American Assets Trust, Inc. (AAT) 2026 Q1 法說會逐字稿

Good morning, and welcome to the American Assets Trust first quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

各位早安，歡迎參加 American Assets Trust 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the call over to Meleana Leaverton, Associate General Counsel of American Assets Trust. Please go ahead.

現在我想把電話會議交給 American Assets Trust 副總法律顧問 Meleana Leaverton。請開始。

Thank you, and good morning. The statements made on this earnings 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. 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's earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of its website, americanassetstrust.com.

謝謝，各位早安。本次財報電話會議中的陳述包含以前瞻性陳述為主、係基於目前預期；該等陳述受公司向美國證券交易委員會（SEC）申報文件中所討論之風險與不確定性影響。敬請注意勿過度依賴此等前瞻性陳述，因實際事件可能導致公司結果與此等前瞻性陳述存在重大差異。昨天下午，American Assets Trust 的財報新聞稿與補充資訊已以 Form 8-K 形式提交至 SEC。兩者現已可於其網站 americanassetstrust.com 的投資人（Investors）專區取得。

It is now my pleasure to turn the call over to Adam Wyll, President and CEO of American Assets Trust.

現在我很榮幸把電話會議交給 American Assets Trust 總裁暨執行長 Adam Wyll。

Good morning, everyone, and thank you for joining us today. At American Assets Trust, we continue to approach this market with the same mindset that has guided us across cycles, patient, disciplined and with a long-term focus. That mindset, combined with the quality of our assets and our platform, guides how we allocate capital, manage risk and run our business.

各位早安，感謝今天加入我們。在 American Assets Trust，我們持續以同樣的心態面對市場，這個心態在不同景氣循環中一直引導著我們：耐心、紀律，並以長期為重。這樣的心態，加上我們資產與平台的品質，指引我們如何配置資本、管理風險並經營業務。

We started 2026 in line with our expectations, generating $0.51 of FFO per diluted share and continuing to make progress against the priorities we laid out last quarter. Across the portfolio, we saw encouraging activity, most notably in office leasing, while our retail assets remained highly leased and consistent, our multifamily teams operated well through a competitive supply environment, and Waikiki Beach Walk delivered steady results against a still mixed tourism backdrop.

我們在 2026 年的開局符合預期，每股稀釋後 FFO 為 0.51 美元，並持續推進上季所提出的優先事項。就整體投資組合而言，我們看到令人鼓舞的活動，尤其是辦公室租賃；同時，我們的零售資產維持高出租率且表現穩定；多戶住宅團隊在具競爭性的供給環境下營運良好；Waikiki Beach Walk 在旅遊景氣仍偏混合的背景下也交出穩健成果。

Before turning to the portfolio, I want to highlight a significant balance sheet accomplishment. On April 1, we successfully completed the recast and upsize of our unsecured credit facility. We increased our revolving line of credit from $400 million to $500 million and extended the maturity of the revolver and our $100 million term loan to April 1, 2030. Altogether, this facility provides us with $600 million of total unsecured borrowing capacity. This outcome reflects the quality of our portfolio, the strength of our banking relationships and the confidence of our lender group has in our credit.

在談投資組合之前，我想先強調一項重要的資產負債表成果。4 月 1 日，我們成功完成無擔保信用融資額度的重訂（recast）與擴額（upsize）。我們將循環信用額度由 4 億美元提高至 5 億美元，並將循環額度與 1 億美元定期貸款的到期日延長至 2030 年 4 月 1 日。整體而言，該融資安排為我們提供合計 6 億美元的無擔保借款額度。此成果反映我們投資組合的品質、與銀行往來關係的強度，以及放款團對我們信用狀況的信心。

Importantly, it gives us enhanced financial flexibility and runway as we execute our leasing and operating objectives now with no debt maturities until 2027. That added capacity is particularly valuable in the current market. While the macro backdrop remains uneven, our tenants are generally well capitalized and the markets where we operate continue to benefit from diversified economies, strong demographics and meaningful barriers to new supply. Those structural advantages matter, particularly during periods when the broader landscape is less predictable.

更重要的是，這讓我們在執行租賃與營運目標時擁有更強的財務彈性與更長的運作空間，且在 2027 年之前沒有任何債務到期。這項新增額度在當前市場尤其有價值。儘管總體環境仍不均衡，我們的租戶整體資本實力良好，而我們營運所在市場持續受惠於多元化經濟、強勁人口結構，以及對新增供給具有顯著的進入障礙。這些結構性優勢在整體環境較難預測的期間尤其重要。

One topic that has generated considerable discussion in our office segment is artificial intelligence. AI is driving investment, business formation and growth across technology, infrastructure and innovation-oriented companies, along with the professional and advisory ecosystem that supports them. While its impact on office demand will vary by industry, we believe the net effect in our markets has been constructive. At the same time, the bar for office space keeps rising. When companies make office commitments today, they are focused on location, amenities, flexibility, ownership quality and the ability to attract talent, attributes that define our coastal office portfolio.

