Hudson Pacific Properties Inc (HPP) 2024 Q1 法說會逐字稿

Hello, and welcome to Hudson Pacific Properties First Quarter 2024 Earnings Conference Call. My name is Lydia, and I will be your operator today. (Operator Instructions)

您好，歡迎參加哈德遜太平洋房地產 2024 年第一季財報電話會議。我叫莉迪亞，今天我將成為你們的接線生。 （操作員說明）

I'll now hand you over to Laura Campbell, Executive Vice President, Investor Relations and Marketing, to begin. Please go ahead.

現在我將把您交給投資者關係和行銷執行副總裁勞拉坎貝爾 (Laura Campbell) 開始。請繼續。

Good morning, everyone. Thanks for joining us. With me on the call today are Victor Coleman, CEO and Chairman; Mark Lammas, President; Harout Diramerian, CFO; and Art Suazo, EVP of Leasing. Yesterday, we filed our earnings release and supplemental on an 8-K with the SEC, and both are now available on our website.

大家，早安。感謝您加入我們。今天與我一起參加電話會議的是執行長兼董事長 Victor Coleman；馬克·拉馬斯，總裁；哈魯特‧迪拉梅里安 (Harout Diramerian)，財務長；和租賃執行副總裁 Art Suazo。昨天，我們以 8-K 的形式向 SEC 提交了收益報告和補充資料，現在均可在我們的網站上查看。

An audio webcast of this call will also be available for replay on our website. Some of the information we'll share on the call today is forward-looking in nature. Please reference our earnings release and supplemental for statements regarding forward-looking information as well as a reconciliation of non-GAAP financial measures used on this call.

本次電話會議的音訊網路廣播也將在我們的網站上重播。我們今天將在電話會議上分享的一些資訊本質上是前瞻性的。請參閱我們的收益發布和補充，以了解有關前瞻性資訊的聲明以及本次電話會議中使用的非公認會計準則財務指標的調節表。

Today, Victor will discuss industry and market trends as well as other highlights from the quarter. Mark will provide an update on our office and studio operations and development, and Harout will review our financial results and 2024 outlook. Thereafter, we'll be happy to take your questions. Victor?

今天，Victor 將討論行業和市場趨勢以及本季度的其他亮點。 Mark 將提供有關我們辦公室和工作室運營和發展的最新信息，Harout 將審查我們的財務業績和 2024 年展望。此後，我們將很樂意回答您的問題。勝利者？

Thank you, Laura. Hello, everyone, and welcome to our first quarter call. Macroeconomic pressures have persisted into 2024 with the Fed contemplating keeping rates higher for longer. On the office side, speaking thematically across our markets, vacancy and negative net absorption remains stubbornly high as many existing tenants continue to downsize and yet demand in terms of new requirements is recovering.

謝謝你，勞拉。大家好，歡迎來到我們第一季的電話會議。宏觀經濟壓力持續到 2024 年，聯準會考慮在更長時間內維持較高利率。在辦公室方面，從我們的市場主題來看，空置率和負淨吸收量仍然居高不下，因為許多現有租戶繼續縮小規模，但新要求方面的需求正在復蘇。

Sublease is stabilizing with backfills exceeding new additions and minimal construction starts have significantly curtailed new supply. Remote-first companies are becoming rarities and more business-friendly public safety focused policies are taking hold, contributing to meaningful reductions in crime across our urban markets.

轉租趨於穩定，回填量超過了新增量，而開工量極少，導致新增供應量大幅減少。遠端優先的公司正在變得罕見，更加有利於商業的公共安全政策正在落實，有助於顯著減少我們城市市場的犯罪率。

In line with these more positive trends and backed by our team's persistence and creativity, our office leasing activity, along with the percentage of newly signed deals accelerated in the first and second quarters of the year.

與這些更積極的趨勢一致，並在我們團隊的堅持和創造力的支持下，我們的辦公室租賃活動以及新簽署交易的百分比在今年第一和第二季度加速。

We have always been focused on ensuring our portfolio meets the needs of today's and tomorrow's workforce. And in addition to new construction, we have consistently adapted, renovated or otherwise repositioned our older products which will only pay further dividends as the pipeline of new supply wanes.

我們始終致力於確保我們的產品組合滿足當今和未來勞動力的需求。除了新建築外，我們還不斷調整、翻新或以其他方式重新定位我們的舊產品，隨著新供應管道的減少，這些產品只會帶來進一步的紅利。

Today, over 70% of our in-service portfolio was either built or substantially renovated after 2010 such that our average building age, when factoring in substantial CapEx improvements is approximately 10 years. Over 95% of our properties have functional outdoor space, 90% have end-of-trip facilities with bike storage, showers and lockers, 60% have fitness centers, 95% offer EV charging, 92% are LEED certified, and 100% are carbon neutral.

如今，我們超過 70% 的在役投資組合要么是在 2010 年之後建造的，要么是經過大幅翻修的，因此，考慮到資本支出的大幅改進，我們的平均建築壽命約為 10 年。我們超過95% 的飯店擁有實用的戶外空間，90% 擁有帶自行車存放處、淋浴和儲物櫃的行程結束設施，60% 擁有健身中心，95% 提供電動車充電，92% 獲得LEED 認證，100 % 獲得LEED 認證。

Further, our expertise in place-making throughout our combination of strategic CapEx, retail tenanting, programming and events as demonstrated by our successful stewardship of the Ferry Building in San Francisco and Bentall Center in Vancouver is becoming more important than ever. We are now leveraging those learnings to the benefit of our entire portfolio, especially in our more urban markets.

此外，我們在戰略資本支出、零售租賃、規劃和活動相結合的場所營造方面的專業知識，正如我們對舊金山渡輪大廈和溫哥華本託中心的成功管理所證明的那樣，變得比以往任何時候都更加重要。我們現在正在利用這些經驗來造福我們整個產品組合，尤其是在城市市場。

In terms of the studios, upon the strike's resolution late last year, our team hit the ground running to market our stages and services. In the first quarter, as filming resumed, revenue improved across essentially every segment of our studio business. We also have promising activity on a majority of our vacant stages, inclusive of negotiating our first lease at Sunset Glenoaks.

就工作室而言，去年年底罷工解決後，我們的團隊立即開始行銷我們的舞台和服務。在第一季度，隨著拍攝的恢復，我們工作室業務的幾乎每個部分的收入都有所改善。我們還在大部分空置舞台上進行了充滿希望的活動，包括就 Sunset Glenoaks 的首次租約進行談判。

However, as has been well documented by the media, post strikes, the film and television industry has recovered far more slowly than anticipated. Most of our studio business is in Los Angeles, where FilmLA recently reported shoot days in the first quarter were down 9% year-over-year. And while film production has largely recovered, television production, one of the primary demand drivers for our stages and services was up 16% in the first quarter compared to last year, even as the number of pilots increased nearly tenfold.

然而，正如媒體充分記錄的那樣，罷工後，影視產業的復甦速度遠比預期慢。我們的大部分工作室業務都在洛杉磯，FilmLA 最近報告稱，洛杉磯第一季的拍攝天數比去年同期下降了 9%。雖然電影製作已基本恢復，但電視製作（我們舞台和服務的主要需求驅動因素之一）在第一季與去年相比增長了 16%，儘管飛行員數量增加了近十倍。

There are several reasons why the ramp-up is different than what occurred following the pandemic. Many believe studios are curtailing production due to the pending IATSE and Teamsters Local 399 union contract expirations in May and July, respectively. Broadly speaking, the industry seems eager to avoid another strike. And thus, IATSE negotiations are on track to be completed by late May with all 13 Hollywood locals, reaching craft-specific agreements as of last week. Other factors include logistical and resource constraints as multiple productions attempt to restart simultaneously.

造成這種增長與大流行後發生的情況不同的原因有幾個。許多人認為，由於 IATSE 和 Teamsters Local 399 工會合約分別將於 5 月和 7 月到期，製片廠正在削減製作。總體而言，該行業似乎渴望避免再次罷工。因此，IATSE 與所有 13 名好萊塢本地人的談判預計將在 5 月下旬完成，並在上週達成特定工藝協議。其他因素包括後勤和資源限制，因為多個製作試圖同時重新啟動。

Industry consolidation and shifting business models as networks pursue profitability. Unfortunately, with the IATSE and Teamsters contract expiration is imminent, it is challenging to more fully assess how these other factors will weigh on stage and services demand for the balance of the year. But there is no question that high-quality, original content will remain essential for the studios growing their subscriber bases and building valuable IP. Thus, while the industry is evolving, we will see long-term fundamentals as compelling.

隨著網路追求獲利，產業整合和商業模式轉變。不幸的是，隨著 IATSE 和卡車司機協會的合約即將到期，要更全面地評估這些其他因素將如何影響今年剩餘時間的舞台和服務需求是一項挑戰。但毫無疑問，高品質的原創內容對於工作室擴大用戶群和打造有價值的 IP 仍然至關重要。因此，在行業不斷發展的同時，我們將看到長期基本面的吸引力。

Turning to dispositions. We continue to opportunistically pursue potential sales with the goal of further deleveraging and fortifying our balance sheet. While we cannot yet disclose which assets we are actively exploring the sale of 3 office assets, collectively representing around 900,000 square feet. We are also looking at a potential recapitalization of a fourth office asset in the Bay Area. While we are most focused on dispositions, this quarter, we had a unique opportunity to purchase our partner's 45% interest in 1455 Market.

轉向處置。我們繼續機會主義地尋求潛在銷售，以進一步去槓桿化和強化我們的資產負債表。雖然我們尚無法透露哪些資產，但我們正在積極探索出售 3 處辦公資產，總面積約為 90 萬平方英尺。我們也正在考慮對灣區第四個辦公資產進行資本重組。雖然我們最關注的是處置，但本季度，我們有一個獨特的機會購買合作夥伴在 1455 Market 中 45% 的權益。

We then executed a 20-plus-year lease at 157,000 square feet at 1455 Market with the city of San Francisco, which has expressed interest to grow significantly in that building. This is the largest direct deal in downtown since 2021. The city's commitment to mid-market neighborhood, both through its actions and its representative's commentary related to this lease speaks volumes. We continue to believe in the long-term demand drivers for San Francisco office space and our ability to create further value at 1455 Market at very attractive all-in basis with no leverage.

然後，我們與舊金山市簽訂了 1455 Market 157,000 平方英尺的 20 多年租約，舊金山市表示有興趣在建築物中大幅擴張。這是自 2021 年以來市中心最大的直接交易。我們仍然相信舊金山辦公空間的長期需求驅動因素，以及我們在 1455 Market 以非常有吸引力的全押方式、無槓桿地創造進一步價值的能力。

Finally, during the first quarter, we were once again included in S&P Sustainability Yearbook. And last month, we published our sixth annual corporate responsibility report. Key accomplishments for the year include reducing Scope 1 and 2 carbon emissions by 36% from our 2018 baseline, such that we are on track to meet our science-based 50% reduction target by 2030. We continue to operate our assets on a carbon neutral basis with our LEED and ENERGY STAR certification among the best in the office sector.

最後，在第一季度，我們再次被納入標準普爾永續發展年鑑。上個月，我們發布了第六份年度企業責任報告。今年的主要成就包括將範圍1 和範圍2 的碳排放量較2018 年基準減少36%，從而使我們預計在2030 年之前實現基於科學的50% 減排目標。經營我們的資產我們的 LEED 和能源之星認證在辦公領域名列前茅。

And last year, we began manufacturing 100% solar electric trailers as part of Quixote's Verde line, which is setting the standard for sustainable trailers in the industry and on average, outperforms our non-solar product in terms of pricing and utilization. And most recently, GlobeSt. once again named Hudson Pacific as Best Place to Work, which is a nod to our exceptional people and culture.

