波士頓物產 (BXP) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q1 2025 BXP 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 2025 年第一季 BXP 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

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 first-quarter 2025 earnings conference call. 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.

早安，歡迎參加 BXP 2025 年第一季財報電話會議。新聞稿和補充資料已於昨晚分發，並以 8-K 表格形式提供。在補充方案中，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。

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. 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.

如果您沒有收到副本，您可以在我們網站 investors.bxp.com 的投資者部分找到這些文件。本次電話會議的網路直播將持續 12 個月。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。

Although BXP believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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.

儘管 BXP 認為任何前瞻性陳述中反映的預期都是基於合理的假設，但它不能保證其預期能夠實現，可能導致實際結果與前瞻性陳述所表達或暗示的結果存在重大差異的因素和風險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進行了詳細說明。

BXP does not undertake a duty to update any forward-looking statements. I'd like to welcome Owen Thomas, Chairman and Chief Executive Officer; Doug Linde, President; and Mike LaBelle, Chief Financial Officer.

BXP 不承擔更新任何前瞻性聲明的義務。我歡迎董事長兼執行長歐文‧湯瑪斯 (Owen Thomas)；道格‧林德（Doug Linde），總裁；以及財務長 Mike LaBelle。

During the Q&A portion of our call, our regional management teams will be available to address any questions. We ask that those of you participating in the Q&A portion of the call, to please limit yourself to one and only one question. If you have an additional query or follow-up, please feel free to rejoin the que. I'd now like to turn the call over to Owen Thomas for his formal remarks.

在電話會議的問答環節中，我們的區域管理團隊將解答您的任何問題。我們要求參加電話會議問答環節的各位只問一個問題。如果您有其他疑問或後續事宜，請隨時重新加入隊列。現在我想將電話轉給歐文·托馬斯，請他發表正式演講。

Thank you, Helen, and good morning to all of you. Our results in the first quarter demonstrated BXP's continued strong performance given our execution and a sustained property and capital market recovery. Our FFO per share for the quarter was in line with our forecast.

謝謝你，海倫，大家早安。我們第一季的業績表明，在我們的執行力以及房地產和資本市場的持續復甦下，BXP 繼續保持強勁表現。本季我們的每股 FFO 與我們的預測一致。

We completed over 1.1 million square feet of leasing in the quarter, which was 25% above the leasing volume we achieved in the first quarter of '24. Further, over the last four quarters, our leasing volume of 5.9 million square feet was 33% higher than the prior four quarters.

本季我們完成了超過 110 萬平方英尺的租賃，比 24 年第一季的租賃量高出 25%。此外，在過去四個季度中，我們的租賃量為 590 萬平方英尺，比前四個季度高出 33%。

Importantly, we made progress leasing up our development pipeline assets and completed several significant leases with important clients such as Goodwin Procter, Cooley, and a defense technology company.

重要的是，我們在租賃開發管道資產方面取得了進展，並與 Goodwin Procter、Cooley 和一家國防技術公司等重要客戶完成了幾項重要租賃。

We completed over $4.2 billion of financing activity demonstrating improving market conditions and BXP's strong access to capital. We released our 2024 sustainability and impact report highlighting BXP's leadership and accomplishments in sustainable business practices, important to the capital providers, clients, and communities we serve.

我們完成了超過 42 億美元的融資活動，顯示市場狀況正在改善，並且 BXP 擁有強大的資本獲取能力。我們發布了 2024 年永續發展和影響報告，重點介紹了 BXP 在永續商業實踐中的領導地位和成就，這對我們服務的資本提供者、客戶和社區都很重要。

Now starting with the operating environment, the obvious question is what impacts will tariffs and other federal policies have on BXP's business.

現在從經營環境開始，顯而易見的問題是關稅和其他聯邦政策會對 BXP 的業務產生什麼影響。

So far, the tariff program has increased volatility in the capital markets, created concerns over the potential for higher prices, inflation and interest rates, and reduced consumer confidence, leading to more economists forecasting a recession or slower US GDP growth.

到目前為止，關稅計畫已經增加了資本市場的波動性，引發了人們對物價、通膨和利率上漲潛力的擔憂，並降低了消費者信心，導致更多經濟學家預測美國經濟將陷入衰退或GDP成長放緩。

For BXP, the primary drivers of leasing activity are corporate confidence and in-person work behavior. Our primary concern has been that our clients may delay or terminate space requirements due to the more uncertain operating environment. This has not happened.

對 BXP 而言，租賃活動的主要驅動力是企業信心和現場工作行為。我們主要擔心的是，由於營運環境更加不確定，我們的客戶可能會推遲或終止空間需求。但這種情況並沒有發生。

Specifically for the million square feet of deals where we have a signed LOI and are negotiating a lease, to date only a single 8,000 square foot prospective user declined to move forward due to market conditions.

具體來說，對於我們已經簽署意向書並正在協商租賃的數百萬平方英尺的交易，迄今為止，只有一位 8,000 平方英尺的潛在用戶由於市場狀況而拒絕繼續推進。

Doug will describe our current pipeline of leasing activity, which remains robust. Federal funding cuts to the NIH and other research organizations as well as uncertainties over FDA approvals are causing significant concerns for the life science community and creating additional headwinds for life science leasing.

道格將介紹我們目前依然強勁的租賃活動管道。聯邦政府對美國國立衛生研究院和其他研究機構的資金削減以及 FDA 批准的不確定性，引起了生命科學界的極大擔憂，並為生命科學租賃帶來了額外的阻力。

If the US were to enter a recession, leasing demand would undoubtedly slow, but interest rates would likely be lower and remote work would likely decrease due to a weaker labor market. Tariffs will drive up material prices, increasing construction costs.

如果美國陷入經濟衰退，租賃需求無疑會放緩，但利率可能會降低，並且由於勞動力市場疲軟，遠距工作可能會減少。關稅將推高材料價格，增加建築成本。

Given non-US material procurement is a modest component of our construction budgets and contractors are eager for new business, we don't see tariffs having a major impact on our construction estimates, and Doug will provide a real-time example of this.

鑑於非美國材料採購僅占我們建築預算的一小部分，並且承包商渴望新業務，我們認為關稅不會對我們的建築估算產生重大影響，Doug 將提供一個即時範例。

As mentioned last quarter, we think DOGE has had a positive impact on BXP's Washington D.C. business as federal workers and their contractors who are our clients return to the office. We are already seeing increased foot traffic, retail activity, and parking revenue at Reston Town Center as a result of DOGE.

正如上個季度所提到的，我們認為 DOGE 對 BXP 的華盛頓特區業務產生了積極影響，因為我們的客戶——聯邦工作人員及其承包商返回了辦公室。由於 DOGE 的實施，我們已經看到雷斯頓市中心的人流、零售活動和停車收入增加。

Moving to office market conditions. I will continue to emphasize that the Premier Workplace segment where BXP primarily competes continues to materially outperform the broader office market. Premier Workplaces as defined in CBRE's research continue to be the highest quality 7% of buildings, representing 13% of total space in our five CBD markets.

轉向辦公市場狀況。我將繼續強調，BXP 主要競爭的 Premier Workplace 領域繼續大幅超越更廣泛的辦公市場。世邦魏理仕研究定義的「頂級辦公室」繼續佔據最高品質的建築的 7%，占我們五個 CBD 市場總空間的 13%。

Direct vacancy for Premier Workplaces is just over 13% versus 19% for the broader market. Likewise, net absorption for Premier Workplaces has been a positive 18 million square feet over the last three years versus a negative 30 million square feet for the broader market.

Premier Workplaces 的直接空置率略高於 13%，而大盤的直接空置率為 19%。同樣，過去三年來，Premier Workplaces 的淨吸收量為正 1,800 萬平方英尺，而大盤的淨吸收量為負 3,000 萬平方英尺。

Asking rents for Premier Workplaces continue to be more than 50% higher than the broader market. Regarding the real estate private equity capital markets, office sales volume in the first quarter was $7.6 billion, down approximately 14% from the first quarter of last year.

優質工作場所的租金要價仍比大盤高出 50% 以上。房地產私募股權資本市場方面，第一季辦公大樓銷售額為76億美元，較去年第一季下降約14%。

Though financing remains available and transactions continue to close, the current market volatility has widened credit spreads in both the CMBS and REIT investment-grade unsecured markets, which should have some impact on pricing.

儘管融資仍然可用且交易繼續完成，但當前的市場波動已經擴大了 CMBS 和 REIT 投資等級無擔保市場的信用利差，這應該會對定價產生一定影響。

Though several Premier Workplace transactions are underway in the US, there were a few new commitments of note.

儘管美國正在進行多項 Premier Workplace 交易，但還是有幾項值得注意的新承諾。

Moving to BXP's capital allocation activities and new investments, we commenced the development of 290 Coles, a 670 unit, 100% market rate multifamily development project in the Soho West submarket of Downtown Jersey City.

轉向 BXP 的資本配置活動和新投資，我們開始在澤西市中心的 Soho West 子市場開發 290 Coles，這是一個擁有 670 個單元、100% 市場利率的多戶型開發項目。

Jersey City's multifamily market is highly attractive due to its easy access to Manhattan and a less expensive housing option, resulting in robust population growth, strong demand for apartments, and resultant rent growth despite new development activity.

澤西市的多戶型市場極具吸引力，因為這裡交通便利，可輕鬆前往曼哈頓，而且房屋價格較低，因此儘管有新的開發活動，但人口增長強勁，公寓需求旺盛，租金也隨之上漲。

Our partners in the project are Albany's organization, as codeveloper, and Cross Harbor Capital Partners, as financial partner. A key attraction of the investment for us is the capital structure, where BXP will be providing $20 million in common equity for a 19.5% interest in the project and $65 million of preferred equity with a 13% preferred return.

我們在該專案中的合作夥伴是作為共同開發商的奧爾巴尼組織和作為財務合作夥伴的 Cross Harbor Capital Partners。對我們來說，這項投資的一個主要吸引力在於資本結構，其中 BXP 將提供 2,000 萬美元的普通股，獲得該專案 19.5% 的權益，並提供 6,500 萬美元的優先股，優先回報率為 13%。

At project stabilization, the $225 million senior loan and BXP’s accrued preferred equity investment will represent under 65% of the total $456 million cost of the project and the unleveraged cash development yield on cost is projected to be more than 6%.

在專案穩定時，2.25 億美元的優先貸款和 BXP 的累積優先股權投資將佔專案總成本 4.56 億美元的 65% 以下，無槓桿現金開發成本收益率預計將超過 6%。

Including development fees and carried interest earned, we project the common and preferred equity investments together will deliver total returns in the mid-teens. Construction has commenced delivery of the initial units is scheduled for the first half of 2028, and asset stabilization is forecast for the second half of 2029.

包括開發費和附帶權益，我們預期普通股和優先股投資的總報酬率將達到十五六成。工程已開始建設，首批機組預計於 2028 年上半年交付，預計資產穩定時間在 2029 年下半年。

Continuing with new development, I have described our 930,000 square foot 343 Madison project in Midtown, with direct lobby access to the Grand Central Madison concourse, and located two blocks south of JPMorgan's new headquarters building.

