Hudson Pacific Properties Inc (HPP) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Hudson Pacific Properties third-quarter 2025 Earnings Conference Call.

女士們、先生們，感謝各位的到來，歡迎參加 Hudson Pacific Properties 2025 年第三季收益電話會議。

(Operator Instructions)

（操作說明）

I will now hand the conference over to Laura Campbell, Executive Vice President, Investor Relations and Marketing. Laura, please go ahead.

現在我將把會議交給投資者關係和行銷執行副總裁勞拉·坎貝爾。勞拉，請繼續。

Good morning, everyone. Thanks for joining us.

各位早安。謝謝您的參與。

With me on the call today are Victor Coleman, CEO and Chairman; Mark Lammas, President; Harout Diramerian, CFO; and Art Suazo, EVP of Leasing.

今天和我一起參加電話會議的有：執行長兼董事長 Victor Coleman；總裁 Mark Lammas；財務長 Harout Diramerian；以及租賃執行副總裁 Art Suazo。

This morning, we filed our earnings release and supplemental on an 8-K with the SEC and both are now available on our website, along with an audio webcast of this call for replay. Some of the information we'll share on the call today is forward looking in nature. Please reference our earnings release and supplemental for statements regarding forward-looking information as well as the reconciliation of non-GAAP financial measures used on this call.

今天上午，我們向美國證券交易委員會提交了收益報告和 8-K 補充文件，這兩份文件現在都可以在我們的網站上找到，同時還提供本次電話會議的音頻網絡直播以供重播。今天電話會議上我們將分享的一些資訊具有前瞻性。有關前瞻性資訊的聲明以及本次電話會議中使用的非GAAP財務指標的調節表，請參閱我們的獲利報告和補充文件。

Today, Victor will discuss industry and market trends, Mark will provide an update on our office and studio operations and development, and Harout will review our financial results and 2025 outlook. Thereafter, we'll be happy to take your questions.

今天，Victor 將討論行業和市場趨勢，Mark 將介紹我們辦公室和工作室的營運和發展情況，Harout 將回顧我們的財務表現和 2025 年展望。之後，我們將樂意回答您的問題。

Victor?

勝利者？

Thanks, Laura. Good morning, everyone, and thank you for joining us today.

謝謝你，勞拉。各位早安，感謝大家今天收看我們的節目。

I'm pleased to report another solid quarter of execution for Hudson Pacific in regards to our strategic priorities. We're on track for our strongest office leasing year since 2019, having locked in another quarter of signed leases north of 500,000 square feet, bringing year-to-date leasing to 1.7 million square feet.

我很高興地報告，Hudson Pacific 在策略重點方面又一個季度取得了穩健的執行成果。我們預計將迎來自 2019 年以來最強勁的辦公大樓租賃年，又一個季度簽署了超過 50 萬平方英尺的租賃協議，使今年迄今的租賃面積達到 170 萬平方英尺。

With significantly lower expirations in 2026, our office occupancy is squarely at an inflection point as we achieved positive absorption in the third quarter. We're seeing clear evidence of a recovery taking hold in the West Coast office, particularly as we benefit from the continued expansion of AI and technology companies in our markets. And on the studio side, even as the broader production environments remain challenging, demand for well-located, best-in-class assets, such as our Hollywood Studios enabled us to drive sequential occupancy improvement in the third quarter.

由於 2026 年到期的辦公大樓數量大幅減少，我們的辦公大樓入住率正處於轉折點，因為我們在第三季度實現了正吸收量。我們看到西海岸辦事處明顯出現復甦跡象，尤其是在我們受益於人工智慧和科技公司在我們市場中的持續擴張的情況下。在製片廠方面，儘管整體製作環境仍然充滿挑戰，但對地理位置優越、一流的資產（例如我們的好萊塢製片廠）的需求使我們能夠在第三季度實現入住率的環比增長。

From a capital structure perspective, we've significantly strengthened our financial foundation. On the heels of our office portfolio CMBS financing and significant equity raise in the first half of the year, we successfully refinanced our 1918 Eighth Street Seattle office asset and amended and extended our credit facility, bringing total capital markets activity year to date to well in excess of $2 billion. With $1 billion of liquidity, 100% of debt fixed or capped, and no maturities until the third quarter next year, we are now in a position of strength to capitalize on ample embedded growth opportunities. Or said otherwise, leasing, leasing and then more leasing.

從資本結構的角度來看，我們已經顯著地加強了財務基礎。繼今年上半年完成辦公大樓投資組合 CMBS 融資和大量股權融資之後，我們成功地對位於西雅圖第八街 1918 號的辦公大樓資產進行了再融資，並修改和延長了我們的信貸額度，使今年迄今為止的資本市場活動總額遠遠超過 20 億美元。憑藉 10 億美元的流動資金、100% 的債務已固定或設定上限，且明年第三季之前沒有到期債務，我們現在處於有利地位，可以充分利用大量蘊含的成長機會。換句話說，就是租賃、租賃，再租賃。

Looking at broader market dynamics, ongoing transformation across our West Coast markets reinforces our strategic positioning. US venture capital investment remained strong in the third quarter, with year-to-date deal value already tracking about 15% above full-year 2024 levels. This marks one of the strongest funding environments since the 2021 peak, with AI accounting for nearly two-thirds of the US deal value year to date and the San Francisco Bay Area capturing more than half, reaffirming the region's leadership in innovation and capital formation. These trends underscore growing optimism, which in turn sets a constructive backdrop for the industry's driving markets as well as the need for West Coast office space heading into 2026.

從更廣泛的市場動態來看，我們西海岸市場的持續轉型鞏固了我們的戰略地位。美國創投在第三季依然強勁，今年迄今的交易額已比 2024 年全年水準高出約 15%。這標誌著自 2021 年高峰以來最強勁的融資環境之一，人工智慧佔今年迄今為止美國交易額的近三分之二，舊金山灣區佔據了超過一半，再次鞏固了該地區在創新和資本形成方面的領導地位。這些趨勢凸顯了日益增長的樂觀情緒，這反過來又為該行業的驅動市場以及 2026 年對西海岸辦公空間的需求奠定了建設性的背景。

In San Francisco and the Peninsula, leasing accelerated sharply in the third quarter, led by tech and AI tenants such as Roblox, while Silicon Valley recorded its fourth consecutive quarter of decline vacancy as demand from AI, software, and hardware firms expanded. In Seattle, AI investments surpassed $1.5 billion to date, contributing to the first decline in availability in nearly four years. These are encouraging indicators that venture-backed tenants are once again growing, hiring, and leasing space in the very markets where Hudson Pacific is most deeply embedded.

在舊金山和半島地區，第三季租賃業務急劇加速成長，這主要得益於 Roblox 等科技和人工智慧租戶的推動；而矽谷則連續第四個季度空置率下降，因為人工智慧、軟體和硬體公司的需求不斷增長。在西雅圖，人工智慧投資迄今已超過 15 億美元，導致近四年來首次出現可用性下降。這些跡象令人鼓舞，顯示創投支持的租戶正在 Hudson Pacific 深耕的市場中再次成長、招募員工和租賃辦公空間。

Over 80% of the third-quarter leasing activity occurred at our Bay Area assets, including 100,000-plus-square foot AI tenant at Page Mill Center in Palo Alto, exactly the type of growth-oriented tenant that validates our market thesis. Our portfolio stands poised to capture the resurgence in demand as AI companies scale operations and require more substantial teams.

第三季超過 80% 的租賃活動發生在我們灣區的資產中，其中包括位於帕洛阿爾托 Page Mill Center 的 10 萬多平方英尺的 AI 租戶，這正是驗證我們市場論點的那種以增長為導向的租戶類型。隨著人工智慧公司擴大營運規模並需要更強大的團隊，我們的產品組合已做好充分準備，迎接需求的復甦。

Turning to our studios. While Los Angeles shoot days declined 13% in the third quarter relative to last year, we remain confident in our long-term prospects with California's recently expanded and extended film and television tax credit already creating strong momentum. Since July, the program is allocated to 74 new productions compared to only 18 the same period last year. These include 18 television series and 10 feature films expected to shoot in Los Angeles with tax credits recipients required to begin filming within 180 days of allocation. While it's difficult to predict future show counts, this represents a sizable pipeline, especially when compared to the 80 to 85 production filming in Los Angeles on average over the last several quarters. We feel our Los Angeles studios and services are well positioned to capture our share of future demand.

轉向我們的工作室。儘管洛杉磯第三季的拍攝天數比去年同期下降了 13%，但我們對長期前景仍然充滿信心，因為加州最近擴大和延長的電影和電視稅收抵免已經產生了強勁的勢頭。自 7 月以來，該計劃已分配給 74 部新作品，而去年同期僅有 18 部。其中包括 18 部電視劇和 10 部長片，預計將在洛杉磯拍攝，獲得稅收抵免的劇組必須在撥款後 180 天內開始拍攝。雖然很難預測未來的節目數量，但這代表著一個相當大的製作計劃，尤其是與過去幾季在洛杉磯平均拍攝的 80 到 85 個製作項目相比。我們認為，我們在洛杉磯的工作室和服務已經做好充分準備，能夠抓住未來市場需求的份額。

Regarding acquisitions. In the third quarter, we acquired our partner's 45% interest in our Hill7 office property in Seattle, in consideration for which we assume the partner's $45.5 million share of the joint venture's debt and received $1.4 million of cash on hand. This acquisition gives us multiple paths to unlock value at a Class A, well-located property like Hill7 by proactively restructuring the existing loan and ultimately growing occupancy and cash flow as the Seattle market recovers. We have seen a notable increase in [inquiries], tours and proposals for available space at Hill7, and we remain committed to operating a best-in-class portfolio in Seattle over the long term.

關於收購。第三季度，我們收購了合作夥伴在西雅圖 Hill7 辦公大樓的 45% 權益，作為對價，我們承擔了合作夥伴在合資企業中的 4,550 萬美元債務，並獲得了 140 萬美元現金。此次收購為我們提供了多種途徑，可以釋放 Hill7 這樣一處位置優越的 A 級物業的價值，例如透過積極重組現有貸款，最終隨著西雅圖市場的復甦而提高入住率和現金流。我們看到，關於 Hill7 可用空間的諮詢、參觀和提案數量顯著增加，我們將繼續致力於在西雅圖長期運營一流的物業組合。

Our approach to asset sales remains disciplined and strategic. We're under no pressure to transact and will move only when it clearly enhances shareholder value. When we see compelling pricing, particularly for noncore properties or those requiring significant reinvestment, we'll look to recycle that capital into our highest conviction assets and markets. It's a selective purposeful approach that positions Hudson Pacific to capitalize on the recovery gaining momentum across our West Coast footprint.

我們對待資產出售的態度依然是嚴謹而有策略的。我們沒有交易壓力，只有在能夠明顯提升股東價值的情況下才會採取行動。當我們看到有吸引力的定價時，特別是對於非核心物業或需要大量再投資的物業，我們將考慮將這些資金重新投入到我們最有信心的資產和市場中。這是一種有選擇、有目的的方法，使 Hudson Pacific 能夠充分利用其西海岸業務範圍內不斷增強的復甦勢頭。

And with that, I'm going to turn the call over to Mark to discuss our office and studio operations and updates for our development pipeline.

