Healthpeak Properties, Inc (DOC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties Inc., first-quarter 2026 conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Healthpeak Properties Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係資深副總裁 Andrew Johns。請開始。

Welcome. Today's conference call contains 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. A discussion of risks and risk factors included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward-looking statements.

歡迎各位。今天的電話會議包含若干前瞻性陳述。雖然我們相信任何前瞻性陳述所反映的預期係基於合理假設，但這些陳述仍受風險與不確定性影響，可能導致實際結果與我們的預期出現重大差異。關於風險與風險因素的討論已載於我們的新聞稿，並於我們向美國證券交易委員會（SEC）提交的文件中詳述。我們不承擔更新任何前瞻性陳述之義務。

Certain non-GAAP financial measures will be discussed on this call. In exhibit of the 8-K we furnished with the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. The exhibit is also available on our website at healthpeak.com.

本次電話會議將討論若干非 GAAP 財務衡量指標。在我們昨日向 SEC 提交之 8-K 所附附件中，我們已依 Reg G 規定，將所有非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節（reconcile）。該附件亦可於我們網站 healthpeak.com 取得。

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

接下來我將把電話會議交給我們的總裁兼執行長 Scott Brinker。

Thanks, AJ, and welcome to Healthpeak's first-quarter earnings call. Grateful for our team who delivered a first quarter with excellence in execution, one of our WE CARE core values.

謝謝 AJ，歡迎參加 Healthpeak 第一季財報電話會議。感謝我們的團隊在第一季以卓越的執行力交出成果，這也是我們 WE CARE 核心價值之一。

In early January, we completed the once-in-a-decade buying opportunity at the Gateway campus in South San Francisco for a small fraction of replacement cost. We're already driving leasing momentum at the campus with 62,000 square feet of signed leases and letters of intent. We also have 113,000 square feet of active proposals and tours at the campus.

一月初，我們完成了十年一遇的收購機會，以僅為重置成本一小部分的價格，買下南舊金山 Gateway 園區。我們已在該園區推動租賃動能，已簽署租約及意向書合計 62,000 平方英尺。我們在該園區另有 113,000 平方英尺處於積極提案與帶看階段。

In March, we completed the IPO of our Senior Housing business in a unique and creative transaction. The $240 million of current year FFO from that portfolio is now being valued at a multiple that's roughly 20 turns higher than Healthpeak. That differential highlights the growth potential in Janus Living, but also the incredible opportunity in Healthpeak at the current stock price.

三月，我們以一筆獨特且具創意的交易完成了旗下高齡住宅（Senior Housing）業務的 IPO。該投資組合本年度 2.4 億美元的 FFO，如今的估值倍數約比 Healthpeak 高出約 20 個倍數點（turns）。這樣的差異凸顯 Janus Living 的成長潛力，同時也顯示在目前股價下，Healthpeak 具備極佳的投資機會。

Despite selling about 18% of the business in the IPO, our exposure to Senior Housing is essentially unchanged from December 31 because we closed more than $700 million of acquisitions on our balance sheet prior to the IPO. The timing of the acquisitions was very intentional to capture the multiple arbitrage for our shareholders.

儘管我們在 IPO 中出售了約 18% 的業務，但由於我們在 IPO 前已於資產負債表上完成超過 7 億美元的收購，因此我們對高齡住宅的曝險相較 12 月 31 日基本上沒有改變。這些收購的時點是刻意安排的，目的是為股東掌握估值倍數套利的機會。

Janus Living already has the cost of capital to do accretive acquisitions. As the 82% owner of the company, those acquisitions will benefit Healthpeak earnings. As an example, we expect the IPO proceeds to be accretive to Healthpeak by roughly $0.04 per share once fully invested and stabilized.

Janus Living 已具備進行具增益性（accretive）收購所需的資金成本優勢。作為該公司 82% 的持有人，這些收購將有助於提升 Healthpeak 的盈餘。例如，我們預期 IPO 募得資金在完全投入並達到穩定後，將使 Healthpeak 每股約增加 0.04 美元。

The value of our best-in-class Outpatient platform is being rewarded in the private market by world-class institutions. In March, we closed a joint venture recap with Blackstone on a fully occupied Outpatient portfolio at a 6.1% cash cap rate. The transaction raised $170 million in proceeds, and we now have a template for future recaps and acquisitions with Blackstone.

我們一流的門診（Outpatient）平台價值，正於私募市場獲得世界級機構的肯定。三月，我們與 Blackstone 就一個滿租的門診投資組合完成合資再資本化（recap），現金資本化率（cash cap rate）為 6.1%。該交易帶來 1.7 億美元的資金回收，我們也因此建立了未來與 Blackstone 進行再資本化與收購的範本。

We're progressing additional transactions that would generate proceeds of $700 million or more at cap rates about 200 basis points inside what's implied in our current stock price. We bought back $100 million of stock in April at a 10%-plus FFO yield. The buyback was accretive and allowed us to increase our 2026 earnings guidance.

我們正推進其他交易，預計可產生 7 億美元或以上的資金回收，其資本化率約比目前股價所隱含的水準低 200 個基點。我們在四月以 10% 以上的 FFO 殖利率回購了 1 億美元股票。該回購具增益性，並使我們得以上調 2026 年盈餘指引。

Our stock price is clearly mispriced versus intrinsic value, so we'll continue to evaluate leverage neutral stock buybacks to drive earnings and value accretion. We also paid more than $200 million in dividends to shareholders in the first quarter, which equates to an outrageously high 7.5% annualized dividend yield, especially in light of the solid payout ratio.

我們的股價相對內在價值顯然被低估，因此我們將持續評估在槓桿中性（leverage neutral）前提下的股票回購，以推動盈餘與價值增益。我們第一季也向股東支付超過 2 億美元股利，折算年化股利殖利率高達 7.5%，尤其考量到穩健的配息率，這個水準可說非常高。

Turning to operating results. The strong fundamentals in Outpatient Medical that we spoke to with the merger announcement three years ago continue to be validated. Since closing the merger, we signed more than 10 million square feet of renewals at cash releasing spreads of positive 5.8%. Last quarter, the spreads were positive 5.4% and once again, with very modest TIs.

接著談營運表現。我們在三年前併購公告時所提到的門診醫療（Outpatient Medical）強勁基本面，持續獲得驗證。自併購完成以來，我們已簽署超過 1,000 萬平方英尺的續約，現金租金釋放利差（cash releasing spreads）為正 5.8%。上一季利差為正 5.4%，且同樣僅需非常有限的租戶改善（TI）支出。

Half of our renewals were done in-house, saving $5 million in leasing commissions last quarter alone. Our leasing costs continue to be substantially below the peer group, resulting in strong net effective rents, which drives superior cash flow and ultimately, earnings growth.

我們有一半的續約由內部團隊完成，僅上一季就節省了 500 萬美元的租賃佣金。我們的租賃成本持續顯著低於同業，帶來強勁的淨有效租金（net effective rents），進而推動更優異的現金流，最終帶動盈餘成長。

We've been successfully getting 3% escalators in the Outpatient business on both new leases and renewals for about five years now. Over those five years, our same-store NOI growth has averaged positive 3.5%, which is 30% higher than the previous five-year average. So definitely an improvement in that business. We're advancing a number of strategic and highly pre-leased Outpatient developments with our health system partners, but not yet far enough along to announce publicly.

在門診業務方面，約五年來我們在新租約與續約上都成功取得 3% 的租金調升（escalators）。在這五年間，我們同店 NOI 成長平均為正 3.5%，較前一個五年平均高出 30%。因此該業務確實有所改善。我們正與醫療體系合作夥伴推進多個具策略性且預租率很高的門診開發案，但目前進度尚不足以對外公開宣布。

In Senior Housing, our 1Q results were phenomenal across the board. Entry fees set an all-time high for the first quarter, incredible work by our team and operating partners, and we'll provide all the details on the Janus Living call.

