Kilroy Realty Corporation (KRC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Kilroy Realty Corporation Q1 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 Kilroy Realty Corporation 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Douglas Bettisworth, Vice President of Corporate Finance. Douglas, please go ahead.

現在我將把會議交給公司財務副總裁 Douglas Bettisworth。Douglas，請開始。

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. Please note that some of the information we will be discussing during this call is forward-looking in nature.

各位早安，感謝各位加入。今天與我一同出席電話會議的有執行長 Angela Aman；執行副總裁、財務長兼財務主管 Jeffrey Kuehling；以及執行副總裁、投資長 Eliott Trencher。此外，總裁 Justin Smart 與執行副總裁兼租賃長 Rob Paratte 也將出席問答環節。請注意，我們在本次電話會議中討論的部分資訊屬於前瞻性陳述。

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. 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.

請參閱我們的補充資料包，其中包含關於本次電話會議及補充資料中前瞻性資訊的聲明。本次電話會議將在我們的網站上進行即時網路直播，並提供重播。我們的財報新聞稿與補充資料包已以 8-K 表格向美國證券交易委員會（SEC）申報，兩者亦可於我們的網站取得。

Angela will start the call with a strategic overview and quarterly highlights. Eliot will provide an update on our recent transaction activity, and Jeffrey will discuss our financial results and provide you with our updated 2026 guidance. Then we'll be happy to take your questions. Angela?

Angela 將以策略概覽與本季重點揭開序幕。Eliot 將更新我們近期的交易活動，Jeffrey 將說明財務結果並提供更新後的 2026 年財測指引。之後我們很樂意回答各位的問題。Angela？

Thanks, Doug, and thank you all for joining us today. Over the last several quarters, fundamentals across our West Coast markets have meaningfully improved. As return to office momentum has intensified, space rationalization by large users have abated and the artificial intelligence ecosystem has created considerable new business formation and growth, all contributing to a resurgence in space requirements from rapidly scaling new companies and well-established players alike.

謝謝 Doug，也感謝各位今天加入。過去幾個季度，我們西岸各市場的基本面已明顯改善。隨著重返辦公室的動能增強，大型使用者的空間精簡行為已趨緩，而人工智慧生態系也帶來大量新企業成立與成長，這些因素共同促使快速擴張的新創公司與成熟企業對空間需求再度回升。

Recent tenant behavior, both within our portfolio and across the markets in which we operate points to a constructive dynamic around technological change with companies seeking to utilize AI to enhance their growth and augment their talented teams, rather than automating simply to manage costs.

近期租戶行為——無論是在我們的投資組合內，或是在我們營運的各市場——都顯示出圍繞科技變革的正向動態：企業尋求運用 AI 來提升成長並強化其優秀團隊，而非僅為了控管成本而進行自動化。

Against this backdrop, our team's disciplined execution drove our strongest first quarter leasing results since 2017 and total productivity of approximately 568,000 square feet, more than double our first quarter performance last year, positioning us to increase our full year average occupancy guidance by 25 basis points at the midpoint.

在此背景下，我們團隊以紀律性的執行，創下自 2017 年以來最強的第一季租賃成果，總生產力約 568,000 平方英尺，較去年第一季表現增加逾一倍，使我們得以在全年平均入住率指引的中位數上調 25 個基點。

Importantly, leases signed but not yet commenced, now represents nearly $78 million of contractually obligated annualized base rent to be realized over the coming years, providing significant visibility on future growth. To hit on a few highlights across our regions.

更重要的是，已簽署但尚未起租的租約，目前代表近 7,800 萬美元的合約約定年化基本租金，將於未來數年逐步實現，為未來成長提供高度能見度。以下簡要說明我們各區域的幾項重點。

In San Francisco, the epicenter of the AI innovation ecosystem, market conditions continue to tighten as first quarter leasing exceeded 3 million square feet, more than 10% above pre-pandemic quarterly averages, resulting in the third consecutive positive quarter of net absorption and positioning us well to capitalize on broad-based demand across our Bay Area portfolio. In the San Francisco CBD, we've seen significant momentum at our assets in the South of Market or SoMa submarket.

在舊金山——AI 創新生態系的核心——市場狀況持續收緊，第一季租賃量超過 300 萬平方英尺，較疫情前的季度平均高出逾 10%，帶來連續第三季的正淨吸納，並使我們能在灣區投資組合中把握廣泛需求。在舊金山 CBD，我們在市場南區（SoMa）子市場的資產已看到顯著動能。

At 201 Third, our lease rate improved from 26% at year-end 2024 to over 80% this quarter as we've successfully captured demand from a wide range of growing tenants including both larger format users such as Tubi and Harvey AI and a variety of smaller format users. As you may recall, in the second quarter of 2025, Harvey AI leased 93,000 square feet at 201 Third before signing a 62,000 square foot expansion this quarter, with occupancy occurring in April 2026 just one month following lease execution.

在 201 Third，我們的出租率自 2024 年底的 26% 提升至本季超過 80%，成功掌握來自多元成長型租戶的需求，包括 Tubi、Harvey AI 等較大面積使用者，以及各式較小面積使用者。如各位所記得，Harvey AI 於 2025 年第二季在 201 Third 承租 93,000 平方英尺，並於本季再簽署 62,000 平方英尺的擴租，將於 2026 年 4 月進駐，距離租約簽署僅一個月。

This significant expansion occurring within one year of the original lease execution speaks to both the impressive growth trajectories we're seeing for a number of rapidly scaling AI companies and also to the discipline that they've generally employed with respect to the real estate decisions taking space only when necessitated by the current needs of the business.

這項在原始租約簽署後一年內即發生的重大擴租，反映出我們所見多家快速擴張 AI 公司的亮眼成長軌跡，同時也顯示他們在不動產決策上普遍採取的紀律——僅在業務當前需求所必須時才承租空間。

In addition, our team has captured outsized market share at 201 Third through the deployment of a creative and disciplined spec suites program with all 5 of our recently constructed spec suites leased by completion. We're also thrilled to be experiencing strong demand across other core Bay Area submarkets.

此外，我們團隊透過具創意且具紀律的預租（spec suites）方案，在 201 Third 取得超額的市場占有率；我們近期新建的 5 間預租套房在完工時即全數出租。我們也很高興在灣區其他核心子市場持續看到強勁需求。

By crossing 900 in downtown Redwood City, we completed a 27,000 square foot direct lease with a current subtenant during the quarter, generating an increase in cash base rent of more than 40% underscoring the depth of demand for high-quality, well-located space in this transit-oriented walkable and well-amenitized submarket.

在 Redwood City 市中心的 By crossing 900，我們於本季與現有轉租戶完成一筆 27,000 平方英尺的直接租約，使現金基本租金提高逾 40%，凸顯此以大眾運輸導向、步行友善且生活機能完善的子市場中，對高品質、地點優越空間的深厚需求。

In Seattle, the strength we've seen in Bellevue over the last several years continues, optimally positioning space, we recently recaptured for near-term re-leasing and rent upside. In addition, the momentum we discussed last quarter in the Denny Regrade submarket further accelerated, benefiting our recently repositioned project West 8th.

在西雅圖，我們過去幾年在 Bellevue 所見的強勁態勢仍在延續，使我們近期收回的空間得以在短期內以更佳條件重新出租並提升租金。此外，我們上季提到的 Denny Regrade 子市場動能進一步加速，帶動我們近期完成重新定位的 West 8th 專案受益。

Following approximately 74,000 square feet of new lease executions at West 8th in the fourth quarter of last year, we're pleased to announce an additional 76,000 square feet of new leases signed at the project year-to-date, including a 43,000 square foot lease with General Motors signed in the first quarter and a 33,000 square foot lease with [SoFi] signed in the first few days of the second quarter.

在去年第四季 West 8th 新簽約約 74,000 平方英尺之後，我們很高興宣布，截至目前為止本年度該專案已再簽署額外 76,000 平方英尺的新租約，其中包括第一季與通用汽車（General Motors）簽署的 43,000 平方英尺租約，以及第二季前幾天與 [SoFi] 簽署的 33,000 平方英尺租約。

With additional tenant discussions underway, we have good visibility into the future pipeline, reflecting the strength and competitiveness of this asset. With the recent renovations and enhanced amenity offerings continue to resonate with tenants and position the property to capture a meaningful share of growing market demand.

隨著更多租戶洽談進行中，我們對未來的案源管線具備良好能見度，反映該資產的強勁競爭力。近期翻新與升級的公設與配套持續獲得租戶青睞，並使該物業得以在成長中的市場需求中取得可觀份額。

In Los Angeles, leasing activity within our portfolio has improved meaningfully over the last year with trailing 12-month productivity up approximately 66%, reflecting both a continued gradual improvement in the overall market and the significant portfolio repositioning work that we've done in L.A. over the last two years.

在洛杉磯，我們投資組合內的租賃活動在過去一年顯著改善，過去 12 個月的生產力約提升 66%，反映整體市場持續逐步回溫，以及我們過去兩年在洛杉磯所進行的大量投資組合重新定位工作。

A particular note within the region, Arrow and Long Beach is seeing a pickup in tour activity as the local market begins to experience a resurgence in defense and aerospace requirements. Blackwelder and Culver City is seeing an acceleration in activity from a wide variety of users, including technology and AI company.

在該區域中特別值得一提的是，Arrow 與 Long Beach 的帶看活動正在回升，因當地市場開始出現國防與航太需求的復甦。Blackwelder 與 Culver City 則看到來自多元使用者的活動加速，包括科技與 AI 公司。

At Maple Plaza, our recent acquisition in Beverly Hills is continuing to experience strong broad-based demand from the financial services and media and entertainment sectors, notably surpassing our original expectations. In Life Sciences, KOP 2 continues to outperform the broader South San Francisco market as the project's purpose-built life science space and top-tier amenitization offerings resonate with decision makers who are showing higher propensity to execute than they have at any time over the last several years.

在 Maple Plaza——我們近期於 Beverly Hills 的收購案——持續受到金融服務以及媒體與娛樂產業的廣泛強勁需求，表現明顯超出我們原先預期。在生命科學方面，KOP 2 持續優於南舊金山整體市場，因該專案量身打造的生命科學空間與頂級配套設施獲得決策者認同；他們的簽約意願已達到過去數年來的最高水準。

Subsequent to quarter end, we executed a 38,000 square foot lease with Olema Pharmaceuticals, bringing the project to 49% leased. The future pipeline remains robust as we evaluate opportunities to complete the remaining lease-up of our multi-tenant building while also engaging with several large-format users for the remaining full building opportunity, which represents the most compelling offering within KOP Phase 2, featuring premium views and the most prominent location within the project.

在季末之後，我們與 Olema Pharmaceuticals 簽署一筆 38,000 平方英尺租約，使該專案出租率提升至 49%。在我們評估完成多租戶大樓剩餘出租的同時，亦與數家大面積使用者就剩餘整棟大樓機會進行洽談，使未來案源管線仍然強勁；該整棟機會是 KOP 第二期中最具吸引力的產品，擁有優質景觀與專案內最醒目的位置。

Turning to capital allocation, during the first quarter, we continued to raise attractively priced capital through dispositions of non-core and non-strategic assets with a long-term goal of enhancing the durability and growth profile of the company's cash flow stream. During the period, we sold two office properties, Kilroy Sabre Springs and Del Mar Tech Center, both in San Diego for aggregate gross proceeds of $146 million.

談到資本配置，第一季我們持續透過處分非核心與非策略性資產，以具吸引力的價格籌措資金，長期目標是提升公司現金流的韌性與成長輪廓。期間我們出售位於聖地牙哥的兩處辦公物業——Kilroy Sabre Springs 與 Del Mar Tech Center——合計總出售收入為 1.46 億美元。

In both cases, these assets benefited from the consistent demand we have seen across markets from owner users for well-located, high-quality real estate, driving a highly efficient execution for our shareholders. Subsequent to quarter end, we closed on the sale of our two Hollywood residential assets, Columbia Square living and Jardine for aggregate gross proceeds of $202 million, resulting in year-to-date operating property dispositions of approximately $350 million, exceeding our original full year goal.

