波士頓物產 (BXP) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to BXP Q2 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您撥冗等候。歡迎參加 BXP 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。

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

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

Good morning, and welcome to BXP's second-quarter 2026 earnings conference call.

各位早安，歡迎參加 BXP 2026 年第二季財報電話會議。

The press release and supplemental package were distributed last night and furnished on Form 8-K. In a supplemental package, BXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you do not relieve a copy, these documents are available in the Investors section of our website at investors.bxp.com. A webcast of this call will be available for 12 months.

新聞稿與補充資料包已於昨晚發布，並以 Form 8-K 形式提交。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 the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

此時我們提醒各位，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。儘管 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然達成。

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 in BXP's filings with the SEC. BXP does not undertake a duty to update any forward-looking statements.

可能導致實際結果與前瞻性陳述所明示或暗示內容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 SEC 提交的文件中詳述。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. (Event Instructions)

我也歡迎董事長兼執行長 Owen Thomas、總裁 Doug Linde，以及財務長 Mike LaBelle 出席。在問答環節，我們各區域管理團隊也將在線，回應各位提問。(活動指示)

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，請他發表正式談話。

Thank you, Helen, and good morning to all of you.

謝謝你，Helen，也向各位道早安。

BXP delivered a very strong second quarter, both operationally and financially. FFO per share exceeded both our guidance and consensus estimates by $0.08, and we raised the midpoint of our 2026 FFO per share guidance by $0.05.

BXP 在第二季於營運與財務兩方面都交出非常強勁的成績。每股 FFO 較我們的指引與市場一致預期均高出 0.08 美元，且我們將 2026 年每股 FFO 指引的中位數上調 0.05 美元。

We also made meaningful progress against the business plan we articulated at last year's investor conference. Leasing results were strong, in-service portfolio occupancy increased significantly, additional asset sales progressed, and our development pipeline was active with project deliveries, launches, leasing, and capital raising.

我們也在去年投資人會議所闡述的營運計畫上取得實質進展。租賃成果強勁、已投入營運的資產組合入住率顯著提升、更多資產出售案持續推進；同時，我們的開發管線也相當活躍，包含專案交付、啟動、租賃與募資。

Our first business plan priority is to lease space and improve portfolio occupancy. We had a great quarter, completing nearly 1.8 million square feet of leasing, 29% above our 10-year historical average for the second quarter.

我們營運計畫的首要重點是出租空間並提升資產組合入住率。本季表現出色，完成近 180 萬平方英尺的租賃，較我們過去 10 年第二季的歷史平均高出 29%。

Year to date, we've leased over 3 million square feet, and our in-service portfolio occupancy also rose materially and for the third quarter in a row. This outcome reflects strong execution by our leasing teams as well as a very healthy environment for leasing premier workplaces.

截至目前為止，今年我們已出租超過 300 萬平方英尺，而已投入營運的資產組合入住率也連續第三季明顯上升。這一成果反映了我們租賃團隊的強力執行力，以及頂級辦公場所（premier workplaces）租賃環境的高度健康。

AI continues to be enormously beneficial to BXP's leasing activity. Our current and prospective clients are generally experiencing increasing earnings in an AI-powered US economy, are more often expanding than contracting their space requirements, and in many cases, are also upgrading their space.

AI 持續為 BXP 的租賃活動帶來極大助益。我們現有與潛在客戶普遍在 AI 驅動的美國經濟中獲利成長，空間需求更常見的是擴張而非縮減，且在許多情況下也在升級其辦公空間。

We are leasing space to AI companies in San Francisco, New York, Boston, and Seattle to companies displaced by growing AI firms and to our core financial, legal, and business services clients that support the AI industry.

我們在舊金山、紐約、波士頓與西雅圖向 AI 公司出租空間；也向因 AI 公司成長而被擠出（displaced）的企業出租；並向我們核心的金融、法律與商業服務客戶出租，這些客戶為 AI 產業提供支援。

While AI's long-term impacts remain difficult to predict, research shows that technology advances historically increased the share of office-based jobs. Additionally, AI will likely exert a greater impact on less adaptive back-office workers, and these roles make up a smaller share of employment in knowledge center gateway markets and in premier workplaces.

儘管 AI 的長期影響仍難以預測，研究顯示，歷史上技術進步提高了以辦公室為基礎的工作占比。此外，AI 可能對適應性較低的後勤（back-office）人員造成更大影響，而在知識中心的門戶市場（gateway markets）與頂級辦公場所中，這類職務占就業的比重較小。

Further, it is reasonable to believe non-office using remote jobs, which generally have more process and analytical content than interpersonal requirements, will be more disrupted by AI. Lastly, companies winning in an AI-enabled economy will be more profitable and face more intense competition for talent, leading to less price-sensitive demand for easily commutable and desirable workplaces for their employees.

再者，合理推論，不使用辦公室的遠端工作（通常流程性與分析性內容高於人際互動需求）將更容易受到 AI 的衝擊。最後，在 AI 賦能的經濟中勝出的公司將更具獲利能力，並面臨更激烈的人才競爭，進而使其對員工通勤便利且具吸引力的理想工作場所之需求，對價格的敏感度更低。

For all these reasons, we believe premier workplaces located in gateway market knowledge centers are positioned, at best, to benefit from and, at worst, to be the most immune from AI impacts on the labor force. As proof, the premier workplace segment of the office market where BXP is a clear leader continues to materially outperform the broader office market.

基於上述原因，我們相信，位於門戶市場知識中心的頂級辦公場所，最理想情況下可受惠於 AI；即便在最不利情況下，也將是對 AI 對勞動力影響最具免疫力的類別。作為佐證，BXP 明顯領先的頂級辦公場所細分市場，持續顯著優於整體辦公市場。

Premier workplaces represent roughly the top 14% of space and 8% of buildings in the four CBD markets where BXP has a major presence. Direct vacancy for premier workplaces in these four markets is 8% versus 13.5% 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.

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%，占建築物數量的 8%。這四個市場中，頂級辦公場所的直接空置率為 8%，相較之下整體辦公市場為 13.5%；同時，頂級辦公場所的要價租金（asking rents）相對非頂級建築仍維持超過 60% 的溢價。

With an 8% vacancy rate, positive net absorption and limited new construction on the horizon, premier workplaces in BXP's core markets are set up for material rent increases which has already commenced in many submarkets. Given these positive market forces, we are well on our way to accomplishing our 2 percentage point occupancy gain goal in 2026, reinforcing our confidence that our target of 4 percentage points of total occupancy improvement over '26 and '27 remains very much on track.

在 8% 的空置率、正向淨吸納量（net absorption）以及未來新增供給有限的背景下，BXP 核心市場的頂級辦公場所具備顯著租金上漲的條件，而此趨勢已在多個次市場開始出現。在這些正向市場力量帶動下，我們正穩步達成 2026 年入住率提升 2 個百分點的目標，並進一步強化我們對於 2026 與 2027 年合計提升 4 個百分點總入住率之目標仍按計畫推進的信心。

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

我們營運計畫的第二項目標，是透過資產出售來籌措資金並優化資產組合。在投資人會議上，我們提出目標：至 2028 年，透過出售土地、住宅與非策略性辦公資產，合計創造 19 億美元的淨出售收益（net sale proceeds）。

We continue to make progress in the second quarter and are well ahead of schedule. We have raised $370 million in total net sale proceeds so far this year and more than $1.2 billion since our investor conference.

我們在第二季持續取得進展，且進度明顯超前。截至今年目前，我們已累計取得 3.70 億美元的淨出售收益；自投資人會議以來，累計已超過 12 億美元。

In addition, we have six assets under contract for sale with total net proceeds of approximately $240 million, $180 million of which is scheduled to close in 2026. Two of the assets currently under contract for sale are office buildings in Washington, D.C., which are scheduled to close this quarter.

此外，我們有 6 項資產已簽約待售，預計淨收益合計約 2.40 億美元，其中 1.80 億美元預計於 2026 年完成交割。目前簽約待售的資產中，有兩項為位於華盛頓特區的辦公大樓，預計於本季完成交割。

We are also in various stages of marketing several additional assets, including 7 Times Square in New York City. As of now, future net proceeds from dispositions possible in 2026 could aggregate up to an additional $500 million, bringing our total net proceeds from asset sales to $1.7 billion by year end; and we continue to explore additional capital-raising opportunities.

我們也正處於推廣銷售數項其他資產的不同階段，其中包括紐約市的 7 Times Square。截至目前，2026 年可能完成處分所帶來的未來淨收益，合計最高可再增加約 5.00 億美元，使我們在年底前的資產出售淨收益總額達到 17 億美元；同時我們也持續探索其他募資機會。

Supporting our disposition efforts, office transaction volume in the private markets remains reasonably healthy with financing available at scale, particularly in the CMBS market. In the second quarter, significant office sales were $12.6 billion, down 13% from the first quarter and essentially flat from the second quarter of 2025.

支持我們處分計畫的是，私人市場的辦公交易量仍維持相對健康，且可取得具規模的融資，尤其是在 CMBS 市場。第二季重大辦公資產交易額為 126 億美元，較第一季下降 13%，與 2025 年第二季基本持平。

Though there continue to be very few premier workplace assets trading, there were a couple of transactions in the quarter with relevance to BXP's portfolio. One Marina Park Drive located in the Seaport District of Boston is under agreement to sell for approximately $435 million which represents pricing of nearly $900 a foot and an initial cap rate in the low 7% range. The asset comprises 495,000 square feet, is 99% leased with above-market rents, and is being sold by an adviser to the operating arm of a non-US pension plan.

儘管頂級辦公場所資產的成交仍然非常稀少，但本季仍有幾筆與 BXP 資產組合具參考性的交易。位於波士頓海港區（Seaport District）的 One Marina Park Drive 已達成協議，預計以約 4.35 億美元出售，折合單價接近每平方英尺 900 美元，初始資本化率（cap rate）約在 7% 出頭區間。該資產面積為 49.5 萬平方英尺，出租率 99%，租金高於市場水準，賣方為某非美國退休金計畫之營運機構的顧問。

Further, Tower 1 at West Main located in downtown Bellevue, Washington, is under agreement to sell for approximately $340 million, representing pricing of around $930 a square foot and a 6.75% initial cap rate. The 365,000 square-foot building is fully leased to Amazon on a long-term basis and was sold by a local developer to an adviser.

此外，位於華盛頓州貝爾維尤（Bellevue）市中心的 West Main 之 Tower 1，已簽訂協議以約 3.40 億美元出售，折合每平方英尺約 930 美元，初始資本化率為 6.75%。該棟 365,000 平方英尺的建築已以長期租約全數出租給亞馬遜（Amazon），並由一位本地開發商出售給一名顧問。

BXP's third business plan goal is to grow FFO through new developments, 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 than acquisitions due to the materially higher yields available.

BXP 的第三項業務計畫目標，是在市場狀況允許下，透過新開發案來成長 FFO；辦公方面採取選擇性推進；而多戶住宅方面則更積極地與股權合作夥伴共同進行。就辦公而言，由於可取得的收益率顯著較高，我們已經並預期將把更多資本配置於開發而非收購。

This quarter, we delivered into service 290 Binney Street, a 570,000-square-foot lab building fully leased to AstraZeneca located in the life science nexus of East Cambridge. The project is a great example of BXP's development skills, creating value for shareholders, where we establish development rights through executing a complex infrastructure enhancement.

本季，我們將位於東劍橋生命科學樞紐的 290 Binney Street 投入營運，該案為一棟 570,000 平方英尺的實驗室大樓，已全數以長期租約出租給阿斯特捷利康（AstraZeneca）。此專案是 BXP 開發能力的絕佳例證：我們透過執行複雜的基礎設施升級來取得開發權，為股東創造價值。

We fully leased the asset before commencement. We sold a 45% stake in the property at a profit to a financial partner. And we delivered the project $20 million below budget and two months ahead of schedule. BXP's $488 million investment for its share of the project is yielding an 8.9% unleveraged cash return and a 10.3% GAAP return.

我們在動工前即已將該資產全數出租。我們以獲利方式將該物業 45% 的持分出售給一位金融合作夥伴。此外，我們以低於預算 2,000 萬美元的成本，並提前兩個月完工交付。BXP 就其持分所投入的 4.88 億美元，正帶來 8.9% 的無槓桿現金報酬率，以及 10.3% 的 GAAP 報酬率。

BXP's largest development underway is 343 Madison Avenue, our premier workplace tower in New York City with direct access to Grand Central Terminal. This past quarter, we signed 148,000-square-foot lease with McDermott Will & Schulte at the bottom of the high-rise bank of the building; and Starr expanded by two floors in the mid-rise bringing us to 50% leased. Further, we are in lease negotiations with a 2-4 client in the Podium, which, if completed, would bring us to 56% leased.

BXP 目前進行中的最大開發案為 343 Madison Avenue，這是我們在紐約市的旗艦級工作場所大樓，並可直接通往大中央車站（Grand Central Terminal）。在本季度，我們與 McDermott Will & Schulte 簽訂 148,000 平方英尺租約，位於大樓高層塔樓下方的低樓層區域；同時 Starr 於中樓層再擴租兩層，使整體出租率達到 50%。此外，我們正與一位在 Podium 需要 2–4 層的客戶進行租約談判，若完成，出租率將提升至 56%。

Lastly, we are exchanging proposals with another client requiring five floors at the base of the Podium, which would bring the project to nearly 70% leased. Though we have received single-floor inquiries for the seven floors remaining at the top of the building, we expect continued rent appreciation and will likely lease these floors closer to delivery given their ability to command market-leading rents.

