Healthpeak Properties Inc (DOC) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties, Inc. second quarter 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Healthpeak Properties, Inc. 2025 年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Andrew Johns, Senior Vice President of Investor Relations. Please go ahead.

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。

Today's conference call will contain certain forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to risks and uncertainties that may cause actual results to differ materially from our expectations. Discussion of risks and risk factors is 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.

今天的電話會議將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，但這些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。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。

Certain non-GAAP financial measures will be discussed on this call. In the exhibit of the 8-K we furbished 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.

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 (SEC) 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。

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

現在我將電話轉給我們的總裁兼執行長 Scott Brinker。

All right. Thanks, Andrew, and welcome to Healthpeak's second quarter 2025 earnings call. Our CFO, Kelvin Moses, is here with me for prepared remarks, and our senior team is available for Q&A.

好的。謝謝，安德魯，歡迎參加 Healthpeak 2025 年第二季財報電話會議。我們的財務長 Kelvin Moses 和我一起在這裡發表準備好的講話，我們的高級團隊也可以回答提問。

I want to start by thanking our entire team for another quarter of excellence in execution, one of our weaker core values. In addition to their normal responsibilities and strong financial results, our team completed an enterprise-wide technology upgrade after more than a year of planning and testing. The new platform will improve the integration and availability of data, increased productivity and provide a foundation for rapid deployment of additional AI capabilities.

首先，我要感謝我們整個團隊又一個季度在執行上表現出色，而執行力是我們較弱的核心價值之一。除了正常職責和強勁的財務表現外，我們的團隊經過一年多的規劃和測試，完成了企業範圍的技術升級。新平台將提高資料的整合度和可用性，提高生產力，並為快速部署更多人工智慧功能奠定基礎。

All right. Let me touch on the political and regulatory environment. The reconciliation bill signed in early July should be a first step in reducing the uncertainty that has impacted our sector. As is often the case, the reality was far better than the attention-grabbing headlines earlier this year. We were pleased to see the changes made to drug pricing for rare diseases and favorable tax treatment for research and manufacturing. Both changes helped promote biopharma investment here in the US.

好的。讓我談談政治和監管環境。7月初簽署的和解法案應該是減少影響我們產業的不確定性的第一步。正如通常的情況一樣，現實遠比今年早些時候引人注目的頭條新聞要好得多。我們很高興看到罕見疾病藥品定價的變化以及研究和製造的優惠稅收待遇。這兩項變化都有助於促進美國生物製藥的投資。

In our outpatient business, the impact of the Medicaid cuts should be pretty immaterial given our locations and our tenants payer mix. More important is a recent proposed rule from CMS to the so-called inpatient-only list. Current policy requires surgical procedures to be performed in a hospital and less explicitly approved by CMS for an outpatient setting. In other words, the default option is the hospital. The proposed rule would reverse that, and the default option would be to allow the outpatient setting. This would be very positive for our business.

在我們的門診業務中，考慮到我們的位置和租戶付款人組合，醫療補助削減的影響應該相當小。更重要的是CMS最近提出的所謂住院病人名單規則。現行政策要求手術必須在醫院進行，CMS 對門診手術的批准並不十分明確。換句話說，預設選項是醫院。擬議的規則將扭轉這一現狀，預設選項是允許門診設定。這對我們的業務非常有利。

Our decision to internalize property management continues to be a strategic and financial success. Next month, we internalize 2 million square feet in Boston and 1 million square feet in Texas. One of my strategic goals has been to bring us closer to our real estate. And I love the fact that our own employees are now interacting with our tenants on a daily basis. We've been able to remove layers of oversight bureaucracy, generate profit, and augment relationships with our tenants.

我們將物業管理內部化的決定繼續取得策略和財務上的成功。下個月，我們將在波士頓內部化 200 萬平方英尺的空間，在德州內部化 100 萬平方英尺的空間。我的策略目標之一是讓我們更接近我們的房地產。我很高興我們的員工現在每天都與租戶互動。我們已經能夠消除層層監督官僚機構、創造利潤並增強與租戶的關係。

Last week, we received our most recent tenant satisfaction scores, which showed year-over-year improvement and are well above industry averages. Our focus on customer service helps drive high retention rates and re-leasing spreads.

上週，我們收到了最新的租戶滿意度評分，同比有所提高，遠高於行業平均水平。我們注重客戶服務，有助於提高留存率和轉租利差。

I'd like to give some color on second quarter results in each of our business segments, starting with Outpatient Medical. Same-store growth, retention and re-leasing spreads were all near record levels. The aging population and consumer preference for convenient lower-cost settings is driving demand for our buildings. Meanwhile, new supply is at the lowest levels we've seen in two decades. That dynamic is favorable for Healthpeak with the largest footprint in the sector and industry-leading tenant relationships.

我想先介紹我們各業務部門第二季的業績，首先是門診醫療。同店成長、留任和轉租利差均接近歷史最高水準。人口老化和消費者對便利低成本環境的偏好正在推動對我們建築的需求。同時，新增供應量處於二十年來的最低水準。這種動態對 Healthpeak 有利，因為它在該領域擁有最大的影響力，並且擁有領先業界的租戶關係。

By design, we have significant concentration in markets like Dallas, Houston, Nashville, Atlanta, Phoenix and Denver. We'll continue to grow in these core markets deepening our competitive advantage in geographies with the highest potential for internal and external growth.

根據設計，我們高度集中在達拉斯、休士頓、納許維爾、亞特蘭大、菲尼克斯和丹佛等市場。我們將繼續在這些核心市場中發展，深化我們在內部和外部成長潛力最大的地區的競爭優勢。

To that point, we recently closed on two large outpatient development projects in Atlanta, representing $150 million of projected spend. Atlanta is one of our biggest and most important outpatient markets, supported by our relationship with Northside Hospital, a fast-growing and highly successful regional health systems.

到目前為止，我們最近在亞特蘭大完成了兩個大型門診開發項目，預計支出為 1.5 億美元。亞特蘭大是我們最大、最重要的門診市場之一，這得益於我們與北邊醫院（快速發展且非常成功的區域醫療系統）的合作關係。

And new developments are anchored by Northside, outpatient services and physicians and our 78% pre-leased before commencement of construction, with a strong leasing pipeline behind that. We expect to achieve a mid-7s return on cost, generating significant shareholder value relative to acquisition cap rates on such high-quality assets.

新開發案以北區、門診服務和醫生服務為主，其中 78% 在開工前已預租，背後有強大的租賃管道。我們預期成本回報率將達到 7% 左右，相對於此類優質資產的收購資本化率，將產生顯著的股東價值。

In our lab R&D business, we're beginning to see at least a few leading indicators turn positive. Spec new supply is quickly going to 0 and should remain there for quite some time. A recent broker report showed more than 4 million square feet of inventory being removed from the supply pipeline as certain landlords who lack scale and expertise to pursue an alternative use.

在我們的實驗室研發業務中，我們開始看到至少一些領先指標變得積極。規格新供應量很快就會降至 0，並且會維持相當長一段時間。最近的經紀人報告顯示，由於某些房東缺乏規模和專業知識，無法尋求其他用途，超過 400 萬平方英尺的庫存被從供應管道中移除。

On the regulatory front, new leadership at the FDA are making changes to promote innovation and modernization. That amount of change creates a bumpy transition, but the landing point should be positive for the biopharma sector. In particular, the cost in time to bring a drug to market in the US could come down improving the return on cost or R&D taking place in our lab buildings.

在監管方面，FDA 的新領導層正在進行變革以促進創新和現代化。如此大的變化會造成坎坷的過渡，但最終的著陸點對於生物製藥行業來說應該是積極的。特別是，將藥物推向美國市場的時間成本可能會降低，從而提高我們實驗室大樓內進行研發的成本回報。

We've also seen a couple of $10 billion M&A deals recently, which allows capital to be recycled back into the ecosystem. Those M&A exits along with political and regulatory stability should help jump start public and private capital raising, which is the key to an improvement in new leasing.

我們最近也看到了幾筆價值 100 億美元的併購交易，這使得資本可以重新回到生態系統中。這些併購退出以及政治和監管穩定應該有助於啟動公共和私人資本籌集，這是改善新租賃的關鍵。

Moving to our CCRC business, which experienced record leasing volumes last quarter. Our strategic decision to increase affordability with our unique entry fee structure, broadened our demand pool and differentiated our product. The CCRC portfolio is residential housing for independent seniors with significant amenities and a continuum of care available on site. Our net entry fee is just 60% of the local median home value representing a strong value proposition for our residents.

轉向我們的 CCRC 業務，該業務上個季度的租賃量創下了歷史新高。我們的策略決策是透過獨特的入場費結構來提高可負擔性，擴大我們的需求範圍並使我們的產品與眾不同。CCRC 投資組合是為獨立老年人提供的住宅，配有完善的設施並提供持續的現場護理。我們的淨入場費僅為當地房屋平均價格的 60%，這對我們的居民來說是一個強大的價值主張。

The portfolio is now generating approximately $200 million of annual NOI, including cash entry fees, which incredibly is 50% higher than in 2019 before the pandemic. Our decision to bring in LCS as the operator has been an important part of that spike in performance. And with current occupancy at 86%, we have more upside to capture.

該投資組合目前每年產生約 2 億美元的淨利潤（包括現金入場費），令人難以置信的是，這比疫情爆發前的 2019 年高出 50%。我們決定引入 LCS 作為營運商，這是效能飆升的重要因素。目前入住率為 86%，我們還有很大的發展空間。

Okay. Let me turn it to Kelvin for financial results and the balance sheet.

好的。讓我把它交給開爾文來查看財務結果和資產負債表。

Thank you, Scott. I'll begin with a brief update on how we're positioning the operating platform to lead in this next phase of execution for Healthpeak. Today, we are a very different company than we were three years ago, but more than 60% of our team now directly engaged with our tenants and focused on delivering a differentiated customer experience across our properties. Our entire company is committed to enhancing our client service model, laying a strong foundation for sustained long-term value creation through operational excellence.

謝謝你，斯科特。首先，我將簡要介紹我們如何定位營運平台以引領 Healthpeak 的下一階段執行。如今，我們與三年前相比已經發生了很大變化，但超過 60% 的團隊成員現在直接與租戶打交道，並致力於在我們的所有物業中提供差異化的客戶體驗。我們整個公司致力於加強我們的客戶服務模式，為透過卓越的營運持續創造長期價值奠定堅實的基礎。

With the internalization of property management largely complete, we shifted focus to scaling our real estate operations capabilities. We are implementing a strategic plan that enhances operating procedures, refines lease documents, strengthens, training and support programs and elevates brand service standards to deliver a best-in-class experience for our clients and tenants.

