Alexander's Inc (ALX) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Vornado Realty Trust second quarter 2025 earnings call. My name is Michael, and I will be your operator for today's call. This call is being recorded for replay purposes. (Operator Instructions).

早安，歡迎參加 Vornado Realty Trust 2025 年第二季財報電話會議。我叫邁克爾，今天我將擔任您的電話接線生。本次通話將會錄音以供重播。（操作員指令）。

I will now turn the call over to Mr. Steve Borenstein, Executive Vice President and Corporation Counsel. Please go ahead.

現在我將電話轉給執行副總裁兼公司法律顧問史蒂夫‧博倫斯坦先生。請繼續。

Welcome to Vornado Realty Trust second quarter earnings call. Yesterday afternoon, we issued our second quarter earnings release and filed our quarterly report on Form 10-Q with the Securities and Exchange Commission. These documents as well as our supplemental financial information package are available on our website, www.vno.com, under the Investor Relations section.

歡迎參加 Vornado Realty Trust 第二季財報電話會議。昨天下午，我們發布了第二季財報報告，並向美國證券交易委員會提交了 10-Q 表季報告。這些文件以及我們的補充財務資訊包可在我們的網站 www.vno.com 的投資者關係部分找到。

In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-Q and financial supplement.

在這些文件中以及今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 指標的對帳包含在我們的收益報告、10-Q 表和財務補充報告中。

Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors. Please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024, for more information regarding these risks and uncertainties.

請注意，本次電話會議中所作的陳述可能被視為前瞻性陳述，由於各種風險、不確定性和其他因素，實際結果可能與這些陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括截至 2024 年 12 月 31 日的 10-K 表年度報告。

The call may include time-sensitive information that may be accurate only as of today's date. The company does not undertake a duty to update any forward-looking statements.

通話中可能包含一些時間敏感的訊息，這些訊息可能只在今天才準確。本公司不承擔更新任何前瞻性陳述的義務。

On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer; and Michael Franco, President and Chief Financial Officer. Our senior team is also present and available for questions. I will now turn the call over to Steven Roth.

今天參加管理層電話會議並發表開場評論的有董事長兼首席執行官史蒂文·羅斯 (Steven Roth) 和總裁兼首席財務官邁克爾·佛朗哥 (Michael Franco)。我們的高級團隊也在場並且可以解答問題。現在我將電話轉給史蒂文·羅斯。

Thank you, Steve, and good morning, everyone. Let me start by expressing our sorrow about the tragic and senseless shootings at 345 Park Avenue last week. Our deep condolences go out to the victims' families and friends. We have many friends in that building in ownership and occupiers, and we stand with them as they deal with this terrible tragedy.

謝謝你，史蒂夫，大家早安。首先，我要對上週在公園大道 345 號發生的悲慘且毫無意義的槍擊事件表示悲痛。我們向受害者的家人和朋友表示深切哀悼。我們有很多朋友是那棟建築的業主和占用者，我們與他們站在一起，幫助他們應對這場可怕的悲劇。

To continue. Here in Vornado, our business continues to be strong, is getting stronger, and I remain incredibly enthusiastic about our future prospects. Our stock performance leads the office sector have increased 42% over the trailing 12 months, almost double the S&P 500. I was quite surprised that, broadly speaking, every other office street, whether East Coast or West Coast, including all the other New York office specialists were negative during that period. We had an excellent quarter, and Michael will cover the results shortly. By excellent, I mean leasing, balance sheet and PENN, all excellent.

繼續。在 Vornado，我們的業務持續強勁，並且正在變得越來越強大，我對我們的未來前景仍然充滿熱情。我們的股票表現領先辦公大樓領域在過去 12 個月內上漲了 42%，幾乎是標準普爾 500 指數的兩倍。令我相當驚訝的是，從廣義上講，那段時期，所有其他辦公街，無論是東海岸還是西海岸，包括所有其他紐約辦公專家，都持負面態度。我們度過了一個出色的季度，邁克爾很快就會介紹結果。我所說的優秀是指租賃、資產負債表和 PENN，全部都很優秀。

Let me once again discuss what we see on the ground and our business strategy. We are 90% New York-centric company. Actually, we are a 90% prime pitch Manhattan-centric company. We do own a single large building in Chicago, The Mart, and a single complex of 555 California Street, the number one building in San Francisco. These two assets may be on the for-sale list for the right deal at the right time.

讓我再次討論我們實際看到的情況和我們的經營策略。我們是一家 90% 以紐約為中心的公司。實際上，我們是一家 90% 以曼哈頓為中心的公司。我們確實在芝加哥擁有一棟大型建築——The Mart，以及位於加州街 555 號的綜合建築，這是舊金山的第一棟建築。這兩項資產可能會在適當的時間出現在待售名單上，以便達成合適的交易。

Manhattan is universally claimed to be the strongest real estate market in the country, and I mean the strongest by far. While Manhattan may have nearly 420 million square feet of office space, we actually competed in a much smaller 180 million square foot Class A better building market. Our clients are expanding, demand is strong and broad-based and here's the punchline, available space continues to evaporate quickly.

人們普遍認為曼哈頓是全美最強大的房地產市場，我的意思是迄今為止最強大的房地產市場。儘管曼哈頓可能擁有近 4.2 億平方英尺的辦公空間，但我們實際上在規模小得多的 1.8 億平方英尺的 A 級優質建築市場中競爭。我們的客戶正在擴大，需求強勁且廣泛，而問題的關鍵在於，可用空間正在迅速消失。

Replacement costs for a Class A tower in Manhattan has risen to, call it, $25 per square foot with interest rates at 6% or 6-plus percent, rent in the 200s are now commonplace. Think about it, $100 rents were rare only a few years ago. I believe this math is telling us there will only be a trickle of new supply for the foreseeable future, at least through the end of the decade. Remember, it takes five years from start to deliver a new build tower in New York. And that trickle of supply, however, unlikely will undoubtedly be spoken for and not create speculative space available to the market.

曼哈頓 A 級塔樓的重置成本已升至每平方英尺 25 美元，利率為 6% 或 6% 以上，200 美元的租金現在很常見。想想看，幾年前 100 美元的租金還很少見。我相信這個數字告訴我們，在可預見的未來，至少到本世紀末，新的供應只會很少。請記住，在紐約，從開始到交付一棟新建的大樓需要五年時間。然而，這種少量的供應無疑不太可能被提及，也不會為市場創造投機空間。

Taken together, all this is the very definition of a landlord's market with tight availability in Class A better buildings in the Manhattan and West Side Corridor and no new supply coming for the rest of the decade, I believe in the next few years have the potential to be one of the strongest periods of rental growth we've seen in decades, and it's already started. That said, logically and for certain, values will increase as well.

綜合起來，所有這些都是房東市場的定義，曼哈頓和西區走廊的 A 級優質建築的供應緊張，並且在未來十年內不會有新的供應，我相信未來幾年有可能成為我們幾十年來見過的最強勁的租金增長時期之一，而且它已經開始了。話雖如此，從邏輯上講，價值肯定也會增加。

Here is our industry-leading -- leasing scorecard. During the first half of 2025, we leased 2.7 million square feet overall, of which 2.2 million square feet was Manhattan office. That includes the 1.1 million square foot master lease with 770 Broadway, the largest New York office lease in 2019, which, by the way, absorbed 500,000 square feet of vacancy at that property. The remaining 1.1 million square feet of leasing during the first half was at $97 per square foot average starting rents with mark-to-markets of plus 10.7% GAAP and plus 7.7% cash.

這是我們業界領先的租賃記分卡。2025 年上半年，我們總共租了 270 萬平方英尺，其中 220 萬平方英尺是曼哈頓辦公室。其中包括與百老匯 770 號簽訂的 110 萬平方英尺的主租賃合同，這是 2019 年紐約最大的辦公室租賃合同，順便說一句，該租賃合同吸收了該物業 50 萬平方英尺的空置空間。上半年剩餘的 110 萬平方英尺租賃面積的平均起始租金為每平方英尺 97 美元，以市價計算為 GAAP 加上 10.7% 以及現金加上 7.7%。

During the second quarter in Manhattan, we executed 27 deals totaling 1.5 million square feet, including NYU. Excluding NYU, the remaining 400,000 square feet of Manhattan office leasing for the quarter was at $101 per square foot starting rents, with mark-to-market of plus 11.8% and -- plus 8.7% cash. We continue to achieve the highest average rents in the city. This quarter leasing was 190,000 square feet in PENN and 210,000 square feet at our other Manhattan assets.

第二季度，我們在曼哈頓完成了 27 筆交易，總面積達 150 萬平方英尺，其中包括紐約大學。除紐約大學外，本季曼哈頓剩餘 40 萬平方英尺的辦公大樓租賃起價為每平方英尺 101 美元，以市價計價為加 11.8%，現金為加 8.7%。我們繼續保持全市最高的平均租金。本季度，賓州大學 (PENN) 的租賃面積為 190,000 平方英尺，曼哈頓其他資產的租賃面積為 210,000 平方英尺。

Importantly, our leasing this quarter, including 12 transactions for 183,000 square feet at PENN1 at an average spotting rent of $101 per square foot, bringing occupancy here to 91%.