接下來，我將把電話交給馬克，讓他來討論我們辦公室和工作室的運作情況以及我們開發流程的最新進展。

Thank you, Victor.

謝謝你，維克多。

I'll walk through our third-quarter office leasing performance, which demonstrates the strong execution and market momentum Victor highlighted. We executed 75 office leases totaling 515,000 square feet during the quarter, 67% of which were new deals, underscoring our continued success in attracting new tenants to our high-quality assets. Our in-service office portfolio ended the quarter at 75.9% occupied, up 80 basis points sequentially and 76.5% leased, up 30 basis points sequentially, representing steady progress in our leasing efforts.

我將詳細介紹我們第三季的辦公大樓租賃業績，這反映了 Victor 所強調的強勁執行力和市場動能。本季度我們簽訂了 75 份辦公租賃合同，總面積達 515,000 平方英尺，其中 67% 為新交易，這凸顯了我們在吸引新租戶入駐我們優質資產方面持續取得成功。本季末，我們的在用辦公大樓組合入住率為 75.9%，季增 80 個基點；出租率為 76.5%，季增 30 個基點，顯示我們在租賃方面取得了穩步進展。

GAAP rents were 6.3% lower compared to prior levels, while cash rents were 10% lower. This primarily reflects 40,000 square feet across six smaller leases in Palo Alto, rolling from peak market pre-pandemic rents to still healthy close to $80 per square foot triple net rents. Importantly, we're seeing clear signs of rental rate stabilization across the Peninsula and Silicon Valley with improving tenant demand and space absorption, positioning us well for future rent growth.

GAAP租金比以前水準下降了6.3%，而現金租金下降了10%。這主要反映了帕洛阿爾托六份較小租賃合約的 40,000 平方英尺面積，租金從疫情前的市場高峰期一路下滑，目前仍保持在接近每平方英尺 80 美元的健康水平。重要的是，我們看到半島和矽谷的租金水平明顯趨於穩定，租戶需求和空間吸收率都在提高，這為我們未來的租金成長奠定了良好的基礎。

While our 2026 expirations are about 3% below market, quarterly rent spreads always reflect a snapshot of backfill leases expired over the last 12 months. As we saw this quarter, geography, tenant size, and other factors influence these results.

雖然我們 2026 年到期的租約比市價低約 3%，但季度租金差額始終反映過去 12 個月到期的補充租約的快照。正如我們本季所看到的，地理位置、租戶規模和其他因素都會影響這些結果。

Our various leading indicators of future strong quarterly leasing activity continued to show positive momentum. Tour net our assets accelerated significantly in the third quarter, comprising 2.1 million square feet of unique requirements, up nearly 20% sequentially and 60% year over year. This reflects growing demand across our markets, two-thirds of which is technology related, and one-third is specifically AI.

我們各項領先指標持續顯示出未來季度租賃活動強勁的成長動能。第三季度，我們的淨資產大幅成長，包括 210 萬平方英尺的獨特需求，季增近 20%，年增 60%。這反映了我們各個市場需求的成長，其中三分之二與技術相關，三分之一專門與人工智慧相關。

Our leasing pipeline of deals and leases, proposals or LOIs stands at 2.2 million square feet with nearly 600,000 square feet in advanced stages. We're now seeing on average 20,000-square-foot requirements for tours while within our pipeline, average requirements are approaching 25,000 square feet, underscoring that companies are becoming more confident about their growth trajectories and space needs.

我們目前待售的租賃項目（包括交易、租賃、提案或意向書）面積達 220 萬平方英尺，其中近 60 萬平方英尺處於後期階段。我們現在看到，參觀活動的平均面積需求為 20,000 平方英尺，而我們潛在客戶的平均面積需求接近 25,000 平方英尺，這凸顯出企業對其成長軌跡和空間需求越來越有信心。

Hudson Pacific's lease expiration profile is now very favorable, allowing our team to focus more on occupancy growth opportunities rather than simply defensive renewals. We only have 140,000 square feet of remaining 2025 expirations, all less than 20,000 square feet, and we're in leases or negotiations to address close to half of that footage.

Hudson Pacific 的租約到期情況目前非常有利，這使得我們的團隊能夠更加專注於提高入住率的機會，而不僅僅是進行防禦性的續約。我們目前只有 14 萬平方英尺的租賃面積將於 2025 年到期，每處面積不到 2 萬平方英尺，而且我們正在就其中近一半的面積進行租賃或談判。

Looking forward to 2026, we have 1 million square feet expiring, representing approximately 8% of our in-service portfolio. That's about 40% less square footage expiring than our average annual expirations over the last four years.

展望 2026 年，我們有 100 萬平方英尺的物業即將到期，約占我們現有物業組合的 8%。這比過去四年平均每年到期的面積減少了約 40%。

Given our strong leasing momentum, we're already in leases or active negotiations on approximately 50% of 2026 expirations, which is ahead of our historical pace. Notably, we have 75% coverage on our four expirations exceeding 50,000 square feet. With only 30% of our in-service portfolio subject to pre-pandemic leases and 75% of our availabilities in quality assets and bay area markets leading the West Coast recovery, we are poised to grow occupancy and cash flow.

鑑於我們強勁的租賃勢頭，我們已經就 2026 年到期的約 50% 的租賃合約達成租賃協議或正在積極談判，這比我們以往的進度要快。值得注意的是，我們四個到期日的物業面積超過 50,000 平方英尺，覆蓋率達到 75%。我們目前僅有 30% 的在用物業組合受疫情前租賃合約的約束，而我們 75% 的可用物業位於優質資產和引領西海岸復甦的灣區市場，因此我們已做好準備，提高入住率和現金流。

Turning to our studio operations. We continue to make strides in positioning our business optimally for the current environment while preserving upside potential as a production recovery takes hold. On a trailing 12-month basis, our in-service studio stages were 65.8% leased, representing a 220-basis point sequential increase, driven primarily by additional occupancy at Sunset Las Palmas and, to a lesser extent, Sunset Glenoaks.

接下來談談我們的工作室營運。我們不斷努力，使我們的業務能夠更好地適應當前環境，同時隨著生產復甦的推進，保持成長潛力。過去 12 個月，我們的在用攝影棚出租率為 65.8%，環比增長 220 個基點，主要得益於 Sunset Las Palmas 的額外入住率，其次是 Sunset Glenoaks。

Our Quixote Studios were 48.3% leased on a trailing 12-month basis, representing a sequential increase of 90 basis points. We are now seeing the benefits of our cost savings initiatives. And in the third quarter, despite sequentially lower revenue, studio NOI adjusted for one-time expenses increased by $4 million sequentially, finishing in positive territory for the first time in more than a year. This represents yet another step forward in alignment with our overarching goal of positioning our studio business and Quixote in particular, to operate profitably in any market environment.

根據過去 12 個月的數據，我們的 Quixote Studios 出租率為 48.3%，較上季增加了 90 個基點。現在我們已經看到了成本節約措施帶來的好處。第三季度，儘管收入環比下降，但經一次性支出調整後的工作室淨營業收入環比增長 400 萬美元，一年多來首次實現正增長。這標誌著我們在實現工作室業務（尤其是 Quixote）在任何市場環境下都能獲利營運的總體目標方面又向前邁進了一步。

On the development front, Sunset Pier 94 Studios, Manhattan's first purpose built studio is on time and budget for a year-end delivery and first-quarter grand opening. As we approach completion, we have strong interest from multiple high-quality productions looking to lease significant portions of the facility for six months to a year with a potential to renew for additional term thereafter. The quality and location of Sunset Pier 94 is unmatched, and we expect demand to further accelerate as we approach completion.

在開發方面，曼哈頓首個專用攝影棚 Sunset Pier 94 Studios 的建設按時按預算完成，預計將於年底交付並於第一季盛大開幕。隨著專案接近尾聲，我們收到了多家高品質製作公司的強烈意向，他們希望租賃該設施的大部分區域，租期為六個月至一年，之後有可能續租。Sunset Pier 94 的品質和地理位置無與倫比，我們預計隨著竣工日期的臨近，需求將進一步加速成長。

In the third quarter, we received entitlements to redevelop our 10900, 10950 Washington office property in Culver City into a mixed-use project with approximately 500 residential units and ground floor retail. With housing and short supply, 10900, 10950 uppers a premier multifamily location where the demand and rents achievable make for an extremely compelling development site. We are evaluating our options to maximize value, which could include bringing in a partner to develop the site with Hudson Pacific contributing the land or selling outright. We look forward to providing additional updates on this unique value creation opportunity in the coming quarters.

第三季度，我們獲得了將位於卡爾弗城華盛頓街 10900 號和 10950 號的辦公大樓改建為包含約 500 套住宅單元和底層零售空間的混合用途項目的許可。由於住房短缺，10900、10950 地段是優質的多戶住宅地段，需求和可實現的租金使其成為極具吸引力的開髮用地。我們正在評估各種方案以實現價值最大化，其中包括引入合作夥伴共同開發該地塊，Hudson Pacific 提供土地，或直接出售。我們期待在接下來的幾個季度裡，就這獨特的價值創造機會提供更多最新資訊。

And with that, I'll turn the call over to Harout for our financial results, capital structure and outlook.

接下來，我將把電話交給哈魯特，讓他介紹我們的財務表現、資本結構和展望。

Thanks, Mark.

謝謝你，馬克。

I'll take everyone through our third quarter financial results, which reflect solid operational execution amid our ongoing focus on leasing. Total revenues for the quarter were $186.6 million, compared to $200.4 million in the prior year, primarily resulting from asset sales and lower occupancy as we continue working through our lease-up process.

我將為大家介紹我們第三季的財務業績，這反映了我們在持續專注於租賃業務的情況下，營運執行情況良好。本季總收入為 1.866 億美元，而去年同期為 2.004 億美元，主要原因是資產出售和入住率下降，因為我們仍在推進租賃流程。

G&A expenses improved substantially to $13.7 million, compared to $19.5 million in the prior year, representing a 30% reduction. This savings reflects the successful implementation of various organizational efficiency measures and underscores our commitment to rightsizing our cost structure while maintaining operational excellence. We generated FFO, excluding specified items in the third quarter of $16.7 million or $0.04 per diluted share compared to $14.3 million or $0.10 per diluted share in the prior year. The year-over-year 17% increase resulted from improved G&A, interest expense, and studio NOI, partially offset by lower office NOI. Note that third-quarter FFO per diluted share reflects the share count increase following our second-quarter common equity offering.

