Healthpeak Properties, Inc (DOC) 2026 Q2 法說會逐字稿

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

早安，歡迎參加 Healthpeak Properties, Inc. 2026 年第二季財報電話會議。(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, Investor Relations. Please go ahead.

現在我想把電話會議交給資深副總裁、投資人關係主管 Andrew Johns。請開始。

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 cause actual results to differ materially from our expectations. A discussion of risk and risk factors is included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. Certain non-GAAP measures will be discussed on this call. In an 8-K that we filed with SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with [regulatory] requirements. The exhibit is also available on our website at healthpeak.com.

歡迎。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，並在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。本次電話會議將討論若干非 GAAP 指標。在我們昨日向 SEC 提交的 8-K 文件中，我們已依據[監管]要求，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。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 second-quarter earnings call. WE CARE is the acronym we use for our core values, with the W representing our winning mindset. That's easy to do when demand exceeds supply and fundamentals are in your favor. Everyone's happy and looks really smart. It's a lot harder to do when supply exceeds demand, but that's exactly when a winning mindset is needed the most.

謝謝你，AJ，也歡迎各位參加 Healthpeak 第二季財報電話會議。WE CARE 是我們用來代表核心價值的縮寫，其中 W 代表我們的致勝心態。當需求大於供給、基本面對你有利時，做到這點很容易。每個人都很開心，看起來也都很聰明。當供給大於需求時就難得多，但那正是最需要致勝心態的時候。

As the life science pendulum finally starts to swing back in our favor, I want to say thank you to the team here who live up to our core values and maintain a winning mindset these past four years. It absolutely paid off and we're stronger because of it.

隨著生命科學的擺盪終於開始轉向對我們有利的一方，我想對這裡的團隊說聲謝謝，感謝大家在過去四年秉持核心價值並維持致勝心態。這絕對獲得回報，而我們也因此更強大。

The downturn also provided a window to redefine our company and reset the competitive landscape. We were bold and strategic, including a $5 billion merger and $1 billion IPO. Today, we're a bigger and better company because of those decisive actions. Even more important, we added capabilities, including strategic new hires and internalizing property management in much of our renewal leasing.

這次下行週期也提供了一個重新定義公司並重塑競爭格局的窗口期。我們採取大膽且具策略性的行動，包括 50 億美元的合併與 10 億美元的 IPO。今天，因為這些果斷的行動，我們成為一家規模更大、體質更好的公司。更重要的是，我們也增添了能力，包括策略性新聘人才，以及在我們多數續租租賃業務中將物業管理內部化。

Now we're in the process of rolling out our agentic operating platform. This modern version of Healthpeak is an on-the-ground operator who generates superior results with our people and platform. We're already seeing a payoff from this strategy. In the past two quarters, two of the largest and most respected real estate investors in the world chose Healthpeak as their operating partner. Neither Blackstone or Brookfield had any meaningful prior exposure to the outpatient medical sector. Both joint ventures allow us to maintain control of strategic buildings and tenant relationships, while providing an alternative source of equity capital. We're excited to grow both of those partnerships in the future.

目前我們正在推動我們的代理式（agentic）營運平台上線。這個現代版的 Healthpeak，是一個在第一線的營運者，透過我們的人才與平台創造更優異的成果。我們已經看到這項策略帶來的回報。在過去兩個季度，全球兩家規模最大、最受尊敬的不動產投資人選擇 Healthpeak 作為其營運合作夥伴。Blackstone 與 Brookfield 先前在門診醫療領域都沒有任何具意義的曝險。這兩個合資案讓我們得以維持對策略性建物與租戶關係的控制，同時提供另一種股權資本來源。我們很期待未來擴大這兩項合作關係。

Our balance sheet is stronger than it's ever been. Leverage is below 5 times, and we have flexibility to pursue a number of capital allocation alternatives. We're funding highly pre-leased outpatient development projects sourced directly through our relationships such as the project in Atlanta that we announced last evening. We can also do outpatient acquisitions in our joint ventures with Blackstone and Brookfield where the deal structures generate additional returns to Healthpeak as the operating partner.

我們的資產負債表比以往任何時候都更強健。槓桿倍數低於 5 倍，我們也具備彈性可採取多種資本配置替代方案。我們正在為高度預租的門診開發專案提供資金，這些專案直接源自我們的關係網，例如我們昨晚宣布的亞特蘭大專案。我們也可以在與 Blackstone 與 Brookfield 的合資平台中進行門診收購，交易架構可使 Healthpeak 以營運合作夥伴身分獲得額外報酬。

We also see a unique opportunity in life science to create value via acquisition. Life science has been a development game for the past decade, but for the next few years, it will be an acquisition game, and we have the platform and balance sheet to capitalize on the opportunity. We can also do stock buybacks if and when the stock price is well below intrinsic value. Today, that's less attractive, but we did buy back $100 million in April at a 10%-plus FFO yield when the stock was less than $17 per share.

我們也在生命科學領域看到透過收購創造價值的獨特機會。過去十年生命科學是一場開發遊戲，但未來幾年將是一場收購遊戲，而我們具備平台與資產負債表，可把握這個機會。若且當股價遠低於內在價值時，我們也可以進行庫藏股回購。以目前而言吸引力較低，但我們確實在 4 月以 10% 以上的 FFO 殖利率回購了 1 億美元，當時股價低於每股 17 美元。

And finally, we could maintain leverage below our 5.5 times long-term target given the cost of debt today isn't much lower than the fair market cap rate of our real estate. This is not the right environment to have elevated leverage. With our strong balance sheet, we can afford to be patient and utilize our dry powder when it's most impactful.

最後，鑑於目前債務成本並未顯著低於我們不動產的公允市場資本化率，我們也可以將槓桿維持在低於長期目標 5.5 倍的水準。在這樣的環境下，不適合維持偏高槓桿。憑藉我們強健的資產負債表，我們可以耐心等待，並在最具影響力的時點動用我們的「乾粉」（可用資金）。

A few comments on operating results and the underlying environment. The strong fundamentals in outpatient medical that we spoke to with the merger announcement three years ago continued to be validated. Last quarter, we had plus 5% cash re-leasing spreads and modest TIs that continue to be materially lower than peers. Total occupancy increased 20 basis points sequentially, and our leasing pipeline suggests that an internal growth in the outpatient portfolio will accelerate in 2027.