繼續新的開發，我已經描述了我們位於中城的 930,000 平方英尺的 343 Madison 項目，該項目大廳可直接通往麥迪遜中央車站大廳，位於摩根大通新總部大樓以南兩個街區。

The Midtown office market is strong and experiencing rent growth with a vacancy rate under 7% for the higher-quality buildings. 2022, 2023, and 2024 were all record years in New York City for leases signed in excess of about $100 a square foot and $200 a square foot.

中城辦公大樓市場強勁，租金不斷成長，優質建築的空置率低於 7%。 2022 年、2023 年和 2024 年都是紐約市簽訂租約金額創歷史新高的年份，分別超過每平方英尺 100 美元和 200 美元。

343 Madison is the only immediately actionable office development site in close proximity to Grand Central Terminal. We have made lease proposals to seven anchor clients, primarily financial service firms with an average requirement of 350,000 square feet. There are another 10 clients with requirements aggregating over 3.2 million square feet who have received presentations and are considering the building.

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。我們已向七家主要客戶（主要是金融服務公司）提出了租賃建議，平均需求面積為 350,000 平方英尺。另外還有 10 位客戶，其需求總計超過 320 萬平方英尺，他們已經收到了介紹並正在考慮建造建築物。

We expect to launch this $2 billion project in 2025, where, as a reminder, BXP owns a 55% interest. We are in various stages of negotiation for the sale of eight land sites that will generate, if successful, net proceeds of approximately $250 million over the next 24 months.

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。我們目前正就出售八塊土地進行不同階段的談判，如果成功，這些土地將在未來 24 個月內產生約 2.5 億美元的淨收益。

Several of these sales require reentitlement creating a more extended closing period. We continue to evaluate additional asset monetization opportunities. So in conclusion, BXP is a domestic business with long-term leases and a stable dividend that will not be as heavily impacted as other industries by volatility and global trade.

其中一些銷售需要重新授權，從而延長了成交期。我們將繼續評估額外的資產貨幣化機會。因此，總而言之，BXP 是一家擁有長期租賃和穩定股息的國內企業，不會像其他行業那樣受到波動和全球貿易的嚴重影響。

Further, new construction for office has dropped precipitously and users are gravitating to higher-quality assets, the combination creating rent growth in several of our submarkets. BXP is maintaining momentum in both leasing and new investment activity despite this more challenging market environment.

此外，新建辦公大樓數量急劇下降，用戶轉向更高品質的資產，這些因素共同推動了我們多個子市場的租金成長。儘管市場環境愈發嚴峻，BXP 仍保持著租賃和新投資活動的良好勢頭。

With our current leasing momentum and only 3.9% portfolio lease rollover in 2026, and 5.1% in 2027, we expect to gain occupancy, revenue, and FFO in the years ahead. Development deliveries and potentially acquisitions will add additional growth. I'll turn it over to report to Doug.

鑑於我們目前的租賃勢頭，以及 2026 年投資組合租賃展期僅為 3.9%、2027 年僅為 5.1% 的勢頭，我們預計未來幾年入住率、收入和 FFO 都將有所提高。開發交付和潛在的收購將帶來額外的成長。我會將其轉交給 Doug 報告。

Good morning, everybody. It's a beautiful spring day here in Boston, and we have a pretty optimistic report that we're going to give you. Owen described our views of the business environment and the current challenges that are associated with the constant dynamic changes in trade relationships and government efficiency.

大家早安。今天是波士頓美麗的春日，我們將向大家呈現一份非常樂觀的報告。歐文描述了我們對商業環境的看法以及與貿易關係和政府效率的不斷動態變化相關的當前挑戰。

My comments this morning will address what we're seeing in our results and our client interactions. Our client purchase cycle may be a lagging indicator, but based on the first-quarter leasing results, both in our current pipeline of transactions under negotiation, and our funnel of possible additional activity, we've seen very little impact on our 2025 plan, which calls for about 4 million square feet of leasing, but more importantly, including about 3 million square feet of leasing on vacant space and known 2025 expirations, which is where our focus is, our leased square footage.

我今天早上的評論將針對我們在結果和客戶互動中看到的情況。我們的客戶購買週期可能是一個滯後指標，但根據第一季的租賃結果，包括我們目前正在談判的交易管道和可能的額外活動管道，我們看到對我們的 2025 年計劃影響很小，該計劃要求約 400 萬平方英尺的租賃，但更重要的是，包括約 300 萬平方英尺的空置空間租賃和已知的 2025 年的租賃

During the first quarter, we executed just over 1.1 million square feet, which is almost 35% more than our seasonal Q1 average over the last five years. More importantly, the activity included 467,000 square feet of leases on vacant space, and 561,000 square feet of 2025 known expirations.

第一季度，我們的銷售面積略高於 110 萬平方英尺，比過去五年第一季的季節性平均值高出近 35%。更重要的是，該活動包括 467,000 平方英尺的空置空間租賃，以及 561,000 平方英尺的 2025 年已知到期租賃。

This 1 million square feet of leasing activity on our near-term exposure, vacant space and '25 expirations will drive improvements to our occupancy over the next 12 to 18 months. Post four 125, our current pool of leases in negotiation is 1.1 million square feet. It covers an additional 435,000 square feet of currently vacant space, 230,000 square feet of '25 expirations, 190,000 square feet of '26 and '27 expirations, which will lower our future exposure as well as our second lease at 725 12th Street.

我們近期的 100 萬平方英尺租賃活動、空置空間和 25 年到期空間將推動我們未來 12 至 18 個月的入住率提高。第四個 125 號職位，我們目前正在談判的租賃面積為 110 萬平方英尺。它涵蓋了另外 435,000 平方英尺的當前空置空間、230,000 平方英尺的 25 年到期空間、190,000 平方英尺的 26 年和 27 年到期空間，這將降低我們未來的風險敞口以及我們在第 725 街的第二份租約。

We have another 1.7 million square feet of active pipeline transactions which could cover an additional 1 million square feet of vacant space or '25 expirations. This would put us on our target for our full-year '25 vacant and 2025 expiring lease guidance of about 3 million square feet.

我們還有另外 170 萬平方英尺的活躍管道交易，可以覆蓋另外 100 萬平方英尺的空置空間或 25 年到期空間。這將使我們達到 2025 年全年空置面積和 2025 年到期租約指引值約 300 萬平方英尺的目標。

One of the inferences from Owen's comments would seem to be enhanced caution from clients as they navigate uncertainty. And we would be naive to think we won't see some impact, but speaking to you today, it has yet to be material.

從歐文的評論中可以推斷，客戶在應對不確定性時會更加謹慎。如果我們天真地認為我們不會看到一些影響，但今天和你們交談時，我們發現影響尚未顯現。

Let me give you a few examples of current client behavior. An existing Boston client with a recent return-to-work mandate believes it needs additional seats, but it's being measured in its approach and waiting until there is clarity of use before they commit to more space. In our Reston Virginia portfolio, where we have an embedded base of defense and security clients, where DOGE probably we would think have the most impact.

讓我給你舉幾個當前客戶行為的例子。波士頓的一家現有客戶最近接到了復工通知，他們認為需要增加座位，但他們正在權衡利弊，等到用途明確後才會承諾增加座位。在我們位於維吉尼亞州雷斯頓的投資組合中，我們擁有一批國防和安全客戶，我們認為 DOGE 可能對這些客戶的影響最大。

We are seeing renewals and incremental additional space needs, not downsizing and canceled requirements. There is a government contractor in the market that wants to relocate a 50,000 to 60,000 square feet block of space to the town center and at the moment, we're unable to accommodate them.

我們看到的是更新和增加的額外空間需求，而不是縮小規模和取消的需求。市場上有一家政府承包商想要將一塊 50,000 到 60,000 平方英尺的空間搬遷到市中心，但目前我們無法滿足他們的要求。

In Manhattan, we had one existing 11,000 square foot client to put its expansion plans on hold saying, we want to watch how the financial markets evolve. In the same building, another 11,000 square foot client in the same industry is negotiating for an 11,000 square foot expansion.

在曼哈頓，我們有一位現有的 11,000 平方英尺的客戶暫停了其擴張計劃，並表示，我們想觀察金融市場如何發展。在同一棟建築中，同一行業的另一個 11,000 平方英尺的客戶正在協商擴建 11,000 平方英尺的面積。

In the aggregate, these conversations are consistent with what we were hearing in January, 90 days ago. As we discussed in January, an expiration of 350,000 square feet at 200 Fifth Avenue coupled with about 150,000 square feet of expirations in San Francisco CBD this quarter drove our in-service occupancy reduction to 86.9%, a 60 basis point decrease from last quarter.

總的來說，這些對話與我們 90 天前 1 月聽到的內容一致。正如我們在一月份所討論的那樣，本季度第五大道 200 號的 350,000 平方英尺租賃到期，加上舊金山中央商務區約 150,000 平方英尺的租賃到期，導致我們的在用入住率下降至 86.9%，比上一季度下降了 60 個基點。

However, we executed a lease for 244,000 square feet of that now vacant space at 200 Fifth and expect occupancy in late '26, and our pipeline of deal discussions covers more than 125,000 square feet of our San Francisco CBD vacancy. So we're staying pretty level. The leased in-service portfolio stayed flat quarter-to-quarter at 89.4%. So our leased but not yet commenced square footage has grown to 250 basis points or over 1.2 million square feet over our occupied square footage. And we expect about 800,000 square feet to commence in '25 with almost all the rest in '26.

然而，我們簽訂了位於第五大道 200 號的 244,000 平方英尺的空置空間的租賃協議，預計將於 26 年底入住，我們正在進行的交易談判涵蓋了舊金山中央商務區超過 125,000 平方英尺的空置空間。因此我們保持相當的水平。租賃在用資產組合環比持平，為 89.4%。因此，我們已租賃但尚未開始建設的面積已增長至 250 個基點，即超過我們已佔用面積 120 多萬平方英尺。我們預計約 80 萬平方英尺的建築將於 2025 年開始建設，其餘建築將於 2026 年開始建設。

We have a large pickup in our development leasing this quarter, notice Page 15 of our supplemental, where we signed up another floor at 360 Park Avenue South, our second lease at 725 12th signed during the second quarter, and we completed 162,000 square foot lease at 1050 Winter Street resulting in a jump from 50% to 62% pre-leased on our development pipeline.

本季度，我們的開發租賃業務大幅增長，請注意補充報告第 15 頁，我們簽署了位於南公園大道 360 號的另一層樓，第二季度簽署了位於 12 街 725 號的第二份租約，並且完成了位於冬季街 1050 號的 162,000 平方英尺的租約，導致我們的開發管道從 50% 到 62%。

1050 Winter Street was out of service, and we had previously terminated all of the leases in order to reposition it as a life science building. Long story short, a defense technology company that is currently occupying 40,000 square feet in the market approached us to lease the entire building for 15 years, and we made the decision to pivot back to office.

1050 Winter Street 已停止使用，我們之前已終止所有租約，以便將其重新定位為生命科學大樓。長話短說，一家目前在市場上佔據 40,000 平方英尺的國防技術公司與我們接洽，希望租賃整棟建築 15 年，我們決定轉回辦公室。

The building is 100% pre-leased and will be brought into service in Q3 '25. Office market conditions are consistent with our remarks last quarter, with a possible exception that conditions are even tighter in our Midtown New York City portfolio, the Back Bay of Boston and Reston, Virginia. What this means is that availability is sparse, rents are increasing, and concessions remain constant.