最後，我們也正與另一位客戶交換提案，該客戶在 Podium 底部需要五層空間；若成交，該專案出租率將接近 70%。雖然我們已收到對大樓頂部剩餘七層的單層詢問，但我們預期租金仍將持續上漲，且鑑於其可收取市場領先租金的能力，我們很可能會在接近交付時再出租這些樓層。

We have procured 94% of the construction cost on budget, leasing economics have been at or above forecast, and our projections remain on track for a stabilized unleveraged cash return of 7.5% to 8% upon delivery in 2029.

我們已按預算完成 94% 的建造成本採購，租賃經濟條件達到或高於預測，而我們的預估仍維持不變：於 2029 年交付時，穩定後的無槓桿現金報酬率可達 7.5% 至 8%。

Yesterday, we closed a 60% loan-to-cost $1.2 billion construction loan for the project on attractive terms and have a letter of intent with an equity partner for an $80 million investment, representing a 10% interest in the project with a basis above our costs. We expect the equity investment to close this quarter, and our marketing efforts continue with the goal of ultimately monetizing a total of 30% to 50% of the project over time. The value of the development continues to rise as we lease space and get closer to delivery.

昨日，我們以具吸引力的條件完成該專案一筆 60% 貸款成本比（loan-to-cost）、12 億美元的建築融資貸款交割；同時，我們也已與一位股權合作夥伴簽署投資意向書，擬投資 8,000 萬美元，代表該專案 10% 的權益，且其投資基礎（basis）高於我們的成本。我們預期該股權投資將於本季完成交割；同時，我們的行銷工作仍在持續，目標是在時間推移中最終變現（monetize）該專案合計 30% 至 50% 的權益。隨著我們持續出租空間並更接近交付，該開發案的價值仍在上升。

This past quarter, we launched the development of our Worldgate multifamily project, comprising 359 wood frame residential units located in Herndon, Virginia. The project's budgeted cost is $132 million, and we have secured a financial partner to supply 80% of the equity as well as the construction financing.

本季度，我們啟動了 Worldgate 多戶住宅專案的開發，該案位於維吉尼亞州赫恩登（Herndon），包含 359 戶木構架住宅單元。該專案的預算成本為 1.32 億美元，我們已取得一位金融合作夥伴，提供 80% 的股權資金以及建築融資。

BXP originally bought into the Worldgate property, which comprised an empty office building and parking garage on 10 acres in 2023. The project was rezoned for residential, the for-sale component is under contract for sale to a homebuilder, and the apartment development will entail demolishing the office building and utilizing the structured parking.

BXP 於 2023 年最初投資 Worldgate 物業，該物業包含一棟閒置的辦公大樓與停車塔，基地面積 10 英畝。該專案已完成重新分區（rezoned）為住宅用途，其中可出售（for-sale）部分已簽約出售給住宅建商，而公寓開發將拆除原辦公大樓並利用既有的立體停車設施。

BXP will earn a profit from the total monetization of our investment in Worldgate and has reinvested our share of the proceeds from the contribution of the apartment land back into the development joint venture for a 20% interest. We have additional residential projects in Western Massachusetts and Santa Monica, California, that we are intending to launch next year.

BXP 將透過對 Worldgate 投資的全面變現取得利潤，並已將我們因公寓用地出資（contribution）所取得的收益中屬於我們的部分，再投入回開發合資企業，以取得 20% 的權益。我們在麻薩諸塞州西部與加州聖塔莫尼卡（Santa Monica）另有住宅專案，計畫於明年啟動。

This past quarter, we also signed a 320,000-square-foot long-term lease with Boston Dynamics, which will create a state-of-the-art robotics and AI center at Reservoir Place, a 360,000-square-foot office building BXP had taken out of service in Waltham. We will invest $87 million to retrofit the building and expect to earn an initial cash return of over 10%, including an inferred value for the existing improvements. The project is expected to be delivered into service in the second quarter next year.

本季度，我們也與波士頓動力（Boston Dynamics）簽訂一份 320,000 平方英尺的長期租約，將在 Reservoir Place 設立最先進的機器人與 AI 中心；Reservoir Place 為一棟 360,000 平方英尺的辦公大樓，BXP 先前已在沃爾瑟姆（Waltham）將其退出營運。我們將投入 8,700 萬美元進行建築改造（retrofit），並預期可取得超過 10% 的初始現金報酬率，其中包含對既有改良（existing improvements）的推估價值。該專案預計於明年第二季投入營運。

BXP's current development pipeline comprising seven office and residential projects underway, totaling 3.5 million square feet and $3.2 billion of BXP investment, will continue to deliver external growth over the longer term.

BXP 目前的開發管線包含七個正在進行的辦公與住宅專案，合計 350 萬平方英尺，BXP 投資額達 32 億美元，將在較長期間持續帶來外部成長。

So in conclusion, BXP is set up well for success. New construction for office has virtually halted, already leading to higher occupancy and rent growth in most submarkets where BXP operates. Debt capital is readily available for premier workplaces at attractive credit spreads.

因此總結而言，BXP 已具備良好的成功條件。辦公新建案幾乎已停滯，這已在 BXP 營運的大多數次級市場帶動更高的入住率與租金成長。對於頂級工作場所，債務資金供給充裕，且信用利差具吸引力。

BXP continues to capture market share, driven by our stability, reliable client service, and lighter competitive landscape across many markets. 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 AI-enabled gateway CBD premier workplace-concentrated portfolio in the years ahead.

BXP 持續擴大市占，動能來自我們的穩健性、可靠的客戶服務，以及多個市場競爭環境趨於緩和。BXP 仍穩健地按業務計畫推進；若計畫成功，未來幾年將帶來投資組合入住率與每股 FFO 的提升、透過開發帶動的外部成長以降低槓桿（deleveraging），以及一個更具 AI 賦能、聚焦於門戶型 CBD 頂級工作場所的投資組合。

Over to Doug.

交給 Doug。

Thanks, Owen. Good morning, everybody. Owen did a really great job of articulating our theory on why AI is so critically important to the demand picture. Equally important, perhaps as a public company, the rhetoric and the conjecture around the impact of new AI technology on the future of office using jobs has gotten much more balanced than constructive. What a change from where we were in February of this year.

謝謝，Owen。各位早安。Owen 非常清楚地闡述了我們的觀點：為何 AI 對需求面如此關鍵。同樣重要的是，或許就一家上市公司而言，市場對新 AI 技術對未來辦公型工作影響的言論與推測，已變得更為平衡，而不再是偏向負面建設性的論調。這與我們今年二月時的情況相比，變化很大。

In each of our markets, our portfolio has seen a pickup in demand. In our best markets, that demand is coming from clients that are expanding across a wide spectrum of industries, though varying by market, technology, AI, defense and cybersecurity, asset management, financial services, and professional services.

在我們各個市場中，我們的投資組合都看到需求回升。在我們表現最好的市場，需求來自於跨多元產業擴張的客戶（各市場略有差異），包括科技、AI、國防與資安、資產管理、金融服務，以及專業服務。

In our other markets, the demand is due to decisions around upgrading space or changes in geographic preference as our clients look to maximize the desirability of their space for their associates. It's all encouraging for the premier office product.

在我們其他市場，需求則源於客戶在升級辦公空間或地理偏好改變方面的決策，因為客戶希望最大化其員工對辦公空間的吸引力。這些都對頂級辦公產品而言是令人鼓舞的訊號。

BXP had great top-line revenue results this quarter, and I want to focus my time on the improvements in our occupancy which drove much of that outperformance. In June, when we were with you at NAREIT, we told you that we believe that our leasing progress was ahead of schedule relative to our anticipated occupancy pickup.

BXP 本季在營收（top-line）方面表現出色，而我想把時間聚焦在入住率改善上，因為這是推動多數超預期表現的因素。六月我們在 NAREIT 與各位見面時曾表示，我們認為租賃進度相較於我們預期的入住率回升時程，是超前的。

We ended 2025 at 86.7% occupied. We finished the second -- the first quarter at 87.4%. And as of 6/30/26, were 88.4% occupied. So we've gained 170, up 200 basis points that we originally expected for 2026. We had guided to an average occupancy during the year of 88.2%, and we're ahead of plan. While the individual transactions may be very granular, the simple explanation is that we lease space more quickly than we expected.

我們在 2025 年底的出租率為 86.7%。我們在第二季——第一季結束時為 87.4%。截至 2026/6/30，我們的出租率為 88.4%。因此我們已提升 170 個基點，較我們原先對 2026 年預期的提升幅度多出 200 個基點。我們先前指引全年平均出租率為 88.2%，目前進度超前。雖然單筆交易可能非常零碎，但簡單來說，就是我們出租空間的速度比預期更快。

Most importantly, we continue to lease vacant and near-term expiring space. In the first quarter, BXP's total leasing volume was 1.14 million square feet, and we executed leases on 700,000 square feet of vacant space.

最重要的是，我們持續出租目前空置以及短期內到期的空間。第一季，BXP 的總租賃量為 114 萬平方英尺，且我們簽訂了 70 萬平方英尺空置空間的租約。

In the second quarter, we completed 1.76 million square feet and covered an additional 380,000 square feet of vacant space and renewed or backfilled 600,000 square feet of '26 and '27 expirations. 190,000 square feet of our activity this quarter was at 343 Madison; and as Owen mentioned, 322,000 square feet was with Boston Dynamics at Reservoir Place. All vacant space, but those are not in-service properties.

第二季，我們完成了 176 萬平方英尺的租賃，並額外消化了 38 萬平方英尺的空置空間，同時針對 2026 年與 2027 年到期的租約，續租或補租了 60 萬平方英尺。本季我們的活動中，有 19 萬平方英尺位於 343 Madison；且如 Owen 所提，另有 32.2 萬平方英尺是在 Reservoir Place 與 Boston Dynamics 簽訂。全部都是空置空間，但這些並非已投入營運（in-service）的物業。

We start the third quarter with a signed but not occupied portfolio of about 1.3 million square feet with 1.1 million expected to commence in 2026. The remaining calendar year '26 known expirations are down to 300,000 square feet. So this means we're going to pick up 800,000 square feet of occupancy or another 170 basis points and close to the year closer to 90% than 89%.

我們以約 130 萬平方英尺「已簽約但尚未進駐」的組合展開第三季，其中預計有 110 萬平方英尺將於 2026 年起租。2026 年剩餘日曆年度已知到期面積已降至 30 萬平方英尺。因此，這表示我們將再增加 80 萬平方英尺的出租率，或再提升 170 個基點，年底出租率將更接近 90% 而非 89%。

Our 2027 expirations currently stand at 1.77 million square feet. We have known vacates of about 1 million and have good clarity on about 550,000 square feet of either renewals or replacement tenants for those expirations. We also have 250,000 square feet of signed leases that we expect to commence in '27.

我們 2027 年到期面積目前為 177 萬平方英尺。我們已知的退租約為 100 萬平方英尺，且對其中約 55 萬平方英尺已有相當明確的掌握，將以續租或替代承租戶來因應這些到期。我們另有 25 萬平方英尺的已簽租約，預期將於 2027 年起租。

Our pipeline of leases either executed or in negotiation after the second quarter stands at 1.3 million, with about 350,000 square feet of that involving vacant space. In addition, our active discussions is approaching 1.7 million square feet, and that could impact another 450,000 square feet of current vacancy.

第二季後，我們已簽或正在談判中的租約管線為 130 萬平方英尺，其中約 35 萬平方英尺涉及空置空間。此外，我們的積極洽談案量接近 170 萬平方英尺，可能再影響約 45 萬平方英尺的現有空置面積。

In total, this in-process activity is about the same level it was last quarter, and it reinforces our confidence in our year-end '27 occupancy expectation of 91%.

整體而言，這些進行中的活動量與上季大致相同，並強化我們對 2027 年底出租率達 91% 的信心。

Our leasing spreads this quarter were up significantly in Boston and New York and down in D.C. and on the West Coast. A couple of insights on the data.

本季我們的租賃價差（leasing spreads）在波士頓與紐約顯著上升，在華盛頓特區與西岸則下降。針對這些數據提供幾點觀察。

In Boston, this quarter, all of the activity emanated from our CBD portfolio. In New York, about 25% of the square footage was in Princeton. Our Midtown Manhattan properties were up 14%.

在波士頓，本季所有活動都來自我們的 CBD（中央商業區）資產組合。在紐約，約 25% 的面積位於普林斯頓。我們曼哈頓中城（Midtown Manhattan）物業上升 14%。

In San Francisco, 40% of the square footage in the statistics this quarter was in Mountain View, where the new leases reset at rents of about $45 triple net. And in Seattle, 70% of the square footage came from a low-cost expansion with a technology company at Madison Centre, i.e., very little in the way of TI.

在舊金山，本季統計中的 40% 面積位於 Mountain View，新租約的租金重設至約每平方英尺 45 美元（三網，triple net）。在西雅圖，70% 的面積來自 Madison Centre 一家科技公司的低成本擴租，也就是幾乎不需要投入租戶裝修（TI）。

This quarter, we executed 21 leases over 20,000 square feet in the in-service portfolio. 48% of the square footage was renewals, extensions, or expansions; and 52% was with new clients. Existing client expansions encompass 275,000 square feet of that activity, and we had about 50,000 square feet of current clients contract.

本季，我們在已投入營運（in-service）的資產組合中，簽訂了 21 份、每份超過 20,000 平方英尺的租約。48% 的面積為續租、延長或擴租；52% 來自新客戶。既有客戶擴租占其中 27.5 萬平方英尺，且我們有約 5 萬平方英尺的既有客戶縮減（contract）。

In the BXP portfolio, Midtown Manhattan, the Back Bay of Boston, and Western Virginia continue to have the tightest supply and, therefore, the most landlord-favorable market conditions. While San Francisco and Manhattan are dominating the landscape when it comes to technology, aka AI demand, it doesn't mean we're not seeing it elsewhere.

