Douglas Emmett Inc (DEI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly earnings call. Today's call is being recorded. (Operator Instructions) I will now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett.

女士們、先生們，感謝你們的耐心等待。歡迎參加道格拉斯·埃米特季度財報電話會議。今天的通話將會被錄音。（操作員指示）現在我將把會議交給道格拉斯·埃米特公司投資者關係副總裁斯圖爾特·麥克爾希尼。

Thank you. Joining us today on the call are Jordan Kaplan, our President and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO.

謝謝。今天參加電話會議的有：我們的總裁兼執行長 Jordan Kaplan；我們的資訊長 Kevin Crummy；以及我們的財務長 Peter Seymour。

This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website. You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package.

本次電話會議將透過我們的網站進行現場直播，並可在接下來的 90 天內進行回放。您也可以在網站的投資者關係部分找到我們的收益報告。您可以在收益報告中找到今天電話會議中討論的非GAAP財務指標的調節表。

During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.

在本次電話會議中，我們將發表一些前瞻性聲明。這些前瞻性陳述是基於我們目前的信念、假設和資訊而做出的。我們的實際業績將受到已知和未知風險、趨勢、不確定性以及我們無法控製或預測的因素的影響。

Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings which can be found in the Investor Relations section of our website.

雖然我們認為我們的假設是合理的，但它們並不能保證未來的業績，有些假設最終會被證明是錯誤的。因此，我們未來的實際結果可能會與我們的預期有所不同，而這些差異可能是實質的。有關一些潛在風險的更詳細描述，請參閱我們向美國證券交易委員會提交的文件，這些文件可以在我們網站的投資者關係部分找到。

(Operator Instructions) I will now turn the call over to Jordan.

（操作員指示）我現在將通話轉交給喬丹。

Good morning, and thank you for joining us. Office leasing during the third quarter was obviously not what we had hoped. While July was strong with over 300,000 square feet leased, our typical August slowdown in new leasing was deeper than usual and lasted into September. Fortunately, renewals did better with tenant retention above our 70% long-term average. .

早安，感謝各位的參與。第三季的辦公大樓租賃情況顯然沒有達到我們的預期。7 月租賃情況強勁，租賃面積超過 30 萬平方英尺，但 8 月新租賃業務的放緩程度比往常更嚴重，並且持續到 9 月。幸運的是，續租情況有所好轉，租戶留存率高於我們 70% 的長期平均值。。

Fourth quarter office leasing is off to a good start, but we're now hesitant to be encouraging until we complete the quarter. We've seen that multifamily growth rates have slowed in other parts of the country and other markets in LA County, but we're not seeing that in our portfolio.

第四季辦公大樓租賃市場開局良好，但在本季結束之前，我們不敢妄下斷言。我們看到，美國其他地區和洛杉磯縣其他市場的多戶住宅成長率已經放緩，但我們的投資組合中並沒有出現這種情況。

Our multifamily same-store cash NOI increased almost 7% compared to the prior year. Same-property cash NOI for the whole portfolio was up 3.5%, with office benefiting from higher property tax refunds. We expect property tax refunds to be impactful for the foreseeable future, though the timing remains unpredictable.

與前一年相比，我們的多戶住宅同店現金淨營業收入成長了近 7%。整個投資組合的同店現金淨營業收入增加了 3.5%，其中辦公大樓受益於更高的房產稅退稅。我們預計房產稅退稅在可預見的未來將產生影響，但具體時間仍無法預測。

Our two multifamily development projects in Brentwood and Westwood will add over 1,000 premium units to our portfolio. In addition, recent changes to state municipal law allow us to build more multifamily units at a number of our existing locations. For example, we can now build a new 500-unit residential tower at the corner of Wilshire and Barrington in Brentwood.

我們在布倫特伍德和韋斯特伍德的兩個多戶住宅開發案將為我們的投資組合增加 1000 多套優質單位。此外，州市政法律的最新變化允許我們在一些現有地點建造更多的多戶住宅單元。例如，我們現在可以在布倫特伍德的威爾希爾大道和巴靈頓大道拐角處建造一座擁有 500 個單元的新住宅大樓。

During the third quarter, we refinanced almost $1.2 billion of debt at very competitive rates. We are also actively working on a number of off-market office opportunities with full engagement from our joint venture partners.

第三季度，我們以極具競爭力的利率對近 12 億美元的債務進行了再融資。我們目前也積極尋求一些非公開市場的辦公大樓租賃機會，我們的合資夥伴也全力支持我們。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Thanks, Jordan, and good morning. At 10900 Wilshire and Westwood, we are finalizing plans for converting the existing office tower to apartments and building a new ground-up apartment building. Construction should begin in 2026.

謝謝你，喬丹，早安。在威爾希爾大道和韋斯特伍德大道交匯處的 10900 號，我們正在敲定將現有辦公大樓改建為公寓並新建一座公寓大樓的計劃。工程將於2026年開始。

At The Landmark Residences in Brentwood, construction is in full swing. When we finish the project, it will meaningfully add to our in-service residential portfolio. Finally, we continue to make good progress leasing at Studio Plaza in Burbank.

位於布倫特伍德的 Landmark Residences 住宅項目正在如火如荼地建設中。項目完成後，將顯著豐富我們在役住宅項目組合。最後，我們在伯班克 Studio Plaza 的租賃工作持續取得良好進展。

During the quarter, we completed three financing transactions that extend our debt maturities at very competitive fixed interest rates. As we mentioned in our last call, in July, we refinanced a $200 million office term loan that was scheduled to mature in September 2026. The new nonrecourse interest-only term loan matures in July 2032, with interest effectively fixed at 5.6% through July 2030.

本季度，我們完成了三筆融資交易，以極具競爭力的固定利率延長了我們的債務到期日。正如我們在上次電話會議中提到的，7 月份，我們對一筆 2 億美元的辦公大樓定期貸款進行了再融資，該貸款原定於 2026 年 9 月到期。新的無追索權只付息定期貸款將於 2032 年 7 月到期，利率在 2030 年 7 月之前固定為 5.6%。

In August, we closed a package of new residential term loans. The new secured nonrecourse interest-only loans total approximately $941.5 million, bear interest at a fixed rate of 4.8% and mature in September 2030. They replaced loans aggregating $930 million that were scheduled to mature in 2027 and 2029.

8月份，我們完成了一批新的住宅定期貸款業務。新的有擔保無追索權只付息貸款總額約為 9.415 億美元，固定利率為 4.8%，將於 2030 年 9 月到期。他們用這筆貸款替換了總額達 9.3 億美元的貸款，這些貸款原定於 2027 年和 2029 年到期。

We also repaid the debt that encumbered The Landmark Residences and added that property to our pool of unencumbered assets. We continue to work on refinancing our next loan maturities, now scheduled for late 2026, and to look for attractive acquisitions.

