Hudson Pacific Properties, Inc. (HPP) 2026 Q1 法說會逐字稿

Thank you for joining us and welcome to the Hudson Pacific Properties first quarter 2026 earnings call. (Operator Instructions).

感謝您加入我們，歡迎參加 Hudson Pacific Properties 2026 年第一季財報電話會議。（接線員指示）。

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

我現在將會議交給 Laura Campbell，執行副總裁—投資人關係與行銷。Laura，請開始。

Good morning, everyone. Thanks for joining us. With me on the call today are Victor Coleman, Chairman and CEO; Mark Lammas, President; Harout Diramerian, CFO and Art Suazo, EVP of Leasing.

各位早安。感謝各位加入。今天與我一同出席電話會議的有：董事長兼執行長 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.

今天早上，我們已向 SEC 以 8-K 申報提交財報新聞稿與補充資料，兩者目前皆可於我們網站取得，並提供本次電話會議的音訊網路直播以供重播。我們今天在電話會議中分享的部分資訊屬於前瞻性陳述。請參閱我們的財報新聞稿與補充資料，其中包含關於前瞻性資訊的聲明，以及本次電話會議所使用之非 GAAP 財務衡量指標的調節表。

Today, Victor will discuss our first quarter results and current market trends. Mark will provide detail on our office and studio operations, and Harout will review our financial results and updated 2026 outlook. Thereafter, we'll be happy to take your questions. Victor.

今天 Victor 將討論我們第一季的業績與目前的市場趨勢。Mark 將提供我們辦公室與影棚營運的細節，Harout 將回顧財務結果並更新 2026 年展望。之後，我們很樂意回答各位的問題。Victor。

Thanks, Laura. Good morning, and welcome, everyone, to our first quarter call.

謝謝你，Laura。各位早安，歡迎大家參加我們的第一季電話會議。

2026 is off to a strong start, building on decisive actions we took last year. We delivered improvement in both occupancy and cash flow. Sequentially growing FFO in total and on a per-share basis. We signed over 500,000 square feet of office leases, our third consecutive quarter of occupancy gains, supported by leasing pipelines that remain robust.

2026 年開局強勁，延續我們去年採取的果斷行動。我們在出租率與現金流兩方面都實現改善。FFO（營運資金）總額及每股均呈現季對季成長。我們簽訂超過 50 萬平方英尺的辦公室租約，出租率連續第三季提升，且租賃案源管線仍然強勁。

On the studio side, prime locations are performing and operational streamlining at Quixote continues to drive annualized savings. We also achieved substantial year-over-year reductions in G&A, maintained total liquidity in excess of $930 million, with our credit facility fully undrawn, and advanced and active pipeline of FFO accretive dispositions.

在影棚方面，核心地段表現良好，而 Quixote 的營運精簡持續帶來年化節省。我們也達成 G&A（一般及行政費用）顯著的年對年下降，維持超過 9.3 億美元的總流動性，且信用額度完全未動用，並推進一條積極且可提升 FFO 的資產處分管線。

From a macro perspective, a record $267 billion of venture capital was deployed in the first quarter, fueled by large-scale AI financings and broad investment across adjacent sectors. That capital is translating into leasing activity. Well-funded tech and AI-focused companies are accelerating demand across our West Coast markets, while more traditional office users are re-engaging on either new leases or expansions.

從總體面來看，第一季創紀錄地投入了 2,670 億美元的創投資金，主要由大型 AI 融資帶動，並廣泛投資於相鄰產業。這些資金正轉化為租賃活動。資金充裕的科技與 AI 導向公司正在加速我們西岸市場的需求，而較傳統的辦公室使用者也開始重新投入，無論是新租約或擴租。

The Bay Area obviously is leading. San Francisco had a record 2.3 million square feet of positive absorption, capping the strongest six-quarter run of occupancy growth to date. Leasing activity reached 4.1 million square feet, and AI-related tenants accounted for nearly 60% of total volume, and asking rents rose close to 4% year-over-year.

舊金山灣區顯然領先。舊金山錄得創紀錄的 230 萬平方英尺正吸納量（positive absorption），完成迄今最強的連續六季出租率成長。租賃活動達到 410 萬平方英尺，AI 相關租戶占總量近 60%，而要價租金年對年上升接近 4%。

Silicon Valley extended its momentum. With a sixth consecutive quarter of occupancy growth. The peninsula is also showing further signs of positive inflection, particularly in Redwood City and Foster City, where our assets are concentrated.

矽谷延續其動能。出租率連續第六季成長。半島地區也顯示更多正向轉折跡象，特別是在 Redwood City 與 Foster City，我們的資產主要集中於此。

The Puget Sound posted its second consecutive quarter of positive absorption. Downtown Seattle is beginning to capture its share of AI and tech demand, and our portfolio quality positions us to benefit as activity further extends from the East Side to the urban core. In Los Angeles, fundamentals remain challenged, but with our own limited near-term availability concentrated in one well-leased top-tier asset, we can be patient as conditions strengthen.

普吉特灣地區連續第二季出現正吸納量。西雅圖市中心開始承接其應有的 AI 與科技需求，而我們的投資組合品質使我們能在活動進一步由 East Side 延伸至市中心核心區時受益。在洛杉磯，基本面仍具挑戰，但由於我們短期可出租面積有限，且主要集中在一項租賃表現良好的頂級資產，我們可以在條件改善時保持耐心。

Turning to studios, US production activity remains subdued, but the flight to quality is real. Our Hollywood stages are 97% leased and Sunset Pier 94 reached 100% leased within the first quarter of operations. The leasing results made it clear.

轉向影棚業務，美國製作活動仍然低迷，但「向高品質集中」的趨勢確實存在。我們的好萊塢攝影棚出租率為 97%，而 Sunset Pier 94 在營運的第一季內即達到 100% 出租。租賃成果已清楚說明一切。

These are the right assets in the right locations. We're actively refining our studio portfolio to focus on the highest performing assets and lines of businesses. And on Quixote , we're making the necessary and, quite frankly, difficult decisions. As announced, Quixote will wind down leased soundstage facilities and Atlanta area operations. We remain committed to ensuring Quixote is earnings-neutral by year-end.

這些是在正確地點的正確資產。我們正積極優化影棚投資組合，聚焦於表現最佳的資產與業務線。至於 Quixote，我們正在做出必要且坦白說相當艱難的決策。如先前宣布，Quixote 將逐步結束租賃式錄音棚設施以及亞特蘭大地區的營運。我們仍致力於確保 Quixote 在年底前達到盈虧中性（earnings-neutral）。

On capital recycling, we're in various stages on asset sales targeting approximately $200 million this year, and these are all FFO accretive non-core dispositions. We have a buyer and agreed price at 10950 Washington, as well as another asset under contract.

在資本循環方面，我們正處於不同階段的資產出售流程，目標今年約 2 億美元，且皆為可提升 FFO 的非核心資產處分。我們已為 10950 Washington 找到買方並達成價格共識，另有一項資產也已簽約。

As we look ahead, both occupancy and our leasing pipeline should remain strong. We're making the hard calls and continue to ensure our overhead is controlled, our disposition pipeline remains on track, and we have ample liquidity and a clear executable path to FFO growth through the balance of the year.

展望未來，出租率與我們的租賃管線應可維持強勁。我們正在做出艱難決策，並持續確保管理費用受控、處分管線按計畫推進，同時擁有充足流動性，以及在今年剩餘期間推動 FFO 成長的清晰且可執行路徑。

And with that, I'll turn the call over to Mark.

接下來我把電話會議交給 Mark。

Thanks, Victor. Our leasing momentum continued to translate into tangible occupancy gains in the first quarter.

