波士頓物產 (BXP) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q3 2025 BXP earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 BXP 2025 年第三季財報電話會議。（操作人員指示）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, Investor Relations. Please go ahead.

現在，我謹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 the BXP’s third 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 年第三季財報電話會議。新聞稿和補充資料包已於昨晚分發，並以 8-K 表格的形式提供。在補充資料包中，BXP已根據G條例將所有非GAAP財務指標與最直接可比較的GAAP指標進行了核對。如果您未收到副本，這些文件可在我們網站投資者關係頁面（investors.bxp.com）查閱。本次電話會議的網路直播將保留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 exceptions, it can give no assurance that expectations will be attained.

在此，我們想告知各位，本次電話會議中某些非歷史性的陳述可能構成《私人證券訴訟改革法案》意義上的前瞻性陳述。儘管 BXP 認為任何前瞻性聲明中反映的預期都是基於合理的例外情況，但它不能保證預期能夠實現。

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聲明中明示或暗示的結果有重大差異的因素和風險，已在昨天的新聞稿以及 BXP 不時向美國證券交易委員會提交的文件中詳細列出。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.

我謹代表公司歡迎董事長兼執行長歐文·托馬斯、總裁道格·林德以及財務長麥克·拉貝爾。在電話會議的問答環節，高級執行副總裁雷·里奇和我們的區域管理團隊將解答任何問題。我們要求參與問答環節的各位，請每人只提一個問題。如果您還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.

現在我將把電話交給歐文‧湯瑪斯，請他發表正式演說。

Thank you, Helen, and good morning to all of you. Our financial results for the third quarter demonstrate a continuation of BXP's positive momentum. FFO per share was $0.04 above our forecast and $0.02 above market consensus, and we raised the midpoint of our earnings guidance for the full year 2025 by $0.03. This past quarter, BXP also completed a very well attended and successful Investor Day, during which we provided a detailed execution plan on how we intend to increase FFO per share, fund development costs and deleverage over the next 2.5 years.

謝謝你，海倫，大家早安。第三季的財務表現顯示 BXP 的發展動能得以延續。每股FFO比我們預測高出0.04美元，比市場普遍預期高出0.02美元，我們將2025年全年獲利預期中位數上調了0.03美元。上個季度，BXP也成功舉辦了一場投資者日活動，參與人數眾多。活動中，我們詳細說明了未來2.5年如何提高每股FFO、籌集資金以支付開發成本以及降低槓桿率的執行計劃。

This morning, I will provide a reminder of the action steps in our plan as well as an early update on our progress. Our first goal is to lease space and grow occupancy given the modest rollover exposure BXP faces over the next nine quarters. In the third quarter, we completed over 1.5 million square feet of leasing, 39% greater than the third quarter of 2024, and 130% of our last five-year average leasing for the third quarter. Year-to-date, we've leased 3.8 million square feet, which is 14% greater than the first three quarters of 2024.

今天上午，我將提醒大家我們計劃中的行動步驟，並初步報告我們的進度。鑑於 BXP 在未來九個季度面臨的到期風險較小，我們的首要目標是租賃空間並提高入住率。第三季度，我們完成了超過 150 萬平方英尺的租賃，比 2024 年第三季成長了 39%，比過去五年第三季的平均租賃量增加了 130%。今年迄今為止，我們已出租了 380 萬平方英尺的物業，比 2024 年前三個季度增長了 14%。

As we have explained on prior calls, leasing activity is tied to both our clients' growth and the use of their space. As a proxy for BXP's client base, over 87% of the S&P 500 companies that have reported earnings this quarter as of last Friday are beating estimates. S&P 500 earnings have been growing for nine straight quarters and for 2025 are projected to grow around 11% to 12%, up from single-digit estimates last quarter.

正如我們在先前的電話會議中所解釋的那樣，租賃活動與我們客戶的成長及其空間的使用情況都息息相關。作為 BXP 客戶群的代表，截至上週五，已公佈本季收益的標普 500 指數成分股公司中，超過 87% 的公司業績超出預期。標普500指數的獲利已連續九個季度成長，預計到2025年將成長約11%至12%，高於上個季度的個位數預期。

Return to office mandates continue to grow and take effect, though the West Coast lags the East Coast on this measure. Placer.ai just released their office utilization data showing a material uptick in office utilization from a year ago. In September 2024, office utilization was 34.8% below 2019 levels, and last month's utilization was 26.3% lower indicating a 13% increase in office utilization over the last year. This data captures a large set of office assets across the US and though premier workplace utilization in gateway cities is higher, the overall trend is relevant.

復工復產的要求仍在增加並生效，儘管西海岸在這方面落後於東海岸。Placer.ai剛發布了辦公空間利用率數據，數據顯示辦公​​空間利用率較去年同期大幅上升。2024 年 9 月，辦公室利用率比 2019 年水準低 34.8%，上個月的使用率低 26.3%，顯示過去一年辦公室利用率提高了 13%。這些數據涵蓋了美國各地的大量辦公資產，雖然門戶城市的優質辦公室利用率更高，但整體趨勢是相關的。

Our second goal is to raise capital and optimize our portfolio through asset sales. During our Investor Day, we communicated an objective to sell 27 land, residential and nonstrategic office assets for approximately $1.9 billion in net aggregate sale proceeds by year-end 2027. We are off to a strong start. So far, we've closed the sale of four land assets for total net proceeds of $57 million, have under contract nine assets for total net proceeds of approximately $400 million and are in the market with 10 additional properties for estimated total net proceeds of $750 million to $800 million.

我們的第二個目標是透過出售資產來籌集資金並優化我們的投資組合。在投資者日上，我們宣布了一項目標，即到 2027 年底出售 27 處土地、住宅和非戰略性辦公資產，淨銷售總額約為 19 億美元。我們開局強勁。到目前為止，我們已經完成了四項土地資產的出售，總淨收益為 5700 萬美元；九項資產已簽訂合同，總淨收益約為 4 億美元；另有 10 處房產正在市場上出售，預計總淨收益為 7.5 億至 8 億美元。

In total, we have 23 transactions closed or underway with estimated net proceeds of roughly $1.25 billion. Dispositions completed for 2025 could aggregate approximately $500 million to $700 million in net proceeds. Office transaction volume in the private market continues to improve as more equity investors get constructive on the sector, and financing becomes more available at scale, particularly in the CMBS market with tightening credit spreads. In the third quarter, significant office sales were $12.9 billion, up 6% from the second quarter of '25 and up 55% from the third quarter last year.

目前，我們共有 23 筆交易已完成或正在進行中，預計淨收益約為 12.5 億美元。2025 年完成的資產處置預計將帶來約 5 億至 7 億美元的淨收益。隨著越來越多的股權投資者對該行業持樂觀態度，以及融資管道更加暢通（尤其是在信貸利差收窄的商業抵押貸款支持證券市場），私人市場的辦公大樓交易量持續改善。第三季度，重要辦公大樓銷售額為 129 億美元，比 2025 年第二季成長 6%，比去年第三季成長 55%。

Relevant transaction activity that took place in the third quarter is as follows: In New York City, Park Avenue Tower, a nearly fully leased 620,000 foot office building located at 55th Street, is under agreement to sell for $730 million or approximately a 6% cap rate and nearly $1,200 a square foot.

第三季發生的相關交易活動如下：位於紐約市第 55 街的 Park Avenue Tower 是一棟幾乎全部出租的 62 萬平方英尺的辦公大樓，已達成協議以 7.3 億美元的價格出售，資本化率約為 6%，每平方英尺近 1,200 美元。

Another 5% interest in One Vanderbilt located adjacent to Grand Central Station in New York City sold for over $2,800 a square foot and presumably a very low cap rate. In Boston, 399 Boylston Street, a 245,000 square foot office asset that is 90% leased with relatively short weighted average lease term is under agreement to sell for $124 million or just over $500 a foot and an 8.3% cap rate; in Beverly Hills, Maple Plaza, a 290,000 square-foot office asset that is 75% leased sold for $205 million or $713 a foot and a 6.5% cap rate; and lastly, in Redmond, Washington, One Esterra, a 250,000 square foot office building fully leased to Microsoft on a long-term basis sold for $225 million or a 6.5% cap rate and over $900 a square foot.

位於紐約市中央車站附近的范德比爾特一號大廈另外 5% 的股份以每平方英尺超過 2800 美元的價格售出，推測資本化率非常低。在波士頓，博伊爾斯頓街 399 號，一棟 245,000 平方英尺的辦公大樓，出租率達 90%，加權平均租期相對較短，已達成協議，將以 1.24 億美元的價格出售，相當於每平方英尺略高於 500 美元，資本化率為 8.3%；在比佛利山莊，楓樹廣場，一棟 200 平方英尺的辦公樹廣場2.05 億美元的價格售出，相當於每平方英尺 713 美元，資本化率為 6.5%；最後，在華盛頓州雷德蒙德，埃斯特拉一號，一棟 250,000 平方英尺的辦公大樓，已長期全部出租給微軟，以 2.25 億美元的價格售出，相當於資本化率為 6.5%，每平方英尺超過 900 美元。

Our third goal is to increase our portfolio concentration of premier workplace assets in CBD locations in our core gateway markets. As a backdrop, the premier workplace segment, defined as roughly the top 14% of space and 7% of buildings in the five CBD markets where BXP co mpetes, continues to materially outperform the broader office market. Direct vacancy for Premier workplaces in these five markets is 11.7%, 5.7 percentage points or 22% lower than the broader market and asking rents for Premier workplaces climbed to a 55% premium over the broader market.

我們的第三個目標是提高我們在核心入口網站市場中央商務區優質辦公室資產的投資組合集中。作為背景，BXP 參與競爭的五個中央商務區市場中，面積佔比約前 14%、建築佔比約前 7% 的優質辦公場所細分市場，繼續在整體上顯著優於更廣泛的辦公市場。在這五個市場中，優質辦公室的直接空置率為 11.7%，比大市場低 5.7 個百分點或 22%，而優質辦公室的要價租金比大市場高出 55%。

Over the last three years, net absorption for Premier workplaces has been a positive 10.3 million square feet versus a negative 9.2 million square feet for the balance of the market, nearly a 20 million square foot difference. For BXP, we continue to reallocate capital to Premier Workplace assets in CBD locations. We recently launched new developments at 343 Madison Avenue in New York City and 725 12th Street in Washington, DC, and most of the office and land assets we are selling are in suburban locations. There are an increasing number of higher quality office assets in our core markets available for acquisition, some on an off-market basis. We evaluate everything, pursue deals selectively, but are being disciplined about quality, pricing and the resultant leverage and earnings dilution impact.

過去三年，Premier辦公室的淨吸收量為正1,030萬平方英尺，而市場其他部分的淨吸收量為負920萬平方英尺，兩者相差近2,000萬平方英尺。對於 BXP，我們將繼續將資金重新分配到中央商務區的優質辦公室資產。我們最近在紐約市麥迪遜大道 343 號和華盛頓特區第 12 街 725 號推出了新的開發項目，而我們出售的大部分辦公大樓和土地資產都位於郊區。在我們核心市場中，可供收購的高品質辦公資產越來越多，其中一些是透過非公開市場方式進行的。我們會對所有事項進行評估，有選擇地進行交易，但在品質、定價以及由此產生的槓桿和收益稀釋影響方面保持嚴謹的態度。

The fourth goal is to grow FFO through new development more selectively with office given market conditions and more actively for multifamily, which we'll do with a financial partner. For office, we are allocating capital more to developments and acquisitions because we are finding very high-quality development opportunities with pre-leasing that we believe will generate over 8% cash yield upon delivery, which are roughly 150 basis points to 200 basis points higher than cap rates for debatably equivalent quality asset acquisitions.

