Healthpeak Properties Inc (DOC) 2025 Q3 法說會逐字稿

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

早上好，歡迎參加 Healthpeak Properties, Inc. 2025 年第三季電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係高級副總裁安德魯·約翰斯。請繼續。

Welcome today's conference call certain forward-looking statements. Although we believe 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.

歡迎參加今天的電話會議，會議中將包含一些前瞻性陳述。儘管我們認為任何前瞻性陳述中所反映的預期都是基於合理的假設。這些聲明存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。風險和風險因素的討論已包含在我們的新聞稿中，並在我們向美國證券交易委員會提交的文件中進行了詳細說明。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.

本次電話會議將討論某些非GAAP財務指標。

In an exhibit to BAK referred to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with regulatory requirements. The exhibit is also available on our website at healthpeak.com.

在昨天提交給美國證券交易委員會的BAK文件中，我們已按照監管要求，將所有非GAAP財務指標與最直接可比較的GAAP指標進行了核對。展覽內容也可在我們的網站 healthpeak.com 上查看。

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

現在我將把電話交給我們的總裁兼執行長斯科特布林克。

Thank you, Andrew, and welcome to Healthpeak's Third Quarter 2025 Earnings Call. Joining me for prepared remarks is our CFO, Kelvin Moses. The past 60 days or so signal a turning point in our business. Leading indicators in life science are turning positive and private market values for outpatient medical are strengthening. As a premier scaled owner in both businesses, we see significant value and upside when we look at our stock price today.

謝謝安德魯，歡迎參加 Healthpeak 2025 年第三季財報電話會議。與我一同發表準備好的演講的是我們的財務長凱爾文·摩西。過去60天左右的時間標誌著我們業務的轉捩點。生命科學領域的領先指標正在轉好，門診醫療的私人市場價值也在增強。作為兩大業務領域的領先規模化所有者，我們認為我們目前的股價具有巨大的價值和上漲空間。

2 years ago, against the backdrop of raging inflation, the outpatient sector was out of favor in both the public and private markets. We saw a sector with good fundamentals that we're getting even better and seized an opportunity to grow our portfolio by $5 billion in a strategic merger with Physicians Realty Trust.

兩年前，在通貨膨脹猖獗的背景下，門診產業在公共和私人市場都不受青睞。我們看到一個基本面良好的行業，而且我們正在讓它變得更好，於是抓住機會，透過與 Physicians Realty Trust 的策略合併，將我們的投資組合擴大了 50 億美元。

In doing so, we established the best portfolio and platform in the outpatient sector. The merger also accelerated the strategic goal I described 3 years ago to get closer to our real estate and our tenants. We've now internalized property management on 39 million square feet with line of sight on another 3 million square feet.

透過這樣做，我們建立了門診領域中最好的產品組合和平台。這次合併也加速了我三年前提出的策略目標，即拉近與我們的房地產和租戶的距離。我們目前已對 3,900 萬平方英尺的物業進行了內部管理，並可預見另外 300 萬平方英尺的物業將得到管理。

We now own the tenant relationship and the local market knowledge. The internalization also allows us to deploy technology at the property level quickly and at scale. With the addition of JT, Mark and team, we deepened our relationships across the outpatient ecosystem, creating proprietary growth opportunities, including accretive new development projects.

我們現在掌握了租戶關係和當地市場資訊。內部化也使我們能夠快速、大規模地在物業層級部署技術。隨著 JT、Mark 和團隊的加入，我們加深了與門診生態系統的關係，創造了專有的成長機會，包括增值的新開發項目。

Flash forward to today, as inflation has come down, there's a deep pool of buyers for outpatient medical. It's a great time for us to sell less core real estate and to recap some assets. We're in various stages of negotiation and execution on transactions that have the potential to generate proceeds of $1 billion or more. We see an exciting window to recycle outpatient sale proceeds into higher-return lab opportunities where the leading indicators are starting to turn positive.

如今，隨著通貨膨脹下降，門診醫療領域出現了大量的買家。現在正是我們減少核心房地產出售、重組部分資產的好時機。我們正在就一些交易進行不同階段的談判和執行，這些交易有可能產生 10 億美元或更多的收益。我們看到了一個令人興奮的機會，可以將門診銷售收入再投資到回報更高的實驗室機會中，而領先指標也開始轉為積極。

Increased M&A less regulatory noise, lower interest rates, positive data readouts, solid FDA approvals and priority reviews and recent biotech outperformance in the stock market. The real estate market will obviously lag, but the building blocks for a recovery in demand are encouraging. Our leasing pipeline today is roughly 2x the pipeline at the start of the year. We're also seeing some vacant development projects across the sector get absorbed by alternative uses, which will help accelerate a return to more balanced supply/demand.

併購活動增加、監管噪音減少、利率降低、積極的數據公佈、FDA 的穩健批准和優先審查，以及近期生物技術在股市的優異表現。房地產市場顯然會落後，但需求復甦的跡象令人鼓舞。我們目前的租賃項目儲備大約是年初的兩倍。我們也看到，該行業的一些閒置開發項目被其他用途所吸收，這將有助於加速恢復供需平衡。

Important to note that purpose-built lab buildings are highly flexible and can support many alternative uses. I'll repeat that our occupancy will decline for the next few months due to expirations and terminations, but we're now gaining more confidence that will be the bottom on occupancy.

值得注意的是，專用實驗室建築具有很高的靈活性，可以支援多種替代用途。我再次重申，由於租約到期和終止，未來幾個月我們的入住率將會下降，但我們現在越來越有信心，入住率將會觸底。

At that point, we'll have more than 2 million square feet of available space in good submarkets to lease up and recapture NOI. We recently welcomed Denis Sullivan to our team. He will play a pivotal role in our life science business and investment strategy. Denis spent 14 years at Biomed, including time as CFO and CIO. We have exceptional local market leaders in the Bay Area with Natalia De Michele with Denis in San Diego and with Claire Brown in Boston, all rolling up to Scott Bohn, our segment leader.

屆時，我們將在優質細分市場中擁有超過 200 萬平方英尺的可用空間，可以出租並重新獲得淨營業收入。我們最近迎來了丹尼斯·沙利文加入我們的團隊。他將在我們的生命科學業務和投資策略中發揮關鍵作用。Denis 在 Biomed 工作了 14 年，曾擔任財務長和資訊長。我們在舊金山灣區擁有傑出的本地市場領導者，例如聖地牙哥的 Natalia De Michele 和 Denis，以及波士頓的 Claire Brown，所有這些都匯聚到我們的細分市場領導者 Scott Bohn 身上。

We believe we have the footprint, people and balance sheet to capture market share as the sector recovers.

我們相信，隨著產業復甦，我們擁有足夠的規模、人才和資產負債表來搶佔市場份額。

Our CCRC business is performing at a high level. 6 years ago, we bought out the 51% interest in the portfolio held by our joint venture partner, and we installed a new operator. Since then, NOI is up more than 50%, including double-digit growth this year. We believe then and now that the entry fee product is very attractive to seniors on fixed incomes, we are looking for a lower monthly rent payment.

我們的持續照顧退休社區（CCRC）業務表現優異。 6年前，我們收購了合資夥伴持有的51%的股份，並引進了新的營運商。自那以後，營業淨收入成長超過 50%，今年更是實現了兩位數的成長。我們當時和現在都認為，入門費產品對收入固定的老年人非常有吸引力，我們正在尋找更低的月租金。

The continuum of care we offer is viewed favorably by seniors and their families because it creates peace of mind they won't need to move again in the future. And that's very important at that stage of life. Sequential occupancy in the portfolio was up 70 basis points, and we expect continued growth in the fourth quarter.

我們提供的連續性照護服務受到老年人及其家人的好評，因為它讓他們安心，以後無需再次搬家。在人生的那個階段，這一點非常重要。該投資組合的入住率環比上升了 70 個基點，我們預計第四季將繼續成長。

I'll wrap up with our technology initiatives, which are already paying off with efficiency gains. Our G&A this year is projected at $90 million, which is less overhead than we had 5 years ago, despite significant inflation across the economy and closing a $5 billion merger. But the cost efficiencies are only part of the story. We intend to create a tech-enabled platform to streamline our operations, differentiate our property management and leasing platforms and expand tenant services to drive new revenue opportunities. We'll have more details to share in the coming quarters.

最後，我想談談我們的技術舉措，這些舉措已經透過提高效率取得了成效。儘管經濟整體通膨嚴重，完成了50億美元的併購，但我們今年的一般及行政費用預計為9,000萬美元，比5年前的開支少。但成本效益只是故事的一部分。我們計劃創建一個技術賦能的平台，以簡化我們的運營，使我們的物業管理和租賃平台脫穎而出，並擴展租戶服務，從而創造新的收入機會。我們將在未來幾季分享更多細節。

Let me turn it to Kelvin.

讓我把它轉換成開爾文。

Thank you, Scott. I'll expand a little bit on the technology initiatives that Scott just mentioned. We're advancing our strategic plan to strengthen our capabilities as an AI-enabled real estate owner with a leading investment management platform designed to meet our clients' needs across geographies and asset types.

謝謝你，斯科特。我來再詳細闡述斯科特剛才提到的技術舉措。我們正在推動策略性計劃，以增強我們作為人工智慧賦能型房地產所有者的能力，並打造領先的投資管理平台，旨在滿足客戶在不同地區和資產類型方面的需求。

Operationally, internalizing property management now gives us end-to-end control of our workflows and establishes a consistent foundation to deploy technology across the property. Technology adoption of real estate has historically lagged other industries, and we see advantages to moving now. We're focusing our initial efforts where data and automation can offer more time in the field, and that starts with improving property operations, facilities engineering and accounting. We've partnered with a leading enterprise technology firm to help us drive this shift.