在 BXP 的資產組合中，曼哈頓中城、波士頓 Back Bay，以及西維吉尼亞（Western Virginia）持續是供給最緊俏、因此對房東最有利的市場環境。雖然在科技（亦即 AI）需求方面，舊金山與曼哈頓主導整體版圖，但不代表我們在其他地區看不到這股需求。

We completed about 170,000 square feet of leasing in our Back Bay portfolio. We're also starting to see our first wave of renewals at 888 Boylston Street, where the embedded market rent growth is somewhere between 20% and 25%. First of those deals happened this quarter.

我們在 Back Bay 資產組合完成了約 17 萬平方英尺的租賃。我們也開始在 888 Boylston Street 看到第一波續租，內含的市場租金成長約在 20% 到 25% 之間。其中第一批交易就在本季發生。

The highlights of this quarter in the Boston region was this 322,000-square-foot lease with Boston Dynamics, which illustrates our point on and around AI leading to increased demand. This facility will house Boston Dynamics' advanced robotics and AI center. Along with the lease, they announced expected hiring of over 1,000 new employees.

本季波士頓地區的亮點，是與 Boston Dynamics 簽訂的 32.2 萬平方英尺租約，這也印證我們所說 AI 及其周邊正帶動需求增加。該設施將作為 Boston Dynamics 的先進機器人與 AI 中心。隨同該租約，他們也宣布預計將新增超過 1,000 名員工的招募計畫。

In our Urban Edge portfolio, we continue to see lackluster demand around the lab space market. While the life science capital markets are very active with a series of Boston area IPOs and several big pharma acquisitions of Boston-bred biotechs, capital raising around the start-up sector continues to be slow.

在我們的 Urban Edge 資產組合中，實驗室空間市場的需求仍顯疲弱。儘管生命科學資本市場非常活躍，波士頓地區出現一系列 IPO，且多家大型藥廠收購波士頓孕育的生技公司，但新創領域的募資仍持續緩慢。

It's the series BCD companies that eventually move out of incubators into proprietary space that's still missing in the market. We continue to make progress at our Quarry asset, our largest availability in the Urban Edge, where we are in lease with a 50,000-square-foot client, another life science company that's building 100% office space in our facility.

市場上仍缺少的是那些最終會從育成中心搬入自有空間的 B、C、D 輪公司。我們在 Quarry 資產（Urban Edge 中可供出租面積最大者）持續取得進展，目前正與一位 50,000 平方英尺的客戶洽談租約；該客戶為另一家生命科學公司，將在我們的設施內打造 100% 辦公空間。

In New York, at 360 Park Avenue South, we have leased the last floor again from an expanding AI tech company, which will bring the building to 100% occupied. This quarter, we completed an extension and expansion with Rogo, a client that develops AI tools specifically for financial institutions, that also announced job expansions.

在紐約，位於 360 Park Avenue South，我們再次將最後一層出租給一家正在擴張的 AI 科技公司，將使該大樓達到 100% 出租。本季，我們也與 Rogo 完成延約與擴租；Rogo 是一家為金融機構開發 AI 工具的客戶，並同時宣布擴大招募。

Across Madison Park, at 200 Fifth, we're in lease for the remaining available space and, when complete, will be 100% leased there as well. These two assets had almost 750,000 square feet of available space at the end of the first quarter of 2025.

在 Madison Park 另一側的 200 Fifth，我們正就剩餘可用空間洽談租約，完成後該處也將達到 100% 出租。這兩項資產在 2025 年第一季末合計有將近 75 萬平方英尺的可用空間。

Our activity north of 42nd Street in Midtown this quarter also included expansions from financial advisers, asset management firms, law firms that totaled 100,000 square feet. We also did 10 transactions in Princeton totaling over 100,000 square feet.

本季我們在中城 42 街以北的活動也包括來自財務顧問、資產管理公司與律師事務所的擴租，合計 10 萬平方英尺。我們也在普林斯頓完成 10 筆交易，合計超過 10 萬平方英尺。

In San Francisco, the most significant momentum in our portfolio continues to be at 680 Folsom and 50 Hawthorne. During the quarter, we executed a 63,000-square-foot lease, and we are in discussions now with an applied AI company for a 35,000-square-foot floor. And we're talking with an existing AI client about expanding into the final available floor at 680 Folsom.

在舊金山，我們資產組合中最顯著的動能仍集中在 680 Folsom 與 50 Hawthorne。本季我們簽訂了一份 63,000 平方英尺的租約，並正與一家應用型 AI 公司洽談承租一整層 35,000 平方英尺。我們也正與一位既有 AI 客戶討論擴張至 680 Folsom 最後一層可用樓層。

We've also had success with smaller technology companies expanding at 535 and at Embarcadero Center. We recently completed two transactions and are in discussions with three more.

我們也成功促成較小型科技公司在 535 以及 Embarcadero Center 的擴租。我們近期完成兩筆交易，並正與另外三筆洽談中。

We are approaching our first significant initial lease-up expirations at Salesforce Tower in '27. Here, we believe current market rents are 30% to 40% higher than the expired rents in the building and still would be a significant discount to new construction economics.

我們正接近 Salesforce Tower 於 '27 年首次出現的重要初始租賃期滿。在此，我們認為目前市場租金較該大樓到期租金高出 30% 至 40%，且相較於新建案的經濟成本仍將是相當大的折扣。

It's really hard to find holes in the San Francisco demand picture when you've had 3 million square feet of positive absorption over the last two quarters. However, the one soft spot continues to be incremental demand growth from traditional financial services, professional services, and legal firms. That's where the action is the least exciting.

當你在過去兩個季度出現 300 萬平方英尺的正吸納量時，要在舊金山的需求圖景中找出破口真的很難。然而，唯一的疲弱點仍是來自傳統金融服務、專業服務與法律事務所的增量需求成長。那是動能最不令人興奮的地方。

In Mountain View, we've completed 190,000 square foot of leases. Vacant space made up of 50% this activity, and we're in discussions with new clients for another 70,000 square feet of vacancy in the park.

在 Mountain View，我們已完成 19 萬平方英尺的租賃。其中 50% 的活動來自空置空間，且我們正與新客戶洽談園區內另外 7 萬平方英尺的空置面積。

And in Seattle, we completed over 100,000 square feet of leasing on vacant space this quarter. This included a 44,000-square-foot expansion by strike following on our demand theme, another floor with an AI company that expects to grow its head count four times in 2026.

而在西雅圖，我們本季在空置空間完成了超過 10 萬平方英尺的租賃。其中包括 Strike 擴租 44,000 平方英尺，呼應我們的需求主題；另有一家 AI 公司承租另一層樓，該公司預期在 2026 年將員工人數成長至四倍。

And finally, activity in D.C. this quarter was concentrated in Reston, where we leased over 125,000 square feet of 27 expiring leases to defense contractors, cyber security firms, and a financial firm. In the district, we're in negotiations to lease 100% of the space that McDermott will be vacating to 500 North Capital in late 2028 when we deliver 725 12th.

最後，本季華盛頓特區的活動集中在 Reston，我們將 2027 年到期租約中超過 125,000 平方英尺出租給國防承包商、資安公司以及一家金融公司。在市區，我們正洽談在 2028 年底 McDermott 搬離 500 North Capital 的空間時，將該空間 100% 出租；屆時我們將交付 725 12th。

With the expected sale of two office assets, we are shrinking our district portfolio prior to adding our newly leased developments. In an interim, the D.C. team continues to field inbound requests from law firms that want us to identify sites and develop new projects like what we've achieved at 725 12th and 2100 M.

隨著預期出售兩項辦公資產，我們在加入新近完成出租的開發案之前，正縮減我們在市區的投資組合。在此期間，華盛頓特區團隊仍持續接獲律師事務所的主動詢問，希望我們協助辨識基地並開發新專案，如同我們在 725 12th 與 2100 M 所達成的成果。

In fact, we’re working with an institutional owner to organize a JV, a third of these projects, and hope to have a lease commitment before the end of 2026. In summary, our assets are seeing strong demand growth. We are leasing space more quickly. And as Mike will describe, it's impacting our bottom line.

事實上，我們正與一家機構型業主合作籌組合資（JV），約占這些專案的三分之一，並希望在 2026 年底前取得租賃承諾。總結而言，我們的資產正看到強勁的需求成長。我們出租空間的速度更快。而如同 Mike 將說明的，這正在影響我們的獲利表現。

Great. Thanks, Doug. Good morning, everybody. Today, I'm going to cover our financing activities as well as our strong results for the second-quarter earnings and an update of our full-year 2026 earnings guidance.

很好。謝謝你，Doug。各位早安。今天我將說明我們的融資活動、第二季強勁的盈餘結果，以及我們對 2026 全年盈餘指引的更新。

As Owen mentioned, we closed a $1.2 billion five-year construction loan to fund approximately 60% of the development cost of our 343 Madison project. The loan was competitively bid, and we experienced strong demand from our largest banking partners. The demand allowed us to achieve very attractive pricing and terms relative to recent deals in the office construction loan market, and it demonstrates the engagement of institutional lenders to finance premier quality office projects with our strong sponsorship.

如 Owen 所提到，我們完成了一筆 12 億美元、為期五年的建築融資貸款，用以資助我們 343 Madison 專案約 60% 的開發成本。該貸款採競標方式進行，我們最大的銀行合作夥伴展現出強勁需求。這使我們得以取得相較近期辦公建築融資市場交易更具吸引力的定價與條款，也顯示機構型放款人願意在我們強勁的贊助背景下，為頂級品質的辦公專案提供融資。

The pricing is floating at SOFR plus 250 basis points with a reduction to 225 basis points upon the achievement of project milestones. And the interest expense will be capitalized into the project cost, so it will not be included in our interest expense until completion in 2029. This is an important milestone for 343 Madison, and it provides us with an additional capital source and financial flexibility.

定價為浮動利率：SOFR 加 250 個基點，並在達成專案里程碑後下調至 225 個基點。利息費用將資本化計入專案成本，因此在 2029 年完工前不會計入我們的利息費用。這是 343 Madison 的重要里程碑，並為我們提供額外的資金來源與財務彈性。

We are also focused on the upcoming refinancing of $1 billion unsecured bond that carries a GAAP interest rate of 3.5% and expires this October. While rates markets have been volatile, the bond market has been very active with credit spreads near all-time tights.

我們也聚焦於即將進行的 10 億美元無擔保公司債再融資；該債券的 GAAP 利率為 3.5%，並將於今年 10 月到期。雖然利率市場波動，但債券市場非常活躍，信用利差接近歷史最窄水準。

Our 10-year credit spreads are trading in the low 100s. And if we were to issue a new bond today, it would likely price around 6% based on the current 10-year treasury rate.

我們 10 年期的信用利差目前在 100 多個基點的低檔區間交易。若我們今天發行新債，依目前 10 年期美國公債利率推估，定價可能約在 6% 左右。

With the success of our asset sales program and the financing of 343 Madison, we may elect to use available cash to reduce the size of this financing by up to $300 million to minimize dilution. We also continue to evaluate all the refinancing alternatives available as we seek to optimize our debt capital structure and mitigate the impact of the elevated interest rate environment.

隨著我們資產出售計畫的成功以及 343 Madison 的融資到位，我們可能選擇使用可用現金，將本次融資規模最多縮減 3 億美元，以降低稀釋。我們也持續評估所有可行的再融資替代方案，以期最佳化我們的債務資本結構，並緩解高利率環境的影響。

Now I would like to turn to our second-quarter earnings results. We had a very strong quarter and reported FFO of $1.78 per share that exceeded the midpoint of our guidance and consensus by $0.08 per share.

接下來我想談談我們第二季的盈餘結果。我們本季表現非常強勁，FFO 為每股 1.78 美元，較我們指引中位數與市場共識高出每股 0.08 美元。

Importantly, nearly all of our outperformance came from better results in portfolio NOI. Our revenues exceeded our expectations by $0.04 per share comprised of $0.03 per share of higher rental revenues and $0.01 per share of higher service income.

重要的是，我們幾乎所有的超預期表現都來自投資組合 NOI 的更佳結果。我們的營收較預期高出每股 0.04 美元，其中包括每股 0.03 美元的較高租金收入，以及每股 0.01 美元的較高服務收入。

Robust leasing activity drove higher rental revenue and occupancy this quarter. The leasing demand is broad-based across the portfolio and very granular in nature. The revenue lift reflects earlier-than-anticipated occupancy, and I do not expect it to compound into future projections.

強勁的租賃活動帶動本季更高的租金收入與入住率。租賃需求在整體投資組合中呈現廣泛分布，且粒度很細。營收提升反映了早於預期的入住，我不預期這會在未來預測中持續累積放大。

As Doug described, our leasing activity has beaten our expectations, with occupancy climbing by 100 basis points to 88.4% this quarter. We've increased our expectations for average occupancy for the year by 65 basis points to 88.9%, and we now expect to end 2026 at closer to 90% occupied, all very positive results from the healthy leasing activity and client demand we are seeing in our markets.

如 Doug 所述，我們的租賃活動優於預期，本季入住率上升 100 個基點至 88.4%。我們將全年平均入住率的預期上調 65 個基點至 88.9%，並且現在預期 2026 年底的入住率將更接近 90%；這些都是我們在市場中看到健康的租賃活動與客戶需求所帶來的非常正面的結果。

We also generated $0.04 per share of outperformance from lower operating expenses in the portfolio. About half of this is from lower repairs and maintenance expense that I anticipate will be deferred to later in 2026 and is embedded in our expense guidance for the back half of the year. The rest came from lower utilities expense related to lighter energy consumption in the Northeast, where we are working hard to fine-tune our buildings to lower consumption and cost every day.

