波士頓物產 (BXP) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q1 2026 BXP earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位早安，感謝您撥冗等候。歡迎參加 BXP 2026 年第一季財報電話會議。(接線員指示) 請注意，今日會議將進行錄音。

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

現在我想將會議交給第一位講者，投資人關係副總裁 Helen Han。請開始。

Good morning, and welcome to BXP's first quarter 2026 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.

各位早安，歡迎參加 BXP 2026 年第一季財報電話會議。新聞稿與補充資料包已於昨晚發布，並以 8-K 表格提交。在補充資料包中，BXP 依據 Reg G，已將所有非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節。若您尚未收到副本，相關文件可於我們網站 investors.bxp.com 的投資人專區取得。本次電話會議的網路直播回放將提供 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 that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

此刻我們提醒各位，本次電話會議中所作之若干非歷史性陳述，可能構成《私人證券訴訟改革法》所定義的前瞻性陳述。雖然 BXP 認為任何前瞻性陳述所反映之預期係基於合理假設，但無法保證其預期必能達成。

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 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明示或暗示之結果出現重大差異的因素與風險，已於昨日新聞稿以及 BXP 不時向美國證券交易委員會（SEC）提交之文件中詳述。BXP 不承擔更新任何前瞻性陳述之義務。

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, 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.

我也歡迎董事長兼執行長 Owen Thomas、總裁 Doug Linde，以及財務長 Mike LaBelle。在問答環節，我們的各區域管理團隊也將在場回應問題。請參與問答的各位每人僅提一個問題，且只能一個。若您有額外問題或追問，歡迎重新排隊。

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

現在我想把電話會議交給 Owen Thomas 進行正式致詞。

Thank you, Helen, and good morning to all of you. BXP had a successful first quarter. Our FFO per share result exceeded our own estimate by $0.02. Our FFO per share guidance for 2026 was raised by $0.01, and we made continued strong progress on our business plan articulated at last year's investor conference by completing significant leasing, closing additional asset sales and progressing our development pipeline.

謝謝妳，Helen，各位早安。BXP 第一季表現成功。我們每股 FFO 的結果較公司自身預估高出 0.02 美元。我們將 2026 年每股 FFO 指引上調 0.01 美元；同時，透過完成重要租賃、完成更多資產出售並推進開發案管線，我們也持續在去年投資人會議所闡述的業務計畫上取得強勁進展。

Last week, we also released our annual sustainability and impact report, outlining the positive outcomes achieved for shareholders and other important constituents from our industry-leading sustainability effort.

上週我們也發布年度永續與影響力報告，說明我們在業界領先的永續努力下，為股東及其他重要利害關係人所帶來的正面成果。

Our first business plan priority is to lease space and improve portfolio occupancy. There is no question that AI has been and continues to be enormously beneficial to BXP's leasing activity despite the market anxiety regarding the impact of AI on job creation and resultant leasing demand. We are experiencing direct benefits by leasing space to AI companies in San Francisco, New York, and Seattle as well as indirect benefits from both leasing space to companies displaced by growing AI firms and to our core financial, legal, and business services clients serving the rapidly growing AI industry. The near and medium-term negative impacts of AI on jobs are more likely in support functions, which are less present in premier workplaces and in gateway markets.

我們業務計畫的第一項優先事項，是出租空間並提升投資組合的入住率。毫無疑問，儘管市場對 AI 對就業創造及其帶動之租賃需求的影響感到焦慮，AI 一直且仍持續對 BXP 的租賃活動帶來極大助益。我們在舊金山、紐約與西雅圖向 AI 公司出租空間而獲得直接效益；同時也透過向因 AI 公司擴張而被迫搬遷的企業出租空間，以及向我們核心的金融、法律與商業服務客戶（其服務快速成長的 AI 產業）出租空間而獲得間接效益。AI 對就業在短期與中期的負面影響，更可能出現在支援性職能，而這些職能在頂級辦公場所與一線門戶市場中的占比相對較低。

We had a strong first quarter, completing over 1.1 million square feet of leasing. Our in-service portfolio occupancy rose 70 basis points to 87.4%, and the spread between our leased and occupied square footage widened 80 basis points to 3.5%, a precursor to more occupancy gains ahead.

我們第一季表現強勁，完成超過 110 萬平方英尺的租賃。我們已投入營運的投資組合入住率上升 70 個基點至 87.4%；已出租與實際入住平方英尺之間的差距擴大 80 個基點至 3.5%，這是未來入住率進一步提升的前兆。

The environment for leasing premier workplaces remains healthy and very active. Our current and prospective clients are generally experiencing increasing earnings due to the growing economy in the US. We are seeing more client growth and contraction in our leasing activity. In many cases, our clients are also upgrading their space and/or location to more readily effectuate their tightening in-person work policy.

頂級辦公場所的租賃環境仍然健康且非常活躍。在美國經濟成長帶動下，我們現有與潛在客戶的獲利普遍呈現上升。我們在租賃活動中看到更多客戶擴張與縮減的情況。在許多案例中，客戶也在升級其空間與／或地點，以更容易落實其趨嚴的到辦政策。

All of these client factors, growth, more use of space, and upgrading have led to the consistent strength and outperformance of the premier workplace segment of the office market where BXP is a clear market leader. Premier workplaces represent roughly the top 14% of space and 8% of buildings in the four CBD markets where BXP has a major presence.

上述客戶因素——成長、更高的空間使用，以及升級——使得辦公市場中的頂級辦公場所板塊持續展現強勁表現並優於市場，而 BXP 在此領域是明確的市場領導者。在 BXP 主要布局的四個 CBD 市場中，頂級辦公場所約占空間總量的 14% 與建築物的 8%。

Direct vacancy for premier workplaces in these four markets is 8.5% versus 13.8% for the broader office market while asking rents for premier workplaces continue to command a premium of more than 60% over the non-premier buildings. Over the last three years, net absorption for premier workplaces has been 11 -- a positive 11.9 million square feet versus only 420,000 square feet for the balance of the market. For the non-premier workplace segment, all markets had negative absorption except New York City.

這四個市場中，頂級辦公場所的直接空置率為 8.5%，相較之下整體辦公市場為 13.8%；同時，頂級辦公場所的要價租金相對非頂級建築仍維持超過 60% 的溢價。過去三年，頂級辦公場所的淨吸納量為正 1,190 萬平方英尺，而市場其餘部分僅為 42 萬平方英尺。在非頂級辦公場所板塊，除紐約市外，各市場的吸納量皆為負值。

Given these positive market and client trends and BXP's strong leasing over the last year, we have started to realize our forecasted occupancy gains the last two quarters, reinforcing our confidence that our target of 4 percentage points of total occupancy improvement over 2026 and 2027 remains achievable.

鑑於這些正面的市場與客戶趨勢，以及 BXP 過去一年的強勁租賃表現，我們在最近兩個季度已開始實現先前預測的入住率提升，進一步強化我們的信心：在 2026 與 2027 年合計提升總入住率 4 個百分點的目標仍可達成。

Our second business plan goal is to raise capital and optimize our portfolio through asset sales. During our investor conference, we communicated an objective to sell land, residential, and non-strategic office assets for approximately $1.9 billion in net aggregate sale proceeds by 2028.

我們業務計畫的第二項目標，是透過資產出售籌措資金並優化投資組合。在投資人會議上，我們傳達的目標是：至 2028 年前，透過出售土地、住宅與非策略性辦公資產，取得約 19 億美元的淨合計出售收益。

We continue to make great progress in the first quarter. We have raised $360 million in total net sale proceeds so far this year and $1.2 billion since our investor conference, including land sales for $250 million, apartment sales for $460 million, and office lab retail sales for $500 million.

我們在第一季持續取得重大進展。截至今年目前為止，我們已取得 3.6 億美元的淨出售收益；自投資人會議以來累計達 12 億美元，其中包括 2.5 億美元的土地出售、4.6 億美元的公寓出售，以及 5 億美元的辦公／實驗室／零售資產出售。

Further, we have under contract the sale of three assets with total net proceeds of approximately $40 million and are in various stages of marketing several additional assets. As of now, future net proceeds from dispositions projected in 2026 could aggregate up to an additional $400 million, and we are consistently exploring more asset sales.

此外，我們已簽約出售三項資產，預計淨收益合計約 4,000 萬美元，並正就其他多項資產進行不同階段的行銷推售。截至目前，2026 年預計處分所帶來的未來淨收益合計可能再增加至多約 4 億美元，我們也持續探索更多資產出售機會。

We have been able to achieve attractively valued land sales by creatively positioning our office land for more valuable uses, particularly residential. Across multiple jurisdictions, we have received or are pursuing entitlements for over 3,500 residential units on land intended for office use, which is creating significant value for shareholders and will be the backbone of both our apartment development and land sales activity going forward.

我們能以具吸引力的估值完成土地出售，係透過創意方式將辦公用地定位為更高價值用途，特別是住宅用途。在多個司法管轄區，我們已取得或正爭取原規劃作辦公用途之土地上超過 3,500 戶住宅單位的開發核准（entitlements），這正為股東創造顯著價值，並將成為未來我們公寓開發與土地出售活動的骨幹。

We have now sold three high-quality stabilized apartment buildings, which we built all at a mid-4% cap rate. A notable office transaction we completed in the first quarter was the sale to our partner of our 50% interest in the Marriott headquarters building in Bethesda, Maryland, which we developed in 2021. The 743,000 square-foot building is fully leased to Marriott and sold for a gross price of $430 million or $589 a square foot and a 6.8% initial cap rate.

我們目前已出售三棟高品質、已穩定營運的公寓大樓，這些大樓皆由我們興建，建造時的資本化率約在 4% 中段。我們第一季完成的一筆值得注意的辦公交易，是將我們在馬里蘭州貝塞斯達（Bethesda）的萬豪總部大樓（Marriott headquarters building）50% 權益出售給合作夥伴；該大樓由我們於 2021 年開發。這棟 743,000 平方英尺的大樓已全數出租給萬豪，成交總價 4.3 億美元，約每平方英尺 589 美元，初始資本化率為 6.8%。

The Bethesda market is not strategic for BXP. We were able to achieve attractive exit pricing, and the development was very profitable for shareholders, generating a $35 million gain on a $47 million investment.