接著談幾點營運成果與背後的市場環境。我們在三年前宣布合併時所提到的門診醫療強勁基本面，持續獲得驗證。上季我們的現金續租價差為正 5%，且租戶改善（TI）支出溫和，並且仍顯著低於同業。整體入住率較前一季提升 20 個基點，而我們的租賃管線顯示，門診投資組合的內生成長將在 2027 年加速。

In life science, public capital raising last quarter was the highest since 2Q '21. The IPO market is healthy but measured with 13 later-stage companies raising more than $5 billion in proceeds in the first half of the year. This week alone, we could see five biotech price IPOs. M&A has been record-breaking with more than $250 billion of announcements in the last three quarters, which recycles capital back into the ecosystem. Most important, the science continues to advance and year-to-date FDA approvals are above the five-year trend. The building blocks are in place for occupancy in the sector to inflect, led by Healthpeak.

在生命科學方面，上季公開市場募資規模為自 2021 年第二季以來最高。IPO 市場健康但節制，上半年有 13 家較後期公司募得超過 50 億美元的資金。僅本週，我們就可能看到 5 家生技公司為 IPO 定價。併購（M&A）創下紀錄，過去三個季度的公告金額超過 2,500 億美元，將資本回流至生態系。最重要的是，科學持續進步，年初至今 FDA 核准數高於五年趨勢。該產業入住率轉折上行的基礎條件已到位，並將由 Healthpeak 帶頭。

In Senior Housing, we'll provide all the details on the Janus Living call, but happy to report that same-store portfolio had 260 basis points of occupancy growth and 19% NOI growth. We have an active and accretive acquisition pipeline sourced through our deep relationships in the sector, including $1.8 billion closed since January 1. Our Senior Housing portfolio will essentially double in size this year and the number of operating partners will increase from 2 to more than 10. We're on pace to accomplish a 3-year business plan in 12 months. Janus Living success is also driving earnings growth at Healthpeak, given our unique and creative deal structure that aligns the interest of both companies.

在高齡住宅方面，我們會在 Janus Living 的電話會議中提供所有細節，但很高興報告同店投資組合入住率成長 260 個基點，NOI 成長 19%。我們透過在該領域深厚的關係網，建立了活躍且具增益性的收購管線，其中自 1 月 1 日以來已完成交割 18 億美元。我們的高齡住宅投資組合今年規模將幾乎倍增，營運合作夥伴數量也將從 2 家增加到 10 家以上。我們正以 12 個月完成原本 3 年的業務計畫進度推進。由於我們獨特且具創意的交易架構能使兩家公司利益一致，Janus Living 的成功也正在推動 Healthpeak 的盈餘成長。

I'll turn it to Kelvin.

我把時間交給 Kelvin。

Thank you, Scott. We continue to execute our plan and have made tremendous progress year to date in our leasing and capital allocation objectives. I'll take a moment on our outpatient medical recapitalization with Brookfield. We're pleased to complete this strategic partnership as the proceeds raised exceed our capital recycling target for the year in a single transaction. With the leadership from our investment team, we have demonstrated our ability to execute scale transactions and partner with leading institutional investment managers.

謝謝你，Scott。我們持續執行計畫，並在今年迄今於租賃與資本配置目標上取得巨大進展。我想花點時間談談我們與 Brookfield 進行的門診醫療再資本化交易。我們很高興完成這項策略合作夥伴關係，因為本次交易所募集的資金一次性就超過我們今年的資本循環目標。在投資團隊的領導下，我們已展現執行大型交易並與頂尖機構投資管理人合作的能力。

From a structure perspective, Healthpeak retain a 51% ownership interest in a 5.6 million square foot outpatient medical portfolio and raised $1 billion of cash proceeds. We will utilize our best-in-class platform and expertise to provide asset management, property management and leasing services, maintaining day-to-day control of the real estate, and preserving our client relationship. Economically, the transaction represents a trailing cash cap rate of 5.9% and after seven years, we'll have a finite number of call rights to repurchase the noncontrolling interest at a price sufficient to provide Brookfield a 6.5% unlevered rate of return. Most importantly, this partnership expands our access to alternative sources of equity capital with a framework we can replicate to pursue growth opportunities across our business.

就架構而言，Healthpeak 保留一個 560 萬平方英尺門診醫療投資組合的 51% 持股，並募集 10 億美元現金收益。我們將運用一流的平台與專業能力，提供資產管理、物業管理與租賃服務，維持對不動產的日常控制，並維護我們的客戶關係。就經濟條件而言，本交易代表的追溯現金資本化率為 5.9%；在七年後，我們將擁有有限次數的買回權（call rights），可按足以使 Brookfield 取得 6.5% 無槓桿報酬率的價格，回購其非控股權益。最重要的是，這項合作夥伴關係在可複製的框架下，擴大我們取得替代性股權資本來源的管道，使我們能在各項業務中追求成長機會。

Now turning to the second-quarter results. We reported FFO as adjusted of $0.46 per share and net debt-to-EBITDA of 4.7 times. Now starting with outpatient medical. We had another strong quarter of leasing as we continue to see demand for our real estate. For the quarter, we executed 1.2 million square feet of leases, including approximately 327,000 square feet of new leasing, bringing our year-to-date total to 2.3 million square feet.

現在轉到第二季業績。我們公布調整後FFO為每股0.46美元，淨負債對EBITDA為4.7倍。先從門診醫療談起。在我們持續看到市場對我們不動產的需求之際，本季租賃表現再度強勁。本季我們簽訂了120萬平方英尺的租約，其中約32.7萬平方英尺為新租賃，使我們年初至今累計達到230萬平方英尺。

We achieved 80% tenant retention and cash re-leasing spreads of 5%, which is in line with our average of 5% over the last 10 quarters and above our pre-Physicians Realty merger averages of 2% to 3%. We ended the quarter with total occupancy up 20 basis points sequentially to 90.7%. Since July 1, we have an additional 204,000 square feet of lease execution and approximately 882,000 square feet under LOI.

我們達成80%的承租戶續租率，現金再租賃租金價差為5%，與過去10個季度平均5%一致，且高於與Physicians Realty合併前平均2%至3%的水準。本季末整體出租率較前一季提升20個基點至90.7%。自7月1日以來，我們另有20.4萬平方英尺完成簽約，並有約88.2萬平方英尺處於LOI（意向書）階段。

I'd like to highlight our partnership with Northside and Atlanta as it's proven to be a source of strategic growth of our allocation portfolio. We have now entered into another development agreement for the ground up construction of a new outpatient medical project to support their expansion in Atlanta, where we have number one market share. This will be the fifth development project with Northside, totaling approximately 565,000 square feet.

