Paramount Group Inc (PGRE) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Paramount Group's frst quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。感謝您的支持。歡迎參加派拉蒙集團 2025 年第一季財報電話會議。（操作員指示）

Please note that this conference call is being recorded today, May 1, 2025. I will now turn the call over to Tom Hennessy, Vice President of Business Development and Investor Relations. Please go ahead.

請注意，本次電話會議於今天（2025 年 5 月 1 日）錄製。現在我將把電話轉給業務發展和投資者關係副總裁湯姆·軒尼詩 (Tom Hennessy)。請繼續。

Thank you, operator, and good morning, everyone. Before we begin, I would like to point everyone to our first quarter 2025 earnings release and supplemental information, which were released yesterday. Both can be found under the heading Financial Results in the Investors section of the Paramount Group website at www.pgre.com.

謝謝接線員，大家早安。在我們開始之前，我想向大家指出我們昨天發布的 2025 年第一季財報和補充資訊。這兩份報告均可在派拉蒙集團網站 www.pgre.com 的「投資者」部分的「財務結果」標題下找到。

Some of our comments will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should, or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

我們的一些評論將屬於聯邦證券法所定義的前瞻性陳述。前瞻性陳述通常使用諸如將、期望、應該或其他類似詞語來表示，這些陳述受多種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

因此，您在解釋和依賴它們時應謹慎。請您參閱我們向美國證券交易委員會提交的文件，以便更詳細地討論可能影響我們未來經營業績和財務狀況的風險。

During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our first-quarter 2025 earnings release and our supplemental information.

在電話會議中，我們將討論我們的非公認會計準則指標，我們認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。在我們的 2025 年第一季財報和補充資料中可以找到這些指標與最直接可比較的 GAAP 指標的對帳。

Hosting the call today, we have Mr. Albert Behler, Chairman, Chief Executive Officer, and President of the company; Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer; and Peter Brindley, Executive Vice President, Head of Real Estate. Management will provide some opening remarks, and we will then open the call to questions.

今天主持電話會議的有公司董事長、執行長兼總裁 Albert Behler 先生；威爾伯‧佩斯 (Wilbur Paes)，營運長、財務長兼財務長；以及執行副總裁、房地產主管彼得‧布林德利 (Peter Brindley)。管理層將發表一些開場白，然後我們將開始提問。

With that, I will turn the call over to Albert.

說完這些，我將把電話轉給阿爾伯特。

Good morning, everyone. Thank you for joining our call today. Since we last spoke, we have experienced great momentum, and I'm excited to share our first quarter results. We are off to a strong start in 2025. Yesterday, we reported core FFO of $0.17 per share for the first quarter, exceeding consensus by $0.01. From an operational standpoint, we also had an outstanding quarter in leasing.

大家早安。感謝您今天參加我們的電話會議。自從我們上次談話以來，我們經歷了巨大的發展勢頭，我很高興分享我們的第一季業績。2025 年，我們將迎來一個強勁的開局。昨天，我們報告第一季核心 FFO 為每股 0.17 美元，超出預期 0.01 美元。從營運角度來看，我們在租賃方面也度過了一個出色的季度。

We executed leases totaling approximately 284,000 square feet, marking our strongest first quarter of leasing since 2019. This momentum is a testament to the tremendous effort of our leasing team. The strength of the portfolio and the demand for high-quality space in our submarkets.

我們簽訂的租賃合約總額約為 284,000 平方英尺，這是我們自 2019 年以來第一季租賃表現最強勁的一次。這一勢頭證明了我們租賃團隊的巨大努力。我們的投資組合實力以及子市場對高品質空間的需求。

Our pipeline remains in excellent shape, and we are well-positioned to continue this positive trajectory throughout the year. It is important to recognize the recent shifts in the broader economic environment as we discuss our performance.

我們的管道狀況依然良好，我們已做好準備，在全年繼續保持這一積極勢頭。當我們討論我們的表現時，認識到更廣泛的經濟環境的近期變化非常重要。

Despite these shifts, we have not experienced any disruption to our leasing activity over the past month. The resilience of our portfolio and the strategic locations of our properties continue to attract strong interest from high-quality tenants.

儘管發生了這些變化，但我們過去一個月的租賃活動並未受到任何干擾。我們投資組合的彈性和物業的戰略位置繼續吸引優質租戶的濃厚興趣。

In New York, the Manhattan office market showed significant improvement during the first quarter of 2025, as according to Cushman & Wakefield, new leasing activity reached the highest quarterly total since fourth quarter 2021. This surge was driven by demand in Class A office space, which comprised approximately 82% of total activity. Within that citywide leasing, financial services tenants represented over half of new leases, 10,000 square feet and greater.

在紐約，曼哈頓辦公大樓市場在 2025 年第一季表現出顯著改善，根據高緯環球的數據，新的租賃活動達到了自 2021 年第四季以來的最高季度總量。這一激增是由甲級辦公空間的需求所推動的，甲級辦公空間約佔總活動的 82%。在全市租賃中，金融服務租戶佔新租賃面積的一半以上，面積為 10,000 平方英尺及以上。

We at Paramount are also seeing strong interest from a wide variety of tenants, including the financial and legal sectors. This demand reaffirms our conviction in the long-term appeal of our high-quality, strategically located space in New York's core submarkets.

派拉蒙也看到來自各行各業的租戶的濃厚興趣，其中包括金融和法律部門。這項需求再次證明了我們對紐約核心子市場中高品質、策略性位置空間的長期吸引力的信心。

These market trends align well with our portfolio. We captured our fair share of leasing in New York, where we leased approximately 278,000 square feet. Additionally, we have a very robust leasing pipeline remaining. Peter will cover this in more detail shortly.

