Good day and thank you for standing by. Welcome to Q3 2025 BXP earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Helen Han, Vice President, Investor Relations. Please go ahead. Good morning and welcome to BXP Inc.'s third quarter 2025 earnings conference call. The press release and supplemental package were distributed last night and furnished on Form 8-K. In the supplemental package, BXP Inc. has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investors section of our website at investors.bxp.com. A webcast of this call will be available for 12 months. At this time, we would like to inform you that certain statements made during this conference call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Although BXP Inc. believes the expectations reflected in any forward-looking statements are based on reasonable expectations, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements were detailed in yesterday's press release and from time to time in BXP Inc.'s filings with the SEC. BXP Inc. does not undertake a duty to update any forward-looking statements. I'd like to welcome Owen Thomas, Chairman and Chief Executive Officer, Douglas T. Linde, President, and Michael E. LaBelle, Chief Financial Officer. During the Q&A portion of our call, Ray Ritchie, Senior Executive Vice President, and our regional management teams will be available to address any questions. We ask that those of you participating in the Q&A portion of the call please limit yourself to one and only one question. If you have an additional query or follow-up, please feel free to rejoin the queue. I would now like to turn the call over to Owen Thomas for his formal remarks. Thank you, Helen, and good morning to all of you. Our financial results for the third quarter demonstrate a continuation of BXP's positive momentum. FFO per share was $0.04 above our forecast and $0.02 above market consensus, and we raised the midpoint of our earnings guidance for the full year 2025 by $0.03. This past quarter, BXP also completed a very well-attended and successful Investor Day, during which we provided a detailed execution plan on how we intend to increase FFO per share, fund development costs, and deleverage over the next two and a half years. This morning, I will provide a reminder of the action steps in our plan, as well as an early update on our progress. Our first goal is to lease space and grow occupancy given the modest rollover exposure BXP faces over the next nine quarters. In the third quarter, we completed over 1.5 million sq ft of leasing, 39% greater than the third quarter of 2024, and 130% of our last five-year average leasing for the third quarter. Year to date, we've leased 3.8 million sq ft, which is 14% greater than the first three quarters of 2024. As we have explained on prior calls, leasing activity is tied to both our clients' growth and the use of their space. As a proxy for BXP's client base, over 87% of the S&P 500 companies that have reported earnings this quarter as of last Friday are beating estimates. S&P 500 earnings have been growing for nine straight quarters, and for 2025, they are projected to grow around 11%- 12%, up from single-digit estimates last quarter. Return to office mandates continue to grow and take effect, though the West Coast lags the East Coast on this measure. Placer AI just released their office utilization data showing a material uptick in office utilization from a year ago. In September 2024, office utilization was 34.8% below 2019 levels, and last month's utilization was 26.3% lower, indicating a 13% increase in office utilization over the last year. This data captures a large set of office assets across the U.S., and though premier workplace utilization in gateway cities is higher, the overall trend is relevant. Our second goal is to raise capital and optimize our portfolio through asset sales. During our Investor Day, we communicated an objective to sell 27 land, residential, and non-strategic office assets for approximately $1.9 billion in net aggregate sale proceeds by year-end 2027. We are off to a strong start. So far, we've closed the sale of four land assets for total net proceeds of $57 million, have under contract nine assets for total net proceeds of approximately $400 million, and are in the market with 10 additional properties for estimated total net proceeds of $750 million- $800 million. In total, we have 23 transactions closed or underway with estimated net proceeds of roughly $1.25 billion. Dispositions completed for 2025 could aggregate approximately $500 million- $700 million in net proceeds. Office transaction volume in the private markets continues to improve as more equity investors get constructive on the sector, and financing becomes more available at scale, particularly in the CMBS market with tightening credit spreads. In the third quarter, significant office sales were $12.9 billion, up 6% from the second quarter of 2025 and up 55% from the third quarter last year. Relevant transaction activity that took place in the third quarter is as follows. In New York, Park Avenue Tower, a nearly fully leased 620,000-foot office building located at 55th Street, is under agreement to sell for $730 million, or approximately a 6% cap rate and nearly $1,200 a square foot. Another 5% interest in One Vanderbilt, located adjacent to Grand Central Station in New York, sold for over $2,800 a square foot and presumably a very low cap rate. In Boston, 399 Boylston Street, a 245,000 sq ft office asset that is 90% leased with relatively short weighted average lease term, is under agreement to sell for $124 million, or just over $500 a foot and an 8.3% cap rate. In Beverly Hills, Maple Plaza, a 290,000 sq ft office asset that is 75% leased, sold for $205 million, or $713 a foot and a 6.5% cap rate. Lastly, in Redmond, Washington, One Estera, a 250,000 sq ft office building fully leased to Microsoft on a long-term basis, sold for $225 million, or a 6.5% cap rate and over $900 a square foot. Our third goal is to increase our portfolio concentration of premier workplace assets in CBD locations in our core gateway markets. As backdrop, the premier workplace segment, defined as roughly the top 14% of space and 7% of buildings in the five CBD markets where BXP Inc. competes, continues to materially outperform the broader office market. Direct vacancy for premier workplaces in these five markets is 11.7%, 5.7 percentage points, or 22% lower than the broader market, and asking rents for premier workplaces climbed to a 55% premium over the broader market. Over the last three years, net absorption for premier workplaces has been a positive 10.3 million sq ft versus a negative 9.2 million sq ft for the balance of the market, nearly a 20 million sq ft difference. For BXP, we continue to reallocate capital to premier workplace assets in CBD locations. We recently launched new developments at 343 Madison Avenue in New York and 725 12th Street in Washington, DC, and most of the office and land assets we are selling are in suburban locations. There are an increasing number of higher quality office assets in our core markets available for acquisition, some on an off-market basis. We evaluate everything, pursue deals selectively, but are being disciplined about quality, pricing, and the resultant leverage and earnings dilution impacts. The fourth goal is to grow FFO through new development, more selectively with office given market conditions and more actively for multifamily, which we'll do with a financial partner. For office, we're allocating capital more to developments and acquisitions because we are finding