Hudson Pacific Properties Inc (HPP) 2025 Q1 法說會逐字稿

Good afternoon. My name is Alex, and I will be your conference operator for today. At this time, I'd like to welcome everyone to the Hudson Pacific Properties First Quarter 2025 Earnings Conference Call. (Operator Instructions)

午安.我叫亞歷克斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hudson Pacific Properties 2025 年第一季財報電話會議。（操作員指示）

At this time, I'd like to turn the call over to Laura Campbell, Executive Vice President, Investor Relations and Marketing. Please go ahead.

現在，我想將電話轉給投資者關係和行銷執行副總裁勞拉·坎貝爾 (Laura Campbell)。請繼續。

Good afternoon, everyone. Thanks for joining us. With me on the call today are Victor Coleman, CEO and Chairman; Mark Lammas, President; Harout Diramerian, CFO; and Arthur Suazo, EVP of Leasing. This afternoon, we filed our earnings release and supplemental on an 8-K with the SEC and both are now available on our website. An audio webcast of this call will also be available for replay on our website.

大家下午好。感謝您的加入。今天與我一起參加電話會議的還有執行長兼董事長 Victor Coleman；總裁 Mark Lammas； Harout Diramerian，財務長；以及租賃執行副總裁 Arthur Suazo。今天下午，我們向美國證券交易委員會提交了 8-K 獲利報告和補充文件，現在都可以在我們的網站上查閱。本次電話會議的音訊網路直播也將在我們的網站上提供重播。

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. Today, Victor will discuss industry and market trends. Mark will provide an update on our office and studio operations and development, and Harout will review our financial results and 2025 outlook.

我們今天在電話會議上分享的一些資訊本質上是前瞻性的。請參閱我們的收益報告和補充文件，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對帳。今天，Victor 將討論行業和市場趨勢。Mark 將介紹我們辦公室和工作室的營運和發展情況，Harout 將回顧我們的財務表現和 2025 年展望。

Thereafter, we'll be happy to take your questions. Victor?

此後，我們將很樂意回答您的問題。勝利者？

Thank you, Laura. Good afternoon, everyone, and welcome to our first quarter call. Our team continues to execute across the business, staying cognizant of the state of our markets working to maximize flexibility, be space and grow occupancy. We are also closely monitoring the potential effects of tariffs on our core industries, and we continue to see signs of improving or stabilization of our fundamentals.

謝謝你，勞拉。大家下午好，歡迎參加我們第一季的電話會議。我們的團隊繼續在整個業務中執行，隨時了解我們的市場狀況，努力最大限度地提高靈活性、增加空間並提高入住率。我們也密切關注關稅對我們核心產業的潛在影響，並且我們繼續看到基本面改善或穩定的跡象。

We remain optimistic that the tariff negotiations will start to settle in the coming months and that pro-growth policies will phase in. Additionally, we're encouraged that the federal government is actively facilitating billions of additional investment into AI and implementing policies to redirect content production back to the United States, which could be a positive for Hudson Pacific.

我們仍然樂觀地認為，關稅談判將在未來幾個月內開始達成協議，並且促進成長的政策將逐步實施。此外，我們很高興看到聯邦政府正在積極推動對人工智慧的數十億美元額外投資，並實施將內容製作轉移回美國的政策，這對哈德遜太平洋公司來說可能是個好消息。

One of the other catalysts we continue to monitor is venture investing, which in the first quarter set a new high watermark with deal value more than doubling year-over-year to $92 billion which is also 92% above the 10-year average. The Bay Area squarely remains the epicenter of US innovation, receiving nearly 70% of the funding or $59 billion, the most in a decade and more than fourfold year-over-year increase.

我們持續關注的另一個催化劑是創投，第一季創投創下新高，交易價值年增一倍多，達到 920 億美元，也比 10 年平均高出 92%。灣區仍然是美國創新的中心，獲得了近 70% 的資金，即 590 億美元，是十年來最多的，同比增長四倍多。

AI alone received 70% of the funding, including the five largest investments with all but one of those companies headquartered in the Bay Area. The Stargate project, a US-based multinational artificial intelligence joint venture created by Oracle, SoftBank and Open AI will invest $500 billion in AI infrastructure and jobs over the next five years with $100 billion deployed immediately.

僅人工智慧一項就獲得了 70% 的融資，其中包括五項最大的投資，其中除一家公司外，其餘公司的總部都位於灣區。Stargate計畫是由甲骨文、軟銀和Open AI在美國成立的跨國人工智慧合資企業，將在未來五年內投資5,000億美元用於人工智慧基礎設施和就業，其中1,000億美元將立即部署。

AI should remain a bright spot for tech and by extension for AI office leasing, which totaled over 0.5 million square feet in San Francisco loan in the first quarter, up significantly year-over-year. Clearly, San Francisco is leading the West Coast recovery, both in terms of tech leasing and the benefits of a more moderate pro-business, tough on crime leadership.

人工智慧應該仍然是科技領域的亮點，並將繼續推動人工智慧辦公室租賃的發展，第一季舊金山的租賃總額超過 50 萬平方英尺，較去年同期大幅成長。顯然，無論是在技術租賃方面，還是在更溫和的親商、嚴厲打擊犯罪的領導政策方面，舊金山都引領著西海岸的復甦。

First quarter marked the second straight quarter of positive net absorption and gross leasing was just under 3 million square feet. Beyond continued AI investment, the election of Mayor Laurie has been a game changer for the City. With his focus on public safety and camping cleanup, drug enforcement and array of other initiatives to promote economic activity.

第一季是連續第二季實現淨吸收量正成長，總租賃面積略低於 300 萬平方英尺。除了持續的人工智慧投資之外，勞瑞市長的選舉也改變了這座城市的命運。他專注於公共安全和露營清理、禁毒以及一系列其他促進經濟活動的措施。

Case in point, we welcomed 2.5 million visitors to our ferry building in the first quarter alone, our best first quarter on record and 23% year-over-year increase. Another positive with the City's new financial and zoning incentives for residential conversions we are reevaluating an underwriting adaptive reuse of some of our office assets and expect to have one or more good candidates in the future.

例如，僅在第一季度，我們的渡輪大樓就接待了 250 萬名遊客，這是我們有史以來最好的第一季度，年增 23%。另一個積極的方面是，隨著紐約市對住宅改建的新財政和分區激勵措施的出台，我們正在重新評估對部分辦公資產的適應性再利用的承保，並期望在未來有一個或多個好的候選人。

Downtown Seattle too is benefiting from political tailwinds, while direct vacancy increased 90 basis points in the quarter, gross leasing increased 15% to the highest level in a year. The election of Mayor Harrell and a more moderate City council, significantly reducing prime and drug use and accelerated return to office for both public and private sector employees alike.

西雅圖市中心也受惠於政治順風，本季直接空置率增加了 90 個基點，總租賃量增加了 15%，達到一年來的最高水準。哈雷爾市長的當選和較溫和的市議會，大大減少了濫用藥物和吸毒現象，並加速了公共和私營部門員工的重返工作崗位。

Nowhere has this been more evident than in Pioneer Square or year-over-year, our leasing activity, pipeline and tours have notably increased. We have successfully grown occupancy to 93% at [4,111] from 78% in the first quarter last year. And we have another 225,000 square feet in late-stage deals in our pipeline for the other assets in that market.

先鋒廣場 (Pioneer Square) 的表現最為明顯，與去年同期相比，我們的租賃活動、通路和旅遊量均顯著增加。我們成功地將入住率從去年第一季的 78% 提高到了 93%，即 [4,111] 人。我們還在該市場的其他資產的後期交易中擁有另外 225,000 平方英尺的空間。

We're also working closely with City officials to expedite the lease-up of Washington 1000, including a potential code amendment to allow building top signage and a partnership with the adjacent convention center to activate our retail spaces. The devastating fires and increasing budget woes made more of a challenging quarter for Los Angeles.

我們還與市政府官員密切合作，加快華盛頓 1000 的租賃，包括可能修改法規以允許在建築物頂部設置標牌，並與鄰近的會議中心合作以激活我們的零售空間。毀滅性的火災和日益嚴重的預算困境使洛杉磯本季面臨更大的挑戰。

Fortunately, our Los Angeles portfolio is currently 97% leased, largely under long-term leases. On the studio side, average shows in production remained in the mid-80s. This year, California has seen new production starts accelerate more so than other North American and UK markets but the recovery has favored feature films as opposed to episodic TV shows, which is critical to the Los Angeles production.

