Empire State Realty Trust Inc (ESRT) 2023 Q4 法說會逐字稿

Greetings. And welcome to the Empire State Realty Trust Fourth Quarter 2023 earnings call. As a reminder, all participants are in a listen-only mode and a question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Heather Houston, Senior Vice President, Chief Counsel, Corporate and Secretary. Thank you. You may begin.

問候。歡迎參加帝國州房地產信託 2023 年第四季財報電話會議。提醒一下，所有參與者都處於僅聽模式，正式演示之後將有問答環節。提醒一下，本次會議正在錄製中。現在我很高興向大家介紹希瑟休斯頓，她是高級副總裁、首席法律顧問、公司兼秘書。謝謝。你可以開始了。

Good afternoon and thank you for joining us today for Empire State Realty Trust Fourth Quarter 2023 earnings conference call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the Investors section of the Company's website at ESTRE. dot com.

下午好，感謝您今天參加帝國州房地產信託 2023 年第四季財報電話會議。除了昨天發布的新聞稿外，該公司網站 ESTRE 的投資者部分還發布了季度補充包，其中包含有關我們業績的更多詳細資訊和最新的投資者介紹。 .com。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements. As defined in applicable securities laws, including those related to market conditions, property operations, capital expenditures, income expense, financial results and proposed transactions. As a reminder, forward-looking statements represent management's current estimates they are subject to risks and uncertainties which may cause actual results to differ from those discussed. Empire State Realty Trust assumes no obligation to update any forward-looking statement in the future. And we encourage listeners to review the more detailed discussions related to these forward-looking statements in the Company's filings with the SEC.

在今天的電話會議上，管理層準備好的評論和對您問題的回答可能包含前瞻性陳述。依照適用證券法的定義，包括與市場狀況、財產營運、資本支出、收入支出、財務表現和擬議交易相關的法律。提醒一下，前瞻性陳述代表管理階層目前的估計，它們受到風險和不確定性的影響，可能導致實際結果與討論的結果不同。帝國大廈信託公司不承擔未來更新任何前瞻性聲明的義務。我們鼓勵聽眾查看公司向美國證券交易委員會提交的文件中與這些前瞻性陳述相關的更詳細的討論。

During today's call, we will discuss certain non-GAAP financial measures such as FFO, modified and core FFO and same-store property, cash NOI, EBITDA and adjusted EBITDA, which we believe are meaningful in evaluating the company so far, the definitions and reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release and supplemental package each available on the company's website.

在今天的電話會議中，我們將討論某些非GAAP 財務指標，例如FFO、修改後的核心FFO 和同店資產、現金NOI、EBITDA 和調整後EBITDA，我們認為這些指標對於迄今為止評估公司有意義，定義和這些指標與最直接可比較的公認會計原則指標的調節包含在公司網站上提供的收益發布和補充包中。

Now I will turn the call over to Tony Malkin, our Chairman and Chief Executive Officer.

現在我將把電話轉給我們的董事長兼執行長托尼·馬爾金。

Thanks, Heather, and it's great to have you back after your parental leave. And good afternoon to everyone.

謝謝，希瑟，很高興您在產假後回來。大家下午好。

Yes, our team is pleased to report a strong fourth quarter to close out what was a very productive year for our top tier portfolio. We have a modernized amenitized, energy-efficient portfolio of properties in great locations, absolute commitment to put points on the board under any circumstance and a balance sheet that allows us to do so. Our team's focus and relentless effort once again delivered results in the fourth quarter FFO came in $0.05 above expectations, $0.015 from nonrecurring items, the majority from recurring operations, Kristina, our new President, will handle that in more depth in her comments, we delivered our eighth consecutive quarter of positive leased percentage absorption.

是的，我們的團隊很高興地報告第四季度的強勁表現，為我們的頂級投資組合結束了非常富有成效的一年。我們在優越的地理位置擁有現代化、設施齊全、節能的物業組合，我們絕對致力於在任何情況下在董事會上得分，並且資產負債表使我們能夠做到這一點。我們團隊的專注和不懈努力再次在第四季度取得了成果，FFO 比預期高出0.05 美元，其中0.015 美元來自非經常性項目，大部分來自經常性業務，我們的新任總裁克里斯蒂娜將在她的評論中更深入地處理這個問題，我們表示我們連續第八個季度的租賃吸收百分比為正值。

We achieved our 10th consecutive quarter of positive mark to market lease spreads for Manhattan office. Our Observatory performance continues, and our balance sheet remains best in class. Our top of tier portfolio sees continued demand, and we leased nearly 1 million square feet lease up progress over the last year. Increased our Manhattan office leased percentage to over 92% and increased leased absorption by 250 basis points. The Empire State Building is now just shy of 92% leased. That is an increase of 720 basis points over the last year. Within our Broadway campus, the leased rate at 1359 Broadway increased 730 basis points over the last year. Tom will discuss some of the quality tenant leases which contribute to this progress. ESRT.'s commitment to service and tenant relationships, combined with our modernized amenitized, energy-efficient portfolio of properties in great locations drives our consistent leasing volumes over 2.6 million square feet of tenant expansions and our portfolio since our IPO, quite significant relative to our entire portfolio that totaled 9.3 million square feet today proves the value of our market proposition. I would like to share some words from recently signed tenants as to why they chose ESRT.'s buildings. All of the following are quotes, industry leading facilities and client services, iconic prime location, blend of heritage and contemporary design, top tier amenities, forefront of sustainability, Astute partner, commuter friendly, energy-efficient bolsters teamwork and innovation. That is the end of the quotes from tenants. You can see more tenant testimonials on slides 11 and 12 are at our investor presentation, the right offices in the right buildings at the right prices in the right locations with the right landlord. Our critical components of company culture and employee collaboration, recruitment and retention.

我們曼哈頓辦公室連續第十個季度實現正市場租賃價差。我們的天文台表現仍在繼續，我們的資產負債表仍然是同類中最好的。我們的頂級投資組合看到了持續的需求，去年我們租賃了近 100 萬平方英尺的租賃進度。將我們曼哈頓辦公室的租賃百分比提高到 92% 以上，並將租賃吸收量增加了 250 個基點。帝國大廈目前的出租率接近 92%。比去年增加了 720 個基點。在我們的百老匯校區內，百老匯 1359 號的租賃率比去年增加了 730 個基點。湯姆將討論一些有助於這項進展的優質租戶租賃。ESRT. 對服務和租戶關係的承諾，加上我們位於優越位置的現代化、設施齊全、節能的物業組合，推動我們自IPO 以來持續租賃量超過260 萬平方英尺的租戶擴建和我們的投資組合，相對於今天，我們的整個投資組合總面積達到 930 萬平方英尺，證明了我們市場主張的價值。我想分享一下最近簽約的租戶關於他們為什麼選擇 ESRT. 建築的一些話。以下所有內容均為報價、行業領先的設施和客戶服務、標誌性的黃金地段、傳統與現代設計的融合、頂級設施、可持續發展的前沿、精明的合作夥伴、通勤友好、節能支持團隊合作和創新。租戶的報價到此結束。您可以在我們的投資者簡報中的幻燈片 11 和 12 上看到更多租戶感言，在正確的建築物中以正確的價格在正確的位置與正確的房東一起提供正確的辦公室。我們的公司文化和員工協作、招募和留任的關鍵組成部分。

