Alexander's Inc (ALX) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Vornado Realty Trust second-quarter 2026 earnings call. My name is Betsy, 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 2026 年第二季財報電話會議。我叫 Betsy，將擔任今天電話會議的接線員。本次電話會議將錄音，以供重播之用。(接線員指示)

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

現在我將把電話交給執行副總裁兼公司法律顧問 Steve Borenstein 先生。請開始。

Welcome to Vornado Realty Trust's 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.bno.com, under the Investor Relations section. In these documents and during today's call, we will discuss certain non-GAAP financial measures.

歡迎參加 Vornado Realty Trust 的第二季財報電話會議。昨天下午，我們發布了第二季財報新聞稿，並向美國證券交易委員會提交了 Form 10-Q 季度報告。這些文件以及我們的補充財務資訊資料包，可於我們網站 www.bno.com 的投資人關係專區取得。在這些文件以及今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標。

Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-Q, and financial supplements. 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.

這些指標與最直接可比的 GAAP 指標之調節表，已載於我們的財報新聞稿、Form 10-Q 與財務補充資料中。請注意，本次電話會議中的陳述可能被視為前瞻性陳述；由於各種風險、不確定性及其他因素，實際結果可能與這些陳述存在重大差異。

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, 2025, 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.

有關上述風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年報。本次電話會議可能包含具時效性的資訊，該等資訊可能僅於今日日期為準才屬準確。本公司不承擔更新任何前瞻性陳述之義務。

On the call today for management for our opening comments are Stephen Roth, Chairman and Chief Executive Officer; and Michael Franco, President and Chief Financial Officer. Our Senior Team is also present and available for questions.

今天管理層開場致詞的出席者包括董事長兼執行長 Stephen Roth，以及總裁兼財務長 Michael Franco。我們的資深團隊亦在場並可回答提問。

I will now turn the call over to Stephen Roth.

現在我將把電話交給 Stephen Roth。

Thank you, Steve, and good morning, everyone. We had another strong quarter with comparable SFO of $0.67, leading analysts' consensus by $0.10 or 17.5%. Michael will review it all shortly but first let me cover what we are seeing on the ground. New York is clearly the best, strongest and most important real estate market in the country and the most resilient.

謝謝你，Steve，各位早安。我們又交出一個強勁季度，可比 SFO 為 0.67 美元，較分析師一致預期高出 0.10 美元或 17.5%。Michael 很快會完整回顧，但首先我想談談我們在第一線看到的情況。紐約顯然是全美最佳、最強且最重要的不動產市場，也是最具韌性的市場。

We are a Manhattan-centric office and street retail company with best-in-class assets which are benefiting from these dynamics. The stock market seems to appreciate this, given our stock price performance year-to-date and over the past two years and the past three years has been the best in our peer group, and there is more to come. I believe our stock is still stupid cheap, for example, Green Street shows us at a 23% NAV discount, much deeper than our peers.

我們是一家以曼哈頓為核心的辦公與街邊零售公司，擁有同業最佳資產，正受惠於這些動態。從我們年初至今以及過去兩年、過去三年的股價表現來看，股市似乎也認同這點；我們在同業中表現最佳，而且後續仍有上行空間。我認為我們的股票仍然便宜得離譜；例如 Green Street 顯示我們相較 NAV 折價 23%，折價幅度遠深於同業。

The landlords market that we've been predicting for the past many quarters this year is broad-based and it is strengthening. Office leasing volume in Manhattan is at its highest level in 25 years. Tenants are expanding all over the city. Available space and sublease space continues to evaporate and office to residential conversions continue to remove square footage from the office inventory.

我們在過去多個季度一直預測、而今年正在發生的「房東市場」，其基礎面相當廣泛，且正在走強。曼哈頓辦公室租賃量達到 25 年來最高水準。租戶在全市各處擴張。可供出租面積與轉租面積持續快速消化，而辦公轉住宅的改建也持續自辦公庫存中移除樓地板面積。

There is a serious shortage of large block availability. Vacancies in the 180 million square foot Class A better building market in which we compete is now down to 6.2%, clearly a landlord's market. There is limited new supply on the horizon, and remember, new supply takes as long as five years to deliver and requires upwards of $300 rent to pencil. And to add to all that, interest rates are rising. As a result of all this good stuff rents are going up, I couldn't be more constructive.

大型整層（large block）可租面積嚴重短缺。我們所競爭的 1.8 億平方英尺甲級（Class A）優質大樓市場，其空置率現已降至 6.2%，明顯是房東市場。未來可預見的新供給有限；而且請記住，新供給交付可能長達五年，且需要每平方英尺 300 美元以上的租金水準才算得過來。此外，利率也在上升。在這些利多因素之下，租金正在上漲；我對後市再樂觀不過。

In New York, tenant demand spans across all industries. Law firms alone leased 2.3 million square feet this quarter. Legal tech and media accounted for eight of the TOP10 leases signed. This isn't one industry having a moment. All of our clients are growing. Interestingly, a real estate platform that tracks these kinds of things recently reported that AI companies are now leasing more space in New York than in San Francisco. So all good.

在紐約，租戶需求橫跨各行各業。僅法律事務所本季就承租了 230 萬平方英尺。法律科技與媒體在簽署的前十大租約中占了八筆。這不是某一個產業短暫走紅。我們所有客戶都在成長。有趣的是，一個追蹤此類數據的不動產平台近期指出，AI 公司目前在紐約承租的面積已超過舊金山。因此一切都很正面。

At Vornado, our singular focus is on executing our plan to deliver the highest growth in our sector based on our lineup of high-quality assets and in-process projects. Here is our 2026 scorecard. During the first half of 2026, we leased 978,000 square feet overall. For Manhattan office, we leased 659,000 square feet at $105 per square foot average starting rents. With mark-to-markets of positive 9.5% GAAP and positive 7.1% cash.

在 Vornado，我們唯一的重點是執行我們的計畫：憑藉我們高品質資產組合與進行中的專案，在本產業中實現最高成長。以下是我們 2026 年的成績單。2026 年上半年，我們總計出租 978,000 平方英尺。就曼哈頓辦公而言，我們出租 659,000 平方英尺，平均起始租金為每平方英尺 105 美元。租金重置（mark-to-market）為 GAAP 正 9.5%，現金口徑正 7.1%。

I would note that these mark-to-market stats do not include our leasing activity at Ben Zoom. We are following our transformation, we are creating rents that are just about double the old rents. This is as good of a place as any to take a victory lap from what we have accomplished at Penn.1 and Penn.2, financially, physically and aesthetically. Think about it. At Penn.1, broadly speaking, we invested $200 per square foot to achieve a $50 a foot uptick in rent, which when all gets said and done is a 25% return.

我想指出，這些租金重置數據不包含我們在 Ben Zoom 的租賃活動。我們正推進轉型，所創造的租金幾乎是舊租金的兩倍。這也是回顧我們在 Penn.1 與 Penn.2 所取得成果、並小小慶祝一下的好時機——無論在財務、硬體與美學層面皆然。想想看。以 Penn.1 為例，概括而言，我們每平方英尺投入 200 美元，帶來每平方英尺 50 美元的租金提升；最終算下來是 25% 的報酬率。

Rents at Penn are now well above our underwriting and are now the best value in town, so plenty of room to grow here. Our physical transformation is stunning and game-changing and award-winning. Please go take a look. During the second quarter in Manhattan, we executed 29 office deals totaling 348,000 square feet at industry-leading $107 per square foot average starting rent, with market markets of positive 7.7% gap and positive 5.0% cash.

Penn 的租金目前已明顯高於我們的承作假設（underwriting），而且已成為市區中性價比最佳的選擇，因此仍有很大的成長空間。我們的實體改造令人驚艷、具顛覆性，且屢獲獎項肯定。請務必親自去看看。第二季在曼哈頓，我們完成 29 筆辦公租賃交易，合計 348,000 平方英尺，平均起始租金為同業領先的每平方英尺 107 美元；租金重置為 GAAP 正 7.7%，現金口徑正 5.0%。

This quarter's recent volume included 181,000 square feet in the Penn District and 167,000 square feet in our other Manhattan absence. We are now consistently achieving triple-digit average starting rents. I suggest that mark-to-markets is a squishy metric, which depends entirely upon which places are included in the calculations and their rent, and so it's pretty random.

本季的成交量包含 Penn 區 181,000 平方英尺，以及我們其他曼哈頓資產 167,000 平方英尺。我們現在已能穩定達成三位數的平均起始租金。我認為租金重置（mark-to-markets）是一個相當「有彈性」的指標，完全取決於計算中納入哪些地點及其租金水準，因此其實相當隨機。

Rather, I submitted it's better to look at starting rents for new leases as a much more fine-tuned metric, which will allow for better comparisons of buildings to buildings and companies to companies. I can vested talking in my book here since our starting rents have led the New York office public years for years now.

