on for another year?

嘿。大家早安。如果這種情況再持續一年，您是否預期一級地點的實驗室會出現任何困境？

Well, the answer is yes. I mean, that's been the pipeline. Those are the things we're pursuing. So we do see significant opportunity coming out of this. I mean, we've outperformed the sector the last couple of years, and kept allocation decisions made in the past two to three years, a position as well to take advantage of the distress. So we still see that opportunity. It's just a matter of when is the right time to invest and what are the right terms, and that's what we're reassessing. But the answer to your question is yes, absolutely.

嗯，答案是肯定的。我的意思是，這就是管道。這些就是我們所追求的東西。因此，我們確實看到了由此帶來的重大機會。我的意思是，過去幾年我們的表現優於該行業，並且保持了過去兩到三年做出的配置決策，以便利用困境。所以我們仍然看到了這個機會。這只是一個何時是投資的正確時機以及正確的條款是什麼的問題，而這正是我們正在重新評估的。但對於你的問題，答案是肯定的，絕對的。

Okay. And then when you look at your outpatient medical developments, do you have a higher hurdle for that? And do you expect any impact from the terrorists on the development costs in a material way?

好的。那麼，當您回顧門診醫療發展時，您是否面臨更高的障礙？您認為恐怖分子會對開發成本造成實質影響嗎？

You want to comment on --

您想評論--

Yeah. Sure, I can start with the tariffs. I mean I think what we're seeing in the tariffs -- if the tariffs are in place today continue, we'd probably see estimate of 2% to 6% increase in cost. But I think what's important on our active developments on the side, we're 100% of our GMP contracts and over 85% of our under GMP. So that accounts for the building core and shell and any ongoing TIs.

是的。當然，我可以從關稅開始。我的意思是，我認為我們在關稅中看到的——如果今天的關稅繼續實施，我們可能會看到成本增加 2% 到 6%。但我認為，就我們積極的發展而言，重要的是，我們的 GMP 合約佔 100%，並且我們的 GMP 合約佔 85% 以上。因此這解釋了建築的核心和外殼以及任何正在進行的 TI。

So we see little to no risk of cost increases to our active portfolio. But going forward, again, it's a little bit of a murky crystal ball, but probably in the 2% to 6% range. But we're also working very closely with our suppliers and GCs to ensure we drive those costs down as much as we possibly can.

因此，我們認為我們的主動投資組合成本增加的風險很小甚至不存在。但展望未來，這又有點像渾濁的水晶球，但可能在 2% 到 6% 的範圍內。但我們也與我們的供應商和 GC 密切合作，以確保盡可能降低這些成本。

Okay. And do you have a higher hurdle rate for future projects. At some point, you may want to maintain the relationships you have, but then also your cost may go up, so how you manage that?

好的。您對未來專案的報酬率是否更高？在某些時候，您可能想要維持現有的關係，但您的成本也可能會上升，那麼您該如何做到這一點？

Yeah. I mean, certainly, in a volatile environment, and we have to be thoughtful on capital deployment and what's the appropriate risk-adjusted return. So that's why you saw us scale back. The amount of the $500 million of investments that's going towards acquisitions or loans and increase the buyback. So the answer is yes, we're flexible and we adjust and allocate capital, we see the best risk-adjusted return.

是的。我的意思是，當然，在動盪的環境中，我們必須認真考慮資本配置以及適當的風險調整回報。這就是你看到我們縮減規模的原因。5 億美元的投資將用於收購或貸款並增加回購。所以答案是肯定的，我們很靈活，我們會調整和分配資本，我們看到最佳的風險調整回報。

Okay. Thank you.

好的。謝謝。

John Pawlowski, Green Street.

約翰‧帕洛夫斯基 (John Pawlowski)，綠街。

Hey, thanks for your time. Kelvin, can you just spend a few minutes talking through the West Cambridge development? I don't have a good sense of what the total construction costs might be over time? What percentage of it is going to come through Healthpeak's balance sheet, time line. So would love an update on kind of the bigger master plan and the capital cost and the time to deploy the capital?

