Healthpeak Properties Inc (DOC) 2025 Q4 法說會逐字稿

Good morning and welcome to the Healthpeak Properties Inc. fourth quarter 2025 conference call. (Operator Instructions)

早上好，歡迎參加 Healthpeak Properties Inc. 2025 年第四季電話會議。（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations. You may begin.

請注意，本次活動正在錄影。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。你可以開始了。

Welcome. Today's conference call contains 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 call actual results to differ materially from expectations.

歡迎。今天的電話會議包含一些前瞻性陳述。儘管我們認為任何前瞻性聲明中反映的預期都是基於合理的假設，但這些聲明受到風險和不確定性的影響，實際結果可能與預期有重大差異。

Discussion of risk and risk factors is included in our press release in detail in our findings with the SEC. We do not undertake a duty to update any forward listing statements. Certain non-GAAP financial measures we discussed on this call, and exhibit to the 8-K, we furnished to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with the reg G requirements. The exhibit is also available on our website at healthpeak.com.

我們在提交給美國證券交易委員會的調查結果中，詳細討論了風險和風險因素。我們不承擔更新任何上市前聲明的義務。我們在本次電話會議中討論了一些非GAAP財務指標，並在昨天提交給美國證券交易委員會的8-K表格附件中進行了說明。根據G條例的要求，我們已將所有非GAAP財務指標與最直接可比較的GAAP指標進行了調整。展覽內容也可在我們的網站 healthpeak.com 上查看。

I'm now turn the call over to our President and 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。

Thanks, AJ, and welcome to Healthpeak's fourth quarter earnings call. Joining me for prepared remarks is our CFO, Kelvin Moses. First and most important, thank you to our entire team for battling through an historic life science environment to finish 2025 with earnings in line with the midpoint of our original guidance range and significant transaction activity that should drive future earnings growth.

謝謝AJ，歡迎參加Healthpeak第四季財報電話會議。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。首先也是最重要的是，感謝我們整個團隊克服了生命科學領域前所未有的挑戰，最終在 2025 年實現了與我們最初預期範圍中點相符的收益，並開展了重大交易活動，這將推動未來的收益增長。

Couple of comments on our segments. Outpatient medical represents just over 50% of our portfolio income. Kelvin will discuss our outstanding operating results in that segment, but I want to make some more general comments, including the benefits of the merger with Physicians Realty Trust. That merger created the best platform and portfolio in the outpatient sector and positioned us to quickly and profitably internalize property management across our entire outpatient and life science portfolio. 70 plus million dollars of synergies certainly helped offset the life science environment.

關於我們節目的幾點說明。門診醫療業務占我們投資組合收入的50%以上。Kelvin 將討論我們在該領域的出色經營業績，但我想發表一些更一般性的評論，包括與 Physicians Realty Trust 合併的好處。此次合併打造了門診領域最佳的平台和產品組合，使我們能夠快速且有效率地將整個門診和生命科學領域的物業管理內部化。超過7000萬美元的綜效無疑有助於抵銷生命科學領域面臨的挑戰。

The outpatient sector is benefiting from the ongoing shift in care delivery to lower cost, more convenient outpatient settings. Policy changes from Washington also support demand, including CMS, allowing more and more surgeries to be done in outpatient settings, and new supply continues to be very low given the cost of new construction.

門診產業正受惠於醫療服務模式轉向成本更低、更便利的門診環境。華盛頓的政策變化也支撐了需求，包括美國醫療保險和醫療補助服務中心（CMS）允許越來越多的手術在門診進行，而鑑於新建成本，新的供應仍然非常低。

All of the above contribute to the favorable operating environment we spoke to when we announced the merger 2.5 years ago. The private market is now recognizing this as well, which is driving down cap rates. We're taking advantage of that demand by selling fully stabilized, less core outpatient assets at strong prices, including $325 million in the fourth quarter at a low 6% cap rate.

以上所有因素共同促成了我們在 2.5 年前宣布合併時所描述的有利的經營環境。私募市場現在也意識到了這一點，這導致資本化率下降。我們正利用這種需求，以強勁的價格出售完全穩定、非核心的門診資產，其中包括第四季以 6% 的低資本化率出售的 3.25 億美元資產。

Turning to our last segment, the operating environment over the past four years peaked in intensity in the first half of 2025, which is now fully impacting earnings. But in the last five months, we've seen continued improvement in capital raising and M&A. New deliveries will soon go to zero and will remain at zero for several years. Certain life science buildings are pivoting to alternative uses, which helps address the supply overhang.

再來看最後一個部分，過去四年來的經營環境在 2025 年上半年達到頂峰，目前已對收益產生了全面影響。但在過去五個月裡，我們看到融資和併購持續改善。新車交付量很快將降至零，並將在未來幾年內保持零水平。一些生命科學建築正在轉型用於其他用途，這有助於解決供應過剩的問題。

All of the above points to early signs of an inflection point. Naturally, earnings will lag the underlying recovery because of the time to build a pipeline, sign leases, and build up the space before rent commences, but the building blocks of a recovery are in place. Four years ago we had the opposite view of the trajectory in the sector, and this team chose to cut off capital deployment in life science, which at the time was by far our largest business segment. That decision combined with the merger and related synergies has allowed us to grow the dividend and maintain earnings since 2022 when the downturn began, a significant accomplishment given the severity of the environment we've been up against.

以上種種都表明，轉折點即將到來。當然，由於需要時間來建立專案儲備、簽署租賃協議以及在租金開始收取之前完成空間建設，因此收益將滯後於潛在的復甦，但復甦的基礎已經到位。四年前，我們對該產業的發展軌跡持相反的看法，當時的團隊選擇停止在生命科學領域的資本投入，而生命科學在當時是我們最大的業務部門。這項決定，加上合併及相關協同效應，使我們能夠在 2022 年經濟衰退開始後提高股息並維持盈利，考慮到我們所面臨的嚴峻環境，這是一項重大成就。

As the sector recovers, we now have opportunities to acquire properties that would have been untouchable in the past, and to do so on a compelling basis. While others in the sector are retrenching, we're strengthening our portfolio and platform, including the recent Gateway acquisition and hiring Dennis Sullivan to lead San Diego and Claire Brown to lead Boston.

隨著產業的復甦，我們現在有機會收購過去無法觸及的房產，而且收購條件極具吸引力。當業內其他公司都在縮減規模時，我們卻在加強我們的產品組合和平台，包括最近收購 Gateway，以及聘請 Dennis Sullivan 領導聖地牙哥分公司，Claire Brown 領導波士頓分公司。

Our team was working hard over the new year. In late December and early January, we closed the outpatient medical sales and recycled that capital into a highly strategic 1.4 million square foot campus in South San Francisco.

新年伊始，我們的團隊一直在努力工作。12 月下旬和 1 月初，我們完成了門診醫療業務的銷售，並將這筆資金重新投入位於南舊金山的一個極具戰略意義的 140 萬平方英尺的園區。

We see potential for significant upside as the sector recovers, as the campus has more than 500,000 square feet of vacancy in a prime location. We now own and control 210 acres in South San Francisco, which is roughly one-third of the land in the entire submarket.

隨著該行業的復甦，我們看到了巨大的上漲潛力，因為園區位於黃金地段，擁有超過 50 萬平方英尺的空置面積。我們現在在南舊金山擁有並控制 210 英畝土地，這大約佔整個次級市場土地面積的三分之一。

We own 6.5 million square feet of space at various sizes and price points, so we can provide unmatched solutions to current and future tenants. A recent report from a leading brokerage firm that showed the Bay Area led all life science markets in the fourth quarter and full year 2025 in absorption and leasing activity and has the largest volume of current tenant demand. That broker report is consistent with our own leasing activity and pipeline and further supports the acquisition.

我們擁有 650 萬平方英尺不同大小和價位的空間，因此我們可以為現有和未來的租戶提供無與倫比的解​​決方案。一家領先的經紀公司最近的一份報告顯示，在 2025 年第四季和全年，灣區在所有生命科學市場中，吸收和租賃活動均處於領先地位，並且擁有最大的當前租戶需求量。該經紀人報告與我們自身的租賃活動和專案儲備相符，進一步支持了此次收購。

Moving to senior housing, our fourth quarter results were outstanding, with 17% same store growth.

進軍老年住宅領域，我們第四季的業績非常出色，同店銷售額成長了 17%。

We point to three factors driving the growth. First, are highly amenetized full continuum campuses that resonate with seniors. Second, our asset management team collaborates with our operating partners to develop and execute property specific business plans. And third, favorable supply and demand fundamentals. We expect all three factors to drive another year of strong growth in 2026. Okay, I want to comment on the Janus Living announcement from January 7.

我們認為有三個因素推動了成長。首先，是設施齊全、服務完善的校園，能夠引起老人的共鳴。其次，我們的資產管理團隊與我們的營運合作夥伴合作，制定和執行針對特定物業的業務計劃。第三，供需基本面良好。我們預計這三個因素將在 2026 年推動經濟持續強勁成長。好的，我想對 Janus Living 1 月 7 日發布的公告發表一些看法。

Our senior housing portfolio has been operating at a very high level but was largely ignored inside Healthy given its relative scale. In addition, we have significant expertise and relationships in the sector, to valuable resources that were being underutilized.

我們的老年住房投資組合一直運作良好，但由於其相對規模，在Healthy內部卻被很大程度上忽視了。此外，我們在該領域擁有豐富的專業知識和人脈關係，能夠利用那些未被充分利用的寶貴資源。

Over the past several quarters, with a singular focus on generating shareholder value, we worked alongside our Board and advisors to review a range of strategic alternatives to the status quo. We chose to pursue the creation of a pure play senior housing [re].

在過去的幾個季度裡，我們始終專注於創造股東價值，與董事會和顧問一起審查了一系列與現狀不同的策略選擇。我們選擇專注於打造純粹的養老住房。[關於]。

We believe the planned IPO is a unique and creative way to capture value in the near term through a higher multiple on our senior housing NOI and as a significant shareholder in Genus Living to participate in future value creation from internal and external growth. The transaction can be summarized as follows.

我們相信，計劃中的 IPO 是一種獨特而富有創意的方式，可以在短期內透過提高我們高級住宅 NOI 的倍數來獲取價值，並且作為 Genus Living 的重要股東，可以參與未來內部和外部增長帶來的價值創造。該交易可概括如下。

Healthy intends to contribute its entire senior housing portfolio to Janus Living in exchange for all the shares in the new company. Shares in the new company will be sold to the public in the IPO, which will dilute Health Peak's ownership. Janice Living will own 100% of its properties in a ridea structure.