一般及行政費用大幅改善至 1,370 萬美元，而去年同期為 1,950 萬美元，減少了 30%。這項節省體現了各項組織效率提升措施的成功實施，並突顯了我們致力於在維持卓越營運的同時，合理調整成本結構的決心。第三季度，我們產生的FFO（不包括特定項目）為1,670萬美元，即每股攤薄收益0.04美元，而去年同期為1,430萬美元，即每股攤薄收益0.10美元。年增 17%，主要得益於一般及行政費用、利息支出和工作室淨營業收入的改善，但部分被辦公淨營業收入的下降所抵銷。請注意，第三季每股攤薄後FFO反映了我們第二季普通股發行後股份數量的增加。

Specified items in the third quarter totaled $2 million or $0.00 per diluted share and primarily consisted of one-time expenses associated with cost-saving initiatives and financing activities. In the prior-year period, specified items were $7.5 million or $0.02 per diluted share.

第三季特定項目總計 200 萬美元，即每股攤薄收益 0.00 美元，主要包括與節省成本計畫和融資活動相關的一次性支出。上年同期，特定項目為 750 萬美元，即每股攤薄收益 0.02 美元。

Our third-quarter same-store cash NOI was $89.3 million, compared to $100 million in the prior year, mostly due to lower office occupancy. As Victor highlighted, we significantly strengthened our balance sheet and capital structure.

第三季同店現金淨營業收入為 8,930 萬美元，而去年同期為 1 億美元，主因是辦公大樓入住率下降。正如維克多所強調的，我們顯著加強了資產負債表和資本結構。

In the third quarter, our activities included the $285 million refinancing of 1918 Eighth, which underscores our ability to access the debt markets on favorable terms for assets with our high-quality portfolio. We also amended and extended our credit facility, which provides us with $795.3 million of capacity through the end of next year and $462 million through the end of 2029, with continued strong participation from our core banking group.

第三季度，我們的活動包括對 1918 Eighth 進行 2.85 億美元的再融資，這凸顯了我們有能力以優惠條件進入債務市場，為我們的高品質資產組合融資。我們還修改並延長了信貸額度，使我們在明年年底前擁有 7.953 億美元的信貸額度，在 2029 年底前擁有 4.62 億美元的信貸額度，我們的核心銀行集團將繼續大力參與。

Our liquidity position is strong at $1 billion, comprised of $190.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn credit facility capacity. We have another $15.9 million at HPPs share of undrawn capacity under the Sunset Pier 94 construction loan. 100% of our debt is fixed or capped, providing for predictable debt service costs that support our financial planning and cash flow management.

我們的流動性狀況良好，擁有 10 億美元，其中包括 1.904 億美元的非限制性現金及現金等價物和 7.953 億美元的未提取信貸額度。我們在日落碼頭94號建設貸款下還有1590萬美元的未提取額度。我們100%的債務都是固定或有上限的，這保證了可預測的償債成本，從而支持我們的財務規劃和現金流量管理。

Looking ahead, our next debt maturity isn't until the loan secured by our Hollard Media portfolio owned jointly with Blackstone matures in the third quarter of 2026. In anticipation, we continue to focus on operational enhancements at those assets and have a plan in place with Blackstone to approach the refinancing in the first quarter of next year with the goal of maximizing our financial flexibility.

展望未來，我們的下一筆債務到期日是 2026 年第三季度，屆時我們與黑石集團共同擁有的 Hollard Media 投資組合的擔保貸款將到期。為此，我們將繼續專注於這些資產的營運改進，並與黑石集團制定了一項計劃，以便在明年第一季進行再融資，以最大限度地提高我們的財務靈活性。

Turning to outlook. For the fourth quarter, we anticipate FFO of $0.01 to $0.05 per diluted share. To bridge from our third-quarter FFO of $0.04 per diluted share, we expect lower studio NOI due to typical seasonality. We do not expect fourth quarter average show counts to reflect the benefit of tax incentives as productions receiving allocations have up to 6 months to begin filming. We also anticipate slightly elevated G&A in line with our full-year G&A expense assumptions, which remains unchanged from last quarter.

展望未來。我們預計第四季每股攤薄收益為 0.01 美元至 0.05 美元。為了彌補第三季每股攤薄收益 0.04 美元的業績，我們預計由於典型的季節性因素，工作室淨營業收入將有所下降。我們預計第四季度平均節目數量不會反映出稅收優惠的好處，因為獲得撥款的製作公司有長達 6 個月的時間開始拍攝。我們也預期一般及行政費用將略有上升，這與我們的全年一般及行政費用假設一致，該假設與上季度保持不變。

Lower stage occupancy and potential ongoing challenges required the Sunset Glenoaks joint venture to reconsider the risks associated with the underlying project financing and treatment of the venture as consolidated for accounting purposes. Based on these considerations, Sunset Glenoaks has been deconsolidated, leading to the following adjustments to our full-year outlook assumptions, lower interest expense, lower FFO from unconsolidated joint ventures, and higher FFO attributable to noncontrolling interests. Our full-year same-store cash NOI growth assumption also remains unchanged from last quarter. As always, our outlook excludes the impact of potential dispositions, acquisitions, financings, and/or capital markets activity during the remainder of the year.

較低的入住率和潛在的持續挑戰迫使 Sunset Glenoaks 合資企業重新考慮與基礎專案融資相關的風險，以及出於會計目的將該合資企業視為合併企業的處理方式。基於這些考慮，Sunset Glenoaks 已被取消合併，導致我們對全年展望假設做出以下調整：利息支出減少，來自非合併合資企業的 FFO 減少，以及歸屬於少數股東權益的 FFO 增加。我們對全年同店現金淨營業收入成長的假設與上季相比保持不變。與往常一樣，我們的展望不包括今年剩餘時間內可能發生的資產處置、收購、融資和/或資本市場活動的影響。

And now I'll turn the call back over to Victor for closing remarks.

現在我將把電話交還給維克多，請他作總結發言。

Thanks, Harout.

謝謝你，哈魯特。

As we wrap up today's call, I want to emphasize that Hudson Pacific is uniquely positioned at the intersection of the AI-driven technology expansion, the West Coast office market recovery, and the return of a more robust studio demand. Our strategic focus and high-quality assets in innovation hubs is already paying dividends with our strongest leasing year since 2019 and positive absorption inflection point.

在今天的電話會議即將結束之際，我想強調，Hudson Pacific 的獨特優勢在於它處於人工智慧驅動的技術擴張、西海岸辦公市場復甦以及工作室需求回升的交匯點。我們在創新中心的策略重點和高品質資產已經取得了成效，這是我們自 2019 年以來租賃情況最好的一年，也是積極的吸收拐點。

While our strengthened balance sheet, $1 billion of liquidity, 100% fixed debt, and no maturities until Q3 '26, provides the financial flexibility to capitalize on embedded growth opportunities. The momentum we're seeing from record AI investment to expanding venture capital activity reinforces our conviction that we're in the early stages of a meaningful recovery and Hudson Pacific is ready to capture this opportunity.

雖然我們增強了資產負債表，擁有 10 億美元的流動資金，100% 的固定債務，並且在 2026 年第三季度之前沒有到期債務，但這為把握內在增長機會提供了財務靈活性。從創紀錄的人工智慧投資到不斷擴大的創投活動，我們看到的這種勢頭，更加堅定了我們正處於意義深遠的復甦初期階段的信念，而 Hudson Pacific 已準備好抓住這一機遇。

Now we'll be happy to take questions.

現在我們很樂意回答問題。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Alexander Goldfarb, Piper Sandler & Company.

Alexander Goldfarb，Piper Sandler & Company。

Alex, you there?

Alex，你在嗎？

Operator, let's go to the next question, please?

接線員，我們進入下一個問題，可以嗎？

Ronald Kamdem, Morgan Stanley

羅納德‧卡姆登，摩根士丹利

Can you hear me?

你聽得到我嗎？

Yes, we can, Ron.

是的，我們可以，羅恩。

Great. Just a couple of quick ones for me. Just starting -- I love -- I see the leasing coming through. I love sort of an update on just high level where you think occupancy trends over the next sort of 12, 24, 36 months? And if you could tie in sort of any high-level commentary on the implication for same-store NOI, that would be great as well.

偉大的。我只簡單問幾個問題。剛起步——我很喜歡——我看到了租賃業務的進展。我想了解一下您對未來12、24、36個月入住率趨勢的整體看法？如果您還能就同店淨營業收入的影響做一些高層次的評論，那就太好了。

Yes. Thanks, Ronald.

是的。謝謝你，羅納德。

Well, we indicated in our prepared remarks where our expirations are, right, with 140 -- the fourth quarter, about $1 million next year on 67% of the activity just this quarter is all new leasing, and we've got 50% coverage on next year's expirations ahead of where we would typically be at this point. So all indications are, we are heading into positive net absorption territory and hopefully picking up steam, right, because at [500-plus thousand] per quarter for quite some quarter -- sequential quarters now, we're going to be outpacing those expirations by quite a bit.

嗯，我們在準備好的發言稿中已經指出了我們的到期情況，對吧，有 140 份合約將於第四季度到期，明年約有 100 萬美元的合約到期，僅本季度就有 67% 的活動全部是新租賃，而且我們明年到期合約的覆蓋率已經達到 50%，比我們通常這個時候的水平要高。所以種種跡象表明，我們正朝著正淨吸收區域邁進，並有望加速成長，對吧？因為在接下來的幾個季度裡，每個季度都有超過 50 萬套的淨吸收量——現在是連續幾個季度——我們將遠遠超過這些到期貸款的吸收量。

So trending in the right direction, not going to get too specific here about exact percentages on where we're going to land either year-end or heading into next year but I think reasonable to expect that you're going to see -- and you saw it this quarter, you're going to see more positive net absorption.

所以目前的發展趨勢是正確的，這裡就不具體說明年底或明年年初的具體百分比了，但我認為可以合理預期的是——而且你在本季度也看到了——淨吸收量將會增加。

On the NOI -- same-store NOI, I think -- those are obviously correlated. You're seeing a little bit of a lag. We -- third-quarter average same-store office NO -- occupancy dipped a little bit, right? We sequentially went down from like [73.3 to 72.8]. The -- and in comparison to last year, you're really -- you're comparing yourself to occupancy in that previous year, right, in the higher [70s] with some pretty high rent paying tenants at the least of which were Uber at [42.5]. We had Amazon and Net Park North. We had Picture shop at [60, 40]. Those were the main contributors to the prior year NOI that are no longer flowing through the number.

就 NOI（我認為是同店 NOI）而言，這兩者顯然是相關的。您現在感覺有點延遲。我們——第三季同店平均辦公大樓入住率——略有下降，對吧？我們依序從類似這樣下降[73.3 至 72.8]。——而且與去年相比，你實際上是在與去年同期相比，對吧，當時的入住率在70%以上，而且租戶租金相當高，至少有Uber這樣的公司。[42.5]我們有亞馬遜和Net Park North。我們當時有家照相館[60, 40]。這些是去年淨營業收入的主要貢獻者，但現在這些貢獻者的收入已不再計入淨營業收入。

In the same way that office occupancy is trending up. So we finished actually higher sequentially at 75.9%, so higher even than the average occupancy. The average occupancy flowing through the same store is also going to go up. While we need to get somewhere, I think, north of 76% because in fourth quarter, we were 76.3% average occupancy in the same store. So somewhere higher than that plus the studios need to come -- either be stable or improve a bit, and then you're going to start to see that posi -- you're going to see same-store NOI start to move in a positive direction.

