SL Green Realty Corp (SLG) 2023 Q1 法說會逐字稿

Thank you, everybody, for joining us, and welcome to the SL Green Realty Corp. First Quarter 2023 Earnings Results Conference Call. This conference call is being recorded. At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events may differ from any forward-looking statements that management may make today.

謝謝大家加入我們，歡迎來到 SL Green Realty Corp. 2023 年第一季度收益結果電話會議。正在錄製此電話會議。此時，公司想提醒聽眾，在電話會議期間，管理層可能會做出前瞻性陳述。您不應依賴前瞻性陳述作為對未來事件的預測，因為實際結果和事件可能與管理層今天可能做出的任何前瞻性陳述不同。

All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today. Additional information regarding the risks, uncertainties and other factors that could cause such differences appear are set forth in the Risk Factors and MD&A section of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.

管理層就此次電話會議做出的所有前瞻性陳述均基於他們截至今日的假設和信念。有關可能導致此類差異出現的風險、不確定性和其他因素的其他信息，請參見公司最新 10-K 表格的風險因素和 MD&A 部分以及公司向美國證券交易委員會提交的其他後續報告。

Also, during today's conference call, the company may discuss non-GAAP financial measures as defined by Regulation G under the Securities Act. The GAAP financial measure most directly comparable to each non-GAAP financial measure discussed in the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on both the company's website at www.slgreen.com by selecting the press release regarding the company's first quarter 2023 earnings and our supplemental information included in our current report on Form 8-K relating to our first quarter 2023 earnings. (Operator Instructions) I will now turn the call over to Marc Holliday. Please go ahead, Marc.

此外，在今天的電話會議上，公司可能會討論《證券法》G 條例所定義的非 GAAP 財務措施。在調節每項非 GAAP 財務指標與可比 GAAP 財務指標之間的差異時，可以在公司網站 www.slgreen.com 上找到與每項非 GAAP 財務指標最直接可比的 GAAP 財務指標，方法是選擇關於公司 2023 年第一季度收益的新聞稿以及我們當前關於 2023 年第一季度收益的 8-K 表報告中包含的補充信息。 （操作員說明）我現在將電話轉給馬克·霍利迪。請繼續，馬克。

Okay. Good afternoon, everyone, and welcome to SL Green's earnings call. Thank you for joining us today as we review the first quarter's results and discuss improving trends. We see in New York City as the office sector continues its recovery from the unprecedented 3 years of a pandemic economy. The commercial real estate sector seems to dominate much of the headlines these days, amplifying messages of doom and gloom and creating what I believe to be an overanxiety in the market that is most acutely felt in New York City, where many of the market opinion makers reside. Overly negative voices are overshadowing some of the positive signs that portend to a slow but steady recovery for a market that offers what employers want most, a highly educated, diverse, youthful and talented workforce.

好的。大家下午好，歡迎來到 SL Green 的財報電話會議。感謝您今天加入我們，因為我們回顧了第一季度的結果並討論了改進趨勢。我們在紐約市看到辦公部門繼續從前所未有的 3 年大流行經濟中復蘇。這些天，商業地產行業似乎佔據了大部分頭條新聞，放大了厄運和陰鬱的信息，並造成了我認為是紐約市最強烈的市場過度焦慮，許多市場輿論製造者在那裡居住。過於消極的聲音掩蓋了一些積極的跡象，這些跡象預示著一個市場將緩慢但穩定地複蘇，而這個市場可以提供雇主最想要的東西，即受過高等教育、多元化、年輕和有才華的勞動力。

Midtown Manhattan also offers the most highly commutable office inventory with many buildings that are highly improved and amenitized and are at the forefront of innovation. It is clear that we are now in another moment of significant change as businesses rethink their office needs and cities around the world adapt to how pandemic has changed central business districts, in a way no one could have predicted.

曼哈頓中城還提供通勤率最高的辦公樓庫存，其中許多建築經過高度改進和設施化，處於創新的前沿。很明顯，我們現在正處於另一個重大變革的時刻，因為企業正在重新考慮他們的辦公需求，世界各地的城市正在適應大流行如何以一種沒有人能預料到的方式改變中央商務區。

However, one thing we know is that New York is resilient. The city has reinvented its economy time and time again, whether it's responding to crisis like 9/11, or identifying trends to attract and accelerate the growth of new industries and sectors like technology and venture capital. We always find a way to remain a global capital, attracting the talent that leading and growing companies need in times of change, there's no better place to be than here in New York City.

但是，我們知道的一件事是紐約具有彈性。這座城市一次又一次地重塑其經濟，無論是應對 9/11 等危機，還是確定趨勢以吸引和加速技術和風險投資等新產業和部門的增長。我們總能找到保持全球資本地位的方法，吸引領先和成長型公司在變革時期所需的人才，沒有比紐約市更好的地方了。

The future of this great city relies on rethinking the arc of the workday and how we experience our CBDs, transforming them into vibrant 24/7 destinations. Our lives can no longer be neatly separated into work and leisure and entertainment, and there's an expectation that people coming into the office will have access to compelling experiences that make the trip worthwhile before, during and after the work day. There are a number of positive indicators and developing trends that give reason for pragmatic optimism, though clearly to a challenging environment.

這座偉大城市的未來依賴於重新思考工作日的弧線以及我們如何體驗我們的中央商務區，將它們轉變為充滿活力的 24/7 目的地。我們的生活再也不能整齊地分為工作、休閒和娛樂，人們期望進入辦公室的人們能夠獲得引人入勝的體驗，讓工作日之前、期間和之後的旅行都變得值得。有許多積極的指標和發展趨勢為務實的樂觀主義提供了理由，儘管這顯然是針對充滿挑戰的環境。

A rapid run-up in interest rates sent a chill through the real estate debt markets as lenders became concerned with decreasing interest coverage and refinance ability maturing loans. One-month SOFR today stands at 501, up from just 25% a year ago.

利率的快速上升給房地產債務市場帶來了寒意，因為貸款人開始擔心利息覆蓋率下降和再融資能力到期的貸款。今天的一個月 SOFR 為 501，高於一年前的 25%。

But as the core inflation numbers begin to normalize and the labor market begins to cool, expectations as evidenced by the forward curve show 1-month term SOFR receding to just 3.11% by the end of 2024. And similarly, the 10-year SOFR swap rate, which peaked at 3.97% just 6 months ago has already come in 73 basis points, and the forward curve implies now a 10-year silver swap rate of 3.03% by the end of 2024. So clearly moderating interest rates will have a positive impact on the real estate debt and equity capital markets. In the meantime, SL Green has hedged most of its interest rate exposure through strategic debt repayment and the use of derivative instruments like interest rate swaps, caps and collars.

但隨著核心通脹數據開始正常化，勞動力市場開始降溫，遠期曲線所顯示的預期顯示，到 2024 年底，1 個月期限的 SOFR 將回落至僅 3.11%。同樣，10 年期 SOFR 掉期6 個月前達到 3.97% 峰值的利率已經上升了 73 個基點，遠期曲線暗示到 2024 年底 10 年期白銀互換利率為 3.03%。因此，利率明顯放緩將產生積極影響對房地產債務和股權資本市場的影響。與此同時，SL Green 通過戰略性債務償還和使用利率掉期、上限和領子等衍生工具對沖了大部分利率風險。

New York City employment is another area that I think is showing signs of significant improvement. The labor market in New York City has shown resiliency as businesses that employ office workers have erased all COVID year losses. There is recent evidence of higher office utilization within our portfolio as physical occupancy regularly exceeds 60% on many workdays, and the MTA announced that Metro North Railroad reached pandemic-era ridership record 2 days ago with 195,000 riders or 74% of the pre-pandemic average. So it's the highest single day ridership since the beginning of pandemic. And during the 7 days between April 9 and April 15, Long Island Railroad carried an average of 170,000 daily commuters, the best 7-day average in over 3 years.

紐約市的就業是我認為顯示出顯著改善跡象的另一個領域。紐約市的勞動力市場表現出彈性，因為僱用上班族的企業已經消除了 COVID 年的所有損失。最近有證據表明我們的投資組合中的辦公室利用率更高，因為許多工作日的實際入住率經常超過 60%，MTA 宣布地鐵北鐵路在 2 天前達到了大流行時期的乘客記錄，有 195,000 名乘客或大流行前的 74%平均的。因此，這是自大流行開始以來最高的單日客流量。在 4 月 9 日至 4 月 15 日的 7 天內，長島鐵路平均每天運送 170,000 名通勤者，是 3 年來最好的 7 天平均水平。

So there is an increasing drumbeat of optimism about return to work, and we hear it from more and more companies that are doing business here in the city, but national and global companies that are mandating people come back anywhere between 3 to 5 days a week, all within the past 3 months or so, JPMorgan, Disney, Twitter, Google, Goldman Sachs, Salesforce, Apple, many others, have come out with very definitive statements about a recognition that these businesses can be only at their most efficient and best when people are together in purpose-built, collaborative office space and not home or remotely.

