Kilroy Realty Corp (KRC) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to the KRC Third Quarter '25 Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加KRC 2025年第三季財報電話會議。我叫艾米麗，今天我將負責協調您的通話。（操作說明）

I would now like to turn the call over to Doug Bettisworth, Vice President of Corporate Finance to begin. Please go ahead.

現在我將把電話交給公司財務副總裁道格·貝蒂斯沃思，讓他開始演講。請繼續。

Good morning, everyone. Thank you for joining us. On the call with me today are Angela Aman, CEO; Jeffrey Kuehling, EVP, CFO and Treasurer; and Eliott Trencher, EVP, CIO. In addition, Justin Smart, President; and Rob Paratte, EVP, Chief Leasing Officer, will be available for Q&A.

各位早安。感謝您的參與。今天和我一起通話的有：執行長 Angela Aman；執行副總裁、財務長兼財務長 Jeffrey Kuehling；以及執行副總裁、資訊長 Eliott Trencher。此外，總裁賈斯汀·斯馬特和執行副總裁兼首席租賃官羅伯·帕拉特將出席問答環節。

Please note that some of the information we will be discussing during this call is forward-looking in nature. Please refer to our supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being webcast live on our website and will be available for replay for the next eight days. Our earnings release and supplemental package have been filed on a Form 8-K with the SEC and both are also available on our website.

請注意，本次通話中我們將討論的一些資訊具有前瞻性。有關本次電話會議和補充資料中的前瞻性資訊的聲明，請參閱我們的補充資料。本次電話會議將在我們的網站上進行現場直播，並可在接下來的八天內進行回放。我們的獲利報告和補充資料已以 8-K 表格的形式提交給美國證券交易委員會，這兩份文件也可在我們的網站上查閱。

Angela will start the call with a strategic overview and quarterly highlights. Eliott will provide an update on our recent transaction activity and Jeffrey will discuss our financial results and provide you with updated 2025 guidance. Then we'll be happy to take your questions. Angela?

安吉拉將首先進行戰略概述和季度亮點總結。Eliott 將介紹我們最近的交易活動，Jeffrey 將討論我們的財務表現並向您提供最新的 2025 年業績指引。那我們很樂意回答您的問題。安吉拉？

Thanks, Doug, and thank you all for joining today's call. As we enter the final stretch of the year, Kilroy is capitalizing on accelerating momentum across our West Coast office and life science markets. Return to office continues to improve, supported by evolving workplace norms, shifting employer expectations and recognition of the office as a driver of culture, collaboration and innovation. These trends, in combination with improving quality of life dynamics are driving enhanced vibrancy, a resurgence in leasing activity and a meaningful increase in institutional investor interest in high-quality West Coast commercial assets.

謝謝道格，也謝謝各位參加今天的電話會議。隨著我們進入今年的最後階段，Kilroy 正在利用其西海岸辦事處和生命科學市場不斷加速的成長勢頭。重返辦公室的情況持續改善，這得益於不斷變化的工作場所規範、雇主期望的轉變以及人們對辦公室作為文化、協作和創新驅動力的認識。這些趨勢，加上生活品質的提高，正在推動西海岸商業房地產活力增強、租賃活動復甦，並顯著提升機構投資者對優質西海岸商業資產的興趣。

At the same time, rapid advancements in artificial intelligence are reshaping demand across both the office and life science sectors, accelerating innovation and reinforcing the strategic importance of well-located real estate in concentrated tech and biotech hubs. Nowhere is this more evident than in the Bay Area. In the city of San Francisco alone, office demand has reached a post-pandemic high of nearly 9 million square feet, up from approximately 7 million square feet last quarter, with much of this demand being driven by AI and other technology companies.

同時，人工智慧的快速發展正在重塑辦公室和生命科學領域的需求，加速創新，並強化了科技和生物技術中心地段優越的房地產的戰略重要性。這一點在舊金山灣區體現得特別明顯。光是在舊金山市，辦公空間需求就達到了疫情後的最高水平，接近 900 萬平方英尺，高於上一季的約 700 萬平方英尺，其中大部分需求是由人工智慧和其他科技公司推動的。

Importantly, the growth in demand statistics has persisted even if the pace of lease executions has significantly increased with San Francisco leading all U.S metros and office leasing growth over the last 12 months. Against this backdrop, I'm pleased to report another strong quarter of execution across our portfolio. During the quarter, we signed over 550,000 square feet of new and renewal leases, marking our highest third quarter of leasing activity and our strongest year-to-date performance in six years.

值得注意的是，儘管過去 12 個月舊金山引領了美國所有大都市的辦公大樓租賃成長，但需求統計數據仍持續成長，租賃執行速度也顯著加快。在此背景下，我很高興地報告，我們旗下所有投資組合又迎來了一個強勁的季度執行情況。本季度，我們簽署了超過 55 萬平方英尺的新租約和續約合同，創下第三季度租賃活動最高紀錄，也是六年來今年迄今為止業績最佳的一年。

Leasing momentum was robust in San Francisco with activity in the south of market or SOMA submarket, particularly notable. Our SOMA assets continue to outperform with over 95,000 square feet of new and renewal leases executed this quarter and a growing forward pipeline with tour activity in our SOMA assets up 170% year-over-year.

舊金山的租賃市場勢頭強勁，其中市場南部（SOMA）子市場的活躍度尤為突出。我們的 SOMA 資產繼續表現出色，本季度已簽署超過 95,000 平方英尺的新租約和續約協議，並且未來項目儲備不斷增長，SOMA 資產的參觀活動同比增長 170%。

At 201 Third Street, we signed a full floor lease with Tubi, a global streaming entertainment company for their new headquarters, marking the third consecutive quarter of major leasing at this property. Our continued success at 201 Third highlights the exceptional ability of our leasing, construction and asset and property management teams to understand and meet the evolving needs of today's tenants, many of whom are prioritizing landlords that can deliver speed from lease execution through tenant occupancy.

在第三街 201 號，我們與全球串流媒體娛樂公司 Tubi 簽訂了整層租賃協議，作為其新總部，這標誌著該物業連續第三個季度達成重大租賃協議。我們在 201 Third 的持續成功凸顯了我們的租賃、建設、資產和物業管理團隊的卓越能力，他們能夠理解並滿足當今租戶不斷變化的需求，許多租戶優先考慮那些能夠從租賃執行到租戶入住快速完成所有流程的房東。

Encouragingly, as the San Francisco recovery continues to accelerate. We're now seeing this momentum expand to nearby assets in our portfolio, which is 360 Third Street, where we recently signed our first lease since 2022. While the recovery in San Francisco certainly deserves a significant amount of focus and attention, it's important to note that we're seeing improving dynamics across nearly all of our markets with tenants demonstrating greater conviction and willingness to execute.

令人鼓舞的是，舊金山的復甦正在加速。我們現在看到這種勢頭正擴展到我們投資組合中的附近資產，即第三街 360 號，我們最近在那裡簽署了自 2022 年以來的第一份租賃合約。雖然舊金山的復甦無疑值得我們給予相當多的關注和重視，但值得注意的是，我們看到幾乎所有市場的動態都在改善，租戶們表現出更大的信心和執行意願。

During the third quarter, capitalizing on this improved sentiment, we made important progress in addressing some of our largest remaining 2026 lease expirations. In San Diego, we completed a long-term renewal with Scripps for their entire 119,000 square foot lease at Kilroy Center Delmar. And at Long Beach, we executed a short-term renewal with SCAN for 87,000 of their approximately 220,000 square feet at Aero. While we anticipate that SCAN will vacate at the end of their extended term and relocate into owner-occupied space, the phasing of this move out provides valuable near-term stability as we work to programmatically backfill.

第三季度，我們利用這種改善的市場情緒，在解決一些剩餘的、最大的 2026 年到期租賃問題上取得了重要進展。在聖地牙哥，我們與 Scripps 公司續簽了 Kilroy Center Delmar 的 119,000 平方英尺的長期租約。在長灘，我們與 SCAN 簽訂了一份短期續約協議，租用了他們在 Aero 的約 220,000 平方英尺中的 87,000 平方英尺。雖然我們預計 SCAN 將在延長租期結束後搬離並遷入業主自用空間，但此次搬遷的分階段進行為我們提供了寶貴的近期穩定性，以便我們能夠透過程序性地填補空缺。

And subsequent to quarter end, we signed an additional 148,000 square feet of renewals related to 2026 lease expirations, as Jeffrey will detail in a moment. Taking into account the renewal signed subsequent to quarter end, 2026 lease expirations now total approximately 970,000 square feet, reflecting a retention ratio of over 40% on the pool reported at the beginning of this year. Our leasing team has worked diligently to renew tenants as early as possible, and I'm very pleased with the progress we've made to date.

季度末之後，我們又簽署了 148,000 平方英尺的續約協議，這些協議與 2026 年到期的租約有關，傑弗裡稍後會詳細介紹。考慮到季度末之後簽署的續約協議，2026 年到期的租賃面積總計約 97 萬平方英尺，反映出今年年初報告的租賃池的續約率超過 40%。我們的租賃團隊一直努力儘早與租戶續約，我對迄今為止的進展感到非常滿意。

That said, the pool of remaining renewal opportunities in 2026 is now much more limited. The path forward will require a greater emphasis on new leasing activity. As a result, we're approaching the remainder of this year with a clear focus on capturing growing demand across our markets and ensuring that our assets are well positioned to outperform as momentum continues to accelerate.

也就是說，2026 年剩餘的續約機會現在要少得多。未來發展需要更加重視新的租賃活動。因此，今年剩餘時間裡，我們將重點放在如何抓住各個市場不斷增長的需求，並確保我們的資產能夠隨著市場勢頭的持續加速而取得優異表現。

Turning to life science. We're encouraged by a variety of important signals that speak to the improving fundamentals we're seeing in our portfolio. The XBI is up more than 20% year-to-date with strong broad-based performance from both large and small cap biotech companies, fueled in part by greater clarity on the regulatory backdrop for the sector and a variety of positive company-specific clinical trial and drug approval announcement.

轉向生命科學。我們看到投資組合的基本面正在改善，各種重要訊號都令我們感到鼓舞。今年以來，XBI 指數上漲超過 20%，大型和小型生物技術公司均表現出強勁的整體表現，部分原因是該行業的監管環境更加明朗，以及各種積極的公司特定臨床試驗和藥物批准公告。

In addition, biotech M&A volume has accelerated with large pharmaceutical companies actively pursue new pipelines to offset significant patent expirations over the coming years. Kilroy Oyster Point Phase 2, our premier development project in the heart of the South San Francisco life science ecosystem is benefiting from this material improvement in sentiment and activity. We're pleased to report that we've signed 84,000 square feet of leases to date with well-established biotech companies.

此外，隨著大型製藥公司積極尋求新的研發管線以抵銷未來幾年大量專利到期的影響，生技併購交易量也隨之加速。Kilroy Oyster Point 二期計畫是我們位於南舊金山生命科學生態系統中心地帶的首要開發項目，它正受益於這種情緒和活動的實質改善。我們很高興地宣布，迄今為止，我們已與多家成熟的生物技術公司簽訂了 84,000 平方英尺的租賃協議。

In addition to the 24,000 square foot lease with Color that was announced in September, last night, we announced the execution of a 44,000 square foot lease with MBC BioLabs and a 16,000 square foot lease with Acadia Pharmaceuticals. MBC BioLabs is the Bay Area's leading life science incubator and has helped launch more than 500 companies collectively raising over $20 billion in capital. MBC's presence will help create a diversified tenant base of early-stage biotech companies at KOP, advancing our strategic goal of cultivating a dynamic innovation-driven life science ecosystem at Kilroy Oyster Point that will support the long-term growth and value creation of the project.