辦公大樓入住率也呈現上升趨勢。因此，我們的入住率實際上環比上升了 75.9%，甚至高於平均入住率。同一家商店的平均客流量也將上升。雖然我們需要達到某個目標，但我認為，要超過 76%，因為在第四季度，我們同一家商店的平均入住率為 76.3%。所以，如果收入高於這個水平，再加上工作室需要有所改善——要么保持穩定，要么有所進步，那麼你就會看到積極的一面——你會看到同店淨營業收入開始朝著積極的方向發展。

Really helpful.

真的很有幫助。

And if I could just ask a follow-up on the studio. I think we've been talking about sort of the recovery path and trying to understand the shape. It sounds like you are seeing more activity, but just in terms of like what are the key sort of milestones and data points that we should be looking for to get a sense that this is -- the recovery is really getting going in a way that's favorable?

我可否再問一下關於工作室的後續情況？我認為我們一直在討論某種程度上的復甦路徑，並試圖了解其形態。聽起來你們那邊活動有所增加，但具體來說，我們應該關注哪些關鍵里程碑和數據點，才能判斷復甦是否真的朝著有利的方向發展呢？

Still a couple of points on that. I mean, listen, the content spend is still constant and going up. I think you will see some pretty impressive numbers with the Skydance, Paramount purchase at the end of the day now, their new content spend is sort of rivaling the numbers that Netflix is, which is in excess of $20 billion a year. So those numbers are going to obviously, permeate in.

關於這一點還有幾點需要說明。我的意思是，聽著，內容方面的支出仍然保持不變，而且還在增加。我認為，最終你會看到 Skydance 收購 Paramount 後的一些非常驚人的數字，他們現在的新內容支出在某種程度上可以與 Netflix 相媲美，Netflix 的年支出超過 200 億美元。所以這些數字顯然會滲透進來。

It's specific to California, as we sort of mentioned in our prepared remarks, with the new tax credits in place and the number of productions that have to commenced within the first six months of approval, you're going to see that number just organically grow. And I think we're going to be able to capitalize on that in the production side, not just from the OpCo side, but the PropCo side as well, which we're seeing in our Hollywood assets, which we've seen that we've picked up occupancy there to almost 100%. We only have two stages vacant now.

正如我們在準備好的演講稿中所提到的，這種情況是加州特有的。隨著新的稅收抵免政策的實施，以及獲批後前六個月內必須開工的製作項目數量，你會看到這個數字自然而然地增長。我認為我們不僅能在經營公司方面，還能在製片公司方面充分利用這一點，這一點我們在好萊塢的資產中已經看到了，那裡的入住率已經接近 100%。現在只剩下兩個空的舞台了。

And that is also a leading indicator in the production that we're seeing in the activity right now early on. It's very attractive, as Mark mentioned in his remarks over Pier 94. So it's trending that way. I think that the effectiveness of the credits are doing what they should be doing. We still have some work to go, though.

這也是目前早期生產活動中一個重要的領導指標。正如馬克在談到 94 號碼頭時所提到的那樣，它非常有吸引力。所以它正朝著這個方向發展。我認為這些學分發揮了應有的作用。不過，我們還有一些工作要做。

Dylan Burzinski, Green Street Advisors.

迪倫布爾津斯基，綠街顧問公司。

I think I don't know Victor or Mark that mentioned how rents are sort of stabilizing across Silicon Valley and the Peninsula. Just sort of curious how rents are sort of trending across the rest of the portfolio. If you can provide comments as it relates to San Francisco, given the strong depth of AI demand there as well versus what you're seeing in Los Angeles and Seattle, that would be helpful.

我覺得我不認識 Victor 或 Mark，他們提到矽谷和半島地區的租金正在趨於穩定。我只是有點好奇投資組合中其他物業的租金走勢如何。如果您能就舊金山的情況提供一些評論，考慮到那裡對人工智慧的需求也很旺盛，與洛杉磯和西雅圖的情況相比，那將很有幫助。

Yes. I'll let Art jump in.

是的。我讓Art來插話。

Yes, I'll jump in right now.

好的，我這就加入。

Yes, so they've been holding steady pretty much across the portfolio. We're going to see improvement in some of the submarkets, specifically in San Francisco, with the tech demand so high in AI growth so apparent. We're seeing the growth really in the north and south financial district, more than the other submarkets at this point, but we're really starting to see the growth in other submarkets as well.

是的，所以他們的投資組合整體上一直保持穩定。我們將看到一些細分市場有所改善，尤其是在舊金山，因為人工智慧的成長如此明顯，科技需求如此之高。目前來看，北部和南部金融區的成長動能明顯強於其他次市場，但我們也開始看到其他次市場的成長。

Seattle is holding pretty firm. And again, we can talk about the growth of tech and AI there that's going to cause the rates to increase over the next several quarters. But I think for now, it's really standing pat.

西雅圖的局勢相當穩定。我們還可以談談科技和人工智慧的發展，這將導致未來幾季利率上升。但我認為就目前而言，情況會保持不變。

And in LA, this building that we're in 11601, which is our headquarters building. We're seeing a tremendous increase in rental rate growth. We don't have any leasing on the west side of LA. And so that's really early look in -- into the rental rates.

在洛杉磯，我們所在的這棟大樓的郵編是 11601，這是我們的總部大樓。我們看到租金漲幅大幅增加。我們在洛杉磯西區沒有任何租賃項目。所以，這只是對租金價格的初步調查。

And then, Victor, you mentioned obviously not having the need to sell anything, given where the balance sheets at and the capital raise you guys did last quarter. But I'm just sort of curious, I think in the past, you guys have talked about just bringing noncore assets to market and just doing a normal process of capital recycling. So just given what seems to be an improving backdrop, obviously, on the fundamentals front, potentially leading to an improvement in the capital market side of things. Just do you guys still have a continued desire to bring assets to market that you guys sort of no longer deem a fit within the concept of your guys' go-forward portfolio?

然後，維克多，你提到鑑於目前的資產負債表狀況以及你們上個季度進行的融資，顯然沒有必要出售任何東西。但我有點好奇，我覺得你們過去曾談到將非核心資產推向市場，並進行正常的資本循環使用流程。鑑於目前的基本面似乎正在改善，顯然，這可能會帶動資本市場的改善。你們是否仍希望將一些你們認為不再符合未來投資組合理念的資產推向市場？

Yes. Dylan, listen, as the market stabilize, we're going to make further progress on our occupancy, as you're seeing it right as we speak. And of course, I think we're all very pleasantly surprised with the activity specifically in the Valley and how strong it has been. And as you saw by the prepared remarks that Mark said. I mean, our average tenant size is going up. and that's leading us to having the ability to evaluate some of the assets that we can now look to sell in the marketplace at numbers that could be much higher than they were, let's say, 12 or 18 months ago. So that's always going to be some place that we're going to reflect into and see what the opportunity is to capitalize on some form of external growth and disposing of assets.

是的。迪倫，聽著，隨著市場趨於穩定，我們的入住率將會進一步提高，就像你現在看到的一樣。當然，我認為我們都對矽谷的活動以及其強勁程度感到非常驚訝。正如你們從馬克事先準備好的發言稿中所看到的。我的意思是，我們的平均租戶規模正在擴大。這使得我們能夠評估一些資產，現在我們可以考慮在市場上出售這些資產，而這些資產的售價可能比12或18個月前高得多。所以，這始終是我們需要考慮的一個方面，看看能否抓住某種形式的外部成長機會，並處置資產。

So we've got a list of a few assets that are there. As I said in my remarks, we're not planning on selling some assets, but there will be assets that will be sold. We're just not going to identify them until at the end of the day. It's going to be a number that we're going to probably look at that's going to be a combination of assets that we could have sold in the past and now we're going to try to sell them going forward. And I think those opportunities are going to come fast and furious, specifically in the Valley because everybody is focused on the city right now. And I think now the Valley is also opportunistic.

所以我們列出了一些現有的資產。正如我剛才所說，我們沒有計劃出售所有資產，但確實會有一些資產被出售。我們直到今天結束才會公佈他們的身份。我們將要考慮的數字，可能是過去我們本來可以出售的資產組合，而現在我們將嘗試繼續出售這些資產。我認為這些機會將會迅速而猛烈地到來，尤其是在矽谷，因為現在每個人都把注意力集中在這座城市上。而且我認為現在矽谷也充滿了投機取巧。

Blaine Heck, Wells Fargo Securities.

Blaine Heck，富國證券。

Victor, we've been talking about the influx of demand in San Francisco from AI for several quarters now. And clearly, you guys have benefited as evidenced by the ex-AI lease. But we've also more recently seen some layoffs coming through that could be attributed to AI displacement. So I guess my question is, do you see any of your submarkets or tenant industries as more susceptible to that potential negative trend as we look ahead?

Victor，我們已經連續幾季討論舊金山人工智慧帶來的需求激增問題了。很明顯，你們從中受益匪淺，前人工智慧租賃協議就是明證。但最近我們也看到一些裁員現象，這可能歸因於人工智慧取代了某些職位。所以我想問的是，展望未來，您認為您的哪些細分市場或租戶產業更容易受到這種潛在負面趨勢的影響？

So Blaine, listen, of course, everybody is focused on AI. But if you look at the leases that we're signing, they are tech and tech-related leases, but we've signed a lot of fire-related tenants. And the expansion of those tenants, I think, is evident currently today. There is obviously a backdrop of what's the initial impact on labor for AI going forward. But what we're seeing right now, it's not impacting the core businesses that are shining which is legal firms, insurance firms, which you would think would be impacted. They still are signing leases and taking space that is on a positive basis.

所以布萊恩，聽著，當然，現在每個人都在關注人工智慧。但如果你看看我們簽署的租賃合同，它們都是科技和科技相關的租賃合同，但我們也簽了很多與消防相關的租戶。我認為，這些租戶的擴張在今天已經顯而易見。很顯然，人工智慧對勞動市場的初步影響是一個需要考慮的背景問題。但我們目前看到的是，它並沒有影響到那些表現出色的核心企業，例如律師事務所和保險公司，而你可能會認為這些企業會受到影響。他們仍然在積極的基礎上簽訂租賃合約並租用辦公空間。

A lot of education is coming to the marketplace at the same time, don't underestimate that. I think the financial institutions have yet to really show up on -- specifically in San Francisco, the way they had in the past. So they're less active, and that would be more of an impact. And clearly, you're hearing and seeing a lot of the financial institutions shipping employees to secondary tier markets where they can have lower cost of rents and the likes of that.

大量教育產品正同時湧入市場，不要低估這一點。我認為金融機構還沒有真正像過去那樣出現在——尤其是在舊金山。所以他們的活動減少了，這會產生更大的影響。顯然，你經常聽到和看到很多金融機構將員工轉移到二線市場，因為那裡的租金等成本更低。

And so I think we're finding that the impact is not as great immediately. One true sign, though, and Art can get into some statistics which is, I think, very, very unique to this past quarter's data that we've seen is now we're seeing a drop in sublease dramatically impacted in some instances in throughout all of our markets, but really in the Peninsula and in the city. The sublease space is coming back to the tenants because they realize they want that space now for future growth.