相較之下，我主張以新租約的起始租金作為更精準的衡量指標，能更好地在不同大樓之間、不同公司之間進行比較。我承認這樣說可能有點替自己說話，因為多年來我們的起始租金一直領先紐約辦公 REIT 同業。

In the Penn District, at Penn 2, we have 67,000 square feet of leases out for signature, and we expect to be fully leased here, down to drips and grants by year-end. At Penn 1, we have 246,000 square feet of leases out for signature, and an average mark-to-market of a whopping 44%. Company-wide, we are projecting third quarter mark-to-markets of over 20%. I guess you could call this all sort guidance.

在 Penn 區的 Penn 2，我們有 67,000 平方英尺的租約已送出等待簽署，我們預期到年底將幾乎全數出租，只剩零星面積。在 Penn 1，我們有 246,000 平方英尺的租約已送出等待簽署，平均租金重置高達 44%。以全公司而言，我們預估第三季租金重置將超過 20%。我想你可以把這稱作某種「軟性指引」。

With all of this activity, we continue to review our pricing here on a biweekly basis. Importantly, given that roughly 10% of the space in Penn/One rolls each year, we expect continued strong growth from Penn/One as we keep marching old rents up the market. We continue to be delighted with our two most recent acquisitions, 628th Avenue and Park Avenue Plaza. Thanks to Harrison for giving us a shout out for these two deals on his call.

在如此活躍的市場下，我們持續以每兩週一次的頻率檢視並調整我們的報價。重要的是，鑑於 Penn/One 每年約有 10% 的面積到期（roll），我們預期 Penn/One 將持續帶來強勁成長，因為我們會持續把舊租金往市場水準推升。我們對最近兩筆收購——628th Avenue 與 Park Avenue Plaza——也持續感到非常滿意。也感謝 Harrison 在他的電話會議中提到並稱讚我們這兩筆交易。

628th Avenue is our spectacularly well located, and by that I mean in the center of everything, 383,000 square foot aspen which sits on top of Sax Fifth Avenue that we are redeveloping to be the 220 Central Park South version of boutique office space. We are off to a great start here receiving outstanding reaction from brokers and tenants. We are about to execute our first lease of the two floors. With a financial services firm at rents consistent with our underwritings. Oh, no.

第628大道地點極其優越，而我所指的是位於一切核心地段；這棟面積383,000平方英尺的Aspen大樓坐落於薩克斯第五大道（Saks Fifth Avenue）之上，我們正將其重新開發，打造為「220 Central Park South」版本的精品辦公空間。我們在此取得了非常好的開局，經紀人與租戶的反應極為熱烈。我們即將簽署首份、涵蓋兩個樓層的租約。租戶為一家金融服務公司，租金水準與我們的承銷假設一致。喔，不。

Even at this early stage, market demand is telling us to increase our asking rents above original underwritings. As we recently acquired a half-interest partnering with Fizer Brothers at Park Avenue Plaza, a 1.2 million square foot tower on 53rd Street. \The deal was at a valuation of $950 a foot, which for Prime Park Avenue is a third of the replacement cost.

即使在如此早期的階段，市場需求也在告訴我們，應將要價租金提高至高於原先承銷假設的水準。此外，我們近期在Park Avenue Plaza（位於第53街、面積120萬平方英尺的高樓）與Fizer Brothers合作，收購了50%的權益。\本交易的估值為每平方英尺950美元；就頂級的Park Avenue而言，這約為重置成本的三分之一。

This asset taking advantage of the in-place 2.9% mortgage loan with six years of term remaining is a coupon clipper at 8% cash on cash. So the way I look at this, we are earning double the risk-free bond rate from risk-free Park Avenue AAA real estate. Better yet, the in-place leases at Park Avenue Plaza are at, give or take, half the current market, so we expect very substantial capital appreciation here to go hand-in-hand with above-market current errors.

該資產得以利用現有2.9%的抵押貸款（剩餘6年期限），以8%的現金報酬率（cash-on-cash）成為穩定的「息票剪取器」。因此在我看來，我們正從近乎無風險的Park Avenue AAA級不動產中，賺取相當於無風險債券利率兩倍的收益。更棒的是，Park Avenue Plaza現有租約的租金大約僅為目前市場的一半（上下些許浮動），因此我們預期將出現非常可觀的資本增值，並與高於市場水準的當期收益相輔相成。

Our market-leading signage business in the two most important and highest traffic locations in the Times Square and the Penn District continues to grow at a healthy rate. We love this business. It's capital light and has been growing at 5% per year. We intend to add more signage in the Penn District where we control almost all of the real estate around Penn Station and Madison Square Garden.

我們在時代廣場（Times Square）與賓州區（Penn District）這兩個最重要、且人流最高的地點所經營的市場領先招牌（signage）業務，持續以健康的速度成長。我們非常喜歡這門生意。它資本需求低，且每年以5%的速度成長。我們打算在賓州區增設更多招牌，因為我們幾乎掌控了賓州車站（Penn Station）與麥迪遜廣場花園（Madison Square Garden）周邊的大部分不動產。

If you drive to walk past Park Avenue at 52nd Street, you will see that our 350 Park Avenue site is now under construction, actually under demolition. We intend to shortly exercise our investment option to participate in this deal at our maximum ownership percentage of 36%. Alongside Ken Griffin as our 60% partner and with Citadel as our 1 million square foot anchor tenant.

如果你開車或步行經過Park Avenue與第52街交會處，你會看到我們位於350 Park Avenue的基地目前正在施工——其實是在拆除中。我們打算在不久後行使投資選擇權，以我們最高36%的持股比例參與此案。我們將與Ken Griffin並肩合作（他是我們60%的合夥人），且Citadel將作為100萬平方英尺的主力承租戶（anchor tenant）。

Several commentators and analysts have suggested that we take the money and run. No, that would be incredibly short guided. In our business, there is no better place to invest than Prime Park Avenue with a billion square foot tenant and a 60% partner already committed. We have contributed our existing land and 65-year-old building at a $900 billion valuation. We have the balance sheet resources to support this deal and all of our other financial requirements as well.

有幾位評論人士與分析師建議我們拿了錢就走。不，那將是極其短視的。在我們這個行業裡，沒有比在頂級Park Avenue、且已有一位100萬平方英尺租戶與一位60%合夥人承諾投入的案子更好的投資標的。我們已將現有土地與一棟65年樓齡的建物，以9,000億美元的估值投入。我們的資產負債表資源足以支撐此案，以及我們所有其他的財務需求。

We have a $3.3 billion construction loan ready to go. I think $3.3 billion may be a record. The partnership, and by that I mean all partners, is contemplating selling down a 25% interest at a price which will give us an appropriate profit. And also give the buyers an appropriate profit. The expected joint venture closing will take place in September. We are extremely excited and bullish about the potential returns from this product.

我們已準備好一筆33億美元的建築貸款。我認為33億美元可能是個紀錄。該合夥架構——我的意思是所有合夥人——正在考慮以能讓我們獲得合理利潤的價格，出售25%的權益。同時也讓買方獲得合理利潤。預期合資（joint venture）交割將於9月完成。我們對此產品的潛在回報感到極度興奮並且非常看多。

The brokers and tenant community is buzzing and we are already getting incoming to available space, all of which is used space from 600 feet to 1,000 feet from clients seeking the very best and for whom our delivery date fits their needs.

經紀人與租戶社群議論紛紛，我們已經開始收到對可出租空間的主動洽詢；這些需求多為距離約600英尺到1,000英尺範圍內的既有使用空間，來自追求最頂級品質、且我們交付日期符合其需求的客戶。

At Vornado, management of our balance sheet is the highest priority. Michael and his team have worked very hard to get our debt ratio down into the sevens. We keep dry powder for offense and liquidity for defense in all cycles. We are in conversations to sell two non-essential assets, which would very substantially increase our liquidity profile.

在Vornado，管理資產負債表是最高優先事項。Michael和他的團隊非常努力，將我們的負債比率降到7字頭。我們在所有景氣循環中都保留乾粉以便進攻，並保有流動性以便防守。我們正就出售兩項非核心資產進行洽談，這將大幅提升我們的流動性概況。

Here is the status of our stock buyback program. This quarter we repurchased 1.8 million shares at $29.92 per share. Since we have started buying back shares in 2023, we have repurchased 8 million shares at $26.61 per share. We will continue to take advantage of the stock as the opportunity presents itself.

以下是我們股票回購計畫的最新狀況。本季我們以每股29.92美元回購了180萬股。自2023年開始回購以來，我們已以每股26.61美元的平均價格回購了800萬股。我們將在機會出現時，持續善用股價所帶來的回購機會。

Just for kicks, on a final and interesting note, I recently heard an interview with Taylor Sederman, the screenwriter, director, producer, and actor best known for creating the massively successful Yellowstone Universe. I confess that I'm addicted to his stuff. Here's what he said about New York. I leaping love New York. It's the first place I lived after Chicago. It's a phenomenal city, and it's a city that I feel is much tougher.

