波士頓物產 (BXP) 2023 Q3 法說會逐字稿

Good morning, and welcome to Q3 2023 BXP Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，歡迎參加 2023 年第三季 BXP 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, to Helen Han, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言者，投資者關係副總裁 Helen Han。請繼續。

Good morning, and welcome to BXP's Third Quarter 2023 Earnings Conference Call. The press release and supplemental package were distributed last night and furnished on Form 8-K.

早安，歡迎參加 BXP 2023 年第三季財報電話會議。新聞稿和補充資料已於昨晚分發，並以 8-K 表格形式提供。

In the supplemental package, BXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investors section of our website at investors.bxp.com. A webcast of this call will be available for 12 months.

在補充包中，BXP 已根據 Reg G 將所有非 GAAP 財務指標與最直接可比的 GAAP 指標進行了核對。如果您沒有收到副本，可以在我們網站的投資者部分找到這些文件：investors.bxp . com。本次電話會議的網路直播將持續 12 個月。

At this time, we would like to inform you that certain statements made during this conference call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Although BXP believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

目前，我們想通知您，本次電話會議期間所做的某些非歷史性陳述可能構成《私人證券訴訟改革法》含義內的前瞻性陳述。儘管 BXP 認為任何前瞻性陳述中反映的預期都是基於合理的假設，但它不能保證其預期將會實現。

Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements were detailed in yesterday's press release, and from time to time, in BXP's filings with the SEC. BXP does not undertake a duty to update any forward-looking statements.

昨天的新聞稿以及 BXP 不時向 SEC 提交的文件中詳細介紹了可能導致實際結果與前瞻性陳述明示或暗示的結果存在重大差異的因素和風險。 BXP 不承擔更新任何前瞻性聲明的義務。

I'd like to welcome, Owen Thomas, Chairman and Chief Executive Officer; Doug Linde, President; and Mike LaBelle, Chief Financial Officer. During the Q&A portion of our call, Ray Ritchey, Senior Executive Vice President, and our regional management teams will be available to address any questions. We ask that those of you participating in the Q&A portion of the call to please limit yourself to only one question. If you have an additional query or follow-up, please feel free to rejoin the que.

我謹歡迎董事長兼執行長歐文‧托馬斯 (Owen Thomas)；道格‧林德，總裁；和財務長 Mike LaBelle。在電話問答部分，高級執行副總裁 Ray Ritchey 和我們的區域管理團隊將隨時解答任何問題。我們要求參與電話問答部分的人員僅限於回答一個問題。如果您還有其他疑問或後續事宜，請隨時重新加入提問。

I would now like to turn the call over to Owen Thomas for his formal remarks.

我現在想將電話轉給歐文·托馬斯，請他發表正式演講。

Thank you, Helen, and good morning, everyone. Today, I'll cover BXP's operating outperformance in the third quarter, key economic and market trends impacting our company, and BXP's capital allocation activities for the quarter.

謝謝海倫，大家早安。今天，我將介紹 BXP 第三季的營運表現、影響我們公司的主要經濟和市場趨勢，以及 BXP 本季的資本配置活動。

BXP continued to perform in the third quarter despite escalating negative market sentiment for the commercial real estate sector. Our FFO per share was once again above both market consensus and the midpoint of our own forecast. We completed over 1 million square feet of leasing in the third quarter with a weighted average lease term of over 8 years, and increased portfolio occupancy despite a weaker operating environment for most of our clients. We completed multiple company and asset-specific financings, both elevating our liquidity position and demonstrating BXP's sustained access to the capital markets.

儘管商業房地產行業的負面市場情緒不斷升級，但 BXP 在第三季度繼續表現出色。我們的每股 FFO 再次高於市場共識和我們自己預測的中點。第三季度，我們完成了超過 100 萬平方英尺的租賃，加權平均租賃期限超過 8 年，儘管大多數客戶的經營環境較為疲軟，但投資組合入住率仍有所增加。我們完成了多項公司和特定資產融資，既提高了我們的流動性狀況，也展示了 BXP 持續進入資本市場的能力。

Moving to the economy. Notwithstanding the Federal Reserve having increased the discount rate, 5.25 percentage points and the 10-year U.S. treasury having risen nearly 3%, all since March of 2022, the U.S. economy's headline statistics remain remarkably strong, with GDP growth at 4.9% in the third quarter, 336,000 jobs created in September and the unemployment rate steady at 3.8%. This rosy economic picture is misleading, as it does not accurately reflect the market tone and operating environment for many of our clients.

轉向經濟。儘管聯準會自 2022 年 3 月以來已將貼現率提高了 5.25 個百分點，並且 10 年期美國國債上漲了近 3%，但美國經濟的整體統計數據仍然非常強勁，第三季度 GDP 增長了 4.9%。第一季度，9 月創造了336,000 個就業崗位，失業率穩定在3.8%。這種樂觀的經濟前景具有誤導性，因為它不能準確反映我們許多客戶的市場基調和經營環境。

Assuming forecasts for negative earnings growth in the third quarter are accurate, S&P 500 annual earnings growth has been negative for the last 4 quarters. Much of the recent strength in GDP has been consumption related, and job creation has been in the leisure and hospitality, health care, education and government sectors, not in the office using sectors such as information and financial services.

假設對第三季獲利負成長的預測準確，那麼標準普爾 500 指數過去 4 個季度的年度獲利成長一直為負。最近國內生產總值的強勁增長很大程度上與消費有關，創造的就業機會集中在休閒和酒店、醫療保健、教育和政府部門，而不是資訊和金融服務等辦公室部門。

Our clients are corporations that actively manage their head count and operating expenses in times of weak or negative earnings growth. And as a result, they are more cautious in making new space commitments. Though remote work is obviously not helping space demand, we believe economic conditions are the primary driver of our slower leasing activity in 2023, and leasing will rebound, when earnings growth returns.

我們的客戶是在獲利成長疲軟或負成長時積極管理員工數量和營運費用的公司。因此，他們在做出新的太空承諾時更加謹慎。儘管遠距工作顯然無助於空間需求，但我們認為經濟狀況是 2023 年租賃活動放緩的主要驅動因素，而當獲利成長恢復時，租賃將會反彈。

We continue to be encouraged with the return to office trajectory we are experiencing in our buildings, as well as the rhetoric and actions of many of our clients with respect to their in-person work policy. We believe the broadly reported turnstile data from Kastle Systems, indicating buildings are generally 50% occupied versus pre-pandemic levels over the course of a whole week, is a measure of aggregate human activity important to cities, but is not an accurate measure of premier workplace space utilization. We collect turnstile data for approximately half of our 54 million square foot portfolio.

我們在大樓內經歷的重返辦公室軌跡，以及許多客戶關於其面對面工作政策的言論和行動，繼續令我們感到鼓舞。我們認為，Kastle Systems 廣泛報導的旋轉柵門數據表明，與大流行前水平相比，在一周內建築物的佔用率通常為50%，這是對城市重要的總體人類活動的衡量標準，但並無法準確衡量首要情況工作場所空間使用率。我們收集 5,400 萬平方英尺投資組合中大約一半的十字轉門資料。

And as of mid-October, for Tuesday through Thursday, our New York City buildings experienced 95% of the turnstile activity achieved before the pandemic. Those figures for Boston and San Francisco were 74% and 45%, respectively, and the space utilization data in all our markets continues to improve. Workers in premier workplaces are returning to their offices in greater numbers, and it is difficult for users to reduce space if all employees are expected in the office on specific days of the week.

截至 10 月中旬，從週二到週四，我們紐約市的建築的十字轉門活動量達到了疫情爆發前的 95%。波士頓和舊金山的數字分別為 74% 和 45%，而且我們所有市場的空間利用率數據都在持續改善。優質工作場所的員工越來越多地返回辦公室，如果所有員工都在一周的特定日期都在辦公室，用戶就很難減少空間。

Lastly and importantly, all office buildings are not the same. We share in our IR materials every quarter, CBRE's report on the performance of the premier workplace segment of the overall office market. In the 5 CBDs where BXP operates, premier workplaces represent approximately 18% of the total space and 10% of the total buildings.

最後也是重要的是，所有辦公大樓都不一樣。我們每季都會分享 IR 資料、世邦魏理仕關於整個辦公市場主要工作場所部分的績效報告。在 BXP 營運的 5 個 CBD 中，優質工作場所約佔總空間的 18% 和總建築的 10%。

At the end of the third quarter, direct vacancy for premier workplaces was 12.4% versus 17% for the balance of the market. Also for the third quarter, net absorption for the premier segment was a positive 0.5 million square feet, versus a negative 600,000 square feet for the balance of the market.

截至第三季末，優質工作場所的直接空缺率為 12.4%，而市場其他地區的直接空缺率為 17%。同樣在第三季度，高端市場的淨吸收量為正 50 萬平方英尺，而其他市場的淨吸收量為負 60 萬平方英尺。

For the last 11 quarters, net absorption for the premier segment was a positive 8.1 million square feet versus a negative 30.8 million square feet for the balance of the market, and asking rents are 44% higher for the premier workplace segment. Including 2 buildings undergoing renovation, 94% of BXP's CBD space is in buildings rated by CBRE as premier workplaces, which has been important in driving the increasing office attendance statistics in our buildings, and is a critical differentiator for BXP in the leasing marketplace.

在過去11 個季度中，頂級細分市場的淨吸收量為正810 萬平方英尺，而市場其餘部分的淨吸收量為負3080 萬平方英尺，並且頂級工作場所細分市場的租金要價高出44 %。包括兩棟正在翻修的建築在內，BXP 94% 的CBD 空間位於被CBRE 評為最佳工作場所的建築內，這對於推動我們建築中辦公室出勤率統計數據的增長非常重要，也是BXP 在租賃市場上的一個關鍵差異化因素。

Now moving to private real estate capital markets, U.S. transaction volume for office assets in the third quarter was muted, dropping 48% from the second quarter to $4.4 billion, the lowest quarterly level of office transaction activity, since the first quarter of 2010.

現在轉向私人房地產資本市場，第三季美國辦公室資產交易量低迷，較第二季下降 48%，至 44 億美元，這是自 2010 年第一季以來辦公交易活動的最低季度水準。

Investors in the sector face material uncertainties in both office demand due to factors previously mentioned, as well as the cost and availability of debt financing. The 10-year U.S. treasury has been and is rising and approaching 5%, and consensus market sentiment currently believes rates will be higher for longer given pernicious inflation.

由於前面提到的因素，該行業的投資者在辦公需求以及債務融資的成本和可用性方面都面臨著重大不確定性。 10年期美國公債已經上漲並正在上漲並接近5%，目前市場普遍認為，鑑於惡性通膨，利率將在更長時間內保持在較高水準。

Most U.S. lenders are trying to reduce their exposure to commercial real estate loans and have limited available lending capacity for repayments. No sales in BXP's core markets were completed in the third quarter of significant assets that would be considered premier workplace.

大多數美國銀行都在努力減少商業房地產貸款的風險，並且可用的還款貸款能力有限。第三季度，BXP 核心市場未完成任何被視為首要工作場所的重要資產的銷售。

In Boston, there were 3 completed office transactions, all under $100 million of reasonably well-leased assets that sold for $290 to $690 a square foot and 6.7% to 7.5% cap rates.

在波士頓，已完成 3 筆辦公大樓交易，全部低於 1 億美元，且租賃資產合理，售價為每平方英尺 290 至 690 美元，上限利率為 6.7% 至 7.5%。

In Santa Monica, the Pen Factory, a fully leased 220,000 square foot redeveloped creative office complex, sold for $178 million, representing pricing of over $800 a foot and an 8.4% cap rate. The existing leases in the asset have turned, but are significantly above market and seller financing was provided.

在聖莫尼卡，Pen Factory 是一座完全出租的 220,000 平方英尺的重新開發的創意辦公綜合體，以 1.78 億美元的價格售出，相當於每英尺超過 800 美元的價格和 8.4% 的上限利率。該資產的現有租賃已發生變化，但明顯高於市場水平，並且提供了賣方融資。

In New York City, a user is under agreement to purchase the 400,000 square foot vacant Neiman Marcus store at 20 Hudson Yards, for $550 million or $1,375 a square foot.

在紐約市，一名用戶同意以 5.5 億美元（即每平方英尺 1,375 美元）購買位於哈德遜廣場 20 號的 40 萬平方英尺空置 Neiman Marcus 商店。

In the financial district of San Francisco, there are 4 sales, either completed or pending for buildings that are or nearly vacant. Each sale is for under $65 million and pricing ranges from $120 to $320 a square foot. These deals reflect many of the characteristics prevalent in today's non-premier office sales market. Entrepreneurial, in many cases, family office buyers attracted by the low per square foot values relative to historical levels, small transaction sizes requiring less capital and likely not involving debt financing, and renovation plans designed to take advantage of future leasing market recovery.

在舊金山金融區，有 4 處待售建築已完成或待售，這些建築是空置或接近空置的。每筆售價低於 6,500 萬美元，定價範圍為每平方英尺 120 至 320 美元。這些交易反映了當今非優質辦公室銷售市場的許多普遍特徵。在許多情況下，創業家族辦公室買家被每平方英尺相對於歷史水平的較低價值、需要較少資本且可能不涉及債務融資的小交易規模以及旨在利用未來租賃市場復甦的改造計劃所吸引。

Moving to BXP's capital market activity for the third quarter, we completed a restructuring of our investment in Metropolitan Square, a recently renovated 657,000 square foot office building located in Washington, D.C. BXP owned a 20% interest in and provided leasing and management services for the asset, which was encumbered by senior loan of $305 million and a mezzanine loan of $115 million. The existing mezzanine lender now owns 100% interest in the property, with BXP continuing to provide management and leasing services.

