Healthpeak Properties Inc (PEAK) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Healthpeak Properties, Inc. Fourth Quarter Conference Call.

早上好，歡迎來到 Healthpeak Properties, Inc. 第四季度電話會議。

(Operator Instructions)

（操作員說明）

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

請注意，正在記錄此事件。我現在想將會議轉交給投資者關係高級副總裁 Andrew Johns。請繼續。

Welcome to Healthpeak's Fourth Quarter 2022 Financial Results Conference Call. Today's conference call will contain certain forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, our forward-looking 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.

歡迎來到 Healthpeak 2022 年第四季度財務業績電話會議。今天的電話會議將包含某些前瞻性陳述。儘管我們認為任何前瞻性陳述中反映的預期均基於合理假設，但我們的前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期存在重大差異。對風險和風險因素的討論包含在我們的新聞稿中，並在我們提交給美國證券交易委員會的文件中有詳細說明。我們不承擔更新任何前瞻性陳述的義務。

Certain non-GAAP financial measures will be discussed on this call. And it exhibits the 8-K we furnished to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. The exhibit is also available on our website at healthpeak.com. I'll now turn the call over to our President and Chief Executive Officer, Scott Brinker.

本次電話會議將討論某些非 GAAP 財務指標。它展示了我們昨天向美國證券交易委員會提供的 8-K，我們已經根據 Reg G 的要求將所有非 GAAP 財務指標與最直接可比的 GAAP 指標進行了核對。該展覽也可在我們的網站 healthpeak.com 上找到。我現在將把電話轉給我們的總裁兼首席執行官 Scott Brinker。

Thanks, Andrew. Good morning, and welcome to Healthpeak's Fourth Quarter Earnings Call. Joining me today for prepared remarks are Pete Scott, our CFO; and Scott Bohn, our CDO. Senior team will be available for Q&A. Through all economic cycles, our business is driven by 2 fundamentals: the aging population and the desire for improved health. Demand for our real estate led to an estimated 17 million visits to our MOBs last year. Our buildings are critical to outpatient health care delivery in Dallas, Houston, Denver, Nashville and many other attractive markets.

謝謝，安德魯。早上好，歡迎來到 Healthpeak 的第四季度財報電話會議。我們的首席財務官皮特·斯科特 (Pete Scott) 今天和我一起準備發言。和我們的 CDO Scott Bohn。高級團隊將提供問答。在所有經濟周期中，我們的業務都受到兩個基本因素的驅動：人口老齡化和改善健康的願望。去年，對我們房地產的需求導致估計有 1700 萬人次訪問我們的 MOB。我們的建築對於達拉斯、休斯頓、丹佛、納什維爾和許多其他有吸引力的市場的門診醫療服務至關重要。

Biotech tenants are producing life-changing therapeutics for cancer, heart disease, sickle cell and many other diseases. It's clear our buildings have an impact not often seen in real estate, and we expect that impact to grow, driven by the ongoing push to outpatient care and exciting advances in personalized medicine and drug discovery. Certainly, there will be periods of belt tightening in biotech, but Healthpeak is in great shape with only a modest amount of space to lease, both this year and next. Our new developments are fully funded and 78% pre-leased.

生物技術租戶正在為癌症、心髒病、鐮狀細胞病和許多其他疾病生產改變生活的療法。很明顯，我們的建築所產生的影響在房地產中並不常見，而且我們預計，在不斷推動門診護理以及個性化醫療和藥物發現方面令人振奮的進步的推動下，這種影響會越來越大。當然，生物技術領域會有一段時間勒緊褲腰帶，但 Healthpeak 狀況良好，今年和明年都只有少量空間可供租賃。我們的新開發項目資金充足，78% 為預租。

We didn't chase non-core submarkets or conversions and kept our pipeline in check. Most important, we finished the quarter at 99% occupancy and continue to sign leases when we do have availability, often with existing relationships. Our significant scale in each of our submarkets is a competitive advantage against small landlords and second-tier product. And in recent weeks, there's been positive momentum in the public markets for biotech. A sustained improvement could lead to reacceleration in demand.

我們沒有追逐非核心子市場或轉化，並控制了我們的管道。最重要的是，我們以 99% 的入住率結束了本季度，並在我們確實有空房時繼續簽署租約，通常是與現有關係。我們在每個子市場的巨大規模是與小業主和二線產品相比的競爭優勢。最近幾週，生物技術的公開市場出現了積極的勢頭。持續改善可能導致需求重新加速。

Moving to operating results, which were strong across the company. Full year same-store NOI grew 5.1% in Life Science and 4% in Medical Office. We achieved those results despite difficult comps as we had best-in-sector same-store growth in 2020 and '21 in both segments. Our fourth quarter results exceeded the full year growth rates, a positive way to close out 2022. Last quarter, we increased earnings' guidance by $0.02, and we finished the year at the high end of that new range. We're projecting another solid year of operations and development deliveries in 2023, offset by the change in interest rates and some noneconomic timing issues that Pete will cover.

轉向經營業績，這在整個公司都很強勁。生命科學全年同店 NOI 增長 5.1%，醫療辦公室增長 4%。儘管困難重重，但我們還是取得了這些成果，因為我們在 2020 年和 21 年的兩個細分市場都實現了行業最佳同店增長。我們第四季度的業績超過了全年增長率，這是結束 2022 年的積極方式。上個季度，我們將收益指引提高了 0.02 美元，我們在這一新區間的高端結束了這一年。我們預計 2023 年的運營和開發交付又將是穩健的一年，但會被利率變化和皮特將介紹的一些非經濟時間問題所抵消。

The underlying business is strong, and the NOI growth opportunity that we described in our November investor presentation is unchanged. We're in great shape from both a leverage and liquidity standpoint. The attractive spread on our January bond issuance reflects our strong balance sheet and support in the credit markets. The $113 million sale of 2 R&D buildings in Durham for a 5% cap is a good transaction comp in an otherwise quiet market. The price was negotiated in December and closed last week to an unlevered buyer. Also, the rents are at market, whereas most Life Science sales comps have below-market rents that make the cap rate less relevant.

基礎業務強勁，我們在 11 月的投資者介紹中描述的 NOI 增長機會沒有改變。從槓桿和流動性的角度來看，我們都處於良好狀態。我們 1 月份債券發行的誘人利差反映了我們強大的資產負債表和信貸市場的支持。以 5% 的上限出售達勒姆的 2 座研發大樓，價值 1.13 億美元，這在原本平靜的市場中是一筆不錯的交易補償。價格是在 12 月協商的，並於上周向一位無槓桿買家關閉。此外，租金在市場上，而大多數生命科學銷售公司的租金低於市場租金，這使得資本化率不太相關。

The sale was opportunistic, given we recently signed a long-term lease extension and had maximized the value creation. We're progressing entitlements across our core markets, but it's possible for the first time in several years that risk-adjusted returns on acquisitions will be more attractive than development. This could impact capital allocation in 2023. We'll have to see where cap rates and cost of capital settle and what happens with construction costs as the economy slows. Either way, our balance sheet allows us to be opportunistic and the land bank provides optionality.

鑑於我們最近簽署了長期租約延期並最大化了價值創造，此次出售是機會主義的。我們正在我們的核心市場推進權利，但幾年來第一次有可能是風險調整後的收購回報比開發更具吸引力。這可能會影響 2023 年的資本配置。我們必須看看資本化率和資本成本在哪裡確定，以及隨著經濟放緩，建築成本會發生什麼變化。無論哪種方式，我們的資產負債表都允許我們投機取巧，而土地銀行提供了選擇權。

In South San Francisco, our sovereign wealth partner has agreed to allow Healthpeak to continue owning 100% of the Vantage Development campus. A lot has changed since the agreements were signed a few quarters ago, including a 2x increase in the allowable density and less clarity around the timing of commencement given the environment. As a result, it made more sense for Healthpeak to own 100% of the project. Nothing has changed from the standpoint that we'll utilize third-party capital if and when it makes sense for our shareholders. The pending conversion to an UPREIT announced yesterday aligns us with peers and will provide a more flexible structure to grow the company through acquisitions.

在南舊金山，我們的主權財富合作夥伴已同意允許 Healthpeak 繼續擁有 Vantage Development 校園的 100%。自幾個季度前簽署協議以來，發生了很多變化，包括允許的密度增加了 2 倍，並且考慮到環境，開始時間不太明確。因此，Healthpeak 擁有該項目 100% 的所有權更有意義。從我們將在對股東有意義的情況下利用第三方資本的角度來看，一切都沒有改變。昨天宣布的 UPREIT 懸而未決的轉換使我們與同行保持一致，並將提供更靈活的結構以通過收購發展公司。

I would like to congratulate Ankit Patadia, who was promoted to our executive team. Ankit is a 13-year veteran of Healthpeak and runs treasury and FP&A with great skill and leadership. He'll continue to report to Pete Scott. We have a strong bench and continue to promote from within. Finally, we're advancing sustainability initiatives across the portfolio and are proud of our ESG recognition. That includes being named to CDP's leadership band for the 10th consecutive year and being named a Best Managed Company by the Wall Street Journal. I'll turn it to Scott Bohn to expand on Life Science results and fundamentals.

我要祝賀 Ankit Patadia 晉升為我們的執行團隊。 Ankit 在 Healthpeak 工作了 13 年，以出色的技能和領導能力管理財務和 FP&A。他將繼續向皮特斯科特匯報工作。我們有強大的替補席，並繼續從內部提拔。最後，我們正在推進整個投資組合的可持續發展計劃，並為我們的 ESG 認可感到自豪。這包括連續第 10 年入選 CDP 的領導層，並被華爾街日報評為最佳管理公司。我會請 Scott Bohn 來擴展生命科學的結果和基礎知識。

Thanks, Scott. This morning, I'll provide some color on Life Science sector fundamentals and update on our Life Science portfolio and close with an update on our development and redevelopment projects. I'll start with the Life Science industry update. Overall, the industry remains healthy. There's been a slowdown in demand from the torrid levels of 2021 and 2022, but there are a number of tenants actively seeking space, and we've captured more than our share of that demand. From a funding perspective, pharma has been active on the partnership and licensing front, and continues to funnel cash into biotech R&D and the secondary equity market has been open for companies with solid data.

謝謝，斯科特。今天早上，我將提供一些關於生命科學行業基本面的顏色，並更新我們的生命科學產品組合，並以我們的開發和再開發項目的更新結束。我將從生命科學行業更新開始。總體而言，該行業仍然健康。與 2021 年和 2022 年的炎熱水平相比，需求有所放緩，但有許多租戶在積極尋找空間，而我們已經獲得了超過我們所佔份額的需求。從資金的角度來看，製藥公司在合作夥伴關係和許可方面一直很活躍，並繼續將現金投入生物技術研發，二級股票市場已向擁有可靠數據的公司開放。

Just last week, a longtime tenant of ours in South San Francisco, Pliant Therapeutics closed a $288 million secondary offering on the heels of positive interim data in its Phase IIa study in idiopathic pulmonary fibrosis. Also last week, we saw a successful $161 million biotech IPO and there is another nearly $200 million IPO scheduled for later this week, so hopefully a sign that the IPO market is beginning to reopen. VC fundraising of $25 billion, while trailing 2020's record of $41 billion was about 50% higher than 2019's than record high. VCs will continue to invest these funds in the new company formation and B&C rounds of existing companies.

就在上週，我們在南舊金山的長期租戶 Pliant Therapeutics 在其針對特發性肺纖維化的 IIa 期研究取得積極的中期數據後，完成了 2.88 億美元的二次發行。同樣在上週，我們看到了 1.61 億美元的生物技術 IPO 成功，本週晚些時候還有另一筆近 2 億美元的 IPO，因此希望這是 IPO 市場開始重新開放的跡象。風險投資籌資 250 億美元，雖然低於 2020 年創下的 410 億美元的紀錄，但比 2019 年的創紀錄高位高出約 50%。 VC 將繼續將這些資金投資於新公司的組建和現有公司的 B&C 輪。

The 2023 NIH budget was approved at $49 billion, a 6% year-over-year increase, which will continue to provide scientific discovery at the academic and early stage levels. Public company R&D spend through the third quarter of 2022 was $115 billion and is on pace to be the highest year ever when year-end numbers are reported. Now I'll move to our Life Science portfolio. We had a great year on the leasing front with over 1.4 million square feet of leases executed across the portfolio, 68% of which were new leases. This amounted to 186% of our leasing budget for the year and included a 35% cash re-leasing spread on renewals.

批准的 2023 年 NIH 預算為 490 億美元，同比增長 6%，將繼續提供學術和早期階段的科學發現。截至 2022 年第三季度，上市公司的研發支出為 1150 億美元，在報告年終數字時有望成為有史以來最高的一年。現在我將轉向我們的生命科學產品組合。我們在租賃方面度過了美好的一年，整個投資組合執行了超過 140 萬平方英尺的租賃，其中 68% 是新租賃。這占我們當年租賃預算的 186%，其中包括 35% 的現金續租利差。

Additionally, 79% of the executed leases were done with existing tenants, again highlighting the importance of our scale and deep relationships within our core markets. 2023 is off to a great start with an additional 143,000 square feet currently under LOI. Year-end portfolio occupancy remained strong at 98.9% and rent collections exceeded 99% in the fourth quarter. Mark-to-market within our portfolio remained strong at approximately 25% and our watch list remains consistent with prior quarters. We have very modest leasing exposure in both San Diego and Boston in 2023. And even though we have some work to be done in South San Francisco on our redevelopments as leases roll, we've had great success on those projects to date and look to continue that momentum into the new year.