Yes, our T's leasing successes are built upon the $1 billion we invested in portfolio upgrades to consolidate floor plates and renovate our buildings so that our assets are fully modernized leaders in energy efficiency, competitive and attractive to lease. We maintain a best-in-class balance sheet and that makes a big difference to tenants and brokers in today's environment, and we service the deepest segment of the tenant demand of the New York City office market at our accessible price points. Our goal is to get the best deals in good times, get the deals and challenged times and draw consistent leasing volumes through cycles. We know what we have to do, and we remain absolutely focused and we believe with the right capital partners with whom we can share our balance sheet and expertise. The current debt issues create opportunities for us to grow that success amongst select additional office buildings. The Observatory continues to perform 2023, saw the Observatory NOI return back to pre-COVID levels, and that was just with 20--excuse me, just with 73% of the admissions relative to 2019. For years, we have put in the hard work to build exceptional brand awareness, our iconic authentic brand. In 2023, the Empire State Building had over 388 billion global media impressions and generated globally nearly $800 million in advertising value equivalency. The Empire State Building Observatory is the authentic New York experience and was ranked the number one attraction in the United States by TripAdvisor for the 2nd year in a row, our Observatory as cash flows are reliable through all economic cycles, new competition and the pandemic.

是的，我們T 的租賃成功建立在我們投資10 億美元進行投資組合升級的基礎上，以鞏固樓板和翻新我們的建築，使我們的資產在能源效率、競爭力和租賃吸引力方面成為完全現代化的領導者。我們保持著一流的資產負債表，這對當今環境下的租戶和經紀人來說意義重大，並且我們以可承受的價格為紐約市辦公室市場最深層的租戶需求提供服務。我們的目標是在繁榮時期獲得最好的交易，在困難時期也獲得交易，並在整個週期內保持穩定的租賃量。我們知道我們必須做什麼，我們仍然絕對專注，我們相信，透過合適的資本合作夥伴，我們可以與他們分享我們的資產負債表和專業知識。目前的債務問題為我們在選定的其他辦公大樓中取得成功創造了機會。天文台在 2023 年繼續表現，看到天文台 NOI 回到了新冠疫情前的水平，這只是 20 名——對不起，相對於 2019 年，只有 73% 的入學人數。多年來，我們一直在努力建立卓越的品牌知名度，這是我們標誌性的正宗品牌。2023 年，帝國大廈的全球媒體曝光量超過 3,880 億次，並在全球產生近 8 億美元的廣告價值。帝國大廈觀景台是真正的紐約體驗，連續第二年被 TripAdvisor 評為美國第一大景點，我們的觀景台在所有經濟週期、新競爭和大流行病中的現金流都是可靠的。

As shown on slide 13 of our investor presentation, we now focus on year-over-year NOI growth. Tenants look to partner with a financially stable landlord, who will maintain high quality standards at their assets. We can allocate capital as we think best to achieve return for our investors, be it capital recycling, new acquisitions or share repurchases, ESRT. has been the quantitative sustainability leader for more than a decade, and sustainability is integrated into every decision we make from property to FP&A and reporting our industry leadership and sustainability and healthy building performance matters more and more each year to tenants who come to us based upon our reputation for successful partnerships with companies and their employees and sustainability this quarter, we were pleased to be recognized as one of Newsweek's most responsible companies. And on the governance front, we were awarded governance Intelligence's 2023 Corporate Governance Award for Best small-cap Proxy Statement and nominee for best shareholder engagement.

正如我們投資者簡報第 13 張投影片所示，我們現在專注於 NOI 的同比成長。租戶希望與財務穩定的房東合作，房東將保持其資產的高品質標準。我們可以按照我們認為最好的方式分配資本，以便為投資者實現回報，無論是資本回收、新收購還是股票回購、ESRT。十多年來，我們一直是定量永續發展領域的領導者，永續發展已融入我們從房地產到FP&A 所做的每一個決策中，並報告我們的行業領先地位、可持續發展和健康的建築性能，對於來到我們這裡的租戶來說，每年變得越來越重要我們在與公司及其員工的成功合作夥伴關係以及本季度的可持續發展方面享有盛譽，我們很高興被公認為《新聞週刊》最負責任的公司之一。在治理方面，我們榮獲治理情報公司 2023 年最佳小型股代理聲明公司治理獎和最佳股東參與提名。

Yes, our T's 2024 priorities remain unchanged. Lease space, sell tickets to the Observatory, manage the balance sheet and achieve our sustainability goals. These actions together enhance shareholder value. We are in a position to take advantage of opportunities created through market disruptions and capital dislocation. We believe in New York City and we have four diverse ways to play at an office portfolio that is the top of our tier and targets the deepest market segment, our Observatory, that is the number one ranked attraction in the United States, our high foot traffic every day, street retail and a growing multi-family platform. Tom and Kristina will provide more detail on our progress and how we plan to accomplish these goals in 2024.

是的，我們 T 2024 年的優先事項保持不變。租用空間、出售天文台門票、管理資產負債表並實現我們的永續發展目標。這些行動共同提高了股東價值。我們能夠利用市場混亂和資本混亂所創造的機會。我們相信紐約市，我們有四種不同的方式來發揮辦公組合的作用，這是我們的頂級辦公大樓組合，目標是最深的細分市場，我們的天文台，這是美國排名第一的景點，我們的高腳每天的交通、街頭零售和不斷增長的多戶平台。Tom 和 Kristina 將提供有關我們的進展以及我們計劃如何在 2024 年實現這些目標的更多詳細資訊。

Before I hand things over to Tom, a big congratulations to Christina for her just announced promotion to President and Steve Horn to EVP, CFO and Chief Accounting Officer, and Christina has nearly four years with ESRT. She has grown with experience. Leadless strength contributed materially to the sector leading successes of ESRT. and has been a great partner. Her well-deserved promotion recognizes our capabilities, responsibilities and value add to ESRT. and reflects our success in the attraction development and promotion of talent for our present and future opportunities. I will let Christina comment more directly on Steve and I assure you that I have no plan to depart ESRT and Tom Durels is as committed as ever.

在我將事情交給 Tom 之前，我要熱烈祝賀 Christina 剛剛宣布晉升為總裁，並祝賀 Steve Horn 晉升為執行副總裁、首席財務官和首席會計官，Christina 已在 ESRT 工作了近四年。她隨著經驗的累積而成長。無鉛優勢為 ESRT 的領先成功做出了重大貢獻。並且一直是個很好的合作夥伴。她當之無愧的晉升認可了我們的能力、責任以及為 ESRT 帶來的價值。並反映了我們在吸引發展和提升人才以獲取當前和未來機會方面的成功。我會讓克里斯蒂娜更直接地評論史蒂夫，我向你們保證，我沒有計劃離開 ESRT，而湯姆·杜雷爾斯一如既往地忠誠。

Now on to Tom.

