SL Green Realty Corp (SLG) 2024 Q1 法說會逐字稿

Thank you, everybody, for joining us, and welcome to the SL Green Realty Corp.'s First Quarter 2024 Earnings Results Conference Call. This 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.

感謝大家加入我們，歡迎參加 SL Green Realty Corp. 2024 年第一季獲利結果電話會議。此通話正在錄音。此時，該公司想提醒聽眾，在電話會議期間，管理階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有所不同。

All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today. Additional information regarding risks, uncertainties and other factors that could cause such differences to appear are set forth in the risk factors and MD&A sections of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission. Also during today's conference call, the company may discuss non-GAAP financial measures as defined by Regulation G under the Securities Act.

管理階層在本次電話會議上發表的所有前瞻性聲明均基於他們截至目前的假設和信念。有關風險、不確定性和其他可能導致出現此類差異的因素的更多信息，請參見公司最新的 10-K 表格以及公司向美國證券交易委員會提交的其他後續報告的風險因素和 MD&A 部分。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 財務指標。

The GAAP financial measure most directly comparable to each non-GAAP financial measure discussed and 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 fourth quarter 2024 earnings and in our supplemental information included in our current report on Form 8-K relating to our first quarter 2024 earnings.

與所討論的每項非GAAP 財務指標最直接可比較的GAAP 財務指標以及每項非GAAP 財務指標與可比較GAAP 財務指標之間差異的調節表均可在公司網站www.slgreen.com 上找到，方法是選擇有關公司 2024 年第四季度收益的新聞稿，以及我們當前 8-K 表格報告中與 2024 年第一季收益相關的補充資訊。

Before turning the call to Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp., (Operator Instructions). Thank you.

在將電話轉給 SL Green Realty Corp. 董事長兼執行長 Marc Holliday 之前（操作員說明）。謝謝。

I will now turn the call over to Marc Holliday. Please go ahead, Marc.

我現在將把電話轉給馬克·霍利迪。請繼續，馬克。

Okay. Good afternoon, and thank you all for joining us today. We appreciate the opportunity to discuss with you our results for the first quarter and review with you our recent announcements. It's been years since I've felt this optimistic about the trajectory of our business. After a challenging few years where we navigated unprecedented change by keeping focus and working harder than ever, we've emerged with a stronger portfolio, a more exciting and diversified business and an even sharper strategy moving forward. Certainly, nobody did more than us when it came to leasing within our portfolio, developing extraordinary projects capitalizing on market dislocation and recapitalizing deals when others didn't.

好的。下午好，感謝大家今天加入我們。我們很高興有機會與您討論我們第一季的業績並與您回顧我們最近的公告。自從我對我們業務的發展軌跡感到如此樂觀以來，已經有很多年了。在經歷了充滿挑戰的幾年後，我們透過保持專注和比以往更加努力工作來應對前所未有的變化，我們已經擁有更強大的產品組合、更令人興奮和多元化的業務以及更清晰的前進戰略。當然，在我們的投資組合中，在租賃、利用市場混亂開發非凡項目以及在其他人沒有做的情況下進行交易資本重組方面，沒有人比我們做得更多。

Our reputation and extraordinary relationships within the lending community allowed us to create plans to extend their debt maturities, capitalize and move forward. We're in the early innings of what we believe will be a period of market improvement, fueled by the strength of New York City's resurge in financial sector, signs of a reemergence of the tech sector and a new generation of workers who recognize that career advancement and relationship building doesn't happen at home.

我們在貸款界的聲譽和非凡的關係使我們能夠制定計劃來延長他們的債務期限、資本化和向前發展。我們正處於市場改善時期的早期階段，受到紐約市金融業復甦勢頭、科技業重新崛起的跡像以及認識到這一職業的新一代工人的推動進步和建立關係不是在家裡發生的。

Now as we enter what we expect to be a period of significant growth and opportunity, we are encouraged by the market fundamentals, which we believe are shifting to become tailwinds. Even in this higher interest rate environment, there's a solid foundation of positive economic momentum among our strong and stable tenant base. The diversity of New York City's economy is reflected in our portfolio and is one of the core strengths of this market compared to other cities a market where a record 192 leases were signed last year at triple-digit rents.

現在，當我們進入我們預期的顯著成長和機會時期時，我們受到市場基本面的鼓舞，我們相信市場基本面正在轉變為順風。即使在利率較高的環境下，我們強大而穩定的租戶基礎也為積極的經濟動能奠定了堅實的基礎。紐約市經濟的多樣性反映在我們的投資組合中，與其他城市相比，這是該市場的核心優勢之一。

And contrary to the media hype, the vast majority of these premium leases were not signed in new construction projects, but rather in well-located, easily commutable and highly amenitized existing buildings. This aligns extremely well with SL Green's portfolio and the elevated office experience in which our hospitality group specializes. And the leasing results for the first quarter certainly support the case. We leased over 630,000 square feet of space at an average starting rate of $93 per square foot, 1/3 of which were renewals and 2/3 of which were new leases.

與媒體炒作相反的是，這些優質租約中的絕大多數不是在新建築項目中簽訂的，而是在位置優越、交通便利且設施齊全的現有建築中簽訂的。這與 SL Green 的產品組合以及我們飯店集團擅長的高級辦公室體驗非常吻合。第一季的租賃結果無疑證明了這一點。我們以每平方英尺 93 美元的平均起始價格租賃了超過 630,000 平方英尺的空間，其中 1/3 為續租，2/3 為新租。

On the investment front, we launched a $1 billion opportunistic debt fund in February, the only 1 of this scale that is entirely New York City centric. This fund will allow us to capitalize on current capital market dislocation through the discounted acquisition of existing debt investments and the origination of new high-yielding debt instruments. Fundamentally, we are looking to replicate our approach for the last 26 years of investing in the best properties in New York City via strategic debt investments. The feedback is that no one is better positioned to take advantage of the moment in this market as we are and our initial closings are targeted for some time this summer.

在投資方面，我們在 2 月推出了 10 億美元的機會債務基金，這是這一規模中唯一完全以紐約市為中心的基金。該基金將使我們能夠透過折扣收購現有債務投資和開發新的高收益債務工具，利用當前資本市場的混亂。從根本上說，我們希望複製過去 26 年透過戰略債務投資投資紐約市最佳房產的方法。回饋是，沒有人比我們更能充分利用這個市場的時機，我們最初的關閉目標是今年夏天的某個時間。

Just this past week, the governor and the legislature have reached agreement on a comprehensive office-to-residential conversion bill, which should be printed tomorrow and voted upon and signed this weekend. The conversion program is particularly targeted to existing Midtown office building south of 96th Street and Lower Manhattan office buildings as well. SL Green has played an instrumental role in helping to get this legislation passed as part of the state's new fiscal budget, and we applaud Governor, Hochul, the Senate and the assembly on the doorstep of passing this landmark office to residential conversion build, which I believe will have a transformative effect on this office market much in the same way that we called very early on the transformative effect that East Side Access would have on the Park Avenue Corridor. I see this as being even more impactful than that event.