Healthy 計劃將其全部養老住房資產注入 Janus Living，以換取新公司的所有股份。新公司的股份將在首次公開募股（IPO）中向公眾出售，這將稀釋 Health Peak 的所有權。Janice Living 將以 RIDEA 結構擁有其 100% 的房產所有權。

Healthpeak will be the manager for Janus Living with strong alignment given our ownership interest in the new company. Simply put, our economics will be driven by Janus Living's operating results and stock price. Since making the announcement in January, we closed on the purchase of our joint venture partners 46.5% interest in a 3,400 unit senior housing portfolio for $314 million.

Healthpeak 將成為 Janus Living 的管理者，鑑於我們在新公司中的所有權權益，雙方將高度一致。簡而言之，我們的經濟效益將取決於 Janus Living 的營運表現和股價。自 1 月宣布以來，我們以 3.14 億美元的價格完成了對合資夥伴在擁有 3400 個單元的老年住房投資組合中 46.5% 權益的收購。

We now have full control of those 19 communities. Over the next few months, we expect to transition 11 communities to Pegasus senior living and 8 communities to CL senior living under highly aligned management contracts. We have long and successful relationships with the principles of each company.

我們現在已經完全控制了這19個社區。在接下來的幾個月裡，我們預計將有 11 個社區過渡到 Pegasus 高級生活社區，8 個社區過渡到 CL 高級生活社區，並簽訂高度一致的管理合約。我們與各公司負責人均保持著長期成功的合作關係。

Both Pegasus and CL have successfully underwritten and executed operator transitions, and they have strong track records in these regions. We have $360 million of additional relationship driven acquisitions in our senior housing pipeline. These are newer vintage assets located in high growth markets in Orlando and the northern suburbs of Atlanta, both markets that we know very well. We expect the acquisitions will close in the first quarter and be contributed to Janus living.

Pegasus 和 CL 都成功承保並執行了營運商過渡，並且在這些地區擁有良好的業績記錄。我們還有價值 3.6 億美元的以關係為導向的養老地產收購項目正在籌備中。這些是位於奧蘭多和亞特蘭大北部郊區這兩個高成長市場的較新的資產，這兩個市場我們都非常了解。我們預計這些收購將在第一季完成，並注入 Janus Living。

We're excited to add Jonathan Hughes to our team as SVP of Finance and Investor Relations. Jonathan knows the sector well and will lead our efforts with the street at Janus Living, while Andrew Johns will continue to lead that effort at Healthpeak.

我們很高興 Jonathan Hughes 加入我們的團隊，擔任財務與投資者關係資深副總裁。Jonathan 對該行業非常了解，他將領導 Janus Living 與街頭人士的合作，而 Andrew Johns 將繼續領導 Healthpeak 的這項工作。

In terms of timing, we filed a [confidentials-11] with the SEC in December. The SEC process will determine the ultimate timing of the IPO, but our current expectation is to close the offering in the first half of this year. I'll turn it to Kelvin to review our 2025 results and 2026 outlook.

就時間安排而言，我們在 12 月向美國證券交易委員會提交了 [confidentials-11]。美國證券交易委員會的審批流程將決定IPO的最終時間，但我們目前的預期是在今年上半年完成發行。我將請 Kelvin 回顧我們 2025 年的表現和 2026 年的展望。

Thank you, Scott. Before we get into the 2025 financial results, I want to briefly highlight one of our operational initiatives. We continue to make investments in technology, team, and process to deliver our investment management capabilities to a broader asset base, even more efficiently than we have in the past.

謝謝你，斯科特。在深入探討 2025 年財務表現之前，我想先簡單介紹一下我們的一項營運舉措。我們將繼續在技術、團隊和流程方面進行投資，以便比以往更有效率地將我們的投資管理能力應用於更廣泛的資產基礎。

A component of the strategy is the acceleration of corporate automation, which will streamline our internal workflows and deliver a best in class experience to our clients. We're excited to welcome Omkar Joshi as our new Head of Enterprise Innovation to lead us through this next chapter of our growth. Omkar previously held leadership roles in both healthcare and real estate at [Palantir].

此策略的一個組成部分是加速企業自動化，這將簡化我們的內部工作流程，並為我們的客戶提供一流的體驗。我們非常高興地歡迎 Omkar Joshi 加入我們，擔任企業創新主管，帶領我們開啟下一個成長篇章。Omkar此前曾在醫療保健和房地產領域擔任領導職務。[Palantir]

Now turning to the results.

現在來看結果。

For the fourth quarter, we reported FFO is adjusted at $0.47 per share, AFFO of $0.40 per share, and total portfolio Same-Store Cash and NOI growth of 3.9%. For the full year, we reported FFOs adjusted of $1.84 per share, AFFO of $1.69 per share, and total same store cash and wide growth of 4%.

第四季度，我們報告稱，經調整後的FFO為每股0.47美元，AFFO為每股0.40美元，總投資組合同店現金和NOI增長3.9%。全年業績顯示，調整後的FFO為每股1.84美元，AFFO為每股1.69美元，同店現金總額成長4%。

Starting with Outpatient Medical. We continue to deliver sector leading results, and for the year, we executed 4.9 million square feet of leasing, including 1 million square feet of new leasing. This is the first time in company history that we have achieved this record milestone for new leasing.

從門診醫療開始。我們繼續取得業界領先的業績，今年共完成了 490 萬平方英尺的租賃，其中包括 100 萬平方英尺的新租賃。這是公司歷史上首次在新租賃方面取得如此創紀錄的里程碑。

We also achieved cash releasing spread of 5% on renewals, 79% tenant retention, and ended the year at 91% total occupancy. We also ended the year with the same store growth of 3.9%, which was above the high end of our original guidance range.

我們也實現了續租5%的現金釋放率，租戶留存率達79%，年底總入住率達91%。我們全年門市成長率也達到了 3.9%，高於我們最初預期範圍的上限。

These results reinforce our leadership position in outpatient medical, highlight our focus on deepening relationships with leading health system partners, and demonstrate our ability to capitalize on strong sector fundamentals. Most importantly, this reflects a tremendous team effort and a fantastic outcome for our platform.

這些成果鞏固了我們在門診醫療領域的領先地位，突顯了我們對深化與領先醫療系統合作夥伴關係的重視，並證明了我們能夠充分利用該行業強勁的基本面。最重要的是，這體現了團隊的巨大努力，也為我們的平台帶來了極佳的成果。

Moving to lab, we ended the year with 1.5% same store growth and total occupancy of 77%, inclusive of our recent gateway portfolio acquisition in South San Francisco, which depressed total occupancy by more than 150 basis points.

進入實驗室階段，我們以 1.5% 的同店成長率和 77% 的總入住率結束了這一年，其中包括我們最近在南舊金山收購的門戶投資組合，該投資組合使總入住率下降了 150 多個基點。

For the full year, we completed nearly 1.5 million square feet of lease executions, including 562,000 square feet of new leasing, and positive 5% cash releasing spreads on renewals. Since year end, we have an additional 100,000 square feet of leasing activity either executed or under LOI.

全年，我們完成了近 150 萬平方英尺的租賃執行，其中包括 56.2 萬平方英尺的新租賃，續租時現金釋放率達到 5%。自年底以來，我們新增了 10 萬平方英尺的租賃活動，這些活動要么已經完成，要么已經簽署了意向書。

And finally, senior housing. We ended the year with 12.6% same store growth, which was meaningfully above the high end of our original guidance range and includes 16.7% growth in the fourth quarter. Our 15 life plan communities that comprise our same store pool have delivered tremendous results over the last five years, and our entire senior housing portfolio is well positioned to take advantage of healthy sector fundamentals.

最後，還有老年住房。我們全年同店銷售額成長了 12.6%，遠高於我們最初預期範圍的上限，其中第四季成長了 16.7%。過去五年，我們旗下 15 個生活規劃社區（構成我們的同店資產池）取得了巨大的成功，我們整個老年住房投資組合都處於有利地位，能夠充分利用健康的行業基本面。

Congratulations to Patrick Chang, our entire senior housing team, and operating partners for achieving a record year in entrance fee sales. Highlighting excellence in execution and underscoring the importance of aligning with the right operating partners that have the expertise to deliver leading results.

恭喜 Patrick Chang、我們整個老年公寓團隊以及營運合作夥伴，在入住費銷售額方面取得了創紀錄的一年。強調卓越的執行力，並強調與擁有專業知識、能夠取得領先成果的合適營運夥伴保持一致的重要性。

Briefly on the balance sheet before moving on to guidance. We ended the year at 5.2 times net debt to adjusted EBITDA and $2.4 billion of liquidity. We maintained focus on the strength of our balance sheet and prioritize disciplined capital allocation to pursue strategic investments and fund portfolio growth.

在給出績效指引之前，先簡單介紹一下資產負債表。年底時，我們的淨債務與調整後 EBITDA 比率為 5.2 倍，流動資金為 24 億美元。我們始終關注資產負債表的穩健性，並優先考慮有紀律的資本配置，以進行策略性投資和為投資組合成長提供資金。

Now turning to 2026 guidance. We are forecasting FFOs adjusted to range from $1.70 to $1.74 per share. Our total same store NOI growth is forecasted in the range of down 1% to up 1%. This assumes outpatient medical between 2% to 3%, lab down 5% to down 10%, and senior housing ranging from 8% to 12%.

現在來看2026年的指導意見。我們預測調整後的FFO（營運資金）將在每股1.70美元至1.74美元之間。我們預計同店淨營業收入總成長將在下降 1% 到上升 1% 之間。假設門診醫療下降 2% 至 3%，實驗室下降 5% 至 10%，老年住房下降 8% 至 12%。

Our earnings guidance for 2026 reflects the life science environment over the past several years.

我們對 2026 年的獲利預期反映了過去幾年生命科學領域的發展狀況。

The reduction in earnings is attributable to the loss of occupancy in lab, which as we have noted, has a lagging impact to earnings. This equates to $0.12 of earnings from the loss base rent, OE, and capital to lease the space, and includes the impact of a $68 million contractual purchase option exercised in Salt Lake City at an 11% cap rate.

收益減少是由於實驗室入住率下降造成的，正如我們所指出的，實驗室入住率下降對收益的影響是滯後的。這相當於從虧損的租金、營運支出和租賃空間的資本中獲得 0.12 美元的收益，其中包括在鹽湖城以 11% 的資本化率行使的 6,800 萬美元合約購買選擇權的影響。

Strengthen our outpatient medical and senior housing segments, offset the impact of balance sheet refinancing at higher rates, the receipt of loan proceeds of $150 million in 2025 at an approximately 10% interest rate, and drag redevelopment and development.

加強我們的門診醫療和老年住房業務，抵消資產負債表再融資利率上升的影響，2025 年收到 1.5 億美元的貸款，利率約為 10%，以及拖累重建和開發。

The leading indicators supporting each of our businesses gives us a foundation to grow from and an opportunity to capture demand as the life science sector recovers. Touching on sources and uses, we're off to a busy start to the year with transaction activity. So far in 2026, we've completed $464 million of acquisitions, including $314 million buyout of our joint venture partner in our senior housing rental portfolio and the acquisition of the remaining South San Francisco Gateway lab portfolio.