幸運的是，我們在洛杉磯的投資組合目前已出租 97%，大部分是長期租賃。在工作室方面，製作中節目的平均品質仍保持在 80 年代中期。今年，加州的新片製作開拍速度比北美和英國其他市場更快，但復甦的勢頭更青睞長片，而非電視劇，後者對洛杉磯的製作至關重要。

That said, starting last quarter, we noted a higher percentage of inquiries coming from quality productions looking for multistage and multi-month or year leases with second and third quarter start dates. Importantly, this trend continues. Our leasing pipeline is as strong as it's been in the last two years. And thus far, as Mark will discuss, our sales team has been very successful at capturing an outsized share of those leads.

話雖如此，從上個季度開始，我們注意到來自優質製作的諮詢比例有所提高，他們尋求在第二季度和第三季度開始的多階段、個多月或多年的租約。重要的是，這種趨勢仍在繼續。我們的租賃管道與過去兩年一樣強勁。到目前為止，正如馬克將要討論的，我們的銷售團隊已經非常成功地捕捉了這些潛在客戶的超大份額。

The reality is that the gravity of Los Angeles challenges finally seems to have created some urgency for local officials to figure out what needs to happen for the City to thrive again. A new district attorney has been the bright spot for public safety and despite significant budget cuts elsewhere, both the police and fire departments received funding increases.

現實情況是，洛杉磯面臨的嚴峻挑戰似乎最終迫使當地官員思考如何讓這座城市再次繁榮起來。新任地區檢察官為公共安全帶來了亮點，儘管其他部門的預算大幅削減，但警察和消防部門的資金增加了。

The City is taking another look at measure ULA which has significantly impaired multifamily development and last week passed the motion to reduce onerous regulations and permitting unnecessary fees and inconsistent safety requirements to make it easier and cheaper to film in Los Angeles. At the state level, the governor's budget proposal is on track to nearly double California's film and tax credit to $750 million to be voted on and adapted prior to July 1.

市政府正在重新審視嚴重阻礙多戶型住宅開發的 ULA 措施，並在上週通過了一項動議，旨在減少繁瑣的法規、允許不必要的費用和不一致的安全要求，以使在洛杉磯拍攝變得更容易、更便宜。在州一級，州長的預算提案預計將加州的電影和稅收抵免額增加近一倍至 7.5 億美元，並在 7 月 1 日之前進行投票和調整。

Two companion bills have been introduced to enhance tax credits appeal by raising the qualified expense cap, making credits transferable and expanding eligible productions to include, among other things, episodic TV shows, which, as I mentioned, are so beneficial to the Los Angeles production marketplace. And while it's too early to know precisely what federal incentives will look like, it's extremely positive to see Washington DC now fully engaged with Hollywood and well positioned to receive the net benefit going forward.

已經提出了兩項配套法案，旨在透過提高合格費用上限、使抵免可轉讓以及擴大合格製作範圍（其中包括電視劇集）來增強稅收抵免的吸引力，正如我所提到的，這對洛杉磯製作市場非常有利。雖然現在還無法確切知道聯邦政府的激勵措施將會是什麼樣子，但看到華盛頓特區現在與好萊塢充分合作並準備好獲得未來的淨收益，這是非常積極的。

Finally, we continue to make good progress on nonstrategic asset sales to generate liquidity and reduce leverage. In the first quarter, we closed on the previously announced Foothill Research Center and Maxwell dispositions for a combined total of $69 million, with the net proceeds used to pay down our revolver. Subsequent to the quarter, 625 second in San Francisco when under contract sell for $28 million with closing expected in the second quarter of this year.

最後，我們在非策略性資產出售方面繼續取得良好進展，以產生流動性並降低槓桿率。在第一季度，我們完成了先前宣布的 Foothill 研究中心和 Maxwell 的處置，總價值 6,900 萬美元，淨收益用於償還我們的循環信貸。本季之後，舊金山的 625 秒合約售價為 2,800 萬美元，預計將於今年第二季成交。

And collectively, these three transactions have generated an additional $97 million of liquidity, and we continue to work on another approximately $125 million to $150 million of dispositions, of which we'll provide additional updates in the coming quarters.

總的來說，這三筆交易產生了額外的 9,700 萬美元流動資金，我們將繼續致力於另外約 1.25 億至 1.5 億美元的處置，我們將在未來幾季提供更多更新資訊。

And now I'm going to turn the call over to Mark.

現在我要把電話轉給馬克。

Thanks, Victor. We signed 630,000 square feet of new and renewal leases in the first quarter, our highest quarterly leasing activity since second quarter 2022. New leasing accounted for 66% of activity and included execution of our second lease with the City and County of San Francisco at 1,455 market for 232,000 square feet in 20-years.

謝謝，維克多。我們在第一季簽署了 63 萬平方英尺的新租約和續約，這是自 2022 年第二季以來最高的季度租賃活動。新租賃佔活動的 66%，其中包括與舊金山市和縣簽訂的第二份租約，租期為 20 年，面積為 232,000 平方英尺。

Our GAAP rents increased 4.8% and cash rents decreased 13.6%. Excluding our large lease with the City and County at 1455 Market, a portion of which backfill space previously leased at peak market rents. Cash rents would have decreased 8.8%, roughly in line sequentially. Our first quarter trailing 12-month blended net effective rents were 4% higher year-over-year and only 7% lower than pre-pandemic net effective rents on new deals alone were up 22% year-over-year and only 4% below pre-pandemic on a trailing 12-month basis.

我們的 GAAP 租金上漲 4.8%，現金租金下降 13.6%。不包括我們與市和縣在 1455 Market 簽訂的大量租賃合同，其中一部分填補了先前以高峰市場租金租賃的空間。現金租金將下降 8.8%，與上一季大致持平。我們第一季過去 12 個月的混合淨有效租金年增 4%，僅比疫情前低 7%；僅新交易的淨有效租金年增 22%，僅比疫情前低 4%。

Our trailing 12-month blended lease term was up 96% year-over-year and 54% versus pre-pandemic. Even after removing our two roughly 20-year leases with the City and County of San Francisco, our trailing 12-month lease term was still up 16% year-over-year. Regarding TIs, we have seen no impact from tariffs to date. Our exposure to TI-related price increases should be minimal as most of our materials are US supplied or could be changed to a US supplier.

我們過去 12 個月的混合租賃期限年增 96%，比疫情前成長 54%。即使在取消了與舊金山市和舊金山縣簽訂的兩份約 20 年的租約之後，我們過去 12 個月的租約期限仍比去年同期增長了 16%。關於 TI，迄今為止我們尚未看到關稅的影響。由於我們的大部分材料都是美國供應的，或者可能會更換為美國供應商，因此我們受到與 TI 相關的價格上漲的影響應該很小。

Furthermore, we have been extremely active with our Vacant Suite Prep program in recent years with most of the front and back of the house improvements behind us. Our in-service office properties were 76.5% leased as of the end of the first quarter compared to 78.9% at the end of the fourth quarter last year. 170 basis points of that change after accounting for square footage backfilled with a portion of the City and County lease is attributable to a significant known vacate at 1455 market that we have discussed for some time.

此外，近年來，我們一直非常積極地開展空置套房準備計劃，大部分房屋前後的改進工作已經完成。截至第一季末，我們在用的辦公物業出租率為 76.5%，而去年第四季末為 78.9%。在計算了用部分市縣租賃資金填補的面積後，這一變化的 170 個基點可歸因於我們已經討論過一段時間的 1455 市場中已知的大量空置。

During the first quarter, unique tour activity at our assets meaningfully accelerated, up 18% to 1.7 million square feet. The average requirement size also increased by 18% to 13,000 square feet. A new post-pandemic high. Even after signing over 600,000 square feet, our leasing pipeline increased 5% to 2.1 million square feet with an average requirement size of 19,000 square feet.

第一季度，我們資產的獨特遊覽活動顯著加速，成長 18%，達到 170 萬平方英尺。平均需求面積也增加了 18%，達到 13,000 平方英尺。疫情後的新高。即使簽署了超過 60 萬平方英尺的租賃合同，我們的租賃管道仍增加了 5%，達到 210 萬平方英尺，平均需求面積為 19,000 平方英尺。

This included 716,000 square feet of late-stage deals in leases or LOIs, a significant portion of which has subsequently been signed. We have 50% coverage, that is deals and leases, LOIs or proposals on our remaining 1 million square feet of 2025 expirations, 48% of which are in the second quarter alone. We have 76% coverage on our four remaining 2025 expirations over 50,000 square feet, which collectively totaled 397,000 square feet.