就在上週，州長和立法機關就一項全面的辦公大樓改建法案達成了一致，該法案將於明天印刷，並在本週末進行投票和簽署。該改造計畫特別針對 96 街以南現有的中城辦公大樓和曼哈頓下城辦公大樓。 SL Green 在幫助這項立法作為該州新財政預算的一部分獲得通過方面發揮了重要作用，我們對州長、Hochul、參議院和議會即將這座具有里程碑意義的辦公大樓改建為住宅的建築表示讚賞，我對此表示讚賞。我認為這比那次活動更具影響力。

And certainly more comprehensive in the midtown and downtown encapsulated way. By incentivizing the conversion of underutilized obsolete office space to housing, this vital legislation will uniquely address 3 of New York's most pressing challenges. Amidst record-high Manhattan office vacancy, the bill will create stability in the commercial office market, produce the affordable and market rate housing we need to overcome the city's housing crisis and generate foot traffic to support local retailers and restaurants in New York central business districts. While many of these conversions under the new program will be taking place over the next 3 to 5 years, the impact will be felt immediately as owners remove their buildings from office space inventory and relocate out existing tenants into other buildings.

當然，在市中心和市中心的封裝方式上更加全面。透過激勵將未充分利用的陳舊辦公空間改建為住房，這項重要立法將獨特地解決紐約最緊迫的三個挑戰。在曼哈頓辦公室空置率創歷史新高的情況下，該法案將為商業辦公室市場創造穩定，生產我們克服城市住房危機所需的經濟適用房和市場價住房，並產生人流量來支持紐約中央商務區的當地零售商和餐廳。雖然新計劃下的許多改造將在未來 3 至 5 年內進行，但當業主將其建築物從辦公空間庫存中移除並將現有租戶搬遷到其他建築物時，其影響將立即顯現出來。

Ultimately, we believe that somewhere between 25 million to 40 million square feet of rentable space will convert under this program. If this bears out as we think the result would be a significant reduction in available space, far accelerated from whatever we would otherwise have occurred simply through natural absorption of space via demand. Thanks to the leadership of the governor and our elected officials in Albany as well as to Mayor, Adams for his city of yes, zoning initiatives, the private sector is now positioned to again invest in New York City's housing future.

最終，我們相信根據該計劃將轉換 2500 萬至 4000 萬平方英尺的可出租空間。如果這一點如我們所想的那樣，結果將是可用空間的顯著減少，其速度遠遠快於我們透過需求自然吸收空間而發生的情況。感謝奧爾巴尼州長和民選官員的領導，以及亞當斯市長的城市分區計劃，私營部門現在能夠再次投資紐約市的住房未來。

As part of a new conversion incentive build, we are planning to be among the first out of the blocks with the conversion of 750 Third Avenue from office to residential use. The conversion of 750 Third will spur on this important new development for the city, and there'll be more to come on this throughout the year. Lastly, we made enormous progress over the past year with our partners, Caesars Entertainment and Roc Nation on our vision for Caesars Palace, Times Square. We had the opportunity to meet with hundreds of stakeholders grower coalition and gain significant support. We now know that this will be a long process with bids likely not due until 2025, and we will use this time to continue strengthening our bid because the project is worth the extra effort and Times Square stands to gain so much. One thing we know for sure, ours is the only proposal that is a true New York approach to gaining, providing benefits far beyond its walls.

作為新改造激勵建設的一部分，我們計劃成為首批將第三大道 750 號從辦公室用途改造成住宅用途的街區之一。 750 Third 的改建將刺激該市這一重要的新開發項目，全年還會有更多的項目出現。最後，在過去的一年裡，我們與合作夥伴凱撒娛樂公司和 Roc Nation 在凱撒宮時代廣場的願景方面取得了巨大進展。我們有機會與數百名利害關係人種植者聯盟會面並獲得大力支持。我們現在知道，這將是一個漫長的過程，投標可能要到2025 年才會到期，我們將利用這段時間繼續加強我們的投標，因為該項目值得付出額外的努力，而且時代廣場將獲益匪淺。我們確信的一件事是，我們的提案是唯一真正的紐約方法，可以為紐約帶來遠遠超出其範圍的好處。

Thank you, and we'd like to take your questions on the quarter's results, please. Operator, questions?

謝謝您，我們想回答您有關本季業績的問題。接線生，有問題嗎？

(Operator Instructions) Our first question comes from Alexander Goldfarb with Piper Sandler.

（操作員說明）我們的第一個問題來自 Alexander Goldfarb 和 Piper Sandler。

Marc, let me first go to the office to resi conversion. I guess a 2-part question, and hopefully, Matt doesn't say that's all my questions. But if we look at what Douglas Emmett did out in Hawaii, they've been able to convert building floor by floor, so they didn't have to take it out of service. Obviously, for you guys, you've done 750, I think, is pretty fully vacant.

馬克，讓我先去辦公室進行 Resi 轉換。我猜這是一個由兩部分組成的問題，希望馬特不會說這就是我所有的問題。但如果我們看看道格拉斯·埃米特在夏威夷所做的事情，他們已經能夠逐層改造建築物，因此他們不必停止使用。顯然，對你們來說，你們已經完成了750，我認為，已經完全空缺了。

But one, does this accelerate your plans and thoughts on how you would convert buildings? And then two, the buildings that are coming out that 25 million to 40 million square feet, are those really competitive with you guys, meaning if those buildings go out of service, does that really force more office demand into your portfolio? Or what do you think the carry-on impact of that 25 million to 40 million going off-line is.

但第一，這是否會加速您關於如何改造建築物的計劃和想法？第二，即將建成的2500 萬至4000 萬平方英尺的建築，對你們來說真的有競爭力嗎？組合？或者您認為 2500 萬到 4000 萬人離線的持續影響是什麼？

Yes. Well, the -- some of these buildings, they're all competitive to a certain extent because they form the bottom of the market or the bottom middle of the market. These are not bad buildings. They're just what I would call secondary buildings. Secondary buildings do not mean bad buildings. Some of them, when I use term obsolete, it just means that they don't really warrant the full-scale capital redevelopment and a monetization redevelopment relative to the types of rents that can be achieved in light of the concessions that would have to be given.

是的。嗯，其中一些建築物在一定程度上都具有競爭力，因為它們構成了市場的底部或市場的底部中間。這些建築都不錯。它們就是我所說的二級建築。次要建築並不意味著不好的建築。其中一些，當我使用術語“過時”時，這只意味著它們並不真正保證全面的資本重建和貨幣化重建，相對於根據必須做出的讓步可以實現的租金類型。

So they're not bad buildings. They're the buildings in Midtown, definitely by eliminating such a vast quantity of space and taking the tenants out of those buildings and relocating them into existing space like we did at 750 Third is a perfect example. It's a good office building, it just in our eyes, had a better -- higher and better use, and we've relocated many of those tenants out into our portfolio and other surrounding buildings.

所以它們不是壞建築。它們是中城的建築物，肯定是透過消除如此大量的空間並將租戶從這些建築物中轉移出來並將其重新安置到現有空間中，就像我們在750 Third 所做的那樣，就是一個完美的例子。這是一棟很好的辦公大樓，在我們看來，它有更好的——更高、更好的用途，我們已經將其中許多租戶遷入我們的投資組合和其他周圍的建築。

So don't get the impression that these Midtown buildings are bad buildings simply because I used the term secondary or obsolete. They are just buildings that have -- can be optimized as residential and should be optimized as residential and don't necessarily warrant the same level of investment as buildings that we have, we're achieving $90 a square foot and above, that's where that investment should go. And these buildings that might otherwise be $60 a foot or thereabouts on office rentable might be $100 a foot on resi square footage equivalent. So it's a -- it becomes very clear.