因此，人們對重返工作崗位的樂觀情緒越來越高，我們從越來越多在這座城市開展業務的公司那裡聽到了這一點，但要求人們每週回來 3 到 5 天的國內和全球公司，在過去 3 個月左右的時間裡，摩根大通、迪士尼、推特、谷歌、高盛、Salesforce、蘋果和許多其他公司都發表了非常明確的聲明，承認這些企業只能處於最高效和最佳狀態當人們聚集在專門建造的協作辦公空間中，而不是在家中或遠程辦公時。

And I think that's why there has been this experiment over the past 3 years. Clearly, the major companies that span all different office sectors have concluded that the experiment is not working and thus requiring their people to come back, as I said, anywhere between 3 to 5 days a week. And that trend is something that we see on the streets, in the buildings, on mass transportation, and we think it's only going to get more and more momentum as this year weighs on because it makes sense. And it makes sense for business, it makes sense for competitiveness. It makes sense for the re-imagination of our CBDs. And it's what people have done and it's how people are at their best.

我認為這就是過去 3 年進行這項實驗的原因。顯然，跨越所有不同辦公部門的大公司已經得出結論，該實驗不起作用，因此要求他們的員工回來，正如我所說，每週 3 到 5 天。這種趨勢是我們在街道、建築物和公共交通工具上看到的，我們認為隨著今年的壓力，它只會變得越來越強勁，因為它是有道理的。這對商業有意義，對競爭力有意義。這對於重新構想我們的 CBD 是有意義的。這就是人們所做的，也是人們處於最佳狀態的方式。

So we're very optimistic in that regard. It took longer than we expected, but we now feel like things are coming around in the right direction. In terms of safety, New York City is becoming safer with crime stats heading in the right direction, including declines in overall crime and violent crime in the first few months of '23. We're also anticipating that there'll be some level of additional bail reform to be included in the state budget which will give judges clearer discretion over the imposition of bail. So while other cities are having difficulty getting a handle on crime or some other major cities are having difficulty getting a handle on crime, New York City clearly has a plan that is working.

所以我們在這方面非常樂觀。花費的時間比我們預期的要長，但我們現在覺得事情正在朝著正確的方向發展。在安全方面，紐約市正變得更加安全，犯罪統計數據朝著正確的方向發展，包括 23 年前幾個月總體犯罪率和暴力犯罪率的下降。我們還預計國家預算中將包含一定程度的額外保釋改革，這將使法官在實施保釋方面擁有更明確的自由裁量權。因此，雖然其他城市難以處理犯罪，或者其他一些主要城市難以處理犯罪，但紐約市顯然有一個行之有效的計劃。

And for '23, New York City is on track to welcome 63 million visitors, including more than 10 million international travelers. That puts projected tourism within 5% of the prior peak in 2019, which represents a remarkable recovery. Summit's high attendance and first quarter results, which eclipsed our projections for the first quarter, certainly demonstrates that domestic and foreign tourism is back in a big way with the prime travel months still ahead of us.

23 年，紐約市有望迎來 6300 萬遊客，其中包括超過 1000 萬國際遊客。這使得預計旅遊業與 2019 年的前一個峰值相比不到 5%，這代表著顯著的複蘇。 Summit 的高出席率和第一季度業績超出了我們對第一季度的預期，這無疑表明國內和國外旅遊業正在大幅回歸，而黃金旅游月份仍在我們面前。

Perhaps one of the most important developments of the year is the completion of East Side Access, now known as Grand Central Madison. Long Island commuters now have access on a direct basis into Grand Central. The new terminal spans 43rd to 48th Street along Park and Madison Avenue corridors where much of the SL Green portfolio is situated. So with all that, I'm pleased with the start to the year we are having.

或許今年最重要的開發項目之一是 East Side Access 的竣工，現在被稱為 Grand Central Madison。長島通勤者現在可以直接進入中央車站。新航站樓橫跨第 43 至 48 街，沿著公園和麥迪遜大道走廊，SL Green 投資組合的大部分所在。因此，儘管如此，我對我們今年的開端感到滿意。

Our results for the quarter were ahead of our expectations in several key areas. Mark-to-market rents and same-store NOI were both in excess of 5%. Our same-store office occupancy was slightly ahead of what we internally forecasted at just over 90%, and leasing volume of 504,000 square feet also outperformed our expectations.

我們本季度的業績在幾個關鍵領域超出了我們的預期。按市值計算的租金和同店 NOI 均超過 5%。我們的同店辦公室出租率略高於我們內部預測的 90% 以上，504,000 平方英尺的租賃量也超出了我們的預期。

But the real highlight is forward-looking as we are building leasing pipeline at a steady pace. The pipeline of leases now stands at 1.2 million square feet, which is up 70% from our earnings call just 3 months ago, I think it was end of January. And to give you a flavor for the pipeline and preempt what I know undoubtedly will be someone's question later on, the pipeline is 80% financial services, includes 18 individual deals that we are working on at Graybar and includes 1 million square feet of space in same-store properties, which would absorb over 300,000 square feet of space of vacancy in those same properties.

但真正的亮點是前瞻性的，因為我們正在穩步建設租賃渠道。目前的租賃管道為 120 萬平方英尺，比我們 3 個月前的財報電話會議增加了 70%，我認為那是在 1 月底。為了讓您對管道有所了解，並搶占我知道以後肯定會有人提出的問題，管道中有 80% 是金融服務，包括我們在 Graybar 進行的 18 項單獨交易，包括 100 萬平方英尺的空間同店物業，這將吸收這些相同物業中超過 300,000 平方英尺的空置空間。

While overall vacancy sublet and availability is not yet declining in Manhattan overall, our leasing results and current pipeline is indicative of the fact that the Park Avenue East Midtown corridor is highest performing in Manhattan, and tenants are responding to our well-located, repositioned and highly amenitized buildings in a very positive way.

雖然整個曼哈頓的整體空置轉租和可用性尚未下降，但我們的租賃結果和目前的管道表明公園大道東中城走廊在曼哈頓表現最好，租戶正在響應我們位置優越、重新定位和以非常積極的方式高度舒適化的建築。

We are also benefiting from brokers and tenants who are scrutinizing much more carefully the financial wherewithal of landlords and the stability of the capital stacks in individual buildings that tenants want to locate in, these are areas where SL Green shines the most. In the investment marketplace, there are signs that demand is forming for high-quality commercial assets in Midtown, and we expect to see transactions announced over the next 2 quarters. Initially, these transactions will be for the well-located assets, some with financing in place and some with financing that will be arranged and generally involve buildings that are already fully repositioned and amenitized or are in the process of doing so.

我們還受益於經紀人和租戶，他們更仔細地審查房東的財務狀況和租戶想要入住的個別建築物的資本堆棧的穩定性，這些是 SL Green 最閃耀的領域。在投資市場，有跡象表明對中城優質商業資產的需求正在形成，我們預計未來兩個季度將公佈交易。最初，這些交易將針對位置優越的資產，一些已到位融資，一些已安排融資，通常涉及已經完全重新定位和設施化或正在這樣做的建築物。

There is also more activity than usual in the user buyer market as evidenced by the recent sales totaling over $725 million to users like Hyundai, Dyson and Memorial Sloan Kettering, and we are aware of several other pending transactions for purchase or long-term capital leases by users. Taken together, these developing trends bode well for our 2023 business plan, and we are working hard to execute on a series of sales, joint ventures and financings. With that, I'd like to open it up for questions.

用戶購買市場的活動也比往常多，最近向現代、戴森和 Memorial Sloan Kettering 等用戶的銷售額總計超過 7.25 億美元就證明了這一點，我們還了解到其他幾項待定的購買或長期資本租賃交易由用戶。總的來說，這些發展趨勢預示著我們 2023 年的商業計劃，我們正在努力執行一系列的銷售、合資和融資。有了這個，我想打開它來提問。

(Operator Instructions) And our first question comes from John Kim from BMO.

（操作員說明）我們的第一個問題來自 BMO 的 John Kim。

I was wondering if you could provide an update on the $2 billion of dispositions that you have planned this year, highlighted by 245 Park? I know that it's top of mind for a lot of people on this call. But any update that you can provide on those kind of conversations right now?

我想知道您是否可以提供有關您今年計劃的 20 億美元處置的最新情況，以 245 Park 為重點？我知道很多人在這個電話會議上最關心的是這個問題。但是您現在可以提供有關此類對話的任何更新嗎？

Well, I mean, I don't think we're going to go through the whole $2 billion pipeline. But we're working -- as I mentioned in my speech, I think that we feel pretty good about where we stand right now in terms of completing JV sales and financings that we -- that form a part of the 2023 business plan.