謝謝你，Victor。我們的租賃動能在第一季持續轉化為實質的出租率提升。

We signed 554,000 square feet of leases, 49% of which were new leases, driving our in-service office portfolio occupancy to 77.8%, up 150 basis points sequentially, and our lease rate to 78.4%, up 140 basis points sequentially. Occupancy improved across our core regions, except for [Vancouver], where the lease percentage increased 110 basis points to 94.3%.

我們簽訂了 554,000 平方英尺的租約，其中 49% 為新租約，使我們已投入營運的辦公室投資組合出租率提升至 77.8%，季對季上升 150 個基點；租賃率（lease rate）提升至 78.4%，季對季上升 140 個基點。除 [Vancouver] 外，我們核心區域的出租率皆改善；在 [Vancouver]，租賃率上升 110 個基點至 94.3%。

On lease economics, GAAP rents increased 1.8%, while cash rents declined 2.4%, representing sequential improvement in these metrics by 140 and 660 basis points, respectively. Net effective rents rose 4% sequentially, though were down 2% year-over-year, with the latter comparison influenced by the large prior-year lease with the city and county at 1455 market.

在租約經濟條件方面，GAAP 租金上升 1.8%，而現金租金下降 2.4%；相較前一季，這兩項指標分別改善 140 與 660 個基點。淨有效租金（net effective rents）季對季上升 4%，但年對年下降 2%；後者比較受到去年在 1455 Market 與市政府及郡政府簽訂的大型租約影響。

We have excellent visibility into continued occupancy growth. Our leasing pipeline increased again to 2.4 million square feet, up 13% year-over-year, and we had 2.2 million square feet of tours in the quarter, up over 30% year-over-year. Our third lease with the city and county of San Francisco, which effectively absorbs the remaining vacancy at 1455 Market, remains on track to be finalized in the second quarter.

我們對持續的出租率成長具有極佳能見度。我們的租賃管線再度增加至 240 萬平方英尺，年對年成長 13%；本季帶看（tours）達 220 萬平方英尺，年對年增加超過 30%。我們與舊金山市及郡政府的第三份租約（可實質吸收 1455 Market 剩餘空置）仍按計畫於第二季完成定案。

We have close to 60% coverage, deals with leases, LOIs or proposals on approximately 600,000 square feet expiring for the remainder of the year, including full coverage on PayPal at fourth of contraction and 80% coverage on Dell at $875 per hour.

對於今年剩餘期間到期的約 60 萬平方英尺租約，我們已有接近 60% 的覆蓋率（coverage），包含已簽租約、LOI（意向書）或提案的交易；其中包括對 PayPal（在第四季縮減）達到全數覆蓋，以及對 Dell 在每小時 875 美元的條件下達到 80% 覆蓋。

At Washington-1000, tenant interest has increased meaningfully. We now have coverage for approximately 60% of the project. To meet demand for pre-built space, we'll deliver 70,000 square feet of move-in-ready suites in the second quarter. We're in late-stage negotiations with an amenity provider for the first and second floors to further enhance the property's marketability.

在 Washington-1000，租戶興趣顯著提升。我們目前已對約 60% 的專案取得覆蓋。為滿足對預先裝修（pre-built）空間的需求，我們將於第二季交付 70,000 平方英尺可立即進駐的套房（move-in-ready suites）。我們正與一家具備設施服務能力的供應商就一、二樓進行後期談判，以進一步提升該物業的市場吸引力。

Beyond that, we're in negotiations with seven Office Eugene tenants, primarily growth-oriented tech and tech-enabled companies, with requirements ranging from under 10,000 to over 100,000 square feet.

此外，我們正與七家 Office Eugene 租戶進行洽談，主要為成長導向的科技公司與科技賦能公司，需求面積從低於 10,000 平方英尺到超過 100,000 平方英尺不等。

Turning to studios, our in-service stages were 72.8% leased over the trailing three months, excluding Pier 94, which was placed in service this quarter and where stages went from 0% to 100% leased during the quarter. Our in-service stages would have been 78.2% leased, up 370 basis points sequentially, driven by the lease-up of Sunset West Palmas.

談到影棚，我們已投入營運的攝影棚在過去三個月的出租率為72.8%，不含Pier 94；Pier 94於本季投入營運，且其攝影棚在本季內由0%出租提升至100%出租。若計入Sunset West Palmas的去化帶動，我們已投入營運的攝影棚出租率本可達78.2%，較前一季上升370個基點。

As Victor noted, our Hollywood stages, Sunset, Bronson, Gower, and Las Palmas, were 97% leased over the trailing three months, up 280 basis points. Studio revenue was off $2.4 million sequentially, attributable to lower demand for Quixote 's Lighting and Grid, Pro Supplies, and Fleet. Despite expenses being $2.1 million lower, this led to a sequential $300,000 decrease in Studio NOI to $1.5 million.

如Victor所提，我們位於好萊塢的攝影棚——Sunset、Bronson、Gower與Las Palmas——在過去三個月的出租率為97%，上升280個基點。影棚業務營收較前一季減少240萬美元，主因為Quixote的Lighting and Grid、Pro Supplies與Fleet需求較低。儘管費用減少210萬美元，仍使影棚NOI較前一季減少30萬美元至150萬美元。

That said, Sunset Studio NOI, excluding Quixote , increased $1 million sequentially and was up $1.8 million year-over-year to $7.4 million, driven by the lease up at Sunset West Palmas and increased production activity at Sunset Bronson.

不過，Sunset影棚NOI（不含Quixote）較前一季增加100萬美元，且年增180萬美元至740萬美元，主要受惠於Sunset West Palmas的出租去化，以及Sunset Bronson製作活動增加。

On Quixote , the wind out of leased soundstage facilities and Atlanta area operations would equate to approximately $5.8 million of annual cash NOI improvement.

就Quixote而言，退出已出租的攝影棚設施以及亞特蘭大地區營運，約可帶來每年580萬美元的現金NOI改善。

Finally, we continue to actively explore adaptive reuse opportunities across our portfolio. In second quarter, we'll submit for reentitlement of 901 Market's 164,000 square foot office component as residential with expected resolution by year-end. We're also evaluating the potential to redevelop excess surface parking at select assets across Palo Alto, Redwood Shores, and Foster City as mixed-use.

最後，我們持續在整體資產組合中積極探索適應性再利用（adaptive reuse）機會。第二季，我們將就901 Market的16.4萬平方英尺辦公室部分申請重新取得使用許可（reentitlement），改作住宅用途，預期於年底前取得結果。我們也在評估於Palo Alto、Redwood Shores與Foster City部分資產的多餘地面停車場，改建為複合式用途的可能性。

These initiatives, along with others under evaluation, allow us to better align our portfolio with market demand while leveraging our deep entitlement and redevelopment expertise.

這些計畫以及其他仍在評估中的方案，讓我們能在運用深厚的許可申請與重建專業的同時，更好地使資產組合與市場需求對齊。

And now, I'll turn the call over to Haru.

接下來，我把電話交給Haru。

Thanks, Mark. I'll walk through our first-quarter results and updated 2026 outlook. Total revenues were $181.9 million compared to $198.5 million in the prior year, primarily due to the sale of Element LA and office tenant move-outs, most specifically Uber's departure from 1,435 market midway through the first quarter of 2025, with studio production activity remaining stable.