因此，不要因為我使用了「次要」或「過時」一詞就認為這些中城建築是糟糕的建築。它們只是具有 - 可以優化為住宅並且應該優化為住宅的建築物，並且不一定需要與我們擁有的建築物相同的投資水平，我們正在實現每平方英尺 90 美元及以上，這就是投資應該去。這些建築物的辦公室租金可能為每英尺 60 美元左右，而以相應的住宅面積計算，可能為每英尺 100 美元。所以這變得非常清楚。

And your comment about what Douglas Emmett is doing in Honolulu, I think it's spot on. I mean, obviously, it's a different market, different size of market. But the point is the same. There was an example of one building having a fairly significant impact on an office market, imagine dozens of buildings, converting, being taken offline, tenants being relocated out. The way this bill is structured to get the maximum tax benefits, you have to file for your permits by some time in '26.

我認為你對道格拉斯·埃米特在檀香山所做的事情的評論是正確的。我的意思是，顯然，這是一個不同的市場，不同的市場規模。但重點是一樣的。有一個例子，一棟建築對辦公市場產生了相當大的影響，想像一下數十棟建築正在改造、被下線、租戶被搬遷。該法案的結構方式是為了獲得最大的稅收優惠，您必須在 26 年的某個時間之前申請許可證。

That means you got to get going right now. This isn't one of those wait and see, and I'll get to it in '27, '28, '29. This is intended smartly to coerce not just ultimate transition to building but expedited transition to building because we want to see this affordable housing and market and workforce housing problem addressed right now, not 5, 10 years down the road. So the tax benefits, I think, to me, look intentionally cohesive in a way that's very positive for city and positive for affordable renters who need solutions sooner than later.

這意味著你必須立即出發。這不是等待觀望的情況之一，我將在 27 年、28 年、29 年進行。這樣做的目的很巧妙，不僅要強制最終向建築過渡，而且要加快向建築的過渡，因為我們希望看到經濟適用房、市場和勞動力住房問題立即得到解決，而不是5年、10年後得到解決。因此，我認為，稅收優惠在我看來是故意具有凝聚力的，這對城市非常有利，對需要解決方案的負擔得起的租屋者也有利。

Okay. Second question is the $2 billion of debt that you guys did, clearly, I think, exceeded what any would have expected, especially with only $40 million of debt paydown. But as you guys look to future asset sales and really the stake sales out of One Vanderbilt and others of your top-tier assets, does the calculus change because everything is interconnected, right? You do refinancing, you do better than you expect. It means less pressure to sell a stake here or do other things. How does the $2 billion that you have achieved so far? Does that change anything that you laid out at your Investor Day either accelerating things or taking the pressure off the need off to do other things?

好的。第二個問題是，你們所欠的 20 億美元債務，我認為，顯然超出了任何人的預期，尤其是在只償還了 4,000 萬美元債務的情況下。但是，當你們展望未來的資產出售，以及范德比爾特一號和其他頂級資產的股權出售時，計算是否會發生變化，因為一切都是相互關聯的，對嗎？你進行再融資，你的表現比你預期的還要好。這意味著出售股份或做其他事情的壓力較小。到目前為止，您所取得的 20 億美元業績如何？這是否會改變您在投資者日所安排的任何事情，無論是加速事情還是減輕做其他事情的壓力？

Well, I mean, look, it doesn't -- it's not changing our business plan. We don't feel pressured. We're enjoying this. This is what we do, and this is what we've done and what I've done for 33 years. We're in this because we love it, we enjoy it, and we view this as progress, and we view this as putting points on the board for our shareholders. And we enjoy watching the impact on the stock and turning the tide and seeing New York come back.

嗯，我的意思是，看，它並沒有改變我們的商業計劃。我們不覺得有壓力。我們很享受這個。這就是我們所做的，這就是我們所做的，也是我 33 年來所做的。我們參與其中是因為我們喜歡它，我們享受它，我們認為這是進步，我們認為這是為我們的股東在董事會上提出觀點。我們很高興看到這對股票的影響，扭轉局勢，看到紐約捲土重來。

So we don't feel any more or less pressure to do anything. Our business plan remains the same, which is we do intend to sell or JV certain buildings, which we've identified in the beginning of the year, plus along the year, we may add or eliminate from that mix. But the aggregate amount of activity is still our goal and objective for the year, both with regards to debt modification expenses and restructurings, as much as we just announced, we still have 4 or 5 big important deals that we're working on to go.

所以我們不會感到做任何事情有更多或更少的壓力。我們的業務計劃保持不變，即我們確實打算出售或合資某些建築物，這些建築物是我們在年初確定的，而且在這一年中，我們可能會從該組合中添加或消除。但活動總量仍然是我們今年的目標和目標，無論是在債務修改費用還是重組方面，正如我們剛剛宣布的那樣，我們仍然有 4 到 5 項重大交易正在進行中。

And then two, on the disposition front, we think that the appetite, both domestic and internationally for the best well-located premium assets remains very strong, and we remain committed to working through the monetization events of these assets, like we've done for decades now as we harvest our gains and reinvest.

第二，在處置方面，我們認為國內外對位置最佳的優質資產的興趣仍然非常強勁，我們仍然致力於解決這些資產的貨幣化事件，就像我們所做的那樣幾十年來，我們收穫收益並進行再投資。

And our next question comes from John Kim with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 John Kim。

I had a question on earnings, excluding all the debt extinguishments and other onetime items, that was $0.98 for the quarter, which on a run rate basis is -- seems kind of modest. I was wondering if this is a good run rate? And what's your visibility on additional onetime items, whether it's get extinguishment or sourcing any fees from your debt fund?

我有一個關於收益的問題，不包括所有債務免除和其他一次性項目，該季度的收益為 0.98 美元，按運行率計算，這似乎有點適中。我想知道這是否是一個好的運行率？您對其他一次性項目的可見度如何，無論是取消還是從債務基金中獲取任何費用？

Yes, John, it's Matt. So I've read quite a bit of commentary out there that this was a miss, which kind of threw me because actually, the quarter was ahead on our numbers. And if you look at what our guidance adjustment was, our new guidance range, but the adjustment we made back in January, the adjustment we made last night are due to the incremental DPO gains, discounted debt extinguishment gains at 2 Herald, 280 Park and 719 Seventh.

是的，約翰，是馬特。因此，我讀到了很多評論，認為這是一次失誤，這讓我很震驚，因為實際上，該季度的數據領先於我們。如果你看看我們的指導調整是什麼，我們的新指導範圍，但我們在一月份所做的調整，我們昨晚所做的調整是由於增量DPO 收益、2 Herald、280 Park 和280 Park 的折現債務消除收益第719章 第七。

I would say, all of the other assumptions that fed our guidance back in December are intact. So if the first, who we don't guide on a quarter-by-quarter basis, we guide on a full year basis, and our full year guidance is the same. So if it was -- it struck people as low in the first quarter, that's relative to their models, not ours. We were ahead of our model by a few pennies mostly on the NOI and SUMMIT side.

我想說，12 月為我們提供指導的所有其他假設都完好無損。因此，如果第一個問題，我們不按季度進行指導，我們會按全年進行指導，而且我們的全年指導是相同的。因此，如果是的話——第一季人們的印像是低的，那是相對於他們的模型，而不是我們的模型。我們領先我們的模型幾美分，主要是在 NOI 和 SUMMIT 方面。

And if people need to adjust their models to reflect higher in the second, third and fourth quarters to get back to the core number that we guided to, they should do that. Our quarterly earnings are not linear. We have fee streams that come through that make them lumpy. We have NOI building over the course of the year as we can increase occupancy. So first quarter was better than our expectations and our full year guidance is intact.