轉向BXP 第三季度的資本市場活動，我們完成了對大都會廣場投資的重組，大都會廣場是一棟位於華盛頓特區的新近裝修的657,000 平方英尺辦公大樓。BXP 擁有20% 的權益，並為其提供租賃和管理服務。資產，其中包括 3.05 億美元的高級貸款和 1.15 億美元的夾層貸款。現有的夾層貸款人目前擁有該物業 100% 的權益，BXP 繼續提供管理和租賃服務。

Further, a new undrawn $100 million mezzanine loan has been structured to fund future leasing, operating and other expenses of the property on an as-needed basis. BXP has a 20% interest in the new mezzanine loan, which is subordinate only to the $305 million senior loan and will receive interest at a 12% annual return. BXP will continue to earn leasing and property management fees as well as an attractive return with potential incentive fees for providing additional capital to stabilize the asset. We also experienced a $36 million gain as a result of the transaction.

此外，新的未提取的 1 億美元夾層貸款已被設計用於根據需要為該物業的未來租賃、營運和其他費用提供資金。 BXP 擁有新夾層貸款 20% 的權益，該貸款僅從屬於 3.05 億美元的高級貸款，並將以 12% 的年回報率獲得利息。 BXP 將繼續賺取租賃和物業管理費以及有吸引力的回報，並提供額外資本以穩定資產的潛在激勵費用。透過此次交易，我們還獲得了 3,600 萬美元的收益。

In the coming quarters, given the negative sentiment toward the office industry, which spills over into the much better performing premier workplace segment, we believe BXP will be presented with unique opportunities to expand its portfolio on an attractive basis. Our balance sheet remains strong, and we have maintained access to capital primarily through the unsecured debt markets available to a few public and private competitors. Our portfolio is outperforming peers due to its attractiveness in the market, when competing for clients, the hallmark of a premier workplace portfolio.

在未來幾個季度，鑑於辦公產業的負面情緒會蔓延到表現較好的首要工作場所領域，我們相信 BXP 將獲得獨特的機會，在有吸引力的基礎上擴大其投資組合。我們的資產負債表仍然強勁，我們主要透過少數公共和私人競爭對手可用的無擔保債務市場來維持獲得資本的管道。我們的產品組合因其在市場上的吸引力而優於同行，在爭奪客戶時，這是一流工作場所產品組合的標誌。

In anticipation of the current market distress in our sectors, we have been positioning BXP to play offense for the past year by raising $4.1 billion in gross funding and currently holding $2.7 billion in liquidity. In search of opportunities, we're maintaining continuous dialogue with lenders that are foreclosing on or restructuring assets, as well as owners seeking to reduce their office exposure. Our focus will remain in our core markets on premier workplace assets, life science and residential development.

考慮到我們行業目前的市場困境，我們在過去一年中一直讓 BXP 積極進攻，籌集了 41 億美元的資金總額，目前持有 27 億美元的流動性。為了尋找機會，我們正在與取消抵押品贖回權或重組資產的貸方以及尋求減少辦公室風險的業主保持持續對話。我們的重點仍將放在我們的核心市場，即優質工作場所資產、生命科學和住宅開發。

During the last major downturn caused by the global financial crisis, BXP was able to acquire the General Motors Building, 200 Clarendon Street, 100 Federal Street and 510 Madison, all at attractive prices at the time. On dispositions, we continue to pursue additional capital raising through joint ventures with select pre-leased developments and to consider incremental asset sales. Our development portfolio continues to create FFO growth for BXP.

在上一次全球金融危機造成的嚴重衰退期間，BXP 能夠以當時極具吸引力的價格收購通用汽車大廈、克拉倫登街 200 號、聯邦街 100 號和麥迪遜 510 號。在處置方面，我們繼續透過與精選預租開發案的合資企業尋求額外融資，並考慮增量資產銷售。我們的開發組合繼續為 BXP 創造 FFO 成長。

This quarter, we placed fully into service 104,000 square foot renovated and fully leased building at 140 Kendrick Street in Needham, Mass. This redevelopment completed for a client with stringent sustainability objectives was delivered with net zero carbon performance and generating an 18% first year yield on incremental capital invested. We also delivered into service 751 Gateway as part of our Gateway Life Science Park, which is a 231,000 square foot lab building that is fully leased. BXP owns a 49% interest in the asset, which was delivered at a 6.7% first year return on cost.

本季度，我們將位於馬薩諸塞州尼德姆肯德里克街140 號的104,000 平方英尺翻新和完全租賃的建築全面投入使用。這項為具有嚴格可持續發展目標的客戶完成的重建項目實現了淨零碳性能，並產生了18% 的第一年收益率關於增量資本投資。我們也將 751 Gateway 投入使用，作為 Gateway 生命科學園區的一部分，該園區是一座 231,000 平方英尺的實驗室大樓，已完全出租。 BXP 擁有該資產 49% 的權益，第一年成本回報率為 6.7%。

BXP continues to execute a significant development pipeline with 11 office lab, retail and residential projects underway. These projects aggregate approximately 2.8 million square feet and $2.4 billion of BXP investment, with $1.4 billion remaining to be funded, and are projected to generate attractive yields in the aggregate upon delivery.

BXP 繼續執行重要的開發項目，有 11 個辦公實驗室、零售和住宅項目正在進行中。這些項目總計約 280 萬平方英尺，BXP 投資為 24 億美元，仍有 14 億美元待資助，預計交付後將產生有吸引力的整體收益。

So in summary, despite strong negative market sentiment, BXP had another productive quarter with financial performance and leasing above expectations and a stable dividend. BXP is well positioned to weather the current economic slowdown given our leadership position in the premier workplace market segment, our strong and liquid balance sheet with access to multiple capital sources, our significant development pipeline providing growth, and our potential to gain market share in both assets and clients due to the current market dislocation. Over to Doug.

總而言之，儘管市場情緒強烈，但 BXP 仍經歷了另一個富有成效的季度，財務業績和租賃高於預期，股息穩定。鑑於我們在主要工作場所市場領域的領導地位、我們強大且流動性強的資產負債表以及可獲取多種資本來源的能力、我們提供增長的重要開發管道以及我們在這兩個領域獲得市場份額的潛力，BXP 已做好應對當前經濟放緩的準備。由於當前市場混亂，資產和客戶受到影響。交給道格。

Thanks, Owen. Good morning, everybody.

謝謝，歐文。大家早安。

Client demand across our portfolio has remained pretty stable over the last quarter. But final leasing decisions are taking longer, not -- pretty consistent with Owen's talking about -- relative to challenges with regards to the profitability of corporations. Our buildings continue to see the most activity from financial services, professional services, law firms, administrative services and asset management.

上個季度我們投資組合的客戶需求保持相當穩定。但最終的租賃決定需要更長的時間，這與歐文所說的非常一致，相對於企業獲利能力方面的挑戰。我們的建築繼續見證金融服務、專業服務、律師事務所、行政服務​​和資產管理的大部分活動。

Traditional technology demand continues to be absent from our markets and more times than not, renewing technology clients are reducing their lease premises. This is most prevalent in our West Coast properties, Pretty much the same picture that I pointed -- painted last quarter.

我們的市場仍然缺乏傳統技術的需求，更新技術的客戶經常減少他們的租賃場地。這在我們西海岸的房產中最為普遍，與我上個季度所畫的情況幾乎相同。

Growth from the AI organizations in the city of San Francisco is real. More than 700,000 square feet of leasing has occurred in the past few weeks, and there have been billions of dollars of recent investment into this growing ecosystem. For now, that leasing is focused on large, well-built opportunities that are available at significant discounted terms relative to the rents being achieved in premier buildings. Reducing availability is a positive for the broader San Francisco market, but it's not going to impact leasing at Embarcadero Center in 2024.

舊金山市人工智慧組織的成長是真實的。過去幾週發生了超過 70 萬平方英尺的租賃，並且最近有數十億美元的投資進入這個不斷發展的生態系統。目前，這種租賃主要集中在大型、精心建造的機會上，這些機會相對於優質建築的租金來說可以享受大幅折扣。減少可用性對於更廣泛的舊金山市場來說是積極的，但這不會影響 2024 年內河碼頭中心的租賃。

The concentration of strongest user demand, often with growth for our assets, is still broadly speaking, alternative asset managers, private equity, venture hedge funds, specialized fund managers. These companies are growing their teams and capital under management. This pool of clients typically wants to occupy premier workplaces.

一般來說，最強勁的用戶需求（通常隨著我們的資產的成長）仍然集中在另類資產管理公司、私募股權、風險對沖基金、專業基金管理公司。這些公司正在擴大其團隊和管理資本。這群客戶通常希望佔據一流的工作場所。

To illustrate the point, during the third quarter, we completed a 15,000 square foot expansion for a hedge fund in Manhattan. A 52,000 square foot multi-floor lease with a private equity firm growing in our portfolio in Manhattan, a 70,000 square foot asset manager growing in our portfolio in Manhattan, and an expansion for a 21,000 square foot private equity firm in D.C.

為了說明這一點，第三季度，我們為曼哈頓的一家對沖基金完成了 15,000 平方英尺的擴建。我們在曼哈頓的投資組合中增加了一家私募股權公司的52,000 平方英尺的多層租賃合同，在曼哈頓的投資組合中增加了一家70,000 平方英尺的資產管理公司，以及在華盛頓特區為一家21,000 平方英尺的私募股權公司進行了擴建。

Our strongest activity remains in our Midtown Manhattan portfolio, 200 Clarendon and the Prudential Center in Boston, the Urban Core of Reston Town Center in Northern Virginia, and our Embarcadero Center assets in San Francisco. We don't have direct availability at Salesforce Tower, but we hear through the market that Salesforce has interest in their 150,000 square foot sublet opportunity.

我們最強的活動仍然是曼哈頓中城投資組合、波士頓的 200 Clarendon 和保德信中心、弗吉尼亞州北部雷斯頓市中心的城市核心以及舊金山的 Embarcadero 中心資產。我們在 Salesforce Tower 沒有直接的可用空間，但我們從市場上聽說 Salesforce 對他們的 150,000 平方英尺的轉租機會感興趣。

Law firms are also an active portion of our portfolio and important clients for BXP. We are in active lease negotiations or LOI discussions with 7 distinct law firms in Manhattan, D.C. and San Francisco. Owen highlighted that just over 1 million square foot of signed leases during the third quarter. Last October, we provided the leasing expectations embedded in our '23 guidance, between 500 million to 1 million square feet per quarter, aka, 750,000 square feet on average or 3 million for 2023.

律師事務所也是我們投資組合的活躍組成部分，也是 BXP 的重要客戶。我們正在與曼哈頓特區和舊金山的 7 家不同的律師事務所進行積極的租賃談判或意向書討論。歐文強調，第三季簽署的租約略高於 100 萬平方英尺。去年 10 月，我們提供了 23 年指引中的租賃預期，每季 5 億至 100 萬平方英尺，即平均 75 萬平方英尺或 2023 年 300 萬平方英尺。

Through the first half of the year, we were at 1.56 million. So to date, we're at 2.7 million square feet. We currently have an additional 1.2 million square feet of transactions in active lease documentation. I would say we have a high confidence that we will be beating our leasing target embedded in our 2023 guidance of 3 million square feet.

今年上半年，我們的人數為 156 萬人。到目前為止，我們的面積為 270 萬平方英尺。目前，我們在有效租賃文件中還有另外 120 萬平方英尺的交易。我想說，我們對實現 2023 年指導中的 300 萬平方英尺的租賃目標充滿信心。

This quarter, the executed leases included 52 transactions, 32 renewals, 20 new tenants. There were 5 contractions and 5 expansions among our existing clients, with a net reduction in that pool of about 33,000 square feet. There were no particular patterns relative to industry or size, given who was expanding and contracting. Breaking the volume down by market, we did about 439,000 in Boston. 240,000 square feet in New York, 100,000 square feet in D.C. and 278,000 square feet in the West Coast markets.

本季度，已執行的租約包括 52 筆交易、32 筆續約、20 名新租戶。我們的現有客戶有 5 次收縮和 5 次擴張，淨減少面積約為 33,000 平方英尺。考慮到誰在擴張和收縮，沒有與行業或規模相關的特定模式。按市場細分，我們在波士頓的銷量約為 439,000 輛。紐約 240,000 平方英尺，華盛頓特區 100,000 平方英尺，西海岸市場 278,000 平方英尺。

The mark-to-market of the leases that commenced this quarter was down 3% as reported in our supplemental. The mark-to-market of the leases executed this quarter was positive 4%. The starting cash rents on leases we signed this quarter on second-generation space, were up 16% in Boston, about 1% in New York and then down 13% in D.C., 9% in San Francisco, 14% in L.A. and 6% in Seattle.

根據我們的補充報告，本季開始的租賃以市價計算下降了 3%。本季執行的租賃以市價計算為正 4%。本季我們簽署的第二代空間租約的起始現金租金在波士頓上漲了16%，紐約上漲了約1%，然後華盛頓特區下降了13%，舊金山下降了9%，洛杉磯下降了14%，洛杉磯下降了6%。在西雅圖。

We ended the third quarter with an in-service occupancy of 88.8%, compared to 88.3% last quarter. As Owen said, during the third quarter, 140 Kendrick Street and 751 Gateway were added to the portfolio, and Met Square was taken out. If you remove Met Square from the second quarter, the comparative period occupancy went from 88.7% to 88.8%. So again, modest relevant increase.

截至第三季末，我們的服務入住率為 88.8%，而上季為 88.3%。正如歐文所說，第三季度，140 Kendrick Street 和 751 Gateway 被添加到投資組合中，而 Met Square 被剔除。如果除去第二季的大都會廣場，同期入住率從 88.7% 升至 88.8%。同樣，適度的相關增長。

I would also note that we terminated WeWork, on 44,000 square feet in the third quarter. We expect to have additional portfolio vacancy stemming from WeWork defaults as we move through the fourth quarter and into 2024. Just to remind everyone, WeWork leases 493,000 square feet as of 10/1/23. The BXP share of 2023 annualized revenue is $33 million. We don't expect WeWork to exit all the assets, nor do we expect them to remain in place in their current footprint. This will be a drag on '24 occupancy and same-store contribution.