我們也償還了 Landmark Residences 的債務，並將該房產納入了我們的無抵押資產池。我們正在繼續努力為即將於 2026 年底到期的下一批貸款進行再融資，並尋找有吸引力的收購目標。

With that, I will turn the call over to Stuart.

接下來，我將把電話交給史都華。

Thanks, Kevin. Good morning, everyone.

謝謝你，凱文。各位早安。

During the third quarter, we signed 215 office leases, covering 840,000 square feet in our in-service portfolio. This included roughly 200,000 square feet of new leases, which reflects the slowdown in the latter half of the quarter that Jordan mentioned. Office rental rates and concessions are steady. Looking ahead, our remaining office expirations in 2026 and 2027 are below our historical averages.

第三季度，我們簽署了 215 份辦公大樓租賃合同，涵蓋了我們在使用中的辦公大樓組合的 840,000 平方英尺。這其中包括約 20 萬平方英尺的新租賃面積，這反映了 Jordan 提到的本季後半段的放緩。辦公大樓租金和優惠政策維持穩定。展望未來，我們2026年和2027年剩餘的辦公大樓到期數量低於歷史平均值。

The overall straight-line value of new leases we signed in the quarter increased by 1.8%, with cash spreads down 11.4%. At an average of only $5.63 per square foot per year, our office leasing costs during the third quarter remained well below the average for other office REITs in our benchmark group. Our residential portfolio continues to enjoy strong demand and remained essentially fully leased.

本季我們簽署的新租賃合約總直線價值成長了 1.8%，現金價差下降了 11.4%。第三季度，我們的辦公大樓租賃成本平均僅為每平方英尺每年 5.63 美元，遠低於我們基準組中其他辦公大樓 REIT 的平均水準。我們的住宅物業組合需求依然強勁，基本上維持滿租狀態。

With that, I'll turn the call over to Peter to discuss our results.

接下來，我會把電話交給彼得，讓他來討論我們的結果。

Thanks, Stuart. Good morning, everyone. Compared to the third quarter of 2024, revenue was flat at $251 million. FFO decreased to $0.34 per share, and AFFO decreased to $52 million with increased interest expense outpacing higher contribution from operations. Same-property cash NOI increased 3.5%, reflecting a strong 6.8% increase from multifamily and a healthy 2.6% increase from office.

謝謝你，斯圖爾特。各位早安。與2024年第三季相比，營收持平，為2.51億美元。 FFO每股收益下降至 0.34 美元，調整後營運資金 (AFFO) 下降至 5,200 萬美元，利息支出增加超過了營運收入的成長。同店現金淨營業收入成長 3.5%，其中多戶住宅成長強勁，達到 6.8%，辦公大樓成長也相當可觀，達到 2.6%。

As Jordan mentioned, we continue to receive significant property tax refunds whose timing varies unpredictably from quarter-to-quarter. Excluding property tax refunds, our office same-property cash NOI growth would have been essentially flat. At approximately 4.3% of revenue, our G&A remains low. Turning to guidance. We still expect our 2025 net income per common share diluted to be between $0.07 and $0.11, and our FFO per fully diluted share to be between $1.43 and $1.47.

正如喬丹提到的那樣，我們持續收到大量的房產稅退款，但退款時間每季都無法預測。如果不計房產稅退款，我們辦公室同店現金淨營業收入成長基本持平。一般及行政費用約佔收入的 4.3%，仍然很低。尋求指導。我們仍預期 2025 年每股普通股攤薄淨收益將在 0.07 美元至 0.11 美元之間，每股完全攤薄 FFO 將在 1.43 美元至 1.47 美元之間。

For information on assumptions underlying our guidance, please refer to the schedule in the earnings package. As usual, our guidance does not assume the impact of future property acquisitions or dispositions, common stock sales or repurchases, financings, property damage insurance recoveries, impairment charges or other possible capital markets activities.

有關我們業績指引所依據的假設信息，請參閱收益報告中的附表。與往常一樣，我們的指導意見並未考慮未來財產收購或處置、普通股出售或回購、融資、財產損失保險賠償、減損費用或其他可能的資本市場活動的影響。

I will now turn the call over to the operator so we can take your questions.

現在我將把電話轉交給接線員，以便我們回答您的問題。

(Operator Instructions) Nick Yulico, Scotiabank.

（操作員說明）Nick Yulico，加拿大豐業銀行。

I guess starting off with leasing. If we go back to last quarter in the call, you guys had some optimism on the leasing pipeline, you still had your occupancy guidance intact and then this quarter didn't play out as expected. I'm just hoping to get a little bit more detail on sort of what exactly did not materialize in the new leasing plan? There were certain markets, buildings, anything you could just sort of quantify a little bit more on that?

我想應該先從租賃開始。回顧上個季度的電話會議，你們對租賃前景持樂觀態度，入住率預期也保持不變，但本季的情況並未如預期般發展。我只是想了解新的租賃計劃中究竟有哪些方面沒有實現？有哪些特定的市場、建築物，或其他任何可以進行更量化描述的東西？

I would -- I don't -- do not have a great answer. I can't point to an industry, I can't point to a market, I can't point to a building. There was a slowdown. We actually still did a number of deals over 10,000 feet. All of that worked, it just slowed down.

我沒有——或者說，我沒有一個很好的答案。我無法指出哪個產業，我無法指出哪個市場，我無法指出哪棟建築。速度放緩了。實際上，我們仍然完成了一些超過 10,000 英尺的交易。所有這些方法都奏效了，只是速度慢了下來。

And if you ask the question, where are we now? Think -- it seems like the slowdown is temporary, and it looks like we're off on this quarter to a good start, but I don't want to make any predictions because we were so surprised by July.

如果你問，我們現在在哪裡？想想看——經濟放緩似乎是暫時的，而且我們本季似乎開局良好，但我不想做任何預測，因為7月份的情況讓我們大吃一驚。

From July to August, we were like, oh, this is going to be a great quarter. Then you had August and September, just kind of fell off or actually like later part of August. And maybe it will be timing, I'm not sure.

從七月到八月，我們都覺得，哦，這將是一個很棒的季度。然後到了八月和九月，生意就有點下滑了，或者說八月下旬就下滑了。或許是時機問題，我不確定。

Okay. And I guess second question, Jordan, is you're a larger shareholder in the stock, I'm sure you're not happy with how the stock is done and some of that has to do with leasing and performance there. But are you starting to think about other alternatives? You mentioned some acquisitions, but I guess I'm wondering do you think about trying to prune the portfolio?