這些市場趨勢與我們的投資組合非常吻合。我們在紐約獲得了相當的租賃份額，租賃面積約為 278,000 平方英尺。此外，我們也擁有非常強大的租賃管道。Peter 很快就會對此進行更詳細的介紹。

During the quarter, we signed a significant new lease and subsequent expansion with Kirkland & Ellis at 900 Third Avenue totaling 179,000 square feet, improving the leased occupancy of the building over 20 percentage points from 68.9% to 90.2%.

本季度，我們與 Kirkland & Ellis 在第三大道 900 號簽署了一項重要的新租約及後續擴建項目，總面積達 179,000 平方英尺，使該建築的租賃入住率提高了 20 個百分點，從 68.9% 上升至 90.2%。

This lease represents a major expansion of Kirkland & Ellis, the largest law firm in the United States by gross revenue, and the new space will support their continued growth. This transaction also underscores the improved demand profile for high-quality office space in Midtown East and highlights the strategic value of our properties.

此次租賃代表著美國總收入最高的律師事務所 Kirkland & Ellis 的一次重大擴張，而新的辦公空間將支持其持續成長。此交易也凸顯了中城東區高品質辦公空間需求的改善，並凸顯了我們物業的戰略價值。

The lease strengthens our portfolio and demonstrates our ability to attract and retain top-tier tenants in competitive markets. We are already off to a good start in the second quarter with additional leasing momentum.

這筆租約增強了我們的投資組合，並證明了我們在競爭激烈的市場中吸引和留住頂級租戶的能力。我們第二季已經取得了良好的開端，租賃業務勢頭強勁。

As announced, we recently signed a significant new 121,000 square-foot lease with the law firm Benesch at 13016 Avenue. This new lease, located on high floors achieved strong rents and will bring 13016 Avenue to 90% leased. As we have emphasized in previous calls, the flight-to-quality remains a consistent theme in the market.

正如所宣布的，我們最近與位於 13016 Avenue 的 Benesch 律師事務所簽署了一份重要的新租約，面積為 121,000 平方英尺。該新租賃大樓位於高層，租金表現強勁，將使 13016 Avenue 的出租率達到 90%。正如我們在先前的電話會議中所強調的那樣，追求品質仍然是市場的一致主題。

With tenants increasingly focused on premier buildings in Midtown, our portfolio is benefiting from this trend, bolstered by the Paramount Club, which continues to be a significant differentiator in the market. This amenity has proven transformative, not just in attracting new tenants, but in fostering a vibrant workplace community that enhances tenant satisfaction and retention.

隨著租戶越來越關注中城的優質建築，我們的投資組合也受益於這一趨勢，而派拉蒙俱樂部 (Paramount Club) 更是錦上添花，繼續成為市場上的顯著差異化因素。事實證明，這種便利設施具有變革性，不僅能吸引新租戶，還能培養一個充滿活力的工作場所社區，從而提高租戶滿意度和保留率。

In San Francisco, while the market continues to trail New York, we remain optimistic about its recovery. The leasing activity in San Francisco already has started to show very positive momentum this quarter. The evolving political landscape in San Francisco is fostering a more favorable business environment, stimulating demand for office space. Our portfolio in San Francisco is well-positioned to capitalize on the city's status as a hub for tech innovation and its leadership in AI-focused venture capital funding, which underscores its potential for recovery.

在舊金山，儘管市場繼續落後於紐約，但我們對其復甦仍持樂觀態度。本季舊金山的租賃活動已經開始顯示出非常積極的勢頭。舊金山不斷變化的政治格局正在創造一個更有利的商業環境，刺激對辦公空間的需求。我們在舊金山的投資組合具有良好的條件，可以利用該市作為技術創新中心的地位及其在以人工智慧為重點的創投融資方面的領導地位，這凸顯了其復甦的潛力。

We anticipate that tenants will continue to prioritize high-quality, well-located office space further enhancing the appeal of our properties. Our focus remains on maintaining strong tenant relationships and securing renewals, ensuring that our portfolio is ready to meet the needs of existing and prospective tenants as demand increases.

我們預計租戶將繼續優先考慮高品質、位置優越的辦公空間，從而進一步增強我們物業的吸引力。我們的重點仍然是維持良好的租戶關係和確保續約，確保我們的投資組合能夠滿足現有和潛在租戶日益增長的需求。

Turning to our capital allocation activities, we continue to substantiate via the private market the underlying values in our portfolio. During the quarter, we closed the sale of a 45% interest in 900 Third Avenue, raising approximately $95 million in net proceeds. This transaction valued the property at $210 million or $354 per square foot. We retain the remaining 55% interest and we will continue to lease and manage the property.

談到我們的資本配置活動，我們繼續透過私人市場來證實我們投資組合中的潛在價值。本季度，我們完成了第三大道 900 號 45% 權益的出售，籌集了約 9,500 萬美元的淨收益。這筆交易對該房產的估價為 2.1 億美元，即每平方英尺 354 美元。我們保留剩餘的 55% 權益，並將繼續租賃和管理該物業。

With that, I will hand over to Peter.

說完這些，我會把麥克風交給彼得。

Thank you, Albert, and good morning. During the first quarter, we leased approximately 284,000 square feet, a majority of which occurred in New York. The weighted average term for leases signed during the first quarter was 12.9 years.

謝謝你，阿爾伯特，早安。第一季度，我們租賃了約 284,000 平方英尺的空間，其中大部分位於紐約。第一季簽訂的租賃加權平均期間為12.9年。

At quarter end, our same-store portfolio-wide leased occupancy rate at share was 86.2%, up 140 basis points from last quarter. In both New York and San Francisco, tenants continue to prioritize premier, centrally located amenity rich buildings.

截至季末，我們同店組合的租賃入住率為 86.2%，較上一季上升 140 個基點。在紐約和舊金山，租戶繼續優先考慮位於中心位置、設施豐富的優質建築。

We remain laser-focused on further developing our tenant relationships, delivering market-leading amenities and added conveniences to our tenants, securing renewals for upcoming lease expirations, and filling our vacant spaces.