此外，79% 的已執行租約是與現有租戶簽訂的，再次凸顯了我們在核心市場中的規模和深厚關係的重要性。 2023 年開局良好，目前 LOI 新增 143,000 平方英尺。年末投資組合的入住率保持在 98.9% 的強勁水平，第四季度的租金收繳率超過 99%。我們的投資組合中按市值計價的比例保持強勁，約為 25%，我們的觀察名單與前幾個季度保持一致。到 2023 年，我們在聖地亞哥和波士頓的租賃業務都非常有限。儘管我們在南舊金山的重建工作中有一些工作要做，但我們在這些項目上取得了巨大的成功，並期待著將這種勢頭延續到新的一年。

Shifting to our developments and redevelopments. Healthpeak's nearly $900 million Life Science development pipeline is 78% pre-leased and is 100% under GMP contracts, locking in our costs and estimated returns. In the fourth quarter, we delivered 142,000 square feet of fully leased Class A lab space at 101 Cambridge Park Drive, bringing our total Life Science ownership in Greater Boston to 2.6 million square feet. Our sole remaining availability is on our Vantage campus in South San Francisco, where we remain confident in our lease of success based on our dominant market position with approximately 40% market share and deep, long-lasting tenant relationships and what we see as the most favorable near-term supply and demand dynamics of the 3 core markets.

轉向我們的開發和重建。 Healthpeak 近 9 億美元的生命科學開發管道有 78% 是預租的，100% 是根據 GMP 合同進行的，從而鎖定了我們的成本和預計回報。第四季度，我們在 101 Cambridge Park Drive 交付了 142,000 平方英尺的完全租賃的 A 級實驗室空間，使我們在大波士頓的生命科學總所有權達到 260 萬平方英尺。我們唯一剩下的可用性是在我們位於南舊金山的 Vantage 園區，我們仍然有信心根據我們的主導市場地位、大約 40% 的市場份額和深厚、持久的租戶關係以及我們認為最重要的租約取得成功3 個核心市場的近期供需動態有利。

Moving to our Pointe Grand redevelopment. We converted 100,000 square feet of LOIs to leases during the quarter and now have an additional 29,000 square feet under LOI. Of the 245,000 square feet that went into redevelopment in 2022, we have 76% already leased or committed. It's been an outstanding start to this redevelopment, and we look forward to continued success as more spaces roll this year. We also continue to advance our entitlements. In Cambridge, we made great progress on the rezoning efforts in our Alewife project. Since June, we've been part of a city and community-led working group tasked with recommending zoning for the district. This first step in our entitlement process comes to an end this week, culminating in this zoning proposal that will be brought to the City Council.

搬到我們的 Pointe Grand 重建項目。我們在本季度將 100,000 平方英尺的 LOI 轉換為租賃，現在 LOI 下還有 29,000 平方英尺。在 2022 年進行重建的 245,000 平方英尺中，我們有 76% 已經出租或承諾。這次重建是一個出色的開端，我們期待隨著今年更多空間的推出繼續取得成功。我們還繼續推進我們的權利。在劍橋，我們的 Alewife 項目的重新分區工作取得了很大進展。自 6 月以來，我們一直是城市和社區領導的工作組的一員，該工作組的任務是為該地區推薦分區。我們的權利流程的第一步將於本週結束，最終將提交給市議會的分區提案。

We're very pleased with the relationships we developed and are excited about the vision and direction that city staff, local residents, other property owners and Healthpeak have collaborated on for this zoning recommendation. We look forward to working with the counsel in the coming months. With that, I'll turn it over to Pete to cover financial results and guidance.

我們對我們建立的關係感到非常高興，並對城市工作人員、當地居民、其他業主和 Healthpeak 就此分區建議合作制定的願景和方向感到興奮。我們期待在未來幾個月與律師合作。有了這個，我會把它交給皮特來報導財務結果和指導。

Thanks, Scott. Starting with our financial results. We finished the year on a strong note, delivering excellent operating results. For the fourth quarter, we reported FFO as adjusted of $0.44 per share and total portfolio same-store growth of 6.6%. For the full year, we reported FFO as adjusted of $1.74 per share and total portfolio same-store growth of 5%. Let me provide a little more color on segment performance.

謝謝，斯科特。從我們的財務業績開始。我們以強勁的勢頭結束了這一年，取得了出色的經營業績。對於第四季度，我們報告 FFO 調整後每股 0.44 美元，同店總投資組合增長 6.6%。對於全年，我們報告 FFO 調整後每股 1.74 美元，同店總投資組合增長 5%。讓我提供更多關於細分市場表現的顏色。

In Life Sciences, as Scott Bohn mentioned, same-store growth for the quarter was a very solid 5.7% and we finished the year 99% occupied in each of our major markets. Turning to Medical Office. We had another fantastic quarter with same-store growth of 5.4%. For the full year, we commenced 3.6 million square feet of new and renewal leases, the highest year on record for Healthpeak. Our tenant retention rate during 2022 was a strong 82%, reflecting not only the competitive advantage of our largely on-campus portfolio, but also our deep relationships, high-quality team and industry-leading platform.

在生命科學領域，正如 Scott Bohn 所提到的，本季度的同店增長非常穩定，達到 5.7%，我們在今年年底在每個主要市場的佔有率為 99%。轉向醫務室。我們又迎來了一個精彩的季度，同店增長率為 5.4%。全年，我們開始了 360 萬平方英尺的新租和續租，這是 Healthpeak 有記錄以來的最高年份。我們在 2022 年的租戶保留率高達 82%，這不僅反映了我們主要在校園內的投資組合的競爭優勢，還反映了我們深厚的關係、高素質的團隊和行業領先的平台。

Finishing with CCRCs. Same-store growth for the quarter increased 15%, bringing full year growth to the midpoint of our 8% guidance. During 2022, we recovered 340 basis points in total occupancy and generated NREF cash collections of approximately $101 million, exceeding our NREF amortization by $22 million. Last item under financial results. For the fourth quarter, our Board declared a dividend of $0.30 per share.

以 CCRC 結束。本季度同店增長增長 15%，使全年增長達到我們 8% 指導目標的中點。 2022 年期間，我們的總入住率恢復了 340 個基點，並產生了約 1.01 億美元的 NREF 現金收入，超過我們的 NREF 攤銷 2200 萬美元。財務結果下的最後一項。對於第四季度，我們的董事會宣布派發每股 0.30 美元的股息。

Turning to our balance sheet, which continues to be a competitive advantage, a quick update on recent activity. First, in late October, we settled the $500 million of 5-year delayed draw term loans that we opportunistically swapped to a 3.5% fixed rate through maturity. Second, in late December, we settled the remaining $308 million of equity forwards at a weighted average price of $34 per share.

轉向我們的資產負債表，它仍然是一個競爭優勢，是對近期活動的快速更新。首先，在 10 月下旬，我們解決了 5 億美元的 5 年期延遲提款期限貸款，我們在到期時機會性地將這些貸款轉換為 3.5% 的固定利率。其次，在 12 月下旬，我們以每股 34 美元的加權平均價格結算了剩餘的 3.08 億美元遠期股權。

Based on the net issuance price, the blended FFO yield was 5%. Third, in early January, we successfully issued $400 million of 5.25% fixed rate 10-year bond. In a challenging capital markets environment, the deal was 6x oversubscribed and priced with no new issue concessions. Credit market clearly sees the differentiated nature of our high-quality portfolio and ascribe a premium value to our bond spreads.

基於淨發行價，混合 FFO 收益率為 5%。第三，1 月初，我們成功發行了 4 億美元的 5.25% 固定利率 10 年期債券。在充滿挑戰的資本市場環境中，該交易獲得了 6 倍的超額認購，並且在沒有新發行優惠的情況下定價。信貸市場清楚地看到了我們高質量投資組合的差異化性質，並為我們的債券利差賦予了溢價。

Fourth, in late January, we closed on the $113 million sale of our Durham asset at a 5% cap rate, allowing us to further improve our balance sheet metrics. All in, these 4 transactions represent over $1.3 billion of capital raised at a blended yield of 4.5%. The net proceeds from these transactions allowed us to reduce floating rate debt exposure to approximately 5%. In addition, we currently have a net debt to EBITDA of 5.3x, $2.5 billion of liquidity, no bonds maturing until 2025, and our development pipeline is fully funded, eliminating any capital markets risk in 2023.

第四，在 1 月下旬，我們以 5% 的上限利率完成了 1.13 億美元的達勒姆資產出售，使我們能夠進一步改善資產負債表指標。總而言之，這 4 筆交易以 4.5% 的混合收益率籌集了超過 13 億美元的資金。這些交易的淨收益使我們能夠將浮動利率債務風險降低至約 5%。此外，我們目前的 EBITDA 淨債務為 5.3 倍，流動性為 25 億美元，沒有債券要到 2025 年才到期，我們的開發管道資金充足，消除了 2023 年的任何資本市場風險。

Turning now to our 2023 guidance. We are forecasting FFO as adjusted of $1.70 per share to $1.76 per share. And we are forecasting blended cash same-store NOI growth of 2.75% to 4.25%. The major components of our same-store guidance are as follows: in Life Sciences, we expect same-store growth to range from 3% to 4.5%. Portfolio occupancy is 99%, and we have very modest lease maturities in the same-store pool, giving us less of a positive rent mark-to-market benefit. As a result, growth this year is primarily driven by contractual rent escalators in the low 3% area. In Medical Office, we expect same-store growth to range from 2% to 3%.

現在轉向我們的 2023 年指南。我們預測 FFO 調整後每股 1.70 美元至 1.76 美元。我們預測混合現金同店 NOI 增長 2.75% 至 4.25%。我們同店指導的主要組成部分如下：在生命科學領域，我們預計同店增長率在 3% 至 4.5% 之間。投資組合的入住率為 99%，我們在同店池中的租賃期限非常適中，這給我們帶來了較少的按市值計算的正租金收益。因此，今年的增長主要是由低 3% 區域的合同租金自動扶梯推動的。在 Medical Office，我們預計同店增長將在 2% 至 3% 之間。

Our portfolio produced outside same-store growth of 4% during 2022, and we expect 2023 growth right in line with our historical average despite the difficult year-over-year comp. And in CCRCs, we expect same-store growth to range from 5% to 10%, excluding CARES Act grants. I did want to spend a moment expanding on some important items underlying our guidance. First, the midpoint of our guidance assumes $1.17 billion of cash NOI, an increase of $65 million compared to 2022. The increase in cash NOI is driven by same-store growth and the earn-in of some key development projects, including the Shore, Boardwalk and 101 Cambridge Park Drive.

我們的投資組合在 2022 年實現了 4% 的外部同店增長，我們預計 2023 年的增長將與我們的歷史平均水平保持一致，儘管同比比較困難。在 CCRC 中，我們預計同店增長率將在 5% 到 10% 之間，不包括 CARES 法案撥款。我確實想花點時間詳細介紹我們指南中的一些重要項目。首先，我們的指導意見中點假定現金 NOI 為 11.7 億美元，比 2022 年增加 6500 萬美元。現金 NOI 的增加是由同店增長和一些關鍵開發項目的收益推動的，包括 Shore，浮橋和 101 Cambridge Park Drive。

Second, the midpoint of our guidance assumes $205 million of interest expense. The assumed average interest rate in 2023 for floating rate debt is 5.5%, up over 300 basis points compared to 2022. The average line of credit balance during 2023 is expected to be approximately $750 million. Third, FFO as adjusted is negatively impacted by $0.03 of deferred revenue recognition. We have 2 large Life Science leases, one at Callan Ridge and one at 65 Hayden that were delayed due to tenant M&A.

其次，我們指引的中點假設利息支出為 2.05 億美元。假設 2023 年浮動利率債務的平均利率為 5.5%，比 2022 年高出 300 多個基點。2023 年的平均信貸餘額預計約為 7.5 億美元。第三，調整後的 FFO 受到 0.03 美元遞延收入確認的負面影響。我們有 2 個大型生命科學租賃，一個在 Callan Ridge，另一個在 65 Hayden，由於租戶併購而被推遲。

However, cash NOI and AFFO are not impacted. We have included an AFFO per share range on our guidance supplemental page, which is a better measurement of year-over-year growth. Fourth, we assumed no CARES Act grants in our guidance. As a reminder, we did receive approximately $8 million or $0.015 of FFO from CARES Act grants in 2022. Fifth, we have included a high-level sources and uses on our supplemental guidance page.