very high quality development opportunities with pre-leasing that we believe will generate over 8% cash yields upon delivery, which are roughly 150- 200 basis points higher than cap rates for debatably equivalent quality asset acquisitions. An additional advantage is new buildings generally have longer weighted average lease term and limited near and medium term CapEx requirements. The trade-off is timing as developments obviously take several years to deliver. For multifamily, we are selling four properties totaling over 1,300 units, have three projects with over 1,400 units under construction, and are in various stages of entitlement and/or design for 11 projects totaling over 5,000 units, two of which could commence in 2026. We expect to capitalize new development starts with financial partners owning the majority of the equity. We continue to advance our development pipeline. This quarter, we delivered three office projects: 1050 Winter Street, Reston Next Office Phase Two. The office component of both these assets are fully leased, and 360 Park Avenue South, currently 38% leased and experiencing accelerating leasing activity. We have eight office, life science, residential, and retail projects underway comprising 3.5 million sq ft and $3.7 billion of BXP investment. We expect these projects will deliver strong external growth both in the near term with the delivery of 290 Benny Street midway through next year and over the longer term. Our Washington, DC team is also working on another premier workplace build-to-suit opportunity. A final goal is to introduce a financial partner into our 343 Madison Avenue development project, which is under construction. As we have described, 343 Madison Avenue is a leading premier workplace new development project in New York given its location with direct access to Grand Central Terminal and state-of-the-art amenities and design. We are finalizing a lease commitment with a financial services client for 30% of the space in the middle bank of the building. We are also in discussions with several other large users for the balance of the space in the project. Our financial goal is to introduce an equity partner for a 30%- 50% interest in the property. While we are in very preliminary discussions with a small number of investors who have expressed interest, we believe the value of the asset will appreciate given our leasing progress and the accelerating market rent growth in the Midtown office market and do not expect to finalize an investment until sometime in 2026. In conclusion, our clients in general are growing, healthy, and more intensively using their space, creating increasingly positive leasing market conditions concentrated in the premier workplace segment of the market. New construction for office has virtually halted, leading to higher occupancy and rent growth in many submarkets where BXP operates. Debt and equity investors are becoming constructive on the office sector, resulting in more availability of capital at better pricing. BXP is very much on track executing our business plan as outlined last month, which we believe will deliver both FFO growth and deleveraging in the years ahead. Let me turn it over to Doug. Thanks, Owen. Good morning, everybody. It's been six and a half weeks since we made our presentations at our Investor Day, and I'm going to begin my comments this morning by affirming our expectations relative to our same-store leasing, occupancy growth, and bottom-line contribution to future earnings. As you probably noticed, our beat this quarter came directly from better operating portfolio performance. We have entered a 30-month period of very light lease expirations, 60% of the historical annual average over the last 10 years, and we've now reduced our 2026 and 2027 expirations by another 8% from 6/30/2025. The total expiring square footage on our 49 million sq ft portfolio is 3.8 million sq ft. During 29 of the last 39 quarters, we executed leases in excess of 1 million sq ft, with this quarter's 1.5 million sq ft performance added. We will surpass our goal of 4 million sq ft for 2025. Mike says to say confidently. As I described in my remarks in September, leasing vacant space improves occupancy and delivers the highest contribution to revenue growth. During the first half of 2025, we leased 810,000 sq ft of vacant space, and this quarter, we leased an additional 490,000 sq ft of vacancies, making this the seventh consecutive quarter of between 400,000 and 500,000 sq ft of vacancy leasing. Post 10/25, at the beginning of the fourth quarter, we had 1.8 million sq ft of leases in negotiation, which is where we began the beginning of the second quarter. We have continued to replenish the pipeline. The space under lease negotiations includes 650,000 sq ft of currently vacant space, 71,000 sq ft of known 2025 expirations, and 450,000 sq ft of 2026-2027 expirations. In addition, we have active dialogue on other space that's not yet in lease negotiation, totaling about 1.1 million sq ft, and that includes more than 125,000 sq ft on buildings that were delivered into the portfolio this quarter, AKA 360 Park Avenue South. Last quarter, on our call, we called out the delivery of the three development properties in our portfolio that would occur this quarter and result in an estimated 70 basis point reduction in our occupancy from the portfolio additions. I'm happy to report that the in-service occupancy as of 9/30/2025 decreased by only 40 basis points to 86%. BXP's total sequential same-store portfolio occupancy, excluding the portfolio additions, so looking back to where we were at the end of the second quarter, actually increased by 20 basis points and ended the quarter at 86.6%. The largest lease starts and expirations this quarter all came in the urban edge portfolio of Boston. We had 160,000 sq ft expiration at 1000 Winter Street, which, by the way, is a building that we are considering for a potential conversion to residential. We executed and delivered 104,000 sq ft at 153 2nd Avenue, and the full building lease at 1050 Winter Street for 162,000 sq ft commenced this quarter. We placed 360 Park Avenue South, Reston Next Phase Two into service, and we added 130,000 sq ft of occupied space and 405,000 sq ft of vacant space, of which 120,000 is leased but not yet occupied. BXP's total portfolio percentage leased for the quarter was 88.8%, a decline of 30 basis points, excluding the impact of placing the three development properties in service. Again, going back to 6/30, the lease percentage increased by 10 basis points to 89.2%. The difference between the leased and occupied square footage has grown again this quarter and now sits at 1.4 million sq ft. 300,000 sq ft is expected to become occupied in 2025. About 1 million sq ft is going to commence in the back half of 2026, and another 100,000 sq ft in 2027. Owen described the magnitude of the operating assets being actively marketed for sale. As we dispose of assets, we will disclose the incremental impact of occupancy from the changes in the portfolio. Looking forward, we project that the current in-service portfolio, which includes the recent development deliveries, to end 2025 at approximately 86.2% occupied and 2026 at 88.3% occupied, a 210 basis point increase, with most of the improvement in the second half of 2026. We are reaffirming our guidance from the Investor Day, adjusted for the 70 basis points of impact from the Q3 new deliveries, which we also disclosed at that time. The overall mark-to-market on leases signed this quarter on a cash basis was up almost 7%, with a 12% increase in Boston, a 