我們將繼續專注於進一步發展與租戶的關係，為租戶提供市場領先的設施和更多便利，確保即將到期的租約續簽，並填補我們的空置空間。

During the first quarter, approximately 60% of our leasing activity occurred on vacant space, 24% on space scheduled to expire in 2025, and the balance served to derisk lease roll in 2026 and 2027. Our pipeline of prospective tenants continues to expand, especially in New York, where improving market dynamics in Midtown's core submarkets combined with our market-leading amenity offering at the Paramount Club have helped generate significant momentum.

在第一季度，我們約 60% 的租賃活動發生在空置空間，24% 發生在計劃於 2025 年到期的空間，其餘的則用於降低 2026 年和 2027 年的租賃風險。我們的潛在租戶管道不斷擴大，尤其是在紐約，中城核心子市場的市場動態不斷改善，加上我們在派拉蒙俱樂部提供的市場領先的便利設施，有助於產生巨大的發展勢頭。

Our pipeline in both New York and San Francisco currently contains more than 375,000 square feet of leases in negotiation, more than half of which are for vacant space and the balance for space scheduled to expire in 2025 and 2026.

目前，我們在紐約和舊金山的租賃談判中涉及超過 375,000 平方英尺的租約，其中一半以上為空置空間，其餘為計劃於 2025 年和 2026 年到期的空間。

Additionally, we have advanced-stage proposals being negotiated for more than 150,000 square feet. Beyond that, our pipeline continues to grow as evidenced by the increasing number of proposals we are exchanging.

此外，我們還有超過 150,000 平方英尺的後期提案正在協商中。除此之外，我們交換的提案數量不斷增加就證明了我們的管道不斷擴大。

Turning to the New York market. Midtown remains the most active of Manhattan's three major markets. Midtown's leasing activity during the first quarter reached more than 4.8 million square feet, exceeding the five-year quarterly average for the sixth consecutive quarter. Increased demand, coupled with planned conversions of select office buildings and little-to-no new development, is leading to a scarcity of high-quality availability in Midtown's premier buildings.

轉向紐約市場。中城仍然是曼哈頓三大市場中最活躍的市場。第一季中城的租賃活動達到超過 480 萬平方英尺，連續六個季度超過五年季度平均水準。需求的增加，加上部分辦公大樓的改建計劃以及幾乎沒有新的開發項目，導致中城優質辦公大樓供應不足。

We continue to gain momentum as evidenced by our pipeline and expect the ongoing absorption of space in our submarkets will support increased leasing and improved deal economics in the year ahead. The first quarter in New York was largely defined by the completion of a significant new lease with Kirkland & Ellis for 179,000 square feet at 900 Third Avenue.

我們的業務線表明我們將繼續保持成長勢頭，我們預計，未來一年，我們子市場中空間的持續吸收將支持租賃成長和交易經濟的改善。紐約第一季的主要特點是與 Kirkland & Ellis 律師事務所簽署了一份重要的新租約，租期為第三大道 900 號，面積為 179,000 平方英尺。

The transaction is a testament to the quality of 900 Third Avenue and serves as yet another example of the New York office market's ongoing resurgence. In addition, and subsequent to quarter-end, we signed a new 121,000 square-foot lease, 30,000 square feet of which is short-term with the law firm Benesch at 1301 Avenue of the Americas, one of the most active buildings in our portfolio. This takes our leased occupancy rate to 90%, and given current activity on vacant floors at the building, we would expect additional occupancy gains in the coming quarters.

這筆交易證明了第三大道 900 號的品質，也是紐約辦公大樓市場持續復甦的又一例證。此外，在本季末之後，我們與位於美洲大道 1301 號的 Benesch 律師事務所簽署了一份新的 121,000 平方英尺的租約，其中 30,000 平方英尺為短期租約，美洲大道 1301 號是我們投資組合中最活躍的建築之一。這使我們的租賃入住率達到 90%，並考慮到目前大樓空置樓層的活動情況，我們預計未來幾季的入住率將進一步上升。

At quarter-end, our New York portfolio is currently 87.4% leased on a same-store basis at share, up 240 basis points from last quarter. Our lease expiration profile in New York is manageable with approximately 255,000 square feet or 4.7% at share expiring by year end.

截至季末，我們紐約投資組合的同店出租率為 87.4%，較上一季成長 240 個基點。我們在紐約的租約到期情況可控，約有 255,000 平方英尺或 4.7% 的份額將於年底到期。

Shifting to San Francisco, market-wide leasing activity continues to steadily improve as Q1 marked the strongest first-quarter of leasing activity since 2019. San Francisco employees have been returning to the office at an increasing rate as more tech companies modify their workplace policy to be more office-centric. Remote job postings are declining, and as we have seen in New York, return-to-work on a larger scale in San Francisco will drive increased leasing activity in 2025 and beyond.

轉向舊金山，整個市場的租賃活動繼續穩步改善，第一季是自 2019 年以來租賃活動最強勁的第一季。隨著越來越多的科技公司修改其工作場所政策，使其更加以辦公室為中心，舊金山員工重返辦公室的比例也不斷增加。遠端職缺正在減少，正如我們在紐約看到的那樣，舊金山大規模復工將推動 2025 年及以後租賃活動的成長。

During the first quarter, AI-based companies accounted for approximately 20 deals totaling more than 275,000 square feet and have become an increasingly large percentage of the tenants in the market profile as they continue to raise significant venture capital funding. In fact, more than half of the AI-based tenants that transacted in the first quarter are new to the market, highlighting San Francisco's growing importance as an AI hub.