好吧，我的意思是，我不認為我們會經歷整個 20 億美元的管道。但我們正在努力——正如我在演講中提到的那樣，我認為我們對我們目前在完成合資銷售和融資方面所處的位置感到非常滿意——這構成了 2023 年商業計劃的一部分。

919 financing, I think, is imminent, and we're working hard on the 245 Park, which -- that development is coming along amazingly well. The plan we have for it, I think, is going to make it among the best non-brand new construction buildings on Park, but we'll be able to lease it at rents that are going to be well into the triple digits.

我認為，919 融資迫在眉睫，我們正在努力建設 245 公園，該項目的發展進展得非常順利。我認為，我們的計劃將使它成為公園內最好的非全新建築之一，但我們將能夠以高達三位數的租金出租它。

We have a lot of activity there. We're trading paper with a couple of tenants. And our discussions there are good. So we feel good about that. And then there's obviously, other transactions we're working on. It's still got a long way to go this year. And I think the market is coming around. And I think the assets we've selected are the right ones that we'll be able to either monetize, be it sale, be it joint ventures. They're in the right locations, and we're working hard to get it all done.

我們在那裡有很多活動。我們正在與幾個租戶交易票據。我們在那裡的討論很好。所以我們對此感覺很好。然後很明顯，我們正在處理其他交易。今年還有很長的路要走。我認為市場正在復蘇。而且我認為我們選擇的資產是我們能夠貨幣化的正確資產，無論是出售，還是合資企業。他們在正確的位置，我們正在努力完成這一切。

Okay. My second question is on some of your secured debt that recently expired. It remains on your books. They were on there last quarter as well. And you talked about having a resolution with the lenders. I'm wondering if you could provide any color on what those -- the resolution looks like? And if defaulting on debt is an option for you and/or your partners?

好的。我的第二個問題是關於最近到期的一些擔保債務。它留在你的書上。他們上個季度也在那裡。你談到了與貸方的解決方案。我想知道您是否可以提供關於這些分辨率的任何顏色？如果債務違約是您和/或您的合作夥伴的一種選擇？

What's the question? On secured debt? First question.

問題是什麼？擔保債務？第一個問題。

Yes. resolution of secured depositions that were in past maturity.

是的。解決已過期的擔保存款。

Which one in particular?

具體是哪一個？

It was 717 Fifth and 11 West 34th Street, yes, John?

是第五街 717 號和西 34 街 11 號，是的，約翰？

Which ones, John, which pieces are you talking about, so we can hit it?

約翰，你說的是哪幾塊，所以我們可以擊中它？

I apologize I've gone through the supplement, but there was some debt that expired in December, February this year. It was...

很抱歉，我已經完成了補充，但有些債務已於今年 2 月的 12 月到期。它是...

Both 717 and 11 West 34th Street, are retail -- high street retail positions where we are far from that, we do not control the borrower, and we have basically passive position. 717, as you know, we have taken all of our investment and profit out of the asset. We have a 10% passive position in that and 11 West, 30% of that position. We don't control it.

717 和 11 West 34th Street 都是零售——高街零售位置，我們離那裡很遠，我們不控制借款人，我們基本上處於被動地位。 717，如你所知，我們已將所有投資和利潤從資產中取出。我們在那個位置有 10% 的被動位置，而 11 West 有 30% 的位置。我們不控制它。

So we're getting updates from our partners, but those are investments that we continue to evaluate. And as I said on the prior quarter's calls, lenders are either going to work with us on those assets or they're not.

所以我們從我們的合作夥伴那裡得到更新，但這些是我們繼續評估的投資。正如我在上一季度的電話會議上所說，貸方要么與我們合作處理這些資產，要么不與我們合作。

And John, to Andrew's point, it's Matt. you referenced the December '22 maturity. That was 1552 Broadway. And as you'll note in the supplemental, that matured in December, we worked with the lender and just executed an extension through to 2024.

約翰，在安德魯看來，是馬特。您引用了 12 月 22 日的到期日。那是百老匯 1552 號。正如您在 12 月到期的補充文件中所指出的那樣，我們與貸方合作，剛剛執行了到 2024 年的延期。

The other one was 650 Fifth Avenue, which expires this month.

另一個是 650 Fifth Avenue，將於本月到期。

Yes. These are tiny -- these are -- we should take it off-line. These are assets which I think have no book.

是的。這些很小——這些是——我們應該把它下線。這些是我認為沒有書的資產。

They are non-core assets.

它們是非核心資產。

Yes, these are small retail assets in which we either have de minimis ownership, passive interest, no consequence to the earnings with balance sheet of any magnitude that I think. I mean is that what you're referring to or something else?

是的，這些是小型零售資產，我們要么擁有最低限度的所有權，要么被動利息，要么對我認為任何規模的資產負債表的收益都沒有影響。我的意思是你指的是什麼還是別的什麼？

If defaulting is an option, it's really up to the lender in these situations, which I said last quarter, and I'll reiterate again. The lenders are going to determine whether there are defaults or not.

如果違約是一種選擇，在這些情況下真的取決於貸方，我在上個季度說過，我會再次重申。貸方將確定是否存在違約。

Yes. But again, the consequence of that determination, unless I don't want to understate it, Matt, is not material.

是的。但同樣，除非我不想低估它，否則這種決定的後果並不重要，馬特。

There's no NAV. There's no book value. There's no earnings from the assets.

沒有資產淨值。沒有賬面價值。這些資產沒有收益。

From your perspective, that's okay.

從你的角度來看，沒關係。

And I'll call that immaterial. In my book, I don't want to -- I'm not trying to undermine the question, John, just saying -- these are -- what Matt said is right, you've highlighted assets, which we sort of look at as carry and look at a zero and have no contribution to earnings. So it's just not the focus of what my commentary is about. That's all I'm saying.

我會稱之為無關緊要的。在我的書中，我不想——我不是想破壞這個問題，約翰，只是說——這些是——馬特說的是對的，你強調了資產，我們有點看作為攜帶並查看零並且對收益沒有貢獻。所以這不是我評論的重點。這就是我要說的。

Any commentary on your partners, though, because you may have to be aligned with them.

但是，對您的合作夥伴的任何評論，因為您可能必須與他們保持一致。

No.

不。

Well, we'd rather -- that's ...

好吧，我們寧願 - 那是......

There's no commentary about our partners.

沒有關於我們合作夥伴的評論。

Yes.

是的。

And our next question comes from Steve Sakwa from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Steve Sakwa。

Great. Marc, or maybe Steve Durels, could you just talk a little bit more about that 1.2 million? I guess what I'm trying to figure out, Marc, is, are these tenants kind of expanding? Are they staying the same? Are they shrinking? If they come into your portfolio, that's great. I'm trying to just think about the impact on the overall market. And just trying to get a sense for how these tenants are thinking about space needs and what's intensity...

偉大的。 Marc，或者 Steve Durels，你能多談談這 120 萬嗎？馬克，我想我想弄清楚的是，這些租戶是否在擴張？他們保持不變嗎？他們在縮小嗎？如果它們進入您的投資組合，那就太好了。我只想考慮對整個市場的影響。只是想了解這些租戶是如何考慮空間需求以及強度的……

I gave so much disclosure on it. We -- there's like 40 or 50 deals in there. There's a lot of expansions. There's a lot that are staying the same. There are a lot that are less. I mentioned that over 300,000 square feet is for vacant space within the same-store portfolio, and there's over 500,000 feet, that's for vacancy within the portfolio generally, same-store and non-same store.

我對此進行了很多披露。我們 - 那裡有大約 40 或 50 筆交易。有很多擴展。有很多保持不變。有很多更少。我提到超過 300,000 平方英尺用於同店組合中的空置空間，並且有超過 500,000 英尺用於組合中的空置空間，通常是同店和非同店。

Mostly financial tenants some growing, some shrinking, many staying the same, all in line with our projections, probably slightly above in terms of velocity. And clearly, the first quarter we were ahead on mark-to-market in same-store. But there's dozens and -- there's 18 deals alone at Graybar and there's probably -- I don't know how many deals in total on there, but what about 40?

大多數金融租戶有些增長，有些收縮，許多保持不變，都符合我們的預測，可能略高於速度。很明顯，第一季度我們在同店按市值計價方面領先。但是有幾十個——僅在 Graybar 就有 18 個交易，而且可能——我不知道那裡總共有多少個交易，但是 40 個呢？

It's of the 1,200,000 square feet, just to give you a sense of it, Steve. 900,000 square feet are new deals, 274,000 square feet of renewal deals. Marc talked about what was filling vacancy, both same-store and throughout the entire portfolio. That's 45% of 1.2 million is filling vacant space.

它有 1,200,000 平方英尺，只是為了讓你感受一下，史蒂夫。 900,000 平方英尺是新交易，274,000 平方英尺是續約交易。 Marc 談到了填補空缺的原因，包括同店和整個產品組合。那就是 120 萬的 45% 正在填補空置空間。

And I think to build on what Marc said about the Graybar, that, I think, is as big a news as anything. What we're seeing is a broad diversity of tenant sizes at all price points. So the narrative of all the leasing activity now taking place, or previously taking place being at the very top end of the market, I think is increasingly -- is rapidly changing.