其中包括 716,000 平方英尺的後期租賃或意向書交易，其中很大一部分已經簽署。我們的覆蓋率為 50%，即針對我們剩餘的 100 萬平方英尺 2025 年到期面積的交易和租賃、意向書或提案，其中 48% 僅在第二季就已完成。我們對剩餘的四份 2025 年到期合約的覆蓋率達到 76%，總面積超過 50,000 平方英尺，總計 397,000 平方英尺。

While our elevated expirations in the first half of the year have impacted occupancy, starting in the third quarter, we expect occupancy will begin to stabilize and grow thereafter. This is because from the third quarter 2025 through year-end 2026, we have only 225,000 square feet expiring on average each quarter which favorably compares to our average trailing four-quarter leasing activity of 530,000 square feet, 62% of which is comprised of new deals.

雖然上半年較高的到期量對入住率產生了影響，但我們預計從第三季開始入住率將開始穩定並隨之成長。這是因為從 2025 年第三季到 2026 年底，我們平均每季只有 225,000 平方英尺的租賃到期，這與我們過去四個季度平均 530,000 平方英尺的租賃活動相比更為有利，其中 62% 為新交易。

Turning to our studios. As Victor noted, our pipeline remains robust, and our team continues to capture an outsized share of production in the market. At present, 46 of our 53 film and TV stages or 88% of the related square footage are either leased or in contract compared to 35 stages or 69% of the related square footage last quarter.

轉向我們的工作室。正如維克多所指出的，我們的產品線仍然強勁，我們的團隊繼續在市場上佔據巨大的生產份額。目前，我們 53 個電影電視舞台中有 46 個或 88% 的相關面積是租賃的或簽訂了合同，而上個季度有 35 個舞台或 69% 的相關面積。

Note for comparison purposes, we have adjusted our fourth quarter film and TV stage portfolio and associated square footage of leasing activity to exclude leases we terminated as part of broader Quixote cost-cutting initiatives. As examples of this strong activity, we are in contract on two longer-term multi-stage leases, one, a long-running soap opera and another a returning rider producer with multiple successful shows.

請注意，為了進行比較，我們調整了第四季度的電影和電視舞台組合以及相關的租賃活動面積，以排除我們作為更廣泛的 Quixote 成本削減計劃的一部分而終止的租約。作為這種強勁活動的例子，我們簽訂了兩份長期多階段租賃合同，一份是長期播出的肥皂劇，另一份是擁有多部成功節目的回歸騎手製作人。

It is also worth highlighting that stages leased or in contract at Sunset Las Palmas since our last call are expected to bring occupancy at that asset to the highest level since early 2023. This strong activity is also reflected in the sequential improvement of our trailing 12-month studio lease percentages. In the first quarter, our in-service stages were 78.7% leased or 190 basis points higher on additional occupancy again at Sunset Las Palmas.

還值得強調的是，自從我們上次致電以來，日落拉斯帕爾馬斯 (Sunset Las Palmas) 租賃或簽約的階段預計將使該資產的入住率達到 2023 年初以來的最高水平。這種強勁的活動也反映在我們過去 12 個月工作室租賃百分比的連續改善。第一季度，我們使用的舞台出租率為 78.7%，由於 Sunset Las Palmas 再次增加入住率，出租率提高了 190 個基點。

Quixote Park stages were 43.4% leased or 220 basis points higher after adjusting for the previously mentioned lease terminations due to increased occupancy at Cote North Valley as well as on our commercial stages at Quixote Park in West Hollywood. First quarter studio revenues were $33.2 million or $2.2 million lower, primarily due to lower Quixote studio ancillary and transportation revenues related to production pauses during the fires.

由於科特北谷 (Cote North Valley) 和西好萊塢 Quixote Park 商業舞台的入住率增加，調整了前面提到的租約終止後，Quixote Park 舞台的出租率為 43.4%，即高出 220 個基點。第一季工作室收入為 3,320 萬美元，下降 220 萬美元，主要原因是火災期間生產暫停導致 Quixote 工作室輔助收入和運輸收入下降。

Studio expenses were up $3 million due to a $5.9 million termination fee and associated with certain cost reduction measures at Quixote. But for that one-time fee, our operating expenses would have decreased by $2.9 million, reflecting the benefit of completed cost reduction initiatives. To that point, since our February call, we have proactively terminated certain leases and negotiated rent reductions that bring our total run rate savings to $14.2 million on an annualized basis or $13.6 million at share.

由於 590 萬美元的終止費用以及與 Quixote 採取的某些成本削減措施有關，工作室費用增加了 300 萬美元。但如果沒有這筆一次性費用，我們的營運費用就會減少 290 萬美元，這反映了已完成的成本削減措施帶來的好處。至此，自二月召開電話會議以來，我們已主動終止某些租約並協商降低租金，使我們的總運行率節省達到年化 1,420 萬美元或每股 1,360 萬美元。

We remain committed to achieving cost efficiencies to accelerate Quixote's return to profitability and look forward to providing updates on these ongoing efforts. Regarding development, Sunset Pier 94 Studios is on track for year-end delivery with exterior components nearing completion and interior construction well underway.

我們將繼續致力於提高成本效率，以加速 Quixote 恢復盈利，並期待提供有關這些持續努力的最新進展。在開發方面，Sunset Pier 94 Studios 預計將於年底交付，外部組件已接近完工，內部施工也正在順利進行中。

We expect no material impact from tariffs on cost for this project given that the vast majority of materials are already on site or paid for and in off-site US locations. We are in discussions with potential long-term tenants interested in one or more stages and are preparing to launch so by show leasing efforts this summer. Studio leasing has largely moved to a show-by-show model and typically occurs two to three months prior to lease commencement.

鑑於絕大多數材料已運抵現場或已付款並位於美國以外的地點，我們預計關稅不會對該專案成本產生重大影響。我們正在與對一個或多個階段感興趣的潛在長期租戶進行討論，並準備在今年夏天透過展示租賃活動來推出這些階段。演播室租賃已基本轉向逐場租賃模式，通常在租賃開始前兩到三個月進行。

Given we are targeting first quarter 2026 for certificate of occupancy and productions must have certainty around space availability prior to committing primarily due to talent schedules, we would expect show-by-show leasing to begin in earnest in the fourth quarter of this year. Finally, regarding lease up of Washington 1000, we remain in discussions with multiple large tenants.

鑑於我們計劃在 2026 年第一季頒發入住許可證，且製作方在做出承諾之前必須確定場地可用性（這主要取決於人才安排），我們預計逐場租賃將在今年第四季正式開始。最後，關於華盛頓 1000 的租賃問題，我們仍在與多家大型租戶進行討論。

And during the first quarter, we saw an increase in tour activity from multi-floor tenants looking to upgrade their locations. The competitive landscape continues to improve with Class A direct and large block sublease space being cleared from the inventory. Bellevue has only a few remaining Class A options over 100,000 square feet.

在第一季度，我們發現希望升級位置的多層租戶的參觀活動增加。隨著 A 級直接租賃和大型轉租空間庫存的清理，競爭格局持續改善。貝爾維尤僅剩下少數面積超過 10 萬平方英尺的 A 級住宅可供選擇。

Seattle's Class A sublease supply has been reduced from 2 million square feet to less than 300,000 square feet, none of which offer contiguous space of 100,000 square feet or greater. Washington 1000 is the only new construction alternative in Seattle and with no further supply coming online in the near and midterm, the project remains well positioned to capture large trophy class users.

西雅圖的 A 級轉租供應量已從 200 萬平方英尺減少到少於 30 萬平方英尺，其中沒有一個提供 10 萬平方英尺或更大的連續空間。華盛頓 1000 是西雅圖唯一的新建項目，由於近期和中期沒有進一步的供應上線，該項目仍然處於有利地位，可以吸引大量獎杯級用戶。

And with that, I'll turn the call over to Harout.