第四個目標是透過更有選擇性地開發新項目來增加 FFO，尤其是在當前市場條件下，我們會選擇開發辦公大樓，並更積極地開發多戶住宅，我們將與金融合作夥伴一起實現這一目標。對於辦公大樓，我們正在將更多資金分配給開發和收購，因為我們發現了許多高品質的開發機會，這些機會已經預租，我們相信這些機會在交付時將產生超過 8% 的現金收益率，這比質量相當的資產收購的資本化率高出大約 150 到 200 個基點。

An additional advantage as new buildings generally have longer weighted average lease term and limited near- and medium-term CapEx requirements. The trade-off is timing as developments obviously take several years to deliver. For multifamily, we are selling four properties totaling over 1,300 units, have three projects with over 1,400 units under construction and are in various stages of entitlement and/or design for 11 projects totaling over 5,000 units, two of which could commence in 2026. We expect to capitalize new development starts with financial partners owning the majority of the equity.

此外，新建建築通常具有更長的加權平均租賃期限，並且近期和中期資本支出需求有限，這也是其優勢之一。權衡之下，關鍵在於時間，因為開發案顯然需要數年時間才能取得成果。對於多戶住宅，我們正在出售四處房產，總計超過 1300 套單元；有三個項目正在建設中，總計超過 1400 套單元；另有 11 個項目處於不同的審批和/或設計階段，總計超過 5000 套單元，其中兩個項目可能在 2026 年開工。我們期望透過與持有多數股權的金融合作夥伴共同開展的新開發項目來實現盈利。

We continue to advance our development pipeline. This quarter, we delivered three office projects: 1050 Winter Street, Reston Next Office Phase 2. The office component of both these assets are fully leased and 360 Park Avenue South, currently 38% leased and experiencing accelerating leasing activity.

我們持續推進研發項目。本季度，我們交付了三個辦公項目：1050 Winter Street、Reston Next Office Phase 2。這兩處房產的辦公部分均已全部出租，其中位於公園大道南 360 號的房產目前出租率為 38%，且租賃活動正在加速進行。

We have eight office life science, residential and retail projects underway, comprising 3.5 million square feet and $3.7 billion of BXP investment. We expect these projects will deliver strong external growth, both in the near term with the delivery of 290 Binney Street midway through next year and over the longer term. Our Washington, DC team is also working on another Premier Workplace build-to-suit opportunity.

我們有八個正在進行中的辦公、生命科學、住宅和零售項目，總建築面積達 350 萬平方英尺，BXP 投資額達 37 億美元。我們預計這些項目將帶來強勁的外部成長，無論是在短期內（例如明年年中交付的 Binney 街 290 號專案），還是在長期內。我們位於華盛頓特區的團隊也在努力爭取另一個高端客製化辦公室項目。

A final goal is to introduce a financial partner into our 343 Madison development project, which is under construction. As we have described, 343 Madison is a leading premier workplace new development project in New York City given its location with direct access to Grand Central Terminal and state-of-the-art amenities and design. We are finalizing a lease commitment with a financial services client for 30% of the space in the middle bank of the building. We are also in discussions with several other large users for the balance of the space in the project.

最終目標是為我們正在建設中的 343 Madison 開發項目引入財務合作夥伴。正如我們所描述的，343 Madison 是紐約市領先的一流辦公新開發項目，因為它地理位置優越，可直達中央車站，並擁有最先進的設施和設計。我們正在與金融服務客戶敲定租賃協議，租賃該大樓中間樓層 30% 的空間。我們也正在與其他幾家大型用戶洽談，商討該專案剩餘的空間使用事宜。

Our financial goal is to introduce an equity partner for a 30% to 50% interest in the property. While we are in very preliminary discussions with a small number of investors who have expressed interest, we believe the value of the asset will appreciate given our leasing progress and the accelerating market rent growth in the Midtown office market and do not expect to finalize an investment until sometime in 2026.

我們的財務目標是引入一位股權合作夥伴，使其持有該物業 30% 至 50% 的股份。雖然我們目前正與少數表示感興趣的投資者進行非常初步的討論，但鑑於我們的租賃進展以及中城辦公大樓市場租金的加速增長，我們相信該資產的價值將會升值，預計要到 2026 年才能最終完成投資。

In conclusion, our clients, in general, are growing, healthy and more intensively using their space, creating increasingly positive leasing market conditions concentrated in the premier workplace segment of the market. New construction for office has virtually halted, leading to higher occupancy and rent growth in many submarkets where BXP operates.

總之，我們的客戶總體上都在不斷發展壯大，經營狀況良好，並且更加積極地利用他們的空間，從而創造了日益積極的租賃市場環境，尤其是在高端辦公場所市場領域。辦公大樓新建工程幾乎停滯，導致 BXP 營運的許多細分市場入住率和租金上漲。

Debt and equity investors are becoming constructive on the office sector, resulting in more availability of capital at better pricing. BXP is very much on track executing our business plan as outlined last month, which we believe will deliver both FFO growth and deleveraging in the years ahead.

債務和股權投資者對辦公大樓市場持樂觀態度，導致更多資金以更優惠的價格流入市場。BXP 目前正按計劃執行上個月制定的業務計劃，我們相信這將在未來幾年實現 FFO 成長和去槓桿化。

Let me turn it over to Doug.

讓我把麥克風交給道格。

Thanks, Owen. Good morning, everybody. So it's been 6.5 weeks since we made our presentation at our Investor Day, and I'm going to begin my comments this morning by affirming our expectations relative to our same-store leasing, occupancy growth and bottom-line contribution to future earnings. As you probably noticed, our beat this quarter came directly from better operating portfolio performance.

謝謝你，歐文。各位早安。距離我們在投資者日上進行演示已經過去了 6.5 週，今天早上我將首先重申我們對同店租賃、入住率增長以及對未來收益的淨利潤貢獻的預期。正如您可能已經注意到的，我們本季業績超預期直接得益於營運組合表現的改善。

We have entered a 30-month period of very light lease expirations, 60% of historical annual average over the last 10 years, and we've now reduced our '26 and '27 expirations by another 8% from 6/30/2025. So the total expiring square footage on our 49 million square foot portfolio is 3.8 million square feet.

我們已經進入了為期 30 個月的租賃到期量非常少的時期，僅為過去 10 年曆史年均到期量的 60%，並且我們現在已經將 2026 年和 2027 年到期的租賃合約數量從 2025 年 6 月 30 日起又減少了 8%。因此，在我們 4,900 萬平方英尺的投資組合中，即將到期的總面積為 380 萬平方英尺。

During 29 of the last 39 quarters, we executed leases in excess of 1 million square feet with this quarter's 1.5 million square foot performance added. We will surpass our goal of 4 million square feet for 2025. Mike says to say confidently. As I described in my remarks in September, leasing vacant space improves occupancy and delivers the highest contribution to revenue growth.

在過去 39 個季度中的 29 個季度裡，我們簽訂的租賃面積超過 100 萬平方英尺，加上本季的 150 萬平方英尺，總面積超過 100 萬平方英尺。我們將超越2025年400萬平方英尺的目標。麥克說要自信地說。正如我在九月的演講中所述，租賃空置空間可以提高入住率，並為收入成長做出最大貢獻。

During the first half of '25, we leased 810,000 square feet of vacant space. And this quarter, we leased an additional 490,000 square feet of vacancies, making this the seventh consecutive quarter of between 400,000 and 500,000 square feet of vacancy leasing. Post 10/2025 so at the beginning of the fourth quarter, we had 1.8 million square feet of leases in negotiation, which is where we began the beginning of the second quarter. So we have continued to replenish the pipeline.

2025 年上半年，我們租了 81 萬平方英尺的空置空間。本季度，我們又出租了 49 萬平方英尺的空置物業，這是連續第七個季度出租的空置物業面積在 40 萬至 50 萬平方英尺之間。2025 年 10 月之後，也就是第四季初，我們有 180 萬平方英尺的租賃合約正在洽談中，而第二季初我們正是從這個規模開始的。因此，我們一直在持續補充管道。

The space under lease negotiations includes 650,000 square feet of currently vacant space, 71,000 square feet of known '25 explorations and 450,000 square feet of '26, '27 expirations. In addition, we have active dialogue on other space that's not yet in lease negotiation totaling about 1.1 million square feet, and that includes more than 125,000 square feet on buildings that we delivered into the portfolio this quarter, aka 360 Park Avenue South.

正在洽談租賃事宜的空間包括 650,000 平方英尺的現有空置空間、71,000 平方英尺的已知 2025 年勘探空間以及 450,000 平方英尺的 2026 年、2027 年到期空間。此外，我們也正在積極洽談其他尚未進行租賃談判的空間，總面積約為 110 萬平方英尺，其中包括本季度我們交付到投資組合中的建築物的 12.5 萬平方英尺以上，即南公園大道 360 號。

Last quarter, on our call, we called out the delivery of the three development properties in our portfolio that would occur this quarter and result in an estimated 70 basis point reduction in our occupancy from the portfolio additions. I'm happy to report that the in-service occupancy as of 9/30/2025 decreased by only 40 basis points to 86%. BXP's totaled sequential same-store portfolio occupancy, excluding the portfolio additions, so looking back to where we were at the end of the second quarter, actually increased by 20 basis points in end of the year of the quarter at 86.6%.

上個季度，我們在電話會議上提到，我們投資組合中的三個開發項目將於本季交付，預計這些新增項目將使我們的入住率下降 70 個基點。我很高興地報告，截至 2025 年 9 月 30 日，在用入住率僅下降了 40 個基點，至 86%。BXP 的連續同店投資組合入住率總計（不包括投資組合新增部分），回顧第二季末的情況，實際上在季度末增長了 20 個基點，達到 86.6%。

The largest lease starts and expirations this quarter all came in the urban edge portfolio of Boston. We had 160,000 square feet expiration at 1000 Winter Street, which, by the way, is a building that we are considering for a potential conversion to residential. We executed and delivered 104,000 square feet at 153 Second Avenue in the full building lease at 1050 Winter Street for 162,000 square feet commenced this quarter.

本季最大的租賃開租和到期交易都發生在波士頓的城市邊緣。我們在溫特街 1000 號有 160,000 平方英尺的租賃權到期，順便說一句，我們正在考慮將這棟建築改建成住宅。我們已完成並交付了位於第二大道 153 號的 104,000 平方英尺的辦公空間，這是本季度開始的位於溫特街 1050 號的整棟樓租賃合約的一部分，該合約總面積為 162,000 平方英尺。

We placed 350 Park Avenue South, Reston Town Phase II into service and we added 130,000 square feet of occupied space and 405,000 square feet of vacant space, of which 120,000 is leased but not yet occupied. BXP's total portfolio percentage leased for the quarter was 88.8%, a decline of 30 basis points. Excluding the impact of placing the three development properties in service.

我們已將雷斯頓鎮二期 350 Park Avenue South 投入使用，新增了 130,000 平方英尺的已佔用空間和 405,000 平方英尺的空置空間，其中 120,000 平方英尺已出租但尚未入住。BXP本季的總投資組合出租率為88.8%，下降了30個基點。不包括將這三個開發項目投入使用所帶來的影響。

So again, going back to 6/30, the lease percentage increased by 10 basis points to 89.2%. The difference between the leased and occupied square footage has grown again this quarter and now sits at 1.4 million square feet. 300,000 square feet is expected to become occupied in '25, about 1 million square feet that's going to commence in the back half of '26 and another 100,000 square feet in '27.

所以，回到 6/30 時期，租賃百分比上升了 10 個基點，達到 89.2%。本季已出租面積與已佔用面積之間的差距再次擴大，目前已達140萬平方英尺。預計2025年將有30萬平方英尺投入使用，2026年下半年將有約100萬平方英尺投入使用，2027年還將有10萬平方英尺投入使用。

Owen described the magnitude of the operating assets being actively marketed for sale. As we dispose of assets, we will disclose the incremental impact of occupancy from the changes in the portfolio. Looking forward, we project that the current in-service portfolio, which includes the recent development deliveries to end '25 at approximately 86.2% occupied and '26 at 88.3% occupied, a 210 basis point increase with most of the improvement in the second half of '26.