最後補充一個有趣的小插曲：我最近聽到對Taylor Sederman的訪談，他是編劇、導演、製片人與演員，最知名的是創作了極為成功的《黃石》（Yellowstone）宇宙。我承認我對他的作品上癮。以下是他談到紐約時說的話。我非常非常愛紐約。那是我離開芝加哥後住的第一個地方。那是一座非凡的城市，而且我覺得它是一座更強悍的城市。

It indoors a bad politician or two, and you can't tank it. You just shake off this stuff like a case of bad fleas and keeps going. It doesn't matter the industry if you're in in New York. If you're successful here, if you're a bricklayer, you're one of the best friggin' bricklayers on the planet because there are a million people convene for your job. You'll just mandate excellence from everybody in every way and in every field, end quote.

它能忍受一兩個糟糕的政客，而你也打不垮它。你只會把這些東西抖掉，就像抖掉一身壞跳蚤一樣，然後繼續前進。不管你在紐約從事哪個產業都一樣。如果你在這裡成功——就算你是砌磚工——你也是地球上最他X的頂尖砌磚工之一，因為有一百萬人競爭你的工作。它會在各方面、各領域，要求每個人都做到卓越——引述完畢。

By the way, when somebody asks who doesn't know me what I do for a living, I say I'm a bricklayer.

順帶一提，當有人不認識我、問我靠什麼維生時，我會說我是砌磚工。

Thank you, Steve, and good morning, everyone. Second-quarter comparable FFO was $0.67 per share, compared to $0.56 per share for last year's second quarter, an increase of $0.11. This significant increase was primarily due to higher FFO resulting from rent commencements at Penn 1 and Penn 2, the impact from the NYU master lease at 770 Broadway being in the prior year, and higher NOI from signage revenue, partially offset by higher net interest expense.

謝謝你，Steve，各位早安。第二季可比FFO為每股0.67美元，相較去年第二季每股0.56美元，增加0.11美元。這項顯著增長主要來自Penn 1與Penn 2租金起算帶來的FFO提升、去年同期包含770 Broadway的NYU總租約（master lease）之影響，以及招牌收入帶動的NOI增加；部分被較高的淨利息費用所抵銷。

We have provided a quarter-over-quarter bridge on page 2 of our earnings release and on page 6 of our financial supplement. Our core office and retail businesses are performing increasingly well and are now beginning to reflect the growth from leasing up Penn as well as our other vacancies.

我們已在財報新聞稿第2頁以及財務補充資料第6頁提供了本季相較前一季的橋接分析（bridge）。我們的核心辦公與零售業務表現愈來愈好，並且現在開始反映出Penn的出租進度提升，以及我們其他空置面積的成長。

Our New York office same-store NOI was up 13.7% for GAAP and 11.9% for cash. Our New York retail same-store NOI was up 7.3% for GAAP and 5.7% for cash and our New York business overall was up 11.9% for GAAP and 6.2% for cash. We now clearly expect full-year 2026 comparable FFO to be higher than 2025, with second-quarter comparable FFO being a decent average run rate for the rest of the year.

我們紐約辦公同店NOI（same-store NOI）在GAAP口徑下成長13.7%，在現金口徑下成長11.9%。我們紐約零售同店NOI在GAAP口徑下成長7.3%，在現金口徑下成長5.7%；而我們整體紐約業務在GAAP口徑下成長11.9%，在現金口徑下成長6.2%。我們現在明確預期，2026全年可比FFO將高於2025年，而第二季可比FFO可視為今年剩餘期間相當不錯的平均運行水準（run rate）。

As previously indicated, we expect it to be significant earnings growth in 2027, as the positive impact from the lease-up of PEM1, PEM2, and our other vacancies continues to take effect, as well as the positive impact of the recent acquisition of Park Avenue Plaza.

如先前所述，我們預期2027年將出現顯著的獲利成長，因為PEM1、PEM2以及其他空置面積的出租所帶來的正面影響將持續發酵，同時也包括近期收購Park Avenue Plaza所帶來的正面影響。

Turning to occupancy, New York office occupancy increased 60 basis points this quarter to 92.2% from last quarter and up significantly from the truck of 84.4% in the first quarter of 2025. This significant pickup is reflective of the successful execution of our plans and the Manhattan classic office market dynamics that we've been talking about over the past couple of years.

接著談到出租率：本季紐約辦公出租率較上季提高60個基點至92.2%，且相較2025年第一季的低點84.4%大幅上升。這項顯著回升反映了我們計畫的成功執行，以及過去幾年我們一直在談的曼哈頓傳統（classic）辦公市場動態。

Our New York office pipeline is robust and has over 2.2 million square feet of leases in negotiation in various stages of proposal, including the 1 million square foot Citadel lease to 350 Park Avenue and over 500,000 square feet in the Penn District. Based on our strong leasing pipeline, we anticipate that our occupancy will grow to north of 93% by year-end with further gains thereafter.

我們紐約辦公室的租賃洽談管線相當強勁，目前有超過 220 萬平方英尺的租約正處於不同提案階段的談判中，其中包括 Citadel 於 350 Park Avenue 的 100 萬平方英尺租約，以及位於 Penn District 的超過 50 萬平方英尺。基於我們強勁的租賃管線，我們預期年底前入住率將提升至 93% 以上，之後仍將進一步成長。

Demand for our retail assets also continues to pick up. We are seeing new retailers, including many international ones at the end of the market as well as retailers in prime locations looking to renew their spaces early so as not to lose them upon expiry.

我們零售資產的需求也持續回升。我們看到新的零售商進場，包括許多位於市場高端的國際零售商，以及位於核心地段、希望提前續租以避免到期後失去店面的零售商。

Finally, turning to our balance sheet, our liquidity remains strong at $2 billion, which is comprised of cash of $789 million and our undrawn credit lines of $1.2 billion.

最後，談到我們的資產負債表，我們的流動性仍然強勁，達 20 億美元，其中包括 7.89 億美元現金以及 12 億美元尚未動用的授信額度。

We hope to bolster this further with the asset sales Steve referenced earlier. With that, I'll turn it over to the operator for Q&A.

我們希望透過 Steve 先前提到的資產出售，進一步強化這一點。接下來我把時間交給接線員進行問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。(接線員指示)

Floris Van Dijkum, Ladenburg Thalmann & Co Inc.

Floris Van Dijkum，Ladenburg Thalmann & Co Inc.

Hey, thank God. Obviously, we're starting to see some growth, which is very encouraging. Maybe could you talk a little bit about your -- the gap between leased and economic occupancy today and where your peak physical or economic occupancy was in the past and how much more of a runway there is?

嘿，謝天謝地。顯然，我們開始看到一些成長，這非常令人鼓舞。也許你能談談目前已出租入住率與經濟入住率之間的差距，以及過去你們的實體（物理）或經濟入住率高峰是多少，還有未來還有多少上升空間？

Good morning, Flores. So historically, we ran at 95%, 96% occupancy on a physical basis. I think maybe touched a little bit higher occasionally, but I would say that was a pretty consistent run rate. Today, we're at a little over 92%. We expect that we'll get back to our historical run rate in the next couple of years.

早安，Floris。從歷史來看，我們在實體（物理）基礎上的入住率大約是 95%、96%。我想偶爾可能會略高一些，但我會說那是相當一致的常態水準。目前我們略高於 92%。我們預期在未來幾年內會回到歷史常態水準。

Given the pace of the market, it could happen sooner than that. We're pretty confident about that from an economic perspective, just given the sign that commenced leases, obviously that number is lower, I think on a let's call on a GAAP basis, which probably relates most directed earnings, were probably 83%, 84%. Relative to the 92.2. So physically, we should get back into the mid-90s and obviously on a GAAP basis, that will close up as those leases come online.

以目前市場的速度，可能會更快發生。從經濟面來看，我們相當有信心；只是就已簽約但尚未起租的租約而言，顯然那個數字較低，我想以 GAAP 口徑（大概也最直接對應到盈餘）可能是 83%、84%。相較之下，實體入住率是 92.2%。因此在實體面，我們應該能回到 95% 左右；而在 GAAP 口徑上，隨著這些租約開始起租，差距也會縮小。

For us, I'll put a little more meat on that. Our signs, but not in occupancy and not in our earnings number. The revenue side of that rents are $180 million, which is probably somewhere around 150, a little bit more than that of FFO. So that'll give you the number as to where we stand now. And that number, obviously, side leases haven't commenced yet, so that's in the bag.

我再補充更具體一點。我們已簽約的部分，尚未反映在入住率，也尚未反映在我們的盈餘數字中。就營收端而言，這部分租金是 1.8 億美元，折算大概約 1.5 億美元、或略高一些的 FFO。所以這能讓你了解我們目前所處的位置。而這個數字顯然是因為相關租約尚未起租，所以等於已經到手了。

Thanks, Steve. Thanks, Michael. My follow-up question. And this is more of a broad question, because if you do the math, the rents required to make 350 Park Avenue pencil out suggest that you're going to rent that building at around $350 a square foot. What kind of impacts will having these really high-end. Properties due to adjacent or nearby buildings? I'm thinking also potentially about the potential upside of your recent acquisition at Park Avenue Plaza.