除了 9 月宣布與 Color 簽訂的 24,000 平方英尺的租賃協議外，昨晚我們還宣布與 MBC BioLabs 簽訂了 44,000 平方英尺的租賃協議，以及與 Acadia Pharmaceuticals 簽訂了 16,000 平方英尺的租賃協議。MBC BioLabs 是灣區領先的生命科學孵化器，已幫助 500 多家公司成功孵化，累計融資超過 200 億美元。MBC 的入駐將有助於在 KOP 打造多元化的早期生物技術公司租戶群體，推進我們在 Kilroy Oyster Point 培育充滿活力的創新驅動型生命科學生態系統的戰略目標，這將支持該項目的長期增長和價值創造。

MBC is expected to commence occupancy in the fourth quarter of 2026. Acadia Pharmaceuticals is a biopharmaceutical company committed to advancing therapies for underserved neurological disorders and rare diseases. And this recent execution marks Acadia's entry into the San Francisco Bay area. Already a valued Kilroy tenant in our San Diego portfolio, we're proud to expand our relationship as trusted partners. Acadia is expected to take occupancy in the second quarter of 2026.

MBC預計將於2026年第四季開始入住。Acadia Pharmaceuticals 是一家生物製藥公司，致力於推動未充分治療的神經系統疾病和罕見疾病的療法。而此次處決標誌著阿卡迪亞正式進軍舊金山灣區。Kilroy 已是我們聖地牙哥投資組合中備受重視的租戶，我們很榮幸能與他們建立更緊密的合作關係，成為值得信賴的合作夥伴。預計 Acadia 將於 2026 年第二季投入使用。

The future pipeline at KOP 2 is robust, and we're actively engaged with a variety of potential tenants, including several with larger format requirements. These discussions, though still early, reflect both an overall improvement in the life science market and a growing appreciation of Kilroy Oyster Point's purpose-built life science construction and market-leading amenitization. Based on the status of current conversations, we believe that KOP 2 is now well positioned to exceed our previously communicated goal of 100,000 square feet of lease executions by year-end, and we expect this project to be a meaningful contributor to the company's growth over the next several years.

KOP 2 的未來發展前景良好，我們正在積極與各種潛在租戶接洽，其中包括幾家有較大規模需求的租戶。雖然這些討論還處於早期階段，但它們既反映了生命科學市場的整體改善，也反映了人們對 Kilroy Oyster Point 專門建造的生命科學建築和市場領先的配套設施的日益認可。根據目前的洽談情況，我們相信 KOP 2 專案現在完全有能力超過我們先前公佈的年底前完成 10 萬平方英尺租賃交易的目標，我們預計該專案將在未來幾年為公司的發展做出重要貢獻。

From a capital allocation perspective, we continue to be active and disciplined as we recycle capital with a focus on long-term cash flow growth and value creation. Our approach remains responsive to evolving dynamics in both the office and life science sectors as well as shifts in the relative attractiveness of the submarkets in which we operate, staying agile and prioritizing opportunities that align with our long-term strategic vision for the portfolio.

從資本配置的角度來看，我們持續保持積極和自律的態度，循環利用資本，並專注於長期現金流成長和價值創造。我們的方法始終對辦公室和生命科學領域不斷變化的動態以及我們所經營的子市場相對吸引力的變化做出響應，保持敏捷，並優先考慮符合我們投資組合長期戰略願景的機會。

During the quarter, we completed the previously announced sale of a four-building campus in Silicon Valley for gross sales proceeds of $365 million, and the acquisition of Maple Plaza, a Class A office campus in the iconic Beverly Hills submarket of Los Angeles for $205 million. Maple Plaza marks Kilroy's first investment in Beverly Hills, a highly sought-after, well-amenitized and supply-constrained environment with one of the lowest vacancy rates in the Greater Los Angeles market, and the asset has quickly become the strongest driver of leasing activity in our Los Angeles portfolio.

本季度，我們完成了先前宣布的矽谷四棟建築園區的出售，總銷售收入為 3.65 億美元；此外，我們還以 2.05 億美元的價格收購了位於洛杉磯標誌性比佛利山莊子市場的 A 級辦公園區 Maple Plaza。Maple Plaza 是 Kilroy 在比佛利山莊的第一筆投資，比佛利山莊是一個備受追捧、配套設施完善且供應緊張的地區，擁有大洛杉磯地區最低的空置率之一，該資產已迅速成為我們洛杉磯投資組合中租賃活動的最強勁驅動力。

Looking forward, expect us to continue to thoughtfully and strategically rotate capital out of assets where we believe value has been maximized and as proceeds are realized, pursue a balanced mix of selective reinvestment opportunities and debt repayment, considering all redeployment alternatives with a focus on optimizing portfolio returns and maintaining a strong and flexible capital structure.

展望未來，我們將繼續深思熟慮、策略性地將資本從我們認為價值已最大化的資產中輪換出來，並在實現收益的同時，尋求選擇性再投資機會和償還債務的平衡組合，考慮所有重新部署方案，重點是優化投資組合回報並保持強大而靈活的資本結構。

With respect to future development pipeline, we continue to work through additional land parcel monetization and expect to have further announcements in the coming quarters. In addition, we've been hard at work on the Flower Mart project, which is our single largest investment in the future pipeline. As we pursue additional flexibility and optionality that will allow us to ultimately maximize value on the site while being responsive to the evolving needs of the San Francisco community.

關於未來的開發項目，我們將繼續推動更多土地的貨幣化，並預計在未來幾季發布更多公告。此外，我們一直在努力推動花卉市場項目，這是我們未來發展計畫中最大的一項投資。我們將追求更大的靈活性和選擇權，以便最終最大限度地發揮網站的價值，同時響應舊金山社區不斷變化的需求。

During September, as part of our redesign and reimagining and Flower Mart project, we submitted four development scenarios to the City's Planning Department, each illustrating a potential path forward for the site, including a range of commercial and residential uses. Our conversations with the city to date have been constructive and encouraging and while those discussions are still ongoing, we have now gained greater clarity on both the approval process and the timeline required to secure the optionality we're targeting. As a result, based on the best information available today, we expect interest and other expense capitalization to Flower Mart to continue through June 2026. We'll keep you updated on this assumption as appropriate.

9 月份，作為我們重新設計和重新構想花卉市場項目的一部分，我們向市府規劃部門提交了四個開發方案，每個方案都展示了該地塊的潛在發展路徑，包括一系列商業和住宅用途。到目前為止，我們與市政府的對話一直富有建設性，令人鼓舞。雖然這些討論仍在進行中，但我們現在已經對審批流程和確保我們所追求的選擇權所需的時間表有了更清晰的了解。因此，根據目前可獲得的最佳信息，我們預計 Flower Mart 的利息和其他費用資本化將持續到 2026 年 6 月。我們隨時會根據情況向您通報此假設的最新進展。

In conclusion, I want to thank the entire Kilroy team for an extraordinary effort this quarter as the pace of leasing and transaction activity have accelerated. I couldn't be any more pleased with the energy, enthusiasm and execution that this team is delivering each and every day. Eliott?

最後，我要感謝 Kilroy 團隊在本季度付出的非凡努力，因為租賃和交易活動的步伐已經加快。我對這個團隊每天展現的活力、熱情和執行力感到無比滿意。艾略特？

Thanks, Angela. As Angela noted, fundamentals are accelerating across all of our markets, which is not only good for leasing, but also for transactions. Buyers are underwriting vacancy and rollover with more conviction, leading to deeper bidding pools, which in turn is giving sellers increased confidence they are transacting at market pricing. All of this is leading to more deals being marketed and closing. We have been fortunate to benefit from these trends as both a buyer and a seller.

謝謝你，安吉拉。正如安吉拉指出的那樣，我們所有市場的基本面都在加速發展，這不僅對租賃有利，對交易也有好處。買家對空置房產和續租房產的信心增強，導致競標範圍擴大，這反過來又讓賣家更有信心以市場價格進行交易。所有這些都促成了更多交易的洽談和達成。我們很幸運，身為買家和賣家，都能從這些趨勢中受益。

Starting with dispositions. We had a productive first three quarters of the year, closing on $405 million of previously disclosed sales. As we continue to evaluate dispositions, our strategy remains the same. Monetized properties in lower conviction locations at values that imply forward returns less than our cost of capital. We are fortunate to have the benefit of a strong balance sheet, meaning we are not going to sell at any price and instead, we'll only transact when a deal meets our rigorous thresholds.

從性格開始。今年前三個季度我們取得了豐碩的成果，實現了先前已揭露的 4.05 億美元銷售額。在我們繼續評估資產處置方案的過程中，我們的策略保持不變。在市場信心較低的地區，以低於我們資本成本的價格出售已變現的房產，這意味著未來的收益將低於我們的資本成本。我們很幸運擁有強勁的資產負債表，這意味著我們不會不計成本地出售，而是只會在交易達到我們嚴格的門檻時才會進行交易。

Turning to land sales. As previously discussed, we had $79 million under contract between 26th Street in Santa Monica and Santa Fe Summit in San Diego. Both buyers continue to advance their plans and the transactions will close upon receipt of entitlements, which we currently estimate to be mid-2026. We are making progress on additional land sales and remain on track to hit our goal of at least $150 million in gross proceeds.

轉向土地買賣。如前所述，我們在聖莫尼卡 26 街和聖地亞哥聖達菲峰之間簽訂了價值 7900 萬美元的合約。兩位買家都在繼續推進他們的計劃，交易將在獲得相關權利後完成，我們目前估計將在 2026 年年中完成。我們在土地銷售方面取得了進展，並有望實現至少 1.5 億美元的總收益目標。

On the acquisition side, during the quarter, we bought Maple Plaza on Beverly Hill. Beverly Hills has many of the characteristics we look for in the submarket. It's centrally located within the west side of Los Angeles with proximity to decision-makers, amenities and a diverse mix of tenants across multiple industries. Because it is essentially located the barriers to entry are quite high with cumulative new supply of only 260,000 square feet over the last 10 years.

在收購方面，本季我們收購了比佛利山莊的楓樹廣場。比佛利山莊具備我們在這個細分市場中尋找的許多特徵。它位於洛杉磯西區的中心地帶，靠近決策者、便利設施以及來自多個行業的多元化租戶群體。由於其地理位置特殊，進入門檻相當高，過去 10 年累計新增供應量僅 26 萬平方英尺。

Additionally, three of the neighboring properties totaling roughly 400,000 square feet have been acquired by users in recent quarters, which has further reduced competitive supply and enhanced vibrancy in the micro market. Maple Plaza was recently renovated and amenitized so there are no major capital projects required at this time.

此外，最近幾個季度，相鄰的三處房產（總面積約 40 萬平方英尺）已被用戶收購，這進一步減少了競爭性供應，增強了微型市場的活力。楓樹廣場最近進行了翻新和設施升級，因此目前不需要任何重大資本項目。

Our basis of roughly $670 per square foot is meaningfully below replacement costs, which we estimate to be roughly $1,200 per square foot. As we lease up vacancy, we anticipate a stabilized yield in the high single digits and an unlevered IRR in the low double digits. In the few weeks we have owned the building, leasing activity has been strong from a mix of new leasing from new and existing tenants, confirming our view on the market and our underwriting. We're very excited about this acquisition and believe the inflection of leasing fundamentals combined with below historical average interest in the office sector created a unique opportunity. We do not know how long a window like this will last or if other similar opportunities will present themselves since more capital is consistently coming into the office sector. However, we continue to evaluate the full spectrum of investment alternatives and will not be afraid to transact if we find something that meets our stringent criteria.

