Hudson Pacific Properties Inc (HPP) 2025 Q2 法說會逐字稿

Good afternoon. My name is Alex and I'll be your conference operator today. At this time, I'd like to welcome you to Hudson Pacific properties second-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，我歡迎您參加 Hudson Pacific Properties 2025 年第二季財報電話會議。（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 Art Suazo, EVP of Leasing.

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、財務長 Harout Diramerian 和租賃執行副總裁 Art Suazo。

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.

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 the reconciliation of non-GAAP financial measures used on this call.

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。

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

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。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 second-quarter call. We are energized by the progress year-to-date on our strategic objectives as well as the positive trends across our portfolio, sectors, and markets.

謝謝你，勞拉。大家下午好，歡迎參加我們的第二季電話會議。今年迄今為止，我們的策略目標取得了進展，我們的投資組合、產業和市場呈現正面趨勢，這讓我們充滿活力。

Importantly, leasing, which is one of our top priorities, resulted in a 1.2 million square feet of office leases signed year-to-date and we're on pace for our strongest office leasing year since 2019 and poised to grow occupancy with among the sector's lowest expirations over the next two years. Our studio occupancy is also improving, and California's significantly expanded film and television tax credit is finally in effect.

重要的是，租賃是我們的首要任務之一，今年迄今已簽署了 120 萬平方英尺的辦公室租約，我們預計將迎來自 2019 年以來最強勁的辦公室租賃年，並有望在未來兩年內實現入住率增長，到期量位居行業最低之列。我們的工作室入住率也在提高，加州大幅擴大的電影和電視稅收抵免終於生效。

Since the start of the year, we've also executed an operational enhancements, asset sales, and capital transactions, all of which are contributing to the rebuilding of our foundation to drive future cash flow growth. Following our successful CMBS financing and follow-on capital raise, we have over $1 billion of liquidity, and the refinancing of our only 2025 maturity is well underway.

自今年年初以來，我們還進行了營運改善、資產出售和資本交易，所有這些都有助於重建我們的基礎，以推動未來的現金流成長。在我們成功進行 CMBS 融資和後續資本籌集之後，我們擁有超過 10 億美元的流動資金，而我們唯一 2025 年到期債券的再融資正在順利進行中。

We are also starting to realize positive results from our ongoing efforts to enhance the company's cost profile. Specifically, we have meaningful improved G&A and further streamlined our studio business to achieve profitability.

我們也開始意識到我們為改善公司成本狀況所做的持續努力取得了積極的成果。具體來說，我們大幅改善了一般及行政開支，並進一步精簡了我們的工作室業務，以實現盈利。

Moving to the state of our markets, the West Coast office recovery is taking hold, led by emerging AI and tech companies. Tech and leasing in San Francisco drove the single largest quarter occupancy increase in seven years, and a third consecutive quarter of positive net absorption. Given year-to-date leasing activity and demand in the market, the city is also on track to have the highest annual gross leasing since 2019.

就我們的市場狀況而言，在新興人工智慧和科技公司的帶動下，西海岸辦公室的復甦正在紮根。舊金山的科技和租賃推動了七年來最大的季度入住率增幅，並連續第三個季度實現淨吸收量正增長。鑑於今年迄今的租賃活動和市場需求，該市也有望實現自 2019 年以來最高的年度租賃總額。

In Silicon Valley, occupancy also improved for the third consecutive quarter. Over 1 million square feet of positive net absorption was driven by the tech sector, new leasing, and for the first time in a long time, deals of 100,000-plus square feet.

在矽谷，入住率也連續第三個季度提高。超過 100 萬平方英尺的正淨吸收量是由科技業、新租賃以及長期以來首次超過 10 萬平方英尺的交易推動的。

AI and AI-enabled businesses are the next wave of economic growth on the West Coast, and billions of venture capital dollars once again flowed into the sector in the second quarter with no signs of stopping despite tariff uncertainty.

人工智慧和人工智慧支援的企業是西海岸下一波經濟成長的動力，儘管存在關稅不確定性，但第二季數十億美元的風險投資再次流入該行業，而且沒有停止的跡象。

AI job posting is trended further upwards and the war for the best talent is on. For AI startups, especially, proximity to the broader ecosystem is the key, and this explains the reason that 60% of AI's current footprint is located in the Bay Area and why we anticipate West Coast gateway markets, which have always had a unique mix of talent, networks, funding, and research will be the primary beneficiaries.

人工智慧職缺趨勢進一步上升，爭奪優秀人才的競爭已經開始。尤其是對於人工智慧新創公司而言，靠近更廣泛的生態系統是關鍵，這也解釋了為什麼目前 60% 的人工智慧足跡位於灣區，以及為什麼我們預計西海岸門戶市場（這些市場一直擁有獨特的人才、網路、資金和研究組合）將成為主要受益者。

Today, core AI tenants, that is, companies creating, selling, and licensing AI models, platforms, infrastructure, or chips, represent only 10% of our ABR and are located exclusively throughout the Bay Area. Given the funding available of these companies, their office cultures, and the current offerings within our portfolio, we see a considerable runway to expand both core AI and AI-enabled companies with our tenant mix.

如今，核心 AI 租戶（即創建、銷售和授權 AI 模型、平台、基礎設施或晶片的公司）僅占我們 ABR 的 10%，並且僅位於整個灣區。考慮到這些公司的可用資金、他們的辦公室文化以及我們投資組合中的當前產品，我們看到了透過我們的租戶組合來擴展核心人工智慧和人工智慧支援公司的巨大潛力。

On the studio side, there are multiple reasons we are gaining confidence in the business, despite weaker overall production activity in the second quarter. Pilot shoot days were up 11% year-to-date and 48% on a trailing 12-month basis. There are 134 productions in active development or prep in California during the second quarter, the most in any quarter since the 2023 strikes.

在製片廠方面，儘管第二季整體製作活動較弱，但我們對業務的信心仍出於多種原因。今年迄今，試播集拍攝天數增加了 11%，而過去 12 個月則增加了 48%。第二季度，加州有 134 部作品正在積極開發或準備中，這是自 2023 年罷工以來任何季度中最多的。

In the first half of 2025, $375 million was allocated under the previous California film and television tax credit program, nearly exceeding total dollars allocated during the entirety of 2024. And of the 110 allocations made so far this year, 51 of them occurred in June alone.

2025 年上半年，加州根據先前的電影和電視稅收抵免計劃分配了 3.75 億美元，幾乎超過了 2024 年全年分配的總金額。今年迄今已分配了 110 筆資金，其中 51 筆是在 6 月進行的。

Productions are only just beginning to apply for the more than doubled $750 million California tax credit, which among other new features, provides for a larger allocations to more types of productions, and we expect to see increased allocation activity in the near term with the potential for show counts to begin to benefit as early as the fourth quarter of this year.

各大製作公司才剛開始申請增加一倍多的 7.5 億美元加州稅收抵免，該抵免除其他新特點外，還為更多類型的製作提供了更大的撥款，我們預計短期內撥款活動將會增加，最早在今年第四季度，演出數量就有可能開始受益。

Finally, turning to asset sales, we continue to strategically pursue the disposition of non-core assets. We completed the sale of 625 Second for $28 million during the second quarter, and we were in various stages on a handful of other potential dispositions.

最後，談到資產出售，我們繼續策略性地推行非核心資產的處置。我們在第二季以 2800 萬美元的價格完成了 625 Second 的出售，並且我們正處於其他一些潛在處置的不同階段。

We evaluate each transaction within the framework of our broader capital allocations priorities, seizing the opportunities to increase liquidity while optimizing our portfolio to create long-term shareholder value.

我們在更廣泛的資本配置優先框架內評估每筆交易，抓住機會增加流動性，同時優化我們的投資組合以創造長期股東價值。

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 have signed 558,000 square feet of office leases in the quarter, 60% of which were new leases and 60% of which were in the Bay Area. We improved occupancy across all our major markets, but for Seattle, where as expected, a single tenant at Hill7 vacated approximately 100,000 square feet.

謝謝，維克多。我們在本季簽署了 558,000 平方英尺的辦公室租約，其中 60% 是新租約，60% 位於灣區。我們提高了所有主要市場的入住率，但在西雅圖，正如預期的那樣，Hill7 的一位租戶騰空了約 100,000 平方英尺的面積。

Quarter over quarter, our in-service occupancy was stable at 75.1% and our lease percentage dipped only 30 basis points to 76.2%. Our rent spreads trended upward, increasing 4.9% on a GAAP basis and decreasing 1.8% on a cash basis. Our trailing 12 month net effective rents were 2% lower compared to the prior year and 11% lower versus pre-pandemic.

與上一季相比，我們的實際入住率穩定在 75.1%，而租賃率僅下降 30 個基點，至 76.2%。我們的租金利差呈上升趨勢，以 GAAP 計算增加了 4.9%，以現金計算則減少了 1.8%。我們過去 12 個月的淨有效租金比前一年下降了 2%，比疫情前下降了 11%。

Our tour activity increased 8% compared to the first quarter to 1.8 million square feet, the highest level in more than two years, driven by additional tours at our San Francisco, Peninsula, and Silicon Valley assets. Tech, as a percentage of our tours, grew from 35% to 53%, and core AI tenants, as a component of tech demand, increased from 7% to 61%. Our leasing pipeline is healthy at 2.1 million square feet, including over 0.5 million square feet of later stage deals.