好的。喬丹，我想問的第二個問題是，你是這家公司的大股東，我肯定你對這家公司的股票運作方式不滿意，其中一些問題與租賃和業績有關。但您是否開始考慮其他替代方案了？您提到了一些收購，但我很想知道您是否考慮過精簡投資組合？

Do you think about stock buybacks? Are there other opportunities to do something sort of pivot here a little bit in terms of a strategy to sort of improve the stock performance outside of just the leasing focus that needs to be addressed?

你會考慮股票回購嗎？除了需要解決的租賃問題之外，是否還有其他機會可以稍微調整策略，以改善股票表現？

I would say that -- well, first of all, I still feel very good about both our office and residential portfolios. We're growing our residential portfolio, and we're working on growing our office portfolio. I think the markets will be good. I actually think both of them will come back at a good clip. And when I look at kind of more macro things.

我想說的是——首先，我對我們的辦公大樓和住宅物業組合仍然感到非常滿意。我們正在擴大住宅物業組合，同時也努力擴大辦公物業組合。我認為市場行情會不錯。我覺得他們兩個應該很快就能回歸。當我從更宏觀的角度來看問題。

So there's obviously some stuff that's been in the way. I'd say locally, the only real thing that's been in the way has been politics. I think politics are kind of starting to move back into the right direction. And then there's been some national stuff, but I know some other markets are recovering. I'll still say we have very good tenants, we have high renewal rates. I like our prospects in office. I'm working on buying more office, as Kevin said.

顯然，有些事情阻礙了我們。我認為就本地而言，唯一真正的阻礙就是政治。我認為政治正逐漸回歸正軌。此外，還有一些全國性的問題，但我知道其他一些市場正在復甦。我仍然認為我們的租戶非常好，續租率很高。我看好我們未來的執政前景。正如凱文所說，我正在努力購買更多的辦公用品。

And we gave you a sense of how much more aggressive we're becoming on developing residential and our residential is performing extremely well. So more on the development side, we are moving on a number of things. There's a ton that we can do here in LA as a result of these changes in laws. And I'm going to tell you, I still feel good about our office portfolio. I get it, the last quarter was more upsetting to me than anybody, but we're trying to continue -- we're continuing to do our best.

我們也向大家展示了我們在住宅開發方面採取的更積極的策略，而且我們的住宅業務表現非常出色。所以，在開發方面，我們正在推進很多工作。由於這些法律的變化，我們在洛杉磯可以做很多事情。而且我可以告訴你，我仍然對我們的辦公大樓投資組合感到滿意。我明白，上個季度的情況讓我比任何人都更沮喪，但我們正在努力繼續前進——我們正在繼續盡我們最大的努力。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Stuart, you provided a little bit of comment on kind of the tax refunds and Peter did as well. But I'm just trying to make sure when we look at kind of the third quarter office expenses, is that $74 million kind of a good run rate? Or are there some kind of onetime true-up payments that sort of hit in the quarter that benefited Q3, but won't carry forward into Q4 and beyond?

斯圖爾特，你對退稅事宜發表了一些評論，彼得也發表了一些評論。但我只是想確認一下，當我們查看第三季的辦公室費用時，7400萬美元是否是一個合理的運行速度？或者，是否存在某種一次性的調整付款，在第三季度生效，但不會延續到第四季及以後？

Steve, it's Peter. Yes, I mean, whenever we have tax refunds, it's going to -- you're going to see it in the expense line. And as we said, it's -- we expect to continue to get property tax refunds, and we expect those to be impactful. It's just hard for us to predict quarter-to-quarter, year-to-year what the numbers are going to be.

史蒂夫，我是彼得。是的，我的意思是，每當我們有退稅的時候，你都會在支出項中看到它。正如我們所說，我們預計將繼續收到房產稅退款，我們預計這些退款將產生顯著影響。我們很難預測每季、每年的具體數字。

No, I understand that, but is the $74 million kind of like the new base with which you grow from? Or were there like past refunds that were kind of onetime in nature that the run rate is higher than that?

不，我明白，但這 7,400 萬美元是不是就像你們發展的新基礎？或者說，過去是否存在一些一次性的退款，導致退款頻率高於此？

It's kind of hard to pull it all apart, but there's a little bit of both. There's some of it that's onetime and there's some of it that you reset for a period of time.

很難將它們完全分開，但兩者之間確實存在一些聯繫。有些是一次性的，有些則需要重置一段時間。

I mean, I don't think we have guidance for you on expenses for the next few years, but I can tell you this, Steve: We have been receiving rolling tax refunds for quite a while, and I think they are going to keep rolling forward because we -- they're just very slow, the money comes in very slow. We don't recognize the money until we receive it. I mean, but it's been coming in, and I think it's going to keep coming in, when I look at the amount we have in front of them.

我的意思是，我認為我們無法就未來幾年的支出情況向您提供指導，但我可以告訴您，史蒂夫：我們已經收到滾動退稅很長一段時間了，而且我認為它們還會繼續滾動發放，因為——它們發放得非常慢，錢到賬非常慢。我們只有在收到錢的時候才會意識到它的存在。我的意思是，資金一直在流入，而且我認為資金還會繼續流入，看看我們目前掌握的資金量就知道了。

Okay. And then maybe, Jordan, just going back to kind of leasing broadly, I mean, I did see that UCLA downsized kind of their footprint with you in the third quarter. But just any comments kind of around the industries that did lease in kind of the third quarter, maybe were you positively surprised that activity? And were there any industries that just are still kind of stuck and maybe underperforming your expectations?

好的。然後，喬丹，或許可以回到廣泛租賃的模式，我的意思是，我確實看到加州大學洛杉磯分校在第三季度縮小了與你合作的規模。但對於第三季進行租賃的行業，您有什麼看法？您是否對這項活動感到驚喜？有沒有哪些產業仍然停滯不前，表現可能低於您的預期？

I would say -- and I'm glad you reminded me of that. I was going to say the one area where I'm seeing weak -- it's not a lot of it in our portfolio with the exception of UCLA, but where we see weakness is government. Government is definitely having everything. They're having trouble bringing people back in, they're having budgetary problems, they're shrink -- they got it all going on.

我會說——而且我很高興你提醒了我這一點。我本來想說，我認為我們投資組合中存在一個薄弱環節——除了加州大學洛杉磯分校之外，這方面的投資並不多——那就是政府投資。政府肯定擁有一切。他們面臨人員流失、預算問題、人員縮減等種種困難——他們真是禍不單行。

Most of our other sectors seem to be okay. And every time we like get bonked, I'm always like, oh, great, UCLA got you. But I will also tell you, I think UCLA is going to bring people back. So it's hard to know where they're going to end up. They could end up being our growth engine going forward in terms of new leasing because they have been shrinking for a while and they really need to bring people back in, in a more robust way.