在我們的辦公室事業中，一個引發大量討論的主題是人工智慧。AI 正推動科技、基礎設施與創新導向企業的投資、創業與成長，同時也帶動支援其發展的專業與顧問生態系。雖然其對辦公室需求的影響會因產業而異，但我們認為在我們的市場中，整體淨效應是正面的。與此同時，對辦公空間的要求門檻持續提高。企業如今做出辦公室承諾時，會聚焦於地點、設施、彈性、業主品質以及吸引人才的能力——這些特質正是我們沿海辦公室投資組合的核心。

On our own platform, we are investing in technology to improve how we operate from work order management and preventative maintenance analytics to tenant communication tools while also building the data foundation for future AI capabilities. We are early in this effort, but we believe it can become a differentiator as we improve the tenant experience and our operating margins.

在我們自身的平台方面，我們正投資科技以改善營運方式——從工單管理與預防性維護分析，到租戶溝通工具——同時也建立未來 AI 能力所需的資料基礎。我們在這方面仍處於早期階段，但我們相信，隨著我們提升租戶體驗與營運利潤率，這將成為一項差異化優勢。

In office, the momentum we flagged last quarter carried forward. Demand concentrates at the top of the market and well-located, well-amenitized buildings with strong ownership. That is where we compete. Our office portfolio ended the quarter 84.5% leased and our same-store office portfolio ended the quarter 86% leased. Same-store office cash NOI came in essentially flat year-over-year, modestly ahead of our internal expectations, reflecting the known move-outs we've previously discussed.

在辦公室方面，我們上季提到的動能延續至本季。需求集中在市場頂端，也就是地段佳、配套完善且由優質業主持有的建物——這正是我們競爭的領域。我們的辦公室投資組合在季末出租率為 84.5%，同店（same-store）辦公室投資組合季末出租率為 86%。同店辦公室現金 NOI 年增基本持平，略優於我們內部預期，反映了我們先前已討論過的已知退租情況。

During the quarter, we executed approximately 237,000 square feet of office leases with comparable cash leasing spreads of 4.8% and straight-line leasing spreads at 10.6%. Meanwhile, of our 14 noncomparable leases in Q1, which are now separately disclosed in our supplemental, 12 were new tenants, 9 of which were in our spec suite program, underscoring the role that program is playing in converting demand into executed leases.

本季我們簽署約 237,000 平方英尺的辦公室租約，可比（comparable）現金租賃價差為 4.8%，直線法（straight-line）租賃價差為 10.6%。同時，在我們第一季的 14 份不可比（noncomparable）租約中（目前已於補充資料中另行揭露），有 12 份為新租戶，其中 9 份來自我們的樣品套房（spec suite）計畫，凸顯該計畫在將需求轉化為已簽租約方面所扮演的角色。

We entered the second quarter on solid footing, including approximately 244,000 square feet of previously signed leases not yet commenced, another 122,000 square feet in lease documentation and a proposal pipeline of over 200,000 square feet. At La Jolla Commons Tower III, the building is currently 49% leased with proposals out on another 30% of the building. The UTC submarket has limited large block availabilities outside of Tower III and with no meaningful new supply on the horizon, we believe we are in a strong position to capture large tenant requirements in the submarket, including several active requirements we are tracking today.

我們以穩健態勢進入第二季，包括約 244,000 平方英尺已簽署但尚未起租的租約、另有 122,000 平方英尺正進行租約文件作業，以及超過 200,000 平方英尺的提案管線。在 La Jolla Commons Tower III，目前出租率為 49%，另有約 30% 的面積已提出租賃提案。UTC 次市場除 Tower III 外可供的大面積區塊有限，且在可預見的未來沒有具規模的新供給，我們認為我們具備強勢條件可承接該次市場的大型租戶需求，包括我們目前正在追蹤的數項活躍需求。

At One Beach Street, the building is currently 36% leased. While one larger opportunity we referenced last quarter did not move forward, our leasing focus has shifted toward building a broader pipeline of smaller and midsized tenants. We already have permits in hand and work underway to advance our spec suite build-out, positioning us to capture tenants seeking high-quality, move-in-ready space.

