波士頓物產 (BXP) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to BXP's Q4 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BXP 2024 年第四季財報電話會議。（操作員指令）。請注意，今天的會議正在錄音。

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

現在，我想將會議交給第一位發言人、投資者關係副總裁 Helen Han。請繼續。

Good morning, and welcome to BXP's fourth-quarter 2024 earnings conference call.

早安，歡迎參加 BXP 2024 年第四季財報電話會議。

The press release and supplemental package were distributed last night and furnished on Form 8-K. 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.

新聞稿和補充資料已於昨晚分發，並以 8-K 表格形式提供。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較的 GAAP 指標進行協調。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 believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained. 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.

此時，我們想通知您，本次電話會議中所做的某些非歷史性的陳述可能構成《私人證券訴訟改革法案》所定義的前瞻性陳述。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，但它不能保證這些預期能夠實現。可能導致實際結果與前瞻性陳述所表達或暗示的結果有重大差異的因素和風險已在昨天的新聞稿中以及 BXP 不時向美國證券交易委員會提交的文件中詳細說明。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.

我歡迎董事長兼執行長歐文‧托馬斯 (Owen Thomas)；道格‧林德（Doug Linde），總裁；以及財務長 Mike LaBelle。在我們電話會議的問答環節中，高級執行副總裁 Ray Ritchey 和我們的區域管理團隊將解答任何問題。

We ask that those of you participating in the Q&A portion of the call to please limit yourself to one and only one question. If you have an additional query or follow-up, please feel free to rejoin the queue.

我們要求參加電話問答環節的各位只問一個問題。如果您有其他疑問或需要跟進，請隨時重新加入隊列。

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

現在我想請歐文·托馬斯發表正式講話。

Great. Thank you, Helen. Good morning, and Happy Lunar New Year to all of you.

偉大的。謝謝你，海倫。早安，祝大家農曆新年快樂。

Our results in the fourth quarter demonstrated strong performance given our execution and the property and capital market recovery that is underway. Our FFO per share was in line with our forecast and market consensus for the fourth quarter. We completed over 2.3 million square feet of leasing in the quarter, which was the most quarterly leasing we have experienced since the second quarter of 2019. It was 130% of our long-term average leasing for the fourth quarter and our fifth largest quarter of leasing ever.

鑑於我們的執行力以及正在進行的房地產和資本市場復甦，我們第四季的業績表現強勁。我們的每股 FFO 與我們對第四季度的預測和市場共識一致。本季我們完成了超過 230 萬平方英尺的租賃，這是自 2019 年第二季以來我們經歷的最多的季度租賃。這是我們第四季長期平均租賃量的 130%，也是我們歷史上租賃量第五大的季度。

Over the last few months, we have made several significant leasing announcements with important clients such as Bain Capital, Ropes & Gray, McDermott Will & Emery, and KnitWell. We leased over 5.6 million square feet for all of 2024, which was 35% greater than 2023. And the average term for over 291 leases completed in 2024 was just under 10 years. Though the fourth quarter is usually our most productive leasing quarter due to year-end seasonality effects, momentum is clearly building in the market and our leasing results.

在過去的幾個月中，我們與貝恩資本、Ropes & Gray、McDermott Will & Emery 和 KnitWell 等重要客戶發布了幾項重大租賃公告。2024 年全年我們租賃的面積超過 560 萬平方英尺，比 2023 年成長了 35%。2024 年完成的 291 多份租約的平均期限略低於 10 年。雖然由於年終季節性影響，第四季度通常是我們租賃業績最豐厚的季度，但市場和我們的租賃業績顯然正在增強勢頭。

As I discussed at some length last quarter, the most important market forces impacting BXP, corporate earnings growth, return-to-office behavior, and outperformance of premier workplaces continues to work in our favor, serving as a tailwind for BXP's performance. The one critical factor with a more uncertain trajectory is interest rates. Inflation measured at CPI has risen the last three months to 2.9%, stubbornly above the Fed's 2% target, and the December employment release indicated new job creation was well in excess of market expectation.

正如我上個季度詳細討論的那樣，影響 BXP 的最重要的市場力量、企業盈利增長、重返辦公室行為以及一流工作場所的優異表現繼續對我們有利，成為 BXP 業績的順風。其中一個走勢較不確定的關鍵因素是利率。以消費者物價指數 (CPI) 衡量的通膨率在過去三個月中上升至 2.9%，持續高於聯準會 2% 的目標，而 12 月的就業數據表明，新增就業機會遠超出市場預期。

As a result, the Fed has become more cautious, lowering its forecast of Fed funds rate cuts in 2025. And in the fixed income markets, long-term interest rates are up nearly 100 basis points since the Fed's first rate cut in September last year. Notwithstanding these uncertainties, short-term interest rates should remain lower in 2025 and 2024, which would be a positive for our and our clients' cost of capital.

因此，聯準會變得更加謹慎，下調了對2025年聯邦基金利率降息的預測。在固定收益市場，自去年9月聯準會首次降息以來，長期利率已上漲近100個基點。儘管存在這些不確定性，短期利率在 2025 年和 2024 年仍應保持較低水平，這對我們和我們客戶的資本成本來說都是有利的。

One question we frequently receive is to project the impact of the new federal administration's policies on BXP's activities. Though we are in the early stages of the new administration executing its plan, we do believe many of the articulated policies are business friendly, particularly lower taxes and less regulation, which will be positive for our clients, building their confidence and as a result, stimulating leasing activities.

我們經常收到的一個問題是預測新聯邦政府的政策對 BXP 活動的影響。雖然我們正處於新政府執行計劃的早期階段，但我們確實相信，許多已製定的政策對企業有利，特別是降低稅收和減少監管，這將對我們的客戶產生積極影響，增強他們的信心，從而刺激租賃活動。

Regarding efficiency initiatives, even if the federal workforce is rationalized and the GSA reduces space requirements, having federal workers returning to their offices should be a significant positive for BXP's business in the Washington, DC region. BXP has limited exposure to GSA leases and is therefore not directly impacted by a reduction in GSA space requirements. More street life would be a positive for the urban environment and local retailers in Washington, DC and many of our users are government contractors who would be more likely to return to their offices in line with our government clients.

至於效率舉措，即使聯邦勞動力得到合理化，且總務管理局減少了空間需求，讓聯邦工作人員重返辦公室對於 BXP 在華盛頓特區的業務來說也是一件大好事。BXP 對 GSA 租賃的曝險有限，因此不會受到 GSA 空間需求減少的直接影響。更多的街頭生活將對城市環境和華盛頓特區的當地零售商產生積極影響，我們的許多用戶都是政府承包商，他們更有可能與我們的政府客戶一起回到辦公室。

An area of concern with the new administration's policies is the potential impact to interest rates, given that new tariffs, if implemented, could be inflationary and larger fiscal deficits resulting from tax cuts could lead to higher long-term treasury yields in the debt markets.

新政府政策令人擔憂的一個領域是其對利率的潛在影響，因為新關稅一旦實施，可能會引發通膨，而減稅造成的財政赤字擴大可能導致債務市場長期國債殖利率上升。

We are shocked by the devastation of the recent fires in LA and empathetic to all those impacted. It is too early to fully understand the future impact of this tragedy on the LA office market, but we are aware of a significant office sale process that is progressing with no apparent pricing impact post the fire incident.

我們對最近洛杉磯火災造成的破壞感到震驚，並對所有受影響的人們表示同情。現在要完全了解這場悲劇對洛杉磯辦公大樓市場未來的影響還為時過早，但我們知道，正在進行的重要辦公室銷售過程在火災事件後沒有對價格產生明顯影響。

As discussed repeatedly in the past, BXP competes primarily in the premier workplace segment of the office sector, which continues to materially outperform the broader office market. Premier workplaces are defined in CBRE's research as the highest quality 7% of buildings, representing 13% of total space in our five CBD markets. Direct vacancy for Premier workplaces is currently 13.2% versus 18.8% for the broader market. Likewise, net absorption for premier workplaces has been a positive 8.8 million square feet over the last three years versus a negative 15.6 million square feet for the broader market, Asking rents for premier workplaces are more than 50% higher than the broader market, up from approximately a 40% premium three years ago.

正如過去反覆討論的那樣，BXP 主要在辦公大樓領域的頂級工作場所領域競爭，該領域的表現繼續遠遠優於更廣泛的辦公大樓市場。CBRE 的研究將優質辦公空間定義為佔建築品質最高的 7% 的建築，占我們五個 CBD 市場總空間的 13%。目前，優質辦公室的直接空置率為 13.2%，而整體市場的空置率為 18.8%。同樣，過去三年來，一流辦公場所的淨吸收量為正 880 萬平方英尺，而大盤的淨吸收量為負 1560 萬平方英尺，一流辦公場所的租金要價比大盤高出 50% 以上，而三年前則高出約 40%。

Regarding the real estate private equity, capital markets office sales volume in the fourth quarter demonstrated a continued acceleration of deal activity. Specifically, significant US office sales volume was $15.3 billion, 80% greater than the third quarter of '24 and 59% above the fourth quarter a year ago. Lower short-term interest rates, increased leasing activity for certain assets and locations and better access to debt financing continue to be the drivers.

房地產私募股權方面，第四季資本市場辦公室銷售額呈現交易活動持續加速的態勢。具體而言，美國辦公大樓銷售額達 153 億美元，比 24 年第三季成長 80%，比去年同期第四季成長 59%。較低的短期利率、某些資產和地點的租賃活動增加以及更好的債務融資管道仍然是推動因素。

Though there were limited premier workplace sale transactions this past quarter in our core markets, notable deals include [Norges] purchased the 50% interest that did not already own in a portfolio of eight assets located in Boston, Washington, DC and San Francisco from Nuveen. Pricing was on average approximately $500 a square foot for a portfolio that is 88.5% leased. A non-US investor purchased an 11% minority interest in One Vanderbilt next to Grand Central in New York City for $2,700 a square foot and a 4.3% reported cap rate.

儘管上個季度我們核心市場的優質辦公場所銷售交易有限，但值得注意的交易包括 [Norges] 從 Nuveen 手中收購了位於波士頓、華盛頓特區和舊金山的八項資產組合中尚未擁有的 50% 的權益。對於出租率為 88.5% 的物業組合，其平均價格約為每平方英尺 500 美元。一位非美國投資者以每平方英尺 2,700 美元的價格和 4.3% 的報告資本化率購買了紐約市中央車站旁的 One Vanderbilt 的 11% 的少數股權。

Moving to BXP's capital allocation activities and new investments, we commenced an exciting new office development in Washington, DC. Specifically, we acquired 725 12th Street, a vacant office building from its lender for $34 million or $112 a square foot. The site is very well located, immediately adjacent to Metro Center, Washington, DC's busiest transit stop where four train lines converge.

隨著 BXP 的資本配置活動和新投資的開展，我們在華盛頓特區開始了一個令人興奮的新辦公室開發項目。具體來說，我們以 3,400 萬美元或每平方英尺 112 美元的價格從貸款人手中收購了第 12 街 725 號一棟空置的辦公大樓。該地點地理位置優越，緊鄰華盛頓特區最繁忙的交通站地鐵中心，四條火車線路在此交會。

Concurrent with the acquisition, we secured a long-term prelease commitment from McDermott Will & Emery for 152,000 square feet to anchor a new premier workplace development on the site. Further, we have a letter of intent with another anchor client to lease substantially all of the remaining space. Our development plan is to demolish the existing building, reuse the below-grade parking structure and rebuild a new 320,000 square foot premier workplace with market-leading amenities and unique entry meeting and outdoor spaces for our two anchor clients.

在此次收購的同時，我們也從 McDermott Will & Emery 獲得了 152,000 平方英尺的長期預租承諾，將在該地塊上打造一個新的一流工作場所開發項目。此外，我們已與另一家主要客戶達成意向書，將租賃大部分剩餘空間。我們的開發計劃是拆除現有建築，重新使用地下停車場結構，並為我們的兩大主要客戶重建一個 320,000 平方英尺的全新一流工作場所，並為我們的兩大主要客戶配備市場領先的設施和獨特的入口會議和戶外空間。

We expect the full development budget, including land acquisition and capital costs, will be approximately $350 million, and our projected initial cash development yield for the project is over 8%. The development has commenced with our acquisition in December, and we expect to deliver the building in late 2028.

我們預計整個開發預算（包括土地收購和資本成本）約為 3.5 億美元，我們預計該項目的初始現金開發收益率將超過 8%。該開發案已於 12 月開始實施，我們預計將於 2028 年底交付該建築。

The 725 12th Street is a great example of how BXP is uniquely able to create an accretive investment opportunity in the current market environment. The existing building was empty and its loan in default creating a discounted acquisition opportunity. Industry-leading clients want and will pay for new premier workplace space fulfillments, notwithstanding high levels of vacancy in existing buildings. And BXP has the unique ability to execute, given our relationships with lenders and owners, trusted reputation and experience with industry-leading clients, both in Washington, DC and around the US, access to the capital markets needed to fund the development and a market-leading execution team to design and construct the new building. Well done, team BXP DC.

12 街 725 號很好地體現了 BXP 如何能夠在當前市場環境下以獨特的方式創造增值投資機會。現有建築物處於空置狀態，且貸款違約，從而創造了折扣收購機會。儘管現有建築的空置率很高，但業界領先的客戶仍然希望並且願意為新的優質辦公空間付費。BXP 擁有獨特的執行能力，因為我們與貸方和業主建立了良好的關係，擁有良好的聲譽，與華盛頓特區及美國各地的行業領先客戶合作經驗，能夠進入開發所需的資本市場，並擁有一支市場領先的執行團隊來設計和建造新建築。幹得好，BXP DC 團隊。

Continuing with new developments. I described last quarter our 940,000 square foot 343 Madison project in Midtown with direct lobby escalator access to Grand Central Madison Concourse and located two blocks south of JPMorgan's new headquarters building. We are in active conversations with several potential anchor clients ranging from 150,000 to 400,000 square feet. 343 Madison is the only immediately actionable office development site in close proximity to Grand Central Terminal, widely viewed as the most in-demand office submarket in the US. We expect to launch this $2 billion project in 2025, where, as a reminder, BXP owns a 55% interest.

繼續有新的發展。我上個季度描述了我們位於中城佔地 940,000 平方英尺的 343 Madison 項目，該項目可透過大廳自動扶梯直達中央麥迪遜廣場，該項目位於摩根大通新總部大樓以南兩個街區。我們正在與幾個潛在的主力客戶進行積極洽談，合作面積從 150,000 到 400,000 平方英尺不等。343 Madison 是中央車站附近唯一可立即投入使用的辦公大樓開發地塊，被廣泛視為美國最受歡迎的辦公大樓子市場。我們預計將於 2025 年啟動這個價值 20 億美元的項目，其中 BXP 擁有 55% 的權益。

We also expect to launch two new residential developments in 2025 where BXP will serve as a developer and a minority owner of the project. One of these projects is in suburban Boston at 17 Hartwell Avenue in Lexington on a site we already own that is being re-entitled and the other project is in the New York region. More details will be forthcoming when we launch these projects later this year.

我們也預計將於 2025 年推出兩個新的住宅開發項目，BXP 將擔任該項目的開發商和少數股東。其中一個項目位於波士頓郊區列剋星敦哈特韋爾大道 17 號，該地塊是我們已經擁有的，目前正在重新授權；另一個項目位於紐約地區。當我們在今年稍後啟動這些項目時，將會公佈更多細節。

BXP, along with three partners, was also awarded by the State of New York, a project known as Site K, located at 11th Avenue between 35th and 36th Street, directly across from the Javits Convention Center and adjacent to our 3 Hudson Boulevard commercial site in New York City. The plan is to build approximately 1,350 residential units with an affordable component and a 450-room hotel in two separate towers over a five-story podium. We are very pleased and honored to have been selected by New York State in this highly competitive RFP process. The project is several years away from construction commencement given the entitlement, predevelopment and design work that needs to be completed.

