Alexander's Inc (ALX) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Vornado Realty Trust third-quarter of 2025 Earnings Call. My name is Joe, and I will be your operator on today's call. This call is being recorded for replay purposes

早安，歡迎參加 Vornado Realty Trust 2025 年第三季財報電話會議。我叫喬，我將擔任您今天通話的接線生。本次通話將會被錄音，以便回放。

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

（操作說明）現在我將把電話轉交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 third-quarter earnings call. Yesterday afternoon, we issued our third-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第三季財報電話會議。昨天下午，我們發布了第三季財報報告，並向美國證券交易委員會提交了 10-Q 表格季報。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」部分查閱。

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 developments.

在這些文件中以及今天的電話會議中，我們將討論一些非GAAP財務指標。這些指標與最直接可比較的 GAAP 指標的調整表已包含在我們的獲利報告、10-Q 表格和財務發展報告中。

Please be aware that statements made during this call may beamed 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. 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.

請注意，本次電話會議中發表的聲明可能包含前瞻性聲明，由於各種風險、不確定性和其他因素，實際結果可能與這些聲明有重大差異。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 日止年度的 10-K 表格年度報告。通話內容可能包含有時效性的信息，這些信息可能僅在今天當天準確無誤。本公司不承擔更新任何前瞻性聲明的義務。

On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer; and Mike 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.

今天出席電話會議並作開場白的有董事長兼首席執行官史蒂文·羅斯，以及總裁兼首席財務官邁克·弗蘭科。我們的高階團隊成員也會在場，並解答疑問。現在我將把電話轉給史蒂文·羅斯。

Thank you, Steve, and good morning, everyone. Today is Election Day in America. The spectacle of our entire population all voting on a single day, the first Tuesday in November, has been somewhat diluted by early voting and voting by mail. Nonetheless, today is election day, a critical symbol of our Great American democracy. And we all know elections matter.

謝謝你，史蒂夫，大家早安。今天是美國大選日。11 月的第一個星期二，全體民眾在同一天投票的盛況，因提前投票和郵寄投票而有所減弱。然而，今天是選舉日，這是我們偉大美國民主的重要像徵。我們都知道選舉很重要。

The election in New York City with the prospect of a Democrat socialist Mayor has attracted enormous attention. We almost admit that affordability as we become a critical issue and even a lightning rod as is the cost and availability of housing.

紐約市的選舉，尤其是民主黨社會主義市長候選人的出現，引起了廣泛關注。我們幾乎可以肯定，住房負擔能力已成為一個關鍵問題，甚至是一個引人注目的焦點，因為住房的成本和供應情況就是如此。

I'm an optimist and believe that everything will work out for the best. Importantly, with respect to the prospect of Democrat socialist mayor, we have not seen any pullback or hesitancy and space demand from our customers. In fact, the opposite, nor have we seen any canary in the coal mine indication from the stock market.

我是一個樂觀主義者，相信一切都會朝著最好的方向發展。重要的是，對於民主黨社會主義市長的前景，我們沒有看到客戶有任何退縮或猶豫，也沒有看到空間需求有任何變化。事實上，情況恰恰相反，我們也沒有從股市中看到任何預警訊號。

Enough said. Now to the business. Here at Vornado, our business is good, really good and growing stronger. Our performance continues to lead both the national office pack and our New York peers. The market seems to have recognized this as our stock has doubled in the past two years. Why?

無需多言。現在進入正題。在Vornado，我們的業務發展良好，而且越來越好。我們的業績繼續領先全國辦公大樓同行和紐約同行。市場似乎已經意識到了這一點，因為我們的股票在過去兩年裡翻了一番。為什麼？

One, we are in New York; two, our leasing steps and our mark-to-market stats led the industry; three, as does our balance sheet stats. Our net debt-to-EBITDA ratio was down to 7.3 times, and our immediate liquidity is $2.6 billion; four, we are focused. We are stick to our mining company; five, we have our PENN District our city within a city; six, we have the 350 Park Avenue development and it is in full swing; seven, we have a couple of hundred million dollars in the bag annual growth coming over the next few years; and finally, eight, we have a great portfolio of artisan retail assets.

第一，我們位於紐約；第二，我們的租賃步驟和市值統計數據在業界領先；第三，我們的資產負債表統計數據也領先。我們的淨負債與 EBITDA 比率降至 7.3 倍，我們的即時流動資金為 26 億美元；第四，我們專注於此。第五，我們專注於我們的礦業公司；第六，我們擁有賓夕法尼亞區，一個城中之城；第七，我們正在全力開發公園大道350號項目；第八，我們擁有數億美元的年增長資金，未來幾年將持續增長；最後，我們擁有豐富的精品零售資產組合。

We had another excellent quarter. Michael will cover our earnings shortly, and Glenn is here to answer questions on our leasing activity. Now let me cover what we're seeing on the ground, along with some of our recent activity and accomplishments. As the noted journalist Peter Grant recently wrote New York City's office market is enjoying its biggest boom in nearly two decades, leaving the rest of the US in the dust.

我們又迎來了一個非常出色的季度。Michael 稍後會介紹我們的收益狀況，Glenn 將回答有關我們租賃業務的問題。現在讓我來介紹一下我們實地看到的情況，以及我們最近的一些活動和成就。正如著名記者彼得·格蘭特最近所寫，紐約市的辦公大樓市場正經歷近二十年來最大的繁榮，將美國其他地區遠遠甩在身後。

The rotation from a tenants market to a landlords market in the 180 million square foot Class A better building submarket in which we compete, that we've been predicting is now happening and has even become accepted by our doubting Thomas analysts and the critical press. Cut off the press, CIB reports at Midtown core, better building vacancy is now down to 6.2%.

我們一直預測，在我們競爭的1.8億平方英尺A級優質建築子市場中，市場將從租戶市場轉向房東市場，而現在這種轉變正在發生，甚至連我們那些持懷疑態度的分析師和批評媒體也接受了這一趨勢。媒體報道，CIB 報告稱，中城核心地段的優質建築空置率已降至 6.2%。

As I said in the past, we are a 90% Prime-badge Manhattan-centric company, tenant demand is robust. Companies are expanding demand is broad-based across all industries and available space in the better buildings continues to evaporate quickly. Manhattan office leasing activity is on pace to exceed 40 million square feet for the year for the first time since 2019. Over demand is filling out to all submarkets, sublet availability are shrinking rapidly and we are in the fates of strong, maybe even surging rent growth. By Foothills, I'm saying all the good stuff is just in the third inning, and the best stuff is yet to come.

正如我之前所說，我們是一家以曼哈頓黃金地段物業為中心的公司，90%的物業都位於該地段，租戶需求強勁。企業擴張的需求遍及各行業，優質辦公大樓的可用空間持續快速減少。曼哈頓辦公大樓租賃活動預計今年將突破 4000 萬平方英尺，這將是自 2019 年以來的首次。過剩的需求正在滲透到所有細分市場，轉租空間正在迅速減少，我們正面臨著租金強勁甚至飆升的局面。我的意思是，到了山麓地帶，所有精彩的部分都還在第三局，最好的部分還在後面。

Obviously, deal activity and values will follow. Here is our industry-leading leasing scorecard. We expect our 2025 leasing volume for Manhattan office to be our highest in over a decade and our second highest year on record. Please take a look at our leasing and mark-to-market statistics. Our performance continues to be industry leading.

顯然，交易活動和交易額將隨之而來。以下是我們業界領先的租賃評分卡。我們預計 2025 年曼哈頓辦公大樓租賃量將達到十多年來的最高水平，也是有史以來第二高的年份。請查看我們的租賃和市場估值統計數據。我們的業績持續保持業界領先地位。

During the first nine months of 2025, Vornado leased 3.7 million square feet overall, of which 2.8 million feet was Manhattan office, leading the marketplace in not only leasing volume, during that period. We're also with the highest average starting rents in the city and with impressive mark-to-markets. Excluding the 1.1 million square foot master lease with NYU at 770 Broadway, the remaining 1.7 million square feet of leasing during the full nine months was at $99 per square foot average starting rents with mark-to-markets of plus 11.9% GAAP and plus 8.3% cash.

2025 年頭九個月，Vornado 共租賃了 370 萬平方英尺的辦公空間，其中 280 萬平方英尺為曼哈頓辦公空間，不僅租賃量領先市場，租賃面積也位居市場前列。我們的平均起租租金也是全市最高，租金與市價的比重也相當可觀。除紐約大學在百老匯大道 770 號簽訂的 110 萬平方英尺的主租賃合約外，其餘 170 萬平方英尺的租賃面積在九個月內的平均起始租金為每平方英尺 99 美元，按市值計價的 GAAP 為 +11.9%，按現金計價的 GAAP 為 +8.3%。

This includes over 1 million square feet of leasing in PENN 1 and in PENN 2. During the third-quarter, we executed 21 New York office deals totaling 594,000 square feet and robust bedding at $103 per square foot. Market-to-market for the quarter were plus 15.7% GAAP and 10.4% cash and the average lease term was more than 12 years. Michael and Glenn will cover specific tenants and deals in a few moments.

其中包括 PENN 1 和 PENN 2 超過 100 萬平方英尺的租賃面積。第三季度，我們完成了 21 筆紐約辦公大樓交易，總面積達 594,000 平方英尺，並以每平方英尺 103 美元的價格提供了充足的資金。本季市價以 GAAP 計算上漲 15.7%，以現金計算上漲 10.4%，平均租賃期間超過 12 年。Michael 和 Glenn 稍後將介紹具體的租戶和交易情況。

In the PENN District, at PENN 2, our leasing this quarter included 325,000 square feet at average slotting rent of $112 per foot. In October, after quarter ended not included in those leasing statistics, we completed two more large leases totaling 188,000 square feet. We have now leased over 1.3 million square feet at since project inception, putting us now at 78% occupancy and easily on track to hit and exceed our year-end guidance of 80%. Based on signed leases and activity that we are seeing for the remaining space, we plan to increase our published projected incremental cash yield of 10.2% at year-end.

在 PENN 區，PENN 2 號大樓，我們本季的租賃面積為 325,000 平方英尺，平均每平方英尺租金為 112 美元。10 月份，在租賃統計數據未包含的季度結束後，我們又完成了兩筆大型租賃，總面積達 188,000 平方英尺。自專案啟動以來，我們已出租超過 130 萬平方英尺，目前入住率達到 78%，完全有望實現並超過我們年底 80% 的入住率目標。根據已簽署的租賃協議以及我們看到的剩餘空間的使用情況，我們計劃在年底將公佈的預計增量現金收益率從 10.2% 提高。

At PENN 1, we leased 37,000 square feet during the quarter at an average starting rent of $100 a foot. Since the start of physical redevelopment of PENN 1, we have leased 1.6 million square feet there, at average falling rents of $94.

在 PENN 1，我們本季出租了 37,000 平方英尺的辦公空間，平均起租價為每平方英尺 100 美元。自 PENN 1 開始進行實體重建以來，我們已在那裡出租了 160 萬平方英尺的面積，平均租金為 94 美元，並且一直在下降。

At PENN, we are handily exceeding both of our initial underwriting and our increased writing. It's clear that the tipping point for the PENN District, our three block long city within the city is now behind us. Tenants and brokers are well by our transformation, which is reflected in our leasing activity. We sit on top of the nexus of Pennsylvania station and the New York City subway system adjacent to our good neighbors to the West, and West and Hudson Yards. The three of us combined represent the new booming west side of that.

