There we go. Welcome, everybody, to the Alexandria Center for Life Science here in New York, and welcome to Alexandria's 2024 Investor Day, which we've entitled Strategic Positioning for Future Growth. With me are a number of my colleagues who'll introduce themselves in a short while, and I want to just say thank you for being here. We have a whole lot of people on the webcast as well, and I want to thank each and every one of you for taking time to come over and join us here. This is a special place for us, one of our early mega campuses. So, on the eve of our 28th anniversary as a public NYSE-listed public company, the critical components of Alexandria's enduring success are aligned with the distinguishable characteristics that define a preeminent brand: superior knowledge of the customer, superior product, highly focused niche, and industry leadership. I believe we possess all those characteristics. When I think about the team and the wider team at Alexandria, we've been there and done that in many respects in cycles. If you go back and look at the 1999 to 2005 cycle, it was the dot-com bubble, but for us in the life science industry, it was the genomic bubble and the resultant nuclear winter following that for biotech. Then, 2008 to 2012, the great financial crisis and the aftermath that happened there. Most recently, starting in 2021 and through this year, the aftermath of the COVID froth. Those are the cycles that we've been through as a collective management team and team in general. I must say that we have successfully navigated each of these very different market cycles successfully, and we've emerged in an industry position of leadership and strength. So, let me start to move to the formal slideshow, and then I'm going to sit in a moment. But I do want to also just show our safe harbor, and we'll move to. So, each of us are going to sit here and speak directly to make it a little easier and a little more fluid rather than kind of moving up and down. So, on the table of contents, our team is going to be covering. This is kind of the roadmap to our presentation today, and as I said, each of my colleagues here will introduce themselves. When I think of this slide, which is a simple slide but something that is kind of our maybe one of the most important things we think about each and every day, is how do we consistently stay and grow as a great company. We, as a world-class company, have really integrated the teachings of the Good to Great strategies of the famous Jim Collins. They drive us each and every day, and kind of our motto is the same as the Navy SEALs: "The only easy day was yesterday," and that's kind of how we think about things, so as most of you know, we started this company as really almost a garage startup back in 1994. The life science industry ecosystem in those days was still early on, but it was both unique and distinctive. No other operator understands this and is able to effectively serve and integrate with a life science industry like Alexandria, and I say that absolutely categorically to be true. We're very proud of our history on the New York Stock Exchange. 2024 was the 30th anniversary of the company, of course, but we came public in 1997, and we remain the only pure-play life science REIT, and the 30 years have enabled us to create a wide and deep moat, and you'll hear much more about that. Our mission is one that's unique, and it's been our mission for 30 years to create and grow life science ecosystems and clusters, and this is what motivates us and drives us each and every day. It's not just a job. We're not just filling space in a box, so when I think about life science real estate, we invented it, we own it, we dominate it, and I think if you look at these stats, it's pretty amazing. An irreplaceable clustered asset base, over 25 mega campuses, almost 42 million sq ft operating, over 800 tenants, a top 10 fortress balance sheet. What we're most proud of is that every day, elbow grease, operational excellence, because these are mission-critical facilities, and our tenants rely on us to operate so they don't lose their billions of dollars of scientific progress. We categorize our and we think about our competitive advantages in many ways, but these are, again, some of the characteristics and are emblematic of what we think distinguishes us in an incredibly important way, and our moat widens each and every day. We're proud Jim Collins gives us this recognition, and this management team has been through a number of laboratories with Jim. You learn about what is discipline focus, especially in times like this that are tough economic cycles. What disciplined insights drive our economic engine, and how do we adjust those insights? And most importantly, the disciplined people that are passionate and caring and mission-driven about the company's purpose. Our hedgehog is this. We are the best in the world at what we do. And if you think about those of you who've read the Good to Great series of books, you have the inputs which I just described: the disciplined focus, the disciplined insight, the disciplined people, which is critical. And those translate to the outputs which create a great company or define a great company: long-term superior results, distinctive impact, and lasting endurance. So, it's not by accident that our platform is by far and away the dominant platform in this industry. It really was the roadmap for creation of the industry. And we're proud to say that as first mover and dominant force in this industry, each and every one of these markets, we are the dominant force. You'll see much more about how that translates to results in a short while with the team. As I mentioned before, this is a bit of a slide that depicts visually the cycles that I've talked about. As highlighted earlier, and as I said, the current environment has to be put into a historical context. Understand that this experienced management team has consistently positioned this company to emerge from each of these crises stronger and in a position of more important leadership than before. If you look at the dot-com crisis as a good example, which was also the genomics bubble which burst back in about 2002 for this industry, we took time at that particular time to think about what was the most important focus of the company. We were a small company. We didn't have any mega campuses. They weren't even known in those days. We grew by simply one after one acquisitions in the early 2000s, but we realized the most important thing we could do during that timeframe was create long-term relationships, and this is a good example of one. We negotiated a lease with an unknown company called Alnylam in those days. No one ever heard of them. They were doing a Series A financing for $15 million, and by the way, their market cap today is over $30 billion. We signed them to a small lease for a couple thousand sq ft in our newly launched science hotel in Cambridge. And we underwrote them and realized that maybe there's a chance that this new emerging technology, the RNAi technology, could unveil and be maybe a key to unlock the way to treat a host of diseases that were not treatable at that time or before that time. And we also partnered with Phil Sharp, who was a Nobel Prize winner, who was one of the company's founders. From that lease, here we are two decades later. They're an important big tenant of ours in the Cambridge market, and they have four products approved and, as I said, a market cap of over $30 billion. But that came out of a disciplined focus and an informed strategy in 2002 about what drives our economic engine long-term, not just for the moment. A lot of companies probably wouldn't have taken a chance on a fledgling Series A startup with an unknown technology and an unknown name, something we're very proud of. So, as most of you know, those of you who survived the great financial crisis of 2008 and thereafter, again, we took that time to realize and reposition the company as we were an unrated company. And we had 30% of our gross assets were in land holdings in Cambridge and Mission Bay. And a lot of analysts and investors told us to unload those, but we decided that it was better to hold them for the long term. But we positioned ourselves to become rated. And today, we're. Marc will tell you more about that. We're one of the top 10 credit-rated REITs in our industry and very proud of what we've accomplished. And we also, during that time, and it was, as all of us know, a very, very tough time, especially for the banks. We continued to add value to our holdings in East Cambridge, which were simply land or building industrial buildings that we were to tear down or parking lots to continue the entitlement process and the design and creation of what we thought could be a large campus in East Cambridge. And same thing at Mission Bay. And here, lo and behold, over the last 20 years, we created something of enormous value by not doing what a lot of people told us to do and get rid of that land. So, today, our Alexandria Center at Kendall Square is over 3 million sq ft. And that came directly out of the financial crisis. Our first acquisition, I think, was in 2006 of one of the land parcels in that location, and then I remember well in Mission Bay, our first acquisition, and Steve Richardson's here, who was the guy that kind of led that effort. And again, we got told by many people, just dump the land during the financial crisis, weighing down on your balance sheet. And we decided to go forward, continue the entitlement, design and creation of today, what is a world-class cluster. The Warriors now are there. Obviously, the Giants are there and surrounding the great hospitals and research centers at UCSF. And I think what's a good lesson in all of this is the result of the discipline we exemplified and holding those land parcels and continued to add value resulted in some good things over the decade that followed the great financial crisis. I'm going to skip over this because Hunter's going to pick up on this. We run our business, as I said, with a disciplined focus and disciplined insight. But what's probably most important because nothing can happen without disciplined people. And to us, that's the most important thing. And on earnings call, I'll always talk about and thank the Alexandria family. And a lot of people probably don't really understand what that means. But this is a company that's got a one-of-a-kind culture. It's a one-of-a-kind company. And it truly exhibits each and every person: integrity, mutual respect, critical, egoless leadership, humility, transparency, teamwork, trust. Best idea wins. And that has been a hallmark of this company. And what we do, and I continue to interview every single person who is in the queue for a job. I absolutely look for level five human qualities, which are described by Jim Collins. And if they don't meet that and the team gets angry at me a lot, and Maddie sits back there, who's our talent head, I probably veto 40% or more of people that I talk to. And people are just so stunned that, like, we need this person. Sorry, it doesn't work. They don't have these characteristics. And you have to hire long-term, not for immediate need. That's just the way it is. So, we adhere to these characteristics fearlessly. And they really exemplify our values and attributes. And on the left-hand side, we did a press release some time ago about being named one of the most trustworthy companies in the world, which we don't take lightly. And we aspire to try to embody what that means. And again, as Jim Collins said, our focus is trying to achieve long-term superior results with distinctive impact and with lasting endurance. And I think so far we've done that. I didn't put this in a slide, and most of you can't see this, but this is a bit of a chart on FFO per share growth. And there's a dip during the great financial crisis. But over the more than 25 years we've been public, this is an astounding track record that few companies can enjoy. So, this is a slide that I'm enormously proud of. If you think about a startup in 1994, a $19 million Series A, today we sit, and our stock certainly has come off of its highs of 2021, but still, we're a $33 billion enterprise value company. Imagine starting with total revenues of a million dollars and today over 3.2 billion operating sq ft, starting just with a couple hundred thousand, and today we're almost 42 million operating sq ft. Eight tenants in our first year, today 800, and an unrated fledgling company with a kind of a so-so balance sheet. I remember when we got our first loan for $2 million, I had to sign it personally, guarantee it, and today we're a top 10 balance sheet, so we've come a long way, and we're very proud of that. Our total shareholder return has certainly been impressive, and we continue to focus that and think about long-term results. Making distinctive impact is critical for the company, and this is a slide which really tries to call out some of the things we think about. Our tenants care about it. We care about it. It's important to be for cost-effectiveness and efficiency, certainly in a world of more limited resources. The little item on the left is 325 Binney, the worldwide headquarters and research center for Moderna, which was one of the heroes of the COVID pandemic. It just received LEED Platinum, and it's also the, as we've indicated over time, it's the most sustainable laboratory building in Cambridge, and we're very proud of that enormous accomplishment, and on the right-hand side is a project that we just completed. It's our large-scale 600-acre solar farm in Maine, and is now supplying 100% of our greater Boston region's electricity load. We're trying to do our part and make a distinctive impact. This slide we have in our supplemental to our earnings quarterly deck each quarter. Again, I'd call out three items that are particularly important and passionate for us about our impact. One is our mental health effort. We are partnering with Patrick Kennedy. More importantly, we're leading a consortium made up of the FNIH and the top pharma and biotech companies to develop biomarkers for a variety of brain diseases, which has never really been done effectively before. We started it. We were the first in. The middle visual is our campus in Dayton, Ohio, a project that came about after just bemoaning the COVID or bemoaning the opioid epidemic in 2017. Our partner is Google Verily on this. We've treated over 8,000 addicts in Dayton, Ohio, the epicenter of the pandemic in those days. Now it's moved to a much more fentanyl-based situation. But imagine just a private company, no government help, creating a center in the middle of the epidemic with a partner and treating over 8,000 people and hopefully saving their lives and their families' lives. I don't think there are too many companies that can do that. And then in the top right-hand corner, what we think is very important are scholars and after-school program. We're partnered with Coach K at Duke to try to provide after-school programs, both educational and sports-related, for underserved community in Durham. And I think the most important thing is over the last decade, there have been almost 1,500 people who've come through this program, and not a single one has failed to get into a four-year college. I mean, imagine if that was in every city in this country, we'd be kicking major butt as a country. So, we listen to the investors and the analysts, and thank you for being here today, and we've cataloged this year every single meeting we've had, what questions have been asked. And this is kind of a chart about the percentage of questions based on the topics, and we're going to try to address, obviously, each one of these in depth today. But we're very attuned to what you want to know and what you're interested in, and maybe as my final slide before I turn it over to Hallie, innovation in medicine, and we trust that