但是，現金 NOI 和 AFFO 不受影響。我們在我們的指導補充頁面上包含了 AFFO 每股範圍，這是對同比增長的更好衡量。第四，我們假設在我們的指南中沒有 CARES 法案撥款。提醒一下，我們確實在 2022 年從 CARES 法案撥款中收到了大約 800 萬美元或 0.015 美元的 FFO。第五，我們在補充指南頁面上包含了高級來源和用途。

Our guidance assumes $600 million of development and redevelopment spend, up modestly from 2022. This does not assume any new development starts and a spend associated with completing our active pipeline. We also do not assume any speculative acquisition activity. Any accretive acquisition activity that could occur throughout the remainder of the year would be additive to our guidance range. Please refer to Page 39 of our supplemental for additional detail on our guidance.

我們的指導假設開發和重建支出為 6 億美元，比 2022 年略有增加。這不假設任何新的開發開始以及與完成我們的活動管道相關的支出。我們也不承擔任何投機性收購活動。在今年剩餘時間內可能發生的任何增值收購活動都將增加我們的指導範圍。有關我們指南的更多詳細信息，請參閱我們補充文件的第 39 頁。

Finally, let me quickly comment on the UPREIT conversion. We anticipate closing the UPREIT conversion on February 10. Because of the conversion, we need to file an updated shelf registration statement and other various documents, including an ATM prospectus. Over the course of the following days, you should expect to see some administrative 8-K items get filed. With that, operator, let's open the line for Q&A.

最後，讓我快速評論一下 UPREIT 轉換。我們預計 UPREIT 轉換將於 2 月 10 日結束。由於轉換，我們需要提交更新的貨架登記聲明和其他各種文件，包括 ATM 招股說明書。在接下來的幾天裡，您應該會看到一些行政 8-K 項目被歸檔。有了這個，接線員，讓我們打開問答環節。

(Operator Instructions)

（操作員說明）

Today's first question comes from Nick Yulico with Scotiabank.

今天的第一個問題來自豐業銀行的 Nick Yulico。

I guess first question is, if you could just give a little bit more detail on what kind of the leasing pipeline looks like in South San Francisco right now and just sort of the depth and breadth of the market. And in particular, I guess, for Vantage, how you're thinking about timing on getting the rest of that leased, what's underway right now?

我想第一個問題是，您是否可以更詳細地說明南舊金山現在的租賃渠道是什麼樣的，以及市場的深度和廣度。特別是，我想，對於 Vantage，您是如何考慮租用其餘部分的時間的，現在正在進行什麼？

Nick, it's Scott Bohn. So I'll start there. I'll start with Vantage. As you know, we pre-leased 45% of it, the first building, to a global pharma tenant, and they should be taking occupancy later this year, they started the TIs this past month. That group is an existing Healthpeak portfolio tenant. With the other building, the 189, we do have activity for multiple prospects of varying size. It's probably too early in the process to get the detail on those deals, but hopefully more to come there. Overall, we feel really good about our ability to execute given our market share and our tenant relationships and history of doing the leasing on our development deals with existing portfolio tenants in South San Francisco, in general. We continue to feel good about the near-term supply-and-demand balance.

尼克，我是斯科特·博恩。所以我將從那裡開始。我將從 Vantage 開始。如您所知，我們將第一棟大樓的 45% 預租給了一家全球製藥商租戶，他們應該在今年晚些時候入住，他們在上個月開始了 TI。該組是現有的 Healthpeak 投資組合租戶。對於另一棟建築 189，我們確實有針對不同規模的多個前景的活動。現在了解這些交易的細節可能還為時過早，但希望能有更多。總的來說，鑑於我們的市場份額和我們的租戶關係以及我們與南舊金山現有投資組合租戶進行開發交易租賃的歷史，我們對我們的執行能力感到非常滿意。我們繼續對近期的供需平衡感到滿意。

And when you look at the staff in 2023, there's about 1.4 million square feet delivering South Francisco and Brisbane, which is the true competitive set for the bulk of our portfolio. And that space is about 72% pre-leased, which is pretty solid sitting here on February 8. There's a few large projects that come in 2024, but we feel good about kind of being first to market with Vantage versus those deals and again, leaning on our market share and tenant relationships in the market.

當您查看 2023 年的員工時，南舊金山和布里斯班的交付面積約為 140 萬平方英尺，這是我們大部分投資組合的真正競爭力。這個空間大約有 72% 是預租的，這在 2 月 8 日坐在這裡非常穩固。2024 年將有一些大型項目，但我們對率先與 Vantage 進行市場交易以及再次進行交易感到滿意，依靠我們在市場上的市場份額和租戶關係。

Just second question is on the acquisition market. If you can give a little bit more feel, maybe Scott Brinker or Pete, about kind of what you're seeing in terms of cap rates and opportunities and how to think about whether the company would be active at all with acquisitions of more stabilized-type product, and if so, how you would plan to fund that?

第二個問題是關於收購市場。如果你能給出更多的感覺，也許是 Scott Brinker 或 Pete，關於你在資本化率和機會方面所看到的，以及如何考慮公司是否會積極收購更穩定的 -類型的產品，如果是這樣，您打算如何為其提供資金？

In terms of how we fund it, the balance sheet is in great shape. So we do have capacity there. I'd say the likelihood of doing acquisitions is higher today than it would have been 6 months ago or 12 months ago. The fourth quarter was really quiet, really not much happened. So a lot of the feedback is more anecdotal, obviously, given just how much cost of capital has changed for public and private companies in the last 6 to 12 months. But just as a general rule, if underwritten IRRs in our 2 core segments were in the 6% range or a bit higher a year ago, that's probably more like 7%, a little bit higher today, so 400 basis points, plus or minus, obviously, depends on the asset, but just as a general rule. Harder to peg cap rates for Life Science, just given the rental rates are often pretty far below market, so you just have questions around, which submarket, the tenant profile the amount of the mark-to-market as well as the timing that they could make the initial cap rate somewhat misleading.

就我們如何為其提供資金而言，資產負債表狀況良好。所以我們確實有能力。我想說今天進行收購的可能性比 6 個月前或 12 個月前要高。第四節真的很安靜，真的沒有發生太多事情。因此，鑑於過去 6 到 12 個月中上市公司和私營公司的資本成本發生了多少變化，顯然很多反饋都更像是軼事。但作為一般規則，如果一年前我們 2 個核心部門的承銷內部收益率在 6% 範圍內或更高一點，那可能更像是 7%，今天更高一點，所以 400 個基點，正負，顯然，取決於資產，但只是作為一般規則。生命科學的上限利率更難確定，因為租金通常遠低於市場，所以你只是有疑問，哪個子市場，租戶概況，按市值計價的金額以及他們的時間可能會使初始資本化率有些誤導。

So the asset that we sold in Durham last week, really 2 buildings leased to Duke on a long-term basis. Those rents are at market, with a new lease in place. So the 5% cap we thought was pretty good pricing, probably demand a premium in today's market, just given the lower, obviously, risk profile of the tenant. So that hopefully gives you a general feel for the acquisition market, but we are starting to get people reaching out, which is interesting. I mean across the company, there's some pretty deep relationships. So if cost of capital makes sense, I would expect we could be pretty active in 2023, we'll see.

所以我們上週在達勒姆出售的資產，實際上是長期租給杜克的 2 棟建築。這些租金在市場上出售，並有新的租約。因此，我們認為 5% 的上限是非常好的定價，可能需要在今天的市場上溢價，只是考慮到租戶的風險狀況顯然較低。希望這能讓你對收購市場有一個總體的了解，但我們開始讓人們伸出援手，這很有趣。我的意思是整個公司都有一些非常深厚的關係。因此，如果資本成本合理，我預計我們會在 2023 年非常活躍，我們拭目以待。

The next question comes from Austin Wurschmidt with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Scott, you just -- Scott Brinker, you just referenced kind of the balance sheet being in a great position, but your guidance does assume $300 million to $450 million of the debt capacity is used to fund your existing capital commitments, predominantly development. So I'm just curious how much additional capacity do you have to pursue acquisitions? And what's sort of the thinking on funding that on a medium-to-longer term basis?

斯科特，你只是 - 斯科特布林克，你剛剛提到了資產負債表處於良好狀態，但你的指導確實假設 3 億至 4.5 億美元的債務能力用於資助你現有的資本承諾，主要是發展。所以我很好奇你有多少額外的能力來進行收購？在中長期基礎上提供資金的想法是什麼？

Yes. Austin, it's Pete here. As Scott mentioned, our balance sheet is in great shape. We did end the year at 5.3x net debt to EBITDA. So we could do a modest amount of acquisitions, but to do anything more than that, since we do have a pretty significant development and redevelopment pipeline, would require additional capital recycling or accessing the ATM. We have not accessed the ATM in quite some time. We will be quite disciplined about how we think about that. We do pay attention to consensus NAV as well as our own internal NAV. Our stock is not trading at levels right now, where I think we feel like it's appropriate to access the equity markets.

是的。奧斯汀，我是皮特。正如斯科特所說，我們的資產負債表狀況良好。我們確實以 5.3 倍的淨債務與 EBITDA 結束了這一年。因此，我們可以進行適量的收購，但要進行更多的收購，因為我們確實有相當重要的開發和再開發管道，將需要額外的資本回收或使用 ATM。我們已經有一段時間沒有訪問 ATM 了。我們將非常自律地考慮我們的想法。我們確實關注共識 NAV 以及我們自己的內部 NAV。我們的股票目前的交易水平不高，我認為我們認為進入股票市場是合適的。

But as Scott said, we feel more opportunistic today than we did 6 months ago, and we'll continue to look at our cost of capital and assess whether we would want to access the ATM to do accretive acquisitions. But our base case right now for guidance does not assume that we do any accretive acquisitions. We think that's probably the most appropriate way to level set how we're looking at 2023 right now.

但正如 Scott 所說，與 6 個月前相比，我們今天感覺更加機會主義，我們將繼續研究我們的資本成本，並評估我們是否願意使用 ATM 進行增值收購。但我們目前的指導基本案例並不假設我們進行任何增值收購。我們認為這可能是對我們現在對 2023 年的看法進行水平調整的最合適方式。

No, that's helpful. And you guys have spent a lot of time talking about the attractiveness of the development pipeline that you have. And last quarter, you alluded to potential starts in the back half of this year, clearly pivoting as a result of how you're viewing risk-adjusted returns today. But how should we think about sort of the next wave of starts and how much you could look to do in any given year going forward?

不，那很有幫助。你們花了很多時間談論你們擁有的開發管道的吸引力。上個季度，你提到了今年下半年的潛在啟動，顯然是由於你今天如何看待風險調整後的回報而發生的。但是，我們應該如何考慮下一波的啟動浪潮，以及在未來的任何一年中您可以期待做多少？

Yes. Well, I mean the potential pipeline is pretty big and it's in really core submarkets within our 3 existing markets. So we're advancing entitlements across all 3 of those markets so that we're in a position to proceed, if and when cost of capital and spread versus acquisition cap rates make sense. From where we sit today, we'd be less aggressive on development than we have been for the past 5 years when there was a pretty enormous spread between return on cost for development relative to acquisition cap rates as well as our cost of capital. We've had in the last year, Austin, I think you realized cost of capital has adjusted, but return on cost is probably down in most industries, certainly in Medical Office and Life Science. But that's a point in time. Development makes a lot of sense at certain points in the cycle, and then there are other points where it makes more sense to look more at acquisitions or value-add, shorter turnaround time. So from where we sit today, we'd be less aggressive on new development starts, but that could change.

是的。好吧，我的意思是潛在的管道非常大，它位於我們 3 個現有市場中真正的核心子市場。因此，我們正在推進所有這三個市場的權利，以便我們能夠在資本成本和利差與收購上限率合理的情況下繼續進行。從我們今天的位置來看，我們在開發方面的積極性將低於過去 5 年，當時開發成本回報率相對於收購資本化率以及我們的資本成本之間存在相當大的差距。我們在去年，奧斯汀，我想你已經意識到資本成本已經調整，但大多數行業的成本回報率可能都在下降，當然在醫療辦公室和生命科學領域。但那是一個時間點。開發在周期的某些點上很有意義，然後在其他點上更多地關注收購或增值、更短的周轉時間更有意義。因此，從我們今天的位置來看，我們在新開發開始時不會那麼積極，但這可能會改變。

There's a lot of uncertainty about what development construction costs really look like. They've been escalating in the 10% to 15% range per year for a little while now, but we're starting to see evidence as well as anecdotal feedback that that's slowing down. So that would obviously make a pretty big difference. So I would view our land bank as something that's a valuable asset, if and when it makes sense for us to start.

關於開發建設成本的真實情況存在很多不確定性。一段時間以來，他們一直在每年 10% 到 15% 的範圍內升級，但我們開始看到證據和軼事反饋表明這種情況正在放緩。所以這顯然會產生很大的不同。所以我會把我們的土地儲備看作是一種有價值的資產，如果它對我們來說是有意義的，那麼什麼時候開始。

I mean on some of the Life Science deals, what yield today in your mind would make sense to give you enough of a premium to move forward? And that will...

我的意思是，在一些生命科學交易中，你認為今天的收益率是多少才能給你足夠的溢價以推動前進？那會...