Bethesda 市場對 BXP 而言並非策略性市場。我們得以達成具吸引力的退出定價，而該開發案也為股東帶來可觀獲利：在 4,700 萬美元投資基礎上，產生 3,500 萬美元的收益。

Supporting our disposition efforts, office transaction volume in the private markets remains healthy with financing available at scale, particularly in the CMBS market. In the first quarter, significant office sales were $14.1 billion, down from the seasonally elevated fourth quarter but notably up 72% from the first quarter of 2025.

為支持我們的處分工作，私募市場的辦公室交易量仍維持健康，且有可觀規模的融資可得，尤其是在 CMBS 市場。第一季，重大辦公室交易金額為 141 億美元，較季節性偏高的第四季下滑，但較 2025 年第一季大幅成長 72%。

In addition to the Marriott headquarters sale, there were a couple of other transactions with relevance to BXP's portfolio. In New York City, 575 Fifth Avenue sold for $383 million, or $734 a square foot and a 5.1% cap rate for the office portion of the building. The asset comprises 525,000 square feet and is 90% leased.

除萬豪總部出售案外，還有幾筆與 BXP 投資組合相關的交易。在紐約市，575 Fifth Avenue 以 3.83 億美元成交，約每平方英尺 734 美元，且就該建物的辦公室部分而言，資本化率為 5.1%。該資產面積為 525,000 平方英尺，出租率為 90%。

In San Francisco, the Transamerica Pyramid sold for an allocated price of $600 million or $1,113 per square foot. The 525,000 square foot building is only 60% leased. So the in-place cap rate was 2.9% but expected to be in the high 7% range in several years once the asset is leased and stabilized.

在舊金山，泛美金字塔大樓（Transamerica Pyramid）以分攤後價格 6 億美元成交，約每平方英尺 1,113 美元。該 525,000 平方英尺的建物目前僅出租 60%。因此，現況資本化率為 2.9%，但預期在未來數年待資產出租並穩定後，將落在 7% 以上的高檔區間。

The third business plan goal is to grow FFO through new development, selectively with office given market conditions and more actively for multifamily with an equity partner. For office, we have and expect to allocate more capital to developments and acquisitions because we continue to find premier workplace development opportunities with pre-leasing that we believe will generate cash yields upon delivery roughly 150 to 250 basis points higher than cap rates for lower quality asset acquisitions with ongoing CapEx requirements.

第三項營運計畫目標是透過新開發來成長 FFO；鑑於市場狀況，辦公室將採選擇性推進，而多戶住宅則將更積極地與股權合作夥伴共同推動。就辦公室而言，我們已經並預期將配置更多資本於開發與收購，因為我們持續找到具備預租（pre-leasing）的頂級職場開發機會；我們相信這些專案在交付時可產生的現金殖利率，將較收購低品質且需持續資本支出（CapEx）的資產之資本化率高出約 150 至 250 個基點。

The trade office timing as developments obviously takes several years to deliver. For multifamily, we have three projects with over 1,400 units under construction, are in various stages of entitlement and/or design for nearly 5,000 units, and have one project in Herndon, Virginia, which we plan to commence in 2026. We expect to continue to capitalize new development starts with financial partners owning the majority of the equity.

當然，辦公室開發案的時程取捨在於交付通常需要數年。就多戶住宅而言，我們有三個、合計超過 1,400 戶的專案正在興建中；另有近 5,000 戶處於不同階段的取得許可（entitlement）及／或設計中；並在維吉尼亞州 Herndon 有一個專案，計畫於 2026 年動工。我們預期將持續以金融合作夥伴持有大部分股權的方式，為新的開發動工案進行資本化。

BXP's largest development underway is 343 Madison Avenue, our market-leading premier workplace tower in New York City with direct access to Grand Central Terminal. As previously reported, we have a lease commitment for 29% of the building located in the mid-rise. We are also negotiating leases with tenants for another 27% of the building, which will bring us to 56% committed with available space at both the podium and high rise of the tower. Given strong market conditions and the lack of available competitive product, we are making multiple client presentations every week for the remaining space.

BXP 目前進行中的最大開發案為 343 Madison Avenue，這是我們在紐約市具市場領先地位的頂級職場大樓，並可直接通往中央車站（Grand Central Terminal）。如先前所報告，我們已取得位於中樓層、占該建物 29% 的租賃承諾。我們也正與承租戶洽談另外占 27% 的租約，屆時承諾比例將達 56%，且大樓的基座（podium）與高樓層仍有可供出租的空間。鑑於強勁的市場狀況以及缺乏具競爭力的可用產品，我們每週都會就剩餘空間進行多場客戶簡報。

We have procured 83% of the construction costs, have realized anticipated savings from our original budget, and our projections remain on track for a stabilized unleveraged cash return of 7.5% to 8% upon delivery in 2029. We are in discussions with several potential equity partners for a 30% to 50% leverage interest in the property and also have an agreed letter of intent with the consortium of banks for construction financing at attractive terms. We intend to complete the recapitalization in 2026.

我們已完成 83% 的建造成本採購，並已實現相較原始預算的預期節省；我們的預測仍維持在 2029 年交付時，穩定後的無槓桿現金報酬率為 7.5% 至 8%。我們正與數家潛在股權合作夥伴洽談，擬在該資產引入 30% 至 50% 的槓桿型權益（leverage interest）；同時也已與銀行團就具吸引力條件的建造融資達成意向書（LOI）。我們計畫於 2026 年完成資本重整（recapitalization）。

BXP's current development pipeline comprising six office, life science and residential projects underway, totaling 3.4 million square feet and $3.6 billion of BXP investment will deliver external growth over the longer term.

BXP 目前的開發管線包含六個正在進行的辦公室、生命科學與住宅專案，合計 340 萬平方英尺，BXP 投資額為 36 億美元，將在較長期帶來外部成長。

So in conclusion, we continue to successfully lease space and improve occupancy, creatively reposition and monetize non-core assets, and derisk our development pipeline through leasing, construction and capital raising successes. New construction for office has virtually halted, leading to higher occupancy and rent growth in many submarkets where BXP operates. Debt and equity capital is available for premier workplaces.

總結而言，我們持續成功出租空間並提升入住率，以創新方式重新定位並變現非核心資產，並透過租賃、施工與募資的成果，降低開發管線風險。辦公室新建案幾乎已停滯，促使 BXP 營運的多個子市場入住率提高、租金成長。頂級職場仍可取得債務與股權資本。

BXP is building market share, given our stability and consistent service to our clients and in many markets, less competition. BXP remains comfortably on track with our business plan, which, if successful, will lead to increasing portfolio occupancy and FFO per share, deleveraging, external growth from development, and a more highly concentrated CBD and premier workplace in-service portfolio in the years ahead.

鑑於我們的穩健性與對客戶一貫的服務，以及在許多市場競爭減少，BXP 正在擴大市占率。BXP 的營運計畫仍穩健按部就班推進；若能成功，未來數年將帶來投資組合入住率與每股 FFO 的提升、去槓桿化、由開發帶來的外部成長，以及更高度集中於 CBD 與頂級職場的已投入營運（in-service）投資組合。

And let me turn over our report to Doug.

接下來我把報告交給 Doug。

Thanks, Owen. Good morning, everybody. I'm going to speak towards demand this morning for the bulk of my comments. We can debate whether technology companies today are overstaffed, whether remote work strategies have had a demonstrable impact on premier property demand, whether a massive capital investment from data center infrastructure has led to a different perspective on human capital from the large tech companies, and whether new AI models and AI agents will lead to changes in the makeup of the workforce.

謝謝，Owen。各位早安。今天早上我大部分的評論將聚焦在需求面。我們可以討論：科技公司如今是否人力過剩、遠距工作策略是否對頂級資產需求造成可驗證的影響、資料中心基礎設施的大規模資本投資是否使大型科技公司對人力資本有不同觀點，以及新的 AI 模型與 AI 代理（agents）是否會導致勞動力結構的改變。

There are no answers, just conjectures. What we do know is that the US economy has gone through many technology cycles since the invention of the personal computer 45 years ago. And in this cycle, today, there is dramatic incremental office demand growth from new organizations that are developing AI. This new technology demand is focused in San Francisco and more recently in New York City.

這些都沒有答案，只是推測。我們所知道的是，自 45 年前個人電腦發明以來，美國經濟已歷經多次科技循環。而在本輪循環中，當下由開發 AI 的新組織所帶來的辦公室需求增量成長非常顯著。這波新科技需求主要集中在舊金山，近期也擴及紐約市。

OpenAI and Anthropic are clearly the most recognizable expansions, but there are many meaningful space occupiers expanding across our markets, Databricks, Perplexity, Decagon, Harvey AI, Sierra AI, Snowflake, to name a few, with Decagon and Snowflake being new tenants in the BXP roster.

OpenAI 與 Anthropic 顯然是最具辨識度的擴張者，但也有許多重要的空間使用者在我們的市場中擴張，例如 Databricks、Perplexity、Decagon、Harvey AI、Sierra AI、Snowflake 等；其中 Decagon 與 Snowflake 是 BXP 名單中的新租戶。

It's clear that the clients that are growing are not the tech titans that expanded during the last decade, but there is meaningful office using growth in our markets. CBRE reports that there has been 3 million square feet of positive office absorption in San Francisco over the last seven quarters, including an extraordinary 1.4 million square feet in the first quarter of 2026. This backdrop is important because it is increasingly translating into tangible leasing activity.

很明顯，成長中的客戶並非過去十年擴張的科技巨頭，但我們的市場確實出現顯著的辦公室使用成長。CBRE 指出，過去七個季度舊金山辦公室淨吸納量為正、合計 300 萬平方英尺，其中 2026 年第一季更高達驚人的 140 萬平方英尺。這樣的背景很重要，因為它正日益轉化為具體的租賃活動。

In the first quarter, BXP's total leasing volume was 1.14 million square feet. As I discussed during our Investor Day, in-service vacant space leasing and covering near-term lease expirations will drive our occupancy improvements and same-store revenue growth.