我們也因投資組合營運費用較低而帶來每股 0.04 美元的超預期表現。其中約一半來自較低的修繕與維護費用，我預期這些將遞延至 2026 年稍後，並已納入我們下半年費用指引之中。其餘則來自公用事業費用較低，原因是東北地區能源消耗較少；我們每天都在努力微調建築，以降低耗能與成本。

We also had lower real estate taxes from the receipt of real estate tax abatements this quarter. We continue to aggressively appeal our real estate tax assessments throughout our portfolio and are seeing positive results in certain locations.

本季我們也因取得不動產稅減免而使不動產稅費用降低。我們持續在整體投資組合中積極對不動產稅評估提出申訴，並在部分地點看到正面成果。

Looking at the full year 2026, we are raising our guidance for FFO by $0.05 per share at the midpoint by bringing up the bottom end by $0.09 to $6.99 per share and the top end of our range by $0.01 to $7.05 per share.

就 2026 全年而言，我們將 FFO 指引中位數上調每股 0.05 美元：將區間下緣上調 0.09 至每股 6.99 美元，並將區間上緣上調 0.01 至每股 7.05 美元。

Strong leasing performance across our 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 over 2025 by 30 basis points to between 1.8% and 2.6%. The increase mirrors the accelerated occupancy growth that Doug detailed.

整體投資組合強勁的租賃表現，讓我們對成長展望更具信心。在同店投資組合中，我們將相較 2025 年的 NOI 成長（按我們持分）假設上調 30 個基點至 1.8% 至 2.6%。此一上調反映 Doug 所詳述的入住率加速成長。

And in our development portfolio, we are increasing our assumptions for NOI by $0.03 per share based on faster lease-up and lower expenses. At 360 Park, as Doug mentioned, we signed 50,000 square feet in the quarter, and we're now in negotiations to lease the last available floor. On the expense side, we started capitalizing expenses at Reservoir Place where we commenced redevelopment this quarter with the signing of our lease with Boston Dynamics.

而在開發投資組合方面，我們基於更快的出租進度與較低的費用，將 NOI 假設上調每股 0.03 美元。在 360 Park，如 Doug 所提到，我們本季簽下 50,000 平方英尺，目前正洽談出租最後一個可用樓層。在費用方面，我們於本季在 Reservoir Place 啟動改建，並與 Boston Dynamics 簽署租約後，開始將費用資本化。

We've been extremely successful in executing our asset sales program, which is raising capital to fund our developments and reduce debt. As Owen described, we are ahead of the expectations we laid out last year at our Investor Day not in the total volume of asset sales, but in our timing.

我們在執行資產出售計畫方面非常成功，該計畫旨在籌集資金以支持我們的開發案並降低負債。如 Owen 所述，我們在去年投資人日所提出的預期上已超前進度——不是在資產出售的總量上，而是在時程上。

The accelerated sales timing has a slightly more dilutive impact than the prior guidance that we provided, including the impact of lower net interest expense from deploying the sales proceeds to reduce debt. We expect a foregone NOI from our sales to reduce FFO by approximately $0.02 per share when compared to our prior assumptions.

出售時程的加速，相較於我們先前提供的指引，帶來略高的稀釋影響；其中也已納入將出售所得用於償債、因而降低淨利息費用的影響。我們預期，因出售而放棄的 NOI 將使 FFO 相較於先前假設約減少每股 0.02 美元。

Lastly, we raised our assumption for fee income revenue by $0.01 per share from higher construction management fee income and leasing commissions earned from our joint venture portfolio.

最後，我們將費用收入的假設上調每股 0.01 美元，主要來自較高的施工管理費收入，以及我們合資投資組合所賺取的租賃佣金。

So to summarize, we've increased our guidance for 2026 FFO by $0.05 per share at the midpoint to our new range of $6.99 to $7.05 per share. The changes come from increases in our assumption for growth in our share of portfolio NOI by $0.06, lower net interest expense of $0.03, and higher fee income of $0.01. These are partially offset by a reduction of NOI from asset sales of $0.05.

總結而言，我們將 2026 年 FFO 指引在中位數上調每股 0.05 美元，新的區間為每股 6.99 至 7.05 美元。變動來源包括：我們對投資組合中本公司持分 NOI 成長的假設增加 0.06、美國淨利息費用降低 0.03，以及費用收入提高 0.01；上述部分被資產出售導致 NOI 減少 0.05 所抵銷。

Overall, we had a great quarter and all phases of our business strategy are clicking. We raised both our FFO and occupancy guidance driven by consistently strong leasing volumes and excellent progress on leasing our vacant and near-term expiring space. Our occupancy has now increased for three consecutive quarters. and we're executing on our planned asset sales program to both reduce leverage and redeploy capital into higher-yielding new developments.

整體而言，本季表現非常出色，我們的業務策略各個環節都運轉順暢。在租賃量持續強勁，以及出租空置與短期到期空間取得優異進展的帶動下，我們同時上調了 FFO 與入住率指引。我們的入住率已連續三季上升；同時也在執行既定的資產出售計畫，以降低槓桿並將資本重新配置至收益率更高的新開發案。

Operator, that completes our formal remarks. Can you open the lines up for questions?

接線員，我們的正式發言到此結束。可以開放線路進行提問嗎？

(Operator Instructions) Nicholas Yulico, Scotiabank.

(接線員指示) Scotiabank 的 Nicholas Yulico。

So first question, clearly, you have the occupancy benefit picking up in the portfolio, which will help for 2027 earnings impact. Can you just talk a little bit more, maybe, Mike, about how the asset sales are going to work in terms of the impact on 2027 versus debt repayments since I know some of the income-producing asset sales are more back-half weighted, like 7 Time Square, potentially even next year?

第一個問題，很明顯你們的投資組合正在受惠於入住率提升，這將有助於 2027 年的獲利影響。能否再多談一點——也許 Mike——資產出售在 2027 年的影響相對於償債會如何運作？因為我知道部分具收益性的資產出售更偏向下半年完成，例如 7 Time Square，甚至可能到明年？

Is there like dilution we should be thinking about for 2027? And then also, in terms of the capital, just an update on whether there might be excess sale proceeds to use for stock buybacks?

那麼 2027 年是否有我們需要考量的稀釋？另外，就資本運用而言，能否更新一下是否可能有超出預期的出售所得可用於股票回購？

So look, on the asset sales side, as I mentioned, we're ahead of plan; and Owen mentioned that as well. So the dilution in '26 is a little bit higher than we had originally stated when -- at our Investor Day. In the beginning of the year, I think we said the dilution would be $0.06 to $0.09. And now, if we get everything done, we expect it will be closer to $0.11.

就資產出售而言，如我提到的，我們進度超前；Owen 也提到了。因此，2026 年的稀釋會比我們在投資人日最初所說的略高。在年初時，我想我們說稀釋會是 0.06 到 0.09 美元；而現在，如果我們把所有事項都完成，我們預期會更接近 0.11 美元。

And a good chunk, the majority of our asset sales will be completed. We will evaluate going forward incremental sales as well. Our goal remains to bring down our leverage into the lower 7 times range, which gives us capacity for future investment activities. And those future investment activities could include new developments, could include stock buybacks; and we will evaluate all of those things.

而且我們大部分、也就是多數的資產出售將會完成。未來我們也會評估額外的增量出售。我們的目標仍是將槓桿降至 7 倍出頭的區間，這能讓我們具備未來投資活動的容量。而這些未來投資活動可能包括新開發案，也可能包括股票回購；我們會評估所有這些選項。

With respect to 2027, I mean, we're really not giving guidance on 2027 right now. The total asset sales that we project are still $1.9 billion by 2028. And as Owen described, we'll have $1.7 billion done potentially by the end of this year, which means that next year will be lighter.

至於 2027 年，我們目前其實不提供 2027 年的指引。我們預估的資產出售總額仍為到 2028 年累計 19 億美元。如 Owen 所述，我們可能在今年底前完成 17 億美元，這意味著明年的出售量會較少。

Steve Sakwa, Evercore ISI.

Evercore ISI 的 Steve Sakwa。

Given the leasing success that you're having in the, I guess, the faster ramp that you're seeing in occupancy how are you thinking about the ultimate stabilized occupancy rate of the portfolio? Has that changed in your mind? And has the timing of that stabilization been pulled forward given what you're seeing in the leasing market today?

鑑於你們在租賃方面的成功，以及我想你們看到入住率更快爬升，你們如何看待投資組合最終的穩定入住率水準？你們的想法有改變嗎？而且就你們目前在租賃市場看到的情況，達到穩定的時點是否已提前？

So Steve, this is Doug. What I would say is, right now, we're sticking to our 91% at the end of 2027. If things were to continue in the same trajectory, I think we would be more aggressive than that. But we're not ready to do that.

Steve，我是 Doug。我想說的是，目前我們仍維持 2027 年底 91% 的目標。如果事情持續沿著相同軌跡發展，我認為我們會比這個目標更積極。但我們還沒準備好這麼做。

And as I look out at our lease expirations and then the available space that we have in the portfolio, that's left, there's a concentration of vacancy in two main areas. The first is at Embarcadero Center in San Francisco, and that's the place where I think we have the most short-term opportunity to exceed our projections, which would probably occur in late '27, early '28.

另外，當我觀察我們的租約到期情況，以及投資組合中剩餘的可用空間時，空置主要集中在兩個區域。第一個是在舊金山的 Embarcadero Center；我認為那裡是我們短期內最有機會超越預測的地方，可能會在 2027 年末、2028 年初發生。

And then the second place would be our -- what I refer to as our portfolio of available space in our tertiary markets in both the Urban Edge of Boston, aka, the suburbs; and our Colorado Center portfolio in Santa Monica. Those are the other two areas. And so I think that the value of that space is obviously less than a CBD property in Midtown, Manhattan, the Back Bay of Boston, or San Francisco.

第二個則是——我所稱的——我們在次級市場的可用空間組合，包含波士頓的 Urban Edge（也就是郊區）以及我們在聖塔莫尼卡的 Colorado Center 投資組合。這是另外兩個區域。因此我認為，那些空間的價值顯然低於曼哈頓中城、波士頓 Back Bay 或舊金山等 CBD 核心商業區的物業。

My guess is that we max out at somewhere between 94% and 95%, right? That's as good as it's going to get. And so I think that by the end of 2027, we're at 91% or maybe a little bit better, but we're not ready to say that yet. And then in 2028, that's when we get closer to other number I just described. And so that's where we max out as a portfolio.

我猜我們的上限大概在 94% 到 95% 之間，對吧？那大概就是能達到的最佳水準。因此我認為到 2027 年底，我們會在 91% 或可能略高一些，但我們還沒準備好這麼說。而到了 2028 年，我們會更接近我剛才描述的那個數字。所以那就是我們整體投資組合的上限。

We will always have some marginal availability given the fact that we do 10-year leases and we have some, what I refer to as, larger clients. And if they choose to relocate or we can't accommodate their growth, then we'll have some downtime. So I don't think we get much above 94%, 95%.

考量到我們通常簽 10 年期租約，且我們有一些——我所稱的——較大型客戶，我們永遠都會有一些邊際可用面積。如果他們選擇搬遷，或我們無法滿足其擴張需求，就會出現一些空窗期。所以我不認為我們能高於 94%、95% 太多。

Jana Galan, Bank of America Securities.

美國銀行證券的 Jana Galan。

In the prepared remarks, you touched on some price discovery. But can you walk us through what you're seeing in the transaction market with fundamentals clearly improving, but maybe higher interest rates impacting pricing on land, residential, and office?

在事先準備的發言中，你提到了一些價格發現。但你能否帶我們了解一下你在交易市場看到的情況：基本面明顯改善，但較高利率可能正在影響土地、住宅與辦公室的定價？

Yeah. I think the -- as I mentioned in my remarks, transaction volumes for office are certainly off the bottom, and they've grown significantly over the last year or so, but they're still well below what they were prior to COVID. So we're in recovery mode.

是的。我認為——如我在發言中提到的——辦公室的交易量確實已脫離谷底，且在過去一年左右顯著成長，但仍遠低於 COVID 之前的水準。所以我們正處於復甦階段。

Second, I would say most of the -- a big percentage of the buying is more, I would say, family office and opportunistic capital that is seeking discounts to replacement cost transactions. That's not 100% true, but that's the majority of the transactions. And that's logical.

第二點我會說，多數——很大比例的買方更偏向我所說的家族辦公室與機會型資本，他們尋求以低於重置成本的折扣進行交易。這並非 100% 都是如此，但這是大多數交易的情況。而這也合乎邏輯。

When you have an asset class in the capital markets that's recovering, generally, the opportunistic capital starts it and they are successful and then other capital follows. So I think that's where we are.

當資本市場中的某個資產類別正在復甦時，一般而言，會先由機會型資本進場啟動，且他們取得成功後，其他資金就會跟進。所以我認為我們現在正處於這個階段。

The deals that I mentioned this quarter, I think, do mirror where the deals were last quarter. They're at [7-ish] type cap rates with the possibility of stabilizing at a slightly higher number. And I don't think these assets -- I mean, I picked out the best ones that were selling, and I still don't think they're true premier workplaces.