在 One Beach Street，目前出租率為 36%。雖然我們上季提到的一個較大型機會未能推進，但我們的租賃重點已轉向建立更廣泛的中小型租戶管線。我們已取得許可並已開始施工，以推進樣品套房的裝修建置，使我們能掌握尋求高品質、可立即進駐空間的租戶。

Prospect activity has improved and the execution across the portfolio has been strong. We remain confident that the trajectory of our office portfolio, including our progress towards stabilizing Tower III and One Beach will translate into increased cash flow as these leases convert to revenue.

潛在租戶活動已改善，且整體投資組合的執行表現強勁。我們仍有信心，辦公室投資組合的走勢——包括我們在 Tower III 與 One Beach 穩定化方面的進展——將隨著這些租約轉化為收入而帶來現金流的提升。

Last quarter, I mentioned our goal of ending the year between 85% and 88% leased across our office portfolio. Since then, we learned that Genentech at Lloyd District, approximately 67,000 square feet reversed course on a short-term renewal and will be vacating in Q4. The space itself is turnkey and modern, and we believe it will show well in the market. However, the vacancy was not in our assumptions last quarter. And as a result, we are now targeting the lower end of that range.

上季我提到，我們的目標是年底辦公室投資組合整體出租率落在 85% 至 88% 之間。此後，我們得知 Lloyd District 的 Genentech（約 67,000 平方英尺）在短期續租上改變決定，將於第四季搬離。該空間本身為可直接使用（turnkey）且現代化，我們相信在市場上會有良好展示效果。然而，這項空置並未納入我們上季的假設。因此，我們目前將目標調整為該區間的較低端。

We have some work to do but reaching that level would still represent a meaningful step forward. Retail remains a source of consistent, reliable performance. Our retail portfolio ended the quarter 98% leased, and we executed approximately 39,000 square feet of leasing during the period with average base rents reaching a new portfolio record of $30 per square foot.

我們仍有一些工作要做，但達到該水準仍將代表顯著的進展。零售仍是穩定且可靠的績效來源。我們的零售投資組合季末出租率為 98%，期間完成約 39,000 平方英尺的租賃，平均基本租金達到每平方英尺 30 美元，創投資組合新高。

Same-store cash NOI was modestly below the prior year period, primarily due to the temporary impact of vacancies from two former Party City spaces and a former Discount Tire space. The Discount Tire space in one of the two Party City spaces are already re-leased with cash rents expected to commence later this year.

同店現金 NOI 較去年同期略低，主要因兩處前 Party City 店面與一處前 Discount Tire 店面空置所帶來的短期影響。其中，Discount Tire 店面以及兩處 Party City 店面中的一處已重新出租，預期現金租金將於今年稍晚開始起算。

Tenant health across the retail portfolio is strong. Leasing demand is solid, and our centers benefit from affluent supply-constrained trade areas with limited new competition. Less than 3% of our retail square footage expires this year, and we are actively engaged on upcoming rollover. While we are closely monitoring the consumer in an uncertain economic climate, we believe the demographics surrounding our retail assets support a resilient spending base and a steady cash flow profile.

零售投資組合的租戶健康狀況良好。租賃需求穩健，而我們的商場受惠於富裕且供給受限的商圈，新增競爭有限。今年到期的零售面積不到 3%，我們正積極處理即將到期的續租。雖然在不確定的經濟環境下我們密切關注消費者狀況，但我們相信零售資產周邊的人口結構可支撐具韌性的消費基礎與穩定的現金流特性。

In multifamily, same-store cash NOI increased 3% year-over-year, a solid result given the competitive supply landscape in San Diego and Portland. Excluding the RV Park, our multifamily portfolio ended the quarter 96% leased. In San Diego, our apartment communities ended the quarter 98% leased. And excluding our newest acquisition, Genesee Park, net effective rents in San Diego were up just over 1% compared to the prior year period.

在多戶住宅方面，同店現金 NOI 年增 3%，在聖地牙哥與波特蘭具競爭性的供給環境下仍屬穩健表現。若排除 RV Park，我們的多戶住宅投資組合季末出租率為 96%。在聖地牙哥，我們的公寓社區季末出租率為 98%。此外，若排除我們最新收購的 Genesee Park，聖地牙哥的淨有效租金（net effective rents）較去年同期上升略高於 1%。

In Portland, Hassalo on Eighth ended the quarter at 93% leased, up an additional 4% from a year ago. Net effective rents were essentially flat, which we view as a reasonable outcome in the current Portland market. The recovery remains gradual and our focus right now is on protecting occupancy while positioning for better growth as supply moderates. As we have noted, 2026 is more of a stabilization year for multifamily than a recovery year, and we are focused on optimizing pricing, maintaining occupancy and tightly managing controllable expenses.