在 PENN，我們輕鬆超越了最初的承保目標和增加的寫作目標。很明顯，賓州區（我們這個僅有三個街區長的「城中之城」）的轉折點已經過去了。租戶和經紀人對我們的轉型非常滿意，這體現在我們的租賃活動中。我們位於賓夕法尼亞車站和紐約市地鐵系統的交匯處，毗鄰西側的友好鄰居，以及西區和哈德遜廣場。我們三人加起來代表了西部地區蓬勃發展的新興力量。

As I said before, the PENN District will be a growth engine for our company for years to come with rising rents and future development projects. At our PENN 15 site, we are now responding to requests for proposals for a substantial block to space.

正如我之前所說，隨著租金上漲和未來開發項目的開展，賓州區將在未來幾年成為我們公司的成長引擎。在我們的 PENN 15 地塊，我們現在正在回應有關建造大型太空模組的提案請求。

We are now well along in the planning process for a 475 year rental residential building on our own 34th Street site [ caddy-corner ] to Moynihan Train Hall. We plan to begin construction next year. It is time, and we will now transform the tire old, may I even say junky retail on both sides of 7th Avenue and along 34th Street that we inherited into attractive, modern, and exciting retail offerings. This is the gateway to open district and a transformation here will have a big impact.

我們現在正穩步推進在位於我們自己的 34 街地塊（與 Moynihan 火車站斜對面）建造一座 475 年租賃住宅樓的規劃過程。我們計劃明年開始施工。時機已到，我們將把我們繼承的位於第七大道兩側和第 34 街沿線的破舊不堪的零售店，改造成有吸引力、現代化且令人興奮的零售場所。這裡是通往開放區域的門戶，這裡的轉型將產生重大影響。

We also continue to add to our already impressive fruit offerings in the district with our newest restaurant Abra, at the 33 Street and ninth Avenue corner of the quality building, which recently opened to crowds and great reviews. The space is spectacular sits right in the heart of the new west side and really ties us all together.

我們還在該地區不斷增加我們已有的令人印象深刻的水果產品，最新餐廳 Abra 位於 33 街和第九大道拐角處的優質建築內，最近開業時吸引了大量顧客並獲得好評。這個空間非常棒，它位於新西區的中心地帶，真正將我們所有人聯繫在一起。

Our New York City office leasing pipeline remains strong with more than 1.1 million square feet of leases in negotiation at various stages of proposal. We are growing in and growing smartly. In September, we added to our Prime Fish portfolio with the acquisition of 623 Fifth Aviate. This building originally built to the highest standards by Swiss Bank Corporation sits on top of Saks Fifth Avenue flagship store, [ store ] like a trophy on top of a podium.

我們在紐約市的辦公大樓租賃業務依然強勁，目前有超過 110 萬平方英尺的租賃專案正在洽談中，處於不同的提案階段。我們正在穩步發展。9 月，我們收購了 623 Fifth Aviate，進一步豐富了我們的 Prime Fish 產品組合。這座最初由瑞士銀行集團按照最高標準建造的建築坐落在薩克斯第五大道旗艦店之上，就像一座獎盃矗立在頒獎台上。

So our lowest floor is the 11, 175 feet off the ground with 25 column, 315,000 square foot flows above. The location is pretty amazing being merely a block west of both JPMorgan Chase's new heroic headquarters and our 280 Park Avenue.

因此，我們最低的樓層距離地面 11,175 英尺，有 25 根柱子支撐，其上面積達 315,000 平方英尺。地理位置非常優越，距離摩根大通新建的宏偉總部和我們的 280 Park Avenue 都只有一條街的西邊。

Our 63 Fifth Avenue has unique light and air and views being set back from Fifth Avenue on the east side of the fax landmark with the cortisol to the north and the Channel Gardens of the skating rink of Rockefeller Center to the west. The best and unique part of this deal is that the building is 75% vacant with the few remaining tenants on relatively short leases.

我們的第五大道 63 號擁有獨特的光線、空氣和景觀，它位於第五大道東側，靠近地標建築，北面是科蒂索爾，西面是洛克菲勒中心溜冰場的海峽花園。這筆交易最棒、最獨特的地方在於，該建築有 75% 的空置率，剩下的少數租戶的租約也相對較短。

Ironically, the vacant building is a big plus, but be explained. We will not be penalized by a gaggle of low longer-term obsolete leases, and we'll not have to wait 5 to 7 to 10 years for them to roll off. We will redevelop this building into the very best Elite boutique office building sort of the 220 Central Park South of August. We will begin to deliver space by year-end 2027.

諷刺的是，這棟空置的建築物反而是一大優勢，但需要解釋。我們不會因為一大堆低利率、期限較長且過時的租賃合約而受到懲罰，也不必等待 5 到 7 到 10 年才能讓這些合約到期。我們將把這棟大樓重新開發成像 220 Central Park South of August 那樣的頂級精英精品辦公大樓。我們將於 2027 年底開始交付空間。

So in two years, well less than half the time it would take for a new build -- and importantly, as the course. Here's the math. We acquired the building for $218 million, so $50 per foot. We will invest in the $600 a foot in development. So call it $1,200 a foot for the finished project, which will be every bit as good as the new build at the cost.

因此，兩年時間遠少於新建一棟建築所需時間的一半——而且重要的是，課程也是如此。以下是計算過程。我們以 2.18 億美元的價格收購了這棟大樓，也就是每平方英尺 50 美元。我們將投資每平方英尺 600 美元進行開發。所以，完工後的項目每英尺造價約為 1200 美元，其品質將與同等成本的新建築一樣好。

The team is budgeting a 9% yield on cost for this project. I am pushing the crack double digits. There was high demand for and a shortage of this product, we couldn't be more excited. Our 1.8 million square foot 350 Park Avenue newbuild was Citadel as our anchor tenant that came driven as our 60% partner continues right on schedule. The City Council unanimously approved the final year, and I did say unanimously.

團隊為此專案設定了9%的成本收益率預算。我正在努力突破兩位數的裂縫。這款產品需求量大，但供應短缺，我們感到無比興奮。我們位於公園大道 350 號的 180 萬平方英尺的新建築，以 Citadel 為主要租戶，作為我們 60% 的合作夥伴，目前正按計劃進行。市議會一致通過了最後一年的決議，我說的是一致通過。

We will commence evolution in March 2026. We remain very excited about the prospects for this new force and partners designed best-in-class 1.8 million square foot tower as is the brokerage and tenant communities. We are already getting incoming for spec space from clients seeking the very best and for whom our delivery date fits their needs. The Manhattan retail market also continues to show growing strength and the best spaces are in high demand again. Tenants are recognizing that rents are moving up and availability is declining on the best streets and are beginning to approach landlords for early renewals to lock up their spaces.

我們將於2026年3月開始進化。我們對這支新力量及其合作夥伴設計的這座一流的 180 萬平方英尺大樓的前景感到非常興奮，經紀公司和租戶社區也是如此。我們已經收到一些客戶的詢價，他們希望獲得最好的產品，而我們的交貨日期也符合他們的需求。曼哈頓零售市場也持續走強，優質商店再次成為搶手貨。租戶意識到，在最好的街道上，租金正在上漲，房源卻​​在減少，因此他們開始與房東協商提前續租，以鎖定自己的空間。

Importantly, we are achieving rents consistent with historical highs at our Times Square properties. We are the largest owner of signage in New York City with our unique cluster of premier science in Time Square and independent District and that business continues to grow. Signage revenue for 2025 is predicted to be our highest year ever.

重要的是，我們在時代廣場的物業租金達到了歷史最高水準。我們是紐約市最大的標誌所有者，我們在時代廣場和獨立區擁有獨特的頂級科學產業集群，而且這項業務還在不斷增長。預計2025年標牌收入將創歷史新高。

You should note that all of our sites are tax abilities which we own, which gives us perpetual control a unique competitive advantage and the highest margins in the business. There were some news a couple of weeks ago regarding the loan on 650 Madison Avenue going into the fall, which I should comment on. We were 20% of a group of institutional investors who purchased a 600,000 square foot building in 2013 with an $800 million nonrecourse market.

您應該注意到，我們所有的網站都是我們擁有的稅務資產，這使我們擁有永久的控制權、獨特的競爭優勢和業內最高的利潤率。幾週前，有消息稱位於麥迪遜大道 650 號的貸款將在秋季到期，我應該對此發表一些評論。我們是 2013 年以 8 億美元無追索權市場購買了一棟 60 萬平方英尺大樓的機構投資者團體中的 20% 的股東。

The primary play was to capitalize on the below-market retail rents and upgrade the retail Dennise. One was the retail apocalypse, the fear that e-commerce would literate all physical retail, and the pandemic this didn't work out. Three years ago, in 2022, we recognized this asset impairment and wrote the asset off entirely to zero. Bad stuff happens every once in a while even to us.

主要策略是利用低於市場水平的零售租金，對丹尼斯零售店進行升級改造。一是零售業末日論，即擔心電子商務會取代所有實體零售業，但疫情證明這種擔憂並沒有實現。三年前，也就是 2022 年，我們確認了這項資產減值，並將該資產全部註銷為零。即使是我們，偶爾也會遇到不好的事情。

Three days ago, the core came down with a ruling vacating the arbitration panel's 101 ground lease rent reset. We were surprised and disappointed. We are optimistic that this will be reversed on appeal. Lastly, turning to San Francisco. At our 555 California complex arguably the best building in town.

三天前，核心裁決撤銷了仲裁小組關於第 101 號土地租賃租金重置的決定。我們感到既驚訝又失望。我們樂觀地認為，上訴後這項判決將會被推翻。最後，讓我們把目光轉向舊金山。我們位於加州 555 號的大樓可以說是城裡最好的建築。

We continue to lead the market. During the quarter, we signed 224,000 square feet of leases at triple-digit average rents and 15% mark-to-market. This includes a lease with new PENN's Morton School for the Q. We said two or three years ago that San Francisco would recover, given that it is the capital city of the world's greatest tech and innovation centers, and that is what's happening.

我們繼續引領市場。本季度，我們簽訂了 224,000 平方英尺的租賃合同，平均租金為三位數，以市價計算為 15%。這其中包括與賓州大學莫頓商學院簽訂的Q大樓租賃協議。兩三年前我們就說過，鑑於舊金山是世界頂尖科技和創新中心的所在地，它將會復甦，而現在情況正是如此。

Thank you all. Now over to Michael.

謝謝大家。現在輪到麥可了。

Thank you, Steve, and good morning, everyone. We had a very strong quarter as office demand in New York City remains robust. Third-quarter comparable FFO was $0.57 per share compared to $0.52 per share for last year's third-quarter, meeting analyst consensus by $0.02. This increase was primarily due to higher FFO resulting from the NYU master lease at 770 Broadway, and higher NOI from our signage business, partially offset by lower NOI due to asset sales and capitalized interest beginning to burn off the PENN 2.