所以我覺得我們發現，這種影響並沒有立即顯現出來。不過，有一個真正的跡象，Art 可以深入探討一些統計數據，我認為這與我們上個季度看到的數據非常非常不同，那就是我們現在看到轉租數量大幅下降，在某些情況下，所有市場都受到了顯著影響，尤其是在半島地區和城市地區。轉租的空間現在又回到了租戶手中，因為他們意識到，為了未來的發展，他們現在需要這些空間。

Yes. Victor, I was going to say to your point, it's AI and tech really grabbing the headlines everywhere because it's a sexy thing to say. But it's not a 90%, 10% situation, Blaine. It's really 55% of our pipeline is tech and half of that is AI because 45% of our pipeline is fire sector, professional service firms, education that we're availing ourselves up as well.

是的。維克多，我正想說你的觀點，人工智慧和科技之所以頻頻登上新聞頭條，是因為談論這些話題很吸引人。但布萊恩，這不是90%對10%的情況。事實上，我們55%的客戶來自科技領域，其中一半來自人工智慧領域，因為我們45%的客戶來自消防產業、專業服務公司和教育領域，我們也正在積極拓展這些領域。

Great. That's really helpful color.

偉大的。這個顏色真的很有幫助。

Just switching gears with respect to Quixote. You guys have done a good job of improving efficiencies in that business. Can you just give us an update on how much more you can cut on the cost side or whether that effort has kind of run its course at this point? And any color on your ultimate plans for that business would be helpful.

換個話題，說說堂吉訶德吧。你們在提高該業務效率方面做得很好。您能否簡要說明一下，在成本方面還能削減多少，或者這項工作是否已經走到盡頭了？如果您能提供一些關於該業務最終計劃的細節信息，那就太好了。

Yes. Listen, I think we're making some headway, as you said. We've got more to go. We've got some things in plan. Obviously, I'm not going to disclose the exact numbers and the time line, but it's in the works right now. We're on the precipice of breaking even. That's been the objective for first quarter of '26, and we're getting there along the way, and comfortable that I think that we'll achieve that.

是的。聽著，我覺得我們取得了一些進展，正如你所說。我們還有很長的路要走。我們已經制定了一些計劃。顯然，我不會透露具體數字和時間表，但目前正在進行中。我們即將實現收支平衡。這是我們 2026 年第一季的目標，我們正在朝著這個目標努力，我有信心我們能夠實現這個目標。

From that point on, we'll have to look at where the market is, where the show counts are, what's the absorption from our market share, from the OpCo side, and then see what's the next phase in that business. We've always said we're going to be reacting to where the future of this business is going to go. We've come through what we would call is the 100-year storm. And hopefully, we're coming out of it and may be better off than we think. We're not optimistic yet, but we're at least seeing the positive signs.

從那時起，我們將不得不觀察市場現狀、演出數量、市場份額以及營運公司方面的吸收情況，然後看看這項業務的下一個階段是什麼。我們一直都說，我們會根據這個產業的未來發展方向做出反應。我們已經挺過了所謂的百年一遇的風暴。希望我們能夠走出困境，而且情況可能會比我們想像的還要好。我們目前還不能完全樂觀，但至少看到了積極的跡象。

Mark, do you want to comment?

馬克，你想發表一下意見嗎？

No, I think you summed it up. I would just say, Blaine, in our prior call, we mentioned a cost saving of approximately [23 per annum -- pro forma 23 to 24]. And if you look at our most recent results, it bears that out perfectly. Last year, in the third quarter, we had $25 million -- nearly $25 million of expenses for Quixote. In this quarter, adjusted for those one-time items, we're at $19 million. And so if you run the run rate on that, you'll see it supports the annual savings target that we had mentioned, which I think is for us, a nice confirmation that our cost savings is coming through.

不，我覺得你已經總結得很好了。我只想說，布萊恩，在我們之前的通話中，我們提到大約可以節省成本。[每年 23 次－預計 23 至 24 次]。如果你看看我們最近的結果，你會發現這一點完全得到了證實。去年第三季度，我們在 Quixote 專案上花費了 2,500 萬美元——接近 2,500 萬美元。本季度，經一次性專案調整後，我們達到 1,900 萬美元。因此，如果你計算一下運行率，你會發現它支持我們之前提到的年度節約目標，我認為這對我們來說是一個很好的證明，表明我們的成本節約正在實現。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

Rich, are you there?

Rich，你在嗎？

Excuse me, sorry. Okay. I'm on. I'm now I think.

對不起，不好意思。好的。我上線了。我現在覺得。

I though you were with [Alec].

我以為你和[亞歷克]

Yes, I know he I was going to -- I did say I buy rating on the Zoom execution here. I like it a lot, except for the fact that I don't know a mute myself. (laughter)

是的，我知道他我本來打算──我的確說過我會買進Zoom的執行評級。我很喜歡這本書，只是我自己不認識啞巴。（笑聲）

So I was looking at the leasing stats sequentially, and I was trying to do this quickly, while you were talking, but when was the last time in the office space that leasing sequentially went up both from an occupancy perspective and a lease percentage perspective because it wasn't in 2024, and it wasn't at least in a lot of 2023. That's as far as I got before I ask the question. I'm just curious, how substantial you see that sequential move, albeit small, is that something that's sort of signaling to you part of this bottoming that you're hoping to see?

所以我一直在查看租賃統計數據，而且我試圖在你說話的時候快速完成這項工作，但是辦公空間租賃上一次從入住率和租賃百分比兩個方面都出現環比增長是什麼時候？因為2024年沒有，至少2023年的大部分時間都沒有。在我提出問題之前，我只能想到這些。我只是好奇，你認為這種哪怕幅度很小的連續波動有多重要？它是否在某種程度上預示著你所希望看到的觸底？

Well, as Mark sort of check in the stats because I don't think it was -- I think the last time it was probably in '22, but he's going to look, but probably doesn't have it. But I can tell you, we did say on our last call, I think somebody had asked the question, where is the bottom? And I think I commented that we were at it. And so that sequential move, yes, it's -- listen, it's positive. We're nowhere near satisfied to where it's going to be. As you know, the indications as we said, between what we have in our pipeline and deals that are out to be negotiated, both on the 50% of the deals that we have for next year that we're already in negotiations on and new leasing. We're moving on that track. But I don't really know what that number is, Mark?

嗯，馬克會查一下統計數據，因為我覺得上次可能是在 2022 年，但他會查一下，不過可能沒有。但我可以告訴你，在我們上次通話中，我想有人問過這個問題：底部在哪裡？我想我當時評論說我們正在做這件事。所以，這一步的順序，是的，是——聽著，是積極的。我們對最終結果並不滿意。如您所知，正如我們所說，從我們目前的項目儲備和正在洽談的交易來看，無論是明年我們正在洽談的交易（佔總交易量的 50%），還是新的租賃項目，都表明了這一點。我們正朝著這個方向努力。但我真的不知道那個數字是多少，馬克？

I mean there may have been a blip in there somewhere, but it's got to be two, if not more than two years since we've had a sequential positive quarter, both on leasing and occupancy. We bottomed out, as Victor said, essentially two quarters ago, we were at 75.1, and then sequentially did another 75.1 in occupancy and of course, we're 80 basis points higher than that this quarter. So you can easily discern that bottoming and then sequential improvement, but that's been a long time in the making. It's -- we can get it to you, Rich, but it's got to be over two years since we've had that.

我的意思是，期間可能出現過一些波動，但距離我們上次在租賃和入住率方面實現連續正增長，至少已經是兩年甚至更久了。正如 Victor 所說，我們基本上在兩個季度前觸底，入住率達到 75.1%，然後連續兩個季度入住率也達到 75.1%，當然，本季度我們比那時高出 80 個基點。所以你可以很容易看出觸底反彈，然後逐步好轉，但這並非一朝一夕就能實現的。我們可以把它寄給你，里奇，但是我們已經兩年多沒有收到那東西了。

Okay. Great.

好的。偉大的。

Second question for me. Understanding your -- you got a lot going on besides AI, but I'm curious about the kind of the shared knitting of an AI-oriented lease. Are companies maybe taking less lease term or maybe different types of assets, maybe not high rise, but more low-rise, suburban, just not making an overcommitment yet to AI in terms of the space -- the type of space and the commitment they're making time-wise. I'm wondering if it's different with AI than it is for your other more conventional office tenants.

我的第二個問題。我知道你除了人工智慧之外還有很多其他事情要做，但我很好奇人工智慧導向租賃合約是如何共同建構的。公司或許會縮短租賃期限，或選擇不同類型的資產，例如不選擇高層建築，而是選擇低層郊區建築，只是在空間方面還沒有對人工智慧做出過大的承諾——無論是空間類型還是時間投入。我想知道人工智慧是否與你們其他更傳統的辦公室租戶有所不同。

I think the only thing and Art is going to jump in, let tell you about the stats around. But the only thing that's different is they're looking for growth, right? They're much more growth-oriented. If they want 100,000 feet today, they want a line of sight for another 50,000 or 100,000 tomorrow. And that is obviously going to be correlated to high-quality buildings with some potential role that they can absorb when tenants move out or vacancy in place and that's been consistent throughout.

我認為唯一需要做的，還有Art，讓我來告訴你一些統計數據。但唯一不同的是，他們都在尋求發展，對吧？他們更注重成長。如果他們今天想要10萬英尺的高度，那麼他們明天就需要有5萬英尺或10萬英尺的視線範圍。顯然，這與高品質的建築物有關，這些建築物在租戶搬出或出現空置時可以發揮一定的作用，這一點一直如此。

But I think that theme has also been always with tech. They want the ability to grow, but also they want the ability to have their own security and safety amongst their employees. They're spending a ton of money on personnel. They want to make sure that the environment is conducive to their people and not other companies. And there's been a big negotiation now, which we hadn't seen until early on the tech years where the competitive landscape of other tenants wanting in the same building, they refuse to have similar tenants in similar working class or proprietary information being in their buildings.

但我認為科技領域也一直存在著這個主題。他們希望擁有發展的能力，但也希望能夠保障員工的安全。他們在人員方面投入了大量資金。他們希望確保工作環境有利於自己的員工，而不是其他公司。現在出現了一場激烈的談判，這種情況在科技業早期才出現，當時其他租戶也想入駐同一棟樓，他們拒絕讓類似的租戶，尤其是那些擁有類似工人階級或專有資訊的租戶，進入他們的建築。

Yes. Victor hit the nail on the head. It's really about path to growth, being able to control their growth, being able to control their security. There's talk about high-rise versus low rise. I don't -- they're looking for quality Class A or trophy assets with growth top of mind. No question about that.