謝謝你，Steve。謝謝你，Michael。我的追問是：這比較偏宏觀，因為如果你做一下計算，讓 350 Park Avenue 這個案子在財務上可行所需的租金，意味著你們要以每平方英尺約 350 美元出租那棟大樓。擁有這些非常高端的物業，對相鄰或附近建築會帶來什麼影響？我也在想，這可能也會帶動你們近期收購的 Park Avenue Plaza 的上行空間。

The rent on the new buildings, your number is approximately correct, will create an umbrella. At all of the older buildings which have in-place rents of less than that, and Park Avenue Plaza has rents of about a third of what you just mentioned, it will all suck them all up. So that what's going to happen is the combination of scarcity, the combination of everybody in New York expanding and looking for space and the fact that there's a scarcity of new supply and the combination of construction costs, interest rates, et cetera, require a very high rent for a new building.

新大樓的租金，你的數字大致正確，會形成一把「保護傘」。對於所有那些現有租金低於該水準的舊大樓而言——而 Park Avenue Plaza 的租金大約只有你剛提到的三分之一——它會把它們全部往上帶。因此，接下來會發生的是：稀缺性、紐約各家公司擴張並尋找空間的需求、加上新供給稀少，以及建造成本、利率等因素的組合，會使新大樓必須要有非常高的租金。

That will cause the well-located older buildings to go up in value enormously. And obviously, that's the reason we bought Parket and New Plaza.

這將使得地段良好的舊大樓價值大幅上升。而這顯然就是我們買下 Parket 和 New Plaza 的原因。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, morning, Steve, and thank you for the update on $350. I guess a question there around rents. While a few quarters ago, we were talking about sort of $250 gross to make new deals pencil. I think when we talked about Penn 15, now you're talking about $300, $350 to make new deals pencil and clearly at $350, you have legacy basis.

嗨，早安，Steve，也謝謝你更新了每平方英尺 350 美元這個數字。我想問一個關於租金的問題。幾個季度前，我們還在談大概每平方英尺 250 美元（總額）才能讓新交易在財務上可行。我記得我們談 Penn 15 的時候，現在你談的是 300、350 才能讓新交易在財務上可行；而顯然在 350 的情況下，你們有既有成本基礎（legacy basis）。

So the increase in rents to make deals pencil, is that sort of market basis, meaning if you were to buy land today and given where interest rates are, or what's caused sort of the target construction rents to go from sort of the $250,000 we talked a few quarters ago to now sort of the $300,000 to $350,000.

那麼，為了讓交易可行所需租金的上升，這是市場面的因素嗎？也就是說，如果你今天去買地、再考量目前的利率水準；或者是什麼原因，讓目標施工後租金從幾個季度前我們談的約 250，上升到現在約 300 到 350？

Oh, boy, complicated. I'm not sure I understand the question, but some of these numbers are written in stone, Alex. They're sort of like ranges. The market doesn't really need $350 plus to start a new building. The market and our competitors would find a new building somewhere in the probably mid to high threes, sorry, mid to high twos.

哎呀，這很複雜。我不確定我是否理解你的問題，但其中一些數字是板上釘釘的，Alex。它們比較像是區間。市場其實不一定需要 350 以上才會啟動新建案。市場以及我們的競爭對手，可能會在大約 200 多美元中段到高段（mid to high twos）之間就能做出一棟新大樓。

And what the market is doing is giving a bargain rent to the anchor tenant with the hopes and aspirations that the follow-on smaller tenants at higher rates will make the whole thing cancel. But in the whole, you think about it, if a new building on Park Avenue costs $3,000 a foot, you can do the math.

市場的做法是，給主力承租戶（anchor tenant）一個相對便宜的租金，並希望、也期待後續較小的承租戶能以更高的租金進駐，讓整體案子在財務上成立。但整體來看，如果 Park Avenue 上一棟新大樓的成本是每平方英尺 3,000 美元，你可以自己算算。

And then the second question for Glenn, year-to-date, you've done. About 660 square feet gross in New York. There are a lot of tenants that are talking about early renewals. Can you talk about the level of conversation and the acceleration, presumably there's some acceleration in the back half or just what we should expect as far as leasing goes compared to the 660 so far?

接著第二個問題問 Glenn：年初至今，你們在紐約已完成約 660 平方英尺的總租賃。有很多承租戶在談提前續租。你能談談目前對話的程度，以及下半年是否可能加速，或是就租賃而言，相較於目前的 660，我們應該期待什麼？

So as Michael said in our script, the remarks, putting aside Citadel, we have about 1.2 million in our pipeline, which is a really strong mix of new expansion renewal. And we're strategic about renewals. We're not going to do a renewal unless we like the terms. So while we're talking to a lot of tenants expiring next year, the year after, et cetera, as the market continues to quicken in strength and pace.

如同 Michael 在我們的講稿／發言中提到的，先不算 Citadel，我們的管線大約有 120 萬平方英尺，這是由新租、擴租與續租所組成、非常強勁的組合。而且我們在續租方面是有策略的。除非我們喜歡條款，否則不會做續租。因此，雖然我們正在與許多明年、後年等到期的承租戶洽談，但隨著市場強度與速度持續加快，

And as we feel better and better every week with what's happening, we're being very careful in terms of locking in too quickly. But our tenants, generally want to stay. And we're in a lot of discussions in that regard, but we're being careful and smart about it.

以及我們每週都對正在發生的事情感到越來越有信心，我們在是否過快鎖定條款方面會非常謹慎。但整體而言，我們的承租戶通常都想留下來。我們在這方面有很多討論，但我們會謹慎且聰明地處理。

Dylan Burzinski, Green Street.

Dylan Burzinski，Green Street。

Hi, guys. Good morning. Thanks for taking the question. Steve, maybe going back to your comments at the outset of your prepared remarks, talking about how the stock remains cheap, how it remains well below sort of our NAD estimate. Can you kind of just talk about, I think you alluded to in the past, just being interested in taking assets to market and testing where private market bids are at? Can I just talk about that? Is that still something you guys are interested in?

嗨，各位。早安。謝謝讓我提問。Steve，或許回到你在開場準備稿一開始的評論，你提到股價仍然便宜，仍然遠低於我們對NAD的估值。你能否談談，你們過去似乎也提過，對於把資產拿到市場上、測試私募市場出價水位這件事的興趣？我可以請你談談這點嗎？這仍然是你們感興趣的方向嗎？

Maybe obviously using those funds to continue to take advantage of the disconnect between where shares are at today and where you guys perceive value to be.

也許很明顯是用那些資金，繼續把握目前股價與你們所認為的內在價值之間的落差。

I think what you're saying is that we should sell buildings at the private market value and buy stock, which is Green Street's formula for success. We sort of believe in that. We sort of also believe that. Our buildings are going to appreciate in value. We are actually in conversations with selling two buildings, the proceeds of which would be a very significant cash amount and which accomplishes our financial objectives in the short-term.

我想你的意思是，我們應該以私募市場價值賣樓，然後買回股票，這是Green Street的成功公式。我們某種程度上相信這一點。我們也某種程度上相信。我們的資產會升值。我們確實正在洽談出售兩棟大樓，其出售所得將是一筆非常可觀的現金，並且在短期內能達成我們的財務目標。

The history in New York has been. That almost every time you sell a building in almost any cycle, you've been wrong and that goes for our street retail assets and our office assets. So we do have a handful of assets that we are happy to sell and want to sell. We have a couple of assets that we are actively in conversations to sell and we're very happy owning the rest of them until at some point. They become more valuable and then maybe we would sell them.

紐約的歷史是這樣的。幾乎每一次在任何景氣循環中賣樓，你事後都會發現自己判斷錯了——不論是我們的街邊零售資產或辦公資產都是如此。所以我們確實有少數資產我們樂於出售、也想出售。我們也有幾項資產正在積極洽談出售，而其餘資產我們很樂意繼續持有，直到某個時間點。它們變得更有價值，然後也許我們才會賣掉。

With respect to our stock, we still think our stock is extremely cheap. As the NAB calculations are basically based upon what is in place. Now and what assets we own now, it doesn't give any credit for what will happen in the future with any of us. I mean, for example, there's no credit for the 350 Park Avenue deal.

就我們的股票而言，我們仍然認為股價極度便宜。因為NAB的計算基本上是以現有狀況為基礎。以我們現在擁有的資產為基礎，它並沒有對未來可能發生的事情給予任何價值。例如，350 Park Avenue這筆交易就完全沒有被納入。

And the profit that will undoubtedly come from that, or the Park Avenue plaza uptick in rents, or the 623 development that we're doing. So the NAV number is a static number, which is backwards looking. When we sit in our council room, we look at that number very hard, but we also look at the future value. And so that's my answer, sir.