謝謝，Mark。我將說明我們第一季的業績以及更新後的2026年展望。總營收為1.819億美元，較去年同期的1.985億美元下降，主要因出售Element LA以及辦公室租戶退租，尤其是Uber於2025年第一季中途自1,435 Market搬離；同時，影棚製作活動維持穩定。

G&A declined 32% to $12.6 million compared to $18.5 million in the prior year, further reflecting the progress we've made to streamline our cost structure. Core FFO increased to $16.5 million or $0.25 per diluted share, up from $12.9 million or $0.61 per diluted share in the prior year. Adjustments to FFO totaled $1.5 million or $0.02 per diluted share, compared to $9.8 million or $0.47 per diluted share in the prior year.

一般及行政費用（G&A）較去年同期下降32%至1,260萬美元（去年同期為1,850萬美元），進一步反映我們在精簡成本結構方面的進展。核心FFO增加至1,650萬美元或每股稀釋後0.25美元，高於去年同期的1,290萬美元或每股稀釋後0.61美元。FFO調整項合計150萬美元或每股稀釋後0.02美元，去年同期為980萬美元或每股稀釋後0.47美元。

Same-store cash NOI was $85.2 million, compared to $92 million in the prior year, driven by lower office revenues from tenant move-outs, again, largely Uber's departure at $1,455 market, partially offset by higher studio revenue from increased production activity at our Hollywood assets.

同店現金NOI為8,520萬美元，低於去年同期的9,200萬美元，主要因租戶退租導致辦公室營收下降，再次主要是Uber自1,455 Market搬離；部分被我們好萊塢資產製作活動增加所帶動的影棚營收成長所抵銷。

On our balance sheet, total liquidity of $933 million includes $138 million of cash and full availability of $795 million on our credit facility. Interest expense was 13% lower year-over-year, representing $5.5 million of savings, and all of our debt was fixed or capped.

在資產負債表方面，總流動性為9.33億美元，包括1.38億美元現金，以及我們信貸額度中7.95億美元的全額可用額度。利息費用年減13%，相當於節省550萬美元，且我們所有債務皆為固定利率或已設上限（capped）。

We continue to work with our partner on a resolution for the Hollywood Media portfolio level maturity. Conversations with the lender as well as those with Netflix regarding their long-term space needs are productive and ongoing.

我們持續與合作夥伴就Hollywood Media資產組合層級到期問題尋求解決方案。與貸方的對話，以及與Netflix就其長期空間需求的討論，皆具建設性並持續進行中。

Turning to our updated 2026 outlook, we're increasing our full-year core FFO range to $1.10 to $1.18 per diluted share, up from the prior range of $0.96 to $1.06. This revised range reflects two key drivers. First, approximately $0.04 of outperformance in the first quarter compared to our initial expectations. Suitable parking revenue, lower repairs and maintenance expense, and favorable CAM reconciliations account for the outperformance.

接著談更新後的2026年展望，我們將全年核心FFO區間上調至每股稀釋後1.10至1.18美元，先前區間為每股稀釋後0.96至1.06美元。此修訂區間反映兩項關鍵驅動因素。第一，第一季相較我們初始預期約有每股0.04美元的超預期表現。合規停車（suitable parking）收入、較低的修繕與維護費用，以及有利的CAM（公共區域維護費）結算，構成了這項超預期表現。

Second, a $0.09 benefit from the reclassification of Quixote's leased sound stages and Atlanta area operations as discontinued operations beginning in the second quarter of 2026. Note, the $0.09 benefit is based upon. Projections for the discommute operations included in our previously provided full-year outlook.

第二，自2026年第二季起，將Quixote已出租的攝影棚與亞特蘭大地區營運重新分類為終止營業（discontinued operations），帶來每股0.09美元的效益。請注意，這每股0.09美元的效益係基於。我們先前提供的全年展望中所包含之終止營業預測。

As always, our outlook excludes potential dispositions, acquisitions or capital market activity. With that, I'll turn the call over to Victor.

一如既往，我們的展望不包含任何潛在的資產處分、收購或資本市場活動。接下來，我把電話交給Victor。

Thanks, Harout. Let me bring it together. The first quarter demonstrates that our markets are recovering, but importantly, the deliberate decisions we're making ensure Hudson Pacific can capture this recovery better than most. Our outlook is up, occupancy is growing, Prime Studios are performing, and Quixote 's drag is being addressed.

謝謝，Harout。我來做個總結。第一季顯示我們的市場正在復甦；更重要的是，我們所做的審慎決策，確保Hudson Pacific能比多數同業更好地掌握這波復甦。我們的展望上調、入住率提升、Prime Studios表現良好，且Quixote的拖累正在被處理。

And we're doing all this while keeping our liquidity and balance sheet intact. Each of these actions reinforces the same outcome, a clear and credible path to FO growth to the balance of 2026. That's what we're committed to do.

同時，我們也維持充足的流動性並保持資產負債表穩健。上述每一項行動都強化同一個結果：在2026年剩餘期間，通往FFO成長的清晰且可信的路徑。這就是我們致力要做到的。

Thank you for your continued interest in HPP. Operator, now, I'd like you to open the line for any questions.

感謝各位持續關注HPP。接線員，現在我想請您開放線路供提問。

(Operator Instructions)

（接線員指示）

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Hi, guys. Maybe if you can sort of just talk about just what you're seeing in the overall capital markets environment has pricing changed at all? Are you seeing any change to the buyer appetite?

嗨，各位。也許你們可以談談你們在整體資本市場環境中看到的情況——定價是否有任何變化？你們是否看到買方胃納有任何改變？

And then maybe if you can just talk a little further about the deal that you said you have a pricing set. I think in the past you talked about various ways that can go, but it sounds like you guys are now going to fully dispose of that piece. Is that sort of correct?

另外，也許你們可以再多談一點你們提到已經訂好價格的那筆交易。我記得過去你們談過各種可能的方式，但聽起來你們現在會把那一部分完全處分掉。這樣理解正確嗎？

Yeah, Dylan, hey, it's Victor. Let's first first of all, we'll take the second question first. On 10950, we're fully disposing of it. We indicated on our last call, we had a series of offers on JVs and on outright sales. On the outright sale number that we've agreed upon and are about to go under contract, but the diligence timeframe has been clicking.

是的，Dylan，嗨，我是Victor。我們先回答第二個問題。關於10950，我們會完全處分。我們在上次電話會議提到，我們收到一系列關於合資（JV）以及直接出售的報價。就我們已同意、且即將簽約的直接出售價格而言，盡職調查的時程一直在推進。

It's a deal that we just felt compelled that it was a good enough price, better than good enough, and it exceeded our expectations.

這筆交易的價格讓我們覺得必須把握——價格已經夠好，甚至超出夠好，而且超過我們的預期。

To where a JV structure would have been more applicable. And so, yes, we are selling that asset and that's going to -- currently today, that's going very well. In terms of the overall marketplace, I can give you sort of a high level in the three markets that we're in. Start in Seattle, 506st is an example, had a series of people that were interested at a fairly high price per foot on a leased.

因此，原本較適用的合資（JV）架構就不再那麼必要。所以，是的，我們正在出售該資產，而目前進展非常順利。至於整體市場環境，我可以就我們所在的三個市場提供一個高層次的看法。先從西雅圖開始，506st就是一個例子，有一批買方在相當高的每平方英尺價格水準上，對一個已出租的資產表達興趣。

Asset that is probably 50% of it needs repositioning in the marketplace, pleasantly surprised at the activity around that. There has been a couple of deals in Bellevue that are priced relatively aligned to what we would say is the new market cap rate pricing.

該資產大概有 50% 需要在市場上重新定位；對於圍繞此事的活動量，我們感到驚喜。Bellevue 已經有幾筆交易，其定價相對符合我們所稱的「新市場資本化率（cap rate）定價」。

In the 5.5% to 6.5% raised for stabilized walled assets. And then people are looking right now at a couple of assets in Seattle at more buying vacancy. I think that trend started in the Bay Area where we've seen quite a number of assets trade that are vacant assets that are more inclined for value-added upside than we used to see walled assets, but the material numbers in both those markets are still nowhere near where peak activity is. There's a few more coming to market second-half of this year that we were indicated will come out at some pretty good pricing levels.