是的。維克托說得一點沒錯。這其實是關乎成長之路，關乎能否掌控他們的成長，關乎能否掌控他們的安全。人們在討論高層建築與低層建築的優劣。我不這麼認為——他們正在尋找優質的A級或標誌性資產，並將成長放在首位。這點毋庸置疑。

They also are looking more for kind of richly amenitized space. That's a big driver for the AI users. And which is another reason they're looking at second generation, really high-quality second-generation space; A, to cut cost; and B, to move in quicker. So those are really the key items.

他們也更傾向於選擇配套設施齊全的空間。這是人工智慧用戶的一個重要驅動因素。這也是他們考慮第二代、真正高品質的第二代空間的另一個原因：A，為了降低成本；B，為了更快投入使用。所以這些才是真正關鍵的內容。

Okay. And then if I sneak on one quick one.

好的。然後如果我偷偷快速地來一次。

On the tax credits for studios, obviously, an improvement. But do you think it's enough versus other areas of the world in terms of trying to move production elsewhere outside of LA? Do you think that enough has been done or do you think it needs to be something even more substantial to keep production in California?

對於工作室的稅收抵免政策，顯然有所改善。但你認為與其他地區相比，將生產轉移到洛杉磯以外的地區是否足夠？您認為目前所做的工作是否足夠，還是需要採取更實質的措施才能將生產留在加州？

Listen, I never think it's enough. This is a captured business that I think the leaders, both on the statewide in City and County wide took for granted for a very long time and realized now that they have to be competitive. I do believe that there is going to be more changes that are just more than beyond just tax credits, both above the line and below the line. And the below line is really important for the unions right now and they're focusing on that. There is other things that we have talked about and we're seeing implemented like fees, license fees, filming fees, ease of production.

聽著，我總覺得這樣還不夠。我認為，長期以來，州、市、縣各級領導都對這個行業習以為常，現在才意識到他們必須提高競爭力。我相信，除了稅收抵免之外，還會出現更多變革，包括線上和線下層面的變革。以下這句話對工會來說非常重要，他們現在正專注於處理這件事。我們也討論過其他一些事情，並且正在看到這些事情得到落實，例如費用、許可費、拍攝費、簡化製作流程等等。

Right now, it is beating the markets that really took a lot of infrastructure away from us, like the Georgias and the New Mexico and the New Orleans of the world. But at the end of the day, you can always do more, and we've been pushing very hard with the -- all the entities, both on the federal and the state side, film commissions and the city and the mayor and the governor to help enhance this. And it's clearly evident that they recognize they need to do more. We just hope it's going to be enough and quickly.

目前，它的表現優於那些奪走我們大量基礎設施的市場，例如喬治亞州、新墨西哥州和新奧爾良等城市。但歸根結底，總有可以做得更多的地方，我們一直在努力與聯邦和州政府的所有機構、電影委員會、市政府、市長和州長合作，以幫助加強這項工作。很明顯，他們也意識到自己需要做得更多。我們只希望這筆錢足夠且能盡快到位。

Alexander Goldfarb, Piper Sandler & Company.

Alexander Goldfarb，Piper Sandler & Company。

Yes, thanks, Victor. I'm unmuting new challenge with this new technology.

是的，謝謝你，維克多。我正在利用這項新技術迎接新的挑戰。

Are you talking, Alex? Can I hear you? Sorry, Alex, you there?

亞歷克斯，你在說話嗎？我聽得到你說話嗎？抱歉，Alex，你在嗎？

(laughter)

（笑聲）

Yes. Okay. Thanks. I feel like a dinosaur. My kids would have fun, call me a fud. (laughter)

是的。好的。謝謝。我覺得自己像一隻恐龍。我的孩子們會玩得很開心，說我老土都行。（笑聲）

So two questions here. Art, just going to Northern California specifically, we hear a lot of talk that more of the AI and more of the growth is in San Francisco, but your overall comments suggest that the Peninsula is picking up with activity. So can you just give a sense of the dynamic between what the leasing is like in San Francisco itself and then how the leasing is going in the Peninsula? And if it's big tech in the peninsula or if you're starting to see a lot of the smaller start-ups and other smaller tenants active in the Peninsula?

這裡有兩個問題。就藝術而言，特別是北加州，我們經常聽到這樣的說法：人工智慧和成長主要集中在舊金山，但你的整體評論表明，半島地區的活動正在增加。那麼，您能否簡單介紹一下舊金山本地的租賃情況與半島地區的租賃情況之間的差異？如果是半島上的大型科技公司，或者你開始看到很多小型新創公司和其他小型租戶在半島上活躍起來呢？

Sure. A couple of quarters ago, I mean, the talk was it was chiefly -- two, three quarters ago, chiefly it was the big AI users in the city. And then I would say over the last 1.5 quarters, we've really started to see the migration of some of these larger users who are taking 200,000, 300,000 feet in the city, now taking 50,000, 100,000, 150,000 square feet down across the Valley in the Peninsula.

當然。大約兩個季度前，我的意思是，當時的討論主要集中在——兩個、三個季度前，主要集中在城市裡的大型人工智慧用戶。然後我想說，在過去的 1.5 個季度裡，我們確實開始看到一些大型用戶遷移，他們以前在城市裡租用 20 萬、30 萬平方英尺的面積，現在則在山谷的半島上租用 5 萬、10 萬、15 萬平方英尺的面積。

So it's really -- I think it's really evened out in terms of growth. And obviously, in the value we see more of kind of the early-stage tenants -- incubator stage tenants that are growing into 5,000, 10,000, 15,000 feet, which will become the next 25,000-, 50,000-square-foot tenant. So we're really seeing brisk activity across all of the Northern California at this point.

所以我覺得，就成長而言，兩者真的已經趨於平衡了。顯然，從價值來看，我們看到更多早期階段的租戶——孵化階段的租戶，他們正在成長為 5,000、10,000、15,000 平方英尺的租戶，而這些租戶將成為下一個 25,000、50,000 平方英尺的租戶。所以目前我們看到北加州各地的經濟活動都非常活躍。

Okay.

好的。

And then Victor, just going back to the entertainment and the tax credits. But your comments on the 180-day sort of shot clock, if you will. It sounds like we really shouldn't expect a material pickup until the back half of next year. I realize Harout's not giving guidance yet, but just from sort of getting our expectations in line for how the studio ramp would go. It sounds like it's really a back half next year based on that 180-day shot clock. Is that fair? Or you think it could be sooner?

然後維克多又回到了娛樂和稅收抵免的話題上。但您對這種180天的「進攻時限」有什麼看法呢？聽起來我們真的不該指望到明年下半年才會出現實質的回溫。我知道哈魯特還沒有給予指導，但這只是為了讓我們對工作室的建造進度有所預期。根據180天的進攻時限來看，明年下半季的比賽似乎真的要打了。這樣公平嗎？還是你認為可能會更早？

Listen, I never want to go earlier on comments, especially if you're giving me a lifeline to go longer. But I think the 180 sort of takes us to the second quarter of next year. And you're not going to see it right now. Obviously, we're in November, and December is obviously the quietest month of the year for production.

聽著，我從來不想過早結束評論，尤其是如果你給了我繼續下去的機會。但我認為，180度大轉彎大致會把我們帶到明年第二季。你現在還看不到。顯然，現在是11月，而12月顯然是一年中生產最清淡的月份。

So by the time they start filming, it should be really effective for the second quarter. And then clearly, going forward, there will be another launch of shows that are approved. I believe it's November 19, so you're going to see that. And then you take that 180 from that time line is really gets you almost till May. So at the end of the day, yes, you're going to see the second half of the year for sure, but I do think you'll have an impact after the first quarter.

所以等到他們開始拍攝的時候，對第二季來說應該會非常有效。很顯然，接下來還會推出更多獲得批准的節目。我記得是11月19日，所以你會看到那一天。然後，如果你從那個時間線往後推 180 度，實際上就能一直到五月了。所以歸根結底，是的，你肯定會看到下半年的情況，但我認為你在第一季之後就會產生影響。

Vikram Malhotra, Mizuho Securities USA.

Vikram Malhotra，瑞穗證券美國公司。

It was pretty simple. I just got an unmute request, so I think I clicked it. But this is great. (laughter) I think this format is pretty cool. So I like that you did it.

很簡單。我剛剛收到一個解除靜音的請求，所以我想我點開了。但這真是太好了。（笑聲）我覺得這種形式挺酷的。所以我很欣賞你的做法。

Just -- maybe just going back to the core office side you talked a lot about FireAI. I'm just wondering, bigger picture, like as your strategy evolves to grow from the bottom with so much vacancy in other peer buildings and just the markets. Like how do you gain share consistently? Are there pockets where you're saying we're giving up on price incentives? Are there like specific buildings that you're looking at and saying, hey, we need different strategies. Like I'm just trying to figure out, like in this environment as you bottom, but to grow from the bottom, just how competitive is it? What are your peers doing? Is it just a price war?

就——或許就回到核心辦公室方面，你之前談了很多關於 FireAI 的內容。我只是在想，從更宏觀的角度來看，例如隨著其他同類建築和整個市場空置率居高不下，你們的策略會如何發展，從底層做起。如何才能持續獲得市場佔有率？你們是不是打算在某些方面放棄價格優惠？有沒有一些特定的建築物，你會觀察它們並說，嘿，我們需要不同的策略？我只是想弄清楚，在這種環境下，當你跌到谷底，但要從谷底重新崛起，競爭到底有多激烈？你的同儕都在做什麼？這只是一場價格戰嗎？

Yes, Vikram, I think that's a great sort of astute point that isn't really just pricing to the bottom. And we don't see that for 75% of our portfolio. Because that part of the portfolio is Class A, there's a demand there. We've seen us compete with maybe 1 or 2 other projects; it's not a list of 10 that we're competing with, and we're getting more than our fair share. And it looks like going forward, we're going to continue to get much more than our fair share given what we've seen on the pipeline going forward.

是的，Vikram，我認為這是一個非常精闢的觀點，它不僅僅是把價格壓到最低點那麼簡單。而我們投資組合中 75% 的股票並沒有達到這個水準。因為那部分投資組合屬於A級資產，所以有市場需求。我們發現我們可能只與其他一兩個項目競爭；我們不是與十個項目競爭，而且我們獲得的份額遠遠超過我們應得的。而且看起來，鑑於我們目前看到的管道建設情況，我們未來將會獲得遠超我們應得的份額。

But I would say we've talked about this in the past. There is 20% or so of our portfolio, we have assets that are going to fight to fight with other assets in the marketplace. And hopefully, we'll get more than our fair share, but we're willing to take our fair share at the end of the day. And whatever it takes to go out and lease those assets, we're not going to turn anything down. Now we're not giving it away by no means because the market is going to dictate that across the board.

但我想說，我們以前也討論過這個問題。我們投資組合中約有 20% 的資產將在市場上與其他資產競爭。希望我們能得到比我們應得的更多，但最終我們也願意接受我們應得的那部分。無論需要付出什麼代價才能租賃這些資產，我們都不會拒絕。我們絕不會白白送出，因為市場最終會決定一切。

But at the end of the day, I think it's safe to say that we will be much more further ahead given where, as you can see with all the statistics that have come to market, the lack of development that is coming to the marketplace, there is zero in all three of our major markets, which is the Bay Area, the Pacific Northwest in here in Los Angeles. So those marketplaces have zero new development. So organically, as you see the demands continue to drive in Fire and other related businesses that are outside of tech and AI, those buildings will lease.