以及那筆交易毫無疑問會帶來的利潤，或是Park Avenue Plaza租金上調，或是我們正在進行的623開發案。所以NAV是一個靜態數字，偏向回顧性的。當我們在董事會議室裡，我們會非常仔細地看那個數字，但我們也會看未來的價值。所以這就是我的回答，先生。

No, that's very helpful. I appreciate that commentary, Steve. And then maybe just one on, I think it was announced yesterday that Snap was subways in some of Verizon's space. Are you guys involved in that at all? I know when Verizon struck that lease, rents are probably higher today than where Verizon's lease is at. So any upside that you guys are able to get, or is that sort of solely Verizon's economics?

不，這非常有幫助。謝謝你的評論，Steve。另外再問一題，我想昨天宣布Snap在Verizon的一些空間做了轉租。你們有參與那筆交易嗎？我知道Verizon當初簽那份租約時的租金，可能比現在的市場租金低。所以你們是否能取得任何上行空間，還是那基本上完全是Verizon自己的經濟利益？

We didn't participate in that deal. That was a deal between Verizon and the Subten. We did, however, decline our recapture option, choosing instead to keep the Verizon credit for the 20-year term.

我們沒有參與那筆交易。那是Verizon與轉租方之間的交易。不過，我們確實放棄了我們的回收（recapture）選擇權，改為保留Verizon在20年租期內的信用。

Steve Sacqua, Evercore ISI.

Steve Sacqua，Evercore ISI。

Yeah, thanks. Good morning. I think on the last couple of calls, you guys have talked about this kind of $0.40 FFO uplift in '27. I know you don't give formal guidance, but there was a bridge there just given the strong signed but not. Occupied pipeline. Obviously, you've had good growth in Q2 and talking about a good second-half. I guess, does that $0.40 number still apply or has some of that FFO maybe shifted into '26 and it dampens the growth a little bit into '27?

是的，謝謝。早安。我想在最近幾次電話會議上，你們談到過在'27年大約有0.40美元的FFO提升。我知道你們不提供正式指引，但基於已簽約但尚未。入住的強勁管線，當時有做過一個橋接說明。顯然你們在第二季有不錯的成長，也提到下半年表現會不錯。我想問，那個0.40美元的數字還適用嗎？還是部分FFO已經提前到'26年，因而讓'27年的成長幅度稍微被壓低？

We're not going to get too much into guidance. We don't give it. If you remember, we made that comment. I think we started off. Talking about the year being flattish relative to last year, obviously, we're significantly outperforming that. But the $0.40 was relative to that flattish comment. So I think we were at $2.35 last year, $0.40 on top of that, $2.75. So some of the growth is occurring earlier this year, we expect. At the same time, we still think we have meaningful growth next year.

我們不會在指引上談太多。我們不提供指引。如果你記得，我們當時提到那點。我想我們一開始。談的是今年相對去年大致持平，顯然我們的表現大幅優於那個假設。但那0.40美元是相對於「大致持平」那個評論而言。所以我想去年我們是2.35美元，在此基礎上加0.40就是2.75美元。因此部分成長我們預期會在今年較早發生。同時，我們仍然認為明年會有顯著成長。

Our comment on sort of significant growth still to come in '27 remains intact. Some of that $0.40 got started flowing through this year, but certainly relative to where we started beginning of the year is still intact. And given the dynamics, hopefully there'll be an excess of that.

我們關於'27年仍有顯著成長可期的評論依然不變。那0.40美元中的一部分今年已開始反映出來，但相對於我們年初的起點來看，整體論點仍然成立。而且考量這些動態，希望最終會超出那個數字。

Great. And as my follow-up. Steve, I guess your comments around doing a JV at 350 is interesting given the Citadel lease. I guess how did you sort of weigh doing that JV now versus leasing that building up further and doing something down the road given that it's not being delivered for four to five years?

很好。那我的追問是。Steve，你提到在350做合資（JV）的想法很有意思，尤其是在Citadel租約已簽的情況下。我想問你們如何權衡現在就做這個JV，與把大樓再多租出去一些、等之後再做一些安排？畢竟距離交付還有四到五年。

We made a decision to do the deal. With Ken Griffin and Citadel years ago and our deal with Ken was signed probably, I don't know, three years ago, something like that. So this is just the continuation of that path which was decided three years ago. During that time between now and then, Barry and his team and the digital team have designed the buildings with the Foster Partners architectural firm and done the drawings and we're now under construction. So these decisions were made three years ago, maybe even four years ago.

我們決定做這筆交易。與Ken Griffin和Citadel的交易是多年前就決定的，我們與Ken的協議大概在三年前簽的吧，我不確定，大概三年左右。所以這只是延續三年前就決定的路徑。在這段期間，Barry和他的團隊以及數位團隊與Foster Partners建築事務所一起完成了大樓設計與圖面，我們現在已經在施工中。所以這些決策是三年前做的，甚至可能是四年前。

The next question comes from Jana Gallen with Bank of America. Please go ahead.

下一個問題來自美國銀行的Jana Gallen。請繼續。

By the way, before I get into that, let me finish the last question. A little bit more. If you do the math and we do the math, I mean, we really groove on math around here. If you do the math, notwithstanding the fact that there is a time delay from the time that you demolish the old building and give up the income on the old building, so the time you get the new building, which will have rents in the spatosphere, so to speak, which is the market, which is required, are substantially.

順帶一提，在我進入下一題之前，讓我把上一題補充完。再多說一點。如果你算一算、我們也算一算——我們這裡真的很愛算數。如果你做數學計算，儘管從拆除舊大樓、放棄舊大樓的租金收入，到新大樓落成之間存在時間落差；但等到新大樓完成後，它的租金可以說會高到「在平流層」，也就是市場所要求的水準，將會大幅。

Enormously more profitable than keeping the old 65-year-old building, dumping money into that building because in 10 years, that's going to be a 75-year-old building, and you know what that means. So anyway, the decision really was not that difficult to make to demolish and build a new building. I'm sorry. Now, to the next question.

比起保留那棟65年的老大樓、持續往裡面砸錢要賺得多得多，因為再過10年那就會變成75年的老大樓，你也知道那代表什麼。所以總之，決定拆除並興建新大樓其實並不難。抱歉。好，接下來下一個問題。

Jana Gallen, Bank of America.

Jana Gallen，美國銀行。

Thank you. Good morning and congrats on the quarter. The retail leasing had a nice pickup, but the lease term I noticed was pretty short. Curious if that's just a strategy to do more short-term activation as you plan some of the larger retail redevelopment or if something else drew of that?

謝謝。早安，恭喜本季表現。零售租賃有不錯的回升，但我注意到租期似乎相當短。想了解這是否只是你們在規劃較大型的零售重建時，採取更多短期活化的策略，或是還有其他原因造成的？

Good morning, Jenna. I would say generally it was just sorry. In general, a number of short-term deals, some in-place tenants that we extended, some short-term deals that we don't want to lock up the space. We continue to view the market as getting stronger, and so we don't want to commit to space long-term until we get to an appropriate level. In some cases, tenants need more time to make decisions on how long they want to commit for, et cetera, so a mix of those. But I think most of those, as we said, short-term in nature.

早安，Jenna。我想整體而言，就是抱歉。總的來說，有一些短期交易；有些既有租戶我們做了續約延長；也有一些短期交易是因為我們不想把空間長期鎖住。我們仍然認為市場正在轉強，因此在達到合適的水準之前，我們不想對空間做長期承諾。在某些情況下，租戶需要更多時間來決定他們想承諾多久，等等，所以是這些因素的組合。但我認為其中大多數，如我們所說，本質上都是短期的。

Thank you. And then maybe just I noticed the Pier 94 occupancy dropped quarter over quarter, anything you can share that or prospects for new leasing there?

謝謝。另外我注意到 Pier 94 的入住率較上一季下降了，有沒有什麼可以分享的原因，或那邊新租賃的展望？

It's Glenn. I'll take this one. So the occupancy is already up into the high 80s by the end of July. So we had a couple vacates at the end of June, which is why you see the number you're seeing, and we're already back up to where we were with a lot more activity in the pipeline.

我是 Glenn。我來回答這題。所以到 7 月底為止，入住率已經回升到接近 80% 後段。我們在 6 月底有幾個退租，所以你才會看到你看到的那個數字；而我們已經回到原本的水準，而且管線裡的活動量更大。

I mean, Glenn, why don't you just comment on the user's experience and reaction this year?

我是說，Glenn，你何不也評論一下今年使用者的體驗和反應？

I mean, the activity has been excellent. The users are all, top of class, head of class, Google, Netflix, Paramount, Apple, all the names we want. And as they go on and on, the experience has been A plus. The reports back from them have been excellent. So we're feeling very good as we head into the second half of this year and the '27 that really great things are going to happen and the project's really the best in town. And certainly, the users coming in are recognizing that as they use it.