在這兩個案例中，這些資產受惠於我們在各市場觀察到的自用型買方（owner users）對地點佳且品質高的不動產之持續需求，為股東帶來高度效率的執行。季末之後，我們完成出售位於好萊塢的兩項住宅資產 Columbia Square Living 與 Jardine，合計總出售收入為 2.02 億美元，使今年迄今營運型物業處分金額約達 3.5 億美元，已超過我們原先的全年目標。

The residential sales followed the implementation of a holistic asset management strategy for our residential portfolio, through which we recognized significant margin expansion, resulting in a materially better evaluation at the time of disposition. Following the transaction, our residential exposure is now limited to One Paseo Living, which we view as a core long-term holding given the asset's significant synergies with the retail and office components of the broader One Paseo campus, where we continue to achieve record-setting commercial rents.

住宅出售是在我們對住宅投資組合實施整體資產管理策略之後進行；透過該策略，我們實現顯著的利潤率擴張，使處分時的估值明顯更佳。交易完成後，我們的住宅曝險目前僅限於 One Paseo Living；鑑於該資產與 One Paseo 園區更廣泛的零售與辦公組成之間具有顯著協同效益，且我們在該園區持續創下商用租金新高，因此我們將其視為核心的長期持有資產。

With proceeds from our first quarter dispositions, we elected to opportunistically capitalize on recent capital markets volatility, repurchasing approximately $73 million of stock at an average price of $30.80 per share. And in April, we fully redeemed the $50 million tranche of private placement notes scheduled to mature in July. Looking forward, we'll continue to explore opportunities to harvest attractively price capital from our existing portfolio while exploring the full range of redeployment alternatives available to us.

運用我們第一季處分資產的所得款項，我們選擇把握近期資本市場波動所帶來的機會，以每股平均價格 30.80 美元回購約 7,300 萬美元的股票。此外，在 4 月，我們已全額提前贖回原定於 7 月到期的 5,000 萬美元私募票據分期款。展望未來，我們將持續尋找機會，從既有投資組合中以具吸引力的價格取得資本，同時探索我們可用的各種資金再部署替代方案。

In last night's release, we also announced the formation of a joint venture to develop a premier substantially pre-leased Class A office asset in downtown Redwood City, one of the strongest submarkets in the entire Kilroy portfolio. This complex transaction was a long time in the making, requiring substantial effort and coordination across our platform with our partner and with the project's anchor tenant.

在昨晚的新聞稿中，我們也宣布成立一家合資企業，以開發位於紅木城（Redwood City）市中心的一項頂級、已大幅預租的 A 級辦公資產；該地段是整個 Kilroy 投資組合中最強勁的子市場之一。這筆複雜交易籌備已久，需要我們平台內部與合作夥伴及專案主力承租戶之間進行大量努力與協調。

1900 Broadway, which is fully entitled for a 250,000 square foot office project is located just blocks from Kilroy's highly successful crossing 900 assets, which has remained 100% leased since delivery in 2015. Over time, we've consistently captured meaningful rent growth at Crossing 900, releasing over 80,000 square feet since the fourth quarter of 2023, a cash rent spreads up nearly 60%.

1900 Broadway 已取得完整開發許可，可興建一棟 25 萬平方英尺的辦公專案，位置距離 Kilroy 極為成功的 Crossing 900 資產僅數個街區；該資產自 2015 年交付以來一直維持 100% 出租率。長期以來，我們在 Crossing 900 持續取得顯著的租金成長，自 2023 年第四季以來已重新出租超過 8 萬平方英尺，現金租金價差（cash rent spreads）接近 60%。

Concurrently with closing on the venture, we executed a 20-year lease with a top-tier global law firm for 145,000 square feet, representing approximately 60% of the building at the highest rates ever realized in the Kilroy portfolio. Since closing, we've experienced strong inbound interest from a wide range of high-quality tenants, and we look forward to updating you on our progress as the project advances.

在合資案完成交割的同時，我們與一家頂級全球律師事務所簽訂 20 年租約，承租面積 145,000 平方英尺，約占該大樓的 60%，租金水準為 Kilroy 投資組合歷來最高。自交割以來，我們已收到來自多元高品質租戶的強勁主動洽詢，並期待隨著專案推進，向各位更新進展。

Eliott will cover project costs, estimated returns and timing in a few moments, but I would note that substantially all of our equity investment in this project has been prefunded through the land parcel sales that are currently under contract. Before turning the call over, I want to provide a few comments on the Flower Mart project. As Jeffrey will touch on in a moment, we have revised our expense capitalization assumptions for Flower Mart to reflect continued capitalization through the fourth quarter of this year.

Eliot 稍後將說明專案成本、預估報酬與時程，但我想指出，本專案幾乎全部的股權投資已透過目前已簽約的地塊出售款項預先到位。在把電話會議交給下一位之前，我想就 Flower Mart 專案補充幾點。正如 Jeffrey 稍後將提到的，我們已調整 Flower Mart 的費用資本化（expense capitalization）假設，以反映費用將持續資本化至今年第四季。

As we previously stated, we're working with the city of San Francisco to redesign and reimagine the Flower Mart project, while maintaining and building upon our current approvals. In addition to seeking flexibility to develop a broader mix of uses, we're also looking to amend the existing development agreement and create a special use district to provide relief from certain plan and code requirements, the specifics of which are still under discussion.

如我們先前所述，我們正與舊金山市合作，重新設計並重新構想 Flower Mart 專案，同時維持並延伸我們目前已取得的核准。除了尋求更大的彈性以開發更廣泛的用途組合外，我們也希望修訂既有的開發協議，並設立特別使用分區（special use district），以就部分規劃與法規要求取得豁免；其具體內容仍在討論中。

The city, which has been a constructive and valued partner in this process has suggested an alternative approach to analyzing and documenting the changes in the special use district, which we believe will ultimately increase our long-term flexibility and optionality, though the alternative approval process will take additional time.

市府在此過程中一直是具建設性且重要的合作夥伴，並提出另一種方式來分析與文件化特別使用分區中的變更；我們相信這最終將提升我們的長期彈性與選擇權，但替代性的核准流程將需要額外時間。

We now expect the process to be completed late in the fourth quarter and would assume that expense capitalization ceases at that time. We're highly convicted that the path we're pursuing at the Flower Mart will result in the best possible outcome for shareholders. And as always, we'll continue to update you as the process unfolds.

我們目前預期該流程將於第四季末完成，並假設費用資本化將於該時點停止。我們堅信在 Flower Mart 所採取的路徑將為股東帶來最佳可能結果。一如既往，我們將在流程推進過程中持續向各位更新。

In conclusion, I want to thank the entire Kilroy team for an incredibly busy quarter across nearly every facet of our business. Your efforts are creating meaningful value for all of our stakeholders, and I'm grateful for your continued energy and enthusiasm. Eliot?

最後，我要感謝整個 Kilroy 團隊在本季於幾乎所有業務面向都非常忙碌。各位的努力正為我們所有利害關係人創造實質價值，我也感謝大家持續的活力與熱忱。Eliot？

Thanks, Angela. Over the last several months, the capital markets have demonstrated continued momentum as buyers recognize the inflection in fundamentals and the positive impact AI is having on our markets. As a result, transaction size is increasing and asset quality is improving. For example, the Transamerica Pyramid in San Francisco recently traded for $1,050 per square foot. The first time in institutional property has eclipsed $1,000 a foot level in that market since 2022.

謝謝，Angela。過去幾個月，資本市場持續展現動能，買方逐步認知基本面出現拐點，以及 AI 對我們市場帶來的正面影響。因此，交易規模正在擴大，資產品質也在提升。舉例來說，舊金山的 Transamerica Pyramid 近期以每平方英尺 1,050 美元成交。這是自 2022 年以來，該市場機構級不動產首次再度突破每平方英尺 1,000 美元的水準。

Kilroy continues to be an active seller, and during the quarter, we closed on $146 million comprised of the previously announced Kilroy Sabre Springs for $125 million and Del Mar Tech Center sold in March for $21 million. Del Mar Tech Center is a 40,000 square foot building in the Del Mar submarket of San Diego. And at the time of sale, the building was roughly 50% leased, with a weighted average remaining lease term of one year.

Kilroy 仍是積極的賣方，本季我們完成 1.46 億美元的交易，包括先前宣布以 1.25 億美元出售 Kilroy Sabre Springs，以及於 3 月以 2,100 萬美元出售 Del Mar Tech Center。Del Mar Tech Center 位於聖地牙哥 Del Mar 子市場，為一棟 40,000 平方英尺的建物；出售時該建物約有 50% 出租率，加權平均剩餘租期為 1 年。

We remain big believers in Del Mar Heights and are still the largest owner in the submarket, but selling this property made economic sense. Additionally, last week, we closed on the sale of our two residential towers in Hollywood for $202 million. As many of you know, these towers were developed by Kilroy as part of our Columbia Square and On Vine project, and the layout of the campus allows the residential to be separate and distinct from the neighboring office properties.

我們仍然非常看好 Del Mar Heights，且仍是該子市場最大的業主，但出售該資產在經濟上是合理的。此外，上週我們完成出售位於好萊塢的兩棟住宅塔樓，成交價 2.02 億美元。許多人都知道，這兩棟塔樓是 Kilroy 作為 Columbia Square 與 On Vine 專案的一部分所開發，而園區的配置使住宅部分可與鄰近的辦公資產分離且獨立。

We determined these buildings would be good sales candidates given the lack of synergies with the office as well as the depth of demand for high-quality apartments. Before bringing the properties to market, we spend time ensuring the operations and structure were optimized to facilitate a sale and maximize proceeds. The cap rate on all sales announced year-to-date averages in the mid-single digits.

鑑於與辦公資產缺乏協同效益，以及市場對高品質公寓的需求深度，我們判定這些建物是良好的出售標的。在將資產推向市場之前，我們投入時間確保營運與架構已最佳化，以利交易並最大化出售所得。今年迄今已宣布的所有出售交易，其資本化率（cap rate）平均約落在中個位數區間。

As a reminder, in addition to the operating property sales, we have $165 million of land sales under contract with roughly half expected to close late this year or early next year. We continue to evaluate additional opportunities to sell or repurpose nonstrategic land.

提醒各位，除營運中資產出售外，我們另有 1.65 億美元的土地出售案已簽約，其中約一半預計於今年稍晚或明年初完成交割。我們也持續評估其他出售或重新用途化非核心土地的機會。

Turning to acquisitions, as Angela mentioned, we closed on the joint venture to develop 1900 Broadway, a 250,000 square foot project in Downtown Redwood City that is already roughly 50% pre-leased. 1900 Broadway is adjacent to Downtown Redwood City's restaurant row, making it one of the most walkable and amenitized properties in the area and worthy of premium rents.

談到收購，如 Angela 所提，我們已完成合資案交割以開發 1900 Broadway，這是一個位於紅木城市中心、面積 25 萬平方英尺的專案，目前已約 50% 預租。1900 Broadway 緊鄰紅木城市中心的餐廳街，使其成為該區最具步行性與完善生活機能的資產之一，因而具備收取溢價租金的條件。

Kilroy was uniquely positioned to take advantage of this off-market opportunity given our deep market insight, strong local relationships and proven development acumen. These factors gave our partner, Lane Partners and our anchor tenant, Cooley, confidence in our ability to bring this deal together. We intend to break ground next year, and Cooley is expected to take occupancy in early 2030.

憑藉我們深厚的市場洞察、強大的在地關係以及經驗證的開發能力，Kilroy 得以獨特地把握這項場外（off-market）機會。這些因素也讓我們的合作夥伴 Lane Partners 與主力承租戶 Cooley 對我們整合並完成此交易的能力充滿信心。我們預計明年動工，Cooley 預期將於 2030 年初進駐。

The total anticipated cost for the project is between $330 million and $350 million, of which our share will be 97% upon completion. Stabilized yields are expected to be in the low to mid-9% range. Before turning the call over to Jeffrey, I think it would be beneficial to summarize the substantial disposition progress we have made over the last 2.5 years.

本專案預估總成本介於 3.30 億至 3.50 億美元之間，於完工時我們的持分將為 97%。穩定後的收益率（stabilized yields）預期落在低至中 9% 區間。在把電話會議交給 Jeffrey 之前，我認為有必要總結我們在過去 2.5 年間於處分方面取得的重大進展。

As private capital return to the office sector, Kilroy meaningfully ramped up sales efforts with a total of roughly $980 million of land and operating properties completed or under contract. We have talked about individual transactions in detail on prior calls, but in total, this demonstrates the private market is open and functional and can be a source of attractively priced capital if executed thoughtfully.

