American Assets Trust Inc (AAT) 2024 Q3 法說會逐字稿

Welcome to American Assets Trust Inc's third quarter 2024 earnings call. As a reminder, today's conference is being recorded. (Operator Instructions) Please note that statements made on this conference call include forward-looking statements, based on current expectations which statements are subject to risks and uncertainties discussed in the company's filings with the SEC.

歡迎參加美國資產信託公司 2024 年第三季財報電話會議。提醒一下，今天的會議正在錄製中。（操作員說明）請注意，本次電話會議中所做的陳述包括基於當前預期的前瞻性陳述，這些陳述受到公司向 SEC 提交的文件中討論的風險和不確定性的影響。

You are cautioned not to place undue reliance on these forward-looking statements, as actual events could cause the company's results to differ materially from these forward-looking statements. Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of the website americanassetstrust.com. It is now my pleasure to turn the conference over to Ernest Rady, Chairman and CEO of American Assets Trust. Please go ahead, sir.

請您注意不要過度依賴這些前瞻性陳述，因為實際事件可能導致本公司的表現與這些前瞻性陳述有重大差異。昨天下午，美國資產信託公司的收益發布和補充資訊以 8-K 表格形式提交給了 SEC。兩者現已在 americanassetstrust.com 網站的投資者部分提供。現在我很高興將會議交給美國資產信託公司董事長兼執行長歐內斯特·雷迪主持。請繼續，先生。

Good morning, everyone, and thank you again for joining us today. At American Assets Trust, we've always emphasized that our strength lies in our diversified high-quality portfolio top-tier operating platform, disciplined financial strategy and our highly experienced and capable management team. These factors position us well to navigate any economic environment.

大家早安，再次感謝您今天加入我們。在美國資產信託，我們一直強調我們的優勢在於多元化的優質投資組合、頂級的營運平台、嚴謹的財務策略以及經驗豐富、能力強的管理團隊。這些因素使我們能夠很好地應對任何經濟環境。

Along those lines throughout the year, we've been closely monitoring the debt markets. In September, we made the strategic decision to approach the investment grade bond market for our latest issuance. The strong demand led us to upsize the offering after it was initially more than four times oversubscribed.

沿著這些思路，我們全年都在密切關注債務市場。9月份，我們做出了策略決策，將最新發行的債券納入投資等級債券市場。強勁的需求促使我們在最初超額認購四倍以上後擴大了發行規模。

In the end, we issued a 10-year, $525 million bond at a 6.15% coupon. We were fortunate to lock in favorable rates taking advantage of a market rally and they lead up to our issuance. This bond strengthens our liquidity and flexibility addressing all of our debt maturities into early 2027.

最終，我們以 6.15% 的票面利率發行了 5.25 億美元的 10 年期債券。我們很幸運地利用市場反彈鎖定了優惠利率，並促成了我們的發行。該債券增強了我們的流動性和靈活性，可解決 2027 年初到期的所有債務問題。

I'm sure you're all familiar with the saying better to be lucky than smart. Fortunately, we have checked both boxes as rates quickly surged following our offering with a 10-year yield climbing over 55 basis points since our issuance. We were able to capture a favorable window in the market.

我相信你們都熟悉這句話：幸運勝過聰明。幸運的是，我們已經勾選了這兩個選項，因為我們發行後利率迅速飆升，自發行以來 10 年期公債殖利率攀升超過 55 個基點。我們能夠抓住市場的有利窗口。

Shortly my colleagues Adam, Bob and Steve will walk you through the performance of our various asset segments as well as Abigail will do by the way our financial results and updated guidance. But before we get to that, I'm pleased to announce that our Board of Directors had declared a quarterly dividend of [$0.335] per share for the fourth quarter.

很快，我的同事 Adam、Bob 和 Steve 將向您介紹我們各個資產領域的表現，Abigail 將向您介紹我們的財務表現和最新指導。但在此之前，我很高興地宣布，我們的董事會已宣布第四季度每股 [0.335 美元] 的季度股息。

This dividend reflects not only our solid financial performance, but also the Board's continued confidence in the company's future prospects. The dividend will be paid on December 16 to shareholders of record as of December 5.

此次股利不僅反映了我們穩健的財務業績，也反映了董事會對公司未來前景的持續信心。股利將於12月16日支付給截至12月5日在冊的股東。

I'd like to take a moment to sincerely thank you all for your continued trust and support. We remain committed to delivering value as we guide the company forward. Now I'll turn the call over to Adam to review our quarterly results and discuss our outlook. Adam, please.

我謹藉此機會衷心感謝大家一直以來的信任與支持。我們仍然致力於在引導公司前進的過程中提供價值。現在我將把電話轉給 Adam，讓他審查我們的季度業績並討論我們的前景。亞當，請。

Thanks, Ernest, and I echo your sentiments regarding the success of our recent bond offering. This achievement would not have been possible with the hard work and dedication of our teams across the organization. Their commitment is critical to our overall success and we’re incredibly fortunate to have such a talented group of employees.

謝謝歐內斯特，我同意你對我們最近債券發行的成功的看法。這項成就是我們整個組織團隊的辛勤工作和奉獻精神不可能實現的。他們的奉獻對於我們的整體成功至關重要，我們非常幸運能夠擁有如此才華橫溢的員工團隊。

I'd also like to highlight the value of our face-to-face meetings with fixed income investors where we have opportunity to update them on our credit profile and overall strategy. The broad distribution of this offering to high-quality institutional accounts not only positions us well for future issuances, but also enhances the liquidity of our outstanding bonds, as we remain focused on maintaining financial flexibility, while driving value through active portfolio management.

我還想強調我們與固定收益投資者進行面對面會議的價值，我們有機會向他們介紹我們的信用狀況和整體策略的最新情況。向高品質機構帳戶廣泛發行的債券不僅使我們為未來的發行做好了準備，而且還增強了我們未償債券的流動性，因為我們仍然專注於保持財務靈活性，同時透過積極的投資組合管理來推動價值。

Our portfolio continues to perform well across each of our asset classes underpinned by our presence in high barrier-to-entry markets. You'll note from our supplemental that nearly 50% of our cash NOI was generated from Southern California with San Diego being a very important market for us.

由於我們在高進入障礙市場的存在，我們的投資組合在各個資產類別中繼續表現良好。您會從我們的補充資料中註意到，我們近 50% 的現金 NOI 來自南加州，其中聖地牙哥對我們來說是一個非常重要的市場。

As we've emphasized before, San Diego's well-diversified economy is growing stronger, driven by the relatively recent influx of the world's major tech and pharmaceutical companies its military and defense presence prestigious universities leading service providers and the third largest life science cluster in the country.

正如我們之前強調的那樣，在世界主要科技和製藥公司近期湧入、軍事和國防存在、著名大學、領先服務提供者和美國第三大生命科學集群的推動下，聖地牙哥多元化的經濟正在變得更加強勁。

On the operations front, we continue to see gradual, but steady improvement in office usage across our portfolio. Recent mandates from companies like Amazon, Dell, Boeing, Goldman Sachs and UBS, as well as some of our larger tenants are moving toward a 5-day a week inoffice requirement.