如果人們需要調整模型以反映第二、第三和第四季度的更高水平，以回到我們指導的核心數字，他們應該這樣做。我們的季度收入不是線性的。我們的費用流使它們變得不穩定。我們全年都會建造 NOI，因為我們可以增加入住率。因此，第一季好於我們的預期，我們的全年指引完好無損。

Can I ask about 280 Park and the loan refinancing. It seems like there's very little residual equity in the assets. You didn't have to pay down any of the senior mortgage other part of them. What was really in it for the senior lenders on this transaction?

請問關於280公園和貸款再融資的問題嗎？資產中的剩餘權益似乎很少。您無需償還其他部分的任何高級抵押貸款。對於高級貸款人來說，這筆交易的真正好處是什麼？

So first, just to make a statement upfront, disagree with the assessment about the residual equity. Not at all. With respect to just the market in general, and then I'll speak about 280, as we saw with all these extensions and what we're seeing both in the CMBS and the balance sheet side, and as we demonstrated with all those announcements, we're able to get substantial runway and term on all of these deals. And in return, the lenders want to see some form of skin in the game.

首先，先聲明一下，我不同意對剩餘股權的評估。一點也不。就整個市場而言，然後我將談論 280，正如我們在所有這些擴展以及我們在 CMBS 和資產負債表方面所看到的那樣，正如我們在所有這些公告中所展示的那樣，我們能夠在所有這些交易中獲得大量的跑道和期限。作為回報，貸款人希望看到某種形式的利益參與。

At 280, we put up reserves for leasing costs that we were otherwise going to spend at the asset and in assets that have free cash flow, the lenders were looking for some form of skin in the game, which we demonstrate through some symbolic pay downs. So as we've been telling people on the past few earnings calls, these are lenders that we have big relationships with and they're looking -- and they have tremendous faith in us. So you should expect to see more of what we got done over the past quarter as we get down the balance of the $5 billion program.

在280 時，我們為租賃成本準備了準備金，否則我們將在資產和具有自由現金流的資產上花費這些成本，貸款人正在尋找某種形式的遊戲利益，我們通過一些象徵性的還款來證明這一點。因此，正如我們在過去幾次財報電話會議上告訴人們的那樣，這些貸款機構與我們有著密切的關係，他們正在尋找——而且他們對我們抱有極大的信心。因此，當我們減少 50 億美元計劃的餘額時，您應該會看到我們在過去一個季度所做的更多工作。

And our next question comes from Tom Catherwood with BTIG.

我們的下一個問題來自 BTIG 的 Tom Catherwood。

Obviously, very strong quarter on the leasing front, and Marc, you sound convinced on the durability of this demand. How does your leasing pipeline compare to the 1.4 million square feet roughly that you had at the start of last quarter. And could you provide some more color on the reemergence of the tech sector that you mentioned in your remarks?

顯然，租賃方面的季度非常強勁，馬克，你聽起來對這種需求的持久性充滿信心。與上季初約 140 萬平方英尺的租賃面積相比，您的租賃管道如何？您能否對您在演講中提到的科技業的重新崛起提供更多資訊？

Yes, I'm going to actually hand that ball off to Steve Durels. So we can go right to the source here because he's in charge of that pipeline, obviously, and can go into some discussion about after having done -- by the way, big leasing in the fourth quarter, big leasing in the first quarter, you would think that pipeline is depleted, but maybe not. And on the tech sector, I can -- we have some thoughts on that as well, so.

是的，我實際上要把球交給史蒂夫·杜雷爾。所以我們可以直接找到來源，因為他顯然負責該管道，並且可以在完成後進行一些討論 - 順便說一句，第四季度的大租賃，第一季度的大租賃，你會認為管道已耗盡，但也許並非如此。在科技領域，我可以——我們對此也有一些想法，所以。

Sure. So just to give you a little color on the pipeline. It's -- we actually have grown the pipeline despite very strong leasing in the first quarter. We're now at a current pipeline of over 1.6 million square feet. Of that 1.6 million, 840,000 square feet of it is actually leases that are out in current negotiation as opposed to over 700,000 square feet of term sheets that are in negotiation. Of that, 2/3 of the space is our new tenants as opposed to renewal tenants. And I think another point to make within the pipeline is that of the leases that are out almost 500,000 square feet of those leases cover current vacancy within the same-store portfolio.

當然。所以只是為了讓你對管道有一點了解。儘管第一季的租賃量非常強勁，但我們實際上已經增加了管道。我們目前的管道面積已超過 160 萬平方英尺。在這 160 萬平方英尺中，其中 840,000 平方英尺實際上是目前正在談判中的租賃合同，而不是超過 700,000 平方英尺的條款清單正在談判中。其中，2/3 的空間是我們的新租戶，而不是續租租戶。我認為在管道中要指出的另一點是，這些租賃中近 500,000 平方英尺的租賃涵蓋了同店投資組合中當前的空缺。

With regards to the increasing demand from the tech sector, there's over 5 million square feet of current tech tenants that are being tracked in the market today, not necessarily just within our portfolio, obviously, but active tech requirements that are with tenants that are searching the market, that's a 53% increase from a year ago. And just to give you a flavor, we've seen tenants like Intuit, Fanatics and Figma and a couple of other big household names that have started to kick tires in the market as a result of adding head count to their Manhattan employee population.

關於科技業不斷增長的需求，目前市場上正在追蹤超過 500 萬平方英尺的現有科技租戶，顯然，這些租戶不一定只在我們的投資組合內，而是正在尋找租戶的積極技術需求市場，比一年前成長了53%。為了讓您了解一下，我們已經看到 Intuit、Fanatics 和 Figma 等租戶以及其他幾個家喻戶曉的大公司由於增加了曼哈頓員工人數而開始在市場上踢球。

That's great. And then maybe on dispositions. Obviously, it was great to see 719 Seventh and Palisades going to contract. And we understand that the mix can potentially shift throughout the year, though the aggregate remains the same. That said, is OVA, the partial interest sale there still in the plan? And what is the expected closing on 625 Madison?

那太棒了。然後也許是性格。顯然，很高興看到 719 Seventh 和 Palisades 簽約。我們知道，儘管總量保持不變，但全年的結構可能會改變。也就是說，OVA（部分利息出售​​）還在計劃中嗎？ 625 Madison 預計成交時間是多少？

Those assets are still very much in the plan in active negotiations, documenting, big deals, big deals don't happen quick nor do they need to be rushed. But we're confident in their outcome. And in terms of timing, I don't know if we've given any guidance beyond this year. I mean we hope to get them buttoned up sooner than later. Certainly, OVA, which is more advanced. The second one you said was?

這些資產仍然在積極談判、記錄中的計劃中，大交易不會很快發生，也不需要匆忙。但我們對他們的結果充滿信心。就時間安排而言，我不知道我們是否在今年之後給了任何指導。我的意思是我們希望盡快把它們搞定。當然是OVA，比較高級。你說的第二個是？

Yes, 625.

是的，625。

625 closing or that was in contract. So it's a question there about closing time frame on 625?

625 成交或合約中的內容。那麼關於 625 的關閉時間範圍有一個問題嗎？

Yes. Yes.