支撐我們各項業務的領先指標為我們的發展奠定了基礎，也為我們抓住生命科學產業復甦帶來的市場需求提供了機會。從來源和用途來看，今年伊始交易活動就非常活躍。截至 2026 年，我們已完成 4.64 億美元的收購，其中包括以 3.14 億美元收購我們在高級住房租賃組合中的合資夥伴，以及收購剩餘的南舊金山 Gateway 實驗室組合。

We have an additional $360 million of senior housing investments under LOI or purchase agreement. To fund these transactions, we're well underway on our opportunistic capital recycling plan, including $1billion or more of asset sales, recapitalization, and loan repayments in 2026.

我們還有價值 3.6 億美元的老年住房投資項目，這些項目已簽署意向書或購買協議。為了籌集資金進行這些交易，我們正在積極推進機會性資本循環計劃，其中包括在 2026 年進行 10 億美元或更多的資產出售、資本重組和貸款償還。

Given the strong private market for outpatient medical, we'll continue to take advantage of that demand as an attractive source of capital. And finally, we have approximately $1.1 billion of refinancing activity in 2026, including $650 million of senior unsecured notes maturing in July, and an additional $440 million of secured mortgages maturing throughout the year, which will either be refinanced or repaid.

鑑於門診醫療私人市場強勁，我們將繼續利用這項需求作為有吸引力的資金來源。最後，2026 年我們大約有 11 億美元的再融資活動，其中包括 7 月份到期的 6.5 億美元高級無擔保票據，以及年內到期的另外 4.4 億美元有擔保抵押貸款，這些貸款要么進行再融資，要么進行償還。

And finally, two housekeeping items related to Janus Living before we move into Q&A. With respect to our previously announced Janus Living IPO, the impact of the proposed formation and public offering are not reflected in our most recent supplemental materials or in our earnings guidance. We should note that we do not anticipate any meaningful impact on 2026 guidance from the transaction.

最後，在進入問答環節之前，還有兩件與 Janus Living 相關的瑣事需要說明。關於我們先前宣布的 Janus Living IPO，擬議的成立和公開發行的影響並未反映在我們最新的補充資料或我們的獲利預測中。需要指出的是，我們預計此交易不會對 2026 年的業績指引產生任何實質影響。

And one last point on this, while we understand there will likely be many questions about the IPO, we're limited in what we can discuss specifically, and we'll focus our answers to information that we have previously disclosed on the transaction and operational information that we provide in the normal course for our senior housing segment.

最後一點，雖然我們理解大家可能會對IPO有很多疑問，但我們能具體討論的內容有限，我們將把回答集中在我們之前披露的交易信息以及我們正常情況下為老年住房部門提供的運營信息上。

Operator with that, you can open the line for Q&A.

操作員透過此操作，即可開啟問答環節。

Thank you (Operator Instructions)

謝謝（操作說明）

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Thanks. Good morning. I guess first question, perhaps for Scott, in terms of the gateway acquisition, can you just talk a little bit more about how you saw that as a compliment to your existing portfolio in that market and how you're comfortable, taking on more vacancy with the acquisition?

謝謝。早安.我想第一個問題，或許可以問斯科特，關於收購 Gateway，您能否再多談談您如何看待這次收購對您在該市場現有投資組合的補充，以及您如何看待透過此次收購增加空置率？

Hi Nick, good morning. You're always first on the list. You must call in really early. It's all good. It gives us something to, we know what to expect. Nick is always first. Yeah, Gateway. No, we're really excited about the Gateway acquisition. We feel like decisions we've made over the past four years really positioned us to take advantage of these opportunities. It's a campus that never would have been available at the peak. I mean, this is either the number one or number one submarket in the whole country, we've got a huge footprint there already. This is complementary.

嗨，尼克，早安。你永遠是第一位的。你必須儘​​早打電話。一切都好。它給了我們一些預期，讓我們知道會發生什麼。尼克總是第一個。是的，Gateway。不，我們對收購 Gateway 感到非常興奮。我們覺得過去四年裡我們所做的決定，確實讓我們能夠抓住這些機會。這是一個在鼎盛時期根本不可能建成的校園。我的意思是，這要么是全國第一大市場，要么是全國第一大細分市場，我們在那裡已經擁有巨大的市場份額。這是互補的。

It really just gives Scott and [Natalia] and the team an additional 1.5 million ft of it's really opportunity is the way we're thinking about it, not so much vacancy, and we're using proceeds from our outpatient sales where there's a really deep market. We're getting great prices, fully stabilized assets. That have decent growth but certainly not the type of potential growth that we see at this Gateway campus, and we really view it as one enormous campus at this point. I mean, it's 6.5 million square feet. You can park your car once and walk to the whole thing. I mean, it's pretty impressive in terms of what we can provide to our current tenants and most important perspective tenants.

這實際上只是為 Scott、Natalia 和團隊增加了 150 萬平方英尺的空間，我們是這樣看待的，這其實是一個機會，而不是空置率的問題，我們正在利用門診銷售的收益，因為那裡的市場非常廣闊。我們獲得了非常優惠的價格，而且資產完全穩定。這些學校發展勢頭良好，但肯定沒有我們在 Gateway 校區看到的那種潛在增長，而且我們目前真的把它看作是一個巨大的校區。我的意思是，它有650萬平方英尺。你可以把車停好一次，然後步行遊覽整個景點。我的意思是，就我們能夠為現有租戶和最重要的潛在租戶提供的服務而言，這確實令人印象深刻。

We really are the market leader in South San Francisco. It had really a phenomenal 4Q in terms of leases signed. A lot of tenants in the market. Doesn't mean that all that vacancy, goes away within a year, but the momentum is positive. Love the team that we have on the ground, and, we see kind of a breakeven year one yield with the opportunity to create some real growth over time at a basis that I think, in the 5, 10 years from now, people will look at and say, wow, that's an amazing buy at a time when there's really no one else at the table. So yeah, we're pretty excited about it, Nick.

我們在南舊金山確實是市場領導者。就已簽署的租賃合約而言，該公司第四季的表現確實非常出色。市面上有很多租客。這並不意味著所有空缺職位都會在一年內消失，但目前的勢頭是積極的。我非常喜歡我們現有的團隊，我們預計第一年的收益率將達到盈虧平衡，並有機會隨著時間的推移實現真正的成長。我認為，在未來 5 年、10 年裡，人們會看著我們說：“哇，在目前沒有其他公司參與競爭的情況下，這真是一筆絕佳的投資。”是的，我們對此感到非常興奮，尼克。

Okay, great, thanks. And then, the second question is on, the Lab segment, and I wanted to see if there's any way you can give us a preview of how to think about, occupancy, sort of total occupancy for lab, the cadence of that throughout the year, and then also I think you I think you've built in some cushion for some tenants where there may be a capital raise or not, so there's some contingency on that if you could just sort of talk about, that impact as well, thanks.

好的，太好了，謝謝。第二個問題是關於實驗室部分的，我想請您提前透露實驗室的入住率，也就是全年的入住率變化。另外，我認為您已經為一些租戶預留了一些緩衝空間，以應對可能出現的融資情況，因此這方面也存在一些不確定因素。如果您也能談談這方面的影響，那就太好了，謝謝。

Yeah, let's assume that the recent improvement in the capital markets and capital raising continues. We saw that commence around Labor Day in '25, and it's continued into the first month of the new year. The conversations we have with bankers, capital markets desks, venture capitalists are quite positive, so we are optimistic that that will continue.

是的，我們假設近期資本市場和融資活動的改善動能持續下去。我們看到這種情況從 2025 年勞動節前後開始，並一直持續到新年第一個月。我們與銀行家、資本市場部門、創投家的對話都非常積極，因此我們樂觀地認為這種趨勢將會持續下去。

We do think total occupancy by year end '26 should improve from where we ended the year in 2025 just with the [caveat] that the leases in life science, are big, they're chunky. The average size is like 60,000 square feet.

我們認為到 2026 年底的總入住率應該會比 2025 年底的水平有所提高，但需要注意的是，生命科學領域的租賃規模很大，而且比較複雜。平均面積約 60,000 平方英尺。

So, it can't jump around from quarter to quarter, but the pipeline is good. It's weighted more towards new leasing, which is a huge positive, and we don't have a ton of expirations this year. So it should be a good setup to start growing occupancy again. But again, it obviously depends on the capital markets can continue to be cooperative.

所以，它不能每季都大幅波動，但產品線運作良好。租賃業務更專注於新租賃，這是一個巨大的利好，而且今年到期的租賃合約也不多。因此，這應該是一個重新提升入住率的好兆頭。但顯然，這還要取決於資本市場能否持續保持合作。

All right, thanks, Scott.

好的，謝謝你，斯科特。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Thank you. Good morning, this is Farrell Granath. I first also just want to dive in deeper with the lab leasing and just thinking about it going forward, I believe you made the commentary around 100,000 of leasing activity under execution or LOI.

謝謝。早安，我是法雷爾·格拉納斯。首先，我也想更深入了解實驗室租賃的情況，並思考未來的發展方向。我相信您曾經評論過大約 10 萬項租賃活動正在執行或簽署意向書。

Can you give us a little bit more background? Around that [100,000], it seems a little bit lower than potential past LOIs that we've been seeing, that you've stated on calls. So are you seeing a slowdown in incoming or is it just year end, processes that now need to pick back up heading into '26?

可以再詳細介紹一下背景嗎？大約 10 萬左右，這似乎比我們之前看到的、您在電話會議中提到的潛在意向書金額要低一些。所以，您認為業務成長放緩是正常現象，還是只是年底的正常流程需要為2026年恢復正常？

Hey Farrell, it's Scott Bohn. I can, I can take that one. I mean, I think when you look at where we are in the calendar year, you have the holidays to at the end of the year, which are always a little bit slower, and you roll right into the JP Morgan conference, which, a lot of these companies, spent a lot of time preparing for, so it's typically a slower time of the year, we do feel good with the pipeline with where it is today, a little over 1.5 million square feet.

嘿，法雷爾，我是史考特‧博恩。我可以，我可以接受。我的意思是，考慮到我們目前所處的日曆年，年底有假期，這段時間業務總是會稍微放緩一些，緊接著就是摩根大通大會，很多公司都為此花費了大量時間準備，所以這段時間通常是業務比較清淡的。我們對目前的項目儲備感到滿意，略高於 150 萬平方英尺。

You look at that compared to where we were last year, we're 50%, higher starting the year, so our jumping off point going into 26% is much improved from where we were, a year ago, I think what's important too on the pipeline as we look at it, the mix of that pipeline continues to shift towards new leasing, versus being very heavy on the renewal side, 9, 12 months ago, so we're, I think it's a good indicator of where demand is broadening.