嘿，謝謝你的時間。凱爾文，您能花幾分鐘時間談談西劍橋的發展嗎？我不太清楚隨著時間的推移總建設成本會是多少？其中有多少比例將透過 Healthpeak 的資產負債表和時間表來實現。那麼，您是否想了解總體規劃、資本成本以及部署資本的時間？

Yeah. So I might start with, we're not yet fully entitled on the project. We're working through the entitlements now, and we expect to be entitled at the end of 2026. The Hines partnership has been our focus really to accelerate the project, catalyze the project with residential, which is the highest in demand right now.

是的。因此，首先我要說的是，我們還沒有完全獲得該專案的資格。我們現在正在努力爭取權益，預計將於 2026 年底獲得權益。我們與 Hines 的合作一直是我們關注的重點，旨在加速該項目，並透過住宅項目來促進該項目，這是目前需求最高的。

So we don't have any construction cost exposure improves, we'll evaluate when it's appropriate to get started and pursue the lab component. So we're really focused on Hines right now. We're happy to have them as a partner and being able to get started on the project.

因此，我們沒有任何建築成本風險的改善，我們將評估何時適合開始並進行實驗室部分。所以我們現在真正關注的是海因斯。我們很高興能與他們合作並開始這個計畫。

I guess, I worry a little bit about the dynamic that while you're waiting to start lab in practice, you're going to be a committed to this deal. And so you're effectively committing to a big check today. So I guess, maybe any comments there would help given your stock is trading and just the total capital cost should -- how high of odds are there that you're going to start these lab developments in West Cambridge?

我想，我有點擔心這種動態，即當你在等待開始實驗室實踐時，你會致力於這筆交易。因此，您今天實際上承諾支付一張大支票。所以我想，考慮到您的股票正在交易，並且總資本成本應該是多少，任何評論也許都會有所幫助——您在西劍橋開始這些實驗室開發的可能性有多大？

I might point you back to investments we've made in West Cambridge specifically. Half of our [$600-plus million] has been -- is developable sites. The other half is actually leased today. So we have credit tenants occupying buildings that are paying us rent. So I don't think we have pressure per se to move quickly.

我可能會特別向您指出我們在西劍橋的投資。我們的投資（6億多美元）有一半是可開發的場地。另一半實際上今天已經租出去了。因此，我們有信用租戶入住大樓並向我們支付租金。所以我不認為我們本身有迅速採取行動的壓力。

But again, Hines is prepared to get started within 6 to 12 months on the residential component. And the economics there are actually beneficial. It's for value on the land and we get a share of the upside. So I think we're going to actually be able to pull in some economics from the Hines transaction.

但海因斯再次準備在 6 到 12 個月內開始住宅部分的建設。那裡的經濟狀況實際上是有利的。這是為了土地的價值，而我們獲得了一部分收益。所以我認為我們實際上能夠從 Hines 交易中獲得一些經濟效益。

Okay. Thank you.

好的。謝謝。

Yes, John independent -- I mean the multifamily and the lab are independent projects, and we're not allocating any capital to the multifamily at that time. So I just want to make sure you're clear on our capital commitment and material structure.

是的，約翰獨立——我的意思是多戶住宅和實驗室是獨立的項目，我們當時沒有為多戶住宅分配任何資金。所以我只是想確保你清楚我們的資本承諾和物質結構。

Jim Kammert, Evercore.

吉姆·卡默特（Jim Kammert），Evercore。

Hi, good morning. Thank you. Maybe a qualitative probe potentially on the development or redevelopment prospects. Would you say that the number of tenants you're having discussions with and their aggregate space needs is really kind of held together, it's just -- we can all appreciate that the decision-making has been on pause, but just trying to get a better sense of what that kind of looks like as an aggregate pool that your number of conversations and so on?