我們的參觀活動較第一季成長 8%，達到 180 萬平方英尺，為兩年多來的最高水平，這得益於我們在舊金山、半島和矽谷資產的參觀活動增加。科技在我們的旅遊中所佔比例從 35% 成長到 53%，而作為科技需求的一個組成部分，核心人工智慧租戶從 7% 成長到 61%。我們的租賃通路狀況良好，面積達 210 萬平方英尺，其中包括超過 50 萬平方英尺的後期交易。

Average requirement size continues to grow, approaching 20,000 square feet, both for tours and our pipeline. We have approximately 50% coverage, including deals and leases, LOIs, proposals, or in discussions on our 547,000 square feet of remaining 2025 expirations, including 100% coverage on our only remaining expiration greater than 50,000 square feet.

無論是旅遊還是我們的管道，平均需求規模都在不斷增長，接近 20,000 平方英尺。我們的覆蓋率約為 50%，包括交易和租賃、意向書、提案或對我們剩餘的 547,000 平方英尺 2025 年到期土地的討論，其中對我們唯一剩餘的超過 50,000 平方英尺到期土地的覆蓋率達到 100%。

Most of our 2025 expirations are smaller tenants averaging, around 5,000 square feet and that decision making typically occurs within the quarter of lease expiration. As we have noted, from this point forward due to both increased office demand and significantly lower expiration, we anticipate our in-service office occupancy should remain stable and should begin to grow as we move through the coming quarters.

我們大多數 2025 年到期的租戶都是較小的租戶，平均面積約為 5,000 平方英尺，而且決策通常在租約到期的季度內進行。正如我們所指出的，從現在開始，由於辦公室需求增加和到期時間顯著降低，我們預計我們的在職辦公室入住率應該會保持穩定，並且在接下來的幾個季度中應該會開始成長。

We have on average 270,000 square feet expiring per quarter through 2029, which is only about half the roughly 500,000 square feet of leases we've signed per quarter over the last two years.

截至 2029 年，我們平均每季有 27 萬平方英尺的租約到期，這僅為過去兩年我們每季簽署的約 50 萬平方英尺租約的一半。

Turning to studios. On a trailing 12-month basis, our in-service studios were 63% leased with related stages 63.6% leased. The quarter-over-quarter change for these metrics was driven by the inclusion of our Sunset Glenoaks development for the first time.

轉向工作室。在過去 12 個月中，我們正在運作的攝影棚的出租率為 63%，相關舞台的出租率為 63.6%。這些指標的季度環比變化是由於我們首次納入 Sunset Glenoaks 開發項目。

But for Sunset Glenoaks, our trailing 12-month in-service total and staged lease percentages, would have increased to 74.3% and 80%, respectively, due to improved occupancy at Sunset Las Palmas were 9 of 11 stages are leased. Our Quixote Studios total and staged trailing 12-month lease percentages also improved quarter over quarter, up 340 basis points to 40.2% and up 410 basis points to 47.4%, respectively.

但對於 Sunset Glenoaks 而言，由於 Sunset Las Palmas 的入住率提高（11 個階段中有 9 個階段已出租），我們過去 12 個月的在以總租賃百分比和分階段租賃百分比將分別增至 74.3% 和 80%。我們的 Quixote Studios 過去 12 個月的總租賃和分階段租賃百分比也比上一季有所提高，分別上漲 340 個基點至 40.2% 和 410 個基點至 47.4%。

Quarter over quarter, our studio revenue increased 3% to $34.2 million primarily due to additional studio occupancy and transportation and utilization at Quixote, even without an improvement in show counts. Studio expenses decreased by 11% to $36.6 million quarter quarter, mostly due to elevated expenses in the first quarter associated with various one-time cost reduction initiatives at Quixote. As a result, our studio NOI improved by $5.4 million quarter over quarter.

與上一季相比，我們的演播室收入增長了 3%，達到 3,420 萬美元，這主要得益於 Quixote 的演播室佔用率以及交通和利用率的提高，儘管演出數量沒有增加。工作室費用較上季下降 11% 至 3,660 萬美元，主要原因是第一季 Quixote 採取了各種一次性成本削減舉措，導致費用增加。因此，我們的工作室淨利潤比上一季成長了 540 萬美元。

Turning to development, construction at Pier 94 Studios in Manhattan is on time and on budget for delivery by year end. We are in discussions with tenants regarding longer-term leases and expect show-by-show demand to pick up in the fourth quarter of this year as production typically book two to three months out.

談到開發，曼哈頓 94 號碼頭工作室的建設正在按時按預算完成，預計將於年底交付。我們正在與租戶討論長期租賃事宜，預計今年第四季的逐場演出需求將會回升，因為演出預訂通常需要兩到三個月。

Regarding Washington 1000 in Seattle, discussions with various potential tenants are ongoing, and we have tours scheduled for several new mid- to large-size requirements. This project's exceptional qualities positions that favorably in that market, especially given a diminishing pool of truly competitive supply.

關於西雅圖的華盛頓 1000，我們正在與各種潛在租戶進行討論，並且我們已安排了幾次參觀，以滿足幾個新的中型到大型需求。該項目的卓越品質使其在市場上佔據有利地位，尤其是在真正具有競爭力的供應量日益減少的情況下。

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

說完這些，我將把電話轉給 Harout。

Thanks, Mark. Our second-quarter 2025 revenue was $190 million compared to $218 million in the second quarter of last year, the change primarily due to asset sales and lower office occupancy. Excluding $14.3 million of one-time expenses associated with the forfeiture of executive non-cash compensation, our second-quarter G&A expense improved to $13.5 million compared to $20.7 million in the second quarter last year and [$18.5 million] in the first quarter of this year, or nearly a 35% and 27% improvement, respectively, in alignment with our ongoing efforts to reduce costs.

謝謝，馬克。我們的 2025 年第二季營收為 1.9 億美元，而去年第二季為 2.18 億美元，這項變動主要是由於資產出售和辦公室入住率下降造成的。不計入與沒收高階主管非現金薪酬相關的 1,430 萬美元一次性費用，我們第二季度的一般及行政管理費用改善至 1,350 萬美元，而去年第二季度為 2,070 萬美元，今年第一季度為 [1,850 萬美元]，分別改善了近 35% 和 27%，這與我們持續降低成本的努力一致。

Our second-quarter FFO, excluding specified items of $8 million or $0.04 per share, compared to $24.5 million or $0.17 per diluted share in the second quarter of last year. Specified items for the second quarter totaled $19.2 million or $0.09 per diluted share, including one-time expenses associated with forfeited non-cash compensation agreements, debt repayment, Quixote cost cutting and transactions.

我們第二季的 FFO（不包括特定項目）為 800 萬美元或每股 0.04 美元，而去年第二季為 2,450 萬美元或每股 0.17 美元。第二季指定項目總計 1,920 萬美元或每股攤薄收益 0.09 美元，其中包括與沒收的非現金補償協議、債務償還、Quixote 成本削減和交易相關的一次性費用。

By comparison, specified items for the second quarter of last year totaled $1.2 million or $0.01 per diluted share, including income related to transactions and one-time derivative fair value adjustment. Excluding specified items, the year-over-year change in FFO was mostly attributable to factors affecting revenue.

相比之下，去年第二季的特定項目總計 120 萬美元或每股 0.01 美元，其中包括與交易相關的收入和一次性衍生性商品公允價值調整。除特定項目外，FFO 的年比變化主要歸因於影響收入的因素。

Our second-quarter same-store cash NOI was $87.1 million compared to $104.1 million in the second quarter last year, mostly due to lower office occupancy.

我們第二季的同店現金淨營運利潤為 8,710 萬美元，而去年第二季為 1.041 億美元，這主要是由於辦公室入住率較低。

Turning to the balance sheet. We continue to execute on a multi-pronged approach to enhance our maturity profile, increased liquidity, and strengthen key debt metrics. In the second quarter, we repaid all of our private placement notes, Series B, C, and D, totaling $465 million addressing significant maturities in 2025, 2026, and 2027.

轉向資產負債表。我們將繼續採取多管齊下的方法來改善我們的到期狀況、增加流動性並加強關鍵債務指標。在第二季度，我們償還了所有私募票據，即 B、C 和 D 系列，總額為 4.65 億美元，用於支付 2025 年、2026 年和 2027 年的重要到期債務。

We also raised $690 million of gross proceeds through a common equity offering and used net proceeds to fully repay our credit facility and for general corporate purposes. In connection with this offering, we secured commitments to increase capacity under our credit facility by $20 million through the end of 2026, including extensions and to extend $462 million of capacity through year-end 2029, including extensions.

我們還透過普通股發行籌集了 6.9 億美元的總收益，並使用淨收益全額償還我們的信貸額度和用於一般公司用途。與此次發行相關，我們獲得承諾，到 2026 年底將我們的信貸額度增加 2000 萬美元（包括延期），到 2029 年底將信貸額度增加 4.62 億美元（包括延期）。

At the end of the second quarter, we had $1 billion of total liquidity comprised of $236 million of unrestricted cash and cash equivalents, and $775 million of undrawn capacity under our credit facilities. We had another $22.3 million of HPP's share of undrawn capacity under the Sunset Pier 94 construction loan.