隨著民間資本回流辦公領域，Kilroy 大幅提升出售力道，已完成或已簽約的土地與營運中資產合計約 9.80 億美元。我們在先前的電話會議中已詳細討論個別交易，但整體而言，這顯示民間市場是開放且運作正常的；若執行得當，也能成為取得具吸引力定價資本的來源。

We elected to redeploy a portion of the sales proceeds into four high-caliber, infill amenitized multi-tenant investments totaling roughly $765 million, which includes the full cost of building out 1900 Broadway. This capital recycling gives us a more diversified and sustainable cash flow stream, while also making the portfolio more amenitized, walkable and supply constraints.

我們選擇將部分出售所得再部署至四項高品質、位於核心區位且具完善配套的多租戶投資，合計約 7.65 億美元，其中包含 1900 Broadway 的完整建置成本。此一資本循環使我們擁有更分散且更具可持續性的現金流來源，同時也讓投資組合更具配套、更適合步行，並受益於供給受限的特性。

As a result of being a net seller of roughly $215 million, we were able to use a portion of the savings to pay down debt and opportunistically repurchase stock. We are proud of the progress made to date and intend to keep making the next best capital allocation decision one step at a time. With that, I will turn the call over to Jeffrey.

由於我們淨出售約 2.15 億美元資產，我們得以運用部分節省下來的資金償還債務，並把握時機回購股票。我們對迄今取得的進展感到自豪，並打算一步一步持續做出下一個最佳的資本配置決策。接下來我把電話會議交給 Jeffrey。

Thanks, Eliot. Before turning to results, I want to highlight two disclosure enhancements this quarter aimed at providing investors with better visibility into leasing performance now executed activity translates into future results. First, we've added a leasing spread calculation focused on space vacant for less than 12 months. This aligns with how most of our peers present spreads and better isolates true mark-to-market activity, our historical calculation remains unchanged and is presented alongside the new metric.

謝謝，Eliot。在進入業績結果之前，我想強調本季我們做了兩項揭露強化，旨在讓投資人更清楚了解租賃表現如何從已執行的活動轉化為未來成果。第一，我們新增一項租賃價差（leasing spread）計算，聚焦於空置未滿 12 個月的空間。這與多數同業呈現價差的方式一致，也更能隔離真正的市價重估（mark-to-market）活動；我們既有的歷史計算方式維持不變，並與新指標一併呈現。

Second, we've expanded our disclosure regarding signed but not commenced leases, which currently totals over 1 million square feet and nearly $78 million of contractually obligated annualized base rent. This disclosure highlights the embedded growth already in place and provides greater visibility into the forward trajectory of the operating platform.

第二，我們擴充了對「已簽約但尚未開始」租約的揭露，目前合計超過100萬平方英尺，且契約約定的年化基本租金接近7,800萬美元。此項揭露凸顯了已內嵌的成長動能，並讓外界更清楚掌握營運平台未來的發展軌跡。

Turning to our financial results. FFO for the first quarter was $0.91 per diluted share. With respect to occupancy, as a reminder, KOP 2 entered the stabilized pool during the quarter, impacting reported portfolio metrics. As a result, portfolio occupancy ended the quarter at 77.6%, excluding KOP 2, the first quarter occupancy would have been 81.5%, down only 10 basis points despite our previously communicated first quarter move-outs.

接著談我們的財務表現。第一季FFO為每股稀釋後0.91美元。就出租率而言，提醒一下，KOP 2於本季納入穩定化資產池，影響了已揭露的投資組合指標。因此，投資組合期末出租率為77.6%；若排除KOP 2，第一季出租率本應為81.5%，儘管我們先前已對外說明第一季將有搬離，出租率仍僅下滑10個基點。

The dispositions of Kilroy Sabre Springs and Del Mar Tech Center completed during the quarter had no impact on overall reported occupancy. Cash same-property NOI increased 1.8% in the first quarter, driven by lower bad debt expense and contributions from net expenses, settlements and restoration fee income and other property income.

本季完成出售的Kilroy Sabre Springs與Del Mar Tech Center，對整體已揭露的出租率沒有影響。第一季現金同店NOI成長1.8%，主要受惠於壞帳費用降低，以及淨費用、和解與修復費收入及其他物業收入的貢獻。

These positive impacts were partially offset by a detraction from base rent despite a marginal increase in overall occupancy, reflecting free rent periods from certain new tenants in the portfolio. On the leasing front, activity during the quarter resulted in GAAP spreads of negative 10.6% and cash spreads of negative 16.8%. Those spreads were primarily -- driven primarily by two leases in San Francisco, both of which involved space that was vacant for longer than 12 months. Importantly, these were capital-light transactions that generated attractive net effective rent outcomes.

上述正面因素部分被基本租金的下滑所抵銷，儘管整體出租率略有上升，仍反映投資組合中部分新租戶的免租期影響。在租賃方面，本季活動帶來GAAP租金價差為-10.6%，現金租金價差為-16.8%。這些價差主要由舊金山的兩筆租約所驅動，兩者皆涉及空置超過12個月的空間。重要的是，這些交易資本投入較少（capital-light），並產生具吸引力的淨有效租金成果。

These two leases were partially offset in the quarter's reported spreads by the lease Angela previously mentioned at Crossing 900 in Redwood City, which not only generated the highest net effect rent of the quarter in our operating portfolio, but also delivered significant positive cash and GAAP releasing spreads. Leasing on space is vacant for less than 12 months performed well, generating positive GAAP spreads of 19.2% and cash spreads of 5.2%.

本季已揭露的價差中，這兩筆租約部分被Angela先前提到的Redwood City Crossing 900租約所抵銷；該租約不僅創下我們營運投資組合本季最高的淨有效租金，也帶來顯著正向的現金與GAAP續租價差。空置未滿12個月的空間租賃表現良好，GAAP價差為正19.2%，現金價差為正5.2%。

Turning to guidance. Last night, we increased our 2026 FFO guidance by $0.21 at the midpoint with a new FFO range of $3.49 to $3.63 per diluted share reflecting improving in our core portfolio and platform operations and updated timing assumptions on Flower Mart expense capitalization.

接著談財測。昨晚我們將2026年FFO指引在中位數上調0.21美元，新的FFO區間為每股稀釋後3.49至3.63美元，反映核心投資組合與平台營運改善，以及對Flower Mart費用資本化時點假設的更新。

With respect to Flower Mart, as Angela discussed, we are now assuming that expense capitalization will cease late in the fourth quarter, at that point, a little less than $1 million of quarterly operating expenses and real estate taxes along with $7 million of quarterly capitalized interest will begin impacting earnings.

就Flower Mart而言，如Angela所述，我們目前假設費用資本化將於第四季末較晚時點停止；屆時，每季略低於100萬美元的營運費用與不動產稅，以及每季700萬美元的資本化利息，將開始影響盈餘。

This change increased guidance by approximately $15 million to $16 million or $0.14 per share and is reflected in the capitalized interest and development guidance provided last night. Cash same-property NOI growth is now expected to range from 25 to 125 basis points, representing a 150 basis points increase at the midpoint from our prior range.

此項變更使指引增加約1,500萬至1,600萬美元（或每股0.14美元），並已反映在昨晚提供的資本化利息與開發指引中。現金同店NOI成長目前預期介於25至125個基點，較先前區間在中位數上提高150個基點。

This increase is driven by two factors: First, in April, we received a $5.9 million settlement related to the 23andMe bankruptcy, which fully results our economic interest in that process contributes approximately 90 basis points to NOI growth. Second, strengthening fundamentals in our core operations driven primarily by improving net expenses and increased average occupancy contribute an additional 60 basis points to growth.

此上調由兩項因素驅動：第一，4月我們收到一筆與23andMe破產案相關的590萬美元和解金，該款項充分反映我們在該程序中的經濟利益，對NOI成長貢獻約90個基點。第二，核心營運基本面轉強，主要由淨費用改善與平均出租率提升所帶動，額外貢獻約60個基點的成長。

We also raised the top end of our operating asset dispositions guidance range reflects our progress to date. We moved decisively closing dispositions earlier than anticipated through recycling capital into compelling investment opportunities, including $73 million of opportunistic share repurchases and prudent debt repayment.

我們也上調營運資產處分指引區間的上緣，以反映目前的進展。我們果斷行動，較原先預期更早完成處分，並將資本回收再投入具吸引力的投資機會，包括7,300萬美元的機會型庫藏股回購，以及審慎的債務償還。

Looking ahead, and as Angela and Eliott noted, we will continue to take a balanced, disciplined approach to capital allocation, seeking opportunities to create value for shareholders while prioritizing balance sheet strength and financial flexibility. With that, we're happy to answer your questions.

展望未來，正如Angela與Eliott所提，我們將持續以平衡且自律的方式進行資本配置，在優先維持資產負債表強度與財務彈性的同時，尋求為股東創造價值的機會。接下來我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Manus (inaudible), Evercore ISI.

Manus（聽不清），Evercore ISI。

Perfect. And I just wanted to say thanks in the beginning for the additional disclosures in the supplements. It's been very helpful. My question was just along for Los Angeles and San Diego to see if you could maybe elaborate a little bit further on the leasing demand that you see here and how far along we are here on the recovery. Obviously, we understand, and it's great to see how positive San Francisco has responded recently.

很好。我想先感謝你們在補充資料中提供更多揭露，真的很有幫助。我的問題是關於洛杉磯與聖地牙哥：能否再多談一些你們看到的租賃需求，以及目前復甦進展到什麼程度？我們當然理解，也很高興看到舊金山最近的反應相當正面。

Yes. Manas, this is Rob Paratte. I'll just kind of continuing on the theme that Angela mentioned. Across our entire company portfolio, we're seeing an increase in activity, including tours, proposals and done deals and Los Angeles is no exception. In Q1, we signed 24 deals in L.A. and we're seeing quite a bit of activity at our Long Beach project, Maple Plaza, and we're starting to see a pickup in activity here at Westside Media Center on the West side of L.A. and one of our other assets here.

是的，Manas，我是Rob Paratte。我延續Angela提到的主題。我們在整個公司投資組合都看到活動增加，包括帶看、提案以及成交，洛杉磯也不例外。第一季我們在洛杉磯簽了24筆交易；我們在長灘的Maple Plaza專案看到相當多的活動；同時也開始看到洛杉磯西區的Westside Media Center，以及我們在這裡的另一項資產，活動有所回升。

Our pipeline continues to grow in the L.A. market. We have sort of following on to the 24 deals I mentioned, we have more deals that are in the pipeline in leases actually, but not going to quantify all that until they're done. And it just is improving. And again, I'd say this across our entire portfolio that what we're seeing is this continued flight to quality.

我們在洛杉磯市場的案源（pipeline）持續成長。延續我提到的24筆交易，我們還有更多交易正在管線中，實際上也在談租約，但在完成之前我們不會量化。整體就是在改善。而且我會說，這也適用於我們整個投資組合：我們看到的是持續的「向優質資產集中」（flight to quality）。

There's a world of haves and have-nots. So the recovery is not the same for all owners or all properties. And we're benefiting from having these high-quality assets in L.A., San Diego, et cetera. At Nautilus, which I'll really focus on because that's our newest acquisition, we had 400,000 square feet of tours since January 1.

市場上存在「有」與「沒有」的差異，因此復甦並非對所有業主或所有物件都一樣。我們受惠於在洛杉磯、聖地牙哥等地擁有高品質資產。以Nautilus為例（我會特別聚焦，因為這是我們最新的收購案），自1月1日以來，我們已累計約40萬平方英尺的帶看量。

We have several tenants that are looking to grow in the project and we continue to entertain tours and just the other normal activity that goes with leasing and couldn't be happier with that. The amenities are really showing well now. Now that is spring, everything looks great at the site. So very happy with that.

有幾個租戶希望在該專案擴張，我們也持續接待帶看，以及其他租賃所伴隨的正常活動，對此我們非常滿意。現在配套設施的呈現效果非常好。又逢春季，整個基地看起來很棒，所以我們對此非常開心。

At Kilroy Center, Del Mar, we're seeing an exceptional amount of activity. Our spec suite program there is really paying off as it is in other markets like Austin and we're going to continue on that front being very strategic in bringing spec suites to market but providing what the market wants.

在Del Mar的Kilroy Center，我們看到非常大量的活動。我們的樣品套房（spec suite）計畫在那裡的成效非常顯著，就像在奧斯汀等其他市場一樣；我們會在這方面持續推進，以非常策略性的方式推出樣品套房，但同時提供市場真正想要的產品。

Okay, thank you.