從營運角度來看，物業管理的內部化使我們能夠對工作流程進行端到端的控制，並為在整個物業部署技術奠定一致的基礎。房地產行業的技術應用歷來落後於其他行業，我們認為現在遷移到新技術具有優勢。我們最初的努力重點放在數據和自動化能夠讓我們有更多時間投入現場工作的領域，而這首先要從改善物業運營、設施工程和會計入手。我們已與一家領先的企業技術公司合作，以幫助我們推動這項轉變。

Our automation initiatives are building a stronger foundation for our data architecture that will enhance connectivity across internal systems and reduce manual work. Our approach allows us to make measured investments and preserve long-term flexibility as commercial tools evolve. These fresh perspectives from outside of traditional real estate will also help us innovate faster. We see every part of our business as an opportunity.

我們的自動化舉措正在為我們的資料架構建立更強大的基礎，這將增強內部系統之間的連接性並減少人工工作。我們的方法使我們能夠進行審慎的投資，並在商業工具不斷發展的同時保持長期的靈活性。來自傳統房地產領域之外的這些全新視角，也將有助於我們更快地進行創新。我們把業務的每個環節都視為機會。

Now moving into the third quarter results. Financial and operating performance was in line with our forecast. We reported FFO as adjusted of $0.46 per share, AFFO of $0.42 per share and year-to-date portfolio same-store growth of 3.8%. Starting with CCRC. Our portfolio delivered another strong quarter, driven by continued pricing power modest expense growth and 150 basis points of year-over-year occupancy gains.

接下來進入第三季業績部分。財務和營運績效與我們的預測相符。我們報告稱，經調整後的 FFO 為每股 0.46 美元，AFFO 為每股 0.42 美元，年初至今的同店銷售額增長了 3.8%。從 CCRC 開始。在持續的定價能力、適度的費用增長以及同比入住率提高 150 個基點的推動下，我們的投資組合又迎來了一個強勁的季度。

Cash NOI increased by 9.4% for the quarter. We remain focused on these key indicators of performance as each flow through to NOI and ultimately, earnings growth for the platform. Our product offering and value proposition continues to resonate with consumers, and we remain well positioned to benefit from healthy demographic trends that support long-term growth.

本季現金淨營業收入成長了9.4%。我們將繼續關注這些關鍵的業績指標，因為每項指標都會影響淨營業收入，並最終影響平台的獲利成長。我們的產品和價值主張持續受到消費者的歡迎，我們依然處於有利地位，能夠從支持長期成長的健康人口趨勢中受益。

Moving now to Patient Medical. Fundamental supporting leasing demand for outpatient continues to be favorable. During the quarter, we executed 1.2 million square feet of leases achieved 3% escalators or above on execution and positive cash re-leasing spreads of 5.4%, with TIs also below historical averages. Year-to-date leasing volumes totaled 3.2 million square feet, and we ended the quarter with total occupancy up 10 basis points at 91%.

現在轉到患者醫療頁面。門診租賃需求的基本支撐因素依然有利。本季度，我們執行了 120 萬平方英尺的租賃，執行時租金上漲幅度達到 3% 或以上，現金續租價差為 5.4%，且裝修費用也低於歷史平均水平。今年迄今的租賃面積總計達 320 萬平方英尺，本季末總入住率上升 10 個基點，達到 91%。

New leasing comprised of 270,000 square feet with Q3 representing the highest quarter of new leasing starts in the combined company's history. TIs on renewals were only $1.41 per square foot per year and year-to-date leasing commissions were approximately $0.87 per square foot per year. Additionally, we executed another 123,000 square feet of leases in October, and we have another 895,000 square feet under LOI.

新租賃面積達 27 萬平方英尺，第三季是合併後公司歷史上新租賃面積最高的季度。續租時的租賃費用僅為每平方英尺每年 1.41 美元，而今年迄今的租賃佣金約為每平方英尺每年 0.87 美元。此外，我們在 10 月又簽訂了 123,000 平方英尺的租賃合同，另有 895,000 平方英尺的租賃意向書正在洽談中。

We are pleased to recognize our property management team whose sector-leading Kingsley client satisfaction results reinforce the consistent strength of our tenant retention and help ensure efficient operations for our clients. Thank you to the entire property management team across the organization for their collective efforts. The combination of consistent operating performance, favorable sector fundamentals and deep tenant relationships positions the portfolio for sustained growth and continued excellence in execution.

我們很高興表彰我們的物業管理團隊，他們在 Kingsley 客戶滿意度方面取得了行業領先的成績，這鞏固了我們租戶保留率的持續優勢，並有助於確保我們客戶的高效運營。感謝公司所有物業管理團隊成員的共同努力。持續穩定的營運績效、良好的產業基本面以及深厚的租戶關係，使該投資組合能夠持續成長並持續取得卓越的執行力。

And turning to lab. During the quarter, we executed 339,000 square feet of leases, of which 45% were new. And on renewals, we achieved a positive 5% re-leasing spread. Year-to-date leasing volumes totaled 1.1 million square feet, and we ended the quarter with total occupancy of 81%. We continue to see escalators on executed leases between 3% and 3.5%, which supports sustainable long-term growth.

然後轉入實驗室。本季度，我們簽訂了 339,000 平方英尺的租賃合同，其中 45% 為新合約。續租方面，我們實現了 5% 的正向續租利差。今年迄今的租賃面積總計達 110 萬平方英尺，本季末的總入住率為 81%。我們繼續看到已執行租賃合約的租金漲幅在 3% 到 3.5% 之間，這有利於可持續的長期成長。

Tenant improvement allowances on renewals declined to $1.30 per square foot per year, while corresponding rents rose to $65 per square foot given space condition. For new leases, TIs averaged approximately $15.73 per square foot per year, which when excluding two development leases was approximately $5.50 per square foot per year.

續租時租戶裝修補助金降至每年每平方英尺 1.30 美元，而相應的租金則根據空間狀況上漲至每平方英尺 65 美元。對於新租賃，TI 平均約為每平方英尺每年 15.73 美元，如果排除兩個開發租賃，則約為每平方英尺每年 5.50 美元。

In October month-to-date, we executed 22,000 square feet of leases and have an additional 291,000 square feet under LOI. Forward-looking indicators of demand continue to improve. Since Q1, the pipeline has doubled to 1.8 million square feet, about half are evaluating our current unleased availabilities.

截至 10 月份，我們已簽訂 22,000 平方英尺的租賃合同，另有 291,000 平方英尺的租賃意向書正在洽談中。預測需求的各項指標持續改善。自第一季以來，待租面積翻了一番，達到 180 萬平方英尺，其中約一半正在評估我們目前未出租的可用面積。

Each of our core markets is experiencing a similar uptick in demand. We have a healthy mix of discovery stage, clinical stage and commercial face tenants and some incremental demand from tech and AI-based companies. We're encouraged by the strengthening demand profile as we move toward in occupancy bottom and ultimate recovery. The decline in occupancy we experienced in 2025 will flow through to earnings in 2026. Recent leasing, together with the conversion of our active pipeline is expected to contribute to occupancy and earnings starting in late 2026 and thereafter.

我們每個核心市場都出現了類似的需求成長。我們擁有處於發現階段、臨床階段和商業階段的租戶的健康組合，並且來自科技和人工智慧公司的一些增量需求。隨著入住率觸底和最終復甦，我們對需求前景的增強感到鼓舞。2025 年入住率的下降將反映在 2026 年的收益中。近期租賃業務，加上我們正在開發的在建項目，預計將從 2026 年底開始及以後提高入住率和收益。

Moving on to the balance sheet. In August, we issued $500 million of senior unsecured notes at 4.75%. We achieved a spread of 92 basis points with no new issue concession. This execution represents one of the tightest investment-grade REIT 7-year spreads year-to-date. We ended the third quarter at 5.3x net debt to adjusted EBITDA and $2.7 billion of liquidity.

接下來來看資產負債表。8 月份，我們發行了 5 億美元的優先無擔保票據，利率為 4.75%。我們在沒有新發行債券的情況下實現了 92 個基點的利差。這項交易代表了今年迄今投資等級 REIT 7 年期利差最小的交易之一。第三季末，我們的淨負債與調整後 EBITDA 比率為 5.3 倍，流動資金為 27 億美元。

We continue to prioritize balance sheet management and disciplined capital allocation to maintain maximum flexibility to pursue strategic investments and fund portfolio growth.

我們將繼續優先考慮資產負債表管理和嚴格的資本配置，以保持最大的靈活性，從而進行策略性投資並為投資組合成長提供資金。

Now turning to guidance. We are reaffirming our FFO as adjusted and same-store expectations within our original guidance range. We continue to outperform in CCRC in outpatient medical at or above the high end of our initial segment guidance.

現在進入指導環節。我們重申，調整後的FFO和同店銷售預期仍在我們最初的指導範圍內。我們在門診醫療領域的 CCRC 業務繼續表現出色，達到或超過我們最初業務板塊預期的高端水平。

In addition, we reduced our interest expense and G&A guidance by a total of $10 million. This reflects better-than-anticipated pricing on our senior notes issuances, technology-enabled productivity gains, and additional synergies related to the merger as well as timing of certain investments and higher disposition.

此外，我們將利息支出和一般及行政費用預期共減少了 1,000 萬美元。這反映了我們高級票據發行定價優於預期、技術帶來的生產力提升、合併帶來的額外綜效，以及某些投資的時機和更高的資產處置。

Moving to sources and uses. Year-to-date, we've completed $158 million of asset sales and loan repayments. We have an additional $204 million of dispositions under a purchase and sale agreement as we take advantage of a strong private market in outpatients. These transactions could close in the fourth quarter or early 2026.

轉向來源和用途。今年迄今為止，我們已完成1.58億美元的資產出售和貸款償還。我們根據一項買賣協議，額外處置了價值 2.04 億美元的資產，因為我們利用了門診病人私人市場的強勁勢頭。這些交易可能在第四季或 2026 年初完成。

And with that, operator, we can move into questions.