7% increase in New York, flat results in Washington, DC, and a 4% decrease on the West Coast. This quarter, we executed a number of larger leases, including five that were each over 75,000 sq ft. 60% of the square footage involved renewals or extensions, and 40% was either new clients or expansions from existing clients. Existing client expansions encompassed 84,000 sq ft of the activity. The second-generation rents in the leasing statistics this quarter represent about 523,000 sq ft and are down on a gross basis about 4%. The LA statistic had a whopping 1,300 sq ft lease, and San Francisco included 117,000 sq ft with 74,000 sq ft, so about two-thirds coming from our Mountain View properties. I want to pivot my remarks now to the market conditions and the activity we're capturing. Our leasing this quarter came from 79 transactions, 398,000 sq ft in Boston, 795,000 sq ft in New York, 191,000 sq ft on the West Coast, and 140,000 sq ft in DC. In the BXP portfolio, Midtown New York City, the Back Bay of Boston, and Reston, Virginia continue to have the tightest supply and therefore the most landlord-favorable conditions. What this means is that net effective rents are increasing due to either higher rental rates or flat or decreasing concessions or both. The biggest accomplishments in Boston this quarter took place in our urban edge portfolio, where we completed over 200,000 sq ft of leasing to life science clients. This included a 104,000 sq ft lease with a drug development and medical device research services company, and five, counted five, additional pure office leases with life science organizations. Our remaining first-generation life science availability in the urban edge is now limited to 70,000 sq ft at 180 City Point and 112,000 sq ft at 103 City Point. That's a total of 180,000 sq ft. That's our life science first-generation exposure. Demand for wet lab space continues to be tepid. There are a few lab users actively touring, but the requirements from very early-stage clients continue to be limited. In the Boston CBD, we continue to complete renewals in the Back Bay portfolio. This quarter, we completed about 140,000 sq ft, and as you can see from our property occupancy tables, availability is very limited. Net effective rents are improving. In New York, our executed leasing activity was focused on the Midtown East portfolio. The underpinning of this demand is the growth of clients in a variety of asset management strategies. I described a series of client-initiated early extensions under negotiation last quarter. 500,000 sq ft were executed this quarter, with the largest being at 399 Park Avenue. There have been many unconfirmed press reports about our lead tenant for 343 Madison Avenue. If that client were to come from one of our Midtown assets, there would be strong demand for the space at either 601 Lexington Avenue, 599 Lexington Avenue, or 399 Park Avenue. The average in-place fully escalated rent is under $110 a square foot, which is significantly below market. This quarter, while our executed leases were primarily in Midtown, the new client inquiry story was focused on 360 Park Avenue South, where we have our largest availability in Manhattan. Activity at the building has grown substantially, and we executed two leases during the quarter. There are a few AI companies in the mix, but much of the activity is being driven by financial services and asset management organizations, the heart of New York City. We have 56,000 sq ft of leases in negotiation and letters of intent discussions on more than 125,000 sq ft. All of these leases would commence in 2026. With a tightening of availability in the Park Avenue and now the Sixth Avenue submarkets, we're also seeing stronger activity at Times Square Tower, where we are in lease negotiations with over 100,000 sq ft of new client demand. Down in Princeton, we completed over 160,000 sq ft of leasing with eight clients, including a 134,000 sq ft renewal with a life science client, again with no lab infrastructure. In San Francisco, the demand from organizations that describe themselves as AI business continues to accelerate. The bulk of this demand is concentrated south of Mission Street. The majority of these requirements are looking for inexpensive, fully built and furnished space with short-term commitments. To date, these criteria have been available in either sublease situations or with landlords that have direct space that was vacated by tech companies over the past three years. These opportunities in medium-sized blocks, 25,000 sq ft- 100,000 sq ft, are quickly shrinking. The result has been a dramatic pickup of activity at our 680 Folsom and 50 Hawthorne assets, which are south of Mission between Foundry Square and Mission Bay. We have had multiple tours every week and are exchanging proposals with tenants ranging from a single floor to over 200,000 sq ft. During the first six months of the year, we had 11 unique tours at the property. In the month of July, we had seven, in August, nine, in September, ten, and so far in October, 14. That AI demand has not translated into a commensurate pickup in ancillary professional services growth in the high-rise assets in San Francisco. While San Francisco is unequivocally the financial capital of the West, the organizations that are growing assets under management in San Francisco are not expanding at the same levels we're experiencing in our New York and Boston portfolios. There's clearly been a pickup in activity, and the premier buildings are gaining market share, but it's just nothing like the client growth from the AI companies south of Mission, where CBR reports that there are 36 AI active tenants with aggregate growth of 1.5 million sq ft in the market right now. In our towers, we completed about 100,000 sq ft of transactions this quarter. The rest of the West Coast activity came from Mountain View, where we signed 30,000 sq ft, and Seattle, where we completed 54,000 sq ft of vacant space leasing. Activity in Washington, DC continues to be concentrated in Reston Town Center. This quarter, we executed a 51,000 sq ft lease on space that was vacated by Meta in June of this year, as well as a handful of smaller office and retail leases. The government shutdown has had minimal impact on government contractor leasing activities. The private sector clients that have space needs are all still active in the market. Before I conclude my remarks, I want to update our construction activities, particularly because we are in the process of establishing our GMP for 343 Madison Avenue. Subcontractors are actively bidding the job after taking into consideration the tariffs associated with non-domestic suppliers and the most recent country agreements. We expect to purchase our steel from U.S. manufacturers, and we are within our expected budgets, with all-included anticipated savings relative to our last GC estimate. Given the overall slowdown in construction activity in our markets, there is enough subcontractor interest to provide savings in spite of all the tariff increases. Remember, construction is a composition of labor costs, material costs, and profit. Let me hand the call over to Mike. Great. Thanks, Doug. Good morning. Today, I'm going to cover some of our activity in the capital markets, as well as our third quarter earnings results, an update to our full-year guidance, and some updates on our expectations for 2026 since our Investor Day in early September. The debt markets have been steadily improving throughout 2023, and this quarter, we opportunistically and successfully accessed both the secured and unsecured