我想特別強調我們與Northside及亞特蘭大的合作夥伴關係，這已證明是我們配置型投資組合策略性成長的來源。我們現已再簽訂另一項開發協議，將從零開始興建一個新的門診醫療專案，以支持其在亞特蘭大的擴張，而我們在該市場擁有第一的市占率。這將是我們與Northside的第五個開發專案，合計約56.5萬平方英尺。

Moving to lab. We continue to make progress towards net absorption and total occupancy capture through year-end. For the quarter, we executed 381,000 square feet of leases, of which approximately 60% was new leasing and 30% on vacant space. We ended the quarter with total occupancy increasing by 80 basis points sequentially to 78.5%. That is a 140-basis-point increase since year-end 2025. And since July, we've entered into approximately 20,000 square feet of leases and have another 480,000 square feet under LOI.

接著談實驗室（lab）。我們持續朝向年底前實現淨吸納（net absorption）與提升整體出租率的目標推進。本季我們簽訂了38.1萬平方英尺的租約，其中約60%為新租賃，30%為空置面積的出租。本季末整體出租率較前一季提升80個基點至78.5%。相較2025年年底，這是提升了140個基點。自7月以來，我們已簽訂約2萬平方英尺的租約，另有48萬平方英尺處於LOI階段。

As a result of this activity, we anticipate a modest improvement in total occupancy by year-end from where we stand as of June 30. These results reflect our focus on driving leasing volumes our properties, which I would like to highlight by sharing our progress in Torrey Pines, the premier lab submarket in San Diego. The activity we've seen in Torrey is a testament to our team on the ground and our high-quality portfolio as tenants are seeking core assets and core locations with experienced landlords. This is allowing us to capture an outsized share of the deal volume.

基於上述活動，我們預期到年底整體出租率將較6月30日的水準小幅改善。這些成果反映我們專注於提升物業租賃量；我也想透過分享我們在聖地牙哥頂級實驗室子市場Torrey Pines的進展來加以說明。我們在Torrey看到的活動，證明了我們在地團隊與高品質投資組合的實力，因為承租戶正尋求核心資產、核心地段，以及具經驗的房東。這使我們得以取得高於平均的成交量占比。

When accounting for executed leases and LOIs, our lease percentage in the submarket increased to 97% from approximately 65% at year-end 2025. And ending with Senior Housing. Healthy ownership interest in Janus Living is now 74%, which represents approximately $6.5 billion of equity value. For the second quarter, Janus Living delivered total revenue growth of 45%, adjusted EBITDA growth of 34%, and ended the period with cash on the balance sheet and no outstanding debt.

若將已簽訂租約與LOI一併計入，我們在該子市場的出租比例已由2025年年底約65%提升至97%。最後談高齡住宅（Senior Housing）。我們在Janus Living的持股比例目前為74%，約代表65億美元的股權價值。第二季Janus Living實現總營收成長45%、調整後EBITDA成長34%，期末資產負債表上持有現金且無任何未償債務。

Now moving to the balance sheet. We had significant activity during the second quarter into the third quarter against the backdrop of elevated borrowing costs. We have taken prudent steps to manage our debt maturities and maintain flexibility in accessing the capital markets.

接著談資產負債表。在借款成本居高不下的背景下，我們在第二季延續至第三季進行了大量相關作業。我們已採取審慎措施來管理債務到期結構，並維持進入資本市場的彈性。

Through year-end, we now expect to generate $1.9 billion of gross proceeds from capital recycling initiatives. And to date, we have completed $1 billion of acquisitions and buybacks. Through August 4, we have repaid $900 million of debt, including $650 million of senior unsecured notes in July. We ended the second quarter with net debt to adjusted EBITDA of 4.7 times and $4.1 billion of available liquidity.

截至年底，我們目前預期透過資本循環（capital recycling）計畫可產生19億美元的總收益（gross proceeds）。截至目前，我們已完成10億美元的收購與回購。截至8月4日，我們已償還9億美元債務，其中包含7月償還的6.5億美元無擔保優先票據。第二季末，我們的淨負債對調整後EBITDA為4.7倍，可用流動性為41億美元。

And quickly ending with guidance before we open up for Q&A. We raised our FFO's adjusted guidance range by $0.02 to $1.73 to $1.77 per share. The rate was driven by a 75-basis-point increase in total same-store NOI from midpoint, which includes a 200-basis-point increase in both lab and senior housing and the recognition of the low market interest amortization related to the $400 million seller note repayment.

在進入問答前，快速說明一下財測指引。我們將調整後FFO指引區間上調0.02美元至每股1.73至1.77美元。上調主要來自同店（same-store）NOI總額中位數提高75個基點，其中包含實驗室與高齡住宅各提高200個基點，以及因償還4億美元賣方票據（seller note）而確認的低於市場利率攤銷（low market interest amortization）。

To recap, we've made significant progress across the business through the first half of the year, and our balance sheet has never been stronger. We have ample capacity available to deploy into new investments as we find opportunities.

總結來說，我們在今年上半年於各項業務均取得顯著進展，我們的資產負債表也從未如此強健。當我們發現機會時，我們有充足的能力投入新的投資。

And with that, operator, please open the line for questions.

以上，接線員，請開放提問。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

(接線員指示) Ronald Kamdem，摩根士丹利。

Hey, great. Just wanted to add about the lab portfolio. Looked like occupancy picked up as you mentioned sequentially and still expecting sort of improvement in the back half of the year. I guess I'm just curious, as you're sort of putting it all together with the environment, with the leasing pipeline, when do you think you'll have line of sight to be able to see sort of same-store inflect to the positive?

嗨，很好。我想補充問一下實驗室投資組合。如你提到的，出租率看起來較前一季有所回升，而且你們仍預期下半年會有所改善。我想了解的是，綜合目前環境與租賃管線來看，你們認為何時能更有把握看到同店（same-store）轉為正成長？

Ron, this is Kelvin. I'll start there. I mean, I think what's most important that we've been really focused on is capturing more than our share of the demand in the market and driving net absorption through the portfolio. And we've been able to do that through the first half of the year. We started a 77% occupancy coming into the year, and now, we're at 78.5% total occupancy, which I think is a testament to the team doing a really phenomenal job on the ground to capture that demand. And it will certainly translate.