I mean it depends on really 2 major things. One is just timing. So a 24-to-30 month development is obviously a lot more risky than a 12-to-15 month development. So you compare what we do in Medical Office, which is a much shorter time line between when you make the decision and when you actually have to invest the capital, that makes an impact or has an impact. And then the other thing is just spread to acquisition cap rates. And today, that spread is lower than it would have been in the past. Our current pipeline is going to yield about a 7.5% return on cost.

我的意思是這實際上取決於兩件主要的事情。一是時機。因此，24 到 30 個月的開發顯然比 12 到 15 個月的開發風險大得多。所以你比較我們在醫療辦公室所做的事情，這是一個從你做出決定到你實際必須投資資本之間的時間線要短得多，這會產生影響或產生影響。然後另一件事只是傳播到收購上限率。而今天，這種利差低於過去。我們目前的管道將產生大約 7.5% 的成本回報率。

If we were to start construction today on new projects, it'd probably be a bit less than that realistically. And it's unclear exactly where acquisition cap rates have settled. So in general, I think the spread of development relative to acquisition cap rates, it's somewhere in the 50 to 200 basis point range. If you have a fully leased MOB that's delivering in 12 months, that needs a lower risk premium than a 24-to-30 month spec development in Life Science. So that hopefully gives you just a general view of how we approach it.

如果我們今天開始建設新項目，實際情況可能會比這少一點。目前尚不清楚收購上限率的確切位置。所以總的來說，我認為相對於收購資本化率的發展差距在 50 到 200 個基點範圍內。如果您有一個在 12 個月內交付的完全租賃的 MOB，那麼它需要的風險溢價低於生命科學中 24 到 30 個月的規範開發。因此，希望這能讓您大致了解我們如何處理它。

The next question is from Juan Sanabria with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just hoping to go into the guidance a bit. And for the MOBs, what -- if anything is assumed in add rent for '23 if you could just remind us what was the contribution in '22 and the long-term impact that typically has on what we think of historically as kind of the 2% to 3% type growth?

只是希望能稍微進入指導。對於 MOB，如果你能提醒我們 '22 的貢獻是什麼，以及通常對我們歷史上認為的那種2% 到 3% 的增長？

Sure. Juan, this is Tom Klaritch. Typically, we've seen the add rent at Medical City grow kind of in the 5% to 8% range. We did have a significant growth in '22. Part of that was some onetime items. Part of it was just great results at the hospital recovering from the pandemic. So we saw close to the 10%, we think that will moderate given the big -- the large growth in '22 that we're kind of assuming right now that's kind of a 3 plus, a little bit higher than that add rent growth for '23. So that's why the number is down a bit in our guidance for MOBs for this year. We typically -- the bulk of our growth comes from mark-to-market and in-place escalators, which are quite strong, at an average of 3.1%. And on the escalators and mark-to-market kind of in the 2% to 3% range. And then obviously, you have some offset from net expenses.

當然。胡安，這是湯姆克拉里奇。通常，我們看到 Medical City 的租金增長在 5% 到 8% 之間。我們在 22 年確實取得了顯著增長。其中一部分是一些一次性物品。部分原因是醫院從大流行病中恢復過來取得了很好的成績。所以我們看到接近 10%，我們認為這會緩和，因為我們現在假設 22 年的大幅增長是 3+，略高於租金增長對於'23。所以這就是為什麼我們今年對 MOB 的指導中的數字有所下降。我們通常 - 我們的大部分增長來自按市價計價和就地自動扶梯，它們非常強勁，平均為 3.1%。在自動扶梯和按市價計價的情況下，在 2% 到 3% 的範圍內。然後很明顯，你從淨支出中得到了一些抵消。

And then just on development contributions for guidance for '23, you guys give fantastic details so kudos to you, but just curious on how much development NOI should we expect to contribute in '23 and any sort of insights into, at least currently, what would be incremental in '24, not to get ahead of our skis, but just curious of whatever details you can provide on development NOIs.

然後就 23 年指導的開發貢獻而言，你們提供了非常棒的細節，因此對你們表示敬意，但只是好奇我們應該期望在 23 年貢獻多少開發 NOI 以及至少目前對什麼的任何見解在 24 年將是增量的，不是為了超越我們的滑雪板，而是想知道您可以提供有關開發 NOI 的任何細節。

Yes. Juan, it's Pete here. One thing I will point out is starting in our investor deck in November last year, we did start giving development yield by project, and we've included that in the supplemental. So that should, we hope, assist with modeling going forward. That said, let me just talk about the '23 development earn-in contribution. I did say in my prepared remarks that we have $65 million of NOI growth when you look at '23 relative to '22. A big chunk of that is development earn-in.

是的。胡安，我是皮特。我要指出的一件事是從去年 11 月開始在我們的投資者平台上，我們確實開始按項目提供開發收益，並且我們已將其包含在補充中。因此，我們希望，這應該有助於建模向前發展。就是說，讓我談談'23 年的發展收入貢獻。我在準備好的發言中確實說過，相對於 22 年和 23 年，我們有 6500 萬美元的 NOI 增長。其中很大一部分是開發收入。

We had 3 projects that delivered during the course of 2022, that's the Shore, Boardwalk, and then at the very end of the year, 101 Cambridge Park Drive, which is coming in in phases, there's still a very small piece that's coming in earlier this year. You think about the blended yield on that was around 7%. So we have, from a cash NOI perspective, another $30 million. So when I said $65 million of NOI growth, about $30 million of that is the incremental earn-in from those 3 projects I mentioned. And then on our active pipeline right now that has not yet delivered, and they will deliver over the course of the year, you've got Nexus, Sorrento Gateway as well as Vantage Phase 1 and then also Callan Ridge.

我們在 2022 年期間交付了 3 個項目，即 Shore、Boardwalk，然後是年底的 101 Cambridge Park Drive，它正在分階段交付，還有一小部分會提前交付今年。你想想混合收益率大約是 7%。因此，從現金 NOI 的角度來看，我們還有 3000 萬美元。因此，當我說 6500 萬美元的 NOI 增長時，其中約 3000 萬美元是我提到的這 3 個項目的增量收益。然後在我們目前尚未交付的活躍管道上，他們將在一年內交付，你有 Nexus、Sorrento Gateway 以及 Vantage Phase 1，然後還有 Callan Ridge。

And the cash NOI contribution from that is a little less than $10 million. So that's really the significant driver of NOI growth, '23 to '22, and then the balance of that would be just same-store growth that's included within our guidance. Around your question on '24, certainly, we'll have some additional earn-in because, as I mentioned, some of those projects in our active pipeline are delivering during the course of the year. It's a little too soon for me to start saying exactly how that would phase in. But in the aggregate, the blended yields on that active pipeline is in the mid-7% range. And I gave you the number of what's coming in this year. So you can kind of back into what would be the balance that would come due or at least earn-in in 2024. So hopefully, that gives you enough pieces on it.

而由此產生的現金 NOI 貢獻略低於 1000 萬美元。所以這真的是 NOI 增長的重要驅動力，'23 到'22，然後平衡就是我們指導中包含的同店增長。圍繞你關於 24 年的問題，當然，我們會有一些額外的收入，因為正如我提到的，我們活躍管道中的一些項目在這一年中正在交付。現在開始確切地說這將如何逐步實施還為時過早。但總的來說，該活躍管道的混合收益率在 7% 左右的範圍內。我給了你今年將要發生的事情的數量。所以你可以回到 2024 年到期或至少賺取的餘額。所以希望這能給你足夠的東西。

If I'm still live, I can ask another question.

如果我還活著，我可以問另一個問題。

Juan, we just got -- notice that the operators line crashed. So we're still here and I guess we'll soften the 2-question rule for you.

胡安，我們剛剛 - 注意操作員線路崩潰了。所以我們仍然在這裡，我想我們會為您放寬 2 個問題的規則。

Just with regards to CCRC, just curious on any conversations you've had or any interest in those assets as you kind of maybe foreshadowed an eventual exit. So just the latest thoughts on how -- when anything may transpire for you to exit that portfolio? And what the buyer pool or interest looks like?

就 CCRC 而言，只是對您進行的任何對話或對這些資產的任何興趣感到好奇，因為您可能預示著最終退出。那麼關於如何退出該投資組合的最新想法 - 什麼時候可能會發生？買家群體或興趣是什麼樣的？

Yes. I mean, Juan, it's Scott. I mean last quarter, we said we'd be opportunistic. That hasn't changed. But we didn't hire a broker, we're not running a process. So I wouldn't expect any updates in 2023, just given the state of the financing markets, and it's a big portfolio, but we'll see. Right now, there's no update. But the business continues to perform well. So we're happy to hold it in the interim.

是的。我的意思是，胡安，是斯科特。我的意思是上個季度，我們說我們會投機取巧。那沒有改變。但我們沒有聘請經紀人，我們沒有運行流程。因此，鑑於融資市場的狀況，我預計 2023 年不會有任何更新，而且這是一個很大的投資組合，但我們拭目以待。現在，沒有更新。但該業務繼續表現良好。所以我們很高興暫時保留它。

We could take the next question. The next question today is going to come from Steve Sakwa of Evercore ISI.

我們可以回答下一個問題。今天的下一個問題將來自 Evercore ISI 的 Steve Sakwa。

Great. Scott, I guess I wanted to circle back to your opening comments about the change in kind of the venture structure up at Vantage. And maybe just if you could provide a little color on what happened there and just the overall appetite from kind of sovereign wealth funds to continue to come into Life Science.

偉大的。斯科特，我想我想回到你關於 Vantage 風險投資結構類型變化的開場評論。也許你可以提供一些關於那裡發生的事情的顏色，以及主權財富基金繼續進入生命科學的整體興趣。

Yes. We have a successful venture with them right next door. At Pointe Grand, our team on the ground, led by Scott Bohn, is making tremendous progress getting those assets redeveloped and leasing them up. So our sovereign partner is really happy with the investment there. A lot has changed, though, in the interim. That transaction was really negotiated over the summer, so a pretty dramatic change in -- the allowable density in that campus now up to 1.3 million square feet of future development, so it's a pretty massive opportunity for Healthpeak. And in terms of return on cost, I mentioned it earlier, we would, at Healthpeak, be less aggressive today on starting new construction than we would have been 9 months ago. So for us, it made more sense, given it's less likely that that project would commence in 2023 to go into the joint venture because we lose quite a bit of control and flexibility. And it was more important to us to have that control and flexibility moving forward.

是的。我們就在隔壁與他們進行了成功的合作。在 Pointe Grand，我們的實地團隊在 Scott Bohn 的帶領下，在重新開發和出租這些資產方面取得了巨大進展。所以我們的主權夥伴對那裡的投資真的很滿意。不過，在此期間發生了很多變化。該交易實際上是在夏季進行的，因此發生了相當大的變化——該園區的允許密度現在高達 130 萬平方英尺的未來發展，因此這對 Healthpeak 來說是一個相當大的機會。在成本回報方面，我之前提到過，在 Healthpeak，與 9 個月前相比，我們今天在開始新建設方面的積極性會降低。因此，對我們來說，這更有意義，因為該項目不太可能在 2023 年開始進入合資企業，因為我們失去了相當多的控制權和靈活性。對我們來說更重要的是讓這種控制和靈活性向前發展。

Okay. So the sovereign wealth funds haven't lost [specific] interest, it just sounds like you're pulling back just given where yields are that you guys are less likely to go forward?

好的。所以主權財富基金並沒有失去 [特定] 興趣，這聽起來像是你在撤退，因為你們不太可能繼續前進的收益率在哪裡？

Yes. I mean it was a mutual decision. But yes, we're happy to control 100% of that project.

是的。我的意思是這是一個共同的決定。但是，是的，我們很高興控制該項目的 100%。

Okay. And then I guess, secondly, just on the UPREIT, I guess, conversion. I mean, have you felt like you've lost deals or that has been a competitive disadvantage to help PEAK not having the UPREIT structure and hence, your desire to put it in here?

好的。然後我想，其次，我想只是在 UPREIT 上，轉換。我的意思是，你是否覺得自己失去了交易，或者這一直是幫助 PEAK 沒有 UPREIT 結構的競爭劣勢，因此，你希望把它放在這裡？

Yes. I mean we did one on the Medical City campus about 18 months ago, we've got 7 or 8 legacy DownREIT structures in the portfolio today, which are pretty cumbersome and expensive to manage. So yes, I would expect that we would be able to use that structure going forward.

是的。我的意思是我們大約 18 個月前在醫療城園區做了一個，我們今天的投資組合中有 7 或 8 個遺留的 DownREIT 結構，這些結構非常麻煩且管理起來非常昂貴。所以是的，我希望我們能夠繼續使用該結構。

The next question comes from Vikram Malhotra with Mizuho.

下一個問題來自 Mizuho 的 Vikram Malhotra。

Just 2. First maybe, can you just go back to the guidance and I'm sorry if I missed this, but just maybe walk us through Life Sciences, in particular, how much conservatism are you baking in? You typically started, I think, at around 4%, 4% or 5%, and then you've exceeded that the last, I want to say, 3 or 4 years. I know you have fewer expirations, but can you just walk us through what are you baking in, in terms of occupancy and the bumps [that there], but occupancy and rent spreads?