people in the United States and even more globally understand that maintaining a great biomedical industry is a national and a global imperative, and we're part of leading that effort. If you think about a baseball game, and luckily the Dodgers, Peter, one of the big fans of all time, as was his mom who just passed. We remember her, Peter. Nine innings in a baseball game. If nine innings are in a baseball game and there are 10,000 diseases and only 10% have really been addressed by therapies, 90% left, we're probably in the very early innings of this quest here, 30 years after we started, which is kind of amazing. We think the best is yet to come. With that, let me turn it over to my dear friend and colleague, Hallie Kuhn. Thank you, Joel. Good morning, everyone. I'm Dr. Hallie Kuhn, SVP of Life Science and Capital Markets. As Joel just commented, only 10% of diseases have addressable medicines. The fact is, these are still far from cured. As a testament to this fact, nearly 700,000 individuals are expected to pass away from heart disease this year. Another seven million are living with Alzheimer's. That's the equivalent of four times the population of Manhattan struggling with the devastating impact of dementia. Another disease, multiple sclerosis, or MS, affects a million individuals in the U.S. It's still a poorly understood disease arising from complications between the nervous system and the immune system, and only recently have there been effective therapies, and really only for a subset of patients, so we are honored today to share the story of one patient and her journey with MS. I'm going to tell you a story of two different vacations and how my life changed between them. This is August of 2006, so at this time, I was a successful entrepreneur. I had a thriving consulting business. I was an athlete. I would go boxing three times a week. I was a wife, and I was a new mother of a wonderful eight-month-old daughter. We went on a vacation that month to Bodega Bay, California. It was the first time my daughter crawled. And so, that's what that picture is there. That's literally the first time she ever crawled. And you can see how proud she was. It was an amazing moment in our lives. I also began to have trouble speaking and swallowing. And it would come and go completely unpredictably. And it sounded like I was very, very drunk and slurring my words. So, something was terribly wrong. My neurologist sat me down and said, "Look, MS can be relatively benign for about 10% of people, but that's not you." The options I had for therapy were just a handful of largely ineffective injectables. I had problems with dexterity that I had to deal with. I couldn't put jewelry on, so I just stopped. I had pain. I had terrible fatigue. If anyone out there remembers having COVID and suffering from what they call COVID fog and fatigue, that's what I felt like nearly every day. I do remember the exact moment I felt like I'd been cured. So, we were going to the Acropolis in Athens, Greece. Being July, it was well over 90 degrees in the hot, blazing sun. And you have to climb up 512 steps up this steep hill to get there. And I actually got to the top. Before that, earlier in my disease, it would have been absolutely impossible. And so, I got up there and I turned to my husband and I said, "I made it. I made it and I'm okay." And he turned to me and he said, "Sweetheart, you're more than okay." This was the moment that I knew that that therapy had completely altered my life trajectory. I'm the CEO of a biotech. Temperature doesn't limit our vacations anymore. You can see us there in a hot forest. I'm an amateur boxer. I'm also an avid crossfitter. And my daughter and I finished a half marathon at the Disney Princess Half Marathon in Orlando in February. My experience then fuels my absolute commitment to create new possibilities for others. I deeply appreciate what it feels like for someone who doesn't have any meaningful options. And I feel a sense of urgency because of that. But on the other hand, I also know that miracles are possible because I've lived it. And that's why we're all here. We're all here in this biotech ecosystem because we want to bring that kind of experience to others and because we believe that it can happen. Samantha's story is so telling. The path that her life would have taken without novel therapies such as TYSABRI, developed by tenant Biogen, would have been vastly and painfully different. It's also what inspires us to work with this biotech community every day. This was a patient who knows the struggle of a disease who went on to found a biotech company working on the next generation of multiple sclerosis therapies. It's also the story of the winding journey from discovery to patient of every single medicine. For TYSABRI, this started in academia with a collaboration between Stanford University and a small private biotech. The small private biotech worked on this initial discovery with Stanford that parlayed into initial work on a potential therapy. They were acquired by a large pharma company who began to take this therapy forward into human clinical trials. They then partnered with a biotech fledgling at the time, Biogen, who eventually moved this therapy through final stages of clinical development and commercialization and eventually acquired full worldwide rights. This is just to say that every single medicine takes a winding, complicated, but collaborative journey across all segments of this industry, and Alexandria is there to support these segments in every type of company in this industry for every step of the way, so, beyond one therapy, as we look to the whole body of therapies that have been approved over the last several decades, Alexandria has been responsible for 50%. Excuse me, Alexandria tenants have been responsible for 50% since 2013. That's the equivalent of nearly 260 medicines that have taken their own journey from discovery to patients. And this pace of discovery is accelerating. Since 2003, the average yearly approvals of novel FDA medicines has nearly doubled. In addition to an increasing number of approved therapies, the proliferation of types of therapies has also expanded. Decades ago, the beginning and the end of potential treatment options were small molecules, those medicines that you simply take in a pill. Now there's monoclonal antibodies such as TYSABRI for M.S. There's also gene therapies such as CASGEVY by tenant Vertex, which works as a pair of molecular scissors to go in and change the root cause of a genetic disease such as sickle cell anemia. And all of this innovation has happened in the backdrop of both risk-on and risk-off environments. To Joel's point, this industry has traversed the dot-com bubble, the GFC, also political environments such as drug pricing scrutiny during the 2015 election, which sent the NASDAQ Biotech Index down 20%. But the industry has continued to be resilient and continued to grow at over $5.5 trillion in total market capitalization to date. 10 years ago, anti-obesity therapies were considered too complicated. Now they're an entirely new market that are improving lives beyond obesity, heart disease, kidney disease, and even more. And that's what we have to look forward to as we look to the next 10, 20 years. There is so much opportunity and impact for this industry to grow two, three times. Now, as we think about demand drivers over the past year and in this current macro environment, we wanted to speak to what drives the need for new space or growth beyond just funding. Funding is absolutely a driver, but it's not necessarily the root driver. Depending on the segment of the industry, there's a variety of different things that will drive the need for space. We'll step through three key segments and what those demand drivers are. The first is private biotech. Pulling on the thread of Alnylam that Joel spoke to and our relationship starting in 2002, City Therapeutics leased with Alexandria in our Kendall Square mega campus earlier this year. This company was started by the founding CEO of Alnylam and based on a new discovery that will enable more durable and potentially more effective forms of RNA therapies. This was an example of both a new biological discovery as well as recycling of executive management teams that drove the need for new space. Now, public biotech companies. Vaxcyte is a great example of a company where clinical milestones, in this case, demonstrating in early clinical trials that a vaccine for sometimes fatal bacterial diseases was potentially superior than current options on the market. With that data, the company has raised over $2 billion just this year. They're investing that capital back into research and development, and that drove their nearly doubling of space on our San Carlos mega campus. Now an example of how M&A can lead to additional expansion. Vividion was a small private biotech that spun out of Scripps Research in 2017. They grew a chemistry platform that enabled them to go after really hard targets in immunology and cancer. In 2021, they were acquired by Bayer for $1.5 billion upfront. But this wasn't the end of the story. It was the beginning of the next chapter. The team at Vividion under Bayer's umbrella has continued to grow their platform. It has really become an engine for growth for the company, and that led to the recent expansion on our SD Tech mega campus, which Dan will speak to in more detail. Now, one note on the mindset, particularly of private and public biotechs, as they're thinking about space needs in the current environment. They remain highly disciplined. That means that compared to 2021, where companies may come to us 12, 18, 24 months ahead of needing additional space, the dynamic is more just in time, coming to us just as they need a space, and that's where our mega campus is exquisitely suited to meet this dynamic demand, given our scale and flexibility. Taking the 30,000-foot perspective, the other crucial, if not the most crucial, driver of demand and leasing volume for Alexandria is our deep pool of tenants, industry-leading at nearly 800. 80% of our leasing in the last 12 months was by existing Alexandria tenants. Now, a common question of this year has been, who among the life science companies is really driving leasing? To answer this, we've compiled over 2024 life science leasing by percentage of square footage across the different segments. Really, all segments have contributed to leasing, the majority of which, or over a third, is multinational pharma. But this diversity is really important because every segment has different drivers. So, depending on the environment, it provides resilience for Alexandria's business model in different macroeconomic conditions. So, we'll step through these one by one. First is public biotech companies. Public biotech constituted the smallest percentage of our leasing this year, which mirrors commentary from both Joel and myself over the past 12 months about the challenges of the public markets. While companies with stellar data such as Vaxcyte certainly are going on to grow and expand, the public markets are still challenging and the IPO window largely remains shut. Across Alexandria tenants, there are many shots on goal with over 1,500 ongoing clinical trials. Each of these represents a chance to drive value for these companies, which will lead to additional equity financings, partnerships, and particularly as we shift to a more risk-on environment, that capital will go towards investment in additional research and development platforms. Institutions are a core, if not the core component of our clusters. They are the engine of new discoveries, but they are also an engine for company formation. MIT, just as an example, has spun out over 600 companies since 1997. Life science product tools and devices are the picks and shovels of the industry, creating, for example, the advanced instrumentation that scientists are using in the lab, also manufacturing and supporting development of new medicines. We estimate that four out of every five FDA-approved drugs have been supported by this segment of Alexandria's tenant base in the last three years. With respect to private biotech companies, these constitute not only an important segment of our current leasing, but also the future of leasing. As these companies go on to grow, expand, become acquired, and need additional space, they'll become the next wave of space need or have the next wave of space needs across our industry. Now, in terms of leasing from existing tenants, this is the lowest at 69%, still quite high, but makes sense because there is a cohort of these companies that are brand new that are leasing their first set of space with Alexandria. And now, multinational pharma, which represented 37% of our life science leasing activity in 2024. Orienting you to the bottom left of this slide, nearly two-thirds of pharma revenue is driven by acquisitions or external partnerships with private and public biotech. That is to say that collaboration, which is supercharged within our clusters, is not a nice-to-have for pharma, but really is a crucial component of their business model. And so, another common question of 2024, not just for our industry, but perhaps for all industries, is what is the impact of AI? Going back into the archives, AI is not new to the life science industry. We have a cover article from 1981 that expounds designing drugs by computer, the next industrial revolution. The other cover is from two weeks ago, AI learns the language of life. Now, certainly computing power has accelerated, but that hasn't created a new set of AI tools. It really has enhanced and complemented the tools that have been developed over decades. And these tools are critical because the amount of data generated by scientists in the lab is enormous. We have individual tenants who will generate 50 PB of data a week from instrumentation in the lab. So, to give you context, one PB is 20 billion printed pages of text. It's truly enormous. And so, AI is how you analyze that data. It's how you uncover patterns to inform the next set of experiments. And AI is also important outside the lab. Large language models assist with drafting of applications for new medicines for the FDA that are often hundreds of thousands, if not millions of pages long. It also helps inform the design of clinical trials and patient selection to ensure that medicines make it to the patients that will benefit the most. If there was one point to take away from this section today, it's that medicines are not developed in a silo. On the back of everyone's name tags is an example of an FDA-approved therapy by an Alexandria tenant. Every one of these medicines represents a novel journey from discovery to patient. And every medicine is a small miracle, a huge feat, and a testament to the collaboration and dedication of the individuals in this industry. With that, I will pass it over to Dan. Thank you, Hallie. Good morning. My name is Dan Ryan. I'm the Co-President of Alexandria with my friend and colleague Hunter Kass. And I'm also the Regional Director of the San Diego region. I'm really honored to be here today to talk to you about our really unique, irreplicable, and immensely valuable mega campus platform that has made us the landlord of choice to the life science industry. As Hallie so eloquently described, the DNA of the life science industry is different than other real estate segments. Over 30 years in this business have given us the insight to deliver on these needs. There are five critical needs that life science companies are looking to Alexandria to increasingly solve for them. Let's walk through these critical components starting at the top right of this slide. First and foremost, I think Hallie did a really good job of explaining that this talent-led industry thrives on proximity to research institutions, venture capital, complementary companies, and pharma companies. Secondly, they need strategic flexibility to grow on campus and have spaces that are readily releasable. Third, life science companies want robust, efficient, high-performance, and aesthetic facilities. Fourth, our tenant base understands that well-designed, bespoke, and activated amenities drive recruitment, retention, productivity, and employee enthusiasm. Fifth, life science companies have an unwavering and absolutely critical need for flawless lab and other operating conditions and a highly secure environment. Our mega campus completely fits the DNA of what the life science industry needs. Our mega campus has the best locations, scale, design, curated amenities, and unrivaled excellence in lab, campus, and security operations. Over the next several slides, let's talk about how our mega campuses are literally at main and main of life science research and development. Because of Joel's unique vision and deep understanding of the life science industry, as he mentioned, that we started in 1994, we pioneered this space. This gave us the unparalleled advantage of being able to acquire many of the best sites in the country at an attractive cost basis. This amazing slide of Cambridge shows it all as we made our initial foray into that world-class market in 1999 and fashioned our mega campuses directly into the vibrant heart of Kendall Square, considered the most innovative square mile on the planet, anchored by MIT, the Broad Institute, and the Whitehead Institute. Similarly, as Joel mentioned, our mega campus in Mission Bay, San Francisco, is immediately adjacent to the University of California, San Francisco Medical and Biomedical Campus. We made our first acquisition in this market 20 years ago. Alexandria was the first and only mover in the submarket to acquire land and buildings in that submarket. Fast forward to today, our 2.2 million sq ft mega campus is fully integrated with UCSF and walking distance to residential communities and exciting recreational anchors of the Golden State Warriors and the San Francisco Giants Stadium. It's a truly dynamic work-live-play lifestyle. The underpinnings of Torrey Pines Mesa was designated in the 1970s as a research district north of the University of California, San Diego. The thesis was solid, but lacked soul. Alexandria entered the market in 1994 and methodically acquired assets in this submarket. 