markets. In late September, we closed on $1 billion of five-year unsecured exchangeable notes at a 2% coupon. If you include closing costs, the interest cost we will record for GAAP is 2.5%. This will refinance a $1 billion bond issue that expires in February of next year and carries a GAAP yield of 3.77%. The notes include a conversion premium at a stock price of $92.44 per share. If our stock trades above the conversion premium during the term, our diluted share count will increase. We also acquired a capped call to increase the conversion premium to 40% or $105.64 per share to reduce the dilution from an increase in our share price. The capped call has no impact on our P&L or our diluted share count during the term. It is settled at maturity. The market demand for our deal was exceptionally strong, and we were five times oversubscribed. That allowed us to price the security at the low end of our expected pricing range and upsize the deal from the $600 million initially offered to $1 billion. We also closed a $465 million mortgage refinancing on our Hubbond Causeway office and retail complex that we own in a joint venture where our share is 50%. This loan was executed as a single asset securitization in the CMBS market, and it priced at a 5.73% fixed rate for a five-and-a-half-year term. This is approximately 50 basis points lower than the floating rate on the prior loan. The pricing equated to about a 200 basis point credit spread for a premier quality secured mortgage with a 55% loan-to-value ratio. There have been about a dozen single asset securitizations completed on office buildings in the past six months, and that demonstrates the CMBS market is supportive of financing high-quality, large office assets on competitive terms, and credit spreads have been consistently improving. We expect this will help lead to a healthier sales market, as Owen described. Overall, we continue to have very strong access to all the capital markets to finance our business. This includes the debt markets as well as the asset sales environment, where we expect to be increasingly active. Now I would like to turn to our earnings for the quarter. Last night, we reported funds from operations for the third quarter of $1.74 per share, which is $0.04 per share above the midpoint of the FFO guidance range we provided in July. All of the outperformance came from better-than-projected same-property portfolio NOI due to a combination of the straight-line rent impact of completing early renewals at higher rents and lower net operating expenses in the portfolio. Our occupancy came right in line with our expectations. As Doug described, occupancy in the same property pool increased by 20 basis points from last quarter. We grew occupancy sequentially in Boston, New York, Reston, and Princeton. The improvement showed up in our top-line lease revenues that increased $4 million this quarter. In our leasing activity this quarter, we executed four early renewals totaling 500,000 sq ft at 399 Park and 200 Clarendon Street, with future starting rents nearly 15% higher than our in-place rents. We are locking in future rental rate increases, and a portion is straight-lined into the current period and improving 2025 revenues. Our portfolio revenues exceeded our guidance for the quarter by approximately $0.02 per share. On the expense side, we experienced lower-than-anticipated repair and maintenance expenses this quarter, and that contributed $0.02 per share to our outperformance. I anticipate that we will give some of this performance back in the fourth quarter as our teams complete R&M projects that were budgeted for Q3 but not completed in the quarter. We also recorded $212 million of impairments this quarter related to assets that are part of our strategic sales program we announced on our Investor Day. The accounting guidance requires that we recognize impairments to fair value when we shorten our hold period and prior to an asset sale actually closing. On the flip side, gains on sale are not recorded until the sale closes. If you look at our sales program as a whole, we anticipate that the aggregate gains, less impairments, will total nearly $300 million. We expect gains will be recorded in future quarters as we execute our sales strategy. Looking at the rest of 2025, we've increased our guidance range by $0.03 per share at the midpoint, and we expect full-year 2025 FFO of $6.89 - $6.92 per share. Our increased guidance includes a $0.07 increase in the low end of our range, reflecting outperformance from the third quarter, some of which was incorporated into our guidance range we provided last quarter. Sequentially, we expect Q4 funds from operations to be higher than our Q3 actual FFO from higher portfolio NOI and lower net interest expense. With respect to changes in our guidance, the outperformance in our same-property portfolio is expected to add an incremental $4 million to our full-year NOI assumption. That equates to about $0.02 per share of improvement. We've reduced our net interest expense projections for the full year 2025 by approximately $6 million or $0.03 per share. The improvement is from our new $1 billion exchangeable notes offering, where we're recording interest expense at 2.5%, and we're actually earning over 4% on the proceeds until we repay our expiring bonds on February 1st next year. We also improved the interest rate with our Hubbond Causeway refinancing, and we're projecting several asset sales to occur in the fourth quarter that will reduce our debt. These increases to our FFO are anticipated to be partially offset from the reduction of about $0.02 per share of NOI from asset sales that we expect will close in the fourth quarter. If you include the associated changes in interest expense, our fourth quarter asset sales are projected to be diluted by a penny per share. To summarize, we've increased our guidance range for 2025 FFO by $0.03 per share at the midpoint, $0.02 of higher same-property NOI, $0.03 of lower net interest expense offset by $0.02 of lower NOI from asset sales. At our Investor Conference last month, we provided some insights into our expectations for FFO growth in 2026. Doug described our active leasing pipeline that we expect will lead to higher occupancy primarily in the back half of next year. We are off to a strong start on our refinancing plan with our exchangeable notes deal pricing with a GAAP yield that is 75 basis points better than we anticipated. The impact is about $0.04 per share of lower interest expense in 2026 than we described at our Investor Day. We still have a $1 billion bond issue expiring October 1st next year that has a 3.5% yield. We currently project that we will refinance it with a 10-year unsecured bond where we could issue today at approximately 5.5%. The other factor that is fluid and will have an impact on our 2026 results is the timing of our asset sales. As we stated at our Investor Day, we expect the program to be slightly dilutive in 2026. We are seeing good response to date, which could accelerate some of our sales. We will continue to update you every quarter on the success of the program as it evolves. That completes our formal remarks. Operator, can you open the lines for questions? Thank you, sir. As a reminder, to ask a question, you will need to press star one one on your telephone. To rejoin your question, please press star one one again. We ask that you please limit your questions to no more than one, but feel free to go back into the queue, and if time permits, we'll be happy to take your follow-up questions at that time. Please stand by while we compile the