在營運方面，我們繼續看到整個投資組合的辦公室使用率逐步但穩定地改善。亞馬遜、戴爾、波音、高盛和瑞銀等公司以及我們一些較大的租戶最近提出的要求正在轉向每週工作 5 天的要求。

The rationale behind these mandates is clear, collaboration, innovation culture and learning. And we believe the quality of our office buildings prime locations and toptier amenities set us apart, contributing to higher utilization and stronger leasing activity compared to our competitors.

這些任務背後的理由很明確：協作、創新文化和學習。我們相信，我們的辦公大樓的黃金地段和一流的設施的品質使我們與眾不同，與我們的競爭對手相比，有助於提高利用率和加強租賃活動。

But the reality is these return to office policies will only move the needle if the organizations actually enforce them. We're hopeful on that. Steve will provide an update shortly on the leasing momentum across our markets in our office portfolio, where, despite the broader market challenges, demand for high-quality, well-located office spaces remains encouraging.

但現實是，只有組織真正執行這些重返辦公室政策，它們才會發揮作用。我們對此充滿希望。史蒂夫將很快提供有關我們辦公大樓投資組合市場租賃勢頭的最新信息，儘管市場面臨更廣泛的挑戰，但對高品質、位置優越的辦公空間的需求仍然令人鼓舞。

Our retail segment continues to perform quite well. We've renewed virtually all of our lease expirations this year and have less than 7% expiring in 2025, the majority of which are larger format retailers that we are confident in renewal. Meanwhile, retail leasing spreads have been trending positively for the past several years, with a 4.4% increase on a cash basis and 18.7% increase on a straight-line basis for Q3 transactions, which was a relatively active quarter for our retail leasing.

我們的零售部門繼續表現良好。今年我們幾乎已經續約了所有到期的租約，其中不到 7% 的租約將於 2025 年到期，其中大多數是我們有信心續約的大型零售商。同時，過去幾年零售租賃利差一直呈現正面趨勢，第三季交易以現金計算成長 4.4%，直線成長 18.7%，這是我們零售租賃相對活躍的季度。

In fact, our retail portfolio achieved its highest average base rent per square foot in Q3 since our IPO, placing us with the second highest average among our best-in-class peers that we track. Foot traffic and tenant sales have trended positively, as we continue to work with our tenants to ensure long-term success. as they adapt to evolving consumer behaviors.

事實上，我們的零售投資組合在第三季度實現了自 IPO 以來最高的每平方英尺平均基本租金，使我們在我們追蹤的一流同行中排名第二。隨著我們繼續與租戶合作以確保長期成功，客流量和租戶銷售呈現正面趨勢。因為他們適應不斷變化的消費者行為。

On the consumer spending side and in regards to the tenants we receive sales reports from, we saw a 5% increase in gross sales at our properties in 2023 compared to 2022. And through mid-2024, tenant sales are up another 5%, further reinforcing the strength and quality of our retail portfolio. While we're aware of potential headwinds in the broader economy, we believe that consumer spending in the densely populated affluent areas surrounding our centers will remain resilient.

在消費者支出方面以及我們收到的銷售報告的租戶方面，我們發現 2023 年我們房產的總銷售額比 2022 年增長了 5%。到 2024 年中期，租戶銷售額將再成長 5%，進一步增強我們零售投資組合的實力和品質。儘管我們意識到更廣泛的經濟中存在潛在的阻力，但我們相信，我們中心周圍人口稠密的富裕地區的消費者支出將保持彈性。

Turning to our multifamily portfolio. Ongoing demand for well-located, quality housing continues to drive stable performance across our multifamily properties, especially in markets where supply remains constrained. We ended Q3 in San Diego with a 93% occupancy rate and a 94% leased rate.

轉向我們的多戶型投資組合。對位置優越的優質住房的持續需求繼續推動我們的多戶住宅表現穩定，尤其是在供應仍然有限的市場。第三季結束時，聖地牙哥的入住率為 93%，租賃率為 94%。

In San Diego, leases for vacant units were signed at approximately 3% lower than prior rents, while renewed leases saw an average increase of 6%, resulting in a blended average increase of 3% with minimal concessions offered.

在聖地牙哥，空置單位的租約比之前的租金低約 3%，而續約的租約平均上漲 6%，在提供最低限度優惠的情況下，混合平均上漲 3%。

In Q3, our Hassalo on Eighth multifamily community in Portland saw leases for vacant units signed at an average 2% increase with renewed units up by 3%. This resulted in a blended increase of 3%, while our leasing percentage remained strong at 95%, with minimal concessions. Net effective rents at Hassalo were up 4% in Q3 compared to the same period in 2023.

第三季度，我們位於波特蘭的 Hassalo on Eventh 多戶社區的空置單位簽訂的租約平均增長了 2%，而續租單位則增長了 3%。這導致混合成長 3%，而我們的租賃率仍保持在 95% 的強勁水平，並做出了最小的讓步。與 2023 年同期相比，哈薩洛第三季的淨有效租金增加了 4%。

Overall, our multifamily portfolio achieved its highest ever average base rent in Q3. Additionally, we saw our same-store multifamily NOI increase by over 4% year-over-year for Q3 and year-to-date NOI is up 6% compared to 2023, with strong collections across the portfolio in Q3.

總體而言，我們的多戶型投資組合在第三季實現了有史以來最高的平均基本租金。此外，我們看到第三季的同店多戶型 NOI 年比成長超過 4%，年初至今的 NOI 較 2023 年成長 6%，第三季整個產品組合都有強勁的產品系列。

Looking ahead, we remain focused on five key drivers of future growth. First, capitalizing on embedded rent escalations and bringing below-market leases to market; second, leasing up and stabilizing our new office developments and redevelopments which you'll hear updates on from Steve in just a moment; third, benefiting from the anticipated return of Asian tourism to Oahu; fourth, densifying our existing assets with a focus on unlocking multifamily development opportunities; and fifth, pursuing accretive acquisitions when market conditions align with our strategic goals.

展望未來，我們仍關注未來成長的五個關鍵驅動力。首先，利用租金上漲的機會，將低於市場水準的租賃推向市場；其次，租賃並穩定我們的新辦公室開發和重建項目，稍後您將聽到史蒂夫的最新消息；第三，受益於亞洲旅遊業回歸歐胡島的預期；第四，強化既有資產，重點釋出多戶型發展機會；第五，當市場狀況符合我們的策略目標時，進行增值性收購。

With that I'll turn the call over to Bob to discuss financial results and updated guidance in more detail.

之後，我會將電話轉給鮑勃，更詳細地討論財務表現和更新的指導。

Thanks, Adam. Good morning everyone. Last night, we reported third quarter 2024 FFO of $0.71 per share. Third quarter 2024 net income, attributable to common stockholders was $0.28 per share. Third quarter 2024 FFO increased by approximately $0.11 to $0.71 per FFO share, compared to the second quarter of 2024, primarily due to three things.