與去年相比，我們目前的佔比為 50%，年初就更高，因此我們進入 26% 的起點比一年前有了很大的改善。我認為，從我們目前的情況來看，同樣重要的是，我們考察了專案儲備，發現其結構繼續向新租賃專案轉變，而 9 個月、12 個月前，續租專案佔比非常高。我認為這很好地表明了需求正在朝著更廣闊的方向發展。

Okay, great. And then also on the lab guidance, the 5% to 10% same for NOI growth, can you walk through a few of the underlying assumptions within that range? I understand that a chunk of that is coming from the '25 expirations, but then also looking forward to '26. What elements are in that range, that is building?

好的，太好了。另外，關於實驗室指導意見，NOI 成長 5% 到 10% 的情況，您能否解釋一下該範圍內的一些基本假設？我知道其中一部分資金來自 2025 年到期的資金，但也期待 2026 年的資金。該範圍內的建築元素有哪些？

Yeah, Ferrell, this is Kelvin. I'll take that one. I think what was probably most important from the fourth quarter results is that the disconnect between the occupancy decline and the NOI that we achieved for the quarter, it's probably important to note as you're looking into 2026 as you think about that 5% to 10% decline to same store NOI.

沒錯，費雷爾，我是凱爾文。我選那個。我認為第四季業績中最重要的一點可能是，入住率下降與我們本季實現的淨營業收入之間存在脫節。考慮到 2026 年同店淨營業收入可能會下降 5% 到 10%，這一點值得注意。

Occupancy today is in the high 77% area. We do have the opportunity over the course of the year to improve that, as Scott and Scott just mentioned, but we're likely going to see in the first quarter, some incremental impact to NOI and earnings as a result of the lower occupancy. At the end of the year, so that trajectory is not clear in the Q4 numbers, but will become a little bit more clear in the first quarter as that occupancy starts to set into income.

目前的入住率高達 77%。正如 Scott 和 Scott 剛才所提到的，我們確實有機會在今年內改善這種情況，但由於入住​​率下降，我們可能會在第一季看到淨營業收入和收益受到一些額外的影響。到年底，第四季的數據還無法清楚展現這一趨勢，但隨著入住率開始轉化為收入，第一季的情況將會變得更加明朗。

Thank you very much.

非常感謝。

Austin Wurschmidt, Key Bank Capital Markets.

Austin Wurschmidt，主要銀行資本市場。

Hey, good morning, everybody. Kelvin, I was hoping to better understand the impact that the lab occupancy losses are having on 2026 FFOA. And if the $0.12 that you highlighted, is that specifically from the expirations that occurred in the fourth quarter of last year and, tenants that didn't renew, or are there additional move outs in that figure, beyond maybe what was, captured in the lease expiration schedule?

嘿，大家早安。Kelvin，我希望更了解實驗室佔用率下降對 2026 年 FFOA 的影響。您提到的 0.12 美元，是指去年第四季租約到期且租戶未續約的費用，還是指租約到期計畫之外的其他搬出費用？

Yeah, so I think it's a combination of things. We've walked through the component parts of that $0.12 impact, there's the Salt Lake City transaction that we mentioned, that's a component of that, it's about a penny.

是的，所以我認為這是多種因素共同作用的結果。我們已經分析了造成 0.12 美元影響的各個組成部分，其中就包括我們提到的鹽湖城交易，那大約是 1 美分。

From the $68 million sale at 11% cash cap rate, that's a component, there's also outside of the lab portfolio, our refinancing borrowing costs are just higher today than our in-place levels, so that's another reduction to our 2026 FFO and we also received $150 million of loan proceeds at a 10% interest rate, so that's offsetting the FFO performance and that 12 penny.

從 6,800 萬美元的出售（現金資本化率為 11%）來看，這是一部分，此外，實驗室投資組合之外，我們目前的再融資借款成本高於現有水平，因此這將進一步降低我們 2026 年的 FFO，我們還以 10% 的利率收到了 1.5 億美元的貸款收益，這抵消了 FFO 的表現和那 12 美分的損失。

Number that we're talking about, but specifically with respect to the lab occupancy, we did lose about 600 basis points of total occupancy for the year, and for each 100 basis points of total occupancy, that's about a penny to penny [$0.01 to $0.015] impact on earnings.

我們正在討論的數字，但具體到實驗室佔用率，我們全年的總佔用率下降了約 600 個基點，而總佔用率每下降 100 個基點，就會對收益產生大約 0.01 美元到 0.015 美元的影響。

So that incorporates the base rate reduction, the OpEx that we will absorb with respect to the triple nets, and then some cost for releasing. So as we get into the first quarter again, 2026, you're looking at occupancy levels now that are more representative of where earnings are headed.

因此，這包括基本費率降低、我們將承擔的與三方淨額相關的營運支出，以及一些釋放成本。因此，當我們再次進入 2026 年第一季時，我們現在看到的入住率水準更能代表收益的方向。

So you'll start to see the income reduction in that first quarter and through the year. But again, when we get to the end of the year, we hope that occupancy will start to take back up again, and we'll start to be able to capture earnings and growth from there.

因此，您會在第一季以及全年看到收入減少的情況。但是，到了年底，我們希望入住率能夠開始回升，屆時我們將能夠開始獲得收益和成長。

It and can you just, that was helpful, but can you just help me better understand what's driving the lag between, I guess, when the expiration occurs and the financial impact, are these, planned move outs where they've gone to month to month and you're still collecting, rental income, or--what's driving that delay between, what we're seeing, I guess, in the supplemental on, the operating metrics and then what actually flows through to the financials.

這很有幫助，但是您能否幫我更好地理解一下，是什麼導致了到期日和財務影響之間的滯後？這些是計劃內的搬出，他們已經改為按月支付租金，而您仍在收取租金收入嗎？或者——是什麼導致了我們在補充文件中看到的營運指標與實際反映在財務數據中的指標之間的延遲？

Thank you.

謝謝。

Yeah, I mean, part of it also often you've got, our reported au is just at a point in time. It's just literally December 31, so it can be a little misleading, and I get back to the point I made that our life science leases tend to be pretty big. They're 60,000 ft on average, so you did have a number of lease expirations in 4Q where we got the rent for most or all of 4Q but then lost the occupancy. The very last day of the year. So that that's a material component.

是的，我的意思是，其中一部分原因也常常是，我們報道的 au 只是某個時間點的情況。現在才 12 月 31 日，所以可能會有點誤導，我又回到了我之前說的，我們生命科學領域的租賃合約往往規模很大。它們的平均面積為 60,000 平方英尺，因此在第四季度確實出現了一些租約到期的情況，我們收到了第四季度大部分或全部的租金，但之後卻失去了入住率。一年的最後一天。所以，這是材料組成部分。

And then when we have an early termination, we generally do have security deposits, letters of credit. In some cases there are modest termination fees. All of the above can help cover up for a quarter or two the impact of an early termination, but it's really kind of that forward 12 to 18 months worth of full impact is realized and of course you're now putting capital into the building, so it's really a combination of all those things that that explains the lag in to the impact in earnings, the same will be true on the way back up as we sign leases and grow occupancy. It'll take a little bit of time for that to flow through earnings, so it does go both ways right now we're on the wrong side of it, obviously, but we feel like the building blocks are there to get on the right side of it as we, look towards 2027.

如果提前終止合同，我們通常會收取保證金或信用證。在某些情況下，會收取少量終止費用。以上所有措施可以幫助掩蓋提前終止合約一到兩個季度的影響，但真正的影響要到未來 12 到 18 個月才會完全顯現，當然，你現在還要向大樓投入資金，所以正是所有這些因素的綜合作用解釋了收益影響的滯後性，隨著我們簽訂租賃合約和提高入住率，情況也會如此。這需要一些時間才能體現在收益上，所以現在情況是雙向的，顯然我們目前處於不利地位，但我們感覺，展望 2027 年，我們已經具備了扭轉局面的基礎。

I appreciate the clarification there. And just lastly I guess on the 1.5 million square feet, can you characterize the types of tenants looking for space? Are these large established biotech companies or more smaller kind of early stage type of tenants that, may have a greater sensitivity to the capital markets backdrop? And that's all for me. Thanks for the time.

感謝您的澄清。最後，關於這 150 萬平方英尺的辦公空間，您能否描述一下正在尋找辦公空間的租戶類型？這些是大型成熟的生技公司，還是規模較小、處於早期階段的公司，它們可能對資本市場環境更為敏感？這就是我全部的內容了。感謝您抽出時間。

Yeah, hey, Austin, Scott Bohn, I mean, I could take that. I think if you look at the pipeline, it's a pretty good cross section of the industry, from [Series A] companies up through, established public biopharma, and some of that is new tenancy with that would be to our portfolio. Some of that is tenants, renewing some of that is tenancy expanding within the portfolio, so it's a pretty wide range in the pipeline today.

是的，嘿，奧斯汀，斯科特·博恩，我的意思是，我可以接受。我認為，如果你看一下我們的產品線，你會發現它很好地涵蓋了整個行業，從 A 輪融資公司到成熟的上市生物製藥公司，其中一些是我們投資組合中的新成員。其中一些是租戶續約，有些是擴大租賃組合，所以目前待辦事項的範圍相當廣泛。

Thanks.

謝謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Thanks. Good morning, everyone. So back to Gateway and Scott, you said in a response to an earlier question, five years from now we'll look back. I don't think you're being scientific in saying that it's going to take five years for that.

謝謝。各位早安。回到 Gateway 和 Scott 的話題，你在回答之前的問題時說過，五年後我們會回顧過去。我認為你的說法並不科學，說這需要五年。

You know that that campus to recover, but when you guys were thinking when you were underwriting this, what was the cadence of the recovery at Gateway specifically and how do you think that compares generally to Life Science overall? I mean, do you think it moves quicker or slower for whatever reason versus the entirety of the life science continuum?

你們知道那個校園需要恢復，但是當你們考慮承銷這個專案的時候，Gateway 的恢復節奏具體是怎樣的？你們認為它與整個生命科學領域相比如何？我的意思是，你認為它相對於整個生命科學領域而言，由於某種原因發展得更快還是更慢？

Yeah, so I mean the acquisitions break even on day one just to be clear, so the upside probably gets captured over the next two to three years, best guess incrementally, so yeah, the 5 years, 10 years, obviously I'm not, that wasn't intended to be a comment about the lease up period. So I could clarify that if that was somehow misunderstood.