而且我認為，在馬克對 Graybar 所說的話的基礎上，我認為這與任何事情一樣重要。我們看到的是各種價位的租戶規模的廣泛差異。因此，我認為，所有正在發生或以前發生在市場最高端的租賃活動的敘述正在迅速變化。

We are seeing more velocity certainly on the proposal stage and tour activity in the more price-sensitive part of the market than we've seen in the past 3 years. And I think that's a reawakening of the marketplace. I think we're seeing the small and midsized tenants come back to the market. And to have a healthy 400 million square foot market, that's what we need. And it's a good news day to be able to say that.

與過去 3 年相比，我們在市場對價格更敏感的部分的提案階段和旅遊活動中看到了更快的速度。我認為這是市場的重新覺醒。我認為我們正在看到中小型租戶重返市場。而要擁有一個健康的 4 億平方英尺的市場，這就是我們所需要的。能夠這樣說是個好消息。

Okay, great. Maybe just moving on to One Madison. Are you still expecting the TCO in the fourth quarter? And I guess, Matt, when you do get the proceeds in from the joint venture partner, how do we think about the applicability of that -- of those proceeds, which I think are just shy of $600 million?

好的，太好了。也許只是搬到麥迪遜一號。四季度的TCO你還期待嗎？我想，馬特，當你從合資夥伴那裡獲得收益時，我們如何考慮這些收益的適用性，我認為這些收益僅略低於 6 億美元？

Yes. We are getting $577 million from our partners down at One Madison when we get TCO. We are running ahead of schedule on the construction there. So we had it slated for fourth quarter, hopefully, early fourth quarter.

是的。當我們獲得 TCO 時，我們將從我們在 One Madison 的合作夥伴那裡獲得 5.77 億美元。我們在那裡的建設正在提前進行。所以我們將其定於第四季度，希望是第四季度初。

Those proceeds immediately go to pay down corporate debt. The first $425 million goes to pay down short-term unsecured facility we put in place last year. And the increment above that, another $150 million or so goes to either the line of credit or other corporate debt.

這些收益立即用於償還公司債務。第一筆 4.25 億美元用於償還我們去年設立的短期無抵押貸款。高於此的增量，還有 1.5 億美元左右用於信貸額度或其他公司債務。

And our next question comes from Alexander Goldfarb from Piper Sandler.

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

Matt, maybe just on -- moving on from Steve's question. I think he was -- on the TCO for One Vanderbilt, I think you're getting -- I think you just mentioned that the sort of $570 million. But you guys also have potential for JVs, I think, further -- well, JVs at 245 Park. I think you may or may not be more at One Madison.

馬特，也許只是——從史蒂夫的問題繼續。我認為他是——在 One Vanderbilt 的 TCO 上，我想你得到了——我想你剛剛提到了 5.7 億美元。但我認為，你們也有可能建立合資企業——好吧，在 245 Park 的合資企業。我認為您在麥迪遜一號可能會或可能不會更多。

There's the condos uptown that you guys are doing. So Matt, can you just sort of lay out in total? Obviously, the One Vanderbilt is pretty much certainty, correct? But what the potential of cash proceeds that you guys are looking at taking in this year potentially through the different JV sales or outright condo sales that are contemplated?

你們正在建造住宅區的公寓。那麼馬特，你能不能把整體佈局一下？顯然，One Vanderbilt 非常確定，對嗎？但是，你們今年可能通過不同的合資銷售或預期的公寓銷售來獲得現金收益的潛力是什麼？

So I'm going to just correct on the addresses a bit there. With the proceeds are coming in from our partners at One Madison on TCO, there's no other contemplated partners down at One Madison. And we had talked about potentially an additional partner at One Vanderbilt, we talked about it the last couple of years, and we may or may not do that this year.

所以我將稍微更正一下地址。由於收益來自我們在 TCO One Madison 的合作夥伴，因此在 One Madison 沒有其他預期的合作夥伴。我們已經討論過可能在 One Vanderbilt 增加一個合作夥伴，我們在過去幾年討論過這個問題，今年我們可能會也可能不會這樣做。

I don't want to step through every component of our business plan. And that business plan obviously changes over time. 245 is the most significant, and we are working hard on that, as Marc said earlier. And then we have some other assets either wholly owned or outright sales, JV interests, other things that we are working on. But I'm not going to step through every one of those except to say we're focused on trying to get to our $2 billion target, the most significant component, which is 245 Park.

我不想逐步完成我們業務計劃的每個組成部分。而且該商業計劃顯然會隨著時間而改變。 245 是最重要的，正如 Marc 之前所說，我們正在為此努力。然後我們還有一些其他資產，要么是全資擁有的，要么是直接出售的，合資企業的權益，以及我們正在處理的其他事情。但我不會一一列舉，只是說我們正專注於努力實現我們 20 億美元的目標，這是最重要的組成部分，即 245 Park。

Okay. But that's -- and then you also have the $570 million from One Vanderbilt that's later this year as well, correct?

好的。但那是 - 然後你還有今年晚些時候來自 One Vanderbilt 的 5.7 億美元，對嗎？

Yes. That is -- the only condition of that is completing One Madison, that's obviously happening.

是的。那就是 - 唯一的條件是完成 One Madison，這顯然正在發生。

Okay. Great. And then second question is The Real Deal had an article, I don't know, a few weeks ago with the latest on 625 Madison had a little, as they always do, a little extra color. But maybe you guys could just provide us an update where the litigation or negotiation stands, what -- any pending resolution, any sort of update that you can provide?

好的。偉大的。然後第二個問題是真正的交易有一篇文章，我不知道，幾週前最新的 625 麥迪遜有一點，就像他們總是做的那樣，有點額外的顏色。但是也許你們可以向我們提供訴訟或談判的最新情況，什麼 - 任何懸而未決的解決方案，您可以提供的任何類型的更新？

Well, with respect to the leasehold position there, we expect the rent reset arbitration to conclude imminently. As we've discussed in prior quarters, we may update our business strategy for that leasehold position following the resolution of that rental reset process. And if we ultimately decide to adopt a different strategy for that leasehold position, that could impact the carrying value of that leasehold position going forward, obviously.

好吧，關於那裡的租賃權，我們預計租金重置仲裁即將結束。正如我們在前幾個季度所討論的那樣，我們可能會在租金重置流程得到解決後更新我們針對該租賃位置的業務戰略。如果我們最終決定對該租賃頭寸採取不同的策略，那顯然會影響該租賃頭寸未來的賬面價值。

So what does that mean, impact the value? That's up, down? What does that mean?

那麼這意味著什麼，影響價值？那是上，下？這意味著什麼？

It depends on the rent arbitration. It's up to the arbitrator.

這取決於租金仲裁。這取決於仲裁員。

Yes. I mean it's a fairly binary outcome. There's a wide disparity of view as to what that rent should be. We've been -- it's been the subject of a disagreement for a while now. And there'll be a conclusion, we think, imminently. And then based on that conclusion, at least with respect to the leasehold, that will clarify for us the direction we're going to go with it, whether it's something we feel we can stay with or whether there -- if you get a rent amount that's...

是的。我的意思是這是一個相當二元的結果。關於租金應該是多少，存在廣泛的分歧。我們一直——這一段時間以來一直是分歧的主題。我們認為，很快就會有一個結論。然後基於這個結論，至少在租賃方面，這將為我們闡明我們將要走的方向，無論是我們覺得我們可以留下來還是在那裡 - 如果你得到租金那是……的量

Noneconomic.

非經濟的。

Noneconomic, then we'll have to deal with that. But that's an investment that we've had 15-years plus. It's net leased to Polo. We've taken -- we've certainly -- as Andrew mentioned, with 717, we've redeemed all our capital on that investment.

非經濟的，那麼我們將不得不處理它。但這是一項我們已經進行了 15 年以上的投資。它是淨租給 Polo 的。我們已經——我們當然已經——正如安德魯提到的那樣，通過 717，我們已經贖回了該投資的所有資本。

It's been a successful investment.

這是一次成功的投資。

And in addition to that leasehold position, we have our mezzanine interest on the fee position as well, also related to 625 Madison asset.

除了租賃頭寸外，我們還有收費頭寸的夾層權益，也與 625 Madison 資產有關。

And that's a different investment and we don't anticipate any impact on the value of that investment based on the outcome of the rent resell arbitration.

這是一項不同的投資，根據租金轉售仲裁的結果，我們預計不會對該投資的價值產生任何影響。

And our next question comes from Anthony Paolone from JPMorgan.

我們的下一個問題來自摩根大通的 Anthony Paolone。

I guess first question. On Green Loan Servicing, just wondering like maybe if you could talk about that or how we should be thinking about that? Because it seems like that could be a good business at the moment.