去年，我們開始製造 100% 太陽能電動拖車，作為 Quixote Verde 系列的一部分，該產品線為該行業可持續拖車設定了標準，平均而言，在定價和利用率方面優於我們的非太陽能產品。最近，GlobeSt。再次將哈德遜太平洋公司評為最佳工作場所，這是對我們傑出人才和文化的認可。

With that, I'm going to turn it over to Mark.

有了這個，我要把它交給馬克。

Thanks, Victor. As Victor noted, our office leasing momentum has accelerated since the start of the year. In the first quarter, we signed over 500,000 square feet of leases with 65% of that comprised of deals along the San Francisco Peninsula and in Silicon Valley. We signed nearly 300,000 square feet of new leases or 57% of all activity. Both total and new leasing were the highest levels since fourth quarter of 2022, and our average transaction size for new leases was the largest since first quarter 2021.

謝謝，維克多。正如維克多指出的那樣，自今年年初以來，我們的辦公室租賃勢頭有所加速。第一季度，我們簽署了超過 50 萬平方英尺的租賃合同，其中 65% 是舊金山半島沿線和矽谷的交易。我們簽署了近 30 萬平方英尺的新租約，佔所有活動的 57%。總租賃量和新租賃量均創 2022 年第四季以來的最高水平，新租賃平均交易規模創 2021 年第一季以來最大。

Significant signings included 82,000 square feet of new and renewal leases with an 8-year term with consumer electronics company, TDK InvenSense at Concourse which backfilled approximately 30,000 square feet of former Nutanix space and approximately 11-year 54,000 square foot new lease with a software company at Bentall Centre, a 5-year 36,000 square foot new lease with a biotech company at Metro Center and an approximately 6-year 24,000 square foot lease with a semiconductor company at Metro Plaza.

重大簽約包括與消費電子公司TDK InvenSense 簽訂為期8 年的82,000 平方英尺新租約和續約合同，該公司回填了約30,000 平方英尺的前Nutanix 空間，以及與一家軟體公司簽訂了約11 年期54,000 平方英尺的新租約在 Bentall 中心，與 Metro Center 的一家生物技術公司簽訂了為期 5 年的 36,000 平方英尺的新租約，並與 Metro Plaza 的一家半導體公司簽訂了約 6 年的 24,000 平方英尺的租約。

Quarter-over-quarter, we also had relative improvement in our other leasing metrics. Our GAAP rents grew 6.2%, while our cash rents were off by 5.4% from prior levels which reflects, in large part, the competitive rent structure negotiated to retain InvenSense for 8 years at Concourse.

與上一季相比，我們的其他租賃指標也有了相對改善。我們的 GAAP 租金增加了 6.2%，而我們的現金租金比之前的水平下降了 5.4%，這在很大程度上反映了為在 Concourse 保留 InvenSense 8 年而商定的具有競爭力的租金結構。

Similarly, net effective rents were modestly down in the quarter, with lower annual leasing costs and a 23-month increase in average term. Our in-service office portfolio was 80.5% leased as of the end of the quarter, down approximately 140 basis points compared to last quarter. This is in line with our expectations and mostly related to midsized tenant move-outs in Seattle and the Bay Area, the largest of which were Dell EMC with 43,000 square feet at 505 First and Nordstrom Rack with 45,000 square feet at 901 Market. We had nearly 140 tours at our office assets, representing 1.4 million square feet of requirements, which includes year-over-year a 20% increase in number and a 30% increase in average size of requirements in Silicon Valley.

同樣，本季淨有效租金小幅下降，年度租賃成本降低，平均期限增加 23 個月。截至本季末，我們的在用辦公室組合出租率為 80.5%，比上季下降約 140 個基點。這符合我們的預期，主要與西雅圖和灣區的中型租戶遷出有關，其中最大的是 Dell EMC，位於 505 First，面積為 43,000 平方英尺，Nordstrom Rack 位於 901 Market，面積為 45,000 平方英尺。我們對我們的辦公資產進行了近 140 次參觀，代表了 140 萬平方英尺的需求，其中數量同比增長了 20%，矽谷的平均需求規模增長了 30%。

Our current leasing pipeline of 1.9 million square feet includes an average requirement size around 20,000 square feet. Upon signature of the 150,000 square foot new lease with the City at 1455 Market subsequent to the quarter, we still have 290,000 square feet of deals either in leases or LOI. Our coverage on our remaining 2024 expirations that is deals and leases, LOIs proposals or discussions is 45%.

我們目前的租賃面積為 190 萬平方英尺，其中平均需求面積約為 20,000 平方英尺。本季後與市政府在 1455 Market 簽署 150,000 平方英尺的新租約後，我們仍有 290,000 平方英尺的租賃或意向書交易。我們對 2024 年剩餘到期期限（即交易和租賃、意向書提案或討論）的覆蓋率為 45%。

Turning to the studios. Our market intel points to approximately 100 productions currently filming in Los Angeles, up from around 30 during the strikes and about 80 at the end of last year, but still significantly below more typical levels of, say, 120 to 125.

轉向工作室。我們的市場情報顯示，目前約有 100 部作品在洛杉磯拍攝，高於罷工期間的約 30 部和去年年底的約 80 部，但仍遠低於更典型的水平，例如 120 至 125 部。

Most of these are returning productions meaning they were already filming prestrikes. That, and the fact major studios directed most new films and shows back to their own facilities is further curtailing demand for independent studios like ours. As more productions are green lit and the major still up, our capture rates should start to improve. Even as tours at our studio slowed in February and March, active stage leads that is films or shows in preproduction with which we have been in contact, increased about 30% quarter-over-quarter, a potential indicator of healthier future production levels.

其中大部分都是回歸作品，這意味著他們已經在拍攝《預襲》了。事實上，主要製片廠將大多數新電影和放映帶回自己的設施，這進一步減少了對像我們這樣的獨立製片廠的需求。隨著越來越多的作品獲得批准並且主要作品仍在製作中，我們的捕獲率應該會開始提高。儘管我們工作室的巡迴演出在2 月和3 月放緩，但活躍的舞台領先（我們一直在接觸的預製作中的電影或節目）環比增長了約30%，這是未來更健康的製作水平的潛在指標。

On a trailing 12-month basis, our in-service studios were 76.9% leased and our stages were 79.4% leased in the first quarter, which reflects a single tenant vacating space at Sunset Las Palmas during the strikes. Trailing 12-month occupancy at Quixote studios and stages remained flat quarter-over-quarter at 27.1% and 29.8%, respectively. We have either in place or uncommenced leases are in negotiations or have expressions of interest on all the 10 of our 54 in-service and Quixote stages used primarily for film and TV production.

在過去12 個月的基礎上，第一季我們在役工作室的出租率為76.9%，舞台的出租率為79.4%，這反映出在罷工期間，拉斯帕爾馬斯日落酒店有一個租戶騰出了空間。 Quixote 工作室和舞台過去 12 個月的入住率比去年同期持平，分別為 27.1% 和 29.8%。對於主要用於電影和電視製作的 54 個正在使用的舞台和堂吉訶德舞台中的所有 10 個舞台，我們要么已經到位，要么尚未開始租賃，正在談判中或已表達了興趣。

We have 7 stages at Quixote that are leased primarily for commercial shoots. In the first quarter, those were 35% occupied, up approximately 800 basis points quarter-over-quarter. This activity points to the potential for near-term occupancy gains even as those will take time to appear within our trailing 12-month lease percentage given the weightings of prior strike-impacted quarters. The resumption of production has led to improved performance in nearly every revenue segment of our studio business.

我們在 Quixote 有 7 個舞台，主要租用於商業拍攝。第一季的佔用率為 35%，季增約 800 個基點。這項活動顯示了近期入住率成長的潛力，儘管考慮到先前受罷工影響的季度的權重，這些成長需要一段時間才能體現在我們過去 12 個月的租賃百分比中。生產的恢復導致我們工作室業務的幾乎每個收入部門的表現都有所改善。

Quarter-over-quarter, our studio revenue increased 36% with Quixote driving the bulk of that recovery. Most impactful, studio ancillary revenue grew by $6.9 million and transportation revenue grew by $2.7 million. Utilization across all our transportation assets was approximately 8% higher when compared to both third and fourth quarter last year. But operations have yet to fully recover and revenue remains about 30% below prestrike levels. That delta is most pronounced within our Transportation segment, a major component of Quixote's business where first quarter revenues were still roughly half of prestrike levels.

與上一季相比，我們的工作室收入成長了 36%，而 Quixote 推動了這項復甦的大部分。最有影響力的是工作室輔助收入增加了 690 萬美元，運輸收入增加了 270 萬美元。與去年第三季和第四季相比，我們所有運輸資產的利用率提高了約 8%。但營運尚未完全恢復，收入仍比罷工前水準低約 30%。這種增量在我們的運輸部門最為明顯，該部門是 Quixote 業務的主要組成部分，第一季的收入仍約為罷工前的一半。

Turning to development. Subsequent to the quarter, we substantially completed our Washington 1000 office tower in Seattle. Professional services and legal remain most active in the downtown market, while large tech demand has been slower to return. One exception, Apple is expected to take approximately 200,000 square feet of sublease space across the street from their main building in South Lake Union. Bellevue's recent success story has been organic growth within that submarket rather than migration from the city and the 770,000 square feet of mid- to large-sized tech leasing in the first quarter alone is a huge positive for the region overall.

轉向發展。本季結束後，我們基本上完成了位於西雅圖的 Washington 1000 辦公大樓的建設。專業服務和法律服務在市中心市場仍然最為活躍，而大型科技需求的恢復速度較慢。一個例外是，蘋果預計將在南聯合湖主樓街對面租用約 20 萬平方英尺的轉租空間。貝爾維尤最近的成功故事是在該子市場內的有機增長，而不是從城市遷移，僅第一季就實現了770,000 平方英尺的大中型科技租賃，這對該地區整體而言是一個巨大的積極因素。

Our Washington 1000 Marketing Center will open in May, and we are taking an aggressive, multipronged approach to getting the building leased. The quality of this asset will garner some of the highest rents in the market. That said, with our basis at just $640 per square foot, we can be very competitive on pricing.

我們的 Washington 1000 行銷中心將於 5 月開業，我們正在採取積極、多管齊下的方法來出租該建築。該資產的品質將獲得市場上最高的租金。也就是說，我們的定價僅為每平方英尺 640 美元，因此我們在定價上非常有競爭力。

At the end of the first quarter, we also substantially completed Sunset Glenoaks, a key milestone in that we can now also pursue productions with near-term start dates. Our grand opening event will take place this month and we are in negotiations with a pilot for 1 stage as we continue to field inquiries and tours. At Sunset Pier 94, which is under construction and will deliver end of 2025, we are in discussions with a tenant to lease the entire facility on a longer-term basis. This is a strong indicator of demand for Manhattan's first purpose-built studio.

在第一季末，我們也基本上完成了《Sunset Glenoaks》，這是一個重要的里程碑，因為我們現在也可以在近期開始日期進行製作。我們的盛大開幕活動將於本月舉行，我們正在與試點進行第一階段的談判，同時我們將繼續進行實地詢問和參觀。 Sunset Pier 94 正在建設中，將於 2025 年底交付，我們正在與租戶討論長期租賃整個設施。這是對曼哈頓第一家專門建造的工作室需求的有力指標。

And now I'll turn the call over to Harout.