謝謝，亞當。大家早安。昨晚，我們報告 2024 年第三季 FFO 為每股 0.71 美元。2024 年第三季歸屬於普通股股東的淨利為每股 0.28 美元。與 2024 年第二季相比，2024 年第三季 FFO 每股 FFO 市佔率增加約 0.11 美元至 0.71 美元，主要歸因於三件事。

First, as you may recall, we received an $11 million lease termination fee from a tenant at our Torrey Reserve office project in San Diego, increasing the FFO by approximately $0.15 per FFO share in the third quarter. This fee essentially covers four of the remaining five years of base rent under the lease agreement. The space is in turnkey condition and we are optimistic that we can lease it within the next few years potentially even sooner.

首先，您可能還記得，我們​​從聖地牙哥 Torrey Reserve 辦公室專案的租戶處收到了 1,100 萬美元的租約終止費，第三季 FFO 每股 FFO 份額增加了約 0.15 美元。該費用主要涵蓋租賃協議下剩餘五年基本租金中的四年。該空間處於交鑰匙狀態，我們樂觀地認為我們可以在未來幾年內出租它，甚至可能更快。

Second, an increase in interest expense that reduced FFO by approximately $0.03 per FFO share in Q3 2024 that was not previously included in our prior guidance. The newly issued $525 million public bond in Q3 2024 increased interest expense by approximately $0.025 per FFO share and capitalized interest was lower by approximately $0.005 of FFO.

其次，利息費用的增加導致 2024 年第三季 FFO 每股 FFO 減少約 0.03 美元，這在我們先前的指導中並未包含在內。2024 年第三季新發行的 5.25 億美元公共債券使每 FFO 股票的利息支出增加了約 0.025 美元，而 FFO 的資本化利息減少了約 0.005 美元。

Third, higher operating expenses at our multifamily properties reduced FFO by approximately $0.01 in Q3 2024. These three items taken together increased the FFO from $0.60 per FFO share in Q2 to $0.71 per FFO share in Q3. Same-store cash NOI for all sectors combined increased by 15.8% year-over-year for the third quarter. Absent the $11 million termination fee, the combined same-store cash NOI would have been flat.

第三，2024 年第三季度，我們的多戶住宅營運費用增加，FFO 減少了約 0.01 美元。這三項總計使 FFO 從第二季的每股 FFO 0.60 美元增加到第三季的每股 FFO 0.71 美元。第三季所有產業的同店現金 NOI 合計年增 15.8%。如果沒有 1,100 萬美元的終止費，合併後的同店現金 NOI 將持平。

Breaking it out by segment and each compared to Q3 2023 is as follows: our same-store office portfolio's NOI increased by 27.6% in Q3, primarily due to the $11 million lease termination fee mentioned earlier. Excluding the lease termination fee, our same-store office cash NOI would have been decreased by approximately 3% in Q3, primarily due to known move-outs and rent abatements to new tenants.

按細分市場細分，與 2023 年第三季相比如下：我們同店辦公室組合的 NOI 在第三季成長了 27.6%，主要是由於前面提到的 1,100 萬美元的租賃終止費用。不包括租賃終止費，我們的同店辦公室現金 NOI 在第三季將減少約 3%，這主要是由於已知的搬出和新租戶的租金減免。

Our same-store retail portfolio's NOI increased by 7% in Q3, primarily due to higher base rents at our Carmel Mountain Plaza and Solana Beach Towne Centre in San Diego. Our same-store multifamily portfolio's NOI increased by 4% in Q3, primarily due to higher-than-expected revenue at our San Diego multifamily properties, particularly Loma Palisades and Pacific Ridge.

我們的同店零售投資組合的 NOI 在第三季度增長了 7%，主要是由於我們位於聖地亞哥的卡梅爾山廣場和索拉納海灘城鎮中心的基本租金上漲。我們的同店多戶型投資組合的 NOI 在第三季度增長了 4%，主要是由於我們聖地牙哥多戶型物業的收入高於預期，特別是 Loma Palisades 和 Pacific Ridge。

And our mixed-use portfolio's NOI decreased by 7% in Q3, primarily due to lower occupancy and higher expenses at our Embassy Suites, Waikiki. Revenue was lower by approximately 4% and expenses were up by approximately 1.5%, specifically in Q3 2024.

我們的混合用途投資組合的 NOI 在第三季下降了 7%，這主要是由於我們威基基大使館套房飯店的入住率較低和費用較高。收入下降約 4%，支出成長約 1.5%，特別是在 2024 年第三季。

Paid occupancy was approximately 84% compared to 89% in Q3 2023. RevPAR was $337 compared to $350 in Q3 2023. ADR was $402 compared to $392 in Q3 2023. NOI was approximately $3.6 million compared to $4.3 million in Q3 2023.

付費入住率約為 84%，而 2023 年第三季為 89%。RevPAR 為 337 美元，而 2023 年第三季為 350 美元。ADR 為 402 美元，而 2023 年第三季為 392 美元。NOI 約為 360 萬美元，而 2023 年第三季為 430 萬美元。

Let's talk about liquidity. At the end of the third quarter we had liquidity of approximately $933 million comprised of approximately $533 million in cash and cash equivalents and $400 million of availability on our revolving line of credit.

我們來談談流動性。截至第三季末，我們的流動資金約為 9.33 億美元，其中包括約 5.33 億美元的現金和現金等價物以及 4 億美元的循環信貸額度。

As of the end of the third quarter, our leverage, which we measure in terms of net debt to EBITDA was 5.6 times on a quarter annualized basis and 6.0 times on a trailing 12-month basis. Our objective is to achieve and maintain a net debt to EBITDA of 5.5 times or below. Our interest coverage and fixed charge coverage ratios were 3.8 for the quarter and 3.7 on a trailing 12-month basis.

截至第三季末，我們的槓桿率（以淨債務與 EBITDA 比率衡量）按季度年化計算為 5.6 倍，按過去 ​​12 個月計算為 6.0 倍。我們的目標是實現並維持 EBITDA 的淨債務不超過 5.5 倍。本季我們的利息保障倍數和固定費用保障倍數為 3.8，過去 12 個月為 3.7。

Let's switch over to 2024 guidance. We are increasing our 2024 FFO per share guidance range to a range of $2.51 to $2.55 per FFO share with a midpoint of $2.53 per FFO share, an approximately 1% increase from our previously updated guidance that had a range of $2.48 to $2.54 with a $2.51 midpoint.

讓我們切換到 2024 年指導。我們將2024 年FFO 每股指引範圍提高至每股FFO 2.51 美元至2.55 美元，中間值為每股FFO 2.53 美元，比我們先前更新的指引範圍（範圍為2.48 至2.54 美元，中間值為2.51 美元）增加約1%中點。

Most of this increase in our 2024 guidance relates to our retail properties which have contributed an additional $0.02 per FFO share since last quarter from our lower bad debt and operating expenses and higher percentage rents. Please note that excluding onetime litigation settlement income and lease termination fees collected so far in 2024 that have totaled over $22 million in the aggregate.