謝謝你，史蒂夫，大家早安。由於紐約市的辦公大樓需求依然強勁，我們本季業績非常出色。第三季可比FFO為每股0.57美元，去年同期為每股0.52美元，比分析師預期高出0.02美元。這一增長主要歸功於紐約大學在百老匯770號的主租賃合約帶來的FFO增加，以及標牌業務帶來的NOI增加，但部分被資產出售和PENN 2項目資本化利息開始消耗導致的NOI下降所抵消。

We have provided a quarter-over-quarter bridge on page 2 of our earnings release, and on page 6 of our financial supplement. Same-store GAAP NOI for our New York business overall was up 9.1% for the quarter while same for cash NOI was down 7.4%.

我們在獲利報告第 2 頁和財務補充報告第 6 頁提供了季度環比業績對比。本季紐約業務的同店 GAAP 淨營業收入成長了 9.1%，而現金淨營業收入則下降了 7.4%。

Let me explain. GAAP, which smooths everything is more relevant to earnings given the cash number is hit by a free rent from a significant amount of leasing in recent quarters as well as the adjustment in cash rent related to the PENN 1 ground lease. Given all our activities to date this year, we now expect 2025 comparable FFO to be slightly higher compared to 2024 accountable FFO.

讓我解釋一下。考慮到現金數字受到近幾個季度大量租賃帶來的免租期以及與 PENN 1 土地租賃相關的現金租金調整的影響，GAAP（通用會計準則）對所有因素都進行了平滑處理，因此與收益更相關。鑑於我們今年迄今為止的所有活動，我們現在預計 2025 年可比 FFO 將略高於 2024 年應計 FFO。

While we are still in the process of finalizing our 2026 budget, as we've previously said, we expect 2026 comparable FFO to be flattish compared to 2025 as we are anticipating some noncore asset sales and taking income offline to effectuate the 3.7 retail redevelopment. As we indicated on our previous calls, we expect 2027 to be the inflection year, and there will be significant earnings growth in 2027 and as the full positive impact of PENN 1 and 102 lease-up takes effect.

雖然我們仍在最終確定 2026 年的預算，但正如我們之前所說，我們預計 2026 年的可比 FFO 將與 2025 年基本持平，因為我們預計會出售一些非核心資產並將部分收入轉移到線下，以實施 3.7 零售重建項目。正如我們在先前的電話會議中指出的那樣，我們預計 2027 年將是轉折之年，2027 年將出現顯著的盈利增長，因為 PENN 1 和 102 號樓的租賃帶來的全部積極影響將生效。

New York office occupancy increased this quarter to 88.4% from 86.7% last quarter primarily due to leasing activity at PENN 2 comprised of a 200,000 square foot headquarters leased with Horizon and new leases signed with FGS Global in [ Pernod Ricard ]. If you factor in the additional 188,000 square feet recently signed PENN 2, occupancy increases further.

本季紐約辦公大樓入住率從上季的86.7%上升至88.4%，主要原因是PENN 2的租賃活動，其中包括與Horizo​​​​n租賃的20萬平方英尺總部大樓，以及與FGS Global簽署的新租賃協議。[保樂力加]如果算上最近簽約的 PENN 2 項目新增的 188,000 平方英尺，入住率將進一步提高。

We continue to execute on our leasing pipeline and still anticipate that our occupancy will increase into the low 90s over the next year or so. While our retail occupancy also improved this quarter based on leases we signed, you will note a further jump in occupancy resulting from taking the retail in Manhattan Mall out of service this quarter.

我們繼續推進租賃計劃，並預計未來一年左右入住率將上升至 90% 左右。雖然本季我們根據簽署的租賃協議提高了零售入住率，但您會注意到，由於本季曼哈頓購物中心的零售業務停止運營，入住率進一步上升。

Turning to the capital markets. The financing markets for New York City assets are liquid, with CMBS spreads hovering at year-to-date lows, and even the banks are beginning to selectively return to lending on higher-quality assets. The unsecured bond market remains robust and has become much more constructive for office credits, with new issue spreads over 200 basis points tighter and all-in yields over 300 basis points lower than 2023.

轉向資本市場。紐約市資產的融資市場流動性良好，CMBS 利差徘徊在年初至今的低位，甚至銀行也開始有選擇地恢復對高品質資產的貸款。無擔保債券市場仍然強勁，對辦公信貸而言已變得更加有利，新發行債券的利差收窄了 200 多個基點，綜合收益率比 2023 年下降了 300 多個基點。

In the past quarter, we have been active in refinancing our near-term maturities, and we have several other deals in the works. The investment sales market has also heated up significantly in the past few months, as indicated by the many recent deal executions.

在過去的一個季度裡，我們積極為近期到期的債務進行再融資，我們還有幾項其他交易正在進行中。從最近達成的眾多交易可以看出，投資銷售市場在過去幾個月也顯著升溫。

The market is active for quality product, irrespective of size, and there is ample liquidity in the debt capital markets to facilitate deals getting done. Capital sources of all types are beginning to return to investing in New York City office, given the strong leasing fundamentals.

無論規模大小，優質產品市場都很活躍，債務資本市場流動性充足，有助於交易的完成。鑑於紐約市辦公大樓租賃市場的基本面強勁，各種類型的資本來源正開始重返紐約市辦公大樓市場進行投資。

As we have previously discussed, focusing on delivering the balance sheet has been a priority for us. Since the beginning of the year, we have generated $1.5 billion in net proceeds from sales, financings and the NYU deal, paid down $900 million in debt and increased our cash by $500 million. Our cash balances are now $1.15 billion and together with our undrawn credit lines of $1.44 billion, we have immediate liquidity of $2.6 billion.

正如我們之前討論過的，改善資產負債表一直是我們的首要任務。今年以來，我們透過銷售、融資和紐約大學交易獲得了 15 億美元的淨收益，償還了 9 億美元的債務，並增加了 5 億美元的現金。我們目前的現金餘額為 11.5 億美元，加上未提取的 14.4 億美元信貸額度，我們擁有 26 億美元的即時流動資金。

Our net debt-to-EBITDA metric has improved to 7.3 times from 8.6 times at the start of the year, and our fixed charge coverage ratio, as expected, is steadily rising. We expect these ratios will continue to improve as income from PENN 1 and PENN 2 comes online. Please see page 23 of our financial supplement for detail.

我們的淨債務與 EBITDA 比率已從年初的 8.6 倍改善至 7.3 倍，而且正如預期的那樣，我們的固定費用覆蓋率也在穩步上升。我們預期隨著 PENN 1 和 PENN 2 的收入投入使用，這些比率將繼續改善。詳情請參閱財務補充資料第23頁。

With that, I'll turn it over to the operator for Q&A. Thank you.

接下來，我將把問答環節交給接線員。謝謝。

(Operator Instructions) Stephen Sakwa, Evercore ISI

（操作說明）Stephen Sakwa，Evercore ISI

I don't know, Glen, maybe you could just start. It obviously sounds very promising, given the activity levels at PENN 2. I guess I'm curious, how are you sort of changing kind of the leasing strategy with, I guess, only 20% of the building left? How are you thinking about tenants kind of in the pipeline? And maybe talk about how rents are maybe changing for the remaining space.

我不知道，格倫，或許你可以先開始。鑑於 PENN 2 的活動水平，這顯然聽起來非常有前景。我很好奇，在只剩下 20% 的面積的情況下，你們是如何調整租賃策略的？您對那些正在洽談中的租戶有什麼看法？或許還可以談談剩餘空間的租金可能會有什麼變化。

Hi, Steve. So rents have changed. You heard the script, average rent is quarter over $112 a foot of PENN 2. So the rents keep moving up, up and up. We keep repricing the space almost on a daily basis. In terms of the remaining space, it's a lot of single floors, mainly in the tower.

嗨，史蒂夫。所以租金也變了。你聽過這套說辭了，平均租金是每平方英尺 112 美元的四分之一。所以房租一直在漲，一直漲，一直漲。我們幾乎每天都會重新調整空間價格。至於剩餘空間，主要是一些單層建築，主要集中在塔樓內。

So we feel really good about that, confident in our approach. We have a lot of deals in the works right now. As we've said in the script, we expect to be at or above our 80% goal by the end of the year. And if you look at the tenant roster, the credit profile is excellent, the mix of industry sectors is really good. So we're pleased, and we expect to continue that strategically.

所以我們對此感到非常滿意，對我們的方法充滿信心。我們目前正在洽談很多交易。正如我們在劇本中所說，我們預計到年底將達到或超過 80% 的目標。如果你看一下租戶名冊，你會發現他們的信用狀況非常好，行業組成也相當不錯。因此我們感到滿意，並希望繼續保持這種策略性做法。

Okay. And then maybe as a follow-up. Steve, on your comments around 623, how do you sort of approach the leasing of that building? Is that something that you'd sort of start to pre-lease? Or do you kind of wait until early '27 until there's more of a product to show people? I mean, how do you sort of think about the timing of that and the rents for that building?

好的。然後或許可以作為後續報道。史蒂夫，關於你提到的 623 號樓，你打算如何租這棟大樓？這是你會開始預租的東西嗎？或者你會等到 2027 年初，等到有更多產品可以展示給人們的時候再做決定嗎？我的意思是，你如何考慮這件事的時機以及那棟大樓的租金？

Steve, we're going to do that pretty much on the same as we did 220 Central Park South. At 220 Central Park, what we did was we had complete designs and they were spectacular, knockout designs, even as we started construction, and we did an awful amount of selling of 220 from those designs.

史蒂夫，我們將基本上按照我們在中央公園南路 220 號的做法來做這件事。在中央公園 220 號，我們當時的設計非常完整，而且非常精彩絕倫，令人驚艷，甚至在我們開始施工的時候就已經如此，而且我們憑藉這些設計賣出了大量的中央公園 220 號房產。

We're going to do very much the same at 623 Fifth Avenue. So we're going to get it designed. Our objectives are to make it the most interesting, high-end boutique office in the city. And once we get that done, then we'll go into the market with very high aspirations.

我們將在第五大道623號採取同樣的做法。所以我們要把它設計出來。我們的目標是將其打造成為全城最有趣、最高端的精品辦公空間。一旦我們完成了這項工作，我們就會帶著非常高的期望進入市場。

Floris Gerbrand Van Dijkum, Ladenburg.

弗洛里斯·格布蘭德·範迪庫姆，拉登堡。

Michael, maybe this is for you. I was trying to get a sense of what is your current signed, not open pipeline in terms of basis points and then also in terms of dollar value, if you can give us a sense of the scope of rents that are going to come online over the next two years?

邁克爾，或許這是給你的。我想了解您目前已簽約但尚未啟動的專案規模（以基點和美元價值衡量），以及未來兩年即將投入營運的租金規模。

Floris, I don't know if I follow you on the basis points. I think Steve, in his opening remarks, sort of alluded to a couple of hundred million dollars sort of in the bag over the next couple of years or so. And I think we looked at our signed, not commenced number. That's what that is, right?

弗洛里斯，我不知道我是否理解你的基本觀點。我認為史蒂夫在開場白中暗示，未來幾年內他將輕鬆賺到幾億美元。我認為我們查看的是我們簽好的，而不是開工的。就是這樣，對吧？

So -- and we've talked about what the ramp is when the bulk of that comes in 2027. There will be a little bit next year. But the bulk is really 2027, and it'll slip over into 2028. But Steve's comment on a couple of hundred million dollars, I think, is a pretty good proxy.