我們每平方英尺約 670 美元的基準價格遠低於重置成本，我們估計重置成本約為每平方英尺 1200 美元。隨著空置物業的出租，我們預計收益率將穩定在較高的個位數，而未槓桿的內部收益率將達到較低的兩位數。在我們擁有這棟大樓的短短幾週內，租賃活動一直很活躍，既有新租戶的租賃，也有現有租戶的租賃，這證實了我們對市場的看法和我們的承銷能力。我們對此次收購感到非常興奮，並相信租賃基本面的變化，加上辦公大樓市場低於歷史平均的興趣，創造了一個獨特的機會。我們不知道這樣的機會窗口會持續多久，也不知道隨著越來越多的資金流入辦公大樓市場，是否還會出現其他類似的機會。但是，我們將繼續評估各種投資選擇，如果發現符合我們嚴格標準的項目，我們將毫不猶豫地進行交易。

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

接下來，我將把電話交給傑弗裡。

Thanks, Eliott. FFO for the quarter was $1.08 per diluted share, which includes approximately $0.03 per share of onetime items, including $0.02 per share related to real estate tax appeal wins, an additional $0.01 per share of noncash income related to a reversal of straight-line bad debt expense. Cash same-property NOI growth for the third quarter was 60 basis points with the previously mentioned real estate tax appeals contributing 150 basis points of growth. Occupancy statistics now reflect the recently stabilized redevelopment projects, 4400 Bahana Drive and 4690 Executive Drive, which represented a 50-basis-point negative impact to occupancy during the third quarter. We expected that occupancy would dip on a sequential basis due to the redevelopment projects entering the stabilized pool and expected move-outs.

謝謝你，艾略特。本季 FFO 為每股攤薄收益 1.08 美元，其中包括每股約 0.03 美元的一次性項目，包括與房地產稅上訴勝訴相關的每股 0.02 美元，以及與直線法壞賬費用衝回相關的每股 0.01 美元的非現金收入。第三季現金同店淨營業收入成長了 60 個基點，其中前面提到的房地產稅上訴貢獻了 150 個基點的成長。入住率統計數據現在反映了最近穩定下來的重建項目，即 4400 Bahana Drive 和 4690 Executive Drive，這些項目在第三季度對入住率產生了 50 個基點的負面影響。我們預計，由於重建項目進入穩定市場以及預期中的搬遷，入住率將逐週下降。

However, occupancy improved modestly, ending at 81%, up from 80.8% at the end of the second quarter. The improvement relative to our prior expectations was a result of earlier than anticipated rent commitments totaling approximately 200,000 square feet, all of which were originally projected to take occupancy in the fourth quarter.

然而，入住率略有提高，最終達到 81%，高於第二季末的 80.8%。與先前的預期相比，業績的改善是由於提前簽訂了總計約 20 萬平方英尺的租金承諾，這些承諾原本預計在第四季度全部投入使用。

At the end of the third quarter, the spread between leased and occupied space was 230 basis points, which represents meaningful embedded growth expected to materialize throughout the remainder of 2025 and into 2026. It's important to note that KOP 2 leasing activity is not included in this lease versus occupied spread and should be considered separately. We now anticipate that any improvement in occupancy in the fourth quarter will be modest due to the accelerated rent commencement activity that occurred in the third quarter.

第三季末，租賃面積與已佔用面積之間的差距為 230 個基點，這代表著顯著的內含成長，預計將在 2025 年剩餘時間和 2026 年逐步實現。值得注意的是，KOP 2 的租賃活動不包含在本次租賃與已佔用面積的比較中，應個別考慮。由於第三季租金開始支付活動加速，我們現在預計第四季度入住率的任何改善都將是溫和的。

Additionally, our assumptions now reflect the bankruptcy-related October move-out of NeueHouse, a 95,000 square foot tenant at Columbia Square. While the departure is now reflected in our occupancy outlook, the space's high-quality build-out and historical significance are generating strong interest from prospective users and the team is working diligently to minimize downtime.

此外，我們的假設現在反映了與破產相關的 NeueHouse（哥倫比亞廣場 95,000 平方英尺的租戶）於 10 月搬離的情況。雖然此次搬遷已反映在我們的入住率預期中，但該空間的高品質建設和歷史意義引起了潛在用戶的濃厚興趣，團隊正在努力將停工時間降至最低。

Portfolio retention in the third quarter was approximately 60% and year-to-date retention, including subtenants, stands at 39%. Following quarter end, we executed a 79,000 square foot renewal with Ride Games at Westside Media Center and a 67,000 square foot lease with ByteDance, a current subtenant with a 2026 expiration at Key Center. While these recent transactions are not yet reflected in our operational metrics, we are very pleased with our leasing performance on 2026 expirations, which demonstrates strong momentum heading into next year.

第三季投資組合留存率約 60%，年初至今的留存率（包括轉租租戶）為 39%。季度末之後，我們與 Ride Games 續簽了 Westside Media Center 的 79,000 平方英尺租賃合同，並與 ByteDance（我們目前的轉租租戶）在 Key Center 簽訂了 67,000 平方英尺的租賃合同，租期至 2026 年。雖然這些近期的交易尚未反映在我們的營運指標中，但我們對 2026 年到期租賃合約的業績非常滿意，這表明我們明年將保持強勁的成長勢頭。

Turning to guidance. We raised our 2025 FFO outlook to a range of $4.18 to $4.24 per share, representing an $0.11 per share increase at the midpoint. This revision reflects several key updates to our expectations. We now anticipate approximately $0.05 of additional noncash income driven by tenants taking occupancy earlier than expected in the previously mentioned straight-line bad debt reversal that occurred in the third quarter. Our updated same-property NOI guidance contributes an incremental $0.03 per share, while interest capitalization adjustments account for $0.02 per share.

尋求指導。我們將 2025 年 FFO 預期上調至每股 4.18 美元至 4.24 美元，中點數值比預期高出 0.11 美元。此次修訂反映了我們預期結果的幾項重要更新。我們現在預計，由於租戶比預期更早入住，將帶來約 0.05 美元的額外非現金收入，這是由於先前提到的第三季度發生的直線壞帳逆轉所致。我們更新後的同店淨營業收入預期每股增加 0.03 美元，而利息資本化調整每股增加 0.02 美元。

As Angela mentioned, we have also updated our assumptions for the Flower Mart project, which is now expected to cease capitalization in June 2026. With the progress made to date and the recent submission of our development applications, we're in a stronger position to find the process timeline and have updated our assumptions accordingly. As the re-entitlement process advances, we anticipate reaching a point we are short of executing a demand-driven development, all feasible progress that the project will be complete, at which time, capitalization will need to be suspended indefinitely. We will continue to revisit our assumptions and provide updates as new information becomes available.

正如安吉拉所提到的，我們也更新了對花卉市場項目的假設，該項目預計將於 2026 年 6 月停止資本投入。鑑於目前的進展以及我們最近提交的開發申請，我們更有能力確定流程時間表，並已相應地更新了我們的假設。隨著重新授權流程的推進，我們預計會達到一個階段，屆時我們將無法執行需求驅動型開發，也無法完成所有可行的專案進展，屆時，資本投入將需要無限期暫停。我們將持續審視我們的假設，並在獲得新資訊後及時更新。

As it relates to Kilroy Oyster Point, we are making excellent progress on the lease up of the project. Following the 84,000 square feet of lease executions to date in our healthy forward pipeline, it's appropriate to begin framing up the project's expected NOI and FFO impacts in 2026. Once the project transitions into the stabilized portfolio in January, capitalization will end and operating expenses, property taxes and interest expense will be recognized through the income statement.

關於 Kilroy Oyster Point 項目，我們在租賃方面取得了非常好的進展。鑑於我們健康的未來專案儲備中迄今已簽署了 84,000 平方英尺的租賃協議，現在是時候開始規劃該專案在 2026 年的預期淨營業收入 (NOI) 和營運資金 (FFO) 影響了。一旦該項目在 1 月過渡到穩定的投資組合中，資本化將結束，營運費用、房產稅和利息支出將透過損益表確認。

During the third quarter, operating expenses and property taxes and KOP 2 totaled approximately $5 million while capitalized interest totaled approximately $10 million, both of which are a reasonable quarterly run rates for next year. As tenants begin to take occupancy starting in the first half of 2026, the negative earnings impact from the projects will moderate before becoming a net contributor to growth in the coming years.

第三季度，營運費用、房產稅和 KOP 2 總計約 500 萬美元，資本化利息總計約 1,000 萬美元，這兩項均為明年合理的季度運行率。從 2026 年上半年開始，隨著租戶陸續入住，這些項目帶來的負面收益影響將會緩解，並在未來幾年內成為成長的淨貢獻者。

With that, we're happy to answer your questions.

我們很樂意回答您的問題。

(Operator Instructions) Nick Yulico, Scotiabank.

（操作員說明）Nick Yulico，加拿大豐業銀行。

So first question is, I guess, just turning towards some of the expirations you talked about getting addressed for 2026. And I know you had a higher also retention ratio this quarter. So at a high level, I mean, are there any sort of thoughts you can give us on like next year, how to think about retention for expirations and then also getting some benefit, as you talked about from commencing occupancy on that gap right now between signed, but not occupied space?

所以第一個問題，我想，就談談您提到的將在 2026 年解決的一些到期問題。我知道你們本季的客戶留存率也更高了。所以，從宏觀層面來說，我的意思是，您能否就明年給我們一些建議，例如如何考慮到期後的續租問題，以及如何從目前已簽約但尚未入住的空間中獲得一些收益，就像您剛才提到的那樣？

Sure. Thanks, Nick. This is Angela. I'd start with sort of going back to where we started with the 2026 expiration pool at the beginning of 2025. We were showing about 1.9 million square feet, when you take into account all the leasing activity and renewal activity that's been completed through the third quarter and the almost 150,000 square feet of renewals that were signed subsequent to quarter end. We're down to a remaining expiration pool in 2026 of about 970,000 square feet.

當然。謝謝你，尼克。這是安琪拉。我建議從 2025 年初開始，回到我們最初設立 2026 年到期資產池的起點。如果將第三季完成的所有租賃活動和續約活動，以及季度末之後簽署的近 15 萬平方英尺的續約合約都考慮在內，我們展示的面積約為 190 萬平方英尺。到 2026 年，我們剩餘的到期資產池面積約為 97 萬平方英尺。

As I mentioned earlier, I think there's a limited opportunity for additional renewals out of that pool. So we do expect that you're going to see move-outs in 2026 for the majority of what's left in the 2026 expiration pool, and we'll need to offset that through new leasing, right, both through a combination of, as you point out, a pretty healthy spread between signed and commenced occupancy that's already been executed and then additional new leasing activity that can take effect during 2026.

正如我之前提到的，我認為從這個資金池中獲得更多續約機會的可能性有限。因此，我們預計 2026 年到期的大部分剩餘租約都將在 2026 年到期，我們需要透過新的租賃來彌補這一缺口，正如您所指出的，這既包括已經簽署並開始入住的租約之間相當大的差距，也包括 2026 年期間可以生效的額外新租賃活動。

I think as we've talked about on prior calls, one thing I would note that's a little bit different in the current environment is across many of our markets, the interest that tenants have and getting into space as quickly as possible. We've seen that most notably in San Francisco, where there's a real demand, especially from some of the new business formation we're seeing in that market to really compress the time between lease execution and occupancy commencement, but we've also seen it in other markets as well, including the Pacific Northwest and even in San Diego and Austin. So our spec suites program can be really meaningful in addressing some of that remaining exploration activity in 2026 or offsetting it. So that's what we're focused on right now is really driving some additional renewals out of the '26 pool, but really focusing on new leasing and particularly the new leasing that can take occupancy during 2026.