Ron，我是Kelvin。我先回答這題。我認為最重要的是，我們一直非常專注於在市場需求中取得高於我們份額的成交，並推動整個投資組合的淨吸納。而我們在今年上半年已經做到了。我們年初進來時出租率是77%，現在整體出租率達到78.5%，我認為這證明了我們在地團隊在掌握需求方面做得非常出色。而這些成果一定會反映出來。

We improved our same-store guidance for lab by 200 basis points at the midpoint, and that's certainly trending in the right direction. That's driven by the improvement in occupancy and just the overall health that we're seeing in the sector. So I think it's probably a little too soon to predict exactly which quarter we'll see that inflection, but we're certainly trending in the right direction.

我們將實驗室的同店指引在中位數上調了200個基點，這確實正朝正確方向發展。這主要由出租率改善，以及我們在該產業看到的整體健康度提升所帶動。因此，我認為現在要精準預測會在哪一季出現拐點可能還稍早，但我們確實正朝正確方向前進。

Ron, I just want to add, same-store is less relevant. The real key is total occupancy and moving NOI in that segment higher. That's what generates earnings growth and ultimately share price. So that's all we talk about internally. That's the number we're reporting on. We report same-store because we have to. That's not the number we focus on. The key is we're growing total occupancy, and that's going to grow total NOI and ultimately earnings. So we're making progress already in the first half of this year. Next question.

Ron，我想補充一下，同店其實沒那麼重要。真正的關鍵是整體出租率，以及讓該分部的NOI提高。那才會帶來獲利成長，最終反映在股價上。所以我們內部談的就是這些。這也是我們用來追蹤與回報的數字。我們之所以報同店，是因為必須報。但那不是我們關注的指標。關鍵在於我們正在提升整體出租率，這將帶動整體NOI，最終帶動盈餘。因此我們在今年上半年已經取得進展。下一題。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Hi, good morning, and thanks for the time. I appreciate how succinct the prepared remarks were. Just on the lab and the competitive environment for leasing, you obviously have different players out there with different motivations highly motivated to push up leasing as you guys are. But just curious if anything has changed with regards to the rate environment, free rent, build-out costs, et cetera. And maybe as part of that, if you can comment on any changes in the size of tenants out there, small, medium, large and where the improvements have been.

嗨，早安，謝謝撥冗。我很欣賞事先準備的發言相當精煉。關於實驗室以及租賃的競爭環境，市場上顯然有不同的參與者、不同的動機，也都像你們一樣非常積極推動出租。但我想了解的是，在租金水準、免租期、裝修（build-out）成本等方面，是否有任何變化？另外，若可以的話，也請你評論一下市場上承租戶規模（小型、中型、大型）是否有變化，以及改善主要來自哪些類型。

Hi, Juan, this is Kelvin. I'll start there. What I'd say is the pipeline continues to be fairly robust. We've seen since September 25, strong demand just continue in the portfolio. We've had a 2 million-square-foot leasing pipeline. And we've been capturing that demand and translating it into executed LOIs and leases.

嗨，Juan，我是Kelvin。我先從這裡開始。我想說的是，我們的洽談管線仍然相當強勁。自9月25日以來，我們看到投資組合內的強勁需求持續延續。我們有一條200萬平方英尺的租賃管線。而我們一直在承接這些需求，並將其轉化為已簽署的意向書（LOI）與租約。

So as of the earnings call, we had 500,000 square feet under LOI, which is within our 2 million square feet of pipeline. And I'd say the characteristics of that pipeline hasn't changed dramatically. It's disproportionately wet lab space. It's biotech tenants that are really attracted to core assets in core locations. So we're certainly a recipient of all of the positive momentum we've seen in the biotech sector.

因此，截至財報電話會議時，我們有50萬平方英尺處於意向書（LOI）階段，這包含在我們200萬平方英尺的管線之內。而我會說，該管線的特性並沒有出現劇烈變化。其中濕式實驗室空間占比偏高。主要是生技租戶，他們非常青睞核心地段的核心資產。所以，我們確實是生技產業正向動能的受益者。

From a rates and concession standpoint, I'd say that the rates continue to be in line generally with our portfolio averages. Free rent has trended to be one month per year up to two months per year of lease term. And that's been fairly consistent. So it's really -- it's use dependent. It's a condition of the quality of the space, how much capital needs to be invested that's really driving the economics around these deals. And each situation is fairly unique. But most importantly, our portfolio can accommodate a wide variety of uses, and we've seen the benefit of that in our results.

就租金水準與讓利（concession）而言，我會說租金整體仍大致與我們投資組合的平均水準一致。免租期的趨勢大約是每年租期給予一個月，最高到每年兩個月。而這一直相當一致。所以這真的——取決於用途。空間品質狀況、需要投入多少資本，才是真正驅動這些交易經濟條件的因素。每個情況都相當獨特。但最重要的是，我們的投資組合可以容納非常多元的用途，而我們也在結果中看到了這點帶來的效益。

We've had fairly low capital deployed to capture that occupancy, just given the quality of our spaces for second-generation leases. And in certain instances where we have redevelopments, CapEx could be more elevated as we have to improve spaces that have been occupied for multiple decades by a single tenant. So I think the pipeline continues to be strong, and the team is doing a phenomenal job converting it.

我們為了取得這些入住率所投入的資本相對較低，主要是因為我們的空間品質佳，適合第二代租約（second-generation leases）。而在某些我們進行再開發的案例中，資本支出（CapEx）可能會更高，因為我們必須改善那些被單一租戶占用數十年的空間。所以我認為管線仍然強勁，而團隊在轉化方面做得非常出色。

Juan, this is Scott. The only thing I'd add on that, too, is the -- from a size perspective, we have seen more in that 25,000 to 75,000 square foot range, both in the execution as well as the LOI and pipeline bucket. So I think that that size rate is normalizing as we see the funding environment continue to improve.

Juan，我是Scott。我唯一想補充的是——從面積規模來看，我們確實看到更多落在2.5萬到7.5萬平方英尺的區間，無論是在已執行的交易，還是在意向書（LOI）與管線的那一籃子裡。所以我認為，隨著融資環境持續改善，這個面積帶的需求正在回歸常態。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行（Wells Fargo）。

Hi, good morning. Scott, in the opening remarks, you talked about the outlook for lab being more attractive here. I'm curious, are we getting back into an entire network, the distressed lab opportunity is looking more attractive to you? And what's the opportunity set today there?