在波特蘭，Hassalo on Eighth 於本季末出租率達 93%，較一年前再提升 4%。淨有效租金基本持平，我們認為在目前波特蘭市場環境下，這是合理的結果。復甦仍屬漸進，我們目前的重點是在保護入住率的同時，隨著供給趨緩，為更好的成長做好布局。正如我們先前所提到的，2026 年對多戶住宅而言更像是穩定的一年，而非復甦的一年；我們專注於優化定價、維持入住率，並嚴格管理可控費用。

At Waikiki Beach Walk, our retail component continued to perform well year-over-year, partially offsetting softness on the hotel side with overall mixed-use cash NOI down modestly versus the prior year period. We believe in the long-term value of this irreplaceable fee simple asset and are focused on driving performance across both the hotel and retail components.

在 Waikiki Beach Walk，我們的零售組合年對年持續表現良好，部分抵消了飯店端的疲弱，使整體複合用途的現金 NOI 較去年同期僅小幅下降。我們看好這項無可取代的永久產權（fee simple）資產的長期價值，並專注於推動飯店與零售兩個組合的營運表現。

Finally, I'm pleased to share that our Board has approved a quarterly dividend of $0.34 per share payable on June 18 to shareholders of record as of June 4. While our payout ratio remained elevated in the quarter, much of that reflects leasing-related capital tied to signed leases and our spec suite program, both of which are intended to drive occupancy and future NOI growth. We continue to have conviction in the long-term cash flow profile of the portfolio and are comfortable maintaining the current dividend at this point in time. Bob will provide more detail on the payout ratio and its expected moderation in just a moment.

最後，我很高興分享董事會已核准每股 0.34 美元的季度股利，將於 6 月 18 日支付給 6 月 4 日登記在冊的股東。雖然本季的配息率仍偏高，但其中很大一部分反映了與租賃相關、且已與已簽署租約及我們的樣品套房（spec suite）計畫綁定的資本支出；兩者皆旨在提升入住率並帶動未來 NOI 成長。我們對投資組合的長期現金流特性仍具信心，並認為在此時點維持目前股利水準是合適的。Bob 稍後將就配息率及其預期回落提供更多細節。

In closing, we are pleased with how we have begun 2026. We are converting leasing activity into future revenue, strengthening our balance sheet and executing against the plan we laid out entering 2026. Our priorities for the year are unchanged, advanced office leasing, protect the steady cash flow from our retail and multifamily platforms and remain disciplined in how we allocate capital.

總結而言，我們對 2026 年的開局感到滿意。我們正將租賃活動轉化為未來收入、強化資產負債表，並按 2026 年初所擬定的計畫持續執行。今年的優先事項維持不變：推進辦公室租賃、保護零售與多戶住宅平台的穩定現金流，並在資本配置上保持紀律。

At our core, we own irreplaceable coastal real estate. We operate through a vertically integrated platform, and we manage this business with a long-term perspective. We are in a good position, and our focus is on converting that position into earnings growth.

從根本上來看，我們持有無可取代的沿海不動產。我們透過垂直整合的平台營運，並以長期視角管理這項業務。我們目前處於良好位置，而我們的重點是將這個位置轉化為獲利成長。

With that, I will turn the call over to Bob, who will walk through the financial results in more detail.

接下來我把電話交給 Bob，他將更詳細地說明財務結果。

Thanks, Adam, and good morning, everyone. Last night, we reported first quarter 2026 FFO per share of $0.51 and net income attributable to common stockholders of $0.08 per share. FFO increased $0.04 per share compared to the fourth quarter of 2025, driven primarily by lower G&A expense. Incremental rental income at Pacific Ridge Apartments and 14 Acres as well as lower operating expenses at La Jolla Commons. As we expected, same-store cash NOI across all sectors was flat year-over-year in Q1.

謝謝你，Adam，各位早安。昨晚我們公布 2026 年第一季每股 FFO 為 0.51 美元，歸屬普通股股東的每股淨利為 0.08 美元。相較 2025 年第四季，FFO 每股增加 0.04 美元，主要受惠於較低的 G&A 費用；Pacific Ridge Apartments 與 14 Acres 的增量租金收入，以及 La Jolla Commons 較低的營運費用。如我們所預期，第一季全體類別的同店現金 NOI 年對年持平。

Breaking that down by segment as compared to Q1 2025, office same-store NOI was essentially flat, primarily due to the expiration of CLEAResult at First & Main in April of 2025. The space has been partially backfilled. Retail NOI declined 0.7%, driven by the known vacancies Adam mentioned at Gateway Marketplace and Solana Beach Towne Centre, both of which have now been addressed through executed leasing.