BXP 還與三個合作夥伴一起獲得了紐約州的合同，該項目名為 Site K，位於第 11 大道 35 街和 36 街之間，賈維茨會展中心正對面，毗鄰我們位於紐約市哈德遜大道 3 號的商業地塊。該計劃是在五層裙樓上的兩座獨立塔樓中建造約 1,350 個住宅單元（包括經濟適用房）和一座擁有 450 間客房的酒店。我們非常高興和榮幸能夠在這次競爭激烈的 RFP 過程中被紐約州選中。由於需要完成授權、前期開發和設計工作，該專案距離開工還有幾年的時間。

BXP also delivered into service two projects this past quarter ahead of schedule. In October, we completed 300 Binney Street, a 240,000 square foot office to lab conversion project, fully leased to the Broad Institute on a long-term basis where we were able to achieve a first year cash development yield on incremental capital of 14.5%.

BXP 也於上個季度提前交付了兩個項目。10 月份，我們完成了 300 Binney Street，這是一個佔地 240,000 平方英尺的辦公室改實驗室項目，並以長期方式全部租賃給 Broad Institute，我們能夠實現第一年增量資本 14.5% 的現金開發收益率。

We also fully delivered into service Skymark, a 508-unit luxury residential high-rise development located in Reston Town Center. The lease-up of this project is well ahead of schedule, having leased over 50% of the units at above pro forma rents only six months after opening.

我們還全面交付了位於雷斯頓市中心的 508 個單元的豪華住宅高層開發項目 Skymark。該項目的出租情況遠超預期，開業僅六個月便以高於預期的租金出租了50%以上的單位。

We are in active negotiations for the disposition of three land sites and are preparing to put into the market and operating property. In the aggregate, these sales, if successful, will generate approximately $200 million of net proceeds, although it is possible one of the land sale closings gets pushed to 2026. We remain active evaluating our nonproducing assets, both sites and buildings taken out of service to generate more monetization activity.

我們正就三塊地塊的處置進行積極談判，並準備將其投入市場和營運。總體而言，如果這些銷售成功，將產生約 2 億美元的淨收益，儘管其中一項土地銷售可能會推遲到 2026 年。我們仍在積極評估我們的非生產性資產，包括停止使用的場地和建築物，以產生更多的貨幣化活動。

Notwithstanding the development deliveries we completed in the second half of 2024, BXP continues to execute a significant development pipeline with seven office lab retail and residential projects underway as of the end of the fourth quarter, the largest of which is 290 Binney in Cambridge fully leased to AstraZeneca and expected to deliver in the second quarter of 2026. These projects aggregate approximately 2.3 million square feet and $2.1 billion of BXP investment with $1.2 billion remaining to be funded.

儘管我們在 2024 年下半年完成了開發交付，但 BXP 仍在繼續執行重要的開發計劃，截至第四季度末，共有 7 個辦公實驗室零售和住宅項目正在進行中，其中最大的項目是位於劍橋的 290 Binney，已全部租賃給阿斯特捷利康，預計將於 2026 年第二季度交付。這些項目總面積約 230 萬平方英尺，BXP 投資額為 21 億美元，仍有 12 億美元仍有待資助。

So in conclusion, BXP is clearly gaining momentum in both leasing and new investment activity due to more favorable market conditions and our strategy of commitment to both our clients and the premier workplace segment of the office industry, our access to public and private debt and equity capital markets and a leading market presence in our core cities. We will build on this momentum in the constructive environment for our business to lay the foundation for additional growth in the years ahead.

因此，總而言之，由於更有利的市場條件、我們對客戶和辦公行業首要工作場所部分的承諾策略、我們進入公共和私人債務和股權資本市場的管道以及在核心城市領先的市場地位，BXP 在租賃和新投資活動方面都明顯獲得了發展勢頭。我們將在良好的業務環境中繼續保持這一勢頭，為未來幾年的進一步成長奠定基礎。

Let me turn over our report to Doug.

讓我把我們的報告轉交給道格。

Thanks, Owen. Good morning, everybody. So as Owen said, BXP's regional leasing teams had an outstanding fourth quarter and we greatly exceeded our 2024 baseline leasing expectation of 3.5 million square feet. We did a significant amount of future year exploration leasing during the fourth quarter, which followed a pattern that we set over the last 12 months. This has had the effect of dramatically reducing our 2026 and 2027 expirations.

謝謝，歐文。大家早安。正如歐文所說，BXP 的區域租賃團隊在第四季度表現出色，大大超出了我們 2024 年 350 萬平方英尺的基準租賃預期。我們在第四季度進行了大量未來年度的勘探租賃，這遵循了我們在過去 12 個月中設定的模式。這大大減少了我們 2026 年和 2027 年的到期期限。

During the last 15 months, our 2026 expirations were cut by more than 1.5 million square feet. So as of 12/31/24, 2026 expirations sit at 1.86 million square feet, 3.8% portfolio and 2027 sits at 2.2 million square feet, 4.4% of the portfolio. And the largest expiration we have in 2026 is 134,000 square feet, and the largest expiration we have in 2027 is 143,000 square feet.

在過去的 15 個月中，我們的 2026 年到期面積減少了 150 多萬平方英尺。因此，截至 2024 年 12 月 31 日，2026 年到期面積為 186 萬平方英尺，佔投資組合的 3.8%，而 2027 年到期面積為 220 萬平方英尺，佔投資組合的 4.4%。2026 年最大的到期面積為 134,000 平方英尺，2027 年最大的到期面積為 143,000 平方英尺。

We are today in renewal or replacement client discussions on more than 500,000 square feet of the 2026 expiration. '26 and '27 will be exceptionally low rollover years for BXP. Why am I emphasizing this? Because if we continue to lease 2 million to 3 million square feet of vacancy and expiring space in '26 and '27, there will be a material improvement in our occupancy. 490,000 square feet is 100 basis points.

我們今天正在與客戶討論 2026 年到期的超過 50 萬平方英尺的續約或更換事宜。對於 BXP 來說，'26 和 '27 將是展期率極低的年份。我為什麼要強調這一點？因為如果我們在26年和27年繼續租賃200萬到300萬平方英尺的空置和到期空間，我們的入住率就會有實質的改善。 490,000 平方英尺是 100 個基點。

Mike thought I should just stop right there today, but I'm going to keep going.

麥克認為我今天應該就此打住，但我會繼續下去。

Our in-service properties finished the year at 87.5% occupancy, a 50-basis-point increase from last quarter and slightly ahead of the estimate we provided on our last call. Remember, our occupancy reflects the square footage of space where we are recognizing GAAP revenue. Our leased square footage includes the addition of any spaces that have been leased but have yet to commence GAAP revenue. At the end of the fourth quarter, we were 89.4% leased.

我們在役物業的入住率在今年年底達到了 87.5%，比上一季度增加了 50 個基點，略高於我們上次電話會議中給出的估計值。請記住，我們的佔用率反映了我們確認 GAAP 收入的空間面積。我們的租賃面積包括已租賃但尚未開始 GAAP 收入的任何空間。截至第四季末，我們的租賃率為89.4%。

Our focus is on lease square footage since it captures all of our future revenue and eliminates the variability of the timing of completion of tenant improvements, which governs GAAP revenue recognition and occupancy. We start '25 with our lease square footage, as I said, at 89.4%. We've just completed our bottom-up leasing projections, which emanate from the regions, little help from me as well. And the goal for our in-service and 2025 development deliveries is just over 4 million square feet. So that's our goal for '24 -- excuse me, '25.

我們的重點是租賃面積，因為它涵蓋了我們所有的未來收入，並消除了租戶改善完成時間的變化，從而決定了 GAAP 收入確認和入住率。正如我所說，從 25 年開始，我們的租賃面積為 89.4%。我們剛完成了自下而上的租賃預測，這些預測來自各個地區，我也幫不上忙。我們目前和 2025 年開發交付的目標面積均超過 400 萬平方英尺。這就是我們24年──抱歉，是25年──的目標。

In '24, we completed leasing on about 1.5 million square feet of vacant space. Our '25 estimate includes the execution of about 2 million square feet of currently vacant space and 1.3 million square feet of leasing on known '25 move-outs and 2025 expirations, where we believe we will be successfully renewing our clients. The remainder of the leasing will be on future year expirations, the 500,000 square feet I talked about earlier.

1924年，我們完成了約150萬平方英尺空置空間的租賃。我們對'25年的預測包括執行約200萬平方英尺的目前空置空間和130萬平方英尺的租賃，這些空間已知'25年將遷出，2025年將到期，我們相信我們將成功續簽我們的客戶。剩餘的租賃將在未來幾年到期，也就是我之前提到的 50 萬平方英尺。

Our current pool of leases in negotiation is about 1 million square feet. It covers 280,000 square feet of currently vacant space, 325,000 square feet of '25 expirations, 75,000 square feet of '25 renewals, with the remaining transactions involving spaces with expirations after '25 and as Owen said, our second lease at 725 12th Street. There's another 1.6 million square feet of active pipeline transactions, which include 550,000 square feet of vacant space. These are deals that are not in LOI stage but where we have good clarity.

我們目前正在談判的租賃面積約為100萬平方英尺。它涵蓋 280,000 平方英尺的當前空置空間、325,000 平方英尺的 25 年到期空間、75,000 平方英尺的 25 年續租空間，剩餘交易涉及 25 年之後到期的空間，以及正如歐文所說的，位於 12 街 725 號的第二份租約。另外還有 160 萬平方英尺的活躍管道交易，其中包括 55 萬平方英尺的空置空間。這些交易尚未處於意向書 (LOI) 階段，但我們對這些交易已經非常清楚。

We're off to a good start in '25. So we have 3.1 million square feet of contractual expirations in '25. If we achieve our budget of 2.3 million square feet of leasing of vacant and '25 expiring space square footage, our net lease pickup would be about 40 basis points. The one adjustment to this number will be the impacts from changes to the portfolio, which will cause some quarter-to-quarter fluctuations but will even out by the end of 2025. Right now, we expect to take about 825,000 square feet of space out of service, which is currently 62% leased and we're adding our three developments, 651 Gateway, Reston Block B, and 360 Park Avenue South, which will all be in the in-service portfolio by the end of the year, and they are currently 23% leased. I guarantee it will be a lot higher before we get to the end of the year, though.

我們在25年已經有了一個好的開始。因此，我們在25年有310萬平方英尺的合約到期。如果我們實現了 230 萬平方英尺空置租賃面積和 25 萬平方英尺即將到期的租賃面積預算，我們的淨租賃收益將達到約 40 個基點。對該數字的唯一調整將是投資組合變化的影響，這將導致一些季度間波動，但到 2025 年底將會趨於平穩。目前，我們預計將停止使用約 825,000 平方英尺的空間，目前出租率為 62%，我們正在增加三個開發項目，651 Gateway、Reston Block B 和 360 Park Avenue South，它們將在今年年底前全部納入在用組合，目前的出租率為 23%。不過，我保證，到今年年底前，這個數字還會更高。

In 25, we're taking a few suburban office assets out of service. This follows the path we took in '24. We are taking action where we have higher and better use for our assets. There's pent-up demand for residential development in acknowledgment by local governments that affordable housing is a critical component to a successful economy and development economics that can actually work for stick-frame construction today. This is leading to a change in attitude towards the permitting of additional housing in some of our communities.

25 年後，我們將停止使用一些郊區辦公室資產。這遵循了我們在 24 年所走的道路。我們正在採取行動，以便更高、更好地利用我們的資產。地方政府認識到經濟適用房是成功經濟和發展經濟學的重要組成部分，而這種經濟適用房在當今的木結構建築中確實可以發揮作用，因此住宅開發的需求被壓抑著。這導致我們一些社區對允許增加住房的態度發生了轉變。

We have been working in many of our markets for more than 25 years and have established constructive relationships in these towns and counties. We are working with the local communities to rezone commercial office to for rent and/or for-sale housing.

我們在許多市場工作了 25 年多，並與這些城鎮和縣建立了建設性的關係。我們正在與當地社區合作，將商業辦公室重新劃分為出租和/或出售住房。

17 Hartwell Avenue, as Owen said, is the first example of this. This is a building in Lexington that we took out of service in '24 and where we have received the entitlements for a 312-unit projects in late December. We expect to be under development in early '25. We have also entitled a site in Shady Grove, Maryland for townhouses and have executed an agreement to sell the first space to a townhome developer. We've done the same thing in Herndon, Virginia, where we have rezoned land holding two existing office buildings for a 359-unit rental projects and a townhouse development.

正如歐文所說，哈特韋爾大道 17 號就是第一個例子。這是位於列剋星敦的一棟建築，我們在 24 年將其停止使用，並於 12 月底獲得了在該建築內建造 312 個單元項目的授權。我們預計在25年初開始開發。我們還在馬裡蘭州 Shady Grove 獲得了一塊用於建造聯排別墅的土地，並已簽訂協議，將第一塊土地出售給聯排別墅開發商。我們在維吉尼亞州的赫恩登也做了同樣的事情，我們重新規劃了現有兩棟辦公大樓所在的土地，用於建造擁有 359 個單位的租賃項目和聯排別墅開發項目。

And we have already executed an agreement to sell the townhouse development sites. This is what we expect to accomplish with the buildings that we are taking out of service in '25.

而我們已經簽署了出售聯排別墅開髮用地的協議。這就是我們期望透過'25年停止使用的建築物實現的目標。

Our office markets have either stabilized or are improving. Sublet additions have tailed off, leasing activity has picked up in every market and the negative absorption spigot appears to have stocked in Boston, San Francisco, Northern Virginia and the District of Columbia following what we have already seen in Midtown Manhattan over the last year. Our two largest property concentrations, the Back Bay of Boston and Midtown Manhattan continued to be the strongest markets in our portfolio. Availability is sparse, rents are increasing and concessions remain constant.

我們的辦公市場已經穩定或正在改善。轉租增量已經減少，每個市場的租賃活動都有所回升，繼去年我們在曼哈頓中城看到的情況後，波士頓、舊金山、北維吉尼亞和哥倫比亞特區的負吸收量似乎已經出現。我們最大的兩個房地產集中區——波士頓後灣區和曼哈頓中城繼續成為我們投資組合中最強勁的市場。可用房源稀少，租金不斷上漲，而優惠政策維持不變。

While there's no meaningful job growth in office-using jobs across the US economy, the pace of job reductions has slowed. There are still technology companies that are reducing headcount, but there are others that are short of space and increasing their footprints. We are witnessing space utilization growth in pockets of industries, though they vary by market.

雖然美國經濟中辦公室類職位沒有出現有意義的成長，但就業崗位減少的速度已經放緩。仍有一些科技公司在減少員工數量，但也有一些科技公司因空間不足而擴大佔地面積。儘管不同市場的情況有所不同，但我們正見證著各行業的空間利用率的成長。

Take the legal industry as a case in point. There are law firms in New York and Boston that are expanding, while at the same time, law firms in Washington, DC and San Francisco continue to reduce but upgrade their footprints. The improvement in business sentiment, the anticipation of deal activity and a more robust capital raising environment are improving the confidence of our existing and potential customers. When our clients are confident, they are more constructive on making long-term real estate commitments.

以法律行業為例。紐約和波士頓的律師事務所正在擴張，而與此同時，華盛頓特區和舊金山的律師事務所則繼續縮小但升級其足跡。商業信心的改善、交易活動的預期以及更強勁的融資環境正在增強我們現有和潛在客戶的信心。當我們的客戶充滿信心時，他們會更有建設性地做出長期房地產承諾。

While we don't think that '25 is going to be characterized by a dramatic pickup in market leasing absorption, we are certainly on the right track. And our data on premier space illustrates the activity continues to migrate to the best assets.

雖然我們不認為25年的市場租賃吸收量會大幅回升，但我們無疑走在正確的軌道上。我們關於優質空間的數據表明，活動正在繼續向最佳資產轉移。

As Owen said, there's no better example of this than the transaction that he described at 725 12th. When we began our pursuit of this opportunity, we identified eight buildings defined as Class A premier by the brokerage community in DC, including one new development under construction that could accommodate a 150,000 square foot client. Were they trophy? Do they have availability at the top of the building or are they amenity-rich? Well, none of these buildings were deemed to be acceptable by our clients.