現在我將把電話轉給哈魯特。

Thanks, Mark. Our first quarter 2024 revenue was $214 million compared to $252.3 million in the first quarter last year, primarily due to asset sales, a large tenant vacating space at 1455 Market in the third quarter of last year and lower occupancy and utilization of studio stages and services, respectively due to the strikes. Our first quarter FFO, excluding specified items, was $24.2 million or $0.17 per diluted share compared to $49.7 million or $0.35 per diluted share in the first quarter last year.

謝謝，馬克。我們2024 年第一季的營收為2.14 億美元，而去年第一季為2.523 億美元，主要是由於資產出售、去年第三季1455 Market 的大量租戶騰出空間以及演播室舞台和服務的佔用率和利用率較低，分別由於罷工。我們第一季的 FFO（不包括特定項目）為 2,420 萬美元，即稀釋後每股 0.17 美元，而去年第一季為 4,970 萬美元，即稀釋後每股 0.35 美元。

Specified items consisted of transaction-related expenses of $2.2 million or $0.01 per diluted share compared to prior year transaction-related expenses of $1.2 million or $0.01 per diluted share. The year-over-year change in FFO is attributable to previously mentioned items affecting revenue offset by reduced interest expense following repayment of the construction loans secured by One Westside and Westside Two, and less FFO attributable to noncontrolling interest resulting from the purchase of our partner's ownership in 1455 Market.

具體項目包括 220 萬美元或稀釋每股 0.01 美元的交易相關費用，而上一年交易相關費用為 120 萬美元或稀釋每股 0.01 美元。 FFO 的同比變化歸因於前面提到的影響收入的項目，這些項目被償還由Westside 和Westside 2 擔保的建築貸款後利息支出的減少所抵消，而FFO 的減少歸因於購買我們合作夥伴的非控股權益1455市場的所有權。

Our first quarter AFFO was $28.5 million or $0.19 per diluted share compared to $35 million or $0.24 per diluted share in the first quarter last year with a change largely attributable to previously mentioned items affecting FFO offset by higher cash and lower GAAP revenue and approximately $10 million less in recurring CapEx spend. Our same-store cash NOI was $108.3 million compared to $124.4 million, mostly driven by 2 tenant move-outs, one at 1455 Market and the other at Sunset Las Palmas Studios.

我們第一季的AFFO 為2850 萬美元，即稀釋後每股0.19 美元，而去年第一季為3500 萬美元，即稀釋後每股0.24 美元，這一變化主要歸因於前面提到的影響FFO的項目，但被現金增加和GAAP 收入下降以及約1000 萬美元所抵消。我們的同店現金 NOI 為 1.083 億美元，去年同期為 1.244 億美元，主要是由於 2 個租戶搬出，一個位於 1455 Market，另一個位於 Sunset Las Palmas Studios。

At the end of the first quarter, we had $734 million of total liquidity comprised of $114 million of unrestricted cash, cash equivalents, and $620 million of undrawn capacity on our unsecured revolving credit facility. There is additional capacity of approximately $200 million under our Sunset Glenoaks and Sunset Pier 94 construction loans. Our share of net debt compared to our share of undepreciated book value was 37% while 91.9% of our debt was fixed or capped and no material maturities until November 2025.

截至第一季末，我們的流動資金總額為 7.34 億美元，其中包括 1.14 億美元的無限制現金、現金等價物以及 6.2 億美元的無擔保循環信貸額度中的未提取能力。我們的 Sunset Glenoaks 和 Sunset Pier 94 建設貸款可提供約 2 億美元的額外容量。與未折舊帳面價值的份額相比，我們的淨債務份額為 37%，而 91.9% 的債務是固定或上限的，並且在 2025 年 11 月之前沒有實質到期。

Turning to outlook. Our in-service office and studio portfolios continue to perform materially in line with our full year outlook that we provided in February of this year. For our same-store office assets, this reflects both gradual improving office, operating conditions, combined with our positive leasing momentum. Regarding our same-store studio assets, this reflects the more predictable cash flow derived from multiyear leases and by extension, our ability to capture revenue generated by returning production.

轉向展望。我們的在職辦公室和工作室投資組合的表現繼續與我們今年 2 月提供的全年展望基本一致。對於我們的同店辦公資產而言，這不僅反映了辦公室營運條件的逐步改善，也反映了我們積極的租賃動能。關於我們的同店工作室資產，這反映了來自多年租賃的更可預測的現金流，以及我們透過返工獲得收入的能力。

However, as Mark and Victor discussed, we currently have limited visibility as to how and when production will normalize, particularly given the expiration of the IATSE and Teamsters contracts in May and July of this year, respectively. This is especially true for our Quixote business, which the majority of our stages and services are currently leased show by show and thus, its performance more dependent on production levels. We are therefore only providing an FFO outlook for the second quarter of $0.15 to $0.19 per diluted share alongside key assumptions related to our full year 2024 outlook. There are no specified items in relation to the second quarter FFO outlook.

然而，正如 Mark 和 Victor 所討論的那樣，我們目前對生產如何以及何時恢復正常的了解有限，特別是考慮到 IATSE 和 Teamsters 合約分別於今年 5 月和 7 月到期。對於我們的堂吉訶德業務來說尤其如此，我們的大部分舞台和服務目前都是逐場租賃的，因此，其業績更多地取決於製作水平。因此，我們僅提供第二季稀釋後每股 0.15 至 0.19 美元的 FFO 展望，以及與 2024 年全年展望相關的關鍵假設。沒有與第二季 FFO 展望相關的具體項目。

Regarding our full year FFO assumptions, we are adjusting our range for same-store property cash NOI growth to negative 11.75% to negative 12.75% due to potential for delayed occupancy recovery at Sunset Las Palmas through the remainder of the year. A reminder that our same-store FFO excludes our Quixote business. While we can more confidently project for our same-store studios given the preponderance of long-term leases, the performance of our same-store office assets are the primary driver of this metric.

關於我們全年的 FFO 假設，我們將同店物業現金 NOI 增長範圍調整為負 11.75% 至負 12.75%，因為 Sunset Las Palmas 的入住率恢復可能會延遲到今年剩餘時間。提醒一下，我們的同店 FFO 不包括我們的 Quixote 業務。鑑於長期租賃的優勢，我們可以更有信心地對同店工作室進行規劃，但同店辦公資產的績效是此指標的主要驅動因素。

These assumptions also include approximately $2 million of increased interest expense based on our current expectation that interest rates will remain higher for the balance of the year, and we reduced our FFO attributable to noncontrolling interest by $9 million due to our purchase of our partner's 45% ownership in 1455 Market in the first quarter.

這些假設還包括約200 萬美元的利息支出增加，這是基於我們目前的預期，即今年餘下的利率將保持較高水平，並且由於我們購買了合作夥伴45% 的股份，我們將非控股權益應佔的FFO 減少了900 萬美元第一季1455市場的所有權。

Our outlook assumes IATSE and Teamsters do not strike and production begins to pick up in early June following the successful resolution for IATSE contract negotiations, but in advance of Teamsters, which has notably smaller membership and hopefully streamlined negotiations.

我們的前景假設IATSE 和卡車司機協會不會罷工，並且在IATSE 合約談判成功解決後，產量將在6 月初開始回升，但要早於卡車司機協會，因為卡車司機協會的成員數量明顯較少，因此可望簡化談判。

As always, our outlook excludes the impact of any potential dispositions, acquisitions, financing and/or capital markets activity. We will continue to provide a full year FFO outlook once we believe production levels have normalized to the point where we can more accurately predict future cash flows related to our Quixote business.

與往常一樣，我們的前景排除了任何潛在處置、收購、融資和/或資本市場活動的影響。一旦我們相信生產水準已經正常化到我們可以更準確地預測與 Quixote 業務相關的未來現金流量的程度，我們將繼續提供全年 FFO 展望。

Now we'll be happy to take your questions. Operator?

現在我們很樂意回答您的問題。操作員？

(Operator Instructions) Our first question comes from Michael Griffin of Citi.

（操作員指示）我們的第一個問題來自花旗銀行的麥可‧格里芬（Michael Griffin）。

Great. Just maybe starting with the guidance. I just wanted to clarify. Are you formally withdrawing full year guidance? And I guess maybe a broader question. How should we think about the cadence of earnings throughout the year, right? I call it, 20% of your business is studios, 80% is office, I got to think that, that $0.17 on a run rate basis is close to 30% below your previous guidance was. Just trying to get some clarity, particularly around the office side of the business, which it seems like there's more visibility there.

偉大的。也許只是從指導開始。我只是想澄清一下。您是否正式撤銷全年指導？我想這可能是一個更廣泛的問題。我們應該如何看待全年收益的節奏，對嗎？我稱之為，你的業務 20% 是工作室，80% 是辦公室，我認為，按運行費率計算 0.17 美元比你之前的指導值低了近 30%。只是想弄清楚一些，特別是在辦公室方面的業務，似乎那裡有更多的可見性。

Michael, thanks for the question. Just to be clear, we provided Q2 guidance, but we also provided all the metrics we normally provide, the grid that we provide at the end of the year. And those pieces that make up FFO. The only thing that we didn't provide effectively is our Quixote business results or operations or projections. That's what's driving this change. And that's the area that we have at least amount of visibility on.

邁克爾，謝謝你的提問。需要明確的是，我們提供了第二季度的指導，但我們也提供了我們通常提供的所有指標，即我們在年底提供的網格。以及組成 FFO 的部分。我們唯一沒有有效提供的是我們的吉訶德業務結果或營運或預測。這就是推動這一變化的原因。這是我們至少有一定程度可見度的區域。

Pausing there, because of the potential strikes that we mentioned a few times. Pausing there, the rest of the portfolio is consistent with what we believed back in February. Everything else is moving along, in fact, in some ways better now, the office side, really good leasing and everything else. It's just the Quixote business right now, we have a lack of clarity.

在此暫停，因為我們多次提到潛在的罷工。在此暫停，投資組合的其餘部分與我們二月的信念一致。其他一切都在進展，事實上，在某些方面現在更好了，辦公室方面，非常好的租賃和其他一切。現在這只是堂吉訶德業務，我們缺乏清晰度。

To your point, about the $0.17 a quarter annualized that is not our expectation. However, it's hard to have any pure conviction on what that's going to look like next quarter as in Q3 and 4 until those items related to Quixote are resolved. If they're resolved, we're going to get much closer to normalization in the Quixote business in the back half of the year, but there's uncertainty about that. And we expect to continue to grow even...

就您而言，每季年化約為 0.17 美元，這不是我們的預期。然而，在與 Quixote 相關的問題得到解決之前，很難對下個季度（如第三季和第四季）的情況有任何純粹的確信。如果這些問題得到解決，我們將在今年下半年更加接近 Quixote 業務的正常化，但這存在不確定性。我們預計將繼續增長......

Yes, sorry about that. I understand what you're saying, Harout, but I'm just trying to hone in on does management not have the visibility to get back to that $1.05 midpoint for this year, and that's really if there's kind of a lack of confidence in reaching that. Maybe that's why the full year guide from last quarter wasn't reiterated. I'm just trying to wrap my head around how we should think about it throughout the Q&A.