現在輪到湯姆了。

Thanks, Tony, and good afternoon, everyone. We had another strong year in 2023 and have the people and the properties to deliver strong results in 2024. During the full year of 2023, we leased over 950,000 square feet in our commercial portfolio in our Manhattan office portfolio, we leased 862,000 square feet, which was our highest annual volume since 2019. Our new lease spreads averaged 14% for the year, which exceeds the prior three-year average. We achieved our highest new starting rents for office leases at the Empire State Building and One Grand Central Place. We signed major office leases with quality tenants, including Capco, Greater New York mutual insurance company, LinkedIn, rising ground Starbucks and STV. to name a few. And we welcomed new retail tenants like cured deli who will open their first ever New York store at the Empire State building next to the Observatory entrance at 34th Street frontage now hosts the Starbucks Reserve supposedly tier Delhi AT&T and has one more retail opportunity to lease and two new Sushi restaurants, one at the base of 1359 Broadway and one in the Empire State Building, which will serve as great amenities to our office tenants. Our property team delivered a strong close to the year. And in the fourth quarter, we achieved positive mark to market lease spreads across our Manhattan office portfolio for the 10th consecutive quarter. It was our eighth consecutive quarter in which we achieved positive leased rate absorption for our commercial portfolio. We increased our Manhattan office lease percentage by 250 basis points compared to a year ago and 20 basis points quarter over quarter to 92.1%, which reflects an increase of 510 basis points since the end of 2021. We leased 164,000 square feet in our commercial portfolio, including 135,000 square feet in our Manhattan office portfolio at 5.8% positive mark-to-market rent spreads. The weighted average lease duration in our Manhattan office portfolio increased to 11.9 years, which is the highest it has been in the last two years. Notable leases signed in the fourth quarter include a full-floor 17 year new office lease with greater New York mutual insurance company for 52,000 square feet at the Empire State Building, Greater New York mutual will relocate to offices from Madison Avenue to the Empire State Building because of our industry-leading sustainability measures and excellent 10 only amenities, which aid in employee recruitment, retention and productivity. We signed a full-floor renewal deals with this quarter with Ingram content group Anaplan and Fairfield Maxwell Ingram renewed their lease for 12 years in a 14,000 square foot space at 1,400 Broadway.

謝謝托尼，大家下午好。我們在 2023 年又迎來了強勁的一年，並擁有在 2024 年取得強勁業績的人員和資產。2023 年全年，我們在曼哈頓辦公大樓的商業組合中租賃了超過 950,000 平方英尺，其中租賃了 862,000 平方英尺，這是我們自 2019 年以來的最高年度租賃量。我們今年的新租賃利差平均為 14%，超過了前三年的平均值。我們在帝國大廈和中央廣場一號的辦公室租賃中實現了最高的新起始租金。我們與優質租戶簽署了主要辦公室租賃合同，包括 Capco、大紐約互助保險公司、LinkedIn、新興星巴克和 STV。僅舉幾例。我們歡迎新的零售租戶，如固化熟食店，他們將在第34 街臨街面的天文台入口旁的帝國大廈開設他們的第一家紐約商店，現在擁有據說是德里AT&T 級別的星巴克儲備店，並且有更多零售機會租賃和兩家新的壽司店，一家位於百老匯 1359 號底部，一家位於帝國大廈，這將為我們的辦公室租戶提供一流的便利設施。我們的房地產團隊在年底取得了強勁的業績。在第四季度，我們的曼哈頓辦公大樓投資組合連續第十個季度實現了正的市場租賃價差。這是我們連續第八個季度實現商業投資組合的正租賃利率吸收。我們曼哈頓辦公室的租賃百分比與去年同期相比增加了 250 個基點，環比增加了 20 個基點，達到 92.1%，這反映出自 2021 年底以來增加了 510 個基點。我們以 5.8% 的正市價租金差租賃了 164,000 平方英尺的商業投資組合，其中包括 135,000 平方英尺的曼哈頓辦公大樓投資組合。我們曼哈頓辦公室投資組合的加權平均租賃期限增至 11.9 年，這是過去兩年的最高水準。第四季度簽署的重要租約包括與大紐約互助保險公司在帝國大廈簽訂了為期17 年的整層新辦公室租賃合同，面積為52,000 平方英尺，大紐約互助保險公司將把辦公室從麥迪遜大道搬遷到帝國大廈因為我們領先業界的可持續發展措施和卓越的 10 設施，有助於員工招募、留任和生產力。本季度，我們與 Ingram 內容集團 Anaplan 簽署了全層續約協議，Fairfield Maxwell Ingram 在百老匯 1,400 號 14,000 平方英尺的空間續租了 12 年。

This marks our third collaboration with Ingram and reflects their desire for our quality services, amenities and convenient location. Additionally, our partnership with Fairfield Maxwell has spanned over 28 years. We signed a 10-year new full-floor office lease with Hanover Street Capital for 13,000 square feet at 250 West 57th Street. And we signed leases for 11 prebuilt office suites that totaled 59,000 square feet. Additionally, as shown on page 10 of our supplemental, we have $51 million in incremental cash revenue from signed leases, not commenced and free rent burn-off. And we're off to a great start in 2024. We recently signed a 16 year 68,000 square foot expansion lease with Burlington at 1,400 Broadway. Burlington has expanded with us three times with this latest expansion, along with an extension of their current lease. Burlington will occupy a total of 170,000 square feet for a 16 year lease term. And we just signed an 11 year 57,000 square foot new lease with Sol de Janeiro, a loss attained subsidiary at One Grand Central Place. We have a healthy leasing pipeline for 2024 and saw an uptick in tour volume in the fourth quarter, reaching our second highest level since 2019. That should drive leasing activity in the year ahead.

這是我們與英格拉姆的第三次合作，反映了他們對我們優質服務、設施和便利位置的渴望。此外，我們與 Fairfield Maxwell 的合作夥伴關係已超過 28 年。我們與 Hanover Street Capital 簽署了為期 10 年的新全層辦公租賃合同，租約位於西 57 街 250 號，面積為 13,000 平方英尺。我們還簽署了 11 間預建辦公套房的租約，總面積為 59,000 平方英尺。此外，如我們的補充資料第 10 頁所示，我們從已簽署的、未開始的租賃和免費租金消耗中獲得了 5,100 萬美元的增量現金收入。2024 年我們將迎來一個好的開始。我們最近與伯靈頓在百老匯 1,400 號簽署了為期 16 年的 68,000 平方英尺擴建租賃合約。伯靈頓與我們一起進行了三次擴建，最近一次擴建，同時也延長了目前的租約。伯靈頓將佔地總計 170,000 平方英尺，租期為 16 年。我們剛剛與 Sol de Janeiro 簽署了一份為期 11 年、面積 57,000 平方英尺的新租約，Sol de Janeiro 是位於 One Grand Central Place 的虧損子公司。我們在 2024 年擁有健康的租賃管道，並且第四季度的旅遊量有所增加，達到 2019 年以來的第二高水準。這應該會推動未來一年的租賃活動。

We have modest lease expirations in 2024 with 578,000 square feet set to expire. And after the Burlington and sold these narrow leases that were just signed 320,000 square feet of that is covered by expected renewals, relocations and new leases, and only 183,000 square feet of known vacates and 75,000 square feet is undecided at this time based on our annual average of approximately 650,000 square feet of new leases signed in the past four years, we are well positioned to increase our lease percentage in 2024.