在第一季度，人工智慧公司達成了約 20 筆交易，總面積超過 275,000 平方英尺，並且隨著它們繼續籌集大量風險投資資金，在市場租戶中所佔的比例越來越大。事實上，第一季交易的人工智慧租戶中有一半以上都是新進入市場的，這凸顯了舊金山作為人工智慧中心日益增長的重要性。

While overall market conditions remain challenging given elevated supply, there continues to be a steady uptick in leasing inquiries and tour activity, which have increasingly led to proposals and transactions. Subsequent to quarter-end, we signed a new 32,000 square-foot lease with a leading law firm on Google floors at One Market Plaza and look forward to welcoming them to the building.

儘管由於供應增加，整體市場狀況仍然充滿挑戰，但租賃諮詢和旅遊活動繼續穩步上升，從而越來越多地促成了提案和交易。季度末之後，我們與一家領先的律師事務所簽署了一份新的 32,000 平方英尺的租約，租用位於 One Market Plaza 的 Google 樓層，並期待他們入駐該大樓。

We remain focused on our known move-outs, notably the ongoing backfill of Google space at One Market Plaza and the portion of JPMorgan space at One Front Street that expires this year. Plans are currently being developed to deliver exceptional amenities at both One Market Plaza and One Front Street, leveraging our experience from the Paramount Club. We are confident that our amenity plan will resonate with existing tenants and prospective tenants alike.

我們仍將重點關注已知的搬遷情況，特別是正在進行的 One Market Plaza 谷歌空間的回填以及今年到期的 One Front Street 摩根大通空間的部分。我們目前正在製定計劃，利用派拉蒙俱樂部的經驗，在 One Market Plaza 和 One Front Street 提供卓越的設施。我們相信，我們的便利設施計劃會引起現有租戶和潛在租戶的共鳴。

At quarter end, our San Francisco portfolio was 82.3% leased on a same-store basis at share, down 150 basis points from last quarter. As we've discussed on prior calls, our lease expiration profile in our core portfolio in San Francisco is significant with 490,000 square feet or 27.7% expiring at share in 2025, approximately 80% of which is comprised of Google and J.P. Morgan.

截至本季末，我們舊金山的投資組合以同店出租率為 82.3%，較上一季下降 150 個基點。正如我們在先前的電話會議上所討論的那樣，我們在舊金山的核心投資組合中的租賃到期情況非常重要，其中 490,000 平方英尺或 27.7% 的租賃到期時間為 2025 年，其中約 80% 由谷歌和摩根大通組成。

With that summary, I will turn the call over to Wilbur, who will discuss the financial results.

有了這份總結，我將把電話轉給威爾伯，他將討論財務結果。

Thank you, Peter, and good morning, everyone. Yesterday, we reported core FFO of $0.17 per share for the first quarter, which was $0.01 above consensus estimates. first quarter same-store growth was negative 4.1% on a cash basis and negative 5.4% on a GAAP basis. Our first quarter financial results are trending in line with our expectations, and therefore, we are reaffirming our earnings guidance that we put out back in February.

謝謝你，彼得，大家早安。昨天，我們報告第一季核心 FFO 為每股 0.17 美元，比普遍預期高出 0.01 美元。第一季同店銷售額成長率以現金計算為負 4.1%，以 GAAP 計算為負 5.4%。我們第一季的財務表現符合我們的預期，因此，我們重申我們在二月發布的獲利預期。

During the first quarter, we executed 12 leases for a total of 283,874 square feet at weighted average starting rents of $76.52 per square foot and for a weighted-average lease term of 12.9 years. Mark-to-markets on 81,707 square feet of second-generation space was negative 1.5% on a cash basis and positive 7.1% on a GAAP basis.

第一季度，我們簽訂了 12 份租約，總面積為 283,874 平方英尺，加權平均起始租金為每平方英尺 76.52 美元，加權平均租賃期限為 12.9 年。以現金計算，第二代辦公空間 81,707 平方英尺的市價為負 1.5%，以 GAAP 計算，則為正 7.1%。

At quarter end, the leased occupancy rate of our same-store portfolio was 86.2%, up 140 basis points from the prior quarter, with New York at 87.4%, up 240 basis points, and San Francisco at 82.3%, down 150 basis points.

截至季末，我們同店租賃入住率為 86.2%，較上一季上升 140 個基點，其中紐約為 87.4%，上升 240 個基點，舊金山為 82.3%，下降 150 個基點。

Based on our year-to-date results and our outlook for the remainder of the year, we are increasing our leasing guidance to now be between 900,000 square feet and 1.1 million square feet, representing an 11% increase at the midpoint.

根據我們今年迄今的業績以及對今年剩餘時間的展望，我們將租賃指導面積提高至 90 萬平方英尺至 110 萬平方英尺之間，中間值增長 11%。

In addition, we are increasing our same-store leased occupancy guidance to now be between 84.4% and 86.4%, representing a 50 basis point increase at the midpoint from our prior guidance. This, of course, is driven by our New York portfolio.

此外，我們將同店租賃入住率預期上調至 84.4% 至 86.4% 之間，比先前預期的中位數高出 50 個基點。當然，這是由我們的紐約投資組合推動的。

As I said during our last call, the occupancy of our New York portfolio has bottomed out, and with increasing velocity and a modest lease roll, we will continue to drive occupancy. Also, as previously highlighted, leased occupancy in our San Francisco portfolio will deteriorate further in the near-term before improving, driven by the sheer magnitude of lease expirations in the upcoming quarters.

正如我在上次電話會議上所說的那樣，我們紐約投資組合的入住率已經觸底，隨著速度的提高和適度的租賃量，我們將繼續推動入住率。此外，正如先前強調的那樣，由於未來幾季租約到期數量龐大，我們舊金山投資組合的租賃入住率在短期內將進一步惡化，然後才會改善。

Turning to our balance sheet. In January, we sold a 45% interest in 900 Third Avenue. The sale resulted in net proceeds to the balance sheet of approximately $95 million, bringing our quarter-end cash and restricted cash balance to $499.3 million.