我還要指出的是，我們在第三季終止了 44,000 平方英尺的 WeWork。我們預計，隨著第四季度和 2024 年的到來，WeWork 違約將導致更多的投資組合空缺。提醒大家，截至 23 年 10 月 1 日，WeWork 租賃面積為 493,000 平方英尺。 BXP 在 2023 年年化收入中所佔份額為 3,300 萬美元。我們預期 WeWork 不會退出所有資產，也不預期它們會保留在現有資產範圍內。這將拖累 24 年的入住率和同店貢獻。

The development portfolio now sits at 2.8 million square feet and it's 52% leased. We've recently signed a 70,000 square foot office lease with an asset manager at 360 Park Avenue South, bringing -- its 18% leased and another floor at 651 Gateway that is now 21% leased. Two 100% leased assets totaling 335,000 square feet were removed and put into service, which accounts for the change in our total leased in the supplemental.

目前，該開發案面積為 280 萬平方英尺，其中 52% 已出租。我們最近與一家資產管理公司簽署了位於公園大道南 360 號的 70,000 平方英尺的辦公室租賃合同，其中 18% 已出租，而 651 Gateway 的另一層目前已出租 21%。兩棟總面積為 335,000 平方英尺的 100% 租賃資產被拆除並投入使用，這說明了我們在補充中租賃總額的變化。

At the end of the quarter, we had signed leases that have yet to commence on our in-service vacancy, totaling approximately 750,000 square feet, with about 425,000 square feet anticipated to commence in the fourth quarter of '23. For the remainder of '23, we have about 925,000 square feet of expirations. Much of this is uncovered, so we expect a drop of a few basis points of occupancy at year-end.

截至本季末，我們已就在職空缺簽署了尚未開始的租約，總面積約為 750,000 平方英尺，其中約 425,000 平方英尺預計將於 2023 年第四季開始。在 23 年剩餘時間內，我們還有大約 925,000 平方英尺的到期面積。其中大部分尚未發現，因此我們預計年底入住率會下降幾個基點。

In '24, we have a very manageable 5.7% of our total portfolio expiration or 2.7 million square feet. We believe our occupancy will be stable in '24, defined as up or down 1% quarter-to-quarter, where we end the -- as relative to where we're going to end the year in 2023. We will provide a leasing volume outlook for '24 along with guidance next quarter. From a broad market perspective, the office supply picture didn't really improve much in the third quarter with almost every market continuing to experience net negative absorption, Manhattan being the one place, where there was some positive.

24 年，我們的總投資組合的 5.7% 或 270 萬平方英尺到期，這是非常容易管理的。我們相信，我們的入住率將在 2023 年結束時保持穩定，定義為季度環比上升或下降 1%，相對於我們將在 2023 年年底結束的情況。我們將提供租賃24 年銷量展望以及下季度指導。從廣泛的市場角度來看，第三季辦公大樓供應情況並沒有真正改善太多，幾乎每個市場都繼續經歷淨負吸收，曼哈頓是唯一一個出現了一些積極吸收的地方。

The city-specific office brokerage reports are starting to characterize their markets in ways that acknowledge the bifurcation between the have and the have-nots, and the distinctive trends for premier assets, though they are not publishing their data broadly. The availability in the premier buildings that Owen described is depicting a more constructive picture and BXP relevant view of office supply.

針對特定城市的辦公室經紀報告開始以承認富人和窮人之間的分歧以及優質資產的獨特趨勢的方式來描述其市場，儘管他們沒有廣泛發布數據。歐文所描述的優質建築的可用性描繪了一幅更具建設性的圖景和 BXP 相關的辦公室供應視圖。

What's clear is that new speculative construction, which presumably would be Premier is non-existent in the marketplace today. Any new construction starts are going to require economic rents, rent and concessions that are vastly different from the current transactions. The major inputs to a new building are construction hard costs, capital costs and leasing velocity.

很明顯的是，今天的市場上不存在新的投機建築（可能是 Premier）。任何新建築的開工都將需要與當前交易截然不同的經濟租金、租金和優惠。新建築的主要投入是建築硬成本、資本成本和租賃速度。

Construction costs saw dramatic increases over the past 5 years with annual increases in the high single digits. We've seen the rate of increases slowing down, but we have not seen any reduction of costs. Construction financing could be found at SOFR plus 200, when SOFR was 25 to 50 basis points. Today, construction financing for office space is simply not available from traditional lenders. SOFR is at 5.25%, and nontraditional lenders might, and I use the word might, lend at double-digit current interest rates with additional points upfront and lower loan-to-cost caps.

過去 5 年來，建築成本急劇增加，每年增幅均高達個位數。我們看到成長速度正在放緩，但我們沒有看到成本有任何下降。當 SOFR 為 25 至 50 個基點時，建築融資可在 SOFR 加 200 時找到。如今，傳統貸款機構根本無法提供辦公空間的興建融資。 SOFR 為 5.25%，非傳統貸款人可能（我用「可能」這個詞）以兩位數的當前利率放貸，並預付額外積分並降低貸款成本上限。

Speculative leasing assumptions also assume longer lease up. You put all this into a development pro forma and you need rents that are materially higher than what is supported by current market rents in every one of our cities. This quarter, we completed a 313,000 square foot 10-year renewal in the Back Bay of Boston, 4 years prior to expiration at a rent level that both parties found attractive. Our client is using all their space, believes that the critical component of their overall business strategy, and when they look down to the market did not believe that any new construction was likely to be built on a speculative basis.

投機租賃假設也假設租賃期限更長。如果您將所有這些都納入開發計劃中，那麼您需要的租金遠高於我們每個城市當前市場租金所支援的租金。本季度，我們在到期前 4 年完成了波士頓後灣區 313,000 平方英尺的 10 年期續租，租金水平對雙方都有吸引力。我們的客戶正在利用他們所有的空間，相信這是他們整體業務策略的關鍵組成部分，當他們俯視市場時，他們並不認為任何新建築都可能建立在投機的基礎上。

This meant they would need to pay replacement cost rents and sign a lease now using all the inputs I just outlined, to be in new construction in the Back Bay in 4 years, and there are no 300,000 square foot block of high-rise space available in premier buildings in the Back Bay today.

這意味著他們需要支付重置成本租金並使用我剛才概述的所有投入簽署租約，以便在 4 年內在後灣新建建築，並且沒有 300,000 平方英尺的高層空間可用今天在後灣的頂級建築中。

New life science activity in the portfolio continues to be light. During the quarter, we completed our third lease at 651 Gateway for another floor. The property will open in '24, and to date, each lease requires our partnership to complete turnkey spaces. In Waltham, where we have our other life science new development availability, we are seeing some tour activity, but there is no urgency for these requirements. There are a few large requirements that are touring, but as I have discussed previously, the bulk of the immediate demand is from small private companies that are looking for fully built space.

投資組合中的新生命科學活動仍然較少。本季度，我們完成了 651 Gateway 另一層樓的第三次租賃。該物業將於 24 年開業，迄今為止，每項租賃都需要我們的合作夥伴來完成交鑰匙空間。在沃爾瑟姆，我們擁有其他生命科學新開發項目，我們看到了一些旅遊活動，但這些要求並不緊迫。有一些大型需求正在巡迴演出，但正如我之前所討論的，大部分直接需求來自正在尋找完全建造的空間的小型私人公司。

BXP's regional teams continue to lease space and outperformed the market because our portfolio is fundamentally comprised of premier workplaces, the majority of the demand, new and existing clients in the market want to be in these types of properties, and we're investing capital in our building infrastructures, amenities and client spaces, which allow our teams to meet client needs.

BXP 的區域團隊繼續租賃空間並跑贏市場，因為我們的投資組合基本上由優質工作場所組成，市場上的大多數需求、新客戶和現有客戶都希望入住這些類型的房產，並且我們正在投資資本我們的建築基礎設施、便利設施和客戶空間，使我們的團隊能夠滿足客戶的需求。

We are all seeing the stress that many buildings are feeling due to their current capital structure, and the reality of the supply and demand fundamentals reflected in the leasing market activity. The transition or recapitalization or reequitization of these buildings is going to take an extended period of time. Many of these assets are not in a position to commit capital to existing or new tenants, which greatly impacts the leasing brokers interest in considering them for their clients and offers us for the opportunity to further increase our market share.

我們都看到許多建築物由於其當前的資本結構以及租賃市場活動所反映的供需基本面的現實而感受到壓力。這些建築物的過渡、資本重組或資產重組將需要較長時間。其中許多資產無法向現有或新租戶投入資金，這極大地影響了租賃經紀人為客戶考慮這些資產的興趣，並為我們提供了進一步增加市場份額的機會。

I'll stop here and turn things over to Mike.

我就到此為止，把事情交給麥克。

Great. Thank you, Doug. Good morning, everybody. I'm going to start my comments with some discussion on the debt markets and our activity. Then I will go over the third quarter performance and the changes to our 2023 earnings guidance.

偉大的。謝謝你，道格。大家早安。我將首先討論債務市場和我們的活動。然後我將回顧第三季的業績以及我們 2023 年獲利指引的變化。

We had another busy financing quarter this quarter. We extended or refinanced mortgage facilities totaling $570 million. The 2 largest of these related to our Hub on Causeway premier workplace and retail mixed-use project that's in Boston. First, we exercised the first of 2, 1-year extension options we have on the $337 million mortgage loan on the office tower. And second, we completed a 3-year refinancing of the $155 million mortgage loan secured by the low-rise, creative office and retail component.

本季我們又經歷了一個繁忙的融資季度。我們延長或再融資了總計 5.7 億美元的抵押貸款。其中最大的兩個與我們位於波士頓的 Hub on Causeway 首要工作場所和零售混合用途項目有關。首先，我們對辦公大樓的 3.37 億美元抵押貸款行使了 2 項為期 1 年的延期選擇權中的第一項。其次，我們完成了由低層創意辦公和零售部分擔保的 1.55 億美元抵押貸款的 3 年期再融資。

We also expanded our corporate line of credit by $315 million to $1.8 billion. We honestly were surprised by the market's reaction, when we issued a press release on this earlier this quarter, as it increases our liquidity at a pretty modest cost. We had 3 new banks approach us, seeking to expand their relationship with us and up-tier the quality of their own client base. With so much uncertainty and illiquidity in the bank markets, our view is expanding our roster of banking relationships is a smart move.

我們也將企業信貸額度擴大了 3.15 億美元，達到 18 億美元。老實說，當我們在本季早些時候就此發布新聞稿時，我們對市場的反應感到驚訝，因為它以相當適中的成本增加了我們的流動性。有 3 家新銀行與我們接洽，尋求擴大與我們的關係並提高其客戶群的品質。由於銀行市場存在如此多的不確定性和流動性不足，我們認為擴大銀行關係是明智之舉。

Last week, we closed on a new 5-year, $600 million mortgage loans from a syndicate of banks on a portfolio of 3 premier workplaces in Cambridge. The credit spread at SOFR Plus 225 basis points, is attractive in today's market, and we expect to use the proceeds to repay our upcoming $700 million bond maturity in February next year.

上週，我們從一家銀行財團獲得了一筆新的 5 年期 6 億美元抵押貸款，貸款對象為劍橋的 3 個優質工作場所。 SOFR Plus 225 個基點的信用利差在當今市場上具有吸引力，我們預計將利用所得收益來償還即將於明年 2 月到期的 7 億美元債券。

Given the significant recent move in interest rates, we are happy with the timing of our last couple of bond deals, both of which have been below market coupons today. We have no more financing needs in 2023, and we've taken care of a large piece of our 2024 maturities, which is the $700 million bond I just mentioned. Our other 2024 maturities include our $1.2 billion term loan and $400 million at our share of floating rate mortgages. The term loan is also floating rate, though we have swapped SOFR to be fixed at 4.64% through May of 2024. We expect to exercise 1-year extension options that are available on both the term loan and the majority of the maturing mortgages.

鑑於最近利率的重大變動，我們對最近幾筆債券交易的時機感到滿意，這兩項債券交易的票面利率均低於今天的市場票面利率。 2023年我們不再有融資需求，我們已經處理了2024年到期的很大一部分，就是我剛才提到的7億美元債券。我們的其他 2024 年到期貸款包括 12 億美元的定期貸款和 4 億美元的浮動利率抵押貸款。定期貸款也是浮動利率，但我們已將 SOFR 調整為 2024 年 5 月為止固定在 4.64%。我們預計將行使定期貸款和大多數到期抵押貸款均可用的 1 年期延期選項。

As you think about our interest expense, moving into 2024, you need to account for higher borrowing cost. We are refinancing $1.2 billion of bonds that expired in August of 2023 and February of 2024, that had a weighted average interest rate of 3.5%, with new financing at an average rate of 7%. Additionally, we've been running with an average cash balance of approximately $1 billion in 2023. In 2024, we expect to fund our development pipeline with available cash, and run with an average balance closer to $400 million. At our current earnings rate, this projects to a decrease of approximately $30 million of interest income in 2024.

當您考慮我們的利息支出時，進入 2024 年，您需要考慮更高的借貸成本。我們正在為 2023 年 8 月和 2024 年 2 月到期的 12 億美元債券進行再融資，這些債券的加權平均利率為 3.5%，新融資的平均利率為 7%。此外，到 2023 年，我們的平均現金餘額約為 10 億美元。到 2024 年，我們預計以可用現金為我們的開發管道提供資金，平均現金餘額接近 4 億美元。以我們目前的獲利率，預計 2024 年利息收入將減少約 3,000 萬美元。

Now I want to turn to our third quarter earnings results. For the quarter, we reported funds from operations of $1.86 per share, that was $0.02 per share above the midpoint of our guidance range. The outperformance all came from better-than-projected portfolio net operating income. Revenues were higher than our assumptions from a mix of better rental revenues, client service income, parking and hotel performance. Our operating expenses were in line with our assumptions.