嗨，早安。謝謝。或許是對開發或再開發前景進行定性探究。您是否認為與您討論的租戶數量以及他們的總體空間需求實際上是結合在一起的，只是——我們都能理解決策已經暫停，但只是想更好地了解這種總體情況是什麼樣的，您的對話次數等等？

Yeah. Jim, it's Scott again. I would say go back to my comment I made earlier is the pipeline that we have today, both in the LOI pipeline and the pipeline, these are tenants that are well capitalized. They've already raised funds. They aren't looking to raise money in the next three to six months.

是的。吉姆，又是斯科特。我想說的是，回到我之前的評論，我們今天擁有的管道，無論是 LOI 管道還是管道，這些都是資本充足的租戶。他們已經籌集了資金。他們不打算在未來三到六個月內籌集資金。

So they've got their business plan and are looking to take either additional space, either whether they're renewing in place or moving typically if they're moving and take additional space.

因此，他們有自己的商業計劃，並希望佔用額外的空間，無論是在原地更新還是搬遷（如果他們要搬遷並佔用額外的空間）。

Okay. And then so a derivative of that question, you haven't seen to your knowledge, tenants you're speaking with jump ship and go somewhere else for a $10 cheaper rent. It's just not a price issue. It's really a total capital and visibility of their business issue making the decision to lease or not?

好的。那麼，由此衍生出的問題就是，據您所知，您可能沒有看到與您交談的租戶跳槽到其他地方，只為了獲得便宜 10 美元的租金。這不僅僅是一個價格問題。在決定是否租賃時，這真的是一個總資本和業務可見性問題嗎？

Yeah, I think that's accurate. And I think that's why you continue to see the incumbent landlords when an outside share of the deal, right? I mean I think these are mission-critical facilities and they're going to make a decision for the long term and want to know who their landlord is going to be for the duration of the lease. And it's one of the reasons we've outperformed the broader market.

是的，我認為這是準確的。我認為這就是為什麼當外部參與者參與交易時，您仍然會看到現任房東，對嗎？我的意思是，我認為這些都是關鍵任務設施，他們將做出長期決定，並想知道在租賃期間誰是他們的房東。這是我們表現優於大盤的原因之一。

Sounds good. Thank you.

聽起來不錯。謝謝。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah, hi. First, I also want to pass on congrats to Kelvin. And for the two questions, First, it looks like ad rents may have helped your MOB growth this quarter, both sequentially and year over year. Was that the case? And if so, how much? And for the second question, what do you see as full occupancy for the CCRCs?

是的，你好。首先，我也想向 Kelvin 表示祝賀。對於這兩個問題，首先，看起來廣告租金可能有助於本季的 MOB 成長，無論是環比成長還是同比成長。事實真的是如此嗎？如果是的話，金額是多少？對於第二個問題，您認為 CCRC 的滿員率是多少？

Yes, Mike, this is I'll take the first one on the Medical City ad rent. We had a great start to the year there ahead of budget, as you mentioned, and ahead of schedule. It's a total of about $1 million in the quarter, which is about a 50 basis point impact on our same-store for the year-over-year and sequential.

是的，麥克，這是我在醫療城廣告租金上獲得的第一個。正如您所說，我們今年的開局很好，超出了預算，也提前完成了計劃。本季總計約 100 萬美元，對我們的同店銷售額年比和季比影響約為 50 個基點。

And Mike, your senior housing question, we're at roughly 86% today. There are a couple of properties that bring that average down, but there's an upside. It's probably in the 300 to 400 basis point range would be a rough estimate just based on trajectory. The lead volume continues to be strong, so definitely some upside to capture.

麥克，您提到的老年人住房問題，目前我們的解決率大約是 86%。有一些屬性可以降低該平均值，但也有好處。根據軌跡粗略估計，它可能在 300 到 400 個基點範圍內。領先量持續強勁，因此肯定具有一定的上漲空間。

Got it. Thank you.