在高齡住宅方面，我們第一季的表現全面亮眼。入場費（entry fees）在第一季創下歷史新高，這是我們團隊與營運夥伴的傑出成果；我們將在 Janus Living 的電話會議中提供所有細節。

Turning to Life Science. M&A activity, biopharma stock prices and capital raising are all trending positively. In fact, April was the most active month for biotech equity issuance since early 2021. Healthpeak total occupancy in Life Science increased sequentially, and we still expect our year-end 2026 total occupancy to increase versus the prior year.

接著談生命科學（Life Science）。併購活動、生物製藥股價與募資情況皆呈現正向趨勢。事實上，四月是自 2021 年初以來生技股權發行最活躍的月份。Healthpeak 生命科學業務的總入住率（total occupancy）較前期提升，我們仍預期 2026 年底的總入住率將較前一年提高。

Our leasing pipeline is broad-based from venture-backed biotech to large cap pharma. Traditional wet lab accounts for the vast majority of the pipeline, but we do have flexibility. Our robust relocated buildings allow us to capture alternative users when it makes economic sense.

我們的租賃管線涵蓋面廣，從創投支持的生技公司到大型製藥公司皆有。傳統濕實驗室（wet lab）占管線絕大多數，但我們也具備彈性。我們具備強健的可重新配置（relocated）的建築，使我們在符合經濟效益時能吸引替代型使用者。

To summarize, Senior Housing performance was outstanding, and we created enormous value with the IPO. Our Outpatient portfolio and platform is being rewarded and richly valued in the private market, and our Lab business has massive upside as the pendulum starts to swing in our favor.

總結而言，高齡住宅表現卓越，而我們透過 IPO 創造了龐大價值。我們的門診投資組合與平台在私募市場獲得肯定並享有較高估值；隨著市場鐘擺開始朝有利於我們的方向擺動，我們的實驗室（Lab）業務也具備巨大的上行空間。

I'll turn it to Kelvin to review our first-quarter results and our improved 2026 outlook.

接下來我把時間交給 Kelvin，請他回顧第一季業績以及我們上調後的 2026 年展望。

Thank you, Scott. We started the year strong and continue to execute our stated plans to position each business to deliver long-term earnings growth. We are very pleased with the success of the Janus Living IPO, which strengthens our investment management capabilities and expands our reach to a broader base of investors.

謝謝你，Scott。我們以強勁表現展開新的一年，並持續執行既定計畫，使各項業務具備帶來長期盈餘成長的定位。我們對 Janus Living IPO 的成功感到非常滿意，這強化了我們的投資管理能力，並將觸角擴展至更廣泛的投資人基礎。

We are translating this momentum into our operating platform by adding key talent and asset management, investor relations and acquisitions, advancing our technology initiatives, and delivering our platform to our Senior Housing operating partners to achieve excellence in execution across the portfolio.

我們正將這股動能轉化到營運平台上：在資產管理、投資人關係與收購方面延攬關鍵人才，推進科技計畫，並將我們的平台提供給高齡住宅營運夥伴，以在整體投資組合中達成卓越執行。

We continue to attract interest from institutional capital across the enterprise, including our recently announced Outpatient Medical joint venture with Blackstone. These partnerships further validate our platform, relationships, and capital allocation philosophy as investors look at Healthpeak as a platform aligned for growth.

我們持續吸引企業整體層面來自機構資金的關注，包括我們近期宣布與 Blackstone 的門診醫療合資案。隨著投資人將 Healthpeak 視為一個與成長一致的的平台，這些合作夥伴關係進一步驗證了我們的平台、關係網絡與資本配置理念。

Turning to the results for the first quarter. We reported FFO as adjusted of $0.45 per share and net debt to EBITDA of 5.4 times. In Outpatient Medical, fundamentals continue to show strength, and our team is translating this into leasing opportunities with key relationships. During the quarter, we executed nearly 1.1 million square feet of leases, including several large renewals with leading health system partners, including Baylor Scott & White, Norton Health, and HCA.

接著看第一季的業績。我們報告每股經調整FFO為0.45美元，淨負債對EBITDA為5.4倍。在門診醫療方面，基本面持續展現韌性，我們的團隊正將此轉化為與關鍵合作關係相關的租賃機會。本季我們簽訂近110萬平方英尺的租約，其中包含與主要醫療體系合作夥伴的數筆大型續約，包括Baylor Scott & White、Norton Health以及HCA。

Across our leasing activity, we achieved 5.4% cash re-leasing spreads on renewals, 79% tenant retention, and ended the quarter at 91% total occupancy. Average annual escalators were 3%, consistent with what we have achieved on average since the physician's merger. And leasing costs this quarter were modest at just 10% of annual rents, producing strong cash return.

在我們的整體租賃活動中，續約的現金再租賃租金差（cash re-leasing spreads）達5.4%，承租戶留存率為79%，季末總入住率為91%。平均年度租金調升幅度為3%，與自醫師平台合併以來我們所達成的平均水準一致。而本季租賃成本相對溫和，僅約為年度租金的10%，帶來強勁的現金報酬。

A good example of this execution is the Baylor Cancer Center in Dallas, where we completed 10-year lease renewals across the entire 458,000 square foot campus during the last two quarters. Leasing costs were minimal at just over $1 per square foot per year, reflecting strong second-generation returns that drive earnings growth.

一個很好的執行案例是達拉斯的Baylor癌症中心，我們在過去兩個季度完成整個45.8萬平方英尺園區的10年期續約。租賃成本極低，每平方英尺每年僅略高於1美元，反映出強勁的第二代資產回報，進而推動獲利成長。

And most importantly, this outcome was achieved through direct negotiations with Baylor and McKesson, leveraging decades-long relationships and in-house operating platform that can deliver tangible outcomes for our clients. Finally, we ended the first quarter with a very active leasing pipeline, including 318,000 square feet of leases executed since April and approximately 700,000 square feet under LOI.

更重要的是，這項成果是透過與Baylor及McKesson的直接協商達成，運用長達數十年的合作關係，以及可為客戶帶來具體成果的內部營運平台。最後，我們在第一季末擁有非常活躍的租賃管線，包括自4月以來已簽訂的31.8萬平方英尺租約，以及約70萬平方英尺處於LOI（意向書）階段。

Turning to Lab. During the first quarter, we executed 141,000 square feet of leases, 92% of which was new leasing. We also have approximately 355,000 square feet under LOI, of which approximately 80% was new leasing and approximately 75% on currently vacant space. We saw a range of deal sizes in those commitments, including four deals greater than 50,000 square feet when South San Francisco continues to see the strongest active demand of each of our markets.

接著談實驗室（Lab）。第一季我們簽訂14.1萬平方英尺的租約，其中92%為新租。我們另有約35.5萬平方英尺處於LOI階段，其中約80%為新租，且約75%位於目前空置的空間。這些承諾涵蓋不同規模的交易，其中包含四筆超過5萬平方英尺的交易；而在我們各個市場中，南舊金山仍持續呈現最強勁的活躍需求。

We ended the quarter with total occupancy up to 77.7%, and for the balance of the year, we expect to continue to capture occupancy from the benefit of new leasing commencements, which will support occupancy growth of at least 100 basis points versus year-end 2025.

季末總入住率提升至77.7%；在今年剩餘期間，我們預期將持續受惠於新租約起租所帶來的入住率提升，並支持入住率相較2025年年底至少成長100個基點。

And finally, Senior Housing. We will continue to provide a brief update on Senior Housing, with detailed commentary on the Janus Living earnings call to follow. For the quarter, Janus Living delivered total revenue growth of 35% and adjusted EBITDA growth of 42%. Healthpeak's ownership totaled 81.6% of the outstanding shares of Janus Living, which represents roughly a $5.7 billion market value.