該建築已 100% 預租，並將於 2025 年第三季投入使用。辦公大樓市場狀況與我們上個季度的言論一致，但可能有一個例外，即我們紐約市中城投資組合、波士頓後灣和維吉尼亞州雷斯頓的市場狀況更加緊張。這意味著可用房源稀少，租金上漲，而優惠保持不變。

We completed 91,000 -- 91 individual transactions this quarter, 300,000 in Boston, 420,000 in New York, 350,000 on the West Coast, and 80,000 square feet in Reston. The overall mark-to-market on cash-basis was up about 5% with an increase in Boston, flat in New York and decreases on the West Coast and in Reston.

本季我們完成了 91,000 筆個人交易，其中波士頓 30 萬筆，紐約 42 萬筆，西海岸 35 萬筆，雷斯頓 8 萬平方英尺。現金基礎上的整體市價上漲了約 5%，其中波士頓上漲，紐約持平，西海岸和雷斯頓下降。

Other than the new lease at 200 Fifth and at 1050 Winter, no other transaction exceeded 40,000 square feet. Our highlights in Boston this quarter were in the Urban Edge, where we did a 15-year lease at 1050 Winter and a 39,000-square foot lease at 180 CityPoint. Last quarter, I remarked that we were touring life science clients that had no lab infrastructure needs, while the first of these transactions was executed in the first quarter at 180 CityPoint.

除了第五大道 200 號和冬季大道 1050 號的新租約外，其他交易面積均不超過 40,000 平方英尺。本季我們在波士頓的亮點是在 Urban Edge，我們在 1050 Winter 簽訂了 15 年的租約，並在 180 CityPoint 簽訂了 39,000 平方英尺的租約。上個季度，我曾說過，我們正在拜訪沒有實驗室基礎設施需求的生命科學客戶，而第一筆交易是在第一季在 180 CityPoint 執行的。

In addition, we are in lease negotiations with a second client for another 40,000 square feet at 180 CityPoint. These life science companies are looking exclusively for office space as they focus their capital on acquiring de-risk products that are in trials rather than pure drug discovery and therefore, don't need lab infrastructure.

此外，我們正在與第二位客戶就位於 180 CityPoint 的另外 40,000 平方英尺的空間進行租賃談判。這些生命科學公司專門尋找辦公空間，因為他們將資金集中在購買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。

The economics of doing an office transaction on raw space even though the building was purpose-built lab infrastructure in it are far superior to a lab transaction given the elevated tenant improvements necessary to compete in the markets. These facts hold in South San Francisco as well as Greater Boston.

儘管建築物內專門建造了實驗室基礎設施，但在原始空間上進行辦公室交易的經濟效益遠遠優於實驗室交易，因為考慮到在市場競爭中租戶需要提高的改進程度。這些事實在南舊金山和大波士頓地區都存在。

In Manhattan, in addition to the new client at 200 Fifth, we were able to do three separate 25,000 square foot client expansions at the General Motors Building, 599 Lexington Avenue and 250 West 55th Street. Our most significant Midtown availability today is at 510 Madison, and we are in lease negotiations on four full floors.

在曼哈頓，除了第五大道 200 號的新客戶外，我們還在通用汽車大廈、萊剋星頓大道 599 號和西 55 街 250 號進行了三個獨立的 25,000 平方英尺的客戶擴建。目前，我們在中城最重要的可用空間位於麥迪遜大道 510 號，我們正在就四層樓進行租賃談判。

Taking rents in our Midtown properties are up double digits relative to a year ago, and concessions are flat to slightly lower. Our availability in Manhattan is concentrated at 350 Park Avenue South, demand is picking up, and there has been some improvement in small tech tenant inquiry. The most significant change in San Francisco over the last quarter has been the completion of some of the large transactions that were in the works.

我們中城物業的租金與一年前相比上漲了兩位數，而折扣則持平或略有下降。我們在曼哈頓的可用空間集中在南公園大道 350 號，需求正在回升，小型科技租戶的諮詢量也有所改善。上個季度舊金山最顯著的變化是一些正在進行的大型交易的完成。

The total volume of leases in the market has settled at a lower level as there are fewer active large requirements, but there are lots of potential clients under 50,000 square feet working in the market today. Many of the traditional office users have continued to rationalize their space which has led to a little if any growth in the San Francisco CBD traditional demand so increasing -- incremental leasing is all about tenant relocations.

由於活躍的大型需求減少，市場上的租賃總量已穩定在較低水平，但目前市場上有許多 50,000 平方英尺以下的潛在客戶。許多傳統辦公室使用者繼續合理化他們的空間，這導致舊金山中央商務區的傳統需求幾乎沒有增長，因此增量租賃都與租戶搬遷有關。

We had one law firm move out at EC at the end of '24, and two others renew, but they contracted on a total of five floors or 125,000 square feet. Each of the two renewals had one floor of giveback. We've leased 120,000 square foot floor in our lease in lease discussions for another 125,000 square feet of vacant space.

2024 年底，有一家律師事務所搬出了 EC，另外兩家律師事務所續約，但他們總共承包了五層樓或 125,000 平方英尺的面積。兩次續約均有一層回饋。我們在租賃談判中租用了 120,000 平方英尺的樓層，另外還有 125,000 平方英尺的空置空間。

View space is in short supply, but spacing the lower sections of buildings is available and competitive. Our new amenity center, the Mosaic is a strong draw for new clients considering Embarcadero Center. 2024 was a terrific absorption year for the AI companies with more than 1 million square feet of positive absorption. We need to see this trend continue.

視野空間不足，但建築物下部的空間可用且具競爭力。我們的新便利中心 Mosaic 對於考慮選擇 Embarcadero Center 的新客戶來說具有巨大的吸引力。 2024 年對人工智慧公司來說是極佳的吸收年，正吸收量超過 100 萬平方英尺。我們需要看到這種趨勢持續下去。

AI is getting a disproportionate share of all venture investing and more than 65% of it is going to San Francisco-based companies, so the future bodes well. Before I conclude my remarks, I want to discuss tariffs as they relate to construction activities. We are currently bidding a multifamily project in Jersey City 290 Coles. To date, about 60% of the job has been bid and awarded, and we are inside of our hard cost estimates by a few percentage points.

人工智慧在所有風險投資中佔據了不成比例的份額，其中超過 65% 流向了舊金山的公司，因此未來前景光明。在結束我的演講之前，我想討論與建築活動相關的關稅。我們目前正在競標澤西市 290 Coles 的一個多戶型專案。到目前為止，大約 60% 的工作已經完成投標和授予，我們的成本比硬成本估算高出幾個百分點。

We've had one trade worthy award bid necessitated a tariff upcharge. The contract, including the tariff cost was still below our budgeted estimate for the subcontract, but it's going to add somewhere between 1.5% and 4% to that particular trade.

我們有一個值得貿易的得標項目，但需要提高關稅。包括關稅成本在內的合約成本仍低於我們對分包合約的預算估算，但它將為該特定交易增加 1.5% 到 4% 左右。

Given the overall slowdown in new construction, there seems to be enough subcontractor interest to offset potential tariff increases. Remember that construction is a composition of labor, materials and profit. While there's certainly a positive outcome for 290 Coles, it's too early to predict how US tariff policy will impact our future development activity.

鑑於新建築總體放緩，似乎有足夠的分包商興趣來抵消潛在的關稅上漲。請記住，建築是由勞動力、材料和利潤組成的。雖然這對 290 Coles 來說肯定是一個積極的結果，但現在預測美國關稅政策將如何影響我們未來的發展活動還為時過早。

And with that, I'll turn the call over to Mike.

說完這些，我將把電話轉給麥克。

Great. Thanks, Doug. Appreciate it. Good morning, everybody. Today, I plan to cover our activity in the debt capital markets, which Owen described briefly as very significant which it was. Our first quarter earnings results and an update to our full-year 2025 earnings guidance. As you know, the debt markets have experienced significant volatility over the past month. Credit spreads have widened in the unsecured and secured bond markets, especially for lower-rated credits. Spreads for stronger companies like us are now tightening again, but are still wider than earlier in the year.

偉大的。謝謝，道格。非常感謝。大家早安。今天，我計劃介紹我們在債務資本市場的活動，歐文簡要地描述了這些活動非常重要。我們第一季的獲利結果以及 2025 年全年獲利預測的更新。眾所周知，債務市場在過去一個月經歷了大幅波動。無擔保和有擔保債券市場的信用利差已擴大，尤其是低評級的信用債券。對於像我們這樣實力較強的公司的利差現在再次收窄，但仍比今年早些時候更大。

Our 10-year bond spreads have increased by about 30 basis points, and we could issue in the 10-year unsecured bond market at about 180 basis points spread today or a fixed rate right around 6%. The treasury market has also experienced large swings ranging almost 100 basis points this year.

我們的 10 年期債券利差增加了約 30 個基點，我們今天可以在 10 年期無擔保債券市場上以約 180 個基點的利差發行債券，或以 6% 左右的固定利率發行。今年以來，國債市場也經歷了近100個基點的大幅波動。

Issuers need to pick their spots in this market, but also can take advantage of the volatility when the market dislocates. We were opportunistic a few weeks ago in the middle of the day with dramatic swings in Fed rate cut expectations. We swapped $300 million of floating rate debt for a year at a fixed SOFR rate of 3.68% and locked in some savings.

發行人需要在這個市場中選擇自己的位置，但也可以利用市場混亂時的波動。幾週前，聯準會降息預期出現劇烈波動，我們抓住了機會。我們以 3.68% 的固定 SOFR 利率交換了 3 億美元的一年期浮動利率債務，並鎖定了一些儲蓄。

We continue to have open access to all the markets, and we're busy in the bank market, CMBS and the commercial paper market this quarter. In the bank market, we increased and extended our corporate facilities, including increasing the borrowing capacity in our revolving line of credit by $250 million to $2.25 billion and extending it for five years.

我們繼續開放所有市場，本季我們在銀行市場、CMBS 和商業票據市場上忙碌。在銀行市場，我們增加並擴大了企業信貸額度，包括將循環信貸額度的借款能力提高 2.5 億美元至 22.5 億美元，期限延長 5 年。

We also extended our $700 million term loan for four years plus one year of extension options. And we closed a $225 million construction loan priced at SOFR plus 250 basis points in the bank market for our new 290 Coles Street joint venture residential development in Jersey City.

我們還將 7 億美元的定期貸款延長了四年，並附加了一年的延期選擇權。我們為位於澤西市科爾斯街 290 號的新合資住宅開發項目獲得了一筆 2.25 億美元的建設貸款，貸款利率為銀行市場的 SOFR 加 250 個基點。

In the CMBS market, we closed a $252 million, 10-year fixed rate refinancing of our loan on the Marriott headquarters building that we developed. It priced at a fixed rate of 5.5%, representing a credit spread of 124 basis points over the 4.26%, 10-year treasury rate at the time of closing.

在 CMBS 市場，我們完成了我們開發的萬豪總部大樓 2.52 億美元、10 年期固定利率的貸款再融資。其定價為 5.5% 的固定利率，相當於收盤時 10 年期公債利率 4.26% 的信用利差為 124 個基點。

We closed this loan prior to the recent disruption in the markets and the spread would likely be wider today. We remain an active commercial paper issuer and have increased our outstandings to $750 million. The CP market is our cheapest source of debt capital. Spreads have been moving around a little in the last 30 days, though in a relatively reasonable 10 to 15 basis point range for us. Our portfolio is currently priced at a weighted average yield of 4.72%.