嗨，早安。Scott，在開場致詞中你提到，實驗室的前景在這裡變得更具吸引力。我想了解的是，我們是否又回到一個整體網絡的層面——對你而言，困境實驗室（distressed lab）的機會看起來更有吸引力了嗎？而目前那邊的機會集合（opportunity set）是什麼樣子？

Yeah. The building blocks for the sector recovery are definitely there, and we're starting to translate that into leasing pipeline and leasing execution, growing occupancies. Things are definitely getting better. Obviously, there was some work that needed to be done with vacancy. So it's not going to happen overnight, but the trajectory is clearly positive. I think the incumbents like Healthpeak are definitely capturing market share.

是的。這個產業復甦的基礎要素確實都在，而且我們開始把它轉化為租賃管線與租賃執行，入住率也在提升。情況確實在改善。當然，空置率方面還有一些工作需要做。所以不會一夕之間就發生，但趨勢顯然是正向的。我認為像Healthpeak這樣的既有業者，確實正在取得市占。

So we're focused on core markets, buildings we want to own long term, and particularly situations where we think our platform can bring something to the table and lease up a building that's otherwise not doing very well. So I think we've got the team and the balance sheet and the credibility to do all those things.

因此我們聚焦在核心市場、我們希望長期持有的建物，特別是那些我們認為平台能帶來價值、能把原本表現不佳的建物租起來的情境。所以我認為我們具備團隊、資產負債表實力以及可信度，能把這些事情都做好。

The pipeline is active. It may end up not doing anything. We'll see. These deals take time to play out. Sometimes, they're quite complicated, lenders involved, et cetera. But we're working on a number of situations. We obviously did the one at Gateway over the new year. It's doing phenomenally well. Scott, Natalie and the team are leasing it up, signed something like 125,000 feet of leases or LOIs since that purchase and active discussions on another 200,000 feet or so.

管線很活躍。最後也可能什麼都不做。我們再看看。這些交易需要時間發酵。有時候相當複雜，會牽涉到放款機構等等。但我們正在處理多個案子。我們顯然在新年期間完成了Gateway那一筆。表現非常好。Scott、Natalie和團隊正在把它租起來，自那次收購以來已簽下大約12.5萬平方英尺的租約或意向書（LOI），並且就另外約20萬平方英尺左右進行積極洽談。

So like really making good progress on that at a great basis. So hopefully, it's situations like that that we're focused on course upmarket in a situation where we can really add value with our platform and balance sheet and relationships. So we're working on a number of them, but no promises that any of them get done, but I think we'll end up being a consolidator over the next 24 months, which should prove to be a great time to grow the portfolio.

所以在很好的成本基礎下，確實取得了很好的進展。因此希望我們聚焦的就是這類情境：在核心、偏高端的市場中，我們能透過平台、資產負債表與關係網真正創造價值。我們正在推進多個案子，但不保證任何一個一定會成交；不過我認為未來24個月我們最終會成為整併者（consolidator），這應該會是擴大投資組合的好時機。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Thanks. Good morning, everybody. Kelvin, I think you had said that about 30% of the new leasing in the second quarter was for vacant space. I'm just wondering if you can give us some sense about the difference between leased versus occupied today and kind of how that's trended versus last quarter. And what kind of a commencement schedule looks like across those leases that have been signed and are expected to take occupancy over the next six months or so?

謝謝。各位早安。Kelvin，我記得你提到第二季的新租賃中，大約30%是針對空置空間。我想請你談談目前「已出租」與「已入住」之間的差異大概是什麼情況，以及相較上一季的趨勢如何。另外，對於那些已簽署、預計在未來六個月左右開始進駐的租約，其生效（commencement）時程大概會是怎樣？

Yeah. Thanks, Austin, for that question. Without giving very specific guidance in terms of occupancy in the forward quarters, what I could simply say is that we have commencements in the back half of the year that exceed our expiration, and we continue to expect a modest improvement in total occupancy for the lab portfolio.

好的。謝謝你，Austin，這個問題。在不提供未來季度入住率非常具體指引的前提下，我只能說，我們在下半年將有超過到期量的租約開始生效（commencements），而我們仍預期實驗室投資組合的總入住率將小幅改善。

We've talked about the pipeline. It continues to be healthy. And these leases have the potential to commence starting in 2026 that are within our LOI bucket. I wouldn't say it's a substantial share of that 500,000 square feet that we mentioned, but we do have the potential for some of our recent executions to benefit 2026 and into 2027.

我們談過管線。它仍然健康。而在我們意向書（LOI）那一籃子裡，有些租約有可能從2026年開始生效。我不會說這在我們提到的那50萬平方英尺中占了很大比重，但我們確實有可能讓近期部分已執行的交易在2026年、並延伸到2027年帶來貢獻。

So we continue to focus on just capturing demand. We're only midway through the year. So there's plenty of time, no pressure on the team here to go out there and further improve the conversion of that pipeline that will drive incremental occupancy into 2027.

因此我們仍專注於承接需求。我們才剛過完上半年。所以時間還很充裕，團隊也沒有壓力一定要立刻再把管線轉化率進一步拉高；這些轉化將在2027年前後帶來額外的入住率。

Seth Bergey, Citi.

Seth Bergey，花旗（Citi）。

Hi, good morning. Thanks for taking my question. It sounds like the kind of activity in the market has certainly improved and you're seeing kind of more tenants. I'm just wondering how that conversion timeline kind of changed just given the amount of the available lab space. Are you seeing a pickup between kind of when tenants comes to market and getting across that finish line and signing the lease?

嗨，早安。謝謝讓我提問。聽起來市場活動確實改善了，你們也看到更多租戶出現。我想了解的是，考量到目前可供出租的實驗室空間數量，這個轉化時程是否有所改變。你們是否看到從租戶開始進場到最後跨過終點線、簽下租約之間的時間有加快？

Sure, Seth. It's Scott on. I mean, we're still in an environment where folks that are a little cautious, right? I mean, there's a little bit of scar tissue out there. So I think people and groups are taking their time and doing the diligence they need to do, which they should in a lease process. So from initial tour to execution, you -- depending on the deal, it would be three months, it could be nine months, right? There's a lot of factors at play size organization, things like that, but it's been relatively consistent over the past 12 months.

當然，Seth。我是Scott。我的意思是，我們仍處在一個大家比較謹慎的環境，對吧？外面多少還有一些創傷記憶。所以我認為個人與團隊都會花時間做他們需要做的盡職調查，而在租賃流程中這也是應該的。因此從初次看場到簽約——視交易而定，可能是三個月，也可能是九個月，對吧？影響因素很多，例如規模、組織等，但過去12個月整體而言相對一致。

Connor Mitchell, UBS.

