波士頓物產 (BXP) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Q2 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 年第二季 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 would now like to hand the conference over to your first speaker, Helen Han, Vice President of 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 second 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. 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.

早安，歡迎參加 BXP 2025 年第二季財報電話會議。新聞稿和補充資料已於昨晚分發，並以 8-K 表格形式提供。在補充資料包中，BXP 已根據《規章 G》將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了協調。如果您尚未收到這些文件的副本，可在我們網站 investors.bxp.com 的投資者專區取得。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 its expectations will be attained.

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，但它不能保證其預期將會實現。

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

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. 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.

我歡迎董事長兼執行長歐文·托馬斯 (Owen Thomas)、總裁道格·林德 (Doug Linde) 和首席財務官邁克·拉貝爾 (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。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問題，請隨時重新加入佇列。

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

現在我想把電話轉給歐文‧湯瑪斯，請他發表正式演說。

Thank you, Helen, and good morning to all of you. Our results in the second quarter demonstrate BXP's continued strong execution and provide further evidence of the property and capital market recovery underway in our sector. Our FFO per share was $0.05 above our forecast and $0.04 above market consensus for the second quarter, primarily driven by improved operations. As a result, we're also raising the midpoint of our earning guidance for the full year 2025 by $0.02.

謝謝你，海倫，大家早安。我們第二季的業績證明了 BXP 持續強勁的執行力，並進一步證明了我們行業正在經歷的房地產和資本市場復甦。我們的每股 FFO 比第二季度的預測高出 0.05 美元，比市場共識高出 0.04 美元，這主要得益於營運的改善。因此，我們也將 2025 年全年獲利預期中位數上調 0.02 美元。

We completed over 1.1 million square feet of leasing in the quarter, bringing our total leasing in 2025 to 2.2 million square feet. Over the last four quarters, our leasing volume of 5.7 million square feet was 18% higher than the prior four quarters. We continue to increase the pre-leasing of our development pipeline with 200,000 square feet of development leasing this quarter.

本季我們完成了超過 110 萬平方英尺的租賃，使我們 2025 年的總租賃面積達到 220 萬平方英尺。在過去四個季度中，我們的租賃量為 570 萬平方英尺，比前四個季度高出 18%。我們持續增加開發案的預租，本季開發租賃量達到 20 萬平方英尺。

Now, regarding the operating environment, BXP's leasing activity remains vibrant across many, though not all, submarkets. As discussed before, the primary drivers of BXP leasing activity are corporate confidence and the in-person work behavior of our clients. Corporations generally see a favorable environment for their businesses unfolding this year with a Pro-Growth Tax Bill recently passed in Congress.

現在，就營運環境而言，BXP 的租賃活動在許多（但並非所有）子市場仍然活躍。如前所述，BXP 租賃活動的主要動力是企業信心和客戶的現場工作行為。隨著國會最近通過了《促進成長稅收法案》，企業普遍認為今年的經營環境對其有利。

Less regulation, geopolitical risk relief in certain regions, resolution of US tariff agreements with many important nations, and the possibility of lower short-term interest rates. As a proxy for corporate health, 2025 S&P 500 earnings growth projections, though revised lower since the beginning of the year, remain healthy at 7% to 9%.

監管減少、某些地區的地緣政治風險減輕、美國與許多重要國家達成關稅協議、短期利率可能降低。作為企業健康狀況的指標，2025 年標準普爾 500 指數獲利成長預測雖然自年初以來有所下調，但仍維持在 7% 至 9% 的健康水準。

Investors are confirming this view with US equity market indices achieving new highs and credit spreads on US investment grade bonds trading at or near 10-year lows.

美國股市指數創下新高，美國投資級債券信用利差處於或接近 10 年來的最低水平，這些都證實了投資者的這一觀點。

Further, in-person work behaviors continue to improve. JLL recently completed a study of Fortune 100 firm's office attendance policies. Over the last two years ended the second quarter of 2025, Fortune 100 companies that are fully in the office climbed ten-fold from 5% to 54%. Hybrid mandates dropped by nearly half from 78% to 41%, and fully remote policies dropped from 6% to only 1%.

此外，現場工作行為也持續改善。JLL 最近完成了一項關於財富 100 強公司的辦公室出勤政策的研究。截至 2025 年第二季的過去兩年中，完全在辦公室辦公的財富 100 強公司的比例增長了十倍，從 5% 增至 54%。混合授權下降了近一半，從 78% 降至 41%，而完全遠端政策則從 6% 降至僅 1%。

These are material shifts that have undoubtedly augmented leasing activity. Return to office behavior is more advanced than our East Coast markets, particularly in New York City, and well behind on the West Coast.

這些重大轉變無疑增強了租賃活動。重返辦公室的行為比我們東岸市場（尤其是紐約市）更為先進，但遠遠落後於西岸。

Moving on to office market conditions, I'll continue to emphasize that the premier workplace segment defined as roughly the top 10% of buildings in a market and where BXP primarily competes continues to materially outperform the broader office market. In our five core CBD markets, direct vacancy for premier workplaces is 7.5 percentage points or 38% less than the broader -- less than the broader market, and asking rents for premier workplaces continue to be more than 50% greater than the broader market.

談到辦公大樓市場狀況，我將繼續強調，主要工作場所部分（定義為市場中大約前 10% 的建築，也是 BXP 主要競爭的區域）的表現繼續遠遠優於更廣泛的辦公大樓市場。在我們的五個核心 CBD 市場中，優質工作場所的直接空置率比大盤低 7.5 個百分點或 38%，而優質工作場所的租金要價仍然比大盤高出 50% 以上。

Regarding the real estate, private equity capital markets, office sales volume increased materially in the second quarter to $14.2 billion, up 80% from the prior quarter and 125% from the second quarter of last year. Financing at scale is increasingly available at tightening spreads for higher quality office assets with Walt, particularly in the CMBS market.

房地產、私募股權資本市場方面，第二季辦公大樓銷售額大幅成長至142億美元，較上一季成長80%，較去年第二季成長125%。在 Walt 的幫助下，大規模融資變得越來越可行，優質辦公資產的利差也越來越窄，尤其是在 CMBS 市場。

Equity investors are also starting to re-enter the office sector, given improving operating performance in certain markets and attractive asset pricing versus other sectors. There were several notable office transactions completed or committed in the quarter. In midtown New York City, 590 Madison's under contract for sale for $1.1 billion or 10,060 a square foot and a 5.2% cap rate, this building was constructed in 1981, is 85% leased and sold by a pension fund to a local real estate operator with a financial partner.

鑑於某些市場的經營業績改善以及相對於其他行業的資產定價具有吸引力，股票投資者也開始重新進入辦公大樓行業。本季度已完成或承諾了幾筆值得注意的辦公室交易。在紐約市中心，590 Madison's 大樓建於 1981 年，合約售價為 11 億美元，即每平方英尺 10,060 美元，資本化率為 5.2%，目前已出租 85%，由一家退休基金出售給當地一家擁有金融合作夥伴的房地產營運商。

Also in Midtown, a half interest in 1345 Avenue, the Americas was sold at a gross valuation of $1.4 billion or around $740 a square foot. The cap rate's not particularly meaningful given stabilization is several years away, and the transaction was facilitated by $850 million CMBS financing. The building was originally built in 1969, is 92% leased and transacted between investment management firms with the building manager staying in and owning the other half of the asset.

同樣在中城，美洲大道 1345 號的一半權益以 14 億美元的總估值（約每平方英尺 740 美元）出售。由於穩定還需要幾年時間，資本化率並不是特別有意義，而且該交易是由 8.5 億美元的 CMBS 融資促成的。該建築最初建於 1969 年，其中 92% 的租賃份額由投資管理公司進行交易，而建築經理則居住在其中並擁有另一半資產。

And lastly, in Culver City, California, Entrata was sold for gross price of $212 million or $675 a square foot and a 7.4% cap rate. This building was recently, constructed recently in 2021, 75% leased and transacted between investment management firms, again, with the building manager staying in and owning a small stake in the property.

最後，在加州卡爾弗城，Entrata 的總售價為 2.12 億美元，每平方英尺 675 美元，資本化率為 7.4%。該建築於 2021 年新建，其中 75% 已出租並在投資管理公司之間交易，同樣，建築經理也入住並擁有該物業的少量股份。

Now, let's transition to BXP's capital allocation activities. As discussed on many prior calls, BXP controls what we think is the best position currently actionable office development site in New York City located at 343 Madison Avenue. The building will be a highly a amenetized, sustainably designed 46 story, 930,000 square foot premier workplace with direct escalator access into the Madison concourse of grand central terminal from the building's lobby.

現在，讓我們轉到 BXP 的資本配置活動。正如之前多次電話會議中所討論的那樣，BXP 控制著我們認為目前紐約市位置最佳、可操作的辦公開發地點，位於麥迪遜大道 343 號。該建築將是一座設施齊全、可持續設計的 46 層樓、930,000 平方英尺的頂級工作場所，從大樓大廳可乘坐自動扶梯直接進入中央車站的麥迪遜大廳。

Today, we are making several important announcements regarding this project. First, we're proceeding with the project for the terms of our ground lease with the MTA and plan to immediately commence full vertical construction of the building, which will allow delivery in late 2029. Site preparation, foundation work, and development of the grand central escalator access is well underway, having commenced in October 2024.

今天，我們將就該專案發布幾項重要公告。首先，我們按照與 MTA 簽訂的土地租賃協議推進該項目，並計劃立即開始大樓的全面垂直建設，預計於 2029 年底交付。場地準備、地基工程和中央自動扶梯通道的開發工作於 2024 年 10 月開始，目前進展順利。

Second, we have executed a letter of intent with an anchor client for approximately 30% of the building with economics consistent with our investment underwriting. The client is a prestigious investment grade financial institution that will be leasing the lower middle section of the building. We have experienced strong client demand for the project and have active anchor tenant proposals out to six clients representing in total approximately 1.3 million square feet.

其次，我們已與一家主要客戶簽署了意向書，涉及該建築約 30% 的權益，其經濟效益與我們的投資承銷一致。客戶是一家著名的投資等級金融機構，將租賃該建築的中下部分。我們發現客戶對該專案的強烈需求，並已向六家客戶提出了活躍的主力租戶提案，總面積約為 130 萬平方英尺。

Negotiations continue with anchor clients for the base of the building, and we intend to be patient leasing the upper floors of the project, which we expect will be attractive to smaller users that make leasing commitments closer to the date when they can occupy their new space.

我們仍在與主要客戶就大樓底層進行談判，我們打算耐心租賃專案的上層，我們預計這將對那些在接近入住新空間日期時做出租賃承諾的小用戶具有吸引力。

Third, BXP is opting to buy out our 45% equity joint venture partner, which we will do no later than the end of this quarter for approximately $44 million at their cost basis. While our partner has been funding its share of pre-development expenses since 2017, they have decided to prioritize investment in existing as opposed to development assets which better align with their current risk adjusted return objectives.

第三，BXP 選擇收購我們 45% 股權的合資夥伴，我們將在本季末前完成收購，收購價格以成本計算約 4,400 萬美元。雖然我們的合作夥伴自 2017 年以來一直在為其前期開發費用份額提供資金，但他們決定優先投資現有資產，而不是更符合其當前風險調整回報目標的開發資產。

Given the trophy status of the asset and very promising pre-leasing activity, we believe introducing a new capital partner for an interest in 343 Madison, if we elect to do so, is readily achievable. As a reminder, 343 Madison has a total development cost of just under $2 billion, including approximately $400 million of imputed capital cost carry and a projected stabilized cash yield on cost of approximately 7.5% to 8%, depending on how we ultimately elect to capitalize the project.

鑑於該資產的獎盃地位和非常有前景的預租賃活動，我們相信，如果我們選擇這樣做，引入新的資本合作夥伴來獲得 343 Madison 的權益是很容易實現的。提醒一下，343 Madison 的總開發成本略低於 20 億美元，其中包括約 4 億美元的估算資本成本和預計的穩定現金收益率約為 7.5% 至 8%，具體取決於我們最終選擇如何資本化該項目。

The leasing market in Midtown remains very strong, with trophy buildings having a vacancy rate of 6.3% and no large blocks of space available in the Plaza district of Park Avenue. As a result, office rents are growing at rates well above inflation, and the very few high-quality building trades that have been completed were done at cap rates well below our projected development returns.

中城的租賃市場仍然非常強勁，標誌性建築的空置率為 6.3%，而公園大道廣場區沒有大片可用空間。結果，辦公室租金的成長速度遠高於通貨膨脹率，而已完成的極少數高品質建築交易的資本化率也遠低於我們預期的開發回報。

Culminating 13 years of effort by our New York region in securing and entitling the site, we believe 343 Madison will be a core long-term holding for BXP and represents a very strong and significant value creation opportunity for BXP shareholders.