現在我想談談我們第三季的獲利結果。本季度，我們報告的營運資金為每股 1.86 美元，比我們指導範圍的中點高出每股 0.02 美元。優異的表現全部來自於好於預期的投資組合淨營業收入。由於租金收入、客戶服務收入、停車和酒店業績的改善，收入高於我們的假設。我們的營業費用符合我們的假設。

While not impacting our FFO, we did record noncash impairment charges totaling $273 million this quarter, related to 4 of our unconsolidated joint ventures. The GAAP rules for unconsolidated joint ventures dictate that if we believe a loss in asset value below our basis is not temporary, the asset is marked to fair value. The definition of temporary is somewhat subjective, but as the length of the current market dislocation extends, it's harder to justify a temporary loss in value. The charges relate to Platform 16, which we discussed last quarter, as well as 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza.

雖然沒有影響我們的 FFO，但本季我們確實記錄了總計 2.73 億美元的非現金減損費用，與我們的 4 家未合併合資企業有關。未合併合資企業的 GAAP 規則規定，如果我們認為資產價值低於我們基準的損失不是暫時的，則該資產將以公允價值標記。暫時的定義有些主觀，但隨著當前市場混亂的持續時間的延長，很難證明暫時的價值損失是合理的。這些費用涉及我們上季度討論過的 Platform 16，以及 360 Park Avenue South、200 Fifth Avenue 和 Safeco Plaza。

Given the cyclical nature of the real estate business, the value of assets like these will recover in the future, when interest rates normalize and corporate economic conditions improve, and we expect to hold these assets through their recovery. Our past experience reflects this recovery. After the GFC, we took a similar impairment charge and ultimately, we sold the assets a few years later at a significant gain, not only to the impaired value, but to the original book values of the buildings as well.

鑑於房地產業務的周期性，當利率正常化和企業經濟狀況改善時，此類資產的價值將在未來恢復，我們預計在這些資產恢復期間持有這些資產。我們過去的經驗反映了這種復甦。在全球金融危機之後，我們採取了類似的減損費用，最終，我們在幾年後以可觀的收益出售了資產，不僅是減損價值，而且是建築物的原始帳面價值。

Now I want to turn to our guidance for the rest of 2023. We have narrowed our 2023 guidance range to $7.25 to $7.27 per share, with the midpoint relatively unchanged from last quarter at $7.26 per share. There are 2 key changes to our guidance from last quarter. First, we're projecting $0.03 per share of higher termination income in the fourth quarter from lease terminations with WeWork at Madison Centre, and Dock 72, as they have stopped paying rent in both locations. We have security deposits to cover a portion of the lost rent, which we will recognize as termination income. The revenue loss is approximately $6.5 million per year until those spaces are re-leased to other clients. They comprise approximately 200,000 square feet that equates to about 40 basis points of our occupancy.

現在我想談談我們對 2023 年剩餘時間的指導。我們已將 2023 年指導範圍縮小至每股 7.25 美元至 7.27 美元，中點與上季度每股 7.26 美元相對不變。與上季相比，我們的指導有 2 個關鍵變化。首先，我們預計第四季度 WeWork 麥迪遜中心和 Dock 72 的租約終止將帶來每股 0.03 美元的更高終止收入，因為他們已停止支付這兩個地點的租金。我們有保證金來彌補部分租金損失，我們將其確認為終止收入。在這些空間重新出租給其他客戶之前，每年的收入損失約為 650 萬美元。它們的面積約為 20 萬平方英尺，相當於我們佔用面積的約 40 個基點。

Second, we anticipate our net interest expense will be higher by approximately $0.03 per share due to lower projected capitalized interest and closing the new $600 million mortgage financing earlier than we had previously expected. We expect to invest the funds in cash equivalents until we repay our bond expiration at the beginning of February, and the negative arbitrage on the funds is about $3 million in 2023.

其次，由於預計資本化利息較低以及新的 6 億美元抵押融資完成時間早於我們先前的預期，我們預計每股淨利息支出將增加約 0.03 美元。我們預計將這些資金投資於現金等價物，直到我們在 2 月初償還債券到期為止，到 2023 年，這些基金的負套利約為 300 萬美元。

The remainder of our assumptions for the portfolio performance has not changed. As Doug described, we continue to execute leases in line with our expectations, and net of the lease terminations, our outlook for occupancy remains stable. As we look ahead into 2024, we have several developments that delivered during 2023 or will deliver in 2024, that will add incremental FFO next year. These include 2100 Pennsylvania Avenue, 651 and 751 Gateway, 140 Kendrick Street, 180 CityPoint and View Boston.

我們對投資組合表現的其餘假設並沒有改變。正如道格所描述的，我們繼續按照我們的預期執行租賃，扣除租賃終止後，我們的入住率前景保持穩定。展望 2024 年，我們有幾項開發項目已在 2023 年交付或將在 2024 年交付，這將在明年增加增量 FFO。其中包括賓夕法尼亞大道 2100 號、Gateway 651 和 751 號、肯德里克街 140 號、CityPoint 180 號和 View Boston。

However, as I described earlier, we expect our overall earnings trajectory will be negatively impacted by the persistent high interest rate environment that will result in higher net interest expense in 2024. We will provide detailed earnings guidance for 2024 on next quarter's call in January. That completes our formal remarks.

然而，正如我之前所描述的，我們預計我們的整體獲利軌跡將受到持續高利率環境的負面影響，這將導致2024 年淨利息支出增加。我們將在1 月份的下季電話會議上提供詳細的2024 年獲利指引。我們的正式發言到此結束。

Operator, can you please open the lines up for questions?

接線員，您可以開啟提問隊列嗎？

(Operator Instructions) And I show our first question, comes from the line of Blaine Heck from Wells Fargo.

（操作員說明）我將展示我們的第一個問題，來自富國銀行的布萊恩·赫克（Blaine Heck）。

Great, thanks, good morning. Can you guys just talk about the acquisition or investment environment a little bit more? It still seems like we haven't seen the ways of opportunities that some well-capitalized potential investors, including yourselves, have been hoping for.

太好了，謝謝，早安。你們能多談談收購或投資環境嗎？我們似乎仍然沒有看到一些資本雄厚的潛在投資者（包括你們自己）一直希望看到的機會。

I guess, are there any signs that opportunities are emerging? And if not, do you have any sense what needs to happen to shake things loose and when that might happen? And then lastly, in general, how much further does pricing need to adjust to make those investment opportunities more attractive from a risk/reward standpoint.

我想，是否有任何跡象表明機會正在出現？如果沒有，您是否知道需要發生什麼才能擺脫困境以及何時發生？最後，總的來說，從風險/回報的角度來看，定價需要進一步調整多少才能使這些投資機會更具吸引力。

Yes. It's Owen, I'll take a crack at that. I think that, as I mentioned in my remarks, I think buyers are concerned about two things.

是的。我是歐文，我會嘗試一下。我認為，正如我在演講中提到的，我認為買家擔心兩件事。

One, how do they underwrite lease-up and lease growth given some of the economic uncertainty that our clients face, as I discussed. And then second, what's their cost of capital, particularly their financing and can they get financing?

第一，正如我所討論的，考慮到我們的客戶面臨的一些經濟不確定性，他們如何承保租賃和租賃成長。其次，他們的資本成本是多少，特別是融資成本，他們能否獲得融資？

So a lot of the deals that are happening right now, as I described, are small, private investors, probably not using much, if any, debt financing, things like that. So I think, first of all, I think there's a tremendous amount of restructuring activity that's going on in the market generally. It may not all be reported, but it's definitely happening, because there are over leveraged loans that are coming due all the time, and borrowers are in discussions with their lenders on what to do. So there are lots of those things going on right now.

因此，正如我所描述的，目前正在進行的許多交易都是小型私人投資者，可能不會使用太多（如果有的話）債務融資之類的東西。所以我認為，首先，我認為市場上正在進行大量的重組活動。這可能不會全部被報道，但它肯定會發生，因為一直都有過度槓桿貸款到期，借款人正在與貸款人討論該怎麼做。所以現在有很多這樣的事情正在發生。

And then I think second, for buyers to get more active, there has to be more visibility on the 2 uncertainties that I mentioned. I do think some of the interest rate behavior this morning might actually be somewhat helpful to that, because I do think a stabilization of interest rates would be very helpful for buyers to get more comfortable to do transactions. In terms of how much the price has to drop, I think for the space that we're interested in, which are obviously a higher quality buildings, it's hard to say, because there's not a lot of transactions that you can look at and say, "What is the pricing today?" But I just don't think, I think our general view at the moment is, all of the negative perspective out there on office is, in our view at least irrationally spilling over into premier workplaces, which will create opportunities for BXP.

其次，我認為，為了讓買家變得更活躍，必須對我提到的兩個不確定因素有更多的了解。我確實認為今天早上的一些利率行為實際上可能對此有所幫助，因為我確實認為利率的穩定對於買家更舒適地進行交易非常有幫助。至於價格要下降多少，我認為對於我們感興趣的空間，這顯然是更高品質的建築，很難說，因為沒有很多交易可以看並說，“今天的價格是多少？”但我只是不認為，我認為我們目前的普遍觀點是，在我們看來，所有關於辦公室的負面觀點至少不合理地蔓延到一流的工作場所，這將為 BXP 創造機會。

Thank you. And I show our next question, comes from the line of Nick Yulico from Scotiabank. Please go ahead.

謝謝。我將展示我們的下一個問題，來自豐業銀行的 Nick Yulico。請繼續。

Thanks. I was hoping we can maybe get a feel for in terms of the impairments that were down for the JVs, if there's any sense on how much the unlevered asset values may have changed in that impairment analysis?

謝謝。我希望我們能夠對合資企業的減損有所了解，如果減損分析中無槓桿資產價值可能發生了多少變化，是否有任何意義？

Sure, Nick, this is Mike. The information in our supplement, I don't want to go through those details right now, but there is information in our supplemental that provides kind of what the change is in net equity values are on those assets so that you can determine that.

當然，尼克，這是麥克。我們的補充資料中的信息，我現在不想詳細介紹這些細節，但是我們的補充資料中的信息提供了這些資產的淨資產價值的變化，以便您可以確定這一點。

Overall, from our perspective, this is an accounting adjustment that we felt we needed to make based upon the accounting rules for our consolidated joint ventures. And I don't think it necessarily reflects a meaningful change in the prospects of these assets other than Platform 16, which we talked about last quarter, where we're stopping construction.

總的來說，從我們的角度來看，這是我們認為需要根據合併合資企業的會計規則進行的會計調整。我認為這不一定反映出 Platform 16 以外的這些資產的前景發生有意義的變化，我們上個季度談到該平台的建設，我們正在停止該平台的建設。

The other ones, we had to look at -- we looked at every one of our joint ventures, just like we do every quarter. And given the kind of higher for longer and the rates, our view is that these rates are going to be this high, and it's not necessarily going to be temporary to us is like, is it more than a year or not basically. And so we looked at everything and there were 3 other ones that just kind of got tripped. So we reflected those. And those 3 other ones were smaller.

其他的，我們必須關注——我們審視了我們的每一個合資企業，就像我們每個季度所做的那樣。考慮到這種較高的持續時間和利率，我們的觀點是，這些利率將如此之高，而且對我們來說不一定是暫時的，是超過一年還是基本上不會。所以我們查看了所有內容，發現還有另外 3 個內容被絆倒了。所以我們反映了這些。另外 3 個則較小。

Platform 16 was clearly the biggest one by far, because if you start looking at the kind of discounting the cash flows for a land development deal until you're actually going to build it, the discount rate that you would use on a development rate, which is pretty high, has a significant impact on the value.

平台 16 顯然是迄今為止最大的一個，因為如果你開始考慮土地開發交易的現金流折現，直到你真正要建造它，你將在開發率上使用的貼現率，相當高，對價值有很大影響。

Thank you. And I show our next question, comes from the line of John Kim from BMO Capital Markets. Please go ahead.

謝謝。我將展示下一個問題，來自蒙特利爾銀行資本市場 (BMO Capital Markets) 的約翰金 (John Kim)。請繼續。

Thank you. Doug, in your prepared remarks, you talked about occupancy basically remaining stable next year despite another year of a very favorable backdrop, 2.7 million square feet expiring, your pipeline is 1.2 million square feet. That happens to be your quarterly average.

謝謝。道格，在您準備好的發言中，您談到明年的入住率基本上保持穩定，儘管又是一年非常有利的背景，270 萬平方英尺即將到期，您的待建面積為120 萬平方英尺。這恰好是您的季度平均值。

So I was wondering what known move-outs are there that you see next year? And anything else, any other tenants besides WeWork, that will be a headwind to breaking out of that 88% to 89% occupancy range?

所以我想知道明年你會看到哪些已知的遷出？除了 WeWork 之外，還有什麼其他租戶會阻礙突破 88% 至 89% 的入住率範圍？

Yes. So there's a difference between no move-outs and tenants being a headwind. So because tenants that are moving out or are not moving out because they're, potentially, "in financial difficulty", right?

是的。因此，不搬出和租戶成為逆風之間是有區別的。那麼，因為租戶搬出或不搬出是因為他們可能“陷入財務困難”，對嗎？

So the only tenet of significance that we have in our portfolio, which is obviously having financial challenges is WeWork. There are some smaller tenants, 25,000 or 30,000 square feet that we're -- that we have every year in our portfolio, who don't seem to have a business plan that's going to be long term in nature and ultimately, they give up their space. But those are de minimis.