我這一季提到的交易，我認為確實反映了上一季交易的狀況。它們的資本化率大約在 7% 左右，並且有機會在穩定後落在略高一些的水準。而且我不認為這些資產——我的意思是，我挑的是當時在出售中最好的幾個，但我仍不認為它們是真正的一線頂級辦公場所。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場。

Owen, I think you mentioned at Reservoir Place, you're expecting a cash return of over 10%. And I was wondering if that was on the incremental CapEx. Or does that include your historical cost of the assets? And then going forward, what is your hurdle rates on developments, I guess, on like the build-to-suit developments similar to 725 12th Street?

Owen，我想你提到在 Reservoir Place，你預期現金報酬率會超過 10%。我想請問那是針對新增的資本支出（CapEx）嗎？還是也包含你們該資產的歷史成本？另外往前看，你們對開發案的門檻報酬率（hurdle rate）是多少？例如像 725 12th Street 這種量身訂做（build-to-suit）的開發案？

Yeah. So the 10% that I mentioned includes an inferred value for the building that was taken out of service. So the cash yield on the incremental capital would be materially higher.

是的。我提到的 10% 包含了對那棟已停用建物的推算價值。因此，新增投入資本的現金殖利率會顯著更高。

And then on what is our target yield, it depends a little bit on the market and the pre-leasing and the risk and all those things, as you would expect. But in general, we're getting 8%-plus yields on our developments.

至於我們的目標收益率，會依市場、預租狀況、風險以及各種因素而有所不同，這也符合你的預期。但整體而言，我們的開發案收益率可達 8% 以上。

I mentioned our activity at 343 Madison. We remain very much on track, I think, to accomplish that 7.5% to 8% and our deals in Washington [pencil] over 8%. So that's what we're seeking to achieve. And that is accretive to where the stock is trading vis-a-vis cap rates.

我提到我們在 343 Madison 的進展。我們仍非常有把握能達成 7.5% 到 8% 的水準，而我們在華盛頓的案子（試算）超過 8%。所以這就是我們希望達成的目標。而且相較於股票目前的交易水準（相對於資本化率），這是具增益性的（accretive）。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

You mentioned, Doug, I think the opportunity you saw at Embarcadero Center in the near term. But if you think out over the next couple of years and if the momentum in Northern California generally just persists, like what do you think BXP's biggest opportunities are there? What do you think you likely do with that portfolio?

Doug，我想你提到你在短期內於 Embarcadero Center 看到的機會。但如果把時間拉長到未來幾年，且北加州整體的動能就這樣持續下去，你認為 BXP 在那裡最大的機會是什麼？你覺得你們很可能會如何處理那個投資組合？

Yeah. So I'm going to let Rod answer that question because he has a couple of pretty interesting opportunities, one of which is physically ours and others that we're working on that he can talk about.

是的。這題我讓 Rod 來回答，因為他手上有幾個相當有意思的機會，其中一個在實體上就是我們的，另外也有一些我們正在推進的案子，他可以談談。

There's -- I mean, the market, as you've heard, is very strong in Northern California. We're taking advantage of this increased demand with the AI sector, for sure. I mean, if you're looking at -- the pipeline of tenants in the market right now are pushing 9 million square feet, which is just unheard of. We haven't seen that number.

如你所聽到的，北加州的市場非常強勁。我們確實正利用 AI 產業帶來的需求增加。如果你看目前市場上的租戶管線，面積接近 900 萬平方英尺，這簡直前所未見。我們從未見過這樣的數字。

So going forward, absolutely. I mean, it's a market where people are starting to talk about building new buildings. I know that seems strange with still some vacancy, but the reason is that there is just a limit on the premier workplaces.

所以往前看，絕對是如此。這是一個人們開始談論興建新大樓的市場。我知道在仍有一些空置的情況下這聽起來很奇怪，但原因是頂級辦公場所的供給就是有限。

If you're looking for -- if you're tenant in the market right now and you're looking for 50,000 to 100,000 feet, top-tier space, you're not going to have many choices. You might have -- you can certainly count them on one hand, maybe not even all the hands. So it's prompting people to talk about building new buildings.

如果你是目前市場上的租戶，正在尋找 5 萬到 10 萬平方英尺的一流空間，你不會有太多選擇。你大概——你當然可以用一隻手就數得出來，甚至可能連一隻手都不需要用完。因此這促使大家開始談論蓋新大樓。

And what Doug just mentioned, we've actually -- we're very pleased to announce that we've been awarded through a competitive assignment a development consultant role on a site in downtown that we have familiarity with from the past cycle. And so we're going to have a role in that.

而 Doug 剛提到的，我們其實——我們很高興宣布，我們在市中心一個基地上，透過競爭性遴選獲得了開發顧問（development consultant）的角色；那個基地我們在上一個景氣循環時就很熟悉。因此我們將在其中扮演一定的角色。

And I think it's a great site, and we'll have an opportunity to invest in it in the future if we feel that the market supports it and demand supports it. So it's positive, and we're obviously looking at all other opportunities.

我認為那是一個很棒的基地；如果我們覺得市場與需求支撐得住，未來也會有機會投資其中。所以這是正面的，我們也顯然在看所有其他機會。

And then Rod just mentioned 4th and Harrison and what we have going on there, too.

另外 Rod 也剛提到第 4 街與 Harrison（4th and Harrison），以及我們在那裡正在進行的事情。

Yes. So at 4th and Harrison, I mean, that's a plus or minus 800,000 square foot potentially phased projects that we were ready to start right when COVID hit. And this is a great asset that sits proximate to where a lot of the AI companies in Mission Bay are located.

是的。在 4th and Harrison，那是一個可能分期推進、規模約正負 80 萬平方英尺的專案；我們原本在 COVID 爆發時正準備動工。這是一項很棒的資產，位置靠近 Mission Bay 許多 AI 公司所在的區域。

And we're teeing up, potentially getting ready if -- again, demand holds up to be able to do something there. And we wouldn't build it spec. But we're absolutely talking to users, and we'll see if something comes to that.

我們正在做準備，若——再次強調，若需求維持，我們可能會準備好在那裡推進一些事情。我們不會做投機性興建（spec）。但我們確實正在與使用者洽談，看看是否能促成一些結果。

So I think, Tony, to summarize, we are involved in a couple of really interesting opportunities in the CBD of San Francisco, not the Peninsula, where if market rents get to the point where new construction makes economic sense, we actually have places where we can create new premier product for our clients.

所以 Tony，我想總結一下：我們在舊金山市中心商業區（CBD）——不是半島（Peninsula）——參與了幾個非常有意思的機會；如果市場租金上升到新建案在經濟上合理的水準，我們其實有一些地點可以為客戶打造新的頂級產品。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

To this point, the recovery story has been occupancy led. But the message this quarter felt a little bit more rent growth oriented. So is that correct? Or maybe can you just talk about the pricing power you're seeing? Is it increasing? And is that for all markets or just the strongest ones?

到目前為止，復甦的故事主要是由入住率帶動。但這一季的訊息感覺更偏向租金成長。所以這樣理解正確嗎？或者你能否談談你們看到的定價能力（pricing power）？它是否正在提升？這是所有市場都如此，還是只有最強的那些市場？

Sure. So for us, the occupancy story is more meaningful than the improvement in the overall, what I'd refer to as, mark-to-market largely because you get a hundred cents on the dollar on the occupancy and you only get a marginal amount on the increase when you're doing a mark-to-market.

當然。對我們而言，入住率的故事比整體我所稱的「按市價重估」（mark-to-market）的改善更有意義，主要是因為入住率帶來的是每一美元都能完整反映（你能拿到 100 分錢的 1 美元），而做按市價重估時，租金上調只會帶來邊際性的增量。

But why don't I let Hilary talk about her views on pricing power in Manhattan and Bryan talk about our perspective on where pricing is in the Back Bay submarket of Boston, which is where the majority of our rental rate increases will come from over the next few years.

不過我讓 Hilary 談談她對曼哈頓定價能力的看法，並讓 Bryan 談談我們對波士頓 Back Bay 次市場租金水準的觀點；未來幾年我們大部分的租金調升將來自那裡。

The pricing power in Manhattan remains quite favorable to landlords, and it is expanding geographically. So while it's been very, very strong in the best submarkets of Midtown, it continues to expand outward to other submarkets in Midtown and to Midtown South.

曼哈頓的定價能力仍然相當有利於房東，而且正在擴大到更多地理範圍。因此，雖然在中城（Midtown）最好的次市場一直非常、非常強勁，但它也持續向外擴展到中城的其他次市場以及中城南（Midtown South）。

As Doug and Owen mentioned, we are -- and Mike, we have now spoken for every single floor at 360 Park Avenue South. And we're seeing landlords across the Midtown South submarket post ever higher rents as they're leasing up remaining vacancy.

如 Doug 和 Owen 提到的——Mike，我們現在已經就 360 Park Avenue South 的每一個樓層都進行過洽談。而且我們看到中城南次市場的房東在出租剩餘空置面積時，持續開出更高的租金。

In Midtown proper, we are getting inbound interest at our highest quality buildings and at 343 at rents that are consistently 10% to 15% above where they were last year. And at our buildings -- in the lower stack of our buildings where rents are slightly more affordable, we're still seeing 20% increases year over year. And that is fundamentally because there's a lack of available space in the market. So great strength from the landlord perspective in New York City.

在中城核心區（Midtown proper），我們在最高品質的建物以及 343 收到的主動詢問，租金水準一貫比去年高出 10% 到 15%。而在我們的建物中——在較低樓層帶（lower stack），也就是租金相對更可負擔的部分，我們仍看到年增 20% 的漲幅。這從根本上是因為市場上可用空間不足。因此，從房東角度來看，紐約市的市場非常強勁。

Yeah. From Boston, it's the story that Doug and Owen have outlined, which is if you look at our rent roll snapshot, Boston, we're 97% -- 98% leased; Cambridge, 98% leased; Cambridge Lab, 100% leased. And then you combine that with, call it, competitive set, the people that we really -- or the buildings that we really compete against, and there's a wide difference between, let's say, general vacancy of Class A and then our competitive set. And it can be as much as 9 points, 11% versus 2% in the Back Bay as an example.

是的。以波士頓來看，情況如 Doug 和 Owen 所概述的：如果你看我們的租金名冊快照，波士頓我們已出租 97%—98%；劍橋已出租 98%；劍橋實驗室已出租 100%。然後把這些與所謂的競爭組合（我們真正競爭的那些人——或我們真正競爭的那些大樓）結合起來看，你會發現例如甲級辦公的一般空置率與我們的競爭組合之間存在很大的差異。差距可能高達 9 個百分點，例如後灣（Back Bay）一般空置率 11% 對比我們競爭組合 2%。

And for us, price detection is going to be really in the renewal process versus we don't have any lease vacant space to go to market with per se. So we're in the process of really doing our absolute best at educating the marketplace, the brokerage communities, and our clients about what's taking place and really focus on factual comps, et cetera. But we do anticipate that there is pricing power there.

對我們而言，價格發現主要會發生在續約流程中，因為我們本質上沒有任何空置可出租面積可以拿去市場招租。所以我們正在盡最大努力教育市場、仲介社群以及我們的客戶，讓大家了解正在發生的事情，並且真正聚焦在事實性的可比案例等。但我們確實預期那裡存在定價能力。

Seth Berge, Citi.

Seth Berge，花旗。

Nick Joseph here with Seth. Maybe if we continue on the mark-to-market conversation, what do you estimate it for your West Coast portfolio? Obviously, we've seen a recovery in leasing there. But how do you think about where the portfolio sits today versus where market rents are?

我是 Nick Joseph，和 Seth 一起。如果我們延續一下市價調整（mark-to-market）的討論，你們對西岸投資組合的估計是多少？顯然，我們看到那邊的租賃正在復甦。但你們如何看待目前投資組合的位置，相較於市場租金水準？

So what I would say is that it's a building-specific answer, and I'll just give you a perspective in our -- I'll use San Francisco as the poster child because it's the majority of our West Coast exposure. So starting with the least good and then getting to the best.

我會說這個答案要看每一棟大樓，我先給你一個我們的角度——我會以舊金山作為代表案例，因為它占了我們西岸曝險的大部分。我會先從最不理想的講起，再到最好的。

So down in Mountain View, where this quarter, we had a pretty significant markdown largely because we were getting somewhere in the neighborhood of $6 per square foot per month. And now we're getting somewhere closer to $4 to $5 a square per month, which are still very high rents, but they're not the same place they were.

在 Mountain View，那邊這一季我們有相當顯著的下調，主要是因為我們原本每平方英尺每月大概能收到 6 美元左右。而現在我們收到的更接近每月每平方英尺 4 到 5 美元；這仍然是非常高的租金，但已經不是原來的水準。

And the reason we were getting those other rents was that we had gotten significant increases over a four- or five-year period. And then obviously, the market had a big change. So that's where the largest decline is.

我們之所以能收到先前那些租金，是因為在四到五年的期間內租金有顯著上升。然後很明顯地，市場發生了很大的變化。所以那裡的跌幅最大。

At Embarcadero Center, it's a neutral place. So in buildings like Embarcadero Center 4 or anything that's above, call it, the 15th to 20th floor of EC 1, 2, or 3 there's an embedded market opportunity for growth.

在 Embarcadero Center，則是中性。所以像 Embarcadero Center 4 這類大樓，或是 EC 1、2、3 中大約第 15 到 20 樓以上的樓層，內含著市場層面的成長機會。

At the lower portions of 1, 2, and 3, where we have leases rolling over, that's where I would say we have to be more competitive because of the availability and the modest amount of incremental demand there is from what I refer to as traditional office tenants. And so there's probably a slight markdown.