操作員，接下來我們可以進入問答環節了。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

（操作說明）羅納德‧卡姆登，摩根士丹利。

Hey, great. Just going to the lab leasing pipeline. It sounds like you said it's doubled since the beginning of the year. I was just hoping we could just double-click sort of what's changed? What's the mix of those tenants? And any sort of qualitative trends that you can highlight? Thanks.

嘿，太好了。直接進入實驗室租賃流程。聽起來你好像說它比年初時翻了一番。我只是希望我們能直接雙擊查看發生了哪些變化？這些租戶的組成是怎樣的？能否重點介紹一些定性方面的趨勢？謝謝。

Yes. It's a broad mix of tenants. It's Scott from early stage to clinical stage to commercial stage. So the quantum has doubled, but equally important the mix of new and renewal is much more favorable. Year-to-date, it's been a lot of renewals, which is great.

是的。租戶類型多種多樣。這是 Scott 從早期階段到臨床階段再到商業化階段的整個過程。因此，數量翻了一番，但同樣重要的是，新事物和更新事物的組合更加有利。今年迄今為止，續約數量很多，這很好。

But obviously, it takes new leasing to drive occupancy and a good portion of that pipeline now is new leasing. And that's clearly being driven by the improved sentiment in the sector, improved capital raising.

但顯然，要提高入住率，就需要新的租賃項目，而目前這部分新增租賃項目佔了很大一部分。這顯然是由產業情緒改善和融資情況改善所推動的。

There's been a lot of good data in the sector, and that's being rewarded in the capital markets by the FDA and that virtuous cycle is starting to build, but all starting with great data as the science proves out. So we're encouraged. It's roughly 60 days of activity. Obviously, that needs to continue for that pipeline to turn into execution and then to refill the pipeline. But the trajectory, the momentum is very positive.

這個領域湧現了許多優秀的數據，這些數據也得到了資本市場的認可和FDA的獎勵，這種良性循環正在形成，但這一切都始於科學證明的優秀數據。我們因此備受鼓舞。活動大約持續60天。顯然，這需要持續進行，才能使管道轉化為執行，然後重新填充管道。但發展軌跡和勢頭都非常積極。

Great. And then my follow-up is just on, thinking about the capital recycling billion out of potentially outpatient medical. Just maybe can you talk a little bit more about sort of the buy side in terms of what potential opportunities you think out there sort of any financial metrics we should be thinking about in terms of what you're going to be going into. Thanks so much.

偉大的。然後我的後續工作就是思考如何從潛在的門診醫療中回收數十億美元的資本。您能否再多談談買方方面的情況，例如您認為有哪些潛在的機會，以及在考慮您即將進入的領域時，我們應該關注哪些財務指標？非常感謝。

Yeah, outpatients have been a great business for 20 years. It's one of the few subsectors in all of real estate that's had positive NOI growth every year for two decades. Great financial crisis.

是的，門診業務在過去20年裡一直都很賺錢。它是房地產行業中為數不多的連續二十年淨營業收入 (NOI) 實現正成長的子行業之一。嚴重的金融危機。

What's happening in the economy, it doesn't matter. That sector still has positive growth because it's a need-driven business and there's a tremendous push to move things to an outpatient setting. That isn't changing. So we love the business. We think we have not only the biggest but the best platform in the sector, the deepest relationships, which is key given most of the tenants our health systems.

經濟情勢如何，並不重要。該行業仍保持正成長，因為這是一個需求驅動型產業，目前正大力推動將醫療服務轉移到門診環境。這一點不會改變。我們熱愛這個行業。我們認為，我們不僅擁有業內最大、最好的平台，而且擁有最深厚的合作關係，考慮到我們的大多數租戶都是醫療系統，這一點至關重要。

So that was one reason we did the merger two years ago. We loved the outlook for the business. Scale does matter, especially in local markets, which we have. But not all of our portfolio is in concentrated core markets. We still have a few geographic outliers, and this is a great time in the cycle to take advantage of strong demand for the for the assets and sell some of those assets that are not as strategic for us, but can still draw great pricing from a pretty deep pool of buyers. It's mostly institutional for the types of assets we own, but it's broad-based and it's a deep pool. And I think they're attracted to the strong fundamentals and obviously as inflation and interest rates have come down, that sector looks a lot more attractive.

所以，這就是我們兩年前合併的原因之一。我們非常看好這家公司的發展前景。規模確實很重要，尤其是在我們擁有的本地市場。但並非我們所有的投資組合都集中在核心市場。我們還有一些地理位置上的例外情況，現在是利用市場對這些資產的強勁需求，出售一些對我們來說戰略意義不大，但仍然可以從相當多的買家那裡獲得不錯價格的資產的好時機。就我們擁有的資產類型而言，它主要面向機構投資者，但其基礎廣泛，資金池也很深。我認為他們是被強勁的基本面所吸引，而且顯然隨著通貨膨脹和利率的下降，該行業看起來更具吸引力。

Maybe the growth of the economy is a little bit more questionable today and outpatient starts to look a lot more attractive in that environment. So I think all of those things are driving the demand.

如今經濟成長或許有些令人擔憂，在這種環境下，門診治療顯得更有吸引力。所以我認為所有這些因素都在推動需求。

We have roughly $130 million in signed contract at a really strong cap rate. We're working on a lot. We feel like it's an opportune time to take advantage of that buyer interest, especially in light of where the stock is trading, in light of the outpatient development opportunities we have through our relationships, and then the potential for opportunities in the life science business.

我們已簽訂價值約 1.3 億美元的合同，資本化率非常高。我們正在做很多事情。我們認為現在是利用買家興趣的好時機，特別是考慮到股票目前的交易價格，考慮到我們透過人脈關係獲得的門診開發機會，以及生命科學業務的潛在機會。

But we have a great balance sheet already. We see a lot of advantages to having even more liquidity as we head into 2026, especially if we can get great pricing.

但我們已經擁有非常穩健的資產負債表。我們認為，展望 2026 年，擁有更多流動性有許多優勢，尤其是在能夠獲得優惠價格的情況下。

Thanks so much.

非常感謝。

Nick Yulico, Scotiabank.

Nick Yulico，加拿大豐業銀行。

Thanks. Good morning. In terms of, the lab portfolio, I want to see if there's any way to get a feel for, like where your if your lease rate is higher than your occupied rates. I know you you guys quote that 81% occupancy and lab and the stuff you talked about some of the, sort of leasing that happened and even in the works. Is addressing vacancy, so, and he feels for just like, where the least rate on assets would be versus in place occupancy.

謝謝。早安.就實驗室投資組合而言，我想看看是否有辦法了解一下，例如你的租賃價格是否高於你的佔用價格。我知道你們提到了 81% 的入住率、實驗室以及你們談到的一些租賃事宜，包括已經發生的和正在進行中的租賃。所以，他正在解決空置問題，他覺得，資產報酬率最低的地方就是入住率。

Yeah, Nick, this is Kelvin. I'd say that our total occupancy today in lab at 81% is largely in line with the occupied rate. We have certain instances where there are tenants that are probably in more space than they need, so that the occupancy is a little bit lower physically, but generally speaking, the total occupancy is in line with the physical occupancy.

是的，尼克，我是凱爾文。我認為我們實驗室目前的入住率達到 81%，與實際入住率基本一致。有些租戶租用的空間可能比他們需要的空間要大，因此實際入住率會略低一些，但總的來說，總入住率與實際入住率是一致的。

Okay, thank you. And then the second question is on, the impairment, for the lab JV was that, what triggered that this quarter, and then was it also some sort of decision or fun functioning of, how leasing is actually going for those assets?

好的，謝謝。第二個問題是關於實驗室合資企業的減值，是什麼觸發了本季的減值，以及租賃這些資產的實際進展情況，是否與某種決策或有趣的運作有關？

Thanks.

謝謝。

Hey Nick, tell me again, so typically you'll see companies taking impairments like this when they sell assets. These are assets that we have high confidence and we'll continue to own long-term, but specifically for the unconsolidated JB accounting rules, there are rather specific requirements that you have to evaluate on a quarterly basis.

嘿，尼克，你再跟我說一遍，通常你會看到公司在出售資產時進行這樣的減損損失。我們對這些資產充滿信心，並將繼續長期持有，但具體到未合併的 JB 會計準則，有一些相當具體的要求，需要按季度進行評估。

Simplistically, if you have carrying values that fall below fair values for more than a temporary period of time, you're required to take the charge.

簡單來說，如果你的帳面價值低於公允價值的時間超過一段時間，你就必須承擔相應的費用。

And this quarter we determined that that was the case, specifically the impairments, not cash, it doesn't impact Ffo, but we thought it was prudent to do so this quarter given all the facts and circumstances around these ventures.

本季我們確定情況確實如此，具體來說是減損損失，而不是現金，這不會影響FFO，但考慮到這些專案的所有事實和情況，我們認為本季這樣做是謹慎的。

Nick, I would just add Scott and the team have done a great job leasing up the campus. We're at roughly 60% leased. It's 400,000 ft across seven buildings.

尼克，我還要補充一點，史考特和他的團隊在校園租賃方面做得非常好。目前出租率約60%。該項目由七棟建築組成，總面積達 40 萬平方英尺。

The buildings that have been redeveloped are for the most part leased, and there's a couple of buildings that are yet to be redeveloped. We're waiting for leases to burn off, and that work is now underway, and we're confident we'll be able to lease them up once they open. So it's not a matter of leasing, it's a matter of Where are the rents, where are the cap rates versus when we did that deal 3.5 years ago and obviously marked up the portfolio to the price that we got when we sold it.

大部分已改建的建築物都已出租，還有幾棟建築物尚未改建。我們正在等待租約到期，這項工作目前正在進行中，我們有信心一旦這些店鋪開業，就能將它們全部租出去。所以這不是租賃的問題，而是租金在哪裡、資本化率在哪裡的問題，而與我們 3.5 年前做這筆交易時相比，顯然我們把投資組合的價格提高到了我們出售時的價格。

Okay, got it. Thanks, guys, very helpful.

好的，明白了。謝謝各位，很有幫助。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi, good morning.