我們的租約將於 2024 年到期，其中 578,000 平方英尺將到期。在伯靈頓出售這些剛簽署的狹隘租約後，其中320,000 平方英尺包含在預期的續租、搬遷和新租約中，只有183,000 平方英尺已知空出，而根據我們的年度數據，目前尚未確定75,000平方英尺。過去四年平均簽訂的新租賃面積約為 650,000 平方英尺，我們完全有能力在 2024 年提高租賃百分比。

In today's market, there is a flight to property balance sheet and sustainability quality at every price tier and ESRT. offers the top of tier offering in our price bracket. We attract tenants who want product that is modernized amenitized energy efficient and well located near mass transit and neighborhood amenities, financially stable ownership, high quality service and indoor environmental quality at our price points. More and more, we hear tenants are sensitive to rental costs and look for a value proposition as they seek the best office space they can get for their money that will complement our employee and workspace strategy. Tenants in our price range make up the deepest part of the Manhattan leasing market as we show on Page 13 of our investor presentation. Since 2019, nearly 50% of market leases were for $50 to $75 per square foot rents, which is our sweet spot. Our unique product is competitive and attractive to tenants system demonstrated by our actual leasing results, 92% leased percentage from Manhattan office. Of course, we did a hard work over many years. We invested in our assets to provide fully modernized amenitized product, committed early to build all our tenant spaces with the latest in sustainability and IQ technology, which sets us apart from competitors. And as brought up more and more frequently in our broker and tenant leasing discussions, we fostered enduring tenant relationships through a service oriented culture and maintain a solid balance sheet, which Cristina will speak to, which is more important than ever to attract and renew quality tenants as they consider to make long-term lease commitments. The average occupancy in our multifamily portfolio was 98.1% in the fourth quarter and continues to benefit from strong market fundamentals that validates our prior investments into these assets. So once again, we had a solid fourth quarter that completed a very good year. In 2023, we signed over 950,000 square feet of commercial leases and increased our Manhattan office portfolio lease percentage by 250 basis points from a year ago to 92.1% at year end, which represents a 510 basis point increase since the end of 2021.

在當今的市場上，每個價格等級和 ESRT 都在追求房地產資產負債表和永續性品質。提供我們價格範圍內的頂級產品。我們吸引的租戶希望產品具有現代化的設施、節能、位置優越、靠近公共交通和鄰裡設施、財務穩定的所有權、高品質的服務和室內環境質量，以我們的價格點。我們越來越多地聽說，租戶對租賃成本很敏感，並在尋求價值主張時尋求價值主張，因為他們正在尋求用自己的錢買到最好的辦公空間，以補充我們的員工和工作空間策略。正如投資者介紹第 13 頁所示，處於我們價格範圍內的租戶構成了曼哈頓租賃市場的最深處。自 2019 年以來，近 50% 的市場租賃價格為每平方英尺 50 至 75 美元，這是我們的最佳選擇。我們獨特的產品對租戶系統具有競爭力和吸引力，從我們的實際租賃結果可以看出，92%的租賃比例來自曼哈頓辦公室。當然，我們也付出了很多年的努力。我們投資於我們的資產，以提供完全現代化的設施產品，並儘早致力於採用最新的可持續發展和 IQ 技術來建造我們所有的租戶空間，這使我們在競爭對手中脫穎而出。正如我們在經紀人和租戶租賃討論中越來越頻繁地提到的那樣，我們透過以服務為導向的文化培養持久的租戶關係，並保持穩健的資產負債表，克里斯蒂娜將談到這一點，這對於吸引和更新品質比以往任何時候都更加重要租戶考慮做出長期租賃承諾。第四季度，我們多戶住宅投資組合的平均入住率為 98.1%，並繼續受益於強勁的市場基本面，這驗證了我們先前對這些資產的投資。因此，我們再次迎來了堅實的第四季度，為這一年畫上了圓滿的句號。2023 年，我們簽署了超過 950,000 平方英尺的商業租賃，並將我們的曼哈頓辦公室投資組合租賃百分比比一年前增加了 250 個基點，達到年底的 92.1%，這比 2021 年底增加了 510 個基點。

We are well-positioned to lease space and achieve positive lease absorption again in 2024 with modest lease expirations for the year and a healthy pipeline of new leases to start the year. And we continue to see impressive performance in our multifamily portfolio Thank you. And before I turn the call over to Christina, I want to extend my congratulations to both Christina and Steve on your well deserved promotions, having worked closely alongside both of you these past few years, I have immense confidence in your abilities and the value you bring to ESRT. I'm also optimistic that our ongoing partnership will yield fresh opportunities and enhanced value for ESRT. shareholders.

我們處於有利地位，可以在 2024 年租賃空間並再次實現積極的租賃吸收，今年的租賃到期時間適度，並且年初有大量新租賃。我們的多戶型投資組合持續取得令人印象深刻的表現，謝謝。在我把電話轉給克里斯蒂娜之前，我想向克里斯蒂娜和史蒂夫表示祝賀，你們當之無愧的晉升，過去幾年與你們一起密切合作，我對你們的能力和價值充滿信心。帶到 ESRT。我還樂觀地認為，我們持續的合作夥伴關係將為 ESRT 帶來新的機會和更高的價值。股東。