所以——我們已經討論過，當大部分成長在 2027 年到來時，成長的步伐會是怎樣的。明年會有一些。但大部分其實是 2027 年，而且會延續到 2028 年。但我認為，史蒂夫關於幾億美元的評論是一個很好的參考。

Just to make sure, a couple of hundred million, is that $200 million? Or is that $300 million?

為了確認一下，幾億美元，是2億美元嗎？還是說那是3億美元？

Floris, we're still finalizing. Let's use more than 200 right now, okay, in terms of the -- over the next two years or so.

弗洛里斯，我們還在敲定最後細節。我們現在就用超過 200 個，好嗎？ ——在接下來的兩年左右的時間。

Okay. Fair enough. But in terms of percentage, do you have the percent the difference between what's occupied and what's actually leased right now?

好的。很公平。但就百分比而言，您知道目前已佔用面積與實際出租面積之間的差額百分比嗎？

You're talking from a physical versus what's on the line, I mean, I think the occupancy numbers, we believe, what's reflective of actually what's been signed, right? So that's -- those are signed leases. Not all those tenants are in place yet. I can't tell you what the physical is relative to that. We have to come back to you on that. That GAAP rent has not started yet on many of those leases.

你談論的是實際情況，而不是實際利益，我的意思是，我認為入住率數據，我們相信，反映了實際簽署的內容，對吧？所以，這些就是已經簽署的租賃合約。並非所有租戶都已入住。我無法告訴你物理特性與此有何關係。這個問題我們稍後會回覆您。根據美國通用會計準則（GAAP），其中許多租賃合約的租金尚未開始計算。

Right. And that's the more than $200 million that's coming online. My follow-up, if you don't mind, I was just curious on -- you talked a little bit about -- or Steve talked a little bit about the billboards business being at record high.

正確的。這就是即將投入使用的超過 2 億美元的資金。如果您不介意的話，我想問一個後續問題，我只是好奇——您剛才稍微談到了——或者史蒂夫剛才稍微談到了廣告牌業務正處於歷史最高水平。

Can you talk a little bit about the opportunity that you have in the PENN District ? Because I don't -- I believe you own 100% of that as opposed to the Times Square, where you're in a JV. How much room do you see to expand that?

您能否談談您在賓州區所擁有的機會？？因為我不這麼認為──我相信你擁有那家公司 100% 的股份，而時代廣場的股份你只是合資的。你認為還有多少拓展空間？

You're right, we do own 100% of all the signs in the PENN District. And I think what's unique about the PENN district relative to Time Square, which Time Square is still probably the most important signage marketplace in the country, maybe the world; is we own the dominant signs there too in that retail joint venture.

你說得對，賓州區的所有標誌牌都是我們100%擁有的。我認為，賓州大學區相對於時代廣場的獨特之處在於，時代廣場仍然是美國乃至全世界最重要的標誌市場；而我們在這個零售合資企業中也擁有那裡的主要標誌。

But at PENN, because we basically control the district, other than I think one sign, we have all the signs, right? And so that allows us to market them in a variety of ways. We can -- we do -- and I think when you were over there recently, we can market one by one, we can market entire takeover where you can take over the district for a period of time, different slice of an hour or something more extended. So it allows us to optimize the income we can drive out of that.

但在賓州大學，因為我們基本上控制了該地區，除了我想有一個標誌之外，所有的標誌都屬於我們，對吧？因此，我們可以透過多種方式進行市場推廣。我們可以——我們也確實——而且我認為你最近去那裡的時候，我們可以逐個進行市場推廣，我們可以推廣整個區域的接管，你可以接管該區域一段時間，可以是不同的時段，比如一個小時，或者更長時間。這樣一來，我們就能最大限度地提高從中獲得的收入。

Historically, I think if you look over an extended period, the signage business kind of goes up 4% to 5% a year in terms of revenue. Some years are greater, some years are lesser, but I think it's a decent annual run rate. And when you put a new sign in, the payback period is pretty quick 12, maybe 18 months max.

從歷史數據來看，如果長期觀察，標牌產業的收入每年大約成長 4% 到 5%。有些年份收益較高，有些年份收益較低，但我認為這是一個不錯的年均收益水準。安裝新招牌後，投資回收期非常短，最多也就 12 到 18 個月。

So we continue to see organic growth just coming from revenue naturally going up every year as it's historically done. And there's probably a little bit of signage we can add as we -- there's definitely some signs we can add as we build additional buildings in the district over time, but that will take some time.

因此，我們繼續看到有機成長，即收入像歷史上那樣逐年自然增長。隨著我們在該地區建造更多建築物，我們可能會添加一些標誌——當然，隨著我們時間的推移，我們肯定會添加一些標誌，但這需要一些時間。

So there'll be some signage that comes back online next year. And at the same time, we're going to rebuild the different signs, so that sort of cancel each other out. But as you said, very healthy business that tends to have pretty steady growth, if you look at it over a period of time.

所以明年會有一些標誌重新上線。同時，我們將重建不同的標誌，這樣就能相互抵消。但正如你所說，這是一個非常健康的企業，如果從一段時間內來看，它往往會保持相當穩定的成長。

What I tried to do in my remarks was to talk about the strategic benefit that we have in that business. So the first thing is that we own clustering’s in exactly the right place for Time Square and the PENN Station area. The fact that we own the buildings and the signs are attached to us, we don't have leases, we don't have the expensive leases, we don't have the renewal risk of leases. So basically, we have perpetual control over this inventory. So that's the first thing.

我在發言中試圖談談我們在該業務中擁有的策略優勢。所以首先，我們擁有位於時代廣場和賓州車站附近正確位置的群聚式辦公空間。我們擁有這些建築物，招牌也歸我們所有，我們沒有租賃合同，沒有昂貴的租賃費用，也沒有續租的風險。所以基本上，我們對這批庫存有永久的控制權。這是第一點。

The second thing is that because of that, we have the highest margins. So we have the best signs and the best districts in quantity, and that creates a very important strategic business.

第二點是，正因為如此，我們的利潤率最高。因此，我們擁有數量最多的優質標誌和最佳地段，這創造了一項非常重要的策略業務。

At Times Square, we have our -- we have -- obviously, we have the best -- the two best blocks the bow tie, we have the best signs. And so that's fine. In PENN Station, I don't think that we scratched the service to the amount and quantity of signs that we can develop there.

在時代廣場，我們有——我們有——顯然，我們擁有最好的——最好的兩個街區，領結標誌，我們擁有最好的標誌。這樣就沒問題了。在賓州車站，我認為我們還沒有充分發揮服務水平，也沒有開發出足夠的標誌。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to go on the commentary of flattish earnings in '26, which I think you foreshadowed a little bit last quarter, but it seems like it will be impacted by noncore asset sales. So I was wondering if you could talk about the timing and the dollar amount of the dispositions. And also what you think the trajectory of occupancy will be next year? I know, Steve, you mentioned in the past that it could go to the mid-90% range, and I was wondering, how next year shapes up?

我想繼續討論 2026 年盈利將持平的問題，我認為你在上個季度已經略有預示，但看起來非核心資產出售會對盈利造成影響。所以我想知道您能否談談這些處置的時間和金額。另外，您認為明年的入住率走勢會如何？我知道，史蒂夫，你之前提到可能會達到 90% 左右，我想知道，明年情況會如何？

John, hope you're well. Flattish '26 is like, I think we've been consistent last couple of quarters in terms of '26 and '27. In terms of magnitude of noncore sales, I can't be specific on that because there's a number of things that could drive that. But I would say it's at least in the $250 million, $300 million neighborhood, it could be more than that. And timing, just depending on when we execute on those.

約翰，希望你一切都好。2026 年的業績比較平淡，我認為過去幾季我們在 2026 年和 2027 年的業績方面一直保持穩定。至於非核心銷售額的規模，我無法給出具體數字，因為有很多因素會影響它。但我認為至少在 2.5 億美元到 3 億美元之間，甚至更多。至於時機，則取決於我們何時執行這些操作。

So I can't give you much more specificity just because you're dealing with counterparties and things take a little time and some things are still on the drawing board. But I think, by middle of the year, my guess is much of that is probably done. But again, we've got a track record of certain things we had it planned, we end up executing on, and that may well happen again.

所以我無法提供更具體的訊息，因為涉及到交易對手，事情需要一些時間，有些事情還在計劃之中。但我認為，到年中，我估計大部分工作應該都能完成了。但是，我們有成功執行某些計劃的先例，這種情況很可能會再次發生。

On the trajectory of occupancy, like -- I think as we look at Glen's pipeline, I think there's a reasonably good probability we're going to get to 90% in the next quarter or two. And then beyond that, we'll continue to build occupancy. And we think over the next couple of years, we'll get that into the -- back to sort of the historical levels, whether that's 94, give or take, if not higher. So I think as we sit here today, that's probably as much specificity as I can give you.

就入住率的發展軌跡而言，我認為，當我們審視 Glen 的專案儲備時，我認為我們很有可能在未來一兩個季度內達到 90% 的入住率。除此之外，我們還會繼續提高入住率。我們認為，在接下來的幾年裡，我們將使之恢復到歷史水平，大概是 94 左右，甚至更高。所以我覺得，就我們今天在這裡的情況而言，我大概只能提供這麼多具體資訊了。

Okay. And then my follow-up is, any insight you can provide on the PENN Station transformation project? How involved Vornado will be as part of it, if there's any impact to commercial development opportunities going forward? And any views on whether or not MSG will relocate?

好的。那麼，我的後續問題是，您對賓州車站改造計畫有什麼見解嗎？Vornado將如何參與其中？這會對未來的商業開發機會產生什麼影響？大家對味精是否會搬遷有什麼看法？

So I think that it's highly unlikely to impossible that MSG is going to relocate. So that's that one. So with respect to the PENN Station project, we are absolutely in favor of anything that makes PENN Station and the PENN District better, more user-friendly, more transformational. And that's the -- the best thing for us is constant improvements.

所以我認為味精搬遷的可能性極低，甚至是不可能的。就這一個吧。所以對於賓州車站項目，我們絕對贊成任何能讓賓州車站和賓州區變得更好、更方便使用者、更具變革性的舉措。對我們來說，最好的事情就是不斷改進。

And the fact that the government is involved now with a large budget, that's a very good thing. We will be involved in the process with one of the bidding groups, primarily with respect to the retail that we dominate in the station and in the surround. Barry, do you have anything to add to that?

政府現在投入巨額預算，這是一件非常好的事情。我們將與其中一個競標集團一起參與競標過程，主要涉及我們在車站及其周邊地區佔據主導地位的零售業務。巴里，你還有什麼要補充的嗎？

No.

不。

Thank you. But we're on -- this process of improving PENN Station, we are the biggest rooters for that there are.

謝謝。但我們正在推進賓州車站的改造進程，我們是這項進程中最堅定的支持者。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

I guess just sort of given the significant demand backdrop that you guys are seeing, obviously, continuing to push rents across the PENN District. I know one of your peers, when they reported earnings, talked about, call it, a 20% to 25% cumulative net effective rent growth expectations over the next four to five years.