只是 2. 首先，您能否回到指南，如果我錯過了這個，我很抱歉，但也許可以讓我們了解一下生命科學，特別是，您有多少保守主義？你通常開始，我想，在 4%、4% 或 5% 左右，然後你已經超過了最後一個，我想說，3 或 4 年。我知道你有更少的到期，但你能告訴我們你在烘烤什麼，在入住率和顛簸 [那裡] 方面，但入住率和租金差價？

Juan -- excuse me, not Juan, Vikram, sorry. I got so used to Juan asking questions that I had to adjust. But it's a good question, Vikram. And as you noted, we've guided 4% to 5% the previous 5 years, 5 years in a row. So we had a lot of consistency on that. One of the contributors, though over the last 5 years was the fact that we still had pretty significant net leasing activity every single year, allowing us to increase our occupancy. The good news is we're at 99% occupancy across the portfolio right now. But the bad news is there's really not a lot of room to go higher than that at this point in time, just given how many tenants we have in the portfolio and the weighted average lease term.

Juan——抱歉，不是 Juan，Vikram，對不起。我已經習慣了 Juan 的提問，所以我不得不做出調整。但這是個好問題，維克拉姆。正如你所指出的，我們在過去的 5 年中連續 5 年指導了 4% 到 5%。所以我們在這方面有很多一致性。其中一個貢獻者，儘管在過去 5 年中，我們每年仍有相當可觀的淨租賃活動，這使我們能夠增加入住率。好消息是，我們目前整個投資組合的入住率為 99%。但壞消息是，考慮到我們在投資組合中有多少租戶和加權平均租期，目前確實沒有太多空間可以比這個更高。

So when you look at our guidance for this year, it's primarily focused on the rent escalator, which, on average, is around low 3%. We do have some modest lease maturities, and we do have some modest mark-to-market benefit embedded within our guidance. Not all of that though is within the same-store pool. Some of that is within our large redevelopment campuses, Pointe Grand and Oyster Point to just name the 2 biggest ones.

因此，當您查看我們今年的指引時，它主要集中在租金自動扶梯上，平均約為 3%。我們確實有一些適度的租賃期限，我們的指導中確實有一些適度的按市值計價的收益。不過，並非所有這些都在同店池中。其中一些位於我們的大型重建校園內，Pointe Grand 和 Oyster Point 僅舉兩個最大的校園。

So that's really the reason for the 3% to 4.5%. It's not a deceleration within our portfolio. And the other thing I would just add to it, you asked about bad debt. And I think you've asked this before, we do include a little bit of bad debt cushion within our same-store guidance at the beginning of the year. And to the extent that we don't utilize the bad debt cushion or we don't need all of it, that certainly would be a benefit throughout the course of the year. A little early in the year to comment on that at this point in time, although we've been very pleased to see the capital markets improve significantly for our Life Science tenants. So that's really the gist of our 3% to 4.5% guidance range in that segment.

所以這就是 3% 到 4.5% 的真正原因。這不是我們投資組合中的減速。我想補充的另一件事是，你問了壞賬。我想你之前已經問過這個問題，我們在年初的同店指導中確實包含了一些壞賬緩衝。就我們不利用壞賬緩衝或我們不需要所有壞賬緩衝而言，這肯定會在全年帶來好處。今年早些時候對此發表評論有點早，儘管我們很高興看到我們生命科學租戶的資本市場顯著改善。所以這真的是我們在該領域 3% 到 4.5% 指導範圍的要點。

Development and redevelopment, it always -- you sign a long-term lease, it comes with free rent. I mean we're not taking the benefit of that free rent either. So all the NOI growth that you see coming from that development and redevelopment portfolio, that's not benefiting same-store at all, but it's obviously generating a heck of a lot of NOI that will eventually flow through earnings absent some unique issues that we're overcoming this year.

開發和再開發，它總是——你簽了一份長期租約，它附帶免費租金。我的意思是我們也沒有利用那筆免費租金。因此，您看到的所有 NOI 增長都來自開發和再開發組合，這根本不會使同店受益，但它顯然會產生大量的 NOI，最終將通過收益流動，而沒有我們遇到的一些獨特問題克服今年。

That's helpful. And maybe just, Scott, sticking with you, just a follow-up. You mentioned on the call at the beginning of the call that for the first time, acquisitions are appearing more attractive than development. Can you maybe give us more color on specifically what you're seeing in terms of types of opportunities, pricing expectations or IRR? And if you can just link that sort of acquisitions over development to maybe how that feeds into broader goals for the executive team as you think about long-term compensation and what metrics you may be gauging as it pertains to [all tips]?

這很有幫助。也許只是，斯科特，堅持你，只是一個後續行動。您在電話會議開始時提到，收購似乎比開發更具吸引力，這是第一次。您能否就您在機會類型、定價預期或 IRR 方面具體看到的內容給我們更多的顏色？如果您可以將這種收購與開發聯繫起來，也許在您考慮長期薪酬以及您可能衡量的與 [所有提示] 相關的指標時，它如何為執行團隊提供更廣泛的目標？

Yes. I mean we don't have a metric focused on just volume of acquisition or development. But obviously, we have a lot of metrics around total shareholder return, FFO growth and leverage. So if growing the company can help us accomplish those objectives, then we're going to do a lot of it. So it's made overwhelming sense for 5 years, not a new development, the spread relative to acquisition cap rates was 300-plus basis points is a pretty easy decision and there's a nice spread to our cost of capital as well. It feels like that spread is down quite a bit today. Some of that is anecdotal. But the big commercial banks really aren't doing secured financing yet. So big portfolios are harder to trade, which can make things more interesting.

是的。我的意思是我們沒有一個只關注收購或開發量的指標。但顯然，我們有很多關於股東總回報、FFO 增長和槓桿率的指標。因此，如果公司的發展可以幫助我們實現這些目標，那麼我們將做很多事情。因此，這在 5 年內具有壓倒性的意義，而不是新的發展，相對於收購上限利率的利差為 300 多個基點是一個非常容易的決定，我們的資本成本也有很好的利差。感覺今天的價差下降了很多。其中一些是軼事。但大型商業銀行確實還沒有做擔保融資。因此，大的投資組合更難交易，這會讓事情變得更有趣。

Some of the regional banks are starting to be more active. But obviously, interest rates that are 100, if not 150 basis points higher than what you would have seen 1.5 years ago, LTVs are probably down a touch. That is a huge impact on levered buyers. We're not really a levered buyer, at least in the traditional sense. And you saw the pretty strong execution in the bond market 2 weeks ago. So we do feel like our cost of capital relative to conversations we have with counterparties, whether it's the big LPs, private equity, the brokers, the banks, it feels like there's a higher likelihood that acquisitions could make sense this year, but it's still early in the year. In the fourth quarter, as I had mentioned earlier, it was just really quiet. So not much happened. But activity is picking up, and we're starting to get a lot of phone calls on things that are more interesting and potentially more actionable than what we would have said for the last couple of years.

一些區域性銀行開始變得更加活躍。但很明顯，利率比 1.5 年前高出 100 個基點（如果不是 150 個基點），LTV 可能會略有下降。這對槓桿買家產生了巨大影響。我們不是真正的槓桿買家，至少在傳統意義上是這樣。兩週前你看到了債券市場的強勁執行。因此，我們確實覺得我們的資本成本與我們與交易對手的對話有關，無論是大型 LP、私募股權、經紀人、銀行，感覺今年收購有意義的可能性更高，但它仍然今年年初。在第四季度，正如我之前提到的，真的很安靜。所以沒有發生太多事情。但活動正在增加，我們開始接到很多電話，討論比過去幾年我們所說的更有趣、更可能更具可操作性的事情。

And sorry, just if I could clarify that, that you mentioned the Life Sciences non-core assets traded at I think it was a 5%. Would you give us -- can you just share any more color on where kind of asset pricing in Life Sciences are today like core, not higher quality -- and non-core versus higher quality core?

抱歉，我想澄清一下，你提到的生命科學非核心資產交易我認為是 5%。你能給我們——你能不能分享更多關於生命科學資產定價的顏色，比如今天的核心，而不是更高質量——以及非核心與更高質量的核心？

Yes. I mean I'll do my best, but some of it is anecdotal just because not much is actually closed, but I still think it's directionally correct. But like the assets in Durham at a 5% cap relatively small portfolio at $113 million. It's an unlevered buyer that we've done, they've been a counterparty of ours in the past, so we know them well. But we had signed a 10-year lease extension with Duke a couple of quarters ago. So there's really not much more work to do in collecting rent. And it's a 3-ish percent escalator on top of 5% initial cap rate. So when I said earlier, the unlevered IRR expectations for the highest quality product in our segments was probably started with the 6%, plus or minus 6% a year ago, that's probably more like plus or minus 7% today, and that seems to line up with the type of price that we got in Durham. Now we do think that it was a strong price just given the environment that maybe a buyer was willing to pay a bigger price for what's deemed as a kind of a low-risk collect-to-rent type investment.

是的。我的意思是我會盡力而為，但其中一些只是軼事，因為實際上關閉的並不多，但我仍然認為它的方向是正確的。但就像達勒姆的資產一樣，上限為 5% 的投資組合相對較小，為 1.13 億美元。這是我們做過的無槓桿買家，他們過去一直是我們的交易對手，所以我們很了解他們。但幾個季度前，我們與杜克大學簽署了一份為期 10 年的續約合同。所以在收租方面真的沒有太多工作要做。在 5% 的初始上限率之上，這是一個 3% 左右的自動扶梯。因此，當我之前說過時，我們細分市場中最高質量產品的無槓桿 IRR 預期可能始於一年前的 6%，正負 6%，今天可能更像是正負 7%，這似乎符合我們在達勒姆獲得的價格類型。現在我們確實認為這是一個強勁的價格，只是考慮到買家可能願意為被認為是一種低風險的收租式投資支付更高價格的環境。

The next question comes from Rich Anderson with SMBC.

下一個問題來自 SMBC 的 Rich Anderson。

I think I'll just wait 30 seconds to ask my question because I like that anticipation with Juan. So on the acquisition versus development conversation, I may have spaced on this, but I understand the spread is making it more interesting on the acquisition side, and you have some cost capital advantages and so on. But is the spread also narrowing because of just the general cost structure of development still, because I would have thought that that would have been a conversation last year with costs sort of starting to moderate now. I just want to get a sense of what's driving that declining gap between acquisitions and development, if I can have more detail on that.

我想我會等 30 秒再問我的問題，因為我喜歡 Juan 的那種期待。因此，在收購與開發的對話中，我可能對此有所保留，但我知道這種差異使收購方面變得更加有趣，而且你有一些成本資本優勢等等。但是，由於開發的一般成本結構仍然存在，價差是否也在縮小，因為我原以為這是去年的一次談話，現在成本開始放緩。如果我能提供更多詳細信息，我只是想了解是什麼推動了收購與開發之間差距的縮小。

Yes. I'm happy to take that one. Rich, I mean, what's driving the change in acquisition cap rates is just cost of capital. Risk-free rates are obviously a lot higher, which is changing return expectations for equity, LTVs are down, cost of borrowing is up. So that one is pretty straightforward, as I'm sure you appreciate. On the development side, costs have been up 10% or more for a couple of years in a row now, just given supply chain issues and a lot of demand. As a result, the cost to build continues to climb. And rents for a while we're keeping up, if not exceeding the change in construction costs, but that's obviously starting to change a little bit in 2023, which is putting some compression on return on cost. Now obviously, it's cyclical. So both of those things will change over time. But from where we sit today, that's the dynamic that we see in our 2 core businesses, Rich.

是的。我很高興接受那個。里奇，我的意思是，推動收購資本化率變化的只是資本成本。無風險利率顯然高了很多，這正在改變對股票的回報預期，LTV 下降，借貸成本上升。所以這個非常簡單，我相信你會喜歡的。在開發方面，考慮到供應鏈問題和大量需求，成本已連續幾年上漲 10% 或更多。結果，建設成本繼續攀升。租金有一段時間我們會跟上，如果不超過建築成本的變化，但到 2023 年，這顯然會開始發生一些變化，這對成本回報率造成了一些壓縮。現在很明顯，它是周期性的。所以這兩件事都會隨著時間而改變。但從我們今天的位置來看，這就是我們在我們的 2 個核心業務 Rich 中看到的動態。

Okay. Great. And then another follow-up on the UPREIT conversion. Is that -- I know -- you -- the question was have you missed on some things and perhaps this is sort of a rainy day opportunity or optionality for you down the road, but maybe more real-time or near term as well. Are you seeing more UPREIT potentially OP unit-type of deals in Medical Office versus Life Science, I imagine it'd be more on the Medical Office side, but maybe you could just sort of give some color on that in terms of the opportunity set using the UPREIT structure.