Q&A roster. I share our first question. It comes from the line of Steve Sakwa from Evercore ISI. Please go ahead. Yeah, thanks. Owen, I guess I wanted to go back to maybe some of the comments you made about reallocating capital into the premier locations. As you're looking at deals, how are you thinking about some of your smaller markets like a Seattle and LA, where you haven't had the success in scaling those markets? Are you seeing the opportunities to buy high-quality assets in the submarkets that you want to be in? Are you finding development opportunities? How do you think about those markets long-term if you aren't able to scale? Yeah. Good morning, Steve. You're asking about LA and Seattle, where they are smaller markets for us now. We have a toehold, a couple of assets in each. You know, they're on the West Coast, so those markets from a leasing standpoint are weaker in general than our East Coast markets. I don't think there are development opportunities in LA or Seattle at the moment. I don't think there are any in San Francisco either because those markets are weaker. The leasing is not as strong. The vacancy is higher. I certainly don't see any near-term development opportunities. If an acquisition opportunity presents itself in those markets, we would certainly look at it, but acknowledge that those markets are smaller at this juncture. Thank you. I show our next question comes from the line of Anthony Paolone from JPMorgan Chase & Co. Please go ahead. Yeah, thanks. Good morning. On a call yesterday, one of the other office names talked about just having done enough leasing in 2026 at this point that what's remaining just may have a lower retention rate. I'm just wondering how you're thinking about what's left for you all in 2026, given you've done so much this year, and any risk around or confidence level around the couple hundred basis points of pickup in occupancy you've outlined. Tony, this is Doug. We are working as quickly and as thoughtfully as we can to renew as many of our clients as we would have in the portfolio if we can accommodate their growth and if they're able to continue to want to be in business. I would tell you that our available set of tenants with expirations has dramatically decreased. There's not a lot there in the aggregate, right? I said 3.8 million sq ft of space over two years, and we're a 48- 49 million sq ft portfolio. That's about 7%. Do I expect we're going to renew 50% of that? Yes. Do I expect that we're going to renew 60% of that? No. We are leasing about 1 million sq ft per quarter. If we're able to maintain that velocity, which I don't see any reason why we shouldn't, we will be able to meet or exceed the expectations that we outlined when I sat in front of you all in September, which is about a 200+ basis point increase in occupancy by the end of 2026 and another 200 basis points of increase in occupancy at the end of 2027. Those are our projections. We're confident in them today, and that's what we're sticking with. Thank you. I show our next question comes from the line of John P. Kim from BMO Capital Markets. Please go ahead. Thank you. I wanted to ask about the recovery in San Francisco. It sounds like, Doug, from your commentary that your high-rise product is not where AI demand is currently, and I'm wondering if that's something you plan to address. I also wanted to see if you had any early thoughts on Salesforce's $15 billion commitment into the city and what that could mean for job growth and office demand. Sure. Let me start, and then I'll ask Rod Diehl to make some comments. The AI demand is not a tower business right now. Although, you know, companies like Salesforce, I guess, are calling themselves AI companies now, so maybe that's slightly different. The AI growth relative to infrastructure companies or VC-backed companies is really a low-rise south of Mission Street demand pool, obviously with AI and Anthropic sort of headquartered in either Mission Bay or in Foundry Square, right? That's kind of the world where I'd say the nucleus of that is. It's unlikely that we are going to see an AI company taking a 25,000 sq ft piece of space at one of the buildings in Embarcadero Center or at 535 Mission Street or at Salesforce Tower if there was availability, as opposed to going into, as I described, what they would like to go into today, which is shorter-term, cheaper, less expensive furnished space, which is really in what I refer to as some of the buildings that were occupied by technology companies from, call it, 2015 to 2019 during that sort of booming period of time. I don't think there's much we can do to position our properties differently. The demand for Embarcadero Center in particular is really professional services, administrative services. That's not to say that there aren't a couple of small startups that have a couple of thousand sq ft in a suite here or there, but it's hard for us to imagine a large growth component there. Very different at 680 Folsom Street. 680 Folsom Street is a mid-rise building with 35,000 sq ft floors, with 16-foot clear glass, with availability today and more availability coming. As the Macys.com lease expires, it's the perfect setup for an AI company from a growth perspective. Rod, maybe you can comment on the Salesforce initiative relative to their contributions into the city. Yeah, thanks, Doug. On Salesforce, it was great to hear that news, and that was a fantastic bit right in front of their Dreamforce event, which happened last week. It was very well attended, which is great for the city. We haven't heard more specifics on what exactly that investment is going to look like, but I think being the largest private employer in San Francisco making a commitment like that is pretty meaningful. We're eager to see where it leads. As Doug said, the other activity in the buildings that's kind of driven by this AI push, we're seeing it at 680 Folsom. We're very encouraged by that activity and just the overall optimism that a lot of that brings to our city. It's positive. Yeah, I just want to make one other comment on that, which is there have been a lot of articles and news reports about the reduction in jobs, white-collar jobs, over the past, call it, three or four days in particular. You know San Francisco is sort of the opposite of that, right? We are seeing growth from these companies in terms of the amount of space they are looking to lease and obviously the number of people they are hiring. You sort of see these tongue-in-cheek articles as well about the intensity of which people are working and the fact that they are working in-premises all of the time. That is sort of what we are experiencing from the technology companies in San Francisco as we sit here today in 2025. Thank you. I show our next question in the queue. It comes from the line of Richard Anderson from Cantor Fitzgerald. Please go ahead. Thanks. Good morning. Can you talk about the percentage of the portfolio, let me say it this way, the leases that were signed pre-pandemic that have yet to have been addressed at this point? Just how, with the passage of time, your experience has been with tenants in terms of their willingness to take more or less space, space per worker, you know, sq ft per worker. How have those dynamics changed? What's left pre-pandemic that still has to be addressed by you guys? Thanks. Rich, it's a really, really hard question to answer in a specific way. Let me try and answer it in a more general fashion. BXP traditionally has been leasing space on a long-term basis with an average lease length today of about eight years, but all