And thanks, Tom. For the fourth quarter of 2023, we reported core FFO of $68 million or $0.25 per diluted share, which increased 15% year over year. This was largely driven by strong same-store property cash NOI growth, strong performance from our Observatory business, as well as higher interest income year over year. Results for the quarter included approximately $0.015 of nonrecurring items, mostly within other income. Same-store property cash NOI increased 11.3% year over year, primarily driven by higher revenues from early cash rent, commencement, free rent burn-off, higher tenant expense reimbursements and higher other income. These revenue items came in ahead of expectations embedded in our same-store property cash NOI guidance for the year. The higher revenues in the fourth quarter were partially offset by an increase in property operating expenses, which we anticipated in our guidance, albeit the increase was less than what we expected due to a few successful tax appeals that resulted in refunds as well as some repair and maintenance cost savings relative to expectations. Overall, as mentioned, there were approximately $4 million of $0.015 of nonrecurring items that benefited same-store NOI in the fourth quarter. In the fourth quarter, the Observatory generated net operating income of $27 million, an increase of 13% year over year. Revenue per capita remains high and admissions continued to improve. Year over year. Observatory expense was $9.3 million in the fourth quarter. For the full year 2023, the Observatory generated NOI of $94 million, and that exceeded the midpoint of our guidance for the year. For the full year, we reported core FFO of $0.93 per diluted share within fourth quarter results. Each of the building blocks same-store revenues, same-store expenses, Observatory NOI that we provided in our full year guidance table happened to skew to the favorable side, which contributed to the large beat relative to our 2023 FFO guidance. As mentioned in the release 2023 results also included approximately $0.03 of items that were nonrecurring in nature and also benefited from higher than expected interest income as of December 31st, 2023, the company had total liquidity of $1.2 billion, which was comprised of $347 million of cash and $850 million of undrawn capacity on our revolving credit facility. At quarter end, the company had net debt of $2.2 billion with a weighted average interest rate of 3.9% and a weighted average term to maturity of 5.4 years. We have strong liquidity, no floating rate debt exposure, a well laddered debt maturity schedule and the lowest leverage among all New York City focus rates at 5.4 times net debt to adjusted EBITDA. Esrt owned 100% of our commercial assets with no complex JV structures. And that allows for great opportunity and flexibility for future financing and capitalization with this balance sheet flexibility. Over the past two years, we actively recycled capital in a tax-efficient manner, pursued investment opportunities that are additive to our New York City focused portfolio and repurchased our shares, and we will continue to allocate capital to generate shareholder value.

謝謝，湯姆。2023 年第四季度，我們報告的核心 FFO 為 6,800 萬美元，即稀釋後每股 0.25 美元，較去年同期成長 15%。這主要是由於同店物業現金 NOI 強勁增長、天文台業務的強勁表現以及逐年增加的利息收入推動的。本季業績包括約 0.015 美元的非經常性項目，大部分屬於其他收入。同店物業現金 NOI 年增 11.3%，主要是由於早期現金租金、開業、免費租金銷毀、租戶費用報銷增加和其他收入增加帶來的收入增加。這些收入項目超出了我們今年同店物業現金 NOI 指導中的預期。第四季度收入的增加被物業運營費用的增加部分抵消，這是我們在指導中預期的，儘管由於一些成功的稅務上訴導致退款和一些修復，增幅低於我們的預期以及相對於預期的維護成本節省。總體而言，如前所述，第四季度約有 400 萬美元的非經常性項目（其中 0.015 美元）使同店 NOI 受益。第四季度，天文台實現淨營業收入2,700萬美元，年增13%。人均收入仍然很高，入場人數持續改善。一年又一年。第四季天文台費用為 930 萬美元。2023 年全年，天文台創造了 9,400 萬美元的 NOI，超過了我們當年指引的中位數。就全年而言，我們在第四季度業績中公佈的核心 FFO 為稀釋後每股 0.93 美元。我們在全年指導表中提供的同店收入、同店支出、觀測站 NOI 的每個組成部分都恰好偏向有利的一側，這導致相對於我們 2023 年 FFO 指導的大幅增長。如同2023 年業績發布中所提到的，截至2023 年12 月31 日，該公司的流動性總額為12 億美元，其中包括約0.03 美元的非經常性項目，這些項目也受益於高於預期的利息收入，其中3.47 億美元為現金和我們的循環信貸額度中 8.5 億美元的未提取能力。截至季末，該公司的淨負債為 22 億美元，加權平均利率為 3.9%，加權平均到期期限為 5.4 年。我們擁有強大的流動性、無浮動利率債務風險、階梯式的債務到期時間表以及所有紐約市焦點利率中最低的槓桿率（淨債務與調整後 EBITDA 的 5.4 倍）。Esrt 擁有我們 100% 的商業資產，沒有複雜的合資結構。透過資產負債表的靈活性，這為未來的融資和資本化提供了巨大的機會和靈活性。在過去的兩年裡，我們以節稅的方式積極回收資本，尋求投資機會，以補充我們以紐約市為重點的投資組合，並回購我們的股票，我們將繼續分配資本以創造股東價值。

Now onto our outlook for 2024, we expect 2024 core FFO to range between $0.9 and $0.94 per diluted share, which compares to 2023 core FFO of $0.9 per share, excluding non-recurring items.

現在展望 2024 年，我們預計 2024 年核心 FFO 稀釋後每股收益在 0.9 美元至 0.94 美元之間，而 2023 年核心 FFO 為每股 0.9 美元（不包括非經常性項目）。

Let me spend a moment to discuss the assumptions used in our guidance in 2024. We expect same-store cash NOI to be modestly positive at the midpoint with a range of down 1% to up 2% relative to 2023 levels. Within this range, we expect positive revenue growth, which assumes commercial occupancy of 87% to 89% by year end 2024, up from 86.3% at year end 2023, driven by a strong pipeline of signed leases not yet commenced and manageable lease expirations in 2024. On the expense side, we expect an approximate 6% to 8% increase in forecasted property operating expenses and real estate taxes in 2024, which is partially offset by higher tenant expense reimbursement income. It is important to note that 2023 operating expenses ultimately increased 6.8% from the prior year, about 120 basis points lighter than the 8% year-over-year growth anticipated in our 2023 guidance, driven by tax refunds, some R&M cost savings and timing changes from certain projects that will now fall into 2024 2024. Property operating expenses also reflect inflationary cost increases.

讓我花點時間討論一下我們 2024 年指南中使用的假設。我們預期同店現金 NOI 將在中點適度正值，相對於 2023 年的水準下降 1% 至上升 2%。在此範圍內，我們預計收入將出現正增長，假設商業入住率從2023 年底的86.3% 增至2024 年底的87% 至89%，這主要是受到尚未開始的大量已簽署租賃以及可管理的租賃到期的推動。2024 年。在費用方面，我們預計 2024 年預計物業營運費用和房地產稅將增加約 6% 至 8%，這將被較高的租戶費用報銷收入部分抵消。值得注意的是，在退稅、部分 R&M 成本節約和時間安排的推動下，2023 年營運支出最終比上年增長 6.8%，比我們 2023 年指導中預期的 8% 同比增長低約 120 個基點某些專案的變更現在將進入2024 年2024 年。物業營運支出也反映了通貨膨脹成本的增加。

Turning to the Observatory, we expect 2024 for Observatory NOI. to be approximately $94 million to $102 million, up from $94 million in 2023. This NOI guidance assumes Observatory expenses of approximately $9 million per quarter for 2024. We continue to leave room within our 2024 FFO guidance range for uncertainty around tourism fluctuations and bad weather that could impact results in any given quarter. Please note that the guidance estimates and assumptions just described do not include the impact of any meaningful future lease termination fee income or any unannounced future property acquisitions, dispositions or capital markets activity.