您好，早安。

Thank you. I was curious if you could outline your tenant risk list and how that compares to the beginning of the year and specifically if you can touch on if tenants have been adding in or our names finally dropping off as you've been seeing a shift in sentiment.

謝謝。我想請您概述一下您的租戶風險清單，並將其與年初的情況進行比較，特別是您能否談談租戶是否增加了，或者隨著您觀察到市場情緒的轉變，我們的名字是否最終被移除。

Hey Farrell, this is Kelvin. I'll start, maybe just to give context to our earlier points, we're continue to be encouraged by the pipeline that's been building over the course of the last 60+ days.

嘿，法雷爾，我是凱爾文。我先來說說，或許只是為了給我們之前的觀點提供一些背景信息，過去 60 多天以來，我們一直在努力推進項目，這讓我們倍感鼓舞。

And our existing tenant base continues to access the capital markets as it's opened back up, and we're seeing a number of folks that, perhaps were a little bit more in focused before that are out of focus today given they're extending their cash runways and they're working towards the next clinical milestone.

隨著資本市場重新開放，我們現有的租戶群體繼續進入資本市場，我們看到一些以前可能更專注於此的人，現在不再那麼關注了，因為他們正在延長現金流，並努力實現下一個臨床里程碑。

So the exposure in our portfolio has come down, I would say pretty meaningfully over the last 60 days, but we still have tenants that we are actively monitoring. The quantum of that, I don't have an accurate number to give you, but I think again it's directionally have come down since the start of the year.

因此，在過去的 60 天裡，我們投資組合的風險敞口已經顯著下降，但我們仍然有一些租戶正在積極監控。至於具體金額，我沒有準確的數字可以告訴你，但我認為從年初到現在，這個數字總體上是下降的。

So, let me add there's really two parts to your question that are relevant. There's the size of the of the watch list, that's part one just address that, but the equally important part in our view is Do those companies have a good chance of raising money because there's always going to be tenants in the portfolio that have less than 12 months of cash that we're keeping a close eye on. And today we feel a lot more confident that those companies can raise money. The challenge the 1st 9 months of the year had been we have this group of companies that needs to raise capital. It's normal course business, and it was just a very difficult environment for them to raise it. So that second half of the question I think is equally important and that has improved pretty dramatically in the last 60 days and obviously we hope that continues.

所以，我想補充一點，你的問題其實包含兩個相關的部分。觀察名單的規模是一方面，這是第一部分，我們先來談談這個問題。但同樣重要的是，我們認為這些公司是否有很大的機會籌集資金，因為投資組合中總會有一些租戶的現金儲備不到 12 個月，我們會密切關注這些租戶。如今，我們更有信心這些公司能夠籌集到資金。今年前九個月面臨的挑戰是，我們有一批公司需要募款。這是正常的業務流程，只是他們當時所處的環境很難提出這個問題。我認為問題的後半部同樣重要，而且在過去的 60 天裡，這方面已經有了相當大的改善，我們當然希望這種改善能持續下去。

Great, thank you. And I also just wanted to touch on, I've seen some recent headlines about the influx of demand for the AI companies, especially when it comes to lab spaces and those even converting back to an office. I was curious if you could just add a few comments on how that may impact the supply picture, and do you see stock participating in in any of that conversion?

太好了，謝謝。我還想提一下，我最近看到一些關於人工智慧公司需求激增的新聞報道，尤其是實驗室空間以及那些重新改回辦公室的實驗室空間。我想請您就此可能對供應情勢產生的影響發表一些看法，您認為庫存會參與這種轉換嗎？

Yeah, well, there's just pure AI tech companies and and certainly that's helping the supply demand dynamic in the Bay Area in particular, but there's also AI native biotech research and that's been very much a positive for our portfolio. We've done a fair amount of leasing with companies that would fit that description, particularly in the Bay Area. In the last year, the pipeline includes them as well, and the notion that they only need office space is just not correct.

是的，目前有一些純粹的人工智慧技術公司，這無疑有助於改善灣區的供需關係，但也有人工智慧原生生物技術研究，這對我們的投資組合來說是一個非常積極的信號。我們已經與符合這種描述的公司進行了相當多的租賃交易，尤其是在灣區。去年，他們的身影也出現在了人才儲備名單中，認為他們只需要辦公空間的想法是不正確的。

Generally speaking, the 50/50 type mix of wet lab and office continues to hold for those companies as well. So we view it very positively. They're more likely to raise money, the companies that can attach that to their business profile right now, so we're taking advantage of that, but more generally and longer-term, the ability of AI to improve the speed, efficiency, accuracy of drug research is pretty exciting. And taking drugs from Discovery to IND, meaning clinical stage trials in 1 year instead of 5 to 7 years, I mean, that has the potential to have an enormous positive impact on the business.

總的來說，這些公司仍然保持著濕實驗室和辦公室 50/50 的比例。所以我們對此持非常正面的態度。那些能夠將人工智慧技術與自身業務聯繫起來的公司更有可能籌集資金，所以我們正在利用這一點。但從更普遍和更長遠的角度來看，人工智慧提高藥物研究的速度、效率和準確性的能力非常令人興奮。將藥物從發現階段到IND階段（即臨床試驗）的週期從5到7年縮短到1年，這有可能對業務產生巨大的正面影響。

Thank you so much.

太感謝了。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Hey, good morning everybody. Scott, I'm just curious, how should we think about the near term earnings impact from recycling the outpatient medical proceeds from the strategic initiatives? And then just, that timeline around the earnings ramp, from reinvesting those proceeds given, development does have kind of a little bit of a longer timeline to it and then maybe a sense of what the opportunistic lab investments you're considering today, is it development is it sort of lease up opportunities versus, more stabilized deals?

嘿，大家早安。Scott，我只是好奇，我們該如何看待將策略性舉措中獲得的門診醫療收入再利用對近期收益的影響？然後，關於獲利成長的時間表，以及將這些收益再投資的時間，開發確實有一個稍長的時間線，然後也許可以了解一下，你今天考慮的機會性實驗室投資是開發還是租賃機會，還是更穩定的交易？

Yeah, and, the billion dollars that we referred to, keep in mind only $200 of that is under contract. So hopefully we move forward with the balance. It's really strong pricing.

是的，還有，我們提到的那十億美元，請記住，其中只有 2 億美元已經簽訂了合約。所以，希望我們能繼續保持平衡。價格真的很有競爭力。

If that proceeds, keep in mind that pricing is going to be significantly better than our implied stock price. So I mean it has the potential, depending on use of proceeds to be immediately upgraded. We're also looking at opportunities and outpatient development as well as life science opportunistic investments that we think have the potential to have returns far in excess. Of the returns we'd be selling at in terms of that those outpatient sales. So one way or another we're doing this with an expectation that it's going to create pretty meaningful accretion whether it's day one or day one in the combination of, year 23, but obviously that is the expectation and intention here.

如果交易成功，請記住，定價將遠優於我們隱含的股價。所以我的意思是，它有潛力立即升級，這取決於收益的用途。我們也關注門診發展機會以及生命科學領域的投資機會，我們認為這些投資有可能獲得遠超預期的回報。從門診銷售額來看，我們的收益將會是多少？所以無論如何，我們這樣做都期望它能帶來相當有意義的成長，無論是第一天還是第 23 年的第一天，但​​顯然這是我們的期望和意圖。

That's helpful. And then can you just give a little bit more detail around the average size of tenants in the pipeline for for lab, the lab leasing pipeline, and whether you're seeing sort of any larger space requirements in the market today. I know previously you had talked about kind of 30 000 square feet was was the sweet spot, but anything larger out there. Today? Thanks.

那很有幫助。那麼，您能否更詳細地介紹一下實驗室租賃市場中潛在租戶的平均規模，以及您是否看到目前市場上有更大的空間需求？我知道你之前說過 30000 平方英尺左右是最佳面積，但更大的面積也行。今天？謝謝。

Yeah, hey, Austin, it's Kelvin. I think that 30,000 square foot marker is still accurate in terms of the pipeline and the opportunities we're seeing. So with the 1.8 million square foot pipeline, there's a lot more activity from new potential clients that are exploring our assets.

嗨，奧斯汀，我是凱爾文。我認為就目前的項目儲備和我們看到的機會而言，30,000平方英尺這個數字仍然是準確的。因此，隨著180萬平方英尺的管道建設，越來越多的潛在客戶正在考察我們的資產，這帶來了更多的活動。

Yeah. Hey Austin, let me give you one additional piece of color on the acquisitions that we're looking at in my science as well as outpatient development. You can't really look at those just in isolation either. When you think about our investment model, it's very much focused in both businesses on doing things in scale in local markets. There's really an ecosystem benefit as well, like when we do a new development with our health system. That project is a creative, but it also deepens the relationship with that health system and draws or drives additional leasing with that tunnel over time, and that's an important part of the consideration for us. That's obviously true in life science, where we've built a 12 million square foot portfolio that's essentially in 5 submarkets, and we want to continue to go deeper in those markets because we think there's great demand in tenant desire to be in those locations, and the more scale we have there. It, it's proven to have material advantages in terms of winning leasing deals.

是的。嘿，奧斯汀，讓我再給你補充一些關於我們在科學和門診發展方面正在關注的收購項目的資訊。你也不能孤立地看待這些問題。當你思考我們的投資模式時，你會發現它非常注重在本地市場大規模開展業務。這確實也帶來了生態系統方面的好處，就像我們在醫療系統方面進行新的發展一樣。該項目不僅具有創意，而且還加深了與該醫療系統的關係，並隨著時間的推移吸引或推動了隧道沿線的額外租賃，這對我們來說是一個重要的考慮因素。在生命科學領域，這一點顯然是正確的。我們已經建立了一個佔地 1200 萬平方英尺的投資組合，主要分佈在 5 個子市場。我們希望繼續深入這些市場，因為我們認為租戶對這些地區的渴望非常強烈，而且我們在那裡的規模越大，需求就越大。事實證明，它在贏得租賃交易方面具有實質優勢。

What what what's sort of the average yield on the outpatient medical developments that you're evaluating today?