我們的 2024 年指引中的成長大部分與我們的零售物業有關，自上季度以來，由於我們的壞帳和營運費用較低以及租金百分比較高，零售物業為每股 FFO 份額額外貢獻了 0.02 美元。請注意，不包括 2024 年迄今收取的一次性訴訟和解收入和租約終止費，總計超過 2,200 萬美元。

Our forecasted 2024 FFO would be approximately $0.20 lower or $2.24 per share at the adjusted guidance midpoint. Additionally, though we will provide formal 2025 guidance in February for those modeling out next year please keep in mind the increased net interest expense from the newly issued $525 million bond will reduce FFO by approximately $0.04 in 2025 as compared to this year net of paying off the upcoming $425 million of maturities that come due over the ensuing few months.

我們預測 2024 年 FFO 將降低約 0.20 美元，即按調整後指導中點計算每股 2.24 美元。此外，儘管我們將在2 月為明年的模型提供正式的2025 年指導，但請記住，新發行的5.25 億美元債券增加的淨利息支出將使2025 年FFO 與今年相比減少約0.04 美元（扣除還款後）即將到期的 4.25 億美元將在接下來的幾個月內到期。

Additionally, we are forecasting approximately $7 million of interest income from invested cash in 2024 or $0.10 of FFO per share that will be meaningfully reduced next year as virtually all of the capital from the bond offering will be used to refinance debt.

此外，我們預測 2024 年投資現金利息收入約為 700 萬美元，或每股 FFO 0.10 美元，明年將大幅減少，因為債券發行的幾乎所有資金都將用於債務再融資。

On a positive note the potential FFO upside is that we have over $450 million of invested capital between La Jolla Commons Tower III, which was completed in Q2 of this year and is just under 20% leased, but with several active prospects.

從積極的方面來看，FFO 的潛在優勢是，我們在La Jolla Commons Tower III 之間擁有超過4.5 億美元的投資資本，該大樓於今年第二季度竣工，租賃率略低於20%，但有幾個積極的前景。

One Beach Street which was a total renovation completed in Q4 of last year and has seen an uptick in tour activity and our three office projects in suburban Bellevue which we expect the significant renovations to be completed by the end of Q1 2025.

One Beach Street 於去年第四季完成了全面翻修，旅遊活動有所增加，我們位於貝爾維尤郊區的三個辦公項目預計將於 2025 年第一季末完成重大翻修。

All of these buildings are or will be highly amenitized with destination restaurants, cafes, fitness centers, outdoor spaces and/or conference centers. These buildings when stabilized at 93% occupancy are expected to produce over $0.03 per share of FFO. Of course the lease-up of these properties will also have a positive impact on continuing to reduce our net debt to EBITDA to our target of 5.5 times or less.

所有這些建築或將配備有目的地餐廳、咖啡館、健身中心、戶外空間和/或會議中心。當這些建築的入住率穩定在 93% 時，預計每股 FFO 的收益將超過 0.03 美元。當然，這些物業的租賃也將對繼續將我們的淨債務與 EBITDA 之比降低至 5.5 倍或更低的目標產生正面影響。

We'd expect stabilization on these properties in 2026 give or take a year pending market conditions. While we believe the 2024 guidance is our best estimate as of the date of this earnings call, we do believe that it is also possible that we could perform towards the upper end of this guidance range primarily if the tenants we reserve for continue to pay their rents and our multifamily properties continue to outperform.

我們預計這些房產將在 2026 年趨於穩定，具體取決於市場狀況。雖然我們認為 2024 年的指導是我們截至本次財報電話會議之日的最佳估計，但我們確實相信，如果我們預訂的租戶繼續支付他們的租金，我們的業績也有可能達到該指導範圍的上限。租金和我們的多戶型房產繼續跑贏大盤。

As always our guidance, our NOI bridge and these prepared remarks exclude any impact from future acquisitions dispositions equity issuances or repurchases, future debt refinancings or repayments other than what we have already discussed. We will continue our best to be as transparent as possible and share with you our analysis and interpretations of our quarterly numbers.

與我們一貫的指導一樣，我們的 NOI 橋樑和這些準備好的評論排除了除我們已經討論過的之外的未來收購、處置、股權發行或回購、未來債務再融資或償還的任何影響。我們將繼續盡可能保持透明，並與您分享我們對季度數據的分析和解釋。

I also want to briefly note that any non-GAAP financial measures that we've discussed like NOI are reconciled to our GAAP financial results in our earnings release and supplemental information. I'll now turn the call over to Steve Center, our Senior Vice President of Office Properties for a brief update on our segment. Steve?

我還想簡要指出，我們討論過的任何非 GAAP 財務指標（例如 NOI）均與我們的收益發布和補充資訊中的 GAAP 財務業績進行了調整。現在，我將把電話轉給我們的辦公室地產高級副總裁史蒂夫·中心 (Steve Center)，以了解我們部門的簡要更新情況。史蒂夫？

Thanks, Bob. At the end of the third quarter our office portfolio was 87% leased an increase of 40 basis points over the prior quarter. While we continue to experience some rightsizing of existing tenants and a few small office closings, they were more than offset by Q3 leasing activity as follows.

謝謝，鮑伯。第三季末，我們的辦公大樓組合出租率為 87%，比上一季增加了 40 個基點。雖然我們繼續經歷對現有租戶的一些規模調整和一些小型辦公室的關閉，但它們被第三季的租賃活動所抵消，如下所示。

In the third quarter, we executed 14 leases totaling approximately 106,000 rentable square feet comprised of three comparable new leases for approximately 17,000 rentable square feet with rent increases of 18 % on a cash basis and 16% on a straight-line basis including a 10,000 rentable square foot lease at City Center Bellevue.

第三季度，我們執行了14 項租賃，總面積約為106,000 平方英尺，其中包括三項類似的新租賃，面積約為17,000 平方英尺，租金按現金增長18%，按直線計算增長16%，其中包括10,000 平方英尺的可出租面積。

Seven comparable renewal leases for approximately 41,000 rentable square feet with rent increases of 4% on a cash basis and 17% on a straight-line basis including two medical office leases totaling 16,000 rentable square feet at the COASTAL COLLECTION Torrey Reserve in San Diego and four non-comparable leases totaling approximately 4,8000 rentable square feet, including a 20,000 rentable square foot lease at La Jolla Commons Tower III in San Diego, and a 20,000 rentable square foot lease at 14 acres previously known as Eastgate Office Park in suburban Bellevue.