我認為正如我們在之前的電話會議中討論過的那樣，當前環境下有一點與以往略有不同，那就是在我們許多市場中，租戶都希望盡快獲得租賃空間。我們在舊金山尤其看到了這一點，那裡確實存在著很大的需求，特別是我們看到該市場的一些新成立的企業，他們希望真正縮短租賃合約簽訂和入住開始之間的時間。但我們也在其他市場看到了這種情況，包括太平洋西北地區，甚至是聖地牙哥和奧斯汀。因此，我們的勘探套件計劃對於解決 2026 年剩餘的一些勘探活動或抵消這些活動來說，可能具有真正的意義。所以，我們現在的重點是真正推動 2026 年的續租，但真正關注的是新租賃，特別是那些可以在 2026 年入住的新租賃。

Okay. And then just second question is on San Francisco. If you could talk a little bit more about how you're seeing your space be competitive in the market versus other options? And then also sort of an update on competitive sublease space that's in the market, and sort of just sort of depth of the tenant pool there overall?

好的。第二個問題是關於舊金山的。您能否再詳細談談您認為您的領域與其他選擇相比，在市場上的競爭力體現在哪裡？此外，能否也介紹一下市場上競爭激烈的轉租空間狀況，以及整體租戶群體的深度？

Sure. Yes, I'll take the first part, and then going to turn it over to Rob to talk about some of the more specific dynamics in the market. But what we've continued to see in San Francisco is a real expansion of where tenants are looking for space in the market. And then again, a real priority on landlords who can move quickly and deliver certainty in terms of compressing that time period between lease execution and rent commencement.

當然。是的，我先講第一部分，然後交給羅布來談談市場中一些更具體的動態。但我們在舊金山持續看到的是，租戶在市場上尋找辦公空間的範圍正在真正擴大。此外，房東也真正優先考慮那些能夠快速行動並提供確定性的房東，以縮短租賃合約簽訂和租金開始支付之間的時間間隔。

When we talk about sort of the -- where tenants are looking in the market, that's where we've seen a pretty remarkable sea change in activity from where we were 9 to 12 months ago, that's really captured our SOMA assets and in particular, 201 Third, where as I mentioned earlier, we've now completed three consecutive quarters of major leasing at that property. We're now seeing that activity expand further into SOMA and into assets like 360 Third Street. So we've seen really sort of a healthy dynamic is where tenants are willing to look at expanded. And then again, I think our vacancies are really well positioned given that we're very focused on delivering -- meeting those expectations and delivering space as quickly as possible.

當我們談到租戶在市場上的關注點時，我們發現與 9 到 12 個月前相比，市場活動發生了相當大的變化，這主要體現在我們的 SOMA 資產上，特別是 201 Third，正如我之前提到的，我們已經連續三個季度完成了該物業的主要租賃工作。我們現在看到這種活動進一步擴展到SOMA地區以及像360 Third Street這樣的資產。所以我們看到了一種非常健康的動態，即租戶願意考慮擴大規模。而且，我認為鑑於我們非常注重交付——滿足這些期望並儘快交付空間，我們的空缺職位目前處境非常有利。

Thanks, Angela. Nick, it's Rob Paratte. I guess I'd make a couple of points about the market. One is that larger tenants in San Francisco are starting to come back to the market and our touring. We're also seeing that in Seattle.

謝謝你，安吉拉。尼克，我是羅伯帕拉特。我想就市場問題提幾點看法。一是舊金山的大型租戶開始重返市場，我們也開始帶他們參觀。我們在西雅圖也看到了這種情況。

And I think one change we're noticing in our portfolio is that there's, I'd say, less demand for bargain space and more demand for impactful space. And that impactful space ties directly to the return to office phenomenon that you're seeing where San Francisco particularly has dramatically improved in the past couple of quarters.

我認為我們投資組合中出現的一個變化是，對廉價空間的需求減少了，而對有影響力的空間的需求增加了。而這具有影響力的空間與人們重返辦公室的現象直接相關，尤其是在舊金山，過去幾季情況有了顯著改善。

AI demand continues to be a very strong driver in the market. There's about 1.5 million square feet of AI demand currently touring in San Francisco. And then relating to sublease space over 2 million square feet of sublease space has been basically taken off the market through either going direct, taken off the market by the sublessor or being leased. And that's a notable number. And when you look at the Kilroy portfolio, we've had 200,000 square feet taken off the market this quarter by tenants.

人工智慧需求仍然是市場中非常強勁的驅動力。目前舊金山約有 150 萬平方英尺的 AI 需求正在考察中。至於轉租空間，超過 200 萬平方英尺的轉租空間基本上已經從市場上撤下，要么是直接撤出，要么是轉租人撤出，要么是被出租。這是一個相當可觀的數字。從 Kilroy 的投資組合來看，本季已有 20 萬平方英尺的物業被租戶撤出市場。

So all of that points to, I think, a sustained recovery as the office fundamentals are improving and showing signs of sustained recovery, we're already at pre-pandemic levels, as Angela pointed out in some of the statistics. So I'm pretty convinced that not only the momentum we're seeing here in Q4 will continue into Q1 and '26.

所以我認為，所有這些都表明，隨著辦公基本面的改善和持續復甦的跡象，我們已經恢復到疫情前的水平，正如安吉拉在一些統計數據中指出的那樣。所以我相當確信，我們目前在第四季看到的這種勢頭不僅會延續到第一季度，還會延續到 2026 年。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on a great quarter. I wanted to follow up on the increased leasing outlook near term at KOP 2 and just kind of the current demand in tours, whether that continues to be more traditional biotech or it's kind of across the board?

恭喜你本季表現出色。我想了解 KOP 2 近期租賃前景的改善情況，以及目前的參觀需求，是繼續以傳統的生物技術為主，還是涵蓋所有領域？

Sure. I'll -- let me kind of frame up where we are with life science in KOP in South San Francisco. So in Q3, there were slightly over 600,000 square feet of leases signed, which is on par again with pre-pandemic levels. Look, we're seeing -- I can only speak to our project. What we're seeing is that the best projects in the market are seeing the most demand.

當然。我——讓我先介紹一下我們在南舊金山KOP生命科學領域的現況。因此，第三季簽署的租賃合約面積略超過 60 萬平方英尺，再次與疫情前的水平持平。你看，我們看到──我只能談談我們自己的專案。我們看到的是，市場上最好的專案需求量最大。

And our life science team -- dedicated life science team is nimble accretive and they're really quick to respond adding to this momentum, which gives me a lot of confidence that momentum will not only continue in Q4, the remainder of Q4 as Angela said, but well into Q1 and 2026.

我們的生命科學團隊——一支專注的生命科學團隊——靈活高效，反應迅速，進一步增強了這種勢頭，這讓我非常有信心，這種勢頭不僅會在第四季度，正如安吉拉所說，在第四季度的剩餘時間裡繼續下去，而且還會延續到第一季度和2026年。

Life science demand rose over 20% from 1.8 million feet to 2 million feet in Q3, another very positive indicator. And I think the one thing that we've seen that's really changed, again, as I mentioned earlier, in San Francisco, there are large tenants that are coming back into the market. So combined with the life science demand, we're seeing -- we're also seeing other sectors that have improving demand, including semiconductors, AI and robotics. And that's not just South San Francisco specifically, it's a trend moving from South San Francisco down through the peninsula.

第三季生命科學領域的需求成長超過 20%，從 180 萬英尺增加到 200 萬英尺，這是另一個非常積極的指標。我認為我們看到真正改變的一點是，正如我之前提到的，在舊金山，一些大型租戶正在重返市場。因此，除了生命科學領域的需求之外，我們還看到其他領域的需求也不斷增長，包括半導體、人工智慧和機器人領域。而且這不僅是南舊金山特有的現象，而是從南舊金山蔓延到半島南部的趨勢。

Yes. I think -- I mean, Rob's really hitting on the right point. We're thrilled to be at the point we are right now. It's 84,000 square feet of leases executed at KOP. As you've alluded to, we feel like we're very well positioned to exceed the goal we put out for ourselves last quarter of 100,000 square feet by year-end.

是的。我認為——我的意思是，羅布真的說到點子上了。我們對目前所取得的成就感到非常興奮。KOP 已簽訂 84,000 平方英尺的租賃合約。正如您所提到的，我們感覺我們完全有能力在年底前實現上個季度設定的 10 萬平方英尺的目標。

I also think, as we indicated last quarter, we're very pleased that the first wave of deals we're signing at KOP 2 have all been biotech, biotech related. I think that's a really important point as we think about the future growth and evolution of this project in Phases 3, 4, and 5 down the road. We're being very intentional about creating the right sort of life science ecosystem at the project that can support that growth down the road as well.

我也認為，正如我們上個季度所指出的那樣，我們非常高興在 KOP 2 上簽署的第一批交易都是生物技術或與生物技術相關的。我認為這一點非常重要，因為我們需要考慮該專案在未來第三、第四和第五階段的發展和演變。我們正在有意識地為該計畫打造合適的生命科學生態系統，以便在未來也能支持其發展。

And then Rob made a really important point, which is we have lots of -- as we think about the pipeline going forward, there continues to be lots of demand from biotech and biotech related companies as we look out finishing this project, but we are seeing really important demand that's giving us a little bit more leverage in leasing for the remainder of KOP 2 from other uses outside of life science as well.

然後羅布提出了一個非常重要的觀點，那就是——當我們考慮未來的發展方向時，生物技術和生物技術相關公司仍然有很多需求，因為我們正著眼於完成這個項目，但我們也看到了非常重要的需求，這讓我們在租賃 KOP 2 的剩餘部分時，在生命科學以外的其他用途方面擁有更大的議價能力。

So overall, I think a really healthy backdrop as we think about leasing up this project and ensuring that it's going to be a net contributor of growth over the next several years. We've got a lot of options and a lot of momentum. But again, really pleased that we're able, with these first leases that are being signed, take the first steps at creating that dynamic life science ecosystem on site.

所以總的來說，我認為這是一個非常健康的背景，讓我們能夠考慮租賃這個項目，並確保它在未來幾年內成為淨成長的貢獻者。我們有很多選擇，而且勢頭強勁。但再次強調，我們非常高興能夠透過簽署這些首批租賃協議，邁出在現場創造充滿活力的生命科學生態系統的第一步。

And just given kind of the improvement and diversity in activity across the portfolio, should we think about that there'll be less reliance on kind of the shorter-term leasing going forward?

鑑於投資組合中各項業務活動的改善與多樣性，我們是否應該認為未來對短期租賃的依賴會減少？

Yes. I mean this quarter, the shorter-term leasing, I think it was 129,000 square feet. Most of that was renewal activity. And I spoke to some of that in my prepared remarks. We're going to be flexible in this environment with tenants that need a little bit longer-term, even if they're vacating, just to give us additional opportunity and time to backfill some of that space. So there's probably some more of that short-term renewal activity over the coming quarters.

是的。我的意思是，本季短期租賃面積，我認為是 129,000 平方英尺。其中大部分是更新活動。我在事先準備好的發言稿中也談到了其中的一些內容。在這種環境下，對於需要更長期租約的租戶，即使他們即將搬走，我們也會保持靈活，以便給我們更多的時間和機會來填補一些空缺空間。因此，未來幾季可能還會出現更多短期續約活動。

I would say, as we think about the new leasing dynamic, we've signed very few actually new leases on a truly short-term basis. There continues in the city of San Francisco as we think about some of this new company formation and AI growth, specifically in the city of San Francisco, still a desire for leases that are shorter-term in nature than a traditional 10-year lease. So we are seeing that demand in sort of that three- to five-year window for many of these AI companies, but we do believe we're in a position to stretch those terms a little bit longer, where we can provide a reasonable path to growth and expansion for some of those tenants over the course of that term.