歐文描述了正在積極出售的營運資產的規模。隨著我們處置資產，我們將揭露投資組合變化對入住率的增量影響。展望未來，我們預計，截至 2025 年底，目前在役物業組合（包括近期交付的開發項目）的入住率約為 86.2%，到 2026 年將達到 88.3%，增長 210 個基點，其中大部分改善將在 2026 年下半年實現。

We are reaffirming our guidance from the Investor Day, adjusted for the 70 basis points of impact from the Q3 new deliveries, which we also disclosed at that time. The overall mark-to-market on leases signed this quarter on a cash basis was up almost 7% with a 12% increase in Boston, a 7% increase in New York, flat results in DC and a 4% decrease on the West Coast.

我們重申投資者日上的業績指引，並根據第三季新交付量帶來的 70 個基點的影響進行了調整，我們也在當時披露了這一影響。本季以現金方式簽訂的租賃合約的整體市值上漲了近 7%，其中波士頓上漲了 12%，紐約上漲了 7%，華盛頓特區持平，西海岸下降了 4%。

This quarter, we executed a number of larger leases, including five that were each over 75,000 square feet. 60% of the square footage involved renewables or extensions and 40% was either new clients or expansions from existing clients. Existing client expansions encompassed 84,000 square feet of the activity.

本季度，我們簽訂了多份大型租賃合同，其中包括五份面積均超過75,000平方英尺的合約。其中60%的面積為續租或延期，40%為新客戶或現有客戶的擴租。現有客戶的業務拓展涵蓋了 84,000 平方英尺的業務面積。

The second-generation rents in the leasing statistics this quarter represent about 523,000 square feet and are down on a gross basis about 4%. The LA statistic had a whopping 1,300 square foot lease and San Francisco included 117,000 square feet with 74,000 square feet, so about two-thirds, coming from our Mountain View properties.

本季租賃統計數據顯示，第二代租金面積約為 523,000 平方英尺，總租金下降了約 4%。洛杉磯的統計數據顯示，租賃面積高達 1,300 平方英尺；舊金山的統計數據顯示，租賃面積為 117,000 平方英尺，其中 74,000 平方英尺（約佔三分之二）來自我們在山景城的房產。

I want to pivot my remarks now to the market conditions and the activity we're capturing. Our leasing this quarter came from 79 transactions, 398,000 square feet in Boston; 795,000 square feet in New York; 191,000 square feet on the West Coast; and 140,000 square feet in DC. In the BXP portfolio, Midtown New York City, the Back Bay of Boston and Reston Virginia continue to have the tightest supply and, therefore, the most landlord favorable conditions.

現在我想把話題轉向市場狀況和我們正在關注的市場活動。本季我們共完成79筆租賃交易，其中波士頓39.8萬平方英尺；紐約79.5萬平方英尺；西海岸19.1萬平方英尺；華盛頓特區14萬平方英尺。在BXP的投資組合中，紐約市中心、波士頓後灣區和維吉尼亞州雷斯頓的供應仍然最為緊張，因此對業主而言，租賃條件最為有利。

What this means is that net effective rents are increasing due to either higher rental rates or flat or decrease in concessions or both. The bigger accomplishments in Boston this quarter took place in our Urban Edge portfolio, where we completed over 200,000 square feet of leasing to life science clients. This included 104,000 square foot lease with a drug development and medical device research services company and five -- counted five additional pure office leases with life science organizations.

這意味著淨有效租金上漲，可能是由於租金上漲，也可能是由於優惠力度不變或減少，或者兩者兼而有之。本季我們在波士頓的最大成就體現在我們的 Urban Edge 投資組合中，我們完成了超過 20 萬平方英尺的租賃，客戶均為生命科學領域的企業。其中包括與一家藥物開發和醫療器材研究服務公司簽訂的 104,000 平方英尺的租賃合同，以及與生命科學組織簽訂的五份純辦公租賃合約。

Our remaining first-generation life science availability in the Urban Edge is now limited to 70,000 square feet at 180 CityPoint and 112,000 square feet at 103 CityPoint. So that's a total of 180,000 square feet. That's our life science first-generation exposure.

我們在城市邊緣地帶剩餘的第一代生命科學可用空間現在僅限於 CityPoint 180 號的 70,000 平方英尺和 CityPoint 103 號的 112,000 平方英尺。所以總面積是18萬平方英尺。這就是我們第一代接觸生命科學的方式。

Demand for wet lab space continues to be tepid. There are a few lab users actively touring but the requirements from very early stage clients continues to be limited. In the Boston CBD, we continue to complete renewals in the Back Bay portfolio. This quarter, we completed about 140,000 square feet. And as you can see from our property occupancy tables, availability is very limited, net effective rents are improving.

對濕實驗室空間的需求依然疲軟。雖然有一些實驗室用戶正在積極參觀，但早期客戶的需求仍然有限。在波士頓中央商務區，我們繼續完成後灣物業組合的續約工作。本季度，我們完成了約 14 萬平方英尺的工程。從我們的房產入住率表中可以看出，房源非常有限，淨有效租金正在改善。

In New York, our executed leasing activity was focused on the Midtown East portfolio. The underpinning of this demand is the growth of clients in a variety of asset management strategies. I described a series of client-initiated early extensions under negotiation last quarter, while 500,000 square feet were executed this quarter, with the largest being at 399 Park Avenue.

在紐約，我們進行的租賃活動主要集中在曼哈頓中城東區的物業組合。這項需求的根本原因是各種資產管理策略的客戶數量不斷增長。上個季度我介紹了一系列由客戶發起的早期延期談判，而本季完成了 50 萬平方英尺的擴建，其中最大的擴建項目位於公園大道 399 號。

There have been many unconfirmed press reports about our lead tenant for 343 Madison. If that client were to come from one of our Midtown assets, there would be strong demand for the space at either 601 Lexington Avenue, 599 Lexington or 399 Park Avenue. The average in-place fully escalated rent is under $110 a square foot, which is significantly below market.

關於我們位於麥迪遜大道 343 號的主要租戶，有許多未經證實的媒體報導。如果該客戶來自我們在中城的某個資產，那麼位於列剋星敦大道 601 號、列剋星敦大道 599 號或公園大道 399 號的辦公空間將會有很強的需求。目前平均完全遞增租金低於每平方英尺 110 美元，遠低於市價。

This quarter, while our executed leases were primarily in Midtown, the new client inquiry story was focused on 360 Park Avenue South, where we have our largest availability in Manhattan. Activity at the building has grown substantially, and we executed two leases during the quarter. There are a few AI companies in the mix, but much of the activity is being driven by financial service and asset management organizations, the heart of New York City.

本季度，雖然我們簽訂的租賃合約主要集中在曼哈頓中城，但新客戶的諮詢主要集中在公園大道南 360 號，這是我們在曼哈頓最大的空置房源。該大樓的活動大幅增長，我們在本季度簽訂了兩份租賃合約。雖然也有一些人工智慧公司參與其中，但大部分活動是由金融服務和資產管理機構推動的，而這些機構正是紐約市的核心。

We have 56,000 square feet of leases in negotiation and letters of intent discussions on more than 125,000 square feet. All of these leases would commence in '26. With the tightening of availability in the Park Avenue and now the 6th Avenue submarket, we're also seeing stronger activity at Times Square Tower where we are in lease negotiations with over 100,000 square feet of new client demand. And down in Princeton, we completed over 160,000 square feet of leasing with eight clients totaling -- including 134,000 square feet renewal with a life science client, again with no lab infrastructure.

我們正在洽談 56,000 平方英尺的租賃事宜，並就超過 125,000 平方英尺的租賃事宜進行意向書討論。所有這些租賃合約都將於 2026 年開始。隨著公園大道和現在的第六大道子市場的供應日益緊張，我們也看到時代廣場大廈的交易活動更加活躍，我們正在與超過 10 萬平方英尺的新客戶進行租賃談判。在普林斯頓，我們完成了超過 16 萬平方英尺的租賃，共有 8 位客戶——其中包括與一位生命科學客戶續簽的 134,000 平方英尺，該客戶同樣沒有實驗室基礎設施。

In San Francisco, the demand from organizations that describe themselves as AI business continues to accelerate. The bulk of this demand is concentrated south of Mission Street. The majority of these requirements are looking for inexpensive, fully-built and furnished space with short-term commitments.

在舊金山，自稱人工智慧企業的組織的需求持續加速成長。大部分需求集中在米申街以南。這些需求大多是尋找價格低廉、設施齊全、家具完善且租期較短的租賃空間。

To date, these criteria have been available in either sublease situations or with landlords that have direct space that was vacated by tech companies over the past three years. These opportunities in medium-sized blocks, 25,000 to 100,000 square feet are quickly shrinking. The result has been a dramatic pickup of activity at our 680 Folsom, 50 Hawthorne assets, which are south of mission between Foundry Square and Mission Bay.

迄今為止，這些標準僅適用於轉租情況，也適用於擁有過去三年科技公司騰空空間的房東。面積在 25,000 至 100,000 平方英尺之間的中型地塊的這些機會正在迅速減少。結果是，我們位於米申區南部、鑄造廣場和米申灣之間的 680 Folsom 和 50 Hawthorne 資產的活動顯著增加。

We have had multiple tours every week and are exchanging proposals with tenants ranging from a single floor to over 200,000 square feet. During the first six months of the year, we had 11 unique tours at the property. In the month of July, we had 7, in August 9, in September 10 and so far in October 14. That AI demand has not translated into a commensurate pickup in ancillary professional services growth in the high-rise assets in San Francisco.

我們每週都會安排多次參觀，並與租戶交換租賃方案，租賃面積從單層到超過 20 萬平方英尺不等。今年前六個月，我們為莊園安排了 11 場獨特的參觀活動。7 月份有 7 例，8 月份有 9 例，9 月份有 10 例，而截至 10 月份，已有 14 例。舊金山高層建築資產中人工智慧的需求並未轉化為相應的輔助專業服務成長。

While San Francisco is unequivocally the financial capital of the West. The organizations that are growing assets under management in San Francisco are not expanding at the same levels we are experiencing in our New York and Boston portfolios. There's clearly been a pickup in activity, and the premier buildings are gaining market share, but it's just nothing like the client growth from the AI companies south of Mission where CBRE reports that there are 36 AI active tenants with aggregate growth of 1.5 million square feet in the market right now.

舊金山無疑是西部的金融中心。在舊金山，那些資產管理規模不斷成長的機構，其擴張速度並沒有達到我們在紐約和波士頓投資組合中所經歷的水平。顯然，市場活動有所回升，一流建築的市場份額也在不斷擴大，但這與 Mission 南部人工智慧公司帶來的客戶成長相比，簡直是小巫見大巫。根據 CBRE 報告，該地區目前有 36 家活躍的人工智慧租戶，總成長面積達 150 萬平方英尺。

In our towers, we completed about 100,000 square feet of transactions this quarter. The rest of the West Coast activity came from Mountain View, where we signed 30,000 square feet and Seattle where we completed the 54,000 square feet of vacant space leasing. Activity in DC continues to be concentrated in Reston Town Center. This quarter, we executed a 51,000 square foot lease on space that was vacated by Meta in June of this year as well as a handful of smaller office and retail leases. The government shutdown has had minimal impact on government contract or leasing activities. The private sector clients that have space needs are all still active in the market.

本季度，我們大樓的交易面積約為 10 萬平方英尺。西海岸的其他業務活動來自山景城（我們在那裡簽署了 30,000 平方英尺的租賃協議）和西雅圖（我們在那裡完成了 54,000 平方英尺的空置空間租賃）。華盛頓特區的活動仍然集中在雷斯頓鎮中心。本季度，我們簽訂了一份面積為 51,000 平方英尺的租賃合同，該空間是 Meta 公司今年 6 月騰出的；此外，我們還簽訂了一些較小的辦公和零售租賃合同。政府停擺對政府合約或租賃活動的影響微乎其微。有空間需求的私人企業客戶仍然活躍在市場上。

Before I conclude my remarks, I want to update our construction activities, particularly because we are in the process of establishing our GMP for 343 Madison. Subcontractors are actively bidding the job after taking into consideration the tariffs associated with nondomestic suppliers and the most recent country agreements.