因此，我們的投資組合中唯一重要的原則（顯然面臨財務挑戰）是 WeWork。我們每年都會有一些規模較小的租戶，面積為 25,000 或 30,000 平方英尺，他們似乎沒有長期的商業計劃，最終他們放棄了他們的空間。但這些都是微不足道的。

The portfolio of expirations next year actually are not -- there aren't any enormous ones. There are a couple on the West Coast, and a couple in the greater Manhattan or our New York City region, about 250,000 square feet in Princeton and just over 200,000 square feet at the building that we have on Folsom, in San Francisco, and then we're going to lose about 75,000 square feet of space from expiration with Trulia, Zillow at 535. And those are really the only large ones other than our joint venture property at 250 -- sorry, Times Square Tower, where O'Melveny & Myers is moving out, about 250,000 square feet, but we've covered already 75,000 to 100,000 square feet of that expiration.

明年到期的投資組合實際上並沒有——沒有任何巨大的投資組合。西海岸有幾處，大曼哈頓區或紐約市地區也有幾處，普林斯頓有大約 250,000 平方英尺，舊金山福爾瑟姆的大樓有 200,000 多平方英尺，然後我們將因與Trulia 和Zillow 的535 平方英尺到期而損失約75,000 平方英尺的空間。這些確實是除了我們250 平方英尺的合資物業之外唯一的大型空間- 對不起，時代廣場大廈，其中O'Melveny 和邁爾斯即將搬出，面積約為250,000 平方英尺，但我們已經涵蓋了該到期日的75,000 至100,000 平方英尺。

So it's not any sort of large particular roll out that's driving our stability sort of comment. It's -- there are 3 different kinds of leasing we do. We do leasing, where we have available space that we lease, and that leasing typically involves a build-out. And in our marketplaces today, those build-out periods tend to be extended, meaning, we're looking at not knowing whether or not the tenant will be in occupancy in 6 months or 9 months or 12 months, and we can't typically book revenue on those particular assets and, therefore, increase our occupancy until those occur. And that's why we started providing this, leased, but not yet in service statistic, which is going to grow over time, and you'll see a lot of that, I believe, in 2024. And so it's not going to impact our occupancy, but the leases are signed.

因此，並不是任何大型的特殊推出推動了我們的穩定性評論。我們提供 3 種不同類型的租賃。我們進行租賃，我們有可用的空間可供租賃，而租賃通常涉及擴建。在當今的市場中，這些建設期往往會延長，這意味著我們不知道租戶是否會在 6 個月、9 個月或 12 個月內入住，而且我們通常無法確定記入這些特定資產的收入，因此，增加我們的入住率，直到這些發生為止。這就是為什麼我們開始提供這種租賃服務，但尚未納入服務統計數據，隨著時間的推移，服務統計數據將會增長，我相信，到2024 年，您會看到很多這樣的服務。因此，這不會影響我們的入住率，但租約已簽署。

The second kind of leasing we do are tenants that are renewing and they're renewing in a relatively short period of time, meaning, the next 12 months. And those immediately hit. The third type of leasing that we're doing is for leases that may be expiring in years post the 2024 expirations. And so as an example, I described the 300,000 square foot deal that we did this quarter, which was for 2028. So our leasing volumes, I believe, will continue to be at a relatively strong level for the economic period that we're in, but it's going to be -- it's suffering to sort of get that occupancy up in the short term.

我們做的第二種租賃是正在續約的租戶，他們會在相對較短的時間內（即未來 12 個月）續約。那些立即受到打擊。我們正在進行的第三次租賃是針對可能在 2024 年到期後幾年內到期的租賃。舉個例子，我描述了我們本季完成的 300,000 平方英尺的交易，該交易的期限是 2028 年。因此，我相信，在我們所處的經濟時期，我們的租賃量將繼續處於相對強勁的水平，但短期內要提高入住率會很困難。

I've said this in the one-on-one calls and in our presentations that we've made at NAREIT and other analyst meetings, which is that our West Coast portfolio is really, where the opportunity is to drive enhanced occupancy. So the space that we have available at Embarcadero Center and what I just described at Folsom Street in our 535 market, as well as some of the availability that we now have because of lease terminations in Seattle and Madison Centre and at Colorado Center in West L.A.

我在一對一的電話會議以及我們在 NAREIT 和其他分析師會議上所做的演示中已經說過，我們的西海岸投資組合確實有機會提高入住率。因此，我們在 Embarcadero Center 和我剛才在 535 市場的 Folsom 街所擁有的可用空間，以及由於西雅圖和麥迪遜中心以及西洛杉磯科羅拉多中心的租約終止而現在擁有的一些可用空間。

Those are really the sort of bigger blocks of space that we have in terms of overall volumes that will drive an outsized opportunity for growth, as opposed to where we are now, which is we're sort of treading water at this sort of 88% to 89% level. And we're going to make some marginal improvements and then 1 quarter, we may have a little bit of degradation because we have a particular tenant moving out, but we're making it up. So that's sort of the state of our views as we look at 2024.

就總量而言，這些確實是我們擁有的更大的空間，將帶來巨大的成長機會，而不是我們現在的水平，即我們在 88% 的水平上停滯不前。達到89%的水平。我們將進行一些邊際改進，然後一季度，我們可能會出現一點退化，因為我們有一個特定的租戶搬出，但我們正在彌補它。這就是我們展望 2024 年時的看法。

Thank you. And I show our next question, comes from the line of Alexander Goldfarb.

謝謝。我將展示我們的下一個問題，來自亞歷山大·戈德法布（Alexander Goldfarb）。

So question on development. In the release, you guys talked about an extension until February '24 for your 25% stake in the 3 Hudson, in the land loan that's under 3 Hudson. And at the same time, articulated your optionality on the MTA site.

所以關於發展的問題。在新聞稿中，你們討論了將你們在 3 Hudson 的 25% 股份（屬於 3 Hudson 下的土地貸款）的期限延長到 24 年 2 月。同時，在 MTA 網站上闡明您的選擇權。

Just looking at the 2 projects, the MTA site would seem to be like the winner just given the focus on Grand Central, Park Avenue, whereas 3 Hudson just seems like a more challenged deal given the economics of trying to lease up that building at the necessary rent given the size of that building.

僅看這兩個項目，考慮到公園大道中央車站的重點，MTA 網站似乎是獲勝者，而考慮到試圖在紐約市中心租賃該建築的經濟性，哈德遜3 號似乎是一個更具挑戰性的交易。考慮到該建築物的大小，所需的租金。

So as you guys think about the upcoming land loan on 3 Hudson, is that something that you would consider just sort of exiting instead of pursuing, and mentioning the MTA optionality, should we take that as considering that maybe you guys would not proceed forward with the MTA site?

因此，當你們考慮 3 Hudson 即將推出的土地貸款時，你們是否會考慮退出而不是追求，並提到 MTA 的選擇性，我們是否應該考慮到你們可能不會繼續進行MTA 網站？

Yes. So Alex, this is Doug. I'm going to let Hilary give you the most detail on this. I would just make the following comment, which is, we don't think one is a winner versus the other. I think it's clear that the timing opportunities associated with one are probably shorter than the other in terms of when we might actually get something going.

是的。亞歷克斯，這是道格。我將讓希拉里為您提供有關此事的最詳細信息。我只想發表以下評論，即我們不認為一方是另一方的贏家。我認為很明顯，就我們真正開始做某事而言，與其中一種相關的時機可能比另一種時間更短。

But I'll let Hilary describe the demand for space in new buildings and also the challenges associated with getting those deals going. Hilary?

但我會讓希拉蕊描述新建築的空間需求，以及與完成這些交易相關的挑戰。希拉蕊？

Thanks, Doug. Alex. So as Doug noted, the 2 buildings are very, very different opportunities. 3 Hudson Boulevard is a 1.8 million square foot building, whereas 343 Madison is currently still in the design process, but let's just call it, 850,000 to 900,000 square foot building.

謝謝，道格。亞歷克斯.正如道格指出的那樣，這兩座建築提供了非常非常不同的機會。哈德遜大道 3 號是一座 180 萬平方英尺的建築，而麥迪遜 343 號目前仍處於設計過程中，但我們姑且稱之為 850,000 至 900,000 平方英尺的建築。

So some of the demand that is currently in the market actually could not be satisfied by 343 Madison. So there are a few tenants in the market that are 1 million square feet, that are actively looking for space and they would need a larger building than what can be constructed at 343 Madison. To Doug's point, in order to build such a building, those clients would have to be willing to pay a rent that generated an acceptable return on cost to us at 343 Madison. And those decisions in this capital market environment takes time for clients or prospective clients like those to make.

所以目前市場上的一些需求其實是343 Madison無法滿足的。因此，市場上有一些佔地 100 萬平方英尺的租戶正在積極尋找空間，他們需要一座比麥迪遜 343 號可以建造的更大的建築。道格認為，為了建造這樣一棟建築，這些客戶必須願意支付租金，為我們在麥迪遜 343 號帶來可接受的成本回報。在這種資本市場環境下，客戶或潛在客戶做出這些決定需要時間。

The prospective client base at 343 Madison, by definition, is somewhat smaller. There's plenty of demand among clientele in that square footage range as well. And again, the question really comes down to who's willing to commit to the project at the rents needed to launch the development. But I view them as distinctly different opportunities and opportunities that serve different segments of the market. So hopefully, that answers your question. But I agree with Doug. I wouldn't characterize one as better than the other. They're just very, very different opportunities.

根據定義，343 Madison 的潛在客戶群則小一些。客戶對該面積範圍的需求也很大。再說一次，問題實際上歸結為誰願意以啟動開發所需的租金來致力於該項目。但我認為它們是截然不同的機會，並且是服務不同細分市場的機會。希望這能回答你的問題。但我同意道格的觀點。我不會認為其中一個比另一個更好。它們只是非常非常不同的機會。

Thank you. And I show our next question, comes from the line of Michael Griffin from Citi. Please go ahead.

謝謝。我將展示我們的下一個問題，來自花旗銀行的邁克爾·格里芬 (Michael Griffin)。請繼續。

I think in your prepared remarks, you mentioned some assets you're considering for sale. I'm just curious, if you can quantify, what kind of IRRs buyers are looking at and kind of where pricing would need to be in order for you to effectuate on any of these potential sales?

我認為在您準備好的發言中，您提到了您正在考慮出售的一些資產。我只是好奇，如果你能量化，買家正在考慮什麼樣的內部報酬率，以及需要什麼樣的定價才能實現這些潛在的銷售？

Well, I think it varies, Michael, widely, depending on the quality and location of the asset, the leasing status of the asset, the walls of the asset.

好吧，邁克爾，我認為情況變化很大，這取決於資產的品質和位置、資產的租賃狀態、資產的牆壁。

I think borrowing cost today with the 10-year, I guess it's dropped a little bit today, but pushing 7%, I think for the highest quality assets, you're definitely above that and for an asset that has a lot of leasing and other risks associated with it. I think you're looking at double-digit return.

我認為今天的10 年期借款成本，我想今天下降了一點，但上升了7%，我認為對於最高品質的資產，你肯定高於這個水平，對於有大量租賃和租賃的資產來說，你肯定會高於這個水平。與其相關的其他風險。我認為你正在尋找兩位數的回報。

Thank you. And I show our next question, comes from the line of Michael Goldsmith from UBS. Please go ahead.

謝謝。我將展示我們的下一個問題，來自瑞銀集團的邁克爾·戈德史密斯（Michael Goldsmith）。請繼續。

Owen, you mentioned in the prepared remarks about how BXP's tenants are more cautious in the space commitments on many of the traditional macro indicators may not accurately reflect what's going on in your business. So recognizing that different cycles have different drivers. What metrics do you think might more accurately reflect the business now, and are the ones that you're monitoring so that we can follow along at home? Thanks.

Owen，您在準備好的發言中提到，BXP 的租戶在空間承諾方面更加謹慎，許多傳統的宏觀指標可能無法準確反映您業務的情況。因此認識到不同的周期有不同的驅動因素。您認為哪些指標可以更準確地反映現在的業務？您正在監控哪些指標以便我們可以在家中跟進？謝謝。

Well, so I think this is part of something that's been confusing in the marketplace because generally, when you have a recession, company's earnings are down and they lease less space, and that's what -- it's how cycles have traditionally operated for office companies, because leasing slows down, when you have a recession.

嗯，所以我認為這是市場上令人困惑的事情的一部分，因為一般來說，當經濟衰退時，公司的收入會下降，他們租賃的空間也會減少，這就是辦公公司傳統上週期運作的方式，因為當經濟衰退時，租賃會放緩。

Here, it's confusing because it's very different. All the economic indicators look favorable, GDP growth, employment statistics. But if you dig into those statistics, it's -- a lot of it's consumption related and a lot of the job creation isn't in office-using jobs.

在這裡，很令人困惑，因為它非常不同。所有經濟指標看起來都不錯，GDP成長、就業統計。但如果你深入研究這些統計數據，你會發現，其中很大一部分與消費有關，而且創造的許多就業機會並不是辦公室工作。

And then if you look at earnings, which is what our clients are looking at, is their own earnings trajectory, it's negative. It's been negative for the last year, assuming the third quarter is negative. So that is the driver of client behavior. If you're the CEO of a company, and your lease is coming up or you're thinking about your space requirement, your decisions about that are going to be very contingent upon what you think the future prospects of your business are, and many businesses are negatively impacted by rising rates and some of the uncertainty in the economic environment.

然後，如果你看看我們的客戶所關注的收益，也就是他們自己的收益軌跡，它是負面的。假設第三季為負值，去年它就為負值。這就是客戶行為的驅動力。如果您是一家公司的首席執行官，而您的租約即將到期，或者您正在考慮您的空間需求，那麼您對此的決定將非常取決於您對企業未來前景的看法，並且許多企業受到利率上升和經濟環境的一些不確定性的負面影響。

So that's the backdrop. And so I think coming back to your question, I think certainly lower rates will help. And I think as earnings generally rise, I would expect that our leasing activity will rise with it.