我認為，就我們思考新的租賃動態而言，我們實際上很少簽署真正意義上的短期新租賃合約。在舊金山，隨著一些新公司的成立和人工智慧的發展，尤其是在舊金山，人們仍然希望簽訂比傳統的 10 年租約期限更短的租約。因此，我們看到許多人工智慧公司在三到五年內都有這種需求，但我們相信我們有能力將這些期限延長一些，從而為其中一些租戶在期限內提供合理的成長和擴張途徑。

They're prioritizing that flexibility as it relates to the shorter lease term because they do believe their businesses are going to grow and evolve and they want to make sure that they can have space over the next 5 to 10 years, that's going to meet their needs. So where we can provide that flexibility, we have a chance at getting those terms extended a little bit longer. But the truly short-term leases, again, have been almost all renewal activity. And that's, in many ways, just a normal recurring part of the business.

他們優先考慮的是較短租賃期限帶來的靈活性，因為他們相信自己的業務將會發展壯大，他們希望確保在未來 5 到 10 年內擁有能夠滿足其需求的空間。因此，如果我們能夠提供這種靈活性，我們就有機會將這些期限延長一段時間。但真正的短期租賃，幾乎全部都是續約活動。從很多方面來看，這只是業務中正常的、反覆出現的一部分。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Jeffrey, I don't know if you could provide a little bit more color on just the NeueHouse lease. I appreciate you for clarifying that, that really was, I guess, in the quarter end occupancy and comes out in the fourth quarter, but could you maybe just help size up for us kind of what the rent contribution was from NeueHouse in the third quarter so we could just kind of adjust the revenues appropriately for that?

Jeffrey，我不知道你是否能就 NeueHouse 的租賃事宜提供更多細節。感謝您的澄清，我想那確實是季度末入住率，會在第四季公佈。但是，您能否幫我們估算一下 NeueHouse 在第三季的租金貢獻是多少，以便我們能夠相應地調整收入？

Yes. We don't -- Steve, we don't typically talk about individual rent commencements on a tenant level basis. You've got the occupancy contribution about a 50-basis-point -- 50- to 60-basis-point impact on occupancy. I think the important point here is that we really held our average occupancy guidance flat despite taking that unexpected impact in the fourth quarter of this year.

是的。我們不——史蒂夫，我們通常不會在租戶層級討論特定的租金起始日期。入住率貢獻約為 50 個基點－對入住率的影響為 50 到 60 個基點。我認為重點在於，儘管今年第四季受到了意料之外的影響，但我們仍然保持了平均入住率預期不變。

Rob and team, I'll let Rob comment on sort of the re-leasing backdrop for that space in a moment. But we're really focused on re-leasing that space as quickly as we can. It's got a very high-quality build-out, and we think there are opportunities that will really help us minimize downtime as we look to reposition that space, which will address some of the concern you're raising.

Rob 和團隊，稍後我會讓 Rob 就該空間的重新租賃背景發表一些看法。但我們目前的首要任務是盡快將該空間重新出租。它的建造品質非常高，我們認為在重新定位該空間的過程中，存在著一些機會，可以真正幫助我們最大限度地減少停機時間，這將解決您提出的一些擔憂。

Steve, yes, we started fairly early on looking at opportunities for the former NeueHouse space in terms of what can be done with it. And I'm actually pretty pleased with the activity we've seen from a variety of sectors, including the hospitality and entertainment sectors. And as you know, the space is very highly designed, very well designed. We own all the FF&E. There's a lot of advantage to what's in the space, not only from a just architectural point of view, but the existing facilities, including multiple food and beverage opportunities.

史蒂夫，是的，我們很早就開始考慮如何利用先前的 NeueHouse 空間。事實上，我對各個產業，包括飯店和娛樂產業，所展現出的活力感到非常滿意。如你所知，這個空間的設計非常精良，非常出色。我們擁有所有家具、固定裝置和設備。這個空間有很多優勢，不僅從建築角度來看，而且現有的設施也提供了多種餐飲選擇。

And I think most -- or not most importantly, but very important aspect is that the historic studio, the CBS former auditorium can house up to 400 people. And so that's a very limited commodity in Hollywood. And so that does seem to attract quite a bit of attention and can generate revenue. So again, we're seeing kind of a disparate group of interested parties right now that we're talking to.

我認為最重要的一點——或者說不是最重要的一點，但非常重要的一點是，這座歷史悠久的演播室，也就是哥倫比亞廣播公司以前的禮堂，可以容納多達 400 人。所以，這在好萊塢是一種非常稀缺的資源。因此，這似乎確實吸引了許多關注，並且可以帶來收入。所以，我們現在接觸到的利害關係人群體相當多元化。

And just any comment, Rob, just about kind of how the rent would maybe stack up to the prior rent? Would that be a roll up, roll down, flat?

羅布，你還有什麼要補充的嗎？比如說，現在的租金和之前的租金相比大概會怎麼樣？那是不是可以捲起來、捲起來、鋪平？

Hard to say, Steve. It depends. I mean some of these uses may have more new for capital depending on if it moves toward hospitality. It's really going to be very deal specific, but it's quite unique space. And the thing I'd say is if you look in Hollywood to have historic space like this that ties back into the 30s and 40s and 50s at the prime of Hollywood that cache carries a lot of value for future users.

很難說，史蒂夫。這取決於。我的意思是，如果這些用途轉向酒店業，其中一些用途可能會帶來更多新的資本。具體情況還要視交易而定，但這確實是一個相當獨特的領域。我想說的是，如果你在好萊塢尋找像這樣具有歷史意義的空間，它與好萊塢鼎盛時期（20 世紀 30 年代、40 年代和 50 年代）緊密相連，那麼這種歷史底蘊對未來的使用者來說具有很高的價值。

Seth Bergey, Citigroup.

Seth Bergey，花旗集團。

I guess the first one, just to go back to kind of the KOP leasing activity you've done. Can you provide a bit more color on kind of the lease economics you're achieving there? And maybe touch on kind of how those leases kind of compared to your initial underwriting?

我想第一個問題，就是回到你們之前在 KOP 進行的租賃活動。您能否更詳細地介紹一下你們在租賃方面所取得的經濟效益？或許還可以談談這些租賃合約與你們最初的承保合約相比有何不同？

I'll start with the beginning that the lease economics vary between whether it's a spec lab or whether it's going from shell construction. So there's variability there. But we're very attuned to what the market is and happy with where we're getting -- where we're achieving our rental rates. And TIs have no doubt gone up since we originally underwrote the project, but we're meeting the market in terms of where the demand is and providing that value that I mentioned earlier.

首先我要說明的是，租賃經濟效益會因為是現成的實驗室還是從毛坯房開始建設而有所不同。所以這方面存在差異。但我們非常關注市場動態，並對我們目前的租金水準感到滿意。毫無疑問，自從我們最初為該項目提供資金以來，TI 已經上漲，但我們正在滿足市場需求，並提供我之前提到的價值。

Yes, I think Rob categorized it exactly right, which is I do think rents have held in pretty well relative to our original underwriting, even on these first handful of deals we're executing, which you would expect to come in a little bit below. So rents are pretty much in line. Capital is higher and that's a comment we've made on prior calls as well.

是的，我認為羅布的分類完全正確，那就是，我認為租金相對於我們最初的承銷情況來說保持得相當不錯，即使是我們正在執行的這幾筆交易，你也會預期租金會略低於預期。所以租金基本上合理。資本金水準更高，這一點我們在之前的電話會議中也提到過。

One thing I would note when you look at the -- our disclosure around the lease executions in the second -- or for first generation space in the supplemental, any deals that are signed for spec suites are burdened with 100% of the spec suite capital in those TI numbers, even though those tend to be almost by definition, some shorter-term deals and that capital is designed to be easily reusable for future tenants. So that's just one element I would note, as you think about some of the TI numbers you're seeing in the supplemental and we'll see on the spec suite deals going forward.

有一點需要注意，當您查看我們關於第二版租賃執行的披露信息，或者查看補充文件中關於第一代空間的披露信息時，任何為投機套房簽署的交易都會將投機套房資本的 100% 計入這些 TI 數據中，即使這些交易幾乎必然是短期交易，而且這些資本旨在方便未來租戶再次使用。所以，這只是我想指出的一個因素，當你考慮到你在補充文件中看到的一些TI數據時，我們將在未來的規範套件交易中看到這些數據。

That's helpful. And then maybe for a second one. I believe in your prepared remarks, you mentioned 1.9 million square feet of kind of '26 expirations that kind of need to be backfilled primarily kind of by new leasing activity. Can you just kind of quantify kind of what the tour activity you're seeing on those spaces and maybe kind of how it compares to last quarter or some way to benchmark it just kind of as you guys are seeing this recovery in demand?

那很有幫助。然後或許還會再來一個。我相信您在事先準備好的發言稿中提到過，有 190 萬平方英尺的 2026 年到期物業需要主要透過新的租賃活動來填補。您能否量化一下您在這些空間看到的旅遊活動情況，並將其與上個季度進行比較，或者找個基準來衡量一下，因為您目前看到了需求的復甦？

Yes. Let me make a point of clarification, and then I'll turn it over to Rob. But 1.9 million was the 2026 lease expiration tower we were facing at the beginning of 2025. Over the course of the last three quarters and with some renewal signed subsequent to quarter end, we're now down to 970,000 square feet of remaining 2026 lease expiration. So we've substantially addressed that original tower.

是的。我先澄清一點，然後把麥克風交給羅布。但 190 萬美元是我們 2026 年租約到期時面臨的資金問題，而這個問題出現在 2025 年初。經過過去三個季度的積累，以及一些在季度末之後簽署的續約協議，我們現在剩餘的2026年到期租約面積已降至970,000平方英尺。所以我們已經基本解決了最初的那個塔的問題。

That's translated into about a 40% retention on the original 1.9 million square feet with additional vacancy or potential move-outs being addressed through disposition. So we've actually been very successful at addressing the original 1.9 million.

這意味著在原有的 190 萬平方英尺中，大約有 40% 的面積得以保留，而額外的空置或潛在的搬遷則透過資產處置來解決。所以，我們在解決最初的 190 萬個問題上實際上非常成功。

I'd just say tour activity across the board and the pipeline across the board looks really very strong right now. And we mentioned specifically in San Francisco, a 170% increase in tour activity in our SOMA properties, in particular, where we do have vacancy. We're seeing really great momentum. But I'll let Rob comment on the broader pipeline and tour activity.

我想說的是，目前整個旅遊市場的活動和專案儲備看起來都非常強勁。我們特別提到，在舊金山，我們SOMA地區的房產旅遊活動增加了170%，尤其是在我們有空房的地區。我們看到了非常強勁的發展勢頭。但關於更廣泛的管道和巡迴演出活動，我還是讓羅布來評論。

Yes. Seth, the only thing I'd add to what Angela has said is that it goes beyond the market we're talking about. And it's just that demand is across the board increasing of the 900,000 feet remaining. There's always a chance someone -- a lot of times things pop up at the end, where somebody wants to hold over, it could end up in short-term or it could end up in a longer-term lease. But as Angela said, I think we've harvested most of what we can get.

是的。塞思，我唯一要補充的是，安琪拉所說的已經超出了我們正在討論的市場範圍。只是剩餘的90萬英尺空間的需求正在全面增加。總是會有那麼一絲可能──很多時候，到了最後，有人想要繼續租住，結果可能是短期租賃，也可能是長期租賃。但正如安吉拉所說，我認為我們已經收穫了我們所能收穫的大部分。

That said, we have marketing and business plans put together for all that vacancy for the 900,000 that remains. And we're really positioning it early on to start leasing it and are in conversations on some of it already.

也就是說，我們已經為剩餘的 90 萬個空缺職位制定了行銷和商業計劃。我們正在儘早做好租賃準備，並且已經在就其中一些租賃事宜進行洽談。

Anthony Paolone, J.P. Morgan.