經過我們紐約地區 13 年的努力，我們終於獲得了該地塊的所有權並獲得了其權利，我們相信 343 Madison 將成為 BXP 的長期核心持股，並為 BXP 股東帶來非常強大和重要的價值創造機會。

Turning to asset sales, we're in various stages of execution for the sale of 10 non-income producing assets, both land sites and largely empty buildings that we believe will generate, if successful, net proceeds of nearly $300 million over the next two years. We're also exploring the sale of a handful of income-producing properties that could generate another $300 million in net proceeds, more likely in '26 and '25.

談到資產出售，我們正處於出售 10 項非創收資產的不同執行階段，這些資產包括土地和大部分空置的建築物，我們相信，如果成功，這些資產將在未來兩年內產生近 3 億美元的淨收益。我們也正在探索出售少量可產生收入的資產，這些資產可能在 2026 年和 2025 年產生另外 3 億美元的淨收益。

There is strong demand for housing in the communities where many of our sites and out-of-surface buildings are located, allowing us to create value through re-entitlement. Though the process can in select cases take up to two years to complete. Other sites are being sold for industrial or other non-office uses. In the aggregate, we do not expect these sales will be diluted to BXP's FFO because of the significant portion of non-income producing assets.

我們許多場地和地上建築所在的社區對住房的需求強勁，這使我們能夠透過重新授權來創造價值。但在某些情況下，該過程可能需要長達兩年才能完成。其他地塊則出售用於工業或其他非辦公用途。整體而言，由於資產有很大一部分是非創收資產，我們預計這些銷售不會稀釋 BXP 的 FFO。

A great example of our creativity in monetizing a non-producing asset is 17 Hartwell Avenue in Lexington, Massachusetts, which is a 30,000 square foot commercial building built in 1966, vacated in 2024, and recently demolished. We successfully rezoned the property in the town of Lexington to build a 312-unit multi-family building on the five acre site and secured an institutional partner to provide both construction financing and 80% of the equity required to build the project.

我們在將非生產性資產貨幣化方面富有創造力的一個很好的例子是位於馬薩諸塞州列剋星敦的哈特韋爾大道 17 號，這是一座 30,000 平方英尺的商業建築，建於 1966 年，於 2024 年騰空，最近被拆除。我們成功地重新劃分了列剋星敦鎮的土地，在五英畝的土地上建造了一座擁有 312 個單元的多戶住宅建築，並找到了一個機構合作夥伴來提供建設融資和建設該項目所需的 80% 的股權。

The stick frame construction development will cost $180 million and is projected to deliver a 7.1% yield on cost, including land at current market value and capital cost carry upon stabilization in 2028. In terms of economics to BXP, we received $22 million at closing for our land contribution, we own 20% of the project which will require $10 million of funding from BXP over time and we'll earn a development fee of more than $4 million.

該木結構建築開發案將耗資 1.8 億美元，預計成本收益率為 7.1%，其中包括以當前市場價值計算的土地和 2028 年穩定後的資本成本。就 BXP 的經濟效益而言，我們在交易結束時獲得了 2200 萬美元的土地出資，我們擁有該項目 20% 的股份，隨著時間的推移，該項目將需要 BXP 提供 1000 萬美元的資金，我們將獲得超過 400 萬美元的開發費。

The inferred land value is $70,000 per residential unit or $22 million which is $733 a square foot for the existing empty commercial building, significantly more than its as-is value. So in conclusion, premier workplace leasing and capital markets continue to recover from their lows in 2024. Our clients are generally optimistic about their business prospects and are demanding more in-person work from their professionals, both creating leasing demand.

推斷的土地價值為每住宅單元 70,000 美元或 2200 萬美元，對於現有的空置商業建築來說，每平方英尺 733 美元，遠高於其現狀價值。因此，總而言之，優質工作場所租賃和資本市場將在 2024 年繼續從低點復甦。我們的客戶普遍對他們的業務前景持樂觀態度，並要求他們的專業人員進行更多的現場工作，這兩者都創造了租賃需求。

Further, new construction for office has virtually halted, and users are gravitating to higher quality assets with strong sponsorship. The combination creating occupancy and rent growth for many of our assets as we gain market share. Private equity investors are increasingly taking note of these trends and starting to invest in the office sector.

此外，新的辦公大樓建設實際上已經停止，用戶正轉向擁有強大贊助的更高品質的資產。隨著我們市場份額的擴大，這一組合為我們的許多資產帶來了入住率和租金的成長。私募股權投資者越來越注意到這些趨勢並開始投資辦公大樓領域。

With our current leasing momentum and limited rollover in 2026 and 2027, we expect to gain occupancy, revenue, and FFO in the years ahead, and development deliveries and potentially acquisitions will provide additional growth.

憑藉我們目前的租賃動能和 2026 年和 2027 年的有限展期，我們預計未來幾年將獲得入住率、收入和 FFO，而開發交付和潛在的收購將帶來額外的成長。

Let me turn over our report to Doug.

讓我把我們的報告交給道格。

Thanks, Owen. Good morning, everybody. Hope everyone is staying cool in this rather warm and humid air on the East Coast. As we think about the demand for premier office space across our markets, the pattern and the sources of demand that we've been describing for the last few quarters, have really basically continued to sort of go on as we've already talked about.

謝謝，歐文。大家早安。希望大家在東海岸這相當溫暖潮濕的空氣中保持涼爽。當我們思考整個市場對優質辦公空間的需求時，我們在過去幾季中所描述的需求模式和來源實際上基本上繼續像我們已經討論過的那樣。

Specifically, on the east coast, submarkets with a concentration of financial and professional services businesses, which is the New York and the Boston CBDs, we've had real demand growth there. Defense services and cybersecurity businesses located in Northern Virginia have continued to weather the potential federal spending cuts, and there's been growth there.

具體來說，在東海岸，金融和專業服務業務集中的子市場，即紐約和波士頓中央商務區，那裡的需求確實出現了成長。位於維吉尼亞州北部的國防服務和網路安全企業繼續承受潛在的聯邦政府削減開支的影響，並且實現了成長。

Biotech demand growth with extensive lab uses continues to be light, while demand from life science clients with needs for high quality office space continue in the urban edge of Boston. On the West Coast, there's been an improvement in overall demand in San Francisco led by organizations focused on AI, albeit with the large established tech companies still largely absent from growth.

具有廣泛實驗室用途的生物技術需求成長持續低迷，而生命科學客戶對波士頓城市邊緣高品質辦公空間的需求持續成長。在西海岸，儘管大型老牌科技公司在很大程度上仍未實現成長，但舊金山的整體需求有所改善，這主要得益於專注於人工智慧的組織。

Venture funding from a deal count continues to be dominated by California, where there are 2.3x the next state, which is, by the way, New York, and to reinforce the dominance of AI related venture investing, California companies have raised more than $100 billion in the first half of '25, which is 10x what was raised by New York City startups, the next largest ecosystem.

從交易數量來看，創投仍然由加州主導，其交易數量是下一個州（順便說一下，紐約州）的 2.3 倍，為了加強人工智慧相關風險投資的主導地位，加州的公司在 25 年上半年籌集了超過 1000 億美元，是下一個最大的生態系統紐約市新創企業籌集資金的 10 倍。

Financial service and professional service clients are active, though not showing the same growth that's present on the East Coast. Owen mentioned our 2.2 million square feet of leasing in the first half. During the first half of '25, we leased 810,000 square feet of vacant space and 750,000 square feet of space associated with 2025 expirations for a total of 1.56 million square feet.

金融服務和專業服務客戶很活躍，儘管沒有表現出與東海岸相同的成長。歐文提到我們上半年的租賃面積為 220 萬平方英尺。在 2025 年上半年，我們租賃了 810,000 平方英尺的空置空間和 750,000 平方英尺的與 2025 年到期相關的空間，總計 156 萬平方英尺。

Our 2025 plan calls for 4 million square feet of total leasing, with about 3 million square feet of activity on vacant space and known '25 expirations. Leasing vacant space and near-term expirations will drive improvements to our occupancy over the next 12- to 18 months. When we experience very modest exploration, we are on track.

我們的 2025 年計畫要求總租賃面積達到 400 萬平方英尺，其中空置空間和已知 25 年到期空間的活動面積約為 300 萬平方英尺。租賃空置空間和即將到期的租賃將推動我們未來 12 至 18 個月的入住率提高。當我們經歷非常適度的探索時，我們就走在了正軌上。

Post 7/1/2025, the end of the second quarter, we have 1.8 million square feet of leases in negotiation compared to 1.1 million square feet at the beginning of the second quarter. If you include our letter of intent at 343 Madison, the number jumps to almost 2.1 million square feet. Our pipeline covers 575,000 square feet of currently vacant space, 65,000 square feet of known ‘25 expirations, and 600,000 square feet of '26 and '27 expirations.

截至 2025 年 7 月 1 日（第二季末），我們正在協商的租賃面積為 180 萬平方英尺，而第二季初為 110 萬平方英尺。如果算上我們在麥迪遜大道 343 號的意向書，這個數字將躍升至近 210 萬平方英尺。我們的管道覆蓋目前 575,000 平方英尺的空置空間、65,000 平方英尺的已知 25 年到期空間以及 600,000 平方英尺的 26 年和 27 年到期空間。

Additionally, we are engaged in more than 550,000 square feet of client-initiated early lease renewals on leases that expire between '28 and '31. We have active dialogue on space that is not yet in the lease negotiations totaling about 1 million square feet.

此外，我們也參與了由客戶發起的超過 550,000 平方英尺的提前續租，租約將於 28 年至 31 年期間到期。我們就尚未進入租賃談判階段的總面積約 100 萬平方英尺的空間進行了積極對話。

BXP's total portfolio occupancy for the second quarter ended at 86.4%, a decline of 50 basis points or 240,000 square feet. As previously communicated during our first quarter earnings call, as well as our remarks in January, Biogen's 355,000 square foot lease in the urban edge portfolio of Boston expired in May 2025, this quarter.

BXP 第二季的總投資組合入住率為 86.4%，下降了 50 個基點或 240,000 平方英尺。正如我們之前在第一季財報電話會議以及 1 月的評論中所傳達的那樣，Biogen 在波士頓城市邊緣投資組合中的 355,000 平方英尺租約將於本季 2025 年 5 月到期。

We have re-let 45,000 square feet and have 310,000 square feet of space available. There were two other notable declines in our in-service property listings this quarter. At south of marketing in Reston, Meta terminated 51,000 square feet in May. We have already executed a lease for the entire space done this month, but the space was neither occupied nor leased at 6/30.

我們已重新出租 45,000 平方英尺，並有 310,000 平方英尺的可用空間。本季度，我們的在售房產清單中還有另外兩次明顯下降。在雷斯頓南部的行銷中心，Meta 於 5 月完成了 51,000 平方英尺的行銷工作。我們已經對本月完成的整個空間簽訂了租賃協議，但截至 6 月 30 日，該空間既未被佔用，也未被出租。

And at 599 Lexington Avenue, we early terminated 100,000 square feet of late '25 expiring space in conjunction with executed leases for the entire square footage. We demolished these floors so they were taken out of occupancy and are shown as leased at 6/30, '25, but not occupied. Improvements at our other properties offset much of these declines.

在列剋星敦大道 599 號，我們提前終止了 100,000 平方英尺的 1925 年末到期空間，並簽訂了整個平方英尺的租約。我們拆除了這些樓層，因此它們不再可供居住，並顯示為於 25 年 6 月 30 日出租，但尚未被佔用。我們其他物業的改善抵消了大部分的下降。

BXP's total portfolio percentage at lease for the second quarter was 89.1%, a decline of only 30 basis points. As we highlighted last quarter and at our NAREIT meetings in June, the difference between leased and occupied square footage has grown again this quarter and now sits at 270 basis points versus 190 basis points on 12/31/2024. 500,000 square feet of this approximately 1.3 million square feet of space is expected to become occupied in '25, with the bulk of the remaining 800,000 square feet commencing in the back half of 2026.

BXP 第二季的總投資組合比例至少為 89.1%，僅下降了 30 個基點。正如我們上個季度和 6 月 NAREIT 會議上所強調的那樣，本季租賃面積和占用面積之間的差異再次擴大，目前為 270 個基點，而 2024 年 12 月 31 日為 190 個基點。預計這約 130 萬平方英尺的空間中，有 50 萬平方英尺將在 2025 年投入使用，剩餘的 80 萬平方英尺的大部分將在 2026 年下半年開始投入使用。

Looking forward, we project the current in-service portfolio to end the year at around 87% occupied in improvement from where we are today. However, there will be three developments that are being added to the in-service portfolio in the third quarter.

展望未來，我們預計目前在役投資組合的佔用率到今年底將達到約 87%，較目前水準有所改善。不過，第三季將有三項開發成果被加入在役產品組合中。

360 Park Avenue South, which is 450,000 square feet, 23% occupied, and 28% leased. 1050 Winter Street, which is 162,000 square feet and will be 100% occupied in leased when it's added, and rest the next block D, which is 90,000 square feet, 4% occupied, and 95% leased when it is added.