穩定、已出租的資產，資本化率上調至 5.5% 到 6.5% 的區間。而目前也有人在西雅圖看幾個資產，偏向買入較高空置率的標的。我認為這個趨勢始於灣區；我們看到相當多的成交是空置資產，較以往已出租資產更偏向透過增值（value-add）來取得上行空間，但這兩個市場的實質成交量仍遠不及高峰期的活躍程度。今年下半年還會有幾個標的上市，我們得到的訊息是，可能會以相當不錯的定價水準推出。

We mentioned that we have an asset on the market right now. We've got 120 NDAs signed and a lot of activity that's a value-add asset in the Bay Area. So I think that's indicative of where the market is. I would say closer to home in Los Angeles, where our corporate offices are, as you know.

我們提到目前有一個資產正在市場上出售。我們已簽了 120 份保密協議（NDA），而且活動非常熱絡；那是一個位於灣區的增值型資產。所以我認為這反映了市場目前的狀況。我會說更接近我們的洛杉磯，也就是如你所知我們的公司總部所在地。

We're really seeing very little activity on the west side, very little activity in all of the markets, even in the South Bay of sales at this time. So we haven't seen that. There's a couple of deals that are being tossed around at some good price per foot numbers, but not good yield numbers right now in the Southern California marketplace.

我們確實看到西區的活動非常少，所有市場的活動都很少，甚至目前南灣的成交也很少。所以我們沒有看到那樣的情況。有幾筆交易在談，單位面積價格（price per foot）看起來不錯，但在南加州市場目前殖利率（yield）數字並不好。

That's helpful, Victor. I really appreciate that color. And then there's any one on sort of the overall demand environment. It sounds like things continue to pick up and you're seeing increased activity in Seattle coming out of Bellevue. Can I just talk about sort of any of the reasons why you think or what is sort of causing this continuation of accelerated leasing activity across your guys' footprint?

這很有幫助，Victor。我非常感謝這些補充說明。另外，關於整體需求環境，有人可以談一下嗎？聽起來情況持續回升，而且你們看到西雅圖從 Bellevue 帶動而來的活動增加。我能否請你談談，為什麼你認為會持續出現、或是什麼因素造成你們版圖各市場的租賃活動加速延續？

Yeah, as I mentioned in my prepared remarks and then Mark followed up on it, sort of 50% plus of it's tech and tech-related and AI-related leasing activity. I think the most interesting aspects are what's happening in the Bay Area, but if you really permeate down into the Silicon Valley from Foster City, Redwood City, Redwood Shores, all the way through to. Palo Alto, Mountain View, and then even North San Jose.

是的，如同我在事先準備的發言中提到的，Mark 也補充了，大概有 50% 以上是科技、科技相關以及 AI 相關的租賃活動。我認為最有意思的是灣區正在發生的事；但如果你深入到矽谷，從 Foster City、Redwood City、Redwood Shores，一路到Palo Alto、Mountain View，甚至北聖荷西。

What we're seeing is an influx of larger tenants. I think last quarter, our team said there was six transactions over 100,000 square feet and two were 450,000 square feet. So we're seeing that activity start to permeate to take space off the marketplace. The kind of space it's getting off the market is two levels.

我們看到大型租戶的流入。我想上季我們團隊說有六筆交易超過 10 萬平方英尺，其中兩筆是 45 萬平方英尺。所以我們看到這樣的活動開始滲透，逐步把空間從市場上消化掉。被消化掉的空間大致分成兩個層面。

One is space that is built out and ready to occupy, and two is space that has energy efficiencies for additional power. And fortunately, from our standpoint, we have an asset like that in the market today that's getting some pretty interesting activity around that because we have a lot of power on our asset in North San Jose.

第一是已裝修完成、可立即進駐的空間；第二是具備能源效率、可支援額外電力需求的空間。而從我們的角度來看很幸運的是，我們目前在市場上就有這樣的資產，因為我們在北聖荷西的資產有很大的電力容量，所以引來相當有意思的關注與活動。

So we think the marketplace is shifting to that. I think you're seeing in San Francisco the same trends of tech and AI-related, but fire-related. From our standpoint, has been very consistent. In Seattle, we are finally seeing that turn of Puget Sound's positive absorption. It was led by Bellevue clearly, and we're seeing the activity in that marketplace consistently pick up quarter after quarter. And then lastly, in Los Angeles, I think it's definitely bottomed out.

因此我們認為市場正在往這個方向轉變。我想你在舊金山也看到同樣的趨勢：科技與 AI 相關的需求，但也受到火災相關因素影響。就我們而言，一直都非常一致。在西雅圖，我們終於看到普吉特灣（Puget Sound）地區的淨吸納轉為正值。很明顯是由 Bellevue 帶頭，我們也看到該市場的活動一季接一季穩定回升。最後，在洛杉磯，我認為確實已經觸底。

We have a little exposure here, but the exposure that we do have is very active. We got a couple hundred thousand square feet of proposals in the marketplace today, and the rates are as good as we've seen them since 2019. Harout, you want to comment any further? No, I think you said it.

我們在這裡的曝險不大，但我們所擁有的曝險部分非常活躍。我們目前在市場上有幾十萬平方英尺的提案（proposals），而租金水準是自 2019 年以來我們見過最好的。Harout，你還要補充嗎？不，我想你都說到了。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning out there, and great to see vibrancy back in office. So, well done. So, two questions. First, Harout, can you just go through the mechanics on the POD, wind down the $0.09 disk ops, like just what the mechanics are of how that impacts.

嘿，各位早安，也很高興看到辦公市場重新恢復活力。所以，做得很好。我有兩個問題。第一個，Harout，你能否說明一下 POD 的運作方式、以及把每股 0.09 美元的 disk ops（處分/停業相關營運）逐步結束的機制，也就是它如何影響……

The guidance. Clearly understand the outperformance, the straw and leasing, that makes sense for raising guidance, but it's the $0.09 part, just want a little bit more clarity on.

你們的財測指引。我很清楚你們的超預期表現、以及租賃帶動的提升，這也合理能上調指引；但就是那每股 0.09 美元的部分，我想更清楚一點。

Sure, Alex. Good morning. So all that is in our previous guidance, we had assumed $0.09 related to the items that we're specifying and winding down. So all we're doing is removing that from our continuing operations or core FFO, and that's what we're going to. Remove effectively. It's really that simple. So on a go-forward basis, that's no longer going to drag earnings.

當然可以，Alex。早安。我們先前的指引中，已經假設了每股 0.09 美元，與我們正在說明並逐步結束的項目相關。所以我們所做的就是把這部分從持續營運或核心 FFO 中移除，這就是我們要……實際上移除的部分。真的就這麼簡單。因此往後這部分不再拖累盈餘。

Okay, got it. So it's not just the drag, that's no longer there. Perfect. Okay. And then, Victor, bigger picture, Netflix, they were in the news a few weeks ago, possibly buying the Hackman CBS studio.

好的，了解。所以不只是拖累，而是那個拖累不再存在。很好。好的。接著，Victor，從更大的角度來看，Netflix 幾週前上了新聞，可能要買 Hackman CBS 影城。

Can you just give a little bit more color on, what you think?