是的。是的。

Okay. That deal is slated to close at the end of this month. And so it's another 2 weeks or so. And we are going through the motions with the buyer to go through that closing process and expect that to happen in this second quarter. And OVA, I mentioned we're steaming away on. And then 245 Park is another one that we're getting enormous traction on leasing. We have more leases pending that are in that 1.6 million.

好的。該交易預計於本月底完成。又過了兩週左右的時間。我們正在與買方協商完成交割流程，預計這將在第二季發生。還有OVA，我提到我們正在繼續前進。 245 Park 是我們在租賃方面獲得巨大關注的另一個項目。我們還有更多的待定租約，即 160 萬份。

The JV execution is enhanced for all of us. The company, shareholders, everybody, the more leasing we get done the better, so we're just going to keep leasing ahead of even really having started the redevelopment, but on the promise of the redevelopment and the commitment of the redevelopment, which I think is going to make it one of the best non-new buildings on Park Avenue.

合資企業的執行力對我們所有人來說都得到了增強。公司、股東、大家，我們做的租賃越多越好，所以我們將在真正開始重建之前繼續租賃，但基於重建的承諾和重建的承諾，我認為它將使其成為公園大道上最好的非新建建築之一。

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

我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

Great. Just 2 quick ones for me. Just staying on the leasing front, if I could just add, if you could talk about sort of the mark-to-market on the leases in the pipeline because I saw you reiterated sort of expectation on both sort of the occupancy targets as well as the leasing volumes this year, which, based on the pipeline, it sounds like you're well on track. But maybe talk a little bit about the mark-to-market.

偉大的。對我來說只有 2 個快速的。只是停留在租賃方面，如果我可以補充一下，如果您可以談論一下正在醞釀中的租賃的按市價計算，因為我看到您重申了對入住率目標以及租賃目標的預期。管道，聽起來您進展順利。但也許可以談談按市值計價。

Yes. Just to give some color on the negative mark-to-market in the first quarter were really driven by 2 buildings. We had a number of leases at Graybar Building and 800 Third Avenue, that we're sort of drove the negative mark-to-market for the overall leasing for the quarter.

是的。只是為了說明第一季的負市價其實是由兩棟建築造成的。我們在 Graybar Building 和第三大道 800 號擁有大量租賃合同，這在一定程度上推動了本季整體租賃市場的負市價計算。

On balance, most of the leases signed in the rest of the portfolio, were generally positive. So it's not -- it's unfortunate that we had a couple of stragglers that pulled us down. But as we look forward into leases that are out right now and then beyond that, the overall pipeline of 1,600,000 square feet. We've got some big positive mark-to-markets and that's what gives us the confidence to assure ourselves that we're going to be positive for the year.

總的來說，其餘投資組合中簽署的大多數租賃總體上是積極的。所以這不是——不幸的是，我們有幾個落後的人把我們拉倒了。但當我們期待現在的租約以及之後的租約時，整個管道面積將達到 1,600,000 平方英尺。我們已經取得了一些巨大的積極的按市值計價，這讓我們有信心向自己保證今年我們將取得積極的進展。

Great. And then just my last one and I guess it kind of ties into asset sales, which you just touched on, but just taking a step back in terms of the target of the year of how much sort of debt you wanted to take out on the balance sheet. If you think about sort of the refinancing success you had, the plan for the asset sales, how is that sort of trending? Is there in line with expectations? Could you even do better? Just trying to get a sense of how much that can come off the balance sheet this year.

偉大的。然後就是我的最後一個，我想這與您剛剛提到的資產銷售有關，但只是在今年的目標方面退後了一步，即您想承擔多少類型的債務資產負債表。如果您考慮一下您的再融資成功情況、資產出售計劃，這種趨勢如何？是否符合預期？你還能做得更好嗎？只是想了解今年可以從資產負債表上減少多少。

What Marc said earlier is that our business plan remains intact, and that's true. So we laid out in December north of $1 billion of debt reduction through execution of this plan. So at a minimum, we would expect that, but we've had some additional success in things like the discounted debt extinguishment at 2 Herald and some asset sales we didn't have wired in like 717 and 719 in Palisade. So that would see us be even ahead of that original target that we laid out back in December if we execute the entire business plan we have laid out.

馬克之前說過，我們的商業計劃保持不變，這是事實。因此，我們在 12 月制定了透過執行該計劃減少 10 億美元債務的計劃。因此，至少，我們期望如此，但我們在 2 Herald 的折扣債務清償以及一些我們沒有電匯的資產銷售（如 Palisade 的 717 和 719）等方面取得了一些額外的成功。因此，如果我們執行我們制定的整個業務計劃，我們甚至會領先 12 月制定的最初目標。

Our next question comes from Michael Griffin with Citi.

我們的下一個問題來自花旗銀行的麥可‧格里芬。

Great. Maybe just going back to the refinancings for a bit that you did in the quarter. Should we take this as an indication that lenders are more willing to work with owners as opposed to having to take back the keys? Or is it mainly specific to the existing relationships that you have in the market?

偉大的。也許只是回到本季所做的一些再融資。我們是否應該將此視為貸方更願意與業主合作而不是收回鑰匙的跡象？還是主要針對您在市場上現有的關係？

Yes, I don't want to generalize the activity to anything beyond SL Green, our assets, our relationships, et cetera. I think it's still a tough market out there. And as Harry said earlier, it's going to come a lot down to belief in the sponsor, the sponsor's plan, making sure skin is in the game, equity in the deal, et cetera. And where it all lines up. I think many lenders have and will conclude that, that's the best path towards loan resolution optimization and payoff. But that isn't necessarily every case. You see throughout the city. There's examples of what we've done, and there's examples that have gone in the other direction. And it's going to take a while to work through all of the effects of the interest rate increases, which have occurred over the past 2 years.

是的，我不想將活動推廣到 SL Green、我們的資產、我們的關係等以外的任何事物。我認為這仍然是一個艱難的市場。正如哈利之前所說，這很大程度上取決於對贊助商的信任、贊助商的計劃、確保利益共享、交易公平等等。以及這一切的排列。我認為許多貸方已經並將得出這樣的結論：這是優化貸款解決方案和獲得回報的最佳途徑。但這並不一定是所有情況。你可以看到整個城市。有我們所做的例子，也有相反方向的例子。需要一段時間才能消除過去兩年升息的所有影響。

But we feel very fortunate that we're positioned in a way that we think we can manage through all of that in a very steady, responsible way and position ourselves for growth this year, which I think is what you're hearing. And with the backdrop of an improving leasing market, and office to resi conversion program, it's harkens back to what I said earlier today, I think the trajectory around is very, very good, and we're optimistic. But I don't think you can really just sort of generalize from that or extrapolate that.

但我們感到非常幸運，我們認為我們可以以非常穩定、負責任的方式應對所有這些問題，並為今年的成長做好準備，我想這就是你們所聽到的。在租賃市場不斷改善以及辦公室向住宅轉換計劃的背景下，這又回到了我今天早些時候所說的，我認為周圍的軌跡非常非常好，我們很樂觀。但我不認為你真的可以從中進行概括或推論。

Got you. That's helpful. And then maybe a question on the 10 East 53rd transaction. Just looking at this property, the rents seem relatively attractive, call it, in the mid- to high 80s. It's fully leased. It seems cash flow positive. I'm curious if you can give any insight as to why your JV partner decided to exit that building? And could we see, I guess, the potential for more of the same for some of your other joint venture relationships and exiting some of these properties?