360 Park Avenue South，面積為 450,000 平方英尺，佔用率為 23%，租賃率為 28%。1050 Winter Street，面積為 162,000 平方英尺，新增後租賃率將達到 100%，其餘為相鄰的 D 區，面積為 90,000 平方英尺，新增後租賃率將達到 4%，租賃率將達到 95%。

If we were to add these properties this quarter, occupancy would drop by about 70 basis points. When we quote our statistics next quarter, you will need to adjust for these additions to gauge the progress of the in-service portfolio. We will be sure to highlight the impact on our occupancy in the third quarter earnings press release. Our development portfolio for lease percentage this quarter increased by another 500 basis points to 67%.

如果我們本季增加這些飯店，入住率將下降約 70 個基點。當我們下個季度引用統計數據時，您需要根據這些新增內容進行調整，以衡量在職投資組合的進展。我們一定會在第三季財報新聞稿中強調其對我們入住率的影響。本季度，我們的租賃開發組合比例又增加了 500 個基點，達到 67%。

Office market conditions are pretty consistent with my earlier comments on demand. Those markets with the strongest demand growth also have the most landlord-favorable conditions Midtown New York City, the Back Bay of Boston, and Reston, Virginia. What this means is that availability is sparse, rents are increasing, and concessions are either improving or remaining constant.

辦公大樓市場狀況與我先前對需求的評論非常一致。需求成長最強勁的市場也擁有對房東最有利的條件，例如紐約市中城、波士頓後灣和維吉尼亞州雷斯頓。這意味著可用性稀少，租金上漲，優惠要么增加，要么保持不變。

We completed 91 individual transactions this quarter, 236,000 in Boston, 344 in New York, 185 on the West Coast, and 356 in DC. We had 20 clients expand in the portfolio by a total of 190,000 square feet, and only two contractions for just over 3,000 square feet. 482,000 square feet of the leasing this quarter represented new clients in the portfolio, and the rest were either renewals and or extensions.

本季我們完成了91筆個人交易，其中波士頓23.6萬平方英尺，紐約344萬平方英尺，西海岸185平方英尺，華盛頓特區356平方英尺。我們有20位客戶擴大了投資組合，總面積達19萬平方英尺，只有兩家客戶縮減了3,000多平方英尺。本季度，投資組合中48.2萬平方英尺的租賃量來自新客戶，其餘為續租或延期。

The overall mark-to-market of leases signed this quarter on a cash basis was flat with modest increases in Boston and New York and slight decreases on the West Coast and DC. We only executed three leases in the in-service portfolio that were greater than 50,000 square feet this quarter.

本季以現金方式簽訂的租賃合約整體以市價計價持平，波士頓和紐約的租賃合約略有增加，西海岸和華盛頓特區的租賃合約略有減少。本季度，我們在用物業組合中僅簽訂了三份面積超過5萬平方英尺的租賃合約。

The second generation rent change in the leasing statistics this quarter represents only about 400,000 square feet. And if you're curious, the LA numbers are skewed by a subsidized rent at the Santa Monica Business Park for a secondary school that was destroyed by Palisades fire where we did a lease.

本季租賃統計中第二代租金變動僅約40萬平方英尺。如果你好奇的話，洛杉磯的數據受到聖莫尼卡商業園區一所中學的租金補貼的影響，而這所中學在我們租賃時被帕利塞茲大火摧毀了。

Our activity in Boston this quarter was very granular and spread around the portfolio. We completed five renewal and expansions in the CBD, both in the Back Bay and the financial district. Last quarter, I described life science client activity without the need for lab infrastructure. The first of these transactions was executed in the first quarter at 180 CityPoint, and we are in lease negotiations with two additional clients for another 76,000 square feet, also at 180 CityPoint.

本季我們在波士頓的活動非常細緻，遍佈整個投資組合。我們在中央商務區完成了五項更新和擴建工程，包括後灣區和金融區。上個季度，我描述了不需要實驗室基礎設施的生命科學客戶活動。第一筆交易於第一季在 180 CityPoint 完成，目前我們正在與另外兩位客戶就 180 CityPoint 的另外 76,000 平方英尺的空間進行租賃談判。

In addition, we have discussions going on with another group of companies that fit the same profile at our other urban edge assets. The economics of doing an office transaction on raw space, even though the building has been purpose-built for lab and has the infrastructure, are far superior lab in the lab transactions today, given the elevated tenant improvements necessary to compete in the lab market. We are in negotiations, however, with one true lab user for a second-generation lab building again in the urban edge portfolio.

此外，我們正在與另一組符合我們其他城市邊緣資產相同條件的公司進行討論。儘管建築物專門為實驗室而建並且具備基礎設施，但在原始空間上進行辦公室交易的經濟效益遠遠優於當今的實驗室交易，因為考慮到在實驗室市場競爭所必需的租戶改進。然而，我們正在與一位真正的實驗室用戶進行談判，再次在城市邊緣投資組合中建造第二代實驗室大樓。

In New York, our leasing activity was focused on the Midtown East portfolio this quarter. The highlight was leasing six floors at 510 Madison Avenue, where we have opened an enhanced amenity offering, including a new outdoor space. We also completed a renewal at 399 Park Avenue and two law firm expansions, one at the General Motors building and another at 200 5th Avenue. The 550,000 square feet of client-initiated extensions mentioned earlier are concentrated in our midtown portfolio.

在紐約，本季我們的租賃活動主要集中在中城東區投資組合。亮點是在麥迪遜大道 510 號租賃了六層樓，我們在那裡開設了增強的便利設施，包括一個新的戶外空間。我們也完成了公園大道 399 號的翻新和兩家律師事務所的擴建，一家在通用汽車大樓，另一家在第五大道 200 號。前面提到的由客戶發起的 550,000 平方英尺的擴建項目集中在我們的中城投資組合中。

At 360 Park Avenue South, we are currently in negotiations with two floors for approximately 47,000 square feet. One of those floors actually got executed last night late breaking, so we're now at 33% lease there. In Princeton, we completed over 164,000 square feet of leasing with 13 clients, including 76,000 square feet of new clients and expansions. Interestingly, all the growth in Princeton is from office requirements for life science users.

在 360 Park Avenue South，我們目前正在商談兩層樓的售價，面積約 47,000 平方英尺。其中一個樓層實際上是昨晚深夜才完成的，所以現在那裡的租賃率為 33%。在普林斯頓，我們與 13 位客戶完成了超過 164,000 平方英尺的租賃，其中包括 76,000 平方英尺的新客戶和擴建。有趣的是，普林斯頓的所有成長都來自生命科學使用者的辦公室需求。

In San Francisco, at Embarcadero Center, we completed about 100,000 square feet of law firm transactions, including 165,000 square foot renewal with no reduction in square footage. Many of the traditional office users have continued to rationalize their space, which has led to little if any growth in the San Francisco CBD traditional demand. So incremental leasing is going to be all about tenant relocations.

在舊金山的 Embarcadero Center，我們完成了約 10 萬平方英尺的律師事務所交易，其中包括 165,000 平方英尺的續約，而且面積沒有減少。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成長。因此，增量租賃將完全與租戶搬遷有關。

Our largest block of available space in San Francisco is at 680 Folsom, where we are finishing up an amenity improvement, including a new outdoor root space there as well. During the first six months of the year, we have 11 tours of the property. In the month of July, we had 7 additional. Virtually every potential client is a technology company working in the AI space.

我們在舊金山最大的可用空間位於福爾瑟姆街 680 號，我們正在那裡完成設施改善，包括在那裡建造一個新的戶外根空間。今年上半年，我們已對該酒店進行了 11 次參觀。7 月份，我們又新增了 7 位員工。幾乎每個潛在客戶都是從事人工智慧領域的科技公司。

The granular absorption of space is very much underway, and the South of Mission buildings are great options for these clients. Our listing agent at 680 Folsom provided us a list of 37 AI related tenants in the market with aggregate demand growth of almost 1.2 million square feet active in the market today.

空間的顆粒吸收正在進行中，而 Mission 南部的建築物對於這些客戶來說是很好的選擇。位於 680 Folsom 的上市代理商向我們提供了一份市場上 37 家人工智慧相關租戶的名單，目前市場上活躍的總需求成長接近 120 萬平方英尺。

Before I conclude my remarks, I do want to discuss tariffs as they relate to construction activities, particularly because we are in the process of establishing our GMP contract for 343 Madison Avenue. Subcontras are actively bidding the job after taking into consideration the sectorial tariffs associated with non-domestic suppliers and the recent preliminary country agreements.

在結束我的演講之前，我確實想討論與建築活動相關的關稅，特別是因為我們正在製定麥迪遜大道 343 號的 GMP 合約。在考慮到與非國內供應商相關的行業關稅和最近的初步國家協議後，分包商正在積極競標這項工作。

To date, we've either awarded or negotiating bids for three separate components of the job, and in each case, we are obtaining meaningful savings relative to our last general contractor's estimate. Given the overall slowdown in construction activity in Manhattan, there is enough subcontractor interest to provide savings in spite of the tariffs.

到目前為止，我們已經對該工程的三個不同部分進行了授標或談判，在每種情況下，相對於我們上一個總承包商的估價，我們都獲得了可觀的節省。鑑於曼哈頓建築活動整體放緩，儘管有關稅，但仍有足夠的分包商興趣來節省開支。

Remember, the construction is a composition of labor, materials, and profit, and let me hand over the call to Mike to talk about our earnings fees.

請記住，建築是由勞動力、材料和利潤組成的，讓我把電話交給麥克來談談我們的獲利費用。

Great, thanks. Thanks, Doug. Good morning. So today I'm going to talk about our second quarter earnings results, as well as the update to full year 2025 earnings guidance. And as Owen and Doug both described, we delivered a really strong second quarter. Earnings surpassed expectations and we're raising our full year guidance.

太好了，謝謝。謝謝，道格。早安.所以今天我將談論我們第二季的獲利結果，以及 2025 年全年獲利預測的更新。正如歐文和道格所描述的那樣，我們第二季的表現非常強勁。收益超出預期，我們提高了全年預期。

For the second quarter, we reported funds from operation of $1.71 per share. That is $0.05 ahead of the midpoint of our guidance range and $0.04 above consensus estimates for the quarter. Our portfolio generated approximately $0.04 of the outperformance. A $0.01 from earlier than anticipated revenue recognition on leases, which was very granular and spread across the portfolio.

我們報告的第二季營運資金為每股 1.71 美元。這比我們的指導範圍中點高出 0.05 美元，比本季的普遍預期高出 0.04 美元。我們的投資組合產生了約 0.04 美元的優異表現。租賃收入確認比預期提前了 0.01 美元，該收入確認非常細化且分佈在整個投資組合中。

We generated an additional penny per share from higher than anticipated service income from our clients, primarily in Boston and New York, which tracks the higher space utilization on the East Coast. And then the last $0.02 of outperformance in the portfolio came from lower than projected operating expenses.

我們從客戶（主要在波士頓和紐約）獲得的高於預期的服務收入中獲得了每股一美分的額外收益，這與東海岸更高的空間利用率相符。然後，投資組合中最後 0.02 美元的優異表現來自於低於預期的營運費用。

Lower expenses partially came from lower real estate taxes, resulting from successfully negotiating reductions in our assessed values. We do anticipate about $0.01 per share of the expense reduction that related to repair and maintenance costs will be deferred into the third quarter and will not benefit our full year results.

較低的費用部分來自於較低的房地產稅，這是由於我們成功協商降低評估價值而產生的。我們確實預計與維修和維護成本相關的每股約 0.01 美元的費用減少將推遲到第三季度，並且不會對我們的全年業績產生影響。

Our G&A expenses also came in lower than we expected, resulting in a $0.01 per share of better earnings performance. The savings came from lower compensation expense due to capitalized wages and savings and professional fees versus our budget.

我們的一般及行政開支也低於預期，導致每股收益表現較好 0.01 美元。節省的原因是，由於資本化的工資和儲蓄以及專業費用相對於我們的預算而言較低，因此薪資費用較低。

Now turning to the increase in our full year 2025 guidance. We're increasing the projected contribution from our same property portfolio from the second quarter, strong performance combined with our ongoing leasing activity that Doug described, which continues to be aligned with our expectations.

現在談談我們 2025 年全年指引的成長。從第二季開始，我們將增加相同房地產投資組合的預期貢獻，強勁的業績加上道格所描述的我們正在進行的租賃活動，這仍然符合我們的預期。

We now expect that the NOI from our same property portfolio will increase in 2025 by about 0.25% at the midpoint from 2024. And on a cash basis, we expect the same property portfolio NOI to grow 1.25% in the midpoint year-over-year. This represents an improvement of approximately 25 basis points from our guidance last quarter, or about $0.03 per share at the midpoint of our range.