我們其他大部分行業似乎都還不錯。每次我們被打敗的時候，我總是會想，哦，太好了，UCLA 抓到你了。但我還要告訴你，我認為加州大學洛杉磯分校會吸引人回來。所以很難知道他們最終會去哪裡。就新租賃而言，它們最終可能會成為我們未來的成長引擎，因為它們已經萎縮了一段時間，它們真的需要以更強勁的方式吸引人們回來。

So I don't want to beat on them too much. They really are only -- they rely on the government, both the federal government and the state government. They're obviously part of the state government. I know the government has beaten the daylights out of downtown. So anyways, that's the only industry I can give you some feel for.

所以我不想過度責備他們。他們實際上只是——他們依賴政府，包括聯邦政府和州政府。他們顯然是州政府的一部分。我知道政府已經把市中心搞得烏煙瘴氣。總之，這是我唯一能讓你略作了解的行業。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Thank you for keeping your conference call old school, not going the high-tech route, so I appreciate that. Jordan, your stock is trading at a nine implied. I understand the enthusiasm for apartment development. It's been something long in the making over the past few decades, and it's great to see you guys be able to take advantage. You also mentioned potential more acquisitions. But from a funding perspective, you can't really issue equity, that makes no sense.

感謝你們堅持使用傳統的電話會議方式，而不是採取高科技手段，我很欣賞這一點。Jordan，你的股票隱含股價為9。我理解大家對公寓開發的熱情。這件事醞釀了幾十年，很高興看到你們能夠從中受益。您也提到了未來可能進行更多收購。但從融資角度來看，你不能真的發行股票，這毫無意義。

You're always hesitant to sell assets to gin up additional cash. So with everything that's on your plate and where the stock is, how would you think about funding new acquisitions if you have demands on your capital for the development projects?

你總是猶豫要不要出售資產來籌集更多資金。鑑於您目前面臨的所有問題以及股票的現狀，如果您的資金需要用於開發項目，您會如何考慮為新的收購提供資金？

Well, as I mentioned, we have extremely good engagement from our joint venture platform. You're right, we're not issuing stock. But historically, we have not issued stock to make acquisitions regardless of where the stock price was. We do have positive cash flow coming out of the company. So we're generating cash flow, we're using it to do a number of things.

正如我之前提到的，我們的合資平台獲得了非常好的客戶參與度。你說得對，我們不發行股票。但從歷史上看，無論股價如何，我們都不會發行股票來進行收購。公司確實有正現金流。所以我們正在創造現金流，並用它來做很多事情。

We have a lot of ability to do financing. I mean, I know we don't mention it that often, but huge -- we're all nonrecourse first-trustee debt. And a huge portion of our portfolio doesn't have any loans on it. And so we can actually use that to use financing. We can use our free cash flow to invest alongside our joint venture partners.

我們擁有強大的融資能力。我的意思是，我知道我們並不經常提及，但這意義重大——我們都是無追索權的第一受託人債務。而且我們投資組合中的很大一部分沒有任何貸款。因此，我們實際上可以利用這一點來進行融資。我們可以利用自由現金流與合資夥伴共同投資。

To date, most of what we've done is use some of our free cash flow and invested alongside our joint venture partners. And we've used some of our free cash flow to power the two development or at least. Yes, the two development projects we have. Although one of them has a lot of joint venture partners in it, so it's not taking much.

到目前為止，我們所做的大部分事情都是利用部分自由現金流與我們的合資夥伴一起進行投資。我們已經利用部分自由現金流來推動這兩個項目的開發，或至少是推動了這兩個項目的開發。是的，我們有兩個開發項目。雖然其中一家有很多合資夥伴，所以花費不多。

Okay. But your point is that between the demands from -- to fund the current development pipeline, there's still excess cash that you're generating to fund JV acquisitions?

好的。但你的意思是，在滿足目前開發案資金需求的同時，你還能產生剩餘現金來資助合資收購嗎？

That's a 100% true.

完全正確。

Okay. Second question is just playing off of that. Again, given where the stock is trading and you guys haven't been huge issuers over time, why would the joint venture partners not be interested with you guys in just maybe taking the company private? I mean the public markets haven't rewarded what you guys have achieved, you certainly have a lot of growth ahead of you, but it would seem like an opportune moment to arbitrage the difference.

好的。第二個問題只是以此為引子。再說，鑑於目前的股票交易情況，而且你們一直以來發行股票的規模都不大，為什麼合資夥伴對與你們一起將公司私有化不感興趣呢？我的意思是，公開市場還沒有給予你們所取得的成就應有的回報，你們肯定還有很大的成長空間，但現在似乎是套利價差的好時機。

Well, we -- I mean, yes, they ask that a lot. I don't think it's a very good time to go private vis-à-vis my shareholders, of which I'm one, and a lot of us are because I think the stock is super undervalued, and I want to do a good job for the shareholders. But yes, I mean, you're right, they all lead with that.

嗯，我們——我的意思是，是的，他們經常問這個問題。我認為現在對我的股東（我也是其中之一，我們很多人都是）來說，並不是一個合適的私有化時機，因為我認為這支股票被嚴重低估了，我想為股東們做好工作。但是，是的，我的意思是，你說得對，他們都以那句話開頭。

No, I'm just saying you guys -- I mean, there's a lot of good stuff that you guys are doing, but it's not reflected in the stock.

不，我只是想說你們——我的意思是，你們做了很多好事，但這並沒有反映在股價上。

Yes, I know it's not. And that's a point in time. The stock kind of moves around vis-a-vis what's going on. And most of the time I'm wrong. It should be up, it's down.

我知道不是。那是一個歷史節點。股價會隨著市場情勢波動。而且大多時候我都錯了。它應該向上，現在卻向下。

It's just like things slow down and it's up. But I think over the long haul, we're going to have a great opportunity to do a good job for our shareholders. I don't want to like crawl out with my tail between my legs. I want to do a good job for them.

感覺就像事情慢了下來，然後又開始上升。但我認為從長遠來看，我們將有很好的機會為我們的股東創造佳績。我不想夾著尾巴灰溜溜地爬出去。我想為他們做好工作。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great. Jordan, I appreciate the commentary. Can you just talk a little bit more about the size of the opportunity set within your portfolio to potentially do more office to residential conversions or ground-up residential development? And maybe where in the timeline of getting the required permitting or zoning you are? Is the opportunity you mentioned in prepared remarks something that you think could be shovel-ready in 2026? And are there any others that you think could be started in the next couple of years?