明白你了。這很有幫助。然後可能是關於 10 東 53 號交易的問題。光看這處房產，租金似乎相對有吸引力，可以說是在 80 年代中高位。它已完全出租。現金流似乎為正。我很好奇您能否透露一下您的合資夥伴為何決定退出該大樓？我想，我們能否看到你們的其他一些合資關係以及退出其中一些資產的潛力？

We have a policy here not to comment on what our partners or lenders are thinking and I don't want to put words in their mouth, but we'll continue to look for opportunity. We invest in real estate and if we see opportunities that make sense for us, we're going to continue to do it.

我們有一項政策，不評論我們的合作夥伴或貸方的想法，我不想讓他們說什麼，但我們將繼續尋找機會。我們投資房地產，如果我們看到對我們有意義的機會，我們將繼續這樣做。

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

我們的下一個問題來自美國銀行的卡米爾·博內爾。

Can you speak to the thought process of moving forward with the disposals of 719 and the conference center just given these assets were not in your December pipeline? And how should we be thinking about further deleveraging opportunities since you're working on another $3 billion.

您能否談談推進處置 719 和會議中心的思考過程，因為這些資產不在您 12 月的計畫中？既然你們正在努力爭取另外 30 億美元，我們該如何考慮進一步去槓桿化的機會。

Yes. In both instances, those are opportunities that were in front of us. They came up. Certainly, as it pertains to Palisades, it was not an asset that we had a long term strategy for that part of our core business plan. But again, continue to see -- look for us to mine opportunities as they sit in front of us even if they're not in the main business plan.

是的。在這兩種情況下，這些都是擺在我們面前的機會。他們上來了。當然，就 Palisades 而言，我們對核心業務計劃的這一部分制定長期策略並不是一項資產。但再次強調，繼續尋找我們來挖掘機會，因為它們就在我們面前，即使它們不在主要業務計劃中。

Okay. And as you work through your disposition and deleveraging programs, how do you think about the earnings volatility when more and more of your cash flows are becoming weighted to ancillary income?

好的。當您實施處置和去槓桿化計畫時，當越來越多的現金流開始加權到輔助收入時，您如何看待收益波動？

I think that, that's the case.

我想，是這樣的。

Yes. No, I don't think that's the case at all. But we are building ancillary income streams. I don't think it's becoming disproportionate to that. We're trying to grow things like our special servicing business that we're going to the fund business, and we're managing joint venture interest. That's good business. It's diversifying the revenue streams which you should do separate and aside, we have plans as we always do, to acquire assets, dispose of assets. We have had a deleveraging strategy for a couple of years. We have more of that this year and then we're going back on offense. So I think they're kind of separate and distinct. We'll continue to try and grow and diversify the income streams while managing the balance sheet and the portfolio with opportunistic acquisitions and dispositions.

是的。不，我認為根本不是這樣的。但我們正在建立輔助收入流。我認為這並沒有變得不成比例。我們正在努力發展像我們的特殊服務業務這樣的業務，我們將轉向基金業務，並且我們正在管理合資企業的權益。那是好生意。它使收入來源多樣化，你應該單獨做這件事，除此之外，我們一如既往地制定了收購資產、處置資產的計劃。幾年來我們一直實行去槓桿化策略。今年我們有更多這樣的事情，然後我們將重新進攻。所以我認為它們是分開且不同的。我們將繼續嘗試成長收入來源並使其多樣化，同時透過機會性收購和處置來管理資產負債表和投資組合。

Yes. I wouldn't want to minimalize the attractiveness or the importance of a business line like some and some of the entertainment and the ability to grow that globally. Technically, you can call it, I guess, an ancillary business income line, but I look at it as a substantial additional attractive business that we've developed organically in-house. It's very profitable. It was fairly capital light. We're working to expand that into other locations now and making good progress.

是的。我不想最小化業務線的吸引力或重要性，例如一些娛樂業務以及在全球範圍內發展業務的能力。從技術上講，我想，你可以將其稱為輔助業務收入線，但我將其視為我們內部有機開發的一項重要的額外有吸引力的業務。這是非常有利可圖的。這是相當輕的資本。我們現在正在努力將其擴展到其他地點並取得良好進展。

And I think it's quite an important reason overall to be interested in track an SL Green stock is not only our prowess in what we do in commercial space in New York City, but what we're doing in the areas of hospitality, food and beverage, entertainment, soon, hopefully, in the funds management business, definitely already deep into the special servicing business, which is a fee-for-service business where we've gotten incredible traction over the past -- well, really since inception. I don't know, we didn't mention, we just got an additional rating from.

我認為，總體而言，對追蹤 SL Green 股票感興趣的一個非常重要的原因不僅在於我們在紐約市商業空間方面的實力，還在於我們在酒店、食品和飲料領域所做的事情娛樂，很快，希望在資金管理業務中，肯定已經深入到特殊服務業務，這是一項按服務付費的業務，我們在過去獲得了令人難以置信的吸引力- 嗯，確實從一開始就如此。我不知道，我們沒有提到，我們只是得到了額外的評級。

Morningstar.

晨星。

From Morningstar, what's the acronym.

來自晨星，縮寫是什麼？

DBRS.

資料庫RS。

DBRS Morningstar just gave us our third designation as an accredited special servicer, large loans, SASB loans, these are accreditations not easy to come by. And having that now from S&P and Fitch and Morningstar gives us an ability to create all sorts of new client and customer relationships. I think we've got close to $10 billion specialty serviced right now and that's on top of about another $7 billion that we've serviced previously. And we're just getting started there. So they're important business lines. We focus on them. We have people internally who are specialized in those areas, and we're looking to grow all of them.

DBRS Morningstar 剛剛給了我們第三個指定為經認可的特殊服務機構，大額貸款、SASB 貸款，這些認證來之不易。現在，有了標準普爾、惠譽和晨星的支持，我們就有能力建立各種新的客戶和客戶關係。我認為我們現在已經提供了接近 100 億美元的專業服務，這是在我們之前提供的大約 70 億美元的服務之上的。我們才剛開始。所以它們是重要的業務線。我們專注於他們。我們內部有專門從事這些領域的人員，我們希望讓他們所有人都能得到發展。

Our next question comes from the line of Omotayo Okusanya with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Omotayo Okusanya。

Can you hear me?

你聽得到我嗎？

We can now.

我們現在可以了。

Excellent. Could you talk a little bit about the lumpiness of earnings in SUMMIT specifically, I'm kind of wondering whether that's why you may have been getting some of these make and first quarter saying there was an earnings miss given that probably most of the earnings associated with that business happens over the summer?

出色的。您能否具體談談 SUMMIT 中收益的波動性，我有點想知道這是否就是為什麼您可能會收到其中一些產品，並且第一季表示收益未達標，因為可能大部分收益都與相關那筆生意發生在夏天嗎？

I got to restrain that.

我必須克制這一點。

Yes. That Marc's going to hold me down because if I hear earnings miss one more time. I'm probably going to lose my mind. So there was no miss if we missed anybody's model, it's because your model was wrong, not the numbers. Separately, as to SUMMIT, it is actually fairly linear. The fourth quarter is slightly better, and the first quarter is slightly lower. We actually do only shut down for 2 weeks a year at SUMMIT, and that happens in the first quarter. And obviously, the fourth quarter is buoyed by holiday sales. But generally speaking, the SUMMIT is pretty linear because we're sold out just about every time slot and every day and maxed out.