在我結束發言之前，我想報告我們的施工活動，特別是因為我們正在確定 343 Madison 的 GMP。分包商在考慮了與非國內供應商相關的關稅和最新的國家協議後，正在積極競標這項工作。

We expect to purchase our steel from US manufacturers, and we are within our expected budgets with all include anticipated savings relative to our last GC estimate. Given the overall slowdown in construction activity in our markets, there is enough subcontractor interest to provide savings in spite of all the tariff increases. Remember, construction is a composition of labor cost, material cost and profit.

我們計劃從美國製造商採購鋼材，並且所有預算均在預期範圍內，其中包括相對於上次總承包商估算的預期節省。鑑於我們市場建築活動的整體放緩，儘管關稅上漲，但分包商的興趣仍然足夠濃厚，能夠節省成本。記住，建築成本由人工成本、材料成本和利潤組成。

And let me hand the call over to Mike.

讓我把電話交給麥克。

Great. Thanks, Doug. Good morning. Today, I'm going to cover some of our activity in the capital markets as well as our third quarter earnings results, an update to our full year guidance and some updates on our expectations for 2026 since our Investor Day in early September.

偉大的。謝謝你，道格。早安.今天，我將介紹我們在資本市場的一些活動，以及我們第三季度的收益結果、全年業績指引的更新，以及自9月初投資者日以來我們對2026年的一些預期更新。

The debt markets have been steadily improving throughout 2025, and this quarter, we opportunistically and successfully accessed both the secured and unsecured markets. In late September, we closed on $1 billion of five-year unsecured exchangeable notes at a 2% coupon.

2025 年債務市場持續改善，本季我們抓住機會，成功進入了有擔保和無擔保市場。9 月下旬，我們完成了 10 億美元的五年期無擔保可交換票據的發行，票面利率為 2%。

If you include closing costs, the interest costs we will record for GAAP is 2.5%. This will refinance a $1 billion bond issue that expires in February of next year and carries a GAAP yield of 3.77%. The notes include a conversion premium at a stock price of $92.44 per share. So if our stock trades above the conversion premium during the term, our diluted share count will increase. We also acquired a capped call to increase the conversion premium to 40% or $105.64 per share, to reduce the dilution from the increase in our share price. The cap call has no impact on our P&L or our diluted share count during the term, It settled at maturity.

如果計入交易費用，我們將以 GAAP 記錄的利息成本為 2.5%。這將為明年 2 月到期的 10 億美元債券發行進行再融資，該債券的 GAAP 收益率為 3.77%。該票據包含每股 92.44 美元的股票價格轉換溢價。因此，如果在期限內我們的股票交易價格高於轉換溢價，我們的稀釋股份數量將會增加。我們還收購了一份上限期權，將轉換溢價提高到 40% 或每股 105.64 美元，以減少股價上漲帶來的股權稀釋。此股權上限要求在期限內對我們的損益或稀釋後的股份數量沒有影響，並在到期時結算。

The market demand for our deal was exceptionally strong, and we were 5 times oversubscribed. That allowed us to price the security in the low end of our expected pricing range and upsized the deal from the $600 million initially offered to $1 billion. We also closed a $465 million mortgage refinancing on our Hub on Causeway office and retail complex that we own in a joint venture where our share is 50%. This loan was executed as a single asset securitization in the CMBS market, and it priced at a 5.73% fixed rate for a 5.5-year term. This is approximately 50 basis points lower than the floating rate on the prior loan.

市場對我們這筆交易的需求異常強勁，認購額超過了預期5倍。這使我們能夠將該證券的價格定在我們預期價格範圍的低端，並將交易規模從最初提出的 6 億美元增加到 10 億美元。我們也完成了對我們在合資企業中擁有的 Hub on Causeway 辦公室和零售綜合體的 4.65 億美元抵押貸款再融資，我們在該合資企業中佔 50% 的股份。這筆貸款以單一資產證券化的形式在 CMBS 市場進行交易，固定利率為 5.73%，期限為 5.5 年。這比上一筆貸款的浮動利率低約 50 個基點。

The pricing equated to about a 200 basis points credit spread for a premier quality secured mortgage with a 55% loan-to-value ratio. There have been about a dozen single asset securitizations completed on office buildings in the past six months, and that demonstrates the CMBS market is supportive of financing high-quality, large office assets on competitive terms and credit spreads have been consistently improving.

該定價相當於優質擔保抵押貸款（貸款價值比為 55%）約 200 個基點的信用利差。在過去六個月裡，大約有十幾筆辦公大樓的單一資產證券化交易完成，這表明 CMBS 市場支持以具有競爭力的條款為高品質的大型辦公資產提供融資，並且信貸利差一直在持續改善。

We expect this will help lead to a healthier sales market, as Owen described. Overall, we continue to have very strong access to all the capital markets to finance our business. This includes the debt markets as well as the asset sales environment where we expect to be increasingly active.

正如歐文所描述的那樣，我們預計這將有助於促進更健康的銷售市場。總體而言，我們仍然能夠非常有效地利用所有資本市場為我們的業務融資。這包括債務市場以及我們預計將越來越活躍的資產出售環境。

Now I would like to turn to our earnings for the quarter. Last night, we reported funds from operations for the third quarter of $1.74 per share, which is $0.04 per share above the midpoint of the FFO guidance range we provided in July. All of the outperformance came from better-than-projected same-property portfolio NOI due to a combination of the straight-line rent impact of completing early renewals at higher rents and lower net operating expenses in the portfolio.

現在我想談談我們本季的收益狀況。昨晚，我們公佈了第三季度營運資金為每股 1.74 美元，比我們在 7 月提供的 FFO 指導範圍的中點高出每股 0.04 美元。所有超額收益都來自優於預期的同物業組合淨營業收入，這是由於提前續租獲得更高租金帶來的租金直線增長，以及投資組合中較低的淨運營費用共同作用的結果。

Our occupancy came right in line with our expectations. As Doug described, occupancy in the same property pool increased by 20 basis points from last quarter. We grew occupancy sequentially in Boston, New York City, Reston and Princeton. The improvement showed up in our top line lease revenues that increased $4 million this quarter.

我們的入住率完全符合預期。正如道格所描述的那樣，同一物業池的入住率比上一季提高了 20 個基點。我們在波士頓、紐約市、雷斯頓和普林斯頓的入住率逐年增加。這項改善體現在我們本季租賃收入總額上，該季度租賃收入增加了 400 萬美元。

In our leasing activity this quarter, we executed four early renewals totaling 500,000 square feet at 399 Park and 200 Clarendon Street with future starting rents nearly 15% higher than our in-place rents. We are locking in future rental rate increases and a portion is straight line into the current period and improving 2025 revenues.

本季租賃活動中，我們在 399 Park 和 200 Clarendon Street 完成了四項提前續租，總面積達 50 萬平方英尺，未來的起租租金比現有租金高出近 15%。我們正在鎖定未來的租金上漲幅度，其中一部分將直接計入當前時期，並提高 2025 年的收入。

Our portfolio revenues exceeded our guidance for the quarter by approximately $0.02 per share. On the expense side, we experienced lower-than-anticipated repair and maintenance expenses this quarter, and that contributed $0.02 per share to our outperformance. I anticipate that we will give some of this performance back in the fourth quarter as our teams complete R&M projects that were budgeted for Q3, but not completed in the quarter.

本季我們的投資組合收入比預期每股高出約 0.02 美元。在支出方面，本季我們的維修和維護費用低於預期，這為我們的每股盈餘貢獻了 0.02 美元。我預計，隨著團隊完成第三季預算中已列入第三季但未在第三季完成的維修保養項目，我們將在第四季恢復部分業績。

We also recorded $212 million of impairments this quarter related to assets that are part of our strategic sales program we announced on our Investor Day. The accounting guidance requires that we recognize impairments to fair value when we shorten our whole period and prior to an asset sale actually closing. On the flip side, gains on sale are not recorded until the sale closes. So if you look at our sales program as a whole, we anticipate that the aggregate gains less impairments will total nearly $300 million. We expect gains will be recorded in future quarters as we execute our sales strategy.

本季我們也提列了 2.12 億美元的減損損失，這些減損損失與我們在投資者日上宣布的策略銷售計畫中的資產有關。會計準則要求我們在縮短整個會計期間以及資產出售實際完成之前確認公允價值減損。另一方面，出售所得收益只有在交易完成時才會被記錄下來。因此，從整體來看我們的銷售計劃，我們預計總收益減去減損損失將接近 3 億美元。我們預計隨著銷售策略的實施，未來幾季將取得收益。

Looking at the rest of 2025, we've increased our guidance range by $0.03 per share at the midpoint, and we expect full year 2025 FFO of $6.89 to $6.92 per share. Our increased guidance includes a $0.07 increase in the low end of our range, reflecting outperformance from the third quarter, some of which was incorporated into our guidance range we provided last quarter.

展望 2025 年剩餘時間，我們將預期範圍中點提高了每股 0.03 美元，預計 2025 年全年 FFO 為每股 6.89 美元至 6.92 美元。我們上調後的業績預期包括將預期區間下限提高 0.07 美元，這反映了第三季業績的超預期表現，其中一部分已納入我們上季度提供的預期區間。

Sequentially, we expect Q4 funds from operations to be higher than our Q3 actual FFO from higher portfolio NOI and lower net interest expense. With respect to changes in our guidance, the outperformance in our same-property portfolio is expected to add an incremental $4 million to our full year NOI assumption. That equates to about $0.02 per share of improvement. We've reduced our net interest expense projections for the full year 2025 by approximately $6 million or $0.03 per share. The improvement is from our new $1 billion exchangeable notes offering, where we're recording interest expense at 2.5% and we're actually earning over 4% on the proceeds until we repay our expiring bonds on February 1 next year.

從季度來看，我們預計第四季營運資金將高於第三季實際營運資金，原因是投資組合淨營業收入增加和淨利息支出減少。關於我們業績指引的變化，我們同業物業組合的優異表現預計將使我們全年營業淨收入預期增加 400 萬美元。這相當於每股收益提高約 0.02 美元。我們將 2025 年全年淨利息支出預測下調了約 600 萬美元，即每股 0.03 美元。這項改善源於我們新發行的 10 億美元可交換票據，我們記錄的利息支出為 2.5%，而實際上，在我們明年 2 月 1 日償還到期債券之前，我們從所得款項中獲得了超過 4% 的收益。

And we also improved the interest rate with our Hub on Causeway refinancing and we're projecting several asset sales to occur in the fourth quarter that will reduce our debt. These increases to our FFO are anticipated to be partially offset from the reduction of about $0.02 per share of NOI from asset sales that we expect will close in the fourth quarter. If you include the associated changes in interest expense, our fourth quarter asset sales are projected to be dilutive by $0.01 per share.

此外，我們還透過 Hub on Causeway 的再融資改善了利率，並且我們預計第四季度將進行幾項資產出售，這將減少我們的債務。預計這些 FFO 的成長將部分抵消因資產出售而導致的每股 NOI 減少約 0.02 美元（預計將在第四季度完成）。如果將相關的利息支出變化考慮在內，我們預計第四季度資產出售將導致每股收益稀釋 0.01 美元。

So to summarize, we've increased our guidance range for 2025 FFO by $0.03 per share at the midpoint, $0.02 of higher same-property NOI, $0.03 of lower net interest expense offset by $0.02 of lower NOI from asset sales. At our investor conference last month, we provided some insights into our expectations for FFO growth in 2026. Doug described our active leasing pipeline that we expect will lead to higher occupancy primarily in the back half of next year.

綜上所述，我們將 2025 年 FFO 指引範圍的中點提高了每股 0.03 美元，其中同店 NOI 增加 0.02 美元，淨利息支出減少 0.03 美元，但資產出售導致的 NOI 減少 0.02 美元被抵銷。在上個月的投資者大會上，我們對 2026 年 FFO 成長的預期進行了一些闡述。道格介紹了我們積極的租賃項目，我們預計這些項目將主要在明年下半年帶來更高的入住率。

We are off to a strong start on our refinancing plan with our exchangeable notes deal pricing with a GAAP yield that is 75 basis points better than we anticipated. The impact is about $0.04 per share of lower interest expense in 2026 than we described at our Investor Day. We still have $1 billion bond issue expiring October 1 next year that has a 3.5% yield. We currently project that we will refinance it with a 10-year unsecured bond where we could issue today at approximately 5.5%.