我想第一個問題。關於綠色貸款服務，只是想知道您是否可以談談這個問題，或者我們應該如何考慮這個問題？因為目前看來這可能是一門好生意。

I'm wondering if you think about that as just a fee generator, or if there's something more strategic in terms of that potentially helping you find investment opportunities or other strategic benefits.

我想知道你是否認為這只是一個費用產生器，或者是否有更具戰略意義的東西可以幫助你找到投資機會或其他戰略利益。

No, I think it's primarily a fee generator. Obviously, we have to service every loan to the servicing standards. So we can't sort of consider our own interest when we service loans as a third party, as a fiduciary. So it's a good active business. We have a great staff and team that runs that business.

不，我認為它主要是一個收費生成器。顯然，我們必須按照服務標準為每筆貸款提供服務。因此，當我們作為第三方，作為受託人提供貸款時，我們不能考慮自己的利益。所以這是一個很好的活躍業務。我們擁有優秀的員工和團隊來經營該業務。

And we've been -- we've had a lot of successful resolutions on behalf of our clients and customers there. And we do intend to grow that business for sure, as there's more situations that sort of need servicing and special servicing.

我們已經 - 我們已經代表我們的客戶和那裡的客戶獲得了很多成功的解決方案。我們確實打算發展這項業務，因為有更多的情況需要服務和特殊服務。

Okay. And then just my second one. I know it's early, but any thoughts on Credit Suisse and their space at 11 Madison and what, I guess, UBS may ultimately do with that, like or how you're thinking about it?

好的。然後是我的第二個。我知道現在還早，但對瑞士信貸及其在麥迪遜 11 號的空間有什麼想法，我想瑞銀最終可能會用它做什麼，或者你是怎麼想的？

Well, I mean, it's a long-term lease. I mean, as it was announced. Credit Suisse is merged with UBS. UBS is going to be the surviving entity. I think we look at that as credit upgrade to the lease, although Credit Suisse was a good tenant of ours for over 15 years. So I think the merged entity will just be that much stronger.

嗯，我的意思是，這是一份長期租約。我的意思是，正如它所宣布的那樣。瑞士信貸與瑞銀合併。瑞銀將成為倖存的實體。我認為我們將其視為租約的信用升級，儘管瑞士信貸 15 年來一直是我們的好租戶。所以我認為合併後的實體會更強大。

And in terms of what they may or may not do with their space, we don't have any visibility into, but it is -- I don't know what the -- you guys have the aspiration on that?

就他們可以或不可以用他們的空間做什麼而言，我們沒有任何可見性，但它是 - 我不知道 - 你們有這個願望嗎？

2037.

2037.

It's a lease that expires in 2037. So I guess another 14 years or so to run. And so therefore, that will be up to them. But the lease is intact, and we think the building is in good shape.

這是一份 2037 年到期的租約。所以我猜還要再運行 14 年左右。因此，這將取決於他們。但租約完好無損，我們認為大樓狀況良好。

And our next question comes from Tom Catherwood from BTIG.

我們的下一個問題來自 BTIG 的 Tom Catherwood。

For Steve, maybe just pivoting back to the leasing pipeline, I think in the second half of last year, you had talked about some deals coming off the market as tenants were kind of evaluating the economic situation and evaluating their businesses. Is some of this jump up in pipeline since earnings January, let's call it. Is that the 2022 deals reengaging with the market? Or do you have a sense that this is kind of incremental new leasing above and beyond that?

對於史蒂夫來說，也許只是回到租賃管道上，我想在去年下半年，你談到了一些即將退出市場的交易，因為租戶正在評估經濟形勢和評估他們的業務。自 1 月份的收益以來，其中的一些是否在管道中跳躍，讓我們稱之為。那是 2022 年的交易與市場重新接觸嗎？或者你是否覺得這是一種超越此的增量新租賃？

I think it's both. I think there's clearly -- whatever pause that we saw by tenants who got sort of spooked in the fourth quarter with rising interest rates and threatening recession environment and things like that, and they put their searches on hold, that explains kind of the leasing slowdown.

我認為兩者都是。我認為很明顯——無論我們看到租戶在第四季度因利率上升和威脅性衰退環境以及諸如此類的事情而受到驚嚇，他們暫停了他們的搜索，無論我們看到什麼暫停，這都解釋了租賃放緩.

But then we came out of it pretty strong. We certainly did in our portfolio, 500,000 square feet in the first quarter, I think, is a significantly -- is a significant print. And I think the growing pipeline is both tenants that have confidence in their business, clarity on the overall economic situation and add to that, the return to the office.

但是後來我們非常堅強地擺脫了困境。我們當然在我們的投資組合中做了，我認為第一季度的 500,000 平方英尺是一個重要的 - 是一個重要的印刷品。而且我認為不斷增長的管道既是對他們的業務有信心的租戶，也是對整體經濟形勢的清晰度，再加上重返辦公室。

I mean, that narrative is prevalent today whether you're a small business or you're taking your cue from the leaders of major businesses across the country. So we're seeing it both in the small, medium and large tenant marketplace. Financial -- then add to that, financial services, the private equity, hedge fund world still continues to be a driver on leasing. And we're seeing up and down Park Avenue, a lot of demand.

我的意思是，無論你是一家小企業，還是從全國主要企業的領導人那裡得到啟發，這種說法在今天都很流行。所以我們在小型、中型和大型租戶市場都看到了它。金融——除此之外，金融服務、私募股權、對沖基金領域仍然繼續推動租賃。我們看到公園大道上下都有很多需求。

I could have easily rationalized another 500,000 to 600,000 square feet of pipeline -- addition to that pipeline based upon term sheets that we're exchanging but are just too early in the process to really have clarity on. And so I think that's a good harbinger as to where the market's headed.

我本可以很容易地合理化另外 500,000 到 600,000 平方英尺的管道——除了基於我們正在交換的條款清單的管道之外，但在這個過程中還為時過早，無法真正弄清楚。所以我認為這是市場走向的一個很好的預兆。

I appreciate that. And then kind of focusing on a specific asset here. You moved 2 Herald into the redevelopment bucket this quarter. You've talked about WeWork leaving 180,000-plus square feet there, and potentially looking at either extended stay or dormitory use. Can you talk to the timing of the expected vacancy there? And any updates on the redevelopment?

我很感激。然後在這裡專注於特定資產。您在本季度將 2 Herald 移入了重建計劃。您曾談到 WeWork 在那裡留下了 180,000 多平方英尺的空間，並可能考慮延長住宿或宿舍使用。你能談談那裡預計空缺的時間嗎？重建的任何更新？

As to vacancy, WeWork is out. They vacated earlier in the first quarter, and we're evaluating the redevelopment opportunities for the asset right now.

至於空缺，WeWork 出局了。他們在第一季度早些時候騰空了，我們現在正在評估該資產的重建機會。

And our next question comes from Camille Bonnel from Bank of America.

我們的下一個問題來自美國銀行的 Camille Bonnel。

More of a big picture question. On a lease percent, your exposure to tech is growing. Just given this industry has been accelerating layoffs and pushing to bring employees back into the office, but it continues to lag, how do you think about your overall exposure to this industry? And from your experience of managing overall tenant risk, is there a particular industry mix you envision for the portfolio?

更多的是一個大問題。在租賃百分比上，您對技術的接觸正在增加。鑑於這個行業一直在加速裁員並推動讓員工重返辦公室，但它仍然滯後，您如何看待您對這個行業的整體敞口？根據您管理整體租戶風險的經驗，您是否為投資組合設想了特定的行業組合？

I think our -- yes, I look at our exposure to tech as good exposure. I think it has been and continues to be a big positive within our portfolio. And I assume the question is within the portfolio as opposed to market wide.

我認為我們——是的，我認為我們對科技的接觸是很好的接觸。我認為這已經並將繼續成為我們投資組合中的一大積極因素。我認為這個問題是在投資組合內，而不是在整個市場範圍內。

IBM is a great example of a recent deal we did over at One Madison. (inaudible) is a deal we did over here at One Vanderbilt. Steve, we got some...

IBM 是我們最近在 One Madison 完成的一筆交易的一個很好的例子。 （聽不清）是我們在 One Vanderbilt 完成的一項交易。史蒂夫，我們有一些...

Bloomberg.

布隆伯格。

Bloomberg, Median Tech over at 919, they expanded, I think, last year, if I'm not mistaken, right?

Bloomberg，Median Tech 在 919，他們擴大了，我想，去年，如果我沒記錯的話，對吧？

Yes. There's a big footprint.

是的。有很大的足跡。

So I think in general, one, I think we have marginally less exposure to tech depending how you define tech than most others in the city. Although we'd welcome more, and we think that, that sector went from literally nothing about a decade ago to being a major player in the city, right up there with business services and financial.