在 1、2、3 的較低樓層，我們有租約到期輪轉的部分，我會說我們必須更具競爭力，因為可供出租的供給量，以及我所稱的傳統辦公租戶所帶來的增量需求都相對有限。因此那裡可能會有些微下調。

At 680 Folsom at 535 Mission and then at Salesforce Tower, we are going to start to see material increases in our markups. Most of the leasing that we've done in those buildings has been at relatively lower rents. And as we go forward, those rents have gotten higher. We are now at a point, for example, at 680 Folsom, where our asking rents are higher than the rents that will expire when the macys.com lease expires in 2028-2029.

在 680 Folsom、535 Mission，以及 Salesforce Tower，我們將開始看到市價調整上出現實質性的上調。我們在那些大樓完成的大多數租賃，租金都相對較低。而隨著時間往前推進，租金已經走高。例如現在在 680 Folsom，我們的開價租金已高於 macys.com 租約在 2028-2029 年到期時的租金。

And as I said, Salesforce Tower, on average, my guess is our embedded growth is 30% to 40%. And we're going to have somewhere in the neighborhood of, call it, 200,000 to 250,000 square feet of expirations in that building in '27 and '28. And so there's a real opportunity for embedded growth.

如我所說，Salesforce Tower 平均而言，我猜我們的內含成長大約是 30% 到 40%。而且在 '27 與 '28 年，該大樓大約會有 20 萬到 25 萬平方英尺的租約到期。因此確實存在內含成長的機會。

The other two West Coast markets, which, for us, are Seattle and West L.A., I would say we're modestly lower in Seattle. And then the West L.A. continues to struggle from a recovery perspective. It's the least of our markets from a demand growth perspective.

另外兩個西岸市場，對我們而言是西雅圖與西洛杉磯（West L.A.）。我會說西雅圖略低一些。而西洛杉磯從復甦角度來看仍在掙扎。就需求成長而言，它是我們市場中最弱的。

And so there, net-net, we're seeing still an embedded loss in that market. But again, for us, that's 1% or 2% of our portfolio as is Seattle. So it's not material in terms of what happens in the next couple of years.

所以在那裡，整體來看，我們仍看到該市場存在內含損失。但同樣地，對我們而言，那只占我們投資組合的 1% 或 2%，西雅圖也是如此。因此就未來幾年會發生的事情而言，並不具重大性。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

With respect to 343 Madison, can you just elaborate on the appetite you've seen from potential equity partners, the timing we should expect on those sales of interest, and any color you can provide on how you and those potential partners are thinking of value versus expected cost on the entirety of the 30% to 50% interest you guys plan on monetizing?

關於 343 Madison，你能否再詳細說明一下你們從潛在股權合作夥伴那裡看到的意願、我們應該預期這些權益出售的時間點，以及你們與這些潛在合作夥伴如何看待價值相對於預期成本——針對你們計畫變現的 30% 到 50% 整體權益，能否提供一些補充說明？

So as I mentioned in my remarks, we have a letter of intent with an investor to purchase a 10% interest in the project, and we expect that to close this quarter. And we continue to talk to additional investors about selling additional interest in the property, bringing us up to around that 30% to 50% level.

如我在發言中提到的，我們已與一位投資人簽署意向書（LOI），對方將購買該專案 10% 的權益，我們預期會在本季完成交割。同時我們也持續與其他投資人洽談，出售該物業更多的權益，使我們出售比例提升到約 30% 到 50% 的水準。

We are selling down interest in this property, which we consider to be one of the best office developments in the United States. We’re seeking our terms, both in terms of pricing and the way the governance works.

我們正在降低我們在這項物業中的持有權益；我們認為這是美國最好的辦公開發案之一。我們正在爭取符合我們條件的交易條款，包含價格以及治理機制如何運作。

So in thinking about pricing, our yield as the original developer of the property is -- just to use high-level simple numbers, is around 8%. And when we deliver this property, we think its value will probably be in the 5.5% to 6% range.

在定價的思考上，作為該物業的原始開發商，我們的收益率——用一些高層次的簡化數字來說——大約是 8%。而當我們交付這項物業時，我們認為它的價值可能會落在 5.5% 到 6% 的區間。

So as we monetize interest along the way, we'll be moving gradually from that 8% yield down to that 5.5% to 6% yield. And that's the way we're thinking about it and talking about it with prospective investors.

因此，隨著我們在過程中逐步變現權益，我們會從約 8% 的收益率逐步往下移動到 5.5% 到 6% 的收益率。這就是我們的思考方式，也是我們與潛在投資人溝通的方式。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Earlier in the prepared remarks, you guys mentioned that 48% of leasing in 2Q was renewals, extensions, and expansions. I was wondering if you could talk more about the renewal activity; maybe what retention has been over the past few, say, three years; and if it's fair to expect that it increases going forward.

在先前的準備稿中，你們提到第二季租賃中有 48% 來自續約、延長與擴租。我想請你們多談談續約活動；例如過去幾年（比如三年）的留租率大概如何；以及是否可以合理預期未來會提高。

So Caitlin, this is, I guess, more of an artistic answer than you probably would like, but hopefully, it's directionally correct.

Caitlin，我想這個回答可能比你希望的更偏「藝術性」，但希望方向上是正確的。

So there's a timing issue associated with this as well. So as we get closer to a lease expiration, our retention rate comes down largely because we've already done a lot of the larger transactions earlier.

這也牽涉到時間點的問題。所以當我們越接近租約到期時，我們的留租率會下降，主要是因為我們之前已經把許多較大型的交易先做完了。

So as an example, Hilary's team right now is working on forward transactions that are 2028 expirations or later. And my guess is all of those deals will likely get done. And so when I -- when we talk about our renewals in the next quarter or two, there may be some very lumpy number that say, quote-unquote, that our retention is higher than it typically is.

例如，Hilary 的團隊現在正在處理更前瞻的交易，這些是 2028 年到期或更晚到期的租約。我猜那些交易很可能都會完成。因此當我——當我們在接下來一兩季談到續約時，數字可能會非常不均勻，可能會顯示（所謂）我們的留租率高於一般情況。

When we think about our near-term expiration, so call it the next 24 to 18 months and then because it goes down, generally, the study that we've done is that, generally, we're somewhere between 45% and 50%. That's what happens. And largely, that's because in many cases, we're not able to accommodate growth because we're so fully leased. And so we unfortunately have some tenants that are leaving.

當我們思考近期到期情況，也就是接下來24到18個月，然後因為它通常會往下走，我們所做的研究顯示，一般而言，我們大概落在45%到50%之間。情況就是如此。而這在很大程度上是因為在許多情況下，我們因為出租率已經非常滿，無法容納成長。因此很遺憾地，我們有一些租戶正在離開。

Right now, as I look forward into our 2027 expirations, we don't have much in the way of large users leaving. So I feel better about that number for what we have in front of us. So as an example, as I said, we have 1.77 million of 2027 expirations.

目前，當我往前看我們2027年的到期，我們幾乎沒有大型使用者要離開。所以對於眼前這個數字，我感覺更有把握。舉例來說，如我所說，我們有177萬平方英尺在2027年到期。

So right now, we're pretty actively involved in about 550,000 square feet. So I wouldn't be surprised if we get above that 50% level for this portfolio. But on a general basis, we're somewhere between 45% and 50% as we get closer to the actual year of exporting.

所以目前，我們正相當積極地推進約55萬平方英尺的案子。因此，如果這個投資組合的比例高於50%，我也不會感到意外。但一般而言，當我們越接近實際到期年度時，我們大概會落在45%到50%之間。

So just to add on to that, Doug. I mean, the last couple of quarters, we've had a number of these larger lease renewals that we signed a year or two ago coming in. So if you look at the details in our leasing activity page on the leases commenced, last two quarters, we've been closer to 60% to 65%.

所以只是補充一下，Doug。我的意思是，過去幾個季度，我們有一些較大型的續租案，是我們在一、兩年前簽下的，最近開始陸續生效。所以如果你看我們租賃活動頁面裡「已開始租約」的細節，過去兩個季度我們更接近60%到65%。

Again, because some of those leases you were just talking about that we did before that have come in, which is positive, if you would long term, it's around 50%. But this year is better, and it's reflected in the occupancy growth we're seeing.

同樣地，因為你剛剛提到的那些我們之前做的租約現在開始進來了，這是正面的；若以長期來看，大約是50%。但今年表現更好，這也反映在我們看到的入住率成長上。

Floris Van Dijkum, Ladenburg Tallman.

Floris Van Dijkum，Ladenburg Tallman。

So kudos for putting your SNO pipeline out there, giving some more insight into the future growth. Obviously, not all office space is created equal. I don't know if you can quantify what that SNO growth would be in terms of NOI because clearly, New York, signed not open, is different than L.A. or D.C. If you can give us a little bit more insight into that, I think that would be helpful.

所以，稱讚你們把SNO管線公布出來，讓大家對未來成長有更多洞見。顯然，不是所有辦公空間都一樣。我不知道你們能否量化這些SNO成長在NOI（淨營運收入）上的貢獻，因為很明顯，紐約的「已簽約未開放」（signed not open）和洛杉磯或華盛頓特區是不一樣的。如果你們能多提供一些這方面的資訊，我想會很有幫助。

I wish I had my list in front of me. I don't, but I will tell you that the majority of it in 2026 is in Manhattan, largely coming from 350 Park Avenue and 200 Fifth Avenue. So that's where the most least but not yet occupied will commence.

我希望我手邊有那份清單。我沒有，但我可以告訴你，2026年的大部分都在曼哈頓，主要來自350 Park Avenue和200 Fifth Avenue。所以，最多的「已出租但尚未進駐」將會從那裡開始起租。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

I appreciate all the color on the opportunity set in broader San Francisco over the next couple of years that you mentioned. But Doug, you talked about Embarcadero Center that could give you the most short-term uplift in occupancy. Could you give us an update on the pipeline there for those buildings? And maybe any time you could share would be helpful.

我很感謝你們提到未來幾年在更廣泛的舊金山機會集合所提供的各種細節。但Doug，你談到Embarcadero Center可能在短期內帶來最大的入住率提升。你能否更新一下那幾棟大樓目前的管線狀況？以及任何你能分享的時間點都會很有幫助。

Sure. So I'll make a brief comment, and then I'll let Rod be more robust about it.

當然。我先簡短說幾句，然後讓Rod更完整地說明。

Big picture, it's a granular market for financial services, professional services kinds of users, which means we're doing a lot more transactions, but they're smaller. And so obviously, it takes a longer period of time to fill available space. But Rod, you can describe the tenor and the granularity of what we have going in Embarcadero Center.

從大方向來看，這是一個以金融服務、專業服務類型使用者為主、相當分散（granular）的市場，這代表我們會做更多交易，但單筆規模較小。因此很明顯，需要更長的時間才能把可出租空間填滿。不過Rod，你可以描述一下我們在Embarcadero Center正在進行的案子的氛圍、節奏以及其分散度。

Yeah, absolutely. So one of the key strategies that we've done in the past and we're continuing to do a little bit more on expanded scale now is building prebuilt space. So we have two floors, for example, at 1 Embarcadero Center that are under construction now. One more towards the tech build-out, a little more open plan; and other towards more of a law firm, professional services.

是的，當然。我們過去做過、而且現在以更大規模持續推進的一個關鍵策略，就是打造預先裝修（prebuilt）空間。例如，在1 Embarcadero Center我們有兩個樓層正在施工中。其中一個更偏向科技業的裝修配置，平面更開放；另一個則更偏向律師事務所、專業服務。

We already have interest on both of them, and I think that's how we're going to find success. I think the stuff -- the space that is sitting in old second-generation or in shell condition is going to be the hardest. So we're being very proactive in investing ahead of that and getting the spaces ready for occupancy because that's where we found the most success.

我們對這兩個樓層都已經有興趣，我認為這就是我們將會成功的方式。我認為那些—目前仍是舊的二代空間或僅有毛胚（shell）狀態的空間—會是最難出租的。所以我們非常積極地提前投資，把空間準備到可進駐的狀態，因為那是我們找到最多成功案例的地方。

So these -- and as Doug said, it's going to be granular. It's probably not going to be one big deal that's going to occupy at the bottom of one of these buildings. We're certainly open for that discussion and chasing those deals when available. But I think it's going to happen more Florida time, partial floor, and we're going to have to go at it that way.

所以這些—如Doug所說—會是分散型的。可能不會有一筆大交易，一口氣把其中一棟大樓底部的空間全部租走。我們當然願意就此討論，並在有機會時追逐那些案子。但我認為更可能會以較零碎的方式發生，像是較小面積、部分樓層，我們必須用這種方式來推進。

I would add though that Embarcadero Center is going to get some nice continued positive interest. The Embarcadero Plaza, which is the park adjacent to 4 Embarcadero Center is fully underway now. And this is -- that's a private-public partnership with the city of San Francisco to build this world class park. And that is going to absolutely enhance the environment around Embarcadero Center, which we will benefit from, for sure.

不過我會補充，Embarcadero Center將會持續獲得不錯的正面關注。Embarcadero Plaza，也就是緊鄰4 Embarcadero Center的公園，目前已全面動工。而這是與舊金山市合作的公私協力案，打造一座世界級公園。這絕對會提升Embarcadero Center周邊的環境，而我們肯定會因此受益。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Just maybe pivoting back to the disposition program. Obviously, you mentioned you guys are well ahead of schedule. I guess, any possibility that the ultimate goal ends up being much higher than that $1.9 billion?

我想把話題轉回處分計畫。顯然你們提到目前進度大幅超前。我想問，有沒有可能最終目標會遠高於19億美元？

And then I guess as you think about the portfolio, once you guys are done with that, in your guys' mind, does that get you guys to a point of where the portfolio is largely there in terms of most of the assets being what you guys deem as trophy and class A there? Or would there still be, call it, 5% to 10% of the portfolio that is non-core in your guys' mind?

