Linde said BXP leased about 500,000 square feet of vacant space in the fourth quarter and executed leases on 550,000 square feet tied to 2026 and 2027 expirations. For 2025, BXP executed leases totaling over 1.7 million square feet of vacant space and entered 2026 with 1.243 million square feet of signed vacant-space leases that have not yet commenced. Linde said the company had 1.1 million square feet in negotiations during the call (later updated to 1.2 million square feet), and a discussion pipeline of about 1.3 million square feet, about 10% larger than the prior quarter. In San Francisco, regional leader Rod said overall tenant demand is around 8 million square feet, with 36% attributed to AI or AI-related technology companies. guidance assumes $360 million of additional sales in 2026 (net proceeds about $230 million), with sales dilution of 6 to 8 cents per share.