好的。偉大的。然後是關於 UPREIT 轉換的另一個後續行動。那是——我知道——你——問題是你是否錯過了一些事情，也許這對你來說是一個未雨綢繆的機會或選擇，但也可能更實時或更近期。與生命科學相比，你是否在醫療辦公室看到更多 UPREIT 潛在 OP 單位類型的交易，我想它會更多地出現在醫療辦公室方面，但也許你可以在機會集方面給它一些顏色使用 UPREIT 結構。

Yes. I think that's more likely, Rich, it's certainly possible we could see it in Life Science, but it's more likely to be applicable to individual owner, a small group of owners, which, generally speaking, that's going to be more in Medical Office. It tends to be more the institutions that are doing the big Life Science projects. But there are examples that we could envision OP units being used for Life Science as well.

是的。我認為這更有可能，Rich，我們當然有可能在生命科學中看到它，但它更有可能適用於個人所有者，一小群所有者，一般來說，這將更多地出現在醫療辦公室。往往更多的是從事大型生命科學項目的機構。但有一些例子表明，我們可以設想 OP 單元也可用於生命科學。

And do you think from the standpoint of taking on OP units, would it be more individuals? Or could you see even hospitals and health systems willing to do a deal of that nature?

你認為從接受 OP 單位的角度來看，它會是更多的個人嗎？或者你能看到甚至醫院和衛生系統也願意做這種性質的交易嗎？

Yes, we'll see. I mean we didn't really have a structure in place that allowed us to effectively pitch the idea. I mean we could use the antiquated DownREIT model, but it wasn't ideal for us or the counterparty. This is a much better structure for both sides that would allow us to be a little more aggressive in pitching the idea. Obviously, it still requires an equity price that we're happy with. But the execution risk is far different from our perspective, and obviously, the outcome for the counterparty could be quite a bit different as well.

是的，我們拭目以待。我的意思是我們並沒有真正的結構來讓我們有效地推銷這個想法。我的意思是我們可以使用過時的 DownREIT 模型，但它對我們或交易對手來說並不理想。這對雙方來說都是一個更好的結構，可以讓我們更積極地提出這個想法。顯然，它仍然需要一個我們滿意的股票價格。但執行風險與我們的觀點大不相同，顯然，交易對手的結果也可能有很大不同。

The next question comes from Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的 Ronald Kamdem。

Just 2 quick ones from me. I'll second the comments on the disclosures, which are really, really helpful on the guidance and the sources and uses. But sort of the first one I have was just going back to -- if I think about the deck you guys had put out about a total NOI peak opportunity of $13.25 by 2025. And so I'm comparing that to sort of the guidance for '23 of $11.70 on cash. So that suggests going forward, you're going to need to be at sort of a 75% to 80% growth rate a year to get there. Just trying to get a sense of post those numbers, post the guidance, how are you guys thinking about sort of that long-term opportunity if it still makes sense, feeling better or feeling worse about it?

我只有 2 個快速的。我將支持對披露的評論，這些評論對指南、來源和用途真的非常有幫助。但我的第一個想法只是回到——如果我想一想你們提出的到 2025 年總 NOI 峰值機會為 13.25 美元的套牌。所以我將其與某種指導進行比較'23 現金 11.70 美元。因此，這表明向前邁進，您需要以每年 75% 到 80% 的增長率才能實現目標。只是想了解發布這些數字，發布指導意見，你們如何看待這種長期機會，如果它仍然有意義，感覺更好還是更糟？

Yes. What I can say, Ronald, it's a great question, is that NOI growth story is firmly intact. And typically, we would not provide a cash NOI supplemental measure within our guidance page. We did this year. We will continue to do that going forward as well because we wanted to be able to provide a bridge to what we did put in that deck. Obviously, nothing is guaranteed. But when you look at our portfolio, I talked about the development earn-in before, we still have significant earn-in again next year and the year after as well on our active development and redevelopment pipelines, plus the same-store growth that should be pretty consistent across our portfolios.

是的。我能說的是，羅納德，這是一個很好的問題，是 NOI 的增長故事完好無損。通常，我們不會在我們的指導頁面中提供現金 NOI 補充措施。我們今年做到了。我們也將繼續這樣做，因為我們希望能夠為我們在該套牌中所做的事情架起一座橋樑。顯然，沒有什麼是可以保證的。但是當你看我們的投資組合時，我之前談到了開發收益，明年和後年我們仍然有可觀的收益，以及我們積極的開發和重建管道，加上同店增長應該在我們的投資組合中保持一致。

And when you think about the 3 segments we're in, irrespective of the economic environment, we believe they should perform well. So we feel like that NOI growth story is very much intact, and that was actually one of the reasons we wanted to provide some additional line items in our supplemental disclosures this year.

當您考慮我們所處的 3 個細分市場時，無論經濟環境如何，我們都認為它們應該表現良好。所以我們覺得 NOI 的增長故事非常完好，這實際上是我們想在今年的補充披露中提供一些額外的項目的原因之一。

Great. Really helpful. And then just going back to the same-store questioning for the Life Sciences. I guess I see the stocks down today, maybe people thought that was a little bit lower than expected. I guess the question really is, given that you're basically at potentially peak occupancy, you're getting sort of a low 3s rent bumps, I'm looking at sort of the expiration schedule, which is pretty small for this year and next year. So it's sort of the 3% to 4.5% sort of a new normal, if you will, for the next couple of years which is still pretty good, it's just going to be sort of slower than it was for the past couple. Is that the takeaway there?

偉大的。真的很有幫助。然後回到生命科學的同店提問。我想我今天看到股票下跌，也許人們認為這比預期的要低一點。我想真正的問題是，鑑於您基本上處於潛在的入住高峰期，您的租金漲幅大約為 3 秒，我正在查看到期時間表，這對今年和明年來說非常小年。所以這有點像 3% 到 4.5% 的新常態，如果你願意的話，在接下來的幾年裡這仍然相當不錯，只是會比過去幾年慢一些。那是那裡的外賣嗎？

I mean it's probably the right range and a fair amount of that lease expiration this year and next is going into redevelopment between Pointe Grand and Oyster Point, both in South San Francisco. So obviously, that comes out of same-store. But the overall mark-to-market across the portfolio is still in that $145 million range. That's a gross number. Present value is probably closer to $100 million. But the biggest mark-to-market and the biggest lease maturities are in 2025 and thereafter. So you could see a reacceleration at that point. And then obviously, what happens with market rents relative to our escalators would have an impact over time on whether that mark-to-market opportunity grows or contracts.

我的意思是，這可能是正確的範圍，今年和明年將在舊金山南部的 Pointe Grand 和 Oyster Point 之間進行重建。很明顯，這是來自同店的。但整個投資組合的整體市值仍處於 1.45 億美元的範圍內。這是一個總數。現值可能接近 1 億美元。但最大的市值和最大的租賃期限是在 2025 年及之後。所以你可以在那個時候看到重新加速。然後很明顯，市場租金相對於我們的自動扶梯的變化會隨著時間的推移對按市值計價的機會是增長還是收縮產生影響。

The next question comes from Michael Griffin with Citi.

下一個問題來自花旗的邁克爾格里芬。

On the 140,000 of leases under LOI that you mentioned in your prepared remarks, I guess, what's the momentum and demand you're seeing for the rest of the year? And then maybe Bohn, what are tenants asking for when you're talking for them in terms of space needs, concessions, anything like that would be helpful.

關於您在準備好的發言中提到的 LOI 下的 140,000 份租約，我想，您在今年餘下時間看到的勢頭和需求是什麼？然後也許是 Bohn，當你在空間需求、讓步等方面為他們說話時，租戶要求什麼會有所幫助。

Sure, Michael. So demand, I'll start there, demand numbers certainly come off the record highs in the past few years, as I mentioned. But they're in line with pre-pandemic levels and the markets continue to be strong with low single-digit vacancies kind of in all 3 core markets. There's a lot of active users in the market. Deals are getting done, just like we've done at our Pointe Grand campus. I think from a demand perspective as well, I think one note I would say there's been several larger deals -- large and midsized deals I would say that where a tenant wasn't necessarily up against the clock with an expiration that got put on hold. I think as the markets continue to improve here, several of those will come back to the market into those demand numbers. I think importantly to remember, too, is the fundamental drivers of demand are still incredibly strong with VC new fundraising and investment in biotech. NIH funding, the biotech indexes, S&P index increased 40% since mid-June.

當然，邁克爾。所以需求，我將從那裡開始，正如我提到的，需求數字肯定會脫離過去幾年的歷史高位。但它們與大流行前的水平一致，市場繼續保持強勁，所有 3 個核心市場的空缺率都處於低個位數。市場上有很多活躍用戶。交易正在完成，就像我們在 Pointe Grand 校區所做的那樣。我認為，從需求的角度來看，我認為有幾筆較大的交易——大中型交易，我想說的是，租戶不一定要與時間賽跑，因為到期而被擱置.我認為隨著這裡的市場繼續改善，其中一些將回到市場，成為這些需求數字。我認為同樣重要的是要記住，隨著 VC 對生物技術的新籌資和投資，需求的基本驅動力仍然非常強勁。 NIH 基金、生物技術指數、標準普爾指數自 6 月中旬以來上漲了 40%。

So while the valuations are still well off their 2021 highs, we've now had 6 or 7 months of fairly steady improvement, which is very encouraging. There's also capital really available in the secondary markets for companies with good data. And we've -- in the past week or so, as I said, we've seen some good signs in the IPO market. So I think that from a demand standpoint, we feel pretty good where things are heading. On the tenant concessions and what tenants are looking for, we haven't seen a big uptick on concessions in good, well-located product. I think some smaller deals with Series A type companies may require a little bit more of a turnkey-type build, but those are spaces where you may have otherwise done a spec suite to get it leased and get to market quicker.

因此，儘管估值仍遠低於 2021 年的高點，但我們現在已經有 6 到 7 個月的相當穩定的改善，這非常令人鼓舞。擁有良好數據的公司在二級市場上也確實可以獲得資金。正如我所說，在過去一周左右的時間裡，我們在 IPO 市場上看到了一些好的跡象。所以我認為，從需求的角度來看，我們對事情的發展方向感覺很好。在租戶優惠和租戶的需求方面，我們沒有看到優質、位置優越的產品的優惠大幅增加。我認為與 A 系列公司的一些較小的交易可能需要更多的交鑰匙式構建，但在這些空間中，您可能已經完成了規範套件以將其出租並更快地推向市場。

So you're kind of -- I view those as a little bit of a spec suite with the tenant in tow. We certainly take a good look at the credit on those if we're going to put in those larger TIs on some of those smaller deals and make sure that we're building generic space. But the tenants who are out there looking at bigger spaces or new build shell-type spaces or have a different credit profile that are still pretty strong.

所以你有點——我認為這些有點像租戶的規格套件。如果我們要將那些較大的 TI 投入到一些較小的交易中，並確保我們正在構建通用空間，我們當然會好好看看這些信用。但是那些正在尋找更大空間或新建貝殼式空間或具有不同信用狀況的租戶仍然非常強大。

Great. And then I was curious if you could give a little more color on the deferred revenue as a result of the tenant improvement delays. I think you mentioned that it was something that had to do related to M&A activity. And I know that's obviously harder to predict in the future, but could we see this, I guess, occur down the road? Or do you think this is more kind of a one-off? And any color there would be great.

偉大的。然後我很好奇，由於租戶改進延遲，您是否可以對遞延收入給出更多顏色。我想你提到過這是與併購活動有關的事情。我知道這在未來顯然更難預測，但我猜我們能否看到這種情況在未來發生？還是您認為這更像是一次性的？那裡的任何顏色都會很棒。

Yes. Michael, it's Pete. I'll take a stab at that. I think you were pretty astute to point out when we spoke yesterday that the 2 main issues with regards to revenue recognition this year are: one is a redevelopment project, 65 Hayden and the other is our development project, Callan Ridge, where we pushed back the initial occupancy dates on those. We actually will have those leases commence, one with Dicerna, who was bought by Novo Nordisk at 65 Hayden and the other one with Turning Point who was bought by Bristol Myers, they will commence, actually, the Dicerna lease has commenced at this point in time, and they are paying cash rent.

是的。邁克爾，是皮特。我會嘗試一下。我認為你在我們昨天談話時非常精明地指出了今年關於收入確認的兩個主要問題是：一個是重建項目，65 Hayden，另一個是我們的開發項目 Callan Ridge，我們在那裡推遲了最初的入住日期。實際上，我們將開始這些租約，一份與 Dicerna 的租約，後者被 Novo Nordisk 在 65 Hayden 收購，另一份與 Turning Point 的租約被 Bristol Myers 收購，它們將開始，實際上，Dicerna 的租約已於此時開始時間，他們正在支付現金租金。

They've just decided to invest a heck of a lot more money, their own money into our campus. So it's a great credit upgrade for us, but the project just takes a little bit longer, about 3 quarters longer to complete, and we can't recognize that cash rent we are receiving into FFO right now. So that's the basic gist of it. And then at Callan Ridge, Bristol Myers has decided to acquire Turning Point that they would like to sublease that space and wait on spending any TI dollars until a subtenant is identified.