我們現在預計，到 2025 年，我們同一房地產投資組合的 NOI 將以 2024 年的中點數增加約 0.25%。以現金計算，我們預計同一房地產投資組合的淨營業收入 (NOI) 中期將年增 1.25%。這比我們上個季度的預期提高了約 25 個基點，或以我們區間的中點計算，每股收益約為 0.03 美元。

We continue to expect our in-service occupancies to start to improve in the second half of the year, excluding changes to the portfolio. As Doug detailed, we will be adding several development properties in the service in the third quarter that will reduce our headline occupancy rate temporarily.

我們仍然預計，不包括投資組合變化的影響，我們的在職入住率將在下半年開始改善。正如道格所詳述的，我們將在第三季在服務中增加幾個開發物業，這將暫時降低我們的整體入住率。

We are increasing our assumption for interest expense on our floating rate debt this quarter to the expectation for fewer interest rate cuts by the Federal Reserve. Our prior guidance included the potential for three rate cuts starting in the third quarter, and we've now reduced this to a maximum of two cuts both in the fourth quarter. The result is approximately $3 million of projected incremental interest expense for the year or $0.02 per share of higher expense.

由於預期聯準會將減少降息，我們本季對浮動利率債務的利息支出的假設有所提高。我們先前的指引包括從第三季開始可能降息三次，現在我們已將這一數字降至第四季最多降息兩次。結果是，預計全年利息支出增量約為 300 萬美元，或每股增加 0.02 美元。

In our G&A, we recognized a $0.01 of lower expense in the second quarter, and we anticipate that savings flowing through to the full year in our FFO guidance. So in summary, we have increased our guidance range to $6.84 to $6.92 per share. This represents an increase of $0.04 per share at the low end and $0.02 per share at the midpoint of our range. The increase at the midpoint is from $0.03 of better same property NOI, $0.01 of lower G&A expense, partially offset by $0.02 of higher interest expense.

在我們的 G&A 中，我們確認第二季度的支出減少了 0.01 美元，我們預計這筆節省將延續到全年的 FFO 指導中。總而言之，我們已將指導範圍上調至每股 6.84 美元至 6.92 美元。這意味著我們範圍內的最低價格每股增加 0.04 美元，中間價格每股增加 0.02 美元。中間點的增加來自於 0.03 美元的更好的相同物業 NOI、0.01 美元的較低 G&A 費用，部分被 0.02 美元的較高利息費用所抵消。

Overall, we had a great quarter, highlighted by strong leasing activity at 343 Madison, catalyzing its development start, more than 1.1 million square feet of leases executed in the quarter, and an FFO beat and guidance raised driven by stronger core portfolio operations.

總體而言，我們本季度取得了出色的成績，其中最突出的是 343 Madison 的強勁租賃活動，催化了其開發的開始，本季度執行了超過 110 萬平方英尺的租賃，並且在核心投資組合運營更強勁的推動下，FFO 超出預期並提高了預期。

The last thing I would like to remind everyone of is our upcoming Investor Day. It will be held in New York City on September 8th from 10:00 AM to 05:00 PM at 599 Lexington Avenue with a cocktail event at 06:00 PM at our Coco's Dining Club on the 37th floor of the GM building. And for those of you who are really ambitious, you can join Owen and James for the 06:00 AM fun run through Central Park before the conference.

最後我想提醒大家的是，我們即將迎來投資者日。活動將於 9 月 8 日上午 10:00 至下午 05:00 在紐約市列剋星敦大道 599 號舉行，並於下午 06:00 在通用汽車大廈 37 樓的 Coco's Dining Club 舉行雞尾酒會。對於那些真正雄心勃勃的人，你可以在會議開始前，與歐文和詹姆斯一起參加早上 6 點穿過中央公園的趣味跑步活動。

We already have over 100 RSVPs, and it will be a highly informative event with leadership from across our regions attending. So if you haven't responded and you would like to attend, please RSVP to the invite or you can send Helen a note. That completes our formal remarks.

我們已收到超過 100 份回复，這將是一次資訊量很大的活動，來自我們各個地區的領導都將出席。因此，如果您尚未回覆但想要參加，請回覆邀請或向海倫發送便條。我們的正式發言到此結束。

Operator, can you open the line for questions?

接線員，您可以開通熱線來回答問題嗎？

(Operator Instructions)

（操作員指示）

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yes, thanks. Good morning. Thanks for all the detail and some of the additional information on 343 Madison. I was just wondering if you could provide kind of an outlook for the unlevered return that you expect on that project?

是的，謝謝。早安.感謝您提供有關 343 Madison 的所有詳細資訊和一些附加資訊。我只是想知道您是否可以對該專案預期的無槓桿回報做出某種展望？

I realized, when Norges was your partner, maybe fees were being factored in, but just sort of how are you thinking about that return on an unlevered basis? And of all the tenants that you're talking to, are many of them new to the BXP portfolio or a number of the clients you're talking to kind of existing BXP tenants?

我意識到，當 Norges 是您的合作夥伴時，也許費用已被考慮在內，但您是如何考慮無槓桿基礎上的回報的？在您所談論的所有租戶中，有許多是 BXP 投資組合的新租戶嗎？或者您談過的客戶中有很多是現有的 BXP 租戶？

Yeah, Steve. So, we think about this on a yield basis, and I quoted those numbers as 7.5% to 8%. That's an unlevered cash yield upon delivery. I think if you overlay that and looked at an IRR, obviously the exit GAAP would be very important, but it would certainly be a high single digit number and if you put a construction loan on the property, the IRR levered would depend on one, what's the exit cap and two, when you sold it, but you're probably in the mid to high 10s on a levered basis.

是的，史蒂夫。因此，我們根據收益率來考慮這個問題，我引用的數字是 7.5% 到 8%。這是交貨時的無槓桿現金收益。我認為，如果你將其疊加並查看 IRR，顯然退出 GAAP 非常重要，但它肯定會是一個較高的個位數，如果你為該房產提供建設貸款，則 IRR 槓桿將取決於以下兩個因素：一是退出上限是多少；二是你何時出售它，但從槓桿率來看，你的 IRR 可能在 10% 左右。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great, thanks for taking my question, filling in for Blaine here. I just want to get your thoughts -- you gave a lot of color on what tenants are thinking, where they want space, AI clearly a big driver of demand in San Francisco. You have a view across many of the largest markets across the country and talk to a lot of tenants. So we'd love to get your thoughts on the impact of AI, where you think it's the net demand driver, where you think it's actually going to shrink demand. What are companies saying about their space needs going forward and just what their labor force looks like going forward as it's implemented more and more?

太好了，謝謝你回答我的問題，在這裡代替布萊恩。我只是想了解您的想法——您對租戶的想法、他們想要的空間以及人工智慧顯然是舊金山需求的一大驅動力給出了詳細的描述。您可以縱覽全國許多最大的市場，並與許多租戶進行交談。因此，我們很想聽聽您對人工智慧影響的看法，您認為它是淨需求驅動因素嗎？您認為它實際上會縮小需求嗎？隨著該計畫的實施，各公司對於未來的空間需求有何看法？未來他們的勞動力狀況又會如何？

Yeah. So I'll take a first crack at that, we've been starting to say and talk about the impact of AI and frankly have been saying that we think it's actually something that's a lot more important than the work from home phenomena. My guess is we're going to have more conversations about this in the quarters ahead.

是的。因此，我將首先嘗試解決這個問題，我們已經開始談論人工智慧的影響，坦白說，我們認為它實際上比在家工作現象重要得多。我猜測我們將會在未來幾季就此進行更多討論。

Our basic premise, and we have spent time studying this with our Board, with outside experts and so forth. But our basic premise is we think that there will be job creation at the top of the intellectual pyramid in the workforce, meaning those companies that are industry leaders will be creating AI products, will be using AI products, and we'll experience, and we will experience growth in demand from those companies and some of which will be startups.

我們的基本前提是，我們花時間與董事會、外部專家等一起研究這一點。但我們的基本前提是，我們認為勞動力智力金字塔的頂端將會創造就業機會，這意味著那些行業領先的公司將會創造人工智慧產品，將會使用人工智慧產品，我們將體驗到，我們將體驗到來自這些公司的需求成長，其中一些將是新創公司。

I mean, Doug talked about the extensive AI demand that we're starting to see in San Francisco and all of that are newly created jobs. There is a lot of discussion that we're aware of out in the market right now from CEOs and lots of different sectors about all the efficiencies that we're getting, that they're getting from AI. We haven't seen an impact yet from those companies. No one's come to us, say, we're reducing our space because of AI. That all being said, could that happen in the future? Yes, it's possible.

我的意思是，道格談到了我們在舊金山開始看到的廣泛的人工智慧需求，所有這些都是新創造的就業機會。我們知道，目前市場上許多不同領域的執行長都在討論我們以及他們從人工智慧中獲得的效率。我們尚未看到這些公司帶來的影響。沒有人來找我們說，我們因為人工智慧而減少了我們的空間。話雖如此，但將來還會發生這種情況嗎？是的，有可能。

I think where jobs are going to be reduced are going to be more in the processing type of work. So those are the kinds of jobs that can be automated, and I think that that's where AI applications are going to allow companies to save money.

我認為，工作減少的領域更多的是加工類工作。所以這些工作是可以自動化的，我認為人工智慧應用可以幫助公司節省成本。

So our premises as a result, that we think that the top of the intellectual pyramid and where we see the most job creation are going to be in those cities with the deepest talent pools and frankly, those are the gateway markets where we operate, the Bay Area, New York City, Boston, and so forth.

因此，我們的前提是，我們認為知識金字塔的頂端和創造最多就業機會的地方將是那些人才庫最深厚的城市，坦白說，這些是我們經營的門戶市場，灣區、紐約市、波士頓等等。

I think the job destruction is going to occur more in markets that are accommodate that are more value markets. Space is cheaper, the workforce is more doing back-office work as opposed to front office work, and that is less.

我認為，在適應價值較高的市場中，就業機會的減少將會更加頻繁。空間更便宜，勞動力更多地從事後台工作而不是前台工作，而且前台工作較少。

And I think that also, that concept also manifests itself in the quality of the buildings. Because our strategy is to be at the top of the pyramid from a quality standpoint. We want to have industry-leading clients that are leasing our properties. We don't have as much back office uses in our buildings because most of our buildings aren't necessarily, people aren't leasing them because they're cheap. They're leasing them because they're very high quality. So that's in a very high level way, the way we see things going forward.

我認為，這理念也體現在建築的品質上。因為我們的策略是從質量的角度站在金字塔的頂端。我們希望擁有業界領先的客戶來租賃我們的房產。我們的建築物中沒有太多的後台辦公用途，因為我們的大多數建築物沒有必要，人們不會租用它們，因為它們很便宜。他們租賃這些產品是因為它們的品質非常高。這是我們以一種非常高層次的方式看待事物發展的方式。

Yeah, and Jamie, I would just add the following. So from an empirical perspective, so our average lease length this quarter was 9.4 years and the lease that we're negotiating now at 343 Madison is a 20-year lease. And so the clients that are signing up for space now are not doing on a short-term basis with an expectation that they're going to no longer need the space, AKA they're going to be reducing their headcount. So that's just sort of a fact pattern.

是的，傑米，我只想補充以下內容。因此，從經驗角度來看，本季我們的平均租賃期限為 9.4 年，而我們現在在 343 Madison 談判的租賃期限為 20 年。因此，現在簽約空間的客戶並不是短期內就預期不再需要該空間，也就是說，他們會減少員工人數。這只是一種事實模式。

I do think it is fair to acknowledge that there are, what I would refer to as a number of established technology companies whose CEOs have come out and said that, we think our job growth is going to either slow down or go in the wrong -- in the negative direction, and we've seen layoffs from companies like Meta and Microsoft and Google over the past year or so, and the question will be whether there will be an incremental addition of those companies that are in this AI field that are going to take up the gap associated with the reductions in the headcount from those types of organizations if in fact there are no longer the same need for coders for software engineers at those types of traditional companies, what will the world look like for people looking for the kinds of skills needed for the AI companies that are now being formed.

我確實認為，我們應該公平地承認，我認為有很多老牌科技公司的執行長都表示，我們的就業成長要么會放緩，要么會朝著錯誤的、負面的方向發展，而且在過去一年左右的時間裡，我們已經看到 Meta、微軟和谷歌等公司裁員。問題是，如果這些傳統公司不再需要像軟體工程師那樣的程式設計師，那麼，對於那些正在形成的人工智慧公司來說，尋找所需技能的人，世界會是什麼樣子呢？

And as I said, there are 37 of these companies in the market right now. I can't tell you if one or two or 10 are going to become unicorns and have a real need for significant numbers of employees. But there's a meaningful amount of growth going on in that sector. It's just much more granular than it was in terms of what we've experienced in the sort of 2012 to 2019 period of time, when all the growth that we were seeing across the entire country from a demand perspective was coming from those “tech titans”.