是的，我的意思是，為了明確起見，這些收購在第一天就能實現收支平衡，所以收益可能會在接下來的兩到三年內逐步實現，所以，是的，5年、10年，顯然我不是在評論租賃期。這樣，如果之前有人誤解了這一點，我可以澄清一下。

No, not at all. I figured that just wanted to. Put it on record, and, so that, okay, so to, call it two plus years to sort of recapture some of that vacancy or a lot of that 500,000 square feet of, vacancy, is that about right? I mean, rough guess right now, who knows?

不，完全不是。我猜他只是想這麼做。把它記錄下來，這樣，好吧，那麼，大約需要兩年多的時間來重新奪回一些空置的面積，或者說重新奪回那50萬平方英尺的空置面積，是這樣嗎？我的意思是，現在只是粗略估計，誰知道呢？

I mean it's not going to go to 100%, yes, yeah, got it.

我的意思是，它不會達到 100%，是的，明白了。

Second question for me, different topic for Kelvin, you got the--$1.1 billion of refinancing activity for this year at a 4% rate. But then you look at your debt maturity schedule, you got a, you got some chunkiness in the aftermath in '27, '28 and '29, mostly at lower rates than the 4%. I'm wondering, is there a strategy around any of that, pre preemptively, for this year, or do you let that ride out and see what the day brings, this time next year for future debt expirations thanks.

我的第二個問題是，和凱爾文討論的是不同的主題，你今年的再融資活動規模為 11 億美元，利率為 4%。但當你查看你的債務到期時間表時，你會發現，在 2027 年、2028 年和 2029 年之後，有一些大額債務，而且大部分利率都低於 4%。我想知道，對於今年的債務到期，是否有任何預先的應對策略，還是順其自然，看看明年這個時候會發生什麼？謝謝。

Yeah, I think just like in years past, Rich, we'll be very opportunistic and access the market when we see the best pricing opportunity. This year we'll focus on our, maturities that are ahead of us. The in place rates are fairly attractive relative to the new issue pricing, so we'll continue to try to be opportunistic, throughout the year, but there's no plan currently to accelerate some of our 2027 maturities into 2026.

是的，我想就像往年一樣，里奇，我們會非常善於把握機會，在看到最佳定價機會時進入市場。今年我們將專注於即將面臨的成熟階段。現有利率相對於新發行定價而言相當有吸引力，因此我們將繼續在全年尋找機會，但目前沒有計劃將一些 2027 年到期的債券提前到 2026 年到期。

Okay, thanks.

好的，謝謝。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

Thanks. It's Nick Joseph here with Seth. Just on the 2026 explorations for life science, what percentage of that do you know is moving out, and where are you on negotiations with the remainder?

謝謝。我是尼克‧約瑟夫，我是塞思。僅就 2026 年生命科學領域的勘探項目而言，您知道其中有多少百分比會轉移到其他地方，以及您與其餘項目的談判進度如何？

I can start, this is Kelvin, so for 2026 we have about 450,000 square feet of exploration, and that'll be fully offset, by commencements throughout the year. I think we did a great job of pulling forward some of our, renewals into 2025 to really pull that number down as we head into 2026. And a substantial majority of our--explorations are actually in South San Francisco, our biggest market where we have the deepest tenant relationships, so we feel good about being able to capture some of those renewals, but Scott, maybe I'll kick it to you to add some more context.

我可以開始了，這裡是 Kelvin，所以到 2026 年，我們有大約 450,000 平方英尺的勘探面積，這將完全被全年的開工建設所抵消。我認為我們做得很好，將一些續約工作提前到 2025 年，從而在進入 2026 年時真正降低了續約數量。我們的大部分考察實際上都在南舊金山進行，這是我們最大的市場，我們與租戶的關係也最密切，所以我們對能夠拿下一些續約感到很滿意，但是斯科特，也許我應該請你補充一些背景信息。

Yeah, I know, I think as Kelvin said, we did, address some of the 2026, expirations already in 2025, some of the ones we're working on. So later in the year are still TBD still, probably a little bit too early to tell on some of those.

是的，我知道，我想正如凱爾文所說，我們已經解決了一些 2026 年到期的問題，有些問題已經在 2025 年解決了，還有一些問題是我們正在努力解決的。所以今年晚些時候的事情目前還未確定，現在談論其中一些事情可能還為時過早。

Thanks, that's helpful. And then just as you've been, going through the leasing process, have there been any changes to the pipeline in terms of converting to executed leasing and conversion timelines?

謝謝，這很有幫助。然後，就像您一直以來所做的那樣，在租賃流程中，從租賃到執行租賃的轉換和轉換時間表方面，流程是否有任何變化？

Yeah, I think you're still working through a process where you know it's different than it was in the peak when there was no space available and people were making very quick decisions, people are being, Boards and CEOs are being a little bit more cautious and taking the time to make sure that they, have the plan's fully baked and the economics fully baked, so it is it the duration is still, longer than it used to be, but, I think what we're seeing today is the credibility of the pipeline is much stronger in so much that you know that we have more confidence in that the pipeline will transact, versus if you go back to two years ago, it's a lot of tire kicking, versus deals that were actually going to turn into transactions.

是的，我認為你仍然處於一個與高峰期不同的過程中，那時空間緊缺，人們迅速做出決定，而現在董事會和首席執行官們更加謹慎，花時間確保計劃和經濟效益都已完全成熟。因此，整個過程仍然比以前更長，但我認為我們今天看到的是，專案儲備的可靠性大大增強，我們對專案最終能夠成交更有信心。相較之下，兩年前，許多項目都只是停留在觀望階段，而不是真正能夠轉化為實際交易。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just going back to, the kind of the bridge from fourth quarter to first quarter with regards to the NOI, the occupancy loss being back unloaded.

您好，早安。回到第四季到第一季之間的過渡期，就淨營業收入而言，入住率的下降已經恢復正常。

Can you comment on like, on what that NOI bridge like? Was there any, can you quantify how much one-timers there were in the fourth quarter that are going away, and or what like the pro forma NOI is on the lap side just so we can have a clear runway to start modeling for the full year '26.

可以評價一下NOI橋是什麼樣的嗎？第四季有多少一次性交易正在消失？你能量化一下嗎？或者，例如，預計營業淨收入（NOI）是多少？這樣我們就可以清楚地開始對 2026 年全年進行建模。

Yeah, this is Kelvin, Juan. I think maybe I'll start, and it's a lot to unpack, but, I think starting with total occupancy at around 77%, we came down about 375 basis points, sequentially, and from an NOI perspective, that shift in NOI will be a lot more pronounced in the first quarter, as we mentioned.

是的，我是凱爾文，胡安。我想我或許可以先從這方面入手，這其中有很多需要梳理的地方，但是，我認為從總入住率約為 77% 開始，我們環比下降了約 375 個基點，從淨營業收入 (NOI) 的角度來看，正如我們提到的，NOI 的這種變化在第一季度會更加明顯。

If you think about our guide between, down 5% to down 10% for the segment, that should give you some context for, the decline that we'll expect in that first quarter from a same store and a perspective, as Scott mentioned, there were a number of other items that don't impact the same store as well that we got the benefit of in 2025 that you won't see in 2026.

如果你考慮我們之前給出的指導意見，即該細分市場下降 5% 到 10%，這應該能讓你對我們預計第一季同店銷售額的下降情況有所了解。正如 Scott 所提到的，還有一些其他因素不會對同店銷售額產生太大影響，我們在 2025 年從中受益，但在 2026 年你將看不到這些因素。

So there's incrementally more of an impact with respect to earnings. So if you look at from an earnings perspective, our, the midpoint of our guidance range at $1.72 if you take that over the four quarters, it'll probably be a little bit higher in the first quarter in the fourth quarter, and it'll be a little bit lower in the second and third quarters, plus or minus the penny, as you think about it. But hopefully that gives you a little bit of direction in the trajectory that we're expecting.

因此，對收益的影響會逐漸增加。所以，從盈利的角度來看，我們給出的指導區間中點是 1.72 美元，如果按四個季度來看，第一季度和第四季度可能會略高一些，第二季度和第三季度可能會略低一些，上下浮動一美分，就像你想像的那樣。但希望這能讓你對我們預期的發展軌跡有所了解。

Okay, great. And then just, a question on Seniors Housing. I know you guys kind of commented that you, you'd rather not get into specifics, but just curious on the previous sub sovereign wealth JB, how we should think about CapEx for that business and what kind of deferred CapEx there may be associated with that portfolio with the transitions upcoming, I'm not sure what kind of unit per year spend has been, put into those assets, but just curious on how we should think about cutbacks for that piece of the portfolio?

好的，太好了。然後，還有一個關於老年人住房的問題。我知道你們之前說過不想深入討論具體細節，但我很好奇之前提到的主權財富基金JB，我們應該如何考慮該業務的資本支出，以及在即將到來的過渡期中，該投資組合可能存在哪些遞延資本支出。我不確定這些資產每年的單位支出是多少，但我很好奇我們應該如何考慮削減該部分投資組合的支出？

Yeah, hey Juan, it, it's Scott, and it's not that we don't want to talk about it. We just have to focus our comments on healthy just to be clear. So this is totally fair game. These are assets, mostly in Houston, in Denver, so big markets, we think they've underperformed, not the capital. There will be some normal transition stuff that we have to put into the buildings, technology, signage, stuff like that, but it's not like there's some massive CapEx plan.

是的，嘿，胡安，我是史考特，並不是我們不想談論這件事。為了避免誤解，我們只需要把討論重點放在健康方面即可。所以這完全是公平的。這些資產主要位於休士頓、丹佛等大城市，我們認為它們的表現不如預期，而不是資本表現不佳。我們需要對建築物、技術、標誌等進行一些正常的過渡性改造，但這並不是什麼大規模的資本支出計畫。

To revitalize these, we think this is more operational in nature, so we're glad to have full control of the assets again, and we've already moved decisively after that buyout to align ourselves with two groups that we've got a good track record with, and we have high confidence that they're going to turn these around, over the next two to three years. So there's significant opportunity in these buildings, so we're excited to capture it.

要重振這些公司，我們認為這更多的是營運上的考量，所以我們很高興能夠再次完全掌控這些資產。收購完成後，我們已經果斷地與兩家我們合作過且業績良好的公司結盟，我們非常有信心，在未來兩到三年內，他們能夠扭轉這些公司的局面。這些建築蘊藏著巨大的機遇，我們很興奮能夠抓住這些機會。

Thank you.

謝謝。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

Hey, good morning everyone. Can you unpack the lab watch list? How much has that list changed from a year ago? Obviously flushed out a lot of the tenants in the last few quarters, and I guess maybe can you quantify the exposure to call it higher risk pre-clinical Phase 1 companies?