按部門拆解並與 2025 年第一季相比，辦公室同店 NOI 基本持平，主要因 First & Main 的 CLEAResult 於 2025 年 4 月到期；該空間已部分回填。零售 NOI 下滑 0.7%，主要受 Adam 提到的 Gateway Marketplace 與 Solana Beach Towne Centre 已知空置影響，而這兩處目前皆已透過已簽署的租賃合約完成處理。

Multifamily NOI increased 3%, driven by higher rental income and improved occupancy, particularly at Pacific Ridge and Hassalo on Eighth. Mixed-use NOI declined 2.7% as a year-over-year increase of 2% of the retail component was offset by lower ADR and higher operating expenses at Embassy Suites Waikiki, where in Q1, occupancy improved to 92% from 85%. RevPAR increased 2% to $305. ADR softened by 6% to $332 and NOI was approximately $2.4 million versus $2.6 million last year.

多戶住宅 NOI 成長 3%，主要由較高的租金收入與入住率改善帶動，尤其是 Pacific Ridge 與 Hassalo on Eighth。複合用途 NOI 下滑 2.7%；其中零售組合年對年成長 2%，但被 Embassy Suites Waikiki 較低的 ADR 與較高的營運費用所抵消。第一季該飯店入住率由 85% 提升至 92%。RevPAR 成長 2% 至 305 美元；ADR 下滑 6% 至 332 美元；NOI 約為 240 萬美元，去年同期為 260 萬美元。

Turning to liquidity and leverage. We ended the quarter with approximately $518 million of liquidity, including $118 million of cash and $400 million available on our revolving credit facility. As Adam mentioned, we closed the recast and upsized the credit facility on April 1, extending both the $500 million revolver and $100 million term loan to April 2030. Net debt-to-EBITDA was 6.9 times on a trailing 12-month basis. Our long-term target remains 5.5 times or below. Interest and fixed charge coverage were both 3.0x.

接著談流動性與槓桿。我們於季末約有 5.18 億美元的流動性，包括 1.18 億美元現金，以及循環信用額度下可動用的 4 億美元。如 Adam 所提到，我們於 4 月 1 日完成信用額度的重訂條款並擴大規模，將 5 億美元的循環額度與 1 億美元的定期貸款皆延長至 2030 年 4 月。以過去 12 個月計算，淨負債對 EBITDA 為 6.9 倍。我們的長期目標仍為 5.5 倍或以下。利息保障倍數與固定費用保障倍數皆為 3.0 倍。

Turning to the dividend. Our first quarter dividend payout ratio was approximately 111%, driven primarily by the timing of leasing-related capital expenditures, including tenant improvements, leasing commissions and our spec suite program, along with normal recurring capital needs. Importantly, a meaningful portion of this capital is tied to leases that have already been signed or spaces that we are proactively preparing to meet current tenant demand.

接著談股利。我們第一季股利配息率約為 111%，主要受租賃相關資本支出時點影響，包括承租人裝修（TI）、租賃佣金以及我們的樣品套房（spec suite）計畫，另加上正常的經常性資本需求。重要的是，其中相當一部分資本支出與已簽署的租約，或我們為符合目前承租人需求而主動準備的空間直接相關。

As those leases commence and convert to cash rent, we expect the payout ratio to moderate. For the remaining three quarters of the year, we currently expect the payout ratio to trend in the low to mid-90% range with the full year payout ratio likely landing in the upper 90% range.

隨著這些租約開始生效並轉化為現金租金，我們預期配息率將回落。就今年剩餘三個季度而言，我們目前預期配息率將落在低至中 90% 區間，而全年配息率可能落在高 90% 區間。

Since our IPO in 2011, our payout ratio has generally been approximately 65% to 85%, and we continue to view that as an appropriate long-term range for the business. In the interim, given our liquidity position, our visibility into signed lease commencements and our confidence in the long-term cash flow profile of the portfolio, management and the Board are comfortable maintaining the current dividend. As always, we will continue to evaluate the dividend each quarter in the context of operating performance, leasing progress, capital requirements and broader market conditions.

自 2011 年 IPO 以來，我們的配息率通常約為 65% 至 85%，我們仍認為這是本業務合適的長期區間。在過渡期間，考量我們的流動性狀況、對已簽署租約起租時間的能見度，以及對投資組合長期現金流特性的信心，管理團隊與董事會皆認為維持目前股利是可接受的。如同以往，我們將在每一季結合營運表現、租賃進度、資本需求與更廣泛的市場狀況，持續評估股利政策。

Turning to 2026 guidance. We are reaffirming our full year FFO guidance range of $1.96 to $2.10 per share with a midpoint of $2.03. This reflects continued stability across our diversified portfolio, supported by leasing activity, contractual rent growth and disciplined cost management. Based on our current outlook, we believe we are well positioned to achieve our full year objectives with potential to trend towards the upper end of the range if several factors align.