至於天文台，我們預計 NOI 天文台將於 2024 年建成。預計將從 2023 年的 9,400 萬美元增至約 9,400 萬美元至 1.02 億美元。本 NOI 指南假設 2024 年天文台每季的支出約為 900 萬美元。我們繼續在 2024 年 FFO 指導範圍內留出空間，以應對可能影響任何特定季度業績的旅遊波動和惡劣天氣的不確定性。請注意，剛才描述的指導估計和假設不包括任何有意義的未來租賃終止費收入或任何未宣布的未來財產收購、處置或資本市場活動的影響。

In summary, over the last year, the Company has executed well on its priorities. We leased over 950,000 square feet of total commercial space and achieved over 100 basis points of positive occupancy absorption across the portfolio. We continue to benefit from tenants demand for our high-quality assets and the unique value proposition and balance sheet strength that we offer as a landlord. Importantly, we have already invested to fully modernize our portfolio and our portfolio now reap the rewards of those forward-looking efforts, we are 92% leased and position to lease up further. Our Observatory business remains TripAdvisor's number one attraction in the U.S. for the second consecutive year and has seen a strong recovery, and we expect continued growth into 2024. The Company continues to manage our best-in-class balance sheet prudently and strategically with net debt to EBITDA, which continue to trend down to 5.4 times liquidity to take advantage of attractive investment opportunities that may emerge in this period of uncertainty and capital dislocation and our fourth leg of growth. Multifamily has performed well and adds to the resiliency of ESRT.'s cash flows.

綜上所述，過去一年，公司各項工作重點任務執行良好。我們租賃了超過 950,000 平方英尺的總商業空間，並在整個投資組合中實現了超過 100 個基點的正入住率吸收。我們繼續受益於租戶對我們優質資產的需求以及我們作為房東提供的獨特價值主張和資產負債表實力。重要的是，我們已經投資對我們的投資組合進行全面現代化，我們的投資組合現在獲得了這些前瞻性努力的回報，我們的 92% 已出租，並準備進一步出租。我們的天文台業務連續第二年保持 TripAdvisor 在美國的第一大吸引力，並且已經強勁復甦，我們預計到 2024 年將繼續成長。公司繼續審慎、策略性地管理我們一流的資產負債表，淨債務與EBITDA 之比繼續下降至流動性的5.4 倍，以利用在這一不確定性和資本混亂時期可能出現的有吸引力的投資機會，我們的第四個成長點。多戶住宅表現良好，增強了 ESRT. 現金流的彈性。

Before I turn it over to Q&A, I'd like to congratulate Steve on his promotion to Chief Financial Officer and Chief Accounting Officer. Steve has been a tremendous asset to ESRT. since he joined us in December 2020, and this promotion was a natural part of our succession plan that we had in mind when we brought Steve on board, I will continue to work closely with Steve on its growth and development in his new role at ESRT.

在進行問答之前，我要祝賀史蒂夫晉升為財務長和首席會計官。Steve 是 ESRT 的寶貴財富。自從他於2020 年12 月加入我們以來，這次晉升是我們繼任計劃的自然組成部分，當我們邀請Steve 加入時，我就考慮到了這一點，我將在Steve 在ESRT 的新角色中繼續與Steve密切合作，促進其成長和發展。

And with that, I'll turn the call back to the operator for Q&A. Operator?

然後，我會將電話轉回給接線生進行問答。操作員？

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. Confirmation tone will indicate your line is in the question queue. You may press star two. If you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please while we poll for your quest. Our first questions come from the line of John Kim with BMO Capital Markets. Please proceed with your question.

謝謝。我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中。您可以按星二號。如果您想從佇列中刪除您的問題。對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。請稍等一下，我們將對您的任務進行投票。我們的第一個問題來自蒙特婁銀行資本市場部的約翰金 (John Kim)。請繼續你的問題。

Thank you and congratulations to Christine And Steve, I wanted to ask about Flagstar. I realize it's a little bit of potential to potentially, but how concerned are you with Flagstar's lease given NYCB stockprice, and it looks like they gave us a little bit of space at 1,359 Broadway. Was that is that already known or was that done?

謝謝你並祝賀克里斯汀和史蒂夫，我想問一下關於 Flagstar 的事情。我意識到這有一點潛力，但是考慮到 NYCB 的股價，您對 Flagstar 的租約有多擔心，而且看起來他們在百老匯 1,359 號給了我們一點空間。這是已經知道的還是已經完成的？

We're adding more states to make it?

我們要增加更多的州來實現它嗎？

Yes, John. The giveback of the small space at 1,359 Broadway was anticipated has previously been leased as temporary space in connection with the larger expansion previously down to 1,400 Broadway, FlexStar leases, 313,000 square feet at 1,400 Broadway there. If in-place fully escalated rents is about 58 bucks a foot. This compares favorably low compared to say where the lease was just done with Burlington in the low 60s per square foot. Remember, Flex only represents about 3.4% of our total commercial portfolio rent and about 2.5% of our total annual revenue. Beyond that, I've said it like 1,400 Broadway. So a fantastic building at 100% leased. It's fully modernized. We have a new tenant lounge, new town hall facility. We have they tend to have access to campus amenities publicly just expanded by 68,000 square feet or whatever happens reflects our we're confident that our leasing of 14 or broader Wood will do very, very well.

是的，約翰。百老匯 1,359 號的小空間預計將被租用，作為與先前縮小到百老匯 1,400 號的大型擴建工程相關的臨時空間，FlexStar 在百老匯 1,400 號租賃了 313,000 平方英尺的空間。如果就地完全升級，租金約為每英尺 58 美元。與伯靈頓剛完成租賃時每平方英尺 60 多美元的價格相比，這個價格相當低。請記住，Flex 僅占我們商業投資組合租金總額的 3.4% 左右，占我們年總收入的 2.5% 左右。除此之外，我還說過它就像百老匯 1,400 號一樣。這是一棟 100% 出租的夢幻建築。它已經完全現代化了。我們有一個新的租戶休息室、新的市政廳設施。我們有他們傾向於公開使用剛剛擴大了 68,000 平方英尺的校園設施，或者發生的任何事情都反映了我們對 14 或更寬的木材的租賃將做得非常非常好。

Okay. My second question is on opportunistic investments. It seems like there's a lot of opportunities that are attractive on the debt side. I was wondering if you could comment on that and I know you've been buying stock repurchasing shares recently wanted to know if you were you would consider going the other route raising capital, either you own stock or third party capital and go on defensive because you can make the argument that it would be accretive depending on the investments.

好的。我的第二個問題是關於機會主義投資。債務方面似乎有很多有吸引力的機會。我想知道你是否可以對此發表評論，我知道你最近一直在購買股票回購股票，想知道你是否會考慮採取另一條途徑籌集資金，要么擁有股票，要么擁有第三方資本並採取防禦措施，因為你可以說它會根據投資而增值。

Well, thanks, John. Tony. Here, we believe the crisis created by capital dislocation, rising rates and heavy near term market maturities will create a once-in-a-generation opportunity to buy into certain New York City office assets with great upside. We have unique intellectual property and a track record of success in the redevelopment of assets in that type of tier modernized amenitized, energy-efficient buildings, which are competitive and attractive to lease. We continue to look for these opportunities and of course, we'll be prudent in our underwritings. We know, the costs required to create prime assets will be patient to find the right deals and the right partners. We always look let you know if we find anything and at the same time, we are on numerous opportunities for us. So we have acquired resi and we've acquired retail. We'll keep our eyes open for opportunities in any of the above. I don't know whether or not Kristian or Tom wants to add anything to that response.