截至第二季末，我們的總流動資金為 10 億美元，其中包括 2.36 億美元的非限制性現金和現金等價物，以及 7.75 億美元的未提取信貸額度。在日落碼頭 94 號建設貸款下，我們還有 HPP 2,230 萬美元的未動用容量份額。

Regarding our only remaining 2025 maturity, the loan secured buying 1918 Eighth, we expect to successfully refinance the loan. We will pursue the most cost-effective structure with closing anticipated this quarter.

關於我們唯一剩餘的 2025 年到期貸款，即購買 1918 年第八期抵押貸款，我們預計將成功進行再融資。我們將追求最具成本效益的結構，預計本季完成。

Turning to our outlook. For our third quarter, we expect FFO per diluted share to range from $0.01 per share to $0.05 per share.

轉向我們的展望。對於第三季度，我們預計每股攤薄 FFO 將在 0.01 美元/股至 0.05 美元/股之間。

Comparing our second-quarter FFO of $0.04 per diluted share to our third-quarter outlook, we expect gross FFO to increase, largely due to full order impact of deleveraging following the recent equity offering. This increase will be partially diluted by the higher weighted average share count of approximately 456,750,000 shares for the third quarter.

將我們第二季度每股攤薄收益 0.04 美元的 FFO 與第三季度的預期進行比較，我們預計總 FFO 將會增加，這主要是由於近期股票發行後去槓桿的全部訂單影響。這一增幅將被第三季約 456,750,000 股的較高加權平均股數部分稀釋。

Regarding our full year assumptions, we anticipate both improved interest expense range of $168 million to $178 million and G&A expense ranging from $57.5 million to $63.5 million as we continue to execute on previously announced cost saving measures. Estimated weighted average share counts now range from $319 million and $321 million for the full year.

關於我們的全年假設，我們預計利息支出將在 1.68 億美元至 1.78 億美元之間改善，一般及行政費用將在 5,750 萬美元至 6,350 萬美元之間改善，因為我們將繼續執行先前宣布的成本節約措施。目前預計全年加權平均股數在 3.19 億美元至 3.21 億美元之間。

Finally, please note that consistent with this quarter's filing, our full-year same-store cash NOI now reflects the inclusion of our Metro Center office property, resulted in a range of negative 11.5% to 12.5%, which would have been identical to the last quarter's range of negative 12.5% to negative 13.5%, but for that adjustment.

最後，請注意，與本季度的報告一致，我們全年同店現金淨營業利潤現在反映了我們都會中心辦公大樓的納入，導致範圍為-11.5%至-12.5%，如果沒有這一調整，這將與上一季的-12.5%至-13.5%範圍相同。

As always, our outlook excludes the impact of any potential dispositions, acquisitions, financing, and/or capital market activity.

與往常一樣，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'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) Blaine Heck, Wells Fargo.

（操作員指示）布萊恩·赫克，富國銀行。

Hi. Thanks. Good afternoon. So it seems as though the building blocks are in place for office occupancy growth now that you're effectively pass the large no move outs, but just wanted to make sure that there are no incremental concerns that came up this quarter around significant move outs in future years or tenant credit situations that could make it a more bumpy recovery.

你好。謝謝。午安.因此，既然您實際上已經度過了大規模的無人遷出期，那麼現在看起來辦公室入住率增長的基礎似乎已經到位，但我只是想確保本季度不會出現未來幾年大規模遷出或租戶信用狀況的增量擔憂，這可能會使復蘇更加坎坷。

Not at all. Blaine?

一點也不。布萊恩？

Okay. Yeah, go ahead.

好的。是的，繼續吧。

No, not at all. There aren't any significant issues with any tenant in the portfolio on any level that would change the dynamic around what we've announced and what we have going forward with leasing.

不，一點也不。投資組合中的任何租戶在任何層面上都沒有出現任何重大問題，從而改變我們所宣布的以及我們未來租賃的動態。

Okay. No, that's helpful. I guess, following up on that, Victor, I guess, how do you think about the pace of which you can recover this occupancy? Is this -- it certainly seems like a multi-year rebuilding effort, but, maybe give us a little bit of color around how we should be thinking about this.

好的。不，這很有幫助。我想，接下來，維克多，您認為恢復入住率的速度如何？這看起來確實像是一項多年的重建工作，但也許能讓我們對應該如何看待此事有一點了解。

I mean, listen, Blaine, I think you heard the prepared remarks specifically around Mark with -- we have had quarter-over-quarter sequential increase in leasing. We've had quarter-over-quarter, more importantly, tours and activity and pipeline has been stable.

我的意思是，布萊恩，聽著，我想你聽到了關於馬克的準備好的發言——我們的租賃業務逐季環比增長。更重要的是，我們的季度環比成長、旅遊活動和通路一直保持穩定。

We've gotten -- I shouldn't say we -- Mark got in trouble one time for projecting where leasing was going. I think we feel very comfortable given the activity, the deals we have in the pipeline that we're shooting for somewhere around a [low 8, high 7] handle year-end and then '26, a [mid-8] handle, given everything we're working on right now and it was indicative of the playbook that we laid out with the tenant occupancy and leased differential, I'm referring to a lease number there.

我們——我不應該說我們——馬克曾經因為預測租賃的發展方向而陷入麻煩。考慮到目前的活動情況、我們正在進行的交易，我們預計年底的交易額將在 [8 低位、7 高位] 左右，而到 26 年，預計交易額將在 [8 中位數] 左右，考慮到我們目前正在開展的所有工作，我們對此感到非常放心，這體現了我們制定的關於租戶入住率和租賃差異（我指的是租賃差異（我對此的策略）。

Yeah. Okay. That's really helpful. Clearly, you guys accomplished a lot with respect to the balance sheet this quarter, so do you feel as though you've completely shifted your focus to leasing and occupancy growth in both office and studios, driving at improvement in your overall cost of capital as that comes through? Or is there anything substantial that you're working on with respect to the balance sheet in the near term that we should be aware of obviously outside of 1918, which Harout touched on?

是的。好的。這真的很有幫助。顯然，你們本季在資產負債表方面取得了很大成就，那麼，您是否覺得你們已經完全將重點轉移到辦公室和工作室的租賃和入住率增長上，從而推動了整體資本成本的改善？或者，在短期內，您是否正在對資產負債表進行一些實質性的工作，而這些工作顯然是我們應該注意的，除了 Harout 提到的 1918 年之外？

Yeah. I mean, indicative around 1918, I think, as Harout said in his prepared remarks, we're very close to finalizing that deal. On a balance sheet standpoint, we have excess liquidity that we've not had access to in some time, and there really isn't any next major step on the balance sheet/liquidity basis for us to accomplish everything we need to accomplish in the office and studio side over the next 36 months probably with the exception of us renewing the media alone a little over a year from now.

是的。我的意思是，大約在 1918 年，我認為，正如哈魯特在他的準備好的演講中所說，我們已經非常接近完成這筆交易了。從資產負債表的角度來看，我們擁有一段時間以來無法獲得的過剩流動資金，而且在資產負債表/流動性基礎上，我們實際上沒有任何下一個重大步驟可以完成我們在未來 36 個月內在辦公室和工作室方面需要完成的所有事情，除了我們在一年多後單獨更新媒體。

I think that it does put us in a much stronger position to work on the execution, which is clearly around leasing and ops, and that's where we see the upside here and that's why I think we're very confident and we've clearly bottomed out in every market we're in.

我認為它確實使我們在執行方面處於更有利的地位，這顯然是圍繞租賃和運營的，這就是我們看到的優勢，這就是為什麼我認為我們非常有信心，而且我們在所涉及的每個市場都明顯觸底。

And more than just bought in some of the markets, it's really made a dramatic turn as you can see by the activity, not just within our portfolio, but also in our peers' portfolios in the similar markets.

而且不僅僅是在某些市場買入，它確實發生了巨大的轉變，正如你從活動中看到的那樣，不僅在我們的投資組合中，而且在類似市場的同行的投資組合中也是如此。

Okay. Great. That's helpful. Last one for me with respect to Quixote. It seemed as though there were some lease terminations and some sales of the fleet. I guess, can you talk about the drivers behind those lease terminations and just give us an update on maybe how much more you can cut on the cost side and your ultimate plans for that business?

好的。偉大的。這很有幫助。對我來說，關於堂吉訶德的最後一件事。似乎有一些租約終止和一些車隊出售。我想，您能否談談終止租約背後的驅動因素，並向我們介紹一下您在成本方面還能削減多少，以及您對這項業務的最終計劃？

Yeah. So Blaine, it's -- the downsides of the fleet, the lease terminations, all part of that cost-cutting efforts that we've been underway on last quarter, the update on that front was that we had cut about $14 million of expenses on a pro forma basis, we thought relative to say 2024 actual results that $14 million of cost cutting translates into about $10 million of improved NOI pro forma at '24.

是的。所以布萊恩，這是——機隊的缺點，租約終止，都是我們上個季度一直在進行的成本削減工作的一部分，這方面的最新情況是，我們在備考基礎上削減了約 1400 萬美元的開支，我們認為相對於 2024 年的實際結果，1400 萬美元的成本削減意味著備 24 年 N100 萬美元。

That effort continues. In the latest quarter, we cut another $10 million, that was largely downsizing of the fleet, including the location services part of that fleet. So we're at -- the current annualized expense-cutting efforts come in at around $24 million on the update on the NOI side, again pro forma at 2024 result is $14 million of NOI improvement, cash NOI improvement.