我想，鑑於你們所看到的顯著需求背景，顯然，這繼續推高了賓州區（PENN District）的租金。我知道你們的一位同行在公佈收益時曾談到，預計未來四到五年內累計淨有效租金將增長 20% 到 25%。

So just wondering if you can sort of put any of your thoughts around that? I mean, are you guys expecting sort of significant rent spikes as space continues to get tight, especially for the quality of you guys in the portfolio?

所以，我想問您能否就此談談您的想法？我的意思是，隨著房源越來越緊張，你們是否預期租金會大幅上漲，尤其是對於你們投資組合中的優質房源而言？

I think 20% to 25% over four to five years, I think we'd be disappointed if it's not quite a bit more than that. You look at all the dynamics.

我認為四到五年內成長 20% 到 25%，如果實際成長幅度沒有超過這個數字，我們會感到失望。你要觀察所有因素的變化。

Agreed, agreed.

同意，同意。

Okay, I mean you look at all the dynamics in the marketplace, and I think this is a favorable backdrop as we've had in decades, right? There is scant supply, the demand is broad-based and very strong, companies are expanding here.

好吧，我的意思是，看看市場上的所有動態，我認為這是我們幾十年來所擁有的有利背景，對吧？供應稀少，需求廣泛且非常強勁，各公司都在這裡擴張。

And there's just -- and the vacancy factor, I mean, it's -- I think Steve referenced in his opening remarks, the better buildings in Midtown, we're now talking about 6% vacancy. That's almost frictional, I think, particularly on large spaces.

而且還有──還有空置率的問題，我的意思是──我想史蒂夫在他的開場白中提到過，中城的那些比較好的建築，現在的空置率只有 6%。我認為這幾乎是一種摩擦，尤其是在大空間。

So I think it's going to result in two things. I think one, you're going to see renewal probabilities start to go up in the next two, three years because there's just no place for a lot of those companies to move to. And then secondly, to rent space, it's become a landlord's market, as Steve said.

所以我認為這將導致兩種結果。我認為，第一，未來兩三年內續約的可能性將會開始上升，因為很多公司根本沒有地方可以搬。其次，正如史蒂夫所說，租賃空間已經變成了房東市場。

So when these cycles happen, if you look at history, it can go up 15%, 20% in a year. And I'm not telling you that's going to happen, it could happen, it's not a 0%. But we think that the probability of the numbers you talked about is much higher on the upside than the alternative.

所以當這些週期發生時，如果你看看歷史，你會發現一年內可能會上漲 15%、20%。我不是說這一定會發生，它有可能發生，可能性不是 0%。但我們認為，你提到的那些數字出現的機率遠高於其他可能性。

There's another way to look at this also, and that is the elasticity of demand on the part of the marketplace and our customers. So not that long ago, $100 was a top, top, top tick rent. Because of the increase in costs, because of the shrinkage of supply, because of the increase in interest rates, rents like overnight went into the mid hundreds of dollars a foot or something like that.

也可以從另一個角度來看這個問題，那就是市場和顧客的需求彈性。所以不久之前，100 美元還是最高的租金呢。由於成本增加、供應減少、利率上升，租金一夜之間漲到了每平方英尺幾百美元左右。

Interestingly, we found that there was no pushback from the marketplace. If a growing, expanding, important client need in the space, they paid what it took to get the space. So what I'm saying is that the marketplace is able to pay for the space. And the dynamics in the marketplace will determine what the rents are. But clearly, the rents are going to go up. And we think they're going to go up. Obviously, we think they're going to go up more than you do.

有趣的是，我們發現市場方面並沒有任何阻力。如果一個不斷成長的重要客戶需要租用該空間，他們會支付獲得該空間所需的費用。所以我的意思是，市場有能力支付空間費用。市場動態將決定租金水平。但很顯然，租金將會上漲。我們認為它們還會上漲。顯然，我們認為它們的漲幅會比你們預期的更大。

That's helpful commentary. I really appreciate that. Maybe just one more, if I could. You guys mentioned noncore asset sales. And I know you guys don't necessarily give a number. But as you guys sort of think about redeployment of that proceeds, I mean, is it likely to go into asset acquisitions? Are you going to hold it to deliver? Just sort of curious, plans with that capital that you guys expect to come in next year.

這是很有幫助的評論。我非常感謝。如果可以的話，也許再來一個。你們提到了非核心資產出售。我知道你們不一定會給出具體的數字。但你們在考慮如何重新部署這筆資金時，我的意思是，它有可能用於資產收購嗎？你會等它送達嗎？我只是有點好奇，你們打算如何運用明年預計到帳的那筆資金？

Got it. I think it could go into a number of places, Dylan. Like if you look at what we've done to date, whether it's noncore, general asset sale, which has been quite significant; we've delivered the balance sheet meaningfully.

知道了。我覺得它可以出現在很多地方，迪倫。看看我們迄今為止所做的工作，無論是非核心資產出售還是一般資產出售（這都意義重大），我們都顯著改善了資產負債表。

At the same time, we made a, we think, a very attractive acquisition. And that's not something that we program, right? We don't sit around here in our counsel room saying we're going to buy x amount for a year. If we find the right opportunity, we'll act on it. If not, we're perfectly content to bide our time until the right thing comes along.

同時，我們進行了一項我們認為非常有吸引力的收購。那不是我們能編程實現的，對吧？我們不會坐在會議室裡說我們要買一年的 x 件商品。如果我們找到合適的機會，我們會抓住它。如果不行，我們也完全樂意耐心等待適當的時機出現。

So I would tell you that, as we look at capital, we're going to continue to strengthen the balance sheet. And if we find something compelling externally, obviously, we'll look at that. We have some internal capabilities or requirements in terms of we've talked about developing the residential. We've got 350 Park in the [ out ] year. So we have a number of users.

因此，我想告訴大家，在檢視資本狀況時，我們將繼續強化資產負債表。如果我們在外部發現一些有吸引力的東西，顯然，我們會考慮的。我們在住宅開發方面有一些內部能力或要求，我們已經討論過這方面的需求。今年我們有 350 個公園。所以我們有很多用戶。

And by the way, and I'll let Steve jump in here as well, I mean our stock still, we think, trades at a huge discount. So I think everything is on the table.

順便說一句，我也讓史蒂夫插一句，我的意思是，我們認為，我們的股票目前仍然以巨大的折扣進行交易。所以我覺得一切都有可能。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

So two questions. You definitely piqued my interest in PENN 15 that their conversations ongoing. Would you say that the tenants that you're speaking to are willing to pay the rents necessary for you guys to go forward on an economic basis? Or are they not quite there at where rents would need to be?

所以，我有兩個問題。你成功地引起了我對賓州大學15屆畢業生的關注，他們的對話仍在繼續。您認為您所接觸的租戶是否願意支付您們在經濟上能夠繼續營運所需的租金？或者說，他們的租金水準還沒達到應有的水準？

Oh God, I don't know how to answer that. Clearly, there are a significant number of anchor-type tenants who are in the marketplace that are looking for new builds. We're not the only opportunity, there are other opportunities. All of us need approximately similar risks to have an economic new build.

天哪，我不知道該怎麼回答。顯然，市場上有大量主力租戶正在尋找新建物業。我們並非唯一的機會，還有其他機會。我們所有人都需要承擔大致相同的風險才能實現經濟的新建專案。

And the tenants that we're talking to, they understand the math, their advisers and brokers understand the math. So the rents are available, it's just a matter of making a deal, having the tenant select the site, et cetera.

我們正在接觸的租戶，他們懂其中的道理，他們的顧問和經紀人也懂其中的道理。所以租金已經確定，現在的問題只是達成協議，讓租戶選擇地點等等。

Okay. And then the second question is.

好的。那麼第二個問題是：

What I'm saying is this is not just kicking the tires. This is serious business.

我的意思是，這不僅僅是試探性地看看情況。這是件嚴肅的事情。

No. That I understand. It's just the size of the building, like these are big rent checks. It's not like at the Saks tower or some of the boutique buildings that are being undertaken. I mean 2 million-plus square feet, those are big rent checks. So that's why it's just impressive that tenants are willing to actually engage because that's a serious rent, as I say.

不。我明白了。這棟大樓的規模太大了，就像是巨額租金一​​樣。這跟薩克斯大廈或其他一些正在興建的精品建築不一樣。我的意思是，超過200萬平方英尺的面積，租金可不便宜。所以，租戶們願意積極參與才顯得特別難能可貴，因為正如我所說，這是一筆不小的租金。

The second question is on the litigation on the PENN, the courts can drag things out forever, people appeal, appeal, and lawyers love to run up the meter. So the two-part question on this is, one, are you guys booking the economic impact based on sort of the most punitive? And second is that when you say that the yields on the PENN District have improved is that at what you think the ground rent should be or at the sort of the worst-case scenario in the ground rent?

第二個問題是關於賓州大橋的訴訟，法院可能會無限期地拖延下去，人們不斷上訴，律師們也喜歡不斷增加訴訟費用。所以這個問題分為兩部分：第一，你們在評估經濟影響時，是否採取了最嚴厲的懲罰措施？其次，您說賓州區的收益率有所提高，是指您認為合理的土地租金水平，還是指最壞情況下的土地租金水平？

Well, the first thing is the PENN 2 yields have clearly increased dramatically. The PENN 1 yield, we're pretty happy with what we projected. With respect to the litigation, what had been a known number is now subject to some uncertainty. In our minds, we have parameters around that. We are booking a number which we think is a realistic number. And we will see. But with respect to this litigation, I don't really have a lot to say about it.

首先，PENN 2 的產量顯然大幅提高了。我們對賓州大學 1 號計畫的收益率相當滿意，與我們的預期相符。至於訴訟方面，原本已知的數字現在存在一些不確定性。在我們看來，這方面是有一定標準的。我們預訂的人數是我們認為比較合理的。我們拭目以待。但就這場訴訟而言，我實在沒什麼好說的。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Maybe another one on dispositions. Following up on your prior comments on the willingness to maybe part with 555 California or the mark, anything you can share on the amount of incoming interest and/or valuation? Or given the improvements in San Francisco, are you thinking differently strategically about those assets?

或許還可以再寫一篇關於性格的文章。您之前曾表示願意出售加州 555 號或該地塊，關於目前的潛在買家數量和/或估值，您能否透露一些資訊？或者，鑑於舊金山的這些改善，您是否在策略上對這些資產有不同的想法？

Not really. I thought we were pretty clear in sort of, how would I say it, suddenly advertising those two assets last quarter. We don't have very much to talk about in terms of specific pricing or bad news or whatever. I can tell you that we think that the 555 California complex in California is the eighth wonder of the world. As you can see from our remarks and our documents, the leasing there is extraordinary. Even going back a year or two in a chaotic declining market, the rents that we were able to get for that unique best in the marketplace building were rising.