是的，對此感到抱歉。我明白你在說什麼，哈魯特，但我只是想了解管理層是否有能力在今年回到 1.05 美元的中點，如果對達到這一目標缺乏信心的話，那就真的是這樣。也許這就是為什麼沒有重申上季的全年指南。我只是想在整個問答過程中思考我們應該如何思考它。

And I get the volatility around the studio business, but it would seem like if you can get back to that $1.02 to $1.10 that you projected back in the fourth quarter, you probably would have reiterated it.

我了解工作室業務的波動性，但如果你能回到你在第四季度預計的 1.02 美元到 1.10 美元，你可能會重申這一點。

Yes. No, Michael, you got it. We're not reiterating it because Quixote isn't performing quite to our expectations when we guided back in February. The rest of the business is, it's in line, if not better, as Harout mentioned. But Quixote isn't. Show counts are lower. We're not quite getting the lift that we had hoped either from show counts or other metrics that weigh on the Quixote business. And so it's showing up in second quarter results. It's unclear to us just yet what exactly it will look like in third and fourth quarter because until show counts on and production activity, shoot days and so forth that drive Quixote business, until those get back to a place of normalcy, it's very difficult for us to tell you when we get back to a normal run rate. So, in short, the original guidance is no longer -- we don't see that is achievable stemming from the Quixote business.

是的。不，邁克爾，你明白了。我們不會重申這一點，因為 Quixote 的表現並沒有達到我們二月指導​​時的預期。正如哈魯特所提到的，其餘的業務即使不是更好，也是符合要求的。但吉訶德不是。演出次數較少。無論是演出數量還是其他影響《堂吉訶德》業務的指標，我們都沒有完全獲得我們所希望的提升。所以它體現在第二季的業績。我們還不清楚第三季和第四季到底會是什麼樣子，因為在演出和製作活動、拍攝日等推動吉訶德業務之前，在這些恢復正常之前，對於我們會在恢復正常運行速度時通知您。因此，簡而言之，最初的指導不再是——我們認為吉訶德業務無法實現這一目標。

Got you. Appreciate that extra color there, Mark. And then just maybe broadly on the Quixote business. Obviously, your prepared remarks kind of talking about the near-term headwinds. But if we look at issues like industry consolidation, maybe less content spend from legacy media companies, are you still confident that you can hit that $75 million to $80 million run rate of the EBITDA, I think you laid out when you acquired the platform?

明白你了。馬克，欣賞那裡的額外色彩。然後大概就是關於堂吉訶德業務。顯然，你準備好的言論有點談論近期的不利因素。但如果我們考慮行業整合等問題，也許傳統媒體公司的內容支出會減少，您是否仍然有信心能夠達到EBITDA 7500 萬至8000 萬美元的運行率（我認為您在收購該平台時就已經佈局了） ？

I think it's still achievable. It's difficult to really commit to that because we haven't seen normalcy yet. So it's hard to know what the new normal looks like. I mean I think we just have to leave it there. I mean it still seems possible, but we need the business to get back on its feet again.

我認為還是可以實現的。很難真正致力於這一點，因為我們還沒有看到常態。所以很難知道新常態是什麼樣子。我的意思是我認為我們只能把它留在那裡。我的意思是，這似乎仍然有可能，但我們需要業務重新站穩腳跟。

Yes, Michael, it's Victor. Just as we mentioned, I mean, the studio business is right now through mid-April, it's off minus 16% in terms of the show counts. But that being said, our facilities that are up and running are fully occupied and completely -- filming is completely going on in 2 of our full facilities 24x7, and so that -- this is not an indication of does the industry going to a different level. I think it's just -- right now, until this uncertainty is sort of solved in May and in July, they're not going to start shows if they feel they have to stop. If they get a clear line of sight, which it seems like they're going to, we'll see that normally pick up in the second half of the year.

是的，邁克爾，我是維克多。正如我們所提到的，我的意思是，從目前到 4 月中旬，演播室業務的演出數量下降了 -16%。但話雖這麼說，我們已啟動和運行的設施已完全佔用，並且完全在我們的兩個完整設施中進行 24x7 的拍攝，因此，這並不表明該行業是否會走向不同的方向等級。我認為現在，直到五月和七月這種不確定性得到解決之前，如果他們覺得必須停止，他們就不會開始演出。如果他們獲得清晰的視線（看起來他們將會這樣做），我們會看到這種情況通常會在今年下半年有所改善。

Our next question comes from Blaine Heck of Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·赫克。

Just taking a step back here, Victor. I'm sure this is (inaudible) how you wanted the year to progress, withdrawing full year FFO guidance, again, given the slowness on the studio side, but kind of here we are, and you've got some large known move-outs still to come on the office side. I guess how should we think about what you guys have in your power to get the stock working again, whether that includes larger spin-off type options or highly impactful strategic moves.

只是退後一步，維克多。我確信這就是（聽不清楚）你希望這一年取得進展的方式，考慮到工作室方面的緩慢，再次撤回全年 FFO 指導，但我們已經到了，你已經有了一些重大的已知舉措 -辦公室方面仍有待解決。我想我們應該如何考慮你們有什麼能力讓股票重新發揮作用，無論是更大的分拆類型期權還是具有高度影響力的戰略舉措。

Should we just think about this as more blocking and tackling and trying to lease more on the office side? Selling a few assets and getting the studio back to where you think it should be on a normalized basis? Or are there bigger initiatives here?

我們是否應該將其視為更多的阻礙和解決方案並嘗試在辦公室方面租賃更多？出售一些資產並讓工作室回到您認為正常化的水平？或者還有更大的措施嗎？

Blaine, thanks. listen, I think you are -- you're commenting on two specific areas, and I will comment on both. First of all, we are always going to be looking at the core business, blocking and tackling. I believe that this past quarter's leasing results were indicative of that. And so far, the start of the second quarter, as we've mentioned, is aligned with that as well. We are acutely aware of a couple of our known move-outs. They're big.

布萊恩，謝謝。聽著，我想你是——你正在評論兩個特定領域，我將對這兩個領域都發表評論。首先，我們始終要關注核心業務，堵住、堵住。我相信上個季度的租賃結果就顯示了這一點。到目前為止，正如我們所提到的，第二季度的開始也與此一致。我們敏銳地意識到一些已知的遷出事件。它們很大。

Large tenant activity is starting to evolve, but we're not there yet. I believe that our results on the office side are going to be very much in line with what our expectations are and what we can achieve given where the last quarter have been. That being said, that's not a standstill process. We are evaluating all of our alternatives. You mentioned too. Clearly, some of the asset sales will kick in. That should be evident for the second half of the year for additional liquidity for us to look at alternatives on the existing portfolio.

大型租戶活動開始發展，但我們還沒到那一步。我相信，我們在辦公室方面的業績將非常符合我們的預期以及考慮到上個季度的情況我們能夠實現的目標。話雖如此，這並不是一個停滯的過程。我們正在評估所有的替代方案。你也提到了。顯然，一些資產出售將會開始。

And then, yes, I mean, the end result is the media business has been a drag for the obvious reasons, the black swan event of last year that has just not recovered. But our conviction around that industry and the alternatives around that industry are basically evident for us to make some larger moves whether it is a spin-off, whether it is a roll-up, we are evaluating all of that, and we're in conversations on that. And I think that will be the strategy for us going forward.

然後，是的，我的意思是，最終結果是媒體業務由於顯而易見的原因而受到拖累，去年的黑天鵝事件至今尚未恢復。但我們對該行業的信念以及圍繞該行業的替代方案對於我們來說基本上是顯而易見的，可以採取一些更大的舉措，無論是分拆還是合併，我們正在評估所有這些，並且我們處於就此進行的對話。我認為這將是我們未來的策略。

The volatility of that business has obviously weighed on the stock. And I think in proportionately because when we see good movements on the office side, we seem to be hit relatively hard on the studio side being that it's only 20% of the business. When it was running great, we never got the full credit of it either. So we think that the best move for us is to look at some external movement around that industry and around that portfolio of ours. And those are conversations that are ongoing right now.

該業務的波動性顯然對該股造成了壓力。我認為是成比例的，因為當我們看到辦公室方面的良好發展時，我們似乎在工作室方面受到的打擊相對較大，因為它只佔業務的 20%。當它運作良好時，我們也從未得到它的全部榮譽。因此，我們認為對我們來說最好的舉措是專注於該行業和我們的投資組合的一些外部動向。這些是目前正在進行的對話。

Great. Really appreciate all that color, Victor. Just to follow up, you said you were kind of concurrently exploring some of those more strategic options. Anything you could say about timing and kind of what stage those conversations are in?

偉大的。維克多，真的很欣賞這些顏色。跟進一下，您說您正在同時探索一些更具策略性的選擇。關於這些對話的時間安排和處於什麼階段，您有什麼想說的嗎？

Listen, obviously, I'm not going to talk about timing in the stages. Clearly, the capital markets are a massive driver of this right now. And given the fact that there is still some volatility out there through these potential IATSE strikes and potential strikes, those conversations are fluid. That will be more fluid around the external factors that are out of our control.

聽著，顯然，我不會談論階段中的時間安排。顯然，資本市場目前是這一趨勢的巨大推動力。鑑於這些潛在的 IATSE 罷工和潛在罷工仍然存在一些波動，這些對話是不穩定的。圍繞著我們無法控制的外部因素，這將更加不穩定。

All right. I'll leave it there. And then just second question, just on guidance. You pointed out that the updated guidance assumes there's a successful resolution of the upcoming contract negotiations. I guess, to what extent do you think guidance could change, again, if we do run into another strike? And how much visibility do you think you have into the process at this point?

好的。我會把它留在那裡。然後是第二個問題，只是關於指導。您指出，更新後的指南假設即將進行的合約談判已成功解決。我想，如果我們確實遇到另一次罷工，您認為指導方針會在多大程度上改變？您認為此時您對該流程有多少了解？

So we can't go there on what kind of visibility we're going to have on if there's a strike or not a strike on that basis. That is just something that right now, it will be a moment in time, and then we'll see what the resolution is. As we said in our prepared remarks, we believe that the process is fluid. It's a lot better than it was last year with the writers and SAG.

因此，我們無法據此判斷是否有罷工，我們將會有什麼樣的可見度。這只是現在的事情，這將是一個時刻，然後我們將看到解決方案是什麼。正如我們在準備好的發言中所說，我們相信這個過程是流暢的。編劇和演員工會的表現比去年好多了。

And as I said, I mean, 13 entities have already signed off. They're now working on the basic agreement, which will take us through the latter part of this month, and then they're going to work on the last part of it, which will take us through hopefully end of June, and this thing could be resolved. I mean right now, we are optimistic and the people who are at the table are telling us that we should be optimistic. Nobody wants a strike. People are still reeling as to the effects of last year.

正如我所說，我的意思是，13 個實體已經簽署。他們現在正在製定基本協議，這將帶領我們度過這個月的後半段，然後他們將製定最後一部分，這將帶領我們度過六月底，這件事可以解決。我的意思是，現在我們很樂觀，與會者也告訴我們應該保持樂觀。沒有人想要罷工。人們仍然對去年的影響感到震驚。

Our next question comes from Peter Abramowitz from Jefferies.

我們的下一個問題來自 Jefferies 的 Peter Abramowitz。

So I just want to follow up on Quixote here. So you did about negative $6 million in NOI in the first quarter. Just trying to kind of deduce here with the second quarter guide, $0.17 basically unchanged quarter-over-quarter. Is the expectation that things are kind of going to stack up pretty similarly, just trying to get a sense of kind of what you're expecting, what's embedded in that $0.17 for the second quarter from Quixote.