我們在近期市場動盪之前結清了這筆貸款，如今利差可能會更大。我們仍然是活躍的商業票據發行人，並且未償還債務已增加至 7.5 億美元。CP市場是我們最便宜的債務資本來源。在過去 30 天裡，利差略有波動，但對我們來說，處於相對合理的 10 至 15 個基點範圍內。我們的投資組合目前的加權平均報酬率為 4.72%。

Turning to our first quarter results. Our earnings came right in line with the midpoint of our guidance range, and we reported FFO of $1.64 per share. As we look at the rest of 2025, here are a few items to consider. First, and as we discussed last quarter, we have two larger expirations in the second quarter, aggregating 465,000 square feet in our urban edge portfolio in Boston.

談到我們的第一季業績。我們的收益與指引範圍的中點完全一致，報告的 FFO 為每股 1.64 美元。展望 2025 年剩餘時間，我們需要考慮以下幾點。首先，正如我們上個季度所討論的那樣，我們在第二季度有兩個較大的到期日，總計在波士頓的城市邊緣投資組合中有 465,000 平方英尺。

We expect our occupancy to decline slightly in Q2 before starting to increase in the back half of 2025 as our signed leases and our 2025 leasing plans start to take occupancy. Second, in our strongest markets of Midtown Manhattan and the Back Bay of Boston, we're creating transactions to increase future revenue where we currently don't have available space.

我們預計，隨著我們簽署的租約和 2025 年租賃計劃開始實施，我們的入住率將在第二季度略有下降，然後在 2025 年下半年開始上升。其次，在我們最強大的市場曼哈頓中城和波士頓後灣，我們正在創造交易以增加我們目前沒有可用空間的未來收入。

As a result, we're taking back space early to complete long-term leases with expanding or incoming clients. This quarter, we terminated two floors at 599 Lexington for this purpose, and we're working on a floor at both the Prudential Tower and at 200 Clarendon Street. These deals pulled forward downtime into 2025 in favor of starting new leases with higher rents in 2026. The new leases will be reflected in our leased percentage, but not in occupancy in 2025.

因此，我們提前收回空間，以便與不斷擴大或新加入的客戶完成長期租約。本季度，我們為此目的終止了位於 599 Lexington 的兩層樓的裝修，並且我們正在對 Prudential Tower 和 200 Clarendon Street 的一層樓進行裝修。這些交易將停工期提前至 2025 年，以便在 2026 年開始簽訂租金更高的新租約。新租約將反映在我們的租賃百分比中，但不會反映在 2025 年的入住率中。

We have taken a 360,000 square foot building in the Urban Edge of Boston out of service this quarter. We are relocating several clients into the other buildings in our portfolio. The building is extremely well located, and we're evaluating multiple feasible future redevelopment plans. The impact is a shift in the NOI of this asset from our same property pool to our out-of-service portfolio. Also, as Doug mentioned, we signed a 160,000 square foot lease at 1050 Winter Street.

本季度，我們已停止使用位於波士頓城市邊緣的一座 360,000 平方英尺的建築。我們正在將幾位客戶遷移到我們投資組合中的其他建築物。建築位置極佳，我們正在評估多個可行的未來重建計劃。其影響是該資產的淨營運收入從我們原來的資產池轉移到我們不再使用的投資組合。另外，正如 Doug 所提到的，我們在 Winter Street 1050 號簽署了一份 160,000 平方英尺的租約。

We're completing a repositioning of the building and added it to our development pipeline with full occupancy projected in the third quarter of 2025. This deal combined with leases signed at 180 CityPoint and 360 Park Avenue South as well as faster-than-expected lease-up at our Skymark residential development in Reston has resulted in our increasing our assumption for the contribution from our developments placed in service.

我們正在完成該建築的重新定位，並將其添加到我們的開發流程中，預計將於 2025 年第三季全面入住。該交易加上在 180 CityPoint 和 360 Park Avenue South 簽署的租約以及位於雷斯頓的 Skymark 住宅開發項目的租賃速度快於預期，導致我們提高了對已投入使用的開發項目的貢獻的假設。

So overall, we are narrowing our 2025 FFO guidance range, and maintaining our midpoint with a new range of $6.80 to $6.92 per share. The changes in our guidance assumptions include an increase in the contribution of our same-property portfolio of $0.02, an increase in the contribution from developments placed in service of $0.01, offset by a reduction of $0.02 in NOI from our buildings out of service, and minor changes to our net interest expense of $0.01.

因此總體而言，我們正在縮小 2025 年 FFO 指引範圍，並將中點維持在每股 6.80 美元至 6.92 美元的新範圍。我們的指導假設的變化包括同類物業組合的貢獻增加 0.02 美元，投入使用的開發項目的貢獻增加 0.01 美元，但因我們停止使用的建築物的 NOI 減少 0.02 美元而抵消，以及我們的淨利息支出小幅變化 0.01 美元。

Leasing remains our biggest focus, and we're delighted by another strong quarter of more than 1.1 million square feet of leasing in the portfolio. Our pipeline continues to build with 2.8 million square feet of signed letters of intent and active proposals, which represents an increase of 15% since our last call last quarter.

租賃仍然是我們最大的關注點，我們很高興看到本季的租賃業務再創佳績，投資組合中的租賃面積超過 110 萬平方英尺。在我們的通路持續建設中，已簽署的意向書和有效提案總額達 280 萬平方英尺，比上個季度的上次電話會議增加了 15%。

These 2.8 million square feet, along with over 1.2 million square feet of signed leases that have not yet hit our revenue and occupancy totals 4 million square feet, and it compares favorably to the 3.8 million square feet of lease expirations we have through the end of 2026. This is what gives us confidence that we can grow our occupancy as we look ahead into 2026 and 2027. That completes our formal remarks. Operator, can you open the lines up for questions?

這 280 萬平方英尺，加上尚未達到我們收入和入住率的 120 多萬平方英尺的已簽署租約，總計 400 萬平方英尺，與我們到 2026 年底的 380 萬平方英尺租約到期面積相比，表現相當不錯。這使我們有信心在 2026 年和 2027 年提高入住率。我們的正式發言到此結束。接線員，您可以打開熱線回答問題嗎？

Thank you, sir. (Operator Instructions) Steve Sakwa, Evercore ISI.

謝謝您，先生。（操作員指示） Steve Sakwa，Evercore ISI。

Yeah, thanks. Good morning. I guess Owen or Doug, as it relates to 343 Madison, I mean the commentary around the demand is quite good. I realize the building doesn't maybe lend itself to pre-leasing given the size of tenants, but like, how are you sort of sizing up the start, no start, pre-lease, and is this just a building where you kind of have to make the commitment to go forward? Get it under construction before you can really get any leasing, and what kind of yield are you targeting on this building should you go forward?

是的，謝謝。早安.我想，就 343 Madison 而言，歐文或道格對此的看法是，對需求的評論相當不錯。我意識到考慮到租戶的規模，這棟建築可能不適合預租，但是，您如何評估開始、沒有開始、預租的情況，這是否只是一棟您必須做出承諾才能繼續進行的建築？在真正獲得租賃之前，先將其投入建設，並且如果繼續建設，您希望獲得什麼樣的收益？

So Steve our goal is to get it pre-leased. It’s a 900,050 square foot building. The pre-lease will not be likely to pass the property, will be in the, 150 to 250 range would be my guess. So that's our, first priority.

所以史蒂夫，我們的目標是將其預租。這是一座面積為 900,050 平方英尺的建築。預租不太可能轉讓該房產，我猜大概在 150 到 250 之間。所以這是我們的首要任務。

We didn't have a decision point at the end of July with respect to going forward with the project and given the demand profile that I described in my remarks, we have a lot of confidence in this property, so we don't have to make that decision until July, but that's when we'll have to make it and then our forecast yield or what we're trying to get on the property is 8%, which we think is appropriate given the higher interest rate environment that we're operating in.

截至 7 月底，我們尚未就是否繼續推進該項目做出決定，但考慮到我在發言中描述的需求情況，我們對這處房產非常有信心，因此我們不必在 7 月份之前做出決定，但屆時我們必須做出決定，然後我們預測的收益率或我們試圖從該房產中獲得的收益率為 8%，考慮到我們所處的較高利率環境，我們認為這是合適的。

And Hillary, you just might want to comment, so you've been part of every one of these presentations we've done. I think there is a significant amount of interest for organizations of, 150,000 to 300,000 square feet that actually would consider and are considering doing a pre-commitment to this building.

希拉里，你可能想發表評論，所以你參與了我們所做的每一個演講。我認為，對於面積為 150,000 至 300,000 平方英尺的組織來說，他們會有相當大的興趣，他們實際上會考慮並正在考慮對這座建築做出預先承諾。

Yeah, that's right. We've had numerous conversations and multiple rounds of those conversations with some tenants about committing to the building, which 150,000 square feet is a little bit unusual. Usually, those tenants are not looking four years out for their space.

是的，沒錯。我們與一些租戶就承租該建築進行了多次對話和多輪談判，該建築的面積達 150,000 平方英尺，這有點不尋常。通常，這些租戶不會等待四年才能租到房子。

But it remains the case that very high-quality space at scale in the Park Avenue and Plaza District submarkets is vanishingly rare. And so those companies are willing to sort of look ahead of time and stretch in terms of figuring out how to get into 343. So there has been a lot of interest from folks who are willing to commit on a pre-lease basis.

但事實是，公園大道和廣場區子市場中規模極高的優質空間仍然極為罕見。因此，這些公司願意提前考慮並努力探索如何進入 343 市場。因此，許多願意以預租方式簽訂合約的人對此表現出濃厚的興趣。

Thank you. John Kim, BMO Capital Markets.

謝謝。蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

Good morning. Doug, you mentioned in your prepared remarks that the plan this year is for 4 million square feet of leasing, including 3 million square feet on vacant space and '25 expirations. I just wanted to ask how confident you were on this plan.

早安.道格，您在準備好的發言中提到，今年的計劃是租賃 400 萬平方英尺，其中包括 300 萬平方英尺的空置空間和 25 年到期的空間。我只是想問你對這個計劃有多大信心。

And when you look at the expirations this year, you have about 1.9 million square feet expiring. So can we deduct that your planning to grow occupancy by about 1 million square feet this year. I'm not sure how developments and first quarter activity factors into this?

如果你看今年的到期情況，你會發現大約有 190 萬平方英尺的土地即將到期。那麼我們可以推斷您今年計劃增加約 100 萬平方英尺的入住率嗎？我不確定發展和第一季的活動是如何影響這一點的？

Yeah, sure. Thanks for the question, John. So as of today, we've done about 1 million square feet of leasing on vacant and '25 expirations. And in my sort of pipeline of what's under negotiation today like leases that are being actually documented, there's another 400,000 square feet of “vacant space” and 250,000 square feet of '25 expirations. So net-net, we're actually more than halfway there.

是的，當然。謝謝你的提問，約翰。截至今天，我們已經完成了約 100 萬平方英尺的空置和 25 年到期租賃。在我目前正在談判的、正在實際記錄的租約中，還有 40 萬平方英尺的「空置空間」和 25 萬平方英尺的 25 年到期空間。因此，總體而言，我們實際上已經完成了一半以上。

And again, my pipeline of other activity has another 1 million square feet of that type of space. So we -- I feel really good about our leased square footage percentage, I say this with all due respect. It's really hard for us to correlate leased with occupancy on a quarter-by-quarter basis because we just don't know when that revenue is going to commence.