第一季，BXP 的總租賃量為 114 萬平方英尺。如我在投資人日所談到的，已投入營運（in-service）的空置空間出租，以及因應短期租約到期的續租／補租，將推動我們的入住率改善與同店營收成長。

During the first quarter, we executed leases on 700,000 square feet of vacant space and renewed or backfilled 235,000 square feet of '26 and '27 expirations.

第一季期間，我們完成了 700,000 平方英尺空置空間的租約簽署，並就 2026 與 2027 年到期的租約完成續租或補租 235,000 平方英尺。

Post March 31, our current pipeline of leases in negotiation consists of 1.7 million square feet and cover 500,000 square feet of existing vacancies and 500,000 square feet of '26 and '27 expirations. We start the second quarter with 1.44 million square feet of executed leases on vacant space that we expect to commence in 2026 in the next three quarters. The remaining calendar year of '26 expirations are down to 770,000 square feet. So if nothing else were to change, we should pick up 670,000 square feet or 150 basis points of occupancy and end the year at 89%. The majority of our remaining '26 expirations are known, so near-term upside will stem from leasing currently vacant space with immediate revenue commencement.

在 3 月 31 日之後，我們目前正在洽談中的租約管線為 170 萬平方英尺，其中涵蓋 500,000 平方英尺的既有空置面積，以及 500,000 平方英尺的 2026 與 2027 年到期面積。我們在第二季開始時，已有 144 萬平方英尺的空置空間租約完成簽署，且預期將在未來三個季度於 2026 年起租。2026 年剩餘日曆年度的到期面積已降至 770,000 平方英尺。因此，若其他條件皆不變，我們應可增加 670,000 平方英尺、或 150 個基點的入住率，並在年底達到 89%。我們剩餘的 2026 年到期租約多數已掌握，因此短期上行將來自出租目前空置、可立即開始認列收入的空間。

We ended '25 with in-service occupancy of 86.7%. Our occupancy at the end of the first quarter is 87.4%, an increase of 70 basis points, with about 57% of that gain stemming from improvements in the portfolio leasing and the balance due to changes in the portfolio, including the sales described in the press release and the suburban office buildings I highlighted last quarter that we removed from service and expect to demolish and then redevelop into higher-value residential uses consistent with our portfolio optimization strategy.

我們在 2025 年底的已投入營運入住率為 86.7%。第一季末入住率為 87.4%，提升 70 個基點；其中約 57% 的增幅來自投資組合租賃改善，其餘則來自投資組合變動，包括新聞稿所述的出售案，以及我在上季強調的郊區辦公大樓：我們已將其自營運中移除，並預期拆除後再開發為更高價值的住宅用途，以符合我們的投資組合優化策略。

Permits are progressing quickly in Santa Monica and Waltham, Mass. Separately, we are finalizing documentation with an institutional partner to commence development at Worldgate in Herndon, Virginia, where we purchased 300,000 square feet of office buildings and re-entitled this as residential townhomes and apartments. We anticipate closing the venture during the second quarter and immediately commencing construction.

在加州聖塔莫尼卡與麻州沃爾瑟姆，許可申請正快速推進。另外，我們正與一位機構合作夥伴完成文件作業，以在維吉尼亞州赫恩登的 Worldgate 啟動開發；該處我們已購得 30 萬平方英尺的辦公大樓，並重新取得分區/用途核准，改作住宅聯排屋與公寓。我們預期將於第二季完成該合資案交割，並立即開始施工。

We are in active conversations with new and renewing clients across all of our markets. Our total discussion pipeline, in addition to the 1.7 million square feet in negotiation, is another 1.4 million square feet, and we continue to anticipate a minimum of 4 million square feet of leasing in 2026, consistent with what we put forth in our 2026 guidance.

我們正與各市場的新客戶與續約客戶進行積極洽談。除目前談判中的 170 萬平方英尺外，我們的整體洽談管線另有 140 萬平方英尺；我們仍預期 2026 年至少可完成 400 萬平方英尺的租賃，與我們在 2026 年指引中所提出的一致。

Post March 31, we've executed 300,000 square feet of leases, so the total for the year stands at 1.5 million square feet as of today. We made the change to the way we are reporting our second-generation leasing statistics this quarter. Instead of providing statistics on leases based on the economic impact date of the lease commencement, which is backward looking, we are showing the change in the rent for all the leases executed in the current quarter where the comparative lease expired during the prior 24 months from the date of the new lease. Since all that data is in our supplemental, I'm not going to repeat it.

3 月 31 日之後，我們已簽署 30 萬平方英尺的租約，因此截至今日本年度累計為 150 萬平方英尺。本季我們調整了第二代（second-generation）租賃統計的揭露方式。我們不再提供以租約起租之經濟影響日為基礎（屬於回溯性）的統計，而是改為呈現本季所有已簽署租約的租金變動；其比較基準為新租約簽署日前 24 個月內到期的對應舊租約。由於所有資料都已在我們的補充資料中，我就不再重複。

I do have a few comments on the transactions behind the aggregate numbers. In Boston, the data includes 100,000 square foot lease in the Urban Edge space that was previously leased to Biogen. In New York, the bulk of the executed leases this quarter were at Times Square Tower, where we backfilled the law firm that was coming off a 20-year term with large funds.

我對彙總數字背後的交易有幾點補充。在波士頓，數據包含 Urban Edge 空間中一筆 10 萬平方英尺的租約，該空間先前租給 Biogen。在紐約，本季已簽署租約的大部分位於 Times Square Tower；我們以大型基金客戶回填一間剛結束 20 年租期的律師事務所所釋出的空間。

In San Francisco, the largest portion of the leasing was at 680 Folsom. And in DC, we extended a law firm for almost six years through 2038 in exchange for minimum TIs and a current rent reset.

在舊金山，租賃最大宗發生在 680 Folsom。在華府（DC），我們將一間律師事務所的租期延長近六年至 2038 年，交換條件為最低限度的租戶裝修（TI）支出以及現行租金重設。

This quarter, we executed several large leases. 17 leases over 20,000 square feet, with the largest just over 100 and a second with an expanding client that took 92,000 square feet. 34% of our square footage involved renewals, extensions, or expansions, and 66% was with new clients. Existing client expansions encompassed 150,000 square feet of activity, and we had about 50,000 square feet of contractions.

本季我們簽署了數筆大型租約：共有 17 份租約面積超過 20,000 平方英尺，其中最大一筆略高於 100,000 平方英尺，第二大則為一位擴張中的客戶承租 92,000 平方英尺。34% 的出租面積來自續約、延租或擴租，66% 來自新客戶。既有客戶擴租合計約 150,000 平方英尺，同時約有 50,000 平方英尺的縮租。

I want to make a few comments on our individual markets, which speak both to the sources of demand and the success we are having leasing vacancy across the board volume. In the BXP portfolio, Midtown Manhattan, the Back Bay of Boston and Reston, Virginia continue to have the tightest supply and therefore, the most landlord favorable market conditions. This quarter, the most significant acceleration in activity was in the south of Mission Market in San Francisco, Santa Monica, and the CBD of Washington, DC.

我想就各個市場補充幾點，這些內容同時反映需求來源，以及我們在各市場去化空置（以量計）所取得的成果。在 BXP 投資組合中，曼哈頓中城、波士頓 Back Bay 與維吉尼亞州雷斯頓（Reston）供給仍最為吃緊，因此市場條件對房東最有利。本季活動加速最明顯的市場為舊金山 Mission Market 南側、聖塔莫尼卡，以及華盛頓特區的 CBD（中央商業區）。

In the Back Bay portfolio, where we're 98.8% leased, much of our current activity is filling in small pockets of availability. But we have begun discussions with larger tenants that have expirations between 2028 and 2032 since there are no premier blocks of availability in the market.

在 Back Bay 投資組合中，我們出租率為 98.8%，目前多數活動是在填補零星可出租空間。但由於市場上沒有優質的大面積可供出租區塊，我們已開始與租期於 2028 至 2032 年到期的大型租戶展開討論。

In our Urban Edge portfolio, we completed a 100,000 square foot lease with a national restaurant operator at the Quarry in Weston and a 43,000 square foot lease with a life science company relocating into 15,000 square feet of lab space and 28,000 square feet of office space at 180 CityPoint.

在 Urban Edge 投資組合中，我們在 Weston 的 Quarry 與一家全國性餐飲營運商完成一筆 10 萬平方英尺租約，並在 180 CityPoint 與一家生命科學公司完成一筆 43,000 平方英尺租約；該公司將搬遷至 15,000 平方英尺的實驗室空間與 28,000 平方英尺的辦公空間。

Our current Urban Edge activity includes expanding hard tech companies and additional life science companies that are looking exclusively for office space. In New York, the most significant change in our activity has been in Midtown South. At 360 Park Avenue South, we completed another six floors and 138,000 square feet of leasing, which brings the building to 90% leased. Last week, we came to an agreement with an existing AI client to expand to an additional floor, which will bring the building to 95% leased. And across Madison Park, we leased an additional 32,000 square feet at 200 Fifth Avenue, leaving us with only 33,000 square feet of availability, where we had 350,000 square feet vacant in 2025.

目前 Urban Edge 的活動包括擴張中的硬科技公司，以及其他僅尋找辦公空間的生命科學公司。在紐約，我們活動最顯著的變化出現在 Midtown South。在 360 Park Avenue South，我們又完成 6 個樓層、共 138,000 平方英尺的出租，使該大樓出租率達 90%。上週，我們與一位既有 AI 客戶達成協議，將再擴租一個樓層，使該大樓出租率提升至 95%。此外在 Madison Park 範圍內，我們在 200 Fifth Avenue 再出租 32,000 平方英尺，僅剩 33,000 平方英尺可供出租；而在 2025 年時我們曾有 350,000 平方英尺空置。

At Times Square Tower, we executed over 100,000 square feet this quarter, including 85,000 square feet of currently vacant space. In San Francisco, the most significant change in our portfolio continues to be at 680 Folsom and 50 Hawthorne. During the quarter, we executed leases for 103,000 square feet and in early April, executed another 63,000 square foot lease.