of our new leases that we generally do are between 15 and 20 years. There is a lot of, quote-unquote, "pre-pandemic leasing" in our portfolio, right? That's just a matter of how we compose the portfolio. The fundamental important fact, however, is that if you look at who our clients are, and we go through all kinds of disclosure in terms of who our top clients are, all of the growth that we are seeing is coming from clients who were pre-pandemic occupants taking additional space as the world has changed post-pandemic. Quite frankly, because so much of our clients are in the financial services, professional services, administrative services business, what is going on relative to those industries is much more important relative to the sort of composition of our portfolio and the growth than what is going on with companies that may or may not have taken additional space during the dot-com growth in 2000 or in the post-GFC or in the years leading up to the pandemic, because that's just not what our portfolio is comprised of. Again, that's not who we are. As Owen has said, and you'll see it as we move forward over the next couple of years, we're reducing our exposure to what I would refer to as less of those types of buildings and those types of customers and clients in terms of the kinds of things that we are going to be disposing of. I don't think it's an issue of any significance relative to how much, quote-unquote, "growth" there was during the pandemic relative to the Amazons of the world that was described in a couple of those articles in the last few days relative to sort of their pickup in the number of people that they had hired, because we didn't experience that within our portfolio. I mean, Doug, the other thing I would add is just, and we've mentioned it, we just don't have a lot of rollover. The rollover we have is very granular, right? There's no really large tenants. There's no tenant over 150,000 sq ft that expires in the next two and a half years. We just aren't exposed to some big vacancy coming. The other thing I would note that Doug described in his comments is, and this has been the case for the last few quarters, more of our tenants are expanding than contracting when they renew. This quarter, Doug mentioned, we had 85,000 sq ft of net expansion by clients that we did deals with where they stayed in our portfolio. Thank you. I show our next question comes from the line of Nicholas Philip Yulico from Scotiabank. Please go ahead. Thank you. I know, Doug, you gave a lot of detail on leases in the third quarter and even some leasing in the works to address vacancy. As we think about that occupancy build that you had at the Investor Day and the component there that is leases that address vacancy, given that the build-out could take some time, is it right to think that by next quarter you guys should be in a position to sort of maybe declare victory on the vacant space piece of that equation that gets the occupancy benefit by year-end next year? I guess I don't think about this on a quarter-by-quarter basis. Our projections were done on an annual basis. Again, we have a million sq ft of current leases that are signed that are going to be starting in 2026, and clearly, that's the driver of a lot of our confidence relative to 2026. I also said that the activity that our team and Owen Thomas described at 360 Park Avenue is above our expectations. I think all that activity will lead to leasing in 2026 and occupancy in 2026. 200 basis points is a pretty meaningful increase, right? Another 200 basis points is another meaningful increase. We're comfortable and confident that we will be able to achieve those numbers based upon the conditions that we're seeing now in the economy and in our marketplaces. Hilary, maybe you can sort of describe what's going on at 360. Sure. At the moment, we have six floors leased. In discussions with proposals out, we have covered every other floor except one. To the extent that we were able to secure all of the tenants that we're currently in negotiations with, we would have one floor available at 360 Park Avenue South. The tour activity has increased really dramatically. As Doug noted earlier, the clients that are coming to see the building and asking us for these lease proposals are not just tech and media, but also more traditional asset managers and financial services firms that are just looking for great space. Due to the tightness in the market, you know, are seeking out Midtown South, perhaps from Midtown, or seeking to upgrade their space from existing locations in Midtown South. One quick note for Boston in terms of the speed of delivery of recent leases. There is a portion, and Doug and Mike could probably respond to this afterwards, but a portion of the activity that Doug mentioned in the urban edge is in existing products, and they are spaces that don't need as much build-out. We would anticipate at least 150,000 sq ft- 200,000 sq ft that could be delivered in that zone next year. Thank you. I show our next question in the queue. It comes from the line of Seth Berge from Citi. Please go ahead. Hi. Thanks for taking my question. I think at the Investor Day, you had outlined $0.09 - $0.04 of dilution from asset sales. It sounds like pricing and the debt markets are coming a little bit ahead of your expectations. How should we think about that impact? I think you also mentioned potentially bringing some more assets to market. Just what are the puts and takes there? I think, as I mentioned in my notes, this one is harder to judge because it's based upon the timing. We estimated timing for the transactions that we have under our asset plan at our Investor Day, and now we have started to execute on that timing, right? We now have more assets under contract than we had at that time, and we have more assets in the market than we had at that time. We do feel like we're getting pretty good demand from people, pretty good response from people on this. I think we're going to be successful in that. The timing of when these things sell will impact the range that we provided. If it was significantly earlier than that, could it be slightly more diluted? Yes, it could be slightly more diluted, but it's hard to provide a better answer than that at this moment in time. I think as we go through the next quarter or two, we will have more and more information, and we'll provide it to you. Thank you. I show our next question comes from the line of Alexander David Goldfarb from Piper Sandler. Please go ahead. Hey, good morning. Just a question on, as you guys have tightened up the strategy since the Investor Day, just want to understand better on the investment side, how much that, when you guys think about the investment pool or more likely, when the regional people come to you to submit proposals, how much the criteria have tightened up, meaning, have yields been raised that, hey, all deals now need to be 100 basis points higher or some degree higher? Just trying to understand how it's gotten, how you guys have tightened up. Again, just thinking about some of the legacy deals like a Platform 16, etc., that obviously you don't want to repeat, but you have the 343s. Just trying to understand how the investment criteria has tightened up and how many deals got kicked out of discussion because of the new higher thresholds. Good morning, Alex. We've talked about this on prior calls. Our threshold yield that we're looking at for developments, as we've repeated over and over again, has been about 8% or higher. Really, before interest rates went up and, of course, some of the diminution in demand