我們的再融資計畫開局良好，可交換票據交易定價的 GAAP 收益率比我們預期的要高出 75 個基點。與我們在投資者日上描述的相比，到 2026 年，每股利息支出將減少約 0.04 美元。我們還有10億美元的債券將於明年10月1日到期，殖利率3.5%。我們目前預計我們將透過發行 10 年期無擔保債券進行再融資，今天我們可以以大約 5.5% 的利率發行該債券。

The other factor that is fluid and will have an impact on our 2026 results is the timing of our asset sales. As we stated at our Investor Day, we expect the program to be slightly dilutive in 2026. We are seeing good response to date, which could accelerate some of our sales. We will continue to update you every quarter on the success of the program as it evolves. That completes our formal remarks.

另一個不確定且會對我們 2026 年業績產生影響的因素是資產出售的時機。正如我們在投資者日上所說，我們預計該計劃將在 2026 年略微稀釋股權。目前來看，市場反應良好，這可能會加速部分銷售成長。我們將每季向您報告該專案的進度。我們的正式發言到此結束。

Operator, can you open the lines for questions?

接線員，可以開放提問通道嗎？

(Operator Instructions) Steve Sakwa, Evercore ISI

（操作說明）史蒂夫·薩克瓦，Evercore ISI

Yeah, thanks. I guess I wanted to go back to maybe some of the comments you made about reallocating capital into the premier locations. And as you're looking at deals, how are you thinking about some of your smaller markets like Seattle and LA where you haven't had the success in scaling those markets?

嗯，謝謝。我想回到您之前關於將資金重新配置到黃金地段的一些評論。在考慮交易時，您如何看待像西雅圖和洛杉磯這樣規模較小的市場？您在這些市場拓展方面還沒有成功。

And A, are you seeing the opportunities to buy high-quality assets in the submarkets that you want to be in? Are you finding development opportunities? And like, I guess, how do you think about those markets long term if you aren't able to scale?

A，您是否看到了在您想要進入的細分市場中購買高品質資產的機會？你正在尋找發展機會嗎？那麼，如果你無法擴大規模，你會如何看待這些市場的長期發展呢？

Good morning, Steve. So you're asking about LA and Seattle where they are smaller markets for us now. We have a toe hold a couple of assets in each. They're on the West Coast. So they -- those markets from a leasing standpoint are weaker in general than our East Coast markets. I don't think there are development opportunities in LA or Seattle at the moment.

早安，史蒂夫。所以你問的是洛杉磯和西雅圖，但對我們來說，它們現在都是規模較小的市場。我們在每家公司都掌握了一些資產。他們位於西海岸。所以，從租賃的角度來看，這些市場整體上比我們東岸的市場弱。我認為目前在洛杉磯或西雅圖沒有發展機會。

I don't think there are any in San Francisco either because those markets are weaker. The leasing is not as strong. The vacancy is higher. So I certainly don't see any near-term development opportunities. And if an acquisition opportunity presents itself in those markets, we would certainly look at it. But acknowledge that those markets are smaller at this juncture.

我認為舊金山也沒有，因為那裡的市場比較疲軟。租賃市場並不景氣。空缺職位較多。因此，我顯然看不到任何近期發展機會。如果這些市場出現收購機會，我們一定會考慮。但也要意識到，目前這些市場的規模較小。

Anthony Paolone, JP Morgan.

Anthony Paolone，摩根大通。

Yeah, thanks. Good morning. On a call yesterday, one of the other office names talked about just having done enough leasing in '26 at this point that what's remaining just may have a lower retention rate. And so just wondering how you're thinking about what's left for you all in '26 given you've done so much this year and just any risk around or confidence level around a couple of hundred basis points of pickup in occupancy you've outlined?

嗯，謝謝。早安.在昨天的一次電話會議上，另一位辦公室負責人談到，2026 年的租賃工作已經完成得差不多了，所以剩下的租賃工作續約率可能會比較低。所以我想知道，鑑於你們今年做了這麼多，你們對2026年還剩下什麼計畫有什麼想法？你們之前提到的入住率提升幾百個基點，你們對此有什麼風險或信心嗎？

Tony, this is Doug. We are working as quickly and as thoughtfully as we can to renew as many of our clients that as we would have in the portfolio if we can accommodate their growth and if they're able to continue to want to be in business. I would tell you that our available set of tenants with expirations has dramatically decreased. So there's not a lot there in sort of the aggregate, right?

東尼，這是道格。我們正在盡最大努力，以最快的速度和最周全的考慮，與盡可能多的客戶續約，只要我們能夠滿足他們的成長需求，並且他們也願意繼續經營下去。我想告訴大家，我們可供出租且租約即將到期的租戶數量已經大幅減少。所以總的來說，數量不多，對吧？

I said 3.8 million square feet of space over two years and we're a 48 million to 49 million square foot portfolio. So that's about 7%. Do I expect we're going to renew 50% of that? Yes. Do I expect that we're going to renew 60% of that?

我說過兩年內新增 380 萬平方英尺的空間，而我們的投資組合總面積為 4,800 萬至 4,900 萬平方英尺。所以大概是7%。我預計我們會續簽其中 50% 的合約嗎？是的。我預計我們會續簽其中 60% 的合約嗎？

No. We are leasing about 1 million square feet per quarter if we're able to maintain that velocity, which I don't see any reason why we shouldn't. We will be able to meet or exceed the expectations that we outlined when I sat in front of you all in September, which is about a 200-plus basis point increase in occupancy by the end of 2026 and another 200 basis points of increase in occupancy at the end of 2027. Those are our projections. We're confident in them today, and that's what we're sort of sticking with.

不。如果我們能夠保持這樣的速度，我們每季大約可以出租 100 萬平方英尺的房屋，我看不出我們有什麼理由做不到這一點。我們將能夠達到甚至超過我在九月坐在各位面前時所概述的預期目標，即到 2026 年底入住率提高 200 多個基點，到 2027 年底入住率再提高 200 個基點。這些都是我們的預測。我們目前對他們充滿信心，而且我們也會堅持這種信心。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Thank you. I wanted to ask about the recovery in San Francisco. It sounds like, Doug, from your commentary that your high-rise product is not where AI demand is currently, and I'm wondering if that's something you plan to address?

謝謝。我想詢問一下舊金山的復甦情況。道格，從你的評論來看，你的高層建築產品似乎還沒有達到人工智慧目前的需求水平，我想知道你是否打算解決這個問題？

And also I wanted to see if you had any early thoughts on Salesforce's $15 billion commitment into the City and what that could mean for job growth and office demand?

另外，我還想了解您對 Salesforce 向紐約市投資 150 億美元的初步看法，以及這可能對就業成長和辦公室需求意味著什麼？

Sure. So let me start, and then I'll ask Rod Diehl to make some comments. The AI demand is not a tower business right now. Although companies like Salesforce, I guess, are calling themselves to a company now, so maybe that's slightly different. But the AI growth relative to infrastructure companies or VC-backed companies is really a low-rise south of Mission Street demand pool, obviously, with AI and anthropic sort of headquartered in either Mission Bay or in Foundry Square, right?

當然。那就讓我先開始，然後我會請 Rod Diehl 發表一些看法。目前人工智慧的需求還不是高塔業務所能滿足的。不過像 Salesforce 這樣的公司現在也自稱為公司了，所以情況可能略有不同。但相對於基礎設施公司或風險投資支持的公司而言，人工智慧的成長實際上是 Mission Street 以南的低層需求池，顯然，人工智慧和人類學公司的總部都設在 Mission Bay 或 Foundry Square，對吧？

That's kind of the world where I'd say the nucleus of that is. And it's unlikely to -- what you're going to see an AI company taking a 25,000 square foot piece of space at one of the buildings in Embarcadero Center or at 535 Mission Street or at Salesforce Tower if there was availability, as opposed to going into, as I described, what they would like to go into today, which is shorter-term, cheaper, less expensive furnished space, right, which is really in what I refer to some of the buildings that were occupied by technology companies from 2000, call it, '15 to 2019 during that sort of booming period of time.

我認為，這就是那種核心所在。而且不太可能——你會看到一家人工智慧公司在 Embarcadero Center、Mission Street 535 號或 Salesforce Tower 的某棟大樓裡租用 25,000 平方英尺的空間（如果有空房的話），而不是像我剛才描述的那樣，選擇他們現在想選擇的短期、更便宜、價格更低的帶家具的辦公空間，對吧？這些空間其實就是我所說的那些在 2000 年到 2015 年（也就是 2019 年）這段蓬勃發展時期被科技公司佔用的建築。

I don't think there's much we can do to position our properties differently the demand for Embarcadero Center in particular, is really professional services and administrative services. That's not to say that there aren't a couple of small start-ups that have a couple of thousand square feet and a suite here or there, but it's hard for us to imagine a large growth component there, very different at 680 Folsom Street. 680 Folsom Street is a mid-rise building with 35,000 square foot floors, with 16-foot clear glass, with availability today and more availability coming in as the macys.com lease expires, it's a perfect setup for an AI company from a growth perspective.

我認為我們很難對我們的房產進行不同的定位，特別是對 Embarcadero Center 的需求，實際上是專業服務和行政服務。這並不是說沒有幾家小型新創公司擁有數千平方英尺的辦公空間和一兩個套房，但我們很難想像那裡會有大規模的成長，這與福爾瑟姆街 680 號的情況截然不同。福爾瑟姆街 680 號是一棟中層建築，每層面積 35,000 平方英尺，擁有 16 英尺高的透明玻璃，目前有空置單元，隨著 macys.com 的租約到期，還會有更多空置單元，從發展的角度來看，這對於一家人工智能公司來說是一個完美的場所。

And Rod, maybe you can comment on the Salesforce initiative relative to their contributions into the city.

羅德，或許你可以談談 Salesforce 的舉措及其對這座城市的貢獻。

Yes. Thanks, Doug. On Salesforce, I mean it was great to hear that news. And that was a fantastic bit right in front of their Dreamforce event, which happened last week, and it was very well attended, which is great for the city.

是的。謝謝你，道格。聽到 Salesforce 的消息真是太好了。那是在他們上週舉辦的 Dreamforce 大會之前的一個精彩環節，而且非常受歡迎，這對這座城市來說是一件好事。

So we haven't heard more specific about what exactly that investment is going to look like. But I think being the largest private employer in San Francisco, making a commitment like that is pretty meaningful. And -- so we're eager to see where it leads.

所以，我們還沒有聽到關於這項投資具體細節的任何消息。但我認為，身為舊金山最大的私人雇主，做出這樣的承諾意義重大。所以——我們很想看看它會帶來什麼結果。

And as Doug said, I mean, the other activity in the buildings that's kind of driven by this AI push, we're seeing it as a 680 Folsom. We're very encouraged by that activity. And just the overall just optimism that a lot of that brings to our city. So it's positive.

正如道格所說，我的意思是，在人工智慧推動下，建築物內的其他活動也隨之而來，我們看到它就像 680 Folsom 一樣。我們對這項活動感到非常鼓舞。以及由此帶給我們的城市的整體樂觀情緒。所以結果是正面的。

Yes, I just want to make one other comment on that, which is there have been a lot of articles and news reports about the reduction in jobs, white collar jobs over the past, call it, 3 or 4 days in particular. And San Francisco is sort of the opposite of that, right?

是的，我只想再補充一點，那就是過去三、四天裡，有很多文章和新聞報道都在討論工作崗位減少的問題，尤其是白領工作崗位的減少。而舊金山的情況則恰恰相反，對吧？

We are seeing growth from these companies in terms of the amount of space they are looking to lease and obviously, the number of people they are hiring, and you sort of see these tongue-and-cheek articles as well about the intensity of which people are working and the fact that they are working in premises all of the time, mean that is sort of what we are experiencing from the technology companies in San Francisco as we sit here today in 2025.