好的，謝謝。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Great, thank you. My first question is on 1900 Broadway and wondering if you can talk about the expected yield you expect to make on that and where rents need to be for the unleased space to kind of achieve it?

很好，謝謝。我第一個問題是關於1900 Broadway，想請你們談談預期可達成的報酬率（yield），以及未出租空間的租金需要達到什麼水準才能實現該目標？

So Tony, it's Eliot. In my prepared remarks, I mentioned that we're expecting stabilized yields in the low to mid-9% range. And we've obviously leased 60% of the building and have a good rent comp for where market rents are. So we -- if we replicate that, we'll be in really good shape.

Tony，我是Eliot。我在事先準備的發言中提到，我們預期穩定後的報酬率落在低到中個位數的9%區間（low to mid-9%）。我們已出租該大樓的60%，也有很好的租金可比資料來判斷市場租金水準。因此，如果我們能複製那樣的租金水準，整體就會非常理想。

Yes. I just also emphasize as we sort of talked about 1900 Broadway, it's really just a few blocks away from our Crossing 900 asset, where we've leased 80,000 square feet over the last couple of years at rents that are up on average 60%. So we have a lot of data points in the market in addition to the Cooley lease that really point us to the direction of where rents should be in this market.

是的，我也想補充強調一下：我們在談1900 Broadway時，它其實距離我們的Crossing 900資產只有幾個街區；過去幾年我們在那裡已出租8萬平方英尺，平均租金上升約60%。因此，除了Cooley那筆租約之外，我們在市場上還有很多數據點，確實指向這個市場租金應該落在的方向。

Eliot mentioned in his prepared remarks earlier as well that 1900 Broadway is just adjacent for restaurant row in this submarket. So it is highly walkable, highly amenitized and really should drive premium rents as we think we saw in the transaction that's already been executed. So we're really excited about having additional supply to lease in what has been and continues to be one of the strongest submarkets in the entire Kilroy portfolio.

Eliot在先前的準備發言中也提到，1900 Broadway緊鄰此分市場的「餐廳街」（restaurant row）。因此步行性很高、周邊機能完善，並且確實應能帶動溢價租金，正如我們在已完成的交易中所看到的。我們對於在這個一直以來、且目前仍是Kilroy整體投資組合中最強勁的分市場之一，擁有更多可供出租的供給感到非常振奮。

Okay. And then just maybe I missed this, but did you give a cap rate on the two resi sales?

好的。那另外我可能漏聽了，你們有提供兩筆住宅（resi）出售的資本化率（cap rate）嗎？

We gave cap rates for all the sales that we've done to date, which was in the mid-single digits, but the resi sales were around in the 4% range.

我們有提供截至目前為止所有已完成出售案的資本化率，約在中個位數（mid-single digits）區間；但住宅出售案大約在4%附近。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場。

Thank you, and thanks for the new disclosure. On that signed leases not commenced, I was wondering what was driving most of the leases, 86% to net leases. I know that KOP 2 is a big part of that. But assuming 1900 Broadway is as well, it would suggest the yield on that could be closer to 13% versus 9%. And I'm wondering if my math right? And if there's any conservatism in that number?

謝謝，也感謝新增的揭露。關於已簽約但尚未起租的租約，我想了解是什麼因素驅動其中大多數租約（86%）偏向淨租約。我知道 KOP 2 佔了很大一部分。但如果假設 1900 Broadway 也在其中，那會意味著該項目的收益率可能更接近 13% 而不是 9%。我想確認我的計算是否正確？以及這個數字是否有任何保守性？

Yes. I would say there's not much to point to in terms of why the population of signed but not commenced side is skewed so much to net leases. It really is just a mix issue. And the properties and markets that make up the signed but not occupied pool at this point in time.

是的。我會說，就已簽約但尚未起租這一部分為何如此偏向淨租約而言，並沒有太多特定原因可指。這真的只是組合結構的問題，取決於目前構成已簽約但尚未入住池的資產與其所在市場。

On the yield, I'd just reiterate what Eliot mentioned in his prepared remarks in response to the last question, stabilized yield on this project, we think, is in the low to mid-9% range, which we think is very compelling.

至於收益率，我只想重申 Eliot 在上一題回應時於事先準備的講稿中提到的：我們認為該專案的穩定化收益率落在 9% 的低到中段區間，我們覺得非常具吸引力。

There's going to be good growth at this project over time as well, again, in one of the strongest submarkets in the Kilroy portfolio. So we feel like the sort of development upside here is worth what's a relatively small amount of leasing still to complete at this project.

此外，這個專案隨時間推進也會有不錯的成長，因為它位於 Kilroy 投資組合中最強勢的次級市場之一。因此我們認為，這裡的開發上行空間值得我們去完成目前仍相對少量、尚待完成的出租工作。

Okay. And at Flower Mart, I know you talked about extending the capitalized interest. I'm wondering what's the possibility that you keep this development going forward? I know that you're committed to One Paseo, and this looks like this could be another mixed-use development with a big multifamily component. Just wanted to get your latest thoughts on the Flower Mart as far as keeping it as a development project.

好的。關於 Flower Mart，我知道你提到延長資本化利息。我想了解未來你們持續推進這個開發案的可能性有多大？我知道你們已承諾 One Paseo，而這看起來也可能是另一個混合用途開發案，且包含很大的多戶住宅（multifamily）組成。想請教你們對 Flower Mart 是否繼續作為開發專案的最新看法。

Yes. Look, we're watching the San Francisco market really closely and how things evolve in addition to sort of where we're able to take the process we're going through right now in terms of design and entitlement, flexibility and optionality. There's still a lot for us to sort out as we move through this process.

是的。你看，我們正非常密切地觀察舊金山市場以及其演變，同時也在看我們目前在設計與取得許可（entitlement）流程中能推進到什麼程度，並保留彈性與選擇權。隨著流程推進，我們還有很多事情需要釐清。

And we have time as this process continues to unfold to watch what happens with both commercial and residential rents within the city of San Francisco. And so we'll continue to monitor it. We're committed to making sure that whatever we do in terms of next steps in 2027 beyond at the Flower Mart project maximizes value for shareholders. And I think we've been honest before.

而且隨著這個流程持續展開，我們也有時間觀察舊金山市內商用與住宅租金的變化。因此我們會持續監測。我們承諾，無論我們在 2027 年及之後對 Flower Mart 專案採取什麼下一步，都會以股東價值最大化為目標。我想我們之前也一直很坦誠。

Certainly, the company had a very strong plan to develop this on the commercial side prior to the pandemic. We're exploring a broader mix of uses that would allow us, as you mentioned, to add more residential into the projects. We just have to see how the market continues to evolve and what the project ultimately looks like to decide what the right or optimal execution path is. So maintaining a lot of flexibility and prioritizing optionality as a way to create additional economic value at the Flower Mart.

確實，在疫情之前，公司在商用端有一個非常強的開發計畫。我們正在探索更廣泛的用途組合，讓我們能如你所提到的，將更多住宅納入專案。我們必須觀察市場如何持續演變，以及專案最終會長成什麼樣子，才能決定正確或最優的執行路徑。因此，我們會維持高度彈性並優先保留選擇權，以作為在 Flower Mart 創造額外經濟價值的方式。

Seth Bergey, Citi.

Seth Bergey，花旗。

Thanks for taking my question. As you think about kind of the revised disposition guidance, what would kind of get you to the higher end? Is it are you just evaluating kind of the depth of buyer pool and kind of any changes you've seen in terms of office or demand for assets? And then are there any kind of submarkets you would look to kind of exit within that revised disposition range?

謝謝讓我提問。當你們思考修訂後的處分指引時，什麼情況會讓你們走向區間的高端？是因為你們在評估買方池的深度，以及你們在辦公室或資產需求方面看到的任何變化嗎？另外，在這個修訂後的處分區間內，有沒有任何你們會考慮退出的次級市場？

Hey, so the revised disposition range at the low end implies that we kind of stop with what we've done to date and then we have about $150 million of disposed that at the high end of the range beyond what we've done. So that clearly has some room to execute. And our approach is going to be consistent with what we've talked about in the past, which is if we can find compelling opportunities then we're going to pursue them.

嗨，修訂後的處分區間在低端意味著我們大致會停在目前已完成的進度；而在區間高端，則代表在既有成果之外，我們還會再處分約 1.5 億美元。因此顯然仍有執行空間。我們的做法會與過去所談一致：如果我們能找到具吸引力的機會，我們就會去追求。

And so we wanted to reflect that with an adjustment to the disposition range. There's not a particular market or submarket that we're focused on exiting. We're really just looking for the way to maximize proceeds on good execution on assets that we think are going to be mispriced given our forward-looking view.

因此我們希望透過調整處分區間來反映這一點。我們並沒有特別聚焦要退出某個市場或次級市場。我們真正關注的是：在我們的前瞻觀點下，若某些資產可能被錯價，我們要以良好的執行來最大化處分所得。

Yes. I mean the only thing I'd add to that is to just echo some of what Eliot mentioned in his prepared remarks, which is that in addition to healthy demand that we've seen over the last couple of years, particularly from owner users looking to acquire assets.

是的。我想我唯一要補充的是呼應 Eliot 在事先準備的講稿中提到的一些內容：除了過去幾年我們看到的健康需求之外，特別是來自自用型買家（owner users）尋求收購資產的需求。

We've really seen a resurgence in institutional demand and interest across our West Coast markets. And so where there are opportunities, as Eliot just mentioned, to take advantage of that renewed demand for West Coast commercial assets. We certainly want to make sure we allow ourselves enough room within the guidance range to be able to capitalize on that.

我們也確實看到機構型需求與興趣在我們西岸各市場重新回升。因此，如同 Eliot 剛才提到的，只要有機會利用這股對西岸商用資產的再度需求，我們當然希望確保在指引區間內保留足夠空間，以便把握這些機會。

And then I think in the prepared remarks, you mentioned AI as in technology as a demand driver for some of the L.A. submarkets. Do you think L.A. will kind of have a spillover effect from San Francisco and be a large component of kind of recovery in that market? Or how do you kind of quantify the impact that AI can have on a market like Los Angeles?

另外，在事先準備的講稿中，你提到 AI（人工智慧）作為科技面的一個需求驅動因素，影響洛杉磯部分次級市場。你認為洛杉磯會因舊金山而產生外溢效應，並成為該市場復甦的重要組成嗎？或者你們如何量化 AI 對洛杉磯這樣市場可能帶來的影響？

Yes, I don't think we're mentioning and to suggest it's going to be a huge driver of demand in the L.A. market. We've certainly seen a lot more San Francisco native companies or AI native companies, leasing space, particularly in the Pacific Northwest, where you've got a much larger kind of resident talent pool in the tech sector.

是的，我不認為我們提到它是要暗示它會成為洛杉磯市場需求的巨大驅動力。我們確實看到更多源自舊金山的公司，或是 AI 原生公司（AI native companies）在租賃空間，尤其是在太平洋西北地區，因為那裡在科技領域有更龐大的在地人才庫。

So we've certainly seen the spillover benefits in that market. I think we're seeing some of it in the L.A. market. It's pretty concentrated in a few specific submarkets we had called out to your question, Culver City, in particular, in the L.A. market.

因此我們確實在那個市場看到外溢效益。我認為我們在洛杉磯市場也看到一些，但相當集中在少數特定次級市場，正如你問題中我們點名的那些；其中在洛杉磯市場尤其是 Culver City。

So I think it's interesting to note that we're seeing some of those tenants pop up. I think it's great from a marginal demand standpoint, but we're certainly seeing much broader demand even in markets such as Culver City across different industry categories as well.

所以我覺得值得注意的是，我們看到一些這類租戶出現。從邊際需求的角度來看這很棒，但我們也確實看到更廣泛的需求，即使在像 Culver City 這樣的市場，也涵蓋不同產業類別。

Andrew Berger, Bank of America.

Andrew Berger，美國銀行。

Sounds like the first quarter was a very strong quarter for leasing. Could you just talk a bit about where the pipeline is today, if there's any way to quantify how big it is going forward. I think last quarter, you said it was up about 65% year-over-year. So just any color you're able to provide would be helpful.

聽起來第一季的出租表現非常強勁。你能否談談目前的洽談管線（pipeline）狀況，以及是否有任何方式可以量化未來的規模？我記得上季你們說管線年增約 65%。因此任何你能提供的補充說明都會很有幫助。

Yes, Andrew, it's -- honestly, the change in San Francisco is so dramatic over the last 12 to 18 months, and it's actually hard to pinpoint the pipeline because it continues to grow. Just to add some color to what Angela was talking about with the three consecutive quarters of positive absorption, there were 13 deals done in Q1 over 100,000 feet, and that's a very big number for the city.