所以我只想在這裡跟進一下《唐吉訶德》。因此，第一季的 NOI 約為負 600 萬美元。只是想用第二季的指導來推斷，0.17 美元環比基本上保持不變。是期望事情會非常相似地疊加起來，只是想了解一下你的期望是什麼，Quixote 第二季的 0.17 美元中嵌入了什麼。

Peter, it's Harout. I'm Just going to answer your question there. So our expectation is that we're going to continue to improve on the Quixote business in the second quarter, just not as strong as we initially thought back when we provided guidance in February, and there'll be some offset on the office side near-term termination. That's the expectation, which is why you're not seeing a change from the $0.17 midpoint.

彼得，我是哈魯特。我只是要回答你的問題。因此，我們的預期是，我們將在第二季度繼續改善 Quixote 業務，只是沒有我們在 2 月份提供指導時最初想像的那麼強勁，而且辦公室方面將會有一些抵消- 期限終止。這就是預期，這就是為什麼您沒有看到 0.17 美元中點發生變化的原因。

Okay. Got it. And then could you specifically talk about the pipeline at Washington 1000, what you're seeing there? Kind of the coverage on the space that you have available?

好的。知道了。然後您能具體談談華盛頓 1000 號公路的管道嗎？ 您現有的空間有哪些覆蓋範圍？

Sure, Peter. This is Harout. Right now, we're -- we continue to be in discussions. There's actually 3 users that are multiple floor users. We are not in negotiations yet. As you know, the larger deals that have transacted in the market have been gravitating towards some of the premier sublease space that's out there that offers tremendous views. They're at a deep discount, call it in the low 30s, high 20s net outsized concession packages on top of premier space that's been built out.

當然，彼得。這是哈魯特。現在，我們正在繼續進行討論。實際上有 3 個用戶是多個樓層用戶。我們還沒有進行談判。如您所知，市場上交易的較大交易一直被吸引到一些提供絕佳景觀的優質轉租空間。他們提供大幅折扣，在已建成的優質空間之上提供低至 30 美元、高至 20 美元的淨超大優惠套餐。

And so the good news is that the sublease continues to tick down in Seattle, in particular, those spaces that I've just referenced. And so we just delivered. We are currently building out our state-of-the-art marketing center, which will be finished within the next couple of weeks, activating all the common areas of the building in the exterior spaces and we're poised to capture the demand that's coming down -- coming at us. Now I will say that we -- the teams out there uncovering all deals, be it in the market and outside the market.

因此，好消息是西雅圖的轉租持續減少，特別是我剛才提到的那些空間。所以我們剛剛交付了。我們目前正在建造最先進的營銷中心，該中心將在未來幾週內完工，激活建築物外部空間的所有公共區域，我們已準備好抓住即將到來的需求下來——向我們襲來。現在我要說的是，我們——那裡的團隊發現了所有交易，無論是市場內還是市場外。

But more importantly, the kind of the late '25, '26 expirations that are coming are going to offer probably another 5 to 6 deals over 100,000 square feet into the market, where there's been a dearth of large tenants out in the market currently. So we feel that that's very promising to that -- to the lease-up of that asset.

但更重要的是，即將到來的 25 年末、26 年到期的那種可能會為市場提供另外 5 到 6 筆超過 100,000 平方英尺的交易，而目前市場上缺乏大型租戶。因此，我們認為這對於該資產的租賃來說非常有希望。

The next question comes from Alexander Goldfarb of Piper Sandler.

下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Victor, just going back to your comments on the Hollywood negotiations this year. Last year, there was a lot of focus on AI, residuals, I think with the crew, there's work hours. Do you get a sense that this year, it's more sort of copacetic between the sides and they really seem to want to work towards a resolution? Or is the sense out there that it's as tense as it was last year? From your comments, it sounds like people are working closer this year, trying to avoid what happened last year. But just trying to get a sense of the real sticking issues, how close do you think the sides are to really appreciating what both want to achieve?

維克多，回到你對今年好萊塢談判的評論。去年，人們非常關注人工智慧、殘差，我認為對於工作人員來說，還有工作時間。你是否感覺到今年雙方之間更加合作並且他們似乎真的想努力達成解決方案？還是覺得事情跟去年一樣緊張？從你的評論來看，今年人們似乎更加緊密地合作，試圖避免去年發生的事情。但只是想了解真正的棘手問題，您認為雙方距離真正理解雙方想要實現的目標還有多遠？

I mean, it's a different set of constituents, right, Alex, at the end of the day, I mean, the writers and actors were much more focused on the content, the creativity side, this is back of the house. This is more of the service side. This is obviously driven on their cost of living issues and medical and other aspects by which are directly resolvable and seem to be on track to be resolvable. Yes, there is an AI component to it. I'm not that close to that, so I can't really comment on what level by which it's impactful or not impactful and where they're going to settle out.

我的意思是，這是一組不同的選民，對吧，亞歷克斯，歸根結底，我的意思是，編劇和演員更關注內容、創造力方面，這是房子的後面。這比較是服務方面的。這顯然是由他們的生活成本問題以及醫療和其他方面的問題所驅動的，這些問題是可以直接解決的，似乎可以解決。是的，它有一個人工智慧元件。我對此還不太了解，所以我無法真正評論它的影響力或不影響力的程度以及它們將在哪裡解決。

But I think overall, your comment is accurate. They are all striving for a resolution here, and it's less of an issue of strong arming each other. I think it's more of an issue of coming to the table and trying to get this done. That being said, like anything else, people who are on either side are trying to maintain their position of strength. And so I would not be surprised if there was a vote for strike by all constituents even though they won't strike. So I don't want people to overreact. That's part and parcel of negotiations. So there could be an overall vote, but that may not be included as the eventuality of a strike occurring.

但我認為總體而言，您的評論是準確的。他們都在這裡爭取解決問題，而不是互相強力武裝的問題。我認為更多的是坐在談判桌上並努力完成這件事的問題。話雖這麼說，就像其他事情一樣，雙方的人都在努力維持自己的實力地位。因此，如果所有選民都投票支持罷工，即使他們不會罷工，我也不會感到驚訝。所以我不希望人們反應過度。這是談判的重要組成部分。因此，可能會進行全面投票，但這可能不包括在罷工發生的可能性中。

Okay. And then the second question is on 1455 the buyout, obviously, this seems to be a lucrative area that some of the office REITs have been able to do to buy out partners at discounted prices. So one, if you can give any color around sort of valuation or -- and then two, the earnings benefit of buying that out? And then I guess the follow-up is, are there other JVs that we could see you guys buying out your partners in?

好的。第二個問題是關於1455的收購，顯然，這似乎是一個利潤豐厚的領域，一些辦公室REITs已經能夠以折扣價收購合作夥伴。那麼第一，你是否可以對某種估值給出任何顏色，或者第二，購買它的收益收益？然後我想接下來的問題是，我們是否可以看到你們收購合作夥伴的其他合資企業？

Well, I'll just talk in general, and then I'll let Harout give you the details. Listen, on the 1455 transaction, this is a very unique opportunity that was available by our partner. Obviously, our partner has done this, as you all know, in some other office REITs. And as a result, they've just decided that they don't want to be invested in an office, we didn't have, what I would say, was an ability to work through this, given the fact that we had rights on leasing on both sides, and they weren't willing to put any more capital in.

好吧，我只是籠統地說一下，然後我會讓 Harout 給你詳細介紹。聽著，在 1455 交易中，這是我們的合作夥伴提供的一個非常獨特的機會。顯然，正如大家所知，我們的合作夥伴在其他一些辦公室房地產投資信託基金中已經做到了這一點。結果，他們只是決定不想投資辦公室，我想說的是，考慮到我們擁有以下權利，我們沒有能力解決這個問題雙方都租賃，不願意再投入更多的資金。

So this was the best resolution for both parties. I think we obviously believe this asset has massive upside. We proved it with our most recent deal, which we just announced a couple of days ago, which has a follow-on on several hundred thousand square feet that is being looked at both by the existing entity and AI entity as well. And so as a result, this is a great deal for Hudson. And our basis is what our basis is on that asset, which is below what we paid for it in 2010. And it's been a great investment for us throughout. And yes, we have vacancy that has occurred and will continue to occur with the 2 large tenants, one moved out and one moving out next year, but it gives us an opportunity to lease this up.

所以這對雙方來說都是最好的解決方案。我認為我們顯然相信這項資產具有巨大的上漲空間。我們用最近的交易證明了這一點，我們幾天前剛剛宣布了這筆交易，該交易的後續交易佔地數十萬平方英尺，現有實體和人工智慧實體也正在研究該交易。因此，這對哈德森來說是一筆很大的交易。我們的基礎就是我們對該資產的基礎，該資產低於我們 2010 年購買的價格。是的，我們有兩個大租戶，一個搬出，一個明年搬出，已經出現並將繼續出現空缺，但這給了我們一個出租這個的機會。

And then to address the earnings impact. So as I said in my prepared remarks, the two areas that did change between year-end and now our interest expense and FFO attributable to noncontrolling interest. And those are directly as a result of buying out our partner. So we're going to incur about $2 million more of interest expense, but we're also going to generate $9 million more of FFO as a result of that transaction, which is fantastic in the short term and then our leasing will continue to improve that number on a go-forward basis.

然後解決收益影響。正如我在準備好的發言中所說，從年底到現在，我們的利息支出和 FFO 歸因於非控制權益，這兩個領域確實發生了變化。這些都是收購我們合作夥伴股份的直接結果。因此，我們將多承擔約 200 萬美元的利息費用，但由於該交易，我們還將多產生 900 萬美元的 FFO，這在短期內非常棒，然後我們的租賃將繼續改善這個數字是在未來的基礎上。

Our next question comes from Ronald Kamdem of Morgan Stanley.

我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

Just two quick ones. So one, starting with the leasing pipeline, you had 1.9 million, I think, at the end of 4Q. Just trying to get an update where that is. And if you could just provide commentary where you sort of -- where is occupancy you see that trending at the end of the year. And if the lease with 1455 was included in the previous expectations? Or is that an upside surprise?

就兩個快的。因此，從租賃管道開始，我認為到第四季末您有 190 萬。只是想獲取更新。如果你能提供評論，你會在年底看到入住率的趨勢。而1455的租約是否包含在先前的預期中呢？或者這是一個正面的驚喜？

Yes. So I'll address the pipeline first. It's in the 1.9 million, as you said. It ebbs and flows anywhere from 1.7 million back over 2 million square feet, usually around 2 million actually. But as deals occur. So if you think about the last 2 quarters, it's remained at that number and we've leased just about just under 1 million square feet, right? So that is the piece that is the most promising is that the pipeline continues to remain robust as we start to negotiate on new deals and so forth. And where it sits now, we're still at 1 million -- we're still at about 1.9 million, having at least 500,000 square feet.

是的。所以我首先要解決管道問題。正如你所說，有 190 萬。它的面積從 170 萬平方英尺到 200 萬平方英尺不等，實際上通常在 200 萬平方英尺左右。但隨著交易的發生。因此，如果您考慮過去兩個季度，您會發現它一直保持在這個數字，而且我們租賃的面積略低於 100 萬平方英尺，對嗎？因此，最有希望的是，當我們開始就新交易等進行談判時，管道將繼續保持強勁。現在的情況是，我們的人口數量仍然是 100 萬，大約是 190 萬，擁有至少 50 萬平方英尺的面積。

And as Victor had mentioned, obviously, we've got a big deal that we've inked since, subsequent to the quarter. So we feel really good at where it is. Why do we feel good about where it is, we've been saying for a couple of quarters now that the leading indicator for our active deals in negotiation is tracking our tours. And it spiked in Q4, right? It spiked, there was about 1.4 million worth of tours in Q4 and it's sustained itself, the numbers were really right on top of each other.