正如歐文所說，沒有比他所描述的 12 街 725 號的交易更好的例子了。當我們開始尋求這個機會時，我們確定了八棟被華盛頓特區經紀界定義為 A 級的建築，其中包括一棟正在建設中的可容納 150,000 平方英尺客戶的新開發案。它們是獎杯嗎？樓頂有空閒房間嗎？然而，我們的客戶認為這些建築都不可接受。

And in order to bridge the delivery of the new development, the client also executed a short-term extension to the 500 North Capitol, a JV asset owned by BXP, rather than relocate when their existing lease expired to the existing inventory in the market. The bifurcation is real.

並且為了加快新開發項目的交付，客戶還對 BXP 旗下的合資資產 500 North Capitol 進行了短期延期，而不是在現有租約到期時搬遷到市場上現有的庫存中。這種分歧是真實存在的。

BXP's activity for the fourth quarter was not dominated by any region. We completed 680,000 square feet in Boston, 577 in New York, 571 on the West Coast and 494,000 square feet in DC. 320,000 square feet was on currently vacant space, 626,000 involved '24 and '25 expirations, and 1.2 million involved lease extensions for the space that we were scheduled to expire post 2026. 152,000 square feet was for the new development at 725 12th. The activity includes about 312,000 square feet of leasing on existing vacant space.

BXP 第四季的活動並不受任何地區主導。我們在波士頓完成了 68 萬平方英尺的建築面積，在紐約完成了 577 平方英尺的建築面積，在西海岸完成了 571 平方英尺的建築面積，在華盛頓特區完成了 494,000 平方英尺的建築面積。其中 32 萬平方英尺為目前空置空間，62.6 萬平方英尺為 2024 年和 2025 年到期租約，120 萬平方英尺為原定於 2026 年後到期的租約延期。該活動包括租賃約 312,000 平方英尺的現有空置空間。

Across the portfolio, the deals were executed this quarter had a mark down -- excuse me, of about 5%, with a 3% increase in Boston, a 5% decrease in New York, a 10% decrease in DC and a 14% decrease on the West Coast, pretty consistent with what you saw in our supplemental for the leases that hit revenue this quarter.

在整個投資組合中，本季執行的交易都有所下降——對不起，大約下降了 5%，其中波士頓增加了 3%，紐約減少了 5%，華盛頓特區減少了 10%，西海岸減少了 14%，這與您在本季度影響收入的租賃補充報告中看到的情況非常一致。

The bifurcation of client demand between the East Coast and the West Coast continues to exist, and there are actions of the clients in these respective markets that are also different. There was little large block availability in the Back Bay of Boston or in the Park Avenue submarket in New York. The lease extensions we completed with Ropes & Gray at the Prudential Center this quarter begins in 2031. You may recall that we did an early extension with Bain Capital earlier this year and another was [MFS] at 111 Huntington Avenue in '23. At the moment, the rents necessary to justify new construction in Boston are considerably higher than the rents embedded in extensions. Our large clients recognize that they want to remain in the Back Bay long term, there are a few alternatives to remaining in place.

東海岸和西海岸之間的客戶需求分歧仍然存在，並且各個市場的客戶行為也存在差異。波士頓後灣區和紐約公園大道子市場幾乎沒有大面積的可用地塊。本季我們與 Ropes & Gray 共同完成的 Prudential Center 租約續約將於 2031 年生效。您可能還記得，我們​​今年早些時候與貝恩資本進行了早期擴展，另一項擴展是 1923 年在亨廷頓大道 111 號的 [MFS]。目前，波士頓新建建築所需的租金遠高於擴建建築所需的租金。我們的大客戶意識到他們希望長期留在後灣區，除了留在原地之外，還有其他一些選擇。

This quarter, we did two other larger renewals in Boston, one in 200 Clarendon and the other at Atlantic Wharf. These clients had the options to go to a vacant space in the greater CBD market, but that would have meant significant changes in quality and location. Our Boston CBD portfolio availability is as tight as it has ever been. We do have some work to do, however, in our Urban Edge portfolio, which is where we have our largest concentration of vacant space, large known expirations and life science availability. These markets are focused on traditional technology and life science clients, life science tenant clients, and that demand growth continues to be weak.

本季度，我們在波士頓進行了另外兩次較大規模的更新，一次在 200 Clarendon，另一次在 Atlantic Wharf。這些客戶可以選擇去大中央商務區市場的空置空間，但這意味著品質和位置的重大變化。我們的波士頓 CBD 投資組合供應比以往任何時候都更緊張。然而，我們確實需要在 Urban Edge 投資組合中做一些工作，該投資組合是我們的空置空間、已知到期空間和生命科學可用性最集中的地方。這些市場主要集中於傳統技術和生命科學客戶、生命科學租戶客戶，需求成長持續疲軟。

Traditional life science demand is weaker than office demand. We are in discussions with a few life science companies that are looking exclusively for office space as they focus their capital on acquiring derisked products that are in trials rather than pure drug discovery and therefore, don't need lab infrastructure. There is considerable lab sublease space available and the economics of these offerings make it very difficult for new developments with [Shell Lab] to compete even if we provide a significant tenant improvement allowance.

傳統生命科學需求弱於辦公室需求。我們正在與一些生命科學公司進行討論，這些公司專門尋找辦公空間，因為他們將資金集中在收購處於試驗階段而非純粹的藥物研發中的低風險產品上，因此不需要實驗室基礎設施。有相當多的實驗室轉租空間可供使用，而這些服務的經濟性使得新開發項目很難與 [Shell Lab] 競爭，即使我們提供了大量的租戶改善補貼。

Our availability in Midtown Manhattan is almost none, but we have a concentration in Midtown South. We have 350,000 square feet of availability at 200 Fifth Avenue where we are in lease negotiations with a nontechnology client for 244,000 square feet. At 360 Park Avenue South, demand is picking up, and there has been some improvement in small tech tenant inquiry. But overall tech demand in '25 is still less than 40% of what it was pre-COVID. We are in lease with another single-floor tenant at 360 Park Avenue South.

我們在曼哈頓中城幾乎沒有空房，但我們在中城南區有一些空房。我們在第五大道 200 號擁有 350,000 平方英尺的可用空間，我們正在與一位非技術客戶就 244,000 平方英尺的租賃進行談判。在 360 Park Avenue South，需求正在回升，小型科技租戶諮詢量也有所改善。但 25 年的整體技術需求仍不到新冠疫情前的 40%。我們與位於公園大道南 360 號的另一個單層租戶簽訂了租約。

During the quarter, we leased about 200,000 square feet to financial firms in the Park Avenue submarket at the General Motors Building, 599 Lexington and at 510 Madison Avenue. Each of these clients experienced growth in their footprint. There's no question that the activity we have seen at 599 Lexington is a direct result of the lack of availability on Park Avenue.

本季度，我們將位於公園大道子市場的通用汽車大廈、列剋星敦街 599 號和麥迪遜大道 510 號約 20 萬平方英尺的空間出租給金融公司。每個客戶的足跡都經歷了成長。毫無疑問，我們在 599 萊剋星頓看到的活動是公園大道缺乏可用性的直接結果。

Our largest Midtown opportunity in '25 is at 510 Madison. We are finishing it up an amenity upgrade and have about 100,000 square feet of availability on 500,000 square foot floors. The big news is that the small floor leasing market this quarter was made by CBRE who took multiple small floors at [Lever House] earlier this month at rents that position our offering at 510 Madison as a great value in the market. There is a sparse selection of large block space availability in the Park Avenue area, which portends well for our ability, as Owen said, to get a commitment at 343 Madison where the rents necessary to support new construction are only a slight premium to current market rents and we're leasing at rents that will be starting in 2029 and 2030.

我們'25年最大的中城機會在麥迪遜 510 號。我們即將完成設施升級，在 500,000 平方英尺的樓層上有大約 100,000 平方英尺的可用空間。重大新聞是，本季小型樓層租賃市場由世邦魏理仕 (CBRE) 開拓，該公司本月初承租了 [利華大廈] 的多個小型樓層，其租金使我們在 510 Madison 的出租具有很高的市場價值。公園大道 (Park Avenue) 地區可用的大面積空間很少，這預示著我們有能力獲得麥迪遜 343 號的承諾，正如歐文所說，那裡支持新建築所需的租金僅比當前市場租金略高，我們的租金將從 2029 年和 2030 年開始計算。

The leasing excitement on the West Coast in '24 continues to be growth from AI organizations in the city of San Francisco. At this point, we're not sure what defines an AI company since it seems that even established technology companies are describing their proprietary large language model, computing power and storage of data and there are a number of organizations that are working on industry-specific solutions that rely on new training models. The critical point is that the technology ecosystem in the city of San Francisco and the Peninsula is where the bulk of these businesses are operating and growing.

2024年西海岸的租賃熱潮持續源自於舊金山市人工智慧組織的成長。目前，我們不確定如何定義人工智慧公司，因為似乎即使是老牌科技公司也在描述他們專有的大型語言模型、計算能力和數據存儲，而且有許多組織正在研究依賴新訓練模型的行業特定解決方案。關鍵在於，舊金山市和半島的技術生態系統是這些企業主要運作和發展的地方。

In addition, the cost of office real estate is significantly cheaper. The cost of housing is cheaper and there is more available talent than there has been in the last decade in the Bay Area. Our largest availability in our CBD portfolio wide is in San Francisco. Many of our traditional office users have continued to rationalize their space in the city, which has led to little, if any, growth in the traditional San Francisco CBD market.

此外，辦公大樓的成本也明顯便宜。與過去十年相比，灣區的住房成本更便宜，可用的人才也更多。我們的 CBD 產品組合中最大的供應地位於舊金山。我們的許多傳統辦公室使用者繼續合理化他們在城市中的空間，這導致傳統的舊金山 CBD 市場幾乎沒有成長。

Mayor Lurie is just weeks into his new job, and one of his priorities is bringing workers and shoppers and visitors back to the CBD . View spaces in short supply but spaces the lower sections of buildings is widely available and very competitive. We completed a new amenity center at Embarcadero Center in December and are now focused on increasing occupancy there and at 680 Folsom Street where we also have a large block and are finishing up a new amenity offering as well.

盧里市長上任僅幾週，他的首要任務之一就是讓工人、購物者和遊客重返中央商務區。雖然空間供應不足，但建築較低部分的空間卻廣泛可用且競爭非常激烈。我們於 12 月在 Embarcadero Center 完成了一個新的便利中心的建設，目前我們致力於提高那裡的入住率，在 Folsom Street 680 號我們也擁有一大塊地皮，並且正在完成新的便利設施的建設。

Before I hand the call over to Mike to discuss '25 earnings guidance, I want to reiterate my comments at the top of my remarks. We accomplished a lot of leasing and a lot of early new rules in '24. We expect '25 will be a year of modest lease square footage increases as we focus on leasing vacant space and known expirations. When we get to '26 and '27, there is going to be very little exploration headwinds. If we lease at a pace anything like '24 and what we hope to accomplish in '25, we will see our lease percentage accelerate.

在我將電話交給麥克討論 25 年獲利預測之前，我想重申我在發言開頭的評論。我們在24年完成了很多租賃工作和許多早期的新規則。我們預計，25 年租賃面積將溫和成長，因為我們將專注於空置空間和已知到期空間的租賃。當我們到達26年和27年時，勘探方面的阻力將會很小。如果我們的租賃速度與24年的速度相近並且我們希望在25年實現這一目標，我們將看到我們的租賃百分比加速。

Mike, it's time to talk about the quarter and guidance for '25.

麥克，現在是時候談談 25 年的季度和指導了。

Excellent. Thanks, Doug. Good morning, everybody. So this morning, I plan to cover the details of our fourth quarter and full year '24 performance. And I'm going to spend most of my time describing our '25 initial earnings guidance that was included in our press release with additional details in our supplemental financial package.

出色的。謝謝，道格。大家早安。所以今天早上，我計劃詳細介紹我們第四季和 24 年全年的業績。我將花費大部分時間來描述我們新聞稿中包含的 25 年初始盈利指引以及補充財務方案中的更多詳細資訊。

For 2024, we reported total consolidated revenues of $3.4 billion and full year FFO of $1.25 billion or $7.10 per share. We continue to grow our portfolio and saw revenue increase by 4% in 2024, primarily from bringing new developments into service.

到 2024 年，我們報告的合併總收入為 34 億美元，全年 FFO 為 12.5 億美元或每股 7.10 美元。我們繼續擴大我們的投資組合，並預計 2024 年的收入將成長 4%，這主要得益於新開發案的投入使用。

Our fourth quarter FFO of $1.79 per share was in line with the midpoint of the guidance we provided last quarter and our portfolio performed consistent with our expectations.

我們第四季的 FFO 為每股 1.79 美元，與我們上個季度提供的指引中位數一致，我們的投資組合表現符合我們的預期。

As Doug mentioned, our occupancy climbed this quarter by 50 basis points to 87.5%. Our premier workplace CBD buildings that contribute nearly 90% of the company's revenues continued to outperform and are 90.9% occupied and 92.8% leased. Our CBD occupancy improved by 80 basis points in the fourth quarter with positive absorption in Boston, New York City and Seattle.

正如 Doug 所提到的，本季我們的入住率上升了 50 個基點，達到 87.5%。我們一流的辦公中心商務區建築為公司貢獻了近 90% 的收入，其表現持續表現出色，入住率為 90.9%，租賃率為 92.8%。我們的中央商務區入住率在第四季度提高了 80 個基點，其中波士頓、紐約市和西雅圖的吸收量均有所增長。

We also reported 2024 full year AFFO, which we refer to as FAD in our supplemental, of $894 million which exceeds our dividend payout by over $200 million.

我們還報告了 2024 年全年 AFFO（在補充報告中稱為 FAD）為 8.94 億美元，超過我們的股息支付額超過 2 億美元。

While not impacting our FFO, we recorded noncash impairment charges totaling $341 million this quarter related to three of our unconsolidated joint ventures. The charges all relate to assets located on the West Coast and include our interest in Colorado Center, Gateway Commons and Safeco Plaza.

雖然這不會影響我們的 FFO，但本季我們記錄了與三家非合併合資企業相關的總計 3.41 億美元的非現金減損費用。這些費用均與位於西海岸的資產有關，包括我們在科羅拉多中心、Gateway Commons 和 Safeco Plaza 的權益。

With that, I will turn to our 2025 guidance. On a high level, our 2025 guidance can be summarized as follows: growth from a full year contribution of development deliveries, higher fee income, and relatively flat 2025 same-property portfolio NOI compared to 2024. These items will be offset by lower termination income, lower interest income from utilizing our cash balances to pay off debt and fund our developments and a loss of NOI from taking buildings out of service for future development.

接下來，我將談談我們 2025 年的指引。從高層次來看，我們對 2025 年的預期可以概括如下：全年開發交付貢獻的成長、更高的費用收入，以及與 2024 年相比 2025 年同類物業投資組合的 NOI 相對持平。這些項目將被較低的終止收入、利用我們的現金餘額償還債務和資助我們的開發而產生的較低的利息收入、以及因未來開發而停止使用建築物而產生的淨運營收入損失所抵消。

I'll start with the growth from our development activities. In 2024, we delivered two fully leased properties, 300 Binney Street in Cambridge and DICK's House of Sport at the Prudential Center in Boston. We also delivered Skymark, our multifamily project in Reston that is currently in lease-up and 54% leased today. As Owen mentioned, it's exceeding our expectations on both absorption pace and rental rates.

我將從我們的開發活動的成長開始。2024 年，我們交付了兩處已全部出租的物業，分別是位於劍橋的 Binney 街 300 號和位於波士頓的 Prudential 中心的 DICK's House of Sport。我們也交付了位於雷斯頓的多戶型專案 Skymark，目前正處於租賃階段，出租率為 54%。正如歐文所提到的，它的吸收速度和租賃率都超出了我們的預期。

Our life science deliveries at 651 Gateway in South San Francisco and 103 and 180 CityPoint in Waltham continue to be in lease-up with minimal projected contribution to our earnings in 2025. 651 Gateway will be delivered into service and we will cease interest capitalization in the first quarter of 2025.