最後是高齡住宅（Senior Housing）。我們將持續就高齡住宅提供簡要更新，後續會在Janus Living的法說會中提供更詳細的評論。本季Janus Living的總營收成長35%，經調整EBITDA成長42%。Healthpeak持有Janus Living已發行股份的81.6%，約相當於57億美元的市值。

Shifting to the balance sheet and guidance. In January, we repaid $103 million of secured mortgages on two of our Senior Housing properties. And in March, we closed on a new senior unsecured delayed draw term loan totaling $400 million, which remains undrawn. We will have through December 2026 to draw down the term loan.

接著談資產負債表與財測指引。1月，我們償還了兩處高齡住宅資產共1.03億美元的擔保抵押貸款。3月，我們完成一筆新的高級無擔保延遲提領定期貸款（delayed draw term loan），總額4億美元，目前仍未動用。我們可在2026年12月前提領該筆定期貸款。

And ending with guidance. Following the IPO, Janus Living is consolidated into Healthpeak's financial statements, with a deduction to earnings for the noncontrolling minority interest. We now incur incremental public company costs and temporary earnings drag from the cash proceeds on the balance sheet. These impacts are expected to be offset by the Senior Housing portfolio outperformance and deployment of $750 million of cash into acquisitions per year end.

最後談財測指引。IPO之後，Janus Living併入Healthpeak的財務報表，並就非控股少數股權（noncontrolling minority interest）自盈餘中扣除。我們現在承擔新增的上市公司成本，且資產負債表上的現金收益在短期內對盈餘造成些許拖累。預期這些影響將由高齡住宅投資組合的優於預期表現，以及至年底將7.5億美元現金投入收購所抵銷。

As a result, we expect the IPO to be earnings neutral to Healthpeak in 2026, and it will be accretive in 2027 and beyond as the capital deployment into acquisitions flows through to Healthpeak's earnings. In April, we repurchased $100 million of our stock at an implied FFO yield of over 10%. The repurchase is accretive to earnings and supports raising our FFO as adjusted guidance to a range of $1.71 to $1.75 per share.

因此，我們預期IPO對Healthpeak在2026年對盈餘影響為中性，並將在2027年及之後隨著資本投入收購逐步反映至Healthpeak盈餘而具增益（accretive）。4月，我們以隱含FFO殖利率超過10%的水準回購1億美元自家股票。此回購對盈餘具增益，並支持我們將每股經調整FFO指引上調至1.71至1.75美元區間。

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

以上，接線員，請開放問答。

(Operator Instructions) Nick Yulico, Scotiabank.

(接線員指示) Scotiabank的Nick Yulico。

Nick, are you there? I'm going to say your perfect record's intact, you're always first, but I'm not sure.

Nick，你在線上嗎？我想說你的完美紀錄仍然保持，你總是第一個，但我不太確定。

Operator, I'm not sure, maybe he's having a connection problem. Let's go to the next question.

接線員，我不太確定，可能他連線有問題。我們先進下一個問題。

Farrell Granath, Bank of America.

美國銀行的Farrell Granath。

This is Farrell. My question is on your Life Science portfolio. And when thinking about the commentary, it's seemingly much more positive in how you're thinking about your pipeline and increased interest. And I'm curious how that maybe has influenced or even changed your thinking and timing on opportunistic Life Science investments going forward? If that has actually moved up the timeline or if there is a line of sight of when you think that would be a strategic use of capital.

我是Farrell。我的問題是關於你們的生命科學投資組合。從你們的評論來看，你們對管線與興趣提升的看法似乎更為正面。我想了解這是否影響、甚至改變了你們未來進行機會型生命科學投資的思考與時點？也就是說，時間表是否提前，或你們是否已能看見何時會將其視為策略性的資本運用方向。

Well, the one we acquired in late December, early January, Gateway, is doing really well. So that's a positive. That was a unique opportunity. It's our biggest market. We have a dominant footprint there. I think the best team and the best footprint. We dominated there for years, not that, that will be even more true with this purchase. And it had a lot of yield in addition to upside.

嗯，我們在12月底、1月初收購的那個案子——Gateway——表現非常好。所以這是正面的。那是一個獨特的機會。那是我們最大的市場。我們在那裡有主導性的布局。我認為我們擁有最好的團隊與最好的據點。我們多年來一直在那裡占據主導地位，而透過這次收購，這點會更加明顯。而且除了上行空間之外，它本身也帶有相當的收益率（yield）。

So that was a unique opportunity. I'm glad we did it. We're already getting the benefit of that. I think that will fall into '27 and beyond as well. So congrats to Scott and the team.

所以那是一個獨特的機會。我很高興我們做了。我們已經開始享受到其帶來的效益。我認為這也會落在2027年及之後逐步體現。所以也恭喜Scott和團隊。

We're looking at some other things in our core markets, but our threshold is pretty high for using capital. Obviously, we did the buybacks in April. That was a very accretive use of capital. We have a number of transactions underway. Our sources and uses this year was $1 billion of recaps in sales and $1 billion of acquisitions.

我們也在核心市場看一些其他案子，但我們對資本運用的門檻相當高。顯然，我們在4月做了回購。那是非常具增益的資本運用。我們手上有多筆交易正在進行。我們今年的資金來源與用途規劃是：10億美元的資本回收與出售，以及10億美元的收購。

We've essentially done the $1 billion of acquisitions and buybacks, and we have a number of transactions underway. So we need to make sure we get that done before we would consider anything opportunistic in Life Science. But there's no shortage of opportunity. There's -- that is for sure.

我們基本上已完成10億美元的收購與回購，且仍有多筆交易在進行中。因此，在考慮任何生命科學的機會型投資之前，我們需要先確保把這些交易完成。但機會並不缺。這點——可以確定。

I mean, a lot of these private buyers are just totally upside down. At this point, we're mostly having conversations with lenders. So there is opportunity, but we're going to be really careful and disciplined about which markets, which buildings, and obviously, pricing valuation.

我的意思是，很多這些私募買家現在幾乎都完全陷入困境（totally upside down）。目前我們多半是在和放款機構對話。所以確實有機會，但我們會非常謹慎且有紀律地挑選市場、挑選建物，當然也包括價格估值。

Seth Bergey, Citi.

Citi的Seth Bergey。

Thanks for taking my question. Just given kind of the pipeline and the leasing activity you've been able to accomplish, how does the kind of Gateway acquisition kind of compare to your initial underwriting expectations? And just given kind of the positive comments on the pipeline, is there anything kind of changing in terms of the lease economics that you're discussing with Life Sciences?

謝謝讓我提問。考量你們的管線以及已完成的租賃活動，Gateway這筆收購與你們最初的承作假設（underwriting）預期相比如何？另外，鑑於你們對管線的正面評論，在生命科學租約的經濟條件（lease economics）方面，你們目前與客戶討論的內容是否有任何變化？

Well, we didn't put much lease up into our Gateway underwriting in year one. So I'd say we're already ahead of schedule. Certainly, the pipeline is strong, and I would have guessed in the rents that we're signing are at or above underwriting. So that's all positive. I don't think there's much contribution in 2026, but definitely, as we look into '27, '28, the upside from that portfolio should start to materialize in our earnings.

嗯，我們在第一年對 Gateway 的承銷假設裡，並沒有放進太多的租賃上量。所以我會說我們其實已經超前進度。當然，租賃管線很強，我原本預期我們正在簽的租金水準會達到或高於承銷假設。所以這些都是正面的。我不認為 2026 年會有太多貢獻，但確實，當我們看向 2027、2028 年時，那個投資組合帶來的上行空間應該會開始在我們的獲利中逐步顯現。

So the momentum is definitely positive in the Bay Area. I mean, San Francisco had a red X on it in real estate five years ago, now it's the hottest market in the country, and we're certainly getting some benefit of that.