這項努力仍在繼續。在最近一個季度，我們又削減了 1,000 萬美元，主要是縮減車隊規模，包括該車隊的定位服務部分。因此，我們的現狀是 - 當前年度化費用削減力度約為 2400 萬美元，根據 NOI 方面的最新數據，2024 年的預計結果是 NOI 改善 1400 萬美元，現金 NOI 改善。

I think, importantly, when we last updated you, we thought that break even based on those cost-cutting efforts we're like mid to upper 90 show count levels. Based on the latest cost cutting, we think that's now down in the low 90s, gets us closer to break even, and I think, last but not least, we still think we're in that $30 million to $40 million cash NOI range if we can see show counts get somewhere back to the 110 to 120 level.

我認為，重要的是，當我們上次向您更新時，我們認為基於這些削減成本的努力，我們的收支平衡點大約在 90 場演出數量的中上水平。根據最新的成本削減措施，我們認為現在成本已經下降到 90 出頭，讓我們更接近收支平衡，而且我認為，最後但同樣重要的是，如果演出場次回到 110 到 120 場的水平，我們仍然認為我們的現金淨運營收入將處於 3000 萬到 4000 萬美元的範圍內。

Great. Very helpful. Thanks, everyone.

偉大的。非常有幫助。謝謝大家。

Thanks, Blaine.

謝謝，布萊恩。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey. Good afternoon out there. So, Mark, maybe just sticking with Blaine's question on Quixote and the studios. I think if memory serves, it was about $100 million of EBITDA that went away when the studio shut down a few years ago.

嘿。大家下午好。所以，馬克，也許只是堅持布萊恩關於堂吉訶德和工作室的問題。我記得如果我沒記錯的話，幾年前工作室關閉時，大約有 1 億美元的 EBITDA 就消失了。

Obviously, you've retooled the business and it's great, Victor, to hear about the increasing show counts and the tax credits. Where should we think about, I don't know if it's $100 million that you guys will get back to, but where should we think about that revenue or that EBITDA recovery?

顯然，您已經重組了業務，維克多，聽到演出數量增加和稅收抵免增加真是太好了。我們應該在哪裡考慮，我不知道你們是否會收回 1 億美元，但我們應該在哪裡考慮那筆收入或 EBITDA 復甦？

And if we think about the length of time, is it two years, three years, do you think it'd be quicker? Just trying to get a sense of how much we'll get back and a timing of when you think it will get back based on how productions are coming back.

如果我們考慮時間長度，是兩年還是三年，您認為會更快嗎？只是想根據生產恢復的情況來了解我們能恢復多少以及您認為何時能恢復。

Yeah. So the last point I was making, Alex, really points to where we think it could trend to at that 110, 120-ish level. 120 was average show counts in 2022. In '21 -- in 2019 we saw show counts above 130, even in certain months, 140. But I don't think we're thinking that that's peak television is necessarily in the cards.

是的。因此，亞歷克斯，我要說的最後一點實際上指出了我們認為它可能會趨向於 110、120 左右的水平。 120 是 2022 年的平均演出數。在 2021 年到 2019 年，我們的演出數量超過了 130 場，甚至在某些月份甚至達到了 140 場。但我不認為這必然是電視產業的巔峰。

But with the tax credit now more than doubled to the 750 level and officially in the budget, hopeful that we could see show counts get above, say, the 110 level, which should get us somewhere in the neighborhood of about $30 million of NOI.

但是現在稅收抵免額增加了一倍多，達到 750 的水平，並且正式納入預算，我們希望看到演出數量超過 110 的水平，這應該會給我們帶來大約 3000 萬美元的淨利潤。

I don't know that it makes sense to revisit the initial pro forma back when we purchased the company starting in 2021, which is that $100 million or so that you're pointing to. For now, I think the key is getting closer to breakeven, which I mentioned is around that 90-ish show count level and trying to get back into positive EBITDA territory like that $30 million, $40 million range that I think we could potentially get to.

我不知道重新審視我們從 2021 年開始收購該公司時的初始預測是否有意義，也就是您所指的 1 億美元左右。目前，我認為關鍵是接近收支平衡，我提到大約是 90 場演出的水平，並試圖回到正 EBITDA 領域，例如我認為我們有可能達到的 3000 萬美元、4000 萬美元的範圍。

Okay. And then the second question is, Victor, I think you mentioned that you guys -- and obviously, a nice job on the capital raise. that you have the capital that you need for the next 36 months, but I just want to make sure I understand.

好的。然後第二個問題是，維克多，我想你們提到過，你們──顯然，在融資方面做得很好。你們擁有未來 36 個月所需的資金，但我只是想確保我理解。

As you think about the leasing CapEx, the free rent and everything that you need to do to get the portfolio back into, I guess, the low 90s on the office front. Is that correct that you don't need any additional capital? I just want to make sure I understand that correctly

當您考慮租賃資本支出、免租金以及使投資組合恢復到我所需要做的一切事情時，我想，辦公室方面的回報率應該在 90 年代初。您不需要任何額外資本，這是正確的嗎？我只是想確保我理解正確

I mean, I think what we're referring to is just that we've got a plan in place that can access additional capital it need be. And the balance sheet will shape up that way. I'm not saying we're not selling any more assets because that's not the case because you heard in my prepared remarks, we have a few assets that we are working on.

我的意思是，我認為我們所指的只是我們已經制定了一個可以獲得所需額外資本的計劃。資產負債表將會以這種方式成形。我並不是說我們不會再出售任何資產，因為事實並非如此，因為您在我的準備好的發言中聽到了，我們有一些正在處理的資產。

I think the expediency of selling a couple of quarters ago was ramped up and now we're taking more of a moderate time line on that because we don't need the capital today. It doesn't mean we're not going to be pruning the portfolio as we typically do.

我認為幾個季度前出售的權宜之計已經加大，現在我們對此採取了更溫和的時間表，因為我們今天不需要資金。這並不意味著我們不會像往常一樣精簡投資組合。

And then as part of that line of credit, which I think Harout said is $775 million undrawn. Is your view to use like maybe a little bit of that, or if you think -- or as we think about this plan, the line of credit would form a meaningful part of the capital spend?

然後作為該信用額度的一部分，我認為哈魯特說的是尚未提取的 7.75 億美元。您的看法可能有點類似，或者如果您認為 - 或者當我們考慮這個計劃時，信用額度會成為資本支出的重要組成部分？

I mean, typically, we use the line of credit on an EV basis. Right now, there's no need as we have -- we have cash on the balance sheet in excess of almost $200 million. So we're in good shape there. And we've always used the credit facility when we need it. If there are opportunities that we have to access it, we will. There's no set game plan as to when we're going to draw down on it.

我的意思是，通常我們會根據企業價值 (EV) 使用信用額度。目前，我們沒有必要這樣做——我們的資產負債表上的現金超過近 2 億美元。所以我們的情況很好。當我們需要時，我們總是會使用信貸便利。如果我們有機會使用它，我們就會使用它。對於何時撤軍，我們並沒有製定固定的計畫。

Okay. Perfect. Listen, thank you.

好的。完美的。聽著，謝謝。

Thank you, Alex.

謝謝你，亞歷克斯。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, everyone. I guess I was wondering if you could just comment on the leasing environment. It seems like you guys have been maintaining this average quarterly pace in the 500,000 square foot range for a while now. I feel like also in line with what you guys were saying that there's a lot of commentary about West Coast picking up. So I guess I was wondering if you could just comment on -- are you seeing a pickup? Are you seeing what you've been seeing sustaining just how those volumes are going?

大家好。我想知道您是否可以評論租賃環境。看起來你們已經將這一季度平均建設速度保持在 50 萬平方英尺左右有一段時間了。我覺得與你們所說的一致，有很多關於西海岸崛起的評論。所以我想知道您是否可以評論一下——您是否看到了回升？您是否看到了您所看到的維持這些交易量的方式？

Hi, Caitlin, this is Art. Yeah, so that takes that magical 500,000 square feet. We -- well surpass , if you look at the last two quarters, I think we're averaging about 590,000 square feet. So yeah, to answer your question, it is picking up, not only is it picking up, but we're starting to see the front end of that engine, which is tours pick up as well. We were up 10% quarter over quarter and just up to 1.8 million square feet, which is really the highest we've had in probably about six years.

你好，凱特琳，我是阿特。是的，這需要神奇的 50 萬平方英尺。如果您看過去兩個季度，我認為我們的平均面積超過了 590,000 平方英尺。是的，回答你的問題，它正在回升，不僅在回升，而且我們開始看到該引擎的前端，也就是旅遊也在回升。我們的季度環比增長了 10%，達到 180 萬平方英尺，這實際上是我們六年來的最高水平。

So that's the good news behind what's in our pipeline and what we're executing on. And additionally, the tour activity, the average deal size is increasing. That's telling us that's informing us that the midsized deals are really back into the market, and we're availing ourselves of them.

這就是我們正在籌劃和執行的事情背後的好消息。此外，旅遊活動的平均交易規模也在增加。這告訴我們，中型交易確實已經重返市場，我們正在利用它們。

Got it. And then I guess maybe could you just differentiate by some of the markets? I know you were talking before about the strength in tech and AI, mostly in the Bay Area. Would you say that's driving the strength? Or would you say the pickup that you were just talking about is across markets?