我們位於南舊金山 Gateway 651 號和沃爾瑟姆 CityPoint 103 號和 180 號的生命科學交付中心繼續處於租賃狀態，預計 2025 年對我們的收益貢獻很小。651 Gateway 將於 2025 年第一季投入使用，我們將停止利息資本化。

And lastly, our 360 Park Avenue South development in Midtown South opened in late 2024. We have four floors occupied and are seeing a meaningful pickup in leasing activity. We will complete incremental leasing in 2025, but the revenue commencement will likely be either late in the year or in 2026. We expect the NOI for 360 Park will have significant growth in 2026 as we gain occupancy from new leasing. 360 Park will be delivered into service and we will cease interest capitalization in the third quarter of 2025.

最後，我們位於中城南區的 360 Park Avenue South 開發案將於 2024 年底開幕。我們已佔用了四層樓，租賃活動正在顯著增加。我們將在 2025 年完成增量租賃，但收入開始的時間可能是在今年年底或 2026 年。我們預計，隨著新租賃的入住率提高，360 Park 的 NOI 將在 2026 年大幅成長。360 Park將於2025年第三季投入使用，我們將停止利息資本化。

Overall, the incremental contribution to our NOI from our developments in 2025 is expected to be $19 million to $22 million. Our same-property portfolio is the largest contributor to our earnings, and generated approximately $1.9 billion of NOI in 2024, including our share of joint ventures. Doug described in detail our lease expirations over the next 12 months and the expectation that we will grow our leased percentage as we execute our leasing plan for 2025.

整體而言，預計 2025 年我們的開發案將為我們的淨營業收入帶來 1,900 萬至 2,200 萬美元的增量貢獻。我們的同類物業投資組合是我們盈利的最大貢獻者，包括我們在合資企業中的份額，在 2024 年產生了約 19 億美元的淨營運收入。道格詳細描述了我們未來 12 個月的租約到期情況，以及我們在執行 2025 年租賃計劃時租賃百分比將增加的預期。

As you know, there is a lag between signing a lease, achieving occupancy and generating GAAP revenue. In the first half of 2025, we have several larger expirations that will impact our occupancy. These include 350,000 square feet at 200 Fifth where, as Doug described, we're negotiating a replacement lease for occupancy in 2026.

如您所知，簽署租約、入住和產生 GAAP 收入之間存在滯後。2025 年上半年，我們有幾個較大的合約到期，這將影響我們的入住率。其中包括第五大道 200 號的 35 萬平方英尺的空間，正如 Doug 所描述的，我們正在協商 2026 年入住的替代租約。

We also have 480,000 square feet in two uncovered expirations in suburban Boston. This totals 1.6% of the portfolio and is expected to result in our occupancy declining slightly in the first six months of 2025. We do have signed leases totaling 860,000 square feet that will take occupancy spread relatively evenly across 2025.

我們還在波士頓郊區擁有兩塊尚未覆蓋的到期地，面積達 480,000 平方英尺。這佔投資組合的 1.6%，預計將導致我們的入住率在 2025 年前六個月略有下降。我們確實已經簽署了總計 860,000 平方英尺的租約，這些租約將在 2025 年相對均勻地分配入住率。

Our leasing plan results in our occupancy remaining relatively stable and averaging 86.5% to 88% during the year. Our same-property NOI is also anticipated to be stable, and we project '25 same-property NOI growth of negative 1% to positive 0.5% from 2024. Our 2025 same-property NOI on a cash basis will actually increase by up to 1.5% from 2024 as we have free rent burning up that will increase our cash flow from the portfolio.

我們的租賃計劃使我們的入住率保持相對穩定，年平均入住率在 86.5％ 至 88％ 之間。我們預計同類房產 NOI 也將保持穩定，我們預計從 2024 年起 '25 同類房產 NOI 成長率將從負 1% 升至正 0.5%。我們 2025 年的現金同類房產淨營運收入實際上將比 2024 年增加 1.5%，因為我們的免費租金正在消耗，這將增加我們投資組合的現金流。

Turning to our fee income, which we expect to be higher in 2025 from earning leasing commissions on our joint venture properties. This is primarily a 200 Fifth and 360 Park Avenue South in New York City, and will also generate incremental construction management fees as we construct the tenant improvements for AstraZeneca and 290 Binney Street in Cambridge.

談到我們的費用收入，我們預計到 2025 年，透過賺取合資物業的租賃佣金，費用收入將會更高。這主要是紐約市第五大道 200 號和南公園大道 360 號，當我們為阿斯特捷利康和劍橋賓尼街 290 號建造租戶改善設施時，還將產生增量建設管理費。

Our projection for fee income in 2025 is $32 million to $38 million, an increase of $7 million at the midpoint from 2024. Our termination income was higher than typical in 2024 and totaled $16 million or $0.09 per share. In 2025, we're projecting a more normalized $4 million to $8 million of termination income. So this results in a $10 million projected revenue decline in 2025 at the midpoint of our guidance.

我們預計 2025 年的費用收入為 3,200 萬美元至 3,800 萬美元，比 2024 年中位數增加 700 萬美元。2024 年我們的終止收入高於平均水平，總計 1,600 萬美元或每股 0.09 美元。到 2025 年，我們預計終止收入將更加正常化，達到 400 萬至 800 萬美元。因此，按照我們的預期中位數，預計 2025 年營收將下降 1,000 萬美元。

As we described on our call last quarter, we project our net interest expense will be higher in 2025 as we will be carrying lower cash balances, resulting in lower interest income. At year-end, we reported cash balances of $1.3 billion. At the beginning of January, we utilized $850 million of available cash to pay off an expiring senior unsecured note. We are also forecasting approximately $700 million of development spend in 2025. Overall, we project our average cash balance will be $800 million lower on average in 2025, reducing our interest income by approximately $35 million year over year.

正如我們在上個季度的電話會議上所描述的，我們預計 2025 年我們的淨利息支出將會更高，因為我們的現金餘額將會減少，從而導致利息收入減少。截至年底，我們報告的現金餘額為 13 億美元。一月初，我們利用8.5億美元可用現金償還即將到期的無擔保優先票據。我們也預測 2025 年的開發支出將約為 7 億美元。總體而言，我們預計 2025 年平均現金餘額將減少 8 億美元，利息收入將年減約 3,500 萬美元。

Our consolidated interest expense is expected to be relatively flat in 2025 versus '24 assuming no Fed rate cuts. And with 12% of our debt portfolio floating, we will benefit as the Fed cuts rates this year and that is reflected in the low end of our interest expense guidance. Overall, we project net interest expense of $610 million to $625 million in 2025, an increase of $33 million from 2024 at the midpoint.

假設聯準會不降息，預計 2025 年我們的綜合利息支出將與 2024 年相比相對持平。由於我們的債務組合中有 12% 是浮動的，聯準會今年降息後我們將受益，這也反映在我們的利息支出預期低端。整體而言，我們預計 2025 年淨利息支出為 6.1 億美元至 6.25 億美元，比 2024 年中位數增加 3,300 萬美元。

Lastly and as I described last quarter, we have taken Reston Corporate Center -- the buildings at Reston Corporate Center out of service upon the expiration of the full building lease on 12/31/24. This is the location for the next phase of our highly successful Reston Town Center development that we anticipate will encompass 2.3 million square feet of new mixed-use development including both multifamily and commercial space. The ability to increase the density by nearly 10x on this site will create significant future value and earnings over time. The buildings generated $11 million or $0.06 per share of NOI in 2024 that we will lose in 2025.

最後，正如我上個季度所描述的，我們已經將雷斯頓企業中心——雷斯頓企業中心的建築物全部租賃期於 2024 年 12 月 31 日到期，屆時該建築將停止使用。這是我們極為成功的雷斯頓市中心開發項目的下一階段所在地，預計該項目將涵蓋 230 萬平方英尺的全新混合用途開發項目，包括多戶住宅和商業空間。將該站點的密度提高近 10 倍的能力將隨著時間的推移創造巨大的未來價值和收益。這些建築在 2024 年創造了 1,100 萬美元或每股 NOI 0.06 美元的收入，而我們將在 2025 年失去這些收入。

So to sum all this up, our initial guidance range for 2025 FFO is $6.77 to $6.95 per share, representing a decline of 2% at the high end from 2024. At the midpoint, the decline is comprised of higher net interest expense of $0.20, lower same-property NOI of $0.03, lower termination income of $0.06, higher G&A of $0.04 and the loss of $0.06 from pulling Reston Corporate Center out of service. These are projected to be partially offset by higher NOI from our developments of $0.11 and higher fee income of $0.04.

總而言之，我們對 2025 年 FFO 的初步指引範圍為每股 6.77 美元至 6.95 美元，較 2024 年的最高水準下降 2%。從中間值來看，下降包括淨利息支出增加 0.20 美元、同類物業淨營業收入減少 0.03 美元、終止收入減少 0.06 美元、一般及行政開支增加 0.04 美元以及因 Reston Corporate Center 停止服務而造成的 0.06 美元損失。預計這些將被我們開發項目的更高淨營運收入 0.11 美元和更高的費用收入 0.04 美元所部分抵消。

Again, the modest decline in 2025 FFO is primarily due to lower interest income from lower cash balances as we fund our development pipeline that will generate future growth, pulling buildings out of service for future development as well as a decline in noncore termination income. We have not included any incremental acquisition activity in our guidance, though we are actively looking for opportunities.

同樣，2025 年 FFO 的小幅下降主要是由於現金餘額減少導致的利息收入減少，因為我們為開發管道提供資金，這將產生未來的增長，將建築物從服務中撤出以用於未來的開發，以及非核心終止收入的下降。儘管我們正在積極尋找機會，但我們的指導中並未包括任何增量收購活動。

Looking forward to 2026, we see an opportunity to demonstrate meaningful growth in our portfolio. We have very limited lease expirations and project positive absorption in the in-service portfolio and we have embedded growth opportunity in the development pipeline through the delivery of a fully leased 290 Binney Street in mid-2026 and the lease-up of the available space in our 2024 and 2025 development deliveries. You can hear about all of this and more at our triennial investor conference we will hold this fall on September 9 in New York City. The conference will be a deep dive into our portfolio and our future outlook and will include presentations from our regional teams, offering an opportunity for investors to see the depth of our company. We will send out save the date soon, and we look forward to hosting all of you.

展望 2026 年，我們看到了展示投資組合有意義成長的機會。我們的租約到期期限非常有限，預計在役投資組合將有積極的吸收量，並且我們將透過在 2026 年中期交付完全租賃的 290 Binney Street 和在 2024 年和 2025 年的開發交付中租賃可用空間，在開發渠道中嵌入增長機會。您可以在我們今年秋季 9 月 9 日在紐約舉行的三年一度的投資者會議上了解所有這些以及更多資訊。此次會議將深入探討我們的投資組合和未來前景，並將包括我們區域團隊的演示，為投資者提供了解我們公司深度的機會。我們很快就會發出保存日期的通知，並期待接待你們所有人。

That completes our formal remarks. Operator, can you open the lines for questions?

我們的正式發言到此結束。接線員，您能開通熱線來回答問題嗎？

(Operator Instructions) Steve Sakwa, Evercore ISI.

(操作員指示) Steve Sakwa，Evercore ISI。

Yes. Doug, you provided a litany of information. I'm not sure that I was able to transcribe it all 100% accurately. But at a high level, when you sort of look at the rollover this year, just help me think through kind of your retention ratio and given the no move out, like what do you expect to retain of the expiring space this year? And then I guess what is your broad expectation for, I'll call, new leasing activity on vacant space?

是的。道格，你提供了大量的資訊。我無法確定我是否能夠 100% 準確地轉錄所有內容。但在高層次上，當您查看今年的展期時，請幫助我思考您的保留率，並且考慮到沒有移出，您預計今年將保留多少到期空間？然後我想知道您對空置空間的新租賃活動的整體預期是什麼？

Okay. So I'm going to answer your question circuitously. In a year when we have very large lease expirations, so we have 350,000 or 400,000 square foot lease expiring, highly unlikely that we've retained that organization. When we have a year when we have the multitude of our leases expiring that are between 40,000 square feet and 5,000 square feet, we're probably retaining a very high percentage of those tenants. So as I look forward into what we have remaining in 2024 -- '25 that are known expirations, all of the large ones we've already sort of quote-unquote acknowledge are going to be known vacancies, and we are now leasing that space to other customers.

好的。因此我將迂迴地回答你的問題。在我們有非常多租約到期的年份，我們有 350,000 或 400,000 平方英尺的租約即將到期，我們極不可能保留該組織。當我們有一年有大量 40,000 至 5,000 平方英尺的租約到期時，我們可能會保留其中很大一部分租戶。因此，當我展望 2024 年 - 25 年剩餘的已知到期空間時，所有我們已經承認的大型空間都將是已知空置空間，我們現在正在將這些空間出租給其他客戶。

So the obvious example that we're going to talk about on the call is 200 Fifth Avenue, we have a 350,000-square-foot lease expiring, and we are in negotiation on a 244,000-square-foot replacement tenant on that, right? So that's -- I think that's sort of the way that works.

因此，我們在電話會議上要討論的一個明顯例子是第五大道 200 號，我們的一份 350,000 平方英尺的租約即將到期，我們正在就 244,000 平方英尺的替代租戶進行談判，對嗎？所以——我認為這就是它的工作方式。

In a “nonlarge” lease expiration year, generally, we are “renewing” somewhere between 45% and 50% of our existing tenants. Some of those are actually growing. So we may actually be picking up additional square footage there, but that's sort of what our “known” retention rate is. If you look at 2025, what we are looking at this year is that we will cover somewhere in the neighborhood of plus or minus 3 million square feet of vacancy and known leasing expirations of tenants that are expiring plus the renewals of the smaller tenants that are sort of moving forward through the normal process. So we have a whole host of those.

在「非大型」租約到期年份，我們通常會「續約」 45% 到 50% 的現有租戶。其中一些實際上正在增​​長。因此，我們實際上可能在那裡獲得了額外的面積，但這就是我們的「已知」保留率。如果你展望 2025 年，我們今年所展望的是，我們將涵蓋約 300 萬平方英尺的空置面積和已知租約到期的租戶，以及正在透過正常流程推進的小租戶的續約面積。所以，我們擁有一大堆這樣的人。

So as I described sort of what we're currently working on today in the year, we're covering some vacant space. We have leases on known expirations. And then I said we have about 75,000 square feet of leases in progress on just sort of normal as sort of an ordinary course of business expirations that are occurring on a day-to-day basis in the portfolio.

正如我所描述的，我們今年目前正在進行的工作是填補一些空白。我們有已知到期日的租約。然後我說，我們有大約 75,000 平方英尺的租約正在進行中，這只是投資組合中日常業務到期的正常現象。

And as I look into '26 and '27, those numbers are exceedingly low, and the bulkiness is also low, right? So if I start with 1.8 million square feet today, which is the number in the supplemental on a 100% basis, and I have 500,000 square feet that I'm actively working on that I expect to get done in 2025, that means when we get to this point in 2026, my known expirations for '26 are going to be under 1.3 million square feet. If I lease on a sort of average year somewhere in the neighborhood of 2 million to 3 million square feet of vacant and renewals, I'm picking up occupancy in a meaningful way. And that pattern will also move forward into 2027. That was my point of my sort of initial remarks.

當我研究 26 年和 27 年時，這些數字非常低，而且體積也很低，對嗎？因此，如果我今天從 180 萬平方英尺開始，這是 100% 補充數字，而我正在積極建設 50 萬平方英尺，預計在 2025 年完成，這意味著當我們到達 2026 年的這一點時，我已知的 26 年到期面積將低於 130 萬平方英尺。如果我平均每年租賃約 200 萬到 300 萬平方英尺的空置和續租面積，那麼我就能以有意義的方式提高入住率。這種模式也將延續到 2027 年。這就是我最初的發言中所要表達的觀點。

Andrew Berger, Bank of America.

美國銀行的安德魯·伯傑。

This is Andrew on for Jeff. I appreciate all the detail. So Doug, you mentioned that Back Bay, Boston and Midtown Manhattan are the strongest markets. And obviously, it sounds like there's a lot of great activity that's reflected by the volumes. You also mentioned though that concessions are flat.