所以灣區的動能確實是正向的。我的意思是，五年前舊金山在房地產上還被打了一個紅色叉叉，現在卻成了全美最火熱的市場，而我們也確實從中受益。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Kelvin, I believe you said that you expect lab occupancy to increase 100 basis points by the end of the year, year on year. Can you just walk through some of the components that's driving that between commencements and known move-outs? And does the team have any visibility into any known move-outs in 2027 at this point?

Kelvin，我記得你說你預期實驗室的出租率到今年年底會年增 100 個基點。你能不能帶我們拆解一下，這背後由哪些因素驅動——包括新租約起租（commencements）以及已知的退租（move-outs）？另外，團隊目前對 2027 年任何已知的退租，有沒有掌握到一些能見度？

Yeah. Thanks for the question, Austin. No. We have about 400,000 square feet of expirations in 2026. And behind that, we have just over 0.5 million square feet of commencements that will fully offset those expirations. So we expect net absorption into year end.

是的。謝謝你的問題，Austin。沒有。我們在 2026 年大約有 40 萬平方英尺到期。而在此之後，我們有略高於 50 萬平方英尺的新租約起租，將完全抵消這些到期。所以我們預期到年底會有淨吸納。

We're sitting here in May. So still ample amount of time for the team to try to convert some of our pipeline into occupancy in the fourth quarter as well that may trickle into 2027, but certainly still a window here to try to capture some incremental occupancy by year end. There is about 50,000 square feet that we expect to exit the portfolio in the second and third quarter. So we do know about the potential vacate of two tenants in particular, midyear.

我們現在是五月。所以團隊仍有充足時間，嘗試把部分管線轉化為第四季的實際入駐，這也可能會延續到 2027 年；但確實，現在仍有一個窗口，力拚在年底前再多抓一些增量出租率。大約有 5 萬平方英尺預計會在第二、第三季退出投資組合。所以我們確實知道年中有兩個特定租戶可能會退租。

But generally speaking, our focus is on total occupancy, driving net absorption throughout the year and seeing occupancy grow and subsequently produce earnings growth. So we're on track for that, and the pipeline is certainly giving us promise that we'll be able to achieve net absorption this year.

但整體而言，我們的重點是總出租率，推動全年淨吸納，讓出租率成長，進而帶動獲利成長。所以我們正朝這個方向前進，而租賃管線也確實讓我們有信心，今年能達成淨吸納。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

I just wanted to stay on the Life Science portfolio for a second. I think you talked a little bit about sort of San Francisco and the activity there. Maybe commentary on some of the other markets. And if I could just ask about the 2027 expirations again, in terms of known vacates, just any sort of early color there? Because it would seem like there's a potential that same-store could be up next year if occupancy's rising this year. So I think we're all just trying to figure that out.

我想再針對生命科學投資組合追問一下。我想你們剛剛談到一些舊金山以及那邊的活動情況。也許可以評論一下其他市場的狀況。另外我也想再問一次 2027 年到期的部分，就已知退租而言，目前有沒有任何初步的資訊可以分享？因為看起來如果今年出租率在上升，明年同店（same-store）可能會上行。所以我想大家都在試著釐清這件事。

Yeah. Quickly on '27, it's still early. But as we look through that list and the conversations we're having, I think the renewal rate will be a lot higher in '27 than it has been in '26. So I don't know, plus or minus 50% or better. But it's too early, so we'll update throughout the year as we get more clarity. But the leasing pipeline, the signed but not occupied leases is all positive. So we do feel like the trajectory on occupancy is definitely positive.

是的。先快速談一下 2027 年，現在還早。但我們檢視那份名單以及目前的對話，我認為 2027 年的續租率會比 2026 年高很多。所以我不確定，可能正負 50% 或更好。但現在下結論還太早，我們會在今年內隨著能見度提高而持續更新。不過，租賃管線、以及已簽約但尚未入駐的租約，都是正面的。所以我們確實覺得出租率的走勢絕對是正向的。

And if we look at M&A and capital raising, that's extremely positive. It feels like that's always a leading indicator to the pipeline, which obviously leads into the actual leasing. So definitely, the (inaudible) reason as good as it's been in a number of years, which feels good, and we're well positioned. We've got the right team and footprint and the credibility in capital as a landlord to win deal. So definitely feeling a lot better about the momentum in that business in San Diego.

另外，如果看併購（M&A）與募資活動，那是非常正面的。感覺那通常是租賃管線的領先指標，而管線又會進一步帶動實際租賃。所以確實，（聽不清）整體狀況是多年來最好的一次，這讓人感覺很好，而我們也處於有利位置。我們有對的團隊與據點布局，也具備作為房東在資本市場上的可信度來贏得案子。所以我們對聖地牙哥這塊業務的動能，確實感覺好很多。

And then I'll let Scott to comment on Boston, but we've got activity on virtually every vacancy in the portfolio. It doesn't mean we'll sign all those leases, but there's activity. We brought in [Dennis Sullivan] six months ago, a former CIO and CFO of BioMed. He's just doing a fantastic job. So we've really got a great team on the ground to drive that activity as well. Scott, do you want to comment on Boston?

然後我會讓 Scott 來評論波士頓，但我們投資組合裡幾乎每一個空置單元都有活動。這不代表我們會把所有租約都簽下來，但確實有在動。我們在六個月前找來了 [Dennis Sullivan]，他之前是 BioMed 的前 CIO 與 CFO。他表現非常出色。所以我們在當地確實有一支很強的團隊，也能推動這些活動。Scott，你要不要評論一下波士頓？

Yeah. Sure. Boston is still working to the biggest supply-demand imbalance of the three markets. But you really have to dig into what is competitive to our portfolio and how our portfolio is performing specifically.

好。當然。波士頓仍在消化三個市場中最大的一個供需失衡。但你必須深入去看，哪些供給是與我們投資組合具競爭性的，以及我們投資組合本身的具體表現。

And if you look at West Cambridge where the bulk of our opportunity is, from a space perspective, we've had some great success, a great win with the lease we executed with a large cap pharma in the quarter. There's also been some nice absorption in and around our portfolio in West Cambridge. So we're really happy with what's going on in that particular submarket in Greater Boston.

如果你看西劍橋（West Cambridge），那裡是我們機會最大的區域，就空間角度而言，我們在本季與一家大型市值製藥公司簽下的租約，取得了很好的成果、是一個很大的勝利。在西劍橋我們投資組合周邊，也出現了一些不錯的吸納。所以我們對大波士頓地區這個特定次市場的進展非常滿意。

And Claire and team are doing a great job out there capturing the demand that is available. If you look back six months versus today, it's markedly different feel in that market from a (inaudible) perspective.

Claire 和團隊在那邊做得非常好，成功掌握現有的需求。如果你回頭看六個月前與今天相比，從（聽不清）的角度來看，那個市場的感受已經明顯不同。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Nice quarter, nice set up here. It reminds me of the paired share REIT structure, but I know it's not that. So don't get me wrong, but a very, very unique indeed. So, congratulations.

這一季表現不錯，現在的布局也很好。這讓我想到配對股份（paired share）的 REIT 結構，但我知道你們不是那種。所以別誤會我的意思，但這確實非常、非常獨特。所以，恭喜。

I wanted to talk about Life Science leasing a little bit more detail. Kelvin and Scott, you mentioned up 100 basis points at least by the end of this year versus 2025. I'm wondering if -- what do you think about how that will look? Will that be -- I'm guessing not a straight linear line from today until the end of the year, but more like an EKG?

我想更細一點談談生命科學的租賃。Kelvin 和 Scott，你們提到到今年年底至少會比 2025 年提高 100 個基點。我在想——你們覺得這個過程會長什麼樣子？我猜不會是從現在到年底一路線性上升，而更像心電圖（EKG）那樣起伏？

And I'm just curious how the pace of occupancy will go from here? Do you think you have a step-down next quarter or step-up? Like I just want to sort of prepare people for what it could look like even if the end game is up 100 basis points.