知道了。然後我想也許你可以透過一些市場來區分嗎？我知道您之前談過科技和人工智慧的優勢，主要是在灣區。您會說這就是推動力量的動力嗎？或者您剛才談到的回升是跨市場的？

No, it's 100% driving the strength across the Bay Area, San Francisco, in particular. It's the tech, it's the relationship to the tech into the pipeline itself. It's up in the valley, it's up to about 68%. In the city, it's up very close to 60% and AI roughly about 25% of that and growing, by the way.

不，它 100% 推動了整個灣區，尤其是舊金山的實力。這是技術，這是技術與管道本身的關係。它在山谷中，高達約 68%。順便說一下，在城市中，這一比例已接近 60%，而人工智慧約佔其中的 25%，而且還在成長。

In Seattle, a little bit more modest increases, but increases, nevertheless, we've seen year over year, probably 25% increase in demand and gross leasing. And the tech pipeline, though, again, a little bit more muted than San Francisco, we're starting to see migration.

在西雅圖，增幅略小，但仍然有所增長，儘管如此，我們看到需求和總租賃量同比大概增長了 25％。儘管科技通路比舊金山稍微低調一些，但我們開始看到遷移。

We're starting to see the front end of some of the top main tech companies, AI companies getting a foothold in Seattle, availing themselves of the talent pool in Seattle, for example, OpenAI, Anthropic, NVIDIA, Databricks to name a few.

我們開始看到一些頂級主要科技公司、人工智慧公司的前端在西雅圖站穩腳跟，並利用西雅圖的人才庫，例如 OpenAI、Anthropic、NVIDIA、Databricks 等等。

And so we're seeing these tenants take 8,000, 10,000, 50,000 feet and then grow. So if you're paying attention in the last cycle, that's precisely what happened and drove the engine in Seattle.

因此，我們看到這些租戶佔據了 8,000、10,000、50,000 英尺的空間，並且還在擴大中。因此，如果你專注於上一個週期，你會發現這正是西雅圖所發生並推動其發展的事件。

Got it. Thanks.

知道了。謝謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi. Thanks for taking my question. I just wanted to touch on third-quarter guidance. What -- at this point and where we said in August, with July already in the books gets you towards the lower end or the higher end of guidance?

你好。感謝您回答我的問題。我只是想談談第三季的指導。什麼——在這一點上，正如我們在八月所說的那樣，七月份已經過去了，這會讓您接近指導的低端還是高端？

Thanks for the question. I think a lot of this stems from the studio business. I think if we get surprised and the activity increases more than we expect, we can get on the higher end of the guidance. And I think if the lease business is slower than we expect, it may go to the lower end of the business.

謝謝你的提問。我認為很大程度源自於工作室業務。我認為，如果我們感到驚訝並且活動的增長超出我們的預期，我們就可以達到指導的更高水平。我認為，如果租賃業務比我們預期的要慢，它可能會走向業務的低端。

Obviously, we get some different type of leasing if we execute on leases that give us more beneficial occupancy that can also help on the higher end of the range. But as it relates to other costs and interest, I think those things are pretty well known as we fix our interest and our G&A costs are pretty low at this point.

顯然，如果我們執行的租賃能為我們帶來更有利的入住率，那麼我們就會得到一些不同類型的租賃，這也有助於提高租賃價格的高端。但就其他成本和利息而言，我認為這些事情是眾所周知的，因為我們固定了利息，而且我們的一般及行政費用目前相當低。

Okay. Great. And then I think in your prepared remarks, you said that there's around 500,000 square feet of the leasing pipeline is in later stage. Is any of that Washington 1000?

好的。偉大的。然後我想，在您準備好的演講中，您說過大約有 500,000 平方英尺的租賃管道處於後期階段。華盛頓 1000 人中有誰嗎？

Yeah. So I think it was -- the number is actually closer to $600 million. I think we said 500,000 but it's moved up. Not at Washington without no later stage deals, the deals that we have and Washington 1000 is based upon the market information I shared with Caitlin just a second ago, we're starting to see more multi-tenant deals in the market on which we are touring. So tours are up significantly quarter-over-quarter.

是的。所以我認為——這個數字實際上接近 6 億美元。我想我們說過 500,000，但現在已經上升了。在華盛頓，沒有後期交易是不行的，我們所達成的交易和華盛頓 1000 是基於我剛才與凱特琳分享的市場信息，我們開始在我們正在巡演的市場上看到更多的多租戶交易。因此，旅遊人數比上一季大幅增加。

And then we have -- there's 3,000 100,000 square foot deals in the market right now that we're engaged with. So not later stage lease or LOIs.

然後，我們有——目前市場上有 3,000 個 100,000 平方英尺的交易正在與我們接觸。因此不是後期租賃或意向書。

Okay, great. Thank you. Thank you.

好的，太好了。謝謝。謝謝。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Thank you and good afternoon everybody. Hey, following up on Alex's leasing CapEx question. With the incremental capital on your balance sheet, right now, can you get more aggressive pursuing new leases and capturing more of the 2 million-plus square foot pipeline that you have? Or is the plan to hold more cash for other uses in the next 12 to 18 months?

謝謝大家，下午好。嘿，請繼續關注 Alex 的租賃資本支出問題。有了資產負債表上的增量資本，現在，您是否可以更積極地尋求新租約並獲得更多現有的 200 多萬平方英尺的管道？或計劃在未來 12 到 18 個月內持有更多現金用於其他用途？

Thanks, Tom, good question. Listen, we've never detracted our business plan around spending capital if the quality and size and quantity of leasing is available for ourselves. So it's not about whether we have capital or not. We've never constrained ourselves from not doing deals because of capital at the end of the day.

謝謝，湯姆，好問題。聽著，如果我們能夠獲得品質、規模和數量的租賃，我們永遠不會放棄圍繞支出資本的商業計劃。所以問題不在於我們是否有資本。我們從來沒有因為資金問題而限制自己不做交易。

So we're trying to expedite the process. We're not losing deals because we're being aggressive or not being aggressive. We're losing deals to competitors who may have space that's readily accessible and that marketplace has been drying up dramatically, specifically in Seattle.

因此我們正在努力加快這一進程。我們不會因為積極或不積極而失去交易。我們正在將交易輸給那些可能擁有可用空間的競爭對手，而市場正在急劇萎縮，特別是在西雅圖。

I mean, the deals that we've lost in Seattle have been to move in ready space. So the majority of that sublease space in the marketplace is now gone. In the Bay Area, both in the Peninsula and in San Francisco, we're in a massive level playing field there right now, the activity, as Art mentioned, and Mark in his prepared remarks, has never been higher. So we're comfortable in the ability for us to execute. It's really just a timing situation.

我的意思是，我們在西雅圖失去的交易都是在現成的空間內進行的。因此，市場上大部分轉租空間現已消失。在灣區，無論是半島還是舊金山，我們現在都處於一個巨大的公平競爭環境中，正如阿特和馬克在準備好的發言中提到的那樣，這裡的活動從未如此活躍。因此，我們對自己的執行能力感到很滿意。這實際上只是一個時間問題。

And I do think that the comment about we're a month into the quarter. Remember, it's also the quietest quarter being summer. We've already seen great activity for this quarter in leasing, and we expect September to be a pretty strong month for us.

我確實認為我們已經進入本季度一個月了。請記住，夏天也是最安靜的季節。我們已經看到本季租賃業務表現活躍，我們預計九月對我們來說將是一個相當強勁的月份。

Appreciate that, Victor. Then when we think of institutional investor interest in West Coast, CRE, but especially office, seems like that's ramped recently, whether they're owner users, whether they're financial investors, what have you seen in terms of valuation improvements across your markets? And is that changing how you're approaching asset sales? Are you moving certain assets in or out, just depending on the change in values recently?

非常感謝，維克多。那麼，當我們想到機構投資者對西海岸、商業房地產（尤其是辦公室）的興趣時，似乎最近有所增加，無論他們是業主用戶，還是金融投資者，您認為整個市場的估值改善情況如何？這是否會改變您處理資產出售的方式？您是否會根據最近的價值變化而轉入或轉出某些資產？

It's an excellent question. I think you've got to look at a couple of factors right now that are lean towards the valuation and institutional capital coming into specific office, but in general, into CRE overall on the West Coast, the venture capital drive has put the capital forefront into the Bay Area, specifically.

這是一個非常好的問題。我認為現在你必須考慮幾個因素，這些因素傾向於估值和進入特定辦公室的機構資本，但總的來說，在西海岸的整體 CRE 中，風險投資驅動已經將資本的前沿推向了灣區。

And then Seattle secondarily, I mean, the area is 6% of the AI is going into Bay Area. And the DCs are funding companies that are putting their companies and corporations and headquarters in the Bay Area. And so that has taken a very positive shift in terms of valuations and increased price per foot.

其次是西雅圖，我的意思是，該地區 6% 的人工智慧進入了灣區。各區政府正在為那些將公司、企業和總部設在灣區的公司提供資金。因此，從估值和每英尺價格上漲的角度來看，這是一個非常積極的變化。

The number of transactions has picked up in terms of sales in dispositions or sales which riverside of the table you're at. but it's materially changed quarter-over-quarter to a point where you're seeing massive decrease in cap rates and a valuation shift.