偉大的。喬丹，感謝你的評論。您能否再詳細談談您的投資組合中，有哪些機會可以進行更多的辦公大樓改建為住宅或從零開始開發住宅專案？或許您目前處於取得所需許可或分區規劃的哪個階段？您在準備好的演講稿中提到的那個機會，您認為到 2026 年是否可以動工？您認為未來幾年內還有其他可以啟動的專案嗎？

There are a number of extremely great locations that we now feel we can build meaningful additional resi. And Ken and I have been talking a lot about it. I mean his -- and I've said to you guys historically, really, the gating issue for us is like kind of growing our ability to do more projects, and we're talking about that. The early stages of that, we are already doing. So we are working on like planning and looking at some of these sites, talking to architects about what can we do here, working on a lot of that.

我們現在覺得有很多絕佳的地點可以建造有意義的額外住宅。我和肯一直在談論這件事。我的意思是他的——而且我之前也跟你們說過，對我們來說，真正的門檻問題就像是提高我們開展更多專案的能力，而我們正在討論這個問題。我們已經在著手進行這方面的早期工作了。所以我們正在進行規劃，檢視這些場地，與建築師討論我們可以在這裡做些什麼，做了很多這方面的工作。

I mean, if you ask me, do we have a lot of sites that could be ready to go at the end of '26? We probably do, but we ourselves have to finish building the stuff we're building to do a good job. And so we're kind of, I would say, we're tightening up that line of projects and getting them more than theoretically ready, but how fast will we roll them out, that's a little harder to answer.

我的意思是，如果你問我，到 2026 年底，我們有很多網站可以準備嗎？我們或許可以，但我們自己必須先把正在建造的東西建好，才能做好工作。所以，可以說，我們正在收緊這些項目，使它們在理論上已經準備就緒，但我們將以多快的速度推出它們，這有點難以回答。

Okay. Great. And just a follow-up. Similarly on the acquisition side, do you think you're close to closing on any other interesting opportunities? And maybe how have your return requirements evolved along with the changes in your cost of capital?

好的。偉大的。還有一個後續問題。同樣在收購方面，您認為您是否即將完成其他有趣的收購機會？那麼，隨著資金成本的變化，您的回報要求又發生了怎樣的變化呢？

I believe we'll make some meaningful acquisitions in a reasonable time line. I'm extremely confident of that. What was the second part of your question? You want to know how my return metrics...

我相信我們會在合理的時間範圍內完成一些有意義的收購。我對此非常有信心。你問題的第二部分是什麼？你想知道我的回報指標如何…

Just how your targeted yields return requirements --

您的目標收益回報要求究竟如何？--

I mean, our return metrics are kind of best-in-class, but consistent with the world of returns that we live in right now. But we don't want to lose best-in-class deals and that's the stuff that seems to work the best for us and in terms of where we like to operate, which, I've said before, is in the top quartile of our portfolio.

我的意思是，我們的報酬指標算是同類最佳，但與我們目前所處的報酬環境是一致的。但我們不想失去一流的交易，這些交易似乎對我們來說效果最好，而且就我們喜歡經營的領域而言，正如我之前所說，我們喜歡在我們投資組合的前四分之一領域開展業務。

I think that's more achievable now than ever. I'm telling you right now, I'm really confident that, that will happen. I think that as a result of that, we're not going to miss any of those. It's going to be -- the return metrics are better than they were in 2019, but I don't know if there'll be all the way to where you guys want them for us, I think we'll feel very good about them.

我認為現在比以往任何時候都更容易實現這一點。我現在就可以告訴你，我非常有信心，這件事一定會發生。我認為正因如此，我們才不會錯過任何一次機會。雖然回報指標比 2019 年有所改善，但我不知道是否能完全達到你們對我們的期望，不過我想我們對這些指標會非常滿意。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

It's Nick Joseph here with Seth. Maybe just following up on the transaction market. Are you feeling that there's more competition as you're bidding for assets? How are you seeing kind of the competition landscape changing?

我是尼克‧約瑟夫，我是塞思。或許只是在關注交易市場動態。您是否覺得在競標資產時競爭更加激烈了？您認為競爭格局將如何改變？

I think that we're a little bit like (inaudible) going to sound, there are so many markers that remind me of when Ken and I got into this business. So when we -- in the early '90s, we did a lot of buying -- all through the '90s, we did a lot of buying. And I remember looking at that time, at where -- like how much was broker transactions, how much was off market, getting people to come to us.

我覺得我們有點像（聽不清楚）要開始做音樂了，有很多標誌讓我想起我和肯剛入行的時候。所以，在 90 年代初期，我們進行了大量採購——整個 90 年代，我們都進行了大量採購。我記得當時我在觀察，例如有多少交易是透過經紀人進行的，有多少是場外交易，如何吸引人們來找我們。

And I'm seeing that shift again, a lot more off-market, I mean, like an amazingly higher percentage of off-market. We know you'll do it and close, which is great. It's great -- it's kind of a payback for decades of building that reputation. So that has given me confidence. We're seeing like real deals, and we are running at them and stuff that I've wanted for a long time.

我再次看到了這種轉變，非公開市場交易越來越多，我的意思是，非公開市場交易的比例高得驚人。我們知道你會完成這項工作並順利完成，這太好了。這太好了——這算是對我們幾十年來建立聲譽的一種回報。這給了我信心。我們看到了一些真正的交易，我們正在努力爭取，這些都是我一直以來夢寐以求的。

And then just on -- a couple of questions have been on kind of the discount and ways to close it. And I understand where -- obviously, you're not happy where the stock price is and see a path to closing that discount. But is that -- you had mentioned kind of the LPs maybe having some interest. Is -- has that been a broader Board discussion or is that more just kind of your opinion on where the opportunity is to close that gap right now?

然後，還有幾個問題是關於折扣以及如何完成交易的。我明白——顯然，你對目前的股價並不滿意，並且看到了縮小股價差距的途徑。但是——你之前提到過，或許大家對黑膠唱片會感興趣。這是董事會更廣泛的討論，還是只是您個人對目前彌合這一差距的機會的看法？

I didn't give that as an opportunity to close the gap. I said I wouldn't want to do that now. The stock price is too low. That's not doing a good job. I'm saying -- all I was saying is, of course, they ask me about it all the time.

我沒有把那當作縮小差距的機會。我說過我現在不想那樣做。股價太低了。這樣做得不好。我的意思是──我剛才說的就是，當然，他們總是問我這個問題。

But why would I go with an incredibly low point in the stock and say, oh, now I'm going to go -- I mean, you guys are looking at me like I'm an idiot. I believe the office and resi has huge upside, why wouldn't we deliver to our existing shareholders.