但歸根結底，我認為可以肯定地說，鑑於市場上所有統計數據所顯示的現狀，以及市場上缺乏開發項目（在我們三大主要市場，即灣區、太平洋西北地區和洛杉磯，所有開發項目均為零），我們將走得更遠。所以這些市場沒有任何新的發展。因此，隨著消防和其他非科技和人工智慧相關行業的需求持續增長，這些建築物自然會出租。

And Vikram, if I can add to what Victor said, regarding the assets that you're referring to, the type of asset you're referring to, if I could add kind of a tactical piece to this thing that gives us a competitive edge is we have -- in those assets, we have over 300,000 feet, closer to 350,000 square feet of ready-built spaces for these tenants that are in great condition and -- move-in ready condition that really have carried the day for us. And it allows -- especially now allows tenants to move in a lot quicker. And so that's been the difference maker in those assets that you're referring to.

維克拉姆，如果我可以補充維克多所說的，關於你提到的資產，你提到的那種資產，如果我可以補充一點戰術方面的內容，那就是我們擁有超過 30 萬平方英尺，接近 35 萬平方英尺的現成空間，這些空間狀況良好，隨時可以入住，這確實為我們贏得了今天的勝利。而且，現在尤其能讓租戶更快入住。所以，這就是你提到的那些資產的關鍵。

Okay.

好的。

And then just on the studio side. So like if I take the three big segments, your long lead --- long lease, long duration lease stages, the ones that are shorter in the Quixote business. Just assuming Quixote doesn't come back for a while, for whatever reason, it's more variable. Can you remind us of the stickiness of the other two businesses, what's the variability there? Like how should we think about sort of from here on a downside scenario?

然後就是錄音室那邊。所以，如果我把三個主要部分拿出來，你的長期領先——長期租賃，長期租賃階段，以及 Quixote 業務中較短的階段。假設堂吉訶德因為某些原因暫時不會回來，情況就更難預料了。您能否提醒我們另外兩家企業的黏性如何，它們的變動情況如何？我們應該如何考慮從現在開始可能出現的不利情況？

Well, if you look at the Sunset portfolio, virtually with the exception of Glenoaks right now, it's almost 100% leased. And the stickiness is those longer-term leases take us to almost 31% for the most part. I mean there are a couple of shows that go through 2026 and '27, but the lion's share goes through '31 with our Netflix leases, which is almost uniformly that way.

如果你看一下 Sunset 的投資組合，除了 Glenoaks 目前的情況外，幾乎所有房產都已出租，出租率接近 100%。而其優勢在於，長期租賃合約在很大程度上使租賃比例接近 31%。我的意思是，雖然有幾部劇的續約期限到 2026 年和 2027 年，但絕大多數劇集的續約期限都到 2031 年，這與我們 Netflix 的租賃合約幾乎一致。

Clearly, the show by show, the ones we have currently have right now have all gotten picked up for the next seasons. So we're feeling good about that stickiness for those shows. And that's the directional force of what we're seeing. We're looking right now at 40% tenant it's taking 40% of our Pier 94 asset, which is a show that we'll go at least a couple of seasons.

顯然，目前我們看到的這些劇集都已經續訂了下一季。所以我們對這些節目的觀眾黏性感到滿意。這就是我們所看到的現象的方向性力量。我們現在看到的是，40% 的租戶佔用了我們 94 號碼頭資產的 40%，這是我們至少會播出幾季的節目。

And so that, I think, is sort of the future of where this industry is going and the competitive landscape at the end of the day, it's going to be a show by show versus a long-term lease. On the Quixote side, we have the same thing. We have some sticky shows right now, and we have some vacancies.

所以，我認為，這大概就是這個產業未來的發展方向，最終的競爭格局將是逐場演出合作，而不是長期租賃。在堂吉訶德那邊，我們也遇到了同樣的問題。我們現在有一些棘手的演出，也有一些空缺。

Tom Catherwood, BTIG

Tom Catherwood，BTIG

So I wanted to go back to Alex's question on demand in the Peninsula. And Art, I think last quarter, you mentioned discussions with four tenants looking for something like 100,000-plus square feet each in San Jose. Can you provide an update on those and your kind of overall leasing expectations in that market?

所以我想回到 Alex 關於半島地區需求的問題上來。Art，我想上個季度你提到與四位租戶進行洽談，他們每人都在聖荷西尋找超過 10 萬平方英尺的辦公空間。您能否提供一下這些方面的最新情況，以及您對該市場整體租賃市場的預期？

Yes. Sure, Tom.

是的。當然可以，湯姆。

The -- we did -- we talked about -- there were four tenants across the valley and the Peninsula, one of which we executed on and the other three are still in process. We're starting to see more demand in the kind of 50,000-square-foot range at the airport, which I think was going to carry the day. And our team there has got demand drivers kind of in hand relative to those deals.

我們談過——我們確實談過——山谷和半島共有四家租戶，其中一家我們已經完成交易，另外三家仍在辦理中。我們開始看到機場附近對 5 萬平方英尺左右的面積的需求增加，我認為這類面積的面積將會成為市場主導。我們的團隊已經掌握了與這些交易相關的需求驅動因素。

So is your expectation that we could see an acceleration in leases executed in that airport market in the near term?

所以您是否預期在短期內，機場市場的租賃交易量會加速成長？

Yes, we're definitely going to start to see an acceleration of that, and we've already started to see that in the Peninsula as well.

是的，我們肯定會看到這種趨勢加速發展，而且在半島地區也已經開始看到這種趨勢了。

I think we've been pleasantly surprised with the size increase of tenants in the Peninsula in the last six months. And the line of sight for future tenants, including the three that we're referring to, there's many behind them in that sort of 40,000- to 80,000-foot range that are in the marketplace.

我認為，過去六個月來半島地區租戶規模的成長讓我們感到驚訝。對於未來的租戶來說，包括我們提到的這三位，在他們身後還有許多面積在 40,000 到 80,000 平方英尺之間的房產正在市場上出售。

Great. Perfect.

偉大的。完美的。

And then second one for me, going up to Seattle on Hill7 specifically, what's the leasing outlook for that building? And how much did the need for incremental leasing CapEx play into the buyout of your partner's position?

第二個問題，具體來說，是關於西雅圖 Hill7 大樓的租賃前景如何？而新增租賃資本支出需求在收購合作夥伴股份的過程中扮演了多大角色？

Well, I'll talk about the activity at Hill7. And currently, we're in negotiation with three multi-floor tenants totaling about 139,000 square feet, and there are various stages, but it would address nearly all of the existing vacancy.

好，我來說說Hill7的活動。目前，我們正在與三家多層租戶進行談判，總面積約為 139,000 平方英尺，談判分不同階段進行，但這將解決幾乎所有現有的空置問題。

Yes. And in terms of the economics around that, listen, it's -- we look at it as an opportunity. We have a -- we have an allowance that is already in place for TIs to a certain amount of the leasing that Art's referring to. So it won't be coming out of pocket. It's already allocated to the building.

是的。至於相關的經濟因素，聽著，我們把它看作是一個機會。我們已經為 TI 提供了一定的補貼，用於支付 Art 所指的租賃費用。所以不用自己掏腰包。它已經分配給這棟大樓了。

And we just think that the asset with the quality space that's in place right now, it's going to need very little TIs. The build-out is very, very impressive, and that's why the demand is there. This would be an asset that we would have to reposition, but fortunately, we don't. And so I think the opportunities with the tenants that we're looking at is really like a plug and play. And we're optimistic that we're going to get some of those deals done relatively quickly.

我們認為，目前擁有高品質空間的資產，幾乎不需要進行任何改造。該項目的建造非常非常令人印象深刻，這也是需求旺盛的原因。這原本是一筆我們需要重新定位的資產，但幸運的是，我們不需要。所以我認為，我們正在考察的這些租戶所帶來的機會，真的就像即插即用一樣簡單。我們樂觀地認為，我們將相對迅速地完成其中一些交易。

And so again, that sounds very positive. Victor, right to hear that. But that being the case, then what drove the buyout of the tenant. Was it concern? It can't be refinancing concerns that debt doesn't come up until '28. What was the kind of catalyst that brought that to a head at this point in time?

所以，這聽起來非常積極。維克多，你說得對。但既然如此，那麼是什麼原因促使他們收購了租戶的房產呢？是擔憂嗎？不可能是因為債務再融資的問題，因為債務問題要到 2028 年才會出現。是什麼催化劑導致事態在此時發展到如此嚴重的程度？

No, it's a good question. It is putting in capital in the future, and we're better positioned for that and we see a bigger upside than our partner did. And so that's -- you're exactly right. It's exactly that.

不，這是個好問題。它正在為未來投入資金，而我們在這方面更有優勢，我們看到了比合作夥伴更大的發展潛力。所以——你說得完全正確。正是如此。

And this is not new for the partner to exit. They've done this with other -- specifically other REIT partners, they've just walked away from assets.

合夥人退出並非新鮮事。他們也曾對其他——特別是其他房地產投資信託基金合作夥伴——這樣做過，他們直接放棄了資產。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Just a quick one on the office leasing this quarter. It looks like the average lease term came down for both new and renewal leases. Were there any large one-offs influencing this? Or are AI firms just prone to shorter lease term? And as this segment increases in your portfolio, how should we think about kind of the TIs, leasing commissions, and maybe faster lease commencements?

簡單介紹一下本季的辦公大樓租賃情況。看來無論是新租約還是續約，平均租約都有所縮短。是否存在任何影響結果的重大一次性事件？或者說，人工智慧公司只是傾向於較短的租賃期限？隨著該部分在您的投資組合中佔比增加，我們應該如何考慮裝修費用、租賃佣金以及可能更快的租賃開始時間？

Yes. The tenant -- the large tenant we signed a deal on in Palo Alto was really what underlied the sequential downtick, if you will, in term. I mean just in terms of overall economics leasing is holding up well. I mean you may have noticed that net effectives came down a bit sequentially. But -- they stayed in the same range of where they landed now for quite some time where if you look at net effectives on a trailing 12-month basis relative to pre-pandemic, we're approximately 10% off, which has kind of been -- that towards the upper end of the range of where we've been for quite some time now. I still think things are trending back towards closer to pre-pandemic net effectives. It's just we had this quarter a little bit of a dip.

是的。租戶——我們在帕洛阿爾托簽下的那個大租戶——才是導致租金連續下跌的真正原因。我的意思是，就整體經濟效益而言，租賃業務表現良好。我的意思是，你可能已經注意到，淨有效值逐年略有下降。但是——他們的淨收益在相當長的一段時間內都維持在目前的水平範圍內。如果你以疫情前的水平為基準，觀察過去 12 個月的淨收益，我們大約下降了 10%，這已經——相當長一段時間以來，一直處於這個水平範圍的上限附近。我仍然認為情況正在逐漸恢復到疫情前的淨有效水準。只是我們這個季度業績稍微下滑了一些。

On other economic fronts, rates are holding fine. TIs, you'll notice ticked up a little bit. Again, same lease associated with that. I think where we'll see the benefit in terms of that TI spend is that, that was first-generation space. We completely repositioned that asset, taking it offline. So the spend sort of correlates with the condition of that space to get that tenant moved in. And I think we'll see a benefit from that when we renew that tenant, we'll get a sort of more bang for our buck, if you will.