是的。馬克會讓我失望的，因為如果我再次聽到收益下滑的消息。我可能會失去理智。因此，如果我們錯過了任何人的模型，那也不是錯過，那是因為你的模型錯誤，而不是數字錯誤。另外，對於 SUMMIT，它實際上是相當線性的。第四季略好，第一季略低。實際上，SUMMIT 每年只關閉兩週，而且發生在第一季。顯然，第四季受到假日銷售的提振。但總的來說，SUMMIT 是相當線性的，因為我們幾乎每天每個時段都售完，而且已經售罄。

Our next question comes from the line of Peter Abramowitz with Jefferies.

我們的下一個問題來自彼得·阿布拉莫維茨和傑弗里斯的對話。

Yes. Just continuing on kind of the topic of the earnings trajectory throughout the year. I think if we back out the debt extinguishment and onetime items, it's implying about $1.11 per quarter for second through fourth quarter versus kind of the $0.98 without the debt extinguishment in the first quarter. So just kind of curious if you could provide an overview. I know you said it's lumpy throughout the year, but if we average it out, we should be getting to that $1.11. So what kind of bridges the gap from first quarter to where you expect it to be for the rest of the year.

是的。只是繼續討論全年獲利軌跡的話題。我認為，如果我們取消債務清償和一次性項目，則意味著第二至第四季每季約為 1.11 美元，而第一季沒有債務清償的情況下為 0.98 美元。所以我很好奇你是否可以提供一個概述。我知道你說過全年的情況都不穩定，但如果我們平均的話，我們應該會達到 1.11 美元。那麼，如何彌補第一季與今年剩餘時間的差距呢？

So I'm not going to give quarterly guidance. We don't, never will. We give annual guidance. The earnings can be lumpy depending on success fees that come in through special servicing or fees recognized on sale transactions or the like. So we give full year guidance. And there is an acceleration of income, obviously, off the first quarter because the first quarter is low.

所以我不會提供季度指引。我們不會，永遠不會。我們提供年度指導。收入可能會不穩定，具體取決於透過特殊服務獲得的成功費用或銷售交易等確認的費用。因此，我們提供全年指導。顯然，營收比第一季有所加速，因為第一季較低。

And obviously, that's not going to -- if you run rate that, it's not going to get to the full year guidance that we gave. How it bounces quarter-to-quarter is going to be dependent on how deals close or special servicing fees are recognized or how occupancy takes shape. But we are confident in the full year number, and that's why we maintained it.

顯然，這不會——如果你對其進行評級，它就不會達到我們給出的全年指導。它如何按季度反彈將取決於交易完成或特殊服務費的確認方式或入住率的形成。但我們對全年數字充滿信心，這就是我們維持這數字的原因。

Got it. So I guess to the extent that if you're expecting, say, an acceleration on the NOI side, is that mainly just improving occupancy.

知道了。所以我想，如果你期望 NOI 方面的加速，那主要是提高入住率。

Yes, of course. I mean we leased 1.8 million square feet last year. We're going to lease 2 million square feet this year. Occupancy is increasing. Rents are increasing that translates into NOI increasing.

是的當然。我的意思是我們去年租了 180 萬平方英尺。今年我們將租用 200 萬平方英尺。入住率正在增加。租金的上漲意味著 NOI 的增加。

Our next question comes from Steve Sakwa with Evercore ISI.

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

Matt, I just want to ask about the earnings miss in the quarter. I'm just kidding.

馬特，我只想問一下本季的獲利情況。我只是在開玩笑。

You're banned, Steve, that's it.

你被禁止了，史蒂夫，就是這樣。

Okay. Marc, you might not sell at $0.50 on the $1. So think we're just trying to get our arms around, it's a great execution on your part how that sort of maybe played out?

好的。 Marc，你可能不會以 1 美元的價格出售 0.50 美元。所以認為我們只是想伸出援手，這對你來說是一個很好的執行，那麼這種情況可能會如何發生？

I got to tell you, I think in times like this, trying to overthink and overread people's motives is dangerous. This is a foreign lender who has their own set of mandate, who don't really want to get into, there are -- this is not at all unusual. There are lenders that have mandates to kind of reduce real estate as a percent of assets period. And it's not a wrong or right objective. It's an objective and it's not an unusual objective. And in those cases, there can be negotiations around what is and isn't the right price and value for a debt instrument at a moment in time that looks to want to be liquefied and monetized in an environment that I said earlier is still capital constrained but getting better.

我必須告訴你，我認為在這樣的時期，試圖過度思考和過度解讀人們的動機是危險的。這是一家外國貸款機構，他們有自己的一套授權，但他們並不真正想進入——這一點也不罕見。有些貸方有權降低房地產佔資產的百分比。這不是一個錯誤或正確的目標。這是一個目標，而且不是一個不尋常的目標。在這些情況下，可以就某種債務工具在某個時刻的正確價格和價值進行談判，該債務工具似乎希望在我之前所說的資本仍然有限的環境中被液化和貨幣化但越來越好。

And then there are those that will restructure and term out and hang in there and have different objectives. So to say that we all know how to calculate how much equity is in a deal. You run the numbers. The numbers derive a current and a stabilized value, and that's how we've always done it and rates vary and values vary, but I don't think it's a Black Box.

還有一些將重組、終止並堅持下去，並有不同的目標。可以說我們都知道如何計算一筆交易中的股權比例。你計算一下數字。這些數字得出當前值和穩定值，這就是我們一直這樣做的方式，並且速率會變化，值也會變化，但我不認為這是一個黑盒子。

And we believe there's equity in the deal. I think the lender probably believed there was certainly stabilized future equity in the deal. But I think that's disconnected from what any party decides to do at a moment in time here in April or March or April of 2024. You do what's in your best interest at the moment. And to take any -- a moment like that and try and extrapolate as to what this building is going to be worth. When does the debt mature here?

我們相信這筆交易是公平的。我認為貸款人可能相信這筆交易肯定會穩定未來的權益。但我認為這與任何一方在 2024 年 4 月或 3 月或 4 月的某個時刻決定做的事情無關。抓住這樣的時刻，試著推斷這棟建築的價值。這裡的債務什麼時候到期？

September '28.

28 年 9 月。

September '28. So we'll revisit this issue like close to '29. And we'll have the conversation then about the equity in the deal in '29. I think this building is going to ultimately respond well to this market. I mean we're working hard to lease it up. I think we did the Antares lease, right? .

28 年 9 月。因此，我們將在 29 年前重新討論這個問題。然後我們將討論 29 年交易中的股權問題。我認為這座建築最終會對這個市場做出良好的反應。我的意思是我們正在努力出租它。我想我們租了 Antares，對嗎？ 。

This was 76,000 square feet.

這是 76,000 平方英尺。

76,000 square feet. We're in the props on that. Steve Sakwa, come on baby. And we've got more pending. So us in Vornado are in it for the duration, the duration is defined, I guess, for the next 4.5 years. And every party did what was in the best interest. It's not a war, it's not a fight, it's not a gamesmanship. I think it was -- this was a sensible business deal. Everybody decided where they want it to be and on we go.