重要的是，我們本季的租賃包括 PENN1 的 12 筆交易，租賃面積為 183,000 平方英尺，平均租金為每平方英尺 101 美元，入住率達到 91%。

Here's an interesting factor. Since the start of physical development, we have leased 1.6 million square feet at PENN 1 at average rents of $94. At PENN, we are handily exceeding both our initial underwriting and our increased underwriting.

這是一個有趣的因素。自開始進行實體開發以來，我們已經在 PENN 1 租賃了 160 萬平方英尺的空間，平均租金為 94 美元。在賓州大學，我們輕鬆超越了初始承保額和增加的承保額。

Here's another way to look at it, looking towards the future. Everyone is modeling large increases in Vornado's earnings as leases of PENN 1 and PENN 2 come online as they should. This is all based on rents of, say, $100 per square foot.

這是另一種看待這個問題的方式，展望未來。隨著 PENN 1 和 PENN 2 的租約按計劃開始生效，每個人都預測 Vornado 的收益將大幅增加。這一切都基於每平方英尺 100 美元的租金。

But our neighbors to the west are achieving $150 per square foot and over time, so will we. Think about it, PENN 1, PENN 2 and Farley together comprise 5 million square feet. So the math says, every $10 a foot uptick in red shield $50 million to the bottom line. And what's more -- when the uptick, i.e., market rents get to $150 a square foot of 5 million square feet, that's an increment of $250 million per year.

但我們西邊的鄰居已經達到了每平方英尺 150 美元的價格，隨著時間的推移，我們也將如此。想想看，PENN 1、PENN 2 和 Farley 加起來佔地 500 萬平方英尺。因此，從數學上講，紅色區域每增加 10 美元，就會為企業帶來 5,000 萬美元的利潤。而且，當市場租金上漲至 500 萬平方英尺每平方英尺 150 美元時，每年的增量就是 2.5 億美元。

Same-store asset appreciation over time is the ticket to success in the property business. Tenants are expanding in the PENN District. As an example, in the last quarter, Samsung doubled its space at PENN 1. And since its first 220,000 square foot lease side in 2020, our major tech tenant at PENN 11 has expanded three more times, now occupying 460,000 square feet in that building.

同店資產的長期增值是房地產業務成功的關鍵。賓州區內的租戶正在擴大。例如，上個季度，三星在 PENN 1 的空間擴大了一倍。自 2020 年首次租賃 220,000 平方英尺以來，我們在 PENN 11 的主要科技租戶已擴大了三次，目前在該建築中佔據 460,000 平方英尺的面積。

Last week, after the quarter ended and not included in the leasing statistics, we announced the 203,000 square foot headquarters lease at PENN with Verison Communications, one of the world's leading telecommunication companies.

上週，在本季結束後且未納入租賃統計的情況下，我們宣布與世界領先的電信公司之一 Verison Communications 簽訂了位於賓州大學 203,000 平方英尺的總部租賃協議。

Verizon now joins other top-tier tenants, Madison Square Garden, Major League Soccer and Universal Music Group at PENN 2, we are, of course, delighted to welcome Verizon. Verizon's choice of PENN and their enthusiasm for their new home investing the slide by lifting a quote from their press release by one of their senior executives. Quote, New York City isn't just where we work. It's who we are. Our employees deserve a workplace that is just as vibrant as our culture, and so is more than an office, it's a space designed to bring us together to collaborate, to celebrate, to think boldly, to build the future side-by-side, closed quote.

現在，Verizon 加入了 PENN 2 的其他頂級租戶，包括麥迪遜廣場花園、美國職業足球大聯盟和環球音樂集團，我們當然非常高興地歡迎 Verizon。Verizon 選擇賓州大學，並對其新總部的投資熱情因引用其高管在新聞稿中的言論而有所下滑。引用：紐約市不僅僅是我們工作的地方。這就是我們。我們的員工應該擁有一個與我們的文化一樣充滿活力的工作場所，因此它不僅僅是一個辦公室，而是一個旨在讓我們聚集在一起協作、慶祝、大膽思考、並肩建立未來的空間。

The Verizon folks get it. This is a very important deal and continues to validate the product. This is a very important deal. Occupancy in PENN 2 is now 62%, and we have multiple deals in the on-deck circle, which will keep our occupancy margin upward.

Verizon 的人們明白這一點。這是一項非常重要的交易，並將繼續驗證產品。這是一項非常重要的協議。PENN 2 的入住率目前為 62%，並且我們在即將開業的購物中心有多項交易，這將使我們的入住率保持上升趨勢。

The PENN District, our three block long sitting within the city continues to amaze and impress tenants and stakeholders. We set the top -- the nexus of Pennsylvania Station and the New York City subway system adjacent to our good neighbors to the West, Manhattan West and Hudson Yards. The three of us combined represent the new booming Westside of Manhattan.

賓州區，我們位於城市內長達三個街區的地區繼續給租戶和利害關係人帶來驚喜和印象。我們設定了頂部——賓夕法尼亞車站和紐約市地鐵系統的連接點，毗鄰我們西邊的好鄰居曼哈頓西區和哈德遜廣場。我們三人合在一起代表了曼哈頓新興的繁榮西區。

At PENN, we are creating a campus of multiple interconnected buildings under one ownership. We're delivering exactly as we said we would, and there is much more to come. As a starter, we are well along in the development process for a 475-year rental residential project on our 34th Street site, [Caddy] corner to the Moynihan Train hall.

在賓州大學，我們正在創建一個由多個相互連接的建築組成的校園，所有建築物均歸同一所有者所有。我們正在按照我們所說的去做，而且還會有更多事情要做。首先，我們在第 34 街地塊（Caddy 街與 Moynihan 火車站的拐角處）上開展了一項為期 475 年的租賃住宅項目的開發工作，目前進展順利。

Next, we are going to transform as much as 700 front feet of tired old retail on both sides of 7th Avenue along 34th Street into attractive, modern, and exciting retail offerings. The gateway to PENN and 7th Avenue at 34th Street. This stretch across the street from Macy's used to be in top three locations and returning to top three is our goal.

接下來，我們將把第 7 大道和第 34 街兩側多達 700 英尺的破舊零售店改造成有吸引力、現代化且令人興奮的零售店。34 街是通往賓州大學和第七大道的門戶。梅西百貨街對面的這一段曾經位居前三名，我們的目標是重返前三名。

As I said before, the PENN District will be a growth engine for the company for years to come with rising rents in future development projects, including the PEEN 15 site and potential residential opportunities.

正如我之前所說，PENN 區將成為未來幾年公司的成長引擎，未來開發案的租金將上漲，包括 PEEN 15 地塊和潛在的住宅機會。

We also continue to add to our already impressive food offerings in the -- our newest restaurant at Dynamo Room, which opened last month with great reviews. Avra will open at Farley in the fall. At our rooftop park at PENN 2 called The Perch, named The Perch, is the best spot in the city for view, food, gathering or just chilling.

我們也將繼續在 Dynamo Room 的最新餐廳中增添我們已經令人印象深刻的美食，該餐廳於上個月開業並獲得了極高的評價。Avra 將於秋季在 Farley 開幕。我們位於 PENN 2 的屋頂公園名為 The Perch，是城市中觀景、用餐、聚會或休閒的最佳地點。

Come see PENN for yourself, I invite you to come to visit PENN District anytime but especially at happy hour, where you will see every scene in every restaurant at amenity, whether it's indoors or outdoors filled with happy employees of our tenants. Our unmatched amenity package of 180,000 square feet is surely doing its job in space to attract and light our tenants.

親自來看看 PENN 吧，我邀請您隨時來參觀 PENN 區，尤其是在歡樂時光，在那裡您將看到便利設施中每家餐廳的每個場景，無論是室內還是室外，都擠滿了我們租戶的快樂員工。我們無與倫比的 180,000 平方英尺的便利設施無疑在吸引和照亮我們的租戶方面發揮作用。

Our New York office leasing popular pipeline is robust with a total of 560,000 square feet of leases signed or in negotiations, setting up the third quarter, plus more than 1 million square feet in various stages of proposal.

我們的紐約辦公室租賃熱門管道強勁，共簽署或正在談判的租賃合約面積達 560,000 平方英尺，為第三季度奠定了基礎，另外還有超過 100 萬平方英尺的租賃合約處於不同階段的提案中。

As we announced on our last call, for two years of intense deliberations, the arbitration panel issued its ruling on the PENN 1 ground lease rent reset. The PENN 1 ground lease has fully extended goes to 2098. Days ago, [ground lessor] filed an 11th hour Hail Mary motion in New York County Supreme Court to vacate the rent reset panel ground rent determination. We believe the motion is entirely without merit and intend to vigorously oppose it.

正如我們在上次電話會議上宣布的那樣，經過兩年的緊張審議，仲裁小組就 PENN 1 土地租賃租金重置作出了裁決。PENN 1 土地租賃期間已完全延長至 2098 年。幾天前，[土地出租人] 向紐約縣最高法院提交了第 11 小時的萬福瑪利亞動議，要求撤銷租金重置小組的地租裁定。我們認為該動議毫無根據，並打算強烈反對。

We also completed the following financing transactions as we continue to bolster our liquidity and handle our debt maturities. In April, we completed a $450 million financing of 1535 Broadway, using $407 million of net proceeds to partially redeem our retail JV equity on the asset. The preferred equity outstanding balance is now $1.079 billion, down from $1.828 billion.