說完這些，我會把電話轉給哈魯特。

Thanks, Mark. Our first quarter 2025 revenue was $198.5 million compared to $214 million in the first quarter of last year. The change is due to both asset sales and lower occupancy within our office portfolio. Our first quarter FFO, excluding specified items, was $12.9 million or $0.09 per diluted share compared to $24.2 million or $0.17 per diluted share a year ago.

謝謝，馬克。我們的 2025 年第一季營收為 1.985 億美元，而去年第一季為 2.14 億美元。這項變更是由於資產出售和我們辦公大樓組合的入住率下降所造成的。我們第一季的 FFO（不包括特定項目）為 1,290 萬美元或每股稀釋後 0.09 美元，而去年同期為 2,420 萬美元或每股稀釋後 0.17 美元。

Specified items for the first quarter totaled $0.07 per diluted share, consisting of onetime Quixote cost-cutting expenses of $0.05 per diluted share, a loss on early extinguishment of our Element LA debt of $0.01 per diluted share and a noncash derivative fair value adjustment of $0.00 per diluted share. By comparison, specified items for the first quarter of 2024 consist of transaction-related expenses of $0.01 per diluted share.

第一季度的特定項目總計為每股稀釋後 0.07 美元，包括每股稀釋後 0.05 美元的一次性 Quixote 成本削減費用、每股稀釋後 0.01 美元的 Element LA 債務提前清償損失以及每股稀釋後 0.00 美元的非現金衍生品公允價值調整。相比之下，2024 年第一季的特定項目包括每股稀釋後 0.01 美元的交易相關費用。

Excluding these specified items, the year-over-year change in FFO was mostly attributable to factors affecting revenue. Our first quarter same-store cash NOI was $93.2 million compared to $103.4 million in the first quarter last year, mostly due to lower office occupancy. Turning to our balance sheet. In the first quarter, we completed a CMBS financing for a portfolio of six office properties for $475 million and used the net proceeds to fully repay our $168 million loan secured by Element LA, with the remainder paying down amounts outstanding on our credit facility and for general corporate purposes.

除這些特定項目外，FFO 的年比變化主要歸因於影響收入的因素。我們第一季的同店現金淨虧損為 9,320 萬美元，而去年第一季為 1.034 億美元，這主要是由於辦公室入住率較低。轉向我們的資產負債表。在第一季度，我們完成了對六處辦公物業組合的 CMBS 融資，融資金額為 4.75 億美元，並使用淨收益全額償還了由 Element LA 擔保的 1.68 億美元貸款，剩餘部分用於償還信貸額度的未償還金額以及用於一般公司用途。

After successfully hedging the entire financing shortly following the transaction, the loan now bears an all-in rate of 7.14% or 50 basis points below corresponding rates at the time of closing. As one of the largest office back CMBS transactions completed this year, this was a significant win for our team. As of the end of the first quarter, we had $838.5 million of liquidity, comprised of $86.5 million of unrestricted cash and cash equivalents and $702 million of undrawn capacity under the unsecured revolving credit facility.

在交易後不久成功對沖全部融資後，該貸款的全包利率目前為 7.14%，比交易結束時的相應利率低 50 個基點。作為今年完成的最大辦公室支援 CMBS 交易之一，這對我們團隊來說是一次重大勝利。截至第一季末，我們擁有 8.385 億美元的流動資金，其中包括 8,650 萬美元的非限制性現金和現金等價物以及 7.02 億美元的無擔保循環信貸額度下的未提取額度。

We also had another $31.4 million at HCP's share of undrawn capacity under Sunset Pier 94 Studios construction loan. We have routinely discussed various paths to enhance our balance sheet and maturity schedules, including the repayment of our unsecured notes. Subsequent to the quarter, we tendered to repay all $465 million outstanding under our Series B, C and D private placement notes.

在日落碼頭 94 號工作室建設貸款下，我們還擁有 HCP 未動用容量的另外 3,140 萬美元份額。我們經常討論改善資產負債表和到期計劃的各種途徑，包括償還無擔保票據。本季結束後，我們已提出償還 B、C 和 D 系列私募票據項下全部 4.65 億美元未償還債務。

To date, we have repaid $254 million of this year's B notes and $50 million of the Series C notes with the balance to be repaid on or before May 9. We are also now in the process of refinancing our only other 2025 maturity from loans secured by [19,188] which is fully leased to a leading investment-grade tech tenant through 2030. Those conversations have been constructive as expected, and we look forward to providing additional updates.

迄今為止，我們已償還了今年 2.54 億美元的 B 系列票據和 5,000 萬美元的 C 系列票據，餘額將於 5 月 9 日或之前償還。目前，我們也正在為另一筆 2025 年到期的貸款進行再融資，這些貸款由 [19,188] 擔保，已全部出租給一家領先的投資級科技租戶，租期至 2030 年。正如預期的那樣，這些對話富有建設性，我們期待提供更多更新。

Turning to outlook. For the second quarter, we expect FFO per diluted share to range from $0.03 to $0.07 per diluted share. Compared to the first quarter FFO of $0.09 per diluted share based on the midpoint of our second quarter guidance, we anticipate office NOI approximately of $0.05 lower due to the full impact of first quarter leasing expirations and, to a lesser extent, recent and pending asset sales.

轉向展望。對於第二季度，我們預計每股攤薄 FFO 將在 0.03 美元至 0.07 美元之間。根據我們第二季度指引的中點，與第一季每股 0.09 美元的 FFO 相比，我們預計辦公室 NOI 將下降約 0.05 美元，這是由於第一季租賃到期的全面影響以及在較小程度上近期和待定資產銷售的影響。

We expect full quarter impact of higher interest expense from the six asset CMBS transaction of approximately $0.04, and lower office NOI and the higher interest expense will be partially offset by $0.03 of higher combined studio NOI and $0.02 of lower G&A expense. Regarding our full year guidance metrics, most amounts remain unchanged from those provided last quarter, with the only exceptions being an increase to our full year interest expense of $12 million stemming from the recent CMBS financing and decreased to our full year G&A expense of $3 million.

我們預計，六項資產 CMBS 交易的利息支出增加對整個季度的影響約為 0.04 美元，而辦公室 NOI 降低和利息支出增加將被合併工作室 NOI 增加 0.03 美元和 G&A 費用減少 0.02 美元部分抵消。關於我們的全年指導指標，大多數金額與上一季提供的金額保持不變，唯一的例外是，由於最近的 CMBS 融資，我們的全年利息支出增加了 1200 萬美元，而全年 G&A 支出則減少至 300 萬美元。

Our full year weighted average shares outstanding is also expected to be approximately $500,000 higher. Lastly, compared to our initial 2024 G&A guidance, our previously announced 2025 G&A guidance reflected a projected savings of approximately $10 million. We continue to implement further cost-cutting measures, resulting in the $3 million additional G&A reduction noted earlier.

我們全年加權平均流通股數預計也將增加約 50 萬美元。最後，與我們最初的 2024 年 G&A 指導相比，我們先前宣布的 2025 年 G&A 指引預計可節省約 1000 萬美元。我們繼續實施進一步的成本削減措施，從而實現了前面提到的 300 萬美元的額外 G&A 削減。

Apart from 625 second, which was held for sale in the first quarter and the early repayment of the private placement notes, our outlook excludes the impact of any potential dispositions, acquisitions, financings and or capital markets activity.

除了第一季持有待售的 625 股第二股和提前償還的私募票據外，我們的展望不包括任何潛在處置、收購、融資和/或資本市場活動的影響。

Now, we will 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) Seth Bergey, Citi.

（操作員指示）Seth Bergey，花旗銀行。

I just wondered if you could comment a little bit on the cash rent spreads that you kind of achieved in the quarter. Were those kind of in line with expectations? And then -- and any color you can provide on concessions and kind of how those are trending?

我只是想知道您是否可以對本季實現的現金租金利差稍作評論。這些符合預期嗎？然後——您能否提供有關讓步的詳細資訊以及這些讓步的趨勢如何？

No, this is Mark. In line, for sure, you heard on our prepared remarks the impact of the City deal at 1455, adjusted for that, we would have been negative 8.8 as opposed to the 13, 16 you see in the supplemental. So it had a fairly sizable impact. That's really the mark against 90 plus thousand square feet of expiring Uber and some square footage with BFA, which were -- the Uber space, especially was peak market rents from last cycle.