所以我認為總的來說，第一，我認為我們對技術的接觸程度略低於城市中的大多數其他人，這取決於你如何定義技術。儘管我們歡迎更多，而且我們認為，該行業從大約十年前幾乎一無所有到成為該市的主要參與者，就在那裡提供商業服務和金融服務。

Now obviously, they're taking a pause. There are announced layoffs, but I think those global, national announcements tend to hit Manhattan less so than other markets that they've expanded into because this workforce, I think, is more the type of workforce that they'll be retaining and engineering, et cetera, and less so skewed solely to marketing like in many other smaller markets around the country.

現在很明顯，他們正在暫停。已經宣布裁員，但我認為這些全球性的、全國性的公告對曼哈頓的影響往往小於他們已經擴展到的其他市場，因為我認為這些勞動力更多是他們將保留和工程化的勞動力類型，等等，而不像全國許多其他較小的市場那樣僅僅偏向於營銷。

So I think that so far, when you look at the jobs picture in New York, I mentioned it earlier, we're at 1.5 million office-using jobs, tech falls into that category, information services. So there hasn't been any material showings to date of concern over bodies in the tech world.

所以我認為到目前為止，當你看紐約的就業情況時，我之前提到過，我們有 150 萬個辦公室工作，技術屬於這一類，信息服務。因此，迄今為止，科技界還沒有任何關於身體問題的實質性證據。

And even if they -- there is some trimming there, it's been equally made up for by finance and business services. So I don't know if that answers the question, but I think tech has been -- I think tech will grow again. They're going through a rightsizing right now as everybody does after the tens of millions of square feet that they consume in Manhattan. And once that rightsizing occurs, I think growth will happen again, and they'll be -- they're here to stay, and we're excited by that.

即使他們 - 那裡有一些修剪，金融和商業服務同樣彌補了這一點。所以我不知道這是否回答了這個問題，但我認為科技已經——我認為科技會再次增長。他們現在正在經歷規模調整，就像每個人在曼哈頓消費數千萬平方英尺後所做的那樣。一旦發生這種調整，我認為增長將會再次發生，而且他們會 - 他們會留下來，我們對此感到興奮。

Okay. And for my second question, you've made good progress versus your initial targets on the leasing and revenue front. But like you mentioned, it doesn't seem like investors are willing to attribute any credit to this performance.

好的。對於我的第二個問題，與您在租賃和收入方面的初始目標相比，您已經取得了很好的進展。但就像你提到的那樣，投資者似乎不願意將任何功勞歸功於這一表現。

Wanted to get your thoughts on what you think is being priced into the equity markets today. And at these valuation levels, do you see potential for equity to equity consolidation in this backdrop?

想了解您對當今股票市場定價的看法。在這些估值水平上，您是否看到在這種背景下股權對股權整合的潛力？

Well, I said earlier, I do think that there's, what I termed overanxiety. We've been -- as a company, we've been at this for 26 years, and many of us have been in it for 30, 35 years. Almost all of it in New York. So we've been here before. This has a lot of the rhythms of what happens first, the narrative, then the debt markets frees up. Then there's little shoots of deals, generally smaller ones first, bigger ones later.

好吧，我之前說過，我確實認為存在我所說的過度焦慮。我們一直——作為一家公司，我們已經從事這項工作 26 年，我們中的許多人已經從事 30、35 年了。幾乎所有這些都在紐約。所以我們以前來過這裡。這有很多先發生的事情的節奏，敘述，然後債務市場釋放。然後是少量的交易，通常先是較小的交易，然後是較大的交易。

And the market, by most standards, I would consider this a relatively good market because we've got the jobs, we still have good occupancy, at least within our portfolio. And I'd say within the better buildings and better submarkets of Manhattan, rates are much higher than they were, but on absolute terms, they're still relatively low. And lenders seem to be working, by and large, with their borrowers to extend in situations where good borrowers, good properties need another year or 2 or 3 to ride things out.

而市場，按照大多數標準，我認為這是一個相對良好的市場，因為我們有工作，我們仍然有很好的入住率，至少在我們的投資組合中。我會說在曼哈頓更好的建築和更好的子市場中，利率比以前高得多，但從絕對意義上講，它們仍然相對較低。總的來說，貸款人似乎正在與借款人合作，以在良好的借款人、良好的房產需要再過一年或 2 或 3 年才能渡過難關的情況下延長貸款期限。

We're -- sometimes we are their servicer, sometimes we are their lenders, sometimes we are their borrower. So we see that as a trend. And so I can't really respond to how people -- what people are pricing and what they're not. But I do think the battery of headlines, the doom and gloom, the pessimism, we think, is overblown just based on our results in our pipeline.

我們——有時我們是他們的服務者，有時我們是他們的貸方，有時我們是他們的借款人。所以我們認為這是一種趨勢。因此，我無法真正回應人們的定價方式——人們定價的是什麼，他們沒有定價的是什麼。但我確實認為，僅僅根據我們在管道中的結果，頭條新聞、厄運和悲觀情緒、悲觀情緒就被誇大了。

I mean that's -- our business is sort of a simple business at the end of the day. We buy space or develop space, we improve it to best of class or -- as high as we can, and we lease it to users. And between that, which we've leased and that which we hope to lease in our pipeline, we think we're getting things done. And hopefully, the debt markets will start to fall a little bit. And once it does, I think you'll see things snap back quickly.

我的意思是——我們的業務歸根結底是一種簡單的業務。我們購買空間或開發空間，我們將其改進到一流或——盡可能高，然後我們將其出租給用戶。在我們已經租用的和我們希望在我們的管道中租用的那些之間，我們認為我們正在完成工作。希望債務市場將開始小幅下跌。一旦它發生，我想你會看到事情迅速恢復。

And our next question comes from Blaine Heck from Wells Fargo.

我們的下一個問題來自富國銀行的 Blaine Heck。

Great. Just following up on the asset recycling front. Is there any color you can give on the pricing of some of these sales that you're looking at for this year? Has your expected pricing on the sales, especially 245 Park, changed at all in the last kind of few months?

偉大的。只是跟進資產回收方面。您是否可以對今年您正在尋找的一些銷售的定價給出任何顏色？在過去的幾個月裡，您對銷售的預期價格，尤其是 245 Park，有沒有發生任何變化？

I don't think we're going to go through pricing, asset by asset. That's -- we're shooting for best execution. We think everything we set out for in the year is very reasonable. I would say, historically, yes, I mean compared to where pricing was a year or 2 ago. I think there's a lot of equity out there that is looking at this moment in time as a way to enter or reenter Manhattan at pretty attractive levels.

我認為我們不會逐個資產地進行定價。那就是——我們正在爭取最好的執行力。我們認為我們今年所做的一切都是非常合理的。我會說，從歷史上看，是的，我的意思是與一兩年前的定價相比。我認為有很多股權正在將這個時刻視為以極具吸引力的水平進入或重新進入曼哈頓的一種方式。

I mean, we've all been doing the rounds traveling domestically and overseas. There's a lot of interest in New York City. I don't know if that's something that the market definitely feels or appreciates. But in terms of investing within the U.S., there's a lot of foreign capital that I think -- and domestic capital that is looking at today's environment like a good entry point.

我的意思是，我們一直在國內和海外巡迴演出。人們對紐約市很感興趣。我不知道這是否是市場肯定感受到或欣賞的東西。但就在美國境內投資而言，我認為有很多外國資本——以及將當今環境視為良好切入點的國內資本。

We've got reasonable expectations on everything that we're looking to accomplish. We don't set unrealistic expectations. We set things where we think our market clearing levels and it's up to us to execute.

我們對我們希望完成的一切都有合理的期望。我們不會設定不切實際的期望。我們將事情設置在我們認為我們的市場清算水平的地方，並由我們來執行。

So following up on that, Marc, and just based on your conversations that you guys are having, can you talk about kind of the return hurdles that those foreign capital entities, wealth funds and maybe the private equity.

那麼馬克，根據你們正在進行的談話，你能談談那些外國資本實體、財富基金和私募股權的回報障礙嗎？

I'd rather do it with when the deals are done. There's no reason to spec. I mean, we have a firm handle on where we think that market is. So let us go execute and then it'll all be illuminated.

我寧願在交易完成時這樣做。沒有理由去規範。我的意思是，我們對我們認為的市場位置有堅定的把握。所以讓我們去執行，然後它就會被照亮。

And our next question comes from Derek Johnston from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Derek Johnston。

I guess this may be for Andrew. Can we get a sense of the mark-to-market value, or perhaps fair value of the DPE book? And secondly, what percentage of the loans in the book are coming due over the next 2 years?

我想這可能是給安德魯的。我們能否了解 DPE 賬簿的市值或公允價值？其次，未來 2 年到期的賬面貸款百分比是多少？

I mean, Derek, in terms of mark-to-market, I would say it's our carrying value for the loans. We make that evaluation with the accounts quarterly. The DPE book, obviously, as you know, is paid down pretty significantly to a couple of large positions, 625 being -- Madison being the largest of it. It's residential and office assets. And the second part was...