接著談 2026 年指引。我們重申全年每股 FFO 指引區間為 1.96 至 2.10 美元，中位數為 2.03 美元。這反映我們多元化投資組合的持續穩定，並受租賃活動、合約租金成長與具紀律的成本管理所支撐。基於目前展望，我們認為有良好條件達成全年目標；若若干因素配合，結果有機會趨近區間上緣。

Number one, retail tenants currently reserved for bad debt continue to pay their rents. Number two, office lease commencements occur ahead of expectations. Number three, multifamily outperforms expectations on occupancy and/or rent growth; and number four, tourism demand improves, supporting performance at Embassy Suites Waikiki.

第一，零售承租人目前提列為呆帳準備的部分仍持續支付租金。第二，辦公室租約起租時間早於預期。第三，多戶住宅在入住率及／或租金成長方面優於預期；第四，觀光需求改善，支撐 Embassy Suites Waikiki 的表現。

As a reminder, our guidance excludes the impact of future acquisitions, dispositions, capital markets activity or debt refinancings not yet announced. We remain committed to transparency, and we'll continue to provide clear insight into both our results and assumptions. Additionally, all non-GAAP metrics discussed today are reconciled in our earnings materials.

提醒一下，我們的指引不包含尚未公告之未來併購、處分、資本市場活動或債務再融資的影響。我們仍致力於透明揭露，並將持續就結果與假設提供清楚的說明。此外，今天討論的所有非 GAAP 指標，均已在我們的財報簡報資料中進行調節。

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

我現在把電話交回給主持人，進入問答環節。

Todd Thomas KeyBanc.

Todd Thomas，KeyBanc。

This is Sean Glass on for Todd. You previously discussed some known move-outs in the office portfolio. I think there was an expectation that there could be 300 basis points to 400 basis points of occupancy from expected vacates. Have any tenant decisions shifted or changed since year-end? And could you remind us what's embedded in guidance for the office portfolio's year-end lease rate?

我是代替 Todd 的 Sean Glass。你們先前談到辦公室投資組合中一些已知的搬離。我記得市場原本預期，因預計退租可能會帶來 300 個基點到 400 個基點的入住率影響。自年末以來，有任何承租人決策出現轉變或改變嗎？另外，能否提醒我們，指引中對辦公室投資組合年末出租率（lease rate）內含了什麼假設？

Well, as Adam said, the one new one is Genentech, which will occur in Q4 of this year. On the positive side, we have three known move-outs that are in lease documentation at City Center Bellevue specifically. So that's 28,000 feet of move-outs that are already in lease documentation. So that's the latest.

如 Adam 所說，新增的一個是 Genentech，將在今年第四季發生。正面來看，我們有三個已知搬離在 City Center Bellevue 的租約文件中，具體而言是 28,000 平方英尺的搬離已經進入租約文件流程。以上是最新情況。

And one thing of note that of the -- I'm tracking 173,000 feet right now, 17 deals, 8 of those or about 60,000 feet are relocations due to expansion. So we're expanding tenants and they're getting space back. So that's -- those are good news givebacks of tenants that have already expanded. We're just getting the -- once the TIs are done, we're getting their spaces back. So it's not all bad news.

另外值得注意的是，在我目前追蹤的 173,000 平方英尺、共 17 筆交易中，其中 8 筆、約 60,000 平方英尺是因擴張而進行的搬遷。也就是說，承租人擴張後會釋出原有空間。因此這些是好消息的回收空間：承租人已經擴張，我們只是等 TI 完工後把他們原本的空間收回來。所以不全是壞消息。

And Sean, we mentioned in the script that we're targeting mid-80% full portfolio occupancy or lease percentage by the end of the year, which is achievable if momentum continues as it is right now, but we're going to give you guys a range so we have a little bit of flexibility to figure out how it shakes out.

而且 Sean，我們在講稿中提到，我們的目標是在年底前將整體投資組合的入住率或出租率提升至約 80% 中段（mid-80%），如果目前的動能持續，這是可達成的；但我們會給各位一個區間，讓我們在實際結果如何落地時保有一些彈性。

That's great color. I wanted to ask about La Jolla specifically, some very good traction there on the leasing. Can you talk about the pipeline a little, whether any additional leases are out for signature or anything documentation? And maybe some color on where you might expect La Jolla to be at year-end?