七份類似的續租租約，面積約41,000 平方英尺，租金以現金計算上漲4%，以直線計算上漲17%，其中包括位於聖地牙哥COASTAL COLLECTION Torrey Reserve 的兩份醫療辦公室租賃，總面積為16,000 平方英尺，以及四份不可比租賃總計約4,8000 平方英尺可出租，包括聖地亞哥La Jolla Commons Tower III 的20,000 平方英尺可出租租賃，以及位於貝爾維尤郊區以前稱為Eastgate Office Park 的14 英畝土地的20,000 平方英尺可出租租賃。

And the leasing momentum has continued into Q4 as follows. We've executed five leases to date in Q4 totaling approximately 27,000 rentable square feet including a new approximately 4,000 rentable square foot lease at La Jolla Commons Tower III. We have 10 deals in lease documentation totaling approximately 64,000 rentable square feet. And through the first three quarters of 2024 approximately 60% of the rentable square feet was new leasing which is the first time since 2019 that new leasing has outpaced renewals on a rentable square foot basis.

租賃動能延續至第四季度，具體如下。迄今為止，我們在第四季度已簽署了五份租賃合同，總面積約為 27,000 平方英尺，其中包括位於 La Jolla Commons Tower III 的新約 4,000 平方英尺可出租租賃合約。我們有 10 筆租賃文件交易，總計約 64,000 平方英尺的可出租面積。到 2024 年前三個季度，約 60% 的可出租平方英尺為新租賃，這是自 2019 年以來新租賃首次超過可出租平方英尺的續租。

Our lease expiration exposure is modest through 2025. We're down to just over 2% rolling in 2024 given year-to-date office portfolio activity, with the average deal size of the remainder of approximately 6,000 rentable square feet. We have approximately 8,000 -- or 8% of the portfolio rolling in 2025 with the average deal size of approximately 7,000 rentable square feet.

到 2025 年，我們的租賃到期風險不大。考慮到年初至今的辦公大樓投資組合活動，到 2024 年，我們的滾動利率將降至略高於 2%，其餘可出租面積的平均交易規模約為 6,000 平方英尺。我們約有 8,000 個項目（即投資組合的 8%）將於 2025 年滾動，平均交易規模約為 7,000 平方英尺可出租。

Concluding with some insights on our new development La Jolla Commons III in the UTC submarket of San Diego. As noted earlier, we signed a lease for approximately 20,000 rentable square feet on the third floor in Q3, and the lease for approximately 4,000 rentable square feet on the second floor earlier this month.

最後對我們在聖地牙哥 UTC 子市場的新開發案 La Jolla Commons III 提出一些見解。如前所述，我們在第三季簽署了三樓約 20,000 平方英尺可出租的租約，並於本月初簽署了二樓約 4,000 平方英尺可出租的租約。

We actually had two tenants buying for the same suite. We received a request for proposal for approximately 16,000 rentable square feet and responded to that two days ago and have a former Tower one full floor law firm tenant that we expect to reengage with in 2025 for approximately 7,000 rentable square feet. And we have continued tour activity and interest from numerous less than full floor prospects. And in response to this smaller tenant demand, we are currently designing additional spec suites on the fourth floor.

實際上，我們有兩個租戶購買同一套房。我們收到了約16,000 平方英尺可出租面積的徵求建議書，並於兩天前對此做出了回應，我們預計將在2025 年與一位前塔樓一整層律師事務所租戶重新合作，租用約7,000 平方英尺的可出租面積。我們繼續進行巡演活動，並吸引了許多未滿樓的潛在客戶的興趣。為了滿足這種較小的租戶需求，我們目前正在四樓設計額外的規格套房。

Regarding La Jolla Commons amenities the Tower III Fitness Center which will serve the entire campus is nearing completion with a grand opening in Q1 of 2025. The Tower II restaurant is into the city for permit and is expected to open in the summer of 2025. The Tower I cafe which will also serve the entire campus will be under construction in Q1 and will open in Q2 of 2025. And planning and pricing for the new campus conference center are complete and will be submitted to the city shortly. It is also expected to open in the summer of 2025.

關於拉霍亞公共設施，將為整個校園提供服務的三號塔健身中心即將竣工，將於 2025 年第一季盛大開幕。Tower II 餐廳已進城申請許可，預計於 2025 年夏季開幕。一號塔咖啡廳也將為整個校園提供服務，將於第一季動工，並將於 2025 年第二季開幕。新校園會議中心的規劃和定價已經完成，並將很快提交給市政府。預計 2025 年夏季開幕。

Lastly, in regards to One Beach in San Francisco as Bob mentioned, there's been an uptick in tour activity and interest lately but it is a slowly evolving process with nothing substantive to update you on at this time. However, we are encouraged by our prospects for success and not only La Jolla Commons 3, but One Beach and throughout our entire office portfolio.

最後，正如鮑勃所提到的，關於舊金山的一個海灘，最近旅遊活動和興趣有所增加，但這是一個緩慢發展的過程，目前沒有任何實質性的更新資訊。然而，我們對成功的前景感到鼓舞，不僅是 La Jolla Commons 3，還有 One Beach 以及我們整個辦公大樓組合。

I'll now turn the call back over to the operator for Q&A. Question and Answer

我現在將把電話轉回給接線員進行問答。問題與解答

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Haendel St. Juste, Mizuho. x

謝謝。我們現在開始問答環節。（操作員指示）Haendel St. Juste，Mizuho。 x

Good morning, Haendel.

早上好，亨德爾。

Hi. Good morning. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Wanted to ask about the office leasing. I saw a large proportion of the leasing this quarter was outside of the comparable pool. Can you offer any additional color there something unique about the backfills the TI spend or the re-leasing spreads or deals that made them fall outside of the comparable pool?

你好。早安.我是拉維·維迪亞 (Ravi Vaidya)，正在接聽亨德爾 (Haendel) 的電話。希望你們一切順利。想問一下關於辦公室租賃的問題。我看到本季的大部分租賃都在可比池之外。您能否提供任何額外的顏色，以說明 TI 支出的回填或重新租賃利差或交易的獨特之處，使它們落在可比池之外？

They were vacant longer than six months. So if it's a vacancy that's been there for longer than six months there's no rent to compare it to. One of those deals was a new lease on the third floor of La Jolla Commons III which is brand new. The other was a full floor deal at 14 acres or Eastgate Office Park in suburban Bellevue. And both were long-term deals. TIs are in line with new long-term deals at about $10 to $15 per square foot per year of term. It's that simple. They're new leases with no backup.

他們的空置時間超過六個月。因此，如果空置時間超過六個月，則無法與租金進行比較。其中一項交易是 La Jolla Commons III 三樓的新租約，這是全新的。另一個是貝爾維尤郊區東門辦公園區 14 英畝的整層樓交易。兩者都是長期交易。TI 符合新的長期交易，每年每平方英尺約 10 至 15 美元。就是這麼簡單。它們是新租約，沒有備份。

Got it. That's helpful. And I guess, you've made steady progress on the office leasing. It seems that interest is rising and growing activity is also rising. Can you offer a near-term outlook there within the office portfolio maybe a forward occupancy marker by or target by year-end 2025 or 2026?

知道了。這很有幫助。我想，你們在辦公室租賃方面已經取得了穩步進展。看來興趣在上升，成長的活動也在上升。您能否提供辦公室投資組合的近期前景（可能是 2025 年底或 2026 年的遠期入住率標記或目標）？

I think it's premature to give you that figure. You touched on it. We look back 2023, 2024 and we have looked into 2025. And we've talked about the headwinds we faced. And so with the attrition through COVID, companies closing their doors or rightsizing, we've managed to start -we've turned the corner. We're now generating positive net absorption. I mentioned that 60% of our leases are new leases versus renewals. And so, we're optimistic moving forward.