你能否多給一點看法上的補充說明？

Yeah, that would mean, obviously, you guys built them very nice project office, et cetera. I don't know the age of the CBS studios. It sounds like it's been there a long time given the shows that have been produced. So I don't know what the physical plant is like and if that's even something that they conceivably could consolidate to, but we certainly appreciate your perspective.

是的，這顯然意味著你們替他們打造了非常好的專案辦公室等等。我不知道 CBS 影城的屋齡。聽起來因為製作過的節目，它已經存在很久了。所以我不清楚其硬體設施狀況如何，以及他們是否有可能把據點整併到那裡；但我們確實很希望聽聽你的觀點。

So from a color standpoint, I'm going to sort of get it out of the way so we don't get asked throughout the call, Alex, and I appreciate the comments. With the conversation around Netflix. Obviously indifference to the tenant and our conversations with them. I can't talk about what's going on, but suffice to say that our relationship is intact and it's positive.

就補充說明而言，Alex，我先把這點講清楚，免得整場電話會議一直被問到，也謝謝你的評論。關於 Netflix 的討論。顯然，基於租戶關係以及我們與他們的對話。我不能談正在發生什麼，但可以說的是，我們的關係仍然穩固，而且是正向的。

On the Radford, situation and what their intent is, I know we've had conversations with them. Again, it's a 21 soundstage facility that is really directed to production and. Creative production as a campus. There's very little office on that campus right now, and the office that is intact is leased to CVS for a long period of time. And so whether or not they buy it is really up to them, and it's going to be a campus facility for Soundstages, that's their call.

至於 Radford 的情況以及他們的意圖，我知道我們已經和他們談過。同樣地，那是一個 21 座攝影棚（soundstage）的設施，主要是以製作與創意製作為導向的園區。目前那個園區的辦公空間非常少，而現有的辦公空間已長期租給 CVS。因此他們是否購買完全取決於他們；而那將會是一個以攝影棚為主的園區設施，這是他們的決定。

But it's not going to interfere with our relationship with them and our conversations with them going forward.

但這不會干擾我們與他們的關係，以及我們未來與他們的對話。

Seth Bergey, Citi.

Seth Bergey，花旗。

Thanks for taking my question. I guess it's the first one on the Washington 1,000 comment. You mentioned some activity kind of on that space, which is, a positive. But can you give some color on, what stages those kind of negotiations are in?

謝謝讓我提問。我想先從 Washington 1,000 的評論談起。你提到那個項目在這方面有一些活動，這是正面的。但你能否補充一些細節，這類談判目前大概進行到什麼階段？

Yeah, I'll sort of talk top level and let Art jump in terms of the activity. The activity has increased dramatically. We mentioned on our last call, we're in the final phase this month of opening up our spec suites there, which the activity around those has been very strong, a couple of floors of negotiations on that.

好的，我先從較高層次說明，至於具體的活動情況再讓 Art 補充。相關活動已大幅增加。我們在上次電話會議提到，本月我們正處於在那裡開放我們樣板套房（spec suites）的最後階段，而圍繞這些套房的活動非常強勁，已有幾個樓層在進行談判。

As we mentioned. Ready space is ready space, and people are interested in moving in a ready space. The building's in phenomenal shape. The amenities that we're putting through the building are very well accepted in the marketplace.

如我們所提到的。可立即使用的空間就是可立即使用的空間，人們有興趣搬進可立即使用的空間。這棟大樓的狀況非常好。我們在大樓內導入的各項配套設施在市場上也獲得很好的接受度。

And we're starting to see not just smaller tenants, and what I mean by smaller is, 15 to 40,000 square footers, but now we've got four or five over 100,000 square foot tenants that are in the marketplace that we are there, first, second, or third choice.

而且我們開始看到的不只是較小的租戶——我所謂較小是指 1.5 萬到 4 萬平方英尺——現在我們也有四到五個超過 10 萬平方英尺的租戶在市場上尋找空間，而我們是他們的第一、第二或第三選擇。

Harout, you can comment on where we stand with that.

Harout，你可以評論一下我們目前在這方面的進展。

Victor touched on a couple of things that are important to note, just the greater demand, he talked about earlier, greater demand in Seattle has picked up tremendously, we're benefiting from the tightness of the market in Bellevue, we're benefiting from and we have benefited from the diminishing trophy.

Victor 提到幾個值得注意的重要點：整體需求更強，他先前談到西雅圖的需求大幅回升；我們受惠於 Bellevue 市場的緊俏；我們也受惠於、並且一直受惠於市場上頂級（trophy）次租空間逐漸減少。

Subtly space that had been on the market. And we're starting to see these tenants out in the market that were kind of greater now focusing on the downtown core. By comparison, our tours have increased. We talked about tours increasing. Well, they haven't increased anywhere more than in Seattle. The tour activity was up quarter over quarter. It was up 20%.

那些先前在市場上的次租空間正在悄然消化。我們也開始看到一些原本更偏向其他區域的租戶，現在把焦點轉向市中心核心區。相較之下，我們的帶看（tour）次數增加了。我們談過帶看增加。而增加幅度最大的地方就是西雅圖。帶看活動較上一季成長。成長了 20%。

And in the pipeline. The pipeline that's now 25% of our entire pipeline is in Seattle. So that tells you about kind of the depth of the demand out there and our team's ability to pull those deals forward. Washington 1,000 is also benefiting from this. We've got seven deals, as we mentioned in the prepared remarks.

再看我們的案源管線（pipeline）。目前西雅圖占我們整體管線的 25%。這反映了當地需求的深度，以及我們團隊推動這些交易往前進展的能力。Washington 1,000 也因此受惠。如同我們在事先準備的講稿中提到的，我們目前有七筆交易。

Four of these deals -- these are deals in negotiation. Four of these deals are on the move-in ready suites that Victor just alluded to they'll deliver this month.

其中四筆——這些都是正在談判中的交易。這四筆交易是針對 Victor 剛提到、將於本月交付的可立即入住套房（move-in ready suites）。

And as that is approaching, tenants are getting more really more excited about the delivery of this. These are high-growth tenants that perhaps weren't in the market before or had a small presence, mainly tech, and we're capturing that activity in a big way. Your question at the top of the call was.

隨著交付時間接近，租戶對此更感到興奮。這些是高成長租戶，可能之前不在市場上，或僅有小規模據點，主要是科技業；我們正大幅掌握這波活動。你在電話一開始的問題是。

What is the stage of these deals. I will say that they're all in negotiations. Two of the deals which are for the ready-build suites are in later stage negotiations. We're not in leases, but we are hopeful that with the momentum we've had thus far that in the coming quarters we'll execute on the ready-build suites.

這些交易目前處於什麼階段。我會說它們都在談判中。其中兩筆針對 ready-build 套房的交易已進入較後期的談判階段。我們尚未進入正式簽約（leases），但我們希望憑藉目前的動能，在接下來幾季能完成 ready-build 套房的簽約。

Great. And then just a bit more broadly on kind of the pipeline. Just how much of that pipeline is kind of the, kind of AI tech demand that you cited and, for those types of tenants, what's kind of the average field size and then, just any changes in terms of, how quickly that's kind of converting or, late stage versus early stage?

很好。再更廣泛地問一下關於管線。你提到的 AI 科技需求大概占管線多少比例？另外，對於這類租戶，平均面積大概是多少？以及在轉換速度上——例如後期與早期階段——是否有任何變化？

Yeah, so it's really market to market, it's all over the board, but we are, I would say for our pipeline and the deals that we are negotiating on right now, and even the deals that we're touring are some of the smaller deals are early stage funding.