正如維克多所提到的，顯然，我們在本季度之後簽署了一項重大協議。所以我們對它所處的位置感覺非常好。為什麼我們對目前的情況感覺良好，幾個季度以來我們一直在說，我們在談判中達成的積極交易的領先指標是跟踪我們的旅行。它在第四季飆升，對嗎？第四季的巡迴人數激增，價值約 140 萬次，並且持續成長，這些數字確實是相互疊加的。

So what we're seeing, and we continue to see is that tour activity, which at some point, becomes deals in negotiation has sustained itself which is why the acceleration in lease velocity that we experienced in the first quarter, we're comfortable saying that it's going to continue into the next quarter.

因此，我們看到並繼續看到的是，旅遊活動在某種程度上成為談判中的交易，並且持續存在，這就是為什麼我們在第一季經歷的租賃速度加快的原因，我們可以輕鬆地說這種情況將持續到下個季度。

This is Mark. On the occupancy, last call, we gave you the building blocks to outline for you how we could potentially get back to end of '23 occupancy, which just as a reminder, was 80.9%. I'm not going to walk you back through those building blocks. But we did also indicate that we -- that our own model suggested that we would see a bit of a dip in occupancy in the first and second quarter with improvement in third and fourth quarter.

這是馬克。關於入住率，最後一次通話，我們為您提供了一些基礎材料，以概述我們如何才能恢復到 23 年年底的入住率（僅供提醒），即 80.9%。我不會帶您回顧這些建置模組。但我們也確實表明，我們自己的模型表明，我們會看到第一季和第二季的入住率略有下降，而第三季和第四季的入住率有所改善。

Our first quarter results are materially in line with what our expectations were. So our -- in terms of just our expectations regarding occupancy for the year, our first quarter outcome seems to be essentially right on top of our original expectations.

我們第一季的業績與我們的預期基本一致。因此，就我們對今年入住率的預期而言，我們第一季的結果似乎基本上超出了我們最初的預期。

Really helpful. And then just my second one was just sort of back to the studio NOI, I mean, I think you sort of talked about a long-term potential, just taking a step back here, right, of 131 million. So if sort of Quixote was doing 75 to 80, the balance 50 to 55 was just sort of the in-place presumably.

真的很有幫助。然後我的第二個就是回到 NOI 工作室，我的意思是，我認為你談到了長期潛力，只是退一步，對吧，1.31 億。因此，如果某種堂吉訶德正在做 75 到 80，那麼 50 到 55 的平衡大概就位了。

I guess I'm trying to figure out what sort of all this uncertainty with the strike as a thinking that, that long-term target is still sort of realistic or what sort of production environment you need to get back into in L.A. for those targets to sort of make sense?

我想我正在試圖弄清楚罷工帶來的所有不確定性，因為我認為長期目標仍然是現實的，或者為了實現這些目標你需要回到洛杉磯什麼樣的生產環境有點道理嗎？

Yes. No, it remains realistic. I mean I think it's important, by the way, to remember that also includes Glenoaks, which we're in negotiations on a pilot for a stage there, and we have good, healthy leasing interest there. We just got to get it leased up now, and also ultimately Pier 94.

是的。不，它仍然是現實的。我的意思是，順便說一句，我認為重要的是要記住，這也包括 Glenoaks，我們正在就在那裡的一個舞台進行試點談判，我們在那裡有良好、健康的租賃興趣。我們現在必須把它租出去，最終還要租掉 94 號碼頭。

So are the ingredients there, the ingredients are definitely there. The business has been a bit slower to get back on its feet as we indicated. That's reflected in the show counts, which, as Victor indicated, are high teens, below, say, same period 2022, which is a good normalized kind of level to look to.

那裡的成分也在那裡，成分肯定在那裡。正如我們所指出的，該業務恢復正常的速度有點慢。這反映在演出數量上，正如 Victor 指出的那樣，演出數量處於高位，低於 2022 年同期，這是一個值得關注的良好標準化水平。

Shoot days are down. One other indicator of that is if you look at shoot days in first on 4 months of the year compared to shoot days in the first 4 months of 2022 for TV, drama and comedy, they're down almost 40%. So the business is slower to get back to normal, then I think everyone in the industry expected. But once it gets back there, our Quixote business will rebound. Once it rebounds, we get the stages at Las Palmas leased up. And as we sit today of the 10 available stages that we have there, we have either -- we're in contracts or we have holds on 6 of those 10. We need to get those over the line, get those stages leased up. We need to get Glenoaks leased up. And then ultimately, when Pier 94 delivers. And then the number that you just outlined, it's still within sight.

拍攝日數減少了。另一個指標是，如果你看看電視、戲劇和喜劇今年前 4 個月的拍攝天數與 2022 年前 4 個月的拍攝天數相比，它們下降了近 40%。所以業務恢復正常比較慢，那麼我想業內所有人都預料到了。但一旦回到那裡，我們的吉訶德業務就會反彈。一旦反彈，我們就會租用拉斯帕爾馬斯的舞台。當我們今天坐在那裡的 10 個可用舞台中時，我們要么簽訂了合同，要么保留了這 10 個舞台中的 6 個。我們需要把格倫諾克斯租出去。最終，當 94 號碼頭交付時。然後你剛才概述的數字，它仍然在可見範圍內。

Our next question comes from Caitlin Burrows of Goldman Sachs.

我們的下一個問題來自高盛的凱特琳·伯羅斯。

I guess similar tied into that occupancy question that somebody asked before. Could you talk about your expectations for retention for the year or the rest of the year? Kind of how informed is that view at this point? And where do you think mark-to-markets on expirations for the rest of the year are?

我想類似的情況與之前有人問過的入住問題有關。您能談談您對今年或今年剩餘時間保留人員的期望嗎？目前這種觀點的資訊有多少？您認為今年剩餘時間的到期日以市價計價的情況如何？

It's Art. Yes, so our retention right now, as we reported, we're about 45% for remaining expirations. That number, just remember that number includes -- there's probably 40% of that number is late-stage, smaller tenants under 6,000 square feet. So the answer is, yes, we're in discussions with most of them -- most of those small tenants. As the year progresses, we'll get a better line of sight on what they're doing. They usually engage 90 days out. So that number can definitely go up. And so we feel comfortable about the 45%, maybe moving beyond that.

這是藝術。是的，正如我們所報告的，我們目前的保留率約為剩餘到期時間的 45%。這個數字，只要記住這個數字包括——其中可能有 40% 是後期、面積小於 6,000 平方英尺的小型租戶。所以答案是，是的，我們正在與他們中的大多數人——大多數是小租戶——進行討論。隨著時間的推移，我們將更好地了解他們正在做的事情。他們通常會休假 90 天。所以這個數字一定會上升。所以我們對 45% 感到滿意，也許會超越這個數字。

So you're saying -- sorry, the 45% is like what you know is going to renew, but additional might on top of it?

所以你是說 - 抱歉，45% 就像你所知道的將要更新的那樣，但除此之外還有其他可能嗎？

That's correct.

這是正確的。

Okay. Got it. And then just back to the studio side. I think you commented that in the release that industry consolidation and shifting business models focused on profitability are also having an impact. So I'm just wondering how big of an impact do you think this could ultimately have how it could impact Quixote and does it suggest that returning to prestrike levels of income might not be possible or not?

好的。知道了。然後就回到工作室那邊。我想您在新聞稿中評論說，行業整合和以盈利為重點的商業模式轉變也產生了影響。所以我只是想知道你認為這最終會對堂吉訶德產生多大的影響，這是否表明恢復到罷工前的收入水平可能是不可能的？

I would not read into it that way, Caitlin. I think -- listen, we don't know what the impact is, but what the impact is clearly suggested that a series of development or predevelopment opportunities that were planned are no longer going to be executed. Therefore, the pipeline of new development is going to be a lot smaller. And as a result, the existing stages and availabilities that are out there are going to lease up I think, a lot quicker than people had presumed.

我不會這樣解讀，凱特琳。我認為——聽著，我們不知道影響是什麼，但影響是什麼，明確表明計劃中的一系列開發或預開發機會將不再執行。因此，新開發的管道將會小得多。因此，我認為現有的舞台和可用空間將會出租，比人們想像的要快得多。

So I would not read into a consolidation. I mean right now, we're looking obviously at the Paramount situation, but they own their own lot. And they are in -- on the CBS side, they are in lots of ours and others and stages and they're going to continue to do so with their -- whoever their new [parent] essentially could be.

所以我不會解讀合併。我的意思是，現在我們顯然正在關注派拉蒙的情況，但他們擁有自己的地盤。他們在——在哥倫比亞廣播公司方面，他們在我們和其他人的許多舞台上，他們將繼續與他們的——無論他們的新[父母]是誰。

Our next question comes from Tom Catherwood of BTIG.

我們的下一個問題來自 BTIG 的 Tom Catherwood。

Maybe going back to 1455 Market, the large lease that you signed there last month has options to take substantially more space. What are you expecting in terms of the likelihood and timing of those options being executed. And would any expansion need to go back before the Board of Supervisors for approval?

也許回到 1455 市場，您上個月在那裡簽署的大型租約可以選擇佔用更多空間。您對執行這些選項的可能性和時間有何期望。擴容是否需要重新提交監事會批准？

Tom, this is Art. Yes, so they're not hard options to take or must take spaces. This is really the beginning of what was 12, 14 months of negotiation to amalgamate a number of spaces as they become available for the city. And so we feel that we're going to very -- soon probably third, fourth quarter, we will have good news about another larger block of space. And then there's more behind that. There's no hard timing behind what it is. We just feel very confident that very soon, we're going to look back and see that we've signed several hundred thousand feet of space.

湯姆，這是藝術。是的，所以它們並不是很難選擇或必須佔用空間。這實際上是歷時 12、14 個月的談判的開始，目的是在大量空間可供城市使用時進行合併。因此，我們認為我們很快可能會在第三、第四季度，得到關於另一個更大空間的好消息。這背後還有更多。這背後並沒有什麼硬性的時間安排。我們非常有信心，很快我們就會回頭看到我們已經簽署了數十萬英尺的空間。

Got it. Appreciate that, Art. And then last one for me. You mentioned in the prepared remarks, Victor, you mentioned 3 office assets that you're looking to sell and another 1 to possibly recapitalize in the Bay Area. What are the timing expectations for those sales and recapitalizations. And given that sales weren't included in the initial guidance, did the timing have any part in a decision to withdraw guidance this quarter?

知道了。欣賞這一點，藝術。然後是我的最後一張。 Victor，你在準備好的演講中提到，你提到了 3 個你打算出售的辦公資產，以及另外 1 個可能在灣區進行資本重組的資產。這些銷售和資本重組的時間預期是什麼？鑑於最初的指導意見中沒有包含銷售額，這個時間點是否影響了本季撤回指導意見的決定？

No. I mean we don't include dispositions or acquisitions in our guidance and the time line as to what we're talking about. As we reiterated before, the only conversation around guidance is referred to around Quixote. Everything else is a stable business that we that we've currently put in place and that we discussed.

不，我的意思是，我們的指導和時間表中不包括處置或收購。正如我們之前重申的，圍繞指導的唯一對話是圍繞 Quixote 進行的。其他一切都是我們目前已經落實並討論過的穩定業務。

In terms of the dispositions, I can say of the 3, one of them is being marketed. The other 2 are off-market transactions. And 1 of those is in contract right now. And in terms of the recap, that is in discussions as well. But we're not going to give guidance and time lines as to what our expectations are in terms of timing and execution.

