BXP 估值偏贵：FFO 正在下降，出租率为89%，而在高利率和写字楼需求疲弱之际，150亿美元债务进一步增加风险。估值虽有吸引力但还不够，且衰退风险尚未被计入价格，因此5%的回报风险极高。应将 BXP 与其他 REITs 比较，而非与标普500比较。
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BXP 是一家专注于办公场所房地产投资信托的公司。对我来说，它太贵了。你可以看到 Wiltshire 的出租率是89%。股息率正朝着5%迈进。不过，它不像我们后面要讨论的一些优秀房地产投资信托那样繁忙。
BXP is a company specializing in workplace real estate investment trusts . For me, it's expensive. You can see an 89% occupancy rate in Wiltshire. The dividend yield is heading towards 5%.
However, it is not as busy as some of the good real estate investment trusts that we will discuss later.
所以，当我看着这只房地产基金时，嗯，它们在同一组里定价都差不多，但有些比其他的风险略高一些。有150亿的债务，而150亿高利率、办公空间需求低迷的债务，可不是我想去的地方。
So, when I look at this real estate fund, well, they are all priced similarly in the same group , but some are a little riskier than others . There are 15 billion in debt, and 15 billion with high interest rates and low demand for your offices is not a place I would want to go.
运营产生的资金在减少，这是一个负面趋势。是的，估值有吸引力，但我要说它还不够有吸引力，而且你不能把它和标普500指数相比。你应该把它和其他房地产投资信托基金相比，但他们却拿它和标普500比，这太离谱了。
The funds generated from operations are decreasing, and this is a negative trend. Yes, the valuation is attractive, but I would say it is not attractive enough, and you cannot compare this to the S &P 500 index.
You should compare it to other real estate investment trusts , but they're comparing it to the S& P 500, which is crazy.
我认为这里存在工作环境持续紧张的风险。想想经济衰退；这一点完全没有反映在价格里。因此，为了获得那5%的回报而承担这种风险，是极其危险的。
I believe here that there are risks of constant stress in the workplace environment. Think of the recession; it's not included in the price at all. Therefore, it is extremely risky for the 5% return you receive for taking on that risk.