但我為什麼要選擇股價跌到如此低的點，然後說，哦，現在我要去——我的意思是，你們都用看白痴的眼神看著我。我認為辦公和住宅專案具有巨大的升值潛力，我們為什麼不為現有股東帶來回報？

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to ask a two-part question on leasing. Jordan, you mentioned October, it seems like it picked up. I'm wondering what you attribute that to? And secondly, is there anything that you can do to stimulate demand? We're seeing here in New York a lot of landlords really stepping up on amenities. And I know your portfolio doesn't really have the same footprint to do that, but I was wondering if any amenities would resonate in your market?

我想問一個關於租賃的兩個問題。喬丹，你提到了十月份，看來情況有好轉。我想知道你認為這是什麼原因造成的？其次，您能否採取一些措施來刺激需求？在紐約，我們看到很多房東都在大力提升房屋配套設施。我知道您的投資組合可能沒有達到相同的規模，但我很好奇在您的市場中，是否有任何配套設施能夠引起共鳴？

Where some amenities make a difference, we have done that kind of thing. We've been pretty successful in projects where we have a lot of leasing and making a deal with a gym or something like that, a commercial gym to be their high-end gyms and that becomes an amenity of the project, and obviously, we make money on those deals.

在某些便利設施能帶來顯著差異的情況下，我們已經採取了這類措施。我們在許多專案中都取得了相當大的成功，例如與健身房之類的商業健身房達成租賃協議，讓他們成為專案的高端健身房，這成為了專案的配套設施，顯然，我們從這些交易中賺到了錢。

But our portfolio is in very amenity-rich areas. And I'm not just talking about like access to high-end housing, I'm talking about restaurants, the whole nine yards. So we don't have like a ton of additional demand like that on that front.

但我們的投資組合都位於配套設施非常完善的地區。我說的不僅僅是獲得高檔住房的機會，我還說了餐館，所有的一切。所以，在這方面我們並沒有太多額外的需求。

In terms of stepping up demand, we are -- nobody is better than us, like getting out there and getting access to every deal that's out there and pushing and trying to get them done. I mean, if you looked at the various tiers of our portfolio and the outreach and the aggression of showings and trying to turn those into -- every step of the way you go, we have an incredibly aggressive platform.

就提升需求而言，我們－沒有人比我們更擅長，例如走出去，接觸到每一個交易機會，然後努力促成交易。我的意思是，如果你看看我們投資組合的各個層級，以及我們在推廣、積極展示和努力將這些轉化為實際收益方面所做的努力——無論你走到哪一步，我們都有一個非常積極的平台。

Yes, so I would -- I have a lot of confidence in that. That's why you hear me saying I have a lot -- I got it that the pace of real estate and the recovery of the office portfolio is not consistent with the quarter-to-quarter analysis, and certainly, we had a quarter that didn't look great.

是的，我也會──我對此很有信心。這就是為什麼你會聽到我說我有很多——我明白房地產市場的發展速度和辦公大樓投資組合的復甦與季度分析並不一致，而且，我們確實經歷了一個不太好的季度。

But when I look at what's happening in general and our platform and its outreach and what's out there and what we're going after, I go, no, I still feel good about this. I'm confident we'll get there. I have to -- we just have to stay focused and keep playing hard, and we will. And I think we're going to do a great job for everybody.

但是，當我縱觀整體情況、我們的平台及其影響力、我們所處的環境以及我們正在努力的方向時，我會想，不，我仍然對此感到滿意。我相信我們一定能做到。我必須──我們只需要保持專注，繼續努力，我們就能做到。我認為我們會為大家做出很棒的成績。

Okay. And then my second question was on Barrington Landmark. Any update on the litigation progress? If you think we'll get some news on that in the next year-or-so? And you added a new development site there this quarter. Do you expect that to get off the ground before Landmark Residences?

好的。我的第二個問題是關於巴靈頓地標建築的。訴訟進展有任何最新情況嗎？你認為我們會在未來一年左右得到一些相關消息嗎？本季你們在那裡新增了一個開髮用地。你認為這個專案會在 Landmark Residences 之前啟動嗎？

We wouldn't build that before we have Landmark Residences built -- leased because they'll just compete directly with it. We already have 700 units there. So we would do all the work to get it ready, which is a good thing to do, and we're already doing that to marry it to the project.

在 Landmark Residences 建成並出租之前，我們不會建造那個，因為它們會直接與 Landmark Residences 競爭。我們在那裡已經有700套設備了。所以我們會做好一切準備工作，這是一件好事，而且我們已經在這樣做，以便將其與項目結合。

But as I said, we have to like play through what we're building right now. But it's probably also smart for us to do all the kind of -- some of the other work on many other sites. That's one site. But on a number of the other sites to go like this is kind of getting more and more ready to go with all that we need to know that when we do want to get to it, we can get right to it. And that's the early stuff that Ken and I have talked about doing and are doing, and we are doing it.

但正如我所說，我們必須先把我們正在建造的東西玩一遍。但對我們來說，在其他許多網站上做一些其他類型的工作可能也是明智之舉。那是一個網站。但其他一些網站也開始像這樣，準備得越來越充分，我們需要知道的一切資訊都已準備就緒，這樣當我們想訪問某個網站時，就可以立即訪問。這就是我和肯之前討論過並且正在做的早期事情，我們正在努力去做。

And then litigation?

然後是訴訟？

The litigation, they're like training mountains of documents. I mean, obviously, we feel very good about it. But nothing like that is ever very fast, and it's certainly not going -- I mean, the metabolism of the courts is extremely slow, like it's slow as a sloth. So just assume that's what we're dealing with.

訴訟案件就像堆積如山的文書。我的意思是，很顯然，我們對此感到非常滿意。但這樣的事情從來都不快，而且肯定不會進展——我的意思是，法院的運作速度極其緩慢，就像樹懶一樣慢。所以就假設這就是我們面臨的情況吧。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

When you talk about the slowdown experienced in August and September, was that more that touring and top of funnel activity slowed or the activity was there and then the decision-making just kind of got paused? And when you think about the improvement in October, is it more just a normal month or is it seeing that kind of delayed activity from the summer coming now into the fourth quarter?

當您談到 8 月和 9 月經歷的放緩時，是指巡迴演出和銷售漏斗頂端的活動放緩，還是活動仍在進行，只是決策過程暫停了？那麼，當你思考10月份的改善情況時，這更像是一個正常的月份，還是說夏季的某種滯後活動現在延續到了第四季度？

I think it was probably a slowdown in like decision-making to close. And in terms of this quarter, I'm so nervous to make projections. I would like to have the proof in the pudding. Let us just deliver the answers. And I told you, things -- I mean, if you're looking at it, what's the problem? I mean, so let's just see closing and all the rest of it. Let's see how we do this quarter.