我們還完成了以下融資交易，繼續增強我們的流動性並處理我們的債務到期。今年 4 月，我們完成了 1535 Broadway 的 4.5 億美元融資，使用 4.07 億美元的淨收益部分贖回了該資產的零售合資股權。優先股未償還餘額目前為 10.79 億美元，低於 18.28 億美元。

In June, we completed a five-year $675 million refinancing of independent joint venture in which we own a 50.1% ownership interest. In July, we completed a five-year $450 million refinancing of PENN 11, paying down this previous loan by $50 million.

6 月份，我們完成了為期五年、價值 6.75 億美元的獨立合資企業再融資，我們擁有該合資企業 50.1% 的所有權權益。7 月份，我們完成了 PENN 11 的五年期 4.5 億美元再融資，償還了先前 5,000 萬美元的貸款。

We have meaningfully delevered our balance sheet over the past couple of quarters. Since the beginning of the year, we have generated $1.5 billion of net proceeds from sales, financings and the NYU field, paid down $965 million of debt and increased our cash by [$503 million]. Our cash balances are now $1.36 billion. And together with our undrawn credit lines of $1.56 billion, we have a median liquidity of $2.9 billion. Our net debt-to-EBITDA metric has improved by 1.4 turns to 7.2x from 8.6x and our fixed charge coverage ratio as expected, is steadily rising. Please see page 23 of our financial supplement for details.

過去幾個季度，我們已經大幅降低了資產負債表的槓桿率。自今年年初以來，我們從銷售、融資和紐約大學領域獲得了 15 億美元的淨收益，償還了 9.65 億美元的債務，並增加了現金[5.03億美元]。我們的現金餘額目前為13.6億美元。加上我們未動用的 15.6 億美元信貸額度，我們的平均流動資金為 29 億美元。我們的淨債務與 EBITDA 比率已從 8.6 倍提高至 7.2 倍，提高了 1.4 倍，並且我們的固定費用覆蓋率如預期般穩步上升。請參閱我們的財務補充資料第 23 頁以了解詳細資訊。

Finally, we remain very excited about the redevelopment of 350 Park Avenue at [Citadel] with Citael as our anchor tenant and Ken Griffin as our [62] partner. The process to create this grand Forster and partners designed 1.8 million square foot tower on the west side of Park Avenue has begun and this new building will stand out as being proving best-in-class.

最後，我們對 [Citadel] 350 Park Avenue 的重新開發感到非常興奮，Citael 是我們的主要租戶，Ken Griffin 是我們的 [62] 合作夥伴。這座位於公園大道西側、由福斯特及其合作夥伴設計的宏偉大廈的建造工作已經開始，這座新建築將成為同類建築中的最佳代表。

These are complete, i.e., the building is basically designed and CDs are progressing. Last month, the City Planning Commission voted to approve the project, and we expect the final deal of approval from the City Council this fall. Senate is currently building out their interim swing space, which will allow us to commence evolution of the existing 350 Park Avenue building in spring.

這些都已完成，即建築物基本設計完畢，CD 正在進展中。上個月，城市規劃委員會投票批准了該項目，我們預計今年秋天市議會將做出最終批准決定。參議院目前正在建造臨時週轉空間，這將使我們能夠在春季開始對現有的 350 公園大道大樓進行改造。

Thank you all for listening. And now over to Michael to cover our financials.

謝謝大家的聆聽。現在請麥可來負責我們的財務事宜。

Thank you, Steve, and good morning, everyone. Second quarter comparable FFO was $0.56 per share, which beat the analyst consensus of $0.53 per share and essentially flat compared to last year second quarter. We have lower net interest income from retail preferred repayments and lower NOI from asset sales offset by lower real estate taxes at the mark net of tax tenant reimbursements. We have provided a quarter-over-quarter bridge on page 2 of our earnings release on page 6 of our financial supplement.

謝謝你，史蒂夫，大家早安。第二季可比 FFO 為每股 0.56 美元，超過分析師預期的每股 0.53 美元，與去年第二季基本持平。我們從零售優先股償還中獲得的淨利息收入較低，從資產銷售中獲得的淨利息收入較低，但扣除稅後租戶補償金後的房地產稅較低，從而抵消了這一影響。我們在財務補充報告的第 2 頁（收益報告的第 6 頁）中提供了季度間對比情況。

In addition, our cash NOI is lower this quarter, primarily due to the previously discussed one-time PENN 1 ground rent true-up payment made in April, and free rent associated with recently commenced leases from backfilling the previously announced known move outs.

此外，本季我們的現金 NOI 較低，主要是由於先前討論過的 4 月份一次性 PENN 1 地租補償金，以及因填補之前宣布的已知搬出人員而與最近開始的租約相關的免租金。

On our last earnings call, we said that we expected 2025 comparable FFO to be essentially flat compared to 2024 comparable FFO $2.26 per share. This is still a good assumption as we sit here today. As previously discussed, we still expect the full positive impact of the lease-up of PENN 1 and PENN 2 in 2027, resulting in significant earnings growth by 2027.

在我們上次的收益電話會議上，我們表示，預計 2025 年可比 FFO 將與 2024 年可比 FFO 每股 2.26 美元基本持平。當我們今天坐在這裡時，這仍然是一個很好的假設。如前所述，我們仍然預計 PENN 1 和 PENN 2 的租賃將在 2027 年產生全部正面影響，從而帶來 2027 年的顯著獲利成長。

New York office occupancy increased this quarter to 86.7% from 84.4% last quarter, primarily due to the full building master lease at 770 Broadway. As we continue to execute on our leasing pipeline, we anticipate that our occupancy will increase into the low 90s over the next year or so.

紐約辦公室入住率本季從上一季的 84.4% 上升至 86.7%，主要原因是百老匯 770 號大樓主租賃已全部完成。隨著我們繼續執行租賃計劃，我們預計未來一年左右我們的入住率將上升至 90% 出頭。

Lastly, the financing markets are liquid, and we have been active in refinancing our 2025 maturities. On top of the recent independent Plaza and PENN 11 refinancings, we have several others in the works. The investment sales market is also picking up as the financing markets recover and has confidence in New York City's recovery growth. With that, I'll turn it over to the operator for Q&A.

最後，融資市場流動性強，我們一直在積極為 2025 年到期的債券進行再融資。除了最近獨立的 Plaza 和 PENN 11 再融資外，我們還有其他幾項再融資正在進行中。隨著融資市場的復甦以及對紐約市復甦成長的信心，投資銷售市場也在回升。說完這些，我將把問題交給操作員進行問答。

(Operator Instructions)

（操作員指示）

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Steve, I guess I wanted to tie two comments together. You said PENN 2 was 62% occupied with multiple deals in the on-deck circle. Then you talked about the LOIs of 560,000 feet plus a million of proposals. So can you just maybe help us understand how much of that sort of pending activity is geared towards PENN 2 and how much is for the rest of the New York City portfolio?

史蒂夫，我想將兩則評論聯繫在一起。您說 PENN 2 的佔用率為 62%，並且有多筆交易處於待處理狀態。然後你談到了 560,000 英尺的意向書以及一百萬份提案。那麼，您能否幫助我們了解，這類待定活動中有多少是針對 PENN 2 的，有多少是針對紐約市投資組合的其他部分的？

Glen, do you want to take that?

格倫，你想接受這個嗎？

Sure. Steve, it's Glen. So of the 560,000 feet, those are leases out in negotiation. The Verizon lease is included in the 560,000. In our pipeline, we have about 1.4 million feet in the pipeline in various lease proposal stages and about 50% of that is at PENN 2. That's the breakdown.

當然。史蒂夫，我是格倫。因此，在 560,000 英尺中，這些都是正在協商租賃的。560,000 美元中包括了 Verizon 的租賃費。在我們的管道中，我們有大約 140 萬英尺的管道處於不同的租賃提案階段，其中約 50% 位於 PENN 2。這就是故障。

Great. And then for my follow-up, Steve, you made some comments early on about the MART and 555 California sort of being for sale at the right price. And I feel like that's maybe a little bit of a shift or change in your thinking. So maybe could you just expound upon that? And is your goal to really sort of get back to being just kind of a pure New York City company in the shorter versus longer term?

偉大的。然後，對於我的後續問題，史蒂夫，你早些時候發表了一些評論，說 MART 和 555 California 以合適的價格出售。我覺得這也許是你思維上的一點轉變或改變。那你能詳細解釋一下嗎？您的目標是短期內還是長期內真正回歸成為一家純粹的紐約公司？

We've worked very hard to focus the company, stick to knitting and focus on the financials and our stock price. So our mission is to increase our stock price. That's our sole mission. We think that those two assets are valuable. We think one of them is free and clear. The other one has some financing on it. We think that 555 California is the single best asset in San Francisco. San Francisco has -- is in a recovery phase now, which we think is going to be very dramatic.