這就是背景。因此，我認為回到你的問題，我認為較低的利率肯定會有所幫助。我認為，隨著收益普遍上升，我預期我們的租賃活動也會隨之增加。

And Michael, this is Doug. I would just say that the best measure of corporate activity as it relates to the business that we are in is job growth. And job growth typically is a little bit murkier.

邁克爾，這是道格。我只想說，衡量與我們所處業務相關的企業活動的最佳指標是就業成長。而就業成長通常有點模糊。

You can look at the employment numbers, but you really have to get into the specific industry categories, right? So government and hospitality are not going to be favorable to office, but financial services or technology or life sciences are going to be. And as you start to see the job listings start to perk up a bit, and you start to see hiring announcements by many of the larger technology companies and some of the financial institutions, which do, in fact, broadly talk about those things, you will clearly see a more, I would say, conducive environment for office leasing on a going forward basis.

你可以看就業數據，但你真的必須進入特定的行業類別，對吧？因此，政府和旅館業不會對辦公室有利，但金融服務、技術或生命科學將會有利。當你開始看到職位清單開始活躍起來，並且你開始看到許多大型科技公司和一些金融機構發布招聘公告時，事實上，它們確實廣泛談論了這些事情，你我想說，未來將明顯看到一個更有利於辦公室租賃的環境。

Thank you. And I show our next question comes from the line of Jason Wayne from Barclays. Please go ahead.

謝謝。我表明我們的下一個問題來自巴克萊銀行的傑森韋恩。請繼續。

Good morning. You said in your prepared remarks, you don't expect WeWork to exit all of their assets. So just wondering, where you expect them to stay. And then you previously said that WeWork security deposits average 8 months of rent. Is that a good number to think about, when looking at termination income moving forward?

早安.您在準備好的發言中表示，您預計 WeWork 不會退出所有資產。所以只是想知道您希望他們留在哪裡。然後您之前說WeWork 保證金平均為8 個月的租金。在考慮未來的終止收入時，這個數字值得考慮嗎？

So I'm not going to get into conjecture on where WeWork is going to decide their -- they have their productive units and where they do it or where they don't.

因此，我不會猜測 WeWork 將在哪裡決定他們的生產單位以及他們在哪裡做或不在哪裡。

As Mike said, at the moment, they have stopped paying rent on 2 of our locations, which are at Madison Centre in Seattle, and Dock 72 in Brooklyn. And we have 3 other locations with them, which are in San Francisco. So that's the universe, and the decision as to what they are going to do, I think, is going to take some time, and they're going to have to figure it out and then we're going to have the decisions to make as to whether or not we're comfortable with whatever they propose to us, and/or taking the space back.

正如麥克所說，目前他們已經停止支付我們兩個地點的租金，分別是西雅圖的麥迪遜中心和布魯克林的 72 號碼頭。我們還有另外 3 個辦事處，皆位於舊金山。這就是宇宙，我認為，他們要做什麼的決定需要一些時間，他們必須弄清楚，然後我們才能做出決定至於我們是否對他們向我們提出的建議感到滿意，和/或收回空間。

So I think that it's impossible for me to tell you, where they're going to exit and where they're not going to exit. Mike, you can talk about the security.

所以我認為我不可能告訴你他們會在哪裡退出，在哪裡不會退出。麥克，你可以談談安全問題。

Yes. I think on, I mean you're correct on the security deposit because we said that before, that we have about 8 months of security. And if the tenant defaults, we try to -- we sent out a lease termination. We execute that lease termination with the client, and if there's a security deposit, we get that, and we booked that all on the day that we get it. If the client is going to stay in the space for another 90 days or 6 months. We might have to amortize that over that period of time.

是的。我想，我的意思是你關於保證金的說法是正確的，因為我們之前說過，我們有大約 8 個月的保證金。如果租戶違約，我們會嘗試發出終止租約。我們與客戶一起執行租賃終止，如果有保證金，我們會收到，並且我們在收到保證金的當天就預訂了全部。如果客戶打算在該空間再停留 90 天或 6 個月。我們可能必須在那段時間內攤提這筆費用。

The one thing I would add is that in the fourth quarter termination income guidance, there's 2 pieces to the termination income. One is, determination income we're going to be collecting that I described. But also at Madison Centre in Seattle, their lease is way below market. So there's what is called a fair value adjustment to the rent. And in order to take that off our balance sheet, we book that as income.

我要補充的一件事是，在第四季的終止收入指引中，終止收入有兩個部分。一是我所描述的我們將要收取的確定收入。但在西雅圖的麥迪遜中心，他們的租金也遠低於市價。這就是所謂的租金公允價值調整。為了將其從我們的資產負債表中扣除，我們將其記為收入。

So about half of that termination income is this fair value that's kind of a noncash concept. And the concept is that once we get that space back either at termination or at natural maturity, we will be able to re-lease that space at a higher market rent. So hopefully, we will be able to do that.

因此，大約一半的終止收入是公允價值，這是一個非現金概念。這個概念是，一旦我們在終止或自然成熟時收回該空間，我們將能夠以更高的市場租金重新租賃該空間。希望我們能夠做到這一點。

Thank you. And I show our next question, comes from the line of Steve Sakwa from Evercore ISI. Please go ahead.

謝謝。我將展示我們的下一個問題，來自 Evercore ISI 的 Steve Sakwa。請繼續。

Thanks. I just wanted to circle back, Owen, on the distressed opportunities. I guess I'm just trying to get a sense from you as to kind of, where you would need to peg stabilized yields in order to deploy new BXP capital given your trading 10x cash flow and north of an 8% implied cap rate.

謝謝。歐文，我只是想回顧那些苦惱的機會。我想我只是想從您那裡了解一下，考慮到您的交易現金流量為 10 倍且隱含上限利率高於 8%，您需要錨定穩定的收益率才能部署新的 BXP 資本。

And then just from a market perspective, could any of those opportunities take you to any new markets like, say, a San Diego or Austin to be, in addition to the existing markets.

然後，僅從市場角度來看，除了現有市場之外，這些機會是否可以帶您進入任何新市場，例如聖地牙哥或奧斯汀。

I'll answer the second first and come back to your first question, Steve. So we don't think we need to go to any new markets. We have a very significant footprint in our 6 core cities, and, in fact, one of the things that's going on now, which we have been talking about for several years is that the vacancy rates in certain areas of the Southeast and Southwest are actually higher than many of our core markets because of all the new development that's going on. So we don't see a need or a reason to expand outside of our footprint.

我先回答第二個問題，然後再回到你的第一個問題，史蒂夫。所以我們認為我們不需要進入任何新市場。我們在6個核心城市都有非常重要的足跡，事實上，現在正在發生的事情之一，我們多年來一直在談論的事情是，東南部和西南部某些地區的空置率實際上是由於正在進行的所有新開發，我們的銷售額高於我們的許多核心市場。因此，我們認為沒有必要或理由在我們的足跡之外擴張。

Going back to your question about returns, we're going to focus on the premier segment of the market and, so I think it's likely that the types of assets that we'll get involved in are unstabilized. So I'm not sure that the way to look at it is cap rate, but the way to look at it is total return. And I think that the total return requirement on a particular acquisition that we would look at would be, pushing double-digit returns.

回到你關於回報的問題，我們將重點放在市場的主要部分，因此我認為我們將涉及的資產類型很可能不穩定。所以我不確定看待它的方式是資本化率，但看待它的方式是總回報。我認為，我們所考慮的特定收購的總回報率要求將是推動兩位數的回報率。

Thank you. And I show our next question, comes from the line of Caitlin Burrows from Goldman Sachs. Please go ahead.

謝謝。我將展示我們的下一個問題，來自高盛的凱特琳·伯羅斯 (Caitlin Burrows)。請繼續。

Earlier, you guys talked about how you're opting to repay the $700 million of unsecured debt with mortgages collateralized by Cambridge properties at SOFR plus 225.

早些時候，你們談到如何選擇以 SOFR + 225 的劍橋房產抵押抵押貸款來償還 7 億美元的無擔保債務。

So what did you consider when opting for secured floating rate debt beyond just price? Was it price mixed with kind of BXP mix of debt or anything else? And I guess, in that decision, you were considering 10-year bonds. So what pricing do you think you could issue a 10-year bonds at today? Thanks.

那麼，除了價格之外，您在選擇有擔保浮動利率債務時還考慮了什麼？它的價格是與 BXP 債務組合還是其他什麼混合在一起的？我想，在那個決定中，您考慮的是 10 年期債券。那麼您認為今天可以發行 10 年期公債的定價是多少？謝謝。

So this is Mike. Look, we evaluated all the different markets, when we decide how we're going to do a refinancing, and the credit spreads in the secured markets for very high-quality assets with long lease terms, we found is better than what the credit spread we can get from the bond market. So our bond spreads right now for 10 years is about 285 for 5 years, it's probably 270-kind of area. So we're saving a lot in credit spread.

這就是麥克。看，我們評估了所有不同的市場，當我們決定如何進行再融資時，對於具有長期租賃期限的優質資產，擔保市場的信用利差比信用利差要好我們可以從債券市場獲得。因此，我們現在 10 年期債券的利差約為 5 年期債券的 285 倍，這可能是 270 倍的區域。因此，我們在信用利差方面節省了大量資金。

The other opportunity, I think, we have is we're doing a floating rate deal. We haven't fixed it. We do have the opportunity to fix it via swap and we're going to evaluate, when and if we do that. As we kind of look at what's going on with interest rates over the next period of months. And if it becomes evident that SOFR is going to be dropping significantly by the Fed in 2024 and 2025, we may keep the floating. If we see an opportunity to fix it because there's some sort of dislocation between the swap markets, we may fix that for a period of time. So I think it provides some flexibility that way.

我認為，我們擁有的另一個機會是我們正在進行浮動利率交易。我們還沒有修復它。我們確實有機會透過交換來修復它，我們將評估何時以及是否這樣做。當我們關注未來幾個月的利率變化時。如果聯準會在 2024 年和 2025 年明顯地顯著降低 SOFR，我們可能會保持浮動。如果我們看到有機會解決這個問題，因為互換市場之間存在某種錯位，我們可能會在一段時間內解決這個問題。所以我認為它提供了一些靈活性。

And also a floating rate mortgage is prepayable. So if the market gets better for long-term debt 2 years from now, we can prepay this into a long-term fixed rate deal at that time. So it does have some advantages that we looked at when we decided to do this bank financing.

浮動利率抵押貸款也是可提前償還的。因此，如果兩年後長期債務市場好轉，我們可以在那時預付為長期固定利率交易。因此，當我們決定進行銀行融資時，它確實具有一些優勢。

Thank you. And I show our next question, comes from the line of Upal Rana from KeyBanc. Please go ahead.

謝謝。我將展示我們的下一個問題，來自 KeyBanc 的 Upal Rana。請繼續。

Doug, you went through some of the supply and sublease space availability in your prepared remarks. Given the elevated levels of supply and some of these spacing your markets, potential tenants have a lot more to look at today. Do you have a sense of how much of the available space is in direct competition with your buildings? And even though someone may not be premier buildings, your potential tenants may be looking at them.

道格，您在準備好的演講中介紹了一些供應和轉租空間的可用性。鑑於供應水準的提高以及其中一些市場的間隔，潛在的租戶今天有更多的東西值得關注。您是否知道有多少可用空間與您的建築物直接競爭？即使某人可能不是頂級建築，您的潛在租戶也可能會關注它們。

I'm trying to get a sense of why tenants maybe, deciding to choose between your building versus others in today's environment and if they're being more price sensitive today versus, or it could be something else.

我試圖了解為什麼租戶可能會在當今環境下決定在您的建築物與其他建築物之間進行選擇，以及他們今天是否對價格更加敏感，或者可能是其他原因。

Yes. So this is what I refer to as one of the sort of layup questions that I'm going to allow our regional teams to answer, because I think that they will be more -- they will be passionate about their responses.

是的。這就是我所說的上籃問題之一，我將讓我們的區域團隊回答，因為我認為他們會對自己的回答充滿熱情。

But in general, what I would tell you is not all space is the same. And there are many, many buildings that have either direct availability or sublet availability that are literally not part of the conversation.

但總的來說，我要告訴你的是，並不是所有的空間都是一樣的。有很多很多建築物要么可以直接使用，要么可以轉租，但實際上這並不屬於討論範圍。

And so as you think about micro submarkets, getting down to a market like Park Avenue between 43rd Street and 59th Street, or you're talking about an asset in the CBD of Washington, D.C. that has views and is in a premier building, you would be surprised at how small the universe of opportunities may be. So why don't I let Rod talk about the issues associated with the availability in San Francisco and what we're really dealing with. And now I'll let Brian talk about Boston. Rod?

因此，當您考慮微型子市場時，例如 43 街和 59 街之間的公園大道這樣的市場，或者您正在談論華盛頓特區中央商務區的一項資產，該資產擁有景觀並且位於一流建築中，您會驚訝於機會的範圍可能如此之小。那麼，為什麼我不讓羅德談談與舊金山的可用性相關的問題以及我們真正正在處理的問題。現在我讓布萊恩談談波士頓。桿？

Yes. There's definitely sublease space is a lot of it as everybody knows, in San Francisco. And some of it is higher end space. In fact, that's where a lot of the bigger deals over these last 2 years have actually happened. Some of them have been in our own buildings. 680 Folsom, for example, macys.com had roughly 240,000 feet available, and they leased all of it during the pandemic subleases. So the good space that has been out there has attracted some attention.