就處置銷售或您所在表格中的銷售而言，交易數量有所回升。但它與上一季相比發生了實質性變化，以至於您看到資本化率大幅下降和估值轉變。

We think that's coming clearly, those who ventured into the marketplace in the Bay Area, both in the Peninsula and the city, 12 to 18 months back all the way through until the beginning of this year, have made really, really solid buys for the most part. And so we're seeing those valuations increase. But I think it's still a little too early to capture -- well, this is where cap rates have gone from, too. But that is coming.

我們認為，這一點很明顯，那些在 12 到 18 個月前一直到今年年初進入灣區市場（包括半島和城市）的人，大部分都進行了非常非常穩健的購買。因此我們看到這些估值正在上升。但我認為現在捕捉這訊息還為時過早——好吧，資本化率也是從這裡開始的。但那正在發生。

In terms of your latter part of your question, right now, we have really looked at only one asset in the Bay Area that could be a disposition candidate left in our portfolio. that would make some sense and be priced out of a good number. So we're not reevaluating that, and I don't see us doing so. I'd rather see the leasing pick up and then maybe look down the road of a more stabilized asset.

關於您問題的後半部分，目前，我們實際上只考慮了灣區一項可以作為我們投資組合中處置候選資產的資產。這有一定的道理，而且價格也比較合理。所以我們不會重新評估這一點，而且我也不認為我們會這樣做。我寧願看到租賃業務回升，然後再考慮資產更穩定的道路。

Got it. Thanks for that, Victor. And last one for me. Mark, you mentioned Sunset Las Palmas I think it was 9 out of the 11 studios are leased. But in the sub, it's still sub-50% from a leased percent is there a lag when it comes to when a stage is spoken for to when the actual occupancy has taken and that percentage ramps? How do we think through it with Las Palmas specifically?

知道了。謝謝你，維克多。對我來說這是最後一個。馬克，你提到了 Sunset Las Palmas，我認為 11 個工作室中有 9 個都被租出去了。但在細分市場中，其出租率仍低於 50%，那麼從預定舞台到實際入住率上升之間是否存在滯後？我們該如何具體考慮拉斯帕爾馬斯的問題呢？

Yeah. For all the stages, we track occupancy on a trailing 12-month basis, which is how we've done it historically since 15 years now. is origin relates to really the period of time of really show-by-show occupancy on the stages in the trailing 12 months, occupancy looks were designed to give more robust look at ongoing occupancy unaffected by temporary on expirations and then backfills across different stages. So what you're seeing there is really just lower occupancy in earlier periods at Sunset Las Palmas.

是的。對於所有階段，我們都以過去 12 個月為基礎追蹤佔用情況，這是我們 15 年來一直採用的做法。其起源實際上與過去 12 個月內各個階段的逐場演出佔用情況的時間段有關，佔用情況觀察旨在更全面地了解不受臨時到期和不同階段回填影響的持續佔用情況。所以，您看到的只是拉斯帕爾馬斯日落酒店早期入住率較低。

So then at the end of the quarter, what did the here the percent lease look like for last fall?.

那麼在本季末，去年秋季的租賃百分比是什麼樣的呢？

Well, on 9 of the 11 stages were leased, I don't know. It's probably in the neighborhood of about 80% leased right now.

嗯，11 個舞台中，有 9 個是租來的，我不知道。目前該區域的出租率大概在 80% 左右。

Understood. That's it for me. Thanks, everyone.

明白了。對我來說就是這樣。謝謝大家。

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茲 (Peter Abramowitz)，傑富瑞 (Jefferies)。

Yes. Thank you for taking the question. Just want to go back to Victor's comments around increasing occupancy, and I think you mentioned the target for getting leased occupancy back to the mid-80s by the end of next year. Obviously, the Bay Area, despite the pickup in activity is still trailing the rest of the portfolio. So just curious what's a realistic target for stabilized occupancy in the Bay Area in your view? And how long do you think you can take to get there?

是的。感謝您回答這個問題。我只是想回到 Victor 關於提高入住率的評論，我認為您提到了到明年年底將租賃入住率恢復到 80 年代中期的目標。顯然，儘管灣區的經濟活動有所回升，但仍落後於投資組合中的其他地區。所以我很好奇，您認為灣區穩定入住率的現實目標是什麼？您認為需要多長時間才能到達那裡？

So when you're defining the Bay Area, are you defining the entire marketplace from San Francisco all the way down to the Peninsula? Are you looking at just as --

那麼，當您定義灣區時，您是否定義了從舊金山一直到半島的整個市場？你是否正在看著--

Looking at both.

看著兩者。

Yeah. I mean the lag has really been candidly, in the airport area, Santa Clara at the end of the day. I mean the numbers we're looking at right now, if you look at the entire marketplace, it's right around 70%. And if you look at the city, it's Palo Alto being the high -- sorry, like 92, Redwood is like 73%, and foster cities like 87% and Santa Claris like 90%. And then on the low end, you've got North San Jose, which is bringing everything down in the mid-50s.

是的。我的意思是，在一天結束時，在聖克拉拉機場區域，延遲確實很明顯。我的意思是，就我們現在看到的數字而言，如果你看看整個市場，這個比例大約是 70%。如果你看一下城市，你會發現帕洛阿爾託的比例最高——抱歉，是 92%，紅木城是 73%，福斯特城市是 87%，聖克拉里斯是 90%。然後在低端，你有北聖何塞，那裡的一切都降到了 50 年代中期。

But the activity in North San Jose right now has been exceptional. And as Mark made -- sorry, Art made the comment, we're seeing -- we were doing 7,000 to 20,000 square foot deals. We're now seeing 30,000 and 40,000 square foot deals and even some even higher.

但目前北聖何塞的活動非常特殊。正如馬克所說——抱歉，是阿特說的，我們看到了——我們正在進行 7,000 到 20,000 平方英尺的交易。我們現在看到的交易面積有 30,000 平方英尺和 40,000 平方英尺，甚至有的甚至更高。

Yeah. So that's really the average, Peter. This is Art. When you're talking about the Valley, you talked about an increase in deals that are 100,000 square foot or more. There were 8 a year ago, there's 18 today.

是的。所以這確實是一個平均值，彼得。這就是藝術。當您談到矽谷時，您談到了 100,000 平方英尺或以上的交易數量的增加。一年前有 8 個，今天有 18 個。

We're seeing, mind you, we're talking specifically about the airport with our portfolio. we're seeing -- there's four deals over 100,000 square feet that we're in discussions or negotiations on. As you know, that's a small tenant market. The average tenant size in our portfolio is roughly 7,000 to 8,000 square feet, right? And we're in discussion and negotiation with four tenants over 100,000 square feet.

請注意，我們正在專門討論我們投資組合中的機場。我們看到——有四筆超過 100,000 平方英尺的交易正在討論或談判中。如你所知，這是一個小型租戶市場。我們投資組合中的平均租戶面積約為 7,000 到 8,000 平方英尺，對嗎？我們正在與四個超過 100,000 平方英尺的租戶進行討論和談判。

That's really going to move the needle in a big way. And as you move north, the two biggest vacancies that we have, we're negotiating one is 80,000 square feet, the other 50,000 square feet. We're negotiating both spaces with multiple users. We feel pretty bullish about leasing that pace of lease-up over the next 1.5 years.

這確實將產生巨大的推動作用。當你向北移動時，我們正在協商兩個最大的空置面積，一個是 80,000 平方英尺，另一個是 50,000 平方英尺。我們正在與多個用戶協商這兩個空間。我們對未來 1.5 年的租賃成長速度非常樂觀。

And then, of course, as you get into the city, our largest vacancy is 1,455, and we're in discussions right now nafta space. So we're feeling -- again, we're feeling good about what's in the pipeline and what's behind it in terms of tools.

當然，當你進入城市時，我們最大的空缺職位是 1,455 個，我們現在正在討論北美自由貿易協定的空間。因此，我們再次感到，我們對正在進行的工作以及背後的工具感到滿意。

Okay. That's helpful. I appreciate the color. And maybe just to follow up on the tour activity. I think you mentioned it was up 10% quarter over quarter. Could you just specify outdoor activity trending specifically in Los Angeles?

好的。這很有幫助。我很欣賞這個顏色。或許只是為了跟進旅遊活動。我想您提到過它比上一季增長了 10%。能否具體說明洛杉磯戶外活動的流行趨勢？

Yeah. So let me start with our -- Yes, it is up 10%, but I'll give you numbers. It's up to 1.8 million square feet. At the same time, quarter-over-quarter, the average deal size popped 30%, right? So it just closing in -- closing it on 20,000 square feet.

是的。那麼讓我從我們的開始——是的，它上漲了 10%，但我會給你數字。面積達180萬平方英尺。同時，每季的平均交易規模成長了 30%，對嗎？因此，它的面積即將縮小至 20,000 平方英尺。

Those are the tours we're seeing. That's what's going to feed the pipeline, which is going to inform what we closed downstream. And our -- actually, our hit rate on tours is pretty high, it's about 30%. So we can start to look favorably about what's going to happen in the coming quarters.

這些就是我們所看到的旅遊。這就是為管道提供的信息，它將告知我們在下游關閉了什麼。而且我們的——實際上，我們的巡迴演出成功率相當高，大約為 30%。因此，我們可以開始樂觀地看待未來幾季將發生的事情。

In L.A., we really only have this 11,601 billion that we're sitting in right now. We're 96% leased. It's really become a small tenant building, and we're garnering the highest rents in the market.