嘿，大家早安。你能解讀一下實驗室監測名單嗎？這份名單與一年前相比發生了多大變化？顯然，在過去的幾個季度裡，許多租戶都被淘汰了，我想也許你可以量化一下風險敞口，把這些公司稱為高風險的臨床前 1 期公司？

Hey Wes, I'll start. This is Kelvin, and then I'll probably ask Scott to jump in as well. But I think if you start looking back at the capital markets activity over the last four months, we are certainly encouraged by the volume of activity both from an M&A perspective and equity capital markets perspective. The IPO backlog is building secondary equity offerings have been far more prevalent than what we saw for the first three quarters of 2025.

嘿，韋斯，我先來。這是凱爾文，然後我可能還會請史考特也加入進來。但我認為，如果你回顧過去四個月的資本市場活動，無論從併購角度或從股權資本市場角度來看，我們都對活動量感到鼓舞。IPO積壓正在增加，二級市場股權發行比我們在2025年前三個季度看到的要普遍得多。

M&A activity picking back up again, so there's a good amount of capital recycling again in the biotech sector, which is very important to see, and as a result, our watch list has reduced considerably as tenants have raised capital, so we're encouraged by that.

併購活動再次活躍起來，生技產業又出現了大量的資本循環，這非常重要，因此，隨著租戶籌集資金，我們的觀察名單已大幅減少，我們對此感到鼓舞。

That being said, in our portfolio we're still monitoring, tenants as we always do. It's just a part of this business, and there's some folks that we expected to vacate in the fourth quarter that didn't, that could come out of our portfolio, so we're still keeping our eye on specific names. We could be surprised at the upside as well, where they, continue to engage in BD discussions and engage in strategic discussions that could bring capital into their businesses and allow them to continue beyond our expectations. So I don't know, Scott, if you'd have anything more.

即便如此，我們仍然會像往常一樣繼續監控我們投資組合中的租戶。這只是業務的一部分，有些我們預計會在第四季度退出的公司並沒有退出，它們可能會從我們的投資組合中消失，所以我們仍在密切關註一些具體的公司。我們或許也會對他們的正面表現感到驚訝，他們將繼續進行業務拓展討論和策略討論，從而為他們的業務帶來資金，並使他們能夠超越我們的預期繼續發展。所以，史考特，我不知道你是否還有其他需求。

Yeah, I think just from the industry perspective too, which is fueling the capital markets, I mean the interest rate cuts, the three cuts last year, the two in the fourth quarter were fairly helpful for the industry in from a policy perspective in DC, they reached MFN deals with 14 companies. Those deals had little to no impact on share prices of those biopharma companies.

是的，我認為從產業角度來看也是如此，這推動了資本市場的發展。我的意思是，去年的三次降息，第四季的兩次降息，從政策角度來看，對產業來說相當有幫助。在華盛頓特區，他們與 14 家公司達成了最惠國待遇協議。這些交易對這些生物製藥公司的股價幾乎沒有影響。

So the read through is the general impact on those deals is going to be pretty minimal, on biopharma, which is, helpful to understand and just get more clarity there. And then you look at the FDA. The FDA approved 52 drugs last year, which is right in line with the 10 year average, a little bit below the 5 year average, but given all the, chaos and change there, it provides reassurance to the industry that the agency is still functioning, and hitting dates and processing approval.

因此，總的來說，這些交易對生物製藥行業的影響將非常小，這有助於我們理解並更清楚地了解情況。然後再看看美國食品藥物管理局（FDA）。去年，FDA批准了52種藥物，這與過去10年的平均值基本持平，略低於過去5年的平均值。但考慮到目前的混亂和變化，這讓業界感到安心，表明該機構仍在正常運作，按時完成審批流程。

And we talked to our CEOs. I talked to 30 different CEOs of the JP Morgan conference and asked the question to virtually all of them, and the response was that the feedback they're receiving from the agency is normal and responsive.

我們和執行長們談過了。我與摩根大通大會的 30 位不同的 CEO 進行了交談，幾乎問了他們所有人這個問題，得到的答復是，他們從代理機構收到的反饋是正常且及時的。

And the FDA, again, if you look at the commissioner speak, they're talking about process improvements and streamlining reviews and lowering costs which are all changes, helpful changes to the industry which, again isn't directly correlated to the capital markets, but, certainly helping the sentiment behind the industry, and to go back to answer the first part of your question too, less than 10% of our, ABR on the--lab side is from pre-clinical kind of.

再說，如果你看看FDA局長的講話，他們正在談論流程改善、簡化審查和降低成本，這些都是對產業有益的變革，雖然這些變革與資本市場沒有直接關係，但肯定有助於提振產業信心。回到你問題的第一部分，我們實驗室的ABR中，來自臨床前階段的不到10%。

Okay. Thank you for that. And then when you look at your leasing pipeline, is that starting to shift more towards some of the redevelopment and development properties?

好的。謝謝。那麼，當你審視你的租賃專案時，是否開始更多地轉向一些重建和開發專案？

Yeah, I, we had a good quarter on the [Devin Redo] side. We executed 121,000 square feet of leases, on our redevelopment properties in the quarter, additionally, we completed 100,000 square feet of, [TIs] and delivered space, both at, combined advantage, and Gateway in San Diego. So, certainly we have more credible activity again and ongoing discussions. On those development and redevelopment spaces today than we've had in a while, but nothing far enough to talk about in detail today.

是的，我，我們（Devin Redo）這邊這季表現不錯。本季度，我們在重建物業上簽訂了 121,000 平方英尺的租賃協議；此外，我們在聖地亞哥的 Combinator 和 Gateway 完成了 100,000 平方英尺的 [TI] 和交付空間。所以，我們現在確實又有了更多可信賴的活動和正在進行的討論。如今，我們在開發和重建領域取得了一些進展，比以往任何時候都有，但還不足以進行詳細的討論。

Okay. Thank you.

好的。謝謝。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Good morning. Thanks for taking the questions. I guess just two clarifications. So first of all, I guess Kelvin, can you just confirm or clarify, fourth quarter I think you had between $0.02 or $0.04 of, whether it was termination income or the benefit from the occupancy bag versus the income hit, etc. Like you mentioned, in terms of security deposits.

早安.謝謝您回答問題。我想只澄清兩點。首先，我想問凱爾文，你能確認或澄清一下，第四季度你那邊有 0.02 到 0.04 美元，是終止收入還是入住收益與收入損失之間的差額等等，就像你提到的，關於保證金方面。

So that's like the, $0.12, $0.13, but how much of that is actually still flowing into 1Q because you mentioned 1Q extra four is like the higher before we still the full before we see this the full impact just because $0.03 is a lot in the quarter. So I just want to make sure we understand how much of that, $0.02 to $0.04 or $0.03 kind of percolates into 1Q.

所以，這就像 0.12 美元、0.13 美元，但其中有多少實際上仍然流入了第一季？因為你提到第一季額外增加的 4 美元，在我們看到全部影響之前，這筆錢會更高，因為 0.03 美元在一個季度內是一筆不小的數目。所以我想確保我們明白其中有多少，也就是 0.02 美元到 0.04 美元或 0.03 美元，會滲透到第一季。

Yeah, and maybe just to jump to first quarter FFO it's probably down $0.03 pennies from where, we ended the year, so $0.47 is something closer to $0.43, so, maybe that helps give a little bit of context. I think the numbers that we're benefiting the fourth quarter will naturally come out as we start in the first quarter.

是的，或許直接跳到第一季的FFO（營運資金）來看，它可能比年底下降了0.03美分，所以0.47美元更接近0.43美元，所以，這或許有助於提供一些背景資訊。我認為，隨著第一季的開始，我們在第四季受益的數據自然會顯現出來。

But Vic, I think that should give you some context in terms of the trajectory between Q4 to Q1 just to get right to it.

但是 Vic，我想這應該能讓你對第四季到第一季的發展軌跡有所了解，這樣我們就可以直接切入正題了。

Okay, so there's some security deposit slash, term, letters of credit that still benefit you in 1Q and then they fully go away in 2Q onwards. Is that fair?

好的，所以有一些保證金/定期信用證在第一季仍然對你有利，然後從第二季開始它們將完全消失。這樣公平嗎？

I think they largely go away in the fourth quarter, but you'll see the benefits that we got in the 4th quarter that were not related to vacates in our portfolio included some free rent burn off, so that benefit's coming in in the first quarter as well. So there are other natural benefits escalation from leases in 4Q that started to provide some incremental earnings benefit, you'll start to see in the first quarter as well. So not just those. Items that we're talking about around terminations and letters of credit, but you know that should hopefully give you enough context relative to the year, how the first quarter will start.

我認為這些損失在第四季度基本上會消失，但你會看到我們在第四季度獲得的收益（與投資組合中的空置無關）包括一些免租期的支出，因此這部分收益也會在第一季體現出來。因此，第四季度租賃帶來的其他自然收益成長開始帶來一些額外的收益，您將在第一季也開始看到這些收益。所以不只是這些。我們正在討論與終止和信用證相關的事項，但你應該知道，這應該能讓你對今年的情況以及第一季的開局有足夠的了解。

Okay, and then just on the life sciences occupancy build. Just to maybe give us a bit more context, do you mind giving us kind of where occupancy is either portfolio wide or same store like lease versus, economic date, and then just clarify again, I think you made a comment on expirations like what do you actually have baked in for renewal on the expirations in, 2026. Thanks.

好的，接下來就只討論生命科學領域的入住率提升。為了給我們更多背景信息，您能否說明一下入住率是指整個投資組合還是同一家門市（例如租賃合約與經濟日期之間的入住率）？另外，我想您之前提到過到期問題，例如對於 2026 年到期的合同，您實際有哪些續約計劃？謝謝。

A lot of questions in there.

裡面有很多問題。

What was the first question? Vikram, we didn't catch it.

第一個問題是什麼？維克拉姆，我們沒抓住它。

Just the like leaves versus the like what's the leads versus occupied or like economic versus lease rate. So like what you've actually leased, which may not be like commenced, which may have been leased but not commenced, so the difference there, there's a difference between the two. So I think you had 77-ish total.

就像類似的葉子與類似的線索與已佔用或經濟與租賃價格之間的區別一樣。所以，就像你實際租賃的物品，可能還沒有開始使用，可能已經租賃但還沒有開始使用，所以兩者之間存在差異。所以我覺得你們總共大概有77個左右。

Portfolio we've got a couple 100 basis. We've got a couple 100 basis points of leases that have been signed that haven't yet commenced that should start in '27 that probably offsets most of the. Non-renewals, although Scott already said, we don't have full clarity on the renewals. A lot of them are back and weighted, so I'll just repeat that and I'll also repeat what I said earlier is we think total occupancy should increase from year end '25 to year end 2026. That is what is in our guidance.