知道了。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. Kelvin, first of all, congratulations. I look forward to working with you. So my first question is just around, Scott, I mean, you've kind of given a very candid picture of life sciences, which I appreciate.

是的，大家早安。凱爾文，首先，恭喜你。我期待與您合作。所以我的第一個問題是關於史考特，我的意思是，你對生命科學給了非常坦率的描述，我很欣賞這一點。

But I take a look at your leasing volumes, and it sounds like things actually accelerating in 2Q relative to 1Q. I mean how should we be -- and this kind of sounds very much like last year as well, right, where the backdrop was tough, but you're leasing actually gotten better over the course of the year. Is that the same idea this year? Or are you really kind of cautioning that maybe we may not have that same kind of tempo this year?

但我看了你們的租賃量，聽起來第二季度相對於第一季實際上有所加速。我的意思是我們應該怎麼做——這聽起來也很像去年，對吧，當時的背景很艱難，但實際上，在過去的一年裡，情況有所改善。今年也是同樣的想法嗎？或者您真的在警告我們今年可能不會有同樣的節奏？

First quarter is always a little weak. That was the case last year and were less than 200,000 feet, and we signed, I don't know, 800,000 feet in 2Q. So there is definitely an increase. And we have a good pipeline. I mean we keep saying that.

第一季總是有點疲軟。去年的情況就是這樣，當時簽約量不到 20 萬英尺，而我們在第二季簽了 80 萬英尺，我不知道。所以肯定會增加。我們擁有良好的管道。我的意思是我們一直這麼說。

So yes, I mean, the leasing pipeline is strong, whether it's what's signed in April, the LOIs and what comes behind that. As we've said a couple of times now, it's as strong as it's been since the summer. But we've also said it wouldn't surprise us if some of those lease executions get pushed back. That's just the reality of the market environment that we're in.

是的，我的意思是，租賃管道很強勁，無論是 4 月簽署的協議、意向書或後續協議。正如我們多次說過的，它和夏天以來一樣強勁。但我們也表示，如果部分租賃執行被推遲，我們不會感到驚訝。這就是我們所處的市場環境的現實。

There's a huge amount of uncertainty. And we are giving you a candid view. We still love the sector. We have a great market position, high-quality real estate. But if you're expecting massive earnings growth and turnaround in 2Q. I mean that's going to be tougher. I mean I don't think that should be a surprise if you look at what's happened to biopharma capital raising in the start to the year.

存在著巨大的不確定性。我們正在向您提供坦誠的觀點。我們仍然熱愛這個行業。我們擁有優越的市場地位和高品質的房地產。但如果您預計第二季獲利將大幅成長並出現改善。我的意思是這會變得更加困難。我的意思是，如果你看看今年年初生物製藥資本籌集的情況，我認為這不應該是一個驚喜。

Fair enough. And then also for the new leases in the quarter, the weighted average lease term was like 58 months-or-so. That number is really almost double that. Anything unique there in regards to mix or just terms changing people wanting shorter leases because of the uncertainty?

很公平。本季的新租約的加權平均租賃期限約為 58 個月。這個數字實際上幾乎是這個數字的兩倍。在組合方面有什麼獨特之處嗎？或者只是由於不確定性而改變條款，人們想要更短的租期？

No. It's Scott Bohn. I think that the new leases were on average about 5 years, which is not too far off where we were, I think, for full-year 2024. And as we've talked about, when we talk about mark-to-market and other things in the Life Science portfolio, our deals tend to be pretty chunky.

不。我是史考特·博恩。我認為新的租約平均期限約為 5 年，與 2024 年全年的租約期限相差不遠。正如我們所討論的，當我們談論以市價計價和生命科學投資組合中的其他事項時，我們的交易往往相當龐大。

So looking at it on a quarter-by-quarter basis isn't necessarily the right way. I think you got to look at the full year or trailing 12 months. So I don't think there's anything specific in that quarter that is.