這是安德魯 (Andrew) 代替傑夫。我感謝所有的細節。道格，你提到後灣區、波士頓和曼哈頓中城是最強的市場。顯然，從交易量來看，似乎有很多很棒的活動。不過您也提到讓步是固定的。

And I'm just curious with all this activity, what does it take to really become more aggressive and start to reduce concessions?

我只是好奇，在所有這些活動中，如何才能真正變得更積極並開始減少讓步？

So I'm going to give you a quick answer, and then I'll ask Hilary and I'll ask Bryan to comment on it. So my quick answer is, inflation is real in terms of what happened over the last five years. So the cost of building anything probably went up somewhere between 45% and 55%. So just assume 50%. So the cost for -- and one of our clients, to move into new space or rebuild their space is materially higher.

所以我將快速回答你這個問題，然後我會請希拉蕊和布萊恩對此發表評論。因此我的簡短回答是，從過去五年的情況來看，通貨膨脹是真實存在的。因此，任何建築的成本可能都會上漲 45% 至 55%。因此就假設 50%。因此，對於我們的一位客戶來說，搬入新空間或重建空間的成本要高得多。

So the contribution that we are giving them on sort of a real basis is it makes up a smaller portion of what they actually have to spend.

因此，我們給予他們的實際捐款僅佔他們實際支出的一小部分。

But Hilary and Bryan, why don't you sort of talk about the stickiness of concessions in your markets? Hilary?

但是希拉蕊和布萊恩，你們為什麼不談談你們市場中的讓步的黏性呢？希拉蕊？

Sure. This is Hilary. I would say that in discrete instances in Midtown, on the Park Avenue corridor, there are some reductions in concessions but that is in a very defined geographic area. More broadly, even on the margins of the Park Avenue submarket, there is availability in buildings and folks have choices about where they want to go. And so the concessions are sticky because the availability levels are elevated outside of the Park Avenue submarket.

當然。這是希拉蕊。我想說的是，在中城、公園大道走廊的個別地區，優惠有所減少，但那是在一個非常明確的地理區域內。更廣泛地說，即使在公園大道子市場的邊緣，也有可用的建築，人們可以選擇他們想去的地方。由於公園大道子市場以外的可用水平較高，因此優惠政策具有黏性。

And so that's part of the reason that I think you've seen the overall statistics reflect sort of flattening, but not radical decline in concessions given in New York. Bryan?

所以，我認為這就是為什麼總體統計數據反映出紐約給予的優惠呈現平穩勢，但並未大幅下降的原因之一。布萊恩？

Yeah. I'd say that Doug was spot on with the inflation comment. And then also, we are definitely feeling, let's say, some flattening on the concessions regarding TI in the Back Bay. However, our downtown market is not in that position, and it can be used in negotiations. But it's definitely firmed on TI, very noticeable for Back Bay only though.

是的。我想說格對通膨的評論非常正確。而且，我們也確實感覺到，關於後灣區 TI 的讓步有所減弱。但是，我們的市中心市場還沒有達到那個地位，它可以用於談判。但它在 TI 上肯定是堅定的，不過僅在 Back Bay 上非常明顯。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

So question for you guys. You've outlined a pretty solid outlook sort of tail end of this year into '26 and '27 as far as addressing a lot of leasing exposure. And it sounds like, I know you're not giving guidance for the next few years, but it sounds like all else equal, we should see a meaningful pickup in FFO. What are the risks or offsets? Like, for example, acquisitions that may be dilutive or taking buildings out of service for redevelopment, like what would stop you guys from -- what would stop FFO from really accelerating tail end of this year into next?

所以我想問你們一個問題。您對於今年末至 26 年和 27 年期間解決大量租賃風險的前景做出了非常樂觀的預測。聽起來，我知道您不會為未來幾年提供指導，但聽起來在其他所有條件相同的情況下，我們應該會看到 FFO 的顯著回升。有哪些風險或抵銷因素？例如，收購可能會稀釋股權，或者讓建築物停止使用以進行重新開發，什麼會阻止你們——什麼會阻止 FFO 從今年年底真正加速到明年？

So let me give you -- I'm going to give you half the answer and I'll let Mike give you the other half of the answer. So on my half of the answer, I believe if you look at our NOI from our same property portfolio in our development, there will be meaningful increases in the contribution from those “assets” as we move into 2026 and 2027.

所以讓我給你——我會給你一半答案，然後讓麥克給你另一半答案。因此，就我的一半答案而言，我相信，如果您查看我們開發中的相同房地產組合的淨營運收入，那麼隨著我們進入 2026 年和 2027 年，這些「資產」的貢獻將會出現有意義的增長。

So I mean, I think on the other side of things, there's where our interest rate is going. So where short-term and long-term interest rates are going and what does that mean for our interest expense as we refinance bonds that are expiring every year. And that is offset by what is likely to be somewhat lower floating rates on the 12% to 15% of our debt portfolio that is floating.

所以我的意思是，我認為從另一方面來看，這就是我們的利率走向。那麼短期和長期利率走向如何？而這被我們 12% 至 15% 的浮動債務組合的可能略低的浮動利率所抵銷。

John Kim, BMO Capital Markets.

BMO 資本市場部的 John Kim 說。

Doug mentioned life science tenants looking for office space exclusively. And I'm wondering if you could provide any commentary on how widespread you think that is either by geography or stage of the companies? And if you believe this is a reflection of AI and its impact on the biotech sector?

道格提到生命科學租戶專門尋找辦公空間。我想知道您是否可以評論一下這種現像在地域或公司發展階段上的普遍程度？您是否認為這是人工智慧及其對生物技術領域影響的反映？

Okay. So I'll try to give you a perspective on that, and then I'll let Rod give you a perspective as well. And Bryan, if you have anything else you want to add as well.

好的。因此我會試著給你一個關於這方面的觀點，然後我也會讓羅德給你一個關於這方面的觀點。布萊恩，如果您還有其他想補充的話。

So what I believe is going on right now is that there is a bunch of money that is being raised in the life science sector that are looking for opportunities to take advantage of trials that have already started and shown some efficacy and they are instead of “starting with a brand new idea”, looking sort of for that later stage “proven kind of a product” to move forward. And there are management teams that have been able to figure out how to raise capital to do those things. And they are the companies that we are seeing right now, certainly in suburban Boston, as the preponderant of the “expansion and growth” relative to life science.

所以我認為現在的情況是，生命科學領域正在籌集大量資金，尋找機會利用已經開始並顯示出一定功效的試驗，他們不是“從一個全新的想法開始”，而是尋找後期“經過驗證的產品”來推進。並且有一些管理團隊已經能夠想出如何籌集資金來完成這些事情。它們就是我們現在看到的，在波士頓郊區的生命科學領域「擴張和成長」中佔據主導地位的公司。

What we have not seen is significant numbers of incubator kinds of companies going to a point where they are now ready to move into a more permanent kind of a space because they have been given capital by their VCs in order to go to the next level in the same way that was happening in '18, '19, and '20, right? That's where all of the demand was coming from. So I'd say there's sort of that shift.

我們還沒有看到大量孵化器類型的公司發展到這樣的地步：它們已經準備好進入一個更永久的領域，因為它們已經得到了風險投資公司的資金，以便以 2018 年、2019 年和 2020 年那樣的方式進入下一個階段，對嗎？所有需求都來自那裡。所以我想說有這樣的轉變。

And Rod, you may want to comment on what you're seeing in the South San Francisco market.

羅德，您可能想評論一下您在南舊金山市場看到的情況。

Thanks, Doug. So I think it's important to keep in mind that our office buildings in South San Francisco have always catered to the office component of the life science business that was around down there. That's still the case. We actively are in negotiations now with a larger lab tenant that's specifically looking for more office space. So that is definitely part of it.

謝謝，道格。因此，我認為重要的是要記住，我們在南舊金山的辦公大樓始終致力於滿足那裡生命科學業務的辦公需求。至今仍是如此。我們目前正在積極與一家更大的實驗室租戶進行談判，該租戶正在尋找更多的辦公空間。所以這肯定是其中的一部分。

I don't know if it's attributable to the AI piece as your question came through, John, but there's a mix of office users that are life science tenants. That's very typical in our market.

約翰，我不知道這是否與你提到的人工智慧部分有關，但辦公室使用者中既有生命科學租戶。這在我們的市場非常典型。

Bryan?

布萊恩？

Yeah. In Boston, I'd say, we've seen a little bit of evidence, let's say, three to four situations that are indicative of what Doug and we've discussed here, but not enough to say it's a big trend. And it's only in the Urban Edge market.

是的。在波士頓，我想說，我們已經看到了一些證據，比如說，三到四種情況可以證明道格和我們在這裡討論的內容，但還不足以說這是一個大趨勢。而且它僅在 Urban Edge 市場銷售。

Nick Yulico, Scotiabank

Nick Yulico，加拿大豐業銀行

I had a question on the occupancy guidance. So the midpoint assumes you're roughly flat from where you ended Q4, but that guidance doesn't include the developments being put into service. So I was hoping you can quantify how much the developments will drag occupancy this year? The reason I'm asking is I think you'll be reporting an in-service occupancy number through the year that actually includes those developments being added in. So it would be helpful to know that.

我對入住指南有疑問。因此，中點假設您與第四季末的情況大致持平，但該指引並不包括投入使用的開發成果。所以我希望您能能量化今年這些發展對入住率的影響有多大？我之所以問這個問題，是因為我認為你們會報告全年在用建築的入住率，其中實際上包括了新增的建築項目。了解這一點會很有幫助。

Sure. Happy to answer that, Nick. I think in our supplemental, we provide is what the in-service occupancy is at the end of the year and then we guide to what we expect the occupancy to be in those buildings for 2025 as a way to help you kind of determine where the same store is going, where the portfolio NOI is going. But you're right, in 2024, we had some negative impact because we brought 103 CityPoint online in the fourth quarter, and we brought 180 CityPoint online in the third quarter, and that was not part of our original kind of guidance for the in-service portfolio. At the end of the year, we're at 87.5% occupied.

當然。很高興回答這個問題，尼克。我認為在我們的補充中，我們提供的是年底在職入住率，然後我們指導我們預計 2025 年這些建築的入住率，以此來幫助您確定同一家商店的去向，以及投資組合的淨運營收入的去向。但您說得對，在 2024 年，我們受到了一些負面影響，因為我們在第四季度上線了 103 個 CityPoint，在第三季度上線了 180 個 CityPoint，而這並不是我們對在職投資組合最初的指導的一部分。截至年底，我們的入住率為 87.5%。

We're going to remove Reston Corporate Center from service. It's fully leased. It's not a big impact. It's only down about 10 basis points so we'll start at 87.4% net of that. If you look at the developments that are delivering, as I mentioned on my notes, 651 Gateway is coming in, in Q1.

我們將停止使用 Reston Corporate Center。已經全部租出去了。影響不大。它僅下降了約 10 個基點，因此我們將從 87.4% 的淨值開始。如果你看一下正在實現的進展，正如我在筆記中提到的那樣，651 Gateway 將在第一季投入使用。

And then 360 Park and Block D will come in, in Q3. Right now, they're 21% occupied. If they don't achieve any more occupancy, it's going to have a negative impact of 70 basis points roughly on our occupancy. Now as Doug mentioned, we've got some activity there, especially at 360 Park. So we do think we're going to have a little bit more occupancy there, but they're certainly not going to be fully leased.

然後 360 Park 和 Block D 將在第三季投入使用。目前，他們的入住率為 21%。如果他們無法提高入住率，這將對我們的入住率產生約 70 個基點的負面影響。正如 Doug 所提到的，我們在那裡有一些活動，尤其是在 360 公園。因此，我們確實認為那裡的入住率會稍微高一些，但肯定不會完全租用。

Doug also mentioned that we're going to remove some other buildings from service in the suburbs. So there's a couple of buildings in Suburban Boston we're thinking about and Suburban in Princeton that we're thinking about. And if we were to do that because we have a higher and best use for those assets to build residential developments, that actually goes the other direction and could help us by close to 90 basis points.

道格也提到，我們將停止郊區一些其他建築的服務。我們正在考慮波士頓郊區的幾棟建築，也正在考慮普林斯頓郊區的幾棟建築。如果我們這樣做是因為我們對這些資產有更高、更好的用途，即建造住宅開發項目，那麼這實際上是朝著另一個方向發展的，可以幫助我們提高近 90 個基點。

So as Doug mentioned, kind of a net of these two things is not going to be that impactful. But at this point, we haven't determined, right, to take those buildings out of service.

正如 Doug 提到的那樣，這兩件事的組合不會產生太大的影響。但目前，我們還沒有決定是否要停止使用這些建築物。

Yes. And let me just comment on our development pipeline and sort of what's going on in there and where I think you'll start to see some progress and where you won't see some progress. So the building that probably sees the most relative progress during the year in terms of its lease square footage is probably 360 Park Avenue South, knock on wood. Hilary, you can sort of talk about the activity we're seeing there. And then we're actually seeing some leasing activity at 180 CityPoint.

是的。讓我評論一下我們的開發流程和其中發生的事情，以及我認為你們會在哪些地方開始看到一些進展，以及在哪些地方不會看到一些進展。因此，就租賃面積而言，今年可能取得最大進展的建築可能是 360 Park Avenue South，敲敲木頭。希拉里，你可以談談我們在那裡看到的活動。然後我們實際上看到 180 CityPoint 的一些租賃活動。

Again, it's a lab building where we're talking to lab tenants about office space. And therefore, we're going to likely be building out office space, not lab space, and then we're also not going to be building out a lab infrastructure in that space. So we're not going to be spending the same capital. And then, Jake, you may want to comment on sort of what we're also doing and seeing at Reston Block D.

再說一次，這是一棟實驗室大樓，我們正在與實驗室租戶討論辦公空間。因此，我們可能會建造辦公空間，而不是實驗室空間，而且我們也不會在該空間建造實驗室基礎設施。因此我們不會花費相同的資本。然後，傑克，你可能想評論一下我們在 Reston Block D 所做和所見的情況。

So in all 3 of those particular situations, I believe you will see a meaningful increase in occupancy during -- sorry, lease percentage in 2025. The occupancy won't hit until 2026. Where we're going to have, I'd say, more of a challenge are at 651 Gateway, which is the building we have with ARE where there's very little activity right now. And then at 103 CityPoint, which is the second lab building that we have in the Waltham submarket.

因此，在這三種特殊情況下，我相信你會看到入住率在 2025 年顯著增長——抱歉，是租賃百分比的增長。預計入住率要到 2026 年。我想說，我們面臨的更大挑戰是在 651 Gateway，這是我們與 ARE 合作的建築，目前那裡的活動很少。然後是 103 CityPoint，這是我們在沃爾瑟姆子市場擁有的第二座實驗室大樓。

But Jake, why don't we start with you and talk about Block D? And then Hilary can talk about 360 Park Avenue South and Bryan can talk about180 CityPoint.

但是傑克，我們為什麼不從你開始討論 D 區呢？然後希拉蕊可以談論 360 Park Avenue South，布萊恩可以談論 180 CityPoint。

Yes, sure. Thanks, Doug. I will just say that we've seen a pretty meaningful uptick in activity across the Reston Town Center market and in particular, the 75,000 square foot Block D development that we just delivered. And we have a few clients and proposals and prospects that we're discussing, taking the majority or all of the space with. So very good activity and hope to have better news to deliver here in the coming quarter or two.

是的，當然。謝謝，道格。我只想說，我們看到雷斯頓市中心市場的活動出現了相當明顯的上升趨勢，特別是我們剛剛交付的 75,000 平方英尺的 D 座開發案。我們正在討論一些客戶、提案和潛在客戶，佔據了大部分或全部的空間。因此，這是非常好的活動，希望在接下來的一個或兩個季度裡會有更好的消息傳出。

Hilary?

希拉蕊？

Thanks, Doug. At 360 Park Avenue South, as Doug mentioned earlier, we have one lease out for a full floor at that building. So that will be the fifth floor that we've leased there. And we have three or four other proposals that we're actively trading that are roughly the same size, one floor to two floors. That's really where the demand sweet spot seems to be in that submarket.