隨著物業管理內部化基本完成，我們將重點轉向擴大房地產營運能力。我們正在實施一項策略性計劃，以加強營運流程、完善租賃文件、加強培訓和支援計劃並提升品牌服務標準，為我們的客戶和租戶提供一流的體驗。

This commitment to operational excellence will further set Healthpeak apart from competitors and positions the platform to capture investment and leasing opportunities not available to the broader market.

對卓越營運的承諾將進一步使 Healthpeak 從競爭對手中脫穎而出，並使該平台能夠抓住更廣泛的市場所沒有的投資和租賃機會。

We are also well underway in advancing a near-term action plan to deploy artificial intelligence tools designed to optimize daily operations and enhance visibility and passive performance. These tools will empower our team with real-time insights and will allow us to implement solutions that ensure consistent performance, deliver practical efficiencies and streamline processes. We look forward to sharing relevant updates on progress on future calls.

我們也正在順利推動一項近期行動計劃，以部署旨在優化日常營運、提高可見度和被動性能的人工智慧工具。這些工具將為我們的團隊提供即時洞察力，並使我們能夠實施確保一致性能、提供實際效率和簡化流程的解決方案。我們期待在未來的電話會議上分享相關進度更新。

Now moving into our second quarter results. We had another overall strong quarter of financial and operating results. We reported FFO as adjusted of $0.46 per share, AFFO of $0.44 per share in total portfolio same-store growth of 3.5%. In our CCRC business, we reported same-store growth of 8.6% driven by rate growth of 5% in higher entrance fee sales. We continue to be pleased with the execution by our operating partners, the strength of our team and the performance of our high-quality portfolio of assets.

現在來看看我們的第二季業績。我們又度過了一個整體財務和營運業績強勁的季度。我們報告稱，調整後的 FFO 為每股 0.46 美元，AFFO 為每股 0.44 美元，總投資組合同店成長率為 3.5%。在我們的 CCRC 業務中，我們報告同店成長率為 8.6%，這得益於入場費銷售額成長 5%。我們對我們的營運合作夥伴的執行力、我們團隊的實力以及我們高品質資產組合的表現感到滿意。

Moving to Outpatient Medical. Our results this quarter reflect the focus that our leadership team is placed on positioning our portfolio for success, cultivating the strongest tenant relationships in the sector and capitalizing on the continued strength in fundamentals we are seeing across the business. This quarter, we achieved 85% tenant retention, delivered a positive rent mark-to-market at 6% and reported same-store cash NOI growth of 3.9%.

轉至門診醫療。本季度的業績反映了我們的領導團隊致力於定位我們的投資組合以獲得成功、培養該行業最強大的租戶關係以及利用我們在整個業務中看到的持續強勁的基本面。本季度，我們實現了 85% 的租戶保留率，租金按市價計算上漲了 6%，同店現金淨營業收入增長了 3.9%。

During the quarter, we executed over 1 million square feet of leases including approximately 200,000 square feet of new leasing. That represents 2 million square feet of execution through the first half of 2025 and a strong pipeline to follow. Additionally, we executed another 419,000 square feet of leases in July, and we have 682,000 square feet under LOI.

本季度，我們執行了超過 100 萬平方英尺的租賃，其中包括約 20 萬平方英尺的新租賃。這意味著到 2025 年上半年將實現 200 萬平方英尺的執行量，並且隨後將有強大的建設計劃。此外，我們在 7 月又簽訂了 419,000 平方英尺的租約，目前有 682,000 平方英尺的租約正在等待意向書 (LOI)。

And finally, lab. We continue to focus on capturing outside share of the available demand in the market. And converting our pipeline into executed leases. For the second quarter, we reported same-store growth of 1.5%, a positive rent mark-to-market of 6% and tenant retention of 87%. We executed 503,000 square feet of leases in the quarter, which included approximately 85% renewal leasing and brings our total lease execution for the first half of 2025 to approximately 780,000 square feet. Additionally, we executed another 55,000 square feet of leases in July, we were under LOI or another 250,000 square feet.

最後是實驗室。我們將繼續致力於搶佔市場上現有需求的外部份額。並將我們的管道轉換為已執行的租約。我們報告第二季同店銷售額成長 1.5%，租金市價比為正 6%，租戶保留率為 87%。我們在本季度執行了 503,000 平方英尺的租約，其中包括約 85% 的續租，使我們 2025 年上半年的總租約執行面積達到約 780,000 平方英尺。此外，我們在 7 月又簽訂了 55,000 平方英尺的租約，我們簽訂了意向書，即另外 250,000 平方英尺的租約。

Total occupancy declined by 150 basis points this quarter primarily due to natural lease expiration and tenant departures following unsuccessful capital raises earlier in the year.

本季總入住率下降了 150 個基點，主要原因是租約自然到期，以及今年稍早資本籌集失敗後租戶離開。

On to the balance sheet. In June, we repaid $450 million of senior notes with proceeds from our commercial paper program. We ended the second quarter with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity. As we look ahead to the remainder of the year, we will opportunistically monitor the bond market to refinance our commercial paper balances and further strengthen the balance sheet.

進入資產負債表。6 月份，我們利用商業票據計畫的收益償還了 4.5 億美元的優先票據。截至第二季末，我們的淨負債與調整後 EBITDA 比率為 5.2 倍，流動資金接近 23 億美元。展望今年剩餘時間，我們將抓住機會監測債券市場，為我們的商業票據餘額進行再融資，並進一步加強資產負債表。

Balance sheet discipline will continue to be a core long-term strategy, and we expect to preserve optionality to invest where we have identified opportunities that will enhance our portfolio quality and generate attractive returns.

資產負債表紀律將繼續成為一項核心的長期策略，我們希望保留投資選擇性，以便我們發現能夠提高投資組合品質並產生可觀回報的機會。

Before we move into Q&A, we wanted to briefly touch on guidance. Based on our strong overall performance in the first half, we are reaffirming our FFO as adjusted and same-store cash NOI expectations. Our CCRC portfolio continues to benefit from strong market fundamentals, and with year-to-date same-store growth of 12%, we are now on track to exceed the high end of our segment guidance.

在進入問答環節之前，我們想簡單談談指導。基於我們上半年強勁的整體表現，我們重申調整後的 FFO 和同店現金 NOI 預期。我們的 CCRC 產品組合持續受惠於強勁的市場基本面，年初至今同店銷售額成長 12%，我們有望超越細分市場指引的高端。

Outpatient Medical, our largest business segment, continues to achieve strong tenant retention and re-leasing spreads, which were up to 6% in the second quarter. That performance is supported by a robust leasing pipeline that positions this portfolio to the high end of our initial segment guidance. We remain confident in the execution from our team and the balance of our diversified portfolio, which we expect to deliver results within our overall same-store growth range despite what we are experiencing broadly in the lab sector.

門診醫療是我們最大的業務部門，持續實現強勁的租戶保留率和轉租利差，第二季高達 6%。這一業績得益於強勁的租賃管道，使得該投資組合處於我們初始細分指導的高端。我們對團隊的執行力和多元化投資組合的平衡仍然充滿信心，儘管我們在實驗室領域經歷了廣泛的困難，但我們預計這將在我們的整體同店成長範圍內取得成果。

Over the coming months, I look forward to continuing to meet and engage with our equity and fixed income investors. And with that, operator, we can move into questions.

在接下來的幾個月裡，我期待繼續與我們的股票和固定收益投資者會面並進行交流。接線員，好了，我們可以開始提問了。

(Operator Instructions)

（操作員指示）

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

I guess first question is on the Lab segment and the same-store occupancy decline in the quarter. I was hoping you could just break it out a little bit more between the impact from as you said, expirations where there weren't renewals. I felt like the retention ratio might even lower than like your trailing 12-month number? And then versus the bad debt or tenant default issue that seems like it might have happened in the quarter?

我想第一個問題是關於實驗室部門和本季同店入住率的下降。我希望您能更詳細地闡述您所說的到期未續約的影響。我覺得保留率甚至可能低於過去 12 個月的數字？那麼，與本季可能發生的壞帳或租戶違約問題相比呢？

Nick, this is Kelvin. So to give you a little bit of context there, over the quarter, we had about 280 basis points, 290 basis points of same-store occupancy decline. If you think about it from a total occupancy perspective, that breaks down to a component of that, about a third of that impact was a result of space that we've reabsorbed due to tenants that have expiring leases.

尼克，這是凱爾文。因此，為了給您一些背景信息，本季度我們的同店入住率下降了約 280 個基點、290 個基點。如果從總入住率的角度來考慮，就會發現其中約三分之一的影響是由於租戶租約到期而導致我們重新吸收了空間。

Another third of that was a result of some tenant migration that we did within the portfolio. We expanded some tenants, relocated some tenants and took certain space back in that process. And then the kind of remaining component of that would be attributable to tenants that were unsuccessful raising capital in the beginning of the year that ultimately, we had to work out of the portfolio. So it's probably a third, a third, a third impact with respect to the occupancy.

另外三分之一是我們在投資組合內進行的一些租戶遷移的結果。在這個過程中，我們擴大了一些租戶，重新安置了一些租戶，並收回了一定的空間。而剩餘的部分則歸因於年初未能成功籌集資金的租戶，最終我們必須將其從投資組合中剔除。因此，就入住率而言，這可能是三分之一、三分之一、三分之一的影響。

Okay. And then second question maybe for Scott, is -- we just think about sort of the focus of the company. I mean you did launch some new developments and Outpatient Medical. How are you sort of thinking about using the balance sheet right now? I know you put on pull some of the debt investments in lab sort of waiting on some better opportunities maybe there from a pricing standpoint. The stock is weak today. You have stock buybacks as an option as well. Just kind of latest thoughts on capital allocation?

好的。那麼對史考特來說，第二個問題可能是──我們只是考慮公司的重點。我的意思是你們確實推出了一些新的發展和門診醫療。您現在考慮如何使用資產負債表？我知道您在實驗室中投入了一些債務投資，從定價的角度來看，也許是為了等待更好的機會。今天該股表現疲軟。您也可以選擇股票回購。只是關於資本配置的最新想法嗎？

Yes. Nick, you cut out a little bit, hopefully, I caught the gist of your question, but maintaining a strong balance sheet is priority number one on capital allocation. We have done that. We'll continue to do that. Sometimes that includes opportunistic asset sales. We did a lot of that last year. We could always consider that this year. I think the demand for Outpatient Medical in particular, remains really strong in the private market. So there's always things that we could do there. It's a very high-quality portfolio. That would be in demand.