而且，我的其他活動管道還有另外 100 萬平方英尺的此類空間。因此，我對我們的租賃面積百分比感到非常滿意，我非常尊重地這麼說。我們很難按季度將租賃量與入住率關聯起來，因為我們不知道收入何時開始。

And so if you're looking at our lease square footage, which is what I'm trying to point people to, and that number is continuing to expand, that is going to be where the revenue comes from. And as I said, the vast majority of what we're doing today is going to be in '25 or '26.

因此，如果您查看我們的租賃面積（這也是我試圖向人們指出的），而這個數字還在繼續擴大，那麼這就是收入的來源。正如我所說，我們今天所做的絕大多數工作都將在 2025 年或 2026 年完成。

So I am very confident of our occupancy build as we move into '26 because all the things we're doing now will be in-service by then. It's very hard for me to say on 12/31/2025, our occupancy is going to be X percent because I just don't know what the revenue recognition is going to require for us.

因此，我對我們的入住率在進入26年時的增長非常有信心，因為我們現在所做的一切都將在那時投入使用。我很難說到 2025 年 12 月 31 日我們的入住率會達到 X%，因為我不知道收入確認對我們有什麼要求。

Thank you. Nick Yulico, Scotiabank.

謝謝。加拿大豐業銀行的 Nick Yulico。

Thanks. I guess maybe just following up on the point on how to think about occupancy and earnings impact through the year. Can you maybe just frame out -- I know, Mike, you gave the expiration that's known in the second quarter.

謝謝。我想也許只是繼續探討如何考慮全年入住率和收益影響的問題。你能不能簡單概括一下——我知道，麥克，你給了第二季已知的到期日期。

But as we're thinking about all this pipeline of activity that's either gotten done or you feel like it's going to get done, how much and the impact for 2025 on NOI, occupancy, FFO, how should we think about the earnings guidance range right now about what still needs to get accomplished to get to certain points on the range for, let's say, occupancy and FFO? Thanks.

但是，當我們考慮所有這些已經完成或您認為將要完成的活動時，它們對 2025 年的 NOI、入住率、FFO 的影響有多大，我們現在應該如何考慮盈利指導範圍，以及還需要完成哪些工作才能達到入住率和 FFO 範圍內的某些點？謝謝。

Look, we narrowed our range primarily because of the success that we had in our leasing and the timing of some of those occupancy starts that we now know about. So the bottom end of the range was lower. We've got a lot of leasing done, so we have a lot more confidence that the bottom end is better, and we brought up the bottom end of our same-store guidance as well which correlates to that.

你看，我們縮小範圍主要是因為我們在租賃方面取得了成功，而且我們現在知道一些入住開始的時間。因此該範圍的底端較低。我們已經完成了很多租賃工作，因此我們更有信心底線會更好，而且我們也提高了同店指導的底線，這與此相關。

From the top end of the range was related to lease starts that we might have or leasing that we’ve done that may start now or in 2026 or could start in 2025, but we're doing deals, working on deals where we get the revenue recognition for these dealswill probably be in 2026, not 2025-- so we are going back a little bit on the top end of our range primarily for that reason. We feel highly confident in the range that we have in the same-store guidance we provided. That's based upon the activity that we have and we’ve seen.

該範圍的上限與我們可能擁有的租賃開始時間或我們已經完成的租賃有關，這些租賃可能現在開始，也可能在 2026 年或 2025 年開始，但我們正在進行交易，處理這些交易的收入確認，這些交易的收入確認可能在 2026 年，而不是 2025 年——因此，我們主要出於這個原因，稍微後退了一點。我們對所提供的同店銷售指導範圍非常有信心。這是基於我們已進行和觀察到的活動。

I'll give you 1 example of why this variable is so meaningful. At 200 Fifth Avenue we've done 244,000 square feet lease, which is fabulous and great and start 2026, right? So it's not going to contribute to occupancy in 2025.

我舉一個例子來解釋為什麼這個變數如此有意義。在第五大道 200 號，我們已經租賃了 244,000 平方英尺的空間，這太棒了，而且從 2026 年開始，對吧？因此它不會對 2025 年的入住率產生貢獻。

On the other hand, we have another call it 100,000 square feet of availability in that building. We're talking to 2 tenants right now. One of those tenants, we take this space immediately, the other tenant will probably not take the space until 2026.

另一方面，我們稱該建築有 100,000 平方英尺的可用空間。我們現在正在與 2 位租戶交談。我們立即租用了其中一位租戶的這個空間，而另一位租戶可能要到 2026 年才會租用該空間。

So if on average, the rent there is $100 a square foot on 100,000 square feet, right? That's a meaningful amount of dollars that is going to shift one way or the other, and therefore, is why we have the range where we have it.

那麼，如果平均而言，那裡 100,000 平方英尺的租金為每平方英尺 100 美元，對嗎？這是一筆意義重大的金額，它會以某種方式發生變化，因此，這就是我們擁有這個範圍的原因。

And unfortunately, we just don't know until these leases are signed and we actually see what the condition requirements are of how we're delivering the space, which way we're going to go. And is that sort of subtlety that sort of is why we're -- I am so fixated on our leased square footage and not necessarily our quarter-to-quarter occupancy.

不幸的是，直到這些租約簽署後，我們才知道我們交付空間的條件要求是什麼，以及我們將如何進行。正是這種微妙之處，才使得我們如此關注租賃面積，而不一定是季度入住率。

The other transaction that I described in my notes and maybe I'll try to describe a little better, these four floors that we have in 599 and the Back Bay, where we have leases in place, right, that are expiring either at the very end of '25 or early in '26.

我在筆記中描述的另一筆交易，也許我會嘗試描述得更清楚一些，我們在 599 和後灣區的這四層樓，我們已經簽訂了租約，對，這些租約將在 25 年底或 26 年初到期。

So we know those tenants are going, right? So we're marketing that space now, and we have live clients that need to expand or want to come into the building and they want to be in, in 2026. So in order to get this '26, we have to do something with the existing tenant that wants to leave in 2025. And that's a good thing for our occupancy going forward in our revenue going forward, but we're taking some chips off the in table in 2025.

所以我們知道那些租戶要走了，對吧？因此，我們現在正在行銷該空間，我們有一些需要擴展或想要進入建築物的現有客戶，他們希望在 2026 年進入。因此，為了獲得這 26 個租戶，我們必須對現有想要在 2025 年離開的租戶採取一些措施。這對我們未來的入住率和收入來說是一件好事，但我們在 2025 年的收入方面會有所下降。

And all of that is built into guidance.

所有這些都已納入指導之中。

Thank you. Ronald Kamdem, Morgan Stanley.

謝謝。摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, Just a quick one. We've been having a little bit of trouble hearing. Maybe it's just us. But I guess I'd love to focus on, one, just trends on the ground in the life science market. I think you talked a little bit in your opening comments about that space, but you guys always have a pretty good perspective.

嘿，只是快速的一次。我們的聽力有點困難。也許這只是我們自己的情況。但我想我更願意關注的是生命科學市場的實際趨勢。我認為你們在開場白中談到了那個領域，但你們總是有一個很好的視角。

Just what are you seeing? And what do you think it will take for that to turn around? And then if I could ask a little bit of a follow-up just on the Boston market overall. We've seen job growth start to slow there. Just what are your thoughts there? Thanks so much.

你到底看到了什麼？您認為要如何扭轉這種局面呢？然後我可以問一下關於波士頓市場整體的一些後續問題嗎？我們已經看到那裡的就業成長開始放緩。您到底有什麼想法？非常感謝。

So let me answer the question on Life Science first. I would say that we have seen very little in the way of new requirements for raw life science space in either South San Francisco or in the greater Boston Waltham, Lexington market, which is where we have our space.

那麼讓我先回答有關生命科學的問題。我想說的是，無論是在南舊金山還是在大波士頓沃爾瑟姆、列剋星敦市場（我們的空間位於這些市場），我們很少看到對原始生命科學空間的新需求。

We are seeing, as I described earlier, Life Science organizations that want office space, looking at our portfolio in Greater Waltham, in a meaningful amount. And so I would not be surprised if we have leased well over 100,000 square feet of life science client demand, but not lab space in our Waltham marketplace in 2025. I think things are actually slightly more extensive and more robust, and I use that subtly because it means a pickup in demand in a meaningful way in the greater Boston market than it is in the South San Francisco marketplace.

正如我之前所描述的，我們看到需要辦公空間的生命科學組織正在大量關注我們在大沃爾瑟姆的投資組合。因此，如果我們在 2025 年租賃了超過 100,000 平方英尺的生命科學客戶需求，但沒有在沃爾瑟姆市場租用實驗室空間，我不會感到驚訝。我認為事情實際上更加廣泛和強勁，我巧妙地使用這一點是因為這意味著大波士頓市場的需求比南舊金山市場有顯著的回升。

The issues associated with following these “health and human services world” and how that's impacting potentially how new therapeutics are going to be regulated by the FDA, I think is creating a lot of uncertainty.

我認為，遵循這些「健康與人類服務世界」相關的問題以及這對 FDA 如何監管新療法的潛在影響正在產生許多不確定性。

Ladies and gentlemen, please continue to hold your conference call will resume momentarily. Please continue to hold. Your conference call will resume momentarily.

女士們、先生們，請繼續進行您的電話會議，稍後將恢復。請繼續堅持。您的電話會議將立即恢復。

Okay, we're back, I think. Can you hear us?

好的，我想我們回來了。你聽得到我們說話嗎？

Yes, I can. Loud and clear.

是的，我可以。聲音響亮、清晰。

So, and then your, what your question on Boston is relative to this overall, “demand growth and job growth”. I'll let Bryan handle that one.

那麼，您關於波士頓的問題與整體「需求成長和就業成長」有關。我會讓布萊恩來處理這件事。

Yeah, I think the key for Boston right now, especially in our Urban Edge portfolio momentum that Dougan on both brought up -- and I can't say this is a huge trend yet, but what we are seeing in a couple of deals that we were able to land in this first quarter.

是的，我認為目前波士頓的關鍵，特別是 Dougan 提到的 Urban Edge 投資組合勢頭——我還不能說這是一個巨大的趨勢，但我們在第一季達成的幾筆交易中看到了這一點。

They were transactions that were heading some other place but needed capital, which the building wasn't able to supply, we're seeing more of that because of capital stack issues and a lot of the existing product out there.

這些交易原本要轉移到其他地方，但需要資金，而該大樓無法提供資金，我們看到越來越多的此類交易，因為資金堆積問題以及現有的許多產品。

And then also flexibility that Doug mentioned on that one defense contractor transaction, where we were able to pivot from a life science development that we had for that building laid out to the office use and specialized use for this defense contractor.

然後還有道格提到的那筆國防承包商交易的靈活性，我們能夠從為該建築規劃的生命科學開發轉向為該國防承包商提供辦公用途和專門用途。

So flexibility and capital are really certain that be something that's getting noticed by the tenant rep community in a bigger way. We'll see how big of a trend that is, but it's certainly helping us to get deals transacted.

因此，靈活性和資本肯定會引起租戶代表社區的更大關注。我們將會看到這種趨勢有多大，但它肯定會幫助我們達成交易。

Thank you. Anthony Paolone, JPMorgan.