30 years later, 30 years later, we're putting the finishing touches on our magical phase VII of One Alexandria Square. As a result of the fostering of the ecosystem today, Torrey Pines is the most prestigious of all San Diego submarkets and routinely maintains occupancy in the high 90%. Like all of our mega campuses, One Alexandria Square is truly an irreplaceable generational mega campus. In Seattle, our two mega campuses are located next to prolific bioscience institutions of the Fred Hutchinson Cancer Center, the University of Washington School of Medicine, the Allen Institute, and the Bill and Melinda Gates Foundation. Located adjacent to the Fred Hutchinson campus, the Alexandria Center for Life Science Eastlake is a 1.3 million sq ft mega campus containing research institutions, big pharma, large-cap biotech, and early-stage startups. By virtue of our ground zero institutionally adjacent locations, one symbiotic dynamic that we're seeing is the interest of the institutions to occupy space in our mega campus to further their collaboration efforts. For example, in November of this year, the Fred Hutch purchased from us 1165 Eastlake, a 105,000 sq ft purpose-built lab building to accelerate their mission-critical oncology research. They also chose to enter into a joint venture with Alexandria on two more assets totaling 200,000 sq ft at 1201 and 1208 Eastlake. The combination of location, the purpose-built nature of the assets, and Alexandria's operational expertise drove that decision-making for the Fred Hutch. The Hutch transaction is symbolic of everything that makes our mega campus core to our strategy. Let's walk through this amazing collection of featured irreplaceable mega campuses that we've built over the past 20 years. This slide features nine mega campuses that we've built and aggregated around the country starting in 2006 in Cambridge with the acquisition of the Alexandria Technology Square mega campus. This slide shows the remainder of the featured mega campuses that we commenced from 2018 through 2022. Let's take a moment to let these two slides sink in. If you think about the highest quality enviable life science campuses across the country, we own virtually all of them. As an investor in Alexandria, these are the campuses you are invested in, literally pieces of the life science bedrock. There is no real estate investment that is more secure, more durable, more valuable than the mega campuses that we've built in the very epicenters of innovation in the country over the past 20 years. One of the foundational precepts of the mega campus is scale. The scale unlocks so many features for our valued life science tenants. They can grow in a predictable manner. They can interact with other like-minded companies. They can access or offer risk capital. They can take advantage of large-scale, varied, convenient amenity and transportation programs that other projects simply can't offer. This slide features our Campus Point mega campus in the UTC submarket of San Diego. Over the past 14 years, we've assembled over 100 acres in the most dense submarket in San Diego. Consider that: 100 acres with a full development potential approaching 2.7 million sq ft in a dense urban environment adjacent to UC San Diego. We call this mega campus the miracle mile of medicine. It has taken us almost a decade and a half to create the scale, platform, entitlements, infrastructure, and campus amenities here. Future deliveries will certainly be supercharged returns on incremental capital. The best is certainly yet to come. Alexandria's mantra of space, place, and service starts with a space that is designed to optimize tenant productivity. We are relentless in our pursuit of creating the very best design facilities that are as efficient as they are beautiful. We were recognized repeatedly for our prowess in this area, but the most critical stamp of approval has been from the life science community as we've built almost 15 million sq ft of new facilities on our mega campuses since 2010. The second component of space, place, and service is how we create place on our mega campuses. This means robust amenities that are curated by our trained personnel. The mega campus is a living organism that we constantly survey and modify to create the ideal work environment. We offer everything from wellness centers, approachable variety in food offerings, convenience offerings, company and industry event spaces, sports leagues. The list goes on and on. Life science companies truly value the importance of our design and amenity skill set to help them recruit and retain their absolute most critical asset, a happy and productive workforce, and for their related teams. I want to emphasize that since the pandemic, this is kind of the dynamic that we've seen over and over, is that companies really are relying on us for more and more of these services that we can help them accelerate their recruitment. Alexandria has always been laser-focused on the third component of space, place, and service. Whether it's our 20-year average laboratory operations engineering staff, our robust and courteous amenities operations staff, our attentive and thorough security teams, or our thoughtful and meticulous property management personnel, we are steeped in the notion of giving more than people expect. Excellent, helpful, above-and-beyond service is one of the most cited reasons that our companies renew with Alexandria at such an impressive rate. I'm going to walk you through now a number of case studies to demonstrate how the mega campus platform delivers stunning financial outperformance in the areas of rental revenue growth, leasing outperformance, rental rate premiums, occupancy outperformance, and superior return on investment. Just eight years, because of our exacting sponsorship, we have tripled the revenue at the historic and now spectacular One Kendall Square mega campus in Cambridge since we acquired that asset in 2016. The Alexandria Center for Life Science San Carlos in the greater Stanford submarket of California has maintained high 90% occupancy since delivery with a tenant base that loves the project, as evidenced by Vaxcyte's recent extension expansion for 250,000 sq ft that occurred last month. A critical gating issue for Vaxcyte was for them to locate on a campus to accommodate their ability to grow. This is a refrain that we hear consistently and why the mega campus is a highly sought-after real estate solution for the life science industry. As Hallie mentioned, Vividion and Bayer committed over the summer to 128,000 sq ft at our 25-acre San Diego Tech mega campus in Sorrento Mesa submarket. Bayer decided to locate to our mega campus for all the reasons I've talked about: a beautiful, efficient building located on an amazing sizable campus that has a wide variety of convenience and work-style amenities. Even with our agreement to hold office space for Bayer for the next year, our delivery of Building C is 70% leased, while other new deliveries are only 8% leased in that submarket. Not only do we enjoy highest industry retention rates and highest industry attraction rates, we also frequently achieve a significant rent premium. This slide shows the 11.5% premium we were able to achieve on 123,000 sq ft lease in our One Alexandria Square mega campus in Torrey Pines versus others. The same dynamic of mega campus occupancy outperformance is illustrated by looking at the Lake Union submarket in Seattle. Our mega campuses are 97% leased, while our competitors are only 58% leased. As Peter will expand on this dynamic in the next section, this is a stark example of how life science companies see great value in the Alexandria mega campus offerings versus competitive offerings. This is one of the most important slides in today's presentation. When you consider our mega campus in each of the key markets of Boston, San Francisco, and San Diego, the mega campus compounded annual rental rate growth of our annual rental revenue is between 16% and 18%. The fundamental thesis that we have to invest and reinvest capital into our mega campuses produces extraordinary return revenue and occupancy results. In a statement, the mega campus platform works. I want to emphasize that although we have been continuing to invest and reinvest in the mega campus over the past 18 years, as Hunter will go over in a moment, the dynamic of the mega campus keeps evolving and the best is yet to come. With that, I will turn it over to my friend and colleague, Hunter Kass. Thanks, Dan. Now we're going to dive deep into Alexandria's proven 20-plus-year track record of executing complicated, multi-phased mega campus growth strategies. That experience provides the know-how needed to deliver successful development and redevelopment projects with an intense focus on improving and innovating our mega campus model to drive consistently high occupancy and increasing rents. Highlighted here is our 3 million sq ft mega campus in East Cambridge, Alexandria Center at Kendall Square. The execution started with the first land acquisition in 2006, continued with the completion of a comprehensive entitlement process for development projects 225 Binney, 75-125 Binney, 50-60 Binney, and 100 Binney. From 2013 to 2017, those four projects delivered over 1.5 million sq ft, and in 2022, we completed the redevelopment of over 400,000 sq ft at 141 First Street that was delivered 100% leased. Those highlighted projects, coupled with complementary assets, comprise the 3 million-sq-ft mega campus. For most organizations, the execution of one mega campus during an approximate 20-year timeframe would be monumental. At Alexandria, thanks to the tremendous team, we delivered 47 projects across 19 mega campuses. Here on this slide, we will dive deeper into the San Francisco team's 20-plus-year execution of Alexandria Center for Science and Technology, Mission Bay. It all began in 2004 with the first land acquisition, and since then, we executed a comprehensive entitlement process that culminated in a 2.2 million sq ft mega campus. Alexandria Center for Life Science is now delivering the final phase of the mega campus at 1450 Owens, which, in addition to the projects shown here, complete the mega campus development. These two mega campuses exemplify what Alexandria does best: aggregating irreplaceable land adjacent to key research institutions and academia that are the linchpin to the clustering of biotech, pharma, and venture capital, ultimately delivering mega campuses that provide for differentiated environments that ignite innovation, provide scale and flexibility, and are managed with unmatched technical expertise we like to call operational excellence. We continue to evolve our mega campus strategy and know that the best is yet to come. Alexandria's amazing mega campus platform, as Dan mentioned earlier, focused on space, place, and service, is uniquely positioned to deliver significant future annual NOI of $510 million across 5.5 million sq ft now and to the first quarter of 2028. These deliveries leverage our collective team's ability to execute complicated development and redevelopment projects that continue to outperform our competition and deliver unmatched ecosystems that foster innovation. Let's dive into the $510 million. The focus here is on $158 million, expected incremental annual operating income from the key anticipated deliveries for the 12-month period starting in the fourth quarter of 2024 and ending in the fourth quarter of 2025. In the bottom left corner of the slide is the over 285,000 sq ft asset, 230 Harriet Tubman Way, and our South San Francisco market that will deliver 100% leased. It is an excellent example of both our ability to secure strong tenancy from a private biotech company with a highly accomplished industry and academic leader as CEO and is representative of a core asset not located on a mega campus that is highly complementary to our portfolio. That superb execution is complemented by our delivery of two development properties on our Arsenal on the Charles mega campus in Watertown, 500 North Beacon and 4 Kingsbury, highlighted on the right hand of the slide. In both South San Francisco and Watertown, these projects have greatly outperformed their respective submarket delivery competition. Now let's turn our attention to Alexandria's key anticipated deliveries from the first quarter of 2026 through the first quarter of 2028 that provide an aggregated $352 million in expected incremental annual net operating income. Highlighted here are three deliveries. The first two are in our San Diego market, led by Dan Ryan, who brings deep architectural, placemaking, and life science lab development expertise to bear on projects across our company, leading to the delivery of highly differentiated mega campuses. I will start with Campus Point in the top right of the slide, where we will be delivering approximately 425,000 sq ft at 4135 Campus Point Court, 100% lease to Bristol Myers Squibb. Then I would like to call your attention to the bottom left portion of the slide, where One Alexandria Square is highlighted and where we will be delivering multiple properties, including our seventh phase for a total of approximately 335,000 sq ft, 100% leased. Finally, in the bottom right corner of the slide, we have 60 Sylvan located at our Alexandria Center for Life Science Waltham mega campus. We work collaboratively with Dan and the team in San Diego to thoughtfully reimagine 60 Sylvan Road and the balance of our mega campus into a highly amenitized environment. That tremendous team effort provided us with an ability to lease 100% to