我們非常努力地集中精力於公司，堅持針織業務，並專注於財務狀況和股價。因此我們的使命是提高我們的股價。這是我們唯一的使命。我們認為這兩項資產很有價值。我們認為其中一個是自由且明確的。另一個有一些融資。我們認為 555 California 是舊金山最好的資產。舊金山目前正處於復甦階段，我們認為這將是非常顯著的復甦。

So as I said, those two assets, we will sell for the right price at the time. They're not sacred. By the way, nothing is sacred. So we look upon them as a financial asset and we will do what we think is the best financial outcome for the company.

所以正如我所說，我們會以當時合適的價格出售這兩項資產。它們並不神聖。順便說一句，沒有什麼是神聖的。因此，我們將它們視為金融資產，並將採取我們認為對公司最有利的財務結果。

Floris van Dijkum, Ladenberg Thalmann.

弗洛里斯·範·迪庫姆，拉登伯格·塔爾曼。

Maybe if you can talk a little bit about your signed not open pipeline. You talked about your occupancy, your leased occupancy being around, I think 85.2% in New York. What's the physical occupancy? And i.e., what is -- how much rent is coming online over the next presumably 12 months by the time that becomes activated?

也許您可以稍微談談您簽署的未開放的管道。您談到了您的入住率，您的租賃入住率大約是，我認為紐約的入住率是 85.2%。實際佔用率是多少？也就是說，當該計劃啟動時，未來大概 12 個月內會有多少租金上線？

Floris, it's Michael. Welcome back, and congrats on your position. In terms of the signed, but not commenced, we're going to have to come back to you on that number. I don't want to give you a guesstimate and swag. We'll have to come back on that.

弗洛里斯，我是麥可。歡迎回來，並祝賀您就任該職位。關於已簽署但尚未開始的事宜，我們將不得不就該號碼回覆您。我不想給你一個猜測和暗示。我們必須回過頭來討論這個問題。

But obviously, with Verizon signed the occupancy number, we'll continue to migrate up close to 88%. Obviously, there's ins and outs. We continue to believe that we'll be north of 90% as we get into next year and that income generally -- I think we've made consistent on this point will, from an FFO standpoint, kick in heavily in 2027, right?

但顯然，隨著 Verizon 簽署入住率，我們將繼續遷移至接近 88%。顯然，這其中有來有往。我們仍然相信，到明年，我們的收入將超過 90%，而且總體而言，我認為我們在這一點上保持一致，從 FFO 的角度來看，將在 2027 年大幅增加，對嗎？

So '26 continues to be a year where we have the lease, it's signed, but they don't kick in '27. I think you're going to see a significant increase. And that, I think, is consistent we say, in the last couple of quarters. But in terms of specific dollars, I have to come back to you.

因此，26 年仍然是我們簽訂租約的年份，但 27 年不再生效。我認為你會看到顯著的成長。我認為，這與過去幾季的情況一致。但就具體金額而言，我必須回覆您。

And maybe if I can ask one follow-up. I was sort of -- Steve, you piqued my interest about the upside potential in your PENN District. I think in the past, you've talked about sort of stabilized NOI at around 3.25%. How do you see that changing? Or how much has that changed over the past six months based on market rents going higher and obviously, your lease activity at PENN 2 in particular?

也許我可以問一個後續問題。我有點——史蒂夫，你激起了我對賓州大學區上升潛力的興趣。我認為過去您曾談論過將 NOI 穩定在 3.25% 左右。您認為這種變化會是怎樣？或者，基於市場租金上漲以及顯然在 PENN 2 的租賃活動，過去六個月發生了多大變化？

Floris, I couldn't be more enthusiastic about what we're doing at PENN and what PENN's value accretion to the company will be over time. So right now, we are leasing PENN 1 and PENN 2. And we predicted that the market rents would be -- that we would achieve $100 of rent. We're achieving that, and we're achieving more. So we're doing better than our underwriting.

弗洛里斯，我對我們在賓州大學所做的事情以及賓州大學隨著時間的推移將為公司帶來的價值成長充滿熱情。所以現在，我們正在租用 PENN 1 和 PENN 2。我們預測市場租金將達到 100 美元。我們正在實現這一目標，並且正在取得更多成就。因此，我們的表現比承保更好。

But the interesting thing is that our neighbors are getting $150 a foot and more. So we believe that over time, we will also in PENN 1, PENN 2 and whatever other buildings we build, we'll be able to achieve rents that will be approximately maybe just a pinch below those buildings.

但有趣的是，我們的鄰居每英尺的收入為 150 美元甚至更多。因此，我們相信，隨著時間的推移，我們在 PENN 1、PENN 2 以及我們建造的任何其他建築中，都將能夠實現比這些建築略低的租金。

So if you think about it, if you look at real estate as a -- not as a quarter to the quarter business, but as on a five-year planning cycle or something like that, if the market rents in PENN go up on the 5 million square feet that we already have by $10 a foot, that increment is $50 million to the bottom line. That's $0.20 a share. That's a fairly big number. If they should go up by $50 a foot from $100 to $150 million, over time, the company will realize a $250 million increase in income.

因此，如果您考慮一下，如果您將房地產視為 - 不是按季度進行的生意，而是按五年規劃週期或類似的周期，如果賓州大學的市場租金在我們已有的 500 萬平方英尺的基礎上上漲每平方英尺 10 美元，那麼對於底線來說，這個增量就是 5000 萬美元。即每股 0.20 美元。這是一個相當大的數字。如果每英尺的價格從 1 億美元上漲至 1.5 億美元，上漲 50 美元，那麼隨著時間的推移，該公司的收入將增加 2.5 億美元。

Now there's going to be some expenses, some minor expenses about that. Real estate taxes will go up marginally, but the numbers are very big. So what I'm saying is the best part of the real estate business is great assets over time. And we believe that the buildings that we now have are under-market. So that as the market appreciates and as the market comes to our buildings, these buildings will get more and more valuable each year.

現在會有一些開支，一些與此相關的小額開支。房地產稅會小幅上漲，但金額很大。所以我想說的是，房地產行業最好的部分是隨著時間的推移而產生的優質資產。我們相信，我們現有的建築價格低於市場價格。因此，隨著市場升值以及市場對我們建築的關注，這些建築的價值每年都會越來越高。

So Steve, as you think about that, is there a possibility that the PENN District could generate maybe up to $400 million of NOI in five years' time?

那麼史蒂夫，當您考慮這一點時，賓州大學區是否有可能在五年內產生高達 4 億美元的 NOI？

Easily. By the way, and that would be -- that's with no new construction, no newbuildings. The existing inventory that we have now, we're just saying it's going to go up by $100 million over three- or four years? Sure.

容易地。順便說一句，那將是——沒有新建築，沒有新建築物。我們現有的庫存，我們只是說它將在三到四年內增加 1 億美元？當然。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

I know there's a few different occupancy numbers out there, but just focusing on your occupancy stats on page 32. New York occupancy went up to 85.2%, which is a sequential improvement, which is great. But it is lower than the 86.2% that you noted post the NYU lease last quarter. So I was wondering what the headwinds were this quarter that brought that down 100 basis points or so?

我知道那裡有幾個不同的入住率數字，但只關注第 32 頁的入住率統計數據。紐約的入住率上升至 85.2%，這是一個連續的進步，這很好。但它低於您上個季度紐約大學租約簽訂後所記錄的 86.2%。所以我想知道本季的不利因素是什麼，導致這一數字下降了 100 個基點左右？

I think a couple of things. One is, I think that's an area in New York number office in retail. I think the office numbers are generally consistent with what we said, a little bit timing on Verizon got signed a few days after the quarter. So obviously, if that happened before would have been above even where we said last time. So a little bit of timing.

我想到幾件事。一是，我認為那是紐約零售業的一個數位辦公室區域。我認為辦公室的數字與我們所說的基本一致，Verizon 的時間表在季度結束後幾天就簽署了。因此，顯然，如果這種情況以前發生過，那麼結果甚至會高於我們上次所說的水平。所以需要一點時間。

I think the biggest impact there was retail. We had two Forever 21 leases at 1540 and 4357 where they were paying a low rent company, obviously went bankrupt again, and they vacated those stores and that knocked off, I think, about 10 percentage points off the retail occupancy, which in total took us to the average number you see there.

我認為受到最大影響的是零售業。我們在 1540 和 4357 處有兩家 Forever 21 的租約，他們向一家低租金公司支付租金，顯然這家公司又破產了，他們騰出了這些商店，我認為這導致零售入住率下降了大約 10 個百分點，總的來說，我們的入住率達到了你在那裡看到的平均水平。

So there wasn't a lot of rent coming out of either one of those stores that are, frankly, placeholder, particularly a PENN until we had a really sort of redeveloped the whole stretch that Steve alluded to in his remarks. But from an occupancy standpoint, I think that was the biggest driver.