是的。尼克，你稍微停頓了一下，希望我抓住了你的問題的主旨，但保持強勁的資產負債表是資本配置的首要任務。我們已經這樣做了。我們將繼續這樣做。有時這包括機會性資產出售。去年我們做了很多這樣的事。我們今年可以一直考慮這一點。我認為私人市場對門診醫療的需求尤其強勁。所以我們總是可以做一些事情。這是一個非常高品質的投資組合。這將是有需求的。

Buybacks, obviously, we've been active. We've done $300 million in the past, call it, 15 months. And we do that opportunistically. If we have the balance sheet capacity. It's something that we prioritize at a certain stock price, which you've seen historically, and you'll continue to see as an option.

顯然，我們一直積極進行回購。過去 15 個月內我們已經賺了 3 億美元。我們抓住機會這麼做。如果我們有資產負債表能力。這是我們在特定股價下優先考慮的事情，您過去已經看到過這種情況，並且您會繼續將其視為一種選擇。

The two outpatient developments were extremely attractive, and that's one reason we try to maintain such a strong balance sheet so that we have the capacity on our balance sheet to capitalize on those opportunities, and there's more of that in our pipeline. So those are interesting.

這兩項門診發展非常有吸引力，這也是我們試圖維持如此強勁的資產負債表的原因之一，以便我們有能力利用這些機會，而且我們的管道中還有更多這樣的機會。所以這些很有趣。

And life science distress at the right time is going to be an enormous opportunity. We've built up a pretty big pipeline late in 2024 after a really solid year of leasing and it looks like fundamentals are moving in the right direction. Obviously, the regulatory environment the first six months of the year or so changed our outlook, our near-term outlook, but if anything, it just makes that opportunity set bigger and ultimately more attractive.

生命科學領域的困境在正確的時機將會變成一個巨大的機會。經過一年非常穩健的租賃業務，我們在 2024 年末建立了一個相當大的管道，看起來基本面正在朝著正確的方向發展。顯然，今年上半年的監管環境改變了我們的前景和短期前景，但如果有什麼不同的話，那就是它使機會變得更大，最終更具吸引力。

So at the right time, that's going to be an enormous opportunity for us, but we'll be patient and thoughtful and disciplined in terms of when we turn our attention to the distress that we're seeing.

因此，在適當的時候，這對我們來說將是一個巨大的機會，但當我們將注意力轉向我們所看到的困境時，我們會保持耐心、深思熟慮和自律。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

So my first question is about -- you just mentioned the one-third of unsuccessful capital raising. For those tenants, just trying to think about going forward for the second half of the year, how much foresight maybe left over impacts from those -- that specific bucket, would you expect to maybe weigh on the occupancy?

所以我的第一個問題是關於——您剛才提到了三分之一的融資失敗。對於那些租戶，只是想考慮一下下半年的發展，這些特定因素可能還會產生多少影響，您預計這些因素可能會對入住率產生影響嗎？

Yes. Maybe I'll start with a little bit of context from Scott's earlier points. I think we've -- for the beginning of the year, we saw a little bit of a slowdown in the capital markets for Life Science, but there's been a number of positive events that are encouraging that have happened as of late. The M&A activity has been strong. You've seen some great prints there from Merck and Sanofi. You've also seen the secondary market open back up for tenants. So we think it's important to highlight those kind of positive signs that we're seeing in the capital recycling.

是的。也許我應該從斯科特先前提出的觀點開始介紹背景。我認為，今年年初，我們看到生命科學資本市場略有放緩，但最近發生了一些令人鼓舞的積極事件。併購活動一直很活躍。您已經看到了默克和賽諾菲的一些精彩印刷品。您還看到二級市場重新向租戶開放。因此，我們認為強調我們在資本循環中看到的正面跡象非常重要。

But no doubt, it's been a bit challenging for tenants to raise capital, and we have some tenants in our portfolio, a small number of them that are relying upon raising capital at any given time. So those tenants could fail as a result of failed science that could fail as a result of inability to access the capital markets and disproportionately so the capital markets were largely unavailable for a period of time. So we'll have some headwinds for the balance of the year from an occupancy perspective, but to quantify that at this point would be challenging.

但毫無疑問，對於租戶來說，籌集資金有點困難，我們的投資組合中有一些租戶，其中一小部分隨時依賴籌集資金。因此，這些租戶可能會因為科學失敗而失敗，而科學失敗可能是由於無法進入資本市場而導致的，而資本市場在一段時間內基本上無法進入。因此，從入住率的角度來看，我們在今年剩餘的時間裡會面臨一些阻力，但目前量化這些阻力將具有挑戰性。

Farrell, let me give one additional perspective on this topic because the overall ADR from the company, including the CCRCs, I mean you're talking about $1.6 billion, $1.7 billion. The vast majority of that is credit tenants. When you really look at the portion of the portfolio that would be more at risk, you have to monitor its small-cap biotech in certain of our private tenants. It's 10% of the portfolio.

法雷爾，讓我就這個主題再提供一個額外的觀點，因為該公司的整體 ADR（包括 CCRC）大約是 16 億美元、17 億美元。其中絕大多數是信用租戶。當你真正審視投資組合中風險更大的部分時，你必須監控我們某些私人租戶中的小型生技公司。這佔投資組合的10%。

To look at the top 20 in our supplemental, the vast majority of those are credit tenants, whether they're health systems or global biopharmaceutical companies. So it's a very well-diversified portfolio. This smaller biotech companies are clearly part of our business. There's a huge list of success stories there that start out at 10,000 feet, 20,000 feet Series A type companies that now have 200,000, 300,000, 400,000 feet in the portfolio. But they're cyclical. They're very dependent on capital raising and obviously, scientific outcomes. It's been a tough capital market for the last six months, and that's had an impact.

看看我們補充資料中的前 20 名，其中絕大多數都是信貸租戶，無論它們是醫療系統還是全球生物製藥公司。所以這是一個非常多元化的投資組合。這些規模較小的生物技術公司顯然是我們業務的一部分。這裡有大量的成功案例，這些公司最初是從 10,000 英尺、20,000 英尺的 A 輪融資起家，如今其投資組合已達到 200,000、300,000、400,000 英尺。但它們是周期性的。他們非常依賴融資，顯然還有科學成果。過去六個月資本市場一直很艱難，這產生了影響。

We get the benefit of that when the capital markets are strong. And I think you saw that in 2024, the first six months of this year, we're the opposite. And obviously, that's flowing through. But keep in mind, the diversified portfolio, and we just maintain earnings guidance. So I think I just want to keep in mind the broader perspective. This is a point in time. That same portfolio base of small and private biotech tenants could become very valuable to us once the capital markets turn in our favor, and that obviously will inevitably happen.

當資本市場強勁時，我們就會受益。我想你已經看到了，2024 年，也就是今年前六個月，我們的情況正好相反。顯然，這是正在流傳的。但請記住，多元化投資組合，我們只是維持獲利指引。所以我想我只是想記住更廣闊的視角。這是一個時間點。一旦資本市場對我們有利，同樣的小型和私人生物技術租戶投資組合基礎可能對我們來說變得非常有價值，而這顯然將不可避免地發生。

The last 30 days have been a lot more positive. We just reported second quarter results, which is April 1 to June 30. The month of July has been a lot more favorable, whether it's the reconciliation bill, the XBI has traded more favorably. The commentary out of the FDA has been more favorable, a couple of very, very large M&A deals. It allows capital to be recycled into the sector. Those are all really positive leading indicators. That doesn't translate into second quarter results, obviously, but we feel a lot better about some of the building blocks that we're seeing in the business today than we did three months ago.

過去 30 天的情況更加積極。我們剛剛公佈了第二季業績，即 4 月 1 日至 6 月 30 日。七月的情況要好得多，無論是和解法案，還是 XBI 的交易都更加有利。FDA 的評論更加積極，有幾筆非常大的併購交易。它允許資本重新回到該行業。這些都是非常正面的領先指標。顯然，這並不會轉化為第二季的業績，但我們對今天業務中看到的一些基本要素的感覺比三個月前好得多。

Definitely. But -- and then also, I guess, then the other part of your portfolio, the MOBs, similar with how you maybe broke out what kind of was going on in the lifetime occupancy decline. Can you just speak a little bit more on the MOBs and maybe some of the tenants such as not -- or at least the type of tenant that chose to not renew?

確實。但是 — — 然後我想，您的投資組合的另一部分，即 MOB，與您如何突破終身入住率下降的情況類似。您能否再多談談 MOB 以及一些租戶，例如選擇不續約的租戶——或者至少是選擇不續約的租戶類型？

Farrell, this is Mark Theine. Our occupancy across the Outpatient Medical portfolio, 91%, 92% is a very strong occupancy. We typically have 80% retention -- and sometimes that don't renew, sometimes it's tenants that -- I mean, we physically can't accommodate their growth because the occupancy of the building. There's just some retirements here or there across the building, but there's not any one particular type of non-renewal across the portfolio.

法雷爾，這是馬克‧泰恩。我們的門診醫療組合的佔用率達到 91% 至 92%，這是一個非常高的佔用率。我們的保留率通常為 80%——有時不會續約，有時是租戶——我的意思是，由於建築物的佔用率，我們在物理上無法容納他們的增長。只是整個建築中到處都有一些員工退休，但整個投資組合中並沒有任何一種特定類型的員工不續約。

Our hospital retention is fantastic. And we're really focused on our leasing results, keeping strong retention, lease renewal spreads and continuously create occupancy as we fill up the portfolio.

我們的醫院保留率非常好。我們真正關注的是我們的租賃業績，保持強勁的保留率、續租利差，並在填補投資組合的同時不斷創造入住率。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

All right. Just going back to Lab a little bit, and Scott Brinker, I guess, trying to sum it all up, I mean, how much of these issues that you saw this quarter, the credit issues at hand, do you view is backward looking and kind of we'll continue to work its way through the credit screen, if you will, versus there could continue to be challenges for that 10% of the portfolio that you flagged if capital market volatility picks up again and leasing new space just isn't really a top priority versus preserving capital?

好的。稍微回到實驗室，我想 Scott Brinker 會嘗試總結一下，我的意思是，您在本季度看到的這些問題，即當前的信貸問題，有多少是回顧性的，我們將繼續通過信貸篩選來解決，如果資本市場波動再次加劇，並且租賃新空間與保留資本相比並不是真正的首要任務，那麼您提到的那 10％ 的投資組合可能會繼續面臨挑戰？

Yes. The interesting thing about the tenants that didn't make it is that they weren't new companies. The average age of the companies that had early terminations was 15 years. That was the median age as well. So this wasn't a bunch of start-ups that were funded and should not have been in 2020 during the COVID boom. These are companies that had very significant backing from brand venture capital or kind of the billionaire tech back in, very well-known names that have raised capital 5-, 6-, 7 times in their lifespan during that 15 years.