Novo Nordisk in the fourth quarter of 2023. In 2025, we will be laser-focused on our pipeline deliveries that can contribute to future growth. Highlighted here are two projects: 99 Coolidge and the greater Boston submarket of Watertown, located at the top right of the slide, and 1450 Owens, located in the San Francisco submarket of Mission Bay. Let's first focus on 99 Coolidge, where we will continue to outperform the competition with an improvement from 40% leased in the third quarter this year to 62% leased and negotiating. Our sponsorship, design, superior amenities, scale, and parking capacity differentiated from the competition and will enable us to be on a path to stabilization. We'll now hop on the red-eye from Boston to San Francisco, where we secured an ability to execute a transaction like the previously announced sale of a portion of 421 Park development in the Fenway of Greater Boston, with a condo interest sale for a little over 100,000 sq ft, or approximately 49% of the building at 1450 Owens. This accretive transaction is important on two levels. First, it continues to reinforce the symbiotic relationship of innovative companies and institutions co-locating, excuse me, in irreplaceable locations similar to Boston Children's Hospital in the Fenway and the Fred Hutch in South Lake Union. Second, this transaction is indicative of our ingenuity, deep relationships, and unmatched deal-making capabilities. It is in Alexandria's DNA to embrace complexity and recognize the opportunity to deliver uniquely curated, centrally located, and scalable campuses. The three projects highlighted, Alexandria Center for Life Science South Lake Union, Alexandria Center for Life Science San Carlos, and Alexandria Center for Advanced Technologies San Francisco, are on balance sheet pipeline projects that have an ability to deliver future growth. If one was to take a time machine back to the great financial crisis, these projects would be similar to the on-balance sheet land assets like Mission Bay and Binney Street that have now become the foundation of our mega campus strategy. Looking into the future, these projects will leverage the unrivaled experience of Alexandria. In reviewing our team's track record since 2015, we have delivered our development pipeline with an average lease percentage at initial delivery of 94%. This statistic reinforces the importance of our tremendous locations, mega campuses' ability to deliver scale, and our premier sponsorship. I will now pass it to Peter, who will provide commentary on the supply across our respective markets, something he does every quarter and loves doing, and Alexandria's performance compared to the competition. Thank you, Hunter. Good morning. I'm Peter Moglia, CEO, Chief Investment Officer, and huge Dodger fan. Thank you all for taking the time to listen in today. As close followers of Alexandria, I'm sure you're all well aware of the elevated supply that's come into our major markets, delivered mostly by inexperienced developers in the aftermath of COVID. In this section, we're going to distill the mega campus platform that Dan just walked you through into three elements that prime us for success against this supply, give you an update on the status of the supply, and then demonstrate how we're outperforming it. In the previous sections, we presented the DNA mega campus model. The basic elements that hold the DNA of our model together are prime locations, scale, and sponsorship that together are embodied in the power of our brand. The key takeaway here is that location, scale, and sponsorship matter to tenants, and they are our best weapon to conquer this ill-conceived supply. The effectiveness of our mega campus model is manifested in several ways, starting with our consistently high occupancy across our entire asset base, including Greater Boston, San Francisco Bay, and San Diego, the markets where the vast majority of this new supply resides. In fact, the resilience of our occupancy is not a new revelation. Our high-quality locations, scale, and sponsorship have enabled us to maintain high occupancy through many down cycles, as Joel mentioned earlier, and we are very confident that they will empower us to prevail through this one. Further support for the strength of our locations, scale, and sponsorship is our outstanding leasing performance against competitive supply. Our 2024 and 2025 deliveries in Greater Boston, San Francisco, and San Diego are currently 99% leased, far above the competitive supply at 39%. I'm going to go ahead and walk through how we determine something is competitive in a moment to further underscore that location, scale, and sponsorship matters in this elevated supply market. From 2023 through the third quarter of 2024, Alexandria has leased one and a half times more space than the next five life science real estate owners combined in the three major markets most heavily impacted by this supply. As promised, before we delve into the competitive supply numbers, here's a reminder of the key attributes we consider in determining what's competitive: high-quality facilities that meet the general specifications for basic research, operated by competent technical teams, and proven submarkets with reasonably capitalized sponsorship are truly competitive. But we don't require all these criteria to be met to count it. So here is a visual chart of the competitive supply numbers I presented on our third quarter earnings call. The takeaway here is that there's a nominal amount of unleased supply as a percentage of the market under construction. Most of it is delivering by 2025, and then it drops off dramatically in 2026. In fact, it goes to zero in San Francisco and San Diego. Now, there's going to still be availability to contend with, but ending the flow of new supply will allow market fundamentals to begin to recover. In this slide, we wanted to show you that the highest barrier to entry markets, by definition, have very little supply coming online, and what is, is mostly leased. Due to this dynamic in high barrier to entry markets, where we have significant holdings like Cambridge and Greater Boston, Mission Bay, and Torrey Pines in San Diego, we're less affected by this new supply and thus have stronger pricing power to maintain our internal growth. In submarkets where there's a more meaningful amount of supply that has been delivered, such as Watertown shown here, the competitive advantage afforded by our main locations, scale, and sponsorship has led to significant leasing outperformance against competitive projects. The image on the right here is our 500 North Beacon development on our Arsenal on the Charles mega campus, which delivered in 2023. And if you ever visit this campus, you'll see it is a wonderful example of the placemaking woven into our mega campus offerings, a testament to the talent of Mr. Dan Ryan to my left. We have significantly outperformed competitive supply in South San Francisco, which has been the epicenter of ill-conceived speculative building in the Bay Area. The image here is our 751 Gateway project, which is fully leased to Genentech and delivered in the fourth quarter of 2023. This project is a great example of the attractiveness of our buildings and the power of our relationships. Genentech had numerous options to grow in South San Francisco, but ultimately chose our 751 Gateway project because our building best fit their needs, and we have been a trusted partner of Genentech for decades. We have significantly outperformed supply in Sorrento Mesa, where most of the speculative development has occurred in San Diego. The image here is our SD Tech by Alexandria mega campus. It is thriving in an oversupplied market because its location, which affords easy freeway access, and its scale, which at 1.23 million sq ft offers growth opportunities to tenants, and it has a very unparalleled amenity offering. All three of the lease percentages I just went through are significant because location, scale, and sponsorship matter. This question comes up quite a bit in meetings. What happens to the excess supply that doesn't lease? Certainly, some of the competitive and even non-competitive supply will find a life science tenant. Those that don't will likely be absorbed by office users, in our opinion. The high floor-to-floor heights and the 100% fresh air mechanical systems are appealing to many office users. And if an office user can get into a new life science building with these attributes at the right price, it's a pretty good option for them. And the continuing improvement of office markets in the Greater Boston, San Francisco, and San Diego areas, which is shown in these statistics, bodes well for this thesis. Alexandria invented the life science real estate product type and has built a phenomenally successful company to develop, own, and operate its assets. We can understand why someone would want to try to imitate it. In the aftermath of COVID, many inexperienced developers made the critical mistake of thinking they could compete with us by miscalculating just how much location, scale, and sponsorship in the form of industry relationships, operational excellence, and a strong brand matter to tenants. Their tertiary locations, one-off buildings, inexperience in developing and operating life science real estate has resulted in significant underperformance, as you saw. The leasing they do achieve often occurs because we just didn't have the inventory the tenant wanted, or the tenant didn't pass our stringent underwriting criteria. Alexandria's mega campus model, inclusive of main and main locations, unmatched scale, and unrivaled sponsorship, enables consistent occupancy, strong relative leasing performance, strong tenant retention, and a loyal tenant base that enables the success of our new deliveries, which drive future growth. On the topic of future growth, I'll pass it back to this handsome man who will discuss how we fund it, or you. I was going to say thank you, Peter, but I'll go to the next line. Our team recognizes the importance of managing a disciplined capital recycling strategy that is informed by market conditions and committed to maintaining our fortress balance sheet. The four tools that we utilize are our leverage neutral debt capacity, cash flow from operating activities, outright dispositions, and partial interest sales. These four tools provide Alexandria with strategic funding optionality that enables us to secure the best cost of capital in ever-changing market conditions. First, starting with our leverage neutral debt, Alexandria has a proven and robust track record of an ability to access the investment-grade bond market. Highlighted here is both our bond issuance since 2019, over $9.75 billion, and our credit ratings of Baa1 from Moody's, BBB Plus from S&P, which are in the top 10% among all publicly traded REITs. Second, we will review our annual cash flows. Highlighted on the right side of the slide is a bar chart comparing our net cash provided by operating activities after dividends from 2019 to 2024. Since 2019, we have secured an increase in our net cash provided by operating activities after dividend of over 100%. The strong growth from $222 million in 2019 to $450 million in 2024 has translated into a total of $2.3 billion of capital that could be reinvested into our pipeline projects and operating activities. As I described in the mega campus section previously, we continue to forecast continued growth in our annual NOI, providing an ability for increasing capital from annual cash flows over time. We just reviewed the first two tools of our disciplined, balanced, and multifaceted strategy to self-funding the business. Now we will take a deep dive into the third and fourth tool, outright sales and partial interest sales, or more commonly known as joint ventures. Highlighted on this slide are two key takeaways. First, the team here at Alexandria has an unrivaled and long-standing track record of monetizing embedded asset value. Since 2019 through today, the team's disciplined execution has completed $9.7 billion in total sales across 74 transactions. Second, those transactions in the aggregate have delivered $2.8 billion net gain and a solid cap rate of 5.5% and 5.2% on a cash basis. The goal of this slide is first, walk through the four tools that support our 2024 self-funding capital strategy and their respective contributions to our capital needs over time. Second, how over time we have displayed an ability to opportunistically secure the most efficient cost of capital by maintaining strategic funding optionality. Starting at the top of the slide, the first row shows how we have maintained a prudent reliance on funding growth through leverage neutral debt. The second row illustrates how our increasing cash flows has provided for an additional capital after dividends to be reinvested into the business. The third and fourth row are connected, as the third highlights the total capital raised from strategic, outright, and partial interest sales, while the fourth shows how execution of partial interest sales provides for a portion of our capital needs to be funded by our joint venture partners. Moving to the last row, where you will notice the net change from the five-year average starting in 2018 through 2022 of a reliance of capital from the issuance of stock at 43% to the recent two-year average of 2%. This disciplined, multifaceted approach with embedded optionality to funding has provided us an ability to maintain our fortress balance sheet. In the previous mega campus section, Dan and I discussed Alexandria's unrivaled experience in delivering premier projects across our mega campuses. Since 2019, we have invested $10.5 billion across the irreplicable platform, delivering a yield of 6.9% and 6.3% on a cash basis. Let us focus our attention to the left side of this slide. It starts with the ability to secure disposition cap rates of 5.5% that were realized through the execution of the previously mentioned 74 transactions raising $9.7 billion from 2019 to 2024. That capital has been reinvested into strategic projects across our portfolio at an average delivery yield of 6.9% from 2019 to 2024. That is a 140 basis points spread and a greater than 25% profit margin that reinforces our ability to deploy an accretive capital reinvestment strategy. When you analyze or deep dive Alexandria's track record, we have delivered over time a disciplined funding strategy grounded in executing across our multifaceted funding tools. They speak for themselves, with over $23.2 billion secured from 2019 through 2024. This has enabled capital to be raised and deployed prudently to fund future growth. We just reviewed the track record of our consistent execution, and now we'll cover where we stand currently on the dispositions for 2024, along with how we envision the portfolio evolving over time. Let's start on the far left of this slide and walk through our 2024 status for dispositions. To date, we have completed $433 million in transactions, or almost 30% of our targeted dispositions for 2024. Currently, we have $724 million, or almost 50% of our disposition plan for 2024 under executed PSA with a non-refundable deposit. Thanks to a tremendous team effort, we are almost 75% complete with respect to our goal. We have $370 million of our capital needs pending and to be completed by the end of the month that are under LOI and PSA. We are very pleased with the progress made to date and have conviction that we will be able to complete the deals outstanding to meet our guidance range for 2024 dispositions. Diving a bit deeper into the dispositions for 2024, one can see that we have a balanced execution profile across investor sales like 14225 Newbrook Drive, user sales like 1165 Eastlake Avenue, and multiple land properties sold where their future is likely residential. The diversified disposition speaks to the high quality of the assets that make up our portfolio across all