Anthony Paolone，摩根大通。

I just want to go back to KOP and revisit the prior question a bit. Just a two-parter there. One, at the rate -- at the rental rates you're achieving and what you're seeing out there? What would the yield be on your cost? And then the second part of that, the $1.25 billion. Remind me, is that fully loaded for tenant improvements, leasing commissions, prebuilts, all that?

我只想回到KOP，再稍微回顧一下之前的問題。只有兩個部分。第一，以你目前達到的租金水平以及你看到的市場行情來看？你的成本能獲得多少收益？然後是第二部分，即 12.5 億美元。提醒我一下，這個價格包含租戶裝潢、租賃佣金、預製房屋等等所有費用嗎？

Yes. I mean I'll make a couple of comments. We're 10% leased on this project right now, right? So we've got an 84,000 square foot lease on 875,000 square feet or thereabouts. So I think it's a little premature to talk to the total economics of the projects overall.

是的。我打算說幾點。目前這個專案的出租率是10%，對吧？所以我們租下了大約 875,000 平方英尺的土地，面積為 84,000 平方英尺。所以我覺得現在談論這些項目的整體經濟效益還為時過早。

I think as we continue to execute on this project and we demonstrate further progress on the leasing, it will be the right time to take a step back and talk about the overall economics of this project. But doing so on the first three leases that got executed is just a little bit premature.

我認為，隨著我們繼續推進這個項目，並在租賃方面取得進一步進展，屆時我們將有合適的時機退一步，討論一下這個項目的整體經濟效益。但是，對前三份已簽署的租賃合約進行這樣的處理還為時過早。

The numbers we have in the supplemental do reflect our original expectations as it related to capital. So at the right time, and again, as we get through additional leasing activity, we'll update as appropriate.

補充文件中列出的數字確實反映了我們最初對資本的預期。因此，在適當的時候，隨著我們進行更多租賃活動，我們會酌情更新資訊。

Okay. But -- so then, I mean, you mentioned the capital running a little bit ahead of plan rents kind of more or less in line. So does that mean it likely us to bump up a bit or still too early to tell?

好的。但是——所以，我的意思是，你提到資金運作略微超前於計劃，租金也基本上符合計劃。所以這是否意味著我們可能會略微提價，還是現在下結論還為時過早？

It's still too early to tell. I think it's -- we'll continue to evaluate as we get additional leases signed and hope to have additional updates over the coming quarters.

現在下結論還為時過早。我認為——我們會隨著更多租賃合約的簽署繼續進行評估，並希望在接下來的幾個季度中提供更多更新資訊。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

You've mentioned some of the components that will feed into this, but guidance calls for a 1% contraction year-over-year, but same-property NOI was up 1.4% year-to-date. Maybe just walk us through some of the considerations that we should keep an eye on in the fourth quarter?

您提到了一些影響因素，但指導意見稱同比將下降 1%，但今年迄今為止，同店淨營業收入增長了 1.4%。或許您可以為我們介紹一下在第四季我們應該關注的一些事項？

Yes. Thanks, Brendan. The big, I think, kind of bogey is just a difficult comp in the fourth quarter from last year. So we did recognize about $6.7 million of restoration fee income. So when you look at kind of the sequential decline, at least for the fourth quarter, you should see a pretty big run down or expect to see that.

是的。謝謝你，布倫丹。我認為最大的障礙是去年第四季難以與去年同期進行比較。因此，我們確認了約 670 萬美元的修復費收入。所以，當你觀察第四季的環比下降趨勢時，你應該會看到相當大的下滑，或者預計會看到這種情況。

Okay. That's helpful. And then maybe just -- you mentioned strength in all your markets. Maybe just home in on Austin. It looked like you had a lot of leasing progress there at the Indeed Tower. Maybe any extra color that you can provide there and an update on the ground floor space that's available?

好的。那很有幫助。然後，也許只是——你提到了你們所有市場都表現強勁。或許應該把注意力集中在奧斯汀身上。看來你們在Indeed Tower的租賃方面取得了很大進展。您能否提供一些額外的色彩信息，並更新一下一樓可用空間的情況？

Sure, Brendan, and the ground floor space is exactly what I wanted to talk about, which is, I think, a really monumental accomplishment by our Austin team leasing what we call the post, which is a freestanding historic building on the project site. And we're not at liberty to disclose the tenant, but I'll say that they're a nationally recognized successful operator of food and beverage venues across the country and had many successful startups and built several chains through that entity.

當然，Brendan，而底層空間正是我要談論的，我認為這對我們奧斯汀團隊來說是一項真正的里程碑式的成就，他們租賃了我們稱之為“柱子”的獨立歷史建築，該建築位於項目現場。我們不能透露租戶的訊息，但我可以說，他們是一家在全國範圍內享有盛譽的餐飲場所運營商，擁有眾多成功的創業項目，並透過該實體建立了多個連鎖店。

And this amenity, it's really an amenity, but it's not only an amenity for the building, it's suited for the tenants in the building, which we think is really going to improve the foot traffic and demand on the Sixth Street corridor, where we are, but it's also a really important amenity. It's big enough, meaningful enough that it's a big enough amenity for the overall Austin CBD. And all I can say is it's a complicated project. It took a long time. We have a multi-floor building that's historic that was in shell condition and will truly be special space. And I think all of us at Kilroy really look to our Austin team for having the perseverance and patience to go through that and execute it.

這項設施確實是一項便利設施，但它不僅是大樓的便利設施，也適合大樓裡的租戶，我們認為這將真正改善我們所在的第六街走廊的人流量和需求，而且它也是一項非常重要的便利設施。它規模足夠大，意義足夠重大，足以成為奧斯汀中央商務區一項重要的配套設施。我只能說，這是一個複雜的專案。這花了很長時間。我們有一棟歷史悠久的多層建築，之前只剩下毛坯房，改造後將成為一個非常特別的空間。我認為 Kilroy 的所有人都非常敬佩奧斯汀團隊，感謝他們擁有堅持不懈和耐心去完成這項工作並最終取得成功。

And then what that leaves us with is our office space. And we continue -- again, I can't speak to the competition. I can only speak to what we see. And as Angela has said a couple of times, we're seeing a lot of activity on our spec suites oftentimes as they're under construction, they lease. So we're continuing on that program, and we don't have much contiguous space left for larger tenants, but we do have two floors that we're marketing. So we're really pleased with the activity we're seeing at Indeed Tower, and we think this post enhancement will also lead to increased activity. And I think long-term, just a great investment in that project.

最後剩下的就是我們的辦公空間了。我們繼續——再說一遍，我無法評論競爭對手的情況。我只能就我們所看到的發表評論。正如安吉拉多次提到的那樣，我們看到我們的樣板套房非常活躍，它們在建設過程中經常被出租。所以我們正在繼續推進該計劃，雖然我們沒有太多連片空間留給大型租戶，但我們確實有兩層樓正在招租。因此，我們對 Indeed Tower 目前的活躍度非常滿意，我們認為此次貼文增強功能也將帶來更多活躍度。我認為從長遠來看，對這個項目的一項投資非常值得。

John Kim, BMO.

John Kim，BMO。

I had a couple of questions on your leasing pipeline at KOP 2. If you could maybe provide some more color on how large that pipeline is today versus last quarter or the last time you provided an update. And how many of these tenants are growing within the South San Francisco market versus just upgrading space within the market or musical chairs?

我有一些關於 KOP 2 租賃流程的問題。如果您能詳細說明目前的管道規模與上個季度或上次更新時相比有何變化，那就太好了。這些租戶中有多少是在南舊金山市場內發展壯大，又有多少只是在市場內升級辦公空間或頻繁更換辦公地點？

John, it's Rob. I'd say our demand -- I mean, we've said this for maybe three quarters now that our demand has continued to increase, at least we've seen an uptick and continuous uptick in tour activity. Suffice to say what I said earlier that we're confident in the pipeline we have in the remainder of Q4 and the executions that Angela talked about. And I think that our momentum is strong enough that Q1 and Q2 well into the rest of the year is going to be quite strong.

約翰，我是羅布。我想說，我們的需求——我的意思是，我們已經這樣說了大概三個季度了，我們的需求一直在持續增長，至少我們看到旅遊活動出現了上升趨勢，而且是持續上升趨勢。總之，正如我之前所說，我們對第四季度剩餘時間的計劃以及安吉拉提到的執行充滿信心。我認為我們目前的勢頭非常強勁，第一季和第二季以及今年剩餘時間都將保持強勁勢頭。

The project, I've said this on a couple of calls is attracting interest from across the Bay Area. So we have a very concerted focused marketing effort. The project can accommodate tech as well as life science. The bulk of our activity is in the life science space because it's purpose-built life science, but other entities are also interested in it. So I'm very confident in the pipeline we got.

正如我在幾次電話會議中提到的，這個項目已經引起了整個灣區的關注。因此，我們進行了一項非常協調一致、目標明確的行銷活動。該專案既可以涵蓋科技領域，也可以涵蓋生命科學領域。我們的大部分業務都集中在生命科學領域，因為它是專門為生命科學而設的，但其他實體也對此感興趣。所以我對我們現有的人才儲備非常有信心。

And then I'm sorry, the second part of your question was are they seeking --

抱歉，您問題的第二部分是他們是否在尋找--

If they're seeking additional space within the market? Or is it just upgrading the space?

他們是否在尋求更大的市場空間？還是只是空間升級？

It's both. It's leases expiring, plus they're seeking upgraded space.

兩者兼具。租約即將到期，而且他們也在尋求更大的辦公空間。

Okay. On the 970,000 square feet of potential move-outs next year, can you provide color on why these tenants are not renewing their space? And just your ability to backfill that space next year either through leasing or extending the current leasing?

好的。明年可能有 97 萬平方英尺的商店搬出，您能否詳細說明這些租戶為什麼不續租？你們明年是否有能力透過租賃或續約來填補這個空缺？

Yes. I mean, I guess, I'd go back to the comments I made earlier. When you think about the 1.9 million we started the year with and look at just what's been re-leased on a long-term basis within that pool, we've achieved a 40% retention rate or a little bit over 40%, which is a material improvement since any year through the pandemic. So actually, on a total retention basis, those numbers are very strong. And I think what you're saying is normal course activity in the portfolio in any year, even close to pre-pandemic level of retention.

是的。我的意思是，我想我還是會堅持我之前發表的評論。想想我們年初擁有的 190 萬套住房，再看看其中有多少已經長期續租，我們的續租率達到了 40% 或略高於 40%，這比疫情期間的任何一年都有了顯著的進步。所以實際上，從整體留存率來看，這些數字非常強勁。我認為你所說的，是任何年份作品集中正常的課程活動，甚至接近疫情前的保留率水準。

So it's just a combination of tenants with shifting needs. We mentioned one example in my script that was a tenant moving to owner-occupied space. There's been some of that activity in the portfolio, but it really does just run the gamut. And again, at a 40% or better than 40% retention rate, we think we're back to pretty historical levels of activity from a move-out perspective.

所以這只是租戶需求不斷改變的各種因素造成的。我在劇本中舉了一個例子，就是租戶搬到業主自住的房子。投資組合中確實有一些這類活動，但實際上涵蓋了方方面面。再次強調，如果留存率達到 40% 或更高，我們認為從搬離角度來看，我們的活動水準已經恢復到相當高的歷史水準。

Upal Rana, KeyCorp.

Upal Rana，KeyCorp。

I wanted to get your thoughts on your capital allocation strategy and priorities going forward, especially with the recent Maple Plaza acquisition and the expectation of getting the space back for next year?