謝謝。摩根大通的安東尼保隆 (Anthony Paolone)。

Thank you. Can you talk about your West Coast leasing activity and what you're seeing there as it relates to strengths and weaknesses by either tenant type or submarket and anything that's changed in the last couple of months?

謝謝。您能否談談西海岸的租賃活動以及您在那裡看到的與租戶類型或子市場相關的優勢和劣勢以及過去幾個月發生的任何變化？

Yeah. So I'll make a brief comment, and then I'll turn it over to Rod. My view is that, as I said earlier, the large users have all sort of landed and there's a significant amount of embedded tenants in the market, but they're all of a smaller nature.

是的。因此我將做一個簡短的評論，然後將其交給羅德。我的觀點是，正如我之前所說，大型用戶已經全部到位，並且市場上有相當數量的嵌入式租戶，但他們的規模都比較小。

And for the most part, the financial services, legal, professional services are incrementally either staying in place or seeing a modest amount of space reduction still. But there are quite a few, what I would refer to as early-stage and smaller AI and other technology companies that are in the market looking for space, Rod?

在大多數情況下，金融服務、法律和專業服務的空間要么逐漸保持不變，要么仍在適度減少。但是有相當多的，我稱之為早期和規模較小的人工智慧和其他技術公司，正在市場上尋找空間，羅德？

Yes, I think that's right, Doug. And mostly, what we're busy with right now with the leasing, particularly at Embarcadero Center, has been with a lot of the law firms, other financial firms that are in the market. And these are relocations generally -- so that's very active, though. There's been a lot of them, and it's contributing to the volume that you've seen coming out of the West Coast. On the AI front, it's still meaningful.

是的，我認為是對的，道格。目前，我們主要忙於租賃事宜，尤其是 Embarcadero Center 的租賃事宜，與市場上的許多律師事務所和其他金融公司都有合作。這些通常都是重新安置——所以非常活躍。這樣的事很多，它們對西海岸湧出的難民數量做出了貢獻。在人工智慧方面，它仍然很有意義。

And I think it's important to note that the footprint of AI companies in San Francisco now is over 5 million square feet. And so there's a lot of companies that are out poking around.

我認為值得注意的是，舊金山的人工智慧公司佔地面積現已超過 500 萬平方英尺。因此有很多公司正在四處尋找。

And again, names that we haven't heard of or have not heard of in the past are showing up and taking space and it's encouraging. And so I think that we're going to continue to see that. We are seeing, I'd say, a little bit less of that down in Silicon Valley. It's been a little bit slower down there, but there's still, I think, a few more larger requirements that have hit our radar in the last month or so, which is good.

而且，一些我們以前沒有聽過的名字也出現了，佔據了空間，這是令人鼓舞的。所以我認為我們將繼續看到這種情況。我想說，我們在矽谷看到的這種情況稍微少一點。那裡的進展稍微慢了一點，但我認為，在過去一個月左右的時間裡，仍然有一些更大的需求引起了我們的注意，這是一件好事。

Thank you. Blaine Heck, Wells Fargo.

謝謝。布萊恩·赫克，富國銀行。

Great, thanks. Good morning. Can you talk about leverage and funding a little bit more debt to EBITDA ticked up to 8.3 times on your numbers this quarter, which is higher than you've run it historically. I guess how are you thinking about your comfort there given the additional projects you're taking on, and any thoughts on near-term moves to bring that down? Or should we just expect you to kind of wait in anticipation of natural downward movement in that metric as developments come online and with potential occupancy upside?

太好了，謝謝。早安.能否談談槓桿率和融資問題？本季度，債務與 EBITDA 比率上升至 8.3 倍，高於歷史最高水準。我想，考慮到您正在承擔的額外項目，您如何看待您在那裡的舒適度，以及您對近期採取什麼措施來降低舒適度有什麼想法？或者我們應該只是期望您等待，以期隨著開發項目的上線和潛在的入住率上升，該指標出​​現自然的下降趨勢？

So the first quarter leverage went up a little bit, and it was kind of exacerbated by the seasonality of the first quarter. So our G&A is much higher in the first quarter than it is for the rest of the year. So that was a big reason because the EBITDA for the first quarter is just lower, and then you annualize it and it makes a big difference. So if you kind of normalize for that, it was more like $7.9 billion.

因此，第一季的槓桿率略有上升，而且第一季的季節性因素在一定程度上加劇了這一情況。因此，我們第一季的 G&A 比今年其他時間的 G&A 要高得多。這是一個重要原因，因為第一季的 EBITDA 較低，然後將其年化，就會產生很大的差異。因此，如果將其標準化，它更像是 79 億美元。

So it still did go up from the $7.65 billion to $7.9 billion. And I would expect that it's going to continue over the next several quarters to move up as we fund the development pipeline. And then when 290 Binney delivers in the second quarter or third quarter of next year -- mid next year, we're going to get a lot of income coming in.

因此它仍然從 76.5 億美元上升到了 79 億美元。我預計，隨著我們為開發管道提供資金，未來幾季這一數字將繼續上升。然後，當 290 Binney 在明年第二季或第三季（明年年中）交付時，我們將獲得大量收入。

We also have leasing continuing on the other parts of our development pipeline that will bring income in. So I would say it would be moderating after that. From a funding perspective, we continue to use incremental debt today, which is why you're seeing the leverage move up a little bit. We continue to view that once our pipeline delivers, our leverage will go down from here.

我們也將繼續對開發項目的其他部分進行租賃，這將帶來收入。所以我想說，此後情況將會緩和。從融資角度來看，我們今天繼續使用增量債務，這就是為什麼你會看到槓桿率略有上升。我們仍然認為，一旦我們的管道交付，我們的槓桿率就會下降。

And then as Owen described, we're looking at monetizing non-income-producing real estate. So Owen mentioned $250 million of land transactions we're working on, where we could execute and sell those assets over the next couple of years.

然後，正如歐文所描述的，我們正在考慮將不產生收入的房地產貨幣化。歐文提到我們正在進行價值 2.5 億美元的土地交易，我們可以在未來幾年內執行並出售這些資產。

And we're going to continue to look at opportunities like that to assist us with funding. And then we'll also look at private equity sources if we need to. And depending on where our stock price goes, public equity sources, it just depends on where that is as well as incremental debt in order to fund additional investments that we may have.

我們將繼續尋找類似的機會來幫助我們籌集資金。如果需要的話，我們也會考慮私募股權來源。並且取決於我們的股價走向，公共股權來源，這只取決於股價走向以及增量債務，以便為我們可能擁有的額外投資提供資金。

Yeah. I just would make one last comment, which is that 290 Binney Street from a cash perspective is going to be online in less than a year. So we may not be recognizing revenue, but the cash is going to be there. So effectively on a true basis, our EBITDA is going to start coming down in a meaningful way when that happens. And I believe that's late April of 2026. So even though occupancy may not occur from a revenue recognition perspective, the cash is going to be there.

是的。我只想說最後一句話，從現金角度來看，290 Binney Street 將在不到一年的時間內上線。因此，我們可能不會確認收入，但現金將會存在。因此，從實際效果來看，當這種情況發生時，我們的 EBITDA 將開始大幅下降。我認為那是 2026 年 4 月下旬。因此，儘管從收入確認的角度來看可能不會發生入住，但現金仍然存在。

Thank you. Jana Galan, Bank of America Securities.

謝謝。Jana Galan，美國銀行證券。

Thank you. Good morning. Just wanted to congratulate you on the refinancings and financings completed in 1Q and the market timing. I guess given the capital markets volatility in the last month, can you comment where you think BXP can issue unsecured debt, secured and what CMBS pricing would look like today?

謝謝。早安.只是想祝賀您在第一季完成的再融資和融資以及市場時機。我想，考慮到上個月資本市場的波動，您能否評論一下您認為 BXP 可以在哪裡發行無擔保債務、有擔保債務以及今天的 CMBS 定價情況如何？

Look, as I mentioned in my call that the bond market for us has widened, and now it's coming back. So things are kind of settling down a little bit in the bond market over the last week or two, I would say. So our bond spreads kind of in early April, they moved out 50 basis points, and now they're up 30 basis points. So they're settling in. And I think for stronger credits the spread widening is less.

你看，正如我在電話會議中提到的，我們的債券市場已經擴大，現在正在回升。所以我想說，過去一兩週債券市場的情況有點趨於穩定。因此，我們的債券利差在 4 月初下降了 50 個基點，現在又上升了 30 個基點。所以他們正在安頓下來。我認為，信貸越強勁，利差擴大的幅度就越小。

And when you get out into high yield, the spread widening is significantly wider. So that's in the unsecured bond market.

當你獲得高收益時，利差擴大幅度會顯著增加。這就是無擔保債券市場。

And I think the same thing is in the CMBS market. High-quality, lower leverage deal can get done and higher leverage stuff is going to be tough. And AAAs on CMBS widened pretty dramatically. So they had gotten to 100 basis points or less, they went out to 250 basis points, and now they're back below 200 basis points. So there's just been a lot of volatility.

我認為 CMBS 市場也存在同樣的情況。高品質、低槓桿的交易可以完成，但高槓桿的交易將會很困難。CMBS 上的 AAA 範圍擴大得相當顯著。因此，他們曾經將利率降至 100 個基點或更低，後來降至 250 個基點，現在又回到了 200 個基點以下。因此，存在很大的波動。

So again, I think people have to think about timing and be prepared in advance to strike when that market is good. And again, I mentioned the commercial paper market, which is also a live market that we're in every day. And there's been a little bit of widening there. But again, it's kind of settled down. So I would say things are improving right now.

所以，我認為人們必須考慮時機，並提前做好準備，在市場良好時出手。我再次提到了商業票據市場，這也是我們每天都在關注的活躍市場。那裡已經稍微擴大了一點。但再次，一切都已經穩定下來了。所以我想說現在情況正在好轉。

We can issue 10-year unsecured debt at a 6%. CMBS market is really dependent on, I'd say it's more asset specific. I think if you have a 50% leverage, high-quality loan with good weighted average lease term, you could probably get it done in the low to mid-2s over probably the 5-year, I would say 10-year is harder to come by.

我們可以以 6% 的利率發行 10 年期無擔保債務。我認為 CMBS 市場確實依賴資產特定性。我認為，如果你擁有 50% 的槓桿率、優質貸款和良好的加權平均租賃期限，那麼你可能可以在 5 年內以 2% 到 2% 的低位完成還款，但我認為 10 年期的還款期限更難實現。

Thank you. Seth Berger, Citi.

謝謝。花旗銀行的塞思·伯傑（Seth Berger）。

Hi, good morning. Thanks for taking my question. I just wanted to ask a quick question about your in-service portfolio occupancy guidance that looks like Reservoir Place and Reston Center were kind of taken out in 651 Gateway wasn't added this quarter. Kind of what are the puts and takes there? And are there any changes that we should be thinking about there as it relates to kind of the NOI run rate kind of going forward?

嗨，早安。感謝您回答我的問題。我只是想問一個簡單的問題，關於你們在役投資組合入住率指導，看起來 Reservoir Place 和 Reston Center 是在 651 Gateway 中被移除的，而本季度並沒有添加。那裡有什麼投入和產出？就未來的 NOI 運行率而言，我們是否應該考慮做出任何改變？

So we talked about Reston Corporate Center last quarter. So that's a building that was 100% leased at the end of the year. The tenant vacated, we knew they were going to vacate. And it's the location for us to build the next phase of Reston Town Center, which is 3 million square feet of density. So that's been in the works for years.