是的。有趣的是，那些未能入駐的租戶並不是新公司。提前終止的公司平均成立時間為 15 年。這也是平均年齡。因此，這並不是一群獲得資助的新創企業，在 2020 年新冠疫情繁榮期間也不應該獲得資助。這些公司都得到了品牌創投或億萬富翁科技的大力支持，這些公司都是非常知名的公司，在過去 15 年的發展過程中籌集了 5 次、6 次、7 次資本。

And in many cases, the technology itself was purchased out of the bankruptcy, meaning it wasn't a failure of technology, truly rescaling the business starting over from a lower cost basis. So when companies fail, it's either the science sales and that does happen, no matter what the capital markets are or they can't raise the money.

在許多情況下，技術本身就是從破產中購買的，這意味著它不是技術失敗，而是真正從較低的成本基礎開始重新調整業務規模。因此，當公司失敗時，要么是科學技術銷售失敗（無論資本市場如何），要么是他們無法籌集資金。

And across the board, what we saw year-to-date is that the companies just couldn't raise the money, so you can point directly to the capital raising environment. And obviously, that could change quickly. There are still companies that we're monitoring. It's not going to go to 0 overnight.

總體而言，今年迄今為止我們看到的情況是，各公司都無法籌集資金，因此你可以直接指出融資環境的問題。顯然，這種情況可能很快就會改變。我們仍在監控一些公司。它不會在一夜之間降到 0。

But if the last 30 days, that we've seen the sentiment turning more positive if that continues, that would be obviously hugely important to reducing the amount of bad debt in the portfolio, but more importantly, to turn the direction on new leasing. That will happen. It's a matter of time. But the last 30 days have been a lot more favorable and optimistic.

但如果過去 30 天，我們看到情緒持續變得更加積極，那麼這對於減少投資組合中的壞帳數量顯然非常重要，但更重要的是，可以改變新租賃的方向。那將會發生。這只是時間問題。但過去 30 天的情況更有利和樂觀。

That makes sense. I guess it's just trying to kind of ring-fence the companies that have maybe yet to see a credit issue pop up. But like you said, you're still monitoring how significant of that 10% is that figure and kind of the timeline that they have 3-, 6 months until they need to be able to raise capital.

這很有道理。我猜它只是試圖保護那些可能尚未出現信用問題的公司。但就像你說的，你仍然在監控這 10% 中有多少是重要的數字，以及他們有 3 到 6 個月的時間表，然後他們才需要籌集資金。

And then separately, I'm just focusing on that new leasing within lab, the 503,000 square feet, I think you said 85% was renewal activity, which implies about 75,000 square feet of new leasing. So for the bucket of renewals, which I think is about 425,000 square feet or so, how much of that was early renewal activity? And are those full or partial lease renewals for the out years?

然後另外，我只關注實驗室內的新租賃，503,000 平方英尺，我認為您說 85％ 是續約活動，這意味著約 75,000 平方英尺的新租賃。那麼，對於續約面積而言，我認為大約有 425,000 平方英尺左右，其中有多少是早期續約活動？未來幾年的續租是全部續租還是部分續約？

Yes, it's Scott Bohn. On the renewals, they're probably about a little more heavily weighted to in-place renewals that are happening near the end of the expiration. We did do some -- a little bit further out where we had tenants who are we're looking to grow. We're able to expand them within campuses in the portfolio, take additional space and extend their existing lease term.

是的，他是史考特·博恩。在續約方面，他們可能更專注於在到期日即將結束時進行的就地續約。我們確實做了一些——在稍遠一點的地方，我們有租戶，我們希望他們能夠成長。我們能夠在投資組合內的校園內擴展它們，佔用更多空間並延長其現有的租賃期限。

It partly depends how you define early. I think you see in our supplemental, we get a lot of information on the maturity profile for each business, segment by year and the '26, '27, '28 maturities all came down this quarter in Life Science because we addressed a number of those early, which is good portfolio management. Obviously, we get better terms on a renewal. So it's just, I think, good proactive asset management, portfolio management on those early renewals.

這在一定程度上取決於你如何定義早期。我想您在我們的補充材料中看到了，我們獲得了大量有關每項業務的到期情況的信息，按年份細分，而生命科學領域 2026、2027、2028 年的到期日在本季度都有所下降，因為我們提前解決了其中的一些問題，這是良好的投資組合管理。顯然，我們在續約方面獲得了更好的條款。因此，我認為，這只是對早期續約進行良好的主動資產管理和投資組合管理。

Yes, those early renewals tend to come with very low capital as well.

是的，這些早期的續約往往也需要很低的資本。

How significant was the expansion that you saw? And I guess, were there any space impact? What's kind of the net impact of that? I'm just trying to understand, does that show up in the new leasing that 75,000 square feet because it is an expansion? Or do you bucket that within the 85%?

您看到的擴張有多顯著？我猜，有太空影響嗎？這會產生什麼樣的淨影響？我只是想了解一下，這是否會在新租賃中顯示為 75,000 平方英尺，因為這是一次擴建？還是你將其歸類在 85% 之內？

The expansion space will show up in the new leasing. Correct.

擴張的空間將會體現在新的租賃中。正確的。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

It's [Mitchell] in for Seth. Scott, you mentioned a few leading indicators in positive for Life Science. One of those is supply coming offline. Did you deem that space as competitive? Or was this more space that maybe was being marketed towards Life Science that your leasing team wouldn't have considered competitive for tenants that you're going after?

由 [米切爾] 代替塞斯。史考特，你提到了一些對生命科學有利的領先指標。其中之一就是供應中斷。您認為該領域具有競爭力嗎？或者，這些空間可能正面向生命科學領域銷售，而您的租賃團隊認為這些空間對於您要爭取的租戶來說並不具有競爭力？

Mostly space that was less competitive. We haven't seen any directly competitive space go offline, but we have seen some directly competitive space start to market towards alternative uses, whether they ultimately go in that direction, we'll see. But there's a much larger number than $4 million that could ultimately go a different direction than Lab.

大部分是競爭不那麼激烈的空間。我們還沒有看到任何直接競爭空間下線，但我們已經看到一些直接競爭空間開始向替代用途推銷，它們最終是否會朝這個方向發展，我們拭目以待。但還有遠超過 400 萬美元的資金最終可能會流向與 Lab 不同的方向。

And then just on MOB. As you mentioned, the strong interest in the private market and you talked about the stabilized deals that you're expecting. But where are you seeing cap rates kind of across different quality levels within MOBs today?

然後就在 MOB 上。正如您所提到的，私人市場表現出濃厚的興趣，並且您談到了您所期望的穩定交易。但是，您今天在哪裡看到 MOB 中不同品質等級的資本化率呢？

Most of the transactions for the types of assets we own will be in the 6% to 7% range. There may be some that breakthrough 6%. The vast majority of what we own are good quality assets. So that would be the range of, I think, cap rates, stabilized cap rates for assets in our portfolio.

我們所擁有的資產類型的大多數交易將在 6% 至 7% 的範圍內。有的可能會突破6%。我們擁有的絕大部分都是優質資產。所以我認為這就是我們投資組合中資產的資本化率、穩定資本化率的範圍。

Life Science is a lot harder to pin down, as we said for a couple of years now. Certainly, long-term leases with credit tenants and locations are still in demand, and there's a buyer for that. And there's a buyer for upside opportunities. Empty buildings, someone willing to take some risk and pursue a higher return. Everything else in between, there just haven't been nearly as many trades. It's a lot harder to specify a cap rate for something like that.

正如我們幾年來所說的那樣，生命科學很難被確定。當然，擁有信用租戶和地點的長期租賃仍然有需求，而且也有買家。並且有買家尋求上漲機會。空置的建築物，有人願意承擔一定風險並追求更高的回報。在這兩者之間的所有其他事情，交易量都沒有那麼多。對於這樣的事情，指定上限率要困難得多。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping you could talk a little bit about the development pipeline. It looks like you lost a couple of previous Directors, Science Park and Pointe Grand, just I'm looking for a little bit of color there. And as part of that, if you could talk about how we should think about capitalized interest going into next year?

只是希望您能稍微談談開發流程。看起來你們失去了幾位前主管、科學園區和 Pointe Grand，我只是在那裡尋找一點色彩。作為其中的一部分，您能否談談我們應該如何考慮明年的資本化利息？

Yes. On the Directors Place project, we've been working with a tenant that's been in our portfolio for about 15-plus years that was in the process of raising capital, and we were planning alongside of that capital raise to relocate them to directors, which was a lower cost space for them, supporting their business, and they ultimately were unsuccessful raising capital for reasons that we described earlier.

是的。在 Directors Place 專案中，我們一直與一位租戶合作，該租戶已在我們的投資組合中超過 15 年，並且正在籌集資金，我們計劃在籌集資金的同時將他們重新安置到 Directors，這對他們來說是一個成本較低的空間，可以支持他們的業務，但由於我們之前描述的原因，他們最終未能成功籌集資金。

So that resulted in the pre-leasing come down for that project. And at Pointe Grand, I mean the tick down there is we deliver to assets out of redevelopment there that we're 100% leased.

因此導致該項目的預租量下降。在 Pointe Grand，我的意思是，我們將那裡重建後的資產交付給那裡的業主，這些資產的租賃率為 100%。

And any comment on capitalized interest in how that should trend going forward, just given the moving pieces? Do you think it's fairly substantial this year?

考慮到目前的情勢，您對資本化利息未來趨勢如何有何評論？您認為今年的增幅還算可觀嗎？

Yes. As the projects come online, it will trend down, and some of that's going to be offset by the leasing activity that we've had in the portfolio, but it will certainly start to trend down as some of these projects get started and come online.

是的。隨著專案的上線，這一數字將呈下降趨勢，其中一部分將被我們投資組合中的租賃活動所抵消，但隨著其中一些專案的啟動和上線，這一數字肯定會開始呈下降趨勢。

We're in the process of entitling Vantage and Cambridge Point in Alewife. And those are obviously large projects that are in the early stages of entitlement and design. So as those commence over time, specifically as we get Hines to start working through the residential component of the Cambridge Point development that will help start to reduce the capitalized interest.