Connor Mitchell，瑞銀。

Hey, good morning. Thanks for taking my question. You guys mentioned some CapEx that's required for second-generation leasing or spaces that have been occupied now turning over. Can you just expand on that a bit and maybe how much CapEx we should expect over the near or medium term just based on the known move-outs and the leasing pipeline?

嗨，早安。謝謝讓我提問。你們提到第二代租賃（second-generation leasing）或目前已被承租、現在即將換租的空間，需要一些資本支出（CapEx）。能否再多談一點，並且就已知的搬遷退租以及租賃管線來看，近中期我們大概應該預期多少CapEx？

Connor, this is Kelvin. I'll start there. What I would say is, generally speaking, as you look to the available space in our portfolio, we've done a great job over the year to invest in capital and preparing for these second-generation leases. So we've done a great job keeping capital costs low to obtain the occupancy that we've been able to achieve.

Connor，我是Kelvin。我先回答這題。我想說的是，整體而言，當你看我們投資組合中的可出租空間時，我們今年在資本投入上做得很好，已為這些第二代租約做好準備。因此，我們在資本成本控制上做得很不錯，也才能達到目前的入住率表現。

So I think on our redevelopment assets, in certain instances, you'll see a more elevated capital need to get spaces that were occupied for multiple decades by a single tenant to be prepared for multi-tenant occupancy or to be modernized for the current user's requirements. So those spaces will require some elevated capital.

所以我認為，在我們的重建／再開發資產上，某些情況下，你會看到較高的資本需求，因為有些空間曾由單一租戶連續承租數十年，需要調整成可供多租戶使用，或為符合現有使用者需求而現代化。因此，這些空間會需要較高的資本投入。

But generally speaking, with our availabilities, we're looking at pretty modest capital cost across the board to get tenants in. We don't have much space in our portfolio that needs to be built out from Shell. I think that's a huge advantage, both from a timing standpoint of getting a tenant to occupancy, but also from a capital spend standpoint. So we're certainly taking advantage of the quality of our space right now to be able to capture the demand.

但整體而言，就我們的可出租空間來看，為了讓租戶進駐所需的資本成本普遍相當溫和。我們投資組合中幾乎沒有需要從毛胚（Shell）開始整體裝修的空間。我認為這是很大的優勢，無論是讓租戶更快進入可使用狀態的時間面，或是資本支出面。所以我們確實正利用目前空間品質的優勢來承接需求。

Yeah. If you're looking for numbers too, I'd just say around 10% for renewals, probably 20%, 25% for new leasing, is probably just a good rule of thumb, some higher, some lower, but just as an average, it's about what it's been over the last decade.

對。如果你也想要一些數字，我會說續租大概在10%左右，新租大概20%到25%作為經驗法則應該不錯；有些更高、有些更低，但以平均來看，這大致就是過去十年的水準。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Thanks and good morning and very nice quarter, folks. So last quarter, you guided to 100-basi- point uptick in -- for the year in Life Science, and you've achieved that and then some so far. You have not made a commitment going forward necessarily on what that number will look like. And I can appreciate it's a lumpy business and so on.

謝謝，早安，各位，這一季表現很不錯。所以上一季你們指引生命科學（Life Science）今年全年入住率提升100個基點，而你們到目前為止已經達成甚至超過。你們並沒有對未來一定要承諾那個數字會長什麼樣。我也理解這個業務會有波動、起伏不均等等。

But is -- I guess the question is 100 basis points up despite being 150 basis points up for the first half, is that still in the range of possible, meaning like you could have some volatility in terms of timing of leasing chunky assets that are coming -- that are expiring and so on? Or is 100 basis points up the full year, meaning some giveback in the second half is probably off the table at this point?

但我想問的是：即使上半年已經提升150個基點，全年仍只提升100個基點，這還在可能範圍內嗎？也就是說，你們可能會因為一些大體量資產的租賃時點、到期與退租時點等而出現波動？還是說，既然全年提升100個基點，那代表下半年可能回吐一些（giveback）這件事，到目前為止大概已經不太可能了？

Yeah, Rich, maybe I'll try to answer that simplistically. When we had articulated 100 basis points, that was off of year-end, total occupancy at 77%. And we've already exceeded that. And I think for the balance of the year, I mentioned a few times that we have commencements that will exceed our aspirations. Every quarter is unique in terms of the timing of when those vacates occur. So there could be some lumpiness, but we've anticipated modest improvement in total occupancy through year-end from here. So we've already captured the 100 basis points that we had articulated previously, and there's still room to capture some incremental occupancy through the balance of the year.

對，Rich，我試著用比較簡單的方式回答。當我們先前提到提升100個基點時，是以年底總入住率77%為基礎。而我們已經超過那個水準了。我也多次提到，今年剩餘期間我們的起租（commencements）將會超過我們原本的期望。每一季在退租發生的時點上都不一樣。所以可能會有一些起伏，但我們預期從現在到年底，總入住率仍會溫和改善。因此，我們已經達成先前所說的100個基點，而且在今年剩餘期間仍有空間再增加一些入住率。

Okay, next question.

好，下一題。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

I guess shifting to outpatient for a minute. I noticed that, I guess, cash spreads decelerated a little bit in the second quarter versus the first quarter. So maybe just help us understand a window into that? And where would you estimate sort of the mark-to-market opportunity in outpatient? And I guess, thirdly, are you looking at growing that portfolio, maybe even via the JVs?

我想把話題轉到門診（outpatient）一下。我注意到，第二季的現金租金價差（cash spreads）相較第一季似乎稍微放緩。能否幫我們理解一下背後原因？另外，你會如何估計門診業務的市價重估（mark-to-market）機會？第三，你們是否考慮擴大這個投資組合，甚至透過合資（JVs）？

Yeah. Thanks for the question, Rich. Mark and the team are doing a great job taking advantage of solid fundamentals in that business. So the re-leasing spreads, I don't know they might have been down 20 basis points from last quarter, but they're up like 50%. From the last decade at plus 5%. That's a phenomenal result in that business. And even better, we're doing it with very modest TIs.

好的。謝謝你的問題，Rich。Mark和團隊在把握該業務穩健基本面方面做得非常好。所以再出租價差（re-leasing spreads），我不確定是否比上一季低了20個基點，但它們是上升的，像是提高了50%。相較過去十年平均約正5%。這在那個業務裡是非常出色的成果。而且更好的是，我們是在非常溫和的租戶裝修（TIs）投入下做到的。

And we're getting 3% escalators on essentially all the leasing that's being done. So the re-leasing spreads only half the story. To start couple out with TIs and really strong escalators, just a phenomenal result. So we're actually really pleased with it. Next question.