我們的投資組合裡有幾個100個基準。我們已經簽署了幾份 100 個基點的租賃合同，但尚未生效，應該會在 2027 年開始，這可能會抵消大部分損失。關於不續約的問題，雖然史考特已經說過，但我們對續約情況還沒有完全了解。許多數據都已回歸並進行了加權，所以我再重複一遍，我還要重複我之前說過的話，我們認為總入住率應該從 2025 年底到 2026 年底有所增加。我們的指導原則就是這樣規定的。

Okay, and that's a combination of your, like you hope it's a macro comment, but it's also based on kind of micro where you look at the pipeline today and you can see a higher conversion rate perhaps than prior, is that fair? Like it's not just sort of a macro you need the macro to stay where it is, but you actually also see specific conversion.

好的，這既有你希望的宏觀評論，也有基於微觀層面的評論，例如你觀察今天的銷售管道，可能會發現轉換率比以前更高，這樣說公平嗎？它不僅僅是一個需要保持原位的宏，而且你實際上還可以看到具體的轉換。

Yeah, it's certainly fair to say we're looking at the macro, the submarket, the lease. I mean, from top to bottom, the Roman putting together our guidance, we're looking at all those components. Yes, that is fair to say.

是的，我們確實在關注宏觀經濟、細分市場和租賃市場。我的意思是，從上到下，羅馬人制定了我們的指導方針，我們正在研究所有這些組成部分。是的，這麼說沒錯。

Thank you.

謝謝。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah, hi, what's embed anxieties for AFFO capbacks and capitalized interest for 2026 and multiclabacks split between the settlements?

你好，請問 2026 年 AFFO 上限回扣和資本化利息的嵌入式焦慮以及在和解協議中分攤的多重回扣是多少？

And maybe we'll start in our guidance we had just over $500 million of CapEx in our plan, and that's a combination of redevelopment capital, non-recurring capital, development capital, so it incorporates everything, the timing of that spend is, naturally throughout the course of the year. Last year we had about $600 million. This year it's come down.

或許我們可以從我們的指導方針開始，我們的計劃中有超過 5 億美元的資本支出，其中包括重建資本、非經常性資本和開發資本，因此它包含了所有方面，這些支出的時間安排自然是貫穿全年。去年我們大約有6億美元。今年它降下來了。

A decent amount and we'll be executing on that plan throughout the year. So the amount, I don't have it specifically in front of me just for the AFFO component of that, but I think we're going to be lighter on the capital spend this year than we were in 2025.

金額可觀，我們將全年執行該計劃。所以具體金額，我手頭上沒有 AFFO 部分的具體數據，但我認為我們今年的資本支出會比 2025 年少。

There's no material change in AFFO CapEx in '26 versus '25, Mike. So if you just look at the supplemental in the disclosure there, that's a good run rate for all three business segments.

麥克，2026 年的 AFFO 資本支出與 2025 年相比沒有實質變化。所以，如果你看一下披露文件中的補充信息，你會發現這三個業務部門的運作率都相當不錯。

Got it. Okay. And what about Capitalized interest?

知道了。好的。那麼，資本化利息又該如何處理呢？

Yeah, cap interest is flat actually, so no change to cap interest.

是的，資本利率實際上保持不變，所以資本利率不會改變。

Okay, appreciate it, thanks.

好的，謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. I wanted to go back to the Gateway Transaction. I'm really kind of understanding it's almost a little bit to Richard's, question, trying to understand exactly how you expect that to kind of ramp up over the next few years, and I guess I ask the question in the context of, you're kind of buying it at 60% occupied according to media reports and also buying it from kind of two other well-known, players in the space.

是的，大家早安。我想返回網關交易。我其實有點明白這有點像理查德的問題，我試著去了解你預計未來幾年它將如何發展壯大。我想我提出這個問題的背景是，根據媒體報道，你收購的房產入住率是 60%，而且你是從該領域的另外兩家知名企業手中收購的。

So it's like just kind of curing like exactly like what are you seeing versus like they're kind of exiting and you're kind of doubling down and I'm just trying to understand those dynamics a little bit and ultimately kind of, when you look at this investment three to five years down the road, how do you expect it to be performing?

所以這就好比是在試圖弄清楚你看到的究竟是什麼，而不是他們正在退出而你卻在加倍投入，我只是想稍微理解一下這些動態，最終，當你展望這項投資三到五年後的表現時，你期望它表現如何？

Yeah, well, can't necessarily speak for others. I mean, they're in a joint venture. I think they made it public. They're looking to raise money in 2026 to fund various things, development pipelines, etc. We're in a much different situation, we're being opportunistic. Balance sheet's in great shape. We don't have the big development pipelines, so we're in a position to opportunistically acquire assets with a lot of upside, but also good current yield.

嗯，我不能代表其他人發言。我的意思是，他們是合資企業。我認為他們已經公開了。他們計劃在 2026 年籌集資金，用於各種項目、開發計劃等。我們的情況則截然不同，我們正在抓住機會。資產負債表狀況良好。我們沒有大型開發案儲備，因此我們有機會收購具有巨大升值潛力且當前收益率良好的資產。

So I think that's the right way to think about it. [Low 6] is going in. A lot of capital has already been put into these buildings. The future capital that we would need to invest is really good news capital tied to leasing. So that's a positive thing. If we're investing capital into these buildings, it means we signed a lease. And we see high single-digit unlevered type return opportunity in this market. As it stabilizes, so that, that's pretty compelling in comparison to the things that we're selling.

所以我認為這是正確的思考方式。 [低位6]肯定能進。這些建築物已經投入了大量資金。我們未來需要投資的資金是與租賃相關的真正利好消息資金。所以這是好事。如果我們對這些建築物進行投資，那就意味著我們簽訂了租賃合約。我們看到這個市場存在著高個位數無槓桿報酬率的機會。隨著市場趨於穩定，這一點與我們正在銷售的產品相比就相當有吸引力了。

That's actually very helpful context. And if I may just ask one more about, just like tiptoeing around Janus, I just, I mean, is, all your CCRC assets going to be going into this thing, or is it just the senior housing and stuff and the thing and then the skilled nursing and the memory care still kind of remains at healthy.

這確實是一個非常有幫助的背景資訊。如果我可以再問一個問題，就像小心翼翼地繞著雅努斯走一樣，我的意思是，你們所有的 CCRC 資產都會投入到這個專案中嗎？還是說只有老年住房之類的東西會投入這個計畫中，而專業護理和記憶護理仍然保持健康？

Yeah, Ty, let me clarify that. So, when we complete the IPO, all of our Senior Housing assets, whether entry fee or rental, would be contributed into Janus Living. So going forward, Healthpeak will not own any senior housing real estate, will just have an ownership interest in the stock of Janus Living.

是的，Ty，讓我解釋一下。因此，當我們完成 IPO 時，我們所有的退休住房資產，無論是入住費還是租金，都將注入 Janus Living。因此，未來 Healthpeak 將不再擁有任何老年住宅房地產，而只會持有 Janus Living 的股份。

Right, so the so the, the memory k and all the other stuff that's part of the CCRC is also going into Janus.

好的，所以記憶體 k 和 CCRC 的所有其他部分也都進入了 Janus。

That's right, yeah, those are campuses that we can't break them up. That, that's that one asset, they can't be broken up.

沒錯，是的，那些校園我們不能拆分。那是一項不可分割的資產。

Got you. Alright, and I guess over time you'll kind of share more details about the external management contract and things like that.

抓到你了。好的，我想隨著時間的推移，你會分享更多關於外部管理合約之類的細節。

That's right. Outside of what has already been made public, Tayo, so if you have a question about what's been made public, I'm happy to address that here.

這是正確的。除了已經公開的資訊之外，Tayo，如果你對已經公開的資訊有任何疑問，我很樂意在這裡解答。

Got you. All right, sounds good. All the best. Thank you.

抓到你了。好的，聽起來不錯。一切順利。謝謝。

Thanks, Tayo.

謝謝你，泰奧。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Thank you. Good morning. With the Gateway Transaction behind you, what is the appetite, just generically, you still have some guidance in terms of billion plus or minus of acquisitions in '26. What's your appetite for opportunistic lab now that you've already got gateway under your belt?

謝謝。早安.隨著 Gateway 交易的完成，你們的收購意願如何？一般來說，你們對 2026 年的收購額（十億美元左右）還有一些指導意見。既然你已經成功開發了 Gateway，那麼你對機會主義實驗室的興趣又是如何？

Yeah, hey Jim, we've got, $1 billion of acquisition and stock buyback built into our guidance. We've already closed or under contract to just over $800 million between the gateway transaction and the senior housing opportunities that should close here in the first quarter. So you're right, there's a little dry powder, not significant, but we do have a pretty large pipeline of asset recycling, whether outright sales, recaps, loan repayments.

是的，嘿，吉姆，我們的業績指引中已經包含了10億美元的收購和股票回購計畫。我們已經完成了總額超過 8 億美元的交易，包括門戶交易和預計將在第一季完成的老年住房項目。所以你說得對，我們確實有一些閒置資金，雖然不多，但我們確實有大量的資產回收計劃，包括直接出售、資本重組和償還貸款。

So there's at least the potential for that billion dollars to grow depending on whether we can recycle capital. We're obviously not looking to issue equity at our current stock price, but if we're more successful in selling assets or recapping assets, we would have additional dry powder to look at opportunistic life science investments.

所以，至少這十億美元有成長的潛力，這取決於我們能否循環利用資本。我們顯然不打算以目前的股價發行股票，但如果我們更成功地出售資產或重組資產，我們將有額外的資金來尋找生命科學領域的機會性投資。

There's a number that we're keeping our eye on, but certainly nothing that is ready to be disclosed or under contract, but it's fair to say that we'll be very disciplined in which assets in which submarkets we would pursue. That was the case even in the peak.

我們正在密切關註一些項目，但目前還沒有任何項目可以披露或簽訂合同，但可以肯定的是，我們會非常謹慎地選擇在哪些細分市場投資哪些資產。即使在高峰時期，情況也是如此。

We did not get overly aggressive. We stayed disciplined. Our entire portfolio is in the three core markets that will continue. So anything we do, I think would have a lot of crossover or similarities to what we just did in Gateway. We're in a known submarket, a team that can execute, and what we feel is a real competitive advantage to drive lease up.

我們沒有採取過於激進的行動。我們保持了自律。我們的所有投資組合都集中在三個核心市場，這些市場將繼續發展。所以我覺得我們做的任何事情，都會和我們在 Gateway 所做的有很多交叉或相似之處。我們身處一個已知的細分市場，擁有一支能夠執行的團隊，我們認為這是推動租賃業務成長的真正競爭優勢。

Fair enough, understood. And then so we haven't talked about, most of the synergies, relating to the physician's realty on the outpatient medical side, the synergy is basically in run rate today or late 25, I guess I should say, or should we sort of have some, maybe a little further margin implications for the outpatient medical across '26.