of our markets. Concerning our portfolio, at a high level, we would bucket the assets into two categories. The first is mega campuses that comprise 76% of the portfolio as a percentage of our annual rental revenue. The remaining 24% is comprised of core and non-core assets. A great example of a core asset is 15 Necco on the top right corner of the slide. That is not part of a mega campus. However, it is a strategic asset for us in the Seaport submarket of Greater Boston that is fully leased to Eli Lilly. Our strategy is to strategically and methodically refine our portfolio to be concentrated in mega campus assets. The strategy of reinvesting into our highest conviction projects is nothing new. We have been investing Alexandria's precious capital into assets with the highest NAV potential for over 20 years. And on this slide is compelling financial information that we haven't shared previously, which solidifies our track record. For reference, gross margin is calculated by the spread between total investment to date, including acquisition of an asset, and the capitalized value applying Green Street market cap rates. Let's start with the greater than 30% gross margin secured by both Alexandria Center for Life Science Mission Bay and Alexandria Center for Life Science East Lake Union. Moving to Greater Boston, where we have secured a remarkable 110% gross margin at Alexandria Technology Square. This performance further solidifies the critical contribution that the mega campus strategy has provided to Alexandria, and with respect to Technology Square, the reason for executing a strategic extension of the ground lease with MIT. As we look to the future, our strategic target is to move from 76% of our portfolio by annual rental revenue to be derived from mega campuses to 90% by 2029. This transition has already begun, and we are confident that we can accomplish this goal and know that this will further secure our competitive advantage and deliver outperformance over time. Now I will pass it to Marc to discuss Alexandria's balance sheet and 2025 guidance. Thank you. Good morning. My name is Marc Binda, CFO and Treasurer, and I will provide you with an update on our fortress balance sheet, our guidance for 2025, and our outlook beyond 2025. Our view on our balance sheet is pretty simple. Our goal has been to build a best-in-class balance sheet that provides flexibility to support our mission, to provide strong shareholder returns by investing capital accretively, and to serve some of the world's most innovative companies, even during the most challenging macroeconomic times. We're extremely proud to be recognized by the rating agencies in the top 10% among all publicly traded U.S. REITs for our credit ratings. It's taken a disciplined financial approach for well over a decade, and we continue to look for opportunities to better position the balance sheet, and 2024 was no different. We remain focused on our alternative forms of equity capital with anticipated 2024 dispositions of $1.5 billion to fund our current capital needs and $1 billion of JV capital to fund a portion of construction commitments over the next three years. We issued attractively priced long-dated bonds to fund our business on a leverage neutral basis. We remain committed to maintaining a reasonable amount of leverage, and we extended our $5 billion line of credit several years ahead of its maturity to provide continued access to a tremendous amount of liquidity to support our business over the next five years. We view liquidity as incredibly important to our business as it allows us to fund our development pipeline and provide significant financial flexibility. There's been a constant focus to secure significant liquidity over many years. Our liquidity today is 6x the amount from 2010, primarily supported by our $5 billion revolving credit facility. If you look on the right, you can see we have one of the strongest liquidity profiles among all REITs, including the very largest in the S&P 500. As of 3Q 2024, we had the highest credit availability plus cash as a percentage of our total market capitalization for all S&P 500 REITs, and we're proud to be in a fantastic shape from a liability management perspective. During the recent historic low-interest rate environment, our disciplined approach allowed us to seize the opportunity to issue long-dated fixed-rate debt at historic lows. With 68% of our debt issued during this period, or nearly $9 billion of unsecured bonds with a weighted average rate of 3.5% and an initial term of 18.6 years. Of course, these terms are incredibly favorable relative to the cost of new debt today and have a significantly positive impact on the valuation of the company on an NAV basis. Alexandria stands out amongst all S&P REITs as having the longest weighted average remaining debt term. With an average fixed rate well inside the cost of new debt today and a weighted average debt term of 12.6 years, we're incredibly well positioned to benefit from these low fixed rates for years to come. Now, I direct your attention to the left side of this slide. Looking ahead at debt maturities to 2027, Alexandria has the lowest amount of refinancing risk amongst all S&P 500 REITs, with only 14% of our debt stack maturing over the next three years. We have a well-laddered debt maturity profile as well. We're also one of the few REITs that have tapped the 30-year unsecured bond market, with an impressive 31% of our total debt maturing at least 25 years out. With tremendous access to efficient debt capital in the unsecured debt market and our prudent funding of our permanent capital needs, we've been able to lock in fixed rates for a long period of time. Our fixed-rate debt percentage has averaged 97.7% over the last five years, which helps mitigate some risk associated with rising interest rates. Turning next to leverage and fixed charge coverage ratios, looking at the bars on the far left of the slide, you can see that we continue to be disciplined in managing our leverage despite a challenging macroeconomic backdrop, with debt to adjusted EBITDA expected to be less than or equal to 5.2 x by the end of 2025, which is right in line with our five-year average. The important thing to know about our balance sheet is that it's in tremendous shape. We also have a seasoned and battle-tested team that has navigated through multiple challenging economic environments. As we look forward to 2025 and beyond, our fortress balance sheet gives us significant flexibility to continue to adapt to the changing macroeconomic landscape. Now, we're going to transition away from the balance sheet and on to our earnings guidance for 2025. We're required to show your earnings per share, but I know that's not what everyone came here for, so I'll pass this. Our guidance range for FFO per share is shown at the bottom of the slide and is $9.23-$9.43, or $9.33 at the midpoint, which is down $0.14 from the midpoint of our guidance for 2024. The important takeaway here is in the middle of the slide. We really see 2025 operationally as a flat year relative to 2024 at $9.47, before considering the earnings impact of about $0.14 from the Tech Square ground lease extension. We were pleased to announce the ground lease extension for our flagship mega campus at Alexandria Technology Square back in July 2024. Despite the approximate $0.14 impact to 2025 earnings associated with the $270 million of upfront capital required for the extension, we view this as an irreplaceable foundational mega campus given its adjacency to MIT's campus, high-quality tenant roster, and excellent returns since we acquired the campus in 2006, with NOI nearly 4x that amount that was in place at an acquisition. With the completion of the ground lease extension to 65 years, we believe this provides a significant increase in the value of our investment. Before we get into the components of our guidance for 2025, let's touch on our outlook beyond 2025. There are three core fundamentals that support our bullish outlook for a return to growth beyond 2025. First, starting on the top right of this Venn diagram, we're focused on the completion and lease-up of our active development and redevelopment pipeline projects. As Hunter highlighted, these projects are heavily comprised of mega campus projects that will generate $510 million of incremental annual NOI over the next few years, and we have a very strong track record of lease-up. Second, moving to the left side of the diagram, we continue to reinforce the core of our business with incredible mega campus ecosystems, which uniquely meet the needs of the life science community. And third, with a valuable land bank well located across mega campuses, as well as potential future acquisition opportunities, we expect to execute on incremental accretive investment strategies. So diving deeper into our internal growth strategies, we expect to leverage our mega campus platform to obtain and retain the very best tenants. We have a high-quality tenant roster of around 800 tenants that provides a significant amount of demand for leasing through our deep relationships. We have a strong track record of solid rental rate increases on lease renewals and releasing of space, consistently high occupancy and high margins driven by our high percentage of triple-net leases and contractual annual rent increases embedded in those leases. Turning to that third fundamental for a return to growth beyond 2025, we expect there to be opportunities beyond 2025 to deploy capital with a reasonable incremental return on new invested capital. This includes the selective commencement of new development or redevelopment for projects currently on balance sheet, much of which is strategically located on existing mega campuses to allow for tenant expansion or new tenants looking to get access to the benefits of being on an Alexandria mega campus. Our strategy also includes potential accretive acquisitions of properties adjacent to mega campuses, core asset acquisitions, especially those adjacent to other core assets, potential new market acquisitions, and real estate debt investments. Now that we've covered our initial FFO per share guidance for 2025, as well as our view on the return to growth beyond 2025, let's turn our attention back to the detailed components of our 2025 earnings guidance, starting with same property results. We expect same property results to be down 2% and flat on a cash basis. Our guidance assumes that the key 1Q 2025 lease expirations previously highlighted on our last earnings call remain temporarily vacant for the balance of 2025. Consistent with our messaging on our prior earnings call, we do expect some pressure to 2025 same property and occupancy from some temporary vacancy associated with the 768,000 rentable sq ft of key lease expirations in January 2025. This is comprised of four projects and a few key items to note about these lease expirations. All of these are high-quality buildings located on mega campuses, including Alexandria Technology Square, a foundational mega campus located adjacent to MIT, as well as 409 Illinois, located in the heart of our mega campus in Mission Bay and adjacent to the Golden State Warriors Arena. All of these spaces were large single-tenant user spaces, which likely require some time to retenant and/or to reposition the asset for multi-tenancy. A large chunk of this space relates to the space that Moderna gave back at Alexandria Technology Square when they more than doubled their footprint by expanding into our recently delivered development project at 325 Binney Street. While our guidance for 2025 assumes these spaces remain vacant for all of 2025, we made very good progress with nearly 80% of this space under advanced or early negotiations, and this represents a great opportunity to provide growth beyond 2025. This chart highlights our projected same property results for 2025. On the left side of each of the two charts here, this represents the midpoint of our projected guidance for cash and GAAP same property performance for 2025. In the middle of the charts, we provided the impact to 2025 same property results from the expected temporary vacancy associated with the key 1Q 2025 lease expirations I just mentioned. On the right of each chart, a pro forma showing what the results would have been absent these items and the upside to the period beyond 2025 once these spaces are leased up and delivered. As you can see, these lease expirations have a pretty large impact on our consolidated same property results, and the results would have been solid excluding these properties with growth of 0.6% and 3.4% for same property on a cash basis. Next, just some historical context for our same property results. Our track record for cash same property NOI growth over the last 10 years, including 2025, has been extremely impressive, beating the average across nearly all the REIT sectors. Our triple-net lease structure, long lease terms, high margins, strong tenant retention, and contractual annual rent escalations in 96% of our leases, averaging about 3% per year, have provided consistently strong results over a long period of time. Turning next to occupancy, the consistency of our occupancy over the last 15 to 20 years stands out within the REIT industry. We have one of the highest quality tenant rosters in the sector, driven by location, scale, and sponsorship, as Peter mentioned earlier. For 2025, starting at the top of this slide, we expect our year-end occupancy percentage to range from 91.6% to 93.2%, with a midpoint of 92.4%. Our guidance assumes that the key 2025 lease expirations totaling 768,000 rentable sq ft remain vacant through the end of 2025, which represents a 2% impact to occupancy. The key takeaway for this slide is shown on the bottom left of this slide, which highlights that the midpoint of our guidance for 2025 occupancy of 92.4% on the left, before considering the key January 25 expirations, which represent a 2% impact to occupancy, would have been on the right, 94.4%, which is pretty close to where we expect year-end 2024 occupancy, and it offers a path to increase occupancy and cash flows beyond 2025 as we lease up and deliver these spaces. Transitioning next to our guidance on rental rate growth on renewals and releasing of space, we expect solid rental rate growth of 9%-17% and 0.5%-8.5% on a cash basis, very solid given the current macroeconomic conditions. The backdrop for our guidance for 2025 rental rate growth is that we have a solid mark-to-market across our entire asset base for all in-place leases of about 10% on a cash basis as of 3Q 2024, which should provide some runway for 2025 and beyond. Next, I'll turn to our guidance for our general and administrative expenses. Given the very challenging macroeconomic environment, we've taken the steps we feel are necessary to carefully manage our spending across all areas of the business, including G&A costs. With the initiatives we have already put in place, we expect to reduce our G&A costs for 2025 by approximately $45 million at the midpoint of our guidance ranges for 2025 and 2024, which represents a 25% expected decrease from the prior year. The savings came from a variety of cost control and efficiency areas. While some of these measures are one-time in nature, we do expect around half of these savings to continue beyond 2025 and provide a meaningful benefit to the shareholders. The next slide highlights our projected G&A expense for 2025 as a percentage of total net operating income, which is expected to be in the 5.5%-6.5% range. This would represent the lowest percentage in company history and compares favorably to other major REIT sectors if you look on the right side of this slide. Next, I'll move to interest expense and capitalized interest. Interest expense and capitalized interest in 2025 are fairly consistent with the prior year, up just slightly at the midpoint. When we zero in on capitalized interest, the bar on the right shows the components of our projected capitalized interest for the year 2025. 