不，這是馬克。當然，正如您在我們準備好的評論中聽到的那樣，城市交易對 1455 的影響經過調整後將是負 8.8，而不是您在補充中看到的 13、16。因此它的影響相當大。這實際上是與即將到期的 Uber 的 9 萬多平方英尺空間以及 BFA 的一些平方英尺空間相比較而言的，這些空間 — — 尤其是 Uber 的空間，是上一個週期的市場租金高峰。

So yes, in line with our expectations. I would say maybe the easiest way to appreciate how overall these economics are holding up. Our net effectives are holding up quite well. We mentioned in the prepared remarks that year-over-year, on a trailing 12-month basis, net effectives are higher year-over-year 4% and only 7% lower than trailing 12 pre-pandemic net effectives.

是的，符合我們的預期。我想說，這也許是了解這些經濟體整體狀況如何的最簡單的方法。我們的淨效益保持得相當好。我們在準備好的評論中提到，與去年同期相比，過去 12 個月的淨有效收入年增 4%，僅比疫情前的過去 12 個月的淨有效收入低 7%。

And I would -- you could -- we could dissect that a number of different ways. I would just say the overall picture as it relates to rents and lease economics that they have continued to hold up extremely well especially by comparison to pre-pandemic amount.

而我可以 — — 你可以 — — 我們可以用多種不同的方式來分析這個問題。我只想說，就租金和租賃經濟而言，整體情況持續保持良好，尤其是與疫情前相比。

Yes. And if I could put a finer point on that, Seth. On a per square foot per year basis, were down TLS commissions were down about almost $1, call it $0.97 per annum. .

是的。如果我可以更詳細地闡述這一點，塞斯。以每年每平方英尺計算，TLS 佣金下降了近 1 美元，即每年 0.97 美元。。

That's helpful. And I guess just on the recent news with tariffs, kind of are you seeing that impact the studio business? Or any change in kind of behaviors from tenants if there are tariffs implemented on foreign funds?

這很有幫助。我想就最近有關關稅的新聞而言，您是否認為這對工作室業務有影響？或者如果對外國資金徵收關稅，租戶的行為會發生任何變化嗎？

Well, first of all, I think on a global basis, it's still early to tell what's the impact on tariffs. And as they keep moving around, as a company, we're acutely aware of the downside, which obviously could be recession or even maybe worse stagulation. And as a result, we're preparing ourselves for the negative or the positive flip side on that and watching to see what tenants are signing versus not.

首先，我認為從全球範圍來看，現在判斷關稅將受到何種影響還為時過早。隨著它們不斷前進，作為一家公司，我們敏銳地意識到了不利的一面，這顯然可能是經濟衰退，甚至可能是更糟糕的經濟停滯。因此，我們正在為這一現象的積極或消極方面做好準備，並觀察哪些租戶簽約了，哪些沒有簽約。

And on a global basis, we really have seen no impact of loss of tenants or interest level in any assets up and on the West Coast. In terms of the tariff news on the federal level, from the studio side for good or for bad, it's an awareness that I think we're very happy that it's got to the federal level. As you well know, the state is proposed at the $750 million tax credit that is implemented hopefully by July 1. And it's on track to being approved.

從全球範圍來看，我們確實沒有看到西海岸任何資產因租戶流失或利息水準下降而受到影響。就聯邦層級的關稅新聞而言，從工作室的角度來看，無論好壞，我們都很高興它已經上升到聯邦層級。眾所周知，該州提議的 7.5 億美元稅收抵免預計將於 7​​ 月 1 日實施。並且該法案即將獲得批准。

So that now enhanced with either a tariff or some form of federal support for the studio industry only makes it, I think, a more heightened aware aspect of the need for additional support, and we feel that it will be a positive at the end of the day. And it may come in the form of a federal relief fund on tax overall to benefit production in the United States, which we would welcome greatly.

因此，我認為，現在透過關稅或某種形式的聯邦政府對影視產業支持，只會讓人們更加意識到需要額外支持，我們認為這最終將是一件好事。它可能以聯邦稅收減免基金的形式出現，以促進美國的生產，我們對此表示熱烈歡迎。

John Kim, BMO.

約翰金（BMO）。

Can you just discuss the paydown of the private placement notes only the Series B is due this year? And presumably, you're using the revolver to prepay this and the remaining $211 million that's outstanding. If that's the case, how do you plan to adjust the revolver going forward?

您能否討論一下今年僅到期的 B 系列私募票據的償還情況？並且據推測，您正在使用循環信貸來預付這筆款項以及剩餘的 2.11 億美元未償還款項。如果是這樣的話，您計劃如何調整左輪手槍呢？

John, it's Harout. Thank you for asking the question. So you're right. We are using the revolver. I think we stated earlier when we did the CMBS, it was to address maturities in 2025. This was just a two-step process. And once you pay down the Series B notes, you only have a little bit of prior placements left, which have more restricted covenants. And it kind of clears the path of our unsecured through set 2027 without the revolver.

約翰，我是哈魯特。感謝您提出這個問題。所以你是對的。我們正在使用左輪手槍。我想我們之前在做 CMBS 時就說過，是為了解決 2025 年到期的問題。這只是一個兩步驟的過程。一旦你償還了 B 系列票據，你就只剩下一點點先前的配售，這些配售有更多限制性契約。並且它在某種程度上為我們掃清了通往 2027 年的無擔保道路，無需左輪手槍。

And we are in constant discussions. I think we've stated in the past that we have a very good relationship with our lead line bankers, and we see that instrument as an evergreen instrument. We're going to continue to have it beyond 2026. And once we get closer to that maturity, we will extend that one in due course.

我們一直在進行討論。我想我們過去曾表示過，我們與主要銀行家的關係非常好，而且我們認為該工具是一種常青工具。2026 年後我們還會繼續這麼做。一旦我們接近成熟度，我們將適時延長這一期限。

Okay. And then your guidance of $125 million to $150 million of asset sales for the remainder of the year seems a little light I realize you're not selling your best assets and 625 Seconds sold for a pretty big discount to book value as a result of that. But -- is this realistically what you're going to sell? And how many assets does that contemplate?

好的。然後，您今年剩餘時間的資產銷售額預計為 1.25 億美元至 1.5 億美元，這似乎有點輕描淡寫，我知道您沒有出售最好的資產，因此 625 Seconds 的售價遠低於賬面價值。但是──這就是你真正要賣的東西嗎？這涉及多少資產？

John, we don't identify the assets until they're under contract. So I can just say we're going to be consistent in that process. The range that was quoted on the prepared remarks is three assets. They are assets that are noncore to the portfolio and similar to what we've sold in the past. I would say that's a conservative number. We've been approached and looking at evaluating potentially other assets, but those are the three that we're working on right now.

約翰，我們只有在簽訂合約後才會識別資產。所以我只能說，我們將在這過程中保持一致。準備好的評論中引用的範圍是三項資產。它們不是投資組合的核心資產，與我們過去出售的資產類似。我想說這是一個保守的數字。我們已與他人接洽並正在評估其他潛在資產，但目前我們正在研究的就是這三項資產。

Okay. But so something like Sunset Waltham Cross, I know that's already being repositioned. Is that part of this guidance? Or is it something that may be sold this year in a subsequent year?

好的。但我知道像 Sunset Waltham Cross 這樣的地方已經被重新定位了。這是本指南的一部分嗎？或者它是今年可能會在明年出售的東西？

As I said, we're not going to talk about assets until they're under contract.

正如我所說，在簽訂合約之前我們不會談論資產。

Connor Mitchell, Piper Sandler.

康納米切爾、派珀桑德勒。

I guess just following along that line of thinking. I'm just curious how your thought process and how the team has discussed maybe adding some additional asset sales or thinking of different properties that might kind of fall is that bucket? Or on a different path, maybe you've removed some potential sales. And just kind of wondering how the team has thought about the whole process since you kind of put this plan into motion and how the environment has changed throughout.

我想只是沿著這個思路走。我只是好奇您的思考過程以及團隊如何討論增加一些額外的資產銷售或考慮可能屬於這一類別的不同資產？或者換個方式，也許你已經失去了一些潛在的銷售機會。我只是有點好奇，自從你把這個計劃付諸實施以來，團隊是如何考慮整個過程的，以及整個環境發生了怎樣的變化。

Well, I think we'll be very consistent as to the number. I mean, last quarter, I think it was -- we said it was $150 million to $200 million of dispositions. We're saying it's roughly around $100 million to $150 million now because we've already sold $95 million of disposition. So it's consistent with what our plan has been. As I said in prior comments, we're not looking to sell for assets in the portfolio.