是的。眾所周知，舊金山肯定有很多轉租空間。其中一些是高端空間。事實上，過去兩年裡許多更大的交易實際上都是在這裡發生的。其中一些已經在我們自己的建築物中。例如，福爾瑟姆 680 號，macys.com 擁有大約 240,000 英尺的可用空間，他們在大流行轉租期間租出了全部空間。因此，已經存在的良好空間引起了一些關注。

But by and large, there's so much more of it that is not high quality and has either got no term left on it or it's got poor sponsorship with weak sublessors. So those spaces are very difficult, and they're not going to compete with. We're not going to compete with them for sure. If tenant that's interested in those types of spaces is not going to go to any premier building.

但總的來說，還有很多品質不高的項目，要么沒有期限，要么得到了實力薄弱的轉包商的贊助。所以這些空間非常困難，他們不會與之競爭。我們肯定不會與他們競爭。如果對這些類型的空間感興趣的租戶不會去任何高級建築。

Yes. I would echo the same thing. I just had a brokerage dinner last night and with tenant rep people and each of them expressed the same issue, which was, for their top-end clients, premier clients, they're having trouble with fewer locations to review. And it's not only just the amount of locations that they think are appropriate and the lack of desire to do a sublease. And most of our sublease space tends to be in lower floors in this market right now.

是的。我也會重複同樣的事情。我昨晚剛與租戶代表共進了一次經紀晚宴，他們每個人都表達了同樣的問題，即對於他們的高端客戶、高級客戶來說，他們在需要審查的地點較少方面遇到了麻煩。這不僅是他們認為合適的地點數量以及缺乏轉租意願的問題。目前，我們的大部分轉租空間往往位於該市場的較低樓層。

There's also the question of, for the first time I'm seeing tenant rep people really underwriting the landlord's capability to fund TIs. And that hasn't happened in a long time.

還有一個問題是，我第一次看到租戶代表真正認可房東為 TI 提供資金的能力。而且這種情況已經很久沒有發生了。

Thank you. And I show our next question, comes from the line of Dylan Burzinski from Green Street. Please go ahead.

謝謝。我將展示我們的下一個問題，來自格林街的 Dylan Burzinski。請繼續。

I guess just going back to your comments on acquisition opportunities. Are there certain markets that you guys are looking at that you're getting more excited about deploying capital in today's environment?

我想回到您對收購機會的評論。你們正在關注的某些市場是否讓您對在當今環境下部署資本感到更加興奮？

The way we think about this is we set, top down a perimeter, which we have, which is our 6 markets. And in terms of specific investments, that is a bottoms-up process and a more opportunistic process. So we're open for business everywhere, and it just depends on the opportunity, and we want to allocate capital to the best opportunities.

我們思考這個問題的方式是，我們自上而下設定一個邊界，這就是我們的 6 個市場。從具體的投資來看，這是一個由下而上的過程，也是一個更機會主義的過程。因此，我們對各地的業務開放，這取決於機會，我們希望將資本分配給最好的機會。

That all being said, as you've heard from our remarks and you see in our results, it's easier to underwrite leasing activity in our East Coast markets, particularly in New York and Boston, than it is in our West Coast market. So the assumptions that we would use in underwriting deals would obviously be more challenging on the West Coast given the market behavior.

話雖如此，正如您從我們的演講中聽到的以及在我們的結果中看到的那樣，在我們的東海岸市場（尤其是紐約和波士頓）承銷租賃活動比在我們的西海岸市場更容易。因此，考慮到市場行為，我們在承銷交易中使用的假設在西海岸顯然更具挑戰性。

Yes. I just want to add one thing and then maybe I'll let Hilary comment on this, for New York, which is, there is no question that the overall amount of demand in the market in the -- what I would refer to as sort of the Park Avenue District of New York, which is this area between, call it, 43rd Street and 59th Street, Park Madison, Lexington, a little bit of Fifth Avenue is by far the strongest market from a demand perspective, we're seeing in the country.

是的。我只想補充一件事，然後也許我會讓希拉蕊對此發表評論，對於紐約來說，毫無疑問，市場的總體需求量——我所說的排序紐約公園大道區，也就是列剋星敦麥迪遜公園第43 街和第59 街之間的區域，第五大道的一小部分從需求角度來看是迄今為止最強勁的市場，我們看到在國內。

There are still really, really challenged opportunities in that market that are going to have to get resolved relative to the capital structures that these buildings are currently operating under. And you are not going to be able to, in my opinion, replace the mortgages that were put on many of these buildings, including Bs and mezzanine capital and preferred equity to the same level, which means there's going to be an equitization requirement, and that's going to potentially create opportunities, which, by the way, as both Owen and Mike said, that's why we were able to acquire the General Motors Building in 2008. That's why we were able to acquire 510 Madison Avenue.

該市場仍然存在真正非常具有挑戰性的機會，相對於這些建築目前運營的資本結構而言，這些機會必須解決。在我看來，你將無法將許多此類建築物的抵押貸款（包括 Bs 和夾層資本以及優先股）替換為相同水平，這意味著將存在股票化要求，並且這將潛在地創造機會，順便說一句，正如歐文和麥克所說，這就是我們能夠在2008 年收購通用汽車大廈的原因。這也是我們能夠收購麥迪遜大道510 號的原因。

And Hilary, you may want to just sort of talk about what's going on in Manhattan.

希拉里，你可能想談談曼哈頓正在發生的事情。

Sure. Thanks, Doug. So as Doug mentioned, there are a number of high-quality assets in really desirable submarkets, the Park Avenue Corridor, really all the way up to where the General Motors Building is that, or underwater on their financing and are having difficulty rationalizing, putting capital into the buildings to support leasing opportunities. And so we're really getting a lot of inbounds from the perspective of -- clients know that we have a strong balance sheet. They know that we're not over levered. They know that we can commit capital to leasing. So that's enuring to our benefit. And we're watching those situations, where capital stacks are upside down, which may potentially present an opportunity for us.

當然。謝謝，道格。正如道格所提到的，在真正理想的子市場、公園大道走廊、一直到通用汽車大樓所在的地方，有許多優質資產，或者融資陷入困境，難以合理化、投入資本注入建築物以支持租賃機會。因此，從客戶知道我們擁有強大的資產負債表的角度來看，我們確實收到了許多流入。他們知道我們的槓桿並未過度。他們知道我們可以將資金投入租賃。所以這對我們有利。我們正在觀察這些資本堆疊顛倒的情況，這可能會為我們帶來機會。

But again, to the point that Owen and Doug have raised, we would only really be interested in the highest quality assets that are premier workplace, is consistent with what we already own. I would tell you, there's at least a handful of those situations in Midtown that we're tracking.

但同樣，就歐文和道格提出的觀點而言，我們只會真正對最優質的資產感興趣，這些資產是首要的工作場所，與我們已經擁有的資產一致。我想告訴你，我們正在追蹤中城區至少有一些這樣的情況。

Thank you. And I show our next question, comes from the line of Peter Abramowitz from Jefferies. Please go ahead.

謝謝。我將展示我們的下一個問題，來自 Jefferies 的 Peter Abramowitz。請繼續。

Yes, thank you. Wanted to hear if your peers have mentioned just potentially some pressure on operating margins going forward, as return-to-office mandates have more of an effect and more people are in the office. Just wondering if you could talk about that, potentially, how we should think about that for your portfolio moving forward?

是的，謝謝。想聽聽您的同行是否提到了未來營業利潤率可能面臨的一些壓力，因為重返辦公室的要求產生了更大的影響，而且辦公室裡的人越來越多。只是想知道您是否可以談談這個問題，我們應該如何考慮您的投資組合的未來發展？

I'm going to be sort of tongue in cheek. We don't have any peers. We are who we are. And we operate our buildings in a very different way. And we've been operating our buildings with an expectation that our buildings are fully occupied for the last couple of years.

我會有點開玩笑。我們沒有同行。我們就是我們。我們以非常不同的方式經營我們的建築。我們一直在經營我們的建築，並期望我們的建築在過去幾年裡都能完全佔據。

So return to work and increase occupancy, in my opinion, is going to have no impact on our margins. What will have an impact on our margins are, what I would refer to as the sort of atmospherics out there, which are, how will the labor rates associated with union contracts for janitorial work their way out? Will the insurance markets continue to be challenging relative to the number of weather-related events and how that's impacting desirability of the insurers to provide insurance? What will the municipalities do relative to their tax burden and valuations because valuations are clearly coming down, right? And so how will that be reflected in their desires to increase their rates.

因此，我認為，重返​​工作崗位並增加入住率不會對我們的利潤產生影響。對我們的利潤產生影響的是，我所說的那種氛圍，即與清潔工工會合約相關的勞動力價格將如何解決？相對於天氣相關事件的數量，保險市場是否會繼續面臨挑戰？這將如何影響保險公司提供保險的意願？由於估值明顯下降，各市府將如何處理其稅負和估值，對嗎？那麼這將如何反映在他們提高利率的願望中呢？

All of those things, I think, are going to have some degree of pressure on margins. They're not going to have pressure on margins on an incremental basis. It's going to be over a period of time because either our leases are triple net or there are gross with our operating base and that operating base is step based upon the existing lease. So until you get the rollover, you don't really have that impact on your overall flow.

我認為，所有這些事情都會對利潤率產生一定程度的壓力。他們不會在增量的基礎上承受利潤壓力。這將需要一段時間，因為我們的租賃是三重淨值，或者我們的營運基礎有毛額，而該營運基礎是基於現有租賃的一步。因此，在實現滾動之前，您不會真正對整體流程產生影響。

And in general, if you look back historically, over the past decade, my guess is that the margins for BXP are somewhere in the mid- to high-60s, and they haven't really fluctuated very much. So I don't think that is an issue.

總的來說，如果你回顧過去十年的歷史，我的猜測是 BXP 的利潤率在 60 多歲左右，而且波動並不大。所以我認為這不是問題。

Thank you. And I show our next question, comes from the line of Camille Bonnel from Bank of America. Please go ahead.

謝謝。我將展示我們的下一個問題，來自美國銀行的 Camille Bonnel。請繼續。

Good morning. So despite your FAD Payout Ratio picking up this quarter, I know this FAD is on track this year to deliver one of its best years. As we head into year-end using third quarter as a base, are there any factors we should be considering that could impact it after considering the FFO changes you highlighted? And can you help us understand how your FAD growth has generally kept pace or outpaced FFO given how office is such a capital-intensive business?

早安.因此，儘管您的 FAD 支付率本季有所上升，但我知道 FAD 今年有望實現最好的年份之一。當我們以第三季為基礎進入年底時，在考慮您強調的 FFO 變化後，我們是否應該考慮任何可能影響它的因素？鑑於辦公大樓是一項資本密集型業務，您能否幫助我們了解您的 FAD 成長總體上是如何跟上或超過 FFO 的？

Thanks, Camille. I'll take that one. So you're right. I mean, our AFFO has held up really well. In fact, I anticipate that it's going to be somewhere between 5% and 10% higher than it was last year. And the primary reason for that is 2 things.

謝謝，卡米爾。我會接受那個。所以你是對的。我的意思是，我們的 AFFO 表現得非常好。事實上，我預計這一數字將比去年高出 5% 到 10%。主要原因有兩件事。

One, we had a lot of free rent that burned off last year with some large leasing that we had done, and that became cash rent this year. So that really helped our AFFO. And then our leasing expirations in 2023 were lower. So we actually had to do less leasing to maintain the occupancy that we had. So our lease transaction costs are also a little bit lower. I think in the fourth quarter, we will see some incremental CapEx, if you look at the first 3 quarters of CapEx, it's not really where we would have a typical run rate for CapEx. So I think our teams out there are trying to get everything done. So I do think that our CapEx will be a little bit higher in the fourth quarter.

第一，我們有很多免費租金，去年我們完成了一些大型租賃，這些租金被燒掉了，今年變成了現金租金。這確實對我們的 AFFO 有幫助。然後我們 2023 年的租賃到期時間就會縮短。因此，我們實際上必須減少租賃才能維持現有的入住率。所以我們的租賃交易成本也低一點。我認為在第四季度，我們將看到一些增量資本支出，如果你看看前三個季度的資本支出，你會發現這不是我們典型的資本支出運作率。所以我認為我們的團隊正在努力完成一切。所以我確實認為我們第四季的資本支出會更高一些。

But overall, I mean, if you -- the guidance for AFFO would be something like $5 and $5.20 is what we're looking at, which I think is pretty solid. So the run rate is a little bit lower in the fourth quarter than it has been, basically due to kind of catching up on the CapEx items that we've planned, but haven't quite been completed yet.

但總的來說，我的意思是，如果你——AFFO 的指導價約為 5 美元，而我們正在考慮的是 5.20 美元，我認為這是相當可靠的。因此，第四季度的運作率比以往要低一些，主要是因為我們正在趕上我們計劃但尚未完全完成的資本支出項目。

Thank you. And I show our next question, comes from the line of Ronald Kamdem from Morgan Stanley. Please go ahead.

謝謝。我將展示我們的下一個問題，來自摩根士丹利的 Ronald Kamdem。請繼續。

Just wanted to zoom in on the life sciences segment. If you could talk about what activity or the pipeline is looking like? And if you can comment on large tenants versus middle and smaller users would be helpful. Thanks.

只是想放大生命科學領域。能否談談活動或流程是什麼樣的？如果您可以對大型租戶與中小型用戶進行評論，將會有所幫助。謝謝。

Sure. So again, the breadth of our life science activity is our property at 651 Gateway, which we're in partnership with ARE. And there, the only significant demand that we've been seeing is from small tenants, meaning single-floor type tenants that are looking for turnkey buildouts.

當然。再說一次，我們生命科學活動的廣度是我們與 ARE 合作的 651 Gateway 的財產。在那裡，我們看到的唯一重要需求來自小型租戶，這意味著正在尋求交鑰匙擴建的單層租戶。

And then our other life science opportunity is the 2 buildings that we have in the Greater Boston marketplace. 180 CityPoint, which is just completed. And when anybody goes there, they are blown away by sort of what it provides, not just from a life science infrastructure, but actually from a human infrastructure in terms of the amenity base that, that building provides to any client and why they would want to be in a building like that. And that our other building at 1034th Avenue.