轉向我們的資產負債表。一月份，我們出售了第三大道 900 號 45% 的權益。此次出售給資產負債表帶來的淨收益約為 9,500 萬美元，使我們的季末現金和受限現金餘額達到 4.993 億美元。

Our debt at quarter-end, excluding debt on non-core assets, amounts to $3.25 billion at a weighted-average rate of 4.26% and a weighted-average term of 2.6 years, 73% of this debt is fixed with a weighted-average interest rate of 3.51% and a weighted-average term of 3.1 years. The remaining 27% is floating with a weighted-average interest rate of 6.28% and a weighted-average term of 1.4 years. If you factor interest-rate caps, our floating-rate debt is reduced from 27% to less than 1%. Other than the debt on non-core assets, we do not have any debt maturing in 2025.

我們季末的債務（不包括非核心資產債務）為 32.5 億美元，加權平均利率為 4.26%，加權平均期限為 2.6 年，其中 73% 的債務為固定債務，加權平均利率為 3.51%，加權平均期限為 3.1 年。其餘 27% 為浮動利率，加權平均利率為 6.28%，加權平均期限為 1.4 年。如果考慮利率上限，我們的浮動利率債務將從 27% 降至 1% 以下。除非核心資產債務外，我們沒有任何在 2025 年到期的債務。

We have $1.5 billion of debt maturing in 2026, the largest of which is the $860 million loan on 1301 6th Avenue. The building is performing exceptionally well and is now 90% leased and climbing. The debt markets for high-quality assets like 1301 is liquid, notwithstanding the recent turbulence in the macro-environment. We will monitor the markets and opportunistically look to derisk our 2026 maturities.

我們有 15 億美元的債務將於 2026 年到期，其中最大一筆是第六大道 1301 號的 8.6 億美元貸款。該建築表現異常良好，目前出租率已達 90%，且持續攀升。儘管近期宏觀環境出現動盪，但 1301 等優質資產的債務市場仍具有流動性。我們將密切關注市場並把握機會降低 2026 年到期債券的風險。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Manus Ebbecke with Evercore.

Manus Ebbecke 與 Evercore 合作。

Great. Good morning, everyone. Thanks for taking the question. The first one, I wanted to just touch on high-level on capital uses and sources. With the stock obviously trading where it is, what do you -- what should we expect kind of like going forward in '25, and maybe see more of transactions like 900 Third Avenue or just maybe help us think through on like a more broader high-level what you kind of like are aiming for here?

偉大的。大家早安。感謝您回答這個問題。首先，我想簡單談談資本用途和來源的高層問題。由於股票顯然在目前的交易環境中交易，您——我們應該對 25 年的發展有何期待，也許會看到更多像第三大道 900 號這樣的交易，或者只是幫助我們從更廣泛的高層角度思考您在這裡的目標是什麼？

Hey, Manus. This is Albert Behler. As we had mentioned before, we want to be considering all the options and remain disciplined for sure and opportunistic, so if there are opportunities like the one we had at 900 Third, we are definitely looking at that because it's helpful for us. We want to maintain flexibility and continue to develop our great relationships, especially abroad, and do the best for the shareholders with those relationships.

嘿，馬努斯。這是 Albert Behler。正如我們之前提到的，我們希望考慮所有的選擇，並保持紀律和機會主義，所以如果有像我們在 900 Third 那樣的機會，我們肯定會考慮，因為它對我們有幫助。我們希望保持靈活性並繼續發展我們良好的關係，特別是在海外，並利用這些關係為股東提供最好的服務。

Thanks. I think that makes sense. And then maybe one question, was interesting to hear that you talked about the 32,000 square feet law firm that signed for the former Google floors at One Market Plaza. Could you maybe, to the extent you can share, talk about the rents, maybe the concessions or the timing for that specific tenant to decide to go to one marketplace, but congrats it's a good win for the building?

謝謝。我認為這是有道理的。然後也許有一個問題，很有趣地聽到您談到簽約位於 One Market Plaza 的前谷歌樓層的 32,000 平方英尺的律師事務所。您能否在一定程度上分享一下租金、優惠或特定租戶決定進入某個市場的時機，但恭喜這對建築物來說是一個很好的勝利？

Thanks, Manus. This is Peter. We are seeing a lot of activity from law firms that are looking to upgrade the quality of their real estate and we're trading paper with several at one market. This particular law firm, we're really very proud to welcome to the building.

謝謝，馬努斯。這是彼得。我們看到很多律師事務所都在積極尋求提升其房地產質量，並且我們正在一個市場上與多家律師事務所進行交易。我們非常榮幸地歡迎這家律師事務所進駐。

The upper floors, I would say, generally command rents in excess of $120 a foot. Certainly, view space and a building of One Market's quality is commanding real interest. And so in any event, we were able to announce this subsequent to quarter end to give you the idea that we are starting to make progress. As I mentioned in my prepared remarks, we are starting to see and have more constructive conversations with the brokerage community.

我想說，樓上的租金通常超過每平方英尺 120 美元。當然，One Market 這樣高品質的觀景空間和建築確實能引起人們的興趣。因此，無論如何，我們都能夠在季度末之後宣布這一消息，讓您知道我們開始取得進展。正如我在準備好的發言中提到的那樣，我們開始看到與經紀界進行更具建設性的對話。

In San Francisco, tour activity is up, proposals are starting to percolate, and so we're generally starting to feel better about the activity levels in San Francisco, but that was certainly a nice win for the building, and we look forward to sharing more in the quarters ahead.

在舊金山，旅遊活動有所增加，求婚開始逐漸增多，因此我們總體上開始對舊金山的活動水平感覺更好，但這對建築來說無疑是一個不錯的勝利，我們期待在未來幾個季度分享更多。

Great. That’s all from me. Thank you.