另外我想，當你們看待投資組合時，一旦你們完成那個計畫，在你們心中，是否就能讓投資組合在資產品質上大致到位，也就是大多數資產都屬於你們認定的地標級（trophy）與A級？還是你們仍會認為大約有5%到10%的投資組合屬於非核心？

We'll keep going on sales. As Mike said, it will be slower; and there are several reasons for that. One is -- let's go through the three categories.

我們會持續進行出售。如Mike所說，速度會放慢；原因有好幾個。其中之一是—我們來談三個類別。

On land, in many regions, we continue to get additional residential entitlements on land. Those take time, and it takes time to monetize those assets. So as these entitlements come through, and this will be beyond 2026, we'll continue to monetize the land the way we have, both selling for-sale pads to homebuilders as well as starting multifamily development. So that's one category.

在土地方面，在許多地區，我們持續為土地取得更多住宅開發核准（entitlements）。這需要時間，而將這些資產變現也需要時間。因此，隨著這些核准到位（而且這會延續到2026年之後），我們會像過去一樣持續將土地變現，包括把可出售地塊（for-sale pads）賣給建商，以及啟動多戶住宅（multifamily）開發。這是第一類。

Second, we still have a couple of built and close to stabilized apartment buildings that we have not yet sold. So I think those are potential future disposition candidates.

第二，我們仍有幾棟已完工且接近穩定的公寓大樓尚未出售。所以我認為那些是未來可能的處分標的。

And then third, we do still have a handful of office assets that we would like to sell, and some of those are not stabilized. They're in various stages of lease-up. And as those properties get leased up where we think we can maximize the value and the disposition, we'll do it.

第三，我們仍然有少數辦公資產希望出售，其中有些尚未穩定。它們正處於不同的招租／出租爬坡階段。隨著這些物業完成出租、在我們認為能夠最大化價值與處分價格時，我們就會進行出售。

But I do think the cadence of dispositions going -- they will continue, but the cadence will slow down a little bit.

但我確實認為處分的節奏——會持續進行，但節奏會稍微放慢一些。

Yeah. And Dylan, I'd say the one -- the first bucket that Owen described, which is this land portfolio, these are what I would refer to as many of our older suburban office buildings where we have made a decision that the recovery in those marketplaces is going to lag the opportunity set associated with creating residential entitlements. And we happen to be in an unusually constructive time period relative to the jurisdictions that those buildings are operating in, where there is a need for housing.

是的。Dylan，我想補充一點——Owen 所描述的第一個籃子，也就是這個土地資產組合，我會把它們稱為我們許多較老的郊區辦公樓；我們已經做出判斷，這些市場的復甦將落後於取得住宅開發許可（entitlements）所帶來的機會集合。而且就這些建物所在的司法管轄區而言，我們正處於一個相對罕見、相當有利的時期，因為當地有住房需求。

And so there's over 1 million square feet of suburban stock that will eventually disappear from our portfolio that we will ultimately we hope to sell somewhere between 75% and 80% interest in, which will be liquidating those assets and providing us with opportunities that we can either use for redeploying into those particular developments or using that money elsewhere.

因此，超過 100 萬平方英尺的郊區存量最終將從我們的投資組合中消失；我們最終希望出售其中約 75% 到 80% 的權益，這將等同於清算這些資產，並為我們提供機會——我們可以把資金再投入到這些特定開發案中，或將這筆錢用於其他用途。

And I don't think people really focus on the size of that and what the magnitude of that is. And it's hundreds of millions of dollars over time. So it's not $10 million a year, $50 million a year. It's hundreds of millions of dollars over time.

而我不認為大家真的有聚焦在這件事的規模以及其量級。這在時間推移下是數億美元。所以不是每年 1,000 萬美元、5,000 萬美元。而是隨著時間推移的數億美元。

Richard Anderson, Cantor Fitzgerald.

Richard Anderson，Cantor Fitzgerald。

Obviously, AI has come up a lot on this call, and it's a demand driver for you and many. But it does have -- it does remind me of the life science boom of five, six, seven years ago; and that didn't turn out great.

顯然，AI 在這通電話裡被提到很多，它也是你們以及許多人的需求驅動因素。但它確實——也讓我想起五、六、七年前的生命科學熱潮；而那次的結果並不理想。

I'm curious if there are any lessons learned from that experience of life-science and the exuberance that came from it and how you're approaching AI demand today, and if there are any lessons learned as you approach that opportunity TBD to see how long it stays intact?

我想了解，從生命科學以及隨之而來的亢奮中，有沒有任何經驗教訓；你們今天如何看待 AI 需求、如何切入這個機會（尚待觀察其持續時間），以及在你們評估這個機會能維持多久時，有沒有任何學到的教訓？

The future of AI and its impacts are very difficult to project. And flip through any newspaper or any magazine any day of the week, and you'll get all kinds of different views. So it is very, very difficult.

AI 的未來及其影響非常難以預測。你每天翻開任何報紙或雜誌，都會看到各式各樣不同的觀點。所以這確實非常、非常困難。

I think the primary benefits to BXP's leasing are not actually from the AI companies directly, although that is a benefit. We're seeing markets just generally tighten. Like, for example, San Francisco has had 8-plus million square feet of net absorption from AI companies, and a lot of other clients are getting displaced by that and then coming to us and other landlords and leasing space.

我認為，BXP 在租賃上的主要受益其實不是直接來自 AI 公司本身，雖然那也是一個利多。我們看到市場整體在收緊。例如，舊金山來自 AI 公司的淨吸納量已超過 800 萬平方英尺，許多其他客戶因此被擠出，轉而來找我們以及其他房東承租空間。

And then lastly, our core set of financial services, legal services, and business service clients, many of them are investing in, providing services to the AI industry. And they're doing well with that and, as a result, are growing and leasing more space.

最後，我們核心的金融服務、法律服務與商業服務客群中，很多都在投資於 AI 產業、或為 AI 產業提供服務。他們因此表現良好，進而成長並承租更多空間。

So yes, if AI comes off the boil, as you suggest, that will be negative. But most of the leasing benefits we're getting are not directly with the AI companies. And then when we do lease to an AI company, we obviously focus as much as we can on the credit and get letters of credit in the leasing. And we're also paying attention to the percentage of our total portfolio that's leased directly to start-up AI companies.

所以是的，如果如你所說 AI 熱度降溫，這會是負面因素。但我們目前獲得的大多數租賃效益並非直接來自 AI 公司。而當我們確實租給 AI 公司時，我們當然會盡可能聚焦其信用狀況，並在租約中取得信用狀（letter of credit）。我們也在關注：直接租給新創 AI 公司的面積占我們整體投資組合的比例。

And I would just add the following thing, relative to the difference between leasing to a company -- a technology company that we happen to be calling AI and a life science company.

我再補充一點，關於租給一家——我們稱之為 AI 的科技公司——與租給生命科學公司的差異。

So over, call it, the last five or six years, longer than we ever would have expected to have happened. People were building speculative laboratory buildings, and those laboratory buildings were being built with the infrastructure necessary to allow for a lab installation which was a very expensive proposition. And they were -- there was a lot of it. A lot of that was done on a speculative basis.

在過去大概五、六年——時間比我們原本預期的還要長——人們在興建投機性的實驗室大樓，而這些實驗室大樓配備了可支援實驗室進駐所需的基礎設施，這是一項非常昂貴的投入。

And so while we are actually very constructive about the long-term viability of life science, particularly in the greater Boston marketplace, there's just a ton of, quote-unquote, bespoke lab-ready buildings that are sitting out in the marketplace that are going to just have to wait their turn for a customer to show up that actually wants that particular location in order for them to achieve the value that's going on.

因此，雖然我們對生命科學的長期可行性其實相當樂觀，尤其是在大波士頓市場，但市場上仍有大量所謂「客製化、可立即作為實驗室使用（lab-ready）」的建物閒置著；它們只能等待輪到有客戶出現，而且該客戶真的想要那個特定地點，才能實現其應有的價值。

And in some cases, those tenants or those building owners are making a decision that they're no longer going to wait. So as an example, there's a lab building right now in Boston that is bespoke, and it's doing a transaction with a major health organization that is not going to be doing lab work in there. But it's going to be doing some other kinds of clinical work in that building.

而在某些情況下，這些承租戶或這些大樓的業主會做出決定：不再等待。舉例來說，波士頓現在有一棟客製化的實驗室大樓，正在與一家大型健康機構進行交易；該機構不會在裡面做實驗室工作。但會在那棟樓裡進行其他類型的臨床工作。

So things like that will happen. And over time, the supply will, in fact, become absorbed. With what we would refer to as the artificial intelligence companies, this is office space -- pure and simple office space.

所以這類事情會發生。而隨著時間推移，供給確實會被吸收。至於我們所稱的人工智慧公司，這就是辦公空間——純粹的辦公空間。

For better or worse, BXP is not a data center company. We do not have, quote-unquote, data center infrastructures with billions of dollars of equipment and enormous amounts of power needs that are sitting in and around our building. So we are simply leasing our space to the next version of technology -- call it .com, call it mobility, call it cloud computing. Whatever it is, now it's artificial intelligence.

不論好壞，BXP 不是資料中心公司。我們沒有——所謂——資料中心基礎設施：沒有價值數十億美元的設備，也沒有龐大的用電需求，配置在我們大樓內外。因此，我們只是把空間租給下一代科技——可以叫它 .com、叫它行動（mobility）、叫它雲端運算。不管是什麼，現在就是人工智慧。

And that's just the natural progression. And those organizations are simply looking for great locations, great amenities, high-quality assets, premier management, and great places for them to grow their organizations, which is what we are suited to do.

而這只是自然的演進。這些組織只是尋找絕佳地點、優質配套設施、高品質資產、一流管理，以及能讓他們擴張成長的好地方——而這正是我們擅長提供的。

So I think there is a distinction between what happened with life science and the overbuilding that was occurring and what's going on right now because I'm not aware of anybody building a speculative office building in a CBD location where we operate. And that was very different in 2022, '23, and '24 when there was a ton of speculative life science that was built in places like San Francisco and in Watertown, Massachusetts; and in Lexington and Waltham, Massachusetts, that were built on spec. And that's fundamentally the difference between what we're seeing now and what we saw over the last cycle.

所以我認為，生命科學當時發生的事情、以及過度興建的狀況，與現在正在發生的事情之間是有區別的；因為我不知道有任何人在我們營運的 CBD 核心商業區地點興建投機性的辦公大樓。而在 2022、2023、2024 年則非常不同，當時在舊金山、麻薩諸塞州的 Watertown，以及麻薩諸塞州的 Lexington 和 Waltham 等地，有大量投機性的生命科學建物被興建。這就是我們現在看到的情況與上一個週期所看到的情況之間的根本差異。

Peter Abramowitz, Deutsche Bank.

Peter Abramowitz，德意志銀行。

I think on the last quarter's call, Mike, you talked about leasing CapEx of around or above $400 million for the year. I think it was $330 million or thereabouts in the first half. So you're on pace to go through that number.

我記得在上一季的電話會議上，Mike，你提到今年的租賃資本支出（leasing CapEx）大約在 4 億美元左右或以上。上半年大概是 3.3 億美元左右。所以你們正朝著超過那個數字的速度前進。

I understand certainly, a lot of this is good news CapEx related to leasing. But could you just help us think about any updated thoughts on where you expect that number to shake out 2027 and then the overall leasing CapEx trajectory and how it impacts FAD growth in the second half and beyond?

我理解，當然其中很多是與租賃相關的好消息型資本支出。但你能否協助我們理解：你們對 2027 年該數字最終落點是否有任何更新看法，以及整體租賃資本支出的走勢，還有它如何影響下半年及之後的 FAD 成長？

Sure. And you're right. We continue to do additional leasing. We continue to -- we're increasing our occupancy projections for 2026, and that's going to roll into additional leasing transaction costs that are going to occur this year.

當然。你說得沒錯。我們持續進行額外的租賃。我們持續——我們正在上調2026年的入住率預測，而這將反映為今年將發生的額外租賃交易成本。

And we are going to be increasing -- I suspect it's going to be closer to $500 million than it is to $400 million based upon what we're seeing right now. And that will end up having an impact on our AFFO in 2026.

而且我們將會增加——依我看，根據我們目前看到的情況，金額更可能接近5億美元，而不是4億美元。這最終會對我們2026年的AFFO產生影響。

And as you said, it's good news because we're signing more leases, and those leases will go into effect. And there's going to be some free rent, obviously, in the beginning of those leases. So that also has some impact on our AFFO.

正如你所說，這是好消息，因為我們簽了更多租約，而這些租約將會生效。而且顯然在這些租約一開始會有一些免租期。因此這也會對我們的AFFO造成一些影響。

But those leases will become cash rent paying in 2027 and will have a positive impact on AFFO on a moving forward basis. So I look at 2026 as being a year where it's just going to be higher in terms of transaction costs and also higher in terms of straight-line rents.

但這些租約在2027年將轉為支付現金租金，並在往後對AFFO帶來正面影響。所以我把2026年視為一個交易成本較高、同時直線法租金也較高的一年。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

So Mike and Owen, just going to -- I know you're not talking about '27. But certainly, the portfolio has benefited immensely from stronger fundamentals, occupancy being better, and on the accelerated dispositions being able to use some of those proceeds to pay off debt.