是的，Andrew，老實說，舊金山在過去 12 到 18 個月的變化非常劇烈，實際上很難精準界定管線，因為它還在持續成長。補充一些 Angela 提到的連續三季正吸納（positive absorption）的背景：第一季有 13 筆成交案的面積超過 10 萬平方英尺，這對這座城市來說是非常大的數字。

Another really important note I want to point out is that 5 million square feet of availability has been absorbed since its peak in mid-2025, and that's very meaningful because that availability rate was really the headline that had everyone across the country concerned. And the third point that I think is really important is that these deals, the 100,000 feet plus other parts of that 3 million feet that we mentioned are expansionary, and that's also a very positive indicator, I think.

另外一個我想強調的重點是：自 2025 年年中達到高峰以來，已有 500 萬平方英尺的可供面積（availability）被吸收，這非常有意義，因為當時的可供率確實是讓全美各地都感到擔憂的頭條指標。第三個我認為很重要的點是：這些成交案——包含 10 萬平方英尺以上的案子，以及我們提到的那 300 萬平方英尺中的其他部分——是擴張型需求（expansionary），我認為這也是非常正面的指標。

And so you look at our deal with Harvey, for example, where they took an additional 60,000 feet. So the pipeline for us keeps growing. Our team has done a terrific job at 201, as Angela pointed out. We're focused on 363 and 303 Second. We're talking to folks about 345 Brannan. So south of market itself was the strongest submarket of the San Francisco market, and that is Kilroy is a direct beneficiary of that because that's where all of our assets are.

例如我們與 Harvey 的交易，他們又額外承租了 6 萬平方英尺。所以對我們而言，管線持續成長。我們團隊在 201（如 Angela 所指出）做得非常出色。我們正聚焦在 363 與 303 Second，也在與潛在客戶洽談 345 Brannan。因此，SoMa（South of Market）本身是舊金山市場中最強的次級市場，而 Kilroy 直接受惠，因為我們的資產都在那裡。

And so we're poised and ready to start executing on these. But things are looking really good and the momentum, not only for us but others in the market is quite strong.

因此我們已就位並準備開始執行這些機會。但整體看起來非常好，動能不僅對我們而言，對市場上的其他參與者也相當強勁。

And it sounds like speed to occupancy is becoming more important. Can you just talk a little bit more about this? How much of the comments around speed to occupancy are related to the AI types of tenants versus just tenants more broadly.

而且聽起來，縮短至可入住（occupancy）的速度正變得更重要。你能否再多談一點這點？關於「加快至可入住速度」的評論，有多少是與 AI 類型的租戶相關，而不是更廣泛的一般租戶？

And you mentioned spec suites. Can you talk a little bit more about which markets you're really leaning into spec suites more and what type of results that's creating for your leasing teams?

你也提到投機式套房（spec suites）。你能否再多談一些：你們在哪些市場更積極推進 spec suites，以及這為你們的租賃團隊帶來了什麼樣的成果？

Sure. This is Rob again. I guess I'll use the Olema example. They're in two different spaces in San Francisco. One was a space that was not, I would say, current or modern enough for what their uses were.

當然。我是 Rob，再次回答。我想我會用 Olema 的例子。他們在舊金山有兩個不同的空間。其中一個空間，我會說，對他們的使用需求而言不夠新、也不夠現代。

The other one is a space where they got pushed out by an AI company. And so that created immediate need for space, and we were ready to execute on that because they're taking a portion of our spec labs and then they're taking to-be-built space. So that's a very good example of what's happening.

另一個空間則是他們被一家 AI 公司擠出去了。因此立刻產生了對空間的迫切需求，而我們也準備好執行，因為他們會承租我們部分的投機式實驗室（spec labs），同時也會承租尚待興建（to-be-built）的空間。所以這是正在發生情況的一個非常好的例子。

You either have rapidly growing AI companies that just organically need this space or others are getting displaced by larger AI companies. And one point I'd like to raise also about San Francisco is that the F.I.R.E. category in San Francisco was quite active in Q1. So you're still seeing a lot of venture capital leasing and banking and finance.

你要嘛看到快速成長的 AI 公司，因為自然擴張而需要這些空間；要嘛看到其他公司被更大型的 AI 公司擠壓而被迫搬遷。另外我也想提一點關於舊金山：舊金山的 F.I.R.E. 類別在第一季相當活躍。所以你仍然看到很多創投租賃活動，以及銀行與金融相關需求。

And so San Francisco is really hitting on all cylinders from both the traditional as well as technology front. And I think in terms of our spec suites in general and strategy, it's case by case and market by market. If we have a spec suite or two in a building and they haven't leased, we're not going to build more until we've got activity on that. And we've been really judicious about how we apply it. But the markets that we've seen a lot of traction with the spec suites or clearly San Francisco, Seattle, Austin, San Diego and parts of L.A.

因此，舊金山在傳統產業與科技面向都火力全開。我認為就我們的 spec suites 整體與策略而言，是逐案、逐市場而定。如果某棟大樓裡有一兩個 spec suite 但尚未出租，我們不會在看到活動之前再多蓋。我們在如何運用上一直非常審慎。不過，我們看到 spec suites 明顯有很大動能的市場包括舊金山、西雅圖、奧斯汀、聖地牙哥以及洛杉磯的部分區域。

Yes. It's been an interesting dynamic. We mentioned the 201 Third having -- we built out five spec suites on one floor with some shared common space, amenity, conference center and having all five of those spec suites leased before we had completed construction was really telling in terms of where demand is, particularly in the SoMa submarket from some of those earlier stage companies and the degree to which they are really prioritizing speed to occupancy.

是的。這是一個很有趣的動態。我們提到 201 Third——我們在同一層樓打造了五個 spec suite，並配置一些共享公共空間、設施（amenity）與會議中心；而在施工完成之前，這五個 spec suite 就全部出租，這非常能說明需求所在，特別是在 SoMa 子市場，來自一些較早期公司的需求，以及他們對「快速可入住」的高度重視。

So we've seen that there in markets like Austin, as Rob mentioned, we've seen a similar dynamic over a longer period of time where every time we begin building out the spec suites, we have a different level of interest in some of the vacancy than we had from pure shell conditions.

所以我們在那裡看到了這種情況；在像奧斯汀這樣的市場，如 Rob 所提，我們在更長的一段時間裡也看到類似的動態：每當我們開始打造 spec suites，相較於純毛胚（shell）狀態的空置空間，市場對部分空置面積的興趣程度就會不同。

So really tried, as Rob said, and I think this is an important point to be thoughtful and disciplined about how we're building out the spec suites both in terms of making sure we don't get over our skis and build out specific suites with specific sizes when the market demand may shift and change, but also making sure that we have inventory at these projects really at all times.

因此，正如 Rob 所說，我們一直努力——我認為這點很重要——以周全且有紀律的方式來打造 spec suites：一方面確保我們不會操之過急，在市場需求可能轉移與變化時，卻建出特定尺寸的 spec suites；另一方面也確保我們在這些專案上幾乎隨時都有可供出租的庫存。

So as they're getting leased up or as we're seeing incremental interest being prepared and willing to lean in and to replicate some of the success, we've had in earlier phases of the spec suites program. So really across most of our markets, it's been highly effective and certain driven both a higher lease rate and faster occupancy commencements over the last couple of years.

因此，當它們被出租，或當我們看到新增的興趣時，我們會做好準備並願意加大投入，複製我們在 spec suites 計畫早期階段所取得的一些成功。總體而言，在我們大多數市場，這項策略都非常有效，並在過去幾年推動了更高的租金水準以及更快的入住啟動（occupancy commencements）。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，豐業銀行（Scotiabank）。

Thanks, I had a couple of questions on specific buildings. So in terms of West 8th, I know you've got a lot of leasing traction there. Can you just maybe talk a little bit more about the dynamic of taking market share in Seattle, which just seems like you've done versus pulling tenants that are maybe looking at Seattle and Bellevue.

謝謝。我有幾個關於特定大樓的問題。就 West 8th 而言，我知道你們在那裡有很多租賃動能。你能否再多談一些：你們在西雅圖取得市占的動態——看起來你們確實做到了——相較於把可能同時在看西雅圖與 Bellevue 的租戶拉過來，兩者之間的差異？

And then secondly, on, 360 Third, San Francisco, I think you have an expiration there, a little over 100,000 square feet this year. If you could just talk about the traction on that and remind us when that expiration is?

第二個問題是關於舊金山的 360 Third。我想你們今年有一筆到期，面積略高於 10 萬平方英尺。你能否談談目前的承租動能，並提醒我們那筆到期是在什麼時候？

Yes. Nick, it's Rob. On West 8th, I think it's -- two factors are in play here in terms of the absorption we've done, both SoFi and General Motors are new to market. And I think that what's really played into that is the renovation that we did at West 8th and the traction that we've built with Databricks and other tenants that are in the market.

是的。Nick，我是 Rob。關於 West 8th，我認為就我們所做的吸納（absorption）而言，有兩個因素在發揮作用：SoFi 和 General Motors 都是新進入市場的租戶。我認為真正促成這點的是我們在 West 8th 所做的翻新，以及我們與 Databricks 和其他市場租戶所建立的動能。

And I think what we're seeing both with the earlier law firm deal we did SoFi and GM is that this part of town, the Denny Regrade, which is just right on the edge of the traditional CBD, is where people are wanting to be and it's where the talent is either living or very close by, and it's got the type of amenities that the tenants want.

我認為我們看到的情況——不論是我們先前做成的律師事務所交易，或是 SoFi 與 GM——都是因為這個區域，也就是 Denny Regrade（位於傳統 CBD 邊緣），正是大家想要進駐的地方；人才不是住在這裡，就是離這裡很近，而且這裡具備租戶想要的各類設施。

And so that's what's really causing that absorption and what we're able to capitalize on. In Bellevue, we expect to see, but we haven't seen, I'd say, a direct correlation between the higher rates in Bellevue and more absorption in Seattle. Most tenants are pretty focused on the either one or being one or the other.

因此，這就是造成吸納的原因，也是我們能夠加以把握的地方。至於 Bellevue，我們預期會看到，但目前還沒看到——我會說——Bellevue 較高的租金與西雅圖更多吸納之間有直接的關聯。多數租戶相當聚焦於二選一：要嘛選其中一個，要嘛就是另一個。

But we expect over time that we may see some tenants that flow from Bellevue to Seattle. At 360 Third, we do have that expiration coming up. We've been marketing the space. We have some -- we've had different levels of conversations, some larger tenants that are over 100,000 feet and some that are 50,000 feet.

但我們預期隨著時間推進，可能會看到一些租戶從 Bellevue 流向西雅圖。至於 360 Third，我們確實有那筆即將到期。我們一直在行銷該空間。我們有一些——我們已經進行了不同程度的洽談，有些是超過 10 萬平方英尺的大型租戶，也有些是 5 萬平方英尺的租戶。

So we're pretty focused on the asset right now and trying to really reach into the market to the proximity of 360 Third between the Bay Bridge and BART and Muni is really strategic for a lot of companies. And that's why it always did well in the past and we expect the same going forward.

所以我們目前非常聚焦在這個資產上，並努力深入市場。360 Third 介於海灣大橋（Bay Bridge）與 BART、Muni 之間的區位，對許多公司而言非常具策略性。這也是它過去一直表現良好的原因，我們預期未來也會如此。

Nick, just to clarify the 360 Third expiration is a little over 100,000 square feet in Q2.

Nick，補充說明一下：360 Third 的到期面積略高於 10 萬平方英尺，發生在第二季（Q2）。

Okay. And that's -- that's a known vacate.

好的。那是——那是已知會搬離（vacate）的嗎？

Yes.

是的。

Okay. And then just, I guess, second question is on DIRECTV. Just sort of any latest thoughts there on a renewal possibility. And if it's not a renewal, I think you were contemplating some other uses for the assets or a potential sale. If you could just give some thoughts there.

好的。那再來，我想第二個問題是關於 DIRECTV。就續約可能性而言，最近有沒有什麼最新想法？如果不續約，我記得你們曾考慮該資產的其他用途或可能出售。能否分享一些看法？

Yes. I don't want to give too much color, but DIRECTV is a possibility. We have some other activity and the project is really well-amenitized, really terrific outdoor spaces, landscaping and that kind of thing. And so we've really been pushing the marketing of that. So we do have some conversations going on.