正如我所說，目前市場上有 37 家這樣的公司。我無法告訴你是否有一家、兩家或十家公司會成為獨角獸，並且真正需要大量員工。但該領域正在發生顯著的成長。與我們在 2012 年至 2019 年期間所經歷的情況相比，這次的情況更加細緻，當時從需求角度來看，我們看到的全國所有增長都來自那些「科技巨頭」。

John Kim, BMO Capital Markets.

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

Thank you. On 343 Madison, you disclosed $390 million of capitalized interest at the project, and I'm wondering if you can clarify if that's capitalized interest going forward? And then in terms of financing the project, you discussed $600 million of asset sales, but I was wondering if you could discuss your other options and your preference in terms of finding another JV partner, construction loan, or if an equity raises on the table for you?

謝謝。關於 343 Madison，您揭露了該專案 3.9 億美元的資本化利息，我想知道您是否可以澄清這是否是未來的資本化利息？然後，在專案融資方面，您討論了 6 億美元的資產出售，但我想知道您是否可以討論您的其他選擇和偏好，例如尋找另一個合資夥伴、建設貸款，或者是否為您提供股權融資？

That's two questions. We'll answer them both. So, capitalized interest for this project, we always impute capitalized interest in all of our development budgets that are on our development pipeline. Based upon a blended cost of equity and debt that we anticipate. And so for this property, we're assuming a blended rate of around 7.5% for the four-year development and kind of lease up period beyond that. So that's how we come up with that number.

這是兩個問題。我們將對這兩個問題進行回答。因此，對於該專案的資本化利息，我們總是將資本化利息計入我們開發流程中的所有開發預算中。根據我們預期的股權和債務混合成本。因此，對於這處房產，我們假設四年開發期和之後租賃期的混合利率約為 7.5%。這就是我們得出這個數字的方式。

What the actual capitalized interest will be at the end of the day based on how we capitalize it actually may be less than that, again, depending on how we end up capitalizing it. With regard to funding, 343 and funding any growth that we have, right, we have a lot of different sources. The 343 project is a 4-year time horizon. And if you look at the ramp up of the costs, most of the costs really don't start to ramp up until late in '26, kind of '27, '28. So we have time to address the funding needs for that project in specific.

根據我們如何將其資本化，最終實際資本化利息實際上可能會低於這個數額，同樣，這取決於我們最終如何將其資本化。關於資金，343 以及為我們的任何增長提供資金，對的，我們有很多不同的來源。343計畫為期4年。如果你看一下成本的上升，你會發現大多數成本直到 26 年末、27 年、28 年才真正開始上升。因此我們有時間具體解決該專案的資金需求。

But as with any funding decision, and we've described this previously, we have multiple sources of capital to fund our growth, and we talked about pursuing asset sales and mentioned that. We can certainly raise private equity or we can raise public equity. We can reset the dividend, and we can use either property specific mortgage/construction debt or corporate debt in addition to the excess operating cash flow that we generate. So we have a lot of different opportunities, and as I said, we have time to kind of select which combination of these we will use.

但與任何融資決策一樣，我們之前也描述過，我們有多種資金來源來資助我們的成長，我們談到了追求資產出售並提到了這一點。我們當然可以籌集私募股權，也可以籌集公募股權。我們可以重新設定股息，除了我們產生的超額經營現金流外，我們還可以使用特定房地產抵押/建築債務或公司債務。因此，我們有很多不同的機會，正如我所說，我們有時間選擇要使用哪種組合。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

Thanks. I was hoping to just hear a little bit more about the mark-to-market you reported this quarter. I know this is on -- the number in the sup is on commencements, but it did mark-to-market looked a little bit worse than last quarter, even in like New York. Maybe you just talk about like what drove that and then, from a real-time leasing standpoint, how the numbers could be different on the releasing spreads. Thanks.

謝謝。我希望能聽到更多關於您本季報告的市價的資訊。我知道這是——補充中的數字是關於開始的，但它的市價確實看起來比上一季要差一點，即使在紐約也是如此。也許您只是談論一下是什麼推動了這一趨勢，然後從即時租賃的角度來看，釋放價差的數字可能會有何不同。謝謝。

Yes. So Nick, like I said, so I gave you the number for the leases that we signed this quarter and this quarter, the numbers were slightly up, meaning, call it small single digits in Boston and New York, and they were slightly down in Washington DC and on the West Coast. So that's like the today number on terms of the space that we pushed forward and actually got executed this quarter.

是的。尼克，就像我說的，我給了你我們本季簽署的租約的數字，這個季度的數字略有上升，也就是說，波士頓和紐約的數字是小個位數，而華盛頓特區和西海岸的數字略有下降。因此，就我們在本季度推進並實際執行的空間而言，這就像今天的數字。

And in the numbers that were in the statistics that are reporting in the supplemental, first of all, it's only 400,000 square feet of space, so it's not the entirety of the leasing that commenced this quarter.

首先，在補充報告中的統計數據中，租賃面積只有 40 萬平方英尺，因此並非本季開始的全部租賃。

And, in Boston, there was a 44,000 square foot deal at the space that was expiring from Biogen. It was an as-is deal, so there were no TI's associated with it. Obviously, when you have no transaction costs, your rent will be reflected in that.

在波士頓，Biogen 有一塊 44,000 平方英尺的空間即將到期，雙方都達成了交易。這是一項現狀交易，因此沒有與之相關的 TI。顯然，當您沒有交易成本時，您的租金將反映在其中。

In New York City, we had a couple of 15-year leases in the lower portions of the building expiring which we re-let to another client and so there was a natural increase over that period of time, so there was a slight downturn there. In San Francisco, the majority of the leasing was either at Gateway, which is obviously get some distress associated with it relative to life science demand, and leases that we did in Mountain View in our R&D spaces, and there I can tell you that there in fact there's been a reduction in rental rates.

在紐約市，我們在大樓下層有幾份 15 年的租約即將到期，我們將其轉租給了另一位客戶，因此在那段時間內自然出現了增長，所以那裡出現了輕微的下滑。在舊金山，大部分租賃要么是在 Gateway，這顯然與生命科學需求有關，要么是在我們在 Mountain View 的研發空間進行的租賃，我可以告訴你，那裡的租金實際上有所降低。

I mean, we were as much as call it, $4, $4.5 or $5 per square foot per month and today we're doing deals in the mid $3s. So there has been a reduction in rents there again, very little in the way of transaction costs. And then again, in DC, there were a number of very low TI deals that are also impacted the numbers.

我的意思是，我們以前的價格是每月每平方英尺 4 美元、4.5 美元或 5 美元，而今天我們的價格在 3 美元左右。因此，那裡的租金再次下降，交易成本的下降幅度很小。再說了，在華盛頓特區，有許多非常低的 TI 交易也對數字產生了影響。

So, unfortunately, it's very much a question of what exactly is coming online in the quarter. So I would not read much into sort of where those numbers were, and I explained sort of the dramatic negative in the stuff that was done in Los Angeles.

因此，不幸的是，問題在於本季究竟會發生什麼。所以我不會過度解讀這些數字的來源，我只是解釋了洛杉磯所做的事情所帶來的巨大負面影響。

Jana Galen, Bank of America Securities.

Jana Galen，美國銀行證券。

Thank you. Good morning. One more on 343 Madison. Can you remind us of the terms of the MTA ground lease?

謝謝。早安.343 Madison 上還有一篇。您能提醒我們 MTA 土地租賃的條款嗎？

Hillary, do you want to take that one?

希拉里，你想接受這個嗎？

Sure. The terms of the MTA ground lease are basically a 99-year ground lease, and the company has the opportunity to move forward with this. There was a termination right that needed to be exercised by July 31. We have said that we are not exercising that because we're moving forward. And so as we move forward with the lease, the lease itself has very knowable and documented increases in payments and over time, we think that that makes it a really attractive lease for us to underwrite both from the perspective of tenant interest and from the perspective of financing.

當然。MTA 土地租賃條款基本上是 99 年的土地租賃，該公司有機會繼續推進這筆租賃。有一項終止權需要在 7 月 31 日之前行使。我們已經說過，我們不會這麼做，因為我們正在向前邁進。因此，隨著我們推進租賃，租賃本身的付款額會非常明顯且有記錄地增加，隨著時間的推移，我們認為，無論從租戶利益的角度還是從融資的角度來看，這對我們來說都是一個真正有吸引力的租賃。

One of the things I think that's important in this ground lease that's maybe different from some other ground leases in New York City is that there's no reset associated with market valuation estimates in the future. And so the, as Hillary said, there's increases that are basically known or related to the performance of the property, not the performance of the overall market values.

我認為，這份土地租賃的一個重要特點可能與紐約市其他一些土地租賃不同，那就是未來不會重新設定與市場估值相關的金額。因此，正如希拉蕊所說，價格上漲基本上與房產的表現有關，而不是與整體市場價值的表現有關。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. Question’s on the guidance, you beat on the second quarter earnings, but only took the bottom end of the annual range up. And then can you just talk a little bit about the timing of the shift? Seems like it's a little bit more fourth quarter weighted than third quarter. Just trying to understand kind of the cadence of earnings through the back half of the year. Thank you.

早安.非常感謝您回答我的問題。問題在於指引，您第二季的獲利超出預期，但僅使年度範圍的底端有所上升。那麼，您能否稍微談談轉變的時間呢？看起來第四季的權重比第三季略高一些。只是想了解下半年獲利的節奏。謝謝。

Sure, thanks, Michael. So yeah, you're correct, we increased the bottom end. The way we build our guidance right is we have a base model and then we have a kind of a list of things that are kind of underway or could happen. So some of those could happen, things happen in the quarter, so we're able to increase our bottom end.

當然，謝謝，邁克爾。是的，您說得對，我們增加了底端。我們制定正確指導的方式是，我們有一個基礎模型，然後我們有一個正在進行或可能發生的事情的清單。因此，其中一些可能會發生，事情會在本季度發生，因此我們能夠提高我們的底線。

And as I mentioned, most of it was in the portfolio, and the reason that the full year guidance isn't increased as much as the quarterly beat is because we're giving back a little bit of the expense savings in the second quarter into the third quarter, and we have a little bit higher interest expense that we expect later in the year.

正如我所提到的，大部分資金都投入了投資組合中，而全年指引沒有像季度指引那樣大幅增加的原因是，我們將第二季度節省下來的一點費用返還到了第三季度，而且我們預計今年晚些時候的利息支出會比現在略高一些。

In the third quarter, our seasonal operating expenses are always highest. It's the hottest, as Doug mentioned, it's hot out. It is the hottest time frame in the location for many of our assets, so our utilities expenses are higher.

在第三季度，我們的季節性營運費用總是最高的。現在是最熱的，正如 Doug 提到的，外面很熱。對於我們的許多資產來說，這是該地區最熱的時間段，因此我們的公用事業費用較高。

So the third quarter will seasonally be a lower FFO than the fourth quarter because the fourth quarter operating expenses will be less, and that makes up about $0.05 quarter-to-quarter if you look at what our guidance is.

因此，第三季度的 FFO 會比第四季度低，因為第四季度的營運費用會較少，如果你看一下我們的指導，那麼環比下降約為 0.05 美元。

And then the other impact is, the occupancy ramp that we expect later this year, and most of it will have more of an impact in the fourth quarter than it has in the third quarter, so our property NOI should be higher in the fourth quarter.

另一個影響是，我們預計今年稍後入住率將上升，其中大部分對第四季度的影響將大於第三季度，因此我們的房地產淨營業收入在第四季度應該會更高。

Caitlyn Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯。

Hi, good morning, everyone. You mentioned a number of funding sources for 343 Madison, so I realize you kind of already talked about it. But as a potential follow up to that, you mentioned the dividend reset was one of them realized it could happen, it might not. But based on, I guess, your taxable income today, how much would you be able to reduce the dividend if you wanted and to the extent you do have that flexibility, what would make you wait rather than do that sooner?

大家好，早安。您提到了 343 Madison 的一些資金來源，所以我意識到您已經談論過這個問題了。但作為對此的潛在後續行動，您提到股息重置是他們意識到可能發生的情況之一，但也可能不會發生。但是，我猜，根據您今天的應稅收入，如果您願意，您可以減少多少股息，並且在您擁有這種靈活性的範圍內，什麼會讓您等待而不是更早地這樣做？

So we've maintained a steady dividend for several years now, even though the current dividend has been higher than our taxable income during that time frame, but that is why we're putting it in as a list of potential funding sources, as you mentioned, Caitlin.

因此，我們已經連續幾年保持穩定的股息，儘管當前的股息高於我們在此期間的應稅收入，但這就是我們將其列為潛在資金來源清單的原因，正如你所提到的，凱特琳。

The other thing I would say about our dividend is it's consistently been covered by our FAD, which is the reason we kept it stable, even though we've had external growth that has been going on and funding needs going on.