所以Mike和Owen，我想——我知道你們不談'27。但可以確定的是，投資組合已經從更強的基本面中大幅受益，入住率更好，而且在加速處分方面，能夠用部分處分所得來償還債務。

But as the company strategizes for '27 and the priority, is the priority more towards let's keep earnings growth accelerating as number one, and then debt payoff is number two? Or is it the other way around? Just trying to understand because the company is in obviously a really good position. Stock's doing well today and clearly, the fundamentals are providing office landlords with a wonderful tailwind.

但當公司為'27制定策略與優先順序時，優先順序是否更偏向把盈餘成長加速放在第一位，而償債放在第二位？還是反過來？我只是想了解，因為公司顯然處於非常好的位置。今天股價表現很好，而且很明顯，基本面正在為辦公室房東提供極佳的順風。

Alex, we always understand and are trying to grow the FFO per share of our company, and that is a clear priority. I don't know what there's -- we are going to continue to sell assets when we have them that when we have an asset we don't think is strategic to the company that we think we're getting fair value for.

Alex，我們一直都理解並且致力於提升公司每股FFO，這是一項明確的優先事項。我不確定還有什麼——我們會在有資產且我們認為該資產對公司不具策略性、並且我們認為能取得合理價值時，持續出售資產。

I do think the mix of asset sales that we have used has brought down the dilution because a lot of the sales that we're doing are land. And a lot of the sales that we're doing are apartments, which trade at accretive cap rates to us. So it's not like we're selling office buildings at high cap rates.

我確實認為我們所採用的資產出售組合降低了稀釋，因為我們做的許多出售是土地。而且我們做的許多出售是公寓，對我們而言其交易資本化率是增益性的。所以並不是我們在以高資本化率出售辦公大樓。

But we recognize the importance of growing our earnings per share. And as you suggest, and as Doug described in great detail, the leasing that we are doing, we expect continued growth.

但我們認知到提升每股盈餘的重要性。而且如你所提、也如Doug非常詳細地描述，我們正在進行的租賃，我們預期將持續成長。

Mike, I don't know if there's anything more you want to add?

Mike，我不知道你是否還想補充什麼？

No, I think you've covered it. That's our goal.

沒有，我想你已經涵蓋了。那就是我們的目標。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

Are there any other buildings in the portfolio like Reservoir Place that could captured demand for similar full building redevelopments? And how do redevelopment yields compared to other competing uses of capital?

投資組合中是否還有其他像Reservoir Place那樣的建物，可以承接類似整棟大樓重建開發的需求？而重建開發的報酬率與其他競爭性的資本用途相比如何？

So the answer to your question is there certainly are. These are what I refer to as -- we're trying to mine for these organizations. They take a lot of time, a lot of effort, and an incredible amount of diligence from our local operating teams. So our Boston team has done it twice.

所以你的問題答案是：確實有。這些是我所說的——我們正試著去「挖掘」這些機會。它們需要很多時間、很多努力，以及我們在地營運團隊極高程度的盡職調查。所以我們波士頓團隊已經做成兩次。

First, we did it with Anduril at a building that was out of service called 1050 Winter Street. And obviously, we've just done it with Reservoir Place. We have some buildings in our Northern Virginia portfolio that potentially could have a similar outcome. These are highly speculative comments that I'm making.

第一次，我們與Anduril在一棟停用的建物——1050 Winter Street——完成了。而且顯然，我們剛剛也在Reservoir Place完成了。我們在北維吉尼亞的投資組合中有一些建物，可能也會有類似的結果。我現在的評論非常具有推測性。

So I'm not suggesting there's anything imminent, but they physically exist. And after that, I would say we are always looking to put a client and a building together to create an opportunity that may not necessarily be in our portfolio.

所以我不是在暗示近期會有什麼即將發生的事，但它們在物理上確實存在。此外，我會說我們一直在尋找把客戶與建物配對的方式，去創造一個機會，而那個機會未必一定在我們的投資組合內。

And I ask Pete to talk about what he and Jake are seeing down in D.C. because there is a lot of, what I refer to as, functionally obsolescent or capital structure broken places in D.C. that we have, from a thought perspective, said this could be another great place for a building. And just -- you guys should describe the amount of inbound interest we are seeing for our franchise in D.C. Not in our buildings though.

我請Pete談談他和Jake在華盛頓特區看到的情況，因為在特區有很多我所稱的功能性過時或資本結構失衡的地點；從思考角度來看，我們認為那裡可能是另一個很適合做一棟大樓的地方。另外——你們也應該描述一下我們在特區的品牌所收到的主動洽詢有多大量。只是並不是針對我們的建物。

Yes. I'd let Jake jump in here, too. Yeah, as Doug and Owen have alluded to, we're working on what we hope will be the third in the series here of opportunities in Downtown D.C. with inbound clients. And really, I think the key here has been matching client size with building size and, with -- making that opportunity, therefore, a highly leased development from the get-go.

是的。我也讓Jake在這裡補充一下。是的，正如Doug和Owen所提到的，我們正在推進我們希望能成為特區市中心這一系列機會中的第三個，與主動找上門的客戶合作。而且我認為關鍵在於把客戶規模與建物規模相匹配，並且——因此讓該機會從一開始就成為高度預租的開發案。

There are lots of opportunities, both sites and law firms out there who are interested in doing similar things, and not as much capital as you might expect to be chasing those opportunities. So we're fielding conversations with clients directly, with the brokerage community, and with site owners and, in some cases, lenders on those sites about thinking about those different opportunities.

外面有很多機會，無論是基地或律師事務所，都有興趣做類似的事情，而追逐這些機會的資本並沒有你想像的那麼多。因此我們正直接與客戶、與仲介社群、以及基地所有權人溝通；在某些情況下，也與那些基地的放款人討論，思考各種不同的機會。

And they are definitively out there. And I think the group of players like BXP that can execute on those transactions is relatively small. So it is -- it has been talked about a bit, a large dichotomy between the market writ large and the economics that you see on, for instance, the vacancy rate on office generally in D.C. versus the very, very top of the market, which is extremely tight and getting tighter.

而這些機會確實存在。而且我認為像BXP這樣能夠執行這些交易的參與者相對不多。所以——大家已經談到一些：整體市場與你看到的經濟性之間存在很大的落差；例如在特區，整體辦公室的空置率，與市場最頂端、非常非常緊俏且愈來愈緊俏的那一段之間的差異。

And that has had what you might expect, which is the impact on new building rents has gone significantly higher, but so has just the general market for trophy space.

而這也帶來你所預期的影響：新建大樓的租金已大幅上升，但整體頂級（trophy）空間的市場也同樣走高。

Yeah, we would add in Boston this additional twist to what Pete was talking about was that when you look at our suburban activity, where we think we've captured like 70% of all the leasing in the Waltham market over the last 1.5 years, it's a combination of the premier attributes of location in the case of Reservoir Place. I mean, it's just a fabulous building, large, at an incredible intersection, cloverleaf, very hard to get in our marketplace.

是的，我們會補充，在波士頓，Pete所談的情況還有一個額外的轉折：當你看我們的郊區活動時，我們認為在過去1.5年裡，我們在Waltham市場已經拿下大約70%的所有租賃成交；這是Reservoir Place在地點上的頂級特質所帶來的組合效應。我的意思是，那是一棟非常出色的大樓，規模大，位於一個極佳的交會點、苜蓿葉式交流道旁，在我們的市場中非常難得。

And you combine that with our ability to help these clients with bespoke design that they're looking at now because their uses are very different than conventional office. And to be able to articulate that and then provide a client with a timing on that's definitive has been a really big competitive advantage for us and similar to what Pete's seeing in D.C.

再加上我們能協助這些客戶做他們現在所需要的客製化設計，因為他們的使用需求與傳統辦公室非常不同。而能夠清楚表達這一點，並且向客戶提供一個明確的時程，對我們而言一直是非常大的競爭優勢，也與Pete在特區看到的情況相似。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

I just had a question on same-store NOI, which the cash number was reiterated at flat for the year. I did see that I think the impact from building taking out of service went a little bit lower. I'm not sure if that impacts that.

我想就同店 NOI 問一個問題，你們重申今年的現金口徑數字為全年持平。我確實看到，我認為因建物退出使用所帶來的影響似乎略有下降。我不確定那是否會影響到這個。

But the question is really just, can you just remind us what some of the drags were for this year -- and obviously, we can appreciate if it takes time for leases to commence -- and how we think about that potential ramp and same-store as you flip the calendar with the occupancy tailwinds that you have?

但問題主要是，能否請你們提醒我們今年有哪些拖累因素——而且顯然，我們也理解租約啟動需要時間——以及在你們具備入住率順風的情況下，當日曆翻到下一年時，我們應如何看待那個潛在的爬坡以及同店表現？

So the cash same-store is going to lag the gap same-store as we gain occupancy. And these leases that we're starting this year that are going right into our occupancy have free rent periods in the beginning.

因此，隨著我們提升入住率，現金口徑的同店將會落後於 GAAP 口徑的同店。而我們今年開始的這些租約，會直接反映在我們的入住率中，但在初期有免租期。

So that's why when we increased our occupancy guidance this quarter, we increased our GAAP same-store guidance by 30 basis points. We didn't move the cash because these leases are going to be in free rent periods.

所以這就是為什麼我們本季上調入住率指引時，把 GAAP 口徑同店指引上調了 30 個基點。我們沒有調整現金口徑，因為這些租約仍處於免租期。

And so those free rent periods are -- they generally range between 6 and 12 months. So you should expect to see the cash come in on this leasing sometime in 2027. And that's when you're going to see the cash same-store start to catch up with the gap same-store.

而這些免租期——通常介於 6 到 12 個月。因此，你應該預期這些出租帶來的現金貢獻會在 2027 年的某個時點體現出來。那時你會看到現金口徑同店開始追上 GAAP 口徑同店。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

Just two clarifications. I guess just with how attractive the debt markets have been, would you consider taking in the unencumbered assets, perhaps utilizing this moment where the debt markets are so attractive?

兩點釐清。我想問的是，鑑於債務市場一直相當有吸引力，你們是否會考慮把無擔保資產拿去做融資，或許利用當前債務市場如此有利的時點？

And then similar to that in capital allocation. You formed a JV a couple of years ago to buy, I guess, value add, if I'm not wrong, or a value-add office. I'm wondering in San Francisco, with the turn you're seeing and just overall, the breadth in office, is that an opportunity to deploy more capital now?

然後在資本配置方面也類似。你們幾年前成立了一個合資企業來收購，我想是增值型（value-add），如果我沒記錯的話，或是一個增值型辦公資產。我想問的是，在舊金山，隨著你們看到的回升，以及整體辦公市場的廣度，現在是否是部署更多資本的機會？

Look, on the debt markets, the secured markets and the unsecured markets are both very strong and attractive as are the bank markets. And I think high-quality CMBS execution is going to be somewhere in the low 100-basis-point spread range at a reasonable leverage rate, and our unsecured bonds are also pricing at that same level.

你看，就債務市場而言，有擔保市場與無擔保市場都非常強勁且具吸引力，銀行市場亦然。我認為在合理槓桿水準下，高品質 CMBS 的發行條件，其利差大概會落在 100 多個基點的低端區間，而我們的無擔保債券定價也在同一水準。

So if we were going to issue incremental debt, I think we have both opportunities and we can weigh both opportunities. So if we think about -- and we're really not thinking about issuing new debt. We're more viewing ourselves as thinking about refinancing that as it comes to do and looking at the best opportunity to try to do the most attractive debt financing that we could in all of the markets that we have access to.

所以如果我們要發行額外的債務，我認為兩邊都有機會，我們也可以權衡這兩種機會。不過如果你問我們是否在考慮——我們其實並沒有在考慮發行新債。我們更多是把自己定位為：在到期時進行再融資，並在我們可進入的所有市場中，尋找最佳機會，力求取得最具吸引力的債務融資。

And those markets, again, include the five-year bank unsecured term loan market, the 5- to 10-year CMBS market, the 5- to 10-year or even longer unsecured bond market, and even the convertible debt market like we did last year, which is a lower coupon. But obviously, there's option value on the back end. So all of those opportunities are available to us, and we weigh them as we look at what our needs are going forward.

而這些市場再次包括：五年期銀行無擔保定期貸款市場、5 到 10 年期 CMBS 市場、5 到 10 年期甚至更長天期的無擔保債券市場，甚至還包括像我們去年做過的可轉換債市場，其票息更低。但顯然，後端存在選擇權價值。因此，所有這些機會我們都具備，我們會在評估未來需求時加以權衡。

And then on the second part of your question, we do look at all acquisitions. The bar is high because whatever -- if we buy an older building, we have to believe that we can make it into a premier workplace, number one.

至於你問題的第二部分，我們確實會看所有收購機會。門檻很高，因為無論如何——如果我們買的是較舊的建物，我們必須相信我們能把它打造為頂級的工作場所，這是第一。

And we're comparing it to the yield requirement. We're comparing it to the development capital that we're investing that we believe we're getting an 8% yield for us. But if we could find things like that, we certainly will look.

而且我們會把它與收益率要求做比較。我們也會把它與我們正在投入的開發資本做比較；我們相信那部分對我們而言可取得 8% 的收益率。但如果我們能找到類似的標的，我們當然會評估。

Thank you. That concludes our Q&A session. At this time, I would like to turn the conference 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，我想把電話會議交回給董事長兼執行長 Owen Thomas 作結語。

Well, it's been 1 hour in 22 minutes, so we have nothing else to report. And thank you all for your interest in BXP.

好，我們已經進行了 1 小時 22 分鐘，所以沒有其他要報告的。也感謝各位對 BXP 的關注。

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

今天的電話會議到此結束。感謝各位參與。你們現在可以掛線。祝各位有美好的一天。