並不真地。我認為我們已經很清楚地表明，上個季度我們突然開始大力宣傳這兩項資產。關於具體價格、壞消息或其他方面，我們沒什麼好說的。我可以告訴你，我們認為加州的 555 California 建築群是世界第八大奇蹟。從我們的評論和文件中可以看出，那裡的租賃情況非常特殊。即使回到一兩年前混亂的市場低迷時期，我們能夠為那棟獨一無二的、市場上最好的建築爭取到的租金也在上漲。

So we think that, that's a great asset. We're delighted to own it. And for the right price, we're delighted to sell it. And I think I'm pretty well known as not being an easy seller. With respect to Chicago, that's a different story. The market there is not as strong. And opportunistically, we'll see what happens.

所以我們認為，這是一項巨大的優勢。我們非常高興擁有它。只要價格合適，我們很樂意出售。而且我覺得大家都知道我不是個容易推銷的人。至於芝加哥，情況就不同了。那裡的市場不太強勁。我們將伺機而動，看看會發生什麼。

And then just in terms of developing future residential, just curious, your thoughts around for-sale versus for-rent components, given kind of different changes going on in New York City.

那麼，就未來住宅開發而言，我很好奇，考慮到紐約市正在發生的各種變化，您對出售和出租部分有什麼看法？

We have multiple land -- pieces of land that we could build either office or residential. We do the math and the analytics as to which is more favorable constantly. We are putting our big toe. Actually, we're putting our whole foot up to our ankles into doing a 475-unit rental project, rental project, not for-sale project; at the corner of 34th Street and eighth Avenue.

我們擁有多塊土地－可以用來建造辦公大樓或住宅。我們會不斷進行計算和分析，以確定哪種方式更有利。我們把大腳趾伸了進去。實際上，我們正​​在全力以赴地開發一個擁有 475 個單元的租賃項目，這是一個租賃項目，而不是出售項目；項目位於 34 街和第八大道的拐角處。

We think it's a very good site. It's caddy-corner to the Moynihan Train Hall. And it also benefits for all of the renewal that we're doing in the neighborhood. So we're excited about that. And we'll see how that goes, and we'll make decisions going forward.

我們認為這是一個非常好的網站。它位於莫伊尼漢火車大廳的斜對面。而且，這也有利於我們在社區內進行的所有改造工作。我們對此感到很興奮。我們會看看情況如何，然後再做決定。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

You mentioned in the opening script, easily exceed the 80% and the 1.1 million square foot leasing pipeline, I believe. How has that leasing pipeline kind of split between PENN 2 and other leasing? And kind of where do you think that 80% could kind of land by year-end?

我相信，您在開場白中提到的80%和110萬平方英尺的租賃項目儲備很容易就能超過這個數字。租賃項目是如何在 PENN 2 和其他租賃項目之間進行劃分的？那你覺得到年底，這80%的人大概會落在哪裡呢？

It's Glen. So the 80% is specific to PENN 2, just want to make sure you're clear on that. As it relates to the pipeline, it's generally 50-50 in PENN District versus others in our pipeline right now, which is generally the balance we've and able to achieve quarter-to-quarter as we've been on this big leasing run over the past bunch of quarters, so basically 50-50.

是格倫。所以這 80% 指的是賓州大學 2 號校區，我只是想確保你明白這一點。就管道建設而言，目前我們在賓夕法尼亞州的管道建設與其他管道建設的管道建設的比例大致為 50/50，這與我們過去幾個季度以來大規模租賃業務所取得的季度平衡基本一致，所以基本上是 50/50。

Okay. And then as a follow-up, you mentioned that's highly unlikely or impossible for MSG to relocate. How do you kind of see the permitting process playing out just with your knowledge of kind of how that process works in New York? And then, do you see that kind of creating any additional opportunities for Vornado kind of outside of the PENN 2 station transformation?

好的。然後，您又提到，MSG 搬遷的可能性極低，甚至是不可能的。以您對紐約審批流程的了解，您認為審批流程會如何進行？那麼，您是否認為這會為 Vornado 在 PENN 2 號車站改造之外創造任何其他機會？

Like -- I think Steve talked about this a bit, right, that the government is -- they've issued an RFP and they're going to run a process to select the group to redevelop and complete the remainder of PENN Station improvements. We expect there'll be a retail component in that, which is our interest. But our main interest is, as Steve said, being a cheerleader for something getting done because that inures to the benefit of our holdings there.

就像——我想史蒂夫也稍微談到過這一點，對吧，政府已經發布了徵求建議書，他們將通過一個流程來選擇負責重新開發和完成賓夕法尼亞車站剩餘改造工程的團隊。我們預計其中會包含零售部分，而這正是我們感興趣的。但正如史蒂夫所說，我們主要的興趣在於為某件事的完成而歡呼，因為這有利於我們在那裡的投資。

So look, they've issued the RFP. We're being told that they'd like to start the project by the end of '27. And from there, I assume it will take a couple of years to get done. But we'll see whether the timeline sticks, but that's generally what we've been told.

你看，他們已經發布了招標書。據我們了解，他們希望在 2027 年底前啟動該計畫。我估計，從那以後，還需要幾年才能完成。但時間表是否最終確定還有待觀察，不過總的來說，我們得到的消息就是這樣。

Michael Lewis, Truist.

Michael Lewis，Truist。

So I apologize, I'm going to ask a question that was asked earlier, but ask it a little differently. The New York portfolio is 87.5% occupied. So I take that to mean there's a tenant in there paying rent. How much of the New York portfolio is leased? Is it close to 90% of the space that's leased? Is it less than that? Is it more than that?

很抱歉，我要問一個之前有人問過的問題，但我會換個方式問。紐約投資組合的入住率為 87.5%。所以我認為這意味著那裡有租客在交租金。紐約的投資組合中有多少已出租？出租面積是否接近90%？比這少嗎？還有其他原因嗎？

No, the occupancy figure we gave you is what is leased.

不，我們提供的入住率數據是已出租的房間數。

Okay. I understand that. So I guess that speaks to -- has there been any change in free rent period? So a lease least that's already signed but not paying rent until 2027 feels a little long to me. But you have -- you sometimes have very long leases, so maybe that's not long at all. Has there been any movement in free rent or other concessions?

好的。我明白了。所以我想問的是──免租期是否有任何變化？所以，一份已經簽署但要到 2027 年才開始支付租金的租約，對我來說感覺有點太長了。但是，你們有時會簽很長的租約，所以也許根本不算長。免租或其他優惠政策方面是否有任何進展？

It's Glen. So there's a movement in two ways in that regard. One is downtime is less. So companies are making decisions much more quickly than they were previously, which is important. And then once that happens, the free rent periods are declining. So I would say, downtime is lower and free rent is lower.

是格倫。所以這方面出現了兩種趨勢。一是停機時間更少。因此，企業決策速度比以前快得多，這點非常重要。一旦這種情況發生，免租期就會減少。所以我覺得，停機時間更短，免租期也更短。

As it relates to your comment, you're right, a lot of our leasing has been 15 to 20-year deals, which is why you're seeing free rents longer than you might have otherwise on 5 to 10-year leasing. But certainly, on balance, downtime free rents coming down as the market improves.

關於您的評論，您說得對，我們很多租賃合約都是 15 到 20 年的，所以您看到的免租期比 5 到 10 年的租賃合約要長。但總的來說，隨著市場好轉，停工期租金肯定會下降。

Okay. So good to see that moving in the right direction, as you might expect. And then lastly for me, this is a small one. But in going from NAREIT FFO to FFO as adjusted, I saw there was 6.7 million of other, looks like gains that were backed out. I was just curious, it's a few pennies, but I was wondering if there was any anything interesting or notable in that 6.7 million of other that was deducted and get into your core FFO?

好的。很高興看到事情朝著正確的方向發展，正如你所預料的那樣。最後，對我來說，這是一件小事。但是，從 NAREIT FFO 到調整後的 FFO，我發現有 670 萬美元的其他收益被剔除了。我只是好奇，雖然只是幾分錢，但我想知道從中扣除的 670 萬其他費用中，有沒有什麼有趣或值得注意的地方，最終計入你的核心 FFO？

Yes. It's made up of several items. I can get you to lift offline if that's something you want me to follow up on.

是的。它由幾個部分組成。如果你希望我跟進此事，我可以安排你線下提升。

No, that's okay. If there was nothing material that stood out. I was just curious.

不，沒關係。如果沒有特別突出的實質內容。我只是好奇而已。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

I guess just maybe, Michael, if you can just remind us, you've talked a lot about the flattish FFO, but do you mind just going over some of the big sort of building blocks you've shared in the latest on those just as we think about kind of the big puts and takes that get you to flat for next year?

邁克爾，我想或許你可以提醒我們一下，你之前多次談到了較為平穩的FFO，但你能否回顧一下你在最近的文章中分享的一些重要的構建模組，以便我們思考明年實現平穩的重大買賣操作？

Yes. It's -- I think I referenced a couple of things, right? We've got some income we're taking offline. Steve referenced the retail redevelopment on 34th and 7. We're going to take a little bit of signage off-line to rebuild one of the signs, which we think will produce greater returns once that's back online, but it will probably affect us [for four] months next year.

是的。我想我提到了一些東西，對吧？我們有一部分收入要轉移到線下通路。史蒂夫提到了第 34 街和第 7 街的零售業重建項目。我們將暫時關閉部分標牌，以便重建其中一個標誌。我們認為，一旦重建完成，將會帶來更大的利益。但這可能會在明年四個月內影響我們的營運。

We've got -- we talked about some asset sales that are producing FFO, but assuming those will get sold in the first half of the year, most likely or certainly for the end of the year. So all that has an impact on FFO. At the same time, we've got other items that are positive, which gets us sort of flattish.

我們已經討論過一些能夠產生 FFO 的資產出售，但假設這些資產將在今年上半年出售，那麼很可能或肯定是在年底前出售。因此，所有這些都會對FFO產生影響。同時，我們還有其他一些正面的因素，這使得整體情況顯得有些平淡。

And the big growth is in '27 where we've got significant income. I mean like it's signed, right? We know everything that's talked about on PENN 2, that probably everything outside of MSG won't really start to a large extent until back -- or end of '26 and really in 27, right?

而最大的成長點是 2027 年，我們獲得了可觀的收入。我的意思是，就像簽了名一樣，對吧？我們知道 PENN 2 上討論的所有內容，可能 MSG 以外的一切要到 2026 年底甚至 2027 年才會真正大規模開始，對吧？

So you're going to see significant growth in '27, but we don't really get the benefit from that on a GAAP basis in '26. And I think the same goes for a number of the other vacancies. We've had a lot of success back building, the 1290 and 280s and so forth. And some of that's hit, but a lot of that won't hit until the end of the year of '26 or '27.

所以，2027 年將會顯著成長，但按照 GAAP 準則，2026 年我們其實並沒有從中受益。我認為其他一些空缺職位的情況也類似。我們在重建方面取得了巨大的成功，例如 1290 和 280 等等。其中一些已經發生，但很多要到 2026 年或 2027 年底才會發生。

Okay. And then I just wanted to understand sort of the comment you made about rents, and, you've been happy about a lot more rent growth than was referenced. But we used to talk a decade ago about how many leases signed were $100 rents or more. Now in multiple pockets, we're talking $200 rents.