在洛杉磯，我們實際上只有現在擁有的 11,6010 億美元。我們的出租率為 96%。它實際上已經成為一座小型租戶建築，而我們卻獲得了市場上最高的租金。

But the LA market, in general, is really driven by West L.A. It always has been certainly well through the pandemic. The demand drivers are there, right? The demand is probably up 20% year-over-year. More importantly, the gross leasing still remains robust.

但總體而言，洛杉磯市場實際上是由西洛杉磯推動的。在疫情期間，它一直表現良好。需求驅動因素就在那裡，對嗎？需求可能比去年同期成長20%。更重要的是，總租賃量依然保持強勁。

So not that concerned about L.A. and certainly not this building at the moment because we have a pipeline about 50,000 square feet, which doesn't sound like much, but we're -- again, we're closing on a 97% leased.

所以目前我們不太擔心洛杉磯，當然也不太擔心這座建築，因為我們有一個條約 50,000 平方英尺的管道，這聽起來不多，但是我們 — — 再說一次，我們的租賃率已接近 97%。

All right. That's all for me. Thank you.

好的。對我來說就這些了。謝謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Afternoon. Thanks for the question. I guess just going back to the point about target occupancy or next year. Maybe if you can just step back and give us a sense of like over the next two years, let's say you're able to achieve this occupancy, you do have a fair amount of expirations over the next three years. Is it fair to say that once you achieve this occupancy, cash flow growth or AFFO growth will probably still be a probably '27, '28 time at the earliest?

下午。謝謝你的提問。我想回到關於目標入住率或明年的話題。也許，如果您可以退一步讓我們了解未來兩年的情況，假設您能夠實現這一入住率，那麼未來三年您確實會有相當數量的到期日。是否可以說，一旦達到此入住率，現金流成長或 AFFO 成長可能最早也要到 27、28 年才會實現？

So Vikram, let me just clarify your comments because they're not accurate. Okay. First of all, we're not talking occupancy. The numbers I talked about was leasing and specifically said leasing versus occupancy. Second of all, we have the lowest amount of exploration in the next three years than we've had in the last 8.

所以維克拉姆，讓我澄清一下你的評論，因為它們並不準確。好的。首先，我們不討論入住率。我談到的數字是租賃，特別是租賃與入住率。其次，未來三年我們的勘探量將比過去八年低。

We averaged around 500 to 600 a quarter -- sorry, yes, $500,000 to $600,000 a quarter. We are sub-$250 million. So if you look at that and you look at what we talked about earlier and you correlate to leasing, not occupancy, we're very comfortable that '26 year-end will be at the range that we're talking about right now, which will correlate to occupancy and cash flow that will increase in a substantial amount from an FFO and an AFFO basis.

我們平均每季約為 500 到 600 美元——抱歉，是的，每季 50 萬到 60 萬美元。我們的資金不足 2.5 億美元。因此，如果您看一下這一點，並看看我們之前談到的內容，並將其與租賃而不是入住率相關聯，那麼我們非常有信心，26 年末將處於我們現在談論的範圍內，這將與入住率和現金流相關，而入住率和現金流將從 FFO 和 AFFO 基礎上大幅增加。

Okay. Yeah, I mean, I was just looking at the expirations as a percent over the next several years. '25 to '28.

好的。是的，我的意思是，我只是查看了未來幾年的到期百分比。 '25 到 '28。

You said three years. So it's several years could be three. But if you look at 3 years, it's about $750,000 to $800,000 versus $1.5 million to $2 million.

你說的是三年。所以幾年可能是三年。但如果你看一下 3 年，它大約是 75 萬到 80 萬美元，而不是 150 萬到 200 萬美元。

Okay. Just going back to the studio business, you talked about reaching hopefully, there's the number of shows and then reaching a run rate breakeven NOI level or rent level. I just want to go back, I guess it was 2 quarters ago. Part of the plan was maybe looking at it more strategically. It is a challenged business today, but is divesting it still on the cards?

好的。回到工作室業務，您談到希望達到一定的演出數量，然後達到運行率盈虧平衡的 NOI 水平或租金水平。我只是想回去，我想那是兩個季度前的事了。該計劃的一部分可能是從更具戰略性的角度來看待它。如今，這是一個面臨挑戰的業務，但我們仍有可能將其剝離嗎？

And if not, I guess, do you look for more partners? Or do you just -- are you still focused on the Quixote business as part of the company? Thanks.

如果沒有，我想，您會尋找更多的合作夥伴嗎？或者您只是—您仍然專注於公司 Quixote 業務嗎？謝謝。

Well, I don't recall member talking about divesting. What we talked about, which we've executed on, is divesting on certain leases and obligations that are not income producing to lower the overhead and cost which we've accomplished and we've outlined and in Mark's prepared remarks, he reiterated again. We have not talked about divesting out of the Quixote business, the Sunset portfolio business or the real property of the opcos.

嗯，我不記得有成員談論過撤資。我們所談論的並且已經執行的是剝離某些不產生收入的租賃和義務，以降低我們已經完成的管理費用和成本，我們已經概述了這一點，馬克在準備好的發言中再次重申了這一點。我們還沒有談論剝離 Quixote 業務、Sunset 投資組合業務或 opcos 的不動產。

Thanks. Thank you.

謝謝。謝謝。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

Thank you. I just wanted to clarify your guidance for the year, I guess, for Harout, Same-store NOI is basically unchanged from last quarter. G&A assumption is down, interest expense is down yet it doesn't look like earnings are moving that much. I know it's a pretty wide range. But what are the offsets to the positive contributors in your guidance? And what would you bring you to the low end of guidance, the $0.01 to $0.05 in the third quarter?

謝謝。我只是想澄清一下您對今年的指導，我想，對於 Harout 來說，同店淨銷售額與上一季基本沒有變化。一般及行政開支假設下降，利息支出下降，但看起來獲利並沒有太大變化。我知道範圍很廣。但是，您指導中的積極貢獻者受到哪些抵消呢？那麼，您認為第三季的指導價下限是 0.01 美元到 0.05 美元嗎？

Sure. Just to clarify, the annual numbers, obviously, some of which are reflected in the third quarter numbers, right? So there's still the fourth quarter. But I think I touched upon this a second ago, for the third quarter, what the biggest variable numbers would be in the studio business, right? I think if show counts improve, if things are more active and more robust, that will get us closer to the higher end of the range.

當然。需要澄清的是，年度數據顯然有一些反映在第三季的數據中，對嗎？所以還有第四季。但我想我剛才提到了這一點，對於第三季度，工作室業務中最大的變數數字是什麼，對嗎？我認為，如果演出數量增加，如果事情變得更加活躍和更加強勁，那麼我們將更接近該範圍的高端。

And then if things are weaker than we expect it will bring us closer to the lower end of the range. That to us is the biggest X factor in our guidance for the next quarter.

如果情況比我們預期的要弱，我們就會更接近該範圍的下限。對我們來說，這是我們下一季預測中最大的X因子。

Okay. On the Studio business with Sunset 194 looking to complete looking for completion date this quarter. When do you expect occupancy to commence? And if you could break down the stages that you're in negotiation with as far as the longer-term leases versus the show by show. And also if there's any services component as part of the NOI of the studio.

好的。Sunset 194 的 Studio 業務預計將於本季完成。您預計何時開始入住？如果您能將您正在談判的階段分解為長期租賃和逐場演出租賃。以及工作室的 NOI 中是否有任何服務組件。

Well, listen, right now, John, we are in conversations with a couple of shows that are year-to-year name shows that have come to us. It's still a little early because some are trying to film as of Jan 1, which means that we'd be an office space prior to that. And so that's still in limbo. For the most part though, we've indicated we are going to -- the activity is around show to show.

好吧，聽著，約翰，現在我們正在與幾檔每年都會推出的知名節目進行洽談。現在還為時過早，因為有些人試圖從 1 月 1 日起開始拍攝，這意味著我們在此之前就會有一個辦公空間。所以這仍然懸而未決。不過，在大多數情況下，我們已經表示我們將會——活動是圍繞著演出進行的。

There's not a lot of long-term leasing that is available in any of the marketplaces throughout the states right now in the three main markets in Atlanta and Los Angeles and New York. But we are seeing some very solid activity around name company shows that will have, hopefully, repetitive seasons.

目前，亞特蘭大、洛杉磯和紐約這三個主要市場中，全美範圍內的長期租賃機會並不多。但我們看到圍繞著知名公司節目的一些非常穩定的活動，希望這些節目能夠重複播出。

To answer your second part of your question, the economics around that are fully integrated with how we do every one of our deals, which is going to be packaged deals, which include all services, all amenities, all sound stages, all offices and all of our lighting and grip packages. So that will be a total number at the end of the day. we will have no differentiation between PR94 or any of our other studio facilities in terms of how our revenue collections and charges are.

回答你問題的第二部分，圍繞這一問題的經濟因素與我們的每一筆交易都完全結合在一起，這些交易將是打包交易，其中包括所有服務、所有設施、所有攝影棚、所有辦公室以及我們所有的燈光和握把打包包。所以最終這將是一個總數。在收入收集和收費方面，我們不會區分 PR94 或我們的任何其他工作室設施。

Okay. And then my final question is on the leasing activity. It was pretty healthy this quarter. It looks like your '26 aspirations actually went up this quarter versus which last Were there a lot of short-term leases that you've done or just like short-term renewals that got you there because it's a little bit of --

好的。我的最後一個問題是關於租賃活動。本季業績表現相當健康。看起來你的 26 年願望實際上在本季度比去年有所提高。你是否簽訂了很多短期租賃合同，或者只是簽訂了短期續約合同，這有點--

Yeah, that's generally the case. It would have -- yeah, it went up slightly, but some of the tenants are holding over or in the short-term situation.