上個季度我們討論了雷斯頓企業中心。所以該建築在年底的出租率是 100%。租戶搬走了，我們知道他們也會搬走。這是我們建造雷斯頓市中心下一階段工程的地點，工程的密度為 300 萬平方英尺。這項工作已經籌備多年了。

And we actually have the density approved, and we'll be working over the next few years trying to make some of that development a reality. Reservoir Place was the asset I mentioned on my remarks, which was a building in the Urban Edge of Boston.

我們的密度實際上已經得到批准，我們將在未來幾年努力將部分發展變為現實。水庫廣場是我在演講中提到的資產，它是波士頓城市邊緣的一棟建築。

It's an older office building incredibly well located, great visibility, and we think there is likely a better utilization for that real estate potentially. So we elected to start to move some of the clients that were in there into other buildings in our portfolio.

這是一棟較老的辦公大樓，地理位置優越，視野開闊，我們認為該房地產有更好的利用潛力。因此，我們決定將那裡的一些客戶轉移到我們投資組合中的其他建築物。

Some went to CBD, some went to other Urban Edge assets, and we just elected to take it out of service and that was a 360,000 square foot building, and it had, I think, 220,000 square feet of vacancy at the end of the quarter. As I said, we're relocating tenants out of it.

一些去了中央商務區，一些去了其他 Urban Edge 資產，我們只是選擇讓它停止使用，那是一座 360,000 平方英尺的建築，我認為，在本季度末，它的空置面積為 220,000 平方英尺。正如我所說，我們正在將租戶遷出。

There's a couple of other buildings that we are considering pulling out of service also suburban buildings that total somewhere between 250,000 and 300,000 square feet that are vacant today, and we could take out of service.

我們正在考慮停止使用其他幾棟建築，還有幾棟郊區建築，總面積在 25 萬到 30 萬平方英尺之間，目前空置，我們可能會停止使用。

And then the development pipeline, which is coming into service includes 651 Gateway, 360 Park Avenue South and Reston Next Block D. And so all of those will get added, we believe, sometime in 2025, although at 651 Gateway, we're kind of taking the lead from our partner and when they deliver that. But if all of those deliver and there's no additional occupancy, that would add somewhere between 50 and 70 basis points to the vacancy on the headline.

然後，即將投入使用的開發案包括 651 Gateway、360 Park Avenue South 和 Reston Next Block D。我們相信，所有這些都將在 2025 年的某個時候添加進去，儘管在 651 Gateway，我們在某種程度上是從合作夥伴那裡獲得主導權，並在他們交付時進行。但如果所有這些都實現了，而沒有額外的入住率，那麼整體空置率將增加 50 到 70 個基點。

Thank you. Alexander Goldfarb, Piper Sandler.

謝謝。亞歷山大·戈德法布、派珀·桑德勒。

Hey, good morning, Mike, just -- or Doug, just going back to the discussion on the uncertainty over when tenants take occupancy on the initial outlook call back in, I guess, it was January, early February, the discussion was of a steep FFO ramp in the back half of this year based on how the occupancy trends were going and kind of taking space.

嘿，早上好，邁克，或者道格，回到關於租戶何時入住的不確定性的討論，我想，在最初的展望電話會議中，那是在 1 月或 2 月初，討論的是基於入住趨勢和占用空間的情況，今年下半年的 FFO 將大幅上升。

Do you still feel comfortable that we'll see this ramp up in the back half of the year? Or because of what you were talking about as far as uncertainty over when tenants may take space, that ramp-up may actually be pushed to ‘26 versus seeing it in the back half of this year?

您是否仍然相信我們會在今年下半年看到這一成長？或者由於您所說的租戶何時入駐的不確定性，這一增長實際上可能會推遲到 26 年，而不是在今年下半年？

I mean, Alex, I think it will be both, right? So if you look at our -- the midpoint of our guidance, right, and you look at what the FFO needs to be in the third the remaining quarters, the second quarter is going to be impacted in a little bit of a negative way, although it's up a little bit primarily because G&A is lower. But the third and fourth quarter is going to be up pretty meaningfully, and a lot of that is coming from occupancy that is occurring on leases that we've either already signed or we are signing.

我的意思是，亞歷克斯，我認為兩者兼而有之，對嗎？因此，如果你看一下我們的指導中點，對吧，你看看第三季度剩餘季度的 FFO 需要是多少，第二季度將受到一點負面影響，儘管它略有上升，主要是因為 G&A 較低。但第三季和第四季的銷售額將大幅成長，其中很大一部分來自於我們已經簽署或正在簽署的租約的入住率。

And so that's going to be coming in through the same-store primarily. So that's why the -- if you just look at -- I think we're at $1.66 in the second quarter, $1.64 in the first quarter, we got to average like $1.78 or something in other two quarters -- in the third and fourth quarter. So that's coming from that ramp-up. That's what you're seeing.

因此，這主要將透過同一家商店實現。所以這就是為什麼——如果你看一下——我認為我們第二季的價格是 1.66 美元，第一季的價格是 1.64 美元，而其他兩個季度——第三季和第四季——的平均價格是 1.78 美元左右。這就是從那個上升階段開始的。這就是你所看到的。

Thank you. Omotayo Okusanya, Deutsche Bank. Please go ahead.

謝謝。Omotayo Okusanya，德意志銀行。請繼續。

Hi, yes, good afternoon. Thanks, good morning. Thanks for taking the time. Doug, I feel like there's been a lot of focus on just where areas or so in economy and kind of what it could mean to your numbers and the expectation of a ramp-up in the back half. Could you talk and about potential opportunities to actually exceed guidance and what could be some of those kind of factors?

嗨，是的，下午好。謝謝，早安。感謝您抽出時間。道格，我覺得大家非常關注經濟的哪些領域，以及這對您的數據意味著什麼，以及對下半年成長的預期。您能否談談實際超越指導的潛在機會以及其中的一些因素？

Okay. I just -- I want to make sure I heard you right. Your -- just to ask your question again because it was a little blurry.

好的。我只是——我想確保我聽清楚了你的意思。您的——我只是想再問一次您的問題，因為它有點模糊。

Sure. So I think, again, on the call, we've talked a lot about potential risk to your numbers accelerating in the back half, whether it's the slowing economy or clients taking a little bit longer to make decisions. I'm curious for us to flip that around and kind of hear from you in terms of opportunities where you could actually have better numbers? And what would kind of drive some of that?

當然。因此，我認為，在電話會議上，我們再次討論了許多有關下半年業績成長可能帶來的風險，無論是經濟放緩還是客戶需要更長的時間來做出決策。我很好奇，我們能否反過來想一想，聽聽您關於有哪些機會可以真正獲得更好的數據？那麼，是什麼推動了其中的一些現象呢？

Yes. So that simply put increasing the amount of leasing that we're doing on vacant space where we're able to recognize the revenue more quickly is going to -- will drive that. And so we have, again, a lot of opportunities in both our Manhattan portfolio, which is obviously where the most strength is, and that includes 510 Madison Avenue and 360 Park Avenue South.

是的。因此，簡單地說，增加我們在空置空間上的租賃量，使我們能夠更快地確認收入，這將推動這一目標。因此，我們在曼哈頓的投資組合中有很多機會，這顯然是最有優勢的，包括麥迪遜大道 510 號和公園大道南 360 號。

And then at our Embarcadero Center portfolio in San Francisco, which, again, where we have opportunities for meaningful increases in occupancy. Those areas will be where if we have outsized performance for our leasing in 2025, where they will come from.

然後是位於舊金山的 Embarcadero Center 投資組合，我們再次有機會大幅提高入住率。如果我們在 2025 年的租賃業績表現優異，那麼這些地區就是我們的業務重點所在。

And we have -- again, we have yet to see any signs of duress or hesitancy in either of those markets to date, not to say that it won't happen. Lots of macro economists are calling for negative GDP growth and a recession and all kinds of things like that. Again, in our behavior of our client interactions we're not witnessing that yet.

而且我們——再說一次，到目前為止，我們還沒有看到這兩個市場出現任何壓力或猶豫的跡象，這並不是說這種情況不會發生。許多宏觀經濟學家預測 GDP 將出現負成長、經濟衰退以及諸如此類的情況。再次，在我們與客戶互動的行為中我們還沒有見證這一點。

Thank you. Dylan Burzinski, Green Street.

謝謝。迪倫·布爾津斯基，格林街。

Morning guys. Thanks for taking the question. Just sort of wanted to go back to some of the comments on a lot of your West Coast markets and particularly you're still seeing tenants rationalize or downsize space, particularly amongst the legacy larger big tech companies.

大家早安。感謝您回答這個問題。我只是想回顧一下您對西海岸許多市場的一些評論，特別是您仍然看到租戶合理化或縮小空間，特別是在傳統的大型科技公司中。

However, meanwhile, in certain markets like New York, right, you're seeing Google renew a lot of their space. You're seeing Amazon take down new expansionary space. So clearly, there's some appetite for space across their footprints in markets outside the West Coast.

然而，同時，在紐約等某些市場，你會看到Google更新了許多空間。您會看到亞馬遜正在開拓新的擴張空間。顯然，西海岸以外的市場對其業務空間有一定的興趣。

So I guess just as you think about it and speak with these tenets and speak with brokers and whatnot, like at what point of the downsizing cycle for a lot of these tenants on the West Coast, do you think we're in? Do you think like they still have another 20%, 30% of their space to give back? Or do you think it's going to be more incremental from this point on?

所以我想，正如您所想，並根據這些原則並與經紀人等交談，您認為我們處於西海岸許多租戶的縮小規模週期的哪個階段？您認為他們還有另外 20% 或 30% 的空間可以回饋嗎？或者您認為從現在開始它會更加漸進嗎？

So I'm going to -- I'll start the question or the answer, and I'll let Rod Diehl comment on what's going on in his view in the West Coast, and Hilary talk about the contrast in New York. So my comment would be -- you have to separate what's going on in the CBD of San Francisco from a downsizing to what's potentially going on down in the Silicon Valley or the Peninsula, however you want to describe it. There is -- it's a very different place. I think that you're seeing de minimis, if any significant increases in subleasing or terminations of lease upon expiration in greater CBD San Francisco today.

所以我要開始提問或回答，然後讓羅德·迪爾（Rod Diehl）從他的角度評論西海岸的情況，讓希拉里（Hilary）談談紐約的對比情況。所以我的評論是——你必須將舊金山中央商務區正在發生的事情與縮小規模的情況以及矽谷或半島可能發生的情況區分開來，無論你想如何描述它。那裡——是一個非常不同的地方。我認為，如果今天在舊金山大中心商務區，轉租或租約到期終止的情況有顯著增加的話，那麼你看到的只是微不足道的現象。

But you are seeing pieces of meaningful amounts of space from technology companies that overall in the greater Silicon Valley are still available and could be made available. And my guess is if you ask some of the large tech companies, if they could rationalize more space than the answer would probably be yes. So the -- I think that's sort of the big picture perspective. And then in the city of Manhattan, I think it's a little bit more subtle.