37% of our capitalized interest comes from our active construction projects, which are expected to generate significant near-term net operating income of $510 million. Excuse me. The portion related to smaller redevelopment and repositioning projects at the bottom of the bar on the right is up slightly for the year at 15% and includes the Technology Square and 409 Illinois Street projects, which are expected to be renovated in 2025 and provide significant cash flow opportunities beyond 2025 upon lease-up and delivery. Less than half of our capitalized interest in 2025 is expected to come from our future pipeline development projects, and proportionately, that amount has declined by about 3% from the prior year. The capitalized interest related to future pipeline projects includes the pursuit of requirements necessary to maximize the long-term value of our asset through pre-construction activities. These include things like entitlement, design, environmental impact, and site work, which adds significant value and, importantly, reduces the time from lease execution to delivery of completed space to a tenant. In addition to creating significant value, this work provides meaningful opportunities to generate future revenue from the mega campus investments we have on balance sheet. As an example, this slide highlights a few of our next generation of long-term mega campus development projects located in irreplaceable locations in South Lake Union, San Carlos, and South San Francisco. Mega campus building, as you've heard, is nothing new for Alexandria. A few examples include the Alexandria Center at Kendall Square in Cambridge and also the Alexandria Center for Science and Technology in Mission Bay, both of which had significant pre-construction and construction activity over many years as we delivered various buildings across the mega campus over time to the market. Next, I'll turn to our guidance for realized gains from our venture investments. We expect 2025 to be generally in line with 2024 at $100 million -$130 million or $115 million at the midpoint. The midpoint of our guidance for 2025 realized gains represents a quarterly average of about $29 million per quarter, which is consistent with the run rate over the first three quarters of 2024. Next, I will turn to our approach to sources and uses for next year. The underlying funding principles we've applied over the last two years in a tough macroeconomic environment generally hold true and generally include the four items. First, we continue to have strong conviction in the mega campus model, and we want to concentrate our capital into these opportunities. Second, we see significant value in completing our current active pipeline, which is 55% leased or negotiating. As I mentioned, we'll provide significant future annual NOI of $510 million over the next few years. Third, in light of the current markets, we expect to self-fund our capital needs substantially with asset sales and partial interest sales for assets not integral to the mega campus strategy. And fourth, we aim to preserve our fortress balance sheet, which ranks in the top 10% in credit ratings among all publicly traded U.S. REITs by maintaining conservative credit metrics and flexibility with significant liquidity. The midpoint of our guidance for key uses of capital, shown on this slide. We include the $135 million payment due under the Tech Square Ground Lease Extension in January, as well as a modest amount for opportunistic uses of capital. Construction spending makes up about 90% of our total capital plan and is expected to decline meaningfully from both 2023 and 2024, about $1.1 billion below 2023 and about $500 million lower than 2024. This next slide highlights the breakdown of our projected construction spending of $1.75 billion for 2025, and I would direct you to the pie chart in the middle. 58% of our projected construction spending is focused on the completion of our active construction projects, which are expected to produce significant NOI through 1Q 2028. 23% of our spending on the right is focused on completing important pre-construction work on that next generation of projects, primarily located on mega campuses. And about 19% of our projected construction spending for 2025 is related to revenue and non-revenue enhancing capital expenditures. On a nominal basis, this amount is up about $165 million over 2024. The key driver for the increase in spending in this bucket is attributable to the two assets I've mentioned, the former Moderna space at Alexandria Technology Square and 409 Illinois Street in Mission Bay. Two important key takeaways here. First, both of these buildings I mentioned are extremely well-located, high-quality single-tenant buildings and have significant interest from potential tenants to re-lease, but these projects are both 18-20 years old since the initial construction and will require some capital to multi-tenant and to enhance the infrastructure for multi-tenancy. Second, the critical infrastructure in our buildings has been very durable over time, with total CapEx as a percentage of net operating income averaging 15% over the last five years and has been meaningfully lower than our historical average over the preceding three years. Also, to put our 15% historical CapEx percentage into context, this amount is roughly half that of some other real estate sectors such as office. Now, an important point to highlight is that our guidance for construction spending of $1.75 billion for 2025 does represent our share. Our strategic institutional quality joint venture partners contribute a significant amount of equity-like capital to fund their share of the construction projects, with $1.1 billion funded over the last three years and contractual commitments to fund another $1 billion over the next three years, which significantly reduces our need to raise equity-like capital in the private or public markets. Turning next to our funding plan for 2025, considering the current state of the macroeconomic environment and the public markets, we intend to self-fund our capital needs in 2025 primarily with retained cash flows and dispositions and partial interest sales. With this self-funding plan and based upon our current view of the capital markets, we do not expect to issue common equity in the public markets in 2025. Our debt needs for next year are fairly modest. We expect to issue about $600 million of investment-grade unsecured bonds next year, which is primarily to refinance our $600 million April 2025 bond maturity. We expect to solve about a quarter of our total equity needs next year with $475 million of retained net cash provided by operating activities after dividends. We recognize that this precious retained capital is our cheapest form of capital and allows us to significantly reduce our need for equity-like capital in the public or private markets. Importantly, while steadily sharing the increase in cash flows from our business with our shareholders through dividends, we've been able to reinvest a significant amount of capital into the business with $2.8 billion from 2019 through 2025, and retained cash flows are up 114% over that time. Our board of directors have been consistent with our dividend policy, focused on sharing strong cash flows from the business from operating activities with our stockholders. We have also maintained a very conservative FFO payout ratio that continues to allow Alexandria to maintain significant retained cash flows for reinvestment into the business. Turning next to our disposition strategy for next year, we expect to solve our remaining equity needs with outright dispositions and partial interest sales. Important to note that the midpoint of our guidance for 2025 is consistent with the amount we expect to complete for 2024 at $1.55 billion. We expect to pursue outright dispositions for non-core or core assets not integral to the mega campus strategy. This could include both stabilized and non-stabilized operating properties as well as land and potentially some development assets similar to the execution we've done in the past where we've sold portions of development projects to users under a condominium interest. In addition to outright dispositions, we may also consider partial interest sales in core assets that have limited upside for many years, where it allows us to achieve a premium value and also retain a controlling interest. Pricing can vary submarket to submarket and based upon changing market conditions, but based upon our outlook today, we expect the capitalization rate for operating asset sales to blend somewhere around the low to mid 7% range. Now, that cost of capital could blend down even further with some amount of land sales. I'd like to highlight that we've made excellent progress to date with $344 million or about 22% of the midpoint of our guidance for next year under executed letter of intent or purchase and sale agreement. So we're off to a really good start. Now, let's wrap up this presentation by looking at four critical takeaways from today. First, we believe very strongly in the inputs that Jim Collins has studied that makes a great company that is discipline-focused, insight, and people leading to a company with superior results, distinctive impact, and lasting endurance. Our team applies these principles in many ways, including a laser focus on execution even during challenging times, conviction in our differentiated and very difficult-to-replicate mega campus strategy, a brand that stands above all others, a top-ranked fortress balance sheet, which provides a strategic optionality, and importantly, a seasoned leadership team focused on creating long-term shareholder value. Second, we are the first and only pure-play public life science REIT, and we've built a dominant platform. And third, we provided FFO per share guidance of $9.33 at the midpoint, which is solid in light of the current environment and is essentially flat compared to 2024 before considering the Technology Square Ground Lease Extension. And fourth, we've taken extraordinary measures to reinforce our core growth engine, continue our self-funding strategy for the completion of our active and construction projects, and position ourselves to capitalize on incremental accretive investment opportunities to provide for strategic optionality for future growth beyond 2025. Thank you, everyone, for attending here in person and virtually. And now I'm going to turn it over to Joel for a Q&A. Okay. Thank you, everybody. And let me just remind the audience, if you have any questions, raise your hand. We'll get you a mic. And then if you would kindly just indicate your name and your affiliation, that would be great. Thanks. It's Anthony Paolone, JPMorgan. As you noted there were two items posted in terms of strategic areas of growth in the future. One was new markets, and the other was investing in debt. And was just wondering if you could give more color on both of those. So let me move back to that, and just so everybody knows, I just got a note that the CEO of UnitedHealthcare was shot to death entering the Hilton Hotel just a short while ago. I have no idea what the details are, but we live in a dangerous society. Sorry about that. Let me just go back to the, okay, I'm sorry, so restate. Yeah, so I'll comment on new markets, and I'll ask Peter to comment on debt investments. It's pretty clear that as we look out, we've grown this company, I think, in a dramatic way over the last 30 years, and we see the current footprint that we have as fundamental and critical to this industry. But we also recognize, and we're talking about just the U.S., not ex-U.S. So you know, we've had our forays outside of the U.S., and we haven't found them to be as productive as the United States. But we do think there are a small handful of markets that give us the same feeling that we had when we started this company. And if you remember our medallion location, world-class location, talent and abundance of talent for our industry, science and technology, is there a science and tech base in that location? And then also risk capital, is there an embedded capital for startups and growing the ecosystem? And we see a small handful of locations that we will likely enter over the coming years. So that maybe is all I can say about that. Peter, do you want to talk about debt? Yeah. There's certainly, as I talked about, a number of competitive projects that we track that likely will have construction loans that come due, and we'll be looking for somebody to take them out to the extent that those projects are adjacent to our mega campuses, or we believe even in a one-off condition are very good investments. We certainly could provide that capital. With today’s ability to put mezz debt on things at very attractive rates, it would be very accretive. So that could be one strategy. And then certainly, in some of our asset sales, we get asked about seller financing, and we've talked about some pretty high rates. And we believe that that could also be another way of participating in the high interest rate environment from an accretive investment side. Actually, the CEO of UnitedHealthcare was going to their Investor Day. So a very sad story. Okay. Who's. Dylan Burzinski with Green Street. Yep. I think at one point in the presentation, you guys touched on historically being able to sell assets at, call it, a mid-5% cap rate and redeploy that into your development pipeline. Just looking at sort of 2025 guidance dispositions of, call it, mid-7% cap rate, likely not going to be deploying that into the development pipeline at 7% cap rate. So it seems to me it's slightly earnings dilutive into 2025. So can you guys kind of talk about sort of the strategy or rationale as to pursuing that strategy? And then I guess as a parallel to that, as you think longer term, going from 76% mega campus to 90%, I mean, is it the expectation that that sort of process will be earnings dilutive? Okay. So on your first question, remember that likely many of the assets that we will sell are non-core assets. And so the range is not unusual in this marketplace given cost of capital all the way around. That's our best guess based on market conditions. But Hunter, do you want to comment on that generally? Sure. So I think there's a couple of things to keep in mind. The first is with regard, maybe we'll go from your first question and move backwards. So starting with why we have high conviction in mega campuses. And we talked through this in the sections I covered of the outperformance of our best mega campuses over time. And I think that's one of the key things to take away here is that this has been a 30-year journey of incremental deployment of accretive capital, not thinking through moment-in-time investment strategies. When you look back at Tech Square, when you think about the intense work that the collective team has done to entitle what was once considered land that Joel talked about needing to get sold, I think we all can stand here today very proud of those assets being, as Dan described, the bedrock of future growth. We have high conviction that the reinvestment strategy will maybe in this singular moment in time look dilutive. But over time, two things we think will be true. First, NAV will be proven to be correct, meaning that we will show an accretive investment strategy on a capitalized basis. Second, those assets will be able to provide rental revenue growth stronger than the non-core assets. We believe this is an investment in the future. As Joel talked about with regards to kind of the header leading into this Investor Day, we're really positioning ourselves for future growth. We think it's a great deployment of capital in areas that we have high conviction in. We believe that the last 30 years have been a testament to that strategy being successful. Marc or Peter, any