因此，在我們真正重新開發史蒂夫在演講中提到的整個區域之前，這兩家商店（坦率地說，是佔位符）的租金收入並不高，尤其是 PENN。但從入住率的角度來看，我認為這是最大的驅動因素。

And then on 555 Cal on the March, Steve, you talked about potentially selling this. Want to see if you had any more commentary on timing if this is something that could be listed in the next 12 months? And how should we think about use of proceeds between development, acquisitions and reduction of debt. We did notice that you provided a new disclosure on net-debt-to-EBITDA. So I'm wondering if that's a KPI going forward as far as maintaining or lowering net debt EBITDA?

然後，史蒂夫，在三月的 555 Cal 上，你談到了可能出售它。如果這是可以在未來 12 個月內上市的東西，您是否想看看對時間安排還有什麼評論？我們該如何考慮在開發、收購和減少債務之間使用收益？我們確實注意到您提供了有關淨債務與 EBITDA 比率的新揭露。所以我想知道，就維持或降低淨債務 EBITDA 而言，這是否是一個未來的 KPI？

On the first question, we are not listing those buildings in the next year or whatever. If we sell those buildings, it will probably be an opportunistic incoming where somebody wants them. But what I'm saying is that we're not actively marketing the building and we have no prediction on timing, but they are available if the deal is correct and the timing is correct. The other half of your question was what?

關於第一個問題，我們不會在明年或其他時間將這些建築物列入名單。如果我們出售這些建築，那麼這可能會成為有人想要的機會。但我想說的是，我們並沒有積極推銷這棟建築，而且我們也沒有時間的預測，但如果交易正確、時機正確，它們就會出現。您的問題的另一半是什麼？

Use of proceeds. Yes. So again, to Steve's point, nothing is imminent. But for the right price, we'll transact. And at the time, we'll assess the best way to utilize that capital, whether it's to pay down debt, whether it's to deploy those into development, et cetera, I appreciate you recognizing the good work we've done on the leverage front. We're proud of that. We've worked hard to get our leverage debt down. We think we're now quickly moving ahead of the class there. And so we want to continue that. So -- but when something is more right, then we'll assess exactly how we utilize those proceeds.

收益用途。是的。所以，正如史蒂夫所說，沒有什麼事情是迫在眉睫的。但如果價格合適，我們就會交易。屆時，我們將評估利用這些資本的最佳方式，無論是償還債務，還是將其用於開發等等，我很感謝您對我們在槓桿方面所做的出色工作的認可。我們對此感到自豪。我們努力降低槓桿債務。我們認為，我們現在正在迅速領先其他班級。因此我們希望繼續這樣做。所以——但是當事情變得更加正確時，我們就會準確評估如何利用這些收益。

I want to tack on to what Michael said. One of the very important things that happened over the last short period of time is the improvement in our balance sheet, taking our leverage ratio down by 1.4 turns is a really big thing, rebuilding our cash balances, having lots of availability and having a very strong balance sheet is one of the important things that we do. And I'm very proud of what has -- what the team has accomplished over the last period of time. I think it's a really big thing.

我想補充一下麥可所說的話。在過去的短時間內發生的非常重要的事情之一是我們的資產負債表的改善，將我們的槓桿率降低 1.4 倍是一件非常重要的事情，重建我們的現金餘額，擁有大量可用資金和擁有非常強勁的資產負債表是我們所做的重要事情之一。我為團隊在過去一段時間內所取得的成就感到非常自豪。我認為這是一件大事。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Just can you sort of talk about just -- I know you guys talked about how strong leasing pipeline is, obviously, you mentioned occupancy will continue to increase in the low 90s sometime next year. But can you guys talk about just the ability to push net effective rents in that environment and strong backdrop?

您能否談談——我知道您們談到了租賃管道有多強勁，顯然，您提到入住率將在明年某個時候繼續增長到 90 出頭。但是你們能談談在這種環境和強勁背景下推動淨有效租金的能力嗎？

Yes. Why don't I start, Glen, jump in here. If you look at the current environment in the marketplace, whether it's Park Avenue, 6th Avenue, et cetera, vacancy rates are generally under 10%, for Class A buildings, Park Avenue under 5%. In general, citywide in Midtown and the West side, very tight. And I think in terms of large blocks of space, I think there's less than a handful of a couple of hundred thousand feet or larger PENN 2 being one of those, and I think widely viewed as the best of those.

是的。為什麼我不先開始呢，格倫，跳進這裡。如果你看一下目前的市場環境，無論是公園大道、第六大道等，空置率一般都在 10% 以下，對於甲級建築，公園大道的空置率則低於 5%。整體來說，整個城市中城區和西區都非常緊張。我認為，就大型太空區塊而言，只有不到十幾萬英尺或更大的 PENN 2 是其中之一，我認為被廣泛認為是其中最好的。

So Steve talked about we're a landlords market, and we certainly feel that, I think tenants feel that the strong demand in the marketplace, a number of tenants that are focused on expiries in three years out, they're worried about whether they're going to be able to either consolidate in a single location, have enough expansion space, et cetera.

所以史蒂夫談到我們是一個房東市場，我們當然感覺到，我認為租戶感覺到市場需求強勁，許多租戶專注於三年內到期，他們擔心他們是否能夠在一個地方合併，是否有足夠的擴展空間等等。

So the dynamics have shifted. And we are, I would say, on a weekly basis, evaluating our space and trying to determine how much we can push rents, and we're going to continue to push rents, I think, across the board. We've done it aggressively on Park, we're doing in other buildings in Midtown, and we're doing in PENN.

因此形勢已經發生了變化。我想說的是，我們每週都會評估我們的空間，並試圖確定我們可以將租金提高多少，而且我認為，我們將繼續全面提高租金。我們在公園裡積極地進行了這項工作，我們在中城的其他建築中也在進行這項工作，我們在賓州大學也在進行這項工作。

I think what you're hearing and what you're seeing in terms of the stat is they continued movement to push up rents there, where I think we started at PENN 1 in the mid $80s, maybe $90 and now we're achieving rents north of $100. We're going to do the same on PENN 2. So we're pretty optimistic in terms of what's going to happen to rental rate growth just given the lack of quality space available and the demand side we're seeing.

我認為您所聽到的和從統計數據中看到的是，他們繼續推高那裡的租金，我認為 PENN 1 的租金開始時是 85 美元左右，也許是 90 美元，而現在我們的租金已經超過 100 美元。我們將在 PENN 2 上做同樣的事情。因此，考慮到優質空間的缺乏和我們看到的需求面，我們對租金成長的未來持相當樂觀的態度。

So I think we have the potential to see growth rates we haven't seen in quite some time. And we're going to push. We're going to find the resistance level as we move out here.

因此我認為我們有可能看到相當長一段時間以來未曾見過的成長率。我們會繼續努力。當我們移出這裡時，我們將會發現阻力位。

That's helpful. And then I guess one last one for me. You guys able to talk about the A known, and B known investments you guys did?

這很有幫助。我想這對我來說是最後一個了。可以談談你們所做的 A 類已知投資和 B 類已知投資嗎？

It's on a site in Midtown. It's a note that we've linked into in two phases. It's a high-quality site -- and it can go either way. We're on one hand, we might just collect the coupon and earn a reasonable return, relatively, we could earn in cash. And alternatively, it could be an opportunity to own the asset and capitalizing the opportunity there. So it could go either way, but we just view it as it's a high-quality asset. We're happy if we earn the return and may leverage into a broader opportunity, and that's as much as we can say right now.

它位於中城區的一個地點。這是我們分兩個階段進行的說明。這是一個高品質的網站——而且它可以朝任何一個方向發展。一方面，我們可能只是收集優惠券並獲得合理的回報，相對而言，我們可以賺取現金。或者，這可能是一個擁有資產並利用該機會的機會。因此，它有可能發生任何變化，但我們只是將其視為優質資產。如果我們能夠獲得回報並可能獲得更廣泛的機會，我們會很高興，這就是我們現在能說的全部。

Seth Berge, Citi.

花旗銀行的塞思·伯格（Seth Berge）。

I think on the last call, you spoke to kind of hitting the 80% target for PENN 2 by year-end. I guess, just given the recent leasing activity, and it sounds like after $1.4 billion development pipeline is kind of on leases out on it. Do you think you could kind of exceed that target?

我認為在上次電話會議上，您談到了在年底前實現 PENN 2 80% 的目標。我想，考慮到最近的租賃活動，聽起來 14 億美元的開發管道之後就有點被租賃出去了。您認為自己能超越這個目標嗎？

Glen, I said I doubt it. The question is, can we exceed any percent that I'm saying right now that -- go ahead, Glen.

格倫，我說我對此表示懷疑。問題是，我們能否超過我現在所說的任何百分比——繼續吧，格倫。

I mean look, we're feeling very good about where we in PENN 2. We feel we'll get there. I will say we're being patient. We're being smart. I might even say being a little choosy in terms of our credit profile, our tenant mix, and we do keep looking at our pricing increasing it. So we're not rushing just the lease space. That's not what we do.

我的意思是，我們對自己在 PENN 2 的表現感到非常滿意。我們覺得我們會到達那裡。我想說我們很有耐心。我們很聰明。我甚至可能會說，我們在信用狀況、租戶組合方面有點挑剔，而且我們確實一直在考慮提高定價。所以我們並不急於租賃空間。這不是我們所做的。

So while we think we'll get there. We're being careful and smart about our strategy. We're in it for the long term, not for the short-term statistics.