在 Times Square Tower，本季我們簽署超過 100,000 平方英尺的租約，其中包含 85,000 平方英尺的目前空置空間。在舊金山，我們投資組合中最顯著的變化仍集中在 680 Folsom 與 50 Hawthorne。本季我們簽署 103,000 平方英尺的租約，並於 4 月初再簽署一筆 63,000 平方英尺的租約。

Since the beginning of 2024, AI and tech leasing has steadily increased from 50% of the total leasing demand in the market to 57% to almost 80% in the first quarter of this year. And as I stated earlier, there have been over 3 million square feet of positive absorption over the last seven quarters.

自 2024 年初以來，AI 與科技類租賃在市場總租賃需求中的占比穩步上升，從 50% 提升至 57%，並在今年第一季接近 80%。如我先前所述，過去七個季度的正吸納量（positive absorption）已超過 300 萬平方英尺。

In Santa Monica, we've seen a pickup in interest from clients with near-term lease expirations and the need for new and expanding space. This is a meaningful change from the last few years.

在聖塔莫尼卡，我們看到租期即將到期、且需要新空間或擴張空間的客戶興趣回升。這與過去幾年的情況相比，是一項重要變化。

The activity in DC this quarter was concentrated in two transactions. We did an early 153,000 square foot extension with the anchor tenant at 1330 Connecticut, and we gave up our regional headquarters at 2200 Penn as part of a 58,000 square foot lease with the Washington Commanders.

本季華府（DC）的活動主要集中在兩筆交易。我們在 1330 Connecticut 與主力租戶提前完成一筆 153,000 平方英尺的延租；同時，作為與華盛頓指揮官隊（Washington Commanders）一筆 58,000 平方英尺租約的一部分，我們讓出了位於 2200 Penn 的區域總部。

Currently, activity in the region is still concentrated at Reston Town Center, where we are 97.3% leased. This quarter, we completed seven small leases with defense contractors and professional service firms, and we are in negotiation on over 150,000 square feet of transactions, including 100,000 square feet of '27 expiring leases, where in aggregate, the tenant will renew and expand.

目前該區域的活動仍集中在雷斯頓市中心（Reston Town Center），我們在該處出租率為 97.3%。本季我們與國防承包商及專業服務公司完成 7 筆小型租約，並就超過 150,000 平方英尺的交易進行談判，其中包含 100,000 平方英尺於 2027 年到期的租約；整體而言，該租戶將續約並擴租。

Jake and Pete continue to field inbound requests from law firms that want us to identify sites and develop new projects similar to what we have achieved at 725 12th and 2100M. We have some visibility on a third of these projects today.

Jake 與 Pete 持續接到律師事務所主動洽詢，希望我們協助選址並開發新案，類似我們在 725 12th 與 2100M 所達成的成果。目前我們對其中約三分之一的專案已有一定能見度。

That wraps up my comments. I'll turn it over to Mike.

以上是我的補充。我把時間交給 Mike。

Great. Thanks, Doug. Good morning, everybody. So today, I'm going to cover our results for first quarter earnings and update our full year '26 earnings guidance. So for the first quarter, we reported FFO of $1.59 per share, and that's $0.02 above the midpoint of our guidance range and $0.01 ahead of consensus estimates. The performance of our portfolio exceeded our expectations by $0.03 per share and was partially offset by $0.01 of higher net interest expense.

很好。謝謝，Doug。各位早安。今天我將說明我們第一季的盈餘結果，並更新我們 2026 全年盈餘指引。第一季我們公布每股 FFO 為 1.59 美元，較我們指引區間中點高 0.02 美元，也較市場一致預估高 0.01 美元。我們投資組合的表現較預期高出每股 0.03 美元，但部分被淨利息費用增加 0.01 美元所抵銷。

Outperformance in our portfolio was comprised of $0.02 of better rental revenues and $0.01 of higher termination income. The rental revenue beat was from commencing leases more quickly in both 535 Mission and 680 Folsom as well as from some leases in the Urban Edge properties in Boston. And we also generated more service revenue from our clients, particularly in New York City and in San Francisco, reflecting increased utilization.

投資組合的超預期表現包含：租金收入較佳貢獻每股 0.02 美元，以及解約收入（termination income）較高貢獻每股 0.01 美元。租金收入優於預期，主要來自 535 Mission 與 680 Folsom 的租約更快開始起租，以及波士頓 Urban Edge 物業中的部分租約。我們也從客戶端取得更多服務收入，特別是在紐約市與舊金山，反映使用率提升。

Termination income for the quarter totaled $12.8 million and primarily related to two clients. In the first case, we proactively took back 25,000 square feet from a client in Washington, DC, that allowed us to lease 58,000 square feet to the Commanders at 2200 Penn. This is a great trade for us, creating incremental occupancy and extending lease maturity.

本季解約收入合計為1,280萬美元，主要與兩位客戶相關。第一個案例中，我們主動向華盛頓特區的一位客戶收回25,000平方英尺的面積，使我們得以在2200 Penn出租58,000平方英尺給Commanders。這對我們而言是一筆很划算的交換，帶來額外的出租率並延長租約到期年限。

The second case relates to a client that defaulted on its lease in the fourth quarter last year when we took a charge totaling $3.6 million to write off their accrued rent balance. This quarter, we received a termination payment totaling $6.25 million, which covers both the write-off from last quarter as well as nearly 12 months of potential downtime in rent. Our net interest expense for the quarter came in higher by $0.01 per share from lower-than-anticipated interest income and higher commercial paper rates related to the market volatility in the fixed income markets.

第二個案例與一位客戶有關，該客戶於去年第四季違約；當時我們認列合計360萬美元的費用，用以沖銷其應計租金餘額。本季我們收到合計625萬美元的解約付款，涵蓋了上季的沖銷金額，以及近12個月潛在空置期的租金。本季我們的淨利息費用較高，每股增加0.01美元，原因是利息收入低於預期，以及固定收益市場波動導致商業本票利率上升。

CP rates widened by 25 to 30 basis points during the first quarter. The rates have improved in the past few weeks, but they're still not quite back to where they were in the fourth quarter.

第一季CP利率擴大了25至30個基點。過去幾週利率已有改善，但仍尚未回到第四季的水準。

Now I'd like to turn to our updated guidance for full year 2026. Big picture, we've increased the midpoint of our FFO guidance by $0.01 per share at the midpoint by bringing up the bottom end to $6.90 per share and maintaining the top end at $7.04 per share.

接下來我想說明我們更新後的2026全年指引。整體而言，我們將FFO指引的中位數每股上調0.01美元：把下緣提高至每股6.90美元，並維持上緣在每股7.04美元。

We have increased our assumption for termination income in 2026 by $8 million. It relates to several credit issues we're working through that impact about 200,000 square feet of space that we expect we will get back in 2026. More than half of this space is held in a joint venture, so the financial impact to us is less. The termination income we expect to receive is in lieu of approximately $5 million of lower rental income in 2026 from these clients. These spaces are readily leasable in the current market, and we expect we'll be successful in backfilling them quickly.

我們將2026年的解約收入假設上調800萬美元。這與我們正在處理的若干信用問題有關，影響約200,000平方英尺的空間，我們預期將於2026年收回。其中超過一半的空間由合資企業持有，因此對我們的財務影響較小。我們預期收到的解約收入，是用來替代這些客戶在2026年約500萬美元較低的租金收入。這些空間在目前市場上很容易再出租，我們預期能迅速補租。

Strong leasing performance across our same property portfolio is giving us increased confidence in our growth outlook. In our same-property portfolio, we are increasing our assumption for our share of NOI growth from over 2025 by 15 basis points to between 1.4% and 2.4%. Keep in mind, we exclude termination income from our same-property NOI assumptions. So if not for the lease terminations, we would have increased our assumption for our share of same-property NOI growth by an additional 25 basis points. The increase is driven by the robust leasing activity that Doug outlined, which continues to exceed our expectations and support a stronger occupancy recovery.

同物業組合的強勁租賃表現，讓我們對成長展望更有信心。在同物業組合中，我們將相較2025年、我們應占NOI成長的假設上調15個基點，至1.4%至2.4%。請記得，我們在同物業NOI假設中排除解約收入。因此，若非租約解約因素，我們原本會再額外把同物業NOI成長（我們應占部分）的假設上調25個基點。這次上調主要由Doug所提到的強勁租賃活動所帶動，該活動持續超出我們預期，並支持更強的出租率回升。

Reflecting this momentum, we've increased our occupancy outlook for 2026 by 25 basis points to an average for the year of 88.25%. On a cash basis, we have reduced our assumption for year-over-year growth in our share of same-property NOI by 25 basis points and that accounts for the lease termination activity as well as a couple of early renewals with free rent periods in 2026.

反映這股動能，我們將2026年的出租率展望上調25個基點，全年平均為88.25%。以現金基礎計算，我們將我們應占同物業NOI的年增率假設下調25個基點，這反映了租約解約活動，以及幾筆提前續約在2026年包含免租期。

In our development portfolio, we expect to deliver 290 Binney Street more than a month early as we're just about complete with the tenant improvements. AstraZeneca already commenced cash rent payments as of April 1, and we expect to deliver the project by June 1 at the latest.

在開發組合方面，我們預期290 Binney Street將提前一個多月交付，因為租戶裝修工程已接近完成。AstraZeneca已自4月1日起開始支付現金租金，我們預期最晚於6月1日交付該專案。

We have two factors impacting our interest expense assumption for the year. First, the early delivery of 290 Binney requires that we cease capitalized interest early. Second, the likelihood for Fed rate cuts later this year has diminished, and we are now assuming that SOFR rates are flat for the remainder of 2026.

今年我們的利息費用假設受到兩項因素影響。第一，290 Binney的提前交付意味著我們需要提前停止資本化利息。第二，今年稍晚聯準會降息的可能性已降低，因此我們目前假設SOFR利率在2026年剩餘期間持平。

Including our first-quarter result, we have increased our 2026 assumption for net interest expense by approximately $10 million. So overall, we're raising our guidance for 2026 FFO by $0.01 per share at the midpoint our new range of $6.90 to $7.04 per share.

納入第一季結果後，我們將2026年淨利息費用的假設上調約1,000萬美元。因此整體而言，我們將2026年FFO指引的中位數每股上調0.01美元，新區間為每股6.90至7.04美元。

The changes come from increases in our assumption for growth in our share of same-property NOI of $0.02, increases in termination income of $0.04, and an increase of $0.01 from our development activity. These are partially offset by higher interest expense of $0.06.