我想了解您對未來資本配置策略和優先事項的看法，特別是考慮到最近收購了楓樹廣場，並且預計明年就能收回該空間？

Paul, it's Eliott. I mean, as we mentioned, we're looking at all different alternatives that are out there. So our general alternatives are anything from investing in an asset, be that an office asset or life sciences asset or buying back stock, and we just sort of evaluate the opportunities as they present themselves.

保羅，我是艾略特。我的意思是，正如我們所提到的，我們正在研究所有可行的替代方案。因此，我們的一般選擇包括投資資產，無論是辦公室資產或生命科學資產，或是回購股票，我們會根據出現的機會進行評估。

Overall, we've been encouraged at the types of opportunities that are out there and we're fortunate enough to be successful in closing on Maple Plaza. But we'll see. We'll see what else comes out, but we're definitely spending time looking at all of the above.

總的來說，我們對目前存在的各種機會感到鼓舞，並且很幸運能夠成功完成楓樹廣場的收購。但我們拭目以待。我們會看看還有哪些事情發生，但我們肯定會花時間研究以上所有內容。

Yes. And just to add to that, we're a net seller this year so far of about $200 million. We continue to evaluate what we think are a growing number of opportunities in the market.

是的。補充一點，今年到目前為止，我們的淨銷售額約為 2 億美元。我們將繼續評估我們認為市場上不斷湧現的機會。

And then a point Eliott made earlier, which I just think is really important is that we do think we're in a really unique window of time here where fundamentals from a leasing perspective are getting better across all of our markets, and we're still early in institutional investor interest coming back to the market. We're seeing it happen across San Francisco, certainly, but really all of our West Coast markets. And that can change quickly and change the dynamic quickly in terms of what's actionable for us from an acquisition perspective, certainly helps us on the disposition side. So we'll continue to evaluate all opportunities and execute where we do feel like we're in a unique period of time where valuations are pretty compelling and compelling relative to other alternatives.

艾利奧特之前提出的一點，我認為非常重要，那就是我們確實認為我們正處於一個非常獨特的時期，從租賃的角度來看，我們所有市場的基本面都在好轉，而且機構投資者重返市場的興趣還處於早期階段。我們看到這種情況在舊金山確實存在，但實際上在我們整個西海岸市場都是如此。而且這種情況會迅速改變，從收購的角度來看，我們可以採取的行動也會迅速改變局面，這當然有助於我們在資產處置方面取得進展。因此，我們將繼續評估所有機會，並在我們認為目前處於估值相當有吸引力且相對於其他替代方案而言具有吸引力的獨特時期執行投資。

Okay. Great. That was helpful. And then as a follow-up, could you talk a little bit more about Flower Mart? And could you share any recent conversations you've had with the city on that project? You mentioned continuing GAAP interest there until June 2026, but any additional color there would be helpful.

好的。偉大的。那很有幫助。那麼，作為後續問題，您能否再多談談花卉市場的情況？您能否分享一下您最近就該項目與市政府進行的任何對話？您提到對 GAAP 的興趣將持續到 2026 年 6 月，但如果能提供更多細節就更好了。

Yes, sure. I'll take it, and we can certainly dig more into it, Justin's here as well to talk about it to the extent you have follow-up questions. But as I mentioned in my script, we submitted to the planning department recently, I believe, in early September, additional potential path forward for the Flower Mart that included a broader mix of commercial and residential uses. We're going through the exercise of the planning department to understand sort of what's achievable on the site and how that would lay out and what the ultimate path forward will look like from an execution perspective.

當然可以。我會接受的，我們當然可以更深入地探討這個問題，賈斯汀也在這裡，如果你有後續問題，他可以跟你討論。但正如我在腳本中提到的，我們最近（我相信是在 9 月初）向規劃部門提交了花卉市場的其他潛在發展路徑，其中包括更廣泛的商業和住宅用途組合。我們正在透過規劃部門的運作來了解該場地能夠實現什麼目標，以及這些目標將如何佈局，從執行的角度來看，最終的前進方向會是什麼樣子。

So as I said earlier, we're pretty early days in those conversations, but everything to date has been constructive and encouraging. And I think we are aligned with the city in ensuring that whatever ultimately gets approved here meets the needs of the San Francisco community as it continues to evolve.

正如我之前所說，這些對話還處於非常早期的階段，但到目前為止，一切都是建設性的，令人鼓舞的。我認為我們與市政府的立場一致，確保最終獲得批准的任何方案都能滿足舊金山社區不斷發展的需求。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

I guess maybe just as a follow-up on the Flower Mart point. So it seems like over the, call it, year-to-date, the amount of activity that you've been able to continue doing has changed and your own expectations have changed. I guess, can you just go through like what those changes are and like the current expectation is for June 30? Like how much visibility do you have on that? Or is it kind of up to the city and that's causing the changes and kind of we'll see as it gets closer to June, if that changes again?

我想這或許可以作為花卉市場那一點的補充。所以，從今年到現在來看，你能夠繼續進行的活動量似乎發生了變化，你自己的期望也改變了。我想問一下，您能否詳細介紹一下這些變化是什麼，以及目前對 6 月 30 日的預期情況？你對此事了解多少？或者說，這取決於市政府，是市政府導致了這些變化，隨著六月的臨近，我們再看看情況是否會再次變化？

Thanks, Caitlin. As you might remember from prior calls, sort of the path we're taking here on the Flower Mart and what we're looking for in terms of additional flexibility and optionality that will help us maximize value on the site is unique relative to the way San Francisco has historically approved projects. So the timeline and the path forward hasn't been completely clear, which is why we've tried to do the best job we can of being transparent with investors about what we know at different periods in time and then updating those expectations as appropriate.

謝謝你，凱特琳。您可能從之前的通話中還記得，我們​​在花卉市場項目上採取的策略，以及我們在尋求的額外靈活性和選擇權，以幫助我們最大限度地發揮該地塊的價值，與舊金山歷史上批准項目的方式截然不同。因此，時間表和未來發展方向並不完全清晰，正因如此，我們才努力做到在不同的時期盡可能地向投資者保持透明，告知我們所了解的情況，並根據情況更新這些預期。

With us filing the additional proposals or additional potential paths for the Flower Mart with the planning department, in September, we have greater clarity on that process -- that step of the entitlement process and believe that will take us through the first half of 2026. As we continue to work through the process and get additional information, we'll update that assumption as appropriate.

9 月份，我們向規劃部門提交了花卉市場的其他提案或潛在方案，我們對該流程——即審批流程的這一步驟——有了更清晰的了解，並相信這將使我們順利完成到 2026 年上半年。隨著我們繼續推進該流程並獲得更多信息，我們將酌情更新該假設。

Okay. And then just maybe a minor point on the Silicon Valley sale. Could you guys give us more detail just on when that closed in September if it was the beginning of the month or the end of the month?

好的。然後，或許可以稍微提一下矽谷的出售事宜。你們能否詳細說明一下9月份的關閉時間，是月初還是月末？

It would be very end of the month.

應該是月底了。

Michael Carroll, RBC.

Michael Carroll，RBC。

I wanted to quickly circle up on the Flower Mart. Are you able to have discussions with potential partners as you kind of re-entitle that site if you're going to build resi and/or sell off certain sites? Or is it just too early to tell? You can't have those discussions because you just don't know what the city is going to be willing to give you yet?

我想快速了解一下花卉市場的情況。如果您打算在該地塊上建造住宅或出售部分地塊，您是否可以與潛在合作夥伴進行洽談，例如重新規劃該地塊的用途？還是現在下結論還為時過早？你現在無法進行這些討論，因為你根本不知道市府願意給你什麼？

Yes. I think it's a little too early, right? I think if you take a look and it's been reported in the press at our application to the planning department, you see a wide range of uses for different potential paths that include commercial, a full commercial program like we're currently entitled for a fully residential program, a mix of different uses on site as well. So I just think what we're looking for right now is making sure that we have all the flexibility and optionality with our existing entitlements and with the development agreement to execute on whichever one of those paths is ultimately going to maximize value for the site, but we need to get a little bit further through that process to better understand it, to continue to evaluate economics in the market as those shift and change as well to be able to really determine the best path forward. So stay tuned. We're continuing to work through it. I'm really pleased with the progress we've made to date, but we have some significant work still to do.

是的。我覺得現在說這個有點太早了，對吧？我認為，如果你看一下媒體報道的我們向規劃部門提交的申請，你會發現其中包含了各種潛在用途，包括商業用途、完整的商業項目（就像我們目前獲準的那樣）、完整的住宅項目，以及場地內不同用途的混合用途。所以我覺得我們現在要做的就是確保我們現有的權益和開發協議賦予我們足夠的靈活性和選擇權，以便最終能夠最大限度地提高該地塊的價值。但是我們需要進一步推進這個過程，以便更好地了解它，並隨著市場的變化繼續評估經濟狀況，從而真正確定最佳的前進方向。敬請期待。我們正在繼續努力解決這個問題。我對我們迄今為止的進展感到非常滿意，但我們還有一些重要的工作要做。

Okay. That's helpful. And then just related to the other land sales that you kind of mentioned in your prepared remarks, are these really going to be focused on the parcels that have kind of been preannounced? Or are there other potential sales that could be announced that's new that we haven't heard about yet. I mean, I guess, are these like kind of the near-term type events? Or are these going to be a longer-term multiple year process to kind of wind down that land book?

好的。那很有幫助。還有，關於您在準備好的演講稿中提到的其他土地出售事宜，這些出售真的會集中在已經預先公佈的地塊上嗎？或者有其他我們尚未聽說的潛在銷售消息可能會公佈嗎？我的意思是，這些算是近期發生的事件嗎？或者這將是一個需要多年時間才能完成的長期過程，目的是逐步清理這塊土地？

Yes. I think to get to the $150 million, those are things that are actively being worked on right now. So I think that that should be more near than long-term. And we've really focused our efforts on where we thought there were actionable items within the land bank. And so as markets continue to recover, I think that the opportunity set can really broaden, but we've tried to take it in phases and the $150 million is kind of that first phase, and then we'll reassess as to what the right next thing is to do with what remains.

是的。我認為，要達到 1.5 億美元的目標，目前正在積極推動以下幾個面向。所以我認為這應該是近期而非長期的。我們確實將精力集中在了我們認為土地儲備中存在可操作事項的地方。因此，隨著市場持續復甦，我認為機會範圍會大大擴大，但我們一直試圖分階段進行，1.5 億美元算是第一階段，然後我們會重新評估如何處理剩餘資金，看看下一步該怎麼做。

Yes. But just to be clear, the $150 million includes both what has already been announced and some expectation of things that haven't been announced quite yet. I mentioned in my remarks, we hope to have additional announcements to get up to that $150 million number over the coming quarters. So as Eliott said, pretty near-term. Stay tuned.

是的。但需要明確的是，這 1.5 億美元包括已經宣布的項目以及一些尚未正式宣布的項目的預期支出。我在演講中提到，我們希望在接下來的幾個季度發布更多公告，使收入達到 1.5 億美元。正如艾略特所說，應該很快就能實現。敬請關注。

Omo Okusanya, Deutsche Bank.

奧莫·奧庫桑亞，德意志銀行。

Just a quick one around just some of the quarterly numbers. Eliott, could you again just walk us through the straight-line bad debt reversal exactly what that was? And also what drove the fairly large increase in tenant reimbursements quarter-over-quarter?

簡單介紹一下部分季度數據。艾略特，你能否再給我們詳細解釋一下直線式壞帳逆轉的具體過程？還有，是什麼原因導致租戶補償金比上季大幅成長？

Tayo, it's Jeffrey. Straight-line bad debt, it's just a function related to a tenant moving from cash to accrual. So we had to unwind the previous adjustment we made in the prior period. From the reimbursement income from our perspective, we look at it from a net number. So we'll take into consideration operating expenses, real estate taxes. And when we look sequentially Q2 to Q3, it's about a $1.5 million change. So it's not a huge driver quarter-over-quarter.