所以我們認為我們會到達那裡。我們對自己的戰略非常謹慎和明智。我們致力於長期發展，而不是為了短期的統計數據。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

And congrats to you guys on the Verizon deal. So that was nice to se. Glen, you partially answered my question on the leasing ex-NYU. It sounds like you guys are choosier on the types of deals that you're doing, especially in this market. But what stood out in the quarter is ex-NYU, the average lease term was just 6.8 years, which given CBD leasing would expect that longer.

恭喜你們與 Verizon 達成交易。很高興看到這一點。格倫，你部分回答了我關於租賃前紐約大學的問題。聽起來你們對所做的交易類型更加挑剔，尤其是在這個市場。但本季引人注目的是除紐約大學外的其他學校，平均租賃期限僅為 6.8 年，而考慮到 CBD 租賃，預計租賃期限會更長。

So can you just give us a little bit more color? Clearly, you're on for big whale of deals, but on the smaller deals, can you just give a context of the types of tenants and space and tenure because again, would expect deals to be longer than averaging 6.8 years?

那你可以給我們多介紹一下嗎？顯然，您關注的是大宗交易，但對於較小的交易，您能否提供租戶類型、空間和使用期限的背景信息，因為預計交易期限會超過平均 6.8 年？

Yes, of course, Alex. So I look at it -- for the full year, the half year thus far, our average is 12 years on 1.1 million feet of leasing outside of NYU, of course. For the quarter, it's an outlier this quarter. It was a mix of large renewals that were less than 10 years with a lot of prebuilt deals at PENN 1 and other buildings that are multi-tenant like the Fuller Building and others.

是的，當然，亞歷克斯。所以我認為——就全年而言，也就是迄今為止的半年而言，我們在紐約大學以外租賃 110 萬英尺土地的平均時間為 12 年。就本季而言，這是一個異常值。這是一系列大規模的續建交易，續建期限不到 10 年，其中包括 PENN 1 的大量預建交易以及富勒大廈等多租戶建築。

So it was an odd mix of leasing this quarter. I certainly would not say there will be a trend of this type of average lease term, particularly, you know us and you know our averages are normally at least 10 years. It's an outlier and I'm not concerned at all.

因此本季的租賃情況比較奇怪。我當然不會說會出現這種平均租賃期限的趨勢，特別是，您了解我們，您知道我們的平均租賃期限通常至少為 10 年。這是一個異常值，我一點也不擔心。

Okay. The second question is Steve. I appreciate your comments on the cash balance for Vornado. But when we look at Alexander's, it seems to be the inverse in the sense of the dividend over payment, the cash needs for the Bloomberg in 2029 replacing Home Depot. So can you just help us understand the dividend over payment relative to the cash balance relative to how we should think about Alexander's on a go-forward basis?

好的。第二個問題是史蒂夫。我很感謝您對 Vornado 現金餘額的評論。但是，當我們看一下亞歷山大公司時，從股息超額支付的角度來看，情況似乎正好相反，彭博社在 2029 年取代家得寶時需要現金。那麼，您能否幫助我們理解相對於現金餘額的股息超額支付，以及我們應該如何看待亞歷山大的未來？

This is a Vornado call. I think it's inappropriate to get into Alexander's. We had this conversation last quarter, as I remember. There are things going on at Alexander's that you don't know about. And as a result of that, I quibble with your analysis. And with that, this is going to be just fine.

這是 Vornado 打來的電話。我認為進入亞歷山大是不合適的。我記得我們上個季度進行過這次談話。亞歷山大那裡發生了一些你不知道的事。因此，我對你的分析有異議。有了它，一切都會好起來的。

Okay. I appreciate that, Steve.

好的。我很感激，史蒂夫。

Just to clarify just a little bit more. I mean there are some assets that are going to be sold at Alexander's, which will -- how do I say it, probably surprised you greatly. And It's not the big --

只是為了進一步澄清。我的意思是，亞歷山大公司將要出售一些資產，這——怎麼說呢，可能會讓你大吃一驚。這不是最大的--

I like surprises. So I appreciate your time, Steve.

我喜歡驚喜。所以我感謝你抽出時間，史蒂夫。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Maybe just following up on the retail leasing environment. Can you talk a little bit more about the timing around the vision for the 34th Street quarter and then the potential timing of backfilling the Forever 21 space?

也許只是跟進零售租賃環境。您能否再多談談第 34 街區的願景時間表以及填補 Forever 21 空間的潛在時間安排？

Thanks. This is a long-term activity. We have held that space off the bar. Well, first of all, let's talk about the quality of the real estate. 34th Street over the years has been one of the top two- or three shopping street in Manhattan. The subway stations are the second busiest and the third busiest in the entire system. The footfall is amazing. The traffic is getting -- accelerating now with all of the office buildings that have been built in the district.

謝謝。這是一項長期活動。我們已經將該空間保留在酒吧之外。嗯，首先我們來談談房地產的品質。多年來，第 34 街一直是曼哈頓排名前兩三的購物街之一。該地鐵站是整個系統中第二繁忙和第三繁忙的地鐵站。腳步聲令人驚嘆。隨著該地區辦公大樓的增多，交通量也變得越來越大。

And when you look at the transportation system, the transportation system really is at 7th Avenue and 33rd Street and 6th Avenue and 33rd Street. So all of the buildings to the West, the people in order to get into the transportation system basically come east into our neighborhood.

當您查看交通系統時，您會發現交通系統實際上位於第七大道和第 33 街以及第六大道和第 33 街。因此，所有西邊的建築，為了進入交通系統，人們基本上都會向東來到我們的社區。

So we're very enthusiastic about the quality of the retail. The Street has gone (inaudible). We had held lots of space, maybe even all the space off the market waiting for the right timing. The timing is now. So what I said was that we're going to take it -- it looks like at 700 front feet. 700 front feet is basically 3.5 blocks. Nobody has that kind of concentration under one ownership, so we're very excited about the opportunity.

因此，我們對零售品質非常熱衷。街道已經消失了（聽不清楚）。我們持有大量空間，甚至可能是市場上所有的空間，等待合適的時機。現在正是時機。所以我說我們要把它拿下來——看起來像是 700 英尺。 700 英尺基本上是 3.5 個街區。沒有人能在一個所有權下實現如此程度的集中，所以我們對這個機會感到非常興奮。

With respect to when the Forever 21 space gets released, it may be reconfigured, and I really can't predict what the timing is going to be. It will undoubtedly be a different building, and it will take some time and be patient with us. But what's going to happen is going to be a great result.

至於 Forever 21 空間何時發布，它可能會被重新配置，我真的無法預測具體時間。毫無疑問，這將是一座不同的建築，這需要一些時間，請耐心等待。但即將發生的將會是一個很好的結果。

Great. A question for Michael. Thank you for the comments on the comparable FFO for this year versus last. But can you help us think about kind of the revenue ramp at the end of the year? Just trying to help us kind of think about the full impact of PENN 1 and PENN 2 being in 2027, but kind of how will that trend quarter-to-quarter?

偉大的。問麥可一個問題。感謝您今年與去年可比較 FFO 的評論。但是您能幫助我們思考年底的營收成長嗎？只是想幫助我們思考 PENN 1 和 PENN 2 在 2027 年的全面影響，但這種趨勢將如何逐季變化？

It sounds like you're asking for guidance, which we don't give. I think it will build over those quarters, but it's going to be -- as we think about both PENN 1 and Penn 2, it's going to be more back ended there. But I don't think -- I start going little more towards fourth quarter this year and into next year. But I think most of it is going to happen in 2027 from a run rate standpoint.

聽起來你是在尋求指導，但我們並沒有提供指導。我認為它會在這些季度內建成，但它將是——當我們考慮 PENN 1 和 Penn 2 時，它會在那裡更加後端化。但我不認為——我會在今年第四季和明年開始更多地關注這一點。但從運行率的角度來看，我認為大部分將在 2027 年發生。

So I don't want to give you a '26 prediction here today. We haven't done our budgets yet. Obviously, but I think most of that will hit. Markets moving, possibly we'll see where we end up pretty steep growth from '26 to '27.

所以今天我不想在這裡給你一個 26 年的預測。我們還沒有製定預算。顯然，但我認為大部分都會實現。市場正在變化，我們可能會看到 26 年至 27 年期間出現相當大幅的成長。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Michael, I guess I wanted to just get some more color on that last few comments. So you obviously talked about the '27 growth. We're not looking for a number for '26, but just -- are there any big moving pieces we should be aware of as we model this out, like anything that is really, I guess, depressed '26? Or is it just a step function change as we go into it from '26 to '27?

邁克爾，我想我只是想對最後幾條評論進行更詳細的說明。所以你顯然談到了 27 年的成長。我們並不是在尋找 26 年的數字，而只是——在我們對此進行建模時，是否有任何我們應該注意的重大變動，例如任何我猜是真正令人沮喪的 26 年的事情？或者這只是從 26 年到 27 年的一個階躍函數變化？

I think it's largely just step function. I don't think it's anything unusual. I mean, look, we have space releasing up really across the board, both in New York, some space in California, Chicago. We've got activity on the retail area that will kick in as well. So I think generally across the board, nothing unusual, but largely, as I said, just given timing of when we signed those leases stepping heavily.