您目前評估的門診醫療發展計畫的平均報酬率大概是多少？

7+%, mostly, highly produced and compare, contrast that with selling assets that are 2025 years old at 100 basis points or more inside of that, so, pretty compelling.

7%以上，而且產量很高，與出售2025年資產的價格相比較，價格在100個基點或以上，所以，這相當有吸引力。

Yeah, that's helpful. Thank you.

是的，這很有幫助。謝謝。

Seth Bergey, Citigroup.

Seth Bergey，花旗集團。

Hi, thanks for taking my question. I guess my first question is kind of of the billion dollars, how do you do that in terms of how much of that should we expect to be, life science versus outpatient medical versus share purchases and then, I guess, on top of that, do you have like a target percentage of, how much of the business you would like to be outpatient medical life science, and the CCRC.

您好，感謝您回答我的問題。我的第一個問題是關於這十億美元的分配，你們打算如何分配？具體來說，我們應該預期其中有多少用於生命科學，多少用於門診醫療，多少用於股票收購？此外，你們是否有一個目標百分比，就是你們希望門診醫療、生命科學和持續照顧退休社區（CCRC）佔多大的業務比例？

We do not have fixed allocations, and we're going to be opportunistic, so we're going to protect our balance sheet. Number one is the competitive advantage. It gives us a lot of flexibility, and these sales will give us even more flexibility, but it could be any of those three that you mentioned in any combination.

我們沒有固定的資金分配方案，我們將抓住機會，所以我們將保護我們的資產負債表。第一點是競爭優勢。這給了我們很大的靈活性，這些銷售將為我們帶來更大的靈活性，但可以是您提到的這三種方式中的任何一種，也可以是任何組合。

So no, we're not going to have a fixed allocation of what we're looking at. We'll be opportunistic.

所以，不，我們不會對我們關注的內容進行固定分配。我們會抓住機會。

Okay, and then just my second one, you talked about the strength of the outpatient medical business. What type of spread are you kind of looking for to compensate you just given you touched on the early shoots of, the life sciences recovery but mentioned the real estate, is still expected to lag for a little bit so just any color you can.

好的，那麼我的第二個問題，您談到了門診醫療業務的優勢。鑑於您剛才提到了生命科學復甦的早期跡象，但又提到了房地產，預計房地產復甦仍將滯後一段時間，所以您想要什麼樣的走勢來彌補這一點？任何顏色都可以。

On what what accretion kind of spread you're looking for there.

你在那裡尋找的是哪種類型的堆積擴散？

Yeah, thanks.

嗯，謝謝。

The the underwritten returns on any by signs distress. Obviously each project is going to be unique in terms of size as well as the lease up that needs to occur, but we'd be looking for certainly double-digit unlettered IRRs for those types of projects.

承保收益會因任何跡象顯示存在困境而受到影響。顯然，每個項目在規模以及需要進行的租賃方面都是獨一無二的，但對於這類項目，我們肯定會尋求兩位數的非字母內部收益率。

So that would be the criteria there for outpatient. I think I already covered it at 7%, so a nice spread to not only, disposition.

所以，這就是門診治療的標準。我認為我已經以 7% 的比例涵蓋了它，所以這不僅對性格有很好的影響，而且對情緒也有很好的影響。

Cap rates, but also, acquisition cap rates. So yeah, that's how we're thinking about spreads or relative returns and obviously we have to keep in mind the implied cap rate of our stock prices. We think about the assets that we're selling relative to buying back stock in a a creative way. So we're really looking at all three of those alternatives and all three of those metrics in terms of relative returns.

資本化率，以及收購資本化率。所以，這就是我們思考價差或相對收益的方式，顯然我們必須牢記股票價格的隱含資本化率。我們以一種創造性的方式思考我們出售的資產與回購股票之間的關係。因此，我們實際上是在從相對收益的角度來檢視這三種替代方案和這三個指標。

Great, thanks.

太好了，謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi, good morning.

您好，早安。

Maybe if we could start just talking about the Trump administration, we've had, there's been tariffs on branded therapies, but there's also been a major surge in commitments by multinational pharma companies back in the US, especially as it relates to R&D. Can you talk to, a lot of that's on the manufacturing side, but are you seeing some of that, translating into lab space and then leasing?

或許我們可以先談談川普政府，雖然對品牌療法徵收了關稅，但美國跨國製藥公司也大幅增加了投入，尤其是在研發方面。您能否談談，很多事情都與製造業有關，但您是否看到其中一些轉化為實驗室空間，然後進行租賃？

Well, certainly the regulatory chaos and uncertainty that existed in the 1st 6 to 8 months of 2025 had a big impact on sentiment in the sector. Obviously investors making capital commitments are looking for certainty in terms of the environment that they're investing into, and we just didn't have that for the first half of the year.

當然，2025 年前 6 到 8 個月的監管混亂和不確定性對該行業的信心產生了很大影響。顯然，投資人在進行資本投入時，都希望投資環境能有確定性，而今年上半年我們並沒有獲得這種確定性。

There's been a lot of positive news coming out of Washington. And the FDA in terms of making that process more efficient, our tenants are taking advantage of that. We've had 10 tenants in the portfolio that have received various forms of fast track or regulatory priority reviews, which is a huge positive coming out of this administration.

華盛頓傳出了許多好消息。而為了提高FDA的審批流程效率，我們的租戶正在利用這一點。我們投資組合中的 10 個租戶獲得了各種形式的快速通道或監管優先審查，這是本屆政府帶來的一個巨大積極成果。

But overall I think you've seen a lot less negative headlines coming from DC on the biopharma sector, including some positives.

但總的來說，我認為來自華盛頓特區的關於生物製藥行業的負面新聞已經少了很多，其中也包括一些正面的消息。

Like the agreements with Pfizer and AstraZeneca, and that's been a big part of this change in sentiment. So yeah, it's been very positive.

例如與輝瑞和阿斯特捷利康達成的協議，這在很大程度上促成了這種情緒的轉變。是的，整體來說非常積極。

Got it, thank you. And then I know this may be a little early to ask, but I'll give it a shot. I don't know if we can discuss maybe the building blocks for 26 earnings here, especially as you have talked about a potential near term bottoming an occupancy. Maybe what's realistic for occupancy gains next year, how you're thinking about pricing power, and then maybe on top of that the addition of, we've seen some G&A savings this year with your AI platform. You know what's the opportunity for that to generate even further savings in the next year?

明白了，謝謝。我知道現在問可能有點早，但我還是想問一下。我不知道我們是否可以在這裡討論一下 26 年收益的構成要素，特別是考慮到您已經談到入住率可能在近期觸底反彈。也許應該考慮一下明年入住率成長的現實情況，你們是如何看待定價權的，然後或許還要加上，我們今年已經看到你們的人工智慧平台在一般及行政費用方面節省了一些。你知道明年如何利用這個機會進一步節省開支嗎？

Yeah, I mean, obviously we'll wait till February to give guidance, but I mean the basic building blocks for 2/3 of the portfolio are doing really well with outpatient and CCRC, life science, obviously the occupancy loss, and there's a bit more to come as we've described. A will bleed into 2026. That will have an impact. We disclose the purchase options and seller financing that will have an impact refinancing. I mean, those are the basic building blocks. There's no new surprises there, but I'll just reiterate the obvious, but obviously we'll give full guidance in February of 206.

是的，我的意思是，顯然我們會等到二月份再給出指導意見，但我的意思是，我們投資組合中三分之二的基本組成部分，包括門診和持續照護退休社區、生命科學，都表現得非常好，當然還有入住率的下降，正如我們所描述的，還有一些其他因素即將出現。A 將延續到 2026 年。那將會產生影響。我們會揭露可能對再融資產生影響的購買選擇權和賣方融資方案。我的意思是，這些是基本組成部分。沒有什麼新的驚喜，但我只想重申一下顯而易見的事實，顯然我們會在 206 年 2 月給予完整的指導。

Very helpful. Thanks, Scott.

很有幫助。謝謝你，斯科特。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thanks for the time. Just wanted to see if you could maybe help investors and how you're thinking about how much dilution you're willing to take and how you're Going to TRY to manage that. I mean, I think maybe there's a little bit of a concern that the MOBs, the billion dollars of dispositions will be plowed largely into lab opportunities that may have great growth long-term but maybe way on growth near term. So I guess how do you think about balancing some of that potential dilution with buybacks and other opportunities, and is it the intention that You know you're going to TRY to manage earnings somewhat, so to speak, as a result of that, or how are you thinking about weighing those pros and cons?

您好，感謝您抽空。我只是想看看您是否能幫助投資者，了解您是如何考慮願意接受多少股權稀釋，以及您打算如何嘗試管理股權稀釋的問題。我的意思是，我認為人們可能會有點擔心，MOBs，也就是數十億美元的資產處置資金，大部分會投入到實驗室機會中，這些機會從長遠來看可能增長巨大，但短期內增長可能過快。所以我想知道，您是如何考慮透過股票回購和其他機會來平衡潛在的股權稀釋的？您是否打算透過某種方式來管理收益，或者您是如何權衡這些利弊的？

Yeah, well, we're not looking to manage earnings. I heard you say that. That certainly isn't anywhere on the priority list. We're looking to create value. I think when we did the merger two years ago, there were concerns it's turned out to be a huge value creator for the company, not only the synergies, but the recognition of the strength of the outpatient business and and the the flexibility that that's providing us. Right now, so that has turned out to be a huge positive in terms of the capital allocation around that transaction at a time when that sector was pretty out of favor in the public and private markets.