就配置而言，我可以說這三種配置，其中之一正在上市。另外2個是場外交易。其中 1 個目前已簽約。就回顧而言，這也在討論中。但我們不會就我們在時間和執行方面的期望提供指導和時間表。

The next question comes from Vikram Malhotra of Mizuho.

下一個問題來自瑞穗銀行的 Vikram Malhotra。

Victor, I just wanted to clarify first, you talked about just the volatility in the business in studios and maybe considering something external, I'm not talking about timing or anything. But I just want to be clear, were you referring to the studio business in its entirety, Quixote. Just maybe give us some clarity on when you meant considering something external, what does that mean?

維克多，我只是想先澄清一下，你只是談到了工作室業務的波動性，也許還考慮了一些外部因素，我不是說時間安排或任何事情。但我只是想澄清一下，你指的是整個工作室業務嗎，吉訶德。也許請讓我們清楚地了解您何時考慮外部事物，這意味著什麼？

Yes. So I was referring to the studio business inclusive of Sunset and Quixote.

是的。所以我指的是包括《日落》和《吉訶德》在內的工作室業務。

Okay. And that would be -- that you would consider spin in its entirety or some sort of JV or something, I'm presuming?

好的。我猜你會考慮整個旋轉或某種合資企業或其他什麼？

We are looking at all different options right now and exploring alternatives.

我們現在正在考慮所有不同的選擇並探索替代方案。

Yes. Got it. That makes sense. And then just in terms of the pipeline, so leasing pipeline for office. I was just wondering, I know we had a lot of talk about last year, a few big AI leases. Now we've talked about -- maybe it pinned out a little bit now, just talk of perhaps more.

是的。知道了。這就說得通了。然後就管道而言，因此租賃辦公室管道。我只是想知道，我知道去年我們討論了很多，一些大型人工智慧租賃。現在我們已經討論過——也許現在已經解決了一點，只是談論也許更多。

I'm just wondering, perhaps, Art, if you could just talk about in the pipeline today, the rest of the 45% or the 55% where you're still looking for new leases or renewals. What does the AI contribution look like in your markets?

也許，我只是想知道，Art，您是否可以談談今天正在醞釀中的 45% 或 55% 的其餘部分，您仍在尋找新的租約或續約。人工智慧在您的市場中的貢獻如何？

That's a very interesting question. Let me just start by saying, as we've talked about the AI deals that are out in the market in San Francisco, there was once upon time, 1.4 million, then we saw 800,000 feet get leased up. Now we're back over slightly over 1 million square feet of AI expansion in the city, okay? In the Valley, it really started showing up end of last quarter. As a matter of fact, we leased -- in the Valley alone, we leased 80,000 square feet of new AI tenancy, 50,000 of which was net new, and then the others were renewal kind of expansion kind of space.

這是一個非常有趣的問題。首先我要說的是，正如我們討論過的舊金山市場上的人工智慧交易，曾經有 140 萬筆交易，然後我們看到 80 萬英尺的面積被出租。現在我們又在城市中進行了略多於 100 萬平方英尺的人工智慧擴張，好嗎？在矽谷，這種情況在上個季度末才真正開始顯現。事實上，我們僅在矽谷就租賃了 80,000 平方英尺的新 AI 租戶，其中 50,000 平方英尺是淨新的，然後其他的是更新類型的擴展類型的空間。

So yes, we are starting to see a lot more in the Valley, and we feel very comfortable it's going to continue to grow in the coming quarters.

所以，是的，我們開始在矽谷看到更多的情況，我們感到非常放心，它將在未來幾季繼續成長。

And our next question comes from Nick Yulico of Scotiabank.

我們的下一個問題來自豐業銀行的尼克尤利科。

I just wanted to turn back to 1455 Market. And I guess first question was, should we assume that the package you gave the city in terms of like it was one year free rent, $40 starting rent, $100 TI. Is that the type of package you would give for leasing for the rest of the building?

我只是想轉回1455年市場。我想第一個問題是，我們是否應該假設您為城市提供的套餐是一年免租金，40 美元起租，100 美元 TI。您願意以這種方式租賃大樓的其餘部分嗎？

Yes. I mean I think the market is going to dictate what it is, but I think that's the basis. Remember, it's -- the concession package is based on 21 years, right? So yes, depending on where the lease term comes in, it would be commensurate with it, but wait and see. And by the way, in addition to -- it's a good question, why? Because it's not just the city that we're engaging right now. There's probably another 125,000 square feet of interest, and we're negotiating on one full floor with an AI tenant.

是的。我的意思是，我認為市場將決定它是什麼，但我認為這是基礎。請記住，優惠套餐是基於 21 年的，對嗎？所以，是的，根據租賃期限的不同，它會與之相稱，但請拭目以待。順便說一句，除了——這是一個很好的問題，為什麼？因為我們現在參與的不僅是這座城市。可能還有另外 125,000 平方英尺的面積，我們正在與 AI 租戶就一整層樓進行談判。

So obviously, it's just not a government use as it wasn't before, and we're starting to see kind of the beginnings of tech tenants coming down market street.

很明顯，這不是政府用途，因為以前不是這樣，我們開始看到科技租戶開始出現在市場街上。

Nick, it's Victor. I just want to clarify. I mean, obviously, this comp is out there for the city. Sure, the city is going to come back if the term is the same, they're going to come back for similar terms. Obviously, the AI tenant that Art is referring to and the other tenants that they're talking to are much different terms and will be probably different economics as well.

尼克，這是維克多。我只是想澄清一下。我的意思是，顯然，這個組合是為這座城市準備的。當然，如果條款相同，這座城市就會回來，他們也會以類似的條款回來。顯然，Art 所指的人工智慧租戶和他們正在談論的其他租戶是非常不同的術語，也可能是不同的經濟學。

Okay. Got it. Yes. Just to follow up on that, maybe Victor is, clearly, this is an asset that, as you mentioned that you're potentially buying back at the original basis, but there is a fair amount of leasing capital that needs to go into the building. So I mean, if we think about, I don't know if the $100 TI is the right number for all the vacancy, but once Uber leaves, you're going to have something like 700,000 square feet of vacancy there. And so you paid $45 million for the partner interest, you're going to ultimately put in who knows? Is it $60 million of leasing capital depending, I guess, on the package. But how -- maybe just hearing a little bit more about why you think it makes sense to reinvest that level in the asset?

好的。知道了。是的。只是為了跟進這一點，也許維克多顯然是一項資產，正如您所提到的，您可能會以原始基礎回購，但需要投入大量租賃資本進入建築物。所以我的意思是，如果我們考慮一下，我不知道 100 美元的 TI 是否適合所有空缺，但一旦 Uber 離開，那裡將有大約 700,000 平方英尺的空缺。所以你為合作夥伴利息支付了 4500 萬美元，你最終會投入誰知道？我猜這是否是 6000 萬美元的租賃資本，具體取決於套餐。但是，也許只是多聽一點關於為什麼您認為將這一水平再投資於該資產是有意義的？

So good question on that. Listen, I think the asset has proved itself to be successful. We originally bought that asset, and it was going to be BofA occupied asset. Obviously, we shifted and brought tech tenants in. Now we've shifted out, and we're looking at, obviously, City of San Francisco and other entities that are affiliated with the City of San Francisco that are looking at it right now to the tune of 300,000 or 400,000 additional square feet, plus we're looking at, as Art said, another 100,000 to 200,000 square feet of AI or business-related tenants.

這是一個很好的問題。聽著，我認為這項資產已經證明了自己是成功的。我們最初購買了該資產，它將成為美國銀行佔用的資產。顯然，我們轉移並引進了科技租戶。 ，我們正在考慮另外100,000 到200,000 平方英尺的人工智慧或商業相關租戶。

(inaudible) footprint and the improvements of the asset are very high. I would not read into this deal being the deal that is going to be throughout the entire lease up. We're confident that this makes a lot of sense on a price per pound. I think our IRRs and the yield hurdles at the end of the day when we disclosed them are going to prove out that this was an excellent acquisition for Hudson and a unique opportunity that you're not seeing anywhere else in the city, even given where some of the other depressed real estate is in selling at or trying to be sold that it's nowhere near at these levels.

（聽不清楚）佔地面積和資產改進非常高。我不會認為這筆交易將貫穿整個租賃期。我們相信這對每磅的價格來說很有意義。我認為我們的內部收益率和最終披露的收益率障礙將證明，這對哈德遜來說是一次極好的收購，也是一個你在城市其他地方看不到的獨特機會，即使考慮到在哪裡其他一些低迷的房地產正在以遠低於這些水平的價格出售或試圖出售。

Okay. And I guess just one quick follow-up. I mean you guys are confident in getting other users into the building besides the city. I mean, clearly, the city had a reason to support the asset and try and revitalize that part of the city, but in terms of other tenant activity, you do think that there is reason to be in that submarket within the city.

好的。我想這只是一個快速的後續行動。我的意思是，你們有信心讓城市以外的其他使用者進入大樓。我的意思是，顯然，該市有理由支持該資產並嘗試振興該城市的這一部分，但就其他租戶活動而言，您確實認為有理由進入該城市內的該子市場。

Nick, if you recall, if you can think back 10 years, that this is exactly where we were. In the city, we did -- we had -- the first tenant in the building besides BofA was 125,000 square feet with the city. There were 3 different departments. And then, right, and then we started tracking tech tenancy.

尼克，如果你還記得，如果你能回想 10 年前，這正是我們所處的地方。在這座城市，我們確實——我們擁有——除了美國銀行之外，這棟大樓的第一個租戶是這座城市的 125,000 平方英尺。有3個不同的部門。然後，對了，然後我們開始追蹤技術租賃。

So there was beyond the city that was GSA and the building and so forth. And so -- if you think about it, we're kind of back to where we were. We are starting with the low-hanging fruit, which is governmental users that are in the neighborhood. And because I think we're in a better spot. Why? Because if you think about the Square and the Uber space, there's $3,000 -- $300 a foot into that space. And so the residual value is very high and TI dollars and dollars out of their pocket are going to go a lot further. And if you also remember, we didn't have windows on the podium, right? We installed windows on the podium that changed the game there.

因此，城市之外還有 GSA 和大樓等等。所以——如果你仔細想想，我們又回到了原來的狀態。我們從容易實現的目標開始，也就是附近的政府用戶。因為我認為我們處於更好的位置。為什麼？因為如果你考慮 Square 和 Uber 空間，你會發現該空間每英尺的成本為 3,000 至 300 美元。因此，剩餘價值非常高，TI 的資金和自掏腰包的資金將會走得更遠。如果您還記得的話，我們的講台上沒有窗戶，對吧？我們在講台上安裝了窗戶，改變了那裡的遊戲規則。

Our next question comes from Dylan Burzinski of Green Street.

我們的下一個問題來自 Green Street 的 Dylan Burzinski。

Just sort of wanted to touch on outlook for leasing. As we look at your quarterly leasing activity or call it, the last 18 months or so, it seems like 500,000 square feet is sort of the upper bound on the amount of leasing you can get done in any given quarter. I guess do you feel that sort of a good indicator or the max amount of leasing you can get done in any quarter absent any big tech or larger tenant leasing? And as sort of a parallel to that, I mean what is your expectation for when a lot of these large tenants come back to leasing markets?