我認為現在給你這個數字還為時過早。你觸及到了它。我們回顧了2023年、2024年，並展望了2025年。我們已經討論了我們面臨的阻力。因此，隨著新冠疫情帶來的人員流失、公司關門或精簡規模，我們已經成功開始——我們已經渡過了難關。我們現在正在產生正的淨吸收量。我提到我們 60% 的租約是新租約而不是續約。因此，我們對未來持樂觀態度。

We do have some known move-outs the MEI move-out that we had talked about for 45,000 feet, which is about 1% of the portfolio. And we also know at First & Main, we're going to get back space from CLEAResult. We've been unfortunate. We've already backfilled one floor of clear result five floors. We're in negotiations on a partial backfill of another floor. And then we've got two prospects for about 15,000 feet each looking at that CLEAResult space.

我們確實有一些已知的遷出，即我們討論過的 45,000 英尺的 MEI 遷出，約佔投資組合的 1%。我們也知道，在 First & Main，我們將從 CLEAResult 取得空間。我們很不幸。我們已經回填了一層五層樓的明確結果。我們正在就另一層樓的部分回填進行談判。然後我們有兩個大約 15,000 英尺的前景，每個人都在查看 CLEAResult 空間。

So we're optimistic there. This is a long-winded way of saying our leasing activity, our tour activity, our proposal activity is up. It's dominated by new leasing versus renewal leasing, and we have net absorption we're working on right now in proposals and leases in documentation. So I suspect 2025 is going to be a much better year than 2024.

所以我們對此持樂觀態度。這是一個囉嗦的說法，我們的租賃活動，我們的旅遊活動，我們的求婚活動都結束了。它以新租賃與續租租賃為主，我們目前正在文件中的提案和租賃中進行淨吸收。所以我懷疑 2025 年會比 2024 年好得多。

Hey Ravi, this is Bob. Just to add to Steve's comments is that, in the fourth quarter we just don't know what's going to happen in the fourth quarter in terms of leasing successes. Steve is doing a great job. And as you know, we will give a very detailed forecast in the fourth quarter for 2025.

嘿拉維，這是鮑伯。補充史蒂夫的評論是，在第四季度，我們只是不知道第四季度在租賃成功方面會發生什麼。史蒂夫做得很好。如您所知，我們將在 2025 年第四季給予非常詳細的預測。

It’s Ernest. As Bob pointed out, Steve is doing a good job. We have properties that are amenitized well in good locations and we have the financial capacity to do the TIs to get our tenants in and keep them satisfied, not satisfied leased, that's a big factor in today's crazy world.

這是歐內斯特。正如鮑勃指出的那樣，史蒂夫做得很好。我們擁有位置優越、設施齊全的房產，我們有財力進行 TI，讓我們的租戶入住並讓他們滿意，而不是滿意租賃，這是當今瘋狂世界的一個重要因素。

I'd give you an example of that. We earned proposals with a tenant for a space at Eastgate 14 acres. And prior to the CEO -- we have a new CEO. He recently toured about a week ago. And after that tour seeing the renovations, he dropped all of the other potential move opportunities and it's now just between us and a renewal. So that's a case in point of our renovations starting to really pay off in that asset.

我給你舉個例子。我們收到了一位租戶關於東門 14 英畝場地的提案。在執行長之前，我們有一位新執行長。他最近大約一周前進行了巡迴演出。在那次參觀完翻新工程之後，他放棄了所有其他潛在的搬遷機會，現在只剩下我們和續約之間的事情了。因此，這是我們的翻新工程開始在該資產上真正獲得回報的一個例子。

Got it. That's great color. Thanks for that. Just one more here. A number of your peers, particularly within shopping centers, they've been more involved with transactions recently. What's your level of interest in acquisitions? Is there a particular segment that's attractive to you? And how would you potentially fund it?

知道了。那顏色真棒。謝謝你。這裡還有一個。您的許多同行，尤其是購物中心內的同行，最近更多地參與了交易。您對收購的興趣程度如何？有一個特定的細分市場對您有吸引力嗎？您將如何為其提供資金？

We have a number of options available. First of all, to manage our debt; second of all, to make an acquisition; third of all, there's not much we're interested in disposing of. But we have all those factors and that's what management is for and we continue to look at all those options and weigh them.

我們有多種選擇。首先，管理我們的債務；其次，進行收購；第三，我們沒有太多興趣處理掉。但我們擁有所有這些因素，這就是管理的目的，我們將繼續研究所有這些選項並權衡它們。

So I'd like to tell you that this is what we're going to do, but it depends on how the opportunities present themselves and what the opportunities are. Our first focus is kind of staying in the markets we're in, because we know them. And as this unfolds, you'll be amongst the first to know, because we don't know yet ourselves but we keep looking.

所以我想告訴大家，這就是我們要做的，但這取決於機會如何呈現以及機會是什麼。我們的首要重點是留在我們所在的市場，因為我們了解它們。隨著這一切的展開，你將是最先知道的人之一，因為我們還不了解自己，但我們一直在尋找。

Got it. Thank you so much, guys.

知道了。非常感謝你們，夥伴們。

Thank you. Thank you for your interest, sir.

謝謝。感謝您的關注，先生。

Reny Pire, Green Street Advisors.

雷尼‧皮雷 (Reny Pire)，格林街顧問公司。

Hey. Good morning, everyone. Thanks for taking the question. So thinking about the performance of your multifamily and retail assets year-to-date kind of continuous outperformance. What are your expectations for 4Q? And then maybe, if there's any insight into 2025 performance? I know it's a little early. Any color would be helpful. Thanks.

嘿。大家早安。感謝您提出問題。因此，考慮一下您的多戶住宅和零售資產今年迄今為止的持續優異表現。您對第四季的預期是什麼？然後也許，是否對 2025 年的表現有任何見解？我知道現在有點早了。任何顏色都會有幫助。謝謝。

There's so much uncertainty in the world we live in. I would hate to make a projection. On the other hand, I can tell you that all of our assets are in first-class shape, and we'll do as well as anybody and hopefully better. We've used this time to upgrade several of our multifamily properties and of course, our retail is we always monitor and keep it in first-class shape for our tenants.

我們所處的世界有太多的不確定性。我不想做一個預測。另一方面，我可以告訴你，我們所有的資產都處於一流狀態，我們會做得和任何人一樣好，並希望做得更好。我們利用這段時間升級了我們的幾棟多戶住宅，當然，我們的零售是我們始終監控的，並為我們的租戶保持一流的狀態。

So I've never seen so much uncertainty in the world we live, interest rates first, devices in the second, elections third, retail fourth, the economy fifth. So as soon as we know where we're going, we'll know -- as soon we know where the country is going a little better where we're going. But I'll tell you this, we'll do as well as anybody and hopefully better than most.