他們剛剛決定投資更多的錢，他們自己的錢到我們的校園。所以這對我們來說是一個很好的信用升級，但該項目只需要更長的時間，大約 3 個季度才能完成，而且我們無法識別我們現在收到 FFO 的現金租金。這就是它的基本要點。然後在 Callan Ridge，Bristol Myers 決定收購 Turning Point，他們希望轉租該空間並等待花費任何 TI 資金，直到確定轉租人。

So at this point in time, we're just pushing out the initial occupancy dates to as conservative of a date as possible. As I think about M&A, generally, there are a lot of pluses to it with regards to the credit upgrade, and sometimes there can be minuses to it. I don't know that this is really a minus because we're getting such a great credit upgrade in both cases, it's just a matter of the timing of when we can recognize it in one metric versus when we recognize the cash rents received in another metric. So sometimes, these delays don't occur. Sometimes they do occur just through the M&A and transition process. So it's hard to tell you what the overall trends are, but sometimes it works in your favor and sometimes it doesn't.

所以在這個時間點，我們只是將初始入住日期推遲到盡可能保守的日期。在我看來，併購一般來說，在信用升級方面有很多優點，但有時也會有缺點。我不知道這真的是一個負數，因為我們在這兩種情況下都獲得瞭如此巨大的信用升級，這只是我們何時可以在一個指標中識別它與我們何時識別收到的現金租金的時間問題另一個指標。所以有時，這些延遲不會發生。有時它們確實發生在併購和轉型過程中。所以很難告訴你總體趨勢是什麼，但有時它對你有利，有時則不然。

The next question comes from Joshua Dennerlein with Bank of America.

下一個問題來自美國銀行的 Joshua Dennerlein。

Maybe just 1 follow-up on that. What's your ability to kind of get that $0.03 back from the tenant-driven TI delays, is that a next year event or potentially something that might come in this year?

也許只有 1 個跟進。您有什麼能力從租戶驅動的 TI 延誤中收回 0.03 美元，這是明年的活動還是今年可能會發生的事情？

Yes. I think on the larger of the 2, the 65 Hayden project, we are highly confident that we'll start to get that back beginning later this year. With Callan Ridge, it's hard to say, right, because it really depends upon when Bristol Myers identifies a subtenant. So I think we've pushed it out to the most conservative date in the beginning of 2025. But it is important to recognize that the FFO that we aren't able to recognize in our earnings this year, we do get to recognize that over a slightly shorter lease term versus the way we recognize the cash NOI.

是的。我認為在 2 中較大的 65 Hayden 項目中，我們非常有信心我們將在今年晚些時候開始恢復它。對於 Callan Ridge，很難說對不對，因為這實際上取決於 Bristol Myers 何時確定轉租人。因此，我認為我們已將其推遲到 2025 年初最保守的日期。但重要的是要認識到，我們無法在今年的收益中確認 FFO，但我們確實要認識到這一點與我們確認現金 NOI 的方式相比，租賃期限略短。

So if it takes on a 10-year lease, for example, if it takes a year delay before you start recognizing FFO, you would recognize that FFO over 9 years, so a slight modest benefit from that perspective. So you do eventually recoup it. It just doesn't begin to get recouped until after that TI project is done.

因此，如果它有 10 年的租約，例如，如果在您開始確認 FFO 之前需要一年的延遲，您會在 9 年內確認該 FFO，因此從這個角度來看略有適度的好處。所以你最終會收回它。它只是在 TI 項目完成後才開始收回成本。

Okay. And does your guidance include any of that 65 Hayden [coming back]?

好的。你的指導是否包括 65 Hayden [回歸] 中的任何一個？

Yes. So I'd say about $10 million of that $15 million is that 65 Hayden.

是的。所以我想說這 1500 萬美元中大約有 1000 萬美元是 65 歲的海登。

Okay. And then maybe just on the MOB guide. I think if I recall correct, I think last year, you guided like a 1%, 2% well ahead of that this year, 2%, 3%. Curious kind of what gives you the confidence that come out with 2%, 3% this year versus last year? And then how do you get to the high end and the low end of the range?

好的。然後可能只是在 MOB 指南上。我想如果我沒記錯的話，我想去年你指導了 1%、2%，遠遠領先於今年的 2%、3%。好奇是什麼讓你有信心今年與去年相比分別增長 2% 和 3%？然後你如何到達範圍的高端和低端？

Yes. This is Tom. This year, we did benefit, as I said earlier, from the 3.1% escalators. So we didn't anticipate that higher number last year when we started out. So we would expect that to continue given where CPI is and the fact that our fixed escalators jumped up about 10, 15 basis points to the 2.8% range. So that's, again, the biggest driver of growth. The other thing we benefited from in '22 is our recovery percentage jumped up about 150 to 200 basis points as we were able to shift some more leasing to net leases from gross. So we were expecting to be at about a little over 50% recovery percentage in '22. We ended up at 52%. We don't expect that kind of growth again next year, but we expect that higher number. So that's why we were more confident in putting out the 2% to 3% this year.

是的。這是湯姆。正如我之前所說，今年我們確實受益於 3.1% 的自動扶梯。因此，我們在去年開始時沒有預料到會有更高的數字。因此，鑑於 CPI 所在的位置以及我們的固定自動扶梯上漲約 10、15 個基點至 2.8% 範圍的事實，我們預計這種情況將繼續下去。因此，這再次成為增長的最大推動力。我們在 22 年從中受益的另一件事是我們的回收率躍升了大約 150 到 200 個基點，因為我們能夠將更多的租賃從總租賃轉移到淨租賃。所以我們預計 22 年的恢復率會略高於 50%。我們最終達到了 52%。我們預計明年不會再次出現這種增長，但我們預計會有更高的數字。所以這就是為什麼我們更有信心在今年推出 2% 到 3%。

And obviously, we can benefit from some of the other drivers we hit in '23. And Medical City does much better than we expected, we'll get some growth there, parking income, we still have some opportunity. Most of our markets are back up to pre-pandemic levels, but we still have 2 that are below. So we could see some pickup there. So it could be a little conservative, but I think we're pretty comfortable with that right now.

顯然，我們可以從我們在 23 年遇到的一些其他驅動程序中受益。 Medical City 的表現比我們預期的要好得多，我們會在那裡獲得一些增長，停車收入，我們仍然有一些機會。我們的大多數市場都恢復到大流行前的水平，但我們仍有 2 個市場低於大流行前水平。所以我們可以在那裡看到一些皮卡。所以它可能有點保守，但我認為我們現在對此很滿意。

The next question comes from Steven Valiquette with Barclays.

下一個問題來自巴克萊銀行的 Steven Valiquette。

On the last one, you might have just touched on this. I might have just missed it, but the -- again, within the MOB portfolio and the growth guidance, was there any assumption for higher occupancy or that to be one of the drivers of upside relative to the guidance? And then a separate question. You have the $0.05 FFO headwind in '23 versus '22 from the assumption of no CARES Act grants for this year. I guess the question is, is it pretty much set in stone that you're probably not going to receive any grants in '23? Or is there still some potential to receive some, and you just haven't baked it into the guidance? Just wanted to get your thoughts around that.

在最後一個中，您可能剛剛談到了這一點。我可能只是錯過了它，但是 - 再一次，在 MOB 投資組合和增長指導中，是否有任何關於更高入住率的假設，或者是相對於指導的上行驅動因素之一？然後是一個單獨的問題。假設今年沒有 CARES 法案撥款，你在 23 年和 22 年有 0.05 美元的 FFO 逆風。我想問題是，您可能不會在 23 年獲得任何資助，這一點是否已經確定？或者是否仍然有可能獲得一些，而您只是沒有將其納入指南？只是想了解一下您的想法。

Steve, we'll tag team on this. This is Pete. I'll take the CCR -- excuse me, the CARES Act grant question. So we had $8 million last year in CARES Act grants, which was about $0.015 benefit to FFO that we are assuming we do not receive any CARES Act grants this year, which is a roll down. I know you said $0.05. I just wanted to confirm that the $0.015. Could we get some? Sure, we could, but that's not baked into our guidance. And our expectation is that, that program is winding down at this point in time. So it would just be upside to our numbers. With regards to MOBs, I'll turn it to Tom Klaritch.

史蒂夫，我們會標記團隊。這是皮特。我將接受 CCR——對不起，CARES 法案撥款問題。因此，我們去年獲得了 800 萬美元的 CARES 法案贈款，這相當於我們假設今年沒有收到任何 CARES 法案贈款的 FFO 約 0.015 美元的收益，這是一個縮減。我知道你說的是 0.05 美元。我只是想確認 0.015 美元。我們可以得到一些嗎？當然，我們可以，但這並沒有納入我們的指導方針。我們的期望是，該計劃此時正在逐漸結束。所以這對我們的數字來說是有利的。關於 MOB，我會把它交給 Tom Klaritch。

Sure. On the occupancy, if you look at our historic occupancy percentages, we kind of run in that 91% to 93% range. Same-store occupancy right now is at 91.5%, give or take. So I think we have some opportunity to see a little bit of an increase from occupancy. But overall, when you look at our growth each year, occupancy has a slight benefit, but it's typically only 30, 40 basis points, either up or down. So -- but as I said earlier, the bulk of our growth really comes from the pricing either in escalators or mark-to-market on renewals.

當然。在入住率方面，如果你看一下我們的歷史入住率，我們會在 91% 到 93% 的範圍內運行。目前同店入住率為 91.5%，或多或少。所以我認為我們有機會看到入住率有所增加。但總的來說，當你看我們每年的增長時，入住率會有一點好處，但通常只有 30、40 個基點，無論是上升還是下降。所以——但正如我之前所說，我們的大部分增長實際上來自自動扶梯的定價或按市值計價的續訂。

Okay. On that $0.05 and the CARES Act grants, that's from the live transcript. So hopefully, that will get corrected in the final version of the transcript. I just want to mention that. So I'm glad you corrected that.

好的。在那 0.05 美元和 CARES 法案撥款上，這是來自現場成績單。希望在最終版本的文字記錄中更正這一點。我只想提一下。所以我很高興你糾正了這一點。

I appreciate that. So the $0.05 is with regards to the interest expense roll down, but we'll make sure on the final transcript it's accurately reflected.

我很感激。所以 0.05 美元是關於利息費用的下降，但我們會確保在最終成績單上準確反映出來。

The next question is from Tayo Okusanya with Credit Suisse.

下一個問題來自瑞士信貸的 Tayo Okusanya。

Yes. The comment you made earlier on about financing still being available for Life Science companies that have good data, I think that context is appreciated. Just kind of curious, maybe other companies out there where maybe things are not going quite as well, they didn't get good results from the data. I mean, in the days of cheap financing, those guys who kind of got a lifeline and still got some time to try to turn things around, could you describe today what's happening to companies like that, whether they're all just kind of closing up SHOP, basically, VC is not being that patient with them, and what implications that could have just for demand in the market?

是的。你之前就擁有良好數據的生命科學公司仍然可以獲得融資發表評論，我認為這種背景值得讚賞。只是有點好奇，也許其他公司的情況可能不太好，他們沒有從數據中獲得好的結果。我的意思是，在廉價融資的時代，那些獲得了救命稻草並且仍然有時間嘗試扭轉局面的人，你能描述一下今天發生在這樣的公司身上的事情嗎，他們是否都只是有點倒閉up SHOP，基本上，VC 對他們沒有那麼耐心，這對市場需求有什麼影響？

Sure. It's Scott Bohn. I can take that. So one thing I would note in the secondary market over the past, call it, 6 to 9 months, you really needed that positive data. This is a little bit anecdotal because it's just 1 or 2, but we've seen some pretty decent secondary offerings over the past couple of weeks with companies who I would call it more neutral to maybe slightly negative data that have come out over the past several months. So it's an interesting development there.

當然。我是斯科特·博恩。我可以接受。所以我會在過去的二級市場上註意到一件事，稱之為 6 到 9 個月，你真的需要那些積極的數據。這有點軼事，因為它只有 1 或 2 個，但在過去的幾周里，我們已經看到一些相當不錯的二次發行，這些公司我認為過去出現的數據更中性，甚至可能略微負面數月。所以這是一個有趣的發展。

We've also seen a number of tenants raise capital via debt offerings or private placements. They tend to be pretty creative in times like this in ways that are pretty resilient as an industry overall. And there's also pharma, we've seen several companies who have been short on capital, not in a position to raise it in a public market, enter into partnerships and licensing agreements with pharma to kind of push on there.

我們還看到許多租戶通過發債或私募籌集資金。在這樣的時代，他們往往非常有創意，而且整個行業都非常有彈性。還有製藥公司，我們已經看到幾家公司資金短缺，無法在公開市場上籌集資金，與製藥公司建立合作夥伴關係和許可協議，以推動那裡的發展。

So it sounds like some of those companies are kind of maybe more focusing on M&A and things like that?

所以聽起來其中一些公司可能更專注於併購之類的事情？

Yes. I mean whether it's straight M&A or reverse mergers or just pure partnerships and licensing of [molecules] or programs out to pharma. I think those are the best and simplest path for tenants in that situation.