嗯，我認為我們的數字會非常一致。我的意思是，上個季度，我認為是——我們說處置金額為 1.5 億至 2 億美元。我們說現在大約是 1 億到 1.5 億美元，因為我們已經售出了價值 9,500 萬美元的處置權。所以這與我們的計劃一致。正如我在先前的評論中所說，我們不打算出售投資組合中的資產。

We're looking to sell assets that are noncore, and we think that they're executional and they don't have any type of material impact on FFO. And so that's the direction we're going in. In terms of the market change, the assets that we're looking at selling right now is pretty much consistent with what we sold in the past. I mean, its users, it's high net worth, it's small investment funds.

我們正在尋求出售非核心資產，我們認為它們具有執行性，不會對 FFO 產生任何重大影響。這就是我們前進的方向。就市場變化而言，我們現在考慮出售的資產與我們過去出售的資產基本一致。我的意思是，它的用戶是高淨值人士，投資基金規模較小。

And the demand for these type of assets for those type of buyers has been pretty constant. There's not a tremendous amount of product in the marketplace in our markets. of any quality assets. And so these fit into the marketplace and the demand ratio is where people are looking right now.

這類買家對這類資產的需求一直相當穩定。在我們的市場上，產品數量並不多。任何優質資產。因此，這些都適合市場，而需求比率正是人們現在所關注的。

Okay. I appreciate that color. And then, Mark, you gave a lot of pretty good information on some of the expirations coming due with '25 and then the coverage associated with that. I think it was 50% covered for the remaining expirations during the year. I'm just wondering if you could give us any more color on maybe how we should think about occupancy.

好的。我很欣賞那個顏色。然後，馬克，你提供了大量關於 25 年即將到期的一些條款以及與之相關的保險範圍的非常有用的信息。我認為今年剩餘到期債務的覆蓋率為 50%。我只是想知道您是否可以提供更多關於我們應該如何考慮入住率的資訊。

And the cadence throughout the remainder of the year along with some of the information on the coverage, expirations and then the leasing pipeline and the late stages of some of those deals you discussed?

今年剩餘時間的節奏以及有關覆蓋範圍、到期日和租賃管道以及您討論過的一些交易的後期階段的一些資訊？

Yes. I'll give a little bit of response to that. And then can unpack some of the further details on it. But our occupancy expectations remain on track for what our expectations were in the last phone call. Heading into the end of the fourth quarter, heading into the new year, we knew we had a considerable amount of square footage expiring in the first quarter.

是的。我會對此做出一點回應。然後就可以解開其中的一些進一步的細節。但我們的入住率預期仍與上次電話中的預期一致。進入第四季末，進入新的一年，我們知道第一季有相當數量的平方英尺即將到期。

Still a significant amount of the second less than the first, but still a relatively high amount, and then it was going to significantly taper off in terms of expirations in the back half and beyond. And on account of that, even though the pipeline was quite significant, and art and team managed to get 630 over the line, which is obviously a monster quarter.

第二次到期的債券數量仍然比第一次少很多，但仍然是一個相對較高的數量，然後在後半段及以後到期的債券數量將顯著減少。有鑑於此，儘管管道非常重要，但藝術和團隊設法獲得了 630 個以上的成績，這顯然是一個驚人的季度。

We still had a lot of expirations, so even that 630. And so the occupancy you're seeing or the lease percentage you're seeing at the end of the first quarter is right in track, actually slightly better than what our own model expectations were. We believe that could be the bottom. There's a very good chance it could be the bottom in terms of lease and occupied percentage.

我們還有很多到期日，所以即使是 630。因此，您在第一季末看到的入住率或租賃百分比正好在正常範圍內，實際上略好於我們自己的模型預期。我們相信這可能是底部。就租賃和入住率而言，它很有可能處於最低水平。

And that starting as early as the end of the second quarter, Certainly, by the time we get to the end of the third quarter, we expect to see sequential improvements on lease and occupied percentage. And we expect that trend, given how low expirations are all the way into '26 and beyond, we expect that general trend should continue for some time.

當然，從第二季末開始，到第三季末，我們預計租賃和入住率將持續改善。我們預計這種趨勢將持續一段時間，考慮到 26 年及以後到期日的低點。

Connor, it's Arthur. And Mark talked about in his prepared remarks, our pipeline obviously grew 5% to almost 2.2 million square feet. This is after the 630,000 square feet that we transacted. What gives us confidence going forward isn't just that this number appears out of nowhere. It's the leading indicator, which is tours.

康納，我是亞瑟。馬克在準備好的演講中談到，我們的管道顯然增長了 5%，達到近 220 萬平方英尺。這是在我們交易了 630,000 平方英尺之後。讓我們對未來充滿信心的不僅是這個數字的突然出現。這是領先指標，即旅遊量。

And the tours grew by 18% to 1.7 million square feet. Not only did the number increase, but the average tour size increase, which tells us that kind of single floor multi-floor deals are out in the market in a bigger way -- in a larger way that they have been in the past. So that gives us the confidence with the pipeline.

參觀面積成長了 18%，達到 170 萬平方英尺。不僅數量增加了，而且平均參觀規模也增加了，這表明單層多層交易在市場上的規模比過去更大。這讓我們對管道充滿信心。

Of the 2.2 million square feet that we have currently, we also mentioned that 700 -- just over 700,000 square feet or late-stage LOI or in leases that we feel very -- we feel extremely confident about closing certainly in the next couple of quarters. In addition to just the deals and proposals that have really come out since the quarter ended. So all those things said, we continue to refill the pipeline and continue to transact at a high level going forward.

在我們目前擁有的 220 萬平方英尺中，我們還提到了 700 平方英尺（略高於 700,000 平方英尺）或後期 LOI 或租約，我們認為 - 我們非常有信心在接下來的幾個季度內完成。除了本季結束以來真正達成的交易和提案。所以，綜上所述，我們將繼續補充管道，並繼續在高水準上進行交易。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

I want to go back to the comment you just made on large block leasing. And obviously, you got the big deal done with the City, San Francisco at 1455 Market. But can you walk us through activity on other large block vacancies, maybe specifically Hill7, Met Park North, 1160 and Wilshire and kind of any other kind of real material ones.

我想回到您剛才對大宗租賃的評論。顯然，您與舊金山市政府在 1455 Market 達成了一項大交易。但您能否向我們介紹其他大型地塊空置情況，特別是 Hill7、Met Park North、1160 和 Wilshire 以及任何其他類型的實際材料活動。

Yes. I mean I'll start with your leadoff Hill7, HBO vacating, they're actually downsizing into Discovery space in Bellevue, but we have that 112,000 square feet, and we have 58,000 square feet in negotiations right now. So we have great coverage on that. At 505, as you know, our floor plates are about 40,000 to 45,000 square feet, non-divisible. We have -- we are in negotiations for about 145,000 square feet on that, and we're very close.

是的。我的意思是，我將從您的開場劇《Hill7》開始，HBO 正在撤離，他們實際上正在縮小規模，遷往貝爾維尤的探索空間，但我們有 112,000 平方英尺的空間，並且我們目前正在談判 58,000 平方英尺的空間。因此我們對此進行了深入報道。如您所知，505 樓的樓面面積約為 40,000 至 45,000 平方英尺，不可分割。我們正在就約 145,000 平方英尺的面積進行談判，而且進展非常接近。

And 11601, we have -- we currently have about 60,000 square feet in negotiations, 40,000 square feet of which are in leases about ready to sign. So -- and close to 95% leased in 11601. Sorry, my math got tongue-tied with my math. I was so excited. .

而 11601，我們目前有大約 60,000 平方英尺的空間正在談判中，其中 40,000 平方英尺的空間已經簽訂了租約，準備簽署。因此 — — 11601 的租賃率接近 95%。抱歉，我的數學跟我的數學結巴了。我太激動了。。

I'm sorry. What was that number on 11,601?

對不起。11,601 上的數字是多少？

11,061 we're very close to getting to about 95% leased very shortly.

11,061 我們很快就能達到約 95% 的租賃率。

Okay. Got it. And then maybe for the debt on the Hollywood media portfolio, I get that it doesn't come due until next August, but given uncertainty, the market is likely assuming the worst. What in your view is the actual downside risk for the studio refinancing? And with higher California tax credits and Victor, which you mentioned potential federal relief is selling your stake one of the options under active consideration?