that we saw from COVID, we were developing, depending on the market and the asset, between 6% and 7%. The yield requirement for office development has gone up 100 - 200 basis points. You combine that with the elevation in construction costs, it takes significantly higher rents to support development. As we said on Investor Day, what does that mean? That means we're going to be a more selective office developer. We are developing. We've launched two and a half, a little bit under that, a billion dollars of new development projects in office just in the last six months. That's the increase that you saw. As I just said in my remarks, we are looking at acquisitions. There hasn't really been much to look at up until the last three to six months. There's a little bit more today. The issue has been, we feel like we can get higher yields developing, albeit, and we'll have a new building, and it'll have lower CapEx and longer WALT and all those things, but it takes several years to deliver the development. That's the trade-off. We are going to continue to look at acquisitions. As I said in my remarks, we're going to continue to be disciplined. I think cap rates are probably 150 to 200 basis points right now in the market below our development yield threshold. Yeah, and I just add one thing just to sort of give you a reference point. The development at 343 Madison Avenue is a, call it, $2 billion development. The development at 725 12th Street, there's a $300 million development. Knock on wood, Jake and Pete are working really hard at lining up a client who desperately needs a new building with a potential purchase of a piece of ground or an existing building to build another building. Let's assume that's another, call it, $300 + million. We're talking about having $2.6 billion of developments that the company is going to be executing on. That's a pretty significant amount of external growth. I would say that the appetite for buying a building at a 6% NOI yield where the cash flow yield is probably 150 basis points lower than that, and there's rollover in three to four years, it's just not as enticing as those other opportunities are today. I would say that's the frame of reference that we're sort of looking at as we think about, quote-unquote, "acquiring new assets." Now, if a fabulous building at an 8% cash return, quote-unquote, "off market," came up and we thought it had great upside, of course, we would be really thinking about doing something like that. These broker-initiated investments for, quote-unquote, "core assets" and CBD locations are interesting, and we're going to study them, but it's going to be hard for us to rationalize utilizing our dry powder for that. Thank you. I show our next question. It comes from the line of Michael Goldsmith from UBS. Please go ahead. Good morning. Thanks a lot for taking my question. In the press release, you called out 89% of BXP's rents come from the CBD portfolio. Given the outlined dispositions are focused in the suburban markets, what percentage does that take CBD in the near term and in the long term? Is the goal to just, you know, to be 100% or completely CBD? Thanks. I can't give you an exact percentage. I would agree that we want it to grow. There are certain suburban markets that I think we will maintain exposure to where we feel like we have a good sense of place, where we can build an amenity-filled environment, and where we think that it's got a mature and dense demand profile. There are suburban markets that I believe we will stay in. I do believe, though, it's not going to go to 100%, but it's definitely going to grow because both our asset sales focus, which is suburban, and our new investment focus is more urban. We're going to be adding assets that are CBD and detracting assets that are suburban. Thank you. I show our next question. It comes from the line of Jana Galan from BofA Securities. Please go ahead. Thank you. Good morning and congrats on the progress you've already made on the priorities laid out at the Investor Day. On the dispositions, can you talk to the pricing you're seeing on land, residential, and office relative to kind of initial expectations? I'd say that we're achieving pricing that is in line, if not a little bit better than our expectations. It's very hard to say pricing for land because it depends on what the new user is doing. I think the real opportunity that we've had with land is that our regional teams have done a great job very successfully reentitling many of these land parcels that were previously set up for office into residential. As we all know, there's a housing shortage in this nation, and many communities that were against housing in the past are for it today. That has allowed us to create a lot of value. The 17 Hartwell investment that I described last quarter is a great example of that. It's a little bit hard to talk about, you know, quote, "pricing for land." I think on the residential assets, we are seeing cap rates below 5%, which we think is very attractive. On the office, it all depends on the location and the quality. Thank you. I show our next question comes from the line of Floris van Dijkum from Ladenburg Thalmann. Please go ahead. Hey, thanks for taking my question. Clearly, it looks like your office markets, your core office markets are inflecting. Office underlying growth was positive. It was down, though, in the hotel and residential. I think maybe remind us there was a big occupancy decline apparently in Washington, DC in the residential side. Could you maybe talk about that? I'm going to, Mike is going to quickly look through the supplemental. The only thing I can imagine is that we brought 100% of Signature is in service, and then we brought Skymark into service. Skymark is probably not 98% leased yet, although my guess is that we're going to be stabilized, which I think is, call it, in the 93%- 94% this quarter, which is extraordinary given the amount of units that we had delivered there. I'm guessing that's sort of what happened. I would not take that as anything other than a change in portfolio composition, not activity in our actual assets. Yeah, that's what it is, Doug, because this is a year-over-year concept. It's not a sequential concept. In September of 2024, the Skymark building was under development, right? Now it's leasing up, and it's actually leasing up quite well. It's, I think, around 90%, and it's leased up better than we expected. The occupancy in the stabilized portfolio that has been in service for a while has been very strong and stable, and rents have continued to go up. Our residential portfolio is located in pretty tight markets. Places like the urban Boston market and Reston, we've seen good fundamentals with our residential. It is going to get smaller in 2026 before it gets bigger again. Thank you. I show our next question comes from the line of Ronald Kamdem from Morgan Stanley. Please go ahead. Hey, just on same-property NOI, I think you talked about sort of the occupancy inflection point, you know, obviously improving 2026, 2027. Can you tie that back to what the expectations are as you think about same-property NOI? Should we expect sort of a similar, you know, 100, 200 basis point sort of acceleration? What are the puts and takes there? Thanks. We're not going to provide guidance for 2026 or 2027 today. I think that most of our growth is going to come from occupancy, and we've talked about that. I think the mark-to-market in the portfolio is improving because we're seeing rents go up in many of our marketplaces. I think that situation is improving and will continue to improve. I