是的，這其實因市場而異，差異很大；但我會說，就我們目前的管線、以及正在談判中的交易，甚至正在帶看的交易而言，其中一些較小的案子屬於早期募資階段。

There are, and we have captured some larger deals, that is to say 50,000 square feet or greater, I would say, but the bread and butter was really closer to about 10,000, 15,000 square feet. A lot of these tenants, especially the smaller ones, are looking for ready-built space. They're looking for space that is high-end, second-gen, build-outs.

我們也拿下一些較大的案子，也就是說 5 萬平方英尺或以上；但我們的主力其實更接近約 1 萬到 1.5 萬平方英尺。許多租戶，尤其是較小的租戶，正在尋找已裝修完成、可立即使用的空間（ready-built space）。他們想要高規格的第二代裝修（second-gen build-outs）。

Obviously, the spend is top of mind for many of these tenants, highly ametized space, which really is our wheelhouse. And so we've done a great job across the portfolio of capitalizing on these AI tenants. It has increased in our portfolio from 10% of our deals and negotiation RSA pipeline to about 25% of all the tech deals that we're seeing.

顯然，對許多租戶而言，支出是首要考量；而高度配套化（highly amenitized）的空間正是我們的強項。因此，我們在整體投資組合中把握這些 AI 租戶的機會做得很好。在我們的投資組合中，AI 租戶占我們交易與談判中的可出租面積（RSA）管線比例，已從 10% 提升到我們目前看到的所有科技交易中的約 25%。

And that's just across the board. Obviously across the Valley and in San Francisco, the number is greater than that.

這是全面性的趨勢。當然，在矽谷與舊金山，這個比例更高。

Yes, Seth, just a little follow-up to that, as I mentioned earlier, if you look at the entire barrier, we are benefiting from these larger deals that have finally come to fruition. And as I said, there's six deals that were completed last quarter at big numbers. So that's taken a lot of space off the marketplace, which helps our portfolio and all our peer portfolios around, and we're seeing that impact immediately.

是的，Seth，我再補充一下：如我先前提到，如果你看整個灣區，我們正受惠於這些終於落地的大型交易。如我所說，上季完成了六筆大額交易。這讓市場上的可用面積大幅減少，進而有利於我們的投資組合以及周邊同業的投資組合，我們也立刻看到這個影響。

Ronald Kamden, Morgan Stanley.

Ronald Kamden，摩根士丹利。

Great. Just two quick ones. Starting with the same sort of guidance, just in terms of the cadence, maybe can you talk about for the rest of the year when we should expect that inflection to get to the middle of the range, and is that primarily driven by commencements?

好的。兩個很快的問題。先從同樣的指引談起，就節奏而言，你能否談談今年剩餘時間我們應該在何時看到走勢轉折、回到區間中位數？這主要是由租約起租（commencements）所帶動嗎？

Ron, good talking to you. So, yeah, so I think we previously said the first quarter was going to be our weakest quarter, primarily driven by 1455 market, Uber specifically, moving out last year, and that reflected. And then we expect the rest of the year to improve primarily, we expect the third quarter to be -- sorry, we expect the second quarter to improve.

Ron，很高興和你交流。是的，我想我們先前說過第一季會是最弱的一季，主要是因為 1455 Market（物件）——特別是 Uber 去年搬出——所致，這也反映在數據上。接著我們預期今年其餘時間會改善，主要是我們預期第三季會——抱歉，我們預期第二季會改善。

Maybe a bit weaker in the third quarter and then to again to improve again in the fourth quarter. So that's kind of the cadence for the rest of the year, but obviously much stronger than the first quarter.

第三季可能會稍微弱一些，然後第四季會再度改善。這就是今年剩餘時間的大致節奏；但顯然會比第一季強很多。

Got it. That makes sense. And then just a quick one on the AFFO, obviously negative because of the elevated recurrent CapEx, just any line of sight as you're getting through, a lot of these leasing when that CapEx run rate can start to sort of moderate. And how we should think about that?

了解。這很合理。再快速問一下 AFFO：顯然因為經常性資本支出（recurrent CapEx）偏高而為負值；隨著你們完成許多租賃，有沒有任何可見度顯示這個 CapEx 的支出率何時能開始趨於緩和？我們應該如何看待？

Hi, Ron. Yeah, we were looking at it, the latest sort of estimates just recently. For the rest of the year, it looks to us like it's going to average pretty close to where first quarter TILC and recurring CapEx shook out.

嗨，Ron。是的，我們最近剛看過最新的估算。就今年剩餘時間而言，我們認為平均水準會相當接近第一季的租戶改善與租賃佣金（TILC）以及經常性資本支出（recurring CapEx）的實際結果。

If you kind of do the math on core FFO for the balance of the year, it points to higher FFO per quarter than we posted in the first quarter. So assuming the TILC recurring are close to what first quarter results are, but FFO is modestly higher, our expectation is that AFFO for the balance of the year should be at least as good, if not modestly better than first quarter results.

如果你把今年剩餘期間的核心 FFO 稍微算一下，結果顯示每季的 FFO 會高於我們第一季公布的水準。因此，假設 TILC 的經常性項目與第一季結果相近，但 FFO 小幅提高，我們預期今年剩餘期間的 AFFO 至少會與第一季一樣好，甚至可能略優於第一季結果。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Thanks. Good morning. Any impact from your disposition activity on the occupancy and lease yield gains that you've seen during the quarter?

謝謝。早安。你們本季的處分活動，對你們看到的入住率與租賃收益率提升有任何影響嗎？

Not dispositions, we did, as we announced sort of, I want to say at least a quarter ago, we are repositioning and re-entitling 901 market, so we took footage off for repositioning just the office component, and then 6040 likewise is going to be fully repositioned, it was used for decades. Of post-production.

不是處分。我們如同先前宣布的——我想至少在一季前——我們正在對 901 Market 進行重新定位與重新取得使用許可（re-entitling），所以我們為了重新定位（僅辦公室部分）而先把部分面積下架；同樣地，6040 也將全面重新定位，該資產已使用了數十年。用於後期製作。

Neither of these assets are particularly big. They were in our fourth-quarter results. If you remove them -- and they're not in our first-quarter results, but if you removed them, just to kind of give you an apples-to-apples comparison, from our first quarter, you're still sequentially higher. So, the $150 on the lease percentage drops to $140 if you pulled.

這兩項資產都不是特別大。它們包含在我們第四季的結果中。如果你把它們移除——它們不在我們第一季結果裡——但如果你把它們移除，為了做一個同口徑（apples-to-apples）的比較，從第一季來看，你仍然是季對季上升的。所以，租賃百分比的 150 美元，如果你把它們拉出來，就會降到 140 美元。

6040 and 901 out of the fourth quarter results and the 100 sequential increase drops to 80 without either of those two assets.

如果把 6040 和 901 從第四季結果中剔除，那麼原本季對季增加 100 的幅度，在沒有這兩項資產的情況下會降到 80。

Okay. So 10 basis points or 20 basis points impact?

了解。所以影響是 10 個基點或 20 個基點？

Yeah.

對。

When you talk about the wind down of Quixote, I think it was mentioned $5.8 million of upside from just exiting the leases. If I, just correct me if I had that wrong, but I'm curious, along as you get to that point, are we looking at potential some, one-time lease termination fees or costs to you or anything like that that's going to make it sort of a non-linear process to get there?

你們談到 Quixote 的收尾（wind down），我記得提到僅退出租約就有 580 萬美元的上行空間。如果我記錯請糾正我，但我想問的是，當你們走到那一步時，是否可能會有一些一次性的租約終止費用，或你們需要承擔的成本之類，讓整個過程變得不是線性地達成？

Yeah, I mean, it's just the nature of discontinuing operations, right? We're going to wind down revenue, we're going to wind down expense, we're going to manage that. As cost-effectively as we can.