我的意思是，德里克，就按市值計價而言，我會說這是我們貸款的賬面價值。我們每季度對賬目進行一次評估。顯然，如你所知，DPE 賬簿中有幾個大頭寸的支付相當可觀，其中 625 個——麥迪遜是其中最大的一個。它是住宅和辦公資產。第二部分是...

What was the second part, Derek?

第二部分是什麼，Derek？

Value, and then what did you say?

值，然後你說什麼？

I was hoping to just understand, given this environment, what percentage of the book is -- or the loans are coming due over the next 2 years?

我只是希望了解，在這種環境下，這本書的百分比是多少——或者貸款將在未來 2 年內到期？

There's a maturity table in the supplemental, Derek, that has all of the maturities. Most of them....

補充文件 Derek 中有一個成熟度表，其中包含所有的成熟度。他們中的大多數......

I mean it's all short term.

我的意思是這都是短期的。

Short term.

短期。

DPE has always been a short term, what, 1 to 3 years. So I'd say over 2 -- next 2 years, the majority will.

DPE一直都是短期的，什麼，1到3年。所以我想說超過 2 年——接下來的 2 年，大多數人會。

Yes. We have one large pref equity position, which is February 27. We have a $20 million residential position, which is December 29. And then the balance are in the relatively near term.

是的。我們有一個大型優先股頭寸，即 2 月 27 日。我們有 2000 萬美元的住宅頭寸，即 12 月 29 日。然後餘額在相對較短的期限內。

And Derek, it's Matt. I just want to make -- expand on the mark-to-market question. Accounting doesn't require us to mark-to-market the book. So the carrying value is representative of accounting carrying values. But the mark-to-market is pretty close to the carrying value of the debt position.

德里克，是馬特。我只想詳細說明按市值計價的問題。會計不要求我們按市值計價。所以賬面價值代表會計賬面價值。但按市值計價非常接近債務頭寸的賬面價值。

And our next question comes from Tayo Okusanya from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tayo Okusanya。

Yes. Good afternoon, everyone. Thanks to all the color around just how you're progressing with the asset sales. I'm just curious, I mean, if credit markets remain tough, if it's hard for anyone to get financing to kind of pull this off, how do you kind of think about, if I may use the word, Plan B in regards to trying to either delever the balance sheet kind of looking from alternative source of capital. Like can you just kind of help us think through what Plan B would be?

是的。大家下午好。感謝圍繞資產銷售進展情況的所有顏色。我只是好奇，我的意思是，如果信貸市場仍然艱難，如果任何人都很難獲得融資來實現這一目標，那麼你如何考慮，如果我可以使用這個詞，B 計劃是關於試圖從其他資本來源尋找資產負債表的去槓桿化。比如你能幫我們想想 B 計劃是什麼嗎？

I'd say we are -- Tayo, we're focused on Plan A. I -- The skepticism in the market is like evident on this call. It's -- I mean, we feel like we're going to get stuff done. So I mean, sure, there's plan B, Cs, whatever. But I think what you're hearing from us now is we're going to -- we've got -- I mean it's not like -- I'd say we have 8 months, but we have whatever time we need. I mean maybe we'll get this stuff done in the next 3 or 4 months, 5 or 6 months, in 8 months, or it could be 9 months.

我想說我們 - Tayo，我們專注於 A 計劃。我 - 市場的懷疑態度在這次電話會議上很明顯。這是——我的意思是，我們覺得我們要完成任務。所以我的意思是，當然，有 B 計劃、Cs 計劃等等。但我認為你現在從我們這裡聽到的是我們將 - 我們已經 - 我的意思是它不像 - 我會說我們有 8 個月，但我們有我們需要的任何時間。我的意思是，也許我們會在接下來的 3 或 4 個月、5 或 6 個月、8 個月或 9 個月內完成這些工作。

But whatever it is, we have premier assets that have a lot of institutional, domestic and foreign attraction. And we're keeping them well leased. They're highly improved. And what you're hearing from us is there's a market for that. And it's up to us to go out there and do it.

但無論如何，我們擁有一流的資產，這些資產在機構、國內和國外都有很大的吸引力。我們將它們很好地出租。他們得到了很大的改進。你從我們這裡聽到的是有一個市場。這取決於我們走出去去做。

So we'll do whatever we have to do to get things done. And that's where we're going. But when you say a plan B, that sort of implies that there's no plan A or plan A doesn't -- and that's what we're focused on right now. So I mean, there's a myriad or countless amount of other plans or strategies or capital or forms of capital that one could avail themselves on.

所以我們會盡一切努力把事情做好。這就是我們要去的地方。但是，當你說 B 計劃時，這就意味著沒有 A 計劃或 A 計劃沒有——這就是我們現在關注的重點。所以我的意思是，人們可以利用無數或無數的其他計劃或戰略或資本或資本形式。

But we're very simple about this. We have certain assets we're going to look to sell, like we do every year and have done for 25 years. We have other ones, great core holdings, long-term holdings for us, that we will look to JV with premier partners. And then I think we have one financing. It's just 919. I mean it's just one financing, which I said in my commentary, we thought it was imminent.

但我們對此很簡單。我們有一些我們打算出售的資產，就像我們每年都做的那樣，並且已經做了 25 年。我們還有其他的，偉大的核心持股，我們的長期持股，我們將尋求與主要合作夥伴的合資企業。然後我認為我們有一筆融資。只是 919。我的意思是這只是一次融資，我在評論中說過，我們認為這是迫在眉睫的。

So I can't really give more color than that, other than that one financing, I think is imminent. So there's no plan B for that. But let's -- yes, we'll regroup in 3 months, and we'll give you a further update on these things. Hopefully, we'll have a couple of announcements between now and then, and we're going to keep going.

所以我真的不能給出比這更多的顏色，除了那筆融資，我認為是迫在眉睫的。所以沒有 B 計劃。但是讓我們 - 是的，我們將在 3 個月內重新組合，我們將為您提供有關這些事情的進一步更新。希望我們會時不時地發布一些公告，並且我們會繼續前進。

And our next question comes from Peter Abramowitz from Jefferies.

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

I just wanted to ask about 919. I know you probably can't speak in any detail. But I guess, how is the pricing kind of coming out relative to what you were expecting?

我只是想問問關於919的事。我知道你可能不能說的很詳細。但我想，相對於您的預期，定價如何？

Well, that sort of goes back to the question I was asked earlier about (inaudible) pricing. As soon as we have something to announce, you'll have the announcement in the press. It's just -- it's not typical for us to talk about transactions in the market that we're working. We've never done it, and we wouldn't do it now. There's no reason. But as soon as we announce it, which is imminent, you'll have the pricing.

好吧，這可以追溯到我之前被問到的關於（聽不清）定價的問題。一旦我們有消息要宣布，您就會在媒體上看到這一消息。只是——我們通常不會談論我們正在開展的市場交易。我們從來沒有這樣做過，現在也不會這樣做。沒有理由。但是一旦我們宣布它，這是迫在眉睫的，你就會有定價。

Right. But I guess curious to kind of what you're planning for and what you're hoping for. I don't think you have to give a number, but relative to -- have you learned anything through the process relative to what you've done in the market before? I guess the question is that if we are getting what we've planned for.

正確的。但我想對您的計劃和希望感到好奇。我不認為你必須給出一個數字，但相對於 - 你是否通過與你之前在市場上所做的相關的過程學到了什麼？我想問題是，如果我們得到我們計劃的東西。

I'd say if we have a successful conclusion, then what we'll learn or reaffirm is that for good sponsors, good assets, good locations with relatively low LTVs, there's a market to consummate that deal. Yes, I would say we've learned that. I'd say that we just maybe be confirmatory if we can get that done.

我想說，如果我們有一個成功的結論，那麼我們將學到或重申的是，對於良好的讚助商、良好的資產、LTV 相對較低的良好位置，有一個市場可以完成這筆交易。是的，我會說我們已經了解到這一點。我想說的是，如果我們能做到這一點，我們可能只是在確認。

Sure. And then I guess just in general, how are lenders thinking about LTV in general, just over the last...

當然。然後我想一般來說，貸方一般如何考慮 LTV，就在過去......

I think the lenders are probably in about 5 to 10 percentage points from, let's call it, the peak of the liquid market. So much more in that 50% to 55% LTV range.

我認為貸方可能距離流動性市場的峰值大約 5 到 10 個百分點。在 50% 到 55% 的 LTV 範圍內要多得多。

And our next question comes from Ronald Kamdem from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ronald Kamdem。

Great. A couple of quick ones. So the quarter had a lot of sort of moving pieces. The $0.29 judgment proceeds, $0.10 on loss reserves. And you mentioned in the press release that it was $0.13 ahead of expectations. So I know you don't really update -- haven't commented on updated guidance.