謝謝，道格。在 360 Park Avenue South，正如 Doug 之前提到的，我們已經租出了建築物的整整一層樓。那就是我們在那裡租賃的第五層。我們還有三到四個正在積極交易的提案，它們的規模大致相同，從一層到兩層。這似乎確實是該子市場的需求最佳點。

And as a reminder, the floor plates there are about 23,000 square feet, so call it, 20,000 to 40,000 square foot tenants. The larger tenant demand has remained muted in Midtown South. And so if we continue to see 20,000 to 40,000, we expect that we'll have very good leasing activity throughout the course of the year and that the building will continue to lease up a pace. But there is still the outside chance that we'll get a larger tenant, in which case I think that it could fill up quite quickly. So we'll just have to see how it plays out with regards to the tenant size demand, but we are in active discussions with several tenants and out to lease with one in particular for a full floor.

提醒一下，那裡的樓面面積大約有 23,000 平方英尺，也就是說，租戶面積有 20,000 到 40,000 平方英尺。中城南區的大型租戶需求依然低迷。因此，如果我們繼續看到 20,000 到 40,000 的數量，我們預計全年我們將擁有非常好的租賃活動，並且建築物的租賃將繼續保持一定速度。但我們仍有可能迎來更大的租戶，在這種情況下，我認為它很快就會被填滿。因此，我們只需要觀察它對租戶規模需求的影響，但我們正在與幾位租戶進行積極討論，並且特別與其中一位租戶租賃一整層樓。

Bryan?

布萊恩？

Yes, 180 CityPoint, as noted, probably the highest probability of getting some lease up there. And we started seeing some pickup in the fourth quarter. And I'd say that they were from clients that had been in the market for over a year and really gain confidence in the fourth quarter that we're seeing. So that building is excellent. It's the best product in the market for life science and the description that we have about a couple of deals, looking at it for life science but office is hopeful.

是的，正如所指出的，180 CityPoint 可能是在那裡獲得租賃的最高可能性。我們在第四季開始看到一些回升。我想說的是，他們來自已經在市場上經營了一年多的客戶，並且對我們看到的第四季度真正獲得了信心。所以那棟建築非常棒。這是生命科學市場上最好的產品，根據我們對幾筆交易的描述，我們對它用於生命科學領域抱有希望。

103, a little bit more challenging as GMP building and that zone is a little bit more quiet, although we're still optimistic about that for a possible lease this year.

103，由於 GMP 建設，挑戰性更大一些，而且該區域比較安靜，但我們對今年可能的租賃仍持樂觀態度。

Michael Goldsmith, UBS.

瑞銀的麥可‧戈德史密斯。

Doug, in the past, you commented that 3 million square feet of leasing equates to flat occupancy. You talked a lot about -- you've done a nice job of cutting back on some of the future expirations. So is there a nice hard and fast rule how we should think about it going forward? Or is it still 3 million equates to flat occupancy from here?

道格，過去您曾評論 300 萬平方英尺的租賃面積相當於公寓入住率。您談了很多——您在削減一些未來到期債務方面做得很好。那麼，是否存在一條嚴格的規則，讓我們思考如何繼續前進呢？還是從現在起 300 萬還是相當於固定入住率？

Yes. So in 2025, 3 million is flat occupancy, 3 million in 2026 is a meaningful increase in occupancy. Again, our portfolio is 49 million square feet. So 490,000 square feet is 100 basis points. So if we have under 2 million square feet expiring and we do 3 million square feet of leasing on vacant and expirations, that would mean a pickup of a material amount.

是的。因此，2025 年的入住率將維持在 300 萬，而 2026 年的入住率將達到 300 萬，入住率將顯著增加。再次重申，我們的投資組合面積為 4,900 萬平方英尺。因此 490,000 平方英尺是 100 個基點。因此，如果我們有不到 200 萬平方英尺的租賃到期，而我們的空置和到期租賃面積達到 300 萬平方英尺，這將意味著大量的增加。

I'm just -- I'm doing the math for you. I'm not suggesting I'm giving you a projection for '26.

我只是——我在為你計算。我並不是暗示要給你一個 26 年的預測。

Floris van Dijkum, Compass Point.

佛洛里斯‧範‧戴庫姆 (Floris van Dijkum)，指南針角。

A question on capital allocation. Owen, as you think about where you're deploying your capital, obviously, the transaction in DC at 725 12th was very interesting. How do you think about -- how many other types of transactions like that are in the markets? What kind of -- what markets are you looking at or which markets do you think are going to be the most active for you in '25?

關於資本配置的問題。歐文，當你考慮將你的資本部署到哪裡時，顯然，位於華盛頓特區 12 街 725 號的交易非常有趣。您如何看待——市場上還有多少其他類型的類似交易？您正在關注哪些市場，或者您認為在 25 年哪些市場對您來說將最為活躍？

And maybe also touch on the sellers or who you're getting this product from, if you could.

如果可以的話，也許還可以談談賣家或你是從誰那裡買到這個產品的。

Okay, Flor. So I would break it first between development and acquisitions. So on development, the only market where development is really supported by current market rents is in Midtown New York. And so we have, as I mentioned in my remarks, and you're aware of 343 Madison, which we have -- which we expect to launch this year, we are speaking to several anchor clients for that. And given the yields that we project, we think it's a very appropriate and strong allocation capital decision for the firm.

好的，弗洛爾。因此，我首先將開發和收購進行區分。因此就開發而言，唯一真正由當前市場租金支持開發的市場是紐約市中城。正如我在發言中提到的那樣，你們也知道我們預計將於今年推出 343 Madison，我們正在就此與幾位主要客戶進行洽談。考慮到我們預測的收益率，我們認為這對公司來說是一個非常合適且強有力的資本配置決策。

Also in DC, as I mentioned in my remarks, I think our team did a magnificent job of creating a very accretive new development opportunity, given the dynamics in DC. There's clients that want to be in premier space, number one. Number two, they were able to identify a building that -- where the loan was in default and buy the loan at an interesting price. So we got a good land basis. And all the math worked and they were able to derisk the project from a leasing standpoint, given all of their relationships in the market and the interest by clients there in premier workplaces.

另外在華盛頓特區，正如我在演講中提到的那樣，考慮到華盛頓特區的動態，我認為我們的團隊在創造非常有益的新發展機會方面做得非常出色。首先，客戶希望佔據首要地位。第二，他們能夠找到一棟貸款違約的建築物，並以有趣的價格購買該貸款。因此我們獲得了良好的土地基礎。所有的計算都正確，考慮到他們在市場上的所有關係以及客戶對優質工作場所的興趣，他們能夠從租賃的角度降低專案風險。

And we also have a great site in the Back Bay of Boston. Right now, I don't think market rents support that development, but it's getting closer. Because again, as Doug said, the Back Bay of Boston and Midtown New York are the two strongest markets we're in. And my expectation is that's probably the next site that we control that we'll pencil from an office standpoint.

我們在波士頓後灣區也有一個很棒的場地。目前，我認為市場租金還不支持這種發展，但正在越來越接近。因為正如道格所說，波士頓後灣區和紐約中城是我們最強大的兩個市場。我的期望是，這可能是我們從辦公室的角度控制的下一個站點。

And then just to finish the remarks on development, if other teams and other regions can replicate what our DC team did with the clients and the building that they created, we're going to want to do that. So that's the development answer.

然後，為了完成關於開發的評論，如果其他團隊和其他地區可以複製我們的 DC 團隊為客戶和他們創建的建築所做的事情，我們也會這樣做。這就是發展的答案。

And then on the acquisitions answer, we continue to be in the market looking for buildings that are either currently premier workplaces or ones that we can make in the premier workplaces. And again, we have looked at a lot of different deals, and we continue to be out in the market. And as Mike said, he didn't put anything in his projections for next year about new acquisitions. But we're hopeful that we're going to -- this cycle, we're going to be able to identify accretive acquisitions. That's certainly been our history.

關於收購的問題，我們將繼續在市場上尋找目前一流的工作場所或我們可以建造的一流的工作場所的建築。再說一遍，我們已經研究了很多不同的交易，並且我們會繼續留在市場上。正如麥克所說，他在明年的預測中沒有提到任何有關新收購的內容。但我們希望——在這個週期中，我們將能夠確定增值性收購。這當然是我們的歷史。

Any time there's a downtick in real estate and specifically office real estate, BXP has been able to add great properties at accretive yields to its portfolio. And I fully expect that to happen again this cycle. But there's nothing right now that's specific that we could point to that I think we will get done in the near term. But that doesn't mean later in the year, something that's of interest won't present itself.

每當房地產（尤其是辦公大樓）價格下滑時，BXP 就能將能帶來增值收益的優質房地產添加到其投資組合中。我完全預料到這種情況在本輪週期中會再次發生。但目前我們尚無任何具體資訊可以指出，但我認為我們將在短期內完成。但這並不意味著今年晚些時候不會出現一些有趣的事情。

Michael Griffin, Citi.

花旗銀行的麥可‧格里芬 (Michael Griffin)。

Doug, maybe going back to your assumptions around vacancy leasing for the year. As I look in the portfolio, kind of stands out from a vacancy perspective is still San Francisco. So I mean suffice it to say, do you really need to see demand accelerate in that market for vacant space? I'm thinking about 680 Folsom, 535 Mission as two examples of high-quality properties there that could see some leasing. Or do you have enough demand from your portfolios in New York, in DC to be able to hit that vacancy leasing goal?

道格，也許我們可以回顧一下你對今年空置租賃的假設。當我查看作品集時，從空缺角度來看，舊金山仍然是最引人注目的。所以我的意思是說，你真的需要看到市場對空置空間的需求加速嗎？我正在考慮 680 Folsom 和 535 Mission 作為那裡可以看到租賃情況的兩個優質房產的例子。或者您在紐約和華盛頓特區的投資組合是否有足夠的需求，從而能夠達到空置租賃目標？

Sure. So I'm going to let Rod talk about what's going on in San Francisco and sort of what our expectations are there. But we need all of our markets to perform from an increase in available space being leased to new clients, right? That's the mandate across the entire portfolio and everybody has to all the reasons have to pull their part. Obviously, we have lower expectations and higher expectations, depending upon the particular property as well as the particular sort of environment of what the demand might be for that.

當然。因此，我將讓羅德談談舊金山正在發生的事情以及我們對那裡的期望。但我們需要所有市場都透過增加出租給新客戶的可用空間來實現這一點，對嗎？這是整個投資組合的使命，每個人都必須盡自己的一份心力。顯然，我們的期望有低一些的，也有高的，這取決於具體的財產以及對該財產的特定需求環境。

In San Francisco, we've done a really good job actually of leasing available space at 535 Mission because interestingly, the sort of demand that it is apt to capture and the success that, that building has had in grabbing that demand, we need to do more of that. We also need to do more leasing at Embarcadero Center and we need to do more leasing at 680 Folsom.

在舊金山，我們在租用 535 Mission 的可用空間方面做得非常好，因為有趣的是，我們需要做更多這樣的工作，因為它很容易滿足這種需求，而且這棟建築在抓住這種需求方面取得了成功。我們還需要在 Embarcadero Center 做更多的租賃工作，我們需要在 680 Folsom 做更多的租賃工作。

And Rod can talk about some of the things that we are doing to accelerate our activity in those properties. Rod?

羅德可以談談我們為加速在這些地產上的活動所採取的一些措施。桿？

Yes. Well, you hit on 535, which has had really great leasing experience in '24, and we've got a good pipeline of deals we're talking to there still. And our strategy, both at 535 and Embarcadero and at 680 Folsom is centered around an amenity-based offering first in a premier workplace environment. So we just finished this fantastic amenity center in Embarcadero Center called Mosaic. It has gotten great reviews and it's a super great draw for bringing new clients in. It's something that not every other building is offering, I certainly don't think at the quality. So we're doing that at Embarcadero.

是的。嗯，您提到了 535，該公司在 24 年擁有非常豐富的租賃經驗，而且我們仍在洽談一系列良好的交易。無論在 535 and Embarcadero 或 680 Folsom，我們的策略都是首先在一流的工作環境中提供以便利設施為基礎的服務。我們剛剛在 Embarcadero Center 完成了這個名為 Mosaic 的極好的便利中心。它獲得了很好的評價，並且對吸引新客戶具有極大的吸引力。並不是每棟建築都能提供這種服務，我當然不認為其品質如此之好。我們在 Embarcadero 就是這樣做的。

We have a similar type of focused amenity offering under construction now at 680 Folsom. We've done some remodeling to the lobby and we're going to add another portion on the ground floor, which will be a tenant amenity. So that's going to definitely get some traction. We're also going to enhance the roof deck. We have a capital plan in place that's going to be completed this year on the roof deck of 680 Folsom, which, again, is going to be a nice way to differentiate that building.

我們目前正在 680 Folsom 建造類似類型的重點便利設施。我們對大廳進行了一些改造，並計劃在一樓增加另一部分，作為租戶便利設施。所以這肯定會引起一些關注。我們也將加強屋頂平台。我們已製定了一項資本計劃，將於今年在 680 Folsom 的屋頂平台上完工，這也將成為該建築的區分度的好方法。

So I think we're positioning all these buildings for success. We have a great spec suite program in all the buildings that we've used over the years. And it's when you go down a list of deals that we did last year, many of them are in those spec suites. So it's not the only focus, but it's certainly an important focus, and we're going to keep doing that.

所以我認為我們正在將所有這些建築定位為成功的建築。多年來，我們在所有使用過的建築中都採用了出色的規格套件程序。當你查看我們去年達成的交易清單時，你會發現其中許多交易都屬於這些規格套件。因此，這不是唯一的重點，但肯定是一個重要的重點，我們將繼續這樣做。

And I just -- I'll close on the point that San Francisco had positive net absorption for the fourth quarter. That hasn't happened in a long time. So it's a good sign. And we feel it in our activity. And so we're optimistic we're going to have a good year.

最後我想說的是，舊金山第四季的淨吸收量為正。這樣的事已經很久沒有發生過了。所以這是一個好兆頭。我們在活動中感受到了這一點。因此，我們樂觀地認為，我們將會迎來美好的一年。

Richard Anderson, Wedbush Securities.

韋德布希證券公司的理查德安德森。

So at the outset, you talked about your lack of exposure to the GSA leasing business. But perhaps defense contractors follow the Trump five-day RTO approach to government workers. Then you have Amazon, JPMorgan, Salesforce. I'm wondering how critical this is into your leasing outlook for '26 and '27 in terms of return to office. Is it enough to be two or three days a week for you to have a successful negotiating platform?

所以一開始，您談到您缺乏對 GSA 租賃業務的了解。但或許國防承包商會效仿川普對政府工作人員採取的五天 RTO 做法。然後還有亞馬遜、摩根大通、Salesforce。我想知道，從重返辦公室的角度來看，這對您 26 年和 27 年的租賃前景有多重要。每週兩三天就足以讓您擁有一個成功的談判平台嗎？

Or do you need that to kind of ramp to a full week eventually over the course of the next few years and whether or not you can comment on the conversations you're having with your tenants about what their plans are for return to office over the next few years?

或者您是否需要在未來幾年內最終將其延長至整整一周，以及您是否可以評論一下您與租戶就未來幾年重返辦公室的計劃進行的對話？

Yes. No, return to office is clearly accelerating, and it's helping our leasing activity. I think it's varied a bit by industry, and therefore, we see it a little bit differently by region because different industries have different concentrations in different regions. So that's a -- it's a big plus. Look, we have always said return to office is important to leasing, but also corporate earnings growth as a proxy for corporate health is actually even more important, and that's also a positive. So I would put both of those in the same category when you think about the health of the client base that we serve.

是的。不，重返辦公室的速度顯然正在加快，這有助於我們的租賃活動。我認為不同行業的情況略有不同，因此，我們看到的不同地區的情況也略有不同，因為不同行業在不同地區的集中度也不同。所以，這是一個很大的優勢。我們一直說，重返辦公室對租賃很重要，但作為企業健康狀況的代表，企業獲利成長實際上更為重要，這也是積極的一面。因此，當您考慮我們服務的客戶群的健康狀況時，我會將這兩者歸為同一類別。

In terms of number of days in the week, I mean, look, I think even for clients that are only coming in two or three days a week, they want everybody in the office on the same days because that's why they're there, it's to collaborate. So it's hard to save space. People aren't allocating, okay, you come in Monday, Tuesday, and this group comes in Thursday, Friday. So I don't think necessarily going from four days to five days increases space demand under that logic.