我也很好奇，從現在開始出租率提升的節奏會怎麼走？你們覺得下季會是階梯式下降還是階梯式上升？我只是想幫大家先做好心理準備：即便最終目標是年底提高 100 個基點，中間的路徑可能會長什麼樣子。

Yeah. Thanks for that, Rich. I'll start, this is Kelvin. I think most importantly, we ended the year at 77% total occupancy. We ended the quarter at 77.7% total occupancy. So we're already making progress towards the 100-basis point goal of total occupancy improvement this year.

是的。謝謝你，Rich。我先開始，我是 Kelvin。我認為最重要的是，我們去年年底的總出租率是 77%。我們本季結束時的總出租率是 77.7%。所以我們已經在朝今年總出租率提升 100 個基點的目標前進。

Very difficult to give you precision around the quarter-over-quarter cadence of occupancy, but just really want to focus you on year end given we have net absorption embedded in our portfolio, the execution that Scott and team are able to get completed starting last year that are flowing into this year. The 2 million square foot pipeline is probably worth giving a little bit more context on because there are opportunities to get new prospective tenants into more move-in-ready space.

要非常精準地提供每季出租率的季對季節奏很困難，但我希望你把焦點放在年底，因為我們的投資組合內含淨吸納，而 Scott 和團隊從去年開始完成的執行成果，正在在今年反映出來。那個 200 萬平方英尺的管線，可能值得再多補充一些背景，因為確實存在機會，讓新的潛在租戶進駐更多已接近可立即入住（move-in-ready）的空間。

And if we are successful, that could lead to incremental occupancy capture in the fourth quarter, again into 2027. So no perfect cadence that we can give you from an occupancy standpoint, but total occupancy captured by year end is our focus and the entire organization is working towards that goal.

而如果我們成功，這可能會在第四季帶來額外的入住率捕捉，並延續到2027年。因此，從入住率的角度來看，我們無法給你一個完美的節奏，但我們的重點是到年底所捕捉的總入住率，整個組織都在朝這個目標努力。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Just on the guidance, you raised the full-year outlook by $0.01. Same-store NOI guidance is flat. Now we expect interest expense to be $20 million higher and G&A to be $5 million higher. So can you just walk through kind of what's driving the $0.01 raise? Is it the first quarter beat? Or maybe said another way, if you annualize your first quarter core FFO of $0.45, you get to a number well higher than your guidance.

就指引而言，你們把全年展望上調了0.01美元。同店NOI指引持平。現在我們預期利息費用將高出2,000萬美元，G&A將高出500萬美元。所以你們能否帶我們梳理一下，推動這0.01美元上調的因素是什麼？是第一季的超預期嗎？或者換個說法，如果把你們第一季每股0.45美元的核心FFO年化，會得到一個遠高於你們指引的數字。

So can you just kind of walk us through the model and how we should be thinking about the cadence offering them through the balance of the year?

所以你們能否帶我們走一遍模型，以及我們應該如何看待今年剩餘期間的節奏？

Yeah. No, thank you for asking the question. This is Kelvin again. But I'll give a little bit of context as it's important to get this right. But the Janus Living IPO has certainly proven to be extremely successful for Healthpeak. I think first, the outperformance in the Senior Housing business fully offsets the impact of the transaction, making the IPO neutral to Healthpeak's earnings in 2026.

好的。謝謝你提出這個問題。我是Kelvin，再次回答。我先補充一些背景，因為把這點講清楚很重要。Janus Living的IPO對Healthpeak而言確實被證明是非常成功的。我想首先，老年住宅業務的超預期表現完全抵消了交易的影響，使得該IPO在2026年對Healthpeak的盈餘影響為中性。

And then the second point would be, as Scott mentioned in his prepared remarks, we anticipate capturing about $0.04 of accretion on a run rate basis as the cash on balance sheet is deployed and the Senior Housing acquisitions stabilize and contribute to earnings. So some of that benefit will start to come into 2026, offsetting the IPO dilution, and we could generate plus or minus $0.03 of earnings in 2027. So really important to highlight the earnings contribution from Janus Living.

第二點是，如Scott在事先準備的發言中提到的，隨著資產負債表上的現金被投入使用，以及老年住宅收購項目趨於穩定並開始貢獻盈餘，我們預期按運行率口徑可捕捉約0.04美元的增厚。因此，其中一部分效益將在2026年開始體現，用以抵消IPO的稀釋，而我們在2027年可能會產生正負0.03美元的盈餘影響。所以，強調Janus Living的盈餘貢獻非常重要。

Through the first quarter, we mentioned earlier that we've already invested $1 billion of capital, $714 million in Senior Housing, and we are making progress towards our capital recycling target of $1 billion. So $270 million of proceeds already received. I think we made the right decision to invest the $714 million in Senior Housing acquisitions in Q1 on balance sheet prior to the IPO and contributing those assets to Janus Living to own the largest share in the platform. And going forward, that will result in earnings growth, as I mentioned before.

截至第一季，我們先前提到，我們已經投資了10億美元資本，其中7.14億美元投向老年住宅，我們也正朝著10億美元的資本循環目標取得進展。因此，已收到2.7億美元的處分收入。我認為，我們在第一季於IPO之前先在資產負債表上完成7.14億美元的老年住宅收購，並將這些資產注入Janus Living，以在該平台中持有最大份額，這是正確的決策。而展望未來，正如我先前提到的，這將帶來盈餘成長。

But I think the first quarter is a little bit elevated because of those on-balance sheet acquisitions that we made in Q1, but we do anticipate that the subsequent quarters will come down. And if you look at our kind of run rate average based on the midpoint of our guidance, that's about $0.43 per share of FFO, plus or minus $0.01 each quarter. But as we get proceeds back from our recapitalizations and seller financing repayment, that will have an impact on the earnings trajectory in the back half of the year.

不過我認為第一季的數字略偏高，因為我們在第一季做了這些表內收購；但我們確實預期後續季度會回落。如果你看我們以指引中值為基礎的運行率平均值，大約是每股0.43美元的FFO，每季上下浮動約0.01美元。但隨著我們從再資本化以及賣方融資償還中收回款項，這將影響下半年盈餘走勢。

So a number of moving parts wanted to make sure we walked through that, but we are certainly pleased with the opportunity to raise guidance of $0.01 here and the success of the Janus Living IPO.

所以有不少變動因素，我們想確保把這些都走一遍；但我們確實很高興能在此把指引上調0.01美元，也很高興Janus Living IPO的成功。

And Michael, just one addition to the debt, $650 million of senior notes that we'll have to refinance in June. Those are like 3.5%. So that's an additional headwind in the second half of the year versus the first half, just the final piece of that puzzle.

另外，Michael，就債務再補充一點：我們有6.5億美元的優先票據需要在6月再融資。那些票面利率大約是3.5%。因此，相較於上半年，這會在下半年帶來額外的逆風，這是拼圖的最後一塊。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC資本市場。

I just wanted to see if you guys can provide additional color on the Life Science setup? I know that the pipeline appears solid and is growing. But how has tenant activity changed? I mean, are they making decisions any quicker than before? I think the focus for them previously was really on the prebuilt space, but have any larger customers willing to make longer-dated decisions on some of the space that maybe requires longer build-outs yet?

我想看看你們是否能就生命科學的布局提供更多細節？我知道你們的管線看起來很扎實且正在成長。但租戶活動有什麼變化？我的意思是，他們做決策的速度有比以前更快嗎？我認為他們先前的重點主要在預建空間，但是否有任何較大型客戶願意對一些可能需要更長裝修期的空間，做出更長期的決策？

I'll give a few comments on the background -- backdrop and I'll let Scott comment on specific activity. But if you think about the real drivers of supply and demand, M&A, capital raising, new supply, all those things are moving in our favor in a very dramatic way. It's just the downturn is so severe that it's taking some time to climb out of it. It's a long pendulum for this particular cycle, but it is swinging in our favor. I mean, all of those things really do move the needle on supply and demand over time.