我們看到這些公司在租賃辦公空間和招聘員工數量方面都在增長，而且你還會看到一些略帶諷刺意味的文章，談到人們的工作強度以及他們一直待在辦公場所的事實，這意味著這就是我們今天（2025 年）在舊金山科技公司所經歷的情況。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

Thanks. Good morning. Can you talk about the percentage of the portfolio of -- let me say it this way, that leases that were signed pre-pandemic that have yet to have been addressed at this point? And just how, with the passage of time, your experience has been with tenants in terms of their willingness to take more or less space, space per worker, square feet per worker, how are those dynamics changed? And sort of what's left pre-pandemic that is still sort of -- has to be addressed by you guys?

謝謝。早安.您能否談談投資組合中——換句話說——在疫情爆發前簽訂的、目前尚未解決的租賃合約所佔的比例？隨著時間的推移，您在租戶方面的經驗，例如他們願意租用更多或更少的空間、每位員工的空間、每位員工的平方英尺數，這些動態是如何變化的？那麼，疫情前遺留下來的、現在仍然需要你們來解決的問題是什麼呢？

Thanks. So Rich, it's a really, really hard question to answer in a specific way. So let me try and answer it in a more general fashion. BXP traditionally has been leasing space on a long-term basis with an average lease length today of about eight years, but all of our new leases that we generally do are between 15 and 20 years. So there's a lot of prepandemic leasing in our portfolio, right?

謝謝。所以，Rich，這個問題真的很難具體回答。那麼，讓我試著用更一般的方式來回答這個問題。BXP 傳統上一直以長期租賃的方式租用空間，目前的平均租賃期限約為八年，但我們所有的新租賃通常都在 15 到 20 年之間。所以我們的投資組合中有很多疫情前的租賃項目，對吧？

It's just matter of how we compose the portfolio. The fundamental important fact, however, is that if you look at who our clients are and we go through all kinds of disclosure in terms of who our top clients are, all of the growth that we are seeing is coming from clients who were prepandemic occupants taking additional space as the world has changed post-pandemic and quite frankly, because so much of our clients are in the financial services, professional services, administrative services business.

關鍵在於我們如何建立投資組合。然而，最根本的重要事實是，如果你看看我們的客戶是誰，以及我們披露的關於我們頂級客戶的各種信息，就會發現我們所看到的所有增長都來自那些在疫情前就已經入駐的客戶，隨著疫情后世界的變化，他們租用了更多的空間。坦白說，這是因為我們的許多客戶都從事金融服務、專業服務和行政服務業。

What is going on relative to those industries is much more important relative to the sort of composition of our portfolio and the growth than what is going on with companies that may or may not have taken additional space during the dot-com growth in 2000 or in the post-GFC or in the years leading up to the pandemic because that's just not what our portfolio is comprised of because we're -- again, we are -- that's not who we are.

與這些產業相關的情況，對於我們投資組合的組成和成長而言，遠比那些在 2000 年網路泡沫時期、全球金融危機後或疫情爆發前的幾年裡可能擴張過規模的公司的情況重要得多，因為我們的投資組合並非由這些公司構成，因為我們——再說一遍，我們——我們不是這樣的公司。

And as Owen has said, and you'll see it as we move forward over the next couple of years, we're reducing our exposure to what I would refer to as less of those types of buildings and those types of customers and clients in terms of the kinds of things that we are going to be disposing of.

正如歐文所說，而且在接下來的幾年裡，你們將會看到，我們將減少對這類建築物以及這類客戶和顧客的敞口，也就是我們將要處置的那些東西的種類。

So I don't think it's an issue of any significance relative to how much growth there was during the pandemic relative to the Amazons of the world that was described in a couple of those articles in the last few days relative to sort of their pickup in the number of people that they had hired because we didn't experience that within our portfolio.

所以，我認為這與疫情期間亞馬遜等公司（最近幾天有幾篇文章描述了它們招聘人數的增長）的增長幅度相比，並不是一個重要的問題，因為我們的投資組合中並沒有出現這種情況。

Doug, the other thing I would add is just -- and we've mentioned it, we just don't have a lot of rollover and the rollover we have is very granular, right? There's no really large tenants. I mean there's no tenant over 150,000 square feet that expires in the next 2.5 years.

道格，我還要補充一點——我們也提到過，我們的結轉額度並不多，而且結轉額度的粒度非常細，對吧？這裡沒有特別大的租戶。我的意思是，未來2.5年內，沒有超過15萬平方英尺的租戶租約到期。

So we just aren't exposed to some big vacancy coming. And the other thing I would note that Doug described in his comments is -- and this has been the case for the last few quarters, more of our tenants are expanding than contracting when they renew. So this quarter, Doug mentioned, we had 85,000 square feet of net expansion by clients that we did deals with where they stayed in our portfolio.

所以我們目前還沒有面臨任何大型職缺。還有一點我想指出，Doug 在他的評論中也提到了這一點——而且這種情況在過去幾個季度一直存在——續租時，我們的租戶中擴大租約的比縮小租約的要多。正如道格所提到的，本季度，我們透過與客戶達成的交易實現了 85,000 平方英尺的淨擴張，這些交易使他們繼續留在我們的投資組合中。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Thank you. So I know, Doug, you gave a lot of detail on leases in the third quarter and even some leasing in the works to address vacancy. But as we think about that occupancy build that you had at the Investor Day and the component there that is leases that address vacancy given that the build-out could take some time, is it right to think that like by next quarter, you guys should be in a position to sort of maybe declare victory on the vacant space piece of that equation that gets the occupancy benefit by year-end next year?

謝謝。我知道，道格，你詳細介紹了第三季的租賃情況，甚至談到了一些正在進行的租賃計劃，以解決空置問題。但是，考慮到您在投資者日上提到的入住率提升計劃，以及其中涉及的租賃問題（考慮到裝修可能需要一些時間），我們是否可以認為，到下個季度，你們應該能夠宣佈在解決空置空間問題上取得勝利，從而在明年年底前實現入住率提升？

I guess I don't think about this on a quarter-by-quarter basis. Our projections were done on an annual basis. We -- again, we have 1 million square feet of current leases that are signed that are going to be starting in 2026. And so clearly, that will -- that's the driver of a lot of our confidence relative to 2026. I also said that the activity that our team and I'll let Hillary describe it at 360 Park Avenue is above our expectations.

我想我並沒有按季度來考慮這個問題。我們的預測是按年度進行的。我們—再次強調，我們目前有 100 萬平方英尺的租賃合約已經簽署，將於 2026 年開始生效。因此，很明顯，這將是——這就是我們對 2026 年充滿信心的主要原因。我還說過，我們團隊在公園大道360號所進行的活動（我請希拉蕊來描述）超出了我們的預期。

Again, I think that -- all that activity will lead to leasing in '26 and occupancy in 2026. So 200 basis points is a pretty meaningful increase, right? And another 200 basis points is another meaningful increase. So we're comfortable and confident that we will be able to achieve those numbers based upon the conditions that we're seeing now in the economy and in our marketplaces.

我再次認為——所有這些活動都將促成 2026 年的租賃和 2026 年的入住。所以200個基點是一個相當大的增幅，對吧？再增加200個基點也是意義重大的。因此，根據我們目前在經濟和市場中看到的狀況，我們有信心實現這些數字。

And Hillary, maybe you can sort of describe what's going on at 360?

希拉里，或許你可以描述一下360度全景視野下的情況？

Sure. So at the moment, we have 6 floors leased and in discussions with proposals out, we have covered every other floor except one. So to the extent that we were able to secure all of the tenants that we're currently in negotiations with, we would have 1 floor available at 360 Park Avenue South. So the tour activity has increased really dramatically.

當然。所以目前我們已經出租了 6 層樓，並且正在與提案方洽談，除了最後一層樓之外，我們已經租下了其他所有樓層。因此，如果我們能夠確保所有正在洽談的租戶都能入住，那麼位於公園大道南 360 號的辦公大樓將有一層可供出租。因此，旅遊活動確實大幅增加了。

And as Doug noted earlier, the clients that are coming to see the building and asking us for these lease proposals are not just tech and media, but also more traditional asset managers and financial services firms that are just looking for great space and due to the tightness in the market. are seeking out Midtown South, perhaps from Midtown or seeking to upgrade their space from existing locations in Midtown South.

正如道格先前所提到的，前來參觀大樓並向我們索取租賃方案的客戶不僅包括科技和媒體公司，還包括一些更傳統的資產管理公司和金融服務公司，他們都在尋找優質的辦公空間。由於市場供應緊張，這些公司紛紛將目光投向了曼哈頓中城南區，他們或許原本就在曼哈頓中城，也可能希望升級他們在曼哈頓中城南區的現有辦公空間。

One quick note for Boston in terms of the speed of delivery of recent leases, there is a portion, and Doug and Mike could probably respond to this afterwards, but a portion of the activity that Doug mentioned in the Urban Edge is in existing products, and they are spaces that don't need as much build-out. So we would anticipate at least 150,000, 200,000 square feet that could be delivered in that zone next year.

關於波士頓最近租賃交付的速度，有一點需要說明，Doug 和 Mike 之後可能會對此作出回應，但 Doug 在 Urban Edge 中提到的一部分活動是現有產品，這些空間不需要太多的裝修。因此，我們預計明年該地區至少可以交付 15 萬至 20 萬平方英尺的建築面積。

Seth Bergie, Citi.

Seth Bergie，花旗集團。

Hi, thanks for taking my question. I think kind of at the Investor Day, you had outlined $0.09 to $0.04 of kind of dilution from asset sales. It sounds like pricing and the debt market is coming a little bit and ahead of your expectations. How should we think about kind of that impact? And I think you also mentioned potentially bringing some more assets to market? So just kind of what are the puts and takes there?

您好，感謝您回答我的問題。我認為在投資者日上，您曾概述過資產出售將導致每股稀釋 0.09 美元至 0.04 美元的情況。聽起來定價和債務市場的發展有點超乎你的預期。我們該如何看待這種影響？而且我記得您還提到過可能會將更多資產推向市場？那麼，這裡面的利弊是什麼呢？

I think, as I mentioned in my notes, I think this one is harder to judge because it's based upon the timing. So we estimated timing for the transactions that we have under our asset plan at our Investor Day. And now we have started to execute on that timing, right? So we now have more assets under contract than we had at that time. And we have more assets in the market than we had at that time. And we do feel like we're getting pretty good demand from people, pretty good response from people on this.

正如我在筆記中提到的，我認為這個問題更難判斷，因為它取決於時間。因此，我們在投資者日上估算了我們資產計劃下各項交易的時間安排。現在我們已經開始按計劃執行了，對吧？所以我們現在擁有的已簽約資產比當時更多了。而且我們現在在市場上的資產比當時更多。我們確實感覺到人們對這款產品的需求和反應都相當不錯。

So I think we're going to be successful in that. And so the timing of when these things sell will impact the range that we provided. And if it was significantly earlier than that, could it be slightly more diluted? Yes, it could be slightly more dilutive. But it's hard to provide a better answer than that at this moment in time. I think as we go through the next quarter or two, we will have more and more information, and we'll provide it to you.

所以我認為我們在這方面會取得成功。因此，這些商品的銷售時間將影響我們提供的商品種類。如果時間比這早很多，溶液會不會稀釋得更厲害一些？是的，稀釋作用可能會稍微強一些。但目前很難給出比這更好的答案。我認為在接下來的一個或兩個季度裡，我們會掌握越來越多的信息，並會及時提供給您。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning, just a question on, as you guys have tightened up the strategy since the Investor Day. I just want to understand better on the investment side, how much of that -- when you guys think about the investment pool or more likely when the regional people come to you to submit proposals, how much the criteria have tightened up?