我認為這可能是由於決策速度放緩，例如關閉交易的決策速度變慢了。至於本季，我非常緊張，不敢做任何預測。我希望看到結果來證明一切。讓我們直接給出答案。我跟你說過，事情──我的意思是，如果你仔細看看，問題出在哪裡？我的意思是，讓我們看看收尾工作以及其他所有事情。讓我們看看這季度表現如何。

Great. And then just curious if you could kind of talk about the decision or the strategy to refinance the multifamily properties early and to unencumber The Landmark Residences?

偉大的。那麼，您能否談談提前對多戶住宅物業進行再融資並解除 Landmark Residences 債務負擔的決定或策略呢？

Well, I would say Fannie Mae was a great partner there. They allowed us -- they left their loan intact and allowed us to really like basically empty the buildings, there's not a ton -- they're pro-housing, they want -- when they knew that we were going to build back and do the housing, they're pro-housing bunch, so they're like, we don't want to get in the way of housing. I said it would be hard on me.

嗯，我覺得房利美在那件事上是個很棒的合作夥伴。他們允許我們——他們保留了貸款，並允許我們基本上清空建築物，其實也沒多少——他們支持住房建設，他們想要——當他們知道我們要重建並建造住房時，他們是一群支持住房建設的人，所以他們說，我們不想妨礙住房建設。我說過這會讓我很難過。

We could probably handle it, but it'd be hard on me if you told me I had to repay your loan at this exact moment, right? Once we had made it into the construction, they were saying, okay, well, we'll let you roll forward on that. That's great. I can't tell you how much I appreciate that because that makes a huge difference to adding this housing.

我們或許可以應付，但如果你現在告訴我必須償還你的貸款，我會很難接受，對吧？一旦我們進入施工階段，他們就說，好吧，那我們就讓你們繼續前進。那太棒了。我無法用語言表達我的感激之情，因為這對增加這處住房來說意義重大。

And -- but I also said, when I see a good opportunity to get you back out of that because I know it's like -- it's whatever, it's an item on your list, we'll take it. And as those other resi deals have just matured and the cash flow just keeps increasing, we saw an opportunity to extend everything out at very good pricing, very good spread. And we certainly had the room to, at that point, delever Barrington, take all the leverage off. So it didn't have to be on their watchlist. It's a great point with your lender when you can do something for them, and we did it.

而且——但我也說過，當我看到一個讓你擺脫困境的好機會時，因為我知道這就像——隨便吧，這是你清單上的一項，我們會去做的。隨著其他住宅交易的成熟和現金流的不斷增加，我們看到了一個以非常優惠的價格和非常可觀的利潤率將所有交易延長的機會。當時我們當然有空間降低巴林頓的槓桿率，解除所有槓桿。所以它不必在他們的監視名單上。當你能為貸款方做點什麼時，這對他們來說就是一個很好的機會，而我們也做到了。

Rich Anderson, Cantor Fitzgerald.

里奇·安德森，坎托·菲茨傑拉德。

Perhaps a tough question to answer but is there anything about the coming Olympics economic activity, you as a landlord of office and multifamily in the area that you see as an opportunity short term, long term, given what typically happens in front of and after an Olympic event. Anything you're thinking about at all or is it just nonevent for -- from the standpoint of Douglas Emmett.

這可能是一個很難回答的問題，但作為該地區的辦公大樓和多戶住宅的房東，您認為​​即將到來的奧運會帶來的經濟活動在短期和長期內有哪些機會？考慮到奧運會舉辦前後通常發生的事情。從道格拉斯·埃米特的角度來看，你到底在想什麼？或者說，這根本不是什麼大事？

There is one big primary thing, which is that the council member for that for (inaudible) has a strong interest in making a lot of really positive changes. So UCLA is the Olympic athletic village, so all of the athletes stay in the dorms at UCLA and then their area is going to be that Westwood Village area. And she's really leaning into like every type of funding, everything they can put together to get that area like really nice and showing well to the world, and she's come to a couple of large owners, of which obviously we're one of them, and said, I want you to kind of lean into all this with us.

有一件非常重要的事情，那就是該選區的議員（聽不清楚）對做出許多真正積極的改變有著濃厚的興趣。所以加州大學洛杉磯分校是奧運運動員村，所有運動員都住在加州大學洛杉磯分校的宿舍裡，他們的活動區域就是西木村地區。她真的在努力爭取各種類型的資金，盡一切可能把那個地區建設得非常漂亮，向世界展示它的美好一面。她已經找到幾位大業主（我們顯然是其中之一），說：“我希望你們和我們一起全力投入到這一切中。”

And we said we would, and we've joined her. In a very similar way that Santa Monica came to us, and they're doing something similar, not necessarily for the Olympics, but here in this downtown area, and we've joined them, too. And so I think if you're asking specifically about the Olympics, I think it's going to leave that area much better off.

我們答應了，我們也加入了她。聖莫尼卡也以非常相似的方式來到我們這裡，他們正在做類似的事情，不一定是為了奧運會，而是在這個市中心地區，我們也加入了他們。所以我覺得，如果你具體問的是奧運會，我認為奧運會會讓那個地區變得更好。

And we see that the city and county and even state and all the rest want to show well there in that village. And those improvements to the village where we're a large owner in terms of like making more of like walking areas of streets, making the retail work, pushing the transportation to the outside. She focused on all those things. And I think they're going to get a bunch of them done. She wants to get it done.

我們看到，市、縣、州以及所有其他部門都想在那個村莊表現出色。我們對擁有大量股份的村莊進行了許多改進，例如增加街道的步行區域，改善零售業，並將交通轉移到室外。她專注於所有這些事情。我認為他們會完成其中很多項目。她想把這件事完成。

Okay. Great. Not so bad question after all. And then the second question, you mentioned progress at Studio Plaza. Can you put a finer point on that in terms of anything around leasing activity, where you're at? I know you're hesitant typically do not get too specific, but I'm wondering if you could share anything about progress there.

好的。偉大的。這個問題其實還不錯。然後第二個問題，您提到了 Studio Plaza 的進展。您能否就您所在地區的租賃活動，更具體地說明一下情況？我知道你通常比較謹慎，不太願意透露太多細節，但我很想知道你是否可以分享那方面的進展。

Well, I think the big comments around Studio Plaza is, number one, I had a lot of fear there of reading the entertainment industry and what's going on. But we're doing tons of entertainment deals there, and it's leasing. And we're getting all sizes of tenants and some little larger multi-floor, we're getting single floor, we're getting all of it.