是的。我不想透露太多細節，但 DIRECTV 仍有可能。我們也有一些其他的活動在進行，而且這個專案的設施配套非常完善，有很棒的戶外空間、景觀綠化等等。因此我們一直在大力推進行銷。目前確實有一些洽談在進行。

Yes. Remember, it's only a little bit less than 50,000 square feet in the 2026 expiration pool. A larger portion of that lease doesn't expire until the fourth quarter of 2027. So we've got some time to work through that.

是的。請記得，在 2026 年到期池（expiration pool）中，只有略低於 5 萬平方英尺。該租約更大的一部分要到 2027 年第四季才到期。所以我們還有一些時間可以處理。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行（Wells Fargo）。

Great, thanks. I was hoping you could talk a little bit more specifically about the forward leasing pipeline at KOP 2. Just Wondering how much of the demand is for spec suites versus larger spaces, anything you could tell us about tenant profiles and whether the mid-5% yield forecast is still intact?

很好，謝謝。我希望你們能更具體談談 KOP 2 的預租（forward leasing）管線。想請教目前需求中有多少是 spec suites、多少是較大面積空間；你們能否分享一些租戶輪廓？以及你們先前預估的約中 5%（mid-5%）收益率（yield）是否仍然維持？

Hey, Blaine, it's Rob. So the pipeline is similar to what we've executed on in Q4 and Q1. Basically, life science focused right now primarily almost exclusively. The tenant ranges in size down in South San Francisco right now are -- the bulk of them are in the probably 10,000 feet to 50,000 feet. That's probably 50% of the demand in the market right now, and there are quite a few.

嗨，Blaine，我是 Rob。所以目前的管線與我們在第四季和第一季所執行的情況相似。基本上，目前幾乎完全是以生命科學為主。就目前南舊金山的租戶需求面積區間而言——其中大多數大概在 1 萬到 5 萬平方英尺之間。這大概占目前市場需求的 50%，而且這類需求有相當多。

There are over four requirements over 100,000 feet in the market, and there are some that are significantly above 100,000 feet. So as Angela alluded to, we're working on filling the rest of Building F, which is our multi-tenant building, and we're in conversations on the vacant building, which, again, is the most prominent of the three buildings in the campus and really has terrific signage opportunities and prominence for tenants that want that.

市場上有超過四個需求是 10 萬平方英尺以上，且其中有些明顯高於 10 萬平方英尺。因此如 Angela 所提到的，我們正努力把 F 大樓剩餘部分填滿——那是我們的多租戶大樓；同時我們也在與那棟空置大樓洽談。再次強調，那棟是園區三棟之中最醒目的，並且為希望擁有招牌展示機會與能見度的租戶提供非常好的標示（signage）機會與顯著性。

Yes. And I just confirm the yield expectations we shared last quarter in the mid-5% range. Those are still fully intact.

是的。而且我想再次確認我們上季分享的殖利率預期約在 5% 中段（mid-5%）的區間；這些預期目前仍完全不變。

Great. Then switching gears to capital allocation. Can you give us an update on your thoughts on share repurchases going forward, just given where the stock is trading? And how do you think about their attractiveness relative to acquisitions or development?

很好。那接著切換到資本配置。就目前股價的交易水準而言，您能否更新一下未來對股票回購的想法？以及相較於併購或開發，您如何看待回購的吸引力？

Yes. I mean, look, I think what we've demonstrated over the last couple of quarters is a real desire to make sure that as we're thinking about capital allocation, we're number one, prioritizing balance sheet strength and flexibility as we make decisions. And we're employing a really balanced approach to looking at sort of all of our options and making the best decision or determination we can at the time.

是的。我的意思是，你看，我認為我們在過去幾個季度所展現的是一個非常明確的意圖：在思考資本配置時，第一優先是確保在做決策時，資產負債表的強度與彈性。並且我們採取非常均衡的方式來檢視各種選項，在當下做出我們能做出的最佳決策或判斷。

You've seen us be active going back several quarters on the acquisition side. You saw us this quarter with operating property disposition proceeds realized during the quarter to tear those with debt repayment for, again, a really balanced approach in executing any share repurchases just like we told you we would in a leverage-neutral or deleveraging way.

你們也看到我們在過去幾個季度在併購端相當積極。你們也看到我們本季將本季實現的營運型資產處分所得，搭配用於償還債務——同樣是為了維持非常均衡的做法——以便在執行任何股票回購時，如同我們所說，採取槓桿中性或去槓桿的方式。

I think as we look at all of our -- right now, we continue to see, I think, good value in the stock. We also recognize and appreciate that we're sitting at a period in time in which there's been significant capital markets volatility and specifically quite a bit of volatility with respect to our sector.

我想就我們目前所看到的——我們仍然認為這檔股票具有不錯的價值。同時我們也理解並重視，我們正處於資本市場波動顯著的時期，尤其是我們所屬產業的波動相當大。

And we want to make sure that we are -- again, as we prioritize the balance sheet, keeping enough financial flexibility to be able to really step in when things -- we see some of that volatility materialize, and we see periods of significant or extreme dislocation. So as we discussed earlier, we increased the operating property disposition guidance.

我們希望確保——再次強調，在我們優先考量資產負債表的同時——保留足夠的財務彈性，讓我們能在波動真正發生、並出現顯著或極端錯位（dislocation）的時期時，能夠果斷進場。因此如同我們先前討論的，我們上調了營運型資產處分的指引。

We feel like the land sale proceeds we've already announced are kind of earmarked for the 1900 Broadway project, and that's effectively fully funded from an equity standpoint. So additional operating property disposition proceeds will be available for balanced redeployment based on how we see the full set of alternatives at that point in time.

我們認為我們已公告的土地出售所得，基本上是為 1900 Broadway 專案預留的，而從股權資金的角度來看，該專案實際上已完全到位。因此，額外的營運型資產處分所得，將可在我們屆時評估完整替代方案集合後，用於更均衡的再部署。

Brendan Lynch, Barclays.

Barclays 的 Brendan Lynch。

Great, thank you for taking my questions. You've managed our expectations on churn this year. Maybe you could give us your current expectations on the retention rate for the remaining 740,000 square feet that are set to expire?

很好，謝謝讓我提問。你們已經管理了我們對今年流失（churn）的預期。也許你們可以分享一下，對於剩餘將到期的 74 萬平方英尺，你們目前對續租率的預期？

Yes. I mean we had shared going back, I think, a couple of quarters now that we expect that even when that pool was larger, probably around 1 million square feet at the time that we expected the vast majority of those lease expirations would, in fact, be moved out. If you go all the way back -- or two years ago when you look at what was in totality in the 2026 pool, which was about 2 million square feet.

是的。我的意思是，我們回溯到我想大概幾個季度前就分享過，即使當時那個池子更大——當時大概約 100 萬平方英尺——我們也預期其中絕大多數的租約到期，實際上都會被延後（moved out）。如果你一路回看——或是兩年前你看 2026 年到期池的整體規模，當時大約是 200 萬平方英尺。

We did successfully during the course of 2025 renew a number of those spaces early. So the blended retention rate on that initial, I would think it was almost 2 million square feet pool of 2026 expirations was about, like 40%, maybe a bit better than 40% relatively in line with kind of historical prepandemic averages.

我們確實在 2025 年期間成功提前續租了其中一些空間。因此，針對最初那個我認為接近 200 萬平方英尺的 2026 年到期池，其加權平均續租率大約在 40% 左右，可能略高於 40%，大致與疫情前的歷史平均水準相符。

That said, when we're looking at the lease expiration schedule right now for 2026, we do expect there are probably a few opportunities for us to continue to work through some renewals, but they are reasonably limited. When you think about reported retention stats, though, you're also going to see us begin renewing early some of the '27 exploration pool.

話雖如此，當我們現在看 2026 年的租約到期時程時，我們確實預期可能還有少數機會可以繼續推進一些續租，但數量相當有限。不過，當你看對外揭露的續租統計時，你也會看到我們開始提前續租部分 2027 年到期池。

So it's a little bit harder to tell you exactly in any given quarter what the retention rate would look like from a reported standpoint. But we do think that just from a modeling standpoint, the bulk of the 2026 remaining expirations will be move-outs.

所以要在任何單一季度精準告訴你，從對外揭露口徑來看續租率會長什麼樣子，會比較困難。但就建模（modeling）的角度而言，我們確實認為 2026 年剩餘到期的大部分將會是搬離（move-outs）。

Okay. That's helpful. And maybe just another modeling question. Are you still anticipating that occupancy trust in the second quarter?

好的，這很有幫助。再問一個建模問題：你們是否仍預期第二季會出現入住率下滑（occupancy trough）？

Yes. Yes. Just given the pace of move-outs, you can see that on the lease expiration page, Q2 is by far our biggest move-out quarter during the course of 2026. So that's certainly currently our expectation.

是的，是的。就搬離的節奏而言，你可以在租約到期頁面看到，2026 年第二季是我們全年最大的一個搬離季度。因此這當然是我們目前的預期。

Upal Rana, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Upal Rana。

Great. Thank you. On dispositions, I appreciate the details already provided so far. And just curious, do you anticipate elevated dispositions or being a net seller to continue to '27? Or will '26 be the bulk of it or the tail end of it, just trying to get a sense of how much more there is to do on your end?

很好，謝謝。關於處分（dispositions），我很感謝目前已提供的細節。我想請教的是：你們是否預期高於常態的處分、或作為淨賣方（net seller）的狀態會延續到 2027 年？還是 2026 年會是主要部分或接近尾聲？我想了解你們這邊還有多少工作要做。

So I think it's a little too early to talk about 2027 and the way we've approached dispositions to date is to just try to be flexible and dynamic and look at what the market is telling us, take the signals and do what we think is in the best interest of shareholders.

我認為現在談 2027 年還稍微早了一點。我們迄今對處分的做法，是盡量保持彈性與動態，觀察市場告訴我們什麼、接收訊號，並做我們認為最符合股東利益的事。

So we gave guidance on what we thought dispositions would be to date in '26. We executed beyond that, and we're adjusting, and we're going to continue to take that approach. So to the extent that we still see appealing opportunities, we're going to continue to sell. And if not, we won't.

因此，我們針對 2026 年迄今的處分規模提供了指引。我們的執行超出原先預期，所以我們正在調整，並且會持續採取這種做法。因此，只要我們仍看到具吸引力的機會，我們就會繼續出售；如果沒有，我們就不會。

Yes. I mean, that's, I think, really the right way to frame it. This has been an opportunistic exercise. I wouldn't frame it to how much do we have to sell. Especially when you think about what we did during the quarter, what we announced last night in terms of the residential sales, those certainly weren't have to sell transactions. So there's a real opportunity there to raise some very attractively priced capital on behalf of our shareholders, and we took advantage of that.

是的。我的意思是，我認為這確實是正確的表述方式。這一直是一個機會導向（opportunistic）的操作。我不會用「我們必須賣多少」來框架它。尤其當你想到我們本季所做的、以及昨晚公告的住宅出售案，那些當然都不是非賣不可的交易。所以這裡確實存在一個機會，能代表股東以非常具吸引力的價格籌集資本，而我們也把握了這個機會。

So we will continue to be opportunistic as we evaluate the disposition pool as we talked about before, really prioritizing balance sheet strength and flexibility, prioritizing making the cash flow stream of this company more durable and faster growing over the medium to longer term. But again, very opportunistic execution.

因此，當我們如先前所談評估處分資產池時，我們會持續以機會導向來執行，並真正優先考量資產負債表的強度與彈性，優先讓公司的現金流在中長期更具韌性、且成長更快。但再次強調，執行上會非常機會導向。

Okay. Great. That was helpful. And then, Angela, you mentioned Maple Plaza is seeing some strong broad-based demand there. Could you provide more detail there? And any update on you can provide on Beverly's Hills broadly, just given there has been some recent transactions there as well?

好的，很好，這很有幫助。接著，Angela，你提到 Maple Plaza 那邊看到相當強勁且廣泛的需求。你能否提供更多細節？另外，關於 Beverly Hills 整體，你能否也更新一下？因為那邊最近也有一些交易。

Yes. I mean, I'll turn it over to Rob in a moment, but I'd just reiterate in my comments from earlier, we have seen great traction there overall. I think the lease up there and our retention experience with respect to some tenants we had originally underwritten to vacate has just been much better than we expected. And the demand is from a complexion standpoint, sort of exactly what we had hoped for. It's pretty broad-based.