偉大的。我要說的就這些。謝謝。

Thank you.

謝謝。

Blaine Heck with Wells Fargo.

富國銀行的布萊恩·赫克。

Great. Just following up on that last question. I guess, can you just talk a little bit more about San Francisco? It sounds like you guys continued to see good activity in that market in the first quarter. I guess, has any of that momentum stalled with the current uncertainty in the market? Peter, you just talked about the activity at One Market, but can you touch on any activity you guys have at One Front? And then more broadly, I guess, how do you think about your commitment to that market over the long term? I guess, is there any scenario in which you'd sell down your exposure there like you did in DC, and kind of just focus on New York?

偉大的。我只是想回答最後一個問題。我想，您能再多談談舊金山嗎？聽起來你們在第一季繼續看到該市場的良好活動。我想，由於目前市場的不確定性，這種勢頭是否會停滯？彼得，你剛剛談到了 One Market 的活動，你能談談你們在 One Front 開展的活動嗎？那麼更廣泛地說，我想，您如何看待自己對該市場的長期承諾？我想，是否存在這樣一種情況，你會像在華盛頓特區那樣減少在那裡的投資，而只專注於紐約？

Blaine, let me start with this. We have, as you said now, transferred a lot of assets from lots of investments that we had in DC, I think in a prudent manner in time, and early into San Francisco. San Francisco is clearly a different market than DC that has long-term structural issues. In San Francisco, I am still cautiously optimistic.

布萊恩，讓我從這裡開始。正如您所說，我們已經將我們在華盛頓特區的大量投資中的大量資產及時轉移到舊金山，我認為我們採取了謹慎的方式。舊金山顯然是一個與華盛頓特區不同的市場，它有長期的結構性問題。在舊金山，我仍然持謹慎樂觀的態度。

The team spent nearly a week in San Francisco, including myself. We had meetings with the local authorities. You know that the mayor changed and the administration, and there's a totally different attitude towards business. I had a personal meeting with the mayor and his Head of Housing, Ned Siegel and they are committed to clean up the city, make it safe, it is their first goal and working with the business community with the large employers with whom they are well-connected to come back into the city, similar to what had happened here in New York.

包括我在內的團隊在舊金山待了將近一週的時間。我們與地方政府舉行了會議。你知道市長和政府都換了，對待商業的態度也完全不同了。我與市長及其住房主管內德·西格爾進行了私人會談，他們致力於清理城市，確保城市安全，這是他們的首要目標，並與商界和與他們關係密切的大型雇主合作，讓居民重返城市，就像在紐約發生的那樣。

And we have said on previous calls, that San Francisco will be behind New York because it's a different kind of business environment. The technology firms reacted to the pandemic differently. Some of them thought they can work from home forever, but they're realizing as well that of the return to the office is beneficial for their business in general. So we have already seen, and Peter can go into more details, you don't see that yet in the numbers.

我們在先前的電話會議上說過，舊金山將落後紐約，因為那裡的商業環境不同。各科技公司對疫情的反應各不相同。他們中的一些人曾以為他們可以永遠在家工作，但他們也意識到重返辦公室對他們的整體業務有利。所以我們已經看到了，彼得可以講得更詳細，但你還沒有在數字中看到這一點。

But we have seen much more leasing activity in the market with our various assets. So, it might take a little time as it took here in New York, but it looks like it's turning around to the positive. And you had asked a question about the tariff discussions, we don't see an impact on that at all for the time being in the market.

但我們發現市場上各種資產的租賃活動明顯增加。因此，這可能需要一點時間，就像在紐約一樣，但看起來情況正在好轉。您曾問過有關關稅討論的問題，我們認為目前這對市場沒有任何影響。

Okay, great. That's really helpful and sounds great. And then I appreciate your commentary and transparency again on the 2025 move-outs and upcoming expirations, but wanted to ask if you could give an update on any activity you have at Showtime, Visa, any other large spaces that are facing expirations in '26.

好的，太好了。這確實很有幫助，而且聽起來很棒。然後，我再次感謝您對 2025 年搬出和即將到期的評論和透明度，但我想問您是否可以提供有關 Showtime、Visa 以及任何其他即將在 26 年到期的大型空間的任何活動的最新信息。

Sure. So, Blaine, this is Peter. We've discussed that 70% of our lease roll in San Francisco is comprised of Google and J.P. Morgan. That's in '25. You asked about '26, and I think the big moving parts in '26 in San Francisco specifically are Morgan Lewis, Autodesk, Visa.

當然。那麼，布萊恩，這是彼得。我們已經討論過，我們在舊金山的租賃合約中有 70% 來自谷歌和摩根大通。那是在 25 年。你問到 26 年的情況，我認為 26 年舊金山的重大變動具體來說是摩根路易斯、Autodesk 和 Visa。

We know that Morgan Lewis and Visa will move out. We are in advanced discussions with a tenant for a portion of the Visa space currently, so that backfill has started. And that -- what I'm now referring to is a portion of the leases in negotiation pipeline that I did mentioned in my prepared remarks. And so we are making progress there.

我們知道摩根路易斯和維薩將會搬走。目前，我們正在與 Visa 部分空間的租戶進行深入討論，因此補填工作已經開始。我現在指的是我在準備好的發言中提到的正在談判中的部分租約。因此我們在這方面取得了進展。

As it relates to Showtime in New York, that is, of course, our most significant known move out in 2026. We're trading paper with two or three tenants of size for that large block. When you look at what's happening in Midtown specifically, there are few blocks of this size, certainly of this quality, and the block of course, is at 1633 Broadway that I'm referring to, the roughly 250,000 square foot Showtime block, and so while that space does come back to us in January of '26, we are optimistic with regard to the activity level we have on the building, but it really is too soon at this point to share anything more than that.