好的。知道了。然後，也許對於好萊塢媒體投資組合的債務，我知道它要到明年八月才到期，但考慮到不確定性，市場可能會假設最壞的情況。您認為工作室再融資的實際下行風險是什麼？而且由於加州稅收抵免提高以及維克多（Victor）您提到的潛在的聯邦救濟，出售您的股份是正在積極考慮的選擇之一嗎？

Well, listen, I don't know what the potential risk is given the fact that it's fully leased in the terms of the office side at 775,000 square feet until '31 or '32. And the occupancy in the sound stages with the exception of two, are also master leased for a long period of time. The option of selling is not on the table at this time from our standpoint. It really hasn't come across for consideration.

好吧，聽著，考慮到辦公面積（775,000 平方英尺）已經全部出租至 1931 年或 1932 年，我不知道潛在的風險是什麼。並且除兩個攝影棚外，其餘攝影棚的佔用也都是長期主租賃。從我們的角度來看，目前還不考慮出售的選項。它確實還沒有被考慮過。

I do think that we've mentioned this before, we and our JV partner own the bottom tranche and a piece of the next tranche of the debt, that could be converted to equity, and that takes care of any downside potential of -- if there was some form of additional capital needed to get financing done in that asset. It's already in place in the form of debt that we can convert to equity.

我確實認為我們之前提到過這一點，我們和我們的合資夥伴擁有最底層的部分和下一部分債務，這些債務可以轉換為股權，並且可以解決任何下行潛力——如果需要某種形式的額外資本來完成該資產的融資。它已經以債務的形式存在，我們可以將其轉換為股權。

So I think we're very comfortable that the market will adhere to us refinancing that. And make no mistake, I mean, we are in the market having conversations as we speak. We're not waiting until the end for us to look at our options. So we're evaluating them now. And to date, we've had some very good interest for our existing lenders and new lenders are coming to the table.

因此我認為，我們非常有信心市場會支持我們進行再融資。別誤會，我的意思是，我們說話的時候就在市場上進行對話。我們不會等到最後才考慮我們的選擇。所以我們現在正在評估它們。到目前為止，我們現有的貸款機構已經表現出了非常好的興趣，而且新的貸款機構也正在加入我們的行列。

Yes, that's right. I think the other thing just to add is that maybe in the last year or so, we have some vacancy on Sunset Las Palmas, as Victor and Mark indicated, we've kind of showed an occupancy, which helps the NOI on that asset and therefore makes it even more refinance able at least making the refinancing easier.

是的，沒錯。我認為另外要補充的是，也許在去年左右，我們在 Sunset Las Palmas 有一些空置，正如 Victor 和 Mark 指出的那樣，我們已經顯示出了入住率，這有助於該資產的淨營業利潤，因此使其更具有再融資能力，至少使再融資更容易。

Okay. But let me just clarify, Victor, it sounds like your comment is -- if there is a paydown required, you don't expect it to be more than the B piece that is held by you and your partner. Is that what you were saying?

好的。但讓我澄清一下，維克多，聽起來你的評論是——如果需要支付，你不會期望它超過你和你的伴侶持有的 B 件。這就是你所說的嗎？

What we're seeing is that we have -- we're expecting no pay down. That's what we're going to the market with. Who knows what happens at the end of the day? But we have that as a fallback already in place as opposed to bringing new equity into the deal.

我們看到的是——我們預計不會有任何回報。這就是我們要進入市場的東西。誰知道一天結束時會發生什麼事？但我們已經將其作為後備措施，而不是在交易中引入新的股權。

Yes. Just to put a finer point on it, the debt that Bacon & Hudson on collectively would in and of itself costed to 15% margin. So even if some are margins in store were way, we've already addressed what would be the lion's share of that.

是的。更確切地說，Bacon & Hudson 所承擔的債務總額本身就需要 15% 的保證金。因此，即使有些利潤空間是有限的，我們也已經解決了其中最大的份額。

Yes. And maybe to give an example, we're in the market and have them right now, that requires no margin. So obviously, the media data is further away and obviously a different setup. But the point being is that we have a long time to go and either it could be a larger margining or no remarketing. It's kind of early to early to know right now.

是的。舉個例子，我們現在在市場上並且擁有它們，它們不需要保證金。因此顯然，媒體數據距離更遠，而且設定顯然不同。但問題是，我們還有很長的路要走，要嘛提高利潤率，要嘛不再進行再行銷。現在知道還為時過早。

Young Ku, Wells Fargo.

富國銀行的 Young Ku。

Just wanted to touch upon your debt covenants a little bit. It looks like your NOI to interest expense coverage fell a little bit quarter-over-quarter. I was just wondering if you can provide some color on what we should be expecting for the rest of the year given that there are so many parts.

只是想稍微談談你的債務契約。看起來您的 NOI 對利息費用的覆蓋率比上一季略有下降。我只是想知道，考慮到有這麼多部分，您是否可以提供一些關於我們對今年剩餘時間的期望的信息。

Sorry, what was the last part? No, I think we've like I'm a broken record at this point. We continue to be covenant compliance. We expect to be covenant compliant. We project out every quarter. And just like this quarter, our expectations were exceeded in terms of our coverage, meaning we came in better than our underlying expectations. So I think we expect to do the same in the future quarters.

抱歉，最後一部分是什麼？不，我認為我們現在就像是一張破唱片。我們將繼續遵守契約。我們希望遵守契約。我們每季都會進行規劃。就像本季一樣，我們的覆蓋範圍超出了預期，這意味著我們的表現比我們的基本預期要好。所以我認為我們預計在未來幾季也會做同樣的事情。

And are you able to kind of renegotiate some of the covenant minimums by any chance with the lenders?

您是否能夠與貸方重新協商一些契約最低限額？

We just did. I mean we recently completed a second amendment at the end of last year that improved both the ratios themselves but also underlying definitions that work through those ratios. So.

我們剛剛這麼做了。我的意思是，我們最近在去年年底完成了第二次修訂，不僅改進了比率本身，也改進了透過這些比率運作的底層定義。所以。

So those are for the credit facility. The bonds we have not attempted to, and I think those have more room in them.

這些是用於信貸便利的。我們還沒有嘗試過這種債券，我認為它們還有更大的空間。

Got it. Okay. And then just turning to 2026, you guys talked about just a lease expiration for the whole year, about 800,000 square feet. Can you kind of provide some color on how -- whether you have -- there are some potential move-outs that you're potentially you have to look at? Or how do you feel about the retention for 2016 or it's kind of early.

知道了。好的。然後到了 2026 年，你們談到了全年租約到期，大約 80 萬平方英尺。您能否提供一些詳細信息，說明您是否有可能需要考慮一些潛在的搬出情況？或者您對 2016 年的保留有何看法，或者現在還為時過早。

Yes. I mean you hit the nail on the head with a low expiration year, but there's really three large -- three large tenants that we're tracking in that market. Wild Godsall a three-floor tenant towers ashore. three-floor tenants. We're renewing them in two floors, so 50 colored, call it 53,000 square feet of the75.

是的。我的意思是，你用較低的到期年份說中了關鍵點，但實際上我們在該市場追蹤了三大租戶。Wild Godsall 是一棟位於岸上的三層樓高的租戶大樓。三層樓的租戶。我們正在兩層樓進行翻新，其中 50 層為彩色建築，佔地 53,000 平方英尺（75 平方英尺）。

At Med Park North, we have 24-hour fitness, which is 45,000 square feet, and we're working on a renewal to keep them there as well. And then the last one is at 875 Howard pivotal software, they're in 80,000 square feet, and they're already out of the market, so we're currently marketing the space. So those are the large three, but -- and the rest of those are smaller tenants that we'll be discussing over the next kind of six to nine months.

在 Med Park North，我們擁有佔地 45,000 平方英尺的 24 小時健身中心，我們正在進行翻新，以將其保留在那裡。最後一個是位於 875 Howard Pivotal Software 的店鋪，佔地 80,000 平方英尺，他們已經退出市場，因此我們目前正在行銷該空間。以上就是三大租戶，但其餘的都是較小的租戶，我們將在接下來的六到九個月內討論它們。

Got it. Great. And then just one last. I think you guys talked about a couple of production leads that you guys are looking at on the studio side. Can you comment on the size of those you plan to change?