好的。然後，我只是想了解你關於租金的評論，而且，你對租金增長幅度遠超預期感到高興。但十年前我們還在討論有多少租約的租金是 100 美元或更高。現在很多地方的租金都達到了 200 美元。

And I want to take like that fifth revenue acquisition maybe as an example, but just your perspective on what are the pockets where you can -- and types of buildings where you can see those $200 rents? And then similar to the Fifth Avenue acquisition, like is there a pipeline of assets you're exploring with similar unique opportunities like that for Vornado?

我想以第五次收入獲取為例，說說您認為哪些領域可以做到——以及哪些類型的建築可以做到 200 美元的租金？然後，類似於收購第五大道，您是否正在探索其他資產，為 Vornado 創造類似的獨特機會？

It's Glen. I think what Steve was referring to think about what's happening quarter-to-quarter, we have been printing on average $100 average rents across or activity, very strong. In the market, there are deals being printed in the newer stock at 150, 175, 200. So there's a lot of runway for us from here forward in our existing portfolio.

是格倫。我認為史蒂夫指的是考慮季度之間的變化，我們平均每季的租金都達到了 100 美元，市場活動非常強勁。市場上，新股正在以 150、175、200 的價格進行交易。因此，從現在開始，我們在現有投資組合方面還有很大的發展空間。

So we think those $100 numbers are going to go up, up and up as the market continues to strengthen, which we're very confident it's going to strengthen. And we're already seeing that, as you can see from some of the things we've said this morning about our average rents.

所以我們認為，隨著市場持續走強，100 美元的目標價位將會不斷上漲，而我們非常有信心市場會繼續走強。正如你從我們今天早上談到的平均租金中看到的那樣，我們已經看到了這一點。

623 is a great example of what we really believe is going to happen. That's a five-star building. We're going to make it great, there will be nothing like it in the market. It is perfectly located to achieve rents higher into those ranges for sure. We're already getting great tours, great responses from the marketplace. So that is that an example of where you'll see higher rent in our portfolio.

623 就是一個很好的例子，它體現了我們真正相信將會發生的事情。那是一棟五星級建築。我們會把它做得非常出色，市場上絕無僅有。它的地理位置絕佳，肯定能達到更高的租金水平。我們已經獲得了很棒的參觀體驗，市場反應也非常好。這就是我們投資組合中租金較高的一個例子。

So the tightening of the market creates multiple benefits, as you can imagine. Rents will rise. And we're about going to greatly push rates, we just follow the market. We don't make the market. We're important in the market, but we don't make the market. So rents will rise, and then inducements will come in.

因此，市場收緊會帶來多重好處，正如你所想的那樣。租金將會上漲。我們即將大幅推高利率，我們只是跟隨市場。我們不創造市場。我們在市場中很重要，但我們並沒有創造市場。所以租金會上漲，然後就會有各種優惠措施出爐。

So I don't know and I don't think Glen agrees or is projecting that tenant improvement allowances, which is money they use to build their space, is going to come in because the cost of building the space is not coming in. But for sure, free rent is going to come in. Free rent is very important, and it could come in a lot. So those are all -- very concerned.

所以我不知道，而且我認為格倫也不同意或預計租戶裝修補貼（他們用來裝修空間的錢）會到位，因為裝修空間的成本還沒有到位。但可以肯定的是，免租期即將到來。免租期非常重要，而且可能意義重大。所以他們都非常擔憂。

I want to spend a minute on 623 Fifth Avenue for a second. Think about the math. So I've already said that we're budgeting at least a 9% return on cost unleveraged on that asset and that we're going to deliver that as in the next two years to a waiting and prime marketplace. It's going to be the best asset in the best building, and there's a shortage of supply in that. We're already getting indications from the marketplace, and there's a shortage supply.

我想花一分鐘時間談談第五大道623號。想想這其中的數學原理。我已經說過，我們預計該資產的未槓桿成本回報率至少為 9%，並且我們將在未來兩年內為翹首以盼的優質市場實現這一目標。它將成為最好的建築裡最好的資產，而這種資產目前供應短缺。我們已經從市場得到跡象，目前供應短缺。

So if you take $1,200 a foot times almost 400,000-foot building, that gives you the better part of $500 million of cost on that building. If we can achieve what I think, which is 10% returns, you can calculate what the income will be.

所以，如果以每平方英尺 1200 美元計算，乘以近 40 萬平方英尺的建築，那麼這棟建築的成本將接近 5 億美元。如果我們能達到我預期的10%的報酬率，你可以計算一下收入會是多少。

Now what's the exit, what's the value? I believe an asset of that quality in this market will be -- will have an exit value, let's say, in a 5% cap rate. So if that math turns out to be, we will double our money on that asset in a very short period of time, and this is not that hard. The key to it is, is we have to turn that asset into something that's unique in the marketplace, which is exactly what we did with 220 Central Park South.

那麼，退出途徑是什麼？價值又在哪裡？我認為，在當前市場環境下，這種品質的資產將會——比如說，在 5% 的資本化率下，具有一定的退出價值。所以如果計算結果是這樣的，我們就能在很短的時間內讓這筆資產的價值翻倍，這並不難。關鍵在於，我們必須將這項資產變成市場上獨一無二的東西，而這正是我們對中央公園南 220 號所做的。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Just I guess going back to the FFO flat commentary for next year, Michael, can you just maybe touch on interest expense and how to think about that trending next year and capitalized interest burn off? I don't that's also something we should be thinking about for next year.

回到明年FFO持平的評論，Michael，你能不能談談利息支出，以及明年利息支出的趨勢和資本化利息消耗？我認為這也是我們明年應該考慮的事情。

I think a lot of the capitalized interest has -- will have burned off by next year. There might be a little bit left, but not a lot. And Tom, do you want to give specifics on that?

我認為大部分資本利息已經——或者說到明年將會消耗殆盡。可能還剩一點，但不多。湯姆，你想具體說嗎？

Yes. So on the capitalized interest, as it relates to PENN 2, that's obviously going to burn off. So keep in mind, 623 Fifth Avenue and 350 Park, when that comes offline, both of those will have capitalized interest. So you won't really see '26 as we compare it to '25, but PENN 2 will obviously be burning off.

是的。所以就 PENN 2 而言，資本化利息顯然會消失。所以請記住，當第五大道 623 號和公園大道 350 號停止運作時，這兩處房產都將產生資本化利息。所以，我們不會像比較 2025 年那樣真正看到 2026 年的情況，但 PENN 2 顯然會燃燒殆盡。

I don't think it's that meaningful in '26. So it affected 350, there's a difference relative to this year. 623 is obviously a new one. Nick, there was another part of your question?

我覺得在 26 年這沒那麼重要。所以受影響的有350人，與今年相比有所不同。 623人顯然是新增的。尼克，你的問題還有另一部分嗎？

No. I mean just on a high level, if there's a way to think about capitalized interest as -- is it flat next year? Is it net, it comes down a bit and that weighs on interest expense next year?

不。我的意思是，從宏觀層面來看，如果可以這樣思考資本化利息──明年它是否持平？淨額會略有下降，這會影響明年的利息支出嗎？

Yes. I would say it's probably going to be higher principally because of 623, and that's shifting in the bond -- it's going to be higher because of the items that Tom mentioned. But net-net, I would say the principal difference will be from 623.

是的。我認為它可能會更高，主要是因為 623，而且債券價格正在改變——由於湯姆提到的那些因素，它將會更高。但總的來說，我認為主要差異在於 623。

The interest expense overall, I think we've generally hit, assuming the forward curve is accurate, I think it's peak or close to peak of where we're at. We absorbed some pain over the last couple of years ago, we're now rolling over a lot of debt. Generally, when you sort of blend it all together at same or lower rates, SOFR is coming down. We delivered.

我認為，總體而言，利息支出我們已經基本達到峰值，假設遠期曲線是準確的，我認為我們已經達到了峰值或接近峰值。過去幾年我們經歷了一些痛苦，現在我們正在償還大量債務。一般來說，當所有利率都相同或更低時，SOFR 就會下降。我們做到了。

So even when there's higher coupons, we've got -- given the fact we've got less aggregate debt, the overall interest expense line item is certainly no worse than flat. So we'll see. It depends on how we deal with some of our upcoming maturities in '26, whether we pay those off, whether we pay them down, whether we just roll them over, all that will factor into what the interest expense is for '26. But I think just in terms of the impact from rates, I think it feels like the worst is behind us on that front.

因此，即使票息較高，考慮到我們的總債務較少，整體利息支出項目肯定不會比持平更糟。我們拭目以待。這取決於我們如何處理 2026 年即將到期的一些債務，是全部償還、部分償還還是展期，所有這些都將影響 2026 年的利息支出。但就利率的影響而言，我認為最糟糕的時期已經過去了。

Okay. That's helpful. And then I just.

好的。那很有幫助。然後我就…

While we're on the topic of balance sheet, I think you have to -- we all have to focus on the fact, first, I am unbelievably proud of what our organization has done over the recent past in terms of getting our debt ratio down from much higher into the eight's and now into the seven's heading into even lower. So that's number one.

既然我們談到了資產負債表，我認為我們都必須關注這樣一個事實：首先，我為我們組織最近一段時間在降低債務比率方面所取得的成就感到無比自豪，我們的債務比率從很高的 8 倍降到了現在的 7 倍，而且還在進一步降低。這是第一點。

Number two is the -- I'm also extremely proud that we prefunded all of the massive development that we're doing at PENN and loaded in our balance sheet a couple of years ago, getting all the cash, so that we had the capital already on balance sheet to complete our massive development program.

第二點是——我也非常自豪地宣布，我們幾年前就為賓州大學正在進行的所有大規模開發項目預先籌集了資金，並將所有資金計入了我們的資產負債表，從而獲得了所有現金，這樣我們的資產負債表上就已經有了完成我們大規模開發計劃所需的資金。

Number three is that we did all that keeping the major PENN assets unencumbered, so that we have a huge store of value there in the future. So I think that we -- I think Michael and his team and maybe me a little bit, Glen a little bit, even Barry a little bit; we get a gold star for how we've managed our balance sheet, and we're not done with that yet.

第三點是，我們做到這一切的同時，並沒有對賓州大學的主要資產進行任何限制，因此我們未來將擁有龐大的價值儲備。所以我覺得我們——我覺得麥可和他的團隊，也許還有我，格倫，甚至巴里，都功不可沒；我們在管理資產負債表方面做得非常出色，值得表揚，而且我們還沒有完成這項工作。

Okay. And then just the second question is maybe any latest thoughts you can share on Farley. As you're thinking about as a source of capital, whether it's putting a loan on the asset or selling an interest in the building for -- to create some funds for some of the future development capital you're talking about?

好的。第二個問題是，您能否分享一下關於法利的最新想法？您正在考慮的資金來源，無論是透過資產抵押貸款還是出售建築物的部分權益來籌集資金，以用於您所說的未來發展所需的資金嗎？

Well, Farming is a unique, unbelievable interesting asset, It's a double block-wide space. It's one of the very few blocks in Manhattan that is double wide. It's -- we leased it in the middle of COVID to -- all of it, 730,000 feet, I think, to Meta. The feedback that we get from Meta is they think it's like the single best of their real estate installations in the country, probably just second to the Menlo Park headquarters.