這些補充很有幫助。我想特別問一下 La Jolla，那邊在出租方面有很不錯的進展。你能談談目前的洽談管線嗎？是否有任何額外租約已送出等待簽署或正在跑文件？另外也想請你分享一下，你預期 La Jolla 到年底大概會在什麼水位？

So it is the premier offering, it's not only UTC, but Del Mar Heights as well in terms of available spaces and I'm speaking of Tower III specifically. Right now, we're in proposals with two full floor users and two multi-floor users. And we don't have that many floors to lease. So it's a good situation. We're in space planning with every one of them. The competition is very narrow. So we expect to make one or more of those, and that would account for the remainder of the full floors.

所以它是頂級產品，不僅是在 UTC，在可出租空間的供給面上，Del Mar Heights 也是如此；我這裡特別指的是 Tower III。現在我們正與兩個整層承租戶以及兩個多樓層承租戶進行提案洽談。而我們可出租的樓層其實不多，所以這是個不錯的局面。我們正與每一方進行空間規劃。競爭對手非常有限。因此我們預期會成交其中一個或多個案子，而那將涵蓋剩餘的整層樓面。

On the spec suite program, we only have one suite left on the fourth floor. We've already pre-leased the fifth floor spec suite, and those aren't going to be completed until September of this year. So the traction is good. And the traction is with well-capitalized professional service firms like the tenants that you want in this sort of building. So we're pleased with that.

在樣品套房（spec suite）計畫方面，四樓只剩下一間套房。我們已經把五樓的樣品套房預租出去了，而那些要到今年 9 月才會完工。所以目前的進展很不錯。而且這些進展來自資本實力雄厚的專業服務公司，正是你希望在這類大樓裡看到的租戶。因此我們對此感到滿意。

Okay. If I could slip one more in on One Beach, I mean, some good traction there, too. Could you talk a little about -- you touched on the AI demand or otherwise and also where you think that might be at year-end? And maybe you could touch on the one large opportunity that didn't pencil if that changes the equation at all?

好的。如果我可以再追問 One Beach 一題，那邊看起來也有不錯的進展。你能多談談——你剛剛提到的 AI 需求或其他需求——以及你認為年底可能會到什麼水位嗎？另外也想請你談談那個沒有算得過去（didn't pencil）的大型機會案，如果情況有變，是否會改變整體判斷？

Well, for that large deal, we gave ourselves a 30-day window on which to vet it. There were some complexities to it due to the use dealing with exiting, dealing with traffic and such. And it ended up not panning out. We spent 45 days on it, but we pivoted very quickly back to the spec suite program, which is underway, and Jerry and his team will complete that construction around September, I heard talk with [Shadley] yesterday. Keep in mind, we pre-leased that third floor before we had started construction on that floor. So we expect to have similar results. I can't give you the exact timing, but we're optimistic.

嗯，關於那筆大型交易，我們給自己一個 30 天的窗口來審視它。由於使用用途牽涉到退場、交通等因素，存在一些複雜性，最後沒有成案。我們實際上花了 45 天，但隨即很快轉回樣品套房計畫，目前已在進行中；我昨天和 [Shadley] 談過，聽說 Jerry 和他的團隊會在大約 9 月完成那項施工。請記得，我們在開始三樓施工之前，就已經把三樓預租出去了。所以我們預期會有類似的結果。我無法給你確切時點，但我們是樂觀的。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗（Mizuho）。

This is Ravi Vaidya on the line for Haendel. I hope you are doing well. I wanted to ask a bit about the signed and non-occupied pipeline in both office and retail. Can you give some -- maybe some numbers as to how -- when you think leases will begin cash flowing for those two verticals? And maybe regarding detail about the timing and when over the next couple of years for both office and retail?

我是代 Haendel 上線的 Ravi Vaidya。希望你們一切都好。我想問一下辦公與零售兩個業態中，已簽約但尚未進駐（signed and non-occupied）的管線情況。你能提供一些——也許是數字——說明你們認為這兩個業態的租約何時會開始產生現金流嗎？另外也想請你更細一點談談未來幾年內，辦公與零售各自的時程與節奏？

Yes. So Ravi, it's Adam. Yes, as I mentioned in my script, we have about 0.25 million square feet on the office portfolio signed not commenced. And I think about $0.07 is reflected in 2026 guidance, but about 100,000 square feet in that signed but not commenced won't hit meaningfully until next year. So you're looking at about $0.07 per share or so, call it, $5-plus million that will hit this year. I don't have the retail numbers in front of me. I don't think there's much on that front, though.