我們正在為 Alewife 中的 Vantage 和 Cambridge Point 命名。顯然，這些都是大型項目，目前正處於授權和設計的早期階段。因此，隨著時間的推移，特別是當我們讓海因斯開始處理劍橋角開發項目的住宅部分時，這將有助於開始減少資本化利息。

And then just one other quick question on CCRCs. It looks like the occupancy on a same-store basis dipped sequentially. Was there anything to call out there is a bit behind some of the broader NIC data. So just curious on the driver of that.

然後還有一個關於 CCRC 的簡短問題。看起來同店入住率連續下降。有什麼需要指出的嗎？一些更廣泛的 NIC 數據有些落後。所以我只是好奇其驅動因素。

Nothing unusual, just typical seasonality. I mean all the profits from that business come from the independent assisted memory care components, but the continuum of care that we offer does include a skilled nursing component. It's a small number of units. But it is seasonal.

沒什麼不尋常的，只是典型的季節。我的意思是，該業務的所有利潤都來自獨立輔助記憶護理部分，但我們提供的連續護理確實包括熟練的護理部分。單位數量很少。但它是有季節性的。

And we really don't do Medicaid. It's almost exclusively private pay in Medicare, about half and half. And the Medicare business is obviously seasonal, and short term in nature for the patients in terms of how long they stay. And every second quarter, we have a sequential decline. So there's nothing unusual there. That business just continues to perform exceptionally well and are independent.

我們確實不提供醫療補助。醫療保險幾乎全部由私人支付，大約各佔一半。醫療保險業務顯然具有季節性，並且對於患者的住院時間而言具有短期性。每隔一個季度，我們的業績就會持續下滑。所以這沒什麼不尋常的。該業務繼續表現優異並且保持獨立。

Census was actually up quarter-over-quarter, it was up year-over-year. So the leasing momentum there is still really strong, good pricing power, good expense control. So I wouldn't read anything into the occupancy quarter-over-quarter other than typical seasonality and great performance with a lot more upside to capture in that business.

人口普查數據實際上比上一季有所上升，比去年同期也有所上升。因此，那裡的租賃勢頭仍然非常強勁，具有良好的定價能力和良好的費用控制。因此，除了典型的季節性和出色的表現以及該業務的更多上升空間之外，我不會對季度環比入住率做出任何解讀。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I guess just bigger picture. You mentioned the 10% of at risk. I'm not sure if that's after the kind of 130 already seen impacted. But I guess the question is like, if you assume you see another quarter of a similar amount of credit risk, what do you need to see in the MOB side to keep sort of the overall guide in tax for this year?

我想這只是一個更大的圖景。您提到了 10% 的風險。我不確定這是否是在已經受到影響的 130 座建築物之後發生的。但我想問題是，如果您假設看到另一個季度的類似信用風險，那麼您需要在 MOB 方面看到什麼才能保持今年稅收的整體指導？

I mean the guidance range that we just reaffirmed includes the bookends of where we see potential outcomes for this year. Outpatient in CCRC continue to outperform. Hopefully, there's more upside to capture in Life Science, obviously, still has some downside risk, but it also has upside opportunity. We've got a fair amount of space that's ready for occupancy that could commence fairly quickly if the capital markets turn around, and there are some tenants that we're still watching carefully that could go the wrong direction if they don't raise the capital. But the guidance range we reaffirm does include the two bookends for the potential outcomes we see.

我的意思是，我們剛剛重申的指導範圍包括了我們對今年可能結果的預測。CCRC 的門診表現持續優異。希望生命科學領域能夠有更多上升空間，顯然，仍存在一些下行風險，但也有上行機會。我們擁有大量可供入住的空間，如果資本市場好轉，這些空間可以很快投入使用，但我們仍在密切關註一些租戶，如果他們不籌集資金，他們可能會走上錯誤的方向。但我們重申的指導範圍確實包括了我們所看到的潛在結果的兩個書擋。

Got it. That's helpful. Just on the 500,000-plus leasing on the Life Sciences side, I guess like how much is new leasing versus sort of renewal and early -- or future renewals or early renewals? And do you mind -- like is there a way you can give us some sense of how the pipeline looks?

知道了。這很有幫助。就生命科學領域的 50 萬多個租賃而言，我猜新租賃與續約和提前租賃（或未來續約或提前續約）的比例是多少？您介意嗎－可以為我們介紹一下管道是什麼樣子的嗎？

Yes, Vikram, I'll take this one. I think in the prepared remarks, you may have missed that 85% of that 503,000 square feet of leasing was actually renewal leasing. And it's followed up by a very strong leasing pipeline. And Scott, you're welcome to give some color on that pipeline. But we have 55,000 square feet of leases that we executed to start the month of July and another 253,000 square feet under LOI and a pipeline of activity to follow that.

是的，維克拉姆，我要這個。我認為在準備好的演講中，您可能忽略了 503,000 平方英尺的租賃面積中 85% 實際上是續租。隨後，租賃通路也十分強勁。斯科特，歡迎你對該管道進行一些說明。但我們在 7 月已簽訂了 55,000 平方英尺的租約，另有 253,000 平方英尺的租約已簽訂意向書，並且還有一系列後續活動。

So we think given the number of green shoots that we've seen, that continues to be promising. Scott, anything to add?

因此，我們認為，鑑於我們已經看到的許多復甦跡象，情況仍然充滿希望。史考特，還有什麼要補充的嗎？

Yes, on the LOI side, I mean, it probably favors new deals over renewal in contrast to kind of what we did this quarter.

是的，就意向書方面而言，我的意思是，與我們本季的做法不同，它可能更傾向於簽訂新交易而不是續約。

Okay. Great. And sorry, just one classification. I don't know if you can give us some -- you mentioned the bookends of the guide create kind of have the upside, downside. Just on the lower end, are you able to sort of give us a rough sense of how much more occupancy loss would have to happen to hit that low end in the Life Science segment?

好的。偉大的。抱歉，只有一個分類。我不知道您是否可以給我們一些——您提到指南的書擋創造了一些優點和缺點。僅在較低端，您能否給我們一個粗略的了解，在生命科學領域，要達到這個低端，還需要損失多少入住率？

Well, let me just say first on occupancy. We have started giving a total occupancy number because that's the number that we spend the most time on. Same-store is kind of an industry requirement and standard. But in our Life Science portfolio, we have a fairly large development redevelopment portfolio as a percentage, and that's really what moves the needle for earnings.

好吧，我先說一下入住率。我們已經開始提供總入住人數，因為這是我們花費最多時間的數字。同店是一種行業要求和標準。但在我們的生命科學投資組合中，開發再開發投資組合所佔比例相當大，這才是真正推動獲利的因素。

We could see some additional deterioration through year-end. If you just look at the disclosure, we've got 500,000 feet left in the year for 2025 expirations and roughly 100,000 of that is either under LOI or in negotiation. So there's 400,000 that probably comes out.

到年底我們可能會看到情況進一步惡化。如果你只看披露信息，我們今年還剩下 500,000 英尺的租船合同將於 2025 年到期，其中大約 100,000 英尺的租船合同處於意向書 (LOI) 或談判階段。因此，實際數字可能為 40 萬。

We do have some signed but not yet occupied leases that will get the benefit of through the balance of the year and then the tenants that we're monitoring and how many of those make it versus don't will depend on the next six months in the capital market environment. So those are the moving pieces, but we probably will see a bit more occupancy deterioration through year-end, Vikram.

我們確實有一些已經簽署但尚未入住的租約，這些租約將在今年餘下時間裡受益，而我們正在監控的租戶以及其中有多少人入住或不入住將取決於未來六個月的資本市場環境。所以這些都是變動因素，但到年底我們可能會看到入住率進一步下降，維克拉姆。

James Feldman, Wells Fargo.

富國銀行的詹姆斯·費爾德曼。

Great. Filling in for John here. So I guess just to start, going back to some of your comments at the outset of the call, you talked about a software upgrade and improving your AI capabilities. Can you talk more about how you think AI can -- what the impact of AI could be on your business over the years to come. What will change as the result across your business lines?

偉大的。在這裡代替約翰。所以我想先回顧一下您在通話開始時的一些評論，您談到了軟體升級和提高您的人工智慧能力。您能否詳細談談您認為人工智慧在未來幾年會對您的業務產生什麼影響。這會對您的業務線產生什麼影響？

Yes. I'll start on this one. No surprise that we're all experiencing the evolution of AI real time, and it's evolving very quickly every day. What we're seeking to do as a company is to ensure that we are building our business alongside of that evolution of AI.

是的。我先從這個開始。毫不奇怪，我們都在即時經歷人工智慧的演變，而且它每天都在快速演變。作為一家公司，我們力求確保我們的業務隨著人工智慧的發展而發展。

And we think about it in two ways. One, how do we create practical efficiencies for the team and empower the team through more proximate access to data and enhance decision-making through data analysis. And where we are today, I'd say relative to many other of our peers, we've invested considerably over the years in our technology, and we're certainly not starting from 0 to take this next step.

我們從兩個方面來思考這個問題。一、如何為團隊創造實際的效率，透過更近距離地存取數據來增強團隊的能力，並透過數據分析來增強決策能力。就我們目前的狀況而言，我想說，相對於我們的許多同行而言，我們多年來在技術上投入了大量資金，我們當然不會從零開始邁出下一步。

And we've been deploying very recently some of the commercially available artificial intelligence applications throughout our organization, including ChatGPT and Copilot,and we've built a strategic road map that will help us really utilize our kind of structured data and accelerate our platform with access to that data.

我們最近在整個組織內部署了一些商用人工智慧應用程序，包括 ChatGPT 和 Copilot，並且我們制定了戰略路線圖，這將幫助我們真正利用我們的結構化數據並透過存取這些數據來加速我們的平台。

So we're building upon what's commercially available, and we think that's going to allow us as a company to get closer to our tenants to be more efficient team by team, but also to enhance our capabilities. So there's more to come on that as we make progress. But we're very early on in that kind of execution of that plan.

因此，我們正在利用現有的商業資源，我們認為這將使我們公司更貼近我們的租戶，從而提高團隊效率，同時也增強我們的能力。因此，隨著我們不斷取得進展，我們還將取得更多進展。但我們執行該計劃還處於早期階段。

Jamie, on the Life Science -- sorry, go ahead Jamie.

傑米，關於生命科學——抱歉，請繼續，傑米。

Is there a way to quantify operating margins or revenue opportunities? It sounds like you're --

有沒有辦法量化營業利益率或收入機會？聽起來你--

There certainly could be some revenue opportunities. Yes, I think it's a little bit too soon to quantify those on this call, but certainly something that we'll follow back up on. We think there's tremendous opportunity to leverage AI throughout our business.