是的。我的意思是，我等一下會交給 Rob 補充，但我想重申我先前的評論：我們整體在那裡看到非常好的進展。我認為那裡的招租（lease-up）以及我們在續租方面的經驗——就某些我們原先承作（underwrite）時預期會搬離的租戶而言——表現都比我們預期好很多。而且從需求的樣貌（composition）來看，基本上正是我們所希望看到的：相當廣泛。

It's not overly tied to any one sector or any one industry. We've got great demand from media and entertainment, certainly, but also financial services, professional services, a much broader mix of uses. So we're encouraged about the momentum we're seeing there and long-term potential for Beverly Hills overall.

它並沒有過度依賴任何單一板塊或單一產業。我們當然看到媒體與娛樂產業的強勁需求，但也包括金融服務、專業服務等，使用型態更為多元。因此，我們對那裡的動能以及 Beverly Hills 整體的長期潛力感到鼓舞。

Yes. I don't have much to add, Upal. Angela hit the nail on the head. We're really happy with the leasing momentum we have. We're leading the market right now at Maple Plaza. There's a lot of media, private wealth and financial services, as Angela pointed out. And I think in these cases, like Maple and at 201 Third, you start building momentum in leasing and that attracts other activity.

是的，Upal，我沒有太多要補充的。Angela 說得非常到位。我們對目前的招租動能非常滿意。我們現在在 Maple Plaza 領先市場。如 Angela 所說，有很多來自媒體、私人財富管理與金融服務的需求。我認為在這些案例中，例如 Maple 以及 201 Third，一旦招租開始建立動能，就會吸引其他活動進來。

And I think that's what we're seeing. And we've really worked hard since taking the project over really buff up the lobbies and landscaping and it's really showing well right now, and that's what we're seeing is just activity from that, and we're really happy with the rental rates based on the underwriting, we're exceeding underwriting in all cases.

我想這就是我們正在看到的情況。而且自從我們接手這個專案以來，我們確實很努力去強化大廳與景觀設計；目前整體呈現效果非常好，我們看到的就是因此帶來的活動量。我們也對租金水準非常滿意；相較於承作假設（underwriting），我們在所有案例中都超出承作。

And Upal, on the capital side, I think all that we've seen in the market since we've acquired has just reaffirmed that capital really wants to be in Beverly Hills, and we've seen a wide array of capital really focused on Beverly Hills. And so we feel really good about when we bought the building.

另外 Upal，在資本端，我認為自我們收購以來在市場上看到的一切，都再次印證資本確實很想進入 Beverly Hills。我們看到各式各樣的資本都非常聚焦 Beverly Hills。因此，我們對當初買下這棟大樓的決策感到非常有信心。

Tom Catherwood, BTIG.

Tom Catherwood，BTIG。

Thank you, everybody. Maybe Rob, starting with you, I think over from a leasing kind of strategy perspective, over the last year or so you've put some tenants into shorter-term leases with the hope that some could grow into more space or convert into longer-term leases. For some of the demand that you're talking about today, is some of that those shorter-term leases actually converting longer term?

謝謝大家。Rob，或許先從你開始，從租賃策略的角度來看，過去一年左右你們讓一些租戶簽了較短期的租約，希望其中一些能擴租到更多空間或轉為較長期租約。就你們今天談到的部分需求而言，是否有一些就是那些短期租約實際上正在轉為長期？

Some is, but a lot of it is also -- I think, just a trend in the market as tenants are willing to commit with conviction, meaning longer-term leases. So in the case of Olema, it's a longer-term lease and some of the other cases, it is a short-term deal that we've extended. So we're hitting it on both fronts.

有一部分是，但更多也是——我認為——市場上的一個趨勢：租戶願意更有把握地承諾，也就是簽更長期的租約。以 Olema 為例，就是一份長期租約；而在其他一些案例中，則是我們把原本的短期交易延長。所以我們兩方面都在推進。

Yes. I mean, just to add to that a little, specifically in the San Francisco CBD, where we've talked about this trend in some ways being most pronounced. I think the execution with Harvey this quarter really underscores why we thought it made sense to do that original deal last year, which was a shorter-term deal.

是的。我想再補充一點，特別是在舊金山 CBD（中央商業區），我們談到這個趨勢在某些方面最為明顯。我認為本季與 Harvey 的執行結果，確實凸顯了為什麼我們覺得去年做那筆原始交易（較短期的交易）是合理的。

But as we talked about at the time, had very little capital spend, where they were effectively reusing existing improvements left over by the last tenant, so very positive NER deal, but a shorter-term deal. That made a ton of sense in our minds because the reason they wanted flexibility wasn't that they necessarily wanted out at the end of the term, but it was that they didn't know what their full space requirements were going to be over time and wanted the flexibility to make sure that they could meet those growth objectives as effectively as possible.

但正如我們當時所說，資本支出非常少，他們基本上是在重用上一位租戶留下的既有裝修，因此是一筆非常正面的 NER 交易，但租期較短。我們之所以認為這非常合理，是因為他們想要彈性並不是因為期滿就一定要退出，而是因為他們不確定隨時間推移最終需要多少空間，因此希望保有彈性，以確保能盡可能有效地達成成長目標。

So where we've worked with tenants like that and been willing to go a little bit shorter term, it has been with a view making sure that we are thoughtful about our ability to accommodate their future growth down the road. And the Harvey example this quarter, leasing 93,000 square feet last year, and another 62,000 feet this quarter, I think, really speaks to why that strategy in certain submarkets and for certain kinds of tenants can and has been highly effective.

因此，當我們與這類租戶合作並願意把租期做得稍短一些時，我們的出發點是確保我們會審慎考量未來是否有能力在之後滿足他們的成長擴張需求。而本季 Harvey 的例子——去年租了 93,000 平方英尺，本季又再租了 62,000 平方英尺——我認為確實說明了在某些次市場、針對某些類型租戶，這樣的策略為何能夠、也確實已經非常有效。

Perfect. That was exactly what I was looking for. And then, Angela, apologies if you mentioned before, and I have missed it. But as you work through a revised program for the Flower Mart, is there a potential outcome where capitalization carries beyond December? Or is that more of a hard stop?

很好。這正是我想了解的。接著，Angela，如果你之前提過而我漏聽了先說聲抱歉。你們在推進 Flower Mart 的修訂方案時，是否有可能出現資本化延續到 12 月之後的結果？還是那比較像是一個硬性截止點？

At this moment in time, I think we feel like that's a pretty hard stop. Now -- that's with a view of the process we have in front of us to finish up the revised sort of design and entitlement process with the city and getting to the point where we feel like we have done everything we've been talking about in terms of the redesign and reimagining of Flower Mart projects, and we have more flexibility around the mix of uses and greater ability to ultimately face the projects, whatever those uses really look like.

就目前這個時間點來看，我們覺得那基本上是一個相當硬性的截止點。當然——這是基於我們眼前的流程：完成修訂後的設計與向市府申請核准（entitlement）的程序，並推進到我們認為已完成我們一直在談的重新設計與重新構想 Flower Mart 專案的所有工作，讓我們在用途組合上更有彈性，並且最終能更有能力分期推進專案，不論那些用途最終會是什麼樣子。

Once we're at the completion of that project, we're sort of waiting for demand to be sufficient in the market at rents that will justify new construction. And right now, we think there's a gap between those two things that would necessitate us stopping capitalization, probably in the fourth quarter or late in the fourth quarter of this year. The only thing I will say is we're watching the San Francisco market very closely.

一旦完成那個階段，我們就會等待市場需求在能支撐新建案的租金水準上變得足夠強。現在我們認為這兩者之間仍有落差，這會使我們需要在今年第四季或第四季末停止資本化。我唯一想補充的是，我們正非常密切地關注舊金山市場。

I think you've heard around this table today, a lot of enthusiasm for what we're seeing in terms of rent demand. There are very few large contiguous blocks of high-quality space in the city remaining available and it is a low probability, I think, but not a 0% probability, that there is more work to do or something demand-driven and actionable as we get into 2027. Again, right now, I'd say it's a low probability, but it's not a 0% probability.

我想你今天在這裡也聽到大家對我們看到的租金需求相當有熱情。市內剩餘可供出租的高品質大型連續空間非常少。我認為出現更多工作、或有某些由需求驅動且可採取行動的事情在 2027 年發生的機率很低，但不是 0%。同樣地，就目前而言，我會說機率偏低，但不是 0%。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Maybe just a follow-up on that specific topic you were just talking about. So on Flower Mart and trying to figure out how it could potentially work in the future. If you were to stop capitalizing at the end of 2026 kind of put pause on the project and then resume whether it's six months or multiple years later, would that like full capitalization come back? Or does it work that you then start capitalizing on like the incremental spend, if that makes sense?

我想就你剛才談到的那個特定主題追問一下。關於 Flower Mart，以及如何讓它未來可能運作。如果你們在 2026 年底停止資本化、讓專案暫停，之後不論是六個月或數年後再恢復，那資本化會以「全額」重新開始嗎？還是說你們會只對後續新增的支出（incremental spend）開始資本化？希望我這樣問有表達清楚。

It's Jeffrey. In the event that we do have a great outcome where we can start capitalizing in the near future, it would be on the full kind of cost accrued balance. So it wouldn't be the marginal spend due to the same rate that you are seeing today.

我是 Jeffrey。若我們確實有很好的結果、能在不久的將來重新開始資本化，那會是針對累積的全部成本餘額來資本化。因此不會只是邊際新增支出，而且也不會以你今天看到的同樣比率。

Okay. Got it. And then maybe just back to the leasing pipeline today versus a quarter ago. I think a while ago, somebody else asked exactly that question, and Rob mentioned it's hard to tell. So maybe phrasing it differently, do you think the leasing pace of over 550,000 square feet is sustainable? Or what is required in order to meet the low versus high end of the occupancy guidance this year?

好的，了解。然後回到今天的租賃管線相較於上一季。我記得不久前有人問過一模一樣的問題，Rob 提到很難判斷。那我換個方式問：你們認為超過 550,000 平方英尺的租賃速度是可持續的嗎？或者要達成今年入住率指引的低端與高端，各自需要什麼條件？

Caitlin, I would love to be in the prediction business, but I've said what I said in the script we outlined, but I can just tell you that the demand that we're seeing is real and all of our teams. I couldn't be happier with our whole leasing team and the people that support them in getting these things executed. So we're really busy and more to come.

Caitlin，我很想做預測的生意，但我已經在我們準備好的講稿裡把該說的都說了。不過我可以告訴你，我們看到的需求是真實的，而且我們所有團隊都在全力以赴。我對整個租賃團隊以及支持他們把案子落地的人都非常滿意。所以我們真的很忙，後續還會有更多進展。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Hey, guys, thanks. And not to sort of ask you another question that's sort of geared towards predicting anything, but going to do so anyway. I mean, obviously, things continue to be firing on all cylinders in San Francisco. Do you guys have any sort of sense for how far behind L.A. and Seattle CBD is relative to what you're seeing in San Francisco? In the broader Bay Area, I guess.

各位好，謝謝。雖然我不想再問一個偏向預測的問題，但我還是要問。顯然舊金山各方面都持續火力全開。你們是否大概知道，相較於你們在舊金山看到的情況，洛杉磯和西雅圖 CBD 落後了多少？我想是更廣義的灣區周邊來看。

Yes. It's a good question. I'd start, I guess, with talking about the Pacific Northwest. I think Bellevue has been, as we talked about for the last couple of years, very strong, but the availability of remaining space available in Bellevue has just continued to compress. And I think rents have performed very well in the Bellevue market as a result.

是的，這是個好問題。我想先從太平洋西北地區談起。Bellevue 一直如我們過去幾年所說的非常強勁，但 Bellevue 市場剩餘可供出租的空間持續收縮。我認為因此 Bellevue 的租金表現也非常好。

And there's -- that market from a fundamental condition standpoint feels very tight right now. And so I think that's encouraging. I do think over the last couple of quarters, as we've pointed out, our assets in Seattle, which are not in the Seattle downtown, but really in Denny Regrade, South Lake Union have definitely seen increased momentum.