偉大的。幾個快速的。所以這個季度有很多動人的東西。 0.29 美元的判決收益，0.10 美元的損失準備金。你在新聞稿中提到它比預期高出 0.13 美元。所以我知道你並沒有真正更新——還沒有對更新的指南發表評論。

But is there -- when you're thinking about that guidance you put out for the year, is there any other sort of takeaways that we should think about, about all these moving pieces and how that changes your views or doesn't change your views at all? And should we view this as sort of a $0.13 raise essentially?

但是有沒有——當你考慮你今年發布的指南時，我們是否應該考慮任何其他類型的要點，關於所有這些動人的部分，以及它們如何改變你的觀點或不改變你的觀點有意見嗎？我們是否應該將此視為 0.13 美元的加薪？

So let's talk about the quarter real quick. We had a couple of things we highlighted in there. The resolution of the situation with Victoria's Secret is a huge win, a huge positive. That's $20 million into the cash coffers. $0.13 of that was not in guidance, offsetting that, though, was $0.10 of reserves, also not in our guidance.

那麼讓我們快速談談這個季度。我們在那裡強調了幾件事。維密事件的解決是一個巨大的勝利，一個巨大的積極影響。這是現金金庫中的 2000 萬美元。其中 0.13 美元不在指導中，但抵消了 0.10 美元的準備金，這也不在我們的指導中。

So you see your net 3 positive there. The remainder of the beat for the quarter is the best quality beat you can have. It's all out of NOI. Our properties significantly outperformed expectations. You saw that in same-store cash NOI. You saw that in earnings. That's on the revenue side and also even more significantly on the operating expense side, where our operations team did a spectacular job saving on overhead costs. And we also benefited from lower utilities.

所以你在那裡看到你的淨 3 陽性。本季度的剩餘節拍是您可以擁有的最佳質量節拍。這一切都是出於 NOI。我們的物業明顯超出預期。您在同店現金 NOI 中看到了這一點。你在收益中看到了這一點。這是在收入方面，在運營費用方面更重要，我們的運營團隊在節省間接費用方面做得非常出色。我們還受益於較低的公用事業。

So all that said, we were ahead of our expectations for the quarter, but we give a $0.30 range for guidance. So we sit within that range. We're still watching very closely the forward curve. We only have 10% -- less than 10% floating rate debt at this point. So it's not as impactful, but we're very focused on it. And so that's why we keep our range as wide as we do when we launched at the beginning of the year. And 3 months in, we're not going to touch that. We'll reevaluate in 3 months.

綜上所述，我們對本季度的預期超出了我們的預期，但我們給出了 0.30 美元的指導範圍。所以我們坐在那個範圍內。我們仍在密切關注遠期曲線。目前我們只有 10%——不到 10% 的浮動利率債務。所以它沒有那麼有影響力，但我們非常專注於它。因此，這就是為什麼我們的產品範圍與年初推出時一樣廣泛。 3 個月後，我們不會再碰它了。我們將在 3 個月後重新評估。

Okay. But is there a way to figure out if you're getting closer to the higher end or the lower end, or you're just keeping the whole range?

好的。但是有沒有辦法弄清楚你是越來越接近高端還是低端，或者你只是保持整個範圍？

That's what ranges are for.

這就是范圍的用途。

Keeping the whole range.

保持整個範圍。

All right. So the next question was -- I had a question on 919 Third Avenue as well. But maybe since you can't comment if it's imminent, just a broader sort of thought in terms of the refinancing environment, any sense we can get some specific numbers in terms of rates, LTV, let's say?

好的。所以下一個問題是——我也有一個關於 919 Third Avenue 的問題。但也許因為你不能評論它是否迫在眉睫，只是關於再融資環境的更廣泛的想法，我們可以從利率、LTV 等方面獲得一些具體數字，比方說？

I think you touched on a little bit before, potentially more collateral. Just any sort of color on what the environment looks like and how it changed over the past month or 2 would be helpful.

我想你之前談到了一點，可能更多的抵押品。關於環境的外觀以及過去一兩個月的變化情況的任何顏色都會有所幫助。

It feels like we're sort of the same territory. But look, banks had breakout earnings earlier this week or last week. So yes, I think it's all iterative. First, the leasing is a big -- I think it's going to be a big help. I think the fact that the banks -- at least the bigger banks that provide a lot of liquidity, at least here in Manhattan for Manhattan deals, having a big top line is very positive.

感覺就像我們在同一個領域。但是你看，本週早些時候或上週，銀行的收益突破了。所以是的，我認為這都是迭代的。首先，租賃是一個很大的——我認為這將是一個很大的幫助。我認為銀行——至少是提供大量流動性的大銀行，至少在曼哈頓這裡進行曼哈頓交易，擁有高額收入這一事實是非常積極的。

And I think eventually, and not too distant, they'll be back buying the AAA, AA, all the secure (inaudible) tranches of the debt. And I think the liquidity drives up quickly, it comes back quickly. We've seen it just time and time and time again. So it's going to change weekly. But the only thing I can say to you is you looking for trend direction is, I think it's headed in the right direction.

我認為最終，在不久的將來，他們將重新購買 AAA、AA 級債券，所有有保障的（聽不清）部分。而且我認為流動性會迅速上升，很快就會恢復。我們一次又一次地看到它。所以它每週都會改變。但我唯一能告訴你的是，你在尋找趨勢方向，我認為它正朝著正確的方向前進。

Hopefully, we've seen the worst of the pause. And I do think as deals get done, they set marks. And then more deals get done and before you know it, we're back to an equilibrium market. So we'll see. I mean I think what you're hearing is, let's wait another 3 months and reassess on the next call. And hopefully, we'll be able to give you a lot more specific data.

希望我們已經看到了最糟糕的停頓。而且我確實認為，隨著交易的完成，他們會設置標記。然後更多的交易完成，在你知道之前，我們回到了均衡市場。所以我們拭目以待。我的意思是我認為你聽到的是，讓我們再等 3 個月，然後在下一次電話會議上重新評估。希望我們能夠為您提供更多具體數據。

Helpful. If I could sneak one quick. And any update on sort of the casino license? I don't think it's been asked, where that stands? How you guys are thinking about it?

有幫助。如果我能快速偷偷摸摸。關於賭場牌照的任何更新？我不認為有人問過，它在哪裡？你們是怎麼考慮的？

Well, I mean, look, we're -- as I mentioned on another call, there's really no update from the last call, which I think is mostly what you're asking about. But we are pursuing it vigorously, full gaming license in Times Square. We firmly believe that a world-class gaming entertainment hotel destination like we've planned in the heart of Times Square is to everybody's benefit, everybody.

好吧，我的意思是，看，我們 - 正如我在另一個電話中提到的那樣，上次電話確實沒有更新，我認為這主要是你問的問題。但我們正在大力追求它，在時代廣場獲得完整的博彩牌照。我們堅信，像我們在時代廣場中心規劃的世界級博彩娛樂酒店目的地對每個人都有好處。

Businesses, residents and Broadway would benefit from the type of multibillion-dollar development that's planned us in conjunction with Caesars Entertainment and Roc Nation. It would be an enormous catalyst for revitalizing and reinvigorating what's New York, and I'd argue the world's #1 most important tourist destination.

企業、居民和百老匯將從我們與 Caesars Entertainment 和 Roc Nation 一起計劃的數十億美元的開發項目中受益。這將是振興和振興紐約的巨大催化劑，我認為紐約是世界第一大最重要的旅遊目的地。

And we've got the support of an ever-growing coalition of small businesses, labor, restaurants. We've got hotels. We've got many local residents. And I feel we're in a good position to compete for one of those 3 licenses. Now where the process stands, we are -- we've in the process of the request for applications. Questions were submitted, I want to say, back in February. And we're -- I think everyone is awaiting state feedback on next steps.

我們得到了不斷壯大的小型企業、勞工和餐館聯盟的支持。我們有酒店。我們有很多當地居民。而且我覺得我們處於競爭這 3 個許可證之一的有利位置。現在，我們處於流程的位置——我們正在處理申請請求。我想說，早在 2 月份就提交了問題。我們 - 我認為每個人都在等待對後續步驟的狀態反饋。

I think we're going to take one more.

我想我們要再拿一個。

Well, I'm actually showing no further questions. So I would now like to go ahead and turn the call back over to Marc Holliday for closing remarks.

好吧，我實際上沒有再提出任何問題。因此，我現在想繼續將電話轉回給馬克·霍利迪 (Marc Holliday) 以作結束語。

Okay. Well, I want to thank all of you who made it to the end here and -- of the call. And looking forward more than most of you on the call the next three months from now. And hopefully, a lot of what you're hearing now we'll be able to speak about it in more detail then and appreciate the continued support of our shareholders. Thanks.

好的。好吧，我要感謝所有能堅持到這裡的所有人，以及——感謝電話會議。並且比你們中的大多數人更期待未來三個月的電話會議。希望您現在聽到的很多內容我們能夠更詳細地討論它，並感謝我們股東的持續支持。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。