我的意思是，活動非常出色。使用者都是同級最佳、頂尖中的頂尖：Google、Netflix、Paramount、Apple，都是我們想要的那些名字。而且隨著他們持續進駐，整體體驗是 A+。他們回饋的報告非常好。所以當我們邁入今年下半年以及 2027 年時，我們感覺非常好，認為會有非常棒的事情發生，而這個專案確實是城裡最好的。而且，進來使用的客戶在使用過程中也確實認同這一點。

You have to remember this asset, which we are partners with. Blackstone and Hudson Pacific is kind of analogous to a long-stay hotel. So this is not an office building which has 10, 20, and 30-year leases. The tenants that come into this building and use it as a production facility for shows that are in process, so that can be three months or a year or what have you. So the occupancy will fluctuate.

你必須記得，這個資產我們是與其合作夥伴一起持有的。Blackstone 和 Hudson Pacific 的這個資產有點類似長住型飯店。所以這不是一棟辦公大樓，不會有 10 年、20 年、30 年的長約。進到這棟樓的租戶，是把它當作影視製作設施來使用，服務正在製作中的節目，因此可能是三個月、一年或其他期限。所以入住率會有波動。

But we do feel we have a unique asset. It's the only asset in Manhattan. It's very well located, and it's being extremely well received, even at these early stages, by all of the big boys.

但我們確實認為我們擁有一個獨特的資產。它是曼哈頓唯一的同類資產。地點非常好，而且即使在這麼早期的階段，也已經受到所有大咖的極大好評。

Anthony Paolone, JP Morgan.

JP Morgan 的 Anthony Paolone。

Yeah, thanks. On 350 Park, you mentioned going to the maximum 36% stake in the project. Can you talk about what that means in terms of any incremental outlays for Vornado or just how that works?

是的，謝謝。關於 350 Park，你提到會把在該專案的持股提高到最高 36%。你能談談這對 Vornado 而言，是否意味著任何額外的資金支出，或這是如何運作的嗎？

Michael. Good morning, Tony. So we'll lay out all the details when we close the venture in terms of cost, financing, et cetera. Steve referenced the construction financing that we're. We've lined up, we're contributing our land in at the $900 million value and so incremental capital requirements from us overtime are in the $350 million neighborhood, that doesn't really start for probably 2.5, maybe even three years in any significant scale given that Ken has to true up is equity with ours and then the bank wants to get money out, we like that environment, banks want to start putting money out. So our equity is backended and really won't come, I would say, meaningfully until 2029 and then thereafter.

Michael。早安，Tony。我們在合資案完成交割時，會把成本、融資等所有細節都完整說明。Steve 提到了我們正在安排的建築融資。我們會以 9 億美元的估值把土地投入，因此我們隨時間推進所需的增量資本，大約在 3.5 億美元左右；而且在相當一段時間內大概不會真正開始，可能要 2.5 年、甚至 3 年後才會有顯著規模，因為 Ken 必須先把他的權益與我們對齊（true up），然後銀行也希望把資金投放出去；我們喜歡這樣的環境，銀行想開始放款。所以我們的股權出資是後置的，我會說，真正有意義的出資大概要到 2029 年，之後才會陸續發生。

Okay, got it. And then just on in terms of just you mentioned, I think, Steve, just that kind of a project putting on an umbrella over the rest of the assets around there over time. And it seems like your base is going to probably be over 3,000 bucks a foot and the presumption is you lease it up and it's worth, I guess something north of 4,000 plus a square foot.

好的，了解。另外就你提到的——我想是 Steve 提到的——這類專案會隨時間對周邊其他資產形成某種「保護傘」效應。而看起來你的成本基礎可能會超過每平方英尺 3,000 美元；假設你把它租滿，價值可能會到每平方英尺 4,000 美元以上。

How do you think about just that gap between a number like that and buying something around. Effectively at 950 a foot like like is that dispersion does it make sense I get the difference in age and asset but you know it is is carried land just as in it it just as interesting an investment at this point than than the bad at four plus thousand dollars a foot on a pro forma stabilized basis.

你怎麼看待這樣的數字，和在附近買一個資產——等於每平方英尺 950 美元左右——之間的落差？我理解資產年齡和品質不同，但這種價差合理嗎？你知道，持有土地（carried land）在這個時間點，是否反而是比在模型穩定後每平方英尺 4,000 多美元的那種投資更有吸引力？

We would buy 100% of Park Avenue at $1,000 a foot if we could.

如果可以的話，我們會以每平方英尺 1,000 美元買下 Park Avenue 的 100%。

Tony, you're making the case for exactly what Steve said earlier, right, that that dispersion is very wide, that buildings like Park Avenue Plaza, if the market continues to hold its strength and we know there's not going to allow supply, those buildings have to appreciate significantly and we own many of those buildings. Which is why we're bullish on our stock and the value that we have and where it's going. So 100%. Rents have to rise there, values have to appreciate meaningfully because they're basically creating a land value in a lot of cases.

Tony，你其實正好在替 Steve 先前說的話做論證：那個價差非常大；如果市場持續維持強勢，而且我們知道不會允許新增供給，那像 Park Avenue Plaza 這樣的建物就必須大幅升值，而我們擁有很多這類建物。這也是為什麼我們看好自家股票、看好我們擁有的價值以及它將走向何處。所以，完全同意。那裡的租金必須上升、價值必須顯著升值，因為在很多情況下，它們基本上正在形成土地價值。

But don't get the impression that the people who are paying $250 or $75 or $300 a foot are stupid. They are not stupid. They are the most important and largest and major companies in the country. There is a difference in the value of a brand-new building in its design and its function. But the answer is it's not the difference between $100 a foot and $300 a foot. So the $100 a foot buildings are going to go up in value substantially, but not to the same rental rate as a new building would command.

但不要以為那些付每平方英尺 250、或 75、或 300 美元的人很蠢。他們不蠢。他們是全國最重要、最大、最主要的公司。全新大樓在設計與功能上確實有價值差異。但答案是，差異不會是每平方英尺 100 美元和 300 美元那麼大。所以每平方英尺 100 美元的那些大樓會大幅升值，但租金水準不會升到新大樓所能要求的同一個租金水準。

Vikram Malhotra, Mizuho.

Mizuho 的 Vikram Malhotra。

Morning, congrats on a strong quarter. I guess this first question, given the strength in the future direction in terms of SFO and the pickup you mentioned, some of it is in coming 26, I'm wondering if you can just maybe give us a little bit more color on how that translates into cash earnings, like relative to this year's TI bill, what could the TI maintenance CapEx bill look like for next year at this high level? And related to that, any sense of where we are in terms of TIs coming in after the market is strengthened?

早安，恭喜本季表現強勁。第一個問題是，考量你提到 SFO 未來走向的強勁以及租賃回升，其中一部分會在 26 年進來，我想請你多補充一些：這會如何轉化為現金盈餘？例如相對於今年的 TI 帳單，今年的租戶裝修（TI）維護性資本支出（maintenance CapEx）帳單，在明年大致可能會是什麼樣子？另外，市場轉強之後，TI 成本回落的情況，你們有沒有一些判斷我們目前大概在哪個階段？

I'll hit the first one. Glenn can hit the second. I think in terms of TIs this year versus next year, I mean, again, even we're in that lease-up mode, given frankly when the tenants call for the money. I know the number is right in front of me, Vikram, but I think it's pretty comparable year-over-year, so not meaningfully different enough that I think in '28 is when that starts to tail down as we're big leasing, but again, it depends on when tenants call for the money, it tends to be a little bit later than when we normally expect.

我先回答第一個。第二個 Glenn 可以回答。我認為就今年對比明年的 TI 而言，因為我們仍處於出租爬坡（lease-up）模式，而且坦白說取決於租戶何時來請款。Vikram，我眼前就有那個數字，但我認為年對年其實相當接近，差異不大；所以不會有大到值得特別強調的變化。我認為到 2028 年，隨著我們的大量租賃完成，才會開始逐步下降；但同樣地，取決於租戶何時請款，通常會比我們原本預期的時間點更晚一些。

So that's my commentary on the capital side. Glenn, do you want to just talk about TI trends?

以上是我對資本面（capital side）的評論。Glenn，你要不要談談 TI 的趨勢？

Yeah, hi, Vikram. So we're seeing concessions come down. Rents are going up. We're tightening concessions. I've been on a couple calls in a row now, free rents coming down, and when I was seeing tightening on the TIs. Certainly, anything where a turnkey now has a cap on the tenant fund.

是的，嗨，Vikram。所以我們看到讓利在下降。租金在上升。我們正在收緊讓利。我最近連續參加了幾通電話，免租在下降，而且我也看到裝修補貼（TI）在收緊。當然，任何交鑰匙（turnkey）方案現在都對租戶基金設了上限。

So overall, I would tell you all the metrics are trending absolutely in the landlord's direction, which is, very good for us. And we continue that. We expect that to continue as we go, as the market continues to get better and better.