我認為這很大程度上只是階躍函數。我認為這沒什麼不尋常的。我的意思是，你看，我們確實全面釋放了空間，包括紐約、加州和芝加哥的一些空間。我們在零售領域的活動也將開始。所以我認為總體來說，沒有什麼不尋常的，但很大程度上，正如我所說的，只是考慮到我們簽署這些租約的時機。

Okay. So no big move outs or like interest expense, I guess, any swaps or anything expiring that like pressure '26 relative to '25 before we get a step-up in '27?

好的。因此，我想，在 2027 年有所提升之前，不會出現大的變動或利息支出，也不會出現任何掉期或到期交易，導致 2026 年相對於 2025 年出現壓力？

No, I mean. Look, in terms of move-up, I mean we're in the leasing business, right? And there's going to be a certain amount of tenants that move out, certain amount of keep, certain amount that grow, certain contract., I think we're more in the growth and contract right now. But currently, there's always some level of move-up. So in New York office, you're going to have, we'll just have to see what sort of comes about over the course of the next year.

不，我是說。你看，就升級而言，我的意思是我們從事租賃業務，對嗎？會有一定數量的租戶搬出，一定數量的租戶保留，一定數量的租戶增長，一定數量的租戶收縮。我認為我們現在更多地處於增長和收縮階段。但目前，總會有某種程度的上升。因此，在紐約辦公室，你將會，我們只需要看看明年會發生什麼。

I will say on the interest expense side, and I think you talked about this on the last quarter. I think we're generally on the downhill trajectory on that. We had been fairly well hedged. We're now, a, between delevering the balance sheet. I think we're generally rolling over assets. I would say, flat in terms of interest, a little bit down, a little bit up, but generally flat, but with less debt. The interest expense is coming down. So -- and if short-term rates come down, that will help a little bit more. So I think we're on the backside on the interest front.

我想說的是利息支出方面，我想您在上個季度談到了這一點。我認為我們在這方面總體上處於下坡軌道。我們的防禦措施相當完善。我們現在正處於資產負債表去槓桿階段。我認為我們總體上是在轉移資產。我想說，就利息而言是持平的，有一點下降，有一點上升，但總體是持平的，但債務減少了。利息支出正在下降。因此——如果短期利率下降，那將會更有幫助。所以我認為我們在利益方面處於落後地位。

Hang on for a minute. Think about it from the big picture point of view. We operate our business, 90% of our business in the single best market in the country by far. We are in the best building category, which is a smaller market than the entirety, it's 180 million square foot market. The vacancies in that market, our customers are expanding. Our customers are doing well. The demand for space is robust, aggressive in the market that we serve. Vacancies are evaporating. The markets are getting tighter. So that all orders to a better business and shareholder value creation. So that's where we are.

等一下。從大局的角度來考慮一下。在我們經營的業務中，90% 的業務是在迄今為止全國最好的單一市場中開展的。我們處於最佳建築類別，這是一個比整體市場小的市場，其面積為 1.8 億平方英尺。那個市場的空缺，我們的客戶正在擴大。我們的客戶表現良好。在我們服務的市場中，對空間的需求是強勁且激烈的。空缺職位正在消失。市場正在變得越來越緊張。使一切訂單能夠更好地為企業和股東創造價值。這就是我們現在的狀況。

Okay. I just wanted to clarify. So I guess, Steve, you mentioned San Francisco likely to come back very, very -- I guess, I don't know if it was a word, ferocious and then obviously, New York doing very well. I'm just wondering, like does this create an opportunity for Vornado to use some capital to buy assets, invest in debt? I know you're paying down debt, but just like what are the investment opportunities today for Vornado?

好的。我只是想澄清一下。所以我想，史蒂夫，你提到舊金山很可能會復甦，非常非常——我想，我不知道是不是用一個詞來形容，兇猛，然後顯然，紐約表現得很好。我只是想知道，這是否為 Vornado 創造了一個機會，可以利用一些資本購買資產、投資債務？我知道您正在償還債務，但是 Vornado 目前有哪些投資機會？

The answer is capital allocation is probably the single most important thing that we have to do, and we are going to be very rigorous and very disciplined in what we do. We look at everything that comes up and we invest cautiously, and we invest aggressively when we think there's something that creates real shareholder value. So I don't have anything in the way of predictions for you other than the fact that we are very responsible in our capital allocation.

答案是，資本配置可能是我們必須做的最重要的事情，而且我們將非常嚴格、非常自律地對待我們所做的事情。我們會注意出現的所有情況並謹慎投資，當我們認為某些事情能夠創造真正的股東價值時，我們就會積極投資。因此，除了我們在資本配置方面非常負責任這一事實之外，我沒有什麼可以為你做出的預測。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Earlier, somebody asked about net effective rents, and you talked about pushing rents across New York City, I guess, on the tenant improvement and leasing commission side, you show it as a percent of initial rent, and it's up New York City for the second -- sorry, for 2Q and the first half to like 12% to 13% of initial rent. So I was wondering, would you say that 2025 outcome as a result of something in particular? Or is that just the reality of leasing today? And what will it take for that to change?

早些時候，有人問到淨有效租金，您談到了推動整個紐約市的租金，我想，在租戶改善和租賃佣金方面，您將其顯示為初始租金的百分比，而紐約市第二季度和上半年的租金上漲了 12% 到 13%。所以我想知道，您是否認為 2025 年的結果是由某些特定因素造成的？或者這只是當今租賃的現實？那我們需要怎麼做才能改變這種狀況呢？

Go ahead, Glen.

繼續吧，格倫。

I was just going to say, look, the TI's have stabilized, haven't come down yet, but we are seeing free rent come down, which is not in that percentage. But we expect as things tighten that the TIs will eventually come down. But free rent certainly is starting to come down in our deal making with rents rising. So I think that's a great start to the net effect of story strengthening for owners like us for sure.

我只是想說，看，TI 已經穩定下來，還沒有下降，但我們看到免租金下降了，但這並沒有達到那個百分比。但我們預計，隨著情況趨緊，TI 最終將會下降。但隨著租金上漲，免租金在我們交易中肯定開始減少。因此，我認為這對我們這樣的業主來說無疑是增強故事影響力的良好開端。

Got it. Okay. And then I was wondering if you could just give any update on your dividend thoughts as it relates either to 2025 or just broadly and having a quarterly dividend reinstated?

知道了。好的。然後我想知道您是否可以就股息想法提供任何更新，因為它與 2025 年有關，或者只是廣泛地與恢復季度股息有關？

Caitlin, so on the dividend front, obviously, that's a Board decision. And we'll meet with the Board, discuss it with the Board as we get at year-end. I would say a couple of things, though. Given the positive trends in the business, and where taxable income is expected to be, and there's still things that could move it around in a number of different ways, including some -- you've seen us sell a couple of small assets, et cetera.

凱特琳，就股息方面而言，顯然這是董事會的決定。我們將在年底與董事會會面並討論此事。不過，我想說幾件事。鑑於業務的積極趨勢以及預期的應稅收入，仍然有一些因素可能會以多種不同的方式對其產生影響，包括一些因素——您已經看到我們出售了一些小資產等等。

But I would say, as we get towards year-end, our expectation given the trends are, at a minimum, we think we'll pay as much as we paid last year, which was $0.74 a share. So that's for 2025. And again, we'll get with the Board at year-end.

但我想說，隨著年底的臨近，根據目前的趨勢，我們預計我們至少會支付與去年一樣多的金額，即每股 0.74 美元。這就是 2025 年的情況。再次，我們將在年底與董事會達成協議。

I think as we look out, and I think Steve made this comment maybe a couple of quarters ago as the environment heals, we'll look towards more of a regular dividend. I think that's something we'll also look hard at a year-end and get back to a more normalized quarterly dividend. Whether that results in any different outcome in terms of a total, I can't comment on that.

我認為，當我們展望未來時，而且我認為史蒂夫可能在幾個季度前就發表了這一評論，隨著環境的改善，我們將期待更多的定期股息。我認為這也是我們在年底會認真考慮的事情，並恢復更正常的季度股息。這是否會導致總體上不同的結果，我無法評論。

But I think certainly, as we enter this year, no less than last year to the expectation. And again, given the positive trends, we think that the dividend will start growing over time, particularly as we get into that 2027 as a significant increase in earnings.

但我確信，當我們進入今年時，我們的預期不會低於去年。而且，鑑於積極的趨勢，我們認為股息將隨著時間的推移開始增長，特別是當我們進入 2027 年時，收益將大幅增加。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

I just got two quick ones. Just on the -- going back to the same-store NOI and some of the callouts, just wondering if any high-level thoughts as you sort of anniversary this period in '26 or '27 -- just any sort of color on where that same-store could look like or how we should think about it without asking for guidance?