嗯，我覺得圍繞 Studio Plaza 的主要評論是，第一，我很害怕看到娛樂業正在發生的事情。但我們在那裡做了很多娛樂方面的交易，而且都是租賃業務。我們吸引了各種規模的租戶，包括一些較大的多層公寓，也包括單層公寓，各種類型的公寓我們都有。

We got to close them, of course. A number of closed already, some -- I think we're already -- some are already paying. Well, we finished a project, the project shows incredibly well. And so like I would just say my blood pressure went down on it now that I'm seeing it perform. So that's the main thing.

我們當然得把它們關上。一些已經關閉，一些——我想我們已經——一些已經在付款了。我們完成了一個項目，項目效果非常好。所以，就像我剛才說的，看到它的表現，我的血壓都降了下來。所以，這就是最重要的事。

And I have a lot of confidence there will be -- will finally -- well, it was great. It was great to own it. It was leased for 30 years to a mix of tenants. But ever since Warner Brothers took it over, it was just always a subject. And now it's going to be like a good robustly multi-office project that will take kind of the risk profile of those large single tenants off our plate, and it's just not something we enjoy, and it's getting done.

我非常有信心，最終會——嗯，那真是太棒了。擁有它真是太棒了。該物業以30年租約出租給了不同的租戶。但自從華納兄弟接手後，這始終是個熱門話題。現在，它將成為一個穩健的多辦公室項目，這將使我們擺脫那些大型單一租戶的風險，雖然我們不喜歡這樣做，但它正在實現。

So I'm pretty happy about it, actually. And the redo of the building is a stunner. That's one also that has like a lot of amenities that an earlier question asked me about, got it set up with like great outdoor amenities, indoor amenities, the whole thing.

所以，說實話，我蠻高興的。而這棟建築的翻新工程令人驚艷。那也是一個有很多便利設施的地方，就像之前有人問過我的那樣，它配備了很棒的戶外設施、室內設施，應有盡有。

Yes. So when do you think you're kind of sort of done getting that back leased, do you have a timeline in mind?

是的。那麼，你覺得什麼時候才能把那塊地租出去？你心裡有時間表嗎？

Yes. But if I give a timeline, I'll blow it. So I don't want to do that.

是的。但如果我給出時間表，我就會搞砸。所以我不想那樣做。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great. Jordan, you mentioned doing more acquisitions. And I wanted to get your thoughts on the Beverly Hills office market. Some assets have traded there recently, including one of your peers buying Maple Plaza. So I just want to get your thoughts there. And maybe if you tell us if you were part of the bidding there as well?

偉大的。喬丹，你提到要進行更多收購。我想聽聽您對比佛利山莊辦公大樓市場的看法。最近那裡有一些資產進行了交易，包括你的一位同行購買了楓葉廣場。所以我想聽聽你的想法。如果您能告訴我們您是否也參與了那裡的競標，那就太好了？

Well, I saw the stuff they sold, and I saw what they bought and what I have for them is applause. I mean, that was a great trade to move out of that other stuff and into that, I'm like well done. And I love the Beverly Hills market. I think it's a great market.

我看了他們賣的東西，也看了他們買的東西，我對他們的評價是：鼓掌。我的意思是，擺脫那些其他的東西，換成這個，真是一筆很棒的交易，我覺得幹得好。我非常喜歡比佛利山莊的市集。我認為這是一個很棒的市場。

Okay. Great. And then could you talk about any of the larger tenants coming back to the market? You mentioned in the past that you're seeing an increase there, but just curious what your thoughts are today?

好的。偉大的。那麼，您能否談談有哪些大型租戶重返市場的情況？你之前提到那邊有所成長，但我很好奇你現在的看法是什麼？

Stuart, go ahead. Do you want to answer?

斯圖爾特，請講。你想回答嗎？

Yes. I mean, we have -- we saw, again, very typical good, healthy leasing over 10,000 feet in Q3. So that was good to see. It was a year, I think, more than a year ago now that we were really seeing that category underperform, and it's been pretty healthy last couple of quarters.

是的。我的意思是，我們——我們再次看到，第三季租賃面積超過 10,000 平方英尺，這非常典型、良好、健康。看到這個真是令人欣慰。我想，大概一年多以前，我們確實看到該類別表現不佳，但最近幾季情況相當不錯。

(Operator Instructions) Dylan Burzinski, Green Street.

（操作員說明）迪倫·布爾津斯基，格林街。

Just a quick one for me. You mentioned the amount of acquisition opportunities that you guys are looking at on the office side. I guess presumably these are mostly sort of value-add type deals where Douglas Emmett can bring them into their operating platform and execute lease-up. But I guess how do you guys weigh that with the existing portfolio level of vacancy that you guys have in the office portfolio today?

我只需要簡單回答一下。您提到了你們正在考慮的辦公場所方面的收購機會數量。我猜這些大概都是加值交易，Douglas Emmett 可以將它們納入其營運平台並執行租賃。但我想知道，你們是如何權衡這一點與你們目前的辦公大樓投資組合中現有的空置率之間的關係？

So you saw us do a value-add deal, and maybe that's why you're saying that because we took that when we bought that 220,000 foot building with the development site and we're converting it. My main guiding principle is buy the best stuff that's in the market and keep control over the best stuff in the market because I still believe in the markets. So the best stuff could have some vacancy, it could not have vacancy.

所以你看到了我們做了一筆增值交易，也許這就是你這麼說的原因，因為我們在購買那棟 22 萬平方英尺的建築物及其開髮用地時就採取了這種做法，我們正在對其進行改造。我的主要指導原則是購買市場上最好的產品，並保持對市場上最好的產品的控制權，因為我仍然相信市場。所以最好的東西可能有一些空缺，也可能沒有空缺。

But if you go, what's my -- the number one criteria, it's not value-add, not value-add, whatever. It's -- we want to buy the best buildings in the markets that we think are long term great investments that have great supply constraints and a great kind of natural tenant base and amenities and good access to like high-end housing, all the stuff that seems like pablum that we put in the front of our original like S-11, but really has what's guided us.

但如果你去的話，我的首要標準是什麼，那就是它不是增值，不是增值，等等。我們想購買市場上最好的建築物，我們認為這些建築物是長期的優質投資，它們供應緊張，擁有良好的自然租戶基礎和便利設施，並且能夠輕鬆前往高端住宅區。所有這些聽起來像是我們最初在 S-11 之類的公司前面提到的那些空話，但實際上它們才是真正指導我們的。

This concludes our question-and-answer session. I would like to turn the conference back to Jordan Kaplan for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給喬丹·卡普蘭，請他作總結發言。

Well, thank you for joining us, and we look forward to meeting with a number of you individually soon. Bye-bye.

感謝各位的參與，我們期待盡快與你們中的一些人單獨會面。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。