只是想談談租賃的前景。當我們查看您的季度租賃活動或稱為過去 18 個月左右的時間時，似乎 500,000 平方英尺是您在任何特定季度可以完成的租賃量的上限。我想您是否認為這是一個好的指標，或者在沒有任何大型科技或大型租戶租賃的情況下，您在任何季度可以完成的最大租賃量？與此類似，我的意思是，當許多大型租戶回到租賃市場時，您有何期望？

Let me sort of start with -- Dylan, I would be cautious to sort of look at saying like we've maxed out at a 500,000 square foot number. I think there was going to be ebbs and flows of larger tenants coming in the marketplace and going out. But at the end of the day, I think what's consistent is as Art just said quarter after quarter is the pipeline is consistent. I mean we did more leasing this quarter than we anticipated and it looks like the quarter we're in right now looks very good with startup of some renewals that we're working on an existing deals that we're working on and the stuff we signed. So I wouldn't sort of lump it in to say, 0.5 million square feet. Therefore, it's close to 2 million a year, that's what it is. I think it's going to ebb and flow.

首先讓我——迪倫，我會謹慎地看待這樣的說法：我們已經達到了 50 萬平方英尺的上限。我認為較大的租戶會進出市場。但歸根結底，我認為一致的是，正如 Art 剛才所說，每個季度的管道都是一致的。我的意思是，我們本季的租賃量比我們預期的要多，看起來我們現在所處的季度看起來非常好，因為我們正在進行一些續約，我們正在處理現有的交易以及我們正在做的事情。所以我不會把它歸結為 50 萬平方英尺。所以，一年接近200萬，就是這樣。我認為它會潮起潮落。

And in terms of the larger tenants, it's starting to open up in the city clearly, as we've talked about with us and some of our peers and with AI, and it's starting to open up in Seattle. Clearly, Seattle has had a very strong run in Bellevue. Those markets go back and forth, and they have for decades, right? Bellevue gets hot, then the city gets hot, then Bellevue gets hot. And so we feel that with the amount of product that's being leased in Bellevue, it will rebound back now to the city because the alternatives are equally as good from quality real estate for some of the new stuff that's in the marketplace.

就較大的租戶而言，它開始在城市中明顯開放，正如我們與我們和我們的一些同行以及人工智慧討論的那樣，它開始在西雅圖開放。顯然，西雅圖在貝爾維尤的表現非常強勁。這些市場來來回回，而且已經持續了幾十年，對嗎？貝爾維尤變熱，然後城市變熱，然後貝爾維尤變熱。因此，我們認為，隨著貝爾維尤租賃的產品數量的增加，它現在將會反彈回城市，因為優質房地產的替代品與市場上的一些新產品一樣好。

But the availability is there that you're not going to have as much in Bellevue. So I wouldn't make a blanket statement on that. I do feel comfortable that larger tenants are coming back. It is taking time, but they are coming back. Art?

但在貝爾維尤你不會有那麼多的可用性。所以我不會對此發表籠統的聲明。我確實對更大的租戶回來感到放心。這需要時間，但他們正在回來。藝術？

You nailed it, Victor.

你成功了，維克多。

Our next question comes from Camille Bonnel of Bank of America.

我們的下一個問題來自美國銀行的卡米爾·博內爾。

I have two questions on the office side. I saw the team signed a lease to a biotech tenant. Just curious if you're seeing any benefits from these life science companies trade down for certain functions from higher priced spaces in the Bay Area?

我有兩個關於辦公室方面的問題。我看到該團隊與一家生物技術租戶簽訂了租約。只是好奇您是否看到這些生命科學公司從灣區價格較高的空間中降低某些功能的好處？

Yes. I think over the last 2 quarters, we've seen -- by the way, this is the largest, right, 36,000 square feet. We've seen an uptick in biotech. I would say that there's more than 2 or 3 biotech tenants out there, again, of which this is the largest. I would suppose the benefit of it is it was almost a 50% mark. So they're certainly willing to pay up.

是的。我認為在過去兩個季度中，我們已經看到——順便說一句，這是最大的，對的，36,000 平方英尺。我們看到生物技術的成長。我想說，那裡有超過 2 或 3 個生物技術租戶，這是其中最大的。我想這樣做的好處是它幾乎達到了 50% 的分數。所以他們當然願意付出代價。

And are you seeing a pickup in -- of those tenants in your pipeline?

您是否看到您的管道中的租戶增加？

In the current pipeline, no. In our tours, in our tour activity, which I've also mentioned is an elevated numbers, yes, we have seen it in the early stage tour activity and mostly on the Peninsula.

在目前的管道中，沒有。在我們的旅行中，在我們的旅遊活動中，我也提到過，這是一個上升的數字，是的，我們在早期的旅遊活動中看到了這一點，而且主要是在半島上。

Okay. And on my second question, so not accounting for your ownership, but looking at the occupancy detail you provided in the supplemental, about 1/4 of the portfolio's vacancy is about below 70%. So could you comment on the touring activity you're seeing for these buildings specifically? And are any of these in your disposal bucket? Or what are your business plans for these buildings? Just trying to get a sense of the strategy there?

好的。關於我的第二個問題，不考慮您的所有權，而是查看您在補充材料中提供的佔用詳細信息，大約 1/4 的投資組合空置率大約低於 70%。那麼您能具體評論一下您所看到的這些建築的參觀活動嗎？您的垃圾桶裡有這些嗎？或者您對這些建築有什麼商業計劃？只是想了解那裡的策略嗎？

Yes, I'll answer the first part of that question, which is the tour activity that I've mentioned is really, it applies to all markets, in all buildings. I mean it's really consistent. That's the good news, right? It's not just heavily weighted into the Valley or Vancouver. It's literally -- the numbers are consistent throughout our entire portfolio, again, which is a leading indicator of what we'll be negotiating on.

是的，我將回答這個問題的第一部分，也就是我提到的旅遊活動，它適用於所有市場、所有建築物。我的意思是它真的很一致。這是個好消息，對吧？它不僅集中在矽谷或溫哥華。從字面上看，我們整個投資組合中的數字都是一致的，這也是我們將要談判的內容的領先指標。

Yes, Camille, It's Victor. I think looking at the list, I think only one asset is in the disposition of that vacancy that you're referring to.

是的，卡米爾，我是維克多。我認為看看這份清單，我認為只有一項資產可以處置您所指的空缺。

Our next question comes from Rich Anderson of Wedbush Securities.

我們的下一個問題來自韋德布希證券公司的里奇安德森。

Stating the obvious full ownership of 1455 creates optionality for you. Is it at least a possibility the ultimate goal here is to get it leased up and sold? Or do you have a long-term view of ownership, for sure?

明確聲明 1455 的完全所有權為您創造了選擇權。最終目標是否至少有可能是將其出租並出售？或者您對所有權有長遠的看法嗎？

I think, Rich, we've got lots of options, and yes, and yes.

我想，里奇，我們有很多選擇，是的，是的。

Okay. Fair enough. That's all I need. And then second question, I don't claim to know the interworkings of how the studio business works behind the scenes. But you've had a series of domino effects of things that have happened here. And I'm wondering if there's any sort of other groups, back office groups that maybe are watching from behind the scenes and potentially could be another shoe to drop? Or do you think that what we've seen to this point, there's not really anything else that could happen out of nowhere like what has happened over the past year or 2 sort of a copycat risk, I guess.

好的。很公平。這就是我所需要的。第二個問題，我並不聲稱了解工作室業務在幕後如何運作的相互作用。但這裡發生的事情造成了一系列骨牌效應。我想知道是否還有任何其他團體、後台團體可能正在幕後觀看，並且可能會成為另一隻鞋？或者你是否認為，就我們目前所看到的情況而言，確實沒有任何其他事情可能像過去一年或兩年發生的類似風險那樣突然發生，我猜。

Yes. There is no external risk after what's put in place. But obviously, the volatility of this industry, I mean, we've been doing it since 2007 is the reoccurrence of negotiations. And you hadn't had a strike since '08, and then you had one in '23, and now you've got this comes up in '24, we're hopeful that as they continue to renew that we'll go back to sort of the norm of no strikes for 15 years.

是的。實施後不存在外部風險。但顯然，這個行業的波動，我的意思是，我們從2007年以來一直在做的是談判的再次發生。自 08 年以來就沒有發生過罷工，然後在 23 年發生了一次罷工，現在又在 24 年出現了這種情況，我們希望隨著他們繼續更新，我們會回去相當於15年沒有罷工的常態。

And our final question comes from John Kim of BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的約翰金 (John Kim)。

I just wanted to follow up on the potential strategic alternatives on the studio business. And just really question the timing. I mean do you believe you're going to get peak multiple on depressed earnings. Obviously, that scenario would be peak multiple and peak earnings. But I just wanted to question the timing and the use of proceeds.

我只是想跟進工作室業務的潛在策略選擇。只是真正質疑時機。我的意思是，你是否相信你會在收入低迷的情況下獲得最高本益比。顯然，這種情況將是峰值倍數和峰值收益。但我只是想質疑收益的時間和用途。

Listen, John, I think it's suffice to say that, as I said, we are evaluating alternatives. We are not even going to intimate a time line by which those alternatives will take place. The interest level, I could say, is very high from a multiple of entities and options. And so we're going to look at it. And clearly, we're not at the position of talking about use of proceeds when we haven't even got a transaction in place.

聽著，約翰，我認為只要說，正如我所說，我們正在評估替代方案就足夠了。我們甚至不會透露實施這些替代方案的時間表。我可以說，從多個實體和選項來看，興趣程度非常高。所以我們要去看看它。顯然，當我們甚至還沒有進行交易時，我們就不會談論收益的使用。

Okay. I mean for all the volatility of the studio business, there was a growth story behind it the near-term growth drivers, so we thought maybe some of that is delayed. I'm just wondering if you see similar upside in office.

好的。我的意思是，對於工作室業務的所有波動性，其背後都有一個成長故事，即近期的成長驅動力，所以我們認為其中一些可能會被推遲。我只是想知道你在辦公室是否也看到類似的好處。

Well, this is Mark speaking. I mean, given our current level of occupancy, the pipeline, the tour activity, we clearly see upside. I mean that isn't to say that there is -- we obviously have ongoing lease expirations. We have to get the retention -- hit the retention levels that we've historically hit with respect to that, get net new absorption.

嗯，這是馬克說話。我的意思是，考慮到我們目前的入住率、管道和旅遊活動水平，我們清楚地看到了上行空間。我的意思是，這並不是說我們的租約即將到期。我們必須獲得保留——達到我們歷史上達到的保留水平，獲得淨新吸收。

And we indicated in response to one of the questions that we are tracking with respect to our original projections on occupancy that we think there's -- we can get back to year-end '23 occupancy levels. And so, yes is the short answer. Do we see potential upside? Of course, we do.

我們在回答我們正在追蹤的一個問題時表示，我們認為我們可以回到 23 年年底的入住率水準。所以，簡短的回答是「是」。我們看到潛在的上升空間嗎？當然，我們這樣做。

This concludes the Q&A session. So I'll turn the call back over to Victor Coleman for any closing remarks.

問答環節到此結束。因此，我將把電話轉回給維克多·科爾曼（Victor Coleman），讓其作結束語。

Thank you. Sorry, we ran over time and appreciate everybody's support. Talk to you next quarter.

謝謝。抱歉，我們超時了，感謝大家的支持。下個季度再聊。

Goodbye. This concludes today's call. Thank you for joining. You may now disconnect your lines.

再見。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。