好的，明白了。然後，我們還沒有談到與門診醫療方面醫生的實際情況相關的大部分協同效應，這種協同效應基本上體現在今天的運行率上，或者我應該說，體現在 2025 年末的運行率上，或者我們應該對 2026 年門診醫療的利潤率有一些進一步的影響。

We've got another 2 million or 3 million square feet that we could internalize property management over the next one to two years. So there's still a little bit of opportunity, but it, it's not material. Most of that 70 plus million dollars of synergies are basically included in our not only fourth quarter '25 run rate, but our 2026 guidance as well, June.

我們還有 200 萬到 300 萬平方英尺的物業，我們可以在未來一到兩年內將其物業管理內部化。所以還是有一些機會的，但這並非實質的機會。6 月表示，這 7,000 多萬美元的綜效大部分不僅包含在我們 2025 年第四季的營運速度中，也包含在我們 2026 年的業績指引中。

Okay, thank you guys.

好的，謝謝大家。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，格林街。

Hey, thanks for the time. My first question on the operator transition of the assets held in the sovereign wealth, JV. Do you expect, occupancy declines in the near term as the new operators take over, and how long do you expect for the properties to reach more of a stabilized market type of occupancy level?

嘿，謝謝你抽出時間。我的第一個問題是關於主權財富基金持有的資產的營運商過渡，合資企業。您預計新業者接手後，短期內入住率會下降嗎？您預計這些物業需要多長時間才能達到更穩定的市場入住率水準？

Hey John, Scott here. Hopefully we can get those transitions done by April 1. That's at least the target. Teams are working hard to do that, including the operators, so we appreciate their cooperation. There could be a small decline, in occupancy, but I don't think it's material. We see significant upside, 50% plus NOI growth potential over the next two to three years in our view, highly aligned management contracts and. And operators that have a really good track record with us and in these markets, so pretty optimistic about the upside, but yeah, there could be a quarter or two of transition related occupancy loss, John.

嗨，約翰，我是史考特。希望我們能在4月1日前完成這些過渡工作。至少這是目標。包括操作員在內的各個團隊都在努力實現這一目標，我們感謝他們的合作。入住率可能會略有下降，但我認為這不會造成實質影響。我們認為未來兩到三年內，公司擁有巨大的成長潛力，淨營業收入成長潛力超過 50%，管理合約高度契合。那些與我們以及在這些市場有著良好業績記錄的運營商，對前景相當樂觀，但是，約翰，可能會有一兩個季度的過渡期入住率下降。

Okay, and then last question maybe for Scott Bohn, I want to better understand the composition of tenants that have, other signed leases or that are in your pipeline kind of the post Labor Day. Can you give me like rough ballpark what proportion of tenants are more of the traditional wet lab users versus other perhaps AI or almost quasi traditional office users?

好的，最後一個問題可能要問 Scott Bohn，我想更了解一下勞動節後已經簽署了其他租賃協議或正在洽談中的租戶的組成。你能大概估算一下租戶中，傳統濕實驗室使用者與其他可能使用人工智慧或類似傳統辦公環境的使用者相比，分別佔多大比例嗎？

Yeah, it's a pretty good mix you know we did have some office related, users, signed leases in the fourth quarter, we did, one GMP manufacturing type space with an existing tenant of ours, in a redevelopment project, and then several wet lab spaces, so pretty good mix, we also signed one lease with a group who, we announced it on social media, but it was a actually, a drone manufacturer would just raised $600 million at, I think it was a $6 billion market cap, so a wide variety of uses, and I think that, underscores the ability, within our buildings for to capitalize on the robust infrastructure that's in those buildings, and be able to play, cast a wide net in our leasing, and especially in the Bay Area where we've seen a real convergence office demand increasing, AI and AI adjacent both in, office space but also on the lab front as well.

是的，我們的業務組合相當不錯。你知道，我們在第四季度確實簽了一些辦公相關的租賃合同，包括與我們現有租戶合作的GMP生產型空間（位於一個重建項目中），以及幾個濕實驗室空間。所以業務組合相當不錯。我們還與一家集團簽署了一份租賃合同，我們在社交媒體上宣布了這一消息，實際上，這是一家無人機製造商，他們剛剛融資6億美元，市值好像是60億美元。所以用途非常廣泛。我認為這凸顯了我們大樓的強大基礎設施優勢，使我們能夠充分利用這些大樓，並在租賃方面廣泛撒網。尤其是在灣區，我們看到辦公空間需求與人工智慧及相關領域的需求正在顯著增長，無論是辦公空間還是實驗室空間。

If you follow on there as you see that convergence, what are the implications for the rents those tenants are paying? Are they decent all else equal? Are they decently lower than the wet lab users is going to pay?

如果你繼續觀察這種趨同現象，那麼這對租戶支付的租金會有什麼影響？在其他條件相同的情況下，他們算是正派人物嗎？它們的價格是否比濕實驗室使用者需要支付的價格低很多？

Yeah, I mean if you're just looking at a straight office space which you know we don't have all that much of, I mean that's obviously going to be a lower rent than a than a than a lab space but you know each field, different, overall rents and economic or net effect is ticked down a little bit, but.

是的，我的意思是，如果你只是在看普通的辦公空間，你知道我們並沒有那麼多，我的意思是，顯然它的租金會比實驗室空間低，但是你知道每個領域都不同，總體租金和經濟或淨影響都會略微下降一些，但是。

And we've seen a little bit more free rent in in certain deals in certain markets, but it's all dealer specific. I mean it depends on the space, it depends on the build out of the space, we have been able to control the TIs quite well, if you look at our second generation leasing, our renewal leasing they were close to zero, and on our TIs on our new leasing take down as well.

我們看到某些市場某些交易中免租期略有增加，但這都取決於經銷商的具體情況。我的意思是，這取決於空間，取決於空間的建造。我們已經能夠很好地控制裝修費用，如果你看看我們的第二代租賃、續租，裝修費用都接近零，看看我們新租賃拆除時的裝修費用也是如此。

So I think you, it's going to look at a little bit more than just the face rate on these deals, it's the total economic package, that, that's how we think about it.

所以我認為，我們不僅要關注這些交易的表面利率，還要關注整體經濟方案，我們就是這樣考慮的。

Okay, thanks for the time.

好的，謝謝你抽出時間。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great, thanks for taking the question. I'm pinch hitting for John Kilichowski here. So we appreciate all the guidance and all the moving pieces on '26 for the key line items. As we think about, how those move throughout the year, is it safe to assume that '26 is a bottom for FFO, or do you think it can still be lower in '27? I know you, I mean, I'm not really asking to give guidance, but how should we think about like the key line items and how they. How they progress throughout the year and what that means for '27?

太好了，謝謝你回答這個問題。我今天代替約翰·基利喬夫斯基上場。因此，我們非常感謝您在 2026 年關鍵專案方面提供的所有指導和所有幫助。當我們思考這些指標在一年中的走勢時，能否合理假設 2026 年是 FFO 的底部，還是您認為 2027 年 FFO 可能還會更低？我知道你，我的意思是，我並不是真的想請你提供指導，而是想問我們應該如何考慮關鍵項目以及它們之間的關係。他們在這一年的發展如何？這對 2027 年意味著什麼？

Oh hey Jamie, yeah, so two-third of the portfolio is doing really well, even if we're successful with the IPO, most of those, earnings will still flow through Health Peak's financial statements, so there really isn't any impact from the IPO there, which is one reason we really liked it, as an alternative outcome for shareholders.

哦，嗨，傑米，是的，所以三分之二的投資組合表現都非常好，即使我們IPO成功，其中大部分的收益仍然會體現在Health Peak的財務報表中，所以IPO實際上不會對它們產生任何影響，這也是我們非常喜歡它的原因之一，因為它為股東提供了一個替代結果。

The outpatient fundamentals are very strong. If anything, the growth outlook in '27 looks even more favorable, just given the leasing trajectory and occupancy trajectory, and we obviously see life science coming down. I mean, we've said, throughout this call, we see occupancy increasing a bit from a year in '25 to a year in '26. That should be a positive.

門診基礎非常紮實。如果有什麼變化的話，那就是 2027 年的成長前景看起來更加樂觀，這僅僅是考慮到租賃趨勢和入住率趨勢，而且我們顯然看到生命科學產業正在下滑。我的意思是，正如我們在這通電話中一直提到的，我們預計入住率將從 2025 年到 2026 年略有上升。這應該是好事。

The variables are obviously what happens with interest rates, as Richard pointed out, we still have some. Refinancing to do over the coming years, but the building blocks of the actual portfolio sure feel like '26 absolutely would be a bottom.

顯然，影響因素是利率的走勢，正如理查德所指出的那樣，我們仍然面臨著一些問題。未來幾年需要進行再融資，但實際投資組合的建造基礎感覺肯定是 2026 年將觸底。

Okay, great. That's super helpful. And then just how do you think about doing, an equity acquisition like you did versus some of the higher yielding med or loan to own deals you had done in the past at higher yields? Like why the transition to put so much capital into that type of investment versus more fixed income type stuff?

好的，太好了。這太有幫助了。那麼，您如何看待像您現在進行的股權收購，與您過去進行的一些收益率較高的醫療融資或貸款購股交易相比呢？例如，為什麼會將這麼多資金投入這類投資中，而不是投入在固定收益類投資中？

Yeah, I mean, we only did two of the loans. Those are just unique situations in San Diego about a year ago. We do like those in terms of the risk profile versus the return. So if those are opportunities in '26, we continue to look at those. This was just a unique opportunity to buy a campus we absolutely wanted to own from day one at a breakeven yield with the ability to capture a bunch of upsides. So it's just different dynamics. The two loans we did, those buildings were essentially empty. So just a very different return profile where we thought the loan with a pathway to ownership was the right structure for those two particular deals.

是的，我的意思是，我們只辦理了兩筆貸款。這些只是大約一年前聖地亞哥的一些特殊情況。從風險與報酬的角度來看，我們確實喜歡這類投資。所以如果2026年有這些機會，我們會繼續關注。這是一個千載難逢的機會，讓我們能夠以收支平衡的收益購買我們從一開始就夢寐以求的校園，並有機會獲得許多額外收益。所以只是情況不同而已。我們發放的兩筆貸款，對應的那些建築物基本上都是空置的。因此，回報模式截然不同，我們認為對於這兩筆特定的交易而言，附帶所有權途徑的貸款結構是正確的。

Okay. All right, great. Thank you for taking the question.

好的。好的，太好了。感謝您回答這個問題。

Yeah, thanks, Jamie.

謝謝你，傑米。

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, everyone. Hopefully we'll see you, tomorrow in Florida. Take care.

謝謝大家抽出時間。希望明天能在佛羅裡達見到你。小心。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。