是的，我們並不打算操縱收益。我聽到你這麼說了。這肯定不在優先事項之列。我們力求創造價值。我認為兩年前我們進行合併時，有人擔心這會為公司帶來巨大的價值，不僅是協同效應，還有對門診業務實力的認可，以及它為我們提供的靈活性。因此，就該交易的資本配置而言，這在當時公共和私人市場都相當不受歡迎的情況下，已經證明是一個巨大的積極因素。

Obviously that dynamic has slipped very much in our favor two years later, and we see the building blocks of that dynamic changing for the life science business. It wasn't that long ago when certain investors couldn't get enough of the sectors, one of the best performing subsectors in all of real estate for 10 years. Obviously there's been too much supply. We've had some demand issues because of the regulatory environment. We, as we've described, see a lot of that starting to flip in our favor. It's not going to happen overnight, but we do see a window here to come in at a time when nobody else wants to invest. That's usually a pretty good time to do it. We have the balance sheet to do it, the platform to create value. But it might end up being zero. We're very focused on basis and submarket and price and return opportunity, and I can't guarantee that we're going to find anything that meets our thresholds, but I'm optimistic that we will. There's a big opportunity set there, and it's an awfully good time to invest in our view, but again at the right price in the right submarket. In terms of dilution, it's a $25 billion dollar denominator, so even a billion dollars is not a significant number in comparison to. The entire company that I don't expect there to be meaningful dilution in any event, even if we plowed the entire thing into the vacant lab buildings, which is not our plan, by the way.

顯然，兩年後，這種動態已經對我們非常有利，我們看到生命科學產業的這種動態的構成要素正在改變。不久前，一些投資者對房地產板塊趨之若鶓，而房地產板塊是過去 10 年表現最好的子板塊之一。顯然，供應過剩了。由於監管環境的原因，我們遇到了一些需求問題。正如我們所描述的，我們看到很多情況開始朝著對我們有利的方向轉變。這不會一夜之間發生，但我們確實看到了一個機會，可以在其他人都不願意投資的時候進入這個市場。那通常是個不錯的時機。我們有足夠的財務實力做到這一點，也有創造價值的平台。但最終結果可能為零。我們非常關注基差、細分市場、價格和回報機會，我不能保證我們一定能找到符合我們標準的機會，但我對此持樂觀態度。那裡蘊藏著巨大的投資機會，我們認為現在是投資的絕佳時機，但前提是要在合適的細分市場以合適的價格進行投資。從稀釋的角度來看，分母是 250 億美元，所以即使是 10 億美元與之相比也不算什麼大數目。我不認為整個公司會有任何實質的股權稀釋，即使我們把所有資金都投入到空置的實驗室大樓裡，順便說一句，這不是我們的計畫。

Got it, thank you. And then just the second question, for the balance of the year and maybe into the first quarter you talked about maybe some slippage and occupancy from some known move outs and maybe some of the watch list tenants. Is there a way to put any brackets around how big the further slippage could be before that starts to recover. I think you mentioned the second half of 26 before the orange start to benefit from some of that occupancy coming back, but just like what, what's the risk from here to the trough, I guess, and the components therein.

明白了，謝謝。然後是第二個問題，關於今年剩餘時間以及可能延續到第一季度的情況，您提到可能會出現一些下滑，一些已知的搬出租戶以及一些被列入觀察名單的租戶可能會影響入住率。有沒有辦法估算一下，在開始恢復之前，進一步下滑的幅度可能有多大？我想你提到過 26 年下半年，橙色區域開始受益於部分入住率的回升，但就像什麼，從現在到谷底的風險是什麼，以及其中的組成部分。

Yeah, no, I, this is Kelvin. I'll start, but again, we continue to be encouraged by the pipeline, and the activities that we're seeing, but we recognize that there are still some headwinds within the portfolio that we have to work through. We're gaining confidence with these leading indicators and the expirations and non-renewals that we have for the balance of the year and going into 2026. With our general kind of 75 to 85% retention, will likely have some occupancy slowdown.

是的，不，我是凱爾文。我先來，但我們仍然對目前的專案儲備和各項活動感到鼓舞，不過我們也意識到，投資組合中仍然存在一些需要克服的阻力。我們對這些領先指標以及今年剩餘時間和 2026 年的到期和不續約情況越來越有信心。由於我們通常的續租率在 75% 到 85% 之間，入住率可能會下降。

Over the next couple quarters and then from there we'll be able to pick back up again. Occupancy could trend down somewhere in the high 70s before it starts to pick back up again. So yeah, I think we're we're going to be very mindful of the next few quarters in terms of where that goes, but that'll be, the inflection point that we believe we can start to grow back.

接下來的幾個季度，我們就能重新振作。入住率可能會在70%以上開始回升之前出現下滑趨勢。所以，是的，我認為我們會非常關注接下來幾季的發展趨勢，但那將是我們認為可以開始復甦的轉捩點。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

Hey, good morning, everyone. So if I could just sort of get, a pacing or cadence of what you're seeing out of life science, you talked about I can see, bottoming.

嘿，大家早安。所以，如果我能了解你從生命科學領域看到的進展的節奏或韻律，你剛才談到我能看到觸底反彈。

Turning on the distress purchasing engine and then ultimately pricing power. When do you, if you had a hazard guess, when do you think those three important, points in the in the life cycle going forward in life science are going to happen? Is it is the bottoming an early 206 event? Is the distress purchasing sort of on top of that and pricing power maybe 2027 time frame? Is that the way we should all be thinking about it?

啟動消費者恐慌性購買機制，最終獲得定價權。如果讓你進行一次風險預測，你認為生命科學生命週期中這三個重要的節點分別會在什麼時候發生？這是206年初的觸底事件嗎？困境性購買是否會加劇定價權問題，也許會在 2027 年左右出現？我們都應該這樣想嗎？

Hey Rich, it's Scott here, and some of it is I'd call opportunistic. It's not all distress, which is, a vacant empty building. There may be some of that. So I, that's an important distinction though. Some of it is just opportunistic, and therefore a different profile than true. A distress, but it's not going to play out over a 3 month window. I think this is a 12 to 24 month window as the sector finds the bottom and truly starts the recovery.

嘿，里奇，我是斯科特，其中一些行為我認為是投機取巧的。並非全是令人沮喪的事情，例如一棟空蕩蕩的建築物。可能確實存在這種情況。所以，這確實是一個重要的區別。有些內容只是投機取巧，因此與真實情況不符。令人擔憂，但不會持續三個月之久。我認為這是一個為期 12 至 24 個月的窗口期，在此期間，該行業將觸底反彈，並真正開始復甦。

So it's not like this window is going away, we do this earnings call. February, we haven't purchased anything yet, but yeah, that's okay. It's not like the window is going to close next February. It's going to take a little time for the sector to fully recover. I do think the course of markets are going to come first. I think the big incumbent landlords, and there's only a couple, are going to recover faster. Those things I'm quite confident in. But maybe just to underscore the point that we made here that the sentiment that the fundamentals are starting to Turn in our favor during this conference call alone. We've had one tenant get acquired by Eli Lilly that's now public, and we had another tenant report very favorable phase 3 data, and I think their stock's up 60% or something. So, to have the point is we continue to get positive surprises after a couple of years of a lot of negative surprises we've we've had a very different change in In in tone over the last 60 days and that's continued here in the 1st 30 minutes of our earnings call, so that's great to see.

所以，這並不是說這個機會窗口會消失，我們還要進行這場財報電話會議。二月我們還沒買任何東西，不過沒關係。這並非意味著機會窗口會在明年二月關閉。該行業需要一段時間才能完全復甦。我認為市場走向才是最重要的。我認為規模較大的現有房東（只有幾家）會更快復甦。這些事情我相當有信心。但或許只是為了強調我們在這裡提出的觀點，光是這次電話會議上，基本面開始對我們有利的這種情緒就已經出現了。我們有一家租戶被禮來公司收購，現在禮來公司已經上市了；還有一家租戶公佈了非常樂觀的第三期臨床試驗數據，我認為他們的股票上漲了 60% 左右。所以，重點是，在經歷了幾年的許多負面驚喜之後，我們繼續獲得正面的驚喜。在過去的60天裡，我們的基調發生了非常大的變化，而且這種變化在我們財報電話會議的前30分鐘裡也延續了下來，所以這真是令人欣慰。

Excellent. I love real time stuff. And in terms of selling outpatient medical.

出色的。我喜歡即時的東西。以及在銷售門診醫療服務方面。

I still call it MOBs, but that's me.

我仍然稱它為 MOBs，但這只是我個人的看法。

You're not alone in this movement. We're hearing about others that are potentially going to be selling big chunks of MOBs. What would you call, how would you characterize the buyer pool in terms of, where all this might go? Is it going back in the hands of the systems or, private equity, what, how would you describe your audience there? Thanks.

在這場運動中，你並不孤單。我們聽說還有其他人可能會出售大量的 MOB。你會如何稱呼買家群體，以及這一切最終會走向何方？它最終會回到體制內還是落入私募股權手中？你會如何形容你的目標受眾？謝謝。

All of the above, there are some health systems looking to buy back certain assets, private equity for sure. It's institutional, high-quality buyers, big, sophisticated, that are the counterparties, at least on the projects we're working on. I can't comment on the others.

綜上所述，一些醫療系統正在尋求回購某些資產，私募股權投資肯定也在其中。至少在我們正在進行的專案中，交易對手都是機構投資者、高品質買家，他們規模龐大、經驗豐富。我無法對其他人發表評論。

Okay, great. Thanks everyone.

好的，太好了。謝謝大家。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yeah, thanks. I'm going to circle back on the life science leasing pipeline, the 1.8 million square feet. I mean, can you talk about the timing of of where those transactions are within that pipeline? I mean, how close are they to be signed and when they sign, how long does it take for them to actually commence?

嗯，謝謝。我打算再談生命科學領域的租賃項目，那180萬平方英尺的面積。我的意思是，您能談談這些交易在流程中的時間節點嗎？我的意思是，這些協議還有多久會簽署？簽署後，實際生效需要多長時間？

Yeah, well, the LOI is obviously closest to the signed lease execution, and that's approaching 300,000.