而且我們幾乎所有正在進行的租賃都拿到3%的年增租（escalators）。所以再出租價差只講了一半的故事。把TIs和非常強的年增租一起看，這真的是非常亮眼的成果。所以我們其實對此非常滿意。下一題。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

Thank you and good morning. Staying on the MOB topic, I was curious if you can expand on your appetite for potentially doing more JVs, especially in this recap structure. And also, if you could just touch on what led you to do this Brookfield transaction, especially keeping the call option on the go forward.

謝謝，早安。延續醫療辦公大樓（MOB）的話題，我想請你們多談談是否有意願做更多合資（JVs），特別是這種資本重整（recap）架構。另外，也請談談你們為何要做這筆與Brookfield的交易，尤其是保留未來的買回選擇權（call option）。

Yeah. Adam and the team did a fantastic job with Brookfield. That's a great organization to work with. We've done some things with them over the years. Happy to have them as a partner going forward. They obviously have a huge balance sheet and appetite to grow as does Blackstone. So really two amazing partners to add to our portfolio over the last two quarters. And I would expect us to do more with each.

好的。Adam和團隊與Brookfield合作做得非常出色。那是一個很棒的合作夥伴。我們過去幾年也和他們做過一些事情。很高興未來能與他們成為合作夥伴。他們顯然資產負債表很大，也有擴張意願，Blackstone也是如此。所以在過去兩個季度，我們把兩個非常優秀的合作夥伴納入我們的投資組合。我也預期我們會與兩方各自做更多合作。

The deal structures are a little different. We're 51% owner with Brookfield. We're a 20% owner with Blackstone. And they each have their own unique things that they're trying to pursue, but the common threat is they're looking to partner with Healthpeak as their GP in this business. We do have a fantastic existing portfolio that we can recap -- what we think are strong prices. Obviously, they're getting the returns that they need. But from our perspective, these are strong prices.

交易結構有些不同。我們在與Brookfield的合資中持股51%。在與Blackstone的合資中持股20%。他們各自有不同的目標要追求，但共同點是，他們希望在這個業務中與Healthpeak合作，由我們擔任普通合夥人（GP）。我們確實有一個很棒的既有投資組合可以進行資本重整（recap）——我們認為價格相當不錯。當然，他們也能取得他們所需要的報酬。但從我們角度看，這些價格很強。

And with Brookfield, that buyback option, I mean, when this team joined Healthpeak, I don't know, eight years ago, we inherited contracts that the tenants had a lot of purchase options that were in the money. I think we've created a purchase option here that will be in the money for Healthpeak. After seven years, obviously, we'll make that decision at the time, but the 6.5% unlevered return with the quality of the portfolio, we think that's certainly achievable.

至於Brookfield的買回選擇權，我是說，當這個團隊加入Healthpeak時，大概是八年前吧，我們承接了一些合約，租戶手上有很多價內（in the money）的購買選擇權。我認為我們在這裡創造了一個對Healthpeak而言會是價內的購買選擇權。七年後當然我們會在那個時點做決定，但以這個投資組合的品質來看，6.5%的無槓桿報酬率（unlevered return），我們認為是完全可達成的。

So a great price upfront from our perspective, but also the ability to acquire assets in the future at a strong price, maintain the hospital relationships' control of the decision-making, I mean, it's really a phenomenal outcome. It just puts our balance sheet in the best position it's ever been. With leverage below 5 times, we're seeing a lot of opportunity across all three business segments that we're excited to take advantage of, but we'll be patient and make sure that when we actually use the dry powder that is as impactful as possible.

所以從我們角度看，前端拿到很好的價格，同時也保有未來以不錯價格收購資產的能力，並維持與醫院關係中對決策的掌控權——這真的是非常理想的結果。這也讓我們的資產負債表處於史上最佳狀態。在槓桿倍數低於5倍的情況下，我們在三大業務板塊都看到許多機會，並且很期待把握，但我們會保持耐心，確保真正動用這些「乾粉」（dry powder）時，能帶來最大的效益。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC 資本市場。

I know, Scott, you touched on this throughout the call, but I wanted to circle back on the lab acquisition opportunities. What markets are most interesting? And should we think about this as more of a fee simple-type acquisition? Or are you still interested in the structured finance-type deals that you guys done in the past?

我知道，Scott，你在整場電話會議中都有提到這點，但我想再回到實驗室收購機會這個話題。哪些市場最有吸引力？我們是否應該把這視為較偏向完全所有權（fee simple）類型的收購？還是你們仍對過去做過的結構性融資類型交易有興趣？

We'll focus on the core markets where we have a competitive advantage, people on the ground that can actually make a difference. We're already capturing more than our fair share of the leasing. So I think that will be a common threat in anything that we do is we can bring our platform to the table and create value in addition to our balance sheet.

我們會聚焦在我們具備競爭優勢的核心市場，也就是有在地團隊、確實能帶來差異的市場。我們目前在租賃方面已經取得超過應有份額的成果。所以我認為，我們做任何事情的一個共同主軸是：我們能把平台帶上桌，除了資產負債表之外，還能創造額外價值。

In terms of deal structure, we did some loans -- I don't know -- two years ago because owners hadn't really capitulated, so the pricing didn't make sense from our perspective. But I think we're getting closer to the point that pricing has come down. Gateway is a good example where fee simple made more sense.

就交易結構而言，我們——我不知道——大概兩年前做過一些貸款，因為業主其實還沒有真正讓步，所以從我們的角度看，定價並不合理。但我認為我們正逐漸接近價格已經下修到位的階段。Gateway 就是一個很好的例子，當時採用完全所有權（fee simple）更合理。

So I'd say the majority of what we're looking at today is [fee simple]. But there may be unique situations where we'd still look to a loan structure with an option to buy. But pathway to ownership in any event, we're not here to make loans. Next question.

所以我會說，我們目前看的大多數標的都是[完全所有權（fee simple）]。但也可能有一些特殊情況，我們仍會考慮以貸款結構搭配購買選擇權。不過無論如何，最終都要有取得所有權的路徑；我們不是來放款的。下一題。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Thanks and good morning. Can you maybe just provide some color on which lab markets are seeing the strongest demand today? And maybe related to that, where is pricing power holding up the best across those markets, if there is differentiation?