是的，我的意思是，這就是停止營運的本質，對吧？我們會逐步降低收入，也會逐步降低費用，我們會加以管理。以我們能做到的最具成本效益的方式。

We, as you look at getting out of leases early, that often entails some kind of payment. So I would say over the course of the year, we'll be incurring some expense associated with discontinuing those ongoing leases and other wind-down expenses, yeah, towards that number, yeah.

我們在提前退出租約時，通常會涉及某種付款。所以我會說，在今年的過程中，我們會產生一些與終止這些持續中的租約以及其他收尾費用相關的支出，是的，會朝著那個數字反映，是的。

And so at the end of the day. Should we just think of you guys sort of keeping the fleet, but not the leases? Is that the way to think about it outside of Atlanta?

所以到最後。我們是否可以把你們理解為：保留車隊（fleet），但不保留租約？在亞特蘭大以外，是這樣理解嗎？

Yeah, so far, based on what we've announced on discontinued ops, the fleet is still part of our continuing operations.

對，就目前我們已宣布的停業營運（discontinued ops）而言，車隊仍屬於我們的持續營運（continuing operations）的一部分。

Okay. And then last question for me. Mark, you mentioned 60% coverage on the remaining 600,000 square feet.

了解。那我最後一個問題。Mark，你提到剩餘的 60 萬平方英尺有 60% 的覆蓋率（coverage）。

I assume you'd rather see 100% or more on that. But I mean, with the sort of the leasing pipeline that we've talked about in the past 2 million square feet or so, I mean, how quickly can that 60 ramp up to something in the triple-digit territory by this time next quarter?

我猜你們當然希望那個數字是 100% 或更高。但以我們過去談到的、約 200 萬平方英尺左右的租賃管線來看，我的意思是，到下季這個時間點，那個 60% 能多快提升到三位數的區間？

Yeah, I'll answer that, Rich. This is Harout.

對，我來回答，Rich。我是 Harout。

Yeah, so first of all, the pipeline has grown to 2.4 million. So it's 2 million square feet, just to clarify that.

好的，首先，管線已成長到 240 萬。所以是 240 萬平方英尺，不是 200 萬平方英尺，先澄清一下。

Just remember, so we have of the remaining 606,000 square feet, roughly 70% or second-half of the year, although we are engaged earlier with the smaller tenants, roughly averaging about 6,000 square feet. Once we start negotiating with those tenants, we feel good that we can increase that number.

請記得，在剩餘的 606,000 平方英尺中，大約 70% 是在下半年到期；雖然我們也更早就與較小的租戶接觸，這些租戶平均約 6,000 平方英尺。一旦我們開始與這些租戶進入談判，我們有信心可以把那個數字提高。

But again, some of these smaller tenants wait till kind of last minute. And the good news is that we are engaged with them right now in discussion, whereas years passed and certainly through the pandemic, it was really there was really no early discussion with these tenants. So we are encouraged about that. They just feel more confident.

但同樣地，其中一些小租戶會等到接近最後一刻才行動。好消息是，我們現在就已經與他們展開討論；而在過去幾年，尤其是疫情期間，基本上真的沒有與這些租戶的早期討論。所以我們對此感到鼓舞。他們只是更有信心了。

Yeah, Rich, I would also just comment. I mean, emphasize that we're just announcing first quarter numbers. We have three more quarters. The expirations aren't all in the first quarter. They're spread out for the year. And we've consistently increased occupancy quarter-over-quarter and signed at least a half a million-plus square feet a quarter.

對，Rich，我也補充一下。我的意思是，強調我們現在才剛公布第一季數字。我們還有三個季度。到期並不是都集中在第一季。而是分散在全年。而且我們一直都能做到每季入住率季對季提升，並且每季簽下至少 50 萬平方英尺以上。

So that number matched to what we've done in the past and what we foresee in the future compared to the 600 is not that material.

所以，這個數字相較於我們過去的表現以及我們對未來的預期，拿來對照那 60 萬，其實並不算太重要。

Andrew Berger, Bank of America. Please go ahead.

Andrew Berger，美國銀行。請繼續。

Great. Good morning, and congratulations on the strong quarter. So it sounds like Seattle is definitely improving, and you've said in the past that Seattle is typically 12 to 18 months behind San Francisco. I'm curious if you could talk about how much of this improvement in Seattle is existing tenants that are now starting to get more active versus new-to-market tenants, and if you're seeing.

很好。早安，恭喜本季表現強勁。聽起來西雅圖確實在改善，而你們過去也說過西雅圖通常比舊金山落後 12 到 18 個月。我想請你們談談，西雅圖這次改善有多少是既有租戶現在開始更積極， versus 新進市場（new-to-market）的租戶；以及你們是否看到。

Given your scale in San Francisco Bay Area, if you're seeing smaller AI tenants, I guess, who are already in your portfolio in the Bay Area now grow into Seattle.

鑑於你們在舊金山灣區的規模，你們是否看到一些較小的 AI 租戶——我猜他們已經在你們灣區的投資組合裡——現在擴張到西雅圖？

Drew, that's a good question. And I think we look at it in two levels. One, name-brand tenants are entering Seattle or expanding in Seattle, a combination of both. Apple is an example. People know they're in the marketplace. REI, they're in the marketplace. You're looking at. Microsoft in the city and in Bellevue, they're in the marketplace. Amazon has not clearly been growing, they've been contracting. But the big name guys, XAI example, are in the marketplace.

Drew，這是個好問題。我認為我們從兩個層面來看。第一，知名品牌租戶正在進入西雅圖或在西雅圖擴張，兩者兼具。Apple 就是一個例子。大家都知道他們在市場上。REI，他們也在市場上。你再看。Microsoft 在市區與 Bellevue，他們也在市場上。Amazon 並沒有明顯成長，他們一直在縮減。但這些大牌公司，例如 XAI，也在市場上。

Now you're seeing a shift because of the labor pool of other smaller tech and tech affiliated companies, and then support companies around.

現在你會看到因為勞動力人才庫的關係，其他較小的科技公司與科技相關公司，以及周邊的支援型公司，也出現轉變。

That are expanding and looking to expand because Bellevue is populated itself to a point where there's not a lot of space that's quality that's left. So they're coming to the city in the core aspects of South Lake Union and Denny and Pioneer Square. And that's sort of the area that we're tackling. I think if you look at our pipeline right now, we've got more tenants in the 15 to 40 range than we've had in a long time. There's a couple, as I mentioned earlier, large 100,000 footers.

他們正在擴張並尋求擴張，因為 Bellevue 的開發與進駐已經到了一個程度，剩下的優質空間不多。所以他們轉而來到市中心，聚焦在 South Lake Union、Denny 和 Pioneer Square 等核心區域。而這正是我們正在著力的區域。我想如果你看我們目前的管線，我們在 15 到 40（千平方英尺）區間的租戶數量，比很長一段時間以來都多。另外也有幾個我先前提到的大型案子，約 100,000 平方英尺。

And their ability to execute leases on an expedited basis is based upon the fact that there's access to space immediately, that's what we're trying to accommodate with our portfolio. And success-wise, I think we're positioned very well. I sort of laughed at the comment about because I've said it now on three calls that Seattle is 12 months to 18 months behind San Francisco.

而他們能夠以加速的方式簽訂租約，是因為可以立即取得空間；這正是我們希望透過資產組合來滿足的需求。就成果而言，我認為我們的定位非常好。我對那個評論有點想笑，因為我現在已經在三次電話會議上說過：西雅圖比舊金山落後12到18個月。

So that timeline should hopefully blossom in terms of the 12 months. Expiring, but we should see it this summer because that's really where it is. It is slower than that. I would lean more to the 18 months than the 12 months, but we're still seeing it and it's at least on a positive trend.