所以我從未見過我們所處的世界有這麼多的不確定性，首先是利率，其次是設備，第三是選舉，第四是零售，第五是經濟。因此，一旦我們知道我們要去哪裡，我們就會知道——一旦我們知道這個國家的發展方向，我們要去的地方就會更好。但我要告訴你的是，我們會做得和任何人一樣好，並希望比大多數人做得更好。

Yeah, great. Thanks for the color.

是的，太棒了。謝謝你的顏色。

Okay. Thank you. Thanks for the color or the lack of color, we did the best we can but you know what we're going through.

好的。謝謝。感謝顏色或缺乏顏色，我們已盡力而為，但你知道我們正在經歷什麼。

I'll take it.

我要買它。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks. Good morning. I just wanted to zoom out a little bit, Bob, Steve, you mentioned the $0.30 of FFO upside from La Jolla Phase 3, One Beach, the three assets in Bellevue. Approximately how much of that is attributable to the stabilization at the three Bellevue office assets? And with the renovations expected to be completed at the end of the first quarter next year, I think you said and Amazon and others calling employees back to the office what's the time line to get those projects stabilized?

你好，謝謝。早安.我只是想縮小一點，鮑勃，史蒂夫，你們提到了拉霍亞三期、One Beach、貝爾維尤的三項資產的 FFO 0.30 美元的上漲空間。其中大約有多少歸功於貝爾維尤三處辦公資產的穩定？由於翻修預計將於明年第一季末完成，我想你說過，亞馬遜和其他公司正在召集員工回到辦公室，讓這些專案穩定下來的時間是多少？

Well, from the $0.30, we have about $0.20 that relates to La Jolla Commons. It's actually like about $0.18 of La Jolla Commons, $0.02 to $0.03 on One Beach. And the balance is really the suburban office market that we're finishing up in Q1 2025. It's too early right now to give you a forecast on that, Todd. We'll give you a very detailed forecast and how we see it for 2025. Steve is still doing deals today.

好吧，從 0.30 美元開始，我們大約有 0.20 美元與 La Jolla Commons 相關。實際上，La Jolla Commons 的價格約為 0.18 美元，One Beach 的價格為 0.02 至 0.03 美元。剩下的部分實際上是我們將在 2025 年第一季完成的郊區辦公市場。托德，現在給你預測還太早。我們將為您提供非常詳細的預測以及我們對 2025 年的看法。史蒂夫今天仍在做交易。

Do you expect leasing to pick up once the renovations are complete? I mean, should we assume or anticipate kind of a quicker ramp in leasing once the renovations are completed after the first quarter, or do you think it could still take some time for leasing to come to fruition?

您預計裝修完成後租賃會回升嗎？我的意思是，一旦第一季裝修完成，我們是否應該假設或預期租賃量會加快，還是您認為租賃仍需要一些時間才能實現？

Todd, I think Steve has answered that question. And I'd just like to add an element of uncertainty. The only certain thing that I'm sure of is that we will do as well as anybody and he'll be pleased with the outcome given the circumstances we're operating in because there's so much uncertainty. But they're great properties. We're positioning them well and Steve is doing a great job.

托德，我想史蒂夫已經回答了這個問題。我只想添加一個不確定因素。我唯一確定的是，我們會做得和任何人一樣好，考慮到我們所處的環境，他會對結果感到滿意，因為有太多的不確定性。但它們都是很棒的財產。我們對他們的定位很好，史蒂夫做得很好。

Todd, you're right. Completion of renovations and amenities leasing accelerates. There's no question. It's tough for people that aren't in real estate to envision what it will be. And so until they can experience it first-hand, and again I mentioned a CEO that just toured Eastgate and it's near completion, and he was blown away by it. He said this is fantastic. And so as I said he eliminated the competition except for the renewal.

托德，你是對的。裝修和設施租賃的完成速度加快。毫無疑問。對於沒有從事房地產行業的人來說，很難想像它會是什麼樣子。因此，直到他們能夠親身體驗它，我再次提到一位剛剛參觀了東門的首席執行官，它即將完成，他被它震撼了。他說這太棒了。正如我所說，除了續約之外，他消除了競爭。

La Jolla Commons III, I went into detail about the various amenities there. Once those are in, it just creates a different level of activity at the asset and leasing accelerates. That being said activity is picking up there as well.

La Jolla Commons III，我詳細介紹了那裡的各種設施。一旦這些進入，它只會在資產上創造不同水平的活動，並且租賃會加速。話雖這麼說，那裡的活動也在增加。

And then one of the suburban assets Corporate Campus East III, which we're now calling Timber Ridge, we've got two pending deals there that if we're successful we'll be 97.5% leased. Then I've got Bel-Spring which is relatively small that's now Timber Springs. It's 93,000 feet and we're in discussions with -- preliminary discussions with a local hospital that is paying medical office premium rents for administrative office space. We've got a full floor plus available. And if that were to come to fruition, that would stabilize that asset as well.

然後是郊區資產 Corporate Campus East III（我們現在稱之為 Timber Ridge）之一，我們在那裡有兩筆懸而未決的交易，如果我們成功，我們將獲得 97.5% 的出租率。然後是貝爾斯普林（Bel-Spring），它相對較小，現在是廷伯斯普林斯（Timber Springs）。它有 93,000 英尺，我們正在與當地一家醫院進行初步討論，該醫院正在為行政辦公空間支付醫療辦公室的溢價租金。我們還有一整層樓可供使用。如果這一目標得以實現，也將穩定該資產。

So then it leaves you the heavy lift at Eastgate which we -- that's a major renovation and it's near completion and it's showing beautifully now. And then Tower III we're confident in our prospects there. So -- and then we even mentioned One Beach tour activities up and we've got a couple of prospects we're talking to. So I'm encouraged going into 2025.

那麼它就給你留下了東門的重型電梯，我們——這是一次重大整修，已經接近完成，現在看起來很漂亮。然後是三號塔，我們對那裡的前景充滿信心。所以 - 然後我們甚至提到了 One Beach 旅遊活動，我們正在與一些潛在客戶交談。因此，我對進入 2025 年充滿信心。

The location of each of these properties is as good as it gets. Eastgate 3 is just off the freeway and it's like in the middle of park. So, that has all the amenities. La Jolla Commons III is now in effect at the commercial -- in the commercial center of San Diego. So, we've got the location we've got the properties. The management is excellent and the opportunities are there to take advantage of.

這些房產的位置都非常好。Eastgate 3 就在高速公路旁，就像在公園中間。所以，這裡擁有所有便利設施。La Jolla Commons III 現已在聖地牙哥商業中心的商業中心生效。所以，我們已經找到了屬性的位置。管理非常出色，並且有機會利用。

Okay. And for La Jolla Phase III, Steve, so what's the percent leased today? It sounded like another deal was signed in October after the quarter ended. You talked about the pipeline a little bit. What's leased? And when will we start to see cash rent commence at that asset?