是的。我的意思是，無論是直接併購還是反向合併，或者只是純粹的合作夥伴關係和 [分子] 的許可或向製藥公司的程序。我認為在這種情況下，對於租戶來說，這些是最好和最簡單的途徑。

Okay. That's helpful. And then just going back to some of the earlier comments about development, again, the contribution to the bottom line, the guidance is helpful. But could you just talk a little bit on the redevelopment side again, some of the purposeful redevelopment that you are doing today, pulling some things out, moving them out of the same-store pool and things of that nature? What impact is that having on some of your Life Science same-store numbers in 2023? And what potential earnings drag is also being created to '23 numbers as a result of that?

好的。這很有幫助。然後回到之前關於發展的一些評論，再一次，對底線的貢獻，指導是有幫助的。但是你能再談談重建方面嗎，你今天正在進行的一些有目的的重建，把一些東西拉出來，把它們從同店池中移出來，以及那種性質的東西？這對您 2023 年的某些生命科學同店數量有何影響？因此，23 個數字也產生了哪些潛在的收益拖累？

Yes. Tayo, it's Pete. It's really 2 big redevelopment projects. We have some in addition to that, but it's the Pointe Grand as well as the Oyster Point. It doesn't have really any immediate impact on the same-store numbers because we do appropriately take those redeveloped campuses or the redevelopment projects, and we pulled them out of same store. There is typically downtime associated with the fact that we aren't receiving rent during the redevelopment period, and then there could be a little bit of downtime with regards to how long it takes to lease up. We've had a lot of success on leasing up redevelopments before we even deliver them.

是的。泰約，是皮特。這真的是 2 個大型重建項目。除此之外，我們還有一些，但它是 Pointe Grand 和 Oyster Point。它對同店數量沒有任何直接影響，因為我們確實適當地採取了那些重新開發的校園或重新開發項目，並將它們從同一家商店中撤出。在重建期間我們沒有收到租金，這通常會導致停機時間，然後在租賃需要多長時間方面可能會有一點停機時間。我們在重新開發項目交付之前就已在租賃方面取得了很大成功。

And we do get the capitalized interest benefit, but that's typically a lot lower than the yield we get on the rental income. So there is drag during the redevelopment period as a result of that, but there is also when those campuses do deliver, there is actually a nice earn-in from those as well. And as we talked about the NOI growth story over a 3-year period of time, we certainly have embedded in there the development -- excuse me, the redevelopment earn-in from Pointe Grand as well as from Oyster Point. So you have noted there is a little bit of drag during redevelopment, but we do expect to see some earn-in the next couple of years as those projects come online. And there's no real impact on same-store because those assets are not in same-store, they go into a non same-store bucket while they're redeveloped.

我們確實獲得了資本化的利息收益，但這通常比我們從租金收入中獲得的收益低很多。因此，在重建期間存在拖累，但當這些校園確實交付時，實際上也有不錯的收益。當我們在 3 年的時間裡談論 NOI 的增長故事時，我們當然已經將開發嵌入其中——對不起，從 Pointe Grand 和 Oyster Point 獲得的重建收益。所以你已經註意到在重建過程中有一點拖累，但我們確實希望在未來幾年隨著這些項目的上線而看到一些收益。而且對同店沒有真正的影響，因為這些資產不在同店，它們在重新開發時進入非同店桶。

Got you. And then last one if you would indulge me. Again, I know no acquisitions in the guidance numbers, but I get you guys are talking about acquisitions may look a little bit more attractive now than they ever have related to development. As part of that thought process, any interest, desires, ambitions to do acquisitions more on global markets like Life Science in the U.K. or something of that nature?

明白了最後一個，如果你願意的話。同樣，我知道指導數字中沒有收購，但我知道你們在談論收購現在看起來比與開發相關的收購更具吸引力。作為思考過程的一部分，是否有任何興趣、願望和雄心在全球市場上進行更多收購，例如英國的生命科學或類似性質的東西？

No, I wouldn't say that's on our priority list. I mean most other countries don't have a for-profit health care market, which is really our model. It's much more government reimbursed, especially on the Medical Office side, that product really doesn't exists in the same format that would be interesting to us from a private-pay standpoint. There is some global R&D that's done, but so much of that is government funded and I wouldn't put that high on the priority list, I've done a lot of international investing over the years. It can make sense, we have to do it in pretty dramatic scale to really try to form a competitive advantage, and I don't see a scale opportunity in our 2 segments. We've got a lot of opportunity here in the U.S. So we'll stick with that.

不，我不會說那在我們的優先列表上。我的意思是大多數其他國家沒有營利性醫療保健市場，這確實是我們的模式。政府報銷的更多，尤其是在醫療辦公室方面，從私人支付的角度來看，該產品確實沒有以我們感興趣的相同格式存在。已經完成了一些全球研發，但其中很大一部分是政府資助的，我不會把它放在優先列表上，多年來我做了很多國際投資。這是有道理的，我們必須以相當大的規模來做到這一點，才能真正嘗試形成競爭優勢，而且我在我們的 2 個細分市場中看不到規模機會。我們在美國有很多機會，所以我們會堅持下去。

The next question is from John Pawlowski with Green Street.

下一個問題來自 Green Street 的 John Pawlowski。

Just 1 question for me. Pete, could you give us the revenue growth and expense growth assumptions that underpin the 5% to 10% CCRC NOI growth guidance?

我只有 1 個問題。皮特，你能給我們支持 5% 到 10% CCRC NOI 增長指導的收入增長和費用增長假設嗎？

Yes. Maybe I'll just be even more high level than that. We still have about, call it, 500 basis points of occupancy to recapture to get to stabilized occupancy levels and more of a stabilized NOI there. I think a good rule of thumb is we probably get about half that back this year and the balance of it next year in '24, and that has a pretty significant NOI benefit to us. I will say one thing we are dealing with this year is labor costs are still kind of stubbornly high, right? It's a pretty full labor market right now. So those costs are still more elevated today than they typically have been, and that's a bit of a wildcard.

是的。也許我會比那更高的水平。我們仍然有大約 500 個基點的入住率需要重新獲得，以達到穩定的入住率水平和更多穩定的 NOI。我認為一個好的經驗法則是我們今年可能會收回大約一半的錢，明年在 24 年收回一半的錢，這對我們來說有相當大的 NOI 好處。我會說我們今年要處理的一件事是勞動力成本仍然居高不下，對吧？現在是一個相當完整的勞動力市場。因此，這些成本今天仍然比以往更高，這有點不確定。

And then what I would say is on a rate perspective, we are seeing year-over-year rate growth probably closer to 10% as it tracks higher towards an inflation number. So those are really the main drivers, occupancy growth, rate growth, but expense, unfortunately, not just in labor, but a couple of other line items remain elevated.

然後我要說的是從利率的角度來看，我們看到同比利率增長率可能接近 10%，因為它朝著通貨膨脹數字走高。所以這些確實是主要的驅動因素，入住率增長，利率增長，但不幸的是，不僅在勞動力方面，而且其他幾個項目仍然很高。

Okay. And the presumption is the expense issues don't really moderate at all in 2023?

好的。並且假設費用問題在 2023 年根本不會真正緩和？

I mean they're better. I mean contract labor is down 70% from the peak. So I mean, things have improved. But part of bringing that number down is just paying workers more. So despite the headlines around labor, I think for the most part, the service level employees making $20, $25 an hour, that's still a very competitive market. So we have seen contract labor come down, but certainly, there's still pretty strong cost inflation, utilities, food insurance. So our margins are improving.

我的意思是他們更好。我的意思是合同工比峰值下降了 70%。所以我的意思是，情況有所改善。但降低這一數字的部分原因只是向工人支付更多工資。因此，儘管關於勞動力的頭條新聞，我認為在大多數情況下，服務水平的員工每小時賺 20 美元，25 美元，這仍然是一個競爭非常激烈的市場。所以我們看到合同工減少了，但可以肯定的是，成本通脹、公用事業、食品保險仍然很強勁。所以我們的利潤率正在提高。

We're a couple of hundred basis points higher in the fourth quarter than we were throughout 2022 as we recapture occupancy. Pete mentioned, we'll get a big rate increase this year, but some of that gets spread out because the residents, a lot of them are on anniversary date increases as opposed to January 1. Nonetheless, we'll get good rate growth over the next year, but margins aren't going to reflect all of that improvement in rate and occupancy.

隨著我們重新獲得入住率，我們在第四季度比整個 2022 年高出幾百個基點。皮特提到，今年我們的利率會大幅上漲，但其中一些會分散開來，因為居民中的很多人都在周年紀念日而不是 1 月 1 日上漲。儘管如此，我們仍將獲得良好的利率增長明年，但利潤率不會反映出所有這些在利率和入住率方面的改善。

And then just last point is, I think you know this, but that cash receipts continue to be really strong and far exceed what we're able to recognize in earnings, it's about $22 million in 2022. So when you think about year-over-year growth rates in both 2022 and 2023, our actual cash results are a lot stronger than what we're able to recognize via GAAP because of that entry fee amortization model.

最後一點是，我想你知道這一點，但現金收入仍然非常強勁，遠遠超過我們能夠確認的收益，到 2022 年約為 2200 萬美元。所以當你考慮年復一年時2022 年和 2023 年的年增長率，我們的實際現金結果比我們通過 GAAP 能夠確認的要強得多，因為該入會費攤銷模型。

Next question comes from Aditi Balachandran with RBC.

下一個問題來自 RBC 的 Aditi Balachandran。

One general question for me. But given that Life Science demand appears to be normalizing and supply will likely pick up in a few of the major customers, what is your expectation of market rent growth in 2023 and 2024?

我的一個一般性問題。但鑑於生命科學領域的需求似乎正在正常化，一些主要客戶的供應可能會增加，您對 2023 年和 2024 年市場租金增長的預期是什麼？

This is Scott Bohn. I can take that one. So in 2022, we saw rent growth kind of across all 3 markets in the mid-single digits. Let's say pegging rent growth in 2023 is probably a bit challenging as we sit here today, given the macroeconomic environment. We do see rents doing well currently with minimal concessions on good, well-located products, properties in A locations with experienced Life Science sponsorship continue to perform well from a rent standpoint, this type of product which has and always will capture the bulk of the tenant demand. So I would say if any slowing in the market persists, there will be probably more of an impact on rents in secondary markets or submarkets, thankfully, we don't really have much of that product -- really any of that product in the portfolio. So really more anecdotal they are from other landlords and brokers. But I think rents will generally hold up pretty well in 2023 and good product.

這是斯科特博恩。我可以拿那個。因此，在 2022 年，我們看到所有 3 個市場的租金增長都在中等個位數。假設我們今天坐在這裡，考慮到宏觀經濟環境，將 2023 年的租金增長掛鉤可能有點挑戰。我們確實看到目前租金表現良好，優質、位置優越的產品的優惠幅度很小，從租金的角度來看，擁有經驗豐富的生命科學贊助的 A 地區的房產繼續表現良好，這種類型的產品已經並將永遠佔據大部分租客需求。所以我想說，如果市場持續放緩，二級市場或次級市場的租金可能會受到更大影響，謝天謝地，我們並沒有真正擁有太多這種產品——實際上，投資組合中沒有任何這種產品.所以更多的是來自其他房東和經紀人的軼事。但我認為 2023 年的租金總體上會保持得很好，而且產品會很好。

The next question comes from Dave Rogers with Baird.

下一個問題來自 Baird 的 Dave Rogers。

This is Daniel Hogan on for Dave. I just wanted to ask, you mentioned balance sheet strength being a big positive. I was just curious about with the remaining swap from the new debt versus commercial paper, do you intend to do anything with that along those lines in 2023? Or is that just reserved for if short term and long-term rates continue to move further apart?

我是戴夫的丹尼爾霍根。我只是想問，你提到資產負債表實力是一個很大的積極因素。我只是對新債務與商業票據的剩餘掉期感到好奇，你打算在 2023 年按照這些路線做任何事情嗎？還是僅在短期和長期利率繼續進一步分化時才保留？

Yes. I think I understand the question. If you think about our commercial paper rate, we look at the forward curve for 2023 and that's what's embedded in our guidance, and that translates to around 5.5% average rate for the year. Could we do better than that in the bond market today? Think we could, right? So that is the plug-in there, is worst case, we would draw down on our line to fund any debt needs we have for the year, but we certainly could look to access the market inside of that rate, and that's something that we are actively looking at. So while we have no capital markets risk because we don't need to do that, we certainly could have an accretive opportunity as the year progresses to do some permanent financing inside of that.

是的。我想我明白了這個問題。如果您考慮我們的商業票據利率，我們會查看 2023 年的遠期曲線，這就是我們指導中所包含的內容，這意味著今年的平均利率約為 5.5%。我們能否在今天的債券市場上做得更好？認為我們可以，對吧？所以這就是那裡的插件，在最壞的情況下，我們會動用我們的額度來為我們今年的任何債務需求提供資金，但我們當然可以尋求在該利率範圍內進入市場，這就是我們正在積極查看。因此，雖然我們沒有資本市場風險，因為我們不需要這樣做，但隨著時間的推移，我們當然可以有機會在其中進行一些永久性融資。

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

我們的問答環節到此結束。我想將會議轉回 Scott Brinker 的閉幕詞。

Yes. Thanks for joining the call, everyone. Have a great day. Thank you.

是的。感謝大家加入電話會議。祝你有美好的一天。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。