因此，按季度來看待它並不一定是正確的方法。我認為你必須看全年或過去 12 個月的情況。所以我認為那個季度沒有什麼特別的事情。

That's Helpful. Then one more for me, if you don't mind. The redevelopment bucket for other redevelopment, that amount increased this quarter, I know you have 16 projects versus [12] last quarter. Can you talk a little bit about kind of what the additional projects were? What's being moved into redev?

這很有幫助。如果你不介意的話，再給我一個。其他重建項目的重建金額本季有所增加，我知道你們有 16 個項目，而上一季有 [12] 個。能否稍微談談其他項目是什麼？哪些內容被移入了 redev？

Is it like a building you have, a tenant move doubt and moving into redev that? Just kind of trying to understand what the movement of there?

這是否就像您擁有的一棟建築，租戶有疑問並搬進重建的建築？只是想了解那裡的運動是什麼？

Yeah. We added three projects to that bucket this quarter. Two lab buildings and building. All of them were 100% preleased, just some pretty large CI as well as base building work needed on those buildings. It's about 130,000 feet and about $40 million total in those. And the bulk of those, I think, are Q4 starts for the lease as opposed being for the next few quarters.

是的。本季我們在該儲存桶中增加了三個項目。兩棟實驗大樓和一棟大樓。所有建築物均已 100% 預先出租，只需要進行一些相當大的 CI 以及基礎建設工作。它長約 13 萬英尺，總價值約為 4,000 萬美元。我認為，其中大部分是第四季開始的租賃，而不是接下來的幾季。

And the current tenants have already moved out of those buildings?

目前的租戶已經搬離這些建築了嗎？

Right.

正確的。

Okay. Helpful. Thank you.

好的。很有幫助。謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks for the quick follow up. When you think about maintaining guidance and perhaps ramping up buybacks and ramping down your life science loan business, is the net forced downward, but yet you're able to maintain guidance or would that be something -- would that combination of those two observations actually help you to sustain -- maintain guidance? I'm just curious how the math works in your mind? Thanks.

感謝您的快速跟進。當您考慮維持指導並可能增加回購力度並縮減生命科學貸款業務時，淨額是否會被迫下降，但您仍然能夠維持指導，或者這是否會 — — 這兩種觀察結果的結合實際上有助於您維持 — — 維持指導？我只是好奇你心中的數學是如何運作的？謝謝。

Yeah. I mean it depends obviously what price for buying back the stock and which investments either proceed or not. Some have higher returns than others. There's also the impact on leverage. And we didn't make the comment.

是的。我的意思是，這顯然取決於回購股票的價格以及哪些投資可以進行或不進行。有些回報比其他的要高。這也會為槓桿帶來影響。我們沒有發表評論。

In any event, we don't expect to take our leverage above 5.5 times. And buybacks obviously are not helpful for leverage, whereas investments could potentially be high enough yielding that they would be beneficial to leverage.

無論如何，我們預計槓桿率不會超過 5.5 倍。回購顯然對槓桿率沒有幫助，而投資的收益率可能足夠高，從而有利於槓桿率。

So there is an impact, but I'll come back to regardless of how we use the $500 million. And that could include just sitting on the cash and keeping leverage lower. We still feel like our guidance range captures the potential endpoints.

所以是有影響的，但無論我們如何使用這 5 億美元，我都會回來。這可能包括持有現金並保持較低的槓桿率。我們仍然覺得我們的指導範圍涵蓋了潛在的終點。

Okay. Great. thanks very much.

好的。偉大的。非常感謝。

Yeah.

是的。

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。我想將會議交還給 Scott Brinker 做最後發言。

Thanks for your time today. I look forward to seeing you in May, if not June, at the various events. Thanks, everyone.

感謝您今天抽出時間。我期待在五月（如果不是六月的話）的各種活動中見到您。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。