總體而言，我會告訴你，所有指標都明顯朝房東有利的方向發展，這對我們非常好。而且我們會持續這樣做。隨著市場持續越來越好，我們預期這個趨勢會延續下去。

Thanks. And then maybe just a bigger, broader question. Clearly, New York is at a place where we're all talking upside to rents and mark-to-market positive. San Fran is still sort of in maybe perhaps occupancy recovery mode. I'm just wondering future capital allocation. For Vornado, if you were putting in new capital today, like how do you differentiate and assess sort of opportunities in New York versus San Fran? Like, where should we expect, kind of a better risk-reward at this point?

謝謝。然後也許問一個更大、更宏觀的問題。顯然，紐約目前的狀況是我們都在談租金上行、按市價重估（mark-to-market）為正。舊金山可能仍然處於入住率復甦模式。我想了解未來的資本配置。對Vornado而言，如果你今天要投入新資本，你會如何區分並評估紐約與舊金山的機會？就目前而言，我們應該期待哪裡的風險報酬比較好？

We love San Francisco with the recovery market. The interesting thing about it is we own the best building in San Francisco, differentiated. It's not a tech building per se, although we do have a few tech tenants. It's a financial services building. All of the major financial services players are in that building and notwithstanding the fact that vacancies. Grew to very high numbers in San Francisco and rents plummeted.

我們很喜歡舊金山這種復甦型市場。有趣的是，我們擁有舊金山最好的、具差異化的建築。它不算是純科技大樓，雖然我們確實有一些科技租戶。它是一棟金融服務大樓。所有主要的金融服務業者都在那棟樓裡，儘管舊金山的空置率。曾攀升到非常高的水準、租金也大幅下跌。

That building, 555 California, the rents went up and occupancy stayed by and large pretty high. Now, with respect to New York and capital allocation, I mean, look at what we've done in the past as a prelude to what we'll do in the future. We have invested in two or three new acquisitions. We invest in our existing buildings by leasing them up in the TI and in keeping them modern and pristine and ahead of the market.

那棟樓，也就是555 California，租金上升，而入住率大致上仍維持相當高。至於紐約與資本配置，我的意思是，看看我們過去做了什麼，就能作為我們未來會做什麼的前奏。我們投資了兩到三筆新的收購案。我們也投資於既有大樓，透過出租、投入裝修補貼（TI），並保持大樓現代、整潔，且領先市場。

We invest in our buildings in terms of amenities. We invest in our stock. So we're investing in new acquisitions, our existing assets. Our common stock and, of course, the Penn District. So we have a very full plate.

我們在大樓的設施配套（amenities）方面也投資。我們投資我們的股票。所以我們在投資新的收購案、既有資產。我們的普通股，當然還有Penn District。所以我們手上有非常多事情在做。

But at the same time, bringing down leverage while doing that.

但同時，在做這些的過程中也在降低槓桿。

Yeah, how did you do that?

是的，你們怎麼做到的？

A little sleight of hand now, asset sales, et cetera, and we're growing income.

現在有點小技巧，資產出售等等，同時我們也在增加收入。

By the way, our budgets show that after the bubble, the good bubble of this. Very large leasing period is over and the free rent burns off and the TIs are paid, our financials become extraordinary. Our positive cash flow becomes positive and grows fairly significantly. So there's a one or two-year period and then. As a very -- we're very constructive about our company in the future years. That's why when I say we look at the future NAV harder even than we look at the current NAV.

順帶一提，我們的預算顯示，在這個泡沫之後——這是一個好的泡沫。當非常龐大的出租期結束、免租逐步消化、裝修補貼（TI）支付完畢後，我們的財務表現會變得非常出色。我們的正向現金流會轉正，並且相當顯著地成長。所以會有一到兩年的期間，然後。就未來幾年而言——我們對公司非常有信心、態度也很建設性。這就是為什麼我說，我們看未來的NAV甚至比看當前的NAV更用力。

Seth Bergey, Citi.

Seth Bergey，花旗。

Hi, thanks for taking my question. Just wanted to circle back on 350 Park Avenue. You mentioned the partial sale. Could you probably talk about, given kind of the improvement in New York fundamentals, what the buyer pool looks like for that, what type of money is interested in investing in New York office today?

嗨，謝謝讓我提問。我想回到350 Park Avenue。你提到部分出售。考量到紐約基本面改善，你能否談談那個案子的買方族群看起來如何、目前有哪些類型的資金有興趣投資紐約辦公室？

I got Michael. I think you asked about the mention that I made that we were contemplating selling down 25% of the ownership of the building and inviting a new group of investors to come into the asset now. And so, what's your question about that?

我這邊是Michael。我想你問的是我提到我們正在考慮出售該大樓25%的持有權，並邀請一個新的投資人團體現在進入這個資產。所以，你對這件事的問題是什麼？

Are you are you seeing is it is it core money that's interested in office, opportunistic, sovereign? Just talk about kind of the interest from the different buyer pools in New York office real estate.

你們看到的是——是偏核心型資金對辦公室有興趣、機會型資金，還是主權資金？請談談紐約辦公不動產不同買方族群的興趣狀況。

We're basically targeting high net worth high net worth family offices. And it will it would be a club deal, not a so It would be a club deal, people investing 100 million, or maybe 200 million, not a billion. That's our current target.

我們基本上鎖定高淨值的家族辦公室。而且會是俱樂部式交易（club deal），不是——所以會是club deal，大家各投1億美元，或可能2億美元，不是10億美元那種。這是我們目前的目標。

Great. And then maybe just to follow-up, with kind of the new peda tiered tax in New York, are you seeing any impact on that for high street retail leasing?

很好。然後也許追問一下，紐約新的分級（tiered）稅制，你們在高街零售（high street retail）租賃上有看到任何影響嗎？

Not at all. We don't expect that that's going to affect shopping or tourism or domestic spending or whatever. So the answer to that is not at all. By the way, we're not really in that business. I mean, we don't have a current condo job under construction, although we have developed the most successful one in history, that's in the past, and that's sold out by the way.

完全沒有。我們不預期那會影響購物、觀光、國內消費或其他任何事情。所以答案是完全沒有。順帶一提，我們其實不太做那個業務。我的意思是，我們目前沒有在建的公寓（condo）案，雖然我們曾經開發過史上最成功的一個，那是過去的事了，而且順帶一提也已經售罄。

We do hear from the marketplace that the tax has affected the interest of buyers in the over $10 million category. But that's not firsthand, that's second and third hand from just gossip that I'm hearing from the marketplace.

我們確實從市場上聽說，這個稅影響了1,000萬美元以上級別買家的興趣。但那不是第一手資訊，而是我從市場上聽到的八卦，算是第二、第三手消息。

Ronald Kamden, Morgan Stanley.

Ronald Kamden，摩根士丹利。

Hey, great. Just two quick ones. One, and this came up earlier, just on high level, I think you've touched on just maintaining leverage. You've touched the sort of CapEx. I was just wondering if you could just put a point on it in terms of like what the model says leverage looks like as sort of EBITDA comes on as well as what the CapEx trajectory looks like?

嗨，很好。兩個很快的問題。第一個，前面也提到過，從高層次來看，我想你談到維持槓桿水準。也提到資本支出（CapEx）。我想請你更明確一點：模型顯示隨著EBITDA進來，槓桿大概會長什麼樣子？以及CapEx的走勢會如何？

From the quick reading of your report, it sounds like we have a fairly wide disparity on NA viewpoints. CapEx, I think I said earlier, I think it's going to be fairly consistent this year to next year, just as the large amount of leases, particularly at Penn 2 and the remainder of Penn 1 get funded. Even a lot of leases that get signed this year, that won't get funded until next year and maybe even slobbers over a little bit to 28, but I think fairly consistent year-over-year.

從我快速讀了你的報告來看，我們在NAV觀點上似乎有相當大的落差。CapEx方面，我想我之前說過，今年到明年應該會相當一致，因為大量租約——特別是Penn 2以及Penn 1剩餘部分——會陸續到位並獲得資金支應。甚至今年簽下的很多租約，要到明年才會出資，可能還會稍微延到2028年，但我認為年對年會相當一致。

And on the leverage side, I think we'll continue to trend down into the 7s over the course of this year and as the income comes online in the out years, obviously, there's a lot that's going to happen between now and then, but that number could go sub 7, I think it probably will go sub 7 absent, other investing, et cetera.

至於槓桿方面，我認為今年內會持續往7倍區間下降；而隨著未來幾年收入逐步上線，當然，從現在到那時之間會發生很多事情，但我認為那個數字可能會降到7倍以下，而且在沒有其他投資等情況下，我覺得很可能會低於7倍。

Great, helpful. And then I think you mentioned sort of two non-essential sales. I was just wondering, I think in the past, whether it was Hotel Penn or some of the retail assets, just any thoughts on transacting on those? Thanks so much.

很好，很有幫助。然後我想你提到大概兩筆非核心出售。我想問一下，過去不管是Hotel Penn或一些零售資產，你們對於交易處分那些資產有什麼想法嗎？非常感謝。

No, it's not Hotel Penn. Hotel Penn doesn't exist anymore, by the way. It's a piece of land which we consider to be the best development site in the west side of Manhattan. That's not for sale.