好的。Ravi，我是 Adam。是的，如我在講稿中提到的，我們在辦公投資組合中約有 25 萬平方英尺已簽約但尚未起租（signed not commenced）。我認為 2026 年指引中反映了約 0.07 美元，但在這些已簽未起租中，約 10 萬平方英尺要到明年才會有較明顯的貢獻。所以你今年大概會看到每股約 0.07 美元左右，換算大概是 500 萬美元以上會在今年入帳。零售的數字我手邊沒有；不過我認為那一塊應該沒有太多。

Got it. That's super helpful. I wanted to ask about the hotel in Hawaii. I noticed the occupancy came up quite a bit as you discussed in your script, but it was mostly offset by rate. What can we see regarding demand for tourism, foot traffic and how that asset is positioned from both seeing demand from Japanese and American tourists right now?

了解。這非常有幫助。我想問一下夏威夷的飯店。我注意到你在講稿中提到入住率提升了不少，但大多被房價所抵銷。就旅遊需求、人流，以及該資產目前在日本與美國旅客需求面上的定位而言，我們可以看到什麼趨勢？

Yes, Ravi, this is Bob here. It's still slow right now. But what's interesting in terms of the rates, we still outperform our competitive set, which consists of just under 10 hotels, including Beach Walk properties. I mean, for example, we -- our occupancy was 91%, but our comp was 79%. Our ADR was $300 plus, and there was another $300.

好的，Ravi，我是 Bob。現在仍然偏慢。不過就房價來看，有趣的是我們仍然優於同業競品組合，該組合包含不到 10 家飯店，也包括 Beach Walk 的物業。舉例來說，我們的入住率是 91%，但競品是 79%。我們的 ADR（平均每日房價）是 300 美元以上，而另外一個也是 300 美元。

RevPAR were $300 plus and our comp set significantly under $300. So it's -- everybody is feeling the impact from the statistics that I'm seeing is that we're the number one hotel in Waikiki. Two things happened during March. One is that, I don't know if you heard about it, but there was a Kona -- from the Kona Island got over to Waikiki and there was two huge rainstorms.

RevPAR（每間可供出租客房收益）是 300 美元以上，而我們的競品組合則明顯低於 300 美元。所以——從我看到的數據來看，大家都感受到影響，但我們是威基基（Waikiki）排名第一的飯店。3 月發生了兩件事。第一件是，我不知道你是否有聽說，有一個 Kona——從科納島（Kona Island）影響到威基基，並且出現了兩場很大的暴雨。

It was two Kona rainstorms, one on March 16, another one on March 24. significant flooding, dumping over to get this, over 2 trillion gallons of rain or two years of rain in two storms overall. So everybody in town felt that impact on that. Secondly is that the Japanese yen, we're still following the more wealthy clientele from Japan continue to come. But if you notice, Japan yen has got up to the JPY160 range.

是兩場 Kona 暴雨，一場在 3 月 16 日，另一場在 3 月 24 日。造成嚴重淹水，總降雨量你聽聽看——超過 2 兆加侖，相當於兩年的雨量在兩場暴雨中下完。所以城裡每個人都受到影響。第二件事是日圓；我們仍看到來自日本較富裕的客群持續前來。但如果你注意到，日圓已經到 JPY160 的區間。

I think it dipped to JPY159. So it continues to stay up there, and they have to work through that issue. So there's a lot of little things that are impacting that. Also, you have operating expenses going up. But all in all, it's the number one performing Embassy Suites in the world. It continues to be.

我想它一度回落到 JPY159。所以它仍維持在那個高位，他們必須消化這個問題。還有很多小因素在影響。此外，營運費用也在上升。但總體而言，它是全球表現第一的 Embassy Suites，並且持續如此。

Ravi, just to layer on that. As you know, Waikiki is very sensitive to tourism, especially international demand. And as Bob was mentioning, the Japanese aren't there as much as they used to be. It used to be closer to 40% of tourism in Waikiki, now it's about 20%. So it's slow incremental progress. Recovery has been slower than anticipated and the affordability pressures are really weighing on the results. So still, it remains a high barrier to entry, globally relevant market, and we view the asset well positioned for the long term.

Ravi，我再補充一下。如你所知，威基基對旅遊非常敏感，尤其是國際需求。正如 Bob 提到的，日本旅客不像以前那麼多。過去日本旅客占威基基旅遊人次更接近 40%，現在大約是 20%。所以是緩慢的增量進展。復甦比預期更慢，而可負擔性壓力確實拖累了結果。即便如此，這仍是一個進入門檻很高、具全球相關性的市場，我們認為該資產在長期上具備良好定位。

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

我們的問答環節到此結束。我想把電話會議交回給 Adam Wyll 作結語。

Yes. Thanks, everybody, for calling and joining us today or listening on record later. We appreciate your interest, and we'll be transparent as possible going forward. Take care.

好的。謝謝各位今天來電參與，或稍後收聽錄音。我們感謝各位的關注，未來也會盡可能保持透明。保重。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。