肯定會有一些創收機會。是的，我認為現在量化這些還為時過早，但肯定會進行跟進。我們認為，在我們的業務中利用人工智慧有著巨大的機會。

Okay. And then you kind of rattled off a laundry list of regulatory update, mostly positive. So can you just talk about if there's any way to quantify what you think the opportunity could be, whether it's a shift in the business you focus on or just better revenue.

好的。然後你列舉了一長串監管更新，大部分都是正面的。那麼，您能否談談是否有任何方法可以量化您認為的機會，無論是您關注的業務的轉變還是更好的收入。

I think you sounded most upbeat about the inpatient-only list from CMS. If you could talk about that. And then the changes drug pricing for rare diseases and the favorable tax treatment for research and manufacturing.

我認為您對 CMS 的住院病人名單最為樂觀。如果你能談論一下這個。然後改變罕見疾病藥品的定價以及研究和製造的優惠稅收待遇。

And then also, we know that we're still waiting on Trump to announce the most favored nation list for prescription drug pricing. So how do you think about the potential pressure from that on your business in Life Science investing?

而且，我們也知道，我們仍在等待川普宣布處方藥定價的最惠國名單。那麼您如何看待這對您的生命科學投資業務帶來的潛在壓力？

Yes, that was a long list as well. I'll try to remember those, Jamie. Those are good questions. They're all very important. On most favorite nations, we'll see. That's a complex topic. We have the benefit in the curse year of a health care system that's more a capitalism-based model. That's not the case necessarily overseas, that has pluses and minuses.

是的，這也是一個很長的清單。我會盡力記住這些，傑米。這些都是很好的問題。它們都非常重要。關於最受歡迎的國家，我們拭目以待。這是一個複雜的話題。在這詛咒之年，我們受益於一個更以資本主義為基礎的醫療保健體系。在海外不一定如此，這有優點也有缺點。

But the reality is, Americans do pay more for their health care, including drugs and therapeutics and overseas countries, even though most of the innovation is happening here that probably isn't completely fair. And if there's a better allocation of the profits moving forward, that should be beneficial to US consumers and perhaps even for the biopharma companies.

但現實情況是，美國人確實為醫療保健支付了更多費用，包括藥物和治療費用以及海外費用，儘管大多數創新都發生在美國國內，但這可能並不完全公平。如果未來能夠更好地分配利潤，這將有利於美國消費者，甚至可能有利於生物製藥公司。

But the details of ultimately for that land, that's a very complicated dynamic that it's too early to speculate. But some better cost sharing of the revenue and the profit generation between the US and overseas, I think, would be healthy for the US and for the ecosystem. So that feels like there's some upside there, but highly complicated and would take some time.

但對於這片土地的最終細節而言，這是一個非常複雜的動態，現在推測還為時過早。但我認為，美國和海外之間更好地分攤收入和利潤的成本，對美國和生態系統都是有益的。所以這感覺像是有一些好處，但是非常複雜並且需要一些時間。

The R&D expenses. I mean think about the $400 billion a year of capital that is invested into research and development, that's a rough number. There's a pretty big impact between a one-year depreciation schedule on a five-year depreciation schedule for cash flow-based investors. So that's huge.

研發費用。我的意思是想想每年投入研發的 4000 億美元資金，這是一個粗略的數字。對於基於現金流的投資者來說，一年折舊計劃和五年折舊計劃之間存在相當大的影響。這很重要。

And the same is true of manufacturing. You've seen hundreds of billions of dollars of announcements from numerous companies announcing plans to build manufacturing here in the US. And obviously, those tax incentives are an important part of those plans. So that all feels positive in the growth and stability of the biopharma business here in the US, all that should be beneficial for us.

製造業也是如此。您已經看到許多公司宣布了投資數千億美元的計劃，計劃在美國建立製造業。顯然，這些稅收優惠是這些計劃的重要組成部分。因此，這一切對於美國生物製藥業務的成長和穩定都是正面的，對我們有利。

On the inpatient-only rule, when you change the default option, that does make a difference. That does have an impact. And that's exactly where our portfolio was built for. We don't invest in strip centers with primary care physicians or dentist office, I mean, no offense to those businesses. Those are necessary parts of our health system, but we've really made a strategic focus on higher acuity scale outpatient centers with imaging and surgery and higher acuity procedures, and that's exactly what the inpatient-only list is targeted towards.

關於僅限住院的規則，當您更改預設選項時，確實會有所不同。這確實有影響。這正是我們建立投資組合的目的。我們不會投資擁有初級保健醫生或牙醫診所的商業街中心，我的意思是，無意冒犯這些企業。這些都是我們醫療系統的必要組成部分，但我們真正將策略重點放在了具有影像和手術以及更高敏銳度程序的更高敏銳度規模的門診中心，而這正是住院名單所針對的目標。

So we've seen orthopedics make a massive push towards an outpatient setting over the past five years, really driven by COVID. And then everybody found out, well, actually, this is more efficient. It's lower cost. Patients prefer it, the outcomes are better and now the vast, vast majority of outpatient care accommodates all the orthopedic procedures. And there will be additional items added to that list. Cardiology is probably the next major category that moves into an outpatient setting, which is perfect for us.

因此，我們看到，在過去五年中，骨科大力推進門診治療，這主要是受到新冠疫情的推動。然後每個人都發現，實際上，這更有效率。成本較低。患者更喜歡它，治療效果也更好，而且現在絕大多數門診都涵蓋了所有的骨科手術。並且還會有其他項目加入到該清單中。心臟病學可能是下一個進入門診的主要類別，這對我們來說是完美的。

All right. Great. That was super helpful. And sorry, just to follow up on the R&D piece. I know the (technical difficulty) regionally, market-wise, like where do you think the puck is going if you had to make like regional or even MSA bets and where you'll see the most R&D construction?

好的。偉大的。這非常有幫助。抱歉，我只是想跟進研發部分。我知道從區域和市場角度來看（技術難度），例如，如果您必須進行區域性甚至 MSA 投注，您認為冰球將走向何方，以及您會在哪裡看到最多的研發建設？

R&D or manufacturing, just to be clear on your questions.

研發還是製造，只是為了清楚回答你的問題。

I guess both.

我想兩者都有。

Yes, manufacturing, most of that probably goes to lower-cost geographies. Those tend to be highly specialized build-outs. I'm not sure how much that construction really matches up with our business, but that's commercial scale manufacturing.

是的，製造業大部分可能都流向了成本較低的地區。這些往往是高度專業化的建設。我不確定這種建設與我們的業務有多少匹配，但這是商業規模的製造。

You also have clinical scale manufacturing and that could be an important part of our business that's more likely to reside within or near the R&D headquarters, which is the three core markets. We've already seen a pickup in activity there. So that does feel like an opportunity where there's manufacturing, but it's not clinical -- it's clinical scale. It's much smaller versus the millions of square feet of commercial scale manufacturing.

您還擁有臨床規模製造，這可能是我們業務的重要組成部分，更有可能位於研發總部內或附近，即三個核心市場。我們已經看到那裡的活動有所回升。所以這確實感覺像是一個有製造的機會，但它不是臨床的——而是臨床規模的。與數百萬平方英尺的商業規模製造相比，它要小得多。

We have a few of those, but I wouldn't say that our business plan is to start developing how we specialized commercial scale manufacturing in the middle of Indiana. I mean no offense, to Indiana, I love the Midwest, but that's just not probably where we're fixing our business in Life Science.

我們有幾個這樣的企業，但我不會說我們的商業計劃是開始開發如何在印第安納州中部進行專門的商業規模製造。我無意冒犯印第安納州，我喜歡中西部，但這可能不是我們在生命科學領域開展業務的地方。

The R&D, we love our market position in the three core markets given the increasing interconnection between technology, including AI and science and biology. Most of that talent is -- happens to be in the three core markets. The Bay Area, in particular, Boston secondarily and probably San Diego as well. Those become inseparable as the business moves forward in the amount of talent in the Bay Area, in particular, to help accelerate the biotech business, I think, will prove to be a huge strategic advantage.

在研發方面，鑑於人工智慧、科學和生物學等技術之間的互聯互通日益加深，我們熱愛我們在三大核心市場的市場地位。大多數人才恰好集中在三個核心市場。尤其是灣區，其次是波士頓，也可能是聖地牙哥。隨著業務的發展，這些變得密不可分，特別是灣區的人才數量有助於加速生物技術業務的發展，我認為這將被證明是一個巨大的戰略優勢。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Scott, I wanted to touch on your comments that many of your tenants in the Life Science space that defaulted during the quarter, they had their technology bought. I guess if this was the case, how did they get out of your lease? I mean, does this happen in a bankruptcy scenario, so they could reject the lease? Or just did it coincide with the lease expiration?

斯科特，我想談談你的評論，生命科學領域的許多租戶在本季度違約，他們的技術都被購買了。我想如果是這樣的話，他們是如何擺脫你的租約的？我的意思是，這是否會在破產的情況下發生，所以他們可以拒絕租約？或只是與租約到期時間一致？

No, they either went through the bankruptcy process or the ABC process. So I mean, there's not much explanation other than that. That's just the way our system works. You can essentially start over as a company from a liability standpoint, and even asset standpoint. They're just buying specific assets out of the bankruptcy process. No more complicated than that.

不，他們要么經歷了破產程序，要么經歷了 ABC 程序。所以我的意思是，除此之外沒有太多的解釋。這就是我們的系統運作的方式。從負債角度，甚至從資產角度，您基本上可以重新開始一家公司。他們只是透過破產程序購買特定資產。沒有比這更複雜的了。

Okay. And I know it's hard to quantify the potential credit headwinds that you guys might have in the second half of this year. But can you help us understand, I guess, what are the gives or takes here? I mean how long have the tenants that you're watching been trying to raise capital?

好的。我知道很難量化今年下半年你們可能面臨的信用阻力。但我想，您能否幫助我們理解，這其中的得失是什麼？我的意思是，你所觀察的租戶嘗試籌資多久了？

And I guess, what's the reason that they will or won't be able to do it? I mean is it really driven by an improving macro backdrop and things loosening up? Or is it more company-specific that they need to hit certain milestones and have certain data for people wanting to give them money?

我想，他們能或不能做到這一點的原因是什麼？我的意思是，這真的是由宏觀環境改善和情況放鬆所推動的嗎？或者這是否更具公司特點，他們需要達到某些里程碑，並為想要給他們錢的人提供某些數據？

I would say, it probably has more to do with the macro backdrop. These companies are out there currently in the process of seeking to raise the capital. And if interest rates move in favor of the market, and we continue to see the public equity market respond the way that it has over the last couple of weeks that could create opportunity for folks to raise capital, but I think it's more of a market-driven exercise than it is specific milestones in their business.