就一周的天數而言，我的意思是，即使對於每週只來兩三天的客戶，他們也希望每個人都在同一天在辦公室，因為這就是他們在那裡的原因，是為了合作。所以很難節省空間。人們沒有分配，好吧，你週一、週二來，這個組週四、週五來。因此，我認為，按照這種邏輯，從四天增加到五天並不一定會增加空間需求。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Related to the earlier question on concessions and increasing costs. I'm wondering whether you've noticed a change in tenants' willingness to move and upgrade their space given the higher costs to move and higher cost to build out their space over and above what you've given them in TIs? And whether that's driven more of a preference to renew in place because of those cost pressures, maybe even slowing but like to quality? And if so, how does that factor into your leasing strategy?

與先前關於讓步和增加成本的問題相關。我想知道，考慮到搬遷成本更高以及擴建空間的成本高於您在 TI 中給予他們的空間，您是否注意到租戶搬遷和升級空間的意願發生了變化？而且，是否由於成本壓力，人們更傾向於續約，甚至可能放緩但追求品質？如果是，這對您的租賃策略有何影響？

Yes. So I'm going to give you a response on that, and then I'll let the regions sort of chime in. My sense from what I have been seeing is that most of our clients have said, we have to rebuild our space because we have to be competitive with our offering to our employees. And interestingly, if you have older space, call it, 10-plus year old space, the brain damage associated with staying in place and renovating it is not something that is very attractive to many of our clients. And unless they are forced to do that, they would prefer to move.

是的。因此我將就此問題向你們作出答复，然後讓各地區參與進來。從我的觀察來看，我們的大多數客戶都表示，我們必須重建我們的空間，因為我們必須為員工提供具有競爭力的服務。有趣的是，如果你擁有較舊的空間，可以稱之為 10 多年的空間，那麼留在原地並進行翻新所帶來的腦損傷對於我們的許多客戶來說並不是很有吸引力。除非被迫，否則他們寧願搬家。

In many cases, they would prefer to move within our buildings if we had space available to them. But in many cases, we can't do that. And so they are going ahead and spending the money. And right now, again, and as Owen sort of talked about earlier, the confidence that our clients have based upon the economy is giving them, I'd say, the conviction that it's a good time to be making that capital allocation to their space. So maybe Hilary and Rod, you can start.

在許多情況下，如果我們有可用的空間，他們更願意在我們的大樓內搬走。但很多時候我們無法做到這一點。所以他們繼續花這筆錢。現在，正如歐文之前談到的，我們的客戶基於經濟的信心讓他們確信，現在是向他們的領域進行資本配置的好時機。所以也許希拉蕊和羅德可以開始。

And then Bryan, talk about sort of the CBD location. And then perhaps, Jake, you can you talk about what's going on in Reston. Rod?

然後布萊恩 (Bryan) 談談 CBD 的位置。那麼也許，傑克，你可以談談雷斯頓發生的事情。桿？

This is Hilary. I would entirely agree with the comment around the difficulty regarding renovating in place. We've seen clients be very reluctant to do that. I think that there is a lot of confidence in the New York market around the direction of the economy and for the client base in BXP's New York portfolio around their business models and their future. And so what we are seeing a lot of is clients expanding in our buildings, taking new space and building that space out.

這是希拉蕊。我完全同意就地裝修的難度的評論。我們發現客戶非常不願意這麼做。我認為，紐約市場對於經濟走向充滿信心，而 BXP 紐約投資組合中的客戶群也對其商業模式和未來充滿信心。因此，我們看到許多客戶在我們的建築內進行擴建，佔用新的空間並將該空間進行建造。

We're also seeing new demand coming into the portfolio. And of course, that tenancy is generally always a full new build. So I think it's much more of a case where the demand drivers are expansion of the economy and expansion of the business units, and they're -- they want fresh new space that will help them compete for employees, and we'll help them compete for clientele. So that's the trend that I see in New York.

我們也看到投資組合中出現了新的需求。當然，該租賃房屋通常都是全新建造的。因此，我認為更多的情況是，需求驅動因素是經濟的擴張和業務部門的擴張，他們想要全新的空間來幫助他們爭取員工，我們也會幫助他們爭取客戶。這就是我在紐約看到的趨勢。

Rod. I would, I would just add that. I think what we're not seeing is the short term renewals that we saw early in or moving out of the pandemic, most of our clients are confident in what the future looks like and are not asking for short term renewals. I mean, I think in those cases it's tough if somebody is willing to just do a one or two year extension or three year even then it's hard to pull a tenant like that out of a building. But, but most of the people we're talking to are willing to make long term commitments 10-plus years. So, you know, I think that they're doing exactly what you said, Doug, which is they're looking to build a better offering for their employees to come back and entice them back and we're seeing that across all of our existing tenants and then the ones that we're trying to pull out of other buildings. Definitely.

桿。我會，我只是想補充一下。我認為，我們沒有看到在疫情初期或疫情結束後出現的短期續約，我們的大多數客戶對未來充滿信心，並沒有要求短期續約。我的意思是，我認為在這種情況下，如果有人願意只延長一兩年或三年，那就很困難了，即使如此，也很難把這樣的租戶從大樓里拉出來。但是，我們交談過的大多數人都願意做出 10 多年的長期承諾。所以，你知道，我認為他們正在做的事情正如你所說的，道格，他們正在尋求為他們的員工提供更好的服務，讓他們回來，吸引他們回來，我們在所有現有租戶以及我們試圖從其他大樓撤出的租戶中都看到了這一點。確實。

And Jake, comment on the sort of the opportunities that the two tenants that we're talking to about Reston next, have to stay where they want, where they are and what they're doing.

傑克，請您評論我們接下來要討論的雷斯頓的兩位租戶有哪些機會，他們可以留在他們想要去的地方、他們現在所在的地方以及他們正在做的事情。

Yes, sure. I mean again, we are having very interesting and productive conversations with lots of clients in the Northern Virginia market. Over half of our holdings in the DC region are in Reston Town Center, which is what I would say is the home to the who's who of the defense and cybersecurity community. And these are groups that can pay market-leading rents and are seeking trophy quality product in a mixed-use environment.

是的，當然。我再次表示，我們正在與北維吉尼亞市場的許多客戶進行非常有趣且富有成效的對話。我們在華盛頓特區的資產有一半以上位於雷斯頓市中心，可以說這是國防和網路安全界知名人士的聚集地。這些群體能夠支付市場領先的租金，並尋求在混合用途環境中獲得高品質的產品。

And a lot of that is just because they want to attract and retain and motivate their employee base. So we're seeing lots of inbounds in that regard. And so it's exciting for the future of Reston Town Center.

而這很大程度只是因為他們想要吸引、留住和激勵員工。因此，我們看到了很多這方面的入站資訊。雷斯頓市中心的未來令人興奮。

But again, just to sort of keep going on this sake, the two tenants that we're actually talking to about Reston next have the ability to stay where they are and pay rent debt is significantly lower than what we would -- what we're charging at Block D, correct?

但是，再說一次，只是為了繼續這樣做，我們實際上正在談論的雷斯頓的兩位租戶接下來有能力留在他們所住的地方，並且支付的租金債務明顯低於我們在 D 座收取的租金，對嗎？

Absolutely. Absolutely. And in each case, the landlords would happily accept renewals with these clients. But these clients won't change. They want to motivate their employees to continue to come to work and do the important work that they do to generate revenue for them.

絕對地。絕對地。在每種情況下，房東都會很樂意接受與這些客戶的續約。但這些客戶不會改變。他們希望激勵員工繼續上班並完成重要的工作，為他們創造收入。

So they're looking to change up their environments and move to these mixed-use environments that are more exciting and provide a better ground floor plane for their employees and more excitement and more amenities. And we're seeing that in spaces in Reston.

因此，他們希望改變他們的環境並轉向這些更令人興奮的混合用途環境，為他們的員工提供更好的底層平面以及更多的興奮和更多的便利設施。我們在雷斯頓的空間裡看到了這一點。

Bryan?

布萊恩？

Yes. Ours is a little bit more varied. I'd say, in at least two to three significant renewals, we had situations where we had clients that their initial space was well ahead of its time and how they work today isn't that much different than how it was when they did the original lease. But I would say that that's just an example of three extraordinarily good thoughtful plans from previously. And in those cases, they did some fresh up, they did some adding of some amenities, but nothing significant, but they're exceptional spaces to begin with and really thoughtful.

是的。我們的更加多樣化一些。我想說，在至少兩到三次重大續約中，我們遇到過這樣的情況：客戶最初的空間遠遠超前於時代，而他們今天的工作方式與最初租賃時並沒有太大不同。但我想說，這只是之前三個非常好的周到計劃的一個例子。在這些情況下，他們做了一些更新，增加了一些便利設施，但沒有什麼重大意義，但它們一開始就是特殊的空間，而且確實很周到。

On the new side, we are definitely seeing the willingness of the clients to add additional dollars of their own on top of tenant finish that we may provide to really create a great space. And I would also say that the amount of interest in seeing new space and examples of it is far more than I've ever seen, we just redid our own space on Level 16, and it's incredible, the response we've had from our own people. But we have probably at least a tour a day of clients coming to see it. I've never seen a situation where the clients want to talk to us this much about how we see trends and how we see future layouts.

從新的方面來看，我們確實看到客戶願意在我們提供的租戶裝修基礎上額外投入資金，以真正打造出一個絕佳的空間。我還要說的是，人們對參觀新空間和新實例的興趣遠遠超過我所見過的一切，我們剛剛在第 16 層重建了我們自己的空間，我們自己人所做出的回應令人難以置信。但我們每天可能至少會接待一批客戶來參觀。我從未見過客戶如此想與我們談論我們如何看待趨勢以及我們如何看待未來佈局的情況。

Yes. I would just add to this conversation from BXP standpoint. We're eating our own cooking. The Boston region and the San Francisco region were in space they had been in for well over a decade. And in the last six months, they both moved here in Boston at Pru Tower to a lower floor and in Embarcadero Center to a lower floor. And there is no doubt that the new build-out has created a lot of energy and enthusiasm for our teams. And so we're experiencing this phenomena that you're hearing about firsthand.

是的。我只是想從 BXP 的角度補充這個對話。我們吃自己做的飯。波士頓地區和舊金山地區處於他們已經佔據了十多年的空間。在過去的六個月裡，他們都搬到了波士頓的 Pru Tower 和 Embarcadero Center 的較低樓層。毫無疑問，新的建設為我們的團隊注入了巨大的活力和熱情。所以我們正在經歷你所親耳聽到的這種現象。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

You mentioned earlier that the negative absorption spigot seemed to have stopped in a few markets. And you did mention positive absorption in San Francisco in 4Q. But then you also mentioned that law firms in San Francisco are still reducing their footprint and others are rationalizing space. So it just makes it seem difficult that absorption would consistently increase if that's what you're seeing from the tenants. So I'm wondering if you can give some details on what gives you confidence that absorption will continue to be positive in San Francisco?

您之前提到，負吸收水龍頭似乎在某些市場已經停止。您確實提到了第四季度舊金山的積極吸收量。但您也提到，舊金山的律師事務所仍在減少其占地面積，其他律師事務所正在合理化空間。所以，如果從租戶那裡看到這種情況，那麼吸收量持續增加似乎很困難。所以我想知道您是否可以詳細說明一下是什麼讓您有信心舊金山的吸收量將繼續保持積極態勢？

And like is the demand there to then take advantage of the amenities that you're creating that you went through before?

那麼是否有需求來利用您先前創建的便利設施？

Rod, do you want to take that?

羅德，你想拿著這個嗎？

Yes. I mean there's no question that some of the existing, I would say, traditional tenants are still, in some cases, rightsizing. I mean we've experienced it with some of our own law firm clients. I think you have to just add into that, though, the growing demand that is coming from these new technology companies. You can say it's AI or you can just say it's the new wave of technology companies, which is traditionally brought the Bay Area and San Francisco in particular out of these down cycles.

是的。我的意思是，毫無疑問，一些現有的傳統租戶在某些情況下仍在進行適當規模的調整。我的意思是我們自己的一些律師事務所客戶也經歷過這種情況。我認為你必須加上這一點，即來自這些新科技公司日益增長的需求。你可以說這是人工智慧，也可以說這是新一波科技公司，傳統上它帶領灣區，尤其是舊金山走出了這些衰退週期。

So we're seeing it. We're seeing a list of companies, names I've never even heard of that are out in the market. And I think you can point to, obviously, the bigger AI deals with OpenAI and Anthropic and Scale AI and some of these others that have done deals as examples of tenants that are going to use space. And so we're going in the right direction, and I think it finally showed up in the numbers this quarter. So we'll see what happens.

所以我們看到了它。我們看到了一份公司名單，這些公司的名字我從未聽過，但它們卻出現在市場上。我認為你可以指出，顯然，與 OpenAI、Anthropic 和 Scale AI 達成的更大規模的人工智慧交易以及其他一些已經達成交易的公司就是將要使用空間的租戶的例子。因此，我們正朝著正確的方向前進，我認為這最終在本季度的數據中得到了體現。因此我們看看會發生什麼。

But it feels different than it did a year ago. I can tell you that much, Caitlin, for sure.

但感覺和一年前有所不同。凱特琳，我可以肯定地告訴你這麼多。

Upal Rana, Keybanc.

Upal Rana，Keybanc。

Great. So Biogen announced some layoffs to their research department last week. And they are your third largest tenant. And I was wondering if there's any potential impact for BXP, given they do only have about 2.5 years left on their term? And is there any read-through on life science broadly on this announcement?

偉大的。因此，Biogen 上週宣布裁減其研究部門的一些人員。他們是您的第三大租戶。我想知道這對 BXP 是否會有任何潛在影響，因為他們的任期只剩下大約 2.5 年？生命科學領域對這項聲明有廣泛的解讀嗎？

So I think, look, Biogen is a company that has gone through many fits and starts over the decades that it has been in Kendall Square. We have one building with them, which is a lab building, the lease expires in the middle of 2028. And that's basically in the midst of the next election cycle. There's so much that's going to happen between now and then. I can't even contemplate what the world will look like for lab space and in Kendall Square, but that's -- it's the one location on the globe that I would rather have more than less lab space.

所以我認為，Biogen 是一家在肯德爾廣場經營了幾十年、經歷了許多起起落落的公司。我們和他們有一棟大樓，是一棟實驗室大樓，租約將於 2028 年中期到期。這基本上正值下一輪選舉週期。從現在到那時，將會發生很多事情。我甚至無法想像肯德爾廣場的實驗室空間將會變成什麼樣子，但這是——地球上唯一一個我寧願擁有更多實驗室空間而不是更少實驗室空間的地方。

And so to the extent that Biogen makes a decision to downsize or they grow, we'll be ready to capture whatever the opportunity is in that building. And again, it's the only building that we have with Biogen. The other building that we have has already been basically master leased to another organization and there, Biogen has been -- has not been in that building for the last 15 years.

因此，無論 Biogen 決定縮小規模還是擴大規模，我們都將準備好抓住大樓中的任何機會。這是我們與 Biogen 合作的唯一一棟建築。我們擁有的另一棟建築基本上已經被主租給了另一個組織，而 Biogen 在過去 15 年裡一直沒有進入那棟建築。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基 (Dylan Burzinski)，綠街。

Just going back to some of your comments on sort of the concessionary environment remaining elevated to what it once was. I guess in some of your tighter markets, at least within your portfolio, such as Boston and New York, are you guys starting to be able to push base rent so that on a net effective basis, we're starting to see incremental improvement? And then I guess as you sort of think about the next two years, right, going into '26 and '27, you guys mentioned being able to likely pick up significant occupancy. I mean, should we also expect you guys to be able to push net effective rent growth quite significantly in those years? Or can you sort of put some guardrails around that for us?