是的，一般來說都是這樣的。是的，價格會略有上漲，但有些租戶正在堅持租住或處於短期租住狀態。

Okay. Thank you.

好的。謝謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey. Just wanted to circle back to the last 1,000. Just wondering if you could provide just a little bit more commentary on just the activity in the market overall and how that asset is differentiated. And I think it sounded like you're leaning more towards multi-tenant versus maybe a big tenant and so forth. Just would love to dig in there a little bit more. Thanks.

嘿。只是想回到最後 1,000。只是想知道您是否可以對整個市場活動以及該資產的差異化提供更多評論。我認為這聽起來像是您更傾向於多租戶，而不是大租戶等等。只是想進一步深入挖掘一下。謝謝。

Yeah. We're exploring all. I mean, at this point, there's an uptick in multi-floor tenants -- multi-floor deals, as I said. We're touring -- the touring has picked up. There are three -- there are really 500,000 square foot tenants in the market, three of which were in front of 4 Washington 1000 and the other two are really a Pioneer Square location that we're in negotiations with, which is the good news. So we continue with tech of those 300,000 square foot tenants actually two or tech.

是的。我們正在探索一切。我的意思是，目前，多層租戶數量有所增加——多層交易，正如我所說。我們正在巡迴演出——巡演已經開始了。市場上實際上有三家 50 萬平方英尺的租戶，其中三家位於 4 Washington 1000 前面，另外兩家實際上是先鋒廣場位置，我們正在與他們進行談判，這是好消息。因此，我們繼續與這 30 萬平方英尺租戶合作，實際上他們有兩個技術。

One is Biomed, and we're going to see in the coming quarters, we can't execute all in one of these. But the good news is behind it, the tours that we have lined up already as we come through the summer. Well, I really think it's going to start to pay dividends for us there.

一個是生物醫學，我們將在未來幾個季度看到，我們無法在其中一個領域全部執行。但好消息已經出現，我們已經安排了夏季的巡迴演出。嗯，我真的認為它會開始為我們帶來回報。

But to answer your question on the building, it's one of one. It is, if you want new construction, state-of-the-art assets, especially if you need more than 200,000 square feet, we're one of one. So we feel really good about our prospects.

但要回答你關於這棟建築的問題，它是獨一無二的。是的，如果您想要新建築、最先進的資產，特別是如果您需要超過 200,000 平方英尺，我們就是其中之一。因此，我們對我們的前景感到非常樂觀。

That helpful. And then my second one is just going back to the same-store NOI guidance. I guess when you're thinking about when we're connecting the dots with the occupancy commentary, what are some of the higher level takeaways in terms of what that does for same-store as you're going to '26 and '27, right? Because presumably, the comp is easier and you're gaining occupancy. So how should we think about just high level what that same-store should be doing? Thanks.

這很有幫助。然後我的第二個目標是回到同店淨營業利潤指引。我想，當您思考當我們將這些點與入住率評論聯繫起來時，就 26 年和 27 年的同店銷售額而言，有哪些更高層次的收穫，對嗎？因為據推測，競爭會更加激烈，而且你的入住率也會提高。那麼，我們該如何從高層次思考同一家商店該做什麼呢？謝謝。

Well, I'll take it. This is Mark. Yeah, I mean, they're obviously correlated. You're going to see GAAP same-store NOI begin to improve typically sooner than cash, typically a reflection of the component of the leasing activity that has front-loaded free rent. But hard to pinpoint precisely when you see the turn. But our sequential flat occupancy of 75.1%, I think reinforces our belief that we -- we've likely hit the bottom on occupancy.

好吧，我接受。這是馬克。是的，我的意思是，它們顯然是相關的。您將會看到 GAAP 同店淨營業利潤通常比現金更快地開始改善，這通常反映了租賃活動中預付的免租金部分。但很難準確指出何時會出現轉折。但我們的入住率連續持平於 75.1%，我認為這強化了我們的信念——我們的入住率可能已經觸底。

We'll see a steady march of positive net absorption that should first materialize in GAAP, like I said, and then you'll start seeing it show up in cash rents.

我們將看到正淨吸收量的穩定成長，正如我所說的那樣，這將首先體現在 GAAP 中，然後您將開始看到它出現在現金租金中。

Great. That's it for me. Thanks so much.

偉大的。對我來說就是這樣。非常感謝。

Dylan Burzinski, Green Street.

迪倫·布爾津斯基，格林街。

Okay. Thanks for checking the question. Just on the lease trajectory. It looks like you guys noted that PayPal has executed a lease termination starting next year. Are there any other larger potential move outs that we should be aware of as we think about the 2026 ramp?

好的。感謝您檢查這個問題。正處於租賃軌跡上。看起來你們注意到了 PayPal 已從明年開始執行租約終止。當我們考慮 2026 年的成長坡道時，是否有其他更大的潛在遷移需要我們注意？

No. No, we need to answer that. That was the first question that was asked. No, there's nobody else there.

不。不，我們需要回答這個問題。這是第一個被問到的問題。不，那裡沒有其他人。

Great. And then I guess given the limited amount of near-term lease signings that seem to be expected at Washington 1000, can you talk about how we should expect that to roll into earnings. It seems like that should come off capitalization sometime towards the end of this year, but is that incorrect?

偉大的。然後我想，考慮到華盛頓 1000 預計的短期租約簽署數量有限，您能否談談我們應該如何預期這些簽署將轉化為收益。看起來這應該在今年年底左右取消大寫，但這不正確嗎？

No, that's right. I mean it will -- at the end of this year, we'll no longer be capitalizing interest on it. And then you'll see in our supplemental, but as we sit today, stabilization on it first quarter of '27, which that's 92%-ish cash paying occupancy.

不，沒錯。我的意思是——到今年年底，我們將不再利用它來賺取利息。然後您會在我們的補充中看到，但就我們今天的情況而言，27 年第一季的入住率已趨於穩定，即 92% 左右的現金支付入住率。

So you can ramp your way up towards that because we would obviously expect there to be occupancy absorption and cash rent paying rent before that time. That gives you a time frame over which we expect to see it stabilized.

因此，您可以逐步實現這一目標，因為我們顯然希望在此之前能夠吸收入住率並支付現金租金。這給出了我們預期其穩定的時間範圍。

Okay. That's actually helpful, really helpful. Thanks, guys.

好的。這確實很有幫助，真的很有幫助。謝謝大家。

Thank you, Dylan.

謝謝你，迪倫。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Yeah. Thanks for taking the follow up. We're hearing a lot about the streaming platforms pushing to have more of a foothold in the sports entertainment area. I was wondering if you guys had any view on how that could impact dynamics in the studio space and just overall demand there.

是的。感謝您的跟進。我們聽到很多關於串流平台努力在體育娛樂領域佔據更大立足點的消息。我想知道你們對於這將如何影響工作室空間的動態以及那裡的整體需求有何看法。

Yeah. You're hearing accurately. And what you're finding is live content has been an additional driver of capital for the streaming companies. And so it's in all forms. But yes, the majority of the capital is going towards sports and sports-related content. It is not, though, taken anything away from the budgetary issues that they've allocated for all the other content, whether it's features or shows that are streaming.

是的。你聽得很準確。你會發現，直播內容已經成為串流媒體公司的額外資本驅動力。所有形式都是如此。但是，大部分資金確實流向了體育和體育相關內容。不過，這並沒有影響他們為所有其他內容（無論是電影還是串流節目）分配的預算問題。

So it's just -- it's an addition too. And Netflix is the biggest contributor. It started with the NFL now there's follow-ons with Apple and soccer and lots of American football, European football, et cetera. But there's a lot of those examples that are coming to play.

所以這只是——它也是一個補充。其中 Netflix 是最大的貢獻者。它始於 NFL，現在又擴展到蘋果、足球、美式足球、歐洲足球等等。但還有很多這樣的例子正在發生。

We have commented on this, Blaine, on the last call. Amazon, as an example, which does Thursday night football, as everybody knows, has decided to make their sports center here in Los Angeles, so as -- to the tune of Netflix. So their desks that they're going to be reporting from and conducting the live sports commentators are going to be out of L.A. Others are in New York.

布萊恩，我們在上次通話中已經對此發表了評論。以亞馬遜為例，眾所周知，該公司每週四晚都會播出橄欖球比賽，該公司已決定將其體育中心設在洛杉磯，以便與 Netflix 合作。因此，他們進行報導和現場體育評論的辦公桌將在洛杉磯以外，其他人則在紐約。

And so that's going to continue. And I think you're going to see more and more capital driven that way. But to date, the capital has not shifted on a budgetary basis, away from them creating new content.

這種情況將會持續下去。我認為你會看到越來越多的資本以這種方式驅動。但到目前為止，資金還沒有從預算中轉移出來，不再用於創作新內容。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you. 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.

謝謝。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。

Thank you so much for participating in our call, and we look forward to speaking to everybody sometime in fall.

非常感謝您參加我們的電話會議，我們期待在秋季的某個時候與大家交談。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。