不，不是Hotel Penn。順帶一提，Hotel Penn已經不存在了。那是一塊土地，我們認為那是曼哈頓西側最好的開發基地。那不出售。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Hi, good morning. Maybe a follow-up to that last one just on the planned asset sales, whatever they may be as we try to figure out the impact of them, those two properties. Would you say they're more in the non-core bucket, i.e., potentially higher cap rate or in the bucket of crystallizing private market valuations, i.e., lower cap rate or some combination?

嗨，早安。也許針對上一題再追問一下，關於你們規劃中的資產出售（不論具體是哪些），我們試著評估其影響，特別是那兩項物業。你會說它們比較偏向非核心資產（也就是可能較高的資本化率），還是偏向用來落實私募市場估值（也就是較低的資本化率），或是兩者兼具？

One and one.

一個一個。

Got it. Okay. And you mentioned earlier that part of the intent is then you can keep that dry powder for offense. I guess could you talk about your outlook for those opportunities to come up? I realize you don't have a crystal ball, but is there a reason to think that more acquisition opportunities could continue to come up or is it too hard to tell at this point?

了解。好。你先前也提到，部分目的在於之後可以保留「乾粉」用於進攻。我想請你談談你對這些機會出現的展望。我知道你沒有水晶球，但是否有理由認為未來可能還會持續出現更多收購機會，還是說目前太難判斷？

The answer is we react to everything that's available in the marketplace and we. We move quickly to acquire an asset that we like. The assets that we like have to be basically in our core. They have to be on the best location. They have to be part of the 180 billion square feet that we feel is our target market, the market in which our clients want the rent space.

答案是，我們會對市場上所有可得的機會做出反應，而且我們會。我們會迅速出手收購我們喜歡的資產。我們喜歡的資產基本上必須屬於我們的核心範圍。必須位於最好的地段。必須屬於我們認為是目標市場的1,800億平方英尺範圍內，也就是我們客戶想要租用空間的市場。

And they have to be moneymakers. So when we see it, we act. And we can't predict we don't have a crystal ball, but we do know that there are cycles. There are cycles that went to invest heavily and there are cycles that went to pull back. And so we've been doing this for a long time and that's our outlook on acquisitions.

而且它們必須能賺錢。所以當我們看到時，我們就會行動。我們無法預測，我們沒有水晶球，但我們確實知道存在景氣循環。有些循環適合大舉投資，也有些循環適合收縮。我們做這件事很久了，這就是我們對收購的看法。

By the way, the other side of that is that trees don't grow with the sky. We do have business cycles. I don't know whether we're going to have another recession or downturn. I guess we will. It's been a long time since we've had a downturn. But there will be a downturn in the future and we have to be prepared for it.

順帶一提，另一面是樹不會長到天上去。我們確實有景氣循環。我不知道我們是否會再遇到一次衰退或下行。我想會的。我們已經很久沒有遇到下行了。但未來一定會有下行，我們必須為此做好準備。

Now, you can't prepare for it. When the downturn starts, it's too late. You have to be prepared for it ahead. And so that's what we try to do and we always try to do. And keeping a very strong balance sheet with a ton of cash is part of our long-time business strategy.

而且，你不能等到下行開始才準備。當下行開始時，就太晚了。你必須提前做好準備。所以這就是我們努力在做、也一直在做的事。維持非常強健的資產負債表並持有大量現金，是我們長期的經營策略之一。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Great. Thanks for taking my questions. Steve, in the past, you mentioned that you were open to selling 555 California and the Mart. Can you give us an update on where your considerations currently stand, and are those the two assets that you referenced earlier about being for sale?

很好。謝謝回答我的問題。Steve，過去你提到你們願意出售555 California和the Mart。你能否更新一下目前你們的考量進度？以及你先前提到可能出售的兩項資產，是否就是這兩項？

Those two assets are not the two assets might be one of them, but I can tell you that right now, 555 California in a strong recovering market and Glenn has done a spectacular job of leasing this market at the top six prices in Stanford, in the high 100s of dollars a foot into the tower. So that asset has plenty of room to go and is extremely strong. So that asset is only for sale at the right time and at the right price.

那兩項資產不是那兩項資產，可能其中一項是，但我可以告訴你，現在555 California正處於強勁復甦的市場中，而Glenn在這個市場的招租表現非常出色，在Stanford以每平方英尺一百多美元的最高六個價格把租約簽進大樓。所以那項資產還有很大的上行空間，而且非常強勁。因此，那項資產只會在合適的時間、以合適的價格出售。

Any commentary on the mark?

對the Mart有任何評論嗎？

No.

沒有。

Okay. Dave, just another topic on signage. Is there a limit to how much signage you can add to the Penn District? And I see that 5%. Is that mostly volume or are you pushing price more aggressively?

好的。Dave，再換個話題談招牌廣告。你們在Penn District能增加的招牌廣告有上限嗎？我看到是5%。這主要是量的增加，還是你們更積極推升價格？

I'll start and then Michael can finish. Basically, the thing that differentiates our signage business is that our signs go with the buildings that we own. So we are, almost all of the people in this sector, the signage companies, they rent space to put their signs. We don't. We own the space. So our margins obviously are much higher.

我先說，然後Michael可以補充。基本上，我們招牌廣告業務的差異化在於，我們的招牌是搭配我們自有的大樓。所以在這個領域，幾乎所有其他招牌公司都是租用空間來放招牌。我們不是。我們擁有那個空間。因此我們的利潤率顯然高得多。

And since we own the fine space in Times Square, and we own everything in the Penn District where there's enormous traffic both from Madison Square Garden and the retail at Macy's and Penn Station. So we own those assets. And so as we continue to develop in the Penn District, we will build more buildings. We're now totally changing the entrance to the Penn District on 7th Avenue and 34th Street, so we're building.

而且因為我們擁有時代廣場的黃金位置，也擁有Penn District的一切資產，那裡有龐大的人流，來自麥迪遜廣場花園以及梅西百貨的零售與賓州車站。所以我們擁有那些資產。因此，隨著我們持續在Penn District開發，我們會興建更多大樓。我們現在正在徹底改造Penn District在第七大道與第34街的入口，所以我們正在興建。

We're going to tear down the older buildings. We're going to build new buildings. Those are signage opportunities. We're going to build the tower on 1,015. That's another signage opportunity, et cetera. So the answer is that we love the business. It's asset-light. It goes along with our -- new signs go along with our new developments.

我們會拆除較舊的建築。我們會興建新大樓。那些都是招牌廣告的機會。我們會在1,015興建那座塔樓。那也是另一個招牌廣告機會，等等。所以答案是，我們很喜歡這門生意。它是輕資產。新的招牌會隨著我們的新開發案一起增加。

Just to tack on, Brendan, yes, volume or price, both the pricing has continued to go up year over year for the last several years and part of what we do by having digital signs is we slice and dice those and it's like revenue management. We're optimizing how many slots we can sell and how much we can sell those for. So we have both Dynamics working, which is helping to propel the business, and you saw that come through this quarter.

再補充一下，Brendan，是的，不論是量或價：過去幾年我們的定價都逐年上升；而且我們透過數位招牌把版位切分，就像收益管理一樣。我們在最佳化可出售的時段數量，以及每個時段能賣到的價格。所以量與價兩個動能同時運作，推動了業務成長，你也在本季看到反映。

The next question comes from Steve Sakwa with Evercore ISI. Please go ahead.

下一個問題來自Evercore ISI的Steve Sakwa。請發問。

Yes, thanks. Just one quick follow-up. On that S&O pipeline number that you gave of $180 million, is there a way to bifurcate that between what's pend to and what's the rest of the portfolio?

是的，謝謝。我只有一個快速追問。關於你提到的S&O管線數字1.8億美元，有沒有辦法把它拆分成Penn的部分以及投資組合其餘部分？

I knew you weren't going to let us off so easy, Steve, without a numbers question. I would say I'm going to guess here because I don't have the exact numbers in front of me. Obviously, like Pentoo is a huge development that we're completing and that income is coming online. So if I had to guess, I would say probably 60% of it is Pentoo, rough cut.

Steve，我就知道你不會這麼輕易放過我們，還是要問數字。我這裡只能先猜，因為我手邊沒有精確數字。很明顯，像Pentoo是一個我們正在完工的大型開發案，相關收入正在逐步到位。所以如果要我猜，我會說大概60%是Pentoo，粗略估算。

That guess better be right.

那個猜測最好是對的。

I think it's pretty close.

我想相當接近。

There are no further questions at this time.

目前沒有其他問題。

Okay. Well, thank you, everybody. We're happy with this quarter. We hope you all appreciate it. And we're even more happy with our future prospects. So with having said that, thank you all for attending, and we'll see you next quarter.

好的。那麼謝謝各位。我們對本季表現感到滿意。希望各位也能認同。而我們對未來前景更感到高興。因此，感謝各位出席，我們下季見。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。