是的，顯然意向書最接近簽署的租賃協議，而租賃協議的金額接近 30 萬。

Feet, so the odds of those getting done are obviously pretty high. The phase behind that are what we call proposals, so where you're actively negotiating terms, that's roughly half of the pipeline, so, those are pretty far along. And then there's tours where you know you're starting to talk deal terms. They're looking at the space and space planning and all those things, and that's a pretty material part of the balance, and then there's just the inquiries, kind of the early stage stuff. So I'd say it's weighted towards kind of the second half of the process between an inquiry and a signed lease.

腳，所以完成這些手術的幾率顯然很高。在此之後的階段我們稱之為提案階段，也就是積極協商條款的階段，這大約佔整個流程的一半，所以，這些階段已經進展得相當順利了。還有一些巡迴演出，你知道你開始要談交易條款了。他們正在研究空間和空間規劃以及所有這些事情，這是平衡中相當重要的部分，然後還有一些詢問，算是早期階段的事情。所以我覺得它更專注於從諮詢到簽署租賃合約這項流程的後半段。

And then once they get signed, like how should we think about the commencement timing? I'm assuming obviously if it's a new lease or on a development or redevelopment, the commencement is probably what, 12 months out, and the renewals is pretty immediate. So maybe can you talk about what is the split between new and renewals and the timing of those potential commencements if they do sign.

然後一旦他們簽約，我們該如何考慮畢業典禮的時間表呢？我猜想，如果是新租約、開發項目或重建項目，那麼生效日期大概是 12 個月後，續約幾乎是立即生效。那麼，您能否談談新合約和續約合約之間的比例，以及如果他們簽約，這些合約可能生效的時間？

Yeah, hey, Michael, it's Kelvin.

嗨，邁克爾，我是凱爾文。

I'll start with the last question, but the split between new and renewals roughly 50/50 I would say. We actually are seeing an uptick in new potential clients that are entering our pipeline as well the a good positive. Generally speaking, from a timing standpoint, the Second generation spaces that we have available, the lease are actually in quite good condition, so it's really dependent on the space in terms of how long it will take to get a tenant in there and to commence the lease.

我先回答最後一個問題，但我認為新客戶和續約客戶的比例大致是五五開。事實上，我們看到進入我們銷售管道的新潛在客戶數量增加，這是一個好兆頭。總的來說，從時間角度來看，我們現有的第二代空間，租賃狀況實際上都相當不錯，所以找到租戶並開始租賃所需的時間，實際上取決於空間的具體情況。

You'll see in our executions from this quarter that you know we had limited TIs, and continued to strengthen our leasing volumes and a lot of that had to do with the quality of the space that we had available to lease. So, it's really dependent on the space. We have some spaces that we're getting back that we'll invest capital into and reposition, so some of those could be on that longer 12 month timeline that you highlighted, but we could see some commencements happen sooner than that.

從本季的執行情況可以看出，我們的裝修需求有限，租賃量持續成長，這很大程度上歸功於我們可供租賃的空間品質。所以，這真的取決於空間大小。我們正在收回一些場地，我們將投入資金進行重新定位，因此其中一些項目可能需要像您提到的那樣，耗時較長的 12 個月，但我們也可能會發現一些項目提前啟動。

Okay, great, thank you.

好的，太好了，謝謝。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Morning, thanks for the question, I guess.

早安，謝謝你的提問。

I guess Kelvin or Scott, do you mind just sort of stepping back and giving us a little bit more detail or clarity on sort of this whole occupancy bottoming, the risk near term into 4Q, but then really how much of the, sign but not commence leads you have to offset some of this because I was just really confused. It sounded like you said. Occupancy and leaves is the same, but maybe you can just break up like leaving aside the development leaves up just a core portfolio, how much of a benefit is there from the losses you see.

我想請 Kelvin 或 Scott 退後一步，給我們更詳細地解釋一下入住率觸底反彈、第四季度短期風險，以及有多少已簽約但尚未開工的潛在客戶可以抵消部分風險，因為我真的很困惑。聽起來就像你說的。入住率和離店率相同，但也許你可以將其拆分，例如撇開開發離店業務，只保留核心投資組合，看看你看到的損失能帶來多少收益。

Versus the signed but not commenced leases.

與已簽署但尚未生效的租賃合約相比。

Yeah, and maybe that just to kind of keep it at the higher level at this point, we do see these leading indicators as favorable signs of the execution opportunities that we have within our portfolio and where occupancy is trending over the next few months or a couple quarters is somewhere in the high 70s, and that'll give us a base to build back from. I think that's important to know and as we talked about with respect to the pipeline. Depending on the quality of the space and the execution timeline of the team, we might be able to offset some of those near term headwinds that we know are coming with some executions. So there's a lot of moving parts there, but I think that's generally good guidance.

是的，或許目前來說，為了保持較高的水平，我們認為這些領先指標是我們投資組合中執行機會的有利信號，未來幾個月或幾個季度的入住率趨勢在 70% 以上，這將為我們提供一個重新開始的基礎。我認為了解這一點很重要，就像我們之前討論管道問題時提到的那樣。根據場地品質和團隊的執行時間表，我們或許能夠抵銷一些我們知道在執行過程中會遇到的近期不利因素。所以這裡面有很多變數，但我認為這總體上是一個很好的指導原則。

So I just to clarify on that, I believe like if you just look at the core, the 93.2, there's some slippage from non-renewal, potential tenant, etc. Based on kind of our conversation, but then, there's a benefit from sign but not com. So can we, are you able to just give us a little bit more color on how those two things interact just for the same store pool.

所以我想澄清一下，我認為如果你只看核心部分，也就是93.2，會發現由於不續約、潛在租戶等原因造成的一些下滑。根據我們的談話，但是，簽約是有好處的，但不是com。那麼，您能否再詳細解釋一下，對於同一個門市群體，這兩個因素是如何相互作用的？

Yeah, so maybe just for the 4th quarter we have about 300,000 square feet of expiration. You'll notice in the footnote in the supplemental, we're putting 186,000 square feet of that into redevelopment. We'll largely offset the re dev component of that with new commencements, and then we'll have, a portion of the expiration that will vacate. So that's kind of the 4 component. Within that there could be some additional reduction in occupancy as a result of early terminations or proactive downsizing of tenants that we're negotiating space needs and space planning. So hopefully that gives you a little bit more context.

是的，所以可能僅在第四季度我們就有大約 30 萬平方英尺的物業到期。你會在補充資料的腳註中註意到，我們將其中 186,000 平方英尺用於重建。我們將透過新專案的啟動來大致抵消重新開發的部分，然後我們將有一部分到期專案騰出空間。所以這就是第四個組成部分。其中，由於租戶提前終止租約或主動縮減租約，入住率可能會進一步下降，我們正在就空間需求和空間規劃進行談判。希望這能讓你對情況有更清晰的了解。

Yeah, thanks ma'am. I'll follow-up. I just or if you could expand, I mean, I guess Scott, you mentioned a lot of interesting, events during the call in terms of, Eli Lilly and fundraising and stuff and just, in the in the process of bottoming, assuming we have more M&A maybe using the Eli Lilly as an example like what does that mean for these needs in your mind like is the is the company that's being acquired your tenant. Do they keep the space? Is there a risk of them downsizing or maybe even expanding? It just gives a sense of like what the M&A piece means for the for the tenant for your portfolio.

是的，謝謝您，女士。我會跟進。我只是想，或者如果您能進一步說明一下，我的意思是，斯科特，您在電話會議中提到了很多有趣的事件，比如禮來公司的融資等等，以及在觸底反彈的過程中，假設我們有更多的併購，也許以禮來公司為例，這對您認為的這些需求意味著什麼，比如被收購的公司是您的租戶嗎？他們會保留這個空間嗎？他們是否有可能縮減規模，甚至擴張？它只是讓您了解併購對租戶和您的投資組合意味著什麼。

Yeah, I just saw the headlines, so we haven't talked to the company yet.

是的，我剛剛看到新聞標題，所以我們還沒有和公司聯絡。

Each situation is different. There are times when the big pharma is buying a platform and they're looking to use that team in science to build a new business opportunity, and that tends to lead to demand for real space or more space, and there's times when they're just buying a drug, in which case they probably don't need the space anymore, and we've had, I don't know, 100 M&As in the course of the company's history and It's about half and half in terms of the impact. Obviously it's a credit upgrade either way. That's a fairly long-term lease, if I remember correctly, on a campus that's really full and we've got some growing tenants. So who knows it may end up being a positive in a lot of ways, but I think the important point is the M&A is just such a huge impact on the ecosystem and recycling capital, creating great exits for those existing investors to fall back into. New companies, and the M&A year-to-date is something like 3X 2024, and it continues to grow, so that, that's just a huge benefit to the entire ecosystem that should drive more demand.

每種情況都不一樣。有時候，大型製藥公司收購一個平台，希望利用該團隊的科研能力來開拓新的商機，這往往會導致對實體空間或更多空間的需求；而有時候，他們只是收購一種藥物，在這種情況下，他們可能就不再需要空間了。在公司的發展歷程中，我們已經進行了大約 100 起併購，就影響而言，兩者大約各佔一半。顯然，無論如何，這都是信用評級提升。如果我沒記錯的話，那是一份相當長期的租約，而且我們校園裡租戶很多，還有一些租戶正在發展壯大。所以誰知道呢，這最終可能會在許多方面帶來正面影響，但我認為重點是併購對生態系統和資本循環產生了巨大的影響，為現有投資者創造了良好的退出機會。新公司數量，以及今年迄今為止的併購數量，大約是 2024 年的 3 倍，而且還在持續增長，這對整個生態系統來說都是一個巨大的好處，應該會推動更多的需求。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, everyone. For the potential acquisition opportunities, do you see a bigger opportunities set for the outpatient medical developments or the opportunistic lab properties?