關於我們的股息，我想說的另一件事是，它一直由我們的 FAD 覆蓋，這就是我們保持股息穩定的原因，儘管我們的外部成長一直在進行，並且資金需求也在增加。

We haven't made any decisions. You can see our reported return of capital for '24, which I think was about $0.41 a share. So that was our return of capital or overfunding in 2024, and we also were able to carry over our full fourth quarter dividend into '25, which is $0.98. So that'll give you some sense as to the size. Obviously, we need some amount of carry forward, right, that's not going to go to zero.

我們尚未做出任何決定。您可以看到我們報告的 24 年資本回報率，我認為約為每股 0.41 美元。這就是我們在2024年的資本回報，或者說超額融資，而且我們還能夠將第四季的全部股利結轉到2025年，也就是0.98美元。這樣你就能大致了解一下股息的規模了。顯然，我們需要一定數量的結轉，對吧，這不會變成零。

And with respect to timing, as I said, we have plenty of time to make these decisions, and we haven't made any decisions at this point on the dividend.

至於時間，正如我所說，我們有足夠的時間來做出這些決定，目前我們還沒有就股息做出任何決定。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning. Thanks for taking the question. I just want to clarify two things, two comments you made. I guess just first on 343, you outlined 7.5% initial yield. Do you mind just giving us a sense of like what rents broadly are you targeting, say, compared to one Vanderbilt, just $200-plus just maybe give us a broad sense of what you hope to achieve and how you get to that 7% yield, meaning if there are other fee streams or anything else baked in.

早晨。感謝您回答這個問題。我只是想澄清兩件事、你提出的兩則評論。我想首先在 343 上，您概述了 7.5% 的初始收益率。您介意告訴我們一下，您的目標租金大概是多少嗎？例如，與范德比爾特大學相比，租金只有 200 多美元。請大致告訴我們您希望實現什麼目標，以及如何實現 7% 的收益率，也就是說，是否有其他費用流或其他任何附加費用。

And then the second clarification you mentioned occupancy trajectory. I just want to clarify, does that -- your comments, does it suggest you end up towards kind of the lower end of the range or you know 86%-ish by year end? Thanks.

然後您提到的第二個澄清是佔用軌跡。我只是想澄清一下，您的評論是否表明您最終會達到該範圍的下限，或者您知道到年底會達到 86% 左右？謝謝。

So, I'll answer 343, turn it over to Doug on the occupancy. So on the rents for 343. Our assumption is that in the lower part of the building, we're in the mid to upper 100s, and at the top of the building, we're in the mid to upper 200s per square foot gross, and the average rent roughly throughout the property is in the low 200s.

因此，我回答 343，將其交給 Doug 討論入住率問題。因此租金為 343。我們的假設是，在建築物的下部，我們的租金在每平方英尺 100 美元左右，在建築物的頂部，我們的租金在每平方英尺 200 美元左右，而整個物業的平均租金大約在 200 美元出頭。

And the pre-lease that we have -- the 30% client where we have a letter of intent for a lease is in line with the economics that we assumed for this project. So, if you put all that, you put those rents into the model and you use the cost as we have outlined, including the carry, the yield on cost is roughly 7.5% on leverage, and that's to the project.

我們擁有的預租－30% 的客戶都有租賃意向書，這符合我們對該專案假設的經濟效益。因此，如果你把所有這些都放進去，把這些租金放進模型中，並使用我們所概述的成本，包括利息，成本收益率大約是槓桿的 7.5%，這就是項目。

And I quoted the 7.5% to 8% range because if we bring in a capital partner into the project, our yields go up somewhat because we're able to put in less capital and earn some fees for all the property and investment services that we provide the partner. So that's the basics of how the 343 economics works.

我引用 7.5% 到 8% 的範圍是因為如果我們將資本合作夥伴引入項目，我們的收益率會有所上升，因為我們能夠投入較少的資本，並從我們為合作夥伴提供的所有房地產和投資服務中賺取一些費用。這就是 343 經濟學運作的基本原理。

And on our occupancy, so the portfolio in service as it sits today, we believe will end the year around 87% occupied and obviously significantly higher leased. We are going to add these three assets in the third quarter, and those assets will have an impact of about 70 basis points of reduction in the overall portfolio as we reported at the end of the year based upon where those buildings are currently leased.

就我們的入住率而言，我們相信，就目前服務中的飯店組合而言，到今年年底，入住率將達到 87% 左右，租賃率顯然會大幅提高。我們將在第三季增加這三項資產，根據這些建築目前的租賃情況，這些資產將對整體投資組合產生約 70 個基點的減少影響，正如我們在年底報告的那樣。

And again, of those assets, 360 Park Avenue South is the one that has sort of the most amount of available space in it and unlikely it will be occupied by the end of the year. We may get a floor or two additionally, but not incrementally more and then, the rest of the next asset is going to be leased in late 2026, early 2027, occupied. It's already been leased, and certainly I said we 1050 was, so.

再說一次，在這些資產中，360 Park Avenue South 是擁有最多可用空間的資產，並且不太可能在年底前被佔用。我們可能會額外獲得一兩層樓，但不會逐步增加，然後，下一個資產的其餘部分將在 2026 年末或 2027 年初出租並投入使用。它已經被租出去了，當然我說的是 1050 年了，所以。

So it's kind of like that's going to be the next quote unquote new portfolio as we exit the third quarter. And so I don't want people to be “surprised” by the reduction in our in-service portfolio because our in-service portfolio is changing by the addition of these developments. The in-service portfolio as it sits today is going to have an increase in occupancy as we move to the end of the year.

因此，這有點像是我們退出第三季時推出的下一個新投資組合。因此，我不希望人們對我們在職投資組合的減少感到“驚訝”，因為我們的在職投資組合正在隨著這些發展的增加而改變。隨著年底的臨近，目前在役的物業組合的入住率將會增加。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. Just curious about your thoughts on the emerging, mayoral race in New York City. If we do end up with Mamdani as mayor, how do you think that kind of changes regulation as it impacts kind of CRE development in New York City and how do you guys kind of think about preparing for that?

是的，大家早安。我只是好奇您對紐約市新興的市長競選的看法。如果最終馬姆達尼當選市長，您認為這種監管變化會對紐約市的商業房地產發展產生什麼影響？你們打算如何為此做好準備？

Yeah. Okay, why don't I take a first crack at this, and Hillary, I'm going to -- please jump in on anything that you'd like to add. So, look, I think we acknowledge that some of the policies articulated by candidate Mamdani are not particularly constructive for commercial real estate. But a few things I would mention.

是的。好的，我先來談談這個問題，希拉里，我打算——請隨意添加任何你想補充的內容。所以，我認為我們承認候選人馬姆達尼所闡述的一些政策對商業房地產並不是特別有利。但我想提幾件事。

One, the election -- he won the primary, the election has not occurred yet and I think his election is a real possibility, but it hasn't happened yet. The second thing I think that's important is the system in New York due to the '70s financial crisis is that New York State headquartered in Albany obviously has significant truck controls over the operations and governance of New York City.

首先，選舉——他贏得了初選，選舉尚未舉行，我認為他當選是可能的，但尚未發生。我認為第二件重要的事情是，由於 70 年代金融危機，紐約的體係是，總部位於奧爾巴尼的紐約州顯然對紐約市的營運和治理擁有重要的卡車控制權。

Specifically, the state controls the MTA, the Port Authority and various other agencies in the city. And the state also has approval rights over many matters that are important to business such as local taxes. And my guess is that some of the policies of candidate Mamdani won't be supported at the state level, particularly things like tax increases.

具體來說，州政府控制著大都會運輸署、港務局以及該市的其他各個機構。此外，州政府也對許多對企業至關重要的事務（例如地方稅）擁有批准權。我猜測候選人馬姆達尼的一些政策不會在州一級得到支持，尤其是增稅之類的政策。

And then the only last thing I would say is, New York is a force in and of itself. It is a vibrant city. It has continued to excel through many different mayors with different political stances on lots of different topics, and my strong bet is that New York will continue to thrive regardless of the election outcome. Hillary, what did I miss?

最後我想說的是，紐約本身就是一股力量。這是一座充滿活力的城市。紐約在許多不同議題上透過多位持有不同政治立場的市長繼續取得成功，我堅信無論選舉結果如何，紐約都將繼續繁榮發展。希拉里，我錯過了什麼？

Well, I would just confirm what you're saying, Owen and just point to the fact that we have investment grade credit tenant committing to a 20-year term at 343 Madison Avenue as evidence that the businesses that are successful in New York City plan beyond the length of a mayoral term or two for their future success and so I think they're looking out much farther than the next 4- or 8 years.

好吧，歐文，我只是想確認你的說法，並指出這樣一個事實：我們有投資級信用租戶承諾在麥迪遜大道 343 號租期 20 年，這證明在紐約市取得成功的企業對未來成功的規劃超越了一兩個市長任期，所以我認為他們的眼光遠不止未來 4 年或 8 年。

Good point.

說得好。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Thank you. Mike, you talked about just the various options you have for raising capital, but maybe can you step back and just give us a sense the over 8x leverage, where do you want that to be? And I know you have time before you have to spend some of this money, but I guess, why wait and perhaps pull some of these levers if in fact you want that leverage to be lower than the 8x-plus over time.

謝謝。麥克，您剛才談到了籌集資金的各種選擇，但您能否退一步，讓我們了解一下超過 8 倍的槓桿率，您希望它達到什麼水平？我知道在花掉這些錢之前你還有時間，但我想，如果你實際上希望槓桿率隨著時間的推移低於 8 倍以上，那麼為什麼要等待並採取一些措施呢？

So, we've talked many times about our leverage and how we think about current leverage and pro forma leverage, right? And we believe that our -- the company, our target, I guess, for the company is somewhere in the mid-6s to the mid-7s, and that's been very consistent over a long period of time.

因此，我們已經多次談論我們的槓桿率以及我們如何看待當前槓桿率和預測槓桿率，對嗎？我們相信，我們公司的目標應該是在 6 年代中期到 7 年代中期之間，而這個目標在很長一段時間內一直保持一致。

I do expect our leverage is going to continue to move up for the next couple of quarters, but we are delivering 290 Binney Street in the middle of next year, it's a 100% leased and it delivers substantial EBITDA to the company and it will act to counteract that and reduce leverage a little bit.

我確實預計我們的槓桿率將在未來幾季繼續上升，但我們將在明年年中交付 290 Binney Street，它的租賃率為 100%，並為公司帶來了可觀的 EBITDA，它將起到抵消這一影響並稍微降低槓桿率的作用。

We also have the other developments that Doug talked about that we'll be leasing up over time and providing EBITDA. And then the last thing is occupancy improvement. And occupancy improvement over the next 18- to 24 months can be very powerful because it's going to generate a lot of EBITDA if we can achieve our business plan, and bring our leverage down into our desired range.

我們還有 Doug 談到的其他發展，我們將隨著時間的推移進行租賃並提供 EBITDA。最後一件事是提高入住率。未來 18 到 24 個月的入住率改善將發揮巨大作用，因為如果我們能夠實現業務計劃，它將產生大量的 EBITDA，並將我們的槓桿率降至我們期望的範圍內。

And then we talked about asset sales. Owen described $600 million of asset sales we're working on right now, and that will further reduce our leverage. So we are already working on things, right, that will moderate our leverage and we're thinking about what the future leverage looks like and getting back to that range that we think is the best range for the company to operate at.

然後我們談論資產出售。歐文表示，我們目前正在進行價值 6 億美元的資產出售，這將進一步降低我們的槓桿率。因此，我們已經在努力做一些事情，對吧，這將緩和我們的槓桿率，我們正在思考未來的槓桿率是什麼樣子，並回到我們認為對公司營運最好的範圍。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Hi, guys, thanks for taking the question. I guess it's just touching on that last point on occupancy. It sounds like occupancy is bottomed and is expected to improve throughout the rest of this year. You obviously mentioned that the pipeline remains strong, leasing activity year-to-date is tracking above the initial expectations that you guys set forth at the beginning of the year. And it just sounds like the overall narrative and demand backdrop continues to remain strong.

大家好，感謝你們回答這個問題。我想這只是觸及了關於入住率的最後一點。聽起來入住率已經觸底，預計今年剩餘時間內將會有所改善。您顯然提到了通路仍然強勁，年初至今的租賃活動高於您年初設定的初始預期。聽起來整體敘述和需求背景持續保持強勁。

So in our view, it seems like there's a clear path here to the in-service portfolio level occupancy as it sits today to get to call it 90%-plus occupancy in short order. Does that seem fair? I mean, I guess is there anything we might be missing as we sort of think about that trajectory here over the next 18 months?