好的。史蒂夫，對於拉霍亞三期，今天的租賃百分比是多少？聽起來好像是在該季度結束後的 10 月簽署了另一項協議。您談到了管道。租什麼？我們什麼時候開始看到該資產開始收取現金租金？

We're currently 21% -- the PTC has already commenced. The 4,000 footer I mentioned will commence early next year. The third floor tenant commences probably in August -- September at the latest. We've got -- we just responded to the RFP I mentioned for 16,000 feet. That would commence as soon as possible. There's really a desire to accelerate that. So that could commence as early as June or July of next year if we can get through the city.

我們目前是 21%——PTC 已經開始。我提到的 4,000 頁腳將於明年初開始。三樓的租戶最遲可能在八月至九月開始入住。我們剛剛回覆了我提到的 16,000 英尺的 RFP。這將盡快開始。人們確實渴望加速這一進程。因此，如果我們能穿過這座城市，最早可以在明年六月或七月開始。

And that deal they're solely focused on us. It's just can we put it together. So with that RFP that we just responded to it'd be 28.5%. And then we've got numerous 15,000 footers that have toured or are touring. And I mentioned, it's predominantly a less than full floor tenant market right now. So we're proactively -- we've already designed and we're now going to CDs on the fourth floor with spec suites ranging from 3,500 to 7,000 feet four suites. And there's good traction in that segment.

這筆交易他們只關注我們。只是我們可以把它放在一起。因此，根據我們剛剛回覆的 RFP，該比例為 28.5%。我們還有無數已經巡迴演出或正在巡迴演出的 15,000 頁腳。我提到過，目前主要是一個不足整層的租戶市場。因此，我們正在積極主動地進行設計，現在我們將在四樓推出 CD，規格套件範圍從 3,500 英尺到 7,000 英尺不等，四間套房。該細分市場具有良好的吸引力。

Okay, that's helpful. And then lastly Bob so you walked us back to $2.24 per share from the revised 2024 midpoint excluding the one-timers this year. You talked about some of the interest expense headwinds and some other moving pieces some of the move-outs.

好的，這很有幫助。最後，鮑伯讓我們從修訂後的 2024 年中點回到每股 2.24 美元，不包括今年的一次性股票。您談到了一些利息支出的不利因素以及其他一些令人感動的因素，其中包括一些遷出。

Does the $0.30 of upside begin to have an impact? And do you expect to be able to grow off the $2.24? Or could 2025 be lower with a sharper ramp-up in 2026 and 2027 from all of this upside materializing a little bit later on?

0.30 美元的上漲是否開始產生影響？您預計 2.24 美元的價格能帶來成長嗎？或者，2025 年是否會更低，而 2026 年和 2027 年，所有這些上行空間稍後都會實現，從而出現更急劇的增長？

Yes, I wish -- it's just too early to give you the other insight on that. A few months from now we'll give you that guidance in 2025. There's still things happening. I mean positive but there's -numbers are up and down and I'd prefer to just give you the guidance all at once for 2025 in Q4, if that's all right.

是的，我希望——現在給你其他見解還為時過早。幾個月後，我們將在 2025 年為您提供該指導。仍有事情發生。我的意思是積極的，但數字有升有降，如果可以的話，我寧願在 2025 年第四季度一次性為您提供所有指導。

All right. Thank you.

好的。謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hi, guys. This is [Matt Lichtman] on for Ron. And thanks for taking the time this morning. I was just wondering, if you guys could talk through the dynamics at play, with the comparable cash blended leasing spreads, particularly in office and retail for this quarter. And I guess just a little bit about, how we should be thinking about that as we go into 2025. Thanks.

嗨，大家好。這是羅恩的[馬特·利奇曼]。感謝您今天早上抽出時間。我只是想知道，你們能否談談當前的動態，以及可比較的現金混合租賃利差，特別是本季的辦公大樓和零售業。我想稍微談談，當我們進入 2025 年時，我們應該如何思考這個問題。謝謝。

You want to handle that Bob. You want to hit this Steve -- he is asking for retail and --

你想對付那個鮑伯。你想打這個史蒂夫——他要求零售和--

It's interesting. I saw some comment about reading a trend into this quarter versus last in terms of spreads. It varies -- if you look back at the last four quarters, it varies quarter-by-quarter every deal, impacts it differently. The best news is it continues to be positive. We're not going backwards, at this point, we haven't.

這很有趣。我看到一些關於解讀本季與上季利差趨勢的評論。它會有所不同——如果你回顧過去四個季度，你會發現每筆交易每季都有所不同，對其產生的影響也不同。最好的消息是它仍然是積極的。我們不會倒退，在這一點上，我們還沒有。

So we continue to move ahead. And -- but I see continued along the same lines as we have been in the last four quarters, which is positive. And you saw one quarter it was 22%, another quarter it's 4%, another it's 8%. It just depends on the deals we're talking about.

所以我們繼續前進。而且 - 但我認為我們的情況與過去四個季度相同，這是積極的。你看到一個季度是 22%，另一個季度是 4%，另一個季度是 8%。這僅取決於我們正在談論的交易。

And Matt on the retail side, we -- since coming out of COVID, we've been trending positively on a cash and GAAP basis for those retail leasing spreads. We would assume and expect those to continue to trend positively going forward. Obviously, we got to see what's going on in the economy and post-election and what not. But everything seems to be trending well, because our portfolio is so well leased on the retail side, not anticipating any negative movement and particularly with inflation, driving costs up and rents up we would imagine that being a tailwind to us moving forward in all of our new lease deals.

馬特在零售方面，自從擺脫新冠疫情以來，我們的零售租賃利差在現金和公認會計原則的基礎上一直呈現正面趨勢。我們假設並預期這些趨勢將繼續呈正面趨勢。顯然，我們必須看看經濟和選舉後發生了什麼，以及沒有發生什麼。但一切似乎都趨勢良好，因為我們的投資組合在零售方面的租賃情況非常好，預計不會出現任何負面變動，特別是在通貨膨脹的情況下，推高成本和租金，我們可以想像這將成為我們在所有方面向前發展的順風。

Yes. And the differential between the cash and the GAAP, as you well know, would be the abatement on the front end of a retail. So, that all gets spread out. And it's actually one of the drivers that we see in the differential between the cash and the office. And that's why the office has continued to outperform, throughout the last several quarters.

是的。眾所周知，現金和公認會計原則之間的差異將是零售前端的削減。所以，這一切都被分散了。這實際上是我們在現金和辦公室之間看到的差異的驅動因素之一。這就是為什麼該辦公室在過去幾季中繼續表現出色。

Got it. Thank you, guys.

知道了。謝謝你們，夥計們。

Thank you.

謝謝。

I think to sum it up, we have very good locations. We don't leave money on the table. We deliver everything we say, we're going to deliver. And I think that the tenant world and the leasing world take that into account.

我想總而言之，我們有非常好的位置。我們不會把錢留在桌上。我們兌現我們所說的一切，我們將兌現。我認為租戶界和租賃界都考慮到了這一點。

Thank you. And ladies and gentlemen, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。