回到你關於優惠環境仍然保持在原有水平的一些評論。我想，在你們的一些比較緊張的市場中，至少在你們的投資組合中，例如波士頓和紐約，你們是否開始能夠推動基本租金，以便在淨有效基礎上，我們開始看到逐步的改善？然後我想，當您想到接下來的兩年，對吧，進入 26 年和 27 年時，你們提到可能會獲得可觀的入住率。我的意思是，我們是否也應該期望你們能夠在這些年大幅推動淨有效租金成長？或者你能為我們在那周圍設置一些護欄嗎？

So unequivocally, in the Midtown market and in the greater Boston Back Bay market, our rents are higher in 2024 than they were in 2023. And for the modest amount of space that we have available, they will be higher in 2025. In the Midtown Park Avenue market, same phenomenon except the increase has been much larger. I mean, the increases are double digit in terms of what we have seen between '23 and '24 and what we probably will see in '25 and '26. I do not want to make a suggestion that we're going to see a groundswell of rental rate increases across all of our markets in the entire portfolio I think those particular markets aren't unusual because of what we discussed earlier in the call relative to de minimis amount of large block availability and the fact that we're getting closer and closer to new construction pricing in Boston.

因此毫無疑問，在中城市場和大波士頓後灣市場，我們 2024 年的租金將高於 2023 年。就我們現有的適度空間而言，到 2025 年，這一比例將會更高。在中城公園大道市場，也出現了同樣的現象，只是漲幅更大。我的意思是，從2023年至2024年我們看到的以及2025年和2026年可能看到的增幅來看，增幅都是兩位數。我不想暗示我們將會看到整個投資組合中所有市場的租金水平大幅上漲，我認為那些特定市場並不罕見，因為我們在電話會議中早些時候討論了有關大面積可用土地的最低限度數量以及我們越來越接近波士頓新建築定價的事實。

We're not quite there yet. And then obviously, where we are in Midtown Manhattan. But it's a very constructive environment in those marketplaces. It's not as constructive elsewhere.

我們還沒有到達那裡。顯然，我們現在位於曼哈頓中城。但這些市場的環境非常有利。在其他地方，它並不那麼具有建設性。

I just think the one thing I would add, Doug, is that there's no new development that's going to be coming in, in '26 and '27 in these markets. So from a supply perspective, there's nothing to -- for those clients to look at. And so that will benefit us.

道格，我只想補充一點，那就是在 2026 年和 2027 年這些市場不會有新的發展。因此從供應的角度來看，對於那些客戶來說沒有什麼可關注的。這對我們有好處。

Michael Lewis, Truist securities.

邁克爾·劉易斯 (Michael Lewis)，Truist 證券。

So you hit this topic of concessions and CapEx from a few different angles. When we put together the increased leasing volume as you get the occupancy back up and the higher cost, I don't think you give guidance for that, but should we expect FAD and cash flow to be under pressure in the near term at least until you kind of stabilize the occupancy? Or is that not the case?

因此，您可以從幾個不同的角度來討論特許權和資本支出這一主題。當我們將入住率回升而導致的租賃量增加和成本上昇放在一起時，我認為您不會對此提供指導，但我們是否應該預計 FAD 和現金流在短期內會承受壓力，至少在您穩定入住率之前？或者事實並非如此？

I'm not going to give a projection for '26 and '27 for FAD. I think for 2025, I feel pretty good about it. I think it will probably be a little bit lower than this year in line with kind of the FFO drop that we had this year. We do have free rent that is burning off. So as I mentioned, the cash flow from the portfolio is increasing.

我不會對 FAD 的 26 年和 27 年做出預測。我認為對於 2025 年，我感覺相當樂觀。我認為它可能會比今年略低，與今年的 FFO 下降一致。我們確實有免費租金正在消耗。正如我所提到的，投資組合的現金流正在增加。

I don't expect our CapEx and TI to be significantly different than they were in '24. TI could be a little bit higher than it was in 2024. But I don't expect a meaningful change.

我預期我們的資本支出和 TI 不會與 24 年相比有顯著差異。TI 可能會比 2024 年略高一些。但我並不期待有什麼實質的改變。

Omotayo Oka, Deutsche Bank.

德意志銀行的 Omotayo Oka。

Yes. Just a very quick one. In regards to all the leasing activity kind of leasing up on early renewals of leases that are going to be expiring in next year or a year or two and reducing leasing risk in '25 and '26, just curious how you think about balancing the certainty of renewal today versus maybe waiting six to nine months where the leasing environment may feel a little bit better? Maybe you can kind of get better economics from a renewal. I'm just kind of curious how you think through those two things similar to the ultimate decision to kind of renew a little bit earlier?

是的。非常快的一次。關於所有租賃活動，例如提前續約明年或一兩年內到期的租約，並降低'25 和 '26 年的租賃風險，我只是好奇您如何看待平衡今天續約的確定性與可能等待六到九個月，因為那時租賃環境可能會好一點？你或許可以透過更新來獲得更好的經濟效益。我只是有點好奇，您是如何看待這兩件事的，類似於最終決定提前續約？

So the BXP mentality is that we are not market timers. We would never have been and we never will be. And if we have a client that wants to engage, we will constructively attempt to do a renewal with that client. I mean the fact of the matter is, and everyone understands this, downtime is a cost of any transaction. And to the extent that you can eliminate downtime between a lease if the tenant were to leave and if the tenant were going to stay, that's a value and that value can be split in a way with the renewal, but it cannot be split with waiting for the next best tenant.

因此，BXP 的心態是，我們不是市場計時器。我們從來不會這樣，也永遠不會這樣。如果我們的客戶想要參與，我們將積極嘗試與該客戶進行續約。我的意思是，事實是，每個人都明白這一點，停機時間是任何交易的成本。並且，如果你能夠消除租約期間（如果租戶離開和租戶留下）的停工時間，那麼這就是一種價值，並且這種價值可以通過續約來分割，但不能通過等待下一個最佳租戶來分割。

And so from our perspective, we try and be commercial and thoughtful and we try and work with our clients, and if our clients are interested in renewing, we do everything we can to renew them. Obviously, we have to be cognizant of what we think the market conditions are and where we think market rents are and where they might be going, but we never are going to be greedy and we are never going to try and market time.

因此，從我們的角度來看，我們會嘗試具有商業性和深思熟慮，並嘗試與我們的客戶合作，如果我們的客戶有興趣續約，我們會盡一切努力為他們續約。顯然，我們必須清楚市場狀況如何，市場租金在哪裡以及它們可能會走向何方，但我們永遠不會貪婪，也永遠不會試圖把握市場時機。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great. Thanks for taking the follow-up from our team. So we want to get your thoughts on how the rest of this office recovery may play out. The Park Avenue recovery was pretty unique this cycle with JPMorgan and [Citadel's] investments and leasing there. It's also encouraging to hear you say the Back Bay is tightening also.

偉大的。感謝您接受我們團隊的跟進。因此，我們想聽聽您對辦公室恢復其餘工作可能如何進行的看法。由於摩根大通和 Citadel 的投資和租賃，公園大道 (Park Avenue) 在本輪復甦中表現得相當獨特。聽到您說後灣區也在收緊政策，我也感到很受鼓舞。

But do you think other submarkets across your portfolio are structured to tighten up in the same way as the cycle continues? Or do you think it will be more about filling specific buildings rather than submarkets tightening in the future? And against that backdrop, can you also comment on the impairments taken in the quarter? Are these signals you don't expect these submarkets to get better? Are they building specific?

但您是否認為，隨著週期的持續，您投資組合中的其他子市場也將以相同的方式收緊？或者您認為未來將更多的關注特定建築物的填補而不是子市場的收緊？在此背景下，您能否評論一下本季的減損情況？這些是否表明您不認為這些子市場會變得更好？他們正在建造具體的建築嗎？

Or are they a function of JV accounting rules? We found the Santa Monica impairment particularly interesting since our local market context indicate local schools are looking at the office campuses there as potential relocation options.

還是它們是合資會計規則的功能？我們發現聖莫尼卡的減損尤其有趣，因為我們的當地市場環境表明當地學校正在將那裡的辦公園區視為潛在的搬遷選擇。

I'll take the first part of that, Jamie, and I'll turn it over to Mike for the impairments. Look, the office market is recovering. It's recovering because of what we've been talking about on this call, which is increased corporate confidence as well as return to office behavior. It's certainly the most acute in our portfolio in Midtown and in the Back Bay, but there's clearly spillover benefits. I mean Doug talked about the action that we have at 599 Lex.

傑米，我將負責第一部分，然後我將把它交給麥克來處理缺陷。看，辦公大樓市場正在復甦。經濟正在復甦，因為我們在這次電話會議上討論過企業信心的增強以及重返辦公室的行為。這無疑是我們中城和後灣區投資組合中最為嚴重的問題，但顯然還有溢出效益。我的意思是道格談到了我們在 599 Lex 採取的行動。

That's a spillover from Park Avenue. There's leasing going on Third Avenue. There's leasing going on Sixth Avenue. So it depends on the strength of the market, but there's clearly benefits away from these two markets that we're talking about. So look, how does it all shake out at the end of the day?

這是公園大道 (Park Avenue) 的溢出效應。第三大道上正在進行租賃。第六大道上正在進行租賃。所以這取決於市場的實力，但我們正在談論的這兩個市場顯然有好處。那你看，到最後結果會是怎麼樣呢？

It's hard to actually forecast. I do think there's probably some reduction in overall office demand because of the remote work phenomenon. What percentage that is? I don't know. But don't forget, you have that impact, but you also have a growing economy.

事實上很難預測。我確實認為，由於遠距辦公現象，整體辦公需求可能會減少。那百分比是多少？我不知道。但請不要忘記，你們不僅有影響力，而且經濟也在成長。

So all these companies are growing, they're adding employees. And at some point, the growth will make up for all of that. So I think those are the forces that you have at work.

因此，所有這些公司都在發展，都在增加員工。而到了某個時候，成長將彌補所有這些。所以我認為這些就是你在工作中的力量。

And as we've been talking about over and over again, BXP is positioned as the premium office provider in the market and we're seeking to have clients that are leaders in their industries that will pay the premium rent that we're seeking. And that segment of the office industry is outperforming materially the rest. And that's one of the keys to our stability that we've experienced throughout this whole office phenomenon.

正如我們一再談論的那樣，BXP 的定位是市場上的優質辦公室提供商，我們正在尋求擁有行業領先者的客戶，他們願意支付我們所尋求的優質租金。辦公產業這一領域的表現明顯優於其他領域。這是我們在整個辦公室現像中體驗到的穩定性的關鍵之一。

Yeah. And before Mike talks about the impairments, Rod, you can just -- you should comment on sort of what the activity level is for these schools and also whether they're really able to take space in the current configurations and for how long they're looking to sort of do these transactions and how that's sort of playing out in the West LA market.

是的。在麥克談到損害之前，羅德，你應該評論一下這些學校的活動水平，以及它們是否真的能夠在當前配置下佔用空間，他們希望進行多長時間的這些交易，以及這在西洛杉磯市場是如何表現的。

Yes. Okay. So it's true there are schools that are in the market that are looking for some temporary space. We're talking with one of them. We've actually got a space in one of our buildings that is a sublease space that this particular school is going to be occupying.

是的。好的。確實有一些學校在市場上尋找一些臨時空間。我們正在和其中一人談話。實際上，我們的其中一棟建築內有一個轉租空間，這所學校將使用它。

So it's a temporary deal until they can figure out what they're going to do with the rebuild. Obviously, this is all pretty fresh and there's been just a lot of chaos down there. And so we're doing our best possible to help the community. We've done it with this effort with the school.

因此這只是一項臨時協議，直到他們能想出如何進行重建。顯然，這一切都是相當新鮮的，而且那裡有很多混亂。因此我們正在盡力幫助社區。我們與學校共同努力完成了這個目標。

We also housed over 450 firefighters from Oregon and Utah at our Santa Monica Business Park. They just recently left but they had been there and they had all their trucks and they were sleeping there, and it was we've been very much engaged in trying to help support the community.

我們還在聖莫尼卡商業園區安置了來自俄勒岡州和猶他州的 450 多名消防員。他們最近才離開，但他們一直在那裡，他們的卡車都停在那裡，他們就在那裡睡覺，我們一直非常積極地試圖幫助支持這個社區。

But these schools, I mean, there's a few other ones that are out looking. We've heard those few other buildings in town that are talking to them. So that will absorb some portion of space, at least in the short term.

但是這些學校，我的意思是，還有其他一些學校也在考慮之中。我們聽說城裡其他幾棟建築正在與他們交談。因此，至少在短期內，這將會佔用一部分空間。

Congratulations Jamie for getting three questions in on one question, but we will, I will touch on the impairment. So, impairments for consolidated assets are unusual because of the way the GAAP rules govern assets and the way that you value those, if you're going to have a long term, hold on effectively an undiscounted basis where we have unconsolidated joint ventures, there's different accounting rules that we have to abide by. So every quarter, we have to look at the valuations of our unconsolidated joint ventures and determine whether there's a change that has impacted what we think is what we think might be other than temporary and a change. And so on these West Coast assets. You know, there's a combination of things where we haven't completed additional leasing in the vacant space at Colorado Center.

恭喜 Jamie 在一個問題上提出了三個問題，但是我們會，我將談及損害。因此，合併資產的減損是不尋常的，因為 GAAP 規則管理資產的方式以及您對資產的估價方式，如果您要長期持有，有效地以未折現的基礎持有，而我們擁有非合併合資企業，那麼我們必須遵守不同的會計規則。因此，每個季度，我們都必須查看非合併合資企業的估值，並確定是否存在影響我們認為可能不是暫時的變化的變化。這些西海岸資產等等。您知道，由於多種因素，我們尚未完成科羅拉多中心空置空間的額外租賃。

We talked about the life Science market at South San Francisco being slow. And in Seattle, we've talked about, we didn't talk about it on this call, but the market is slower and we haven't achieved positive absorption at Safeco Plaza. So every quarter, we evaluate this and look at the cash flows and value the assets and it tripped our test this quarter. And so when it trips the other than temporary test you basically have to bring it down to the fair market value, which is using you know, a more kind of distressed discount and cap rate environment, which is why the numbers are bigger than they were. So it is an accounting issue, it is non-cash, it does not reflect any change in our outlook for these assets or any change in kind of what is going on in these assets right now.

我們討論了南舊金山生命科學市場的發展緩慢的問題。在西雅圖，我們已經討論過了，但在這次電話會議上我們沒有討論，但市場發展較慢，我們還沒有在 Safeco Plaza 實現積極的吸收。因此，每個季度，我們都會對此進行評估，查看現金流並評估資產價值，這使我們本季的測試順利通過。因此，當它觸發除臨時測試以外的其他測試時，你基本上必須將其降至公平市場價值，也就是使用一種更為困境的折扣和資本化率環境，這就是為什麼數字比以前更大的原因。因此，這是一個會計問題，它是非現金的，它並不反映我們對這些資產的前景的任何變化，也不反映這些資產目前正在發生的任何變化。

And just one last point on this, Jamie. So obviously, our joint venture partner had their call yesterday on -- and they, as I understand, didn't mention anything on their Gateway investments. So it's consolidated on their books, it's unconsolidated ours. So same asset. Our plans and their plans are the same.

關於這一點，我只想說最後一點，傑米。顯然，我們的合資夥伴昨天已經打過電話了——據我了解，他們沒有提及任何有關 Gateway 投資的事情。因此，在他們的帳簿上這是合併的，而在我們這裡卻是非合併的。因此資產相同。我們的計劃和他們的計劃是一樣的。

And we were in a position where we felt we had to take an impairment and obviously, they didn't. So again, these are accounting rules that we have to follow.

我們覺得自己必須承受損失，但顯然他們沒有這麼做。所以，再說一次，這些都是我們必須遵守的會計規則。

Thank you. That concludes our Q&A session. At this time, I would like to turn the call back over to Owen Thomas, Chairman and CEO, for closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將電話轉回給董事長兼執行長歐文‧湯瑪斯 (Owen Thomas)，請他作最後發言。

We have no closing remarks. We've gone an hour-and-a-half, and we want to wish all of you a Happy New Year and thank you for your interest in BXP.

我們沒有結束語。我們已經講了一個半小時​​了，我們想祝大家新年快樂，並感謝大家對 BXP 的關注。

Thank you, sir. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝您，先生。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。