變動主要來自：我們應占同物業NOI成長假設增加0.02美元、解約收入增加0.04美元，以及開發活動帶來增加0.01美元。上述部分被較高的利息費用0.06美元所抵銷。

As Owen described, we continue to execute on our plan. We have closed on asset sales generating $1.2 billion in net proceeds, including $360 million so far in 2026, in line with our guidance. We're making great progress at 343 Madison, with additional leases under negotiation and active discussions for both private equity capital and construction financing.

如Owen所述，我們持續執行既定計畫。我們已完成資產出售，取得12億美元的淨收益，其中2026年迄今為止為3.6億美元，符合我們的指引。我們在343 Madison進展良好，另有更多租約正在洽談中，並就私募股權資金與建築融資進行積極討論。

And importantly, our leasing activity has been consistent and above expectations. Signed leases that have yet to take occupancy for currently vacant space has grown to 1.6 million square feet. Our current pipeline of 3 million square feet of leases either under negotiation or in active discussions is higher than where it stood last quarter. And we remain highly confident in our ability to grow our occupancy meaningfully, driving higher portfolio performance and value.

更重要的是，我們的租賃活動持續穩定且優於預期。已簽約但尚未進駐、對應目前空置空間的租約面積已增至160萬平方英尺。目前我們有300萬平方英尺的租約正在談判或積極洽談中，高於上季水準。我們仍對能夠顯著提升出租率充滿信心，進而帶動更高的投資組合表現與價值。

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

以上為我們的正式說明。接線員，請開放提問線路。

(Operator Instructions) Steve Sakwa, Evercore ISI.

(接線員指示) Steve Sakwa，Evercore ISI。

It sounds like all of you have had very positive comments around the leasing environment. Things have certainly gotten better, and the tide seems to be turning in a number of markets like New York, certainly San Francisco, and parts of Boston. I guess the question is, to what extent are you able to kind of shorten the time from the time you start the discussions to getting leases signed?

聽起來各位對租賃環境都有非常正面的評論。情況確實有所改善，而且在一些市場似乎正在轉向，例如紐約、當然還有舊金山，以及波士頓的部分地區。我想問的是，從你們開始洽談到把租約簽下來，你們能在多大程度上縮短這段時間？

And then the implications that might have for kind of the TI and CapEx that you might need to be spending on these deals. I guess, can you get tenants in the space faster? And might we see CapEx start to come down?

以及這對你們在這些交易上可能需要支出的TI與資本支出（CapEx）會有什麼影響。也就是說，你們能否更快讓租戶進駐？我們是否可能看到CapEx開始下降？

Steve, this is Doug. So what I would say is that the duration of the lease is really dependent upon the aggressiveness of the legal counsel for our tenants. And in some cases, we have council that are very thoughtful from our perspective, and we can get leases bang down in a couple of days. And in other cases, it can take six months. And so -- and I don't think that the market conditions have really impacted that.

Steve，我是Doug。我會說，租約談判所需時間其實很大程度取決於租戶法律顧問的積極程度。在某些情況下，對方顧問從我們的角度看非常周全，我們可以在幾天內就把租約迅速敲定。但在其他情況下，可能需要六個月。因此——而且我不認為市場狀況真的對此造成了影響。

I would say our ability to say yes to requests from our tenants in terms of what their counsels are saying is clearly stiffened. And so maybe that's why it's taking longer to get leases done in some cases, I don't know. From a capital expense perspective, there's no question that in the Back Bay, Boston, in the Midtown Manhattan, and in Northern Virginia in Reston, we are being more conservative relative to the kinds of concessions that we're offering, meaning they are lower. And they're lower in the form of the amount of free rent that we're giving and they're lowering the amount of TIs that we're offering.

我會說，我們在回應租戶提出的要求、也就是他們顧問所主張的條件時，我們「點頭同意」的能力顯然變得更受限。所以也許這就是為什麼在某些情況下租約更難更久才談成，我不確定。從資本支出的角度來看，毫無疑問，在波士頓Back Bay、曼哈頓中城，以及北維吉尼亞的Reston，我們相較以往對所提供的讓步更為保守，也就是讓步更少。讓步更少體現在我們提供的免租期更短，以及我們提供的TI（租戶裝修補助）金額更低。

I would say the West Coast still has a pretty significant concession package largely because there's still a significant amount of space available, even though the demand has accelerated materially. So I'd sort of say there are places where it's better and there are places where it's still, relatively speaking, consistent with what it's been over the last three or four quarters.

我會說西岸仍然有相當可觀的讓利方案，主要是因為即使需求已明顯加速，市場上仍有相當多的可供空間。所以我大概會說，有些地方情況更好，也有些地方相對而言仍與過去三到四個季度的狀況一致。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

I wanted to follow up on your comment about 80% of demand, I think, out in San Francisco coming from AI tenants. And so wondering how to think about that as to whether it's really incremental demand, above and beyond what would be normal, or if it kind of goes to this idea that only 20% of the demand is coming from stuff outside of AI. Just trying to think about like where that goes and what that tells us, if anything, about the rest of the tenants in the market.

我想追問你提到的舊金山那邊大約80%的需求，我記得是來自AI租戶。因此想請教該如何看待這件事：這是否真的是超出正常水準的增量需求，還是說某種程度上反映了只有20%的需求來自AI以外的其他類別。我只是想理解這會走向何處，以及這是否（若有的話）能告訴我們市場上其他租戶的情況。

So I'll start, and I'll let Rod comment. What my sort of inference on what's going on is that there is a clear acceleration of technology defined as these new AI-oriented companies that are absorbing the majority of the incremental space absorption in the market. What has changed, and it's changed dramatically is if you went back to 2010 to 2019, virtually all of the absorption was coming from the tech titans, Google, LinkedIn, Microsoft, Meta, the larger companies. And that has clearly shut down. None of those companies are expanding in any material way in the city of San Francisco, and in fact, some of them have given back space.

我先說，然後讓Rod補充。我對目前情況的推論是：科技需求明顯加速，這裡的科技指的是這些以AI為導向的新公司，它們正在吸收市場上大部分的新增淨吸納面積。變化之處，而且是劇烈的變化在於：如果回到2010到2019年，幾乎所有的吸納都來自科技巨頭——Google、LinkedIn、Microsoft、Meta等大型公司。而那股動能顯然已經停止。這些公司沒有任何一家在舊金山市區有實質性的擴張，事實上，有些還退還了空間。

I would say that the amount of space that is being absorbed is accelerating or has accelerated. I can't tell you if that's going to hold for a consistent basis for the next three or four or five quarters. But it's -- but these companies are relatively speaking, aggressively hiring people, and they've made a decision that in-place work is critically important to their business strategies. And so those are all great indicators from our perspective.

我會說，被吸納的空間量正在加速，或已經加速。我無法告訴你這是否能在接下來三、四或五個季度持續保持一致。但這些公司相對而言正在積極招募人員，而且他們已經做出決定：到辦公室的現場工作對其商業策略至關重要。因此，從我們的角度來看，這些都是非常好的指標。

The professional services and the business services firms have not expanded the way they are expanding in Midtown Manhattan, and we're hopeful that as these companies become public, and they change their capital flows, and that improves the overall wealth creation in the West Coast, that there may be some more material improvements in financial services and professional services and business and administration services.

專業服務與商業服務公司並未像它們在曼哈頓中城那樣擴張；我們希望隨著這些公司上市、資金流向改變，並提升西岸整體的財富創造，金融服務、專業服務以及商業與行政服務可能會出現更實質的改善。

Rod, I don't know if you have any other comments.

Rod，我不知道你是否還有其他補充。

I think you covered most of it, Doug, but I would just add that on the topic of the non-tech companies, the traditional tenants, and we have many of them, particularly at Embarcadero Center. What we're not seeing is downsizing. I mean, they bumped through that already. And so we've executed a handful of different renewals with those types of tenants and some new tenants coming in. And so I'd say they're stable.

Doug，我覺得你已經涵蓋大部分了，但我只想補充一點：關於非科技公司、也就是傳統租戶——我們有很多，特別是在Embarcadero Center。我們目前沒有看到縮編。我的意思是，他們之前已經經歷過那一波調整了。因此，我們已與這類租戶完成了幾筆不同的續租，也有一些新租戶進駐。所以我會說他們是穩定的。

And that's kind of -- and then when you look to the flip side of that, and you think about where the demand is growing and where it's coming from, it's what you would expect from the Bay Area, which is it's a tech-driven market, and these are tech companies that are driving the market right now. There are 20 requirements that are over 100,000 square feet. That's about 3.3 million square feet. This is in San Francisco specifically.

而這也算是——當你從另一面來看，思考需求在哪裡成長、來自哪裡，其實符合你對灣區的預期：這是一個由科技驅動的市場，而目前正是科技公司在帶動市場。有20個需求案的面積超過10萬平方英尺。合計約330萬平方英尺。這是特指舊金山。

And a year ago, that number was about 12 requirements. So it's definitely increased, and it's great. And as Doug said, these are with companies that we haven't heard of before. So it's new emerging, growing companies. So it's very positive.

而一年前，這個數字大約是12個需求案。所以確實增加了，這很棒。而且如Doug所說，這些是我們以前沒聽過的公司。所以是新興、正在成長的公司。因此非常正面。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Okay. 340 Madison, you talked about lease negotiations for another 27% of space. There's been some media speculation who that is. But I'm wondering if you could just discuss whether or not you believe that space represents consolidation of space, expansion, or musical chairs?

好的。關於340 Madison，你提到另有27%的空間正在進行租約談判。媒體對可能的租戶有一些揣測。但我想請你談談：你認為那部分空間代表的是整併空間、擴張，還是「換椅子」式的搬遷？

So this is Doug. So it's tenants. Like it's not a tenant; it's tenants. And I think it's yes to all of those things. It's some consolidation, and it's some growth.

我是Doug。所以是租戶們。不是單一租戶；是多個租戶。而我想答案是以上皆是。有一些是整併，也有一些是成長擴張。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，豐業銀行。

Mike, I wanted to ask about leasing CapEx. It was is higher this quarter, $178 million hitting the FAD calculation. I think last call, you said for the year, it could be like $220 million to $250 million. So maybe you could just talk about kind of what drove that and how to think about leasing CapEx for the rest of the year?