我先就大環境／背景說幾點，然後讓Scott評論具體的活動。但如果你想想供需的真正驅動因素：併購、募資、新增供給，這些事情都正以非常顯著的方式朝對我們有利的方向發展。只是這次下行太嚴重了，所以需要一些時間才能走出來。就這個週期而言，擺盪幅度很長，但它正在朝對我們有利的方向擺動。我的意思是，所有這些因素確實會隨時間推移，對供需產生實質影響。

And that's what drives the business. It's as simple as that. And we're out competing in the marketplace. There's a few really strong competitors, obviously, but those two or three groups are capturing the vast, vast majority of the tenant demand. And I think that, that will continue. And in fact, it's an opportunity for us. A lot of the new supply is going to alternative use.

而這就是驅動這門生意的因素。就這麼簡單。而我們正在市場上競爭。顯然有幾個非常強的競爭對手，但那兩到三個團隊正在承接絕大多數的租戶需求。我認為這種情況會持續。事實上，這對我們而言是個機會。許多新增供給將轉作其他用途。

We're simply just not leasable in this marketplace. So the backdrop is clearly moving in a positive direction from both supply and demand standpoint. Scott, do you want to comment on the --

在這個市場裡，那些空間根本租不出去。所以從供給與需求兩端來看，背景顯然正朝正向方向發展。Scott，你要不要就--

Sure. Michael, I mean there are some larger tenants in the market who would be more apt to take more of a shell type space. But broadly speaking, the bulk of the pipeline and activity is still looking for more move-in ready space or space that takes more minimal TI. Part of that is kind of the speed to getting into space, kind of turning that decision when they post funding, but also that type of transaction is less risky for the tenant, right?

當然。Michael，我是說，市場上確實有一些較大型租戶，更可能承租偏毛胚（shell）類型的空間。但整體而言，管線與活動的大宗仍在尋找更接近可立即進駐的空間，或只需要較少租戶裝修（TI）的空間。部分原因是他們在完成融資後，希望能更快進駐、加速決策；同時，這類交易對租戶而言風險也較低，對吧？

If you're going into a new build of a shelf space or it's a full build-out, even if it's a turnkey TI, there's still inherent risk to the tenant. It's a more complex build for them. So if they have the option today to go into a space that's a very nice second-generation space. It's well built out that fits what they need with minor modifications, they're opting to do that.

如果你要進入新建的毛胚空間，或需要完整裝修，即便是交鑰匙式TI，租戶仍然存在內在風險。對他們來說，這是更複雜的建置。所以如果他們今天有選擇，可以進到一個非常好的二代空間（second-generation space）。它已經裝修得很好，符合他們需求，只需小幅修改，他們就會選擇那樣做。

And so I think one thing that is an advantage to our portfolio that we talked about all the time is having a wide variety of spaces at different price points to accommodate all of the demand within the market. We look at the tenant list, the broker sheets and really try to focus on having an option for every tenant on there versus just focusing on a selected proof of tenants who are looking for Class A trophy space.

因此，我認為我們一直在談的一個投資組合優勢，是擁有各種不同類型、不同價位的空間，以滿足市場內所有需求。我們會看租戶名單、仲介的清單，並真正聚焦於：名單上的每一個租戶我們都要有一個選項，而不是只聚焦於少數尋找A級地標式（trophy）空間的特定租戶。

Juan Sanabria, BMO.

Juan Sanabria，BMO。

This is Robin Haneland sitting in for Juan. I was just curious on the Blackstone JV. What's the opportunity set to grow here going forward? Would you be more interested in additional recaps or acquisitions?

我是代替Juan出席的Robin Haneland。我想請教Blackstone合資企業（JV）。未來在這裡擴張的機會集合是什麼？你們會更有興趣做更多再資本化，還是收購？

Yeah, it could be both. It's a great group to partner with, obviously, extremely knowledgeable, enormous balance sheet with different pockets of capital to do different things. And we've got a great platform for them to participate in what we think is a really compelling business, with stable but growing cash flows and great relationships and footprint to really drive activity.

是的，兩者都有可能。顯然，他們是很棒的合作夥伴，知識非常豐富，資產負債表規模龐大，且有不同資金池可以做不同的事情。而我們也有一個很好的平台，讓他們參與我們認為非常具吸引力的業務：現金流穩定但仍在成長，並且擁有很好的關係與布局足跡，能真正推動業務活動。

And we would co-invest, but as a minority share, we did a 20% interest in this recap, probably fair to say anywhere between 10% and 20% going forward. And we can do recaps and/or acquisitions, and we're already looking at a number of things with them.

而我們也會共同投資，但會以少數股權的方式；在這次資本重整（recap）中我們做了20%的持股，往後大概可以說會落在10%到20%之間。而我們可以做資本重整和／或收購，我們也已經和他們在看一些案子。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Can you provide some thoughts on lab re-leasing spreads? Obviously, there's still plenty of vacancy at the market level likely will be for some time, and your biggest peers guiding to some pretty ugly re-leasing spreads. So I guess are you concerned that there could still be downward pressure on rents over the near term?

你能分享一下實驗室（lab）再出租（re-leasing）的租金價差（spreads）看法嗎？顯然市場層面仍有相當多的空置，且可能還會持續一段時間，而你們一些最大的同業也指引了相當難看的再出租價差。所以我想問的是，你是否擔心短期內租金仍可能面臨下行壓力？

Sure. This is Scott. I mean, I think overall lab rents in our portfolio around $60 a foot, right? And I think that you're going to have some rents that are above that, some rents that are below that, but overall, I think we're generally in line with that. But I think we focus on the total all-in economic package versus the face rent.

當然。我是Scott。我的意思是，我們投資組合裡的實驗室租金整體大約是每平方英尺60美元，對吧？我想你會看到有些租金高於這個水準、有些低於這個水準，但整體而言，我們大致上就在這個區間。不過我們更關注的是「全包」的整體經濟條件，而不是表面租金（face rent）。

I think in the better read overall, in my opinion, is what we're seeing in demand in the pipeline and those all in economics that we're capturing across deals over time, they're going to drive both occupancy and earnings.

我認為更好的整體判讀方式（以我看法）是看我們在需求管線中看到的情況，以及我們在各筆交易中隨時間所取得的那些全包經濟條件；它們將同時推動入住率與獲利。

Wes Golladay, Baird.

Wes Golladay，Baird。

You seem to be getting a little bit of traction on the permitting -- at the mixed-use Alewife project. Can you give us an update on what's going on there and a timeline for that project? Has that changed at all?

你們在Alewife混合用途專案的許可（permitting）方面似乎取得了一些進展。能否更新一下目前進度與該專案的時間表？有任何變動嗎？

Yeah, no, happy to give an update. In fact, a week ago, we received our preliminary planning Board initial approval. It's not the final approval for the entitlements, but certainly a step towards that objective. It's been a long process, as you know, working through the entitlement effort there, but a very rewarding project that we now have Hines partnered with us on the multifamily opportunity.

是的，當然很樂意更新。事實上，一週前我們拿到了初步的規劃委員會（planning Board）初步核准。這還不是最終的開發許可（entitlements）核准，但確實是朝那個目標邁進的一步。如你所知，這個案子的許可取得過程很長，但這是一個非常有回報的專案；而且我們現在在多戶住宅（multifamily）的機會上，已與Hines成為合作夥伴。

The mixed-use project is plus or minus 5 million square feet, half of which will be multifamily residential that Hines will be leading. So we have the opportunity to complete entitlements this year towards Q4 of 2026, and could see a groundbreaking of a residential building by Hines at some point in 2027 or 12 to 18 months after receiving entitlements. So working towards that objective and certainly making great progress with the city chamber.