因此，我們認為，似乎存在一條清晰的途徑來實現目前的在用投資組合水平入住率，並在短時間內達到 90％ 以上的入住率。這看起來公平嗎？我的意思是，當我們思考未來 18 個月的發展軌跡時，我們可能會遺漏什麼嗎？

I mean it's entirely fair and it's what our expectation is in terms -- again, we have to be careful about what the exact timing is, but you said over the next period of time, and I think that is absolutely true, and we have again, we've got leases that are signed that have yet to commence. The majority of our activity going forward currently in the pipeline is around are available in our near-term expirations, AKA in '26 and '27.

我的意思是，這完全公平，這也是我們的預期——再說一次，我們必須謹慎考慮具體的時間安排，但您說的是在接下來的一段時間內，我認為這絕對正確，而且我們再次重申，我們已經簽署了尚未開始的租約。我們目前正在進行的大部分活動都圍繞著近期到期的債券，也就是 26 年和 27 年。

And then, if you look at the expiration schedules that we have that are outlined, they're very low. And so if we're able to maintain a modest reduction in the amount of leasing that we're doing in 2025 into 2026 into 2027, we're going to be having a meaningful increase in our occupancy.

然後，如果你看一下我們列出的到期時間表，你會發現它們非常低。因此，如果我們能夠在 2025 年、2026 年和 2027 年期間保持租賃量的適度減少，我們的入住率就會顯著提高。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, good morning. Good morning down there. Just want to go back to the asset sales, and maybe I missed at the front. I had multiple calls going, but I think you outlined $600 million of sales, including $300 million of net proceeds from income producing.

嘿，早安。早安.只是想回到資產銷售上，也許我前面錯過了什麼。我打了好幾次電話，但我認為您概述了 6 億美元的銷售額，其中包括 3 億美元的創收淨收益。

So as we think about income producing assets sold later this year, what would be the earnings hit on an annualized basis? Just trying to understand as we think into next year. And then also Mike, to your point on the deleveraging, if you're losing income, obviously, that also affects leverage. So just want to understand the income FFO impact of planned asset sales.

那麼，當我們考慮今年稍後出售的創收資產時，以年率計算，收益會受到多大影響？我們只是想了解明年的情況。還有麥克，關於你提到的去槓桿問題，如果你的收入減少，顯然這也會影響槓桿率。因此只是想了解計劃資產銷售對收入 FFO 的影響。

The $600 million that we're talking about, Alex, and I'm not -- I can't, I'm not going to give you an exact number for this because these things are still in process, being thought about, and certainly not finalized, but the income producing that we're talking about combined with the land that we're talking about, if you utilize that money to reduce the borrowing that the company needs to do, it is not diluted to the company.

亞歷克斯，我們談論的 6 億美元，我不能，我不會給你一個確切的數字，因為這些事情仍在進行中，正在考慮中，當然還沒有最終確定，但我們談論的收入加上我們談論的土地，如果你利用這筆錢來減少公司需要的借款，那麼它對公司的利益就不會被稀釋。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Thanks for taking my question. Could you give us an update on 360 Park Avenue leasing? Doug, you mentioned you got a lease on last night, so the project's now 33% leased. Maybe you can give a sense of the current pipeline as it stands today?

感謝您回答我的問題。您可以向我們介紹一下 360 Park Avenue 租賃的最新情況嗎？道格，你提到你昨晚簽訂了租約，所以該項目現在的出租率為 33%。能否介紹一下目前管道的現況？

Sure. I'll give you a numerical view and I'll let Hillary talk about what's going on from a market perspective. So, we have two additional leases in progress, as I said, one of them got executed last night, so that brings us to 33% lease, and there's another that's actually on a piece of space that I believe is close to being completed or will be completed in 2025. So that will bring us up by another call at 8 basis points or 5 basis points to 6 basis points, so we'll be closer to 40% at the end of calendar year 2025, assuming no other leasing gets done.

當然。我會給你一個數字觀點，然後讓希拉蕊從市場角度談談正在發生的事情。因此，正如我所說，我們還有另外兩份租約正在進行中，其中一份昨晚已經執行，因此我們的租賃率達到 33%，另一份實際上是在一塊空間上，我相信它即將完工或將於 2025 年完工。因此，這將使我們再增加 8 個基點或 5 個基點到 6 個基點，因此，假設沒有其他租賃完成，到 2025 日曆年末，我們將接近 40%。

And Hillary, you can talk about your pipeline.

希拉里，你可以談談你的管道。

Thanks, Doug. I would say that the pipeline for Midtown South has been thinner than Midtown Proper North of 42nd Street, but we are seeing consistent activity for the property. We've seen tenants as large as 200,000 square feet looking at the property in recent weeks, and again, as Doug pointed out, we've also got a couple of single floor tenants that are looking at the property.

謝謝，道格。我想說的是，中城南區的管道比 42 街以北的中城正北區要薄弱，但我們看到該物業的活動持續活躍。最近幾週，我們看到面積達 20 萬平方英尺的租戶正在查看該房產，而且，正如 Doug 指出的那樣，我們也有幾個單層租戶正在查看該房產。

There has been a notable, I would call it micro trend of businesses that are in the AI space looking at the building and so, both the lease that was executed last night and the one that Doug is talking about for future execution are businesses that are in that space. So it's interesting to see that New York is starting to see a pick up in those businesses, leasing space here on the heels of the demand that we've seen out on the West Coast.

有一個值得注意的現象，我稱之為人工智慧領域的企業正在關注這座建築的微趨勢，因此，昨晚執行的租約和 Doug 談到的未來執行的租約都是該領域的企業。因此，有趣的是，隨著西岸的需求不斷增加，紐約的這些企業也開始成長，租賃空間也隨之增加。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, just back on 343, just the building has -- I think the floors are a little bit maybe smaller than some of the typical sort of trophy buildings that we're used to. Just curious if that lends to sort of a different type of tenant base as you're leasing up the portfolio?

嘿，回到 343 號大樓，我覺得這棟樓的樓層可能比我們習慣的一些典型的獎杯建築要小一點。只是好奇，當您出租投資組合時，這是否會吸引不同類型的租戶？

And my quick follow up is just the pipeline -- development pipeline showed 651 Gateway stabilization pushed out. Just any comments on that assets and just life science leasing in general?

我的快速跟進只是管道 - 開發管道顯示 651 網關穩定性已經推出。對這些資產以及生命科學租賃整體有什麼評論嗎？

Yeah. So I'll answer the last two of your three questions and I'll let Hillary answer the first one. So 651 Gateway, again we're going by Alexandria's accounting for when it, “comes into service”. We would have already put into service based upon our accounting. But that's the way they do things.

是的。因此，我將回答您三個問題中的最後兩個問題，並讓希拉蕊回答第一個問題。因此，對於 651 Gateway，我們再次按照亞歷山大的說法來計算它何時「投入使用」。根據我們的會計，我們早就該投入使用了。但這就是他們做事的方式。

And the -- I would say the leasing activity for pure lab out in that part of the world is relatively quiet still. There are, I would say more maker-tenants looking at space that was, “designed for lab” in the sort of Northern Peninsula market then there are pure lab tenants looking for blocks of space right now, interestingly.

而且 — — 我想說的是，那個地區的純實驗室租賃活動仍然相對平靜。有趣的是，我想說，在北半島市場中，更多的製造商租戶正在尋找「為實驗室設計」的空間，而純粹的實驗室租戶則正在尋找空間塊。

And then there are a few, “office companies” that are looking for space down there as well. But I'd say that the lab market in itself, we want to be in a pure wet lab. It's a pretty thin market still in sort of the Bay Area. The other question was --

還有一些「辦公公司」也在那裡尋找空間。但我想說，就實驗室市場本身而言，我們希望成為一個純粹的濕實驗室。在灣區，這仍然是一個相當薄弱的市場。另一個問題是--

343 plates.

343 塊板子。

343, so I'll let Hillary answer that one.

343，所以我請希拉蕊來回答這個問題。

Sure, so the floor plates at 343 Madison range from about 27,000 square feet at the base to 22,000 at the top. I think there's a case to be made that that lends itself to tenants that are in the 200,000 square foot to 250,000 square foot range, but honestly, we have 1.5 million square feet of LOIs that we've issued, and some of those prospective clients are as large as 700,000 square feet. I don't think 700,000 square feet is a likely size, particularly not given what we've just done.

當然，麥迪遜大道 343 號的樓面面積從底層的 27,000 平方英尺到頂層的 22,000 平方英尺不等。我認為，對於面積在 20 萬平方英尺至 25 萬平方英尺之間的租戶來說，這是一個不錯的選擇，但說實話，我們已經簽發了 150 萬平方英尺的意向書，其中一些潛在客戶的面積甚至高達 70 萬平方英尺。我認為 700,000 平方英尺不太可能，尤其是考慮到我們剛剛完成的工作。

But we have seen real demand and the call it, 300,000 square foot to 400,000 square foot range. So I think that what that really points to is that there is such a lack of premier workplace availability in the Park Avenue and Madison Avenue submarkets that really high-quality investment grade firms that are looking for really high-quality space don't have that many options.

但我們已經看到了真正的需求，即 300,000 平方英尺到 400,000 平方英尺的範圍。所以我認為這實際上表明，公園大道和麥迪遜大道子市場缺乏優質的工作場所，以至於尋找真正高品質空間的真正高品質的投資級公司沒有那麼多選擇。

And so 343 is extremely well positioned to capture a range of client sizes. And I think, as Owen noted in his initial comments, we continue to think that it makes sense to work on leasing the base of the building, and then I think, we'll be patient with regards to the upper floors because I do think those will tend to lend themselves to clients that are single-, double-, maybe three floor lease profiles.

因此，343 非常適合吸引各種規模的客戶。我認為，正如歐文在他最初的評論中指出的那樣，我們仍然認為租賃大樓底層是有意義的，然後我認為，我們會對上層保持耐心，因為我確實認為這些樓層往往會適合那些擁有單層、雙層甚至三層租賃情況的客戶。

Thank you.

謝謝。

And I just -- before you go on, I just want to add one thing to sort of what Hillary was just describing. A bunch of people have called Mike or Helen or myself and said, who's the tenant, who's the tenant for 343? And as we said, we're not going to announce who the tenant is, we're going to let tenant announce their decision to their employees and then it will become public.

在您繼續之前，我只想對希拉蕊剛才描述的內容補充一點。很多人打電話給麥克、海倫或我，問他們，誰是租戶，誰是 343 的租戶？正如我們所說，我們不會宣布租戶是誰，我們將讓租戶向其員工宣布他們的決定，然後將其公開。

But people are also asking the question, oh, is it someone in your portfolio? And I would just point everyone to the rents that are in our existing portfolio in Midtown, and the average rents in the buildings are, I believe, if you look at 601 or 599 or 399 are about $100 a square foot. And I think Hillary, you would love to get some space back in those buildings if you could -- to lease in this market, which is obviously, something that is not going to happen in the short term.

但人們也在問這個問題，哦，這是你投資組合中的某個人嗎？我只想向大家指出我們在中城現有投資組合中的租金，我相信，如果你看看 601 或 599 或 399 棟建築的平均租金約為每平方英尺 100 美元。我認為希拉里，如果可以的話，你會很樂意在這些建築中重新獲得一些空間——在這個市場上租賃，但這顯然是短期內不會發生的事情。

So anybody who's sort of concerned about where the tenant might be coming from and if it's one of our portfolio tenants, if that were the case, it would be a great opportunity for us to really release space that is dramatically underneath -- and as Owen said, the average rents at 343 are in the mid-200s, right? So we're talking about huge upside potential there.

因此，如果有人關心租戶可能來自哪裡，而該租戶是我們投資組合中的租戶之一，那麼如果情況確實如此，那麼這對我們來說將是一個很好的機會，可以真正釋放地下空間——正如歐文所說，343 的平均租金在 200 美元左右，對嗎？所以我們談論的是那裡巨大的上行潛力。

And I just -- to Doug's point, we have existing clients in our midtown portfolio that do not have room to expand and who would like to expand. So I would view getting space back at any of our midtown assets as a net positive for the company, not only from the perspective of being able to increase rents, but also from the perspective of being able to accommodate important clients who want to expand with us.

我只是——正如 Doug 所說，我們中城投資組合中的現有客戶沒有擴張空間，但他們希望擴張。因此，我認為收回我們任何位於市中心的資產的空間對於公司來說都是一件好事，不僅從能夠提高租金的角度來看，而且從能夠容納想要與我們一起擴張的重要客戶的角度來看。

Peter Abramowitz, Jefferies.

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

Yes. Thank you for taking the question. I know Doug, you touched a little bit on it with your comments around some of the AI tenants in San Francisco, but just wondering if you could talk about the portfolio of buying Embarcadero and demand that you're seeing in that part of the city versus some of the assets South of Mission? The South of Mission seem to be kind of picking up and participating in that recovery. Just curious how that's kind of unfolding.