就其與紐約 Showtime 的關係而言，這當然是我們所知的 2026 年最重要的舉措。我們正在與兩到三家規模較大的承租人交易那塊大地皮。當你具體看看中城區的情況時，你會發現很少有街區能達到這種規模，而且質量也如此之高，我指的當然是百老匯大街 1633 號，大約 25 萬平方英尺的 Showtime 街區，所以雖然這塊空間會在 26 年 1 月回到我們手中，但我們對這棟建築的活動水平感到更多，但現在還為時過早。

Okay. Thanks, Peter. Last one for me, maybe for Wilbur, just touching on guidance, your leasing volume and lease rate guidance were adjusted upward, but no change in same-store NOI guidance, is that just due to kind of the delayed commencement of leases that you're expecting, transferring into occupancy or are there any other kind of moving pieces that we should be aware of?

好的。謝謝，彼得。對我來說，也許是對 Wilbur 來說，最後一個問題，只是涉及指導，您的租賃量和租賃率指導已上調，但同店 NOI 指導沒有變化，這僅僅是因為您預期的租賃開始時間延遲，轉入入住時間延遲，還是還有其他我們應該注意的變動因素？

Blaine, it's primarily that there are a couple of moving pieces. We're trying to be very measured here with the guidance as we always have. We gave out guidance two months ago. We're sitting here in March, I think you will see that refined and probably to the better as we move on with the activity we see right now and what's in the pipeline.

布萊恩，主要是有幾個活動的部分。我們會像往常一樣，盡力謹慎地提供指導。我們兩個月前就給了指導。現在是三月，隨著我們繼續推進目前看到的活動和正在籌備中的工作，我想你會看到情況變得更加完善，甚至可能更好。

Great. Thank you, guys.

偉大的。謝謝你們。

Dylan Burzinski with Green Street.

綠街 (Green Street) 的 Dylan Burzinski。

Hi, guys. Thanks for taking the question. Maybe just sort of continuing on the trend of the improvement in leasing volume return activity that you guys are seeing, not only across New York now, but San Francisco, can you sort of talk about that, specifically related to some of the larger tenants? Are we starting to finally see these tenants come back and look to take down space, especially in San Francisco?

嗨，大家好。感謝您回答這個問題。也許只是延續了你們所看到的租賃量回報活動改善的趨勢，現在不僅在紐約，而且在舊金山，您能否談談這一點，特別是與一些較大的租戶有關？我們是否最終會看到這些租戶回來並尋求租用空間，尤其是在舊金山？

Yeah, Dylan, this is Peter. I'll start. You asked about New York. I'll tell you that the competition for space, certainly in premier buildings in the core submarkets of Midtown is the most obvious theme that we're feeling.

是的，迪倫，這是彼得。我先開始。您問到有關紐約的情況。我要告訴你的是，空間競爭，尤其是中城核心子市場的頂級建築空間競爭，是我們感受到的最明顯的主題。

That is the force that is driving this market. And certainly, there are large tenants that are really very active in Midtown specifically. As Albert said and I touched on, San Francisco is certainly beginning to heal and recover.

這就是推動這個市場的力量。當然，中城區確實有一些非常活躍的大型租戶。正如阿爾伯特所說和我提到的，舊金山肯定開始恢復和復甦。

There's a lot of reasons to feel good and acknowledge that there are in fact some green shoots. It's still early. But in the most recent quarter, we did see some deals of size happen. And so we are starting to see more activity. And I think it's not just tech companies. We've seen financial services and law firms of varying sizes. And so, this most recent quarter was the best quarter that San Francisco has realized since the first quarter of 2019.

有很多理由讓我們感到高興並承認確實存在一些復甦的跡象。時間還早。但在最近一個季度，我們確實看到一些規模較大的交易發生。因此我們開始看到更多的活動。我認為這不僅僅是科技公司的問題。我們見過各種規模的金融服務公司和律師事務所。因此，最近這個季度是舊金山自 2019 年第一季以來表現最好的一個季度。

And while it's one quarter, and we directionally -- we feel that directionally the market is moving in the right direction because of not only what we're experiencing by way of the results that have now been posted, but we're seeing out in the field, day-to-day with the types of conversations we're having with the brokerage community.

雖然這只是一個季度，但我們從方向上看——我們認為市場正朝著正確的方向發展，這不僅是因為我們從現在公佈的結果中看到了這一點，而且我們也從與經紀界的日常對話中看到了這一點。

Appreciate those comments, Peter. And I guess just that demand you talked about in San Francisco, would you characterize that as like net-new demand in terms of new tenants in market or expansionary space? Or is that more sort of musical chairs and more representative of tenants wanting to move out of quote-unquote, maybe a more commodity building into a higher-quality building that a Paramount might own?

感謝這些評論，彼得。我想您剛才談到舊金山的需求，您會將其描述為市場新租戶或擴張空間的淨新增需求嗎？或者這更像是一種搶椅子的遊戲，更能代表租戶想要搬出所謂的“更商品化的建築”，搬進派拉蒙可能擁有的更高品質的建築？

We're seeing a lot of law firms that are looking to upgrade the quality of their real estate. I think where we're seeing net new tenants enter the market would be the AI-based tenants. As I mentioned in my remarks, more than half of the deals that occurred in the first quarter, there were 20 deals, AI deals, if you will, more than half of them were new to the market.

我們看到很多律師事務所都在尋求提升房地產的品質。我認為我們看到的進入市場的新租戶是基於人工智慧的租戶。正如我在演講中提到的，第一季發生的交易中有一半以上，有 20 筆交易，如果你願意的話，其中一半以上是人工智慧交易，都是新進入市場的。

And so we are seeing tenants that quite honestly, we have to research when we identify who in fact they are. And so there is a lot of new tenants finding their way into San Francisco which are, like I said, predominantly AI-based tenants.