嘿，大家早安。就潛在的收購機會而言，您認為門診醫療發展計畫還是機會型實驗室資產的機會較大？

Yeah, opportunistic lab is exactly that opportunistic, and those tend to be big projects, so they're chunky, so they can be big numbers or they could be zero. Our outpatient development is pretty normal course business. There's a number of health systems that we're quite close with and development partners that we work with. I'd say that's more of a normal core steady state business, a couple $100 million a year to fit our criteria, which basically means pre-leased with good yields and good health systems in core markets. That's going to be less chunky and more just recurring normal course business.

是的，機會主義實驗室正是如此，而且這些項目往往規模很大，所以它們很龐大，因此它們的數量可能很大，也可能為零。我們的門診發展業務基本上正常。我們與許多醫療衛生系統保持著非常密切的聯繫，並與一些發展夥伴合作。我認為這更像是一個正常的核心穩定狀態業務，每年幾億美元的收入符合我們的標準，這基本上意味著在核心市場擁有良好的預租收益和良好的醫療系統。那將不再是繁雜的事務，更像是日常課程的重複性工作。

Okay, and then on the. Last quarter you. Talked about the potential change for the inpatient only role. Are you seeing any uptick in leasing demand or development opportunities from this?

好的，然後是…上個季度你。討論了僅限住院部人員角色可能發生的變化。您認為這是否帶來了租賃需求或開發機會的成長？

Yeah, the comment period closed. We haven't seen the final rule yet, so nothing has happened there in terms of the impatient only rule, but I also said at the time that the The market forces are moving more of those services to an outpatient setting regardless of what CMS does. The CMS rule would just accelerate that process, but it's happening either way. The payers prefer it. The health system usually prefer it, and certainly the patients prefer it, which is a pretty important voter in the process. So it's happening either way. It's just a matter of how quickly.

是的，評論期已結束。我們還沒有看到最終規則，所以就僅限住院治療的規則而言，還沒有發生任何變化，但我當時也說過，無論 CMS 做什麼，市場力量都會將更多此類服務轉移到門診環境中。CMS 的規定只會加速這一進程，但無論如何，這一進程都會發生。付款方更喜歡這種方式。醫療系統通常更傾向於這種方式，患者當然也更傾向於這種方式，而患者在這過程中扮演著非常重要的角色。所以無論如何，這件事都會發生。問題只在於速度有多快。

Okay, thank you.

好的，謝謝。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah, hi, I guess this is kind of a hypothetical question, but if your implied cap was, 100, 125, 150 base points lower, do you think you'd still be looking to monetize parts of the outpatient medical portfolio today?

嗨，我想這算是一個假設性的問題，但如果你的隱含上限降低 100、125、150 個基準點，你認為你今天還會尋求將部分門診醫療投資組合貨幣化嗎？

The asset sales we're getting out of non-core markets or non-core health system relationships at great pricing, yes, we're also looking at some recaps today of core real estate where we're going to retain a meaningful economic interest, maintain the relationship, maintain the footprint. Those we would not do if the stock price was more favorable.

是的，我們正在以優惠的價格出售非核心市場或非核心醫療系統關係中的資產，同時，我們今天也在考慮對一些核心房地產進行重組，我們將保留重要的經濟利益，維持關係，維持業務規模。如果股價更有利，我們就不會做這些事了。

Got it. And I guess my second question, I think you answered part of it. I'm going to ask the specific attributes of what you're specifically looking to sell. It sounds like it's what age and secondary markets or non-core markets.

知道了。至於我的第二個問題，我想你已經回答了一部分。我要問您具體想出售的商品有哪些具體屬性。聽起來像是針對特定年齡層和二級市場或非核心市場。

It's mostly market profile. When you look at our our outpatient footprint, although it's a national portfolio, we've got 10 to 12 markets that comprise 2/3 or more of our footprint. We love those markets. We have great health system relationships, critical mass in a growing demographic market that we find attractive. We're looking to do more in those areas. Dallas is an example, Denver. Nashville, other examples you see us do development there as well. So the profile of what we're selling tends to be in markets where we don't have that big critical mass or maybe we don't have the strongest health system relationship. Those tend to be the assets that we're looking to monetize, and it's a good time in the cycle to do that.

主要取決於市場概況。從我們的門診業務佈局來看，雖然這是一個全國性的業務組合，但我們有 10 到 12 個市場佔據了我們業務佈局的 2/3 或更多。我們喜歡這些市場。我們與醫療系統建立了良好的合作關係，並在不斷增長的人口市場中擁有足夠的規模，這對我們來說很有吸引力。我們希望在這些領域投入更多心力。達拉斯和丹佛就是一個例子。納許維爾等地也有我們進行開發的例子。因此，我們銷售的產品往往面向那些我們沒有足夠大的市場份額，或者我們與醫療系統關係不夠密切的市場。這些往往是我們希望變現的資產，而現在正是進行變現的好時機。

Got it. Okay, thank. You.

知道了。好的，謝謝。你。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

Thanks and good morning. I appreciate that the step down or retention and outpatient was largely due to the common spirit leases no longer being included. What have retention rates in recent quarters then if you do back out common spirit and has there been any sort of decline in retention as the company has pushed pricing maybe a bit harder relative to the sector's history.

謝謝，早安。我理解，降級或保留和門診治療主要是由於不再包含共同精神租賃條款所致。那麼，如果排除共同精神因素，最近幾季的顧客留存率是多少？隨著公司相對於產業歷史而言加大了定價力度，客戶留存率是否有所下降？

Oh, hey, Michael. Now, we, we've been in the 75 to 85% range, across the portfolio. We did have a couple of big, non-renewals this quarter that we've known were coming for a long time, just legacy, health big assets that we've owned for years and years and years. But the leasing has been really phenomenal. So like, step back for a minute and look at the actual leasing volume we've had among our highest quarters in the history of the combined companies, and the economics on the leasing are extremely Attractive. We're getting better escalators, renewal spreads that are as strong as we've ever had, very little TI the term of the leases is long. So, same store.

哦，嗨，邁克爾。現在，我們整個投資組合的持股比例一直維持在 75% 到 85% 之間。本季我們確實有幾項大型的非續約合同，我們早就知道這些合約會到期，這些都是我們持有多年的傳統醫療大型資產。但租賃情況確實非常出色。所以，讓我們先回顧一下，我們實際的租賃量已經達到了合併後公司歷史上最高的季度水平，而且租賃的經濟效益也極具吸引力。我們正在獲得更好的租金上漲空間，續租價差也達到了前所未有的高度，租賃期限很長，幾乎沒有租金收入。所以，是同一家店。

Investors like it. It's an easy number. It's one number. It's not the most important number.

投資者喜歡它。這是一個很容易算出來的數字。這是一個數字。它並不是最重要的數字。

The economics and the cash flow are really driven by the things I just mentioned, and those numbers continue to be very favorable. So Mark and the team are really doing a great job on leasing, and we expect that to continue given the fundamentals.

經濟效益和現金流實際上都受到我剛才提到的因素的影響，而且這些數字仍然非常有利。所以，Mark 和他的團隊在租賃方面做得非常出色，鑑於基本面，我們預計這種情況會持續下去。

Got it understood. . Has there been any sort of spread in pricing power between call it your health system and non-health system.

明白了。。醫療體系和非醫療體系在定價權上是否有任何差異？

Tenants?

租戶？

There's definitely a distribution in terms of releasing spreads, and, some are 10+%, others are slightly negative. I'd say it's less focused on whether it's a health system or not and more focused on the quality of the building, the uses that are inside that space that tends to drive that dynamic more than whether it's a health system, tenant or not.

發行價差肯定有分佈情況，有些超過 10%，有些則略為負。我認為，人們關注的重點與其說是醫療系統，不如說是建築物的質量，以及空間內部的用途，這些因素比它是否是醫療系統、是否有租戶更能推動這種動態變化。

Got it. Thanks. For your time.

知道了。謝謝。感謝您抽出時間。

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

Oh great, thanks. Maybe just one for the sake of time here. So since we're talking about selling properties, I know at times in the past you suggested that the CCRC portfolio might be something that could be sold at some point. So I'm just curious for an update on how you're thinking about that portfolio as a long-term hold on your balance sheet.

太好了，謝謝。為了節省時間，或許就選一個吧。既然我們在談論出售房產，我知道你過去曾多次建議，CCRC投資組合或許會在某個時候出售。所以我很好奇，您是如何考慮將該投資組合作為資產負債表上的長期持有物的。

Yeah, we're happy we own it.

是的，我們很高興擁有它。

We're happy we own 100% of it rather than 49% of it. LCS has done an incredible job. We've got a dedicated team that's worked side by side with them to drive value. They're doing an incredible job. Obviously the fundamentals are good. We have put some money into the buildings that should pay dividends for years to come.

我們很高興擁有100%的股份，而不是49%。LCS做得非常出色。我們擁有一支專門的團隊，與他們並肩工作，共同創造價值。他們做得非常出色。顯然，基本面是好的。我們已投入資金用於這些建築，這些建築將在未來幾年帶來收益。

Those those the great, residents demand them.

那些偉大的人物，居民要求他們。

So we're, we, we've never seen growth out of that business like we have over the last 6 years, even including the downturn or compounded growth rates around 90%, including the downturn. I'll just repeat that, it's an incredible performance by that portfolio that we think will continue. So, yeah, we're happy to hold it, for the foreseeable future.

所以，我們，我們，我們從未見過該業務像過去 6 年那樣實現如此增長，即使算上經濟衰退時期，複合增長率也達到了 90% 左右，包括經濟衰退時期。我再說一遍，該投資組合的表現非常出色，我們認為這種勢頭還會繼續下去。所以，是的，我們很樂意在可預見的未來繼續持有它。

Okay. All right, that's all for me. Thank you.

好的。好了，我的發言就到這裡。謝謝。

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

我們的問答環節到此結束。我謹將會議交還給史考特·布林克，請他作總結發言。

Thanks for your time today, everybody. Hope you have a great earnings season and hope to see you soon. Take care.

謝謝大家今天抽出時間。祝您財運亨通，期待很快與您見面。小心。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。