所以希望那個時間軸能在這12個月內開始開花結果。雖然有到期的情況，但我們應該會在今年夏天看到，因為實際上就是在那個時間點。它比那更慢。我會更傾向於18個月而不是12個月，但我們仍然看得到，而且至少呈現正向趨勢。

I wanted to get your view on Bellevue actually. So a lot of great momentum there and it sounds like there's. Good spillover into Seattle proper. Is Bellevue a market that you would like to have a presence in as we think over the medium term and what would be your strategy to enter in just kind of given the dynamics you've talked about?

我想聽聽你對貝爾維尤（Bellevue）的看法。那邊動能很強，聽起來也有。對西雅圖市區有不錯的外溢效應。就中期來看，貝爾維尤是否是你們希望進駐的市場？在你剛才提到的市場動態下，你們會採取什麼策略進入？

So it seamless for us to enter that marketplace and the answer is, every time we sort of looked at it, the market popped and every time we sort of said, oh, let's not go in, it's gone the other way. I would say, yes, as an owner in the area, I think we're top four.

所以對我們來說進入那個市場是無縫的；答案是，每次我們稍微研究它時，市場就上漲；而每次我們說，喔，先別進去，它又往相反方向走。我會說，是的，作為該區域的業主，我認為我們是前四大。

Owners in Seattle right now. And so, it would make logical sense for us to eventually enter that marketplace at the right time. Right now, though, there's not a lot of product, and the product that's there is just being held and leased.

目前西雅圖的業主。因此，在適當的時點，我們最終進入那個市場在邏輯上是合理的。不過眼下產品不多，而現有的產品也只是被持有並出租。

Our goal in Seattle is to lease up our portfolio. I think we're going to be right on track on doing that. Once we get through that, we'll address the expansion if that's the direction we want to go in. But Bellevue has proved to be a very strong marketplace. And the benefactors of Bellevue have done very well. We're just hoping now that we can get to see the flow to the city.

我們在西雅圖的目標是把我們的資產組合出租滿。我認為我們會非常按計畫達成。等我們完成之後，如果那是我們想走的方向，我們再來處理擴張。但貝爾維尤已被證明是一個非常強勁的市場。而貝爾維尤的受益者表現都非常好。我們現在只是希望能看到這股需求流向市區。

(Operator Instructions).

(接線員指示)。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Hi, good morning. Maybe to stay on Seattle somewhere and back to Washington 1,000. I think you mentioned seven deals in process. Four could be for spec suites where someone could move in.

嗨，早安。也許繼續談西雅圖，回到 Washington 1,000。我想你提到有七筆交易正在進行中。其中四筆可能是投機式套房（spec suites），有人可以直接搬入。

I guess for the other potentially larger leases, say 100,000 square feet or more, how long do you think it would take them to build out their space and be ready to move in if they signed a lease near term? Like, would that take one, six, 12 months?

我想問其他可能較大型的租約，例如10萬平方英尺或以上，如果他們近期簽約，你認為他們需要多久才能完成裝修並準備搬入？例如需要1個月、6個月、12個月？

Yeah, that's exactly right.

對，完全正確。

12 months, call it, yeah.

大概12個月，是的。

Okay. And then earlier in the call, you mentioned that you could be looking at some surface parking redevelopments in the San Francisco Bay Area. So just wondering if you could talk about that a little bit more. Perhaps it's still early stages, but would that be like a retail-type out parcel or ground lease of land, or what could you be thinking?

好的。另外在電話會議前面，你提到在舊金山灣區可能會考慮一些地面停車場的再開發。想請你多談一點。也許還在早期階段，但那會像是零售型的外圍地塊（out parcel），或是土地的地面租賃（ground lease），或你們可能在想什麼？

Yeah, I mean, as a lot of cities throughout California are undersupplied on housing, and those municipalities. Are looking for ways to be, to work with landowners to add density where there's land availability. And so we have several locations, Palo Alto, Redwood Shores, Foster City, where the configuration of the land and the goals of the municipality to add density sort of line up very well.

是的，我是說，加州許多城市的住宅供給不足，而這些市政府。正在尋找方法與土地所有權人合作，在有土地可用的地方提高密度。因此我們在幾個地點——Palo Alto、Redwood Shores、Foster City——土地配置與市政府提高密度的目標相當契合。

And so we're exploring. Opportunities in most cases just to, like, add density where we can. There may be limited opportunities for conversion, but really the emphasis is on adding densification.

所以我們正在探索。多數情況下的機會就是在可行之處提高密度。可能會有有限的改建機會，但重點其實是增加密度。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場。

Thank you. I wanted to ask a similar question on your RESI conversion at 901 Market. Is it safe to assume that you are planning to entitle this residential development and then sell it to a developer?

謝謝。我想就你們在 901 Market 的住宅（RESI）改建問一個類似的問題。是否可以理解為你們計畫先取得這個住宅開發案的核准（entitle），然後再賣給開發商？

And can you discuss timing as well as other RESI conversions that you see either in your portfolio or in the city center?

也請談談時程，以及你們在資產組合內或市中心看到的其他住宅（RESI）改建機會？

So I mean, I think we mentioned in our prepared remarks the timing for securing the entitlements for targeting somewhere around year-end as for the--

所以我是說，我想我們在事先準備的講稿中提到，取得核准的時程目標大約在年底左右，至於——

Yeah, I think, John, listen, we like at 10950 and we're looking at Palo Alto, we're going to address what our decision tree is based on when we get the entitlements. It will be worth a lot more once the entitlements are in play.

是的，我想，John，聽著，我們喜歡 10950，也在看 Palo Alto；我們會在取得核准後再決定我們的決策樹是什麼。一旦核准到位，它的價值會高出很多。

And that process, as Mark said, is ongoing right now. We feel good about year-end on that. At that time, we're going to look at the market. We're going to look at the amount of product coming in the marketplace, whether it's a JV, whether it's a sale, or we do it ourselves. But we'll make that determination at that time.

而這個流程，如 Mark 所說，目前正在進行中。我們對年底達成感覺良好。到那時，我們會看市場狀況。我們會看有多少產品進入市場，然後決定是合資（JV）、出售，或是我們自己做。但我們會在那個時間點做出判斷。

Okay. And can you clarify your statement on the city of San Francisco taking the remaining space at 1455 market. I'm just wondering what the confidence level you have on them signing that lease transaction and if that impacts your occupancy guidance for the year?

好的。另外你提到舊金山市政府將承租 1455 Market 的剩餘空間，能否釐清一下？我想了解你們對他們簽下該租賃交易的信心程度，以及這是否會影響你們今年的入住率指引？

Well, we've talked about that deal quite extensively. I mean, the impact on occupancy has been outlined in terms of the status of that deal.

嗯，我們已經相當詳細地談過那筆交易。也就是說，對入住率的影響已依該交易的狀態做了說明。

I don't see the pen in the hand of the marriage, but we hope that it's getting to that point relatively soon. And I think we're confident that we're going to execute that, as we said, this quarter.

我還沒看到「婚禮上把筆拿在手上」的那一刻，但我們希望很快就會到那一步。而且我想我們有信心能完成它，正如我們所說，在本季完成。

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.

目前沒有進一步的問題。我現在把電話交回給執行長兼董事長 Victor Coleman 作結語。

I thank you very much for participating in today's call. I appreciate the team, Hudson, for all the hard work. We look forward to talking to everybody next quarter.

非常感謝各位參與今天的電話會議。我也感謝 Hudson 團隊的辛勤工作。我們期待在下個季度與各位再度交流。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。