是的。感謝您回答這個問題。我知道 Doug，您在評論舊金山的一些 AI 租戶時稍微提到了這一點，但我只是想問您是否可以談談購買 Embarcadero 的投資組合以及您在該城市這一地區看到的需求與 Mission 南部的一些資產相比如何？米申南部似乎正在復甦並參與其中。只是好奇事情是如何展開的。

So let me answer in the general, and I'll let Rod take the time to answer in the specifics. So the South of Mission market is clearly getting better and there is clearly an AI related resurgence from a demand perspective because of the growth. So that is unequivocal. Rod, you can talk about the demand that we're seeing in and around the Embarcadero Center as well as the other parts of the market.

因此，讓我概括地回答一下，然後讓羅德花點時間具體地回答。因此，米申南部市場顯然正在好轉，而且從需求角度來看，由於成長，顯然出現了與人工智慧相關的復甦。這是毫無疑問的。羅德，您可以談談我們在內河碼頭中心及其周邊地區以及市場其他部分看到的需求。

Yeah, so definitely demand around the Embarcadero Center has been what it has traditionally been, which is mostly the financial services and traditional companies. I mean, that's who we are leased to and that's who we see most of the demand from. We are getting good activity outside of Embarcadero from the AI companies. Doug mentioned previously the interest that we've seen down at the 680 Folsom block of space, which is our largest block, with a little over 200,000 feet.

是的，所以 Embarcadero Center 周圍的需求肯定與傳統情況一樣，主要是金融服務和傳統公司。我的意思是，我們的業務就是租給這些人的，我們看到大部分的需求也來自這些人。我們在 Embarcadero 以外的人工智慧公司開展了良好的活動。道格之前提到過，我們對 680 Folsom 地塊的興趣，這是我們最大的地塊，面積略超過 200,000 英尺。

But the Downtown, Central Downtown around in Embarcadero Center has been -- it's been thriving with the traditional companies, and we've been happy to do deals with some of these that have been in the market, and we're going to continue to do that. We have an active program of doing spec suites, pre-built spaces, and that's been successful, and we're continuing to do that both at Embarcadero and at 535 Mission.

但是，市中心、內河碼頭中心周圍的市中心區一直——傳統公司不斷湧現，我們很高興與其中一些已經進入市場的公司做交易，我們將繼續這樣做。我們有一個積極的計劃，即建造規格套房和預建空間，並且取得了成功，我們將繼續在 Embarcadero 和 535 Mission 這樣做。

So, and then I would just add too. In terms of just sort of the overall vibrancy of the Downtown around Embarcadero Center, we just recently completed eight retail transactions. I mean, that's a lot of deals to get done in a short amount of time, and these are very much homegrown companies, little small businesses, but we're bringing them into Embarcadero Center and it's creating a much more enjoyable place for our tenants, and it's getting great attention. So we're very pleased about that.

那麼，我還要補充一點。就內河碼頭中心周圍市中心的整體活力而言，我們最近剛完成了八筆零售交易。我的意思是，在短時間內需要完成很多交易，這些交易大多是本土公司，小型企業，但我們將他們帶入內河碼頭中心，為我們的租戶創造一個更加愉快的環境，並引起了極大的關注。所以我們對此感到非常高興。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. You mentioned clients starting renewal discussions for 2028 to 2031 already. When you look back at past cycles, how common is it for tenants to start negotiations so early?

太好了，感謝您回答我的問題。您提到客戶已經開始討論 2028 年至 2031 年的續約事宜。回顧過去的周期，租戶這麼早就開始談判的情況有多普遍？

I would say that it is common for larger tenants, particularly in certain of our CBD markets to get out there two- to three years in advance if they want to consider a new development to the extent that the market is soft, they tend to wait longer and longer, and I think it's an indication of the tightness of the market that a company that has X 100,000 square feet of space would be considering doing early renewal or extensions prior to getting into that sort of shorter window.

我想說的是，對於較大的租戶來說，特別是在我們的某些 CBD 市場中，如果他們想要考慮新的開發項目，通常會提前兩到三年進入市場，因為市場疲軟，他們往往會等待越來越長的時間，我認為這表明市場的緊張程度，擁有 X 100,000 平方英尺空間的公司會考慮在進入這種較短的窗口之前進行這種較短的窗口。

Look, it's all part of this the same phenomenon which is, we are in a very supply-constrained market in certain of our submarkets, so in the Back Bay of Boston, where you saw us do a year ago a deal and last year a deal with two large financial institutions, and now, my guess is you'll see is some of the same thing happening in our portfolio in Midtown Manhattan because it’s really hard to find a 300,000 square feet or 400,000 square feet or 500,000 square feet piece of space or even 200,000 square feet piece of space and not be able to go into a new building, given the challenges associated with leases and cumbrances, etc. So the tenants are, I'd say thinking hard about what they need to do to protect their footprints over a in a, “improving market”.

你看，這都是同一個現象的一部分，也就是說，我們在某些子市場中處於供應非常受限的市場，所以在波士頓後灣，你看到我們一年前和去年與兩家大型金融機構達成了一項交易，現在，我猜你會看到我們在曼哈頓中城的投資組合中也發生了同樣的情況，因為很難找到 30 萬平方英尺、40 萬平方英尺、50 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺、40 萬平方英尺、20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺甚至 20 萬平方英尺萬平方英尺的空間，而且考慮到與租賃和產權負擔等方面的挑戰，無法進入新建築。因此，我想說，租戶正在認真思考他們需要做些什麼來在「不斷改善的市場」中保護他們的足跡。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

Hi, thanks for the follow up. Just going back to 343 Madison, and I just wanted to ask, in terms of the funding, I know you've talked about it there. You have a lot of different levers to pull, but it's also now a bigger funding amount than might have previously been expected because of the JV partner, existing JV partner not being there anymore.

你好，謝謝你的跟進。回到 343 Madison，我只是想問一下，關於資金問題，我知道你已經談論過它了。你有很多不同的手段可以利用，但是由於合資夥伴和現有的合資夥伴不再存在，現在的融資額也比之前預期的要大。

And so I guess what I'm wondering is like, do you guys have a timing standpoint from when you plan to give an update about which direction you're looking to go to cap -- in terms of how you're going to cap -- exactly you're to capitalize the project? Is this something that you know your going to lay out at the Investor Day or any sort of sense of timing on an update there would be helpful. Thanks.

所以我想知道的是，你們是否有一個時間點，從你們計劃更新的時間來看，你們希望朝哪個方向發展——就你們將如何發展而言——你們究竟要如何利用這個項目？您是否知道您將在投資者日上闡述這一點，或者任何有關更新的時間表都會有所幫助。謝謝。

Look. But what I mentioned was that we don't have a lot of costs going out this year and early next year. I think we're going to be focusing on this -- a high level of focus over the next couple of quarters and cementing what we want to do.

看。但我提到的是，今年和明年年初我們的成本支出並不多。我認為我們將重點關注這一點——在接下來的幾個季度中高度關注並鞏固我們想要做的事情。

I think with respect to raising private equity, I think we'd like to get this lease signed. And we have other proposals that we're working on for the rest of the base of the building, and if we can get some of those going, I think that creates a very, very -- more, even more enticing package for that. So I think that part of it could align with finishing up that work.

我認為就籌集私募股權而言，我們希望簽署這份租約。我們正在為大樓其餘部分制定其他提案，如果我們能夠將其中一些提案付諸實施，我認為這將創造一個非常、非常——更、更誘人的方案。所以我認為這部分可以與完成這項工作一致。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, sorry. Two more follow ups. You were just talking about how you would like to get space back in Midtown because of the positive mark-to-market, which just makes sense. So I was wondering if you could kind of square that with the reported leasing spreads from the quarter being down were those just specific spaces or is there something else I'm not appreciating?

你好，抱歉。還有兩個後續行動。您剛才談到，由於市價上漲，您希望如何收回中城的空間，這是有道理的。所以我想知道您是否可以解釋一下，本季報告的租賃利差下降是否只是特定空間的問題，還是還有其他我不太明白的地方？

And then just as you think about guidance for the full year, it seems like you are expecting a pickup in the fourth quarter. So I was wondering if that's fully related to occupancy pickup or if there's something kind of more nuanced like gains on land sales or something included.

然後，正如您考慮全年指導時那樣，您似乎預計第四季度會出現回升。所以我想知道這是否與入住率的提高完全相關，或者是否有一些更微妙的因素，例如土地銷售收益或其他因素。

Okay, I'll try and do the first part of your follow-up question and I'll let Mike do the second part. So regarding mark-to-markets, in our Manhattan portfolio in the quarter that is in the supplemental, there were a bunch of smaller transactions at 767 at the lower portions of the building where we aggregated space and did leasing and those rents were coming off relatively high rents for that space. And so, that's where most of the negative mark-to-market came from.

好的，我會嘗試回答您後續問題的第一部分，然後讓 Mike 回答第二部分。因此，關於按市價計價，在補充季度中，我們曼哈頓的投資組合中，在 767 處有大量較小的交易，這些交易位於建築物的較低部分，我們在那裡匯總空間並進行租賃，而這些租金來自該空間相對較高的租金。這就是大部分負市價的由來。

If I were to look today at the deals that are being done in Midtown Manhattan, as I said earlier, we have a positive mark-to-market, including at that same building, and so I would expect that, over the next few quarters, when I'm reporting what's going on, that number will continue to get higher and higher.

如果我今天看曼哈頓中城正在進行的交易，正如我之前所說，我們的市價是正的，包括在同一棟樓內，所以我預計，在接下來的幾個季度裡，當我報告正在發生的事情時，這個數字會繼續越來越高。

And so from my perspective, the improvement in rents in Midtown Manhattan is real, and we're seeing double digit annual increases in asking rents in our portfolio in Midtown.

因此，從我的角度來看，曼哈頓中城的租金上漲是真實的，而且我們看到中城投資組合中的租金每年以兩位數的速度成長。

On the kind of ramp up of our FFO in the fourth quarter, as I mentioned, part of this is due to expenses being higher in the third and the fourth, but part of it is also due to our expectation that we're be growing occupancy. So yes, I would say, on a meaningful portion of that is that we expect that our the NOI from the portfolio is going to be higher in the fourth quarter.

正如我所提到的，關於我們第四季 FFO 的成長，部分原因是因為第三季和第四季的支出較高，但部分原因也是因為我們預期入住率會上升。所以是的，我想說，其中一個有意義的部分是，我們預計第四季度投資組合的淨利潤將會更高。

With regard to asset sales, we don't expect to have any of these standing property, existing property asset sales to occur in 2025. I wouldn't expect that. We will have some of the land sales should occur later in 2025, and so that will kind of reduce -- we'll either earn more interest income or reduce interest that's a little bit on that, but it's going to be later in the year, so I don't think it has a super meaningful impact.

關於資產出售，我們預計 2025 年不會發生任何此類現有財產、現有房地產資產出售。我沒想到這一點。我們的部分土地銷售將在 2025 年晚些時候進行，因此這將會減少——我們要么獲得更多的利息收入，要么減少一點利息，但這將在今年晚些時候發生，所以我不認為它會產生非常重大的影響。

And again, Mike's numbers also include the occupancy ramp up as we move into the year that the square footage as I said is likely -- it's going to start and become online as we move into the third and fourth quarter.

再說一次，麥克的數據還包括隨著我們進入第三季度和第四季度，入住率將開始上升，正如我所說，平方英尺數很可能會增加。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, thank you for taking the question. Just quickly go back on the Norges on the 343 Madison that you guys are buying out their interest. Are there others in the Norges JV -- like should we think about others of the Norges JV assets being sold or you guys buying out interest in others of your partnership with them in other assets?

嘿，謝謝你回答這個問題。只需快速回覆挪威關於 343 Madison 的訊息，你們正在收購他們的權益。挪威合資企業中還有其他企業嗎——例如，我們是否應該考慮出售挪威合資企業的其他資產，或者你們是否應該買下與它們合作的其他資產的權益？

Alex, we have never described our partner at 343 as being Norge, so let me just put that on the table. And then second, our partnership with Norges is stable. We're not buying out. They're not buying us out of any assets, and from time to time we look at new investments together.

亞歷克斯，我們從來沒有將 343 的合作夥伴描述為挪威人，所以讓我把這一點擺到桌面上。其次，我們與挪威的夥伴關係穩定。我們不會買斷。他們不會收購我們的任何資產，而且我們會不時一起尋找新的投資。

Okay. Thank you.

好的。謝謝。

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

謝謝。我們的問答環節到此結束。現在，我想請董事長兼執行長歐文‧托馬斯 (Owen Thomas) 致閉幕詞。

Thank you all for your attention and interest in BXP. I'll just close by reminding everyone of our investor conference on September 8, and we look forward to continued engagement. Thank you very much.

感謝大家對BXP的關注與興趣。最後，我想提醒大家，我們將於 9 月 8 日舉行投資者會議，我們期待繼續參與。非常感謝。

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

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。