嘿，早上好，我有個問題，因為自從投資者日以來，你們已經收緊了策略。我只是想更了解投資方面的情況，例如——當你們考慮投資資金池時，或者更確切地說，當區域人士來找你們提交提案時，標準收緊了多少？

Meaning have yields been raised that, hey, all deals now need to be 100 basis points higher or some degree higher. Just trying to understand how it's gotten -- how you guys have tightened up again, just thinking about some of the legacy deals like a platform 16, et cetera, obviously, I don't want to repeat, but you have the 343. So just trying to understand how the investment criteria has tightened up. And how many deals got kicked out of discussion because of the new higher thresholds?

也就是說，收益率是否已經提高到，以至於所有交易的收益率都需要提高 100 個基點或更高？我只是想了解事情是如何發展到今天這一步的——你們是如何再次收緊政策的，想想一些遺留的交易，比如16號平台等等，顯然，我不想重複，但是你們有343。我只是想了解一下投資標準為什麼收緊了。由於新的更高門檻，有多少交易被排除在討論之外？

Good morning, Alex. We've talked about this on prior calls. Our threshold deal that we're looking at for developments as we've repeated over and over again, has been about 8% or higher. And really before interest rates went up and of course, some of the diminution in demand that we saw from COVID we were developing, depending on the market and the asset between 6% and 7%.

早安，Alex。我們之前通話中討論過這個問題。正如我們一再強調的那樣，我們考慮開發案的門檻交易額約為 8% 或更高。事實上，在利率上升之前，當然還有我們從新冠疫情中看到的需求減少，我們根據市場和資產的不同，正在開發 6% 到 7% 的產品。

So the yield requirement for office development has gone up 100 basis points to 200 basis points. You combine that with the elevation in construction costs, it takes significantly higher rents to support development. And as we said on Investor Day, what does that mean? That means we're going to be a more selective office developer. But we are developing. We've launched 2.5, a little bit under that, $1 billion of new development projects in office just in the last six months.

因此，辦公大樓開發的收益率要求提高了 100 個基點至 200 個基點。再加上建築成本上漲，就需要更高的租金才能支撐開發案。正如我們在投資者日上所說，這意味著什麼？這意味著我們將成為更挑剔的辦公大樓開發商。但我們正在發展。在過去的六個月裡，我們已經啟動了價值 25 億美元（略低於 10 億美元）的新開發案。

So that's the increase that you saw. And then as I just said in my remarks, we are looking at acquisitions. There hasn't really been much to look at up until the last three to six months. There's a little bit more today. And the issue has been, we feel like we can get higher yields developing, albeit and we'll have a new building, and it will have lower CapEx and longer WALT and all those things, but it takes several years to deliver the development, that's the trade-off.

這就是你看到的增長情況。正如我剛才所說，我們正在考慮收購。直到最近三到六個月，都沒有什麼值得關注的事。今天又多了一些。問題在於，我們覺得開發可以獲得更高的收益，儘管我們會擁有一座新建築，資本支出更低，加權平均使用壽命更長等等，但開發需要數年時間才能完成，這就是權衡。

So again, we're going to continue to look at acquisitions. And as I said in my remarks, we're going to continue to be disciplined and I think cap rates are probably 150 basis points to 200 basis points right now in the market below our development yield threshold.

所以，我們將繼續關注收購機會。正如我在演講中所說，我們將繼續保持自律，我認為目前市場上的資本化率可能比我們的開發收益率門檻低 150 到 200 個基點。

And I just add one thing just to sort of give you a reference point. The development at 343 is, call it, $2 billion development. The development at 725 12th Street there's a $300 million development. Knock on wood, Jake and Pete are working really hard at lining up a client who desperately needs a new building with a potential purchase of a piece of ground or an existing building to build another building let's assume that's another, call it, $300-plus million.

我再補充一點，只是為了提供你一個參考點。343號的開發項目，姑且稱之為20億美元的開發項目吧。位於第 12 街 725 號的開發案是一個耗資 3 億美元的開發案。但願一切順利，傑克和皮特正在努力尋找一位急需新建築的客戶，並有可能購買一塊土地或一棟現有建築來建造另一棟建築——假設這又是一筆超過 3 億美元的投資。

So we're talking about having $2.6 billion of developments that the company is going to be executing on. That's a pretty significant amount of external growth. And so I would say that the appetite for buying a building at a 6% NOI yield where the cash flow yield is probably 150 basis points lower than that, and there is rollover in three to four years. It's just not as enticing as those other opportunities are today. And so that's, I'd say, the frame of reference that we're sort of looking at as we think about acquiring new assets.

所以，我們說的是該公司將要執行的價值 26 億美元的開發案。這是一個相當可觀的外部成長。因此，我認為，人們有意願以 6% 的淨營業收入收益率購買建築物，而現金流收益率可能比這低 150 個基點，並且三到四年內可以進行展期。如今，它不像其他那些機會那樣誘人。所以，我認為，這就是我們在考慮收購新資產時所參考的框架。

Now if a fabulous building at an 8% cash return came up off-market and we thought it had great upside, of course, we would be really thinking about doing something like that. But but these broker-initiated investments for core asset and CBD locations are -- they're interesting, and we're going to study them, but it's going to be hard for us to rationalize utilizing our dry powder for that.

如果一棟年現金回報率為 8% 的絕佳建築在非公開市場上出現，而且我們認為它具有巨大的升值潛力，那麼我們當然會認真考慮進行這樣的投資。但是，這些由經紀人發起的針對核心資產和中央商務區位置的投資——它們很有趣，我們會研究它們，但是我們很難合理地將我們的可用資金用於這些投資。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thank you so much for taking my question. In the press release, you called out 89% of BXP's rents come from the CBD portfolio. given the outlined dispositions are focused in the suburban markets, what percentage does that take CBD in the near term? And in long term, is the goal to just to be 100% or completely CBD?

早安.非常感謝您回答我的問題。在新聞稿中，您提到BXP 89%的租金收入來自CBD物業組合。鑑於已公佈的資產處置計劃主要集中在郊區市場，那麼短期內CBD物業的租金收入佔比是多少？從長遠來看，最終目標是不是就是 100% 或完全使用 CBD？

Thanks. I can't give you an exact percentage. I would agree that we want it to grow. There are certain suburban markets that I think we will maintain exposure to where we feel like we have a good sense of place where we can build an amenity-filled environment and where we think that it's a mature and dense demand profile.

謝謝。我無法給出確切的百分比。我同意我們希望它發展壯大。我認為我們會繼續關注某些郊區市場，因為我們對這些市場有很好的掌握，可以打造一個配套設施齊全的環境，而且我們認為這些市場的需求成熟且密集。

So there are suburban markets that I believe we will stay in. I do believe though it's not going to go to 100%, but it's definitely going to grow because our -- both our Asset sales focus, which is suburban, but also our new investment focus is more urban. So we're going to be adding assets that are CBD and detracting assets that are suburban.

所以我相信我們會繼續留在郊區市場。但我相信它不會達到 100%，但肯定會成長，因為我們的資產銷售重點是郊區，而我們新的投資重點則是城市地區。所以我們將增加中央商務區的資產，減少郊區的資產。

Jana Galan, Bank of America Securities.

Jana Galan，美國銀行證券。

Thank you. Good morning and congrats on the progress you've already made on the priorities laid out at the Investor Day. On the dispositions, can you talk to the pricing you're seeing on land, residential and office relative to kind of initial expectations?

謝謝。早安，恭喜您在投資人日提出的各項優先事項上已經取得進展。關於資產處置方面，您能否談談您目前看到的土地、住宅和辦公大樓的價格與最初的預期相比如何？

I'd say that we're achieving pricing that is in line, if not a little bit better than our expectations. I mean it's very hard to say pricing for land because it depends on what the new user is doing. I think the real opportunity that we've had with land is that we have -- our regional teams have done a great job very successfully re-entitling many of these land parcels that were previously set up for office into residential.

我認為我們目前的定價符合預期，甚至可能比預期還要略好。我的意思是，土地定價很難說，因為它取決於新用戶要做什麼。我認為我們在土地方面真正的機會在於——我們的區域團隊出色地完成了工作，非常成功地將許多以前規劃為辦公用地的地塊重新規劃為住宅用地。

And as we all know, there's a housing shortage in this nation and many communities that were against housing in the past are for it today and that has allowed us to create a lot of value. The 17 Hartwell investment that I described last quarter is a great example of that. So it's a little bit hard to talk about pricing for land. I think on the residential assets, we are seeing cap rates below 5%, which we think is very attractive. And on the office, it all depends on the location and the quality.

眾所周知，我國住房短缺，許多過去反對住房建設的社區如今都支持住房建設，這使我們能夠創造許多價值。我上個季度提到的 17 隻 Hartwell 股票就是一個很好的例子。所以，談論土地定價有點困難。我認為，就住宅資產而言，我們看到資本化率低於 5%，我們認為這非常有吸引力。至於辦公室，那就完全取決於地理位置和品質了。

Floris Van Dijkum, Ladenburg Thalmann.

弗洛里斯·範·迪庫姆，拉登堡·塔爾曼。

Hey, thanks for taking my question. Clearly, it looks like your office markets -- your core office markets are inflecting office underlying growth was positive. It was down though in the hotel and residential. I think -- maybe remind us there was a big occupancy decline apparently in DC and the residential side. Could you maybe talk about that?

嘿，謝謝你回答我的問題。顯然，你們的辦公市場——你們的核心辦公市場——對辦公大樓潛在成長的影響是正面的。飯店和居民區的入住率都下降了。我認為──或許應該提醒大家，華盛頓特區的住宅入住率似乎大幅下降。您能談談這件事嗎？

I'm going to -- Mike is going to quickly look through the supplemental. The only thing I can imagine is that we brought 100% of signature is in service, and then we brought Skymark into service, and Skymark is probably not 98% leased yet, although my guess is that we're going to be stabilized, which I think is, call it, in the 93% to 94% this quarter, which is extraordinary given the amount of units that we had delivered there. So I'm guessing that's sort of what happened. But I wouldn't I would not take that as anything other than a change in portfolio composition not activity in our actual assets.

我打算——麥克會快速瀏覽一下補充資料。我唯一能想到的情況是，我們先讓 Signature 專案 100% 投入使用，然後又讓 Skymark 專案投入使用。 Skymark 專案的租賃率可能還沒有達到 98%，但我估計我們會趨於穩定，我認為本季租賃率會達到 93% 到 94%，考慮到我們交付的單位數量，這已經非常出色了。所以我猜事情大概就是這樣。但我不會將其視為投資組合構成變化以外的任何其他含義，而只會認為這是我們實際資產活動的變化。

Yes, that's what it is because this is a year-over-year concept. It's not a sequential concept. So in September of '24, the Skymark building was under development, right? And now it's leasing up, and it's actually leasing up quite well. It's, I think, around 90% and it's leased up better than we expected.

是的，就是這樣，因為這是一個逐年變化的概念。它不是一個循序漸進的概念。所以，在 2024 年 9 月，Skymark 大樓正在興建中，對嗎？現在出租情況正在好轉，而且出租情況相當不錯。我認為出租率在 90% 左右，比我們預期的要好。

The occupancy in the stabilized portfolio that has been in service for a while has been very strong and stable and rents have continued to go up. Again, our residential portfolio is located in pretty tight markets. And so places like the urban Boston market and Reston, we've seen good fundamentals with our residential.

已穩定營運一段時間的物業組合入住率一直非常高且穩定，租金也持續上漲。再次強調，我們的住宅房源都位於競爭非常激烈的市場。因此，像波士頓市區市場和雷斯頓這樣的地區，我們的住宅市場基本面都很好。

And it's going to get smaller in 2026 before it gets bigger again.

2026年它會縮小，然後再次擴大。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, Just on same-store NOI. I think you talked about sort of the occupancy inflection point, obviously improving '26, '27. Just can you tie that back to what the expectations are as you think about same-store NOI? Should we expect sort of similar 100, 200 basis point sort of acceleration? And what are the puts and takes there?