因此，當我們見到租戶時，我們必須坦白進行調查，以確定他們到底是誰。因此，有很多新租戶進入舊金山，正如我所說，他們主要是基於人工智慧的租戶。

They continue to be recipients of enormous amounts of venture capital funding. They certainly acknowledge the importance of the office. They subscribe to in-person work, and they are becoming increasingly active in a larger part of the tenant in the market profile in San Francisco.

他們繼續獲得大量創投資金。他們當然承認這個辦公室的重要性。他們訂閱現場工作，並且在舊金山市場中越來越活躍地成為更大的租戶群體。

Appreciate the details. Thanks, guys.

欣賞細節。謝謝大家。

(Operator Instructions)

（操作員指示）

Tom Catherwood from BTIG.

BTIG 的 Tom Catherwood。

Thank you and good morning, everybody. Great to see the progress in Manhattan in both in 1Q and thus far in 2Q. Are the Kirkland and Benesch leases all on vacant space? Or are you taking back some space or moving tenants around to get those deals done?

謝謝大家，早安。很高興看到曼哈頓在第一季和第二季迄今都取得了進展。Kirkland 和 Benesch 的租賃合約上都是空置空間嗎？或者您是否收回一些空間或轉移租戶以完成這些交易？

Hi, Tom, this is Peter. I want to say that Kirkland was a rough -- in excess of 100,000 square feet on vacant space. So it not only solved for vacant space, but served to derisk lease roll. The Benesch transaction, which we announced this morning was comprised of the following, about 30,000 square feet on vacant space, 60,000 square feet that's scheduled to expire in the fourth quarter of this year, and 30,000 square feet on space that's scheduled to expire in the latter half of 2026.

你好，湯姆，我是彼得。我想說的是，柯克蘭是一個粗糙的地方——有超過 100,000 平方英尺的空置空間。因此，它不僅解決了空置空間問題，還降低了租賃風險。我們今天上午宣布的 Benesch 交易包括以下內容：約 30,000 平方英尺的空置空間、60,000 平方英尺的計劃於今年第四季度到期的空間以及 30,000 平方英尺的計劃於 2026 年下半年到期的空間。

Got it. Appreciate that. And then, Peter, you had mentioned the shrinking pool of quality available office space in Midtown, are you starting to see tenants coming to you earlier in the renewal process to try to lock in their space than they have in years past? And does that allow you to start pushing rents here?

知道了。非常感謝。然後，彼得，您提到了中城優質可用辦公空間的數量正在減少，您是否開始看到租戶在續約過程的早期就來找您，試圖比過去幾年鎖定他們的空間？這是否允許您開始提高這裡的租金？

Yeah. I think with every tenant, it's a little different. I do think the fear of loss has kicked in and I think that's largely what's causing tenants to engage. We recognize that of the, call it, 40 million square feet in Midtown, 80% of it is on floors 24 and below, and so if you happen to be leasing a high-quality building as we do, of course, you certainly have pricing power on upper floors. There's just not a lot of availability on upper floors in our market here in Midtown. And so yes, we do recognize that we have pricing power. We are pushing when and where we have availability on upper floors, and we're seeing the results now.

是的。我認為每個租戶的情況都有點不同。我確實認為對損失的恐懼已經開始顯現，我認為這是導致租戶參與的主要原因。我們認識到，在中城 4000 萬平方英尺的建築面積中，80% 位於 24 層及以下，因此，如果您碰巧像我們一樣租賃了一座高品質的建築，那麼您當然對較高樓層擁有定價權。在我們中城市場，高層的可用房源並不多。是的，我們確實認識到我們有定價權。我們正在努力爭取在較高樓層提供空房，現在我們已經看到了成果。

Got it. And then last one for me, following up on Blaine's San Francisco question. Yesterday, one of your peers expressed concern that the first quarter leasing pickup was more of a one-off with a number of large requirements landing at once, but demand behind that primarily concentrated in small to mid-sized tenants. Do you agree with that? And has your pipeline recently changed as large leases have signed elsewhere?

知道了。這是我的最後一個問題，關於布萊恩關於舊金山的問題。昨天，您的一位同行表示擔心，第一季租賃回升更像是一次性現象，許多大型需求同時出現，但背後的需求主要集中在中小型租戶身上。你同意嗎？由於其他地方簽署了大宗租約，你們的管道最近是否發生了變化？

There were certainly some several large transactions done in the first quarter, Google, J.P. Morgan, DataBrix, and I would also say that a lot of these AI-based companies are smaller in nature, not all of them, but a lot of them given where they are in their evolution.

第一季確實完成了幾筆大型交易，包括Google、摩根大通、DataBrix，我還想說，很多基於人工智慧的公司規模都比較小，雖然不是全部，但考慮到它們的發展階段，很多公司規模都比較小。

I don't know that that rules out larger opportunities. Certainly, we are having conversations with tenants of size. And so I think in terms of demand, I would say that there still remains a nice range of requirements currently in the market. We call the sort of tenant in the market, pipeline in San Francisco to be roughly 7 million square feet, and it's made up of tenants of varying sizes.

我不知道這是否排除了更大的機會。當然，我們正在與規模較大的租戶進行對話。因此，我認為就需求而言，目前市場上仍存在一系列良好的需求。我們稱舊金山市場上的租戶數量約為 700 萬平方英尺，由各種規模的租戶組成。

Got it. Appreciate all the answers. Thanks, everyone.

知道了。感謝所有答案。謝謝大家。

Thanks, Tom.

謝謝，湯姆。

I would like to turn the floor over to Albert Behler for closing remarks.

我想請阿爾伯特·貝勒 (Albert Behler) 作最後發言。

Thank you. Thank you all for joining us today. We look forward to providing an update on our continued progress when we report our second quarter 2025 results. Goodbye.

謝謝。感謝大家今天的參與。我們期待在報告 2025 年第二季業績時提供有關我們持續進展的最新資訊。再見。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。