我想說，這可能與宏觀背景有更大的關係。這些公司目前正在尋求籌集資金。如果利率朝著有利於市場的方向發展，並且我們繼續看到公開股票市場像過去幾週那樣做出反應，這可能會為人們籌集資金創造機會，但我認為這更多的是一種市場驅動的活動，而不是他們業務中的具體里程碑。

And then just last one for me, I guess, what's the quality of the space that you're getting back from these move outs? I mean are you going to have to put money in or put these in the redevelopment to kind of position them to release them to another tenant?

然後最後一個問題，我想問一下，這些搬出後你們所得到的空間品質怎麼樣？我的意思是，您是否需要投入資金或將其投入重建，以便將它們出租給另一個租戶？

And then I guess, Kelvin, correct me if I'm wrong, isn't there like a 275,000 square foot space that's identified redevelopment? Is that included in the 489,000 of expirations you have left in 2025?

然後我想，凱爾文，如果我錯了，請糾正我，是不是有一塊 275,000 平方英尺的空間被確定為需要重建？這是否包括在 2025 年剩餘的 489,000 個到期債券？

Not specifically sure which space you're referring to, but maybe to hit on your first question, it's really a mix of spaces. We have space that's ready to be released when we get it back in great condition, and there's others that tend to have been in for 10-, 15-, 20 years that's going to require some capital investment. So it's really a mix on that front.

不太確定您指的是哪個空間，但也許可以回答您的第一個問題，它實際上是多個空間的混合。我們有一些空間，當我們將其恢復到良好狀態時就可以釋放，還有一些空間往往已經使用了 10 年、15 年、20 年，需要一些資本投資。因此，從這方面來看，情況確實很複雜。

But almost exclusively core submarkets, mostly on campuses. So it -- I think the comment Kelvin makes that would apply to the interior build-out, but the submarket itself, these are high-quality assets. I mean, I think you all know we didn't straight out into the tertiary areas or do a bunch of conversions even at the market peak. So it's a high-quality portfolio. It will release. Some will require some capital, but it's not 2 million square feet of availability that we can go lease up.

但幾乎全部都是核心次市場，主要在校園內。所以 - 我認為 Kelvin 的評論適用於室內裝修，但對於子市場本身來說，這些都是高品質的資產。我的意思是，我想你們都知道，即使在市場高峰期，我們也沒有直接進入第三產業領域或進行大量轉換。所以這是一個高品質的投資組合。它會釋放。有些需要一些資金，但我們無法租用 200 萬平方英尺的可用空間。

Michael, I want to go back to your second question on the tenant fundings and the milestones. I mean, one thing that's important to remember, too, is we have a lot of tenants who have been able to raise capital. And we had two rate fundraises who are -- one fundraise in a partnership that were announced yesterday within the portfolio. So a lot of these tenants are whether it be milestone-based or partnerships with pharma are actually -- are raising the capital they need to continue to run their business as well.

邁克爾，我想回到你關於租戶資金和里程碑的第二個問題。我的意思是，同樣需要記住的一件事是，我們有許多租戶已經能夠籌集資金。我們有兩次利率融資，一次是以合作方式籌集的資金，昨天在投資組合中宣布了這一消息。因此，許多租戶，無論是基於里程碑還是與製藥公司的合作關係，實際上都在籌集繼續經營業務所需的資金。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Are you seeing much in the way of AI leasing demand in your submarkets that's taken out competitive supply?

您是否發現您所在的子市場對人工智慧租賃的需求很大，並且已經取代了競爭性供應？

I can take that. Wes, it's Scott Bohn. Obviously, these are more focused. Our focus is leasing our building stuff to lab tenants that are going to utilize the robust infrastructure. That said, we cast a wide net. So if there was an office user, whether it be AI or traditional office and they have the appropriate credit, and we can -- the economics are accretive as the deal will certainly look at.

我可以接受。韋斯，我是史考特‧博恩。顯然，這些都是比較有針對性的。我們的重點是將我們的建築材料租給將利用強大基礎設施的實驗室租戶。話雖如此，我們還是廣泛地撒網。因此，如果有辦公室用戶，無論是人工智慧還是傳統辦公室，並且他們擁有適當的信用，那麼我們就可以 - 經濟是增值的，因為這筆交易肯定會被關注。

I think, as a percentage of the total demand in our core markets, the material amount of demand coming from AI or traditional office is pretty low. I would say, our buildings in the building infrastructure we had also worked very well for other R&D uses with less traditional Lab or R&D use in R&D. And we're actually in discussions with users in those categories as well, where it's more dry lab, robotics type of uses, but less AI within our broad market.

我認為，作為我們核心市場總需求的一部分，來自人工智慧或傳統辦公室的實際需求量相當低。我想說的是，我們的建築基礎設施中的建築物也非常適合其他研發用途，而傳統實驗室或研發用途則較少。我們實際上也在與這些類別的使用者進行討論，這些類別中更多的是乾實驗室、機器人類型的用途，但在我們的廣泛市場中人工智慧較少。

It is setting up some of the vacant space in the bare in particular, though? I mean our South City portfolio would have competed with Mission Bay. Historically, a lot of that quote unquote lab availability is being sucked up by AI demand. So that should be a net positive for our South San Francisco portfolio in particular.

但它具體設置了一些空置空間？我的意思是我們的南城投資組合將與 Mission Bay 競爭。從歷史上看，許多所謂的實驗室可用性都被人工智慧需求所吸收。因此，這對我們南舊金山的投資組合來說應該是一個淨利好。

Okay. And then I want to go back to that comment about the potential enormous opportunity in lab acquisitions. Would there be any market that you're looking to add scale to gain better efficiency? And would you look to target recent developments or older assets?

好的。然後我想回到關於實驗室收購的潛在巨大機會的評論。您是否希望擴大某個市場規模，以提高效率？您會關注近期的發展還是較舊的資產？

A bias towards newer assets and a bias towards our core submarkets. We have a very concentrated portfolio that's allowed us to gain a competitive advantage versus competition over the years. We'd like to deepen that advantage. The local scale has enormous benefits in the business as long as you're in the right submarket, obviously, which we think we are, so they would likely, if not exclusively be in markets that we're already in.

偏向新資產和偏向我們的核心子市場。我們擁有非常集中的投資組合，這使我們多年來在競爭中獲得了競爭優勢。我們希望進一步鞏固這項優勢。只要你處於正確的子市場，本地規模就會為業務帶來巨大的利益，顯然，我們認為我們就是這樣的，所以他們很可能會（如果不是唯一的話）進入我們已經進入的市場。

And just a quick follow-up on that. Would it be more like lean and more on Tore, East Cambridge or anything more specific?

對此我做一個簡單的跟進。它是否更像是精益求精，更專注於 Tore、東劍橋或任何更具體的東西？

Well, we're pretty concentrated in the markets that we're in. I mean I think we're in six submarkets essentially, even within the three core markets. So I mean, those are the submarkets where we're going to spend most of our time.

嗯，我們相當專注於我們所在的市場。我的意思是，我認為我們基本上處於六個子市場，甚至在三個核心市場內。所以我的意思是，這些是我們將花費大部分時間的子市場。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just had two quick ones. Just staying on some of the submarket commentary. I think all the things that you mentioned that are positive for Life Science leasing demand. Just curious, are there any submarkets that you would expect to recover first?

剛剛吃了兩塊。僅停留在對一些子市場的評論上。我認為您提到的所有事情都對生命科學租賃需求有利。只是好奇，您預計哪些子市場會先復甦？

And which submarkets would have just overall, the biggest upside? So just trying to understand which recovers first and which potentially has the biggest upside from sort of like the commentary you mentioned earlier.

那麼，整體而言，哪些子市場將具有最大的上漲空間？因此，只是想了解哪一個會先復甦，哪一個可能具有最大的上漲空間，就像您之前提到的評論一樣。

Sure. I can talk a little bit about kind of how we view each of the sub sort of markets in general. The Bay Area, we've seen generally stable demand. I think there obviously have the most biggest magnitude of portfolio. And we continue to capitalize on that, which brings us deals that we aren't otherwise marketed.

當然。我可以稍微談談我們如何看待每個子市場的整體情況。在灣區，我們看到需求大致穩定。我認為那裡顯然擁有最大規模的投資組合。我們將繼續利用這一點，這為我們帶來了其他行銷方式無法實現的交易。

So the Bay Area too (inaudible), especially with our portfolio has been pretty healthy and continues to be. San Diego, we've seen an uptick in the past 30 days, certainly into our activity. The bulk of that has been sub 25,000 feet roughly. I think that -- we talked about the barbell demands going back the last several quarters. I think San Diego is the biggest barbell of demand.

因此灣區也是如此（聽不清楚），尤其是我們的投資組合一直非常健康，並且將繼續保持下去。聖地牙哥，我們在過去 30 天看到了上升趨勢，當然，我們的活動也出現了上升趨勢。其中大部分位於大約 25,000 英尺以下。我認為——我們討論了過去幾季的槓鈴需求。我認為聖地牙哥是需求最大的地區。

I mean there's been several large deals in that market. One obviously got executed recently. But I think our vacancy in that portfolio in that market tends to be in the sub 25,000 square foot range from a suite perspective. So I think we're in a good spot there.

我的意思是該市場已經發生了幾筆大交易。顯然其中一人最近已被處死。但我認為，從套房的角度來看，我們在該市場投資組合中的空置面積往往在 25,000 平方英尺以下。所以我認為我們目前處於一個很好的位置。

And then Boston generally continues to be grow overall, but the top-tier submarkets in Cambridge and Lexington, where our portfolio is certainly seen the greatest demand. So what's going to recover first and fastest, hard to tell, but I think the submarkets that we're in, in the core submarkets are going to certainly recover faster and see more demand than the kind of secondary and tertiary submarkets within those broader regions.

波士頓整體持續成長，但我們投資組合中的劍橋和列剋星敦等頂級子市場無疑需求最大。因此，很難說哪個市場將首先復甦並且復甦速度最快，但我認為，我們所處的子市場、核心子市場肯定會比這些更廣泛區域內的二級和三級子市場復甦得更快，需求也會更大。

Super helpful. My second one was just going back, you provided some really helpful commentary on the 49,000 square feet coming due this year. I guess I was just curious about the 413,000 coming due next year. Is there any known vacates or any market SKU? Like any color on that 413,000 coming due next year that you know now that could be helpful.