think we will see positive same-property NOI growth as the occupancy climbs. Yes, it will follow. It makes sense to follow and should. Thank you. I show our next question comes from the line of Upal Dhananjay Rana from KeyBanc Capital Markets Inc. Please go ahead. Great. Thank you for taking my question. Could you provide some color on the current state of what you're seeing in terms of demand from life science leasing and supply across your markets, given some softer commentary from another one of your peers? You mentioned a few things related to Boston and urban edge, but maybe you can broaden that out a little bit and maybe what your outlook is for that industry? Our life science exposure at BXP Inc. is comprised of two places. It's the urban edge of Boston, which I described. We have 180,000 sq ft of first-generation space available. It's also our joint venture with another public ARE in South San Francisco, where we have a large building that was developed a few years ago that is available for lease. I think I described the demand for wet lab space as being pretty tepid. Not much has changed on a relative basis there. We are seeing, quote-unquote, "some inquiry," but we're not what I would describe as close to any major transactions at that building at this time. Thank you. I show our next question comes from the line of Dylan Robert Burzinski from Green Street Advisors. Please go ahead. Morning, guys. Thanks for taking the question. Owen, I think you mentioned seeking or going out to market and seeking a capital partner for 343 Madison sometime in 2026. I guess just given the tight availability that you're seeing in New York, especially in the submarket that 343 Madison is in, and likely continuing that effect of rent growth, why not sort of put the brakes on reaching out and getting the capital partner, given that sort of backdrop? Yeah, it's a good question. I think, as I try to describe in my remarks, we're just being patient. We've had some inbound inquiry. We know of some investors that are interested in the project. We're having preliminary conversations. As I mentioned in my remarks, we're not in a hurry. This asset is appreciating. We're having leasing success. Markets are improving, as you suggested. I think this will happen sometime in 2026. We do want to match, to some degree, a commitment of capital to raising the capital. So far, the development draws and spend on the project have been reasonably modest, but they do start to accelerate next year. I do think 2026 will be an appropriate time. Dylan, just remember, as Owen said at the outset, we have three objectives, right? Our objectives that we outlined at our investor day were we want to grow our earnings, and that's mostly through occupancy and deliveries of developments that are currently underway. We want to fund 343 Madison, and we want to reduce our leverage. I think that our objectives in finding a partner sort of meet all of those requirements. Thank you. I show our last question in the queue comes from the line of Blaine Heck from Wells Fargo. Please go ahead. Great, thanks. Owen or Doug, I was hoping to get your latest thoughts on the New York mayoral race and any sort of impact you've seen, any commentary you've heard from tenants, and just your general thoughts on whether it could or will have a notable impact on the New York office market. Thanks. I would suggest that the significant negative rhetoric that's in the press and the media about the impact of the administration of Mayor Mondani, I think it's just overblown. I'm not suggesting that there aren't impacts that we need to be conscious of and aware of. As we've described before, there are controls and guardrails that exist for the Mayor in New York. The state has a lot of approval powers over things like public transit and increasing taxes, and the state has indicated so far there's not a lot of appetite for increasing taxes in New York. That's something that we are concerned about. Our success as a company in any city is capped at the city's success, and we want to do what we can to work cooperatively with the city and ensure that it's a constructive environment for business. There is safety and security for the citizens, and those are the kinds of things that we're very focused on. The potential Mayor Mondani has indicated that he wants to hire Jessica Tisch, who's the current head of the New York City Police Department. I don't know that she's agreed to do that yet, but we all think that's a great step because I think she's received high accolades for her performance and success to date. That's something that we're monitoring, but we are, I think, a little bit more constructive than what the media has been outlaying on this change. Thank you. I do show we have one question in the queue from Brendan James Lynch from Barclays Bank PLC. Please go ahead. Great, thanks for taking my question. I'm just interested in your view on the new office tower above South Station in Boston and how that might impact leasing dynamics in the market. I'll give you a couple of comments, and I'll let Brian give you his perspective. The building that is currently open and has been available for the last number of months is a gleaming tower, and it's, I'm sure, going to be successful from an occupancy perspective at some point. There is a conversation, as I understand it, going on with a large financial institution to relocate there, not necessarily grow, but relocate there. The building hit the market at the absolute wrong time, and there's a bunch of availability in the financial district that it had to compete with. The economics of the investment are different than what I would tell you the success will be from an occupancy perspective because of just the nature of what's gone on. I think it's unlikely that another building in the financial district will be started for quite some time. If the market is able to continue to sort of absorb space, I think the financial market downtown will continue to recover. We have an opportunity to build a building at 171 Dartmouth Street, which is in the Back Bay, and there are obviously significant opportunities from a tenancy perspective because we have very, very, very tight supply in the Back Bay. I think there's a much higher probability of something going on there. We would obviously not start that building unless we had a major commitment from a lead anchor tenant, as Owen sort of described earlier in terms of, and he said what our development yields were. I think that's sort of what I'd say my general views are on that development, Brian. Yeah, so a comment on what's the impact to the BXP portfolio. As Doug mentioned, as you look at the Back Bay as the submarket, there's very little transfer of tenants that leave this market, and it's highly desirable. We look at our competitive set of the buildings we compete against daily, and it's a 3% vacancy. It's extremely tight, as Doug mentioned. In fact, we're actively asking tenants if they'd like to give back space because we've got growth in those sectors that Doug mentioned earlier. When you look at the downtown market, our buildings are leased up and tucked away for quite a few years now with limited, limited space at 100 Federal and the same is true at Atlantic Wharf and also Hub on Causeway. Thank you. That concludes the Q&A session. At this time, I'd like to turn the call back to Owen Thomas, Chairman and Chief Executive Officer, for closing remarks. No further remarks from us. Thank you all for your interest and your time and your interest in BXP. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.