other comments you guys want to make? Yeah. I mean, it's just the basic principle of what is going to appreciate faster or appreciate at all, right? Some of these non-core assets have, they're challenged in certain ways. Sometimes they even need a lot of capital in order to reposition. Exiting those and doubling down on our core mega campuses, which have a great chance in our view to appreciate fast over time. As Hunter said, it's an investment in the future. So yeah, you may lose. You may You may sell something at a seven and put it into something at a lower yield. And that's a moment in time where it's dilutive to FFO. But it becomes accretive very soon thereafter as you get that asset stabilized and rent growth starts to kick in. Yeah. That's a little bit of the same story that I mentioned earlier and Hunter alluded to. Our investment strategy is multi-year and multi-generational in a sense. Otherwise, we never would have kept the Cambridge land parcels and the Mission Bay land parcels through the most difficult financial crisis one could have ever imagined when everyone's balance sheet was in peril. But we did it with the view that at the end of the day, assuming the industry continues to grow, and our thesis is if you've got 10% of the diseases which have addressable therapies, and many of which still need further work, some true cures, but 90% is left, you should and you must invest for the long term. So that's, I think, how we think about it. Rich, right here. Rich Anderson, Wedbush. So with regard to exposure to development, I wonder if anything about the current environment is something that you'll take with you longer term. You mentioned mega campuses will be 29 or, excuse me, 90% of the portfolio by the time 2029 rolls around. Remember, it's aspirational. It's all market conditions. Sure, sure, sure. Let's say it happens. By then, you won't have as much in the way of dispositions, potentially, if aspirations prove true, to fund development. So do you set yourself up longer term to say, "Maybe we shouldn't be growing development at 15%-20% of existing ARE stock, but something lower so that should something else come around that requires funding without the access to equity, you could do it manageably"? So will development as a percentage of existing stock go down over the course of time? Lesson learned from this period of time? Yeah. I think it naturally goes down because as you get bigger, it just has less of an impact. And market conditions are such that, and especially given what we see now, you're in a just-in-time environment. So even if we wanted to develop, the time horizon doesn't meet the needs of the tenant today. So yeah, development will moderate. But I think the multifaceted optionality is we have development, and then the mega campuses gives us a lot of opportunity. We also have some great shorter-term redevelopment opportunity on a lot of those mega campuses. Remember, too, as Dan and Hunter were saying, and Marc referred to, there are also great acquisition opportunities adjacent to our mega campuses. So that will provide an ability to grow without the long-term development cycle, which sometimes is hard. So we think as we go forward, acquisitions will become maybe a little more important than they have been over the last handful of years at this multiple-year point in time. But I don't know if anyone else wants to comment. Steve Sakwa at Evercore ISI. Maybe as a follow-up to Rich's question on development, I guess, what is the hurdle today to maybe start a new project? The current pipeline, I think, is in the low sixes. But just given where the land bank is today and where rents are, what would it take to start a new project, and how are you thinking about underwriting? Yeah. That's a really tough question for us because it's a lot of soul-searching. Because if you have a long-term tenant, especially if it's a credit tenant, especially if it's one that is a critical anchor, say, to a mega campus, you have to figure out a way to make that happen, assuming you can cover your cost of capital as best you can. You've got a long and multi-year growth trajectory of increasing annual steps and so forth. But I think our goal is if we have a critical development, new development, we have to figure out a way to cover that cost of capital, both in the negotiation on what that yield is going to be and how we can drive down the cost of that project and try to make that work. But Dan, you could comment. Yeah. No, I think that's... You're facing that right now. Yeah. Yeah. No, I mean, it's competitive out there, obviously. But I think we've all, we're disciplined with thoughtfulness about the circumstances surrounding starting a new building. But I'm certain that we'd be north of a seven for our development opportunities, even for high credit. Yep. Thank you. Peter Abramowitz from Jefferies. Just wanted to go back. I think in Hallie's section, it said about 7% of leasing was from public biotech this year. Was just curious, in sort of a healthy leasing environment, what percentage would you typically expect that to be? And then also, I think Marc mentioned one of the pillars of the growth trajectory beyond 25 is tenant retention. Just wondering if you could remind us how you typically think about retention in terms of your historical rate and if anything in the market today makes you think it'll be any different. Yeah. So I don't know that we could go back or we have the numbers handy. But what does strike you about the public biotech leasing number this year for us? Now, that's not true of the rest of the market, but it's probably very close. It's probably at a very historically low point, comparatively, probably like GFC and then post-dot-com bubble. And the reason is that's the pain point for the industry is those companies that are public that are either preclinical or into the clinic but don't have immediate milestones are waiting to meet those before they can finance themselves. And I think I read a recent statistic that of all the public biotechs right now, 60% of those, so this gives you a sense, have enterprise values of less than $100 million. So there's a lot of carcasses out there that have the chance to grow if they hit a great milestone for a therapy that's greatly needed. I mean, that can monumentally propel you. But on the other hand, if you can't get to the milestone, you may run out of cash. You may have to merge, or you may just go out of business. So that's kind of the current challenge there. When I looked at that number, I thought, "Wow, that's really low." But it's obvious that it's obvious for those reasons that it's low. In a more robust environment, you'd probably see that in the 20%-35% range. If you went back to, my guess, a 2014 to 2021, or then in 2020 and 2021, it probably was way more because the markets were way too frothy. The second question related to yeah. So Hallie, do you want to talk about that? About tenant retention? Yeah. So maybe just one note on the public biotechs before talking about tenant retention. The other dynamic we see as well is pharma companies have been so active in terms of bolt-on acquisitions that that also impacts what would be a pool of potential public biotech tenants that would be leasing. A great example that I talked about was Vividion, right? That was a company that was contemplating either going public or getting acquired, right? Because they got acquired, they're leasing now under the umbrella of a large pharma. We have other examples. RayzeBio is another one that was a public company, would have been expanding, but then was acquired and then expanded under that umbrella. So I think there's also a balance between how active large pharma has been in terms of bolt-on acquisitions that impacts what that leasing percentage is. And then can you remind me in terms of retention what your specific question was? Yes. You called it out as one of the longer-term drivers. So I was just curious, historically, what your tenant retention has looked like. And then when you think about that kind of 2026 to 2029 timeframe, how it would compare. Yeah. We'll have Marc take that in terms of percentage of tenant retention. Yeah. I mean, the tenant retention has averaged, call it, north of 80% for, call it, last five years. I think that really hasn't changed recently. If you look forward to next year, right, with these big expirations, that's really not a tenant retention issue. I mean, with Technology Square, Moderna, right, they expanded, almost doubled, almost tripled in size, right? So that was really them, us moving the pieces around to put them in a large development. And then the other situation at the 409 Illinois project was not a tenant retention issue. That was a tenant that really mishandled their business and ended up failing. Yeah. One which came along, we acquired that property back in 2010, and they were there then, and they were there originally when the developer of that property put it in. They had lasted 20 years but made some strategic mistakes along the way. And we're not happy about that. But if you get, and as I think Marc indicated, if you look at the two big returns of space, the Moderna space in Technology Square, you couldn't want, if you were going to get space back, a better location. I mean, and then 409 Illinois, right next to the Warriors Stadium, right across the street from UCSF's campus. Again, you couldn't ask, and with great water views of the bay, you couldn't ask for a better location. Again, you wouldn't wish it to come back, especially in a tough macro year. But again, it's like Vegas. You play the cards you're dealt. And those are two great locations and great buildings. So we have a lot of confidence. I mean, Marc's being conservative, as he should be, in guidance, but we're hoping that we can do better than our guidance on retenanting those. And I think Hunter would say we've got some good things in the hopper as we speak. Yeah. I think one thing for us to think about when you think about that 7%, and I'll have Dan speak to this as well. You heard us a couple of times say the best is yet to come. I think in these challenging environments, that sector of the 7% that's maybe been dormant on a demand side in this environment is we are only reinforcing the differentiated partner that we are as a provider of their mission-critical space. And so when there becomes that inflection point that they need more space, it is that they will rely on us to do so. That will only become an added complement to what Peter talked about, which is that we basically demolish the competition when it comes to open-field combat today to secure tenancy, 1.5 x the next five developers in our space. And so when you put those two pieces together, I think it speaks to what Joel talked about, which is our optimism to the space that is coming back, as well as to the fact that, like Warren Buffett likes to say, the tide's receding. And right now, you're starting to see a lot of people out there that don't have any pants on. And that's just the reality of it. I don't know, Dan, if you want to speak to what's happened in San Diego. I'm not wearing pants. It's on script, Dan. Yeah. I think the really interesting dynamic is it's almost the converse of the way you think, the way you expect it to be today, which is because there's chaos with the competitive supply that's out there, we're really getting the first call and responding because they're like, "I really just want to be with somebody that I know will execute for us," because they're concerned about whether these landlords are going to be there. And I think we're really seeing our leasing numbers are really strong. I mean, we'll have, I think, in San Diego, about two million sq ft of leasing this year. And it's a very interesting dynamic where we're virtually getting everyone with some exceptions, and then our competitors are getting really none. And I think it's just this flight to quality, to security, to all the things that we've done on the mega campuses to create great environments. They're like, "I'm taking that, and I don't want to take a risk with somebody else." So it's a really interesting dynamic right now. Okay. Up here, please. Thanks. Tom Catherwood with BTIG. Marc had mentioned that dispositions in 2025 may include partial interest sales. And then on the investment strategy slide, you also noted potentially acquiring non-controlling interests in joint ventures. So kind of putting those two together, what is the current level of institutional investor interest in allocating to Class A life science real estate? Yeah. So Peter, do you want to maybe start to address that? Sure. I mean, there's been a lot of caution, obviously, with the supply dynamic. But we still get calls, inbound calls from folks that just want to check in to see if there's anything core that they could get into. Now, we haven't been doing that much. We've been focused on the non-core asset sales. And as Marc wanted to note, that there is an opportunity in the future, or even now, if we wanted to, to do more of that. I just had a conversation with one of our existing partners the other day. They're raising a new fund. Life science will be, it's an alternative fund. Life science is going to be part of that. And they wanted just to understand, is there anything coming up that they could take a look at? So it's not as frothy, obviously, as it was in 2021 when everyone was like, "Oh, geez, here's this new product type. It's manna from heaven." But even though that froth has gone away, it's still a fundamentally great investment. It's still a very as much as it's become mainstream, it's still a niche business. And when you control much of that inventory, people want to be in that business with you. And as Hallie points out, there's so much opportunity for the life science sector to address. They're going to need lab space, and they're going to come to us to get it. Yeah. I would just add two things. One, I think we do see general optimism, as Peter just remarked, of a long-term opportunity for institutional investors to be in life science real estate, point one. And point two, in today's environment, because many of them have invested across multiple platforms or other investment opportunities, many of them, when they're evaluating those opportunities and comparing them to maybe investments they already have with us or the opportunity to invest with us, I think you're just seeing the same dynamic as we just spoke about with the tendency is that there's a flight to quality in investment. And we're going to benefit from that over time as we have opportunities to recycle our own capital. I think we're going to see it may not be as deep of a market from an investment perspective, but their quality will really be strong. And there'll be a bunch of groups that really want to align themselves with Alexandria as a partner to help them get exposure to a real estate investment that they have high conviction in. Well, and without mentioning names, a pretty well-known deep-pocketed investor has said to us, "We made a mistake on a different platform. We would only invest with you going forward." So we've seen that out there. And that really reinforces, I think, what Hunter just said. Right here, if we could, please. Wes Golladay at Baird. In the back of the supplement, you highlight some space that may be a first-time conversion of lab space. Do you have an anticipation of recapturing space this year? I can take that one. Yeah. Wes, outside of the stuff that's disclosed in the sup, there's nothing else new that we're adding to that bucket at the moment. So there's a handful of assets that the profile is very similar for all three of them. They're assets that we acquired in the last, call it, three, four, five years that had in-place leases where the business plan was once those leases ended, the plan would be either to redevelop or develop those assets. That's the profile of those