知道了。偉大的。最後再說一句。我想你們談到了工作室方面正在關注的幾個製作線索。您能否評論一下您計劃更改的尺寸？

Well, the two we are talking about are executed or -- and we'll make formal announcements once they start filming. But both are two stages with support space and mill space. And one is, as Mark mentioned, is a three-plus year term with options and the other is existing production company that we've done multiple deals with.

好吧，我們正在談論的兩個角色已經被處決了——一旦他們開始拍攝，我們就會正式宣布。但兩者都是兩個階段，有支援空間和工廠空間。正如馬克所提到的，一個是三年以上的有選擇權的合約期限，另一個是我們已經與之達成多項交易的現有製作公司。

So it just shows the stickiness that we're seeing some of the support coming back from -- yes, it's -- majority is show by show, but we've, I think, beat in the market in terms of these outsized longer-term leases.

所以這只是表明了我們看到一些支持正在回歸的粘性——是的，大多數是逐場演出，但我認為，就這些超大規模的長期租賃而言，我們在市場上處於領先地位。

Okay. But you can't really comment on the size yet?

好的。但您還不能真正評論尺寸嗎？

Well, I'd said, there are both two stages would support staff. We don't talk about square footage and the likes of that. Each show is two states.

好吧，我說過，有兩個階段都會有支援人員。我們不談論平方英尺之類的事情。每場演出都是兩種狀態。

Peter Abramowitz, Jefferies

阿布拉莫維茨（Peter Abramowitz），傑富瑞

Yes. It looks like in the FFO reconciliation here, you added back some of the expenses related to cost-cutting initiatives at Quixote. I guess could you just kind of dig into what those expenses were sort of the efforts that you're making to cut expenses in Quixote and then what you incurred in the quarter as the cost of doing that?

是的。看起來，在這裡的 FFO 對帳中，您添加回了一些與 Quixote 的成本削減措施相關的費用。我想您能否深入了解這些費用，即您為削減 Quixote 的開支所做的努力，以及您在本季為此付出的成本是多少？

Yes. The costs are largely early lease termination costs. In some instances, there are stages. So last year, we exited three states in New Orleans, for example. We've since exited some stages that were underutilized here in Los Angeles. So that's a fairly healthy amount of the overall cost-cutting initiatives. I'll get to the aggregate number in a minute.

是的。這些成本主要是提前終止租約的費用。在某些情況下，存在幾個階段。例如，去年我們退出了新奧爾良三個州。從那時起，我們就退出了洛杉磯一些未充分利用的階段。因此，從整體成本削減措施來看，這是一個相當健康的金額。我馬上就會得到總數。

We've also -- we were able to eliminate some obsolete parts of our transportation fleet that enabled us to exit out of parking areas for those -- that part of the transportation fleet. And then there's head count and other things correlating to that downsizing that also contributes to the overall cost savings. So in aggregate, Bob, to date, we've been able to cut about $14 million in costs.

我們還能夠淘汰運輸車隊中的一些過時的零件，這使我們能夠將這些過時的零件從停車區域移除。此外，還有員工人數以及與裁員相關的其他因素，這些因素也有助於節省整體成本。因此，鮑勃，總的來說，到目前為止，我們已經能夠削減約 1400 萬美元的成本。

We think pro-forma to last year's results that should improve NOI on the order of about $9-ish million on a run rate basis. And so in terms of just looking ahead relative to those cost cutting initiatives, we think at current show count levels say, 90-ish , we were at 92 last year. We think that negative $19 million of NOI, cash NOI would pro forma have been more like a negative 10.

我們認為，根據去年的業績預測，淨營業利潤應該會以運行率的形式提高約 900 萬美元。因此，就這些削減成本措施的未來發展而言，我們認為，目前的展會數量水準是 90 場左右，而去年是 92 場。我們認為，淨營業利潤為負 1,900 萬美元，現金淨營業利潤預計應為負 1,000 萬美元。

But I think maybe the best takeaway is we -- our view was to get back to breakeven in Quixote, we thought show counts needed to be somewhere close to 100. We still show positive NOI somewhere on the order of $8 million to $9 million of positive NOI at 100. But based on those costs, we think now we can get to breakeven at closer to 95 shows. So we've sort of -- by doing the cuts, we've been able to lower the bar, if you will, to getting that business back to breakeven.

但我認為也許最好的結論是——我們的觀點是讓《唐吉訶德》恢復收支平衡，我們認為演出場次需要接近 100 場。當比率為 100 時，我們仍然顯示正 NOI 約為 800 萬至 900 萬美元。但基於這些成本，我們認為現在我們可以在接近 95 場演出時實現收支平衡。因此，透過削減開支，我們能夠降低門檻，讓業務恢復收支平衡。

Okay. That's helpful. So I guess then just one other question to follow up on that. So you had -- it looks like non-same-store studio expenses were about $29.5 million in the quarter. Presumably, that's almost entirely Quixote. I guess, what is sort of the run rate going forward after either quarterly or annually after those expense reductions.

好的。這很有幫助。所以我想接下來只剩下一個問題需要跟進。所以你有——看起來本季非同店工作室的費用約為 2950 萬美元。據推測，這幾乎完全是堂吉訶德。我想，在削減這些費用之後，季度或年度的運行率會是多少？

I think if you just take out the $5.9 million that we highlight, and I think you can see that on page sorry real quick. The studio page 20. We kind of have it laid out there, you cut down the five, you're back to $23.5 million, I think, roughly, right? $29.1 million less $5.9 million roughly. So that gets you to a potential nor right we still have some other work that we're working on. So from the perspective of what we've disclosed, that's the number to use.

我認為，如果您只拿出我們強調的 590 萬美元，我想您可以在第頁上很快看到這一點。工作室第 20 頁。我們已經把它安排好了，你把這五個削減了，我想你大概又回到了 2350 萬美元，對吧？大約 2910 萬美元減去 590 萬美元。因此，這會讓你有潛力，也正確，我們還有一些其他工作正在進行中。因此，從我們所揭露的資訊來看，這就是要使用的數字。

Yes. Well, maybe. I mean I would just -- once you adjust for those one-time expenses, your NOI for the Quixote business goes to $7.5 million. Average show count for the first quarter within the low 80s. So again, getting back to the commentary about show count, if we think we get to 90 that number should be annualized more like a negative 10-ish million.

是的。嗯，也許吧。我的意思是——一旦你調整了這些一次性費用，你的 Quixote 業務的 NOI 就會達到 750 萬美元。第一季的平均演出場次在 80 場出頭左右。因此，再次回到關於演出數量的評論，如果我們認為達到 90，那麼這個數字按年率計算應該更像是負 1000 萬左右。

If we get to 95, we should be at breakeven. And if we get to 100, we should be at somewhere approaching $10 million, maybe a touch $5 million to $10 million of positive NOI.

如果我們達到 95，我們就應該達到收支平衡。如果我們達到 100 個，那麼我們的淨收入應該接近 1000 萬美元，或許是 500 萬到 1000 萬美元的正淨收入。

Got it. And then I guess just one more while we're on the topic of expenses. It looks like you lowered the G&A guide. Just wondering if you could comment on what you're doing there and what drove that.

知道了。當我們討論費用問題時，我想再問一個問題。看起來您降低了 G&A 指南。只是想知道您是否可以評論一下您在那裡做什麼以及是什麼促使您這麼做的。

So in the theme of cost cutting and we're continuing the cost cut, I think we've commented last quarter and last year. And we're just cost-initiative and just lower payroll-related costs is what we're doing.

因此，在削減成本的主題上，我們將繼續削減成本，我想我們已經對上個季度和去年進行了評論。我們只是採取成本主動措施，降低與薪資相關的成本。

There are no further questions at this time. I'd like to turn the call back to Victor Coleman, CEO and Chairman, for closing remarks.

目前沒有其他問題。我想將電話轉回給執行長兼董事長維克多·科爾曼 (Victor Coleman)，請他致最後發言。

Thanks, everybody, for participating in this quarter's call. We look forward to speaking to you all soon again. Goodbye.

感謝大家參加本季的電話會議。我們期待很快能再次與大家交談。再見。

Thank you all for joining today's call. You can disconnect your lines.

感謝大家參加今天的電話會議。您可以斷開線路。