超有幫助。我的第二個問題是，你對今年即將竣工的 49,000 平方英尺提供了一些非常有用的評論。我想我只是對明年到期的 413,000 美元感到好奇。是否有任何已知的空缺或任何市場 SKU？就像您現在知道的關於明年到期的 413,000 美元的任何顏色都可能有幫助。

Yes. Sure. Yes, I think on that, we're certainly working on the ones that are coming in the earlier half of the year. The bulk of that tends to fall in the back half of the year. So it's a little bit early on that. So working on it, probably a little too early to give real great guidance on it, though.

是的。當然。是的，我認為，我們肯定會致力於今年上半年推出的計畫。其中大部分往往發生在下半年。所以現在談論這個還為時過早。因此，現在就進行這項工作，但可能還為時過早，無法提供真正的指導。

Michael Stroyeck, Green Street.

麥可‧斯特羅耶克 (Michael Stroyeck)，綠街。

Maybe going back to tenant capital raising. I understand like 10% of your portfolio where tenants may be having trouble raising capital. But what percentage of that tenant base would you characterize as actually needing capital in the very near term, call it, maybe 3- to 6 months or so?

也許會回到租戶融資。據我了解，您投資組合中大約 10% 的租戶可能在籌集資金方面遇到困難。但是，您認為有多少比例的租戶在短期內（例如 3 到 6 個月左右）實際上需要資金？

Yes. Good question. Yes, the 10% plus or minus, that's the percentage of small cap and private biotech, that's not our watch list. I mean there's a number of companies within that 10% that have a huge amount of cash on their balance sheet. So those are two very different things. So don't misinterpret when I say 10% is roughly in small cap and private. That doesn't mean they're all risk far from it. So that's an important distinction. So I'm glad you asked the question.

是的。好問題。是的，10% 左右的增減，是小型股和私人生物科技公司的百分比，這不是我們的關註名單。我的意思是，這 10% 中有許多公司的資產負債表上都有大量現金。所以這是兩件非常不同的事情。因此，當我說 10% 大致是小型股和私募股權時，請不要誤解。這並不意味著他們都遠離風險。這是一個重要的區別。所以我很高興你問了這個問題。

There's a handful within those two buckets that we're monitoring more carefully, just given the amount of cash that they have on hand.

考慮到他們手頭上的現金數量，我們正在更仔細地監控這兩個群體中的少數人。

Got it. Okay. And then just one question on rents. New lease signings in the quarter. Rents were decently below last quarter and last year's average. I guess how much of that is just a mix issue versus any real pressure on asking rents?

知道了。好的。然後只有一個關於租金的問題。本季簽署了新的租約。租金遠低於上季和去年的平均水平。我猜這其中有多少只是混合問題，而不是對租金的實際壓力？

Yes. I think the new rents in the south of this quarter, the commencement -- they were slated over the prior quarters, that's largely attributed to a larger deal we did with the robotics R&D tenant, so not necessarily wet lab space. It comes a little bit lower rent on that.

是的。我認為本季南部的新租金，即開始的租金 - 是在前幾個季度預定的，這主要歸因於我們與機器人研發租戶達成的一項更大的交易，因此不一定是濕實驗室空間。這樣一來，租金就會低一點。

That rent was space, let's say, a space where we did a proactive termination of another tenant to allow the expansion and the brand we got on the new deal was a 15% increase over the inflation rate of the previous tenant.

那個租金是一個空間，比方說，我們主動終止了另一個租戶的租約，以便進行擴張，而我們在新交易中獲得的品牌比前一個租戶的通貨膨脹率高出 15%。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just a couple from me. Just sticking with the question around the tenant base that may be having some cash flow problems. Could you just talk a little bit about -- when you're kind of assessing against some of these smaller private companies, again, how do you kind of take a look at cash burn, percentage of cash you have on your books when if it's a cash burn, how many of those tenants to do if quantifiable, actually have less than one year of cash burn as their cash balance?

距離我只有幾對。我只是堅持有關租戶群體可能遇到一些現金流問題的問題。您能否簡單談談——當您與一些規模較小的私營公司進行比較時，您如何看待現金消耗，您賬面上的現金百分比，如果是現金消耗，有多少租戶的現金消耗量可以量化，實際上他們的現金餘額少於一年？

This is Kelvin. The way that we tend to analyze cash runway for our tenants is based on data that we received directly from the tenant. We have a historical look, but we also communicate with them about a forward-looking estimate. So it's relatively granular.

這是開爾文。我們分析租戶現金流的方式往往是基於我們直接從租戶獲得的數據。我們會回顧歷史，但也會與他們溝通前瞻性的估計。所以它相對來說比較細粒度。

And then with respect to the component of the portfolio, there's not a specific number that I could give you, I think Scott kind of addressed it earlier. It's really a small subset, a handful of folks that we are focused on monitoring very closely at the moment. But we continue to be hopeful around the capital markets environment and these tenants' ability to raise capital for the balance of the year.

關於投資組合的組成部分，我無法給你一個具體的數字，我想史考特之前已經提到過這個問題。這確實是一個很小的子集，目前我們重點密切監控的只有少數人。但我們仍然對資本市場環境以及這些租戶在今年剩餘時間內籌集資金的能力充滿希望。

Got you. Okay. And then turning to the CCRC front. Again, I'm trying to still understand the slowdown in cash same-store NOI growth this quarter, at least on a sequence -- on a quarter-over-quarter basis. Again, when I take a look at year-over-year, occupancy was actually -- is actually up. RevPOR growth was still pretty good at 5.2%. So it sounds like maybe there was a big jump in operating expenses? Or just trying to understand a little bit more about why the slowdown to 8.6% versus 15-plus last quarter?

明白了。好的。然後轉向 CCRC 前端。再次，我仍然試圖理解本季現金同店淨營業利潤成長放緩的原因，至少是按季度來看——按季度來看。再次，當我回顧去年同期的情況時，入住率實際上是上升的。RevPOR 成長率仍然相當不錯，達到 5.2%。聽起來好像營運費用可能大幅增加了？或者只是想進一步了解為什麼增速從上一季的 15% 以上放緩至 8.6%？

8.6% is pretty good. Nothing grows at 15% forever. We also have the burden of how we account for the entry fees for purposes of FFO and same-store. It's based on amortization of the entry fees on a true cash basis, the growth rate was probably like 20%, 25%. We're having outstanding leasing results and cash flow generation in that business.

8.6% 相當不錯。沒有什麼東西能夠永遠以 15% 的速度成長。我們也承擔著如何為 FFO 和同店銷售核算入場費的負擔。它是基於真實現金基礎上的入場費攤銷，成長率大概是 20%、25%。我們在該業務中取得了出色的租賃業績和現金流創造。

So I guess it's that piece of the math that kind of grew, the amortization piece that grew meaningfully on a year-over-year basis. Okay. That's helpful.

所以我猜這是數學計算的一部分，攤銷部分逐年顯著成長。好的。這很有幫助。

Then last one from me, kind of post 2Q leasing both for the Life Sciences portfolio and the MOB portfolio. Could you give us a better sense of how much of that is new leasing versus renewals?

然後我要說的最後一個問題是，第二季後生命科學投資組合和 MOB 投資組合的租賃情況。您能否讓我們更了解其中有多少是新租賃，有多少是續租？

So on the lab portfolio, our leasing activity for the quarter was about 85% renewal and our pipeline continues to be strong with a disproportionate number of those leases on new space. So that mix is very good. And it's arguably probably comparable or 85% retention on the Outpatient Medical business is consistent. 80%, 85% has been kind of our normal average. So we have a heavier percentage of renewals on the outpatient side, but some great new leasing activity as well in the pipeline.

因此，就實驗室組合而言，本季我們的租賃活動約有 85% 是續租，而且我們的管道繼續保持強勁，其中新空間的租賃數量不成比例。所以這種混合非常好。並且可以說，門診醫療業務的保留率可能相當，或者 85% 是一致的。 80%、85% 一直是我們的正常平均值。因此，我們在門診方面的續約比例較高，但也有一些很棒的新租賃活動正在籌備中。

Okay. So if I could -- so for the lab space, in particular, the post Q2 leasing a lot of that is new leasing rather than renewal?

好的。所以如果可以的話——那麼對於實驗室空間，特別是第二季後的租賃，很多都是新租賃而不是續租？

The pipeline skews more towards the new site.

管道更加偏向新站點。

Michael Mueller, JPMorgan.

摩根大通的邁克爾·穆勒。

Just a quick one. Back at NAREIT, I think you talked about sitting on the sidelines with acquisitions because you had a view that six months, 12 months or whatever it would be values are going to be falling and a lot more attractive. I guess based on what you're seeing, do you think that's been playing out? And do you think you're any closer to hitting the pivot point to really getting closer to deployment again?

只是快速的一次。回到 NAREIT，我想您談到了在收購方面袖手旁觀，因為您認為六個月、十二個月或無論多長時間，價值都會下降，而且會更有吸引力。我想根據您所看到的情況，您認為情況已經發生了嗎？您是否認為您已經接近關鍵點並真正再次接近部署了？

Yes. I mean that was two months ago. So I think we're two months closer for sure. I mean, the thesis was -- this is challenging even for very well-established incumbents with large portfolios, strong track records, good balance sheets, great tenant rosters, a lot of credibility. If it's tough for us, it's infinitely tougher for the others, the new entrants that lack a lot of those attributes that tenants want. So that was the thesis in stepping back.

是的。我的意思是那是兩個月前的事了。所以我認為我們肯定會快兩個月。我的意思是，即使對於擁有大量投資組合、良好業績記錄、良好資產負債表、優秀租戶名冊和很高信譽的成熟現有企業來說，這也是一項挑戰。如果我們感到困難，那麼對其他人來說，困難就更大了，因為新進入者缺乏租戶想要的許多屬性。這就是退一步的論點。

I think it will prove to be the right thesis. It there aren't too many days or weeks to go by that we don't get outreach from lenders, equity investors, et cetera, asking us to step in the situation. So the opportunity set is there.

我認為這將被證明是正確的論點。很快，我們就會收到來自貸款人、股權投資者等的聯繫，要求我們介入此事。因此機會就在那裡。

And that concludes our question-and-answer session. I would like to turn it back to Scott Brinker for any closing remarks.

我們的問答環節到此結束。我想把最後發言交還給斯科特·布林克 (Scott Brinker)。

Thanks for your time, everyone. Hope you enjoy the last few weeks of the summer. Reach out to Kelvin and Andrew and I with any follow-up questions. Take care.

謝謝大家的時間。希望您享受夏天的最後幾週。如有任何後續問題，請聯絡 Kelvin、Andrew 和我。小心。

And 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。