Mike，我想問租賃資本支出（leasing CapEx）。這一季比較高，有1.78億美元計入FAD的計算。我記得上次電話會議你說全年可能大約是2.2億到2.5億美元。所以也許你可以談談是什麼推動了這個數字，以及今年剩餘時間該如何看待租賃CapEx？

So what drove the leasing costs this quarter was really a very significant amount of lease commencements, basically two times what we normally see. And it was driven by several early renewals that we did a couple of years ago that hit this quarter. That was over 1 million square feet of that. And so that -- if you looked at leasing cost per square foot, they were $10 per square foot per lease year, which is pretty reasonable. That's well within kind of the range we would expect.

這一季推動租賃成本上升的原因，主要是租約起租（lease commencements）數量非常多，基本上是我們平常看到的兩倍。這是由我們在兩年前做的幾筆提前續租所帶動，而它們在本季開始起租。其中超過100萬平方英尺是來自這部分。因此——如果你看每平方英尺的租賃成本，它們是每租約年度每平方英尺10美元，這相當合理。完全落在我們預期的區間內。

But it was just these early renewals that hit that caused that FAD to be higher. So I would not expect that to continue at those levels for the next few quarters. But I do expect that for the year, our lease transaction costs will be higher given the start that we have at $175 million for the quarter.

但就是這些提前續租在本季起租，才導致FAD偏高。所以我不預期接下來幾季會以這樣的水準持續。不過我確實預期今年全年，我們的租賃交易成本會更高，因為本季起步就已達1.75億美元。

So I would anticipate that our leasing costs will be closer to in excess of $400 million based upon the occupancy growth that we anticipate. And there's a couple of other early renewals that are going to be coming in in the second and fourth quarter.

因此，我預期基於我們所預估的入住率成長，我們的租賃成本將更接近、甚至超過4億美元。另外，第二季與第四季還會有幾筆提前續租進來。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

I was hoping you could talk about the trends you're seeing in the life science segment of the portfolio. You've disposed of your West Coast exposure, and you've had some success in leasing up the Greater Boston portfolio. Is that potentially a source of funds if the transaction market is supportive? Or do you still kind of see the overall Boston life science portfolio as a longer-term hold for BXP?

我希望你能談談你們在投資組合中生命科學板塊所看到的趨勢。你們已處分西岸曝險，且在大波士頓投資組合的出租方面也取得一些成果。如果交易市場條件支持，這是否可能成為資金來源？或者你們仍將整體波士頓生命科學投資組合視為BXP的長期持有資產？

So the BXP life science portfolio is in two submarkets. It's in Kendall Square in Cambridge, where we are building our new building for AstraZeneca, and we have buildings with Biogen, and we have buildings with the Broad. And then it's our life science buildings in Waltham, Massachusetts, at 180 CityPoint and at 880 and the 200 West Street, and then 103 when we get that building leased. I don't think that we are looking at exiting any of those markets or any of those buildings.

BXP的生命科學投資組合位於兩個次市場。一個是在劍橋的Kendall Square，我們正在為AstraZeneca興建新大樓；我們也有Biogen所在的大樓，以及Broad所在的大樓。另一個是麻薩諸塞州Waltham的生命科學大樓，包括180 CityPoint、880與200 West Street，還有103（等我們把那棟大樓租出去之後）。我不認為我們正在考慮退出任何一個市場或任何一棟大樓。

We are clearly seeing a change relative to the demand that's currently in the market towards more office and less lab insensitivity. And so quite frankly, we're taking advantage of that in our traditional office buildings with life science companies. In fact, as part of the 1.7 million square feet of leases under negotiation, we signed a letter of intent last night for a 49,000 square foot life science company that's going to take 49,000 square feet of office space at one of our buildings.

我們很明顯看到，相較於目前市場上的需求，正出現轉變：對辦公空間的需求增加，而對實驗室空間的需求敏感度降低。所以坦白說，我們正在我們的傳統辦公大樓中，與生命科學公司合作來把握這個趨勢。事實上，在目前正在洽談的170萬平方英尺租約中，我們昨晚簽署了一份意向書（LOI），一家生命科學公司將在我們其中一棟大樓承租49,000平方英尺的辦公空間。

So I think that's going to -- we're going to see a continuation of that. I would tell you that there's no question that the life science market has already bottomed out and things on the margin are getting better in the Greater Boston ecosystem. I think you will find, if you look at the companies that are, quote-unquote, incubator-like, there's more activity and more interest in those incubators. And hopefully, that will, over time, roll its way into larger companies. And there's clearly consolidation in terms of big pharma purchasing life science companies that are -- that were born and bred in the Boston ecosystem, again, which I think is a good thing for the ecosystem here.

所以我認為這將會——我們會看到這種情況持續下去。我可以告訴你，毫無疑問生命科學市場已經觸底，在大波士頓生態系中，邊際上正在改善。我想你會發現，如果你去看那些所謂「類孵化器」的公司，這些孵化器的活動與興趣都更多。而希望隨著時間推移，這會逐步帶動到更大型的公司。此外，很明顯也出現整併：大型製藥公司正在收購那些——在波士頓生態系中孕育並成長的生命科學公司；我認為這對這裡的生態系而言是好事。

So I would say on the margin, things are better. We're strategically going to continue to maintain our portfolio, and we believe in the long-term viability of the life science business in Greater Boston.

所以我會說，邊際上情況更好了。我們將策略性地持續維持我們的投資組合，我們也相信大波士頓生命科學產業的長期可行性。

Jana Galan, Bank of America Securities.

Jana Galan，美國銀行證券（Bank of America Securities）。

Congrats on the great leasing. Given the focus on occupancy and speed to occupancy, can you talk about any initiatives like spec suites to kind of attract tech and AI tenants quicker? And do AI tenants have different power or architectural requirements than the kind of the more traditional tenant groups?

恭喜租賃表現非常出色。鑑於你們聚焦在入住率與加速入住，你能談談是否有任何措施，例如預建套房（spec suites），以更快吸引科技與AI租戶嗎？另外，AI租戶在電力或建築設計需求上，是否與較傳統的租戶族群不同？

So I'm going to let our regional management team sort of answer that question. I'd let Brian talk about sort of turnkey builds where we're doing a significant amount of what I would refer to as we're going to do sort of the design and the build-out for medium-sized companies.

那我先請我們的區域管理團隊來回答這個問題。我會請Brian談談我們所做的交鑰匙（turnkey）工程，也就是針對中型公司，我們會做相當多我所稱的設計與裝修建置。

And then, Jake, can talk about our prebuilt suite program in Northern Virginia? And Rod, you can talk about what we did and how we were successful at leasing 680 Folsom. So Bryan, why don't you get going first?

然後Jake可以談談我們在北維吉尼亞的預建套房計畫。Rod則可以談談我們做了什麼，以及我們如何成功出租680 Folsom。所以Bryan，你先開始吧？

Yeah. So Urban Edge is that the area where we're seeing this type of activity because the portfolio is effectively leased in Boston and Cambridge. But on the Urban Edge, we are seeing this turnkey ability with these new emerging companies and several of them in life science. Like Doug said, we're encouraged and we feel it's bottomed out.

好的。Urban Edge是我們看到這類活動的區域，因為在波士頓與劍橋，我們的投資組合基本上已出租。但在Urban Edge，我們確實看到這些新興公司對交鑰匙方案的需求，其中有好幾家是生命科學公司。如Doug所說，我們受到鼓舞，也覺得市場已經觸底。

But the activity, I wouldn't say is like overwhelming significant, but it is definitely ticked up. And the companies that we're talking to, one of the things that I think is really interesting about these companies, along with doing the turnkeys relates to Steve's earlier question about time to effectively put a lease together. One of the things that we haven't seen in a long time is that these clients are doing their best to gather what their growth will be. And that's been a little bit of a stall in that we'll be working on a 30,000-foot deal and all of a sudden, they'll say “We got good news, it could be 40”. That's new.

不過活動量我不會說是非常、非常顯著，但確實有回升。而我們正在洽談的公司，有一點我覺得很有意思：除了交鑰匙方案之外，也呼應Steve先前關於完成租約所需時間的問題。我們很久沒看到的是，這些客戶正盡力去預估他們的成長幅度。這也造成了一點停滯：我們可能在談一筆30,000平方英尺的案子，結果他們突然說「有好消息，可能會變成40（千平方英尺）」。這是新的現象。

But the turnkeys are really working out really well. We haven't done any, call it, we've only done very small spec builds in that area. But turnkey, fast and quick occupancy.

但交鑰匙方案的效果真的很好。我們在那個區域沒有做太多——可以說只做了非常小規模的預建（spec）裝修。但交鑰匙可以讓租戶快速、迅速入住。

Jake?

Jake？

Sure. In Reston Town Center, we've delivered over 50 spec suites in -- there's two buildings in Reston that are -- we sort of have coined our incubator buildings. These are buildings that these groups that are 4,000 to 5,000 to 6,000 square feet want to be adjacent to the likes of a lot of the corporate headquarters that exist in Reston Town Center. And so we've been very successful with those prebuilt suites.

當然。在Reston Town Center，我們已交付超過50個預建套房——在Reston有兩棟大樓——我們把它們稱作孵化器大樓。這些團隊通常需要4,000到5,000到6,000平方英尺，並希望鄰近Reston Town Center內許多企業總部。因此，我們在這些預建套房方面非常成功。

Oftentimes, when we've gone forward to build five to six of them prior to having lines done on paper and drawings and permits in hand, we've already leased those suites. So there's been an insatiable demand for that space in terms of, I think your question was about power requirements and anything different. Nothing really different relative to those spec suites. Oftentimes, we're doing those on a short-form lease, we're oftentimes seeing term greater than five years and very, very, very competitive rental rates.

很多時候，我們在尚未把條款寫在紙上、圖面完成、許可到手之前，就先行建置五到六個套房，而這些套房往往已經出租出去了。所以就空間需求而言，需求非常旺盛；我想你問的是電力需求或是否有任何不同。相較於這些預建套房，並沒有什麼真正不同之處。很多時候我們用簡式租約（short-form lease），也常看到租期超過五年，且租金水準非常、非常、非常具競爭力。

Rod?