這個混合用途專案總量約正負500萬平方英尺，其中一半將是由Hines主導的多戶住宅。因此我們有機會在今年完成許可取得，目標是到2026年第四季；並且可能在2027年某個時間點，由Hines為住宅大樓動工，約在取得許可後12到18個月。所以我們正朝這個目標推進，並且與市府議會（city chamber）的合作進展非常順利。

Vikram Malhotra, Mizuho.

Vikram Malhotra，Mizuho。

Thanks for taking the question. I guess just maybe, Scott, if I can step back, you're calling for the bottom, you're saying there's more activity. A bunch of your peers are still seeing occupancy falling and maybe pointing out much more challenging, I guess, conditions. So maybe if you could dig in a bit more sort of what are some of the differences, maybe geography, maybe product type, and maybe it's the tenant type as well. I'm just sort of trying to square kind of how divergent the trajectory and commentaries have been from your peers on that side.

謝謝讓我提問。我想退一步問一下，Scott，你說已經觸底、活動增加。但你們不少同業仍看到入住率下滑，並且指出環境更具挑戰。所以也許你可以再深入說明一下差異在哪裡：可能是地理位置、產品類型，或租戶類型也有關。我只是想釐清，為什麼你們的走勢與評論，和同業在這方面會有這麼大的分歧。

Yeah, Vikram, even when the sector was going bananas in 2020 and 2021, I mean, we stay really disciplined. In terms of what we bought or what we developed, we shut off capital allocation way before anybody else, public or private. It turned out to be the right decision, and now we're buying when nobody else can. It's actually a pretty good opportunity.

是的，Vikram，即使在2020和2021年整個產業非常火熱的時候，我們也一直保持高度紀律。就我們買了什麼或開發了什麼而言，我們比任何人都更早（不論公募或私募）就停止資本配置。結果證明那是正確的決定，而現在我們能在別人做不到的時候進場買。其實這是個相當不錯的機會。

We're already getting great results from that capital allocation decision with the Gateway purchase and potentially more to come. But we've always had a philosophy of concentration as a way to reduce risk. I know that sounds odd, uses diversification to reduce risk.

我們已經從那個資本配置決策中看到很好的成果，例如Gateway的收購，後面可能還會有更多。但我們一直有一個理念：用「集中」來降低風險。我知道這聽起來有點奇怪，因為一般是用分散來降低風險。

But in Life Science, it's really the opposite. Concentration in dominating local markets is really the way to go. Creating flexibility in pathways to growth for tenants, really dominating the broker networks just given our footprint. We've got a great team in all three markets. So I think all of that plays a factor.

但在生命科學（Life Science）領域，其實正好相反。在主導性的在地市場中做集中布局，才是真正可行的方式。為租戶打造成長路徑的彈性，並且憑藉我們的版圖去主導仲介（broker）網絡。我們在三個市場都有很強的團隊。所以我認為這些因素都會產生影響。

We do like having multiple price points, right? It's not all A+ even though maybe you'd like to be in that office, not everybody wants to or can afford it. So we like to have a multiple options at different price points and sweet sizes as long as it's in the right submarket.

我們也喜歡擁有多個價格帶，對吧？不可能全部都是A+；即使你可能希望都在那種等級的物件，但不是每個人都想要或負擔得起。所以只要是在正確的次市場（submarket），我們希望在不同價格帶與合適的面積規模（sweet sizes）上提供多種選擇。

That philosophy, I think, has paid off in terms of how we're approaching the market. But we're not in a lot of these kind of secondary, tertiary markets. I won't name them, but we've really -- you get -- our entire footprint is in five submarkets in the entire country. I mean, you could probably tour it a day, if you could figure out the travel to Boston, which is a long flight.

我認為這個理念在我們切入市場的方式上已經帶來回報。但我們不在很多這種二線、三線市場。我不點名，但我們的整體版圖其實只在全美五個次市場。我的意思是，如果你能搞定飛去波士頓的交通（那是一段很長的航程），你大概一天就能把它看完。

Otherwise, I mean, you literally can see the entire portfolio in one day, it's so concentrated. But that's proven to be the right decision. So I think it's all of those things. together that are driving our view of the outlook maybe versus some others, but I can't obviously speak for them.

不然的話，你真的可以在一天內看完整個投資組合，因為它非常集中。但這已被證明是正確的決策。所以我想就是這些因素綜合在一起，驅動了我們對前景的看法可能與其他人不同；但我當然無法替他們發言。

Jim Kammert, Evercore.

Jim Kammert，Evercore。

Is it reasonable to assume that the vacancy in the Lab portfolio has, on average, basically the same NOI per square foot contribution or rent per square foot as the occupied portfolio? Just trying to think about that latent earnings potential as it leases up over time.

是否可以合理假設：實驗室投資組合中的空置面積，平均而言，其每平方英尺的NOI貢獻或每平方英尺租金，基本上與已出租的投資組合相同？我只是想思考，隨著未來逐步出租，這部分潛在的獲利能力。

Yeah. Maybe I'll start. Over the last 12 months, we've been able to achieve 5% cash re-leasing spreads on average. This quarter, we did 3.5%. Scott just mentioned our portfolio average rent per square foot is around $60 triple net. Each market is different. Each lease in each space is different. So we're able to exceed those in-place rates, but we also might have some leases that come in a little bit lighter.

是的。也許我先說。過去12個月，我們平均達成了5%的現金再出租價差。本季我們做到3.5%。Scott剛提到，我們投資組合平均每平方英尺租金約為60美元，三網（triple net）。每個市場都不同。每個空間、每份租約也都不同。所以我們有能力高於現有（in-place）租金水準，但也可能有些租約簽得稍微低一些。

So what I would suggest is looking back at our cash re-leasing spreads, which we continue to get in excess of our existing kind of in-place leases. That should contribute to earnings growth over time. Most importantly, it's a total occupancy story. As we gain occupancy, these are spaces that are currently not producing income, and there's even a drag associated with those spaces. The occupancy capture is really going to drive earnings.

所以我會建議回頭看我們的現金再出租價差；我們持續能做到高於既有的在租租約水準。這應該會隨時間推動獲利成長。最重要的是，這是一個總入住率的故事。當我們提升入住率時，這些目前沒有產生收入的空間會開始貢獻，而且這些空間目前甚至還帶有拖累。入住率的提升（occupancy capture）才是真正會驅動獲利的因素。

So I think that should be the focus. That's how we look at the earnings opportunity, and we have 2.5 million square feet of opportunity in the Lab portfolio to really drive earnings growth.

所以我認為焦點應該放在這裡。這也是我們看待獲利機會的方式；而我們在實驗室投資組合中有250萬平方英尺的機會，能夠真正推動獲利成長。

Mike Mueller, JPMorgan.

Mike Mueller，JPMorgan。

I apologize for trying to squeak a second one in here, but it's a clarification. On the supplemental development and redevelopment page, what does active versus total being in the capacity and percent lease columns? And then the real question was, with a seemingly better view on Lab occupancy, why didn't you update that same-store outlook?

抱歉我想再塞第二個問題，但這是釐清。在補充資料（supplemental）的開發與改建頁面中，「active」相對於「total」在容量（capacity）與出租比例（percent lease）欄位代表什麼？然後真正的問題是：既然你們對實驗室入住率的看法似乎更好，為什麼沒有更新同店（same-store）的展望？

Yeah. The active readout in development, I mean, a lot of these projects are substantial. So as we lease certain floors or portions of the building and deliver them and the tenant starts to pay rent, we take those particular suites or floors out of the active development pipeline. They're obviously no longer under active development. So that's the differential or explanation between active versus total, Mike. Kelvin, do you want to take the other?