我剛剛得到兩個快速的。只是——回到同店淨銷售額和一些標註，只是想知道，在 26 年或 27 年這個時期的周年紀念日時，您是否有任何高層想法——對於同店銷售額可能是什麼樣子，或者我們應該如何思考它，而無需尋求指導？

I think that with NOI, we have a lot going on because, obviously, 717s comes out and there now. We obviously paid off the debt, too. But -- like I think as we get to particularly next year, we'll start seeing positive same-store NOI and beyond. I can't give you the percentages yet, but again, just given the leasing pipeline, we expect that, that will be the case.

我認為，有了 NOI，我們有很多事情要做，因為顯然 717 現在已經問世了。我們顯然也還清了債務。但是——我認為，特別是到了明年，我們將開始看到正的同店淨營業利潤及其他成長。我現在還不能給你具體百分比，但是，考慮到租賃管道，我們預計情況會是這樣。

Makes sense. And then my second question, just some updated thoughts. I mean, I think the Hotel PENN land site, some of the activity on sort of 5th Avenue retail monetization. Just curious if you can give us a pulse on those assets and how you're thinking through about potential monetization there or what you're hearing?

有道理。然後是我的第二個問題，只是一些最新的想法。我的意思是，我認為賓夕法尼亞酒店 (Hotel PENN) 土地地塊的一些活動與第五大道零售貨幣化有關。我只是好奇您是否可以向我們介紹這些資產的情況，以及您如何看待這些資產的潛在貨幣化，或者您聽到了什麼？

The PENN 15 site is, I believe, the single best site in the West New York market. Obviously, it will require a new build. A new build now is, as I've said in my prepared remarks, the escalation and cost of the new builds is fairly dramatic. So we're rolling to our tenants. We thought -- we see every large requirement that comes along. And when the right tenant comes along, we will make a deal and develop the land. The timing on that is uncertain, but it certainly will not be imminent or quick.

我認為 PENN 15 地塊是西紐約市場上最好的地塊。顯然，它需要一個新的構建。正如我在準備好的演講中所說的那樣，現在的新建設規模和成本都相當驚人。因此，我們正在向租戶推出這項服務。我們認為——我們看到了隨之而來的每一個重大需求。當合適的租戶出現時，我們將達成交易並開發土地。具體時間尚不確定，但肯定不會很快發生。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

As you guys mentioned in the San Francisco, showing broad improvement in demand. Can you give us an update on the progress for renewing or releasing some of the upcoming expirations at 555 California?

正如你們在舊金山提到的那樣，需求普遍改善。您能否向我們介紹一下 555 California 即將到期的一些續約或解約的進展？

Glen, do you want to take that?

格倫，你想接受這個嗎？

I'm sorry just in San Francisco a few days ago, things are markedly improved. The street feel good, safer, cleaner, buildings are busier. And the good news is leasing is starting to pick up and improve. It feels a lot like New York, I'd say, probably 18 months ago or so where things are starting to happen in a positive way.

很遺憾就在幾天前的舊金山，情況有了明顯的改善。街道感覺良好、更安全、更乾淨，建築物更繁忙。好消息是租賃業開始回升並改善。我想說，這感覺很像大約 18 個月前的紐約，那時一切都開始朝著正面的方向發展。

The beat is better. The brokers are smiling a little bit all of a sudden. So it all feels good. We've just completed a huge run of leasing there about 600,000 feet. We have some vacancy to contend with right now, 100,000 feet bits in parts. And we have a couple of tenants moving on next year.

節奏更好。經紀人們頓時露出了些許笑容。所以一切都感覺很好。我們剛剛在那裡完成了約 600,000 英尺的大規模租賃。我們現在需要處理一些空置土地，其中部分土地有 100,000 英尺。我們有幾個租戶明年就要搬進來了。

We have action on everything. Our tour volume is great, almost daily in the building. Everyone is coming through and the building continues to outperform everybody by a long shot. The best tenants with the highest rents are all coming to 555. We feel great about our prospects.

我們對每件事都採取了行動。我們的參觀量很大，幾乎每天都有遊客來參觀。每個人都在努力，而這棟建築的表現也持續遠遠超過所有人。最好的租客，最高的租金，都來到了555。我們對我們的前景充滿信心。

But overall, the market seems to be coming on now. The Mayor has done an excellent job improving the environment. Working well with landlords like us and with our tenant base. So we feel like things are signaling to improvement and strength.

但總體而言，市場現在似乎正在復甦。市長在改善環境方面做了出色的工作。與我們這樣的房東以及我們的租戶群體合作良好。因此，我們感覺事情正在朝著好轉和增強的方向發展。

Great. That's helpful. And maybe more broadly on the demand picture. Our checks of brokers have suggested that a lot of the demand that they've seen in recent quarters has reflected real-time needs and urgency among tenants versus more traditional longer-term capacity planning needs that would have been more of a characteristic of the past cycles. Have you seen any shift in recent quarters and how the tenant base is approaching their need for space in terms of real-time needs versus longer-term planning?

偉大的。這很有幫助。或許從更廣的角度來看需求狀況。我們對經紀人的檢查表明，他們在最近幾季看到的許多需求反映了租戶的即時需求和緊迫性，而不是更傳統的長期容量規劃需求，這更像是過去週期的特徵。您是否發現最近幾個季度發生了任何變化？租戶群體在即時需求和長期規劃方面如何滿足其空間需求？

So Verizon is a perfect example. It's a deal that started percolating to us in mid-June and closed at the end of July. That's fast. We love that. Tenant decided to move their headquarters, acted quickly, consciously, perfectly and smoothly. So that's something we see. We have other activity at PENN 2, PENN 1 and elsewhere in the portfolio is similar, where tenants are now coming quickly.

Verizon 就是一個很好的例子。這筆交易於六月中旬開始醞釀，並於七月底完成。真快啊。我們喜歡這個。租戶決定搬遷其總部，行動迅速、有意識、完美且順利。這就是我們所看到的。我們在 PENN 2、PENN 1 和投資組合中的其他地方也有類似的活動，租戶現在正在快速湧入。

It's not as much of our lease expires in two years or three years or four years, it's the action that we like, a landlords market type of action. And a lot of it is both relocation and expansion. There's a lot of expansion, particularly in New York right now, where we're seeing signs of growth and people are acting very quickly. And even in some cases, we have tenants now battling for space throughout the portfolio. So I think your comment is on queue in terms of what we're seeing.

我們的租約大多不會在兩年、三年或四年後到期，這是我們喜歡的行動，一種房東市場類型的行動。其中很多都是搬遷和擴建。擴張勢頭強勁，尤其是紐約，我們看到了成長的跡象，而且人們的行動非常迅速。甚至在某些情況下，我們的租戶現在正在爭奪整個投資組合中的空間。因此，我認為就我們所看到的情況而言，您的評論是符合要求的。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Glen and Steve, I just want to go back, Steve, you mentioned $100 in place. I think it was in place in PENN that could go to $150. If you guys get the same rents as your neighbors to the west. But I thought the new deals that you were signing were in sort of the $120 million, $130 million range. I thought that's where the new deals are commanding.

格倫和史蒂夫，我只是想回去，史蒂夫，你提到了 100 美元。我認為賓州大學已經實施了這個政策，其價格可能會達到 150 美元。如果你們的租金與西邊的鄰居一樣。但我認為您簽署的新協議金額大約在 1.2 億美元到 1.3 億美元之間。我認為這就是新交易的主導地位。

So maybe I'm wrong, but maybe you can just provide a little perspective versus what are in-place rents at the PENN 1, PENN 2 versus where you guys are signing rents. As I said, I thought your signed rents had been moving up steadily?

所以也許我錯了，但也許你可以提供一點看法，對比一下 PENN 1、PENN 2 的現有租金與你們簽署的租金。正如我所說，我認為您簽訂的租金一直在穩步上漲？

Glen, do you want to handle that for me?

格倫，你願意幫我處理這個嗎？

Certainly, we're moving steadily up. As Michael said, we were in the $80s and the $90s, now in the $100. That's on average. We, of course, have seen deals well into the $100s, the $110s, the $120s, the $130s. So we are certainly seeing month-to-month improvement in rising rates. We expect that to continue. So our average rents have risen quarter-to-quarter. And then we're seeing deals well into the $100s. Now you're correct, Alex.

當然，我們正在穩步前進。正如邁克爾所說，我們的價格曾經是 80 美元和 90 美元，現在已達到 100 美元。這是平均數。當然，我們也看到價值 100 美元、110 美元、120 美元、130 美元的交易。因此，我們確實看到利率逐月上升的改善。我們預計這種情況將會持續下去。因此我們的平均租金逐季上漲。然後我們看到交易金額達到 100 美元。現在你是對的，亞歷克斯。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Steve Roth for any closing remarks.

我們的問答環節到此結束。我想將會議交還給史蒂夫·羅斯先生，請他作最後發言。

Thank you for joining us today, everybody. And we continue to be very excited about a lot of things. We're very excited about PENN obviously. We're very, very proud of what we've done with our balance sheet over the last couple of quarters and business is actually pretty terrific. We'll see you next quarter. Thank you.

謝謝大家今天的參與。我們仍然對很多事情感到非常興奮。我們顯然對 PENN 感到非常興奮。我們對過去幾季的資產負債表表現感到非常自豪，而且業務實際上非常棒。我們將於下個季度與您見面。謝謝。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。