而且——從基本面狀況來看，那個市場目前感覺非常吃緊。所以我覺得這是令人鼓舞的。我也確實認為，過去幾季如我們指出的，我們在西雅圖的資產（不在西雅圖市中心，而是在 Denny Regrade、South Lake Union）確實看到動能提升。

And I think if I went back a quarter ago, I still wasn't prepared to say that we were seeing a full trend there. But we did have one tenant -- in one example, move out of the CBD and entered Denny Regrade. We had one tenant move from over the last couple of years, I guess, moved from Bellevue over to Denny Regrade as well. But I think now with 150,000 square feet, give or take signs over the last couple of quarters.

如果回到一季前，我仍不太準備說我們已看到那裡形成完整趨勢。但我們確實有一個租戶——在某個例子中——從 CBD 搬出並進駐 Denny Regrade。我們也有一個租戶在過去幾年裡，我想，是從 Bellevue 搬到 Denny Regrade。不過我認為現在，過去幾季簽約的面積約 150,000 平方英尺上下。

We do feel like there's a lot more momentum on the Seattle side. And again, I think from very high-quality tenants and a broader mix of uses. So I think that's been across the board, really encouraging to see. L.A., as we pointed out, feels like it's gradually improving. But I would candidly admit that I think that improvement is, in fact, gradual.

我們確實覺得西雅圖那邊的動能更強了。而且同樣地，我認為是來自非常高品質的租戶，以及更廣泛的用途組合。所以整體而言，看到這些真的很令人振奮。至於洛杉磯，如我們所指出的，感覺是在逐步改善。但我也坦白說，我認為那種改善確實是「逐步」的。

And the reason we're pointing to such an improvement in our pipeline in the L.A. Market and our executed productivity has been both because of that gradual improvement in the market overall. But really importantly, in the portfolio reallocation work we've done within the L.A. market over the last couple of years. So I think our portfolio is better positioned than it was two or three years ago to capture what has been slowly improving market on the L.A. side.

而我們之所以指出洛杉磯市場的管線顯著改善、以及我們已執行的成果提升，部分是因為整體市場確實在逐步改善。但更重要的是，我們過去幾年在洛杉磯市場內所做的投資組合重新配置工作。因此我認為，相較於兩三年前，我們的投資組合現在更有利於把握洛杉磯端那個正在緩慢改善的市場。

There are pockets that we're interested in, in L.A. that are actually performing better, where there's some changing in industry dynamics going on. We talked about Arrow and Long Beach benefiting from a resurgence in kind of local defense and aerospace requirements. You're seeing that not just in Long Beach, but really up through the South Bay and seeing some of that activity in El Segundo as well. So that's encouraging.

在洛杉磯（L.A.），有一些我們感興趣的區塊其實表現更好，因為產業動態正在發生一些變化。我們談到 Arrow 和長灘（Long Beach）受惠於本地國防與航太需求的復甦。你看到的不僅是在長灘，實際上一路延伸到南灣（South Bay），在 El Segundo 也能看到部分活動。所以這是令人鼓舞的。

L.A. is going to be a story where it's not one industry driving the narrative, but it has to be sort of a broader aggregation of industries moving in the right direction. And we're seeing reasons to be, I think, cautiously optimistic there. But without question, it's going to be a step behind.

洛杉磯的故事將會是：不是由單一產業來主導敘事，而是需要更廣泛的產業群體朝正確方向推進的綜合結果。我們看到一些理由，我認為可以保持審慎樂觀。但毫無疑問，它會落後一步。

That's incredibly helpful detail, Angela. I really appreciate that. And then just one more, if I could. Not sort of trying to get into any sort of '27 guidance, but as you sort of look at lease expirations next year, I think they're largely Q1 weighted if we exclude the DIRECTV lease expiration in '27, which sounds like it's in flux.

這些細節非常有幫助，Angela。我非常感謝。然後如果可以的話，我再問一個。不是真的想深入任何關於 2027 年指引（'27 guidance）的內容，但當你們看明年的租約到期情況時，我認為如果我們排除 2027 年 DIRECTV 的租約到期（聽起來仍在變動中），到期主要集中在第一季（Q1）。

As you guys sort of reach out and get a sense for renewal possibility for next year, I mean, those conversations? Are tenants more receptive than maybe they were coming into '26 and 25? Just sort of curious, any comments you have around that?

當你們開始接觸並了解明年的續租可能性時，我是說，那些對話？租戶是否比進入 2026 年和 2025 年時更願意接受續租？只是好奇，你們對此有什麼看法？

Yes. I mean I'd say we got a couple of things going for us in '27. Overall, even at this point, in that exploration window, it's a considerably smaller exploration year than 2026 was a year ago. So I think we've got that going in our favor. And then as you point out, the largest expiration next year is AT&T/DIRECTV, which is a fourth quarter expiration.

是的。我會說 2027 年我們有幾個有利因素。整體而言，即使在目前這個探索窗口期，這一年需要探索的規模也明顯小於 2026 年在一年前的情況。所以我認為這對我們有利。然後如你所指出，明年最大的一筆到期是 AT&T/DIRECTV，而且是在第四季到期。

Outside of that, the pool is very, very granular. So there's nothing above 100,000 feet. There's only really one lease between 50,000 and 100,000 square feet. So it's a much more granular execution.

除此之外，整個到期池非常、非常分散。沒有任何一筆超過 100,000 平方英尺。真正介於 50,000 到 100,000 平方英尺之間的租約也只有一筆。所以執行上更偏向細碎、分散的操作。

And we're beginning some of those conversations as we speak. I think we've got some expirations happening and some pretty strong markets where we're already having conversations either about renewal or significant interest in -- from potential backfill tenants. So we really just need to put our heads down and execute as it relates to the 2027 pool. But again, the overall size and the granularity of that pool, outside of AT&T/DIRECTV is encouraging.

而且我們正在開始其中一些對話。就目前來看，我們有一些到期發生在相當強勁的市場，我們已經在談續租，或是有潛在補位租戶（backfill tenants）表達強烈興趣。所以就 2027 年的到期池而言，我們只需要埋頭把執行做好。但再說一次，除了 AT&T/DIRECTV 之外，整體規模與分散度都令人鼓舞。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

I wanted to circle back on Rob's comments regarding the leasing pipeline. I know it's you kind of highlight there's a lot of volatility. So it's hard to say how that has trended over the past 12 to 18 months. But has that pipeline continue to build and grow? I mean, is it bigger today than it was in the beginning of the fourth quarter 2025?

我想回到 Rob 關於租賃管線（leasing pipeline）的評論。我知道你們強調波動性很大，所以很難說過去 12 到 18 個月的趨勢如何。但那個管線是否持續建立並成長？我的意思是，現在是否比 2025 年第四季初更大？

Absolutely. I mean, it's continued to grow throughout '25, and its -- pipeline is increasing now. There is a pending transaction that's relatively significant that's going to happen south of market probably in Q2, not with us. But it's just another indication that the market is thriving and particularly south of market is on a tear right now. The real upswing started kind of mid '25 and really took on steam for the rest of the year and into Q1.

絕對是。它在 2025 年一路持續成長，而現在管線仍在增加。有一筆相對重要、尚待完成的交易，可能會在第二季（Q2）於市場以南（south of market）發生，但不是我們的案子。不過這只是另一個跡象，顯示市場很活躍，尤其是市場以南目前正快速升溫。真正的上行大概從 2025 年年中開始，之後在全年剩餘時間以及進入第一季（Q1）都持續加速。

Okay. And is this volatility that you're highlighting is that mainly driven by the San Francisco market? I mean is it just tenants are leasing space that they're kind of getting taken out of the pipeline? Or is it a part of where tenants are delaying decisions or it's hard to kind of quantify what their space needs are?

了解。那你們提到的波動性主要是由舊金山市場驅動的嗎？我的意思是，是因為租戶在租到空間後就從管線中被移除？還是因為租戶延後決策，或是很難量化他們的空間需求？

I mean it on the positive end that it's hard to pinpoint because literally, every week, there's new demand that's coming from tenants.

我的意思是從正面來看，之所以難以精準判斷，是因為幾乎每週都有新的租戶需求出現。

Yes. And some significant demand, like larger format tenants, I think of anything that's size of the pipeline certainly up materially on a year-over-year basis. But we've also seen an increase in average size requirements, more larger tenants kind of coming into the pool. A greater propensity of tenants or a greater concentration, I guess, I should say, tenants between 50,000 and 100,000 square feet.

是的，而且有一些相當顯著的需求，例如較大規模的租戶。若看管線規模，年對年（YoY）確實大幅上升。我們也看到平均需求面積增加，更多大型租戶進入池子。租戶更傾向、或更準確地說，50,000 到 100,000 平方英尺區間的租戶集中度更高。

And you've seen that kind of come through the execution stats as well. So the pipeline over the last couple of quarters being sort of over the last quarter or to being marginally up, while we've had substantial execution, I think it's a really good sign.

你也能在執行數據中看到這點。所以在過去幾個季度，管線在上一季到本季僅小幅上升，但我們同時有大量成交執行，我認為這是非常好的訊號。

The last thing I'd say, Michael, is that rolling 12-month leasing totals have returned as historical averages in San Francisco. So there are about 9 million square feet. That gives you more color on the pipeline.

最後我想補充的是，Michael，舊金山的近 12 個月滾動租賃總量已回到歷史平均水準，大約是 900 萬平方英尺。這能讓你對管線有更多顏色（更具體的理解）。

Peter Abramowitz, Deutsche Bank.

Peter Abramowitz，德意志銀行（Deutsche Bank）。

Yes, thank you. Most of my questions have been asked, but I guess just one on software tenants in the portfolio and potential tenants. I guess, could you just give some color on kind of the tone of conversations with software tenants these days, particularly in the Bay Area?

是的，謝謝。我的大部分問題都已經被問過了，但我想問一個關於投資組合中的軟體租戶以及潛在租戶的問題。你能否談談目前與軟體租戶對話的氛圍，特別是在灣區？

It seems so far this year that the equity markets are kind of pricing these companies as if there's an existential threat to their business. So kind of curious what's the tone of conversations with them? And have there been any meaningful additions to the sublease market from that portion of the portfolio?

看起來今年到目前為止，股權市場對這些公司的定價有點像是他們的業務面臨生存性威脅（existential threat）。所以我很好奇，與他們對話的語氣/氛圍如何？另外，這部分投資組合是否有任何有意義的新增轉租（sublease）供給？

No. I mean that's sort of the point I was going to make, Peter. I think if you go back over the last several years, that software category is a category where we had seen -- and this is going back several years, sort of the height of the pandemic, some of the largest blocks of sublease space coming out of that portion of the population.

沒有。我想這正是我想說的重點，Peter。若回顧過去幾年，軟體這個類別曾經出現——這要追溯到幾年前、疫情高峰期左右——一些最大的轉租空間區塊就是從這群租戶中釋出的。

And thankfully, a lot of those blocks have been spoken for, right? And so we've got -- while it might look one way on the lease expiration schedule or something else, we've got a much more granular tenancy within some of that space and tenants that we do believe, especially in the San Francisco market are high likelihood of renewing or going direct with us down the road.

而值得慶幸的是，很多這些區塊都已經被承租了，對吧？因此我們——雖然在租約到期表或其他地方看起來可能是另一種樣貌——但在其中一些空間裡，我們的租戶結構更為分散細緻，而且我們相信，特別是在舊金山市場，這些租戶很可能會續租，或在未來直接與我們簽約。

So a lot of that sort of pressure, attention or headline impact has already been felt in the portfolio was felt several years ago. That space was successfully re-leased in many circumstances. And I'm not aware of any conversation we've had in the portfolio over the last probably six months, where the tone or tenor from those tenants has changed in a material way. I'll let Rob jump in as well.

所以，許多那種壓力、關注或頭條效應，其實在投資組合中早在幾年前就已經反映過了。那些空間在很多情況下也成功重新出租。就我所知，在過去大概六個月裡，我們與投資組合內的租戶對話中，並沒有出現語氣或態度在實質上改變的情況。我也讓 Rob 補充一下。

No, I agree with that, Peter. It's just -- we have software companies we're talking to that need more space. So the news is national, but what's happening on the ground. I can only speak to what we're seeing, which is no pullbacks and increased demand.

沒有，我同意，Peter。只是——我們正在洽談的軟體公司有些需要更多空間。新聞是全國性的，但地面上實際發生的情況，我只能就我們看到的來說：沒有縮手，需求反而增加。

All right. That's all for me. Thanks for the time.

好，以上就是我想問的。謝謝你們撥冗。

Thank you for your questions. There are no further questions at this time. And this concludes today's call. Thank you for attending. You may now disconnect.

感謝各位的提問。目前沒有進一步的問題，今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。