是的。開發中的在建項目（active readout），我的意思是，這些專案很多都相當可觀。因此，當我們出租大樓的某些樓層或部分並交付，且租戶開始支付租金時，我們就會把那些特定的套間或樓層從在建開發管線中移除。它們顯然就不再屬於正在積極開發中。所以，這就是在建（active）與總量（total）之間的差異或解釋，Mike。Kelvin，你要回答另一個嗎？

Yeah. And Mike, for your second question, I think over the course of the year, we'll have an opportunity to reevaluate same-store amongst all of the segments. This quarter, the focus was certainly on the Senior Housing outperformance in the first quarter that really drove the guidance modification for the Senior Housing segment. But as we make progress over the course of the year, we'll certainly evaluate the updates that will have a total same-store impact.

好的。Mike，針對你的第二個問題，我認為在今年的過程中，我們會有機會在所有分部之間重新評估同店（same-store）。本季的重點確實是在第一季高齡住宅（Senior Housing）的優於預期表現，這也真正推動了我們對高齡住宅分部的指引調整。但隨著我們在今年持續推進，我們當然會評估這些更新對整體同店的總體影響。

So for this quarter, we thought it was appropriate to provide the update on Senior Housing.

因此就本季而言，我們認為提供高齡住宅的更新是合適的。

I want to add, ordinarily, we don't even update the segments, which I think is appropriate here. We felt like we didn't have a choice because Janus Living is now providing its own guidance, obviously, on same-store, and it's substantially higher than the original healthy guidance. So we didn't -- we really didn't have a choice but to update the segments, but we really focus on the total portfolio, same-store is really a terrible metric. They ignore so many things.

我想補充一下，一般而言，我們甚至不會更新各分部，我認為在這裡這樣做是恰當的。我們覺得別無選擇，因為 Janus Living 現在顯然正在就同店提供其自身的指引，而且該指引大幅高於原先較為保守的指引。所以我們——我們真的沒有選擇，只能更新各分部，但我們真正關注的是整體投資組合；同店其實是一個很糟的衡量指標。它忽略了太多事情。

So it's not how we run our business. Frankly, we'd prefer to just ignore it entirely. Next question.

所以這不是我們經營業務的方式。坦白說，我們寧可完全忽略它。下一個問題。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Solid execution of congratulations, both (inaudible). Post the quarter, there's kind of significant leasing activity both on the MOB and Lab side. Again, curious if we just kind of conceptualize what's happening in terms of that kind of people activity. And also, if you could just talk a little bit about kind of economics, whether it's kind of changed materially in any way versus leasing activity in 1Q and realizing that there may also be some mix changes as well in regards to the April activity versus the 1Q activity?

執行得很扎實，恭喜，兩位（聽不清）。季度結束後，MOB 與實驗室（Lab）兩端都有相當顯著的租賃活動。同樣地，我想了解我們是否可以從概念上梳理一下這類租戶活動的情況。另外，也請你談談經濟條件（economics），相較於第一季的租賃活動是否在任何方面出現了實質變化；並且也理解到，4 月的活動相較於第一季活動，可能也會有一些組合（mix）變化？

1Q is just always slow. Tayo, you can go back as many years as you want. It's just always the lowest quarter of the year, but the pipeline in both businesses is tremendous. We expect occupancy to grow in both Outpatient and Life Science through year end. So the trajectory in both businesses is very positive. I wouldn't focus too much on quarter to quarter. It's just 1Q is always with on both leasing execution as well as capital, CapEx, and this year was no different.

第一季一向都比較慢。Tayo，你想回溯多少年都可以。它一直都是全年最低的季度，但兩個業務的管線都非常強勁。我們預期到年底，門診（Outpatient）與生命科學（Life Science）的入住率都會成長。所以兩個業務的走勢都非常正向。我不會太著重逐季比較。只是第一季在租賃執行以及資本支出（CapEx）方面一向如此，今年也不例外。

Could you talk a little about economics?

你能談談經濟條件嗎？

Economics, well, yeah, look, I'll do one at a time. In Outpatient, they continue to be really strong. I mean we're getting 5%, 6% re-leasing spreads on several million square feet of renewals every year. We're pushing 3% escalators almost across the board with very, very modest leasing costs, which is a critical distinction in terms of TI and LC. I mean, it's very modest.

經濟條件，嗯，是的，你看，我一次講一個。在門診業務方面，條件仍然非常強勁。我的意思是，我們每年在數百萬平方英尺的續租上，取得 5%、6% 的再租賃價差（re-leasing spreads）。我們幾乎全面推動接近 3% 的租金調升（escalators），而租賃成本非常、非常溫和，這在租戶裝修（TI）與租賃佣金（LC）方面是個關鍵差異。也就是說，成本非常有限。

So the net effectives are really strong in that business. Mark and team have really built a nice pipeline. And we're optimistic about the trajectory in that business. As we were three years ago when we announced the merger, it's actually exceeded our high expectations. So that's all good.

因此該業務的淨有效租金（net effectives）非常強勁。Mark 和團隊確實建立了不錯的管線。我們對該業務的走勢感到樂觀。就像三年前我們宣布合併時一樣，實際表現甚至超出我們很高的預期。所以這些都很好。

And in Life Science, obviously, I think Scott has given you a lot of color on. The pipeline is building. It's broad-based, from biotech to pharma and wet lab and everything in between, with continued strong leasing economics. And again, the total focus is not just the face rate, but TIs and LCs and all the concessions that come with it. So positive momentum on pipeline and leasing economics in both of the segments, Tayo.

至於生命科學方面，顯然我想 Scott 已經給了你很多說明。管線正在累積。它是廣泛分布的，從生技到製藥、濕實驗室（wet lab）以及介於其間的一切，同時租賃經濟條件仍然強勁。而且再次強調，我們的整體重點不只是表面租金（face rate），還包括 TI、LC 以及隨之而來的所有讓利條件（concessions）。所以在兩個分部的管線與租賃經濟條件上都呈現正向動能，Tayo。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

Just coming back in with a secondary question. Just digging in a little bit more on the Life Science occupancy. I was wondering if you could bridge between the offsetting of the vacancies with your new leasing potential dispositions and also your redevelopment that you saw? What were the benefiting factors from those three buckets?

我再追問一個問題。想再深入一點了解生命科學的入住率。我想請你把空置的抵銷情況串起來：包括你們新的租賃、可能的處分，以及你們看到的再開發（redevelopment）。這三個面向各自帶來的有利因素是什麼？

Yeah. Farrell, this is Kelvin. I think for the quarter, we saw total occupancy uplift from net absorption. And over the course of the year, as I described earlier on the call, we have the potential of continuing that trajectory to year end with total occupancy ahead of where we ended 2025. We sold a 100% leased campus through a contractual purchase option in the first quarter in Salt Lake. So it obviously had an impact on occupancy. We articulated that, I think on the last quarter call.

好的。Farrell，我是 Kelvin。我認為就本季而言，我們看到總入住率因淨吸納（net absorption）而提升。而在今年的過程中，正如我先前在電話會議中描述的，我們有機會把這個走勢延續到年底，使總入住率高於我們在 2025 年底的水準。我們在第一季透過合約性的購買選擇權，在鹽湖城出售了一個 100% 出租的園區。所以它顯然對入住率有影響。我想我們在上一季的電話會議中已經說明過。

We don't have the intention of additional dispositions in the lab portfolio right now. But as we get more leasing traction on our development and redevelopment, that will obviously benefit total occupancy. And then we have the same-store operating portfolio that we are focused on driving total occupancy capture there as well. So making progress in all categories, but no intention of disposing of Life Science assets right now.

目前我們沒有在實驗室投資組合中進一步處分的意圖。但隨著我們在開發與再開發項目上取得更多租賃進展，這顯然會有助於提升總入住率。另外，我們也專注於同店營運投資組合，推動那部分的總入住率提升。所以各類別都在取得進展，但目前沒有處分生命科學資產的意圖。

There are no further questions at this time. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

目前沒有其他問題。本次電話會議到此結束。感謝各位參加今天的簡報，現在可以斷線。