我們另一個生命科學的機會是我們在大波士頓市場擁有的兩棟建築。 180 CityPoint，剛竣工。當任何人去那裡時，他們都會被它提供的東西所震撼，不僅來自生命科學基礎設施，而且實際上來自人類基礎設施，即該建築為任何客戶提供的便利設施基礎以及他們想要的原因在這樣的建築裡。我們位於 1034 大道的另一棟大樓。

I would say we're seeing consistent tour activity, a couple of tours every week or so. These are, I would refer to as shoppers, not buyers, right? They all have a potential use for space, some of them are lease expiration-driven. Some of them are related to potential opportunities for successful drug discovery from a commercialization perspective and therefore, added capital and therefore, the ability to hire more people, but they are being very, very cautious and it's an elongated process.

我想說我們看到了持續的旅遊活動，每週左右都有幾次旅遊。我將這些人稱為購物者，而不是買家，對嗎？它們都有空間的潛在用途，其中一些是租賃到期驅動的。其中一些與從商業化角度成功發現藥物的潛在機會有關，因此增加了資本，從而僱用更多人員的能力，但他們非常非常謹慎，這是一個漫長的過程。

And for the most part, those tenants are privately funded organizations. There are a few public out there. There's 1 or 2 sort of large organizations that are I would say, traveling around in the Greater Boston market as well as in San Francisco that are, I think they are the same names you would have -- you probably would have heard 18 months ago. Looking for space, and they haven't yet to make a decision. And they could, at any time, make a decision or they could continue to postpone.

大多數情況下，這些租戶都是私人資助的組織。那裡有一些公眾。我想說，有 1 或 2 類大型組織，在大波士頓市場和舊金山巡迴演出，我認為它們的名字與您可能會聽到的名字相同 - 您可能在 18 個月前就聽說過。正在尋找空間，但他們還沒有做出決定。他們可以隨時做出決定，也可以繼續延後。

So again, it's a relatively slow process and the demand is like the demand was, call it, back in 2014 or '15 relative to the demand that we were all experiencing in 2019, '20 and early '21 where it was just explosive.

再說一次，這是一個相對緩慢的過程，需求就像 2014 年或 15 年的需求，相對於我們在 2019 年、20 年和 21 年初經歷的需求而言，當時的需求是爆炸性的。

Yes, for Boston, Doug's description is spot on in terms of the underwriting of what we're seeing. I would add, over the last 2 weeks, we have seen some encouraging amount of tour uptick and in size as well, not huge but midsized 30,000 to 60,000 feet, a couple. And then also, we've been encouraged by the quality, as Doug mentioned, of these clients.

是的，對於波士頓來說，道格的描述在我們所看到的承保方面是正確的。我想補充一點，在過去的兩周里，我們看到了一些令人鼓舞的旅遊數量和規模的上升，不是很大，但中等規模的 30,000 到 60,000 英尺，有幾個。此外，正如道格所提到的，這些客戶的品質也讓我們感到鼓舞。

Thank you. And I show our last question, comes from the line of Omotayo Okusanya from Deutsche Bank. Please go ahead.

謝謝。我展示最後一個問題，來自德意志銀行的 Omotayo Okusanya。請繼續。

Just if you could make any quick comments just about your outlook on life sciences. Is this an area you think you might [make] lean into more as we go into 2024, fundamentals still somewhat uncertain, and it's an area where you may not do as much in. Any commentary would be appreciated.

如果您能快速評論一下您對生命科學的看法就好了。進入 2024 年，您認為您可能會在這個領域投入更多精力嗎？基本面仍然有些不確定，而且您可能不會在這個領域做太多事情。如有任何評論，我們將不勝感激。

Okay. So I'll just, I'll assume that you'll - the comments that I just made are not meant to be repeated. So let me take a different tack, which is we are not planning on starting any new life science activities in any of our marketplaces given current conditions.

好的。所以我假設你會 - 我剛剛發表的評論並不意味著重複。因此，讓我採取不同的策略，即鑑於目前的條件，我們不打算在任何市場中進行任何新的生命科學活動。

That being said, we have opportunities to build some fabulous life science buildings on land, which has virtually no basis in it. Therefore, we have a "cost advantage" at some point, if there is demand. When there is that demand, we will sequentially start to think about how we might be attractive to tenants that are looking for buildings where the economics would justify the new construction of the life science relative to where the market economics are.

話雖這麼說，我們有機會在幾乎沒有任何基礎的土地上建造一些精彩的生命科學建築。因此，如果有需求，我們在某個時候就有「成本優勢」。當有這種需求時，我們將依次開始考慮如何吸引那些正在尋找建築的租戶，這些建築的經濟性將證明相對於市場經濟而言，生命科學的新建築是合理的。

But in the short term, meaning, 2023, 2024, there's going to be absolutely no expectation for us to be starting a new life science building. Pause. There are a couple of places in our portfolio where we have existing office installations, where there's actually some interested life science demand, were a tenant to show up and say, "Hey, we want 40,000 square feet in this particular location, would you consider putting the infrastructure in to the building to allow us to do light or heavy lab research?" We would consider doing that depending upon the credit of that company."Those organizations could be anywhere in our portfolio. But absent that, what you see is what you get relative to our existing life science platform.

但從短期來看，也就是 2023 年、2024 年，我們絕對不會期望建造一座新的生命科學大樓。暫停。在我們的投資組合中，有幾個地方擁有現有的辦公設施，實際上存在一些感興趣的生命科學需求，如果有租戶出現並說：「嘿，我們想要在這個特定位置擁有40,000 平方英尺的空間，您會考慮一下嗎？”將基礎設施放入建築物中，以便我們進行輕型或重型實驗室研究？”我們會考慮這樣做，這取決於該公司的信譽。「這些組織可能位於我們投資組合中的任何地方。但如果沒有這些，你所看到的就是相對於我們現有的生命科學平台所得到的。

Thank you. And I show, we have a question from the line of Jamie Feldman from Wells Fargo. Please go ahead.

謝謝。我表明，我們有一個來自富國銀行傑米費爾德曼的問題。請繼續。

Great. Thanks for taking my question. I guess, since I'm last, maybe if I (inaudible), if you humor me, I can ask two.

偉大的。感謝您提出我的問題。我想，既然我是最後一個，也許如果我（聽不清楚），如果你幽默我，我可以問兩個。

First is, you mentioned San Francisco back to 45% of its turnstile activity. I mean, how do you think that plays out over time? That's a meaningful difference from what you said New York, is at 95%?

首先，您提到了舊金山 45% 的十字轉門活動。我的意思是，你認為隨著時間的推移，情況會如何？這與你所說的紐約有95%的顯著差異嗎？

And then secondly, What are partners saying, like capital - potential capital partners saying in terms of wanting to put money to work in office? Is it more conversion activity? Are there certain markets? Just, are they starting to think about writing checks here more aggressively?

其次，合作夥伴在說什麼，例如資本——潛在的資本合作夥伴在想把錢投入辦公室工作方面說了什麼？是否有更多的轉化活動？有特定的市場嗎？只是，他們是否開始考慮在這裡更積極地寫支票？

Yes. So Jamie, I'll take a crack at it. Definitely, the Bay Area, and actually, I'd just say the West Coast, Seattle, it's true in L.A. as well, the turnstile activity is slower, I think that is primarily driven by the behavior and policies of the technology client base. They have been less forceful and less prescriptive about having workers come back to the office.

是的。所以傑米，我會試試看。當然，灣區，實際上，我只想說西海岸、西雅圖，洛杉磯也是如此，十字轉門活動較慢，我認為這主要是由技術客戶群的行為和政策驅動的。他們對於讓員工返回辦公室的力道和規定都沒有那麼強硬。

That all being said, the activity is increasing, and I think it's going to continue to increase just more slowly. So what was the second part of your question - was private equity. So look, there is, I would say, certainly much more limited interest in the private equity industry today generally for office. That's why you're not seeing much transaction activity.

話雖如此，活動正在增加，而且我認為它會繼續增加，但速度會更慢。那你問題的第二部分就是私募股權。所以，我想說，如今私募股權產業對辦公室的興趣肯定要有限得多。這就是為什麼您看不到太多交易活動的原因。

As I mentioned in my remarks, the - most of it is being driven by smaller investors, family offices groups that are seeing the deep discounts that are being offered in the market and are not needing debt financing. That all being said, I do think that sophisticated private equity investors understand the difference between premier workplace and a typical office asset. And I do think for the right asset at the right price, there will be institutional interest in those kinds of assets.

正如我在演講中提到的，其中大部分是由小型投資者和家族辦公室集團推動的，他們看到市場上提供的大幅折扣，並且不需要債務融資。話雖如此，我確實認為成熟的私募股權投資者了解優質工作場所和典型辦公資產之間的差異。我確實認為，對於價格合適的合適資產，機構會對此類資產產生興趣。

Yes, Jamie, this is Doug. What my sort of add-on would be the capital that's currently aggressively thinking about office, is thinking about trading, right? They're looking at, there's an opportunity for us to get in and then get out at a much higher basis and these are trading sardines, not eating sardines. We are in the eating sardines business in general in our portfolio.

是的，傑米，這是道格。我的附加內容是目前正在積極考慮辦公室、正在考慮交易的資本，對嗎？他們正在考慮，我們有機會以更高的價格進入然後退出，而這些是交易沙丁魚，而不是吃沙丁魚。在我們的投資組合中，我們總體上從事食用沙丁魚業務。

So we're looking at these things on a long-term basis, finding a capital partner that is, today, saying, "Okay, now I want to jump in and I want to invest money for a duration of 10 or 15 or 20 or infinite years." Is certainly more problematic in terms of just desirability because of the nervousness associated with the overall fundamental.

因此，我們正在長期關注這些事情，尋找一個資本合作夥伴，他今天會說：“好吧，現在我想加入，我想投資資金，持續時間為 10、15 或 20 年。或無限年。”由於與整體基本面相關的緊張情緒，就可取性而言肯定存在更多問題。

However, there are some, right? And Owen and James Magaldi went to the various parts of the globe this summer and had constructive conversations. We are having constructive conversations with other capital from other parts of the world that are coming into the United States, it's a slow, slow process. And I can't tell you that there's a transaction that will get consummated with BXP with one of those capital partners in the next couple of months. But there are opportunities.

不過，還是有一些的，對吧？今年夏天，歐文和詹姆斯·馬加爾迪前往世界各地並進行了建設性對話。我們正在與來自世界其他地區進入美國的其他資本進行建設性對話，這是一個非常非常緩慢的過程。我無法告訴您，在接下來的幾個月內，BXP 將與這些資本合作夥伴之一完成一筆交易。但也有機會。

And as Owen said earlier in his original comments, we are talking to some JV partners about putting capital into some of our assets right now that would, I think, be the kind of capital that we would look at as long-term quality institutional capital that is not looking to trade for a profit. And so that is what we're focusing our time and attention on.

正如歐文早些時候在他最初的評論中所說，我們正在與一些合資夥伴討論如何將資本投入到我們的一些資產中，我認為，這將是我們視為長期優質機構資本的資本這並不是為了盈利而進行交易。這就是我們將時間和注意力集中在上面的事情。

Thank you. And so our next question, comes from the line of Richard Anderson from Wedbush Securities. Please go ahead.

謝謝。因此，我們的下一個問題來自韋德布希證券公司的理查德安德森。請繼續。

In Jamie's logic, maybe I could sneak in 3 questions, since I'm last.

按照傑米的邏輯，也許我可以偷偷問三個問題，因為我是最後一個。

4 if you want.

4 如果你願意的話。

So Owen, getting back to being prepared to take advantage of the marketplace, it sounds like mostly individual assets you're focused on. But could there be smaller portfolios or dare I say, companies, either private or public. Or is that just, does that just get too complicated? And I wonder if you could share some sort of dollar value of the pipeline of opportunities that you're looking at today?

因此，歐文，回到準備利用市場的準備上來，聽起來您主要關注的是個人資產。但是否可以有更小的投資組合，或者我敢說，公司，無論是私人還是公共的。或者只是，這變得太複雜了？我想知道您是否可以分享您今天正在尋找的機會管道的某種美元價值？

Yes. I'm not going to rule anything out, but I do think the reason that BXP has 94% of its portfolio in premier workplaces as the portfolio has been curated one asset at a time, either through acquisition development also through our disposition activity. So I think single asset activity is more likely. And I think it's difficult to put a dollar value on what we're looking at. I mean, we are -- our job is to be in dialogue with owners of assets that we're interested in, and the lenders to assets that we're interested in and these dialogues are fluid. And I think it's really hard to put a number on.

是的。我不會排除任何可能性，但我確實認為 BXP 94% 的投資組合位於一流工作場所的原因是，該投資組合一次只策劃一項資產，無論是透過收購開發還是透過我們的處置活動。所以我認為單一資產活動的可能性比較大。我認為很難用美元來衡量我們所關注的內容。我的意思是，我們的工作是與我們感興趣的資產的所有者以及我們感興趣的資產的貸方進行對話，並且這些對話是流動的。我認為很難給出一個數字。

Thank you. I show no further questions in the queue. At this time, I would like to turn the call back to Owen Thomas, Chairman and CEO, for closing remarks.

謝謝。我在隊列中沒有顯示任何其他問題。此時，我想將電話轉回董事長兼執行長歐文‧托馬斯 (Owen Thomas)，讓其致閉幕詞。

Thank you. We have no more formal remarks. I want to thank everybody for their time, attention and interest in BXP.

謝謝。我們沒有更正式的評論。我要感謝大家對 BXP 的時間、關注和興趣。

Thank you. This concludes today's conference call. Thank you for attending. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的出席。你們都可以斷開連線。