嘿，只是關於同店淨營業收入。我想你剛才提到了入住率的轉折點，顯然在 2026 年和 2027 年有所改善。您能否將此與您在考慮同店淨營業收入 (NOI) 時所期望的結果聯繫起來？我們是否應該預期會出現類似的 100 到 200 個基點的加速成長？那麼，那裡的買賣雙方分別做了些什麼呢？

So we're not going to provide guidance for 2026 or 2027 today. I think that most of our growth is going to come from occupancy, and we've talked about that. I think the mark-to-market in the portfolio is improving because we're seeing rents go up in many of our marketplaces. So I think that situation will -- is improving and will continue to improve. And I think we will see positive same-store NOI growth as the occupancy climb. So yes, we will -- it will follow. It makes sense to follow and should.

所以我們今天不會提供 2026 年或 2027 年的指導意見。我認為我們的大部分成長將來自入住率的提高，我們也討論過這個問題。我認為投資組合的市值正在改善，因為我們看到我們許多市場的租金正在上漲。所以我認為這種情況將會——正在——改善，並且會繼續改善。我認為隨著入住率的提高，我們將看到同店淨營業收入的正成長。所以，是的，我們會的——它會發生的。這樣做是明智的，而且應該這樣做。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great, thank you for taking my question. Could you provide some color on the current state of what you're seeing in terms of demand for life science leasing and supply across your markets, given some softer commentary from another one of your peers. You mentioned a few things related to Boston and Urban Edge, but maybe you can broaden that out a little bit and maybe what your outlook is for that industry?

太好了，謝謝你回答我的問題。鑑於另一位同行發表了一些較為溫和的評論，您能否就您所在市場目前生命科學租賃和供應的需求狀況提供一些具體說明？您提到了一些與波士頓和 Urban Edge 相關的事情，但您能否稍微拓展一下話題，談談您對這個行業的看法？

So our life science exposure at BXP is comprised of two places. It's the Urban Edge of Boston, which I described. And again, we have 180,000 square feet of first-generation space available. And then it's our joint venture with another publicly ARE in South San Francisco, where we have a large building that was developed a few years ago that is available for lease where, again, I think I described the demand for wet lab space is being pretty tepid, not much has changed on a relative basis there. We are seeing some inquiry but we're not -- what I would describe as close to any major transactions at that building at this time.

因此，我們在 BXP 的生命科學領域主要由兩個面向組成。這就是我所描述的波士頓的都會邊緣地帶。此外，我們還有 18 萬平方英尺的第一代空間可供使用。然後，我們與另一家位於南舊金山的上市ARE公司成立了合資企業，我們在那裡擁有一棟幾年前開發的大型建築，可供出租。再次強調，我認為我之前已經描述過，對濕實驗室空間的需求相當疲軟，相對而言並沒有太大變化。我們看到了一些問詢，但就目前而言，我還沒有看到該大樓有任何重大交易。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Okay guys, thanks for taking the question. Owen, I think you mentioned seeking or going out to market and seeking a capital partner for 343 Madison sometime in 2026. But I guess just given the tight availability that you're seeing in New York, especially in the submarket, the 343 Madison is in and likely continued net effective rent growth. Why not sort of put the brakes on reaching out and getting the capital partner given that sort of backdrop?

好的，謝謝各位回答這個問題。歐文，我想你曾提到在 2026 年的某個時候為 343 Madison 尋找資本合作夥伴。但我認為，鑑於紐約，尤其是次級市場的房源緊張狀況，343 Madison 的租金淨有效增長可能會持續下去。在這種背景下，為什麼不暫時停止聯繫和尋求資本合作夥伴？

Yes, it's a good question. I think as I tried to describe in my remarks, we're just being patient. We've had some inbound inquiry. We know of some investors that are interested in the project. We're having preliminary conversations.

是的，這是個好問題。正如我在演講中試圖描述的那樣，我們只是在保持耐心。我們收到了一些諮詢。我們知道有一些投資者對這個項目感興趣。我們正在進行初步洽談。

As I mentioned in my remarks, we're not in hurry. This asset is appreciating. We're having leasing success. Markets are improving, as you suggested. And I think this will happen sometime in 2026. We do want to match to some degree, commitment of capital to raising the capital. And so far, the development draws and spend on the project have been reasonably modest, but they do start to accelerate next year. So I do think 2026 will be an appropriate time.

正如我在演講中提到的，我們並不著急。這項資產正在升值。我們的租賃業務取得了成功。正如你所說，市場正在好轉。我認為這件事會在2026年的某個時候發生。我們希望在一定程度上匹配籌集資金所需的資金投入。到目前為止，該專案的開發資金和支出還比較適中，但明年將會開始加速成長。所以我認為2026年會是個合適的時機。

And Dylan, just remember, as Owen said at the outset, we have three objectives, right? Our objectives that we outlined at our Investor Day where we want to grow our earnings, and that's mostly through occupancy and deliveries of developments that are currently underway. We want to fund 343 Madison and we want to reduce our leverage. And so I think that our objectives in finding a partner sort of meet all of those requirements.

迪倫，記住，就像歐文一開始說的那樣，我們有三個目標，對吧？我們在投資者日上概述的目標是提高收益，這主要透過提高入住率和交付目前正在進行的項目來實現。我們希望為 343 Madison 提供資金，並且我們希望降低槓桿率。所以我認為，我們尋找合作夥伴的目標在某種程度上滿足了所有這些要求。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great, thanks. Owen or Doug, I was hoping to get your latest thoughts on the New York mayoral race and any sort of impact you've seen? Any commentary you've heard from tenants and just your general thoughts on whether it could or will have a notable impact on the New York office market. Thanks.

太好了，謝謝。歐文或道格，我想聽聽你們對紐約市長競選的最新看法，以及你們看到的競選影響？您從租戶那裡聽到的任何評論，以及您對此事是否可能或將會對紐約辦公大樓市場產生顯著影響的總體看法。謝謝。

I would suggest that the significant negative rhetoric that's in the press and the media about the impact of the administration of Zohran Mamdani, I think it's just overblown. I'm not suggesting that there are impacts that we need to be conscious of and aware of. as we've described before, there are controls and guardrails that exist for the mayor in New York. The state has a lot of approval powers over things like public transit and increasing taxes.

我認為，媒體上關於佐蘭·馬姆達尼政府影響的負面言論被誇大了。我並不是說我們需要意識到並專注於某些影響。正如我們之前所述，紐約市長受到一些控制和約束。州政府對公共交通和增稅等事項擁有很大的審批權。

And the state has indicated so far, there's not a lot of appetite for increasing taxes in New York. So that's something that we are concerned about. And again, our success as a company in any city is capped at the city's success. And so we want to do what we can to work cooperatively with the city and ensure that there are -- that it's constructive environment for business, there is the safety and security for the citizens.

而紐約州目前已經證明，民眾對提高稅收並沒有太大的意願。所以這是我們所關注的問題。再次強調，我們公司在任何城市的成功都取決於該城市的成功。因此，我們希望盡我們所能與市政府合作，確保為企業創造一個建設性的環境，並為市民提供安全保障。

And those are the kinds of things that we're very focused on. the potential Mayor Mamdani has indicated that he wants to hire Jessica Tisch, who's the current head of the New York City Police Department. I don't know that she's agreed to do that yet, but we all think that's a great step because I think she received high accolades for her performance and success to date. So again, something that we're monitoring. But we are, I think, a little bit more constructive than what the media has been outlaying on this change.

而這些正是我們非常關注的事情。潛在的市長候選人馬姆達尼已經表示，他想聘用現任紐約市警察局長傑西卡·蒂施。我不知道她是否已經同意這樣做，但我們都認為這是一個很大的進步，因為我認為她迄今為止的表現和成就都獲得了很高的評價。所以，這也是我們正在關注的事情。但我認為，我們比媒體對這項變革的報導更具建設性。

Thank you.

謝謝。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. I'm just interested in your view on the new office tower above South Station in Boston and how that might impact leasing dynamics in the market?

太好了，謝謝你回答我的問題。我對波士頓南站上方新建的辦公大樓很感興趣，想聽聽您對它的看法，以及它可能對市場租賃動態產生的影響？

So I'll give you a couple of comments, and I'll let Brian give you his perspective. So the building that is currently open and has been available for the last number of months. is a gleaming tower, and it's, I'm sure, going to be successful from an occupancy perspective at some point. There is a conversation, as I understand it going on with a large financial institution to relocate there, not necessarily grow, but relocate there. The building hit the market at the absolute wrong time and there's a bunch of availability in the financial district that it had to compete with.

所以我先說幾點看法，然後讓布萊恩來談談他的觀點。所以，目前開放且已投入使用數月的這棟大樓是一座閃閃發光的摩天大樓，我相信，從入住率的角度來看，它在某個時候一定會取得成功。據我了解，目前有一家大型金融機構正在洽談搬遷至那裡的事宜，不一定是為了發展壯大，而是搬遷到那裡。這棟大樓上市的時機完全不對，而且金融區還有很多其他樓盤在販售，它必須與之競爭。

And so the economics of the investment are different than what I would tell you, the success will be from an occupancy perspective because of just the nature of what's going on. I think it's unlikely that another building in the financial district will be started for quite some time. So if the market is able to continue to sort of absorb space, I think the Peninsula market downtown will continue to recover. We have an opportunity to build a building at 171 Dartmouth Street, which is in the Back Bay and there are obviously significant opportunities from a tenancy perspective because we have very, very, very tight supply in the back base.

因此，這項投資的經濟效益與我之前所說的有所不同，成功將體現在入住率方面，因為目前的情況就是如此。我認為金融區不太可能在相當長的一段時間內開工建造另一棟大樓。所以，如果市場能夠繼續吸收空間，我認為半島市中心的市場將會繼續復甦。我們有機會在達特茅斯街 171 號（位於後灣區）建造一棟大樓，從租賃的角度來看，這顯然是一個重要的機會，因為我們在後灣區的供應非常非常非常緊張。

So I think there's a higher -- much higher probability of something going on there. we would obviously not start that building unless we had a major commitment from a lead anchor tenant, as Owen sort of described earlier, and he said what our development yields were. So I think that's sort of, I would say, my general views are on that development, Bryan?

所以我認為那裡發生事情的可能性更高——高得多。顯然，除非我們得到主要租戶的重大承諾，否則我們不會開工建設，就像歐文之前描述的那樣，而且他也說過我們的開發收益是多少。所以，我想這就是我對這一發展趨勢的整體看法，布萊恩？

Yes. So I'd comment on what's the impact to the BXP portfolio. And as Doug mentioned, as you look at the Back Bay as the submarket, there's very little transfer of tenants that lead this market, and it's highly desirable. We look at our competitive set of the buildings we compete against daily and it's a 3% vacancy. So it's extremely tight, as Doug mentioned.

是的。所以我想談談這對 BXP 投資組合的影響。正如 Doug 所提到的，如果你把 Back Bay 看作一個子市場，你會發現引領這個市場的租戶流動非常少，而且它非常受歡迎。我們觀察每天與我們競爭的樓宇，發現它們的空置率為 3%。正如道格所說，空間非常狹窄。

And in fact, we're actively asking tenants if they'd like to get back space because we've got growth in those sectors that Doug mentioned earlier. And then when you look at the downtown market, our buildings are leased up and tucked away for quite a few years now with limited limited space at 100 Federal and the same is true at Atlantic Wharf and also Hub on Causeway.

事實上，我們正​​在積極詢問租戶是否願意收回一些空間，因為正如道格之前提到的，我們在這些領域都有成長。然後，當你看看市中心市場時，你會發現我們的建築已經被出租並隱藏了相當長一段時間，100 Federal 的空間非常有限，Atlantic Wharf 和 Hub on Causeway 的情況也是如此。

That concludes the Q&A session. At this time, I would like to turn the call back to Owen Thomas, Chairman and Chief Executive Officer for closing remarks.

問答環節到此結束。此時，我想把電話轉回給董事長兼執行長歐文‧湯瑪斯，請他作總結發言。

No further remarks from us. Thank you all for your interest and your time and your interest in BXP.

我們不再發表任何評論。感謝大家對BXP的關注與時間。

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了。