嗯，謝謝，約翰。托尼.在這裡，我們認為，資本混亂、利率上升和近期市場到期日重造成的危機將為購買具有巨大上漲潛力的紐約市某些辦公資產創造千載難逢的機會。我們擁有獨特的智慧財產權，並在此類現代化、設施齊全、節能的建築類型的資產再開發方面取得了成功，這些建築具有競爭力且對租賃有吸引力。我們將繼續尋找這些機會，當然，我們會謹慎地承保。我們知道，創建優質資產所需的成本將需要耐心尋找合適的交易和合適的合作夥伴。如果我們發現任何東西，我們總是會通知您，同時我們也為我們提供了無數的機會。因此，我們收購了 Resi，也收購了零售。我們將密切關注上述任何方面的機會。我不知道克里斯蒂安或湯姆是否想在該​​回應中添加任何內容。

As the only thing is to address John's other question on access to capital and all I would say is, as we've demonstrated, we evaluate actions and capital allocation decisions in the best interests of our stakeholders. So when redline any options that really depends on the situation it is too soon to rule either way what you do in offenses on equity issuance. But we're certainly looking at opportunities, as Tony mentioned.

由於唯一的事情是解決約翰關於獲得資本的其他問題，我想說的是，正如我們所證明的那樣，我們會根據利益相關者的最佳利益來評估行動和資本分配決策。因此，當紅線任何真正取決於具體情況的選項時，現在就以任何方式來裁定你在股票發行方面的違法行為還為時過早。但正如托尼所提到的，我們當然正在尋找機會。

Okay, great. Thank you.

好的，太好了。謝謝。

And thank you. Our next question has come from the line of Michael Griffin with Citi. Please proceed with your question.

謝謝你。我們的下一個問題來自花旗集團的麥可‧格里芬。請繼續你的問題。

Great, thanks. And maybe going back to the guidance for a second number. If you strip out the $0.015 of non-core in the quarter, can you do about $0.235 for a run rate for 2024? If you look at the other pieces, it looks like you had about a half benefit from the Observatory NOI increase, call it a cent benefit from occupancy. I was just curious, are there any other puts and takes some on the guidance you? How should we think about kind of getting to that mid-teens?

萬分感謝。也許回到第二個數字的指導。如果剔除本季 0.015 美元的非核心費用，2024 年的營運費率能否達到 0.235 美元左右？如果你看其他部分，看起來你從天文台 NOI 的增加中獲得了大約一半的好處，稱其為入住率帶來的一分好處。我只是好奇，還有其他的看跌期權和期權可以指導你嗎？我們該如何考慮如何達到青少年時期？

I think on the guidance, as always, we point to our building blocks, and we tried to provide a lot of transparency. And what you could see is same-store NOI, cash property NOI is roughly flattish, and we do pick up the midpoint does represent a pickup from where we ended 2023 for the Observatory arm. So that gets us to our initial guidance range with revenue at modest growth modest positive growth and same-store operating expenses at 6% to 8% up and will continue to narrow as we have better visibility over the course.

我認為在指導上，一如既往，我們指出了我們的構建模組，並且我們試圖提供很大的透明度。你可以看到同店 NOI、現金財產 NOI 大致持平，我們確實拾取了中點，這確實代表了 Observatory 部門自 2023 年結束時的拾取。因此，這使我們達到了最初的指導範圍，收入適度增長，同店營運費用增長 6% 至 8%，隨著我們對整個過程有更好的了解，該範圍將繼續縮小。

Yes, all right. That's helpful. And then just maybe going back to kind of capital allocation opportunities. You've had stress in the past, but the simple structure, no joint ventures out there, but it seems like there are opportunities. I have reason that there's nothing off the table. If the right joint venture opportunity came up, would you entertain it or that's just not part of a long-term strategy.

嗯，好。這很有幫助。然後也許會回到資本配置機會。過去有壓力，但結構簡單，沒有合資企業，但似乎有機會。我有理由認為沒有什麼是不可能的。如果合適的合資機會出現，您會接受嗎？或者這不是長期策略的一部分。

Gryphon, Tony here, absolutely. We'll entertain the right structure, the right capital at the right price. And if it's more logical to incorporate the use of third-party capital, we will.

獅鷲，東尼在這兒，絕對的。我們將以適當的價格接受適當的結構、適當的資本。如果結合第三方資本的使用更合乎邏輯，我們就會這樣做。

Great. That's it for me.

偉大的。對我來說就是這樣。

Thanks for the time. Thank you. Our next questions come from the line of Camille Bonnel with Bank of America. Please proceed with your question.

謝謝你的時間。謝謝。我們的下一個問題來自美國銀行的 Camille Bonnel。請繼續你的問題。

Congrats, everyone, on a solid quarter. And to Kristina mentioned, last quarter you had around 200,000 square feet of leases in negotiation. And looking at the activity you've done to date, it looks like you were able to get those all over the line. So following up on earlier comments, Tom, could you quantify our leasing pipeline and what currently under contract?

恭喜大家，季度業績穩定。克里斯蒂娜提到，上個季度你們有大約 20 萬平方英尺的租約正在談判中。看看您迄今為止所做的活動，看起來您已經能夠完成這些任務了。那麼，湯姆，根據先前的評論，您能否量化我們的租賃管道以及目前簽訂的合約？

Sure. Well, look, first of all, Camille, we're off to a great start in the first quarter was approximately 125,000 square feet of new leases signed with between the Burlington and some of these narrow leases. We're constantly adding to our pipeline. But where we sit right now, we have roughly about call about 190,000 square feet of additional leases out in various stages of negotiation for final term sheets. And most of that is in for our Manhattan office properties of around 160,000 square feet. That's our current pipeline in addition to the Burlington is all leases that we just signed up. In addition to that, we have probably a few hundred thousand square feet of active proposals in various stages of negotiations. Now, not all of those will transition into leases, but that gives you an indication that we have a good, healthy pipeline of activity. And this in the backdrop of very modest lease expirations and very little exposure to tenant move outs in 2024. So I think we're incredibly well positioned to improve our leased percentage in 2024.