Rod？

Yeah. So at 680 Folsom, it was a key part of our strategy in leasing that building up was doing the spec suites. We did a full floor. In fact, we did a 34,000-foot, full floor spec suite, and we did that last year, and it was extremely well received. We were able to show prospective clients what it would look like.

好的。在680 Folsom，我們能把那棟大樓租出去的一個關鍵策略就是做預建套房。我們做了一整層。事實上，我們去年做了一個34,000平方英尺的整層預建套房，市場反應非常好。我們能向潛在客戶展示實際會長什麼樣子。

And so once we had that built, our activities spooled up quickly. And so the activity that we reported largely based on that strategy. So this is nothing new for us, by the way.

因此，一旦建好之後，我們的招商活動很快就加速了。所以我們所報告的活動量，很大程度上就是基於這個策略。順帶一提，這對我們來說並不新。

We've been doing this for many years, and we continue to do it across all of our properties here in the Bay Area, and it's a great strategy. I mean most tech companies, it's -- they need the space quickly. And so when it's built and ready to go, we can deliver it quickly. And I'll just comment quickly on the power question that you asked. It's not happening in anything in San Francisco.

我們做這件事已經很多年了，並且持續在灣區所有資產推行，這是一個很好的策略。我的意思是，多數科技公司——他們需要快速取得空間。所以當空間已建好、可立即使用時，我們就能很快交付。我也快速回應你剛才問的電力問題。在舊金山這邊並沒有發生這種情況。

So the office using AI companies that we're dealing with are not necessarily looking for more power. But we are seeing that in some of our R&D portfolio properties down in in Mountain View in particular. And those might be different type of robotic companies or different technology companies, but power is definitely something that they will seek out.

所以我們接觸到的、在辦公室使用AI的公司，不一定在尋求更多電力。但我們確實在我們的部分研發（R&D）投資組合資產中看到這種需求，尤其是在Mountain View那邊。那些可能是不同類型的機器人公司或其他科技公司，但電力確實是他們會特別尋找的條件。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

So a question on the development program. I think you guys talked about a new pipeline of deals. And just curious, two parts. One, the split between residential, where you're monetizing land or buildings to ultimately sell versus office. And then as you contemplate office, just given, again, where the stock is trading and implied 8, how you weigh starting a potential office deal future versus where the stock is trading right now?

我有一個關於開發計畫的問題。我想你們談到一個新的交易管線。我好奇兩個部分。第一，住宅與辦公的比例：住宅部分你們是透過土地或建物變現，最終出售；相較之下辦公的比例如何？第二，當你們考慮辦公開發時，考量到——再次強調——目前股價交易水準以及隱含的8（%），你們如何權衡啟動未來可能的辦公案，與目前股價交易水準之間的取捨？

So on the pipeline, as I mentioned, it's $3.5 billion or so. It's about to shrink because we're going to deliver 290 Binney Street. We do have a portfolio of new developments coming. We've talked about a couple that we're doing in Washington, DC. So I think that will build back up. I think on residential, we -- you may have a situation where we have more projects, but it will be lower capital.

關於管線，如我提到的，大約是35億美元左右。它即將縮小，因為我們將交付290 Binney Street。我們確實還有一批新的開發案即將到來。我們談過幾個在華盛頓特區進行的案子，所以我認為管線會再回升。至於住宅方面，我們——你可能會看到我們的案子數量更多，但資本投入會較低。

The 17 Hartwell deal we did, we have -- we were 20% of the equity. Skymark, we were 20% of the equity. Those are the kind of models that you're going to see going forward. So I think in the future, the amount of capital invested will be greater in office than it will be in residential. And then on your last question as it relates to the development yield versus the capital allocation decision of starting a new office development at an 8 yield versus repurchasing shares -- we think a 8 yield is higher than the underlying yield in the stock.

我們做的 17 Hartwell 交易，我們——我們持有 20% 的股權。Skymark，我們持有 20% 的股權。這些就是你們未來將會看到的那類模式。所以我認為未來投入的資本，在辦公領域會大於住宅領域。然後就你最後一個問題，關於開發收益率相對於資本配置決策——以 8% 的收益率啟動新的辦公開發，對比回購股票——我們認為 8% 的收益率高於股票的內含收益率。

The look-through cap rates are probably somewhere in the 7s for the stock. And at 8%, we think it's an accretive activity for shareholders, and it's certainly more attractive than some of the acquisitions that I described in my remarks.

從穿透角度看的資本化率（look-through cap rates）大概在 7% 多一些。而在 8% 的情況下，我們認為這對股東而言是增厚（accretive）的行為，而且肯定比我在發言中提到的一些收購更具吸引力。

The only other thing I would add, Owen, on the residential is we're going to generate more fee income because we're going to only own a minority interest in those, and we're going to generate development fees and other fees like that as we do that. So as those start to ramp up, we should see it in our fee income.

另外我想補充的一點，Owen，關於住宅方面：我們會產生更多的費用收入，因為我們只會持有其中的少數股權，並且在推進過程中會收取開發費以及其他類似費用。因此，當這些開始放量時，我們應該會在費用收入中看到反映。

The only last thing I would say on development, Alex, is the company over a long period of time has generally had somewhere between $3 billion to $4 billion, maybe somewhere in the $4 billions of development underway. And I think in the future, that could continue, but I think there'll be less projects because simply stated, the cost of these projects is much higher. So I think it will be concentrated in fewer individual projects.

關於開發我最後想說的一點，Alex，是公司在很長一段時間內通常都有約 30 億到 40 億美元、也許接近 40 多億美元的在建開發項目。我認為未來這種規模可能會延續，但項目數量會更少，原因很簡單：這些項目的成本高得多。所以我認為會集中在更少的單一項目上。

Seth Bergey, Citi.

Seth Bergey，花旗。

You mentioned the $400 million of kind of dispositions. What's kind of the target mix between non-strategic office, residential, JV interest plans? And just given some of the interest rate movements that you kind of drove the change in that guidance piece how pricing and conversations with potential buyers changed around that pool of assets?

你提到大約 4 億美元的處置。在非核心辦公、住宅、合資（JV）權益等方面，目標組合大概是怎樣的？另外，考量到利率變動在某種程度上推動了你們對該指引的調整，這一資產池的定價以及與潛在買家的洽談有何變化？

Yeah. I think I'm not sure that pricing has really changed all that much. I do think slowly more and more capital is coming back into the office sector. I provided the sales data to you earlier. And in the first quarter of this year, office sales were up 72% seasonally over the first quarter of last year.

是的。我覺得定價其實並沒有出現太大的變化。但我確實認為，資金正在逐步回流到辦公領域。我先前已向你提供了銷售數據。而在今年第一季，辦公銷售額較去年第一季按季節性口徑增長了 72%。

So I think that's kind of a marker that more deals more capital is coming into the market. On your question about mix for the rest of the year, the residential is not fully complete, but largely complete. So I think you're going to see for the rest of the year, more non-strategic office and some land.

所以我認為這算是一個指標，顯示市場上有更多交易、更多資本正在進入。至於你問到今年剩餘時間的組合，住宅部分尚未完全完成，但大致已完成。因此我認為今年剩下的時間，你會看到更多非核心辦公以及一些土地。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

I was just wondering maybe back to 343 Madison JV, if you could give any incremental color on the conversations you've been having recently timing expectations for an announcement and if you're pursuing just to have one partner with you in the project?

我想回到 343 Madison 的合資（JV）上，想請你就近期你們的洽談提供一些增量資訊：對公告時點的預期，以及你們是否只打算在該項目中引入一位合作夥伴？

Well, as I said in my remarks, timing is this year. So our goal is to complete this recapitalization in 2026. And in terms of how the partnership will be structured, that is to be determined, but our guess at this point or our forecast at this point is that we will probably have multiple partners instead of one.

嗯，正如我在發言中所說，時點是在今年。所以我們的目標是在 2026 年完成這次再資本化（recapitalization）。至於合作架構將如何設計，尚待確定，但我們目前的猜測或預測是：我們可能會有多位合作夥伴，而不是只有一位。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Doug, I wanted to follow up on your commentary about the US economy growing through a lot of tech cycles. Certainly appreciate the commentary there, and it's important to put the current moment in context. I guess the pushback would be historically office hasn't necessarily grown in conjunction with tech or even with -- in conjunction with the broader economic growth in the country. Certainly, there's been a lot of lumps over the past couple of years with GFC and then excess supply in the teens and then COVID.

Doug，我想跟進你對美國經濟在多個科技週期中持續成長的評論。我確實很認同這些觀點，把當下放在脈絡中很重要。但反方的看法是，從歷史上看，辦公並不一定會隨著科技成長，甚至不一定會隨著全國更廣泛的經濟成長而成長。過去幾年也確實有很多波動：先是全球金融危機（GFC），接著是 2010 年代中期的供給過剩，然後是 COVID。

So I guess, high-level question, how can we get confidence that this cycle in the next 5 to 10 years, you're going to be better than the last 20 or so?

所以我想問一個宏觀層面的問題：我們如何能有信心，接下來 5 到 10 年這個週期會比過去大約 20 年更好？

I can't give you confidence that the next five years will be better than the last 20 years. What I can tell you is that much of the discourse and pontificating about the impacts of this very rapid utilization of artificial intelligence kinds of tools is not equivalent to what is actually going on in our markets.

我無法給你信心保證接下來五年會比過去二十年更好。但我可以告訴你，外界對這種非常快速採用人工智慧工具所帶來影響的許多討論與臆測，並不等同於我們市場中實際正在發生的情況。

In our markets, we are seeing additional absorption of office space, growth from our clients in premier buildings and in the particularly in markets like San Francisco and Midtown South, we're seeing significant growth of new organizations, many of whom names and ideas didn't exist five years ago that are likely to be the next vehicles of growth from technology compared to what was a tech titan explosion between 2010 and 2019.