在其他經濟方面，利率保持良好。TI 值，你會注意到略有上升。同樣，也是同樣的租賃協議。我認為，就 TI 支出而言，我們會看到好處的地方在於，那是第一代空間。我們徹底重新定位了該資產，使其下線。所以，花費與該空間的狀況（以便讓租戶搬入）在某種程度上是相關的。我認為，當我們與租戶續約時，我們會從中受益，可以說我們會花更少的錢獲得更大的回報。

But in terms of overall TIs, if you look at TIs per annum for the -- on a trailing 12-month basis, they're actually 14% lower than pre-pandemic trailing TIs per annum. So again, a good sign that lease economics are holding.

但就整體 TI 而言，如果你看一下過去 12 個月的年度 TI，它們實際上比疫情前的年度 TI 低 14%。所以，這再次顯示租賃經濟狀況依​​然良好。

Lauren McNichol, Citigroup Global Markets.

Lauren McNichol，花旗集團全球行銷部。

Lauren, are you there?

勞倫，你在嗎？

All right. We'll come back to Lauren. Let's move on to John.

好的。我們稍後再談勞倫。接下來我們來談談約翰。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted your thoughts on Mayor Mamdani. No, I'm just joking. (laughter) There was a mayoral race with a socialist front runner similar to what we had in New York. But I was wondering if -- if you believe that has impacted leasing decisions or any economic decisions in Seattle over the last couple of months?

我想聽聽你對馬姆達尼市長的看法。不，我只是開玩笑。（笑聲）當時也出現了一場市長競選，一位社會主義候選人領跑，這跟紐約的情況很相似。但我很想知道——您是否認為這在過去幾個月對西雅圖的租賃決策或任何經濟決策產生了影響？

Listen, I'm getting live updates, John, right now as we speak. And as of the last -- there's going to be a pull drop, I think, at 11 AM this morning. But I think if it was a 54, 46 in favor of Bruce. And so -- and it looks like it's -- the city council is going to be [6, 3] still as a firm hold I think we're going to see -- it was an amazingly low turnout. I think historically low turn out in Seattle. So we're going to see what the impact is at the end of the day. Clearly, you know where our position is on that.

約翰，聽著，我現在正在接收即時更新。最後一點——我想，今天上午 11 點會有一次搶購活動。但我認為如果是54比46，布魯斯會贏。所以——而且看起來——市議會將繼續保持[6, 3]的穩固局面，我認為我們會看到——投票率低得驚人。我認為西雅圖的投票率創歷史新低。所以，我們最終會看到結果如何。顯然，您知道我們對此的立場。

At the end of the day, Seattle, the shift on this potentially could be impactful only because not based on the politics just based on the background of the potential new mayor if she gets elected, I mean she has no background in terms of running any governmental agency or any history of that. And so I think the process in Seattle could be slowed, but let's hope that Bruce gets in, and we'll know that in the next couple of days.

歸根結底，西雅圖，這一轉變可能會產生重大影響，原因並非基於政治因素，而僅僅是基於這位潛在新市長的背景（如果她當選的話）。我的意思是，她沒有任何管理政府機構的經驗或相關經驗。所以我認為西雅圖的進程可能會放緩，但願布魯斯能當選，我們將在未來幾天內知道結果。

Fingers crossed. Okay.

但願如此。好的。

Second question is on your economic and leased occupancy that book trended in the right direction this quarter. But it seems like you've walked back from the target that you mentioned last quarter of high 70s, low 80s by year-end. I was wondering if that was still on the table. And as part of that, if there's any update on 1455 market since that seems to be a pretty big needle mover?

第二個問題是關於您的經濟和租賃入住率，本季該指標呈上升趨勢。但看來你已經放棄了上個季度提到的到年底達到 70 多到 80 多的目標。我想知道這個方案是否還在考慮中。此外，1455市場方面是否有任何最新消息？因為這似乎是影響市場趨勢的重要因素。

So I'll start on that because it was -- I think if you recall, I said, leased -- I specifically said leased, and I said some time by year-end or first quarter and I know you like to hold us to specific correlated numbers. The trajectory is there. Whether it gets there by December 31 or it gets there by March 1, it's there. And so I wouldn't worry about is this immediate and impactful on a moment in time.

所以我先從這方面說起，因為——我想如果你還記得的話，我說過，是租賃的——我特意說了是租賃的，而且我說過會在年底或第一季完成，我知道你喜歡讓我們給出具體的、相關的數字。軌跡已經顯現。不管是在 12 月 31 日之前到達，還是在 3 月 1 日之前到達，它都已經到了。所以，我不會擔心這件事是否會在某個特定時刻立即產生影響。

And so specific to 1455, negotiations are moving along at the pace that we are very happy with. But it is a city entity, and the process will take time. But I believe our team is extremely confident that, that deal will get done in a matter of time. That being said, as you heard by our prepared remarks and by what you've seen with our pipeline, we're very comfortable with our renewability for the remainder of '25 and all of '26 and the percentages around that. And the new tenant absorption and the activity around that, we're very comfortable with that as well.

因此，就第 1455 號條約而言，談判正以我們非常滿意的速度進行。但這畢竟是市政府的機構，這個過程需要時間。但我相信我們的團隊非常有信心，這筆交易很快就會完成。也就是說，正如你們從我們準備好的發言稿和你們從我們的管道建設中看到的那樣，我們對 2025 年剩餘時間和整個 2026 年的可再生能源供應以及相關的百分比都非常有信心。對於新租戶的吸收以及相關的活動，我們也感到非常滿意。

Mark, do you want to jump in?

馬克，你想加入嗎？

No, I think he summed it up.

不，我覺得他總結得很好。

1455?

1455？

Yes, that's right. I said -- I was talking about the city. That's what I was referring.

是的，沒錯。我說——我指的是這座城市。我指的就是這個。

Lauren McNichol, Citigroup Global Markets.

Lauren McNichol，花旗集團全球行銷部。

This is Seth Bergey. Is the line unmuted?

這是塞思·伯吉。該線路是否已靜音？

Yes, you are. You kicked Laura out -- Lauren out?

是的，你是。你把蘿拉趕出去了──是把蘿倫趕出去了嗎？

(laughter) No, she's here with me.

（笑聲）不，她和我在一起。

I guess my first question is on the 4Q guide, $0.01 to $0.05. At this point in November, kind of what gets you to the low and high end of the range?

我的第一個問題是關於第四季的指導價，0.01美元到0.05美元。在11月的這個時候，有什麼因素會影響到這個區間的低端和高端？

Hi, Seth, it's [Harout]. It's -- I think we -- in my prepared remarks, I mentioned that the driver at this point is really around the studio business. it is slower activity in the fourth quarter. So if that were to tick up, I think that puts us in the higher end of the range. And if that were to tick down, it would put us in the lower end of the range. That's really the biggest driver at this point of the year.

嗨，塞思，我是[哈魯特]我認為，在我事先準備好的演講稿中，我提到過，目前的驅動因素實際上是電影製片廠業務。第四季的業務活動有所放緩。所以如果這個數字上升，我認為我們就進入了區間的高端。如果這個數字繼續下降，就會使我們進入該區間的下限。這確實是目前這個時期最大的驅動因素。

Okay.

好的。

And then I guess just on that, how should we think about the recovery -- the shape of the recovery? I think you mentioned some seasonality in the fourth quarter. And then they have six months. So is that kind of a -- six months kind of where you would expect to kind of see the pickup? Or would you kind of expect to see like a steady increase until that time period?

那麼，就這一點而言，我們該如何看待復甦──復甦的形態？我想你提到過第四季存在一些季節性因素。然後他們有六個月的時間。所以，大概需要六個月的時間才能看到成長動能嗎？還是你預期在那段時間之前會看到穩定成長？

Yes. That's about -- that's the right time frame. The new -- the enhanced credit went into effect in July. There was a round of awards right out of the gate, roughly, I don't know, 20-something awards. More recently, there were another, I don't know, 40-plus awards for a total of 74. They -- we think -- and our numbers are pretty good on this, that roughly 15% of that is currently in production. So there is squarely a lag between the amount of shows that have been awarded and those that are under production. So we -- that should hit within that 180-day time frame from the two different awards starting in July.

是的。差不多就是那個時間範圍。新的－增強型信貸政策於7月生效。一開始就頒發了一輪獎項，大概，我不知道，有二十多個獎項。最近又頒發了40多個獎項，總共頒發了74個獎項。我們認為，而且我們的數據也相當準確，大約 15% 的產能目前已投入生產。因此，已獲獎的節目數量與正在製作中的節目數量之間存在明顯的滯後。所以，這應該會在7月開始的兩項不同獎項頒發後的180天內實現。

Okay. Great.

好的。偉大的。

And if I could ask just one more. I believe on the last call, you kind there mentioned there are some pickup in tour activity Washington 1000 and some space requirements that you were kind of engage with there. Could you just kind of give us an update on that activity?

如果我能再問一個問題的話。我相信在上次通話中，您提到華盛頓 1000 的旅遊活動有一些接班人，以及一些您參與其中的空間要求。能否簡單介紹一下那項活動的最新進展？

Sure, Seth. You're absolutely right. But this tour activity we talked about last quarter has increased even more based on the demand drivers -- the positive demand drivers we're seeing in Seattle. Tour activity increased 171,000 square feet quarter over quarter, which is to say it went from 200,000 feet to 371,000 square feet. We're currently in some form of negotiation with four tenants with requirements of 50,000 square feet or more, and two of them are in later stages. So we feel really good about that. And as the competitive landscape continues to improve in Seattle, we feel that we're even better positioned now than we ever have been.

當然可以，塞思。你說得完全正確。但我們上個季度討論的旅遊活動，在需求驅動因素——我們在西雅圖看到的積極需求驅動因素——的影響下，進一步增加了。旅遊活動面積比上季增加了 171,000 平方英尺，也就是說，從 200,000 平方英尺增加到 371,000 平方英尺。我們目前正在與四家租戶進行某種形式的談判，他們的租賃需求為 50,000 平方英尺或更多，其中兩家已進入後期階段。所以我們對這一點感到非常滿意。隨著西雅圖競爭環境的不斷改善，我們感覺我們現在的處境比以往任何時候都更有利。

There are no further questions at this time. I will now turn the call back to Victor Coleman, Chief Executive Officer and Chairman, for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給執行長兼董事長維克多·科爾曼，請他作總結發言。

Thank you again for participating in our third-quarter call. We look forward to giving you updates as we go. We'll speak to you after the new year, hopefully.

再次感謝您參加我們的第三季電話會議。我們會隨時向您報告最新進展。希望新年之後我們能再聯絡。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。