當然。好吧，首先，卡米爾，我們在第一季度有了一個良好的開端，伯靈頓和其中一些狹窄的租約之間簽署了約 125,000 平方英尺的新租約。我們不斷地增加我們的管道。但就目前情況而言，我們在最終條款清單談判的各個階段中，大約已徵得約 190,000 平方英尺的額外租賃。其中大部分用於我們位於曼哈頓約 160,000 平方英尺的辦公物業。這是我們目前的管道，加上伯靈頓是我們剛剛簽署的所有租約。除此之外，我們在談判的各個階段可能還有數十萬平方英尺的積極提案。現在，並非所有這些都會轉變為租賃，但這表明我們擁有良好、健康的活動管道。這是在租約到期時間非常有限且 2024 年租戶搬離的風險很小的背景下發生的。因此，我認為我們處於非常有利的位置，可以在 2024 年提高我們的租賃百分比。

Appreciate the time. And just shifting to your liquidity position on very strong earnings, good momentum was wondering how you're balancing various capital allocation decisions with the potential to increase the dividend, do you expect to grow this at some point in the near term? Or do you need to see more visibility and operations first.

珍惜時間。只是轉向您的流動性頭寸，獲得非常強勁的收益，良好的勢頭想知道您如何平衡各種資本配置決策與增加股息的潛力，您是否預計在短期內的某個時候增加這一點？或者您是否需要先查看更多可見性和操作。

And so on the dividend and what we've mentioned is it will track the business. However, we've also mentioned that we do have a net operating loss carry forward in the balance of approximately $100 million and an environment in an environment where capital market conditions are uncertain, increased cost of capital. It does seem prudent if we have the ability to monetize on that and utilize the cash to return capital in other ways, whether it be share buybacks or pursue opportunities, that's something that we should consider. So our current dividend level allows us to continue to pay dividend very comfortably. We'll continue to monitor the business. We'll monetize on our NOL and we'll see what the conditions are and when it makes sense to raise it a bit.

關於股息，我們提到的是它將跟踪業務。然而，我們也提到，我們確實結轉了約1億美元的淨營運虧損，並且在資本市場狀況不確定的環境下，資本成本增加。如果我們有能力從中獲利並利用現金以其他方式返還資本，無論是股票回購還是尋求機會，這似乎是謹慎的，這是我們應該考慮的事情。因此，我們目前的股息水準使我們能夠非常輕鬆地繼續支付股息。我們將持續關注該業務。我們將利用 NOL 貨幣化，然後看看條件是什麼，以及何時適當提高一點。

Thank you.

謝謝。

Thank you. Our next questions come from the line of Jay Pascoe with Evercore ISI. Please proceed with your question.

謝謝。我們的下一個問題來自 Evercore ISI 的 Jay Pascoe。請繼續你的問題。

Thanks for taking my question. I was wondering if you could just help bridge the gap between the total office and retail portfolio forecast forecast, which you show on page 14 of the supplemental and the just 170 basis point uptick in occupancy. That guidance implies. I assume a lot of this has to do with the signed leases not yet commenced, but I just wanted to put those two buckets.

感謝您提出我的問題。我想知道您是否可以幫助彌合總辦公大樓和零售投資組合預測（您在補充資料第 14 頁上顯示的預測）與入住率僅上升 170 個基點之間的差距。該指導意味著。我認為這很大程度上與尚未開始的已簽署租約有關，但我只是想把這兩個桶子放在一起。

Got it. I'm sure the up. I think we give a lot of a lot of detail on that on that page 14. But I think that more simply if you if you go back to my earlier comments about the fact that we only have about 183,000 square feet known vacates that are not that are not covered the balance of our leases expiring in 2024 have been covered by expected renewals, relocations or new leasing, and then only about 75,000 square feet of undecided tenants. How are you look for sort of does that answer your question or did you have something else on office or retail?

知道了。我確定漲了我想我們在第 14 頁上對此提供了很多細節。但我認為更簡單的是，如果你回到我之前的評論，即我們只有約183,000 平方英尺的已知空置面積，這些空置空間並未涵蓋在內，那麼我們將於2024 年到期的租約餘額已由預期續約涵蓋、搬遷或新租賃，然後只剩下約75,000平方英尺的未定租戶。您如何尋找能夠回答您的問題的內容，或者您​​在辦公室或零售店是否還有其他東西？

I guess just to that point of the roughly 400,000 square feet of signed leases not yet commenced. Would you say that the majority of that will commence in 24? Is that tenant over the next two years when the documents.

我猜大約 40 萬平方英尺的已簽署租約尚未開始。您認為其中大部分將在 24 日開始嗎？是說未來兩年租客時的證件。

We give we give detail on the commencement of those leases on a page 10 of the supplemental. You can see the quarter by which by when is up by when signed leases not yet commenced are expected to commence and contribute to cash NOI.

我們在補充資料的第 10 頁上提供了有關這些租賃開始的詳細資訊。您可以看到尚未開始的已簽署租賃預計開始並貢獻現金 NOI 的季度。

Okay, thank you. And then just on the debt maturity front, I know you have a mortgage coming due at the end of the year and then a little over $315 million coming due in early 25. So just any color on what the plans are for that would be great.

好的謝謝。然後就債務到期而言，我知道您有一筆抵押貸款將於年底到期，然後 25 年初到期的金額將超過 3.15 億美元。因此，只要對計劃的任何顏色都很好。

We continue to discuss with our lending partners. I don't have an update to provide now, but as always, we have protected productive discussions and we'll provide an update to the market on as soon as it's available.

我們將繼續與貸款合作夥伴進行討論。我現在沒有可以提供的更新，但一如既往，我們保護了富有成效的討論，一旦有更新，我們將立即向市場提供更新。

Great. Thanks. That's all for me.

偉大的。謝謝。這就是我的全部。

Thank you.

謝謝。

As a reminder, if you would like to ask a question, please press star one on your telephone keypad. And with that, we have reached the end of our question-and-answer session. I would now like to turn the floor back over to Tony Malkin, Chairman and CEO for closing remarks.

提醒一下，如果您想提問，請按電話鍵盤上的星號一。至此，我們的問答環節就結束了。現在我想請董事長兼執行長 Tony Malkin 致閉幕詞。

Thanks very much. Esrt is the pure play, New York City res, and we are well positioned to perform and build on our well-diversified income stream. We are confident the company's ability to execute on our goals and drive further growth for shareholders in 2020. For many thanks to our great team who work incredibly hard, and I have every confidence. We'll continue to do a great job on behalf of stakeholders.

非常感謝。Esrt 是純粹的紐約市資源，我們處於有利地位，可以發揮並建立我們多元化的收入流。我們對公司在 2020 年實現目標並推動股東進一步成長的能力充滿信心。非常感謝我們偉大的團隊，他們非常努力地工作，我對此充滿信心。我們將繼續代表利害關係人做好工作。

Thank you all for your participation in today's call with afforded the chance to meet with many of you at non-deal roadshows, conferences and property tours in the months ahead. Until then, thank you for your interest onward and upward.

感謝大家參加今天的電話會議，讓我們有機會在未來幾個月的非交易路演、會議和房產參觀中與你們中的許多人見面。在此之前，感謝您對未來的關注。

Thank you. That does conclude today's teleconference. We appreciate your participation.

謝謝。今天的電話會議到此結束。我們感謝您的參與。

You may disconnect your lines at this time. Enjoy the rest of your day from my side.

此時您可以斷開線路。在我身邊享受你剩下的一天。