76,000 平方英尺。我們對此很支持。史蒂夫·薩克瓦，來吧，寶貝。我們還有更多懸而未決的事情。所以我們沃納多人在這段時間內都會參與其中，我猜，持續時間是在接下來的 4.5 年裡定義的。每一方都做了符合最大利益的事。這不是一場戰爭，這不是一場戰鬥，這不是一場遊戲。我認為這是一筆明智的商業交易。每個人都決定了他們想要的地方，然後我們就出發。

Okay. Great. Maybe, Matt, on the dividend, just how are you guys thinking about the dividend? If you've got these investment opportunities in front of you, just remind us kind of where the dividend is in relation to taxable net income and might that dividend be served better either through debt reduction or through kind of the investments that you made, say, 10 East 53rd?

好的。偉大的。也許，馬特，關於股息，你們是如何看待股息的？如果您面前有這些投資機會，請提醒我們股息與應稅淨收入的關係，以及透過減少債務或透過您所做的投資可以更好地提供股息，例如，10東53號？

Yes. The dividend was set based on taxable income, which 100% of the taxable income, that's the basis for it. And we've been monitoring that closely because we've been generating incremental gains, these DPO gains or taxable income as well. But we have strategies we can employ and try to maintain that taxable income trajectory that we've been on to keep the $3. So very comfortable with our $3 as we were we set out even more so now. And we'll look at the dividend again at the end of the year, but we've said over and over again how important the dividend is to us.

是的。股息是根據應稅收入確定的，即100%的應稅收入，這是它的基礎。我們一直在密切監控這一點，因為我們一直在產生增量收益，這些 DPO 收益或應稅收入。但我們有可以採取的策略，並努力維持我們一直維持的 3 美元的應稅收入軌跡。我們對我們的 3 美元感到非常滿意，因為我們現在的出發點更是如此。我們將在年底再次考慮股息，但我們已經一遍又一遍地說股息對我們來說有多重要。

Our next question comes from Caitlin Burrows with Goldman Sachs.

我們的下一個問題來自高盛的凱特琳·伯羅斯。

Like you mentioned earlier, 4Q was an active leasing quarter, 1Q was to, we've heard from some industrial companies that we've heard from some an industrial REITs that companies are being hesitant about signing big leases. So I was just wondering, are you seeing any of this hesitancy related to macro uncertainty play out in your pipeline? Or does it just seem like a different story?

正如您之前提到的，第四季度是一個活躍的租賃季度，第一季是活躍的租賃季度，我們從一些工業公司那裡聽說，我們從一些工業房地產投資信託公司那裡聽說，公司對簽署大額租賃猶豫不決。所以我只是想知道，您是否看到與宏觀不確定性相關的任何猶豫在您的管道中發揮作用？或者這看起來只是一個不同的故事？

No, not at all. I mean there's no doubt that if you looked at the stats for overall market stats for the first quarter, big tenants, there was a dearth of big leases signed. But if you looked -- scratch the surface on the pipeline and deals pending not only within our portfolio, but if you looked on tenants in the market list, active tenant searches that are out there, there's some very, very large requirements. I mean we -- I don't recall in a moment in time where I had the same number of large leases out or term sheets out with large tenants that we do today.

一點都不。我的意思是，毫無疑問，如果你查看第一季整體市場統計數據，大租戶會發現缺乏簽署的大租約。但如果你看一下管道的表面，不僅在我們的投資組合中懸而未決的交易，而且如果你看一下市場列表中的租戶，那裡的活躍租戶搜索，就會有一些非常非常大的需求。我的意思是，我不記得曾經有過像今天這樣數量的大型租賃或與大型租戶簽訂的條款清單。

So I think what you saw in the first quarter is simply a cork in timing. There were a lot of big deals signed in the fourth quarter. And I think you're going to see a bunch of big leases signed in second quarter and through the balance of this year. And one other point I'll make is that the vast majority of big leases that are being signed or were signed in the first quarter were all relocations. And those are long-term commitments by tenants upsize as they bring their employees back to the office.

所以我認為你在第一季看到的只是時間上的一個軟木塞。第四季簽署了很多大交易。我認為您將在第二季和今年剩餘時間內簽署大量大型租約。我要指出的另一點是，第一季正在簽署或簽署的絕大多數大型租賃都是搬遷。這些是租戶在將員工帶回辦公室時擴大規模的長期承諾。

Got it. And then I know earlier you guys talked about some of the disposition and JV outlook. Just going back to 245 Park briefly. Were you saying that you're planning to maybe do more leasing before focusing on the additional JV sale? Or is that something that's kind of moving along and could be done any time? I guess any update on the 245 Park JV in particular?

知道了。我知道早些時候你們談到了一些處置和合資企業的前景。只是簡單地回到245公園。您是說您計劃在專注於額外的合資企業銷售之前進行更多租賃嗎？或者這是一種正在進展並且可以隨時完成的事情？我想特別是有關 245 Park JV 的任何更新嗎？

Yes. Message, we, I think, also delivered down at city was -- is a big focus for us for the second half of the year. We got some leasing in pipeline that we're trying to complete, as Marc noted. And I think it will package very well as we get into the second half of the year and get some more of these business plan objectives done through the first half of the year.

是的。我認為，我們也在城市傳達的訊息是──這是我們今年下半年的一大焦點。正如馬克所指出的那樣，我們正在努力完成一些租賃工作。我認為，當我們進入下半年並在上半年完成更多這些業務計劃目標時，它將非常順利。

Operator, do we have any more questions?

接線員，我們還有什麼問題嗎？

Our next question comes from Blaine Heck with Wells Fargo.

我們的下一個問題來自富國銀行的 Blaine Heck。

Just 2 quick ones for me. Just following up on the potential sales of interest at OVA and 245 Park. Obviously, we've seen some fluctuation in foreign exchange rates and a pretty dramatic recent increase in the 10-year. So I guess the question is, have those dynamics impacted the interest level from any of the prospective investors on those deals? I guess, has anyone fallen out of the running?

對我來說只有 2 個快速的。剛剛跟進 OVA 和 245 Park 的潛在出售權益。顯然，我們看到外匯匯率出現了一些波動，而最近十年來匯率出現了相當戲劇性的成長。所以我想問題是，這些動態是否影響了潛在投資者對這些交易的興趣程度？我想，有人落選了嗎？

No.

不。

All right. Fair enough. And then I think you mentioned putting some leasing cost reserves in as part of the modification of the 280 Park loan. Can you quantify how much that was?

好的。很公平。然後我想你提到了將一些租賃成本儲備金作為 280 Park 貸款修改的一部分。你能量化一下那是多少錢嗎？

The amount that we put in collectively with Vornado was approximately $68 million.

我們與 Vornado 總共投入的金額約為 6,800 萬美元。

This concludes the question-and-answer session. I would now like to turn the call back over to Chairman and CEO, Marc Holliday for closing remarks.

問答環節到此結束。現在，我想將電話轉回給董事長兼執行長馬克‧霍利迪 (Marc Holliday)，讓其致閉幕詞。

Thank you. Again, kudos to the whole team here at SL Green, I know they listened in on this call. It was a great, great launch to the year, fantastic 3 months. And we're busy at work here, making sure that when we speak again in 3 months, we'll have hopefully some equally good news, maybe even better news, and we look forward to it. Thank you.

謝謝。再次向 SL Green 的整個團隊致敬，我知道他們聽取了這次電話會議。這是今年非常非常出色的啟動，這三個月非常棒。我們在這裡忙於工作，確保當我們在 3 個月後再次發言時，我們希望得到一些同樣好的消息，甚至可能更好的消息，我們對此充滿期待。謝謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。