assets. There's two in San Diego and Campus Point, and then there's one in Texas. Yeah. But there is ongoing creation of just-in-time space. So that's an ongoing in each of the markets. So not to forget about that. In back, please. Hi. Vikram Malhotra with Mizuho. Just two questions. So first of all, on the guidance, can you just help us bridge the FFO, perhaps the AFFO, or cash flow and when that might inflect sustainably upward? And then second, you've talked a lot about increasing even more focus on the mega campus. Just help us think about the dispersion in market rent growth between sort of the mega and the average building. Like Moderna, you talked about a very good building to get back. Where could you look at that today relative to expiring rents? So are you asking for '26 guidance? So, Marc. I'll take your first question. I think you were asking about AFFO. We don't provide AFFO numbers since I know folks can calculate it slightly different ways, but we do give the components in our supplemental. I will say if you look at the components for us, straight-line rent is declining pretty significantly next year, right? And that has in large part due to a bunch of initial free rent on deliveries, right? That initial free rent period is burning off. So we do expect cash flows to be up. If you look at the retained cash flows in the business, that's actually up about $25 million year-over-year as well. Peter, you want to deal with the and Dan and also comment on the premium rent? Yeah, that's what I was going to say. I think, Dan, you had it in your deck as far as the premium the mega campuses were getting. Yeah. I mean, I think that it's not everywhere, but selectively, obviously, the mega campuses are the preferred outcome for virtually all the life science tenants. We can really both hold rents and do better than other competitive projects. The slide I showed, we're getting 10%-11% better. I think that stands to reason given what we're offering. Maybe just specifically why the tenant thought that was of value. I think it's super premier location. We have all the amenities, super well-designed assets, thoughtfully organized buildings that we're really sticklers on for efficiency. And all that stuff kind of added up that it was worth the extra rents. And I don't think there's any debate. Even today, we're working with a very significant tenant that is giving us counter proposals. And our counter proposal that we're getting back for our mega campus is about 20% higher than other landlords that they're responding to. So it's indicative that they value it. It's worth a lot to them. So they still want to beat us up, but they're going to beat us up at a 20% margin to others. And one of the things that we actually discussed recently, that we didn't really address it in the presentation, which we might have gone into more depth, is the concept I think you named was liquidity of space. Yeah. That's super important. So, in a Mega Campus, you think if you're a tenant and you're trying to figure out where to go, right? Well, I know I'm going to grow, and so do I want to go into a building with a one-off landlord that's going to put me in something and have absolutely no flexibility if I need more space and they don't have it to put me somewhere else where I can stay under one roof, right? That's one concern, and that's one thing that the Mega Campus addresses. We've got the space for you to grow. We can pull you out and put you in another building on the campus if need be. The other thing you have to think about is, well, I don't expect to have to downsize, but what if I have to put a few thousand square feet on the sublease market? Well, if you're in a mega campus, you're amongst a number of other tenants that you can market that space to that easily could take it. And the attractiveness of the campus and the amenities itself creates liquidity in the mindset that you can't get when you're not on one of those campuses. I think Peter hit it really well. The sponsorship that was talked about a lot here and the infrastructure that has been laid for an extended period of time, when you put those two pieces together, we are the place that the industry, which is founded on co-locating great talent, wants to co-locate and be. And so we feel like we have great conviction going forward that, as Peter remarked and Dan, that tenants will see the value in the liquidity of their space to be able to have strategic optionality that we can provide them. And they know they're going to be next to the best talent in the world, which is not only important for them, but obviously only further reinforces the importance of the ecosystems we deliver. Okay. Over there, could we get a... Hey there. Michael Griffin with Citi. Peter, I know during, I think, part of your portion, you highlighted maybe improving office fundamentals in some of your core markets as a potential catalyst to take down some of these lab deliveries. I'm curious if you've seen any examples of that yet. Maybe as you look to the development pipeline and lease up over the next couple of years, would you consider leasing up to a traditional office tenant, or do you think that the pipeline is mostly going to be lab? To answer the question of examples, I mean, what first comes to mind is in Mission Bay. One of the adjacent buildings to 455 Mission Bay Boulevard was at one time occupied by Gap. A developer bought it, started the conversion of it, put it on the market to lab. Conversion from office to lab. It was marketed. Great location, Mission Bay, but just wasn't getting any traction. Along came OpenAI, and they leased the whole thing. The Mission Rock project, which is also on the border of Mission Bay over towards the stadium, same thing. They marketed that, and it was listed among everybody's gross supply numbers like, "Here's another lab building." And they didn't do any lab leasing, but now they're fully focused on office. And they've just done a couple of recent deals, including one with the Warriors that needed some space. So that's just a great example of how a lot of the supply could end up being absorbed. And as far as would we lease to an office market tenant in the future, we were successful doing it in the past if it's a great tenant. And if you looked at the office tenants we leased to, they were all great tenants. And the economics are right. Certainly, we would. I mean, we built ultimately four buildings for Uber. And those were all going to be their lab-ready shells. They were all going to be lab. They sit astride from UCSF. But then Uber, during its Uber days, came along, paid us an obscene amount of money. And so we leased those buildings to them too, or now subleased to OpenAI. But that's an example that you take it as it comes. In fact, our very first, we bought a little campus that was partially lab, partially office in 1998. This is one of the great stories of all time. And Google came to us and said, "We want to lease it." And number one, Google was just formed. We didn't even know what a Google was. You couldn't Google Google, right? There was no search. And it turned out we really wanted these three small buildings in Mountain View to be lab. There was already lab infrastructure in there. But when some of their backers from both Kleiner and Sequoia said, "Well, they'll pay you a lab rent, premium rent. If you just turn it over to them, they'll demolish what it is, and you can lease to them," once we understood that proposition as well as these two firms had put a lot of money into Google, we leased it. So I mean, there are always a whole host of opportunities where something comes in and the economics become pretty compelling. So we never say never. But that wasn't our intent because we never imagined Uber or other office tenants coming to be right adjacent to UCSF. It wouldn't be something that office tenants would care much about. But now Mission Bay is probably the best submarket within the city of San Francisco, or at least one of the best. So good example. Yes. Good morning, Omotayo Okusanya from Deutsche Bank. I hate to veer into the world of politics, but I'm curious about your thoughts around... The 2028 election? Curious. Let's stick with 2024, 2025. I'm curious about your thoughts around Trump administration and what that could mean for the world of life sciences, specifically around things like this potential new head of the FDA, what he could be doing, if there's any risk to NIH funding in this kind of effort to kind of reduce government spending and things of that sort. Yeah. That's a really good and important question, and we ask ourselves that question a lot, as do many other folks in the industry itself doing the research and development and clinical work. Certainly, no one has been either cabinet appointment confirmed or affirmed by the Senate, so we don't know for sure. But assuming the people who are appointed take the jobs that they're destined to, there's a lot being written about what RFK's influence might be. And his focus is heavily processed foods and maybe safety and vaccines. And a lot has been written. I'll ask Hallie to comment in depth. But I think the industry's view, both leaders in the industry and then industry organizations' view, especially in dealing with if he becomes head of HHS, is to try to work with him as best they can. If you look back over the last handful of years, Alex Azar was Trump's first HHS appointment, and he was a great choice because he had great industry experience. He came from Lilly. He really knew the world. And then Biden comes in and appoints Xavier Becerra, who, if you're not from California, you never would have heard of. He's a guy who had no healthcare experience whatsoever, and so he was influenced heavily by staffers and people like that who had particular agendas, and so we don't really know what's going to happen here. I think when it comes to the NIH, there's a lot of talk that their dollars have maybe been misdirected over the last handful of years, as opposed to best idea, they've been doing other things with it, and I think people are very pissed off that money, apparently a fair amount of it, went from the NIH to the Wuhan lab, and likely that was the cause of COVID, and that's upsetting to people, so I think maybe the NIH is probably on track for maybe a reorganization of how to prioritize basic research that really is the bedrock of this industry, and I think maybe that's a good thing. We have very little exposure. We have some Larry, who runs Maryland, is here. We have a number of NIH tenants, but not anything that's major. So that's not going to impact us directly. I just hope they get the ship righted after this period of time, and then when you jump to the FDA, which probably is the most important for all because this is a regulated industry and the FDA is charged with regulating it. Marty Makary, I don't know him personally or know much about him, but he's a smart guy from Johns Hopkins. And the hope is he'll be a moderate influence on the FDA. He'll make good decisions. He's a smart guy. The risk in that is great people leaving the FDA and slowing the approval process because it's hard to find people who have experience. Drug approval, drug development, clinical trial stuff is really hard. And many of the people there are really great people. So those are kind of the worries. And then when it comes to CMS, it's hard to know what's going to happen there. The IRA, when it was pushed through during the last administration, I think people felt very nervous. The first set of negotiations turned out to be, I think, reasonably balanced. But anytime you have the government that holds over your head, you have to negotiate with me. And if we don't reach agreement, I can impose a 95% excise tax on your profits. I mean, to me, that seems pretty unconstitutional. So still don't know. But Hallie, comments, thoughts? Yeah. Two points. So we had the opportunity to talk to a former HHS secretary of a Republican administration a couple of weeks ago. And the point he made is the HHS is a massive organization. It's larger than the government of the U.K., just to put that in perspective. And so making massive changes, both for the positive or negative, depending on a person's view, are really difficult, right? Given the size of the organization, the friction, the gravity, the number of moving parts, there are so many committed individuals who are lifelong careers spent in the FDA, CMS, who are really committed to this industry. And so I think from the perspective of biotech and pharma, to Joel's point, they've worked with many administrations. They continue to be very resilient and will continue to push forward new medicines, which are developed over not a four-year period, but really a 10-20-year period. The other aspect to add to Joel's commentary is on the FTC. We have heard positive murmurs from the banking community, from biotechs, that less friction in terms of FTC or threat of FTC interference could open the door to some more positive M&A activity. And so I think the industry largely sees that as positive. And then the third, because the IRA was one of the, at the time, one of the most impactful legislations for this industry, really, it seems unlikely that there would be another really large piece of legislation that comes through. And if anything, we've heard some potential positives in terms of changes to the structure of how small molecules versus large molecules are regulated under that. So I think overall, this is an industry. And again, to the points we were talking about earlier, when you talk to the CEO, whether it's a biotech or a pharma, they're in it to create new medicines, right? And they're going to work through whatever hoops they need to jump through to make sure that they're successful in doing that. Yeah. I think it's important to remember too. And I had, I think on one of my slides, Hallie may have also, remember, pharmaceutical biotech products are only about 10%-15% of the whole healthcare pie. And also remember, though, that that pie is shared. 40%-60% of the real value goes to the middlemen, the PBMs and other middlemen. And to me, my way of thinking has always been, I've been in the industry quite a while, is that's such a giant amount of value that could be directly passed on savings to the end user, the patient, et cetera, if we could figure out a way to reform or reorder that. And actually, that was one of Trump's big initiatives rather than Bernie wants to do just price controls, which then you kill innovation. Trump's view, the last go-around was, "Let's go after the middleman," but then they gave it up because they said it was too hard to figure out. Well, hopefully, I mean, you got Elon Musk, you get a lot of smart people that can send spaceships to Mars, maybe. There's got to be a way to figure that out. And also, you may know if you go into a hospital, let's say you're a cancer patient, and this is true of a lot of academic medical centers, they may use a variety of, whether it's blood cancer or solid tumor cancer agents on you. And some hospitals, and I know several in New York, that mark that up at 10x. So if it's $10, they'll charge you $100. But if you don't end up paying out of pocket for it in the hospital bill, you don't care what it is. You don't even look at it. But if you're at the pharmacy and you have to pay your copay or your deductible isn't what you think it is, then you're really pissed off because it comes out of your pocket. So there's a lot of froth or excess in the system that has nothing to do with the manufacturers that really needs to be reformed and I think could easily be not easily, but could be. Anyway, but great question. Any other questions? Okay. I think if not, we'd just like to say thank you both on the web and those who came in person for taking time out of your day and just be real careful out there. This is a dangerous city these days, but thank you very much. God bless.