嗯，耕作是一種獨特、令人難以置信的有趣資產，它佔據了雙街區寬的空間。這是曼哈頓極少數的雙倍寬度的街區之一。我們在新冠疫情期間將這塊地租給了 Meta 公司，面積約為 73 萬平方英尺。我們從 Meta 得到的反饋是，他們認為這是他們在全國範圍內最好的房地產安裝項目，可能僅次於門洛帕克總部。

The lease has probably another 11, 12 years to go -- has 12 years to go. There's an option to renew at the market. So if we were to compare what the incumbent rent is to what we think market is now versus what we think market will be at the expiration of that lease, it's very, very, very significant. So that's a fact.

租約可能還有 11、12 年才到期——還有 12 年。可以在市場上續訂。因此，如果我們比較現有租金與我們認為的當前市場租金，以及我們認為租約到期時的市場租金，就會發現這非常、非常、非常重要。這是事實。

Based upon that fact, we would not consider selling that asset or selling a piece of that asset. Now chronically, it's interesting, we did an analysis of this recently; we basically don't do lots of partner deals based upon capital. We do some partner deals based upon if somebody controls a site or do something together in real -- we do real estate partnerships, we don't really do capital partnerships. Although we think about it.

基於此，我們不會考慮出售該資產或出售該資產的任何部分。從長遠來看，這很有意思，我們最近對此進行了分析；我們基本上不做很多基於資金的合作交易。我們根據某人是否控制某個網站或是否共同進行一些實際合作來達成一些合作協議——我們進行房地產合作，但我們並沒有真正進行資本合作。雖然我們考慮過這個問題。

So the -- one hand that you -- the Farley which you're referencing, we think it's substantially under market. We think the future of it is great. We think it's a unique piece of space. We would never -- we were not considered selling it, nor would we consider taking it apart. Financing it is a whole different story because you're basically just borrowing money on the credit and the tenant.

所以，一方面，你提到的 Farley，我們認為它的價格遠低於市價。我們認為它的未來一片光明。我們認為這是一處獨一無二的空間。我們從未考慮過出售它，也從未考慮過拆解它。融資又是另一回事了，因為你基本上就是用租戶的信用額度借錢。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Just two quick ones. Sticking on the 2026, if I can ask about same-store NOI, I mean, I think on the cash basis, it sounds like there was a reset this year, there's some free rent. Presumably, some of that burned off in '26, maybe a lot in '27. So just mechanically same-store NOI, is it somewhat positive next year and then really positive in '27? Or how do we think about that?

就兩個簡單的問題。就 2026 年而言，如果可以問一下同店淨營業收入 (NOI) 的話，我的意思是，我認為從現金流的角度來看，今年似乎進行了一次重置，有一些免租期。據推測，其中一些在 26 年燃燒殆盡，也許大部分在 27 年燃燒殆盡。那麼，僅從同店淨營業收入來看，明年是否會略微向正成長，然後在 2027 年大幅成長？或者我們應該如何看待這個問題？

So you're talking about the cash front?

所以你指的是預付款？

On a cash basis, yes.

如果以現金結算，是的。

I think like GAAP, we still think of continuing positive cash, just given the timing of the free rent, whatnot, I think it towards the end of '26 that, that will turn positive and then obviously, significantly so in '27.

我認為，按照 GAAP 準則，我們仍然認為現金流會繼續保持正值，只是考慮到免租期等因素，我認為到 2026 年底現金流將轉正，然後在 2027 年顯然會大幅轉正。

Great. And then the -- my second one is just adding to the dispositions questions. Maybe can you talk about sort of the Hotel PENN land site at maybe even sort of more retail monetization? Just what's the interest and how are you guys thinking about those?

偉大的。然後──我的第二個問題只是補充一些性格上的問題。或許您可以談談賓州飯店地塊，以及它可能帶來的更多零售獲利機會？你們對這些有興趣嗎？你們是怎麼看待這些問題的？

Hotel PENN site, we don't have any plans to dispose of that at the development that Steve mentioned in the script and talked about in terms of some of the incoming tenant interest. But that's a long-term hold and well unbelievably well located across from PENN 1 and PENN 2 core holding.

對於 PENN 酒店地塊，我們沒有任何計劃將其出售，也沒有像史蒂夫在劇本中提到的、針對一些潛在租戶的開發計劃。但這是一項長期持有的投資，而且地理位置極為優越，就在 PENN 1 和 PENN 2 核心持股的對面。

On the retail side, we obviously sold UNIQLO, their store. And I would say the interest from retailers to purchase assets remains actually pretty strong. I would say, generally, we're seeing very good activity across the portfolio retail-wise.

在零售方面，我們顯然賣掉了優衣庫及其門市。而且我認為，零售商對購買資產的興趣依然非常濃厚。總的來說，我認為整個投資組合的零售業務都表現得非常好。

And Times Square feels like it's picked up quite a bit here recently. So good demand there, good demand Time Square. Obviously, we've been active in PENN. And tenants are really responding to everything we've done at PENN 1, PENN 2, which is going to lead into our redevelopment on 34th and 7th.

最近時代廣場感覺熱鬧了不少。所以那裡的需求很好，時代廣場的需求也很好。顯然，我們一直積極參與賓州大學的活動。租戶們對我們在 PENN 1、PENN 2 所做的一切都給予了積極的回應，這將為我們在 34 街和 7 街的重建奠定基礎。

But retailers understand the dynamics, the market heartening as well, which is why they're approaching to renew early in many cases and I would say, in some cases, looking to potentially buy is a space they're in or look to buy another space.

但零售商們了解其中的動態，市場也令人鼓舞，所以很多情況下他們會提前續約，我認為，在某些情況下，他們正在考慮收購他們所在的空間，或尋找其他空間。

So I think you'll -- like it's been episodic. You can point to a few things a couple of years ago, you can point to a couple of major transactions recently on the retail side. I think we'll continue to see those. And we're open to being a participant in that to the extent that we get rewarded with the right value. So stay tuned and maybe something will occur there in the future.

所以我覺得你會覺得──就像是一段插曲。你可以指出幾年前發生的一些事情，也可以指出最近零售業方面的一些重大交易。我認為我們還會繼續看到這種情況。只要能獲得相應的回報，我們願意參與其中。敬請關注，或許將來那裡會發生些什麼。

While we're on the topic of retail on 34thth Street, let me just say a little more color around it. So on 34thth Street, both sides of 7th Avenue and then down 7th Avenue to 33rd Street is basically now populated with retail that we inherited, which is really, I used the word in my script, lovingly junk. We are in the process of canceling all those leases, and we will basically redevelop all of that space and to modern, exciting, sought-after retail offer, obviously trained at our office occupiers and the market.

既然我們談到了 34 街的零售業，那就讓我再補充一些相關資訊吧。所以，34 街、第七大道兩側，以及沿著第七大道到 33 街，基本上現在都是我們繼承來的零售店，而這些東西，正如我在劇本裡用的那樣，可以說是「充滿愛意的垃圾」。我們正在取消所有這些租賃合同，我們基本上將重新開發所有這些空間，使其成為現代化、令人興奮、備受追捧的零售場所，顯然會根據我們的辦公租戶和市場情況進行培訓。

Now the 34thth Street and 7th Avenue corner has been historically the second or third most active subway station in the city -- in the whole city. 34thth Street, not that many years ago, was the second best shopping street in the city. It has deteriorated over time. We intend to bring it back, and we think bringing it back is not a difficult thing to do. Macy's, which is across the street, fluctuated volume close to $1 billion, and it comes down, it goes up. But it is clearly the highest-volume department store in the United States.

如今，34街和第七大道的交會處一直是全市客流量第二或第三大的地鐵站。而就在幾年前，34街還是全市第二大購物街。隨著時間的推移，它已經惡化了。我們打算恢復它，而且我們認為恢復它並不是一件難事。街對面的梅西百貨的銷售額波動接近 10 億美元，時而下降，有時上升。但它顯然是美國銷量最高的百貨公司。

So we like the real estate. The real estate has deteriorated. We're going to rejuvenate the real estate. In addition, that's the gateway to our entire PENN district. So we think it's very important, and we think it will have an enormous effect on the PENN District overall values. Pardon me for advertising just a little bit.

所以我們喜歡房地產。房地產市場已經惡化。我們將重振房地產市場。此外，那裡也是通往我們整個賓州區的門戶。所以我們認為這非常重要，而且我們認為這將對賓州區的整體價值產生巨大影響。請容許我稍作廣告宣傳。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Just one question for me. A follow-up on the PENN axis project and bringing Metro North into to PENN specifically, it's been delayed. It seems there is a coordination issue between Amtrak and MTA. To what extent are you involved with the various government agencies? And is there any prospect of getting that project timeline back on track for completion prior to the current 2030 target or even preventing it from slipping further?

我只有一個問題。賓州大道計畫後續工作，特別是將北方鐵路引入賓州大道的項目，已被推遲。看來美國鐵路公司（Amtrak）和紐約大都會運輸署（MTA）之間存在協調問題。您與各政府機構的合作程度如何？那麼，有沒有可能讓該專案的進度重新回到正軌，在目前的 2030 年目標之前完成，甚至防止工期進一步延遲？

Barry and I will take that question. And then Michael and I will add it.

巴里和我將回答這個問題。然後我和麥可會把它加進去。

So as you can imagine, we're intimately involved with the MTA through all of the work around PENN Station, a great partnership there. If you speak directly to the MTA, what you'll hear is that they plan on running service on Metro North starting in 2027 utilizing the existing two tracks that already connect PENN Station straight up to Westchester to Boston.

所以你可以想像，我們與 MTA 在賓夕法尼亞車站周圍的所有工作中都有著密切的聯繫，我們在這方面建立了良好的合作關係。如果你直接與 MTA 交談，你會聽到他們計劃從 2027 年開始運行 Metro North 列車服務，利用現有的兩條軌道，這兩條軌道已經將賓夕法尼亞車站直接連接到威徹斯特和波士頓。

The part that was delayed is the construction of the four new stations in the Bronx and adding two new tracks, which allows them to run Express service. So we expect that service will begin in 2027 on the New Haven line in the PENN Station.

延誤的部分是布朗克斯區四個新車站的建設以及兩條新軌道的增加，這使得它們能夠運行快速列車服務。因此，我們預計該服務將於 2027 年在紐黑文線的賓夕法尼亞車站開通。

At this time, there are no further questions remaining in queue.

目前隊列中已無其他問題。

Thank you, everybody. We actually are very proud of the results that we delivered this quarter in terms of the scale of our leasing and the price, the rental rates and the value creation. The occupancy is easily going to be over 80% this year in PENN 2, and we think we had a great quarter. We are very proud of our balance sheet activity, and we love the 623 Fifth Avenue acquisition.

謝謝大家。就本季租賃規模、價格、租金水平和價值創造而言，我們所取得的成果令我們非常自豪。今年 PENN 2 的入住率很容易超過 80%，我們認為我們度過了一個非常棒的季度。我們對我們的資產負債表表現感到非常自豪，我們也很喜歡對第五大道 623 號的收購。

So with that advertisement, we'll sign off. And we are excited to talk to you again episodically and also in the fourth quarter. Thank you.

那麼，廣告就到此為止吧。我們很高興能再次以系列節目的形式與您交流，也期待在第四季度與您再次對話。謝謝。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。現在您可以斷開線路了。