在我們的市場中，我們看到辦公空間的淨吸納增加、客戶在頂級大樓的擴張；尤其是在舊金山與 Midtown South 這類市場，我們看到大量新組織顯著成長，其中許多在五年前其名稱與想法都還不存在，但很可能會成為下一波科技成長的載體，相較於 2010 到 2019 年間科技巨頭爆發式成長的那段時期。

And I think it's very clear that we did, in fact, see significant office demand growth during that period of time. Then we had this coating happen, which dramatically changed the economics of our business because of the amount of supply that suddenly was brought back on to the market through subleases and tenant defaults. So I think that this time is not that different than other cycles that we have been through but the source of the demand is a very different source.

而且我認為非常清楚的是，在那段期間我們確實看到了辦公需求的顯著成長。接著我們遇到了這次「塗層」（coating）事件，透過轉租（subleases）與租戶違約，突然把大量供給帶回市場，從而大幅改變了我們業務的經濟性。所以我認為這次與我們經歷過的其他週期並沒有那麼不同，但需求來源是非常不同的來源。

And Owen started his remarks by saying there may be and there likely will be some kinds of job disruptions from these types of technologies, but certainly doesn't feel like, and we have not seen any evidence that it's occurring in premier office assets in our markets across the United States.

而 Owen 在開場時說，這類技術可能、而且很可能會帶來某種就業衝擊，但至少目前的感受是如此——而且我們也沒有看到任何證據顯示這正在發生——在美國各地我們市場中的頂級辦公資產上並未出現這種情況。

If I could add a little data point to that, Doug. This is Hilary from New York. In Midtown South, the first quarter of 2026, captured as much AI demand in leasing as the first half of 2025 did. So the demand from AI users in Midtown South is actually accelerating in New York year over year.

Doug，如果我可以補充一個數據點。我是來自紐約的 Hilary。在 Midtown South，2026 年第一季在租賃中所捕捉到的 AI 需求，與 2025 年上半年相當。所以，Midtown South 的 AI 使用者需求在紐約其實正逐年加速。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

In terms of capital allocation, the stock has come down a bit this year. So I was wondering if share buybacks are potentially on the table or not or if that's something you're considering?

就資本配置而言，你們股價今年下來了一些。所以我想問，股票回購是否可能被提上檯面，或這是否是你們正在考慮的事情？

Well, we think our stock is a very attractive investment, given that the look-through cap rate is in the 7s, and all the comp sales that I provide every quarter are in the 5s and 6s. So we think the stock is a very attractive investment.

嗯，我們認為我們的股票是一項非常有吸引力的投資，因為穿透口徑的資本化率在 7% 多一些，而我每季提供的所有可比成交的資本化率都在 5% 到 6% 區間。所以我們認為這支股票非常有吸引力。

That all being said, as we described on this call, we are allocating capital to new developments, which are generating 8%-plus yields to the company, which are accretive. And also, one of our goals, our leverage is at about 8 times net debt-to-EBITDA, and our goal is to lower that over time. And that's why we're not repurchasing shares.

話雖如此，正如我們在本次電話會議中所描述的，我們正在把資本配置到新的開發項目上，這些項目為公司帶來 8% 以上的收益率，並且具有增厚效果。同時，我們的一個目標是降低槓桿；目前我們的槓桿約為淨負債對 EBITDA 的 8 倍，我們的目標是隨時間推移把它降下來。這也是我們不回購股票的原因。

Floris Van Dijkum, Ladenburg Thalmann.

Floris Van Dijkum，Ladenburg Thalmann。

So you talked a little bit about the CapEx requirements. I'm just curious, you guys have -- I don't think you quantify your signed-not-open pipeline. You have 350 basis points of delta between your leased and occupied space, and not all spaces created equal, obviously, your Urban Edge portfolio is much lower rents. The occupancy there it's much less valuable than in your urban portfolio. Maybe if you could quantify what your -- what the $350 million of incremental rents would be? And what kind of impact that would have on your NOI and FFO potentially?

所以你剛才稍微談到了一些資本支出（CapEx）的需求。我只是好奇，你們——我不認為你們有量化你們已簽約但尚未開業（signed-not-open）的管線。你們的已出租與已入駐面積之間有350個基點的差距，而且顯然並非所有空間都一樣，你們的Urban Edge投資組合租金要低得多。那邊的入住率價值遠不如你們的都會核心投資組合。也許你們可以量化一下——那3.5億美元的增量租金會是多少？以及這可能對你們的NOI和FFO帶來什麼樣的影響？

So I'm just going to go back to what I said during our Investor Day. And because I can't answer your question explicitly without having a whole bunch of computer screens open. But big picture, our average rent is about $75 a square foot on our unoccupied vacant space. So if you take $75 a square foot, it all drops to the bottom line other than maybe a little bit of cleaning expense. And so you multiply that by the 350,000 square feet, and you sort of get what the overall contribution would be if that was all flowing through at one time.

所以我就回到我在投資人日（Investor Day）時說過的內容。因為如果不打開一堆電腦螢幕，我無法明確回答你的問題。但從大方向來看，我們未入駐的空置空間平均租金大約是每平方英尺75美元。所以如果你用每平方英尺75美元來算，除了可能有一點清潔費用之外，基本上都會直接落到損益底線。因此你把75美元乘以35萬平方英尺，就大致可以得到如果這些在同一時間全部反映出來，整體貢獻會是多少。

One thing I can say is there's 800,000 square feet in Midtown Manhattan. Again, our leased versus occupied is that there's a significant difference in Midtown based upon all the leasing that we've done in Midtown over the last kind of 6 to 12 months. So that's a meaningful component of it at, it's very high rents.

我可以說的一點是，在曼哈頓中城（Midtown Manhattan）有80萬平方英尺。同樣地，我們已出租與已入駐之間的差距，在中城特別明顯，主要是因為過去大約6到12個月我們在中城完成了大量租賃。所以這是一個很重要的組成部分，而且租金非常高。

Yeah, those that rents in somewhere around $100 to $105 a square foot.

對，那些租金大概在每平方英尺100到105美元左右。

Dylan Brzezinski, Green Street.

Dylan Brzezinski，Green Street。

Just wanted to touch on 343 Madison. Obviously, leasing continues to be very strong in New York. You guys talked about having leases in negotiation that would bring that project to high 50% pre-let. Seems like dispositions are trending very well, and you guys continue to monetize that. I guess just sort of curious why have this big desire to want to recap the equity in 2026 when it seems like maybe wait some time get that project closer to stabilization and get stronger pricing. So just curious on the thought process there.

我想談一下343 Madison。顯然，紐約的租賃持續非常強勁。你們提到目前有正在談判的租約，將使該專案的預租率（pre-let）提升到接近50%後段。看起來資產處分（dispositions）的趨勢非常好，你們也持續將其變現。我想問的是，既然看起來也許再等一段時間、讓專案更接近穩定（stabilization）並取得更強的定價，為什麼你們在2026年會有這麼強烈的意願想要對股權進行再資本化（recap）？所以只是好奇你們背後的思考邏輯。

So we did delay raising this capital and doing this recapitalization for a year to accomplish all of the things that we have accomplished and to derisk the asset in all the ways that you described. We've now or are about to lease more than 50% of it. We bought most of the materials at savings. We are close to completing a construction loan, et cetera, et cetera.

所以我們確實把募資以及這次再資本化延後了一年，以完成我們已經完成的所有事情，並以你所描述的各種方式降低該資產的風險。我們現在已經或即將把它出租超過50%。我們以折扣買到了大部分材料。我們也接近完成一筆建築貸款，等等等等。

And we think the terms under which we will bring in capital into this transaction will be attractive to shareholders. It will be accretive to BXP, and it will allow us to free up capital to make additional investments and also to deleverage, which is one of the goals I described earlier.

而且我們認為，在這筆交易中引入資金的條件將對股東具有吸引力。這將對BXP具增益（accretive），並讓我們釋放資本以進行額外投資，同時也能去槓桿（deleverage），這也是我先前提到的目標之一。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

Just had a quick one on same-store NOI. Just thinking about sort of the breadcrumbs as you're going through this year and into next year. Clearly, this year, I think you talked about sort of flat. There are some buildings taken out of service. But can you just sort of walk through, as you sort of roll into sort of the next year, how we should be thinking about like the occupancy ramp, any other buildings that could potentially come out of service? Or is it sort of pretty clear acceleration into '27 and beyond?

我有一個關於同店NOI（same-store NOI）的簡短問題。我在想，隨著你們今年一路走到明年所提供的一些線索。很明顯今年你們談到大致持平。有一些大樓會退出營運（taken out of service）。但你能否說明一下，當你們進入明年時，我們應該如何看待入住率的爬坡（occupancy ramp）、是否還有其他大樓可能退出營運？或者說，是否相當明確會在2027年及之後加速？

So at the moment, the only thing that you can -- we can say definitively is that we are going to sell assets. And as we sell assets, they are going to impact our portfolio size. But they're going to be on the margin. And so we are highly confident that we will end the year at 89%, hopefully a little bit higher, and that we will end 2027 at 91%, hopefully a little bit higher.

所以就目前而言，我們唯一能——可以明確說的是，我們將會出售資產。而當我們出售資產時，會影響我們投資組合的規模。但影響會是在邊際上。因此我們非常有信心今年年底會到89%，希望能略高一些；而2027年底會到91%，也希望能略高一些。

And the majority, if not all, of the occupancy that we are working on today will be in place on 12/31, 2026. So you'll have a 100% run rate on all the improvement in occupancy that we're achieving right now. And my guess is that we will get some more of that as we -- early on in 2027 as we continue to do leasing in this environment on both renewals and vacant space that will likely start during that year. So we are still pretty comfortable about the ramp-up in our same-store portfolio on a going-forward basis.

而且我們目前正在推進的入住率提升，大部分（如果不是全部）都會在2026年12月31日之前到位。因此你將會在我們目前達成的入住率改善上，看到100%的運行率（run rate）。而我猜測，隨著我們——在2027年初持續在這個環境下進行租賃（包含續租與空置空間），我們還會再取得一些進展，這些租約很可能會在那一年開始。所以對於我們同店投資組合未來的爬坡，我們仍然相當有信心。

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

謝謝。問答環節到此結束。此時我想把電話交回給董事長兼執行長Owen Thomas，請他做結語。

We have no further comments. Thank you all for your attention and interest in BXP.

我們沒有進一步的評論。感謝各位對BXP的關注與興趣。

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。感謝各位參與。您現在可以掛線。