但你會看到，科技公司擁有的大量空間在大矽谷總體上仍然可用，並且可以被利用。我的猜測是，如果你問一些大型科技公司，他們是否能夠合理利用更多的空間，答案可能是肯定的。所以——我認為這是一種宏觀視角。而在曼哈頓市，我認為這就更加微妙了。

We have some organizations that are growing significantly, and then we have some that are, I'd say, remaining status quo but not necessarily downsizing. And Rod, I'll let you go first, and then I'll ask Hilary for her remarks.

我們有一些組織正在顯著發展，還有一些組織，我想說，維持現狀，但不一定會縮小規模。羅德，我先讓你走，然後我會請希拉蕊發表評論。

Yeah. Thanks, Doug. I think it's a good observation that some of these legacy larger tech companies that are based in the Bay Area while they may have excess space in the Bay Area are still very active in other markets. I mean, as we talk to our clients in that sector, we're hearing that. So I think in the Bay Area, what you've got is when you look at the big firms that are based here, they have a lot of owned space in addition to the leased space.

是的。謝謝，道格。我認為，這是一個很好的觀察：一些總部位於灣區的傳統大型科技公司雖然在灣區擁有過剩的空間，但在其他市場仍然非常活躍。我的意思是，當我們與該領域的客戶交談時，我們聽到了這一點。所以我認為，在灣區，你會發現，當你看到總部設在這裡的大公司時，你會發現，除了租賃的空間外，他們還擁有大量自有空間。

And I think you're seeing them each one of them with a little bit of a different story, but there in their own way, consolidating into their premier workplaces, if you will. They've taken maybe spaces in the anticipation of growth that maybe are not of the quality they want.

我想你會看到他們每個人都有不同的故事，但他們都以自己的方式融入他們的主要工作場所，如果你願意的話。他們為了預期成長而佔用的空間可能不會達到他們想要的品質。

And so those are the spaces they're putting on the market for sublease and they're folding back into their core better properties. And so I think in the Bay Area at least, those firms still do have some excess capacity, and we're going to have to work through that in supply. You see that in the statistics. But I think that's what I would say with the firms that are based in the Bay Area in particular.

因此，他們將這些空間投放到市場上進行轉租，並將其折合成核心的優質物業。因此我認為至少在灣區，這些公司仍然有一些產能過剩，我們必須在供應方面解決這個問題。您可以從統計數據中看到這一點。但我認為，這就是我對位於灣區的公司的看法。

But Rod, that's more of a Peninsula Silicon Valley issue than a city of San Francisco, is that correct?.

但是羅德，這更多的是半島矽谷的問題而不是舊金山市的問題，對嗎？

Yeah. I mean I think there are some examples of that in San Francisco, but it's mostly down in the Valley and with the largest firms that are down there. And again, each one of them kind of has their own story. But there's probably more of that space down in the Valley, and I'm talking excess capacity sublease space than there is in San Francisco.

是的。我的意思是，我認為舊金山有一些這樣的例子，但主要是在矽谷，那裡最大的公司也都在那裡。而且，他們每個人都有自己的故事。但矽谷可能有更多這樣的空間，我說的是過剩容量的轉租空間，比舊金山的還多。

And then Hilary your view on what's sort of going on with large Tech in Manhattan?

那麼希拉里，您對曼哈頓大型科技公司的現況有何看法？

With large tech in Manhattan, specifically on tech, I would say that the large tech is stable at this point. We've heard that Meta has taken some space that they were planning to sublease off the market, and we'll be occupying that themselves in Hudson Yards. You referenced the Amazon transaction. That's obviously positive for that building and absorption in the market. We're also starting to see more activity in the smaller tech space in and around Midtown South.

對於曼哈頓的大型科技公司，特別是在科技方面，我想說，目前大型科技公司是穩定的。我們聽說 Meta 已經從市場上拿下了一些他們計劃轉租的空間，我們將自己在哈德遜廣場使用這些空間。您提到了亞馬遜交易。這對於市場建設和吸收顯然是有利的。我們也開始看到中城南區及其周邊地區的小型科技領域出現更多活動。

And so that has been a net positive because most of the big leasing that's been done in that submarket has actually been done by more traditional type tenants coming out of Midtown proper. So as it pertains to tech, I'd say New York feels stable.

因此，這是一項淨收益，因為該子市場中的大部分大型租賃實際上都是由來自中城區的更傳統的租戶完成的。因此，就科技而言，我認為紐約感覺比較穩定。

And we are starting to see some green shoots on the leasing front. And more broadly speaking, in terms of downsizing and versus folks expanding. If I could just give one statistic of all the leasing activity that the New York region did in the first quarter, which was just over 390,000 square feet, 11,000 square feet was a straight renewal.

我們開始看到租賃方面出現一些復甦跡象。更廣泛地說，這是就縮小規模和擴大規模而言的。如果我可以給出一個統計數據，說明紐約地區第一季的所有租賃活動，面積略超過 390,000 平方英尺，其中 11,000 平方英尺是直接續租。

And everything else was either a new tenant or an expansion. So if that gives you a sense of the pressure of demand in New York, I thought that was a pretty interesting statistic.

其餘的一切要么是新租戶，要么是擴建。因此，如果這能讓您了解紐約的需求壓力，我認為這是一個非常有趣的統計數據。

One additional thing for Boston both tech and call it conventional clients, whether it's law or finance is that we are seeing a trend where there's an adjustment being made as people understand their workforce needs greater.

對於波士頓的科技和傳統客戶（無論是法律還是金融）來說，還有一件事是，我們看到一種趨勢，隨著人們對勞動力需求的認識不斷加深，正在進行調整。

There was an undershot, in other words, not enough space allocated for focus work, and there was maybe extra collaboration that space that's all getting used, but we're hearing from several clients in both of those such tech included that, hey, we undershot the focused work areas and they're needing to add on that. So we'll see how the formula turns out and whether that's a big nice absorption issue for us. But it is definitely happening where they start to get a greater handle on the percentages of workspace they need.

換句話說，沒有為重點工作分配足夠的空間，並且可能有額外的協作空間，這些空間都得到了使用，但我們從包括這兩種技術在內的幾個客戶那裡聽說，嘿，我們未能達到重點工作領域的要求，他們需要補充這些空間。因此，我們將看看配方的結果如何，以及這對我們來說是否是一個很大的吸收問題。但當他們開始更好地掌握所需工作空間的百分比時，情況肯定會發生。

Thank you. Brendan Lynch, Barclays.

謝謝。巴克萊銀行的布倫丹·林奇。

Great. Thanks for taking my question. I wanted to follow up on your comments around pulling forward some expirations to redevelop assets. It sounds like the specifics of those redevelopment projects are still under consideration. So can you just talk about when that might be finalized and when the actual development process might be able to begin?

偉大的。感謝您回答我的問題。我想跟進您關於提前一些到期日以重新開發資產的評論。聽起來這些重建項目的具體細節仍在考慮中。那麼，您能談談什麼時候可以完成以及實際開發過程什麼時候可以開始嗎？

That's it. So that is a very fluid entitlement and user equation that has to sort of get resolved. So as an example, Bryan and his team in Boston are at the moment and having a conversation about a piece of existing office space that they're thinking they might be able to get zoned for a meaningful amount of multifamily, right. As those -- that conversation sort of moves forward, there's a jurisdiction, there's a state, there are transportation issues, all that sort of has to get resolved.

就是這樣。所以這是一個非常不穩定的權利和用戶方程，必須解決。舉個例子，布萊恩和他在波士頓的團隊目前正在討論一塊現有的辦公空間，他們認為可以將其劃分為大量多戶住宅區，對吧。隨著這些對話的推進，管轄權、州和交通問題都需要解決。

And these are time-consuming processes. So it's very hard to sort of give you a short duration date for that stuff, unlikely any of it will be actively in development in 2025. But opportunities for some of the stuff to really start to commence in 2026 and 2027.

這些都是耗時的過程。因此，很難給出這些東西的短期持續時間，不太可能在 2025 年積極開發它們。但有些事情真正開始發生的機會要等到 2026 年和 2027 年。

Thank you. Peter Abramowitz, Jefferies.

謝謝。彼得‧阿布拉莫維茲 (Peter Abramowitz)，傑富瑞 (Jefferies)。

Yes, thanks for taking the question. I just wanted to ask about 125 Broadway. I believe Biogen announced they're going to be moving to a new development elsewhere in Cambridge. I know you have until '28 to address that.

是的，感謝您提出這個問題。我只是想問一下百老匯 125 號的情況。我相信 Biogen 宣布他們將搬遷到劍橋其他地方的新開發區。我知道你必須在 28 年之前解決這個問題。

But just curious about kind of the asset, whether you think it needs any repositioning or whether it's something that you think you can just release kind of as is? And how much of that space is traditional lab space versus office, and thinking about positioning that for potentially a new tenant?

但我只是對資產類型感到好奇，您是否認為它需要重新定位，或者您是否認為您可以按原樣發布它？其中有多少空間是傳統實驗室空間，有多少是辦公室空間？如何為潛在的新租戶定位？

Yes. So I'll just describe what the building is and I'll let Bryan describe the market. So 125 Broadway, is a true lab building, which is predominantly lab infrastructure, and it's been the home of Biogen for 30-plus years, and the building has been reinvested by Biogen, but I am sure when Biogen moves out, if, in fact, they're moving out, they haven't told us they're moving out, but there's a presumption that they're moving out. There will be some amount of work that needs to get done to rethink the systems in the building, but it's -- in all likely going to continue to be a life science building.

是的。所以我只會描述這棟建築是什麼，然後讓布萊恩描述這個市場。因此，百老匯大道 125 號是一座真正的實驗室大樓，主要是實驗室基礎設施，30 多年來一直是 Biogen 的總部所在地，該建築已由 Biogen 重新投資，但我確信當 Biogen 搬走時，如果事實上他們要搬走，他們沒有告訴我們他們要搬走，但人們推測他們要搬走。需要做一些工作來重新考慮大樓內的系統，但總的來說，它很可能會繼續作為生命科學大樓。

Yeah. They -- we're going with the assumption as Doug said, that they would be moving out. However, they have told us point blank that they're still assessing their needs and several of those needs are called specialized uses within that particular building, and determining whether or not in fact it can go to the next phase.

是的。他們——正如道格所說，我們假設他們會搬出去。然而，他們直截了當地告訴我們，他們仍在評估他們的需求，其中一些需求被稱為特定建築物內的特殊用途，並確定是否實際上可以進入下一階段。

But in terms of that being in the cluster that we've got there is to get that building back, we'd be highly confident in that as a product. But we are talking to Biogen about their portfolio needs there, which we've had there for 40 years. So there's a lot of fluidity to it.

但就我們現有的集群而言，我們將恢復那棟建築，我們對此產品非常有信心。但我們正在與 Biogen 討論他們在那裡的投資組合需求，我們在那裡已經擁有 40 年了。因此它的流動性很大。

Thank you. I'm showing no further questions in the queue at this time. That concludes our Q&A session. At this time, I would like to turn the call back to Owen Thomas for closing remarks.

謝謝。目前隊列中沒有其他問題。我們的問答環節到此結束。現在，我想請歐文‧湯瑪斯 (Owen Thomas) 致閉幕詞。

No further remarks. Thank all of you for your attention and interest in BXP.

沒有其他註釋。感謝大家對BXP的關注與興趣。

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

謝謝。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。再會。