Tayo，我是Jeffrey。直線法壞賬，只是租戶從現金制轉為權責發生製的一種表現。因此，我們不得不撤銷上一期所做的調整。從我們的角度來看，報銷收入是以淨額來衡量的。因此，我們會將營運費用和房地產稅納入考量。如果我們按季度來看第二季度到第三季度，變化約為 150 萬美元。所以它並不是季度環比成長的主要驅動因素。

Got you. Okay. That's helpful. And then on the whole slide in regards to just potential office demand from AI. And Angela, you kind of made a couple of comments earlier on. But I guess from our end, like how does one really kind of think through how large of an opportunity that is for KRC. I mean, could we kind of see some AI companies in some of the KOP Phase 2 cards? Like how do you kind of help us kind of think through that a little bit more about kind of new -- kind of new leasing that would come from that driver?

抓到你了。好的。那很有幫助。然後，就人工智慧可能帶來的辦公室需求而言，整個投影片也呈現出來。安琪拉，你之前也提過一些意見。但我想從我們的角度來看，我們該如何真正思考這對 KRC 來說是一個多大的機會？我的意思是，我們能否在 KOP 第二階段的卡片中看到一些人工智慧公司？例如，您如何幫助我們更深入地思考一下，關於這種新型租賃方式（可能來自該駕駛員）？

Yes. I mean I think if you look at -- and I mentioned the total requirements in market in the city of San Francisco right now being about 9 million square feet, which is a dramatic increase relative to even just last quarter, and we were totaling and had been covering around 7 million square feet for quite a while.

是的。我的意思是，如果你看看——我剛才提到，目前舊金山市的市場總需求量約為 900 萬平方英尺，與上個季度相比，這是一個巨大的增長，而我們之前的累計需求量在 700 萬平方英尺左右。

A big driver of that is AI-related companies. I think it's probably over 30% of tenants in market at this point are AI or AI related. And we've definitely seen that be a driver of leasing activity across our portfolio. It wasn't interestingly a huge driver of leasing activity in our San Francisco portfolio in Q3, but we had just broad-based demand from a wide range of users. So that's definitely come back in the San Francisco market as well. But certainly, even in Q2, where we signed the 93,000 square foot lease with Harvey AI, it has been a driver of activity, particularly in our SOMA portfolio and we would expect that to continue.

人工智慧相關公司是推動這一趨勢的重要因素。我認為目前市場上超過 30% 的租戶都與人工智慧或人工智慧相關。我們已經看到，這無疑推動了我們投資組合中的租賃活動。有趣的是，這並沒有成為我們舊金山投資組合在第三季租賃活動的主要驅動力，但我們確實得到了來自各種用戶的廣泛需求。所以，這種趨勢也肯定在舊金山市場回歸了。但可以肯定的是，即使在第二季度，我們與 Harvey AI 簽署了 93,000 平方英尺的租賃協議，這也推動了業務活動，尤其是在我們的 SOMA 投資組合中，我們預計這種情況會繼續下去。

As I mentioned earlier, we've worked really hard to understand what those tenants need from landlords and how we can really hit that demand and that need and a lot of it has been from -- a lot of it has been from understanding their need for very near-term occupancy. And so getting tenants into space as quickly as possible, we're using existing improvements as we did in the case of Harvey AI building out spec suites trying to get in front of some of that demand, all those things are really impactful in our ability to capture an outsized share of AI demand going forward.

正如我之前提到的，我們一直在努力了解這些租戶對房東的需求，以及我們如何才能真正滿足這種需求，而這很大程度上來自於了解他們對短期入住的需求。因此，為了讓租戶盡快入駐辦公空間，我們正在利用現有的改進措施，就像我們在 Harvey AI 的案例中所做的那樣，建造樣板套房，試圖搶佔部分市場需求，所有這些措施都對我們未來能否抓住 AI 市場的巨大需求份額產生了真正的影響。

As it relates to KOP and other projects in the portfolio, including other markets like Bellevue and South Lake Union, we're seeing demand from AI tenants across the board. We definitely executed some on the AI side in the Pacific Northwest. We've seen some of that demand at KOP, and we'll continue to work through and find ways that we can continue to capture that demand while also ensuring that our tenant profile overall remains broad-based and reflects a wide range of potential uses that will help us continue to maximize cash flow durability and growth over time.

就 KOP 和投資組合中的其他項目而言，包括貝爾維尤和南湖聯盟等其他市場，我們看到來自人工智慧租戶的需求全面增長。我們在太平洋西北地區的人工智慧方面確實取得了一些進展。我們在 KOP 已經看到了這方面的一些需求，我們將繼續努力尋找方法，繼續滿足這些需求，同時確保我們的租戶整體組成保持廣泛，並反映出各種潛在用途，這將有助於我們繼續最大限度地提高現金流的穩定性和長期增長。

Dylan Burzinski, Green Street Advisors.

迪倫布爾津斯基，綠街顧問公司。

Eliott, just going back to your comments around sort of the capital markets and transaction environment improving in terms of owners bringing their -- being more comfortable bringing their properties to market. Are you seeing more of these types of assets that are being brought to market, more similar in risk profile to Maple Plaza or are you seeing more stabilized core deals coming to market. I guess just as you guys are evaluating these opportunities, given the existing level of vacancy in the market, are you guys more focused on maybe more stabilized type transactions? Or is it really a project level of risk-reward analysis that you guys are doing?

Eliott，回到你之前關於資本市場和交易環境改善的評論，業主們現在更願意將他們的房產推向市場。您認為市場上湧現的資產類型，與楓葉廣場風險狀況較為相似的，還是有較多結構穩定的核心資產進入市場？我想，鑑於目前市場上的空置率，你們在評估這些機會的同時，是否更關註一些更穩定的交易類型呢？或者說，你們其實是在進行專案層面的風險報酬分析？

Yes. So we're really seeing all of the above, and we've seen core deals, core plus value-add and then heavy repositioning opportunities. And I think that speaks to just the overall trends.

是的。所以我們確實看到了以上所有情況，我們看到了核心交易、核心加增值交易，以及大量的重新定位機會。我認為這反映了整體趨勢。

As far as where we try to spend our time, it's more bottoms up than top down. And we're looking at the dynamics of that particular asset in that particular submarket and then how it relates to other risks that are already existing in the portfolio. And so we want to make sure that we're smart and thoughtful about the kind of risk that we're taking and not necessarily doubling down on existing opportunities that already exist with vacancy that we had elsewhere in the portfolio.

至於我們如何分配時間，更多的是由下而上，而不是由上而下。我們正在研究特定資產在特定子市場中的動態，以及它與投資組合中已存在的其他風險之間的關係。因此，我們希望確保我們對所承擔的風險進行明智的、深思熟慮的評估，而不是盲目地加倍投入到我們投資組合中其他地方已有的空缺機會中。

So in the instance of Maple, we were not in that submarket, but we spent a lot of time studying it and getting comfortable with the leasing trends, and we thought we could underwrite it in a way that give us enough runway to be able to execute on a lease-up plan. And so far, we feel encouraged by what we see.

所以就 Maple 專案而言，我們當時並不在那個細分市場，但我們花了很多時間研究它，熟悉了租賃趨勢，我們認為我們可以以一種能夠給我們足夠的緩衝時間來執行租賃計劃的方式來承銷它。目前來看，我們感到很受鼓舞。

Yes, I'd just add to that. I think our cost of capital has improved on both the debt and equity side over the last three to six months, which we're encouraged by. But we're still trading at a discounted cost of capital. And as a result, we're probably not the best buyer for truly core stabilized properties. We need to find opportunities where all of the core competencies on the Kilroy platform can be brought to bear to really drive value and create value through those acquisitions. I think we found that in the case of Maple Plaza, and that's how we're continuing to think through and look at opportunities across the board.

是的，我還要補充一點。我認為在過去三到六個月裡，我們的債務和股權方面的資本成本都有所改善，這令我們感到鼓舞。但我們目前的資本成本仍低於市價。因此，對於真正核心業務穩定的房產而言，我們可能不是最佳買家。我們需要找到機會，讓 Kilroy 平台上的所有核心競爭力都能發揮作用，透過這些收購真正推動價值並創造價值。我認為我們在楓樹廣場的案例中發現了這一點，這也是我們繼續思考和尋找各方面機會的方式。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

I feel we've talked a lot about the leasing volume, but not as much on the pricing side. So it looks like the leasing spreads you guys report did get better in the third quarter. I guess as you guys look out to 2026, do you have an idea of, if you think like the year-to-date results or the 3Q results would be more telling of what could happen in the future? Any comments on what you expect on like the pricing side?

我覺得我們討論了很多關於租賃量的問題，但對價格方面討論得不夠多。看來你們報告的租賃價差在第三季確實有所改善。我想，展望2026年，你們覺得年初至今的業績還是第三季的業績更能說明未來可能發生的事？對價格方面有什麼預期嗎？

Yes. I think it's a really good question, Caitlin. I think it's a little bit difficult to answer when you think about how we report our spreads. There's no cutoff in terms of how long a space has been vacant. We're showing you basically a complete population.

是的。凱特琳，我覺得你問的這個問題非常好。考慮到我們報告價差的方式，我認為這個問題有點難回答。對於空置空間的時長沒有限制。我們向您展示的基本上是完整的人口數據。

So it's really going to depend on where the new leasing activity happens across the portfolio in 2026. From a market-by-market perspective, we have markets where we believe we're below market and where leasing in those markets are going to result in pretty positive spread dynamics. And then markets, including the city of San Francisco, where we're probably still reporting a role -- a step down in rents as we re-lease space.

所以，這真的取決於 2026 年新的租賃活動在整個投資組合中的發生地點。從各個市場的角度來看，我們認為在某些市場，我們的價格低於市場水平，而這些市場的租賃將會帶來相當正面的價差動態。然後是包括舊金山在內的市場，我們可能仍然在那裡發揮作用——隨著我們重新出租空間，租金有所下降。

I think the most important thing to consider about San Francisco and the overall dynamics in that market, is that obviously, as we all know, that's a market that really was challenging, very challenging. Even 12 months ago, still a lot of vacancy in the market that's starting to be addressed. We're getting more stability on the occupancy side. You're seeing it through new leasing activity.

我認為，關於舊金山以及該市場的整體動態，最需要考慮的一點是，顯然，正如我們所知，這是一個充滿挑戰、非常具有挑戰性的市場。即使在 12 個月前，市場上仍然有許多空置房源，現在這些問題開始解決。入住率方面，我們正變得越來越穩定。從新的租賃活動中就可以看出這一點。

And as Rob mentioned earlier, sublease space coming off the market. So occupancy is starting to stabilize, starting to firm up a little and then starting to move in the right direction. As occupancy moves in the direction, there will be inherently more pricing power in the market. So I think we're at the -- I think all the pieces are in place, including that growing demand picture for things to continue to get better in San Francisco. The leases signed over the next year, probably on average in that market are going to be negative re-leasing spreads.

正如羅布之前提到的，轉租空間正在退出市場。所以入住率開始趨於穩定，逐漸站穩腳跟，然後開始朝著正確的方向發展。隨著入住率朝著這個方向發展，市場定價權自然會更大。所以我認為我們已經到了——我認為所有條件都已具備，包括對舊金山未來發展前景的不斷增長的需求。未來一年內簽訂的租賃合同，在該市場平均而言，續租價差可能為負值。

We have no further questions, and so this concludes our call. Thank you all for your participation. You may now disconnect your lines.

我們沒有其他問題了，通話到此結束。感謝各位的參與。現在您可以斷開線路了。