謝謝，早安。你能否補充一些細節，說明目前哪些實驗室市場的需求最強？以及相關地，在這些市場中，若有差異的話，哪些市場的定價能力維持得最好？

Yeah. Maybe I'll start, Michael. Thanks for the question. And I might ask Scott to jump in here as well. But we're certainly seeing the demand the strongest of Bay Area. No surprise that the biotech ecosystem in that market just continues to thrive. And we're positioning our portfolio to be able to capture that demand.

好的。Michael，也許我先開始。謝謝你的問題。我也可能請 Scott 一起補充。但我們確實看到需求最強的是灣區。不意外，那個市場的生技生態系仍持續蓬勃發展。我們也在調整投資組合的配置，以便能夠承接那樣的需求。

San Diego has also been tremendously productive. We talked about Torrey Pines and what we've seen there. And a good amount of that demand has been homegrown. These are existing clients that have had successful outcomes in their businesses and are seeking more space. That's the story that you like to hear across the sector, and that's happened quite frequently in the Torrey submarket that's driven those outcomes that we talked about, getting from high 60s to high 90s. Lease percentage is pretty phenomenal in a short amount of time.

聖地牙哥也非常有成效。我們談過 Torrey Pines 以及我們在那裡看到的情況。而其中相當一部分需求是內生的。這些是既有客戶，他們的業務取得成功成果，因而尋求更多空間。這正是你希望在整個產業中聽到的故事，而在 Torrey 這個子市場相當常見，並推動了我們提到的成果，出租率從 60% 高段提升到 90% 高段。在很短時間內的出租比例相當驚人。

So great execution from our team, but also just the strength of what we're seeing in that market. Boston is probably the most challenged just given the supply overhang across that marketplace. I think where we're positioned in West Cambridge and Lexington, we have an opportunity to continue to capture demand that's kind of seeking that kind of suburban urban product. And we've done a phenomenal job there. We're also very well leased in that market.

所以這既是我們團隊出色的執行力，也反映了我們在該市場看到的強勁基本面。波士頓可能是挑戰最大的一個，主要是因為整個市場的供給過剩壓力。我認為我們在西劍橋與列星頓的布局，讓我們有機會持續承接那些尋求郊區但具都市感產品的需求。而我們在那裡做得非常出色。我們在該市場的出租率也很高。

So with regards to our available spaces, we've been chasing a subset of the demand. There's other submarkets that are proving to become alternatives outside of biotech in life sciences. So as the supply overhang gets managed, that should probably improve over time. But Scott, I don't know if you'd add anything specifically to --

因此，就我們可出租空間而言，我們一直在追逐其中一部分需求。也有其他子市場正在成為生命科學中、非生技領域的替代選項。所以當供給過剩逐步被消化後，情況應該會隨時間改善。不過 Scott，我不確定你是否要特別補充——

Yeah. I think in Boston, one thing I would note is in the second quarter, we saw 80% of the market activity that we saw in all 2025, right? So you're certainly seeing kind of light there. I mean, as Kelvin mentioned, is that there's the biggest supply-demand imbalance there so a lot to work through. But our relative position there is important to remember, too.

是的。我想在波士頓有一點值得注意：第二季我們看到的市場活動量，已經達到 2025 年全年活動量的 80%，對吧？所以你確實開始看到一些曙光。我的意思是，如 Kelvin 提到的，那裡的供需失衡最大，還有很多需要消化。但也要記得我們在那裡的相對位置很重要。

I mean, if you look at the Route 128 West market, I mean, overall, it's 30% vacant, but our assets are 11% vacant, right? So it really comes down to what is the quality of your assets within that particular submarket.

如果你看 128 號公路西段（Route 128 West）市場，整體空置率是 30%，但我們的資產空置率是 11%，對吧？所以關鍵其實在於：在那個特定子市場裡，你的資產品質如何。

And your question on pricing power, we talked about it a lot, but our portfolio of scale, especially in markets like Bay Area or Torrey, allow us to see a lot of deals that aren't widely marketed, whether those are just relationships we have with tenants within the portfolio or otherwise -- or the VCs, and many of those are groups who are growing within the portfolio. So we tend to have a little bit more pricing power on deals like that than you would on widely marketed deal.

至於你問到的定價能力，我們談了很多；我們具規模的投資組合，特別是在灣區或 Torrey 這類市場，讓我們能看到許多沒有被廣泛行銷的交易——不論是我們與投資組合內租戶的關係，或其他關係——或是與創投（VC）之間的關係，而其中很多團隊都在投資組合內成長。因此，對於這類交易，我們往往比那些被廣泛行銷的交易擁有更強一些的定價能力。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通（JPMorgan）。

Scott, you touched on outpatient spreads. Was there anything out of the ordinary driving the weaker lapse rent spread in the quarter? Was it just sprints bouncing around, trying to drive occupancy or something else?

Scott，你提到門診（outpatient）的租金價差。本季實驗室租金價差較弱，有沒有什麼不尋常的因素在驅動？只是價差在波動、想拉高入住率，還是有其他原因？

Just a unique situation. We've had very positive spreads for the last couple of years, plus or minus 5%, 6%, 7%. In most quarters, there's always going to be an outlier quarter, up or down. This is one where it was a little bit down. We had a lease in Boston. The team did a great job renewing at actually really strong terms. It's a 10-year lease, not much TI, but the rent was a little bit lower and ended up being a bit competitive, but the team did a great job winning that deal.

只是個別特殊情況。過去幾年我們的價差一直非常正向，大約正負 5%、6%、7%。大多數季度總會有一個離群值，可能偏高或偏低。這一季就是稍微偏低的那種。我們在波士頓有一筆租約。團隊在續約上做得非常好，條款其實很強。這是一份 10 年期租約，幾乎不需要太多租戶裝修補助（TI），但租金稍微低一些，最後在競爭上需要更有彈性，不過團隊仍成功拿下這筆交易。

So still a great outcome, but it's really just the one big lease that drove that outcome. I think Kelvin spoke earlier to the mark-to-market across the whole portfolio, plus or minus [in line]. But there are obviously going to be outliers on either side of that depending on specific building or when that lease was signed; nothing to read into this specific quarter though.

所以結果仍然很好，但主要就是那一筆大型租約帶動了這個結果。我想 Kelvin 先前也提到，整體投資組合的市價調整（mark-to-market）大致正負[符合預期]。但顯然會因為特定建物或該租約簽訂時間不同，而在兩側出現離群值；不需要對這一季做過度解讀。

We have reached the end of the Q&A session. The conference is now concluded. For attending today's presentation. You may now disconnect.

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